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:  July 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	July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCKS — 94.5%
Banks — 2.1%
	580,200	Hudson City Bancorp, Inc.	$	8,157,612
Consumer Discretionary — 12.3%
	263,800	Kohl’s Corp.(b)		12,807,490
	515,000	Lowe’s Cos., Inc.		11,566,900
	708,500	Staples, Inc.		14,892,670
	306,700	Walt Disney Co. (The)		7,704,304
				46,971,364
Consumer Staples — 7.2%
	271,300	Procter & Gamble Co.		15,059,863
	246,000	Wal-Mart Stores, Inc.		12,270,480
				27,330,343
Diversified Financials — 11.0%
	354,800	American Express Co.		10,051,484
	507,700	Bank of New York Mellon Corp. (The)		13,880,518
	286,000	Morgan Stanley		8,151,000
	213,500	T. Rowe Price Group, Inc.		9,972,585
				42,055,587
Energy — 9.3%
	104,800	Apache Corp.		8,797,960
	249,600	Chesapeake Energy Corp.		5,351,424
	98,300	EOG Resources, Inc.		7,277,149
	763,300	Weatherford International Ltd.(b)		14,319,508
				35,746,041
Health Care — 14.4%
	246,600	Celgene Corp.(b)		14,046,336
	119,200	Johnson & Johnson		7,258,088
	267,200	Teva Pharmaceutical Industries Ltd. - ADR		14,252,448
	434,800	Thermo Fisher Scientific, Inc.(b)		19,687,744
				55,244,616
Industrials — 7.4%
	350,600	Illinois Tool Works, Inc.		14,216,830
	128,000	Union Pacific Corp.		7,362,560
	126,500	United Parcel Service, Inc., Class B		6,796,845
				28,376,235
Information Technology — 23.8%
	890,600	Applied Materials, Inc.		12,290,280
	716,500	Cisco Systems, Inc.(b)		15,770,165
	672,500	Corning, Inc.		11,432,500
	1,183,500	EMC Corp.(b)		17,823,510
	20,300	Google, Inc. - Class A(b)		8,993,915
	641,100	Intel Corp.		12,341,175
	165,500	Research In Motion Ltd.(b)		12,578,000
				91,229,545
Shares			Value
Materials — 3.8%
	770,600	International Paper Co.	$	14,494,986
Utilities — 3.2%
	213,900	FPL Group, Inc.		12,121,713
Total Common Stocks (Cost $353,350,907)				361,728,042
INVESTMENT COMPANY — 5.2%
	20,170,500	SEI Daily Income Trust Government II Fund, Class A		20,170,500
Total Investment Company (Cost $20,170,500)				20,170,500
TOTAL INVESTMENTS — 99.7% (Cost $373,521,407)(a)				381,898,542
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				1,011,927
NET ASSETS — 100.0%			$	382,910,469

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	27,350,497
Unrealized depreciation		(18,973,362	)
Net unrealized appreciation	$	8,377,135

(b)	Non-income producing security.
	ADR - American Depositary Receipt
Portfolio diversification by Sector (Unaudited)

	Percentage
Sector	of Net Assets
Banks	2.1	%
Consumer Discretionary	12.3	%
Consumer Staples	7.2	%
Diversified Financials	11.0	%
Energy	9.3	%
Health Care	14.4	%
Industrials	7.4	%
Information Technology	23.8	%
Materials	3.8	%
Utilities	3.2	%
Other*	5.5	%

* Includes cash and equivalents, investment companies, 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	July 31, 2009 (Unaudited)

Shares			Value
COMMON STOCKS — 95.7%
AUSTRALIA — 3.4%
	2,045,230	BHP Billiton Ltd.	$	64,743,566
CANADA — 3.5%
	1,229,220	EnCana Corp.		65,947,653
DENMARK — 1.3%
	355,443	Vestas Wind Systems AS(b)		25,035,509
FINLAND — 5.8%
	2,137,690	Fortum Oyj		49,511,071
	4,532,940	Nokia Oyj		60,343,581
				109,854,652
FRANCE — 3.1%
	549,682	Air Liquide SA		57,396,136
GERMANY — 7.2%
	1,118,175	Bayer AG		68,625,897
	1,471,394	Fresenius Medical Care AG & Co.		67,570,751
				136,196,648
HONG KONG — 4.3%
	10,791,236	Hutchison Whampoa Ltd.		80,829,317
JAPAN — 10.3%
	4,526,991	Mitsubishi UFJ Financial Group, Inc.		27,078,224
	7,736,072	Nomura Holdings, Inc.		67,774,940
	5,049,360	Sumitomo Corp.		50,000,003
	1,164,500	Toyota Motor Corp.		49,102,827
				193,955,994
NETHERLANDS — 9.8%
	1,324,075	Akzo Nobel NV		72,647,578
	1,667,033	Heineken NV		66,552,065
	3,014,974	Koninklijke KPN NV		45,314,207
				184,513,850
SOUTH AFRICA — 2.1%
	2,425,683	MTN Group Ltd.		40,011,266
SOUTH KOREA — 1.8%
	57,199	Samsung Electronics Co. Ltd.		33,717,697
SPAIN — 5.9%
	1,465,147	Inditex SA		78,811,088
	1,250,462	Telefonica SA		31,109,611
				109,920,699
SWITZERLAND — 15.1%
	3,006,499	ABB Ltd.(b)		54,916,821
	1,565,546	Credit Suisse Group AG		73,981,260
	736,391	Kuehne & Nagel International AG		61,328,591
	246,988	Roche Holding AG		38,943,974
	277,770	Zurich Financial Services AG		54,584,476
				283,755,122
Shares			Value
TAIWAN — 2.9%
	30,451,518	Taiwan Semiconductor Manufacturing Co. Ltd.	$	54,669,422
UNITED KINGDOM — 19.2%
	3,404,482	BG Group Plc		56,813,401
	8,026,220	BP Plc		66,661,709
	9,081,317	Prudential Plc		67,999,136
	8,490,187	Rolls-Royce Group Plc(b)		58,750,834
	2,785,698	Shire Plc		41,321,993
	2,928,690	Standard Chartered Plc		69,518,716
				361,065,789
Total Common Stocks (Cost $1,704,984,307)				1,801,613,320
INVESTMENT COMPANY — 3.1%
	58,031,000	Federated Treasury Obligations Fund		58,031,000
Total Investment Company (Cost $58,031,000)				58,031,000
TOTAL INVESTMENTS — 98.8% (Cost $1,763,015,307)(a)				1,859,644,320
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				22,359,092
NET ASSETS — 100.0%			$	1,882,003,412

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	196,250,140
Unrealized depreciation		(99,621,127	)
Net unrealized appreciation	$	96,629,013

(b)	Non-income producing security.
Portfolio diversification by Sector (Unaudited)

	Percentage
Sector	of Net Assets
Banks	5.1	%
Consumer Discretionary	6.8	%
Consumer Staples	3.5	%
Diversified Financials	7.5	%
Energy	10.1	%
Health Care	11.5	%
Industrials	17.6	%
Information Technology	7.9	%
Insurance	6.5	%
Materials	10.4	%
Telecommunication Services	6.2	%
Utilities	2.6	%
Other*	4.3	%

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

2

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

Shares			Value
COMMON STOCKS — 68.9%
AUSTRALIA — 1.2%
	67,199	ABB Grain Ltd.	$	500,759
	145,877	Adelaide Brighton Ltd.		303,791
	64,944	AED Oil Ltd.(b)		42,095
	17,765	Aevum Ltd.		14,858
	12,798	AJ Lucas Group Ltd.		38,640
	26,976	Alesco Corp. Ltd.		99,721
	985,286	Alumina Ltd.		1,409,117
	23,073	Amalgamated Holdings Ltd.		89,732
	33,000	Andean Resources Ltd.(b)		53,543
	34,575	Ansell Ltd.		267,192
	10,300	Anvil Mining Ltd.(b)		20,079
	81,978	APA Group		193,346
	221,868	Apex Minerals NL(b)		28,762
	66,886	APN News & Media Ltd.		104,328
	40,999	Aquila Resources Ltd.(b)		208,138
	49,386	Aristocrat Leisure Ltd.		177,607
	95,985	Arrow Energy Ltd.(b)		344,389
	110,280	Asciano Group(b)		147,572
	23,632	Atlas Iron Ltd.(b)		39,233
	77,309	Ausdrill Ltd.		73,386
	28,945	Austal Ltd.		68,267
	237,688	Austar United Communications Ltd.(b)		204,754
	570	Austbrokers Holdings Ltd.		2,121
	103,629	Austereo Group Ltd.		125,672
	69,351	Australian Agricultural Co. Ltd.		75,982
	107,411	Australian Infrastructure Fund		132,953
	63,310	Australian Pharmaceutical Industries Ltd.		30,975
	213,201	Australian Worldwide Exploration Ltd.(b)		476,090
	20,928	Automotive Holdings Group		29,580
	22,100	AVJennings Ltd.		5,915
	26,760	Avoca Resources Ltd.(b)		38,942
	195,264	AWB Ltd.		215,568
	48,779	Bank of Queensland Ltd.		458,959
	406,407	Beach Petroleum Ltd.		288,914
	149,607	Bendigo and Adelaide Bank Ltd.		1,026,016
	42,185	Bendigo Mining Ltd.(b)		8,291
	47,079	Billabong International Ltd.		362,246
	29,390	Biota Holdings Ltd.(b)		47,194
	896,648	BlueScope Steel Ltd.		2,527,205
	5,000	Boom Logistics Ltd.		1,443
	289,748	Boral Ltd.		1,209,232
	17,534	Bradken Ltd.		77,429
	23,880	Brickworks Ltd.		258,638
	49,086	Brockman Resources Ltd.(b)		48,853
	26,490	Cabcharge Australia Ltd.		113,876
	53,971	Caltex Australia Ltd.		588,157
	10,302	Campbell Brothers Ltd.		198,084
	8,040	Cardno Ltd.		26,090
	100,000	Cash Converters International Ltd.		39,727
	17,013	Cellestis Ltd.		51,508
Shares			Value
AUSTRALIA (continued)
	35,761	Centamin Egypt Ltd.(b)	$	52,041
	83,709	Centennial Coal Co. Ltd.		209,330
	124,054	Challenger Financial Services Group Ltd.		279,095
	48,415	Charter Hall Group		18,829
	267,096	Citigold Corp. Ltd.(b)		37,976
	51,145	Clough Ltd.		35,503
	18,947	Coal of Africa Ltd.(b)		27,731
	7,205	Cochlear Ltd.		335,282
	54,002	Cockatoo Coal Ltd.(b)		18,517
	6,058	Coffey International Ltd.		9,905
	403,896	ConnectEast Group		131,742
	57,099	Consolidated Media Holdings Ltd.		130,848
	20,084	Corporate Express Australia Ltd.		64,166
	38,303	Count Financial Ltd.		44,849
	20,965	Crane Group Ltd.		192,700
	368,623	CSR Ltd.		571,893
	4,990	Cudeco Ltd.(b)		11,477
	24,524	Customers Ltd.(b)		47,175
	118,091	David Jones Ltd.		507,655
	20,000	Deep Yellow Ltd.(b)		5,771
	1,882	Devine Ltd.		740
	8,637	Dominion Mining Ltd.		29,761
	101,190	Downer EDI Ltd.		549,251
	159,301	DUET Group		219,166
	91,748	Eastern Star Gas Ltd.(b)		83,640
	174,075	Emeco Holdings Ltd.		80,073
	59,813	Energy Developments Ltd.		122,560
	99,173	Energy World Corp. Ltd.(b)		53,084
	280,334	Envestra Ltd.		121,918
	21,786	Extract Resources Ltd.(b)		136,109
	1,074,060	Fairfax Media Ltd.		1,324,979
	9,540	Fantastic Holdings Ltd.		23,138
	33,955	Felix Resources Ltd.		508,330
	155,909	FKP Property Group		73,673
	10,980	Fleetwood Corp. Ltd.		59,507
	7,174	Flight Centre Ltd.		58,200
	186,551	Futuris Corp. Ltd.		59,288
	10,669	G.U.D. Holdings Ltd.		72,723
	111,477	Geodynamics Ltd.(b)		84,843
	112,463	Gindalbie Metals Ltd.(b)		82,301
	542,383	Goodman Fielder Ltd.		628,267
	24,359	GrainCorp Ltd.(b)		152,795
	29,996	GRD Ltd.		13,547
	63,776	Great Southern Ltd.(b)(c)		6,401
	186,665	Gunns Ltd.		149,873
	65,978	GWA International Ltd.		157,265
	123,748	Harvey Norman Holdings Ltd.		339,469
	34,163	Hastie Group Ltd.		43,573
	41,558	Healthscope Ltd.		151,193
	51,750	Hills Industries Ltd.		74,660
	38,283	iiNET Ltd.		56,032
	219,708	Iluka Resources Ltd.(b)		578,822
	188,795	Incitec Pivot Ltd.		435,801

3

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

Shares			Value
AUSTRALIA (continued)
	30,708	Independence Group NL	$	136,118
	85,840	Indophil Resources NL(b)		35,537
	34,686	Infigen Energy		37,422
	16,339	Invocare Ltd.		77,755
	54,497	IOOF Holdings Ltd.		216,498
	19,221	Iress Market Technology Ltd.		115,904
	179,747	iSOFT Group Ltd.(b)		115,004
	230,309	Jabiru Metals Ltd.(b)		62,601
	21,040	JB Hi-Fi Ltd.		297,386
	51,604	Kagara Ltd.(b)		46,612
	31,596	Karoon Gas Australia Ltd.(b)		298,342
	6,466	Kimberly Metals Ltd.(c)(d)		0
	21,333	Kingsgate Consolidated Ltd.(b)		124,001
	129,538	Lend Lease Corp. Ltd.		839,629
	39,396	Lend Lease Primelife Ltd.(b)		4,119
	46,543	Linc Energy Ltd.(b)(d)		60,336
	59,113	Lynas Corp. Ltd.(b)		22,000
	91,968	Macmahon Holdings Ltd.		34,613
	110,649	Macquarie Airports		230,428
	28,838	Macquarie Media Group Ltd.		37,505
	146,883	Marion Energy Ltd.(b)		29,483
	7,488	McMillan Shakespeare Ltd.		18,788
	36,018	Medusa Mining Ltd.(b)		81,033
	10,469	Melbourne IT Ltd.		15,760
	57,713	Mermaid Marine Australia Ltd.		97,019
	100,000	Metals X Ltd.(b)		8,782
	130,282	Metcash Ltd.		466,355
	41,895	Minara Resources Ltd.(b)		38,893
	19,000	Mincor Resources NL		34,959
	70,902	Mineral Deposits Ltd.(b)		41,509
	14,861	Mineral Resources Ltd.		51,829
	3,562	Mirabela Nickel Ltd.(b)(e)		8,312
	530	Mirabela Nickel Ltd.(b)(d)(e)		1,237
	5,500	Mitchell Communications Group Ltd.		3,772
	44,552	Molopo Australia Ltd.(b)		39,124
	13,431	Monadelphous Group Ltd.		130,752
	462,225	Mosaic Oil NL(b)		52,189
	125,953	Mount Gibson Iron Ltd.(b)		125,882
	20,000	Murchison Metals Ltd.(b)		31,949
	42,798	Navitas Ltd.		98,434
	128,661	New Hope Corp. Ltd.		574,615
	14,479	Novogen Ltd.(b)		9,324
	37,601	Nufarm Ltd.		340,892
	13,754	Oakton Ltd.		30,828
	303,524	OneSteel Ltd.		759,019
	229,364	Pacific Brands Ltd.		228,276
	131,373	Paladin Energy Ltd.(b)		501,025
	193,687	Pan Pacific Petroleum NL(b)		80,185
	242,410	PanAust Ltd.(b)		83,123
	24,808	Panoramic Resources Ltd.		57,265
	138,189	PaperlinX Ltd.		58,365
	37,523	Peet Ltd.		53,350
	20,327	Perilya Ltd.(b)		7,225
	6,898	Perpetual Ltd.		193,324
	31,729	Pharmaxis Ltd.(b)		64,749
Shares			Value
AUSTRALIA (continued)
	500	Photon Group Ltd.	$	899
	26,465	Platinum Asset Mangement Ltd.		101,153
	34,118	Platinum Australia Ltd.(b)		27,251
	78,985	PMP Ltd.		27,745
	22,504	Premier Investments Ltd.		114,057
	41,620	Primary Health Care Ltd.		193,886
	40,487	Prime Media Group Ltd.		20,317
	11,247	Programmed Maintenance Services Ltd.		28,219
	22,448	Ramsay Health Care Ltd.		197,131
	1,399	REA Group Ltd.(b)		6,353
	20,205	Redflex Holdings Ltd.		37,177
	8,531	Reece Australia Ltd.		142,912
	6,994	Reject Shop Ltd. (The)		78,382
	18,010	Resolute Mining Ltd.(b)		9,339
	12,309	Reverse Corp. Ltd.		7,206
	87,007	Ridley Corp. Ltd.		60,398
	44,464	Riversdale Mining Ltd.(b)		245,438
	246,702	Roc Oil Co. Ltd.(b)		152,684
	37,575	SAI Global Ltd.		89,564
	29,246	Salmat Ltd.		91,725
	21,571	Seek Ltd.		76,854
	7,510	Select Harvests Ltd.		19,785
	9,440	Servcorp Ltd.		26,133
	12,014	Service Stream Ltd.		4,019
	57,973	Seven Network Ltd.		309,339
	417,509	Sigma Pharmaceuticals Ltd.		452,193
	21,714	Silex Systems Ltd.(b)		125,852
	46,688	Sims Group Ltd.		1,087,474
	37,240	Sino Gold Mining Ltd.(b)		164,761
	11,759	Skilled Group Ltd.		15,539
	7,500	SMS Management & Technology Ltd.		27,474
	274,963	SP AusNet		179,373
	128,274	Spark Infrastructure Group		114,792
	28,294	Specialty Fashion Group Ltd.		16,801
	60,160	Spotless Group Ltd.		127,297
	361,189	St. Barbara Ltd.(b)		58,906
	54,347	Straits Resources Ltd.(b)		105,451
	29,180	STW Communications Group Ltd.		15,375
	218,698	Sundance Resources Ltd.(b)		32,923
	47,414	Sunland Group Ltd.		34,103
	26,971	Super Cheap Auto Group Ltd.		99,252
	6,000	Talent2 International Ltd.		4,667
	27,977	Tap Oil Ltd.(b)		25,504
	56,881	Tassal Group Ltd.		85,630
	182,164	Tatts Group Ltd.		373,265
	50,836	Technology One Ltd.		36,564
	63,187	Ten Network Holdings Ltd.		67,379
	163,262	Thakral Holdings Group		28,674
	65,834	Timbercorp Ltd.(c)(d)		2,423
	74,926	Tower Australia Group Ltd.		155,408
	100,376	Transfield Services Infrastructure Fund		76,814
	100,698	Transfield Services Ltd.		235,813

4

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

Shares			Value
AUSTRALIA (continued)
	20,446	Transpacific Industries Group Ltd.	$	20,691
	11,795	Troy Resources NL		14,797
	27,744	United Group Ltd.		278,677
	25,693	UXC Ltd.		15,042
	21,214	Village Roadshow Ltd.		18,807
	25,284	Village Roadshow Ltd., Preferred Shares		13,957
	50,239	Virgin Blue Holdings(d)		12,605
	46,000	Virgin Blue Holdings Ltd.(b)		11,542
	44,144	Washington H. Soul Pattinson & Co. Ltd.		406,119
	6,772	Watpac Ltd.		8,382
	22,954	West Australian Newspapers Holdings Ltd.		115,762
	19,960	Western Areas NL(b)		101,497
	13,358	White Energy Co. Ltd.(b)		24,578
	6,000	Whitehaven Coal Ltd.		15,656
	1,031	Whitehaven Coal Ltd.(c)		2,630
	71,313	WHK Group Ltd.		56,661
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		1,763
	13,791	Wotif.com Holdings Ltd.		52,250
				36,356,961
AUSTRIA — 0.2%
	959	Agrana Beteiligungs AG		72,566
	9,244	Andritz AG		405,144
	6,651	A-TEC Industries AG(b)		86,454
	9,199	Austrian Airlines AG(b)		56,116
	5,738	BWIN Interactive Entertainment AG(b)		234,718
	2,439	BWT AG		50,128
	2,439	Christ Water Technology AG(b)		8,517
	1,891	Constantia Packaging AG		70,885
	4,924	EVN AG		82,253
	3,121	Flughafen Wien AG		120,995
	1,518	Frauenthal Holding AG(b)		13,025
	7,181	Intercell AG(b)		263,347
	197	Lenzing AG		49,743
	1,270	Mayr Melnhof Karton AG		119,070
	849	Oberbank AG		52,275
	7,603	Oesterreichische Post AG		233,310
	1,756	Palfinger AG		29,733
	19,005	Raiffeisen International Bank-Holding AG		848,116
	5,405	RHI AG(b)		114,400
	779	Rosenbauer International AG		30,156
	526	S&T System Integration & Technology Distribution AG(b)		6,290
	2,106	Schoeller-Bleckmann Oilfield Equipment AG		75,042
	26,886	Strabag SE		654,513
	38,356	Telekom Austria AG		585,500
	10,994	Uniqa Versicherungen AG		209,974
	10,160	Vienna Insurance Group		469,184
Shares			Value
AUSTRIA (continued)
	59,284	Voestalpine AG	$	1,645,158
	4,708	Warimpex Finanz- Und Beteiligungs AG(b)		14,092
	25,061	Wienerberger AG(b)		417,558
	9,958	Zumtobel AG(b)		107,158
				7,125,420
BELGIUM — 0.2%
	7,864	Ackermans & Van Haaren NV		551,458
	35,904	Agfa Gevaert NV(b)		111,047
	70	Banque Nationale de Belgique		251,254
	4,431	Barco NV(b)		196,853
	4,312	Bekaert SA		537,394
	1,909	Cofinimmo		237,261
	2,461	Compagnie d’Entreprises CFE		109,439
	765	Compagnie Immobiliere de Belgique SA(b)		21,796
	4,983	Compagnie Maritime Belge SA		161,789
	3,050	Deceuninck NV(b)		8,868
	6,992	Delhaize Group		499,977
	1,030	D’ieteren SA		222,410
	4,178	Elia System Operator SA NV		157,149
	6,723	Euronav NV		133,002
	1,908	EVS Broadcast Equipment SA		110,682
	3,075	Exmar NV		45,099
	993	Intervest Offices		27,471
	3,840	Ion Beam Applications		35,685
	829	Kinepolis Group NV		26,928
	5,034	Melexis NV		36,807
	5,279	Mobistar SA		336,441
	5,622	Nyrstar(b)		49,120
	4,938	Omega Pharma SA		155,542
	29,422	Option NV(b)		80,096
	1,694	Recticel SA		8,764
	740	Roularta Media Group NV(b)		14,766
	1,670	Sipef NV		76,406
	10,299	Solvay SA		1,009,481
	10,644	Telenet Group Holding NV(b)		244,402
	9,497	Tessenderlo Chemie NV		333,392
	27,297	UCB SA		902,625
	20,514	Umicore		535,649
	1,150	Van De Velde		45,731
	445	VPK Packaging Group(b)		11,772
	1,797	Warehouses De Pauw SCA		76,479
	460	Wereldhave Belgium NV		33,444
				7,396,479
BERMUDA — 0.4%
	125,400	Allied World Assurance Co. Holdings Ltd.		5,449,884
	400	American Safety Insurance Holdings Ltd.(b)		6,572
	126,600	Argo Group International Holdings Ltd.(b)		4,253,760
	1,000	Aspen Insurance Holdings Ltd.		24,870
	1,000	Assured Guaranty Ltd.		13,970

5

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

Shares			Value
BERMUDA (continued)
	167,171	Catlin Group Ltd.	$	865,679
	1,000,000	China Windpower Group Ltd.(b)		121,290
	1,200	Endurance Specialty Holdings Ltd.		40,044
	200	Enstar Group Ltd.(b)		11,970
	8,700	Frontline Ltd.		201,197
	600	Global Crossing Ltd.(b)		6,522
	11,158	Helen of Troy Ltd.(b)		242,686
	139,415	Hiscox Ltd.		704,481
	2,400	IPC Holdings Ltd.		69,456
	2,900	Max Capital Group Ltd.		57,913
	3,600	MF Global Ltd.(b)		22,968
	2,600	Montpelier Re Holdings Ltd.		40,768
	1,300	Orient-Express Hotels Ltd. - Class A		11,505
	1,000	Platinum Underwriters Holdings Ltd.		33,750
	68,400	Seadrill Ltd.		1,089,142
	3,200	Signet Jewelers Ltd.		70,656
	100	Textainer Group Holdings Ltd.		1,202
	1,500	Validus Holdings Ltd.		34,050
	400	VistaPrint Ltd.(b)		16,500
				13,390,835
BRAZIL — 0.7%
	158,000	Acos Villares SA		62,666
	15,000	Acucar Guarani SA(b)		42,932
	7,300	AES Tiete SA		69,254
	17,400	AES Tiete SA Preference Shares		189,318
	57,100	All America Latina Logistica SA		360,519
	7,700	American Banknote SA		64,794
	11,000	Anhanguera Educacional Participacoes SA(b)		109,071
	7,500	B2W Companhia Global Do Varejo		173,858
	24,400	Banco ABC Brasil SA		103,184
	7,200	Banco Daycoval SA		30,293
	14,800	Banco Panamericano SA		40,297
	13,700	Banco Pine SA, Preference Shares		65,131
	16,200	Banco Sofisa SA		45,585
	11,900	Bematech SA		42,096
	29,200	BR Malls Participacoes SA(b)		303,621
	51,500	Braskem SA - Class A, Preference Shares(b)		232,416
	31,305	BRF - Brasil Foods SA(b)		687,930
	78,500	Brookfield Incorporacoes SA		252,445
	5,700	Centrais Eletricas de Santa Catarina SA - Class B, Preference Shares		104,911
	31,741	Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A, Preference Shares		740,723
	4,800	Cia de Concessoes Rodoviarias		78,853
	2,800	Cia de Gas de Sao Paulo - Class A, Preference Shares		51,175
Shares			Value
BRAZIL (continued)
	13,900	Cia de Saneamento Basico do Estado de Sao Paulo	$	233,933
	9,100	Cia de Saneamento de Minas Gerais		124,325
	4,000	Cia de Saneamento do Parana, Preference Shares		4,395
	14,400	Cia de Tecidos do Norte de Minas - Coteminas, Preference Shares		37,819
	4,400	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		112,137
	25,300	Cia Energetica de Sao Paulo - Class B, Preference Shares		260,763
	4,050	Cia Energetica do Ceara - Class A, Preference Shares		55,570
	9,700	Cia Hering		79,804
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		430,615
	18,300	Cia Providencia Industria e Comercio SA		51,690
	44	Comgas Cia Gas - Class B(d)		813
	69,464	Confab Industrial SA, Preference Shares		218,547
	2,100	Contax Participacoes SA, Preference Shares		72,035
	36,100	Cosan SA Industria e Comercio(b)		331,638
	9,700	Cremer SA		60,308
	36,200	Cyrela Brazil Realty SA		372,332
	6,900	Diagnosticos da America SA(b)		147,190
	25,400	Duratex SA, Preference Shares		369,888
	7,480	Eletropaulo Metropolitana de Sao Paulo SA - Class A, Preference Shares		124,282
	13,700	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Class B, Preference Shares		256,487
	198,400	Empresa Brasileira de Aeronautica SA		964,485
	21,000	Eternit SA		84,191
	69,100	Even Construtora e Incorporadora SA		210,365
	28,300	Ez Tec Empreendimentos e Participacoes SA		90,857
	13,800	Ferbasa-Ferro Ligas DA Bahia, Preference Shares		71,006
	18,200	Fertilizantes Fosfatados SA, Preference Shares		170,709
	33,500	Gafisa SA		428,233
	12,700	Global Village Telecom Holding SA(b)		245,798
	26,500	Gol-Linhas Aereas Inteligentes SA, Preference Shares(b)		194,587
	13,600	Grendene SA		151,253
	33,900	IdeiasNet SA(b)		61,777
	7,500	Iguatemi Empresa de Shopping Centers SA		90,004

6

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

Shares			Value
BRAZIL (continued)
	24,400	Industrias Romi SA	$	141,241
	120,200	JBS SA		477,386
	193,000	Klabin SA, Preference Shares		343,433
	3,700	Kroton Educacional SA		33,515
	3,759	Kroton Educacional SA-Receipt(b)		33,827
	16,800	Light SA		218,807
	13,300	Localiza Rent A CAR		106,928
	26,200	Log-In Logistica Intermodal SA		115,149
	29,900	Lojas Americanas SA		144,232
	47,100	Lojas Americanas SA, Preference Shares		262,543
	16,700	Lojas Renner SA		244,537
	4,100	Lupatech SA(b)		46,917
	3,700	M Dias Branco SA		62,468
	15,033	Magnesita Refratarios SA(b)		80,815
	41,800	Marcopolo SA, Preference Shares		120,309
	13,800	Marisa SA		53,551
	17,100	Medial Saude SA(b)		77,446
	20,000	MPX Energia SA		174,193
	13,900	Multiplan Empreendimentos Imobiliarios SA		178,281
	17,900	Natura Cosmeticos SA		255,008
	38,419	NET Servicos de Comunicacao SA, Preference Shares(b)		392,272
	12,100	Obrascon Huarte Lain Brasil SA		130,355
	3,200	Odontoprev SA		52,277
	12,700	Parana Banco SA		53,775
	81,129	Paranapanema SA(b)		177,412
	10,000	Paranapanema SA, Preference Shares(b)		21,975
	19,500	PDG Realty SA Empreen-dimentos e Participacoes		276,966
	20,000	Plascar Participacoes Industriais SA(b)		25,084
	32,500	Porto Seguro SA		290,902
	10,900	Positivo Informatica SA		79,804
	33,900	Randon Participacoes SA, Preference Shares		214,765
	14,700	Rodobens Negocios Imobiliarios SA		141,820
	60,200	Rossi Residencial SA		349,762
	147,000	Sadia SA, Preference Shares(b)		425,459
	8,200	Sao Carlos Empreendimentos e Participacoes SA		67,683
	23,000	Sao Martinho SA(b)		195,391
	9,200	Saraiva SA Livreiros Editores, Preference Shares		136,243
	13,500	Satipel Industrial SA		72,719
	10,100	SLC Agricola SA		96,629
	16,000	Sul America SA		282,910
	51,626	Suzano Papel e Celulose SA(b)		480,634
	11,000	Tam SA, Preference Shares(b)		135,602
	6,239	Telemig Celular Participacoes SA, Preference Shares		193,950
	2,400	Terna Participacoes SA		49,717
Shares			Value
BRAZIL (continued)
	25,700	Tim Participacoes SA(b)	$	76,036
	88,200	Tim Participacoes SA, Preference Shares		195,711
	2,300	Totvs SA		92,210
	7,700	Tractebel Energia SA		79,899
	30,144	Ultrapar Participacoes SA, Preference Shares		1,015,436
	262,572	Uniao de Industrias Petroquimicas SA - Class B, Preference Shares		130,881
	13,800	Universo Online SA, Preference Shares		58,432
	18,700	Vivo Participacoes SA, Preference Shares		425,267
	24,398	Votorantim Celulose e Papel SA, Preference Shares(b)		363,273
	58,200	Weg SA		468,220
				20,378,965
CANADA — 2.2%
	3,600	Aastra Technologies Ltd.(b)		76,862
	3,600	Absolute Software Corp.(b)		19,349
	16,400	Aecon Group, Inc		153,610
	35,957	AGF Management Ltd. - Class B		511,025
	1,200	Akita Drilling Ltd. - Class A		8,020
	21,300	Alamos Gold, Inc.(b)		191,596
	31,100	Alimentation Couche-Tard, Inc.- Class B		491,364
	12,600	Allen-Vanguard Corp.(b)		1,521
	9,100	Altius Minerals Corp.(b)		53,303
	3,200	Amerigo Resources Ltd.		1,485
	6,500	Anderson Energy Ltd.(b)		4,767
	35,500	Antrim Energy, Inc.(b)		23,068
	16,600	Aquiline Resources, Inc.(b)		31,127
	20,400	Astral Media, Inc.		555,804
	14,336	Atrium Innovations, Inc.(b)		170,342
	21,420	ATS Automation Tooling Systems, Inc.(b)		92,460
	8,300	Augusta Resource Corp.(b)		15,487
	25,500	Aura Minerals, Inc.(b)		78,116
	22,800	Aurizon Mines Ltd.(b)		84,660
	2,608	Baffinland Iron Mines Corp.(b)		1,210
	39,244	Ballard Power Systems, Inc.(b)		72,860
	41,500	Bankers Petroleum Ltd.(b)		115,957
	6,400	Bioms Medical Corp.(b)		2,109
	200	BioteQ Environmental Technologies, Inc.(b)		84
	55,950	Biovail Corp.		745,307
	29,800	Birchcliff Energy Ltd.(b)		172,894
	5,600	Boardwalk Real Estate Investment Trust		171,808
	203,200	Bombardier, Inc. - Class B		720,561
	11,500	Boralex, Inc. - Class A(b)		98,747
	2,200	Breaker Energy Ltd.(b)		8,475
	68,500	Breakwater Resources Ltd.(b)		18,440
	35,126	CAE, Inc.		233,141
	5,400	Calfrac Well Services Ltd.		56,143

7

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

Shares			Value
CANADA (continued)
	9,100	Calloway Real Estate Investment Trust	$	119,278
	2,600	Calvalley Petroleum, Inc. - Class A(b)		4,827
	20,000	Canaccord Capital, Inc.		156,695
	4,100	Canada Bread Co. Ltd.		162,516
	4,100	Canadian Apartment Properties REIT		50,315
	59,200	Canadian Hydro Developers, Inc.(b)		276,422
	3,700	Canadian Real Estate Investment Trust		82,054
	30,200	Canadian Tire Corp. Ltd. - Class A		1,516,097
	14,900	Canadian Utilities Ltd. - Class A		506,233
	22,300	Canadian Western Bank		376,549
	6,800	Canam Group, Inc.		44,755
	28,000	Canfor Corp.(b)		143,217
	15,000	Cangene Corp.(b)		53,469
	25,000	Capstone Mining Corp.(b)		70,086
	11,900	Cardiome Pharma Corp.(b)		49,599
	27,700	Cascades, Inc.		136,282
	63,827	Catalyst Paper Corp.(b)		10,665
	7,900	CCL Industries - Class B		169,257
	81,700	Celestica, Inc.(b)		652,235
	4,600	Celtic Exploration Ltd.(b)		64,137
	97,700	CGI Group, Inc. - Class A(b)		993,098
	44,600	Chariot Resources Ltd.(b)		10,350
	9,800	Chartwell Seniors Housing Real Estate Investment Trust		54,674
	2,900	Churchill Corp. (The) - Class A(b)		27,863
	100	CIC Energy Corp.(b)		135
	7,600	Cogeco Cable, Inc.		202,126
	10,000	COM DEV International Ltd.(b)		28,684
	1,600	Comaplex Minerals Corp.(b)		6,238
	3,800	Cominar Real Estate Investment Trust		60,179
	7,200	Compton Petroleum Corp.(b)		7,887
	100,200	Connacher Oil & Gas Ltd.(b)		83,713
	34,500	Consolidated Thompson Iron Mines Ltd.(b)		139,954
	1,300	Constellation Software, Inc.		39,824
	3,100	Corby Distilleries Ltd. - Class A		42,820
	22,700	Corridor Resources, Inc.(b)		66,588
	21,600	Corus Entertainment, Inc. - Class B		295,753
	5,000	Cott Corp.(b)		27,756
	13,000	Crew Energy, Inc.(b)		63,718
	34,300	Crystallex International Corp.(b)		8,915
	2,800	Dalsa Corp.		17,675
	45,200	Delphi Energy Corp.(b)		43,217
	80,004	Denison Mines Corp.(b)		137,394
	16,400	Descartes Systems Group, Inc. (The)(b)		67,442
	7,250	Detour Gold Corp.(b)		66,561
Shares			Value
CANADA (continued)
	7,900	Dorel Industries, Inc. - Class B	$	183,337
	6,200	Dundee Precious Metals, Inc.(b)		11,799
	1,700	Dundee Real Estate Investment Trust		26,039
	23,000	DundeeWealth, Inc.		201,550
	162,850	Eastern Platinum Ltd.(b)		90,703
	58,400	Eldorado Gold Corp.(b)		587,117
	4,700	Emera, Inc.		90,531
	11,450	Empire Co. Ltd. - Class A		439,187
	8,100	Endeavour Silver Corp.(b)		15,339
	39,200	Ensign Energy Services, Inc.		594,595
	192,600	Equinox Minerals Ltd.(b)		488,093
	1,500	Equitable Group, Inc.		25,551
	37,400	European Goldfields Ltd.(b)		112,834
	6,500	Evertz Technologies Ltd.		94,792
	3,809	Exfo Electro Optical Engineering, Inc.(b)		11,951
	10,300	Extendicare Real Estate Investment Trust		59,376
	11,200	Fairborne Energy Ltd.(b)		37,117
	4,400	Fairfax Financial Holdings Ltd.		1,339,708
	64,225	Finning International, Inc.		992,067
	18,100	First Quantum Minerals Ltd.		1,205,547
	6,800	FirstService Corp.(b)		104,470
	150,000	FirstService Corp. Voting Shares(b)		2,302,500
	12,800	Flint Energy Services Ltd.(b)		123,217
	35,541	FNX Mining Co., Inc.(b)		286,374
	25,200	Fortis, Inc.		595,583
	11,800	Forzani Group Ltd. (The) - Class A		158,064
	36,100	Franco-Nevada Corp.		901,453
	27,915	Fronteer Development Group, Inc.(b)		105,985
	20,700	Galleon Energy, Inc. - Class A(b)		82,819
	45,800	Gammon Gold, Inc.(b)		320,568
	15,500	Garda World Security Corp. - Class A(b)		71,223
	10,000	Gennum Corp.		36,853
	24,800	Gildan Activewear, Inc.(b)		413,468
	1,800	Gluskin Sheff & Associates, Inc.		29,241
	45,000	Great Basin Gold Ltd.(b)		65,584
	20,200	Great Canadian Gaming Corp.(b)		111,946
	3,800	Greystar Resources Ltd.(b)		15,027
	81,800	Groupe Aeroplan, Inc.		744,913
	7,400	Guyana Goldfields, Inc.(b)		26,310
	7,700	Hanfeng Evergreen, Inc.(b)		43,316
	12,300	Harry Winston Diamond Corp.		71,819
	3,500	Heroux-Devtek, Inc.(b)		14,393
	39,000	High River Gold Mines Ltd.(b)		10,861
	22,916	Highpine Oil & Gas Ltd.(b)		91,685
	8,400	Home Capital Group, Inc.		265,899
	50,100	HudBay Minerals, Inc.(b)		371,128
	68,400	IAMGOLD Corp.		725,113

8

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

Shares			Value
CANADA (continued)
	3,900	IESI-BFC Ltd.	$	52,459
	3,000	Imax Corp.(b)		27,152
	5,600	Imperial Metals Corp.(b)		21,106
	2,800	Indigo Books & Music, Inc.		31,243
	32,200	Industrial Alliance Insurance and Financial Services, Inc.		884,771
	17,100	Inmet Mining Corp.		716,859
	16,200	Intact Financial Corp.		531,303
	7,300	Intermap Technologies Corp.(b)		12,672
	6,300	International Forest Products Ltd. - Class A(b)		16,609
	8,200	Iteration Energy Ltd.(b)		8,449
	25,600	Ivanhoe Energy, Inc.(b)		34,220
	36,750	Ivanhoe Mines Ltd.(b)		296,797
	25,700	Jean Coutu Group PJC, Inc. (The) Class A		238,809
	10,400	Jinshan Gold Mines, Inc.(b)		13,033
	5,300	KAB Distribution, Inc.(b)		3,149
	13,600	Kingsway Financial Services, Inc.		44,187
	6,900	Kirkland Lake Gold, Inc.(b)		56,494
	53,075	Lake Shore Gold Corp.(b)		159,631
	4,100	Laramide Resources(b)		4,948
	10,750	Laurentian Bank of Canada		356,753
	2,400	Le Chateau, Inc.		26,846
	12,400	Leon’s Furniture Ltd.		114,072
	17,400	Linamar Corp.		183,974
	6,700	MacDonald Dettwiler & Associates Ltd.(b)		193,739
	50,968	Magna International, Inc. - Class A		2,578,562
	9,200	Major Drilling Group International		211,884
	4,700	Manitoba Telecom Services, Inc.		150,958
	22,300	Maple Leaf Foods, Inc.		189,413
	1,900	Marsulex, Inc.		17,461
	17,800	Martinrea International, Inc.(b)		99,141
	4,300	Maxim Power Corp.(b)		10,418
	39,100	MDS, Inc.(b)		250,806
	70,000	Mega Uranium Ltd.(b)		87,723
	30,100	Methanex Corp.		501,550
	20,325	Metro, Inc. - Class A		636,778
	15,000	Migao Corp.(b)		107,078
	2,700	Miranda Technologies, Inc.(b)		11,955
	5,300	Morguard Real Estate Investment Trust		48,855
	1,900	Mosaid Technologies, Inc.		28,643
	19,800	Neo Material Technologies, Inc.(b)		49,626
	6,400	Niko Resources Ltd.		450,926
	45,100	Norbord, Inc.		43,959
	8,400	North American Palladium Ltd.(b)		26,434
	2,300	Northern Property Real Estate Investment Trust		41,314
Shares			Value
CANADA (continued)
	73,200	Northgate Minerals Corp.(b)	$	173,275
	13,400	Novagold Resources, Inc.(b)		55,230
	20,349	NuVista Energy Ltd.(b)		186,253
	25,600	Onex Corp.		502,613
	11,100	Open Text Corp.(b)(e)		420,713
	1,052	Open Text Corp.(b)(e)		39,639
	29,800	Osisko Mining Corp.(b)		188,938
	700	Paladin Labs, Inc.(b)		12,606
	18,800	PAN American Silver Corp.(b)		367,536
	12,000	Paramount Resources Ltd. - Class A(b)		80,093
	1,700	Parkbridge Lifestyles Communities, Inc.(b)		6,186
	11,600	Pason Systems, Inc.		101,113
	15,900	Petaquilla Minerals Ltd.(b)		10,184
	5,100	Petro Andina Resources, Inc. - Class A(b)		41,898
	16,900	Petrobank Energy & Resources Ltd.(b)		514,256
	4,100	Petrolifera Petroleum Ltd.(b)		5,100
	1,200	Petrominerales Ltd.(b)		15,094
	13,500	Points International Ltd.(b)		6,517
	12,300	Polymet Mining Corp.(b)		20,210
	489	Precision Drilling Trust		2,758
	21,500	Progress Energy Resources Corp.		188,605
	17,300	QLT, Inc.(b)		59,902
	21,200	Quadra Mining Ltd.(b)		207,818
	16,800	Quebecor, Inc. - Class B		296,154
	8,500	Queenston Mining, Inc.(b)		41,898
	56,500	Quest Capital Corp.		55,071
	52,100	Questerre Energy Corp.(b)		69,160
	30,400	Red Back Mining, Inc.(b)		282,482
	16,300	Reitmans (Canada) Ltd. - Class A		215,618
	1,600	Resverlogix Corp.(b)		4,203
	2,400	Richelieu Hardware Ltd.		43,756
	15,667	Riocan Real Estate Investment Trust		225,715
	14,200	Ritchie Bros. Auctioneers, Inc.(e)		340,088
	252,000	Ritchie Bros. Auctioneers, Inc.(e)		6,048,000
	44,300	RONA, Inc.(b)		564,622
	23,700	Rubicon Minerals Corp.(b)		67,541
	15,300	Russel Metals, Inc.		237,187
	5,700	Samuel Manu-Tech, Inc.		18,519
	39,000	Sandvine Corp.(b)		42,720
	20,600	Saputo, Inc.		450,150
	10,200	Savanna Energy Services Corp.		53,592
	21,900	SEMAFO, Inc.(b)		46,351
	13,425	ShawCor Ltd. - Class A		254,854
	149,700	Sherritt International Corp.		851,855
	93,264	Shore Gold, Inc.(b)		47,617
	13,600	Sierra Wireless, Inc.(b)		97,968
	11,500	Silver Standard Resources, Inc.(b)		227,171

9

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

Shares			Value
CANADA (continued)
	42,900	Silver Wheaton Corp.(b)	$	395,449
	26,400	Silvercorp Metals, Inc.		96,802
	66,900	Sino-Forest Corp.(b)		912,908
	22,700	SNC-Lavalin Group, Inc.		957,941
	11,000	Stantec, Inc.(b)		276,519
	36,400	Starfield Resources, Inc.(b)		5,406
	1,200	Stella-Jones, Inc.		26,679
	5,200	Storm Exploration, Inc.(b)		57,201
	9,200	SunOpta, Inc.(b)		20,497
	20,400	Superior Plus Corp.		208,687
	2,100	SXC Health Solutions Corp.(b)		62,907
	7,200	Tanzanian Royalty Exploration Corp.(b)		22,457
	59,200	Taseko Mines Ltd.(b)		121,450
	191,100	Teck Resources Ltd. - Class B(b)		5,029,181
	7,400	Theratechnologies, Inc.(b)		15,456
	40,000	Thompson Creek Metals Co., Inc.(b)		583,709
	27,352	Tim Hortons, Inc.		739,120
	7,300	Timminco Ltd.(b)		7,115
	9,300	TMX Group, Inc.		299,137
	14,650	Toromont Industries Ltd.		293,068
	19,200	Torstar Corp. - Class B		94,463
	43,100	TransAlta Corp.		858,599
	1,400	Transat A.T., Inc. - Class A		14,023
	21,100	Transcontinental, Inc. - Class A		164,726
	19,100	Transglobe Energy Corp.(b)		60,283
	1,200	Transition Therapeutics, Inc.(b)		5,759
	49,400	Trican Well Service Ltd.		440,232
	17,200	Trinidad Drilling Ltd.		79,354
	45,000	TriStar Oil & Gas Ltd.(b)		478,719
	5,700	TVA Group, Inc. - Class B		54,764
	58,500	Uex Corp.(b)		67,338
	4,400	Uni-Select, Inc.		104,767
	152,985	Uranium One, Inc.(b)		409,001
	8,800	Ur-Energy, Inc.(b)		8,169
	7,300	Vector Aerospace Corp.(b)		45,064
	4,700	Vernenex Energy, Inc.(b)		26,570
	13,560	Vero Energy, Inc.(b)		36,882
	93,625	Viterra, Inc.(b)		788,284
	2,100	Vitran Corp., Inc.(b)		21,443
	1,400	Waste Services, Inc.(b)		6,692
	23,800	West Energy Ltd.(b)		46,396
	10,500	West Fraser Timber Co. Ltd.		258,784
	5,300	Western Canadian Coal Corp.(b)		13,628
	4,900	Western Financial Group, Inc.		8,779
	6,300	Westjet Airlines Ltd.(b)		60,529
	2,085	Westport Innovations, Inc.(b)		18,774
	34,300	Wi-Lan, Inc.		70,367
	7,100	Winpak Ltd.		51,145
	4,300	Xtreme Coil Drilling Corp.(b)		17,683
	97,900	Yamana Gold, Inc.		933,333
	1,100	ZCL Composites, Inc.		4,084
				65,557,910

Shares			Value
CAYMAN ISLANDS — 0.0%
	1,900	Fresh Del Monte Produce, Inc.(b)	$	40,679
	800	Greenlight Capital Re Ltd. - Class A(b)		14,664
	600	Herbalife Ltd.		20,646
				75,989
CHILE — 0.1%
	12,188	Banco de Credito e Inversiones		341,278
	164,971	Banmedica SA		167,700
	11,464	CAP SA		266,550
	49,991	Cementos BIO BIO SA		101,636
	23,013	Cia Cervecerias Unidas SA		156,308
	12,790	Cia de Consumidores de Gas de Santiago SA		52,006
	14,420	Cia General de Electricidad		96,480
	62,345	Cia Sudamericana de Vapores SA(b)		46,092
	49,225,119	CorpBanca SA		297,416
	17,867	Cristalerias de Chile SA		188,230
	18,148	Embotelladora Andina SA - Class B, Preference Shares		53,667
	12,193	Empresa Nacional de Telecomu-nicaciones SA		168,455
	792,236	Empresas Iansa SA(b)		52,201
	37,174	Farmacias Ahumada SA		70,081
	200,535	Industrias Forestales SA		48,183
	1,454,475	Madeco SA		96,266
	502,005	Masisa SA		66,247
	186,725	Vina Concha y Toro SA		386,530
	7,792,205	Vina San Pedro SA		59,048
				2,714,374
CHINA — 0.3%
	150,000	AAC Acoustic Technologies Holdings, Inc.		144,773
	180,000	Agile Property Holdings Ltd.		254,553
	278,000	Air China Ltd. - H Shares(b)		179,354
	4,000	Ajisen China Holdings Ltd.		2,730
	182,000	Aluminum Corp. of China Ltd. - H Shares		211,823
	86,000	Angang Steel Co. Ltd. - H Shares		195,080
	22,000	Anhui Conch Cement Co. Ltd. - H Shares		159,251
	48,000	Anhui Expressway Co. Ltd. - H Shares		29,667
	192,000	AviChina Industry & Technology Co. - H Shares(b)		57,228
	30,000	Baoye Group Co. Ltd. - H Shares		19,935
	200,000	Beijing Capital International Airport Co. Ltd. - H Shares(b)		142,451
	92,000	Beijing Capital Land Ltd. - H Shares		42,142
	192,000	Beijing North Star Co. Ltd.		82,250

10

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

Shares			Value
CHINA (continued)
	344,000	Bosideng International Holdings Ltd.	$	50,157
	113,400	BYD Co. Ltd. - H Shares(b)		628,451
	263,000	China Aoyuan Property Group Ltd.(b)		59,387
	164,000	China Communications Services Corp. Ltd. - H Shares		104,324
	202,500	China COSCO Holdings Co. Ltd. - H Shares		292,643
	242,000	China Eastern Airlines Corp. Ltd. - H Shares(b)		78,376
	291,000	China Energy Ltd.(b)		59,650
	25,000	China High Speed Transmission Equipment Group Co. Ltd.		62,645
	85,000	China Molybdenum Co. Ltd. - H Shares		77,870
	24,000	China National Building Material Co. Ltd. - H Shares		52,273
	54,000	China Oilfield Services Ltd. - H Shares		58,877
	174,000	China Railway Group Ltd. - H Shares(b)		156,711
	202,000	China Rare Earth Holdings Ltd.		40,400
	939,600	China Resources Microelectronics Ltd.(b)		22,187
	54,000	China Shineway Pharmaceutical Group Ltd.		52,606
	561,000	China Shipping Container Lines Co. Ltd. - H Shares(b)		219,331
	58,000	China Shipping Development Co. Ltd. - H Shares		87,860
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		67,922
	152,000	China Wireless Technologies Ltd.(b)		10,395
	156,000	China Yurun Food Group Ltd.		246,780
	106,000	Chongqing Iron & Steel Co. Ltd. - H Shares		53,615
	335,000	Country Garden Holdings Co.		157,341
	182,000	Dalian Port PDA Co. Ltd. - H Shares		79,610
	152,000	Datang International Power Generation Co. Ltd. - H Shares		99,829
	20,000	Delong Holdings Ltd.(b)		12,507
	12,800	Dongfang Electric Corp. Ltd. - H Shares		62,678
	310,000	Dongfeng Motor Group Co. Ltd. - H Shares		330,398
	339,000	Fosun International		271,636
	148,000	Golden Eagle Retail Group Ltd.		193,258
	37,500	Great Wall Motor Co. Ltd. - H Shares		42,677
	81,500	Greentown China Holdings Ltd.		125,982
	188,000	Guangshen Railway Co. Ltd. - H Shares		90,967
	118,000	Harbin Power Equipment Co. Ltd. - H Shares		139,772

Shares			Value
CHINA (continued)
	89,000	Hidili Industry International Development Ltd.(b)	$	102,780
	124,000	Huadian Power International Co. - H Shares(b)		47,520
	140,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)		40,464
	141,000	Intime Department Store Group Co. Ltd.		87,510
	58,000	Jiangsu Expressway Co. Ltd. - H Shares		50,815
	88,000	Jiangxi Copper Co. Ltd. - H Shares		203,023
	148,500	KWG Property Holding Ltd.		113,242
	88,000	Li Ning Co. Ltd.		291,250
	29,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares		53,360
	214,000	Maanshan Iron & Steel - H Shares(b)		166,505
	34,500	Parkson Retail Group Ltd.		57,603
	94,000	PICC Property & Casualty Co. Ltd - H Shares(b)		73,380
	160,000	Qingling Motors Co. - H Shares		34,064
	2,806,000	Semiconductor Manufacturing International Corp.(b)		152,066
	98,000	Shanghai Electric Group Co. Ltd. - H Shares		51,465
	78,000	Shanghai Forte Land Co. - H Shares		26,771
	172,000	Shenzhen Expressway Co. Ltd. - H Shares		87,220
	435,600	Shui On Land Ltd.		308,571
	125,000	Sichuan Xinhua Winshare Chainstore Co. Ltd. - H Shares		48,225
	286,660	Sino-Ocean Land Holdings Ltd.		306,262
	252,000	Sinopec Shanghai Petrochemical Co. Ltd.(b)		115,757
	142,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)		35,179
	356,000	Sinotrans Ltd. - H Shares		90,033
	901,000	Sinotrans Shipping Ltd.		439,453
	254,500	Soho China Ltd.		161,894
	65,500	Stella International Holdings Ltd.		108,349
	6,800	Tencent Holdings Ltd.		91,777
	62,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		17,520
	102,000	Tingyi Cayman Islands Holding Corp.		188,995
	147,000	Travelsky Technology Ltd. - H Shares		106,408
	18,000	Tsingtao Brewery Co. Ltd. - H Shares		62,477
	15,000	Weichai Power Co. Ltd. - H Shares		68,516
	110,000	Weiqiao Textile Co. Ltd. - H Shares		69,406

11

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

Shares			Value
CHINA (continued)
	126,000	Xinao Gas Holdings Ltd.	$	208,752
	114,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares		76,196
	30,000	Yanzhou Coal Mining Co. Ltd. - H Shares		46,606
	118,000	Zhejiang Expressway Co. Ltd. - H Shares		114,345
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)		12,748
	12,740	ZTE Corp. - H Shares		55,562
				9,982,421
CYPRUS — 0.0%
	90,000	Prosafe Production Public Ltd.(b)		168,857
	29,500	ProSafe SE		154,732
				323,589
DENMARK — 0.2%
	1,482	ALK-Abello A/S		113,745
	4,607	Alm Brand A/S(b)		88,618
	1,600	Amagerbanken A/S(b)		16,537
	2,400	Auriga Industries - Class B		46,395
	8,700	Bang & Olufsen A/S		72,934
	2,025	Bavarian Nordic A/S(b)		89,919
	9,000	Capinordic A/S(b)		4,306
	6,973	D/S Norden		248,573
	8,084	D/S Torm A/S		82,005
	2,200	Dalhoff Larsen & Horneman A/S - Class B(b)		10,148
	23,636	Danisco A/S		1,155,855
	950	DFDS A/S(b)		45,457
	250	DiBa Bank A/S(b)		3,445
	26,374	DSV A/S(b)		363,452
	2,350	East Asiatic Co. Ltd. A/S		86,359
	2,200	Fionia Bank A/S(b)(c)(d)		13,474
	6,702	FLSmidth & Co. A/S(b)		291,185
	5,773	Genmab A/S(b)		230,933
	81,337	GN Store Nord A/S(b)		392,308
	26,748	Greentech Energy Systems(b)		135,668
	90	H+H International A/S - Class B(b)		5,168
	1,541	Harboes Bryggeri A/S - Class B		35,393
	1,200	IC Companys A/S		23,427
	18,988	Jyske Bank A/S(b)		699,598
	3,003	NeuroSearch A/S(b)		66,386
	9,765	NKT Holding A/S(b)		372,400
	1,300	Nordjyske Bank A/S(b)		30,356
	250	Norresundby Bank A/S(b)		7,465
	200	Parken Sport & Entertainment A/S(b)		21,054
	661	PER Aarsleff A/S - Class B		76,415
	980	Ringkjoebing Landbobank A/S(b)		96,974
	1,261	Rockwool International AS - Class B		98,352
	1,125	Royal UNIBREW A/S(b)		20,994

Shares			Value
DENMARK (continued)
	350	Sanistal A/S - Class B(b)	$	5,761
	4,820	Schouw & Co.		83,490
	930	SimCorp A/S		159,667
	2,600	Sjaelso Gruppen(b)		11,197
	1,193	Solar Holdings A/S - Class B		48,065
	8,742	Spar Nord Bank A/S(b)		93,700
	325	Sparbank(b)		6,531
	100	Sparekassen Faaborg A/S(b)		15,886
	26,798	Sydbank A/S(b)		677,041
	968	Thrane & Thrane A/S		28,254
	11,388	TK Development(b)		54,709
	2,076	Topdanmark A/S(b)		283,703
	500	Vestjysk Bank A/S(b)		8,948
				6,522,250
EGYPT — 0.5%
	359,000	Orascom Construction Industries GDR		14,291,790
FINLAND — 0.5%
	6,028	Ahlstrom Oyj		71,740
	11,568	Alma Media		90,188
	23,665	Amer Sports Oyj - Class A		227,675
	2,068	Atria Plc		31,833
	1,400	Bank of Aland Plc - Class B		44,697
	13,964	Cargotec Corp. - Class B		261,722
	16,468	Comptel Oyj		15,961
	8,136	Cramo Oyj		91,610
	10,700	Elektrobit Corp.(b)		8,998
	33,625	Elisa Oyj		616,801
	15,985	Finnair Oyj(b)		95,690
	6,300	Finnlines Oyj(b)		60,611
	9,150	Fiskars Oyj Abp		114,113
	11,650	F-Secure Oyj		43,172
	3,265	Glaston Oyj Abp		5,072
	6,821	HKScan Oyj		85,553
	26,718	Huhtamaki Oyj		301,601
	18,644	Kemira Oyj		239,158
	26,945	Kesko Oyj - Class B		710,484
	15,192	Kone Oyj - Class B		516,858
	12,000	Konecranes Oyj		327,190
	5,400	Lassila & Tikanoja Oyj		115,449
	1,850	Lemminkainen Oyj		60,910
	52,127	Metso Oyj		1,098,842
	36,207	M-real Oyj - Class B(b)		29,931
	29,681	Neste Oil Oyj		419,657
	25,231	Nokian Renkaat Oyj		532,951
	1,850	Olvi Oyj - Class A		45,986
	29,419	Oriola-KD Oyj - Class B		137,533
	9,402	Orion Oyj - Class A		167,106
	16,563	Orion Oyj - Class B		290,368
	48,189	Outokumpu Oyj		944,398
	4,348	Outotec Oyj		103,059
	2,400	PKC Group Oyj		13,956
	71,582	Pohjola Bank Plc		744,785
	1,080	Ponsse Oyj(b)		6,896
	7,300	Poyry Oyj		104,046

12

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

Shares			Value
FINLAND (continued)
	30,691	Raisio Plc - V Shares	$	90,987
	34,032	Ramirent Oyj(b)		274,057
	6,800	Rapala VMC Oyj		39,737
	34,374	Rautaruukki Oyj		743,714
	8,933	Ruukki Group Oyj(b)		21,772
	19,422	Sanoma Oyj		333,292
	2,988	Stockman Oyj Abp - Class A		64,691
	13,158	Stockman Oyj Abp - Class B		279,435
	207,089	Stora Enso Oyj - Class R(b)		1,316,425
	14,073	Tieto Oyj		241,099
	185,091	UPM-Kymmene Oyj		1,938,996
	17,900	Uponor Oyj		244,667
	1,200	Vacon Plc		46,180
	1,187	Vaisala Oyj - Class A		42,465
	19,968	Wartsila Oyj		714,352
	45,716	YIT Oyj		600,112
				15,768,581
FRANCE — 1.4%
	4,110	Aeroports de Paris		331,736
	778	Affine SA		15,668
	70,059	Air France-KLM(b)		881,816
	916,272	Alcatel-Lucent(b)		2,533,555
	902	Ales Groupe		12,458
	3,474	Alten Ltd.(b)		67,414
	19,560	Altran Technologies SA(b)		57,681
	62	ANF SA		2,371
	3,839	April Group		148,721
	26,764	Arkema SA		767,509
	6,609	Assystem		59,439
	3,383	Atari SA(b)		22,180
	22,655	Atos Origin SA(b)		1,032,796
	1,591	Audika		42,677
	7,010	Beneteau SA		96,476
	2,244	BioMerieux		218,384
	878	Boiron SA		30,347
	1,118	Bonduelle SCA		94,621
	2,069	Bongrain SA(b)		124,592
	11,907	Bourbon SA		500,134
	10,949	Bull SA(b)		40,106
	6,030	Bureau Veritas SA		285,768
	17,208	Canal Plus		117,948
	33,896	Cap Gemini		1,565,059
	5,652	Carbone Lorraine		165,304
	4,445	CBo Territoria		16,155
	489	Cegedim SA(b)		37,107
	3,162	Cegid Group		71,883
	2,640	Ciments Francais SA		257,863
	4,566	Club Mediterranee SA(b)		66,543
	74,237	Compagnie Generale de Geophysique-Veritas(b)		1,504,611
	42,743	Compagnie Generale Des Etablissements Michelin - Class B		3,086,274
	1,082	Damartex SA		18,506
	10,333	Dassault Systemes SA		516,937

Shares			Value
FRANCE (continued)
	1,095	Delachaux SA	$	70,902
	40,814	Derichebourg SA		119,834
	3,318	EDF Energies Nouvelles SA		166,040
	845	Electricite de Strasbourg(b)		119,835
	332	Entrepose Contracting		25,127
	517	Eramet		145,349
	463	Esso Ste Anonyme Francaise		54,324
	19,688	Etablissements Maurel Et Prom		341,224
	1,280	Etam Developpement SA(b)		25,341
	12,585	Euler Hermes SA		744,399
	88	Euro Disney SCA(b)(c)		15
	2,797	Euro Disney SCA Non-Registered Shares(b)		13,236
	13,937	Eutelsat Communications		389,440
	1,226	Exel Industries SA - Class A		43,703
	6,904	Faurecia(b)		84,872
	2,688	Fimalac		141,754
	839	Fleury Michon SA		34,679
	2,642	Fonciere Des Regions		231,624
	202	Gaumont SA		11,228
	12,894	Gemalto NV(b)		481,497
	8,466	GFI Informatique		32,700
	3,045	GL Events		52,297
	899	Groupe Crit		18,157
	97,644	Groupe Eurotunnel SA		579,231
	12,889	Groupe Steria SCA		311,106
	251	Guerbet		38,304
	1,184	Guyenne et Gascogne SA		118,972
	6,586	Haulotte Group SA		51,816
	70,170	Havas SA		203,226
	3,308	ICADE		289,493
	2,593	Iliad SA		276,814
	8,512	Imerys SA		453,316
	1,822	IMS International Metal Service(b)		29,319
	8,908	Ingenico		186,512
	4,543	Ipsen SA		209,211
	5,433	IPSOS		141,824
	16,879	JC Decaux SA(b)		346,308
	837	Kaufman & Broad SA		17,513
	12,671	Klepierre		362,281
	1,361	Korian		32,977
	49,549	Lagardere SCA		1,850,646
	863	Laurent-Perrier		57,405
	14,623	Legrand SA		357,754
	669	LISI		32,420
	10,685	M6-Metropole Television		213,590
	629	Maisons France Confort		20,978
	3,415	Manitou BF SA(b)		45,315
	873	Manutan (Societe)		46,038
	1,668	Meetic(b)		53,135
	1,975	MR Bricolage		33,470
	143,061	Natixis(b)		372,532
	4,720	Neopost SA		401,961
	12,933	Nexans SA		870,237
	8,619	Nexity		297,042

13

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

Shares			Value
FRANCE (continued)
	463	Norbert Dentressangle	$	24,747
	8,757	NRJ Group(b)		59,661
	6,698	Orpea(b)		318,284
	22,865	PagesJaunes Groupe		246,701
	66,220	Peugeot SA(b)		2,008,469
	1,266	Pierre & Vacances		89,716
	2,331	Plastic-Omnium SA		44,852
	20,215	Publicis Groupe		718,579
	485	Radiall		25,646
	8,945	Rallye SA		262,635
	6,947	Recylex SA(b)		71,588
	5,788	Remy Cointreau SA		229,091
	88,196	Rexel SA(b)		967,930
	11,164	Rhodia SA(b)		121,711
	1,356	Rodriguez Group(b)(c)		5,605
	1,707	Rubis		138,680
	78,924	Safran SA		1,220,515
	3,435	Saft Groupe SA		134,000
	73,550	SCOR SE		1,765,867
	6,382	SEB SA		304,632
	3,422	Sechilienne-Sidec		131,835
	2,724	SeLoger.com(b)		87,356
	6,704	Societe BIC SA		401,938
	3,095	Societe Immobiliere de Location pour l’Industrie et le Commerce		310,113
	23,410	Societe Television Francaise 1		362,690
	16,292	SOITEC(b)		142,739
	815	Somfy SA		152,171
	811	Sopra Group SA		34,851
	923	Sperian Protection		56,240
	573	Spir Communication(b)		12,740
	1,360	Stallergenes		96,823
	857	Ste Industrielle d’Aviation Latecoere SA(b)		5,497
	1,316	STEF-TFE		60,979
	62	Sucriere de Pithiviers-Le-Vieil		52,579
	1,305	Synergie SA		26,784
	25,408	Technip SA		1,536,192
	12,717	Teleperformance		402,385
	3,877	Theolia SA(b)		20,390
	83,571	Thomson(b)		111,013
	2,088	Trigano SA		30,936
	10,614	UBISOFT Entertainment(b)		181,310
	886	Union Financiere de France BQE SA		30,914
	31,023	Valeo SA(b)		822,434
	6,230	Vallourec		819,585
	7,341	Viel et Compagnie		31,808
	897	Vilmorin & Cie		87,743
	1,248	Virbac SA		113,894
	494	VM Materiaux SA		29,924
	9,045	Zodiac SA		349,238
				41,700,972

Shares			Value
GERMANY — 0.9%
	9,283	Aareal Bank AG(b)	$	132,045
	2,064	Adlink Internet Media AG(b)		11,473
	4,077	ADVA AG Optical Networking(b)		9,065
	11,559	Aixtron AG		189,462
	5,964	Alstria Office AG REIT		47,688
	3,892	Augusta Technologie AG		45,210
	11,854	Aurubis AG		410,728
	6,102	Baader Bank AG		22,178
	1,916	Balda AG(b)		3,059
	2,313	Bauer AG		83,407
	5,853	Bechtle AG		114,622
	1,174	Bertrandt AG		23,242
	8,988	Bilfinger Berger AG		472,709
	1,034	Biotest AG		62,856
	780	Boewe Systec AG(b)		5,837
	8,211	Carl Zeiss Meditec AG		115,392
	24,293	Celesio AG		647,135
	2,684	CENTROTEC Sustainable AG(b)		32,134
	1,017	Cewe Color Holding AG		36,238
	8,271	Comdirect Bank AG		70,732
	32,384	Conergy AG(b)		31,387
	6,000	Constantin Medien AG(b)		15,735
	1,569	CTS Eventim AG		63,958
	4,009	Curanum AG		16,113
	6,258	DAB Bank AG		26,669
	7,237	Demag Cranes AG		179,478
	97,388	Deutsche Lufthansa AG		1,315,885
	21,284	Deutsche Postbank AG(b)		587,911
	12,837	Deutsche Wohnen AG(b)		194,858
	22,173	Deutz AG(b)		106,186
	7,612	Douglas Holdings AG		302,913
	1,775	Duerr AG		26,109
	4,400	DVB Bank SE		156,782
	2,087	Elexis AG		26,028
	1,987	ElringKlinger AG		38,119
	1,290	Escada AG(b)		4,615
	48,689	Evotec AG(b)		91,603
	632	Evotec AG ADR(b)		2,180
	3,542	Fielmann AG		235,406
	14,402	Fraport AG Frankfurt Airport Services Worldwide		660,561
	29,242	Freenet AG(b)		360,518
	1,320	Fuchs Petrolub AG		76,384
	29,880	GEA Group AG		489,333
	2,856	Generali Deutschland Holding AG		236,423
	8,501	Gerresheimer AG		190,349
	2,237	Gerry Weber International AG		57,550
	286	Gesco AG		15,082
	4,560	GFK AG		103,729
	18,690	Gildemeister AG		200,856
	3,263	GPC Biotech AG(b)		6,278
	1,715	Grammer AG(b)		15,155
	1,935	Grenkeleasing AG		68,949

14

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

Shares			Value
GERMANY (continued)
	3,184	Hamburger Hafen und Logistik AG	$	146,128
	24,834	Hannover Rueckversicherung AG(b)		1,010,548
	1,410	Hawesko Holding AG		37,159
	9,116	HeidelbergCement AG		397,585
	32,016	Heidelberger Druckmaschinen AG(b)		236,375
	11,819	Hochtief AG		709,534
	3,635	IDS Scheer AG		77,351
	3,883	Indus Holding AG		55,067
	555,299	Infineon Technologies AG(b)		2,287,332
	834	Interseroh SE		51,946
	47,496	IVG Immobilien AG(b)		329,678
	17,471	Jenoptik AG(b)		85,909
	3,193	Kizoo AG(b)		25,895
	23,845	Kloeckner & Co. SE(b)		613,789
	9,805	Kontron AG		112,778
	4,116	Krones AG		159,804
	210	KSB AG		100,440
	7,388	KUKA AG(b)		110,460
	1,410	KWS Saat AG		239,150
	35,935	Lanxess AG		1,045,870
	15,203	Leoni AG		294,695
	1,656	Loewe AG		20,062
	211	Manz Automation AG(b)		15,031
	4,500	Medigene AG(b)		29,504
	13,952	Medion AG		159,483
	13,558	MLP AG		184,545
	2,700	Morphosys AG(b)		62,804
	11,359	MTU Aero Engines Holding AG		412,843
	120	Muehlbauer Holding AG & Co. KGaA		3,046
	6,932	MVV Energie AG		308,458
	1,551	Nemetschek AG(b)		27,721
	5,755	Nordex AG(b)		92,935
	1,199	Pfeiffer Vacuum Technology AG		89,121
	11,398	Pfleiderer AG(b)		95,523
	5,300	PNE Wind AG(b)		14,579
	32,110	Praktiker Bau- und Heimwerk- ermaerkte AG		321,736
	79,044	Premiere AG(b)		331,223
	1,040	Puma AG		263,598
	8,596	QSC AG(b)		23,278
	932	Rational AG		114,240
	1,266	REpower Systems AG(b)		203,900
	14,967	Rheinmetall AG		728,714
	27,228	Rhoen Klinikum AG		626,747
	2,578	Roth & Rau AG(b)		87,047
	16,499	Salzgitter AG		1,673,157
	475	Sartorius AG		9,600
	1,302	Schlott Gruppe AG		8,555
	15,182	SGL Carbon AG(b)		499,640
	21,208	Singulus Technologies(b)		62,269
	3,685	Sixt AG		87,764

Shares			Value
GERMANY (continued)
	5,314	Software AG	$	397,635
	3,365	Solar Millennium AG(b)		117,505
	13,447	Solarworld AG		326,971
	1,149	Solon SE(b)		16,639
	24,382	Stada Arzneimittel AG		592,166
	904	STINAG Stuttgart Invest AG		22,162
	2,302	Stratec Biomedical Systems AG		61,585
	15,178	Suedzucker AG		318,872
	15,180	Symrise AG		244,270
	4,152	Takkt AG		51,663
	21,467	Tognum AG		299,236
	48,870	TUI AG(b)		314,836
	16,295	United Internet AG(b)		207,168
	5,101	Versatel AG(b)		49,003
	1,861	Vossloh AG		215,858
	3,487	Wacker Chemie AG		465,391
	12,899	Wacker Neuson SE		112,148
	6,438	Wincor Nixdorf AG		345,570
	12,563	Wirecard AG		138,055
				27,419,663
GREECE — 0.3%
	68,418	Agriculture Bank of Greece(b)		161,876
	137,716	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organizations		194,323
	22,971	Alpha Bank AE(b)		302,849
	59,949	Anek Lines SA(b)		81,173
	11,258	Aspis Bank SA(b)		18,453
	1,098	Astir Palace Hotel SA(b)		5,869
	8,200	Athens Medical Center SA		19,284
	5,750	Athens Water Supply & Sewage Co. SA (The)		56,467
	6,962	Attica Bank(b)		22,227
	4,985	Bank of Greece		310,634
	29,378	Coca-Cola Hellenic Bottling Co. SA		669,956
	31,722	Diagnostic & Therapeutic Center of Athens Hygeia SA		99,469
	58,161	EFG Eurobank Ergasias SA(b)		761,819
	37,249	Ellaktor SA		308,457
	3,862	Elval Aluminium Process Co.(b)		7,706
	3,298	Euromedica SA(b)		28,204
	39,058	Forthnet SA(b)		100,204
	9,621	Fourlis Holdings SA		123,552
	11,373	Frigoglass SA		100,987
	19,954	GEK Terna Holding Real Estate Construction SA		165,807
	38,182	Geniki Bank(b)		49,523
	9,780	Halcor SA(b)		22,164
	2,570	Hellenic Duty Free Shops SA		22,967
	9,731	Hellenic Exchanges SA Holding Clearing Settlement and Registry		126,213
	23,252	Hellenic Petroleum SA		241,266

15

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

Shares			Value
GREECE (continued)
	3,975	Hellenic Telecommunications Organization SA	$	62,321
	11,102	Heracles General Cement Co.		97,948
	5,583	Iaso SA		36,047
	48,615	Intracom Holdings SA(b)		119,873
	6,280	J&P-Avax SA		31,059
	10,171	Lambrakis Press SA(b)		30,443
	373,808	Marfin Investment Group SA(b)		1,566,391
	5,160	Metka SA		62,808
	45,695	Michaniki SA		121,791
	12,165	Motor Oil (Hellas) Corinth Refineries SA		142,177
	57,878	Mytilineos Holdings SA		499,908
	7,509	Nireus Aquaculture SA(b)		9,418
	57,709	Piraeus Bank SA(b)		685,984
	1,217	Piraeus Port Authority		25,811
	28,257	Proton Bank SA(b)		62,023
	19,038	Public Power Corp. SA(b)		415,161
	2,180	S&B Industrial Minerals SA		15,846
	5,750	Sarantis SA		35,896
	16,774	Sidenor Steel Products Manufacturing Co. SA(b)		126,712
	28,837	Technical Olympic SA(b)		20,551
	3,630	Teletypos SA Mega Channel		22,713
	5,335	Terna Energy SA		41,441
	1,382	Thessaloniki Port Authority SA		32,186
	15,748	Titan Cement Co. SA		456,991
	45,182	TT Hellenic Postbank SA(b)		334,224
	43,104	Viohalco		294,892
				9,352,064
HONG KONG — 0.8%
	96,000	Alco Holdings Ltd.		35,551
	30,000	Allied Group Ltd.		72,000
	1,098,000	Allied Properties HK Ltd.(b)		145,927
	92,000	AMVIG Holdings Ltd.		73,600
	142,000	Asia Financial Holdings Ltd.		47,455
	57,000	Asia Satellite Telecommunications Holdings Ltd.		81,638
	3,778,776	Asia Standard International Group Ltd.		46,808
	31,000	ASM Pacific Technology Ltd.		210,399
	36,000	Associated International Hotels Ltd.(b)		74,322
	62,000	Beijing Enterprises Holdings Ltd.		311,598
	210,000	Beijing Enterprises Water Group Ltd.(b)		44,167
	148,000	Belle International Holdings Ltd.		149,909
	340,000	Brilliance China Automotive Holdings Ltd.(b)		48,696
	285,000	C C Land Holdings Ltd.		214,024
	64,000	Cafe de Coral Holdings Ltd.		135,101
	460,000	Century City International		25,819
	545,373	Champion Technology Holdings Ltd.		20,759

Shares			Value
HONG KONG (continued)
	378,560	Chaoda Modern Agriculture Holdings Ltd.	$	255,954
	70,000	Chen Hsong Holdings Ltd.		21,045
	106,000	Chevalier International Holdings Ltd.		80,696
	150,000	Chia Tai Enterprises International Ltd.(b)		2,477
	225,000	China Aerospace International Holdings Ltd.(b)		22,645
	236,000	China Agri-Industries Holdings Ltd.		174,791
	122,000	China BlueChemical Ltd. - H Shares		68,477
	130,000	China Electronics Corp. Holdings Co. Ltd.(b)		17,781
	245,000	China Everbright International Ltd.		93,574
	88,000	China Everbright Ltd.		275,353
	174,000	China Foods Ltd.		107,543
	228,000	China Gas Holdings Ltd.		61,192
	830,000	China Grand Forestry Green Resources Group Ltd.(b)		40,161
	63,000	China Green Holdings Ltd.		66,007
	97,000	China Insurance International Holdings Co. Ltd.(b)		292,876
	62,000	China Mengniu Dairy Co. Ltd.(b)		148,479
	128,312	China Merchants Holdings International Co. Ltd.		423,841
	106,000	China Metal International Holdings, Inc.		16,823
	1,070,000	China Mining Resources Group Ltd.(b)		62,819
	190,000	China Pharmaceutical Group Ltd.		108,361
	346,000	China Power International Development Ltd.(b)		124,113
	186,000	China Resources Enterprise		465,117
	34,800	China Resources Gas Group Ltd.		29,187
	70,000	China Resources Land Ltd.		171,070
	74,000	China Resources Power Holdings Co. Ltd.		191,444
	210,000	China Seven Star Shopping Ltd.(b)		2,683
	720,000	China Solar Energy Holdings Ltd.(b)		12,077
	136,000	China State Construction International Holdings Ltd.		71,421
	3,700,000	China Timber Resources Group Ltd.		49,174
	312,000	China Travel International Investment Hong Kong Ltd.		77,698
	800,000	China Yunnan Tin Minerals Group Co. Ltd.(b)		24,774
	51,000	Chong Hing Bank Ltd.		91,339
	86,000	Chow Sang Sang Holdings International Ltd.		75,236

16

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

Shares			Value
HONG KONG (continued)
	350,000	Citic 21CN Co. Ltd.(b)	$	13,322
	287,000	Citic Pacific Ltd.		818,408
	581,000	Citic Resources Holdings Ltd.(b)		185,919
	103,000	Clear Media Ltd.(b)		49,573
	600,000	CNPC (Hong Kong) Ltd.		607,738
	998,000	Coastal Greenland Ltd.(b)		99,155
	103,400	Comba Telecom Systems Holdings Ltd.		73,247
	120,000	Cosco International Holdings Ltd.		56,671
	238,000	COSCO Pacific Ltd.		332,277
	44,000	Cross-Harbour Holdings Ltd.		35,597
	55,600	Dah Sing Banking Group Ltd.		63,993
	52,400	Dah Sing Financial Holdings Ltd.		239,348
	192,000	Daphne International Holdings Ltd.		129,073
	420,000	Denway Motors Ltd.		208,644
	131,550	Dickson Concepts International Ltd.		69,594
	121,000	Digital China Holdings Ltd.		86,963
	110,000	Dynasty Fine Wines Group Ltd.		26,258
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		0
	214,000	Emperor International Holdings Ltd.		33,964
	446,943	Enerchina Holdings Ltd.(b)		7,670
	554,000	eSun Holdings Ltd.(b)		83,636
	110,000	Extrawell Pharmaceutical Holdings Ltd.(b)(c)		27,961
	225,116	Far East Consortium International Ltd.		52,575
	432,000	First Pacific Co.		277,593
	54,000	Fong’s Industries Co. Ltd.		15,050
	118,000	Fountain SET Holdings Ltd.(b)		18,728
	39,000	FU JI Food and Catering Services Holdings Ltd.		38,245
	98,000	Fubon Bank Hong Kong Ltd.		47,419
	482,000	Galaxy Entertainment Group Ltd.(b)		146,776
	490,000	Geely Automobile Holdings Ltd.		119,496
	785,000	Genesis Energy Holdings Ltd.(b)		29,374
	170,000	Giordano International Ltd.		53,084
	408,000	Global Bio-Chem Technology Group Co. Ltd.		79,494
	390,000	Global Green Tech Group Ltd.(b)		24,910
	116,000	Glorious Sun Enterprises Ltd.		35,024
	320,000	Golden Resorts Group Ltd.		7,680
	110,000	Goldin Properties Holdings Ltd.(b)		46,129
	259,600	GOME Electrical Appliances Holdings Ltd.		75,032
	44,000	Grande Holdings Ltd. (The)		4,485

Shares			Value
HONG KONG (continued)
	216,738	Great Eagle Holdings Ltd.	$	502,829
	534,000	Guangdong Investment Ltd.		299,038
	654,000	Guangzhou Investment Co. Ltd.		141,769
	180,000	GZI Transportation Ltd.		76,180
	94,000	Harbour Centre Development Ltd.		70,833
	490,000	Heng Tai Consumables Group Ltd.(b)		27,819
	36,000	Hengan International Group Co. Ltd.		209,495
	492,000	Hi Sun Technology (China) Ltd.(b)		107,922
	396,724	HKC Holdings Ltd.		34,297
	314,000	HKR International Ltd.(b)		138,564
	100,000	Hon Kwok Land Investment Co. Ltd.		32,000
	101,000	Hong Kong Ferry (Holdings) Co. Ltd.		83,797
	220,500	Hongkong & Shanghai Hotels (The)		253,218
	507,700	Hongkong Chinese Ltd.		52,407
	158,500	Hopewell Holdings Ltd.		517,422
	116,000	Hopson Development Holdings Ltd.		186,198
	12,000	Hua Han Bio-Pharmaceutical Holdings Ltd.(b)		1,517
	59,631	Hung Hing Printing Group Ltd.		15,542
	1,450,000	Hutchison Harbour Ring Ltd.		110,386
	281,000	Hutchison Telecommunications Hong Kong Holdings Ltd.(b)		43,509
	281,000	Hutchison Telecommunications International Ltd.		73,603
	135,000	I-CABLE Communications Ltd.(b)		19,335
	106,402	Industrial and Commercial Bank of China Asia Ltd.		201,270
	23,000	Integrated Distribution Services Group Ltd.		34,129
	242,000	Jinhui Holdings Ltd.		82,748
	592,500	Johnson Electric Holdings Ltd.(b)		175,073
	510,579	K Wah International Holdings Ltd.		210,160
	1,020,000	Kai Yuan Holdings Ltd.(b)		39,484
	154,500	Kingboard Chemical Holdings Ltd.		490,410
	313,000	Kingboard Laminates Holdings Ltd.		161,547
	190,000	Kingdee International Software Group Co. Ltd.		35,548
	234,666	Kingway Brewery Holdings Ltd.(b)		43,905
	288,000	Kowloon Development Co. Ltd.		292,829
	3,997,000	Lai Sun Development Co. Ltd.(b)		68,593
	194,800	Lee & Man Paper Manufacturing Ltd.		306,148

17

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

Shares			Value
HONG KONG (continued)
	61,500	Lifestyle International Holdings Ltd.	$	93,321
	110,000	Liu Chong Hing Investment Ltd.		83,174
	122,000	Lonking Holdings Ltd.		86,265
	110,000	Luk Fook Holdings International Ltd.		59,187
	106,000	Luks Group Vietnam Holdings Co. Ltd.		60,043
	62,000	Lung Kee (Bermuda) Holdings Ltd.		25,600
	6,650,000	Media China Corp. Ltd.(b)		48,909
	388,000	Melco International Development(b)		251,823
	98,000	Midland Holdings Ltd.		78,526
	370,000	Ming An Holdings Co. Ltd (The)(b)		102,167
	440,000	Mingyuan Medicare Development Co. Ltd.(b)		47,122
	108,000	Minmetals Resources Ltd.(b)		30,797
	80,000	Minth Group Ltd.		76,387
	67,000	Miramar Hotel & Investment Co. Ltd.		66,567
	418,000	Mongolia Energy Co. Ltd. (b)		160,727
	6,771,148	Nan Hai Corp. Ltd.(b)		69,895
	280,000	Natural Beauty Bio-Technology Ltd.		47,690
	145,000	Neo-China Land Group Holdings Ltd. (c)(d)		92,612
	208,500	Neo-Neon Holdings Ltd.		88,780
	383,600	New World China Land Ltd.		242,038
	768,000	Next Media Ltd.(b)		112,970
	251,000	Nine Dragons Paper Holdings Ltd.		258,771
	78,000	NWS Holdings Ltd.		150,363
	650,000	Oriental Press Group Ltd.		80,516
	1,079,502	Pacific Andes International Holdings Ltd.		178,291
	580,000	Pacific Basin Shipping Ltd.		437,055
	450,000	Pacific Century Premium Developments Ltd.(b)		125,999
	111,240	Paliburg Holdings Ltd.		23,827
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	200,000	Pico Far East Holdings Ltd.		33,290
	1,200,000	Polytec Asset Holdings Ltd.		185,805
	48,000	Ports Design Ltd.		123,746
	138,000	Public Financial Holdings Ltd.		70,869
	392,322	PYI Corp. Ltd.(b)		17,211
	48,561	Qin Jia Yuan Media Services Co. Ltd.		10,903
	332,200	Regal Hotels International Holdings Ltd.		106,732
	1,750,000	REXLot Holdings Ltd.(b)		151,289
	56,000	Road King Infrastructure Ltd.		44,583
	88,000	SA SA International Holdings Ltd.		41,104

Shares			Value
HONG KONG (continued)
	170,000	Samson Holding Ltd.	$	31,587
	80,000	SEA Holdings Ltd.		35,922
	85,000	Shanghai Industrial Holdings Ltd.		460,642
	3,660,000	Shanghai Zendai Property Ltd.(b)		153,483
	1,177,500	Shenzhen International Holdings Ltd.		88,122
	348,000	Shenzhen Investment Ltd.		173,774
	89,000	Shenzhou International Group Holdings Ltd.		70,625
	212,500	Shimao Property Holdings Ltd.		427,191
	538,000	Shougang Concord International Enterprises Co. Ltd.		108,988
	76,000	Shui On Construction & Materials Ltd.		107,870
	448,000	Shun Tak Holdings Ltd.		367,069
	200,000	Silver Grant International Ltd.		32,000
	646,000	Singamas Container Holdings Ltd.		101,692
	410,000	Sino Union Petroleum & Chemical International Ltd.(b)		51,845
	218,000	Sinofert Holdings Ltd.		119,266
	2,330,000	Sino-I Technology Ltd.(b)		17,137
	272,250	Sinolink Worldwide Holdings Ltd.		43,911
	118,000	Sinopec Kantons Holdings Ltd.		27,863
	158,000	Skyfame Realty Holdings Ltd.(b)		14,067
	436,000	Skyworth Digital Holdings Ltd.		163,147
	43,500	SmarTone Telecommunications Holding Ltd.		29,748
	195,486	SRE Group Ltd.(b)		26,485
	306,000	Stone Group Holdings Ltd.(b)		16,188
	177,000	Sun Hung Kai & Co. Ltd.		139,315
	12,070,000	Superb Summit International Timber Co. Ltd.(b)		118,363
	194,000	TAI Cheung Holdings Ltd.		114,897
	69,000	Tan Chong International Ltd.		12,732
	252,000	TCC International Holdings Ltd.(b)		120,959
	29,000	TCL Multimedia Technology Holdings Ltd.(b)		15,454
	220,500	Techtronic Industries Co.		182,943
	40,000	Television Broadcasts Ltd.		174,967
	132,000	Texwinca Holdings Ltd.		103,385
	82,800	Tian An China Investment Co. Ltd.		48,611
	106,000	Tianjin Development Holdings Ltd.		74,815
	130,000	Tianjin Port Development Holdings Ltd.		55,354
	2,720,000	Titan Petrochemicals Group Ltd.(b)		87,741
	122,566	Tomson Group Ltd.		55,352
	193,000	Towngas China Co. Ltd.		67,487
	228,000	TPV Technology Ltd.		123,855

18

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

Shares			Value
HONG KONG (continued)
	35,600	Transport International Holdings Ltd.	$	112,312
	50,000	Truly International Holdings Ltd.		47,096
	102,000	United Laboratories Ltd. (The)		40,537
	134,000	Value Partners Group Ltd.		64,838
	45,000	Varitronix International Ltd.		15,271
	348,000	Vedan International Holdings Ltd.		28,738
	84,000	Victory City International Holdings Ltd.		13,440
	136,000	Vitasoy International Holdings Ltd.		85,109
	102,000	VST Holdings Ltd.(b)		18,162
	26,000	VTech Holdings Ltd.		185,354
	70,000	Wai Kee Holdings Ltd.(b)		13,548
	295,000	Wheelock Properties Ltd.		196,412
	29,000	Wing Hang Bank Ltd.		278,211
	29,000	Wing On Co. International Ltd.		37,344
	400,800	Wonson International Holdings Ltd.(b)		25,858
	74,000	Xinyi Glass Holdings Co. Ltd.		64,451
	148,000	Xinyu Hengdeli Holdings Ltd.		54,807
	81,640	Xiwang Sugar Holdings Co. Ltd.		17,065
	94,000	Yip’s Chemical Holdings Ltd.		51,791
	145,000	Yue Yuen Industrial Holdings Ltd.		393,836
	31,000	Zhaojin Mining Industry Co. Ltd. - H Shares		51,360
				24,848,976
HUNGARY — 0.1%
	1,508	Danubius Hotel & Spa Plc (b)		28,497
	2,195	Egis Plc		224,138
	344	EMASZ Rt.		40,697
	28,924	FHB Mortgage Bank Plc (b)		120,308
	15,083	Fotex Holding SE Co. Ltd. (b)		31,086
	28,929	Magyar Telekom Telecommunications Plc		105,307
	5,470	Richter Gedeon Nyrt		1,081,978
				1,632,011
INDIA — 0.5%
	4,494	ABB Ltd. India		65,512
	10,956	ACC Ltd.		201,344
	6,720	Adani Enterprises Ltd.		116,601
	13,319	Aditya Birla Nuvo Ltd.		242,353
	36,030	Allahabad Bank		66,575
	154,877	Alok Industries Ltd.		67,345
	116,788	Ambuja Cements Ltd.		266,213
	25,831	Amtek Auto Ltd.		69,493
	35,532	Andhra Bank.		68,100
	10,228	Apollo Hospitals Enterprise Ltd.		118,182
	143,696	Ashok Leyland Ltd.		110,581
	2,238	Asian Paints Ltd.		66,090
	11,229	Aurobindo Pharma Ltd.		137,546

Shares			Value
INDIA (continued)
	27,426	Bajaj Hindusthan Ltd.	$	104,728
	11,091	Bajaj Holdings and Investment Ltd		108,713
	97,217	Ballarpur Industries Ltd.		47,037
	33,302	Balrampur Chini Mills Ltd.		82,161
	4,328	BEML Ltd.		96,033
	2,434	Bharat Electronics Ltd.		74,566
	32,980	Bharat Forge Ltd.		134,534
	5,155	Bhushan Steel Ltd.		83,856
	14,324	Biocon Ltd.		65,123
	9,975	Birla Corp. Ltd.		63,917
	460	Bosch Ltd.		37,510
	1,308	Britannia Industries Ltd.		50,917
	9,156	Century Textile & Industries Ltd.		89,746
	6,433	CESC Ltd.		41,992
	38,402	Chambal Fertilizers & Chemicals Ltd.		45,450
	3,521	Colgate Palmolive India Ltd.		48,905
	11,251	Crompton Greaves Ltd.		68,750
	9,629	Cummins India Ltd.		55,214
	24,391	Dabur India Ltd.		70,197
	1,634	Divi’s Laboratories Ltd.		18,318
	17,128	Dr. Reddys Laboratories Ltd.		293,730
	5,347	Edelweiss Capital Ltd.		49,266
	11,129	EID Parry India Ltd.		68,236
	9,200	EIH Ltd.		22,659
	27,090	Essar Oil Ltd.(b)		85,366
	36,761	Exide Industries Ltd.		65,740
	52,494	Federal Bank Ltd.(b)		263,838
	3,815	Financial Technologies India Ltd.		113,376
	22,790	Fortis Healthcare Ltd.(b)		48,527
	23,096	Gammon India Ltd.		79,210
	18,000	Geodesic Ltd.		42,907
	2,784	GlaxoSmithKline Consumer Healthcare Ltd.		64,679
	3,410	GlaxoSmithKline Pharmaceuticals Ltd.		97,642
	6,344	Glenmark Pharmaceuticals Ltd.(b)		33,076
	11,114	Godrej Consumer Products Ltd.		51,456
	23,771	Godrej Industries Ltd.		75,378
	26,421	Great Eastern Shipping Co. Ltd. (The)		142,767
	5,928	Great Offshore Ltd.(b)		59,713
	50,890	GTL Infrastructure Ltd.(b)		40,065
	6,751	GTL Ltd.		42,238
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.		51,579
	51,969	GVK Power & Infrastructure Ltd.(b)		47,200
	20,140	HCL Infosystems Ltd.		50,402
	43,014	HCL Technologies Ltd.		215,294
	259,972	Hindalco Industries Ltd.		551,932
	36,441	Hindustan Construction Co.		89,298
	94,790	IDBI Bank Ltd.		210,337

19

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

Shares			Value
INDIA (continued)
	46,270	Idea Cellular Ltd.(b)	$	76,522
	63,064	India Cements Ltd.		184,063
	34,265	India Infoline Ltd.		97,829
	52,967	Indiabulls Financial Services Ltd.		219,600
	73,027	Indiabulls Real Estate Ltd.		374,654
	17,561	Indian Bank		53,104
	88,392	Indian Hotels Co. Ltd.		125,629
	2,039	Indian Overseas Bank		3,721
	45,438	Indusind Bank Ltd.		82,111
	173,718	Infrastructure Development Finance Co. Ltd.		493,439
	21,385	IRB Infrastructure Developers Ltd.		81,102
	36,261	IVRCL Infrastructures & Projects Ltd.		253,714
	3,000	Jain Irrigation Systems Ltd.		44,240
	143,052	Jaiprakash Associates Ltd.		718,989
	9,049	Jet Airways India Ltd.(b)		48,500
	8,489	Jindal Saw Ltd.		86,218
	5,609	Jindal Steel & Power Ltd.		344,179
	5,000	Jubilant Organosys Ltd.		21,564
	20,887	Karnataka Bank Ltd.		59,372
	11,439	Kesoram Industries Ltd.		85,524
	32,439	Kotak Mahindra Bank Ltd.		445,013
	35,171	KS Oils Ltd.		39,499
	8,382	Lanco Infratech Ltd.(b)		71,426
	16,381	LIC Housing Finance		209,759
	2,490	Lupin Ltd.		49,436
	17,000	Madras Cements Ltd.		41,498
	25,733	Mahanagar Telephone Nigam		55,008
	8,700	Maharashtra Seamless Ltd.		46,267
	38,054	Mahindra & Mahindra Ltd.		675,528
	58,496	Mangalore Refinery & Petrochemicals Ltd.		103,390
	25,011	Marico Ltd.		45,641
	31,053	MAX India Ltd.(b)		134,865
	46,895	Mercator Lines Ltd.(b)		57,555
	6,404	Monnet Ispat & Energy Ltd.		36,594
	9,758	Mphasis Ltd.		96,735
	48,344	Nagarjuna Construction Co.		142,915
	82,330	Nagarjuna Fertilizers & Chemicals(b)		61,554
	16,334	Opto Circuits India Ltd.		59,238
	4,497	Oracle Financial Sevices Software Ltd.(b)		145,086
	20,009	Orchid Chemicals & Pharmaceuticals Ltd.		40,414
	22,955	Oriental Bank of Commerce		82,341
	10,000	Patni Computer Systems Ltd.		76,121
	104,278	Petronet LNG Ltd.		151,470
	5,500	Piramal Healthcare Ltd.		35,707
	54,911	PTC India Ltd.(b)		104,669
	30,493	Punj Lloyd Ltd.		157,298
	19,421	Ranbaxy Laboratories Ltd.(b)		113,428
	18,967	Reliance Capital Ltd.		352,046

Shares			Value
INDIA (continued)
	11,165	Reliance Infrastructure Ltd.	$	281,977
	71,622	Reliance Natural Resources Ltd. - L Shares(b)		125,170
	16,026	Rolta India Ltd.		52,272
	53,587	Sesa Goa Ltd.		270,058
	18,196	Shree Renuka Sugars Ltd.		63,430
	9,905	Shriram Transport Finance Co. Ltd.		63,210
	8,559	Siemens India Ltd.		94,069
	32,601	South Indian Bank Ltd.		81,316
	30,406	Spice Communications Ltd.(b)		39,315
	11,914	Sterling Biotech Ltd.		27,754
	8,719	Sun TV Network Ltd.		48,732
	113,176	Suzlon Energy Ltd.(b)		235,085
	30,834	Syndicate Bank		53,791
	13,597	Tata Chemicals Ltd.		72,394
	8,680	Tata Communications Ltd.		91,706
	70,787	Tata Motors Ltd.		622,837
	9,964	Tata Tea Ltd.		176,734
	6,496	Tech Mahindra Ltd.		114,632
	1,865	Titan Industries Ltd.		47,259
	18,322	Torrent Power Ltd.		84,063
	29,890	Triveni Engineering & Industries Ltd.		67,510
	31,625	Union Bank of India		153,772
	37,518	Unitech Ltd.		70,772
	38,099	United Phosphorus Ltd.		136,664
	5,979	United Spirits Ltd.		128,308
	18,900	Videocon Industries Ltd.		71,481
	15,809	Wockhardt Ltd.(b)		46,751
	25,054	Yes Bank Ltd.(b)		83,783
	56,905	Zee Entertainment Enterprises Ltd.(b)		221,924
				16,650,857
INDONESIA — 0.1%
	770,000	Aneka Tambang Tbk PT		170,680
	5,838,000	Bakrieland Development Tbk PT(b)		208,815
	444,039	Bank Danamon Indonesia Tbk PT		215,868
	3,011,250	Bank Pan Indonesia Tbk PT(b)		218,448
	1,142,666	Berlian Laju Tanker Tbk PT		95,558
	468,300	Bhakti Investama Tbk PT		12,032
	200,500	Bisi International PT(b)		39,191
	3,000,000	Bumi Resources Tbk PT		846,348
	1,023,500	Ciputra Development Tbk PT(b)		84,561
	479,000	Ciputra Surya Tbk PT(b)		29,922
	363,000	Citra Marga Nusaphala Persada Tbk PT		34,014
	864,000	Energi Mega Persada Tbk PT(b)		33,080
	1,307,500	Global Mediacom Tbk PT(b)		46,108
	242,000	Gudang Garam Tbk PT		343,798
	1,339,000	Holcim Indonesia Tbk PT(b)		195,622
	28,500	Indo Tambangraya Megah PT		76,096

20

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

Shares			Value
INDONESIA (continued)
	140,000	Indocement Tunggal Prakarsa Tbk PT	$	131,184
	1,221,000	Indofood Sukses Makmur Tbk PT		279,877
	365,000	Jasa Marga Tbk PT		61,783
	2,159,500	Kalbe Farma Tbk PT		285,032
	8,307,500	Kawasan Industri Jababeka Tbk PT(b)		109,651
	2,167,500	Lippo Karawaci Tbk PT(b)		155,055
	1,284,300	Matahari Putra Prima Tbk PT(b)		113,872
	382,500	Medco Energi Internasional Tbk PT		128,142
	2,072,500	Panin Life Tbk PT(b)		22,970
	168,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		116,796
	1,254,500	Ramayana Lestari Sentosa Tbk PT		69,519
	125,500	Sinar Mas Agro Resources & Technology Tbk PT		38,883
	896,000	Summarecon Agung Tbk PT		49,652
	285,000	Timah Tbk PT		60,302
	95,000	United Tractors Tbk PT		123,955
				4,396,814
IRELAND — 0.2%
	122,408	AER Lingus(b)		78,510
	140,282	C&C Group Plc		409,883
	19,916	DCC Plc		425,792
	86,470	Elan Corp. Plc(b)		686,722
	72,107	Experian Plc		595,030
	6,927	FBD Holdings Plc(e)		69,111
	4,679	FBD Holdings Plc(e)		46,683
	52,546	Glanbia Plc		187,234
	66,702	Grafton Group Plc(b)		321,336
	40,817	Greencore Group Plc(e)		62,249
	38,645	Greencore Group Plc(e)		58,936
	90,866	Independent News & Media Plc.		30,565
	6,355	Irish Continental Group Plc(b)		94,019
	55,438	Irish Life & Permanemt Plc		271,971
	126,231	Kenmare Resources Plc(b)		36,883
	21,920	Kerry Group Plc - Class A		519,249
	6,121	Kingspan Group Plc(e)		40,829
	48,177	Kingspan Group Plc(e)		335,092
	9,316	Paddy Power Plc		231,781
	79,143	Smurfit Kappa Group Plc		462,488
	48,645	United Drug Plc(e)		131,803
	23,434	United Drug Plc(e)		63,494
				5,159,660
ISRAEL — 0.1%
	21,134	Alvarion Ltd.(b)		93,214
	11,336	AudioCodes Ltd.(b)		24,291
	6,387	Azorim-Investment Development & Construction Co. Ltd.(b)		26,056
	6,797	Blue Square-Israel Ltd.		62,118
	2,918	Cellcom Israel Ltd.		82,400

Shares			Value
ISRAEL (continued)
	26,704	Clal Industries & Investments	$	127,543
	4,570	Clal Insurance(b)		87,163
	13,567	Delek Automotive Systems Ltd.		143,720
	10,104	Direct Insurance Financial Investments Ltd.(b)		18,233
	5,168	Elbit Imaging Ltd.(b)		129,864
	1,379	Elbit Systems Ltd.		91,324
	686	Electra (Israel) Ltd.		82,138
	4,847	Elron Electronic Industries Ltd.(b)		30,327
	10,720	First International Bank of Israel Ltd. - Class 5(b)		128,328
	23,426	First International Bank of Israel Ltd. - Class 1(b)		56,005
	1,541	FMS Enterprises Migun Ltd.		53,027
	14,655	Frutarom Industries Ltd.		113,746
	895	Hadera Paper Ltd.(b)		50,167
	2,297	Harel Insurance Investments & Finances Ltd.(b)		98,086
	9,063	Hot Telecommunication System(b)		84,676
	93,376	Israel Discount Bank Ltd. - Class A		153,335
	5,109	Israel Petrochemical Enterprises Ltd.(b)		13,292
	5,206	Ituran Location & Control Ltd.		52,032
	2,244	Koor Industries Ltd.		62,416
	24,962	Makhteshim-Agan Industries Ltd.		127,554
	3,796	Menorah Mivtachim Holdings Ltd.(b)		41,238
	76,254	Migdal Insurance & Financial Holding Ltd.(b)		119,178
	1,673	Mivtach Shamir Holdings Ltd.(b)		38,180
	46,233	Mizrahi Tefahot Bank Ltd.(b)		339,246
	8,883	Nice Systems Ltd.(b)		251,783
	259,876	Oil Refineries Ltd.		121,849
	15,238	Ormat Industries Ltd.		130,825
	6,842	Osem Investments Ltd.		82,630
	5,694	Partner Communications Co.		109,295
	777	Paz Oil Co. Ltd.		116,972
	7,775	RADVision Ltd.(b)		70,026
	7,800	Retalix Ltd.(b)		70,706
	6,910	Scailex Corp. Ltd.(b)		73,219
	51,102	Shikun & Binui Ltd.(b)		93,270
	30,677	Shufersal Ltd.		121,895
	3,627	Strauss Group Ltd.		43,562
	8,297	Union Bank of Israel(b)		33,210
				3,848,139
ITALY — 0.6%
	191,860	A2A SpA		349,478
	16,457	ACEA SpA		187,179
	4,493	AcegasAps SpA		29,778
	13,082	Actelios SpA		72,159
	18,355	Aedes SpA(b)		8,110

21

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

Shares			Value
ITALY (continued)
	72,564	Alleanza Assicurazioni SpA	$	545,567
	20,522	Amplifon SpA(b)		76,342
	11,153	Ansaldo STS SpA		225,886
	31,282	Arnoldo Mondadori Editore SpA(b)		132,309
	5,010	Ascopiave SpA		10,925
	11,747	Astaldi SpA		92,086
	18,427	Autogrill SpA(b)		178,726
	23,598	Azimut Holding SpA		252,256
	149,191	Banca Carige SpA		425,069
	47,864	Banca Finnat Euramerica SpA		35,952
	4,279	Banca Generali SpA		40,100
	13,083	Banca Intermobiliare SpA(b)		58,132
	25,266	Banca Popolare dell’Etruria e del Lazio		158,450
	191,268	Banca Popolare di Milano		1,157,924
	16,395	Banca Profilo SpA(b)		20,412
	17,763	Banco di Desio e della Brianza SpA		117,473
	25,567	Benetton Group SpA		217,914
	2,727	Biesse SpA(b)		17,102
	868	Bonifica Ferraresi e Imprese Agricole SpA		46,950
	6,562	Brembo SpA		44,262
	35,130	Bulgari SpA		216,680
	25,358	Buzzi Unicem SpA		379,859
	11,191	Caltagirone Editore SpA		28,248
	1,967	Caltagirone SpA		6,168
	7,938	Carraro SpA(b)		31,000
	15,854	Cementir Holding SpA		65,191
	169,030	CIR-Compagnie Industriali Riunite SpA(b)		320,420
	24,597	Credito Artigiano SpA		67,136
	3,443	Credito Bergamasco SpA		122,682
	22,337	Credito Emiliano SpA(b)		119,865
	4,901	Danieli & Co. SpA		93,744
	37,592	Davide Campari-Milano SpA		320,674
	11,715	De’Longhi SpA		35,231
	2,171	DiaSorin SpA		60,587
	1,000	Digital Multimedia Technologies SpA(b)		12,699
	8,177	ERG Renew SpA(b)		9,720
	20,638	ERG SpA		305,624
	198	ErgyCapital SpA(b)		164
	4,260	Esprinet SpA		42,958
	11,128	Eurotech SpA(b)		49,723
	3,761	Fastweb(b)		98,258
	2,543	Fiera Milano SpA		18,141
	562	Finmeccanica SpA		8,523
	33,214	Fondiaria-Sai SpA		556,241
	200,917	Gemina SpA(b)		158,074
	14,079	Geox SpA		111,069
	12,205	Gewiss SpA		47,403
	2,618	GranitiFiandre SpA		9,963
	34,089	Gruppo Editoriale L’Espresso SpA(b)		62,385

Shares			Value
ITALY (continued)
	98,759	Hera SpA	$	243,516
	26,489	Immobiliare Grande Distribuzione		45,683
	81,013	IMMSI SpA(b)		100,630
	52,361	Impregilo SpA		199,448
	14,341	Indesit Co. SpA(b)		91,572
	3,035	Industria Macchine Automatiche SpA		53,639
	43,925	Intek SpA		17,217
	16,467	Interpump Group SpA(b)		72,758
	67,845	Iride SpA		125,225
	27,848	Italcementi SpA		364,170
	1,478	Italmobiliare SpA(b)		50,242
	11,320	Juventus Football Club SpA(b)		13,295
	29,504	KME Group		21,594
	13,916	Lottomatica SpA		294,541
	1,779	Mariella Burani SpA(b)		4,767
	5,000	MARR SpA		41,405
	82,495	Mediaset SpA		498,831
	34,061	Mediolanum SpA		194,552
	98,505	Milano Assicurazioni SpA		335,552
	5,000	Panariagroup Industrie Ceramiche SpA		11,117
	635,716	Parmalat SpA		1,588,361
	4,609	Permasteelisa SpA(b)		79,553
	46,095	Piaggio & C SpA		95,658
	67,343	Piccolo Credito Valtellinese Scarl		667,085
	1,268,201	Pirelli & C SpA(b)		528,711
	91,287	Premafin Finanziaria SpA(b)		127,509
	11,421	Prysmian SpA		196,479
	521	Realty Vailog SpA(b)		1,530
	21,864	Recordati SpA		146,153
	18,894	Risanamento SpA(b)		9,237
	1,433	Sabaf SpA		28,962
	1,068	SAES Getters SpA(b)		10,397
	21,727	Saipem SpA		588,380
	56,916	Saras SpA		159,080
	3,815	SAVE SpA		25,447
	16,644	Snai SpA(b)		71,168
	11,718	Societa Cattolica di Assicurazioni SCRL(b)		389,481
	11,876	Societa Iniziative Autostradali e Servizi SpA		87,511
	41,186	Societa Partecipazioni Finanziarie SpA		7,731
	3,079	Socotherm SpA(b)		6,254
	10,367	Sogefi SpA(b)		22,932
	12,888	SOL SpA		72,558
	94,945	Sorin SpA(b)		144,933
	333,382	Telecom Italia Media SpA(b)		58,255
	151,858	Terna Rete Elettrica Nazionale SpA		535,153
	60,560	Tiscali SpA(b)		25,808
	2,530	Tod’s SpA		146,475
	4,797	Trevi Finanziaria SpA		64,235

22

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

Shares			Value
ITALY (continued)
	201,218	Unipol Gruppo Finanziario SpA(b)	$	251,806
	5,718	Vianini Lavori SpA		35,859
	7,140	Vittoria Assicurazioni SpA		41,164
				16,852,590
JAPAN — 4.8%
	145,000	77 Bank Ltd. (The)		858,124
	126	Accordia Golf Co. Ltd.		99,468
	51,000	Achilles Corp.		82,462
	40,500	ADEKA Corp.		362,948
	14,600	Aderans Holdings Co. Ltd.		204,284
	9,500	Advan Co. Ltd.		62,647
	10	Advance Residence Investment Corp.		37,939
	1,500	Aeon Delight Co. Ltd.		21,020
	2,448	Aeon Fantasy Co. Ltd.		31,872
	11,600	Ahresty Corp.		53,939
	6,400	Ai Holdings Corp.		22,184
	12,000	Aica Kogyo Co. Ltd.		115,403
	3,600	Aichi Bank Ltd. (The)		308,544
	13,200	Aichi Corp.		71,283
	20,000	Aichi Machine Industry Co. Ltd.		58,547
	51,000	Aichi Steel Corp.		191,334
	29,000	Aida Engineering Ltd.		97,152
	6,100	Aigan Co. Ltd.		37,067
	2,600	Aiphone Co. Ltd.		43,359
	17,000	Air Water, Inc.		188,460
	9,000	Airport Facilities Co. Ltd.		49,078
	11,900	Aisan Industry Co. Ltd.		103,500
	15,000	Akebono Brake Industry Co. Ltd.		95,112
	77,000	Akita Bank Ltd. (The)		286,436
	6,400	Alfresa Holdings Corp.		324,650
	91,400	Allied Telesis Holdings KK(b)		61,819
	7,300	Aloka Co. Ltd.		74,215
	4,800	Alpen Co. Ltd.		84,916
	1,900	Alpha Systems, Inc.		38,914
	19,700	Alpine Electronics, Inc.		198,405
	83,300	Alps Electric Co. Ltd.		464,807
	3,000	Alps Logistics Co. Ltd.		25,680
	121,000	Amada Co. Ltd.		769,797
	11,000	Amano Corp.		98,114
	3,000	Amuse, Inc.		31,577
	14,000	Ando Corp.		20,713
	17,000	Anest Iwata Corp.		52,639
	24,000	Anritsu Corp.		98,410
	17,200	AOC Holdings, Inc.		163,411
	2,100	AOI Electronic Co. Ltd.		28,296
	10,500	AOKI Holdings, Inc.		114,515
	37,000	Aomori Bank Ltd. (The)		147,413
	27,600	Aoyama Trading Co. Ltd.		466,684
	300,000	Aozora Bank Ltd.(b)		415,324
	7,200	Arakawa Chemical Industries Ltd.		88,797
	20,000	Araya Industrial Co. Ltd.		31,281

Shares			Value
JAPAN (continued)
	4,700	Ariake Japan Co. Ltd.	$	71,475
	16,900	Arisawa Manufacturing Co. Ltd.		136,986
	2,000	Art Corp.		33,141
	3,190	As One Corp.		57,310
	20,000	Asahi Diamond Industrial Co. Ltd.		133,157
	4,350	Asahi Holdings, Inc.(b)		81,093
	10,000	Asahi Kogyosha Co. Ltd.		40,476
	35,000	Asahi Organic Chemicals Industry Co. Ltd.		91,731
	20,000	Asahi TEC Corp.(b)		9,723
	6,900	Asatsu-DK, Inc.		154,954
	22,000	Asics Corp.		208,085
	10,000	ASKA Pharmaceutical Co. Ltd.		86,446
	12,000	Asunaro Aoki Construction Co. Ltd.		59,857
	58,000	Atsugi Co. Ltd.		78,457
	10,900	Autobacs Seven Co. Ltd.		372,069
	3,600	Avex Group Holdings, Inc.		31,691
	42,000	Awa Bank Ltd. (The)		243,678
	40,000	Bando Chemical Industries Ltd.		110,330
	900	Bank of Ikeda Ltd. (The)(b)		35,572
	5,800	Bank of Iwate Ltd. (The)		338,959
	70,000	Bank of Nagoya Ltd. (The)		306,262
	7,300	Bank of Okinawa Ltd. (The)		270,013
	54,000	Bank of Saga Ltd. (The)		180,904
	18,600	Bank of the Ryukyus Ltd.		215,239
	13,150	Belluna Co. Ltd.		54,198
	35,000	Best Denki Co. Ltd.		174,954
	4,000	Bookoff Corp.		45,696
	34,400	Brother Industries Ltd.		310,100
	18,000	Bunka Shutter Co. Ltd.		66,579
	7,500	CAC Corp.		56,433
	56,000	Calsonic Kansei Corp.		137,892
	4,500	Canon Electronics, Inc.		67,102
	9,800	Canon Finetech, Inc.		124,384
	15,600	Canon Marketing Japan, Inc.		248,611
	6,400	Capcom Co. Ltd.		129,589
	34,400	Casio Computer Co. Ltd.		282,471
	11,400	Catena Corp.		27,709
	7,900	Cawachi Ltd.		145,519
	36,050	Cedyna Financial Corp.(b)		69,338
	61,000	Central Glass Co. Ltd.		257,860
	15,450	Century Tokyo Leasing Corp.		166,378
	8,500	Chiba Kogyo Bank Ltd. (The)(b)		75,186
	7,500	Chiyoda Co. Ltd.		104,861
	23,000	Chiyoda Corp.		195,424
	6,800	Chofu Seisakusho Co. Ltd.		138,767
	20,000	Chori Co. Ltd.		22,827
	9,000	Chubu Shiryo Co. Ltd.		77,992
	13,300	Chudenko Corp.		213,503
	36,000	Chuetsu Pulp & Paper Co. Ltd.		89,786
	153,000	Chugai Mining Co. Ltd.(b)		66,293
	17,000	Chugai Ro Co. Ltd.		47,968
	8,000	Chugoku Marine Paints Ltd.		54,277

23

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

Shares			Value
JAPAN (continued)
	34,000	Chukyo Bank Ltd. (The)	$	110,309
	8,000	Chuo Denki Kogyo Co. Ltd.		64,000
	9,000	Chuo Spring Co. Ltd.		24,824
	8,400	Circle K Sunkus Co. Ltd.		132,713
	83,800	Citizen Holdings Co. Ltd.		455,199
	28,300	CKD Corp.		146,248
	48,000	Clarion Co. Ltd.(b)		47,176
	11,600	Cleanup Corp.		63,256
	16,100	CMK Corp.		164,871
	9,100	Coca-Cola Central Japan Co. Ltd.		126,655
	15,200	Coca-Cola West Holdings Co.		297,655
	2,090	Cocokara Fine Holdings, Inc.		36,466
	9,000	Colowide Co. Ltd.		56,306
	12,000	Commuture Corp.		81,543
	7,200	Computer Engineering & Consulting Ltd.		52,578
	26,000	COMSYS Holdings Corp.		301,147
	7,400	Corona Corp.		88,370
	6,600	Cosel Co. Ltd.		75,678
	116,000	Cosmo Oil Co. Ltd.		346,927
	54,300	Credit Saison Co. Ltd.		709,271
	18	Creed Corp.(b)(c)(d)		29
	21,558	CSK Holdings Corp.(b)		103,205
	10,000	Culture Convenience Club Co. Ltd.		76,724
	23,000	Dai Nippon Toryo Co. Ltd.(b)		26,251
	105,000	Daicel Chemical Industries Ltd.		669,115
	9,000	Dai-Dan Co. Ltd.		48,317
	16,000	Daido Metal Co. Ltd.		61,379
	95,000	Daido Steel Co. Ltd.		393,554
	12,300	Daidoh Ltd.		83,452
	29,100	Daiei, Inc. (The)(b)		115,324
	17,000	Daifuku Co. Ltd.		117,136
	18,000	Daihen Corp.		60,111
	9,000	Daiichi Chuo KK		23,968
	23,000	Daiichi Jitsugyo Co. Ltd.		74,378
	23,000	Daiken Corp.		39,620
	14,000	Daiki Aluminium Industry Co. Ltd.		31,366
	4,400	Daiko Clearing Services Corp.		25,528
	2,500	Daikoku Denki Co. Ltd.		33,686
	66,000	Daikyo, Inc.(b)		103,926
	5,000	Daimei Telecom Engineering Corp.		48,032
	34,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		92,343
	85,000	Dainippon Screen Manufacturing Co. Ltd.(b)		309,009
	16,000	Daio Paper Corp.		144,402
	28,000	Daisan Bank Ltd. (The)		73,384
	4,910	Daiseki Co. Ltd.		107,410
	108,000	Daishi Bank Ltd. (The)		429,147
	25,000	Daiso Co. Ltd.		64,993
	2,600	Daisyo Corp.		36,352

Shares			Value
JAPAN (continued)
	36,000	Daito Bank Ltd. (The)	$	31,197
	19,000	Daiwa Industries Ltd.		83,128
	23,000	Daiwa Seiko, Inc.		31,355
	15,000	Daiwabo Co. Ltd.		58,970
	32,760	DCM Japan Holdings Co. Ltd.		223,305
	36	Dena Co. Ltd.		110,064
	176,000	Denki Kagaku Kogyo KK		572,872
	17,000	Denki Kogyo Co. Ltd.		85,517
	10,000	Denyo Co. Ltd.		78,626
	18,000	Descente Ltd.		84,460
	106,000	DIC Corp.		148,988
	3,200	Disco Corp.		167,736
	5,800	Don Quijote Co. Ltd.		120,812
	5,350	Doshisha Co. Ltd.		83,169
	8,474	Doutor Nichires Holdings Co. Ltd.		117,405
	69,000	Dowa Holdings Co. Ltd.		315,012
	9,600	DTS Corp.		90,902
	15,300	Duskin Co. Ltd.		266,143
	17	Dwango Co. Ltd.		26,823
	4,000	Dydo Drinco, Inc.		117,094
	400	eAccess Ltd.		310,700
	8,000	Eagle Industry Co. Ltd.		33,902
	1,100	Earth Chemical Co. Ltd.		29,934
	130,000	Ebara Corp.(b)		420,396
	35,700	EDION Corp.		208,258
	57,000	Ehime Bank Ltd. (The)		148,787
	81,000	Eighteenth Bank Ltd. (The)		230,267
	8,400	Eiken Chemical Co. Ltd.		78,030
	6,000	Eizo Nanao Corp.		133,474
	39,000	Elpida Memory, Inc.(b)		445,125
	7,400	Enplas Corp.		134,745
	8,300	ESPEC Corp.		58,769
	11,700	Exedy Corp.		276,349
	12,000	Ezaki Glico Co. Ltd.		128,972
	11,900	Fancl Corp.		143,617
	22,000	FDK Corp.(b)		32,317
	8,600	Foster Electric Co. Ltd.		144,780
	2,900	FP Corp.		132,396
	60,000	France Bed Holdings Co. Ltd.		90,674
	51,100	Fudo Tetra Corp.(b)		40,502
	5,300	Fuji Co. Ltd.		100,315
	182,000	Fuji Electric Holdings Co. Ltd.		319,281
	17,000	Fuji Fire & Marine Insurance Co. Ltd. (The)(b)		20,481
	50,000	Fuji Heavy Industries Ltd.		201,849
	19,000	Fuji Kyuko Co. Ltd.		87,746
	14,900	Fuji Oil Co. Ltd.		183,130
	5,700	FUJI SOFT, Inc.		114,693
	36,000	Fujibo Holdings, Inc.		48,697
	3,600	Fujicco Co. Ltd.		41,050
	15,700	Fujikura Kasei Co. Ltd.		83,291
	111,000	Fujikura Ltd.		587,699
	13,000	Fujita Kanko, Inc.		51,931
	30,000	Fujitec Co. Ltd.		159,155
	5,400	Fujitsu Business Systems Ltd.(d)		124,236

24

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

Shares			Value
JAPAN (continued)
	3,700	Fujitsu Frontech Ltd.	$	36,443
	18,000	Fujitsu General Ltd.		58,779
	23,000	Fujiya Co. Ltd.(b)		31,112
	6,000	Fukuda Corp.(b)		10,399
	42,000	Fukui Bank Ltd. (The)		137,152
	78,000	Fukushima Bank Ltd. (The)(b)		51,931
	69,000	Fukuyama Transporting Co. Ltd.		321,575
	7,900	Funai Electric Co. Ltd.		329,775
	3,000	Furukawa Battery Co. Ltd.		27,456
	103,000	Furukawa Co. Ltd.		140,417
	21,000	Furukawa-Sky Aluminum Corp.		37,506
	5,300	Furusato Industries Ltd.		40,496
	18,000	Fuso Pharmaceutical Industries Ltd.		59,921
	16,200	Futaba Corp.		284,880
	14,900	Futaba Industrial Co. Ltd.		57,947
	7,900	Fuyo General Lease Co. Ltd.		174,489
	35,000	Gakken Co. Ltd.		65,839
	6,900	Gecoss Corp.		32,157
	60	Geo Corp.		47,366
	10,000	Glory Ltd.		206,077
	6,600	GMO internet, Inc.		27,830
	60,000	Godo Steel Ltd.		166,129
	3,730	Goldcrest Co. Ltd.		89,283
	33,000	Goldwin, Inc.(b)		76,724
	101	Green Hospital Supply, Inc.		57,745
	610	Gulliver International Co. Ltd.		35,843
	22,000	Gun-Ei Chemical Industry Co. Ltd.		50,684
	62,000	Gunma Bank Ltd. (The)		360,370
	80,000	Gunze Ltd.		344,095
	2,900	H.I.S. Co. Ltd.		59,456
	46,000	H2O Retailing Corp.		267,857
	6,040	Hakuhodo Dy Holdings, Inc.		331,921
	7,200	Hakuto Co. Ltd.		62,546
	8,700	Hamamatsu Photonics KK		171,288
	92,000	Hanwa Co. Ltd.		374,320
	2,000	Happinet Corp.		25,025
	2,500	Harashin Narus Holdings Co. Ltd.		26,446
	114,500	Haseko Corp.(b)		108,904
	30,000	Hazama Corp.		35,826
	9,000	Heiwa Corp.		97,395
	71,000	Heiwa Real Estate Co. Ltd.		248,359
	11,800	Heiwado Co. Ltd.		156,128
	10,000	Hibiya Engineering Ltd.		82,748
	59,000	Higashi-Nippon Bank Ltd. (The)		127,820
	79,000	Higo Bank Ltd. (The)		483,392
	3,700	Hikari Tsushin, Inc.		80,354
	108,000	Hino Motors Ltd.		360,666
	28,000	Hiroshima Bank Ltd. (The)		116,587
	4,000	Hisaka Works Ltd.		43,160
	75,000	Hitachi Cable Ltd.		248,877
	15,100	Hitachi Chemical Co. Ltd.		308,782

Shares			Value
JAPAN (continued)
	12,100	Hitachi High-Technologies Corp.	$	237,077
	5,700	Hitachi Information Systems Ltd.		172,882
	11,500	Hitachi Koki Co. Ltd.		105,976
	24,000	Hitachi Kokusai Electric, Inc.		176,782
	23,200	Hitachi Maxell Ltd.		422,197
	8,000	Hitachi Medical Corp.		76,597
	24,000	Hitachi Metals Ltd.		235,878
	31,000	Hitachi Plant Technologies Ltd.		198,203
	13,200	Hitachi Software Engineering Co. Ltd.		366,880
	4,000	Hitachi Systems & Services Ltd.		90,251
	4,500	Hitachi Tool Engineering Ltd.		40,851
	13,000	Hitachi Transport System Ltd.		164,999
	94,500	Hitachi Zosen Corp.(b)		121,839
	12,000	Hodogaya Chemical Co. Ltd.		29,421
	1,800	Hogy Medical Co. Ltd.		92,639
	6,000	Hokkaido Coca-Cola Bottling Co. Ltd.		31,768
	10,000	Hokkaido Gas Co. Ltd.		26,631
	12,000	Hokkan Holdings Ltd.		31,070
	115,000	Hokkoku Bank Ltd. (The)		426,579
	69,000	Hokuetsu Bank Ltd. (The)		141,464
	44,000	Hokuetsu Paper Mills Ltd.		221,337
	12,000	Hokuriku Electric Industry Co. Ltd.		26,885
	4,400	Hokuto Corp.		89,837
	6,400	Horiba Ltd.		151,165
	15,700	Hosiden Corp.		203,913
	14,000	Hosokawa Micron Corp.		61,104
	12,900	House Foods Corp.		181,997
	41,000	Howa Machinery Ltd.(b)		27,297
	92,000	Hyakugo Bank Ltd. (The)		454,045
	82,000	Hyakujushi Bank Ltd. (The)		388,227
	6,200	IBJ Leasing Co. Ltd.		80,919
	1,000	Ichikoh Industries Ltd.		1,680
	10,000	Ichiyoshi Securities Co. Ltd.		76,724
	3,800	Icom, Inc.		81,723
	5,000	Idec Corp.		38,520
	4,700	Idemitsu Kosan Co. Ltd.		392,888
	8,000	Ihara Chemical Industry Co. Ltd.		30,943
	344,000	IHI Corp.(b)		581,664
	13,000	Iino Kaiun Kaisha Ltd.		69,242
	6,600	Imasen Electric Industrial		82,583
	3,100	Inaba Denki Sangyo Co. Ltd.		70,764
	4,400	Inaba Seisakusho Co. Ltd.		44,453
	26,500	Inabata & Co. Ltd.		121,823
	8,000	Inageya Co. Ltd.		78,457
	14,100	Ines Corp.		120,101
	3,000	Information Services International-Dentsu Ltd.		18,357
	4,000	Inui Steamship Co. Ltd.		29,802
	1,451	Invoice, Inc.(b)		26,682
	4,000	Ise Chemical Corp.		23,588

25

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

Shares			Value
JAPAN (continued)
	41,000	Iseki & Co. Ltd.(b)	$	189,781
	104,000	Ishihara Sangyo Kaisha Ltd.(b)		114,304
	2,000	Ishii Hyoki Co. Ltd.		30,964
	421,000	Isuzu Motors Ltd.		751,905
	11,610	IT Holdings Corp.		234,347
	8,100	Ito En Ltd.		127,460
	18,000	Itochu Enex Co. Ltd.		110,711
	5,500	Itochu Techno-Science Corp.		165,654
	2,300	Itochu-Shokuhin Co. Ltd.		82,642
	52,000	Itoham Foods, Inc.		169,807
	15,300	Itoki Corp.		41,716
	35,000	Iwasaki Electric Co. Ltd.(b)		78,785
	40,000	IWATANI Corp.		117,094
	27,000	Iwatsu Electric Co. Ltd.(b)		30,246
	5,600	Izumi Co. Ltd.		76,699
	35,000	Izumiya Co. Ltd.		201,215
	46,000	Izutsuya Co. Ltd.(b)		25,279
	179,000	J. Front Retailing Co. Ltd.		995,022
	2,200	Jalux, Inc.		31,968
	4,000	Jamco Corp.		23,672
	91,000	Janome Sewing Machine Co. Ltd.(b)		71,165
	8,800	Japan Airport Terminal Co. Ltd.		102,857
	17,000	Japan Aviation Electronics Industry Ltd.		112,106
	3,300	Japan Cash Machine Co. Ltd.		31,317
	9,200	Japan Digital Laboratory Co. Ltd.		114,240
	10	Japan Hotel and Resort, Inc.		16,275
	1,800	Japan Petroleum Exploration Co.		88,835
	41,000	Japan Pulp & Paper Co. Ltd.		138,219
	21,000	Japan Radio Co. Ltd.		50,378
	14	Japan Rental Housing Investments, Inc.		16,127
	27,000	Japan Transcity Corp.		80,180
	8,000	Japan Vilene Co. Ltd.		43,033
	27,000	Japan Wool Textile Co. Ltd. (The)		204,301
	5,000	Jastec Co. Ltd.		26,209
	5,000	JBCC Holdings, Inc.		36,301
	15,000	Jeol Ltd.		58,336
	33,000	JFE Shoji Holdings, Inc.		130,431
	16,000	JMS Co. Ltd.		60,872
	14,000	Joban Kosan Co. Ltd.		22,637
	29,000	J-Oil Mills, Inc.		96,845
	18,000	Joshin Denki Co. Ltd.		149,707
	12,800	JSP Corp.		98,342
	64,000	JTEKT Corp.		724,375
	56,000	Juki Corp.		68,650
	112,000	Juroku Bank Ltd. (The)		402,431
	135,000	JVC KENWOOD Holdings, Inc.(b)		85,601
	40	kabu.com Securities Co. Ltd.		46,288
	2,000	Kabuki-Za Co. Ltd.		83,065

Shares			Value
JAPAN (continued)
	4,600	Kadokawa Group Holdings, Inc.	$	111,081
	10,800	Kaga Electronics Co. Ltd.		131,255
	30,000	Kagawa Bank Ltd. (The)		129,353
	10,700	Kagome Co. Ltd.		188,614
	70,000	Kagoshima Bank Ltd. (The)		551,863
	34	Kakaku.com, Inc.		136,898
	19,000	Kaken Pharmaceutical Co. Ltd.		165,855
	5,000	Kameda Seika Co. Ltd.		80,317
	7,000	Kamei Corp.		43,276
	78,000	Kamigumi Co. Ltd.		650,378
	6,000	Kanaden Corp.		32,782
	14,000	Kanagawa Chuo Kotsu Co. Ltd.		76,639
	9,000	Kanamoto Co. Ltd.		46,605
	24,000	Kandenko Co. Ltd.		159,281
	87,000	Kaneka Corp.		604,978
	120,000	Kanematsu Corp.(b)		115,403
	3,900	Kanematsu Electronics Ltd.		37,671
	39,000	Kansai Paint Co. Ltd.		300,872
	14,600	Kanto Auto Works Ltd.		131,458
	10,000	Kanto Denka Kogyo Co. Ltd.		56,011
	15,000	Kanto Natural Gas Development Ltd.		86,077
	27,900	Kanto Tsukuba Bank Ltd. (The)(b)		93,172
	15,000	Kasumi Co. Ltd.		70,383
	9,000	Katakura Industries Co. Ltd.		93,210
	5,000	Kato Sangyo Co. Ltd.		80,370
	28,000	Kato Works Co. Ltd.		68,650
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		40,581
	8,000	Kawasaki Kinkai Kisen Kaisha		22,658
	29,000	Kawashima Selkon Textiles Co. Ltd.(b)		26,970
	72,000	Kayaba Industry Co. Ltd.		165,876
	1,000	Keihan Electric Railway Co. Ltd.		4,354
	12,000	Keihin Co. Ltd. (The)(b)		15,091
	15,000	Keihin Corp.		226,843
	39,000	Keisei Electric Railway Co. Ltd.		243,583
	88,000	Keiyo Bank Ltd. (The)		491,033
	7,900	Keiyo Co. Ltd.		38,905
	242	Kenedix, Inc.(b)		93,603
	2,000	Kentucky Fried Chicken Japan Ltd.		35,720
	2,900	KEY Coffee, Inc.		48,515
	25,700	Kikkoman Corp.		300,659
	1,200	Kimura Chemical Plants Co. Ltd.		10,272
	40,000	Kinden Corp.		336,486
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		30,647
	4,000	Kinki Sharyo Co. Ltd.		31,366
	2,900	Kintetsu World Express, Inc.		70,795
	7,000	Kishu Paper Co. Ltd.(b)		6,732
	2,600	Kisoji Co. Ltd.		54,157
	7,000	Kissei Pharmaceutical Co. Ltd.		163,857

26

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

Shares			Value
JAPAN (continued)
	41,000	Kitagawa Iron Works Co. Ltd.	$	51,128
	3,100	Kita-Nippon Bank Ltd. (The)		85,015
	33,000	Kitz Corp.		132,523
	126,000	Kiyo Holdings, Inc.		154,462
	16,000	Koa Corp.		144,063
	9,000	Koatsu Gas Kogyo Co. Ltd.		49,649
	4,100	Kobayashi Pharmaceutical Co. Ltd.		158,151
	13,200	Kohnan Shoji Co. Ltd.		129,036
	13,000	Koike Sanso Kogyo Co. Ltd.		37,231
	25,000	Koito Manufacturing Co. Ltd.		367,239
	11,500	Kojima Co. Ltd.		58,092
	38,100	Kokuyo Co. Ltd.		325,737
	5,000	Komai Tekko, Inc.		11,096
	8,000	Komatsu Seiren Co. Ltd.		29,675
	2,600	Komatsu Wall Industry Co. Ltd.		32,615
	4,200	Komeri Co. Ltd.		115,847
	28,400	Komori Corp.		308,836
	3,410	Konaka Co. Ltd.		10,991
	4,900	Konami Co. Ltd.		104,343
	3,900	Konishi Co. Ltd.		30,994
	5,100	Kose Corp.		104,129
	26,000	Krosaki Harima Corp.		51,107
	3,000	KRS Corp.		29,104
	8,440	K’s Holdings Corp.		250,636
	20,000	Kumagai Gumi Co. Ltd.(b)		16,486
	23,000	Kumiai Chemical Industry Co. Ltd.		100,872
	87,000	Kurabo Industries Ltd.		180,206
	39,000	KUREHA Corp.		225,860
	17,000	Kurimoto Ltd.(b)		17,966
	13,000	Kuroda Electric Co. Ltd.		178,188
	39,000	Kyodo Printing Co. Ltd.		131,065
	19,000	Kyodo Shiryo Co. Ltd.		26,906
	3,400	Kyoei Steel Ltd.		84,798
	17,200	Kyokuto Kaihatsu Kogyo Co. Ltd.		70,890
	18,000	Kyokuyo Co. Ltd.		36,523
	8,000	Kyorin Co. Ltd.		123,519
	2,400	Kyoritsu Maintenance Co. Ltd.		39,516
	22,000	Kyosan Electric Manufacturing Co. Ltd.		98,346
	16,000	Kyowa Exeo Corp.		156,576
	14,000	Kyudenko Corp.		85,960
	19	LaSalle Japan REIT, Inc.		26,003
	33,200	Leopalace21 Corp.		284,546
	8,500	Life Corp.		142,378
	11,600	Lintec Corp.		226,667
	29,000	Lion Corp.		139,445
	4,300	Mabuchi Motor Co. Ltd.		215,852
	4,500	Macnica, Inc.		75,662
	63,000	Maeda Corp.		199,070
	22,000	Maeda Road Construction Co. Ltd.		192,507
	6,200	Maezawa Kasei Industries Co. Ltd.		68,143

Shares			Value
JAPAN (continued)
	2,600	Maezawa Kyuso Industries Co. Ltd.	$	41,957
	54,000	Makino Milling Machine Co. Ltd.		178,050
	3,300	Mandom Corp.		92,069
	2,900	Mars Engineering Corp.		90,256
	13,800	Marubun Corp.		95,816
	59,000	Marudai Food Co. Ltd.		149,643
	27,000	Maruetsu, Inc. (The)		130,114
	69,910	Maruha Nichiro Holdings, Inc.		104,911
	115,500	Marui Group Co. Ltd.		828,793
	5,500	Maruichi Steel Tube Ltd.		105,902
	14,000	Marusan Securities Co. Ltd.		96,761
	3,400	Maruwa Co. Ltd.		63,347
	24,000	Maruyama Manufacturing Co., Inc.		51,995
	17,000	Maruzen Co. Ltd.(b)		15,810
	32,000	Maruzen Showa Unyu Co. Ltd.		101,453
	6,300	Maspro Denkoh Corp.		56,259
	2,200	Matsuda Sangyo Co. Ltd.		33,968
	16,600	Matsui Securities Co. Ltd.		158,413
	8,000	Matsuya Co. Ltd.		84,629
	2,800	Matsuya Foods Co. Ltd.		38,113
	8,000	Max Co. Ltd.		86,573
	2,000	Maxvalu Tokai Co. Ltd.		25,152
	305,000	Mazda Motor Corp.		799,366
	2,800	MEC Co. Ltd.		18,109
	3,500	Megachips Corp.		81,744
	41,000	Meidensha Corp.		245,675
	1,300	MEIJI Holdings Co. Ltd.(b)		52,481
	4,900	Meitec Corp.		89,378
	5,000	Meito Sangyo Co. Ltd.		67,952
	10,000	Meiwa Estate Co. Ltd.(b)		60,555
	3,000	Melco Holdings, Inc.		44,639
	31,000	Mercian Corp.		71,419
	51,000	Michinoku Bank Ltd. (The)		115,339
	13,600	Mikuni Coca-Cola Bottling Co. Ltd.		111,962
	1,680	Milbon Co. Ltd.		36,396
	5,500	Mimasu Semiconductor Industry Co. Ltd.		80,037
	75,000	Minato Bank Ltd. (The)(b)		107,001
	35,000	Minebea Co. Ltd.		142,404
	2,200	Ministop Co. Ltd.		36,037
	7,200	Miraca Holdings, Inc.		179,952
	4,000	Misawa Homes Co. Ltd.(b)		15,007
	7,600	MISUMI Group, Inc.		124,572
	13,000	Mito Securities Co. Ltd.		39,704
	19,000	Mitsuba Corp.(b)		68,470
	33,000	Mitsubishi Cable Industries Ltd.(b)		32,433
	101,000	Mitsubishi Gas Chemical Co. Inc.		622,277
	16,000	Mitsubishi Kakoki Kaisha Ltd.		42,948
	20,000	Mitsubishi Logistics Corp.		248,137
	69,000	Mitsubishi Paper Mills Ltd.		97,712

27

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

Shares			Value
JAPAN (continued)
	6,000	Mitsubishi Pencil Co. Ltd.	$	71,081
	156,000	Mitsubishi Rayon Co. Ltd.		426,991
	47,000	Mitsubishi Steel Manufacturing Co. Ltd.		104,306
	23,000	Mitsuboshi Belting Co. Ltd.		100,386
	211,000	Mitsui Chemicals, Inc.		773,760
	102,000	Mitsui Engineering & Shipbuilding Co. Ltd.		258,705
	9,400	Mitsui High-Tec, Inc.(b)		121,890
	15,000	Mitsui Home Co. Ltd.		84,967
	510	Mitsui Knowledge Industry Co. Ltd.		99,170
	18,000	Mitsui Matsushima Co. Ltd.		24,159
	230,000	Mitsui Mining & Smelting Co. Ltd.(b)		634,399
	21,000	Mitsui Sugar Co. Ltd.		69,464
	25,000	Mitsui-Soko Co. Ltd.		99,868
	21,100	Mitsumi Electric Co. Ltd.		520,671
	6,000	Mitsumura Printing Co. Ltd.		21,369
	14,000	Mitsuuroko Co. Ltd.		85,369
	6,100	Miura Co. Ltd.		147,302
	27,000	Miyazaki Bank Ltd. (The)		106,145
	34,000	Miyoshi Oil & Fat Co. Ltd.		51,022
	38,000	Mizuho Investors Securities Co. Ltd.(b)		46,584
	137,000	Mizuho Securities Co. Ltd.		500,946
	30,000	Mizuno Corp.		135,376
	14,000	Mochida Pharmaceutical Co. Ltd.		134,045
	4,700	Modec, Inc.		81,111
	167	Monex Group, Inc.		75,889
	30,100	Mori Seiki Co. Ltd.		341,319
	43,000	Morinaga & Co. Ltd.		90,431
	56,000	Morinaga Milk Industry Co. Ltd.		232,581
	8,000	Morita Holdings Corp.		33,141
	12,000	Mory Industries, Inc.		26,885
	8,000	MOS Food Services, Inc.		131,044
	4,200	Moshi Moshi Hotline, Inc.		80,338
	7,000	Mr Max Corp.		37,506
	10,900	Musashino Bank Ltd. (The)		383,588
	26,000	Mutoh Holdings Co. Ltd.(b)		43,139
	6,400	Mutow Co. Ltd.		27,731
	11,000	Nabtesco Corp.		124,967
	57,000	Nachi-Fujikoshi Corp.		117,464
	30,000	Nagano Bank Ltd. (The)		70,383
	50,000	Nagase & Co. Ltd.		565,918
	7,000	Nagatanien Co. Ltd.		64,877
	18,000	Nagoya Railroad Co. Ltd.		59,731
	14,000	Nakabayashi Co. Ltd.		32,550
	9,000	Nakamuraya Co. Ltd.		44,322
	40,000	Nakayama Steel Works Ltd.		85,812
	29,000	Namco Bandai Holdings, Inc.		326,087
	46,000	Nankai Electric Railway Co. Ltd.		202,230
	44,000	Nanto Bank Ltd. (The)		255,281
	8,900	NEC Capital Solutions Ltd.		124,812

Shares			Value
JAPAN (continued)
	17,600	NEC Electronics Corp.(b)	$	180,975
	3,900	NEC Fielding Ltd.		55,888
	4,200	NEC Mobiling Ltd.		85,842
	8,200	NEC Networks & System Integration Corp.		105,723
	12,000	NEC Tokin Corp.(b)(d)		29,929
	43	NET One Systems Co. Ltd.		75,934
	13,600	Neturen Co. Ltd.		93,709
	5,000	New Japan Radio Co. Ltd.		14,373
	45,000	NGK Spark Plug Co. Ltd.		496,486
	61,000	NHK Spring Co. Ltd.		441,585
	41,000	Nice Holdings, Inc.		82,758
	9,000	Nichia Steel Works Ltd.		31,768
	31,000	Nichias Corp.		100,576
	27,100	Nichicon Corp.		410,975
	11,000	Nichiha Corp.		84,513
	8,000	Nichii Gakkan Co.		86,911
	58,000	Nichirei Corp.		221,273
	9,000	Nichireki Co. Ltd.		34,621
	3,100	Nidec Copal Corp.		33,514
	9,000	Nidec Sankyo Corp.		57,638
	2,800	Nidec Tosok Corp.		21,424
	13,600	Nifco, Inc.		248,645
	4,400	Nihon Dempa Kogyo Co. Ltd.		107,413
	2,200	Nihon Eslead Corp.		22,320
	8,000	Nihon Kohden Corp.		111,683
	10,000	Nihon Nohyaku Co. Ltd.		92,470
	11,000	Nihon Parkerizing Co. Ltd.		125,781
	12,600	Nihon Unisys Ltd.		110,387
	46,000	Nihon Yamamura Glass Co. Ltd.		126,880
	8,000	Nikkiso Co. Ltd.		62,985
	24,000	Nippo Corp.		190,732
	50,000	Nippon Beet Sugar Manufacturing Co. Ltd.		124,703
	21,000	Nippon Carbon Co. Ltd.		66,357
	6,200	Nippon Ceramic Co. Ltd.		80,133
	39,000	Nippon Chemical Industrial Co. Ltd.		105,099
	42,000	Nippon Chemi-Con Corp.		150,911
	7,000	Nippon Chemiphar Co. Ltd.		25,300
	30,000	Nippon Coke & Engineering Co. Ltd.		36,143
	13,000	Nippon Denko Co. Ltd.		85,590
	8,000	Nippon Densetsu Kogyo Co. Ltd.		85,305
	10,000	Nippon Denwa Shisetsu Co. Ltd.		30,013
	6,300	Nippon Fine Chemical Co. Ltd.		40,613
	33,000	Nippon Flour Mills Co. Ltd.		159,028
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.(b)		31,598
	8,000	Nippon Gas Co. Ltd.		120,222
	3,400	Nippon Kanzai Co. Ltd.		51,705
	15,000	Nippon Kasei Chemical Co. Ltd.		26,631
	40,000	Nippon Kayaku Co. Ltd.		331,836

28

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

Shares			Value
JAPAN (continued)
	44,000	Nippon Kinzoku Co. Ltd.	$	74,864
	31,000	Nippon Koei Co. Ltd.		106,145
	27,000	Nippon Konpo Unyu Soko Co. Ltd.		323,857
	26,000	Nippon Koshuha Steel Co. Ltd.		27,477
	233,000	Nippon Light Metal Co. Ltd.(b)		228,999
	64,000	Nippon Metal Industry Co. Ltd.		134,594
	56,000	Nippon Paint Co. Ltd.		290,579
	247	Nippon Parking Development Co. Ltd.		14,331
	8,000	Nippon Pillar Packing Co. Ltd.		28,830
	46,000	Nippon Piston Ring Co. Ltd.(b)		50,557
	37,000	Nippon Road Co. Ltd. (The)		92,280
	10,000	Nippon Seiki Co. Ltd.		123,118
	2,000	Nippon Sharyo Ltd.		12,555
	236,000	Nippon Sheet Glass Co. Ltd.		705,818
	13,000	Nippon Shinyaku Co. Ltd.		170,769
	39,000	Nippon Shokubai Co. Ltd.		319,831
	14,000	Nippon Signal Co. Ltd. (The)		130,198
	52,000	Nippon Soda Co. Ltd.		256,085
	20,000	Nippon Steel Trading Co. Ltd.		34,874
	63,700	Nippon Suisan Kaisha Ltd.		175,028
	26,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		128,042
	32,000	Nippon Thompson Co. Ltd.		154,209
	11,000	Nippon Valqua Industries Ltd.		22,668
	50,500	Nippon Yakin Kogyo Co. Ltd.		260,439
	12,000	Nipro Corp.		247,546
	79,000	Nishimatsu Construction Co. Ltd.		108,534
	11,400	Nishimatsuya Chain Co. Ltd.		116,620
	258,000	Nishi-Nippon City Bank Ltd. (The)		654,373
	40,000	Nishi-Nippon Railroad Co. Ltd.		150,066
	18,000	Nissan Chemical Industries Ltd.		242,346
	34,000	Nissan Shatai Co. Ltd.		313,321
	28,000	Nissay Dowa General Insurance Co. Ltd.		131,382
	6,800	Nissei Corp.		48,076
	7,900	Nissen Holdings Co. Ltd.		25,213
	3,400	Nissha Printing Co. Ltd.		185,765
	1,300	Nisshin Fudosan Co. Ltd.		5,276
	42,000	Nisshin Oillio Group Ltd. (The)		223,704
	261,000	Nisshin Steel Co. Ltd.		499,244
	34,000	Nisshinbo Holdings, Inc.		435,128
	39,000	Nissin Corp.		98,505
	17,000	Nissin Electric Co. Ltd.		91,266
	13,900	Nissin Kogyo Co. Ltd.		196,253
	8,900	Nitta Corp.		134,217
	19,000	Nittetsu Mining Co. Ltd.		82,927
	85,000	Nitto Boseki Co. Ltd.		150,911
	13,000	Nitto Kogyo Corp.		118,563
	4,400	Nitto Kohki Co. Ltd.		91,418
	6,000	Nitto Seiko Co. Ltd.		16,169
	60,000	NOF Corp.		268,217
	4,000	Nohmi Bosai Ltd.		34,156

Shares			Value
JAPAN (continued)
	39,500	NOK Corp.	$	484,645
	23,000	Nomura Co. Ltd.		65,627
	9	Nomura Real Estate Residential Fund, Inc. REIT		39,567
	58,000	Noritake Co. Ltd.		194,304
	9,600	Noritsu Koki Co. Ltd.		83,800
	9,000	Noritz Corp.		100,819
	3,700	NS Solutions Corp.		65,925
	10,600	NSD Co. Ltd.		111,461
	115,000	NSK Ltd.		623,461
	141,000	NTN Corp.		570,705
	960	Obic Co. Ltd.		163,847
	15,000	Oenon Holdings, Inc.		31,863
	51,000	Ogaki Kyoritsu Bank Ltd. (The)		225,289
	3,600	Ohara, Inc.		50,790
	4,838	Oiles Corp.		76,437
	47,000	Oita Bank Ltd. (The)		235,931
	17,800	Okabe Co. Ltd.		69,037
	13,000	Okamoto Industries, Inc.		47,398
	24,000	Okamura Corp.		149,897
	48,000	Okasan Securities Group, Inc.		245,517
	135,000	Oki Electric Industry Co. Ltd.(b)		144,095
	2,860	Okinawa Electric Power Co., Inc. (The)		150,821
	32,000	OKK Corp.		30,098
	55,000	OKUMA Corp.		248,190
	56,000	Okumura Corp.		233,765
	17,000	Okura Industrial Co. Ltd.(b)		43,836
	9,000	Okuwa Co. Ltd.		101,390
	3,700	Olympic Corp.		23,696
	7,000	ONO Sokki Co. Ltd.		28,925
	7,000	Onoken Co. Ltd.		73,088
	59,000	Onward Holdings Co. Ltd.		419,625
	10,000	Organo Corp.		73,131
	15,000	Origin Electric Co. Ltd.		46,288
	7,100	Osaka Steel Co. Ltd.		122,529
	1,300	OSAKA Titanium Technologies Co.		45,062
	6,000	Osaki Electric Co. Ltd.		65,881
	10,600	OSG Corp.		97,346
	2,100	Otsuka Corp.		109,633
	7,100	Oyo Corp.		70,981
	86	Pacific Golf Group International Holdings KK		48,987
	19,000	Pacific Industrial Co. Ltd.		86,140
	9,000	Pacific Metals Co. Ltd.		71,810
	1,900	Pack Corp. (The)		29,476
	17,000	PanaHome Corp.		99,530
	7,700	Paramount Bed Co. Ltd.		121,328
	16,300	Parco Co. Ltd.		142,114
	4,600	Paris Miki Holdings, Inc.		45,064
	13,000	Park24 Co. Ltd.		108,808
	27	Pasona Group, Inc.		18,319
	109,000	Penta-Ocean Construction Co. Ltd.(b)		148,597

29

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

Shares			Value
JAPAN (continued)
	2,900	Pigeon Corp.	$	104,507
	19	Pilot Corp.		22,770
	2,400	Piolax, Inc.		41,291
	45,500	Pioneer Corp.(b)		133,194
	57,000	Press Kogyo Co. Ltd.		99,995
	38,000	Prima Meat Packers Ltd.		42,970
	3,300	Pronexus, Inc.		25,493
	17,000	PS Mitsubishi Construction Co. Ltd.(b)		70,605
	17,400	QP Corp.		181,677
	27,500	Raito Kogyo Co. Ltd.		72,946
	31,000	Rasa Industries Ltd.(b)		39,313
	30,000	Rengo Co. Ltd.		188,322
	28,300	Renown, Inc.(b)		63,105
	10,000	Resort Solution Co. Ltd.		16,275
	6,192	Resorttrust, Inc.		69,756
	30,000	Rhythm Watch Co. Ltd.(b)		44,703
	5,400	Ricoh Leasing Co. Ltd.		107,401
	5,000	Right On Co. Ltd.		49,934
	31,000	Riken Corp.		97,627
	4,500	Riken Keiki Co. Ltd.		31,149
	9,000	Riken Technos Corp.		19,593
	2,600	Riken Vitamin Co. Ltd.		73,775
	3,700	Ringer Hut Co. Ltd.(b)		47,196
	5,200	Rinnai Corp.		226,959
	73	Risa Partners, Inc.		64,572
	2,400	Rock Field Co. Ltd.		30,081
	18,000	Rohto Pharmaceutical Co. Ltd.		191,746
	9,300	Roland Corp.		109,978
	2,200	Roland DG Corp.		31,596
	13,400	Round One Corp.		124,335
	6,000	Royal Holdings Co. Ltd.		65,247
	61,000	Ryobi Ltd.		157,939
	23,000	Ryoden Trading Co. Ltd.		135,387
	3,400	Ryohin Keikaku Co. Ltd.		141,210
	11,900	Ryosan Co. Ltd.		305,596
	3,300	Ryoshoku Ltd.		75,678
	10,100	Ryoyo Electro Corp.		86,457
	5,000	S Foods, Inc.		43,857
	119,000	S Science Co. Ltd.(b)		2,515
	4,000	Sagami Chain Co. Ltd.(b)		35,635
	39,000	Sagami Railway Co. Ltd.		164,037
	65,000	Saibu Gas Co. Ltd.		173,791
	5,000	Saizeriya Co. Ltd.		79,260
	44,000	Sakai Chemical Industry Co. Ltd.		184,602
	25,000	Sakata INX Corp.		97,754
	9,300	Sakata Seed Corp.		138,579
	24,000	San-Ai Oil Co. Ltd.		112,613
	41,000	Sanden Corp.(b)		115,255
	7,500	Sanei-International Co. Ltd.		82,114
	70,000	San-In Godo Bank Ltd. (The)		659,868
	9,000	Sankei Building Co. Ltd. (The)		59,445
	55,000	Sanken Electric Co. Ltd.		217,384
	23,000	Sanki Engineering Co. Ltd.		180,597
	10,000	Sankyo Seiko Co. Ltd.		24,095

Shares			Value
JAPAN (continued)
	114,000	Sankyo-Tateyama Holdings, Inc.(b)	$	102,404
	34,000	Sankyu, Inc.		128,993
	20,600	Sanoh Industrial Co. Ltd.		124,743
	9,400	Sanrio Co. Ltd.		79,770
	14,200	Sanshin Electronics Co. Ltd.		126,055
	2,800	Santen Pharmaceutical Co. Ltd.		87,440
	67,000	Sanwa Holdings Corp.		242,864
	25,000	Sanyo Chemical Industries Ltd.		141,083
	9,000	Sanyo Denki Co. Ltd.		36,238
	40,000	Sanyo Shokai Ltd.		132,734
	33,000	Sanyo Special Steel Co. Ltd.		134,267
	141,500	Sapporo Hokuyo Holdings, Inc.(b)		477,025
	35,000	Sapporo Holdings Ltd.		211,572
	18,000	Sasebo Heavy Industries Co. Ltd.		36,523
	8,200	Sato Corp.		71,233
	4,600	Sato Shoji Corp.		24,452
	3,000	Satori Electric Co. Ltd.		18,737
	11,000	SAXA Holdings, Inc.(b)		24,412
	5,554	SBI Holdings, Inc.		1,122,832
	1,600	Secom Joshinetsu Co. Ltd.		31,535
	2,500	Secom Techno Service Co. Ltd.		70,013
	28,600	Sega Sammy Holdings, Inc.		377,203
	13,000	Seika Corp.		30,362
	5,600	Seikagaku Corp.		64,093
	36,000	Seiko Holdings Corp.		92,830
	67,000	Seino Holdings Corp.		524,671
	23,000	Seiren Co. Ltd.		127,852
	13,000	Sekisui Jushi Corp.		105,374
	29,000	Sekisui Plastics Co. Ltd.		110,024
	29,000	Senko Co. Ltd.		106,959
	13,400	Senshukai Co. Ltd.		89,640
	5,000	Shibaura Mechatronics Corp.		19,974
	13,000	Shibusawa Warehouse Co. Ltd. (The)		49,596
	5,100	Shibuya Kogyo Co. Ltd.		41,770
	83,000	Shiga Bank Ltd. (The)		512,254
	61,000	Shikibo Ltd.		110,235
	40,000	Shikoku Bank Ltd. (The)		144,993
	15,000	Shikoku Chemicals Corp.		76,565
	9,400	Shikoku Coca-Cola Bottling Co. Ltd.		92,485
	3,600	Shima Seiki Manufacturing Ltd.		90,737
	19,300	Shimachu Co. Ltd.		409,966
	32,000	Shimadzu Corp.		248,222
	3,000	Shimizu Bank Ltd. (The)		117,622
	7,200	Shin Nippon Air Technologies Co. Ltd.		52,350
	31,000	Shinagawa Refractories Co. Ltd.		78,299
	29,000	Shindengen Electric Manufacturing Co. Ltd.		67,731
	21,100	Shin-Etsu Polymer Co. Ltd.		134,460
	8,200	Shinkawa Ltd.		125,481

30

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

Shares			Value
JAPAN (continued)
	9,000	Shin-Keisei Electric Railway Co. Ltd.	$	32,909
	12,000	Shinko Electric Industries Co. Ltd.		189,337
	5,000	Shinko Plantech Co. Ltd.		41,057
	8,000	Shinko Shoji Co. Ltd.		72,454
	8,000	Shin-Kobe Electric Machinery Co. Ltd.		83,445
	41,000	Shinmaywa Industries Ltd.		149,918
	16,000	Shinsho Corp.		26,547
	27,000	Shinwa Kaiun Kaisha Ltd.		78,753
	15,000	Shiroki Corp.		28,851
	10,000	Shizuoka Gas Co. Ltd.		65,205
	4,900	SHO-BOND Holdings Co. Ltd.		92,692
	18,000	Shochiku Co. Ltd.		149,326
	5,000	Showa Aircraft Industry Co. Ltd.		37,517
	15,100	Showa Corp.		85,374
	359,000	Showa Denko KK		667,731
	32,000	Showa Sangyo Co. Ltd.		97,395
	11,600	Siix Corp.		58,843
	11,000	Sinanen Co. Ltd.		55,102
	22,000	Sinfonia Technology Co. Ltd.		54,637
	22,300	Sintokogio Ltd.		156,247
	231	SKY Perfect JSAT Holdings, Inc.		86,663
	32,000	SMK Corp.		180,925
	33,000	Snow Brand Milk Products Co. Ltd.		108,808
	8,000	Sodick Co. Ltd.		20,206
	1,200	Sogo Medical Co. Ltd.		26,631
	19,500	Sohgo Security Services Co. Ltd.		220,296
	534,500	Sojitz Corp.		1,118,425
	14	So-Net Entertainment Corp.		28,777
	9,400	Sorun Corp.		52,849
	3,100	Square Enix Holdings Co. Ltd.		68,962
	2,500	SRA Holdings, Inc.		21,797
	35	SRI Sports Ltd.		27,112
	16,000	SSP Co. Ltd.		82,515
	5,000	ST Corp.		52,840
	1,000	St. Marc Holdings Co. Ltd.		32,127
	21,900	Stanley Electric Co. Ltd.		454,548
	11,000	Star Micronics Co. Ltd.		111,947
	13,000	Starzen Co. Ltd.		30,225
	2,000	Stella Chemifa Corp.		73,554
	4,200	Sugi Holdings Co. Ltd.		89,437
	2,900	Sugimoto & Co. Ltd.		27,766
	8,100	Sumida Corp.		53,073
	37,000	Sumikin Bussan Corp.		89,152
	12,000	Suminoe Textile Co. Ltd.		19,276
	5,600	Sumiseki Holdings, Inc.(b)		6,096
	8,800	Sumisho Computer Systems Corp.		148,519
	76,000	Sumitomo Bakelite Co. Ltd.		428,090
	12,300	Sumitomo Densetsu Co. Ltd.		63,434
	48,700	Sumitomo Forestry Co. Ltd.		387,541

Shares			Value
JAPAN (continued)
	150,000	Sumitomo Heavy Industries Ltd.	$	724,439
	97,000	Sumitomo Light Metal Industries Ltd.(b)		95,334
	37,800	Sumitomo Mitsui Construction Co. Ltd.(b)		38,749
	116,000	Sumitomo Osaka Cement Co. Ltd.		220,660
	12,300	Sumitomo Pipe & Tube Co. Ltd.		67,853
	7,000	Sumitomo Precision Products Co. Ltd.		26,853
	1,370	Sumitomo Real Estate Sales Co. Ltd.		61,098
	32,500	Sumitomo Rubber Industries, Inc.		282,325
	13,000	Sumitomo Seika Chemicals Co. Ltd.		53,580
	56,000	Sumitomo Warehouse Co. Ltd. (The)		237,316
	4,400	Sundrug Co. Ltd.		98,346
	10,500	Sunx Ltd.		34,954
	25,000	Suruga Bank Ltd.		265,786
	12,700	Suzuken Co. Ltd.		383,181
	102,000	SWCC Showa Holdings Co. Ltd.(b)		119,651
	4,100	Sysmex Corp.		157,284
	6,800	T. Hasegawa Co. Ltd.		96,511
	13,000	T. RAD Co. Ltd.		30,087
	5,000	Tachibana Eletech Co. Ltd.		43,487
	9,800	Tachi-S Co. Ltd.		89,274
	38,000	Tadano Ltd.		182,320
	8,000	Taihei Dengyo Kaisha Ltd.		78,880
	22,000	Taihei Kogyo Co. Ltd.		65,099
	291,000	Taiheiyo Cement Corp.		439,768
	9,900	Taiho Kogyo Co. Ltd.		71,772
	9,400	Taikisha Ltd.		103,412
	250,000	Taisei Corp.		568,032
	23,000	Taisei Rotec Corp.		35,731
	45,000	Taiyo Yuden Co. Ltd.		615,852
	7,000	Takagi Securities Co. Ltd.		15,091
	6,600	Takamatsu Construction Group Co. Ltd.		105,321
	6,500	Takano Co. Ltd.		42,246
	23,000	Takara Holdings, Inc.		153,374
	3,800	Takara Printing Co. Ltd.		33,251
	31,000	Takara Standard Co. Ltd.		184,116
	16,000	Takasago International Corp.		86,066
	21,000	Takasago Thermal Engineering Co. Ltd.		185,754
	91,000	Takashimaya Co. Ltd.		750,119
	10,600	Takata Corp.		186,067
	11,000	Takiron Co. Ltd.		34,758
	31,000	Takuma Co. Ltd.(b)		75,022
	37,000	Tamura Corp.		146,240
	14,000	Tatsuta Electric Wire and Cable Co. Ltd.		34,769

31

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

Shares			Value
JAPAN (continued)
	13,000	TCM Corp.(b)	$	18,547
	27,000	Teac Corp.(b)		14,838
	11,170	Tecmo Koei Holdings Co. Ltd.(b)		85,937
	294,000	Teijin Ltd.		932,100
	800	Teikoku Electric Manufacturing Co. Ltd.		18,388
	9,800	Teikoku Piston Ring Co. Ltd.		45,569
	8,000	Teikoku Tsushin Kogyo Co. Ltd.		21,812
	72,000	Tekken Corp.(b)		70,003
	8,300	Tenma Corp.		99,907
	26	T-GAIA Corp.		39,237
	21,400	THK Co. Ltd.		351,446
	5,600	TKC Corp.		108,005
	78,000	Toa Corp.		102,214
	18,000	Toa Road Corp.		32,719
	82,000	Toagosei Co. Ltd.		248,708
	13,000	Tobu Store Co. Ltd.		42,314
	31,400	TOC Co. Ltd.		129,084
	3,000	Tocalo Co. Ltd.		54,563
	41,000	Tochigi Bank Ltd. (The)		197,580
	96,000	Toda Corp.		366,246
	15,000	Toda Kogyo Corp.		57,543
	26,000	Toei Co. Ltd.		136,560
	16,000	Toenec Corp.		92,830
	62,000	Toho Bank Ltd. (The)		280,433
	9,000	Toho Real Estate Co. Ltd.		46,034
	2,100	Toho Titanium Co. Ltd.		34,110
	37,000	Toho Zinc Co. Ltd.		154,452
	13,000	Tohoku Bank Ltd. (The)		21,295
	49,000	Tokai Carbon Co. Ltd.		262,542
	13,000	Tokai Corp.		58,663
	16,800	Tokai Rika Co. Ltd.		335,556
	16,500	Tokai Rubber Industries, Inc.		210,119
	83,000	Tokai Tokyo Financial Holdings		304,370
	39,000	Toko, Inc.(b)		69,242
	27,000	Tokushima Bank Ltd. (The)		141,527
	31,840	Tokushu Tokai Holdings Co. Ltd.		85,131
	67,000	Tokuyama Corp.		506,970
	12,000	Tokyo Dome Corp.		38,045
	15	Tokyo Electron Device Ltd.		19,530
	16,000	Tokyo Energy & Systems, Inc.		130,367
	26,000	Tokyo Keiki, Inc.		34,621
	14,000	Tokyo Kikai Seisakusho Ltd.		26,927
	18,800	Tokyo Ohka Kogyo Co. Ltd.		402,325
	11,000	Tokyo Rakutenchi Co. Ltd.		44,407
	21,000	Tokyo Rope Manufacturing Co. Ltd.		65,913
	11,900	Tokyo Seimitsu Co. Ltd.		164,997
	39,400	Tokyo Steel Manufacturing Co. Ltd.		437,199
	30,000	Tokyo Style Co. Ltd.		241,585
	88,000	Tokyo Tatemono Co. Ltd.		431,514

Shares			Value
JAPAN (continued)
	12,000	Tokyo Tekko Co. Ltd.	$	39,059
	12,000	Tokyo Tomin Bank Ltd. (The)		224,465
	34,000	Tokyotokeiba Co. Ltd.		54,975
	2,300	Tokyu Community Corp.		50,922
	10,980	Tokyu Construction Co. Ltd.(b)		32,954
	64,000	Tokyu Land Corp.		258,367
	3,900	Tokyu Livable, Inc.		38,742
	12,000	Toli Corp.		26,631
	18,000	Tomato Bank Ltd.		43,561
	3,500	Tomen Electronics Corp.		41,131
	14,800	Tomoe Corp.		36,912
	15,000	Tomoku Co. Ltd.		33,131
	8,436	Tomy Co. Ltd.		74,977
	17,000	Tonami Holdings Co. Ltd.		47,429
	22,100	Topcon Corp.		118,178
	9,500	Toppan Forms Co. Ltd.		119,672
	14,800	Topre Corp.		126,690
	75,000	Topy Industries Ltd.		176,750
	6,500	Tori Holdings Co. Ltd.(b)		3,641
	6,300	Torii Pharmaceutical Co. Ltd.		113,783
	5,000	Torishima Pump Manufacturing Co. Ltd.		72,074
	43,000	Toshiba Machine Co. Ltd.		157,686
	17,000	Toshiba Plant Systems & Services Corp.		205,168
	58,000	Toshiba TEC Corp.		248,856
	23,000	Tosho Printing Co. Ltd.		57,849
	147,000	Tosoh Corp.		430,320
	16,000	Totetsu Kogyo Co. Ltd.		101,284
	38,000	TOTO Ltd.		260,629
	17,000	Tottori Bank Ltd. (The)		46,711
	4,500	Touei Housing Corp.(b)		27,059
	84,000	Towa Bank Ltd. (The)(b)		55,038
	2,000	Towa Pharmaceutical Co. Ltd.		100,819
	36,000	Toyo Construction Co. Ltd.		20,544
	7,200	Toyo Corp.		70,155
	7,000	Toyo Electric Manufacturing Co. Ltd.		59,625
	13,000	Toyo Engineering Corp.		40,666
	87,000	Toyo Ink Manufacturing Co. Ltd.		285,020
	19,000	Toyo Kanetsu K K		37,548
	26,000	Toyo Kohan Co. Ltd.		100,840
	38,000	Toyo Securities Co. Ltd.(b)		98,388
	4,000	Toyo Suisan Kaisha Ltd.		99,974
	700	Toyo Tanso Co. Ltd.		37,136
	60,000	Toyo Tire & Rubber Co. Ltd.(b)		131,255
	20,000	Toyo Wharf & Warehouse Co. Ltd.		33,184
	133,000	Toyobo Co. Ltd.		250,188
	16,900	Toyoda Gosei Co. Ltd.		523,297
	10,700	Toyota Auto Body Co. Ltd.		201,505
	10,200	Toyota Boshoku Corp.		199,634
	12,600	Transcosmos, Inc.(b)		159,789
	8,100	Trusco Nakayama Corp.		128,830
	53,000	Tsubakimoto Chain Co.		183,155

32

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

Shares			Value
JAPAN (continued)
	34,000	Tsugami Corp.	$	72,941
	15,000	Tsukishima Kikai Co. Ltd.		88,930
	8,900	Tsumura & Co.		287,810
	3,100	Tsuruha Holdings, Inc.		98,283
	5,000	Tsurumi Manufacturing Co. Ltd.		34,399
	4,000	Tsutsumi Jewelry Co. Ltd.		80,571
	31	TV Asahi Corp.		47,634
	149,000	Ube Industries Ltd.		431,450
	15,000	Ube Material Industries Ltd.		38,362
	32,000	Uchida Yoko Co. Ltd.		111,937
	6,900	Ulvac, Inc.		186,309
	1,300	Unicharm Petcare Corp.		41,215
	34,000	Uniden Corp.(b)		98,452
	3,300	Unimat Life Corp.		31,178
	2,500	Union Tool Co.		69,353
	94,000	Unitika Ltd.(b)		84,439
	79,000	UNY Co. Ltd.		644,523
	18,100	U-Shin Ltd.		95,449
	15,000	Ushio, Inc.		282,959
	3,150	USS Co. Ltd.		197,073
	15,700	Valor Co. Ltd.		130,080
	2,800	Vital KSK Holdings, Inc.(b)		15,328
	18,000	Wacoal Holdings Corp.		231,503
	5,100	Warabeya Nichiyo Co. Ltd.		61,443
	5,500	WATAMI Co. Ltd.		108,634
	22,000	Wood One Co. Ltd.		63,239
	5,100	Xebio Co. Ltd.		110,758
	6,300	Yachiyo Bank Ltd. (The)		183,424
	4,000	Yahagi Construction Co.		26,124
	1,700	YAMABIKO Corp.		21,738
	38,000	Yamagata Bank Ltd. (The)		205,612
	18,000	Yamaguchi Financial Group, Inc.		246,341
	65,500	Yamaha Corp.		870,103
	50,000	Yamanashi Chuo Bank Ltd. (The)		257,860
	9,300	Yamatake Corp.		204,428
	29,000	Yamatane Corp.		43,519
	6,600	Yamato Kogyo Co. Ltd.		205,760
	9,000	Yamazaki Baking Co. Ltd.		113,088
	18,200	Yamazen Corp.		77,128
	2,500	Yaoko Co. Ltd.		78,336
	26,000	Yaskawa Electric Corp.		184,919
	5,000	Yasuda Warehouse Co. Ltd. (The)		35,350
	11,400	Yellow Hat Ltd.		90,357
	55,000	Yodogawa Steel Works Ltd.		263,302
	3,000	Yokogawa Bridge Holdings Corp.		24,412
	75,500	Yokogawa Electric Corp.		592,032
	19,000	Yokohama Reito Co. Ltd.		119,472
	58,000	Yokohama Rubber Co. Ltd. (The)		308,312
	3,700	Yokowo Co. Ltd.		19,629
	5,000	Yomeishu Seizo Co. Ltd.		47,028
	14,000	Yomiuri Land Co. Ltd.		45,569

Shares			Value
JAPAN (continued)
	7,000	Yondenko Corp.	$	34,029
	4,500	Yonekyu Corp.		43,038
	3,500	Yonex Co. Ltd.		25,818
	8,300	Yorozu Corp.		96,398
	6,000	Yoshimoto Kogyo Co. Ltd.		73,363
	52	Yoshinoya Holdings Co. Ltd.		62,098
	72,000	Yuasa Trading Co. Ltd.		82,938
	3,600	Yukiguni Maitake Co. Ltd.		14,077
	22,000	Yuraku Real Estate Co. Ltd.		51,847
	20,000	Yurtec Corp.		117,305
	2,640	Yushin Precision Equipment Co. Ltd.		43,049
	3,000	Yushiro Chemical Industry Co. Ltd.		43,593
	6,400	Zenrin Co. Ltd.		92,728
	14,300	Zensho Co. Ltd.		85,384
	72,000	Zeon Corp.		300,555
	5,000	ZERIA Pharmaceutical Co. Ltd.		52,153
	8,300	Zuken, Inc.		68,593
				147,828,890
LIECHTENSTEIN — 0.0%
	1,292	Verwalt & Privat-Bank AG		166,842
LUXEMBOURG — 0.0%
	48,800	Acergy SA		520,368
	2,150	Elcoteq SE(b)		2,758
	5,544	Oriflame Cosmetics SA		275,049
	220,632	Regus Plc		257,067
				1,055,242
MALAYSIA — 0.2%
	61,000	Aeon Co. (Malaysia) Berhad		77,928
	226,400	Affin Holdings Berhad		115,691
	96,700	AirAsia Berhad(b)		41,178
	148,600	Alliance Financial Group Berhad		104,199
	45,800	Amway (Malaysia) Holdings Berhad		94,916
	58,400	ANN JOO Resources Berhad		39,293
	85,200	Bandar Raya Developements Berhad		36,523
	22,000	Batu Kawan Berhad		56,210
	436,600	Berjaya Corp. Berhad		115,270
	66,100	Boustead Holdings Berhad		74,310
	75,100	Carlsberg Brewery-Malaysia Berhad		98,925
	34,000	Chemical Co. of Malaysia Berhad		24,420
	369,300	DRB-Hicom Berhad		116,373
	166,900	Eastern & Oriental Berhad(b)		52,593
	79,400	EON Capital Berhad		108,647
	18,500	Fraser & Neave Holdings Berhad		49,631
	248,600	Gamuda Berhad		237,132
	48,100	Genting Plantations Berhad		77,151
	76,900	Guinness Anchor Berhad		135,353

33

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

Shares			Value
MALAYSIA (continued)
	102,700	GuocoLand Malaysia Berhad	$	29,447
	60,800	HAP Seng Consolidated Berhad		44,359
	110,500	Hap Seng Plantations Holdings Berhad		69,955
	54,100	Hong Leong Financial Group Berhad		78,328
	51,500	Hong Leong Industries Berhad		53,218
	30,500	Hume Industries-Malaysia Berhad		26,149
	213,100	IGB Corp. Berhad		107,684
	277,100	IJM Corp. Berhad		475,928
	34,000	IJM Land Berhad(b)		15,444
	97,200	IJM Plantations Berhad		79,471
	32,800	JT International Berhad(b)		43,019
	54,900	KFC Holdings Malaysia Berhad		113,774
	159,300	KLCC Property Holdings Berhad		142,906
	538,200	KNM Group Berhad		133,691
	58,700	Kulim Malaysia Berhad		120,816
	18,200	Lafarge Malayan Cement Berhad		31,001
	157,800	Landmarks Berhad(b)		63,165
	97,400	Lingkaran Trans Kota Holdings Berhad		69,404
	322,800	Lion Corp. Berhad(b)		44,445
	112,000	Lion Industries Corp. Berhad		49,919
	50,000	Malaysia Airports Holdings Berhad		50,248
	50,100	Malaysian Airline System Berhad(b)		44,091
	64,800	Malaysian Bulk Carriers Berhad		58,867
	247,500	Malaysian Resources Corp. Berhad(b)		99,070
	10,000	MEASAT Global Berhad(b)		5,990
	112,000	Media Prima Berhad		48,965
	279,900	MMC Corp. Berhad		193,089
	46,000	MNRB Holdings Berhad		42,572
	106,100	Muhibbah Engineering M Berhad		45,181
	450,000	Mulpha International Berhad(b)		69,624
	29,100	Naim Cendera Holdings Berhad		18,175
	58,700	NCB Holdings Berhad		47,327
	70,500	Oriental Holdings Berhad		104,074
	199,300	OSK Holdings Berhad		81,474
	58,300	Padiberas Nasional Berhad		31,777
	48,600	Parkson Holdings Berhad		74,504
	17,000	Pelikan International Corp. Berhad(b)		7,191
	106,300	POS Malaysia Berhad		70,615
	86,870	Puncak Niaga Holdings Berhad		78,917
	143,700	Ranhill Berhad		39,979
	49,000	Sarawak Energy Berhad		29,908
	260,900	Scomi Group Berhad		49,995
	75,100	Shangri-La Hotels (Malaysia) Berhad		36,671
	28,400	Shell Refining Co. Federation of Malaya Berhad		84,656

Shares			Value
MALAYSIA (continued)
	90,800	SP Setia Berhad	$	114,451
	91,200	Star Publications Malaysia Berhad		81,815
	41,790	Subur Tiasa Holdings Berhad		26,812
	62,400	Sunrise Berhad(b)		33,304
	104,800	Sunway City Berhad		90,445
	153,500	Sunway Holdings Berhad		60,572
	51,600	Ta Ann Holdings Berhad		70,021
	325,600	TA Enterprise Berhad		100,753
	210,800	TAN Chong Motor Holdings Berhad		110,711
	170,200	Time dotCom Berhad(b)		19,569
	140,000	Titan Chemicals Corp.(b)		42,129
	60,480	Top Glove Corp. Berhad		118,470
	275,400	Tradewinds Corp. Berhad(b)		55,510
	99,300	Uchi Technologies Berhad		38,057
	80,250	UEM Land Holdings Berhad(b)		39,185
	38,700	United Plantations Berhad		139,529
	105,000	Wah Seong Corp. Berhad		60,809
	141,900	WTK Holdings Berhad		51,966
	78,300	YNH Property Berhad		40,234
	95,600	Zelan Berhad		26,326
				6,181,494
MEXICO — 0.2%
	107,100	Alfa SAB de CV - Series A		406,784
	22,000	Alsea SAB de CV(b)		12,875
	82,600	Axtel SAB de CV - CPO Shares(b)		44,649
	27,400	Banco Compartamos SA de CV		90,649
	154,500	Carso Infraestructura y Construccion SAB de CV(b)		76,846
	10,500	Cia Minera Autlan SAB de CV - Series B		20,763
	386,400	Consorcio ARA SAB de CV(b)		197,456
	158,600	Corp. GEO SAB de CV - Series B(b)		338,596
	107,708	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		48,272
	27,800	Corp. Moctezuma SAB de CV		58,698
	18,500	Desarrolladora Homex SAB de CV(b)		108,361
	241,200	Embotelladoras Arca SAB de CV		596,198
	179,850	Empresas ICA Sociedad Controladora SAB de CV(b)		330,726
	90,117	Gruma SAB de CV - Series B(b)		131,672
	33,800	Grupo Aeroportuario del Centro Norte SAB de CV		45,676
	88,000	Grupo Aeroportuario del Pacifico SAB de CV - Series B		245,233
	163,500	Grupo Aeroportuario del Sureste SAB de CV - Series B		727,822
	120,492	Grupo Cementos de Chihuahua SAB de CV		273,750

34

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

Shares			Value
MEXICO (continued)
	109,000	Grupo Continental SAB de CV	$	222,803
	250,100	Grupo Financiero Banorte SAB de CV - Series O		619,712
	57,500	Grupo Industrial Maseca SAB de CV - Series B(c)		31,342
	32,600	Grupo Industrial Saltillo SAB de CV(b)(c)		7,725
	22,817	Grupo Iusacell SA de CV(b)		76,005
	4,500	Grupo Mexicano de Desarrollo SAB de CV(b)		1,857
	45,400	Grupo Simec SAB de CV - Series B(b)		107,580
	101,300	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)		82,058
	138,400	Industrias CH SAB de CV - Series B(b)		487,213
	5,700	Industrias Penoles SAB de CV		90,620
	116,500	Mexichem SAB de CV		154,963
	95,600	Organizacion Soriana SAB de CV - Series B(b)		238,910
	13,100	Promotora y Operadora de Infraestructura SAB de CV(b)		23,306
	25,500	Qualitas Compania de Seguros SA de CV		9,846
	784,800	TV Azteca SA de CV		333,313
	106,000	Urbi Desarrollos Urbanos SAB de CV(b)		183,287
				6,425,566
MONACO — 0.0%
	560	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		37,354
NETHERLANDS — 0.4%
	21,296	Aalberts Industries NV		197,902
	1,723	Accell Group		76,375
	8,272	Arcadis NV		156,100
	16,551	ASM International NV(b)		278,952
	2,250	Beter BED Holding NV		32,550
	4,451	Brunel International		101,504
	16,683	Crucell NV(b)		414,216
	3,083	Crucell NV - ADR(b)		76,366
	3,048	Draka Holding(b)		49,177
	3,556	Exact Holding NV		93,612
	9,788	Fugro NV - CVA		439,240
	903	Gamma Holding NV(b)		5,148
	2,624	Grontmij - CVA		65,150
	4,045	Heijmans NV - CVA(b)		6,163
	16,275	Imtech NV		345,862
	2,814	Innoconcepts(b)		11,174
	69,382	James Hardie Industries NV(b)		301,164
	1,128	KAS Bank NV - CVA		17,685
	419	Kendrion NV		5,375
	45,232	Koninklijke BAM Groep NV		395,839
	12,932	Koninklijke Boskalis Westminster NV - CVA		323,388

Shares			Value
NETHERLANDS (continued)
	74,944	Koninklijke DSM NV	$	2,678,975
	6,156	Koninklijke Vopak NV(b)		369,039
	2,980	Macintosh Retail Group NV		43,323
	13,584	Mediq NV		179,827
	6,925	Nutreco Holding NV		297,536
	6,925	Nutreco Holding NV Coupon(d)		0
	18,340	OCE NV		90,418
	23,562	Ordina NV(b)		107,129
	31,667	Qiagen NV(b)		600,744
	44,158	Randstad Holding NV(b)		1,529,396
	31,103	SBM Offshore NV		594,921
	6,716	Sligro Food Group NV		177,757
	5,103	Smit International NV		356,390
	27,677	SNS Reaal		158,975
	9,011	Super De Boer(b)		36,347
	9,199	Telegraaf Media Groep NV		151,435
	9,005	Ten Cate NV		170,574
	6,398	TKH Group NV		93,014
	20,915	TNT NV		496,784
	20,915	TNT NV- Coupon, Expires 8/6/09(d)		0
	27,942	TomTom NV(b)		307,055
	6,421	Unit 4 Agresso NV(b)		115,313
	28,285	USG People NV(b)		376,940
	23,244	Van der Moolen Holding NV(b)		37,039
	6,766	Wavin NV		12,430
	32,456	Wolters Kluwer NV		638,379
				13,012,682
NEW ZEALAND — 0.1%
	124,893	Air New Zealand Ltd.		90,968
	955	Allied Medical Ltd.(b)(c)(d)		0
	293,121	Auckland International Airport Ltd.		329,954
	177,546	Fisher & Paykel Appliances Holdings Ltd.		102,279
	75,034	Fisher & Paykel Healthcare Corp. Ltd.		161,472
	146,486	Fletcher Building Ltd.		696,430
	17,741	Freightways Ltd.		36,534
	72,534	Infratil Ltd.		86,451
	14,506	Mainfreight Ltd.		43,703
	97,408	New Zealand Oil & Gas Ltd.		104,488
	31,497	New Zealand Refining Co. Ltd. (The)		148,076
	37,028	Nuplex Industries Ltd.		46,584
	35,209	PGG Wrightson Ltd.		21,682
	36,901	Port of Tauranga Ltd.		154,912
	76,230	Ryman Healthcare Ltd.		88,333
	15,128	Sanford Ltd.		53,090
	65,087	Sky City Entertainment Group Ltd.		141,791
	71,497	Sky Network Television Ltd.		204,517
	16,969	Steel & Tube Holdings Ltd.		35,394
	44,405	Tower Ltd.		51,161

35

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

Shares			Value
NEW ZEALAND (continued)
	13,055	TrustPower Ltd.	$	67,426
	49,480	Vector Ltd.		65,854
	34,146	Warehouse Group Ltd. (The)		90,213
				2,821,312
NORWAY — 0.3%
	31,000	Acta Holding ASA(b)		13,150
	70,000	Aker Solutions ASA		600,706
	7,600	Aktiv Kapital ASA(b)		47,117
	34,500	Atea ASA		171,671
	23,800	Austevoll Seafood ASA(b)		111,051
	19,520	Blom ASA(b)		49,043
	4,500	Bonheur ASA		115,263
	97,500	BW Offshore Ltd.(b)		114,211
	3,200	Camillo Eitzen & Co. ASA(b)		5,122
	26,200	Cermaq ASA(b)		185,938
	5,000	Copeinca ASA(b)		23,248
	136,848	DNO International ASA(b)		167,447
	5,000	DOF ASA(b)		28,959
	25,800	EDB Business Partner ASA(b)		75,765
	19,000	Eitzen Chemical ASA(b)		9,454
	5,500	Ekornes ASA		78,066
	4,800	Electromagnetic Geoservices AS(b)		3,211
	3,400	Farstad Shipping ASA		66,841
	5,300	Fred Olsen Energy ASA		192,789
	6,500	Ganger Rolf ASA		155,887
	12,320	Kongsberg Gruppen ASA		148,738
	1,127,000	Marine Harvest(b)		707,886
	83,634	Norse Energy Corp. ASA(b)		43,663
	288,200	Norsk Hydro ASA(b)		1,692,680
	51,200	Norske Skogindustrier ASA(b)		81,192
	4,652	Norwegian Air Shuttle AS(b)		44,779
	3,050	Odfjell ASA - Class A		23,785
	8,600	ODIM ASA		54,439
	72,800	Petroleum Geo-Services ASA(b)		510,833
	21,000	Pronova BioPharma A/S(b)		65,438
	48,951	Renewable Energy Corp. A/S(b)		388,688
	5,000	Rieber & Son ASA		34,261
	18,600	Schibsted ASA(b)		211,810
	94,274	Sevan Marine ASA(b)		123,044
	3,800	Solstad Offshore ASA		61,376
	9,593	Songa Offshore SE(b)		34,588
	10,056	SpareBank 1 SMN		65,624
	110,200	Storebrand ASA(b)		597,794
	17,000	Tandberg ASA		360,527
	42,000	TGS Nopec Geophysical Co. ASA(b)		476,088
	24,200	Tomra Systems ASA		91,992
	15,000	Veidekke ASA		88,099
	3,250	Wilh Wilhelmsen ASA - Class A		58,325
				8,180,588
PERU — 0.0%
	23,658	Hochschild Mining Plc		98,601

Shares			Value
PHILIPPINES — 0.1%
	1,120,000	Aboitiz Equity Ventures, Inc.	$	160,732
	90,000	Aboitiz Power Corp.		10,483
	908,000	Ayala Land, Inc.		171,855
	179,600	Banco de Oro Unibank, Inc.		130,740
	5,289	China Banking Corp.		37,951
	61,000	DMCI Holdings, Inc.		9,389
	1,414,000	Energy Development Corp.		132,342
	80,000	Filinvest Development Corp.		3,760
	2,159,375	Filinvest Land, Inc.		44,014
	88,100	First Philippine Holdings Corp.(b)		72,378
	155,000	Jollibee Foods Corp.		162,802
	127,000	Manila Water Co., Inc.		42,263
	3,091,696	Megaworld Corp.		88,738
	190,500	Metropolitan Bank & Trust		154,524
	66,200	Philippine National Bank(b)		32,012
	7,400	Philippine Stock Exchange, Inc.		44,249
	100,000	Rizal Commercial Banking Corp.		34,838
	321,900	Robinsons Land Corp.		60,925
	26,700	Security Bank Corp.		23,601
	323,815	Universal Robina Corp.		59,941
	1,823,000	Vista Land & Lifescapes, Inc.(b)		94,790
				1,572,327
POLAND — 0.1%
	16,598	Agora SA(b)		105,554
	14,296	Alchemia SA(b)		33,663
	7,270	Apator SA		47,733
	17,720	Asseco Poland SA		364,871
	1,272	Bank BPH SA(b)		22,584
	47,167	Bank Millennium SA(b)		66,315
	4,954	Bank Zachodni WBK SA(b)		219,682
	38,229	Barlinek SA(b)		54,143
	998,357	Bioton SA(b)		102,957
	2,016	BRE Bank SA(b)		133,751
	6,112	Budimex SA		147,807
	30,594	Cersanit-Krasnystaw SA(b)		130,935
	3,727	Ciech SA(b)		42,842
	1,000	Dom Development SA		12,375
	155,994	Echo Investment SA(b)		193,582
	526	Elektrobudowa SA		29,292
	32,056	Eurocash SA		135,539
	21,032	Fabryka Kotlow Rafako SA		75,118
	6,186	Farmacol SA(b)		78,892
	4,055	Firma Oponiarska Debica SA(b)		87,817
	78,846	Getin Holdings SA(b)		197,586
	4,706	Grupa Kety SA(b)		137,829
	28,521	Grupa Lotos SA(b)		227,262
	45,450	Impexmetal SA		28,123
	4,255	Koelner SA(b)		18,137
	350	LPP SA(b)		174,456
	5,176	Mondi Swiecie SA(b)		82,025
	8,958	Mostostal Zabrze SA(b)		18,445
	1,856	Mostostal-Warszawa SA(b)		42,747

36

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

Shares			Value
POLAND (continued)
	37,549	Multimedia Polska SA(b)	$	98,098
	90,939	Netia SA(b)		128,169
	3,805	NG2 SA(b)		58,859
	31,220	Noble Bank SA		46,040
	12,374	Orbis SA(b)		185,033
	1,308	PBG SA(b)		101,617
	16,684	Pfleiderer Grajewo SA(b)		59,531
	132,505	Polimex Mostostal SA(b)		177,642
	3,298	Polska Grupa Farmaceutyczna SA(b)		41,947
	10,688	Przedsiebiorstwo Eksportu I Importu Kopex SA(b)		72,746
	6,488	Sygnity SA(b)		39,632
	363,944	Synthos SA(b)		148,878
	27,465	TVN SA		127,457
	7,830	Vistula Group SA(b)		6,944
	136	Zaklad Przetworstwa Hutniczego Stalprodukt SA(b)		23,726
	1,517	Zaklady Azotowe Pulawy SA		43,022
	2,268	Zaklady Tluszczowe Kruszwica		41,827
				4,413,230
PORTUGAL — 0.2%
	8,360	Altri SGPS SA(b)		28,359
	102,504	Banco BPI SA		277,587
	847,776	Banco Comercial Portugues SA		907,455
	150,877	Banco Espirito Santo SA		942,108
	46,990	BANIF SGPS SA		79,700
	55,072	Brisa Auto-Estradas de Portugal SA		456,049
	46,853	Cimpor Cimentos de Portugal SGPS SA		356,601
	7,786	Corticeira Amorim SA(b)		7,990
	27,456	Finibanco Holding SGPS SA(b)		61,047
	19,166	Global Intelligent Technologies SGPS SA(b)		22,127
	8,032	Impresa SGPS(b)		11,791
	38,320	Jeronimo Martins SGPS SA		268,717
	19,947	Mota Engil SGPS SA		85,007
	105,109	Portucel Empresa Produtora de Pasta e Papel SA		257,525
	1,736	Portugal Telecom SGPS SA		17,587
	27,910	REN - Redes Energeticas Nacionais SA		114,089
	19,000	SAG GEST-Solucoes Automovel Globais SGPS SA		27,351
	13,909	Semapa - Sociedade de Investimento e Gestao		127,471
	235,754	Sonae		247,646
	42,221	Sonae Industria SGPS SA(b)		128,719
	26,370	SONAECOM - SGPS SA(b)		69,156
	62,799	Teixeira Duarte - Engenharia Construcoes SA - Class C(b)		83,689

Shares			Value
PORTUGAL (continued)
	27,441	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	$	156,016
				4,733,787
PUERTO RICO — 0.0%
	2,800	First Bancorp Puerto Rico		8,680
	600	Triple-S Management Corp. - Class B(b)		10,254
				18,934
SINGAPORE — 0.3%
	366,000	Allgreen Properties Ltd.		305,180
	123,000	Ascendas India Trust		72,647
	111,000	ASL Marine Holdings Ltd.		72,115
	7,400	Bonvests Holdings Ltd.		4,653
	30,000	Bukit Sembawang Estates Ltd.		80,464
	11,000	Cerebos Pacific Ltd.		24,077
	147,010	Chartered Semiconductor Manufacturing Ltd.(b)		228,817
	177,000	Chuan Hup Holdings Ltd.		32,592
	306,000	ComfortDelgro Corp. Ltd.		329,570
	130,000	Cosco Corp. Singapore Ltd.		118,334
	15,550	Creative Technology Ltd.(b)		48,622
	34,000	CSE Global Ltd.		15,947
	112,000	Ezra Holdings Ltd.(b)		119,849
	372,000	Fraser and Neave Ltd.		1,072,717
	70,000	Goodpack Ltd.		49,613
	38,000	Guocoland Ltd.		55,713
	99,000	Hi-P International Ltd.		48,153
	102,000	Ho Bee Investment Ltd.		77,254
	201,000	Hong Fok Corp. Ltd.(b)		77,514
	63,000	Hong Leong Asia Ltd.		72,668
	104,600	Hotel Properties Ltd.		134,461
	56,000	Hwa Hong Corp. Ltd.		16,732
	49,000	Hyflux Ltd.		89,886
	94,000	Indofood Agri Resources Ltd.(b)		99,934
	73,000	Jaya Holdings Ltd.		25,109
	92,950	Jurong Technologies Industrial Corp. Ltd.(c)(d)		1,615
	257,000	K1 Ventures Ltd.		28,572
	186,000	Keppel Land Ltd.		343,786
	25,000	Keppel Telecommunications & Transportation Ltd.		26,404
	86,400	Kim Eng Holdings Ltd.		120,671
	80,000	KS Energy Services Ltd.		72,265
	85,000	Metro Holdings Ltd.		38,981
	87,000	Midas Holdings Ltd.		52,291
	66,000	MobileOne Ltd.		77,045
	353,500	Neptune Orient Lines Ltd.		407,748
	32,000	NSL Ltd.		29,795
	175,000	Olam International Ltd.		308,863
	29,000	Orchard Parade Holdings Ltd.(b)		20,151
	12,000	Overseas Union Enterprise Ltd.		87,552
	24,000	Pan Pacific Hotels Group Ltd.		24,348

37

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

Shares			Value
SINGAPORE (continued)
	200,320	Parkway Holdings Ltd.	$	290,914
	45,000	Petra Foods Ltd.		26,578
	142,979	Raffles Education Corp. Ltd.		64,577
	56,000	Raffles Medical Group Ltd.		45,916
	121,000	Rotary Engineering Ltd.		85,759
	43,000	SBS Transit Ltd.		52,885
	12,142	SC Global Developments Ltd.(b)		12,740
	58,000	Singapore Land Ltd.		211,583
	48,000	Singapore Petroleum Co. Ltd.		207,789
	267,000	Singapore Post Ltd.		166,974
	116,000	Singapore Press Holdings Ltd.		289,365
	133,000	SMRT Corp. Ltd.		157,107
	142,000	Stamford Land Corp. Ltd.		37,494
	75,000	StarHub Ltd.		116,736
	52,000	Straits Asia Resources Ltd.		76,962
	114,000	Swiber Holdings Ltd.(b)		76,837
	93,000	Tat Hong Holdings Ltd.		69,791
	65,000	United Engineers Ltd.		77,685
	420,000	United Industrial Corp. Ltd.		545,739
	94,000	UOB-Kay Hian Holdings Ltd.		101,240
	230,000	UOL Group Ltd.		559,358
	65,000	Venture Corp. Ltd.		431,331
	20,000	WBL Corp. Ltd.		55,588
	112,000	Wheelock Properties (S) Ltd.		140,861
	217,000	Wing Tai Holdings Ltd.		260,855
	330,000	Yangzijiang Shipbuilding Holdings Ltd.		205,225
	86,000	Yanlord Land Group Ltd.		160,150
				9,440,747
SOUTH AFRICA — 0.5%
	30,038	Adcock Ingram Holdings Ltd.		178,060
	8,486	Adcorp Holdings Ltd.		27,066
	42,455	Advtech Ltd.		24,838
	32,497	Aeci Ltd.		221,951
	164,755	Afgri Ltd.		106,157
	292,923	African Bank Investments Ltd.		1,131,302
	43,741	African Oxygen Ltd.		109,803
	44,678	African Rainbow Minerals Ltd.		756,935
	13,164	Allied Electronics Corp. Ltd.		46,142
	21,133	Allied Technologies Ltd.		165,850
	18,232	Argent Industrial Ltd.		17,621
	33,764	Aspen Pharmacare Holdings Ltd.(b)		258,886
	10,760	Astral Foods Ltd.		148,713
	151,480	Aveng Ltd.		722,263
	128,958	AVI Ltd.		315,581
	26,384	Avuza Ltd.		68,000
	68,321	Barloworld Ltd.		400,593
	6,892	Bell Equipment Ltd.(b)		7,105
	57,968	Caxton and CTP Publishers and Printers Ltd.		84,412
	2,787	Ceramic Industries Ltd.		28,732
	66,781	Cipla Medpro South Africa Ltd.(b)		33,649

Shares			Value
SOUTH AFRICA (continued)
	7,765	City Lodge Hotels Ltd.	$	71,446
	60,117	Clicks Group Ltd.		158,659
	64,357	DataTec Ltd.		179,304
	74,687	Discovery Holdings Ltd.		265,639
	12,341	Distell Group Ltd.		100,986
	18,365	Distribution and Warehousing Network Ltd.(b)		15,383
	57,380	DRDGOLD Ltd.		41,408
	47,730	Exxaro Resources Ltd.		504,363
	16,250	First Uranium Corp.(b)		58,830
	52,648	Foschini Ltd.		398,931
	35,515	Gold Reef Resorts Ltd.		78,765
	104,900	Grindrod Ltd.		209,394
	15,617	Group Five Ltd.		70,236
	4,521	Highveld Steel and Vanadium Corp. Ltd.		39,611
	11,337	Hudaco Industries Ltd.		84,005
	13,781	Hulamin Ltd.		23,886
	37,047	Iliad Africa Ltd.		36,283
	52,630	Illovo Sugar Ltd.		208,214
	80,368	Imperial Holdings Ltd.		690,792
	39,249	Investec Ltd.		279,700
	60,659	JD Group Ltd.		371,302
	20,387	JSE Ltd.		158,919
	35,342	Lewis Group Ltd.		232,273
	43,868	Liberty Holdings Ltd.		341,334
	28,971	Massmart Holdings Ltd.		282,505
	96,288	Medi-Clinic Corp. Ltd.		265,536
	206,251	Merafe Resources Ltd.(b)		30,566
	30,264	Metair Investments Ltd.(b)		15,132
	39,498	Metorex Ltd.(b)		16,593
	160,419	Metropolitan Holdings Ltd.		265,642
	45,735	Mondi Ltd.		206,279
	38,782	Mr. Price Group Ltd.		152,579
	39,257	Murray & Roberts Holdings Ltd.		240,044
	116,025	Mvelaphanda Group Ltd.		71,020
	220,033	Nampak Ltd.		438,081
	197,582	Netcare Ltd.(b)		271,166
	41,870	Northam Platinum Ltd.		200,123
	15,679	Omnia Holdings Ltd.		112,740
	6,182	Palabora Mining Co. Ltd.		57,359
	54,939	Peregrine Holdings Ltd.		62,514
	34,944	Pick’n Pay Stores Ltd.		162,066
	71,872	Pretoria Portland Cement Co. Ltd.		268,964
	12,814	PSG Group Ltd.		30,962
	26,755	Raubex Group Ltd.		85,678
	42,088	Reunert Ltd.		253,558
	10,734	Santam Ltd.		127,950
	141,566	Sappi Ltd.		456,076
	29,818	Sentula Mining Ltd.		15,370
	245,651	Simmer & Jack Mines Ltd.(b)		71,226
	38,542	Spar Group Ltd. (The)		297,508
	518,811	Steinhoff International Holdings Ltd.		1,004,862
	19,861	Sun International Ltd.		215,093

38

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

Shares			Value
SOUTH AFRICA (continued)
	25,476	Tiger Brands Ltd.	$	515,429
	3,000	Tiger Wheels Ltd.(b)(c)(d)		0
	13,161	Tongaat Hulett Ltd.		167,056
	24,146	Trencor Ltd.		63,788
	62,145	Truworths International Ltd.		320,255
	14,868	Wesizwe(b)		4,522
	9,523	Wilson Bayly Holmes-Ovcon Ltd.		138,673
	191,832	Woolworths Holdings Ltd.		384,900
				16,745,137
SOUTH KOREA — 0.5%
	148	Amorepacific Corp.		81,098
	980	Asia Cement Co. Ltd.		42,768
	28,250	Asiana Airlines(b)		92,235
	1,050	Binggrae Co. Ltd.		37,445
	3,031	Bukwang Pharmaceutical Co. Ltd.		37,388
	31,890	Busan Bank		303,788
	7,435	Cheil Industries, Inc.		287,847
	460	Cheil Worldwide, Inc.		101,124
	438	CJ CheilJedang Corp.		62,765
	2,890	CJ Corp.		118,593
	489	Dae Han Flour Mills Co. Ltd.		51,361
	4,980	Daeduck Electronics Co.		15,834
	25,230	Daegu Bank		288,619
	10,000	Daekyo Co. Ltd.		47,631
	5,760	Daelim Industrial Co. Ltd.		318,906
	32,360	Daewoo Engineering & Construction Co. Ltd.		342,518
	2,400	Daewoo International Corp.		50,904
	5,379	Daewoo Motor Sales Corp.(b)		37,621
	10,430	Daewoo Securities Co. Ltd.		200,414
	957	Daewoong Pharmaceutical Co. Ltd.		45,193
	11,810	Daishin Securities Co. Ltd.		171,640
	9,680	Dong Hae Pulp Co. Ltd.(b)		51,781
	637	Dong-A Pharmaceutical Co. Ltd.		47,768
	7,266	Dongbu HiTek Co. Ltd.(b)		52,179
	1,740	Dongbu Insurance Co. Ltd.		44,555
	7,640	Dongbu Securities Co. Ltd.(b)		51,381
	7,782	Dongkuk Steel Mill Co. Ltd.		200,854
	396	Doosan Corp.		28,696
	8,200	Doosan Engineering & Construction Co. Ltd.		47,269
	4,080	Doosan Infracore Co. Ltd.		54,148
	61,250	Eugene Investment & Securities Co. Ltd.(b)		58,846
	1,215	Glovis Co. Ltd.		76,271
	3,255	GS Engineering & Construction Corp.		232,159
	8,230	GS Holdings Corp.		220,793
	8,870	Halla Climate Control		72,147
	4,620	Handsome Co. Ltd.		44,575
	1,376	Hanil Cement Co. Ltd.		84,474

Shares			Value
SOUTH KOREA (continued)
	3,232	Hanjin Heavy Industries & Construction Co. Ltd.	$	82,103
	4,360	Hanjin Heavy Industries & Construction Holdings Co. Ltd.		59,284
	11,480	Hanjin Shipping Co. Ltd.		196,287
	2,010	Hanjin Transportation Co. Ltd.		52,778
	8,200	Hankook Tire Co. Ltd.		131,526
	960	Hankuk Glass Industries, Inc.		17,040
	1,720	Hankuk Paper Manufacturing Co. Ltd.		58,328
	873	Hanmi Pharm Co. Ltd.		81,742
	4,500	Hansol Paper Co.(b)		42,501
	15,215	Hanwha Chemical Corp.		174,671
	3,300	Hanwha Corp.		105,997
	5,420	Hanwha Securities Co.		50,087
	1,420	Hite Holdings Co. Ltd.		44,512
	3,566	HMC Investment Securities Co. Ltd.(b)		77,086
	3,129	Honam Petrochemical Corp.		235,656
	5,940	Hotel Shilla Co. Ltd.		82,218
	3,380	Hyosung Corp.		237,497
	2,323	Hyundai Department Store Co. Ltd.		191,030
	5,130	Hyundai Development Co.		181,484
	790	Hyundai Elevator Co. Ltd.		40,072
	1,359	Hyundai H&S Co. Ltd.		80,221
	6,580	Hyundai Hysco		75,272
	8,560	Hyundai Marine & Fire Insurance Co. Ltd.		134,164
	2,275	Hyundai Mipo Dockyard		251,913
	640	Hyundai Mobis		67,481
	27,401	Hyundai Securities Co.		396,000
	8,960	Jeonbuk Bank		49,389
	8,890	Kangwon Land, Inc.		117,983
	957	KCC Corp.		269,210
	36,490	KIA Motors Corp.(b)		456,051
	960	Kisco Corp.		39,472
	2,054	KISWIRE Ltd.		69,905
	6,620	Kolon Engineering & Construction Co. Ltd.		38,808
	1,560	Kolon Industries, Inc.		51,441
	1,780	Korea Gas Corp.		75,362
	8,120	Korea Investment Holdings Co. Ltd.		265,113
	2,220	Korea Kumho Petrochemical Co.		57,389
	1,018	Korea Line Corp.		52,052
	1,415	Korea Zinc Co. Ltd.		161,869
	7,440	Korean Airlines Co. Ltd.(b)		270,474
	9,331	Korean Reinsurance Co.		89,268
	7,730	KP Chemical Corp.(b)		50,665
	12,980	KTB Securities Co. Ltd.(b)		60,239
	3,940	Kumho Industrial Co. Ltd.		44,430
	9,090	Kumho Tire Co., Inc.(b)		38,338
	13,440	Kwang Dong Pharmaceutical Co. Ltd.		35,510

39

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

Shares			Value
SOUTH KOREA (continued)
	2,130	Kyeryong Construction Industrial Co. Ltd.	$	38,934
	5,240	Kyobo Securities Co.		59,090
	9,530	LG Dacom Corp.		144,323
	3,130	LG Fashion Corp.		61,418
	431	LG Household & Health Care Ltd.		77,378
	4,149	LG International Corp.		88,000
	1,050	LG Life Sciences Ltd.(b)		51,637
	17,550	LG Telecom Ltd.		123,459
	6,640	LIG Insurance Co. Ltd.		98,935
	198	Lotte Chilsung Beverage Co. Ltd.		127,841
	154	Lotte Confectionary Co. Ltd.		131,155
	6,810	Lotte Midopa Co. Ltd.		78,457
	309	Lotte Samkang Co. Ltd.		53,085
	1,464	LS Corp.		101,438
	2,270	LS Industrial Systems Co. Ltd.		127,528
	21,722	Macquarie Korea Infrastructure Fund		88,784
	8,990	Meritz Fire & Marine Insurance Co. Ltd.		48,310
	46,150	Meritz Securities Co. Ltd.		47,345
	1,940	Mirae Asset Securities Co. Ltd.		123,363
	8,590	Motonic Corp.		55,252
	2,200	Namhae Chemical Corp.		32,332
	90	Namyang Dairy Products Co. Ltd.		36,566
	900	NCSoft Corp.		97,460
	6,140	NH Investment & Securities Co. Ltd.		53,491
	317	Nong Shim Co. Ltd.		63,364
	620	Nong Shim Holdings Co. Ltd.		32,560
	19,780	ON*Media Corp.(b)		56,931
	310	Orion Corp.		48,966
	638	Pacific Corp.		66,751
	2,786	Poongsan Corp.(b)		47,522
	523	Poongsan Holdings Corp.(b)		8,133
	1,761	S1 Corp. Korea		80,150
	4,340	Sam Young Electronics Co. Ltd.		40,813
	480	Samchully Co. Ltd.		46,507
	3,140	Samsung Electro-Mechanics Co. Ltd.		175,893
	1,705	Samsung Engineering Co. Ltd.		123,412
	2,470	Samsung Fine Chemicals Co. Ltd.		101,559
	7,082	Samsung SDI Co. Ltd.		588,149
	1,990	Samsung Techwin Co. Ltd.		114,066
	1,009	Samyang Corp.		36,147
	647	Samyang Genex Co. Ltd.		31,871
	3,540	Seah Besteel Corp.		50,440
	1,170	SeAH Steel Corp.		38,390
	1,320	Shinyoung Securities Co. Ltd.		41,700
	890	Sindo Ricoh Co. Ltd.		43,406
	1,200	SK Chemicals Co. Ltd.		48,119
	370	SK Gas Co. Ltd.		16,629
	4,930	SK Networks Co. Ltd.		51,379

Shares			Value
SOUTH KOREA (continued)
	26,950	SK Securities Co. Ltd.	$	72,411
	4,200	SKC Co. Ltd.		70,957
	3,995	Ssangyong Cement Industrial Co. Ltd.(b)		27,225
	860	STX Corp. Co. Ltd		17,470
	1,780	STX Engine Co. Ltd.		39,203
	4,200	STX Offshore & Shipbuilding Co. Ltd.		57,108
	10,030	STX Pan Ocean Co. Ltd.		100,447
	2,230	Sungshin Cement Co. Ltd.(b)		16,159
	70	Taekwang Industrial Co. Ltd.		40,466
	18,720	Taeyoung Engineering & Construction		99,072
	4,070	Taihan Electric Wire Co. Ltd.		72,903
	9,558	Tong Yang Securities, Inc.		122,179
	1,220	Union Steel		24,386
	59,400	Woongjin Chemical Co. Ltd.(b)		59,487
	4,740	Woongjin Coway Co. Ltd.		118,674
	2,750	Woongjin Holdings Co. Ltd.(b)		24,741
	2,440	Woongjin Thinkbig Co. Ltd.		42,614
	16,490	Woori Investment & Securities Co. Ltd.		248,384
	111	Young Poong Corp.		43,561
	4,952	Youngone Corp.(b)		33,666
	1,238	Youngone Holdings Co. Ltd.		19,504
	1,006	Yuhan Corp.		159,722
				14,952,283
SPAIN — 0.6%
	10,805	Abengoa SA		277,051
	641	Acciona SA		77,429
	54,354	Acerinox SA		1,078,388
	924	Adolfo Dominguez SA		15,553
	22,385	Almirall SA		282,361
	10,041	Amper SA		86,298
	12,564	Antena 3 de Television SA		123,561
	73,052	Avanzit SA(b)		84,754
	340	Banco de Andalucia SA		18,172
	310,518	Banco de Sabadell SA		2,071,271
	40,379	Banco de Valencia SA		393,655
	26,089	Banco Espanol de Credito SA		324,992
	29,775	Banco Guipuzcoano SA		186,728
	55,457	Banco Pastor SA		449,752
	79,785	Bankinter SA		906,325
	920	Baron de Ley(b)		36,978
	10,605	Bolsas y Mercados Espanoles		343,418
	12,725	Campofrio Food SA		121,517
	2,936	Cementos Portland Valderrivas SA		136,420
	34,790	Cintra Concesiones de Infraestructuras de Transporte SA		285,119
	395	Construcciones y Auxiliar de Ferrocarriles SA		176,779
	3,417	Corp. Dermoestetica(b)		21,453
	7,290	Duro Felguera SA		72,733
	35,741	Ebro Puleva SA		590,920

40

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

Shares			Value
SPAIN (continued)
	7,151	Elecnor SA	$	96,725
	62,434	Enagas		1,234,691
	167,957	Ercros SA(b)		32,078
	17,487	FAES FARMA SA		92,718
	15,391	Fomento de Construcciones y Contratas SA		617,518
	41,277	Gamesa Corp. Tecnologica SA		893,067
	2,974	General de Alquiler de Maquinaria(b)		35,860
	19,858	Gestevision Telecinco SA		226,428
	18,647	Grifols SA		339,527
	16,708	Grupo Catalana Occidente SA		342,681
	40,377	Grupo Empresarial Ence SA(b)		126,032
	24,529	Grupo Ferrovial SA		842,561
	13,232	Grupo Tavex SA(b)		11,014
	97,314	Iberia Lineas Aereas de Espana(b)		217,206
	1,200	Iberpapel Gestion SA		16,419
	17,157	Indra Sistemas SA		394,317
	107,992	La Seda de Barcelona SA - Class B(b)		49,254
	2,218	Mecalux SA(b)		30,854
	2,110	Miquel y Costas		41,201
	44,377	Natraceutical SA(b)		25,996
	6,714	NH Hoteles I-09 Shares(d)		26,794
	10,073	NH Hoteles SA(b)		40,200
	17,454	Obrascon Huarte Lain SA		422,661
	5,138	Papeles y Cartones de Europa SA		20,578
	2,501	Pescanova SA		86,621
	2,939	Promotora de Informaciones SA(b)		16,106
	5,465	Prosegur Cia de Seguridad SA		189,668
	12,469	Realia Business SA(b)		27,724
	18,101	Red Electrica Corp. SA		850,601
	36,616	Sacyr Vallehermoso SA		586,599
	27,879	Service Point Solutions SA		44,901
	37,295	Sociedad Nacional Inds. Aplicaciones Celulosa Espanola (Sniace)(b)		41,993
	10,804	Sol Melia SA		75,146
	15,567	Solaria Energia y Medio Ambiente SA(b)		50,033
	12,812	SOS Cuetara SA(b)		65,191
	3,082	Tecnicas Reunidas SA		152,956
	500	Tecnocom Telecom I-09 Shares(d)		2,384
	5,000	Telecomunicaciones y Energia(b)		23,838
	51,164	Tubacex SA		190,331
	45,115	Tubos Reunidos SA		125,389
	1,465	Unipapel SA		23,115
	1,457	Vertice Trescientos Sesenta Grados(b)		816
	6,372	Vidrala SA		152,032
	13,066	Viscofan SA		306,905
	7,177	Vocento SA(b)		38,769

Shares			Value
SPAIN (continued)
	12,702	Zardoya Otis SA	$	288,576
	38,050	Zeltia SA(b)		164,867
				17,842,568
SWEDEN — 0.4%
	7,721	AarhusKarlshamn AB		108,068
	5,687	Active Biotech AB(b)		36,647
	2,200	AddTech AB - Class B		32,165
	4,388	AF AB - Class B		84,069
	4,250	Axfood AB		104,836
	5,000	Axis Communications AB		43,826
	1,600	B&B Tools AB - Class B		16,962
	4,600	BE Group AB		20,335
	2,900	Beijer Alma AB		33,356
	5,200	Bilia AB - Class A(b)		35,382
	3,700	Biovitrum AB(b)		32,431
	135,056	Boliden AB		1,455,183
	4,900	Cardo AB		115,098
	2,600	Catena AB		30,446
	4,550	Clas Ohlson AB - Class B		70,936
	17,928	Concordia Maritime AB - Class B		53,416
	11,500	D Carnegie AB(b)(c)(d)		28,368
	37,120	Electrolux AB - Series B(b)		694,457
	19,800	Elekta AB - Class B		311,433
	3,250	Enea AB(b)		15,628
	11,398	Eniro AB(b)		38,541
	18,571	Getinge AB - Class B		277,947
	10,800	Gunnebo AB(b)		41,907
	11,530	Hakon Invest AB		123,034
	5,800	Haldex AB(b)		42,399
	61,599	Hexagon AB - Class B		670,111
	829	Hexpol AB(b)		4,733
	16,000	HIQ International AB(b)		58,980
	5,500	Hoganas AB - Class B		73,742
	24,403	Holmen AB - Class B		671,285
	8,928	Husqvarna AB - Class A(b)		52,583
	56,662	Husqvarna AB - Class B(b)		357,278
	9,667	Industrial & Financial Systems - Class B		91,432
	2,800	Indutrade AB		42,198
	10,200	Intrum Justitia AB		105,308
	27,734	JM AB(b)		232,526
	8,298	KappAhl Holding AB		41,283
	11,100	Lindab International AB		93,449
	83,029	Lundin Petroleum AB(b)		735,248
	71,345	Meda AB - Class A		553,675
	775	Mekonomen AB		12,432
	8,700	Micronic Laser Systems AB(b)		16,578
	12,149	Modern Times Group AB - Class B		452,894
	11,250	Munters AB(b)		68,598
	23,963	NCC AB - Class B		245,740
	83,059	Net Insight AB - Class B(b)		62,156
	26,972	New Wave Group AB - Class B		52,329
	11,000	Nibe Industrier AB - Class B		103,659

41

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

Shares			Value
SWEDEN (continued)
	54,289	Nobia AB(b)	$	247,521
	6,907	Nolato AB - Class B		47,380
	1,595	ORC Software AB		31,940
	51,279	PA Resources AB(b)		185,474
	44,150	Peab AB		205,576
	10,400	Q-Med AB(b)		70,477
	38,670	Ratos AB - Class B		927,094
	18,694	Rezidor Hotel Group AB(b)		47,927
	58,419	RNB Retail and Brands AB(b)		36,431
	294,415	SAS AB(b)		148,921
	2,500	Skanditek Industriforvaltning AB		5,613
	5,200	SkiStar AB		79,448
	6,500	Sweco AB - Class B		42,967
	417	TradeDoubler AB(b)		4,060
	55,800	Trelleborg AB - Class B(b)		280,701
				11,006,617
SWITZERLAND — 1.1%
	432	Acino Holding AG		75,999
	9,550	Actelion Ltd.(b)		526,807
	19,000	Addax Petroleum Corp.		903,922
	33,553	Adecco SA		1,616,974
	1,057	Advanced Digital Broadcast Holdings SA(b)		43,322
	275	Affichage Holding AG		30,494
	261	AFG Arbonia-Forster Holding(b)		4,347
	778	Allreal Holding AG		94,643
	934	Also Holding AG(b)		26,133
	12,716	Aryzta AG(b)(e)		442,226
	6,942	Aryzta AG(b)(e)		243,602
	5,613	Ascom Holding AG(b)		71,696
	109	Athris Holding AG(b)		90,778
	176	Bachem Holding AG - Class B		11,858
	13,673	Baloise Holding AG		1,090,104
	1,453	Bank Coop AG		96,332
	6,000	Bank Sarasin & Compagnie AG - Class B(b)		195,667
	234	Banque Cantonale de Geneve		51,020
	806	Banque Cantonale Vaudoise		284,342
	6	Banque Privee Edmond de Rothschild SA		170,037
	373	Barry Callebaut AG(b)		216,753
	1,515	Basilea Pharmaceutica(b)		135,388
	1,614	Basler Kantonalbank		175,801
	58	Belimo Holding AG		61,330
	27	Bell Holding AG		41,056
	966	Bellevue Group AG		35,706
	1,259	Berner Kantonalbank AG		270,379
	1,728	BKW FMB Energie AG		133,725
	3,431	Bobst Group AG(b)		108,358
	1,792	Bucher Industries AG		195,692
	323	Burckhardt Compression Holding AG		42,406

Shares			Value
SWITZERLAND (continued)
	90	Centralschweizerische Kraftwerke AG	$	30,719
	2,250	Charles Voegele Holding AG - Class A(b)		81,481
	80,593	Clariant AG(b)		603,326
	250	Coltene Holding AG		10,785
	56,958	Compagnie Financiere Richemont SA - Class A		1,399,632
	35	Conzzeta Holding AG		48,145
	402	Cytos Biotechnology AG(b)		8,652
	1,600	Daetwyler Holding AG		67,375
	597	Dufry Group(b)		23,184
	7,538	EFG International AG		93,110
	36	Elektrizitaets-Gesellschaft Laufenburg AG		32,660
	809	Emmi AG		81,759
	1,783	EMS-Chemie Holding AG		188,202
	3,730	Energiedienst Holding AG		174,519
	1,115	Flughafen Zuerich AG		305,708
	331	Forbo Holding AG(b)		72,788
	944	Galenica AG		282,674
	3,937	Geberit AG		549,297
	1,437	Georg Fischer AG(b)		302,420
	1,145	Givaudan SA		765,548
	198	Gurit Holding AG		93,567
	1,403	Helvetia Holdings AG		390,907
	41,899	Holcim Ltd.(b)		2,544,561
	762	Implenia AG(b)		20,536
	23,084	Julius Baer Holding AG		1,099,495
	483	Kaba Holding AG - Class B		94,146
	814	Kardex AG(b)		23,994
	200	Komax Holding AG		11,351
	10,619	Kudelski SA		200,525
	8,338	Kuehne & Nagel International AG		694,411
	798	Kuoni Reisen Holding		240,449
	11	Lindt & Spruengli AG		262,790
	9,109	Logitech International SA(b)		153,429
	7,349	Lonza Group AG		728,264
	800	Luzerner Kantonalbank AG		194,638
	418	Meyer Burger Technology AG(b)		68,842
	8,234	Micronas Semiconductor Holding(b)		24,348
	5,846	Mobilezone Holding AG		39,059
	965	Mobimo Holding AG(b)		136,354
	9,850	Nobel Biocare Holding AG		233,933
	554	OC Oerlikon Corp AG(b)		31,934
	333	Orell Fuessli Holding AG		45,183
	3,575	Panalpina Welttransport Holding AG		274,318
	475	Partners Group Holding AG		50,005
	21,427	Petroplus Holdings AG(b)		340,057
	124	Phoenix Mecano AG		37,479
	347	Precious Woods Holding AG(b)		17,859
	402	PubliGroupe SA		30,094

42

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

Shares			Value
SWITZERLAND (continued)
	868	Quadrant AG(b)	$	69,040
	915	Rieter Holding AG(b)		171,073
	203	Romande Energie Holding SA		365,672
	3,357	Schindler Holding AG		216,753
	1,453	Schulthess Group		84,503
	200	Schweiter Technologies AG		72,054
	3,171	Schweizerishe National-Versicherungs-Gesellsschaft(b)		78,782
	451	SGS SA		532,599
	436	Siegfried Holding AG		38,718
	576	Sika AG		689,378
	4,650	Sonova Holding AG		410,109
	120	Sopracenerina STA ELETTRICA		26,613
	461	St. Galler Kantonalbank		170,829
	271,165	STMicroelectronics NV		2,071,198
	729	Straumann Holding AG		159,696
	6,680	Sulzer AG		440,687
	8,414	Swatch Group AG(e)		1,537,692
	13,536	Swatch Group AG(e)		502,225
	6,922	Swiss Life Holding AG(b)		693,722
	32,384	Swiss Reinsurance		1,242,450
	38,012	Swisslog Holding AG		28,812
	1,620	Swissquote Group Holding SA		84,892
	424	Tamedia AG		22,219
	2,779	Tecan Group AG		119,622
	10,048	Temenos Group AG(b)		201,214
	300	Valartis Group AG		7,860
	4,161	Valiant Holding AG		780,686
	885	Valora Holding AG		180,122
	35	Vaudoise Assurances Holding SA		5,502
	8,426	Vontobel Holding AG		268,869
	609	VZ Holding AG		31,058
	390	Walter Meier AG - Class A		24,086
	531	Ypsomed Holding AG(b)		34,236
	60	Zehnder Group AG		57,549
	20	Zuger Kantonalbank AG		77,200
				32,189,129
TAIWAN — 0.5%
	24,905	Ability Enterprise Co. Ltd.		40,006
	70,000	Accton Technology Corp.		23,577
	26,250	Advantech Co. Ltd.		39,605
	39,790	Altek Corp.		73,375
	44,000	Ambassador Hotel (The)		51,835
	135,168	AmTRAN Technology Co. Ltd.		93,111
	61,000	Asia Polymer		38,023
	76,000	Asia Vital Components Co. Ltd.		70,422
	27,270	Avermedia Technologies, Inc.		32,417
	59,280	Bank of Kaohsiung		18,882
	21,030	Basso Industry Corp.		18,397
	422,350	BES Engineering Corp.		110,969
	24,000	Catcher Technology Co. Ltd.		67,301
	138,000	Cathay No. 1 REIT		43,703
	8,000	Cathay No. 2 REIT		2,448

Shares			Value
TAIWAN (continued)
	189,000	Cathay Real Estate Development Co. Ltd.(b)	$	80,651
	283,000	Cheng Loong Corp.(b)		91,866
	58,749	Cheng Uei Precision Industry Co. Ltd.		117,469
	106,720	Chia Hsin Cement Corp(b)		55,136
	55,631	Chicony Electronics Co. Ltd.		123,443
	328,000	China Airlines(b)		91,178
	121,000	China General Plastics Corp.(b)		42,782
	98,440	China Life Insurance Co. Ltd.(b)		57,309
	217,505	China Manmade Fibers		41,236
	37,471	China Metal Products		36,834
	176,000	China Motor Corp.(b)		112,655
	417,260	China Petrochemical Development Corp.(b)		129,726
	30,114	China Steel Chemical Corp.		61,957
	44,000	China Synthetic Rubber Corp.		41,978
	59,000	Chin-Poon Industrial Co.(b)		32,460
	24,221	Chroma ATE, Inc.		37,283
	90,389	Chun Yuan Steel		29,479
	51,000	Chung Hsin Electric & Machinery Manufacturing Corp.		26,582
	82,441	Chung Hung Steel Corp.(b)		34,677
	55,000	Chung HWA Pulp Corp.(b)		20,033
	1,983,000	Chunghwa Picture Tubes Ltd.		311,279
	39,916	Clevo Co.(b)		57,183
	709,000	CMC Magnetics Corp.(b)		177,423
	24,150	Compal Communications, Inc.		23,371
	353,000	Compeq Manufacturing Co.(b)		99,418
	204,689	Continental Engineering Corp.		73,620
	30,425	Cosmos Bank Taiwan(b)		3,682
	77,838	CTCI Corp.		79,005
	32,136	CyberTAN Technology, Inc.		42,119
	16,000	Depo Auto Parts Ind. Co. Ltd.		30,285
	109,397	D-Link Corp.(b)		98,033
	653,000	E.Sun Financial Holding Co. Ltd.		227,897
	160,739	Eastern Media International(b)		32,091
	32,000	Elan Microelectronics Corp.(b)		52,182
	24,570	Elite Semiconductor Memory Technology, Inc.		41,714
	166,789	Elitegroup Computer Systems		66,343
	29,080	Entie Commercial Bank(b)		7,552
	75,000	Epistar Corp.		204,828
	162,542	Eternal Chemical Co. Ltd.		133,767
	432,000	Eva Airways Corp.(b)		124,960
	99,000	Evergreen International Storage& Transport Corp.		87,509
	109,000	Everlight Chemical Industrial Corp.		62,793
	20,264	Everlight Electronics Co. Ltd.(b)		56,515
	181,000	Far Eastern Department Stores Co. Ltd.(b)		182,611
	458,014	Far Eastern International Bank(b)		111,683

43

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

Shares			Value
TAIWAN (continued)
	104,000	Federal Corp.(b)	$	54,523
	45,320	Feng Hsin Iron & Steel Co.		69,483
	42,599	Feng TAY Enterprise Co. Ltd.		31,552
	30,000	First Steamship Co. Ltd.		42,429
	8,080	Formosa International Hotels Corp.		104,909
	170,000	Formosa Taffeta Co. Ltd.		113,478
	93,000	Formosan Rubber Group, Inc.		56,410
	73,800	FSP Technology, Inc.		60,960
	89,000	Fubon No 2 REIT		27,616
	27,300	Giant Manufacturing Co. Ltd.		75,639
	179,500	Gigabyte Technology Co. Ltd.		125,018
	51,000	Globe Union Industrial Corp.		37,153
	159,000	Gold Circuit Electronics Ltd.(b)		54,279
	187,230	Goldsun Development & Construction Co. Ltd.		102,153
	224,000	Grand Pacific Petrochemical(b)		82,273
	59,000	Great China Metal Industry		37,765
	66,000	Great Taipei Gas Co. Ltd.		32,791
	41,233	Great Wall Enterprise Co.		44,553
	54,866	Greatek Electonics, Inc.		55,438
	108,000	Hey Song Corp.		55,468
	88,486	Highwealth Construction Corp.		105,186
	102,000	Ho Tung Chemical Corp.(b)		36,686
	21,000	Hotai Motor Co. Ltd.		49,671
	74,789	Hsin Kuang Steel Co. Ltd.		66,336
	201,000	HUA ENG Wire & Cable Co., Ltd.(b)		49,135
	37,743	Hung Poo Real Estate Development Corp.		48,318
	69,000	Hung Sheng Construction Co. Ltd.(b)		31,757
	35,341	Ichia Technologies, Inc.		16,912
	371,800	Inventec Co. Ltd.		215,319
	19,792	Johnson Health Tech Co. Ltd.		21,205
	79,516	Kenda Rubber Industrial Co. Ltd.		108,703
	149,000	Kindom Construction Co.(b)		92,875
	364,320	King Yuan Electronics Co. Ltd.		145,470
	141,185	King’s Town Bank(b)		33,652
	244,343	Kinpo Electronics, Inc.(b)		63,380
	46,000	Kinsus Interconnect Technology Corp.		98,427
	128,000	Kuoyang Construction Co. Ltd.		74,518
	254,000	Kwong Fong Industries(b)		56,981
	5,000	Largan Precision Co. Ltd.		64,085
	237,000	Lealea Enterprise Co. Ltd.(b)		44,716
	25,000	LEE Chang Yung Chemical Industry Corp.		26,670
	124,745	Lien Hwa Industrial Corp.		60,456
	78,841	Long Bon Development Co. Ltd.(b)		28,357
	44,000	Long Chen Paper Co. Ltd.(b)		11,842
	413,000	Macronix International		215,891
	117,000	Mercuries & Associates Ltd.(b)		50,640
	18,000	Merida Industry Co. Ltd.		31,437
	17,849	Merry Electronics Co. Ltd.		17,953

Shares			Value
TAIWAN (continued)
	201,347	Micro-Star International Co. Ltd.	$	142,995
	232,000	Mitac International		107,132
	77,000	Mitac Technology Corp.(b)		72,522
	16,044	Nan Kang Rubber Tire Co. Ltd.(b)		16,871
	22,000	Nan Ya Printed Circuit Board Corp.(b)		71,080
	521,000	Nanya Technology Corp.(b)		93,058
	81,000	Nien Hsing Textile Co. Ltd.		42,589
	87,360	Opto Technology Corp.		74,291
	62,473	Oriental Union Chemical Corp.		38,179
	90,000	Pan Jit International, Inc.		58,431
	38,032	Pan-International Industrial		45,268
	135,000	Phihong Technology Co. Ltd.		84,354
	191,542	Phoenix Precision Technology Corp.		124,939
	26,260	Pihsiang Machinery Manufacturing Co. Ltd.		55,709
	165,000	POU Chen Corp.		116,679
	179,026	Prince Housing Development Corp.		83,489
	121,000	Prodisc Technology, Inc.(b)		2,213
	394,000	Qisda Corp.(b)		192,148
	109,000	Radium Life Tech Co. Ltd.		98,010
	38,000	Realtek Semiconductor Corp.		92,081
	8,400	Richtek Technology Corp.		64,777
	630,000	Ritek Corp.(b)		184,345
	82,000	Ruentex Development Co. Ltd.(b)		74,607
	99,000	Ruentex Industries Ltd.		113,611
	142,497	Sampo Corp.(b)		23,888
	94,519	Sanyang Industrial Co. Ltd.(b)		41,486
	37,000	Sheng Yu Steel Co. Ltd.		28,194
	53,000	Shihlin Electric & Engineering Corp.		62,195
	32,000	Shihlin Paper Corp.(b)		76,664
	49,000	Shin Kong No.1 REIT		13,920
	443,425	Shinkong Synthetic Fibers Corp.		124,345
	79,000	Shinkong Textile Co. Ltd.(b)		93,549
	205,869	Silicon Integrated Systems Corp.(b)		76,555
	52,170	Sincere Navigation Corp.		61,857
	1,690,000	SinoPac Financial Holdings Co. Ltd.(b)		556,328
	59,879	Sintek Photronic Corp.(b)		32,670
	30,434	Sinyi Realty Co.(b)		55,751
	24,069	Springsoft, Inc.		17,314
	130,399	Sunplus Technology Co. Ltd.		73,928
	38,500	Sunrex Technology Corp.		42,187
	63,290	TA Chen Stainless Pipe Co. Ltd.(b)		50,157
	429,000	TA Chong Bank Co. Ltd.(b)		75,841
	80,000	Ta Ya Electric Wire & Cable		15,679
	350,595	Taichung Commercial Bank		89,337
	339,000	Tainan Spinning Co. Ltd.(b)		127,094

44

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

Shares			Value
TAIWAN (continued)
	1,118,000	Taishin Financial Holding Co. Ltd.(b)	$	436,186
	480,000	Taiwan Business Bank(b)		122,019
	133,000	Taiwan Glass Industrial Corp.(b)		92,631
	30,000	Taiwan Hon Chuan Enterprise Co. Ltd.		49,287
	75,428	Taiwan Life Insurance Co. Ltd.(b)		60,696
	71,544	Taiwan Navigation Co. Ltd.		134,985
	38,117	Taiwan Secom Co. Ltd.		57,510
	46,359	Taiwan Sogo Shin Kong Security Co. Ltd.		27,060
	79,483	Taiwan Styrene Monomer Corp.		29,193
	72,000	Taiwan TEA Corp.(b)		37,418
	84,000	Taiyen Biotech Co. Ltd.		58,248
	732,000	Tatung Co. Ltd.(b)		186,971
	364,000	Teco Electric and Machinery Co. Ltd.(b)		159,766
	62,764	Test-Rite International Co.		29,844
	152,000	Ton Yi Industrial Corp.		56,986
	33,845	Tong Yang Industry Co. Ltd.		38,170
	23,000	Transcend Information, Inc.		73,260
	36,764	Tsann Kuen Enterprise Co. Ltd.		39,332
	84,135	TSRC Corp.		99,117
	61,000	Tung Ho Steel Enterprise Corp.(b)		64,890
	199,000	Tycoons Group Enterprise(b)		36,333
	22,000	U-Ming Marine Transport Corp.		41,642
	131,000	Union Bank of Taiwan(b)		23,159
	152,000	Unitech Printed Circuit Board Corp.(b)		49,573
	96,000	Universal Cement Corp.(b)		48,281
	247,783	Universal Scientific Industrial Co. Ltd.		95,917
	161,039	UPC Technology Corp.		71,174
	111,000	USI Corp.(b)		49,566
	66,000	Via Technologies, Inc.(b)		27,460
	727,000	Walsin Lihwa Corp.(b)		240,428
	62,526	Walsin Technology Corp.		25,633
	99,000	Wan Hai Lines Ltd.(b)		50,393
	356,367	Waterland Financial Holdings		110,794
	53,000	Wei Chuan Food Corp.(b)		65,345
	808,000	Winbond Electronics Corp.(b)		168,703
	132,000	Wintek Corp.(b)		101,189
	144,000	Wistron Corp.		287,052
	54,000	WPG Holdings Co. Ltd.		66,331
	117,597	Ya Hsin Industrial Co. Ltd.(b)(c)(d)		0
	274,000	Yageo Corp.		65,393
	367,000	Yang Ming Marine Transport Corp.		141,507
	76,000	Yeun Chyang Industrial Co. Ltd.		66,947
	247,872	Yieh Phui Enterprise Co. Ltd.(b)		100,485
	77,000	Yosun Industrial Corp.		66,420

Shares			Value
TAIWAN (continued)
	253,242	Yuen Foong Yu Paper Manufacturing Co. Ltd.(b)	$	81,820
	241,000	Yulon Motor Co. Ltd.		241,309
	71,000	Yungtay Engineering Co. Ltd.		46,204
	14,169	Zinwell Corp.(b)		28,245
	30,416	Zyxel Communications Corp.		19,052
				15,565,377
THAILAND — 0.1%
	108,700	Amata Corp. Public Co. Ltd.		16,131
	344,900	Asian Property Development Public Co. Ltd.		49,662
	75,000	Bangkok Dusit Medical Services Public Co. Ltd.		51,131
	58,400	Bangkok Expressway Public Co. Ltd.		29,517
	8,600	Bangkok Insurance Public Co. Ltd.		58,125
	1,200,000	Bangkok Land Public Co. Ltd. - NVDR(b)		11,637
	91,200	BEC World Public Co. Ltd.		53,064
	1,158,900	CalComp Electronics Public Co. Ltd.		100,804
	226,100	Central Plaza Hotel Public Co. Ltd.		20,597
	190,700	CH Karnchang Public Co. Ltd.		21,183
	1,631,600	Charoen Pokphand Foods Public Co. Ltd.		251,716
	115,200	CP ALL Public Co. Ltd.		56,534
	217,000	Delta Electronics Thai Public Co. Ltd.		99,477
	79,700	Glow Energy Public Co. Ltd.		69,676
	84,200	Hana Microelectronics Public Co. Ltd.		46,764
	1,785,800	Hemaraj Land and Development Public Co. Ltd.		32,011
	329,224	Home Product Center Public Co. Ltd.		56,112
	63,100	ICC International Public Co. Ltd.		75,097
	2,285,000	IRPC Public Co. Ltd.		229,641
	664,100	Italian-Thai Development Public Co. Ltd.(b)		52,691
	120,000	Khon Kaen Sugar Industry Public Co. Ltd.		37,379
	81,200	Kiatnakin Bank Public Co. Ltd.		43,189
	75,500	Kim Eng Securities Public Co. Ltd.		29,286
	452,800	Land & Houses Public Co. Ltd. - NVDR		68,525
	116,800	Major Cineplex Group Public Co. Ltd.		24,197
	28,700	MBK Public Co. Ltd.		48,494
	39,400	Padaeng Industry Public Co. Ltd. - NVDR		17,020
	205,100	Precious Shipping Public Co. Ltd.		97,638

45

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

Shares			Value
THAILAND (continued)
	264,700	PTT Aromatics & Refining Public Co. Ltd.	$	152,457
	92,700	Regional Container Lines Public Co. Ltd.(b)		26,423
	153,900	Robinson Department Store Public Co. Ltd.		42,964
	115,300	Rojana Industrial Park Public Co. Ltd.		20,499
	36,000	Saha-Union Public Co. Ltd.		15,022
	2,132,000	Sahaviriya Steel Industries Public Co. Ltd.(b)		56,386
	173,600	Siam City Bank Public Co. Ltd.		91,825
	10,600	Siam City Cement Public Co. Ltd.		57,003
	19,300	Siam Makro Public Co. Ltd.		40,693
	177,400	Sino Thai Engineering & Construction Public Co. Ltd.(b)		21,478
	1,330,700	Tata Steel Thailand Public Co. Ltd.(b)		68,432
	143,800	Thai Plastic & Chemical Public Co. Ltd.		78,598
	18,200	Thai Stanley Electric Public Co. Ltd.		47,465
	159,300	Thai Union Frozen Products Public Co. Ltd. - NVDR		121,710
	126,700	Thaicom Public Co. Ltd.(b)		23,084
	244,900	Thanachart Capital Public Co. Ltd.		99,313
	155,760	Thoresen Thai Agencies Public Co. Ltd.		103,443
	89,300	Ticon Industrial Connection Public Co. Ltd.		17,188
	77,800	Tisco Financial Group Public Co. Ltd. - NVDR		41,381
	4,947,400	TMB Bank Public Co. Ltd.(b)		117,761
	463,100	TPI Polene Public Co. Ltd.(b)		96,621
	256,900	Vinythai Public Co. Ltd.		46,805
				3,133,849
TURKEY — 0.1%
	1	Acibadem Saglik Hizmetleri ve Ticaret AS(b)		2
	13,070	Akcansa Cimento AS		34,654
	5,197	Akenerji Elektrik Uretim AS		36,744
	36,249	Aksa Akrilik Kimya Sanayii(b)		35,486
	73,605	Aksigorta AS		223,174
	29,528	Alarko Holding AS		62,229
	38,219	Anadolu Cam Sanayii AS(b)		42,091
	25,952	Anadolu Hayat Emeklilik AS		49,754
	65,804	Anadolu Sigorta		51,894
	2,715	Arcelik A/S(b)		5,795
	86,901	Asya Katilim Bankasi AS(b)		166,600
	37,318	Aygaz AS		97,421
	6,325	Bati Cimento(b)		24,940
	10,639	BIM Birlesik Magazalar AS		419,499
	34,153	Bolu Cimento Sanayii AS		33,899

Shares			Value
TURKEY (continued)
	514	Brisa Bridgestone Sabanci	$	14,065
	1,034	BSH Ev Aletleri Sanayi ve Ticaret AS		57,290
	16,881	Bursa Cimento		61,972
	4,298	Celebi Hava Servisi		30,683
	12,995	Cimsa Cimento Sanayi ve Ticaret AS		41,345
	19,705	Coca-Cola Icecek AS		117,886
	31,332	Deva Holding AS(b)		79,664
	362,916	Dogan Sirketler Grubu Holdings(b)		276,329
	54,726	Dogan Yayin Holding(b)		53,947
	12,000	Dogus Otomotiv Servis ve Ticaret AS(b)		35,079
	90,228	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		93,850
	12,207	Ford Otomotiv Sanayi AS		61,825
	40,281	Global Yatirim Holding AS(b)		20,538
	2,500	Goodyear Lastikleri Turk AS		16,401
	45,998	Hurriyet Gazetecilik AS(b)		37,212
	60,066	Ihlas Holding(b)		22,051
	18,976	Izmir Demir Celik Sanayi AS(b)		31,477
	75,964	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		39,249
	428	Kartonsan Karton Sanayi		19,367
	842	Konya Cimento Sanayii AS		27,762
	83,872	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS(b)		119,740
	14,961	Mardin Cimento Sanayii		60,517
	1	Migros Turk TAS		17
	2,633	Nortel Networks Netas Telekomunikasyon AS		48,777
	5,026	Otokar Otobus Karoseri Sanayi AS		40,660
	23,144	Petkim Petrokimya Holding AS(b)		109,352
	7,882	Pinar SUT Mamulleri Sanayii		33,490
	11,864	Sarkuysan Elektrolitik Bakir(b)		17,825
	50,591	Sekerbank TAS(b)		64,316
	38,496	Selcuk Ecza Deposu Ticaret ve Sanayi AS		65,951
	18,260	TAT Konserve(b)		33,021
	10,000	TAV Havalimanlari Holding AS(b)		27,873
	72,944	Tekstil Bankasi AS(b)		42,647
	12,500	Tofas Turk Otomobil Fabrikasi AS		26,174
	110,957	Trakya Cam Sanayi AS(b)		116,166
	19,371	Tupras Turkiye Petrol Rafine		250,212
	1	Turk Demir Dokum Fabrikalari(b)		2
	33,902	Turk Ekonomi Bankasi AS(b)		34,802
	63,645	Turk Hava Yollari AO		100,382

46

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

Shares			Value
TURKEY (continued)
	162,597	Turk Sise ve Cam Fabrikalari AS(b)	$	148,122
	78,517	Turkiye Sinai Kalkinma Bankasi AS(b)		57,115
	124,100	Turkiye Vakiflar Bankasi Tao(b)		261,538
	33,758	Ulker Biskuvi Sanayi AS		64,718
	47,025	Vestel Elektonik Sanayi(b)		53,388
	15,401	Yapi Kredi Finansal Kiralama AO		30,992
	9,284	Yapi Kredi Sigorta AS		51,124
	12,270	Zorlu Enerji Elektrik Uretim AS(b)		34,034
				4,315,129
UNITED ARAB EMIRATES — 0.0%
	83,323	Dragon Oil Plc(b)		461,975
UNITED KINGDOM — 3.9%
	301,439	Aberdeen Asset Management Plc		626,907
	25,242	Admiral Group Plc		403,314
	19,217	AEA Technology Plc(b)		10,112
	145,188	Aegis Group Plc		200,087
	20,918	Aga Rangemaster Group Plc		45,076
	63,284	Aggreko Plc		578,250
	77,170	AMEC Plc		908,807
	181,365	Amlin Plc		1,005,833
	18,054	Anglo Pacific Group Plc		51,269
	111,165	Anite Plc		49,674
	196,439	Antisoma Plc(b)		95,982
	47,570	Antofagasta Plc		601,538
	57,224	Arena Leisure Plc		26,048
	13,785	Ark Therapeutics Group Plc(b)		11,053
	205,131	ARM Holdings Plc		432,610
	71,935	Arriva Plc		521,212
	43,686	Ashmore Group Plc		153,613
	202,932	Ashtead Group Plc		211,020
	23,379	Atkins (WS) Plc		248,380
	32,343	Autonomy Corp. Plc(b)		634,823
	10,641	Aveva Group Plc		143,624
	76,299	Avis Europe Plc(b)		36,962
	7,640	Axis-Shield Plc(b)		44,030
	47,470	Babcock International Group Plc		373,288
	84,720	Balfour Beatty Plc		432,700
	2,496	Barr (A.G.) Plc		54,203
	189,338	BBA Aviation Plc		427,769
	158,452	Beazley Plc		270,642
	53,791	Bellway Plc		660,437
	28,821	Berkeley Group Holdings Plc(b)		397,670
	11,301	Bloomsbury Publishing Plc		26,051
	7,949	BlueBay Asset Management Plc		32,134
	85,944	Bodycote Plc		204,940
	20,611	Boot (Henry) Plc		25,306
	59,587	Bovis Homes Group Plc		459,862
	52,487	Brewin Dolphin Holdings Plc		121,214

Shares			Value
UNITED KINGDOM (continued)
	144,032	Brit Insurance Holdings Plc	$	502,250
	260,207	British Airways Plc(b)		618,961
	61,680	British Land Co. Plc		448,196
	17,076	Britvic Plc		97,269
	32,163	Brixton Plc		25,252
	43,750	BSS Group Plc		189,649
	27,579	BTG Plc(b)		82,579
	66,483	Bunzl Plc		575,274
	91,462	Burberry Group Plc		702,802
	4,396	Business Post Group Plc		20,194
	570,434	Cable & Wireless Plc		1,374,058
	31,940	Cairn Energy Plc(b)		1,278,368
	61,273	Capita Group Plc (The)		683,211
	15,999	Care U.K. Plc		84,453
	154,383	Carillion Plc		671,158
	8,224	Carpetright Plc		87,991
	189,902	Carphone Warehouse Group Plc		569,414
	20,799	Centaur Media Plc		13,376
	7,437	Charles Stanley Group Plc		29,940
	5,241	Charles Taylor Consulting Plc		16,284
	65,079	Charter International Plc		608,784
	4,667	Chemring Group Plc		158,025
	21,874	Chesnara Plc		56,636
	8,296	Chime Communications Plc		16,630
	38,662	Chloride Group Plc		91,869
	4,522	Chrysalis Group Plc(b)		4,513
	4,407	Clarkson Plc		46,857
	48,318	Close Brothers Group Plc		558,130
	232,077	Cobham Plc		694,324
	57,075	Collins Stewart Plc		72,459
	162,667	Colt Telecom Group SA(b)		302,297
	27,294	Communisis Plc		7,637
	60,264	Computacenter Plc		221,470
	4,293	Consort Medical Plc		27,609
	50,477	Cookson Group Plc		262,444
	5,973	Corin Group Plc		6,585
	121,107	Costain Group Plc		55,633
	7,117	Cranswick Plc		70,737
	34,340	Croda International Plc		331,560
	69,543	CSR Plc(b)		496,039
	62,834	Daily Mail & General Trust Plc - Class A		314,884
	52,160	Dairy Crest Group Plc		286,878
	32,414	Dana Petroleum Plc(b)		743,425
	67,881	Davis Service Group Plc		381,848
	34,789	De La Rue Plc		483,794
	95,191	Debenhams Plc		141,123
	5,612	Dechra Pharmaceuticals Plc		40,779
	21,260	Delta Plc		44,392
	7,620	Development Securities Plc		36,405
	4,689	Development Securities- RFD(b)(d)		22,402
	51,874	Devro Plc		89,253
	6,246	Dignity Plc		63,750

47

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

Shares			Value
UNITED KINGDOM (continued)
	337,610	Dimension Data Holdings Plc(e)	$	339,787
	46,143	Diploma Plc		105,214
	20,795	Domino Printing Sciences Plc		84,064
	71,675	Drax Group Plc		479,218
	171,456	DS Smith Plc		214,807
	612,103	DSG International Plc		281,185
	2,787	Dunelm Group Plc		13,012
	13,810	eaga Plc		28,663
	86,389	easyJet Plc(b)		436,173
	95,033	Electrocomponents Plc		235,741
	107,465	Elementis Plc		56,547
	4,883	Emerald Energy Plc(b)		50,939
	81,064	Ennstone Plc(b)(c)(d)		0
	14,750	Erinaceous Group Plc(b)(c)		407
	13,642	Euromoney Institutional Investor Plc		51,957
	76,105	Evolution Group Plc		169,718
	219,254	F&C Asset Management Plc		269,196
	23,644	Fenner Plc		38,311
	4,749	Fidessa Group Plc		95,830
	65,866	Filtrona Plc		142,209
	11,172	Filtronic Plc(b)		6,159
	20,335	Findel Plc		11,974
	117,373	Firstgroup Plc		649,959
	13,270	Forth Ports Plc		218,344
	312,657	Fortune Oil Plc(b)		35,619
	8,125	French Connection Group Plc		6,040
	1,160,531	Friends Provident Group Plc		1,359,937
	4,872	Fuller Smith & Turner		37,030
	58,668	Future Plc		18,375
	267,605	G4S Plc		954,391
	145,122	Galiform Plc(b)		135,755
	111,059	Galliford Try Plc		102,035
	85,424	Game Group Plc		209,764
	5,558	Games Workshop Group Plc(b)		26,832
	3,194	Gem Diamonds Ltd.(b)		10,497
	18,694	Genus Plc		159,885
	764,379	GKN Plc		1,311,973
	10,109	Go-Ahead Group Plc		202,977
	41,729	Great Portland Estates Plc		162,067
	44,800	Greene King Plc		316,370
	25,690	Greggs Plc		168,974
	26,494	Halfords Group Plc		154,014
	108,988	Halma Plc		347,733
	47,342	Hammerson Plc		272,637
	47,783	Hampson Industries Plc		50,286
	4,000	Hansard Global Plc		9,522
	6,039	Hardy Underwriting Bermuda Ltd.		27,489
	29,508	Hargreaves Lansdown Plc		106,593
	230,596	Hays Plc		366,903
	32,078	Headlam Group Plc		138,249
	37,784	Helical Bar Plc		214,596
	38,760	Helphire Plc		23,956
	148,870	Henderson Group Plc		261,736

Shares			Value
UNITED KINGDOM (continued)
	21,064	Heritage Oil Ltd.(b)	$	191,766
	47,848	Hikma Pharmaceuticals Plc		347,486
	19,720	Hill & Smith Holdings Plc		79,059
	100,708	HMV Group Plc		183,368
	11,931	Holidaybreak Plc		51,818
	127,613	Home Retail Group Plc		669,359
	17,525	Homeserve Plc		402,820
	43,818	Hunting Plc		305,959
	42,351	Huntsworth Plc		41,386
	3,867	Hyder Consulting Plc		9,722
	137,333	ICAP Plc		1,041,514
	65,926	IG Group Holdings Plc		331,480
	37,129	Imagination Technologies Group Plc(b)		103,732
	76,689	IMI Plc		435,558
	88,830	Informa Plc		355,756
	59,469	Inmarsat Plc		550,345
	700	Innospec, Inc.		8,358
	235,472	Innovation Group Plc		42,285
	41,344	Intercontinental Hotels Group Plc		468,939
	16,587	Intermediate Capital Group Plc		54,446
	81,006	International Personal Finance Plc		181,324
	706,957	International Power Plc		3,014,345
	32,592	Interserve Plc		106,709
	28,289	Intertek Group Plc		490,984
	119,679	Invensys Plc		515,789
	167,837	Investec Plc		1,132,670
	43,218	IP Group Plc(b)		28,877
	34,860	ITE Group Plc		56,194
	1,090,131	ITV Plc		732,958
	8,493	James Fisher & Sons Plc		59,941
	31,692	Jardine Lloyd Thompson Group Plc		229,230
	34,145	JKX Oil & Gas Plc		131,187
	10,464	John Menzies Plc		31,289
	147,668	John Wood Group Plc		658,615
	48,515	Johnson Matthey Plc		1,147,555
	128,522	Johnston Press Plc(b)		32,740
	104,661	Kazakhmys Plc		1,497,430
	164,431	KCOM Group Plc		78,969
	21,667	Keller Group Plc		231,640
	112,412	Kesa Electricals Plc		244,582
	8,554	Kier Group Plc		130,030
	1,062,773	Kingfisher Plc		3,776,977
	9,766	Kofax Plc		23,859
	100,829	Ladbrokes Plc		295,595
	54,597	Laird Plc		158,919
	80,156	Land Securities Group Plc		715,009
	3,223	Lavendon Group Plc		7,753
	2,862,954	Legal & General Group Plc		3,082,276
	34,054	Liberty International Plc		248,021
	4,601	Liontrust Asset Management Plc		8,762
	238,679	Logica Plc		403,686

48

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

Shares			Value
UNITED KINGDOM (continued)
	59,079	London Stock Exchange Group Plc	$	702,663
	32,694	Lonmin Plc(b)		754,216
	61,554	Lookers Plc		56,039
	16,540	Low and Bonar Plc		8,841
	30,676	Luminar Group Holdings Plc		76,864
	3,333	M.J. Gleeson Group Plc(b)		3,925
	537,672	Man Group Plc		2,485,646
	234,589	Marks & Spencer Group Plc		1,354,890
	60,876	Marshalls Plc		99,148
	98,615	Marston’s Plc		152,789
	54,800	McBride Plc		133,650
	8,244	McKay Securities Plc		16,663
	332,487	Meggitt Plc		998,339
	216,890	Melrose Plc		417,556
	16,570	Melrose Resources Plc		83,869
	73,933	Michael Page International Plc		372,666
	21,967	Micro Focus International Plc		148,064
	77,003	Millennium & Copthorne Hotels Plc		359,521
	100,405	Misys Plc(b)		303,996
	112,220	Mitchells & Butlers Plc(b)		487,860
	64,668	Mitie Group Plc		256,019
	121,526	Mondi Plc		537,959
	125,036	Moneysupermarket.com Group Plc		150,906
	97,272	Morgan Crucible Co. Plc		209,204
	14,276	Morgan Sindall Plc		147,615
	35,474	Mothercare Plc		314,066
	16,232	Mouchel Group Plc		43,113
	15,625	MWB Group Holdings Plc(b)		13,572
	46,851	N Brown Group Plc		181,569
	28,575	National Express Group Plc		161,219
	18,906	Nestor Healthcare Group Plc		8,685
	26,838	Next Plc		764,379
	125,910	Northern Foods Plc		129,351
	28,036	Northgate Plc		5,854
	77,366	Northumbrian Water Group Plc		301,767
	18,509	Novae Group Plc		91,518
	2,472,362	Old Mutual Plc		3,957,332
	65,932	Oxford Biomedica Plc(b)		11,840
	37,301	Pace Plc		134,433
	12,081	Partygaming Plc(b)		51,663
	5,299	PayPoint Plc		43,373
	113,258	Pendragon Plc		74,258
	50,819	Pennon Group Plc		387,526
	149,754	Persimmon Plc		1,126,332
	5,675	Peter Hambro Mining Plc		61,951
	25,129	Petrofac Ltd.		315,036
	6,142	Phoenix IT Group Ltd.		22,315
	56,972	Photo-Me International Plc(b)		20,461
	73,007	Premier Farnell Plc		174,700
	954,316	Premier Foods Plc(b)		617,729
	19,340	Premier Oil Plc(b)		399,632
	19,473	Provident Financial Plc		262,507
	39,282	Psion Plc		43,636

Shares			Value
UNITED KINGDOM (continued)
	44,756	Punch Taverns Plc(b)	$	78,501
	96,853	PV Crystalox Solar Plc		131,858
	61,900	PZ Cussons Plc		248,162
	246,845	QinetiQ Group Plc		556,663
	53,253	Rank Group Plc(b)		69,164
	11,661	Rathbone Brothers Plc		146,094
	3,513	REA Holdings Plc		24,559
	78,802	Redrow Plc(b)		252,081
	6,462	Renishaw Plc		43,718
	2,330	Rensburg Sheppards Plc		20,628
	235,480	Rentokil Initial Plc		381,558
	28,774	Restaurant Group Plc		76,785
	298,762	Rexam Plc		1,177,800
	7,755	Ricardo Plc		29,212
	13,819	RM Plc		38,089
	17,399	Robert Walters Plc		43,596
	15,157	Robert Wiseman Dairies Plc		103,808
	22,720	ROK Plc		18,976
	20,874	Rotork Plc		310,857
	23,225	RPC Group Plc		86,516
	66,067	RPS Group Plc		210,515
	500,812	RSA Insurance Group Plc		1,059,114
	476,620	Sage Group Plc (The)		1,555,719
	32,786	Salamander Energy Plc(b)		109,261
	52,690	Savills Plc		294,194
	49,362	Schroders Plc		806,016
	20,496	Schroders Plc - Non Voting		284,857
	8,480	Scott Wilson Group Plc		8,924
	24,501	SDL Plc(b)		146,521
	40,108	Segro Plc		184,914
	140,739	Senior Plc		94,627
	98,945	Serco Group Plc		666,917
	34,228	Severfield-Rowen Plc		100,773
	34,311	Severn Trent Plc		555,095
	54,091	Shaftesbury Plc		298,628
	92,026	Shanks Group Plc		118,368
	1,332	Shire Plc		19,758
	75,517	SIG Plc		153,585
	120,346	Smith & Nephew Plc		955,909
	53,086	Smiths Group Plc		638,479
	37,047	Smiths News Plc		71,168
	18,921	Soco International Plc(b)		409,938
	49,871	Southern Cross Healthcare Ltd.(b)		112,256
	41,569	Spectris Plc		386,776
	20,664	Speedy Hire Plc		12,081
	16,818	Spirax-Sarco Engineering Plc		257,900
	170,913	Spirent Communications Plc		199,851
	94,269	Sports Direct International Plc		138,575
	54,276	SSL International Plc		512,713
	7,688	St. Ives Group Plc		6,004
	83,826	St. James’s Place Plc		254,150
	30,996	St. Modwen Properties Plc		104,979
	72,211	Stagecoach Group Plc		163,447
	785,950	Standard Life Plc		2,596,901
	13,168	Sthree Plc		46,963

49

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

Shares			Value
UNITED KINGDOM (continued)
	2,744	STV Group Plc(b)	$	2,888
	25,800	Subsea 7, Inc.(b)		298,936
	171,109	Tate & Lyle Plc		1,051,138
	5,162	Ted Baker Plc		32,250
	6,061	Telecity Group Plc(b)		34,120
	11,245	Telecom Plus Plc		52,784
	209,323	Thomas Cook Group Plc		758,771
	358,045	Tomkins Plc		1,058,632
	35,892	Topps Tiles Plc(b)		51,112
	11,051	Town Centre Securities Plc		20,952
	28,434	Travis Perkins Plc		386,868
	33,611	Trinity Mirror Plc		45,899
	35,484	TT electronics Plc		24,302
	88,666	TUI Travel Plc		336,215
	38,584	Tullett Prebon Plc		228,807
	15,928	Tullow Oil Plc		263,010
	30,335	UK Coal Plc(b)		59,541
	16,341	Ultra Electronics Holdings		311,184
	10,108	Umeco Plc		34,276
	34,288	United Business Media Ltd.		242,996
	99,107	United Utilities Group Plc		746,233
	7,888	UTV Media Plc		8,367
	49,708	Vectura Group Plc(b)		64,767
	55,280	Vedanta Resources Plc		1,628,924
	23,332	Venture Production Plc		325,441
	22,798	Victrex Plc		248,301
	6,702	Vitec Group Plc (The)		31,347
	36,133	VT Group Plc		283,685
	78,552	Weir Group Plc (The)		717,103
	10,904	Wellstream Holdings Plc		99,179
	43,403	Wetherspoon (J.D.) Plc		327,712
	33,542	WH Smith Plc		238,409
	69,159	Whitbread Plc		999,885
	107,332	William Hill Plc		329,003
	247,000	Willis Group Holdings Ltd.		6,155,240
	14,285	Wilmington Group Plc		28,396
	19,577	Wincanton Plc		61,154
	54,494	Wolfson Microelectronics Plc(b)		114,925
	24,930	Wolseley Plc(b)		557,618
	339,266	Woolworths Group Plc(b)(c)(d)		0
	9,671	WSP Group Plc		44,265
	10,220	Xaar Plc		16,603
	65,077	Xchanging Plc		208,719
	108,254	Yell Group Plc(b)		55,606
	30,967	Yule Catto & Co. Plc		59,488
				117,695,287
UNITED STATES — 43.0%
	9,211	1-800-FLOWERS.COM, Inc. - Class A(b)		22,115
	11,450	1st Source Corp.		189,040
	76,715	3Com Corp.(b)		289,216
	3,800	3D Systems Corp.(b)		27,398
	6,529	4Kids Entertainment, Inc.(b)		11,426
	11,400	99 Cents Only Stores(b)		167,010
	2,900	A.M. Castle & Co.		30,595

Shares			Value
UNITED STATES (continued)
	3,500	A.O. Smith Corp.	$	136,640
	3,422	AAON, Inc.		67,105
	7,600	AAR Corp.(b)		145,388
	7,100	Aaron’s, Inc.		195,037
	700	Abaxis, Inc.(b)		18,739
	2,600	Abercrombie & Fitch Co. - Class A		74,334
	8,900	Abington Bancorp, Inc.		72,802
	10,300	Abiomed, Inc.(b)		77,765
	390,000	ABM Industries, Inc.		8,217,300
	3,800	Abraxas Petroleum Corp.(b)		3,648
	10,020	AC Moore Arts & Crafts, Inc.(b)		36,172
	5,700	Acacia Research-Acacia Technologies(b)		44,802
	8,444	Acadia Pharmaceuticals, Inc.(b)		34,367
	4,279	Acadia Realty Trust		58,622
	1,814	Accelrys, Inc.(b)		10,884
	7,800	ACCO Brands Corp.(b)		34,086
	10,000	Accuride Corp.(b)		3,700
	200	Aceto Corp.		1,406
	3,200	ACI Worldwide, Inc.(b)		48,224
	400	Acorda Therapeutics, Inc.(b)		10,104
	5,946	Actel Corp.(b)		66,238
	9,100	ActivIdentity Corp.(b)		22,932
	190,000	Activision Blizzard, Inc.(b)		2,175,500
	6,800	Actuant Corp. - Class A		87,312
	9,350	Actuate Corp.(b)		48,900
	1,000	Acuity Brands, Inc.		29,510
	1,000	Acxiom Corp.		9,650
	58,880	Adaptec, Inc.(b)		156,621
	17,100	ADC Telecommunications, Inc.(b)		124,488
	111,500	Administaff, Inc.		2,794,190
	107,000	Adobe Systems, Inc.(b)		3,468,940
	12,705	Adolor Corp.(b)		22,615
	11,500	Adtran, Inc.		277,840
	730	Advance America Cash Advance Centers, Inc.		4,030
	593,107	Advance Auto Parts, Inc.		27,419,337
	16,100	Advanced Analogic Technologies, Inc.(b)		77,602
	7,300	Advanced Energy Industries, Inc.(b)		87,819
	1,965	Advanta Corp. - Class A		688
	2,000	Advanta Corp. - Class B		660
	2,500	Advent Software, Inc.(b)		91,125
	17,260	ADVENTRX Pharmaceuticals, Inc.(b)		2,244
	1,500	Advisory Board Co. (The)(b)		38,370
	1,200	AEP Industries, Inc.(b)		38,292
	6,900	Aeropostale, Inc.(b)		251,160
	2,800	AFC Enterprises(b)		20,804
	600	Affiliated Managers Group, Inc.(b)		39,612
	1,800	Affymetrix, Inc.(b)		15,912
	4,000	Agilysys, Inc.		18,840

50

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

Shares			Value
UNITED STATES (continued)
	672	Agree Realty Corp.	$	13,117
	2,800	Air Methods Corp.(b)		82,348
	300	Aircastle Ltd.		2,178
	16,229	Airtran Holdings, Inc.(b)		117,498
	900	Airvana, Inc.(b)		5,589
	6,300	AK Steel Holding Corp.		123,921
	5,751	Akorn, Inc.(b)		7,764
	1,000	Alamo Group, Inc.		13,830
	7,600	Alaska Air Group, Inc.(b)		175,256
	8,500	Alaska Communications Systems Group, Inc.		62,985
	3,400	Albany International Corp. - Class A		46,716
	17,293	Albany Molecular Research, Inc.(b)		164,802
	305,500	Alberto-Culver Co.		7,826,910
	1,300	Alexander & Baldwin, Inc.		37,986
	400	Alexandria Real Estate Equities, Inc.		15,244
	7,000	Alexza Pharmaceuticals, Inc.(b)		18,480
	1,642	Alico, Inc.		51,953
	4,400	Align Technology, Inc.(b)		48,004
	7,629	Alkermes, Inc.(b)		78,731
	28,900	Alleghany Corp.(b)		7,817,450
	46,000	Allergan, Inc.		2,457,780
	2,600	Allete, Inc.		83,148
	9,900	Alliance HealthCare Services, Inc.(b)		48,807
	29,100	Alliance One International, Inc.(b)		120,474
	1,900	Allion Healthcare, Inc.(b)		14,060
	8,408	Allis-Chalmers Energy, Inc.(b)		19,338
	21,600	Allos Therapeutics, Inc.(b)		174,312
	6,556	Allscripts-Misys Healthcare Solutions, Inc.		112,960
	2,700	Alnylam Pharmaceuticals, Inc.(b)		62,829
	5,825	Alon USA Energy, Inc.		58,425
	3,900	Alpha Natural Resources, Inc.(b)		129,909
	12,326	Alphatec Holdings, Inc.(b)		46,099
	400	Altra Holdings, Inc.(b)		3,516
	2,700	AMAG Pharmaceuticals, Inc.(b)		122,607
	3,470	Ambassadors Group, Inc.		53,750
	4,100	AMCOL International Corp.		77,121
	4,476	Amcore Financial, Inc.		4,073
	4,000	Amedisys, Inc.(b)		178,840
	2,700	Amerco, Inc.(b)		121,176
	5,000	American Axle & Manaufacturing Holdings, Inc.		11,000
	8,206	American Campus Communities, Inc.		188,164
	2,600	American Capital Ltd.		9,386
	200	American Commercial Lines, Inc.(b)		3,124

Shares			Value
UNITED STATES (continued)
	3,399	American Dental Partners, Inc.(b)	$	44,493
	800	American Eagle Outfitters, Inc.		11,512
	3,500	American Ecology Corp.		57,155
	11,600	American Equity Investment Life Holding Co.		83,984
	2,900	American Financial Group, Inc.		70,731
	6,700	American Greetings Corp. - Class A		105,659
	342	American Italian Pasta Co. - Class A(b)		10,759
	334,531	American Medical Systems Holdings, Inc.(b)		5,114,979
	300	American National Insurance Co.		23,715
	10,500	American Oil & Gas, Inc.(b)		12,810
	2,757	American Physicians Capital, Inc.		122,659
	200	American Public Education, Inc.(b)		7,074
	600	American Railcar Industries, Inc.		4,974
	3,100	American Science & Engineering, Inc.		216,225
	1,800	American Software, Inc. - Class A		11,538
	3,500	American States Water Co.		127,225
	5,802	American Superconductor Corp.(b)		186,650
	5,300	American Vanguard Corp.		45,898
	4,400	American Woodmark Corp.		103,136
	1,824	America’s Car-Mart, Inc.(b)		39,891
	1,600	AmeriCredit Corp.(b)		25,104
	8,100	AMERIGROUP Corp.(b)		199,908
	1,933	Ameris Bancorp		12,526
	6,900	Amerisafe, Inc.(b)		114,747
	6,300	Ameristar Casinos, Inc.		117,747
	800	Ameron International Corp.		59,616
	80,000	Ametek, Inc.		2,588,800
	6,875	AMICAS, Inc.(b)		20,212
	29,300	Amkor Technology, Inc.(b)		183,418
	5,500	AMN Healthcare Services, Inc.(b)		40,040
	2,100	Ampco-Pittsburgh Corp.		47,733
	2,100	Amrep Corp.(b)		26,439
	3,396	Amsurg Corp.(b)		70,026
	1,500	Amtrust Financial Services, Inc.		18,330
	1,200	Amylin Pharmaceuticals, Inc.(b)		17,652
	9,600	Anadigics, Inc.(b)		39,744
	1,800	Analogic Corp.		68,238
	7,272	Anaren, Inc.(b)		130,751
	4,076	Anchor Bancorp Wisconsin, Inc.		5,543
	2,100	Andersons, Inc. (The)		67,662
	6,500	Angiodynamics, Inc.(b)		81,120
	900	Anika Therapeutics, Inc.(b)		5,220
	900	Anixter International, Inc.(b)		30,798

51

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

Shares			Value
UNITED STATES (continued)
	8,600	Ann Taylor Stores Corp.(b)	$	103,802
	1,769	Ansys, Inc.(b)		55,299
	500	APAC Customer Services, Inc.(b)		2,490
	1,200	Apartment Investment & Management Co. - Class A		11,256
	5,300	Apogee Enterprises, Inc.		77,274
	39,000	Apollo Gold Corp.(b)		17,016
	5,300	Applied Industrial Technologies, Inc.		117,236
	13,950	Applied Micro Circuits Corp.(b)		120,668
	200	Applied Signal Technology, Inc.		5,000
	365,900	Aptargroup, Inc.		12,777,228
	2,600	Arbitron, Inc.		42,328
	57	ARCA Biopharma, Inc.(b)		217
	4,000	Arch Chemicals, Inc.		106,200
	6,057	Arctic Cat, Inc.		37,311
	11,300	Arena Pharmaceuticals, Inc.(b)		57,630
	3,400	Arena Resources, Inc.(b)		110,942
	200	Argan, Inc.(b)		2,960
	6,253	Argon ST, Inc.(b)		119,495
	4,000	Ariad Pharmaceuticals, Inc.(b)		7,720
	14,817	Ariba, Inc.(b)		155,727
	4,700	Arkansas Best Corp.		133,856
	600	Armstrong World Industries, Inc.(b)		14,760
	3,200	Arqule, Inc.(b)		19,584
	7,728	Array Biopharma, Inc.(b)		29,366
	20,468	Arris Group, Inc.(b)		249,300
	1,500	Arrow Electronics, Inc.(b)		38,655
	200	Arrow Financial Corp.		5,606
	3,443	Arthrocare Corp.(b)		46,480
	201,300	Arthur J. Gallagher & Co.		4,609,770
	10,772	ArvinMeritor, Inc.		77,989
	6,700	Asbury Automotive Group, Inc.(b)		93,733
	2,827	Ashland, Inc.		93,687
	2,963	ASML Holding NV		77,579
	1,145,625	ASML Holding NV ADR		29,797,706
	1,691	Aspect Medical Systems, Inc.(b)		10,586
	8,600	Aspen Technology, Inc.(b)		85,140
	10,700	Asset Acceptance Capital Corp.(b)		82,818
	2,520	Assisted Living Concepts, Inc.(b)		36,288
	900	Associated Banc-Corp.		9,756
	1,300	Associated Estates Realty Corp.		7,722
	1,320	Asta Funding, Inc.		8,461
	2,900	Astec Industries, Inc.(b)		78,474
	10,900	ATC Technology Corp.(b)		228,028
	65,300	athenahealth, Inc.(b)		2,412,182
	600	Atherogenics, Inc.(b)(c)		12
	7,900	Atheros Communications, Inc.(b)		197,500
	1,200	Atlantic Coast Federal Corp.		2,256

Shares			Value
UNITED STATES (continued)
	2,700	Atlas Air Worldwide Holdings, Inc.(b)	$	67,392
	2,934	Atlas America, Inc.		59,003
	91,800	Atmel Corp.(b)		382,806
	3,163	ATMI, Inc.(b)		57,535
	3,400	ATP Oil & Gas Corp.(b)		26,350
	1,000	Atwood Oceanics, Inc.(b)		28,840
	5,307	Audiovox Corp. - Class A(b)		41,872
	110,000	Autodesk, Inc.(b)		2,399,100
	1,554	AutoNation, Inc.(b)		32,137
	4,300	Auxilium Pharmaceuticals, Inc.(b)		132,999
	300	Avery Dennison Corp.		8,019
	4,900	Avid Technology, Inc.(b)		60,025
	500	Avis Budget Group, Inc.(b)		4,275
	5,900	Avista Corp.		109,268
	2,500	Avocent Corp.(b)		38,775
	240,000	Avon Products, Inc.		7,771,200
	4,200	AVX Corp.		46,158
	9,900	Axcelis Technologies, Inc.(b)		5,445
	2,150	Axsys Technologies, Inc.(b)		115,390
	1,300	AZZ, Inc.(b)		50,375
	900	B&G Foods, Inc. - Class A		7,515
	2,000	Badger Meter, Inc.		73,700
	3,466	Balchem Corp.		96,182
	6,200	Baldor Electric Co.		159,712
	891	Baldwin & Lyons, Inc. - Class B		19,308
	7,732	Bally Technologies, Inc.(b)		279,976
	2,600	BancFirst Corp.		93,158
	1,900	Bancorp, Inc. (The)(b)		13,661
	11,900	BancorpSouth, Inc.		267,750
	10,697	Bank Mutual Corp.		105,258
	300	Bank of Florida Corp.(b)		1,017
	700	Bank of Hawaii Corp.		26,859
	2,900	Bank of The Ozarks, Inc.		73,312
	740	BankAtlantic Bancorp, Inc. - Class A		3,108
	5,200	BankFinancial Corp.		55,380
	3,086	Bankrate, Inc.(b)		88,568
	1,900	Banner Corp.		7,619
	50,000	Bard (C.R.), Inc.		3,678,500
	250,800	Bare Escentuals, Inc.(b)		2,222,088
	1,400	Barnes & Noble, Inc.		32,242
	7,000	Barnes Group, Inc.		98,490
	1,106	Barrett Business Sevices, Inc.		11,038
	6,550	Basic Energy Services, Inc.(b)		44,212
	500	Bassett Furniture Industries, Inc.		1,250
	1,600	BE Aerospace, Inc.(b)		25,856
	16,100	Beacon Roofing Supply, Inc.(b)		269,997
	366	BearingPoint, Inc.(b)		53
	900	Beasley Broadcasting Group, Inc. - Class A		2,619
	10,900	Bebe Stores, Inc.		79,243
	63,000	Beckman Coulter, Inc.		3,968,370
	126	Bel Fuse, Inc. - Class A		1,991

52

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

Shares			Value
UNITED STATES (continued)
	1,900	Bel Fuse, Inc. - Class B	$	34,922
	7,226	Belden, Inc.		126,744
	5,616	Bell Microproducts, Inc.(b)		8,817
	300	Bemis Co., Inc.		7,896
	8,550	Benchmark Electronics, Inc.(b)		135,090
	2,100	Beneficial Mutual Bancorp, Inc.(b)		18,753
	3,800	Berkshire Hills Bancorp, Inc.		86,868
	5,600	Berry Petroleum Co. - Class A		132,832
	3,100	Beverly Hills Bancorp, Inc.(b)		37
	4,700	BFC Financial Corp. - Class A(b)		1,645
	7,800	BGC Partners, Inc. - Class A		35,646
	2,100	Big 5 Sporting Goods Corp.		27,300
	800	Big Lots, Inc.(b)		18,432
	7,000	Bill Barrett Corp.(b)		221,130
	7,614	BioCryst Pharmaceuticals, Inc.(b)		70,049
	600	Biodel, Inc.(b)		2,958
	13,300	BioMarin Pharmaceutical, Inc.(b)		218,253
	6,700	BioMed Realty Trust, Inc.		78,256
	3,966	BioMimetic Therapeutics, Inc.(b)		41,127
	125,000	Bio-Rad Laboratories, Inc. - Class A(b)		9,680,000
	2,600	Bio-Reference Labs, Inc.(b)		83,356
	19,100	BioScrip, Inc.(b)		112,881
	5,700	BJ’s Restaurants, Inc.(b)		91,656
	8,300	BJ’s Wholesale Club, Inc.(b)		276,805
	900	Black & Decker Corp.		33,840
	2,798	Black Box Corp.		76,861
	4,520	Black Hills Corp.		117,565
	111,900	Blackboard, Inc.(b)		3,801,243
	4,000	Blount International, Inc.(b)		37,200
	5,400	Blue Coat Systems, Inc.(b)		100,926
	500	Blue Nile, Inc.(b)		23,115
	8,200	Bluegreen Corp.(b)		22,714
	775	Blyth, Inc.		32,883
	1,000	BMP Sunstone Corp.(b)		4,970
	3,850	Bob Evans Farms, Inc.		111,727
	453	Bok Financial Corp.		18,976
	1,500	Bolt Technology Corp.(b)		16,950
	2,600	Bon-Ton Stores, Inc. (The)		9,100
	1,900	Books-A-Million, Inc.		17,613
	600	Borders Group, Inc.(b)		2,382
	700	Boston Beer Co., Inc. - Class A(b)		21,833
	4,167	Boston Private Financial Holdings, Inc.		19,085
	6,800	Bottomline Technologies, Inc.(b)		69,564
	6,018	Bowne & Co., Inc.		48,323
	1,800	Boyd Gaming Corp.(b)		16,542
	75,900	Brady Corp. - Class A		2,232,219
	1,000	Brandywine Realty Trust REIT		8,180
	500	BRE Properties, Inc.		11,865

Shares			Value
UNITED STATES (continued)
	6,700	Briggs & Stratton Corp.	$	115,039
	16,700	Brigham Exploration Co.(b)		81,496
	10,930	Brightpoint, Inc.(b)		64,924
	900	Brinker International, Inc.		14,976
	400	Brink’s Co. (The)		10,860
	700	Brink’s Home Security Holdings, Inc.(b)		20,874
	4,000	Bristow Group, Inc.(b)		132,400
	700	Broadpoint Gleacher Securities Group, Inc.(b)		4,361
	9,600	Brocade Communications Systems, Inc.(b)		75,456
	6,400	Bronco Drilling Co., Inc.(b)		26,880
	3,100	Brookdale Senior Living, Inc.		33,201
	6,423	Brookline Bancorp, Inc.		74,828
	8,421	Brooks Automation, Inc.(b)		49,937
	170	Brown & Brown, Inc.		3,261
	7,746	Brown Shoe Co., Inc.		60,032
	72,000	Brown-Forman Corp. - Class B		3,164,400
	4,584	Bruker Corp.(b)		46,115
	2,700	Brunswick Corp.		19,386
	3,700	Brush Engineered Materials, Inc.(b)		78,921
	9,100	Buckeye Technologies, Inc.(b)		57,785
	3,075	Buckle, Inc. (The)		95,140
	1,200	Bucyrus International, Inc.		35,376
	200	Buffalo Wild Wings, Inc.(b)		8,070
	4,195	Builders FirstSource, Inc.(b)		24,583
	1,250	Burger King Holdings, Inc.		21,275
	400	Bway Holding Co.(b)		6,380
	8,400	Cabela’s, Inc.(b)		136,164
	1,200	Cabot Corp.		21,960
	2,500	Cabot Microelectronics Corp.(b)		84,800
	4,800	Cache, Inc.(b)		20,496
	3,900	CACI International, Inc. - Class A(b)		180,180
	2,200	Cadence Design Systems, Inc.(b)		12,980
	1,200	Cadiz, Inc.(b)		13,968
	19,122	Cal Dive International, Inc.(b)		170,759
	7,200	Calgon Carbon Corp.(b)		91,224
	5,700	California Pizza Kitchen, Inc.(b)		94,050
	2,400	California Water Service Group		90,888
	12,624	Caliper Life Sciences, Inc.(b)		21,335
	8,600	Callaway Golf Co.		54,782
	4,806	Callidus Software, Inc.(b)		12,255
	5,000	Callon Petroleum Co.(b)		8,400
	2,800	Cal-Maine Foods, Inc.		82,404
	1,700	Cambrex Corp.(b)		7,786
	900	Camden National Corp.		30,213
	500	Camden Property Trust REIT		14,755
	3,761	Candela Corp.(b)		4,212
	7,400	Cano Petroleum, Inc.(b)		5,254
	2,800	Cantel Medical Corp.(b)		43,344
	200	Capella Education Co.(b)		12,872

53

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

Shares			Value
UNITED STATES (continued)
	400	Capital City Bank Group, Inc.	$	6,384
	74	Capital Corp. of the West(b)		1
	4,500	Capital Senior Living Corp.(b)		22,140
	600	Capital Southwest Corp.		49,242
	4,700	Capitol Bancorp Ltd.		20,680
	200	Capitol Federal Financial		7,366
	5,800	Caraco Pharmaceutical Laboratories Ltd.(b)		18,154
	2,550	CARBO Ceramics, Inc.		106,310
	4,300	Cardiac Science Corp.(b)		17,114
	4,975	Cardinal Financial Corp.		38,755
	1,400	Career Education Corp.(b)		32,088
	1,500	Carlisle Cos., Inc.		46,995
	2,300	Carmax, Inc.(b)		37,099
	2,130	Carmike Cinemas, Inc.(b)		20,235
	1,100	Carpenter Technology Corp.		20,559
	1,200	Carrizo Oil & Gas, Inc.(b)		22,800
	8,500	Carter’s, Inc.(b)		240,890
	2,610	Cascade Corp.		63,814
	5,200	Casella Waste Systems, Inc. - Class A(b)		14,352
	8,784	Casey’s General Stores, Inc.		240,945
	4,400	Cash America International, Inc.		117,612
	6,826	Casual Male Retail Group, Inc.(b)		14,539
	2,800	Catalyst Health Solutions, Inc.(b)		72,184
	8,610	Cathay General Bancorp.		78,523
	8,350	Cato Corp. (The) - Class A		165,998
	543	Cavco Industries, Inc.(b)		18,587
	800	CB Richard Ellis Group, Inc. - Class A(b)		8,720
	2,200	Cbeyond, Inc.(b)		30,844
	16,600	CBIZ, Inc.(b)		108,564
	700	CBL & Associates Properties, Inc.		4,158
	4,600	CDI Corp.		58,420
	4,400	CEC Entertainment, Inc.(b)		128,348
	3,400	Cedar Shopping Centers, Inc.		18,054
	3,268	Celadon Group, Inc.(b)		30,229
	400	Celanese Corp. - Class A		10,280
	9,995	Celera Corp.(b)		59,970
	3,600	Cell Genesys, Inc.(b)		972
	6,300	Centene Corp.(b)		121,653
	8,143	Centennial Communications Corp.(b)		62,457
	901	Center Bancorp., Inc.		8,118
	2,700	Center Financial Corp.		8,883
	300	Centerstate Banks, Inc.		2,097
	6,250	Central European Distribution Corp.(b)		179,438
	3,600	Central Garden & Pet Co.(b)		44,136
	4,800	Central Garden & Pet Co. - Class A(b)		54,192
	10,500	Central Pacific Financial Corp.		22,785

Shares			Value
UNITED STATES (continued)
	2,400	Central Vermont Public Service Corp.	$	44,256
	1,000	Century Aluminum Co.(b)		8,380
	1,300	CenturyTel, Inc.		40,807
	10,300	Cenveo, Inc.(b)		49,749
	8,600	Cepheid, Inc.(b)		90,902
	5,000	Ceradyne, Inc.(b)		90,250
	32,000	Cerner Corp.(b)		2,082,560
	13,920	Cerus Corp.(b)		23,246
	4,300	Ceva, Inc.(b)		37,711
	2,358	CH Energy Group, Inc.		116,697
	11,200	Champion Enterprises, Inc.(b)		5,264
	1,700	Charles River Laboratories International, Inc.(b)		56,219
	4,355	Charlotte Russe Holding, Inc.(b)		65,369
	3,610	Charming Shoppes, Inc.(b)		17,436
	700	Chart Industries, Inc.(b)		13,482
	101,500	Chattem, Inc.(b)		6,361,005
	7,300	Checkpoint Systems, Inc.(b)		126,509
	8,500	Cheesecake Factory (The)(b)		164,645
	4,400	Chemed Corp.		194,040
	3,637	Chemical Financial Corp.		79,032
	3,700	Cheniere Energy, Inc.(b)		10,989
	1,800	Chesapeake Corp.(b)		23
	800	Chesapeake Utilities Corp.		26,520
	2,700	Chico’s FAS, Inc.(b)		30,969
	5,200	Children’s Place Retail Stores, Inc. (The)(b)		170,404
	200	Chipotle Mexican Grill, Inc. - Class B(b)		16,350
	1,100	Chiquita Brands International, Inc.(b)		13,475
	700	Choice Hotels International, Inc.		19,495
	2,580	Chordiant Software, Inc.(b)		10,139
	6,100	Christopher & Banks Corp.		48,312
	2,406	Churchill Down, Inc.		90,225
	8,576	Ciber, Inc.(b)		28,387
	4,085	Ciena Corp.(b)		45,589
	34,800	Cincinnati Bell, Inc.(b)		108,924
	3,500	Cinemark Holdings, Inc.		38,815
	2,600	CIRCOR International, Inc.		59,956
	13,500	Cirrus Logic, Inc.(b)		72,630
	800	Citi Trends, Inc.(b)		23,360
	700	Citizens First Bancorp, Inc.(b)		651
	5,621	Citizens Republic Bancorp, Inc.(b)		3,204
	10,827	Citizens, Inc.(b)		76,330
	948,254	Citrix Systems, Inc.(b)		33,757,842
	3,726	City Holding Co.		120,052
	1,200	City National Corp.		47,328
	7,300	CKE Restaurants, Inc.		64,605
	10,400	CKX, Inc.(b)		74,880
	252,500	CLARCOR, Inc.		8,360,275
	2,958	Clayton Williams Energy, Inc.(b)		57,030

54

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

Shares			Value
UNITED STATES (continued)
	800	Clean Energy Fuels Corp.(b)	$	7,392
	300	Clean Harbors, Inc.(b)		15,651
	6,400	Cleco Corp.		151,616
	5,200	Clifton Savings Bancorp, Inc.		56,108
	1,755	Clinical Data, Inc.(b)		25,992
	110,000	Clorox Co.		6,711,100
	11,400	CNA Surety Corp.(b)		179,208
	4,800	CoBiz Financial, Inc.		21,648
	3,380	Coeur D’alene Mines Corp.(b)		47,996
	2,600	Cogdell Spencer, Inc. REIT		11,648
	8,500	Cogent Communications Group, Inc.(b)		70,465
	1,400	Cogent, Inc.(b)		15,960
	5,800	Cognex Corp.		95,700
	3,900	Cohen & Steers, Inc.		71,253
	5,820	Coherent, Inc.(b)		114,188
	11,354	Cohu, Inc.		137,724
	3,400	Coinstar, Inc.(b)		112,982
	9,000	Coldwater Creek, Inc.(b)		66,060
	11,500	Collective Brands, Inc.(b)		183,080
	6,000	Colonial Properties Trust		47,880
	900	Columbia Bancorp(b)		1,692
	2,231	Columbia Banking System, Inc.		27,084
	4,600	Columbia Sportswear Co.		162,886
	4,600	Columbus McKinnon Corp.(b)		66,562
	19,400	Comfort Systems USA, Inc.		228,532
	600	Commerce Bancshares, Inc.		21,996
	3,800	Commercial Metals Co.		62,852
	4,500	Commercial Vehicle Group, Inc.(b)		9,045
	1,100	CommScope, Inc.(b)		28,160
	3,700	Community Bank System, Inc.		67,081
	2,300	Community Health Systems, Inc.(b)		65,136
	5,474	Community Trust Bancorp, Inc.		148,619
	10,500	Compass Diversified Holdings		94,500
	300	Compass Minerals International, Inc.		15,957
	3,500	Complete Production Services, Inc.(b)		28,910
	4,867	Compucredit Holdings Corp.(b)		14,552
	1,700	Computer Programs & Systems, Inc.		66,215
	3,700	Compuware Corp.(b)		27,121
	150,000	comScore, Inc.(b)		2,283,000
	154,300	Comstock Resources, Inc.(b)		5,940,550
	2,600	COMSYS IT Partners, Inc.(b)		18,200
	2,700	Comtech Telecommunications Corp.(b)		86,049
	4,898	Conceptus, Inc.(b)		82,237
	216,300	Concur Technologies, Inc.(b)		7,460,187
	1,150	Conexant Systems, Inc.(b)		1,725
	5,889	Conmed Corp.(b)		103,529
	400	Connecticut Water Service, Inc.		8,652
	4,801	Conn’s, Inc.(b)		60,541

Shares			Value
UNITED STATES (continued)
	1,116	Consolidated - Tomoka Land Co.	$	41,604
	10,216	Consolidated Communications Holdings, Inc.		129,028
	1,900	Consolidated Graphics, Inc.(b)		34,770
	120,000	Constant Contact, Inc.(b)		2,713,200
	600	Constellation Brands, Inc. - Class A(b)		8,196
	1,900	Contango Oil & Gas Co.(b)		88,141
	12,858	Continental Airlines, Inc. - Class B(b)		143,624
	3,000	Convergys Corp.(b)		32,130
	1,400	Cooper Cos., Inc. (The)		38,416
	8,500	Cooper Tire & Rubber Co.		125,460
	150,000	Copart, Inc.(b)		5,296,500
	2,300	Core-Mark Holding Co., Inc.(b)		61,778
	10,900	Corinthian Colleges, Inc.(b)		168,296
	1,900	Corn Products International, Inc.		53,200
	3,200	Cornell Cos., Inc.(b)		54,816
	300	Corporate Executive Board Co. (The)		5,634
	500	Corporate Office Properties Trust REIT		16,955
	6,500	Corrections Corp. of America(b)		112,190
	2,550	Corvel Corp.(b)		62,271
	77,000	CoStar Group, Inc.(b)		2,828,210
	1,118	Cousins Properties, Inc.		9,637
	120	Covance, Inc.(b)		6,618
	2,100	Coventry Health Care, Inc.(b)		48,300
	800	CPI International, Inc.(b)		7,640
	2,900	CRA International, Inc.(b)		78,097
	1,500	Cracker Barrel Old Country Store, Inc.		43,290
	900	Crane Co.		19,098
	900	Cray, Inc.(b)		7,308
	300	Credit Acceptance Corp.(b)		7,947
	300	Cree, Inc.(b)		9,618
	2,100	CROCS, Inc.(b)		7,182
	6,646	Cross Country Healthcare, Inc.(b)		55,494
	11,400	Crown Media Holdings, Inc. - Class A(b)		23,142
	4,000	CryoLife, Inc.(b)		20,320
	6,929	CSG Systems International, Inc.(b)		115,576
	1,500	CSS Industries, Inc.		34,800
	7,000	CTS Corp.		59,010
	3,100	Cubic Corp.		121,396
	8,700	Cubist Pharmaceuticals, Inc.(b)		172,869
	500	Cullen/Frost Bankers, Inc.		24,015
	827,646	Cummins, Inc.		35,597,054
	3,999	Cumulus Media, Inc. - Class A(b)		2,551
	7,400	CuraGen Corp.(b)		10,360
	1,380	Curis, Inc.(b)		1,932

55

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

	Shares		Value
UNITED STATES (continued)
	5,100	Curtiss-Wright Corp.	$	168,453
	1,000	Cutera, Inc.(b)		8,350
	12,001	CVB Financial Corp.		90,488
	100	CVR Energy, Inc.(b)		854
	300	Cyberonics, Inc.(b)		4,983
	14,874	Cybersource Corp.(b)		257,915
	5,842	Cymer, Inc.(b)		199,855
	1,300	Cynosure, Inc. - Class A(b)		12,558
	8,000	Cypress Bioscience, Inc.(b)		70,720
	2,100	Cypress Semiconductor Corp.(b)		22,302
	1,400	Cytec Industries, Inc.		35,140
	400	Cytokinetics, Inc.(b)		1,184
	8,174	Daktronics, Inc.		68,498
	400	Danvers Bancorp, Inc.		5,020
	8,200	Darling International, Inc.(b)		57,892
	1,800	Dawson Geophysical Co.(b)		54,738
	800	DCT Industrial Trust, Inc.		3,648
	2,300	DealerTrack Holdings, Inc.(b)		45,609
	200	Deckers Outdoor Corp.(b)		13,522
	15	Deerfield Capital Corp.		70
	610,700	Del Monte Foods Co.		5,899,362
	1,400	Delek US Holdings, Inc.		11,928
	3,806	dELiA*s, Inc.(b)		9,591
	7,050	Delphi Financial Group, Inc. - Class A		168,002
	2,110	Delta Financial Corp.(b)(c)(d)		0
	10,300	Delta Petroleum Corp.(b)		19,776
	510	Deltek, Inc.(b)		3,167
	2,500	Deltic Timber Corp.		112,425
	4,600	Deluxe Corp.		71,990
	9,488	Dendreon Corp.(b)		229,704
	4,283	Depomed, Inc.(b)		16,361
	1,438	Developers Diversified Realty Corp. REIT		8,067
	4,800	DexCom, Inc.(b)		31,008
	4,000	DG FastChannel, Inc.(b)		83,960
	3,100	Diamond Foods, Inc.		87,420
	7,900	DiamondRock Hospitality Co.		53,404
	1,300	Dick’s Sporting Goods, Inc.(b)		25,805
	900	Diebold, Inc.		24,948
	6,000	Digi International, Inc.(b)		61,260
	2,171	Digimarc Corp.(b)		30,177
	3	Digital Realty Trust, Inc.		122
	3,743	Digital River, Inc.(b)		132,315
	900	Dillard’s, Inc. - Class A		9,549
	5,600	Dime Community Bancshares.		67,424
	3,100	DineEquity, Inc.		76,601
	3,800	Diodes, Inc.(b)		70,148
	41,500	Dionex Corp.(b)		2,735,265
	2,400	Discovery Laboratories, Inc.(b)		1,152
	7,700	Ditech Networks, Inc.(b)		10,472
	2,723	Dixie Group, Inc.(b)		8,550
	400	Dolan Media Co.(b)		5,452
	600	Dollar Financial Corp.(b)		9,420

Shares			Value
UNITED STATES (continued)
	4,643	Dollar Thrifty Automotive Group(b)	$	76,842
	490,047	Dollar Tree, Inc.(b)		22,600,968
	6,900	Domino’s Pizza, Inc.(b)		56,718
	7,172	Donegal Group, Inc. - Class A		112,959
	400	Dorman Products, Inc.(b)		6,548
	6,438	Dot Hill Systems Corp.(b)		5,344
	1,300	Douglas Emmett, Inc. REIT		13,208
	2,800	Dover Downs Gaming & Entertainment, Inc.		15,316
	5,900	Dover Motorsports, Inc.		8,260
	1,500	DR Horton, Inc.		17,385
	1,200	Dreamworks Animation SKG, Inc. - Class A(b)		37,812
	12,400	Dress Barn, Inc.(b)		193,316
	1,086,857	Dresser-Rand Group, Inc.(b)		31,638,407
	4,500	Drew Industries, Inc.(b)		86,355
	8,200	Dril-Quip, Inc.(b)		346,778
	21,829	drugstore.com(b)		49,552
	14,000	DSP Group, Inc.(b)		121,940
	500	DST Systems, Inc.(b)		22,165
	1,400	DSW, Inc. - Class A(b)		18,886
	5,148	DTS, Inc.(b)		141,416
	3,845	Ducommun, Inc.		66,442
	600	Duke Realty Corp. REIT		5,694
	449,607	Dun & Bradstreet Corp.		32,367,208
	16,622	Durect Corp.(b)		38,231
	12,300	Dyax Corp.(b)		46,617
	8,330	Dycom Industries, Inc.(b)		106,041
	2,800	Dynamex, Inc.(b)		43,596
	1,700	Dynamic Materials Corp.		27,829
	400	DynCorp International, Inc. - Class A(b)		8,124
	1,500	Eagle Bulk Shipping, Inc.		8,625
	4,600	Eagle Materials, Inc.		125,580
	11,472	Earthlink, Inc.(b)		96,938
	100	Eastern Insurance Holdings, Inc.		954
	3,700	EastGroup Properties, Inc. REIT		128,464
	700	Ebix, Inc.(b)		29,036
	7,525	Echelon Corp.(b)		63,812
	1,200	EchoStar Corp. - Class A(b)		17,688
	3,201	Eclipsys Corp.(b)		58,258
	162,000	Ecolab, Inc.		6,724,620
	1,480	EDCI Holdings, Inc.(b)		8,436
	1,800	Edge Petroleum Corp.(b)		747
	5,000	Education Realty Trust, Inc. REIT		24,250
	200	eHealth, Inc.(b)		3,248
	600	Einstein Noah Restaurant Group, Inc.(b)		6,372
	6,600	El Paso Electric Co.(b)		99,726
	4,638	Electro Rent Corp.		44,154
	6,100	Electro Scientific Industries, Inc.(b)		79,910
	128,000	Electronic Arts, Inc.(b)		2,748,160

56

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

Shares			Value
UNITED STATES (continued)
	6,655	Electronics For Imaging, Inc.(b)	$	75,867
	7,800	Elixir Gaming Technologies, Inc.(b)		1,404
	6,696	Elizabeth Arden, Inc.(b)		64,282
	7,200	EMCOR Group, Inc.(b)		173,664
	11,472	Emcore Corp.(b)		14,455
	900	Emeritus Corp.(b)		10,485
	800	Emisphere Technologies, Inc.(b)		816
	2,300	Emmis Communications Corp. - Class A(b)		621
	4,700	Empire District Electric Co. (The)		86,245
	300	Employers Holdings, Inc.		4,176
	4,900	EMS Technologies, Inc.(b)		107,800
	11,500	Emulex Corp.(b)		104,995
	219,400	Encore Acquisition Co.(b)		7,810,640
	7,138	Encore Capital Group, Inc.(b)		88,226
	11,587	Encore Wire Corp.		251,322
	12,700	Endeavor International Corp.(b)		16,891
	2,600	Endo Pharmaceuticals Holdings, Inc.(b)		54,626
	12,700	Ener1, Inc.(b)		81,026
	5,863	Energy Conversion Devices, Inc.(b)		83,489
	1,400	EnergySolutions, Inc.		12,054
	200	EnerNOC, Inc.(b)		6,136
	8,600	EnerSys(b)		170,194
	5,948	ENGlobal Corp.(b)		28,848
	5,200	Ennis, Inc.		76,596
	3,501	EnPro Industries, Inc.(b)		62,388
	300	Ensign Group, Inc. (The)		4,806
	20,629	Entegris, Inc.(b)		76,946
	2,500	Entercom Communications Corp. - Class A		6,875
	2,688	Enterprise Financial Services Corp.		29,004
	5,000	Entertainment Properties Trust REIT		136,550
	5,384	Entorian Technologies, Inc.(b)		1,560
	9,100	Entravision Communications Corp. - Class A(b)		5,278
	9,400	Enzo Biochem, Inc.(b)		47,940
	4,900	Enzon Pharmaceuticals, Inc.(b)		39,837
	9,358	Epicor Software Corp.(b)		56,897
	10,095	EPIQ Systems, Inc.(b)		162,025
	200	Equinix, Inc.(b)		16,346
	3,800	Equity Lifestyle Properties, Inc. REIT		158,346
	900	Equity One, Inc.		13,545
	8,400	eResearch Technology, Inc.(b)		45,780
	480	Erie Indemnity Co. - Class A		17,976
	4,229	ESCO Technologies, Inc.(b)		173,770
	400	ESSA Bancorp, Inc.		5,388
	300	Essex Property Trust, Inc. REIT		19,503

Shares			Value
UNITED STATES (continued)
	124,000	Estee Lauder Cos., Inc. (The) - Class A	$	4,518,560
	5,529	Esterline Technologies Corp.(b)		157,189
	3,700	Ethan Allen Interiors, Inc.		47,101
	181,100	Euronet Worldwide, Inc.(b)		3,810,344
	184,177	ev3, Inc.(b)		2,259,852
	7,201	Evergreen Energy, Inc.(b)		6,481
	16,000	Evergreen Solar, Inc.(b)		33,600
	2,600	Exactech, Inc.(b)		37,050
	21,600	Exar Corp.(b)		151,848
	5,800	EXCO Resources, Inc.(b)		79,692
	14,780	Exelixis, Inc.(b)		79,073
	1,500	Exide Technologies(b)		7,305
	400	ExlService Holdings, Inc.(b)		5,192
	2,613	Exponent, Inc.(b)		67,442
	730	ExpressJet Holdings, Inc.(b)		1,000
	1,900	Exterran Holdings, Inc.(b)		33,041
	9,100	Extra Space Storage, Inc.		79,898
	28,831	Extreme Networks(b)		65,446
	700	F5 Networks, Inc.(b)		25,984
	110,200	Factset Research Systems, Inc.		6,248,340
	1,300	Fair Isaac Corp.		24,947
	3,700	Fairchild Semiconductor International, Inc.(b)		32,671
	2,100	Fairpoint Communications, Inc.		1,239
	8,500	FalconStor Software, Inc.(b)		45,475
	7,406	Farmer Bros. Co.		166,487
	148,300	FARO Technologies, Inc.(b)		2,624,910
	3,995	FBL Financial Group, Inc. - Class A		39,191
	100	Federal Agricultural Mortgage Corp. - Class A		400
	4,392	Federal Agricultural Mortgage Corp. - Class C		27,143
	7,400	Federal Signal Corp.		65,564
	900	Federated Investors, Inc. - Class B		23,337
	5,400	FEI Co.(b)		132,300
	2,700	FelCor Lodging Trust, Inc. REIT		6,345
	5,500	Ferro Corp.		27,335
	5,300	FiberTower Corp.(b)		2,438
	5,286	Financial Federal Corp.		107,200
	30,500	Finisar Corp.(b)		19,490
	8,591	Finish Line (The) - Class A		74,742
	10,276	First Acceptance Corp.(b)		26,923
	700	First American Corp.		20,685
	5,200	First Bancorp.		94,692
	2,700	First Busey Corp.		16,875
	5,286	First Cash Financial Services, Inc.(b)		99,377
	400	First Citizens BancShares, Inc. - Class A		56,812
	10,800	First Commonwealth Financial Corp.		72,036
	3,860	First Community Bancshares, Inc.		52,496
	13,100	First Financial Bancorp		113,184

57

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

Shares			Value
UNITED STATES (continued)
	2,400	First Financial Bankshares, Inc.	$	126,408
	4,458	First Financial Corp.		144,840
	4,269	First Financial Holdings, Inc.		61,132
	700	First Financial Northwest, Inc.		5,432
	4,300	First Industrial Realty Trust, Inc.		18,232
	3,192	First Merchants Corp.		25,249
	175,400	First Mercury Finanacial Corp.		2,534,530
	7,570	First Midwest Bancorp, Inc.		63,285
	14,700	First Niagara Financial Group, Inc.		193,305
	2,958	First Place Financial Corp.		8,194
	4,900	First Potomac Realty Trust REIT		45,913
	2,300	First Regional Bancorp(b)		2,208
	7,656	FirstMerit Corp.		143,014
	4,300	Fisher Communications, Inc.		79,593
	9,900	Five Star Quality Care, Inc.(b)		27,720
	800	Flagstar Bancorp, Inc.(b)		720
	4,800	Flanders Corp.(b)		30,672
	9,800	Fleetwood Enterprises, Inc.(b)		44
	2,800	Flotek Industries, Inc.(b)		5,264
	6,200	Flow International Corp.(b)		12,400
	6,000	Flowers Foods, Inc.		141,780
	5,205	Flushing Financial Corp.		55,225
	488,539	FMC Corp.		23,762,537
	13,581	FNB Corp.		105,389
	8,100	Foot Locker, Inc.		89,748
	600	Forest City Enterprises, Inc. - Class A		4,284
	900	Forest Oil Corp.(b)		15,165
	6,862	Formfactor, Inc.(b)		158,169
	4,500	Forrester Research, Inc.(b)		101,565
	82,000	Fortune Brands, Inc.		3,244,740
	101,800	Forward Air Corp.		2,354,634
	1,000	Fossil, Inc.(b)		26,340
	400	Foundation Coal Holdings, Inc.		14,372
	2,197	FPIC Insurance Group, Inc.(b)		75,467
	3,100	Franklin Bank Corp.(b)		26
	2,500	Franklin Electric Co., Inc.		81,000
	5,100	Fred’s, Inc. - Class A		68,748
	1,000	FreightCar America, Inc.		19,980
	1,700	Frontier Communications Corp.		11,900
	7,100	Frontier Financial Corp.		6,390
	2,600	Frontier Oil Corp.		36,140
	4,700	Fuel Systems Solutions, Inc.(b)		117,876
	11,300	FuelCell Energy, Inc.(b)		45,313
	9,100	Fulton Financial Corp.		61,516
	11,970	Furmanite Corp.(b)		54,464
	6,800	Furniture Brands International, Inc.		27,268
	6,000	FX Energy, Inc.(b)		23,940
	2,510	G&K Services, Inc. - Class A		57,027
	800	GAMCO Investors, Inc. - Class A		36,520
	7,700	Gardner Denver, Inc.(b)		224,763
	1,000	Gartner Group, Inc.(b)		17,100
	1,800	GATX Corp.		45,396

Shares			Value
UNITED STATES (continued)
	5,000	Gaylord Entertainment Co.(b)	$	71,350
	600	Genco Shipping & Trading Ltd.		14,346
	500	GenCorp, Inc.(b)		1,300
	1,400	General Cable Corp.(b)		54,278
	11,363	General Communication, Inc. - Class A(b)		77,837
	1,500	General Maritime Corp.		12,495
	9,100	General Moly, Inc.(b)		25,753
	3,800	Genesco, Inc.(b)		82,536
	3,700	Genesee & Wyoming, Inc. - Class A(b)		100,973
	9,000	Genomic Health, Inc.(b)		151,740
	200	Genoptix, Inc.(b)		6,262
	145,500	Gen-Probe, Inc.(b)		5,400,960
	1,800	GenTek, Inc.(b)		42,714
	2,100	Gentex Corp.		31,437
	13,824	Gentiva Health Services, Inc.(b)		294,175
	8,500	Genworth Financial, Inc. - Class A		58,650
	6,500	Geo Group, Inc. (The)(b)		116,870
	2,100	GeoEye, Inc.(b)		52,080
	2,500	GeoMet, Inc.(b)		3,100
	408	Georesources, Inc.(b)		4,272
	1,400	Gerber Scientific, Inc.(b)		4,382
	72,800	Gerdau Ameristeel Corp.		504,819
	17,291	Geron Corp.(b)		138,674
	600	GFI Group, Inc.		3,870
	7,600	Gibraltar Industries, Inc.		59,052
	3,200	G-III Apparel Group Ltd.(b)		38,688
	4,600	Glacier Bancorp, Inc.		71,622
	5,800	Glatfelter.		60,030
	2,900	Global Industries Ltd.(b)		19,807
	858,045	Global Payments, Inc.		36,295,304
	4,500	GMX Resources, Inc.(b)		52,335
	80,400	Golden Star Resources Ltd.(b)		197,781
	102,100	Goodrich Petroleum Corp.(b)		2,618,865
	1,493	Gorman-Rupp Co. (The)		33,339
	600	Graco, Inc.		14,844
	17,000	GrafTech International Ltd.(b)		233,410
	750	Graham Corp.		10,260
	5,600	Granite Construction, Inc.		189,728
	26,500	Graphic Packaging Holding Co.(b)		56,445
	7,400	Gray Television, Inc.		3,626
	100	Gray Television, Inc. - Class A		80
	6,500	Great Atlantic & Pacific Tea Co.(b)		37,505
	1,800	Great Lakes Dredge & Dock Corp.		10,422
	500	Great Plains Energy, Inc.		7,965
	1,800	Great Southern Bancorp, Inc.		37,800
	15,220	Great Wolf Resorts, Inc.(b)		41,094
	73,600	Greatbatch, Inc.(b)		1,622,144
	1,412	Green Bankshares, Inc.		8,401
	7,047	Green Mountain Coffee Roasters, Inc.(b)		496,391

58

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

Shares			Value
UNITED STATES (continued)
	8,000	Greenbrier Cos., Inc.	$	83,920
	2,500	Greenhill & Co., Inc.		188,300
	580	Greif, Inc. - Class A		29,771
	10,670	Griffon Corp.(b)		102,859
	5,300	Group 1 Automotive, Inc.		156,138
	5,100	GSI Commerce, Inc.(b)		93,024
	800	GSI Technology, Inc.(b)		3,168
	19,152	Guaranty Bancorp(b)		34,282
	400	Guess?, Inc.		11,628
	3,446	Gulf Island Fabrication, Inc.		49,967
	3,400	Gulfmark Offshore, Inc.(b)		108,766
	6,232	Gulfport Energy Corp.(b)		43,437
	1,900	Gymboree Corp.(b)		75,582
	1,100	H&E Equipment Services, Inc.(b)		11,704
	2,500	Haemonetics Corp.(b)		147,525
	307,288	Hain Celestial Group, Inc.(b)		5,104,054
	4,996	Hallmark Financial Services(b)		32,774
	10,200	Halozyme Therapeutics, Inc.(b)		72,012
	4,278	Hancock Holding Co.		172,788
	800	Hanesbrands, Inc.(b)		15,920
	800	Hanger Orthopedic Group, Inc.(b)		10,976
	4,768	Hanmi Financial Corp.(b)		8,392
	1,000	Hanover Insurance Group, Inc. (The)		39,310
	3,500	Hardinge, Inc.		13,790
	4,623	Harleysville Group, Inc.		143,405
	12,314	Harleysville National Corp.		67,481
	1,140	Harman International Industries, Inc.		28,135
	10,900	Harmonic, Inc.(b)		75,537
	11,100	Harris Interactive, Inc.(b)		4,772
	4,661	Harris Stratex Networks, Inc. - Class A(b)		32,347
	1,200	Harsco Corp.		33,012
	1,600	Harte-Hanks, Inc.		17,312
	13,098	Harvest Natural Resources, Inc.(b)		84,744
	2,600	Haverty Furniture Cos., Inc.		27,924
	6,230	Hawaiian Electric Industries, Inc.		111,330
	15,300	Hawaiian Holdings, Inc.(b)		97,767
	200	Haynes International, Inc.(b)		4,606
	9,600	HB Fuller Co.		193,536
	308,000	HCC Insurance Holdings, Inc.		7,730,800
	5,800	Headwaters, Inc.(b)		17,806
	2,700	Health Net, Inc.(b)		36,531
	379,300	Healthcare Realty Trust, Inc. REIT		7,362,213
	4,050	Healthcare Services Group, Inc.		75,614
	800	Healthsouth Corp.(b)		11,520
	7,208	HealthTronics, Inc.(b)		15,497
	193,400	Healthways, Inc.(b)		2,850,716
	16,533	Heartland Express, Inc.		254,608
	3,200	Heartland Payment Systems, Inc.		34,112

Shares			Value
UNITED STATES (continued)
	20,100	Hecla Mining Co.(b)	$	63,315
	1,300	Heico Corp.		48,009
	3,300	Heico Corp. - Class A		93,324
	3,600	Heidrick & Struggles International, Inc.		73,764
	800	Helix Energy Solutions Group, Inc.(b)		8,392
	667,750	Henry Schein, Inc.(b)		34,308,995
	2,100	Hercules Offshore, Inc.(b)		9,954
	4,505	Heritage Commerce Corp.		18,335
	3,300	Herman Miller, Inc.		54,813
	5,200	Hersha Hospitality Trust		14,040
	110,000	Hershey Co. (The)		4,394,500
	13,600	Hertz Global Holdings, Inc.(b)		128,384
	1,500	Hexcel Corp.(b)		15,315
	300	hhgregg, Inc.(b)		5,505
	1,950	Hibbett Sports, Inc.(b)		35,900
	3,000	Highwoods Properties, Inc.		76,830
	6,400	Hill International, Inc.(b)		29,824
	6,800	Hilltop Holdings, Inc.(b)		81,600
	600	Hi-Tech Pharmacal Co., Inc.(b)		9,390
	2,000	Hittite Microwave Corp.(b)		70,240
	120,000	HJ Heinz Co.		4,615,200
	900	HLTH Corp.(b)		13,212
	4,000	HMS Holdings Corp.(b)		153,600
	400	HNI Corp.		8,912
	1,500	Holly Corp.		31,905
	282,000	Hologic, Inc.(b)		4,142,580
	7,236	Home Bancshares, Inc.		157,455
	500	Home Diagnostics, Inc.(b)		3,395
	2,215	Home Federal Bancorp, Inc.		25,229
	200	Home Properties, Inc.		7,140
	1,100	Hooker Furniture Corp.		15,103
	3,200	Horace Mann Educators Corp.		36,320
	2,125	Horizon Financial Corp.		2,656
	3,500	Hornbeck Offshore Services, Inc.(b)		76,230
	300	Horsehead Holding Corp.(b)		3,207
	1,000	Hospitality Properties Trust		15,790
	10,500	Hot Topic, Inc.(b)		81,165
	300	HQ Sustainable Maritime Industries, Inc.(b)		2,571
	1,800	HRPT Properties Trust		8,676
	2,450	HUB Group, Inc. - Class A(b)		52,650
	700	Hubbell, Inc. - Class B.		26,124
	5,000	Hudson Highland Group, Inc.(b)		10,350
	1,900	Hughes Communications, Inc.(b)		49,400
	5,000	Human Genome Sciences, Inc.(b)		71,500
	1,100	Huntsman Corp.		6,754
	2,200	Hurco Cos., Inc.(b)		42,944
	1,500	Huron Consulting Group, Inc.(b)		66,525
	12,900	Hutchinson Technology, Inc.(b)		42,183

59

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

Shares			Value
UNITED STATES (continued)
	26,200	Hypercom Corp.(b)	$	55,806
	4,000	i2 Technologies, Inc.(b)		53,840
	6,950	IAC/InterActiveCorp(b)		127,950
	2,514	Ibasis, Inc.(b)		4,902
	1,500	IBERIABANK Corp.		70,260
	200	ICF International, Inc.(b)		5,180
	3,500	ICO, Inc.(b)		14,455
	9,298	Iconix Brand Group, Inc.(b)		162,901
	4,800	ICU Medical, Inc.(b)		186,864
	5,900	IDACORP, Inc.		163,548
	11,282	Idenix Pharmaceuticals, Inc.(b)		42,872
	4,412	Idera Pharmaceuticals, Inc.(b)		28,457
	402,000	IDEX Corp.		10,966,560
	466	IDT Corp.(b)		1,072
	2,966	IDT Corp. - Class B(b)		7,712
	5,900	I-Flow Corp.(b)		44,899
	19,100	iGate Corp.		138,475
	91,000	IHS, Inc. - Class A(b)		4,544,540
	3,097	II-VI, Inc.(b)		74,297
	5,200	Imation Corp.		47,216
	1,700	Immersion Corp.(b)		7,174
	137,600	Immucor, Inc.(b)		2,292,416
	9,578	Immunogen, Inc.(b)		83,233
	5,780	Immunomedics, Inc.(b)		23,929
	2,000	Imperial Sugar Co.		26,580
	8,264	Incyte Corp.(b)		42,973
	4,800	Independent Bank Corp./MA		102,384
	3,098	Independent Bank Corp./MI		5,422
	9,600	Indevus Pharmaceuticals, Inc.(d)		9,504
	1,500	Infinera Corp.(b)		10,155
	200	Infinity Pharmaceuticals, Inc.(b)		1,616
	3,520	Infinity Property & Casuality Corp.		146,221
	7,030	InfoGROUP, Inc.(b)		42,321
	42,300	Informatica Corp.(b)		777,897
	7,900	Infospace, Inc.(b)		57,828
	1,712	Ingles Markets, Inc. - Class A		28,608
	2,000	Ingram Micro, Inc. - Class A(b)		33,640
	5,400	Inland Real Estate Corp.		39,852
	200	Innophos Holdings, Inc.		3,756
	3,400	Innovative Solutions & Support, Inc.		12,206
	5,800	Insight Enterprises, Inc.(b)		59,740
	10,019	Insituform Technologies, Inc. - Class A(b)		184,350
	10,355	Inspire Pharmaceuticals, Inc.(b)		50,325
	9,000	Insteel Industries, Inc.		91,710
	2,517	Integra Bank Corp.		3,927
	177,759	Integra LifeScience Holdings Corp.(b)		5,627,850
	2,354	Integral Systems, Inc.(b)		16,902
	5,000	Integrated Device Tech(b)		33,850
	3,084	Integrated Electrical Services, Inc.(b)		28,219

Shares			Value
UNITED STATES (continued)
	6,153	Integrated Silicon Solutions, Inc.(b)	$	19,382
	300	Integrys Energy Group, Inc.		10,134
	5,653	Inter Parfums, Inc.		57,774
	176,400	Interactive Data Corp.		4,013,100
	1,400	Interactive Intelligence, Inc.(b)		22,624
	8,502	InterDigital, Inc.(b)		251,744
	6,890	Interface, Inc. - Class A		47,817
	5,000	Interline Brands, Inc.(b)		84,650
	6,500	Intermec, Inc.(b)		88,660
	6,500	InterMune, Inc.(b)		99,320
	5,000	Internap Network Services Corp.(b)		15,200
	600	International Assets Holding Corp.(b)		10,680
	5,940	International Bancshares Corp.		78,289
	4,600	International Coal Group, Inc.(b)		14,260
	10,800	International Royalty Corp.		37,395
	800	International Speedway Corp. - Class A		20,456
	100	Internet Brands, Inc. - Class A(b)		751
	8,400	Internet Capital Group, Inc.(b)		62,748
	4,335	Interpublic Group of Cos., Inc.(b)		22,585
	3,000	Intersil Corp. - Class A		43,110
	4,100	Interstate Hotels & Resorts, Inc.(b)		3,690
	1,500	Intervest Bancshares Corp. - Class A(b)		4,785
	5,200	Intevac, Inc.(b)		59,852
	1,449	Introgen Therapeutics, Inc.(b)		16
	16,500	Intuitive Surgical, Inc.(b)		3,750,780
	3,800	Invacare Corp.		77,520
	3,800	inVentiv Health, Inc.(b)		58,292
	5,873	Inverness Medical Innovations, Inc.(b)		197,626
	8,100	Investment Technology Group, Inc.(b)		181,035
	6,528	Investors Bancorp, Inc.(b)		64,562
	11,563	ION Geophysical Corp.(b)		31,104
	2,400	Iowa Telecommunications Services, Inc.		29,424
	200	IPC The Hospitalist Co, Inc.(b)		5,570
	700	IPG Photonics Corp.(b)		7,511
	3,100	IRIS International, Inc.(b)		31,620
	7,400	iRobot Corp.(b)		82,954
	145,000	Iron Mountain, Inc.(b)		4,235,450
	3,600	Irwin Financial Corp.(b)		2,304
	10,035	Isis Pharmaceuticals, Inc.(b)		183,440
	5,400	Isle of Capri Casinos, Inc.(b)		64,206
	1,000	ITC Holdings Corp.		47,700
	1,000	Itron, Inc.(b)		52,170
	103,000	ITT Corp.		5,088,200
	5,800	Ixia(b)		43,732
	13,776	IXYS Corp.		106,488

60

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

Shares			Value
UNITED STATES (continued)
	3,500	J & J Snack Foods Corp.	$	151,690
	300	J Crew Group, Inc.(b)		8,448
	4,400	j2 Global Communications, Inc.(b)		105,556
	6,750	Jabil Circuit, Inc.		61,830
	151,300	Jack Henry & Associates, Inc.		3,248,411
	6,086	Jack in the Box, Inc.(b)		128,415
	3,900	Jackson Hewitt Tax Service, Inc.		23,595
	5,793	Jakks Pacific, Inc.(b)		66,793
	500	James River Coal Co.(b)		9,285
	2,300	Janus Capital Group, Inc.		31,418
	1,095	Jarden Corp.(b)		26,992
	8,000	Javelin Pharmaceuticals, Inc.(b)		15,200
	763,500	JC Penney Co., Inc.		23,019,525
	3,900	JDA Software Group, Inc.(b)		80,379
	5,200	JDS Uniphase Corp.(b)		30,472
	10,100	JetBlue Airways Corp.(b)		51,611
	500	JMP Group, Inc.		4,435
	6,500	Jo-Ann Stores, Inc.(b)		151,450
	200	John B. Sanfilippo & Son, Inc.(b)		1,740
	300	John Bean Technologies Corp.		4,158
	160,500	John Wiley & Sons, Inc. - Class A		5,118,345
	1,214,988	Johnson Controls, Inc.		31,443,889
	2,600	Jones Apparel Group, Inc.		35,776
	400	Jones Lang LaSalle, Inc.		15,184
	5,425	Jos. A. Bank Clothiers, Inc.(b)		198,501
	125,300	K12, Inc.(b)		2,351,881
	4,500	Kadant, Inc.(b)		49,995
	1,900	Kaiser Aluminum Corp.		62,814
	4,647	Kaman Corp.		89,129
	7,100	Kansas City Southern(b)		144,201
	155,000	Kaydon Corp.		5,063,850
	1,400	KB Home		23,366
	200	KBW, Inc.(b)		5,838
	9,900	Kearny Financial Corp.		111,771
	1,100	Keithley Instruments, Inc.		6,127
	80,000	Kellogg Co.		3,800,000
	3,800	Kelly Services, Inc. - Class A		44,688
	19,377	Kemet Corp.(b)		14,145
	2,700	Kendle International, Inc.(b)		31,536
	5,700	Kenexa Corp.(b)		69,540
	106,800	Kennametal, Inc.		2,276,976
	2,700	Kenneth Cole Productions, Inc. - Class A		21,681
	3,349	Kensey Nash Corp.(b)		95,647
	713	Key Energy Services, Inc.(b)		4,948
	4,600	Keynote Systems, Inc.(b)		46,276
	1,200	K-Fed Bancorp		11,244
	7,725	Kforce, Inc.(b)		75,242
	300	Kilroy Realty Corp.		7,080
	6,000	Kimball International, Inc. - Class B		40,800
	5,900	Kindred Healthcare, Inc.(b)		82,836
Shares			Value
UNITED STATES (continued)
	1,800	Kinetic Concepts, Inc.(b)	$	56,916
	8,370	King Pharmaceuticals, Inc.(b)		75,916
	5,000	Kirby Corp.(b)		185,050
	2,900	Kite Realty Group Trust		9,280
	11,200	Knight Capital Group, Inc. - Class A(b)		207,984
	9,550	Knight Transportation, Inc.		173,237
	3,800	Knoll, Inc.		37,202
	2,500	Knology, Inc.(b)		21,500
	6,000	Knot, Inc. (The)(b)		52,440
	20,958	Kopin Corp.(b)		83,203
	6,100	Korn/Ferry International(b)		84,851
	36,111	Kratos Defense & Security Solutions, Inc.(b)		28,889
	11,800	Krispy Kreme Doughnuts, Inc.(b)		36,108
	6,100	Kronos Worldwide, Inc.		50,142
	3,800	K-Swiss, Inc. - Class A		41,192
	9,437	Kulicke & Soffa Industries, Inc.(b)		55,395
	300	KV Pharmaceutical Co. - Class B(b)		945
	10,076	L-1 Indentity Solutions, Inc.(b)		79,298
	3,500	LaBarge, Inc.(b)		36,995
	65,000	Laboratory Corp. of America Holdings(b)		4,367,350
	4,100	Laclede Group, Inc. (The)		137,637
	3,233	Ladish Co., Inc.(b)		35,563
	700	Lakeland Bancorp, Inc.		6,328
	2,963	Lakeland Financial Corp.		58,016
	1,800	Lamar Advertising Co. - Class A(b)		37,872
	54,100	Lancaster Colony Corp.		2,463,714
	186,129	Lance, Inc.		4,716,509
	1,500	LandAmerica Financial Group, Inc.		112
	2,900	Landauer, Inc.		194,068
	5,974	Landec Corp.(b)		37,756
	700	Landry’s Restaurants, Inc.(b)		6,272
	126,500	Landstar System, Inc.		4,640,020
	4,700	LaSalle Hotel Properties		70,077
	11,403	Lattice Semiconductor Corp.(b)		25,201
	26,300	Lawson Software, Inc.(b)		156,222
	3,270	Layne Christensen Co.(b)		77,597
	17,100	La-Z-Boy, Inc.		115,767
	2,543	LCA-Vision, Inc.(b)		14,597
	600	Leap Wireless International, Inc.(b)		14,370
	8,400	Leapfrog Enterprises, Inc.(b)		23,940
	700	Learning Tree International, Inc.(b)		7,511
	6,900	LECG Corp.(b)		25,392
	3,700	Lee Enterprises, Inc.		5,217
	4,600	Leggett & Platt, Inc.		79,810
	6,700	Lennar Corp. - Class A		79,328
	2,800	Lennox International, Inc.		97,580
	372,000	Lenovo Group Ltd.		176,639

61

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

Shares			Value
UNITED STATES (continued)
	14,300	Lexicon Pharmaceuticals, Inc.(b)	$	19,019
	8,163	Lexington Realty Trust		34,938
	1,200	Lexmark International, Inc. - Class A(b)		17,376
	6,300	LHC Group, Inc.(b)		184,905
	2,600	Libbey, Inc.		5,460
	1,500	Liberty Media Corp. - Capital, Series A(b)		21,870
	2,248	Life Partners Holdings, Inc.		48,512
	90,000	Life Technologies Corp.(b)		4,097,700
	3,600	Life Time Fitness, Inc.(b)		91,620
	2,100	Lifepoint Hospitals, Inc.(b)		58,086
	1,291	Lifeway Foods, Inc.(b)		16,835
	1,200	Ligand Pharmaceuticals, Inc., Class B(b)		3,396
	1,600	Limelight Networks, Inc.(b)		6,336
	5,430	Lin TV Corp. - Class A(b)		10,643
	1,800	Lincare Holdings, Inc.(b)		47,124
	4,964	Lincoln Educational Services Corp.(b)		101,067
	50,957	Lincoln Electric Holdings, Inc.		2,159,558
	1,400	Lindsay Corp.		49,658
	7,831	Lionbridge Technologies(b)		17,228
	3,533	Liquidity Services, Inc.(b)		40,559
	500	Lithia Motors, Inc. - Class A		5,995
	3,900	Littelfuse, Inc.(b)		91,260
	10,400	Live Nation, Inc.(b)		60,736
	2,400	Liz Claiborne, Inc.		7,584
	6,300	LKQ Corp.(b)		113,022
	5,500	LMI Aerospace, Inc.(b)		50,050
	589	LodgeNet Interactive Corp.(b)		2,745
	12,200	Lodgian, Inc.(b)		15,616
	2,500	LoJack Corp.(b)		10,200
	4,124	Loral Space & Communications, Inc.(b)		86,315
	14,100	Louisiana-Pacific Corp.(b)		59,502
	3,500	LSB Industries, Inc.(b)		62,160
	1,900	LSI Corp.(b)		9,842
	10,598	LSI Industries, Inc.		68,781
	12,379	LTX-Credence Corp.(b)		11,141
	12,972	Luby’s, Inc.(b)		59,023
	1,600	Lufkin Industries, Inc.		72,640
	300	Lumber Liquidators, Inc.(b)		4,926
	134,995	Luminex Corp.(b)		2,385,362
	4,000	M&F Worldwide Corp.(b)		79,560
	5,100	M/I Homes, Inc.(b)		66,963
	1,365	Macatawa Bank Corp.(b)		3,767
	700	Mack-Cali Realty Corp. REIT		19,537
	2,600	Magellan Health Services, Inc.(b)		84,136
	5,840	Magma Design Automation, Inc.(b)		8,585
	3,400	Maguire Properties, Inc.(b)		2,346
	2,600	Maidenform Brands, Inc.(b)		35,958
	9,256	MainSource Financial Group, Inc.		62,108
Shares			Value
UNITED STATES (continued)
	2,700	Manhattan Associates, Inc.(b)	$	49,950
	2,600	Manitowoc Co., Inc. (The)		16,068
	3,100	Mannatech, Inc.		10,881
	2,700	MannKind Corp.(b)		21,627
	2,600	Mantech International Corp - Class A(b)		138,580
	5,529	Marchex, Inc. - Class B		24,217
	7,700	Marcus Corp.		97,328
	7,700	Marine Products Corp.		43,351
	3,400	MarineMax, Inc.(b)		22,882
	10,300	Mariner Energy, Inc.(b)		123,497
	90	Markel Corp.(b)		28,401
	5,700	MarketAxess Holdings, Inc.(b)		59,622
	2,545	Marlin Business Services Corp.(b)		17,153
	106,000	Martek Biosciences Corp.		2,465,560
	10,800	Marten Transport Ltd.(b)		190,512
	4,400	Marvel Entertainment, Inc.(b)		174,064
	4,900	Masco Corp.		68,257
	125,500	Masimo Corp.(b)		3,068,475
	3,800	Massey Energy Co.		101,080
	7,400	MasTec, Inc.(b)		76,590
	1,273	Mastech Holdings, Inc.(b)		4,201
	3,200	Material Sciences Corp.(b)		4,448
	4,100	Matrix Service Co.(b)		41,533
	138,393	Matthews International Corp. - Class A		4,326,165
	15,915	Mattson Technology, Inc.(b)		24,032
	800	Maui Land & Pineapple Co., Inc.(b)		5,840
	2,900	MAXIMUS, Inc.		123,598
	4,300	Maxwell Technologies, Inc.(b)		60,888
	13,389	Maxygen, Inc.(b)		106,978
	5,386	MB Financial, Inc.		74,058
	14,100	MBIA, Inc.(b)		59,079
	2,056	MBT Financial Corp.		4,338
	1,169,624	McCormick & Co., Inc.		37,685,285
	2,857	McCormick & Schmick’s Seafood Restaurants, Inc.(b)		22,113
	7,500	MCG Capital Corp.(b)		25,725
	4,700	Mcgrath Rentcorp		90,334
	6,700	McMoRan Exploration Co.(b)		42,612
	900	MDC Holdings, Inc.		31,716
	4,211	MDRNA, Inc.(b)		6,064
	1,800	Meadowbrook Insurance Group, Inc.		14,238
	2,070	MeadWestvaco Corp.		40,344
	18,096	Medarex, Inc.(b)		287,184
	165,800	MedAssets, Inc.(b)		3,097,144
	7,932	Medcath Corp.(b)		95,660
	2,700	Media General, Inc. - Class A		12,555
	7,487	Mediacom Communications Corp. - Class A(b)		35,863
	5,600	Medical Action Industries, Inc.(b)		69,944
	800	Medical Properties Trust, Inc. REIT		5,600

62

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

Shares			Value
UNITED STATES (continued)
	3,100	Medicines Co. (The)(b)	$	25,141
	3,400	Medicis Pharmaceutical Corp. - Class A		58,208
	1,400	Medis Technologies Ltd.(b)		544
	5,900	Medivation, Inc.(b)		146,025
	500	Mednax, Inc.(b)		23,175
	7,300	Men’s Wearhouse, Inc.		157,753
	15,900	Mentor Graphics Corp.(b)		110,346
	600	Mercury Computer Systems, Inc.(b)		6,900
	1,670	Mercury General Corp.		58,567
	900	Meredith Corp.		23,823
	231,751	Meridian Bioscience, Inc.		5,103,157
	100	Meridian Interstate Bancorp, Inc.(b)		922
	44,200	Meridian Resource Corp.(b)		14,586
	7,900	Merit Medical Systems, Inc.(b)		144,491
	6,700	Mesa Air Group, Inc.(b)		935
	1,600	Metalico, Inc.(b)		7,264
	5,414	Methode Electronics, Inc.		41,038
	113,000	Mettler-Toledo International, Inc.(b)		9,498,780
	2,600	MGE Energy, Inc.		93,262
	1,000	MGIC Investment Corp.		6,600
	300	MGP Ingredients, Inc.(b)		870
	2,200	Michael Baker Corp.(b)		93,830
	5,950	Micrel, Inc.		46,529
	3,400	Micros Systems, Inc.(b)		93,126
	1,200	Microsemi Corp.(b)		16,380
	100	MicroStrategy, Inc. - Class A(b)		6,105
	12,600	Microtune, Inc.(b)		25,956
	1,276	Microvision, Inc.(b)		4,415
	1,000	Micrus Endovascular Corp.(b)		9,010
	1,600	Mid-America Apartment Communities, Inc.		63,472
	1,000	Midas, Inc.(b)		9,870
	1,087	Middleby Corp.(b)		53,154
	900	Middlesex Water Co.		13,761
	3,580	Midwest Banc Holdings, Inc.(b)		2,005
	1,415	Miller Industries, Inc.(b)		12,494
	27,000	Millipore Corp.(b)		1,879,200
	4,400	Mine Safety Appliances Co.		123,596
	2,300	Minerals Technologies, Inc.		99,981
	7,357	MIPS Technologies, Inc.(b)		26,191
	2,600	Mirant Corp.(b)		46,956
	1,600	Mission West Properties		11,120
	10,081	MKS Instruments, Inc.(b)		195,269
	7,400	Mobile Mini, Inc.(b)		119,732
	3,800	Modine Manufacturing Co.		29,070
	900	Mohawk Industries, Inc.(b)		46,422
	600	Molex, Inc. - Class A		9,984
	5,200	Molina Healthcare, Inc.(b)		117,260
	83,000	Molson Coors Brewing Co. - Class B		3,752,430
	400	Momenta Pharmaceuticals, Inc.(b)		4,340
Shares			Value
UNITED STATES (continued)
	5,500	Monaco Coach Corp.(b)	$	19
	4,400	Monarch Casino & Resort, Inc.(b)		39,908
	3,200	MoneyGram International, Inc.(b)		7,168
	400	Monmouth REIT - Class A		2,560
	336	Monogram Biosciences, Inc.(b)		1,522
	2,011	Monolithic Power Systems, Inc.(b)		44,624
	3,546	Monro Muffler, Inc.		94,288
	3,100	Monster Worldwide, Inc.(b)		40,393
	5,600	Moog, Inc. - Class A.(b)		150,976
	2,000	Morgans Hotel Group Co.(b)		9,720
	161,500	Morningstar, Inc.(b)		7,152,835
	3,600	Morton’s Restaurant Group, Inc.(b)		13,104
	4,900	MoSys, Inc.(b)		7,938
	3,218	Movado Group, Inc.		45,953
	28,100	Move, Inc.(b)		75,027
	677	Movie Gallery, Inc.(b)(c)(d)		0
	19,900	MPS Group, Inc.(b)		172,135
	25,329	MRV Communications, Inc.(b)		15,476
	400	MSC Industrial Direct Co. - Class A		15,696
	1,400	MSC.Software Corp.(b)		10,234
	75,700	MSCI, Inc. - Class A(b)		2,115,815
	5,300	MTR Gaming Group, Inc.(b)		19,504
	1,100	MTS Systems Corp.		25,839
	5,200	Mueller Industries, Inc.		123,552
	13,353	Mueller Water Products, Inc. - Class A		51,543
	400	Multi-Fineline Electronix, Inc.(b)		9,116
	12,993	Multimedia Games, Inc.(b)		73,021
	1,200	MWI Veterinary Supply, Inc.(b)		46,056
	6,700	Myers Industries, Inc.		65,928
	9,600	Nabi Biopharmaceuticals(b)		24,672
	785	NACCO Industries, Inc. - Class A		33,041
	1,300	Nalco Holding Co.		22,997
	3,500	Nanometrics, Inc.(b)		12,985
	6,800	Nara Bancorp, Inc.		40,120
	1,900	Nash Finch Co.		58,330
	2,200	NATCO Group, Inc. - Class A(b)		79,332
	16,020	National Beverage Corp.(b)		170,933
	400	National CineMedia, Inc.		5,884
	4,400	National Financial Partners Corp.		33,000
	1,600	National Healthcare Corp.		59,600
	326,700	National Instruments Corp.		8,239,374
	116,300	National Interstate Corp.		2,095,726
	10,386	National Penn Bancshares, Inc.		51,722
	6,472	National Retail Properties, Inc.		127,563
	6,000	Natural Gas Services Group, Inc.(b)		82,740
	6,943	Natus Medical, Inc.(b)		94,425

63

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

Shares			Value
UNITED STATES (continued)
	3,500	Nautilus, Inc.(b)	$	7,455
	8,500	Navigant Consulting, Inc.(b)		101,150
	127,124	Navigators Group, Inc.(b)		6,268,484
	300	Navistar International Corp.(b)		11,862
	6,000	NBT Bancorp, Inc.		137,640
	8,800	NBTY, Inc.(b)		318,560
	4,300	NCI Building Systems, Inc.(b)		16,942
	1,700	NCI, Inc. - Class A(b)		53,873
	400	NCR Corp.(b)		5,176
	800	Nektar Therapeutics(b)		5,664
	4,700	Nelnet, Inc. - Class A(b)		67,163
	2,783	Neogen Corp.(b)		81,097
	1,618,746	NetApp, Inc.(b)		36,357,035
	600	NetFlix, Inc.(b)		26,364
	5,229	Netgear, Inc.(b)		88,945
	1,400	Netlogic Microsystems, Inc.(b)		55,636
	12,000	Netscout Systems, Inc.(b)		119,400
	180,000	NetSuite, Inc.(b)		2,188,800
	9,600	Network Equipment Technologies, Inc.(b)		54,720
	9,600	Neurogen Corp.(b)		1,824
	150,700	NeuStar, Inc. - Class A(b)		3,417,876
	7,200	New Jersey Resources Corp.		277,920
	1,500	New York & Co., Inc.(b)		5,400
	800	New York Times Co. (The) - Class A		6,296
	15,700	NewAlliance Bancshares, Inc.		192,325
	1,090	Newell Rubbermaid, Inc.		14,028
	1,100	NewMarket Corp.		83,215
	18,777	Newpark Resources, Inc.(b)		49,384
	8,760	Newport Corp.(b)		64,736
	6,800	Nextwave Wireless, Inc.(b)		3,061
	262,533	NIC, Inc.		1,992,625
	5,400	Nicor, Inc.		196,776
	100	Nighthawk Radiology Holdings, Inc.(b)		483
	14,600	NL Industries, Inc.		99,718
	2,440	NN, Inc.		5,954
	3,800	Nordson Corp.		170,620
	75,000	Northern Trust Corp.		4,485,750
	500	Northfield Bancorp, Inc.		5,985
	6,398	Northwest Bancorp, Inc.		131,095
	2,700	Northwest Natural Gas Co.		120,528
	2,200	Northwest Pipe Co.(b)		76,516
	3,065	NorthWestern Corp.		74,173
	7,300	Novatel Wireless, Inc.(b)		69,204
	7,201	Novavax, Inc.(b)		31,252
	8,600	Novell, Inc.(b)		39,388
	2,400	Novellus Systems, Inc.(b)		46,968
	2,439	Noven Pharmaceuticals, Inc.(b)		40,195
	5,006	NPS Pharmaceuticals, Inc.(b)		19,473
	6,500	Nu Skin Enterprises, Inc. - Class A		117,065
	300	Nutraceutical International Corp.(b)		3,735
	2,050	NutriSystem, Inc.		29,172
Shares			Value
UNITED STATES (continued)
	53,850	NuVasive, Inc.(b)	$	2,228,852
	3,000	NxStage Medical, Inc.(b)		16,620
	173,000	Oceaneering International, Inc.(b)		8,809,160
	2,207	OceanFirst Financial Corp.		26,859
	3,900	O’Charleys, Inc.		40,521
	14,700	Ocwen Financial Corp.(b)		209,475
	11,900	Odyssey HealthCare, Inc.(b)		138,635
	8,400	Odyssey Re Holdings Corp.		388,080
	9,400	Oil States International, Inc.(b)		254,928
	4,000	Old Dominion Freight Line, Inc.(b)		142,520
	8,900	Old National Bancorp		100,570
	2,900	Old Republic International Corp.		29,986
	4,800	Old Second Bancorp, Inc.		24,288
	9,900	Olin Corp.		136,521
	1,000	Olympic Steel, Inc.		25,510
	3,800	OM Group, Inc.(b)		127,908
	5,200	Omega Healthcare Investors, Inc.		86,892
	6,100	Omega Protein Corp.(b)		23,546
	1,700	Omnicare, Inc.		40,579
	5,500	Omnicell, Inc.(b)		68,640
	650,000	Omnicom Group, Inc.		22,100,000
	176,960	Omniture, Inc.(b)		2,420,813
	6,300	Omnivision Technologies, Inc.(b)		83,349
	9,400	Omnova Solutions, Inc.(b)		52,734
	4,600	On Assignment, Inc.(b)		19,458
	48,525	ON Semiconductor Corp.(b)		354,232
	659	One Liberty Properties, Inc.		4,185
	7,300	Online Resources Corp.(b)		48,253
	3,100	Onyx Pharmacueticals, Inc.(b)		111,352
	13,916	Openwave Systems, Inc.(b)		36,460
	4,300	Oplink Communications, Inc.(b)		54,696
	3,900	Opnet Technologies, Inc.		37,050
	300	Optimer Pharmaceuticals, Inc.(b)		4,227
	600	optionsXpress Holdings, Inc.		10,842
	16,565	OraSure Technologies, Inc.(b)		47,045
	4,100	Orbital Sciences Corp.(b)		55,514
	200	Orion Marine Group, Inc.(b)		4,472
	600	Oritani Financial Corp.		8,196
	700	Ormat Technologies, Inc.		27,713
	13,200	Orthovita, Inc.(b)		85,932
	3,400	OSI Pharmaceuticals, Inc.(b)		114,886
	4,500	OSI Systems, Inc.(b)		89,145
	300	Osiris Therapeutics, Inc.(b)		3,651
	10,700	OTIX Global, Inc.(b)		7,704
	2,761	Otter Tail Corp.		64,359
	1,000	Outdoor Channel Holdings, Inc.(b)		7,580
	1,500	Overseas Shipholding Group, Inc.		51,525
	1,900	Overstock.com, Inc.(b)		25,023

64

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

Shares			Value
UNITED STATES (continued)
	1,700	Owens & Minor, Inc.	$	75,310
	2,900	Owens Corning, Inc.(b)		53,302
	2,929	Oxford Industries, Inc.		40,157
	800	OYO Geospace Corp.(b)		19,104
	2,700	P.F. Chang’s China Bistro, Inc.(b)		91,557
	5,786	Pacific Capital Bancorp		12,266
	300	Pacific Continental Corp.		3,189
	600	Packaging Corp. of America		11,802
	3,070	PacWest Bancorp		49,366
	4,500	PAETEC Holding Corp.(b)		13,230
	11,900	Pain Therapeutics, Inc.(b)		52,360
	97,000	Pall Corp.		2,917,760
	11,344	Palm Harbor Homes, Inc.(b)		25,751
	19,600	Palm, Inc.(b)		308,308
	1,994	Palomar Medical Technologies, Inc.(b)		29,790
	4,600	Panera Bread Co. - Class A(b)		252,816
	5,800	Pantry, Inc. (The)(b)		101,790
	2,400	Papa John’s International, Inc.(b)		60,984
	400	Par Pharmaceutical Cos., Inc.(b)		6,484
	6,500	Parallel Petroleum Corp.(b)		13,000
	1,700	Parametric Technology(b)		21,947
	9,000	Parexel International Corp.(b)		139,230
	7,600	Park Electrochemical Corp.		177,612
	1,900	Park National Corp.		121,125
	18,237	Parker Drilling Co.(b)		84,255
	43,000	Parker Hannifin Corp.		1,904,040
	3,500	Parkervision, Inc.(b)		10,675
	1,313	Park-Ohio Holdings Corp.(b)		8,193
	1,100	Parkway Properties, Inc.		15,587
	700	Patriot Coal Corp.(b)		5,859
	105,400	Patterson Cos., Inc.(b)		2,672,944
	600	Patterson-UTI Energy, Inc.		8,286
	100,000	Paychex, Inc.		2,650,000
	6,897	PC Connection, Inc.(b)		39,589
	1,400	PC Mall, Inc.(b)		12,166
	4,814	PC-Tel, Inc.(b)		32,206
	13,980	PDF Solutions, Inc.(b)		32,154
	1,616	PDI, Inc.(b)		8,387
	6,200	PDL BioPharma, Inc.		51,026
	65,000	Peabody Energy Corp.		2,152,150
	945	Peapack Gladstone Financial Corp.		17,974
	4,042	Peet’s Coffee & Tea, Inc.(b)		111,034
	7,100	Pegasystems, Inc.		200,930
	1,700	Penford Corp.		11,152
	2,300	Penn National Gaming, Inc.(b)		72,933
	4,600	Penn Virginia Corp.		88,366
	3,400	Pennsylvania Real Estate Investment Trust		17,986
	15,400	Penske Auto Group, Inc.		318,472
	600	Penson Worldwide, Inc.(b)		7,002
Shares			Value
UNITED STATES (continued)
	1,400	Penwest Pharmaceuticals Co.(b)	$	3,836
	871	Peoples Bancorp, Inc.		15,948
	4,900	PEP Boys - Manny Moe & Jack		48,657
	3,700	Perficient, Inc.(b)		27,306
	9,090	Pericom Semiconductor Corp.(b)		86,355
	2,900	PerkinElmer, Inc.		51,127
	8,800	Perot Systems Corp. - Class A(b)		140,624
	500	Perrigo Co.		13,570
	2,916	Perry Ellis International, Inc.(b)		22,482
	7,800	PetMed Express, Inc.(b)		144,768
	3,643	Petroleum Development Corp.(b)		61,348
	23,900	Petroquest Energy, Inc.(b)		80,065
	500	PetSmart, Inc.		11,185
	2,700	PFF Bancorp, Inc.(b)		20
	800	Pharmaceutical Product Development, Inc.		16,616
	2,159	PharMerica Corp.(b)		45,253
	700	Phase Forward, Inc.(b)		9,940
	8,500	PHH Corp.(b)		155,805
	5,900	PHI, Inc. - Non Voting(b)		128,856
	200	PHI, Inc. - Voting(b)		4,169
	1,570	Phillips-Van Heusen Corp.		55,547
	14,400	Phoenix Cos., Inc. (The)(b)		31,680
	8,617	Phoenix Technologies Ltd.(b)		28,522
	10,872	Photronics, Inc.(b)		55,556
	3,500	Pico Holdings, Inc.(b)		106,155
	5,400	Piedmont Natural Gas Co.		132,948
	43,700	Pier 1 Imports, Inc.(b)		98,762
	3,100	Pike Electric Corp.(b)		32,643
	7,400	Pinnacle Airlines Corp.(b)		24,716
	8,300	Pinnacle Entertainment, Inc.(b)		83,249
	5,000	Pinnacle Financial Partners, Inc.(b)		78,000
	105,000	Pioneer Natural Resources Co.		2,997,750
	600	Piper Jaffray Cos.(b)		27,516
	260,000	Plains Exploration & Production Co.(b)		7,449,000
	6,400	Plantronics, Inc.		151,488
	14,000	Playboy Enterprises, Inc. - Class B(b)		33,460
	4,200	Plexus Corp.(b)		107,898
	43,300	Plug Power, Inc.(b)		34,207
	2,300	PLX Technology, Inc.(b)		8,970
	7,384	PMA Capital Corp. - Class A(b)		42,827
	23,200	PMC - Sierra, Inc.(b)		212,280
	4,900	PNM Resources, Inc.		59,780
	3,176	Polaris Industries, Inc.		120,275
	1,300	Polycom, Inc.(b)		30,875
	20,500	PolyOne Corp.(b)		87,945
	200	Polypore International, Inc.(b)		2,470
	500	Pool Corp.		11,810
	2,900	Portfolio Recovery Associates, Inc.(b)		133,835

65

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

Shares			Value
UNITED STATES (continued)
	1,000	Portland General Electric Co.	$	19,030
	5,400	Post Properties, Inc.		76,464
	3,301	Powell Industries, Inc.(b)		117,681
	400	Power Integrations, Inc.		11,716
	13,030	Powerwave Technologies, Inc.(b)		16,418
	5,317	Pozen, Inc.(b)		40,569
	900	Preferred Bank Los Angeles		3,456
	5,700	Premiere Global Services, Inc.(b)		54,663
	1,700	Pre-Paid Legal Services, Inc.(b)		82,909
	5,520	Presidential Life Corp.		49,349
	18,104	Presstek, Inc.(b)		30,777
	2,200	Prestige Brands Holdings, Inc.(b)		14,366
	3,200	Pricesmart, Inc.		52,192
	6,648	Princeton Review, Inc.(b)		36,032
	504	PrivateBancorp, Inc.		12,514
	4,300	ProAssurance Corp.(b)		218,354
	3,886	Progenics Pharmaceuticals, Inc.(b)		22,072
	4,900	Progress Software Corp.(b)		110,887
	663	Progressive Gaming International Corp.(b)		19
	6,400	Prosperity Bancshares, Inc.		214,464
	5,650	Protection One, Inc.(b)		19,266
	1,100	Protective Life Corp.		16,445
	5,726	Providence Service Corp. (The)(b)		60,409
	700	Provident Financial Holdings, Inc.		5,320
	8,600	Provident Financial Services, Inc.		101,824
	16,243	Provident New York Bancorp		157,557
	3,000	PS Business Parks, Inc.		155,130
	9,332	PSS World Medical, Inc.(b)		188,600
	3,800	Psychiatric Solutions, Inc.(b)		102,676
	2,376	QAD, Inc.		8,934
	3,090	QC Holdings, Inc.		16,439
	1,000	QLogic Corp.(b)		13,050
	3,600	Quaker Chemical Corp.		64,800
	2,100	Quality Systems, Inc.		115,269
	4,900	Quanex Building Products Corp.		58,261
	42,500	Quantum Corp.(b)		39,100
	5,750	Quest Resource Corp.(b)		2,070
	17,800	Quest Software, Inc.(b)		262,372
	10,300	Questcor Pharmaceuticals, Inc.(b)		60,358
	1,300	Quicksilver Resources, Inc.(b)		14,898
	2,664	Quidel Corp.(b)		39,774
	15,800	Quiksilver, Inc.(b)		33,970
	1,400	Radian Group, Inc.		4,662
	5,400	Radiant Systems, Inc.(b)		54,324
	1,200	Radio One, Inc. - Class A(b)		726
	1,430	Radio One, Inc. - Class D(b)		486
	1,800	Radioshack Corp.		27,918
Shares			Value
UNITED STATES (continued)
	6,000	Radisys Corp.(b)	$	47,520
	75,000	Ralcorp Holdings, Inc.(b)		4,763,250
	2,500	Rambus, Inc.(b)		42,325
	1,800	Ramco-Gershenson Properties		16,362
	3,480	Raven Industries, Inc.		99,876
	3,200	Raymond James Financial, Inc.		65,664
	152,200	RBC Bearings, Inc.(b)		3,607,140
	6,539	RC2 Corp.(b)		99,851
	700	RCN Corp.(b)		5,096
	18,353	RealNetworks, Inc.(b)		53,224
	1,100	Realty Income Corp. REIT		25,938
	4,398	Red Robin Gourmet Burgers, Inc.(b)		82,331
	1,575	Reddy Ice Holdings, Inc.(b)		4,252
	1,300	Regal Entertainment Group - Class A		16,172
	5,000	Regal-Beloit Corp.		231,800
	12,490	Regeneron Pharmaceuticals, Inc.(b)		267,786
	5,600	Regis Corp.		76,496
	3,500	RehabCare Group, Inc.(b)		84,210
	880	Reliance Steel & Aluminum Co.		29,665
	5,193	Renaissance Learning, Inc.		50,528
	5,222	Renasant Corp.		77,756
	10,524	Rent-A-Center, Inc.(b)		218,478
	14,700	Rentech, Inc.(b)		7,056
	9,400	Republic Airways Holdings, Inc.(b)		48,128
	500	Republic Bancorp, Inc. - Class A		12,055
	80,000	Republic Services, Inc.		2,128,000
	5,599	Res-Care, Inc.(b)		87,456
	86,000	ResMed, Inc.(b)		3,526,000
	3,000	Resource America, Inc. - Class A		18,030
	4,300	Resources Connection, Inc.(b)		64,930
	8,100	Retail Ventures, Inc.(b)		26,973
	5,087	Revlon, Inc. - Class A(b)		30,827
	56,149	RF Micro Devices, Inc.(b)		291,975
	6,300	Rigel Pharmaceuticals, Inc.(b)		52,479
	6,300	RightNow Technologies, Inc.(b)		75,852
	2,900	Rimage Corp.(b)		48,343
	600	Riskmetrics Group, Inc.(b)		10,944
	600	Riverbed Technology, Inc.(b)		12,006
	4,800	RLI Corp.		238,128
	6,200	Robbins & Myers, Inc.		129,766
	5,500	Rock-Tenn Co. - Class A		247,280
	1,726	Rockville Financial, Inc.		21,471
	1,300	Rockwood Holdings, Inc.(b)		23,296
	3,000	Rofin-Sinar Technologies, Inc.(b)		65,130
	3,300	Rogers Corp.(b)		82,335
	8,850	Rollins, Inc.		162,220
	500	Roma Financial Corp.		6,440
	83,000	Roper Industries, Inc.		3,969,060
	700	Rosetta Resources, Inc.(b)		7,259

66

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

Shares			Value
UNITED STATES (continued)
	2,700	Rovi Corp.(b)	$	70,632
	700	Rowan Cos, Inc.		14,931
	1,500	Royal Caribbean Cruises Ltd.		21,780
	4,000	Royal Gold, Inc.		164,320
	17,550	RPC, Inc.		144,261
	1,900	RPM International, Inc.		30,324
	1,300	RR Donnelley & Sons Co.		18,070
	8,300	RRI Energy, Inc.(b)		44,405
	600	RSC Holdings, Inc.(b)		4,734
	12,859	RTI Biologics, Inc.(b)		56,965
	4,343	RTI International Metals, Inc.(b)		77,132
	4,500	Ruby Tuesday, Inc.(b)		33,660
	8,600	Ruddick Corp.		202,100
	7,900	Rudolph Technologies, Inc.(b)		64,543
	6,900	Rush Enterprises, Inc. - Class A(b)		90,390
	4,300	Russ Berrie & Co., Inc.(b)		22,532
	2,100	Ryder System, Inc.		73,773
	3,100	S & T Bancorp, Inc.		42,501
	15,536	S1 Corp.(b)		110,150
	14,100	Safeguard Scientifics, Inc.(b)		25,521
	8,000	Safety Insurance Group, Inc.		258,080
	1,300	Saga Communications, Inc. - Class A(b)		7,111
	3,400	Saia, Inc.(b)		61,404
	4,505	Salem Communications Corp. - Class A(b)		3,874
	75,000	Salesforce.com, Inc.(b)		3,250,500
	5,304	Salix Pharmaceuticals Ltd.(b)		64,603
	14,700	Sally Beauty Holdings, Inc.(b)		102,606
	3,501	Sanders Morris Harris Group, Inc.		20,411
	2,300	Sanderson Farms, Inc.		93,564
	2,000	SandRidge Energy, Inc.(b)		18,700
	5,999	Sandy Spring Bancorp, Inc.		97,184
	8,200	Sangamo Biosciences, Inc.(b)		46,740
	6,000	Santarus, Inc.(b)		18,840
	12,700	Sapient Corp.(b)		84,836
	4,800	Sauer-Danfoss, Inc.		25,200
	1,400	Saul Centers, Inc.		47,418
	10,200	Savient Pharmaceuticals, Inc.(b)		159,018
	4,100	SBA Communications Corp. - Class A(b)		106,969
	2,900	Scansource, Inc.(b)		82,737
	163,280	Schawk, Inc.		1,182,147
	400	Schnitzer Steel Industries, Inc. - Class A		21,508
	6,500	Scholastic Corp.		146,575
	2,600	School Specialty, Inc.(b)		58,162
	6,001	Schulman (A.), Inc.		127,881
	7,776	Schweitzer-Mauduit International, Inc.		254,275
	615	Sciclone Pharmaceuticals, Inc.(b)		2,152
Shares			Value
UNITED STATES (continued)
	800	Scientific Games Corp. - Class A(b)	$	14,416
	600	Scotts Miracle-Gro Co. (The) - Class A		23,430
	800	SeaBright Insurance Holdings, Inc.(b)		7,776
	7,800	Seachange International, Inc.(b)		71,370
	3,200	Seacoast Banking Corp. of Florida		6,912
	600	SEACOR Holdings, Inc.(b)		47,688
	7,616	Seattle Genetics, Inc.(b)		91,773
	2,218,000	SEI Investments Co.		41,920,200
	4,500	Select Comfort Corp.(b)		11,070
	8,400	Selective Insurance Group		125,496
	7,400	Semitool, Inc.(b)		43,808
	6,800	Semtech Corp.(b)		125,120
	1,200	Senior Housing Properties Trust REIT		22,392
	2,060	Senomyx, Inc.(b)		5,768
	306,300	Sensient Technologies Corp.		7,715,697
	1,500	Sepracor, Inc.(b)		26,025
	9,200	Sequenom, Inc.(b)		52,992
	7,500	Service Corp. International		47,400
	4,200	Shenandoah Telecommunications Co.		85,512
	442,336	Sherwin-Williams Co. (The)		25,544,904
	4,200	Shiloh Industries, Inc.(b)		20,622
	3,300	Shoe Carnival, Inc.(b)		41,250
	100	ShoreTel, Inc.(b)		862
	800	Sierra Bancorp		11,096
	3,185	Sigma Designs, Inc.(b)		51,501
	5,325	Signature Bank(b)		156,981
	6,400	Silgan Holdings, Inc.		321,664
	5,800	Silicon Graphics International Corp.(b)		29,116
	30,458	Silicon Image, Inc.(b)		74,622
	2,000	Silicon Laboratories, Inc.(b)		85,660
	23,420	Silicon Storage Technology, Inc.(b)		44,030
	5,036	Simmons First National Corp. - Class A		150,979
	7,850	Simpson Manufacturing Co., Inc.		222,940
	7,253	Sinclair Broadcast Group, Inc. - Class A		13,563
	1,400	Sirona Dental Systems, Inc.(b)		36,386
	15,400	SIRVA, Inc.(b)(c)(d)		5
	2,800	SJW Corp.		62,776
	4,600	Skechers U.S.A., Inc. - Class A(b)		63,618
	500	Skilled Healthcare Group, Inc. - Class A(b)		4,130
	1,600	Skyline Corp.		38,832
	9,380	Skywest, Inc.		118,938
	27,900	Skyworks Solutions, Inc.(b)		337,032
	600	SL Green Realty Corp. REIT		15,468

67

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

Shares			Value
UNITED STATES (continued)
	1,600	Smart Balance, Inc.(b)	$	9,808
	4,700	Smith & Wesson Holding Corp.(b)		28,482
	86,000	Smith International, Inc.		2,161,180
	2,000	Smith Micro Software, Inc.(b)		22,860
	7,700	Smithfield Foods, Inc.(b)		104,335
	900	Smithtown Bancorp, Inc.		10,404
	1,260	Snap-On, Inc.		44,894
	93,700	Solera Holdings, Inc.(b)		2,523,341
	400	Solutia, Inc.(b)		3,576
	1,000	Somanetics Corp.(b)		14,030
	1,900	Somaxon Pharmaceuticals, Inc.(b)		4,028
	5,900	Sonic Automotive, Inc. - Class A		72,570
	4,200	Sonic Corp.(b)		46,326
	9,100	Sonic Solutions, Inc.(b)		33,033
	19,944	SonicWALL, Inc.(b)		151,375
	104,300	SonoSite, Inc.(b)		2,458,351
	20,756	Sonus Networks, Inc.(b)		39,436
	5,300	Sotheby’s		79,871
	6,142	Source Interlink Cos., Inc.(b)(c)(d)		0
	6,600	SourceForge, Inc.(b)		7,854
	4,400	South Jersey Industries, Inc.		162,272
	1,300	Southern Union Co.		25,194
	4,085	Southside Bancshares, Inc.		92,484
	3,800	Southwest Bancorp, Inc.		38,266
	4,200	Southwest Gas Corp.		101,724
	5,115	Southwest Water Co.		25,012
	1,800	Sovran Self Storage, Inc.		48,456
	2,800	Spanish Broadcasting System, Inc. - Class A(b)		532
	4,275	Spartan Motors, Inc.		29,925
	7,600	Spartan Stores, Inc.		97,964
	6,300	Spartech Corp.		78,750
	5,400	Spectranetics Corp.(b)		28,026
	5,870	Speedway Motorsports, Inc.		93,685
	13,801	Spherion Corp.(b)		75,906
	1,600	Spirit Aerosystems Holdings, Inc. - Class A(b)		20,816
	1,830	SPSS, Inc.(b)		90,548
	1,300	SPX Corp.		68,666
	4,600	SRA International, Inc. - Class A(b)		90,620
	1,300	St. Joe Co. (The)(b)		36,608
	74,000	St. Jude Medical, Inc.(b)		2,790,540
	7,100	St. Mary Land & Exploration Co.		169,477
	5,100	Stage Stores, Inc.		63,648
	2,186	Stamps.com, Inc.(b)		18,865
	1,300	StanCorp Financial Group, Inc.		44,746
	2,800	Standard Microsystems Corp.(b)		64,960
	3,363	Standard Parking Corp.(b)		56,801
	5,414	Standard Register Co. (The)		19,166
	4,600	Standex International Corp.		57,638
Shares			Value
UNITED STATES (continued)
	300	Stanley Furniture Co., Inc.	$	3,300
	800	Stanley Works (The)		32,120
	1,200	Star Scientific, Inc.(b)		1,236
	600	Starent Networks Corp.(b)		14,388
	400	StarTek, Inc.(b)		3,780
	5,550	State Auto Financial Corp.		95,960
	1,281	State Bancorp, Inc.		11,298
	1,900	Steak N Shake Co. (The)(b)		19,418
	13,700	STEC, Inc.(b)		467,033
	900	Steelcase, Inc. - Class A		6,588
	5,400	Stein Mart, Inc.(b)		59,562
	2,000	Steinway Musical Instruments(b)		22,880
	3,500	Stepan Co.		156,730
	5,205	Stereotaxis, Inc.(b)		23,527
	900	STERIS Corp.		25,272
	6,300	Sterling Bancorp		50,841
	13,996	Sterling Bancshares, Inc.		112,948
	1,200	Sterling Construction Co., Inc.(b)		19,116
	6,389	Sterling Financial Corp.		17,825
	4,950	Steven Madden Ltd.(b)		158,697
	515,100	Stewart Enterprises, Inc. - Class A		2,518,839
	2,529	Stewart Information Services Corp.		34,824
	4,650	Stifel Financial Corp.(b)		232,174
	17,000	Stillwater Mining Co.(b)		113,730
	7,196	Stone Energy Corp.(b)		78,149
	4,200	Stratasys, Inc.(b)		66,276
	6,500	Strategic Hotels & Resorts, Inc.		7,670
	100	Student Loan Corp. (The)		4,495
	3,800	Sturm Ruger & Co., Inc.		47,424
	600	SuccessFactors, Inc.(b)		6,330
	2,804	Suffolk Bancorp		82,718
	3,100	Sulphco, Inc.(b)		3,472
	5,539	Sun Bancorp, Inc.(b)		24,759
	1,300	Sun Communities, Inc.		19,890
	6,500	Sun Healthcare Group, Inc.(b)		63,245
	1,500	Sun Hydraulics Corp.		26,370
	9,100	Sunrise Senior Living, Inc.(b)		21,294
	6,897	Sunstone Hotel Investors, Inc.		38,347
	10,591	SuperGen, Inc.(b)		28,172
	1,500	Superior Bancorp(b)		4,155
	367,900	Superior Energy Services, Inc.(b)		6,103,461
	3,700	Superior Industries International, Inc.		58,386
	6,300	Superior Well Services, Inc.(b)		41,139
	1,375	Supertex, Inc.(b)		31,694
	1,300	SUPERVALUE,Inc.		19,279
	7,000	support.com, Inc.(b)		17,220
	7,113	SureWest Communications(b)		91,118
	76,533	SurModics, Inc.(b)		1,711,278
	12,379	Susquehanna Bancshares, Inc.		65,114
	400	Susser Holdings Corp.(b)		4,708

68

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

Shares			Value
UNITED STATES (continued)
	5,700	SVB Financial Group(b)	$	200,925
	5,686	Swift Energy Co.(b)		112,014
	3,400	SWS Group, Inc.		46,784
	2,152	SY Bancorp, Inc.		52,896
	38,111	Sycamore Networks, Inc.(b)		129,577
	9,442	SYKES Enterprises, Inc.(b)		187,896
	11,111	Symmetricom, Inc.(b)		71,999
	3,500	Symmetry Medical, Inc.(b)		29,960
	3,100	Syms Corp.(b)		21,762
	8,700	Symyx Technologies, Inc.(b)		60,291
	6,495	Synaptics, Inc.(b)		155,685
	12,400	Syniverse Holdings, Inc.(b)		217,372
	4,000	SYNNEX Corp.(b)		113,680
	1,000	Synopsys, Inc.(b)		19,980
	3,400	Synovis Life Technologies, Inc.(b)		52,530
	9,600	Syntax-Brillian Corp.(b)		29
	3,900	Syntel, Inc.		154,362
	300	Syntroleum Corp.(b)		825
	14,600	Systemax, Inc.(b)		190,238
	1,800	T-3 Energy Services, Inc.(b)		24,390
	10,100	Take-Two Interactive Software, Inc.		96,152
	1,000	TAL International Group, Inc.		11,090
	7,800	Talbots, Inc.		39,078
	3,300	Tanger Factory Outlet Centers		117,282
	4,920	Taser International, Inc.(b)		25,781
	5,900	Taubman Centers, Inc. REIT		156,999
	1,401	Taylor Capital Group, Inc.(b)		9,555
	2,700	TCF Financial Corp.		38,178
	1,738	Team, Inc.(b)		25,305
	7,600	Tech Data Corp.(b)		265,468
	65,400	Techne Corp.		4,173,828
	8,700	Technitrol, Inc.		63,162
	900	Techwell, Inc.(b)		8,586
	3,800	Tecumseh Products Co. - Class A(b)		31,084
	700	Tecumseh Products Co. - Class B(b)		7,147
	1,110	Tejon Ranch Co.(b)		29,348
	12,500	Tekelec(b)		229,875
	4,600	Teledyne Technologies, Inc.(b)		150,558
	65,400	Teleflex, Inc.		3,136,584
	300	Telephone & Data Systems, Inc.		7,722
	270	Telephone & Data Systems, Inc. - Special Shares		6,507
	6,937	TeleTech Holdings, Inc.(b)		115,987
	11,160	Tellabs, Inc.(b)		64,728
	2,890	Temple-Inland, Inc.		45,257
	4,500	Tempur-Pedic International, Inc.		66,735
	3,500	Tenet Healthcare Corp.(b)		13,825
	2,800	Tennant Co.		61,432
	8,800	Tenneco, Inc.(b)		142,296
	2,600	Teradyne, Inc.(b)		20,488
Shares			Value
UNITED STATES (continued)
	1,000	Terex Corp.(b)	$	15,180
	8,000	Terremark Worldwide, Inc.(b)		49,840
	4,000	Tesoro Corp.		52,360
	700	Tessera Technologies, Inc.(b)		19,663
	12	Teton Advisors, Inc.(b)(c)		0
	8,455	Tetra Tech, Inc.(b)		254,665
	11,300	Tetra Technologies, Inc.(b)		87,123
	6,100	Texas Capital Bancshares, Inc.(b)		101,321
	3,300	Texas Industries, Inc.		150,150
	8,300	Texas Roadhouse, Inc. - Class A(b)		92,379
	1,800	Theravance, Inc.(b)		27,180
	5,500	TheStreet.com, Inc.		11,440
	1,400	Thomas & Betts Corp.(b)		37,296
	8,300	Thomas Properties Group, Inc.		11,454
	7,006	Thor Industries, Inc.		167,513
	9,800	Thoratec Corp.(b)		246,372
	5,250	THQ, Inc.(b)		35,228
	20,702	TIBCO Software, Inc.(b)		180,728
	2,500	TierOne Corp.(b)		5,775
	7,900	Timberland Co. - Class A(b)		107,756
	3,200	Timken Co.		65,216
	4,000	Titan International, Inc.		29,760
	1,100	Titanium Metals Corp.		9,207
	9,900	TiVo, Inc.(b)		101,475
	3,750	TNS, Inc.(b)		85,988
	2,200	Toll Brothers, Inc.(b)		43,032
	200	TomoTherapy, Inc.(b)		632
	2,810	Tompkins Financial Corp.		124,989
	4,229	Tootsie Roll Industries, Inc.		102,130
	600	Torchmark Corp.		23,436
	3,200	Toro Co.		110,912
	600	Total System Services, Inc.		8,808
	2,000	Tower Group, Inc.		49,940
	300	TowneBank		3,978
	5,500	Tractor Supply Co.(b)		263,835
	4,185	TradeStation Group, Inc.(b)		31,346
	700	TransDigm Group, Inc.(b)		26,803
	1,100	Travelzoo, Inc.(b)		15,015
	4,800	TRC Cos., Inc.(b)		21,504
	7,600	Tredegar Corp.		111,264
	5,100	TreeHouse Foods, Inc.(b)		165,495
	2,400	Trex Co., Inc.(b)		39,240
	5,700	Trico Bancshares		94,791
	3,100	Trico Marine Services, Inc.(b)		13,640
	9,880	Trident Microsystems, Inc.(b)		16,598
	226,210	Trimble Navigation Ltd.(b)		5,363,439
	4,503	Trimeris, Inc.		9,321
	2,400	Trinity Industries		33,504
	28,756	TriQuint Semiconductor, Inc.(b)		206,468
	2,200	Triumph Group, Inc.		87,868
	1,200	Tri-Valley Corp.(b)		1,188
	1,600	True Religion Apparel, Inc.(b)		35,776
	6,100	TrueBlue, Inc.(b)		77,470
	10,059	Trustco Bank Corp.		63,271

69

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

Shares			Value
UNITED STATES (continued)
	8,775	Trustmark Corp.	$	174,622
	2,500	TRW Automotive Holdings Corp.(b)		42,075
	9,900	TTM Technologies, Inc.(b)		97,713
	5,800	Tuesday Morning Corp.(b)		26,912
	600	Tupperware Brands Corp.		20,442
	3,700	Tutor Perini Corp.(b)		68,265
	2,200	tw telecom, Inc.(b)		21,780
	4,000	Tween Brands, Inc.(b)		28,960
	1,400	Twin Disc, Inc.		12,348
	6,500	Tyler Technologies, Inc.(b)		100,100
	1,300	UAL Corp.(b)		5,356
	11,900	UCBH Holdings, Inc.		14,399
	1,500	UDR, Inc. REIT		15,675
	3,076	UIL Holdings Corp.		75,054
	900	Ulta Salon Cosmetics & Fragrance, Inc.(b)		10,197
	151,700	Ultimate Software Group, Inc.(b)		3,883,520
	4,400	Ultra Clean Holdings(b)		17,380
	719,107	Ultra Petroleum Corp.(b)		31,727,001
	5,008	Ultralife Corp.(b)		32,151
	3,841	Ultratech, Inc.(b)		45,746
	1,624	UMB Financial Corp.		67,753
	8,639	Umpqua Holdings Corp.		83,798
	2,000	Unifirst Corp.		77,840
	4,950	Union Bankshares Corp.		76,824
	3,800	Union Drilling, Inc.(b)		27,170
	4,900	Unisource Energy Corp.		135,240
	1,500	Unit Corp.(b)		47,535
	7,159	United Bankshares, Inc.		145,041
	4,123	United Community Banks, Inc.(b)		27,748
	5,035	United Community Financial Corp.(b)		6,898
	508	United Financial Bancorp, Inc.		6,746
	3,500	United Fire & Casualty Co.		58,835
	4,949	United Natural Foods, Inc.(b)		133,771
	12,254	United Online, Inc.		112,492
	9,900	United Rentals, Inc.(b)		73,953
	4,514	United Stationers, Inc.(b)		209,540
	300	United Therapeutics Corp.(b)		27,786
	1,200	Unitrin, Inc.		15,828
	9,230	Universal American Corp.(b)		83,993
	2,386	Universal Corp.		90,835
	5,000	Universal Display Corp.(b)		60,750
	3,108	Universal Electronics, Inc.(b)		65,610
	2,311	Universal Forest Products, Inc.		103,163
	1,100	Universal Health Realty Income Trust REIT		37,587
	300	Universal Health Services, Inc. - Class B		16,683
	4,800	Universal Insurance Holdings, Inc.		24,000
	200	Universal Stainless & Alloy(b)		3,522
	4,700	Universal Technical Institute, Inc.(b)		74,589
Shares			Value
UNITED STATES (continued)
	5,500	Universal Truckload Services, Inc.	$	88,715
	4,405	Univest Corp. of Pennsylvania		113,957
	1,400	Urstadt Biddle Properties, Inc.		19,656
	3,600	Urstadt Biddle Properties, Inc. - Class A		55,404
	29,010	US Gold Corp.(b)		85,870
	1,400	US Physical Therapy, Inc.(b)		22,890
	3,955	USA Mobility, Inc.		53,392
	300	USA Truck, Inc.(b)		4,323
	700	USANA Health Sciences, Inc.(b)		23,345
	8,400	USEC, Inc.(b)		32,508
	900	USG Corp.(b)		12,726
	4,400	U-Store-It Trust		21,340
	201,500	UTi Worldwide, Inc.(b)		2,542,930
	31,900	Utstarcom, Inc.(b)		54,549
	16,774	Vaalco Energy, Inc.		74,309
	4,700	Vail Resorts, Inc.(b)		134,467
	15,700	Valeant Pharmaceuticals International(b)		405,060
	1,100	Valhi, Inc.		14,443
	1,600	Valley National Bancorp		20,352
	400	Valmont Industries, Inc.		28,728
	2,500	Valspar Corp.		63,300
	1,300	Valueclick, Inc.(b)		14,950
	7,753	Valuevision Media, Inc. - Class A(b)		23,879
	600	Varian Semiconductor Equipment Associates, Inc.(b)		19,224
	3,100	Varian, Inc.(b)		157,356
	125,700	VCA Antech, Inc.(b)		3,215,406
	7,933	Vector Group Ltd.		117,884
	7,000	Veeco Instruments, Inc.(b)		131,880
	300	Venoco, Inc.(b)		2,652
	11,975	Verenium Corp.(b)		6,946
	103,000	VeriSign, Inc.(b)		2,105,320
	2,600	Viad Corp.		46,072
	5,000	Viasat, Inc.(b)		135,000
	3,000	Vicor Corp.		23,670
	4,862	Virginia Commerce Bancorp(b)		15,558
	10,329	Viropharma, Inc.(b)		76,125
	720	Virtus Investment Partners, Inc.(b)		11,412
	500	Virtusa Corp.(b)		4,660
	5,100	Vishay Intertechnology, Inc.(b)		36,261
	4,240	Vital Images, Inc.(b)		56,562
	4,470	Vivus, Inc.(b)		33,123
	128,500	Vocus, Inc.(b)		2,161,370
	4,600	Volcano Corp.(b)		69,874
	1,900	Volcom, Inc.(b)		23,047
	5,600	Volt Information Sciences, Inc.(b)		44,576
	1,300	Volterra Semiconductor Corp.(b)		21,567
	200	W&T Offshore, Inc.		2,138
	235,000	W.R. Berkley Corp.		5,459,050

70

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

Shares			Value
UNITED STATES (continued)
	5,300	Wabash National Corp.	$	4,399
	900	WABCO Holdings, Inc.		17,109
	8,029	Wabtec Corp.		270,176
	105,800	Waddell & Reed Financial, Inc. - Class A		3,001,546
	800	Walter Energy, Inc.		39,488
	7,155	Warnaco Group, Inc. (The)(b)		259,941
	28,800	Warren Resources, Inc.(b)		67,680
	4,600	Washington Federal, Inc.		64,078
	5,900	Washington Real Estate Investment Trust		150,981
	2,900	Washington Trust Bancorp, Inc.		52,664
	561,700	Waste Connections, Inc.(b)		15,845,557
	636,751	Waters Corp.(b)		31,996,738
	900	Waterstone Financial, Inc.(b)		4,680
	2,800	Watsco, Inc.		146,888
	2,000	Watson Wyatt Worldwide, Inc. - Class A		74,680
	3,800	Watts Water Technologies, Inc. - Class A		100,092
	8,100	Wausau Paper Corp.		76,140
	153,200	WD-40 Co.		4,631,236
	8,231	Web.com Group, Inc.(b)		50,538
	17,800	WebMediaBrands, Inc.(b)		9,256
	6,500	Websense, Inc.(b)		96,200
	800	Weight Watchers International, Inc.		22,304
	1,200	Weingarten Realty Investors		18,516
	4,744	Weis Markets, Inc.		156,884
	700	Wellcare Health Plans, Inc.(b)		15,582
	600	Wellman, Inc.(b)(c)		0
	16,000	Wendy’s/Arby’s Group, Inc. - Class A		73,280
	9,800	Werner Enterprises, Inc.		176,988
	3,683	WesBanco, Inc.		61,396
	1,100	WESCO International, Inc.(b)		27,159
	910	West Bancorp, Inc.		5,387
	2,200	West Coast Bancorp		5,412
	4,400	West Marine, Inc.(b)		39,116
	262,700	West Pharmaceutical Services, Inc.		9,588,550
	3,200	Westamerica Bancorp		167,232
	200	Westar Energy, Inc.		3,934
	5,021	Westell Technologies, Inc. - Class A(b)		5,674
	1,100	Western Alliance Bancorp(b)		7,623
	2,100	Western Refining, Inc.(b)		13,671
	8,800	Westlake Chemical Corp.		219,912
	800	Westmoreland Coal Co.(b)		6,312
	500	Westwood Holdings Group, Inc.		19,520
	7,400	Wet Seal, Inc. (The) - Class A(b)		24,420
	6,900	WGL Holdings, Inc.		228,528
	100	White Mountains Insurance Group Ltd.		25,800
	163,900	Whiting Petroleum Corp.(b)		7,532,844
Shares			Value
UNITED STATES (continued)
	9,300	Whitney Holding Corp.	$	81,468
	800	Whole Foods Market, Inc.(b)		19,352
	500	Willbros Group, Inc.(b)		6,895
	2,700	Williams-Sonoma, Inc.		37,962
	300	Wilmington Trust Corp.		3,447
	6,501	Wilshire Bancorp, Inc.		47,847
	7,400	Winn-Dixie Stores, Inc.(b)		104,858
	4,900	Winnebago Industries		51,548
	1,470	Winthrop Realty Trust REIT		14,112
	3,300	Wintrust Financial Corp.		86,295
	747,522	Wisconsin Energy Corp.		32,121,020
	3,150	WMS Industries, Inc.(b)		113,904
	5,500	Wolverine World Wide, Inc.		132,550
	8,400	Woodward Governor Co.		164,976
	3,690	World Acceptance Corp.(b)		87,527
	4,600	World Fuel Services Corp.		201,756
	3,400	World Wrestling Entertainment, Inc. - Class A		44,642
	1,900	WorldSpace, Inc. - Class A(b)		5
	10,300	Worthington Industries, Inc.		136,166
	100	WR Grace & Co.(b)		1,663
	103,100	Wright Express Corp.(b)		2,915,668
	5,900	Wright Medical Group, Inc.(b)		82,128
	6,000	Wyndham Worldwide Corp.		83,700
	2,800	XenoPort, Inc.(b)		56,868
	14,439	X-Rite, Inc.(b)		25,413
	900	YRC Worldwide, Inc.(b)		1,260
	7,000	Zale Corp.(b)		41,440
	500	Zebra Technologies Corp. - Class A(b)		12,220
	5,400	Zenith National Insurance Corp.		128,898
	3,893	Zep, Inc.		62,599
	100	Zhone Technologies, Inc.(b)		35
	44,000	Zimmer Holdings, Inc.(b)		2,050,400
	10,100	Zoll Medical Corp.(b)		186,143
	2,600	Zoltek Cos., Inc.(b)		25,792
	9,822	Zoran Corp.(b)		113,149
	800	Zumiez, Inc.(b)		7,640
	6,555	Zymogenetics, Inc.(b)		36,708
				1,311,032,495
Total Common Stocks (Cost $1,874,374,541)				2,102,674,752

71

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

Shares			Value
EXCHANGE TRADED FUNDS — 8.5%
	170,000	iShares MSCI Brazil Index Fund.	$	9,792,000
	429,800	iShares MSCI EAFE Small Cap Index Fund		13,972,798
	2,168,500	iShares MSCI Emerging Markets Index Fund		77,458,820
	100,861	iShares MSCI Japan Small Cap Index Fund		4,288,610
	1,317,400	iShares MSCI Singapore Index Fund		13,872,222
	1,902,500	iShares S&P SmallCap 600 Index Fund		92,956,150
	380,448	Midcap SPDR Trust Fund Series 1		43,386,290
	55,000	SPDR Russell Nomura Small Cap Japan Fund.		2,135,100
Total Exchange Traded Funds (Cost $215,554,777)				257,861,990
INVESTMENT COMPANY — 0.9%
	28,391,000	SEI Daily Income Trust Government II Fund, Class A		28,391,000
Total Investment Company (Cost $28,391,000)				28,391,000
RIGHTS/WARRANTS — 0.0%
Consumer Discretionary — 0.0%
	1,290	Escada AG Rights, Expire 8/12/09(b)		132
	48,804	Findel Plc - Sub Shares Rights, Expire 8/10/09(b)(c)(d)		12,433
				12,565
Consumer Staples — 0.0%
	2,223	Cia Brasileira de Distribuicao Grupo Pao de Acucar Rights, Expire 8/21/09(b)(c)		1,072
Diversified Financials — 0.0%
	6,000	Bank Sarasin & Cie AG Rights, Expire 9/15/09(b)		5,502
Health Care — 0.0%
	4,243	DOV Pharmaceutical, Inc. Rights Expire 12/31/09(b)(c)		0
	6,698	Orpea Rights, Expire 8/3/09(b)		10
				10
Industrials — 0.0%
	280,360	Northgate Plc Rights, Expire 8/11/09(b)		25,758
	36,189	Transpacific Industries Group Ltd. Rights, Expire 8/17/09(d)		303
Shares			Value
Industrials (continued)
	46,000	Virgin Blue Holdings Ltd. Rights, Expire 8/28/09(d)	$	3,847
				29,908
Information Technology — 0.0%
	2,569	UXC Ltd. Warrants, Expire 3/31/10(b)(c)(d)		537
				537
Materials — 0.0%
	2,762	MIL Resources Ltd., Expire 5/31/12(b)(c)		23
	108,641	Rexam Plc Rights, Expire 8/18/09(b)		156,072
				156,095
Real Estate — 0.0%
	18,355	Aedes SpA, Rights, Expire 8/12/09(b)		3,453
	356,832	Asia Standard International Group Warrants, Expire 9/7/09(b)(c)(d)		0
	465,116	Bangkok Land Public Co. Ltd. - NVDR Warrants, Expire 5/2/13(b)(c)		683
	38,433	Rojana Industrial Park Public Co. Ltd. Warrants, Expire 11/30/14(b)(d)		2,315
	26,800	Tian An China Investment Co. Ltd. Warrants Expire 1/2/10(b)		59
	14,883	Ticon Industrial Connection Public Co. Ltd., Warrants, Expire 5/20/11(b)		547
				7,057
Total Rights/Warrants (Cost $377,110)				212,746
Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 4.1%
Federal Home Loan Bank — 4.1%
$	125,000,000	0.09%, 08/03/09(f)		125,000,000
Total U.S. Government Agencies (Cost $125,000,000)				125,000,000

72

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

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 16.5%
U.S. Treasury Bills — 16.5%
$	49,250,000	0.11%, 08/06/09(f)	$	49,249,569
	50,000,000	0.25%, 08/27/09(f)		49,991,667
	53,000,000	0.43%, 09/03/09(f)		52,980,603
	50,000,000	0.28%, 10/08/09(f)		49,974,333
	50,000,000	0.24%, 10/22/09(f)		49,980,350
	50,000,000	0.27%, 10/29/09(f)		49,967,375
	100,000,000	0.30%, 12/17/09(f)		99,916,900
	100,000,000	0.23%, 01/14/10(f)		99,892,900
Total U.S. Government Securities (Cost $501,917,824)				501,953,697
Shares
CASH SWEEP — 1.1%
	32,668,041	Citibank Dollars on Deposit in Custody Account		32,668,041
Total Cash Sweep (Cost $32,668,041)				32,668,041
TOTAL INVESTMENTS — 100.0% (Cost $2,778,283,293)(a)				3,048,762,226
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				1,458,357
NET ASSETS — 100.0%			$	3,050,220,583

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	415,244,269
Unrealized depreciation		(144,764,645	)
Net unrealized appreciation	$	270,479,624

(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 $450,655, 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

GDR — Global Depository Receipt

NVDR — Non Voting Depositary Receipt

REIT — Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.0	%
Consumer Discretionary	10.6	%
Consumer Staples	5.6	%
Diversified Financials	3.1	%
Energy	5.7	%
Health Care	7.8	%
Industrials	12.2	%
Information Technology	10.1	%
Insurance	2.7	%
Materials	5.7	%
Real Estate	1.1	%
Telecommunication Services	0.5	%
Utilities	1.8	%
Other*	31.1	%

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

73

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

Shares			Value
COMMON STOCKS — 12.2%
AUSTRALIA — 0.3%
	271,940	Austal Ltd.	$	641,373
	258,790	Australian Worldwide Exploration Ltd.(b)		577,893
	812,390	Beach Petroleum Ltd.		577,527
	48,700	BHP Billiton Ltd.		1,541,642
	228,390	Harvey Norman Holdings Ltd.		626,527
	843,130	International Ferro Metals Ltd.		704,205
	29,700	Leighton Holdings Ltd.		749,660
	903,930	Mount Gibson Iron Ltd.(b)		903,423
	320,890	Qantas Airways Ltd.		622,634
	33,550	Rio Tinto Ltd.		1,694,798
				8,639,682
AUSTRIA — 0.1%
	59,040	Schoeller-Bleckmann Oilfield Equipment AG		2,103,733
BELGIUM — 0.2%
	42,970	Anheuser-Busch InBev NV		1,719,755
	111,170	Euronav NV		2,199,284
				3,919,039
BERMUDA — 0.1%
	11,310	Arch Capital Group Ltd.(b)		703,369
	41,580	Helen of Troy Ltd.(b)		904,365
				1,607,734
BRAZIL — 0.3%
	208,144	BM&FBOVESPA SA		1,343,188
	126,500	Petroleo Brasileiro SA - ADR		4,263,050
	145,200	Tam SA - ADR(b)		1,784,508
	89,600	Vale SA - ADR		1,541,120
				8,931,866
CANADA — 0.8%
	500,000	Asian Coast Development Ltd.(c)		15,000,000
	201,370	Centerra Gold, Inc.(b)		1,280,468
	90,880	Freehold Royalty Trust		1,261,226
	184,000	Highpine Oil & Gas Ltd.(b)		736,171
	35,940	Husky Energy, Inc.		1,057,599
	106,100	Westshore Terminals Income Fund		1,227,706
				20,563,170
CHINA — 0.1%
	197,000	Beijing Capital International Airport Co. Ltd. - H Shares(b)		140,314
	645,700	BOE Technology Group Co. Ltd. - B Shares(b)		173,296
	3,558,000	China Construction Bank Corp. - H Shares		2,869,336
	9,590	China Southern Airlines Co. Ltd. - ADR(b)		170,510
	216,900	Shandong Chenming Paper Holdings Ltd. - B Shares		168,481
Shares			Value
CHINA (continued)
	1	Shanghai Friendship Group, Inc. Ltd. - B Shares	$	1
	570,050	Sichuan Expressway Co. Ltd. - H Shares(b)		244,201
				3,766,139
CZECH REPUBLIC — 0.0%
	920	Philip Morris CR AS		373,449
DENMARK — 0.1%
	207,280	Torm AS		2,102,674
EGYPT — 0.1%
	55,367	Orascom Telecom Holding SAE- GDR(b)		1,915,698
	52,850	Oriental Weavers		296,734
				2,212,432
FINLAND — 0.1%
	158,409	Fortum Oyj		3,668,913
FRANCE — 0.2%
	52,693	Groupe Danone		2,827,252
	42,793	Pernod-Ricard SA		3,325,315
				6,152,567
GERMANY — 0.3%
	85,470	Demag Cranes AG		2,119,665
	135,700	E.ON AG		5,137,031
				7,256,696
GREECE — 0.1%
	318,300	Mytilineos Holdings SA		2,749,245
HONG KONG — 0.2%
	615,660	China Properties Group Ltd.(b)		191,449
	3,590,620	GOME Electrical Appliances Holdings Ltd.		1,037,798
	15,472	Hopewell Highway Infrastructure Ltd.		9,463
	174,310	Hopewell Holdings Ltd.		569,034
	4,468,000	Hutchison Telecommunications Hong Kong Holdings Ltd.(b)		691,815
	3,529,000	Hutchison Telecommunications International Ltd.(b)		924,364
	4,640,750	Sino Union Petroleum & Chemical International Ltd.(b)		586,827
				4,010,750
INDIA — 0.3%
	160,000	Bajaj Finserv Ltd.		1,127,842
	26,300	Container Corp. of India		603,392
	109,750	Deccan Chronicle Holdings Ltd.		232,546
	1,090,000	GMR Infrastructure Ltd.(b)		3,237,039
	102,360	Hindalco Industries Ltd.		217,315
	12,010	Hindustan Zinc Ltd.		174,101
	440,980	Ispat Industries Ltd.(b)		206,005
	120,830	Mangalore Refinery & Petrochemicals Ltd.		213,563

74

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

Shares			Value
INDIA (continued)
	131,410	Petronet LNG Ltd.	$	190,880
	54,050	Sesa Goa Ltd.		272,392
	8,810	Tata Tea Ltd.		156,265
	208,320	UCO Bank		184,860
	36,534	United Spirits Ltd.		784,014
				7,600,214
IRELAND — 0.0%
	139,100	Elan Corp. Plc - ADR(b)		1,096,108
ISRAEL — 0.1%
	54,600	Teva Pharmaceutical Industries Ltd. - ADR		2,912,364
ITALY — 0.3%
	1,580,800	Intesa Sanpaolo SpA(b)		5,886,233
	192,940	Mediobanca SpA		2,708,711
				8,594,944
JAPAN — 0.5%
	96,800	Aeon Mall Co. Ltd.		2,045,971
	33,000	Arcs Co. Ltd.		469,411
	101,000	Asahi Diamond Industrial Co. Ltd.		672,444
	26,000	BML, Inc.		611,361
	35,000	Cosmos Pharmaceutical Corp.		741,612
	120,000	Daiei, Inc. (The)(b)		475,561
	36,000	Daisyo Corp.		503,334
	30,000	FUJI SOFT, Inc.		603,646
	1,000	Geo Corp.		789,432
	42,000	Kanto Auto Works Ltd.		378,166
	167,000	Mitsui Sugar Co. Ltd.		552,402
	71,000	Nidec Copal Corp.		767,588
	433,000	Nippon Coke & Engineering Co. Ltd.		521,659
	119,000	Nippon Denko Co. Ltd.		783,482
	333	NTT DoCoMo, Inc.		482,828
	22,000	Ryoshoku Ltd.		504,518
	113,000	Tomy Co. Ltd.		1,004,312
	137,000	Toyo Engineering Corp.		428,555
	60,000	Unipres Corp.		768,507
	17,000	Yaoko Co. Ltd.		532,682
				13,637,471
MALAYSIA — 0.0%
	136,500	Berjaya Land Berhad		148,028
	196,700	HAP Seng Consolidated Berhad		143,511
	53,560	Petronas Dagangan Berhad		130,004
				421,543
MEXICO — 0.4%
	198,900	America Movil SAB de CV - ADR, Series L		8,554,689
	672,000	Grupo Financiero Banorte SAB de CV - Series O		1,665,119
				10,219,808
Shares			Value
NETHERLANDS — 0.2%
	149,380	CSM NV	$	2,632,636
	81,890	Sligro Food Group NV		2,167,440
				4,800,076
RUSSIA — 0.1%
	94,900	Gazprom OAO - ADR		1,959,685
	33,660	MMC Norilsk Nickel - ADR(b)		337,610
	6,480	Mobile Telesystems OJSC - ADR		272,095
				2,569,390
SINGAPORE — 0.1%
	461,170	Chartered Semiconductor Manufacturing Ltd.(b)		717,799
	74,620	DBS Group Holdings Ltd.		719,679
	62,830	Singapore Airlines Ltd.		589,379
				2,026,857
SOUTH AFRICA — 0.1%
	118,630	Aquarius Platinum Ltd.		493,105
	26,722	ArcelorMittal South Africa Ltd.		350,795
	6,210	Assore Ltd.		414,133
	70,030	Barloworld Ltd.		410,614
	50,580	Imperial Holdings Ltd.		434,753
				2,103,400
SOUTH KOREA — 0.2%
	21,660	Global & Yuasa Battery Co. Ltd.		435,598
	61,650	Hyundai Hysco		705,246
	4,150	Hyundai Mipo Dockyard		459,534
	17,980	Kolon Industries, Inc.		592,892
	54,340	Lotte Midopa Co. Ltd.		626,047
	1,510	POSCO		617,180
	1,260	Young Poong Corp.		494,480
				3,930,977
SPAIN — 0.3%
	181,640	Banco Espanol de Credito SA		2,262,701
	118,800	Gas Natural SDG SA		2,223,235
	647,400	Iberdrola Renovables SA		2,989,661
	56,500	Telefonica SA		1,405,635
				8,881,232
SWITZERLAND — 0.4%
	2,140	Elektrizitaets-Gesellschaft Laufenburg AG		1,941,449
	72,200	Nestle SA		2,971,371
	28,667	Roche Holding AG		4,520,086
	10,570	Valora Holding AG		2,151,289
				11,584,195
TAIWAN — 0.1%
	132,180	Ability Enterprise Co. Ltd.		212,323
	206,050	Chi Mei Optoelectronics Corp.(b)		115,247
	50,000	Chinese Maritime Transport Ltd.		134,266

75

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

Shares			Value
TAIWAN (continued)
	139,691	Chroma ATE, Inc.	$	215,021
	746,460	Chunghwa Picture Tubes Ltd.		117,175
	468,270	CMC Magnetics Corp.(b)		117,182
	121,320	Compal Communications, Inc.		117,408
	54,470	Dynapack International Technology Corp.		152,743
	83,780	Formosa Chemicals & Fibre Corp.		131,002
	415,530	HannStar Display Corp.		100,817
	91,385	Quanta Computer, Inc.		172,976
	120,190	Quanta Storage, Inc.		230,430
	92,710	Radiant Opto-Electronics Corp.		134,369
	99,000	Senao International Co. Ltd.		124,323
	108,540	Siliconware Precision Industries Co.		145,898
	429,120	Tatung Co. Ltd.(b)		109,608
	1,246,790	TPO Displays Corp.(b)		193,813
	357,000	Yieh Phui Enterprise Co. Ltd.(b)		144,724
				2,669,325
THAILAND — 0.0%
	242,450	Airports of Thailand Public Co. Ltd.		227,987
	63,900	Electricity Generating Public Co. Ltd. - NVDR		138,954
	344,300	Precious Shipping Public Co. Ltd.		163,904
	254,900	Thai Plastic & Chemical Public Co. Ltd.		139,322
	67,100	Thai Plastic & Chemical Public Co. Ltd. - FOR		36,675
	242,990	Thoresen Thai Agencies Public Co. Ltd.		161,375
				868,217
TURKEY — 0.0%
	387,410	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		402,962
	268,200	Turk Hava Yollari AO(b)		423,008
				825,970
UNITED KINGDOM — 0.9%
	201,190	Close Brothers Group Plc		2,323,982
	659,470	Game Group Plc		1,619,372
	492,550	Man Group Plc		2,277,048
	360,260	Renishaw Plc		2,437,279
	1,072,100	Rolls-Royce Group Plc(b)		7,418,773
	382,000	Tesco Plc		2,345,065
	724,600	Vodafone Group Plc		1,485,173
	551,850	WPP Plc		4,256,594
				24,163,286
UNITED STATES — 5.2%
	22,240	Aaron’s, Inc.		610,933
	27,780	Alexander & Baldwin, Inc.		811,732
Shares			Value
UNITED STATES (continued)
	76,570	Alkermes, Inc.(b)	$	790,202
	36,430	Alpha Natural Resources, Inc.(b)		1,213,483
	38,200	Amazon.com, Inc.(b)		3,276,032
	122,550	American Equity Investment Life Holding Co.		887,262
	27,520	Ameriprise Financial, Inc.		765,056
	36,110	Amsurg Corp.(b)		744,588
	15,300	Anadarko Petroleum Corp.		737,460
	46,900	AON Corp.		1,850,205
	31,700	Apple, Inc.(b)		5,179,463
	28,080	Arkansas Best Corp.		799,718
	47,400	Autodesk, Inc.(b)		1,033,794
	48,700	Baker Hughes, Inc		1,972,350
	48,600	Baxter International,Inc.		2,739,582
	46,220	Beacon Roofing Supply, Inc.(b)		775,109
	55,400	Bed Bath & Beyond, Inc.(b)		1,925,150
	55,490	BJ Services Co.		786,848
	32,200	Celgene Corp.(b)		1,834,112
	30,300	Cephalon, Inc.(b)		1,777,095
	14,780	Chubb Corp.		682,540
	85,800	Cisco Systems, Inc.(b)		1,888,458
	33,860	Cliffs Natural Resources, Inc.		927,425
	47,400	Coca-Cola Co. (The)		2,362,416
	16,240	Contango Oil & Gas Co.(b)		753,374
	84,140	Daktronics, Inc.		705,093
	9,050	Diamond Offshore Drilling, Inc.		813,324
	120,050	DiamondRock Hospitality Co.		811,538
	49,700	DISH Network Corp. - Class A(b)		842,415
	28,400	DPL, Inc.		680,180
	63,560	Employers Holdings, Inc.		884,755
	27,940	Encore Wire Corp.		606,019
	20,370	ENSCO International, Inc.		771,819
	20,500	EOG Resources, Inc.		1,517,615
	16,370	Fluor Corp.		864,336
	95,020	Force Protection, Inc.(b)		491,253
	29,700	Forest Laboratories, Inc.(b)		767,151
	52,440	Fred’s, Inc. - Class A		706,891
	20,280	GameStop Corp. - Class A(b)		443,929
	43,990	Gap, Inc. (The)		717,917
	31,630	Genesco, Inc.(b)		687,004
	81,700	Gilead Sciences, Inc.(b)		3,997,581
	6,500	Goldman Sachs Group, Inc. (The)		1,061,450
	9,200	Google, Inc. - Class A(b)		4,076,060
	22,050	Gulfmark Offshore, Inc.(b)		705,380
	15,730	Henry Schein, Inc.(b)		808,207
	50,750	Herman Miller, Inc.		842,958
	22,500	Hubbell, Inc. - Class B		839,700
	17,970	Infinity Property & Casuality Corp.		746,474
	37,750	Jo-Ann Stores, Inc.(b)		879,575
	175,200	JPMorgan Chase & Co.		6,771,480
	210,800	Juniper Networks, Inc.(b)		5,508,204

76

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

Shares			Value
UNITED STATES (continued)
	14,750	Kohl’s Corp.(b)	$	716,113
	23,480	LB Foster Co. - Class A(b)		704,400
	58,980	Marcus Corp.		745,507
	33,840	Marten Transport Ltd.(b)		596,938
	15,800	Mastercard, Inc. - Class A		3,065,674
	123,010	McMoRan Exploration Co.(b)		782,344
	79,000	Microsoft Corp.		1,858,080
	17,700	Monsanto Co.		1,486,800
	27,590	Morgan Stanley		786,315
	28,020	Mueller Industries, Inc.		665,755
	34,380	Multi-Fineline Electronix, Inc.(b)		783,520
	62,970	Murphy Oil Corp.		3,664,854
	9,860	National Presto Industries, Inc.		792,350
	50,100	NIKE, Inc. - Class B		2,837,664
	24,010	Noble Corp.		812,979
	48,100	Northern Trust Corp.		2,876,861
	2,400	NVR, Inc.(b)		1,442,760
	16,070	Odyssey Re Holdings Corp.		742,434
	30,560	Pantry, Inc. (The)(b)		536,328
	53,300	Patterson-UTI Energy, Inc.		736,073
	85,700	PDL BioPharma, Inc.		705,311
	24,930	Peabody Energy Corp.		825,432
	49,090	Perot Systems Corp. - Class A(b)		784,458
	25,000	Praxair, Inc.		1,954,500
	47,400	Red Hat, Inc.(b)		1,082,142
	85,820	RPC, Inc.		705,440
	123,250	Sapient Corp.(b)		823,310
	30,720	Scansource, Inc.(b)		876,442
	43,400	Schlumberger Ltd.		2,321,900
	15,650	Schnitzer Steel Industries, Inc. - Class A		841,501
	59,800	Smith International, Inc.		1,502,774
	35,870	SonoSite, Inc.(b)		845,456
	25,990	STERIS Corp.		729,799
	17,520	Suburban Propane Partners LP		786,473
	22,410	Thomas & Betts Corp.(b)		597,002
	89,620	TiVo, Inc.(b)		918,605
	19,820	Torchmark Corp.		774,169
	14,830	Travelers Cos., Inc. (The)		638,728
	43,810	Unum Group		822,314
	133,690	Viropharma, Inc.(b)		985,295
	92,200	Wal-Mart Stores, Inc.		4,598,936
	26,880	Walter Energy, Inc.		1,326,797
	89,600	WellPoint, Inc.(b)		4,716,544
	40,900	Werner Enterprises, Inc.		738,654
	55,930	Willbros Group, Inc.(b)		771,275
	31,080	World Acceptance Corp.(b)		737,218
	36,900	XTO Energy, Inc.		1,484,487
	54,000	Yum! Brands, Inc.		1,914,840
				138,116,246
Total Common Stocks (Cost $282,403,470)				325,079,712
Shares			Value
EXCHANGE TRADED FUNDS — 3.8%
UNITED STATES — 3.8%
	150,000	iShares iBoxx High Yield Corp. Bond Fund	$	12,667,500
	650,000	iShares MSCI Malaysia Index Fund		6,344,000
	765,000	iShares MSCI South Korea Index Fund		31,854,600
	1,260,000	iShares MSCI Taiwan Index Fund		14,275,800
	265,000	SPDR Gold Trust(b)		24,737,750
	800,000	United States Natural Gas Fund LP(b)		10,280,000
Total Exchange Traded Funds (Cost $90,697,447)				100,159,650
PREFERRED STOCKS — 0.0%
UNITED STATES — 0.0%
	5,000	Crown Castle International Corp., Cnv.(b)		260,000
	225,000	Fannie Mae(b)		418,500
	250,000	Freddie Mac(b)		327,500
Total Preferred Stocks (Cost $6,953,580)				1,006,000
RIGHTS/WARRANTS — 0.0%
UNITED STATES — 0.0%
	483,600	Sapphire Industrials Corp., Warrants, Expires 01/17/12(b)		111,228
Total Rights/Warrants (Cost $261,158)				111,228
Principal Amount			Value
BANK LOANS — 5.2%
UNITED STATES — 5.2%
$	498,693	Accellent, Inc., 2.75%, 11/22/12(d)		446,330
	3,541,694	Accellent, Inc., 3.76%, 11/22/12(d)		3,169,816
	1,936,944	Affiliated Computer Services, Inc., 2.43%, 03/20/13(d)		1,894,796
	500,000	Alliance HealthCare Services, Inc., 3.00%, 12/29/11(d)		481,563
	997,449	Amscan Holdings, Inc., 2.76%, 05/27/13(d)		872,768
	17,668	ARAMARK Corp., 0.22%, 01/26/14(d)		16,740
	278,099	ARAMARK Corp., 3.10%, 01/26/14(d)		263,499
	1,550,932	Ashland, Inc., 5.75%, 11/13/13(d)		1,552,870

77

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

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Baldor Electric Co., 5.25%, 01/31/14(d)	$	976,429
	202,020	Bausch & Lomb, Inc., 3.56%, 04/24/15(d)		191,053
	795,960	Bausch & Lomb, Inc., 3.85%, 04/24/15(d)		752,750
	994,937	Biomet, Inc., 3.29%, 03/25/15(d)		940,319
	2,961,779	Birds Eye Foods, Inc., 2.97%, 03/22/13(d)		2,843,308
	3,750,000	BSC International Holding Ltd., 2.98%, 04/21/11(d)		3,606,251
	3,590,886	Calpine Corp., 3.48%, 03/29/14(d)		3,294,638
	1,250,000	Cengage Learning Acquisitions, Inc., 2.50%, 07/03/14(d)		1,070,834
	750,000	Centennial Cellular Operating Co. LLC, 3.26%, 02/09/11(d)		745,688
	1,994,431	Central Garden & Pet Co., 1.82%, 09/30/12(d)		1,828,229
	1,987,928	Cequel Communications LLC, 2.52%, 11/05/13(d)		1,894,330
	1,634,883	Chattem, Inc., 2.88%, 01/02/13(d)		1,565,401
	1,447,531	CommScope, Inc., 2.91%, 12/28/14(d)		1,409,533
	748,996	CommScope, Inc., 3.47%, 12/26/14(d)		711,547
	2,452,490	Community Health Systems, Inc., 2.68%, 07/25/14(d)		2,300,232
	125,115	Community Health Systems, Inc., 2.68%, 07/25/14(d)		117,347
	212,978	Davita, Inc., 2.94%, 10/05/12(d)		203,470
	3,283,206	Dean Foods Co., 1.93%, 04/02/14(d)		3,149,143
	2,193,819	DJO Finance LLC/DJO Finance Corp., 4.22%, 05/20/14(d)		2,036,594
	4,575,000	Dollar General Corp., 3.92%, 07/07/14(d)		4,444,901
	1,750,000	Dresser, Inc., 3.10%, 05/04/14(d)		1,627,864
	2,229,712	Education Management LLC/Education Management Finance Corp., 3.25%, 06/01/13(d)		2,127,982
	997,468	Flextronics International Ltd., 2.57%, 10/01/14(d)		882,760
	658,382	Flextronics International Ltd., 2.75%, 10/01/14(d)		568,678

Principal Amount			Value
UNITED STATES (continued)
$	1,511,686	Flextronics International Ltd., 2.76%, 10/01/14(d)	$	1,305,719
	158,772	Fresenius Medical Care Holdings, Inc., 2.84%, 03/31/13(d)		153,149
	2,439,759	Generale de Geophysique, 4.58%, 01/12/14(d)		2,366,566
	2,022,469	Georgia-Pacific LLC, 2.96%, 12/20/12(d)		1,945,362
	2,268,444	Graphic Packaging International, Inc., 3.96%, 05/16/14(d)		2,179,596
	997,413	Helix Energy Solutions Group, Inc., 2.51%, 07/01/13(d)		932,581
	2,235,430	Huish Detergents, Inc., 2.07%, 04/26/14(d)		2,097,578
	4,000,000	Insight Midwest Holdings LLC, 3.91%, 04/07/14(d)		3,768,572
	459,111	Intelsat Corp., 2.91%, 01/03/14(d)		436,156
	1,000,000	Iowa Telecommunications Services, Inc., 2.99%, 11/23/11(d)		946,250
	171,254	Isle of Capri Casinos, Inc., 2.07%, 11/25/13(d)		161,407
	1,107,554	Isle of Capri Casinos, Inc., 2.97%, 11/25/13(d)		1,043,869
	428,134	Isle of Capri Casinos, Inc., 2.97%, 11/25/13(d)		403,516
	1,989,848	ISP Chemco, Inc., 2.13%, 06/04/14(d)		1,847,574
	2,164,759	Itron, Inc., 2.27%, 04/18/14(d)		2,149,043
	10,784	Jarden Corp., 4.00%, 01/24/12(d)		10,482
	2,424,525	L-1 Identity Solutions, Inc., 6.75%, 08/05/13(d)		2,427,556
	2,493,687	Metavante Corp., 2.78%, 11/01/14(d)		2,439,656
	4,000,000	MGM Mirage, Inc., 4.00%, 10/03/11(d)		3,310,000
	2,500,000	Michael Foods, Inc., 6.50%, 04/27/14(d)		2,515,625
	1,811,123	Mirant North America LLC, 2.06%, 01/03/13(d)		1,714,342
	3,580,619	Mylan Laboratories, Inc., 4.50%, 10/02/14(d)		3,472,574
	1,500,000	Nalco Co., 6.50%, 05/05/15(d)		1,515,000
	1,145,345	Nielsen Finance LLC/Nielsen Finance Co., 2.32%, 08/09/13(d)		1,062,666
	1,157,223	NRG Energy, Inc., 1.12%, 02/01/13(d)		1,096,469

78

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

Principal Amount			Value
UNITED STATES (continued)
$	2,168,694	NRG Energy, Inc., 1.81%, 02/01/13(d)	$	2,054,838
	3,479,250	Nuveen Investments, Inc., 3.31%, 11/13/14(d)		2,822,541
	1,000,000	Nuveen Investments, Inc., 12.50%, 07/21/15(d)		811,250
	2,350,000	Oshkosh Corp., 6.60%, 12/06/13(d)		2,320,204
	2,750,000	OSI Restaurant Partners LLC, 2.25%, 06/14/14(d)		2,092,291
	2,971,975	Penn National Gaming, Inc., 2.15%, 10/03/12(d)		2,900,329
	2,082,572	Petco Animal Supplies Stores, Inc., 2.57%, 10/26/13(d)		1,990,939
	1,987,329	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 3.16%, 04/02/14(d)		1,804,495
	998,349	Psychiatric Solutions, Inc., 2.06%, 07/02/12(d)		943,439
	1,000,000	Rental Service Corp., 4.67%, 11/30/13(d)		815,000
	2,667,425	Rockwood Specialties Group, Inc., 2.07%, 07/30/12(d)		2,631,860
	3,111,722	Sally Holdings LLC/Sally Capital, Inc., 2.56%, 11/16/13(d)		2,967,805
	275,524	ServiceMaster Co. (The), 2.81%, 07/24/14(d)		233,765
	2,766,716	ServiceMaster Co. (The), 2.81%, 07/24/14(d)		2,347,387
	850,000	Spectrum Brands, Inc., 4.00%, 03/30/13(d)		772,083
	2,500,000	Starwood Hotel & Resorts Worldwide, Inc., 3.06%, 06/29/10(d)		2,306,250
	344,191	Sungard Data Systems, Inc., 4.14%, 02/28/14(d)		325,088
	1,466,008	Telesat Canada/Telesat LLC, 3.32%, 10/31/14(d)		1,403,179
	125,915	Telesat Canada/Telesat LLC, 4.22%, 10/31/14(d)		120,518
	1,989,796	Time Warner Telecom Holdings, Inc., 2.32%, 01/07/13(d)		1,913,002
	16,251	Tranche A Term Loan, 2.97%, 11/16/12(d)		15,280
	1,150,000	TransDigm, Inc., 3.23%, 06/23/13(d)		1,108,792
	500,000	TRW Automotive, Inc., 6.00%, 02/09/14(d)		473,125
	2,251,163	URS Corp., 2.43%, 11/15/12(d)		2,183,628

Principal Amount				Value
UNITED STATES (continued)
$	1,492,509		Vanguard Health Holding Co. II LLC, 2.68%, 09/23/11(d)	$	1,438,406
	2,758,900		Virgin Media Investment Holdings Ltd., 3.50%, 09/03/12(d)		2,630,151
	2,150,000		Visant Corp., 2.64%, 12/21/11(d)		2,069,375
	885,519		Warner Chilcott Corp., Class B, 2.32%, 01/18/12(d)		858,953
	310,559		Warner Chilcott Corp., Class C, 2.32%, 01/18/12(d)		301,242
	1,492,366		West Corp., 2.68%, 10/24/13(d)		1,412,137
	492,405		Windstream Corp., 2.02%, 07/17/13(d)		475,171
	2,082,554		Yankee Candle Co., Inc., 3.22%, 02/06/14(d)		1,892,521
Total Bank Loans (Cost $125,302,613)					137,724,015
CORPORATE BONDS — 57.6%
AUSTRALIA — 0.0%
	1,000,000		Rio Tinto Finance USA Ltd., 8.95%, 05/01/14		1,162,006
AUSTRIA — 0.4%
	6,462,800	(e)	A-TEC Industries AG, Cnv., 6.19%, 05/10/14		9,492,332
BERMUDA — 2.0%
	7,000,000	(f)	Celestial Nutrifoods Ltd., Cnv., 15.73%, 06/12/11(g)		3,307,231
	10,000,000		Global Crossing Ltd., Cnv., 5.00%, 05/15/11		9,462,500
	2,250,000		Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		2,396,250
	3,400,000		Intelsat Ltd., 7.63%, 04/15/12		3,196,000
	1,750,000		Intelsat Ltd., 6.50%, 11/01/13		1,505,000
	750,000		Intelsat Subsidiary Holding Co. Ltd., 8.50%, 01/15/13		757,500
	1,500,000		Intelsat Subsidiary Holding Co. Ltd., 8.88%, 01/15/15(h)		1,515,000
	5,500,000		Pacific Andes Holdings Ltd., Cnv., 4.00%, 04/18/12		4,764,375
	200,000		Petroplus Finance Ltd., 6.75%, 05/01/14(h)		178,000
	20,200,000		Petroplus Finance Ltd., Cnv., 3.38%, 03/26/13		17,974,041
	3,500,000		Petroplus Finance Ltd., Cnv., 3.38%, 03/26/13		3,114,314

79

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

Principal Amount				Value
BERMUDA (continued)
$	7,000,000		Seadrill Ltd., Cnv., 3.63%, 11/08/12	$	5,788,937
					53,959,148
CANADA — 0.7%
	3,000,000		Barrick Gold Corp., 6.95%, 04/01/19		3,483,162
	2,500,000		Cascades, Inc., 7.25%, 02/15/13		2,281,250
	1,150,000		Celestica, Inc., 7.88%, 07/01/11		1,167,250
	1,615,000		Celestica, Inc., 7.63%, 07/01/13		1,631,150
	3,200,000		Teck Resources Ltd., 10.75%, 05/15/19(h)		3,724,000
	3,325,000		Videotron Ltee, 6.88%, 01/15/14		3,258,500
	100,000		Videotron Ltee, 9.13%, 04/15/18		103,750
	1,750,000		Videotron Ltee, 9.13%, 04/15/18(h)		1,815,625
					17,464,687
CHINA — 0.4%
	2,000,000		China Medical Technologies, Inc., Cnv., 3.50%, 11/15/11		1,607,500
	10,000,000		China Medical Technologies, Inc., Cnv., 4.00%, 08/15/13		6,462,500
	1,364,000		Yingli Green Energy Holding Co. Ltd., Cnv., 7.42%, 12/15/12(g)		1,343,540
					9,413,540
FRANCE — 0.7%
	900,000		Cie Generale de Geophysique-Veritas, 7.50%, 05/15/15		864,000
	2,000,000		Cie Generale de Geophysique-Veritas, 9.50%, 05/15/16(h)		2,080,000
	500,000		Cie Generale de Geophysique-Veritas, 7.75%, 05/15/17		478,750
	28,158,000	(e)	Rhodia SA, Cnv., 0.50%, 01/01/14		14,011,696
					17,434,446
GERMANY — 0.1%
	500,000		Kabel Deutschland GmbH, 10.63%, 07/01/14		523,750

Principal Amount				Value
GERMANY (continued)
	2,637,000	(i)	Kreditanstalt Fuer Wiederaufbau, 6.50%, 11/15/11	$	1,807,857
					2,331,607
HONG KONG — 0.9%
$	12,700,000		China Milk Products Group Ltd., Cnv., 11.78%, 01/05/12(g)		13,902,868
	72,300,000	(e)	FU JI Food and Catering Services Holdings Ltd., Cnv., 11.58%, 11/09/09(g)		10,565,154
					24,468,022
INDIA — 0.7%
	18,000,000		Ranbaxy Laboratories Ltd., Cnv., 13.66%, 03/18/11(g)		19,609,488
ISLE OF MAN — 0.1%
	1,500,000		AngloGold Ashanti Holdings Finance Plc, Cnv., 3.50%, 05/22/14		1,559,265
JAPAN — 0.2%
	450,000,000	(e)	Konica Minolta Holdings, Inc., Cnv., 11.78%, 12/07/09(g)		4,503,376
LUXEMBOURG — 1.5%
	1,000,000		ArcelorMittal, 9.00%, 02/15/15		1,112,500
	1,000,000		FMC Finance III SA, 6.88%, 07/15/17		965,000
	10,000,000	(e)	Kloeckner & Co. Finance International SA, Cnv., 1.50%, 07/27/12		10,728,239
	13,800,000	(e)	Weather Capital Finance SA, Cnv., 4.75%, 02/27/13		18,949,888
	8,500,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(h)		9,095,000
					40,850,627
MALAYSIA — 0.3%
	19,200,000	(e)	Berjaya Land Berhad, Cnv., 8.00%, 08/15/11		5,570,066
	3,000,000		Feringghi Capital Ltd., Cnv., 10.30%, 12/22/09(g)		3,403,374
					8,973,440
NETHERLANDS — 0.3%
	3,500,000		ASM International NV, Cnv., 4.25%, 12/06/11		3,443,125
	5,118,750	(e)	EM.TV Finance BV, Cnv., 5.25%, 05/08/13		4,239,000

80

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

Principal Amount				Value
NETHERLANDS (continued)
	500,000	(e)	Praktiker Finance BV, Cnv., 2.25%, 09/28/11	$	586,678
					8,268,803
NEW ZEALAND — 0.1%
	3,074,000	(e)	European Investment Bank, 6.50%, 09/10/14		2,109,142
NORWAY — 0.9%
$	18,000,000		Petroleum Geo-Services ASA, Cnv., 2.70%, 12/03/12		13,356,900
	7,000,000		Subsea 7, Inc., Cnv., 2.80%, 06/06/11		6,186,250
	5,000,000		Subsea 7, Inc., Cnv., 1.90%, 06/29/17(g)		4,663,275
					24,206,425
PHILIPPINES — 0.6%
	17,000,000		First Gen Corp., Cnv., 2.50%, 02/11/13		16,338,360
SINGAPORE — 0.4%
	10,214,000		Flextronics International Ltd., Cnv., 1.00%, 08/01/10		9,805,440
SOUTH AFRICA — 0.2%
	55,000,000	(e)	Netcare Ltd., Cnv., 6.00%, 09/30/11		6,308,408
SOUTH KOREA — 0.3%
	8,000,000		Hynix Semiconductor, Inc., Cnv., 4.50%, 12/14/12		7,560,464
SWEDEN — 0.0%
	910,000	(i)	Svensk Exportkredit AB, 7.63%, 06/30/14		623,724
THAILAND — 0.4%
	12,300,000		Thoresen Thai Agencies Public Co. Ltd., Cnv., 2.50%, 09/24/12		11,352,150
UNITED ARAB EMIRATES — 0.5%
	16,350,000		Dana Gas Sukuk Ltd., Cnv., 7.50%, 10/31/12		13,370,785
UNITED KINGDOM — 3.0%
	5,000,000		Anglo American Capital Plc, 9.38%, 04/08/14(h)		5,600,000
	6,000,000	(e)	International Power (Jersey) Ltd., Cnv., 3.25%, 07/20/13		7,572,583
	17,000,000	(e)	International Power Finance (Jersey) III Ltd., Cnv., 4.75%, 06/05/15		20,792,962
	23,325,000		Shire Plc, Cnv., 2.75%, 05/09/14		20,831,114

Principal Amount			Value
UNITED KINGDOM (continued)
$	8,089,000	SOCO Finance (Jersey) Ltd., Cnv., 4.50%, 05/16/13	$	8,030,703
	15,000,000	Vedanta Finance (Jersey) Ltd., Cnv., 4.60%, 02/21/26		13,818,750
	2,250,000	Virgin Media Finance Plc, 9.13%, 08/15/16		2,272,500
	1,000,000	Virgin Media Finance Plc, 9.50%, 08/15/16		1,025,000
				79,943,612
UNITED STATES — 42.8%
	500,000	Accellent Inc., 10.50%, 12/01/13		461,250
	28,134,000	ADC Telecommunications, Inc., Cnv., 1.59%, 06/15/13(d)		21,311,505
	4,000,000	AES Corp. (The), 9.75%, 04/15/16(h)		4,180,000
	2,500,000	AES Corp. (The), 8.00%, 10/15/17		2,450,000
	1,500,000	Affinion Group Inc., 10.13%, 10/15/13		1,485,000
	2,250,000	Affinion Group Inc., 11.50%, 10/15/15		2,081,250
	11,000,000	Affymetrix, Inc., Cnv., 3.50%, 01/15/38		9,143,750
	2,925,000	Airgas, Inc., 7.13%, 10/01/18(h)		2,925,000
	3,500,000	AK Steel Corp., 7.75%, 06/15/12		3,500,000
	13,000,000	Alcatel-Lucent USA Inc., 2.88%, 06/15/23		12,398,750
	6,045,000	Alexandria Real Estate Equities, Inc., REIT, Cnv., 3.70%, 01/15/27(h)		5,244,038
	2,500,000	Allbritton Communications Co., 7.75%, 12/15/12		2,075,000
	2,500,000	Alliant Techsystems, Inc., 6.75%, 04/01/16		2,375,000
	1,750,000	Allied Waste North America, Inc., 7.88%, 04/15/13		1,817,812
	3,250,000	Allied Waste North America, Inc., Series B, 7.38%, 04/15/14		3,355,625
	1,000,000	Allied Waste North America, Inc., Series B, 7.13%, 05/15/16		1,032,500
	2,000,000	Altria Group, Inc., 7.75%, 02/06/14		2,257,068
	3,000,000	Altria Group, Inc., 9.25%, 08/06/19		3,587,604

81

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

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Ameren Corp., 8.88%, 05/15/14	$	1,070,302
	550,000	American Tower Corp., 7.13%, 10/15/12		558,250
	2,450,000	American Tower Corp., 7.00%, 10/15/17		2,410,188
	2,500,000	Amerigas Partners LP, 7.25%, 05/20/15		2,450,000
	3,000,000	Ameristar Casinos, Inc., 9.25%, 06/01/14(h)		3,090,000
	5,000,000	Amkor Technology, Inc., Cnv., 2.50%, 05/15/11		4,737,500
	16,000,000	Amylin Pharmaceuticals, Inc., Cnv., 2.50%, 04/15/11		14,640,000
	1,000,000	Analog Devices, Inc., 5.00%, 07/01/14		1,021,305
	1,450,000	ARAMARK Corp., 5.00%, 06/01/12		1,355,750
	8,250,000	ARAMARK Corp., 8.50%, 02/01/15		8,311,875
	1,750,000	Arch Western Finance LLC, 6.75%, 07/01/13		1,697,500
	1,150,000	Ashland, Inc., 9.13%, 06/01/17(h)		1,213,250
	1,750,000	Baldor Electric Co., 8.63%, 02/15/17		1,754,375
	2,823,000	Ball Corp., 6.88%, 12/15/12		2,837,115
	250,000	Ball Corp., 6.63%, 03/15/18		235,000
	2,150,000	Bausch & Lomb, Inc., 9.88%, 11/01/15		2,144,625
	1,000,000	Biomet, Inc., 10.00%, 10/15/17		1,082,500
	3,250,000	Biomet, Inc., 11.63%, 10/15/17		3,526,250
	3,000,000	Black & Decker Corp., 8.95%, 04/15/14		3,297,771
	4,000,000	Boyd Gaming Corp., 6.75%, 04/15/14		3,570,000
	2,500,000	Burlington Coat Factory Warehouse Corp., 11.13%, 04/15/14		2,125,000
	3,500,000	Cablevision Systems Corp., Series B, 8.00%, 04/15/12		3,561,250
	29,250,000	Cadence Design Systems, Inc., Cnv., 1.38%, 12/15/11		24,935,625
	5,000,000	Cargill, Inc., 7.35%, 03/06/19(h)		5,505,455
	5,000,000	CBS Corp., 8.20%, 05/15/14		5,309,860
Principal Amount			Value
UNITED STATES (continued)
$	1,500,000	CC Holdings GS V LLC/Crown Castle GS III Corp., 7.75%, 05/01/17(h)	$	1,530,000
	1,500,000	Centennial Communications Corp., 6.35%, 01/01/13(d)		1,460,625
	250,000	Centennial Communications Corp., 8.13%, 02/01/14		250,625
	8,000,000	Ceradyne, Inc., Cnv., 2.88%, 12/15/35		6,800,000
	5,000,000	Chesapeake Energy Corp., 6.88%, 01/15/16		4,700,000
	2,000,000	Chesapeake Energy Corp., 6.25%, 01/15/18		1,780,000
	1,000,000	CHS/Community Health Systems, Inc., 8.88%, 07/15/15		1,030,000
	875,000	Church & Dwight Co., Inc., 6.00%, 12/15/12		877,188
	44,000,000	Ciena Corp., Cnv., 0.25%, 05/01/13		30,800,000
	1,000,000	CIGNA Corp., 8.50%, 05/01/19		1,065,051
	2,000,000	Cincinnati Bell, Inc., 8.38%, 01/15/14		1,980,000
	1,000,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		947,500
	1,750,000	Consol Energy, Inc., 7.88%, 03/01/12		1,776,250
	1,750,000	Constellation Brands, Inc., 7.25%, 09/01/16		1,715,000
	1,300,000	Constellation Brands, Inc., 7.25%, 05/15/17		1,270,750
	2,450,000	Constellation Brands, Inc., Series B, 8.13%, 01/15/12		2,474,500
	2,650,000	Corrections Corp. of America, 7.75%, 06/01/17		2,656,625
	20,250,000	Covanta Holding Corp., Cnv., 1.00%, 02/01/27		17,845,312
	1,750,000	Crown Americas LLC/Crown Americas Capital Corp II, 7.63%, 05/15/17(h)		1,780,625
	3,500,000	Crown Americas LLC/Crown Americas Capital Corp., 7.63%, 11/15/13		3,570,000
	4,000,000	Crown Castle International Corp., 9.00%, 01/15/15		4,225,000
	1,000,000	CSC Holdings, Inc., 8.50%, 04/15/14(h)		1,030,000
	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18		1,072,500

82

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

Principal Amount			Value
UNITED STATES (continued)
$	4,750,000	DaVita, Inc., 7.25%, 03/15/15	$	4,655,000
	3,225,000	Del Monte Corp., 8.63%, 12/15/12		3,289,500
	775,000	Del Monte Corp., 6.75%, 02/15/15		753,688
	500,000	Denbury Resources, Inc., 7.50%, 12/15/15		495,000
	2,500,000	Denbury Resources, Inc., 9.75%, 03/01/16		2,668,750
	2,000,000	DirecTV Holdings LLC/DirecTV Financing Co., 8.38%, 03/15/13		2,042,500
	1,500,000	DirecTV Holdings LLC/DirecTV Financing Co., 6.38%, 06/15/15		1,436,250
	1,200,000	DirecTV Holdings LLC/DirecTV Financing Co., 7.63%, 05/15/16		1,215,000
	2,500,000	DISH DBS Corp., 6.38%, 10/01/11		2,481,250
	4,000,000	DISH DBS Corp., 6.63%, 10/01/14		3,840,000
	250,000	DISH DBS Corp., 7.13%, 02/01/16		242,500
	2,000,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		1,890,000
	2,500,000	Dow Chemical Co. (The), 8.55%, 05/15/19		2,742,738
	21,985,000	Eastman Kodak Co. Cnv., 3.38%, 10/15/33		19,126,950
	250,000	Edison Mission Energy, 7.50%, 06/15/13		228,125
	1,450,000	Edison Mission Energy, 7.00%, 05/15/17		1,154,562
	3,900,000	Edison Mission Energy, 7.20%, 05/15/19		2,954,250
	1,250,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14		1,254,688
	1,500,000	Education Management LLC/Education Management Finance Corp., 10.25%, 06/01/16		1,526,250
	3,150,000	El Paso Corp., 7.00%, 06/15/17		3,026,517
	1,000,000	El Paso Corp., 7.25%, 06/01/18		971,348
	3,090,000	Encore Acquisition Co., 6.00%, 07/15/15		2,688,300
	3,500,000	Energy Future Holdings Corp., 10.88%, 11/01/17		3,036,250
Principal Amount			Value
UNITED STATES (continued)
$	2,545,000	EnerSys, Cnv., STEP, 3.38%, 06/01/38	$	2,010,550
	27,000,000	Euronet Worldwide, Inc., Cnv., 3.50%, 10/15/25		24,367,500
	3,000,000	EXCO Resources, Inc., 7.25%, 01/15/11		2,940,000
	1,705,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.75%, 06/15/12		1,664,506
	2,250,000	Ford Motor Credit Co. LLC, 7.88%, 06/15/10		2,216,873
	1,650,000	Ford Motor Credit Co. LLC, 7.50%, 08/01/12		1,522,882
	6,750,000	Ford Motor Credit Co. LLC, 8.00%, 06/01/14		6,234,610
	250,000	Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		265,000
	2,400,000	Fresenius US Finance II, Inc., 9.00%, 07/15/15(h)		2,592,000
	1,650,000	Frontier Communications Corp., 6.25%, 01/15/13		1,588,125
	750,000	FTI Consulting, Inc., 7.75%, 10/01/16		744,375
	3,000,000	Gaylord Entertainment Co., 8.00%, 11/15/13		2,700,000
	16,600,000	General Cable Corp., Cnv., 1.00%, 10/15/12		13,944,000
	3,010,000	Georgia-Pacific LLC, 8.13%, 05/15/11		3,085,250
	1,100,000	Georgia-Pacific LLC, 8.25%, 05/01/16(h)		1,138,500
	3,000,000	Goodyear Tire & Rubber Co. (The), 5.01%, 12/01/09(d)		2,988,750
	3,500,000	Goodyear Tire & Rubber Co. (The), 10.50%, 05/15/16		3,753,750
	1,000,000	Graham Packaging Co. LP/GPC Capital Corp. I, 8.50%, 10/15/12		992,500
	436,000	Graphic Packaging International, Inc., 8.50%, 08/15/11		437,090
	1,000,000	Graphic Packaging International, Inc., 9.50%, 08/15/13		996,250
	1,250,000	Graphic Packaging International, Inc., 9.50%, 06/15/17(h)		1,243,750
	1,000,000	Hasbro, Inc., 6.13%, 05/15/14		1,031,767
	1,250,000	HCA, Inc., 8.70%, 02/10/10		1,259,139

83

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

Principal Amount			Value
UNITED STATES (continued)
$	450,000	HCA, Inc., 8.75%, 09/01/10	$	454,500
	1,000,000	HCA, Inc., 6.95%, 05/01/12		955,000
	1,500,000	HCA, Inc., 6.30%, 10/01/12		1,410,000
	2,430,000	HCA, Inc., 6.75%, 07/15/13		2,272,050
	100,000	HCA, Inc., 5.75%, 03/15/14		88,000
	200,000	HCA, Inc., 9.13%, 11/15/14		206,000
	2,520,000	HCA, Inc., 6.50%, 02/15/16		2,236,500
	1,000,000	HCA, Inc., 9.25%, 11/15/16		1,042,500
	2,900,000	HCA, Inc., 8.50%, 04/15/19(h)		2,972,500
	3,400,000	Helix Energy Solutions Group, Inc., Cnv., 3.25%, 12/15/25		2,737,000
	1,250,000	Hertz Corp. (The), 8.88%, 01/01/14		1,203,125
	2,250,000	Hertz Corp. (The), 10.50%, 01/01/16		2,148,750
	20,000,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		15,350,000
	2,250,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		2,092,500
	1,700,000	Host Hotels & Resorts LP, REIT, 7.13%, 11/01/13		1,649,000
	2,750,000	Host Hotels & Resorts LP, REIT, Cnv., 3.25%, 04/15/24(h)		2,688,125
	1,400,000	Hughes Network Systems LLC/HNS Finance Corp., 9.50%, 04/15/14		1,400,000
	2,500,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.75%, 06/15/14		2,487,500
	3,000,000	Iconix Brand Group, Inc., Cnv., 1.88%, 06/30/12		2,711,250
	175,000	Inergy LP/Inergy Finance Corp., 6.88%, 12/15/14		165,375
	1,825,000	Inergy LP/Inergy Finance Corp., 8.25%, 03/01/16		1,811,312
	3,250,000	Ingles Markets, Inc., 8.88%, 05/15/17(h)		3,290,625
	15,650,000	Integra LifeSciences Holdings Corp., Cnv., 2.75%, 06/01/10(h)		15,024,000
	10,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.38%, 06/01/12(h)		8,162,500
Principal Amount			Value
UNITED STATES (continued)
$	1,350,000	Intelsat Corp., 9.25%, 08/15/14	$	1,366,875
	2,000,000	Interpublic Group of Cos., Inc., 10.00%, 07/15/17(h)		2,090,000
	27,600,000	Interpublic Group of Cos., Inc., Cnv., 4.25%, 03/15/23		24,943,500
	250,000	Ipalco Enterprises, Inc., 7.25%, 04/01/16(h)		245,625
	3,900,000	Iron Mountain, Inc., 7.75%, 01/15/15		3,841,500
	1,800,000	Iron Mountain, Inc., 6.63%, 01/01/16		1,662,750
	3,685,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14		3,242,800
	1,000,000	ITT Corp., 4.90%, 05/01/14		1,016,406
	7,000,000	Jakks Pacific, Inc., Cnv., 4.63%, 06/15/23		6,868,750
	1,000,000	Jarden Corp., 8.00%, 05/01/16		1,025,000
	3,000,000	Jarden Corp., 7.50%, 05/01/17		2,880,000
	30,000,000	JDS Uniphase Corp., Cnv., 1.00%, 05/15/26		23,362,500
	25,250,000	Kinetic Concepts, Inc., Cnv., 3.25%, 04/15/15(h)		21,999,062
	35,940,000	King Pharmaceuticals, Inc., Cnv., 1.25%, 04/01/26		28,976,625
	2,250,000	L-1 Identity Solutions, Inc., Cnv., 3.75%, 05/15/27		1,949,062
	1,000,000	L-3 Communications Corp., 7.63%, 06/15/12		1,011,250
	1,650,000	L-3 Communications Corp., 6.13%, 07/15/13		1,608,750
	850,000	Lamar Media Corp., 7.25%, 01/01/13		820,250
	2,000,000	Lamar Media Corp., 6.63%, 08/15/15		1,760,000
	1,000,000	Lamar Media Corp., Series C, 6.63%, 08/15/15		860,000
	25,031,000	Lawson Software, Inc., Cnv., 2.50%, 04/15/12		22,621,766
	2,550,000	Levi Strauss & Co., 9.75%, 01/15/15		2,588,250
	1,100,000	Liberty Media LLC, 5.70%, 05/15/13		987,250
	23,000,000	Liberty Media LLC, Cnv., 3.13%, 03/30/23		20,096,250
	2,750,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		2,340,938
	1,400,000	LIN Television Corp., 6.50%, 05/15/13		1,057,000

84

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

Principal Amount			Value
UNITED STATES (continued)
$	1,400,000	Ltd. Brands, Inc., 8.50%, 06/15/19(h)	$	1,409,057
	2,000,000	Mariner Energy, Inc., 11.75%, 06/30/16		2,090,000
	1,500,000	Masco Corp., 6.13%, 10/03/16		1,340,092
	20,000,000	Masco Corp., Series B, Cnv., 3.75%, 07/20/31(g)		9,050,000
	3,000,000	Massey Energy Co., 6.88%, 12/15/13		2,895,000
	1,850,000	Massey Energy Co., Cnv., 3.25%, 08/01/15		1,396,750
	1,000,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15		950,000
	3,250,000	Mediacom LLC/Mediacom Capital Corp., 9.50%, 01/15/13		3,233,750
	30,500,000	Medicis Pharmaceutical Corp., Cnv., 2.50%, 06/04/32		27,564,375
	2,500,000	MGM Mirage, Inc., 10.38%, 05/15/14(h)		2,681,250
	3,250,000	Michaels Stores, Inc., 11.38%, 11/01/16		2,632,500
	3,250,000	Mirant Americas Generation LLC, 8.30%, 05/01/11		3,302,812
	1,000,000	Mohegan Tribal Gaming Authority, 8.00%, 04/01/12		820,000
	500,000	Nalco Co., 7.75%, 11/15/11		502,500
	1,450,000	Nalco Co., 8.88%, 11/15/13		1,500,750
	2,900,000	Nalco Co., 8.25%, 05/15/17(h)		3,016,000
	2,250,000	NASDAQ OMX Group, Inc. (The), Cnv., 2.50%, 08/15/13		1,901,250
	3,628,000	NetApp, Inc., Cnv., 1.75%, 06/01/13(h)		3,523,695
	7,000,000	Newport Corp., Cnv., 2.50%, 02/15/12		5,740,000
	5,000,000	Nextel Communications, Inc., Cnv., 5.25%, 01/15/10		4,962,500
	500,000	Nielsen Finance LLC/Nielsen Finance Co., 11.63%, 02/01/14		526,250
	2,500,000	Nielsen Finance LLC/Nielsen Finance Co., 10.00%, 08/01/14		2,512,500
Principal Amount			Value
UNITED STATES (continued)
$	1,600,000	Nielsen Finance LLC/Nielsen Finance Co., STEP, 12.50%, 08/01/16	$	1,164,000
	25,538,000	NII Holdings, Inc., Cnv., 2.75%, 08/15/25		24,420,712
	250,000	Nordstrom, Inc., 6.75%, 06/01/14		268,958
	1,000,000	NRG Energy, Inc., 7.38%, 02/01/16		967,500
	3,000,000	NRG Energy, Inc., 7.38%, 01/15/17		2,895,000
	750,000	Nuveen Investments, Inc., 5.00%, 09/15/10		731,250
	725,000	Nuveen Investments, Inc., 10.50%, 11/15/15(h)		514,750
	500,000	Office Depot, Inc., 6.25%, 08/15/13		422,040
	4,900,000	Omnicare, Inc., 6.88%, 12/15/15		4,569,250
	32,000,000	Omnicare, Inc., Cnv., 3.25%, 12/15/35		23,720,000
	15,000,000	OSI Pharmaceuticals, Inc., Cnv., 3.00%, 01/15/38		13,593,750
	1,150,000	Owens Corning, Inc., 6.50%, 12/01/16		1,077,460
	2,250,000	Owens Corning, Inc., 9.00%, 06/15/19		2,331,164
	1,600,000	Owens-Brockway Glass Container, Inc., 8.25%, 05/15/13		1,636,000
	200,000	Owens-Brockway Glass Container, Inc., 6.75%, 12/01/14		194,500
	2,000,000	Owens-Brockway Glass Container, Inc., 7.38%, 05/15/16(h)		1,980,000
	3,850,000	Pantry, Inc. (The), 7.75%, 02/15/14		3,445,750
	15,900,000	Pantry, Inc. (The), Cnv., 3.00%, 11/15/12		12,759,750
	12,000,000	Par Pharmaceutical Cos., Inc., Cnv., 2.88%, 09/30/10		11,475,000
	6,000,000	Parker Drilling Co., Cnv., 2.13%, 07/15/12		4,920,000
	11,000,000	PDL BioPharma, Inc., Cnv., 2.00%, 02/15/12		10,312,500
	1,000,000	Peabody Energy Corp., 7.38%, 11/01/16		1,005,000
	1,000,000	Peabody Energy Corp., Series B, 6.88%, 03/15/13		1,010,000
	1,750,000	Penske Auto Group, Inc., 7.75%, 12/15/16		1,487,500
	1,350,000	Penske Auto Group, Inc., Cnv., 3.50%, 04/01/26		1,420,875

85

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

Principal Amount			Value
UNITED STATES (continued)
$	2,500,000	PetroHawk Energy Corp., 9.13%, 07/15/13	$	2,593,750
	900,000	Pinnacle Entertainment, Inc., 8.25%, 03/15/12		900,000
	2,750,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		2,612,500
	2,400,000	Pioneer Natural Resources Co., 6.88%, 05/01/18		2,162,287
	1,500,000	Pioneer Natural Resources Co., Cnv., 2.88%, 01/15/38		1,336,875
	1,150,000	Plains Exploration & Production Co., 10.00%, 03/01/16		1,243,438
	2,850,000	Plains Exploration & Production Co., 7.63%, 06/01/18		2,757,375
	2,500,000	Psychiatric Solutions, Inc., 7.75%, 07/15/15		2,368,750
	1,500,000	Qwest Capital Funding, Inc., 7.90%, 08/15/10		1,511,250
	1,000,000	Qwest Communications International Inc., 7.50%, 02/15/14		977,500
	1,500,000	Qwest Communications International, Inc., 7.25%, 02/15/11		1,492,500
	1,000,000	Qwest Communications International, Inc., Cnv., 3.50%, 11/15/25		993,750
	4,050,000	Qwest Communications International, Inc., Series B, 7.50%, 02/15/14		3,958,875
	200,000	Qwest Corp., 7.50%, 10/01/14		199,500
	1,400,000	Qwest Corp., 8.38%, 05/01/16(h)		1,435,000
	1,000,000	Range Resources Corp., 7.50%, 05/15/16		992,500
	1,000,000	Range Resources Corp., 7.50%, 10/01/17		992,500
	3,300,000	RITE AID Corp., 8.63%, 03/01/15		2,491,500
	1,000,000	RITE AID Corp., 7.50%, 03/01/17		855,000
	250,000	RITE AID Corp., 9.50%, 06/15/17		189,375
	5,000,000	Roche Holdings, Inc., 6.00%, 03/01/19(h)		5,545,045
	1,500,000	Rock-Tenn Co., 9.25%, 03/15/16(h)		1,578,750
	1,500,000	RSC Equipment Rental, Inc., 10.00%, 07/15/17(h)		1,578,750

Principal Amount			Value
UNITED STATES (continued)
$	250,000	Sally Holdings LLC/Sally Capital, Inc., 9.25%, 11/15/14	$	257,500
	35,000,000	SanDisk Corp., Cnv., 1.00%, 05/15/13		24,500,000
	2,750,000	SBA Communications Corp., Cnv., 1.88%, 05/01/13(h)		2,433,750
	650,000	Scientific Games Corp., 7.88%, 06/15/16(h)		633,750
	2,500,000	Scientific Games Corp., Cnv., STEP, 0.75%, 12/01/24		2,512,500
	1,000,000	Scientific Games International, Inc., 9.25%, 06/15/19(h)		1,035,000
	2,250,000	Sealed Air Corp., 7.88%, 06/15/17(h)		2,376,133
	2,500,000	Sealy Mattress Co., 8.25%, 06/15/14		2,281,250
	2,500,000	Sealy Mattress Co., 10.88%, 04/15/16(h)		2,725,000
	1,000,000	Sempra Energy, 6.50%, 06/01/16		1,097,760
	5,250,000	Sepracor, Inc., Cnv., 0.67%, 10/15/24(g)		5,164,688
	2,750,000	Service Corp. International, 7.38%, 10/01/14		2,674,375
	750,000	Service Corp. International, 7.63%, 10/01/18		718,125
	2,750,000	ServiceMaster Co. (The), 10.75%, 07/15/15(h)(j)		2,392,500
	750,000	Solo Cup Co., 10.50%, 11/01/13(h)		789,375
	4,000,000	Solo Cup Co., 8.50%, 02/15/14		3,490,000
	1,000,000	Speedway Motorsports, Inc., 6.75%, 06/01/13		970,000
	2,750,000	Speedway Motorsports, Inc., 8.75%, 06/01/16(h)		2,811,875
	4,750,000	Sprint Capital Corp., 7.63%, 01/30/11		4,785,625
	350,000	Sprint Nextel Corp., 6.00%, 12/01/16		305,812
	5,000,000	Staples, Inc., 9.75%, 01/15/14		5,857,605
	1,775,000	Stater Brothers Holdings, 8.13%, 06/15/12		1,792,750
	725,000	Stater Brothers Holdings, 7.75%, 04/15/15		699,625
	1,400,000	Steel Dynamics, Inc., 7.38%, 11/01/12		1,389,500
	3,100,000	Steel Dynamics, Inc., 6.75%, 04/01/15		2,929,500

86

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

Principal Amount			Value
UNITED STATES (continued)
$	15,000,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14	$	12,412,500
	1,200,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.88%, 12/15/13		1,152,000
	7,000,000	Sungard Data Systems, Inc., 9.13%, 08/15/13		7,140,000
	1,250,000	Sungard Data Systems, Inc., 10.63%, 05/15/15(h)		1,337,500
	2,000,000	Sungard Data Systems, Inc., 10.25%, 08/15/15		2,050,000
	3,500,000	SuperValu, Inc., 8.00%, 05/01/16		3,473,750
	1,400,000	Susser Holdings LLC/Susser Finance Corp., 10.63%, 12/15/13		1,414,000
	15,652,000	Tech Data Corp., Cnv., 2.75%, 12/15/26		14,967,225
	2,000,000	Telesat Canada/Telesat LLC, 11.00%, 11/01/15(h)		2,070,000
	500,000	Terex Corp., 7.38%, 01/15/14		476,250
	1,000,000	Terex Corp., 10.88%, 06/01/16		1,040,000
	1,400,000	Terex Corp., 8.00%, 11/15/17		1,158,500
	1,500,000	Tesoro Corp., 9.75%, 06/01/19		1,511,250
	2,000,000	Time Warner Cable, Inc., 7.50%, 04/01/14		2,280,024
	2,750,000	Time Warner Telecom Holdings, Inc., 9.25%, 02/15/14		2,839,375
	16,000,000	Time Warner Telecom, Inc., Cnv., 2.38%, 04/01/26		13,680,000
	1,000,000	Time Warner, Inc., 1.15%, 11/13/09(d)		997,297
	900,000	Toys R US Property Co. I LLC, 10.75%, 07/15/17(h)		922,500
	1,500,000	Toys R US, Inc., 7.63%, 08/01/11		1,402,500
	1,500,000	TransDigm, Inc., 7.75%, 07/15/14		1,473,750
	2,500,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36		1,484,375
	3,000,000	United Rentals North America, Inc., 6.50%, 02/15/12		2,895,000
	2,000,000	United Rentals North America, Inc., 7.75%, 11/15/13		1,760,000

Principal Amount			Value
UNITED STATES (continued)
$	750,000	United Rentals North America, Inc., 10.88%, 06/15/16(h)	$	750,000
	500,000	USG Corp., 9.50%, 01/15/18		460,000
	1,750,000	Valeant Pharmaceuticals International, 8.38%, 06/15/16(h)		1,776,250
	2,250,000	Valor Telecommunications Enterprises Finance Corp., 7.75%, 02/15/15		2,250,000
	1,050,000	Vanguard Health Holding Co. I LLC, STEP, 11.25%, 10/01/15		1,057,875
	2,500,000	Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14		2,500,000
	8,500,000	VeriFone Holdings, Inc., Cnv., 1.38%, 06/15/12		6,545,000
	10,000,000	Virgin Media, Inc., Cnv., 6.50%, 11/15/16(h)		8,687,500
	1,450,000	Visant Corp., 7.63%, 10/01/12		1,457,250
	1,500,000	Visant Holding Corp., 8.75%, 12/01/13		1,507,500
	1,480,000	Warner Chilcott Corp., 8.75%, 02/01/15		1,480,000
	800,000	Waste Services, Inc., 9.50%, 04/15/14		786,000
	1,150,000	Watson Pharmaceuticals, Inc., Cnv., 1.75%, 03/15/23		1,145,688
	1,000,000	WellPoint, Inc., 6.00%, 02/15/14		1,039,642
	6,910,000	WESCO International, Inc., Cnv., 1.75%, 11/15/26		6,719,975
	2,500,000	West Corp., 9.50%, 10/15/14		2,375,000
	1,450,000	West Corp., 11.00%, 10/15/16		1,337,625
	1,450,000	Williams Cos., Inc. (The), 7.13%, 09/01/11		1,522,126
	1,500,000	Williams Cos., Inc. (The), 8.13%, 03/15/12		1,609,575
	750,000	Williams Cos., Inc. (The), 7.63%, 07/15/19		802,500
	2,000,000	Williams Partners LP/Williams Partners Finance Corp., 7.25%, 02/01/17		1,960,000
	2,150,000	Windstream Corp., 8.63%, 08/01/16		2,182,250
	1,500,000	Windstream Corp., 7.00%, 03/15/19		1,395,000
	4,000,000	Wyndham Worldwide Corp., 6.00%, 12/01/16		3,391,052

87

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

Principal Amount				Value
UNITED STATES (continued)
$	2,750,000		Yankee Acquisition Corp., 8.50%, 02/15/15	$	2,461,250
					1,142,377,665
VENEZUELA — 0.1%
	2,040,000		Corp. Andina de Fomento, 8.13%, 06/04/19		2,249,522
Total Corporate Bonds (Cost $1,439,374,856)					1,535,736,484
GOVERNMENT BONDS — 9.3%
ARGENTINA — 0.2%
	16,258,000		Republic of Argentina, 1.68%, 08/03/09(d)		1,950,960
	16,258,000		Republic of Argentina, 0.94%, 08/03/12(d)		4,186,435
					6,137,395
AUSTRALIA — 0.4%
	2,000,000	(e)	Australian Government Index Linked, 4.00%, 08/20/10		2,641,899
	710,000	(e)	New South Wales Treasury Corp., 6.00%, 05/01/12		607,505
	3,340,000	(e)	New South Wales Treasury Corp., 5.50%, 03/01/17		2,679,111
	1,330,000	(e)	Queensland Treasury Corp., 6.00%, 06/14/11		1,144,127
	685,000	(e)	Queensland Treasury Corp., 6.00%, 08/14/13		580,896
	1,370,000	(e)	Queensland Treasury Corp., 6.00%, 09/14/17		1,128,319
	3,190,000	(e)	Queensland Treasury Corp., 7.13%, 09/18/17(h)		2,182,304
					10,964,161
BRAZIL — 0.8%
	9,490,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		9,217,668
	2,400,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,232,585
	15,670,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/12		8,277,825
	3,900,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		1,842,322
					21,570,400

Principal Amount				Value
CANADA — 0.0%
	1,526,000	(i)	Province of Ontario, 6.25%, 06/16/15	$	992,471
FRANCE — 0.5%
	4,360,000	(e)	France Government Bond OAT, 4.25%, 10/25/17		6,638,322
	4,000,000	(e)	France Government Bond OAT, 5.50%, 04/25/29		6,739,015
					13,377,337
HUNGARY — 0.2%
	1,575,000	(e)	Hungary Government International Bond, 3.88%, 02/24/20		1,750,973
	520,000	(e)	Republic of Hungary, 4.38%, 07/04/17		640,170
	1,705,000	(e)	Republic of Hungary, 5.75%, 06/11/18		2,283,831
					4,674,974
INDONESIA — 1.1%
$	4,415,000		Indonesia Government International Bond, 11.63%, 03/04/19(h)		5,938,175
	1,070,000		Indonesia Government International Bond, 8.50%, 10/12/35		1,160,950
	561,000		Indonesia Government International Bond, 8.50%, 10/12/35(h)		608,685
	260,000		Indonesia Government International Bond, 6.63%, 02/17/37(h)		234,000
	700,000		Indonesia Government International Bond, 7.75%, 01/17/38(h)		679,000
	660,000		Indonesia Government International Bond, 7.75%, 01/17/38		640,200
	23,560,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,381,243
	3,590,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/18		342,015
	19,800,000,000	(e)	Indonesia Treasury Bond, 12.80%, 06/15/21		2,297,351
	1,160,000,000	(e)	Indonesia Treasury Bond, 12.90%, 06/15/22		134,459
	1,590,000,000	(e)	Indonesia Treasury Bond, 10.25%, 07/15/22		154,887
	37,380,000,000	(e)	Indonesia Treasury Bond, 9.50%, 07/15/23		12,432,163
	25,525,000,000	(e)	Indonesia Treasury Bond, 10.00%, 02/15/28		2,270,773
					29,273,901

88

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

Principal Amount				Value
MALAYSIA — 0.6%
	35,500,000	(e)	Malaysia Government Bond, 3.87%, 04/13/10	$	10,207,170
	23,820,000	(e)	Malaysia Government Bond, 3.81%, 02/15/17		6,656,731
					16,863,901
MEXICO — 0.9%
	24,000,000	(e)	Mexican Bonos, 8.00%, 12/19/13		1,891,174
	20,000,000	(e)	Mexican Bonos, 8.00%, 12/17/15		1,552,124
	36,000,000	(e)	Mexican Bonos, 7.25%, 12/15/16		2,656,462
	23,900,000	(e)	Mexican Bonos, 7.75%, 12/14/17		1,787,117
	137,500,000	(e)	Mexican Bonos, 10.00%, 12/05/24		11,849,213
	53,000,000	(e)	Mexican Bonos, 10.00%, 11/20/36		4,431,713
					24,167,803
NETHERLANDS — 0.3%
	4,485,000	(e)	Netherlands Goverment Bond, 4.50%, 07/15/17		6,905,178
NEW ZEALAND — 0.2%
	7,000,000	(e)	New Zealand Government Bond, 6.00%, 12/15/17		4,706,251
NORWAY — 0.0%
	7,600,000	(e)	Norway Government Bond, 6.00%, 05/16/11		1,326,731
POLAND — 1.0%
	4,520,000	(e)	Poland Government Bond, 4.75%, 04/25/12		1,537,799
	6,975,000	(e)	Poland Government Bond, 5.75%, 04/25/14		2,423,398
	26,560,000	(e)	Poland Government Bond, 6.25%, 10/24/15		9,416,641
	24,800,000	(e)	Poland Government Bond, 5.75%, 09/23/22		8,185,138
$	5,400,000		Poland Government International Bond, 6.38%, 07/15/19		5,593,320
					27,156,296
QATAR — 0.1%
	2,100,000		Qatar Government International Bond, 6.55%, 04/09/19(h)		2,205,000
RUSSIA — 0.4%
	11,006,400		Russia Government International Bond, STEP, 7.50%, 03/31/30		11,127,470

Principal Amount				Value
SOUTH AFRICA — 0.1%
$	1,795,000		South Africa Government International Bond, 5.88%, 05/30/22	$	1,790,512
SOUTH KOREA — 2.1%
	400,000		Export-Import Bank of Korea, 8.13%, 01/21/14		442,539
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14		101,759
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		98,249
	105,000(k)		Export-Import Bank of Korea, 4.63%, 02/20/17		133,851
	1,800,000,000	(e)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,500,343
	1,385,000		Korea Development Bank, 8.00%, 01/23/14		1,525,674
	4,711,390,000	(e)	Korea Treasury Bond, 5.50%, 06/10/11		3,952,209
	34,923,170,000	(e)	Korea Treasury Bond, 4.75%, 12/10/11		28,859,613
	2,235,880,000	(e)	Korea Treasury Bond, 4.00%, 06/10/12		1,807,875
	4,250,000,000	(e)	Korea Treasury Bond, 5.25%, 09/10/12		3,550,736
	460,440,000	(e)	Korea Treasury Bond, 5.25%, 03/10/13		384,591
	7,735,120,000	(e)	Korea Treasury Bond, 5.50%, 09/10/17		6,435,819
	396,740,000	(e)	Korea Treasury Bond, 5.25%, 03/10/27		312,571
	4,790,000		Republic of Korea, 7.13%, 04/16/19		5,368,062
	250,000		Republic of Korea, 5.63%, 11/03/25		232,534
					54,706,425
SWEDEN — 0.1%
	19,680,000	(e)	Sweden Government Bond, 5.25%, 03/15/11		2,913,055
UNITED ARAB EMIRATES — 0.1%
	2,060,000		Emirate of Abu Dhabi, 6.75%, 04/08/19(h)		2,201,403
VENEZUELA — 0.1%
	1,710,000		Venezuela Government International Bond, 5.38%, 08/07/10		1,641,600
	2,080,000		Venezuela Government International Bond, 10.75%, 09/19/13		1,768,000
					3,409,600

89

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

Principal Amount			Value
VIETNAM — 0.1%
$	1,625,000	Socialist Republic of Vietnam, 6.88%, 01/15/16(h)		$	1,649,375
Total Government Bonds (Cost $235,231,880)					248,119,639
U.S. GOVERNMENT AGENCIES — 6.4%
Fannie Mae — 0.2%
	5,817,000	4.13%, 05/15/10			5,979,824
Federal Farm Credit Bank — 0.2%
	3,000,000	4.75%, 03/15/10			3,079,746
	1,535,000	4.75%, 05/07/10			1,584,390
					4,664,136
Federal Home Loan Bank — 6.0%
	110,000,000	0.09%, 08/03/09(l)			110,000,000
	855,000	5.25%, 08/05/09			855,115
	2,000,000	5.13%, 08/05/09			2,000,241
	2,100,000	2.75%, 03/12/10			2,129,635
	27,000,000	4.25%, 06/11/10			27,849,609
	3,050,000	2.75%, 06/18/10			3,107,978
	8,105,000	4.50%, 09/10/10			8,438,091
	6,000,000	0.97%, 09/24/10(d)			6,044,826
					160,425,495
Total U.S. Government Agencies (Cost $170,857,913)					171,069,455
U.S. GOVERNMENT SECURITIES — 1.5%
U.S. Treasury Bills — 1.5%
	40,800,000	0.11%, 08/06/09(l)			40,799,643
Total U.S. Government Securities (Cost $40,799,643)					40,799,643
MUNICIPAL BONDS — 0.7%
California — 0.1%
	1,130,000	City of Tulare Sewer Improvement Revenue Bonds, OID (FSA) 8.75%, 11/15/44			1,119,988
	2,020,000	State of California Various Purpose GO, OID, 6.00%, 04/01/38			2,087,064
					3,207,052
Colorado — 0.0%
	800,000	Regional Transportation District COP, Transit Vehicles Project, Series A, (AMBAC) 5.00%, 12/01/21			820,752

Principal Amount			Value
Florida — 0.2%
$	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/20		$	1,030,390
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/21			1,018,670
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/22			1,005,670
	1,340,000	Jacksonville Electric Authority Water & Sewer System Revenue Bonds, Series B, OID, (NATL-RE) 4.75%, 10/01/40			1,205,571
					4,260,301
Illinois — 0.1%
	875,000	Chicago Water Refunding Second Lien Revenue Bonds, (FSA) 5.00%, 11/01/19			954,695
	1,000,000	Illinois Finance Authority Refunding Revenue Bonds, (FSA) 5.00%, 01/01/20			1,028,330
					1,983,025
Nebraska — 0.0%
	650,000	Public Power Generation Whelan Energy Center Revenue Bonds, (AGC-ICC, AMBAC) 5.00%, 01/01/19			698,614
New York — 0.0%
	370,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series C, 4.75%, 06/15/33			357,172
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			517,293

90

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

Principal Amount			Value
Tennessee (continued)
$	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	$	459,816
				977,109
Texas — 0.2%
	5,540,000	State of Texas Refunding GO, Veterans’ Housing Assistance Program, Fund II, Series D, (SPA - State Street Bank & Trust Co.) 0.37%, 06/01/26(d)		5,540,000
Total Municipal Bonds (Cost $17,645,584)				17,844,025

Shares
CASH SWEEP — 2.9%
UNITED STATES — 2.9%
	78,559,313	Citibank Dollars on Deposit in Custody Account		78,559,313
Total Cash Sweep (Cost $78,559,313)				78,559,313
TOTAL INVESTMENTS — 99.6% (Cost $2,488,087,457)(a)				2,656,209,164
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				9,871,777
NET ASSETS — 100.0%			$	2,666,080,941

FUTURES CONTRACTS: LONG POSITION

Contracts		Unrealized Appreciation
945	S&P 500 E-mini Futures, September 2009	$	1,543,725

At July 31, 2009, the Global Opportunities Fund held investments in restricted and illiquid securities amounting to $15,000,000 or 0.56% of net assets, which were valued under methods approved by the Board of Trustees, as follows:

Acquisition Cost		Issuer	Acquisition Date	07/31/09 Carrying Value Per Unit
$	20,000,000	Asian Coast Development Ltd.	07/28/08	$	30.00

	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	$	1,215,950
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		744,975
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		(5,250,068	)
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		(15,104	)
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		(137,113	)
			$	(3,441,360	)

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	212,433,083
Unrealized depreciation		(44,311,376	)
Net unrealized appreciation	$	168,121,707

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $15,000,000, which is 0.56% of net assets.
(d)	Variable rate security. Rate shown is the rate as of July 31, 2009.
(e)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(f)	Principal amount denoted in Singapore Dollars.
(g)	Zero coupon bond. The rate represents the yield at time of purchase.
(h)	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

91

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

	qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(i)	Principal amount denoted in New Zealand Dollars.
(j)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(k)	Principal amount denoted in Euros.
(l)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

AGC-ICC — Ace Guaranty Corp. Insured Custody Certificates

AMBAC — Insured by AMBAC Indemnity Corp.

Cnv. — Convertible

COP — Certificates of Participation

FOR — Foreign Ownership Restrictions

FSA — Insured by Financial Security Assurance, Inc.

GDR — Global Depository Receipt

GO — General Obligations

MXN — Mexican Peso

NATL-RE — Insured by National Public Finance Guarantee Corp.

NVDR — Non-Voting Depositary Receipt

OID — Original Issue Discount

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)
Sector	Percentage of Net Assets
Banks	0.8	%
Consumer Discretionary	13.1	%
Consumer Staples	3.9	%
Diversified Financials	6.2	%
Energy	5.4	%
Government Bonds	9.3	%
Health Care	13.7	%
Industrials	7.0	%
Information Technology	11.1	%
Insurance	0.4	%
Materials	4.4	%
Municipal Bonds	0.7	%
Real Estate	0.5	%
Telecommunication Services	6.2	%
U.S. Government and Agency Securities	7.9	%
Utilities	2.3	%
Other*	7.1	%

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

92

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

Shares			Value
COMMON STOCKS — 43.4%
CHINA — 3.4%
Industrials — 2.1%
	1,700,000	Suntech Power Holdings Co. Ltd. - ADR(b)	$	31,263,000
Utilities — 1.3%
	11,677,500	Xinao Gas Holdings Ltd.		19,346,856
				50,609,856
GREECE — 2.1%
Energy — 2.1%
	2,194,200	StealthGas, Inc.		11,892,564
	1,099,808	Tsakos Energy Navigation Ltd.		19,565,584
				31,458,148
NORWAY — 2.7%
Energy — 2.7%
	4,600,000	Aker Solutions ASA		39,474,994
PERU — 4.6%
Materials — 4.6%
	2,604,887	Cia de Minas Buenaventura SA - ADR		67,857,306
SINGAPORE — 4.1%
Industrials — 4.1%
	10,400,000	Keppel Corp. Ltd.		60,630,233
UNITED STATES — 26.5%
Energy — 14.4%
	1,400,000	Alpha Natural Resources, Inc.(b)		46,634,000
	100,000	ATP Oil & Gas Corp.(b)		775,000
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)		0
	2,682,300	Goodrich Petroleum Corp.(b)		68,800,995
	482,000	Occidental Petroleum Corp.		34,385,880
	2,600,000	PetroHawk Energy Corp.(b)		63,128,000
				213,723,875
Industrials — 6.8%
	1,679,381	Arkansas Best Corp.		47,828,771
	800,000	FedEx Corp.		54,272,000
				102,100,771
Materials — 5.3%
	936,000	Monsanto Co.		78,624,000
				394,448,646
Total Common Stocks (Cost $662,155,984)				644,479,183
Shares			Value
PREFERRED STOCKS — 0.0%
Energy — 0.0%
	541,004	Vertex Energy, Inc., Series A, Cnv.(b)(c)	$	0
Total Preferred Stocks (Cost $4,500,000)				0
RIGHTS/WARRANTS — 0.0%
Energy — 0.0%
	6,666,666	Rancher Energy Corp. Warrants, Expires 12/21/11(b)		1
Total Rights/Warrants (Cost $1)				1
Number of Coins
COLLECTIBLE COINS — 3.5%
UNITED STATES — 3.5%
	746	Various Collectible Coins		51,994,843
Total Collectible Coins (Cost $53,868,952)				51,994,843
Fine Troy Ounces
COMMODITIES — 3.9%
UNITED STATES — 3.9%
	60,175	Gold Bullion(b)		57,406,504
Total Commodities (Cost $57,245,403)				57,406,504
Contracts
CALL OPTIONS PURCHASED — 227.9%
Diversified Financials — 227.9%
	3,000	Chicago Board of Trade Corn Index, Strike $440.00, Expiring 11/20/09		1,087,500
	20,000	The S&P 500 Index, Strike $520.00, Expiring 08/26/09		934,960,000
	20,000	The S&P 500 Index, Strike $537.50, Expiring 08/26/09		899,960,000
	40,000	The S&P 500 Index, Strike $600, Expiring 10/29/09		1,549,920,000
				3,385,927,500
Total Call Options Purchased (Cost $2,728,170,480)				3,385,927,500

93

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

Principal Amount				Value
MUNICIPAL BONDS — 0.4%
Texas — 0.4%
$	6,000,000		State of Texas Refunding GO, Veterans’ Housing Assistance Program, Fund II, Series D, (SPA - State Street Bank & Trust Co.) 0.37%, 06/01/26(e)	$	6,000,000
Total Municipal Bonds (Cost $6,000,000)					6,000,000
U.S. GOVERNMENT AGENCIES — 10.1%
Federal Home Loan Bank — 10.1%
	150,000,000		0.09%, 08/03/09(f)		150,000,000
Total U.S. Government Agencies (Cost $150,000,000)					150,000,000
U.S. GOVERNMENT SECURITIES — 27.8%
U.S. Treasury Bills — 4.0%
	59,950,000		0.11%, 08/06/09(f)		59,949,475
U.S. Treasury Notes — 23.8%
	60,000,000		2.00%, 04/15/12(g)		64,891,399
	20,000,000		2.38%, 01/15/17(g)		22,156,416
	100,000,000		1.63%, 01/15/18(g)		101,630,313
	170,000,000		1.38%, 07/15/18(g)		164,160,585
					352,838,713
Total U.S. Government Securities (Cost $400,424,048)					412,788,188
Shares
CASH SWEEP — 1.1%
	16,707,491		Citibank Dollars on Deposit in Custody Account		16,707,491
Total Cash Sweep (Cost $16,707,491)					16,707,491
TOTAL INVESTMENTS — 318.1% (Cost $4,079,072,359)(a)					4,725,303,710
LIABILITIES IN EXCESS OF OTHER ASSETS — (218.1)%					(3,239,967,744	)
NET ASSETS — 100.0%				$	1,485,335,966
Contracts				Value
CALL OPTIONS WRITTEN — (221.2)%
Diversified Financials — (221.2)%
	(3,000	)	Chicago Board of Trade Corn Index, Strike $480.00, Expiring 11/20/09	$	(693,750	)
	(20,000	)	The S&P 500 Index, Strike $532.50, Expiring 08/26/09		(910,012,800	)
	(20,000	)	The S&P 500 Index, Strike $550.00, Expiring 08/26/09		(875,051,200	)
	(40,000	)	The S&P 500 Index, Strike $612.50, Expiring 10/29/09		(1,500,258,800	)
					(3,286,016,550	)
Total Call Options Written (Premiums received $(2,627,669,520))					(3,286,016,550	)
PUT OPTIONS WRITTEN — (0.2)%
Diversified Financials — (0.2)%
	(3,000	)	Chicago Board of Trade Corn Index, Strike $330.00, Expiring 11/20/09		(2,756,250	)
Total Put Options Written (Premiums received $(1,671,000))					(2,756,250	)

At July 31, 2009, the Real Return Fund held investments in restricted and illiquid securities amounting to $51,994,844 or 3.5% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	07/31/09 Carrying Value Per Unit
$	19,527,013	Brazil Ethanol, Inc.	03/15/07	$	—
	53,868,952	Collectible Coins	12/14/06		69,698.18
	1	Rancher Energy Corp., Warrants	03/20/07		—

FUTURES CONTRACTS: SHORT POSITIONS

Contracts		Unrealized Depreciation
150	Gulf #6 Fuel, March 2010 London Metal Exchange Copper,	$	(304,500	)
200	July 2010 London Metal Exchange Nickel,		(4,832,500	)
150	July 2010		(1,687,500	)
1,002	Natural Gas, December 2010		(1,061,820	)
	Net unrealized depreciation	$	(7,886,320	)

94

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

FUTURES CONTRACTS: LONG POSITIONS

Contracts		Unrealized Appreciation/ (Depreciation)
2,750	Corn, December 2009	$	(9,857,488	)
650	Natural Gas, October 2009		(3,676,750	)
1,200	Natural Gas Swap Futures, October 2009		(597,000	)
2,800	Sugar #11, October 2009		10,652,051
300	Natural Gas, November 2009		(1,271,490	)
1502	Natural Gas, December 2009		(502,040	)
150	Heating Oil Swap Futures, March 2010		369,180
200	London Metal Exchange Copper, July 2010		1,470,000
150	London Metal Exchange Nickel, July 2010		4,512,450
300	London Metal Exchange Zinc, July 2010		1,430,625
	Net unrealized appreciation	$	2,529,538

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	787,468,669
Unrealized depreciation		(141,237,318	)
Net unrealized appreciation	$	646,231,351

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is zero.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(e)	Variable rate security. Rate shown is the rate as of July 31, 2009.
(f)	The rate represents the annualized yield at time of purchase.
(g)	Inflation protected security. Principal amount reflects original security face amount.

ADR — American Depositary Receipt

Cnv. — Convertible

SPA — Standby Purchase Agreement

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
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	$	(887,942	)

	Units			Unrealized Appreciation/ (Depreciation)
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	)	$	2,220,364
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			(315,674	)
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	)		1,689,380
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			(304,712	)
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	)		1,630,715
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			(314,103	)
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	)		1,680,976
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			(3,131,155	)
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	)		3,862,478

95

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

	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Palm Oil Futures, expiring 09/15/09 (Underlying notional amount at value Malaysian Ringgit 164,965,250)		77,500		$	1,328,728
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	)		1,174,554
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	)		1,157,464
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	)		1,141,858
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	)		1,122,363
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	)		1,121,784
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	)		1,121,268
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	)		1,087,539
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	)		5,657,409
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	)		1,086,139

	Units			Unrealized Appreciation/ (Depreciation)
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	)	$	5,601,644
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	)		1,084,684
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	)		5,555,147
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	)		1,042,067
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	)		5,502,723
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	)		1,040,476
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)		(45,000	)		5,455,355
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	)		1,038,735
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Chicago Board of Trade Corn Index, expiring 11/24/09 (Underlying notional amount at value $14,190,750)		700			(1,954,396	)
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			(4,710,822	)

96

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

	Units			Unrealized Appreciation/ (Depreciation)
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	)	$	12,254,589
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 02/24/10 (Underlying notional amount at value $57,037,976)		(3,000	)		(9,374,676	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 09/28/09 (Underlying notional amount at value $76,285,528)		4,200			11,249,938
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			127,409
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			128,828
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			130,242
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			142,593
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			142,520
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			142,454
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			161,742

	Units		Unrealized Appreciation/ (Depreciation)
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	$	(293,306	)
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		161,533
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		(293,128	)
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		161,317
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		(86,144	)
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		179,360
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		(74,088	)
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		179,086
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		(62,035	)
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		178,787

97

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

	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Soybean Index, expiring 08/26/09 (Underlying notional amount at value $9,434,600)		100	$	1,005,203
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Soybean Index, expiring 10/27/09 (Underlying notional amount at value $18,639,300)		200		999,621
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Soybean Oil Index, expiring 09/25/09 (Underlying notional amount at value $31,156,680)		9,000		720,960
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Soybean Oil Index, expiring 11/24/09 (Underlying notional amount at value $47,073,660)		13,158		31,914
			$	59,699,765

Portfolio diversification by Sector (Unaudited)
Sector	Percentage of Net Assets
Collectible Coins	3.5	%
Commodities	3.9	%
Energy	19.2	%
Industrials	13.0	%
Materials	9.9	%
Municipal Bonds	0.4	%
U.S. Government and Agency Securities	37.9	%
Utilities	1.3	%
Other*	10.9	%

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

98

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

Principal Amount			Value
CORPORATE BONDS — 28.0%
Banks — 2.7%
$	500,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14	$	518,434
	1,000,000	Bank of Scotland Plc, 5.00%, 11/21/11(b)		982,467
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		6,071,484
				7,572,385
Consumer Discretionary — 0.8%
	1,000,000	Cornell University, 4.35%, 02/01/14		1,050,720
	200,000	Dartmouth College, 4.75%, 06/01/19		203,446
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,076,134
				2,330,300
Consumer Staples — 3.9%
	5,000,000	Anheuser-Busch Inbev Worldwide, Inc., 5.38%, 11/15/14(b)		5,226,875
	1,000,000	Procter & Gamble Co. (The), 4.60%, 01/15/14		1,069,043
	1,535,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		1,563,795
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,534,650
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,013,372
	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14		584,593
				10,992,328
Diversified Financials — 4.7%
	2,755,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		2,940,830
	2,672,000	Eksportfinans A/S, 5.00%, 02/14/12		2,848,112
	1,000,000	General Electric Capital Corp., 2.25%, 03/12/12		1,011,022
	4,065,000	General Electric Capital Corp., MTN, 5.25%, 10/19/12		4,244,539
	2,000,000	Sallie Mae, Inc., 7.30%, 08/01/12		2,325,534
				13,370,037
Energy — 2.3%
	500,000	Marathon Oil Corp., 6.50%, 02/15/14		551,293

Principal Amount			Value
Energy (continued)
$	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16	$	1,682,514
	4,035,000	Shell International Finance BV, 4.00%, 03/21/14		4,240,289
				6,474,096
Health Care — 8.7%
	4,620,000	Amgen, Inc., Cnv, 0.13%, 02/01/11		4,596,900
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		621,899
	500,000	McKesson Corp., 6.50%, 02/15/14		541,394
	5,930,000	Medtronic, Inc., Cnv., 1.50%, 04/15/11(b)		5,841,050
	1,250,000	Novartis Capital Corp., 4.13%, 02/10/14		1,303,632
	2,035,000	Pfizer, Inc., 5.35%, 03/15/15		2,252,255
	7,000,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		7,445,984
	2,000,000	Wyeth, 5.50%, 02/01/14		2,181,306
				24,784,420
Industrials — 0.0%
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		82,982
Insurance — 2.6%
	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13		1,478,964
	5,800,000	New York Life Global Funding, 4.65%, 05/09/13(b)		5,952,151
				7,431,115
Materials — 0.4%
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,169,803
Utilities — 1.9%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,648,269
	4,000,000	Transocean, Inc., Series B, Cnv., 1.50%, 12/15/37		3,760,000
				5,408,269
Total Corporate Bonds (Cost $76,191,252)				79,615,735

99

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

Principal Amount			Value
MUNICIPAL BONDS — 3.0%
Arkansas — 0.1%
$	300,000	University of Arkansas Fayetteville Campus Various Facility Revenue Bonds, (FSA, GO of Board) 5.50%, 12/01/16	$	332,814
Connecticut — 0.4%
	1,000,000	State of Connecticut Taxable GO, Series A, 3.59%, 03/01/12		1,023,460
Maine — 0.3%
	350,000	State of Maine General Purpose GO, 3.94%, 05/15/11		361,382
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		485,455
				846,837
New York — 1.2%
	1,000,000	New York City Industrial Development Agency Polytechnic University Project, Civic Facility Revenue Bonds, OID, 6.13%, 11/01/30		1,080,100
	1,790,000	New York State Dormitory Authority Economic Development & Housing Refunding Revenue Bonds, 4.81%, 12/15/11		1,902,412
	500,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		533,120
				3,515,632
Ohio — 0.4%
	1,000,000	Ohio State Third Frontier Research and Development GO, Taxable, Series A, (NATL-RE) 5.25%, 05/01/11		1,058,420
Texas — 0.4%
	1,000,000	Houston Area Water Corp. Northeast Water Purification Project Revenue Bonds, OID, (FGIC) 5.25%, 03/03/23		1,108,730

Principal Amount			Value
Wisconsin — 0.2%
$	500,000	South Milwaukee School District Refunding GO, (FGIC) 5.20%, 04/01/22	$	555,450
Total Municipal Bonds (Cost $8,115,444)				8,441,343
U.S. GOVERNMENT AGENCIES — 49.6%
Fannie Mae — 1.5%
	400,000	5.00%, 08/02/12		435,794
	3,500,000	5.00%, 03/02/15		3,813,086
	10,039	7.50%, 08/01/25		11,154
				4,260,034
Federal Farm Credit Bank — 4.5%
	125,000	4.75%, 01/19/10		127,536
	100,000	5.15%, 12/06/10		105,752
	3,500,000	2.00%, 01/17/12		3,534,968
	4,550,000	2.13%, 06/18/12		4,576,927
	400,000	4.50%, 10/17/12		430,244
	4,135,000	2.63%, 04/17/14		4,075,960
				12,851,387
Federal Home Loan Bank — 33.0%
	50,000	4.00%, 02/12/10		50,942
	30,000	7.38%, 02/12/10		31,094
	25,000	3.38%, 05/14/10		25,556
	215,000	4.50%, 09/10/10		223,836
	95,000	5.13%, 09/29/10		99,661
	2,113,661	4.75%, 10/25/10		2,171,786
	60,000	4.25%, 11/02/10		62,518
	50,000	4.25%, 11/15/10		52,160
	630,000	6.63%, 11/15/10		676,431
	730,000	4.75%, 12/10/10		768,054
	1,240,000	4.88%, 12/10/10		1,306,375
	1,360,000	4.00%, 02/15/11		1,423,221
	2,135,000	5.88%, 02/15/11		2,291,982
	500,000	2.88%, 03/11/11		514,628
	6,035,000	4.88%, 03/11/11		6,408,235
	5,600,000	5.25%, 06/10/11		6,000,663
	235,000	5.38%, 06/10/11		253,160
	320,000	4.38%, 08/15/11		339,875
	75,000	5.75%, 08/15/11		81,516
	1,355,000	5.00%, 10/13/11		1,460,121
	50,000	4.25%, 11/15/11		53,112
	490,000	4.88%, 11/15/11		527,233
	15,000	5.63%, 11/15/11		16,391
	6,270,000	4.75%, 12/09/11		6,719,302
	2,370,000	5.00%, 03/09/12		2,568,442
	5,030,000	3.63%, 06/08/12		5,281,676
	175,000	4.38%, 06/08/12		186,327

100

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

Principal Amount			Value
Federal Home Loan Bank (continued)
$	455,000	4.88%, 06/08/12	$	488,748
	1,400,000	5.38%, 06/08/12		1,523,063
	335,000	4.63%, 08/15/12		361,276
	990,000	4.50%, 09/14/12		1,062,570
	585,000	5.00%, 09/14/12		636,106
	1,715,151	5.27%, 12/28/12		1,821,187
	50,000	3.50%, 03/08/13		52,364
	3,900,000	3.88%, 03/08/13		4,123,657
	915,000	5.00%, 03/08/13		1,002,878
	1,800,000	3.75%, 06/14/13		1,891,107
	500,000	4.38%, 09/13/13		537,432
	2,690,000	5.25%, 09/13/13		2,980,673
	185,000	5.50%, 12/11/13		207,207
	10,305,000	3.13%, 12/13/13		10,411,306
	500,000	4.00%, 12/13/13		529,284
	1,965,000	4.88%, 12/13/13		2,150,580
	800,000	4.88%, 06/13/14		876,633
	7,825,000	5.38%, 06/13/14		8,728,772
	8,720,000	5.25%, 09/12/14		9,700,948
	3,720,000	4.75%, 11/14/14		4,041,308
	1,115,000	4.75%, 12/12/14		1,190,744
				93,912,140
Freddie Mac — 0.4%
	190,000	4.50%, 12/16/10		199,137
	355,000	5.00%, 08/15/12		386,583
	400,000	5.00%, 11/13/14		438,462
				1,024,182
Ginnie Mae — 0.0%
	97,635	8.50%, 10/15/17		105,912
	479	9.00%, 02/15/20		532
				106,444
Overseas Private Investment Corp. — 4.7%
	1,000,000	4.59%, 12/09/11(c)		1,030,352
	11,257,163	5.14%, 12/15/23		12,209,744
				13,240,096
Private Export Funding Corp. — 4.1%
	300,000	6.07%, 04/30/11		325,738
	400,000	5.66%, 09/15/11(b)		435,435
	425,000	4.90%, 12/15/11		458,143
	310,000	5.69%, 05/15/12		342,508
	7,760,000	3.55%, 04/15/13		8,100,509
	1,800,000	4.97%, 08/15/13		1,965,481
				11,627,814
Small Business Administration — 0.5%
	1,476,139	4.73%, 02/10/19		1,498,674

Principal Amount			Value
Tennessee Valley Authority — 0.9%
$	714,000	5.63%, 01/18/11	$	763,022
	632,000	6.79%, 05/23/12		714,232
	110,000	4.75%, 08/01/13		118,305
	725,000	6.25%, 12/15/17		838,188
				2,433,747
Total U.S. Government Agencies (Cost $136,682,492)				140,954,518
U.S. GOVERNMENT SECURITIES — 16.8%
U.S. Treasury Notes — 16.8%
	275,000	2.38%, 04/15/11(d)		304,897
	1,175,000	2.63%, 02/29/16		1,144,248
	6,300,000	2.38%, 03/31/16		6,030,776
	36,812,000	4.63%, 11/15/16		40,291,875
Total U.S. Government Securities (Cost $45,234,290)				47,771,796
Shares
INVESTMENT COMPANY — 1.5%
	4,426,407	SEI Daily Income Trust Government II Fund, Class A		4,426,407
Total Investment Company (Cost $4,426,407)				4,426,407
TOTAL INVESTMENTS — 98.9% (Cost $270,649,885)(a)				281,209,799
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%				3,056,200
NET ASSETS — 100.0%			$	284,265,999

101

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

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	10,943,201
Unrealized depreciation		(383,287	)
Net unrealized appreciation	$	10,559,914

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	Zero coupon bond. The rate represents the yield at time of purchase.
(d)	Inflation protected security. Principal amount reflects original security face amount.

Cnv. — Convertible

FGIC — Insured by Financial Guaranty Insurance Corp.

FSA — Insured by Financial Security Assurance, Inc.

GO — General Obligations

MTN — Medium Term Note

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
U.S. Government & Agency Securities	66.4	%
Corporate Bonds	28.0
Municipal Bonds	3.0
Other*	2.6

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

102

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MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS	July 31, 2009
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 96.1%
Alabama — 0.4%
$	110,000	Alabama State Public School & College Authority Revenue Bonds, Series C, (FSA) 5.00%, 05/01/13	$	117,663
	400,000	Alabama Water Pollution Control Authority Revenue Bonds, (AMBAC) 5.50%, 08/15/14		413,848
	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26		1,236,690
				1,768,201
Arizona — 0.5%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		392,063
	800,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A, 5.00%, 07/01/14		897,272
	500,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, Senior Lien, 5.50%, 07/01/24		550,980
	250,000	University of Arizona Refunding COP, Series C, (AMBAC) 5.00%, 06/01/18		266,198
				2,106,513
California — 4.7%
	1,000,000	California State Public Works Board Regents University Revenue Bonds, Series E, OID, 5.00%, 04/01/34		924,000
	6,000,000	California State Public Works Board Regents University Revenue Bonds, Series F, OID, 5.00%, 04/01/34		5,544,000
	1,155,000	City of Alameda GO, (NATL-RE) 5.00%, 08/01/33		1,099,225
	4,000,000	City of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		4,553,920
	350,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13		399,088

Principal Amount			Value
California (continued)
$	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13	$	340,767
	1,715,000	Los Angeles Community College District 2008 Election Refunding GO, Series A, 6.00%, 08/01/33		1,803,100
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (FSA) 5.00%, 07/01/16		188,375
	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23(b)		1,087,547
	750,000	Metropolitan Water District of Southern California Refunding Revenue Bonds, (J.P. Morgan) 5.00%, 07/01/20		834,428
	1,150,000	Metropolitan Water District of Southern California Refunding Revenue Bonds, (J.P. Morgan) 5.00%, 07/01/21		1,267,242
	150,000	Placer County Water Agency Refunding COP, OID, (NATL-RE) 4.50%, 07/01/16		153,828
	275,000	Pomona Public Financing Authority Revenue Bonds, Water Facilities Project, Series AY, (AMBAC) 5.00%, 05/01/18		272,104
	280,000	Santa Clara Valley Water District Refunding and Improvement COP, Series A, 5.00%, 02/01/15		315,540
	400,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/15		448,668
	1,700,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/19		1,887,204
				21,119,036
Colorado — 0.1%
	485,000	City of Longmont Sales & Use Tax Revenue Bonds, OID, 5.63%, 11/15/10		516,680

103

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

Principal Amount			Value
Connecticut — 0.2%
$	500,000	Connecticut Housing Finance Authority Revenue Bonds, Housing Mortgage Financing Program, Sub-Series F-2, (GO of Authority) 6.00%, 11/15/38	$	520,880
	170,000	State of Connecticut GO, Series C, 4.50%, 11/01/12		188,110
				708,990
Florida — 4.4%
	150,000	City of Port Orange Water & Sewer Refunding Revenue Bonds, (AMBAC) 5.00%, 10/01/16		157,590
	170,000	Florida Department of Transportation Revenue Bonds, Series A, 5.00%, 07/01/29		172,334
	10,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/17		11,156,200
	1,005,000	Florida State Board of Education Public Education GO, Series E, OID, (FSA) 5.00%, 06/01/26		1,018,115
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/13		277,318
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/16		1,185,036
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/18		475,254
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/19		2,081,380
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (FSA) 5.25%, 10/01/16		2,006,226
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		533,120
	900,000	Seminole County School Board COP, Series A, (AMBAC) 5.00%, 07/01/18		952,317
				20,014,890

Principal Amount			Value
Georgia — 0.9%
$	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18	$	1,414,512
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.00%, 01/01/15		583,669
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.25%, 01/01/17		450,864
	1,500,000	State of Georgia GO, Series B, 5.00%, 01/01/18		1,748,040
				4,197,085
Illinois — 3.7%
	500,000	Chicago Board of Education Dedicated GO, Series B, (FSA) 5.00%, 12/01/18		544,680
	4,780,000	Chicago Metropolitan Water Reclamation District of Greater Chicago Refunding GO, 5.00%, 12/01/26		4,998,733
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC) 5.00%, 01/01/23		3,626,376
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC) 5.00%, 06/01/21		928,314
	225,000	City of Chicago Neighborhoods Alive 21 Program GO, Series A, OID, (FGIC) 5.88%, 01/01/19		237,960
	100,000	City of Rockford GO, Series A, OID, (FSA) 5.38%, 12/15/13		105,395
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE) 5.00%, 12/01/25		1,026,640
	575,000	Cook County Refunding GO, Series A, OID, (NATL-RE, FGIC) 5.00%, 11/15/22		578,611
	150,000	Cook County School District No. 100 Berwyn South Refunding GO, Series D, (FSA) 5.00%, 12/01/12		167,882

104

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

Principal Amount			Value
Illinois (continued)
$	85,000	Du Page County Community Unit School District No. 202 Lisle Pre-Refunded GO, OID, (FSA) 5.55%, 12/30/17	$	90,942
	65,000	Du Page County Community Unit School District No. 202 Lisle Un-Refunded GO, OID, (FSA) 5.55%, 12/30/17		67,486
	260,000	Freeport Sewer System Improvements Refunding GO, OID, (AMBAC) 5.55%, 12/01/14		279,718
	500,000	State of Illinois GO, First Series, 5.50%, 08/01/15		518,905
	400,000	State of Illinois Sales Tax Revenue Bonds, Series Z, 5.00%, 06/15/12		405,072
	2,058,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE) 4.30%, 03/01/21		2,112,825
	250,000	Will County School District No. 122 Refunding GO, Series B, OID, (NATL-RE, FGIC) 5.20%, 11/01/16		264,095
	600,000	Will County School District No. 161 Summit Hill Refunding GO, (NATL-RE, FGIC) 5.00%, 01/01/17		635,766
				16,589,400
Indiana — 3.6%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/15/16		666,548
	1,490,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 07/15/25		1,586,895
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 07/15/16		1,149,718
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 01/15/17		707,180

Principal Amount			Value
Indiana (continued)
$	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	$	711,614
	315,000	East Allen Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 07/10/14		331,638
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding) 5.00%, 07/15/16		560,923
	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC) 5.25%, 07/15/17		538,172
	460,000	Franklin Community Multi-School Building Corp., First Mortgage Revenue Bonds, (FSA, State Aid Withholding) 5.13%, 07/15/12		499,804
	75,000	Franklin Township School Building Corp., Marion County First Mortgage Revenue Bonds, 5.75%, 07/15/10		78,639
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/15/22		1,139,486
	1,505,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE) 5.00%, 07/15/23		1,532,210
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding) 5.38%, 07/15/16		197,104
	250,000	Indiana Bond Bank, Special Program Revenue Bonds, Series A, (AMBAC) 6.25%, 02/01/11		259,518
	125,000	Indianapolis-Marion County Public Library GO, Series A, 4.60%, 07/01/18		128,066

105

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

Principal Amount			Value
Indiana (continued)
$	145,000	Lebanon Middle School Building Corp., First Mortgage Revenue Bonds, (FSA, State Aid Withholding) 5.05%, 07/15/11	$	152,808
	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		755,874
	205,000	Noblesville Elementary/ Intermediate Schools Building Corp., First Mortgage Revenue Bonds, (FSA) 5.50%, 07/15/12		216,806
	335,000	Noblesville Redevelopment Authority, Lease Rental Revenue Bonds, (AMBAC) 5.00%, 07/15/16		359,616
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 5.00%, 01/15/16		178,227
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/18		538,205
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/16		810,310
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/16		836,393
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/17		647,452
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC) 5.00%, 01/15/19		211,158

Principal Amount			Value
Indiana (continued)
$	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/10/16	$	878,924
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/15		198,567
	150,000	Westfield Multi-School Building Corp., First Mortgage Revenue Bonds, Series A, (FSA, State Aid Withholding) 5.00%, 07/15/23		155,265
	135,000	Westfield-Washington Elementary Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 4.75%, 01/15/11		142,762
				16,169,882
Iowa — 0.1%
	250,000	City of Iowa City Parking Facilities Revenue Bonds, (NATL-RE) 5.88%, 07/01/15		250,468
Kentucky — 0.2%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC) 5.00%, 11/01/15		1,119,020
Louisiana — 0.5%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC) 5.00%, 06/01/16		2,083,100
Maine — 0.3%
	115,000	Maine Health & Higher Educational Facilities Authority Pre-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21		134,639
	850,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC) 5.00%, 07/01/16		911,412

106

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

Principal Amount			Value
Maine (continued)
$	285,000	Maine Health & Higher Educational Facilities Authority Un-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21	$	302,921
				1,348,972
Michigan — 1.4%
	1,350,000	Central Montcalm Public Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/23		1,406,578
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/20		364,144
	250,000	Detroit Water Supply System Revenue Bonds, Senior Lien, Series A, (FGIC) 5.00%, 07/01/13		270,112
	240,000	Dundee Community School District School Building & Site GO, (Q-SBLF) 5.38%, 05/01/10		248,726
	250,000	Dundee Community School District School Building & Site GO, OID, (Q-SBLF) 5.38%, 05/01/10		259,090
	325,000	East Lansing School District School Building & Site GO, OID, (Q-SBLF) 5.35%, 05/01/10		336,755
	150,000	Galesburg-Augusta Community Schools GO, (Q-SBLF) 5.38%, 05/01/10		155,454
	150,000	Jackson Public Schools School Building & Site Refunding GO, (FSA, Q-SBLF) 5.00%, 05/01/15		166,938
	685,000	Oakland University Refunding Revenue Bonds, (AMBAC) 5.25%, 05/15/18		730,450
	245,000	Portage Public Schools School Building & Site GO, (FSA) 5.00%, 05/01/14		263,943
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		782,621
	265,000	Stockbridge Community Schools Refunding GO, (FSA, Q-SBLF) 5.00%, 05/01/21		280,964
	150,000	Van Buren County GO, OID, (AMBAC) 5.00%, 05/01/15		154,060

Principal Amount			Value
Michigan (continued)
$	375,000	Warren Transportation Fund GO, OID, 5.00%, 06/01/16	$	382,384
	400,000	Zeeland Public Schools Building & Site GO, (Q-SBLF) 5.00%, 05/01/20		410,288
				6,212,507
Minnesota — 0.5%
	950,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		1,102,466
	1,000,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/17		1,161,740
				2,264,206
Mississippi — 1.1%
	1,500,000	State of Mississippi GO, Series A, 5.00%, 10/01/18		1,705,095
	2,000,000	State of Mississippi GO, Series D, (NATL-RE) 5.00%, 11/01/16		2,292,060
	890,000	University of Southern Mississippi Campus Facilities Improvements Project Revenue Bonds, 5.00%, 09/01/20		980,228
				4,977,383
Missouri — 0.5%
	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit) 5.00%, 03/01/18		575,085
	1,505,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,714,571
	100,000	North Kansas City School District No. 74 Refunding and Improvement Direct Deposit Program GO, (State Aid Direct Deposit) 5.00%, 03/01/18		113,166
				2,402,822

107

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

Principal Amount			Value
Nevada — 2.8%
$	1,000,000	Clark County Improvement District No. 112 Special Assessment, 5.00%, 08/01/34	$	948,100
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		530,465
	3,000,000	Clark County School District GO, Series C, (NATL-RE) 5.00%, 06/15/22		3,021,150
	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC) 5.00%, 06/15/22		2,016,060
	2,805,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		2,953,188
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/20		3,232,254
				12,701,217
New Jersey — 5.6%
	355,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/17		377,642
	620,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/19		645,017
	355,000	Denville Township Board of Education Refunding GO, (FSA, School Board Resolution Funding) 4.00%, 02/15/17		386,499
	500,000	Harrison GO, (School Board Resolution Funding) 3.75%, 01/15/15		541,425
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1 (AMBAC) 5.50%, 09/01/24		5,417,050
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,604,535

Principal Amount			Value
New Jersey (continued)
$	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18	$	537,395
	1,200,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16		1,405,212
	5,145,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/18		5,643,859
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5 5.25%, 12/15/19(c)		3,002,505
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE) 5.50%, 12/15/15		1,559,044
	435,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/15		468,269
	440,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/16		469,990
	360,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/17		380,768
	195,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/19		200,686
	225,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/20		228,208
	265,000	Ocean Township Board of Education Refunding GO, (School Board Resolution Funding) 3.50%, 06/01/15		278,534
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14		127,904
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37		1,367,976

108

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

Principal Amount			Value
New Jersey (continued)
$	385,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42	$	440,228
				25,082,746
New Mexico — 0.3%
	1,200,000	Albuquerque Bernalillo County Water Utility Authority Improvement Revenue Bonds, Series A1, 5.50%, 07/01/22		1,365,984
New York — 17.1%
	2,000,000	City of New York Fiscal 2008 Refunding GO, Series A1, 5.00%, 08/01/15		2,220,080
	4,250,000	City of New York Refunding GO, Series G, (NATL-RE) 5.00%, 08/01/18		4,561,058
	2,000,000	Metropolitan Transportation Authority Revenue Bonds, Series B, OID, 5.00%, 11/15/34		1,971,600
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		2,829,150
	1,150,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, OID, 5.75%, 06/15/40		1,224,612
	1,500,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series CC, 5.00%, 06/15/29		1,538,790
	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A 5.00%, 05/01/22		2,385,130
	3,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, (GO of Corp.) 4.50%, 04/01/20		3,249,000
	1,000,000	New York Power Authority Refunding Revenue Bonds, Series C, (NATL-RE) 5.00%, 11/15/15		1,157,590
	2,000,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		2,146,200

Principal Amount				Value
New York (continued)
$	3,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, 5.00%, 03/15/22	$	3,244,770
	1,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, OID, 5.00%, 03/15/38		989,430
	550,000	New York State Dormitory Authority Mental Health Services Facilities Improvement Revenue Bonds, Series C, (NATL-RE, FGIC) 5.00%, 02/15/16		589,990
	5,000,000	New York State Dormitory Authority Public Improvement Revenue Bonds, OID, Series A, 5.00%, 02/15/34		5,007,450
	500,000	New York State Dormitory Authority Refunding Mental Health Services Facilities Improvement Revenue Bonds, (Assured GTY) 5.00%, 02/15/19		525,125
	1,450,000	New York State Dormitory Authority State University Lease Revenue Bonds, 4.75%, 07/01/17		1,586,764
	1,100,000	New York State Dormitory Authority Upstate Community Colleges Refunding Revenue Bonds, 6.00%, 07/01/31(c)		1,160,555
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds 5.00%, 04/01/20		7,736,540
	1,450,000	New York State Thruway Authority Highway Improvement Revenue Bonds 3.00%, 07/15/11		1,494,631
	5,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/21		5,462,300
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21		2,060,360

109

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

Principal Amount			Value
New York (continued)
$	4,680,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/27	$	4,828,028
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		451,164
	2,210,000	New York State Thruway Authority Second General Highway and Bridge Trust Fund Refunding Revenue Bonds, Series B, (AMBAC) 5.00%, 04/01/18		2,392,038
	820,000	New York State Thruway Authority Transit Improvement Revenue Bonds, Series A, 5.00%, 03/15/23		877,539
	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18		886,783
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series B, 5.25%, 01/01/23		1,045,530
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		544,075
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.50%, 01/01/19		5,582,900
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21		1,065,640
	250,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.50%, 01/01/24		264,662
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (FSA) 5.00%, 01/01/15		1,099,610

Principal Amount			Value
New York (continued)
$	4,800,000	New York State Urban Development Corp. State Personal Imcome Tax Revenue Bonds, Series B1, OID, 5.00%, 03/15/28	$	4,958,880
				77,137,974
North Carolina — 2.3%
	300,000	Brunswick County GO, (NATL-RE, FGIC) 5.00%, 05/01/15		328,512
	1,655,000	Cabarrus County School Improvement COP, 5.00%, 01/01/21		1,752,976
	4,230,000	Cabarrus County School Improvement COP, 5.00%, 01/01/25		4,338,330
	1,060,000	City of Charlotte Refunding Revenue Bonds 5.00%, 07/01/21(b)		1,193,984
	250,000	City of Winston-Salem COP, Series A, 5.00%, 06/01/15		284,678
	1,635,000	Dare County COP, (NATL-RE, FGIC) 5.00%, 06/01/17		1,773,844
	600,000	Harnett County COP, Series A, (FSA) 5.00%, 12/01/14		689,778
				10,362,102
Ohio — 2.0%
	1,135,000	Cincinnati City School District Classroom Construction and Improvements Refunding GO, (NATL-RE, FGIC) 5.00%, 12/01/17		1,280,530
	865,000	Greene County Governmental Enterprise Refunding Revenue Bonds, Series A, (NATL-RE) 5.25%, 12/01/21		992,968
	200,000	Hamilton County Sewer System Refunding Revenue Bonds, Series A, (NATL-RE) 5.00%, 12/01/19		213,928
	100,000	Licking Heights Local School District School Facilities Construction and Improvements Refunding GO, Series A, (NATL-RE) 5.00%, 12/01/18		107,780

110

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PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2009
	(Unaudited)

Principal Amount			Value
Ohio (continued)
$	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18	$	2,668,406
	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE) 5.00%, 09/01/16		442,060
	1,000,000	Ohio State University Revenue Bonds, Series A, 4.00%, 12/01/17		1,086,180
	2,000,000	State of Ohio Higher Education GO, Series B, 5.00%, 05/01/23		2,110,980
				8,902,832
Oregon — 0.4%
	400,000	Beaverton School District Washington County 48J GO, (School Board GTY) 5.00%, 06/15/18		456,812
	1,400,000	Washington County-Clean Water Services Revenue Bonds, Senior Lien, Series A, 5.25%, 10/01/25		1,513,218
				1,970,030
Pennsylvania — 1.0%
	1,585,000	Hempfield Area School District Refunding GO, Series B, (NATL-RE, FGIC, State Aid Withholding) 5.00%, 10/15/16		1,716,064
	115,000	New Castle Area School District GO, OID, (NATL-RE, State Aid Withholding) 4.40%, 03/01/11		121,120
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (NATL-RE) 5.00%, 04/01/17		1,552,340
	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(c)		1,107,000
				4,496,524

Principal Amount			Value
Puerto Rico — 0.0%
$	190,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series W, OID, 5.50%, 07/01/15	$	193,726
South Carolina — 0.5%
	650,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/22		713,336
	1,000,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		1,080,970
	250,000	City of Charleston Refunding Revenue Bonds, 4.00%, 01/01/17		267,860
				2,062,166
Texas — 30.2%
	1,255,000	Alamo Community College District GO, Series A, (NATL-RE) 5.50%, 08/15/15		1,462,163
	4,405,000	Aldine Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		4,704,188
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/20		1,357,511
	110,000	Alief Independent School District GO, (PSF-GTD) 5.00%, 02/15/13		117,367
	4,365,000	Austin Independent School District Refunding GO, (NATL-RE) 5.00%, 08/01/18		4,944,585
	1,600,000	Beaumont Independent School District GO, OID, (Assured GTY) 5.00%, 02/15/34		1,593,248
	1,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/24		1,026,600
	5,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/27		5,073,100
	1,000,000	Brownsville Independent School District GO, (PSF-GTD) 5.50%, 08/15/18		1,098,820

111

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MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2009
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,995,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/25	$	2,027,459
	1,805,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/26		1,825,667
	100,000	City of Austin Refunding Sub Lien Revenue Bonds, (NATL-RE) 5.25%, 05/15/25		105,643
	750,000	City of Dallas GO, OID, 5.00%, 02/15/25		794,835
	515,000	City of Denton Certificates of Obligation, GO, (NATL-RE) 5.00%, 02/15/14		579,421
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE) 4.50%, 03/01/14		992,698
	4,000,000	City of Houston Public Improvement Refunding GO, Series A, (NATL-RE) 5.25%, 03/01/14		4,546,520
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.38%, 03/01/15		3,375,930
	255,000	City of Laredo Certificates of Obligation GO, OID, (FGIC) 5.38%, 08/15/20		279,559
	1,280,000	City of Richardson Refunding GO, (NATL-RE) 5.25%, 02/15/20		1,391,014
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,858,330
	1,500,000	Clint Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 08/15/28		1,572,705
	190,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/15		216,653
	315,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/16		359,793
	100,000	Dallas Area Rapid Transit Senior Lien Sales Tax Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		112,426

Principal Amount			Value
Texas (continued)
$	245,000	Deer Park Independent School District Limited Tax GO, (FSA) 5.00%, 02/15/17	$	280,104
	3,340,000	Denton County GO, OID, 4.25%, 07/15/27		3,270,094
	450,000	Edinburg Consolidated Independent School District School Building Refunding GO, Series B, (PSF-GTD) 5.00%, 02/15/18		512,190
	245,000	El Paso County Refunding GO, (NATL-RE) 5.00%, 02/15/16		276,950
	1,000,000	El Paso Independent School District GO, (PSF-GTD) 5.00%, 08/15/12		1,112,970
	650,000	Fort Bend County Refunding GO, 5.00%, 03/01/24		681,837
	3,000,000	Fort Worth Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/17		3,438,990
	500,000	Friendswood Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 02/15/23		545,635
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (FSA) 5.00%, 03/01/21		1,166,821
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE) 5.50%, 07/15/13		399,234
	3,000,000	Garland Independent School District Refunding GO, Series A, 5.00%, 02/15/19		3,408,750
	275,000	Giddings Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/17		316,005
	150,000	Giddings Independent School District School Building GO, Series A, OID, (PSF-GTD) 4.50%, 02/15/23		154,832
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/17		763,371
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/19		1,066,500

112

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

Principal Amount			Value
Texas (continued)
$	370,000	Gregory-Portland Independent School District GO, OID, (PSF-GTD) 5.50%, 08/15/10	$	389,373
	1,000,000	Harlandale Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/35		1,007,220
	500,000	Harlandale Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		559,575
	2,500,000	Harris County Refunding GO, Series A, 5.00%, 10/01/23		2,698,175
	1,000,000	Harris County Refunding GO, Series C, (FSA) 5.25%, 08/15/19		1,150,570
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/18		413,182
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE) 4.50%, 08/15/19		516,105
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (FSA) 5.25%, 04/15/21		3,278,116
	2,975,000	Houston Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/22		3,235,194
	1,300,000	Magnolia Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/17		1,499,290
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/16		630,627
	220,000	McKinney GO, OID, (FGIC) 5.20%, 08/05/14		220,293
	440,000	Midland College District GO, (NATL-RE, FGIC) 5.00%, 02/15/24		456,980
	1,890,000	Monahans-Wickett-Pyote Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		1,997,617
	1,000,000	North East Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/21		1,073,140

Principal Amount			Value
Texas (continued)
$	1,315,000	North East Independent School District Refunding GO, (PSF-GTD) 5.25%, 02/01/22	$	1,517,365
	1,625,000	Northwest Independent School District GO, OID, (PSF-GTD) 4.75%, 02/15/27		1,645,442
	700,000	Northwest Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/18		751,086
	300,000	Plano Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/19		320,280
	1,205,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		1,278,626
	2,040,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/28		2,126,986
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		593,413
	500,000	Rockwall Independent School District School Building GO, (PSF-GTD) 4.75%, 02/15/15		564,630
	375,000	San Antonio Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/16		426,255
	295,000	San Felipe-Del Rio Consolidated Independent School District GO, OID, (PSF-GTD) 5.38%, 08/15/10		310,069
	450,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/13		488,160
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/14		1,093,319
	3,125,000	Socorro Independent School District GO, Series A, (PSF-GTD) 5.00%, 08/15/25		3,290,875
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/13		1,716,525

113

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PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2009
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	4,140,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/18	$	4,569,401
	6,565,000	Southwest Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/19		7,208,107
	2,000,000	Spring Branch Independent School District Schoolhouse GO, (PSF-GTD) 5.25%, 02/01/38		2,052,260
	2,705,000	Spring Independent School District GO, (PSF-GTD) 5.00%, 02/15/15		3,082,050
	555,000	Spring Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/19		629,992
	635,000	State of Texas Public Finance Authority Park & Wildlife GO, OID, 5.90%, 10/01/17		640,423
	2,340,000	State of Texas Water Financial Assistance GO, Series A, 5.00%, 08/01/27		2,455,713
	1,200,000	State of Texas Water Financial Assistance GO, Series B, 5.00%, 08/01/22		1,301,172
	900,000	State of Texas Water Financial Assistance GO, Sub-Series A, 5.00%, 08/01/19		1,016,676
	1,050,000	State of Texas Water Financial Assistance Refunding GO, Series A, 5.00%, 08/01/23		1,110,574
	1,570,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,812,314
	1,690,000	Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17		1,925,823
	250,000	Texas Tech University Refunding and Improvement Revenue Bonds, (AMBAC) 5.00%, 02/15/16		281,968
	1,000,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		1,081,860
	435,000	Travis County Public Road Improvement GO, 4.00%, 03/01/25		425,604
Principal Amount			Value
Texas (continued)
$	450,000	Travis County Public Road Improvement GO, OID, 4.00%, 03/01/26	$	434,106
	290,000	Travis County Public Road Improvement GO, OID, 4.00%, 03/01/28		272,565
	415,000	Travis County Public Road Improvement GO, OID, 4.00%, 03/01/29		384,601
	415,000	Travis County Recreational Facilities Improvement GO, 4.00%, 03/01/25		406,036
	330,000	Travis County Recreational Facilities Improvement GO, OID, 4.00%, 03/01/26		318,344
	320,000	Travis County Recreational Facilities Improvement GO, OID, 4.00%, 03/01/28		300,762
	490,000	Travis County Recreational Facilities Improvement GO, OID, 4.00%, 03/01/29		454,108
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,484,800
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,863,172
	1,860,000	Victoria Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26		1,949,038
	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		1,262,152
	500,000	Waco Independent School District School Building Refunding GO, (PSF-GTD) 4.25%, 08/15/16		553,015
	400,000	Ysleta Independent School District Building GO, (PSF-GTD) 5.00%, 08/15/25		420,140
	280,000	Ysleta Independent School District Public Facility Corp. Lease Revenue Bonds, (AMBAC) 5.50%, 11/15/09		283,959
				136,039,741

114

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MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2009
	(Unaudited)

Principal Amount			Value
Utah — 0.5%
$	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21	$	2,198,669
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC) 5.00%, 11/01/15		144,192
				2,342,861
Virginia — 1.6%
	995,000	Chesterfield County Water Utilities Improvement Revenue Bonds, 4.00%, 11/01/20		1,048,412
	100,000	Fairfax Refunding GO, 5.00%, 04/01/15		115,386
	2,530,000	Virginia College Building Authority Educational Facilities Refunding Revenue Bonds, 21st Century College & Equipment Programs, Series C, 4.00%, 02/01/15		2,772,475
	150,000	Virginia College Building Authority Educational Facilities Revenue Bonds, 21st Century College & Equipment Programs, 5.00%, 02/01/16		169,286
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,429,795
	1,350,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/21		1,509,800
				7,045,154
Washington — 7.9%
	100,000	CDP-King County III Lease Refunding Revenue Bonds, King Street Center Project, (NATL-RE) 5.00%, 06/01/17		114,976
	300,000	City of Puyallup Refunding Revenue Bonds, Series 2009B, 4.50%, 11/01/19		315,945
	500,000	City of Seattle Refunding GO, 5.00%, 12/01/24		542,615
	1,500,000	City of Seattle Water & Wastewater Authority Refunding and Improvement Revenue Bonds, 5.00%, 02/01/22		1,628,430

Principal Amount			Value
Washington (continued)
$	100,000	Clark County Public Utility District No. 1 Generating System Refunding Revenue Bonds, (NATL-RE, FGIC) 5.00%, 01/01/13	$	109,343
	4,500,000	Energy Northwest Columbia Generating Station Revenue Bonds, Series D, 5.00%, 07/01/21		4,824,315
	1,160,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,233,289
	9,000,000	King County School District No 401 Highline School Improvement GO, (FSA, School Board GTY) 5.00%, 12/01/26		9,436,320
	1,110,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/18		1,191,241
	1,550,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/19		1,632,584
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20		1,673,790
	200,000	Pierce County School District No. 320 Sumner Refunding GO, (NATL-RE, FGIC, School Board GTY) 5.00%, 12/01/16		219,646
	250,000	Snohomish County School District No. 6 Mukilteo GO, OID, (School Board GTY) 5.35%, 12/01/10		265,820
	1,335,000	Snohomish County Surface Water Management Refunding GO, Series A, 5.00%, 12/01/21		1,476,764
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC) 5.00%, 04/01/16		2,291,560
	4,000,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC) 5.00%, 07/01/17		4,473,520
	2,000,000	State of Washington Various Purpose Refunding GO, Series R-A, (AMBAC) 5.00%, 01/01/25		2,086,400

115

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MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2009
	(Unaudited)

Principal Amount			Value
Washington (continued)
$	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15	$	2,323,053
				35,839,611
West Virginia — 0.1%
	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE) 5.50%, 04/01/17		315,021
Wisconsin — 0.7%
	135,000	Cedarburg School District Refunding GO, Series B, (FSA) 5.00%, 03/01/11		144,303
	145,000	Cedarburg School District Refunding GO, Series B, (FSA) 5.00%, 03/01/11		154,992
	150,000	Door County Corporate Purpose GO, Series A, OID, (FGIC) 5.25%, 09/01/20		161,786
	500,000	Fond Du Lac Promissory Notes GO, OID, (FGIC) 4.40%, 05/01/11		512,890
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC) 4.75%, 03/01/15		109,844
	130,000	Menomonee Falls Water Systems Mortgage Refunding Revenue Bonds, OID, (FSA) 4.60%, 12/01/10		136,271
	520,000	Osceola School District School Building GO, Series A, OID, (NATL-RE, FGIC) 5.13%, 05/01/17		540,634
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14		851,981
	220,000	Two Rivers Public School District Refunding GO, (FSA) 5.75%, 03/01/10		226,732
	505,000	Verona Area School District GO, Series A, (NATL-RE) 5.50%, 10/01/12		507,934
				3,347,367
Total Municipal Bonds (Cost $419,595,380)				433,054,211
Shares			Value
INVESTMENT COMPANY — 4.5%
	20,310,800	SEI Daily Income Trust Government II Fund, Class A	$	20,310,800
Total Investment Company (Cost $20,310,800)				20,310,800
TOTAL INVESTMENTS — 100.6% (Cost $439,906,180)(a)				453,365,011
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(2,523,160	)
NET ASSETS — 100.0%			$	450,841,851

(a) Represents cost for financial reporting purposes and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	14,785,780
Unrealized depreciation		(1,326,949	)
Net unrealized appreciation	$	13,458,831

(b)	Represents a security purchased on a when-issued basis.
(c)	Variable rate security. Rate shown is the rate as of July 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

GTY — Guaranty

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

XLCA — XL Capital Insurance

116

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

Portfolio diversification by State (Unaudited)

	Percentage of Net Assets
Alabama	0.4	%
Arizona	0.5
California	4.7
Colorado	0.1
Connecticut	0.2
Florida	4.4
Georgia	0.9
Illinois	3.7
Indiana	3.6
Iowa	0.1
Kentucky	0.2
Louisiana	0.5
Maine	0.3
Michigan	1.4
Minnesota	0.5
Mississippi	1.1
Missouri	0.5
Nevada	2.8
New Jersey	5.6
New Mexico	0.3
New York	17.1
North Carolina	2.3
Ohio	2.0
Oregon	0.4
Pennsylvania	1.0
Puerto Rico	0.0
South Carolina	0.5
Texas	30.2
Utah	0.5
Virginia	1.6
Washington	7.9
West Virginia	0.1
Wisconsin	0.7
Other*	3.9

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

117

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS
	July 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 July 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. Basis for Consolidation for the Real Return Fund:

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. 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 July 31, 2009, the Real Return Fund held $303,257,029 in the Subsidiary, representing 20.42% of the Real Return Fund’s net assets.

3. 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 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.

118

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

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 or other assets. 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, the Funds may use a pricing service authorized by the Board that has been designated to determine fair value. The Funds that invest in securities that trade in non-U.S. markets may use a systematic fair valuation model provided by an independent third party vendor to value its non-U.S. securities. When these Funds use fair value pricing, the value assigned to the non-U.S. securities held by these Funds may not be the quoted or published prices of the investment on their primary markets or exchanges.

4. Derivative Instruments:

The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract.

The Funds are subject to credit risk, equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below.

For open derivative instruments, please see the Schedules of Portfolio Investments or details below, which are also indicative of the volume of derivative activity for the year ended October 31, 2008.

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

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to 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. 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. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) may enter into forward foreign currency exchange contracts (“Forwards”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange rate risk). In addition, certain Funds 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 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

119

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

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.

In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or seller, is the unrealized loss of the contract.

As of July 31, 2009, the Global Small & Mid Cap Fund had the following open Forwards:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation
Canadian Dollar	50,398,000	U.S. Dollar	46,630,274	09/03/09	$	159,052
Australian Dollar	3,230,600	Japanese Yen	250,000,000	09/04/09		51,511
Australian Dollar	38,693,701	U.S. Dollar	30,655,278	09/09/09		1,604,844
Canadian Dollar	2,972,210	Japanese Yen	250,000,000	10/05/09		116,097
Norway Krones	16,764,509	Japanese Yen	250,000,000	10/06/09		86,406
Brazil Real	5,274,262	Japanese Yen	250,000,000	10/08/09		145,670
					$	2,163,580

As of July 31, 2009, the Global Opportunities Fund had the following open Forwards:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
New Zealand Dollar	4,136,612	U.S. Dollar	2,723,959	08/03/09	$	14,568
New Zealand Dollar	1,619,311	U.S. Dollar	1,065,345	08/03/09		6,674
U.S. Dollar	2,311,688	New Zealand Dollar	4,136,612	08/03/09		(426,839	)
U.S. Dollar	924,675	New Zealand Dollar	1,619,311	08/03/09		(147,344	)
Euro	3,757,689	U.S. Dollar	5,351,701	08/04/09		4,157
Indonesian Rupiah	50,188,174,499	New Zealand Dollar	7,451,513	08/04/09		119,758
New Zealand Dollar	7,700,076	Indonesian Rupiah	50,188,174,499	08/04/09		45,515
New Zealand Dollar	1,638,885	U.S. Dollar	1,073,142	08/04/09		11,765
New Zealand Dollar	815,909	U.S. Dollar	536,787	08/04/09		3,328
U.S. Dollar	2,083,721	Brazil Real	4,699,000	08/04/09		(432,760	)
U.S. Dollar	5,000,000	Euro	3,757,689	08/04/09		(355,858	)
U.S. Dollar	924,675	New Zealand Dollar	1,638,885	08/04/09		(160,232	)
U.S. Dollar	2,311,688	New Zealand Dollar	4,107,995	08/04/09		(407,717	)
U.S. Dollar	458,786	New Zealand Dollar	815,909	08/04/09		(81,329	)
U.S. Dollar	688,178	New Zealand Dollar	1,218,640	08/05/09		(118,483	)
United Kingdom Pound	2,032,043	U.S. Dollar	2,992,732	08/05/09		401,659
U.S. Dollar	917,571	New Zealand Dollar	1,608,778	08/06/09		(147,267	)
U.S. Dollar	458,786	New Zealand Dollar	802,901	08/06/09		(72,649	)
U.S. Dollar	912,045	New Zealand Dollar	1,594,567	08/07/09		(143,319	)
U.S. Dollar	912,045	New Zealand Dollar	1,569,298	08/07/09		(126,595	)
U.S. Dollar	912,045	New Zealand Dollar	1,587,404	08/07/09		(138,578	)
Japanese Yen	519,990,250	U.S. Dollar	5,269,459	08/10/09		226,332
U.S. Dollar	456,022	New Zealand Dollar	786,218	08/10/09		(64,235	)
Canadian Dollar	1,226,423	U.S. Dollar	1,059,829	08/11/09		78,686
Euro	3,250,000	U.S. Dollar	4,351,601	08/11/09		280,721
U.S. Dollar	456,022	New Zealand Dollar	785,832	08/11/09		(63,945	)
Brazil Real	21,115,000	U.S. Dollar	10,000,000	08/12/09		1,289,210
Brazil Real	10,495,000	U.S. Dollar	5,000,000	08/12/09		611,189
Brazil Real	42,090,000	U.S. Dollar	20,000,000	08/12/09		2,503,569
Brazil Real	10,689,000	U.S. Dollar	5,000,000	08/12/09		714,912
Russian Ruble	29,358,047	New Zealand Dollar	1,749,586	08/12/09		(227,327	)

120

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

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	21,193,353	Brazil Real	42,090,000	08/12/09	$	(1,310,215	)
U.S. Dollar	869,869	New Zealand Dollar	1,475,981	08/12/09		(106,691	)
Russian Ruble	14,292,762	New Zealand Dollar	854,013	08/14/09		(112,296	)
Vietnamese Dong	9,777,690,661	New Zealand Dollar	806,840	08/14/09		12,293
Japanese Yen	320,604,000	U.S. Dollar	3,359,150	08/18/09		29,578
Singapore Dollar	2,828,520	U.S. Dollar	1,931,548	08/18/09		33,617
Swiss Franc	1,103,390	U.S. Dollar	999,891	08/18/09		32,785
Brazil Real	20,598,000	U.S. Dollar	10,000,000	08/24/09		985,659
U.S. Dollar	869,910	New Zealand Dollar	1,442,254	08/24/09		(83,591	)
Brazil Real	10,330,000	U.S. Dollar	5,000,000	08/26/09		507,101
Norway Krones	160,325,000	U.S. Dollar	25,000,000	08/26/09		1,138,434
Norway Krones	63,399,000	U.S. Dollar	10,000,000	08/26/09		336,196
Norway Krones	63,975,000	U.S. Dollar	10,000,000	08/26/09		430,103
U.S. Dollar	867,788	New Zealand Dollar	1,435,000	08/26/09		(80,794	)
U.S. Dollar	10,137,865	Norway Krones	63,975,000	08/26/09		(292,238	)
Australian Dollar	2,600,000	U.S. Dollar	2,002,962	08/28/09		166,624
Norway Krones	7,600,000	U.S. Dollar	1,185,703	08/28/09		53,290
Singapore Dollar	2,900,000	U.S. Dollar	2,000,741	08/28/09		13,945
Euro	10,588,584	U.S. Dollar	15,076,525	09/08/09		16,388
U.S. Dollar	15,000,000	Euro	10,588,584	09/08/09		(92,913	)
Euro	14,248,566	U.S. Dollar	20,285,016	09/09/09		24,817
U.S. Dollar	20,000,000	Euro	14,248,566	09/09/09		(309,832	)
U.S. Dollar	25,000,000	Japanese Yen	2,447,525,000	09/09/09		(875,530	)
Swedish Krona	118,287,000	U.S. Dollar	15,210,241	09/10/09		1,185,362
U.S. Dollar	15,000,000	Swedish Krona	118,287,000	09/10/09		(1,395,603	)
U.S. Dollar	5,000,000	Euro	3,607,165	09/17/09		(141,634	)
U.S. Dollar	15,000,000	Euro	10,885,136	09/17/09		(515,616	)
Chinese Yuan	2,574,000	Euro	268,125	09/18/09		(5,249	)
U.S. Dollar	5,000,001	Euro	3,583,821	09/21/09		(108,359	)
U.S. Dollar	5,000,000	Euro	3,605,527	09/21/09		(139,299	)
Euro	7,453,920	U.S. Dollar	10,607,978	09/22/09		16,800
U.S. Dollar	15,403,436	Euro	11,034,907	09/22/09		(325,664	)
U.S. Dollar	3,000,000	South African Rand	24,790,500	09/22/09		(160,542	)
Chinese Yuan	9,626,900	Euro	1,005,350	09/23/09		(23,126	)
Chinese Yuan	6,409,000	Euro	670,240	09/23/09		(16,735	)
Canadian Dollar	2,348,922	U.S. Dollar	2,044,443	09/24/09		136,543
Chinese Yuan	7,155,000	Euro	737,287	09/24/09		(3,029	)
Russian Ruble	19,936,834	Australian Dollar	948,558	09/24/09		(164,814	)
Russian Ruble	28,785,750	Australian Dollar	1,369,404	09/24/09		(237,826	)
Russian Ruble	26,840,111	Australian Dollar	1,290,113	09/28/09		(233,320	)
U.S. Dollar	10,000,001	Euro	7,189,176	09/29/09		(247,413	)
Vietnamese Dong	4,665,281,624	Australian Dollar	378,842	10/07/09		(57,201	)
Malaysian Ringgit	21,636,000	U.S. Dollar	6,107,551	10/09/09		17,983
Malaysian Ringgit	2,445,987	U.S. Dollar	689,108	10/09/09		3,395
Malaysian Ringgit	23,779,236	U.S. Dollar	26,632,471	10/09/09		(31,587	)
Chinese Yuan	1,540,249	Australian Dollar	332,789	10/13/09		(51,119	)
Euro	1,086,750	U.S. Dollar	1,519,537	10/13/09		29,495
Malaysian Ringgit	5,102,016	U.S. Dollar	1,436,985	10/13/09		7,306
U.S. Dollar	5,000,000	Japanese Yen	462,301,000	10/13/09		110,888
Chinese Yuan	6,301,191	Euro	668,632	10/15/09		(29,969	)
Euro	1,719,245	Japanese Yen	220,290,291	10/15/09		120,832
Japanese Yen	220,290,291	Euro	1,688,825	10/15/09		(77,471	)

121

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

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chinese Yuan	6,331,922	Euro	677,186	10/16/09	$	(37,649	)
U.S. Dollar	21,227,442	Euro	15,190,071	10/16/09		(424,144	)
Chinese Yuan	2,595,971	Australian Dollar	551,242	10/19/09		(77,890	)
Chinese Yuan	8,487,104	Euro	911,379	10/19/09		(55,700	)
U.S. Dollar	10,000,000	Japanese Yen	940,738,000	10/19/09		50,610
Chinese Yuan	5,244,000	U.S. Dollar	757,530	10/21/09		10,728
Russian Ruble	158,975,000	U.S. Dollar	5,000,000	10/21/09		(53,903	)
Brazil Real	9,685,000	U.S. Dollar	5,000,000	10/22/09		109,036
Indian Rupee	484,300,000	U.S. Dollar	10,000,000	10/22/09		36,959
Indonesian Rupiah	101,200,000,000	U.S. Dollar	10,000,000	10/22/09		28,043
Norway Krones	31,660,000	U.S. Dollar	5,000,000	10/22/09		153,759
U.S. Dollar	15,000,000	Japanese Yen	1,413,600,000	10/23/09		49,032
Russian Ruble	15,779,000	U.S. Dollar	471,719	10/27/09		18,318
Brazil Real	19,205,000	U.S. Dollar	10,000,000	10/29/09		118,013
Indian Rupee	484,100,000	U.S. Dollar	10,000,000	10/29/09		27,965
Indonesian Rupiah	100,400,000,000	U.S. Dollar	10,000,000	10/29/09		(64,325	)
Malaysian Ringgit	35,185,000	U.S. Dollar	10,000,000	10/29/09		(44,705	)
Norway Krones	61,837,100	U.S. Dollar	10,000,000	10/29/09		64,280
U.S. Dollar	10,000,000	New Zealand Dollar	15,296,000	10/29/09		(69,981	)
U.S. Dollar	5,351,802	Euro	3,757,689	11/04/09		(4,315	)
Euro	1,160,000	Japanese Yen	149,263,000	11/18/09		74,247
Japanese Yen	140,412,200	Euro	1,160,000	11/18/09		(167,889	)
Japanese Yen	124,961,400	U.S. Dollar	1,314,000	11/18/09		8,105
U.S. Dollar	1,314,000	Japanese Yen	131,708,790	11/18/09		(79,493	)
U.S. Dollar	1,535,218	New Zealand Dollar	2,501,782	11/30/09		(108,460	)
U.S. Dollar	1,530,198	New Zealand Dollar	2,486,711	11/30/09		(103,579	)
U.S. Dollar	869,910	New Zealand Dollar	1,415,319	11/30/09		(59,959	)
U.S. Dollar	1,072,523	Mexican Peso	14,530,000	12/01/09		(8,648	)
U.S. Dollar	652,433	New Zealand Dollar	1,072,604	12/02/09		(52,182	)
U.S. Dollar	2,563,150	New Zealand Dollar	4,147,492	12/02/09		(161,419	)
U.S. Dollar	218,914	New Zealand Dollar	353,961	12/02/09		(13,610	)
Chinese Yuan	6,308,000	Euro	684,897	12/04/09		(51,252	)
Chinese Yuan	5,006,000	U.S. Dollar	684,815	12/04/09		49,277
Chinese Yuan	2,872,600	U.S. Dollar	407,461	12/14/09		13,887
Chinese Yuan	5,761,499	U.S. Dollar	814,922	12/14/09		30,165
Chinese Yuan	5,763,917	U.S. Dollar	817,577	12/15/09		27,886
Chinese Yuan	5,783,784	U.S. Dollar	817,577	12/15/09		30,800
Chinese Yuan	6,294,886	U.S. Dollar	894,478	12/16/09		28,891
Chinese Yuan	1,972,859	U.S. Dollar	279,047	12/17/09		10,350
Chinese Yuan	5,933,563	U.S. Dollar	837,140	12/18/09		33,271
Indian Rupee	11,219,513	New Zealand Dollar	407,538	12/18/09		(35,818	)
Indonesian Rupiah	2,828,719,176	New Zealand Dollar	407,538	12/18/09		9,667
Chinese Yuan	1,612,872	U.S. Dollar	230,082	12/21/09		6,532
Chinese Yuan	1,897,016	U.S. Dollar	272,560	12/22/09		5,746
Malaysian Ringgit	2,445,987	U.S. Dollar	688,622	01/11/10		2,051
U.S. Dollar	2,406,724	Euro	1,741,000	01/11/10		(75,076	)
U.S. Dollar	1,540,957	Euro	1,111,000	01/11/10		(42,776	)
U.S. Dollar	1,356,361	Euro	971,000	01/15/10		(27,810	)
U.S. Dollar	1,427,534	Euro	999,800	01/27/10		2,282
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	651,726	01/28/10		113,104

122

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

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	400,710,000	U.S. Dollar	635,836	01/29/10	$	108,706
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	198,694	01/29/10		33,154
Chilean Unidad de Fomento	546,720,000	U.S. Dollar	874,262	01/29/10		141,574
U.S. Dollar	1,076,071	Mexican Peso	14,669,000	01/29/10		(6,250	)
U.S. Dollar	1,089,734	New Zealand Dollar	1,674,196	01/29/10		(6,021	)
U.S. Dollar	2,453,841	Singapore Dollar	3,684,000	01/29/10		(104,846	)
U.S. Dollar	1,631,009	Singapore Dollar	2,454,000	01/29/10		(73,393	)
U.S. Dollar	1,629,458	Singapore Dollar	2,452,000	01/29/10		(73,555	)
U.S. Dollar	4,087,503	Singapore Dollar	6,125,000	01/29/10		(166,558	)
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	317,920	02/02/10		51,280
U.S. Dollar	717,387	New Zealand Dollar	1,419,051	02/02/10		(211,142	)
U.S. Dollar	1,635,090	Singapore Dollar	2,457,000	02/02/10		(71,394	)
U.S. Dollar	654,025	Singapore Dollar	983,000	02/02/10		(28,707	)
Chilean Unidad de Fomento	372,860,000	U.S. Dollar	596,099	02/03/10		96,705
Chinese Yuan	16,160,000	U.S. Dollar	2,291,646	02/03/10		81,691
Chinese Yuan	2,696,000	U.S. Dollar	381,735	02/03/10		14,213
U.S. Dollar	2,043,838	Singapore Dollar	3,078,000	02/03/10		(93,953	)
Mexican Peso	24,720,000	U.S. Dollar	1,634,650	02/04/10		187,734
U.S. Dollar	1,589,301	Mexican Peso	21,700,000	02/04/10		(10,446	)
U.S. Dollar	2,043,768	Singapore Dollar	3,095,000	02/04/10		(105,830	)
U.S. Dollar	1,635,262	Singapore Dollar	2,469,000	02/05/10		(79,554	)
Mexican Peso	15,274,000	U.S. Dollar	995,211	02/08/10		130,176
U.S. Dollar	763,700	Mexican Peso	10,438,633	02/08/10		(5,418	)
U.S. Dollar	354,863	Mexican Peso	4,835,367	02/08/10		(1,406	)
U.S. Dollar	1,291,930	Singapore Dollar	1,945,000	02/08/10		(58,947	)
U.S. Dollar	1,636,339	Singapore Dollar	2,464,000	02/09/10		(75,002	)
U.S. Dollar	654,586	Singapore Dollar	976,400	02/11/10		(23,560	)
Chilean Unidad de Fomento	195,520,000	U.S. Dollar	317,919	02/12/10		45,383
Malaysian Ringgit	22,100,000	U.S. Dollar	6,088,154	02/12/10		148,405
Malaysian Ringgit	3,465,966	U.S. Dollar	954,812	02/12/10		23,274
Malaysian Ringgit	1,162,274	U.S. Dollar	320,186	02/12/10		7,805
South Korean Won	1,412,000,000	U.S. Dollar	1,038,235	02/12/10		111,415
U.S. Dollar	7,336,876	Malaysian Ringgit	26,728,240	02/12/10		(205,759	)
U.S. Dollar	146,392	New Zealand Dollar	281,849	02/12/10		(37,914	)
Chilean Unidad de Fomento	481,250,000	U.S. Dollar	794,798	02/16/10		99,436
Chilean Unidad de Fomento	480,420,000	U.S. Dollar	799,368	02/17/10		93,327
U.S. Dollar	188,156	New Zealand Dollar	376,161	02/22/10		(57,667	)
U.S. Dollar	3,931,974	New Zealand Dollar	7,821,710	02/23/10		(1,179,229	)
Chilean Unidad de Fomento	339,330,000	U.S. Dollar	559,553	02/26/10		70,990
Chilean Unidad de Fomento	484,020,000	U.S. Dollar	799,372	02/26/10		100,034

123

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	242,290,000	U.S. Dollar	399,687	02/26/10	$	50,537
Euro	2,410,862	Polish Zloty	10,787,400	02/26/10		(226,553	)
Polish Zloty	10,787,400	Euro	2,302,196	02/26/10		381,491
Swedish Krona	84,036,600	Euro	7,436,670	02/26/10		1,056,438
Chilean Unidad de Fomento	241,090,000	U.S. Dollar	399,685	03/03/10		48,315
Chilean Unidad de Fomento	391,630,000	U.S. Dollar	639,500	03/04/10		88,239
Chilean Unidad de Fomento	245,410,000	U.S. Dollar	399,691	03/05/10		56,339
Chilean Unidad de Fomento	231,460,000	U.S. Dollar	376,217	03/08/10		53,894
Chilean Unidad de Fomento	245,910,000	U.S. Dollar	399,691	03/09/10		57,273
U.S. Dollar	997,287	Singapore Dollar	1,533,000	03/17/10		(67,426	)
U.S. Dollar	997,531	Singapore Dollar	1,535,000	03/17/10		(68,572	)
U.S. Dollar	307,421	Australian Dollar	451,990	03/24/10		(63,376	)
Indian Rupee	27,793,000	U.S. Dollar	537,125	04/09/10		32,760
Indian Rupee	59,598,000	U.S. Dollar	1,150,985	04/12/10		70,839
Indian Rupee	40,031,000	U.S. Dollar	767,318	04/13/10		53,313
Indian Rupee	39,295,000	U.S. Dollar	767,331	04/15/10		38,120
Indian Rupee	19,629,000	U.S. Dollar	384,731	04/19/10		17,522
Indian Rupee	13,777,000	U.S. Dollar	268,558	04/19/10		13,772
Malaysian Ringgit	967,775	U.S. Dollar	267,319	04/19/10		5,587
Swedish Krona	28,478,956	Euro	2,615,292	04/19/10		222,857
Malaysian Ringgit	2,773,000	U.S. Dollar	772,273	04/20/10		9,686
Chilean Unidad de Fomento	783,077,000	U.S. Dollar	1,334,714	04/23/10		120,627
Chilean Unidad de Fomento	764,646,000	U.S. Dollar	1,304,500	04/26/10		116,599
Indian Rupee	27,912,000	U.S. Dollar	538,619	04/26/10		33,147
Chilean Unidad de Fomento	604,651,000	U.S. Dollar	1,033,326	04/27/10		90,424
Chilean Unidad de Fomento	606,821,000	U.S. Dollar	1,033,327	04/27/10		94,457
Indian Rupee	3,982,000	U.S. Dollar	76,947	04/27/10		4,618
Chilean Unidad de Fomento	974,634,000	U.S. Dollar	1,653,323	04/28/10		158,050
Chilean Unidad de Fomento	122,036,000	U.S. Dollar	206,666	04/28/10		20,140
Indian Rupee	19,756,000	U.S. Dollar	384,732	04/28/10		19,915
Indian Rupee	19,775,000	U.S. Dollar	384,728	04/30/10		20,262
Peruvian New Sol	2,043,000	U.S. Dollar	666,015	05/18/10		12,972
Peruvian New Sol	2,251,951	U.S. Dollar	733,535	05/18/10		14,897
Malaysian Ringgit	11,250,000	U.S. Dollar	3,217,043	05/27/10		(45,941	)
Indian Rupee	37,818,000	U.S. Dollar	770,554	06/01/10		2,533
Indian Rupee	1,121,000	U.S. Dollar	23,113	06/02/10		(199	)
Indian Rupee	5,548,000	U.S. Dollar	115,583	06/03/10		(2,182	)
Indian Rupee	37,033,000	U.S. Dollar	770,558	06/04/10		(13,648	)
Indian Rupee	18,516,000	U.S. Dollar	385,268	06/07/10		(6,889	)

124

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2009 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date		Unrealized Appreciation/ (Depreciation)
Indian Rupee	7,436,000	U.S. Dollar	154,114	06/08/10	$	(2,166	)
Indian Rupee	9,340,000	U.S. Dollar	193,776	06/08/10		(2,922	)
Indian Rupee	7,542,000	U.S. Dollar	155,026	06/10/10		(929	)
Indian Rupee	11,277,000	U.S. Dollar	232,515	06/11/10		(2,120	)
Indian Rupee	7,557,000	U.S. Dollar	155,015	06/11/10		(622	)
Indian Rupee	18,877,000	U.S. Dollar	387,538	06/16/10		(1,981	)
Indian Rupee	17,195,000	U.S. Dollar	348,783	06/21/10		2,320
Indian Rupee	28,975,000	U.S. Dollar	587,728	06/22/10		3,875
Swedish Krona	43,658,433	Euro	3,981,000	06/22/10		382,783
Indian Rupee	43,847,000	U.S. Dollar	881,613	06/24/10		13,540
Indian Rupee	29,446,000	U.S. Dollar	587,745	06/25/10		13,372
Swedish Krona	12,088,000	Euro	1,086,777	06/28/10		128,079
Malaysian Ringgit	24,538,076	U.S. Dollar	6,915,056	06/29/10		(875	)
Swedish Krona	8,778,000	Euro	792,167	06/29/10		88,763
Indian Rupee	29,111,000	U.S. Dollar	587,745	07/09/10		6,057
Indian Rupee	29,134,000	U.S. Dollar	587,735	07/09/10		6,536
Malaysian Ringgit	1,928,282	U.S. Dollar	542,368	07/09/10		911
Indian Rupee	14,708,000	U.S. Dollar	293,866	07/12/10		6,094
Indian Rupee	17,688,000	U.S. Dollar	352,646	07/12/10		8,089
Malaysian Ringgit	3,920,421	U.S. Dollar	1,103,722	07/12/10		791
Malaysian Ringgit	7,893,000	U.S. Dollar	2,207,369	07/12/10		16,352
Malaysian Ringgit	1,832,000	U.S. Dollar	510,377	07/13/10		5,752
Malaysian Ringgit	1,905,000	Euro	379,293	07/16/10		(4,622	)
Malaysian Ringgit	623,000	U.S. Dollar	173,152	07/16/10		2,360
Indian Rupee	3,943,000	U.S. Dollar	78,860	07/19/10		1,523
Indian Rupee	3,943,000	U.S. Dollar	78,860	07/20/10		1,518
Malaysian Ringgit	2,151,000	Euro	427,439	07/20/10		(4,071	)
Malaysian Ringgit	983,000	U.S. Dollar	275,288	07/20/10		1,631
Malaysian Ringgit	2,765,000	Euro	549,440	07/23/10		(5,258	)
Malaysian Ringgit	1,195,000	U.S. Dollar	337,475	07/23/10		(845	)
Malaysian Ringgit	2,765,000	Euro	547,731	07/27/10		(2,862	)
Malaysian Ringgit	1,257,000	U.S. Dollar	354,085	07/27/10		—
U.S. Dollar	2,672,075	New Zealand Dollar	4,152,409	07/30/10		(15,116	)
U.S. Dollar	2,657,153	New Zealand Dollar	4,136,612	08/03/10		(19,815	)
U.S. Dollar	1,039,598	New Zealand Dollar	1,619,311	08/03/10		(8,324	)
U.S. Dollar	523,814	New Zealand Dollar	815,909	08/04/10		(4,194	)
U.S. Dollar	1,047,083	New Zealand Dollar	1,638,885	08/04/10		(13,505	)
					$	2,609,452

C. Swap Agreements. The Funds may enter into swap agreements, which the Funds and a counterparty agree 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. Payments received or made by the Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on 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. Upfront payments made and/or received by a fund, are recorded as an asset and/or liability on the Statements of Assets and

125

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2009 (Unaudited)

Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on termination date. Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter 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.

D. Options. The Funds may purchase and write (sell) put and call options on equity securities and stock index futures (equity risk) 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.

In purchasing and writing options, the Fund bears the market risk of an unfavorable change in the price of the underlying security or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing a security at a price different from the current market value. The Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, the Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer).

A summary of the Global Opportunities Fund written option transactions for the period is as follows:

	Number of Options Contracts		Premiums Received
Contracts outstanding at October 31, 2008	10,452		$	20,569,754
Options terminated in closing purchase transactions	(5,272	)		(18,682,357	)
Options expired	(3,870	)		(1,202,460	)
Options exercised	(1,310	)		(684,937	)
Contracts outstanding at July 31, 2009	—		$	—

A summary of the Real Return Fund written option transactions for the period is as follows:

	Number of Options Contracts	Premiums Received
Contracts outstanding at October 31, 2008	—	$	—
Options written	86,000		2,629,340,520
Contracts outstanding at July 31, 2009	86,000	$	2,629,340,520

126

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

5. FinancialAccounting Standards Board (“FASB”) Statement on FinancialAccounting Standard No. 157, “Fair Value Measurements”
(“FAS 157”):

FAS 157 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 three levels of fair value hierarchy under FAS 157 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 Funds’ investments as of July 31, 2009 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Investments in Securities Assets:
U.S. Large Cap Fund
Equity Securities	$	361,728,042	(a)	$	—	$	—	$	361,728,042
Investment Company		20,170,500			—		—		20,170,500
Total	$	381,898,542		$	—	$	—	$	381,898,542
Non U.S. Large Cap Fund
Equity Securities		1,801,612,807	(a)		—		—		1,801,612,807
Investment Company		58,031,000			—		—		58,031,000
Total	$	1,859,643,807		$	—	$	—	$	1,859,643,807
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	36,278,597		$	—	$	78,364	$	36,356,961
Austria		7,125,420			—		—		7,125,420
Belgium		7,396,479			—		—		7,396,479
Bermuda		13,390,835			—		—		13,390,835
Brazil		20,378,152			—		813		20,378,965
Canada		65,557,910			—		—		65,557,910
Cayman Islands		75,989			—		—		75,989
Chile		2,714,374			—		—		2,714,374
China		9,982,421			—		—		9,982,421
Cyprus		323,589			—		—		323,589
Denmark		6,508,776			—		13,474		6,522,250
Egypt		14,291,790			—		—		14,291,790
Finland		15,768,581			—		—		15,768,581
France		41,700,972			—		—		41,700,972
Germany		27,419,663			—		—		27,419,663
Greece		9,352,064			—		—		9,352,064
Hong Kong		24,756,364			—		92,612		24,848,976
Hungary		1,632,011			—		—		1,632,011
India		16,650,857			—		—		16,650,857

127

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2009 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Indonesia	$	4,396,814	$	—	$	—	$	4,396,814
Ireland		5,159,660		—		—		5,159,660
Israel		3,848,139		—		—		3,848,139
Italy		16,852,590		—		—		16,852,590
Japan		147,674,696		—		154,194		147,828,890
Liechtenstein		166,842		—		—		166,842
Luxembourg		1,055,242		—		—		1,055,242
Malaysia		6,181,494		—		—		6,181,494
Mexico		6,425,566		—		—		6,425,566
Monaco		37,354		—		—		37,354
Netherlands		13,012,682		—		—		13,012,682
New Zealand		2,821,312		—		—		2,821,312
Norway		8,180,588		—		—		8,180,588
Peru		98,601		—		—		98,601
Philippines		1,572,327		—		—		1,572,327
Poland		4,413,230		—		—		4,413,230
Portugal		4,733,787		—		—		4,733,787
Puerto Rico		18,934		—		—		18,934
Singapore		9,439,132		—		1,615		9,440,747
South Africa		16,745,137		—		—		16,745,137
South Korea		14,952,283		—		—		14,952,283
Spain		17,813,390		—		29,178		17,842,568
Sweden		10,978,249		—		28,368		11,006,617
Switzerland		32,189,129		—		—		32,189,129
Taiwan		15,565,377		—		—		15,565,377
Thailand		3,133,849		—		—		3,133,849
Turkey		4,315,129		—		—		4,315,129
United Arab Emirates		461,975		—		—		461,975
United Kingdom		117,672,885		—		22,402		117,695,287
United States		1,311,022,986		—		9,509		1,311,032,495
Exchange Traded Funds		257,861,990		—		—		257,861,990
Investment Company		28,391,000		—		—		28,391,000
Rights/Warrants		—		212,746		—		212,746
U.S. Government Agencies		—		125,000,000		—		125,000,000
U.S. Government Securities		—		501,953,697		—		501,953,697
Cash Sweep		32,668,041		—		—		32,668,041
Other financial instruments - Assets*		—		2,163,580		—		2,163,580
Total	$	2,421,165,254	$	629,330,023	$	430,529	$	3,050,925,806
Global Opportunities Fund
Equity Securities:
Australia	$	8,639,682	$	—	$	—	$	8,639,682
Austria		2,103,733		—		—		2,103,733
Belgium		3,919,039		—		—		3,919,039
Bermuda		1,607,734		—		—		1,607,734
Brazil		8,931,866		—		—		8,931,866
Canada		5,563,170		—		15,000,000		20,563,170
China		3,766,139		—		—		3,766,139
Czech Republic		373,449		—		—		373,449
Denmark		2,102,674		—		—		2,102,674
Egypt		2,212,432		—		—		2,212,432

128

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Finland	$	3,668,913		$	—		$	—	$	3,668,913
France		6,152,567			—			—		6,152,567
Germany		7,256,696			—			—		7,256,696
Greece		2,749,245			—			—		2,749,245
Hong Kong		4,010,750			—			—		4,010,750
India		7,600,214			—			—		7,600,214
Ireland		1,096,108			—			—		1,096,108
Israel		2,912,364			—			—		2,912,364
Italy		8,594,944			—			—		8,594,944
Japan		13,637,471			—			—		13,637,471
Malaysia		421,543			—			—		421,543
Mexico		10,219,808			—			—		10,219,808
Netherlands		4,800,076			—			—		4,800,076
Russia		2,569,390			—			—		2,569,390
Singapore		2,026,857			—			—		2,026,857
South Africa		2,103,400			—			—		2,103,400
South Korea		3,930,977			—			—		3,930,977
Spain		8,881,232			—			—		8,881,232
Switzerland		11,584,195			—			—		11,584,195
Taiwan		2,669,325			—			—		2,669,325
Thailand		868,217			—			—		868,217
Turkey		825,970			—			—		825,970
United Kingdom		24,163,286			—			—		24,163,286
United States		138,116,246			—			—		138,116,246
Exchange Traded Funds		100,159,650			—			—		100,159,650
Preferred Stock		1,006,000			—			—		1,006,000
Rights/Warrants		—			111,228			—		111,228
Bank Loans		—			137,724,015			—		137,724,015
Corporate Bonds		—			1,535,736,484			—		1,535,736,484
Government Bonds		—			248,119,639			—		248,119,639
U.S. Government Agencies		—			171,069,455			—		171,069,455
U.S. Government Securities		—			40,799,643			—		40,799,643
Municipal Bonds		—			17,844,025			—		17,844,025
Cash Sweep		78,559,313			—			—		78,559,313
Other financial instruments - Assets*		1,543,725			19,996,677			—		21,540,402
Other financial instruments - Liabilities*		—			(20,828,585	)		—		(20,828,585	)
Total	$	491,348,400		$	2,150,572,581		$	15,000,000	$	2,656,920,981
Real Return Fund
Equity Securities	$	644,479,183	(a)	$	—		$	—	$	644,479,183
Preferred Stock		—			—			—		—
Rights/Warrants		—			1			—		1
Collectible Coins		—			51,994,843			—		51,994,843
Commodities		57,406,504			—			—		57,406,504
Municipal Bonds		—			6,000,000			—		6,000,000
U.S. Government Agencies		—			150,000,000			—		150,000,000
U.S. Government Securities		—			412,788,188			—		412,788,188
Cash Sweep		16,707,491			—			—		16,707,491
Other financial instruments - Assets*		18,434,306			3,467,429,446			—		3,485,863,752
Other financial instruments - Liabilities*		(23,791,088	)		(3,310,574,981	)		—		(3,334,366,069	)
Total	$	713,236,396		$	777,637,497		$	—	$	1,490,873,893

129

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Fixed Income
Corporate Bonds	$	—	$	79,615,735	$	—	$	79,615,735
Municipal Bonds		—		8,441,343		—		8,441,343
U.S. Government Agencies		—		140,954,518		—		140,954,518
U.S. Government Securities		—		47,771,796		—		47,771,796
Investment Company		4,426,407		—		—		4,426,407
Total	$	4,426,407	$	276,783,392	$	—	$	281,209,799
Municipal Bond
Municipal Bonds		—		433,054,211		—		433,054,211
Investment Company		20,310,800		—		—		20,310,800
Total	$	20,310,800	$	433,054,211	$	—	$	453,365,011

(a) The breakdown of the Fund’s investments into major categories or countries is disclosed in the Schedules of Portfolio Investments.

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

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

	Balance as of 11/1/08 (market value)		Realized gain (loss)		Change in Unrealized appreciation (depreciation)**			Net purchases (sales)			Transfer in (out) of level 3			Balance as of 7/31/09 (market value)
Global Small & Mid Cap Fund
Equity Securities:
Austrailia	$	—	$	—	$	218		$	1,019		$	77,127		$	78,364
Brazil		—		—		151			662			—			813
Denmark		—		—		—			—			13,474			13,474
France		10		8		—			(18	)		—			—
Hong Kong		101,902		—		(9,290	)		—			—			92,612
Japan		—		—		—			—			154,194			154,194
Singapore		—		—		—			—			1,615			1,615
Spain		—		—		5,730			21,064			2,384			29,178
Sweden		30,677		—		(2,309	)		—			—			28,368
Taiwan		5,466		—		—			—			(5,466	)		—
United Kingdom		24,224		—		(18,907	)		17,085			—			22,402
United States		17		—		9,492			—			—			9,509
Total	$	162,296	$	8	$	(14,915	)	$	39,812		$	243,328		$	430,529
Global Opportunities Fund
Equity Securities:
Canada	$	20,000,000	$	—	$	(5,000,000	)	$	—		$	—		$	15,000,000
Hong Kong		4,436,875		—		—			—			(4,436,875	)		—
Total	$	24,436,875	$	—	$	(5,000,000	)	$	—		$	(4,436,875	)	$	15,000,000

** The change in unrealized appreciation/(depreciation) on securities still held at July 31, 2009 was $(34,817) and $(5,000,000) for the Global Small & Mid Cap Fund and the Global Opportunities Fund respectively.

130

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

6. Affiliated Issuers:

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. For the nine month period ended July 31, 2009, transactions with affiliated companies in the Real Return Fund are as follows:

	Value, Beginning of Period		Purchases		Sales Proceeds		Value, End of Period
Consolidated Subsidiary:
OWF Real Return Fund Ltd.	$	—	$	302,657,433	$	114,619,438	$	303,257,029

7. Federal Income Tax Information:

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.

131

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       9/23/09

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       9/23/09

By (Signature and Title)*	/s/ Peter C. Artemiou
	Peter C. Artemiou, Treasurer
	(Principal Financial Officer)

Date       9/23/09

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