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
BNY Mellon Investment Servicing (US) Inc.
760 Moore Rd.
King of Prussia, PA 19406

(Name and address of agent for service)

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

Date of fiscal year end:   October 31  

Date of reporting period:   January 31, 2011  

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Old Westbury Funds, Inc.
U.S. Large Cap Fund
Portfolio of Investments	January 31, 2011
	(Unaudited)

Shares			Value
COMMON STOCKS — 94.8%
Consumer Discretionary — 5.8%
	304,000	General Motors Co.(b)	$	11,092,960
	353,000	News Corp. - Class A		5,302,060
	388,425	Walt Disney Co. (The)		15,098,080
				31,493,100
Consumer Staples — 11.3%
	499,700	Archer-Daniels-Midland Co.		16,325,199
	528,500	Kraft Foods, Inc. - Class A		16,156,245
	200,825	Procter & Gamble Co. (The)		12,678,082
	290,750	Wal-Mart Stores, Inc.		16,302,353
				61,461,879
Diversified Financials — 14.8%
	436,950	American Express Co.		18,954,891
	403,650	JPMorgan Chase & Co.		18,140,031
	574,700	Morgan Stanley		16,896,180
	234,010	T. Rowe Price Group, Inc.		15,425,939
	571,500	TD Ameritrade Holding Corp.		11,670,030
				81,087,071
Energy — 11.1%
	194,700	Devon Energy Corp.		17,267,943
	262,950	Hess Corp.		22,119,354
	288,000	National Oilwell Varco, Inc.		21,283,200
				60,670,497
Health Care — 9.8%
	917,350	Pfizer, Inc.		16,714,117
	528,000	St. Jude Medical, Inc.(b)		21,384,000
	284,750	Teva Pharmaceutical Industries Ltd. - ADR		15,561,587
				53,659,704
Industrials — 10.8%
	1,218,800	General Electric Co.		24,546,632
	323,700	Honeywell International, Inc.		18,130,437
	340,500	Ingersoll-Rand Plc		16,071,600
				58,748,669
Information Technology — 22.3%
	602,250	Cisco Systems, Inc.(b)		12,737,587
	627,950	EMC Corp.(b)		15,629,675
	26,195	Google, Inc. - Class A(b)		15,726,430
	65,750	Mastercard, Inc. - Class A		15,550,533
	775,700	Microsoft Corp.		21,506,283
	470,500	Motorola Mobility Holdings, Inc.(b)		13,112,835
	328,614	Motorola Solutions, Inc.(b)		12,740,365
	269,750	QUALCOMM, Inc.		14,601,567
				121,605,275
Insurance — 3.1%
	274,950	ACE Ltd.		16,934,171
Materials — 3.3%
	620,650	International Paper Co.		17,924,372

Shares			Value
Utilities — 2.5%
	301,150	PG&E Corp.	$	13,937,222
Total Common Stocks (Cost $440,611,683)				517,521,960
EXCHANGE TRADED FUNDS — 2.9%
	119,825	SPDR S&P 500 ETF Trust		15,417,883
Total Exchange Traded Funds (Cost $14,928,529)				15,417,883
INVESTMENT COMPANY — 1.2%
	6,674,000	SEI Daily Income Trust Government II Fund, Class A, 0.01%(b)(c)		6,674,000
Total Investment Company (Cost $6,674,000)				6,674,000
TOTAL INVESTMENTS — 98.9% (Cost $462,214,212)(a)				539,613,843
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%				6,276,251
NET ASSETS — 100.0%			$	545,890,094

(a) Cost for federal income tax purposes is $462,631,655 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	80,251,012
Unrealized depreciation		(3,268,824	)
Net unrealized appreciation	$	76,982,188

(b)	Non-income producing security.
(c)	Rate shown represents current yield at January 31, 2011.
	ADR - American Depositary Receipt
Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Consumer Discretionary	5.8	%
Consumer Staples	11.3	%
Diversified Financials	14.8	%
Energy	11.1	%
Health Care	9.8	%
Industrials	10.8	%
Information Technology	22.3	%
Insurance	3.1	%
Materials	3.3	%
Utilities	2.5	%
Other*	5.2	%
	100.0	%

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

1

Old Westbury Funds, Inc.
Non-U.S. Large Cap Fund
Portfolio of Investments	January 31, 2011
	(Unaudited)

Shares			Value
COMMON STOCKS — 94.8%
AUSTRALIA — 6.5%
	2,550,045	BHP Billiton Ltd.	$	112,450,421
	1,711,859	Macquarie Group Ltd.		69,295,953
				181,746,374
FRANCE — 14.0%
	2,007,989	Accor SA		91,824,574
	732,224	Air Liquide SA		91,460,330
	2,030,213	Cap Gemini SA		102,305,635
	2,172,695	Carrefour SA		106,451,286
				392,041,825
GERMANY — 7.1%
	1,384,136	Daimler AG(b)		101,235,720
	2,429,597	ThyssenKrupp AG		98,330,851
				199,566,571
JAPAN — 19.7%
	5,869,000	Asahi Glass Co. Ltd.		73,147,990
	23,057	Japan Tobacco, Inc.		86,519,932
	2,738,100	Komatsu Ltd.		81,529,196
	57,696	NTT DoCoMo, Inc.		102,978,362
	2,045,800	Shin-Etsu Chemical Co. Ltd.		115,151,023
	6,414,360	Sumitomo Corp.		92,292,387
				551,618,890
LUXEMBOURG — 2.9%
	1,695,484	Tenaris SA ADR		79,975,980
NORWAY — 3.2%
	6,614,372	DnB Nor ASA		91,048,685
SWEDEN — 3.7%
	6,069,493	Volvo AB - Class B(b)		105,116,149
SWITZERLAND — 10.6%
	4,432,722	ABB Ltd.(b)		104,666,709
	1,406,154	Adecco SA		91,087,200
	2,263,030	Julius Baer Group Ltd.		102,411,697
				298,165,606
UNITED KINGDOM — 21.8%
	4,244,807	BG Group Plc		95,261,315
	79,819,354	Lloyds Banking Group Plc(b)		80,780,832
	6,999,744	National Grid Plc		61,949,090
	5,417,171	Pearson Plc		88,857,275
	8,889,878	Prudential Plc		96,263,797
	3,145,520	Standard Chartered Plc		82,079,372
	8,684,013	WPP Plc		107,458,171
				612,649,852
UNITED STATES — 5.3%
	2,115,961	Carnival Corp.		94,604,616
	619,119	Schlumberger Ltd.		55,095,400
				149,700,016
Total Common Stocks (Cost $2,168,775,375)				2,661,629,948

Shares			Value
INVESTMENT COMPANY — 4.6%
	128,658,600	Federated Treasury Obligations Fund, 0.01%(c)	$	128,658,600
Total Investment Company (Cost $128,658,600)				128,658,600
Principal Amount
U.S. GOVERNMENT AGENCIES — 0.9%
Federal Home Loan Bank — 0.9%
$	25,000,000	0.11%, 02/02/11(d)		24,999,924
Total U.S. Government Agencies      (Cost $24,999,924)				24,999,924
TOTAL INVESTMENTS — 100.3% (Cost $2,322,433,899)(a)				2,815,288,472
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(9,280,607	)
NET ASSETS — 100.0%			$	2,806,007,865

(a) Cost for federal income tax purposes is $2,322,433,899 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	499,269,813
Unrealized depreciation		(6,415,240	)
Net unrealized appreciation	$	492,854,573

(b)	Non-income producing security.
(c)	Rate shown represents current yield at January 31, 2011.
(d)	The rate represents the annualized yield at time of purchase.
ADR-American Depositary Receipt

2

Old Westbury Funds, Inc.
Non-U.S. Large Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	12.7	%
Consumer Discretionary	17.2	%
Consumer Staples	6.9	%
Diversified Financials	2.5	%
Energy	8.2	%
Industrials	19.5	%
Information Technology	3.6	%
Insurance	3.4	%
Materials	14.9	%
Telecommunication Services	3.7	%
Utilities	2.2	%
Other*	5.2	%
	100.0	%

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

3

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments	January 31, 2011
	(Unaudited)

Shares			Value
COMMON STOCKS — 88.1%
AUSTRALIA — 1.5%
	24,202	Acrux Ltd.(b)	$	85,862
	44,881	Adamus Resources Ltd.(b)		31,085
	188,773	Adelaide Brighton Ltd.		630,209
	67,891	Aditya Birla Minerals Ltd.(b)		83,895
	69,555	AED Oil Ltd.(b)		29,806
	25,514	AJ Lucas Group Ltd.(b)		63,565
	11,425	Alchemia Ltd.(b)		7,970
	52,172	Alesco Corp. Ltd.		170,534
	33,518	Alkane Resources Ltd.(b)		34,906
	61,352	Alliance Resources Ltd.(b)		25,373
	238,924	Allied Gold Ltd.(b)		136,908
	955	Allied Medical Ltd.(c)(d)		0
	507	Altona Mining Ltd.(b)(d)		197
	1,092,129	Alumina Ltd.		2,590,305
	51,812	Amadeus Energy Ltd.(b)(c)(d)		11,359
	37,673	Amalgamated Holdings Ltd.		230,890
	306,068	Amcom Telecommunications Ltd.		96,079
	34,575	Ansell Ltd.		453,094
	48,784	Anvil Mining Ltd.(b)		283,540
	94,765	APA Group		375,864
	168,815	APN News & Media Ltd.		291,043
	49,607	Aquila Resources Ltd.(b)		453,328
	17,844	Arafura Resources Ltd.(b)		23,028
	7,424	ARB Corp. Ltd.		55,340
	56,546	Aristocrat Leisure Ltd.		167,363
	46,035	ASG Group Ltd.		53,216
	4,000	Aspire Mining Ltd.(b)		2,332
	82,578	Atlas Iron Ltd.(b)		262,516
	41,984	Aurora Oil and Gas Ltd.(b)		127,610
	82,138	Ausdrill Ltd.		238,197
	28,632	Ausenco Ltd.		92,733
	31,327	Austal Ltd.		96,467
	237,688	Austar United Communications Ltd.(b)		228,578
	17,417	Austbrokers Holdings Ltd.		90,430
	129,633	Austereo Group Ltd.		269,999
	15,319	Austin Engineering Ltd.		67,935
	109,727	Australian Agricultural Co. Ltd.(b)		166,210
	111,685	Australian Infrastructure Fund		210,913
	24,790	Australian Pharmaceutical Industries Ltd.		10,499
	77,102	Automotive Holdings Group		192,859
	41,611	Avoca Resources Ltd.(b)		122,329
	169,357	AWE Ltd.(b)		300,416
	7,268	Azumah Resources Ltd.(b)		4,491
	22,070	Bandanna Energy Ltd.(b)		31,671
	98,486	Bank of Queensland Ltd.		970,668
	107,928	Bannerman Resources Ltd.(b)		81,205
	16,562	Bauxite Resources Ltd.(b)		4,374
	2,495	BC Iron Ltd.(b)		8,131
	630,781	Beach Energy Ltd.		496,599
	4,598	Bell Financial Group Ltd.		4,811

Shares			Value
AUSTRALIA (continued)
	190,762	Bendigo and Adelaide Bank Ltd.	$	1,859,220
	164,990	Bendigo Mining Ltd.		29,596
	28,750	Berkeley Resources Ltd.(b)		50,426
	68,803	Billabong International Ltd.		556,754
	81,416	Biota Holdings Ltd.(b)		103,447
	608	Blackmores Ltd.		16,911
	13,886	Blackthorn Resources Ltd.(b)		6,642
	681,825	BlueScope Steel Ltd.		1,440,485
	175,171	Boart Longyear Group		759,366
	245,200	Boom Logistics Ltd.(b)		102,629
	368,973	Boral Ltd.		1,772,318
	45,219	Bow Energy Ltd.(b)		52,724
	28,780	Bradken Ltd.		265,297
	10,640	Bravura Solutions Ltd.(b)		2,121
	8,559	Breville Group Ltd.		26,868
	26,608	Brickworks Ltd.		299,369
	49,086	Brockman Resources Ltd.(b)		236,757
	52,610	BT Investment Management Ltd.		146,276
	26,490	Cabcharge Australia Ltd.		149,416
	84,646	Caltex Australia Ltd.		1,133,720
	13,060	Campbell Brothers Ltd.		511,749
	255,734	Cape Lambert Resources Ltd.(b)		155,460
	23,562	Cardno Ltd.		140,650
	43,829	Carnarvon Petroleum Ltd.(b)		17,908
	129,012	Cash Converters International Ltd.		95,140
	44,746	Catalpa Resources Ltd.(b)		75,806
	17,013	Cellestis Ltd.		40,690
	171	Centamin Egypt Ltd.(b)		374
	1,710	Centrebet International Ltd.		2,778
	14,812	Centrex Metals Ltd.(b)		5,831
	189,000	Ceramic Fuel Cells Ltd.(b)		26,369
	2,144	CGA Mining Ltd.(b)		5,940
	177,305	Challenger Financial Services Group Ltd.		809,257
	36,102	Chemgenex Pharmaceuticals Ltd.(b)		17,989
	354,184	Citigold Corp. Ltd.(b)		38,826
	2,227	Clinuvel Pharmaceuticals Ltd.(b)		4,927
	102,039	Clough Ltd.		76,265
	108,154	Coal of Africa Ltd.(b)		179,456
	56,720	Coalspur Mines Ltd.(b)		109,657
	8,047	Cochlear Ltd.		618,284
	114,410	Cockatoo Coal Ltd.(b)		58,148
	9,314	Codan Ltd.		14,108
	6,726	Coffey International Ltd.		6,770
	672,347	ConnectEast Group		291,463
	80,212	Conquest Mining Ltd.(b)		42,765
	57,099	Consolidated Media Holdings Ltd.		168,999
	604,020	Continental Coal Ltd.(b)		48,757
	67,373	Cooper Energy Ltd.(b)		26,185

4

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	38,303	Count Financial Ltd.	$	48,095
	35,104	Crane Group Ltd.		348,430
	14,268	Credit Corp. Group Ltd.		60,856
	104,149	Cromwell Group REIT		76,805
	38,668	CSG Ltd.		52,022
	691,792	CSR Ltd. - Placement Shares		1,106,498
	4,990	Cudeco Ltd.(b)		17,256
	79,309	Cue Energy Resources Ltd.(b)		24,501
	39,151	Customers Ltd.		69,839
	47,992	Dart Energy Ltd.(b)		52,370
	118,091	David Jones Ltd.		557,821
	19,957	Decmil Group Ltd.(b)		51,510
	155,142	Deep Yellow Ltd.(b)		50,247
	30,072	Devine Ltd.		8,241
	54,933	Discovery Metals Ltd.(b)		65,692
	2,213	Dominion Mining Ltd.		6,374
	1,660	Domino’s Pizza Enterprises Ltd.		9,959
	129,063	Downer EDI Ltd.		495,179
	6,112	Dragon Mining Ltd.(b)		10,020
	49,101	Drillsearch Energy Ltd.(b)		29,604
	122,271	DUET Group		202,879
	50,048	DuluxGroup Ltd.		133,666
	4,716	DWS Advanced Business Solutions Ltd.		6,650
	103,881	Eastern Star Gas Ltd.(b)		82,818
	168,950	Elders Ltd.(b)		84,184
	300,506	Emeco Holdings Ltd.		327,919
	24,316	Energy Resources of Australia Ltd.		243,291
	233,101	Energy World Corp. Ltd.(b)		110,341
	112,525	Envestra Ltd.		65,039
	8,084	Equatorial Resources Ltd.(b)		26,988
	6,898	Equinox Minerals Ltd.(b)(e)		40,902
	192,600	Equinox Minerals Ltd.(b)(e)		1,150,195
	57,717	Eservglobal Ltd.(b)		37,099
	10,333	Euroz Ltd.		18,793
	22,408	Extract Resources Ltd.(b)		198,967
	1,271,465	Fairfax Media Ltd.		1,710,559
	3,195	Fantastic Holdings Ltd.		7,005
	73,342	FAR Ltd.(b)		12,060
	46,815	Ferraus Ltd.(b)		40,822
	9,415	Ferraus Ltd. - Placement Shares(b)(c)		8,069
	16,371	Finbar Group Ltd.		19,333
	331,317	FKP Property Group REIT		262,489
	12,421	Fleetwood Corp. Ltd.		172,057
	12,567	Flight Centre Ltd.		293,680
	166,753	Flinders Mines Ltd.(b)		31,574
	503,469	Focus Minerals Ltd.(b)		26,592
	11,770	Forge Group Ltd.		63,104
	15,773	G.U.D. Holdings Ltd.		161,116
	11,738	Galaxy Resources Ltd.(b)		18,424
	45,532	Geodynamics Ltd.(b)		15,428
	189,806	Gindalbie Metals Ltd.(b)		252,517
	34,043	Giralia Resources NL(b)		160,807
	480	Gloucester Coal Ltd.(b)		6,214

Shares			Value
AUSTRALIA (continued)
	115,230	Gold One International Ltd.(b)	$	33,301
	797,917	Goodman Fielder Ltd.		1,001,909
	81,779	GrainCorp Ltd.		612,858
	140,887	Grange Resources Ltd.(b)		110,917
	63,776	Great Southern Ltd.(b)(c)(d)		0
	37,903	Greenland Minerals & Energy Ltd.(b)		41,172
	32,565	Gujarat NRE Coking Coal Ltd.(b)		27,260
	389,920	Gunns Ltd.(b)		223,431
	83,622	GWA International Ltd.		270,834
	225,564	Harvey Norman Holdings Ltd.		676,607
	99,711	Hastie Group Ltd.		101,851
	38,707	HFA Holdings Ltd.(b)		11,958
	114,907	Highlands Pacific Ltd.(b)		42,369
	705,420	Hillgrove Resources Ltd.(b)		207,381
	71,200	Hills Industries Ltd.		131,975
	234,388	Horizon Oil Ltd.(b)		73,578
	38,283	iiNET Ltd.		101,482
	219,708	Iluka Resources Ltd.(b)		1,856,700
	44,250	Imdex Ltd.(b)		84,667
	40,807	IMF Australia Ltd.		61,813
	33,987	Independence Group NL		242,847
	85,840	Indophil Resources NL(b)		71,002
	104,003	Industrea Ltd.		136,292
	100,000	Integra Mining Ltd.(b)		50,824
	34,756	International Ferro Metals Ltd.(b)		11,691
	89,852	Intrepid Mines Ltd.(b)		154,460
	16,339	Invocare Ltd.		116,747
	88,933	IOOF Holdings Ltd.		694,831
	19,221	Iress Market Technology Ltd.		171,818
	12,036	Iron Ore Holdings Ltd.(b)		23,629
	101,038	iSOFT Group Ltd.(b)		7,048
	6,445	Ivanhoe Australia Ltd.(b)		21,067
	209,309	Jabiru Metals Ltd.(b)		128,281
	21,040	JB Hi-Fi Ltd.		386,640
	201,817	Kagara Ltd.(b)		153,858
	182,877	Kangaroo Resources Ltd.(b)		26,426
	21,736	Kingsgate Consolidated Ltd.		201,664
	14,388	Kingsrose Mining Ltd.(b)		18,783
	129,538	Lend Lease Corp. Ltd.		1,137,295
	12,262	M2 Telecommunications Group Ltd.		38,492
	41,637	MacArthur Coal Ltd.		517,838
	201,460	Macmahon Holdings Ltd.		108,413
	1,285	Macquarie Telecom Group Ltd.		12,652
	8,631	Mantra Resources Ltd.(b)		67,348
	46,109	Marengo Mining Ltd.(b)		15,623
	12,674	Maryborough Sugar Factory		42,312
	4,945	Matrix Composites & Engineering Ltd.		33,214
	7,488	McMillan Shakespeare Ltd.		62,458
	36,485	McPherson’s Ltd.		115,622
	39,619	Medusa Mining Ltd.		262,953
	62,903	Mermaid Marine Australia Ltd.		197,461

5

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	14,669	Mesoblast Ltd.(b)	$	84,494
	110,197	Metals X Ltd.(b)		34,592
	147,254	Metcash Ltd.		616,334
	81,949	Metgasco Ltd.(b)		34,708
	208,294	Minara Resources Ltd.(b)		188,894
	62,673	Mincor Resources NL		109,924
	17,368	Mineral Deposits Ltd.(b)		83,079
	14,861	Mineral Resources Ltd.		175,940
	101,500	Mirabela Nickel Ltd.(b)		227,588
	102,540	Molopo Australia Ltd.(b)		106,274
	72,573	Moly Mines Ltd.(b)		89,680
	13,431	Monadelphous Group Ltd.		259,261
	53,908	Mortgage Choice Ltd.		74,674
	262,860	Mount Gibson Iron Ltd.(b)		552,722
	116,276	Murchison Metals Ltd.(b)		148,899
	199,124	Myer Holdings Ltd.		722,312
	46,059	Navitas Ltd.		175,339
	128,661	New Hope Corp. Ltd.		628,265
	103,248	NIB Holdings Ltd. Australia		133,760
	393,592	Nido Petroleum Ltd.(b)		41,185
	17,243	Norfolk Group Ltd.(b)		21,050
	16,470	Northern Energy Corp. Ltd.(b)		28,559
	13,388	Northern Iron Ltd.(b)		24,883
	78,103	Norton Gold Fields Ltd.(b)		13,232
	29,173	NRW Holdings Ltd.		70,355
	34,340	Nucoal Resources NL(b)		19,335
	24,911	Nufarm Ltd.(b)		129,835
	14,393	Oaks Hotels & Resorts Ltd.		3,944
	9,368	Oakton Ltd.		21,939
	53,779	Oilex Ltd(b)		25,725
	738,171	OneSteel Ltd.		2,000,902
	5,532	Orocobre Ltd.(b)		18,634
	4,066	OrotonGroup Ltd.		36,670
	34,038	Otto Energy Ltd.(b)		3,324
	914,710	OZ Minerals Ltd.		1,485,836
	467,074	Pacific Brands Ltd.(b)		481,755
	131,373	Paladin Energy Ltd.(b)		640,199
	59,781	Pan Pacific Petroleum NL(b)		9,830
	389,965	PanAust Ltd.(b)		314,783
	72,732	Panoramic Resources Ltd.		169,606
	301,008	PaperlinX Ltd.(b)		134,987
	3,445	Patties Foods Ltd.		4,686
	36,928	Peet Ltd.		71,025
	227,275	Peninsula Energy Ltd.(b)		22,649
	77,182	Perilya Ltd.(b)		42,688
	9,319	Perpetual Ltd.		290,307
	61,898	Perseus Mining Ltd.(b)		175,801
	499,396	Photon Group Ltd.		42,800
	26,465	Platinum Asset Mangement Ltd.		125,803
	118,483	Platinum Australia Ltd.(b)		87,375
	63,460	PMP Ltd.		57,233
	50,340	Premier Investments Ltd.		309,527
	217,974	Primary Health Care Ltd.		801,551
	38,461	Prime Media Group Ltd.		24,913
	54,138	PrimeAg Australia Ltd.(b)		77,690

Shares			Value
AUSTRALIA (continued)
	55,986	Programmed Maintenance Services Ltd.	$	93,174
	108,721	Quantum Energy Ltd.(b)		8,234
	56,830	Ramelius Resources Ltd.(b)		54,369
	31,729	Ramsay Health Care Ltd.		540,695
	7,713	RCR Tomlinson Ltd.		10,953
	15,468	REA Group Ltd.		183,743
	30,974	Reckon Ltd.		76,551
	70,333	Red Fork Energy Ltd.(b)		27,686
	21,888	Redflex Holdings Ltd.		49,078
	8,531	Reece Australia Ltd.		187,460
	37,184	Reed Resources Ltd.(b)		21,863
	31,163	Regional Express Holdings Ltd.		34,627
	56,462	Regis Resources Ltd.(b)		108,877
	6,994	Reject Shop Ltd. (The)		94,442
	136,546	Resolute Mining Ltd.(b)		178,258
	85,881	Resource Generation Ltd.(b)		50,495
	22,430	Retail Food Group Ltd.		61,470
	19,666	Rex Minerals Ltd.(b)		57,619
	150,499	RHG Ltd.(b)		151,480
	41,123	Rialto Energy Ltd.(b)		27,253
	123,127	Ridley Corp. Ltd.		155,832
	52,445	Riversdale Mining Ltd.(b)		826,819
	175,323	Roc Oil Co. Ltd.(b)		67,267
	1,356	Rock Building Society Ltd.		3,554
	47,065	SAI Global Ltd.		219,036
	28,955	Salmat Ltd.		138,216
	11,921	Sandfire Resources NL(b)		83,753
	42,447	Saracen Mineral Holdings Ltd.(b)		29,187
	15,406	Sedgman Ltd.		33,009
	43,003	Seek Ltd.		285,412
	2,910	Select Harvests Ltd.		9,657
	16,979	Servcorp Ltd.		54,145
	65,961	Service Stream Ltd.(b)		42,398
	38,903	Seven Group Holdings Ltd.		348,920
	556,679	Sigma Pharmaceuticals Ltd.(b)		246,868
	15,184	Silex Systems Ltd.(b)		83,678
	28,232	Silver Lake Resources Ltd.(b)		52,893
	59,272	Sims Metal Management Ltd.		1,138,233
	9,054	Sirtex Medical Ltd.		50,979
	14,311	Skilled Group Ltd.(b)		28,238
	7,607	Slater & Gordon Ltd.		15,844
	7,500	SMS Management & Technology Ltd.		53,291
	116,161	Southern Cross Media Group Ltd.		221,103
	316,877	SP AusNet		277,890
	167,569	Spark Infrastructure Group		191,205
	6,739	Specialty Fashion Group Ltd.		8,495
	78,611	Spotless Group Ltd.		175,481
	133,241	St. Barbara Ltd.(b)		246,974
	17,376	Starpharma Holdings Ltd(b)		15,325
	114,859	Straits Resources Ltd.		258,686
	10,000	Strike Resources Ltd.(b)		4,136

6

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	137,375	STW Communications Group Ltd.	$	154,699
	49,282	Sundance Energy Australia Ltd.(b)		40,026
	64,060	Sunland Group Ltd.(b)		49,795
	32,271	Super Cheap Auto Group Ltd.		210,646
	67,322	Swick Mining Services Ltd.(b)		27,842
	6,000	Talent2 International Ltd.		9,029
	5,895	Tanami Gold NL(b)		5,111
	125,253	Tap Oil Ltd.(b)		97,360
	37,169	Tassal Group Ltd.		66,118
	649,118	Tatts Group Ltd.		1,604,262
	13,506	Technology One Ltd.		13,190
	252,505	Ten Network Holdings Ltd.		352,288
	45,730	Teranga Gold Corp.(b)		124,868
	45,119	Terramin Australia Ltd.(b)		19,559
	57,424	TFS Corp. Ltd.		58,943
	47,822	Thakral Holdings Group REIT(b)		23,352
	37,994	Thorn Group Ltd.		80,270
	67,860	Tiger Resources Ltd.(b)		29,755
	65,834	Timbercorp Ltd.(b)(c)(d)		0
	128,456	Toro Energy Ltd.(b)		17,922
	192,336	Tower Australia Group Ltd.		749,441
	16,986	Tox Free Solutions Ltd.		38,933
	118,596	TPG Telecom Ltd.		171,962
	20,014	Transfield Services Infrastructure Fund		12,166
	171,441	Transfield Services Ltd.		533,052
	140,819	Transpacific Industries Group Ltd.(b)		185,942
	34,641	Troy Resources NL(b)		119,790
	1,757	Trust Co. Ltd.		11,644
	45,033	UGL Ltd.		677,654
	138,410	UXC Ltd.(b)		67,587
	53,983	VDM Group Ltd.		16,139
	74,750	Victoria Petroleum NL(b)		28,307
	65,384	Village Roadshow Ltd.(b)		194,172
	735,093	Virgin Blue Holdings Ltd.(b)		289,361
	1,251	Warrnambool Cheese & Butter Factory Co. Holding Ltd.		5,436
	64,022	Washington H. Soul Pattinson & Co. Ltd.		791,136
	29,610	Watpac Ltd.		49,278
	31,800	WDS Ltd.(b)		19,490
	1,744	Webjet Ltd.		4,241
	19,960	Western Areas NL		128,298
	22,975	White Energy Co. Ltd.(b)		71,435
	41,846	Whitehaven Coal Ltd.		293,580
	91,903	WHK Group Ltd.		96,165
	857	Wide Bay Australia Ltd.		8,882
	14,958	WildHorse Energy(b)		6,410
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		2,101
	13,791	Wotif.com Holdings Ltd.		58,272

Shares			Value
AUSTRALIA (continued)
	55,438	WPG Resources Ltd.(b)	$	48,065
				70,428,357
AUSTRIA — 0.3%
	1,001	Agrana Beteiligungs AG		104,379
	9,244	Andritz AG		788,622
	5,093	A-TEC Industries AG(b)		17,991
	5,112	Austria Technologie & Systemtechnik AG		110,936
	6,370	Austriamicrosystems AG(b)		317,150
	2,680	BWIN Interactive Entertainment AG		99,530
	90	BWT AG		2,588
	8,110	CAT Oil AG		88,608
	5,416	EVN AG		90,986
	4,621	Flughafen Wien AG		303,688
	2,096	Intercell AG(b)		29,013
	1,245	Kapsch TrafficCom AG		117,276
	1,379	Lenzing AG		148,194
	2,779	Mayr Melnhof Karton AG		329,882
	902	Oberbank AG		55,450
	4,343	Oesterreichische Post AG		136,317
	3,144	Palfinger AG(b)		117,623
	8,187	POLYTEC Holding AG(b)		68,937
	27,010	Raiffeisen International Bank-Holding AG		1,588,323
	111	RHI AG(b)		4,187
	111	S&T System Integration & Technology Distribution AG(b)		717
	1,823	Schoeller-Bleckmann Oilfield Equipment AG		149,758
	2,485	Semperit AG Holding		120,000
	26,886	Strabag SE		780,393
	106,890	Telekom Austria AG		1,472,266
	7,035	Uniqa Versicherungen AG		146,262
	23,880	Vienna Insurance Group		1,299,148
	59,284	Voestalpine AG		2,660,304
	2,481	Warimpex Finanz- Und Beteiligungs AG(b)		8,428
	49,112	Wienerberger AG(b)		1,015,350
	1,503	Wolford AG		47,351
	9,248	Zumtobel AG		270,142
				12,489,799
BAHAMAS — 0.0%
	100	CIC Energy Corp.(b)		686
BELGIUM — 0.4%
	1,885	Ablynx NV(b)		20,234
	10,353	Ackermans & Van Haaren NV		887,627
	806	Aedifica REIT		45,874
	1,441,490	Ageas		4,087,360
	91,808	AGFA - Gevaert NV(b)		408,522
	5,234	Arseus NV		81,192
	88	Banque Nationale de Belgique		405,433
	2,639	Barco NV(b)		184,236

7

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
BELGIUM (continued)
	12,936	Bekaert SA	$	1,296,115
	2,346	Cofinimmo SA REIT		318,344
	2,461	Compagnie d’Entreprises CFE		182,390
	1,565	Compagnie Immobiliere de Belgique SA		65,932
	1,554	Compagnie Maritime Belge SA		48,532
	28,959	Deceuninck NV(b)		76,523
	12,200	Deceuninck NV- VVPR Strip(b)		33
	22,498	Delhaize Group		1,775,493
	3,189	Devgen(b)		24,364
	329,978	Dexia SA(b)		1,376,603
	10,300	D’ieteren SA		618,384
	207	Duvel Moortgat SA		21,395
	917	Econocom Group		14,627
	3,860	Elia System Operator SA NV		154,161
	8,597	Euronav NV		145,955
	1,691	EVS Broadcast Equipment SA		103,537
	12,597	Exmar NV		99,516
	3,443	Galapagos NV(b)		54,965
	1,149	Gimv NV		61,023
	88,609	Hansen Transmissions International NV(b)		79,485
	1,199	Intervest Offices REIT		38,430
	3,373	Ion Beam Applications(b)		41,840
	99	IRIS		4,472
	1,246	Kinepolis Group NV		82,551
	8	Lotus Bakeries		4,359
	2,739	Melexis NV		44,401
	2,194	Mobistar SA		136,994
	22,359	Nyrstar		358,476
	2,298	Omega Pharma SA		117,987
	26,826	Option NV(b)		22,405
	79	RealDolmen NV SA(b)		1,736
	9,305	Recticel SA		94,021
	136	Retail Estates NV REIT		8,845
	2,042	Roularta Media Group NV(b)		73,390
	5,939	Sioen Industries NV		58,139
	1,777	Sipef NV		167,632
	10,299	Solvay SA		1,077,307
	12,086	Telenet Group Holding NV(b)		475,659
	10,572	Tessenderlo Chemie NV		378,512
	555	Tessenderlo Chemie NV - VVPR Strip(b)		380
	3,832	ThromboGenics NV(b)		115,425
	39,448	UCB SA		1,411,018
	20,514	Umicore		1,051,849
	1,509	Van De Velde		78,510
	445	VPK Packaging Group		17,699
	1,812	Warehouses De Pauw SCA REIT		96,135
	460	Wereldhave Belgium NV REIT		44,181
				18,640,208
BERMUDA — 0.3%
	100,000	Argo Group International Holdings Ltd.		3,562,000

Shares			Value
BERMUDA (continued)
	250,000	Aspen Insurance Holdings Ltd.	$	7,512,500
	187,397	Catlin Group Ltd.		1,110,670
	233	Endurance Specialty Holdings Ltd.		10,832
	8,700	Frontline Ltd.		222,946
	127	Global Crossing Ltd.(b)		1,693
	5,204	Golar LNG Ltd.		92,359
	125,275	Golden Ocean Group Ltd.		156,502
	10,610	Hardy Underwriting Bermuda Ltd.		48,352
	196,636	Hiscox Ltd.		1,184,956
	293,572	Katanga Mining Ltd.(b)		413,378
	73,256	Lancashire Holdings Ltd.		651,850
	1,711	Validus Holdings Ltd.		52,014
				15,020,052
BRAZIL — 0.9%
	237,000	Acos Villares SA		126,536
	11,300	AES Tiete SA		140,593
	17,400	AES Tiete SA Preference Shares		245,090
	22,952	AGFA-Gevaert Strip VVPR		63
	118,600	All America Latina Logistica SA		1,001,763
	7,700	American Banknote SA		96,172
	16,837	Amil Participacoes SA		162,517
	20,800	Anhanguera Educacional Participacoes SA		441,093
	7,500	B2W Companhia Global Do Varejo		127,103
	24,400	Banco ABC Brasil SA - Preference Shares		197,606
	2,400	Banco Cruzeiro do Sul Sa Brazil		22,316
	25,600	Banco Daycoval SA - Preference Shares		188,128
	84,590	Banco do Estado do Rio Grande do Sul - Preference Shares		832,224
	33,610	Banco Industrial e Comercial SA - Preference Shares		245,983
	14,800	Banco Panamericano SA - Preference Shares		37,822
	13,700	Banco Pine SA - Preference Shares		114,156
	16,200	Banco Sofisa SA - Preference Shares		48,980
	20,000	Bematech SA		103,062
	1,000	BHG SA - Brazil Hospitality Group(b)		10,288
	106,530	BR Malls Participacoes SA		971,388
	40,000	Brasil Brokers Participacoes SA		194,367
	202,000	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA(b)		110,273
	5,000	Brasil Telecom SA		51,861
	31,400	Brasil Telecom SA - Preference Shares		243,937
	70,300	Braskem SA - Class A, Preference Shares(b)		884,364

8

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
BRAZIL (continued)
	104,570	Brookfield Incorporacoes SA	$	481,777
	21,200	Camargo Correa Desenvolvimento Imobiliario SA		94,366
	5,700	Centrais Eletricas de Santa Catarina SA - Class B, Preference Shares		133,357
	7,900	CETIP SA - Balcao Organizado de Ativos e Derivativos		104,641
	40,771	Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A, Preference Shares		1,535,501
	2,800	Cia de Gas de Sao Paulo - Class A, Preference Shares		75,906
	13,900	Cia de Saneamento Basico do Estado de Sao Paulo		340,214
	9,100	Cia de Saneamento de Minas Gerais		149,306
	4,000	Cia de Saneamento do Parana, Preference Shares		7,535
	4,400	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		134,644
	25,300	Cia Energetica de Sao Paulo-Class B, Preference Shares		432,101
	4,050	Cia Energetica do Ceara - Class A, Preference Shares		71,065
	29,100	Cia Hering		446,900
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		708,780
	18,300	Cia Providencia Industria e Comercio SA		80,689
	71,408	Confab Industrial SA, Preference Shares		247,601
	8,400	Contax Participacoes SA, Preference Shares		146,589
	54,730	Cosan SA Industria e Comercio		854,628
	9,700	Cremer SA		95,723
	132,940	Cyrela Brazil Realty SA		1,468,206
	35,100	Diagnosticos da America SA		426,393
	12,900	Drogasil SA		92,864
	78,134	Duratex SA		749,959
	7,000	EDP - Energias do Brasil SA		157,263
	23,180	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares		451,933
	328,220	Empresa Brasileira de Aeronautica SA		2,662,068
	9,500	Equatorial Energia SA		65,995
	8,700	Estacio Participacoes SA		125,259
	26,593	Eternit SA		179,632
	78,900	Even Construtora e Incorporadora SA		373,922
	28,300	Ez Tec Empreendimentos e Participacoes SA		228,682
	13,800	Ferbasa-Ferro Ligas DA Bahia, Preference Shares		111,264
	18,200	Fertilizantes Fosfatados SA, Preference Shares(b)		207,991

Shares			Value
BRAZIL (continued)
	41,923	Fibria Celulose SA(b)	$	647,097
	8,100	Forjas Taurus SA - Preference Shares		19,582
	187,600	Gafisa SA		1,149,042
	12,800	General Shopping Brasil SA(b)		92,144
	26,600	Gol-Linhas Aereas Inteligentes SA, Preference Shares		379,943
	40,800	Grendene SA		224,688
	3,200	Guararapes Confeccoes SA		154,342
	14,500	Helbor Empreendimentos SA		169,621
	32,000	Hypermarcas SA(b)		380,863
	33,900	IdeiasNet SA(b)		79,516
	15,000	Iguatemi Empresa de Shopping Centers SA		323,945
	24,400	Industrias Romi SA		177,846
	2,300	Inepar SA Industria e Construcoes(b)		6,899
	95,060	Inpar SA(b)		184,195
	4,100	Iochpe-Maxion SA		49,438
	36,600	JHSF Participacoes SA		71,138
	193,000	Klabin SA, Preference Shares		657,632
	7,587	Kroton Educacional SA(b)		105,502
	16,800	Light SA		263,547
	33,900	LLX Logistica SA(b)		81,346
	13,300	Localiza Rent A CAR		199,865
	26,200	Log-In Logistica Intermodal SA(b)		149,315
	29,900	Lojas Americanas SA		211,477
	47,100	Lojas Americanas SA, Preference Shares		378,337
	18,300	Lojas Renner SA		531,342
	4,100	LPS Brasil Consultoria de Imoveis SA		88,791
	4,100	Lupatech SA(b)		43,043
	5,000	M Dias Branco SA		110,681
	23,548	Magnesita Refratarios SA(b)		135,190
	90,400	Marcopolo SA, Preference Shares		325,927
	43,580	Marfrig Alimentos SA		352,415
	13,800	Marisa Lojas SA		180,887
	2,200	Metalfrio Solutions SA		17,025
	16,400	Minerva SA(b)		64,441
	20,000	MPX Energia SA(b)		331,384
	65,420	MRV Engenharia e Participacoes SA		553,359
	30,150	Multiplan Empreendimentos Imobiliarios SA		578,601
	12,100	Obrascon Huarte Lain Brasil SA		419,847
	19,400	Odontoprev SA		261,855
	12,700	Parana Banco SA - Preference Shares		98,281
	81,129	Paranapanema SA(b)		251,133
	323,300	PDG Realty SA Empreendimentos e Participacoes		1,788,192
	51,600	Porto Seguro SA		804,823

9

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
BRAZIL (continued)
	8,100	PortX Operacoes Portuarias SA(b)	$	16,521
	10,900	Positivo Informatica SA		61,923
	7,200	Profarma Distribuidora de Produtos Farmaceuticos SA		62,629
	50,850	Randon Participacoes SA, Preference Shares		352,331
	4,300	Restoque Comercio e Confeccoes de Roupas SA		43,595
	14,700	Rodobens Negocios Imobiliarios SA		148,504
	81,600	Rossi Residencial SA		641,757
	13,700	Santos Brasil Participacoes SA		203,410
	23,000	Sao Martinho SA		331,144
	43,700	Sao Paulo Alpargatas SA - Preference Shares		280,506
	9,200	Saraiva SA Livreiros Editores, Preference Shares		228,489
	15,000	SLC Agricola SA		178,080
	18,900	Springs Global Participacoes SA		59,752
	55,470	Sul America SA		612,617
	106,153	Suzano Papel e Celulose SA - Preference Shares		923,374
	11,000	Tam SA, Preference Shares		241,585
	25,300	Tecnisa SA		151,774
	4,900	Tele Norte Leste Participacoes SA		106,939
	5,000	Tele Norte Leste Participacoes SA - Preference Shares		79,726
	8,175	Telemar Norte Leste SA - Class A, Preference Shares		246,974
	2,400	Terna Participacoes SA		44,344
	25,700	Tim Participacoes SA(b)		115,476
	103,300	Tim Participacoes SA, Preference Shares		381,732
	3,100	Totvs SA		301,269
	7,700	Tractebel Energia SA		119,176
	8,900	Trisul SA		33,316
	30,144	Ultrapar Participacoes SA, Preference Shares		1,902,366
	137,772	Uniao de Industrias Petroquimicas SA - Class B, Preference Shares(b)		47,110
	13,800	Universo Online SA, Preference Shares		120,040
	58,200	Weg SA		693,393
				41,864,828
CANADA — 2.3%
	7,639	5N Plus, Inc.(b)		51,494
	6,813	Aastra Technologies Ltd.		151,997
	13,007	Aberdeen International, Inc.(b)		9,352
	4,775	Absolute Software Corp.(b)		17,501
	80,455	Advantage Oil & Gas Ltd.(b)		596,975
	19,913	Aecon Group, Inc.		196,077
	21,900	Aeterna Zentaris, Inc.(b)		34,993
	1,400	AG Growth International, Inc.		70,185

Shares			Value
CANADA (continued)
	34,246	AGF Management Ltd. - Class B	$	637,485
	21,458	Ainsworth Lumber Co. Ltd.(b)		73,930
	29,047	Air Canada - Class A(b)		92,245
	4,913	Air Canada - Class B(b)		15,602
	21,300	Alamos Gold, Inc.		322,047
	9,150	Alexco Resource Corp.(b)		59,760
	588	Algoma Central Corp.		55,197
	49,217	Algonquin Power & Utilities Corp.		239,855
	31,100	Alimentation Couche-Tard, Inc. - Class B		830,182
	1,400	Alliance Grain Traders, Inc.		42,656
	31,379	AltaGas Ltd.		705,076
	3,600	Alter NRG Corp.(b)		5,033
	6,500	Altius Minerals Corp.(b)		87,437
	78,500	Amerigo Resources Ltd.(b)		97,993
	69,923	Anderson Energy Ltd.(b)		82,398
	26,777	Angle Energy, Inc.(b)		192,802
	33,425	Antrim Energy, Inc.(b)		37,719
	36,100	Arsenal Energy, Inc.(b)		33,528
	18,470	Astral Media, Inc. - Class A		738,357
	6,400	Atco Ltd. - Class I		374,534
	12,436	Atrium Innovations, Inc.(b)		204,669
	38,875	ATS Automation Tooling Systems, Inc.(b)		286,122
	25,500	Aura Minerals, Inc.(b)		96,515
	22,800	Aurizon Mines Ltd.(b)		145,040
	15,250	Avalon Rare Metals, Inc.(b)		88,026
	138,500	Azure Dynamics Corp.(b)		47,027
	42,700	B2Gold Corp.(b)		98,504
	72,263	Baja Mining Corp.(b)		75,774
	19,361	Ballard Power Systems, Inc.(b)		31,903
	41,500	Bankers Petroleum Ltd.(b)		345,643
	38,000	Bellatrix Exploration Ltd.(b)		192,400
	23,100	BioExx Specialty Proteins Ltd.(b)		53,289
	9,700	BioteQ Environmental Technologies, Inc.(b)		9,203
	34,800	Birchcliff Energy Ltd.(b)		394,447
	4,775	Black Diamond Group Ltd.		113,253
	108,500	BlackPearl Resources, Inc.(b)		815,904
	3,040	BMTC Group, Inc. - Class A		65,272
	3,500	Boardwalk Real Estate Investment Trust		153,722
	1,200	Bonterra Energy Corp.		64,269
	11,370	Boralex, Inc. - Class A(b)		105,258
	30,946	Breakwater Resources Ltd.(b)		181,408
	3,444	Bridgewater Systems Corp.(b)		30,782
	21,365	Brigus Gold Corp.(b)		33,925
	3,800	Burcon NutraScience Corp.(b)		37,342
	46,167	CAE, Inc.		586,914
	5,400	Calfrac Well Services Ltd.		183,352
	7,200	Calloway Real Estate Investment Trust		170,841
	17,074	Calvalley Petroleum, Inc. - Class A(b)		74,854

10

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CANADA (continued)
	43,144	Canaccord Financial, Inc.	$	657,059
	4,100	Canada Bread Co. Ltd.		186,708
	5,600	Canadian Apartment Properties REIT		97,644
	2,600	Canadian Energy Services & Technology Corp.		72,312
	5,700	Canadian Real Estate Investment Trust		182,154
	38,300	Canadian Tire Corp. Ltd. - Class A		2,382,873
	22,900	Canadian Utilities Ltd. - Class A		1,216,866
	22,300	Canadian Western Bank		660,081
	17,132	Canam Group, Inc. - Class A		121,473
	51,977	Canfor Corp.(b)		632,745
	5,200	Cangene Corp.(b)		15,164
	4,988	Canyon Services Group, Inc.		55,641
	130,100	Capstone Mining Corp.(b)		602,850
	25,542	Cardero Resource Corp.(b)		45,403
	6,100	Cardiome Pharma Corp.(b)		38,378
	60,072	Carpathian Gold, Inc.(b)		36,595
	36,700	Cascades, Inc.		266,083
	9,900	Cash Store Financial Services, Inc. (The)		127,241
	1,000	Catalyst Paper Corp.(b)		459
	3,413	Cathedral Energy Services Ltd.		33,743
	12,970	CCL Industries - Class B		427,822
	107,574	Celestica, Inc.(b)		1,060,324
	9,200	Celtic Exploration Ltd.(b)		182,833
	18,209	Centerra Gold, Inc.		292,224
	27,295	Cequence Energy Ltd.(b)		73,325
	97,700	CGI Group, Inc. - Class A(b)		1,879,165
	15,900	Chartwell Seniors Housing Real Estate Investment Trust		130,839
	13,808	Chinook Energy, Inc.(b)		27,717
	2,900	Churchill Corp. (The) - Class A(b)		57,140
	29,372	Cinch Energy Corp.(b)		31,386
	71,325	Claude Resources, Inc.(b)		133,198
	13,600	Cline Mining Corp.(b)		54,598
	6,800	Coastal Contacts, Inc.(b)		12,767
	7,600	Cogeco Cable, Inc.		323,931
	4,665	Cogeco, Inc.		181,084
	11,900	Colossus Minerals, Inc.(b)		87,347
	27,833	COM DEV International Ltd.(b)		63,930
	4,300	Cominar Real Estate Investment Trust		92,239
	2,500	Computer Modelling Group Ltd.		63,914
	165,420	Connacher Oil & Gas Ltd.(b)		237,884
	1,456	Constellation Software, Inc.		72,556
	9,400	Contrans Group, Inc. - Class A		94,812
	12,812	Copper Mountain Mining Corp.(b)		86,236
	4,300	Corby Distilleries Ltd. - Class A		74,075
	33,530	Corridor Resources, Inc.(b)		178,809
	33,800	Corus Entertainment, Inc. - Class B		757,787

Shares			Value
CANADA (continued)
	3,324	Corvus Gold, Inc.(b)	$	2,589
	39,300	Cott Corp.(b)		314,369
	32,445	Crew Energy, Inc.(b)		651,589
	374,914	Crowflight Minerals, Inc.(b)		22,465
	75,452	Daylight Energy Ltd.		760,284
	45,200	Delphi Energy Corp.(b)		92,535
	143,700	Denison Mines Corp.(b)		538,148
	22,200	Descartes Systems Group, Inc. (The)(b)		154,082
	7,343	DHX Media Ltd.(b)		6,966
	10,968	Dollarama, Inc.(b)		312,714
	14,100	Dorel Industries, Inc. - Class B		461,152
	12,100	DragonWave, Inc.(b)		86,036
	26,500	Duluth Metals Ltd.(b)		76,746
	23,000	Dundee Capital Markets, Inc.(b)		25,036
	46,086	Dundee Precious Metals, Inc.(b)		358,986
	3,100	Dundee Real Estate Investment Trust		93,741
	23,000	DundeeWealth, Inc.		441,694
	7,492	Dynasty Metals & Mining, Inc.(b)		26,710
	257,450	Eastern Platinum Ltd.(b)		411,365
	19,000	Eastmain Resources, Inc.(b)		33,585
	22,300	ECU Silver Mining, Inc.(b)		24,052
	141	E-L Financial Corp. Ltd.		68,293
	12,344	Electrovaya, Inc.(b)		30,695
	4,817	Emera, Inc.		154,898
	15,950	Empire Co. Ltd. - Class A		830,671
	8,100	Endeavour Silver Corp.(b)		50,071
	52,616	Ensign Energy Services, Inc.		851,755
	20,486	Epsilon Energy Ltd. (Canada)(b)		71,195
	5,452	Equitable Group, Inc.		152,450
	11,412	Essential Energy Services Ltd.(b)		26,098
	54,600	European Goldfields Ltd.(b)		817,896
	465	Evertz Technologies Ltd.		8,127
	42,500	Excellon Resources, Inc.(b)		44,989
	12,009	EXFO, Inc.(b)		118,969
	10,300	Extendicare Real Estate Investment Trust		102,244
	26,400	Fairborne Energy Ltd.(b)		122,594
	9,900	Far West Mining Ltd. - Class A(b)		64,362
	5,335	Fibrek, Inc.(b)		7,033
	64,225	Finning International, Inc.		1,868,993
	30,350	First Majestic Silver Corp.(b)		372,802
	6,800	FirstService Corp.(b)		193,471
	15,793	Flint Energy Services Ltd.(b)		290,199
	9,705	Formation Metals, Inc.(b)		20,838
	15,700	Forsys Metals Corp.(b)		45,939
	25,739	Fortis, Inc.		886,798
	1,599	Fortress Paper Ltd.(b)		91,515
	57,167	Fortuna Silver Mines, Inc.(b)		227,218
	3,133	Fortune Minerals Ltd.(b)		5,006

11

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CANADA (continued)
	11,800	Forzani Group Ltd. (The) - Class A	$	227,433
	52,200	Gammon Gold, Inc.(b)		393,057
	15,500	Garda World Security Corp. - Class A(b)		139,467
	10,000	Gennum Corp.		76,996
	20,453	Genworth MI Canada, Inc.		538,210
	1,600	Geomark Exploration Ltd.(b)		1,917
	24,800	Gildan Activewear, Inc.(b)		728,880
	1,000	Glentel, Inc.		28,212
	9,320	GLG Life Tech Corp.(b)		112,620
	1,865	Gluskin Sheff & Associates, Inc.		40,043
	12,602	GLV, Inc. - Class A(b)		97,534
	14,900	GMP Capital, Inc.		215,610
	57,033	Gold Wheaton Gold Corp.(b)		267,124
	74,900	Gran Tierra Energy, Inc.(b)		672,443
	22,600	Grande Cache Coal Corp.(b)		243,300
	30,900	Great Canadian Gaming Corp.(b)		225,574
	16,800	Great Panther Silver Ltd.(b)		35,736
	98,700	Groupe Aeroplan, Inc.		1,350,367
	6,362	Guardian Capital Group Ltd. - Class A		57,562
	14,434	Hanfeng Evergreen, Inc.(b)		82,451
	29,195	Harry Winston Diamond Corp.(b)		315,756
	500	Hemisphere GPS, Inc.(b)		674
	670	High Liner Foods, Inc.		11,040
	245,570	High River Gold Mines Ltd.(b)		311,453
	8,400	Home Capital Group, Inc.		459,280
	24,027	Horizon North Logistics, Inc.(b)		88,060
	76,900	HudBay Minerals, Inc.		1,273,283
	30,960	IESI-BFC Ltd.		735,855
	816	IESI-BFC Ltd. - Placement Shares		19,380
	7,400	Imax Corp.(b)		189,259
	19,243	Imperial Metals Corp.(b)		432,960
	3,907	Imris, Inc.(b)		30,863
	3,661	Indigo Books & Music, Inc.		55,170
	39,600	Industrial Alliance Insurance and Financial Services, Inc.		1,453,338
	21,100	Inmet Mining Corp.		1,572,991
	20,779	Innergex Renewable Energy, Inc.		204,397
	11,900	Innvest Real Estate Investment Trust		81,405
	18,640	Intact Financial Corp.		939,120
	19,400	Inter-Citic Minerals, Inc.(b)		38,554
	16,094	International Forest Products Ltd. - Class A(b)		93,862
	6,648	International Tower Hill Mines Ltd.(b)		61,146
	44,500	Ivanhoe Energy, Inc.(b)		155,096
	17,750	Ivernia, Inc.(b)		6,470
	13,500	Jean Coutu Group PJC, Inc. (The) Class A		126,459
	10,400	Jinshan Gold Mines, Inc.(b)		53,488

Shares			Value
CANADA (continued)
	5,280	Keegan Resources, Inc.(b)	$	38,808
	24,600	Kingsway Financial Services, Inc.(b)		31,937
	6,900	Kirkland Lake Gold, Inc.(b)		93,989
	25,200	La Mancha Resources, Inc.(b)		57,630
	131,705	Lake Shore Gold Corp.(b)		486,652
	16,857	Laurentian Bank of Canada		893,900
	5,104	Le Chateau, Inc.		58,464
	42,287	Legacy Oil & Gas, Inc.(b)		652,453
	13,200	Leon’s Furniture Ltd.		197,733
	25,260	Linamar Corp.		532,772
	213,500	Lundin Mining Corp.(b)		1,528,731
	6,700	MacDonald Dettwiler & Associates Ltd.(b)		324,378
	8,610	MAG Silver Corp.(b)		83,490
	117,011	MagIndustries Corp.(b)		31,550
	8,300	Major Drilling Group International		350,036
	11,156	Manitoba Telecom Services, Inc.		343,921
	35,742	Maple Leaf Foods, Inc.		408,694
	1,900	Marsulex, Inc.		24,989
	35,998	Martinrea International, Inc.(b)		369,201
	27,700	MDS, Inc.(b)		316,737
	35,000	MEGA Brands, Inc.(b)		23,418
	88,621	Mega Uranium Ltd.(b)		85,846
	16,000	Mercator Minerals Ltd.(b)		68,707
	34,700	Methanex Corp.		943,261
	38,325	Metro, Inc. - Class A		1,655,322
	10,649	Midway Energy Ltd.(b)		52,748
	21,343	Migao Corp.(b)		173,285
	6,123	Minco Silver Corp.(b)		34,671
	8,200	Minefinders Corp.(b)		79,269
	10,731	Miranda Technologies, Inc.(b)		69,657
	2,300	Morguard Real Estate Investment Trust		33,650
	3,800	Mosaid Technologies, Inc.		121,588
	44,077	Mullen Group Ltd.		867,146
	11,200	Neo Material Technologies, Inc.(b)		90,150
	10,100	Nevada Copper Corp.(b)		52,954
	154,800	New Gold, Inc.(b)		1,239,822
	30,088	Newalta, Inc.		381,001
	22,900	NGEx Resources, Inc.(b)		30,873
	6,400	Niko Resources Ltd.		623,159
	9,500	Norsemont Mining, Inc.(b)		42,692
	5,876	North American Energy Partners, Inc.(b)		70,417
	9,400	North American Palladium Ltd.(b)		61,675
	10,624	Northern Dynasty Minerals Ltd.(b)		194,900
	2,300	Northern Property Real Estate Investment Trust		64,520
	121,847	Northgate Minerals Corp.(b)		311,508
	19,800	Novagold Resources, Inc.(b)		263,776
	41,801	NuVista Energy Ltd.		394,904

12

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CANADA (continued)
	147,378	OceanaGold Corp.(b)	$	379,723
	11,000	Oncolytics Biotech, Inc.(b)		68,767
	25,600	Onex Corp.		823,209
	3,868	Open Range Energy Corp.(b)		10,623
	11,100	Open Text Corp.(b)(e)		548,044
	1,052	Open Text Corp.(b)(e)		51,958
	39,961	Orleans Energy Ltd.(b)		100,167
	57,165	Orvana Minerals Corp.(b)		190,103
	5,800	Paladin Labs, Inc.(b)		204,754
	18,800	PAN American Silver Corp.		615,621
	15,900	Paramount Resources Ltd. - Class A(b)		490,171
	5,100	Parex Resources, Inc.(b)		47,621
	8,800	Pason Systems, Inc.		125,670
	13,375	Patheon, Inc.(b)		31,389
	29,000	Pembina Pipeline Corp.		642,353
	19,769	Peregrine Diamonds Ltd.(b)		47,382
	46,802	Perpetual Energy, Inc.		189,293
	19,551	PetroBakken Energy Ltd. - Class A		418,608
	35,474	Petrobank Energy & Resources Ltd.(b)		832,515
	43,500	Petrolifera Petroleum Ltd.(b)		47,785
	22,111	Petrominerales Ltd.		862,050
	113,000	Phoscan Chemical Corp.(b)		83,507
	20,021	Plutonic Power Corp.(b)		44,387
	76,805	Precision Drilling Corp.(b)(e)		806,899
	489	Precision Drilling Corp.(b)(e)		5,139
	7,351	Premium Brands Holdings Corp.		109,676
	92,400	Progress Energy Resources Corp.		1,256,791
	9,775	QLT, Inc.(b)		68,528
	90,522	Quadra FNX Mining Ltd.(b)		1,220,399
	16,800	Quebecor, Inc. - Class B		595,428
	8,500	Queenston Mining, Inc.(b)		43,801
	73,300	Questerre Energy Corp.(b)		109,070
	2,000	Reitmans (Canada) Ltd.		35,912
	16,300	Reitmans (Canada) Ltd. - Class A		294,307
	1,877	Resverlogix Corp.(b)		3,955
	4,000	Richelieu Hardware Ltd.		118,640
	12,800	Richmont Mines, Inc.(b)		55,349
	16,729	Riocan Real Estate Investment Trust		387,757
	8,500	Ritchie Bros. Auctioneers, Inc.(e)		212,214
	350,000	Ritchie Bros. Auctioneers, Inc.(e)		8,725,500
	9,531	Rock Energy, Inc.(b)		46,639
	2,900	Rocky Mountain Dealerships, Inc.		27,368
	64,202	RONA, Inc.(b)		899,540
	26,189	Russel Metals, Inc.		611,735
	14,890	Sabina Gold & Silver Corp.(b)		74,201
	188,000	Sandvine Corp.(b)		546,342
	35,881	Savanna Energy Services Corp.		254,053

Shares			Value
CANADA (continued)
	44,000	Scorpio Mining Corp.(b)	$	39,986
	200	Sears Canada, Inc.		3,909
	33,400	SEMAFO, Inc.(b)		340,221
	13,425	ShawCor Ltd. - Class A		486,268
	149,700	Sherritt International Corp.		1,306,614
	16,255	Sierra Wireless, Inc.(b)		229,698
	2,500	Silver Standard Resources, Inc.(b)		57,747
	26,400	Silvercorp Metals, Inc.		279,199
	637	Softchoice Corp.(b)		5,522
	13,605	Sonde Resources Corp.(b)		55,434
	114,921	Southern Pacific Resource Corp.(b)		201,988
	21,016	SouthGobi Resources Ltd.(b)		300,753
	48,414	Sprott Resource Corp.(b)		244,161
	63,270	Sprott Resource Lending Corp.(b)		111,205
	7,120	Sprott, Inc.		60,581
	50,200	St. Andrew Goldfields Ltd.(b)		67,177
	16,733	Stantec, Inc.(b)		477,250
	540	Stella-Jones, Inc.		18,610
	144,375	Stornoway Diamond Corp.(b)		83,625
	22,045	SunOpta, Inc.(b)		162,473
	20,400	Superior Plus Corp.		240,803
	8,300	Tanzanian Royalty Exploration Corp.(b)		53,048
	59,200	Taseko Mines Ltd.(b)		335,211
	13,160	Tembec, Inc.(b)		53,883
	11,000	Terra Energy Corp.(b)		13,072
	8,500	Theratechnologies, Inc.(b)		50,082
	60,500	Thompson Creek Metals Co., Inc.(b)		821,087
	11,300	TMX Group, Inc.		430,175
	26,355	Toromont Industries Ltd.		827,221
	22,007	Torstar Corp. - Class B		309,221
	11,903	Total Energy Services, Inc.		169,983
	104,000	TransAlta Corp.		2,147,820
	31,984	Transcontinental, Inc. - Class A		543,953
	35,827	TransForce, Inc.		481,581
	19,100	Transglobe Energy Corp.(b)		232,706
	28,200	Trican Well Service Ltd.		617,874
	8,600	Trilogy Energy Corp.		121,869
	38,900	Trinidad Drilling Ltd.		280,479
	44,173	Twin Butte Energy Ltd.(b)		118,224
	53,440	Uex Corp.(b)		122,746
	6,941	Uni-Select, Inc.		195,819
	181,100	Uranium One, Inc.		1,184,606
	23,000	Ur-Energy, Inc.(b)		74,649
	4,055	Valener, Inc.		68,964
	14,446	Vector Aerospace Corp.(b)		147,151
	14,867	Vermilion Energy, Inc.		703,152
	20,060	Vero Energy, Inc.(b)		121,800
	4,420	Virginia Mines, Inc.(b)		31,340
	171,501	Viterra, Inc.		2,003,856
	17,206	Wesdome Gold Mines Ltd.		46,565
	17,196	West Fraser Timber Co. Ltd.		866,540

13

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CANADA (continued)
	18,100	Western Coal Corp.(b)	$	225,945
	18,000	Western Financial Group, Inc.		74,060
	14,838	Western Forest Products, Inc.(b)		11,410
	6,300	Westjet Airlines Ltd.		86,382
	9,385	Westport Innovations, Inc.(b)		147,146
	34,300	Wi-Lan, Inc.		226,760
	11,348	Winpak Ltd.		136,446
	16,179	Winstar Resources Ltd.(b)		84,341
	248,248	Yellow Media, Inc.		1,519,709
	3,200	YM Biosciences, Inc.(b)		7,925
	61,000	Yukon-Nevada Gold Corp.(b)		40,815
	62,000	Zarlink Semiconductor, Inc.(b)		115,165
				110,157,272
CAYMAN ISLANDS — 0.0%
	43,693	Endeavour Mining Corp.(b)		124,357
	62,223	Siem Offshore, Inc.(b)		115,818
				240,175
CHILE — 0.2%
	414,369	AES Gener SA		205,118
	135,844	Aguas Andinas SA - Class A		68,878
	12,394	Banco de Credito e Inversiones		829,875
	164,971	Banmedica SA		344,828
	114,351	Besalco SA		230,105
	12,307	CAP SA		627,423
	18,632	Cementos BIO BIO SA		51,284
	23,013	Cia Cervecerias Unidas SA		250,004
	49,566	Cia General de Electricidad		292,349
	126,976	Cia Sudamericana de Vapores SA(b)		136,641
	1,731,940	Colbun SA		454,993
	50,487,302	CorpBanca SA		832,225
	17,867	Cristalerias de Chile SA		221,858
	61,317	E.CL SA		157,277
	18,878	Embotelladora Andina SA - Class A, Preference Share		77,942
	24,008	Embotelladora Andina SA - Class B, Preference Shares		116,015
	30,762	Empresa Nacional de Telecomunicaciones SA		522,044
	1,192,791	Empresas Iansa SA(b)		168,650
	126,453	Empresas La Polar SA		775,598
	20,702	Forus SA		67,864
	12,790	Gasco SA		78,879
	200,535	Industrias Forestales SA		48,972
	448,016	Inversiones Aguas Metropolitanas SA		690,605
	594,900	Madeco SA		35,716
	502,005	Masisa SA(b)		76,880
	92,654	Multiexport Foods SA(b)		39,309
	119,886	PAZ Corp. SA(b)		141,670
	254,993	Ripley Corp. SA		316,630
	58,002	Salfacorp SA		201,663
	113,830	Sigdo Koppers SA		254,398

Shares			Value
CHILE (continued)
	246,844	Socovesa SA	$	198,722
	130,300	Sonda SA		308,896
	186,725	Vina Concha y Toro SA		436,632
	853,398	Vina San Pedro SA		7,665
				9,267,608
CHINA — 0.5%
	132,000	361 Degrees International Ltd.		92,270
	98,000	A8 Digital Music Holdings Ltd.		36,703
	150,000	AAC Acoustic Technologies Holdings, Inc.		404,020
	402,000	Agile Property Holdings Ltd.		597,072
	31,000	Ajisen China Holdings Ltd.		47,315
	111,000	Alibaba.com Ltd.		219,248
	88,000	Angang Steel Co. Ltd. - H Shares		129,574
	70,000	Anhui Expressway Co. Ltd. - H Shares		57,730
	86,000	Anhui Tianda Oil Pipe Co. Ltd. - H Shares		38,606
	68,000	Anta Sports Products Ltd.		108,847
	208,000	Anton Oilfield Services Group		28,012
	232,500	Asia Cement China Holdings Corp.		121,071
	96,000	Aupu Group Holding Co. Ltd.		13,791
	276,000	AviChina Industry & Technology Co. - H Shares(b)		131,333
	124,000	Baoye Group Co. Ltd. - H Shares		82,702
	241,500	BBMG Corp. - H Shares		326,475
	478,000	Beijing Capital Land Ltd. - H Shares		158,789
	34,000	Beijing Jingkelong Co. Ltd. - H Shares		47,010
	406,000	Beijing North Star Co. Ltd. - H Shares		107,792
	330,500	BYD Electronic International Co. Ltd.		220,004
	516,000	China Aoyuan Property Group Ltd.		96,626
	55,000	China Automation Group Ltd.		42,044
	562,000	China Communications Services Corp. Ltd. - H Shares		343,832
	168,000	China Huiyuan Juice Group Ltd.		115,065
	61,200	China Metal Recycling Holdings Ltd.		70,567
	419,678	China Molybdenum Co. Ltd. - H Shares		395,097
	200,042	China National Building Material Co. Ltd. - H Shares		497,754
	324,000	China National Materials Co. Ltd. - H Shares		278,012
	200,000	China Nickel Resources Holding Co. Ltd.		35,143
	58,000	China Qinfa Group Ltd.(b)		36,526

14

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CHINA (continued)
	406,000	China Rare Earth Holdings Ltd.(b)	$	178,092
	1,164,600	China Resources Microelectronics Ltd.(b)		58,255
	491,488	China Shanshui Cement Group Ltd.		383,904
	54,000	China Shineway Pharmaceutical Group Ltd.		136,166
	1,119,093	China Shipping Container Lines Co. Ltd. - H Shares(b)		516,726
	514,000	China Shipping Development Co. Ltd. - H Shares		624,317
	88,000	China Singyes Solar Technologies Holdings Ltd.		73,478
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		95,969
	246,000	China Sunshine Paper Holdings Co. Ltd.		67,521
	127,000	China Sunsine Chemical Holdings Ltd.		29,782
	278,000	China Taisan Technology Group Holdings Ltd.		40,202
	152,000	China Wireless Technologies Ltd.		84,026
	41,000	China XLX Fertiliser Ltd.		16,024
	179,000	China Yurun Food Group Ltd.		578,556
	219,600	China Zhongwang Holdings Ltd.		105,341
	140,000	Chinasoft International Ltd.(b)		34,297
	264,000	Chongqing Iron & Steel Co. Ltd. - H Shares(b)		70,430
	314,000	Chongqing Machinery & Electric Co. Ltd.		106,725
	1,144,200	Country Garden Holdings Co.		428,526
	442,000	Dalian Port PDA Co. Ltd. - H Shares		180,844
	101,000	Delong Holdings Ltd.(b)		43,422
	25,600	Dongfang Electric Corp. Ltd. - H Shares		108,518
	237,000	Dongyue Group		128,582
	126,000	ENN Energy Holdings Ltd.		374,930
	120,000	First Tractor Co. Ltd. - H shares		113,895
	620,500	Fosun International		487,063
	148,000	Golden Eagle Retail Group Ltd.		406,226
	342,500	Great Wall Motor Co. Ltd. - H Shares		539,450
	202,000	Great Wall Technology Co. Ltd. - H Shares		101,043
	327,000	Greentown China Holdings Ltd.		374,115
	644,000	Guangshen Railway Co. Ltd. - H Shares		263,493
	241,753	Guangzhou Automobile Group Co. Ltd. - H Shares		310,073
	32,000	Guangzhou Pharmaceutical Co. Ltd. - H Shares		47,282
	280,731	Guangzhou R&F Properties Co. Ltd. - H Shares		412,636

Shares			Value
CHINA (continued)
	48,000	Guangzhou Shipyard International Co. Ltd. - H Shares	$	104,783
	53,000	Hainan Meilan International Airport Co. Ltd. - H Shares		62,880
	86,000	Haitian International Holdings Ltd.		95,964
	324,000	Harbin Power Equipment Co. Ltd. - H Shares		407,667
	323,000	Hidili Industry International Development Ltd.		275,911
	644,000	Honghua Group Ltd.(b)		85,904
	124,000	Huadian Power International Co. - H Shares		25,765
	448,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)		175,829
	141,000	Intime Department Store Group Co. Ltd.		205,804
	363,000	JES International Holdings Ltd.(b)		97,893
	178,000	Jiangsu Expressway Co. Ltd. - H Shares		191,318
	92,000	Jingwei Textile Machinery - H Shares(b)		68,204
	163,000	Kasen International Holdings Ltd.(b)		31,360
	190,000	Kingdee International Software Group Co. Ltd.		125,015
	139,000	Kingsoft Corp. Ltd.		76,126
	778,722	Lenovo Group Ltd.		451,453
	263,000	Li Heng Chemical Fibre Technologies Ltd.		41,116
	88,000	Li Ning Co. Ltd.		167,723
	29,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares		135,020
	140,000	Lingbao Gold Co. Ltd. - H Shares		107,918
	41,000	Little Sheep Group Ltd.		25,452
	774,000	Maanshan Iron & Steel - H Shares		431,839
	34,000	Nanjing Panda Electronics Co. Ltd. - H Shares(b)		10,030
	88,000	Pacific Online		46,389
	236,000	Pacific Textile Holdings Ltd.		151,044
	138,000	Pan Asia Environmental Protection Group Ltd.		26,904
	72,000	Parkson Retail Group Ltd.		122,637
	316,000	Qingling Motors Co. Ltd. - H Shares		91,598
	261,000	Qunxing Paper Holdings Co. Ltd.(b)		88,711
	112,000	Regent Manner International Ltd.		91,793
	2,071,430	Renhe Commercial Holdings Co. Ltd.		345,387
	7,548,806	Semiconductor Manufacturing International Corp.(b)		590,609

15

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CHINA (continued)
	142,500	Shandong Chenming Paper Holdings Ltd. - H Shares	$	121,360
	43,600	Shandong Molong Petroleum Machinery Co. Ltd. - H Shares		57,152
	36,000	Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares		15,145
	342,000	Shanghai Forte Land Co. - H Shares		148,264
	604,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		143,318
	336,000	Shanghai Prime Machinery Co. Ltd. - H Shares		88,777
	42,500	Shenji Group Kunming Machine Tool Co. Ltd. - H Shares		29,000
	72,000	Shenzhen Expressway Co. Ltd. - H Shares		42,942
	130,000	Shenzhou International Group Holdings Ltd.		151,398
	1,312,765	Shui On Land Ltd.		631,408
	116,000	Sichuan Expressway Co. Ltd. - H Shares		73,201
	26,000	Silver Base Group Holdings Ltd.		18,675
	784,000	Sino Dragon New Energy Holdings Ltd.(b)		132,734
	1,481,060	Sino-Ocean Land Holdings Ltd.		985,898
	348,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		211,568
	234,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)		130,856
	93,000	Sinostar PEC Holdings Ltd.(b)		13,449
	357,500	Sinotel Technologies Ltd.(b)		89,424
	735,000	Sinotrans Ltd. - H Shares		197,970
	262,000	Sinotruk Hong Kong Ltd.		243,630
	644,500	Soho China Ltd.		508,382
	69,000	Sound Global Ltd.(b)		39,912
	136,000	SPG Land Holdings Ltd.		73,437
	182,000	Sunny Optical Technology Group Co. Ltd.		53,456
	136,000	SunVic Chemical Holdings Ltd.(b)		72,290
	85,000	Tiangong International Co. Ltd.		55,819
	116,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		43,147
	220,000	Tianneng Power International Ltd.		95,092
	201,000	Travelsky Technology Ltd. - H Shares		202,118
	32,000	Tsingtao Brewery Co. Ltd. - H Shares		146,935
	345,000	Uni-President China Holdings Ltd.		194,699
	201,000	Weiqiao Textile Co. Ltd. - H Shares		187,423

Shares			Value
CHINA (continued)
	370,000	Wuyi International Pharmaceutical Co. Ltd.	$	30,847
	400,000	Xiamen International Port Co. Ltd. - H Shares		83,626
	198,000	Xingda International Holdings Ltd.		195,038
	90,000	Xingye Copper International Group Ltd.		22,394
	211,000	Xinhua Winshare Publishing and Media Co. Ltd. - H Shares		125,301
	270,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares		170,381
	51,500	Zhaojin Mining Industry Co. Ltd. - H Shares		188,584
	192,000	Zhejiang Expressway Co. Ltd. - H Shares		178,538
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)		12,723
	193,000	Zhong An Real Estate Ltd.(b)		44,805
	58,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares		223,173
				23,829,274
CYPRUS — 0.0%
	180,970	Bank of Cyprus Public Co. Ltd.		765,625
	25,000	Deep Sea Supply Plc(b)		56,057
	294,565	Marfin Popular Bank Public Co. Ltd.		435,568
	29,500	ProSafe SE		219,690
	105,209	Songa Offshore SE(b)		579,293
				2,056,233
DENMARK — 0.3%
	1,821	ALK-Abello A/S		119,906
	23,469	Alm Brand A/S(b)		53,451
	8,231	Amagerbanken A/S(b)		5,337
	205	Ambu A/S - Class B		6,250
	3,210	Auriga Industries - Class B		53,063
	10,756	Bang & Olufsen A/S(b)		136,314
	3,037	Bavarian Nordic A/S(b)		146,704
	16,963	D/S Norden		575,455
	2,120	D/S Torm A/S(b)		15,186
	23,636	Danisco A/S		2,873,915
	1,723	DFDS A/S(b)		145,574
	250	DiBa Bank A/S(b)		2,755
	217	DLH A/S - Class B(b)		1,315
	38,254	DSV A/S		798,876
	4,088	East Asiatic Co. Ltd. A/S		125,392
	2,200	Fionia Bank A/S(b)(c)(d)		0
	10,914	FLSmidth & Co. AS		937,748
	5,303	Genmab A/S(b)		61,557
	81,337	GN Store Nord A/S(b)		779,084
	20,148	Greentech Energy Systems(b)		62,540
	6,985	H. Lundbeck A/S		145,101
	2,058	H+H International A/S - Class B(b)		24,948

16

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
DENMARK (continued)
	2,374	Harboes Bryggeri A/S - Class B	$	59,519
	200	IC Companys A/S		9,147
	35,818	Jyske Bank A/S(b)		1,608,504
	3,231	NeuroSearch A/S(b)		51,630
	9,765	NKT Holding A/S		568,736
	1,170	Nordjyske Bank A/S(b)		24,068
	250	Norresundby Bank A/S(b)		8,173
	2,385	Parken Sport & Entertainment A/S(b)		48,405
	656	PER Aarsleff A/S - Class B		52,292
	1,636	Ringkjoebing Landbobank A/S(b)		222,360
	1,586	Rockwool International AS - Class B		187,017
	1,011	Royal UNIBREW A/S(b)		64,342
	303	Sanistal A/S - Class B(b)		3,117
	1,004	Satair A/S		64,358
	6,597	Schouw & Co.		151,460
	930	SimCorp A/S		141,776
	3,581	Sjaelso Gruppen(b)		8,353
	2,156	Solar Holdings A/S - Class B		172,852
	10,520	Spar Nord Bank A/S(b)		113,035
	38	Sparbank(b)		565
	100	Sparekassen Faaborg A/S(b)		13,592
	33,535	Sydbank A/S(b)		968,262
	1,362	Thrane & Thrane A/S		64,917
	12,583	TK Development(b)		52,694
	2,922	Topdanmark A/S(b)		421,569
	57,742	TopoTarget A/S(b)		34,998
	1,893	Tryg A/S		101,908
	2,586	Vestjysk Bank A/S(b)		32,061
				12,320,181
FINLAND — 3.1%
	16,339	Ahlstrom Oyj		353,455
	6,768	Alma Media Corp.		79,506
	44,161	Amer Sports Oyj - Class A		618,537
	1,602	Aspo Oyj		20,004
	2,460	Atria Plc		29,572
	1,400	Bank of Aland Plc - Class B		36,534
	1,242	BasWare Oyj		41,577
	17,038	Cargotec Corp. - Class B		795,471
	576	Componenta Oyj(b)		4,732
	9,068	Cramo Oyj(b)		239,370
	8,108	Digia Plc		61,500
	25,098	Elisa Oyj		552,556
	37,622	Finnair Oyj(b)		257,551
	4,499	Finnlines Oyj(b)		48,662
	10,741	Fiskars Oyj Abp		254,856
	11,650	F-Secure Oyj		35,410
	3,898	Glaston Oyj Abp(b)		5,550
	12,586	HKScan Oyj - A Shares		134,583
	30,874	Huhtamaki Oyj		447,229
	2,336	Ilkka-Yhtyma Oyj		27,154
	42,204	Kemira Oyj		657,578
	35,923	Kesko Oyj - Class B		1,729,309

Shares			Value
FINLAND (continued)
	12,000	Konecranes Oyj	$	504,066
	6,679	Lassila & Tikanoja Oyj		127,201
	3,203	Lemminkainen Oyj(b)		113,011
	2,192,127	Metso Oyj		116,992,676
	138,497	M-real Oyj - Class B(b)		614,379
	29,792	Neste Oil Oyj		562,082
	25,231	Nokian Renkaat Oyj		911,298
	7,038	Okmetic Oyj		54,347
	1,850	Olvi Oyj - Class A		85,106
	44,798	Oriola-KD Oyj - Class B		198,113
	4,629	Orion Oyj - Class A		104,700
	11,005	Orion Oyj - Class B		248,764
	89,644	Outokumpu Oyj		1,670,438
	4,487	Outotec Oyj		251,878
	3,885	PKC Group Oyj		80,745
	62,637	Pohjola Bank Plc		835,297
	1,080	Ponsse Oyj		16,561
	7,300	Poyry Oyj		89,353
	50,572	Raisio Plc - V Shares		178,641
	34,032	Ramirent Oyj		470,143
	6,650	Rapala VMC Oyj		65,100
	42,825	Rautaruukki Oyj		1,068,309
	53,123	Ruukki Group Oyj(b)		142,557
	23,664	Sanoma Oyj		553,385
	740	Scanfil Oyj		3,151
	2,130	SRV Group Plc		19,772
	3,193	Stockman Oyj Abp - Class A		118,692
	13,158	Stockman Oyj Abp - Class B		423,539
	407,216	Stora Enso Oyj - Class R		4,845,022
	30,333	Talvivaara Mining Co. Plc(b)		284,244
	5,683	Tecnotree Oyj(b)		4,902
	675	Teleste Oyj		4,316
	26,239	Tieto Oyj		552,529
	5,260	Tikkurila Oy(b)		113,787
	245,977	UPM-Kymmene Oyj		5,065,163
	6,537	Uponor Oyj		113,667
	1,578	Vacon Plc		84,260
	1,874	Vaisala Oyj - Class A		54,292
	19,968	Wartsila Oyj		1,541,931
	45,716	YIT Oyj		1,152,946
				146,751,059
FRANCE — 2.7%
	3,017	ABC Arbitrage		30,402
	24,037	Accor SA		1,099,203
	4,525	Aeroports de Paris		380,336
	481	Affine SA REIT		12,058
	71,687	Air France-KLM(b)		1,310,306
	1,039,619	Alcatel-Lucent(b)		3,473,083
	902	Ales Groupe		14,424
	3,590	Altamir Amboise(b)		31,851
	4,199	Alten Ltd.		146,026
	1,321	ANF Immobilier REIT		56,972
	1,003	April Group		31,969
	23,193	Arkema SA		1,612,821
	4,828	Assystem		98,493

17

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
FRANCE (continued)
	14,721	Atos Origin SA(b)	$	819,614
	1,591	Audika SA		38,229
	1,151	Aurea SA		12,954
	1,370	Avanquest Software(b)		6,021
	18,295	Avenir Telecom		22,293
	2,749	Beneteau SA(b)		59,543
	2,244	BioMerieux		244,930
	878	Boiron SA		34,164
	1,340	Bonduelle SCA		127,050
	2,102	Bongrain SA		172,821
	15,467	Bourbon SA		688,241
	1,582	Boursorama(b)		17,653
	8,888	Bureau Veritas SA		644,836
	2,823	Canal Plus		21,490
	56,186	Cap Gemini SA		2,831,301
	590	Cegedim SA		37,021
	2,131	Cegid Group		62,730
	4,247	Ciments Francais SA		378,542
	4,189	Club Mediterranee SA(b)		96,096
	100,557	Compagnie Generale de Geophysique-Veritas(b)		3,050,937
	804	Damartex SA		25,318
	10,333	Dassault Systemes SA		811,497
	863	Delachaux SA		74,439
	17,041	Derichebourg SA(b)		143,980
	1,145	Devoteam SA		28,798
	19,445	Edenred(b)		464,973
	4,090	EDF Energies Nouvelles SA		176,982
	12,611	Eiffage SA		647,920
	845	Electricite de Strasbourg		138,820
	332	Entrepose Contracting		48,647
	517	Eramet		183,687
	486	Esso Ste Anonyme Francaise		69,535
	8,604	Etablissements Maurel Et Prom		161,388
	392	Etam Developpement SA(b)		19,053
	12,585	Euler Hermes SA(b)		1,156,528
	3,834	Euro Disney SCA Non-Registered Shares(b)		22,888
	817	Eurofins Scientific		54,699
	13,937	Eutelsat Communications		508,436
	1,226	Exel Industries SA - Class A		68,738
	1,115	Faiveley Transport		99,458
	5,022	Faurecia(b)		174,200
	2,609	Fimalac		113,165
	539	Fleury Michon SA		24,722
	521	Flo Groupe(b)		3,424
	5,318	Fonciere Des Regions REIT		534,945
	8,594	GameLoft SA(b)		58,479
	202	Gaumont SA		12,363
	3,888	Gecina SA REIT		464,774
	17,453	Gemalto NV		882,591
	5,811	GFI Informatique(b)		25,698
	3,341	GL Events		113,215
	159,247	Groupe Eurotunnel SA		1,546,291
	9,873	Groupe Partouche SA(b)		31,226
	10,663	Groupe Steria SCA		307,241

Shares			Value
FRANCE (continued)
	285	Guerbet	$	24,427
	1,226	Guyenne et Gascogne SA		154,429
	4,607	Haulotte Group SA(b)		72,097
	125,206	Havas SA		657,075
	4,715	ICADE REIT		511,860
	2,382	Iliad SA		252,915
	10,335	Imerys SA		680,623
	3,585	IMS International Metal Service(b)		65,380
	4,817	Ingenico		178,895
	189	Inter Parfums SA		6,516
	5,433	IPSOS		263,810
	16,879	JC Decaux SA(b)		540,078
	54	Kaufman & Broad SA(b)		1,707
	19,633	Klepierre REIT		713,947
	2,540	Korian		60,094
	33,602	Lagardere SCA		1,495,431
	863	Laurent-Perrier		89,209
	2,860	Legrand SA		115,182
	902	LISI		67,924
	8,402	M6-Metropole Television		205,512
	4,416	Manitou BF SA(b)		126,909
	860	Manutan International		59,344
	1,668	Meetic		38,344
	5,886	Mersen		310,184
	4,932	METabolic Explorer SA(b)		42,542
	6,018	Modelabs Group(b)		26,449
	1,975	MR Bricolage		36,640
	455	Naturex		26,787
	3,966	Neopost SA		358,981
	12,574	Nexans SA		1,008,840
	14,322	Nexity		661,018
	492	Norbert Dentressangle SA		51,869
	7,303	NRJ Group		83,291
	10,683	Oeneo(b)		33,495
	6,698	Orpea		315,101
	25,532	PagesJaunes Groupe		262,144
	1,368	Parrot SA(b)		45,495
	79,580	Peugeot SA(b)		3,335,718
	400	Pierre & Vacances		35,028
	3,304	Plastic-Omnium SA		259,025
	20,215	Publicis Groupe		1,040,392
	11,954	Rallye SA		540,596
	6,947	Recylex SA(b)		66,485
	4,460	Remy Cointreau SA		316,373
	88,196	Rexel SA(b)		1,985,189
	17,294	Rhodia SA		515,709
	2,194	Rubis		254,882
	2,968	Sa Des Ciments Vicat		225,938
	2,979	Saft Groupe SA		112,980
	1,023	Sartorius Stedim Biotech		54,877
	118,128	SCOR SE		3,269,473
	6,382	SEB SA		634,373
	1,243	Seche Environnement SA		106,366
	2,300	Sechilienne-Sidec		64,949
	2,724	SeLoger.com		141,164

18

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
FRANCE (continued)
	11,012	Sequana	$	207,988
	6,704	Societe BIC SA		575,693
	2,776	Societe Immobiliere de Location pour l’Industrie et le Commerce REIT		374,793
	25,336	Societe Television Francaise 1		492,061
	16,292	SOITEC(b)		201,380
	806	Somfy SA		202,168
	811	Sopra Group SA		75,783
	1,360	Stallergenes SA		109,600
	2,241	Ste Industrielle d’Aviation Latecoere SA(b)		26,786
	1,316	STEF-TFE		73,423
	62	Sucriere de Pithiviers-Le-Vieil		72,069
	1,777	Sword Group		55,156
	594	Synergie SA		16,900
	25,071	Technicolor SA(b)		145,336
	26,753	Technip SA		2,599,551
	1,499	Teleperformance		54,028
	48,274	Thales SA		1,794,131
	2	Total Gabon		965
	749	Transgene SA(b)		15,762
	3,123	Trigano SA		104,694
	30,673	UBISOFT Entertainment(b)		359,947
	1,036	Union Financiere de France BQE SA		40,993
	20,418	Valeo SA(b)		1,195,090
	614,200	Vallourec SA		66,719,554
	1,234	Viel et Compagnie		5,069
	765	Vilmorin & Cie		92,684
	1,248	Virbac SA		193,681
	113	VM Materiaux SA		6,622
	424	Vranken - Pommery Monopole		19,784
	4,045	Zodiac Aerospace		300,614
				125,598,894
GERMANY — 1.0%
	5,755	Aareal Bank AG(b)		177,682
	2,064	Adlink Internet Media AG(b)		11,304
	14,628	ADVA AG Optical Networking(b)		126,777
	2,193	Advanced Inflight Allianz AG		9,758
	652	Agennix AG(b)		3,052
	3,784	Air Berlin Plc(b)		18,081
	16,739	Aixtron AG		690,755
	4,017	Alstria Office AG REIT		56,649
	337	Amadeus Fire AG		15,386
	12,822	Arques Industries AG(b)		76,892
	94	AS Creation Tapeten		3,901
	3,371	Asian Bamboo AG		179,932
	5,131	Augusta Technologie AG		118,022
	12,358	Aurubis AG		697,948
	1,757	Axel Springer AG		279,290
	3,979	Baader Bank AG		17,706
	8,483	Balda AG(b)		84,716
	1,066	Bauer AG		54,352

Shares			Value
GERMANY (continued)
	3,232	BayWa AG	$	146,471
	5,853	Bechtle AG		244,296
	1,174	Bertrandt AG		84,886
	20,937	Bilfinger Berger AG		1,849,524
	1,034	Biotest AG		67,281
	16,137	Borussia Dortmund GmbH & Co. KGAA(b)		64,249
	14,222	Carl Zeiss Meditec AG		272,609
	34,358	Celesio AG		867,911
	2,610	Cenit AG		19,826
	5,025	Centrosolar Group AG(b)		36,877
	2,684	CENTROTEC Sustainable AG(b)		72,945
	1,154	Centrotherm Photovoltaics AG(b)		47,400
	2,219	Cewe Color Holding AG		100,866
	11,684	Comdirect Bank AG		129,769
	583	CompuGroup Holding AG		9,523
	346	Constantin Medien AG(b)		777
	5,696	COR&FJA AG(b)		14,934
	6,031	CropEnergies AG		47,810
	2,420	CTS Eventim AG		155,064
	3,984	Curanum AG(b)		13,326
	8,573	DAB Bank AG		55,167
	894	Delticom AG		74,298
	3,068	Demag Cranes AG(b)		149,645
	2,298	Deutsche Beteiligungs AG		65,443
	152,482	Deutsche Lufthansa AG		3,203,588
	38,557	Deutz AG(b)		322,602
	12,345	Dialog Semiconductor Plc(b)		278,041
	13,164	Douglas Holdings AG		709,945
	5,297	Drillisch AG		43,369
	1,370	Duerr AG(b)		45,674
	4,400	DVB Bank SE		154,824
	499	Eckert & Ziegler AG		18,276
	2,087	Elexis AG		37,289
	6,649	Elmos Semiconductor AG(b)		91,490
	6,268	ElringKlinger AG		200,386
	731	Envitec Biogas AG(b)		11,059
	1,543	Epigenomics AG(b)		3,528
	1,842	Euromicron AG		57,072
	42,200	Evotec AG(b)		192,921
	3,542	Fielmann AG		320,214
	24,470	Fraport AG Frankfurt Airport Services Worldwide		1,722,730
	51,940	Freenet AG		607,666
	1,320	Fuchs Petrolub AG		163,920
	93,966	GEA Group AG		2,679,211
	6,330	Generali Deutschland Holding AG		786,505
	4,055	Gerresheimer AG(b)		167,668
	2,237	Gerry Weber International AG		107,703
	1,842	Gesco AG		139,087
	4,846	GFK AG		250,468
	5,545	GFT Technologies AG		33,860
	25,605	Gildemeister AG		547,417
	4,499	Grammer AG(b)		102,530

19

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
GERMANY (continued)
	2,949	Grenkeleasing AG	$	159,486
	2,247	H&R WASAG AG		63,037
	137	Hamborner AG REIT		1,474
	4,192	Hamburger Hafen und Logistik AG		185,356
	32,309	Hannover Rueckversicherung AG		1,807,257
	1,410	Hawesko Holding AG		66,988
	19,085	Heidelberger Druckmaschinen AG(b)		90,803
	5,183	Highlight Communications AG(b)		31,508
	25,641	Hochtief AG		2,269,628
	3,136	Homag Group AG(b)		67,539
	11,123	Indus Holding AG		332,603
	834	Interseroh SE		52,526
	1,492	Isra Vision AG		38,854
	20,084	IVG Immobilien AG(b)		196,611
	11,391	Jenoptik AG(b)		86,963
	2,498	Kizoo AG		29,923
	35,634	Kloeckner & Co. SE(b)		1,139,939
	2,006	Koenig & Bauer AG(b)		46,856
	18,243	Kontron AG		210,085
	5,779	Krones AG(b)		374,371
	210	KSB AG		172,182
	3,242	KUKA AG(b)		77,013
	1,410	KWS Saat AG		276,351
	35,935	Lanxess AG		2,612,050
	11,102	Leoni AG(b)		471,210
	5,216	Loewe AG		45,920
	860	LPKF Laser & Electronics AG		16,773
	1,062	Manz Automation AG(b)		68,645
	9,511	Medion AG		158,868
	20,041	MLP AG		214,025
	6,268	Morphosys AG(b)		164,857
	7,779	MTU Aero Engines Holding AG		550,637
	504	Muehlbauer Holding AG & Co. KGaA		28,361
	6,195	MVV Energie AG		229,096
	1,551	Nemetschek AG		68,538
	255	OHB Technology AG		4,923
	4,213	Patrizia Immobilien AG(b)		28,437
	1,722	Pfeiffer Vacuum Technology AG		198,870
	2,196	Pfleiderer AG(b)		5,156
	1,862	Phoenix Solar AG		56,736
	4,568	PNE Wind AG(b)		11,495
	24,856	Praktiker Bau- und Heimwerkermaerkte AG		253,535
	1,378	PSI AG Gesellschaft Fuer Produkte Und Systeme Der Informationstechnologie		31,036
	1,040	Puma AG		325,222
	4,350	PVA TePla AG		23,347
	23,844	QSC AG(b)		106,491
	518	R Stahl AG		19,149
	932	Rational AG		190,514

Shares			Value
GERMANY (continued)
	746	REpower Systems AG	$	125,120
	24,284	Rheinmetall AG		2,079,358
	30,417	Rhoen Klinikum AG		707,973
	2,252	Roth & Rau AG(b)		45,633
	3,253	SAF-Holland SA(b)		30,598
	1,579	SAG Solarstrom AG		9,015
	18,813	Salzgitter AG		1,522,287
	475	Sartorius AG		19,315
	74	Schaltbau Holding AG		5,925
	1,302	Schlott Gruppe AG(b)		1,670
	22,076	SGL Carbon AG(b)		835,278
	1,503	Silicon Sensor International AG(b)		20,167
	18,670	Singulus Technologies(b)		106,594
	3,991	Sixt AG		179,911
	1,083	SKW Stahl-Metallurgie Holding AG(b)		28,477
	65,261	Sky Deutschland AG(b)		246,344
	588	SMA Solar Technology AG		58,633
	5,314	Software AG		838,520
	3,620	Solar Millennium AG(b)		86,389
	1,540	Solar-Fabrik AG(b)		9,235
	44,281	Solarworld AG		436,941
	571	Solon SE(b)		1,775
	22,786	Stada Arzneimittel AG		848,259
	904	STINAG Stuttgart Invest AG		22,031
	2,302	Stratec Biomedical Systems AG		99,975
	38,576	Suedzucker AG		1,029,126
	8,661	Suess Microtec(b)		126,586
	4,010	Sunways AG(b)		21,138
	20,485	Symrise AG		579,873
	10,775	TAG Immobilien AG(b)		95,125
	5,579	Takkt AG		88,988
	546	Telegate AG		5,838
	226	Tipp24 SE(b)		9,925
	21,467	Tognum AG		541,980
	2,382	Tomorrow Focus AG(b)		13,371
	109,287	TUI AG(b)		1,505,281
	25,618	United Internet AG		424,231
	4,979	Versatel AG(b)		32,735
	1,861	Vossloh AG		229,625
	4,337	VTG AG		86,695
	3,487	Wacker Chemie AG		630,198
	14,682	Wacker Neuson SE(b)		247,052
	582	Wincor Nixdorf AG		44,440
	11,575	Wirecard AG		184,707
	1,163	Zhongde Waste Technology AG		17,659
				48,153,383
GREECE — 0.2%
	1,181	Aegean Airlines SA		3,784
	73,301	Agriculture Bank of Greece(b)		76,274
	44,148	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organizations		32,036

20

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
GREECE (continued)
	240,031	Alpha Bank AE(b)	$	1,406,573
	9,992	Anek Lines SA(b)		3,283
	1,098	Astir Palace Hotel SA(b)		3,142
	5,236	Athens Medical Center SA(b)		4,803
	2,823	Athens Water Supply & Sewage Co. SA (The)		19,132
	16,938	Attica Bank(b)		22,495
	7,868	Bank of Greece		376,606
	29,378	Coca-Cola Hellenic Bottling Co. SA		865,195
	36,991	Corinth Pipeworks SA(b)		53,179
	24,331	Diagnostic & Therapeutic Center of Athens Hygeia SA(b)		22,320
	131,410	EFG Eurobank Ergasias SA(b)		770,058
	46,199	Ellaktor SA		238,465
	3,862	Elval Aluminium Process Co.(b)		7,614
	5,308	Emporiki Bank SA(b)		11,555
	3,298	Euromedica SA(b)		7,089
	1,897	Folli Follie Group(b)		37,453
	22,434	Forthnet SA(b)		19,658
	6,358	Fourlis Holdings SA		48,661
	9,171	Frigoglass SA		141,135
	23,586	GEK Terna Holding Real Estate Construction SA		114,316
	4,665	Geniki Bank(b)		12,519
	3,107	Halcor SA(b)		3,871
	7,525	Hellenic Exchanges SA Holding Clearing Settlement and Registry		57,696
	36,869	Hellenic Petroleum SA		351,840
	33,052	Hellenic Telecommunications Organization SA		341,209
	6,924	Heracles General Cement Co.		44,461
	2,248	Iaso SA		4,124
	21,415	Intracom Holdings SA(b)		14,953
	4,809	Intracom SA Technical & Steel Constructions(b)		5,070
	21,020	Intralot SA-Integrated Lottery Systems & Services		72,237
	17,378	JUMBO SA		121,107
	6,779	Lambrakis Press SA(b)		4,734
	2,850	Lamda Development SA(b)		15,218
	273,265	Marfin Investment Group SA(b)		269,381
	7,852	Metka SA		115,031
	4,775	Motor Oil (Hellas) Corinth Refineries SA		60,539
	37,770	Mytilineos Holdings SA(b)		271,492
	18,137	National Bank of Greece SA(b)		175,316
	31,166	OPAP SA		627,690
	626,141	Piraeus Bank SA(b)		1,423,087
	787	Piraeus Port Authority(b)		14,493
	7,228	Proton Bank SA(b)		7,026
	16,100	Public Power Corp. SA		263,418
	3,062	S&B Industrial Minerals SA		17,147
	5,750	Sarantis SA		23,224

Shares			Value
GREECE (continued)
	12,992	Sidenor Steel Products Manufacturing Co. SA(b)	$	56,210
	12,534	T Bank SA(b)		3,775
	3,630	Teletypos SA Mega Channel(b)		8,350
	7,215	Terna Energy SA		35,365
	1,070	Thessaloniki Port Authority SA		19,968
	5,845	Titan Cement Co. SA		123,561
	29,349	TT Hellenic Postbank SA(b)		127,381
	40,574	Viohalco(b)		248,317
				9,224,636
HONG KONG — 1.3%
	160,000	Alco Holdings Ltd.		74,699
	78,000	Allan International Holdings Ltd.		39,717
	30,000	Allied Group Ltd.		112,356
	1,545,693	Allied Properties HK Ltd.		301,341
	188,000	AMVIG Holdings Ltd.		140,096
	128,000	Anxin-China Holdings Ltd.(b)		41,864
	960,000	Apac Resources Ltd.(b)		60,949
	56,000	APT Satellite Holdings Ltd.(b)		20,973
	365,000	Artel Solutions Group Holdings Ltd.(b)		13,576
	576,000	Artini China Co. Ltd.(b)		36,200
	142,000	Asia Financial Holdings Ltd.		65,202
	58,000	Asia Satellite Telecommunications Holdings Ltd.		101,172
	323,877	Asia Standard International Group Ltd.		82,250
	36,000	Associated International Hotels Ltd.(b)		80,250
	958,000	Avic International Holding HK Ltd.(b)		41,777
	42,000	Bauhaus International Holdings Ltd.		16,969
	914,000	Beijing Capital International Airport Co. Ltd. - H Shares		487,676
	89,000	Beijing Development HK Ltd.(b)		16,095
	162,500	Beijing Enterprises Holdings Ltd.		952,492
	210,000	Beijing Enterprises Water Group Ltd.(b)		82,959
	256,000	Beijing Properties Holdings Ltd.(b)		22,656
	504,000	Bel Global Resources Holdings Ltd.(b)		9,567
	114,000	Bio-Dynamic Group Ltd.(b)		17,692
	906,000	Birmingham International Holdings Ltd(b)		26,843
	144,000	Bonjour Holdings Ltd.		25,673
	390,000	Bosideng International Holdings Ltd.		121,052
	218,000	Bossini International Holdings Ltd.		24,885
	317,000	Brightoil Petroleum Holdings Ltd.		191,908

21

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
HONG KONG (continued)
	482,000	Brilliance China Automotive Holdings Ltd.(b)	$	361,655
	994,000	Burwill Holdings Ltd.(b)		65,020
	775,000	C C Land Holdings Ltd.		282,301
	64,000	Cafe de Coral Holdings Ltd.		152,681
	510,000	Capital Estate Ltd.(b)		27,473
	500,000	Celestial Asia Securities Holdings Ltd.		39,119
	204,000	Central China Real Estate Ltd.		61,488
	187,900	Centron Telecom International Holdings Ltd.		43,862
	646,800	Century City International Holdings Ltd.		49,775
	425,000	Century Sunshine Group Holdings Ltd.		15,263
	2,966,000	Champion Technology Holdings Ltd.		62,389
	1,158,560	Chaoda Modern Agriculture Holdings Ltd.		826,200
	840,000	Chaoyue Group Ltd.(b)		52,253
	30,000	Chen Hsong Holdings		17,469
	56,430	Cheuk Nang Holdings Ltd.		23,740
	80,000	Chevalier International Holdings Ltd.		97,478
	275,000	Chevalier Pacific Holdings Ltd.		10,052
	570,000	Chia Tai Enterprises International Ltd.(b)		22,298
	825,000	China Aerospace International Holdings Ltd.		112,164
	433,798	China Agri-Industries Holdings Ltd.		464,029
	490,857	China BlueChemical Ltd. - H Shares		405,446
	336,000	China Chengtong Development Group Ltd.(b)		20,255
	160,000	China Digital Licensing Group Ltd.(b)		10,876
	895,000	China Dongxiang Group Co.		390,296
	120,000	China Electronics Corp. Holdings Co. Ltd.(b)		14,314
	454,000	China Energine International Holdings Ltd.(b)		36,103
	862,000	China Energy Development Holdings Ltd.(b)		47,541
	245,000	China Everbright International Ltd.		123,181
	384,000	China Everbright Ltd.		797,881
	68,350	China Flavors & Fragrances Co. Ltd.(b)		17,270
	236,000	China Foods Ltd.		144,990
	228,000	China Gas Holdings Ltd.(d)		99,135
	3,274,000	China Grand Forestry Green Resources Group Ltd.(b)		104,561
	147,000	China Green Holdings Ltd.		144,046
	446,000	China Haidian Holdings Ltd.		59,492
	112,000	China High Speed Transmission Equipment Group Co. Ltd.		172,956

Shares			Value
HONG KONG (continued)
	1,002,000	China Infrastructure Investment Ltd.(b)	$	41,125
	165,000	China Mengniu Dairy Co. Ltd.		460,294
	257,107	China Merchants Holdings International Co. Ltd.		1,117,907
	212,000	China Metal International Holdings, Inc.		69,609
	1,980,000	China Mining Resources Group Ltd.(b)		43,680
	1,140,000	China Oil and Gas Group Ltd.(b)		122,822
	374,000	China Pharmaceutical Group Ltd.		206,748
	216,000	China Power International Development Ltd.		44,050
	560,000	China Power New Energy Development Co. Ltd.(b)		51,715
	188,000	China Precious Metal Resources Holdings Co. Ltd.(b)		40,027
	276,000	China Properties Group Ltd.(b)		94,518
	308,000	China Public Procurement Ltd.(b)(c)(d)		26,863
	4,844,000	China Renji Medical Group Ltd.(b)(c)(d)		37,278
	186,000	China Resources Enterprise Ltd.		728,813
	68,800	China Resources Gas Group Ltd.		93,185
	204,000	China Resources Power Holdings Co. Ltd.		356,892
	530,000	China Seven Star Shopping Ltd.(b)		7,885
	1,130,000	China Solar Energy Holdings Ltd.(b)		17,682
	16,000	China Sonangol Resources Enterprise Ltd.(b)		3,119
	245,000	China Starch Holdings Ltd.		16,969
	261,200	China State Construction International Holdings Ltd.		257,292
	945,000	China Strategic Holdings Ltd(b)		30,059
	134,000	China Taiping Insurance Holdings Co. Ltd.(b)		375,533
	3,700,000	China Timber Resources Group Ltd.(b)		201,689
	476,000	China Ting Group Holdings Ltd.		76,315
	1,198,000	China Travel International Investment Hong Kong Ltd.(b)		264,288
	128,000	China Water Affairs Group Ltd.		48,595
	1,250,000	China Windpower Group Ltd.(b)		120,244
	900,000	China Zenith Chemical Group Ltd.(b)		22,971
	76,000	China-Hongkong Photo Products Holdings Ltd.		9,455
	120,000	ChinaVision Media Group Ltd.(b)		9,389
	69,000	Chong Hing Bank Ltd.		200,894

22

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
HONG KONG (continued)
	86,000	Chow Sang Sang Holdings International Ltd.	$	180,236
	214,000	Chu Kong Shipping Development		52,974
	133,000	Chuang’s China Investments Ltd.(b)		9,894
	532,000	Chuang’s Consortium International Ltd.		77,105
	62,000	CIMC Enric Holdings Ltd.(b)		26,242
	224,000	Citic 1616 Holdings Ltd.		69,815
	397,000	Citic Pacific Ltd.		1,066,759
	1,009,000	Citic Resources Holdings Ltd.(b)		208,357
	77,000	City Telecom HK Ltd.		53,331
	1,294,000	CK Life Sciences International Holdings, Inc.(b)		97,922
	68,000	Clear Media Ltd.(b)		44,219
	516,000	Coastal Greenland Ltd.(b)		34,415
	137,625	Comba Telecom Systems Holdings Ltd.		146,863
	870,000	Continental Holdings Ltd.		17,965
	308,000	Cosco International Holdings Ltd.		182,904
	658,000	Cosco Pacific Ltd.		1,225,419
	38,000	Coslight Technology International Group Ltd.		21,640
	380,000	Cosmos Machinery(b)		52,151
	375,000	Cosway Corp Ltd.		46,655
	756,000	CP Pokphand Co.		102,783
	44,000	Cross-Harbour Holdings Ltd.		38,770
	2,270,000	CSI Properties Ltd.		66,674
	8,712,000	CST Mining Group Ltd.(b)		254,768
	752,000	Culture Landmark Investment Ltd.(b)		19,097
	167,000	DaChan Food Asia Ltd.		31,915
	168,000	Dah Chong Hong Holdings Ltd.		159,238
	178,640	Dah Sing Banking Group Ltd.		315,733
	67,050	Dah Sing Financial Holdings Ltd.		469,122
	443,000	Dan Form Holdings Co. Ltd.(b)		55,115
	192,000	Daphne International Holdings Ltd.		184,695
	132,000	Dawnrays Pharmaceutical Holdings Ltd.		55,870
	164,000	DBA Telecommunication Asia Holdings Ltd.(b)		34,497
	574,000	Dejin Resources Group Co. Ltd.(b)		23,191
	98,050	Dickson Concepts International Ltd.		76,462
	121,000	Digital China Holdings Ltd.		232,172
	80,000	DVN Holdings Ltd.		5,233
	110,000	Dynasty Fine Wines Group Ltd.		51,214
	146,000	Eagle Nice International Holdings Ltd.		41,197
	22,000	EcoGreen Fine Chemicals Group Ltd.		8,381

Shares			Value
HONG KONG (continued)
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)	$	0
	62,000	Embry Holdings Ltd.		50,417
	325,000	Emperor Entertainment Hotel Ltd.		78,367
	648,669	Emperor International Holdings Ltd.		130,621
	280,000	Emperor Watch & Jewellery Ltd.		40,941
	446,943	Enerchina Holdings Ltd.(b)		9,631
	616,000	ENM Holdings Ltd.(b)		62,417
	7,200,000	EPI Holdings Ltd.(b)		49,868
	456,000	eSun Holdings Ltd.(b)		110,540
	136,000	EVA Precision Industrial Holdings Ltd.		117,045
	230,000	Extrawell Pharmaceutical Holdings Ltd.(b)		15,045
	9,500	Fairwood Ltd.		13,257
	574,116	Far East Consortium International Ltd.		148,745
	518,400	First Pacific Co. Ltd.		448,808
	48,000	Fong’s Industries Co. Ltd.		32,322
	222,000	Fountain SET Holdings Ltd.		41,856
	1,362,000	Franshion Properties China Ltd.		394,800
	316,000	Frasers Property China Ltd.(b)		8,309
	440,000	Freeman Financial Corp. Ltd.(b)		17,777
	188,000	Fubon Bank Hong Kong Ltd.		118,394
	116,000	Fufeng Group Ltd.		93,137
	18,000	Fujikon Industrial Holdings Ltd.		3,786
	682,000	Fushan International Energy Group Ltd.		461,860
	482,000	Galaxy Entertainment Group Ltd.(b)		740,621
	887,000	GCL Poly Energy Holdings Ltd.(b)		412,974
	630,000	Geely Automobile Holdings Ltd.		295,742
	498,000	Genting Hong Kong Ltd.(b)		229,306
	1,576,000	Get Nice Holdings Ltd.		113,197
	366,000	Giordano International Ltd.		217,347
	767,200	Global Bio-Chem Technology Group Co. Ltd.(b)		124,970
	90,000	Global Sweeteners Holdings Ltd.		16,853
	12,000	Glorious Sun Enterprises Ltd.		5,187
	297,000	Gold Peak Industries Holding Ltd.		41,903
	40,000	Goldbond Group Holdings Ltd.		2,103
	676,000	Golden Meditech Co. Ltd.(b)		127,455
	3,860,000	Golden Resorts Group Ltd.(b)		222,788
	238,000	Golden Resources Development International Ltd.		16,789
	136,000	Goldin Properties Holdings Ltd.(b)		76,751
	65,000	Goldlion Holdings Ltd.		27,512
	1,667,600	GOME Electrical Appliances Holdings Ltd.(b)		630,966

23

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
HONG KONG (continued)
	120,000	Good Fellow Resources Holdings Ltd.(b)	$	10,312
	16,000	Good Friend International Holdings, Inc.		13,011
	216,738	Great Eagle Holdings Ltd.		724,160
	5,079,000	G-Resources Group Ltd.(b)		384,346
	534,000	Guangdong Investment Ltd.		272,594
	358,000	Guangnan Holdings		88,161
	256,191	GZI Transportation Ltd.		143,594
	28,000	Haier Electronics Group Co. Ltd.(b)		29,305
	198,000	Hang Ten Group Holdings Ltd.		46,982
	160,000	Hannstar Board International Holdings Ltd.		23,395
	96,000	Hans Energy Co. Ltd.(b)		3,201
	87,000	Harbour Centre Development Ltd.		120,513
	219,000	Henderson Investment Ltd.		21,067
	996,975	Heng Tai Consumables Group Ltd.		149,611
	222,000	Hengdeli Holdings Ltd.		125,000
	492,000	Hi Sun Technology (China) Ltd.(b)		177,953
	1,099,035	HKC Holdings Ltd.(b)		61,319
	292,400	HKR International Ltd.		183,391
	186,000	Hon Kwok Land Investment Co. Ltd.		75,148
	81,000	Hong Kong Ferry (Holdings) Co. Ltd.		78,126
	144,000	Hong Kong Resources Holdings Co. Ltd.		16,623
	330,000	Hongkong & Shanghai Hotels (The)		577,325
	651,700	Hongkong Chinese Ltd.(b)		140,426
	140,000	Hopewell Highway Infrastructure Ltd.		110,252
	233,500	Hopewell Holdings Ltd.		757,704
	332,000	Hopson Development Holdings Ltd.(b)		377,280
	46,000	Hsin Chong Construction Group Ltd.		10,089
	328,000	Hua Han Bio-Pharmaceutical Holdings Ltd.		105,594
	184,000	Huabao International Holdings Ltd.		272,343
	536,000	Huafeng Group Holdings Ltd.		25,437
	259,631	Hung Hing Printing Group Ltd.		113,221
	1,042,000	Huscoke Resources Holdings Ltd.(b)		53,459
	1,000,000	Hutchison Harbour Ring Ltd.		126,978
	281,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		95,509
	206,000	Hybrid Kinetic Group Ltd.(b)		4,597
	20,000	Hycomm Wireless Ltd.(b)		7,183
	742,000	IDT International Ltd.(b)		20,747
	755,000	Inspur International Ltd.		64,880
	352,500	Interchina Holdings Co.(b)		58,775

Shares			Value
HONG KONG (continued)
	120,000	iOne Holdings Ltd.	$	2,924
	445,000	IPE Group Ltd.		77,623
	398,000	IT Ltd.		269,531
	21,000	ITC Properties Group Ltd.(b)		5,010
	209,000	Jinhui Holdings Ltd.(b)		67,552
	306,000	Jiuzhou Development Co. Ltd.(b)		28,258
	290,000	JLF Investment Co. Ltd.(b)		26,781
	592,500	Johnson Electric Holdings Ltd.		421,768
	308,000	Joyce Boutique Holdings Ltd.		30,418
	390,000	Ju Teng International Holdings Ltd.		181,578
	759,579	K Wah International Holdings Ltd.		342,932
	2,140,000	Kai Yuan Holdings Ltd.(b)		71,364
	282,000	Kam Hing International Holdings Ltd.		53,892
	450,000	Kantone Holdings Ltd.		7,272
	42,000	Keck Seng Investments		21,548
	2,020,000	King Stone Energy Group Ltd.(b)		47,154
	224,000	Kingboard Chemical Holdings Ltd.		1,275,625
	313,000	Kingboard Laminates Holdings Ltd.		309,923
	196,000	Kingmaker Footwear Holdings Ltd.		40,222
	206,666	Kingway Brewery Holdings Ltd.(b)		50,098
	300,000	Kiu Hung Energy Holdings Ltd.(b)		11,736
	2,040,000	Ko Yo Ecological Agrotech Group Ltd.(b)		57,302
	288,000	Kowloon Development Co. Ltd.		413,716
	140,000	KPI Co. Ltd.(b)		8,080
	600,000	Kunlun Energy Co. Ltd.		875,761
	411,500	KWG Property Holding Ltd.		306,119
	706,000	Lai Fung Holdings Ltd.		30,788
	4,094,000	Lai Sun Development Co. Ltd.(b)		144,402
	750,000	Lai Sun Garment International Ltd.(b)		99,081
	9,000	LAM Soon Hong Kong Ltd.		8,888
	116,000	Le Saunda Holdings Ltd.		56,537
	34,000	Lee & Man Holding Ltd.		37,852
	779,200	Lee & Man Paper Manufacturing Ltd.		539,678
	262,000	Lerado Group Holdings Co.		47,718
	20,000	Lifestyle International Holdings Ltd.		49,662
	135,000	Lijun International Pharmaceutical Holding Ltd.		35,323
	3,028,000	Lippo China Resources Ltd.		116,512
	124,000	Lippo Ltd.		60,913
	210,000	Lisi Group Holdings Ltd.(b)		15,353
	156,000	Liu Chong Hing Investment Ltd.		233,700

24

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
HONG KONG (continued)
	362,000	Lonking Holdings Ltd.	$	211,257
	564,000	Loudong General Nice Resources China Holdings Ltd.		67,998
	361,000	Luen Thai Holdings Ltd.		39,357
	110,000	Luk Fook Holdings International Ltd.		340,723
	106,000	Luks Group Vietnam Holdings Co. Ltd.		36,708
	116,000	Lumena Resources Corp.		39,874
	98,000	Lung Kee (Bermuda) Holdings Ltd.		65,990
	1,658,000	Magnificent Estates		75,493
	38,000	Man Yue International Holdings Ltd.		10,820
	276,000	Mascotte Holdings Ltd.(b)		19,824
	9,143,750	Media China Corp. Ltd.(b)		39,874
	580,000	Mei Ah Entertainment Group Ltd.(b)		12,200
	673,000	Melco International Development		498,925
	156,000	Midland Holdings Ltd.		125,254
	90,000	MIN XIN Holdings Ltd.		44,442
	69,000	Ming Fai International Holdings Ltd.		24,868
	390,000	Ming Fung Jewellery Group Ltd.(b)		37,516
	122,000	Mingfa Group International Co. Ltd.		42,405
	440,000	Mingyuan Medicare Development Co. Ltd.		55,870
	524,000	Minmetals Land Ltd.(b)		106,861
	336,000	Minmetals Resources Ltd.(b)		227,113
	178,000	Minth Group Ltd.		269,398
	44,000	Miramar Hotel & Investment Co. Ltd.		53,895
	1,290,000	Mongolia Energy Co. Ltd.(b)		362,348
	9,871,148	Nan Hai Corp. Ltd.(b)		73,432
	150,000	Natural Beauty Bio-Technology Ltd.		35,592
	145,000	Neo-China Land Group Holdings Ltd.(b)		55,421
	208,500	Neo-Neon Holdings Ltd.		109,643
	56,500	NetDragon Websoft, Inc.		26,668
	872,000	New Century Group Hong Kong Ltd.		25,948
	700,000	New Smart Energy Group Ltd.(b)		7,003
	2,642,000	New Times Energy Corp. Ltd.(b)		64,723
	761,400	New World China Land Ltd.		307,621
	149,000	New World Department Store China Ltd.		114,474
	1,510,000	Neway Group Holdings Ltd.		55,197
	366,000	Newocean Energy Holdings Ltd.		69,945
	494,000	Next Media Ltd.(b)		70,330

Shares			Value
HONG KONG (continued)
	458,000	Nine Dragons Paper Holdings Ltd.	$	647,350
	260,000	North Asia Resources Holdings Ltd.(b)		42,685
	166,110	NWS Holdings Ltd.		281,230
	80,000	Omnicorp Ltd.(b)		29,962
	625,000	Orange Sky Golden Harvest Entertainment Holdings Ltd.(b)		47,296
	54,500	Orient Overseas International Ltd.		546,283
	23,000	Oriental Ginza Holdings Ltd.(b)		4,130
	92,000	Oriental Watch Holdings		47,082
	24,000	Overseas Chinese Town Asia Holdings Ltd.		12,990
	861,570	Pacific Andes International Holdings Ltd.		153,602
	810,000	Pacific Basin Shipping Ltd.		523,609
	498,000	Pacific Century Premium Developments Ltd.		93,255
	323,240	Paliburg Holdings Ltd.		123,547
	697,000	PCCW Ltd.		328,982
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	199,000	Pearl Oriental Innovation Ltd.(b)		30,884
	1,168,000	PetroAsian Energy Holdings Ltd.(b)		74,155
	176,000	Phoenix Satellite Television Holdings Ltd.		63,884
	170,000	Pico Far East Holdings Ltd.		34,451
	580,000	PME Group Ltd.(b)		50,586
	1,094,977	PNG Resources Holdings Ltd.(b)		39,324
	719,000	Poly Hong Kong Investments Ltd.		671,355
	1,200,000	Polytec Asset Holdings Ltd.		203,164
	48,000	Ports Design Ltd.		132,057
	421,000	Pou Sheng International Holdings Ltd.(b)		67,497
	560,000	Prosperity International Holdings HK Ltd.		34,476
	104,000	Public Financial Holdings Ltd.		73,365
	1,704,000	PYI Corp. Ltd.(b)		90,700
	194,667	Qin Jia Yuan Media Services Co. Ltd.		36,953
	426,200	Regal Hotels International Holdings Ltd.		172,740
	1,800,000	REXLot Holdings Ltd.		193,929
	96,000	Rising Development Holdings(b)		20,563
	56,000	Road King Infrastructure Ltd.		51,284
	78,000	Royale Furniture Holdings Ltd.		40,818
	176,000	SA SA International Holdings Ltd.		96,164
	312,000	Samson Holding Ltd.		68,029
	98,000	SEA Holdings Ltd.		63,476

25

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
HONG KONG (continued)
	228,000	Sewco International Holdings Ltd(b)	$	29,243
	208,516	Shanghai Industrial Holdings Ltd.		838,434
	3,660,000	Shanghai Zendai Property Ltd.		136,135
	329,333	Shangri-La Asia Ltd.		859,591
	30,000	Sheng Yuan Holdings Ltd.(b)		2,886
	75,000	Shenyin Wanguo Hk Ltd.		33,668
	156,000	Shenzhen High-Tech Holdings Ltd.(b)		11,205
	3,145,000	Shenzhen International Holdings Ltd.		278,331
	984,000	Shenzhen Investment Ltd.		348,334
	437,129	Shimao Property Holdings Ltd.		663,825
	228,000	Shougang Concord Century Holdings Ltd.		23,980
	405,000	Shougang Concord Grand Group(b)		25,453
	1,530,000	Shougang Concord International Enterprises Co. Ltd.(b)		225,674
	214,000	Shougang Concord Technology Holdings(b)		11,254
	152,000	Shui On Construction & Materials Ltd.		209,772
	610,000	Shun Tak Holdings Ltd.		379,458
	642,000	Silver Grant International Ltd.		216,562
	282,000	Sim Technology Group Ltd.		55,701
	268,000	Sing Tao News Corp. Ltd.		86,278
	646,000	Singamas Container Holdings Ltd.(b)		222,054
	272,000	Sino Biopharmaceutical		87,217
	360,000	Sino Gas Group Ltd.(b)		13,852
	785,000	Sino Oil And Gas Holdings Ltd.(b)		41,784
	710,000	Sino Prosper State Gold Resources Holdings Ltd.(b)		35,971
	1,470,000	Sino Union Energy Investment Ltd.(b)		120,667
	756,000	Sinofert Holdings Ltd.(b)		419,857
	100,800	Sino-Forest Corp.(b)		2,192,464
	2,330,000	Sino-I Technology Ltd.(b)		15,540
	844,250	Sinolink Worldwide Holdings Ltd.		123,443
	73,000	SinoMedia Holding Ltd.		25,186
	118,000	Sinopec Kantons Holdings Ltd.		73,403
	790,000	Sino-Tech International Holdings Ltd.(b)		27,865
	901,000	Sinotrans Shipping Ltd.		329,353
	38,000	SIS International Holdings		15,012
	158,000	Skyfame Realty Holdings Ltd.(b)(c)(d)		0
	495,291	Skyworth Digital Holdings Ltd.		308,737
	52,000	SmarTone Telecommunications Holding Ltd.		143,728
	124,000	Solargiga Energy Holdings Ltd.(b)		28,787
	482,000	Solomon Systech International Ltd.		29,983

Shares			Value
HONG KONG (continued)
	696,000	South China China Ltd.	$	49,098
	216,000	Sparkle Roll Group Ltd.		39,063
	998,000	SRE Group Ltd.		99,843
	65,500	Stella International Holdings Ltd.		142,314
	204,000	Success Universe Group Ltd.(b)		17,007
	16,000	Sun Hing Vision Group Holdings Ltd.		7,059
	349,054	Sun Hung Kai & Co. Ltd.		259,664
	310,000	Sun Innovation Holdings Ltd.(b)		10,338
	1,132,000	Superb Summit International Timber Co. Ltd.(b)		56,624
	982,500	Sustainable Forest Holdings Ltd.(b)		49,776
	566,000	SW Kingsway Capital Holdings Ltd.		21,053
	128,000	Symphony Holdings Ltd. Hong Kong		6,977
	245,000	TAI Cheung Holdings Ltd.		196,713
	119,159	Tai Fook Securities Group Ltd.		84,670
	174,000	Tak Sing Alliance Holdings Ltd.		22,540
	12,000	Tan Chong International Ltd.		3,140
	282,000	TCC International Holdings Ltd.		107,785
	65,000	TCL Communication Technology Holdings Ltd.		71,614
	274,000	TCL Multimedia Technology Holdings Ltd.		108,241
	283,000	Techtronic Industries Co.		352,087
	49,000	Television Broadcasts Ltd.		263,331
	108,000	Texhong Textile Group Ltd.		100,843
	132,000	Texwinca Holdings Ltd.		143,400
	200,000	Theme International Holdings Ltd.(b)		15,391
	185,800	Tian An China Investment Co. Ltd.		128,448
	106,000	Tianjin Development Holdings Ltd.(b)		90,003
	100,000	Tianjin Port Development Holdings Ltd.		25,780
	2,380,000	Titan Petrochemicals Group Ltd.(b)		177,050
	780,000	Tomorrow International Holdings Ltd.(b)		40,017
	264,252	Tomson Group Ltd.		110,830
	1,740,000	Tongda Group Holdings Ltd.		106,007
	118,000	Top Form International Ltd.		10,594
	276,000	Town Health International Investments Ltd.(b)		49,206
	74,000	Towngas China Co. Ltd.		37,870
	330,000	TPV Technology Ltd.		207,820
	79,200	Transport International Holdings Ltd.		254,971
	385,000	Truly International Holdings		101,723
	138,000	TSC Offshore Group Ltd.(b)		33,984
	20,000	Tse Sui Luen Jewellery International Ltd.		14,493

26

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
HONG KONG (continued)
	194,000	Tysan Holdings Ltd.	$	37,324
	388,000	United Energy Group Ltd.(b)		71,662
	102,000	United Laboratories International Holdings Ltd. (The)		163,532
	112,000	Value Convergence Holdings Ltd.(b)		25,857
	134,000	Value Partners Group Ltd.		129,589
	96,000	Vantage International Holdings Ltd.(b)		13,298
	116,000	Varitronix International Ltd.		58,471
	348,000	Vedan International Holdings Ltd.		32,583
	440,000	Veeko International Holdings Ltd.		22,856
	488,402	Victory City International Holdings Ltd.		102,107
	28,000	Vinda International Holdings Ltd.		26,288
	136,000	Vitasoy International Holdings Ltd.		120,011
	282,000	VODone Ltd.		92,955
	246,000	VST Holdings Ltd.(b)		89,608
	26,000	VTech Holdings Ltd.		288,957
	312,000	Wah Nam International Holdings Ltd.(b)		50,021
	58,000	Wai Kee Holdings Ltd.		12,498
	644,714	Wai Yuen Tong Medicine Holdings Ltd.(b)		13,396
	100,000	Wang ON Group Ltd.		2,103
	196,000	Wasion Group Holdings Ltd.		102,819
	110,000	Water Oasis Group Ltd.		16,930
	876,000	Welling Holding Ltd.		46,628
	240,000	Win Hanverky Holdings Ltd.		36,015
	29,000	Wing Hang Bank Ltd.		390,180
	73,000	Wing On Co. International Ltd.		152,242
	230,000	Wing Tai Properties Ltd.		94,695
	254,000	Winteam Pharmaceutical Group Ltd.(b)		47,238
	314,000	Xinyi Glass Holdings Co. Ltd.		260,168
	280,000	Xiwang Sugar Holdings Co. Ltd.		79,367
	73,000	XTEP International Holdings		47,377
	230,000	Yeebo International Holdings		41,890
	15,000	YGM Trading Ltd.		33,668
	110,000	Yip’s Chemical Holdings Ltd.		132,057
	2,468,200	Yuexiu Property Co. Ltd.(b)		601,487
	906,000	Yugang International Ltd.		9,529
	140,000	ZZNode Technologies Co. Ltd.(b)		15,263
				62,309,041
HUNGARY — 0.0%
	2,195	Egis Plc		236,788
	344	EMASZ Rt		36,609
	28,924	FHB Mortgage Bank Plc(b)		143,675
	4,154	Fotex Holding SE Co. Ltd.(b)		8,045

Shares			Value
HUNGARY (continued)
	37,340	Magyar Telekom Telecommunications Plc	$	101,358
	5,470	Richter Gedeon Nyrt		1,165,071
				1,691,546
INDIA — 0.7%
	7,776	3I Infotech Ltd.(b)		8,376
	215	3M India Ltd.(b)		16,364
	2,000	ABB Ltd. India		31,904
	7,510	ABG Shipyard Ltd.(b)		57,041
	25,816	ACC Ltd.		557,622
	13,455	Adhunik Metaliks Ltd.(b)		26,245
	23,661	Aditya Birla Nuvo Ltd.		386,662
	6,786	AIA Engineering Ltd.(b)		57,838
	2,788	AKZO Nobel India Ltd.		43,778
	20,592	Alembic Ltd.		30,724
	57,431	Allahabad Bank		253,254
	810	Allcargo Global Logistics Ltd.		2,372
	154,877	Alok Industries Ltd.		87,879
	1,438	Alstom Projects India Ltd.		18,187
	290,951	Ambuja Cements Ltd.		799,466
	25,831	Amtek Auto Ltd.		68,052
	26,564	Anant Raj Industries Ltd.		58,382
	65,924	Andhra Bank		200,529
	14,931	Ansal Properties & Infrastructure Ltd.(b)		13,643
	1,957	Apar Industries Ltd.(b)		9,124
	20,456	Apollo Hospitals Enterprise Ltd.		219,085
	43,566	Apollo Tyres Ltd.		48,586
	61,072	Arvind Ltd.(b)		85,469
	143,696	Ashok Leyland Ltd.(b)		184,511
	2,238	Asian Paints Ltd.		125,647
	11,229	Aurobindo Pharma Ltd.(b)		290,264
	7,450	Bajaj Auto Finance Ltd.		95,328
	3,492	Bajaj Auto Ltd.		94,769
	3,701	Bajaj Electricals Ltd.		17,542
	11,363	Bajaj Finserv Ltd.		101,416
	27,426	Bajaj Hindusthan Ltd.		49,016
	21,621	Bajaj Holdings and Investment Ltd.		342,588
	9,875	Balkrishna Industries Ltd.		26,123
	97,217	Ballarpur Industries Ltd.		66,703
	2,239	Balmer Lawrie & Co. Ltd.		26,031
	33,302	Balrampur Chini Mills Ltd.(b)		51,212
	24,364	Bank of India		233,026
	83,282	Bank of Maharashtra		107,300
	4,339	BASF India Ltd.		54,112
	4,328	BEML Ltd.(b)		82,026
	8,601	Berger Paints India Ltd.		16,290
	5,553	BGR Energy Systems Ltd.(b)		66,555
	3,974	Bharat Electronics Ltd.(b)		151,602
	32,980	Bharat Forge Ltd.(b)		246,075
	4,479	Bharat Petroleum Corp. Ltd.		59,805
	25,775	Bhushan Steel Ltd.		222,801
	25,428	Binani Cement Ltd.		50,623
	14,324	Biocon Ltd.		109,045

27

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
INDIA (continued)
	11,513	Birla Corp. Ltd.	$	80,599
	620	Blue Dart Express Ltd.		13,925
	4,247	Blue Star Ltd.		30,911
	3,587	Bombay Dyeing & Manufacturing Co. Ltd.		30,256
	23,795	Bombay Rayon Fashions Ltd.(b)		121,981
	1,485	Bosch Ltd.		194,766
	7,389	Brigade Enterprises Ltd.		14,984
	6,540	Britannia Industries Ltd.		53,890
	459	Cadila Healthcare Ltd.		8,266
	52,503	Canara Bank		689,481
	2,650	Carborundum Universal Ltd.		13,876
	57,828	Central Bank of India		216,839
	29,868	Century Plyboards India Ltd.(b)		37,929
	9,156	Century Textile & Industries Ltd.		65,644
	10,945	CESC Ltd.		73,416
	38,402	Chambal Fertilizers & Chemicals Ltd.		60,100
	8,488	Chennai Petroleum Corp Ltd.(b)		39,408
	12,352	Cholamandalam Investment and Finance Co. Ltd.		47,057
	21,789	City Union Bank Ltd.		19,933
	1,594	Clariant Chemicals India Ltd.		24,210
	556	CMC Ltd.		23,832
	4,626	Colgate Palmolive India Ltd.		83,033
	12,000	Consolidated Construction Consortium Ltd.		14,062
	9,718	Container Corp. of India		255,174
	6,202	Core Projects & Technologies Ltd.		37,434
	11,936	Coromandel International Ltd.		60,473
	12,691	Corp Bank		159,045
	177	CRISIL Ltd.		22,690
	19,689	Crompton Greaves Ltd.		119,459
	9,629	Cummins India Ltd.		153,663
	68,854	Dabur India Ltd.		140,528
	2,774	Dalmia Bharat Enterprises Ltd(b)		12,353
	2,774	Dalmia Cement Bharat Ltd.(b)		1,770
	16,723	Deccan Chronicle Holdings Ltd.		33,584
	12,425	Deepak Fertilizers & Petrochemicals Corp. Ltd.		43,207
	24,459	Development Credit Bank Ltd.(b)		25,386
	15,797	Dewan Housing Finance Corp Ltd.(b)		89,170
	7,955	Dhanlaxmi Bank Ltd.		16,461
	43,860	Dish TV India Ltd.(b)		56,461
	4,955	Dishman Pharmaceuticals & Chemicals Ltd.		14,489
	5,675	Divi’s Laboratories Ltd.		78,475
	2,545	Dredging Corp of India Ltd.		21,484
	102,080	Edelweiss Capital Ltd.		90,384
	4,564	Eicher Motors Ltd.		101,688

Shares			Value
INDIA (continued)
	22,258	EID Parry India Ltd.	$	107,678
	9,200	EIH Ltd.		21,051
	21,675	Electrosteel Castings Ltd.		16,524
	15,256	Era Infra Engineering Ltd.		68,388
	24,725	Escorts Ltd.		70,793
	1,094	Ess Dee Aluminium Ltd.(b)		9,797
	77,593	Essar Oil Ltd.(b)		205,856
	93,029	Essar Shipping Ports & Logistics Ltd.(b)		200,202
	37,802	Essel Propack Ltd.		39,893
	14,806	Everest Kanto Cylinder Ltd.		25,494
	1,525	Everonn Education Ltd.		19,605
	36,761	Exide Industries Ltd.		102,812
	4,776	FDC Ltd. India		10,481
	60,849	Federal Bank Ltd.(b)		482,710
	6,289	Federal-Mogul Goetze India Ltd(b)		21,514
	5,430	Financial Technologies India Ltd.(b)		83,898
	7,876	Finolex Cables Ltd.		8,183
	15,505	Finolex Industries Ltd.(b)		29,163
	22,790	Fortis Healthcare Ltd.(b)		64,359
	3,255	Fresenius Kabi Oncology Ltd(b)		7,118
	935	Future Capital Holdings Ltd.(b)		3,190
	37,040	Gammon India Ltd.		116,300
	17,326	Gammon Infrastructure Projects Ltd.(b)		7,189
	2,629	Ganesh Housing Corp. Ltd.		9,008
	23,347	Gateway Distriparks Ltd.		54,058
	25,011	Geodesic Ltd.		43,610
	51,219	Geojit BNP Paribas Financial Services Ltd.		28,951
	1,019	Gillette India Ltd.		37,441
	17,337	Gitanjali Gems Ltd.(b)		75,696
	2,784	GlaxoSmithKline Consumer Healthcare Ltd.		120,947
	4,617	GlaxoSmithKline Pharmaceuticals Ltd.		229,759
	14,696	Glenmark Pharmaceuticals Ltd.(b)		98,320
	94,634	GMR Infrastructure Ltd.(b)		81,215
	16,473	Godrej Consumer Products Ltd.		133,029
	23,771	Godrej Industries Ltd.		89,782
	3,081	Gokul Refoils & Solvent Ltd.		6,392
	10,296	Graphite India Ltd.		21,058
	26,421	Great Eastern Shipping Co. Ltd. (The)		176,562
	9,793	Great Offshore Ltd.		63,897
	17,225	Greaves Cotton Ltd.		35,155
	2,596	Grindwell Norton Ltd.		12,423
	3,202	Gruh Finance Ltd.		26,214
	50,890	GTL Infrastructure Ltd.(b)		44,671
	9,145	GTL Ltd.		82,257
	15,133	Gujarat Alkalies & Chemicals(b)		40,527
	8,892	Gujarat Flourochemicals Ltd.		50,106
	2,605	Gujarat Gas Co. Ltd.		19,868

28

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
INDIA (continued)
	8,119	Gujarat Industries Power Co. Ltd.(b)	$	15,969
	16,814	Gujarat Mineral Development Corp. Ltd.(b)		44,480
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.(b)		65,144
	6,298	Gujarat State Fertilisers & Chemicals(b)		46,532
	27,806	Gujarat State Petronet Ltd.(b)		61,838
	22,326	Gulf Oil Corp Ltd.(b)		41,919
	109,830	GVK Power & Infrastructure Ltd.(b)		78,706
	2,793	HBL Power Systems Ltd.(b)		1,344
	34,141	HCL Infosystems Ltd.		80,909
	2,755	HEG Ltd.(b)		12,140
	36,887	Heidelbergcement India Ltd(b)		28,643
	48,182	Hexaware Technologies Ltd.		118,277
	4,530	Himadri Chemicals & Industries(b)		3,774
	2,359	Hinduja Ventures Ltd.		16,121
	72,882	Hindustan Construction Co.		58,182
	7,610	Hindustan Oil Exploration Co. Ltd.		30,483
	9,353	Hindustan Petroleum Corp. Ltd.(b)		73,158
	628	Honeywell Automation India Ltd.		32,567
	50,459	Hotel Leela Venture Ltd.		44,293
	26,485	Housing Development & Infrastructure Ltd.(b)		75,659
	16,049	HT Media Ltd.		52,349
	3,456	HTMT Global Solutions Ltd.(b)		26,298
	18,666	IBN18 Broadcast Ltd.(b)		38,645
	11,934	ICSA India Ltd.		31,219
	94,790	IDBI Bank Ltd.		292,670
	222,476	Idea Cellular Ltd.(b)		338,245
	100,811	IFCI Ltd.(b)		116,599
	63,064	India Cements Ltd.		135,991
	34,265	India Infoline Ltd.(b)		56,760
	52,967	Indiabulls Financial Services Ltd.		180,787
	119,676	Indiabulls Real Estate Ltd.(b)		313,462
	49,720	Indian Bank		227,915
	88,392	Indian Hotels Co. Ltd.		173,087
	67,304	Indian Overseas Bank		190,726
	4,058	Indraprastha Gas Ltd.(b)		27,450
	45,438	Indusind Bank Ltd.		221,598
	1,734	Info Edge India Ltd.(b)		20,590
	17,984	Infotech Enterprises Ltd.		65,183
	173,718	Infrastructure Development Finance Co. Ltd.		557,177
	40,792	ING Vysya Bank Ltd.		268,866
	2,764	Ipca Laboratories Ltd.		18,299
	21,385	IRB Infrastructure Developers Ltd.(b)		93,603
	53,041	Ispat Industries Ltd.(b)		28,363

Shares			Value
INDIA (continued)
	12,698	IVRCL Assets & Holdings Ltd.(b)	$	15,503
	72,522	IVRCL Infrastructures & Projects Ltd.(b)		126,609
	17,545	Jagran Prakashan Ltd.(b)		46,719
	34,430	Jain Irrigation Systems Ltd.		143,427
	101,150	Jaiprakash Associates Ltd.		183,198
	32,008	Jaiprakash Power Ventures Ltd(b)		31,443
	11,545	Jammu & Kashmir Bank Ltd.(b)		185,032
	13,920	JBF Industries Ltd.(b)		51,393
	9,049	Jet Airways India Ltd.(b)		109,215
	6,226	Jindal Poly Films Ltd.		57,188
	42,445	Jindal Saw Ltd.		193,781
	1,113	Jindal South West Holdings Ltd.(b)		24,755
	4,000	JK Cement Ltd.		10,900
	18,598	JK Lakshmi Cement Ltd.		19,141
	129,371	JM Financial Ltd.		72,843
	12,109	JSL Stainless Ltd.(b)		24,292
	52,651	JSW Energy Ltd.		92,893
	986	Jubilant Industries Ltd.(b)(c)(d)		1,396
	19,737	Jubilant Organosys Ltd.(b)		96,321
	6,393	Jyoti Structures Ltd.(b)		15,380
	13,670	Kalpataru Power Transmission Ltd.(b)		41,745
	20,887	Karnataka Bank Ltd.		60,896
	4,407	Karur Vysya Bank Ltd.		48,706
	73,832	Karuturi Global Ltd.		30,556
	19,645	KEC International Ltd.		37,934
	11,439	Kesoram Industries Ltd.		52,710
	12,238	KPIT Cummins Infosystems Ltd.		43,517
	78,334	KS Oils Ltd.		66,203
	1,658	KSB Pumps Ltd.		16,755
	13,640	KSK Energy Ventures Ltd.(b)		33,498
	1,091	Lakshmi Machine Works Ltd.		51,307
	4,500	Lakshmi Vilas Bank Ltd(b)		9,949
	83,820	Lanco Infratech Ltd.(b)		90,922
	109,325	LIC Housing Finance		428,275
	15,690	Lupin Ltd.(b)		144,187
	7,411	Madhucon Projects Ltd.		14,270
	17,000	Madras Cements Ltd.		34,826
	49,480	Mahanagar Telephone Nigam(b)		51,840
	11,875	Maharashtra Seamless Ltd.		89,185
	8,428	Mahindra & Mahindra Financial Services		127,834
	3,382	Mahindra Lifespace Developers Ltd.		23,680
	5,288	Manaksia Ltd.(b)		8,541
	81,619	Mangalore Refinery & Petrochemicals Ltd.(b)		119,824
	25,011	Marico Ltd.		68,452
	7,276	Mastek Ltd.		26,166
	31,053	MAX India Ltd.(b)		98,313
	14,005	McLeod Russel India Ltd.		61,270
	46,895	Mercator Lines Ltd.(b)		45,761

29

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
INDIA (continued)
	1,025	Merck Ltd.	$	14,638
	1,694	MindTree Ltd.		17,803
	11,511	Monnet Ispat & Energy Ltd.		148,645
	33,137	Moser Baer India Ltd.		36,955
	22,430	Motherson Sumi Systems Ltd.		87,868
	9,758	Mphasis Ltd.		143,394
	334	MRF Ltd.		44,081
	48,344	Nagarjuna Construction Co.(b)		118,675
	82,330	Nagarjuna Fertilizers & Chemicals		50,302
	4,112	Nava Bharat Ventures Ltd.(b)		26,113
	40,002	NIIT Ltd.		47,269
	16,197	NIIT Technologies Ltd.		70,119
	18,668	Nirma Ltd.(b)		102,997
	52,479	Noida Toll Bridge Co. Ltd.		30,463
	38,070	OMAXE Ltd.(b)		109,915
	16,334	Opto Circuits India Ltd.(b)		86,989
	4,497	Oracle Financial Sevices Software Ltd.(b)		224,199
	25,686	Orbit Corp. Ltd.		33,597
	20,009	Orchid Chemicals & Pharmaceuticals Ltd.		128,134
	8,317	Orient Paper & Industries Ltd.		8,859
	22,955	Oriental Bank of Commerce		165,150
	8,300	Panacea Biotec Ltd.(b)		35,335
	45,614	Parsvnath Developers Ltd.(b)		46,647
	4,380	Patel Engineering Ltd.(b)		22,086
	22,978	Patni Computer Systems Ltd.		234,360
	30,040	Peninsula Land Ltd.(b)		39,292
	104,278	Petronet LNG Ltd.		293,119
	644	Pfizer Ltd.		16,881
	17,000	Pidilite Industries Ltd.		50,063
	33,731	Piramal Healthcare Ltd.		323,130
	4,839	Plethico Pharmaceuticals Ltd.		38,403
	13,994	Polaris Software Lab Ltd.		50,995
	23,812	Praj Industries Ltd.(b)		38,744
	3,627	Prakash Industries Ltd.(b)		7,363
	40,716	Prism Cement Ltd.		42,170
	1,564	Procter & Gamble Hygiene & Health Care Ltd.		56,881
	87,847	PTC India Ltd.		194,886
	42,630	Punj Lloyd Ltd.(b)		87,656
	24,971	Rajesh Exports Ltd.(b)		72,939
	1,592	Rallis India Ltd.		44,360
	19,421	Ranbaxy Laboratories Ltd.(b)		230,484
	16,640	Raymond Ltd.(b)		115,059
	44,195	Redington India Ltd.		69,888
	38,327	REI Agro Ltd.(b)		22,540
	33,549	Reliance Capital Ltd.(b)		382,697
	8,378	Reliance Mediaworks Ltd.(b)		30,101
	17,905	Reliance Power Ltd.(b)		52,689
	35,475	Rolta India Ltd.		103,852
	41,357	Ruchi Soya Industries Ltd.		96,839
	40,441	S Kumars Nationwide Ltd.(b)		57,874
	920	Sadbhav Engineering Ltd.(b)		2,028
	2,989	Sanwaria Agro Oils Ltd.		8,148

Shares			Value
INDIA (continued)
	70,749	Satyam Computer Services Ltd.(b)	$	92,693
	90,122	Shipping Corp. of India Ltd.(b)		224,274
	4,731	Shiv-Vani Oil & Gas Exploration Services Ltd.		29,513
	1,105	Shree Cement Ltd.(b)		40,087
	1,777	Shree Precoated Steels Ltd.		6,623
	36,392	Shree Renuka Sugars Ltd.		65,119
	13,423	Shriram Transport Finance Co. Ltd.		200,789
	8,559	Siemens India Ltd.		159,202
	3,876	SKF India Ltd.		44,281
	15,419	Sobha Developers Ltd.		87,725
	426,240	South Indian Bank Ltd.		185,685
	9,422	Spice Mobility Ltd.		21,672
	3,105	SPML Infra Ltd.		13,182
	9,842	SRF Ltd.		70,573
	3,175	State Bank of Bikaner & Jaip.		37,618
	18,451	Sterling Biotech Ltd.		40,611
	22,348	Sterlite Technologies Ltd.		26,213
	9,652	Strides Arcolab Ltd.		87,059
	8,719	Sun TV Network Ltd.(b)		92,717
	3,378	Sundaram Finance Ltd.		37,209
	6,405	Supreme Industries Ltd.		20,871
	38,891	Syndicate Bank		90,302
	7,242	Tamilnadu Newsprint & Papers Ltd.(b)		21,240
	39,539	Tata Chemicals Ltd.		302,162
	29,456	Tata Communications Ltd.(b)		149,526
	4,726	Tata Investment Corp. Ltd.		54,636
	153,741	Tata Tea Ltd.(b)		333,033
	54,156	Tata Teleservices Maharashtra Ltd.(b)		20,289
	304	TCI Developers(c)(d)		1,391
	10,059	Tech Mahindra Ltd.		142,625
	5,066	Thermax Ltd.		74,302
	13,238	Time Technoplast Ltd.(b)		13,841
	10,567	Timken India Ltd.(b)		41,960
	1,865	Titan Industries Ltd.		146,287
	3,113	Torrent Pharmaceuticals Ltd.		39,592
	18,322	Torrent Power Ltd.		89,854
	6,081	Transport Corp. of India Ltd.		14,398
	1,986	Trent Ltd.		36,575
	29,890	Triveni Engineering & Industries Ltd.		59,930
	14,557	Tube Investments of India		45,849
	9,117	Tulip Telecom Ltd.(b)		32,002
	12,180	TVS Motor Co. Ltd.		14,446
	31,613	UCO Bank		74,126
	10,645	Uflex Ltd.		35,997
	13,600	Unichem Laboratories Ltd.		58,772
	31,625	Union Bank of India		227,389
	156,354	Unitech Ltd.(b)		163,642
	2,018	United Breweries Holdings Ltd.		11,417
	9,514	United Breweries Ltd.		98,228
	38,099	United Phosphorus Ltd.(b)		112,944

30

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
INDIA (continued)
	13,483	United Spirits Ltd.	$	364,696
	8,335	Unity Infraprojects Ltd.		14,896
	41,119	Usha Martin Ltd.		48,410
	6,257	UTV Software Communications Ltd(b)		65,023
	5,603	Vardhman Textiles Ltd.		34,367
	47,703	Videocon Industries Ltd.		214,877
	30,158	Vijaya Bank		59,547
	12,397	Voltas Ltd.		51,845
	1,793	WABCO-TVS India Ltd.		36,672
	8,574	Walchandnagar Industries(b)		24,615
	7,964	Welspun India Ltd.		8,049
	26,232	Welspun-Gujarat Stahl Ltd.		86,564
	15,809	Wockhardt Ltd.(b)		127,908
	283	Wyeth Ltd.		4,840
	25,054	Yes Bank Ltd.		143,579
	113,810	Zee Entertainment Enterprises Ltd.		285,455
	14,226	Zee Learn Ltd.(b)		7,018
	11,306	Zensar Technologies Ltd.		39,513
	3,891	Zuari Industries Ltd.		50,542
	3,000	Zylog Systems Ltd.(b)		25,236
				30,928,280
INDONESIA — 0.2%
	462,500	Adhi Karya Tbk PT		40,382
	525,500	AKR Corporindo Tbk PT		83,634
	1,470,000	Aneka Tambang Tbk PT		353,365
	77,000	Asahimas Flat Glass Tbk PT		38,934
	46,500	Astra Agro Lestari Tbk PT		111,522
	25,369,000	Bakrie & Brothers Tbk PT(b)		179,445
	4,222,000	Bakrie Sumatera Plantations Tbk PT		158,652
	7,705,000	Bakrie Telecom PT(b)		187,345
	14,309,000	Bakrieland Development Tbk PT		205,589
	1,019,000	Bank Bukopin Tbk PT		67,573
	444,039	Bank Danamon Indonesia Tbk PT		292,002
	729,515	Bank Negara Indonesia Persero Tbk PT		260,023
	3,630,250	Bank Pan Indonesia Tbk PT(b)		433,319
	5,000	Bank Tabungan Pensiunan Nasional Tbk PT(b)		7,073
	825,000	Barito Pacific Tbk PT(b)		92,092
	96,500	Bayan Resources Tbk PT(b)		194,642
	1,664,832	Berlian Laju Tanker Tbk PT(b)		65,320
	4,004,000	Bhakti Investama Tbk PT(b)		74,787
	226,000	Bisi International PT(b)		34,469
	5,218,500	Bumi Resources Tbk PT		1,571,664
	561,600	Bumi Serpong Damai PT		44,690
	4,958,000	Central Proteinaprima Tbk PT(b)(c)(d)		29,042
	1,417,500	Charoen Pokphand Indonesia Tbk PT		233,430
	4,040,500	Ciputra Development Tbk PT(b)		136,202

Shares			Value
INDONESIA (continued)
	221,500	Ciputra Surya Tbk PT(b)	$	13,709
	516,500	Clipan Finance Indonesia Tbk PT		31,396
	6,216,500	Darma Henwa Tbk PT(b)		41,911
	430,000	Delta Dunia Makmur Tbk PT(b)		60,831
	1,202,500	Elnusa PT		39,871
	8,034,500	Energi Mega Persada Tbk PT(b)		95,015
	947,000	Gajah Tunggal Tbk PT		238,111
	656,000	Global Mediacom Tbk PT		52,202
	646,500	Gozco Plantations Tbk PT		28,938
	72,500	Hexindo Adiperkasa Tbk PT		54,888
	1,339,000	Holcim Indonesia Tbk PT(b)		291,537
	995,000	Indah Kiat Pulp and Paper Corp. Tbk PT(b)		173,751
	470,000	Indika Energy Tbk PT		211,677
	28,500	Indo Tambangraya Megah PT		145,839
	2,074	Indofood CBP Sukses Makmur Tbk PT(b)		1,049
	1,221,000	Indofood Sukses Makmur Tbk PT		634,251
	159,000	Indosat Tbk PT		85,668
	82,000	International Nickel Indonesia Tbk PT		41,689
	2,608,500	Intiland Development Tbk PT(b)		93,696
	226,000	Japfa Comfeed Indonesia Tbk PT		75,558
	365,000	Jasa Marga Tbk PT		121,021
	2,159,500	Kalbe Farma Tbk PT		674,247
	8,307,500	Kawasan Industri Jababeka Tbk PT(b)		95,489
	5,233,750	Lippo Karawaci Tbk PT		329,712
	1,284,300	Matahari Putra Prima Tbk PT		238,464
	37,000	Mayora Indah Tbk PT		41,302
	679,500	Medco Energi Internasional Tbk PT		242,196
	1,138,000	Media Nusantara Citra Tbk PT		111,939
	164,000	Mitra Adiperkasa Tbk PT		38,970
	1,688,500	Mitra International Resources Tbk PT(b)		44,788
	260,000	Pabrik Kertas Tjiwi Kimia Tbk PT		82,615
	195,500	Pakuwon Jati Tbk PT(b)		18,798
	4,379,000	Panin Life Tbk PT(b)		90,019
	168,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		219,098
	1,254,500	Ramayana Lestari Sentosa Tbk PT		99,828
	171,500	Sampoerna Agro Tbk PT		54,020
	5,073,500	Sentul City Tbk PT(b)		55,512
	117,500	Sinar Mas Agro Resources & Technology Tbk PT		63,633
	896,000	Summarecon Agung Tbk PT		86,154
	45,000	Surya Citra Media Tbk PT		17,158
	77,000	Tambang Batubara Bukit Asam Tbk PT		168,076

31

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
INDONESIA (continued)
	484,500	Timah Tbk PT	$	147,256
	410,000	Trada Maritime Tbk PT		27,188
	4,875,000	Truba Alam Manunggal Engineering PT(b)		33,405
	1,152,000	Tunas Baru Lampung Tbk PT		53,475
	486,000	Tunas Ridean Tbk PT		32,228
				10,493,374
IRELAND — 0.2%
	109,408	AER Lingus(b)		154,290
	1,836,329	Bank of Ireland		764,320
	151,342	Beazley Plc		288,245
	153,094	C&C Group Plc		716,023
	66,260	Charter International Plc		857,066
	37,493	DCC Plc(b)		1,108,805
	34,378	Elan Corp. Plc(b)		233,931
	16,687	FBD Holdings Plc		150,790
	52,546	Glanbia Plc(b)		284,104
	43,112	Grafton Group Plc		201,872
	138,125	Greencore Group Plc		208,025
	15,324	IFG Group Plc		24,548
	45,315	Independent News & Media Plc(b)		37,226
	6,355	Irish Continental Group Plc		152,267
	85,664	Irish Life & Permanent Group Holdings Plc(b)		100,515
	69,382	James Hardie Industries SE(b)		431,451
	230,508	Kenmare Resources Plc(b)		126,240
	32,666	Kerry Group Plc - Class A(b)		1,058,633
	6,121	Kingspan Group Plc(b)(e)		54,893
	77,709	Kingspan Group Plc(b)(e)		696,889
	10,515	Paddy Power Plc(b)		414,623
	79,143	Smurfit Kappa Group Plc(b)		945,971
	41,918	United Business Media Ltd.		471,702
	145,850	United Drug Plc		431,332
				9,913,761
ISRAEL — 2.5%
	1,524	Africa Israel Residences Ltd.		24,759
	6,797	Alon Holdings Blue Square Ltd.		60,298
	1,979	AL-ROV Israel Ltd.(b)		67,056
	4,802	Alvarion Ltd.(b)		10,058
	5,387	AudioCodes Ltd.(b)		37,102
	74,597	Bank Hapoalim BM(b)		338,424
	3,826	Biocell Ltd.(b)		50,907
	10,028	Cellcom Israel Ltd.		302,752
	2,378,000	Check Point Software Technologies(b)		105,939,900
	5,320	Clal Biotechnology Industries Ltd.(b)		33,371
	26,704	Clal Industries & Investments		208,320
	7,926	Clal Insurance Enterprise Holdings		209,380
	6,078	Compugen Ltd.(b)		31,768
	13,567	Delek Automotive Systems Ltd.		182,161
	9,982	Direct Insurance Financial Investments Ltd.		26,232

Shares			Value
ISRAEL (continued)
	2,740	DS Apex Holdings Ltd.	$	17,409
	65,065	El Al Israel Airlines(b)		25,239
	1,828	Elbit Imaging Ltd.(b)		21,928
	5,463	Elbit Systems Ltd.		276,850
	686	Electra (Israel) Ltd.		77,388
	1	Electra Real Estate Ltd.(b)		5
	1,700	Elron Electronic Industries Ltd.(b)		8,675
	1,606	Equital Ltd.(b)		13,026
	4,047	EZchip Semiconductor Ltd.(b)		120,655
	17,325	First International Bank of Israel Ltd. - Class 5		242,336
	2,752	Formula Systems 1985 Ltd.		50,481
	14,655	Frutarom Industries Ltd.		144,822
	1,773	Fundtech Ltd.(b)		30,592
	12,746	Gilat Satellite Networks Ltd.(b)		65,452
	1,269	Given Imaging Ltd.(b)		21,626
	4,970	Golf & Co. Ltd.		28,348
	15,151	Granite Hacarmel Investments Ltd.		33,530
	895	Hadera Paper Ltd.(b)		65,405
	3,903	Harel Insurance Investments & Finances Ltd.		221,045
	9,063	Hot Telecommunication System(b)		147,656
	322,474	Israel Discount Bank Ltd. - Class A(b)		641,862
	2,831	Ituran Location & Control Ltd.		44,360
	5,171	Kamada Ltd.(b)		45,065
	1,961	Maabarot Products Ltd.		30,723
	60,163	Makhteshim-Agan Industries Ltd.(b)		291,591
	8,120	Matrix IT Ltd.		46,228
	6,277	Mellanox Technologies Ltd.(b)		164,211
	11,317	Menorah Mivtachim Holdings Ltd.(b)		144,812
	76,254	Migdal Insurance & Financial Holding Ltd.		138,726
	1,673	Mivtach Shamir Holdings Ltd.(b)(c)(d)		50,915
	68,391	Mizrahi Tefahot Bank Ltd.		650,772
	13,893	Naphtha Israel Petroleum Corp. Ltd.(b)		50,709
	736	Neto ME Holdings Ltd.		40,969
	4,243	NetVision Ltd.		53,916
	26,957	Nice Systems Ltd.(b)		877,070
	50,000	Nice Systems Ltd. - ADR(b)		1,636,000
	428,288	Oil Refineries Ltd.		296,705
	18,230	Ormat Industries Ltd.		146,931
	6,842	Osem Investments Ltd.		106,897
	16,980	Partner Communications Co.		325,434
	921	Paz Oil Co. Ltd.		159,882
	19,899	Phoenix Holdings Ltd. (The)(b)		68,122
	864	Plasson Industries Ltd.		21,187
	4,629	RADVision Ltd.(b)		46,605

32

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
ISRAEL (continued)
	715	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.	$	21,798
	7,504	Reit 1 Ltd.		15,110
	3,913	Retalix Ltd.(b)		55,925
	6,910	Scailex Corp. Ltd.		141,767
	51,102	Shikun & Binui Ltd.		136,593
	17,849	Shufersal Ltd.		101,999
	367	Space Communication Ltd.(b)		7,092
	6,642	Strauss Group Ltd.		94,892
	2,611	Suny Electronics Inc., Ltd.(b)		31,003
	28,183	Tower Semiconductor Ltd.(b)		38,137
	9,745	Union Bank of Israel		47,599
				115,906,563
ITALY — 0.7%
	170,884	A2A SpA		253,853
	12,537	ACEA SpA(b)		142,212
	2,802	AcegasAps SpA		14,549
	4,018	Actelios SpA		11,855
	320,040	Aedes SpA(b)		85,928
	3,620	Aeroporto di Venezia Marco Polo SpA - SAVE		35,933
	43,668	Alerion Cleanpower SpA		28,698
	8,686	Amplifon SpA		43,972
	16,154	Ansaldo STS SpA		244,617
	23,374	Arnoldo Mondadori Editore SpA		82,406
	5,010	Ascopiave SpA		10,721
	13,718	Astaldi SpA		87,712
	18,427	Autogrill SpA(b)		265,160
	12,839	Azimut Holding SpA		134,827
	206,716	Banca Carige SpA		489,068
	42,664	Banca Finnat Euramerica SpA		28,272
	7,705	Banca Generali SpA		104,702
	1,427	Banca IFIS SpA		10,257
	15,051	Banca Intermobiliare SpA(b)		86,241
	1,168,520	Banca Monte Dei Paschi di Siena SpA(b)		1,487,088
	111,037	Banca Popolare Dell’emilia Romagna Scrl		1,419,926
	40,322	Banca Popolare dell’Etruria e del Lazio(b)		176,524
	132,361	Banca Popolare di Milano Scarl		559,070
	66,599	Banca Popolare di Sondrio Scarl		585,402
	43,056	Banca Profilo SpA(b)		24,081
	6,640	Banco di Desio e della Brianza SpA		33,751
	340,455	Banco Popolare Scarl		1,210,783
	5,308	Basicnet SpA		19,604
	22,064	Benetton Group SpA		153,310
	689	Bonifica Ferraresi e Imprese Agricole SpA(b)		28,461
	5,881	Brembo SpA		64,939
	186,475	Brioschi Sviluppo Immobiliare SpA(b)		36,382

Shares			Value
ITALY (continued)
	21,570	Bulgari SpA	$	225,038
	32,206	Buongiorno SpA(b)		52,164
	40,466	Buzzi Unicem SpA		509,163
	9,301	Caltagirone Editore SpA		22,922
	1,786	Carraro SpA(b)		9,592
	25,865	Cementir Holding SpA		77,732
	139,333	CIR-Compagnie Industriali Riunite SpA(b)		294,164
	11,605	Credito Artigiano SpA		21,132
	3,376	Credito Bergamasco SpA		96,882
	36,875	Credito Emiliano SpA		262,030
	4,901	Danieli & Co. SpA		150,510
	4,885	Datalogic SpA(b)		40,799
	75,184	Davide Campari-Milano SpA		480,207
	50,118	DeA Capital SpA(b)		86,391
	23,657	De’Longhi SpA		218,794
	3,998	DiaSorin SpA		191,312
	386	Digital Multimedia Technologies SpA(b)		8,572
	22,574	EEMS Italia SpA(b)		45,125
	6,211	Elica SpA(b)		13,419
	1,152	Engineering Ingegneria Informatica SpA		36,482
	26,203	ERG Renew SpA(b)		34,692
	26,050	ERG SpA		372,357
	8,755	Esprinet SpA		65,269
	11,128	Eurotech SpA(b)		29,664
	1,011	Fiera Milano SpA(b)		6,049
	159,655	Finmeccanica SpA		2,156,407
	35,573	Fondiaria-Sai SpA		323,643
	251,600	Gemina SpA(b)		198,075
	8,168	Geox SpA		41,406
	8,297	GranitiFiandre SpA		45,269
	9,148	Gruppo Coin SpA(b)		93,562
	27,142	Gruppo Editoriale L’Espresso SpA(b)		66,147
	70,194	Hera SpA		163,284
	22,145	Immobiliare Grande Distribuzione REIT		46,753
	68,470	IMMSI SpA		77,106
	122,373	Impregilo SpA(b)		373,211
	14,341	Indesit Co. SpA		157,276
	3,035	Industria Macchine Automatiche SpA		61,499
	12,364	Intek SpA(b)		6,941
	16,467	Interpump Group SpA(b)		129,638
	90,308	Iren SpA		157,029
	40,466	Italcementi SpA		326,607
	4,292	Italmobiliare SpA		162,424
	8,001	Juventus Football Club SpA(b)		9,569
	146,748	KME Group SpA(b)		68,815
	7,548	Landi Renzo SpA		29,453
	17,314	Lottomatica SpA		251,515
	292,300	Maire Tecnimont SpA		1,392,705
	8,217	Marcolin SpA(b)		48,489
	1,779	Mariella Burani SpA(b)(c)(d)		6,144

33

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
ITALY (continued)
	5,000	MARR SpA	$	60,106
	141,564	Mediaset SpA		919,203
	191,236	Mediobanca SpA		1,932,312
	45,928	Mediolanum SpA		233,765
	119,088	Milano Assicurazioni SpA		197,290
	6,445	Nice SpA		29,120
	5,000	Panariagroup Industrie Ceramiche SpA(b)		10,611
	651,350	Parmalat SpA		2,064,508
	46,095	Piaggio & C SpA		145,313
	118,763	Piccolo Credito Valtellinese Scarl		589,034
	115,291	Pirelli & C SpA		880,807
	380,849	Prelios SpA(b)		278,970
	102,013	Premafin Finanziaria SpA(b)		102,519
	38,115	Prysmian SpA		769,209
	21,864	Recordati SpA		198,320
	145,208	Reno de Medici SpA(b)		45,329
	299	Reply SpA		8,155
	878	Sabaf SpA		28,851
	655	SAES Getters SpA(b)		6,878
	12,819	Safilo Group SpA(b)		217,634
	61,180	Saras SpA(b)		150,776
	10,125	Screen Service Broadcasting Technologies SpA		8,068
	624,821	Seat Pagine Gialle SpA(b)		72,288
	16,644	Snai SpA(b)		55,090
	9,677	Societa Cattolica di Assicurazioni Scrl		256,241
	10,291	Societa Iniziative Autostradali e Servizi SpA		110,535
	3,079	Socotherm SpA(b)(c)(d)		6,007
	15,879	Sogefi SpA(b)		49,406
	12,888	SOL SpA		92,639
	86,372	Sorin SpA(b)		217,355
	3,162	Tamburi Investment Partners SpA		6,853
	189,319	Terna Rete Elettrica Nazionale SpA		826,868
	2,530	Tod’s SpA		259,103
	7,479	Trevi Finanziaria SpA		115,096
	6,610	Uni Land SpA(b)		4,516
	308,219	Unione di Banche Italiane SCPA		3,192,416
	307,395	Unipol Gruppo Finanziario SpA		223,061
	2,891	Vianini Lavori SpA		16,268
	9,285	Vittoria Assicurazioni SpA		45,002
	5,537	Zignago Vetro SpA		38,057
				32,167,311
JAPAN — 4.4%
	185,000	77 Bank Ltd. (The)		1,002,985
	10,100	A&D Co. Ltd(b)		41,837
	126	Accordia Golf Co. Ltd.		102,851
	46,000	Achilles Corp.		67,812
	24,500	ADEKA Corp.		280,878
	7,400	Advan Co. Ltd.		60,134

Shares			Value
JAPAN (continued)
	2,200	Aeon Fantasy Co. Ltd.	$	30,288
	800	Agrex, Inc.		8,080
	9,100	Ahresty Corp.		101,665
	5,800	Ai Holdings Corp.		22,824
	10,200	Aica Kogyo Co. Ltd.		123,399
	4,400	Aichi Bank Ltd. (The)		273,392
	7,500	Aichi Corp.		33,077
	30,000	Aichi Machine Industry Co. Ltd.		139,620
	79,000	Aichi Steel Corp.		561,123
	9,000	Aichi Tokei Denki Co. Ltd.		24,561
	28,000	Aida Engineering Ltd.		136,111
	6,700	Aigan Co. Ltd.		38,365
	6,700	Aiphone Co. Ltd.		100,729
	27,000	Air Water, Inc.		354,276
	10,000	Airport Facilities Co. Ltd.		44,956
	4,600	Airtech Japan Ltd.		22,529
	14,500	Aisan Industry Co. Ltd.		140,619
	6,100	Akebono Brake Industry Co. Ltd.		39,686
	119,000	Akita Bank Ltd. (The)		363,901
	500	Alconix Corp.		13,328
	14,900	Alfresa Holdings Corp.		614,480
	79,500	Allied Telesis Holdings KK		98,794
	10,500	Alpen Co. Ltd.		192,909
	3,200	Alpha Corp.		34,932
	3,700	Alpha Systems, Inc.		63,830
	13,900	Alpine Electronics, Inc.		191,193
	83,300	Alps Electric Co. Ltd.		998,626
	1,300	Alps Logistics Co. Ltd.		15,537
	6,700	Altech Co. Ltd.		25,631
	3,000	Amada Co. Ltd.		26,133
	23,900	Amano Corp.		224,208
	5	Amiyaki Tei Co. Ltd.		17,057
	3,000	Amuse, Inc.		35,234
	23,000	Ando Corp.		31,104
	13,000	Anest Iwata Corp.		61,294
	11,000	Anritsu Corp.		93,141
	12,800	AOC Holdings, Inc.(b)		76,725
	2,000	AOI Electronic Co. Ltd.		23,806
	10,500	AOKI Holdings, Inc.		167,836
	94,000	Aomori Bank Ltd. (The)		280,580
	30,000	Aoyama Trading Co. Ltd.		505,117
	300,000	Aozora Bank Ltd.		661,550
	8,200	Arakawa Chemical Industries Ltd.		87,515
	25,000	Araya Industrial Co. Ltd.		39,596
	6,900	Arc Land Sakamoto Co. Ltd.		83,728
	8,000	Arcs Co. Ltd.		122,904
	3,600	Argo Graphics, Inc.		47,105
	400	Ariake Japan Co. Ltd.		6,725
	17,200	Arisawa Manufacturing Co. Ltd.		94,717
	6,200	Arnest One Corp.		80,521
	2,000	Aronkasei Co. Ltd.		9,454
	3,600	Art Corp.		56,930
	4,990	As One Corp.		106,633
	3,300	Asahi Co. Ltd.		52,346

34

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	20,000	Asahi Diamond Industrial Co. Ltd.	$	399,366
	4,350	Asahi Holdings, Inc.		90,042
	11,000	Asahi Kogyosha Co. Ltd.		46,905
	3,000	Asahi Net, Inc.		12,427
	30,000	Asahi Organic Chemicals Industry Co. Ltd.		87,354
	1,060,000	Asahi TEC Corp.(b)		426,170
	5,600	Asatsu-DK, Inc.		151,257
	31	Asax Co. Ltd.		35,993
	26,000	Ashimori Industry Co. Ltd.(b)		41,179
	29,000	Asics Corp.		385,819
	3,000	ASKA Pharmaceutical Co. Ltd.		22,295
	3,000	ASKUL Corp.		59,357
	15,000	Asunaro Aoki Construction Co. Ltd.		71,089
	10,300	Atom Corp.(b)		31,999
	65,000	Atsugi Co. Ltd.		85,526
	16,300	Autobacs Seven Co. Ltd.		652,357
	3,500	Avex Group Holdings, Inc.		51,127
	113,000	Awa Bank Ltd. (The)		695,236
	30,000	Bando Chemical Industries Ltd.		132,310
	6,000	Bank of Iwate Ltd. (The)		281,433
	7,000	Bank of Kochi Ltd. (The)		8,017
	87,000	Bank of Nagoya Ltd. (The)		277,705
	14,800	Bank of Okinawa Ltd. (The)		581,506
	72,000	Bank of Saga Ltd. (The)		206,140
	21,700	Bank of the Ryukyus Ltd.		255,387
	6,700	Belc Co. Ltd.		80,077
	12,300	Belluna Co. Ltd.		74,327
	22,000	Best Denki Co. Ltd.(b)		67,544
	156	Bic Camera, Inc.		64,335
	23	BLife Investment Corp. REIT		169,810
	300	BML, Inc.		8,074
	2,100	Bookoff Corp.		17,551
	7,000	Bunka Shutter Co. Ltd.		18,165
	5,300	CAC Corp.		41,519
	63,000	Calsonic Kansei Corp.(b)		262,500
	8	Can Do Co. Ltd.		7,027
	4,500	Canon Electronics, Inc.		126,590
	24,800	Canon Marketing Japan, Inc.		355,322
	6,200	Capcom Co. Ltd.		106,053
	34,400	Casio Computer Co. Ltd.		257,329
	7,900	Cawachi Ltd.		161,215
	14,850	Cedyna Financial Corp.(b)		29,852
	88,000	Central Glass Co. Ltd.		414,912
	1,900	Central Security Patrols Co. Ltd.		20,000
	800	Central Sports Co. Ltd.		8,879
	14,050	Century Tokyo Leasing Corp.		248,032
	15,700	Chiba Kogyo Bank Ltd. (The)(b)		97,742
	18,000	Chino Corp.		46,930
	1,600	Chiyoda Co. Ltd.		22,651
	23,000	Chiyoda Corp.		204,276
	3,400	Chiyoda Integre Co. Ltd.		53,974
	3,300	Chofu Seisakusho Co. Ltd.		74,660

Shares			Value
JAPAN (continued)
	46,000	Chori Co. Ltd.	$	62,208
	14,100	Chubu Shiryo Co. Ltd.		101,009
	27,000	Chuetsu Pulp & Paper Co. Ltd.		50,000
	153,000	Chugai Mining Co. Ltd.(b)		59,649
	20,000	Chugai Ro Co. Ltd.		81,628
	12,000	Chugoku Marine Paints Ltd.		105,994
	59,000	Chukyo Bank Ltd. (The)		150,231
	12,000	Chuo Denki Kogyo Co. Ltd.		73,830
	10,000	Chuo Spring Co. Ltd.		41,788
	11,000	Circle K Sunkus Co. Ltd.		176,633
	83,800	Citizen Holdings Co. Ltd.		542,127
	28,300	CKD Corp.		274,105
	48,000	Clarion Co. Ltd.(b)		91,228
	8,500	Cleanup Corp.		61,099
	100	CMIC Co. Ltd.		28,180
	24,800	CMK Corp.		129,922
	11,600	Coca-Cola Central Japan Co. Ltd.		157,719
	15,600	Coca-Cola West Holdings Co.		284,137
	8,090	Cocokara Fine Holdings, Inc.		171,499
	9,000	Colowide Co. Ltd.		52,741
	6,000	Computer Engineering & Consulting Ltd.		31,725
	4,400	Computer Institute of Japan Ltd.		14,581
	42,000	COMSYS Holdings Corp.		436,988
	4,000	Co-Op Chemical Co. Ltd.(b)		5,653
	6,200	Corona Corp.		64,508
	6,600	Cosel Co. Ltd.		103,889
	216,000	Cosmo Oil Co. Ltd.		697,368
	2,600	Cosmos Pharmaceutical Corp.		104,532
	2,700	Create Medic Co. Ltd.		27,566
	88,600	Credit Saison Co. Ltd.		1,516,606
	19,158	CSK Holdings Corp.(b)		81,459
	1,500	CTI Engineering Co. Ltd.		8,772
	6,500	Culture Convenience Club Co. Ltd.		35,636
	23	Cybernet Systems Co. Ltd.		6,162
	111	Cybozu, Inc.		30,942
	27,000	Dai Nippon Toryo Co. Ltd.(b)		42,105
	15,700	Daibiru Corp.		134,276
	105,000	Daicel Chemical Industries Ltd.		763,706
	4,000	Dai-Dan Co. Ltd.		22,222
	16,000	Daido Kogyo Co. Ltd.		36,842
	13,000	Daido Metal Co. Ltd.		117,044
	95,000	Daido Steel Co. Ltd.		598,380
	10,600	Daidoh Ltd.		94,920
	41,100	Daiei, Inc. (The)(b)		150,219
	25,500	Daifuku Co. Ltd.		185,161
	26,000	Daihen Corp.		117,519
	21,000	Daiichi Chuo KK(b)		49,890
	19,000	Daiichi Jitsugyo Co. Ltd.		78,472
	600	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		25,841
	20,000	Dai-Ichi Kogyo Seiyaku Co. Ltd.		75,049

35

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	13,000	Daiken Corp.	$	35,161
	18,000	Daiki Aluminium Industry Co. Ltd.(b)		58,772
	3,600	Daiko Clearing Services Corp.		13,640
	1,700	Daikoku Denki Co. Ltd.		21,188
	1,000	Daikokutenbussan Co. Ltd.		34,235
	71,000	Daikyo, Inc.(b)		141,862
	3,700	Dainichi Co. Ltd.		27,543
	24,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		141,228
	85,000	Dainippon Screen Manufacturing Co. Ltd.(b)		780,824
	5,000	Daio Paper Corp.		35,088
	76,000	Daisan Bank Ltd. (The)		206,481
	4,910	Daiseki Co. Ltd.		92,601
	67,000	Daishi Bank Ltd. (The)		226,925
	15,000	Daiso Co. Ltd.		47,697
	1,600	Daisyo Corp.		21,930
	69,000	Daito Bank Ltd. (The)		55,482
	5,200	Daito Electron Co. Ltd.		40,039
	14,000	Daiwa Industries Ltd.		73,173
	14,000	Daiwabo Holdings Co. Ltd.		36,842
	2,000	DC Co. Ltd.		3,850
	43,860	DCM Japan Holdings Co. Ltd.		262,369
	176,000	Denki Kagaku Kogyo KK		857,700
	27,000	Denki Kogyo Co. Ltd.		142,105
	8,600	Denyo Co. Ltd.		71,667
	18,000	Descente Ltd.		91,228
	141,000	DIC Corp.		314,364
	4,600	Disco Corp.		307,675
	7,200	Don Quijote Co. Ltd.		231,842
	5,350	Doshisha Co. Ltd.		121,496
	7,774	Doutor Nichires Holdings Co. Ltd.		102,384
	69,000	Dowa Holdings Co. Ltd.		485,051
	12	Dr Ci Labo Co. Ltd.		44,737
	23	Dream Incubator, Inc.(b)		17,597
	6,700	DTS Corp.		81,546
	31,300	Duskin Co. Ltd.		595,264
	17	Dwango Co. Ltd.		46,704
	4,000	Dydo Drinco, Inc.		153,509
	4,000	Dynic Corp.		8,528
	8,000	Eagle Industry Co. Ltd.		88,986
	2,000	Earth Chemical Co. Ltd.		66,252
	130,000	Ebara Corp.(b)		631,944
	1,400	Echo Trading Co. Ltd.		14,123
	44,300	EDION Corp.		392,914
	53,000	Ehime Bank Ltd. (The)		147,222
	72,000	Eighteenth Bank Ltd. (The)		215,789
	4,400	Eiken Chemical Co. Ltd.		57,412
	5,500	Eizo Nanao Corp.		134,016
	6,300	Elematec Corp.		94,254
	78,300	Elpida Memory, Inc.(b)		1,133,289
	3,900	Enplas Corp.		57,018
	29	EPS Co. Ltd.		68,402

Shares			Value
JAPAN (continued)
	8,000	ESPEC Corp.	$	62,476
	3,300	Excel Co. Ltd.		41,491
	11,700	Exedy Corp.		392,993
	14,000	Ezaki Glico Co. Ltd.		158,626
	3,800	F&A Aqua Holdings, Inc.		38,657
	334	Faith, Inc.		38,983
	2,600	Falco SD Holdings Co. Ltd.		24,676
	11,900	Fancl Corp.		171,947
	4,500	FCC Co. Ltd.		102,083
	18,000	FDK Corp.(b)		32,237
	2,000	Felissimo Corp.		24,927
	54,200	FIDEA Holdings Co. Ltd.		149,895
	14,000	First Baking Co. Ltd.(b)		15,692
	8,600	Foster Electric Co. Ltd.		230,716
	2,900	FP Corp.		172,594
	56,000	France Bed Holdings Co. Ltd.		74,366
	4,000	F-Tech, Inc.		76,852
	73,600	Fudo Tetra Corp.(b)		47,524
	5,300	Fuji Co. Ltd.		109,061
	6,600	Fuji Corp Ltd.		36,506
	182,000	Fuji Electric Holdings Co. Ltd.		585,380
	7,500	Fuji Electronics Co. Ltd.		149,671
	82,000	Fuji Fire & Marine Insurance Co. Ltd. (The)(b)		111,891
	19,000	Fuji Kyuko Co. Ltd.		96,528
	17,700	Fuji Oil Co. Ltd.		256,400
	4,600	Fuji Seal International, Inc.		107,827
	8,900	FUJI SOFT, Inc.		150,827
	36,000	Fujibo Holdings, Inc.		66,667
	7,600	Fujicco Co. Ltd.		92,778
	12,100	Fujikura Kasei Co. Ltd.		87,271
	134,000	Fujikura Ltd.		648,124
	3,000	Fujikura Rubber Ltd.		14,327
	4,100	Fujimi, Inc.		61,990
	6,500	Fujimori Kogyo Co. Ltd.		106,908
	40,000	Fujitec Co. Ltd.		213,450
	3,500	Fujitsu Frontech Ltd.		29,081
	18,000	Fujitsu General Ltd.		105,482
	3,000	Fujiya Co. Ltd.(b)		5,556
	6,700	Fukoku Co. Ltd.		74,363
	14,000	Fukuda Corp.		27,632
	86,000	Fukui Bank Ltd. (The)		265,083
	57,000	Fukushima Bank Ltd. (The)		37,500
	2,600	Fukushima Industries Corp.		30,378
	88,000	Fukuyama Transporting Co. Ltd.		439,571
	7,800	Funai Consulting Co. Ltd.		50,461
	10,800	Funai Electric Co. Ltd.		359,211
	80,000	Furukawa Co. Ltd.(b)		97,466
	37,000	Furukawa-Sky Aluminum Corp.		112,695
	2,700	Furusato Industries Ltd.		17,171
	4,000	Fuso Pharmaceutical Industries Ltd.		11,647
	26,000	Futaba Corp.		512,524
	14,900	Futaba Industrial Co. Ltd.		111,096
	13,500	Fuyo General Lease Co. Ltd.		477,467

36

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	900	G-7 Holdings, Inc.	$	5,877
	29,000	Gakken Holdings Co. Ltd.		63,243
	13,300	Gecoss Corp.		50,880
	60	Geo Corp.		68,860
	12,000	GLOBERIDE, Inc.		14,912
	18,700	Glory Ltd.		444,717
	6,600	GMO internet, Inc.		36,988
	74,000	Godo Steel Ltd.		146,053
	7,410	Goldcrest Co. Ltd.		198,431
	33,000	Goldwin, Inc.(b)		91,265
	2,000	Gourmet Kineya Co. Ltd.		11,891
	36,000	GSI Creos Corp.(b)		59,211
	680	Gulliver International Co. Ltd.		29,327
	18,000	Gun-Ei Chemical Industry Co. Ltd.		53,947
	143,000	Gunma Bank Ltd. (The)		822,320
	98,000	Gunze Ltd.		409,527
	5,900	H.I.S. Co. Ltd.		153,538
	65,000	H2O Retailing Corp.		479,898
	5,800	Hakudo Co. Ltd.		65,504
	8,830	Hakuhodo DY Holdings, Inc.		504,541
	7,100	Hakuto Co. Ltd.		73,526
	1,100	Hamakyorex Co. Ltd.		33,638
	13,500	Hamamatsu Photonics KK		493,421
	120,000	Hanwa Co. Ltd.		578,947
	1,200	Happinet Corp.		15,541
	4,700	Harashin Narus Holdings Co. Ltd.		70,260
	7,400	Hard Off Corp. Co. Ltd.		39,308
	4,000	Harima Chemicals, Inc.		28,947
	1,300	Haruyama Trading Co. Ltd.		6,589
	114,500	Haseko Corp.(b)		106,019
	30,000	Hazama Corp.(b)		25,585
	12,400	Heiwa Corp.		181,135
	81,000	Heiwa Real Estate Co. Ltd.		247,697
	16,500	Heiwado Co. Ltd.		217,708
	16,000	Hibiya Engineering Ltd.		146,199
	3,500	Hiday Hidaka Corp.		58,547
	66,000	Higashi-Nippon Bank Ltd. (The)		155,190
	112,000	Higo Bank Ltd. (The)		590,838
	14,200	Hikari Tsushin, Inc.		321,611
	108,000	Hino Motors Ltd.		607,895
	1,300	Hioki EE Corp.		25,880
	151,000	Hiroshima Bank Ltd. (The)		643,884
	13,000	Hisaka Works Ltd.		184,357
	700	Hitachi Business Solution Co. Ltd.		6,737
	104,000	Hitachi Cable Ltd.		273,684
	28,600	Hitachi Capital Corp.		454,018
	12,100	Hitachi High-Technologies Corp.		298,962
	30,800	Hitachi Koki Co. Ltd.		307,325
	24,000	Hitachi Kokusai Electric, Inc.		209,942
	10,000	Hitachi Medical Corp.		99,781
	4,500	Hitachi Tool Engineering Ltd.		51,151

Shares			Value
JAPAN (continued)
	13,000	Hitachi Transport System Ltd.	$	198,453
	159,000	Hitachi Zosen Corp.		242,142
	8,000	Hochiki Corp.		41,228
	15,000	Hodogaya Chemical Co. Ltd.		61,952
	3,500	Hogy Medical Co. Ltd.		159,905
	6,000	Hokkaido Coca-Cola Bottling Co. Ltd.		29,459
	10,000	Hokkaido Gas Co. Ltd.		31,067
	25,000	Hokkan Holdings Ltd.		79,800
	4,000	Hokko Chemical Industry Co. Ltd.		14,181
	157,000	Hokkoku Bank Ltd. (The)		531,750
	88,000	Hokuetsu Bank Ltd. (The)		182,261
	67,865	Hokuetsu Kishu Paper Co. Ltd.		378,681
	140,000	Hokuhoku Financial Group, Inc.		283,138
	4,400	Hokuto Corp.		101,209
	5,530	Honeys Co. Ltd.		70,270
	8,000	Horiba Ltd.		220,370
	2,400	Horipro, Inc.		22,105
	28,100	Hosiden Corp.		294,762
	10,000	Hosokawa Micron Corp.		43,007
	39,700	House Foods Corp.		656,346
	41,000	Howa Machinery Ltd.(b)		39,462
	1,000	Hurxley Corp.		6,201
	200	Hutech Norin Co. Ltd.		1,840
	102,000	Hyakugo Bank Ltd. (The)		454,825
	115,000	Hyakujushi Bank Ltd. (The)		437,135
	2,000	I Metal Technology Co. Ltd.(b)		4,971
	6,200	IBJ Leasing Co. Ltd.		154,849
	1,700	Ichibanya Co. Ltd.		48,879
	8,000	Ichikoh Industries Ltd.(b)		23,782
	4,400	ICHINEN Holdings Co. Ltd.		24,391
	6,700	Ichiyoshi Securities Co. Ltd.		49,793
	3,600	Icom, Inc.		98,684
	3,100	Idec Corp.		28,477
	19,000	Ihara Chemical Industry Co. Ltd.		69,676
	344,000	IHI Corp.		779,532
	6,600	Iida Home Max		77,917
	22,900	Iino Kaiun Kaisha Ltd.		104,066
	43	Ikyu Corp.		19,724
	8,700	Imasen Electric Industrial		128,783
	7,600	Inaba Denki Sangyo Co. Ltd.		212,685
	3,100	Inaba Seisakusho Co. Ltd.		30,894
	23,000	Inabata & Co. Ltd.		145,992
	9,000	Inageya Co. Ltd.		96,601
	10	Industrial & Infrastructure Fund Investment Corp. REIT		48,002
	15,600	Ines Corp.		125,249
	600	I-Net Corp.		3,538
	2,000	Information Services International-Dentsu Ltd.		13,670
	13,200	Innotech Corp.		95,365
	400	Intage, Inc.		8,923
	12	Internet Initiative Japan, Inc.		35,073

37

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	10,600	Inui Steamship Co. Ltd.	$	65,217
	54,000	Iseki & Co. Ltd.(b)		151,974
	131,000	Ishihara Sangyo Kaisha Ltd.(b)		180,348
	2,000	Ishii Hyoki Co. Ltd.(b)		20,468
	10,000	Ishii Iron Works Co. Ltd.		20,346
	15,000	Ishizuka Glass Co. Ltd.		31,615
	30,366	IT Holdings Corp.		379,575
	4,500	ITC Networks Corp.		26,864
	10,700	Ito En Ltd.		184,330
	11,400	Itochu Enex Co. Ltd.		64,722
	6,600	Itochu Techno-Science Corp.		229,810
	1,700	Itochu-Shokuhin Co. Ltd.		61,265
	80,000	Itoham Foods, Inc.		292,398
	24,900	Itoki Corp.		63,099
	13,000	Iwai Securities Co. Ltd.		85,843
	15,000	Iwaki & Co. Ltd.		39,839
	27,000	Iwasaki Electric Co. Ltd.(b)		52,303
	40,000	IWATANI Corp.		124,756
	26,000	Iwatsu Electric Co. Ltd.(b)		21,857
	121,000	Iyo Bank Ltd. (The)		1,030,446
	3,900	Izumi Co. Ltd.		57,303
	4,000	Izumiya Co. Ltd.		16,472
	46,000	Izutsuya Co. Ltd.(b)		35,307
	179,000	J. Front Retailing Co. Ltd.		924,659
	900	Jalux, Inc.(b)		8,410
	1,000	Jamco Corp.		7,005
	91,000	Janome Sewing Machine Co. Ltd.(b)		80,933
	8,800	Japan Airport Terminal Co. Ltd.		131,657
	16,000	Japan Asia Investment Co. Ltd.(b)		12,281
	21,000	Japan Aviation Electronics Industry Ltd.		154,276
	6,100	Japan Carlit Co. Ltd.		35,450
	5,000	Japan Cash Machine Co. Ltd.		38,865
	13,900	Japan Digital Laboratory Co. Ltd.		150,211
	5,800	Japan Electronic Materials Corp.		40,490
	8,500	Japan Foundation Engineering Co. Ltd.		23,922
	9,200	Japan Medical Dynamic Marketing, Inc.		23,090
	4,700	Japan Petroleum Exploration Co.		190,966
	46,000	Japan Pulp & Paper Co. Ltd.		170,931
	11	Japan Pure Chemical Co. Ltd.		35,514
	23,000	Japan Transcity Corp.		86,586
	10,000	Japan Vilene Co. Ltd.		52,875
	38,000	Japan Wool Textile Co. Ltd. (The)		335,648
	5,600	Jastec Co. Ltd.		33,908
	9,700	JBCC Holdings, Inc.		62,989
	9,100	JBIS Holdings, Inc.		35,478
	67,000	JFE Shoji Holdings, Inc.		324,062
	13,000	Jidosha Buhin Kogyo Co. Ltd.(b)		84,418

Shares			Value
JAPAN (continued)
	1,400	JK Holdings Co. Ltd.	$	6,396
	19,000	JMS Co. Ltd.		65,741
	26,000	Joban Kosan Co. Ltd.		38,645
	57,000	J-Oil Mills, Inc.		184,028
	18,000	Joshin Denki Co. Ltd.		171,930
	7,600	JSP Corp.		125,185
	33,000	Juki Corp.(b)		65,534
	167,000	Juroku Bank Ltd. (The)		541,204
	26,610	JVC Kenwood Holdings, Inc.(b)		115,738
	13,200	kabu.com Securities Co. Ltd.		56,930
	2,000	Kabuki-Za Co. Ltd.		82,602
	5,600	Kadokawa Group Holdings, Inc.		148,938
	6,000	Kaga Electronics Co. Ltd.		74,050
	14,400	Kagome Co. Ltd.		265,439
	47,000	Kagoshima Bank Ltd. (The)		309,211
	217,000	Kajima Corp.		571,053
	34	Kakaku.com, Inc.		191,996
	19,000	Kaken Pharmaceutical Co. Ltd.		239,352
	5,000	Kameda Seika Co. Ltd.		98,684
	5,000	Kamei Corp.		24,488
	72,000	Kamigumi Co. Ltd.		604,386
	13,000	Kanaden Corp.		81,250
	14,000	Kanagawa Chuo Kotsu Co. Ltd.		71,979
	17,000	Kanamoto Co. Ltd.		86,367
	49,000	Kandenko Co. Ltd.		315,802
	178,000	Kaneka Corp.		1,244,786
	47,000	Kanematsu Corp.(b)		48,099
	12,300	Kanematsu Electronics Ltd.		127,076
	39,000	Kansai Paint Co. Ltd.		400,548
	4,800	Kanto Auto Works Ltd.		42,807
	10,000	Kanto Denka Kogyo Co. Ltd.		85,161
	18,000	Kanto Natural Gas Development Ltd.		99,342
	1,100	Kappa Create Co. Ltd.		26,629
	18,000	Kasai Kogyo Co. Ltd.		123,904
	13,500	Kasumi Co. Ltd.		75,658
	6,800	Katakura Industries Co. Ltd.		65,448
	11,900	Kato Sangyo Co. Ltd.		188,330
	36,000	Kato Works Co. Ltd.		86,842
	2,300	Kawada Technologies, Inc.		42,733
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		73,294
	8,000	Kawasaki Kinkai Kisen Kaisha Ltd.		35,088
	221,000	Kawasaki Kisen Kaisha Ltd.		920,833
	29,000	Kawashima Selkon Textiles Co. Ltd.(b)		23,672
	7,000	Kawasumi Laboratories, Inc.		51,511
	72,000	Kayaba Industry Co. Ltd.		570,175
	73,000	Keihan Electric Railway Co. Ltd.		295,273
	14,200	Keihanshin Real Estate Co. Ltd.		69,374
	4,000	Keihin Co. Ltd. (The)		4,678
	15,000	Keihin Corp.		342,471
	70,000	Keisei Electric Railway Co. Ltd.		473,319

38

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	131,000	Keiyo Bank Ltd. (The)	$	670,322
	13,300	Keiyo Co. Ltd.		69,190
	634	Kenedix, Inc.(b)		160,122
	2,000	Kentucky Fried Chicken Japan Ltd.		47,563
	24,100	Kewpie Corp.		296,846
	5,525	KEY Coffee, Inc.		98,478
	32,700	Kikkoman Corp.		353,772
	7,000	Kimoto Co. Ltd.		66,265
	1,200	Kimura Chemical Plants Co. Ltd.		9,401
	84,000	Kinden Corp.		751,170
	200	King Jim Co. Ltd.		1,547
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		26,499
	14,000	Kinki Sharyo Co. Ltd.		77,607
	2,900	Kintetsu World Express, Inc.		80,238
	5,000	Kinugawa Rubber Industrial Co. Ltd.		26,377
	3,500	Kirayaka Bank Ltd.		3,624
	2,600	Kisoji Co. Ltd.		53,882
	16,900	Kissei Pharmaceutical Co. Ltd.		338,288
	41,000	Kitagawa Iron Works Co. Ltd.(b)		81,421
	3,300	Kita-Nippon Bank Ltd. (The)		81,937
	1,000	Kitano Construction Corp.		2,498
	17	Kito Corp.		16,341
	19,000	Kitz Corp.		86,574
	325,000	Kiyo Holdings, Inc.		447,429
	24,700	Koa Corp.		279,861
	16,000	Koatsu Gas Kogyo Co. Ltd.		98,051
	5,300	Kobayashi Pharmaceutical Co. Ltd.		247,953
	14,800	Kohnan Shoji Co. Ltd.		204,654
	1,300	Kohsoku Corp.		12,021
	13,000	Koike Sanso Kogyo Co. Ltd.		37,853
	6,000	Koito Industries Ltd.(b)		10,234
	25,000	Koito Manufacturing Co. Ltd.		432,809
	12,300	Kojima Co. Ltd.		74,327
	7,000	Kokusai Kogyo Holdings Co. Ltd.(b)		22,003
	39,400	Kokuyo Co. Ltd.		327,853
	23,000	Komai Tekko, Inc.		60,807
	1,000	Komatsu Seiren Co. Ltd.		4,081
	5,400	Komatsu Wall Industry Co. Ltd.		51,974
	5,300	Komeri Co. Ltd.		122,879
	36,100	Komori Corp.		403,310
	14,210	Konaka Co. Ltd.(b)		69,769
	8,800	Konishi Co.Ltd.		117,290
	8,000	Kose Corp.		203,606
	6,000	Kosei Securities Co. Ltd.		6,360
	2,100	Kourakuen Corp.		31,725
	26,000	Krosaki Harima Corp.		107,700
	4,100	KRS Corp.		42,359
	13,228	K’s Holdings Corp.		368,734
	800	KU Holdings Co. Ltd.		3,441

Shares			Value
JAPAN (continued)
	79,000	Kumagai Gumi Co. Ltd.(b)	$	60,636
	20,000	Kumiai Chemical Industry Co. Ltd.		69,932
	1,400	Kura Corp.		21,628
	111,000	Kurabo Industries Ltd.		206,908
	75,000	Kureha Corp.		438,596
	48,000	Kurimoto Ltd.(b)		75,439
	11,300	Kuroda Electric Co. Ltd.		154,742
	1,800	Kyoden Co. Ltd.		3,640
	28,000	Kyodo Printing Co. Ltd.		64,815
	41,000	Kyodo Shiryo Co. Ltd.		52,449
	8,500	Kyoei Steel Ltd.		121,680
	5,000	Kyoei Tanker Co. Ltd.		9,990
	14,100	Kyokuto Kaihatsu Kogyo Co. Ltd.		63,560
	15,200	Kyokuto Securities Co. Ltd.		127,222
	25,000	Kyokuyo Co. Ltd.		55,434
	30,000	Kyorin Holdings, Inc.		550,439
	6,900	Kyoritsu Maintenance Co. Ltd.		119,203
	28,000	Kyosan Electric Manufacturing Co. Ltd.		154,191
	1,000	Kyoto Kimono Yuzen Co. Ltd.		11,196
	23,800	Kyowa Exeo Corp.		233,129
	1,600	Kyowa Leather Cloth Co. Ltd.		6,413
	18,000	Kyudenko Corp.		124,561
	28,000	Laox Co. Ltd.(b)		22,856
	2,700	LEC, Inc.		49,178
	76,700	Leopalace21 Corp.(b)		121,479
	8,500	Life Corp.		128,101
	13,800	Lintec Corp.		386,023
	41,000	Lion Corp.		217,788
	7,000	Look, Inc.(b)		11,513
	22	M3, Inc.		116,862
	7,200	Mabuchi Motor Co. Ltd.		353,947
	2,700	Macnica, Inc.		69,243
	3,800	MacroMill, Inc.		50,139
	65,000	Maeda Corp.		215,400
	33,000	Maeda Road Construction Co. Ltd.		285,453
	5,300	Maezawa Kasei Industries Co. Ltd.		49,462
	5,500	Maezawa Kyuso Industries Co. Ltd.		70,626
	54,000	Makino Milling Machine Co. Ltd.(b)		455,263
	3,300	Mandom Corp.		88,531
	2,500	Mars Engineering Corp.		43,372
	8,900	Marubun Corp.		54,215
	83,000	Marudai Food Co. Ltd.		272,015
	23,000	Maruei Department Store Co. Ltd.(b)		29,703
	22,000	Maruetsu, Inc. (The)		87,378
	6,910	Maruha Nichiro Holdings, Inc.		12,039
	138,200	Marui Group Co. Ltd.		1,168,504
	22,600	Maruichi Steel Tube Ltd.		498,092
	16,500	Marusan Securities Co. Ltd.		91,868

39

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,900	Maruwa Co. Ltd.	$	88,152
	24,000	Maruyama Manufacturing Co., Inc.		51,170
	24,000	Maruzen Showa Unyu Co. Ltd.		79,532
	8,900	Maspro Denkoh Corp.		80,564
	2,200	Matsuda Sangyo Co. Ltd.		37,122
	20,300	Matsui Securities Co. Ltd.		134,789
	4,700	Matsuya Co. Ltd.(b)		34,987
	2,500	Matsuya Foods Co. Ltd.		43,068
	22,000	Max Co. Ltd.		265,083
	3,500	Maxvalu Tokai Co. Ltd.		49,379
	1,600	MEC Co. Ltd.		7,856
	600	Medipal Holdings Corp.		6,257
	3,500	Megachips Corp.		72,490
	3,000	Megane Top Co. Ltd.		29,313
	12,700	Megmilk Snow Brand Co. Ltd.		226,985
	41,000	Meidensha Corp.		189,315
	2,300	Meiji Shipping Co. Ltd.		8,967
	6,700	Meiko Network Japan Co. Ltd.		57,139
	4,100	Meitec Corp.(b)		81,820
	2,900	Meito Sangyo Co. Ltd.		39,500
	200	Meito Transportation Co. Ltd.		1,681
	20,900	Meiwa Corp.(b)		76,644
	13,200	Meiwa Estate Co. Ltd.(b)		101,316
	3,000	Melco Holdings, Inc.		113,852
	54,000	Michinoku Bank Ltd. (The)		113,158
	53,000	Mie Bank Ltd. (The)		151,096
	16,200	Mikuni Coca-Cola Bottling Co. Ltd.		147,237
	1,848	Milbon Co. Ltd.		48,114
	8,800	Mimasu Semiconductor Industry Co. Ltd.		104,747
	100,000	Minato Bank Ltd. (The)		185,185
	41,000	Minebea Co. Ltd.		243,263
	5,500	Ministop Co. Ltd.		96,893
	10,900	Miraca Holdings, Inc.		417,647
	18,540	Mirait Holdings Corp.(b)		147,046
	8,500	Misawa Homes Co. Ltd.(b)		39,455
	14,500	MISUMI Group, Inc.		372,746
	30,000	Mito Securities Co. Ltd.		47,149
	11,000	Mitsuba Corp.(b)		103,326
	178,000	Mitsubishi Gas Chemical Co. Inc.		1,240,448
	14,000	Mitsubishi Kakoki Kaisha Ltd.		30,702
	68,000	Mitsubishi Logistics Corp.		906,335
	158,000	Mitsubishi Paper Mills Ltd.(b)		194,420
	10,600	Mitsubishi Pencil Co. Ltd.		173,567
	35,000	Mitsubishi Steel Manufacturing Co. Ltd.		111,294
	18,000	Mitsuboshi Belting Co. Ltd.		106,140
	143,000	Mitsui Engineering & Shipbuilding Co. Ltd.		395,480
	6,300	Mitsui High-Tec, Inc.		35,768
	22,000	Mitsui Home Co. Ltd.		120,346
	511	Mitsui Knowledge Industry Co. Ltd.		90,209

Shares			Value
JAPAN (continued)
	19,000	Mitsui Matsushima Co. Ltd.	$	40,046
	230,000	Mitsui Mining & Smelting Co. Ltd.		812,622
	66,000	Mitsui Sugar Co. Ltd.		270,175
	54,000	Mitsui-Soko Co. Ltd.		230,921
	21,100	Mitsumi Electric Co. Ltd.		348,582
	7,900	Mitsuuroko Co. Ltd.		49,086
	6,100	Miura Co. Ltd.		169,221
	3,500	Miyachi Corp.		28,996
	15,000	Miyaji Engineering Group, Inc.(b)		16,082
	1,500	Miyakoshi Corp.(b)		5,848
	88,000	Miyazaki Bank Ltd. (The)		236,940
	28,000	Miyoshi Oil & Fat Co. Ltd.		47,076
	92,856	Mizuho Investors Securities Co. Ltd.(b)		96,159
	51,000	Mizuno Corp.		252,887
	14,000	Mochida Pharmaceutical Co. Ltd.		157,602
	3,400	Modec, Inc.		60,560
	368	Monex Group, Inc.		102,222
	19,500	Mori Seiki Co. Ltd.		227,595
	21,000	Morinaga & Co. Ltd.		49,635
	111,000	Morinaga Milk Industry Co. Ltd.		474,671
	20,000	Morita Holdings Corp.		126,706
	20,000	Mory Industries, Inc.		94,542
	8,000	MOS Food Services, Inc.		148,343
	4,200	Moshi Moshi Hotline, Inc.		101,060
	14,100	Mr Max Corp.		49,474
	3,000	Murakami Corp.		54,203
	4,100	Musashi Seimitsu Industry Co. Ltd.		102,550
	17,000	Musashino Bank Ltd. (The)		513,438
	26,000	Mutoh Holdings Co. Ltd.(b)		63,353
	14,000	Nabtesco Corp.		329,703
	24,000	Nachi-Fujikoshi Corp.		109,357
	1,700	Nagaileben Co. Ltd.		43,929
	11,000	Nagano Bank Ltd. (The)		22,783
	1,000	Nagano Keiki Co. Ltd.		8,821
	86,000	Nagase & Co. Ltd.		1,109,576
	7,000	Nagatanien Co. Ltd.		74,537
	79,000	Nagoya Railroad Co. Ltd.		211,745
	20,000	Nakabayashi Co. Ltd.		43,860
	12,000	Nakamuraya Co. Ltd.		58,187
	1,500	Nakano Corp.		4,295
	14,000	Nakayama Steel Works Ltd.(b)		18,933
	34,100	Namco Bandai Holdings, Inc.		373,488
	41,000	Nankai Electric Railway Co. Ltd.		163,840
	93,000	Nanto Bank Ltd. (The)		487,208
	3,400	Natori Co. Ltd.		34,795
	8,900	NEC Capital Solutions Ltd.		147,683
	9,600	NEC Fielding Ltd.		116,374
	4,200	NEC Mobiling Ltd.		130,022
	14,200	NEC Networks & System Integration Corp.		192,897

40

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	89	NET One Systems Co. Ltd.	$	140,309
	23,300	Neturen Co. Ltd.		206,373
	3,000	New Japan Radio Co. Ltd.(b)		10,197
	61,000	NHK Spring Co. Ltd.		689,669
	3,900	NIC Corp.		16,393
	20,000	Nice Holdings, Inc.		42,641
	20,000	Nichia Steel Works Ltd.		53,119
	24,000	Nichias Corp.		133,918
	20,000	Nichiban Co. Ltd.		76,267
	27,100	Nichicon Corp.		383,322
	2,900	Nichiden Corp.		81,721
	11,500	Nichiha Corp.		108,583
	4,400	Nichii Gakkan Co.		37,846
	26,000	Nichimo Co. Ltd.		58,285
	120,000	Nichirei Corp.		546,784
	16,000	Nichireki Co. Ltd.		65,692
	3,100	Nidec Copal Corp.		48,721
	3,100	Nidec Copal Electronics Corp.		24,927
	9,000	Nidec Sankyo Corp.		71,930
	5,600	Nidec Tosok Corp.		57,992
	13,600	Nifco, Inc.		363,528
	70	NIFTY Corp.		92,617
	948	Nihon Chouzai Co. Ltd.		36,959
	1,900	Nihon Dempa Kogyo Co. Ltd.		34,838
	2,800	Nihon Eslead Corp.		28,689
	8,000	Nihon Kohden Corp.		172,417
	10	Nihon M&A Center, Inc.		43,860
	24,000	Nihon Nohyaku Co. Ltd.		131,871
	11,000	Nihon Parkerizing Co. Ltd.		154,252
	2,800	Nihon Plast Co. Ltd.		25,244
	1,000	Nihon Shokuhin Kako Co. Ltd.		5,300
	1,100	Nihon Tokushu Toryo Co. Ltd.		5,093
	2,050	Nihon Trim Co. Ltd.		45,006
	10,900	Nihon Unisys Ltd.		82,334
	71,000	Nihon Yamamura Glass Co. Ltd.		208,467
	14,000	Nikkiso Co. Ltd.		113,085
	2,000	Nikko Co. Ltd.		7,018
	17,000	Nippo Corp.		127,169
	63,000	Nippon Beet Sugar Manufacturing Co. Ltd.		158,882
	43,000	Nippon Carbide Industries Co., Inc.(b)		125,207
	21,000	Nippon Carbon Co. Ltd.		63,194
	6,200	Nippon Ceramic Co. Ltd.		108,923
	40,000	Nippon Chemical Industrial Co. Ltd.		116,959
	51,000	Nippon Chemi-Con Corp.(b)		264,072
	26,500	Nippon Coke & Engineering Co. Ltd.		55,208
	17,000	Nippon Concrete Industries Co. Ltd.		31,067
	13,000	Nippon Denko Co. Ltd.		97,247
	23,000	Nippon Densetsu Kogyo Co. Ltd.		219,128

Shares			Value
JAPAN (continued)
	15,000	Nippon Denwa Shisetsu Co. Ltd.	$	48,246
	400	Nippon Felt Co. Ltd.		2,027
	300	Nippon Filcon Co. Ltd.		1,495
	9,700	Nippon Fine Chemical Co. Ltd.		64,170
	70,000	Nippon Flour Mills Co. Ltd.		350,512
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.(b)		35,161
	8,000	Nippon Gas Co. Ltd.		107,310
	9,000	Nippon Hume Corp.		30,702
	28	Nippon Jogesuido Sekkei Co. Ltd.		35,682
	3,400	Nippon Kanzai Co. Ltd.		56,294
	5,000	Nippon Kasei Chemical Co. Ltd.		13,219
	40,000	Nippon Kayaku Co. Ltd.		417,641
	44,000	Nippon Kinzoku Co. Ltd.(b)		91,667
	41,000	Nippon Koei Co. Ltd.		130,373
	32,000	Nippon Konpo Unyu Soko Co. Ltd.		378,168
	33,000	Nippon Koshuha Steel Co. Ltd.(b)		40,607
	211,000	Nippon Light Metal Co. Ltd.(b)		444,725
	60,000	Nippon Meat Packers, Inc.		793,129
	39,000	Nippon Metal Industry Co. Ltd.(b)		49,415
	56,000	Nippon Paint Co. Ltd.		433,918
	6	Nippon Parking Development Co. Ltd.		303
	16,000	Nippon Pillar Packing Co. Ltd.		138,596
	46,000	Nippon Piston Ring Co. Ltd.(b)		124,976
	47,000	Nippon Road Co. Ltd. (The)		116,813
	20,000	Nippon Seiki Co. Ltd.		242,203
	4,000	Nippon Seiro Co. Ltd.		15,351
	16,000	Nippon Seisen Co. Ltd.		96,686
	16,000	Nippon Sharyo Ltd.		88,304
	77,000	Nippon Sheet Glass Co. Ltd.		199,817
	30,000	Nippon Shinyaku Co. Ltd.		421,784
	39,000	Nippon Shokubai Co. Ltd.		432,383
	28,000	Nippon Signal Co. Ltd. (The)		237,427
	52,000	Nippon Soda Co. Ltd.		247,076
	20,000	Nippon Steel Trading Co. Ltd.		65,302
	41,900	Nippon Suisan Kaisha Ltd.		134,766
	26,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		172,320
	41,000	Nippon Thompson Co. Ltd.		353,155
	10,000	Nippon Valqua Industries Ltd.		32,286
	43,000	Nippon Yakin Kogyo Co. Ltd.(b)		125,731
	18,000	Nippon Yusoki Co. Ltd.		48,026
	19,000	Nipro Corp.		369,676
	1,000	Nishikawa Rubber Co. Ltd.		11,196
	151,000	Nishimatsu Construction Co. Ltd.		198,684
	8,100	Nishimatsuya Chain Co. Ltd.		72,632
	345,000	Nishi-Nippon City Bank Ltd. (The)		1,071,820

41

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	54,000	Nishi-Nippon Railroad Co. Ltd.	$	224,342
	23,400	Nissan Chemical Industries Ltd.		289,079
	64,000	Nissan Shatai Co. Ltd.		555,945
	6,700	Nissei Corp.		52,242
	1,500	Nissei Plastic Industrial Co. Ltd.(b)		5,428
	400	Nissen Holdings Co. Ltd.		2,164
	5,700	Nissha Printing Co. Ltd.		143,194
	8,900	Nisshin Fudosan Co. Ltd.		70,372
	47,000	Nisshin Oillio Group Ltd. (The)		238,779
	320,000	Nisshin Steel Co. Ltd.		631,579
	72,000	Nisshinbo Holdings, Inc.		797,368
	37,000	Nissin Corp.		104,581
	17,000	Nissin Electric Co. Ltd.		110,392
	13,900	Nissin Kogyo Co. Ltd.		250,464
	26,000	Nissin Sugar Manufacturing Co. Ltd.		62,403
	6,300	Nissui Pharmaceutical Co. Ltd.		54,035
	12,300	Nitta Corp.		245,910
	8,600	Nittan Valve Co. Ltd.		33,947
	33,000	Nittetsu Mining Co. Ltd.		171,674
	125,000	Nitto Boseki Co. Ltd.		318,287
	12,800	Nitto Kogyo Corp.		155,945
	4,400	Nitto Kohki Co. Ltd.		112,519
	17,000	Nitto Seiko Co. Ltd.		56,128
	7,100	Noevir Co. Ltd.		84,771
	99,000	NOF Corp.		516,228
	10,000	Nohmi Bosai Ltd.		66,277
	19,000	Nomura Co. Ltd.		72,454
	30,000	Noritake Co. Ltd.		113,304
	5,200	Noritsu Koki Co. Ltd.(b)		32,120
	9,000	Noritz Corp.		151,096
	3,700	NS Solutions Corp.		79,698
	20,000	NS United Kaiun Kaisha Ltd.		47,027
	10,600	NSD Co. Ltd.		110,158
	141,000	NTN Corp.		767,873
	4,300	Obara Corp.		49,664
	20,000	Obayashi Road Corp.		38,986
	750	OBIC Business Consultants Ltd.		43,631
	1,400	Obic Co. Ltd.		268,811
	27,000	Oenon Holdings, Inc.		66,447
	137,000	Ogaki Kyoritsu Bank Ltd. (The)		455,665
	3,600	Ohara, Inc.		46,491
	900	Ohashi Technica, Inc.		6,546
	11,438	Oiles Corp.		236,619
	76,000	Oita Bank Ltd. (The)		287,963
	30,300	Okabe Co. Ltd.		150,983
	13,000	Okamoto Industries, Inc.		51,791
	4,000	Okamoto Machine Tool Works Ltd.(b)		6,140
	20,000	Okamura Corp.		121,101
	69,000	Okasan Securities Group, Inc.		269,006
	168,000	Oki Electric Industry Co. Ltd.(b)		143,275
	3,460	Okinawa Electric Power Co., Inc. (The)		162,714

Shares			Value
JAPAN (continued)
	32,000	OKK Corp.(b)	$	54,581
	55,000	OKUMA Corp.(b)		459,003
	20,000	Okumura Corp.		75,780
	10,000	Okura Industrial Co. Ltd.		33,017
	5,000	Okuwa Co. Ltd.		53,241
	1,900	Olympic Corp.		14,213
	12,000	O-M Ltd.		51,901
	5,500	Onoken Co. Ltd.		48,648
	69,000	Onward Holdings Co. Ltd.		600,219
	1,600	Optex Co. Ltd.		23,255
	20,000	Organo Corp.		146,686
	10,000	Origin Electric Co. Ltd.		64,327
	8,200	Osaka Organic Chemical Industry Ltd.		52,049
	11,100	Osaka Steel Co. Ltd.		181,890
	3,400	OSAKA Titanium Technologies Co.		197,795
	6,000	Osaki Electric Co. Ltd.		56,140
	13,500	OSG Corp.		199,836
	3,100	Otsuka Corp.		196,394
	1,100	Oyo Corp.		9,394
	37,000	Pacific Industrial Co. Ltd.		220,882
	14,000	Pacific Metals Co. Ltd.		119,737
	3,350	Pack Corp. (The)		56,609
	2,000	Pal Co. Ltd.		69,639
	46,000	PanaHome Corp.		296,467
	900	Panasonic Electric Works Information Systems Co. Ltd.		23,575
	10,500	Panasonic Electric Works SUNX Co. Ltd.		61,148
	7,700	Paramount Bed Co. Ltd.		204,789
	27,200	Parco Co. Ltd.		258,811
	8,800	Paris Miki Holdings, Inc.		89,415
	17,400	Park24 Co. Ltd.		187,822
	10,000	Pasco Corp.		31,067
	9	Pasona Group, Inc.		7,248
	114,500	Penta-Ocean Construction Co. Ltd.		189,717
	140	PGM Holdings KK		88,182
	2,700	Pia Corp.(b)		27,303
	2,900	Pigeon Corp.		88,293
	54	Pilot Corp.		98,421
	3,800	Piolax, Inc.		86,528
	65,800	Pioneer Corp.(b)		283,787
	5,400	Plenus Co. Ltd.		89,342
	2,530	Point, Inc.		115,588
	34,000	Press Kogyo Co. Ltd.(b)		169,006
	15	Pressance Corp.		48,026
	49,000	Prima Meat Packers Ltd.		59,101
	5,100	Pronexus, Inc.		26,842
	17,000	PS Mitsubishi Construction Co. Ltd.(b)		52,400
	21,900	Raito Kogyo Co. Ltd.		58,699
	14,000	Rasa Industries Ltd.(b)		17,227
	77,840	Rengo Co. Ltd.		520,640
	20,300	Renown, Inc.(b)		52,432

42

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,500	Resorttrust, Inc.	$	42,063
	3,000	Rheon Automatic Machinery Co. Ltd.		7,639
	37,000	Rhythm Watch Co. Ltd.		61,306
	12,300	Ricoh Leasing Co. Ltd.		348,410
	5,400	Right On Co. Ltd.		27,829
	29,000	Riken Corp.		133,906
	9,000	Riken Keiki Co. Ltd.		84,211
	15,000	Riken Technos Corp.		56,104
	2,600	Riken Vitamin Co. Ltd.		72,856
	3,700	Ringer Hut Co. Ltd.		49,541
	11,300	Riso Kagaku Corp.		188,196
	698	Riso Kyoiku Co. Ltd.		42,945
	4,100	Rock Field Co. Ltd.		64,987
	18,000	Rohto Pharmaceutical Co. Ltd.		205,702
	11,500	Roland Corp.		145,431
	3,000	Roland DG Corp.		52,814
	39,700	Round One Corp.		213,784
	8,000	Royal Holdings Co. Ltd.		81,774
	42,000	Ryobi Ltd.(b)		183,187
	21,000	Ryoden Trading Co. Ltd.		146,857
	2,300	Ryohin Keikaku Co. Ltd.		98,916
	24,600	Ryosan Co. Ltd.		669,846
	10,200	Ryoyo Electro Corp.		116,192
	7,000	S Foods, Inc.		62,512
	12,000	Sagami Co. Ltd.(b)		17,105
	65,000	Saibu Gas Co. Ltd.		165,509
	5,000	Saizeriya Co. Ltd.		98,562
	46,000	Sakai Chemical Industry Co. Ltd.		242,105
	5,000	Sakai Heavy Industries Ltd.		9,381
	39,000	Sakai Ovex Co. Ltd.(b)		59,393
	14,000	Sakata INX Corp.		73,173
	9,100	Sakata Seed Corp.		132,154
	5,000	Sala Corp.		27,534
	2,200	San-A Co. Ltd.		87,378
	32,000	San-Ai Oil Co. Ltd.		163,743
	17,000	Sanden Corp.		81,396
	6,000	Sanei-International Co. Ltd.		74,635
	19,475	Sangetsu Co. Ltd.		467,419
	44,000	San-In Godo Bank Ltd. (The)		329,678
	15,700	Sanix, Inc.(b)		34,812
	14,500	Sankei Building Co. Ltd. (The)		93,452
	44,000	Sanken Electric Co. Ltd.		235,867
	26,000	Sanki Engineering Co. Ltd.		177,388
	50	Sanko Marketing Foods Co. Ltd.		49,647
	14,000	Sanko Metal Industrial Co. Ltd.		29,678
	30,600	Sankyo Seiko Co. Ltd.		113,333
	63,000	Sankyo-Tateyama Holdings, Inc.(b)		86,732
	59,000	Sankyu, Inc.		260,210
	20,600	Sanoh Industrial Co. Ltd.		202,035
	9,400	Sanrio Co. Ltd.		255,958
	18,800	Sanshin Electronics Co. Ltd.		162,164
	6,000	Sansui Electric Co. Ltd.(b)		146

Shares			Value
JAPAN (continued)
	2,400	Santen Pharmaceutical Co. Ltd.	$	86,140
	77,000	Sanwa Holdings Corp.		242,970
	12,000	Sanyo Chemical Industries Ltd.		99,269
	11,000	Sanyo Denki Co. Ltd.		77,997
	48	Sanyo Housing Nagoya Co. Ltd.		49,825
	26,000	Sanyo Shokai Ltd.		96,613
	63,000	Sanyo Special Steel Co. Ltd.		389,912
	173,300	Sapporo Hokuyo Holdings, Inc.		840,319
	25,000	Sapporo Holdings Ltd.		110,867
	34,000	Sasebo Heavy Industries Co. Ltd.		76,218
	5,300	Sato Corp.		66,250
	6,300	Sato Shoji Corp.		39,759
	7,700	Satori Electric Co. Ltd.		57,788
	2,600	Sawai Pharmaceutical Co. Ltd.		227,120
	12,000	SAXA Holdings, Inc.(b)		23,099
	9,920	SBI Holdings, Inc.		1,323,392
	13,000	Scroll Corp.		57,334
	1,600	Secom Joshinetsu Co. Ltd.		43,177
	1,000	Secom Techno Service Co. Ltd.		33,248
	4,000	Seibu Electric Industry Co. Ltd.		17,154
	31,000	Seika Corp.		78,558
	9,000	Seikagaku Corp.		98,026
	20,400	Seiko Epson Corp.		338,509
	19,000	Seiko Holdings Corp.(b)		64,583
	100	Seiko PMC Corp.		386
	78,000	Seino Holdings Corp.		541,667
	19,300	Seiren Co. Ltd.		145,079
	18,000	Sekisui Jushi Corp.		183,114
	29,000	Sekisui Plastics Co. Ltd.		133,553
	46,000	Senko Co. Ltd.		156,920
	700	Senshu Electric Co. Ltd.		8,801
	3,700	Senshukai Co. Ltd.		22,855
	2,000	Shibaura Mechatronics Corp.(b)		7,700
	17,000	Shibusawa Warehouse Co. Ltd. (The)		57,992
	9,400	Shibuya Kogyo Co. Ltd.		92,534
	120,000	Shiga Bank Ltd. (The)		660,819
	68,000	Shikibo Ltd.		97,758
	81,000	Shikoku Bank Ltd. (The)		261,513
	21,000	Shikoku Chemicals Corp.		123,575
	8,000	Shima Seiki Manufacturing Ltd.		189,766
	25,249	Shimachu Co. Ltd.		567,549
	52,000	Shimadzu Corp.		411,160
	4,800	Shimizu Bank Ltd. (The)		211,404
	600	Shimojima Co. Ltd.		7,500
	11,300	Shin Nippon Air Technologies Co. Ltd.		70,350
	7,000	Shin Nippon Biomedical Laboratories Ltd.		32,919
	41,000	Shinagawa Refractories Co. Ltd.		139,364
	29,000	Shindengen Electric Manufacturing Co. Ltd.(b)		152,985
	20,200	Shin-Etsu Polymer Co. Ltd.		131,418
	7,200	Shinkawa Ltd.		74,561

43

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,000	Shin-Keisei Electric Railway Co. Ltd.	$	37,500
	13,800	Shinko Electric Industries Co. Ltd.		155,519
	8,500	Shinko Plantech Co. Ltd.		86,160
	10,200	Shinko Shoji Co. Ltd.		88,728
	7,000	Shinko Wire Co. Ltd.		11,940
	8,000	Shin-Kobe Electric Machinery Co. Ltd.		100,682
	58,000	Shinmaywa Industries Ltd.		252,973
	31,500	Shinnihon Corp.		90,954
	456,000	Shinsei Bank Ltd.(b)		522,222
	22,000	Shinsho Corp.		55,750
	900	Shinwa Co. Ltd. Nagoya		10,811
	8,000	Ship Healthcare Holdings, Inc.		93,957
	25,000	Shiroki Corp.		97,161
	3,000	Shizuki Electric Co., Inc.		11,623
	24,000	Shizuoka Gas Co. Ltd.		145,906
	4,900	SHO-BOND Holdings Co. Ltd.		105,606
	6,400	Shobunsha Publications, Inc.		50,448
	18,000	Shochiku Co. Ltd.		132,237
	500	Shofu, Inc.		4,617
	34,000	Shoko Co. Ltd.		53,850
	3,000	Showa Aircraft Industry Co. Ltd.		26,827
	25,600	Showa Corp.(b)		191,813
	363,600	Showa Denko KK		801,798
	32,000	Showa Sangyo Co. Ltd.		94,737
	400	Showa Shell Sekiyu KK		3,465
	11,600	Siix Corp.		139,630
	82	Simplex Technology, Inc.		41,859
	23,000	Sinanen Co. Ltd.		107,322
	4,000	Sinfonia Technology Co. Ltd.		13,694
	37,000	Sintokogio Ltd.		371,442
	777	SKY Perfect JSAT Holdings, Inc.		288,724
	32,000	SMK Corp.		167,641
	13,500	SNT Corp.		65,954
	22,400	Sodick Co. Ltd.(b)		118,441
	2,200	Soft99 Corp.		14,876
	2,200	Sogo Medical Co. Ltd.		63,604
	44,688	Sohgo Security Services Co. Ltd.		542,811
	711,500	Sojitz Corp.		1,568,975
	67	So-Net Entertainment Corp.		229,047
	5,400	Soshin Electric Co. Ltd.		33,816
	54,000	Sotetsu Holdings, Inc.		173,026
	1,900	Space Co. Ltd.		12,431
	200	SPK Corp		3,051
	12,700	Square Enix Holdings Co. Ltd.		221,260
	3,200	SRA Holdings, Inc.		35,945
	57	SRI Sports Ltd.		62,986
	2,700	ST Corp.		31,447
	1,000	St. Marc Holdings Co. Ltd.		43,129
	7,000	Star Micronics Co. Ltd.		75,560
	26,000	Starzen Co. Ltd.		76,340
	2,000	Stella Chemifa Corp.		92,714

Shares			Value
JAPAN (continued)
	2,500	Studio Alice Co. Ltd.	$	24,884
	2,300	Sugi Holdings Co. Ltd.		54,530
	3,400	Sugimoto & Co. Ltd.		29,742
	4,800	Sumida Corp.		54,035
	76,000	Sumikin Bussan Corp.		181,481
	9,000	Suminoe Textile Co. Ltd.		21,382
	8,200	Sumisho Computer Systems Corp.		134,069
	76,000	Sumitomo Bakelite Co. Ltd.		450,000
	9,200	Sumitomo Densetsu Co. Ltd.		37,437
	20,100	Sumitomo Forestry Co. Ltd.		184,642
	39,000	Sumitomo Light Metal Industries Ltd.(b)		49,415
	11,200	Sumitomo Mitsui Construction Co. Ltd.(b)		9,006
	156,000	Sumitomo Osaka Cement Co. Ltd.		344,006
	12,500	Sumitomo Pipe & Tube Co. Ltd.		93,963
	14,000	Sumitomo Precision Products Co. Ltd.		74,196
	1,370	Sumitomo Real Estate Sales Co. Ltd.		70,269
	36,300	Sumitomo Rubber Industries, Inc.		382,990
	26,000	Sumitomo Seika Chemicals Co. Ltd.		119,737
	80,000	Sumitomo Warehouse Co. Ltd. (The)		423,977
	6,800	Sundrug Co. Ltd.		197,671
	3,600	Sun-Wa Technos Corp.		30,395
	45,000	Suruga Bank Ltd.		420,504
	80,000	SWCC Showa Holdings Co. Ltd.(b)		90,643
	62,000	SXL Corp.(b)		42,300
	54	SysproCatena Corp.		62,566
	4,600	T. Hasegawa Co. Ltd.		73,192
	15,000	T. RAD Co. Ltd.		67,251
	3,400	Tachibana Eletech Co. Ltd.		30,115
	6,500	Tachi-S Co. Ltd.		113,085
	57	Tact Home Co. Ltd.		69,722
	40,000	Tadano Ltd.		208,090
	12,000	Taihei Dengyo Kaisha Ltd.		98,392
	41,000	Taihei Kogyo Co. Ltd.		191,813
	266,000	Taiheiyo Cement Corp.(b)		343,519
	11,800	Taiho Kogyo Co. Ltd.		124,929
	16,700	Taikisha Ltd.		285,454
	211,900	Taisei Corp.		505,999
	700	Taisei Lamick Co., Ltd.		20,152
	2,200	Taiyo Ink Manufacturing Co. Ltd.		73,199
	45,000	Taiyo Yuden Co. Ltd.		681,469
	1,600	Takachiho Koheki Co. Ltd.		18,265
	11,000	Takagi Securities Co. Ltd.		12,865
	8,500	Takamatsu Construction Group Co. Ltd.		113,395
	4,500	Takano Co. Ltd.		27,029

44

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	20,000	Takaoka Electric Manufacturing Co. Ltd.	$	116,715
	49,000	Takara Holdings, Inc.		290,132
	3,800	Takara Printing Co. Ltd.		30,509
	56,000	Takara Standard Co. Ltd.		356,140
	36,000	Takasago International Corp.		233,772
	23,100	Takasago Thermal Engineering Co. Ltd.		190,811
	26,000	Takashima & Co. Ltd.		42,446
	91,000	Takashimaya Co. Ltd.		749,464
	10,600	Takata Corp.		324,922
	631	Take and Give Needs Co. Ltd.(b)		58,657
	9,000	Takihyo Co. Ltd.		44,956
	21,000	Takiron Co. Ltd.		76,243
	28,000	Takisawa Machine Tool Co. Ltd.(b)		35,819
	18,000	Takuma Co. Ltd.(b)		59,430
	5,900	Tamron Co. Ltd.		120,545
	25,000	Tamura Corp.		74,013
	29,000	Tatsuta Electric Wire and Cable Co. Ltd.		94,688
	17,000	Tayca Corp.		71,248
	18,000	TBK Co. Ltd.		104,825
	1,200	Techno Ryowa Ltd.		6,067
	13,400	Tecmo Koei Holdings Co. Ltd.		99,912
	1,200	Teikoku Electric Manufacturing Co. Ltd.		27,895
	5,800	Teikoku Piston Ring Co. Ltd.		64,020
	7,000	Teikoku Sen-I Co. Ltd.		44,859
	18,000	Teikoku Tsushin Kogyo Co. Ltd.		43,202
	49,000	Tekken Corp.(b)		53,728
	3,800	Temp Holdings Co. Ltd.		34,028
	2,500	Tenma Corp.		26,438
	26	T-GAIA Corp.		46,438
	21,400	THK Co. Ltd.		556,901
	1,000	Tigers Polymer Corp.		4,703
	9,500	TKC Corp.		196,412
	104,000	Toa Corp.		125,439
	46,000	Toa Oil Co. Ltd.		58,845
	34,000	Toa Road Corp.		53,436
	25,000	Toabo Corp.		21,930
	82,000	Toagosei Co. Ltd.		409,600
	50,500	Tobishima Corp.(b)		14,151
	15,000	Tobu Store Co. Ltd.		47,515
	47,200	TOC Co. Ltd.		206,442
	1,700	Tocalo Co. Ltd.		31,274
	43,000	Tochigi Bank Ltd. (The)		209,552
	113,000	Toda Corp.		433,662
	15,000	Toda Kogyo Corp.		164,839
	24,000	Toei Co. Ltd.		121,637
	23,000	Toenec Corp.		127,217
	118,000	Toho Bank Ltd. (The)		373,782
	3,000	Toho Co. Ltd.		11,038
	56,000	Toho Gas Co. Ltd.		287,232

Shares			Value
JAPAN (continued)
	13,200	Toho Holdings Co. Ltd.	$	178,348
	13,100	Toho Real Estate Co. Ltd.		94,324
	5,500	Toho Titanium Co. Ltd.		156,530
	63,000	Toho Zinc Co. Ltd.		315,461
	46,000	Tohoku Bank Ltd. (The)		75,097
	14,000	Tohto Suisan Co. Ltd.		26,608
	54,000	Tokai Carbon Co. Ltd.		316,447
	13,000	Tokai Corp.		50,841
	16,800	Tokai Rika Co. Ltd.		336,287
	22,800	Tokai Rubber Industries, Inc.		303,333
	97,000	Tokai Tokyo Financial Holdings		346,260
	530	Token Corp.		21,115
	16,000	Toko Electric Corp.		106,043
	41,000	Toko, Inc.(b)		92,909
	23,840	Tokushu Tokai Holdings Co. Ltd.		55,476
	148,000	Tokuyama Corp.		775,341
	24,200	Tokyo Broadcasting System Holdings, Inc.		328,151
	10,000	Tokyo Dome Corp.(b)		24,123
	7	Tokyo Electron Device Ltd.		16,886
	13,000	Tokyo Energy & Systems, Inc.		87,110
	14,600	Tokyo Individualized Educational Institute, Inc.		41,623
	30,000	Tokyo Keiki, Inc.		45,687
	8,000	Tokyo Kikai Seisakusho Ltd.(b)		7,407
	30,700	Tokyo Ohka Kogyo Co. Ltd.		675,490
	11,000	Tokyo Rakutenchi Co. Ltd.		39,401
	69,000	Tokyo Rope Manufacturing Co. Ltd.		223,611
	1,000	Tokyo Sangyo Co. Ltd.		3,216
	11,900	Tokyo Seimitsu Co. Ltd.		191,084
	66,500	Tokyo Steel Manufacturing Co. Ltd.		707,292
	34,000	Tokyo Style Co. Ltd.		263,865
	162,000	Tokyo Tatemono Co. Ltd.		744,079
	6,800	Tokyo Tatemono Real Estate Sales Co. Ltd.		26,179
	25,000	Tokyo Tekko Co. Ltd.		69,444
	23,000	Tokyo Theaters Co., Inc.		34,186
	19,200	Tokyo Tomin Bank Ltd. (The)		261,287
	32,000	Tokyotokeiba Co. Ltd.		48,733
	2,300	Tokyu Community Corp.		69,745
	20,080	Tokyu Construction Co. Ltd.		58,469
	174,000	Tokyu Land Corp.		892,471
	16,000	Toli Corp.		28,850
	32,000	Tomato Bank Ltd.		58,480
	4,000	Tomen Devices Corp.		106,238
	5,600	Tomen Electronics Corp.		96,267
	14,900	Tomoe Corp.		45,927
	2,500	Tomoe Engineering Co. Ltd.		39,870
	2,000	Tomoegawa Co. Ltd.(b)		6,676
	42,000	Tomoku Co. Ltd.		124,342
	4,800	Tomony Holdings, Inc.(b)		19,708
	5,100	Tomy Co. Ltd.		42,314

45

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	30,000	Tonami Holdings Co. Ltd.	$	58,480
	30,000	Tonichi Carlife Group(b)		33,991
	19,600	Topcon Corp.		104,829
	12,100	Toppan Forms Co. Ltd.		119,703
	19,600	Topre Corp.		153,304
	57,000	Topy Industries Ltd.		160,417
	18	Toridoll Corp.		26,031
	8,800	Torigoe Co. Ltd. (The)		76,657
	5,800	Torii Pharmaceutical Co. Ltd.		127,334
	5,000	Torishima Pump Manufacturing Co. Ltd.		99,232
	185	Tosei Corp.		89,818
	67,000	Toshiba Machine Co. Ltd.		357,529
	17,000	Toshiba Plant Systems & Services Corp.		248,745
	76,000	Toshiba TEC Corp.		359,259
	23,000	Tosho Printing Co. Ltd.(b)		40,631
	211,000	Tosoh Corp.		683,796
	24,000	Totetsu Kogyo Co. Ltd.		188,889
	38,000	TOTO Ltd.		271,296
	34,000	Tottori Bank Ltd. (The)		72,490
	5,300	Touei Housing Corp.		84,330
	137,000	Towa Bank Ltd. (The)		148,550
	5,500	Towa Corp.(b)		44,560
	2,000	Towa Pharmaceutical Co. Ltd.		109,649
	48,000	Toyo Construction Co. Ltd.		26,316
	11,900	Toyo Corp.		122,219
	6,000	Toyo Electric Manufacturing Co. Ltd.		36,477
	70,000	Toyo Engineering Corp.		264,376
	112,000	Toyo Ink Manufacturing Co. Ltd.		581,287
	36,000	Toyo Kanetsu K K		65,789
	37,000	Toyo Kohan Co. Ltd.		232,602
	21,000	Toyo Securities Co. Ltd.		34,539
	19,000	Toyo Suisan Kaisha Ltd.		405,324
	1,800	Toyo Tanso Co. Ltd.		98,465
	83,000	Toyo Tire & Rubber Co. Ltd.		205,275
	20,000	Toyo Wharf & Warehouse Co. Ltd.		32,651
	91,000	Toyobo Co. Ltd.		167,410
	31,600	Toyota Auto Body Co. Ltd.		592,885
	400	Trancom Co. Ltd.		7,627
	8,000	Transcosmos, Inc.		78,752
	9,100	Trusco Nakayama Corp.		146,345
	12,700	TS Tech Co. Ltd.		256,538
	26,000	Tsubakimoto Chain Co.		146,979
	6,000	Tsubakimoto Kogyo Co. Ltd.		16,813
	28,000	Tsudakoma Corp.(b)		60,721
	34,000	Tsugami Corp.		243,567
	11,000	Tsukishima Kikai Co. Ltd.		92,605
	42,033	Tsukuba Bank Ltd.(b)		148,508
	12,400	Tsumura & Co.		390,068
	3,800	Tsuruha Holdings, Inc.		182,870
	4,000	Tsurumi Manufacturing Co. Ltd.		28,021
	4,300	Tsutsumi Jewelry Co. Ltd.		116,825

Shares			Value
JAPAN (continued)
	8,000	Tsuzuki Denki Co. Ltd.	$	50,195
	111	TV Asahi Corp.		184,053
	2,900	TV Tokyo Holdings Corp.(b)		40,984
	149,000	Ube Industries Ltd.		448,380
	13,000	Ube Material Industries Ltd.		40,229
	29,000	Uchida Yoko Co. Ltd.		105,288
	2,400	Ulvac, Inc.		61,579
	36,000	Uniden Corp.(b)		115,789
	14,600	Unihair Co Ltd.(b)		147,459
	3,000	Union Tool Co.		73,282
	6,300	Unipres Corp.		127,259
	5,600	United Arrows Ltd.		84,737
	67,000	Unitika Ltd.(b)		62,037
	3,600	Universe Co. Ltd.		53,596
	88,300	UNY Co. Ltd.		854,169
	18,100	U-Shin Ltd.		146,202
	18,900	Ushio, Inc.		382,928
	4,170	USS Co. Ltd.		334,291
	8,800	Utoc Corp.		28,304
	16,200	Valor Co. Ltd.		143,882
	20,600	Vital KSK Holdings, Inc.		170,914
	37,000	Wacoal Holdings Corp.		495,407
	44	Wacom Co. Ltd.		73,280
	33,000	Wakachiku Construction Co. Ltd.(b)		17,690
	3,600	Warabeya Nichiyo Co. Ltd.		44,079
	3,400	Watabe Wedding Corp.		37,943
	5,500	WATAMI Co. Ltd.		114,650
	3,000	Weathernews, Inc.		68,238
	15,000	Wood One Co. Ltd.		51,535
	14,500	Xebio Co. Ltd.		331,408
	3,500	YAC Co. Ltd.		29,252
	6,800	Yachiyo Bank Ltd. (The)		218,465
	11,000	Yahagi Construction Co.		65,400
	3,500	Yaizu Suisankagaku Industry Co. Ltd.		36,586
	2,800	YAMABIKO Corp.		30,565
	108,000	Yamagata Bank Ltd. (The)		505,263
	119,000	Yamaguchi Financial Group, Inc.		1,194,639
	79,900	Yamaha Corp.		980,255
	5,700	Yamaichi Electronics Co. Ltd.(b)		29,306
	71,000	Yamanashi Chuo Bank Ltd. (The)		358,114
	12,400	Yamatake Corp.		287,943
	51,000	Yamatane Corp.		74,561
	11,800	Yamato Kogyo Co. Ltd.		354,805
	16,000	Yamazaki Baking Co. Ltd.		190,643
	100	Yamazawa Co. Ltd.		1,419
	18,200	Yamazen Corp.		96,898
	2,500	Yaoko Co. Ltd.		75,323
	34,000	Yaskawa Electric Corp.		367,422
	3,600	Yasuda Warehouse Co. Ltd. (The)		22,325
	13,300	Yellow Hat Ltd.		142,431

46

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	63,000	Yodogawa Steel Works Ltd.	$	278,618
	18,000	Yokogawa Bridge Holdings Corp.		116,228
	75,500	Yokogawa Electric Corp.		606,171
	29,700	Yokohama Reito Co. Ltd.		207,336
	99,000	Yokohama Rubber Co. Ltd. (The)		505,373
	6,700	Yokowo Co. Ltd.		53,711
	5,000	Yomeishu Seizo Co. Ltd.		48,733
	3,000	Yondenko Corp.		13,304
	6,500	Yonekyu Corp.		53,216
	3,500	Yonex Co. Ltd.		24,903
	8,300	Yorozu Corp.		158,254
	124	Yoshinoya Holdings Co. Ltd.		162,100
	65,000	Yuasa Trading Co. Ltd.(b)		78,399
	27,000	Yuken Kogyo Co. Ltd.		58,882
	3,600	Yukiguni Maitake Co. Ltd.		24,123
	10,000	Yurtec Corp.		44,347
	3,600	Yusen Air & Sea Service Co. Ltd.		50,132
	2,640	Yushin Precision Equipment Co. Ltd.		53,778
	1,600	Yushiro Chemical Industry Co. Ltd.		26,686
	1,500	Zenrin Co. Ltd.		16,758
	14,300	Zensho Co. Ltd.		147,216
	72,000	Zeon Corp.		659,649
	5,000	ZERIA Pharmaceutical Co. Ltd.		60,490
	12,900	Zuken, Inc.		109,072
				204,718,035
LIECHTENSTEIN — 0.0%
	2,872	Liechtensteinische Landesbank AG		228,178
	2,609	Verwalt & Privat-Bank AG		309,542
				537,720
LUXEMBOURG — 0.0%
	25,053	D’amico International Shipping SA(b)		34,130
	6,151	Oriflame Cosmetics SA		296,408
	58,357	Regus Plc		94,133
				424,671
MALAYSIA — 0.3%
	61,000	Aeon Co. (Malaysia) Berhad		125,527
	226,400	Affin Holdings Berhad		264,743
	608,300	AirAsia Berhad(b)		546,407
	418,000	Alliance Financial Group Berhad		434,179
	45,800	Amway (Malaysia) Holdings Berhad		122,522
	58,400	ANN JOO Resources Berhad		55,701
	39,600	APM Automotive Holdings Berhad		67,261
	132,200	Bandar Raya Developements Berhad		96,295

Shares			Value
MALAYSIA (continued)
	32,000	Batu Kawan Berhad	$	171,419
	51,800	Berjaya Assets Berhad		13,705
	651,400	Berjaya Corp. Berhad		231,921
	10,900	Berjaya Media Berhad(b)		1,780
	43,660	Berjaya Retail Berhad(b)		6,417
	112,100	Berjaya Sports Toto Berhad		154,154
	180,500	BIMB Holdings Berhad		83,131
	222,440	Boustead Holdings Berhad		406,154
	47,900	Bursa Malaysia Berhad		130,174
	23,600	Cahya Mata Sarawak Berhad		20,967
	75,100	Carlsberg Brewery-Malaysia Berhad		152,579
	28,000	Chemical Co. of Malaysia Berhad		16,371
	54,100	CSC Steel Holdings Berhad		30,394
	295,832	Dialog Group Berhad		200,990
	209,300	DRB-Hicom Berhad		129,894
	313,100	Eastern & Oriental Berhad		122,724
	82,400	ECM Libra Financial Group Berhad		20,994
	79,400	EON Capital Berhad(b)		181,545
	84,900	Evergreen Fibreboard Berhad		39,101
	48,300	Faber Group Berhad		32,658
	18,500	Fraser & Neave Holdings Berhad		90,642
	401,500	Gamuda Berhad		499,662
	48,100	Genting Plantations Berhad		132,760
	152,700	Green Packet Berhad(b)		37,658
	76,900	Guinness Anchor Berhad		240,634
	31,600	Hai-O Enterprise Berhad		27,353
	60,800	HAP Seng Consolidated Berhad		129,087
	110,500	Hap Seng Plantations Holdings Berhad		115,499
	23,550	Hartalega Holdings Berhad		43,077
	54,100	Hong Leong Financial Group Berhad		155,152
	51,500	Hong Leong Industries Berhad		89,829
	303,000	IGB Corp. Berhad		209,819
	522,840	IJM Corp. Berhad		1,118,603
	120,100	IJM Land Berhad		112,588
	97,200	IJM Plantations Berhad		94,295
	14,400	Jerneh Asia Berhad		14,017
	32,800	JT International Berhad		68,461
	54,800	Keck Seng (Malaysia) Berhad		115,990
	131,768	Kencana Petroleum Berhad		110,614
	219,600	KFC Holdings Malaysia Berhad		250,336
	66,900	Kian JOO CAN Factory Berhad		36,711
	148,900	Kinsteel Berhad		45,475
	276,800	KLCC Property Holdings Berhad		307,405
	98,700	KNM Group Berhad(b)		90,592
	93,750	KPJ Healthcare Berhad		115,140
	73,600	Kulim Malaysia Berhad		312,527
	26,500	Kumpulan Perangsang Selangor Berhad		11,512
	60,000	Kurnia Asia Berhad(b)		7,349

47

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	64,100	Lafarge Malayan Cement Berhad	$	164,359
	157,800	Landmarks Berhad		80,923
	97,400	Lingkaran Trans Kota Holdings Berhad		114,850
	173,400	Lion Industries Corp. Berhad		113,278
	14,400	LPI Capital Berhad		62,369
	89,880	Mah Sing Group Berhad		69,872
	69,800	Malaysia Airports Holdings Berhad		139,760
	73,500	Malaysia Building Society		36,012
	100,200	Malaysian Airline System Berhad(b)		65,785
	64,800	Malaysian Bulk Carriers Berhad		58,207
	12,000	Malaysian Pacific Industries		21,558
	371,250	Malaysian Resources Corp. Berhad		266,781
	9,600	MBM Resources Berhad		9,940
	30,300	Media Prima Berhad		25,634
	89,900	MK Land Holdings Berhad(b)		11,599
	279,900	MMC Corp. Berhad		258,735
	22,500	MNRB Holdings Berhad(b)		20,358
	26,600	Mudajaya Group Berhad		45,180
	55,500	Muhibbah Engineering M Berhad		31,181
	475,000	Mulpha International Berhad(b)		87,661
	58,700	NCB Holdings Berhad		71,901
	4,700	Nestle Malaysia Berhad		68,623
	104,800	Oriental Holdings Berhad		183,481
	249,125	OSK Holdings Berhad		143,217
	9,600	Paramount Corp. Berhad		14,393
	78,159	Parkson Holdings Berhad		143,987
	42,400	Pelikan International Corp. Berhad		17,727
	106,300	POS Malaysia Berhad		118,053
	34,700	Press Metal Berhad		26,182
	147,300	Proton Holdings Berhad		203,040
	10,900	QL Resources Berhad		20,223
	48,100	Ranhill Berhad(b)		13,747
	33,000	RCE Capital Berhad		5,821
	1,346,000	Samling Global Ltd.		105,309
	84,100	SapuraCrest Petroleum Berhad		101,090
	3,700	Sarawak Oil Palms Berhad		4,435
	334,500	Scomi Group Berhad(b)		39,880
	75,100	Shangri-La Hotels (Malaysia) Berhad		65,006
	28,400	Shell Refining Co. Federation of Malaya Berhad		100,186
	151,100	SP Setia Berhad		316,858
	91,200	Star Publications Malaysia Berhad		104,263
	20,090	Subur Tiasa Holdings Berhad		14,437
	150,100	Sunway City Berhad		211,312
	153,500	Sunway Holdings Berhad		115,319
	19,600	Supermax Corp. Berhad		28,169
	61,920	Ta Ann Holdings Berhad		103,958
	341,500	TA Enterprise Berhad		89,237

Shares			Value
MALAYSIA (continued)
	195,360	TA Global Berhad(c)	$	28,715
	195,360	TA Global Berhad - Preferred Shares(b)		23,291
	210,800	TAN Chong Motor Holdings Berhad		344,276
	4,700	Tanjung Offshore Berhad(b)		2,487
	19,900	TDM Berhad		19,760
	179,900	Tebrau Teguh Berhad(b)		47,891
	43,100	Telekom Malaysia Berhad		52,230
	51,200	TH Plantations Berhad		33,113
	484,800	Time dotCom Berhad(b)		115,598
	120,960	Top Glove Corp. Berhad		197,155
	275,400	Tradewinds Corp. Berhad(b)		81,410
	20,800	Tradewinds Malaysia Berhad		46,335
	10,900	TSH Resources Berhad		9,969
	285,308	UEM Land Holdings Berhad(b)		251,619
	121,600	UMW Holdings Berhad		285,977
	52,000	Unico-Desa Plantations Berhad		18,854
	176,280	Unisem (M) Berhad		122,069
	15,000	United Malacca Berhad		34,199
	38,700	United Plantations Berhad		209,838
	105,875	Wah Seong Corp. Berhad		79,540
	93,600	WCT Berhad		99,057
	141,900	WTK Holdings Berhad		59,328
	83,171	YNH Property Berhad		48,900
	41,000	YTL Land & Development Berhad(b)		24,508
	261,600	Zelan Berhad(b)		48,706
	48,400	Zhulian Corp. Berhad		27,666
				14,868,881
MEXICO — 0.3%
	134,100	Alfa SAB de CV - Series A		1,460,829
	48,200	Alsea SAB de CV		54,633
	82,600	Axtel SAB de CV - CPO Shares(b)		47,935
	28,200	Bio Pappel SAB de CV(b)		27,105
	141,400	Bolsa Mexicana de Valores Sab de CV		296,414
	213,700	Carso Infraestructura y Construccion SAB de CV(b)		138,286
	10,900	Cia Minera Autlan SAB de CV - Series B(b)		30,649
	35,800	Compartamos SAB de CV(b)		72,302
	231,700	Consorcio ARA SAB de CV		146,496
	92,800	Controladora Comercial Mexicana SAB de CV(b)		116,966
	158,600	Corp. GEO SAB de CV - Series B(b)		542,961
	96,008	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		43,528
	27,800	Corp. Moctezuma SAB de CV		65,770
	4,000	Desarrolladora Homex SAB de CV(b)		20,345
	10,900	El Puerto de Liverpool SAB de CV		75,476

48

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
MEXICO (continued)
	241,200	Embotelladoras Arca SAB de CV	$	1,288,415
	247,450	Empresas ICA Sociedad Controladora SAB de CV(b)		627,243
	32,900	Financiera Independencia SAB de CV		35,636
	118,000	Genomma Lab Internacional SA de CV - Class B(b)		299,110
	53,800	Gruma SAB de CV - Series B(b)		117,082
	98,600	Grupo Aeroportuario del Centro Norte SAB de CV		187,511
	260,800	Grupo Aeroportuario del Pacifico SAB de CV - Series B		1,022,475
	163,500	Grupo Aeroportuario del Sureste SAB de CV - Series B		853,284
	76,400	Grupo Bimbo SAB de CV - Class A		648,937
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)		486,696
	109,000	Grupo Continental SAB de CV		375,044
	251,000	Grupo Financiero Banorte SAB de CV - Series O		1,117,303
	52,600	Grupo Herdez SAB de CV		96,216
	57,500	Grupo Industrial Maseca SAB de CV - Series B		56,879
	13,500	Grupo Industrial Saltillo SAB de CV(b)		18,084
	55,900	Grupo Simec SAB de CV - Series B(b)		153,678
	250,800	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)		357,665
	138,400	Industrias CH SAB de CV - Series B(b)		541,917
	35,200	Kimberly-Clark de Mexico SAB de CV		194,585
	31,700	Megacable Holdings SAB de CV(b)		77,114
	127,413	Mexichem SAB de CV		455,729
	238,200	Organizacion Soriana SAB de CV - Series B		751,849
	40,900	Promotora y Operadora de Infraestructura SAB de CV(b)		140,761
	46,400	Qualitas Compania de Seguros SA de CV		42,342
	254,600	TV Azteca SA de CV		168,740
	155,800	Urbi Desarrollos Urbanos SAB de CV(b)		377,074
				13,631,064
MONACO — 0.0%
	560	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		33,314
NETHERLANDS — 0.5%
	47,325	Aalberts Industries NV		936,288
	2,467	Accell Group		127,677

Shares			Value
NETHERLANDS (continued)
	3,203	AMG Advanced Metallurgical Group NV(b)	$	48,700
	1,517	Amsterdam Commodities NV		21,590
	5,838	Arcadis NV		136,362
	16,551	ASM International NV(b)		599,945
	16,212	BE Semiconductor Industries NV(b)		115,867
	2,250	Beter BED Holding NV		63,152
	8,719	BinckBank NV		151,847
	37,246	Brit Insurance Holdings Plc.(b)		624,068
	4,451	Brunel International		180,355
	26,456	Crucell NV(b)		887,445
	17,309	CSM NV		568,056
	3,089	Delta Lloyd NV		77,925
	5,369	Dockwise Ltd.(b)		151,995
	7,220	Draka Holding(b)		179,418
	679	Exact Holding NV		19,602
	15,923	Fugro NV - CVA		1,283,206
	1,355	Gamma Holding NV(b)		53,782
	6,984	Grontmij NV CVA		157,202
	4,313	Heijmans NV - CVA(b)		95,693
	203	Hunter Douglas NV		10,795
	16,720	Imtech NV		613,854
	15,689	Kardan NV(b)		88,951
	3,153	KAS Bank NV - CVA		49,407
	2,351	Kendrion NV(b)		49,394
	98,858	Koninklijke BAM Groep NV		644,544
	22,259	Koninklijke Boskalis Westminster NV - CVA		1,070,924
	74,944	Koninklijke DSM NV		4,437,352
	16,601	Koninklijke Ten Cate NV		590,961
	25,960	Koninklijke Wessanen NV(b)		98,099
	6,355	Macintosh Retail Group NV		166,188
	21,271	Mediq NV		389,960
	16,817	Nutreco Holding NV		1,197,070
	9,422	Ordina NV(b)		49,524
	4,436	Punch Graphix NV(b)		18,464
	56,767	Qiagen NV(b)		1,041,482
	11,176	Qurius NV(b)		4,652
	44,158	Randstad Holding NV(b)		2,410,498
	65,436	SBM Offshore NV		1,559,792
	11,287	Sligro Food Group NV		376,295
	10,373	SNS Reaal(b)		51,526
	10,085	Telegraaf Media Groep NV		206,911
	15,287	TKH Group NV		373,604
	52,513	TomTom NV(b)		518,602
	6,421	Unit 4 Agresso NV		211,123
	34,748	USG People NV(b)		732,659
	12,312	Vopak		595,304
	4,341	Wavin NV(b)		60,326
	44,198	Wolters Kluwer NV		1,012,999
				25,111,435
NEW ZEALAND — 0.1%
	191,194	Air New Zealand Ltd.		206,562

49

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
NEW ZEALAND (continued)
	526,975	Auckland International Airport Ltd.	$	910,933
	78,622	Contact Energy Ltd.(b)		373,136
	206	Ebos Group Ltd.		1,205
	221,804	Fisher & Paykel Appliances Holdings Ltd.(b)		95,853
	86,939	Fisher & Paykel Healthcare Corp. Ltd.		213,349
	885	Freightways Ltd.		2,220
	6,326	Hallenstein Glasson Holdings Ltd.		18,795
	40,503	Infratil Ltd.		58,762
	22,271	Mainfreight Ltd.		139,898
	115,782	New Zealand Oil & Gas Ltd.		75,947
	38,630	New Zealand Refining Co. Ltd. (The)		139,813
	122,848	Nuplex Industries Ltd.		342,235
	16,881	NZX Ltd.		22,797
	87,243	PGG Wrightson Ltd.(b)		36,356
	80,140	Pike River Coal Ltd.(b)(c)(d)		0
	45,737	Port of Tauranga Ltd.		265,773
	27,536	Pumpkin Patch Ltd.		30,174
	255,446	Pyne Gould Corp. Ltd.		70,966
	8,968	Rakon Ltd.(b)		8,166
	7,938	Restaurant Brands New Zealand Ltd.		15,192
	76,230	Ryman Healthcare Ltd.		141,184
	15,128	Sanford Ltd.		58,371
	16,636	Skellerup Holdings Ltd.		15,020
	144,452	Sky City Entertainment Group Ltd.		365,633
	85,261	Sky Network Television Ltd.		352,008
	12,028	Steel & Tube Holdings Ltd.		21,349
	100,538	Tower Ltd.		151,291
	32,274	TrustPower Ltd.		180,318
	49,480	Vector Ltd.		94,696
	34,146	Warehouse Group Ltd. (The)		96,179
				4,504,181
NORWAY — 0.2%
	33,046	ABG Sundal Collier Holding ASA		45,718
	29,264	Acta Holding ASA(b)		12,211
	7,009	Aker ASA - Class A		183,860
	7,600	Aktiv Kapital ASA		65,533
	34,500	Atea ASA		340,496
	28,408	Austevoll Seafood ASA		224,297
	4,953	Bonheur ASA		147,937
	205,500	BW Offshore Ltd.(b)		526,613
	18,293	BWG Homes ASA(b)		73,484
	3,200	Camillo Eitzen & Co. ASA(b)		5,929
	17,400	Cermaq ASA(b)		262,112
	15,967	Det Norske Oljeselskap ASA(b)		78,240
	136,848	DNO International ASA(b)		229,367
	15,812	DOF ASA(b)		143,735
	18,809	EDB Business Partner ASA(b)		48,851
	186,473	Eitzen Chemical ASA(b)		41,005

Shares			Value
NORWAY (continued)
	5,500	Ekornes ASA	$	133,800
	12,177	Electromagnetic GeoServices ASA(b)		26,882
	124,425	Eltek ASA(b)		102,334
	4,960	Farstad Shipping ASA		148,575
	5,300	Fred Olsen Energy ASA		229,788
	6,849	Ganger Rolf ASA		187,964
	10,278	Grieg Seafood ASA		37,728
	156,727	Kongsberg Automotive Holding ASA(b)		123,473
	12,320	Kongsberg Gruppen ASA		273,048
	2,756	Leroy Seafood Group ASA		87,804
	18,616	Nordic Semiconductor ASA		72,525
	42,179	Norske Skogindustrier ASA(b)		156,289
	4,652	Norwegian Air Shuttle AS(b)		100,283
	64,444	Norwegian Energy Co. AS(b)		210,893
	718	Odfjell ASA - Class A(b)		6,434
	12,488	Opera Software ASA		56,435
	2,242	Panoro Energy ASA(b)		3,377
	72,800	Petroleum Geo-Services ASA(b)		1,077,744
	11,049	Pronova BioPharma A/S(b)		18,175
	6,108	Q-Free ASA(b)		17,767
	1,122	Rieber & Son ASA		9,616
	355	Salmar ASA		3,965
	18,600	Schibsted ASA		558,122
	239,730	Sevan Marine ASA(b)		253,826
	4,727	Solstad Offshore ASA		99,444
	34,776	SpareBank 1 SMN		329,672
	27,477	Subsea 7 SA		668,442
	42,000	TGS Nopec Geophysical Co. ASA		989,750
	24,200	Tomra Systems ASA		157,970
	15,000	Veidekke ASA		133,757
	3,119	Wilh Wilhelmsen Holding ASA Old		89,108
				8,794,378
PERU — 0.0%
	7,654	Copeinca ASA		72,890
	35,750	Hochschild Mining Plc		277,396
				350,286
PHILIPPINES — 0.1%
	1,120,000	Aboitiz Equity Ventures, Inc.		929,329
	327,000	Aboitiz Power Corp.		204,883
	50,000	Atlas Consolidated Mining & Development(b)		17,724
	28,970	Ayala Corp.		222,393
	301,100	Ayala Land, Inc.		99,936
	332,000	Banco de Oro Unibank, Inc.		380,799
	253,432	Bank of The Philippine Islands		294,688
	1,061,000	Benpres Holdings Corp.(b)		116,904
	6,398	China Banking Corp.		62,117
	255,600	DMCI Holdings, Inc.		194,773
	1,767,500	Energy Development Corp.		231,064
	80,000	Filinvest Development Corp.		8,309

50

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
PHILIPPINES (continued)
	3,478,375	Filinvest Land, Inc.	$	84,819
	185,200	First Gen Corp.(b)		48,088
	142,200	First Philippine Holdings Corp.		199,061
	7,200	Globe Telecom, Inc.		125,338
	186,300	International Container Terminal Services, Inc.		178,350
	155,000	Jollibee Foods Corp.		262,475
	127,000	Manila Water Co., Inc.		52,131
	6,139,696	Megaworld Corp.		291,112
	283,228	Metropolitan Bank & Trust		415,026
	623,000	Pepsi-Cola Products Philippines, Inc.		30,243
	62,740	Philippine National Bank(b)		69,979
	40,000	Philweb Corp.		14,884
	135,000	Rizal Commercial Banking Corp.		84,280
	433,200	Robinsons Land Corp.		137,129
	43,500	Security Bank Corp.		84,073
	29,160	Semirara Mining Corp.		130,953
	362,667	SM Development Corp.		64,689
	102,600	Union Bank of Philippines		136,792
	509,115	Universal Robina Corp.		401,177
	1,823,000	Vista Land & Lifescapes, Inc.		111,957
				5,685,475
POLAND — 0.1%
	10,888	Agora SA		91,013
	5,810	Alchemia SA(b)		16,674
	237	AmRest Holdings NV(b)		6,843
	26,347	Asseco Poland SA		486,353
	84,867	Bank Millennium SA(b)		147,497
	38,229	Barlinek SA(b)		53,659
	948,357	Bioton SA(b)		46,243
	8,310	Bomi SA(b)		23,994
	187,851	Boryszew SA(b)		130,200
	6,112	Budimex SA		210,748
	3,158	Ciech SA(b)(c)		26,398
	1,142	ComArch SA(b)		35,798
	1,000	Dom Development SA		16,370
	72,881	Dom Maklerski IDMSA(b)		73,106
	161,114	Echo Investment SA(b)		248,589
	526	Elektrobudowa SA		29,404
	2,276	Emperia Holding SA		84,820
	14,216	Energomontaz Poludnie SA(b)		18,815
	32,056	Eurocash SA		354,484
	6,186	Farmacol SA(b)		80,795
	955	Firma Oponiarska Debica SA		20,622
	5,453	Gant Development SA(b)		31,375
	78,846	Getin Holdings SA(b)		341,895
	31,220	Getin Noble Bank SA(b)		65,351
	1,518	Grupa Kety SA		67,146
	28,088	Grupa Lotos SA(b)		403,542
	22,232	Hydrobudowa Polska SA(b)		20,132
	14,175	Impexmetal SA(b)		22,464
	3,749	Koelner SA(b)		17,628
	3,531	Kredyt Bank SA(b)		18,853

Shares			Value
POLAND (continued)
	66,182	LC Corp. SA(b)	$	34,807
	350	LPP SA		243,866
	19,185	MCI Management SA(b)		55,594
	1,845	Mercor SA		12,640
	31,131	MNI SA(b)		37,407
	1,000	Mondi Swiecie SA(b)		27,167
	5,058	Mostostal Zabrze SA(b)		4,809
	557	Mostostal-Warszawa SA		9,659
	27,549	Multimedia Polska SA(b)		91,154
	115,441	Netia SA(b)		211,892
	1,462	NFI Empik Media & Fashion SA		9,191
	3,805	NG2 SA		84,816
	12,374	Orbis SA(b)		155,583
	2,298	PBG SA		163,277
	136,733	Polimex Mostostal SA		183,349
	3,033	Polnord SA		33,593
	76,294	Polski Koncern Miesny Duda SA(b)		44,376
	53,739	Polski Koncern Naftowy Orlen SA(b)		892,796
	10,688	Przedsiebiorstwo Eksportu I Importu Kopex SA(b)		72,255
	21,032	Rafako SA		84,973
	1,702	Sygnity SA(b)		11,500
	363,944	Synthos SA(b)		501,965
	27,465	TVN SA		159,271
	136	Zaklad Przetworstwa Hutniczego Stalprodukt SA		14,589
	960	Zaklady Azotowe Pulawy SA		37,114
	5,282	Zaklady Azotowe W Tarnowie- Moscicach SA(b)		64,941
	1,000	Zaklady Chemiczne Police SA(b)		3,305
	2,268	Zaklady Tluszczowe Kruszwica		53,715
				6,490,415
PORTUGAL — 0.1%
	16,064	Altri SGPS SA(b)		72,910
	123,013	Banco BPI SA		237,140
	1,760,881	Banco Comercial Portugues SA		1,415,205
	205,702	Banco Espirito Santo SA		833,645
	24,668	BANIF SGPS SA		31,410
	25,545	Brisa Auto-Estradas de Portugal SA		185,927
	46,853	Cimpor Cimentos de Portugal SGPS SA		314,586
	7,786	Corticeira Amorim SA(b)		12,046
	27,299	Global Intelligent Technologies SGPS SA(b)		13,082
	2,417	Impresa SGPS(b)		3,706
	40,420	Inapa-Invest Particip Gesta(b)		21,362
	46,823	Jeronimo Martins SGPS SA		707,749
	1,206	Novabase SGPS SA		4,458
	64,559	Portucel Empresa Produtora de Pasta e Papel SA		219,121
	43,544	REN - Redes Energeticas Nacionais SA		152,027

51

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
PORTUGAL (continued)
	16,547	SAG GEST-Solucoes Automovel Globais SGPS SA(b)	$	12,460
	17,974	Semapa - Sociedade de Investimento e Gestao		219,489
	235,754	Sonae		265,327
	14,274	Sonae Capital SGPS SA(b)		8,404
	27,821	Sonae Industria SGPS SA		68,754
	54,730	Sonaecom - SGPS SA(b)		100,711
	36,714	Teixeira Duarte SA		36,695
	13,391	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		66,187
				5,002,401
SINGAPORE — 0.3%
	59,000	Abterra Ltd.(b)		59,493
	413,000	Allgreen Properties Ltd.		351,888
	43,000	Armstrong Industrial Corp. Ltd.		13,949
	688,000	Asia Food and Properties Ltd.(b)		209,740
	80,000	Asiasons Capital Ltd.(b)		14,070
	155,400	ASL Marine Holdings Ltd.		83,816
	157,000	Ausgroup Ltd.		48,476
	119,000	Baker Technology Ltd.		33,022
	1,000	Ban Joo & Co. Ltd.(b)		47
	136,000	Banyan Tree Holdings Ltd.(b)		116,939
	88,000	Beyonics Technology Ltd.		14,445
	127,000	Biosensors International Group Ltd.(b)		110,193
	7,400	Bonvests Holdings Ltd.		6,363
	58,000	Boustead Singapore Ltd.		48,964
	39,000	Breadtalk Group Ltd.		20,730
	66,000	Broadway Industrial Group Ltd.		49,785
	28,000	Bukit Sembawang Estates Ltd.		104,182
	28,000	Cerebos Pacific Ltd.		107,903
	111,000	CH Offshore Ltd.		42,082
	71,000	China Aviation Oil Singapore Corp. Ltd.		84,359
	291,000	China Energy Ltd.(b)		36,395
	29,000	China Merchants Holdings Pacific Ltd.		16,321
	308,000	Chip Eng Seng Corp. Ltd.		104,729
	166,000	Chuan Hup Holdings Ltd.(b)		32,440
	351,000	ComfortDelgro Corp. Ltd.		433,503
	184,000	Cosco Corp. Singapore Ltd.		313,546
	6,950	Creative Technology Ltd.		20,807
	317,000	CSC Holdings Ltd.		38,408
	90,000	CSE Global Ltd.		88,642
	98,000	CWT Ltd.		91,159
	14,000	Ellipsiz Ltd.		1,532
	15,600	Eu Yan Sang International Ltd.		9,085
	123,000	Ezion Holdings Ltd.		64,418
	117,400	Ezra Holdings Ltd.		150,501
	175,000	Falcon Energy Group Ltd.		60,189
	121,000	First Resources Ltd.		127,687
	183,000	FJ Benjamin Holdings Ltd.		57,219
	21,000	Fragrance Group Ltd.		6,976

Shares			Value
SINGAPORE (continued)
	596,000	Freight Links Express Holdings Ltd.	$	32,612
	157,000	Gallant Venture Ltd.(b)		49,703
	70,000	Goodpack Ltd.		119,831
	15,000	GP Batteries International Ltd.		18,643
	92,000	GP Industries Ltd.		42,070
	77,666	Guocoland Ltd.		159,060
	125,000	Guthrie GTS Ltd.		43,481
	299,000	Healthway Medical Corp. Ltd.		35,058
	61,000	Hiap Seng Engineering Ltd.		29,801
	72,000	Hi-P International Ltd.		62,472
	165,000	Ho Bee Investment Ltd.		189,596
	201,000	Hong Fok Corp. Ltd.(b)		89,557
	63,000	Hong Leong Asia Ltd.		136,903
	112,600	Hotel Properties Ltd.		234,125
	126,000	HTL International Holdings Ltd.		63,034
	65,000	HupSteel Ltd.		11,432
	56,000	Hwa Hong Corp. Ltd.		24,732
	87,000	Hyflux Ltd.		151,653
	94,000	Indofood Agri Resources Ltd.(b)		182,959
	108,000	InnoTek Ltd.		48,542
	156,000	Jaya Holdings Ltd.(b)		83,530
	101,000	Jiutian Chemical Group Ltd.(b)		5,921
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		0
	417,000	K1 Ventures Ltd.		48,894
	19,000	Keppel Telecommunications & Transportation Ltd.		20,496
	155,400	Kim Eng Holdings Ltd.		370,492
	114,000	KS Energy Services Ltd.(b)		95,349
	147,000	LC Development Ltd.		16,661
	15,000	Lion Asiapac Ltd.		2,873
	75,000	Lum Chang Holdings Ltd.		17,588
	37,000	Manhattan Resources Ltd.(b)		36,153
	6,000	Marco Polo Marine Ltd.(b)		1,923
	274,000	Mercator Lines Singapore Ltd.		55,687
	234,000	Metro Holdings Ltd.		155,476
	121,000	Midas Holdings Ltd.		87,489
	66,000	MobileOne Ltd.		126,397
	25,000	Neptune Orient Lines Ltd.(b)		42,992
	34,750	Novo Group Ltd.		13,446
	25,000	NSL Ltd.		27,750
	381,000	Oceanus Group Ltd.(b)		87,857
	129,000	Orchard Parade Holdings Ltd.		159,322
	32,000	OSIM International Ltd.		38,771
	288,000	Otto Marine Ltd.		73,165
	240,000	Overseas Union Enterprise Ltd.		620,965
	21,000	Pan Pacific Hotels Group Ltd.		26,429
	60,000	Petra Foods Ltd.		75,041
	21,000	PSC Corp. Ltd.		4,514
	101,000	QAF Ltd.		48,949
	493,627	Raffles Education Corp. Ltd.(b)		117,686
	56,000	Raffles Medical Group Ltd.		94,552
	121,000	Rotary Engineering Ltd.		94,110
	154,000	Roxy-Pacific Holdings Ltd.		54,772

52

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	43,000	SBS Transit Ltd.	$	70,922
	125,142	SC Global Developments Ltd.		150,644
	100,500	Sim Lian Group Ltd.		36,137
	158,000	Singapore Airport Terminal Services Ltd.		343,344
	70,000	Singapore Land Ltd.		415,852
	267,000	Singapore Post Ltd.		246,275
	174,000	Singapore Reinsurance Corp. Ltd.		38,763
	206,000	Sinomem Technology Ltd.		82,928
	234,000	Smb United Ltd.		42,984
	133,000	SMRT Corp. Ltd.		212,085
	711,000	Spice I2I Ltd.		44,462
	425,000	Stamford Land Corp. Ltd.		209,294
	101,000	StarHub Ltd.		201,321
	100,000	Straits Asia Resources Ltd.		203,236
	198,000	Sunningdale Tech Ltd.		28,633
	115,000	Super Coffeemix Manufacturing Ltd.		131,244
	167,000	Swiber Holdings Ltd.(b)		124,013
	85,000	Swissco Holdings Ltd.(b)		22,923
	124,000	Tat Hong Holdings Ltd.		89,174
	102,000	Tiong Woon Corp. Holding Ltd.		32,690
	259,143	Tuan Sing Holdings Ltd.		60,770
	132,000	UMS Holdings Ltd.		59,329
	130,627	United Engineers Ltd.		255,270
	91,000	United Envirotech Ltd.		32,365
	420,000	United Industrial Corp. Ltd.		919,253
	134,000	UOB-Kay Hian Holdings Ltd.		189,588
	302,000	UOL Group Ltd.		1,118,956
	107,000	Venture Corp. Ltd.		810,467
	20,000	WBL Corp. Ltd.		65,817
	206,812	Wheelock Properties (S) Ltd.		307,155
	325,000	Wing Tai Holdings Ltd.		416,634
	174,000	Yanlord Land Group Ltd.		209,458
	300,000	Yongnam Holdings Ltd.		65,661
				14,842,164
SOUTH AFRICA — 0.6%
	31,857	Adcock Ingram Holdings Ltd.		249,459
	10,221	Adcorp Holdings Ltd.		38,810
	114,293	Advtech Ltd.		90,611
	32,497	Aeci Ltd.		361,819
	199,986	Afgri Ltd.		197,490
	357,024	African Bank Investments Ltd.		1,812,494
	29,037	African Oxygen Ltd.		82,389
	44,678	African Rainbow Minerals Ltd.		1,308,073
	13,164	Allied Electronics Corp. Ltd.		50,351
	21,133	Allied Technologies Ltd.		188,117
	6,868	ArcelorMittal South Africa Ltd.		78,330
	13,959	Argent Industrial Ltd.		17,959
	65,464	Aspen Pharmacare Holdings Ltd.(b)		775,762
	76,805	AST Group Ltd.		7,691
	10,760	Astral Foods Ltd.		188,568
	138,030	Aveng Ltd.		729,914

Shares			Value
SOUTH AFRICA (continued)
	128,958	AVI Ltd.	$	538,091
	14,955	Avuza Ltd.		46,593
	83,394	Barloworld Ltd.		804,044
	33,933	Basil Read Holdings Ltd.		51,916
	5,169	Bell Equipment Ltd.(b)		8,462
	71,368	Blue Label Telecoms Ltd.		63,032
	26,184	Brait SA		83,398
	70,583	Business Connexion Group Ltd.		60,866
	4,646	Capitec Bank Holdings Ltd.		98,877
	2,456	Cashbuild Ltd.		30,894
	57,968	Caxton and CTP Publishers and Printers Ltd.		120,536
	68,529	Central Rand Gold Ltd.(b)		2,975
	2,787	Ceramic Industries Ltd.		56,595
	149,558	Cipla Medpro South Africa Ltd.		148,315
	7,765	City Lodge Hotels Ltd.		77,156
	60,117	Clicks Group Ltd.		331,533
	26,833	Coronation Fund Managers Ltd.		65,163
	96,931	DataTec Ltd.		473,347
	74,687	Discovery Holdings Ltd.		391,315
	12,341	Distell Group Ltd.		128,735
	14,692	Distribution and Warehousing Network Ltd.(b)		17,165
	22,445	DRDGOLD Ltd.		10,302
	5,080	EOH Holdings Ltd.		11,800
	1,947	Famous Brands Ltd.		10,236
	52,310	First Uranium Corp.(b)		54,851
	52,648	Foschini Ltd.		582,077
	1,899	Freeworld Coatings Ltd		3,016
	46,017	Gold Reef Resorts Ltd.		117,127
	132,898	Grindrod Ltd.		297,598
	18,873	Group Five Ltd.		84,288
	120,087	Harmony Gold Mining Co. Ltd.		1,291,272
	4,521	Highveld Steel and Vanadium Corp. Ltd.(b)		55,398
	11,337	Hudaco Industries Ltd.		133,715
	29,518	Hulamin Ltd.(b)		35,062
	36,047	Iliad Africa Ltd.		38,856
	72,894	Illovo Sugar Ltd.		269,180
	89,921	Imperial Holdings Ltd.		1,363,495
	23,493	Investec Ltd.		176,677
	63,657	JD Group Ltd.		460,400
	20,387	JSE Ltd.		226,845
	42,998	Lewis Group Ltd.		454,515
	49,027	Liberty Holdings Ltd.		491,787
	57,900	Life Healthcare Group Holdings Ltd.		118,784
	31,505	Massmart Holdings Ltd.		627,931
	113,743	Medi-Clinic Corp. Ltd.		458,785
	564,223	Merafe Resources Ltd.		117,714
	18,158	Metair Investments Ltd.		31,569
	149,656	Metorex Ltd.(b)		114,067
	335,488	MMI Holdings Ltd.		765,257
	94,815	Mondi Ltd.		748,919
	38,782	Mr. Price Group Ltd.		306,707
	24,923	Murray & Roberts Holdings Ltd.		107,807

53

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	141,978	Mvelaphanda Group Ltd.(b)	$	62,599
	35,543	Mvelaserve Ltd.(b)		62,783
	45,143	Namakwa Diamonds Ltd.(b)		40,856
	212,199	Nampak Ltd.		678,529
	220,953	Netcare Ltd.		444,073
	41,870	Northam Platinum Ltd.		249,889
	7,602	Oceana Group Ltd.		38,688
	18,400	Omnia Holdings Ltd.(b)		189,381
	6,182	Palabora Mining Co. Ltd.		107,479
	69,851	Peregrine Holdings Ltd.		107,840
	40,441	Petmin Ltd.		16,537
	35,703	Pick’n Pay Stores Ltd.		210,302
	14,369	Pioneer Foods Ltd.(b)		109,920
	81,073	Pretoria Portland Cement Co. Ltd.		351,817
	37,055	PSG Group Ltd.		196,878
	17,740	Raubex Group Ltd.		53,543
	44,776	Reunert Ltd.		398,576
	10,734	Santam Ltd.		186,247
	188,014	Sappi Ltd.(b)		948,209
	76,531	Sentula Mining Ltd.(b)		28,314
	77,113	Simmer & Jack Mines Ltd.(b)		10,082
	38,542	Spar Group Ltd. (The)		484,392
	6,507	Stefanutti Stocks Holdings Ltd.		10,498
	575,210	Steinhoff International Holdings Ltd.(b)		1,895,299
	10,441	Sun International Ltd.		149,940
	1,043,810	Super Group Ltd.(b)		107,433
	152,774	Telkom SA Ltd.		747,535
	40,281	Tiger Brands Ltd.		1,042,076
	19,132	Tongaat Hulett Ltd.		282,466
	24,146	Trencor Ltd.		120,566
	62,145	Truworths International Ltd.		551,372
	9,852	Wesizwe(b)		3,248
	11,742	Wilson Bayly Holmes-Ovcon Ltd.		200,878
	191,832	Woolworths Holdings Ltd.		627,011
	119,287	Zeder Investments Ltd.		43,303
				30,101,441
SOUTH KOREA — 1.2%
	1,590	Aekyung Petrochemical Co. Ltd.(b)		52,253
	487	Amorepacific Corp.(b)		472,103
	1,340	Asia Cement Co. Ltd.(b)		54,374
	28,250	Asiana Airlines(b)		284,692
	3,620	Auk Corp.(b)		15,722
	2,450	Basic House Co. Ltd (The)(b)		41,951
	2,320	Binggrae Co. Ltd.(b)		114,210
	5,770	BNG Steel Co. Ltd.(b)		68,182
	640	Boryung Pharmaceutical Co. Ltd.(b)		17,779
	3,031	Bukwang Pharmaceutical Co. Ltd.		34,870
	48,140	Busan Bank		579,586
	3,780	Capro Corp.(b)		84,951

Shares			Value
SOUTH KOREA (continued)
	10,827	Cheil Industries, Inc.	$	1,158,691
	14,330	Cheil Worldwide, Inc.		181,473
	78,591	Chin Hung International, Inc.(b)		32,031
	3,870	Chong Kun Dang Pharm Corp.(b)		83,868
	2,698	Choongwae Pharmaceutical Corp.(b)		34,047
	1,050	CJ CGV Co. Ltd.		24,113
	2,617	CJ CheilJedang Corp.		449,275
	9,547	CJ Corp.		642,824
	313	Crown Confectionery Co. Ltd.(b)		35,311
	594	Dae Han Flour Mills Co. Ltd.(b)		90,056
	16,020	Dae Won Kang Up Co. Ltd.(b)		65,292
	20,010	Daechang Co. Ltd.(b)		31,943
	160	Daeduck Electronics Co.(b)		1,120
	52,250	Daegu Bank		722,264
	3,810	Daegu Department Store		43,153
	5	Daehan Synthetic Fiber Co. Ltd.		410
	1,170	Daekyo Co. Ltd.		6,344
	17,856	Daelim Industrial Co. Ltd.(b)		1,982,585
	9,090	Daesang Corp.(b)		59,746
	1,820	Daesang Holdings Co. Ltd.(b)		4,837
	58	Daesung Group Holdings Co. Ltd.(b)		4,588
	2,610	Daesung Holdings Co. Ltd.(b)		34,915
	49,915	Daewoo Engineering & Construction Co. Ltd.(b)		614,311
	11,772	Daewoo International Corp.		398,419
	29,200	Daewoo Securities Co. Ltd.		682,279
	29,870	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		1,089,524
	820	Daewoong Co. Ltd.		12,651
	1,014	Daewoong Pharmaceutical Co. Ltd.		38,162
	23,440	Daishin Securities Co. Ltd.		334,469
	12,680	Daou Technology, Inc.(b)		105,620
	1,110	Dong Ah Tire & Rubber Co. Ltd.(b)		8,414
	6,451	Dong IL Rubber Belt Co. Ltd.		35,034
	7,130	Dong Yang Gang Chul Co. Ltd.(b)		34,210
	1,219	Dong-A Pharmaceutical Co. Ltd.(b)		123,389
	5,230	Dongaone Co. Ltd.(b)		18,167
	880	Dongbu Corp.(b)		7,016
	4,886	Dongbu HiTek Co. Ltd.(b)		48,368
	6,260	Dongbu Insurance Co. Ltd.		253,459
	12,350	Dongbu Securities Co. Ltd.		82,495
	11,900	Dongbu Steel Co. Ltd.(b)		104,323
	387	Dong-IL Corp.(b)		22,089
	603	Dongil Industries Co. Ltd.(b)		40,602
	23,402	Dongkuk Steel Mill Co. Ltd.		749,248
	443	Dongwon F&B Co. Ltd.(b)		19,240
	96	Dongwon Industries Co. Ltd.		13,142
	31,570	Dongwon Systems Corp.(b)		43,781

54

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	10,510	Dongyang Mechatronics Corp.	$	124,193
	5,040	Doosan Corp.		750,629
	1,640	Doosan Engineering & Construction Co. Ltd.		8,922
	19,030	Doosan Infracore Co. Ltd.(b)		507,444
	2,800	Duzonbizon Co. Ltd.(b)		34,210
	270	E1 Corp.		12,449
	212,090	Eugene Investment & Securities Co. Ltd.(b)		141,671
	6,030	Foosung Co. Ltd.(b)		24,576
	1,729	Fursys, Inc.(b)		39,243
	1,390	Global & Yuasa Battery Co. Ltd.(b)		44,627
	1,687	Glovis Co. Ltd.(b)		234,703
	517	Green Cross Corp. South Korea(b)		57,634
	60	Green Cross Holdings Corp.(b)		6,960
	14,726	GS Engineering & Construction Corp.(b)		1,562,824
	31,190	GS Holdings Corp.(b)		2,317,067
	281	Gwangjushinsegae Co. Ltd.		45,610
	8,870	Halla Climate Control(b)		140,015
	880	Halla Engineering & Construction(b)		16,873
	8,700	Handsome Co. Ltd.(b)		148,194
	138	Hanil Cement Co. Ltd.(b)		6,941
	7,160	Hanil E-Wha Co. Ltd.(b)		39,717
	19,366	Hanjin Heavy Industries & Construction Co. Ltd.(b)		663,207
	1,420	Hanjin Heavy Industries & Construction Holdings Co. Ltd.(b)		18,743
	13,023	Hanjin Shipping Co. Ltd.		429,725
	4,926	Hanjin Shipping Holding Co. Ltd.		72,267
	4,620	Hanjin Transportation Co. Ltd.(b)		137,409
	18,260	Hankook Tire Co. Ltd.		450,271
	1,720	Hankuk Paper Manufacturing Co. Ltd.(b)		39,192
	382	Hanmi Pharm Co. Ltd.(b)		11,362
	3,220	Hansol Chemical Co. Ltd.(b)		47,383
	12,040	Hansol CSN(b)		21,368
	9,910	Hansol Paper Co.		84,668
	916	Hansol Technics Co. Ltd.(b)		48,034
	1,160	Hanssem Co. Ltd.(b)		14,897
	33,385	Hanwha Chemical Corp.(b)		1,204,337
	20,740	Hanwha Corp.(b)		1,056,144
	5,230	Hanwha General Insurance Co. Ltd.(b)		44,683
	32,683	Hanwha Securities Co.		251,542
	2,720	Hanyang Securities Co. Ltd.		22,317
	212	Hite Brewery Co. Ltd.(b)		21,175
	8,796	HMC Investment Securities Co. Ltd.(b)		199,642
	6,664	Honam Petrochemical Corp.		2,145,460
	7,930	Hotel Shilla Co. Ltd.		200,495

Shares			Value
SOUTH KOREA (continued)
	1,630	HS R&A Co. Ltd.(b)	$	32,853
	4,768	Huchems Fine Chemical Corp.		82,918
	1,690	Husteel Co. Ltd.(b)		27,129
	3,340	Hwa Shin Co. Ltd.(b)		38,723
	10,880	Hyosung Corp.(b)		892,678
	530	Hyundai Corp.(b)		13,613
	3,392	Hyundai Department Store Co. Ltd.(b)		396,283
	4,090	Hyundai Engineering Plastics Co. Ltd.(b)		16,906
	19,620	Hyundai H&S Co. Ltd.(b)		182,849
	15,170	Hyundai Hysco(b)		354,458
	8,560	Hyundai Marine & Fire Insurance Co. Ltd.		223,676
	6,537	Hyundai Merchant Marine Co. Ltd.(b)		195,591
	5,244	Hyundai Mipo Dockyard		961,065
	41,351	Hyundai Securities Co.		521,820
	1,210	Il Dong Pharmaceutical Co. Ltd.		42,193
	2,700	Iljin Display Co. Ltd.(b)		26,969
	8,890	Iljin Electric Co. Ltd.(b)		78,887
	597	Ilshin Spinning Co. Ltd.		53,508
	740	Ilyang Pharmaceutical Co. Ltd.(b)		16,532
	4,670	IS Dongseo Co. Ltd.(b)		79,131
	3,810	ISU Chemical Co. Ltd.(b)		72,714
	10,380	IsuPetasys Co. Ltd.(b)		35,270
	5,470	Jahwa Electronics Co. Ltd.(b)		26,001
	4,110	Jeil Pharmaceutical Co.(b)		41,052
	24,088	Jeonbuk Bank(b)		143,931
	2,850	Jinheung Mutual Savings Bank Co. Ltd.(b)		8,070
	22,940	Kangwon Land, Inc.(b)		530,895
	10,226	KC Tech Co. Ltd.(b)		62,744
	2,931	KCC Corp.		891,350
	2,260	Keangnam Enterprises Ltd.(b)		21,364
	3,590	KG Chemical Corp.		29,679
	4,270	Kic Ltd.(b)		16,032
	5,600	Kishin Corp.		26,919
	2,994	KISWIRE Ltd.(b)		97,192
	2,280	Kiwoom Securities Co. Ltd.		125,458
	1,846	Kolon Corp.(b)		50,212
	1,416	Kolon Industries, Inc.(b)		88,019
	800	Korea Airport Service Co. Ltd.(b)		35,602
	3,160	Korea Circuit Co. Ltd.(b)		19,924
	2,230	Korea Electric Terminal Co. Ltd.		38,681
	2,137	Korea Express Co. Ltd.(b)		211,546
	3,700	Korea Gas Corp.(b)		138,259
	24,360	Korea Investment Holdings Co. Ltd.		1,094,929
	1,760	Korea Kolmar Co. Ltd.		11,348
	2,220	Korea Kumho Petrochemical Co.(b)		287,077
	1,564	Korea Petrochemical Industries Co. Ltd.		158,311

55

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	1,520	Korea Plant Service & Engineering Co. Ltd.(b)	$	69,812
	2,018	Korea Zinc Co. Ltd.(b)		534,510
	8,328	Korean Airlines Co. Ltd.		539,950
	16,337	Korean Reinsurance Co.		177,750
	15,990	KP Chemical Corp.		407,843
	690	KPX Chemical Co. Ltd.		35,014
	779	KPX Fine Chemical Co. Ltd.		33,833
	26,210	KTB Securities Co. Ltd.(b)		116,055
	1,910	Kukdo Chemical Co. Ltd.(b)		97,093
	1,420	Kumho Electric Co. Ltd.(b)		48,756
	47,140	Kumho Investment Bank		35,230
	3,030	Kumho Tire Co., Inc.(b)		38,912
	23,900	Kwang Dong Pharmaceutical Co. Ltd.(b)		65,329
	2,130	Kyeryong Construction Industrial Co. Ltd.(b)		33,813
	8,812	Kyobo Securities Co.		66,799
	17,150	Kyung-In Synthetic Corp.(b)		46,037
	3,960	LG Fashion Corp.(b)		112,835
	1,372	LG Household & Health Care Ltd.		497,997
	669	LG InnoTek Co. Ltd.		83,826
	6,779	LG International Corp.		233,363
	1,400	LG Life Sciences Ltd.(b)		58,619
	75,390	LG Telecom Ltd.		440,386
	6,640	LIG Insurance Co. Ltd.		158,702
	2,710	Livart Furniture Co. Ltd.(b)		17,353
	283	Lotte Chilsung Beverage Co. Ltd.(b)		223,614
	399	Lotte Confectionary Co. Ltd.(b)		504,577
	6,810	Lotte Midopa Co. Ltd.(b)		101,424
	3,810	Lotte Non-Life Insurance Co. Ltd.		25,722
	406	Lotte Samkang Co. Ltd.		93,417
	4,018	LS Corp.(b)		367,292
	2,270	LS Industrial Systems Co. Ltd.		154,667
	14,982	Macquarie Korea Infrastructure Fund		64,134
	10,540	Meritz Fire & Marine Insurance Co. Ltd.		97,758
	107,100	Meritz Securities Co. Ltd.(b)		100,290
	292	Mi Chang Oil Industrial Co. Ltd.(b)		13,203
	11,189	Mirae Asset Securities Co. Ltd.		499,928
	9,680	Moorim P&P Co. Ltd.		120,860
	3,910	Moorim Paper Co. Ltd.(b)		30,093
	8,590	Motonic Corp.		58,911
	2,166	NCSoft Corp.(b)		371,850
	730	Nexen Corp.(b)		39,843
	6,560	Nexen Tire Corp.		66,694
	12,657	NH Investment & Securities Co. Ltd.		110,846
	2,080	NK Co. Ltd.(b)		23,095
	930	Nong Shim Co. Ltd.		169,611
	640	Nong Shim Holdings Co. Ltd.(b)		31,335

Shares			Value
SOUTH KOREA (continued)
	26,120	ON*Media Corp.(b)	$	118,801
	522	Orion Corp.(b)		195,058
	563	Ottogi Corp.		64,770
	1,695	Pacific Corp.(b)		284,188
	9,216	Poongsan Corp.(b)		363,281
	2,723	Poongsan Holdings Corp.		93,009
	3,300	Pusan City Gas Co. Ltd.(b)		58,860
	2,920	S&T Daewoo Co. Ltd.(b)		86,196
	9,961	S&T Dynamics Co. Ltd.(b)		181,666
	2,720	S&T Holdings Co. Ltd.(b)		34,567
	1,120	S1 Corp. Korea		53,838
	1,110	Sajo Industries Co. Ltd.(b)		56,327
	4,340	Sam Young Electronics Co. Ltd.(b)		43,350
	2,150	Sambu Construction Co. Ltd.(b)		34,034
	480	Samchully Co. Ltd.(b)		45,590
	4,310	Samick Thk Co. Ltd.		25,330
	5,500	Samjin Pharmaceutical Co. Ltd.(b)		51,012
	670	SamkwangGlass Co. Ltd.(b)		39,018
	4,567	Samsung Engineering Co. Ltd.		802,371
	3,667	Samsung Fine Chemicals Co. Ltd.		267,184
	23,480	Samsung Heavy Industries Co. Ltd.		893,090
	12,043	Samsung Securities Co. Ltd.		948,361
	5,965	Samsung Techwin Co. Ltd.		498,458
	3,191	Samyang Corp.		182,131
	647	Samyang Genex Co. Ltd.(b)		32,024
	6,460	Seah Besteel Corp.(b)		249,171
	356	Seah Holdings Corp.(b)		43,655
	1,170	Seah Steel Corp.(b)		69,910
	4,400	Sebang Co. Ltd.(b)		66,708
	5,490	Sejong Industrial Co. Ltd.(b)		63,160
	3,890	Sewon Cellontech Co. Ltd.(b)		14,935
	930	Shin Poong Pharmaceutical Co. Ltd.(b)		24,426
	239	Shinsegae Information & Communication Co. Ltd.		14,345
	2,150	Shinyoung Securities Co. Ltd.		71,136
	230	Silla Co. Ltd.		2,810
	971	Sindo Co. Ltd.(b)		46,502
	3,755	SK Chemicals Co. Ltd.		199,923
	980	SK Gas Co. Ltd.		34,697
	16,008	SK Holdings Co. Ltd.		2,369,864
	35,060	SK Networks Co. Ltd.		386,151
	41,550	SK Securities Co. Ltd.		79,854
	8,900	SKC Co. Ltd.(b)		349,634
	2,440	SL Corp.		40,910
	5,310	Songwon Industrial Co. Ltd.(b)		77,663
	13,044	STX Corp. Co. Ltd(b)		389,121
	10,150	STX Engine Co. Ltd.		315,915
	23,710	STX Offshore & Shipbuilding Co. Ltd.(b)		687,216
	52,040	STX Pan Ocean Co. Ltd(b)		503,553
	1,940	Sung Jin Geotec Co. Ltd.(b)		24,568

56

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	58	Sunjin Co. Ltd.(b)(d)	$	2,886
	182	Taekwang Industrial Co. Ltd.		224,477
	23,300	Taeyoung Engineering & Construction		106,183
	150	Teems(b)		11,719
	12,640	Tong Yang Major Corp.(b)(c)(d)		28,125
	23,878	Tong Yang Securities, Inc.		191,441
	710	TS Corp.(b)		30,393
	1,110	Unid Co. Ltd.		58,900
	2,440	Whanin Pharmaceutical Co. Ltd.(b)		14,906
	59,400	Woongjin Chemical Co. Ltd.(b)		60,920
	7,850	Woongjin Coway Co. Ltd.(b)		244,328
	9,720	Woongjin Holdings Co. Ltd.(b)		91,453
	2,440	Woongjin Thinkbig Co. Ltd.(b)		39,278
	3,700	Woori Financial Co. Ltd.(b)		51,146
	42,960	Woori Investment & Securities Co. Ltd.		825,638
	4,210	Youlchon Chemical Co. Ltd.(b)		31,013
	251	Young Poong Corp.(b)		183,107
	4,952	Youngone Corp.(b)		55,425
	2,598	Youngone Holdings Co. Ltd.(b)		82,831
	1,918	Yuhan Corp.(b)		257,432
				55,726,078
SPAIN — 0.6%
	19,178	Abengoa SA		534,210
	8,327	Acciona SA		720,424
	54,354	Acerinox SA		925,770
	2,566	Adolfo Dominguez SA		31,514
	31,191	Almirall SA		361,286
	8,523	Amper SA(b)		34,074
	11,451	Antena 3 de Television SA		119,154
	92,775	Avanzit SA(b)		61,860
	3,330	Azkoyen SA(b)		8,936
	23,368	Banco de Sabadell(c)		26,186
	518,843	Banco de Sabadell SA(c)		2,482,047
	99,272	Banco de Valencia SA		481,151
	57,547	Banco Espanol de Credito SA		522,223
	66,757	Banco Pastor SA		385,253
	280,002	Banco Popular Espanol SA		1,683,738
	142,812	Bankinter SA		974,527
	1,315	Baron de Ley(b)		73,332
	13,691	Bolsas y Mercados Espanoles		386,429
	24,816	Caja de Ahorros del Mediterraneo		218,471
	8,249	Campofrio Food SA		91,369
	5,239	Cementos Portland Valderrivas SA		86,936
	3,600	Cia Espanola de Petroleos SA		104,592
	16,842	Cie Automotive SA(b)		125,903
	3,901	Codere SA(b)		48,604
	497	Construcciones y Auxiliar de Ferrocarriles SA		269,703
	4,347	Dinamia Capital Privado SA		50,768

Shares			Value
SPAIN (continued)
	11,664	Duro Felguera SA	$	87,834
	32,439	Ebro Puleva SA		676,423
	41,240	EDP Renovaveis SA(b)		245,053
	6,816	Elecnor SA		95,188
	42,675	Enagas		900,091
	12,737	Ercros SA(b)		14,038
	27,447	Faes Farma SA		108,416
	262,032	Ferrovial SA		3,106,513
	19,804	Fersa Energias Renovables SA		28,470
	14,784	Fluidra SA		51,009
	23,001	Fomento de Construcciones y Contratas SA		670,146
	66,814	Gamesa Corp. Tecnologica SA(b)		512,279
	29,860	Gestevision Telecinco SA		375,304
	23,408	Grifols SA		356,706
	19,978	Grupo Catalana Occidente SA		411,934
	62,141	Grupo Empresarial Ence SA(b)		206,320
	5,180	Grupo Tavex SA(b)		3,277
	2,010	Iberpapel Gestion SA		39,656
	21,854	Indra Sistemas SA		411,419
	174,417	International Consolidated Airlines Group(b)		716,409
	309,970	La Seda de Barcelona SA - Class B(b)		40,742
	5,819	Laboratorios Farmaceuticos Rovi SA		39,198
	2,193	Miquel y Costas		66,296
	9,985	Natraceutical SA(b)		4,894
	49,726	NH Hoteles SA(b)		294,116
	17,454	Obrascon Huarte Lain SA		560,627
	15,006	Papeles y Cartones de Europa SA(b)		75,402
	3,179	Pescanova SA		109,553
	1,765	Prim SA		12,204
	89,452	Promotora de Informaciones SA(b)		241,885
	5,465	Prosegur Cia de Seguridad SA		318,002
	34,612	Realia Business SA(b)		72,505
	25,793	Red Electrica Corp. SA		1,316,171
	2,195	Reyal Urbis SA(b)		3,561
	49,011	Sacyr Vallehermoso SA(b)		466,168
	14,707	Service Point Solutions SA(b)		9,162
	32,804	Sociedad Nacional Inds. Aplicaciones Celulosa Espanola (Sniace)(b)		52,998
	25,474	Sol Melia SA		268,733
	18,471	Solaria Energia y Medio Ambiente SA		36,670
	94,538	SOS Corp. Alimentaria SA(b)		87,370
	4,546	Tecnicas Reunidas SA		280,461
	9,564	Telecomunicaciones y Energia		32,344
	51,164	Tubacex SA(b)		187,737
	39,920	Tubos Reunidos SA(b)		101,114
	1,168	Unipapel SA		18,470
	1,457	Vertice Trescientos Sesenta Grados(b)		427

57

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SPAIN (continued)
	8,410	Vidrala SA	$	234,782
	13,066	Viscofan SA		474,782
	8,231	Vocento SA(b)		41,134
	9,318	Vueling Airlines SA(b)		142,376
	29,000	Zardoya Otis SA		459,391
	21,886	Zeltia SA(b)		83,903
				25,958,123
SWEDEN — 0.7%
	11,723	AarhusKarlshamn AB		313,539
	14,104	Acando AB		28,428
	7,859	Active Biotech AB(b)		188,870
	3,380	AddTech AB - Class B		98,261
	15,116	AF AB - B Shares		311,125
	2,587	Avanza Bank Holding AB		97,268
	4,250	Axfood AB		153,865
	8,417	Axis Communications AB		174,222
	16,000	B&B Tools AB - Class B		284,667
	11,052	BE Group AB(b)		75,912
	1,299	Beijer AB G&L - Class B		55,890
	3,825	Beijer Alma AB		94,592
	350	Beijer Electronics AB		11,233
	4,285	Betsson AB(b)		76,071
	9,975	Bilia AB - A Shares		192,551
	53,466	Billerud AB		530,544
	2,745	BioGaia AB - Class B		44,050
	7,843	BioInvent International AB(b)		35,265
	26,157	Biotage AB		26,158
	59,582	Biovitrum AB(b)		339,959
	3,751	Bjoern Borg AB		40,420
	164,915	Boliden AB		3,439,112
	41,237	Bure Equity AB		219,943
	5,133	Cardo AB		333,464
	2,600	Catena AB		62,081
	12,149	CDON Group AB(b)		60,277
	10,512	Cision AB(b)		9,209
	5,280	Clas Ohlson AB - Class B		88,005
	14,280	Concordia Maritime AB - Class B		42,067
	1,753	Connecta AB		23,103
	3,018	CyberCom Group Europe AB(b)		11,745
	1,984	Diamyd Medical AB - Class B(b)		40,836
	5,012	Duni AB		54,008
	10,196	East Capital Explorer AB(b)		140,301
	19,800	Elekta AB - Class B		800,639
	1,973	Enea AB		13,154
	6,303	Eniro AB(b)		28,438
	741	Fagerhult AB		20,336
	43,887	Getinge AB - Class B		1,065,593
	22,175	Gunnebo AB(b)		172,768
	22,207	Hakon Invest AB		380,466
	22,111	Haldex AB(b)		342,825
	82,132	Hexagon AB - Class B		1,766,252
	4,484	Hexpol AB		113,323

Shares			Value
SWEDEN (continued)
	9,510	HIQ International AB(b)	$	52,492
	7,672	Hoganas AB - Class B		300,949
	25,929	Holmen AB - Class B		984,149
	27,616	Husqvarna AB - Class A		230,360
	169,596	Husqvarna AB - Class B		1,410,747
	11,328	Industrial & Financial Systems - Class B		183,102
	3,117	Indutrade AB		103,422
	16,234	Intrum Justitia AB		256,738
	27,734	JM AB		641,787
	11,183	KappAhl Holding AB		75,944
	22,470	Karo Bio AB(b)		6,201
	9,587	Know It AB		108,882
	18,825	Lindab International AB(b)		266,191
	25,776	Loomis AB - Class B		389,658
	55,286	Lundin Petroleum AB(b)		689,184
	66,922	Meda AB - Class A		552,526
	3,620	Medivir AB - Class B(b)		84,050
	2,409	Mekonomen AB		86,280
	24,435	Micronic Laser Systems AB(b)		76,150
	12,149	Modern Times Group AB - Class B		842,941
	45,384	NCC AB - Class B		1,059,721
	1,935	Nederman Holding AB(b)		31,802
	4,774	Net Entertainment NE AB(b)		47,372
	83,059	Net Insight AB - Class B(b)		40,180
	31,780	New Wave Group AB - Class B		198,081
	9,358	Nibe Industrier AB - Class B		147,270
	130,488	Niscayah Group AB		260,990
	50,649	Nobia AB(b)		451,547
	10,358	Nolato AB - Class B		130,486
	7,563	Nordnet AB		23,101
	13,387	Northland Resources SA(b)		42,112
	11,760	Opcon AB(b)		43,578
	6,024	ORC Software AB		112,548
	6,510	Orexo AB(b)		45,017
	107,158	PA Resources AB(b)		83,903
	46,186	Peab AB		390,275
	336,078	Pricer AB - Class B(b)		45,334
	17,871	Proffice AB - Class B		91,438
	10,400	Q-Med AB		122,146
	56,676	Ratos AB - Class B		2,125,685
	984	RaySearch Laboratories AB		5,798
	9,945	Rederi AB Transatlantic(b)		45,642
	18,694	Rezidor Hotel Group AB(b)		111,590
	62,364	RNB Retail and Brands AB(b)		78,322
	60,605	Rottneros AB(b)		48,393
	18,622	Saab AB - Class B		353,693
	26,877	SAS AB(b)		101,680
	5,699	Seco Tools AB - Class B(b)		97,551
	3,297	Sectra AB(b)		19,425
	54,802	Securitas AB - Class B		660,209
	5,944	SkiStar AB		112,896
	92,034	SSAB AB - Class A		1,512,579
	47,051	SSAB AB - Class B		669,328
	1,764	Studsvik AB(b)		18,325

58

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SWEDEN (continued)
	7,337	Sweco AB - Class B	$	68,255
	17,993	Swedish Match AB		518,059
	2,099	Systemair AB		32,544
	7,292	TradeDoubler AB(b)		49,747
	76,993	Trelleborg AB - Class B		892,332
	3,694	Vitrolife AB		22,910
				30,654,452
SWITZERLAND — 1.7%
	767	Acino Holding AG		74,913
	22,639	Actelion Ltd.(b)		1,224,281
	26,276	Adecco SA		1,702,095
	1,057	Advanced Digital Broadcast Holdings SA		35,831
	275	Affichage Holding AG(b)		40,493
	12,246	AFG Arbonia-Forster Holding(b)		434,577
	225,000	Allied World Assurance Co. Holdings Ltd.		13,574,250
	4,143	Allreal Holding AG		603,456
	356	Alpiq Holding AG		142,362
	934	Also Holding AG		53,329
	51,757	Aryzta AG		2,278,076
	5,829	Ascom Holding AG(b)		84,286
	2,140	Bachem Holding AG - Class B		125,476
	29,060	Baloise Holding AG		2,989,117
	1,784	Bank Coop AG		128,508
	17,013	Bank Sarasin & Compagnie AG - Class B		782,165
	277	Banque Cantonale de Geneve		64,320
	1,575	Banque Cantonale Vaudoise		880,932
	6	Banque Privee Edmond de Rothschild SA		171,292
	556	Barry Callebaut AG(b)		444,977
	1,144	Basilea Pharmaceutica(b)		88,103
	2,519	Basler Kantonalbank		384,788
	88	Belimo Holding AG		160,712
	35	Bell Holding AG		70,260
	1,326	Bellevue Group AG		49,023
	1,796	Berner Kantonalbank AG		459,654
	2,135	BKW FMB Energie AG		172,338
	5,146	Bobst Group AG(b)		235,495
	959	Bossard Holding AG		124,954
	3,886	Bucher Industries AG		753,324
	625	Burckhardt Compression Holding AG		177,436
	11	Carlo Gavazzi Holding AG		2,156
	88	Centralschweizerische Kraftwerke AG		30,833
	185	Cham Paper Holding AG(b)		42,742
	2,475	Charles Voegele Holding AG - Class A(b)		141,972
	31	Cicor Technologies(b)		1,501
	843	Cie Financiere Tradition SA		107,340
	145,635	Clariant AG(b)		2,571,754
	1,347	Coltene Holding AG		85,115
	35	Conzzeta Holding AG		76,748

Shares			Value
SWITZERLAND (continued)
	3,508	Daetwyler Holding AG	$	309,923
	4,170	Dufry Group(b)		499,605
	12,883	EFG International AG		178,097
	30	Elektrizitaets-Gesellschaft Laufenburg AG		21,690
	971	Emmi AG		212,921
	1,839	EMS-Chemie Holding AG		308,773
	4,027	Energiedienst Holding AG		221,826
	12,621	Etrion Corp.(b)		11,741
	2,065	Flughafen Zuerich AG		865,703
	774	Forbo Holding AG		505,068
	1,041	Galenica AG		571,227
	117,911	Gam Holding Ltd.(b)		2,110,907
	3,530	Gategroup Holding AG(b)		192,579
	8,060	Geberit AG		1,700,797
	2,384	Georg Fischer AG(b)		1,285,441
	3,288	Givaudan SA		3,256,653
	278	Gurit Holding AG		167,418
	3,464	Helvetia Holdings AG		1,415,506
	1,839	Huber & Suhner AG		122,243
	5,187	Implenia AG(b)		169,512
	321	Inficon Holding AG		60,188
	273,823	Informa Plc		1,890,022
	98	Interroll Holding AG(b)		38,619
	93,793	Julius Baer Group Ltd.		4,244,531
	591	Kaba Holding AG - Class B		237,903
	609	Kardex AG(b)		20,289
	1,794	Komax Holding AG(b)		204,676
	12,619	Kudelski SA(b)		284,061
	1,418	Kuoni Reisen Holding		649,291
	122	LEM Holding SA		79,998
	4,986	LifeWatch AG(b)		46,216
	15	Lindt & Spruengli AG		437,844
	45,393	Logitech International SA(b)		850,638
	23,006	Lonza Group AG		1,811,966
	1,434	Luzerner Kantonalbank AG		481,544
	42	Metall Zug AG - Class B		159,235
	16,910	Meyer Burger Technology AG(b)		522,168
	11,976	Micronas Semiconductor Holding(b)		163,021
	5,846	Mobilezone Holding AG		64,095
	3,562	Mobimo Holding AG(b)		764,094
	12,189	Nobel Biocare Holding AG		250,365
	16,725	OC Oerlikon Corp AG(b)		101,697
	2,957	Orascom Development Holding AG(b)		136,573
	417	Orell Fuessli Holding AG		61,401
	4,337	Panalpina Welttransport Holding AG(b)		553,151
	1,799	Partners Group Holding AG		311,966
	255	Phoenix Mecano AG		179,770
	325	Precious Woods Holding AG(b)		7,574
	407	PubliGroupe SA(b)		46,477
	971	Rieter Holding AG(b)		367,211
	186	Romande Energie Holding SA		332,002

59

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	89	Schaffner Holding AG(b)	$	31,112
	2,517	Schindler Holding AG		279,963
	15,489	Schmolz & Bickenbach AG(b)		143,569
	458	Schweiter Technologies AG		377,947
	7,966	Schweizerishe National-Versicherungs-Gesellsschaft		275,941
	859	SGS SA		1,397,695
	501	Siegfried Holding AG(b)		49,888
	625	Sika AG		1,371,160
	7,707	Sonova Holding AG		967,457
	120	Sopracenerina STA Elettrica		29,873
	1,260	St. Galler Kantonalbank		646,351
	271,165	STMicroelectronics NV		3,281,617
	978	Straumann Holding AG		239,424
	14,484	Sulzer AG		2,003,825
	17,960	Swiss Life Holding AG(b)		2,867,131
	109,838	Swisslog Holding AG		104,718
	1,273	Swissmetal Holding AG(b)		9,453
	1,620	Swissquote Group Holding SA		100,220
	406	Synthes, Inc.		58,492
	561	Tamedia AG		72,502
	2,779	Tecan Group AG		236,539
	10,690	Temenos Group AG(b)		418,994
	5,867	Tornos SA(b)		79,863
	1,094	U-Blox AG(b)		56,149
	1,219	Uster Technologies AG(b)		48,037
	112	Valartis Group AG		3,061
	6,412	Valiant Holding AG		942,781
	2,291	Valora Holding AG		779,037
	353	Vaudoise Assurances Holding SA		100,590
	38	Vetropack Holding AG		72,055
	24,307	Von Roll Holding AG		118,188
	17,677	Vontobel Holding AG		682,549
	1,036	VZ Holding AG		129,500
	390	Walter Meier AG - Class A(b)		78,496
	3,087	Winterthur Technologie AG		206,018
	732	Ypsomed Holding AG(b)		47,301
	90	Zehnder Group AG		243,114
	30	Zuger Kantonalbank AG		170,657
				79,778,467
TAIWAN — 1.1%
	53,905	Ability Enterprise Co. Ltd.		92,640
	71,000	Acbel Polytech, Inc.		57,342
	114,000	Accton Technology Corp.		82,843
	56,000	Achem Technology Corp.		38,573
	78,000	Action Electronics Co. Ltd.(b)		28,207
	53,000	Advancetek Enterprise Co. Ltd.		49,650
	35,125	Advantech Co. Ltd.		108,512
	157,000	AGV Products Corp.(b)		74,078
	12,000	ALI Corp.		18,226
	52,000	Allis Electric Co. Ltd.		20,506
	67,000	Alpha Networks, Inc.		59,996
	96,682	Altek Corp.		147,010
	44,000	Ambassador Hotel (The)		70,162

Shares			Value
TAIWAN (continued)
	18,000	AMPOC Far-East Co. Ltd.(b)	$	11,407
	251,354	AmTRAN Technology Co. Ltd.		237,196
	35,000	APBC, Inc.		34,475
	10,000	Apex Biotechnology Corp.		22,937
	33,000	Apex Science & Engineering		15,230
	61,000	Arima Communications Corp(b)		41,072
	59,000	Arima Optoelectronics Corp.(b)		18,613
	92,000	Asia Optical Co., Inc.(b)		190,429
	73,200	Asia Polymer		126,053
	82,080	Asia Vital Components Co. Ltd.		94,418
	12,000	ASROCK, Inc.		42,982
	11,000	Aten International Co. Ltd.		20,799
	41,000	Audix Corp.		47,092
	19,000	Aurora Corp.		32,620
	30,000	Aurora Systems Corp.		33,786
	5,000	AV Tech Corp.		15,498
	45,270	Avermedia Technologies, Inc.		61,118
	57,000	Avision, Inc.		40,538
	153,000	Bank of Kaohsiung(b)		80,885
	44,000	Basso Industry Corp.		39,324
	507,350	BES Engineering Corp.		183,471
	35,000	Biostar Microtech International Corp.		20,733
	9,090	Bright Led Electronics Corp.		11,443
	21,000	C Sun Manufacturing Ltd.		19,022
	72,320	Cameo Communications, Inc.		36,738
	300,400	Capital Securities Corp.		162,432
	29,000	Career Technology Manufacturing Co. Ltd.		54,234
	117,000	Carnival Industrial Corp.(b)		44,527
	146,400	Catcher Technology Co. Ltd.		607,573
	138,000	Cathay No. 1 REIT		56,986
	8,000	Cathay No. 2 REIT		3,075
	38,000	Central Reinsurance Co. Ltd.		23,819
	47,000	Chainqui Construction Development Co. Ltd.		45,890
	79,085	Champion Building Materials Co. Ltd.		64,689
	47,000	Charoen Pokphand Enterprise		31,969
	323,000	Cheng Loong Corp.		160,190
	139,727	Cheng Uei Precision Industry Co. Ltd.		311,836
	19,000	Chenming Mold Industry Corp.		23,557
	198,614	Chia Hsin Cement Corp.		114,918
	58,412	Chicony Electronics Co. Ltd.		127,947
	111,740	Chien Kuo Construction Co. Ltd.		64,268
	227,418	China Airlines(b)		174,663
	40,000	China Chemical & Pharmaceutical Co. Ltd.		36,920
	53,000	China Electric Manufacturing Corp.		43,626
	121,000	China General Plastics Corp.		53,550
	13,000	China Hi-Ment Corp.		16,790
	181,836	China Life Insurance Co. Ltd.		191,007
	447,505	China Manmade Fibers(b)		245,056

60

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TAIWAN (continued)
	92,774	China Metal Products	$	103,205
	264,391	China Motor Corp.		250,864
	524,260	China Petrochemical Development Corp.(b)		596,745
	30,114	China Steel Chemical Corp.		126,532
	37,000	China Steel Structure Co. Ltd.		32,941
	194,616	China Synthetic Rubber Corp.		200,410
	96,000	China Wire & Cable Co. Ltd.(b)		43,312
	18,000	Chinese Maritime Transport Ltd.		41,287
	143,883	Chin-Poon Industrial Co.		125,868
	17,080	Chong Hong Construction Co.		46,589
	24,881	Chroma ATE, Inc.		77,122
	57,000	Chun Yu Works & Co. Ltd.(b)		20,024
	129,100	Chun Yuan Steel		68,917
	120,000	Chung Hsin Electric & Machinery Manufacturing Corp.		74,185
	288,788	Chung Hung Steel Corp.(b)		176,045
	208,000	Chung HWA Pulp Corp.(b)		110,320
	781,472	Chunghwa Picture Tubes Ltd.(b)		120,038
	13,000	Chuwa Wool Industry Co. Ltd.(b)		16,364
	39,916	Clevo Co.		87,983
	1,098,000	CMC Magnetics Corp.(b)		302,148
	123,000	Collins Co. Ltd.		59,307
	87,150	Compal Communications, Inc.		93,947
	392,000	Compeq Manufacturing Co.(b)		249,088
	123,689	Continental Holdings Corp.(b)		56,018
	30,000	Coxon Precise Industrial Co. Ltd.		62,820
	100,838	CTCI Corp.		118,079
	11,085	Cyberlink Corp.		38,559
	47,460	CyberTAN Technology, Inc.		64,238
	38,000	DA CIN Construction Co. Ltd.		24,277
	79,750	Darfon Electronics Corp.		101,900
	63,320	Delpha Construction Co. Ltd.		36,419
	17,000	Depo Auto Parts Industrial Co. Ltd.		42,975
	17,000	DFI, Inc.		16,716
	160,712	D-Link Corp.		171,586
	68,000	Dynamic Electronics Co. Ltd.		44,029
	1,305,849	E.Sun Financial Holding Co. Ltd.		892,738
	224,739	Eastern Media International(b)		55,961
	71,070	Eclat Textile Co. Ltd.		86,159
	23,000	Edom Technology Co. Ltd.		12,674
	32,320	Elan Microelectronics Corp.		50,424
	14,000	E-Life Mall Corp.		23,024
	27,294	Elite Material Co. Ltd.		28,765
	24,570	Elite Semiconductor Memory Technology, Inc.		49,672
	255,789	Elitegroup Computer Systems Co. Ltd.		106,155
	181,000	Entie Commercial Bank(b)		107,220
	134,000	Epistar Corp.		491,502

Shares			Value
TAIWAN (continued)
	200,469	Eternal Chemical Co. Ltd.	$	238,543
	309,281	Eva Airways Corp.(b)		358,966
	63,000	Everest Textile Co. Ltd.(b)		16,707
	148,000	Evergreen International Storage & Transport Corp.		137,879
	432,000	Evergreen Marine Corp. Taiwan Ltd.(b)		453,789
	109,000	Everlight Chemical Industrial Corp.		126,511
	28,643	Everlight Electronics Co. Ltd.		87,205
	85,000	Everspring Industry Co.(b)		30,153
	20,000	Excel Cell Electronic Co. Ltd.		15,051
	16,976	Excelsior Medical Co. Ltd.		51,450
	353,040	Far Eastern Department Stores Co. Ltd.		631,047
	497,284	Far Eastern International Bank		256,045
	16,000	Faraday Technology Corp.		34,826
	36,000	Farglory Land Development Co. Ltd.		89,890
	119,880	Federal Corp.		85,671
	56,320	Feng Hsin Iron & Steel Co.		109,011
	45,154	Feng TAY Enterprise Co. Ltd.		50,386
	91,000	First Copper Technology Co. Ltd.		43,877
	45,780	First Hotel		47,064
	74,000	First Insurance Co. Ltd.		49,315
	33,079	First Steamship Co. Ltd.		69,495
	6,300	Flytech Technology Co. Ltd.		17,618
	101,761	Forhouse Corp.		102,338
	18,000	Formosa Advanced Technologies Co. Ltd.		27,308
	37,000	Formosa Epitaxy, Inc.		57,216
	8,886	Formosa International Hotels Corp.		154,550
	45,000	Formosa Oilseed Processing(b)		24,255
	337,000	Formosa Taffeta Co. Ltd.		336,588
	124,000	Formosan Rubber Group, Inc.		127,905
	130,441	Formosan Union Chemical(b)		76,372
	65,000	Founding Construction & Development Co. Ltd.		56,749
	70,000	Froch Enterprise Co. Ltd.(b)		44,601
	75,272	FSP Technology, Inc.		100,067
	89,000	Fubon No 2 REIT		33,625
	28,000	Fullerton Technology Co. Ltd.		34,089
	63,000	Fwusow Industry Co. Ltd.		32,004
	41,000	G Shank Enterprise Co. Ltd.		34,454
	34,700	Gamma Optical Co. Ltd.		21,930
	41,000	Gem Terminal Industrial Co. Ltd.		29,442
	50,887	Gemtek Technology Corp.		73,871
	15,226	Genesis Photonics, Inc.(b)		39,172
	5,000	Geovision, Inc.		17,220
	171,000	Getac Technology Corp.		108,069
	34,143	Giant Manufacturing Co. Ltd.		133,465
	71,000	Giantplus Technology Co. Ltd.(b)		49,761
	186,781	Gigabyte Technology Co. Ltd.		207,138

61

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TAIWAN (continued)
	11,550	Gigastorage Corp.	$	19,432
	84,093	Gintech Energy Corp.		267,031
	57,000	Global Brands Manufacture Ltd.		37,397
	9,000	Global Mixed Mode Technology, Inc.		43,550
	12,000	Global Unichip Corp.		51,454
	51,000	Globe Union Industrial Corp.		51,816
	163,770	Gold Circuit Electronics Ltd.(b)		76,145
	496,884	Goldsun Development & Construction Co. Ltd.		255,839
	308,000	Grand Pacific Petrochemical		228,066
	59,000	Great China Metal Industry		68,986
	66,000	Great Taipei Gas Co. Ltd.		41,938
	108,000	Great Wall Enterprise Co. Ltd.		116,795
	149,140	Greatek Electonics, Inc.		154,608
	39,943	Green Energy Technology, Inc.		180,899
	64,000	GTM Corp.(b)		52,129
	71,498	Hannstar Board Corp.		50,480
	1,897,000	HannStar Display Corp.(b)		372,403
	146,000	Hey Song Corp.		131,742
	88,485	Highwealth Construction Corp.		206,924
	31,620	Hitron Technology, Inc.		24,176
	148,523	Ho Tung Chemical Corp.(b)		84,657
	77,000	Hocheng Group Corp.(b)		30,895
	44,000	Hold-Key Electric Wire & Cable Co. Ltd.(b)		33,111
	28,800	Holiday Entertainment Co. Ltd.(b)		29,806
	14,000	Holtek Semiconductor, Inc.		21,649
	74,135	Holy Stone Enterprise Co. Ltd.		94,853
	17,000	Hong Ho Precision Textile Co.(b)		10,158
	77,000	Hong Tai Electric Industrials		38,586
	44,000	Hong YI Fiber Industry Co.		27,732
	56,000	Hotai Motor Co. Ltd.		170,688
	68,678	Hsin Kuang Steel Co. Ltd.		85,388
	201,000	HUA ENG Wire & Cable Co., Ltd.		81,686
	34,192	Huaku Development Co. Ltd.		112,813
	19,000	Huang Hsiang Construction Co.		54,182
	26,000	Hung Ching Development Co.		20,103
	37,743	Hung Poo Real Estate Development Corp.		60,510
	220,000	Hung Sheng Construction Co. Ltd.		148,508
	78,000	Hwa Fong Rubber Co. Ltd.(b)		25,816
	118,341	Ichia Technologies, Inc.		69,491
	40,000	I-Chiun Precision Industry Co. Ltd.		50,972
	11,000	ICP Electronics, Inc.		16,328
	23,000	Infortrend Technology, Inc.		30,656
	630,604	Inotera Memories, Inc.(b)		399,618
	79,000	Inventec Appliances Corp.		71,013
	830,140	Inventec Co. Ltd.		487,468
	24,000	I-Sheng Electric Wire & Cable Co. Ltd.		40,006
	27,000	ITE Technology, Inc.		56,352

Shares			Value
TAIWAN (continued)
	29,000	ITEQ Corp.	$	46,044
	16,500	Jess-Link Products Co. Ltd.		37,108
	13,000	K Laser Technology, Inc.		8,955
	44,000	Kang Na Hsiung Enterprise Co. Ltd.		30,308
	35,000	Kaulin Manufacturing Co. Ltd.		34,234
	132,180	Kee Tai Properties Co. Ltd.		94,461
	102,777	Kenda Rubber Industrial Co. Ltd.		109,554
	149,000	Kindom Construction Co.		143,686
	7,000	King Slide Works Co. Ltd.		36,283
	509,184	King Yuan Electronics Co. Ltd.(b)		320,043
	212,185	King’s Town Bank(b)		124,963
	22,680	King’s Town Construction Co. Ltd.		27,261
	13,000	Kinik Co.		25,968
	22,000	Kinko Optical Co. Ltd.(b)		42,279
	468,343	Kinpo Electronics, Inc.(b)		179,043
	102,000	Kinsus Interconnect Technology Corp.		330,216
	15,119	KS Terminals, Inc.		16,949
	16,000	Kung Long Batteries Industrial Co. Ltd.		34,330
	128,000	Kuoyang Construction Co. Ltd.(b)		96,985
	177,800	Kwong Fong Industries(b)		89,097
	41,000	KYE Systems Corp.		33,678
	62,000	L&K Engineering Co. Ltd.		72,921
	116,000	LAN FA Textile(b)		74,709
	7,100	Largan Precision Co. Ltd.		194,644
	43,000	Leader Electronics, Inc.		30,359
	4,199	LeadTrend Technology Corp.		18,077
	241,757	Lealea Enterprise Co. Ltd.		148,624
	21,000	Ledtech Electronics Corp.		21,661
	56,875	LEE Chang Yung Chemical Industries Corp.		145,931
	56,000	Lee Chi Enterprises Co. Ltd.		29,894
	34,000	Lelon Electronics Corp.(b)		28,630
	33,000	Leofoo Development Co. Ltd.(b)		24,492
	26,750	Les Enphants Co. Ltd.		41,366
	86,000	Li Peng Enterprise Co. Ltd.(b)		54,647
	25,000	Lian HWA Food Corp.		23,334
	175,111	Lien Hwa Industrial Corp.		139,013
	70,000	Lingsen Precision Industries Ltd.		61,356
	99,294	Lite-On It Corp.		113,194
	93,000	Lite-On Semiconductor Corp.(b)		63,739
	352,169	Lite-On Technology Corp.		480,305
	72,000	Long Bon International Co. Ltd.		31,492
	141,547	Long Chen Paper Co. Ltd.		59,231
	5,451	Lotes Co. Ltd.		29,662
	69,000	Lucky Cement Corp.		18,488
	11,550	Lumax International Corp. Ltd.		22,913
	923,385	Macronix International		717,134

62

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TAIWAN (continued)
	24,000	Makalot Industrial Co. Ltd.	$	56,538
	35,000	Marketech International Corp.		26,158
	411,000	Masterlink Securities Corp.		189,678
	14,000	Maxtek Technology Co. Ltd.		17,599
	59,400	Mayer Steel Pipe Corp.		50,019
	82,000	Meiloon Industrial Co. Ltd.		44,480
	122,850	Mercuries & Associates Ltd.		96,679
	69,000	Mercuries Data Systems Ltd.(b)		38,617
	8,000	Merida Industry Co. Ltd.		14,630
	26,849	Merry Electronics Co. Ltd.		47,159
	117,000	Microelectronics Technology, Inc.(b)		71,726
	398,404	Micro-Star International Co. Ltd.		241,494
	5,000	Min Aik Technology Co. Ltd.		15,033
	500,000	Mitac International		256,582
	177,000	Mosel Vitelic Inc.(b)		89,001
	53,044	Nan Kang Rubber Tire Co. Ltd.(b)		84,401
	31,440	Nan Ya Printed Circuit Board Corp.		118,568
	50,760	Nantex Industry Co. Ltd.		47,289
	324,872	Nanya Technology Corp.(b)		206,433
	24,000	National Petroleum Co. Ltd.		30,129
	95,000	New Asia Construction & Development Corp.(b)		45,479
	20,000	Nichidenbo Corp.		23,557
	117,637	Nien Hsing Textile Co. Ltd.		99,261
	61,000	Novatek Microelectronics Corp. Ltd.		202,945
	129,360	Opto Technology Corp.		94,451
	118,000	Orient Semiconductor Electronics Ltd.(b)		35,682
	121,000	Oriental Union Chemical Corp.		177,736
	96,453	Pan Jit International, Inc.(b)		133,873
	52,561	Pan-International Industrial		81,460
	15,299	Paragon Technologies Co. Ltd.		30,561
	98,746	Phihong Technology Co. Ltd.		175,145
	15,000	Pihsiang Machinery Manufacturing Co. Ltd.(b)		24,100
	22,000	Plotech Co. Ltd.		18,639
	765,786	Polaris Securities Co. Ltd.		538,032
	11,000	Polytronics Technology Corp.		22,807
	348,715	POU Chen Corp.		332,075
	36,000	Power Quotient International Co. Ltd.		26,037
	50,000	Powertech Technology, Inc.		187,701
	264,360	President Securities Corp.		178,452
	229,867	Prince Housing Development Corp.		168,627
	121,000	Prodisc Technology, Inc.(b)		1,875
	26,000	Promate Electronic Co. Ltd.		21,222
	465,000	Qisda Corp.(b)		329,906
	64,000	Quintain Steel Co. Ltd.(b)		27,332
	139,110	Radiant Opto-Electronics Corp.		305,668
	179,429	Radium Life Tech Co. Ltd.		246,259
	8,416	Ralec Electronic Corp.		17,333

Shares			Value
TAIWAN (continued)
	51,893	Realtek Semiconductor Corp.	$	122,246
	69,000	Rechi Precision Co. Ltd.(b)		40,874
	37,000	Rexon Industrial Corp. Ltd.(b)		12,526
	20,370	Richtek Technology Corp.		159,253
	833,398	Ritek Corp.(b)		253,445
	82,000	Ruentex Development Co. Ltd.		124,262
	99,000	Ruentex Industries Ltd.		234,241
	210,335	Sampo Corp.(b)		73,889
	11,550	San Fang Chemical Industry Co. Ltd.		14,102
	253,000	Sanyang Industrial Co. Ltd.(b)		154,664
	21,000	Sanyo Electric Taiwan Co. Ltd.		26,760
	20,000	Sesoda Corp.		25,899
	33,000	Sheng Yu Steel Co. Ltd.		25,118
	14,840	ShenMao Technology, Inc.		26,270
	51,000	Shih Wei Navigation Co. Ltd.		69,644
	136,000	Shihlin Electric & Engineering Corp.		180,799
	32,000	Shihlin Paper Corp.(b)		75,824
	66,000	Shin Kong No.1 REIT		23,049
	41,000	Shin Zu Shing Co. Ltd.		110,706
	23,100	Shining Building Business Co. Ltd.(b)		32,460
	65,000	Shinkong Insurance Co. Ltd.		64,025
	537,425	Shinkong Synthetic Fibers Corp.		279,490
	79,000	Shinkong Textile Co. Ltd.		125,021
	44,000	Shuttle, Inc.(b)		27,125
	73,000	Sigurd Microelectronics Corp.		72,911
	265,000	Silicon Integrated Systems Corp.		192,118
	12,000	Silitech Technology Corp.		36,824
	61,000	Sinbon Electronics Co. Ltd.		48,320
	126,170	Sincere Navigation Corp.		155,999
	128,000	Sinon Corp.		63,040
	1,872,000	SinoPac Financial Holdings Co. Ltd.		909,066
	103,115	Sintek Photronic Corp.(b)		81,326
	36,513	Sinyi Realty Co.		80,985
	17,339	Sitronix Technology Corp.		38,457
	44,000	Siward Crystal Technology Co. Ltd.(b)		28,792
	26,000	Solelytex Industrial Corp.(b)		17,596
	50,000	Solomon Technology Corp.(b)		24,625
	24,000	Sonix Technology Co. Ltd.		54,389
	93,000	Southeast Cement Co. Ltd.		39,877
	40,000	Spirox Corp.		33,338
	62,000	Springsoft, Inc.		78,473
	8,000	Standard Chemical & Pharmaceutical Corp.		8,569
	49,450	Standard Foods Corp.		119,557
	22,058	Star Comgistic Capital Co. Ltd.(b)		31,983
	16,000	Stark Technology, Inc.		15,870
	203,399	Sunplus Technology Co. Ltd.(b)		159,718
	38,500	Sunrex Technology Corp.		43,492

63

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TAIWAN (continued)
	11,000	Super Dragon Technology Co. Ltd.	$	18,791
	48,000	Supreme Electronics Co. Ltd.		44,222
	33,000	Sweeten Construction Co. Ltd.		21,822
	57,000	T JOIN Transportation Co.		56,636
	141,010	TA Chen Stainless Pipe Co. Ltd.		104,171
	631,200	TA Chong Bank Co. Ltd.(b)		280,432
	234,000	Ta Ya Electric Wire & Cable		71,968
	34,000	Tah Hsin Industrial Co. Ltd.		33,900
	49,771	TA-I Technology Co. Ltd.		58,195
	347,786	Taichung Commercial Bank(b)		158,708
	30,000	Tainan Enterprises Co. Ltd.		41,845
	403,920	Tainan Spinning Co. Ltd.		287,267
	1,440,038	Taishin Financial Holding Co. Ltd.(b)		838,169
	67,600	Taisun Enterprise Co. Ltd.		41,092
	99,000	Taita Chemical Co. Ltd.(b)		48,076
	1,062,080	Taiwan Business Bank(b)		493,812
	128,120	Taiwan Cogeneration Corp.		83,397
	60,320	Taiwan Fire & Marine Insurance Co.		57,649
	42,000	Taiwan Fu Hsing Industrial Co. Ltd.		32,691
	260,239	Taiwan Glass Industrial Corp.		348,652
	40,750	Taiwan Hon Chuan Enterprise Co. Ltd.		96,979
	63,306	Taiwan Land Development Corp.(b)		35,103
	86,627	Taiwan Life Insurance Co. Ltd.		100,245
	118,150	Taiwan Mask Corp.		52,492
	82,544	Taiwan Navigation Co. Ltd.		103,338
	54,600	Taiwan Paiho Ltd.		59,046
	102,000	Taiwan Pulp & Paper Corp.(b)		61,301
	45,000	Taiwan Sakura Corp.		35,336
	38,117	Taiwan Secom Co. Ltd.		70,627
	62,000	Taiwan Sogo Shin Kong Security Co. Ltd.		51,888
	171,000	Taiwan Styrene Monomer Corp.		84,807
	209,469	Taiwan TEA Corp.		149,695
	84,000	Taiyen Biotech Co. Ltd.		66,105
	2,235,000	Tatung Co. Ltd.(b)		524,968
	50,652	Teapo Electronic Corp.(b)		16,119
	734,000	Teco Electric and Machinery Co. Ltd.		460,085
	62,000	Tecom Co. Ltd.(b)		19,645
	9,450	Test Research, Inc.		15,557
	35,000	Test-Rite International Co.		26,278
	17,000	Thinking Electronic Industrial Co. Ltd.		26,933
	40,049	Thye Ming Industrial Co, Ltd.		50,966
	222,000	Ton Yi Industrial Corp.		121,568
	8,000	Tong Hsing Electronic Industries Ltd.		37,471
	34,860	Tong Yang Industry Co. Ltd.		46,223
	45,000	Tong-Tai Machine & Tool Co. Ltd.		64,860
	48,960	Topco Scientific Co. Ltd.		75,205

Shares			Value
TAIWAN (continued)
	29,000	Topoint Technology Co. Ltd.	$	34,857
	43,137	Transcend Information, Inc.		128,510
	46,957	Tripod Technology Corp.		217,517
	18,988	Tsann Kuen Enterprise Co. Ltd.		39,564
	84,135	TSRC Corp.		219,643
	22,000	Ttet Union Corp.		38,718
	208,315	Tung Ho Steel Enterprise Corp.		246,444
	86,000	Tung Ho Textile Co. Ltd.(b)		40,874
	45,898	TXC Corp.		87,890
	59,400	TYC Brother Industrial Co. Ltd.		38,358
	129,303	Tycoons Group Enterprise(b)		42,885
	48,000	Tyntek Corp.		38,601
	28,000	Tze Shin International Co. Ltd.		14,176
	72,000	U-Ming Marine Transport Corp.		155,231
	223,288	Unimicron Technology Corp.		465,255
	319,071	Union Bank of Taiwan(b)		129,121
	20,000	Unitech Computer Co. Ltd.		11,503
	152,000	Unitech Printed Circuit Board Corp.(b)		97,370
	26,000	United Integrated Services Co. Ltd.		39,400
	18,913	Unity Opto Technology Co. Ltd.		34,914
	133,000	Universal Cement Corp.		86,344
	49,000	Universal Microelectronics Co. Ltd.(b)		30,039
	287,676	UPC Technology Corp.		240,758
	183,960	USI Corp.		243,924
	35,000	U-Tech Media Corp.(b)		12,838
	56,800	Ve Wong Corp.		47,341
	7,349	Via Technologies, Inc.(b)		8,061
	8,744	Visual Photonics Epitaxy Co. Ltd.		20,930
	68,000	Wah Lee Industrial Corp.		143,094
	1,220,000	Walsin Lihwa Corp.(b)		739,509
	217,526	Walsin Technology Corp.(b)		152,457
	74,652	Walton Advanced Engineering, Inc.		47,822
	185,000	Wan Hai Lines Ltd.(b)		154,828
	820,659	Waterland Financial Holdings		474,835
	69,000	Wei Chih Steel Industrial(b)		21,625
	53,000	Wei Chuan Food Corp.		63,614
	28,000	Weikeng Industrial Co. Ltd.		26,037
	15,300	Well Shin Technology Co. Ltd.		27,717
	37,000	Wellypower Optronics Corp.		43,135
	40,000	Weltrend Semiconductor, Inc.		34,923
	1,189,977	Winbond Electronics Corp.(b)		442,622
	299,000	Wintek Corp.(b)		514,887
	31,495	Wistron NeWeb Corp.		94,586
	164,097	WPG Holdings Co. Ltd.		323,271
	96,000	WT Microelectronics Co. Ltd.		157,049
	129,000	Wus Printed Circuit Co. Ltd.(b)		99,964
	801,000	Yageo Corp.		420,701
	396,000	Yang Ming Marine Transport Corp.(b)		399,607
	27,608	Yem Chio Co. Ltd.		26,053

64

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TAIWAN (continued)
	82,077	Yeun Chyang Industrial Co. Ltd.	$	71,235
	101,278	Yi Jinn Industrial Co. Ltd.(b)		47,961
	363,073	Yieh Phui Enterprise Co. Ltd.		148,178
	3,000	Young Fast Optoelectronics Co. Ltd.		30,067
	6,000	Young Optics, Inc.		35,543
	425,246	Yuen Foong Yu Paper Manufacturing Co. Ltd.		206,505
	352,000	Yulon Motor Co. Ltd.		738,296
	26,000	Yulon Nissan Motor Co. Ltd.(b)		107,007
	16,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		24,715
	10,000	Yungshin Global Holding Corp.		14,224
	130,000	Yungtay Engineering Co. Ltd.		184,240
	48,000	Zenitron Corp.		36,039
	89,435	Zig Sheng Industrial Co. Ltd.		59,910
	26,169	Zinwell Corp.		50,021
	41,000	Zippy Technology Corp.		35,584
	140,416	Zyxel Communications Corp.(b)		112,921
				49,506,729
THAILAND — 0.2%
	108,700	Amata Corp. Public Co. Ltd.		48,202
	379,400	Asia Plus Securities Public Co. Ltd.		33,402
	344,900	Asian Property Development Public Co. Ltd.		65,307
	178,200	Bangchak Petroleum Public Co. Ltd.		99,785
	75,000	Bangkok Dusit Medical Services Public Co. Ltd.		116,524
	120,600	Bangkok Expressway Public Co. Ltd.		73,777
	17,400	Bangkok Insurance Public Co. Ltd.		140,799
	2,392,900	Bangkokland Public Co. Ltd.(b)		48,795
	91,200	BEC World Public Co. Ltd.		92,986
	19,000	Big C Supercenter Public Co. Ltd.		49,968
	1,158,900	CalComp Electronics Public Co. Ltd. - FOR		122,286
	224,000	Central Plaza Hotel Public Co. Ltd.		33,497
	190,700	CH Karnchang Public Co. Ltd.		49,997
	32,000	Charoong Thai Wire & Cable Public Co. Ltd.(b)		12,429
	217,000	Delta Electronics Thai Public Co. Ltd.		200,178
	31,200	Dynasty Ceramic Public Co. Ltd.		49,231
	137,900	Eastern Water Resources Development and Management Public Co. Ltd.		28,566
	1,000	Electricity Generating Public Co. Ltd. - FOR		3,447
	6,024,000	G J Steel Public Co. Ltd.(b)		46,796

Shares			Value
THAILAND (continued)
	2,149,700	G Steel Public Co. Ltd.(b)	$	44,532
	143,500	GFPT Public Co. Ltd. - FOR		37,158
	79,700	Glow Energy Public Co. Ltd.		103,833
	84,200	Hana Microelectronics Public Co. Ltd.		68,815
	1,785,800	Hemaraj Land and Development Public Co. Ltd.		98,264
	729,779	Home Product Center Public Co. Ltd.		193,694
	63,100	ICC International Public Co. Ltd.		82,717
	105,000	Indorama Polymers Public Co. Ltd.(c)(d)		27,189
	3,050,900	IRPC Public Co. Ltd.		498,691
	664,100	Italian-Thai Development Public Co. Ltd.(b)		78,243
	930,500	Jasmine International Public Co. Ltd.		54,815
	421,400	KGI Securities Thailand Public Co. Ltd.		35,463
	120,000	Khon Kaen Sugar Industry Public Co. Ltd.		51,659
	112,300	Kiatnakin Bank Public Co. Ltd.		123,586
	73,900	Kim Eng Securities Public Co. Ltd.		34,205
	452,800	Land & Houses Public Co. Ltd. - NVDR		81,341
	102,400	LPN Development Public Co. Ltd.		28,339
	85,600	Major Cineplex Group Public Co. Ltd.		32,140
	28,700	MBK Public Co. Ltd.		91,966
	43,500	MCOT Public Co. Ltd.		40,832
	105,700	Minor International Public Co. Ltd.		36,950
	32,900	Padaeng Industry Public Co. Ltd.		23,428
	41,400	Phatra Capital Public Co. Ltd.(b)		38,861
	205,100	Precious Shipping Public Co. Ltd.		118,167
	105,200	Pruksa Real Estate Public Co. Ltd.		56,184
	308,300	PTT Aromatics & Refining Public Co. Ltd.		369,222
	1,000,000	Quality Houses Public Co. Ltd.		66,030
	59,600	Ratchaburi Electricity Generating Holding Public Co. Ltd.		77,647
	97,300	Regional Container Lines Public Co. Ltd.(b)		41,257
	153,900	Robinson Department Store Public Co. Ltd.		102,118
	115,300	Rojana Industrial Park Public Co. Ltd.		36,947
	75,400	Saha-Union Public Co. Ltd.		92,740
	2,132,000	Sahaviriya Steel Industries Public Co. Ltd.(b)		88,330

65

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
THAILAND (continued)
	158,900	Samart Corp. Public Co. Ltd.	$	45,518
	298,800	Sansiri Public Co. Ltd.		52,226
	77,900	SC Asset Corp. Public Co. Ltd.		43,621
	10,600	Siam City Cement Public Co. Ltd.		74,452
	19,300	Siam Makro Public Co. Ltd.		88,707
	65,200	Siamgas & Petrochemicals Public Co. Ltd.		37,143
	98,200	Sino Thai Engineering & Construction Public Co. Ltd.		38,778
	33,900	Sri Trang Agro-Industry Public Co. Ltd.		36,210
	99,100	Supalai Public Co. Ltd.		31,114
	1,330,700	Tata Steel Thailand Public Co. Ltd.(b)		61,593
	297,500	Thai Airways International Public Co. Ltd.		361,102
	30,000	Thai Carbon Black Public Co. Ltd.		31,801
	15,000	Thai Central Chemical Public Co. Ltd.		13,594
	165,600	Thai Oil Public Co. Ltd.		364,486
	143,800	Thai Plastic & Chemical Public Co. Ltd.		116,362
	18,200	Thai Stanley Electric Public Co. Ltd.		97,495
	233,100	Thai Tap Water Supply Public Co. Ltd.		46,401
	167,265	Thai Union Frozen Products Public Co. Ltd.		243,629
	204,400	Thaicom Public Co. Ltd.(b)		35,726
	244,900	Thanachart Capital Public Co. Ltd.		239,787
	155,760	Thoresen Thai Agencies Public Co. Ltd.		91,757
	92,400	Ticon Industrial Connection Public Co. Ltd.		37,086
	77,800	Tisco Financial Group Public Co. Ltd.		83,730
	4,947,400	TMB Bank Public Co. Ltd.(b)		326,677
	172,900	Total Access Communication Public Co. Ltd.		225,254
	463,100	TPI Polene Public Co. Ltd.		161,886
	333,000	True Corp. Public Co. Ltd.(b)		70,060
	206,300	Vanachai Group Public Co. Ltd.		31,785
	256,900	Vinythai Public Co. Ltd.		99,783
				7,459,098
TURKEY — 0.2%
	22,194	Adana Cimento - Class A		78,845
	84,071	Advansa Sasa Polyester Sanayi AS(b)		59,210
	13,070	Akcansa Cimento AS		60,445
	29,891	Akenerji Elektrik Uretim AS - Placement Shares(b)		57,940
	36,249	Aksa Akrilik Kimya Sanayii		85,626
	73,605	Aksigorta AS		101,844
	1	Alarko Holding AS		1

Shares			Value
TURKEY (continued)
	21,753	Albaraka Turk Katilim Bankasi AS	$	32,268
	13,283	Altinyildiz(b)		99,346
	20,606	Anadolu Cam Sanayii AS(b)		40,840
	25,952	Anadolu Hayat Emeklilik AS		85,082
	125,722	Anadolu Sigorta		104,216
	18,756	Arcelik AS		97,494
	7,596	Aselsan Elektronik Sanayi Ve Ticaret AS		37,591
	86,901	Asya Katilim Bankasi AS		151,655
	46,890	Aygaz AS		253,672
	6,325	Bati Cimento		30,355
	38,887	Bolu Cimento Sanayii AS		38,779
	2,472	Borusan Mannesmann Boru Sanayi		26,808
	514	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		46,132
	1,034	BSH Ev Aletleri Sanayi ve Ticaret AS		83,457
	16,881	Bursa Cimento		50,713
	0	Celebi Hava Servisi		6
	12,995	Cimsa Cimento Sanayi ve Ticaret AS		79,050
	19,705	Coca-Cola Icecek AS		221,066
	28,721	Deva Holding AS(b)		52,270
	18,736	Dogan Gazetecilik AS(b)		37,368
	493,980	Dogan Sirketler Grubu Holdings(b)		338,669
	33,757	Dogan Yayin Holding(b)		41,658
	42,672	Dogus Otomotiv Servis ve Ticaret AS(b)		136,172
	15,000	EGE Seramik Sanayi Ve Ticaret AS(b)		22,438
	90,228	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		135,529
	1	Eregli Demir Ve Celik Fabrikalari TAS(b)		3
	12,207	Ford Otomotiv Sanayi AS		101,189
	171	Galatasaray Sportif Sinai Ve Ticari Yatirimlar AS		35,384
	40,933	Gentas Genel Metal Sanayi		47,708
	19,096	Global Yatirim Holding AS(b)		12,973
	2,500	Goodyear Lastikleri Turk AS(b)		39,266
	120,000	GSD Holding AS(b)		74,792
	150	Gubre Fabrikalari TAS(b)		1,374
	48,911	Hurriyet Gazetecilik AS		67,066
	88,602	Ihlas Holding AS(b)		85,043
	32,427	IS Yatirim Menkul Degerler AS		56,186
	30,000	Isiklar Yatirim Holding AS(b)		23,372
	10,001	Izmir Demir Celik Sanayi AS(b)		26,803
	56,619	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		40,582
	428	Kartonsan Karton Sanayi		61,011
	842	Konya Cimento Sanayii AS		161,111

66

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TURKEY (continued)
	70,872	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS(b)	$	159,903
	25,900	Koza Anadolu Metal Madencilik Isletmeleri AS(b)		69,897
	18,103	Mardin Cimento Sanayii		87,780
	33,242	Marmaris Marti Otel Isletmel(b)		22,998
	37,052	Net Holding AS(b)		29,098
	58,142	Net Turizm Ticaret Ve Sanayi SA(b)		36,600
	2,633	Nortel Networks Netas Telekomunikasyon AS		140,721
	5,026	Otokar Otobus Karoseri Sanayi AS		83,639
	20,000	Park Elektrik Madencilik Sanayi Ve Ticaret AS(b)		47,244
	130,435	Petkim Petrokimya Holding AS(b)		187,794
	11,338	Pinar Entegre Et Ve Un Sanayi AS		47,346
	7,882	Pinar SUT Mamulleri Sanayii		65,829
	32,559	Sarkuysan Elektrolitik Bakir		82,389
	126,564	Sekerbank TAS		130,158
	46,195	Selcuk Ecza Deposu Ticaret ve Sanayi AS		68,525
	31,610	Sinpas Gayrimenkul Yatirim Ortakligi AS REIT(b)		42,161
	20,000	Soda Sanayii AS(b)		29,294
	18,260	TAT Konserve(b)		44,044
	21,043	TAV Havalimanlari Holding AS(b)		99,152
	28,471	Tekfen Holding AS		118,182
	30,001	Tekstil Bankasi AS(b)		18,885
	25,412	Tofas Turk Otomobil Fabrikasi AS		137,162
	115,395	Trakya Cam Sanayi AS(b)		240,220
	27,872	Turcas Petrolculuk AS		67,576
	63,902	Turk Ekonomi Bankasi AS		72,487
	98,353	Turk Hava Yollari AO(b)		317,535
	127,271	Turkiye Sinai Kalkinma Bankasi AS		199,103
	202,912	Turkiye Sise ve Cam Fabrikalari AS(b)		418,610
	57,265	Ulker Biskuvi Sanayi AS		198,443
	24,185	Vestel Beyaz Esya Sanayi Ve Ticaret AS		50,346
	16,028	Vestel Elektonik Sanayi(b)		24,175
	15,401	Yapi Kredi Finansal Kiralama AO		46,939
	9,284	Yapi Kredi Sigorta AS(b)		78,116
	42,319	Zorlu Enerji Elektrik Uretim AS(b)		68,578
				7,051,337
UKRAINE — 0.0%
	2,161	Kernel Holding SA(b)		60,965

Shares			Value
UNITED ARAB EMIRATES — 0.0%
	88,911	Dragon Oil Plc(b)	$	808,182
	34,678	Lamprell Plc		164,202
				972,384
UNITED KINGDOM — 5.5%
	44,083	888 Holdings Plc		33,012
	275,597	Aberdeen Asset Management Plc		982,257
	36,626	Admiral Group Plc		963,935
	19,217	Aea Technology Group Plc(b)		1,579
	233,658	Aegis Group Plc		522,126
	366,842	Afren Plc(b)		853,230
	19,549	Aga Rangemaster Group Plc		37,656
	63,284	Aggreko Plc		1,454,676
	11,076	Alterian Plc(b)		37,170
	90,474	AMEC Plc		1,739,104
	255,576	Amlin Plc		1,598,271
	51,177	Anglo Pacific Group Plc		274,215
	116	Anglo-Eastern Plantations		1,327
	67,279	Anite Plc		69,512
	196,439	Antisoma Plc(b)		6,986
	57,224	Arena Leisure Plc		24,978
	247,380	ARM Holdings Plc		2,044,724
	47,156	Ashmore Group Plc		263,623
	293,312	Ashtead Group Plc		779,935
	15,183	Atkins (WS) Plc		167,206
	41,622	Autonomy Corp. Plc(b)		997,413
	10,641	Aveva Group Plc		281,587
	6,967	Avis Europe Plc(b)		25,657
	3,906	Axis-Shield Plc(b)		19,036
	112,968	Babcock International Group Plc		1,044,123
	292,859	Balfour Beatty Plc		1,573,880
	6,653	Barr (A.G.) Plc		123,409
	409,041	Barratt Developments Plc(b)		603,785
	155,803	BBA Aviation Plc		556,546
	38,008	Bellway Plc		372,908
	67,497	Berkeley Group Holdings Plc(b)		956,319
	17,391	Big Yellow Group Plc REIT		91,735
	10,233	Bloomsbury Publishing Plc		18,195
	109,592	Bodycote Plc		503,476
	13,490	Booker Group Plc		12,479
	20,611	Boot (Henry) Plc		34,831
	59,519	Bovis Homes Group Plc(b)		417,113
	2,280	Braemar Shipping Services Plc		18,078
	1,216	Brammer Plc		4,675
	89,517	Brewin Dolphin Holdings Plc		229,428
	130,783	British Land Co. Plc REIT		1,086,227
	42,974	Britvic Plc		308,806
	55,082	BTG Plc(b)		198,259
	83,857	Bunzl Plc		1,021,549
	91,462	Burberry Group Plc		1,573,495
	970	Business Post Group Plc		4,545
	866,380	Cable & Wireless Communications Plc		641,722

67

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	589,793	Cable & Wireless Worldwide	$	668,416
	290,784	Cairn Energy Plc(b)		1,929,772
	11	Camellia Plc		1,784
	61,273	Capita Group Plc (The)		666,437
	91,052	Capital & Regional Plc(b)		53,236
	68,824	Capital Shopping Centres Group Plc REIT		405,262
	160,932	Carillion Plc		990,680
	3,444	Carpetright Plc		40,245
	1,235	Carphone Warehouse Group Plc(b)		7,972
	26,599	Centaur Media Plc		29,825
	3,699	Charles Stanley Group Plc		17,835
	714	Charles Taylor Consulting Plc		1,827
	231,315	Chaucer Holdings Plc		188,971
	7,421	Chemring Group Plc		399,770
	43,578	Chesnara Plc		177,654
	12,606	Chime Communications Plc		53,612
	4,522	Chrysalis Group Plc(b)(c)		11,572
	27,947	Cineworld Group Plc		94,010
	4,407	Clarkson Plc		80,476
	76,599	Close Brothers Group Plc		1,039,267
	406,426	Cobham Plc		1,367,166
	78,539	Collins Stewart Plc		108,823
	122,410	Colt Telecom Group SA(b)		284,319
	25,602	Communisis Plc		12,918
	60,264	Computacenter Plc		423,107
	6,894	Consort Medical Plc		57,148
	203,040	Cookson Group Plc(b)		2,161,211
	5,973	Corin Group Plc		4,640
	8,886	Costain Group Plc		31,315
	20,313	Cranswick Plc		278,202
	34,340	Croda International Plc		819,610
	89,908	CSR Plc(b)		555,480
	62,834	Daily Mail & General Trust Plc - Class A		563,642
	58,422	Dairy Crest Group Plc		363,102
	66,668	Davis Service Group Plc		449,700
	545,741	Debenhams Plc(b)		574,344
	7,081	Dechra Pharmaceuticals Plc		57,848
	44,269	Development Securities Plc		148,915
	51,874	Devro Plc		191,200
	4,050	Dialight Plc		36,297
	7,308	Dignity Plc		76,091
	46,143	Diploma Plc		213,611
	21,990	Domino Printing Sciences Plc		227,903
	12,931	Domino’s Pizza UK & Ireland Plc		111,853
	115,132	Drax Group Plc		715,564
	99,160	DS Smith Plc		320,696
	1,955,626	DSG International Plc(b)		639,992
	10,924	Dunelm Group Plc		81,788
	14,288	E2V Technologies Plc(b)		25,290
	34,906	Eaga Plc		44,172
	95,142	easyJet Plc(b)		577,606
	43,305	Electrocomponents Plc		181,189

Shares			Value
UNITED KINGDOM (continued)
	196,823	Elementis Plc	$	409,549
	232,983	EnQuest Plc(b)		527,709
	1,480,000	Ensco International Plc - ADR		80,423,200
	261,347	Enterprise Inns Plc(b)		449,198
	14,750	Erinaceous Group Plc(b)(c)(d)		0
	8,964	Euromoney Institutional Investor Plc		99,507
	58,537	Evolution Group Plc		67,512
	241,854	F&C Asset Management Plc		333,950
	80,315	Fenner Plc		440,634
	34,416	Ferrexpo Plc		233,086
	55,849	Fiberweb Plc		87,896
	6,084	Fidessa Group Plc		149,790
	65,866	Filtrona Plc		296,897
	11,172	Filtronic Plc		6,398
	20,392	Findel Plc(b)		4,818
	163,621	Firstgroup Plc		980,499
	14,173	Forth Ports Plc		309,895
	402,982	Fortune Oil Plc(b)		67,779
	2,414	French Connection Group Plc		2,649
	4,872	Fuller Smith & Turner - Class A		48,776
	36,937	Future Plc		17,011
	534,074	G4S Plc		2,297,883
	29,883	Galliford Try Plc		149,587
	180,206	Game Group Plc		193,404
	5,558	Games Workshop Group Plc		32,318
	64,530	Gem Diamonds Ltd.(b)		279,349
	24,632	Genus Plc		350,770
	833,596	GKN Plc		2,695,954
	6,706	Go-Ahead Group Plc		133,738
	38,840	Great Portland Estates Plc REIT		224,101
	95,619	Greene King Plc		723,254
	15,572	Greggs Plc		116,239
	51,652	Halfords Group Plc		335,836
	108,988	Halma Plc		589,912
	87,376	Hammerson Plc REIT		600,720
	36,175	Hampson Industries Plc		20,861
	4,000	Hansard Global Plc		10,989
	48,077	Hansteen Holdings Plc REIT		61,224
	12,642	Hardy Oil & Gas Plc(b)		30,376
	29,508	Hargreaves Lansdown Plc		252,880
	102,299	Hays Plc		198,443
	23,157	Headlam Group Plc		125,377
	49,253	Helical Bar Plc		222,801
	38,760	Helphire Plc(b)		9,003
	192,769	Henderson Group Plc		471,208
	14,452	Heritage Oil Ltd.(b)		75,469
	47,848	Hikma Pharmaceuticals Plc		616,226
	33,078	Hill & Smith Holdings Plc		149,420
	166,502	HMV Group Plc		62,677
	2,328	Hogg Robinson Group Plc		1,492
	17,842	Holidaybreak Plc		98,244
	436,206	Home Retail Group Plc		1,508,568
	87,625	Homeserve Plc		614,784
	103,248	Howden Joinery Group Plc		193,834
	54,095	Hunting Plc		675,884

68

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	73,417	Huntsworth Plc	$	94,082
	2,355	Hyder Consulting Plc		16,221
	213,499	ICAP Plc		1,834,789
	93,891	IG Group Holdings Plc		679,803
	43,579	Imagination Technologies Group Plc(b)		251,374
	76,689	IMI Plc		1,069,970
	228,000	InchCape Plc(b)		1,358,256
	77,411	Inmarsat Plc		843,823
	198,581	Innovation Group Plc(b)		50,895
	41,344	Intercontinental Hotels Group Plc		870,881
	386,978	International Consolidated Airlines Group(b)		1,589,369
	718,205	International Power Plc		4,864,116
	71,961	Interserve Plc		312,671
	28,289	Intertek Group Plc		787,114
	131,379	Invensys Plc		707,529
	242,201	Investec Plc		1,857,205
	64,636	IP Group Plc(b)		35,203
	22,001	ITE Group Plc		80,176
	1,090,131	ITV Plc(b)		1,356,814
	8,667	James Fisher & Sons Plc		71,221
	31,692	Jardine Lloyd Thompson Group Plc		322,362
	29,184	Jazztel Plc(b)		152,037
	2,974	JD Sports Fashion Plc		39,731
	57,078	JJB Sports Plc(b)		4,114
	48,576	JKX Oil & Gas Plc		226,508
	147,668	John Wood Group Plc		1,293,881
	54,773	Johnson Matthey Plc		1,688,954
	81,564	Johnston Press Plc(b)		13,719
	107,933	Kcom Group Plc		99,413
	29,023	Keller Group Plc		309,626
	95,001	Kesa Electricals Plc		196,156
	10,701	Kewill Plc		15,256
	5,677	Kier Group Plc		113,762
	1,062,773	Kingfisher Plc		4,290,042
	21,962	Kofax Plc(b)		119,787
	136,203	Ladbrokes Plc		285,156
	140,229	Laird Plc		363,668
	45,973	Land Securities Group Plc REIT		496,713
	6,033	Lavendon Group Plc		9,132
	2,862,954	Legal & General Group Plc		5,090,469
	4,601	Liontrust Asset Management Plc(b)		6,375
	1,062,163	Logica Plc		2,310,529
	60,424	London Stock Exchange Group Plc		818,842
	45,510	Lonmin Plc		1,205,765
	79,659	Lookers Plc		75,285
	6,385	Low & Bonar Plc		5,421
	3,333	M.J. Gleeson Group Plc		6,353
	649,490	Man Group Plc		3,060,805
	82,272	Marshalls Plc		150,237
	244,353	Marston’s Plc		400,027

Shares			Value
UNITED KINGDOM (continued)
	75,399	McBride Plc	$	187,326
	8,244	McKay Securities Plc REIT		15,054
	29,062	Mears Group Plc		148,038
	44,387	Mecom Group Plc(b)		195,528
	298,738	Meggitt Plc		1,698,788
	237,490	Melrose Plc		1,198,330
	26,273	Melrose Resources Plc		98,900
	73,933	Michael Page International Plc		635,373
	21,967	Micro Focus International Plc		144,340
	82,415	Millennium & Copthorne Hotels Plc		764,373
	88,987	Misys Plc(b)		483,650
	132,951	Mitchells & Butlers Plc(b)		734,097
	118,008	Mitie Group Plc		412,654
	231,628	Mondi Plc		1,892,264
	125,036	Moneysupermarket.com Group Plc		179,058
	42,805	Morgan Crucible Co. Plc		186,365
	18,951	Morgan Sindall Plc		206,273
	35,474	Mothercare Plc		305,712
	15,625	MWB Group Holdings Plc(b)		10,637
	65,080	N Brown Group Plc		295,231
	154,743	National Express Group Plc(b)		606,053
	18,906	Nestor Healthcare Group Plc(c)(d)		33,162
	26,838	Next Plc		849,919
	54,781	Northern Foods Plc		65,374
	53,693	Northgate Plc(b)		251,788
	75,689	Northumbrian Water Group Plc		358,270
	21,220	Novae Group Plc		112,851
	2,199	Oxford Instruments Plc		23,107
	110,637	Pace Plc		338,142
	13,223	PartyGaming Plc(b)		40,414
	321,901	Pendragon Plc(b)		96,682
	71,869	Pennon Group Plc		694,192
	164,317	Persimmon Plc		1,075,478
	28,890	Petrofac Ltd.		724,703
	54,488	Petropavlovsk Plc		892,888
	56,609	Photo-Me International Plc		49,420
	73,007	Premier Farnell Plc		339,143
	1,043,370	Premier Foods Plc(b)		355,991
	22,713	Premier Oil Plc(b)		737,114
	16,930	Provident Financial Plc		255,734
	43,340	Psion Plc		63,523
	338,071	Punch Taverns Plc(b)		371,495
	112,385	PV Crystalox Solar Plc		94,512
	61,900	PZ Cussons Plc		359,037
	58,410	QinetiQ Group Plc(b)		124,066
	181,479	Quintain Estates & Development Plc(b)		113,373
	7,265	Randgold Resources Ltd.		550,449
	53,253	Rank Group Plc		107,482
	9,423	Rathbone Brothers Plc		173,432
	3,560	REA Holdings Plc		45,335
	119,552	Redrow Plc(b)		227,315
	5,547	Renishaw Plc		144,833

69

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	1,475	Renold PLC(b)	$	969
	43,173	Renovo Group Plc(b)		50,830
	305,532	Rentokil Initial Plc(b)		489,904
	737,695	Resolution Ltd.		3,088,893
	35,605	Restaurant Group Plc		162,261
	466,947	Rexam Plc		2,554,340
	6,922	Ricardo Plc		38,475
	8,975	Rightmove Plc		120,188
	5,585	RM Plc		15,030
	17,399	Robert Walters Plc		85,841
	15,157	Robert Wiseman Dairies Plc		82,610
	13,824	ROK Plc(b)(c)(d)		4,097
	20,874	Rotork Plc		548,365
	47,959	RPC Group Plc		207,038
	122,786	RPS Group Plc		409,496
	1,657,274	RSA Insurance Group Plc		3,607,732
	701,831	Sage Group Plc (The)		3,317,586
	78,695	Salamander Energy Plc(b)		366,952
	44,607	Savills Plc		250,587
	54,624	Schroders Plc		1,577,610
	26,053	Schroders Plc - Non Voting		587,599
	25,119	SDL Plc(b)		247,054
	100,680	Segro Plc REIT		481,080
	140,739	Senior Plc		333,203
	125,731	Serco Group Plc		1,109,723
	45,373	Severfield-Rowen Plc		163,713
	28,353	Severn Trent Plc		621,306
	54,091	Shaftesbury Plc REIT		379,940
	206,280	Shanks Group Plc		384,619
	297,590	SIG Plc(b)		695,018
	120,346	Smith & Nephew Plc		1,337,863
	53,086	Smiths Group Plc		1,156,483
	23,780	Smiths News Plc		37,711
	83,276	Soco International Plc(b)		485,559
	10,749	Southern Cross Healthcare Ltd.(b)		3,788
	51,438	Spectris Plc		1,112,342
	178,555	Speedy Hire Plc		82,230
	16,818	Spirax-Sarco Engineering Plc		488,150
	232,793	Spirent Communications Plc		516,091
	94,269	Sports Direct International Plc(b)		249,157
	7,688	St. Ives Group Plc		11,576
	74,596	St. James’s Place Plc		362,058
	79,129	St. Modwen Properties Plc		211,043
	1,029,382	Standard Life Plc		3,780,952
	16,831	Sthree Plc		100,105
	22,663	Synergy Health Plc		321,097
	16,808	T Clarke Plc		25,106
	193,310	Talktalk Telecom Group Plc		499,470
	173,743	Tate & Lyle Plc		1,534,876
	394,679	Taylor Wimpey Plc(b)		219,252
	5,162	Ted Baker Plc		54,160
	43,841	Telecity Group Plc(b)		344,110
	11,245	Telecom Plus Plc		81,958
	43,100	Tethys Petroleum Ltd.(b)		70,589

Shares			Value
UNITED KINGDOM (continued)
	333,138	Thomas Cook Group Plc	$	1,017,109
	38,780	Timeweave Plc		14,753
	14,332	Topps Tiles Plc		18,538
	11,051	Town Centre Securities Plc REIT		29,208
	100,609	Travis Perkins Plc		1,630,939
	70,271	Trinity Mirror Plc(b)		93,990
	31,741	TT electronics Plc		92,028
	334,005	TUI Travel Plc		1,353,611
	89,284	Tullett Prebon Plc		554,914
	57,579	UK Coal Plc - Sub-Shares(b)		41,505
	16,341	Ultra Electronics Holdings		467,237
	13,118	Umeco Plc		96,765
	117,403	United Utilities Group Plc		1,022,114
	7,888	UTV Media Plc		16,805
	166,727	Vectura Group Plc(b)		218,330
	22,798	Victrex Plc		525,872
	10,292	Vitec Group Plc (The)		98,917
	9,361	Volex Group Plc(b)		54,281
	78,552	Weir Group Plc (The)		1,993,118
	1,210	Wellstream Holdings Plc		15,196
	43,403	Wetherspoon (J.D.) Plc		308,551
	33,542	WH Smith Plc		248,766
	71,824	Whitbread Plc		1,996,133
	377,315	William Hill Plc		1,096,986
	14,285	Wilmington Group Plc		41,417
	14,457	Wincanton Plc		34,563
	54,494	Wolfson Microelectronics Plc(b)		263,619
	87,608	Wolseley Plc(b)		3,055,081
	127,523	Workspace Group Plc REIT		52,089
	25,234	WSP Group Plc		142,282
	11,640	Xaar Plc		43,630
	115,002	Xchanging Plc		208,624
	799	XP Power Ltd.		17,726
	184,454	Yell Group Plc(b)		32,501
	422	Yule Catto & Co. Plc		1,482
				256,153,111
UNITED STATES — 50.6%
	3,737	1st Source Corp.		70,443
	1,559	Aaron’s, Inc.		29,917
	375,000	ABM Industries, Inc.		9,637,500
	140,000	Adobe Systems, Inc.(b)		4,627,000
	1,438,107	Advance Auto Parts, Inc.		91,952,562
	103,800	Alberto-Culver Co.		3,866,550
	10,000	Alleghany Corp.(b)		3,087,800
	65,000	Allergan, Inc.		4,589,650
	3	Alnylam Pharmaceuticals, Inc.(b)		31
	110,000	Altera Corp.		4,132,700
	250,000	American Medical Systems Holdings, Inc.(b)		4,880,000
	178	American National Insurance Co.		14,842
	111,400	American Public Education, Inc.(b)		3,738,584

70

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	951	Amerisafe, Inc.(b)	$	16,937
	75,000	Ametek, Inc.		3,058,500
	1,100	Amrep Corp.(b)		14,113
	125,000	Ansys, Inc.(b)		6,556,250
	85,000	Apollo Group, Inc. - Class A(b)		3,507,950
	300,000	Aptargroup, Inc.		14,418,000
	225,000	Ariba, Inc.(b)		6,320,250
	150,000	Arthur J. Gallagher & Co.		4,452,000
	63	Aspen Technology, Inc.(b)		891
	2,520	Assisted Living Concepts, Inc.(b)		82,958
	75,000	athenahealth, Inc.(b)		3,220,500
	14,861	Atlantic Power Corp.		227,364
	250,000	Avon Products, Inc.		7,077,500
	60,000	Bard (C.R.), Inc.		5,661,000
	100,000	Beckman Coulter, Inc.		7,201,000
	125,000	Bio-Rad Laboratories, Inc. - Class A(b)		13,610,000
	100,000	Bio-Reference Labs, Inc.(b)		2,309,000
	150,000	Blackboard, Inc.(b)		5,829,000
	175,000	Blue Coat Systems, Inc.(b)		5,041,750
	1,000	BMP Sunstone Corp.(b)		9,940
	250,000	Bottomline Technologies, Inc.(b)		5,732,500
	300,000	Brady Corp. - Class A		9,825,000
	250,000	Brigham Exploration Co.(b)		7,402,500
	250,000	Brown & Brown, Inc.		6,190,000
	35,000	Brown-Forman Corp. - Class B		2,322,250
	65,000	Capella Education Co.(b)		3,721,250
	150,000	Cardtronics, Inc.(b)		2,563,500
	3,701,000	CareFusion Corp.(b)		95,226,730
	4,160	Casey’s General Stores, Inc.		176,758
	595	Cato Corp. (The) - Class A		14,542
	90,000	Cephalon, Inc.(b)		5,317,200
	40,000	Cerner Corp.(b)		3,954,000
	1,800	Chesapeake Corp.(b)		2
	70,000	Church & Dwight Co., Inc.		4,816,700
	200,000	CLARCOR, Inc.		8,636,000
	882	Clifton Savings Bancorp, Inc.		10,081
	120,000	Clorox Co.		7,546,800
	6,925	CNA Surety Corp.(b)		166,408
	6,023	Commerce Bancshares, Inc.		247,726
	1,687,000	Computer Sciences Corp.		89,900,230
	250,000	comScore, Inc.(b)		5,990,000
	116,000	Concur Technologies, Inc.(b)		5,919,480
	200,000	Constant Contact, Inc.(b)		5,598,000
	240,000	Copart, Inc.(b)		9,420,000
	115,100	CoStar Group, Inc.(b)		6,477,828
	8	Cousins Properties, Inc. REIT		68
	2,910,000	Crown Holdings, Inc.(b)		97,077,600
	136,000	Cummins, Inc.		14,399,680
	518,400	Del Monte Foods Co.		9,828,864
	350,000	Denbury Resources, Inc.(b)		7,122,500
	75,000	DeVry, Inc.		3,908,250
	376	DexCom, Inc.(b)		5,303
	4,500	Ditech Networks, Inc.(b)		6,120

Shares			Value
UNITED STATES (continued)
	200	Dixie Group, Inc.(b)	$	888
	1,557,870	Dollar Tree, Inc.(b)		78,797,065
	1,297	Dover Motorsports, Inc.(b)		2,438
	1,917,557	Dresser-Rand Group, Inc.(b)		88,073,393
	100,000	Ecolab, Inc.		4,969,000
	105,000	Energizer Holdings, Inc.(b)		7,637,700
	275	Farmer Bros. Co.		3,567
	150,000	FARO Technologies, Inc.(b)(c)		4,548,000
	100	Federal Agricultural Mortgage Corp. - Class A		1,285
	175,000	Financial Engines, Inc.(b)		3,969,000
	8,576	First Acceptance Corp.(b)		15,780
	800	First Mercury Financial Corp.		13,160
	1,420,000	Fiserv, Inc.(b)		87,713,400
	490,000	Flowers Foods, Inc.		12,362,700
	855,000	Flowserve Corp.		106,866,450
	89	FPIC Insurance Group, Inc.(b)		3,183
	3,100	Franklin Bank Corp.(b)		2
	75,000	Gardner Denver, Inc.		5,410,500
	100,000	Gartner Group, Inc.(b)		3,542,000
	150,000	Genomic Health, Inc.(b)		3,340,500
	240,000	Gen-Probe, Inc.(b)		15,093,600
	80,400	Golden Star Resources Ltd.(b)		297,079
	150,000	Gulfport Energy Corp.(b)		3,591,000
	225,000	Hain Celestial Group, Inc.(b)		5,991,750
	2,143	Hardinge, Inc.		18,751
	425,000	HCC Insurance Holdings, Inc.		12,869,000
	400,000	Healthcare Realty Trust, Inc. REIT		8,400,000
	275	Healthcare Services Group, Inc.		4,356
	1,464,150	Henry Schein, Inc.(b)		96,136,089
	764	Heritage Commerce Corp.(b)		3,499
	755	Hess Corp.		63,511
	120,000	HJ Heinz Co.		5,700,000
	494	HMS Holdings Corp.(b)		31,784
	285,000	Hologic, Inc.(b)		5,677,200
	1,725	Horizon Financial Corp.(b)		4
	14,280	Hypercom Corp.(b)		127,663
	400,000	IDEX Corp.		15,864,000
	74,000	IHS, Inc. - Class A(b)		6,065,040
	150,000	Immucor, Inc.(b)		2,965,500
	691	Immunogen, Inc.(b)		5,708
	800	Independence Holding Co.		6,312
	9,600	Indevus Pharmaceuticals, Inc.(c)(d)		10,560
	205,000	Informatica Corp.(b)		9,512,000
	4	Insulet Corp.(b)		68
	150,000	Integra LifeScience Holdings Corp.(b)		6,957,000
	15,000	IntercontinentalExchange, Inc.(b)		1,807,350
	4,000,000	International Game Technology		68,680,000
	386	Interval Leisure Group, Inc.(b)		6,049
	1,449	Introgen Therapeutics, Inc.(b)		1
	140,000	Intuit, Inc.(b)		6,570,200
	14,000	Intuitive Surgical, Inc.(b)		4,520,740

71

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	100,000	ITT Corp.	$	5,892,000
	1,800	J Crew Group, Inc.(b)		78,156
	150,873	Jack Henry & Associates, Inc.		4,459,806
	2,033,000	JC Penney Co., Inc.		65,198,310
	275,000	John Wiley & Sons, Inc. - Class A		12,636,250
	150,000	K12, Inc.(b)		4,087,500
	135,000	Kellogg Co.		6,790,500
	30,000	L-3 Communications Holdings, Inc.		2,347,500
	65,000	Laboratory Corp. of America Holdings(b)		5,844,150
	2,233	Ladish Co., Inc.(b)		119,555
	150,000	Lancaster Colony Corp.		8,335,500
	265,000	Landstar System, Inc.		10,978,950
	157	Legacy Bancorp, Inc.		2,041
	150,000	Life Technologies Corp.(b)		8,143,500
	3,900	Liz Claiborne, Inc.(b)		19,266
	50,000	LogMein, Inc.(b)		1,926,500
	250,000	Luminex Corp.(b)(c)		4,245,000
	2,500	Marshall & Ilsley Corp.		17,475
	166,300	Martek Biosciences Corp.(b)		5,223,483
	150,000	Masimo Corp.		4,496,250
	1,273	Mastech Holdings, Inc.(b)		5,156
	75,000	Matthews International Corp. - Class A		2,658,000
	1,200	McClatchy Co. (The) - Class A(b)		6,120
	1,897,624	McCormick & Co., Inc.		83,874,981
	350,000	MedAssets, Inc.(b)		6,870,500
	399	MEMSIC, Inc.(b)		1,245
	150,000	Meridian Bioscience, Inc.		3,291,000
	3	Micrel, Inc.		40
	155,709	Minera Andes, Inc.(b)		390,303
	130,000	Molson Coors Brewing Co. - Class B		6,093,100
	5,500	Monaco Coach Corp.(b)		47
	260,000	Morningstar, Inc.(c)		13,889,200
	677	Movie Gallery, Inc.(b)(c)(d)		0
	395,000	Myriad Genetics, Inc.(b)		7,884,200
	100,000	Nalco Holding Co.		3,046,000
	6,918	National Beverage Corp.		93,047
	350,000	National Instruments Corp.		14,808,500
	75,000	National Interstate Corp.(c)		1,576,500
	25,000	National Oilwell Varco, Inc.		1,847,500
	150,000	Navigators Group, Inc.(b)(c)		7,341,000
	211	Nektar Therapeutics(b)		2,365
	1,100,746	NetApp, Inc.(b)		60,243,829
	100,000	NeuStar, Inc. - Class A(b)		2,683,000
	150,000	Northern Trust Corp.		7,797,000
	28,100	Novell, Inc.(b)		169,162
	250,000	NuVasive, Inc.(b)		6,986,250
	160,000	Oasis Petroleum, Inc.(b)		5,115,200
	50,000	Oil States International, Inc.(b)		3,388,000
	737	Old Second Bancorp, Inc.		1,157
	1,973,500	Omnicom Group, Inc.		88,570,680

Shares			Value
UNITED STATES (continued)
	7,982	Palm Harbor Homes, Inc.(b)	$	319
	3,700	Patriot Coal Corp.(b)		96,829
	150,000	Paychex, Inc.		4,800,000
	120	Pegasystems, Inc.		4,102
	875	Pervasive Software, Inc.(b)		4,847
	2,700	PFF Bancorp, Inc.(b)		5
	50,000	Pioneer Natural Resources Co.		4,758,000
	187,500	Progress Software Corp.(b)		5,370,000
	125,000	Ralcorp Holdings, Inc.(b)		7,650,000
	71,015	Ram Power Corp.(b)		139,002
	150,000	Republic Services, Inc.		4,626,000
	90,000	ResMed, Inc.(b)		2,834,100
	275,000	Resolute Energy Corp.(b)		4,977,500
	120,000	Robbins & Myers, Inc.		4,983,600
	50,000	Roper Industries, Inc.		3,884,500
	100,000	Rosetta Resources, Inc.(b)		3,995,000
	26,325	RPC, Inc.		462,794
	225,000	Ruddick Corp.		7,582,500
	448	Saga Communications, Inc. - Class A(b)		11,581
	1,568	Salem Communications Corp. - Class A		5,002
	500,000	SandRidge Energy, Inc.(b)		3,720,000
	3,399,700	SEI Investments Co.		78,703,055
	300,000	Sensient Technologies Corp.		10,173,000
	200,000	Silgan Holdings, Inc.		7,466,000
	1,588	Simmons First National Corp. - Class A		44,131
	25,000	SM Energy Co.		1,554,000
	450,000	Smart Balance, Inc.(b)		1,802,250
	250,000	Snyders-Lance, Inc.		5,185,000
	300,000	SolarWinds, Inc.(b)		5,670,000
	100,000	SonoSite, Inc.(b)		3,356,000
	100,000	Sourcefire, Inc.(b)		2,461,000
	100,000	St. Jude Medical, Inc.(b)		4,050,000
	30,000	Strayer Education, Inc.		3,600,000
	17,048	Student Transportation, Inc.		107,939
	400,000	Superior Energy Services, Inc.(b)		14,048,000
	9,000	Swisher Hygiene, Inc.(b)		56,354
	8,480	SXC Health Solutions Corp.(b)		408,185
	65,000	Techne Corp.		4,481,750
	700	Tecumseh Products Co. - Class B(b)		8,320
	75,000	Teleflex, Inc.		4,299,000
	8,559	Tellabs, Inc.		45,363
	9,100	Tenet Healthcare Corp.(b)		60,515
	375,000	Tetra Technologies, Inc.(b)		4,256,250
	50,000	Tractor Supply Co.		2,565,500
	2,740	TRC Cos., Inc.(b)		9,672
	110,000	TreeHouse Foods, Inc.(b)		5,263,500
	155	Trico Bancshares		2,351
	175,000	Tupperware Brands Corp.		8,006,250
	146,800	Ultimate Software Group, Inc.(b)		7,134,480
	80,000	Ultra Petroleum Corp.(b)		3,818,400

72

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	200,000	UMB Financial Corp.	$	8,130,000
	683	Universal Truckload Services, Inc.(b)		10,177
	1,100	Urstadt Biddle Properties, Inc. REIT		17,853
	150,000	UTi Worldwide, Inc.		3,285,000
	250,000	VCA Antech, Inc.(b)		5,730,000
	840	Vector Group Ltd.		13,448
	150,000	Verisk Analytics, Inc. - Class A(b)		5,074,500
	30,000	VF Corp.		2,481,600
	275,000	W.R. Berkley Corp.		7,768,750
	100,000	Wabtec Corp.		5,420,000
	50,000	Waddell & Reed Financial, Inc. - Class A		1,806,000
	1,100	Walter Energy, Inc.		143,297
	525,000	Waste Connections, Inc.		15,209,250
	1,600	WaterFurnace Renewable Energy, Inc.		40,058
	1,046,151	Waters Corp.(b)		79,915,475
	312	Waterstone Financial, Inc.(b)		842
	100,000	WD-40 Co.		3,937,000
	320,300	West Pharmaceutical Services, Inc.(c)		12,808,797
	50,000	Whiting Petroleum Corp.(b)		6,314,000
	225,000	Willis Group Holdings Plc		8,455,500
	1,347,222	Wisconsin Energy Corp.		81,224,014
	60,000	Wolverine World Wide, Inc.		1,911,000
	100,000	Wright Express Corp.(b)		4,732,000
	2,410,000	Xilinx, Inc.		77,602,000
	1,425	X-Rite, Inc.(b)		6,356
	65,000	Zimmer Holdings, Inc.(b)		3,845,400
				2,376,911,214
Total Common Stocks (Cost $3,025,156,782)				4,134,780,340
INVESTMENT COMPANY — 0.3%
	1,037	Enbridge Income Fund Holdings, Inc. 0.01%(f)		18,175
	15,430,200	SEI Daily Income Trust Government II Fund, Class A 0.01%(f)		15,430,200
Total Investment Company (Cost $15,448,232)				15,448,375

Shares			Value
EXCHANGE TRADED FUNDS — 6.0%
	625,000	iShares MSCI EAFE Small Cap Index Fund	$	26,562,500
	2,168,500	iShares MSCI Emerging Markets Index Fund		99,338,985
	100,861	iShares MSCI Japan Small Cap Index Fund		4,765,178
	1,575,000	iShares MSCI Malaysia Index Fund		22,380,750
	1,317,400	iShares MSCI Singapore Index Fund		18,101,076
	357,000	iShares MSCI South Korea Index Fund		21,919,800
	250,000	iShares S&P Small Cap 600 Index Fund		17,137,500
	55,000	SPDR Russell Nomura Small Cap Japan Fund		2,413,378
	510,000	SPDR S&P International Small Cap Fund		15,815,100
	328,648	SPDR S&P Midcap 400 Trust		55,163,567
Total Exchange Traded Funds (Cost $196,220,437)				283,597,834
RIGHTS/WARRANTS — 0.0%
Banks — 0.0%
	340,455	Banco Popolare SC Rights, Expire 3/25/11(b)		459,142
	278,950	Marfin Popular Bank Rights, Expire 2/28/11		7,638
				466,780
Consumer Discretionary — 0.0%
	799	Jyoti Structures Rights, Expire 5/20/11(c)(d)		0
	1,534	Les Enphants Co. Warrants, Expire 10/26/12(c)(d)		470
				470
Consumer Staples — 0.0%
	1,308	Britannia Industries Ltd. Rights, Expire 3/22/13(c)		29
	3,158	Ciech SA Rights, Expire 2/1/16(d)		4,329
				4,358
Diversified Financials — 0.0%
	800,000	Wang ON Group Ltd. Rights, Expire 7/5/11(b)		14,776

73

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
Energy — 0.0%
	2,935	White Energy Co. Ltd. - Performance Shares, Conversion Period 3/30/12(c)(d)	$	9,126
	2,935	White Energy Co. Ltd. - Performance Shares, Conversion Period 3/31/11(c)(d)		9,126
				18,252
Health Care — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c)(d)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c)(d)		0
				0
Industrials — 0.0%
	2,644	Hong Kong Energy Warrants, Expire 6/8/11(b)(c)		9
	2,610	LCY Chemical Rights, Expire 2/9/11(d)		1,438
				1,447
Information Technology — 0.0%
	7,208	Asia Vital Components Warrants, Expire 02/21/11(c)(d)		844
Insurance — 0.0%
	23,873	Novae Group - Class B Rights, Expire 3/4/11		0
Materials — 0.0%
	2,762	MIL Resources Ltd. Warrants, Expire 5/31/12(b)(c)		19
	426,400	Sahaviriya Steel Industries Rights, Expire 2/22/11(c)		17,666
				17,685
Real Estate — 0.0%
	151,500	AFP Properties Ltd. Warrants, Expire 11/18/15(b)		33,159
Total Rights/Warrants (Cost $510,165)				557,771

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 3.7%
Federal Home Loan Bank — 3.7%
$	147,000,000	0.10%, 02/01/2011(g)	$	147,000,000
	25,000,000	0.14%, 02/07/2011(g)		24,999,417
Total U.S. Government Agencies (Cost $171,999,417)				171,999,417
U.S. GOVERNMENT SECURITIES — 0.5%
U.S. Treasury Notes — 0.5%
	25,000,000	0.14%, 02/10/2011(g)		24,999,119
Total U.S. Government Securities (Cost $24,999,119)				24,999,119

Shares
CASH SWEEP — 0.9%
	40,669,044	Citibank - US Dollars on Deposit in Custody Account, 0.05%(f)		40,669,044
Total Cash Sweep (Cost $40,669,044)				40,669,044
TOTAL INVESTMENTS — 99.5% (Cost $3,475,003,196)(a)				4,672,051,900
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				24,182,649
NET ASSETS — 100.0%			$	4,696,234,549

(a) Cost for federal income tax purposes is $3,477,305,529 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,231,422,653
Unrealized depreciation		(36,676,282	)
Net unrealized appreciation	$	1,194,746,371

At January 31, 2011, the Global Small and Mid Cap Fund held investments in restricted and illiquid securities amounting to $ $44,836,515 or 0.95% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/11 Carrying Value Per Unit
$	0	Allied Medical Ltd.	06/23/05	$	—
$	11,712	Amadeus Energy Ltd.	08/09/10	$	0.22
$	0	Asia Vital Components Rights	02/10/09	$	0.12
$	181,550	Banco De Sabadell	05/23/05	$	1.12
$	0	Britannia Industries Ltd. - Rights	03/08/10	$	0.02
$	42,790	Central Proteinaprima Tbk PT	09/25/09	$	0.01
$	34,918	China Public Procurement Ltd.	09/08/09	$	0.09
$	39,949	China Renji Medical Group Ltd.	09/23/09	$	0.01

74

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Acquisition Cost		Issuer	Acquisition Date	01/31/11 Carrying Value Per Unit
$	17,246	Chrysalis Group Plc	05/23/05	$	2.56
$	66,427	Ciech SA	09/23/08	$	8.36
$	41,267	Eganagoldpfeil Holdings Ltd.	12/06/06	$	—
$	72,158	Erinaceous Group Plc	05/25/05	$	—
$	3,369,334	FARO Technologies, Inc.	11/21/07	$	30.32
$	8,073	Ferraus Ltd. - Placement Shares	01/31/11	$	0.86
$	43,908	Fionia Holding A/S	05/23/05	$	—
$	155,884	Great Southern Ltd.	04/08/05	$	—
$	0	Hong Kong Energy Holdings — Warrants	04/27/10	$	—
$	0	Indevus Pharmaceuticals, Inc.	03/23/09	$	1.10
$	37,409	Indorama Polymers PCL	09/25/09	$	0.26
$	1,276	Jubilant Industries Ltd.	02/10/09	$	1.42
$	68,683	Jurong Technologies Industrial Corp. Ltd.	04/06/05	$	—
$	0	Jyoti Structures Rights	06/2810	$	—
$	0	Les Enphants Co. Rights	07/28/10	$	0.31
$	0	Ligand Pharmaceuticals - H3 Rights	02/25/10	$	—
$	0	Ligand Pharmaceuticals - Merck Rights	02/25/10	$	—
$	3,764,635	Luminex Corp.	07/25/07	$	16.98
$	0	LCY Chemical Right	08/22/08	$	0.55
$	22,411	Mariella Burani SPA	07/08/05	$	3.45
$	0	MIL Resources Ltd. - Warrants	07/06/07	$	0.01
$	26,306	Mivtach Shamir Holdings Ltd.	04/21/09	$	30.43
$	5,937,762	Morningstar, Inc.	11/14/08	$	53.42
$	17,657	Movie Gallery Inc.	05/04/05	$	—
$	1,332,465	National Interstate Corp.	03/24/08	$	21.02
$	6,985,376	Navigators Group, Inc.	01/28/10	$	48.94
$	47,060	Nestor Healthcare Group Plc	07/08/05	$	1.75
$	13,025	Peace Mark Holdings Ltd.	05/24/05	$	—
$	57,175	Pike River Coal Ltd.	09/03/09	$	—
$	26,558	ROK Plc	08/11/05	$	0.30
$	0	Sahaviriya Rights	01/31/11	$	0.04
$	33,211	Skyfame Realty Holdings Ltd.	08/21/07	$	—
$	32,430	Socotherm SPA	05/05/05	$	1.95
$	16,114	TA Global Berhad	05/05/05	$	0.15
$	6,051	TCI Developers Ltd.	10/01/10	$	4.58
$	104,239	Timbercorp Ltd.	04/08/05	$	—
$	26,620	Tong Yang Major Corp.	06/15/10	$	2.23

Acquisition Cost		Issuer	Acquisition Date	01/31/11 Carrying Value Per Unit
$	8,501,225	West Pharmaceutical Services, Inc.	09/28/07	$	39.99
$	0	White Energy Co. Ltd. - Performance Shares	08/25/10	$	3.11
$	0	White Energy Co. Ltd. - Performance Shares	08/25/10	$	3.11
$	21,998	Windimurra Vanadium Ltd.	08/28/08	$	0.17
$	44,664	Zhejiang Glass Co Ltd. H Shares	10/05/07	$	0.32

(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 $413,017, which is 0.01% of net assets.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	Rate shown represents current yield at January 31, 2011.
(g)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

FOR — Foreign Ownership Restrictions

NVDR — Non Voting Depositary Receipt

VVPR — Voter Verified Paper Record

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks		2.4	%
Consumer Discretionary		16.1	%
Consumer Staples		5.9	%
Diversified Financials		4.1	%
Energy		9.6	%
Health Care		10.9	%
Industrials		13.6	%
Information Technology		13.9	%
Insurance		2.5	%
Materials		5.1	%
Real Estate		1.2	%
Telecommunication Services		0.4	%
Utilities		2.4	%
Other*		11.9	%
		100	%

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

75

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments	January 31, 2011
	(Unaudited)

Shares			Value
COMMON STOCKS — 9.1%
ARGENTINA — 0.0%
	55,380	Siderar SAIC - Class A	$	469,158
AUSTRALIA — 0.1%
	285,230	Aditya Birla Minerals Ltd.(b)		352,466
	135,910	Automotive Holdings Group		339,958
	39,020	Bradken Ltd.		359,690
	23,980	Energy Resources of Australia Ltd.		239,929
	525,680	Grange Resources Ltd.(b)		413,855
	123,270	Panoramic Resources Ltd.		287,457
	220,860	Specialty Fashion Group Ltd.		278,425
	300,030	WHK Group Ltd.		313,945
				2,585,725
AUSTRIA — 0.0%
	78,150	CAT Oil AG		853,853
	8,547	Erste Group Bank AG		428,298
	15,307	OMV AG		679,026
				1,961,177
BAHAMAS — 0.0%
	13,190	Steiner Leisure Ltd.(b)		584,581
BELGIUM — 0.1%
	254,010	Ageas		720,248
	10,942	Belgacom SA		393,183
	13,500	D’ieteren SA		810,503
	6,808	Groupe Bruxelles Lambert SA		612,774
				2,536,708
BERMUDA — 0.1%
	16,610	Aspen Insurance Holdings Ltd.		499,131
	335,460	Northern Offshore Ltd.(b)		827,701
	23,930	Signet Jewelers Ltd.(b)		1,016,546
				2,343,378
BRAZIL — 0.1%
	27,160	Contax Participacoes SA		475,762
	18,840	Natura Cosmeticos SA		482,599
	45,050	Odontoprev SA		608,072
	47,550	Sao Martinho SA		684,604
	9,980	Souza Cruz SA		476,684
	135,150	TPI - Triunfo Participacoes e Investimentos SA		749,955
				3,477,676
CANADA — 0.2%
	401,220	Algonquin Power & Utilities Corp.		1,955,314
	500,000	Asian Coast Development Ltd.(b)(c)		0
	6,275	BCE, Inc.		227,914
	45,790	Bird Construction, Inc.		1,678,685
	220,930	Cott Corp.(b)		1,776,277
	132,200	Flint Energy Services Ltd.(b)		2,429,201
	4,608	Loblaw Cos. Ltd.		180,068
	8,940	Nexen, Inc.		224,538

Shares			Value
CANADA (continued)
	4,145	Teck Resources Ltd. - Class B	$	251,055
	10,688	TransCanada Corp.		390,219
				9,113,271
CHILE — 0.0%
	146,820	Empresa Electrica del Norte Grande SA		376,591
	1,672,883	Enersis SA		692,869
				1,069,460
CHINA — 0.1%
	820,000	China Petroleum & Chemical Corp. - H Shares		903,439
	748,000	China Telecom Corp. Ltd. - H Shares		445,155
	158,100	Chongqing Changan Automobile Co. Ltd. - B Shares		137,079
	469,420	Qingling Motors Co. Ltd. - H Shares		136,070
	111,000	Shenzhou International Group Holdings Ltd.		129,271
	138,000	Sinotruk Hong Kong Ltd.		128,324
	234,400	Zhejiang Southeast Electric Power Co. - B Shares		144,156
				2,023,494
CYPRUS — 0.0%
	181,560	Songa Offshore SE(b)		999,690
DENMARK — 0.0%
	10,610	FLSmidth & Co. AS		911,628
EGYPT — 0.0%
	128,499	Glaxo Smith Kline		239,777
	43,240	Suez Cement		252,538
				492,315
FINLAND — 0.1%
	32,340	Ahlstrom Oyj		699,597
	67,400	HKScan Oyj - A Shares		720,712
	57,760	Huhtamaki Oyj		836,689
	47,880	PKC Group Oyj		995,124
				3,252,122
FRANCE — 0.2%
	3,020	BNP Paribas		225,762
	6,329	Casino Guichard Perrachon SA		618,446
	1,573	Christian Dior SA		216,121
	2,604	Compagnie Generale des Etablissements Michelin - Class B		189,565
	26,612	France Telecom SA		581,334
	15,879	GDF Suez		629,938
	3,254	Lafarge SA		192,799
	18,947	Safran SA		684,850
	6,040	Sanofi-Aventis SA		412,450
	3,813	Total SA		222,997

76

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
FRANCE (continued)
	73,630	UBISOFT Entertainment(b)	$	864,047
	3,983	Vallourec SA		432,667
	6,820	Veolia Environnement SA		213,178
	7,548	Vinci SA		436,988
	14,122	Vivendi SA		404,781
				6,325,923
GERMANY — 0.1%
	5,640	Axel Springer AG		896,525
	113,790	Balda AG(b)		1,136,373
	16,876	Deutsche Lufthansa AG		354,558
	3,680	EnBw Energie Baden-Wuerttemberg AG		207,585
	19,780	Gerry Weber International AG		952,331
	321,250	QSC AG(b)		1,434,757
				4,982,129
HONG KONG — 0.2%
	145,000	Cathay Pacific Airways Ltd.		365,259
	36,000	Cheung Kong Holdings Ltd.		593,793
	56,500	China Mobile Ltd.		555,097
	552,000	China Unicom (Hong Kong) Ltd.		911,899
	182,000	Chinese Estates Holdings Ltd.		302,530
	420,500	Dickson Concepts International Ltd.		327,915
	196,000	Fufeng Group Ltd.		157,370
	80,000	Henderson Land Development Co. Ltd.		554,597
	58,000	Hongkong Land Holdings Ltd.		408,320
	12,400	Jardine Matheson Holdings Ltd.		578,088
	13,500	Jardine Strategic Holdings Ltd.		379,350
	82,680	Jinhui Shipping & Transportation Ltd.		286,318
	8,740,000	Kai Yuan Holdings Ltd.(b)		291,458
	518,000	Shun Tak Holdings Ltd.		322,228
	92,000	Sino Land Co. Ltd.		173,931
	14,500	Swire Pacific Ltd. - Class A		228,008
	117,500	Swire Pacific Ltd. - Class B		339,088
	538,000	Texhong Textile Group Ltd.		502,349
	1,273,090	Victory City International Holdings Ltd.		266,157
	31,000	Wharf Holdings Ltd.		234,190
				7,777,945
HUNGARY — 0.0%
	1,856	MOL Hungarian Oil and Gas Plc		208,134
INDIA — 0.1%
	28,860	Amara Raja Batteries Ltd.		106,646
	70,040	Balrampur Chini Mills Ltd.(b)		107,707
	2,770	Grasim Industries Ltd.(b)		137,426
	28,480	Gujarat Flourochemicals Ltd.		160,483
	35,668	Hindalco Industries Ltd.		178,418
	91,136	Indian Oil Corp. Ltd.(b)		667,788
	7,450	Jammu & Kashmir Bank Ltd.(b)		119,401

Shares			Value
INDIA (continued)
	5,080	JSW Steel Ltd.	$	100,239
	20,258	Oil & Natural Gas Corp. Ltd.(b)		519,599
	32,250	Orchid Chemicals & Pharmaceuticals Ltd.		206,524
	15,240	Plethico Pharmaceuticals Ltd.		120,947
				2,425,178
INDONESIA — 0.0%
	4,152,500	Bakrie Sumatera Plantations Tbk PT		156,040
	204,000	Hexindo Adiperkasa Tbk PT		154,443
				310,483
IRELAND — 0.0%
	12,340	Accenture Plc - Class A		635,140
	182,700	Grafton Group Plc		855,492
	34,256	WPP Plc		423,892
				1,914,524
ISRAEL — 0.0%
	15,490	Koor Industries Ltd.		381,222
ITALY — 0.2%
	229,790	Arnoldo Mondadori Editore SpA		810,139
	136,020	De’Longhi SpA		1,257,996
	112,460	Enel SpA		635,530
	26,440	ENI SpA		626,266
	83,060	Esprinet SpA		619,214
	61,560	Indesit Co. SpA		675,122
	343,149	Intesa Sanpaolo SpA		1,141,669
	1,223,360	Prelios SpA(b)		896,106
	4,882	Saipem SpA		244,240
	80,392	Snam Rete Gas SpA		421,838
	76,850	Societa Iniziative Autostradali e Servizi SpA		825,445
	422,720	Telecom Italia SpA		600,760
				8,754,325
JAPAN — 0.6%
	5,500	Aisin Seiki Co. Ltd.		208,729
	23,000	Arcs Co. Ltd.		353,350
	15,000	ASKUL Corp.		296,784
	15,700	Astellas Pharma, Inc.		599,653
	8,000	Autobacs Seven Co. Ltd.		320,175
	85,000	Bando Chemical Industries Ltd.		374,878
	59,000	Belluna Co. Ltd.		356,530
	27	Central Japan Railway Co.		227,632
	16,000	Chubu Electric Power Co., Inc.		400,000
	54,000	Cleanup Corp.		388,158
	12,000	Cosmos Pharmaceutical Corp.		482,456
	71,000	Culture Convenience Club Co. Ltd.		389,254
	36,000	Dainippon Sumitomo Pharma Co. Ltd.		323,246
	110,000	Daiso Co. Ltd.		349,781
	11,900	Denso Corp.		437,841

77

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
JAPAN (continued)
	12,000	Doshisha Co. Ltd.	$	272,515
	240	Fields Corp.		374,269
	13,000	Foster Electric Co. Ltd.		348,757
	129,000	Fujitsu Ltd.		803,107
	46,000	Futaba Industrial Co. Ltd.		342,982
	260	Geo Corp.		298,392
	6,000	Hakuhodo DY Holdings, Inc.		342,836
	24,000	Heiwa Corp.		350,585
	62,000	Hokuetsu Kishu Paper Co. Ltd.		345,955
	12,000	Inaba Denki Sangyo Co. Ltd.		335,819
	9,000	Itochu Techno-Science Corp.		313,377
	125,500	JX Holdings, Inc.		848,593
	23,900	Kansai Electric Power Co., Inc. (The)		591,094
	67	KDDI Corp.		376,304
	32,000	Koa Corp.		362,573
	31,000	Marubeni Corp.		233,029
	29,000	Mimasu Semiconductor Industry Co. Ltd.		345,188
	129,000	Morinaga & Co. Ltd.		304,898
	73,000	Nichias Corp.		407,334
	58,000	Nippon Flour Mills Co. Ltd.		290,424
	17,800	Nippon Telegraph & Telephone Corp.		826,243
	473	NTT DoCoMo, Inc.		844,231
	38,000	Sanoh Industrial Co. Ltd.		372,685
	36,000	Sanshin Electronics Co. Ltd.		310,526
	16,960	Secom Co. Ltd. - ADR		199,280
	19,000	Sega Sammy Holdings, Inc.		380,556
	51,000	Seiren Co. Ltd.		383,370
	33,000	Sekisui Jushi Corp.		335,709
	3,000	Shimamura Co. Ltd.		268,640
	28,000	Siix Corp.		337,037
	16,000	Sumitomo Corp.		230,214
	62,000	Sumitomo Warehouse Co. Ltd. (The)		328,582
	23,300	Suzuki Motor Corp.		563,765
	22,000	Tachi-S Co. Ltd.		382,749
	25,000	Taiyo Yuden Co. Ltd.		378,594
	16,100	Takeda Pharmaceutical Co. Ltd.		774,793
	131,000	Tokyo Gas Co. Ltd.		569,773
	40,000	Tomy Co. Ltd.		331,871
	32,000	Touei Housing Corp.		509,162
	37,000	Transcosmos, Inc.		364,230
	7,000	Tsuruha Holdings, Inc.		336,866
	15,000	Xebio Co. Ltd.		342,836
	49,000	Yahagi Construction Co.		291,326
	24,000	Yamato Holdings Co. Ltd.		364,327
				23,423,863
MALAYSIA — 0.0%
	209,500	AirAsia Berhad(b)		188,184
	363,490	DRB-Hicom Berhad		225,586
	189,200	Multi-Purpose Holdings Berhad		153,881
	148,200	Puncak Niaga Holdings Berhad		123,439

Shares			Value
MALAYSIA (continued)
	267,025	Tenaga Nasional Berhad	$	536,405
				1,227,495
MEXICO — 0.0%
	291,220	Grupo Famsa SAB de CV - Series A(b)		520,936
NETHERLANDS — 0.1%
	30,920	Beter BED Holding NV		867,850
	25,520	CSM NV		837,529
	8,938	Heineken Holding NV		396,739
	29,605	Koninklijke Ahold NV		400,878
	23,460	Koninklijke Ten Cate NV		835,127
	9,312	Royal Dutch Shell Plc - ADR		657,148
				3,995,271
NEW ZEALAND — 0.0%
	119,610	Nuplex Industries Ltd.		333,214
NORWAY — 0.1%
	21,380	Fred Olsen Energy ASA		926,958
	46,040	Telenor ASA		710,282
	47,040	TGS Nopec Geophysical Co. ASA		1,108,520
				2,745,760
PAKISTAN — 0.0%
	408,190	Fauji Fertilizer Bin Qasim Ltd.		195,481
	169,090	National Bank of Pakistan		151,945
	594,980	Pakistan Telecommunication Co. Ltd.		129,131
				476,557
PERU — 0.0%
	344,600	Ferreyros SA		559,819
POLAND — 0.0%
	101,741	Polska Grupa Energetyczna SA		811,121
	78,020	Telekomunikacja Polska SA		456,520
				1,267,641
PORTUGAL — 0.0%
	117,021	EDP - Energias de Portugal SA		449,575
	238,660	Sonae Industria SGPS SA		589,804
				1,039,379
RUSSIA — 0.1%
	54,200	Alliance Oil Co. Ltd. - SDR(b)		915,147
	36,337	Federal Hydrogenerating Co. JSC - ADR(b)		180,232
	15,320	Gazprom OAO - ADR		409,963
	13,554	Lukoil OAO - ADR		839,941
	30,530	MMC Norilsk Nickel OJSC - ADR		787,674
	19,794	Surgutneftegas OJSC - ADR		225,652
				3,358,609
SINGAPORE — 0.0%
	443,000	Hi-P International Ltd.		384,374

78

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	29,000	Keppel Corp. Ltd.	$	265,223
	383,000	KS Energy Services Ltd.(b)		320,339
				969,936
SOUTH AFRICA — 0.1%
	25,371	Gold Fields Ltd.		398,187
	145,510	Grindrod Ltd.		325,840
	23,070	Palabora Mining Co. Ltd.		401,092
	48,210	Pioneer Foods Ltd.(b)		368,796
	12,753	Sasol Ltd.		615,677
	219,970	Stefanutti Stocks Holdings Ltd.		354,901
	66,900	Telkom SA Ltd.		327,347
				2,791,840
SOUTH KOREA — 0.3%
	7,498	Daewoong Pharmaceutical Co. Ltd.		282,201
	23,470	Daishin Securities Co. Ltd.		334,897
	2,900	Dongwon Industries Co. Ltd.		396,995
	11,580	Hankook Tire Co. Ltd.		285,550
	26,930	Hansol Paper Co.		230,081
	8,100	Hansol Technics Co. Ltd.(b)		424,757
	47,660	Hanwha Securities Co.		366,812
	97,310	Harim Holdings Co. Ltd.(b)		376,205
	1,760	Honam Petrochemical Corp.		566,628
	1,865	Hyundai Heavy Industries Co. Ltd.		806,675
	15,940	Hyundai Marine & Fire Insurance Co. Ltd.		416,518
	3,874	Hyundai Motor Co.		618,430
	16,450	Kia Motors Corp.		802,475
	5,170	Korea Petrochemical Industries Co. Ltd.		523,317
	28,590	KP Chemical Corp.		729,220
	140	KT Corp.		5,219
	10,736	LG Corp.		815,756
	10,970	LG Display Co. Ltd.		373,232
	1,925	LG Electronics, Inc.		200,861
	1,400	Lotte Samkang Co. Ltd.		322,126
	1,865	Lotte Shopping Co. Ltd.		753,451
	2,450	Ottogi Corp.		281,860
	10,350	Poongsan Holdings Corp.		353,523
	23,470	Pyeong Hwa Automotive Co. Ltd.		361,061
	953	Samsung Electronics Co. Ltd.		833,758
	6,030	Samyang Corp.		344,172
	647	SK Telecom Co. Ltd.		94,918
	24,290	SL Corp.		407,252
	11,060	STX Engine Co. Ltd.		344,238
	27,680	Sungwoo Hitech Co. Ltd.		399,907
	69,900	Taeyoung Engineering & Construction		318,549
	6,950	Unid Co. Ltd.		368,791
				13,739,435
SPAIN — 0.1%
	63,060	Almirall SA		730,425

Shares			Value
SPAIN (continued)
	148,848	Criteria Caixacorp SA	$	1,027,332
	16,336	Endesa SA		463,321
	74,260	Ferrovial SA		880,387
	75,956	Iberdrola SA		651,010
	29,016	Repsol YPF SA		912,734
	17,399	Telefonica SA		437,012
	55,700	Vueling Airlines SA(b)		851,080
				5,953,301
SWEDEN — 0.1%
	44,370	AF AB - B Shares		913,246
	44,270	Bilia AB - A Shares		854,560
	77,040	Duni AB		830,166
	54,660	Hexpol AB		1,381,405
	28,526	Investor AB - B Shares		659,451
	38,608	Svenska Cellulosa AB - B Shares		673,432
				5,312,260
SWITZERLAND — 0.1%
	13,055	ACE Ltd.		804,057
	20,350	Foster Wheeler AG(b)		749,083
	16,580	Garmin Ltd.		511,161
	1,290	Gurit Holding AG		776,870
	5,399	Transocean Ltd.(b)		431,542
	460	Vetropack Holding AG		872,246
	856	Zurich Financial Services AG		233,858
				4,378,817
TAIWAN — 0.1%
	224,120	Accton Technology Corp.		162,867
	36,660	ASROCK, Inc.		131,310
	99,050	Avermedia Technologies, Inc.		133,725
	59,120	Catcher Technology Co. Ltd.		245,353
	162,320	Chin-Poon Industrial Co.		141,996
	279,580	Chun Yuan Steel		149,248
	138,860	D-Link Corp.		148,255
	45,479	Dynapack International Technology Corp.		150,367
	127,050	Eternal Chemical Co. Ltd.		151,180
	58,050	Farglory Land Development Co. Ltd.		144,948
	55,800	Formosa Chemicals & Fibre Corp.		203,709
	199,040	Giantplus Technology Co. Ltd.(b)		139,500
	144,130	Gigabyte Technology Co. Ltd.		159,838
	290,260	Goldsun Development & Construction Co. Ltd.		149,451
	139,091	Great Wall Enterprise Co. Ltd.		150,418
	165,210	Hannstar Board Corp.		116,644
	108,850	Holy Stone Enterprise Co. Ltd.		139,270
	122,220	Kenda Rubber Industrial Co. Ltd.		130,279
	212,170	Lien Hwa Industrial Corp.		168,432
	224,120	Macronix International		174,060

79

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
TAIWAN (continued)
	257,220	Micro-Star International Co. Ltd.	$	155,915
	68,625	Phihong Technology Co. Ltd.		121,720
	113,270	Quanta Storage, Inc.		123,664
	99,880	Radiant Opto-Electronics Corp.		219,467
	117,080	Shihlin Electric & Engineering Corp.		155,647
	163,910	Sigurd Microelectronics Corp.		163,710
	133,330	Siliconware Precision Industries Co.		188,959
	67,420	Syncmold Enterprise Corp.		113,081
	86,450	Taiwan PCB Techvest Co. Ltd.		125,348
	306,210	Taiwan Styrene Monomer Corp.		151,863
	53,720	Transcend Information, Inc.		160,038
	78,420	Wah Lee Industrial Corp.		165,021
	240,910	Walsin Technology Corp.(b)		168,846
	300,700	Yuen Foong Yu Paper Manufacturing Co. Ltd.		146,024
				5,250,153
THAILAND — 0.0%
	67,400	Big C Supercenter Public Co. Ltd.		177,254
	1,091,900	CalComp Electronics Public Co. Ltd. - FOR		115,216
	44,150	Electricity Generating Public Co. Ltd. - FOR		152,192
	507,750	GFPT Public Co. Ltd. - FOR		131,478
	1,562,300	Quality Houses Public Co. Ltd.		103,159
	131,785	STP & I Public Co. Ltd.		106,639
	23,400	Thai Stanley Electric Public Co. Ltd.		125,350
	414,400	Vinythai Public Co. Ltd.		160,958
				1,072,246
TURKEY — 0.1%
	6,620	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		594,148
	81,820	KOC Holding AS		333,512
	361,730	Soda Sanayii AS(b)		529,817
	126,611	Turk Hava Yollari AO(b)		408,768
	46,523	Turk Telekomunikasyon AS		190,795
	270,930	Turkiye Sise ve Cam Fabrikalari AS(b)		558,932
				2,615,972
UNITED KINGDOM — 0.4%
	17,930	Amdocs Ltd.(b)		522,480
	22,367	Associated British Foods Plc		380,498
	16,157	AstraZeneca Plc		784,324
	61,740	Atkins (WS) Plc		679,923
	61,790	Aviva Plc		438,275
	42,735	Barclays Plc		201,086
	226,970	BBA Aviation Plc		810,763
	25,699	BP Plc		199,592
	923,470	Chaucer Holdings Plc		754,420
	10,228	GlaxoSmithKline Plc		184,890

Shares			Value
UNITED KINGDOM (continued)
	97,640	Greggs Plc	$	728,843
	152,850	Hill & Smith Holdings Plc		690,454
	620,820	Howden Joinery Group Plc		1,165,504
	30,054	International Power Plc		203,544
	210,830	Interserve Plc		916,057
	131,376	J Sainsbury Plc		802,844
	58,320	JD Sports Fashion Plc		779,119
	923,470	Kcom Group Plc		850,572
	29,411	Marks & Spencer Group Plc		167,954
	153,750	Meggitt Plc		874,307
	190,240	N Brown Group Plc		863,009
	25,550	Pearson Plc		419,094
	661,590	Photo-Me International Plc		577,572
	129,990	Robert Wiseman Dairies Plc		708,482
	298,900	Stobart Group Ltd.		694,248
	53,730	Travis Perkins Plc		870,999
	227,688	Vodafone Group Plc		639,538
				16,908,391
UNITED STATES — 5.3%
	28,945	Aaron’s, Inc.		555,455
	21,260	Aeropostale, Inc.(b)		512,791
	15,217	AES Corp. (The)(b)		188,691
	18,824	Aetna, Inc.		620,063
	23,110	Alamo Group, Inc.		599,705
	10,260	Alaska Air Group, Inc.(b)		607,802
	11,400	Albemarle Corp.		640,224
	17,550	Amedisys, Inc.(b)		598,279
	6,180	Amerco, Inc.(b)		562,442
	21,618	American Electric Power Co., Inc.		771,330
	16,280	American Financial Group, Inc.		529,588
	12,478	Amgen, Inc.(b)		687,288
	12,620	Andersons, Inc. (The)		489,404
	94,810	APAC Customer Services, Inc.(b)		522,403
	54,130	Apogee Enterprises, Inc.		692,323
	10,180	Apollo Group, Inc. - Class A(b)		420,129
	16,570	Applied Industrial Technologies, Inc.		524,606
	133,710	Ariad Pharmaceuticals, Inc.(b)		852,401
	39,710	Asbury Automotive Group, Inc.(b)		731,061
	12,330	Assurant, Inc.		483,706
	17,530	Astec Industries, Inc.(b)		527,653
	20,525	AT&T, Inc.		564,848
	10,200	Atlas Air Worldwide Holdings, Inc.(b)		518,262
	34,530	ATMI, Inc.(b)		711,318
	3,350	Atrion Corp.		561,661
	17,850	Atwood Oceanics, Inc.(b)		721,497
	36,940	AVX Corp.		579,219
	11,750	AZZ, Inc.		471,057
	5,608	Best Buy Co., Inc.		190,672
	3,594	Biogen Idec, Inc.(b)		235,299
	21,890	Brink’s Co. (The)		591,030

80

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	86,170	Brooks Automation, Inc.(b)	$	1,011,636
	7,962	CA, Inc.		189,496
	16,230	Cal-Maine Foods, Inc.		460,283
	5,148	Capital One Financial Corp.		247,928
	15,110	Cardinal Health, Inc.		627,216
	20,960	CarMax, Inc.(b)		684,344
	19,860	Cato Corp. (The) - Class A		485,378
	51,630	Central Garden & Pet Co. - Class A(b)		489,452
	13,784	CenturyLink, Inc.		596,020
	7,920	Cephalon, Inc.(b)		467,914
	14,220	Chesapeake Utilities Corp.		556,002
	8,550	Chubb Corp.		495,301
	1,500,000	Cisco Systems, Inc.(b)		31,725,000
	394	Citibank(b)		394
	7,750	Cliffs Natural Resources, Inc.		662,315
	38,618	Comcast Corp. - Class A		878,559
	6,726	ConocoPhillips		480,640
	10,350	Contango Oil & Gas Co.(b)		600,300
	1,035	Contango ORE, Inc.(b)		9,833
	28,890	Corning, Inc.		641,647
	21,820	Corrections Corp. of America(b)		541,354
	12,000	Covance, Inc.(b)		676,560
	13,140	Crane Co.		583,547
	44,610	CROCS, Inc.(b)		731,158
	12,470	Cubic Corp.		607,913
	5,643	CVS Caremark Corp.		192,991
	20,590	Dillard’s, Inc. - Class A		817,835
	20,633	Discover Financial Services		424,833
	26,330	DISH Network Corp. - Class A(b)		555,826
	19,330	DPL, Inc.		506,059
	56,060	Earthlink, Inc.		478,192
	7,090	Eastman Chemical Co.		658,377
	6,170	Eaton Corp.		666,113
	21,269	Edison International		771,639
	11,340	EI Du Pont de Nemours & Co.		574,711
	5,541	Eli Lilly & Co.		192,661
	10,970	Energen Corp.		613,223
	2,627	Entergy Corp.		189,591
	32,140	Finish Line (The) - Class A		494,635
	9,549	Gap, Inc. (The)		184,009
	104,030	GenCorp, Inc.(b)		533,674
	2,769	General Dynamics Corp.		208,783
	5,082	General Motors Co.(b)		185,442
	17,620	Genesco, Inc.(b)		654,231
	19,770	Global Partners LP		589,739
	100,830	Great Lakes Dredge & Dock Corp.		837,897
	38,500	Greenbrier Cos., Inc.(b)		911,295
	61,890	H&E Equipment Services, Inc.(b)		719,162
	10,850	Hanover Insurance Group, Inc. (The)		513,205
	20,500	Harsco Corp.		661,535

Shares			Value
UNITED STATES (continued)
	1,235,000	Hatteras Financial Corp., REIT	$	35,296,300
	88,980	Hawaiian Holdings, Inc.(b)		657,562
	12,770	Helmerich & Payne, Inc.		749,982
	29,610	Hornbeck Offshore Services, Inc.(b)		702,941
	9,570	Humana, Inc.(b)		554,773
	66,050	Infospace, Inc.(b)		540,289
	25,940	Intel Corp.		556,672
	18,270	InterDigital, Inc.		879,701
	8,110	ITT Educational Services, Inc.(b)		533,962
	22,570	Jack in the Box, Inc.(b)		495,186
	16,976	Kohl’s Corp.(b)		862,041
	89,460	Kulicke & Soffa Industries, Inc.(b)		872,235
	10,800	Lancaster Colony Corp.		600,156
	112,090	Lattice Semiconductor Corp.(b)		698,321
	22,920	Leggett & Platt, Inc.		516,388
	13,290	Loews Corp.		532,265
	4,670	Lubrizol Corp.		501,838
	16,551	Marathon Oil Corp.		756,381
	16,170	McGraw-Hill Cos., Inc. (The)		630,307
	56,880	Meadowbrook Insurance Group, Inc.		539,791
	16,730	Medicis Pharmaceutical Corp. - Class A		425,444
	21,280	Men’s Wearhouse, Inc.		557,749
	69,300	Micron Technology, Inc.(b)		730,422
	1,600,000	Microsoft Corp.		44,360,000
	20,460	Mine Safety Appliances Co.		637,943
	70,190	ModusLink Global Solutions, Inc.(b)		430,265
	11,562	Murphy Oil Corp.		766,561
	39,780	National Semiconductor Corp.		603,065
	47,180	Navigant Consulting, Inc.(b)		480,764
	26,741	News Corp. - Class A		401,650
	13,620	Nordstrom, Inc.		560,872
	5,925	Northrop Grumman Corp.		410,602
	73,010	ON Semiconductor Corp.(b)		806,761
	6,890	ONEOK Partners LP		558,090
	19,680	Owens Corning, Inc.(b)		658,690
	18,730	Park Electrochemical Corp.		570,516
	7,320	Parker Hannifin Corp.		654,481
	94,630	PDL BioPharma, Inc.		467,472
	22,410	Perry Ellis International, Inc.(b)		630,841
	1,200,000	Pfizer, Inc.		21,864,000
	8,626	PG&E Corp.		399,211
	26,030	Pool Corp.		634,611
	4,529	Progress Energy, Inc.		203,443
	6,117	Public Service Enterprise Group, Inc.		198,374
	28,860	Questar Corp.		503,030
	128,420	Quiksilver, Inc.(b)		574,037
	8,150	Regal-Beloit Corp.		543,931
	52,240	Retail Ventures, Inc.(b)		787,779
	9,310	Ross Stores, Inc.		607,012

81

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	26,310	RPM International, Inc.	$	616,443
	290	Seaboard Corp.		580,580
	6,120	SEACOR Holdings, Inc.		646,823
	14,983	Sempra Energy		780,165
	53,430	Sonic Automotive, Inc. - Class A		665,203
	13,200	StanCorp Financial Group, Inc.		588,852
	20,265	Target Corp.		1,111,130
	31,500	Team, Inc.(b)		805,140
	35,710	TeleTech Holdings, Inc.(b)		764,551
	47,360	Teradyne, Inc.(b)		789,965
	34,050	Texas Roadhouse, Inc.(b)		565,911
	12,823	Time Warner Cable, Inc.		869,784
	41,140	Time Warner, Inc.		1,293,853
	16,330	Travelers Cos., Inc. (The)		918,726
	63,570	TriQuint Semiconductor, Inc.(b)		836,581
	13,540	TRW Automotive Holdings Corp.(b)		807,796
	5,759	UnitedHealth Group, Inc.		236,407
	33,910	Universal American Corp.		684,643
	53,950	US Airways Group, Inc.(b)		535,184
	14,120	Veeco Instruments, Inc.(b)		610,831
	17,509	Verizon Communications, Inc.		623,671
	6,340	VF Corp.		524,445
	37,360	Viropharma, Inc.(b)		612,704
	16,900	Walgreen Co.		683,436
	7,152	Wal-Mart Stores, Inc.		401,013
	6,590	WellPoint, Inc.(b)		409,371
	150,940	Wet Seal, Inc. (The) - Class A(b)		516,215
	35,896	Xerox Corp.		381,216
	9,730	Zimmer Holdings, Inc.(b)		575,627
				222,789,028
Total Common Stocks (Cost $366,630,200)				385,630,169
EXCHANGE TRADED FUNDS — 5.0%
UNITED STATES — 5.0%
	245,000	iShares MSCI Brazil Index Fund		17,934,000
	1,700,000	iShares MSCI Malaysia Index Fund		24,157,000
	1,525,000	iShares MSCI South Korea Index Fund		93,635,000
	3,610,000	iShares MSCI Taiwan Index Fund		56,207,700
	450,000	Market Vectors - Russia		17,590,500
Total Exchange Traded Funds (Cost $168,520,079)				209,524,200
PREFERRED STOCKS — 0.7%
UNITED STATES — 0.7%
	225,000	Fannie Mae		357,750
	250,000	Freddie Mac		405,000
	125,000	General Motors Co.		6,788,750
	1,725,000	Motors Liquidation Co. Series C, Cnv.		14,714,250

Shares			Value
UNITED STATES (continued)
	140,000	Petroquest Energy, Inc.	$	5,975,200
	20,000	Stanley Black & Decker, Inc.		2,334,600
Total Preferred Stocks (Cost $32,803,056)				30,575,550
RIGHTS/WARRANTS — 0.0%
THAILAND — 0.0%
	1,510,752	Bangkokland Public Co. Ltd., Warrants, Expire 09/22/15(b)(c)		7,824
Total Rights/Warrants (Cost $0)				7,824

Principal Amount			Value
BANK LOANS — 1.7%
UNITED STATES — 1.7%
$	1,989,975	Affinion Group Holdings, Inc., 5.00%, 01/28/18(d)		2,002,412
	3,471,660	Avaya, Inc., Term Loan A, 3.14%, 10/24/14(d)		3,389,642
	1,969,466	Cengage Learning Acquisitions, Inc., 3.03%, 07/03/14(d)		1,935,809
	2,531,932	Cumulus Media, Inc., Replacement Term Loan, 4.34%, 06/11/14(d)		2,436,984
	7,500,000	Del Monte Corp., Bridge Loan, 7.25%, 05/22/11(d)		7,503,750
	1,929,274	Ford Motor Company, Tranche B-1 Loan, 3.02%, 12/15/13(d)		1,932,758
	957,012	Isle of Capri Casinos, Inc., 5.00%, 11/25/13(d)		956,007
	382,805	Isle of Capri Casinos, Inc., 5.00%, 11/25/13(d)		382,403
	336,696	Isle of Capri Casinos, Inc., 5.00%, 11/25/13(d)		336,342
	2,009,793	L-1 Identity Solutions, Inc., 6.94%, 08/05/13(d)		2,002,256
	539,414	Las Vegas Sands Corp., I Term Loan, 2.10%, 05/23/14(d)		532,972
	2,669,538	Las Vegas Sands Corp., Tranche B Term Loan, 2.10%, 05/23/14(d)		2,637,653
	359,047	Manitowoc Co., Inc. (The), 8.00%, 11/06/14(d)		363,176
	2,403,846	Multiplan, Inc., Term Loan B, 6.50%, 08/16/20(d)		2,425,632
	2,000,000	NBTY, Inc., Term Loan B, 6.25%, 09/21/17(d)		2,029,166

82

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
$	1,750,000		Neiman Marcus Group, Term Loan, 2.29%, 04/06/13(d)	$	1,749,717
	3,285,170		Nuveen Investments, Inc., 3.46%, 11/13/14(d)		3,205,094
	1,000,000		Nuveen Investments, Inc., 12.50%, 07/21/15(d)		975,625
	2,250,000		Polymer Group, Inc., 8.25%, 10/31/13(d)		2,250,000
	3,900,000		PQ Corp., Second Lien, 6.86%, 07/30/15(d)		3,814,688
	987,500		Reynolds Group Holdings, Inc., Incremental Term Loan, 5.75%, 05/04/16(d)		992,437
	3,000,000		Reynolds Group Holdings, Inc., Term Loan D, 6.50%, 09/28/16(d)		3,012,501
	2,992,500		Savvis, Term Loan B, 6.75%, 07/30/16(d)		3,035,517
	3,937,394		Sensata Technologies B.V./Sensata Technologies Finance Co. LLC, 2.06%, 04/27/13(d)		3,927,551
	1,749,046		Sequa Corp., 3.79%, 12/03/14(d)		1,722,810
	226,140		ServiceMaster Co. (The), 2.86%, 07/24/14(d)		222,708
	2,270,826		ServiceMaster Co. (The), 2.97%, 07/24/14(d)		2,236,357
	496,250		U.S. Telepacific Corp., Term Loan Advance, 9.25%, 08/17/15(d)		502,867
	3,522,118		Univar, Inc., Tranche B Term Loan, 4.79%, 10/10/14(d)		3,533,857
	4,300,000		Universal Health Services, Inc., Term Loan B, 5.50%, 07/28/16(d)		4,368,340
	3,969,171		US Foodservice, Term Loan, 2.83%, 07/03/14(d)		3,822,808
Total Bank Loans (Cost $65,845,287)					70,239,839
CORPORATE BONDS — 45.2%
AUSTRALIA — 0.7%
	2,500,000		FMG Resources, 7.00%, 11/01/15(e)		2,581,250
	27,500,000	(f)	Transpacific Industries Group Ltd., Cnv., 6.75%, 12/07/14		24,673,459
					27,254,709
AUSTRIA — 0.2%
	5,218,800	(f)	A-TEC Industries AG, Cnv., 2.75%, 05/10/14(b)(g)		3,929,927

Principal Amount				Value
AUSTRIA (continued)
$	8,000,000	(f)	A-TEC Industries AG, Cnv., 8.75%, 10/27/14(b)(g)	$	3,285,961
					7,215,888
BERMUDA — 1.7%
	3,000,000		Alliance Oil Co. Ltd., Cnv., 7.25%, 07/16/14		3,806,250
	7,000,000	(h)	Celestial Nutrifoods Ltd., Cnv., 15.75%, 06/12/11(i)		1,094,348
	33,000,000		Central European Media Enterprises Ltd., Cnv., 3.50%, 03/15/13(e)		30,030,000
	11,000,000		Frontline Ltd., Cnv., 4.50%, 04/14/15		10,615,000
	5,000,000		Intelsat Bermuda Ltd., STEP, 11.25%, 02/04/17		5,612,500
	1,550,000		Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		1,666,250
	1,500,000		Intelsat Ltd., 6.50%, 11/01/13		1,584,375
	1,500,000		Intelsat Subsidiary Holding Co. Ltd., 8.88%, 01/15/15(e)		1,541,250
	1,000,000		NCL Corp. Ltd., 11.75%, 11/15/16		1,190,000
	17,400,000		Petroplus Finance Ltd., Cnv., 4.00%, 10/16/15		16,290,750
					73,430,723
BRAZIL — 0.0%
	1,000,000		Petrobras International Finance Co., 5.75%, 01/20/20		1,032,476
CANADA — 1.0%
	2,550,000		Bombardier, Inc., 7.75%, 03/15/20(e)		2,792,250
	1,500,000		Cascades, Inc., 7.88%, 01/15/20		1,560,000
	8,000,000		Jaguar Mining, Inc., Cnv., 4.50%, 11/01/14(e)		7,070,000
	8,000,000		PetroBakken Energy Ltd., Cnv., 3.13%, 02/08/16		7,720,000
	6,000,000		Sino-Forest Corp., Cnv., 4.25%, 12/15/16(e)		7,627,500
	1,600,000		Telesat Canada/Telesat LLC, 11.00%, 11/01/15		1,796,000
	12,000,000	(f)	Uranium One, Inc., Cnv., 4.25%, 12/31/11		11,804,064
	1,650,000		Videotron Ltee, 6.88%, 01/15/14		1,672,687
					42,042,501

83

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
CAYMAN ISLANDS — 0.1%
$	4,000,000		Suntech Power Holdings Co. Ltd., Cnv., 3.00%, 03/15/13	$	3,670,000
CHINA — 0.0%
	1,000,000		China Sunergy Co. Ltd., Cnv., 4.75%, 06/15/13		865,000
FRANCE — 0.1%
	1,500,000		Cie Generale de Geophysique-Veritas, 7.50%, 05/15/15		1,545,000
	2,000,000		Cie Generale de Geophysique-Veritas, 9.50%, 05/15/16		2,235,000
	1,850,000		Cie Generale de Geophysique-Veritas, 7.75%, 05/15/17		1,947,125
					5,727,125
GERMANY — 0.6%
	16,000,000	(f)	TUI AG, Cnv., 2.75%, 09/01/12		21,303,979
	2,150,000		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 8.13%, 12/01/17(e)		2,322,000
					23,625,979
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(c)(i)		1,133,154
INDIA — 0.9%
	18,700,000		Jaiprakash Associates Ltd., Cnv., 7.44%, 09/12/12(i)		24,123,000
	13,000,000		Jaiprakash Power Ventures Ltd., Cnv., 5.00%, 02/13/15		13,195,000
					37,318,000
INDONESIA — 0.1%
	3,000,000		Berlian Laju Tanker Tbk PT, Cnv., 12.00%, 02/10/15		3,003,750
IRELAND — 0.1%
	4,000,000		Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 09/15/18(e)		4,160,000
LUXEMBOURG — 0.6%
	500,000		Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(e)		523,124
	1,300,000		Intelsat Jackson Holdings SA, 7.25%, 10/15/20(e)		1,329,250

Principal Amount				Value
LUXEMBOURG (continued)
$	8,500,000	(f)	Kloeckner & Co. Finance International SA, Cnv., 1.50%, 07/27/12	$	11,230,455
	7,500,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(e)		8,550,000
	1,700,000		Wind Acquisition Finance SA, 7.25%, 02/15/18(e)		1,759,500
					23,392,329
MACAU — 0.0%
	1,500,000		MCE Finance Ltd., 10.25%, 05/15/18		1,725,000
MEXICO — 0.1%
	4,500,000		Cemex SAB de CV, Cnv., 4.88%, 03/15/15(e)		4,702,500
NORWAY — 0.8%
	36,400,000		Petroleum Geo-Services ASA, Cnv., 2.70%, 12/03/12		35,353,500
PHILIPPINES — 0.1%
	5,000,000		First Gen Corp., Cnv., 2.50%, 02/11/13		5,937,500
SINGAPORE — 0.0%
	2,000,000		BLD Investments Pte Ltd., Cnv., 8.63%, 03/23/15		1,632,000
SOUTH AFRICA — 1.1%
	236,000,000	(f)	Steinhoff International Holdings Ltd., Cnv., 5.70%, 07/31/13		32,660,385
	79,000,000	(f)	Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15		13,103,029
					45,763,414
SPAIN — 0.3%
	9,000,000		Telvent GIT SA, 5.50%, 04/15/15(e)		10,293,750
SWEDEN — 0.5%
	111,000,000	(f)	SAS AB, Cnv., 7.50%, 04/01/15		16,693,929
	2,000,000		Volvo Treasury AB, 5.95%, 04/01/15(e)		2,189,320
					18,883,249
THAILAND — 0.2%
	9,000,000		Thoresen Thai Agencies Public Co. Ltd., Cnv., 2.50%, 09/24/12		10,157,400
UNITED ARAB EMIRATES — 0.5%
	19,850,000		Dana Gas Sukuk Ltd., Cnv., 7.50%, 10/31/12		18,733,438

84

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
UNITED KINGDOM — 0.4%
$	750,000		Ineos Finance Plc, 9.00%, 05/15/15(e)	$	821,250
	650,000		Ineos Group Holdings Plc, 8.50%, 02/15/16(e)		663,000
	7,000,000	(f)	TUI Travel Plc, Cnv., 4.90%, 04/27/17		11,179,276
	1,550,000		Virgin Media Finance Plc, 9.13%, 08/15/16		1,650,750
	600,000		Virgin Media Finance Plc, 9.50%, 08/15/16		681,750
	1,750,000		Virgin Media Finance Plc, 8.38%, 10/15/19		1,938,125
					16,934,151
UNITED STATES — 34.9%
	3,000,000		Advanced Micro Devices, Inc., 7.75%, 08/01/20		3,075,000
	8,505,000		Advanced Micro Devices, Inc., Cnv., 6.00%, 05/01/15		8,568,788
	4,000,000		AES Corp. (The), 9.75%, 04/15/16		4,610,000
	3,950,000		AES Corp. (The), 8.00%, 10/15/17		4,275,875
	1,000,000		AES Corp. (The), 8.00%, 06/01/20		1,090,000
	3,000,000		Affinion Group, Inc., 11.50%, 10/15/15		3,120,000
	10,000,000		Alcatel-Lucent USA, Inc., Cnv., 2.88%, 06/15/23		8,175,000
	28,500,000		Alcatel-Lucent USA, Inc., Cnv., 2.88%, 06/15/25		27,110,625
	2,000,000		Alliant Techsystems, Inc., 6.75%, 04/01/16		2,060,000
	1,500,000		Ally Financial, Inc., 7.50%, 09/15/20(e)		1,635,000
	250,000		American Airlines, Inc., 10.50%, 10/15/12		276,250
	750,000		American Axle & Manufacturing, Inc., 5.25%, 02/11/14		757,500
	1,000,000		American Axle & Manufacturing, Inc., 9.25%, 01/15/17(e)		1,135,000
	750,000		American Axle & Manufacturing, Inc., 7.88%, 03/01/17		781,875
	1,000,000		AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 7.13%, 05/20/16		1,042,500
	3,000,000		Ameristar Casinos, Inc., 9.25%, 06/01/14		3,217,500
	10,000,000		ARAMARK Corp., 8.50%, 02/01/15		10,425,000

Principal Amount			Value
UNITED STATES (continued)
$	2,550,000	ArvinMeritor, Inc., 8.13%, 09/15/15	$	2,718,937
	1,250,000	ArvinMeritor, Inc., 10.63%, 03/15/18		1,425,000
	13,000,000	ArvinMeritor, Inc., Cnv., 4.00%, 02/15/27		14,950,000
	2,250,000	Ashtead Capital, Inc., 9.00%, 08/15/16(e)		2,390,625
	1,000,000	Avaya, Inc., 9.75%, 11/01/15		1,035,000
	774,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.63%, 05/15/14		799,155
	2,800,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.75%, 05/15/16		2,894,500
	750,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, 03/15/18		825,000
	2,600,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/19(e)		2,710,500
	2,900,000	Avis Budget Group, Inc., Cnv., 3.50%, 10/01/14		3,345,875
	750,000	Biomet, Inc., 10.00%, 10/15/17		838,125
	3,250,000	Biomet, Inc., 11.63%, 10/15/17		3,672,500
	1,500,000	Boise Paper Holdings LLC/Boise Co-Issuer Co., 8.00%, 04/01/20		1,623,750
	2,000,000	Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/01/17		2,220,000
	1,000,000	Bon-Ton Department Stores, Inc. (The), 10.25%, 03/15/14		1,030,000
	3,000,000	Boyd Gaming Corp., 6.75%, 04/15/14		3,015,000
	500,000	Boyd Gaming Corp., 7.13%, 02/01/16		473,750
	1,700,000	Cablevision Systems Corp., 8.63%, 09/15/17		1,899,750
	2,700,000	Cablevision Systems Corp., 8.00%, 04/15/20		2,929,500
	3,500,000	Calpine Corp., 7.25%, 10/15/17(e)		3,578,750
	600,000	Calpine Corp., 7.88%, 07/31/20(e)		628,500
	19,000,000	CapitalSource, Inc., Cnv., 7.25%, 07/15/37		19,522,500
	6,000,000	CBIZ, Inc., Cnv., 4.88%, 10/01/15(e)		7,095,000

85

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.25%, 10/30/17	$	3,640,000
	3,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.88%, 04/30/18		3,157,500
	500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 8.13%, 04/30/20		532,500
	500,000	Cemex Finance LLC, 9.50%, 12/14/16(e)		511,875
	2,500,000	Cengage Learning Acquisitions, Inc., 10.50%, 01/15/15(e)		2,600,000
	27,000,000	Central European Distribution Corp., Cnv., 3.00%, 03/15/13		25,481,250
	3,450,000	Cenveo Corp., 7.88%, 12/01/13		3,294,750
	3,050,000	Cenveo Corp., 8.88%, 02/01/18		3,011,875
	7,000,000	Charming Shoppes, Inc., Cnv., 1.13%, 05/01/14		5,888,750
	14,353,000	Chemed Corp., Cnv., 1.88%, 05/15/14		14,496,530
	5,000,000	Chiquita Brands International, Inc., Cnv., 4.25%, 08/15/16		5,181,250
	1,800,000	CHS/Community Health Systems, Inc., 8.88%, 07/15/15		1,901,250
	29,000,000	Ciena Corp. Cnv., 0.88%, 06/15/17		24,940,000
	49,500,000	Ciena Corp., Cnv., 0.25%, 05/01/13		47,148,750
	2,000,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		2,025,000
	1,000,000	Cincinnati Bell, Inc., 8.25%, 10/15/17		1,010,000
	1,000,000	Cincinnati Bell, Inc., 8.75%, 03/15/18		957,500
	6,600,000	CIT Group, Inc., 7.00%, 05/01/16		6,666,000
	6,000,000	Clear Channel Communications, Inc., 6.25%, 03/15/11		5,971,271
	850,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17		939,250
	4,050,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17		4,485,375
	16,500,000	Cogent Communications Group, Inc., Cnv., 1.00%, 06/15/27		14,313,750

Principal Amount			Value
UNITED STATES (continued)
$	2,500,000	Complete Production Services, Inc., 8.00%, 12/15/16	$	2,631,250
	5,700,000	Consol Energy, Inc., 8.00%, 04/01/17(e)		6,184,500
	1,750,000	Consol Energy, Inc., 8.25%, 04/01/20(e)		1,911,875
	1,500,000	Constellation Brands, Inc., 7.25%, 09/01/16		1,595,625
	1,750,000	Constellation Brands, Inc., 7.25%, 05/15/17		1,872,500
	1,500,000	Copano Energy LLC/Copano Energy Finance Corp., 8.13%, 03/01/16		1,556,250
	2,500,000	Corrections Corp. of America, 7.75%, 06/01/17		2,731,250
	2,250,000	Crown Castle International Corp., 9.00%, 01/15/15		2,508,750
	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18		1,211,375
	1,500,000	DaVita, Inc., 6.63%, 11/01/20		1,522,500
	448,000	Delta Air Lines, Inc., 9.50%, 09/15/14(e)		489,440
	1,600,000	Denbury Resources, Inc., 7.50%, 12/15/15		1,664,000
	2,500,000	Denbury Resources, Inc., 9.75%, 03/01/16		2,825,000
	896,000	Denbury Resources, Inc., 8.25%, 02/15/20		986,720
	2,000,000	Discover Bank, 8.70%, 11/18/19		2,394,806
	1,350,000	DISH DBS Corp., 6.63%, 10/01/14		1,414,125
	550,000	DISH DBS Corp., 7.13%, 02/01/16		574,750
	150,000	DISH DBS Corp., 7.88%, 09/01/19		158,813
	1,500,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		1,646,250
	1,500,000	DJO Finance LLC/DJO Finance Corp., 9.75%, 10/15/17(e)		1,571,250
	1,900,000	Dole Food Co., Inc., 8.00%, 10/01/16(e)		2,023,500
	7,000,000	DST Systems, Inc., Cnv., 3.62%, 08/15/23(d)		7,997,500
	2,000,000	Easton-Bell Sports, Inc., 9.75%, 12/01/16		2,225,000
	1,400,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14		1,442,000

86

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	El Paso Corp., 7.00%, 06/15/17	$	3,772,650
	9,250,000	Energy Conversion Devices, Inc., Cnv., 3.00%, 06/15/13		7,353,750
	6,734,000	EnerSys, Cnv., STEP, 3.38%, 06/01/38		7,659,925
	1,750,000	Equinix, Inc., 8.13%, 03/01/18		1,890,000
	8,300,000	Euronet Worldwide, Inc., Cnv., 3.50%, 10/15/25		8,258,500
	11,788,000	Exterran Energy Corp., Cnv., 4.75%, 01/15/14		11,670,120
	3,500,000	Exterran Holdings, Inc., 7.25%, 12/01/18(e)		3,552,500
	1,500,000	Ferrellgas LP/Ferrellgas Finance Corp., 9.13%, 10/01/17		1,653,750
	1,000,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.50%, 05/01/21(e)		970,000
	1,550,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20		1,685,625
	1,500,000	Flotek Industries, Inc., Cnv., 5.25%, 02/15/28		1,425,000
	4,000,000	Ford Motor Credit Co. LLC, 7.00%, 04/15/15		4,398,084
	500,000	Ford Motor Credit Co. LLC, 6.63%, 08/15/17		535,781
	4,100,000	Ford Motor Credit Co. LLC, 8.13%, 01/15/20		4,805,016
	3,000,000	Freescale Semiconductor, Inc., 10.13%, 03/15/18(e)		3,397,500
	3,500,000	Frontier Communications Corp., 8.25%, 04/15/17		3,920,000
	2,500,000	Frontier Communications Corp., 8.50%, 04/15/20		2,818,750
	450,000	FTI Consulting, Inc., 7.75%, 10/01/16		472,500
	13,000,000	GenCorp, Inc., Cnv., 4.06%, 12/31/39		12,106,250
	2,000,000	Geo Group, Inc. (The), 7.75%, 10/15/17		2,100,000
	100,000	Georgia-Pacific LLC, 8.25%, 05/01/16(e)		112,500
	41,500,000	Global Industries Ltd., Cnv., 2.75%, 08/01/27		32,058,750
	8,000,000	Globalstar, Inc., Cnv., 5.75%, 04/01/28		7,030,000
	8,800,000	Goodrich Petroleum Corp., Cnv., 3.25%, 12/01/26		8,789,000

Principal Amount			Value
UNITED STATES (continued)
$	30,000,000	Goodrich Petroleum Corp., Cnv., 5.00%, 10/01/29	$	30,300,000
	2,650,000	Goodyear Tire & Rubber Co. (The), 10.50%, 05/15/16		3,007,750
	4,300,000	Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/20		4,579,500
	850,000	Graham Packaging Co. LP/GPC Capital Corp. I, 9.88%, 10/15/14		879,750
	750,000	Graham Packaging Co. LP/GPC Capital Corp. I, 8.25%, 01/01/17		787,500
	800,000	Graham Packaging Co. LP/GPC Capital Corp. I, 8.25%, 10/01/18		851,000
	1,250,000	Graphic Packaging International, Inc., 9.50%, 06/15/17		1,384,375
	3,500,000	Gray Television, Inc., 10.50%, 06/29/15		3,596,250
	10,000,000	Greatbatch, Inc., Cnv., 2.25%, 06/15/13		9,737,500
	2,250,000	Hanesbrands, Inc., 8.00%, 12/15/16		2,430,000
	1,250,000	Hanesbrands, Inc., 6.38%, 12/15/20(e)		1,204,687
	1,500,000	HCA, Inc., 6.75%, 07/15/13		1,563,750
	1,000,000	HCA, Inc., 5.75%, 03/15/14		1,010,000
	750,000	HCA, Inc., 6.38%, 01/15/15		764,063
	3,220,000	HCA, Inc., 6.50%, 02/15/16		3,252,200
	1,200,000	HCA, Inc., 9.25%, 11/15/16		1,291,500
	1,900,000	HCA, Inc., 8.50%, 04/15/19		2,118,500
	11,000,000	Headwaters, Inc., Cnv., 2.50%, 02/01/14		9,473,750
	1,400,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(e)		1,459,500
	34,100,000	Helix Energy Solutions Group, Inc., Cnv., 3.25%, 12/15/25		33,418,000
	2,570,000	Hertz Corp. (The), 8.88%, 01/01/14		2,637,463
	1,500,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.88%, 02/01/18		1,616,250

87

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20(e)	$	3,736,250
	28,750,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		27,492,188
	3,000,000	Horizon Lines, Inc., Cnv., 4.25%, 08/15/12		2,808,750
	3,000,000	Hornbeck Offshore Services, Inc., 8.00%, 09/01/17		3,078,750
	23,150,000	Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26		21,529,500
	2,000,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		1,980,000
	517,000	Host Hotels & Resorts LP, REIT, 7.13%, 11/01/13		524,755
	750,000	Host Hotels & Resorts LP, REIT, Cnv., 2.63%, 04/15/27(e)		747,187
	2,000,000	Hughes Network Systems LLC/HNS Finance Corp., 9.50%, 04/15/14		2,065,000
	3,750,000	Huntsman International LLC, 5.50%, 06/30/16		3,675,000
	1,000,000	Huntsman International LLC, 8.63%, 03/15/20		1,105,000
	13,535,000	Hutchinson Technology, Inc., Cnv., 3.25%, 01/15/26		10,929,513
	4,250,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.75%, 06/15/14		4,361,563
	20,000,000	Iconix Brand Group, Inc., Cnv., 1.88%, 06/30/12		20,025,000
	1,200,000	Inergy LP/Inergy Finance Corp., 6.88%, 12/15/14		1,230,000
	2,300,000	Inergy LP/Inergy Finance Corp., 8.25%, 03/01/16		2,403,500
	750,000	Inergy LP/Inergy Finance Corp., 7.00%, 10/01/18(e)		769,687
	3,500,000	Ingles Markets, Inc., 8.88%, 05/15/17		3,753,750
	10,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.38%, 06/01/12(e)		10,000,000
	1,850,000	Interactive Data Corp., 10.25%, 08/01/18(e)		2,048,875
	3,950,000	Interpublic Group of Cos., Inc., Cnv., 4.25%, 03/15/23		4,359,813
	1,300,000	Iron Mountain, Inc., 6.63%, 01/01/16		1,304,875

Principal Amount			Value
UNITED STATES (continued)
$	950,000	Iron Mountain, Inc., 8.00%, 06/15/20	$	1,012,937
	2,500,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14		2,468,750
	1,000,000	Jarden Corp., 8.00%, 05/01/16		1,086,250
	4,000,000	Jarden Corp., 7.50%, 05/01/17		4,210,000
	1,000,000	Jarden Corp., 7.50%, 01/15/20		1,042,500
	1,000,000	Jazz Technologies, Inc., 8.00%, 06/30/15		960,000
	7,135,000	Jazz Technologies, Inc., Cnv., 8.00%, 12/31/11		7,135,000
	1,950,000	Key Energy Services, Inc., 8.38%, 12/01/14		2,076,750
	1,000,000	Kinetic Concepts, Inc., Cnv., 3.25%, 04/15/15(e)		1,120,000
	11,000,000	Knight Capital Group, Inc., Cnv., 3.50%, 03/15/15(e)		10,697,500
	250,000	L-1 Identity Solutions, Inc., Cnv., 3.75%, 05/15/27		249,063
	2,400,000	Lamar Media Corp., 6.63%, 08/15/15		2,457,000
	2,500,000	Lamar Media Corp., 7.88%, 04/15/18		2,656,250
	1,650,000	LBI Escrow Corp., 8.00%, 11/01/17(e)		1,841,812
	18,665,000	Leap Wireless International, Inc., Cnv., 4.50%, 07/15/14		17,265,125
	8,740,000	Level 3 Communications, Inc., Cnv., 5.25%, 12/15/11		8,772,775
	40,500,000	Level 3 Communications, Inc., Cnv., 3.50%, 06/15/12		40,044,375
	4,200,000	Levi Strauss & Co., 7.63%, 05/15/20		4,394,250
	4,913,840	Liberty Media LLC, Cnv., 3.13%, 03/30/23		5,620,205
	22,000,000	Liberty Media LLC, Cnv., 4.00%, 11/15/29		12,650,000
	18,000,000	Liberty Media LLC, Cnv., 3.75%, 02/15/30		9,607,500
	3,500,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		3,526,250
	4,900,000	LIN Television Corp., 6.50%, 05/15/13		4,918,375
	25,000,000	Live Nation, Inc., Cnv., 2.88%, 07/15/27		22,156,250
	2,350,000	Ltd. Brands, Inc., 6.90%, 07/15/17		2,502,750

88

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,500,000	Manitowoc Co., Inc. (The), 9.50%, 02/15/18	$	2,768,750
	2,750,000	Markwest Energy Partners LP/Markwest Energy Finance Corp., 8.75%, 04/15/18		3,004,375
	1,000,000	Markwest Energy Partners LP/Markwest Energy Finance Corp., 6.75%, 11/01/20		1,020,000
	650,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15		666,250
	4,100,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19		4,233,250
	15,000,000	Mentor Graphics Corp., Cnv., 6.25%, 03/01/26		15,450,000
	1,750,000	MGM Mirage, Inc., 6.75%, 09/01/12		1,771,875
	5,650,000	MGM Mirage, Inc., 6.75%, 04/01/13		5,593,500
	1,100,000	MGM Mirage, Inc., 9.00%, 03/15/20(e)		1,215,500
	2,000,000	MGM Resorts International, 10.38%, 05/15/14		2,265,000
	2,000,000	MGM Resorts International, 11.38%, 03/01/18		2,235,000
	3,750,000	Michaels Stores, Inc., 11.38%, 11/01/16		4,106,250
	500,000	Michaels Stores, Inc., 7.75%, 11/01/18(e)		515,000
	400,000	Michaels Stores, Inc., STEP, 2.40%, 11/01/16(i)		402,000
	17,000,000	Micron Technology, Inc., Cnv., 1.88%, 06/01/14		17,531,250
	1,500,000	Mirant Americas Generation LLC, 8.50%, 10/01/21		1,582,500
	3,185,000	Morgans Hotel Group Co., Cnv., 2.38%, 10/15/14		2,752,063
	7,000,000	MPT Operating Partnership LP, REIT, Cnv., 9.25%, 04/01/13(e)		7,913,500
	1,500,000	Multiplan, Inc., 9.88%, 09/01/18(e)		1,614,375
	1,800,000	NBTY, Inc., 9.00%, 10/01/18(e)		1,939,500
	6,935,000	Nektar Therapeutics, Cnv., 3.25%, 09/28/12		6,926,331
	9,000,000	Newpark Resources, Inc., Cnv., 4.00%, 10/01/17		8,257,500
	1,300,000	Nextel Communications, Inc., 7.38%, 08/01/15		1,309,750

Principal Amount			Value
UNITED STATES (continued)
$	500,000	Nielsen Finance LLC/Nielsen Finance Co., 11.63%, 02/01/14	$	583,125
	1,000,000	Nielsen Finance LLC/Nielsen Finance Co., 7.75%, 10/15/18(e)		1,072,500
	3,950,000	Nielsen Finance LLC/Nielsen Finance Co., STEP, 9.00%, 08/01/16(i)		4,152,437
	2,000,000	NRG Energy, Inc., 7.38%, 02/01/16		2,070,000
	4,000,000	NRG Energy, Inc., 7.38%, 01/15/17		4,160,000
	2,500,000	NRG Energy, Inc., 8.25%, 09/01/20(e)		2,565,625
	8,000,000	NuVasive, Inc., Cnv., 2.25%, 03/15/13		7,990,000
	3,000,000	Nuveen Investments, Inc.., 10.50%, 11/15/15		3,090,000
	2,000,000	Omega Healthcare Investors, Inc., REIT, 6.75%, 10/15/22(e)		1,975,000
	1,100,000	Oshkosh Corp., 8.50%, 03/01/20		1,229,250
	2,500,000	Otter Tail Corp., 9.00%, 12/15/16		2,700,000
	500,000	Owens Corning, Inc., 9.00%, 06/15/19		590,259
	1,000,000	PAETEC Holding Corp., 9.50%, 07/15/15		1,047,500
	1,500,000	PAETEC Holding Corp., 8.88%, 06/30/17		1,612,500
	4,300,000	Pantry, Inc. (The), 7.75%, 02/15/14		4,359,125
	12,353,000	Pantry, Inc. (The), Cnv., 3.00%, 11/15/12		11,812,556
	9,630,000	Patriot Coal Corp., Cnv., 3.25%, 05/31/13		9,317,025
	1,000,000	Penn National Gaming, Inc., 6.75%, 03/01/15		1,021,250
	1,000,000	Penn National Gaming, Inc., 8.75%, 08/15/19		1,102,500
	3,000,000	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.25%, 04/15/18		3,142,500
	5,000,000	Penske Auto Group, Inc., 7.75%, 12/15/16		5,112,500
	1,500,000	Penske Auto Group, Inc., Cnv., 3.50%, 04/01/26		1,503,750
	5,000,000	Penson Worldwide, Inc., Cnv., 8.00%, 06/01/14(e)		4,475,000
	500,000	Petrohawk Energy Corp., 7.25%, 08/15/18		513,750

89

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	925,000	Pinnacle Entertainment, Inc., 7.50%, 06/15/15	$	957,375
	2,100,000	Pinnacle Entertainment, Inc., 8.63%, 08/01/17		2,299,500
	2,075,000	Pinnacle Entertainment, Inc., 8.75%, 05/15/20		2,204,687
	3,750,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		3,918,750
	1,150,000	Plains Exploration & Production Co., 10.00%, 03/01/16		1,299,500
	4,800,000	Plains Exploration & Production Co., 7.63%, 06/01/18		5,112,000
	1,300,000	Plains Exploration & Production Co., 7.63%, 04/01/20		1,404,000
	1,000,000	PolyOne Corp., 7.38%, 09/15/20		1,052,500
	8,000,000	PREIT Associates LP, REIT, Cnv., 4.00%, 06/01/12(e)		7,740,000
	6,250,000	Providence Service Corp. (The), Cnv., 6.50%, 05/15/14		6,187,500
	2,000,000	Quantum Corp., Cnv., 3.50%, 11/15/15(e)		1,931,000
	2,100,000	QVC, Inc., 7.50%, 10/01/19(e)		2,236,500
	1,900,000	QVC, Inc., 7.38%, 10/15/20(e)		1,995,000
	1,000,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18		1,010,000
	1,000,000	Qwest Communications International, Inc., 7.50%, 02/15/14		1,015,000
	1,000,000	Qwest Communications International, Inc., 8.00%, 10/01/15		1,082,500
	5,000,000	Qwest Communications International, Inc., Series B, 7.50%, 02/15/14		5,075,000
	1,000,000	Range Resources Corp., 7.50%, 05/15/16		1,045,000
	1,000,000	Range Resources Corp., 7.50%, 10/01/17		1,065,000
	2,450,000	RBS Global, Inc./Rexnord LLC, 8.50%, 05/01/18		2,627,625
	500,000	Reddy Ice Corp., 11.25%, 03/15/15		518,750
	250,000	Revlon Consumer Products Corp, 9.75%, 11/15/15		265,625

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU, 7.75%, 10/15/16(e)	$	2,110,000
	2,500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU, 8.50%, 05/15/18(e)		2,606,250
	2,500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU, 7.13%, 04/15/19(e)		2,581,250
	500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU, 9.00%, 04/15/19(e)		525,000
	500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU, 8.25%, 02/15/21(e)		504,375
	11,050,000	RITE AID Corp., Cnv., 8.50%, 05/15/15		10,773,750
	800,000	RRI Energy, Inc., 7.63%, 06/15/14		840,000
	3,050,000	RRI Energy, Inc., 7.88%, 06/15/17		3,072,875
	1,440,000	RSC Equipment Rental, Inc., 9.50%, 12/01/14		1,512,000
	1,500,000	RSC Equipment Rental, Inc., 10.00%, 07/15/17(e)		1,702,500
	49,000,000	SanDisk Corp., Cnv., 1.00%, 05/15/13		47,407,500
	250,000	Sanmina-SCI Corp., 6.75%, 03/01/13		250,313
	6,500,000	Sanmina-SCI Corp., 8.13%, 03/01/16		6,727,500
	3,650,000	SBA Communications Corp., Cnv., 1.88%, 05/01/13		4,129,062
	650,000	Scientific Games Corp., 7.88%, 06/15/16(e)		669,500
	1,000,000	Scientific Games International, Inc., 9.25%, 06/15/19		1,072,500
	500,000	SEACOR Holdings, Inc., 7.38%, 10/01/19		515,881
	3,200,000	Sealy Mattress Co., 8.25%, 06/15/14		3,272,000
	1,800,000	Sealy Mattress Co., 10.88%, 04/15/16(e)		2,045,250

90

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	750,000	Sears Holdings Corp., 6.63%, 10/15/18(e)	$	719,063
	1,000,000	Service Corp. International, 7.38%, 10/01/14		1,092,500
	1,250,000	Service Corp. International, 7.63%, 10/01/18		1,343,750
	3,350,000	ServiceMaster Co. (The), 10.75%, 07/15/15(e)(j)		3,601,250
	10,000,000	Shengdatech, Inc., Cnv., 6.50%, 12/15/15(e)		9,825,000
	250,000	Sirius XM Radio, Inc., 8.75%, 04/01/15(e)		273,125
	3,500,000	Sirius XM Radio, Inc., Cnv., 3.25%, 10/15/11		3,513,125
	2,500,000	Solutia, Inc., 8.75%, 11/01/17		2,759,375
	1,000,000	Spectrum Brands Holdings, Inc., 9.50%, 06/15/18(e)		1,097,500
	2,750,000	Speedway Motorsports, Inc., 8.75%, 06/01/16		2,997,500
	6,300,000	Sprint Nextel Corp., 6.00%, 12/01/16		6,189,750
	3,650,000	Sprint Nextel Corp., 8.38%, 08/15/17		3,987,625
	825,000	Stater Brothers Holdings, 7.75%, 04/15/15		858,000
	3,600,000	Steel Dynamics, Inc., 6.75%, 04/01/15		3,672,000
	1,000,000	Steel Dynamics, Inc., 7.75%, 04/15/16		1,063,750
	20,000,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14		19,575,000
	1,250,000	SunGard Data Systems, Inc., 10.63%, 05/15/15		1,389,062
	2,000,000	SunGard Data Systems, Inc., 10.25%, 08/15/15		2,107,500
	3,000,000	SuperValu, Inc., 8.00%, 05/01/16		2,925,000
	6,000,000	TeleCommunication Systems, Inc., Cnv., 4.50%, 11/01/14(e)		5,692,500
	5,000,000	Teleflex, Inc., Cnv., 3.88%, 08/01/17		5,512,500
	2,750,000	Tenet Healthcare Corp., 8.00%, 08/01/20		2,805,000
	300,000	Tenneco, Inc., 8.13%, 11/15/15		320,250
	3,250,000	Terex Corp., 8.00%, 11/15/17		3,363,750
	3,500,000	Texas Industries, Inc., 9.25%, 08/15/20		3,753,750
	14,391,000	THQ, Inc., Cnv., 5.00%, 08/15/14		15,434,348

Principal Amount			Value
UNITED STATES (continued)
$	5,350,000	Time Warner Telecom, Inc., Cnv., 2.38%, 04/01/26	$	5,965,250
	1,150,000	Toys R US Property CO. II LLC, 8.50%, 12/01/17		1,253,500
	6,350,000	Toys R US, Inc., 7.38%, 10/15/18		6,302,375
	2,000,000	Trans Union LLC/TransUnion Financing Corp., 11.38%, 06/15/18(e)		2,320,000
	19,203,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36		19,082,981
	3,500,000	TRW Automotive, Inc., 7.25%, 03/15/17(e)		3,850,000
	1,500,000	TW Telecom Holdings, Inc., 8.00%, 03/01/18		1,608,750
	750,000	United Rentals North America, Inc., 10.88%, 06/15/16		864,375
	750,000	United Rentals North America, Inc., 9.25%, 12/15/19		843,750
	4,000,000	United Rentals North America, Inc., 8.38%, 09/15/20		4,180,000
	2,000,000	United States Steel Corp., 7.38%, 04/01/20		2,075,000
	450,000	USG Corp., 6.30%, 11/15/16		418,500
	1,300,000	USG Corp., 9.75%, 01/15/18		1,322,750
	2,000,000	Valeant Pharmaceuticals International, 7.00%, 10/01/20(e)		2,062,500
	5,500,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.00%, 02/01/18		5,651,250
	16,000,000	VeriFone Holdings, Inc., Cnv., 1.38%, 06/15/12		17,740,000
	1,450,000	West Corp., 11.00%, 10/15/16		1,582,312
	1,000,000	Weyerhaeuser Co., 7.38%, 10/01/19		1,093,361
	2,500,000	Windstream Corp., 8.63%, 08/01/16		2,650,000
	2,500,000	Windstream Corp., 7.88%, 11/01/17		2,678,125
	1,000,000	Windstream Corp., 8.13%, 09/01/18		1,062,500
	3,250,000	Windstream Corp., 7.00%, 03/15/19		3,233,750
	12,150,000	Wright Medical Group, Inc., Cnv., 2.63%, 12/01/14		11,542,500

91

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
$	2,000,000		Wyndham Worldwide Corp., 6.00%, 12/01/16	$	2,106,366
	2,500,000		XM Satellite Radio, Inc., 7.63%, 11/01/18(e)		2,593,750
	800,000		XM Satellite Radio, Inc., Cnv., 7.00%, 12/01/14(e)		1,013,000
	3,140,000		Yankee Acquisition Corp., 8.50%, 02/15/15		3,281,300
					1,473,352,854
VENEZUELA — 0.2%
	2,040,000		Corp. Andina de Fomento, 8.13%, 06/04/19		2,437,741
	4,200,000		Petroleos de Venezuela SA, 11.35%, 07/10/11(i)		4,053,000
					6,490,741
Total Corporate Bonds (Cost $1,755,419,329)					1,903,831,131
GOVERNMENT BONDS — 10.7%
ARGENTINA — 0.1%
	21,758,000		Republic of Argentina, 0.17%, 08/03/12(d)		5,134,888
AUSTRALIA — 0.7%
	710,000	(f)	New South Wales Treasury Corp., 6.00%, 05/01/12		715,706
	3,340,000	(f)	New South Wales Treasury Corp., 5.50%, 03/01/17		3,300,308
	14,630,000	(f)	Queensland Treasury Corp., 6.00%, 06/14/11		14,638,311
	685,000	(f)	Queensland Treasury Corp., 6.00%, 08/14/13		696,912
	1,370,000	(f)	Queensland Treasury Corp., 6.00%, 09/14/17		1,385,237
	420,000	(k)	Queensland Treasury Corp., 7.13%, 09/18/17(e)		349,189
	9,815,000	(f)	Western Australia Treasury Corp., 5.50%, 07/17/12		9,837,400
					30,923,063
BRAZIL — 0.7%
	9,490,000	(f)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		11,246,471
	2,400,000	(f)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,996,826
	19,570,000	(f)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/12		11,586,504

Principal Amount				Value
BRAZIL (continued)
$	3,900,000	(f)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17	$	2,105,478
					27,935,279
EGYPT — 0.6%
	10,725,000	(f)	Egypt Treasury Bills, 10.55%, 02/08/11(i)		1,827,690
	325,000	(f)	Egypt Treasury Bills, 10.19%, 03/08/11(i)		54,909
	3,375,000	(f)	Egypt Treasury Bills, 9.77%, 03/22/11(i)		567,709
	25,800,000	(f)	Egypt Treasury Bills, 9.99%, 03/29/11(i)		4,330,216
	10,800,000	(f)	Egypt Treasury Bills, 9.79%, 04/05/11(i)		1,812,906
	7,150,000	(f)	Egypt Treasury Bills, 10.02%, 04/12/11(i)		1,194,682
	15,400,000	(f)	Egypt Treasury Bills, 9.85%, 05/03/11(i)		2,555,703
	16,375,000	(f)	Egypt Treasury Bills, 9.96%, 05/31/11(i)		2,702,609
	4,325,000	(f)	Egypt Treasury Bills, 10.02%, 06/07/11(i)		709,573
	1,050,000	(f)	Egypt Treasury Bills, 10.02%, 07/12/11(i)		170,320
	950,000	(f)	Egypt Treasury Bills, 10.00%, 08/09/11(i)		152,670
	7,400,000	(f)	Egypt Treasury Bills, 10.17%, 09/20/11(i)		1,172,807
	8,050,000	(f)	Egypt Treasury Bills, 10.00%, 10/11/11(i)		1,268,018
	10,850,000	(f)	Egypt Treasury Bills, 10.01%, 11/08/11(i)		1,692,304
	8,725,000	(f)	Egypt Treasury Bills, 10.02%, 12/06/11(i)		1,349,467
	16,475,000	(f)	Egypt Treasury Bills, 10.26%, 01/17/12(i)		2,513,425
					24,075,008
HUNGARY — 0.2%
	1,575,000	(f)	Hungary Government International Bond, 3.88%, 02/24/20		1,776,129
	520,000	(f)	Republic of Hungary, 4.38%, 07/04/17		642,542
	1,705,000	(f)	Republic of Hungary, 5.75%, 06/11/18		2,250,129
	2,920,000		Republic of Hungary, 6.25%, 01/29/20		2,919,971
					7,588,771

92

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
INDONESIA — 1.3%
$	4,415,000		Indonesia Government International Bond, 11.63%, 03/04/19(e)	$	6,401,750
	1,631,000		Indonesia Government International Bond, 8.50%, 10/12/35(e)		2,091,757
	260,000		Indonesia Government International Bond, 6.63%, 02/17/37(e)		271,700
	1,360,000		Indonesia Government International Bond, 7.75%, 01/17/38(e)		1,606,500
	120,000,000,000	(f)	Indonesia Treasury Bond, 11.00%, 12/15/12(l)		14,153,475
	23,560,000,000	(f)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,690,707
	3,590,000,000	(f)	Indonesia Treasury Bond, 9.00%, 09/15/18		405,961
	33,800,000,000	(f)	Indonesia Treasury Bond, 12.80%, 06/15/21		4,708,693
	33,160,000,000	(f)	Indonesia Treasury Bond, 12.90%, 06/15/22		4,623,364
	1,590,000,000	(f)	Indonesia Treasury Bond, 10.25%, 07/15/22		188,934
	137,380,000,000	(f)	Indonesia Treasury Bond, 9.50%, 07/15/23		15,262,891
	25,525,000,000	(f)	Indonesia Treasury Bond, 10.00%, 02/15/28		2,811,866
					55,217,598
ISRAEL — 0.5%
	14,130,000	(f)	Israel Government Bond - Shahar, 7.00%, 04/29/11		4,052,270
	1,935,000	(f)	Israel Treasury Bill - Makam, 2.04%, 02/02/11(i)		521,494
	955,000	(f)	Israel Treasury Bill - Makam, 2.10%, 03/02/11(i)		257,018
	6,915,000	(f)	Israel Treasury Bill - Makam, 2.17%, 04/06/11(i)		1,856,924
	1,840,000	(f)	Israel Treasury Bill - Makam, 2.13%, 06/01/11(i)		492,122
	10,893,600	(f)	Israel Treasury Bill - Makam, 2.14%, 07/06/11(i)		2,905,939
	3,062,000	(f)	Israel Treasury Bill - Makam, 2.22%, 08/03/11(i)		815,339
	690,000	(f)	Israel Treasury Bill - Makam, 2.20%, 09/07/11(i)		183,353
	38,671,000	(f)	Israel Treasury Bill - Makam, 2.28%, 10/05/11(i)		10,244,753
	335,000	(f)	Israel Treasury Bill - Makam, 2.29%, 11/02/11(i)		88,551
	285,000	(f)	Israel Treasury Bill - Makam, 2.28%, 12/07/11(i)		75,220

Principal Amount				Value
ISRAEL (continued)
$	845,000	(f)	Israel Treasury Bill - Makam, 2.34%, 01/04/12(i)	$	222,516
					21,715,499
LITHUANIA — 0.2%
	3,580,000		Republic of Lithuania, 6.75%, 01/15/15(e)		3,843,656
	2,890,000		Republic of Lithuania, 7.38%, 02/11/20(e)		3,172,151
					7,015,807
MALAYSIA — 1.1%
	61,650,000	(f)	Bank Negara Malaysia Monetary Notes, 2.78%, 03/15/11(i)		20,071,178
	1,840,000	(f)	Bank Negara Malaysia Monetary Notes, 2.63%, 04/05/11(i)		598,013
	26,800,000	(f)	Bank Negara Malaysia Monetary Notes, 2.65%, 05/11/11(i)		8,686,413
	660,000	(f)	Bank Negara Malaysia Monetary Notes, 2.80%, 05/18/11(i)		213,733
	565,000	(f)	Bank Negara Malaysia Monetary Notes, 2.81%, 07/19/11(i)		182,049
	13,180,000	(f)	Bank Negara Malaysia Monetary Notes, 2.79%, 07/28/11(i)		4,243,990
	2,760,000	(f)	Bank Negara Malaysia Monetary Notes, 2.73%, 08/25/11(i)		886,653
	2,350,000	(f)	Bank Negara Malaysia Monetary Notes, 2.83%, 09/29/11(i)		752,714
	8,785,000	(f)	Malaysia Government Bond, 3.76%, 04/28/11		2,879,351
	15,715,000	(f)	Malaysia Government Bond, 3.83%, 09/28/11		5,174,139
	340,000	(f)	Malaysia Government Bond, 2.71%, 02/14/12		110,901
	13,820,000	(f)	Malaysia Government Bond, 3.81%, 02/15/17		4,557,038
	450,000	(f)	Malaysia Treasury Bill, 2.74%, 06/24/11(i)		145,421
	730,000	(f)	Malaysia Treasury Bill, 2.73%, 07/08/11(i)		235,655
					48,737,248
MEXICO — 0.7%
	5,800,000	(f)	Mexican Bonos, 9.00%, 12/20/12		509,191
	11,640,000	(f)	Mexican Bonos, 9.00%, 06/20/13		1,032,833

93

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
MEXICO (continued)
$	24,000,000	(f)	Mexican Bonos, 8.00%, 12/19/13	$	2,091,890
	20,000,000	(f)	Mexican Bonos, 8.00%, 12/17/15		1,753,854
	36,000,000	(f)	Mexican Bonos, 7.25%, 12/15/16		3,059,599
	23,900,000	(f)	Mexican Bonos, 7.75%, 12/14/17		2,076,942
	137,500,000	(f)	Mexican Bonos, 10.00%, 12/05/24		13,668,391
	43,510,000	(f)	Mexican Bonos, 10.00%, 11/20/36		4,299,710
					28,492,410
NORWAY — 0.6%
	112,600,000	(f)	Norway Government Bond, 6.00%, 05/16/11		19,698,625
	29,500,000	(f)	Norway Treasury Bill, 2.08%, 06/15/11(i)		5,065,987
					24,764,612
POLAND — 0.8%
	18,120,000	(f)	Poland Government Bond, 4.75%, 04/25/12		6,320,015
	2,960,000	(f)	Poland Government Bond, 4.60%, 10/25/12(i)		947,570
	2,545,000	(f)	Poland Government Bond, 4.57%, 01/25/13(i)		808,401
	6,975,000	(f)	Poland Government Bond, 5.75%, 04/25/14		2,457,404
	26,560,000	(f)	Poland Government Bond, 6.25%, 10/24/15		9,437,817
	24,800,000	(f)	Poland Government Bond, 5.75%, 09/23/22		8,125,303
	5,400,000		Poland Government International Bond, 6.38%, 07/15/19		6,020,255
					34,116,765
QATAR — 0.1%
	2,100,000		Qatar Government International Bond, 6.55%, 04/09/19(e)		2,407,125
RUSSIA — 0.3%
	10,261,175		Russian Foreign Bond, STEP, 7.50%, 03/31/30(e)		11,774,698
SOUTH AFRICA — 0.1%
	1,690,000		South Africa Government International Bond, 5.50%, 03/09/20		1,740,700

Principal Amount				Value
SOUTH AFRICA (continued)
$	1,795,000		South Africa Government International Bond, 5.88%, 05/30/22	$	1,871,287
					3,611,987
SOUTH KOREA — 2.0%
	400,000		Export-Import Bank of Korea, 8.13%, 01/21/14		458,811
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14		111,508
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		111,592
	105,000	(m)	Export-Import Bank of Korea, 4.63%, 02/20/17		143,480
	1,800,000,000	(f)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,629,659
	1,385,000		Korea Development Bank, 8.00%, 01/23/14		1,585,810
	4,711,390,000	(f)	Korea Treasury Bond, 5.50%, 06/10/11		4,237,537
	34,923,170,000	(f)	Korea Treasury Bond, 4.75%, 12/10/11		31,519,773
	17,942,480,000	(f)	Korea Treasury Bond, 4.00%, 06/10/12		16,092,291
	4,250,000,000	(f)	Korea Treasury Bond, 5.25%, 09/10/12		3,880,910
	18,199,000,000	(f)	Korea Treasury Bond, 4.25%, 12/10/12		16,353,586
	1,223,440,000	(f)	Korea Treasury Bond, 5.25%, 03/10/13		1,120,369
	3,376,000,000	(f)	Korea Treasury Bond, 3.75%, 06/10/13		2,998,435
	4,790,000		Republic of Korea, 7.13%, 04/16/19		5,723,331
	250,000		Republic of Korea, 5.63%, 11/03/25		266,684
					86,233,776
SRI LANKA — 0.1%
	13,950,000(f)		Sri Lanka Government Bonds,Series A, 12.00%, 07/15/11		128,312
	264,000,000(f)		Sri Lanka Government Bonds,Series A, 11.00%, 08/01/15		2,558,257
	385,000,000(f)		Sri Lanka Government Bonds,Series B, 11.00%, 09/01/15		3,733,911
					6,420,480
SWEDEN — 0.4%
	108,680,000(f)		Sweden Government Bond, 5.25%, 03/15/11		16,922,310

94

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
UNITED ARAB EMIRATES — 0.0%
$	2,060,000	Emirate of Abu Dhabi, 6.75%, 04/08/19(e)	$	2,374,115
VENEZUELA — 0.1%
	715,000	Venezuela Government International Bond, 1.30%, 04/20/11(d)		710,638
	2,080,000	Venezuela Government International Bond, 10.75%, 09/19/13		1,981,200
				2,691,838
VIETNAM — 0.1%
	1,625,000	Socialist Republic of Vietnam, 6.88%, 01/15/16(e)		1,653,437
	2,490,000	Socialist Republic of Vietnam, 6.75%, 01/29/20(e)		2,433,975
				4,087,412
Total Government Bonds (Cost $408,341,873)				452,240,689
ASSET-BACKED SECURITIES — 0.5%
UNITED STATES — 0.5%
	5,850,572	Bear Stearns Asset-Backed Securities Trust, Series 2005-AC8, Class A1, 0.59%, 11/25/35(d)		3,001,220
	6,087,653	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.61%, 03/25/36(d)		2,814,760
	6,087,653	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.61%, 03/25/36(d)		2,676,212
	4,024,178	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.42%, 09/25/46(d)		2,705,539
	5,110,663	CSAB Mortgage Backed Trust, Series 2006-2, Class A2, 0.43%, 09/25/36(d)		2,393,911
	6,000,000	GSAA Trust, Series 2005-11, Class 3A5, 0.63%, 10/25/35(d)		3,186,830
	1,454,136	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(d)		1,166,168
	2,145,000	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.50%, 06/25/36(d)		861,906
	5,000,000	Renaissance Home Equity Loan Trust, Series 2007-3, Class AF3, STEP, 7.24%, 09/25/37		2,844,518
Total Asset-Backed Securities (Cost $21,180,748)				21,651,064

Principal Amount			Value
NON-AGENCY MORTGAGE-BACKED SECURITIES — 12.8%
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.2%
$	1,969,116	Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A2, 5.29%, 01/25/36(d)	$	1,937,512
	2,066,819	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.93%, 07/25/35(d)		1,874,693
	3,000,000	Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 2.86%, 10/25/35(d)		2,138,846
	1,436,391	Adjustable Rate Mortgage Trust, Series 2006-1, Class 3A3, 5.66%, 03/25/36(d)		973,864
	8,105,225	American Home Mortgage Assets, Series 2005-1, Class 2A21, 3.05%, 11/25/35(d)		5,540,221
	3,772,687	American Home Mortgage Assets, Series 2005-1, Class 3A11, 0.53%, 11/25/35(d)		2,417,314
	5,460,288	American Home Mortgage Investment Trust, Series 2005-4, Class 5A, 2.21%, 11/25/45(d)		4,110,136
	2,463,076	American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.20%, 12/25/35(d)		1,731,734
	3,521,293	Banc of America Funding Corp., Series 2004-C, Class 4A1, 0.59%, 12/20/34(d)		2,745,344
	2,331,181	Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.15%, 09/20/35(d)		1,993,427
	9,947,352	Banc of America Funding Corp., Series 2005-H, Class 2A1, 3.23%, 11/20/35(d)		7,283,085
	3,347,188	Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.93%, 02/20/36(d)		1,946,324
	3,906,872	Banc of America Funding Corp., Series 2006-E, Class 2A1, 5.62%, 06/20/36(d)		2,776,632
	2,288,054	Banc of America Funding Corp., Series 2006-F, Class 1A1, 4.87%, 07/20/36(d)		1,956,901
	2,638,134	Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37		2,228,353
	5,503,432	Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.42%, 02/20/47(d)		4,097,535

95

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	681,727	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A3, 3.23%, 10/25/35(d)	$	663,727
	3,475,000	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.23%, 10/25/35(d)		2,949,045
	547,356	Banc of America Mortgage Securities, Inc., Series 2005-J, Class 2A3, 3.12%, 11/25/35(d)		532,288
	4,073,217	Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 2.94%, 12/25/35(d)		3,367,022
	4,043,201	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.32%, 08/25/35(d)		3,310,568
	5,260,939	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.52%, 02/25/36(d)		4,736,034
	2,571,129	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 5.32%, 05/25/47(d)		1,943,719
	13,885,262	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.80%, 05/25/37(d)		10,208,592
	2,681,429	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.85%, 06/25/47(d)		2,236,509
	8,027,068	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.36%, 11/25/35(d)		5,728,894
	3,438,611	Bear Stearns Alt-A Trust, Series 2006-4, Class 13A1, 0.42%, 08/25/36(d)		1,401,628
	10,666,670	Bear Stearns Alt-A Trust, Series 2007-1, Class 21A1, 5.33%, 01/25/47(d)		6,501,008
	1,215,745	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.96%, 05/25/35(d)		1,085,742
	3,039,970	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.90%, 06/25/36(d)		2,499,142
	1,970,051	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.77%, 06/25/36(d)		1,780,297
	8,168,902	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR9, Class 2A, 5.59%, 11/25/36(d)		6,259,093

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,091,341	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(e)	$	3,718,387
	6,467,301	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A3, 5.75%, 04/25/47(e)		4,513,110
	2,997,015	Citimortgage Alternative Loan Trust, Series 2006-A7, Class 1A1, 6.00%, 12/25/36(d)		2,285,068
	1,334,357	Citimortgage Alternative Loan Trust, Series 2007-A3, Class 1A7, 5.75%, 03/25/37		997,001
	1,579,674	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		1,527,661
	2,379,030	Countrywide Alternative Loan Trust, Series 2005-20CB, Class 3A3, 5.50%, 07/25/35		2,368,918
	3,931,896	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.56%, 08/25/35(d)		2,718,488
	6,375,539	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.57%, 08/25/35(d)		3,575,508
	947,222	Countrywide Alternative Loan Trust, Series 2005-47CB, Class A7, 5.50%, 10/25/35		812,729
	2,891,968	Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35		2,319,697
	425,737	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.26%, 12/25/35(d)		278,975
	4,229,210	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		3,447,237
	11,717,236	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.61%, 05/25/36(d)		6,026,196
	4,963,232	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.61%, 06/25/36(d)		3,207,246
	4,963,232	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.89%, 06/25/36(d)		924,848
	5,455,000	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		3,708,994
	2,512,474	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36		1,989,952
	5,496,864	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.66%, 03/25/36(d)		2,923,183

96

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,122,494	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37	$	4,420,767
	4,000,000	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		2,832,348
	7,435,000	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37		5,136,588
	1,081,400	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		880,083
	2,627,441	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.66%, 05/25/36(d)		1,627,874
	5,955,120	Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.64%, 08/25/36(d)		5,043,376
	1,777,504	Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.44%, 02/20/47(d)		985,407
	3,560,510	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.45%, 03/20/47(d)		2,187,494
	4,007,628	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.44%, 11/25/36(d)		2,262,405
	2,180,011	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,590,504
	12,072,761	Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 5.54%, 03/25/47(d)		9,817,942
	2,235,286	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35		2,091,693
	8,165,000	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-17, Class A6, 6.00%, 12/25/36		7,205,954
	1,719,685	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35		1,660,909
	2,222,617	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35		2,064,219
	3,178,628	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		2,677,314

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,406,805	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-1, Class A2, 6.00%, 03/25/36	$	1,243,148
	4,434,099	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-18, Class 2A7, 6.00%, 12/25/36		3,894,163
	2,228,873	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		1,994,037
	2,543,602	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36		2,346,351
	973,185	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.46%, 04/25/46(d)		678,531
	1,859,703	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J2, Class 1A1, 6.00%, 07/25/37		1,296,647
	3,108,570	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J3, Class A1, 0.76%, 07/25/37(d)		1,945,438
	4,277,854	Credit Suisse Mortgage Capital Certificates, Series 2006-5, Class 3A3, 6.50%, 06/25/36		2,668,011
	1,828,416	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		1,639,654
	2,096,274	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 3A1, 6.00%, 10/25/21		1,705,037
	1,704,419	Credit Suisse Mortgage Capital Certificates, Series 2007-1, Class 5A14, 6.00%, 02/25/37		1,469,105
	13,431,542	Credit Suisse Mortgage Capital Certificates, Series 2007-3, Class 2A10, 6.00%, 04/25/37		11,390,918
	3,050,000	Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 4.61%, 07/25/36		2,766,655
	3,021,926	Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2005-3, Class 4A4, 5.25%, 06/25/35		2,823,717
	2,666,213	First Horizon Alternative Mortgage Securities, Series 2005-AA7, Class 2A1, 2.57%, 09/25/35(d)		1,885,635

97

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,471,365	First Horizon Alternative Mortgage Securities, Series 2006-AA6, Class 2A1, 5.40%, 11/25/36(d)	$	1,959,800
	7,179,076	First Horizon Asset Securities, Inc., Series 2005-AR4, Class 2A1, 2.88%, 10/25/35(d)		5,853,670
	2,184,998	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.43%, 11/19/35(d)		1,904,945
	5,006,086	GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1, 5.41%, 04/19/36(d)		4,174,916
	5,855,000	Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.42%, 02/25/37(d)		2,363,902
	1,285,398	GSR Mortgage Loan Trust, Series 2004-9, Class 3A1, 2.86%, 08/25/34(d)		1,199,199
	2,526,162	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.95%, 01/25/35(d)		2,335,416
	1,409,673	GSR Mortgage Loan Trust, Series 2005-AR1, Class 4A1, 5.09%, 01/25/35(d)		1,426,954
	3,819,768	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.94%, 05/25/35(d)		3,080,706
	4,337,181	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.98%, 10/25/35(d)		4,012,172
	2,308,263	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		1,984,663
	4,531,520	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		4,424,568
	7,422,669	GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A1, 2.81%, 01/25/36(d)		6,186,531
	4,818,730	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 5.14%, 01/25/36(d)		4,346,517
	2,729,273	GSR Mortgage Loan Trust, Series 2006-OA1, Class 2A1, 0.45%, 08/25/46(d)		2,332,575
	5,245,448	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		4,919,220
	3,158,708	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 5.93%, 04/25/37(d)		2,182,493
	2,695,828	Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.44%, 12/25/36(d)		2,044,138

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,946,196	Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 5.89%, 04/25/47(d)	$	2,441,563
	2,805,312	Indymac IMJA Mortgage Loan Trust, Series 2007-A1, Class A1, 6.00%, 08/25/37		2,556,576
	4,130,821	Indymac Index Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 4.29%, 06/25/36(d)		2,457,503
	6,800,000	Indymac Index Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 5.32%, 01/25/37(d)		4,897,907
	1,543,808	JPMorgan Mortgage Trust, Series 2006-A3, Class 3A2, 5.72%, 05/25/36(d)		1,280,724
	1,795,553	JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, 2.92%, 04/25/35(d)		1,594,335
	3,695,749	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		3,653,226
	2,078,749	JPMorgan Mortgage Trust, Series 2008-R2, Class 2A, 5.50%, 12/27/35(e)		1,707,158
	4,033,951	Lehman Mortgage Trust, Series 2007-10, Class 2A1, 6.50%, 01/25/38		3,333,472
	3,735,820	Lehman Mortgage Trust, Series 2007-8, Class 2A2, 6.50%, 09/25/37		3,042,541
	555,771	Mastr Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 2.70%, 03/25/35(d)		497,258
	3,406,759	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.54%, 07/25/35(d)		2,746,174
	4,118,296	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		3,649,811
	3,457,551	Morgan Stanley Mortgage Loan Trust, Series 2005-9AR, Class 1A, 0.55%, 12/25/35(d)		2,089,818
	3,576,517	Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.16%, 02/25/36(d)		2,417,604
	3,161,270	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(e)		2,806,787
	4,221,108	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(e)		3,887,697
	6,472,534	Residential Accredit Loans, Inc., Series 2006-QO6, Class A2, 0.49%, 06/25/46(d)		2,871,048

98

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,061,505	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36	$	2,793,343
	2,720,957	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		1,898,268
	839,916	Residential Accredit Loans, Inc., Series 2006-QS16, Class A7, 6.00%, 11/25/36		547,564
	1,013,666	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 06/25/36		643,450
	3,467,377	Residential Accredit Loans, Inc., Series 2007-QS3, Class A33, 6.50%, 07/25/37		2,349,120
	3,225,428	Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.59%, 04/25/37(d)		1,660,225
	322,543	Residential Accredit Loans, Inc., Series 2007-QS6, Class A2, 50.00%, 04/25/37(d)		575,597
	4,375,425	Residential Asset Securitization Trust, Series 2006-A8, Class 2A3, 6.00%, 08/25/36		2,633,238
	2,373,305	Residential Funding Mortgage Securities I, Series 2005-S8, Class A1, 5.50%, 11/25/35		2,308,435
	3,976,422	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.31%, 11/25/35(d)		3,053,008
	1,340,462	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		1,279,059
	2,856,022	Residential Funding Mortgage Securities I, Series 2007-S4, Class A2, 6.00%, 04/25/37		2,487,081
	2,054,525	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.70%, 05/25/35(d)		1,548,622
	12,325,245	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 5.07%, 08/25/35(d)		10,128,116
	5,228,731	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 1A1, 0.58%, 10/25/35(d)		3,807,686
	12,595,536	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1, Class 8A1, 5.95%, 02/25/36(d)		10,227,229
	20,046,841	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 2A1, 6.06%, 08/25/36(d)		14,049,626

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	13,429,857	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-8, Class 2A1, 5.78%, 09/25/36(d)	$	11,698,110
	8,364,145	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 5.30%, 10/25/36(d)		5,116,738
	14,276,975	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 5.73%, 10/25/36(d)		12,454,422
	3,478,420	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.54%, 04/25/47(d)		2,567,784
	5,881,675	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 0.48%, 05/25/37(d)		3,337,341
	6,084,461	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-5, Class 3A1, 5.87%, 06/25/37(d)		4,525,928
	1,300,106	Structured Asset Securities Corp., Series 2005-5, Class 2A4, 5.50%, 04/25/35		1,282,793
	2,237,010	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.56%, 04/25/37(d)		1,710,419
	3,020,812	WaMu Mortgage Pass-Through Certificates, Series 2005-AR15, Class A1A2, 0.54%, 11/25/45(d)		2,469,132
	1,931,974	Wamu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A1, 2.59%, 12/25/35(d)		1,872,950
	2,908,300	Wamu Mortgage Pass-Through Certificates, Series 2005-AR18, Class 1A1, 2.59%, 01/25/36(d)		2,814,780
	1,135,612	WaMu Mortgage Pass-Through Certificates, Series 2005-AR19, Class A1A2, 0.55%, 12/25/45(d)		918,638
	1,248,676	WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A1, 5.85%, 09/25/36(d)		988,241
	992,474	WaMu Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 5.47%, 11/25/36(d)		833,370

99

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	595,385	WaMu Mortgage Pass-Through Certificates, Series 2006-AR18, Class 1A1, 5.13%, 01/25/37(d)	$	449,328
	2,030,513	Wamu Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 5.68%, 08/25/46(d)		1,814,945
	4,822,070	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		3,693,119
	10,172,470	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-2, Class 4CB, 6.00%, 03/25/36		8,068,440
	7,203,757	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		3,721,640
	5,795,574	Wells Fargo Alternative Loan Trust, Series 2007-PA2, Class 1A1, 6.00%, 06/25/37		4,959,550
	2,752,584	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.86%, 07/25/36(d)		2,299,966
	3,713,511	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3, 5.43%, 07/25/36(d)		2,995,502
	2,519,373	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12, Class 2A1, 5.93%, 09/25/36(d)		2,315,036
	3,273,380	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR19, Class A1, 5.48%, 12/25/36(d)		3,079,132
	1,145,864	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR2, Class 2A5, 3.08%, 03/25/36(d)		994,419
	8,867,147	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR5, Class 2A1, 5.44%, 04/25/36(d)		7,311,510
	2,841,817	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR7, Class 2A4, 5.54%, 05/25/36(d)		2,146,366
	1,975,060	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.91%, 04/25/36(d)		1,819,598

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,674,082	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4, Class A4, 6.00%, 04/27/37	$	2,491,909
	3,349,511	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6, Class A6, 6.00%, 05/25/37		3,111,554
	2,160,241	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A16, 6.00%, 07/25/37		2,041,350
	882,528	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A22, 6.00%, 07/25/37		834,116
	2,172,508	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR8, Class A1, 6.13%, 11/25/37(d)		1,750,485
				515,672,216
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%
	3,000,000	Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4, 5.74%, 02/10/51(d)		3,226,709
	3,000,000	Commercial Mortgage Pass-Through Certificates, Series 2007-C9, Class A4, 5.81%, 12/10/49(d)		3,255,401
	3,000,000	GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4, 5.54%, 12/10/49		3,167,424
	3,000,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, 03/10/39		3,192,496
	3,000,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.81%, 08/10/45(d)		3,181,181
	3,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, 09/12/49		3,187,298
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.75%, 06/15/49(d)		3,192,397

100

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, 5.90%, 02/15/51(d)	$	3,225,781
				25,628,687
Total Non-Agency Mortgage-Backed Securities (Cost $516,413,084)				541,300,903
U.S. GOVERNMENT AGENCIES — 6.7%
Federal Home Loan Bank — 6.7%
	24,550,000	0.10%, 02/01/11(n)		24,550,000
	233,000,000	0.10%, 02/01/11(n)		233,000,000
	25,000,000	0.14%, 02/07/11(n)		24,999,417
				282,549,417
Total U.S. Government Agencies (Cost $282,549,417)				282,549,417
U.S. GOVERNMENT SECURITIES — 2.4%
U.S. Treasury Bills — 2.4%
	25,000,000	0.13%, 02/03/11(n)		24,999,819
	75,000,000	0.14%, 02/10/11(n)		74,997,544
				99,997,363
Total U.S. Government Securities (Cost $99,997,363)				99,997,363
MUNICIPAL BONDS — 0.2%
California — 0.2%
	1,130,000	City of Tulare Build America Revenue Bonds, OID, (AGM) 8.75%, 11/15/44		1,176,319
	420,000	State of California Build America Bonds GO 6.65%, 03/01/22		433,726
	95,000	State of California Build America Bonds GO 7.95%, 03/01/36		97,298
	80,000	State of California Build America Bonds GO 7.55%, 04/01/39		82,382
	240,000	State of California Build America Bonds GO 7.30%, 10/01/39		240,031
	1,695,000	State of California Build America Bonds GO 7.63%, 03/01/40		1,760,156
	370,000	State of California Various Purpose GO 6.20%, 03/01/19		380,970

Principal Amount			Value
California (continued)
$	625,000	State of California Various Purpose GO, OID 5.25%, 03/01/30	$	596,706
	520,000	State of California Various Purpose GO, OID 5.50%, 03/01/40		492,596
	2,020,000	State of California Various Purpose GO, OID, 6.00%, 04/01/38		2,036,645
				7,296,829
Illinois — 0.0%
	1,000,000	Illinois Finance Authority Refunding Revenue Bonds, (AGM) 5.00%, 01/01/20		1,011,370
Michigan — 0.0%
	125,000	City of Detroit GO, OID 4.50%, 11/01/23		119,266
Total Municipal Bonds (Cost $8,301,353)				8,427,465

Shares			Value
CASH SWEEP — 4.0%
UNITED STATES — 4.0%
	167,595,721	Citibank - US Dollars on Deposit in Custody Account, 0.05%(o)		167,595,721
Total Cash Sweep (Cost $167,595,721)				167,595,721
TOTAL INVESTMENTS — 99.0% (Cost $3,893,597,510)(a)				4,173,571,335
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				43,260,487
NET ASSETS — 100.0%			$	4,216,831,822

Contracts
CALL OPTIONS WRITTEN — (0.5)%
	(15,000	)	Cisco Systems, Inc., Strike $17.50, Expires 01/21/12	(6,825,000	)
	(12,000	)	Microsoft Corp., Strike $22.50, Expires 01/21/12	(7,020,000	)
	(4,000	)	Microsoft Corp., Strike $25.00, Expires 01/21/12	(1,560,000	)
	(12,000	)	Pfizer, Inc., Strike $15.00, Expires 01/21/12	(4,140,000	)
Total Call Options Written (Premiums received $(15,101,613))				(19,545,000	)

101

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

FUTURES CONTRACTS: SHORT POSITION

Contracts			Unrealized Appreciation
	1	10 Year U.S. Treasury Note, March 2011	$	2,695
FUTURES CONTRACTS: LONG POSITION
Contracts			Unrealized Appreciation/ (Depreciation)
	805	SGX S&P CNX Nifty Index, February 2011	$	(443,555	)
	250	Euro STOXX 50, March 2011		322,187
	260	FTSE 100 Index, March 2011		(408,284	)
	25	German Stock Index, March 2011		38,560
	259	NASDAQ 100 Index, March 2011		1,066,651
	5,785	S&P 500 E-Mini Futures, March 2011		13,127,887
		Net unrealized appreciation	$	13,703,446

At January 31, 2011, the Global Opportunities Fund held investments in restricted and illiquid securities amounting to $7,447,984 or 0.18% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/11 Carrying Value Per Unit
$	20,000,000	Asian Coast Development Ltd.(c)	07/28/08	$	—
$	1,896,421	L-1 Identity Solutions, Inc.	11/21/08	$	99.63
$	8,780,500	China Milk Products Group Ltd., Cnv.(c)	01/21/09	$	11.68
$	900,625	Qwest Capital Funding, Inc.	09/25/09	$	101.00
$	3,269,875	Cenveo Corp. 7.88%	01/06/10	$	95.50
$	0	Bangkokland Public Co. Ltd., Warrants(c)	09/22/10	$	0.01

At January 31, 2011, the Global Opportunities Fund held investments in restricted and illiquid swaps, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Description	Acquisition Date	01/31/11 Carrying Value Per Unit
$	0	Equity swap with Barclays Bank Plc, expiring 10/01/15 (Underlying notional amount $30,000,000)	10/12/10	$	97.96
$	0	Equity swap with Barclays Bank Plc, expiring 10/01/15 (Underlying notional amount $10,000,000)	10/25/10	$	97.94
$	0	Equity swap with Barclays Bank Plc, expiring 10/01/15 (Underlying notional amount $10,000,000)	11/10/10	$	97.92
$	0	Equity swap with Barclays Bank Plc, expiring 01/04/16 (Underlying notional amount $10,000,000)	01/25/11	$	98.48

(a) Cost for federal income tax purposes is $3,894,012,406 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	349,137,803
Unrealized depreciation		(69,578,874	)
Net unrealized appreciation	$	279,558,929

(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 $1,140,978, which is 0.03% of net assets.
(d)	Variable rate security. Rate shown is the rate as of January 31, 2011.
(e)	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. The aggregate value is $303,073,262, which is 7.19% of net assets.
(f)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(g)	Issuer filed for bankruptcy and/or is in default of interest payments.
(h)	Principal amount denoted in Singapore Dollars.

102

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

(i)	Zero coupon bond. The rate represents the yield at time of purchase.
(j)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(k)	Principal amount denoted in New Zealand Dollars.
(l)	Security is a fully principal/notional funded Total Return swap with JPMorgan Chase Bank, N.A. where upon maturity of this bond the Fund will receive the fully funded obligation principal amount from the broker.
(m)	Principal amount denoted in Euros.
(n)	The rate represents the annualized yield at time of purchase.
(o)	The rate shown is the current yield as of January 31, 2011.

ADR — American Depositary Receipt

AGM — Assured Guaranty Municipal Corp.

Cnv. — Convertible

FOR — Foreign Ownership Restrictions

GO — General Obligations

OID — Original Issue Discount

REIT — Real Estate Investment Trust

SDR — Swedish Depository Receipt

STEP — Step Coupon Bond

	Unrealized Depreciation
SWAP AGREEMENTS (PURCHASED)
Equity swap with Barclays Bank Plc paying an amount if the Chicago Board Options Exchange (CBOE) S&P 500 Volatility Index is over the reference strategy level of each valuation date and receiving an amount if the CBOE S&P 500 Volatility Index is under the reference strategy level of each valuation date, expiring 10/01/15 (Underlying notional amount $30,000,000)	$	(611,778	)
Equity swap with Barclays Bank Plc paying an amount if the Chicago Board Options Exchange (CBOE) S&P 500 Volatility Index is over the reference strategy level of each valuation date and receiving an amount if the CBOE S&P 500 Volatility Index is under the reference strategy level of each valuation date, expiring 10/01/15 (Underlying notional amount $10,000,000)		(206,309	)

	Unrealized Depreciation
Equity swap with Barclays Bank Plc paying an amount if the Chicago Board Options Exchange (CBOE) S&P 500 Volatility Index is over the reference strategy level of each valuation date and receiving an amount if the CBOE S&P 500 Volatility Index is under the reference strategy level of each valuation date, expiring 10/01/15 (Underlying notional amount $10,000,000)	$	(207,643	)
Equity swap with Barclays Bank Plc paying an amount if the Chicago Board Options Exchange (CBOE) S&P 500 Volatility Index is over the reference strategy level of each valuation date and receiving an amount if the CBOE S&P 500 Volatility Index is under the reference strategy level of each valuation date, expiring 01/04/16 (Underlying notional amount $10,000,000)		(152,047	)
	$	(1,177,777	)

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 25.75 and receiving an amount if the realized correlation is under the correlation strike price of 25.75, expiring 04/18/12 (Underlying notional amount $50,000)	$	(353,666	)
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 26.25 and receiving an amount if the realized correlation is under the correlation strike price of 26.25, expiring 04/13/12 (Underlying notional amount $50,000)		(337,922	)
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 28.25 and receiving an amount if the realized correlation is under the correlation strike price of 28.25, expiring 04/05/13 (Underlying notional amount $50,000)		(110,278	)

103

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 28.75 and receiving an amount if the realized correlation is under the correlation strike price of 28.75, expiring 03/23/12 (Underlying notional amount $50,000)	$	(220,075	)
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 24.80 and receiving variance of the S&P 500 Index under the target volatility of 24.80, expiring 12/16/11 (Underlying notional amount $250,000)		634,752
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 28.50 and receiving variance of the S&P 500 Index under the target volatility of 28.50, expiring 12/20/13 (Underlying notional amount $250,000)		779,653
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 30.30 and receiving variance of the S&P 500 Index under the target volatility of 30.30, expiring 12/20/13 (Underlying notional amount $250,000)		1,243,161
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 31.00 and receiving variance of the S&P 500 Index under the target volatility of 31.00, expiring 12/20/13 (Underlying notional amount $250,000)		1,403,270
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 31.00 and receiving variance of the S&P 500 Index under the target volatility of 31.00, expiring 12/20/13 (Underlying notional amount $250,000)		1,398,358
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 32.60 and receiving variance of the S&P 500 Index under the target volatility of 32.60, expiring 12/18/15 (Underlying notional amount $250,000)		1,298,423

	Unrealized Appreciation/ (Depreciation)
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 32.90 and receiving variance of the S&P 500 Index under the target volatility of 32.90, expiring 12/18/15 (Underlying notional amount $250,000)	$	1,340,003
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 33.90 and receiving variance of the S&P 500 Index under the target volatility of 33.90, expiring 12/18/15 (Underlying notional amount $250,000)		1,527,111
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 34.00 and receiving variance of the S&P 500 Index under the target volatility of 34.00, expiring 12/18/15 (Underlying notional amount $200,000)		1,233,203
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 34.00 and receiving variance of the S&P 500 Index under the target volatility of 34.00, expiring 12/20/13 (Underlying notional amount $500,000)		4,097,133
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 36.00 and receiving variance of the S&P 500 Index under the target volatility of 36.00, expiring 12/18/15 (Underlying notional amount $250,000)		1,920,269
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 31% and receiving an amount if the realized correlation ratio is under 31%, expiring 12/16/11 (Underlying notional amount $50,000)		(553,234	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 31% and receiving an amount if the realized correlation ratio is under 31%, expiring 12/21/12 (Underlying notional amount $100,000)		(488,299	)

104

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 32% and receiving an amount if the realized correlation ratio is under 32%, expiring 12/21/12 (Underlying notional amount $50,000)	$	(442,385	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 51% and receiving an amount if the realized correlation ratio is under 51%, expiring 12/13/13 (Underlying notional amount JPY 4,625,000)		(1,549,220	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 56% and receiving an amount if the realized correlation ratio is under 56%, expiring 12/09/11 (Underlying notional amount JPY 4,675,000)		(1,231,401	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 59% and receiving an amount if the realized correlation ratio is under 59%, expiring 12/09/11 (Underlying notional amount JPY 4,625,000)		(1,051,070	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 63% and receiving an amount if the realized correlation ratio is under 63%, expiring 12/09/11 (Underlying notional amount JPY 4,525,000)		(812,953	)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 23.60 and receiving variance of the S&P 500 Index under the target volatility of 23.60, expiring 12/16/11 (Underlying notional amount $250,000)		213,047
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 24.35 and receiving variance of the S&P 500 Index under the target volatility of 24.35, expiring 12/16/11 (Underlying notional amount $250,000)		419,138

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 24.40 and receiving variance of the S&P 500 Index under the target volatility of 24.40, expiring 12/16/11 (Underlying notional amount $250,000)	$	441,522
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 24.90 and receiving variance of the S&P 500 Index under the target volatility of 24.90, expiring 12/16/11 (Underlying notional amount $250,000)		586,332
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 25.05 and receiving variance of the S&P 500 Index under the target volatility of 25.05, expiring 12/21/11 (Underlying notional amount $250,000)		182,052
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 25.10 and receiving variance of the S&P 500 Index under the target volatility of 25.10, expiring 12/16/11 (Underlying notional amount $250,000)		621,123
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 25.10 and receiving variance of the S&P 500 Index under the target volatility of 25.10, expiring 12/16/11 (Underlying notional amount $500,000)		1,262,843
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 27.40 and receiving variance of the S&P 500 Index under the target volatility of 27.40, expiring 12/20/13 (Underlying notional amount $250,000)		624,861
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 27.50 and receiving variance of the S&P 500 Index under the target volatility of 27.50, expiring 12/20/13 (Underlying notional amount $250,000)		665,222

105

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 28.90 and receiving variance of the S&P 500 Index under the target volatility of 28.90, expiring 12/18/15 (Underlying notional amount $250,000)	$	481,257
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 30.50 and receiving variance of the S&P 500 Index under the target volatility of 30.50, expiring 12/20/13 (Underlying notional amount $500,000)		2,864,337
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 30.75 and receiving variance of the S&P 500 Index under the target volatility of 30.75, expiring 12/20/13 (Underlying notional amount $250,000)		1,400,773
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 30.75 and receiving variance of the S&P 500 Index under the target volatility of 30.75, expiring 12/20/13 (Underlying notional amount $500,000)		2,822,828
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 31.00 and receiving variance of the S&P 500 Index under the target volatility of 31.00, expiring 12/20/19 (Underlying notional amount $250,000)		352,209
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 31.30 and receiving variance of the S&P 500 Index under the target volatility of 31.30, expiring 12/20/13 (Underlying notional amount $500,000)		3,061,117
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 31.50 and receiving variance of the S&P 500 Index under the target volatility of 31.50, expiring 12/18/15 (Underlying notional amount $500,000)		2,133,810

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 31.50 and receiving variance of the S&P 500 Index under the target volatility of 31.50, expiring 12/20/13 (Underlying notional amount $250,000)	$	1,563,923
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 31.75 and receiving variance of the S&P 500 Index under the target volatility of 31.75, expiring 12/18/15 (Underlying notional amount $250,000)		1,113,688
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 32.75 and receiving variance of the S&P 500 Index under the target volatility of 32.75, expiring 12/18/15 (Underlying notional amount $500,000)		2,779,898
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 33.00 and receiving variance of the S&P 500 Index under the target volatility of 33.00, expiring 12/18/15 (Underlying notional amount $500,000)		2,786,933
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 33.25 and receiving variance of the S&P 500 Index under the target volatility of 33.25, expiring 12/18/15 (Underlying notional amount $500,000)		2,881,486
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 33.50 and receiving variance of the S&P 500 Index under the target volatility of 33.50, expiring 12/18/15 (Underlying notional amount $250,000)		1,488,326
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 33.50 and receiving variance of the S&P 500 Index under the target volatility of 33.50, expiring 12/18/15 (Underlying notional amount $250,000)		1,497,624

106

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 34.00 and receiving variance of the S&P 500 Index under the target volatility of 34.00, expiring 12/18/15 (Underlying notional amount $250,000)	$	1,576,586
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 34.25 and receiving variance of the S&P 500 Index under the target volatility of 34.25, expiring 12/18/15 (Underlying notional amount $250,000)		1,625,596
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 34.50 and receiving variance of the S&P 500 Index under the target volatility of 34.50, expiring 12/18/15 (Underlying notional amount $250,000)		1,704,240
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 35.50 and receiving variance of the S&P 500 Index under the target volatility of 35.50, expiring 12/18/15 (Underlying notional amount $100,000)		751,865
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 36.35 and receiving variance of the S&P 500 Index under the target volatility of 36.35, expiring 12/20/19 (Underlying notional amount $500,000)		2,619,692
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 36.5 and receiving variance of the S&P 500 Index under the target volatility of 36.5, expiring 12/21/12 (Underlying notional amount $300,000)		2,757,106
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 37.00 and receiving variance of the S&P 500 Index under the target volatility of 37.00, expiring 12/20/19 (Underlying notional amount $250,000)		1,408,801

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 40.5 and receiving variance of the S&P 500 Index under the target volatility of 40.5, expiring 12/21/12 (Underlying notional amount $100,000)	$	1,243,262
Equity swap with BNP Paribas receiving a payment if the dividends on the stocks in the STOXX50E Index are over the target value of 13.9 Euro and paying a payment if the dividends on the stocks in the STOXX50E Index are under the target value of 13.9 Euro, expiring 12/18/15 (Underlying notional amount Euro 100,000)		(3,348,376	)
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 23.70 and receiving variance of the S&P 500 Index under the target volatility of 23.70, expiring 12/16/11 (Underlying notional amount $250,000)		254,496
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 23.70 and receiving variance of the S&P 500 Index under the target volatility of 23.70, expiring 12/16/11 (Underlying notional amount $250,000)		243,136
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 24.40 and receiving variance of the S&P 500 Index under the target volatility of 24.40, expiring 12/16/11 (Underlying notional amount $250,000)		457,550
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 24.50 and receiving variance of the S&P 500 Index under the target volatility of 24.50, expiring 12/16/11 (Underlying notional amount $250,000)		469,923
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 24.70 and receiving variance of the S&P 500 Index under the target volatility of 24.70, expiring 12/16/11 (Underlying notional amount $250,000)		515,735

107

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 25.00 and receiving variance of the S&P 500 Index under the target volatility of 25.00, expiring 12/16/11 (Underlying notional amount $250,000)	$	623,847
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 25.00 and receiving variance of the S&P 500 Index under the target volatility of 25.00, expiring 12/16/11 (Underlying notional amount $500,000)		1,227,212
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 25.175 and receiving variance of the S&P 500 Index under the target volatility of 25.175, expiring 12/16/11 (Underlying notional amount $250,000)		652,781
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 31.90 and receiving variance of the S&P 500 Index under the target volatility of 31.90, expiring 12/20/19 (Underlying notional amount $250,000)		474,994
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 32.50 and receiving variance of the S&P 500 Index under the target volatility of 32.50, expiring 12/18/15 (Underlying notional amount $250,000)		1,227,064
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/20/19 (Underlying notional amount $500,000)		1,350,042

	Unrealized Appreciation/ (Depreciation)
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.25 and receiving variance of the S&P 500 Index under the target volatility of 33.25, expiring 12/20/19 (Underlying notional amount $200,000)	$	577,256
	$	60,381,990

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		0.5	%
Banks		0.8	%
Collateralized Mortgage Obligations		12.2	%
Commercial Mortgage-Backed Securities		0.6	%
Consumer Discretionary		11.9	%
Consumer Staples		2.4	%
Diversified Financials		2.0	%
Energy		7.0	%
Government Bonds		10.7	%
Health Care		4.7	%
Industrials		7.5	%
Information Technology		8.9	%
Insurance		0.2	%
Materials		2.6	%
Municipal Bonds		0.2	%
Real Estate		1.4	%
Telecommunication Services		5.6	%
U.S. Government and Agency Securities		9.1	%
Utilities		1.7	%
Other*		10.0	%
Total		100.0	%

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

108

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments	January 31, 2011
	(Unaudited)

Shares			Value
COMMON STOCKS — 43.5%
AUSTRALIA — 2.7%
Industrials — 2.7%
	15,000,000	Boart Longyear Group	$	65,025,018
BRAZIL — 2.4%
Materials — 2.4%
	1,650,000	Vale SA - ADR		57,469,500
CANADA — 2.2%
Materials — 2.2%
	2,000,000	Harry Winston Diamond Corp.(b)(c)		21,630,798
	3,000,000	Harry Winston Diamond Corp.(c)		32,370,000
				54,000,798
CHINA — 2.6%
Real Estate — 0.7%
	100,000,000	Renhe Commercial Holdings Co. Ltd.		16,673,828
Utilities — 1.9%
	15,419,500	ENN Energy Holdings Ltd.		45,882,834
				62,556,662
GREECE — 0.8%
Energy — 0.6%
	2,181,641	StealthGas, Inc.(c)		15,118,772
Industrials — 0.2%
	12,365	Diana Containerships, Inc.(c)		154,563
	380,000	Diana Shipping, Inc.(c)		4,411,800
				4,566,363
HONG KONG — 3.2%
Materials — 3.2%
	3,600,000	Sino-Forest Corp.(c)		78,302,292
THAILAND — 2.9%
Energy — 2.9%
	3,000,000	Banpu Public Co. Ltd. - NVDR		70,885,257
UNITED STATES — 26.7%
Energy — 6.6%
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)		0
	1,200,000	Peabody Energy Corp.		76,104,000
	4,200,000	PetroHawk Energy Corp.(c)		84,210,000
	100,352	Vertex Energy, Inc.(c)		50,176
				160,364,176
Industrials — 2.3%
	2,179,381	Arkansas Best Corp.		55,683,184
Materials — 17.8%
	480,000	CF Industries Holdings, Inc.		64,819,200
	850,000	Freeport-McMoRan Copper & Gold, Inc.		92,437,500
	1,416,000	Monsanto Co.		103,906,080
	1,300,000	Nucor Corp.		59,683,000

Shares			Value
UNITED STATES (continued)
Materials (continued)
	6,000,000	Steel Dynamics, Inc.	$	109,200,000
				430,045,780
				646,093,140
Total Common Stocks (Cost $1,034,278,018)				1,054,017,802
PREFERRED STOCKS — 0.0%
Energy — 0.0%
	440,651	Vertex Energy, Inc., Series A, Cnv.(c)(d)		0
Total Preferred Stocks (Cost $3,665,284)				0
RIGHTS/WARRANTS — 0.0%
Energy — 0.0%
	6,666,666	Rancher Energy Corp. Warrants, Expires 12/21/11(c)(d)		1
	45,000	Vertex Energy, Inc., Warrants, Expires 05/30/11(c)(d)		0
Total Rights/Warrants (Cost $1)				1

Number of Coins
COLLECTIBLE COINS — 2.2%
UNITED STATES — 2.2%
	708	Various Collectible Coins and Sets of Coins	52,565,079
Total Collectible Coins (Cost $53,659,296)			52,565,079

Fine Troy Ounces
COMMODITIES — 5.7%
UNITED STATES — 5.7%
	60,175	Gold Bullion	80,169,327
	31,936	Platinum	57,293,108
Total Commodities (Cost $101,702,619)			137,462,435

109

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Contracts			Value
CALL OPTIONS PURCHASED — 1.8%
Commodities — 1.8%
	5,000	Chicago Board of Trade Corn Futures, Strike $1,000.00, Expiring 06/24/11	$	1,562,500
	5,000	Chicago Board of Trade Corn Futures, Strike $750.00, Expiring 06/24/11		9,625,000
	2,000	Chicago Board of Trade Soybean Futures, Strike $1,800.00, Expiring 10/21/11		3,400,000
	600	London Metal Exchange Copper Futures, Strike $12,000.00, Expiring 07/06/11		2,191,650
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 03/25/13		926,400
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 04/25/13		919,200
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 05/28/13		914,400
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 06/25/13		975,600
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 07/26/13		1,075,200
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 08/27/13		1,269,600
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 09/25/13		1,527,600
	3,000	NYB-ICE Sugar #11 Futures, Strike $33.00, Expiring 04/15/11		8,736,000
	7,900	NYB-ICE Sugar #11 Futures, Strike $35.00, Expiring 02/15/11		10,440,640
				43,563,790
Total Call Options Purchased (Cost $51,568,341)				43,563,790
PUT OPTIONS PURCHASED — 0.0%
Commodities — 0.0%
	7,900	NYB-ICE Sugar #11 Futures, Strike $25.00, Expiring 02/15/11		88,480
Total Put Options Purchased (Cost $9,198,784)				88,480

Principal Amount			Value
ASSET-BACKED SECURITIES — 2.1%
UNITED STATES — 2.1%
$	9,450,000	SLM Student Loan Trust, Series 2002-7, Class A10, 1.76%, 03/15/28(e)	$	9,272,813
	19,850,000	SLM Student Loan Trust, Series 2002-7, Class A11, 1.76%, 03/15/28(e)		19,477,812
	2,650,000	SLM Student Loan Trust, Series 2002-7, Class A6, 1.76%, 03/15/28(e)		2,600,313
	7,950,000	SLM Student Loan Trust, Series 2002-7, Class A7, 1.76%, 03/15/28(e)		7,800,937
	11,650,000	SLM Student Loan Trust, Series 2002-7, Class A8, 1.76%, 03/15/28(e)		11,431,563
	1,400,000	SLM Student Loan Trust, Series 2002-7, Class A9, 1.77%, 03/15/28(e)		1,373,750
Total Asset-Backed Securities (Cost $50,607,316)				51,957,188
GOVERNMENT BONDS — 2.7%
AUSTRALIA — 2.7%
	40,000,000(f)	Australia Government Bond, 4.00%, 08/20/20		64,730,836
Total Government Bonds (Cost $64,944,465)				64,730,836
U.S. GOVERNMENT AGENCIES — 20.0%
Federal Home Loan Bank — 20.0%
	435,000,000	0.10%, 02/01/11(g)		435,000,000
	50,000,000	0.14%, 02/07/11(g)		49,998,833
Total U.S. Government Agencies (Cost $484,998,833)				484,998,833
U.S. GOVERNMENT SECURITIES — 19.7%
U.S. Treasury Bills — 8.6%
	58,000,000	0.13%, 02/03/11(g)		57,999,581
	100,000,000	0.13%, 02/10/11(g)		99,996,850
	50,000,000	0.14%, 02/10/11(g)		49,998,238
				207,994,669
U.S. Treasury Notes — 11.1%
	71,000,000	1.63%, 01/15/18(h)		80,073,791
	101,875,000	2.13%, 01/15/19(h)		115,573,640
	72,200,000	1.25%, 07/15/20(h)		74,315,682
				269,963,113
Total U.S. Government Securities (Cost $462,774,637)				477,957,782

110

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Shares			Value
CASH SWEEP — 0.3%
	6,718,526	Citibank - US Dollars on Deposit in Custody Account, 0.05%(i)	$	6,718,526
Total Cash Sweep (Cost $6,718,526)				6,718,526
TOTAL INVESTMENTS — 98.0% (Cost $2,324,116,120)(a)				2,374,060,752
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.0%				49,355,665
NET ASSETS — 100.0%			$	2,423,416,417

Contracts				Value
PUT OPTIONS WRITTEN — (0.6)%
Commodities — (0.6)%
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 03/25/13		(465,400	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 04/25/13		(454,400	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 05/28/13		(440,800	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 06/25/13		(431,200	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 07/26/13		(440,000	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 08/27/13		(492,600	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 09/25/13		(536,800	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 03/25/13		(1,522,000	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 04/25/13		(1,496,000	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 05/28/13		(1,462,400	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 06/25/13		(1,435,200	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 07/26/13		(1,446,400	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 08/27/13		(1,570,000	)

Contracts				Value
Commodities (continued)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 09/25/13	$	(1,659,600	)
					(13,852,800	)
Total Put Options Written (Premiums received $(11,837,000))					(13,852,800	)
FUTURES CONTRACTS: SHORT POSITIONS

Contracts			Unrealized Depreciation
	500	COMEX Division Gold, April 2011	$	(142,000	)
	3,615	Chicago Board of Trade Corn, July 2011		(2,999,713	)
		Net unrealized depreciation	$	(3,141,713	)
FUTURES CONTRACTS: LONG POSITIONS

Contracts			Unrealized Appreciation
	40	Intercontinental Exchange Newcastle Coal, January 2011	$	1,034,500
	40	Intercontinental Exchange Richards Bay Coal, January 2011		912,750
	40	Intercontinental Exchange Newcastle Coal, February 2011		996,500
	40	Intercontinental Exchange Richards Bay Coal, February 2011		862,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, February 2011		17,400
	615	London Metal Exchange Copper, March 2011		13,010,899
	40	Intercontinental Exchange Newcastle Coal, March 2011		956,500
	40	Intercontinental Exchange Richards Bay Coal, March 2011		838,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, March 2011		135,600
	40	Intercontinental Exchange Newcastle Coal, April 2011		958,500
	40	Intercontinental Exchange Richards Bay Coal, April 2011		840,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, April 2011		352,800
	814	New York Mercantile Exchange Platinum, April 2011		4,048,640
	6,724	Chicago Board of Trade Corn, May 2011		4,639,900

111

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

FUTURES CONTRACTS:
LONG POSITIONS (Continued)

Contracts			Unrealized Appreciation
	3,000	Chicago Board of Trade Soybean, May 2011	$	13,514,850
	40	Intercontinental Exchange Newcastle Coal, May 2011		930,500
	40	Intercontinental Exchange Richards Bay Coal, May 2011		840,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, May 2011		352,800
	40	Intercontinental Exchange Newcastle Coal, June 2011		892,500
	40	Intercontinental Exchange Richards Bay Coal, June 2011		824,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, June 2011		352,800
	391	Chicago Board of Trade Corn, July 2011		2,199,375
	650	Chicago Board of Trade Soybean, July 2011		6,487,613
	40	Intercontinental Exchange Newcastle Coal, July 2011		826,500
	40	Intercontinental Exchange Richards Bay Coal, July 2011		748,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, July 2011		474,000
	40	Intercontinental Exchange Newcastle Coal, August 2011		826,500
	40	Intercontinental Exchange Richards Bay Coal, August 2011		748,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, August 2011		474,000
	40	Intercontinental Exchange Newcastle Coal, September 2011		826,500
	40	Intercontinental Exchange Richards Bay Coal, September 2011		748,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, September 2011		474,000
	40	Intercontinental Exchange Newcastle Coal, October 2011		756,500
	40	Intercontinental Exchange Richards Bay Coal, October 2011		708,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, October 2011		577,800
	1,400	Chicago Board of Trade Soybean, November 2011		11,519,410
FUTURES CONTRACTS: LONG POSITIONS (Concluded)

Contracts			Unrealized Appreciation
	40	Intercontinental Exchange Newcastle Coal, November 2011	$	756,500
	40	Intercontinental Exchange Richards Bay Coal, November 2011		708,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, November 2011		577,800
	40	Intercontinental Exchange Newcastle Coal, December 2011		756,500
	40	Intercontinental Exchange Richards Bay Coal, December 2011		708,750
	60	New York Mercantile Exchange Eastern Rail CSX Coal, December 2011		577,800
	1,200	London Metal Exchange Lead, December 2011		4,643,863
	5,300	Chicago Board of Trade Corn, December 2011		23,832,011
		Net unrealized appreciation	$	108,274,361

At January 31, 2011, the Real Return Fund held investments in restricted and illiquid securities amounting to $52,565,079 or 2.2% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	01/31/11 Carrying Value Per Unit
$	19,527,013	Brazil Ethanol, Inc.(c)	03/15/07	$	—
	0	Rancher Energy Corp., Warrants(c)	03/20/07		—
	3,665,284	Vertex Energy Inc., Series A(c)	05/16/06		—
	0	Vertex Energy Inc., Warrants(c)	11/30/09		—

			01/31/11 Average Value Per Unit
53,659,296	Collectible Coins	12/14/06	$	74,244.46

(a) Cost for federal income tax purposes is $2,324,116,120 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	159,117,387
Unrealized depreciation		(109,172,755	)
Net unrealized appreciation	$	49,944,632

(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

112

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	qualified institutional buyers. The aggregate value of the security is $21,630,798, which is 0.89% of net assets
(c)	Non-income producing security.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The cost of fair valued securities is $23,192,298 and the aggregate value is zero.
(e)	Variable rate security. Rate shown is the rate as of January 31, 2011.
(f)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(g)	The rate represents the annualized yield at time of purchase.
(h)	Inflation protected security. Principal amount reflects original security face amount.
(i)	The rate shown is the current yield as of January 31, 2011.

ADR — American Depositary Receipt

Cnv. — Convertible

ICE — Intercontinental Exchange

NYB — New York Board of Trade

NVDR — Non-Vorting Depositary Receipt

	Unrealized Depreciation
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/28/11 (Underlying notional amount $2,551,215)	$	(1,579,981	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/11 (Underlying notional amount $2,551,215)		(1,228,735	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/11 (Underlying notional amount $2,551,215)		(952,021	)

	Unrealized Depreciation
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/11 (Underlying notional amount $2,551,215)	$	(951,647	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/11 (Underlying notional amount $2,551,215)		(951,159	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 02/28/11 (Underlying notional amount $1,015,500)		(260,168	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 03/31/11 (Underlying notional amount $1,015,500)		(202,168	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 04/30/11 (Underlying notional amount $1,015,500)		(93,651	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 05/31/11 (Underlying notional amount $1,015,500)		(93,614	)

113

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Depreciation
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 06/30/11 (Underlying notional amount $1,015,500)	$	(93,566	)
	$	(6,406,710	)
	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/28/11 (Underlying notional amount $699,750)	$	376,011
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/11 (Underlying notional amount $699,750)		258,942
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/11 (Underlying notional amount $699,750)		166,817
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/11 (Underlying notional amount $699,750)		166,778

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/11 (Underlying notional amount $699,750)	$	166,727
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 02/28/11 (Underlying notional amount $3,759,390)		1,493,253
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 03/31/11 (Underlying notional amount $3,759,390)		1,319,068
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 04/30/11 (Underlying notional amount $3,759,390)		993,315
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 05/31/11 (Underlying notional amount $3,759,390)		992,925
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index (“BPI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BPI Routes published by the Baltic Exchange, expiring 06/30/11 (Underlying notional amount $3,759,390)		992,416

114

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade Wheat Index (“CBOT”) receiving a fixed amount per bushel and paying the closing settlement price of CBOT December 2011 Wheat Futures contracts on the termination date, expiring 11/28/11 (Underlying notional amount $115,822,996)	$	(40,365,055	)
	$	(33,438,803	)

Portfolio diversification by Sector (Unaudited)
Sector	Percentage of Net Assets
Asset-Backed Securities		2.1	%
Collectible Coins		2.2	%
Commodities		5.7	%
Energy		10.1	%
Government Bonds		2.7	%
Industrials		5.2	%
Materials		25.6	%
Real Estate		0.7	%
U.S. Government and Agency Securities		39.7	%
Utilities		1.9	%
Other*		4.1	%
Total		100.0	%

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

115

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	January 31, 2011
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 37.2%
Banks — 11.0%
$	3,800,000	Bank of America Corp., 4.50%, 04/01/15	$	3,943,906
	3,000,000	Bank of Montreal, 2.63%, 01/25/16(b)		2,997,207
	540,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14		582,792
	1,000,000	Bank of Scotland Plc, 5.00%, 11/21/11(b)		1,027,954
	1,000,000	Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)		1,007,272
	1,600,000	Citigroup, Inc., 4.59%, 12/15/15		1,670,757
	5,000,000	Commonwealth Bank of Australia, 2.70%, 11/25/14(b)		5,162,160
	2,340,000	Credit Suisse New York, 3.50%, 03/23/15		2,398,327
	1,090,000	Deutsche Bank AG, 3.45%, 03/30/15		1,117,817
	995,000	European Investment Bank, 1.25%, 02/14/14		994,556
	2,000,000	GMAC, Inc., 1.75%, 10/30/12		2,038,424
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		6,117,336
	7,000,000	JPMorgan Chase & Co., 3.70%, 01/20/15		7,272,104
	1,200,000	JPMorgan Chase & Co., 3.40%, 06/24/15		1,226,345
	5,000,000	Standard Chartered Plc, 3.85%, 04/27/15(b)		5,146,520
	3,000,000	Westpac Banking Corp., 2.90%, 09/10/14(b)		3,122,589
				45,826,066
Consumer Discretionary — 0.6%
	1,000,000	Cornell University, 4.35%, 02/01/14		1,079,790
	200,000	Dartmouth College, 4.75%, 06/01/19		215,370
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,098,672
				2,393,832
Consumer Staples — 2.0%
	1,000,000	Coca-Cola Co. (The), 1.50%, 11/15/15		963,507
	1,720,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		1,816,495
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,591,375

Principal Amount			Value
Consumer Staples (continued)
$	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13	$	1,040,681
	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14		607,716
	2,500,000	Wal-Mart Stores, Inc., 1.50%, 10/25/15		2,402,027
				8,421,801
Diversified Financials — 10.3%
	40,000	American Express Credit Corp., 5.13%, 08/25/14		43,331
	2,955,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		3,338,701
	1,000,000	American Honda Finance Corp., 2.50%, 09/21/15(b)		993,358
	2,000,000	Caterpillar Financial Services Corp., 2.00%, 04/05/13		2,034,572
	40,000	Credit Suisse USA, Inc., 5.13%, 01/15/14		43,533
	2,672,000	Eksportfinans A/S, 5.00%, 02/14/12		2,794,110
	1,455,000	Eksportfinans A/S, 3.00%, 11/17/14		1,507,002
	2,155,000	Eksportfinans A/S, 2.00%, 09/15/15		2,111,501
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		513,091
	3,000,000	FIH Erhvervsbank A/S, 2.45%, 08/17/12(b)		3,069,507
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		1,976,414
	950,000	General Electric Capital Corp, 3.50%, 06/29/15		971,897
	1,000,000	General Electric Capital Corp., 2.25%, 03/12/12		1,019,955
	1,250,000	General Electric Capital Corp., 2.80%, 01/08/13		1,282,747
	425,000	General Electric Capital Corp., 1.88%, 09/16/13		426,184
	3,060,000	General Electric Capital Corp., 2.10%, 01/07/14		3,059,975
	4,543,000	General Electric Capital Corp., MTN, 5.25%, 10/19/12		4,845,736
	990,000	General Electric Capital Corp., Series A, 3.75%, 11/14/14		1,033,219
	2,000,000	Iberdrola Finance Ireland Ltd., 3.80%, 09/11/14(b)		2,002,280
	1,000,000	Morgan Stanley, 4.20%, 11/20/14		1,038,238
	2,555,000	PNC Funding Corp., 3.00%, 05/19/14		2,615,528

116

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Diversified Financials (continued)
$	3,150,000	Sallie Mae, Inc., 7.30%, 08/01/12	$	3,480,759
	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)		1,036,765
	1,725,000	Toyota Motor Credit Corp., 2.80%, 01/11/16		1,749,286
				42,987,689
Energy — 1.7%
	500,000	Marathon Oil Corp., 6.50%, 02/15/14		574,502
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,837,244
	4,225,000	Shell International Finance BV, 4.00%, 03/21/14		4,535,630
	40,000	Shell International Finance BV, 3.10%, 06/28/15		41,273
				6,988,649
Health Care — 4.9%
	1,465,000	Amgen, Inc., Cnv, 0.13%, 02/01/11		1,465,000
	350,000	Celgene Corp., 2.45%, 10/15/15		341,461
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		639,552
	500,000	McKesson Corp., 6.50%, 02/15/14		565,896
	500,000	Medco Health Solutions, Inc., 2.75%, 09/15/15		496,558
	1,435,000	Novartis Capital Corp., 4.13%, 02/10/14		1,541,606
	2,475,000	Pfizer, Inc., 5.35%, 03/15/15		2,784,330
	7,000,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		7,667,555
	2,000,000	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12		2,032,974
	500,000	Thermo Fisher Scientific, Inc., 3.25%, 11/20/14		521,523
	2,000,000	Wyeth, 5.50%, 02/01/14		2,223,344
				20,279,799
Industrials — 0.7%
	1,200,000	Nomura Holdings, Inc., 5.00%, 03/04/15		1,249,144
	1,700,000	Tyco International Finance SA, 3.38%, 10/15/15		1,749,907
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		85,991
				3,085,042

Principal Amount			Value
Information Technology — 0.2%
$	930,000	International Business Machines Corp., 2.10%, 05/06/13	$	952,724
Insurance — 2.9%
	500,000	Berkshire Hathaway Finance Corp., 4.50%, 01/15/13		532,515
	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13		1,528,262
	3,705,000	Berkshire Hathaway, Inc., 3.20%, 02/11/15		3,831,696
	5,800,000	New York Life Global Funding, 4.65%, 05/09/13(b)		6,229,670
				12,122,143
Materials — 1.9%
	630,000	Airgas, Inc., 2.85%, 10/01/13		640,027
	630,000	Airgas, Inc., 4.50%, 09/15/14		663,294
	1,500,000	Anglo American Capital Plc, 2.15%, 09/27/13(b)		1,517,015
	1,250,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,386,730
	2,660,000	Dow Chemical Co. (The), 2.50%, 02/15/16		2,548,275
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,291,260
				8,046,601
Utilities — 1.0%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,726,087
	2,475,000	FPL Group Capital, Inc., 2.60%, 09/01/15		2,432,395
				4,158,482
Total Corporate Bonds (Cost $149,282,672)				155,262,828
MUNICIPAL BONDS — 4.4%
Connecticut — 0.3%
	1,000,000	State of Connecticut Taxable GO, Series A, 3.59%, 03/01/12		1,027,580
District Of Columbia — 0.3%
	1,000,000	District of Columbia Build America Bonds GO 3.64%, 06/01/15		1,029,770

117

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Georgia — 0.7%
$	3,085,000	State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17	$	2,975,174
Maine — 0.2%
	350,000	State of Maine General Purpose GO, 3.94%, 05/15/11		352,873
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		490,157
				843,030
Michigan — 0.3%
	1,095,000	University of Michigan University and College Improvement Build America Revenue Bonds 1.75%, 04/01/15		1,066,891
Minnesota — 0.2%
	605,000	Duluth Independent School District No. 709 Build America COP 4.00%, 02/01/16		621,220
New York — 1.4%
	2,520,000	Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds 4.28%, 11/15/16		2,496,463
	1,790,000	New York State Dormitory Authority Economic Development & Housing Refunding Revenue Bonds, 4.81%, 12/15/11		1,848,211
	500,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		536,085
	1,035,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 (AGM) 4.65%, 12/15/13		1,115,865
				5,996,624
North Carolina — 0.0%
	100,000	County of Forsyth Property Improvement GO, Series B, OID 4.25%, 03/01/13		107,180
Ohio — 0.9%
	2,115,000	Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16		2,130,588

Principal Amount			Value
Ohio (continued)
$	755,000	Ohio State Taxable Advanced Energy Revenue Bonds 4.45%, 04/01/16	$	749,224
	1,000,000	Ohio State Third Frontier Research and Development GO, Taxable, Series A, (NATL-RE) 5.25%, 05/01/11		1,010,880
				3,890,692
Oregon — 0.1%
	500,000	State of Oregon Public Improvements GO, Series B 2.22%, 08/01/13		506,645
Pennsylvania — 0.0%
	175,000	Owen J Roberts School District Refunding GO (AGM, State Aid Withholding) 5.50%, 08/15/19		187,929
Total Municipal Bonds (Cost $18,203,823)				18,252,735
U.S. GOVERNMENT AGENCIES — 31.0%
Fannie Mae — 1.2%
	550,000	5.00%, 08/02/12		586,915
	3,750,000	5.00%, 03/02/15		4,212,615
	200,000	1.63%, 10/26/15		194,633
	6,814	7.50%, 08/01/25		7,795
				5,001,958
Federal Farm Credit Bank — 2.5%
	1,500,000	2.00%, 01/17/12		1,523,795
	1,490,000	2.13%, 06/18/12		1,523,126
	400,000	4.50%, 10/17/12		426,561
	1,000,000	1.88%, 12/07/12		1,022,762
	500,000	1.75%, 02/21/13		509,543
	5,135,000	2.63%, 04/17/14		5,350,013
	105,000	3.00%, 09/22/14		110,209
	90,000	4.88%, 12/16/15		101,107
				10,567,116
Federal Home Loan Bank — 16.4%
	50,000	5.38%, 06/10/11		50,926
	75,000	5.75%, 08/15/11		77,161
	300,000	3.75%, 09/09/11		306,252
	50,000	4.25%, 11/15/11		51,545
	135,000	4.88%, 11/15/11		139,824
	15,000	5.63%, 11/15/11		15,625
	975,000	4.75%, 12/09/11		1,010,819
	2,700,000	5.00%, 03/09/12		2,837,381
	4,595,000	1.38%, 06/08/12		4,651,454
	5,030,000	3.63%, 06/08/12		5,246,325

118

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Federal Home Loan Bank (continued)
$	1,075,000	4.38%, 06/08/12	$	1,125,659
	455,000	4.88%, 06/08/12		482,039
	1,400,000	5.38%, 06/08/12		1,492,625
	335,000	4.63%, 08/15/12		356,046
	990,000	4.50%, 09/14/12		1,051,896
	660,000	5.00%, 09/14/12		706,240
	145,000	4.88%, 12/14/12		156,269
	1,074,575	5.27%, 12/28/12		1,136,253
	50,000	3.50%, 03/08/13		52,915
	2,900,000	3.88%, 03/08/13		3,091,722
	955,000	5.00%, 03/08/13		1,040,521
	2,000,000	3.75%, 06/14/13		2,133,244
	500,000	4.25%, 06/14/13		539,894
	1,500,000	1.88%, 06/21/13		1,536,585
	500,000	4.38%, 09/13/13		543,896
	2,690,000	5.25%, 09/13/13		2,986,828
	210,000	5.50%, 12/11/13		236,012
	8,195,000	3.13%, 12/13/13		8,646,897
	500,000	4.00%, 12/13/13		540,902
	2,065,000	4.88%, 12/13/13		2,282,924
	800,000	4.88%, 06/13/14		890,010
	7,825,000	5.38%, 06/13/14		8,844,566
	2,325,000	3.25%, 09/12/14		2,456,393
	870,000	5.25%, 09/12/14		980,962
	5,220,000	4.75%, 11/14/14		5,812,799
	800,000	2.75%, 12/12/14		831,508
	1,815,000	4.75%, 12/12/14		2,015,931
	200,000	4.50%, 02/18/15		220,465
	140,000	3.50%, 03/13/15		149,213
	1,000,000	2.88%, 06/12/15		1,037,658
	500,000	4.88%, 06/12/15		558,667
	50,000	5.00%, 12/11/15		56,607
	150,000	5.00%, 12/21/15		170,430
				68,551,888
Freddie Mac — 0.3%
	355,000	5.00%, 08/15/12		378,715
	400,000	5.00%, 11/13/14		448,959
	300,000	2.88%, 02/09/15		313,254
				1,140,928
Ginnie Mae — 0.0%
	64,557	8.50%, 10/15/17		72,850
	436	9.00%, 02/15/20		507
				73,357
Overseas Private Investment Corp. — 3.0%
	1,000,000	4.59%, 12/09/16(c)		1,153,370

Principal Amount			Value
Overseas Private Investment Corp. (continued)
$	10,272,735	5.14%, 12/15/23	$	11,270,320
				12,423,690
Private Export Funding Corp. — 6.4%
	300,000	6.07%, 04/30/11		304,342
	400,000	5.66%, 09/15/11(b)		412,358
	425,000	4.90%, 12/15/11		441,884
	510,000	5.69%, 05/15/12		544,326
	12,760,000	3.55%, 04/15/13		13,519,705
	1,800,000	4.97%, 08/15/13		1,982,268
	4,260,000	3.05%, 10/15/14		4,474,913
	1,000,000	4.95%, 11/15/15		1,122,833
	3,000,000	5.00%, 12/15/16		3,371,595
	500,000	2.25%, 12/15/17		468,199
				26,642,423
Small Business Administration — 0.8%
	1,258,667	4.73%, 02/01/19		1,307,203
	1,986,727	4.11%, 03/10/20		2,094,965
				3,402,168
Tennessee Valley Authority — 0.4%
	632,000	6.79%, 05/23/12		684,268
	110,000	4.75%, 08/01/13		120,237
	725,000	6.25%, 12/15/17		864,008
				1,668,513
Total U.S. Government Agencies (Cost $124,019,798)				129,472,041
U.S. GOVERNMENT SECURITIES — 26.3%
U.S. Treasury Notes — 26.3%
	5,436,000	2.13%, 11/30/14		5,591,648
	75,000	2.63%, 02/29/16		77,320
	62,810,000	2.38%, 03/31/16		63,879,717
	19,290,000	3.13%, 10/31/16		20,180,658
	17,626,000	4.63%, 11/15/16		19,893,973
Total U.S. Government Securities (Cost $107,147,511)				109,623,316
GOVERNMENT BONDS — 0.5%
CANADA — 0.0%
	180,000	Province of Ontario Canada, 2.70%, 06/16/15		183,313
DENMARK — 0.2%
	1,000,000	Kingdom of Denmark, 2.25%, 05/14/12		1,022,316

119

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
EGYPT — 0.3%
$	1,000,000	Egypt Government Aid Bonds, 4.45%, 09/15/15	$	1,100,550
Total Government Bonds (Cost $2,243,016)				2,306,179
Shares
INVESTMENT COMPANY — 0.3%
	1,161,000	SEI Daily Income Trust Government II Fund, Class A, 0.01%(d)		1,161,000
Total Investment Company (Cost $1,161,000)				1,161,000
TOTAL INVESTMENTS — 99.7% (Cost $402,057,820)(a)				416,078,099
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				1,093,618
NET ASSETS — 100.0%			$	417,171,717

(a) Cost for federal income tax purposes is $402,057,820 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	14,986,023
Unrealized depreciation		(965,744	)
Net unrealized appreciation	$	14,020,279

(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. The aggregate value of these securities is $49,999,051 which is 12.0% of net assets.
(c)	Zero coupon bond. The rate represents the yield at time of purchase.
(d)	The rate shown represents current yield at January 31, 2011.

AGM — Assured Guaranty Municipal Corp.
Cnv. — Convertible
COP — Certificates of Participation
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		57.3	%
Corporate Bonds		37.2
Municipal Bonds		4.4
Foreign Government Bonds		0.5
Other*		0.6
		100	%

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

120

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	January 31, 2011
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 95.2%
Alabama — 0.1%
$	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26(b)	$	1,142,680
Arizona — 1.8%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		375,469
	800,000	Arizona State Transportation Board Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 07/01/14		887,120
	200,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A 5.00%, 07/01/26		205,346
	2,360,000	Arizona State University College & University Revenue Bonds, Series C 5.00%, 07/01/17		2,623,187
	4,000,000	Arizona Transportation Board Highway Improvement Revenue Bonds, Series A 5.00%, 07/01/17		4,523,080
	2,000,000	City of Tempe Water Utility Improvement GO, Series A 4.50%, 07/01/24		2,049,180
	200,000	Maricopa County Community College District GO, Series C 5.00%, 07/01/20		223,542
	2,500,000	Maricopa County Public Finance Corp. Public Improvement Revenue Bonds, Series A (AMBAC) 5.00%, 07/01/23		2,567,800
	250,000	University of Arizona Refunding COP, Series C, (AMBAC) 5.00%, 06/01/18		265,650
				13,720,374
California — 6.7%
	4,000,000	City of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		4,479,800
	675,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A 4.00%, 02/01/12		697,653
	5,900,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A 5.00%, 02/01/20		6,439,437

Principal Amount			Value
California (continued)
$	250,000	Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID 5.63%, 06/01/13(b)	$	275,133
	5,000,000	Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID, (XLCA-ICR) 5.50%, 06/01/13(b)		5,488,350
	450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series 2003 A1, OID 6.75%, 06/01/13(b)		506,821
	360,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID 5.50%, 06/01/13(b)		395,161
	300,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID 5.50%, 06/01/13(b)		329,301
	3,450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)(c)		3,796,829
	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13(b)(c)		331,300
	220,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13(b)		238,971
	10,000,000	Los Angeles Department of Water & Power Refunding Revenue Bonds, Sub-Series B5 0.22%, 07/01/34(d)		10,000,000
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (AGM) 5.00%, 07/01/16		189,921

121

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
California (continued)
$	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23	$	1,089,296
	150,000	Placer County Water Agency Refunding COP, OID, (NATL-RE) 4.50%, 07/01/16		152,879
	275,000	Pomona Public Financing Authority Revenue Bonds, Water Facilities Project, Series AY, (AMBAC) 5.00%, 05/01/18		291,451
	12,000,000	State of California Refunding GO, Series A, (State GTY) 5.00%, 07/01/22		12,273,240
	2,120,000	University of California Regents Medical Center Refunding Revenue Bonds, Series G 4.00%, 05/15/14		2,268,697
	500,000	University of California Revenue Bonds, Series D, (NATL-RE, FGIC) 5.00%, 05/15/28		499,960
	200,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/19		220,644
				49,964,844
Colorado — 0.2%
	1,800,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE) 4.50%, 06/01/21		1,864,044
Connecticut — 3.9%
	285,000	Connecticut Housing Finance Authority Revenue Bonds, Housing Mortgage Financing Program, Sub-Series F-2, (GO of Authority) 6.00%, 11/15/38		285,547
	10,000,000	Connecticut State Health & Educational Facility Authority College & University Improvement Revenue Bonds, Series T2 0.22%, 07/01/29(d)		10,000,000
	4,700,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series A-4 2.50%, 07/01/49(d)		4,825,349
	170,000	State of Connecticut GO, Series C, 4.50%, 11/01/12		181,118

Principal Amount			Value
Connecticut (continued)
$	4,490,000	State of Connecticut Refunding Special Tax Bonds 2.00%, 11/01/12	$	4,582,359
	8,290,000	State of Connecticut Refunding Special Tax Bonds 2.00%, 11/01/13		8,457,126
	400,000	Town of Fairfield Refunding GO 5.00%, 07/01/19		461,644
				28,793,143
Delaware — 0.1%
	500,000	Delaware Transportation Authority Cash Flow Management Revenue Bonds 5.00%, 09/01/12		534,165
Florida — 7.0%
	170,000	Florida Department of Transportation Revenue Bonds, Series A, 5.00%, 07/01/29		173,427
	3,000,000	Florida State Board of Education Capital Outlay GO, Series E 4.60%, 06/01/23		3,079,140
	10,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/17		11,091,500
	6,000,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series D 5.00%, 07/01/14		6,542,880
	1,150,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/13		1,245,519
	805,000	Florida State Board of Education Public Education GO, Series E, OID, (AGM) 5.00%, 06/01/26(b)		825,286
	8,575,000	Florida State Board of Education Revenue Bonds, Series A, OID 5.50%, 07/01/27		8,973,909
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/13		273,860
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/16		1,165,398
	10,000,000	JEA Florida Water & Sewer System Refunding Revenue Bonds, Sub-Series B-1 0.26%, 10/01/36(d)		10,000,000

122

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Florida (continued)
$	2,400,000	Miami-Dade County Airport Revenue Bonds, Series A-1, OID 5.38%, 10/01/35	$	2,269,872
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/18		496,809
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/19		2,175,540
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM) 5.25%, 10/01/16		2,058,696
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		528,950
	900,000	Seminole County School Board COP, Series A, (AMBAC) 5.00%, 07/01/18		946,260
				51,847,046
Georgia — 3.2%
	10,000,000	Bartow County School District School Improvement GO, Series A, (State Aid Withholding) 4.00%, 10/01/15		10,843,900
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18		1,402,825
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.00%, 01/01/15		580,829
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.25%, 01/01/17		449,100
	1,500,000	State of Georgia GO, Series B, 5.00%, 01/01/18		1,735,590
	8,245,000	State of Georgia Public Improvement GO, Series A1 5.00%, 07/01/12		8,759,983
				23,772,227
Hawaii — 0.1%
	500,000	State of Hawaii Refunding GO, Series DY 5.00%, 02/01/18		569,775

Principal Amount			Value
Illinois — 2.3%
$	500,000	Chicago Board of Education Dedicated GO, Series B, (AGM) 5.00%, 12/01/18	$	524,675
	4,260,000	Chicago Metropolitan Water Reclamation District of Greater Chicago Refunding GO, 5.00%, 12/01/26		4,375,872
	1,000,000	Chicago Park District Refunding GO, Series B 4.00%, 01/01/22		960,530
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC) 5.00%, 01/01/23		3,659,687
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC) 5.00%, 06/01/21		902,646
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE) 5.00%, 12/01/25		1,030,240
	3,500,000	State of Illinois Public Improvement Revenue Bonds 5.00%, 06/15/18		3,746,610
	2,057,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE) 4.30%, 03/01/21		1,819,602
				17,019,862
Indiana — 3.1%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/15/16		642,831
	1,390,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 07/15/25		1,412,754
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 07/15/16		1,154,843
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 01/15/17		704,853

123

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (AGM, State Aid Withholding) 5.00%, 07/15/18	$	704,489
	315,000	East Allen Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 07/10/14		319,063
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding) 5.00%, 07/15/16		550,187
	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC) 5.25%, 07/15/17		549,964
	460,000	Franklin Community Multi-School Building Corp., First Mortgage Revenue Bonds, (AGM, State Aid Withholding) 5.13%, 07/15/12(b)		469,867
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/15/22		1,123,832
	1,505,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE) 5.00%, 07/15/23		1,536,831
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding) 5.38%, 07/15/16(b)		186,781
	1,000,000	IPS Multi-School Building Corp. School Improvement Revenue Bonds, (NATL-RE) 5.00%, 01/15/13		1,067,800
	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(b)		713,958

Principal Amount			Value
Indiana (continued)
$	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 5.00%, 01/15/16(b)	$	169,787
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/18		525,505
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/16		798,083
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/16		817,371
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/17		630,055
	2,585,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1 5.00%, 07/01/14		2,899,414
	3,000,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1 5.00%, 07/01/15		3,412,110
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC) 5.00%, 01/15/19		211,636
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/10/16		861,229
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds (State Aid Withholding) 5.75%, 07/15/26		1,060,400

124

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/15	$	190,874
				22,714,517
Kansas — 0.1%
	500,000	Kansas Development Finance Authority Revolving Funds Department of Health Refunding Revenue Bonds 5.00%, 03/01/12		523,650
Kentucky — 1.1%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC) 5.00%, 11/01/15		1,112,580
	7,000,000	Louisville Jefferson County Metropolitan Government Resource Recovery Refunding Revenue Bonds 1.90%, 10/01/33(d)		7,003,990
				8,116,570
Louisiana — 0.3%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC) 5.00%, 06/01/16		2,164,780
Maine — 0.2%
	850,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC) 5.00%, 07/01/16		929,415
	115,000	Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21(b)		132,544
	285,000	Maine Health & Higher Educational Facilities Authority Un-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21		299,298
				1,361,257

Principal Amount			Value
Maryland — 1.5%
$	10,000,000	Maryland Health & Higher Educational Facilities Authority Johns Hopkins University Revenue Bonds, Series A 0.23%, 07/01/36(d)	$	10,000,000
	1,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 08/01/17		1,158,100
				11,158,100
Massachusetts — 5.8%
	4,900,000	Commonwealth of Massachusetts Public Improvement GO, Series B 4.00%, 06/01/12		5,119,324
	9,350,000	Commonwealth of Massachusetts Refunding GO, Series C 0.25%, 01/01/21(d)		9,350,000
	8,740,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds 3.00%, 12/15/12		9,083,919
	1,575,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds 4.00%, 12/15/12		1,667,279
	6,000,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds 5.00%, 12/15/13		6,640,500
	800,000	Massachusetts State Water Pollution Abatement Revenue Bonds 4.00%, 08/01/12		839,056
	10,005,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority) 0.28%, 08/01/37(d)		10,005,000
				42,705,078
Michigan — 2.5%
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/20		363,002

125

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Michigan (continued)
$	250,000	Detroit Water Supply System Revenue Bonds, Senior Lien, Series A, (FGIC) 5.00%, 07/01/13(b)	$	254,717
	150,000	Jackson Public Schools School Building & Site Refunding GO, (AGM, Q-SBLF) 5.00%, 05/01/15		162,979
	100,000	Oakland University Refunding Revenue Bonds, (AMBAC) 5.25%, 05/15/18		104,023
	245,000	Portage Public Schools School Building & Site GO, (AGM) 5.00%, 05/01/14		254,940
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		767,921
	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF) 5.00%, 05/01/21		278,616
	5,715,000	University of Michigan Refunding Revenue Bonds, Series C 4.00%, 04/01/19		6,032,468
	10,000,000	University of Michigan Revenue Bonds 0.28%, 04/01/32(d)		10,000,000
	400,000	Zeeland Public Schools Building & Site GO, (Q-SBLF) 5.00%, 05/01/20(b)		404,540
				18,623,206
Minnesota — 0.1%
	450,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		513,468
Mississippi — 0.5%
	1,810,000	Mississippi Development Bank Special Obligation Refunding Revenue Bonds 5.00%, 08/01/18		1,976,393
	1,000,000	State of Mississippi GO, Series A, 5.00%, 10/01/18		1,133,020
	890,000	University of Southern Mississippi Campus Facilities Improvements Project Revenue Bonds, 5.00%, 09/01/20		960,764
				4,070,177

Principal Amount			Value
Missouri — 0.3%
$	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit) 5.00%, 03/01/18	$	566,740
	1,205,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,341,551
				1,908,291
Nevada — 1.6%
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		552,475
	3,000,000	Clark County School District GO, Series C, (NATL-RE) 5.00%, 06/15/22		3,119,100
	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC) 5.00%, 06/15/22		2,061,520
	2,605,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		2,884,569
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/20		3,247,369
				11,865,033
New Hampshire — 0.8%
	6,200,000	New Hampshire Health & Education Facilities Authority Dartmouth College Revenue Bonds 0.27%, 06/01/32(d)		6,200,000
New Jersey — 8.5%
	355,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/17		374,784
	255,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding) 4.00%, 02/15/17		271,440
	500,000	Harrison GO, (School Board Resolution Funding) 3.75%, 01/15/15		534,050

126

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC) 5.50%, 09/01/24	$	5,139,650
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,608,825
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		522,070
	24,340,000	New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE 5.00%, 09/01/17(d)		26,349,024
	1,000,000	New Jersey Educational Facilities Authority Higher Education Capital Improvement Refunding Revenue Bonds, Series A, (AGM) 5.00%, 09/01/14		1,086,460
	15,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A 5.00%, 09/01/16(b)		17,398
	1,185,000	New Jersey Environmental Infrastructure Trust Un-Refunded Revenue Bonds, Series A 5.00%, 09/01/16		1,362,951
	5,145,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/18		5,601,053
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE) 5.50%, 12/15/15		1,536,783
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5 5.25%, 12/15/19		2,942,857
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/15		359,381

Principal Amount			Value
New Jersey (continued)
$	440,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/16	$	471,552
	360,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/17		381,650
	750,000	Rahway School District School Improvements GO, Series A (School Board Resolution Funding) 3.50%, 02/15/18		776,505
	10,000,000	Tobacco Settlement Financing Corp. Miscellaneous Purpose Revenue Bonds, OID 6.25%, 06/01/13(b)		11,222,100
	345,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID 6.75%, 06/01/13(b)		391,127
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14(b)		121,602
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37(b)		1,284,732
	535,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42(b)		573,654
				62,929,648
New Mexico — 0.2%
	1,200,000	Albuquerque Bernalillo County Water Utility Authority Improvement Refunding Revenue Bonds, Series A1, 5.50%, 07/01/22		1,352,088
New York — 16.5%
	1,900,000	City of New York Public Improvement GO, Series D 5.00%, 11/01/21		1,987,552
	10,000,000	City of New York Public Improvements GO, Series B2, Sub-Series B9, (JP Morgan Chase Bank) 0.26%, 08/15/23(c)(d)		10,000,000
	1,000,000	City of New York Refunding GO, Series E 3.00%, 08/01/12		1,033,220
	3,650,000	City of New York Refunding GO, Series G, (NATL-RE) 5.00%, 08/01/18		3,963,316

127

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
New York (continued)
$	500,000	Gates Chili Central School District Refunding GO, (State Aid Withholding) 2.50%, 06/15/11	$	503,825
	550,000	Gates Chili Central School District Refunding GO, (State Aid Withholding) 2.50%, 06/15/12		563,442
	1,080,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D 3.00%, 11/15/12		1,114,182
	7,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D 3.00%, 11/15/13		7,240,450
	1,000,000	Municipal Assistance Corp. For The City of Troy General Resolution Refunding Revenue Bonds, Series A, (GO of Corp.) 4.50%, 01/15/15		1,060,450
	4,570,000	New York City Health & Hospital Corp. Refunding Revenue Bonds, Series A, (GO of Corp.) 5.00%, 02/15/14		4,926,689
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		2,820,375
	4,725,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3 4.00%, 11/01/13		5,086,368
	6,300,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3 5.00%, 11/01/14		7,058,268
	1,815,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series C 5.00%, 11/01/17		2,075,561
	2,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2 4.00%, 11/01/12		2,116,380
	1,900,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2 5.00%, 11/01/12		2,043,450
	2,000,000	New York City Transitional Finance Authority Revenue Bonds, Series B 5.00%, 11/01/17		2,266,000

Principal Amount			Value
New York (continued)
$	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A 5.00%, 05/01/22	$	2,362,668
	3,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, (GO of Corp.) 4.50%, 04/01/20		3,253,380
	8,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B, (GO of Corp.) 5.00%, 04/01/15		8,990,960
	700,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6 5.00%, 04/01/17		800,618
	1,000,000	New York Power Authority Refunding Revenue Bonds, Series C, (NATL-RE) 5.00%, 11/15/15		1,136,660
	4,000,000	New York State Dormitory Authority (Tax Revenue LOC) 5.00%, 03/15/17		4,537,120
	450,000	New York State Dormitory Authority Cornell University Revenue Bonds, Series B 5.00%, 07/01/21		497,250
	2,000,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		2,184,400
	550,000	New York State Dormitory Authority Mental Health Services Facilities Improvement Revenue Bonds, Series C, (NATL-RE, FGIC) 5.00%, 02/15/16		599,346
	1,970,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series B 4.50%, 08/15/17		2,135,598
	500,000	New York State Dormitory Authority Refunding Mental Health Services Facilities Improvement Revenue Bonds, (Assured GTY) 5.00%, 02/15/19		542,640
	2,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 08/15/18		2,774,350

128

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
New York (continued)
$	1,450,000	New York State Dormitory Authority State University Lease Revenue Bonds, 4.75%, 07/01/17	$	1,573,177
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds 5.00%, 04/01/20		7,524,580
	1,450,000	New York State Thruway Authority Highway Improvement Revenue Bonds 3.00%, 07/15/11		1,465,935
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21		2,043,412
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		453,712
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B 5.00%, 04/01/21		5,337,050
	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		2,406,867
	5,000,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/21		5,426,400
	820,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/23		865,084
	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18		890,006
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D 5.50%, 01/01/19		5,667,200
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		552,575

Principal Amount			Value
New York (continued)
$	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21	$	1,082,610
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM) 5.00%, 01/01/15		1,106,740
				122,069,866
North Carolina — 1.1%
	300,000	Brunswick County GO, (NATL-RE, FGIC) 5.00%, 05/01/15(b)		309,438
	1,655,000	Cabarrus County School Improvement COP 5.00%, 01/01/21		1,739,868
	4,230,000	Cabarrus County School Improvement COP 5.00%, 01/01/25		4,279,406
	160,000	City of Charlotte Refunding Revenue Bonds 5.00%, 07/01/21		177,229
	1,285,000	Dare County COP, (NATL-RE, FGIC) 5.00%, 06/01/17		1,391,244
				7,897,185
Ohio — 3.4%
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18		2,667,531
	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE) 5.00%, 09/01/16		430,640
	1,000,000	Ohio State University Revenue Bonds, Series A, 4.00%, 12/01/17		1,061,930
	10,000,000	State of Ohio Infrastructure Improvements Refunding GO, Series B 0.25%, 08/01/17(d)		10,000,000
	9,000,000	State of Ohio Highway Improvement Revenue Bonds, Series 3 4.00%, 12/15/12		9,510,030

129

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount				Value
Ohio (continued)
$	1,730,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A 5.00%, 06/01/17	$	1,917,480
				25,587,611
Oregon — 0.2%
	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A 5.00%, 05/01/17		1,500,590
Pennsylvania — 1.8%
	1,585,000	Hempfield Area School District Refunding GO, Series B, (NATL-RE, FGIC, State Aid Withholding) 5.00%, 10/15/16		1,690,434
	115,000	New Castle Area School District GO, OID, (NATL-RE, State Aid Withholding) 4.40%, 03/01/11		115,003
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (NATL-RE) 5.00%, 04/01/17		1,604,094
	1,000,000	Pennsylvania Turnpike Commission Refunding Revenue Bonds, Series A, (AGM) 5.00%, 07/15/12		1,061,320
	7,000,000	Philadelphia School District Refunding GO, Series C (State Aid Withholding) 5.00%, 09/01/18		7,458,220
	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(d)		1,096,020
				13,025,091
Puerto Rico — 0.0%
	190,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series W, OID, 5.50%, 07/01/15		199,299
Rhode Island — 0.3%
	2,000,000	Rhode Island Health & Educational Building Corp. Higher Education Brown University Revenue, Series A 0.23%, 05/01/35(d)		2,000,000

Principal Amount			Value
Texas — 14.9%
$	1,255,000	Alamo Community College District GO, Series A, (NATL-RE) 5.50%, 08/15/15	$	1,446,212
	2,500,000	Aldine Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/22		2,586,725
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/20		1,343,689
	110,000	Alief Independent School District GO, (PSF-GTD) 5.00%, 02/15/13(b)		110,174
	970,000	Bridgeport Independent School District Refunding GO, (PSF-GTD) 4.00%, 08/15/21		993,464
	1,000,000	Brownsville Independent School District GO, (PSF-GTD) 5.50%, 08/15/18(b)		1,027,690
	1,000,000	City of Abilene Refunding GO 2.00%, 02/15/12		1,010,770
	1,030,000	City of Abilene Refunding GO 3.00%, 02/15/13		1,070,088
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE) 5.00%, 02/15/14		566,639
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE) 4.50%, 03/01/14		969,822
	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.25%, 03/01/14		4,466,120
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.38%, 03/01/15		3,339,720
	255,000	City of Laredo GO, OID, (FGIC) 5.38%, 08/15/20(b)		261,890
	1,775,000	City of Lubbock Public Improvement GO 5.25%, 02/15/20		2,018,832
	500,000	City of Richardson Refunding GO 4.00%, 02/15/12		518,225
	1,280,000	City of Richardson Refunding GO, (NATL-RE) 5.25%, 02/15/20		1,379,546
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,801,525

130

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	190,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/15	$	213,182
	315,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/16		356,501
	100,000	Dallas Area Rapid Transit Senior Lien Sales Tax Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		111,864
	1,500,000	Dallas Independent School District Refunding GO, (PSF-GTD) 4.25%, 02/15/21		1,585,275
	245,000	Deer Park Independent School District Limited Tax GO, (AGM) 5.00%, 02/15/17		276,615
	245,000	El Paso County Refunding GO, (NATL-RE) 5.00%, 02/15/16		277,389
	1,000,000	El Paso Independent School District GO, (PSF-GTD) 5.00%, 08/15/12		1,066,420
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (AGM) 5.00%, 03/01/21		1,152,028
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD) 6.13%, 08/15/21		295,483
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE) 5.50%, 07/15/13		386,316
	3,000,000	Garland Independent School District Refunding GO, Series A 5.00%, 02/15/19		3,432,360
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/17		759,731
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/19		1,062,140
	730,000	Harris County Flood Control District Refunding GO, Series C, OID 5.00%, 10/01/23		785,706
	1,000,000	Harris County Refunding GO, Series B 5.00%, 10/01/24		1,071,030

Principal Amount			Value
Texas (continued)
$	1,000,000	Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19	$	1,146,390
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/18		406,620
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE) 4.50%, 08/15/19		514,795
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM) 5.25%, 04/15/21		3,237,183
	10,000,000	Houston Higher Education Finance Corp. Rice University Project Refunding Revenue Bonds, Series A, (GO of University) 0.28%, 11/15/29(d)		10,000,000
	500,000	Joshua Independent School District Refunding GO, Series C (PSF-GTD) 5.45%, 02/15/16		552,145
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/16		623,403
	440,000	Midland College District GO, (NATL-RE, FGIC) 5.00%, 02/15/24		454,907
	700,000	Northwest Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/18		754,817
	300,000	Plano Independent School District GO, (PSF-GTD) 4.50%, 02/15/19		323,100
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		590,851
	410,000	Riesel Independent School District School Building GO, Series A, (PSF-GTD) 4.00%, 08/15/21		417,720
	500,000	Rockwall Independent School District School Building GO, (PSF-GTD) 4.75%, 02/15/15		558,580
	450,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/13		480,024

131

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/14	$	1,080,144
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/13		1,657,485
	4,140,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/18		4,538,144
	2,705,000	Spring Independent School District GO, (PSF-GTD) 5.00%, 02/15/15		3,036,903
	10,000,000	State of Texas Veterans Housing Assistance Fund Refunding GO, Series I (VA-GTD) 0.25%, 12/01/16(d)		10,000,000
	5,700,000	State of Texas Transportation GO, OID 4.65%, 04/01/25		5,812,290
	900,000	State of Texas Water Financial Assistance GO, Sub-Series A, 5.00%, 08/01/19		1,006,551
	8,500,000	Texas Public Finance Authority Unemployment Compensation Revenue Bonds, Series A 4.00%, 07/01/12		8,894,400
	1,070,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,229,077
	1,690,000	Texas State University Systems University and College Improvement Revenue Bonds 5.00%, 03/15/17		1,911,829
	1,000,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		1,079,520
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,445,470
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,829,540
	5,000,000	University of Texas System Refunding Revenue Bonds, Series B 0.20%, 08/01/34(d)		5,000,000

Principal Amount			Value
Texas (continued)
$	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17	$	1,235,018
	500,000	Waco Independent School District School Building Refunding GO, (PSF-GTD) 4.25%, 08/15/16		553,945
				110,114,022
Utah — 0.3%
	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21		2,172,065
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC) 5.00%, 11/01/15		139,606
				2,311,671
Virginia — 1.3%
	4,340,000	Fairfax County Economic Development Authority Smithsonian Institution Revenue Bonds, Series B 0.27%, 12/01/33(d)		4,340,000
	2,530,000	Virginia College Building Authority Educational Facilities Refunding Revenue Bonds, 21st Century College & Equipment Programs, Series C, 4.00%, 02/01/15		2,741,559
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B 5.00%, 08/01/21		1,385,775
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,397,326
				9,864,660
Washington — 3.1%
	100,000	CDP-King County III Lease Refunding Revenue Bonds, King Street Center Project, (NATL-RE) 5.00%, 06/01/17		111,812
	500,000	City of Kent Public Improvement GO, Series A 5.50%, 12/01/21		558,135
	300,000	City of Puyallup Refunding Revenue Bonds, Series 2009B, 4.50%, 11/01/19		311,499

132

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

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	$	106,686
	1,160,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,246,223
	520,000	King County School District No. 401 Highline Refunding GO, (School Board GTY) 5.00%, 12/01/20		583,809
	1,550,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/19		1,627,531
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20		1,656,075
	200,000	Pierce County School District No. 320 Sumner Refunding GO, (NATL-RE, FGIC, School Board GTY) 5.00%, 12/01/16		222,204
	1,760,000	Pierce County School District No. 343 Refunding GO (School Board GTY) 4.00%, 12/01/17		1,896,048
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC) 5.00%, 04/01/16		2,233,440
	4,000,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC) 5.00%, 07/01/17		4,439,840
	6,500,000	State of Washington Various Purpose Refunding GO, Series R-2011B 4.00%, 07/01/26		5,856,695
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,284,417
				23,134,414
West Virginia — 0.0%
	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE) 5.50%, 04/01/17		306,358

Principal Amount			Value
Wisconsin — 0.3%
$	135,000	Cedarburg School District Refunding GO, Series B, (AGM) 5.00%, 03/01/11(b)(c)	$	135,028
	145,000	Cedarburg School District Refunding GO, Series B, (AGM) 5.00%, 03/01/11(b)(c)		145,019
	150,000	Door County Corporate Purpose GO, Series A, OID, (FGIC) 5.25%, 09/01/20(b)		153,477
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC) 4.75%, 03/01/15		107,640
	55,000	Osceola School District GO, OID, Series A, (NATL-RE, FGIC) 5.13%, 05/01/17(b)		56,950
	465,000	Osceola School District School Building GO, Series A, OID, (NATL-RE, FGIC) 5.13%, 05/01/17		472,301
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14		814,130
				1,884,545
Total Municipal Bonds (Cost $699,444,673)				705,329,335
Shares
INVESTMENT COMPANY — 4.0%
	29,676,800	SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)		29,676,800
Total Investment Company (Cost $29,676,800)				29,676,800
TOTAL INVESTMENTS — 99.2% (Cost $729,121,473)(a)				735,006,135
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%				6,091,711
NET ASSETS — 100.0%			$	741,097,846

(a) Cost for federal income tax purposes is $729,121,473 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	10,441,187
Unrealized depreciation		(4,556,525	)
Net unrealized appreciation	$	5,884,662

(b) These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are

133

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2011
	(Unaudited)

	collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	Variable rate security. Rate shown is the rate as of January 31, 2011.
(e)	Rate shown represents current yield at January 31, 2011.

AGM — Assured Guaranty Municipal Corp.
AMBAC — Insured by AMBAC Indemnity Corp.
COP — Certificates of Participation
FGIC — Insured by Financial Guaranty Insurance Corp.
GO — General Obligations
GTY — Guaranty
LOC — Letter of Credit
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-ICR — XL Capital Insurance-Immediate Credit Recovery
XLCA — XL Capital Insurance
VA-GTD — Veterans Administration Guaranteed

Portfolio diversification by State (Unaudited)

	Percentage of Net Assets
Alabama	0.1	%
Arizona	1.8
California	6.7
Colorado	0.2
Connecticut	3.9
Delaware	0.1
Florida	7.0
Georgia	3.2
Hawaii	0.1
Illinois	2.3
Indiana	3.1
Kansas	0.1
Kentucky	1.1
Louisiana	0.3
Maine	0.2
Maryland	1.5
Massachusetts	5.8
Michigan	2.5
Minnesota	0.1
Mississippi	0.5
Missouri	0.3
Nevada	1.6
New Hampshire	0.8
New Jersey	8.5
New Mexico	0.2
New York	16.5
North Carolina	1.1
Ohio	3.4
Oregon	0.2
Pennsylvania	1.8
Puerto Rico	0.0
Rhode Island	0.3
Texas	14.9
Utah	0.3
Virginia	1.3
Washington	3.1
West Virginia	0.0
Wisconsin	0.3
Other*	4.8
	100	%

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

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Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments
	January 31, 2011 (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, as amended (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 January 31, 2011, 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”)	Long-term capital appreciation.
Old Westbury Non-U.S. Large Cap Fund (“Non-U.S. Large Cap Fund”)	Long-term capital appreciation.
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 capital appreciation in inflationary environments.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)	Total return (consisting of current income and capital appre- ciation).
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).

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 consolidated financial statements of the Real Return Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Real Return Fund, Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on November 7, 2008. The Real Return Fund commenced reporting on a consolidated basis as of such commencement date in accordance with the accounting rules relating to reporting of a wholly-owned subsidiary. The Real Return Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Subsidiary. The Subsidiary participates in 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 through the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. As of January 31, 2011, the Real Return Fund held $569,913,518 in the Subsidiary, representing 23.52% of the Real Return Fund’s net assets.

3. Significant Accounting Policies:

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

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	January 31, 2011 (Unaudited)

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants.

A. Valuation of Investments. Securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). If there has been no sale on such day, the security is valued at the mean of the closing bid and asked prices. If no bid or asked prices are quoted, or if 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 the most recently calculated net asset value.

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

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved as reliable by the Board of Directors. Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, and other relationships observed in markets of comparable securities.

All other investment assets and liabilities, including derivatives, 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 and liabilities. Real assets (i.e., assets not constituting securities or securities whose value is determined by underlying real assets), including collectibles such as coins, for which there is no readily available market quotation will be valued on the basis of appraised value as determined by an independent appraiser selected by the Adviser. Appraisals will be obtained on an ongoing, periodic basis in order to assure current valuations; appraisals generally will be obtained not less frequently than quarterly and appraised values may be updated between appraisals on the basis of reported industry benchmarks. Derivative contracts and instruments will be valued on the basis of industry-standard pricing information, including counterparty valuation quotations and generally available dealer quotations, subject to the review and confirmation by the Adviser where appropriate. The Pricing Committee of the Board of Directors reviews pricing methodologies for derivatives on a quarterly basis.

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 investments 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 investments 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. investments. When a Fund uses fair value pricing to determine NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes accurately reflects fair value. A Fund may fair value foreign securities if significant events that appear likely to affect the value of those securities occur between the time a foreign exchange closes and the time that the Fund prices its shares. Significant events may include: government actions; natural disasters; armed conflict; act of terrorism and similar situations; and significant market fluctuations. The Funds’ policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Funds’ procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold.

B. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at

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current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

C. Collectibles. The Real Return Fund may invest in Collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have accurate market valuations available. The values of the collectible coins and sets of coins held by the Real Return Fund are appraised on a quarterly basis by an independent professional coin appraiser, who uses market auction data among other factors, to determine each coin’s and set of coins current value. Between these quarterly appraisals, each coin and set of coins is valued weekly via information in the Coin Dealer Newsletter based on the price movement of a basket of like coins identified by Bessemer Investment Management LLC the (“Adviser”). The Real Return Fund does not currently intend to invest more than 5% of its total assets in Collectibles. As of January 31, 2011, the Real Return Fund held $52,565,079, or 2.17% of net assets, in Collectibles.

D. Commodities. The Real Return Fund and its Subsidiary may invest in commodities. In order to gain exposure to the commodities markets, the Real Return Fund, through its Subsidiary, may invest directly in physical commodities in addition to indirect investments in commodities-linked or related instruments. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Fund’s investments to greater volatility than investments in traditional securities.

E. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

F. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security the Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

G. Loan Participations and Assignments. The Global Opportunities Fund, Real Return Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one

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	January 31, 2011 (Unaudited)

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

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

H. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance (i.e., AMBAC and FGIC). The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

I. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Fund. Each Fund intends to limit the purchase of securities which have not been determined by the Adviser to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.

4. Market and Credit Risk:

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in the Funds’ Statements of Assets and Liabilities.

5. Derivative Instruments:

The Funds engage in various portfolio investment strategies both to increase the return of the Funds and to hedge, or protect, their exposure to, for example, interest rate movements and movements in the securities or commodities markets on currency value fluctuations. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The Funds may mitigate counterparty risk through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $1,000,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

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	January 31, 2011 (Unaudited)

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. As of January 31, 2011, all derivatives in a net liability position are fully collateralized. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

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

For open derivative instruments, please see the Schedules of Portfolio Investments or details below:

Fair values of derivative instruments as of 1/31/11:

	Values of Derivative Instruments as of January 31, 2011
	Derivative Assets			Derivative Liabilities
Global Small & Mid Cap Fund			Value			Value
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	1,148,997	Unrealized depreciation on foreign currency exchange contracts	$	—
Total		$	1,148,997		$	—
Global Opportunities Fund			Value			Value
Equity contracts	Unrealized appreciation on swaps	$	70,880,869	Unrealized depreciation on swaps	$	11,676,656
	Variation Margin		3,431,784	Written option contracts, at value		19,545,000
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		22,811,283	Unrealized depreciation on foreign currency exchange contracts		19,946,496
Total		$	97,123,936		$	51,168,152
Real Return Fund			Value			Value
Commodity contracts	Unrealized appreciation on swaps	$	6,926,252	Unrealized depreciation on swaps	$	46,771,765
	Investments, at value		43,652,270
	Variation Margin		30,017,954	Written option contracts, at value		13,852,800
Total		$	80,596,476		$	60,624,565

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

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to 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 instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. The potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

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	January 31, 2011(Unaudited)

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

As of January 31, 2011, the Global Small & Mid Cap Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar	38,693,701	U.S. Dollar	37,345,225	USB AG	03/07/11	$	1,055,665
Brazil Real	5,030,181	Japanese Yen	250,000,000	UBS AG	03/22/11		2,072
Canadian Dollar	3,068,200	Japanese Yen	250,000,000	Citibank, N.A.	04/05/11		12,690
Japanese Yen	18,113,317	Norway Krones	250,000,000	Citibank, N.A.	04/05/11		78,570
						$	1,148,997

As of January 31, 2011, the Global Opportunities Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	100,900,000	U.S. Dollar	187,808	Bank of America, N.A.	02/10/11	$	20,832
Chilean Unidad de Fomento	92,000,000	U.S. Dollar	174,424	Bank of America, N.A.	02/23/11		15,605
Chilean Unidad de Fomento	50,800,000	U.S. Dollar	96,891	Bank of America, N.A.	03/01/11		7,985
U.S. Dollar	1,116,500	Euro	816,000	Bank of America, N.A.	03/07/11		(249	)
U.S. Dollar	1,863,043	Japanese Yen	154,260,000	Bank of America, N.A.	11/28/11		(24,285	)
U.S. Dollar	15,500,000	Philippines Peso	688,200,000	Barclays Bank Plc	02/03/11		(48,762	)
Indonesian Rupiah	93,900,000,000	U.S. Dollar	10,497,485	Barclays Bank Plc	02/04/11		(130,991	)
U.S. Dollar	10,381,426	Indonesian Rupiah	93,900,000,000	Barclays Bank Plc	02/04/11		14,932
Brazil Real	37,996,000	U.S. Dollar	22,209,493	Barclays Bank Plc	02/08/11		540,308
Singapore Dollar	12,873,600	U.S. Dollar	10,000,000	Barclays Bank Plc	02/08/11		63,085
Australian Dollar	569,000	Japanese Yen	42,009,270	Barclays Bank Plc	02/09/11		54,617
U.S. Dollar	3,377,571	Euro	2,475,000	Barclays Bank Plc	02/09/11		(10,709	)
U.S. Dollar	2,888,781	Euro	2,114,000	Barclays Bank Plc	02/10/11		(5,254	)
Chilean Unidad de Fomento	100,700,000	U.S. Dollar	187,777	Barclays Bank Plc	02/11/11		20,433
Singapore Dollar	12,972,800	U.S. Dollar	10,000,000	Barclays Bank Plc	02/16/11		140,710
Malaysian Ringgit	51,135,000	U.S. Dollar	16,246,227	Barclays Bank Plc	02/22/11		477,034
Singapore Dollar	12,931,600	U.S. Dollar	9,945,319	Barclays Bank Plc	02/22/11		163,247
Chinese Yuan	332,550,000	U.S. Dollar	50,000,000	Barclays Bank Plc	02/23/11		441,715
Indonesian Rupiah	90,420,000,000	U.S. Dollar	10,000,000	Barclays Bank Plc	02/28/11		(65,184	)
Malaysian Ringgit	31,550,000	U.S. Dollar	10,000,000	Barclays Bank Plc	02/28/11		316,176
U.S. Dollar	25,000,000	Japanese Yen	2,080,087,500	Barclays Bank Plc	02/28/11		(346,289	)

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	January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Indian Rupee	1,173,250,000	U.S. Dollar	25,600,044	Barclays Bank Plc	03/07/11	$	(231,365	)
U.S. Dollar	10,321,318	United Kingdom Pound	6,620,601	Barclays Bank Plc	03/07/11		(281,185	)
Philippines Peso	668,100,000	U.S. Dollar	15,333,945	Barclays Bank Plc	03/15/11		(268,648	)
Indian Rupee	692,850,000	U.S. Dollar	15,197,412	Barclays Bank Plc	03/16/11		(241,202	)
Malaysian Ringgit	31,150,000	U.S. Dollar	9,925,620	Barclays Bank Plc	03/16/11		252,589
U.S. Dollar	50,075,552	Chinese Yuan	331,400,000	Barclays Bank Plc	03/16/11		(218,106	)
Indian Rupee	461,800,000	U.S. Dollar	10,051,148	Barclays Bank Plc	03/23/11		(95,415	)
Chinese Yuan	200,250,000	U.S. Dollar	30,000,000	Barclays Bank Plc	03/25/11		402,636
U.S. Dollar	20,000,000	Japanese Yen	1,635,982,000	Barclays Bank Plc	03/28/11		60,111
Malaysian Ringgit	65,685,000	U.S. Dollar	21,288,284	Barclays Bank Plc	04/04/11		155,607
U.S. Dollar	9,585,676	Euro	7,224,233	Barclays Bank Plc	04/04/11		(297,565	)
Indian Rupee	484,300,000	U.S. Dollar	10,634,607	Barclays Bank Plc	04/05/11		(218,493	)
Chilean Unidad de Fomento	9,804,000,000	U.S. Dollar	20,000,000	Barclays Bank Plc	04/06/11		181,214
Indian Rupee	932,400,000	U.S. Dollar	20,238,767	Barclays Bank Plc	04/07/11		(192,155	)
Indonesian Rupiah	100,400,000,000	U.S. Dollar	11,105,273	Barclays Bank Plc	04/07/11		(158,653	)
U.S. Dollar	20,034,379	Indian Rupee	932,400,000	Barclays Bank Plc	04/07/11		(12,233	)
Indian Rupee	447,800,000	U.S. Dollar	9,768,761	Barclays Bank Plc	04/18/11		(159,615	)
Malaysian Ringgit	65,366,000	U.S. Dollar	21,257,236	Barclays Bank Plc	04/25/11		62,532
Philippines Peso	688,200,000	U.S. Dollar	15,451,280	Barclays Bank Plc	04/27/11		33,259
Indonesian Rupiah	93,900,000,000	U.S. Dollar	10,260,052	Barclays Bank Plc	04/28/11		(59,132	)
Malaysian Ringgit	45,927,000	U.S. Dollar	15,000,000	Barclays Bank Plc	04/28/11		(22,457	)
Philippines Peso	889,600,000	U.S. Dollar	20,000,000	Barclays Bank Plc	05/02/11		10,415
U.S. Dollar	864,278	Japanese Yen	73,417,000	Barclays Bank Plc	08/22/11		(32,234	)
U.S. Dollar	1,723,687	Japanese Yen	145,886,000	Barclays Bank Plc	08/24/11		(57,831	)
Norway Krones	10,525,000	Euro	1,309,764	Barclays Bank Plc	08/25/11		14,482
U.S. Dollar	325,107	Euro	256,900	Barclays Bank Plc	08/25/11		(25,508	)
U.S. Dollar	706,305	Japanese Yen	59,937,000	Barclays Bank Plc	08/25/11		(25,643	)
U.S. Dollar	2,063,092	Japanese Yen	173,700,000	Barclays Bank Plc	08/30/11		(58,331	)
Norway Krones	16,471,500	Euro	1,995,457	Barclays Bank Plc	10/26/11		89,582
Norway Krones	16,471,500	Euro	2,007,960	Barclays Bank Plc	10/27/11		72,425
U.S. Dollar	389,929	Japanese Yen	31,518,000	Barclays Bank Plc	11/10/11		4,452
U.S. Dollar	588,491	Japanese Yen	47,197,000	Barclays Bank Plc	11/14/11		11,208
U.S. Dollar	418,684	Japanese Yen	34,438,000	Barclays Bank Plc	11/17/11		(2,565	)
U.S. Dollar	1,734,186	Japanese Yen	142,642,000	Barclays Bank Plc	11/17/11		(10,622	)
U.S. Dollar	2,398,842	Japanese Yen	198,912,000	Barclays Bank Plc	11/21/11		(34,456	)
U.S. Dollar	2,714,153	Japanese Yen	224,759,000	Barclays Bank Plc	11/29/11		(35,765	)
Australian Dollar	1,691,000	U.S. Dollar	1,579,394	Barclays Bank Plc	12/12/11		39,018
U.S. Dollar	755,841	Euro	572,000	Barclays Bank Plc	12/12/11		(22,949	)
U.S. Dollar	635,550	Japanese Yen	52,560,000	Barclays Bank Plc	01/10/12		(8,050	)
U.S. Dollar	863,075	Japanese Yen	71,290,000	Barclays Bank Plc	01/13/12		(9,926	)
United Kingdom Pound	2,154,295	U.S. Dollar	3,413,332	Barclays Bank Plc	01/24/12		18,885
U.S. Dollar	2,254,802	Japanese Yen	185,480,000	Barclays Bank Plc	01/26/12		(17,125	)
United Kingdom Pound	1,427,764	U.S. Dollar	2,245,623	Barclays Bank Plc	01/27/12		28,991
United Kingdom Pound	114,208	U.S. Dollar	180,068	Barclays Bank Plc	02/01/12		1,880
Chinese Yuan	128,500,000	U.S. Dollar	20,000,000	Barclays Bank Plc	12/24/12		238,189
Chinese Yuan	252,780,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13		(142,484	)
Chinese Yuan	251,000,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13		(423,149	)

142

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chinese Yuan	251,980,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13	$	(268,626	)
Hong Kong Dollar	307,196,000	U.S. Dollar	40,000,000	Barclays Bank Plc	10/28/13		(336,640	)
Hong Kong Dollar	307,740,000	U.S. Dollar	40,000,000	Barclays Bank Plc	10/28/13		(266,402	)
Euro	10,817,797	U.S. Dollar	14,790,188	Citibank, N.A.	02/01/11		20,823
U.S. Dollar	15,000,001	Euro	10,817,797	Citibank, N.A.	02/01/11		188,990
U.S. Dollar	10,249,114	Norway Krones	59,151,920	Citibank, N.A.	02/01/11		7,545
U.S. Dollar	20,000,001	Euro	14,056,216	Citibank, N.A.	02/08/11		756,782
U.S. Dollar	3,983,917	Euro	2,903,000	Citibank, N.A.	02/08/11		9,657
U.S. Dollar	14,587,234	United Kingdom Pound	8,971,752	Citibank, N.A.	02/08/11		216,672
Australian Dollar	569,000	Japanese Yen	42,113,397	Citibank, N.A.	02/09/11		53,348
Chilean Unidad de Fomento	422,200,000	U.S. Dollar	804,957	Citibank, N.A.	02/25/11		66,966
Australian Dollar	2,600,000	U.S. Dollar	2,505,503	Citibank, N.A.	02/28/11		77,198
Norway Krones	167,925,000	U.S. Dollar	27,387,388	Citibank, N.A.	02/28/11		1,650,556
U.S. Dollar	15,000,000	Japanese Yen	1,263,826,500	Citibank, N.A.	03/03/11		(400,306	)
Canadian Dollar	3,575,345	U.S. Dollar	3,535,077	Citibank, N.A.	03/09/11		32,878
U.S. Dollar	10,000,000	Japanese Yen	830,978,000	Citibank, N.A.	03/15/11		(126,993)
U.S. Dollar	10,000,000	Japanese Yen	834,613,000	Citibank, N.A.	03/16/11		(171,388	)
Polish Zloty	10,400,000	Euro	2,612,737	Citibank, N.A.	03/18/11		33,341
U.S. Dollar	25,390,694	Euro	18,500,000	Citibank, N.A.	03/18/11		75,867
U.S. Dollar	3,676,548	Japanese Yen	331,140,000	Citibank, N.A.	03/18/11		(359,115	)
U.S. Dollar	15,000,000	Japanese Yen	1,253,625,000	Citibank, N.A.	03/28/11		(279,595	)
U.S. Dollar	10,000,000	Japanese Yen	830,336,000	Citibank, N.A.	03/28/11		(120,409	)
U.S. Dollar	10,000,000	Japanese Yen	815,812,000	Citibank, N.A.	04/05/11		(9,156	)
Norway Krones	58,428,870	U.S. Dollar	9,761,256	Citibank, N.A.	04/07/11		321,018
U.S. Dollar	9,362,942	Euro	7,192,785	Citibank, N.A.	04/07/11		(476,901	)
Norway Krones	31,660,000	U.S. Dollar	5,371,573	Citibank, N.A.	04/18/11		88,587
U.S. Dollar	9,453,674	Euro	7,099,847	Citibank, N.A.	04/18/11		(257,669	)
U.S. Dollar	5,565,441	Euro	4,137,483	Citibank, N.A.	04/26/11		(93,333	)
Norway Krones	57,969,000	U.S. Dollar	9,997,241	Citibank, N.A.	04/27/11		(4,217	)
Chilean Unidad de Fomento	974,634,000	U.S. Dollar	1,867,115	Citibank, N.A.	04/28/11		135,811
Norway Krones	59,151,920	U.S. Dollar	10,204,152	Citibank, N.A.	04/28/11		(7,715	)
U.S. Dollar	14,775,227	Euro	10,817,797	Citibank, N.A.	04/28/11		(19,734	)
U.S. Dollar	9,926,827	Euro	7,266,375	Citibank, N.A.	04/28/11		(11,032	)
U.S. Dollar	1,123,710	Japanese Yen	100,093,000	Citibank, N.A.	05/10/11		(96,771	)
Swedish Krona	43,658,433	Euro	4,576,212	Citibank, N.A.	06/23/11		473,945
Indian Rupee	3,943,000	U.S. Dollar	81,686	Citibank, N.A.	07/18/11		1,624
U.S. Dollar	1,729,715	Japanese Yen	146,685,000	Citibank, N.A.	08/23/11		(61,525	)
Philippines Peso	14,164,000	U.S. Dollar	320,250	Citibank, N.A.	10/11/11		(3,776	)
U.S. Dollar	396,901	Japanese Yen	32,085,087	Citibank, N.A.	11/08/11		4,503
U.S. Dollar	674,082	Japanese Yen	55,787,000	Citibank, N.A.	11/29/11		(8,470	)
U.S. Dollar	317,975	Japanese Yen	26,280,000	Citibank, N.A.	01/10/12		(3,825	)
United Kingdom Pound	1,434,542	U.S. Dollar	2,266,964	Citibank, N.A.	01/24/12		18,545
U.S. Dollar	1,351,859	Euro	999,800	Citibank, N.A.	01/27/12		(8,043	)
United Kingdom Pound	920,410	U.S. Dollar	1,455,877	Citibank, N.A.	02/01/12		10,456
U.S. Dollar	1,713,047	Japanese Yen	145,609,000	Credit Suisse International	08/23/11		(65,053	)
Chinese Yuan	18,856,000	U.S. Dollar	2,839,545	Deutsche Bank AG	02/01/11		21,601

143

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	2,860,003	Chinese Yuan	18,856,000	Deutsche Bank AG	02/01/11	$	(1,143	)
Australian Dollar	569,000	Japanese Yen	42,199,316	Deutsche Bank AG	02/09/11		52,301
Norway Krones	24,487,000	Euro	2,942,901	Deutsche Bank AG	02/09/11		209,261
Chilean Unidad de Fomento	100,900,000	U.S. Dollar	187,808	Deutsche Bank AG	02/10/11		20,832
U.S. Dollar	850,461	Euro	622,000	Deutsche Bank AG	02/10/11		(1,048	)
Chilean Unidad de Fomento	195,520,000	U.S. Dollar	365,049	Deutsche Bank AG	02/11/11		39,213
Chilean Unidad de Fomento	99,700,000	U.S. Dollar	187,936	Deutsche Bank AG	02/14/11		18,154
South Korean Won	281,000,000	Japanese Yen	21,349,339	Deutsche Bank AG	02/14/11		(9,681	)
Chilean Unidad de Fomento	45,600,000	U.S. Dollar	87,189	Deutsche Bank AG	02/18/11		7,039
U.S. Dollar	2,170,825	Euro	1,580,000	Deutsche Bank AG	02/18/11		8,037
Chilean Unidad de Fomento	91,200,000	U.S. Dollar	174,562	Deutsche Bank AG	02/22/11		13,831
Chilean Unidad de Fomento	242,290,000	U.S. Dollar	461,461	Deutsche Bank AG	02/22/11		39,040
Chilean Unidad de Fomento	136,800,000	U.S. Dollar	261,668	Deutsche Bank AG	02/25/11		20,850
Chilean Unidad de Fomento	241,090,000	U.S. Dollar	461,063	Deutsche Bank AG	02/28/11		36,708
Chilean Unidad de Fomento	391,630,000	U.S. Dollar	748,815	Deutsche Bank AG	03/01/11		59,705
Swedish Krona	84,036,600	Euro	8,590,416	Deutsche Bank AG	03/01/11		1,258,323
Chilean Unidad de Fomento	58,500,000	U.S. Dollar	111,962	Deutsche Bank AG	03/02/11		8,801
Chilean Unidad de Fomento	245,410,000	U.S. Dollar	469,235	Deutsche Bank AG	03/04/11		37,287
Chilean Unidad de Fomento	481,250,000	U.S. Dollar	953,442	Deutsche Bank AG	03/10/11		39,361
Chilean Unidad de Fomento	480,420,000	U.S. Dollar	930,956	Deutsche Bank AG	03/15/11		59,727
Brazil Real	3,870,000	Japanese Yen	182,083,500	Deutsche Bank AG	03/18/11		77,417
Chilean Unidad de Fomento	1,894,715,000	U.S. Dollar	3,650,000	Deutsche Bank AG	03/18/11		256,167
Chilean Unidad de Fomento	231,460,000	U.S. Dollar	440,205	Deutsche Bank AG	03/31/11		36,466
Chilean Unidad de Fomento	245,910,000	U.S. Dollar	468,400	Deutsche Bank AG	04/04/11		37,874
Indian Rupee	27,793,000	U.S. Dollar	612,383	Deutsche Bank AG	04/11/11		(15,252	)
Indian Rupee	59,598,000	U.S. Dollar	1,313,020	Deutsche Bank AG	04/12/11		(32,787	)
Indian Rupee	13,777,000	U.S. Dollar	303,458	Deutsche Bank AG	04/19/11		(7,875	)
Swedish Krona	28,478,956	Euro	2,935,823	Deutsche Bank AG	04/19/11		385,933
Indian Rupee	27,912,000	U.S. Dollar	616,295	Deutsche Bank AG	04/26/11		(18,182	)
U.S. Dollar	4,568,664	Euro	3,440,000	Deutsche Bank AG	05/04/11		(135,635	)
Chilean Unidad de Fomento	101,400,000	U.S. Dollar	190,960	Deutsche Bank AG	05/10/11		17,236
U.S. Dollar	749,132	Japanese Yen	66,920,000	Deutsche Bank AG	05/10/11		(66,855	)

144

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Indian Rupee	37,818,000	U.S. Dollar	795,833	Deutsche Bank AG	06/01/11	$	9,585
U.S. Dollar	2,079,883	Euro	1,690,000	Deutsche Bank AG	06/03/11		(230,103	)
Indian Rupee	18,516,000	U.S. Dollar	383,037	Deutsche Bank AG	06/07/11		10,877
Indian Rupee	9,340,000	U.S. Dollar	193,215	Deutsche Bank AG	06/07/11		5,487
U.S. Dollar	2,039,490	Euro	1,700,000	Deutsche Bank AG	06/09/11		(283,936	)
Indian Rupee	7,542,000	U.S. Dollar	156,896	Deutsche Bank AG	06/10/11		3,468
Indian Rupee	18,877,000	U.S. Dollar	395,993	Deutsche Bank AG	06/16/11		4,951
Indian Rupee	17,195,000	U.S. Dollar	361,164	Deutsche Bank AG	06/20/11		3,793
Indian Rupee	43,847,000	U.S. Dollar	929,159	Deutsche Bank AG	06/24/11		808
Indian Rupee	29,111,000	U.S. Dollar	600,227	Deutsche Bank AG	07/11/11		15,505
Indian Rupee	14,708,000	U.S. Dollar	304,199	Deutsche Bank AG	07/12/11		6,846
Polish Zloty	11,489,000	Euro	2,824,932	Deutsche Bank AG	08/12/11		77,708
U.S. Dollar	1,060,606	Japanese Yen	90,125,000	Deutsche Bank AG	08/18/11		(39,845	)
U.S. Dollar	866,455	Japanese Yen	73,510,000	Deutsche Bank AG	08/22/11		(31,193	)
U.S. Dollar	856,972	Japanese Yen	72,553,000	Deutsche Bank AG	08/23/11		(29,007	)
Indian Rupee	24,142,000	U.S. Dollar	499,008	Deutsche Bank AG	08/24/11		8,298
U.S. Dollar	1,080,726	Japanese Yen	91,705,000	Deutsche Bank AG	08/25/11		(39,171	)
U.S. Dollar	354,812	Japanese Yen	30,137,000	Deutsche Bank AG	08/25/11		(13,220	)
Indian Rupee	17,072,000	U.S. Dollar	350,771	Deutsche Bank AG	09/01/11		7,553
Philippines Peso	36,054,000	U.S. Dollar	801,271	Deutsche Bank AG	10/04/11		4,530
Philippines Peso	43,106,000	U.S. Dollar	962,553	Deutsche Bank AG	10/05/11		821
Philippines Peso	35,386,000	U.S. Dollar	795,441	Deutsche Bank AG	10/07/11		(4,666	)
Philippines Peso	28,316,000	U.S. Dollar	639,491	Deutsche Bank AG	10/11/11		(6,811	)
Philippines Peso	8,431,000	U.S. Dollar	191,327	Deutsche Bank AG	10/12/11		(2,956	)
Malaysian Ringgit	9,854,250	U.S. Dollar	3,154,268	Deutsche Bank AG	10/19/11		37,084
Philippines Peso	7,672,000	U.S. Dollar	174,205	Deutsche Bank AG	10/19/11		(2,841	)
U.S. Dollar	3,148,624	Malaysian Ringgit	9,854,250	Deutsche Bank AG	10/19/11		(42,728	)
Philippines Peso	30,667,000	U.S. Dollar	690,947	Deutsche Bank AG	10/21/11		(6,016	)
Indian Rupee	12,552,000	U.S. Dollar	270,226	Deutsche Bank AG	10/26/11		(8,867	)
Philippines Peso	29,828,000	U.S. Dollar	676,203	Deutsche Bank AG	10/26/11		(10,145	)
Indian Rupee	26,507,000	U.S. Dollar	570,288	Deutsche Bank AG	10/27/11		(18,436	)
Philippines Peso	11,971,000	U.S. Dollar	272,489	Deutsche Bank AG	10/28/11		(5,199	)
Philippines Peso	40,980,000	U.S. Dollar	933,273	Deutsche Bank AG	10/28/11		(18,265	)
Philippines Peso	13,380,000	U.S. Dollar	311,011	Deutsche Bank AG	11/04/11		(12,322	)
U.S. Dollar	10,018,272	Euro	7,160,000	Deutsche Bank AG	11/09/11		262,685
Philippines Peso	44,300,000	U.S. Dollar	1,028,988	Deutsche Bank AG	11/14/11		(40,347	)
U.S. Dollar	1,747,646	Japanese Yen	143,060,000	Deutsche Bank AG	11/16/11		(2,241	)
Australian Dollar	2,540,000	U.S. Dollar	2,385,314	Deutsche Bank AG	11/28/11		50,159
Australian Dollar	3,384,000	U.S. Dollar	3,104,820	Deutsche Bank AG	12/01/11		138,634
U.S. Dollar	1,652,766	Japanese Yen	138,320,000	Deutsche Bank AG	12/01/11		(39,640	)
U.S. Dollar	871,838	Euro	670,000	Deutsche Bank AG	12/02/11		(40,582	)
Australian Dollar	1,355,000	U.S. Dollar	1,280,692	Deutsche Bank AG	12/09/11		16,658
Australian Dollar	1,690,000	U.S. Dollar	1,597,540	Deutsche Bank AG	12/09/11		20,557
U.S. Dollar	1,439,734	Euro	1,111,000	Deutsche Bank AG	01/11/12		(71,915	)
U.S. Dollar	318,816	Japanese Yen	26,360,000	Deutsche Bank AG	01/12/12		(3,977	)
Philippines Peso	12,113,000	U.S. Dollar	271,866	Deutsche Bank AG	01/18/12		(2,058	)
U.S. Dollar	1,287,357	Euro	971,000	Deutsche Bank AG	01/18/12		(33,602	)
Philippines Peso	7,579,000	U.S. Dollar	170,660	Deutsche Bank AG	01/19/12		(1,848	)
United Kingdom Pound	2,148,211	U.S. Dollar	3,400,446	Deutsche Bank AG	01/24/12		22,078
U.S. Dollar	562,666	Japanese Yen	46,250,000	Deutsche Bank AG	01/26/12		(3,846	)
U.S. Dollar	1,315,679	Japanese Yen	107,975,103	Deutsche Bank AG	01/26/12		(6,898	)

145

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
United Kingdom Pound	1,126,580	U.S. Dollar	1,792,558	Deutsche Bank AG	01/26/12	$	2,231
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	813,739	Deutsche Bank AG	01/27/12		12,415
Chilean Unidad de Fomento	947,430,000	U.S. Dollar	1,888,063	Deutsche Bank AG	01/30/12		12,732
Chilean Unidad de Fomento	571,560,000	U.S. Dollar	1,138,452	Deutsche Bank AG	01/31/12		8,102
U.S. Dollar	2,538,266	Euro	1,856,000	HSBC Bank USA, N.A.	02/09/11		(2,602	)
South Korean Won	946,000,000	Japanese Yen	71,170,628	HSBC Bank USA, N.A.	02/10/11		(23,744	)
South Korean Won	1,412,000,000	U.S. Dollar	1,209,836	HSBC Bank USA, N.A.	02/14/11		48,623
U.S. Dollar	189,656	New Zealand Dollar	281,849	HSBC Bank USA, N.A.	02/14/11		(27,625	)
U.S. Dollar	1,167,425	South Korean Won	1,412,000,000	HSBC Bank USA, N.A.	02/14/11		(91,035	)
U.S. Dollar	570,107	Japanese Yen	51,260,000	HSBC Bank USA, N.A.	02/22/11		(54,485	)
U.S. Dollar	608,083	Japanese Yen	54,300,000	HSBC Bank USA, N.A.	03/01/11		(53,577	)
U.S. Dollar	394,096	Euro	288,000	HSBC Bank USA, N.A.	03/08/11		(45	)
Philippines Peso	86,101,500	U.S. Dollar	1,830,000	HSBC Bank USA, N.A.	03/17/11		111,398
Australian Dollar	410,000	Japanese Yen	32,250,600	HSBC Bank USA, N.A.	03/18/11		13,236
Chinese Yuan	48,501,200	U.S. Dollar	7,300,000	HSBC Bank USA, N.A.	03/18/11		61,270
Indian Rupee	203,451,000	U.S. Dollar	4,380,000	HSBC Bank USA, N.A.	03/18/11		10,169
South Korean Won	418,000,000	Japanese Yen	32,768,379	HSBC Bank USA, N.A.	03/18/11		(27,552	)
U.S. Dollar	9,500,000	Japanese Yen	853,717,500	HSBC Bank USA, N.A.	03/18/11		(904,410	)
U.S. Dollar	1,463,430	Euro	1,072,000	HSBC Bank USA, N.A.	04/14/11		(2,952	)
Indian Rupee	1,121,000	U.S. Dollar	23,496	HSBC Bank USA, N.A.	06/03/11		369
Indian Rupee	5,548,000	U.S. Dollar	116,286	HSBC Bank USA, N.A.	06/03/11		1,829
Indian Rupee	37,033,000	U.S. Dollar	768,160	HSBC Bank USA, N.A.	06/03/11		20,256
Indian Rupee	7,436,000	U.S. Dollar	156,120	HSBC Bank USA, N.A.	06/08/11		2,047
Indian Rupee	18,770,000	U.S. Dollar	390,537	HSBC Bank USA, N.A.	06/13/11		8,349
Indian Rupee	29,446,000	U.S. Dollar	619,785	HSBC Bank USA, N.A.	06/27/11		4,409
U.S. Dollar	861,685	Japanese Yen	73,232,000	HSBC Bank USA, N.A.	08/19/11		(32,516	)
Indian Rupee	27,858,000	U.S. Dollar	576,782	HSBC Bank USA, N.A.	08/24/11		8,610
U.S. Dollar	860,775	Japanese Yen	71,955,000	HSBC Bank USA, N.A.	08/26/11		(17,953	)
U.S. Dollar	1,296,408	Japanese Yen	108,371,000	HSBC Bank USA, N.A.	08/26/11		(27,040	)
U.S. Dollar	1,291,958	Japanese Yen	107,999,000	HSBC Bank USA, N.A.	08/26/11		(26,947	)
U.S. Dollar	725,034	Japanese Yen	60,608,000	HSBC Bank USA, N.A.	08/26/11		(15,122	)
U.S. Dollar	1,075,457	Japanese Yen	89,901,000	HSBC Bank USA, N.A.	08/26/11		(22,431	)
U.S. Dollar	357,493	Japanese Yen	29,884,000	HSBC Bank USA, N.A.	08/26/11		(7,456	)
Philippines Peso	36,100,000	U.S. Dollar	798,938	HSBC Bank USA, N.A.	09/30/11		8,022
Philippines Peso	28,800,000	U.S. Dollar	637,344	HSBC Bank USA, N.A.	10/03/11		6,357
Philippines Peso	28,921,000	U.S. Dollar	641,748	HSBC Bank USA, N.A.	10/04/11		4,632
Philippines Peso	43,117,000	U.S. Dollar	963,336	HSBC Bank USA, N.A.	10/05/11		283
Philippines Peso	28,370,000	U.S. Dollar	639,699	HSBC Bank USA, N.A.	10/11/11		(5,813	)
Philippines Peso	14,058,000	U.S. Dollar	316,657	HSBC Bank USA, N.A.	10/13/11		(2,578	)
U.S. Dollar	941,165	Euro	677,000	HSBC Bank USA, N.A.	10/17/11		18,278
U.S. Dollar	948,225	Euro	676,000	HSBC Bank USA, N.A.	10/18/11		26,721
Philippines Peso	27,840,000	U.S. Dollar	630,978	HSBC Bank USA, N.A.	10/19/11		(9,136	)
U.S. Dollar	1,270,906	Euro	910,000	HSBC Bank USA, N.A.	10/19/11		30,447
Indian Rupee	12,846,000	U.S. Dollar	277,033	HSBC Bank USA, N.A.	10/26/11		(9,552	)

146

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Philippines Peso	27,840,000	U.S. Dollar	630,264	HSBC Bank USA, N.A.	10/26/11	$	(8,597	)
Indian Rupee	19,137,000	U.S. Dollar	413,952	HSBC Bank USA, N.A.	10/27/11		(15,537	)
Philippines Peso	20,490,000	U.S. Dollar	466,636	HSBC Bank USA, N.A.	10/27/11		(9,114	)
Philippines Peso	13,660,000	U.S. Dollar	311,162	HSBC Bank USA, N.A.	10/28/11		(6,159	)
Philippines Peso	26,680,000	U.S. Dollar	606,777	HSBC Bank USA, N.A.	10/31/11		(11,115	)
U.S. Dollar	451,609	Japanese Yen	37,330,000	HSBC Bank USA, N.A.	11/17/11		(5,015	)
U.S. Dollar	944,054	Euro	720,487	HSBC Bank USA, N.A.	12/06/11		(37,033	)
U.S. Dollar	319,821	Japanese Yen	26,390,000	HSBC Bank USA, N.A.	01/12/12		(3,339	)
U.S. Dollar	870,276	Japanese Yen	71,830,000	HSBC Bank USA, N.A.	01/13/12		(9,338	)
Philippines Peso	10,860,000	U.S. Dollar	246,914	HSBC Bank USA, N.A.	01/17/12		(5,008	)
Philippines Peso	21,239,000	U.S. Dollar	476,799	HSBC Bank USA, N.A.	01/18/12		(3,716	)
Philippines Peso	27,840,000	U.S. Dollar	618,255	HSBC Bank USA, N.A.	01/26/12		1,714
U.S. Dollar	2,436,534	Japanese Yen	199,698,335	HSBC Bank USA, N.A.	01/27/12		(9,552	)
Euro	14,056,216	U.S. Dollar	19,284,581	JPMorgan Chase Bank, N.A.	02/08/11		(41,362	)
Philippines Peso	424,400,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	02/08/11		(414,123	)
South Korean Won	324,000,000	Japanese Yen	24,545,454	JPMorgan Chase Bank, N.A.	02/14/11		(10,299	)
South Korean Won	189,000,000	Japanese Yen	14,468,345	JPMorgan Chase Bank,N.A.	02/16/11		(7,866	)
U.S. Dollar	2,167,436	Euro	1,593,000	JPMorgan Chase Bank, N.A.	02/16/11		(13,200	)
Chilean Unidad de Fomento	91,400,000	U.S. Dollar	174,427	JPMorgan Chase Bank, N.A.	02/18/11		14,442
Chilean Unidad de Fomento	155,200,000	U.S. Dollar	296,664	JPMorgan Chase Bank, N.A.	02/22/11		23,934
U.S. Dollar	570,127	Japanese Yen	51,300,000	JPMorgan Chase Bank, N.A.	02/22/11		(54,953	)
U.S. Dollar	10,000,001	Euro	7,338,108	JPMorgan Chase Bank, N.A.	02/24/11		(44,068	)
Chilean Unidad de Fomento	62,400,000	U.S. Dollar	118,631	JPMorgan Chase Bank, N.A.	02/28/11		10,204
Japanese Yen	2,080,087,500	U.S. Dollar	25,341,456	JPMorgan Chase Bank, N.A.	02/28/11		4,833
U.S. Dollar	607,736	Japanese Yen	54,300,000	JPMorgan Chase Bank, N.A.	03/01/11		(53,924	)
U.S. Dollar	15,000,001	Euro	11,528,104	JPMorgan Chase Bank, N.A.	03/02/11		(777,981	)
Japanese Yen	1,263,826,500	U.S. Dollar	15,399,335	JPMorgan Chase Bank, N.A.	03/03/11		971
U.S. Dollar	15,000,000	Japanese Yen	1,254,262,500	JPMorgan Chase Bank, N.A.	03/03/11		(283,764	)
U.S. Dollar	15,000,000	Japanese Yen	1,244,074,500	JPMorgan Chase Bank, N.A.	03/07/11		(160,190	)
Chilean Unidad de Fomento	92,200,000	U.S. Dollar	178,648	JPMorgan Chase Bank, N.A.	03/21/11		11,386
Indonesian Rupiah	225,750,000,000	U.S. Dollar	25,094,486	JPMorgan Chase Bank, N.A.	04/05/11		(468,184	)

147

Old Westbury Funds, Inc.

Notes To Schedules of Portfolio Investments - (Continued)

January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation/ (Depreciation)
Indian Rupee	40,031,000	U.S. Dollar	884,468	JPMorgan Chase Bank, N.A.	04/13/11	$	(24,706	)
Indian Rupee	39,295,000	U.S. Dollar	868,206	JPMorgan Chase Bank, N.A.	04/15/11		(24,548	)
Indian Rupee	19,629,000	U.S. Dollar	431,881	JPMorgan Chase Bank, N.A.	04/19/11		(10,745	)
Malaysian Ringgit	967,775	U.S. Dollar	296,591	JPMorgan Chase Bank, N.A.	04/19/11		19,143
U.S. Dollar	310,583	Malaysian Ringgit	967,775	JPMorgan Chase Bank, N.A.	04/19/11		(5,151	)
Malaysian Ringgit	2,773,000	U.S. Dollar	853,888	JPMorgan Chase Bank, N.A.	04/22/11		50,675
U.S. Dollar	889,837	Malaysian Ringgit	2,773,000	JPMorgan Chase Bank, N.A.	04/22/11		(14,725	)
Singapore Dollar	25,652,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	04/25/11		53,754
Chilean Unidad de Fomento	4,957,500,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	04/26/11		189,470
Chilean Unidad de Fomento	604,651,000	U.S. Dollar	1,151,168	JPMorgan Chase Bank, N.A.	04/27/11		91,517
Indian Rupee	3,982,000	U.S. Dollar	87,864	JPMorgan Chase Bank, N.A.	04/27/11		(2,551	)
Philippines Peso	887,400,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	04/27/11		(33,450	)
Indian Rupee	19,756,000	U.S. Dollar	435,922	JPMorgan Chase Bank, N.A.	04/28/11		(12,729	)
Indian Rupee	19,775,000	U.S. Dollar	436,534	JPMorgan Chase Bank, N.A.	04/29/11		(13,007	)
Malaysian Ringgit	11,250,000	U.S. Dollar	3,342,345	JPMorgan Chase Bank, N.A.	05/26/11		322,735
U.S. Dollar	3,606,578	Malaysian Ringgit	11,250,000	JPMorgan Chase Bank, N.A.	05/26/11		(58,502	)
Indian Rupee	28,975,000	U.S. Dollar	607,697	JPMorgan Chase Bank, N.A.	06/22/11		7,064
Indian Rupee	29,134,000	U.S. Dollar	600,330	JPMorgan Chase Bank, N.A.	07/12/11		15,795
Indian Rupee	17,688,000	U.S. Dollar	364,476	JPMorgan Chase Bank, N.A.	07/12/11		9,589
Indian Rupee	3,943,000	U.S. Dollar	81,551	JPMorgan Chase Bank, N.A.	07/20/11		1,734
U.S. Dollar	861,309	Japanese Yen	73,573,000	JPMorgan Chase Bank, N.A.	08/18/11		(37,038	)
U.S. Dollar	1,725,080	Japanese Yen	146,373,000	JPMorgan Chase Bank, N.A.	08/24/11		(62,385	)
U.S. Dollar	711,690	Japanese Yen	60,273,000	JPMorgan Chase Bank, N.A.	08/26/11		(24,376	)
U.S. Dollar	360,454	Japanese Yen	30,516,000	JPMorgan Chase Bank, N.A.	08/26/11		(12,214	)
U.S. Dollar	35,841	Japanese Yen	3,035,000	JPMorgan Chase Bank, N.A.	08/26/11		(1,223	)

148

Old Westbury Funds, Inc.

Notes To Schedules of Portfolio Investments - (Continued)

January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	223,334	Japanese Yen	18,903,000	JPMorgan Chase Bank, N.A.	08/26/11	$	(7,513	)
U.S. Dollar	930,825	Euro	737,287	JPMorgan Chase Bank, N.A.	08/29/11		(75,328	)
U.S. Dollar	857,107	Japanese Yen	72,717,000	JPMorgan Chase Bank, N.A.	09/01/11		(31,031	)
U.S. Dollar	376,089	Japanese Yen	31,505,000	JPMorgan Chase Bank, N.A.	09/30/11		(8,920	)
Philippines Peso	11,388,000	U.S. Dollar	254,401	JPMorgan Chase Bank, N.A.	10/06/11		99
Philippines Peso	14,127,000	U.S. Dollar	318,901	JPMorgan Chase Bank, N.A.	10/11/11		(3,254	)
Philippines Peso	34,993,000	U.S. Dollar	789,642	JPMorgan Chase Bank, N.A.	10/13/11		(7,839	)
Philippines Peso	4,585,000	U.S. Dollar	104,449	JPMorgan Chase Bank, N.A.	10/17/11		(2,029	)
Philippines Peso	15,226,000	U.S. Dollar	346,857	JPMorgan Chase Bank, N.A.	10/17/11		(6,738	)
Philippines Peso	15,399,000	U.S. Dollar	347,043	JPMorgan Chase Bank, N.A.	10/21/11		(3,115	)
Philippines Peso	14,923,000	U.S. Dollar	338,375	JPMorgan Chase Bank, N.A.	10/26/11		(5,145	)
U.S. Dollar	873,005	Japanese Yen	71,438,000	JPMorgan Chase Bank, N.A.	11/16/11		(813	)
Philippines Peso	67,662,000	U.S. Dollar	1,536,899	JPMorgan Chase Bank, N.A.	01/13/12		(29,558	)
Philippines Peso	30,247,000	U.S. Dollar	672,380	JPMorgan Chase Bank, N.A.	01/19/12		1,329
United Kingdom Pound	283,529	U.S. Dollar	451,095	JPMorgan Chase Bank, N.A.	01/27/12		604
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	247,040	JPMorgan Chase Bank, N.A.	01/30/12		3,301
United Kingdom Pound	563,220	U.S. Dollar	886,429	JPMorgan Chase Bank, N.A.	01/30/12		10,853
Chinese Yuan	254,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	01/14/13		176,023
Chinese Yuan	252,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	01/14/13		(139,331	)
Hong Kong Dollar	924,576,000	U.S. Dollar	120,000,000	JPMorgan Chase Bank, N.A.	10/28/13		(624,128	)
Hong Kong Dollar	307,680,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	10/28/13		(274,149	)
Australian Dollar	4,488,527	U.S. Dollar	3,738,000	Morgan Stanley Capital Services, Inc.	02/08/11		730,941
U.S. Dollar	361,534	Japanese Yen	32,163,000	Morgan Stanley Capital Services, Inc.	02/10/11		(30,338	)
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	375,650	Morgan Stanley Capital Services, Inc.	02/16/11		35,014
U.S. Dollar	399,799	Chilean Unidad de Fomento	198,700,000	Morgan Stanley Capital Services, Inc.	02/16/11		(10,865	)

149

Old Westbury Funds, Inc.

Notes To Schedules of Portfolio Investments - (Continued)

January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	275,600,000	U.S. Dollar	523,417	Morgan Stanley Capital Services, Inc.	02/22/11	$	45,893
Chilean Unidad de Fomento	202,200,000	U.S. Dollar	387,334	Morgan Stanley Capital Services, Inc.	02/22/11		30,353
Chilean Unidad de Fomento	91,400,000	U.S. Dollar	174,527	Morgan Stanley Capital Services, Inc.	02/24/11		14,247
Chilean Unidad de Fomento	195,220,000	U.S. Dollar	373,370	Morgan Stanley Capital Services, Inc.	02/25/11		29,797
Chilean Unidad de Fomento	234,800,000	U.S. Dollar	447,664	Morgan Stanley Capital Services, Inc.	03/01/11		37,080
Chilean Unidad de Fomento	99,000,000	U.S. Dollar	191,212	Morgan Stanley Capital Services, Inc.	03/15/11		12,938
U.S. Dollar	2,206,388	Japanese Yen	198,800,000	Morgan Stanley Capital Services, Inc.	03/18/11		(216,423	)
Israel Shekel	1,053,768	U.S. Dollar	280,638	Morgan Stanley Capital Services, Inc.	03/29/11		3,309
U.S. Dollar	290,142	ILS	1,053,768	Morgan Stanley Capital Services, Inc.	03/29/11		6,195
Israel Shekel	640,064	U.S. Dollar	170,720	Morgan Stanley Capital Services, Inc.	03/31/11		1,747
U.S. Dollar	176,227	ILS	640,064	Morgan Stanley Capital Services, Inc.	03/31/11		3,759
Chilean Unidad de Fomento	2,019,320,000	U.S. Dollar	3,844,420	Morgan Stanley Capital Services, Inc.	04/25/11		306,332
Polish Zloty	4,031,000	Euro	948,984	Morgan Stanley Capital Services, Inc.	05/24/11		93,220
U.S. Dollar	845,234	Euro	686,000	Morgan Stanley Capital Services, Inc.	06/03/11		(92,429	)
U.S. Dollar	680,448	Japanese Yen	57,800,000	Morgan Stanley Capital Services, Inc.	08/22/11		(25,361	)
U.S. Dollar	10,000,000	Japanese Yen	807,305,000	Morgan Stanley Capital Services, Inc.	11/10/11		126,337
Norway Krones	1,495,190	Euro	180,175	Morgan Stanley Capital Services, Inc.	11/25/11		9,128
Norway Krones	2,300,000	Euro	276,629	Morgan Stanley Capital Services, Inc.	11/28/11		14,713
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	391,566	Morgan Stanley Capital Services, Inc.	01/13/12		7,739
United Kingdom Pound	850,886	U.S. Dollar	1,339,495	Morgan Stanley Capital Services, Inc.	01/27/12		16,078
United Kingdom Pound	274,877	U.S. Dollar	435,158	Morgan Stanley Capital Services, Inc.	01/31/12		2,757
United Kingdom Pound	1,059,704	U.S. Dollar	1,670,427	Morgan Stanley Capital Services, Inc.	02/01/12		17,819
Chinese Yuan	339,285,000	U.S. Dollar	50,000,000	The Bank of New York Mellon Corp.	06/13/11		1,779,465
Norway Krones	59,151,920	U.S. Dollar	10,000,000	UBS AG	02/01/11		241,569
Philippines Peso	688,200,000	U.S. Dollar	16,095,234	UBS AG	02/03/11		(546,471	)
Chilean Unidad de Fomento	7,341,750,000	U.S. Dollar	15,000,000	UBS AG	02/04/11		188,024

150

Old Westbury Funds, Inc.

Notes To Schedules of Portfolio Investments - (Continued)

January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Norway Krones	58,692,000	Euro Chilean Unidad de	7,136,755	UBS AG	02/04/11	$	389,696
U.S. Dollar	15,016,875	Fomento	7,341,750,000	UBS AG	02/04/11		(171,150	)
Australian Dollar	4,487,287	U.S. Dollar	3,738,000	UBS AG	02/08/11		729,707
Brazil Real	27,919,500	U.S. Dollar	16,285,289	UBS AG	02/08/11		431,287
Indian Rupee	459,950,000	U.S. Dollar	10,248,440	UBS AG	02/08/11		(247,327	)
Indonesian Rupiah	194,900,000,000	U.S. Dollar	21,906,261	UBS AG	02/08/11		(409,635	)
Norway Krones	12,261,800	Euro	1,471,422	UBS AG	02/08/11		107,912
U.S. Dollar	20,767,664	Euro	14,599,413	UBS AG	02/08/11		780,801
U.S. Dollar	2,988,694	Euro	2,177,000	UBS AG	02/08/11		8,342
Norway Krones	17,138,000	Euro	2,059,980	UBS AG	02/09/11		146,051
Norway Krones	57,820,000	U.S. Dollar	10,000,000	UBS AG	02/09/11		7,223
Singapore Dollar	12,833,800	U.S. Dollar	10,000,000	UBS AG	02/09/11		31,984
Norway Krones	58,266,030	U.S. Dollar	10,000,000	UBS AG	02/10/11		83,949
U.S. Dollar	2,509,594	Euro	1,825,000	UBS AG	02/11/11		11,226
Hong Kong Dollar	26,638,400	U.S. Dollar	3,439,099	UBS AG	02/14/11		(21,906	)
Singapore Dollar	2,828,520	U.S. Dollar	2,189,969	UBS AG	02/14/11		21,053
U.S. Dollar	10,638,838	Euro	7,772,895	UBS AG	02/14/11		(1,628	)
U.S. Dollar	4,765,218	United Kingdom Pound	2,974,933	UBS AG	02/14/11		298
U.S. Dollar	2,166,321	Euro	1,593,000	UBS AG	02/16/11		(14,315	)
U.S. Dollar	2,170,620	Euro	1,580,000	UBS AG	02/18/11		7,832
Australian Dollar	3,180,600	U.S. Dollar	3,104,711	UBS AG	02/22/11		56,912
Philippines Peso	456,900,000	U.S. Dollar	10,268,570	UBS AG	02/24/11		42,568
Singapore Dollar	16,009,000	U.S. Dollar	12,208,783	UBS AG	02/28/11		305,448
U.S. Dollar	681,220	Japanese Yen	60,600,000	UBS AG	03/01/11		(57,207	)
Chinese Yuan	265,700,000	U.S. Dollar	40,000,000	UBS AG	03/02/11		297,262
U.S. Dollar	20,000,002	Euro	14,921,966	UBS AG	03/07/11		(421,674	)
U.S. Dollar	1,479,341	Euro	1,080,000	UBS AG	03/07/11		1,291
U.S. Dollar	10,000,000	Japanese Yen	839,300,000	UBS AG	03/10/11		(227,930	)
Philippines Peso	1,385,700,000	U.S. Dollar	31,789,401	UBS AG	03/15/11		(542,607	)
Chinese Yuan	331,400,000	U.S. Dollar	50,000,000	UBS AG	03/16/11		293,658
Indonesian Rupiah	184,000,000,000	U.S. Dollar	20,148,927	UBS AG	03/21/11		(20,284	)
Singapore Dollar	13,152,500	U.S. Dollar	10,000,000	UBS AG	03/21/11		281,594
Philippines Peso	443,200,000	U.S. Dollar	10,019,216	UBS AG	03/22/11		(27,895	)
Brazil Real	9,685,000	U.S. Dollar	5,595,032	UBS AG	03/23/11		145,400
Indonesian Rupiah	101,200,000,000	U.S. Dollar	11,088,588	UBS AG	03/23/11		(22,473	)
Malaysian Ringgit	46,447,500	U.S. Dollar	14,779,489	UBS AG	03/23/11		392,293
Norway Krones	59,200,000	U.S. Dollar	9,857,138	UBS AG	03/23/11		366,527
U.S. Dollar	9,495,137	Euro	7,269,973	UBS AG	03/28/11		(451,575	)
U.S. Dollar	9,610,622	Euro	7,359,543	UBS AG	03/28/11		(458,640	)
Indonesian Rupiah	183,270,000,000	U.S. Dollar	20,338,475	UBS AG	04/04/11		(346,172	)
South Korean Won	22,482,500,000	U.S. Dollar	19,774,396	UBS AG	04/04/11		205,999
Malaysian Ringgit	66,320,000	U.S. Dollar	21,487,121	UBS AG	04/07/11		161,177
South Korean Won	11,505,000,000	U.S. Dollar	10,173,313	UBS AG	04/07/11		49,164
U.S. Dollar	14,162,156	Euro	10,780,563	UBS AG	04/07/11		(585,823	)
Philippines Peso	434,200,000	U.S. Dollar	9,830,201	UBS AG	04/14/11		(53,051	)
Indonesian Rupiah	183,900,000,000	U.S. Dollar	20,000,000	UBS AG	04/18/11		12,605
Malaysian Ringgit	62,295,000	U.S. Dollar	20,332,594	UBS AG	04/18/11		(8,119	)

151

Old Westbury Funds, Inc.

Notes To Schedules of Portfolio Investments - (Continued)

January 31, 2011(Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
South Korean Won	11,700,000,000	U.S. Dollar	10,466,240	UBS AG	04/21/11	$	(80,533	)
U.S. Dollar	9,690,834	Euro	7,198,450	UBS AG	04/26/11		(154,377	)
Norway Krones	86,955,000	U.S. Dollar	15,000,000	UBS AG	04/27/11		(10,206	)
Chilean Unidad de Fomento	7,341,750,000	U.S. Dollar	14,932,879	UBS AG	04/28/11		154,820
U.S. Dollar	1,123,711	Japanese Yen	100,044,000	UBS AG	05/10/11		(96,173	)
Swedish Krona	12,088,000	Euro	1,257,398	UBS AG	06/29/11		144,028
Swedish Krona	8,778,000	Euro	915,185	UBS AG	06/29/11		101,728
U.S. Dollar	1,742,354	Japanese Yen	148,060,000	UBS AG	08/18/11		(65,500	)
Norway Krones	10,525,000	Euro	1,305,022	UBS AG	08/22/11		21,175
Norway Krones	10,525,000	Euro	1,306,236	UBS AG	08/23/11		19,443
U.S. Dollar	2,120,325	Euro	1,675,590	UBS AG	08/26/11		(166,453	)
U.S. Dollar	907,497	Japanese Yen	76,178,000	UBS AG	08/26/11		(22,804	)
U.S. Dollar	1,075,384	Japanese Yen	90,271,000	UBS AG	08/26/11		(27,022	)
Norway Krones	4,194,700	Euro	505,331	UBS AG	11/07/11		26,332
U.S. Dollar	398,400	Japanese Yen	31,954,500	UBS AG	11/14/11		7,553
Australian Dollar	663,000	U.S. Dollar	624,016	UBS AG	11/17/11		12,624
U.S. Dollar	693,077	Japanese Yen	57,068,000	UBS AG	11/17/11		(4,983	)
Norway Krones	460,000	Euro	55,295	UBS AG	11/28/11		2,984
Norway Krones	12,598,000	Euro	1,526,198	UBS AG	11/28/11		65,616
Norway Krones	4,080,000	Euro	494,545	UBS AG	12/01/11		20,798
U.S. Dollar	317,825	Japanese Yen	26,280,000	UBS AG	01/10/12		(3,975	)
U.S. Dollar	2,253,594	Euro	1,741,000	UBS AG	01/11/12		(115,246	)
U.S. Dollar	686,740	Japanese Yen	56,700,000	UBS AG	01/13/12		(7,596	)
U.S. Dollar	1,974,089	Japanese Yen	162,280,000	UBS AG	01/26/12		(13,663	)
						$	2,864,787

C. Swap Agreements. The Funds entered into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the securitiy, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by the Fund at the expiration or other termination of the swap agreements are recorded in the accompanying 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). 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”.

152

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

D. Options. The Funds purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

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

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

In purchasing and writing options, the Fund bears the market risk of an unfavorable change in the price of the underlying instrument 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 or selling 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 Real Return Fund written option transactions for the period is as follows:

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 2010		9,200		$	199,854,433
Options written		—			—
Options expired		—			—
Options terminated in closing purchase transactions		(5,000	)		(188,017,433	)
Contracts outstanding at January 31, 2011		4,200		$	11,837,000

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, 2010		16,000	$	5,794,995
Options written		27,000		9,306,618
Options expired		—		—
Options terminated in closing purchase transactions		—		—
Contracts outstanding at January 31, 2011		43,000	$	15,101,613

153

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

6. Fair Value Measurements:

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

•          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 January 31, 2011 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	$	517,521,960	(a)	$	—	$	—	$	517,521,960
Exchange Traded Fund		15,417,883			—		—		15,417,883
Investment Company		6,674,000			—		—		6,674,000
Total	$	539,613,843		$	—	$	—	$	539,613,843
Non U.S. Large Cap Fund
Equity Securities	$	2,661,629,948	(a)	$	—	$	—	$	2,661,629,948
Investment Company		128,658,600			—		—		128,658,600
U.S. Government Agencies		—			24,999,924		—		24,999,924
Total	$	2,790,288,548		$	24,999,924	$	—	$	2,815,288,472
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	70,406,631		$	8,069	$	13,657	$	70,428,357
Austria		12,489,799			—		—		12,489,799
Bahamas		686			—		—		686
Belgium		18,640,208			—		—		18,640,208
Bermuda		15,020,052			—		—		15,020,052
Brazil		41,864,828			—		—		41,864,828
Canada		110,157,272			—		—		110,157,272
Cayman Islands		240,175			—		—		240,175
Chile		9,267,608			—		—		9,267,608
China		23,816,551			—		12,723		23,829,274
Cyprus		2,056,233			—		—		2,056,233
Denmark		12,320,181			—		—		12,320,181
Finland		146,751,059			—		—		146,751,059
France		125,598,894			—		—		125,598,894
Germany		48,153,383			—		—		48,153,383
Greece		9,224,636			—		—		9,224,636
Hong Kong		62,145,765			—		163,276		62,309,041
Hungary		1,691,546			—		—		1,691,546

154

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
India	$	30,925,493	$	—	$	2,787	$	30,928,280
Indonesia		10,464,332		—		29,042		10,493,374
Ireland		9,913,761		—		—		9,913,761
Israel		115,855,648		—		50,915		115,906,563
Italy		32,155,160		—		12,151		32,167,311
Japan		204,718,035		—		—		204,718,035
Liechtenstein		537,720		—		—		537,720
Luxembourg		424,671		—		—		424,671
Malaysia		14,868,881		—		—		14,868,881
Mexico		13,631,064		—		—		13,631,064
Monaco		33,314		—		—		33,314
Netherlands		25,111,435		—		—		25,111,435
New Zealand		4,504,181		—		—		4,504,181
Norway		8,794,378		—		—		8,794,378
Peru		350,286		—		—		350,286
Philippines		5,685,475		—		—		5,685,475
Poland		6,490,415		—		—		6,490,415
Portugal		5,002,401		—		—		5,002,401
Singapore		14,842,164		—		—		14,842,164
South Africa		30,101,441		—		—		30,101,441
South Korea		55,695,067		2,886		28,125		55,726,078
Spain		25,958,123		—		—		25,958,123
Sweden		30,654,452		—		—		30,654,452
Switzerland		79,778,467		—		—		79,778,467
Taiwan		49,506,729		—		—		49,506,729
Thailand		3,314,686		4,117,223		27,189		7,459,098
Turkey		7,051,337		—		—		7,051,337
Ukraine		60,965		—		—		60,965
United Arab Emirates		972,384		—		—		972,384
United Kingdom		256,115,852		—		37,259		256,153,111
United States		2,376,900,654		—		10,560		2,376,911,214
Total Equities	$	4,130,264,478	$	4,128,178	$	387,684	$	4,134,780,340
Exchange Traded Funds		283,597,834		—		—		283,597,834
Investment Company		15,448,375		—		—		15,448,375
Rights/Warrants
Australia		19		18,252		—		18,271
Greece		7,638		—		—		7,638
Hong Kong		9		14,776		—		14,785
India		29		—		—		29
Italy		459,142		—		—		459,142
Poland		—		4,329		—		4,329
Singapore		33,159		—		—		33,159
Taiwan		—		2,752		—		2,752
Thailand		—		17,666		—		17,666
Total Rights/Warrants	$	499,996	$	57,775	$	—	$	557,771
U.S. Government Agencies		—		171,999,417		—		171,999,417
U.S. Government Securities		—		24,999,119		—		24,999,119

155

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Cash Sweep	$	40,669,044	$	—	$	—	$	40,669,044
Other financial instruments - Assets*:
Foreign currency exchange contracts		—		1,148,997		—		1,148,997
Total	$	4,470,479,727	$	202,333,486	$	387,684	$	4,673,200,897
Global Opportunities Fund
Equity Securities:
Argentina	$	469,158	$	—	$	—	$	469,158
Australia		2,585,725		—		—		2,585,725
Austria		1,961,177		—		—		1,961,177
Bahamas		584,581		—		—		584,581
Belgium		2,536,708		—		—		2,536,708
Bermuda		2,343,378		—		—		2,343,378
Brazil		3,477,676		—		—		3,477,676
Canada		9,113,271		—		—		9,113,271
Chile		1,069,460		—		—		1,069,460
China		2,023,494		—		—		2,023,494
Cyprus		999,690		—		—		999,690
Denmark		911,628		—		—		911,628
Egypt		492,315		—		—		492,315
Finland		3,252,122		—		—		3,252,122
France		6,325,923		—		—		6,325,923
Germany		4,982,129		—		—		4,982,129
Hong Kong		7,777,945		—		—		7,777,945
Hungary		208,134		—		—		208,134
India		2,425,178		—		—		2,425,178
Indonesia		310,483		—		—		310,483
Ireland		1,914,524		—		—		1,914,524
Israel		381,222		—		—		381,222
Italy		8,754,325		—		—		8,754,325
Japan		23,423,863		—		—		23,423,863
Malaysia		1,227,495		—		—		1,227,495
Mexico		520,936		—		—		520,936
Netherlands		3,995,271		—		—		3,995,271
New Zealand		333,214		—		—		333,214
Norway		2,745,760		—		—		2,745,760
Pakistan		476,557		—		—		476,557
Peru		559,819		—		—		559,819
Poland		1,267,641		—		—		1,267,641
Portugal		1,039,379		—		—		1,039,379
Russia		3,358,609		—		—		3,358,609
Singapore		969,936		—		—		969,936
South Africa		2,791,840		—		—		2,791,840
South Korea		13,363,230		376,205		—		13,739,435
Spain		5,953,301		—		—		5,953,301
Sweden		5,312,260		—		—		5,312,260
Switzerland		4,378,817		—		—		4,378,817
Taiwan		5,250,153		—		—		5,250,153
Thailand		540,721		531,525		—		1,072,246
Turkey		2,615,972		—		—		2,615,972
United Kingdom		16,908,391		—		—		16,908,391

156

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
United States	$	222,789,028		$	—		$	—		$	222,789,028
Total Equities	$	384,722,439		$	907,730		$	—		$	385,630,169
Exchange Traded Funds		209,524,200			—			—			209,524,200
Preferred Stock		30,575,550			—			—			30,575,550
Rights/Warrants		7,824			—			—			7,824
Bank Loans		—			70,239,839			—			70,239,839
Corporate Bonds		—			1,902,697,977			1,133,154(b	)		1,903,831,131
Government Bonds		—			452,240,689			—			452,240,689
Asset-Backed Securities		—			21,651,064			—			21,651,064
Non-Agency Mortgage-Backed Securities		—			541,300,903			—			541,300,903
U.S. Government Agencies		—			282,549,417			—			282,549,417
U.S. Government Securities		—			99,997,363			—			99,997,363
Municipal Bonds		—			8,427,465			—			8,427,465
Cash Sweep		167,595,721			—			—			167,595,721
Other financial instruments - Assets*:
Interest rate contracts		2,695			—			—			2,695
Equity contracts		14,555,285			70,880,869			—			85,436,154
Foreign exchange currency contracts		—			22,811,283			—			22,811,283
Other financial instruments - Liabilities*:
Interest rate contracts		—			—			—			—
Equity contracts		(20,396,839	)		(11,676,656	)		—			(32,073,495	)
Foreign exchange currency contracts		—			(19,946,496	)		—			(19,946,496	)
Total	$	786,586,875		$	3,442,081,447		$	1,133,154		$	4,229,801,476
Real Return Fund
Equity Securities	$	1,054,017,802(a	)	$	—		$	—		$	1,054,017,802
Preferred Stock		—			—			—(c	)		—
Rights/Warrants		—			1			—			1
Collectible Coins		—			52,565,079			—			52,565,079
Commodities		137,462,435			—			—			137,462,435
Asset-Backed Securities		—			51,957,188			—			51,957,188
Government Bonds		—			64,730,836			—			64,730,836
U.S. Government Agencies		—			484,998,833			—			484,998,833
U.S. Government Securities		—			477,957,782			—			477,957,782
Cash Sweep		6,718,526			—			—			6,718,526
Other financial instruments - Assets*:
Commodity contracts		151,926,631			6,926,252			—			158,852,883
Other financial instruments - Liabilities*:
Commodity contracts		(16,994,513	)		(46,771,765	)		—			(63,766,278	)
Equity contracts		—			—			—			—
Total	$	1,333,130,881		$	1,092,364,206		$	—		$	2,425,495,087
Fixed Income
Corporate Bonds	$	—		$	155,262,828(a	)	$	—		$	155,262,828
Municipal Bonds		—			18,252,735(a	)		—			18,252,735
U.S. Government Agencies		—			129,472,041(a	)		—			129,472,041
U.S. Government Securities		—			109,623,316(a	)		—			109,623,316
Government Bonds		—			2,306,179(a	)		—			2,306,179
Investment Company		1,161,000			—			—			1,161,000
Total	$	1,161,000		$	414,917,099		$	—		$	416,078,099

157

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Municipal Bond
Municipal Bonds	$	—	$	705,329,335(a	)	$	—	$	705,329,335
Investment Company		29,676,800		—			—		29,676,800
Total	$	29,676,800	$	705,329,335		$	—	$	735,006,135

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

(b) Represents securities as disclosed in Hong Kong section of the Schedule of Portfolio Investments.

(c) Represents a security as disclosed in the Preferred Stock Energy section of the Schedule of Portfolio Investments.

* Other financial instruments are exchange traded options and futures (level 1), over-the-counter options (level 2), forwards (level 2) and swaps (level 2). Futures, forwards and swaps are valued at the unrealized appreciation/depreciation on the instrument and options are shown at market value.

The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.

The Funds did not have significant transfers between Level l and Level 2 investments during the reporting period.

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

	Balance as of 11/01/10 (fair value)		Realized gain (loss)		Change in Unrealized appreciation (depreciation)			Purchases		Sales			Transfer in to level 3		Transfer out of level 3			Balance as of 1/31/ (fair value)
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	128,707	$	—	$	(1,264	)	$	168	$	—		$	12,688	$	(126,642	)	$	13,657
China		12,798		—		(75	)		—		—			—		—			12,723
France		136,865		—		—			—		—			—		(136,865	)		—
Hong Kong		287,499		1		(31,617	)		—		(1,634	)		130,307		(221,280	)		163,276
India		14,092		—		74			1,276		—			—		(12,655	)		2,787
Indonesia		29,401		—		(359	)		—		—			—		—			29,042
Israel		54,578		—		(3,663	)		—		—			—		—			50,915
Italy		12,353		—		(202	)		—		—			—		—			12,151
New Zealand		—		—		(63,539	)		—		—			63,539		—			—
Singapore		50,900		45,032		(14,886	)		—		(81,046	)		—		—			—
South Korea		—		—		2,289			—		—			25,836		—			28,125
Thailand		28,019		—		(830	)		—		—			—		—			27,189
United Kingdom		—		—		3,444			—		—			33,815		—			37,259
United States		10,560		—		—			—		—			—		—			10,560
Total	$	765,772	$	45,033		(110,628	) *	$	1,444	$	(82,680	)	$	266,185	$	(497,442	)	$	387,684

158

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	January 31, 2011(Unaudited)

	Balance as of 11/01/10 (fair value)		Realized gain (loss)		Change in Unrealized appreciation (depreciation)		Purchases		Sales		Transfer in to level 3		Transfer out of level 3		Balance as of 1/31/ (fair value)
Global Opportunities Fund
Corporate Bonds:
Hong Kong	$	1,133,154	$	—	$	—	$	—	$	—	$	—	$	—	$	1,133,154
Total	$	1,133,154	$	—	$	—	$	—	$	—	$	—	$	—	$	1,133,154
Real Return Fund
Equity Securities:

*The change in unrealized appreciation/depreciation on securities still held at October 31, 2010 was $(95,672) for the Global Small and Mid Cap Fund , which is included in the related net change in unrealized appreciation/depreciation on the Statements of Operations.

7. Federal Income Taxes:

          At October 31, 2010, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire in the following years:

	2017
U.S. Large Cap Fund	$	71,351,189
Non-U.S. Large Cap Fund		400,213,617
Global Opportunities Fund		292,048,540
Real Return Fund		292,061,614

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.

159

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 adequate and reasonably designed to achieve the purposes described in such rule, 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       3/22/11                                          

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      3/22/11                                            

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

Date      3/22/11                                        

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