N-Q 1 c73161_nq.htm

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, 2013

 

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.    
  Large Cap Core Fund    
  Portfolio of Investments January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
COMMON STOCKS — 96.3%     
      
Banks — 6.9%     
 673,925   China Construction Bank Corp. - ADR  $11,618,467 
 200,930   Citigroup, Inc.   8,471,209 
 783,985   Nordea Bank AB - ADR   8,780,632 
 1,821,130   Sumitomo Mitsui Financial  Group, Inc. - ADR   14,732,942 
         43,603,250 
Consumer Discretionary — 13.5%    
 168,720   Coach, Inc.   8,604,720 
 194,630   Daihatsu Motor Co. Ltd. - ADR   8,145,266 
 349,510   Dollar General Corp.(b)   16,154,352 
 208,055   Lowe’s Cos, Inc.   7,945,620 
 302,630   Macy’s, Inc.   11,956,911 
 169,130   Magna International, Inc.   8,837,043 
 96,502   Nielsen Holdings NV(b)   3,137,280 
 220,670   Nikon Corp. Plc - ADR   6,311,162 
 139,250   Target Corp.   8,412,093 
 129,660   Volkswagen AG - ADR   6,449,288 
         85,953,735 
Consumer Staples — 9.5%     
 228,760   Associated British Foods Plc - ADR   6,345,802 
 183,115   CVS Caremark Corp.   9,375,488 
 186,445   Imperial Tobacco Group Plc - ADR   13,946,086 
 991,230   Koninklijke Ahold NV - ADR   14,481,870 
 401,590   Walgreen Co.   16,047,536 
         60,196,782 
Energy — 9.4%     
 109,645   China Petroleum & Chemical  Corp. - ADR   13,316,385 
 146,110   ConocoPhillips   8,474,380 
 255,760   ENI SpA - ADR   12,770,097 
 327,850   Marathon Oil Corp.   11,019,039 
 264,255   Total SA - ADR   14,346,404 
        59,926,305 
Health Care — 14.8%     
 267,270   Aetna, Inc.   12,890,432 
 168,395   Johnson & Johnson   12,447,758 
 287,140   Sanofi - ADR   13,977,975 
 302,360   Teva Pharmaceutical Industries Ltd. - ADR   11,486,656 
 196,550   Thermo Fisher Scientific, Inc.   14,179,117 
 220,120   UnitedHealth Group, Inc.   12,152,825 
 226,415   Zimmer Holdings, Inc.   16,890,559 
         94,025,322 
Industrials — 7.9%     
 1,205,860   East Japan Railway Co. - ADR   13,614,159 
 294,680   Embraer SA - ADR   9,715,600 
 87,175   General Dynamics Corp.   5,779,703 

 

Shares     Value 
Industrials (continued)     
 520,285   ITOCHU Corp. - ADR  $11,742,832 
 249,450   Waste Management, Inc.   9,074,991 
         49,927,285 
Information Technology — 9.8%     
 172,695   Accenture Plc - Class A   12,415,044 
 215,190   Avago Technologies Ltd.   7,697,346 
 77,885   International Business Machines Corp.   15,816,107 
 504,250   Microsoft Corp.   13,851,748 
 187,770   QUALCOMM, Inc.   12,398,453 
         62,178,698 
Insurance — 6.5%     
 154,465   ACE Ltd.   13,180,498 
 499,995   Allianz SE - ADR   7,144,929 
 715,455   Muenchener Rueckversi-cherungs AG - ADR   13,171,527 
 701,200   Suncorp Group Ltd. - ADR   7,706,188 
         41,203,142 
Materials — 3.8%     
 347,455   Barrick Gold Corp.   11,090,764 
 115,405   BHP Billiton Plc -ADR   7,921,399 
 120,200   Newmont Mining Corp.   5,163,792 
         24,175,955 
Real Estate — 0.8%     
 289,065   Wharf Holdings Ltd. - ADR   5,081,763 
Telecommunication Services — 9.4%     
 191,615   CenturyLink, Inc.   7,750,827 
 199,215   China Telecom Corp. Ltd. - ADR   10,887,100 
 890,900   KDDI Corp. - ADR   16,499,468 
 645,965   Tele2 AB - ADR   5,786,554 
 349,230   Tim Participacoes SA - ADR   7,683,060 
 405,700   Vodafone Group Plc - ADR   11,083,724 
         59,690,733 
Utilities — 4.0%     
 81,685   DTE Energy Co   5,171,477 
 226,285   Exelon Corp.   7,114,400 
 355,950   SSE Plc - ADR   8,090,744 
 273,775   Tokyo Gas Co. Ltd. - ADR   5,182,561 
         25,559,182 
Total Common Stocks
(Cost $556,895,668)		   611,522,152 

1
       
  Old Westbury Funds, Inc.    
  Large Cap Core Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
U.S. GOVERNMENT SECURITIES — 1.6%     
      
U.S. Treasury Bills — 1.6%     
$10,000,000   0.03%, 02/28/13(c)  $9,999,250 
           
Total U.S. Government Securities
(Cost $9,999,250)		   9,999,250 
           
Shares        
INVESTMENT COMPANY — 2.5%     
         
 15,777,700   SEI Daily Income Trust Government II Fund, Class A, 0.01%(d)   15,777,700 
           
Total Investment Company
(Cost $15,777,700)		   15,777,700 
           
TOTAL INVESTMENTS — 100.4%
(Cost $582,672,618)(a)		   637,299,102 
      
LIABILITIES IN EXCESS OF
 OTHER ASSETS — (0.4)%		   (2,385,106)
NET ASSETS — 100.0%  $634,913,996 

 

 
   
(a) Cost for federal income tax purposes is $582,728,907 and net unrealized appreciation of investments is as follows:
Unrealized appreciation  $69,108,418 
Unrealized depreciation   (14,538,223)
Net unrealized appreciation  $54,570,195 

 

(b) Non-income producing security.
(c) The rate represents the annualized yield at the time of purchase.
(d) Rate shown represents current yield at January 31, 2013.

 

ADR-American Depositary Receipt

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage of Net Assets  
Banks   6.9%  
Consumer Discretionary   13.5%  
Consumer Staples   9.5%  
Energy   9.4%  
Health Care   14.8%  
Industrials   7.9%  
Information Technology   9.8%  
Insurance   6.5%  
Materials   3.8%  
Real Estate   0.8%  
Telecommunication Services   9.4%  
Utilities   4.0%  
Other*   3.7%  
    100%  

 

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

2
       
  Old Westbury Funds, Inc.    
  Large Cap Strategies Fund    
  Portfolio of Investments January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
COMMON STOCKS — 87.8%    
     
ARGENTINA — 0.6%     
 351,000   MercadoLibre, Inc.  $31,028,400 
BELGIUM — 0.3%     
 271,000   UCB SA   15,643,885 
BRAZIL — 2.6%     
 5,669,000   BM&FBovespa SA   39,684,566 
 432,000   CETIP SA - Mercados Organizados   5,434,303 
 467,000   Cielo SA   13,207,844 
 3,154,684   Itau Unibanco Holding SA - ADR   54,355,205 
 394,000   Natura Cosmeticos SA   10,624,852 
 878,000   Raia Drogasil SA   9,810,179 
         133,116,949 
CANADA — 0.9%     
 1,422,900   Barrick Gold Corp.   45,309,108 
CHINA — 0.2%     
 3,742,000   Tingyi Cayman Islands Holding Corp.   10,518,555 
DENMARK — 0.2%     
 301,000   Novozymes A/S - Class B   9,882,324 
FINLAND — 1.1%     
 300,000   Kone Oyj - Class B   24,745,753 
 7,672,315   Nokia Oyj   30,022,963 
         54,768,716 
FRANCE — 2.1%     
 875,008   Renault SA   52,768,511 
 2,569,368   Vivendi SA   55,086,044 
         107,854,555 
GERMANY — 5.7%     
 980,376   Adidas AG   91,116,970 
 919,000   Bayerische Motoren Werke AG   92,525,153 
 894,000   Deutsche Boerse AG   58,817,866 
 382,900   Siemens AG   42,028,590 
         284,488,579 
INDIA — 1.1%     
 127,000   Asian Paints Ltd.(d)   10,747,247 
 462,000   Hero Honda Motors Ltd.(d)   15,826,475 
 4,594,000   ITC Ltd.(d)   26,571,613 
         53,145,335 
ITALY — 2.8%     
 1,806,900   ENI SpA   45,363,251 
 3,574,471   Fiat Industrial SpA   46,034,376 
 4,421,003   Fiat SpA(b)   27,012,605 
 2,434,000   Prada SpA   21,875,055 
         140,285,287 
JAPAN — 8.7%     
 790,600   Canon, Inc.   29,092,558 
 164,500   FANUC Corp.   25,634,261 

 

Shares     Value 
JAPAN (continued)     
 7,863,000   Hitachi Ltd.  $46,604,473 
 2,505,000   Japan Tobacco, Inc.   77,989,338 
 1,050,000   KDDI Corp.   78,079,720 
 246,810   Keyence Corp(d)   68,473,615 
 11,667,300   Mitsubishi UFJ Financial Group, Inc.   66,473,435 
 1,002,400   Nippon Telegraph & Telephone Corp.   41,983,619 
         434,331,019 
NETHERLANDS — 3.2%    
 634,480   ASML Holding NV   47,643,103 
 7,309,000   Reed Elsevier NV(d)   113,581,318 
         161,224,421 
PORTUGAL — 0.3%     
 779,000   Jeronimo Martins SGPS SA   16,558,602 
RUSSIA — 0.2%     
 264,000   Mail.Ru Group Ltd. - GDR(d)   8,783,280 
SINGAPORE — 1.3%     
 517,000   Jardine Cycle & Carriage Ltd.   21,141,171 
 10,086,000   Sembcorp Industries Ltd.   44,658,247 
         65,799,418 
SOUTH AFRICA — 0.9%     
 685,000   Naspers Ltd. - Class N   44,326,525 
SOUTH KOREA — 1.3%     
 25,742   Samsung Electronics Co. Ltd.   34,230,471 
 40,000   Samsung Electronics Co. Ltd. Preference Shares   31,149,987 
         65,380,458 
SWITZERLAND — 6.1%     
 87,000   Kuehne + Nagel International AG   10,219,548 
 1,428,000   Nestle SA   100,268,337 
 483,800   Roche Holding AG   107,068,095 
 10,800   SGS SA   25,728,696 
 819,676   Swiss Re AG   61,021,976 
         304,306,652 
THAILAND — 0.2%     
 6,550,000   CP ALL Public Co. Ltd.   10,268,696 
UNITED KINGDOM — 10.1%     
 4,362,000   ARM Holdings Plc   59,703,216 
 2,783,219   BG Group Plc   49,438,658 
 3,945,613   BP Plc   29,207,883 
 4,946,000   HSBC Holdings Plc   56,220,251 
 3,577,757   Pearson Plc(d)   67,751,113 
 1,405,000   Petrofac Ltd.   36,499,884 
 867,930   Rio Tinto Plc   49,004,500 
 2,741,117   Rolls-Royce Holdings Plc   41,126,332 
 9,146,731   TESCO Plc   51,687,199 
 8,830,700   Vodafone Group Plc   24,103,342 
3
       
  Old Westbury Funds, Inc.    
  Large Cap Strategies Fund    
  Portfolio of Investments - (continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
UNITED KINGDOM (continued)     
 928,695   Wolseley Plc  $43,377,016 
         508,119,394 
UNITED STATES — 37.9%     
 345,000   Allergan, Inc.   36,228,450 
 167,000   Amazon.com, Inc.(b)   44,338,500 
 211,100   Apple, Inc.   96,115,941 
 575,000   BioMarin Pharmaceutical, Inc.(b)   31,561,750 
 430,400   Celgene Corp.(b)   42,592,384 
 259,000   Cerner Corp.(b)   21,380,450 
 1,829,500   Chesapeake Energy Corp.   36,919,310 
 1,418,500   Citigroup, Inc.   59,803,960 
 2,456,200   Coca-Cola Co. (The)   91,468,888 
 830,500   Colgate-Palmolive Co.   89,170,785 
 1,492,200   Covidien Plc   93,023,748 
 436,300   Deere & Co.   41,038,378 
 878,000   Facebook, Inc. - Class A(b)   27,191,660 
 351,000   FMC Technologies, Inc.(b)   16,619,850 
 659,000   Franklin Resources, Inc.   90,203,920 
 3,614,000   General Electric Co.   80,519,920 
 878,800   Gilead Sciences, Inc.(b)   34,668,660 
 41,500   Google, Inc. - Class A(b)   31,361,135 
 2,559,000   Hewlett-Packard Co.   42,249,090 
 42,000   Intuitive Surgical, Inc.(b)   24,123,960 
 1,217,000   JPMorgan Chase & Co.   57,259,850 
 597,000   Las Vegas Sands Corp.   32,984,250 
 48,300   Mastercard, Inc. - Class A   25,038,720 
 1,706,500   Microsoft Corp.   46,877,555 
 354,000   National Oilwell Varco, Inc.   26,245,560 
 462,000   NIKE, Inc. - Class B   24,971,100 
 847,000   Occidental Petroleum Corp.   74,764,690 
 2,033,200   Pfizer, Inc.   55,465,696 
 193,000   Praxair, Inc.   21,301,410 
 603,000   QUALCOMM, Inc.   39,816,090 
 253,000   Salesforce.com, Inc.(b)   43,548,890 
 1,410,300   Schlumberger Ltd.   110,073,915 
 2,616,700   Texas Instruments, Inc.   86,560,436 
 740,900   Union Pacific Corp.   97,398,714 
 327,000   Visa, Inc. - Class A   51,636,570 
 2,176,000   Wells Fargo & Co.   75,790,080 
         1,900,314,265 
Total Common Stocks
(Cost $3,840,923,404)		   4,405,454,423 
      
EXCHANGE TRADED FUNDS — 2.1%     
 2,442,000   iShares MSCI Emerging Markets Index Fund   107,985,240 
           
     
Total Exchange Traded Funds
(Cost $100,100,214)		   107,985,240 

 

Principal Amount      Value 
U.S. GOVERNMENT SECURITIES — 1.4%     
      
U.S. Treasury Bills — 1.4%     
$50,000,000   0.00%, 02/21/13(c)  $49,998,111 
 20,000,000   0.10%, 02/28/13(c)   19,998,500 
           
Total U.S. Government Securities
(Cost $69,996,611)		   69,996,611 
      
CASH SWEEP — 4.7%     
 235,406,700   Federated Government Obligations Fund 0.02%(e)   235,406,700 
           
Total Cash Sweep
(Cost $235,406,700)		   235,406,700 
      
TOTAL INVESTMENTS — 96.0%
(Cost $4,246,426,929)(a)		  $4,818,842,974 
      
OTHER ASSETS IN EXCESS OF LIABILITIES — 4.0%   200,160,991 
NET ASSETS — 100.0%  $5,019,003,965 

 

 

 

(a) Cost for federal income tax purposes is $4,248,944,815 and net unrealized appreciation of investments is as follows:

Unrealized appreciation  $653,818,881 
Unrealized depreciation   (83,920,723)
Net unrealized appreciation  $569,898,158 

 

(b) Non-income producing security.
(c) The rate represents the annualized yield at time of purchase.
(d) This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $225,691,134 or 4.5% of net assets.
(e) Rate shown represents current yield at January 31, 2013.

 

ADR-American Depositary Receipt
GDR-Global Depositary Receipt

4
       
  Old Westbury Funds, Inc.    
  Large Cap Strategies Fund    
  Portfolio of Investments - (continued) January 31, 2013  
    (Unaudited)  
       

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage of Net Assets  
Banks  6.2%  
Consumer Discretionary  13.0%  
Consumer Staples  9.9%  
Diversified Financials  5.0%  
Energy  8.5%  
Health Care  9.2%  
Industrials  10.4%  
Information Technology  17.7%  
Insurance  1.2%  
Materials  2.7%  
Telecommunication Services  4.0%  
Other*  12.2%  
   100%  

 

 

 

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

5
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
COMMON STOCKS — 91.3%     
      
ARGENTINA — 0.0%     
 84,000  Arcos Dorados Holdings, Inc. - Class A $1,154,160 
AUSTRALIA — 2.3%   
 134,164  ABM Resources NL(b)   5,596 
 26,644  Acrux Ltd.   95,856 
 154,673  Adelaide Brighton Ltd.   546,781 
 96,977  Aditya Birla Minerals Ltd.   46,013 
 69,555  AED Oil Ltd.(b)(c)(d)   0 
 34,185  Ainsworth Game Technology Ltd.(b)  106,944 
 25,514  AJ Lucas Group Ltd.(b)   46,560 
 119,863  Alcyone Resources Ltd.(b)   5,000 
 54,720  Alkane Resources Ltd.(b)   37,946 
 44,977  Alliance Resources Ltd.(b)   9,146 
 155,725  ALS Ltd.   1,826,881 
 115,610  Altona Mining Ltd.(b)   27,125 
 946,258  Alumina Ltd.   1,090,363 
 38,166  Amalgamated Holdings Ltd.   302,873 
 102,022  Amcom Telecommunications Ltd.   167,561 
 10,329  Ampella Mining Ltd.(b)   4,093 
 70,717  Ansell Ltd.   1,264,699 
 68,098  Antares Energy Ltd.(b)   37,992 
 37,522  APA Group   225,767 
 171,240  APN News & Media Ltd.   51,785 
 26,421  Aquarius Platinum Ltd.(b)   25,761 
 59,980  Aquila Resources Ltd.(b)   195,146 
 19,603  ARB Corp. Ltd.   242,850 
 20,860  Aristocrat Leisure Ltd.   80,703 
 516,903  Arrium Ltd.   514,768 
 74,907  ASG Group Ltd.   52,336 
 282,425  Atlas Iron Ltd.   435,877 
 58,802  Aurora Oil and Gas Ltd.(b)   231,784 
 100,464  Ausdrill Ltd.   313,243 
 26,143  Ausenco Ltd.   96,779 
 59,521  Austal Ltd.(b)   43,137 
 17,417  Austbrokers Holdings Ltd.   152,564 
 15,319  Austin Engineering Ltd.   78,276 
 114,408  Australian Agricultural Co. Ltd.(b)   144,955 
 256,656  Australian Infrastructure Fund   829,684 
 45,583  Australian Pharmaceutical  Industries Ltd.   21,628 
 79,373  Automotive Holdings Group Ltd.   297,971 
 152,699  AWE Ltd.(b)   203,023 
 19,409  Bandanna Energy Ltd.(b)   5,566 
 79,793  Bank of Queensland Ltd.   683,968 
 107,928  Bannerman Resources Ltd.(b)   14,068 
 21,519  BC Iron Ltd.   80,111 
 769,096  Beach Energy Ltd.   1,142,865 
 86,952  Beadell Resources Ltd.(b)   89,766 
 4,598  Bell Financial Group Ltd.   3,045 
 361,958  Bendigo and Adelaide Bank Ltd.   3,480,074 

 

Shares     Value 
AUSTRALIA (continued)     
 100,434  Billabong International Ltd.  $97,925 
 22,861  Bionomics Ltd.(b)  9,536 
 2,485  Blackmores Ltd.  87,717 
 2,040  Blackthorn Resources Ltd.(b)  2,638 
 168,653  BlueScope Steel Ltd.(b)  596,202 
 158,551  Boom Logistics Ltd.(b)  52,908 
 375,927  Boral Ltd.  1,924,794 
 14,786  Bradken Ltd.   96,213 
 10,640  Bravura Solutions Ltd.(b)   2,663 
 10,942  Breville Group Ltd.   77,476 
 24,551  Brickworks Ltd.   323,093 
 17,627  BT Investment Management Ltd.   52,571 
 5,971  Buru Energy Ltd.(b)   14,570 
 26,490  Cabcharge Australia Ltd.   135,908 
 154,604  Caltex Australia Ltd.   3,130,901 
 255,734  Cape Lambert Resources Ltd.(b)   60,003 
 25,142  Cardno Ltd.   178,282 
 490,458  Carnarvon Petroleum Ltd.(b)   33,244 
 68,742  carsales.com Ltd.   635,836 
 129,012  Cash Converters International Ltd.   153,368 
 9,437  Cedar Woods Properties Ltd.   51,665 
 355,160  Central Petroleum Ltd.(b)   46,295 
 189,000  Ceramic Fuel Cells Ltd.(b)   10,840 
 50,912  Chalice Gold Mines Ltd.   9,822 
 178,666  Challenger Ltd.   717,302 
 354,184  Citigold Corp. Ltd.(b)   19,575 
 102,039  Clough Ltd.   117,046 
 84,396  Coal of Africa Ltd.(b)   32,123 
 56,720  Coalspur Mines Ltd.(b)   48,797 
 157,396  Cockatoo Coal Ltd.(b)   21,337 
 119,759  Coffey International Ltd.(b)   44,958 
 19,105,479  Commonwealth Property Office Fund REIT(d)   22,114,660 
 82,958  Cooper Energy Ltd.(b)   49,310 
 19,597  Credit Corp. Group Ltd.   183,921 
 136,841  Cromwell Property Group REIT   124,147 
 17,217  CSG Ltd.   11,221 
 207,624  CSR Ltd. - Placement Shares   437,349 
 4,990  Cudeco Ltd.(b)   22,531 
 220,336  Cue Energy Resources Ltd.(b)   29,870 
 58,899  Dart Energy Ltd.(b)   8,599 
 5,580  Data#3 Ltd.   7,972 
 1,346,534  David Jones Ltd.   3,510,401 
 47,635  Decmil Group Ltd.   123,687 
 232,983  Deep Yellow Ltd.(b)   17,493 
 7,518  Devine Ltd.   7,134 
 60,174  Discovery Metals Ltd.(b)   67,455 
 5,787  Domino’s Pizza Enterprises Ltd.   62,459 
 142,311  Downer EDI Ltd.(b)   667,806 
 6,112  Dragon Mining Ltd.(b)   3,314 
 58,868  Drillsearch Energy Ltd.(b)   81,645 
 168,817  DUET Group   387,292 
 142,448  DuluxGroup Ltd.   612,002 
6
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
AUSTRALIA (continued)     
 16,365  DWS Ltd.  $26,878 
 166,069  Echo Entertainment Group Ltd.   623,434 
 224,451  Elders Ltd.(b)   29,257 
 303,779  Emeco Holdings Ltd.   194,819 
 40,544  Energy Resources of Australia Ltd.(b)   58,557 
 329,666  Energy World Corp. Ltd.(b)   113,446 
 27,744  Enero Group Ltd.(b)   9,692 
 267,782  Envestra Ltd.   272,261 
 26,509  Eservglobal Ltd.(b)   11,748 
 20,763  Euroz Ltd.   27,281 
 85,900  Evolution Mining Ltd.(b)   138,843 
 1,074,060  Fairfax Media Ltd.   604,814 
 3,195  Fantastic Holdings Ltd.   11,295 
 146,707  FAR Ltd.(b)   6,578 
 16,371  Finbar Group Ltd.   21,510 
 45,866  FKP Property Group   82,266 
 28,289  Fleetwood Corp. Ltd.   302,961 
 25,840  Flight Centre Ltd.   818,076 
 260,540  Flinders Mines Ltd.(b)   21,192 
 1,523,144  Focus Minerals Ltd.(b)   50,827 
 13,085  Forge Group Ltd.   80,778 
 9,551  G.U.D. Holdings Ltd.   83,064 
 2,973  G8 Education Ltd.   4,960 
 17,506  Galaxy Resources Ltd.(b)   6,937 
 109,137  Gindalbie Metals Ltd.(b)   31,297 
 548,028  Goodman Fielder Ltd.(b)   380,035 
 95,093  GrainCorp Ltd. - Class A   1,196,893 
 140,887  Grange Resources Ltd.   41,871 
 63,776  Great Southern Ltd.(b)(c)(d)   0 
 55,852  Greenland Minerals & Energy Ltd.(b)   20,385 
 53,563  Gryphon Minerals Ltd.(b)   28,765 
 81,204  Gujarat NRE Coking Coal Ltd.(b)   17,359 
 180,274  Gunns Ltd.(b)(c)(d)   0 
 71,285  GWA Group Ltd.   187,326 
 241,775  Harvey Norman Holdings Ltd.   494,159 
 2,523  Hastie Group Ltd.(b)(c)(d)   0 
 48,619  HFA Holdings Ltd.   49,939 
 871,599  Hillgrove Resources Ltd.(b)   113,612 
 33,735  Hills Holdings Ltd.   32,013 
 234,388  Horizon Oil Ltd.(b)   112,433 
 123,936  iiNET Ltd.   590,627 
 93,035  Imdex Ltd.   176,085 
 48,706  IMF Australia Ltd.   89,391 
 65,287  Independence Group NL   299,556 
 88,665  Indophil Resources NL(b)   22,190 
 72,251  Infigen Energy(b)   20,719 
 32,314  International Ferro Metals  Ltd.(b)   6,919 
 89,852  Intrepid Mines Ltd.(b)   21,082 
 34,328  Invocare Ltd.   328,617 
 143,092  IOOF Holdings Ltd.   1,228,046 
 32,879  Iress Ltd.   287,317 
 12,036  Iron Ore Holdings Ltd.(b)   10,543 

 

Shares     Value 
AUSTRALIA (continued)     
 679  Ivanhoe Australia Ltd.(b)  $315 
 35,560  JB Hi-Fi Ltd.   367,110 
 69,350  Jupiter Mines Ltd.(b)   7,232 
 7,671  Kagara Ltd.(b)(c)(d)   960 
 312,325  Kangaroo Resources Ltd.(b)   9,119 
 32,234  Kingsgate Consolidated Ltd.   135,462 
 28,356  Kingsrose Mining Ltd.   23,360 
 79,680  Leyshon Resources Ltd.(b)   17,864 
 73,973  Linc Energy Ltd.(b)   187,447 
 51,812  Lonestar Resources Ltd.   10,536 
 2,322  Lycopodium Ltd.   15,763 
 19,707  M2 Telecommunications Group Ltd.   90,216 
 335,775  Macmahon Holdings Ltd.   94,539 
 38,335  Macquarie Atlas Roads Group(b)   68,757 
 1,285  Macquarie Telecom Group Ltd.   12,221 
 35,929  Marengo Mining Ltd. - CDI(b)   4,871 
 16,698  McMillan Shakespeare Ltd.   239,597 
 36,485  McPherson’s Ltd.   84,083 
 48,410  Medusa Mining Ltd.   249,380 
 27,057  Melbourne IT Ltd.   56,430 
 119,385  Mermaid Marine Australia Ltd.   505,446 
 17,756  Mesoblast Ltd.(b)   110,725 
 110,197  Metals X Ltd.(b)   17,812 
 394,109  Metcash Ltd.   1,565,816 
 90,921  Metgasco Ltd.(b)   16,118 
 43,171  Mincor Resources NL   42,092 
 26,581  Mineral Deposits Ltd.(b)   113,369 
 19,752  Mineral Resources Ltd.   212,358 
 158,007  Mirabela Nickel Ltd.(b)   77,441 
 46,130  Molopo Energy Ltd.(b)   16,836 
 70,668  Moly Mines Ltd.(b)   11,054 
 604,036  Monadelphous Group Ltd.(d)   16,780,172 
 59,782  Mortgage Choice Ltd.   115,018 
 203,090  Mount Gibson Iron Ltd.   176,838 
 98,679  Myer Holdings Ltd.   256,226 
 1,050  MyState Ltd.   4,259 
 79,446  Navitas Ltd.   410,088 
 66,974  Neon Energy Ltd.(b)   16,762 
 128,661  New Hope Corp. Ltd.   570,210 
 690,623  Nexus Energy Ltd.(b)   136,834 
 122,821  NIB Holdings Ltd.   280,489 
 252,567  Nido Petroleum Ltd.(b)   7,375 
 69,743  Noble Mineral Resources  Ltd.(b)   7,636 
 35,908  Norfolk Group Ltd.   19,846 
 17,851  Northern Iron Ltd.(b)   9,680 
 102,310  Northern Star Resources Ltd.   118,424 
 123,430  NRW Holdings Ltd.   245,841 
 66,006  Nufarm Ltd.   382,699 
 6,821  Oakton Ltd.   10,171 
 122,869  OceanaGold Corp.(b)   335,075 
 9,121  OPUS Group Ltd.(b)   2,140 
 5,532  Orocobre Ltd.(b)   8,913 
 4,066  OrotonGroup Ltd.   31,546 
7
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
AUSTRALIA (continued)     
 121,855  Otto Energy Ltd.(b)  $12,707 
 106,170  OZ Minerals Ltd.   768,353 
 248,127  Pacific Brands Ltd.   181,122 
 299,559  Paladin Energy Ltd.(b)   356,112 
 229,815  PanAust Ltd.   706,968 
 104,488  Panoramic Resources Ltd.   55,025 
 175,903  PaperlinX Ltd.(b)   18,343 
 5,565  Patties Foods Ltd.   9,575 
 55,050  Peet Ltd.(b)   68,026 
 182,192  Perilya Ltd.(b)   57,947 
 3,388  Perpetual Ltd.   137,221 
 61,898  Perseus Mining Ltd.(b)   125,867 
 48,159  Platinum Asset Mangement Ltd.   242,563 
 67,411  Platinum Australia Ltd.(b)(c)(d)   4,710 
 139,305  PMP Ltd.   24,695 
 40,384  Premier Investments Ltd.   313,736 
 6,047  Prima Biomed Ltd.(b)   662 
 143,094  Primary Health Care Ltd.   671,480 
 25,653  Prime Media Group Ltd.   25,280 
 117,452  PrimeAg Australia Ltd.   145,137 
 59,530  Programmed Maintenance Services Ltd.   124,776 
 450,196  Qantas Airways Ltd.(b)   718,278 
 156,786  Ramelius Resources Ltd.(b)   67,033 
 26,001  RCR Tomlinson Ltd.   61,006 
 17,371  REA Group Ltd.   372,613 
 30,974  Reckon Ltd.   78,165 
 17,274  Red 5 Ltd.(b)   18,554 
 116,233  Red Fork Energy Ltd.(b)   93,330 
 21,888  Redflex Holdings Ltd.   36,862 
 8,531  Reece Australia Ltd.   195,536 
 33,462  Reed Resources Ltd.(b)   5,932 
 31,163  Regional Express Holdings Ltd.   37,696 
 56,462  Regis Resources Ltd.(b)   305,579 
 9,792  Reject Shop Ltd. (The)   163,377 
 417,250  Resolute Mining Ltd.   576,516 
 15,277  Resource and Investment NL(b)   2,549 
 85,881  Resource Generation Ltd.(b)   28,658 
 25,802  Retail Food Group Ltd.   91,212 
 25,608  Rialto Energy Ltd.(b)   2,483 
 123,127  Ridley Corp. Ltd.   151,508 
 15,297  Robust Resources Ltd.(b)   7,816 
 195,967  Roc Oil Co. Ltd.(b)   98,090 
 442  Ruralco Holdings Ltd.   1,521 
 105,284  SAI Global Ltd.   491,857 
 9,571  Salmat Ltd.   23,554 
 130,273  Samson Oil & Gas Ltd.(b)   5,298 
 18,074  Sandfire Resources NL(b)   147,010 
 156,455  Saracen Mineral Holdings  Ltd.(b)   64,445 
 30,149  Sedgman Ltd.   33,954 
 21,571  Seek Ltd.   188,726 
 199,708  Senex Energy Ltd.(b)   141,613 
 16,377  Servcorp Ltd.   59,431 
 90,368  Service Stream Ltd.   41,464 
 42,058  Seven Group Holdings Ltd.   421,913 

 

Shares     Value 
AUSTRALIA (continued)     
 3,785,411  Shopping Centres Australasia Property Group, REIT(b)  $6,434,281 
 231,741  Sigma Pharmaceuticals Ltd.   160,703 
 15,184  Silex Systems Ltd.(b)   49,402 
 73,169  Silver Lake Resources Ltd.(b)   194,566 
 9,054  Sirtex Medical Ltd.   114,053 
 36,651  Skilled Group Ltd.   106,250 
 12,616  Slater & Gordon Ltd.   28,417 
 25,349  SMS Management & Technology Ltd.   126,089 
 163,352  Southern Cross Media Group Ltd.   201,856 
 564,987  SP AusNet   677,541 
 439,626  Spark Infrastructure Group   804,563 
 10,795  Specialty Fashion Group Ltd.(b)   10,413 
 353,356  St Barbara Ltd.(b)   528,766 
 29,533  Starpharma Holdings Ltd.(b)   38,650 
 114,859  Straits Resources Ltd.(b)   8,384 
 150,289  STW Communications Group  Ltd.   203,737 
 31,365  Sundance Energy Australia  Ltd.(b)   29,273 
 322,878  Sundance Resources Ltd.(b)(c)   114,477 
 27,149  Sunland Group Ltd.(b)   35,389 
 65,953  Super Retail Group Ltd.   733,835 
 67,322  Swick Mining Services Ltd.   25,975 
 167,810  Tabcorp Holdings Ltd.   533,724 
 31,512  Tanami Gold NL(b)(c)   21,852 
 105,245  Tap Oil Ltd.(b)   72,434 
 54,903  Tassal Group Ltd.   91,032 
 347,025  Tatts Group Ltd.   1,179,717 
 15,839  Technology One Ltd.   26,427 
 339,563  Ten Network Holdings Ltd.(b)   118,622 
 60,363  Texon Petroleum Ltd.(b)   31,473 
 69,352  TFS Corp. Ltd.(b)   41,946 
 57,103  Thorn Group Ltd.   125,048 
 67,860  Tiger Resources Ltd.(b)   24,767 
 114,980  Toll Holdings Ltd.   631,877 
 188,636  Toro Energy Ltd.(b)   25,572 
 16,986  Tox Free Solutions Ltd.   59,338 
 126,484  TPG Telecom Ltd.   360,079 
 3,594,604  Transfield Services Ltd.(d)   6,672,221 
 372,223  Transpacific Industries Group  Ltd.(b)   306,641 
 267,850  Treasury Wine Estates Ltd.   1,326,736 
 35,940  Troy Resources Ltd.   127,426 
 3,189  Trust Co. Ltd. (The)   14,798 
 26,635  UGL Ltd.   309,134 
 79,768  Unity Mining Ltd.(b)   9,982 
 144,020  UXC Ltd.   162,198 
 101,055  Venture Minerals Ltd.(b)   21,076 
 65,384  Village Roadshow Ltd.   308,865 
 521,584  Virgin Australia Holdings Ltd.(b)   233,879 
 521,584  Virgin Australia Holdings Ltd. - CVR Shares(b)(c)(d)   2,720 
8
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
AUSTRALIA (continued)     
 1,251  Warrnambool Cheese & Butter Factory Co. Holding Ltd.  $4,592 
 64,022  Washington H. Soul Pattinson & Co. Ltd.(d)   914,638 
 31,829  Watpac Ltd.   21,906 
 51,135  WDS Ltd.   28,795 
 8,040  Webjet Ltd.   39,992 
 43,968  Western Areas NL   200,821 
 5,683  White Energy Co. Ltd.(b)   1,126 
 51,639  Whitehaven Coal Ltd.   176,625 
 46,555  WHK Group Ltd.   50,731 
 984  Wide Bay Australia Ltd.   6,824 
 12,401  Windimurra Vanadium Ltd.(b)(c)(d)   0 
 31,994  Wotif.com Holdings Ltd.   194,508 
 18,593  Yancoal Australia Ltd.(b)   47,890 
 18,593  Yancoal Australia Ltd. - CVR Shares(b)   17,450 
 5,124  YTC Resources Ltd.(b)   1,550 
        120,311,565 
AUSTRIA — 0.3%     
 1,001  Agrana Beteiligungs AG(d)   134,420 
 6,370  AMS AG   784,657 
 26,522  Andritz AG   1,746,370 
 4,521  A-TEC Industries AG(b)(c)(d)   0 
 3,288  Austria Technologie & Systemtechnik AG   34,380 
 868  CA Immobilien Anlagen AG   12,952 
 5,957  CAT Oil AG   66,729 
 255  DO & CO AG   12,118 
 8,152  EVN AG   130,943 
 2,705  Flughafen Wien AG   167,022 
 154,230  IMMOFINANZ AG   675,983 
 9,812  Intercell AG(b)   23,981 
 2,036  Kapsch TrafficCom AG   126,474 
 2,971  Lenzing AG   302,792 
 2,509  Mayr Melnhof Karton AG   297,405 
 902  Oberbank AG(d)   59,093 
 14,426  Oesterreichische Post AG   630,228 
 6,723  Palfinger AG   199,730 
 8,187  POLYTEC Holding AG   73,823 
 11,926  Raiffeisen Bank International AG   535,260 
 6,417  RHI AG   235,075 
 516  Rosenbauer International AG   33,420 
 5,208  S IMMO AG   33,087 
 4,944  Schoeller-Bleckmann Oilfield Equipment AG   495,414 
 4,742  Semperit AG Holding   206,037 
 27,419  Strabag SE   744,027 
 41,501  Telekom Austria AG   307,275 
 7,694  Uniqa Versicherungen AG(b)(d)   110,319 
 13,676  Vienna Insurance Group AG Wiener Versicherung Gruppe   723,919 
 98,464  Voestalpine AG   3,605,716 

 

Shares     Value 
AUSTRIA (continued)      
 34,204  Wienerberger AG  $349,336 
 1,597  Wolford AG(d)   51,423 
 25,987  Zumtobel AG   374,020 
        13,283,428 
BAHAMAS — 0.0%     
 317  United International Enterprises   57,692 
BELGIUM — 0.3%     
 1,160  Ablynx NV(b)   9,923 
 15,584  Ackermans & van Haaren NV   1,446,486 
 2,240  Aedifica REIT   132,607 
 92,169  Ageas   3,041,681 
 94,914  AGFA - Gevaert NV(b)   192,021 
 22,952  AGFA - Gevaert NV - VVPR Strip(b)(c)(d)   0 
 7,223  Arseus NV   169,176 
 192  Atenor Group   8,535 
 43  Banque Nationale de Belgique   152,929 
 2,576  Barco NV   204,544 
 2,364  Cie d’Entreprises CFE   146,079 
 1,433  Cie Immobiliere de Belgique  SA   59,052 
 407  Cie Maritime Belge SA   8,345 
 2,229  Cofinimmo REIT   269,390 
 265  Colruyt SA   12,847 
 19,625  Deceuninck NV(b)   36,772 
 12,200  Deceuninck NV- VVPR  Strip(b)(c)(d)   0 
 30,328  Delhaize Group SA   1,437,768 
 10,786  D’ieteren SA NV   477,285 
 207  Duvel Moortgat SA   26,662 
 8,676  Econocom Group   70,446 
 7,298  Elia System Operator SA NV   340,826 
 1,538  Euronav NV(b)   9,230 
 1,006  EVS Broadcast Equipment SA   60,101 
 4,996  Exmar NV   51,216 
 1,779  Galapagos NV(b)   42,851 
 1,080  Intervest Offices & Warehouses REIT   29,622 
 2,624  Ion Beam Applications(b)   21,235 
 90  IRIS   5,236 
 9,443  KBC Groep NV   372,276 
 1,505  Kinepolis Group NV   175,637 
 12  Lotus Bakeries   9,271 
 1,467  Melexis NV   27,827 
 1,546  Mobistar SA   42,487 
 27,345  NV Bekaert SA   823,703 
 31,589  Nyrstar   183,360 
 15,645  Nyrstar - VVPR Strip(b)(c)(d)   21 
 26,826  Option NV(b)   10,927 
 1,265  RealDolmen NV SA(b)   29,749 
 5,901  Recticel SA   45,590 
 136  Retail Estates NV REIT   9,909 
 921  Roularta Media Group NV   15,194 
 5,564  Sioen Industries NV   51,523 
 2,739  Sipef NV   238,015 
9
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
BELGIUM (continued)     
 17,010  Telenet Group Holding NV  $804,897 
 9,692  Tessenderlo Chemie NV   337,547 
 1,410  Tessenderlo Chemie NV - VVPR Strip(b)(c)(d)   0 
 3,085  ThromboGenics NV(b)   159,970 
 20,569  Umicore   1,071,055 
 1,563  Van de Velde NV   76,400 
 3,065  Warehouses De Pauw SCA REIT   190,103 
 460  Wereldhave Belgium NV REIT  51,085 
        13,189,411 
BERMUDA — 0.7%     
 150,000  Alterra Capital Holdings Ltd.   4,570,500 
 21,552  Archer Ltd.(b)   24,854 
 200,000  Argo Group International Holdings Ltd.(d)   7,218,000 
 275,000  Aspen Insurance Holdings Ltd.   9,380,250 
 221,995  Catlin Group Ltd.   1,839,631 
 246,000  Endurance Specialty Holdings Ltd.   10,558,320 
 17,151  Frontline Ltd.(b)   59,965 
 119,817  Golden Ocean Group Ltd.(b)   120,192 
 194,377  Hiscox Ltd.   1,461,250 
 30,201  Northern Offshore Ltd.   54,455 
 165,400  Wilson Sons Ltd. - BDR(d)   2,657,065 
        37,944,482 
BRAZIL — 1.0%     
 19,400  AES Tiete SA   181,496 
 31,800  AES Tiete SA - Preference Shares   331,358 
 57,100  All America Latina Logistica SA   248,604 
 48,070  Alpargatas SA - Preference Shares   347,607 
 34,537  Amil Participacoes SA   541,464 
 60,500  Arteris SA   629,199 
 55,737  Banco ABC Brasil SA - Preference Shares   406,968 
 1,380  Banco ABC Brasil SA - Receipt(b)(d)   10,076 
 25,800  Banco Daycoval SA - Preference Shares   133,188 
 109,290  Banco do Estado do Rio Grande do Sul - Class B, Preference Shares   935,744 
 3,200  Banco Industrial e Comercial SA - Preference Shares   10,204 
 21,922  Banco Pine SA - Preference Shares   160,395 
 16,200  Banco Sofisa SA - Preference Shares   29,856 
 8,200  Bematech SA   30,059 
 2,229  BHG SA - Brazil Hospitality Group(b)   22,264 
 108,692  BR Malls Participacoes SA   1,407,126 
 31,300  Brasil Brokers Participacoes SA    99,338 

 

Shares     Value 
BRAZIL (continued)     
 144,318  Braskem SA - Class A, Preference Shares  $1,087,811 
 250,000  Brazil Pharma SA   1,845,482 
 102,611  Brookfield Incorporacoes SA   174,166 
 20,000  CCX Carvao da Colombia SA(b)   37,562 
 5,700  Centrais Eletricas de Santa Catarina SA - Preference Shares   68,440 
 15,962  CETIP SA - Mercados Organizados   200,792 
 6,300  Cia de Gas de Sao Paulo - Class A, Preference Shares   182,861 
 350,800  Cia de Locacao das Americas(d)   2,113,943 
 16,400  Cia de Saneamento de Minas Gerais-COPASA   399,098 
 5,300  Cia de Saneamento do Parana - Preference Shares   27,147 
 8,500  Cia de Transmissao de Energia Eletrica Paulista - Preference Shares   149,396 
 46,400  Cia Energetica de Sao Paulo - Class B, Preference Shares   460,423 
 5,950  Cia Energetica do Ceara - Class A, Preference Shares   128,481 
 26,208  Cia Ferro Ligas da Bahia-Ferbasa - Preference Shares   155,299 
 29,100  Cia Hering   553,548 
 27,800  Cia Paranaense de Energia - Class B, Preference Shares   455,108 
 18,300  Cia Providencia Industria e Comercio SA   82,708 
 13,000  Contax Participacoes SA - Preference Shares   176,328 
 108,984  Cosan SA Industria e Comercio   2,572,249 
 11,750  Cremer SA   84,082 
 9,600  CSU Cardsystem SA   20,537 
 36,240  Cyrela Brazil Realty SA Empreendimentos e Participacoes   319,387 
 400  Cyrela Commercial Properties SA Empreendimentos e Participacoes   4,951 
 104,500  Diagnosticos da America SA   742,549 
 4,252  Direcional Engenharia SA   32,135 
 186,760  Duratex SA   1,297,993 
 69,600  EDP - Energias do Brasil SA   426,055 
 21,180  Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares   145,181 
 390,320  Embraer SA   3,224,327 
 13,600  Equatorial Energia SA   128,054 
 3,000  Estacio Participacoes SA   66,437 
 40,293  Eternit SA   170,168 
 6,836  Eucatex SA Industria e Comercio - Preference Shares   30,037 
10
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
BRAZIL (continued)     
 69,100  Even Construtora e Incorporadora SA  $339,020 
 30,500  Ez Tec Empreendimentos e Participacoes SA   396,691 
 2,900  Fertilizantes Heringer SA(b)   14,869 
 10,123  Fibria Celulose SA(b)   124,037 
 194,300  Fleury SA   2,170,977 
 2,185  Forjas Taurus SA   3,072 
 8,937  Forjas Taurus SA - Preference Shares   12,746 
 67,000  Gafisa SA(b)   167,218 
 18,200  General Shopping Brasil SA(b)   91,304 
 11,500  Gol-Linhas Aereas Inteligentes SA - Preference Shares(b)   83,679 
 50,800  Grendene SA   446,941 
 3,200  Guararapes Confeccoes SA   175,141 
 49,800  Helbor Empreendimentos SA   290,095 
 33,900  IdeiasNet SA(b)   32,345 
 38,400  Iguatemi Empresa de Shopping Centers SA   556,519 
 24,400  Industrias Romi SA(b)   59,427 
 1,100  Inepar SA Industria e Construcoes(b)   967 
 4,170  Iochpe-Maxion SA   54,655 
 51,534  JHSF Participacoes SA   224,370 
 422,800  JSL SA(d)   3,199,636 
 413,900  Klabin SA - Preference Shares   2,837,138 
 22,798  Kroton Educacional SA(b)   559,832 
 19,000  Light SA   195,405 
 31,500  Localiza Rent a Car SA   578,954 
 36,310  Log-In Logistica Intermodal SA(b)   152,982 
 38,957  Lojas Americanas SA   331,203 
 68,654  Lojas Americanas SA - Preference Shares   612,640 
 20,000  Lojas Renner SA   800,562 
 7,900  LPS Brasil Consultoria de Imoveis SA   140,437 
 8,300  M Dias Branco SA   329,316 
 15,048  Magnesita Refratarios SA   60,605 
 230,300  Mahle-Metal Leve SA Industria e Comercio   3,116,773 
 113,290  Marcopolo SA - Preference Shares   765,185 
 44,884  Marfrig Alimentos SA(b)   231,030 
 13,800  Marisa Lojas SA   226,957 
 800  Metalfrio Solutions SA(b)   1,498 
 5,300  Mills Estruturas e Servicos de Engenharia SA   89,161 
 60,000  MPX Energia SA(b)   297,386 
 10,120  MRV Engenharia e Participacoes SA   57,935 
 30,150  Multiplan Empreendimentos Imobiliarios SA   871,335 
 3,300  Multiplus SA   70,927 
 80,100  Odontoprev SA   408,273 
 15,000  OSX Brasil SA(b)   67,793 

 

Shares     Value 
BRAZIL (continued)     
 16,300  Parana Banco SA - Preference Shares  $112,795 
 55,429  Paranapanema SA(b)   144,741 
 78,052  PDG Realty SA Empreendimentos e Participacoes   123,858 
 17,500  Plascar Participacoes Industriais SA   3,603 
 42,500  Porto Seguro SA   510,081 
 19,150  Positivo Informatica SA(b)   48,756 
 4,600  Profarma Distribuidora de Produtos Farmaceuticos SA   39,224 
 38,309  Raia Drogasil SA   428,039 
 57,450  Randon Participacoes SA - Preference Shares   338,985 
 20,100  Restoque Comercio e Confeccoes de Roupas SA   86,805 
 14,700  Rodobens Negocios Imobiliarios SA   101,501 
 60,200  Rossi Residencial SA   126,969 
 35,768  Rossi Residencial SA - Receipt(b)   75,619 
 22,050  Santos Brasil Participacoes SA - Units   354,332 
 34,100  Sao Martinho SA   488,036 
 13,175  Saraiva SA Livreiros Editores - Preference Shares   170,762 
 16,900  SLC Agricola SA   183,143 
 183,800  Sonae Sierra Brasil SA(d)   2,819,740 
 17,700  Springs Global Participacoes SA(b)   26,576 
 96,313  Sul America SA - Units   900,569 
 64,553  Suzano Papel e Celulose SA - Preference Shares(b)   236,642 
 63,300  Tecnisa SA   236,499 
 2,800  Tempo Participacoes SA   5,048 
 8,800  Tereos Internacional SA   12,815 
 31,000  Totvs SA   675,155 
 5,500  TPI - Triunfo Participacoes e Investimentos SA   34,193 
 7,200  Transmissora Alianca de Energia Eletrica SA - Units   84,967 
 72  Unipar Participacoes SA - Class B, Preference Shares   17 
 18,303  Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA   390,169 
 24,860  Viver Incorporadora e Construtora SA(b)   11,111 
 4,356  Viver Incorporadora e Construtora SA - Receipt(b)   1,837 
 24,161  WEG SA   306,479 
        53,413,783 
CANADA — 2.2%     
 19,558  5N Plus, Inc.(b)   44,512 
 3,613  Aastra Technologies Ltd.   65,204 
11
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CANADA (continued)     
 15,424  Aberdeen International, Inc.  $5,567 
 6,775  Absolute Software Corp.(b)   37,631 
 89,134  Advantage Oil & Gas Ltd.(b)   257,375 
 21,938  Aecon Group, Inc.   261,303 
 2,700  AG Growth International, Inc.   88,764 
 48,633  AGF Management Ltd. - Class B   548,060 
 91,000  Aimia, Inc.   1,462,533 
 14,401  Ainsworth Lumber Co. Ltd.(b)   39,056 
 19,104  Air Canada - Class A(b)   47,310 
 1,100  Akita Drilling Ltd. - Class A   12,330 
 22,400  Alamos Gold, Inc.   344,287 
 10,895  Alexco Resource Corp.(b)   46,424 
 5,880  Algoma Central Corp.   85,482 
 108,142  Algonquin Power & Utilities Corp.   794,747 
 6,088  Alliance Grain Traders, Inc.   77,519 
 43,254  AltaGas Ltd.   1,531,280 
 10,000  Alterra Power Corp.(b)   4,111 
 7,748  Altius Minerals Corp.(b)   97,802 
 11,700  Altus Group Ltd.   96,777 
 80,500  Amerigo Resources Ltd.   58,111 
 39,396  Anderson Energy Ltd.(b)   9,480 
 27,297  Angle Energy, Inc.(b)   75,536 
 81,625  Antrim Energy, Inc.(b)   41,737 
 33,100  Arsenal Energy, Inc.(b)   20,575 
 11,000  Astral Media, Inc. - Class A   517,024 
 13,400  Atco Ltd. - Class I   1,124,504 
 15,436  Atrium Innovations, Inc.(b)   198,870 
 22,663  ATS Automation Tooling Systems, Inc.(b)   219,268 
 12,274  Aura Minerals, Inc.(b)   4,430 
 70,149  AuRico Gold, Inc.(b)   493,026 
 29,800  Aurizon Mines Ltd.(b)   138,035 
 1,900  AutoCanada, Inc.   33,489 
 31,292  Avalon Rare Metals, Inc.(b)   38,903 
 24,891  AvenEx Energy Corp.   61,641 
 114,787  B2Gold Corp.(b)   441,929 
 800  Badger Daylighting Ltd.   27,391 
 46,861  Ballard Power Systems, Inc.(b)   30,539 
 61,339  Bankers Petroleum Ltd.(b)   188,802 
 39,700  Bellatrix Exploration Ltd.(b)   200,212 
 800  Bengal Energy Ltd.(b)   473 
 39,800  Birchcliff Energy Ltd.(b)   291,297 
 300  Bird Construction, Inc.   4,199 
 15,938  Black Diamond Group Ltd.   349,632 
 117,200  BlackPearl Resources, Inc.(b)   364,267 
 3,240  BMTC Group, Inc. - Class A   45,641 
 10,100  Boardwalk Real Estate Investment Trust   664,793 
 32,296  Bonavista Energy Corp.   436,485 
 1,300  Bonterra Energy Corp.   61,585 
 11,570  Boralex, Inc. - Class A(b)   106,141 
 9,700  Brick Ltd. (The)   51,641 
 72,611  Brigus Gold Corp.(b)   66,976 
 100  Brookfield Real Estate Services, Inc.   1,305 

 

Shares     Value 
CANADA (continued)     
 1,292  Brookfield Residential Properties, Inc.(b)  $25,985 
 4,500  Burcon NutraScience Corp.(b)   20,077 
 47,567  CAE, Inc.   513,632 
 9,996  Calfrac Well Services Ltd.   256,966 
 800  Calian Technologies Ltd.   17,534 
 17,900  Calloway Real Estate Investment Trust   531,042 
 24,934  Calvalley Petroleum, Inc. - Class A(b)   51,998 
 45,444  Canaccord Financial, Inc.   337,618 
 6,031  Canacol Energy Ltd.(b)   21,708 
 4,100  Canada Bread Co. Ltd.(d)   212,851 
 9,000  Canada Lithium Corp.(b)   7,850 
 18,141  Canadian Apartment Properties REIT   468,348 
 15,185  Canadian Energy Services & Technology Corp.   177,975 
 14,224  Canadian Real Estate Investment Trust   640,180 
 84,813  Canadian Western Bank   2,622,451 
 12,328  Canadian Zinc Corp.(b)   7,910 
 20,232  Canam Group, Inc. - Class A(b)   132,257 
 22,100  Canexus Corp.   205,179 
 44,643  Canfor Corp.(b)   822,677 
 4,755  Canfor Pulp Products, Inc.   47,674 
 5,200  Cangene Corp.(b)   11,939 
 16,000  CanWel Building Materials Group Ltd.   40,746 
 6,088  Canyon Services Group, Inc.   67,448 
 7,707  Capital Power Corp.   179,268 
 32,507  Capstone Infrastructure Corp.   144,381 
 150,362  Capstone Mining Corp.(b)   372,362 
 26,442  Cardero Resource Corp.(b)   11,532 
 53,503  Carpathian Gold, Inc.(b)   17,702 
 36,952  Cascades, Inc.   161,901 
 9,900  Cash Store Financial Services, Inc. (The)   40,200 
 9,078  Cathedral Energy Services Ltd.   50,332 
 16,407  CCL Industries, Inc. - Class B   877,266 
 87,500  Celestica, Inc.(b)   683,402 
 33,100  Celtic Exploration Ltd.(b)   881,760 
 34,418  Centerra Gold, Inc.   312,640 
 31,278  Cequence Energy Ltd.(b)   41,081 
 8,900  Chartwell Retirement Residences REIT   96,817 
 59,705  China Gold International Resources Corp. Ltd.(b)   208,914 
 6,908  Chinook Energy, Inc.(b)   10,043 
 2,561  Chorus Aviation, Inc.   11,221 
 6,461  Churchill Corp. (The) - Class A   57,523 
 28,912  Cineplex, Inc.   927,596 
 141,325  Claude Resources, Inc.(b)   77,931 
 7,453  CML HealthCare, Inc.   52,456 
 3,400  Coastal Contacts, Inc.(b)   17,624 
 9,100  Cogeco Cable, Inc.   389,674 
 4,665  Cogeco, Inc.   186,291 
12
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CANADA (continued)     
 7,951  Colabor Group, Inc.  $60,266 
 28,143  COM DEV International Ltd.(b)   91,139 
 12,775  Cominar Real Estate Investment Trust   287,674 
 10,200  Computer Modelling Group Ltd.   224,576 
 213,762  Connacher Oil and Gas Ltd.(b)   35,363 
 1,907  Constellation Software, Inc.   238,977 
 5,700  Contrans Group, Inc. - Class A   60,063 
 13,103  Copper Mountain Mining Corp.(b)   46,111 
 4,700  Corby Distilleries Ltd. - Class A   88,119 
 24,530  Corridor Resources, Inc.(b)   17,954 
 61,673  Corus Entertainment, Inc. - Class B   1,542,134 
 36,243  Cott Corp.   328,854 
 39,845  Crew Energy, Inc.(b)   237,696 
 14,236  Crocotta Energy, Inc.(b)   37,538 
 18,511  Davis & Henderson Corp.   403,664 
 19,795  DeeThree Exploration Ltd.(b)   135,155 
 82,138  Delphi Energy Corp.(b)   92,234 
 123,700  Denison Mines Corp.(b)   169,911 
 17,700  Descartes Systems Group, Inc. (The)(b)   166,814 
 7,343  DHX Media Ltd.(b)   15,313 
 1,159  DirectCash Payments, Inc.   28,063 
 30,931  Dollarama, Inc.   1,881,786 
 12,100  Dorel Industries, Inc. - Class B   482,593 
 16,835  DragonWave, Inc.(b)   35,108 
 44,400  Duluth Metals Ltd.(b)   101,051 
 35,286  Dundee Precious Metals, Inc.(b)   314,156 
 8,500  Dundee Real Estate Investment Trust   318,643 
 11,964  Dynasty Metals & Mining, Inc.(b)   19,792 
 276,953  Eastern Platinum Ltd.(b)   54,147 
 9,705  Eastmain Resources, Inc.(b)   7,492 
 141  E-L Financial Corp. Ltd.   70,684 
 10,019  Emera, Inc.   357,003 
 16,750  Empire Co. Ltd. - Class A   1,010,643 
 8,287  Enbridge Income Fund Holdings, Inc.   210,706 
 9,981  Endeavour Silver Corp.(b)   68,447 
 8,281  Enerflex Ltd.   101,541 
 136,814  Energy Fuels, Inc.(b)   23,319 
 63,262  Enerplus Corp.   849,286 
 600  Enghouse Systems Ltd.   10,804 
 52,616  Ensign Energy Services, Inc.   898,914 
 29,186  Epsilon Energy Ltd.(b)   116,463 
 9,245  Equal Energy Ltd.(b)   28,271 
 5,842  Equitable Group, Inc.   210,743 
 51,813  Essential Energy Services Trust(b)   110,649 
 1,100  Evertz Technologies Ltd.   17,800 
 49,500  Excellon Resources, Inc.(b)   24,815 
 2,974  Exchange Income Corp.   82,416 

 

Shares     Value 
CANADA (continued)     
 3,200  Exco Technologies Ltd.  $19,025 
 18,409  EXFO, Inc.(b)   102,067 
 10,300  Extendicare, Inc.   82,098 
 64,225  Finning International, Inc.   1,644,582 
 553  Firm Capital Mortgage Investment Corp.   7,668 
 9,691  First Capital Realty, Inc.   183,637 
 30,350  First Majestic Silver Corp.(b)   554,418 
 2,412  First National Financial Corp.   44,642 
 9,700  FirstService Corp.(b)   285,437 
 8,981  Formation Metals, Inc.(b)   2,161 
 6,417  Fortress Paper Ltd. - Class A(b)   52,821 
 57,167  Fortuna Silver Mines, Inc.(b)   238,435 
 17,852  Fortune Minerals Ltd.(b)   10,739 
 200  Gamehost, Inc.   2,599 
 18,685  Genworth MI Canada, Inc.   451,670 
 11,294  Gibson Energy, Inc.   284,445 
 57,000  Gildan Activewear, Inc.   2,097,925 
 2,500  Glentel, Inc.   43,864 
 2,859  GLG Life Tech Corp.(b)(c)(d)   1,892 
 4,565  Gluskin Sheff & Associates, Inc.   77,167 
 10,721  GLV, Inc. - Class A(b)   21,928 
 18,000  GMP Capital, Inc.   123,802 
 4,500  Goldgroup Mining, Inc.(b)   1,760 
 95,570  Gran Tierra Energy, Inc.(b)   509,758 
 53,752  Great Canadian Gaming Corp.(b)   490,418 
 61,578  Great Panther Silver Ltd.(b)   93,225 
 6,784  Guardian Capital Group Ltd. - Class A   82,164 
 30,200  Guyana Goldfields, Inc.(b)   102,342 
 2,034  Hanfeng Evergreen, Inc.(b)   4,405 
 20,285  Harry Winston Diamond Corp.(b)   299,374 
 22,860  Hemisphere GPS, Inc.(b)   20,169 
 9,300  Heroux-Devtek, Inc.   86,529 
 670  High Liner Foods, Inc.   21,771 
 245,570  High River Gold Mines Ltd.(b)   344,694 
 3,627  HNZ Group, Inc.   84,184 
 13,900  Home Capital Group, Inc.   844,954 
 27,827  Horizon North Logistics, Inc.   168,513 
 74,700  HudBay Minerals, Inc.   868,779 
 80,833  IAMGOLD Corp.   663,748 
 4,936  IBI Group, Inc.   30,238 
 7,800  Imax Corp.(b)   184,247 
 38,486  Imperial Metals Corp.(b)   517,828 
 3,907  Imris, Inc.(b)   14,768 
 3,161  Indigo Books & Music, Inc.   33,974 
 39,500  Industrial Alliance Insurance and Financial Services, Inc.   1,380,163 
 22,600  Inmet Mining Corp.   1,631,442 
 17,479  Innergex Renewable Energy, Inc.   179,276 
 7,700  InnVest Real Estate Investment Trust   34,432 
13
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CANADA (continued)     
 23,670  International Forest Products Ltd. - Class A(b)  $208,127 
 7,748  International Tower Hill Mines Ltd.(b)   16,391 
 25,626  Intertape Polymer Group, Inc.   248,706 
 21,336  Ithaca Energy, Inc.(b)   43,425 
 57,067  Ivanhoe Energy, Inc.(b)   47,489 
 18,561  Ivernia, Inc.(b)   2,326 
 22,616  Jean Coutu Group PJC, Inc. (The) Class A   344,206 
 16,185  Just Energy Group, Inc.   160,487 
 318,486  Katanga Mining Ltd.(b)(d)   236,293 
 1,300  K-Bro Linen, Inc.   38,711 
 7,319  Keegan Resources, Inc.(b)   26,784 
 25,539  Keyera Corp.   1,328,929 
 13,811  Killam Properties, Inc.   180,011 
 4,436  Kingsway Financial Services, Inc.(b)   18,324 
 11,000  Kirkland Lake Gold, Inc.(b)   66,723 
 99,844  Lake Shore Gold Corp.(b)   86,090 
 13,254  Laramide Resources Ltd.(b)   12,624 
 15,057  Laurentian Bank of Canada   665,745 
 1,200  Le Chateau, Inc. - Class A(b)   4,800 
 59,448  Legacy Oil & Gas, Inc.(b)   413,645 
 8,682  Leisureworld Senior Care Corp.   110,201 
 13,400  Leon’s Furniture Ltd.(d)   182,446 
 29,705  Linamar Corp.   762,430 
 7,520  Liquor Stores N.A. Ltd.   143,629 
 27,294  Long Run Exploration Ltd.(b)   120,407 
 226,995  Lundin Mining Corp.(b)   1,167,520 
 17,647  MacDonald Dettwiler & Associates Ltd.   1,109,705 
 500  Mainstreet Equity Corp.(b)   16,418 
 34,300  Major Drilling Group International   340,799 
 11,156  Manitoba Telecom Services, Inc.   371,233 
 26,564  Maple Leaf Foods, Inc.   341,705 
 27,098  Martinrea International, Inc.(b)   245,333 
 3,900  MBAC Fertilizer Corp.(b)   13,529 
 1,800  Medical Facilities Corp.   26,078 
 2,050  MEGA Brands, Inc.(b)   22,054 
 22,931  Mega Uranium Ltd.(b)   3,449 
 1,400  Melcor Developments Ltd.   27,161 
 38,791  Mercator Minerals Ltd.(b)   18,279 
 29,200  Methanex Corp.   1,050,134 
 13,800  Migao Corp.   23,521 
 77,075  Minera Andes Acquisition Corp.(b)   241,101 
 5,131  Mood Media Corp.(b)   9,569 
 226,002  Morguard Real Estate Investment Trust(d)   4,350,550 
 14,987  Morneau Shepell, Inc.   194,588 
 44,077  Mullen Group Ltd.   1,015,088 
 13,950  New Millennium Iron Corp.(b)   16,084 
 43,773  Newalta Corp.   704,388 
 22,900  NGEx Resources, Inc.(b)   72,093 

 

Shares     Value 
CANADA (continued)     
 4,978  Niko Resources Ltd.  $51,956 
 7,923  Norbord, Inc.(b)   232,352 
 40,761  Nordion, Inc.   286,888 
 3,099  North American Energy Partners, Inc.(b)   11,652 
 37,821  North American Palladium Ltd.(b)   63,326 
 15,831  North West Co. Inc., (The)   367,284 
 10,624  Northern Dynasty Minerals Ltd.(b)   37,068 
 198,100  Northern Property Real Estate Investment Trust - Units(d)   6,337,849 
 11,568  Northland Power, Inc.   226,744 
 9,813  NorthWest Healthcare Properties Real Estate Investment Trust   132,329 
 46,201  NuVista Energy Ltd.(b)   242,261 
 8,300  Oncolytics Biotech, Inc.(b)   32,454 
 100  Onex Corp.   4,357 
 12,600  Open Text Corp.(b)(e)   734,979 
 1,052  Open Text Corp.(b)(e)   61,384 
 35,400  Oromin Explorations Ltd.(b)   26,619 
 57,165  Orvana Minerals Corp.(b)   55,021 
 81,800  Osisko Mining Corp.(b)   566,711 
 6,600  Pace Oil and Gas Ltd.(b)   21,307 
 6,230  Paladin Labs, Inc.(b)   276,334 
 59,468  Pan American Silver Corp.   1,038,633 
 18,300  Paramount Resources Ltd. - Class A(b)   594,466 
 36,051  Parex Resources, Inc.(b)   206,026 
 3,788  Parkland Fuel Corp.   75,312 
 566,214  Pason Systems, Inc.(d)   9,656,407 
 10,486  Patheon, Inc.(b)   38,689 
 99,127  Pengrowth Energy Corp.   452,204 
 780  Perpetual Energy, Inc.(b)   774 
 9,000  Petaquilla Minerals Ltd.(b)   5,053 
 88,334  PetroBakken Energy Ltd.   779,366 
 46,632  Petrobank Energy & Resources Ltd.(b)   40,208 
 16,667  Petrominerales Ltd.   148,389 
 29,553  Peyto Exploration & Development Corp.   682,083 
 113,000  Phoscan Chemical Corp.(b)   30,590 
 2,107  PHX Energy Services Corp.   20,005 
 5,000  Platino Energy Corp.(b)   6,918 
 2,100  Points International Ltd.(b)   24,845 
 95,353  Precision Drilling Corp.(e)   873,798 
 489  Precision Drilling Corp.(e)   4,474 
 13,536  Premium Brands Holdings Corp.   233,426 
 20,230  Primero Mining Corp.(b)   125,956 
 816  Progressive Waste Solutions Ltd.   18,123 
 29,060  Progressive Waste Solutions Ltd. - Placement Shares   645,648 
 20,867  Pulse Seismic, Inc.   60,254 
 9,975  QLT, Inc.(b)   79,508 
14
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CANADA (continued)     
 13,700  Quebecor, Inc. - Class B  $577,449 
 52,100  Questerre Energy Corp. - Class A(b)   48,057 
 2,000  Reitmans (Canada) Ltd.   23,962 
 16,700  Reitmans (Canada) Ltd. - Class A   210,801 
 72,307  Research In Motion Ltd.(b)   936,642 
 241  Resolute Forest Products(b)   3,286 
 4,400  Richelieu Hardware Ltd.   174,253 
 12,800  Richmont Mines, Inc.(b)   39,270 
 4,375  Ritchie Bros. Auctioneers, Inc.   95,448 
 58,032  RMP Energy, Inc.(b)   193,168 
 3,231  Rock Energy, Inc.(b)   4,600 
 4,730  Rocky Mountain Dealerships, Inc.   58,615 
 20,712  Rogers Sugar, Inc.   132,072 
 58,461  RONA, Inc.   709,808 
 60,389  Russel Metals, Inc.   1,696,511 
 14,890  Sabina Gold & Silver Corp.(b)   33,888 
 55,084  San Gold Corp.(b)   37,555 
 188,000  Sandvine Corp.(b)   335,512 
 29,941  Santonia Energy, Inc.(b)   39,625 
 46,281  Savanna Energy Services Corp    339,660 
 75,011  Scorpio Mining Corp.(b)   74,454 
 9,506  Secure Energy Services, Inc.(b)    99,692 
 44,500  SEMAFO, Inc.   124,479 
 26,812  ShawCor Ltd. - Class A   1,077,964 
 149,700  Sherritt International Corp.   882,531 
 15,685  Sierra Wireless, Inc.(b)   178,646 
 29,300  Silver Standard Resources, Inc.(b)   353,398 
 2,437  Softchoice Corp.   29,076 
 10,293  Sonde Resources Corp.(b)   16,512 
 120,726  Southern Pacific Resource Corp.(b)   145,249 
 11,543  SouthGobi Resources Ltd.(b)   26,618 
 56,399  Sprott Resource Corp.   256,719 
 55,970  Sprott Resource Lending Corp.   84,174 
 9,346  Sprott, Inc.   39,356 
 33,100  St. Andrew Goldfields Ltd.(b)   16,427 
 10,542  Stantec, Inc.   431,869 
 1,490  Stella-Jones, Inc.   112,803 
 16,685  Stornoway Diamond Corp.(b)   14,387 
 2,400  Strad Energy Services Ltd.   8,735 
 26,948  Student Transportation, Inc.   175,619 
 19,100  Sulliden Gold Corp. Ltd.(b)   18,001 
 19,646  SunOpta, Inc.(b)   140,244 
 13,000  Superior Plus Corp.   141,548 
 21,573  Surge Energy, Inc.(b)   75,702 
 1,700  TAG Oil Ltd.(b)   7,960 
 83,489  Taseko Mines Ltd.(b)   277,069 
 29,538  Tembec, Inc.(b)   87,068 
 13,676  Teranga Gold Corp.(b)   27,012 
 45,730  Teranga Gold Corp. - CDI(b)   90,605 
 16,500  Timmins Gold Corp.(b)   46,155 
 25,860  TORC Oil & Gas Ltd.   57,559 

 

Shares     Value 
CANADA (continued)     
 24,278  Toromont Industries Ltd.  $540,377 
 27,765  Torstar Corp. - Class B   220,194 
 22,950  Total Energy Services, Inc.   349,749 
 9,400  Tourmaline Oil Corp.(b)   319,019 
 104,000  TransAlta Corp.   1,672,509 
 29,278  Transcontinental, Inc. - Class A    340,804 
 69,874  TransForce, Inc.   1,551,744 
 33,900  TransGlobe Energy Corp.(b)   289,921 
 41,900  Trican Well Service Ltd.   573,426 
 20,400  Trilogy Energy Corp.   579,643 
 55,100  Trinidad Drilling Ltd.   397,754 
 38,000  Tuscany International Drilling, Inc.(b)   9,144 
 66,765  Twin Butte Energy Ltd.   178,058 
 24,940  Uex Corp.(b)   17,003 
 8,241  Uni-Select, Inc.   196,317 
 198,200  Uranium One, Inc.(b)   540,509 
 2,700  US Silver & Gold, Inc.(b)   5,576 
 4,141  Valener, Inc.   66,802 
 91,129  Veresen, Inc.   1,173,147 
 18,999  Veris Gold Corp.(b)   32,763 
 433  Vermilion Energy, Inc.   22,210 
 7,539  Virginia Mines, Inc.(b)   75,133 
 1,300  Wajax Corp.   58,079 
 32,261  Wesdome Gold Mines Ltd.(b)   28,787 
 11,176  West Fraser Timber Co. Ltd.   897,195 
 500  Western Energy Services Corp.   3,715 
 31,338  Western Forest Products, Inc.(b)   41,474 
 6,300  Westjet Airlines Ltd.   132,013 
 34,591  Whitecap Resources, Inc.   331,899 
 48,887  Wi-Lan, Inc.   222,526 
 11,548  Winpak Ltd.   196,828 
 12,846  Winstar Resources Ltd.(b)   35,290 
 1,816  Xtreme Drilling and Coil Services Corp.(b)   2,822 
 9,672  YM Biosciences, Inc.(b)   28,413 
 10,676  Zargon Oil & Gas Ltd.   84,560 
        116,591,614 
CAYMAN ISLANDS — 0.0%     
 59,150  Endeavour Mining Corp.(b)   126,318 
CHILE — 0.1 %     
 367,736  AES Gener SA   252,804 
 487,853  Aguas Andinas SA - Class A   361,247 
 164,971  Banmedica SA   427,041 
 114,351  Besalco SA   212,543 
 17,632  Cementos BIO BIO SA(b)   26,749 
 2,521  Cia Cervecerias Unidas SA   40,492 
 43,481  Cia General de Electricidad SA   249,105 
 18,733  Cia Sud Americana de Vapores SA(b)   2,051 
 924,504  Colbun SA(b)   292,083 
 50,487,302  CorpBanca SA   723,084 
 17,867  Cristalerias de Chile SA   185,759 
 114,370  E.CL SA   270,795 
15
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CHILE (continued)     
 15,622  Embotelladora Andina SA - Class A, Preference Shares  $80,878 
 16,401  Embotelladora Andina SA - Class B, Preference Shares   107,878 
 7,303  Empresa Nacional de Telecom Chile SA   158,828 
 21,705  Empresas Hites SA   23,119 
 1,299,287  Empresas Iansa SA   101,699 
 20,702  Forus SA   118,598 
 12,790  Gasco SA   108,551 
 448,016  Inversiones Aguas Metropolitanas SA   926,822 
 6,600  Latam Airlines Group SA - BDR(b)   160,745 
 535,964  Madeco SA   23,859 
 880,181  Masisa SA   108,318 
 952  Molibdenos y Metales SA   16,766 
 134,264  Multiexport Foods SA   41,735 
 97,068  Parque Arauco SA   264,656 
 86,572  PAZ Corp. SA   60,066 
 163,857  Ripley Corp. SA   178,007 
 58,002  Salfacorp SA   142,759 
 152,959  Sigdo Koppers SA   394,325 
 20,922  Sociedad Matriz SAAM SA(b)   2,661 
 353,128  Socovesa SA   181,322 
 151,511  Sonda SA   514,359 
 235,571  Vina Concha y Toro SA   472,342 
 853,398  Vina San Pedro Tarapaca SA   5,595 
        7,237,641 
CHINA — 1.0%     
 1,712,500  AAC Technologies Holdings, Inc.   6,624,417 
 198,000  Agile Property Holdings Ltd.   280,837 
 387,000  Airtac International Group   2,260,935 
 362,000  Angang Steel Co. Ltd. - H Shares(b)   267,927 
 1,368,000  Anhui Expressway Co. Ltd. - H Shares   864,327 
 32,000  Anhui Tianda Oil Pipe Co. Ltd. - H Shares   5,529 
 41,000  Anta Sports Products Ltd.   38,275 
 564,000  Anton Oilfield Services Group   269,077 
 639,000  Asia Cement China Holdings Corp.   326,281 
 96,000  Aupu Group Holding Co. Ltd.   8,417 
 196,000  AviChina Industry & Technology Co. - H Shares   95,025 
 116,000  Baoye Group Co. Ltd. - H Shares   95,278 
 308,000  Beijing Capital International Airport Co. Ltd. - H Shares   256,554 
 374,000  Beijing Capital Land Ltd. - H Shares   173,608 
 33,000  Beijing Jingkelong Co. Ltd. - H Shares   17,871 

 

Shares     Value 
CHINA (continued)     
 274,000  Beijing North Star Co. Ltd. - H Shares  $77,726 
 311,000  Besunyen Holdings Co. Ltd.(b)    15,238 
 34,500  Byd Co. Ltd. - H Shares(b)   115,439 
 247,500  BYD Electronic International Co. Ltd.   82,655 
 98,000  Catic Shenzhen Holdings Ltd. - H Shares(b)   36,140 
 247,656  Central China Real Estate Ltd.   93,245 
 19,000  Changshouhua Food Co. Ltd.   10,976 
 321,000  China Aoyuan Property Group Ltd.   64,983 
 143,000  China Automation Group Ltd.   38,353 
 410,857  China BlueChemical Ltd. - H Shares   295,081 
 462,000  China Communications Services Corp. Ltd. - H Shares   281,177 
 356,000  China COSCO Holdings Co. Ltd. - H Shares(b)   184,991 
 121,000  China Datang Corp. Renewable Power Co. Ltd. - H Shares   17,162 
 954,000  China Dongxiang Group Co.   153,764 
 22,000  China Eastern Airlines Corp. Ltd. - H Shares(b)   10,014 
 68,000  China Flooring Holding Co. Ltd.   13,591 
 205,000  China Hongqiao Group Ltd.   108,376 
 181,500  China Huiyuan Juice Group Ltd.(b)   64,358 
 251,000  China ITS Holdings Co. Ltd.(b)   53,078 
 173,000  China Longyuan Power Group Corp. - H Shares   144,996 
 135,000  China Medical System Holdings Ltd.   115,932 
 222  China Mobile Games & Entertainment Group Ltd. - ADR(b)   779 
 80,000  China Modern Dairy Holdings Ltd.(b)   24,447 
 272,678  China Molybdenum Co. Ltd. - H Shares   151,539 
 1,200,084  China National Building Material Co. Ltd. - H Shares   1,915,703 
 286,000  China National Materials Co. Ltd. - H Shares   89,981 
 152,000  China Nickel Resources Holding Co. Ltd.   13,327 
 176,000  China Qinfa Group Ltd.   24,736 
 520,000  China Rare Earth Holdings Ltd.   113,985 
 897,500  China Rongsheng Heavy Industries Group Holdings Ltd.   172,431 
 87,700  China Sandi Holdings Ltd.(b)(c)(d)   6,672 
 260,000  China SCE Property Holdings Ltd.   64,033 
 491,488  China Shanshui Cement Group Ltd.   361,230 

16
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CHINA (continued)     
 246,000  China Shineway Pharmaceutical Group Ltd.  $449,787 
 664,093  China Shipping Container Lines Co. Ltd. - H Shares(b)   203,799 
 296,000  China Shipping Development Co. Ltd., H Shares   162,973 
 324,000  China Southern Airlines Co. Ltd. - H Shares   194,682 
 90,000  China Sunshine Paper Holdings Co. Ltd.   11,837 
 153,000  China Suntien Green Energy Corp. Ltd. - H Shares   33,932 
 252,000  China Tontine Wines Group Ltd.   26,970 
 292,000  China Wireless Technologies Ltd.   84,715 
 443,000  China Yurun Food Group Ltd.(b)   326,164 
 138,000  China Zhengtong Auto Services Holdings Ltd.(b)   122,779 
 492,400  China Zhongwang Holdings Ltd.(b)   187,299 
 350,000  Chinasoft International Ltd.(b)   84,844 
 74,000  Chongqing Iron & Steel Co. Ltd. - H Shares(b)   13,740 
 340,000  Chongqing Machinery & Electric Co. Ltd. - H Shares   59,185 
 62,000  Chongqing Rural Commercial Bank - H Shares   36,854 
 44,000  Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.   21,729 
 158,000  Comtec Solar Systems Group Ltd.(b)   36,264 
 1,867,291  Country Garden Holdings Co. Ltd.(b)   994,393 
 4,313,000  CPMC Holdings Ltd.(d)   3,464,681 
 9,286,000  Dalian Port PDA Co. Ltd. - H Shares(d)   2,334,851 
 264,000  Daphne International Holdings Ltd.   340,068 
 63,000  Daqing Dairy Holdings Ltd.(b)(c)(d)   0 
 146,000  Datang International Power Generation Co .Ltd. - H Shares   64,195 
 101,000  Delong Holdings Ltd.(b)   48,964 
 33,600  Dongfang Electric Corp. Ltd. - H Shares   65,074 
 398,000  Dongyue Group   265,833 
 232,000  ENN Energy Holdings Ltd.   1,111,329 
 958,000  Evergrande Real Estate Group Ltd.   506,460 
 466,500  Fantasia Holdings Group Co. Ltd.   83,611 
 416,000  First Tractor Co. Ltd. - H Shares(b)   424,829 
 468,500  Fosun International Ltd.   326,211 

 

Shares     Value 
CHINA (continued)     
 799,000  Foxconn International Holdings Ltd.(b)  $327,619 
 204,000  Golden Eagle Retail Group Ltd.   439,281 
 38,000  Goldpoly New Energy Holdings Ltd.(b)   6,909 
 228,000  Great Wall Technology Co. Ltd. - H Shares   47,626 
 225,500  Greentown China Holdings Ltd.   464,061 
 480,000  Guangshen Railway Co. Ltd. - H Shares   207,958 
 379,753  Guangzhou Automobile Group Co. Ltd. - H Shares   317,791 
 94,000  Guangzhou Pharmaceutical Co. Ltd. - H Shares   217,928 
 148,800  Guangzhou R&F Properties Co. Ltd. - H Shares   270,148 
 18,400  Guangzhou Shipyard International Co. Ltd. - H Shares(b)   15,422 
 14,000  Hainan Meilan International Airport Co. Ltd. - H Shares   10,362 
 239,000  Haitian International Holdings Ltd.   301,701 
 242,000  Harbin Electric Co. Ltd. - H Shares   219,053 
 439,000  Hidili Industry International Development Ltd.   128,495 
 6,629,000  Hilong Holding Ltd.(d)   2,487,349 
 473,000  Honghua Group Ltd.   201,266 
 138,000  Huadian Power International Co. - H Shares(b)   58,364 
 162,000  Huaneng Renewables Corp. Ltd.(b)   30,915 
 192,000  Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)   62,140 
 44,000  International Taifeng Holdings Ltd.   12,368 
 285,000  Intime Department Store Group Co. Ltd.   374,836 
 80,000  JES International Holdings Ltd.(b)   13,574 
 122,000  Jiangsu Expressway Co. Ltd. - H Shares   125,848 
 92,000  Jingwei Textile Machinery - H Shares   67,143 
 674,000  Kaisa Group Holdings Ltd.(b)   228,566 
 163,000  Kasen International Holdings Ltd.(b)   32,787 
 458,000  Kingdee International Software Group Co. Ltd.(b)   94,489 
 43,000  Kingsoft Corp. Ltd.   37,426 
 64,000  Leoch International Technology Ltd.   11,058 
 76,000  Li Heng Chemical Fibre Technologies Ltd.(b)   8,597 
 149,000  Li Ning Co. Ltd.(b)   99,905 
 103,200  Lianhua Supermarket Holdings Co. Ltd. - H Shares   100,999 
17
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CHINA (continued)     
 190,000  Lingbao Gold Co. Ltd. - H Shares  $76,192 
 410,000  Lonking Holdings Ltd.   106,790 
 610,000  Maanshan Iron & Steel - H Shares(b)   189,558 
 323,000  Maoye International Holdings Ltd.   69,969 
 612,000  Metallurgical Corp. of China Ltd. - H Shares(b)   128,628 
 3,102,000  Microport Scientific Corp.(d)   2,027,895 
 136,000  MIE Holdings Corp.   39,982 
 146,000  Minth Group Ltd.   197,669 
 34,000  Nanjing Panda Electronics Co. Ltd. - H Shares   9,908 
 348,000  NVC Lighting Holdings Ltd.   86,154 
 96,800  Pacific Online Ltd.   38,443 
 138,000  Pan Asia Environmental Protection Group Ltd.(b)   10,143 
 34,500  Parkson Retail Group Ltd.   26,602 
 556,000  PCD Stores Group Ltd.(c)   78,144 
 131,000  Peak Sport Products Co. Ltd.   25,675 
 430,000  Powerlong Real Estate Holdings Ltd.   115,326 
 402,000  Qingling Motors Co. Ltd. - H Shares   109,890 
 261,000  Qunxing Paper Holdings Co. Ltd.(c)(d)   67,977 
 67,000  Real Gold Mining Ltd.(b)(c)(d)   76,111 
 4,511,430  Renhe Commercial Holdings Co. Ltd.(b)   395,566 
 46,500  Sany Heavy Equipment International Holdings Co. Ltd.   22,065 
 34,500  Sateri Holdings Ltd.   8,586 
 6,325,806  Semiconductor Manufacturing International Corp.(b)   395,597 
 79,500  Shandong Chenming Paper Holdings Ltd. - H Shares   31,368 
 49,600  Shandong Molong Petroleum Machinery Co. Ltd. - H Shares   24,111 
 484,000  Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares   466,813 
 396,000  Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares   72,507 
 101,500  Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares   203,120 
 222,000  Shanghai Prime Machinery Co. Ltd. - H Shares   32,633 
 310,500  Shengli Oil & Gas Pipe Holdings Ltd.   32,430 
 20,000  Shenguan Holdings Group Ltd.   10,573 
 78,000  Shenzhen Expressway Co. Ltd. - H Shares.   32,687 
 162,000  Shenzhou International Group Holdings Ltd.   393,543 

 

Shares     Value 
CHINA (continued)     
 930,286  Shui On Land Ltd.  $451,024 
 116,000  Sichuan Expressway Co. Ltd. - H Shares   42,030 
 174,000  Sihuan Pharmaceutical Holdings Group Ltd.   77,180 
 784,000  Sino Dragon New Energy Holdings Ltd.(b)   18,803 
 73,000  SinoMedia Holding Ltd.   35,674 
 854,986  Sino-Ocean Land Holdings Ltd.   682,410 
 252,000  Sinopec Shanghai Petrochemical Co. Ltd. - H Shares   93,581 
 234,000  Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares   58,233 
 40,800  Sinopharm Group Co. Ltd. - H Shares   124,945 
 93,000  Sinostar PEC Holdings Ltd.(b)   8,266 
 571,000  Sinotrans Ltd. - H Shares   103,813 
 214,000  Sinotruk Hong Kong Ltd.   143,211 
 67,000  SITC International Holdings Co. Ltd.   23,498 
 1,600,500  Soho China Ltd.   1,440,479 
 111,000  SPG Land Holdings Ltd.(b)   40,791 
 23,000  Springland International Holdings Ltd.   13,761 
 174,000  Sunac China Holdings Ltd.   141,571 
 182,000  Sunny Optical Technology Group Co. Ltd.   154,886 
 184,000  SunVic Chemical Holdings Ltd.(b)   75,821 
 554,000  Tiangong International Co. Ltd.   170,727 
 1,103,000  Tong Ren Tang Technologies Co. Ltd. - H Shares(d)   2,833,092 
 1,671,000  Trauson Holdings Co. Ltd.   1,579,342 
 165,500  Travelsky Technology Ltd. - H Shares   102,218 
 201,000  Trony Solar Holdings Co. Ltd.(b)(c)(d)   16,328 
 32,000  Tsingtao Brewery Co. Ltd. - H Shares   184,852 
 182,000  Uni-President China Holdings Ltd.   213,320 
 31,000  Weichai Power Co. Ltd. - H Shares   127,911 
 121,500  Weiqiao Textile Co. Ltd. - H Shares   60,786 
 546,000  West China Cement Ltd.   105,604 
 454,000  Winsway Coking Coal Holding Ltd.   72,004 
 14,000  Wumart Stores, Inc. - H Shares   27,872 
 382,000  Xiamen International Port Co. Ltd. - H Shares   53,196 
 5,768,000  Xingda International Holdings Ltd.(d)   2,565,902 
 159,000  Xinhua Winshare Publishing and Media Co. Ltd. - H Shares   90,823 
18
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CHINA (continued)     
 54,800  Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares  $25,650 
 216,000  Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares   52,361 
 142,000  Xiwang Sugar Holdings Co. Ltd.   17,028 
 81,000  Yantai North Andre Juice Co.   31,333 
 201,000  Yashili International Holdings Ltd.   69,459 
 138,000  Yuanda China Holdings Ltd.   16,193 
 118,800  Yuzhou Properties Co.   33,088 
 260,500  Zhaojin Mining Industry Co. Ltd. - H Shares   392,325 
 96,000  Zhejiang Expressway Co. Ltd. - H Shares   85,288 
 40,000  Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)   0 
 176,000  Zhong An Real Estate Ltd.(b)   34,949 
 16,500  Zhongsheng Group Holdings Ltd.   24,680 
 26,000  Zhuzhou CSR Times Electric Co. Ltd. - H Shares   83,310 
 100,000  ZTE Corp. - H Shares   193,414 
        54,206,219 
COLUMBIA — 0.0%     
 1,764  Pacific Rubiales Energy Corp.   41,155 
CYPRUS — 0.0%     
 279,720  Bank of Cyprus Plc(b)   93,811 
 28,621  Deep Sea Supply Plc(b)   55,273 
 71,521  ProSafe SE   680,791 
 59,416  Songa Offshore SE(b)   60,200 
        890,075 
DENMARK — 0.5%     
 2,314  ALK-Abello A/S   175,191 
 38,911  Alm Brand A/S(b)   119,678 
 8,231  Amagerbanken A/S(b)(c)(d)   0 
 638  Ambu A/S - Class B   18,230 
 5,855  Auriga Industries - Class B(b)   115,615 
 18,742  Bang & Olufsen A/S(b)   220,005 
 9,018  Bavarian Nordic A/S(b)   76,645 
 1,079  Brodrene Hartmann A/S   21,699 
 436,495  Chr. Hansen Holding A/S(d)   15,450,940 
 7,451  D/S Norden A/S   229,305 
 7,982  Dalhoff Larsen & Horneman A/S(b)   6,610 
 2,204  DFDS A/S   114,518 
 48,608  DSV A/S   1,247,334 
 6,366  East Asiatic Co. Ltd. A/S   125,705 
 10,095  FLSmidth & Co. A/S   626,677 
 4,979  Genmab A/S(b)   88,802 
 81,337  GN Store Nord A/S   1,325,592 
 4,777  Greentech Energy Systems AS(b)   8,520 
 8,436  H. Lundbeck A/S   133,878 

 

Shares     Value 
DENMARK (continued)     
 2,058  H+H International A/S - Class B(b)  $11,236 
 2,374  Harboes Bryggeri A/S - Class B    37,805 
 963  IC Companys A/S   22,346 
 22,150  Jyske Bank A/S(b)   721,577 
 3,714  NeuroSearch A/S(b)   2,372 
 18,842  NKT Holding A/S   666,964 
 70  Nordjyske Bank A/S   1,019 
 250  Norresundby Bank A/S   6,643 
 6,068  Pandora A/S   150,190 
 3,031  Parken Sport & Entertainment A/S(b)(d)   36,407 
 664  PER Aarsleff A/S - Class B   58,851 
 1,788  Ringkjoebing Landbobank A/S   270,086 
 1,715  Rockwool International A/S - Class B   205,062 
 906  Royal UNIBREW A/S   84,092 
 7,711  Schouw & Co.   230,150 
 1,682  SimCorp A/S   402,539 
 2,238  Solar A/S - Class B   104,066 
 12,946  Spar Nord Bank A/S(b)   67,855 
 30,004  Sydbank A/S(b)   591,922 
 33  Tivoli A/S   17,699 
 16,761  TK Development A/S(b)   38,130 
 3,786  Topdanmark A/S(b)   830,967 
 33,402  TopoTarget A/S(b)   14,164 
 129,120  Topsil Semiconductor Materials(b)   8,930 
 2,520  Tryg A/S   198,355 
 130,586  Vestas Wind Systems A/S(b)   788,550 
 2,285  Vestjysk Bank A/S(b)   4,741 
        25,677,662 
FINLAND — 0.6%     
 9,996  Ahlstrom Oyj   189,200 
 379  Aktia Oyj - Class A   3,165 
 2,952  Alma Media Oyj   19,720 
 39,132  Amer Sports Oyj   623,783 
 1,770  Aspo Oyj   15,621 
 1,682  Bank of Aland Plc - Class B(b)   18,956 
 2,196  BasWare Oyj   57,875 
 18,521  Biotie Therapies Oyj(b)   10,562 
 15,775  Cargotec Oyj - Class B   444,662 
 69,022  Citycon Oyj   230,545 
 576  Componenta Oyj(b)   1,595 
 2,317  Comptel Oyj   1,384 
 4,120  Cramo Oyj   56,836 
 7,193  Digia Plc   29,202 
 17,999  Elisa Oyj   428,169 
 29,480  Finnair Oyj(b)   120,083 
 1,799  Finnlines Oyj(b)   18,564 
 12,672  Fiskars Oyj Abp   324,848 
 31,761  F-Secure Oyj   76,762 
 11,600  HKScan Oyj - A Shares   65,364 
 22,916  Huhtamaki Oyj   416,321 
 2,336  Ilkka-Yhtyma Oyj   15,796 

19
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
FINLAND (continued)     
 17,695  Kemira Oyj  $280,625 
 1,624  Kesko Oyj - Class A   54,046 
 31,775  Kesko Oyj - Class B   1,042,355 
 15,462  Konecranes Oyj   519,606 
 4,409  Lassila & Tikanoja Oyj   73,454 
 3,187  Lemminkainen Oyj   67,333 
 53,330  Metsa Board Oyj(b)   177,407 
 112,327  Metso Oyj   5,028,475 
 21,733  Neste Oil Oyj   346,729 
 52,206  Nokian Renkaat Oyj   2,246,342 
 10,195  Okmetic Oyj   66,168 
 5,138  Olvi Oyj - Class A   150,619 
 27,673  Oriola-KD Oyj - Class B   90,177 
 10,430  Orion Oyj - Class A   288,334 
 9,618  Orion Oyj - Class B   268,759 
 79,999  Outokumpu Oyj(b)   82,770 
 1,127  Outotec Oyj   70,896 
 13,413  PKC Group Oyj   304,506 
 132,675  Pohjola Bank Plc - Class A   2,271,629 
 766  Ponsse Oyj   7,041 
 4,495  Poyry Oyj   19,225 
 43,685  Raisio Plc - V Shares   188,029 
 26,580  Ramirent Oyj   258,044 
 6,650  Rapala VMC Oyj   42,438 
 40,697  Rautaruukki Oyj   292,868 
 32,226  Ruukki Group Oyj(b)(d)   19,690 
 267  Saga Furs Oyj   8,262 
 19,281  Sanoma Oyj   195,038 
 740  Sievi Capital Plc   995 
 1,969  SRV Group Plc   9,143 
 2,865  Stockmann Oyj Abp - Class A(d)   56,951 
 8,470  Stockmann Oyj Abp - Class B   166,297 
 284,272  Stora Enso Oyj - Class R   2,028,336 
 23,334  Talvivaara Mining Co. Plc(b)   33,122 
 5,454  Technopolis Oyj   28,437 
 675  Teleste Oyj   3,785 
 7,185  Tieto Oyj   160,092 
 16,032  Tikkurila Oy   342,848 
 237,954  UPM-Kymmene Oyj   2,906,212 
 2,990  Uponor Oyj   41,816 
 3,176  Vacon Oyj   188,493 
 3,684  Vaisala Oyj - Class A   93,439 
 70,509  Wartsila Oyj Abp   3,355,566 
 93,678  YIT Oyj   2,060,562 
        29,105,972 
FRANCE — 2.3%     
 3,657  ABC Arbitrage   29,346 
 24,037  Accor SA   938,321 
 2,633  Aeroports de Paris   217,221 
 542  Affine SA REIT   9,744 
 57,061  Air France-KLM(b)   621,288 
 1,039,619  Alcatel-Lucent(b)   1,740,486 
 902  Ales Groupe   16,264 
 5,620  Altamir Amboise   59,749 

 

Shares     Value 
FRANCE (continued)     
 9,534  Alten SA  $366,349 
 85,802  Altran Technologies SA(b)   650,077 
 996  ANF Immobilier REIT   30,766 
 3,847  April   81,851 
 4,970  Archos(b)   27,195 
 46,520  Arkema SA   5,305,815 
 851  Artprice.com(b)   30,170 
 4,828  Assystem   108,623 
 13,833  AtoS   1,011,992 
 1,591  Audika Groupe   19,766 
 1,151  Aurea SA   7,220 
 600  Avanquest Software(b)   1,523 
 6,980  Avenir Telecom(b)   4,549 
 653  Axway Software SA   15,073 
 5,430  Beneteau SA   60,604 
 2,529  Bigben Interactive(b)   28,055 
 3,331  BioMerieux   318,044 
 120,758  Boiron SA(d)   5,141,918 
 3,630  Bollore SA   1,308,592 
 2,932  Bonduelle SCA   307,337 
 2,143  Bongrain SA   142,578 
 13,097  Bourbon SA   400,473 
 267  Boursorama(b)   2,259 
 27,832  Bull(b)   122,818 
 4  Burelle SA   1,260 
 45,065  Cap Gemini SA   2,172,511 
 244  Cegedim SA(b)   7,110 
 2,386  Cegid Group   49,373 
 90  Cie des Alpes   2,077 
 124,773  Cie Generale de Geophysique - Veritas(b)   3,624,650 
 4,096  Ciments Francais SA   248,767 
 10,437  Club Mediterranee SA(b)   197,548 
 804  Damartex SA(d)   14,628 
 32,302  Derichebourg SA   157,104 
 2,118  Devoteam SA   32,497 
 22,092  Edenred   708,213 
 4,249  Eiffage SA   190,703 
 845  Electricite de Strasbourg(d)   107,299 
 3,548  Eramet   503,423 
 482  Esso Ste Anonyme Francaise   38,600 
 26,260  Etablissements Maurel et Prom   485,273 
 374  Etam Developpement SA(b)   11,035 
 50,701  Euler Hermes SA(d)   4,526,322 
 1,377  Euro Disney SCA(b)   9,592 
 4,765  Eutelsat Communications SA   163,753 
 1,226  Exel Industries SA - Class A   65,188 
 894  Faiveley Transport SA   61,276 
 16,125  Faurecia   284,408 
 1,000  Fimalac   50,646 
 539  Fleury Michon SA   32,282 
 3,002  Fonciere Des Regions REIT   253,574 
 12,718  GameLoft SA(b)   87,378 
 202  Gaumont SA(d)   10,861 
 1,559  Gecina SA REIT   176,753 
 13,657  GFI Informatique SA   56,372 
20
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
FRANCE (continued)     
 2,835  GL Events  $70,019 
 257  Groupe Crit   5,322 
 96,381  Groupe Eurotunnel SA   819,871 
 922  Groupe Flo   4,006 
 13,154  Groupe Partouche SA(b)   19,111 
 11,400  Groupe Steria SCA   211,750 
 393  Guerbet   59,658 
 5,836  Haulotte Group SA(b)   48,416 
 46,382  Havas SA   303,927 
 23,886  Hi-Media SA(b)   65,837 
 6,307  ICADE REIT   556,633 
 482  Iliad SA   89,333 
 14,838  Imerys SA   980,752 
 145,569  Ingenico   9,176,012 
 1,376  Interparfums SA   45,307 
 412  Ipsen SA   14,478 
 173,723  IPSOS(d)   6,923,068 
 4,414  Jacquet Metal Service   57,356 
 27,960  JCDecaux SA   782,245 
 34,994  Klepierre REIT   1,380,298 
 2,912  Korian   56,778 
 33,456  Lagardere SCA   1,209,702 
 936  Laurent-Perrier   87,692 
 1,354  Lectra   9,707 
 1,715  LISI   151,313 
 735  Maisons France Confort   28,732 
 2,096  Manitou BF SA   37,424 
 467  Manutan International   22,694 
 26,260  Maurel & Prom Nigeria SA(b)   93,418 
 314,042  Medica SA(d)   5,982,443 
 174,986  Mersen(d)   5,141,546 
 2,556  METabolic EXplorer SA(b)   11,696 
 6,297  Metropole Television SA   105,464 
 401  Montupet   5,009 
 1,975  Mr Bricolage   26,950 
 1,519  Naturex   121,068 
 186,712  Neopost SA(d)   10,647,672 
 189,055  Nexans SA   9,808,404 
 8,861  Nexity SA   270,706 
 66,252  NicOx SA(b)   307,651 
 844  Norbert Dentressangle SA   74,145 
 7,604  NRJ Group   62,877 
 17,460  Oeneo   61,638 
 7,755  Orpea   330,684 
 19,387  PagesJaunes Groupe(b)   75,022 
 1,855  Parrot SA(b)   71,783 
 69,154  Peugeot SA(b)   539,343 
 1,004  Pierre & Vacances SA   21,416 
 9,912  Plastic Omnium SA   388,007 
 9,806  Rallye SA   346,577 
 14,085  Recylex SA(b)   71,908 
 5,662  Remy Cointreau SA   722,578 
 92,477  Rexel SA   1,966,968 
 159,079  Rubis SCA(d)   11,523,394 
 4,452  Sa des Ciments Vicat   283,717 
 6,618  Saft Groupe SA   179,088 

 

Shares     Value 
FRANCE (continued)     
 1,023  Sartorius Stedim Biotech  $124,609 
 135,370  SCOR SE   3,896,650 
 7,643  SEB SA   611,137 
 1,217  Seche Environnement SA   48,879 
 5,884  Sechilienne-Sidec   119,839 
 3,254  Sequana SA(b)   39,720 
 7,940  Societe BIC SA   1,069,031 
 7,186  Societe d’Edition de Canal +   50,444 
 3,179  Societe Immobiliere de Location pour l’Industrie et le Commerce REIT   347,903 
 228  Societe Internationale de Plantations d’Heveas SA   20,742 
 29,298  Societe Television Francaise 1   354,047 
 43,002  SOITEC(b)   160,566 
 806  Somfy SA   169,629 
 1,699  Sopra Group SA   122,265 
 243  Spir Communication(b)   4,985 
 101  Stallergenes SA   6,011 
 2,498  Ste Industrielle d’Aviation Latecoere SA(b)   28,762 
 1,492  STEF   79,250 
 28,979  Suez Environnement Co.   383,677 
 1,496  Sword Group   27,605 
 1,013  Synergie SA   11,774 
 18,742  Technicolor SA(b)   64,892 
 13,331  Teleperformance SA   531,528 
 155  Tessi SA   17,199 
 26,644  Thales SA   959,233 
 16,096  Theolia SA(b)   34,749 
 82  Thermador Groupe   6,591 
 440  Touax SA   12,928 
 1,421  Transgene SA(b)   16,111 
 2,866  Trigano SA   42,806 
 41,685  UBISOFT Entertainment(b)   402,423 
 694  Union Financiere de France BQE SA   17,150 
 34,483  Valeo SA   1,858,783 
 25,977  Vallourec SA   1,412,441 
 20,830  Veolia Environnement SA   268,573 
 326  Vetoquinol SA   11,996 
 1,404  Viel et Co.   4,766 
 808  Vilmorin & Cie   106,528 
 1,445  Virbac SA   323,731 
 107  VM Materiaux SA   2,303 
 1,131  Vranken - Pommery Monopole SA   32,402 
 11,613  Zodiac Aerospace   1,270,588 
        120,990,401 
GABON — 0.0%     
 20  Total Gabon   9,987 
GERMANY — 2.6%     
 11,132  Aareal Bank AG(b)   265,418 
 37,576  ADVA Optical Networking SE(b)   229,541 
21
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
GERMANY (continued)     
 10,093  Air Berlin Plc(b)  $24,448 
 18,603  Aixtron SE   253,853 
 1,088  Alba SE(d)   93,068 
 961  Allgeier SE   15,332 
 5,308  Alstria Office REIT AG   64,864 
 67  Amadeus Fire AG   3,822 
 640  AS Creation Tapeten   31,288 
 15,525  Aurubis AG   1,167,943 
 9,222  Axel Springer AG   431,242 
 8,917  Balda AG   50,004 
 1,501  Bauer AG   43,787 
 4,404  BayWa AG   219,545 
 10,613  Bechtle AG   479,141 
 1,967  Bertrandt AG   216,760 
 125  Bijou Brigitte AG   12,390 
 104,338  Bilfinger SE   10,562,861 
 1,210  Biotest AG   87,897 
 23,015  Borussia Dortmund GmbH & Co. KGaA   95,686 
 5,031  Brenntag AG   716,919 
 3,419  CANCOM AG   67,476 
 16,674  Carl Zeiss Meditec AG   544,714 
 10,615  Celesio AG   192,845 
 2,761  CENIT AG   30,141 
 8,279  CENTROTEC Sustainable AG   174,069 
 3,390  Cewe Color Holding AG   150,515 
 17,476  Comdirect Bank AG   205,491 
 869  CompuGroup Medical AG   19,121 
 7,207  Constantin Medien AG(b)   15,872 
 5,227  COR&FJA AG(b)   8,020 
 7,800  CropEnergies AG   63,958 
 6,999  CTS Eventim AG   250,124 
 4,797  Curanum AG(b)   16,296 
 7,898  DAB Bank AG   41,619 
 2,014  Delticom AG   96,982 
 3,806  Deutsche Beteiligungs AG   105,422 
 29,358  Deutsche Lufthansa AG   582,982 
 11,565  Deutsche Wohnen AG   222,667 
 33,396  Deutz AG(b)   196,978 
 20,474  Dialog Semiconductor Plc(b)   365,562 
 2,601  Dr Hoenle AG   46,970 
 570  Draegerwerk AG & Co. KGaA   55,507 
 17,862  Drillisch AG   293,217 
 7,490  Duerr AG   733,491 
 4,400  DVB Bank SE(d)   146,370 
 909  Eckert & Ziegler AG   31,843 
 9,177  Elmos Semiconductor AG   93,204 
 216,951  ElringKlinger AG(d)   7,669,241 
 1,475  Envitec Biogas AG(b)   15,922 
 4,231  Euromicron AG   111,507 
 42,200  Evotec AG(b)   158,259 
 99,922  Fielmann AG(d)   10,294,887 
 2,910  First Sensor AG(b)   31,289 
 31,432  Fraport AG Frankfurt Airport Services Worldwide   1,905,578 
 51,919  Freenet AG   1,118,406 

 

Shares     Value 
GERMANY (continued)     
 5,957  Fuchs Petrolub AG  $420,676 
 127,975  GEA Group AG   4,639,483 
 3,293  Generali Deutschland Holding AG   364,135 
 6,004  Gerresheimer AG   308,886 
 7,035  Gerry Weber International AG   342,155 
 2,345  Gesco AG   246,348 
 123,955  GFK SE(d)   7,174,845 
 5,545  GFT Technologies AG   25,674 
 8,519  Gigaset AG(b)   13,210 
 33,550  Gildemeister AG   827,487 
 5,876  Grammer AG   157,054 
 3,340  Grenkeleasing AG   246,660 
 5,192  H&R AG   86,816 
 4,973  Hamborner AG REIT   49,494 
 3,184  Hamburger Hafen und Logistik AG   78,704 
 21,554  Hannover Rueckversicherung AG   1,740,147 
 656  Hansa Group AG   2,672 
 1,410  Hawesko Holding AG   79,949 
 64,186  Heidelberger Druckmaschinen AG(b)   137,699 
 24,960  Hochtief AG(b)   1,627,760 
 2,809  Homag Group AG(b)   41,249 
 9,773  Indus Holding AG   303,876 
 502  Init Innovation In Traffic Systems AG   15,844 
 8,503  Intershop Communications AG(b)   22,109 
 2,380  Isra Vision AG   89,772 
 2,131  IVG Immobilien AG(b)   6,863 
 17,344  Jenoptik AG   189,692 
 9,968  Kabel Deutschland Holding AG   808,278 
 35,496  Kloeckner & Co. SE(b)   449,092 
 4,129  Koenig & Bauer AG(b)   80,030 
 17,251  Kontron AG   103,109 
 11,627  Krones AG   722,178 
 210  KSB AG   139,717 
 4,386  KUKA AG(b)   170,261 
 1,466  KWS Saat AG   547,294 
 61,859  Lanxess AG   5,224,280 
 798  Leifheit AG   33,589 
 26,280  Leoni AG   1,130,787 
 4,150  Loewe AG(b)   14,594 
 196  Lotto24(b)   971 
 2,194  LPKF Laser & Electronics AG   49,973 
 141  Manz AG(b)   3,983 
 5,154  Medigene AG(b)   7,068 
 13,301  MLP AG   115,403 
 408  Mobotix AG   9,052 
 11,339  Morphosys AG(b)   480,355 
 144,314  MTU Aero Engines Holding AG   13,757,534 
 384  Muehlbauer Holding AG & Co. KGaA   12,148 
 3,842  MVV Energie AG(d)   128,851 
22
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
GERMANY (continued)     
 1,551  Nemetschek AG  $79,225 
 2,244  Nexus AG   26,965 
 3,272  Nordex SE(b)   17,549 
 281,883  NORMA Group AG(d)   8,196,343 
 1,021  OHB AG   20,864 
 9,199  Patrizia Immobilien AG(b)   81,749 
 1,728  Pfeiffer Vacuum Technology AG   215,457 
 19,644  PNE Wind AG   68,788 
 21,208  Praktiker AG(b)   42,877 
 375  Progress-Werk Oberkirch AG   15,843 
 1,296  PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie   30,372 
 2,224  Puma SE   702,993 
 1,608  PVA TePla AG   5,456 
 75,197  QSC AG   226,666 
 870  R Stahl AG   34,251 
 19,877  Rational AG(d)   6,023,906 
 42,668  Rheinmetall AG   2,271,602 
 32,486  Rhoen Klinikum AG   681,929 
 12,812  SAF-Holland SA(b)   104,898 
 6,334  Salzgitter AG   295,161 
 819  Schaltbau Holding AG   38,493 
 2,061  Sedo Holding AG(b)(d)   6,859 
 22,668  SGL Carbon SE   968,135 
 19,326  Singulus Technologies AG(b)   38,154 
 14,802  Sixt AG   334,049 
 1,851  SKW Stahl-Metallurgie Holding AG   33,200 
 116,242  Sky Deutschland AG(b)   708,825 
 97  SMA Solar Technology AG   2,502 
 361  SMT Scharf AG   12,203 
 19,961  Software AG   768,773 
 8,494  Solarworld AG   12,490 
 18,322  Stada Arzneimittel AG   675,547 
 904  STINAG Stuttgart Invest AG(d)   19,835 
 2,495  STRACTEC Biomedical AG   129,410 
 159  Stroer Out-Of-Home Media AG(b)   1,796 
 66,797  Suedzucker AG   2,858,751 
 21,586  Suss Microtec AG(b)   267,184 
 617,282  Symrise AG(d)   21,837,747 
 30,278  TAG Immobilien AG   367,329 
 9,742  Takkt AG   139,088 
 1,753  Telegate AG   18,989 
 2,222  Tipp24 SE(b)   138,783 
 762  Tom Tailor Holding AG   17,920 
 4,964  Tomorrow Focus AG   27,702 
 22,446  TUI AG(b)   243,785 
 34,543  United Internet AG   803,435 
 2,043  Verbio AG(b)   3,884 
 4,342  Vossloh AG   452,010 
 4,343  VTG AG   82,321 
 3,635  Wacker Chemie AG   258,821 
 17,355  Wacker Neuson SE   258,974 

 

Shares     Value 
GERMANY (continued)     
 62  Washtec AG(b)  $758 
 1,012  Wincor Nixdorf AG   52,861 
 34,475  Wirecard AG   787,857 
 166  XING AG   9,203 
 275  zooplus AG(b)   15,628 
        135,886,355 
GIBRALTAR — 0.0%     
 23,380  888 Holdings Plc   42,457 
 176,819  Bwin.Party Digital Entertainment Plc   311,842 
        354,299 
GREECE — 0.1%     
 811  Aegean Airlines SA(b)   2,577 
 96  Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)   5 
 147,872  Alpha Bank AE(b)   254,990 
 1,098  Astir Palace Hotel SA(b)   6,485 
 2,153  Athens Water Supply & Sewage Co. SA (The)   17,511 
 135  Attica Bank(b)   58 
 7,424  Bank of Greece(d)   171,163 
 10,753  Coca-Cola Hellenic Bottling Co. SA   279,596 
 57,616  Ellaktor SA(b)   159,590 
 130,862  Eurobank Ergasias SA(b)   108,742 
 3,374  Folli Follie Group(b)   62,762 
 1,869  Forthnet SA(b)   1,832 
 5,815  Fourlis Holdings SA(b)   18,791 
 10,782  Frigoglass SA(b)   82,422 
 17,301  GEK Terna Holding Real Estate Construction SA(b)   56,849 
 10,539  Hellenic Exchanges SA Holding Clearing Settlement and Registry   72,551 
 28,693  Hellenic Petroleum SA   321,802 
 19,670  Hellenic Telecommunications Organization SA(b)   165,588 
 31,091  Intralot SA-Integrated Lottery Systems & Services   87,385 
 13,884  JUMBO SA   120,650 
 2,599  Lamda Development SA(b)   20,679 
 6,590  Metka SA   100,216 
 5,531  Motor Oil (Hellas) Corinth Refineries SA   63,835 
 26,955  Mytilineos Holdings SA(b)   184,826 
 190,595  National Bank of Greece SA(b)   302,782 
 1,037  OPAP SA   8,969 
 232,638  Piraeus Bank SA(b)   88,761 
 618  Piraeus Port Authority   15,498 
 22,848  Proton Bank SA(b)(c)(d)   0 
 7,731  Public Power Corp. SA(b)   71,905 
 1,978  S&B Industrial Minerals SA   15,174 
 5,302  Sarantis SA(b)   31,604 

23
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
GREECE (continued)     
 12,534  T Bank SA(b)(c)(d)  $0 
 3,630  Teletypos SA Mega Channel(b)   1,626 
 5,987  Terna Energy SA   28,452 
 647  Thessaloniki Port Authority SA   19,309 
 592  Titan Cement Co. SA(b)   10,594 
 31,091  TT Hellenic Postbank SA(b)(c)(d)   7,092 
 24,240  Viohalco Hellenic Copper and Aluminum Industry SA(b)   157,653 
        3,120,324 
GUERNSEY — 0.1%     
 7,397  Raven Russia Ltd.(b)   7,450 
 803,242  Resolution Ltd.   3,344,082 
 86,000  Tethys Petroleum Ltd.(b)   49,148 
        3,400,680 
HONG KONG — 1.7%     
 157,000  361 Degrees International Ltd.   44,942 
 66,000  Ajisen China Holdings Ltd.   50,465 
 160,000  Alco Holdings Ltd.   35,279 
 44,000  Allan International Holdings Ltd.   13,276 
 30,000  Allied Group Ltd.   104,057 
 1,753,693  Allied Properties HK Ltd.   305,269 
 7,174,000  AMVIG Holdings Ltd.(d)   2,728,847 
 180,000  Anxin-China Holdings Ltd.   42,242 
 1,540,000  Apac Resources Ltd.(b)   42,097 
 84,000  APT Satellite Holdings Ltd.   26,211 
 144,000  Asia Financial Holdings Ltd.(d)   67,215 
 58,000  Asia Satellite Telecommunications Holdings Ltd.   216,881 
 421,877  Asia Standard International Group   92,476 
 258,000  Asian Citrus Holdings Ltd.   117,100 
 406,500  ASM Pacific Technology Ltd.   5,136,679 
 80,000  Associated International Hotels Ltd.(d)   230,033 
 820,000  AVIC International Holding HK Ltd.(b)   34,892 
 89,000  Beijing Development HK Ltd.(b)   20,771 
 84,000  Beijing Enterprises Holdings Ltd.   604,920 
 1,217,000  Beijing Enterprises Water Group Ltd.   304,430 
 244,000  Beijing Properties Holdings Ltd.(b)   21,709 
 504,000  Bel Global Resources Holdings Ltd.(b)(c)(d)   9,228 
 100,000  Bio-Dynamic Group Ltd.(b)   7,608 
 906,000  Birmingham International Holdings Ltd.(b)(c)(d)   17,757 
 144,000  Bonjour Holdings Ltd.   18,196 
 390,000  Bosideng International Holdings Ltd.   110,633 

 

Shares     Value 
HONG KONG (continued)     
 218,000  Bossini International Holdings Ltd.  $11,806 
 376,000  Brightoil Petroleum Holdings Ltd.(b)   73,208 
 668,000  Brilliance China Automotive Holdings Ltd.(b)   897,511 
 2,064,354  Brockman Mining Ltd.(b)   131,760 
 1,296,000  Burwill Holdings Ltd.(b)   23,395 
 498,791  C C Land Holdings Ltd.   182,655 
 106,000  Cafe de Coral Holdings Ltd.   322,562 
 23,000  Carnival Group International Holdings Ltd.(b)   1,394 
 718,800  Century City International Holdings Ltd.   56,537 
 240,000  Century Sunshine Group Holdings Ltd.   25,376 
 1,590,446  Champion Technology Holdings Ltd.   27,685 
 276,560  Chaoda Modern Agriculture Holdings Ltd.(b)(d)   13,829 
 835,000  Chaoyue Group Ltd.(b)   41,452 
 180,000  Chen Hsong Holdings   59,417 
 117,988  Cheuk Nang Holdings Ltd.   94,325 
 80,000  Chevalier International Holdings Ltd.(d)   119,865 
 888,000  Chigo Holding Ltd.(b)   28,511 
 684,000  China Aerospace International Holdings Ltd.   65,265 
 530,137  China Agri-Industries Holdings Ltd.   323,329 
 136,000  China All Access Holdings Ltd.   44,717 
 2,392,000  China Billion Resources Ltd.(b)(c)(d)   0 
 336,000  China Chengtong Development Group Ltd.(b)   11,914 
 170,000  China Daye Non-Ferrous Metals Mining Ltd.(b)   7,014 
 120,000  China Electronics Corp. Holdings Co. Ltd.(b)   10,831 
 176,000  China Energine International Holdings Ltd.(b)   7,829 
 110,000  China Energy Development Holdings Ltd.(b)   1,915 
 480,000  China Environmental Investment Holdings Ltd.(b)   13,121 
 4,662,000  China Everbright International Ltd.   2,566,823 
 228,000  China Everbright Ltd.   429,811 
 140,000  China Financial Services Holdings Ltd.(b)   10,109 
 76,936  China Flavors & Fragrances Co. Ltd.(b)   11,408 
 322,000  China Foods Ltd.   278,180 
 952,000  China Gas Holdings Ltd.   827,356 
 238,000  China Glass Holdings Ltd.   37,133 
 159,000  China Green Holdings Ltd.(b)   33,417 
 372,000  China Haidian Holdings Ltd.   39,333 

24
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
HONG KONG (continued)     
 6,603,000  China High Precision Automation Group Ltd.(c)(d)  $1,038,716 
 467,000  China High Speed Transmission Equipment Group Co. Ltd.(b)   186,670 
 1,002,000  China Infrastructure Investment Ltd.(b)   24,806 
 8,726,000  China Lumena New Materials Corp.   2,104,033 
 367,000  China Mengniu Dairy Co. Ltd.   1,071,840 
 136,147  China Merchants Holdings International Co. Ltd.   482,766 
 216,000  China Metal International Holdings, Inc.   37,321 
 193,200  China Metal Recycling Holdings Ltd.(c)(d)   234,917 
 1,770,000  China Mining Resources Group Ltd.(b)(c)(d)   25,790 
 492,557  China New Town Development Co. Ltd.(b)   44,458 
 24,000  China Nuclear Industry 23 International Corp. Ltd.(b)   5,911 
 360  China Ocean Resources Co. Ltd.   893 
 1,060,000  China Oil and Gas Group Ltd.(b)   168,115 
 1,065,000  China Outdoor Media Group Ltd.(b)   9,337 
 421,500  China Overseas Grand Oceans Group Ltd.   585,885 
 424,000  China Pharmaceutical Group Ltd.(b)   159,094 
 460,000  China Power International Development Ltd.   166,671 
 600,000  China Power New Energy Development Co. Ltd.(b)   37,135 
 430,000  China Precious Metal Resources Holdings Co. Ltd.(b)   77,069 
 244,000  China Properties Group Ltd.(b)   77,082 
 308,000  China Public Procurement Ltd.(b)(c)(d)   0 
 4,844,000  China Renji Medical Group Ltd.(b)(c)(d)   0 
 3,700,000  China Resources and Transportation Group Ltd.(b)   140,741 
 118,000  China Resources Cement Holdings Ltd.   75,620 
 76,000  China Resources Enterprise Ltd.   272,430 
 120,800  China Resources Gas Group Ltd.   267,911 
 2,158,600  China Singyes Solar Technologies Holdings Ltd.   2,513,366 
 1,230,000  China South City Holdings Ltd.   196,663 
 535,000  China Starch Holdings Ltd.   17,591 
 275,440  China State Construction International Holdings Ltd.   361,552 
 970,000  China Strategic Holdings Ltd.(b)   20,762 

 

Shares     Value 
HONG KONG (continued)     
 364,400  China Taiping Insurance Holdings Co. Ltd.(b)  $769,641 
 8,000  China Tianyi Holdings Ltd.(b)   1,166 
 296,000  China Ting Group Holdings Ltd.   18,511 
 1,162,000  China Travel International Investment Hong Kong Ltd.   254,713 
 230,000  China Vanadium Titano - Magnetite Mining Co. Ltd.   52,492 
 52,000  China Water Affairs Group Ltd.   16,092 
 1,350,000  China WindPower Group Ltd.   50,481 
 57,000  Chong Hing Bank Ltd.   122,740 
 108,000  Chow Sang Sang Holdings International Ltd.   286,175 
 198,000  Chu Kong Shipping Enterprise Group Co. Ltd.   40,338 
 64,000  Chuang’s China Investments Ltd.   4,456 
 385,500  Chuang’s Consortium International Ltd.   56,169 
 90,000  CIMC Enric Holdings Ltd.   91,330 
 62,000  Citic 21CN Co. Ltd.(b)   4,397 
 373,000  Citic Pacific Ltd.   600,232 
 1,029,000  Citic Resources Holdings Ltd.(b)   163,199 
 258,000  Citic Telecom International Holdings Ltd.   90,154 
 726,000  CK Life Sciences International Holdings, Inc.   65,529 
 68,000  Clear Media Ltd.   44,717 
 3,117,387  Comba Telecom Systems Holdings Ltd.   1,129,517 
 8,000  Convenience Retail Asia Ltd.   5,818 
 156,000  Cosco International Holdings Ltd.   69,196 
 317,897  COSCO Pacific Ltd.   515,659 
 380,000  Cosmos Machinery Enterprises Ltd.(d)   30,869 
 1,010,000  CP Lotus Corp.(b)   24,744 
 1,238,000  CP Pokphand Co.   153,245 
 42,000  Cross-Harbour Holdings Ltd.   35,472 
 1,689,335  CSI Properties Ltd.   74,061 
 208,000  CST Mining Group Ltd.(b)   3,031 
 37,600  Culture Landmark Investment Ltd.(b)   4,412 
 105,000  Culturecom Holdings Ltd.(b)   23,287 
 183,000  DaChan Food Asia Ltd.   28,080 
 29,000  Dah Chong Hong Holdings Ltd.   33,504 
 139,440  Dah Sing Banking Group Ltd.   173,145 
 55,050  Dah Sing Financial Holdings Ltd.   289,965 
 218,000  Dan Form Holdings Co. Ltd.   33,169 
 132,000  Dawnrays Pharmaceutical Holdings Ltd.   29,956 
 244,000  DBA Telecommunication Asia Holdings Ltd.   160,456 
 160,550  Dickson Concepts International Ltd.   90,466 

25
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
HONG KONG (continued)     
 139,000  Digital China Holdings Ltd.  $224,754 
 275,000  Dingyi Group Investment Ltd.(b)   9,219 
 88,000  Dorsett Hospitality International Ltd.   23,602 
 108,000  Dynasty Fine Wines Group Ltd.(b)   23,952 
 64,000  EcoGreen Fine Chemicals Group Ltd.   12,544 
 168,234  EganaGoldpfeil Holdings Ltd.(b)(c)(d)   0 
 62,000  Embry Holdings Ltd.   36,455 
 325,000  Emperor Entertainment Hotel Ltd.   83,813 
 500,416  Emperor International Holdings Ltd.   156,795 
 42,840,000  Emperor Watch & Jewellery Ltd.(d)   5,302,937 
 490,000  EPI Holdings Ltd.(b)   12,257 
 789,100  Esprit Holdings Ltd.   1,096,848 
 504,000  eSun Holdings Ltd.(b)   104,629 
 596,000  EVA Precision Industrial Holdings Ltd.   79,155 
 9,500  Fairwood Ltd.   20,334 
 478,273  Far East Consortium International Ltd.   133,823 
 576,000  First Pacific Co. Ltd.   741,223 
 598,000  Fook Woo Group Holdings Ltd.(b)(c)(d)   104,866 
 402,982  Fortune Oil Plc   73,500 
 104,000  Fountain SET Holdings Ltd.   16,226 
 1,170,000  Franshion Properties China Ltd.   429,958 
 100,000  Fufeng Group Ltd.   47,709 
 1,420,000  GCL-Poly Energy Holdings Ltd.   388,168 
 490,000  Geely Automobile Holdings Ltd.   255,886 
 498,000  Genting Hong Kong Ltd.(b)(d)   216,399 
 884,000  Get Nice Holdings Ltd.   39,895 
 456,000  Giordano International Ltd.   463,326 
 1,839,200  Global Bio-Chem Technology Group Co. Ltd.   218,179 
 128,000  Global Sweeteners Holdings Ltd.(b)   12,378 
 979,000  Glorious Property Holdings Ltd.(b)   213,337 
 168,000  Glorious Sun Enterprises Ltd.   51,340 
 220,000  Gold Peak Industries Holding Ltd.(d)   23,829 
 220,000  Goldbond Group Holdings Ltd.(b)   9,361 
 684,000  Golden Meditech Holdings Ltd.   85,551 
 140,000  Goldin Properties Holdings Ltd.(b)   84,664 
 75,000  Goldlion Holdings Ltd.   41,681 
 3,926,600  GOME Electrical Appliances Holdings Ltd.(b)   470,864 
 16,000  Good Friend International Holdings, Inc.   5,529 

 

Shares     Value 
HONG KONG (continued)     
 219,960  Great Eagle Holdings Ltd.  $853,701 
 6,885,000  G-Resources Group Ltd.(b)   381,740 
 924,000  Guangdong Investment Ltd.   767,280 
 184,000  Guangnan Holdings Ltd.   23,725 
 116,000  Guotai Junan International Holdings Ltd.   57,436 
 61,000  Haier Electronics Group Co. Ltd.(b)   101,622 
 151,159  Haitong International Securities Group Ltd.   84,200 
 1,400,000  Hanergy Solar Group Ltd.(b)   71,305 
 114,000  Harbour Centre Development Ltd.(d)   211,378 
 2,439,359  Heng Tai Consumables Group Ltd.(b)   65,424 
 834,000  Hengdeli Holdings Ltd.   292,503 
 483,000  Hi Sun Technology (China) Ltd.(b)   80,340 
 936,035  HKC Holdings Ltd.   38,019 
 318,000  HKR International Ltd.   184,107 
 186,000  Hon Kwok Land Investment Co. Ltd.(d)   83,462 
 5,200  Hong Kong Aircraft Engineering Co. Ltd.   73,554 
 50,000  Hong Kong Ferry (Holdings) Co. Ltd.   52,028 
 227,000  Hong Kong Television Network Ltd.   69,077 
 310,151  Hongkong & Shanghai Hotels (The)   535,888 
 727,700  Hongkong Chinese Ltd.(d)   136,056 
 29,000  Hopewell Highway Infrastructure Ltd.   16,827 
 250,000  Hopewell Holdings Ltd.   1,031,539 
 194,000  Hopson Development Holdings Ltd.(b)   399,237 
 216,000  Hsin Chong Construction Group Ltd.   40,663 
 254,400  Hua Han Bio-Pharmaceutical Holdings Ltd.   68,230 
 48,000  Huabao International Holdings Ltd.   26,119 
 536,000  Huafeng Group Holdings Ltd.(b)   16,587 
 259,631  Hung Hing Printing Group Ltd.   45,195 
 524,000  Huscoke Resources Holdings Ltd.(b)   10,811 
 1,402,000  Hutchison Harbour Ring Ltd.   121,121 
 1,441,000  Hutchison Telecommunications Hong Kong Holdings Ltd.   652,179 
 16,000  Hycomm Wireless Ltd.(b)   3,920 
 66,183  IDT International Ltd.(b)   1,314 
 1,768,000  Imagi International Holdings Ltd.(b)   26,900 
 995,000  Inspur International Ltd.   38,489 
 592,500  Interchina Holdings Co.(b)   31,323 
 410,000  IPE Group Ltd.   33,834 
 442,000  IRC Ltd.(b)   62,692 
26
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
HONG KONG (continued)     
 398,000  IT Ltd.  $172,945 
 99,000  ITC Properties Group Ltd.   43,402 
 72,000  Jinchuan Group International Resources Co. Ltd.(b)   18,011 
 134,000  Jinhui Holdings Ltd.(b)   28,509 
 306,000  Jiuzhou Development Co. Ltd.   48,137 
 290,000  JLF Investment Co. Ltd.(b)   13,462 
 842,500  Johnson Electric Holdings Ltd.   595,314 
 360,000  Ju Teng International Holdings Ltd.   172,680 
 600,611  K Wah International Holdings Ltd.   349,273 
 1,600,000  Kai Yuan Holdings Ltd.(b)   39,405 
 234,000  Kam Hing International Holdings Ltd.   22,328 
 42,000  Keck Seng Investments   20,092 
 17,000  King Stone Energy Group Ltd.(b)   1,249 
 191,000  Kingboard Chemical Holdings Ltd.   630,477 
 342,500  Kingboard Laminates Holdings Ltd.   172,235 
 196,000  Kingmaker Footwear Holdings Ltd.   32,602 
 1,742,000  Kingston Financial Group Ltd.   154,986 
 206,666  Kingway Brewery Holdings Ltd.   83,675 
 2,280,000  Ko Yo Chemical Group Ltd.(b)   39,688 
 417,000  Kowloon Development Co. Ltd.   640,926 
 368,000  KWG Property Holding Ltd.   279,011 
 2,412,000  Lai Fung Holdings Ltd.   77,752 
 5,146,750  Lai Sun Development Co. Ltd.(b)   225,636 
 520,000  Lai Sun Garment International Ltd.(b)   109,292 
 9,000  LAM Soon Hong Kong Ltd.   4,642 
 116,000  Le Saunda Holdings Ltd.   42,030 
 68,000  Lee & Man Chemical Co. Ltd.   43,402 
 1,271,200  Lee & Man Paper Manufacturing Ltd.   857,258 
 500  Lifestyle International Holdings Ltd.   1,284 
 4,995,000  Lijun International Pharmaceutical Holding Ltd.   1,404,067 
 1,924,000  Lippo China Resources Ltd.   57,308 
 102,000  Lippo Ltd.   53,924 
 156,000  Liu Chong Hing Investment Ltd.(d)   188,879 
 62,500  LK Technology Holdings Ltd.   12,250 
 705,600  Loudong General Nice Resources China Holdings Ltd.(b)   52,769 
 80,000  L’sea Resources International Holdings Ltd.(b)   3,714 
 170,000  Luen Thai Holdings Ltd.   37,045 
 54,000  Luk Fook Holdings International Ltd.   189,391 

 

Shares     Value 
HONG KONG (continued)     
 52,000  Luks Group Vietnam Holdings Co. Ltd.  $15,287 
 98,000  Lung Kee (Bermuda) Holdings   43,216 
 1,658,000  Magnificent Estates   99,411 
 59,200  Man Wah Holdings Ltd.   54,502 
 38,000  Man Yue Technology Holdings Ltd.   6,076 
 580,000  Mei Ah Entertainment Group Ltd.(b)   9,947 
 673,000  Melco International Development Ltd.   1,084,728 
 100,000  Midland Holdings Ltd.   50,932 
 108,000  MIN XIN Holdings Ltd.   59,742 
 92,000  Ming Fai International Holdings Ltd.   11,388 
 1,070,000  Ming Fung Jewellery Group Ltd.(b)   49,669 
 310,000  Mingfa Group International Co. Ltd.   99,930 
 690,000  Mingyuan Medicare Development Co. Ltd.(b)   19,396 
 296,000  Minmetals Land Ltd.   55,342 
 42,000  Miramar Hotel & Investment Co. Ltd.   61,629 
 280,000  MMG Ltd.(b)   113,366 
 243,000  Mongolia Energy Corp. Ltd.(b)   12,690 
 6,221,148  Nan Hai Corp. Ltd.(b)   32,889 
 10,000  Natural Beauty Bio-Technology Ltd.   1,019 
 262,000  Neo-Neon Holdings Ltd.(b)   59,120 
 69,500  NetDragon Websoft, Inc.   93,020 
 872,000  New Century Group Hong Kong Ltd.   17,878 
 8,000  New Focus Auto Tech Holdings Ltd.(b)   980 
 4,175,000  New Smart Energy Group Ltd.(b)   40,913 
 228,500  New Times Energy Corp Ltd(b)   28,285 
 857,100  New World China Land Ltd.   428,804 
 83,000  New World Department Store China Ltd.   55,759 
 604,000  Newocean Energy Holdings Ltd.   308,410 
 434,000  Next Media Ltd.(b)   80,024 
 335,000  Nine Dragons Paper Holdings Ltd.   293,731 
 260,000  North Asia Resources Holdings Ltd.(b)   10,058 
 540,000  North Mining Shares Co. Ltd.(b)   32,726 
 625,000  Orange Sky Golden Harvest Entertainment Holdings Ltd.(b)   42,712 
 58,000  Orient Overseas International Ltd.   406,465 
 291,200  Oriental Watch Holdings   114,521 
 42,000  Overseas Chinese Town Asia Holdings Ltd.   25,345 

27
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
HONG KONG (continued)     
 718,164  Pacific Andes International Holdings Ltd.  $39,819 
 11,160,000  Pacific Basin Shipping Ltd.(d)   6,489,878 
 236,000  Pacific Textile Holdings Ltd.   212,404 
 323,240  Paliburg Holdings Ltd.   115,452 
 59,000  PAX Global Technology Ltd.(b)   14,074 
 697,000  PCCW Ltd.   308,264 
 48,000  Peace Mark Holdings Ltd.(b)(c)(d)   0 
 477,800  Pearl Oriental Oil Ltd.(b)(c)(d)   38,813 
 296,000  Phoenix Satellite Television Holdings Ltd.   119,081 
 368,000  Pico Far East Holdings Ltd.   101,070 
 990,977  PNG Resources Holdings Ltd.(b)   35,139 
 634,000  Poly Property Group Co. Ltd.(b)   486,409 
 1,200,000  Polytec Asset Holdings Ltd.   168,657 
 109,000  Ports Design Ltd.   94,448 
 927,000  Pou Sheng International Holdings Ltd.(b)   65,741 
 560,000  Prosperity International Holdings (Hong Kong) Ltd.(b)   24,190 
 68,000  Public Financial Holdings Ltd.   34,722 
 1,546,000  PYI Corp. Ltd.   42,261 
 212,000  Real Nutriceutical Group Ltd.   73,807 
 386,200  Regal Hotels International Holdings Ltd.   193,713 
 251,000  Regent Manner International Holdings Ltd.   48,223 
 1,800,000  REXLot Holdings Ltd.   153,184 
 96,000  Richfield Group Holdings Ltd.   4,704 
 96,000  Rising Development Holdings Ltd.(b)   4,580 
 131,625  Royale Furniture Holdings Ltd.   13,068 
 176,000  SA SA International Holdings Ltd.   158,857 
 291,000  Samson Holding Ltd.   47,278 
 92,000  SEA Holdings Ltd.   68,804 
 20,000  SEEC Media Group Ltd.(b)   622 
 155,516  Shanghai Industrial Holdings Ltd.   552,449 
 561,000  Shanghai Industrial Urban Development Group Ltd.(b)   154,077 
 3,660,000  Shanghai Zendai Property Ltd.(b)   88,723 
 150,000  Shenyin Wanguo HK Ltd.   64,213 
 208,000  Shenzhen High-Tech Holdings Ltd.   11,801 
 3,232,500  Shenzhen International Holdings Ltd.   429,311 
 744,380  Shenzhen Investment Ltd.   342,656 
 339,129  Shimao Property Holdings Ltd.   749,500 
 2,048,000  Shougang Concord International Enterprises Co. Ltd.(b)   137,319 
 54,000  Shougang Concord Technology Holdings(b)   3,412 

 

Shares     Value 
HONG KONG (continued)     
 640,000  Shougang Fushan Resources Group Ltd.  $274,802 
 651,750  Shun Tak Holdings Ltd.   355,482 
 26,650  Silver Base Group Holdings Ltd.   8,350 
 444,000  Silver Grant International Ltd.   84,158 
 507,000  SIM Technology Group Ltd.(b)   20,920 
 268,000  Sing Tao News Corp. Ltd.   39,740 
 782,000  Singamas Container Holdings Ltd.   225,866 
 28,000  Sino Biopharmaceutical   13,900 
 3,820,000  Sino Oil And Gas Holdings Ltd.(b)   80,287 
 656,000  Sinofert Holdings Ltd.   163,251 
 374,250  Sinolink Worldwide Holdings Ltd.(b)   36,193 
 276,000  Sinopec Kantons Holdings Ltd.   234,170 
 488,500  Sinotrans Shipping Ltd.   131,016 
 38,000  SIS International Holdings   15,581 
 477,278  Skyworth Digital Holdings Ltd.   290,475 
 106,910  SmarTone Telecommunications Holding Ltd.   190,788 
 407,934  SMI Corp. Ltd.(b)   12,045 
 66,843  SOCAM Development Ltd.   80,587 
 283,000  Solargiga Energy Holdings Ltd(b)   17,333 
 366,000  Solomon Systech International Ltd.(b)   10,571 
 8,000  Soundwill Holdings Ltd.   22,436 
 696,000  South China China Ltd.(b)(d)   80,770 
 280,000  Sparkle Roll Group Ltd.   30,327 
 1,413,428  SRE Group Ltd.(b)   67,433 
 94,000  Stella International Holdings Ltd.   270,289 
 60,500  Stelux Holdings International Ltd.   21,219 
 204,000  Success Universe Group Ltd.(b)   5,550 
 16,000  Sun Hing Vision Group Holdings Ltd.   5,653 
 321,801  Sun Hung Kai & Co. Ltd.   227,801 
 1,430,000  Sun Innovation Holdings Ltd.(b)   20,836 
 1,347,000  Superb Summit International Group Ltd.(b)   56,448 
 435,000  Sustainable Forest Holdings Ltd.(b)   4,207 
 302,000  TAI Cheung Holdings Ltd.   247,273 
 174,000  Tak Sing Alliance Holdings Ltd.   24,455 
 720,000  Talent Property Group Ltd.(b)   20,982 
 6,000  Tan Chong International Ltd.   1,981 
 6,000  Tao Heung Holdings Ltd.   3,729 
 394,000  TCC International Holdings Ltd.   136,661 
 367,000  TCL Communication Technology Holdings Ltd.   109,787 
 152,000  TCL Multimedia Technology Holdings Ltd.   107,600 
 127,000  Techtronic Industries Co.   257,098 
28
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
HONG KONG (continued)     
 61,000  Television Broadcasts Ltd.  $449,906 
 108,000  Texhong Textile Group Ltd.(b)   66,983 
 272,000  Texwinca Holdings Ltd.   256,028 
 185,800  Tian An China Investment Co. Ltd.   125,298 
 106,000  Tianjin Development Holdings Ltd.(b)   74,490 
 730,000  Tianjin Port Development Holdings Ltd.   110,130 
 466,000  Tianneng Power International Ltd.   328,076 
 2,380,000  Titan Petrochemicals Group Ltd.(b)(c)(d)   767 
 218,000  Tom Group Ltd.(b)   26,423 
 256,252  Tomson Group Ltd.   72,692 
 1,740,000  Tongda Group Holdings Ltd.   90,866 
 276,000  Town Health International Investments Ltd.(b)   19,929 
 203,000  Towngas China Co. Ltd.   167,522 
 374,000  TPV Technology Ltd.   117,185 
 154,000  Tradelink Electronic Commerce Ltd.   27,403 
 87,600  Transport International Holdings Ltd.   196,991 
 118,000  Trinity Ltd.   72,881 
 394,000  Truly International Holdings Ltd.   127,516 
 128,000  TSC Group Holdings Ltd.(b)   27,233 
 20,000  Tse Sui Luen Jewellery International Ltd.   10,702 
 194,000  Tysan Holdings Ltd.(d)   35,521 
 1,230,000  United Energy Group Ltd.(b)   214,109 
 142,500  United Laboratories International Holdings Ltd. (The)(b)   65,229 
 230,000  Universal Technologies Holdings Ltd.   14,680 
 84,000  Value Convergence Holdings Ltd.(b)   13,972 
 277,000  Value Partners Group Ltd.   192,872 
 188,000  Varitronix International Ltd.   96,965 
 348,000  Vedan International Holdings Ltd.(d)   24,231 
 156,314  Victory City International Holdings Ltd.   19,349 
 20,000  Vinda International Holdings Ltd.   27,697 
 244,000  Vitasoy International Holdings Ltd.   257,044 
 836,400  VODone Ltd.   72,258 
 108,000  VST Holdings Ltd.   26,737 
 25,900  VTech Holdings Ltd.   298,394 
 1,640,000  Wang On Group Ltd.   30,028 
 136,000  Wasion Group Holdings Ltd.   76,633 
 276,000  Welling Holding Ltd.   44,841 
 96,000  Win Hanverky Holdings Ltd.   10,274 
 48,320  Wing Hang Bank Ltd.   506,539 

 

Shares     Value 
HONG KONG (continued)     
 77,000  Wing On Co. International Ltd.(d)  $236,300 
 230,000  Wing Tai Properties Ltd.   171,416 
 254,000  Winteam Pharmaceutical Group Ltd.   55,022 
 838,000  Xinyi Glass Holdings Ltd.   547,832 
 96,500  XTEP International Holdings   41,311 
 1,620,000  Yanchang Petroleum International Ltd.(b)   106,532 
 230,000  Yeebo International Holdings(d)   32,622 
 45,000  YGM Trading Ltd.   118,949 
 2,460,000  Yingde Gases Group Co.   2,759,626 
 162,000  Yip’s Chemical Holdings Ltd.   132,852 
 1,632,200  Yuexiu Property Co. Ltd.   582,974 
 230,191  Yuexiu Transport Infrastructure Ltd.   126,740 
 906,000  Yugang International Ltd.(b)   7,477 
        87,238,326 
HUNGARY — 0.0%     
 2,915  EGIS Pharmaceuticals Plc   250,516 
 40  EMASZ Rt   2,117 
 28,924  FHB Mortgage Bank Plc(b)(d)   56,387 
 57  Fotex Holding SE Co. Ltd.(b)   39 
 28,929  Magyar Telekom Telecommunications Plc   54,651 
 5,822  Richter Gedeon Nyrt   1,004,336 
        1,368,046 
INDIA — 1.3 %     
 355  3M India Ltd.(b)   26,439 
 1,375  Aban Offshore Ltd.   9,057 
 18,184  ABB Ltd.(d)   221,907 
 7,510  ABG Shipyard Ltd.(b)   53,836 
 25,816  ACC Ltd.   642,172 
 176,085  Adani Power Ltd.(b)   201,940 
 25,742  Aditya Birla Nuvo Ltd.   549,637 
 6,786  AIA Engineering Ltd.(b)   41,336 
 3,521  AKZO Nobel India Ltd.   63,579 
 20,592  Alembic Pharmaceuticals Ltd.   29,984 
 36,030  Allahabad Bank   110,786 
 810  Allcargo Logistics Ltd.   1,877 
 188,105  Alok Industries Ltd.   38,017 
 1,082  Alstom India Ltd.   7,334 
 433,717  Amara Raja Batteries Ltd.(d)   2,513,911 
 29,480  Amtek Auto Ltd.   42,676 
 8,946  Anant Raj Industries Ltd.   13,724 
 35,532  Andhra Bank.   74,885 
 291  Apar Industries Ltd.(b)   737 
 202,005  Apollo Hospitals Enterprise Ltd.(d)   3,070,522 
 43,566  Apollo Tyres Ltd.   70,439 
 110,372  Arvind Ltd.   195,677 
 719,185  Ashok Leyland Ltd.(b)   330,590 
 77,677  Aurobindo Pharma Ltd.(b)   273,673 
 624,355  Bajaj Electricals Ltd.(d)   2,308,318 
29
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
INDIA (continued) 
 7,450   Bajaj Finance Ltd.  $180,928 
 22,536   Bajaj Finserv Ltd.   360,983 
 224,250   Bajaj Hindusthan Ltd.   98,655 
 32,171   Bajaj Holdings and Investment Ltd.(d)   586,294 
 12,115   Balkrishna Industries Ltd.   63,730 
 189,807   Ballarpur Industries Ltd.(d)   81,361 
 2,239   Balmer Lawrie & Co. Ltd.   27,885 
 2,270   Balrampur Chini Mills Ltd.(b)   1,950 
 15,704   Bank of India   104,221 
 11,554   Bank of Maharashtra   12,783 
 4,339   BASF India Ltd.   52,987 
 3,947   Bata India Ltd.   58,422 
 17,377   BEML Ltd.(b)   56,813 
 9,632   BEML Ltd.(b)   48,069 
 1,115,612   Berger Paints India Ltd.(d)   3,647,395 
 2,434   Bharat Electronics Ltd.(b)   58,274 
 39,760   Bharat Forge Ltd.(b)   171,740 
 12,744   Bharat Petroleum Corp. Ltd.   98,341 
 64,810   Bhushan Steel Ltd.   547,211 
 19,899   Biocon Ltd.   104,602 
 11,513   Birla Corp. Ltd.   62,998 
 1,274   Blue Dart Express Ltd.   48,174 
 4,107   Bombay Rayon Fashions Ltd.(b)   19,670 
 10,113   Britannia Industries Ltd.   91,643 
 459   Cadila Healthcare Ltd.   7,471 
 15,431   Canara Bank   139,572 
 7,476   Carborundum Universal Ltd.   20,914 
 819   Central Bank of India   1,294 
 29,868   Century Plyboards India Ltd.(b)(d)   32,653 
 18,212   Century Textiles & Industries Ltd.   133,517 
 6,433   CESC Ltd.   37,632 
 38,402   Chambal Fertilizers & Chemicals Ltd.   48,120 
 9,705   Cholamandalam Investment and Finance Co. Ltd.   51,791 
 8,805   City Union Bank Ltd.   10,239 
 1,594   Clariant Chemicals India Ltd.   17,346 
 1,522   CMC Ltd.   39,199 
 10,128   Colgate Palmolive India Ltd.   257,075 
 674   Core Education & Technologies Ltd.   3,808 
 25,373   Coromandel International Ltd.   106,758 
 2,454   Corp Bank   21,071 
 168,271   CRISIL Ltd.(d)   3,182,249 
 60,376   Crompton Greaves Ltd.   121,399 
 17,092   Cummins India Ltd.   157,392 
 128,260   Dabur India Ltd.   319,987 
 2,774   Dalmia Bharat Enterprises Ltd.   9,257 
 6,484   DB Corp. Ltd.   29,872 
 54,708   DB Realty Ltd.(b)   140,550 
 12,425   Deepak Fertilizers & Petrochemicals Corp. Ltd.   26,256 
         
Shares      Value 
INDIA (continued)     
 120,805   Dish TV India Ltd.(b)  $163,413 
 3,236   Divi’s Laboratories Ltd.   63,893 
 80,935   Edelweiss Financial Services Ltd.   50,670 
 3,496   Educomp Solutions Ltd.   8,416 
 4,564   Eicher Motors Ltd.   242,002 
 25,575   EID Parry India Ltd.   86,115 
 13,381   EIH Ltd.   17,497 
 1,898   Elder Pharmaceuticals Ltd.   13,727 
 275,497   Emami Ltd.(b)(d)   3,030,260 
 3,608   Era Infra Engineering Ltd.   9,100 
 5,029   Escorts Ltd.   6,382 
 49,650   Essar Oil Ltd.(b)   80,230 
 20,708   Essar Ports Ltd.   33,910 
 31,009   Essar Shipping Ltd.(b)   15,711 
 36,761   Exide Industries Ltd.   84,870 
 4,776   FDC Ltd.   8,310 
 60,849   Federal Bank Ltd.(b)   578,346 
 6,289   Federal-Mogul Goetze India Ltd.(b)(d)   23,647 
 3,815   Financial Technologies India Ltd.(b)   80,395 
 705,853   Fortis Healthcare Ltd.(b)(d)   1,459,081 
 9,586   Future Capital Holdings Ltd.(b)    32,999 
 29,363   Gammon India Ltd.   19,846 
 32,742   Gateway Distriparks Ltd.   83,102 
 1,177   Gillette India Ltd.   51,518 
 22,442   Gitanjali Gems Ltd.(b)   239,736 
 7,102   GlaxoSmithKline Pharmaceuticals Ltd.   273,559 
 14,696   Glenmark Pharmaceuticals Ltd.   138,837 
 22,105   GMR Infrastructure Ltd.(b)   7,834 
 273   Godfrey Phillips India Ltd.   17,299 
 30,654   Godrej Consumer Products Ltd.   410,305 
 23,771   Godrej Industries Ltd.   135,972 
 4,689   Godrej Properties Ltd.   54,753 
 3,081   Gokul Refoils & Solvent Ltd.(b)   2,201 
 50,128   Great Eastern Shipping Co. Ltd. (The)(d)   230,755 
 17,225   Greaves Cotton Ltd.   26,652 
 2,596   Grindwell Norton Ltd.(d)   12,460 
 16,010   Gruh Finance Ltd.   67,378 
 15,133   Gujarat Alkalies & Chemicals(b)   39,404 
 8,892   Gujarat Flourochemicals Ltd.   48,631 
 8,789   Gujarat Gas Co. Ltd.   51,612 
 29,561   Gujarat Mineral Development Corp. Ltd.(b)   107,068 
 26,956   Gujarat Narmada Valley Fertilizers Co. Ltd.(b)   42,139 
 15,068   Gujarat NRE Coke Ltd.(b)   5,779 
 659,082   Gujarat Pipavav Port Ltd.(b)(d)   545,208 
 84,645   Gujarat State Fertilisers & Chemicals Ltd.   105,667 
 52,661   Gujarat State Petronet Ltd.(b)   71,779 
 3,304   Gulf Oil Corp Ltd.(b)   4,839 
 6,229   Havells India Ltd.   77,093 
30
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
INDIA (continued)     
 2,793   HBL Power Systems Ltd.(b)  $798 
 849   HEG Ltd.(b)   3,275 
 27,483   HeidelbergCement India Ltd(b)    25,111 
 18,832   Hexa Tradex Ltd.(b)(d)   12,746 
 137,134   Hexaware Technologies Ltd.   203,419 
 4,530   Himadri Chemicals & Industries(b)   1,878 
 166,563   Hindalco Industries Ltd.   363,877 
 375   Hinduja Ventures Ltd.   3,932 
 248,507   Hindustan Construction Co.(b)   83,163 
 4,729   Hindustan Petroleum Corp. Ltd.(b)   29,220 
 430   Honeywell Automation India Ltd.   20,655 
 50,124   Housing Development & Infrastructure Ltd.(b)   72,279 
 722,385   HSIL Ltd.(d)   1,705,122 
 16,049   HT Media Ltd.   31,395 
 1,883   HTMT Global Solutions Ltd.(b)   10,535 
 49,378   ICRA Ltd.(d)   1,204,094 
 94,790   IDBI Bank Ltd.   191,754 
 475,747   IDFC Ltd.   1,517,847 
 27,545   India Cements Ltd.   44,640 
 85,322   India Infoline Ltd.   134,343 
 29,515   Indiabulls Financial Services Ltd.   181,174 
 20,989   Indian Bank   79,789 
 230,293   Indian Hotels Co. Ltd.(d)   267,571 
 29,466   Indian Overseas Bank   44,761 
 10,119   Indraprastha Gas Ltd.(b)   49,425 
 45,438   IndusInd Bank Ltd.   372,286 
 3,468   Info Edge India Ltd.(b)   22,501 
 16,196   Infotech Enterprises Ltd.   52,540 
 40,792   ING Vysya Bank Ltd.(d)   453,359 
 2,118   Ingersoll-Rand India Ltd.   18,331 
 323,988   Ipca Laboratories Ltd.(d)   2,998,671 
 21,385   IRB Infrastructure Developers Ltd.(b)   48,809 
 24,079   IVRCL Infrastructures & Projects Ltd.(b)   15,573 
 16,485   Jagran Prakashan Pvt Ltd.(b)   33,612 
 16,998   Jai Corp. Ltd.   23,393 
 15,000   Jain Irrigation Systems Ltd. - DVR   21,038 
 65,559   Jaiprakash Power Ventures Ltd.(b)   43,077 
 7,028   Jammu & Kashmir Bank Ltd.(b)   181,031 
 9,049   Jet Airways India Ltd.(b)   105,699 
 6,226   Jindal Poly Films Ltd.   19,823 
 94,163   Jindal Saw Ltd.   192,168 
 6,613   Jindal Stainless Ltd.(b)   7,889 
 9,591   JM Financial Ltd.   3,687 
 71,518   JSW Energy Ltd.   95,667 
 15,298   JSW Steel Ltd.   253,816 
 113,709   Jubilant Foodworks Ltd.(b)   2,566,630 
 5,000   Jubilant Organosys Ltd.(b)   20,300 
 8,012   Jyothy Laboratories Ltd.   22,738 
         
Shares      Value 
INDIA (continued)     
 90,563   Kakinada Fertilizers Ltd.(b)(c)(d)  $19,087 
 7,830   Kalpataru Power Transmission Ltd.(b)   14,066 
 93,172   Karnataka Bank Ltd.   288,590 
 1,762   Karur Vysya Bank Ltd.   17,514 
 24,476   KPIT Cummins Infosystems Ltd.   51,699 
 3,316   KSB Pumps Ltd.   11,705 
 1,091   Lakshmi Machine Works Ltd.   44,692 
 109,325   LIC Housing Finance Ltd.   578,586 
 21,876   Madras Cements Ltd.   99,098 
 3,444   Mahanagar Telephone Nigam(b)   1,596 
 11,875   Maharashtra Seamless Ltd.(d)   53,347 
 9,910   Mahindra & Mahindra Financial Services Ltd.   193,151 
 531   Mahindra Lifespace Developers Ltd.   4,112 
 3,619   Manaksia Ltd.(b)   2,987 
 60,692   Mangalore Refinery & Petrochemicals Ltd.(b)   73,027 
 60,461   Marico Ltd.   257,519 
 39,550   MAX India Ltd.   185,816 
 1,025   Merck Ltd.(b)   12,727 
 16,192   Monnet Ispat & Energy Ltd.(d)   77,246 
 46,986   Motherson Sumi Systems Ltd.   174,464 
 13,466   Mphasis Ltd.   94,419 
 76   MRF Ltd.   18,773 
 134,813   Nagarjuna Construction Co.(b)   118,744 
 82,330   Nagarjuna Oil Refinery Ltd.(b)   7,352 
 104,110   National Aluminium Co. Ltd.   96,398 
 31,270   NHPC Ltd.   17,049 
 16,197   NIIT Technologies Ltd.   80,376 
 38,070   OMAXE Ltd.(b)   117,452 
 21,234   Opto Circuits India Ltd.(b)   31,697 
 6,434   Oracle Financial Sevices Software Ltd.(b)   386,300 
 21,487   Orchid Chemicals & Pharmaceuticals Ltd.   35,307 
 8,317   Orient Paper & Industries Ltd.   12,321 
 36,385   Oriental Bank of Commerce   228,920 
 550   Orissa Minerals Development Co. Ltd.   40,031 
 14,725   Oswal Chemical & Fertilizers(b)   7,807 
 28,655   Page Industries Ltd.(d)   1,828,581 
 3,860   Peninsula Land Ltd.(b)   4,862 
 104,278   Petronet LNG Ltd.   297,503 
 1,595   Pfizer Ltd.   34,558 
 4,125   Phoenix Mills Ltd.   21,094 
 382,315   Pidilite Industries Ltd.(d)   1,670,786 
 50,534   Pipavav Defence & Offshore Engineering Co. Ltd.(b)   83,273 
 7,053   Plethico Pharmaceuticals Ltd.(b)   47,033 
 40,716   Prism Cement Ltd.   33,145 
 1,195   Procter & Gamble Hygiene & Health Care Ltd.   56,224 
31
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
INDIA (continued)     
 60,577   PTC India Ltd.  $87,010 
 29,314   Punj Lloyd Ltd.(b)   29,209 
 351,616   Radico Khaitan Ltd.(b)(d)   980,347 
 14,719   Rain Commodities Ltd.   9,367 
 24,971   Rajesh Exports Ltd.(b)   63,402 
 798,227   Rallis India Ltd.(d)   1,962,177 
 19,421   Ranbaxy Laboratories Ltd.(b)   163,448 
 22,060   Raymond Ltd.   156,149 
 49,404   Redington India Ltd.   83,640 
 53,752   REI Agro Ltd.(b)   10,106 
 3,937   Reliance Capital Ltd.(b)   35,166 
 121,363   Reliance Communications Ltd.(b)   188,696 
 2,105   Reliance Infrastructure Ltd.   20,401 
 16,026   Rolta India Ltd.   18,937 
 87,447   Ruchi Soya Industries Ltd.   114,508 
 21,104   Rural Electrification Corp. Ltd.(b)   95,799 
 9,422   S Mobility Ltd.   5,846 
 3,688   Sadbhav Engineering Ltd.(b)   8,407 
 612   Sanofi India Ltd.   26,647 
 14,299   Satyam Computer Services Ltd.(b)   32,192 
 56,725   Sesa Goa Ltd.   198,948 
 20,538   Shipping Corp. of India Ltd.(b)    20,754 
 2,527   Shoppers Stop Ltd.   20,970 
 223,438   Shree Renuka Sugars Ltd.(b)   123,082 
 57,652   Shriram Transport Finance Co. Ltd.(d)   856,055 
 21,068   Sintex Industries Ltd.(b)   24,736 
 15,463   SJVN Ltd.   6,541 
 124,989   SKF India Ltd.(d)   1,361,273 
 104   Solar Industries India Ltd.   2,073 
 426,240   South Indian Bank Ltd.   217,568 
 9,842   SRF Ltd.   35,702 
 3,969   State Bank of Bikaner & Jaipur   35,291 
 8,719   Sun TV Network Ltd.(b)   77,387 
 9,094   Sundaram Finance Ltd.   83,639 
 6,405   Supreme Industries Ltd.   36,860 
 163,839   Suzlon Energy Ltd.(b)   75,620 
 38,891   Syndicate Bank.   98,343 
 7,242   Tamilnadu Newsprint & Papers Ltd.(b)   14,242 
 32,487   Tata Chemicals Ltd.   218,565 
 4,726   Tata Investment Corp. Ltd.(d)   40,094 
 99,640   Tata Tea Ltd.(b)   279,775 
 7,182   Tech Mahindra Ltd.   134,884 
 14,853   Time Technoplast Ltd.(b)   13,418 
 10,567   Timken India Ltd.(b)   35,948 
 348   Titagarh Wagons Ltd.   2,098 
 45,835   Titan Industries Ltd.   240,722 
 102,381   Torrent Pharmaceuticals Ltd.(d)    1,347,660 
 25,014   Torrent Power Ltd.   79,148 
 2,157   Trent Ltd.   46,534 
 29,890   Triveni Turbine Ltd.   32,537 
 697   TTK Prestige Ltd.   43,889 
         
Shares      Value 
INDIA (continued)     
 15,066   Tube Investments of India  $55,644 
 10,853   TV18 Broadcast Ltd.(b)   6,835 
 37,709   UCO Bank   53,774 
 10,645   Uflex Ltd.   18,722 
 13,600   Unichem Laboratories Ltd.   48,133 
 58,000   Union Bank of India   278,114 
 236,660   Unitech Ltd.(b)   163,958 
 22,486   United Breweries Ltd.   308,902 
 43,389   United Phosphorus Ltd.(b)   108,574 
 4,366   United Spirits Ltd.   148,111 
 16,860   Usha Martin Ltd.(b)   9,430 
 1,120   Vardhman Special Steels Ltd.(b)   590 
 5,603   Vardhman Textiles Ltd.   28,563 
 23,739   Videocon Industries Ltd.   90,823 
 11,180   VIP Industries Ltd.   17,078 
 902   VST Industries Ltd.   30,290 
 1,793   WABCO India Ltd.   52,635 
 6,142   Welspun Corp. Ltd.   11,605 
 15,809   Wockhardt Ltd.(b)   518,095 
 548   Wyeth Ltd.   9,283 
 31,014   Yes Bank Ltd.   304,455 
 180,211   Zee Entertainment Enterprises Ltd.   779,593 
 14,226   Zee Learn Ltd.(b)   7,422 
 4,219   Zensar Technologies Ltd.   20,119 
 621   Zuari Agro Chemicals Ltd.(b)   2,794 
 68,526   Zydus Wellness Ltd.(d)   642,037 
         66,351,868 
INDONESIA — 0.5%     
 99,000   Adhi Karya Persero Tbk PT   20,329 
 8,476,500   AKR Corporindo Tbk PT   3,372,324 
 866,500   Aneka Tambang Persero Tbk PT   120,990 
 77,000   Asahimas Flat Glass Tbk PT   64,430 
 165,500   Astra Agro Lestari Tbk PT   320,295 
 42,411,000   Bakrie & Brothers Tbk PT(b)(c)(d)   217,716 
 9,710,000   Bakrie Sumatera Plantations Tbk PT   90,720 
 9,876,000   Bakrie Telecom Tbk PT(b)(c)   50,698 
 659,666   Bank Bukopin Tbk PT   45,377 
 505,316   Bank Danamon Indonesia Tbk PT   316,471 
 3,011,250   Bank Pan Indonesia Tbk PT(b)    204,048 
 13,000   Bank Permata Tbk PT(b)   1,895 
 939,196   Bank Tabungan Negara Persero Tbk PT   156,211 
 107,500   Bank Tabungan Pensiunan Nasional Tbk PT(b)   54,633 
 495,000   Barito Pacific Tbk PT(b)   20,329 
 54,000   Bayan Resources Tbk PT(d)   49,897 
 4,004,000   Bhakti Investama Tbk PT   203,489 
 223,000   Bisi International PT   18,316 
 560,000   Budi Acid Jaya Tbk PT(b)   6,669 
 2,663,600   Bumi Serpong Damai PT   382,858 
32
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
INDONESIA (continued)     
 4,958,000   Central Proteinaprima Tbk PT(b)(c)(d)  $17,816 
 590,000   Charoen Pokphand Indonesia Tbk PT   234,728 
 5,595,500   Ciputra Development Tbk PT   528,528 
 238,000   Ciputra Surya Tbk PT   62,310 
 479,000   Citra Marga Nusaphala Persada Tbk PT   90,980 
 11,917,500   Darma Henwa Tbk PT(b)   61,178 
 100,000   Delta Dunia Makmur Tbk PT(b)   2,207 
 393,500   Elnusa Tbk PT(b)   7,070 
 25,671,500   Energi Mega Persada Tbk PT(b)   245,118 
 36,500   Fajar Surya Wisesa Tbk PT(b)   9,462 
 947,000   Gajah Tunggal Tbk PT   218,763 
 2,161,000   Global Mediacom Tbk PT   482,564 
 1,193,400   Gozco Plantations Tbk PT   23,402 
 2,673,000   Hexindo Adiperkasa Tbk PT(d)    1,838,717 
 1,387,000   Holcim Indonesia Tbk PT   441,448 
 28,500   Indah Kiat Pulp and Paper Corp. Tbk PT(b)   2,107 
 518,500   Indika Energy Tbk PT   78,254 
 17,000   Indo Tambangraya Megah Tbk PT   72,346 
 1,221,000   Indofood Sukses Makmur Tbk PT   758,424 
 396,000   Indosat Tbk PT   276,468 
 11,500   Inovisi Infracom Tbk PT(b)   8,206 
 417,000   Intiland Development Tbk PT   14,342 
 379,500   Japfa Comfeed Indonesia Tbk PT   272,741 
 561,000   Jasa Marga Persero Tbk PT   316,786 
 6,849,000   Kalbe Farma Tbk PT   766,469 
 12,459,500   Kawasan Industri Jababeka Tbk PT(b)   300,614 
 13,416,750   Lippo Karawaci Tbk PT   1,418,814 
 1,437,300   Matahari Putra Prima Tbk PT   180,031 
 1,362,500   Mayora Indah Tbk PT(d)   2,874,679 
 291,500   Medco Energi Internasional Tbk PT   46,987 
 10,369,000   Media Nusantara Citra Tbk PT   2,528,375 
 272,000   Mitra Adiperkasa Tbk PT   178,727 
 1,688,500   Mitra International Resources Tbk PT(b)   18,896 
 3,148,000   Nippon Indosari Corpindo Tbk PT(d)   2,020,021 
 1,246,000   Pakuwon Jati Tbk PT   35,180 
 2,139,500   Panin Financial Tbk PT(b)   38,660 
 705,500   Panin Insurance Tbk PT   43,460 
 895,500   Perusahaan Perkebunan London Sumatra Indonesia Tbk PT   202,269 
 827,000   Polychem Indonesia Tbk PT(b)    30,142 
 1,383,000   Ramayana Lestari Sentosa Tbk PT   166,130 
 77,500   Resource Alam Indonesia Tbk PT   21,484 
 7,234,000   Sampoerna Agro Tbk PT(d)   1,726,802 
         
Shares      Value 
INDONESIA (continued)     
 5,557,500   Selamat Sempurna Tbk PT(d)  $1,369,405 
 5,073,500   Sentul City Tbk PT(b)   132,828 
 117,500   Sinar Mas Agro Resources & Technology Tbk PT(d)   80,826 
 5,000   Sinar Mas Multiartha Tbk PT   2,323 
 1,762,000   Summarecon Agung Tbk PT   341,908 
 225,000   Surya Citra Media Tbk PT   54,864 
 41,500   Tambang Batubara Bukit Asam Persero Tbk PT   66,042 
 579,000   Tiga Pilar Sejahtera Food Tbk   67,768 
 1,562,000   Timah Persero Tbk PT   264,610 
 410,000   Trada Maritime Tbk PT(b)   55,565 
 4,875,000   Truba Alam Manunggal Engineering PT(b)(d)   25,026 
 1,152,000   Tunas Baru Lampung Tbk PT   56,181 
 539,500   Tunas Ridean Tbk PT   49,851 
 283,000   Vale Indonesia Tbk PT   79,902 
 1,155,500   Wijaya Karya Persero Tbk PT   195,747 
         27,222,246 
IRELAND — 2.0%     
 109,408   Aer Lingus Group Plc   190,148 
 220,453   Beazley Plc   641,584 
 154,534   C&C Group Plc(b)   1,007,160 
 22,410   DCC Plc(b)   733,317 
 49,283   Elan Corp. Plc(b)   516,860 
 11,306   FBD Holdings Plc(b)   167,327 
 692,678   Glanbia Plc(b)(d)   7,731,012 
 1,066,172   Governor & Co. of The Bank of Ireland (The)(b)   207,012 
 47,500   Grafton Group Plc - Units   278,103 
 222,418   Greencore Group Plc   393,320 
 16,165   IFG Group Plc   29,631 
 30,109   Independent News & Media Plc(b)   1,799 
 1,636   Irish Continental Group Plc - Units   44,027 
 126,391   James Hardie Industries Plc - CDI   1,344,360 
 291,661   Kenmare Resources Plc(b)   153,654 
 29,631   Kerry Group Plc - Class A   1,554,995 
 84,255   Kingspan Group Plc(b)(e)   978,126 
 6,121   Kingspan Group Plc(e)   71,059 
 12,329   Paddy Power Plc(b)   1,022,827 
 113,914   Petroceltic International Plc(b)   12,827 
 1,202   Prothena Corp. Plc(b)   7,224 
 80,334   Smurfit Kappa Group Plc(b)   1,115,311 
 32,630   UBM Plc   389,167 
 132,882   United Drug Plc(b)(e)   579,835 
 2,466,000   Willis Group Holdings Plc(d)   88,060,860 
         107,231,545 
ISLE OF MAN — 0.0%     
 17,071   Exillon Energy Plc(b)   43,590 
 4,535   Hansard Global Plc   8,056 
         51,646 
33
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
ISRAEL — 1.8%     
 20,322   Africa Israel Investments Ltd.(b)  $49,366 
 4,663   Airport City Ltd.(b)   21,687 
 925   Alon Holdings Blue Square Israel Ltd.   2,369 
 957   AL-ROV Israel Ltd.(b)   24,747 
 16,296   AudioCodes Ltd.(b)   58,875 
 2,501   Azrieli Group   65,529 
 28   Bayside Land Corp.   5,571 
 64,786   Bezeq The Israeli Telecommunication Corp. Ltd.   76,035 
 1,289   Biocell Ltd.(b)   7,886 
 409   Ceragon Networks Ltd.(b)   1,976 
 1,660,500   Check Point Software Technologies Ltd.(b)   83,025,000 
 4,039   Clal Biotechnology Industries Ltd.(b)   10,922 
 49,365   Clal Industries Ltd.   173,290 
 6,999   Clal Insurance Enterprise Holdings Ltd.   105,277 
 6,078   Compugen Ltd.(b)   33,643 
 13,567   Delek Automotive Systems Ltd.   124,733 
 565   Delek Group Ltd.   139,079 
 1,042   Delta-Galil Industries Ltd.   13,600 
 692   DS Apex Holdings Ltd.   3,295 
 4,935   Elbit Systems Ltd.   189,470 
 905   Electra Ltd.   92,867 
 1   Electra Real Estate Ltd.(b)   2 
 1,670   Elron Electronic Industries Ltd.   7,943 
 509   Equital Ltd.(b)   4,514 
 205   Evogene Ltd.(b)   1,064 
 4,175   EZchip Semiconductor Ltd.(b)   127,085 
 15,405   First International Bank of Israel Ltd.(b)   208,338 
 3,427   Formula Systems (1985) Ltd.(b)    58,524 
 26,484   Frutarom Industries Ltd.   335,816 
 1,557   Gilat Satellite Networks Ltd.(b)   8,224 
 4,055   Given Imaging Ltd.(b)   67,401 
 232   Golf & Co. Ltd.   622 
 1,279   Hadera Paper Ltd.(b)   60,829 
 3,982   Harel Insurance Investments & Financial Services Ltd.   173,602 
 270   Industrial Buildings Corp.   386 
 232,082   Israel Discount Bank Ltd. - Class A(b)   387,950 
 477   Ituran Location & Control Ltd.   6,805 
 2,655   Jerusalem Oil Exploration(b)   54,038 
 5,171   Kamada Ltd.(b)   48,266 
 89   Maabarot Products Ltd.   803 
 2,220   Magic Software Enterprises Ltd.   10,217 
 9,868   Matrix IT Ltd.   45,096 
 1,459   Melisron Ltd.   28,223 
 8,990   Mellanox Technologies Ltd.(b)   458,105 
 3,805   Menorah Mivtachim Holdings Ltd.(b)   33,741 
 158,600   Migdal Insurance & Financial Holding Ltd.   232,191 
 1,673   Mivtach Shamir Holdings Ltd.   37,903 
         
Shares      Value 
ISRAEL (continued)     
 61,197   Mizrahi Tefahot Bank Ltd.(b)  $647,609 
 7,596   Naphtha Israel Petroleum Corp. Ltd.(b)   34,592 
 736   Neto ME Holdings Ltd.   24,269 
 4,714   NICE Systems Ltd.(b)   172,851 
 200,000   NICE Systems Ltd. - ADR(b)   7,378,000 
 645   Nitsba Holdings 1995 Ltd.(b)   5,812 
 628,921   Oil Refineries Ltd.(b)   322,176 
 8,208   Osem Investments Ltd.   135,767 
 2,821   Partner Communications Co. Ltd.   16,033 
 2,872   Paz Oil Co. Ltd.   427,819 
 11,907   Phoenix Holdings Ltd. (The)(b)    31,718 
 1,121   Plasson Industries Ltd.   34,485 
  715      Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.      26,063  
 7,504   REIT 1 Ltd.   15,055 
 1,644   Retalix Ltd.(b)   49,156 
 68,879   Shikun & Binui Ltd.   129,995 
 13,900   Shufersal Ltd.   42,684 
 6,039   Strauss Group Ltd.   75,109 
 2,366   Tower Semiconductor Ltd.(b)   19,677 
 2,074   Union Bank of Israel(b)   7,342 
         96,219,117 
ITALY — 0.5%    
 113,237   A2A SpA   75,784 
 8,199   ACEA SpA   52,969 
 2,255   AcegasAps SpA   17,835 
 320,040   Aedes SpA(b)   26,247 
 3,675   Aeroporto di Venezia Marco Polo SAVE SpA   44,659 
 3,797   Alerion Cleanpower SpA   20,395 
 27,658   Amplifon SpA   147,662 
 713   Ansaldo STS SpA   7,343 
 45,001   Arnoldo Mondadori Editore SpA(b)   71,489 
 5,010   Ascopiave SpA(b)   8,374 
 9,416   Astaldi SpA   70,765 
 10,838   Autogrill SpA   132,957 
 10,738   Azimut Holding SpA   188,665 
 250,053   Banca Carige SpA   280,104 
 16,412   Banca Generali SpA   315,097 
 1,325   Banca IFIS SpA   12,090 
 1,163,180   Banca Monte dei Paschi di Siena SpA(b)   389,469 
 180,030   Banca Piccolo Credito Valtellinese Scarl   308,243 
 150,629   Banca Popolare dell’Emilia Romagna Scrl   1,329,398 
 33,558   Banca Popolare dell’Etruria e del Lazio   26,815 
 1,724,010   Banca Popolare di Milano Scarl(b)   1,157,783 
 107,950   Banca Popolare di Sondrio Scarl   776,840 
34
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
ITALY (continued)     
 34,098   Banca Profilo SpA  $12,408 
 7,285   Banco di Desio e della Brianza SpA   21,563 
 507,673   Banco Popolare Scarl(b)   1,058,097 
 3,334   BasicNet SpA   7,121 
 7,670   Biesse SpA(b)   27,827 
 13,563   Brembo SpA   188,761 
 186,475   Brioschi Sviluppo Immobiliare SpA(b)   24,686 
 19,914   Buzzi Unicem SpA   289,859 
 4,217   Caltagirone Editore SpA   5,033 
 22,475   Cementir Holding SpA   59,812 
 389,606   CIR-Compagnie Industriali Riunite SpA   451,769 
 2,627   Credito Bergamasco SpA   50,579 
 29,592   Credito Emiliano SpA   177,032 
 13,731   Danieli & C Officine Meccaniche SpA   424,334 
 4,885   Datalogic SpA   46,761 
 93,104   Davide Campari-Milano SpA   726,891 
 50,118   DeA Capital SpA(b)   96,631 
 23,657   Delclima(b)   25,697 
 23,657   De’Longhi SpA   382,564 
 9,154   DiaSorin SpA   356,843 
 1,977   EI Towers(b)   59,673 
 1,550   Engineering Ingegneria Informatica SpA   57,329 
 24,995   ERG SpA   245,032 
 5,852   Esprinet SpA   25,856 
 15,793   Eurotech SpA(b)   27,448 
 49,066   Falck Renewables SpA   70,619 
 297,242   Fiat SpA(b)   1,816,167 
 177,120   Finmeccanica SpA(b)   1,163,982 
 151,956   Fondiaria-Sai SpA(b)   270,285 
 457,280   Gemina SpA(b)   788,532 
 10,615   Geox SpA   37,272 
 31,642   Gruppo Editoriale L’Espresso SpA   40,729 
 45,443   Hera SpA   83,606 
 36,611   Immobiliare Grande Distribuzione REIT   41,781 
 182,644   IMMSI SpA   143,836 
 15,907   Impregilo SpA   82,506 
 16,260   Indesit Co. SpA   136,771 
 3,035   Industria Macchine Automatiche SpA   61,649 
 198,830   Intek Group SpA(b)   92,951 
 32,568   Interpump Group SpA   250,067 
 132,330   Iren SpA   101,607 
 36,786   Italcementi SpA   207,383 
 3,278   Italmobiliare SpA(b)   65,650 
 40,005   Juventus Football Club SpA(b)   11,570 
 762   Landi Renzo SpA(b)   1,651 
 12,807   Lottomatica SpA   316,484 
 29,519   Maire Tecnimont SpA(b)   16,834 
 1,779   Mariella Burani SpA(b)(c)(d)   0 
         
Shares      Value 
ITALY (continued)     
 9,386   MARR SpA  $105,140 
 189,408   Mediaset SpA   497,894 
 197,050   Mediobanca SpA   1,448,799 
 40,338   Mediolanum SpA   251,835 
 145,710   Milano Assicurazioni SpA(b)   81,670 
 7,534   Nice SpA   28,172 
 635,716   Parmalat SpA   1,594,275 
 70,369   Piaggio & C SpA   192,048 
 134,537   Pirelli & C. SpA   1,650,453 
 18,004   Poltrona Frau SpA(b)   25,301 
 324,328   Prelios SpA(b)   39,589 
 96,013   Premafin Finanziaria SpA(b)   27,064 
 11,421   Prysmian SpA   244,396 
 71,976   RCS MediaGroup SpA(b)   114,342 
 30,604   Recordati SpA   313,108 
 125,022   Reno de Medici SpA(b)   24,411 
 490   Reply SpA   15,994 
 22,512   Retelit SpA(b)   15,451 
 29   Sabaf SpA   354 
 82   SAES Getters SpA   787 
 18,803   Safilo Group SpA(b)   206,798 
 119,252   Saras SpA(b)   160,786 
 18,549   Snai SpA(b)   17,957 
 16,282   Societa Cattolica di Assicurazioni SCRL(b)   300,884 
 3,795   Societa Iniziative Autostradali e Servizi SpA   38,157 
 471   Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA   24,391 
 3,079   Socotherm SpA(b)(c)(d)   286 
 15,879   Sogefi SpA   48,511 
 12,888   SOL SpA   75,247 
 60,496   Sorin SpA(b)   154,425 
 6,138   Tamburi Investment Partners SpA   12,460 
 331,025   Telecom Italia Media SpA(b)   73,262 
 20,102   Tiscali SpA(b)   1,226 
 3,433   Tod’s SpA   468,927 
 18,881   Trevi Finanziaria Industriale SpA   134,848 
 6,610   Uni Land SpA(b)(c)(d)   0 
 446,071   Unione di Banche Italiane SCPA   2,329,413 
 7,526   Unipol Gruppo Finanziario SpA(b)   21,643 
 2,770   Vianini Lavori SpA   13,126 
 10,354   Vittoria Assicurazioni SpA   75,143 
 13,735   Yoox SpA(b)   262,395 
 11,183   Zignago Vetro SpA   72,307 
         27,275,796 
JAPAN — 4.7%    
 84,000   77 Bank Ltd. (The)   361,004 
 4,700   A&D Co. Ltd.   19,377 
 779   Accordia Golf Co. Ltd.   760,727 
 58,000   Achilles Corp.   85,625 
35
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)   
 56,800   ADEKA Corp.  $486,972 
 10,900   Aderans Co. Ltd.(b)   141,487 
 7,200   Advan Co. Ltd.   69,602 
 4,300   Aeon Delight Co. Ltd.   80,503 
 2,200   Aeon Fantasy Co. Ltd.   33,754 
 800   Agrex, Inc.   7,419 
 8,600   Ahresty Corp.   48,528 
 11,600   Ai Holdings Corp.   96,535 
 22,400   Aica Kogyo Co. Ltd.   371,843 
 3,100   Aichi Bank Ltd. (The)   162,890 
 4,500   Aichi Corp.   24,605 
 84,000   Aichi Steel Corp.   368,353 
 9,000   Aichi Tokei Denki Co. Ltd.   27,853 
 38,100   Aida Engineering Ltd.   288,318 
 6,700   Aigan Co. Ltd.   22,567 
 2,800   Ain Pharmaciez, Inc.   151,107 
 7,400   Aiphone Co. Ltd.   123,327 
 38,000   Air Water, Inc.   485,778 
 11,300   Airport Facilities Co. Ltd.   57,090 
 13,400   Aisan Industry Co. Ltd.   112,979 
 5,700   Aizawa Securities Co. Ltd.   20,383 
 76,000   Akita Bank Ltd. (The)   214,424 
 2,100   Alconix Corp.   36,583 
 10,500   Alfresa Holdings Corp.   460,441 
 79,500   Allied Telesis Holdings KK   71,289 
 11,100   Alpen Co. Ltd.   202,226 
 3,200   Alpha Corp.   34,714 
 3,360   Alpha Systems, Inc.   41,704 
 30,200   Alpine Electronics, Inc.   272,789 
 86,600   Alps Electric Co. Ltd.   504,760 
 2,200   Alps Logistics Co. Ltd.   22,134 
 1,500   Altech Corp.   10,925 
 139,000   Amada Co. Ltd.   869,463 
 16,800   Amano Corp.   151,383 
 5   Amiyaki Tei Co. Ltd.   11,357 
 3,500   Amuse, Inc.   73,640 
 61,000   Ando Corp.   87,386 
 13,000   Anest Iwata Corp.   54,164 
 31,000   Anritsu Corp.   396,293 
 12,400   AOC Holdings, Inc.   52,749 
 1,800   AOI Electronic Co. Ltd.   32,675 
 16,800   AOKI Holdings, Inc.   402,891 
 80,000   Aomori Bank Ltd. (The)   242,331 
 24,100   Aoyama Trading Co. Ltd.   471,748 
  10,600     Arakawa Chemical Industries Ltd.      82,765  
 25,000   Araya Industrial Co. Ltd.   35,267 
 8,700   Arcland Sakamoto Co. Ltd.   140,521 
 17,638   Arcs Co. Ltd.   330,405 
 3,600   Argo Graphics, Inc.   51,415 
 218,200   Ariake Japan Co. Ltd.(d)   3,970,527 
 22,800   Arisawa Manufacturing Co. Ltd.   82,778 
 6,200   Arnest One Corp.   99,124 
 5,190   As One Corp.   105,111 
 4,000   Asahi Co. Ltd.   53,453 
         
Shares      Value 
JAPAN (continued)     
 20,000   Asahi Diamond Industrial Co. Ltd.  $182,623 
 6,850   Asahi Holdings, Inc.   119,254 
 13,000   Asahi Kogyosha Co. Ltd.   41,796 
 3,000   Asahi Net, Inc.   14,533 
 32,000   Asahi Organic Chemicals Industry Co. Ltd.   76,636 
 23,000   Asanuma Corp.(b)   19,618 
 12,400   Asatsu-DK, Inc.   333,171 
 31   Asax Co. Ltd.   41,155 
 24,000   Ashimori Industry Co. Ltd.(b)   34,381 
 18,000   ASKA Pharmaceutical Co. Ltd.   124,009 
 12,000   Asunaro Aoki Construction Co. Ltd.   70,993 
 10,300   Atom Corp.   66,455 
 77,000   Atsugi Co. Ltd.   96,834 
 20,300   Autobacs Seven Co. Ltd.   825,808 
 1,300   Avex Group Holdings, Inc.   35,113 
 129,000   Awa Bank Ltd. (The)   782,930 
 9,300   Azbil Corp.   198,824 
 47,000   Bando Chemical Industries Ltd.   151,621 
 4,200   Bank of Iwate Ltd. (The)   175,679 
 15,000   Bank of Kochi Ltd. (The)   16,075 
 53,000   Bank of Nagoya Ltd. (The)   187,785 
 15,100   Bank of Okinawa Ltd. (The)   591,153 
 45,000   Bank of Saga Ltd. (The)   102,849 
 25,200   Bank of the Ryukyus Ltd.   314,156 
 8,100   Belc Co. Ltd.   123,389 
 20,200   Belluna Co. Ltd.   151,315 
 44,000   Best Denki Co. Ltd.(b)   65,919 
 297   Bic Camera, Inc.   148,914 
 500   BML, Inc.   12,188 
 2,100   Bookoff Corp.   15,892 
 27,000   Bunka Shutter Co. Ltd.   134,934 
 500   C Uyemura & Co. Ltd.   16,343 
 4,600   CAC Corp.   38,784 
 63,000   Calsonic Kansei Corp.   261,108 
 20   Can Do Co. Ltd.   24,211 
 8,600   Canon Electronics, Inc.   176,336 
 11,400   Canon Marketing Japan, Inc.   155,083 
 17,100   Casio Computer Co. Ltd.   147,354 
 9,900   Cawachi Ltd.   203,857 
 137,000   Central Glass Co. Ltd.   422,483 
 2,000   Central Security Patrols Co. Ltd.   18,722 
 1,000   Central Sports Co. Ltd.   16,163 
 22,650   Century Tokyo Leasing Corp.   506,030 
 17,700   Chiba Kogyo Bank Ltd. (The)(b)   138,975 
 19,000   Chino Corp.   45,503 
 8,400   Chiyoda Co. Ltd.   194,281 
 2,100   Chiyoda Integre Co. Ltd.   22,207 
 500   Chofu Seisakusho Co. Ltd.   10,307 
 4,600   Chori Co. Ltd.   49,700 
 12,400   Chubu Shiryo Co. Ltd.   71,055 
 40,000   Chuetsu Pulp & Paper Co. Ltd.   73,924 
 153,000   Chugai Mining Co. Ltd.(b)   48,521 
36
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 28,000   Chugai Ro Co. Ltd.  $75,324 
 29,000   Chugoku Bank Ltd. (The)   399,902 
 27,000   Chugoku Marine Paints Ltd.   142,315 
 52,000   Chukyo Bank Ltd. (The)   114,298 
 5,500   Chuo Denki Kogyo Co. Ltd.   20,449 
 7,000   Chuo Spring Co. Ltd.   24,496 
 69,200   Citizen Holdings Co. Ltd.   397,288 
 24,700   CKD Corp.   150,180 
 48,000   Clarion Co. Ltd.(b)   74,537 
 11,000   Cleanup Corp.   79,633 
 2,000   CMIC Holdings Co. Ltd.   30,554 
 16,900   CMK Corp.   63,020 
 22,200   Coca-Cola Central Japan Co. Ltd.   297,149 
 15,100   Coca-Cola West Co. Ltd.   238,278 
 11,890   Cocokara Fine, Inc.   390,721 
 15,500   Colowide Co. Ltd.   153,568 
 4,100   Computer Engineering & Consulting Ltd.   25,108 
 4,400   Computer Institute of Japan Ltd.   17,369 
 71,300   COMSYS Holdings Corp.   860,013 
 4,000   Co-Op Chemical Co. Ltd.(b)   5,380 
 8,600   Corona Corp.   112,008 
 7,000   Cosel Co. Ltd.   82,060 
 211,000   Cosmo Oil Co. Ltd.   475,324 
 3,500   Cosmos Pharmaceutical Corp.   374,706 
 2,700   Create Medic Co. Ltd.   24,182 
 5,300   CTI Engineering Co. Ltd.   35,876 
 23   Cybernet Systems Co. Ltd.   6,557 
 22,000   Dai Nippon Toryo Co. Ltd.   36,568 
 6,100   Daibiru Corp.   59,102 
 200,000   Daicel Corp.   1,397,561 
 9,000   Dai-Dan Co. Ltd.   51,769 
 17,000   Daido Kogyo Co. Ltd.   29,559 
 13,000   Daido Metal Co. Ltd.   111,171 
 109,000   Daido Steel Co. Ltd.   487,517 
 7,300   Daidoh Ltd.   50,612 
 29,700   Daiei, Inc. (The)(b)   67,555 
 21,000   Daihen Corp.   70,501 
 43,000   Daiho Corp.   59,719 
 13,000   Daiichi Chuo KK(b)   12,510 
 22,000   Daiichi Jitsugyo Co. Ltd.   106,818 
 600   Daiichi Kigenso Kagaku-Kogyo Co. Ltd.   9,350 
 28,000   Dai-Ichi Kogyo Seiyaku Co. Ltd.   74,712 
 4,300   Dai-ichi Seiko Co .Ltd.   60,800 
 2,200   Daiichikosho Co. Ltd.   53,770 
 27,000   Daiken Corp.   74,405 
 19,000   Daiki Aluminium Industry Co. Ltd.   46,749 
 100   Daikoku Denki Co. Ltd.   2,365 
 1,000   Daikokutenbussan Co. Ltd.   24,867 
 148,000   Daikyo, Inc.   396,522 
 5,300   Dainichi Co. Ltd.   56,046 
         
Shares      Value 
JAPAN (continued)     
  39,000       Dainichiseika Color & Chemicals Manufacturing Co. Ltd.       $   179,977    
 26,000   Daio Paper Corp.   176,849 
 38,000   Daisan Bank Ltd. (The)   73,137 
 11,910   Daiseki Co. Ltd.   168,924 
 46,000   Daishi Bank Ltd. (The)   159,965 
 11,000   Daishinku Corp.   31,637 
 26,000   Daiso Co. Ltd.   76,199 
 2,200   Daisyo Corp.   28,942 
 55,000   Daito Bank Ltd. (The)   63,754 
 5,200   Daito Electron Co. Ltd.   20,699 
 13,000   Daiwa Industries Ltd.   71,650 
 91,000   Daiwabo Holdings Co. Ltd.   180,119 
  33     Daiwahouse Residential Investment Corp. REIT      276,068  
 10,400   DC Co. Ltd.   38,441 
 63,060   DCM Holdings Co. Ltd.   414,446 
 211,000   Denki Kagaku Kogyo KK   761,441 
 25,000   Denki Kogyo Co. Ltd.   106,895 
 12,600   Denyo Co. Ltd.   152,669 
 19,000   Descente Ltd.   124,250 
 151,000   DIC Corp.   298,879 
 12   Digital Garage Inc.   28,214 
 3,200   Disco Corp.   176,018 
 5,350   Doshisha Co. Ltd.   145,268 
  4,574     Doutor Nichires Holdings Co. Ltd.      64,725  
 71,000   Dowa Holdings Co. Ltd.   501,569 
 12   Dr Ci:Labo Co. Ltd.   35,457 
 23   Dream Incubator, Inc.(b)   23,014 
 6,800   DTS Corp.   85,888 
 6,600   Dunlop Sports Co. Ltd.   72,896 
 40,300   Duskin Co. Ltd.   766,381 
 4,400   Dydo Drinco, Inc.   177,068 
 18,000   Dynic Corp.   35,234 
 11,000   Eagle Industry Co. Ltd.   92,023 
 4,500   Earth Chemical Co. Ltd.   145,464 
 242,000   Ebara Corp.   947,411 
 300   Echo Trading Co. Ltd.   2,739 
 35,600   EDION Corp.   171,294 
 61,000   Ehime Bank Ltd. (The)   156,761 
 11,000   Eidai Co. Ltd.   44,869 
 75,000   Eighteenth Bank Ltd. (The)   195,199 
 6,400   Eiken Chemical Co. Ltd.   86,434 
 5,200   Eizo Nanao Corp.   83,023 
 2,100   Elematec Corp.   28,017 
 1,900   Enplas Corp.   83,941 
 14   EPS Corp.   39,759 
 17,500   ESPEC Corp.   140,084 
 2,800   Excel Co. Ltd.   24,404 
 12,300   Exedy Corp.   268,476 
 23,000   Ezaki Glico Co. Ltd.   226,366 
 3,100   F&A Aqua Holdings, Inc.   36,036 
 381   Faith, Inc.   42,706 
 3,000   Falco SD Holdings Co. Ltd.   33,167 
37
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 10,100   Fancl Corp.  $113,321 
 486,300   FCC Co. Ltd.(d)   10,455,091 
 15,000   FDK Corp.(b)   13,123 
 800   Felissimo Corp.   9,370 
 19,300   Ferrotec Corp.   75,769 
 54,200   FIDEA Holdings Co. Ltd.   129,803 
 5,000   First Baking Co. Ltd.(b)   4,812 
 15,100   Foster Electric Co. Ltd.   236,957 
 4,300   FP Corp.   276,964 
 34,000   France Bed Holdings Co. Ltd.   76,221 
 4,000   F-Tech, Inc.   55,509 
 5,900   Fuji Co. Ltd.   118,910 
 10,600   Fuji Corp. Ltd.   58,538 
 220,000   Fuji Electric Co. Ltd.   514,845 
 7,500   Fuji Electronics Co. Ltd.   103,341 
 13,000   Fuji Kiko Co. Ltd.(b)   43,644 
 16,000   Fuji Kyuko Co. Ltd.   93,958 
 26,600   Fuji Oil Co. Ltd.   360,989 
 7,400   Fuji Soft, Inc.   156,343 
 36,000   Fujibo Holdings, Inc.   118,104 
 4,600   Fujicco Co. Ltd.   52,718 
 12,100   Fujikura Kasei Co. Ltd.   50,943 
 111,000   Fujikura Ltd.   344,732 
 3,000   Fujikura Rubber Ltd.   8,923 
 8,500   Fujimori Kogyo Co. Ltd.   198,360 
 2,000   Fujita Kanko, Inc.   6,736 
 47,000   Fujitec Co. Ltd.   327,399 
 600   Fujitsu Frontech Ltd.   3,530 
 18,000   Fujitsu General Ltd.   157,472 
 7,700   FuKoKu Co. Ltd.   69,805 
 19,000   Fukuda Corp.   79,162 
 81,000   Fukui Bank Ltd. (The)   159,440 
 65,000   Fukushima Bank Ltd. (The)   71,792 
 2,600   Fukushima Industries Corp.   53,908 
  105,000     Fukuyama Transporting Co. Ltd.      537,372  
 7,800   Funai Consulting Ltd.   49,899 
 7,000   Funai Electric Co. Ltd.   95,456 
 48,000   Furukawa Co. Ltd.(b)   50,916 
 201,000   Furukawa Electric Co. Ltd.(b)   406,638 
 55,000   Furukawa-Sky Aluminum Corp.   159,987 
 1,600   Furuno Electric Co. Ltd.   8,661 
 4,000   Furusato Industries Ltd.   34,600 
  13,000     Fuso Pharmaceutical Industries Ltd.      52,173  
 27,700   Futaba Corp.   294,130 
 24,700   Futaba Industrial Co. Ltd.(b)   112,365 
 3   Future Architect, Inc.   1,222 
 14,300   Fuyo General Lease Co. Ltd.   511,357 
 900   G-7 Holdings, Inc.   4,911 
 20,000   Gakken Holdings Co. Ltd.   62,551 
 6,400   Gecoss Corp.   50,321 
 108   Geo Holdings Corp.   108,301 
 10,200   Glory Ltd.   238,366 
 16,800   GMO internet, Inc.   122,907 
 50,000   Godo Steel Ltd.   100,607 
         
Shares      Value 
JAPAN (continued)     
 6,480   Goldcrest Co. Ltd.  $123,229 
 32,000   Goldwin, Inc.   188,616 
 2,000   Gourmet Kineya Co. Ltd.(b)   13,932 
 114,000   GS Yuasa Corp.   406,408 
 36,000   GSI Creos Corp.   54,328 
 2,090   Gulliver International Co. Ltd.   88,678 
  28,000     Gun-Ei Chemical Industry Co. Ltd.      72,262  
 103,000   Gunma Bank Ltd. (The)   497,851 
 64,000   Gunze Ltd.   171,469 
 6,600   H.I.S. Co. Ltd.   225,185 
 65,000   H2O Retailing Corp.   533,107 
 5,800   Hakudo Co. Ltd.   52,073 
 10,630   Hakuhodo DY Holdings, Inc.   723,042 
 9,600   Hakuto Co. Ltd.   88,289 
 1,400   Hamakyorex Co. Ltd.   45,087 
 600   Hamamatsu Photonics KK   22,932 
 172,000   Hanwa Co. Ltd.   660,200 
 1,400   Happinet Corp.   11,084 
  5,100     Harashin Narus Holdings Co. Ltd.      90,071  
 7,400   Hard Off Corp. Co. Ltd.   51,143 
 8,400   Harima Chemicals Group, Inc.   43,449 
 1,300   Haruyama Trading Co. Ltd.   6,952 
 160,500   Haseko Corp.(b)   154,453 
 61,600   Hazama Corp.   167,734 
 15,600   Heiwa Corp.   264,080 
 15,900   Heiwa Real Estate Co. Ltd.   215,083 
 12,300   Heiwado Co. Ltd.   177,280 
 20,900   Hibiya Engineering Ltd.   233,124 
 4,200   Hiday Hidaka Corp.   95,257 
 10,000   Higashi Nihon House Co. Ltd.   45,711 
  51,000     Higashi-Nippon Bank Ltd. (The)      126,043  
 68,000   Higo Bank Ltd. (The)   419,400 
 14,200   Hikari Tsushin, Inc.   656,854 
 1,300   Hioki EE Corp.   19,419 
 13,000   Hiroshima Bank Ltd. (The)   55,301 
 20,000   Hisaka Works Ltd.   175,843 
 159,000   Hitachi Cable Ltd.(b)   246,903 
 18,900   Hitachi Capital Corp.   376,367 
 11,600   Hitachi Koki Co. Ltd.   92,729 
 11,000   Hitachi Kokusai Electric, Inc.   91,060 
 14,000   Hitachi Medical Corp.   206,069 
 21,800   Hitachi Transport System Ltd.   330,177 
 212,000   Hitachi Zosen Corp.   338,477 
 5,000   Hochiki Corp.   24,714 
 16,000   Hodogaya Chemical Co. Ltd.   30,095 
 1,500   Hogy Medical Co. Ltd.   72,421 
  5,000     Hokkaido Coca-Cola Bottling Co. Ltd.      22,527  
  21,500     Hokkaido Electric Power Co., Inc.      205,960  
 10,000   Hokkaido Gas Co. Ltd.   26,245 
 28,000   Hokkan Holdings Ltd.   82,060 
38
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
  4,000     Hokko Chemical Industry Co. Ltd.    $  11,635  
 101,000   Hokkoku Bank Ltd. (The)   415,288 
 107,000   Hokuetsu Bank Ltd. (The)   230,510 
 97,865   Hokuetsu Kishu Paper Co. Ltd.   500,856 
  338,000     Hokuhoku Financial Group, Inc.      550,735  
  8,000     Hokuriku Electric Industry Co. Ltd.      10,498  
 15,800   Hokuriku Electric Power Co.   174,164 
 6,800   Hokuto Corp.   127,605 
 7,320   Honeys Co. Ltd.   89,654 
 195,200   Horiba Ltd.   5,707,964 
 9,900   Hoshizaki Electric Co. Ltd.   294,472 
 6,600   Hosiden Corp.   36,159 
 26,000   Hosokawa Micron Corp.   203,576 
 44,500   House Foods Corp.   672,038 
 87,000   Howa Machinery Ltd.   93,236 
 1,000   Hurxley Corp.   7,874 
 200   Hutech Norin Co. Ltd.   1,859 
 27,000   Hyakugo Bank Ltd. (The)   116,923 
 43,000   Hyakujushi Bank Ltd. (The)   160,818 
 2,000   I Metal Technology Co. Ltd.   3,521 
 32,200   Ibiden Co. Ltd.   458,818 
 7,300   IBJ Leasing Co. Ltd.   195,582 
 2,400   Ichibanya Co. Ltd.   78,395 
 9,000   Ichikoh Industries Ltd.(b)   14,960 
 7,300   ICHINEN Holdings Co. Ltd.   48,776 
 5,800   Ichiyoshi Securities Co. Ltd.   47,760 
 2,300   Icom, Inc.   50,178 
 9,700   Idec Corp.   85,920 
  20,000     Ihara Chemical Industry Co. Ltd.      107,168  
 5,000   Iida Home Max   65,121 
 19,500   Iino Kaiun Kaisha Ltd.   89,775 
 6,600   Imasen Electric Industrial   79,103 
 10,400   Inaba Denki Sangyo Co. Ltd.   322,310 
 3,200   Inaba Seisakusho Co. Ltd.   38,668 
 21,600   Inabata & Co. Ltd.   145,740 
 10,800   Inageya Co. Ltd.   118,812 
  25     Industrial & Infrastructure Fund Investment Corp. REIT      225,545  
 10,900   Ines Corp.   74,737 
 600   I-Net Corp.   4,449 
  6,200     Information Services International-Dentsu Ltd.      56,817  
 10,300   Innotech Corp.   48,659 
 700   Intage, Inc.   16,634 
 7,000   Internet Initiative Japan, Inc.   196,041 
 4,000   Inui Steamship Co. Ltd.(b)   13,735 
 1,000   Ise Chemical Corp.   5,851 
 131,000   Ishihara Sangyo Kaisha Ltd.(b)   108,874 
 13,000   Ishii Iron Works Co. Ltd.   26,442 
 14,000   Ishizuka Glass Co. Ltd.   23,577 
 18,766   IT Holdings Corp.   265,345 
 4,500   ITC Networks Corp.   34,250 
         
Shares      Value 
JAPAN (continued)     
 14,000   Ito En Ltd.  $272,054 
 29,000   Itochu Enex Co. Ltd.   156,028 
 1,200   Itochu-Shokuhin Co. Ltd.   42,189 
 71,000   Itoham Foods, Inc.   322,216 
 5,100   Itoki Corp.   25,041 
 8,400   Iwai Cosmo Holdings, Inc.   52,084 
 11,000   Iwaki & Co. Ltd.   22,254 
 27,000   Iwasaki Electric Co. Ltd.(b)   66,729 
 63,000   Iwatani Corp.   239,062 
 130,000   Iyo Bank Ltd. (The)   1,063,371 
 20,100   Izumi Co. Ltd.   428,618 
 26,000   Izumiya Co. Ltd.   141,025 
 46,000   Izutsuya Co. Ltd.(b)   51,310 
 900   Jalux, Inc.   8,976 
  98,000     Janome Sewing Machine Co. Ltd.(b)      100,738  
 17,200   Japan Airport Terminal Co. Ltd.   180,003 
  16,000     Japan Asia Investment Co. Ltd.(b)      12,598  
  23,000     Japan Aviation Electronics Industry Ltd.      168,517  
 7,600   Japan Carlit Co. Ltd.   39,228 
 3,600   Japan Cash Machine Co. Ltd.   32,321 
  10,400     Japan Digital Laboratory Co. Ltd.      118,165  
  2,900     Japan Electronic Materials Corp.      12,717  
  20,300     Japan Foundation Engineering Co. Ltd.      72,147  
  6,400     Japan Medical Dynamic Marketing, Inc.      17,777  
  4,700     Japan Petroleum Exploration Co.      173,208  
 50,000   Japan Pulp & Paper Co. Ltd.   164,580 
 23,000   Japan Radio Co. Ltd.(b)   62,628 
 92,000   Japan Steel Works Ltd. (The)   531,205 
 22,000   Japan Transcity Corp.   85,647 
 8,000   Japan Vilene Co. Ltd.   34,994 
  38,000     Japan Wool Textile Co. Ltd. (The)      248,499  
 6,500   Jastec Co. Ltd.   39,379 
 10,000   JBCC Holdings, Inc.   76,767 
 20,000   Jeol Ltd.(b)   75,893 
 13,000   Jidosha Buhin Kogyo Co. Ltd.   59,139 
 3,500   Jimoto Holdings, Inc.(b)   8,267 
 1,400   JK Holdings Co. Ltd.   6,736 
 12,000   JMS Co. Ltd.   49,472 
 41,000   J-Oil Mills, Inc.   121,056 
 20,000   Joshin Denki Co. Ltd.   200,776 
 8,000   JSP Corp.   118,891 
 54,000   Juroku Bank Ltd. (The)   188,966 
 32,510   JVC Kenwood Corp.   112,343 
 2,000   Kabuki-Za Co. Ltd.(d)   108,918 
  7,600     Kadokawa Group Holdings, Inc.      204,700  
 5,500   Kaga Electronics Co. Ltd.   46,252 
 20,100   Kagome Co. Ltd.   375,426 
39
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 70,000   Kagoshima Bank Ltd. (The)  $450,872 
 11,300   Kakaku.com, Inc.   422,615 
 28,000   Kaken Pharmaceutical Co. Ltd.   459,599 
 5,800   Kameda Seika Co. Ltd.   125,901 
 10,000   Kamei Corp.   86,828 
 91,000   Kamigumi Co. Ltd.   742,370 
 14,000   Kanaden Corp.   83,744 
 10,000   Kanagawa Chuo Kotsu Co. Ltd.   52,600 
 21,000   Kanamoto Co. Ltd.   333,906 
 5,000   Kandenko Co. Ltd.   22,473 
 97,000   Kaneka Corp.   518,705 
 81,000   Kanematsu Corp.(b)   124,009 
 12,300   Kanematsu Electronics Ltd.   142,443 
 15,000   Kanto Denka Kogyo Co. Ltd.   28,378 
  16,000     Kanto Natural Gas Development Ltd.      88,359  
 50   Kappa Create Holdings Co. Ltd.   1,151 
 18,000   Kasai Kogyo Co. Ltd.   83,854 
 16,800   Kasumi Co. Ltd.   106,372 
 5,000   Katakura Industries Co. Ltd.   48,937 
 11,900   Kato Sangyo Co. Ltd.   222,137 
 50,000   Kato Works Co. Ltd.   144,349 
 2,400   Kawada Technologies, Inc.   43,436 
  32,000     Kawai Musical Instruments Manufacturing Co. Ltd.      62,289  
  8,000     Kawasaki Kinkai Kisen Kaisha Ltd.      22,396  
 350,000   Kawasaki Kisen Kaisha Ltd.(b)   662,147 
 7,000   Kawasumi Laboratories, Inc.   43,633 
  33,000     Keihan Electric Railway Co. Ltd.      151,927  
 15,900   Keihanshin Building Co. Ltd.   86,590 
 3,000   Keihin Co. Ltd. (The)   4,626 
 10,600   Keihin Corp.   147,214 
 159,000   Keiyo Bank Ltd. (The)   754,618 
 13,300   Keiyo Co. Ltd.   70,976 
 754   Kenedix, Inc.(b)   235,406 
  2,000     Kentucky Fried Chicken Japan Ltd.      45,601  
 36,200   Kewpie Corp.   480,186 
 6,525   KEY Coffee, Inc.   116,379 
 4,000   KI Holdings Co. Ltd.(b)   6,124 
 11,200   Kimoto Co. Ltd.   92,471 
 49,000   Kinden Corp.   325,256 
 600   King Jim Co. Ltd.   4,291 
 7,000   Kinki Sharyo Co. Ltd.   24,113 
 7,200   Kintetsu World Express, Inc.   236,208 
  18,000     Kinugawa Rubber Industrial Co. Ltd.      99,404  
 5,900   Kisoji Co. Ltd.   116,781 
 13,900   Kissei Pharmaceutical Co. Ltd.   261,599 
 66,000   Kitagawa Iron Works Co. Ltd.   111,149 
 3,100   Kita-Nippon Bank Ltd. (The)   83,632 
 21,000   Kitano Construction Corp.   54,197 
 31,000   Kitz Corp.   159,670 
 271,000   Kiyo Holdings, Inc.   400,077 
         
Shares      Value 
JAPAN (continued)     
 29,000   KNT-CT Holdings Co. Ltd.(b)  $41,861 
 29,600   Koa Corp.   249,243 
 22,000   Koatsu Gas Kogyo Co. Ltd.   121,494 
  8,200     Kobayashi Pharmaceutical Co. Ltd.      399,934  
 4,000   Kobe Steel Ltd.(b)   4,943 
 24,000   Kohnan Shoji Co. Ltd.   288,173 
 1,300   Kohsoku Corp.   11,373 
 13,000   Koike Sanso Kogyo Co. Ltd.   28,432 
 33,000   Koito Manufacturing Co. Ltd.   549,609 
 17,500   Kojima Co. Ltd.   62,196 
 35,700   Kokuyo Co. Ltd.   245,951 
 23,000   KOMAIHALTEC, Inc.   62,879 
 5,000   Komatsu Seiren Co. Ltd.   21,707 
 4,300   Komatsu Wall Industry Co. Ltd.   75,895 
 11,700   Komeri Co. Ltd.   313,339 
 12,300   Komori Corp.   134,507 
 5,500   Konaka Co. Ltd.   43,365 
 9,700   Konishi Co.Ltd.   176,614 
 6,500   Kose Corp.   137,044 
 2,000   Kosei Securities Co. Ltd.   3,937 
 2,100   Kourakuen Corp.   29,716 
 39,000   Krosaki Harima Corp.   99,798 
 4,200   KRS Corp.   42,990 
 13,828   K’s Holdings Corp.   376,680 
 800   KU Holdings Co. Ltd.   4,987 
 79,000   Kumagai Gumi Co. Ltd.(b)   104,533 
  7,000     Kumiai Chemical Industry Co. Ltd.      39,346  
 400   Kura Corp.   5,459 
 96,000   Kurabo Industries Ltd.   162,721 
 39,000   Kureha Corp.   150,976 
 40,000   Kurimoto Ltd.   152,223 
 23,400   Kuroda Electric Co. Ltd.   286,087 
 72,000   KYB Co. Ltd.   293,685 
 34,000   Kyodo Printing Co. Ltd.   94,067 
 41,000   Kyodo Shiryo Co. Ltd.   47,077 
 3,300   Kyoei Steel Ltd.   61,384 
 5,000   Kyokuto Boeki Kaisha Ltd.(b)   9,569 
  13,600     Kyokuto Kaihatsu Kogyo Co. Ltd.      153,036  
 5,900   Kyokuto Securities Co. Ltd.   73,681 
 26,000   Kyokuyo Co. Ltd.   58,002 
 30,000   KYORIN Holdings, Inc.   611,515 
 4,500   Kyoritsu Maintenance Co. Ltd.   110,870 
  40,000     Kyosan Electric Manufacturing Co. Ltd.      135,601  
 2,400   Kyoto Kimono Yuzen Co. Ltd.   27,558 
 64,000   Kyowa Exeo Corp.   650,883 
 1,600   Kyowa Leather Cloth Co. Ltd.   4,987 
 24,000   Kyudenko Corp.   122,565 
 2,700   LEC, Inc.   31,120 
 57,900   Leopalace21 Corp.(b)   222,875 
 8,600   Life Corp.   119,344 
 19,500   Lintec Corp.   359,954 
 54,000   Lion Corp.   258,647 
40
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 25,000   Look, Inc.  $101,427 
 4,300   Mabuchi Motor Co. Ltd.   193,029 
 4,500   Macnica, Inc.   87,938 
 6,000   MacroMill, Inc.   67,254 
 50,000   Maeda Corp.   195,199 
  47,000     Maeda Road Construction Co. Ltd.      701,569  
  5,000     Maezawa Kasei Industries Co. Ltd.      48,608  
  5,000     Maezawa Kyuso Industries Co. Ltd.      66,652  
  78,000     Makino Milling Machine Co. Ltd.      495,577  
 6,000   Mandom Corp.   178,402 
 4,900   Mars Engineering Corp.   101,649 
 11,900   Marubun Corp.   57,909 
 95,000   Marudai Food Co. Ltd.   314,779 
  14,000     Maruei Department Store Co. Ltd.(b)      16,228  
 13,000   Maruetsu, Inc. (The)   41,938 
 4,000   Marufuji Sheet Piling Co. Ltd.   10,367 
 30,910   Maruha Nichiro Holdings, Inc.   53,745 
 170,900   Marui Group Co. Ltd.   1,388,580 
 20,200   Maruichi Steel Tube Ltd.   449,306 
 22,900   Marusan Securities Co. Ltd.   164,779 
 2,900   Maruwa Co. Ltd.   89,050 
  24,000     Maruyama Manufacturing Co., Inc.      48,816  
  900     Maruzen CHI Holdings Co. Ltd.(b)      3,297  
 25,000   Maruzen Showa Unyu Co. Ltd.   72,448 
 6,500   Matsuda Sangyo Co. Ltd.   82,596 
 7,000   Matsui Securities Co. Ltd.   64,454 
  22,000     Matsumotokiyoshi Holdings Co. Ltd.      534,092  
 2,700   Matsuya Foods Co. Ltd.   48,629 
 12,000   Max Co. Ltd.   143,299 
 3,700   Maxvalu Tokai Co. Ltd.   57,010 
 2,400   MEC Co. Ltd.   8,398 
 83,500   Medipal Holdings Corp.   1,057,390 
 700   Megachips Corp.   11,980 
 7,850   Megane Top Co. Ltd.   98,291 
 19,000   Megmilk Snow Brand Co. Ltd.   327,661 
 65,000   Meidensha Corp.   205,424 
 3,000   Meiko Electronics Co. Ltd.   21,784 
 6,700   Meiko Network Japan Co. Ltd.   74,294 
 10,700   Meitec Corp.   273,453 
 200   Meito Transportation Co. Ltd.   1,376 
 20,900   Meiwa Corp.   103,763 
 10,100   Meiwa Estate Co. Ltd.   54,783 
 4,500   Melco Holdings, Inc.   78,293 
 37,000   Michinoku Bank Ltd. (The)   77,686 
 33,000   Mie Bank Ltd. (The)   73,618 
  13,700     Mikuni Coca-Cola Bottling Co. Ltd.      141,277  
 2,448   Milbon Co. Ltd.   78,972 
         
Shares      Value 
JAPAN (continued)     
 6,300   Mimasu Semiconductor Industry Co. Ltd.  $51,670 
 72,000   Minato Bank Ltd. (The)   125,977 
 35,000   Minebea Co. Ltd.   118,268 
 12,600   Ministop Co. Ltd.   210,540 
 182,700   Miraca Holdings, Inc.   7,622,073 
 12,340   Mirait Holdings Corp.   102,558 
 8,500   Misawa Homes Co. Ltd.   118,328 
 23,300   MISUMI Group, Inc.   612,280 
 4,800   Mitani Corp.   70,757 
 8,000   Mito Securities Co. Ltd.   27,120 
 21,000   Mitsuba Corp.   133,654 
 21,000   Mitsubishi Gas Chemical Co., Inc.   140,314 
 13,000   Mitsubishi Kakoki Kaisha Ltd.   24,594 
 22,000   Mitsubishi Logistics Corp.   330,078 
 51,000   Mitsubishi Paper Mills Ltd.(b)   50,194 
 10,600   Mitsubishi Pencil Co. Ltd.   181,526 
 3,400   Mitsubishi Shokuhin Co. Ltd.   97,971 
 41,000   Mitsubishi Steel Manufacturing Co. Ltd.   80,256 
 14,000   Mitsuboshi Belting Co. Ltd.   75,171 
 112,000   Mitsui Chemicals, Inc.   265,777 
  142,000     Mitsui Engineering & Shipbuilding Co. Ltd.     225,163  
 5,300   Mitsui High-Tec, Inc.   38,774 
 14,000   Mitsui Home Co. Ltd.   80,835 
 511   Mitsui Knowledge Industry Co. Ltd.   85,441 
 19,000   Mitsui Matsushima Co. Ltd.   51,736 
  246,000      Mitsui Mining & Smelting Co. Ltd.      626,803  
 66,000   Mitsui Sugar Co. Ltd.   208,584 
 29,000   Mitsui-Soko Co. Ltd.   126,218 
 38,800   Mitsumi Electric Co. Ltd.(b)   207,482 
 10,500   Mitsuuroko Holdings Co. Ltd.   56,608 
 147,600   Miura Co. Ltd.(d)   3,854,435 
 7,100   Miyachi Corp.   51,399 
 38,000   Miyaji Engineering Group, Inc.(b)   72,721 
 33,000   Miyazaki Bank Ltd. (The)   84,444 
 26,000   Miyoshi Oil & Fat Co. Ltd.   54,022 
 62,000   Mizuno Corp.   283,405 
 19,000   Mochida Pharmaceutical Co. Ltd.   243,305 
 2,200   Modec, Inc.   50,089 
 274   Monex Group, Inc.   80,182 
 45,600   Mori Seiki Co. Ltd.   428,848 
 16,000   Morinaga & Co. Ltd.   33,944 
 145,000   Morinaga Milk Industry Co. Ltd.   466,182 
 14,000   Morita Holdings Corp.   124,009 
 22,000   Mory Industries, Inc.   63,995 
 9,300   MOS Food Services, Inc.   174,111 
 14,500   Moshi Moshi Hotline, Inc.   211,685 
 11,900   Mr Max Corp.   42,423 
 2,000   Murakami Corp.   27,011 
41
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares          Value 
JAPAN (continued)          
  9,000     Musashi Seimitsu Industry Co. Ltd.            $  183,258  
 21,800   Musashino Bank Ltd. (The)        746,175 
 26,000   Mutoh Holdings Co. Ltd.        67,953 
 100   NAC Co. Ltd.        2,682 
 57,000   Nachi-Fujikoshi Corp.        231,254 
 5,500   Nagaileben Co. Ltd.        70,851 
 18,000   Nagano Bank Ltd. (The)        32,479 
 1,000   Nagano Keiki Co. Ltd.        7,447 
 91,400   Nagase & Co. Ltd.        996,509 
 7,000   Nagatanien Co. Ltd.        68,052 
 51,000   Nagoya Railroad Co. Ltd.        138,870 
 22,000   Nakabayashi Co. Ltd.        46,432 
 13,000   Nakamuraya Co. Ltd.        58,997 
 27,000   Nakayama Steel Works Ltd.(b)        18,897 
 3,200   Namura Shipbuilding Co. Ltd.        13,438 
  31,000     Nankai Electric Railway Co. Ltd.              135,601  
 85,000   Nanto Bank Ltd. (The)        372,738 
 3,600   Natori Co. Ltd.        34,880 
 16,000   NDS Co. Ltd.        47,591 
 9,600   NEC Capital Solutions Ltd.        144,874 
 7,400   NEC Fielding Ltd.        88,692 
 4,200   NEC Mobiling Ltd.        191,525 
  19,700     NEC Networks & System Integration Corp.              370,324  
 31,800   NET One Systems Co. Ltd.        305,325 
 27,200   Neturen Co. Ltd.        183,525 
 20,000   NGK Spark Plug Co. Ltd.        253,704 
 63,700   NHK Spring Co. Ltd.        557,971 
 26,000   Nice Holdings, Inc.        68,806 
 11,000   Nichia Steel Works Ltd.        28,028 
 38,000   Nichias Corp.        206,944 
 17,000   Nichiban Co. Ltd.        52,239 
 32,700   Nichicon Corp.        268,909 
 3,500   Nichiden Corp.        81,907 
 16,000   Nichiha Corp.        231,658 
 19,100   Nichii Gakkan Co.        164,380 
 22,000   Nichimo Co. Ltd.        49,560 
 125,000   Nichirei Corp.        620,592 
 18,000   Nichireki Co. Ltd.        102,357 
 900   Nidec Copal Corp.        6,387 
 5,600   Nidec-Tosok Corp.        42,255 
 466,300   Nifco, Inc.(d)        9,688,556 
 78   NIFTY Corp.        129,225 
 808   Nihon Chouzai Co. Ltd.        21,012 
 2,100   Nihon Dempa Kogyo Co. Ltd.        26,846 
 5,000   Nihon Eslead Corp.        52,928 
 12,300   Nihon Kohden Corp.        391,012 
 3,000   Nihon M&A Center, Inc.        105,965 
 27,000   Nihon Nohyaku Co. Ltd.        157,373 
 24,000   Nihon Parkerizing Co. Ltd.        396,304 
 2,800   Nihon Plast Co. Ltd.        15,800 
 1,000   Nihon Shokuhin Kako Co. Ltd.   .     3,860 
 1,100   Nihon Tokushu Toryo Co. Ltd.   .     4,667 
 2,050   Nihon Trim Co. Ltd.        63,398 
         
Shares      Value 
JAPAN (continued)     
 10,000   Nihon Unisys Ltd.  $81,579 
 49,000   Nihon Yamamura Glass Co. Ltd.   97,523 
 29,000   Nikkiso Co. Ltd.   315,228 
 6,000   Nikko Co. Ltd.   25,064 
 55,000   Nippo Corp.   738,586 
 43,000   Nippon Beet Sugar Manufacturing Co. Ltd.   82,290 
 47,000   Nippon Carbon Co. Ltd.   90,459 
 8,100   Nippon Ceramic Co. Ltd.   120,909 
 31,000   Nippon Chemical Industrial Co. Ltd.(b)   46,104 
 70,000   Nippon Chemi-Con Corp.(b)   149,270 
 3,000   Nippon Chemiphar Co. Ltd.   19,815 
 115,000   Nippon Coke & Engineering Co. Ltd.   171,032 
 18,000   Nippon Concrete Industries Co. Ltd.   63,382 
 26,000   Nippon Conveyor Co. Ltd.   23,883 
 42,000   Nippon Denko Co. Ltd.   122,172 
  26,000     Nippon Densetsu Kogyo Co. Ltd.     266,127  
 59,000   Nippon Electric Glass Co. Ltd.   283,886 
 400   Nippon Felt Co. Ltd.   1,842 
 600   Nippon Filcon Co. Ltd.   2,467 
  9,700     Nippon Fine Chemical Co. Ltd.(d)     60,993  
 38,000   Nippon Flour Mills Co. Ltd.   159,987 
  26,000     Nippon Formula Feed Manufacturing Co. Ltd.     33,266  
 9,200   Nippon Gas Co. Ltd.   114,692 
 11,000   Nippon Hume Corp.   60,145 
  3,100     Nippon Jogesuido Sekkei Co. Ltd.     42,036  
 3,400   Nippon Kanzai Co. Ltd.   59,378 
 60,000   Nippon Kayaku Co. Ltd.   677,784 
 44,000   Nippon Kinzoku Co. Ltd.(b)   63,032 
 56,000   Nippon Koei Co. Ltd.   211,887 
  17,200     Nippon Konpo Unyu Soko Co. Ltd.     238,500  
 25,000   Nippon Koshuha Steel Co. Ltd.   27,612 
  432,900     Nippon Light Metal Holdings Co. Ltd.(b)     497,069  
 66,000   Nippon Paint Co. Ltd.   593,275 
 39,400   Nippon Paper Group, Inc.   559,687 
  6     Nippon Parking Development Co. Ltd.      403  
 16,000   Nippon Pillar Packing Co. Ltd.   121,428 
 46,000   Nippon Piston Ring Co. Ltd.   97,086 
 54,000   Nippon Road Co. Ltd. (The)   241,522 
 19,000   Nippon Seiki Co. Ltd.   225,852 
 4,000   Nippon Seiro Co. Ltd.   10,323 
 10,000   Nippon Seisen Co. Ltd.   35,869 
 28,000   Nippon Sharyo Ltd.   104,106 
 42,000   Nippon Sheet Glass Co. Ltd.   49,144 
 35,000   Nippon Shinyaku Co. Ltd.   439,390 
 64,000   Nippon Shokubai Co. Ltd.   618,689 
42
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 23,500   Nippon Signal Co. Ltd. (The)  $162,929 
 74,000   Nippon Soda Co. Ltd.   335,830 
 28,000   Nippon Steel Trading Co. Ltd.   75,936 
 53,800   Nippon Suisan Kaisha Ltd.   107,076 
  35,000     Nippon Synthetic Chemical Industry Co. Ltd. (The)      256,438  
 26,000   Nippon Thompson Co. Ltd.   102,357 
 3,000   Nippon Tungsten Co. Ltd.   5,052 
 21,000   Nippon Valqua Industries Ltd.   52,819 
 18,000   Nippon Yusoki Co. Ltd.   89,759 
 32,500   Nipro Corp.   239,898 
 1,000   Nishikawa Rubber Co. Ltd.   11,887 
  97,000     Nishimatsu Construction Co. Ltd.      181,388  
 6,400   Nishimatsuya Chain Co. Ltd.   51,861 
  327,000     Nishi-Nippon City Bank Ltd. (The)      847,493  
 73,000   Nishi-Nippon Railroad Co. Ltd.   295,369 
 18,300   Nissan Chemical Industries Ltd.   221,133 
 74,000   Nissan Shatai Co. Ltd.   921,713 
  30,000     Nissan Tokyo Sales Holdings Co. Ltd.(b)      110,558  
 2,300   Nissei Corp.   20,046 
 1,500   Nissei Plastic Industrial Co. Ltd.   6,643 
 9,800   Nissen Holdings Co. Ltd.   35,580 
 4,100   Nissha Printing Co. Ltd.(b)   65,998 
 8,000   Nisshin Fudosan Co. Ltd.   51,616 
 34,000   Nisshin Oillio Group Ltd. (The)    124,184 
  22,924     Nisshin Steel Holdings Co. Ltd.(b)      171,720  
 40,000   Nisshinbo Holdings, Inc.   304,008 
 34,000   Nissin Corp.   83,657 
 22,000   Nissin Electric Co. Ltd.   109,946 
 18,300   Nissin Kogyo Co. Ltd.   274,365 
  2,600     Nissin Sugar Holdings Co. Ltd.(b)      53,453  
 6,500   Nissui Pharmaceutical Co. Ltd.   69,162 
 12,300   Nitta Corp.   210,773 
 8,600   Nittan Valve Co. Ltd.   29,530 
 27,000   Nittetsu Mining Co. Ltd.   120,466 
 125,000   Nitto Boseki Co. Ltd.   512,603 
 17,600   Nitto Kogyo Corp.   239,042 
 4,800   Nitto Kohki Co. Ltd.   96,740 
 9,000   Nitto Seiko Co. Ltd.   28,050 
 7,400   Noevir Holdings Co. Ltd.   112,321 
 109,000   NOF Corp.   501,821 
 12,000   Nohmi Bosai Ltd.   84,772 
 17,000   Nomura Co. Ltd.   75,105 
 42,000   Noritake Co. Ltd.   107,934 
 8,700   Noritsu Koki Co. Ltd.   37,865 
 13,800   Noritz Corp.   247,493 
 62,900   North Pacific Bank Ltd.(b)   200,851 
 7,700   NS Solutions Corp.   154,261 
 26,000   NS United Kaiun Kaisha Ltd.(b)    40,943 
 3,100   NSD Co. Ltd.   28,713 
 197,000   NTN Corp.   566,581 
         
Shares      Value 
JAPAN (continued)     
 4,500   Obara Group, Inc.  $52,359 
 21,000   Obayashi Road Corp.   76,472 
 2,000   OBIC Business Consultants Ltd.   110,886 
 960   Obic Co. Ltd.   205,448 
 32,000   Oenon Holdings, Inc.   79,436 
 82,000   Ogaki Kyoritsu Bank Ltd. (The)    268,117 
 4,300   Ohara, Inc.   32,869 
 900   Ohashi Technica, Inc.   6,486 
 14,038   Oiles Corp.   285,841 
 45,000   Oita Bank Ltd. (The)   164,361 
 33,100   Okabe Co. Ltd.   243,603 
 26,000   Okamoto Industries, Inc.   87,856 
  9,000     Okamoto Machine Tool Works Ltd.(b)      11,023  
 35,000   Okamura Corp.   243,425 
 21,000   Okasan Securities Group, Inc.   131,587 
  3,160     Okinawa Electric Power Co., Inc. (The)      103,669  
 54,000   OKK Corp.(b)   78,539 
 62,000   OKUMA Corp.   467,822 
 77,000   Okumura Corp.   303,133 
 26,000   Okura Industrial Co. Ltd.   86,719 
 14,000   Okuwa Co. Ltd.   162,743 
 6,700   Onoken Co. Ltd.   62,058 
 111,000   Onward Holdings Co. Ltd.   838,766 
 1,800   Optex Co. Ltd.   20,255 
 23,000   Organo Corp.   125,256 
 17,000   Origin Electric Co. Ltd.   72,503 
  2,700     Osaka Organic Chemical Industry Ltd.      11,397  
 9,500   Osaka Steel Co. Ltd.   163,623 
  6,500     OSAKA Titanium Technologies Co.      144,863  
 10,000   Osaki Electric Co. Ltd.   52,381 
 25,100   OSG Corp.   325,536 
 5,300   Otsuka Corp.   434,108 
 2,500   Otsuka Kagu Ltd.   21,707 
 3,000   Oyo Corp.   35,169 
 37,000   Pacific Industrial Co. Ltd.   190,978 
 39,000   Pacific Metals Co. Ltd.   203,007 
 2,450   Pack Corp. (The)   40,161 
 2,000   Pal Co. Ltd.   87,812 
 7,650   Paltac Corp.   95,369 
 57,000   PanaHome Corp.   363,399 
  10,500     Panasonic Industrial Devices SUNX Co. Ltd.      45,011  
  1,000     Panasonic Information Systems Co. Ltd.      22,177  
  2,800     Paramount Bed Holdings Co. Ltd.      88,735  
 4,300   Parco Co. Ltd.   44,625 
 10,100   Paris Miki Holdings, Inc.   52,795 
 17,500   Park24 Co. Ltd.   315,955 
 10,000   Pasco Corp.   31,932 
 14   Pasona Group, Inc.   7,050 
43
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
  46,000     Penta-Ocean Construction Co. Ltd.    $  116,201  
 2,700   PIA Corp.   39,447 
 5,700   Pigeon Corp.   311,039 
 66   Pilot Corp.   166,434 
 4,800   Piolax, Inc.   115,269 
 78,700   Pioneer Corp.(b)   196,223 
 10,200   Plenus Co. Ltd.   168,318 
 2,100   Pola Orbis Holdings, Inc.   63,911 
 44,000   Press Kogyo Co. Ltd.   193,428 
 900   Pressance Corp.   28,000 
 47,000   Prima Meat Packers Ltd.   89,945 
 6,800   Pronexus, Inc.   38,519 
 42,100   Raito Kogyo Co. Ltd.   214,540 
 14,000   Rasa Industries Ltd.(b)   22,046 
 22,400   Renesas Electronics Corp.(b)   67,608 
 85,840   Rengo Co. Ltd.   436,498 
 23,200   Renown, Inc.(b)   36,533 
 13,100   Resorttrust, Inc.   284,505 
  3,000     Rheon Automatic Machinery Co. Ltd.      6,889  
 11,000   Rhythm Watch Co. Ltd.   20,931 
 6,800   Ricoh Leasing Co. Ltd.   186,648 
 4,500   Right On Co. Ltd.   35,579 
 31,000   Riken Corp.   115,261 
 11,400   Riken Keiki Co. Ltd.   70,062 
 7,000   Riken Technos Corp.   19,750 
 2,600   Riken Vitamin Co. Ltd.   61,670 
 4,700   Ringer Hut Co. Ltd.   60,289 
 16,800   Riso Kagaku Corp.   332,528 
 698   Riso Kyoiku Co. Ltd.   55,339 
 4,500   Rock Field Co. Ltd.   75,734 
 32,000   Rohto Pharmaceutical Co. Ltd.   398,578 
 3,000   Roland DG Corp.   39,926 
 55,600   Round One Corp.   322,856 
 8,600   Royal Holdings Co. Ltd.   101,005 
 33,000   Ryobi Ltd.   83,001 
 16,000   Ryoden Trading Co. Ltd.   101,132 
 7,600   Ryohin Keikaku Co. Ltd.   431,341 
 13,800   Ryosan Co. Ltd.   268,470 
 8,400   Ryoyo Electro Corp.   76,426 
 3,500   S Foods, Inc.   34,332 
 2,000   Sagami Chain Co. Ltd.(b)   16,031 
 69,000   Saibu Gas Co. Ltd.   165,247 
 10,000   Saizeriya Co. Ltd.   132,648 
  41,000     Sakai Chemical Industry Co. Ltd.      121,505  
 18,000   Sakai Heavy Industries Ltd.   60,036 
 39,000   Sakai Ovex Co. Ltd.   59,708 
 18,000   Sakata INX Corp.   93,105 
 17,300   Sakata Seed Corp.   207,914 
 4,500   Sala Corp.   24,260 
 3,500   San-A Co. Ltd.   142,572 
 50,000   San-Ai Oil Co. Ltd.   217,070 
 15,000   Sanden Corp.   61,348 
 22,575   Sangetsu Co. Ltd.   567,060 
         
Shares      Value 
JAPAN (continued)    
 69,000   San-In Godo Bank Ltd. (The)  $547,050 
 15,700   Sanix, Inc.(b)   59,576 
 44,000   Sanken Electric Co. Ltd.   175,625 
 17,000   Sanki Engineering Co. Ltd.   91,279 
 50   Sanko Marketing Foods Co. Ltd.   50,741 
 14,000   Sanko Metal Industrial Co. Ltd.   37,509 
 23,200   Sankyo Seiko Co. Ltd.   81,185 
 5,600   Sankyo Tateyama, Inc.(b)   117,456 
 120,000   Sankyu, Inc.   473,727 
 20,600   Sanoh Industrial Co. Ltd.   139,669 
 15,400   Sanshin Electronics Co. Ltd.   104,412 
 68,000   Sanwa Holdings Corp.   324,217 
 21,000   Sanyo Chemical Industries Ltd.   118,038 
 13,000   Sanyo Denki Co. Ltd.   69,091 
 54   Sanyo Housing Nagoya Co. Ltd.   68,795 
 18,000   Sanyo Shokai Ltd.   49,210 
 78,000   Sanyo Special Steel Co. Ltd.   249,921 
 69,000   Sapporo Holdings Ltd.   229,384 
 27,000   Sasebo Heavy Industries Co. Ltd.   31,593 
 26,000   Sata Construction Co. Ltd.(b)   25,305 
 4,900   SATO Holdings Corp.   78,233 
 6,300   Sato Shoji Corp.   41,681 
 4,200   Satori Electric Co. Ltd.   20,530 
 4,000   Sawada Holdings Co. Ltd.(b)   27,339 
 4,500   Sawai Pharmaceutical Co. Ltd.   462,081 
 7,000   SAXA Holdings, Inc.   13,626 
 94,280   SBI Holdings, Inc.   780,469 
 5,200   Scroll Corp.   15,524 
 21,797   SCSK Corp.   408,314 
 1,600   Secom Joshinetsu Co. Ltd.(d)   41,992 
 4,000   Seibu Electric Industry Co. Ltd.   17,628 
 37,000   Seika Corp.   103,985 
 3,500   Seikagaku Corp.   38,351 
 31,000   Seiko Epson Corp.   312,559 
 29,000   Seiko Holdings Corp.(b)   92,285 
 100   Seiko PMC Corp.   348 
 93,000   Seino Holdings Corp.   633,594 
 18,700   Seiren Co. Ltd.   115,948 
 32,000   Sekisui Jushi Corp.   378,632 
 35,000   Sekisui Plastics Co. Ltd.   84,969 
 30,000   Senko Co. Ltd.   139,756 
 2,000   Senshu Electric Co. Ltd.   22,680 
 20,720   Senshu Ikeda Holdings, Inc.   116,011 
 9,000   Senshukai Co. Ltd.   54,918 
 377,000   Sharp Corp.   1,282,159 
 30,000   Shibaura Mechatronics Corp.(b)   68,238 
 25,000   Shibusawa Warehouse Co. Ltd. (The)   85,844 
 9,400   Shibuya Kogyo Co. Ltd.(d)   90,664 
 80,000   Shiga Bank Ltd. (The)   463,667 
 59,000   Shikibo Ltd.   73,552 
 55,000   Shikoku Bank Ltd. (The)   143,146 
 25,000   Shikoku Chemicals Corp.   169,501 
44
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
  14,700     Shikoku Electric Power Co., Inc.    $  180,043  
 4,600   Shima Seiki Manufacturing Ltd.   90,798 
 32,149   Shimachu Co. Ltd.   680,984 
 74,000   Shimadzu Corp.   495,249 
 100   Shimane Bank Ltd. (The)   1,334 
 3,000   Shimizu Bank Ltd. (The)   89,267 
 1,000   Shimizu Corp.   3,237 
 2,500   Shimojima Co. Ltd.   27,065 
  4,000     Shin Nippon Air Technologies Co. Ltd.      22,965  
 47,000   Shinagawa Refractories Co. Ltd.   108,962 
  32,000     Shindengen Electric Manufacturing Co. Ltd.     93,433  
 16,600   Shin-Etsu Polymer Co. Ltd.   63,899 
  9,000     Shin-Keisei Electric Railway Co. Ltd.      36,120  
  28,300     Shinko Electric Industries Co. Ltd.      215,705  
 12,100   Shinko Plantech Co. Ltd.   98,975 
 13,300   Shinko Shoji Co. Ltd.   119,554 
 7,000   Shinko Wire Co. Ltd.   12,171 
 41,000   Shinmaywa Industries Ltd.   272,601 
 31,500   Shinnihon Corp.   85,084 
 30,000   Shinsho Corp.   61,676 
 900   Shinwa Co. Ltd. Nagoya   10,826 
 10,500   Ship Healthcare Holdings, Inc.   300,722 
 34,000   Shiroki Corp.   89,234 
 3,000   Shizuki Electric Co., Inc.   10,301 
 32,500   Shizuoka Gas Co. Ltd.   226,393 
 6,700   SHO-BOND Holdings Co. Ltd.   247,280 
 6,500   Shobunsha Publications, Inc.   41,938 
 26,000   Shochiku Co. Ltd.   289,157 
 500   Shoei Foods Corp.   3,406 
 500   Shofu, Inc.   4,445 
 34,000   Shoko Co. Ltd.   51,681 
  2,000     Showa Aircraft Industry Co. Ltd.      18,372  
 25,600   Showa Corp.   274,911 
 363,600   Showa Denko KK   556,662 
 32,000   Showa Sangyo Co. Ltd.   103,931 
 48,100   Showa Shell Sekiyu KK   278,780 
 11,600   Siix Corp.   133,702 
 15,000   Sinanen Co. Ltd.   62,004 
 28,000   Sinfonia Technology Co. Ltd.   52,053 
 41,100   Sintokogio Ltd.   300,682 
 1,222   SKY Perfect JSAT Holdings, Inc.   573,950 
 27,000   SMK Corp.   81,196 
 13,500   SNT Corp.   59,495 
 21,400   Sodick Co. Ltd.   109,990 
 6,100   Soft99 Corp.   38,356 
 15,730   Softbank Corp.   560,772 
 2,200   Sogo Medical Co. Ltd.   72,415 
  49,188     Sohgo Security Services Co. Ltd.      651,393  
 820,800   Sojitz Corp.   1,229,697 
         
Shares      Value 
JAPAN (continued)     
 22,000   Sotetsu Holdings, Inc.  $73,618 
 1,900   Space Co. Ltd.   13,879 
 400   SPK Corp.   6,854 
 13,100   Square Enix Holdings Co. Ltd.   162,595 
 2,700   SRA Holdings, Inc.   29,467 
 10,000   Stanley Electric Co. Ltd.   163,486 
 19,100   Star Micronics Co. Ltd.   189,235 
 2,800   Start Today Co. Ltd.   26,945 
 26,000   Starzen Co. Ltd.   73,640 
 2,300   Stella Chemifa Corp.   48,593 
 2,500   Studio Alice Co. Ltd.   35,623 
 8,000   Sugi Holdings Co. Ltd.   274,701 
 3,800   Sugimoto & Co. Ltd.   33,452 
 8,100   Sumco Corp.(b)   84,060 
 4,800   Sumida Corp.   27,872 
 81,000   Sumikin Bussan Corp.   257,761 
 22,000   Suminoe Textile Co. Ltd.   52,447 
 84,000   Sumitomo Bakelite Co. Ltd.   335,284 
 13,200   Sumitomo Densetsu Co. Ltd.   142,906 
 35,900   Sumitomo Forestry Co. Ltd.   351,364 
  110,000     Sumitomo Heavy Industries Ltd.      485,975  
  40,000     Sumitomo Light Metal Industries Ltd.      39,368  
  11,200     Sumitomo Mitsui Construction Co. Ltd.(b)      12,003  
  246,000     Sumitomo Osaka Cement Co. Ltd.      823,183  
  13,900     Sumitomo Pipe & Tube Co. Ltd.      114,611  
  14,000     Sumitomo Precision Products Co. Ltd.      63,229  
  3,140     Sumitomo Real Estate Sales Co. Ltd.      155,206  
  38,000     Sumitomo Seika Chemicals Co. Ltd.      136,301  
  61,000     Sumitomo Warehouse Co. Ltd. (The)      306,851  
 2,000   Suncall Corp.   10,104 
 12,700   Sundrug Co. Ltd.   477,752 
 3,600   Sun-Wa Technos Corp.   24,723 
 23,000   Suzuken Co. Ltd.   704,751 
 80,000   SWCC Showa Holdings Co. Ltd.   73,487 
 62,000   SxL Corp.(b)   113,227 
 54   Systena Corp.   47,655 
 700   T&K Toka Co. Ltd.   11,804 
 1,900   T. Hasegawa Co. Ltd.   22,918 
 42,000   T. RAD Co. Ltd.   107,934 
 6,000   Tachibana Eletech Co. Ltd.   52,884 
 11,900   Tachi-S Co. Ltd.   209,124 
 69   Tact Home Co. Ltd.   103,751 
 68,000   Tadano Ltd.   603,073 
 10,000   Taihei Dengyo Kaisha Ltd.   58,068 
 46,000   Taihei Kogyo Co. Ltd.   184,614 
 37,000   Taiheiyo Kouhatsu, Inc.   39,248 
 9,600   Taiho Kogyo Co. Ltd.   115,479 
 16,700   Taikisha Ltd.   336,575 
45
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 15,000   Taiko Bank Ltd. (The)  $38,220 
 900   Taisei Lamick Co., Ltd.   24,398 
 147,300   Taiyo Holdings Co. Ltd.(d)   4,133,324 
 59,000   Taiyo Nippon Sanso Corp.   394,860 
 38,800   Taiyo Yuden Co. Ltd.   349,198 
 1,600   Takachiho Koheki Co. Ltd.   15,782 
 4,000   Takagi Securities Co. Ltd.(b)   8,748 
  7,100     Takamatsu Construction Group Co. Ltd.      106,137  
 4,000   Takano Co. Ltd.   19,072 
  1,365     Takaoka Toko Holdings Co. Ltd.(b)      22,943  
 65,000   Takara Holdings, Inc.   543,769 
 2,000   Takara Leben Co. Ltd.   23,293 
 4,400   Takara Printing Co. Ltd.   30,073 
 65,000   Takara Standard Co. Ltd.   460,605 
 21,000   Takasago International Corp.   105,867 
  30,400     Takasago Thermal Engineering Co. Ltd.      235,035  
 26,000   Takashima & Co. Ltd.   83,023 
 128,000   Takashimaya Co. Ltd.   942,031 
 13,800   Takata Corp.   278,430 
 88   Take And Give Needs Co. Ltd.   9,181 
 12,000   Takihyo Co. Ltd.   60,627 
 15,000   Takiron Co. Ltd.   57,740 
  33,000     Takisawa Machine Tool Co. Ltd.      44,748  
 18,000   Takuma Co. Ltd.   111,214 
 5,900   Tamron Co. Ltd.   166,267 
 34,000   Tamura Corp.   75,477 
 1,000   Tanseisha Co. Ltd.   3,849 
  29,000     Tatsuta Electric Wire and Cable Co. Ltd.      244,190  
 20,000   Tayca Corp.   61,020 
 19,000   TBK Co. Ltd.   107,835 
 2   Techno Medica Co. Ltd.   11,548 
 1,200   Techno Ryowa Ltd.   5,485 
 13,400   Tecmo Koei Holdings Co. Ltd.   108,437 
 179,000   Teijin Ltd.   411,067 
  1,200     Teikoku Electric Manufacturing Co. Ltd.      23,214  
 7,000   Teikoku Sen-I Co. Ltd.   50,216 
  5,000     Teikoku Tsushin Kogyo Co. Ltd.      9,350  
 98,000   Tekken Corp.   152,179 
 5,300   Temp Holdings Co. Ltd.   66,594 
 11,600   T-Gaia Corp.   114,294 
 23,500   THK Co. Ltd.   408,092 
 1,000   Tigers Polymer Corp.   3,423 
 5,000   Titan Kogyo KK   12,576 
 11,000   TKC Corp.   195,232 
 156,000   Toa Corp.   242,244 
 58,000   Toa Oil Co. Ltd.   62,792 
 35,000   Toa Road Corp.   117,502 
 90,500   Toagosei Co. Ltd.   373,104 
 10,100   Tobishima Corp.(b)   12,591 
         
Shares      Value 
JAPAN (continued)     
 15,000   Tobu Store Co. Ltd.  $46,913 
 54,100   TOC Co. Ltd.   352,009 
 3,800   Tocalo Co. Ltd.   58,634 
 39,000   Tochigi Bank Ltd. (The)   145,005 
 127,000   Toda Corp.   348,592 
 15,000   Toda Kogyo Corp.   59,872 
 1,400   Toei Animation Co. Ltd.   36,590 
 17,000   Toei Co. Ltd.   91,465 
 25,000   Toenec Corp.   132,047 
 21,000   Toho Bank Ltd. (The)   66,597 
 8,000   Toho Co. Ltd.   28,432 
 3,300   Toho Holdings Co. Ltd.   63,802 
 14,600   Toho Real Estate Co. Ltd.   117,988 
 90,000   Toho Zinc Co. Ltd.   388,758 
 45,000   Tohoku Bank Ltd. (The)   74,799 
 500   Tohokushinsha Film Corp.   3,899 
 14,000   Tohto Suisan Co. Ltd.   23,118 
 106,000   Tokai Carbon Co. Ltd.   418,459 
 15,600   TOKAI Holdings Corp.   50,667 
 22,000   Tokai Lease Co. Ltd.   46,432 
 26,700   Tokai Rika Co. Ltd.   436,800 
 28,500   Tokai Rubber Industries, Inc.   293,898 
  88,000     Tokai Tokyo Financial Holdings, Inc.      440,746  
 1,890   Token Corp.   105,408 
 33,840   Tokushu Tokai Paper Co. Ltd.   81,043 
 37,000   Tokuyama Corp.   73,640 
  14,600     Tokyo Broadcasting System Holdings, Inc.     170,196  
 24   Tokyo Electron Device Ltd.   39,394 
 5,000   Tokyo Energy & Systems, Inc.   26,245 
 40,000   Tokyo Keiki, Inc.   85,297 
 39,800   Tokyo Ohka Kogyo Co. Ltd.   773,411 
 7,000   Tokyo Rakutenchi Co. Ltd.   28,246 
  107,000     Tokyo Rope Manufacturing Co. Ltd.     153,283  
 1,000   Tokyo Sangyo Co. Ltd.   3,138 
 14,700   Tokyo Seimitsu Co. Ltd.   252,060 
  44,500     Tokyo Steel Manufacturing Co. Ltd.     232,610  
 70,000   Tokyo Tatemono Co. Ltd.   327,629 
 32,000   Tokyo Tekko Co. Ltd.   136,126 
 19,000   Tokyo Theaters Co., Inc.   29,089 
 11,500   Tokyo Tomin Bank Ltd. (The)   116,327 
 31,000   Tokyotokeiba Co. Ltd.   74,919 
 2,300   Tokyu Community Corp.   91,930 
 31,960   Tokyu Construction Co. Ltd.   81,084 
 5,000   Tokyu Livable, Inc.   79,228 
 27,000   Toli Corp.   65,252 
 15,000   Tomato Bank Ltd.   29,690 
 4,000   Tomen Devices Corp.(d)   80,267 
 7,900   Tomen Electronics Corp.   100,472 
 18,100   Tomoe Corp.   72,246 
 3,300   Tomoe Engineering Co. Ltd.   62,972 
 4,000   Tomoegawa Co. Ltd.   7,524 
 49,000   Tomoku Co. Ltd.   143,070 
46
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
 25,400   TOMONY Holdings, Inc.  $110,272 
 20,000   Tonami Holdings Co. Ltd.   40,680 
 12,300   Topcon Corp.   100,477 
 6,700   Toppan Forms Co. Ltd.   62,571 
 29,000   Topre Corp.   280,978 
 121,000   Topy Industries Ltd.   284,488 
 1,000   Toridoll.corp.   12,368 
 8,800   Torigoe Co. Ltd. (The)   60,049 
 5,300   Torii Pharmaceutical Co. Ltd.   130,928 
  8,700     Torishima Pump Manufacturing Co. Ltd.      75,826  
 121   Tosei Corp.   94,741 
 67,000   Toshiba Machine Co. Ltd.   306,261 
  17,000     Toshiba Plant Systems & Services Corp.      237,400  
 106,000   Toshiba TEC Corp.   612,040 
 16,000   Tosho Printing Co. Ltd.   25,895 
 225,000   Tosoh Corp.   541,309 
 24,000   Totetsu Kogyo Co. Ltd.   343,551 
 21,000   Tottori Bank Ltd. (The)   42,714 
 3,700   Touei Housing Corp.   52,802 
 113,000   Towa Bank Ltd. (The)   127,279 
 1,900   Towa Corp.   12,674 
 2,800   Towa Pharmaceutical Co. Ltd.   149,576 
 1,500   Toyo Construction Co. Ltd.   4,987 
 8,200   Toyo Corp.   95,948 
 90,000   Toyo Engineering Corp.   417,300 
 152,000   Toyo Ink SC Holdings Co. Ltd.   666,543 
 21,000   Toyo Kanetsu KK   45,240 
 17,000   Toyo Kohan Co. Ltd.   60,047 
 16,000   Toyo Securities Co. Ltd.   43,567 
 37,300   Toyo Seikan Kaisha Ltd.   476,014 
 2,800   Toyo Tanso Co. Ltd.   67,822 
 111,000   Toyo Tire & Rubber Co. Ltd.   382,361 
  20,000     Toyo Wharf & Warehouse Co. Ltd.      33,244  
 93,000   Toyobo Co. Ltd.   148,483 
 10,100   Toyoda Gosei Co. Ltd.   223,769 
 14,700   Toyota Boshoku Corp.   192,260 
 9,200   TPR Co. Ltd.   118,213 
 1,200   Trancom Co. Ltd.   32,544 
 12,300   Transcosmos, Inc.   152,397 
 5,100   Trusco Nakayama Corp.   94,644 
 7,300   TS Tech Co. Ltd.   140,899 
 17,400   TSI Holdings Co. Ltd.   92,666 
 67,000   Tsubakimoto Chain Co.   356,083 
 6,000   Tsubakimoto Kogyo Co. Ltd.   16,469 
 47,000   Tsudakoma Corp.(b)   95,084 
 34,000   Tsugami Corp.   208,956 
 18,000   Tsukishima Kikai Co. Ltd.   161,802 
 38,033   Tsukuba Bank Ltd.   140,578 
 19,300   Tsumura & Co.   635,278 
 5,300   Tsuruha Holdings, Inc.   443,961 
 7,000   Tsurumi Manufacturing Co. Ltd.   56,263 
 2,400   Tsutsumi Jewelry Co. Ltd.   58,973 
 7,000   TTK Co. Ltd.   32,533 
         
Shares      Value 
JAPAN (continued)    
 8,100   TV Asahi Corp.  $124,806 
 200   TV Tokyo Holdings Corp.   2,172 
 149,000   Ube Industries Ltd.   309,585 
 15,000   Ube Material Industries Ltd.   37,071 
 23,000   Uchida Yoko Co. Ltd.   64,388 
 14,000   Ueki Corp.   29,854 
 1,900   UKC Holdings Corp.   39,581 
 14,900   Ulvac, Inc.(b)   132,307 
 36,000   Uniden Corp.   89,759 
 400   Union Tool Co.   7,646 
 8,300   Unipres Corp.   183,436 
 7,300   United Arrows Ltd.   176,742 
 166,700   UNY Co. Ltd.   1,235,963 
 7,680   Usen Corp.(b)   13,522 
 14,100   U-Shin Ltd.   108,396 
 341,300   Ushio, Inc.   3,687,511 
 8,800   Utoc Corp.   25,887 
 16,200   Valor Co. Ltd.   258,824 
 22,600   Vital KSK Holdings, Inc.   218,474 
 5,400   VT Holdings Co. Ltd.   52,556 
 27,000   Wacoal Holdings Corp.   281,973 
 5   Wacom Co. Ltd.   16,299 
  33,000     Wakachiku Construction Co. Ltd.(b)     39,335  
 2,000   Wakita & Co. Ltd.   17,716 
 4,900   Warabeya Nichiyo Co. Ltd.   80,644 
 1,700   Watabe Wedding Corp.   13,181 
 6,300   WATAMI Co. Ltd.   118,773 
 3,000   Weathernews, Inc.   78,867 
 18,000   Wood One Co. Ltd.   59,642 
 20,700   Xebio Co. Ltd.   423,304 
 5,700   YAC Co. Ltd.   30,917 
 5,400   Yachiyo Bank Ltd. (The)   128,143 
  1,200     Yaizu Suisankagaku Industry Co. Ltd.      10,433  
 2,000   YAMABIKO Corp.   33,200 
 88,000   Yamagata Bank Ltd. (The)   393,592 
  157,000     Yamaguchi Financial Group, Inc.      1,512,570  
 124,300   Yamaha Corp.   1,315,790 
  38,000     Yamanashi Chuo Bank Ltd. (The)      154,169  
 70,000   Yamatane Corp.   121,713 
 5,700   Yamato Kogyo Co. Ltd.   163,124 
 24,000   Yamazaki Baking Co. Ltd.   268,752 
 100   Yamazawa Co. Ltd.   1,659 
 18,200   Yamazen Corp.   134,741 
 2,500   Yaoko Co. Ltd.   100,197 
 34,000   Yaskawa Electric Corp.   317,895 
  5,100     Yasuda Warehouse Co. Ltd. (The)      37,311  
 15,900   Yellow Hat Ltd.   239,600 
 57,000   Yodogawa Steel Works Ltd.   203,204 
  12,000     Yokogawa Bridge Holdings Corp.      115,086  
 22,300   Yokohama Reito Co. Ltd.   156,560 
47
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
JAPAN (continued)     
  109,000     Yokohama Rubber Co. Ltd. (The)    $  839,149  
 3,300   Yokowo Co. Ltd.   14,904 
 5,000   Yomeishu Seizo Co. Ltd.   44,125 
 8,000   Yomiuri Land Co. Ltd.   43,742 
 5,000   Yondenko Corp.   17,880 
 4,000   Yonekyu Corp.   41,424 
 3,200   Yonex Co. Ltd.   17,742 
 8,300   Yorozu Corp.   119,265 
 98   Yoshinoya Holdings Co. Ltd.   117,242 
 56,000   Yuasa Trading Co. Ltd.   109,618 
 27,000   Yuken Kogyo Co. Ltd.   47,832 
 3,000   Yukiguni Maitake Co. Ltd.   10,072 
 10,000   Yurtec Corp.   33,353 
 6,100   Yusen Logistics Co. Ltd.   59,636 
  2,740     Yushin Precision Equipment Co. Ltd.      52,076  
  4,200     Yushiro Chemical Industry Co. Ltd.      40,418  
 7,400   Zenrin Co. Ltd.   98,807 
 21,900   Zensho Holdings Co. Ltd.   251,463 
 72,000   Zeon Corp.   624,375 
 7,000   ZERIA Pharmaceutical Co. Ltd.   109,924 
 4,000   Zojirushi Corp.   12,948 
 10,700   Zuken, Inc.   65,292 
         248,437,531 
JERSEY CHANNEL ISLANDS — 0.0%     
  5,067     Atrium European Real Estate Ltd.     31,297  
 57,179   Centamin Plc(b)   51,283 
 55,236   Heritage Oil Plc(b)   174,507 
 2,029   Phoenix Group Holdings   20,595 
         277,682 
LIECHTENSTEIN — 0.0%     
  3,313     Liechtensteinische Landesbank AG      113,946  
  2,157     Verwaltungs- und Privat-Bank AG      163,544  
         277,490 
LUXEMBOURG — 0.0%     
 21,263   APERAM   308,484 
 10,130   Brait SE(b)   36,239 
  24,534     d’Amico International Shipping SA(b)      12,992  
 1,317   Eurofins Scientific   235,329 
 1,096   GAGFAH SA(b)   13,408 
 2,576   Oriflame Cosmetics SA - SDR   84,437 
 100,579   Regus Plc   188,550 
         879,439 
MALAYSIA — 0.7%     
 61,000   Aeon Co. (M) Berhad   248,555 
 8,520   Aeon Credit Service M Berhad   28,519 
 317,300   Affin Holdings Berhad   335,989 
         
Shares      Value 
MALAYSIA (continued)     
 608,300   AirAsia Berhad  $544,279 
  20,200     Alam Maritim Resources Berhad(b)      5,461  
  739,000     Alliance Financial Group Berhad      1,015,620  
  45,800     Amway (Malaysia) Holdings Berhad      162,740  
 99,800   Ann Joo Resources Berhad   41,757 
  901,700     APM Automotive Holdings Berhad(d)      1,631,012  
  2,176,700     Axis Real Estate Investment Trust(d)      2,178,802  
 32,700   Batu Kawan Berhad   193,864 
 95,933   Berjaya Assets Berhad   26,862 
 643,800   Berjaya Corp. Berhad   110,857 
 206,284   Berjaya Sports Toto Berhad   288,811 
 180,500   BIMB Holdings Berhad   175,446 
  312,900     Bintulu Port Holdings Berhad(d)      715,027  
  400     Boustead Heavy Industries Corp. Berhad      281  
 365,904   Boustead Holdings Berhad   569,995 
 41,100   Bursa Malaysia Berhad   87,571 
 20,000   Cahya Mata Sarawak Berhad   19,440 
  75,100     Carlsberg Brewery-Malaysia Berhad      287,154  
  49,030     CB Industrial Product Holding Berhad      41,818  
  14,300     Chemical Co. of Malaysia Berhad      3,958  
  2,200     Dayang Enterprise Holdings Berhad      1,791  
 4,603,552   Dialog Group Berhad   3,422,660 
 129,600   Dijaya Corp. Berhad   42,547 
 209,300   DRB-Hicom Berhad   173,126 
 475,000   Eastern & Oriental Berhad   233,907 
  220,175     ECM Libra Financial Group Berhad      61,652  
 5,990   Elk-Desa Resources Berhad(b)   2,448 
 116,100   Evergreen Fibreboard Berhad   22,420 
  20,800     Fraser & Neave Holdings Berhad      122,377  
 739,900   Gamuda Berhad   885,880 
 89,300   Genting Plantations Berhad   236,543 
 58,000   Glomac Berhad   15,961 
 85,200   Green Packet Berhad(b)   11,106 
 76,900   Guinness Anchor Berhad   400,959 
 15,900   Hai-O Enterprise Berhad   12,282 
 499,380   HAP Seng Consolidated Berhad   261,986 
  110,500     Hap Seng Plantations Holdings Berhad      97,448  
 1,617,200   Hartalega Holdings Berhad(d)   2,331,849 
 19,992   Hock Seng LEE Berhad   9,523 
  92,500     Hong Leong Financial Group Berhad      409,656  
 51,500   Hong Leong Industries Berhad   72,932 
 350,930   IGB Corp. Berhad   264,299 
48
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
MALAYSIA (continued)     
 833,940   IJM Corp. Berhad  $1,352,770 
 192,200   IJM Land Berhad   133,000 
 125,900   IJM Plantations Berhad   119,943 
 24,800   JAKS Resources Berhad(b)   2,714 
 32,800   JT International Berhad   68,091 
 67,400   K&N Kenanga Holdings Berhad   12,582 
 44,400   Karambunai Corp Berhad(b)   1,643 
 89,800   Keck Seng (Malaysia) Berhad   120,523 
 103,900   Kian JOO CAN Factory Berhad   74,573 
 70,600   Kinsteel Berhad(b)   6,590 
  293,400     KLCC Property Holdings Berhad      593,977  
 1,745,750   KPJ Healthcare Berhad(d)   3,208,314 
 105,000   KSK Group Berhad   20,108 
 13,900   KSL Holdings Berhad(b)   7,426 
 370,600   Kulim Malaysia Berhad   429,405 
 52,850   Kumpulan Fima Berhad   30,958 
  87,500     Lafarge Malayan Cement Berhad      261,909  
 157,800   Landmarks Berhad(b)   49,519 
  97,400     Lingkaran Trans Kota Holdings Berhad      133,858  
 81,500   Lingui Development Berhad   42,494 
 142,700   Lion Industries Corp. Berhad   43,173 
 15,500   LPI Capital Berhad   66,849 
 242,380   Mah Sing Group Berhad   177,865 
 121,750   Malayan Flour Mills Berhad   47,415 
  156,054     Malaysia Airports Holdings Berhad      276,748  
 114,500   Malaysia Building Society   83,286 
  58,100     Malaysian Airline System Berhad(b)      12,903  
 78,300   Malaysian Bulk Carriers Berhad   33,770 
  31,313     Malaysian Pacific Industries Berhad      25,296  
  291,250     Malaysian Resources Corp. Berhad      130,299  
 37,180   MBM Resources Berhad   41,644 
 262,400   Media Prima Berhad   188,333 
 434,400   MMC Corp. Berhad   341,145 
  189,500     Muhibbah Engineering M Berhad      51,843  
 489,900   Mulpha International Berhad(b)   60,705 
 17,900   Naim Holdings Berhad   10,831 
 157,000   Nam Cheong Ltd.   33,616 
 710,100   NCB Holdings Berhad(d)   1,019,326 
 3,800   Nestle Malaysia Berhad   71,426 
 102,200   Oriental Holdings Berhad   277,292 
 441,390   OSK Holdings Berhad   207,412 
 4,700   Padini Holdings Berhad   2,738 
  4,300     Panasonic Manufacturing Malaysia Berhad      27,956  
 43,120   Paramount Corp. Berhad   21,511 
 112,459   Parkson Holdings Berhad   174,824 
  43,248     Pelikan International Corp. Berhad      9,604  
 142,800   POS Malaysia Berhad   163,161 
         
Shares      Value 
MALAYSIA (continued)     
 55,600   Press Metal Berhad  $32,927 
 3,005,200   QL Resources Berhad(d)   2,979,085 
  330,240     Sapurakencana Petroleum Berhad(b)      310,364  
 36,200   Sarawak Oil Palms Berhad   66,411 
 13,100   Scientex Berhad   12,733 
 2,300   Selangor Properties Berhad   2,554 
  75,100     Shangri-La Hotels (Malaysia) Berhad      92,092  
  28,800     Shell Refining Co. Federation of Malaya Berhad      76,009  
  93,800     Star Publications Malaysia Berhad      79,098  
 18,690   Subur Tiasa Holdings Berhad   11,850 
 332,745   Sunway Berhad(b)   257,029 
 89,164   Ta Ann Holdings Berhad   105,608 
 682,700   TA Enterprise Berhad   110,963 
 195,360   TA Global Berhad   14,776 
  210,800     TAN Chong Motor Holdings Berhad      341,269  
 74,000   TDM Berhad   79,549 
 51,200   TH Plantations Berhad   33,452 
 315,760   Time dotCom Berhad   376,026 
 120,960   Top Glove Corp. Berhad   203,611 
 275,400   Tradewinds Corp. Berhad   93,070 
 45,300   Tradewinds Malaysia Berhad   134,427 
 57,200   TSH Resources Berhad   38,661 
 285,308   UEM Land Holdings Berhad(b)    202,020 
 227,200   UMW Holdings Berhad   887,740 
 59,900   Unico-Desa Plantations Berhad   21,400 
 128,080   Unisem (M) Berhad   42,460 
 15,000   United Malacca Berhad   33,843 
 38,700   United Plantations Berhad   322,604 
 129,975   Wah Seong Corp. Berhad   69,024 
 2,365,300   Wellcall Holdings Berhad(d)   1,644,367 
 170,700   WTK Holdings Berhad   49,721 
 140,671   YNH Property Berhad   88,740 
  41,000     YTL Land & Development Berhad(b)      11,612  
  654,300     YTL Power International Berhad      320,095  
 26,100   Zelan Berhad(b)   2,100 
 25,600   Zhulian Corp. Berhad   23,070 
         37,248,898 
MALTA — 0.0%     
 8,169   Unibet Group Plc - SDR   281,386 
MAURITIUS — 0.0%     
 141,022   Essar Energy Plc(b)   292,323 
MEXICO — 0.5%     
 1,341,000   Alfa SAB de CV - Series A   3,237,908 
 22,751   Alsea SAB de CV(b)   52,607 
 414,805   Arca Continental SAB de CV   3,163,253 
  997     Axtel SAB de CV - CPO Shares(b)      276  
49
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
MEXICO (continued)    
  51,300     Bolsa Mexicana de Valores SAB de CV    $ 129,717  
  1,338,300     Cemex SAB de CV - CPO Units(b)     1,455,704  
  1,800     Cia Minera Autlan SAB de CV - Series B     1,975  
 83,761   Consorcio ARA SAB de CV(b)   31,358 
  227,687     Controladora Comercial Mexicana SAB de CV - Units     829,656  
  1,650,900     Corp Inmobiliaria Vesta SAB de CV(d)     3,185,045  
 800   Corp. Actinver SAB de CV   724 
  78,869     Corp. GEO SAB de CV - Series B(b)     92,425  
  65,708     Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)(d)     47,803  
 27,300   Corp. Moctezuma SAB de CV   83,051 
  10,362     Desarrolladora Homex SAB de CV(b)     25,248  
 136,820   Empresas ICA SAB de CV(b)   410,096 
  963,200     Fibra Uno Administracion SA de CV REIT     3,012,036  
  22,800     Financiera Independencia SAB de CV(b)     8,787  
  138,700     Genomma Lab Internacional SAB de CV - Class B(b)     316,789  
 53,869   Gruma SAB de CV - Series B(b)   178,241 
  109,917     Grupo Aeroportuario del Centro Norte SAB de CV     367,583  
  430,800     Grupo Aeroportuario del Pacifico SAB de CV - Series B     2,686,867  
  164,456     Grupo Aeroportuario del Sureste SAB de CV - Series B     1,964,480  
  1,600     Grupo Carso SAB de CV - Series A1     7,777  
  120,492     Grupo Cementos de Chihuahua SAB de CV(b)(d)     421,712  
  45,878     Grupo Comercial Chedraui SA de CV     159,306  
 55,600   Grupo Famsa SAB de CV(b)   75,214 
 52,600   Grupo Herdez SAB de CV   166,306 
  57,500     Grupo Industrial Maseca SAB de CV - Series B     70,549  
  12,400     Grupo Industrial Saltillo SAB de CV     29,745  
  45,400     Grupo Simec SAB de CV - Series B(b)     226,025  
  264,100     Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(b)     555,635  
  10,860     Industrias Bachoco SAB de CV - Series B     25,197  
  170,175     Industrias CH SAB de CV - Series B(b)     1,402,934  
  11,100     Inmuebles Carso SAB de CV - Series B1(b)     9,603  
         
Shares      Value 
MEXICO (continued)     
  41,776     Kimberly-Clark de Mexico SAB de CV - Class A    $ 117,693  
  941,900     Macquarie Mexico Real Estate Management SA de CV(b)     2,196,478  
  100     Medica Sur SAB de CV - Series B     201  
  16,200     Megacable Holdings SAB de CV - CPO Shares     42,747  
 4,857   Mexichem SAB de CV   27,466 
 18,386   OHL Mexico SAB de CV(b)   41,646 
  115,299     Organizacion Soriana SAB de CV - Series B     446,701  
  59,600     Promotora y Operadora de Infraestructura SAB de CV(b)     425,674  
  46,400     Qualitas Controladora SAB de CV(b)     81,818  
  341,100     Sare Holding SAB de CV - Class B(b)     25,486  
  427,400     TV Azteca SAB de CV - CPO Shares     301,862  
  67,123     Urbi Desarrollos Urbanos SAB de CV(b)     39,013  
         28,178,417 
MONACO — 0.0%     
    480         Societe des Bains de Mer et du Cercle des Etrangers a Monaco         22,941    
MONGOLIA — 0.0%     
 206,000   Mongolian Mining Corp.(b)   101,999 
NETHERLANDS — 1.1%     
 47,325   Aalberts Industries NV   1,063,783 
 9,250   Accell Group   178,158 
  13,621     AMG Advanced Metallurgical Group NV(b)     124,042  
 4,482   Amsterdam Commodities NV   89,276 
 5,838   Arcadis NV   153,582 
 42,228   ASM International NV   1,683,409 
  33,735     BE Semiconductor Industries NV     270,250  
 5,643   Beter Bed Holding NV   113,743 
 33,204   BinckBank NV   321,765 
 5,454   Brunel International NV   292,069 
  1,510     Cinema City International NV(b)     12,530  
 28,166   CSM   652,435 
 25,893   Delta Lloyd NV   509,429 
 4,041   Dockwise Ltd.(b)   101,711 
 2,240   Exact Holding NV   49,028 
 15,923   Fugro NV - CVA   965,014 
 25,465   Gemalto NV   2,267,505 
 15,073   Grontmij(b)   66,903 
 7,158   Heijmans NV - CVA   76,635 
 654   Hunter Douglas NV   29,304 
 16,012   Kardan NV(b)   16,980 
 3,727   KAS Bank NV - CVA   44,623 
 5,597   Kendrion NV   141,200 
50
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
NETHERLANDS (continued)    
 132,895   Koninklijke BAM Groep NV  $555,767 
  528,479     Koninklijke Boskalis Westminster NV(d)      24,203,447  
 14,713   Koninklijke Ten Cate NV   399,044 
 9,491   Koninklijke Vopak NV   648,077 
 68,974   Koninklijke Wessanen NV   216,805 
 7,790   Macintosh Retail Group NV   90,964 
 22,266   Mediq NV   420,838 
 61   Nederland Apparatenfabriek   2,566 
  1,511     New World Resources Plc - Class A      6,950  
 18,557   Nutreco NV   1,645,082 
 40,204   Ordina NV(b)   64,469 
 104,698   PostNL NV(b)   274,223 
 321,191   QIAGEN NV(b)(e)   6,732,237 
 73,000   QIAGEN NV(b)(e)   1,533,000 
 108,816   Randstad Holding NV   4,512,269 
 16,720   Royal Imtech NV   441,446 
 53,871   SBM Offshore NV(b)   826,911 
 11,287   Sligro Food Group NV   363,518 
 86,230   SNS REAAL NV(b)   98,466 
 10,281   Telegraaf Media Groep NV(d)   122,215 
 15,951   TKH Group NV   435,329 
 100,323   TNT Express NV   770,856 
 60,046   TomTom NV(b)   311,771 
 9,665   Unit 4 NV   323,811 
 33,077   USG People NV   281,911 
 35,647   Wolters Kluwer NV   722,630 
 5,243   Xeikon NV(b)   30,113 
         55,258,089 
NEW ZEALAND — 0.4%     
 155,194   Air New Zealand Ltd.   162,799 
  3,210,865     Auckland International Airport Ltd.(d)      7,639,081  
 29,737   Chorus Ltd.   71,123 
 141,294   Contact Energy Ltd.(b)   618,957 
 13,867   Ebos Group Ltd.   99,265 
  36,830     Fisher & Paykel Healthcare Corp. Ltd.      73,560  
 28,085   Freightways Ltd.   107,003 
  6,326     Hallenstein Glasson Holdings Ltd.      28,030  
 38,459   Heartland New Zealand Ltd.   21,947 
 40,503   Infratil Ltd.   83,616 
 32,296   Mainfreight Ltd.   325,234 
 33,862   New Zealand Oil & Gas Ltd.   25,717 
  38,630     New Zealand Refining Co. Ltd. (The)      85,584  
 88,172   Nuplex Industries Ltd.   244,180 
 45,243   NZX Ltd.   50,877 
 29,901   PGG Wrightson Ltd.(b)   11,041 
 80,140   Pike River Coal Ltd.(b)(c)(d)   0 
 56,739   Port of Tauranga Ltd.(d)   659,950 
 13,536   Pumpkin Patch Ltd.(b)   15,562 
 18,968   Rakon Ltd.(b)   5,730 
         
Shares      Value 
NEW ZEALAND (continued)     
  19,670     Restaurant Brands New Zealand Ltd.    $  46,385  
 130,479   Ryman Healthcare Ltd.   504,786 
 15,128   Sanford Ltd.   55,225 
 48,111   Skellerup Holdings Ltd.   66,215 
 99,091   Sky Network Television Ltd.   430,755 
  2,004,525     SKYCITY Entertainment Group Ltd.(d)      6,678,332  
 12,028   Steel & Tube Holdings Ltd.   25,437 
 56,231   Tower Ltd.   91,075 
 41,749   TrustPower Ltd.(d)   293,950 
 58,037   Vector Ltd.   136,373 
 34,146   Warehouse Group Ltd. (The)   92,843 
         18,750,632 
NORWAY — 0.2%     
  44,529     ABG Sundal Collier Holding ASA      37,495  
 146   AF Gruppen ASA   1,483 
 31,265   Agasti Holding ASA(b)   6,868 
 11,391   Aker ASA - Class A   485,841 
 8,076   Algeta ASA(b)   247,178 
 34,500   Atea ASA   410,496 
 25,321   Austevoll Seafood ASA   143,688 
 5,832   Bonheur ASA   152,662 
 100,901   BW Offshore Ltd.   103,987 
 22,368   BWG Homes ASA(b)   51,796 
 55,760   Cermaq ASA   959,461 
 2,675   Clavis Pharma ASA(b)   3,109 
 25,707   Det Norske Oljeselskap ASA(b)    403,753 
 111,379   DNO International ASA(b)   189,407 
 12,614   DOF ASA(b)   59,342 
 7,264   Ekornes ASA   126,986 
  27,547     Electromagnetic GeoServices ASA(b)      56,477  
 154,310   Eltek ASA   107,338 
 28,834   Evry ASA   43,809 
 142,175   Farstad Shipping ASA(d)   3,591,526 
 15,475   Fred Olsen Energy ASA   739,346 
 7,560   Ganger Rolf ASA(d)   185,440 
 10,278   Grieg Seafood ASA(b)   23,518 
 70,588   Hurtigruten ASA(b)   39,798 
 24,568   Intex Resources ASA(b)   19,923 
  95,498     Kongsberg Automotive Holding ASA(b)      27,096  
 14,697   Kongsberg Gruppen ASA   353,778 
 27,824   Kvaerner ASA   80,474 
 4,486   Leroey Seafood Group ASA   128,925 
 543,531   Marine Harvest ASA(b)   544,237 
 5,280   Morpol ASA(b)   11,067 
 10,381   Nordic Semiconductor ASA(b)   28,694 
 61,696   Norske Skogindustrier ASA(b)   44,497 
 4,652   Norwegian Air Shuttle AS(b)   141,785 
 27,762   Norwegian Energy Co. AS(b)   24,698 
 1,161   Odfjell SE - Class A(b)   5,717 
 23,394   Opera Software ASA   146,884 
51
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
NORWAY (continued)    
 7,393   Panoro Energy ASA(b)  $3,776 
 3,052   PhotoCure ASA(b)   21,174 
 7,734   Pronova BioPharma ASA   18,971 
 6,386   Q-Free ASA(b)   19,171 
 172,925   Renewable Energy Corp. ASA(b)   33,554 
 1,560   Salmar ASA(b)   14,849 
 31,903   Scana Industrier ASA(b)   2,862 
 9,989   Sevan Drilling AS(b)(d)   7,168 
 2,718   Sevan Marine ASA(b)   10,548 
 67,692   Siem Offshore, Inc.(b)   101,608 
 4,950   Solstad Offshore ASA   95,142 
 46,489   SpareBank 1 SMN   352,312 
 132,805   Storebrand ASA(b)   680,933 
 28,000   STX OSV Holdings Ltd.   28,506 
 50,237   Tomra Systems ASA   427,615 
 3,670   TTS Group ASA   6,369 
 26,254   Veidekke ASA   221,551 
 5,690   Wilh Wilhelmsen ASA   54,162 
 3,850   Wilh Wilhelmsen Holding ASA   123,684 
         11,952,534 
PAPUA NEW GUINEA — 0.0%    
 162,499   Highlands Pacific Ltd.(b)   25,418 
PERU — 0.2%    
 886,450   Alicorp SA(d)   3,021,716 
 289,911   Copeinca ASA(d)   2,292,584 
 2,593,596   Ferreycorp SAA(d)   2,478,693 
         7,792,993 
PHILIPPINES — 0.3%    
 422,270   Aboitiz Equity Ventures, Inc.   576,554 
 60,300   Aboitiz Power Corp.   56,469 
 108,200   Alliance Global Group, Inc.   50,317 
  232,400     Atlas Consolidated Mining & Development(b)      125,668  
 347,172   Bank of The Philippine Islands   853,317 
 941,067   BDO Unibank, Inc.(b)   1,778,740 
 120,166   Belle Corp.(b)   14,975 
 89,510   China Banking Corp.   124,084 
 337,200   DMCI Holdings, Inc.   455,844 
 2,243,800   Energy Development Corp.   394,326 
 2,159,375   Filinvest Land, Inc.   92,351 
 409,000   First Gen Corp.(b)   265,898 
 213,520   First Philippine Holdings Corp.   538,983 
 465,000   Global-Estate Resorts, Inc.(b)   24,459 
 15,090   Globe Telecom, Inc.   398,345 
 5,307,700   GMA Holdings, Inc. - PDR(d)   1,304,584 
  237,090     International Container Terminal Services, Inc.      443,178  
 155,000   Jollibee Foods Corp.   417,930 
 93,834   Lafarge Republic, Inc.   26,431 
  1,320,000     Lepanto Consolidated Mining - B Shares(b)      39,582  
 1,379,000   Lopez Holdings Corp.   247,430 
 4,275,900   Manila Water Co., Inc.(d)   3,773,007 
         
Shares      Value 
PHILIPPINES (continued)    
 10,796,696   Megaworld Corp.  $894,307 
 140,000   Metro Pacific Investments Corp.   17,894 
 300,578   Metropolitan Bank & Trust   778,688 
  623,000     Pepsi-Cola Products Philippines, Inc.(b)      97,849  
 126,720   Philweb Corp.   44,166 
  135,000     Rizal Commercial Banking Corp.      225,636  
 538,500   Robinsons Land Corp.   283,247 
 171,868   Security Bank Corp.   733,771 
 48,220   Semirara Mining Corp.   291,560 
 832,152   SM Development Corp.   122,926 
 1,163,225   SM Prime Holdings, Inc.   501,486 
 102,600   Union Bank of Philippines   304,131 
 509,115   Universal Robina Corp.   1,093,687 
 2,843,000   Vista Land & Lifescapes, Inc.   361,970 
         17,753,790 
POLAND — 0.1%    
 9,002   Agora SA   26,005 
 1,432   AmRest Holdings SE(b)   40,372 
 10,960   Asseco Poland SA   159,550 
  26,856     Bank Handlowy w Warszawie SA      831,431  
 84,867   Bank Millennium SA(b)   125,467 
 306   Bank Zachodni WBK SA   24,847 
 375,702   Boryszew SA(b)   68,062 
 6,150   BRE Bank SA(b)   643,609 
 6,112   Budimex SA   132,178 
 7,771   Ciech SA(b)   52,792 
 1,000   Dom Development SA   11,646 
 2,276   Emperia Holding SA   43,073 
 9,975   Enea SA(b)   49,307 
 32,056   Eurocash SA   521,615 
 5,542   Farmacol SA(b)   67,769 
 207,050   Getin Holdings SA(b)   182,187 
 609,243   Getin Noble Bank SA(b)   384,324 
 3,848   Grupa Kety SA(d)   178,508 
 27,433   Grupa Lotos SA(b)   354,893 
 2,830   ING Bank Slaski SA(b)   81,022 
 2,620   Inter Cars SA   79,671 
 10,387   Kopex SA(b)   53,763 
 350   LPP SA   549,139 
 1,502   Lubelski Wegiel Bogdanka SA   66,325 
 219,284   Netia SA(b)   326,315 
 10,774   Orbis SA   133,316 
 2,139   Pelion SA   26,848 
 93,126   Polimex-Mostostal SA(b)   16,871 
 6,109   Polnord SA(b)   21,324 
 18,559   Rafako SA(b)   53,554 
 158   Stalprodukt SA(b)   10,171 
 363,944   Synthos SA   618,111 
 37,193   TVN SA   116,830 
  2,400     Zaklady Azotowe w Tarnowie-Moscicach SA(b)(d)      43,905  
52
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
POLAND (continued)
 119  Zaklady Chemiczne Police SA(b)  $510 
 1,688  Zaklady Tluszczowe Kruszwica SA   16,109 
        6,111,419 
PORTUGAL — 0.1%
 16,720  Altri SGPS SA   41,908 
 97,795  Banco BPI SA(b)   168,372 
 3,828,745  Banco Comercial Portugues SA(b)   514,665 
 600,301  Banco Espirito Santo SA(b)   851,762 
 31,884  BANIF - Banco Internacional do Funchal SA(b)   5,498 
 46,042  Cimpor Cimentos de Portugal SGPS SA   212,553 
 2,336  Corticeira Amorim SGPS SA   6,153 
 37,265  INAPA - Investimentos Participacoes e Gestao SA(b)    11,132 
 49,289  Mota-Engil SGPS SA   144,891 
 272  Novabase SGPS SA   1,034 
 87,362  Portucel SA   337,591 
 74,918  Portugal Telecom SGPS SA   437,409 
 39,281  REN - Redes Energeticas Nacionais SGPS SA   123,365 
 15,447  SAG GEST-Solucoes Automovel Globais SGPS SA(b)   5,873 
 21,302  Semapa - Sociedade de Investimento e Gestao   205,358 
 109,476  Sonae   108,511 
 15,150  Sonae Industria SGPS SA(b)   12,486 
 48,502  Sonaecom - SGPS SA   96,874 
 11,475  Teixeira Duarte SA(b)   8,102 
 8,732  Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA   37,371 
        3,330,908 
RUSSIA — 0.0%
 30,339  Alliance Oil Co. Ltd. - SDR(b)   265,795 
SINGAPORE — 1.9%
 51,000  Abterra Ltd.(b)   29,669 
 5,390,000  Ascendas Real Estate Investment Trust   11,018,220 
 155,400  ASL Marine Holdings Ltd.   91,031 
 123,000  Ausgroup Ltd.   63,108 
 136,000  Banyan Tree Holdings Ltd.(b)   75,272 
 165,000  Biosensors International Group Ltd.(b)   180,645 
 7,400  Bonvests Holdings Ltd.   6,966 
 105,000  Boustead Singapore Ltd.   95,867 
 39,000  Breadtalk Group Ltd.   24,106 
 132,000  Broadway Industrial Group Ltd.   37,329 
 40,000  Bukit Sembawang Estates Ltd.   219,771 
 47,355  Cape Plc   166,920 
 10,478,000  CapitaMall Trust REIT(d)   17,948,014 
 111,000  CH Offshore Ltd.   45,740 

 

Shares     Value 
SINGAPORE (continued)
 51,000  China Merchants Holdings Pacific Ltd.  $37,086 
 192,000  Chip Eng Seng Corp. Ltd.   119,452 
 331,000  ComfortDelGro Corp. Ltd.   516,164 
 137,000  Cosco Corp. Singapore Ltd.   105,159 
 6,000  Creative Technology Ltd.   14,932 
 199,000  CSC Holdings Ltd.   19,938 
 110,000  CSE Global Ltd.   76,880 
 143,000  CWT Ltd.   165,802 
 3,000  Elec & Eltek International Co. Ltd.   6,749 
 14,000  Ellipsiz Ltd.   1,063 
 15,600  Eu Yan Sang International Ltd.   7,941 
 44,000  Ezion Holdings Ltd.   64,348 
 8,653,400  Ezra Holdings Ltd.(b)   8,320,241 
 100,000  Falcon Energy Group Ltd.(b)   24,643 
 130,121  Far East Orchard Ltd.   232,350 
 179,000  First Resources Ltd.   282,750 
 183,000  FJ Benjamin Holdings Ltd.   46,576 
 986,000  Fragrance Group Ltd.   207,134 
 225,579  Freight Links Express Holdings Ltd.   13,670 
 306,000  Gallant Venture Ltd.(b)   72,937 
 2,000  GK Goh Holdings Ltd.   1,317 
 671,000  GMG Global Ltd.   77,528 
 89,000  Goodpack Ltd.   131,237 
 15,000  GP Batteries International Ltd.   12,605 
 80,000  GP Industries Ltd.(d)   30,703 
 164,666  Guocoland Ltd.   317,983 
 111,000  GuocoLeisure Ltd.   66,816 
 167,000  Guthrie GTS Ltd.   92,429 
 21,000  Hanwell Holdings Ltd.   5,260 
 692,875  Healthway Medical Corp. Ltd.(b)   52,064 
 55,000  Hiap Seng Engineering Ltd.   15,109 
 7,000  Hi-P International Ltd.   3,959 
 96,000  Ho Bee Investment Ltd.   148,152 
 274,800  Hong Fok Corp. Ltd.(b)   135,441 
 131,000  Hong Leong Asia Ltd.   179,409 
 137,600  Hotel Properties Ltd.   354,659 
 3,000  Hour Glass Ltd. (The)   4,254 
 126,000  HTL International Holdings Ltd.(d)   34,614 
 65,000  HupSteel Ltd.   12,342 
 126,000  Hwa Hong Corp. Ltd.   37,668 
 4,929,000  Hyflux Ltd.(d)   5,356,526 
 118,000  Indofood Agri Resources Ltd.   124,421 
 92,000  InnoTek Ltd.   27,875 
 194,000  Jaya Holdings Ltd.(b)   111,292 
 101,000  Jiutian Chemical Group Ltd.(b)   7,426 
 92,950  Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)   0 
 71,000  K1 Ventures Ltd.   9,695 
 89,000  Keppel Land Ltd.   306,339 
 34,000  Keppel Telecommunications & Transportation Ltd.   36,949 
53
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SINGAPORE (continued)
 13,000  K-Green Trust - Units  $10,976 
 195,000  LC Development Ltd.   25,524 
 103,000  Lian Beng Group Ltd.   35,786 
 66,000  Low Keng Huat Singapore Ltd.   35,996 
 75,000  Lum Chang Holdings Ltd.   21,210 
 120,000  M1 Ltd.   269,543 
 74,000  Manhattan Resources Ltd.(b)   34,679 
 6,000  Marco Polo Marine Ltd.   2,060 
 274,000  Mercator Lines Singapore Ltd.   29,666 
 351,800  Metro Holdings Ltd.   265,772 
 448,000  Midas Holdings Ltd.   197,277 
 255,000  Neptune Orient Lines Ltd.(b)   264,756 
 25,000  NSL Ltd.   30,299 
 395,000  Oceanus Group Ltd.(b)   18,830 
 377,000  Olam International Ltd.   491,944 
 95,173  OM Holdings Ltd.(b)   29,774 
 32,000  OSIM International Ltd.   46,540 
 514,500  Otto Marine Ltd.(b)   38,661 
 120,000  Overseas Union Enterprise Ltd.   288,935 
 26,000  Pan Pacific Hotels Group Ltd.   49,578 
 60,000  Petra Foods Ltd.   186,644 
 165,000  Popular Holdings Ltd.   33,329 
 106,215  QAF Ltd.   71,231 
 184,250  Raffles Education Corp. Ltd.(b)   53,594 
 70,676  Raffles Medical Group Ltd.   173,028 
 121,000  Rotary Engineering Ltd.   57,682 
 231,000  Roxy-Pacific Holdings Ltd.   112,920 
 1,594,000  S i2i Ltd.(b)   36,062 
 17,000  San Teh Ltd.   4,739 
 132,000  Sapphire Corp. Ltd.(b)   13,652 
 5,205,000  SATS Ltd.(d)   12,826,930 
 43,000  SBS Transit Ltd.   52,462 
 3,970,000  SIA Engineering Co. Ltd.(d)   15,878,075 
 100,500  Sim Lian Group Ltd.   66,180 
 569,000  Sinarmas Land Ltd.(d)   158,611 
 70,000  Singapore Land Ltd.   423,625 
 346,000  Singapore Post Ltd.   338,270 
 174,000  Singapore Reinsurance Corp. Ltd.(d)   34,444 
 2,337,000  SMRT Corp. Ltd.(d)   3,077,857 
 484,000  Stamford Land Corp. Ltd.   230,728 
 3,260,000  StarHub Ltd.(d)   10,272,694 
 82,000  Sunningdale Tech Ltd.   9,276 
 115,000  Super Group Ltd.   320,567 
 230,000  Swiber Holdings Ltd.   129,156 
 73,000  Tat Hong Holdings Ltd.   90,833 
 60,000  Tiong Woon Corp. Holding Ltd.   17,452 
 8,000  Treasury China Trust - Units(b)    10,665 
 25,540  Triyards Holdings Ltd.(b)   17,025 
 295,143  Tuan Sing Holdings Ltd.   88,234 
 114,000  UMS Holdings Ltd.   42,371 
 116,627  United Engineers Ltd.   319,449 
 103,000  United Envirotech Ltd.   52,429 
 420,000  United Industrial Corp. Ltd.(d)   946,794 
 232,000  UOB-Kay Hian Holdings Ltd.   321,480 
 302,000  UOL Group Ltd.   1,525,068 

 

Shares     Value 
SINGAPORE (continued)
 61,000  Venture Corp. Ltd.  $418,446 
 20,000  WBL Corp. Ltd.   71,426 
 209,812  Wheelock Properties (Singapore) Ltd.   333,963 
 155,420  Wing Tai Holdings Ltd.   239,224 
 1,436  XP Power Ltd.   26,191 
 86,000  Yanlord Land Group Ltd.(b)   111,873 
 26,987  Yeo Hiap Seng Ltd.   68,904 
 37,000  YHI International Ltd.   9,865 
 156,000  Yongnam Holdings Ltd.   33,402 
        99,527,201 
SOUTH AFRICA — 0.7%
 431,520  Adcock Ingram Holdings Ltd.   2,769,076 
 508  Adcorp Holdings Ltd.   1,761 
 114,293  Advtech Ltd.   86,120 
 59,169  Aeci Ltd.   563,845 
 227,840  Afgri Ltd.   127,611 
 415,886  African Bank Investments Ltd.   1,434,338 
 1,313  African Oxygen Ltd.   3,618 
 44,678  African Rainbow Minerals Ltd.   1,006,447 
 13,164  Allied Electronics Corp. Ltd.   33,113 
 21,133  Allied Technologies Ltd.   96,156 
 4,378  ArcelorMittal South Africa Ltd.(b)   17,155 
 419  Argent Industrial Ltd.   319 
 561  Assore Ltd.   27,521 
 11,620  Astral Foods Ltd.   114,642 
 125,307  Aveng Ltd.   437,771 
 128,958  AVI Ltd.   788,602 
 105,076  Barloworld Ltd.   986,745 
 25,967  Basil Read Holdings Ltd.(b)   33,239 
 8,140  Blue Label Telecoms Ltd.   7,935 
 32,224  Business Connexion Group Ltd.   19,561 
 8,369  Capitec Bank Holdings Ltd.   179,637 
 2,456  Cashbuild Ltd.   35,941 
 57,968  Caxton and CTP Publishers and Printers Ltd.   113,409 
 185,094  Cipla Medpro South Africa Ltd.   188,302 
 7,765  City Lodge Hotels Ltd.   95,490 
 391,378  Clicks Group Ltd.   2,625,244 
 1,776  Consolidated Infrastructure Group Ltd.(b)   3,336 
 27,334  Coronation Fund Managers Ltd.   134,394 
 107,631  DataTec Ltd.   561,922 
 77,015  Discovery Holdings Ltd.   570,319 
 12,341  Distell Group Ltd.   151,763 
 968  Distribution and Warehousing Network Ltd.(b)   714 
 3,822  DRDGOLD Ltd.   3,085 
 379,407  EOH Holdings Ltd.(d)   1,743,288 
 27,664  Eqstra Holdings Ltd.   20,350 
 54,199  Foschini Group Ltd. (The)   709,590 
 10,106  Gijima Group Ltd.(b)   305 
 108,031  Great Basin Gold Ltd.(b)(c)(d)   8,665 
 106,602  Grindrod Ltd.   197,712 
54
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SOUTH AFRICA (continued)
 556  Group Five Ltd.  $1,939 
 44,975  Harmony Gold Mining Co. Ltd.   295,796 
 14,422  Hudaco Industries Ltd.   187,189 
 6,374  Hulamin Ltd.(b)   2,758 
 8,550  Iliad Africa Ltd.   5,152 
 52,630  Illovo Sugar Ltd.   178,867 
 95,843  Imperial Holdings Ltd.   2,088,307 
 61,419  JD Group Ltd.   281,932 
 25,640  JSE Ltd.   196,637 
 182,386  Lewis Group Ltd.   1,362,448 
 59,244  Liberty Holdings Ltd.   764,977 
 70,859  Life Healthcare Group Holdings Ltd.   249,216 
 15,437  Massmart Holdings Ltd.   315,800 
 116,507  Mediclinic International Ltd.   737,730 
 106,290  Merafe Resources Ltd.(b)   9,150 
 20,292  Metair Investments Ltd.   78,197 
 302,992  MMI Holdings Ltd.   787,546 
 76,923  Mondi Ltd.   916,029 
 38,912  Mr. Price Group Ltd.   536,375 
 38,126  Murray & Roberts Holdings Ltd.(b)   108,475 
 31,978  Mvelaserve Ltd.(b)   28,242 
 202,370  Nampak Ltd.   710,165 
 221,676  Netcare Ltd.   485,732 
 141,978  New Bond Capital Ltd.   2,063 
 62,045  Northam Platinum Ltd.   255,673 
 259,789  Oceana Group Ltd.(d)   1,989,452 
 20,617  Omnia Holdings Ltd.   332,017 
 8,480  Palabora Mining Co. Ltd.   98,120 
 50,737  Peregrine Holdings Ltd.   64,379 
 4,111  Petmin Ltd.   1,066 
 38,560  Pick’n Pay Stores Ltd.   196,185 
 17,834  Pinnacle Technology Holdings Ltd.   38,878 
 256,650  Pioneer Foods Ltd.   1,873,885 
 44,385  PPC Ltd.   162,506 
 50,557  PSG Group Ltd.   344,208 
 1,762  Raubex Group Ltd.   3,644 
 17,348  Resilient Property Income Fund Ltd. - Units.   97,941 
 55,765  Reunert Ltd.   465,075 
 11,250  Santam Ltd.   245,124 
 106,890  Sappi Ltd.(b)   373,669 
 9,525  Sentula Mining Ltd.(b)   1,768 
 38,542  Spar Group Ltd. (The)   506,887 
 16,434  Stefanutti Stocks Holdings Ltd.   19,842 
 14,635  Sun International Ltd.   167,702 
 118,716  Super Group Ltd.(b)   238,893 
 63,720  Telkom SA Ltd.(b)   118,536 
 14,182  Times Media Group Ltd.(b)   22,197 
 14,831  Tongaat Hulett Ltd.   230,466 
 24,146  Trencor Ltd.   188,283 
 3,598  Truworths International Ltd.   40,835 
 46,017  Tsogo Sun Holdings Ltd.   126,297 

 

Shares     Value 
SOUTH AFRICA (continued)
 6,989  Vukile Property Fund Ltd. - Units  $13,275 
 8,374  Wesizwe Platinum Ltd.(b)   515 
 9,811  Wilson Bayly Holmes-Ovcon Ltd.   170,007 
 191,832  Woolworths Holdings Ltd.   1,363,956 
 211,907  Zeder Investments Ltd.   79,362 
        36,060,406 
SOUTH KOREA — 1.3%
 850  Aekyung Petrochemical Co. Ltd.(b)   39,888 
 4,302  Agabang&Company   33,581 
 1,511  AK Holdings, Inc.   30,111 
 30  AMOREPACIFIC Corp.   30,167 
 1,882  AMOREPACIFIC Group   712,064 
 1,340  Asia Cement Co. Ltd.   79,741 
 4,636  Asia Pacific Systems, Inc.(b)   34,315 
 32,680  Asiana Airlines, Inc.(b)   180,968 
 921  AtlasBX Co. Ltd.   24,908 
 1,640  AUK Corp.(b)   2,756 
 2,450  Basic House Co. Ltd. (The)(b)   33,524 
 2,891  Binggrae Co. Ltd.   323,899 
 48,140  BS Financial Group, Inc.   636,606 
 1,376  Bukwang Pharmaceutical Co. Ltd.   17,684 
 3,300  Busan City Gas Co. Ltd.   64,550 
 2,010  Byucksan Corp.(b)   3,387 
 5,560  Capro Corp.   55,910 
 21,561  Cheil Industries, Inc.   1,728,563 
 19,930  Cheil Worldwide, Inc.   409,975 
 1,180  Chin Hung International, Inc.(b)   738 
 3,870  Chong Kun Dang Pharm Corp.   150,866 
 73  Chosun Refractories Co. Ltd.   4,009 
 1,970  CJ CGV Co. Ltd.   66,576 
 2,682  CJ CheilJedang Corp.   913,765 
 9,547  CJ Corp.   1,095,920 
 4,976  CJ E&M Corp.(b)   155,825 
 2,137  CJ Korea Express Co. Ltd.(b)   235,498 
 6,490  Cosmochemical Co. Ltd.(b)   45,952 
 6,450  Coway Co. Ltd.(b)   280,171 
 329  Crown Confectionery Co. Ltd.   68,584 
 392  CTC BIO, Inc.(b)   9,576 
 3,210  Dae Dong Industrial Co. Ltd.   17,216 
 675  Dae Han Flour Mills Co. Ltd.   82,754 
 16,020  Dae Won Kang Up Co. Ltd.   118,871 
 20,010  Daechang Co. Ltd.(b)   25,726 
 6,690  Daeduck Electronics Co.   60,577 
 7,180  Daeduck GDS Co. Ltd.   113,741 
 4,330  Daegu Department Store   57,260 
 10,500  Daekyo Co. Ltd.   65,280 
 22,484  Daelim Industrial Co. Ltd.   1,914,059 
 9,090  Daesang Corp.   230,396 
 4,530  Daesang Holdings Co. Ltd.   29,661 
 4,240  Daesung Holdings Co. Ltd.   29,748 
55
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SOUTH KOREA (continued)
 1,850  Daesung Industrial Co. Ltd.(b)  $25,569 
 69,215  Daewoo Engineering & Construction Co. Ltd.(b)   575,242 
 13,072  Daewoo International Corp.   446,567 
 38,406  Daewoo Securities Co. Ltd.   421,472 
 29,870  Daewoo Shipbuilding & Marine Engineering Co. Ltd.   817,436 
 844  Daewoong Co. Ltd.   19,222 
 2,740  Daewoong Pharmaceutical Co. Ltd.   123,548 
 12,620  Daishin Securities Co. Ltd.   124,007 
 20,410  Daou Technology, Inc.   313,950 
 4,792  Dasan Networks, Inc.(b)   19,495 
 399  Daum Communications Corp.   37,411 
 3,090  DCM Corp.   29,086 
 52,250  DGB Financial Group, Inc.   700,553 
 1,360  Dong Ah Tire & Rubber Co. Ltd.   18,859 
 679  Dong-A Pharmaceutical Co. Ltd.   73,579 
 5,230  Dongaone Co. Ltd.   13,616 
 330  Dongbang Transport Logistics Co. Ltd.   985 
 12,536  Dongbu HiTek Co. Ltd.(b)   75,405 
 9,369  Dongbu Insurance Co. Ltd.   401,802 
 12,350  Dongbu Securities Co. Ltd.   43,891 
 2,670  Dongbu Steel Co. Ltd.(b)   9,121 
 754  Dong-IL Corp.   30,051 
 841  Dongil Industries Co. Ltd.   37,496 
 23,402  Dongkuk Steel Mill Co. Ltd.   280,457 
 7,740  Dongwha Pharmaceutical Co. Ltd.   42,861 
 531  Dongwon F&B Co. Ltd.   40,376 
 496  Dongwon Industries Co. Ltd.   137,560 
 2,003  Dongwon Systems Corp.(b)   19,222 
 10,510  Dongyang Mechatronics Corp.   106,169 
 5,324  Doosan Corp.   628,265 
 5,723  Doosan Heavy Industries & Construction Co. Ltd.   244,650 
 33,690  Doosan Infracore Co. Ltd.(b)   498,114 
 3,739  DRB Holding Co. Ltd.   21,081 
 3,262  DRB Industrial Co. Ltd.   22,677 
 270  E1 Corp.   16,439 
 9,342  Easy Bio, Inc.   26,938 
 2,247  E-Mart Co. Ltd.   499,368 
 2,815  Eugene Corp.(b)   7,962 
 8,099  Eugene Investment & Securities Co. Ltd.(b)   19,226 
 674  Fila Korea Ltd.   38,994 
 12,730  Foosung Co. Ltd.(b)   55,822 
 2,079  Fursys, Inc.   50,213 
 3,200  Global & Yuasa Battery Co. Ltd.   129,890 
 101,270  Grand Korea Leisure Co. Ltd.   2,859,749 
 1,229  Green Cross Corp.   158,573 
 9,290  Green Cross Holdings Corp.   120,719 
 23,773  GS Engineering & Construction Corp.   1,216,021 

 

Shares     Value 
SOUTH KOREA (continued)
 5,230  GS Global Corp.  $50,190 
 33,465  GS Holdings   2,181,982 
 384  Gwangju Shinsegae Co. Ltd.   88,689 
 12,680  Halla Climate Control Corp.   284,126 
 3,280  Halla Engineering & Construction Corp.   24,639 
 15,810  Han Kuk Carbon Co. Ltd.   108,166 
 1,900  Hanall Biopharma Co. Ltd.(b)   15,128 
 230  Handok Pharmaceuticals Co. Ltd.   4,309 
 9,530  Handsome Co. Ltd.   221,857 
 627  Hanil Cement Co. Ltd.   28,416 
 11,420  Hanil E-Wha Co. Ltd.   87,150 
 6,659  Hanjin Heavy Industries & Construction Co. Ltd.(b)   59,929 
 2,130  Hanjin Heavy Industries & Construction Holdings Co. Ltd.   12,147 
 8,895  Hanjin Shipping Co. Ltd.(b)   95,573 
 4,620  Hanjin Transportation Co. Ltd.   91,218 
 22  Hankook Shell Oil Co. Ltd.   5,071 
 20,641  Hankook Tire Co. Ltd.(b)   847,306 
 4,718  Hankook Tire Worldwide Co. Ltd.   73,223 
 393  Hanmi Science Co. Ltd.(b)   2,761 
 2,520  Hanmi Semiconductor Co. Ltd.   19,092 
 5,720  Hansol Chemical Co. Ltd.   117,665 
 17,250  Hansol CSN   54,336 
 7,100  Hansol Paper Co.   67,158 
 2,020  Hanssem Co. Ltd.   35,895 
 33,385  Hanwha Chemical Corp.   590,180 
 35,410  Hanwha Corp.   1,087,737 
 3,780  Hanwha General Insurance Co. Ltd.(b)   20,828 
 10,053  Hanwha Investment & Securities Co. Ltd.   38,590 
 27,600  Hanwha Life Insurance Co. Ltd.   188,068 
 770  Hanwha Timeworld Co. Ltd.   16,794 
 2,720  Hanyang Securities Co. Ltd.   16,311 
 9,828  Hite Jinro Co. Ltd.   288,813 
 4,676  HMC Investment Securities Co. Ltd.   57,542 
 12,150  Hotel Shilla Co. Ltd.   511,585 
 104,698  Huchems Fine Chemical Corp.   2,451,775 
 3,050  Husteel Co. Ltd.   67,222 
 5,070  Hwa Shin Co. Ltd.   50,284 
 1,254  Hy-Lok Corp.   23,320 
 4,977  Hyosung Corp.   291,602 
 5,770  Hyundai BNG Steel Co. Ltd.(b)    52,829 
 1,530  Hyundai Corp.   33,511 
 5,065  Hyundai Department Store Co. Ltd.   751,197 
 18,510  Hyundai Development Co.   396,913 
 1,141  Hyundai Elevator Co. Ltd.   103,001 
 4,090  Hyundai Engineering Plastics Co. Ltd.   17,879 
 29,420  Hyundai Greenfood Co. Ltd.   444,437 
56
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SOUTH KOREA (continued)
 15,170  Hyundai Hysco Co. Ltd.  $525,205 
 13,730  Hyundai Marine & Fire Insurance Co. Ltd.   422,394 
 387  Hyundai Mipo Dockyard   41,581 
 26,421  Hyundai Securities Co. Ltd.   215,216 
 6,050  Il Dong Pharmaceutical Co. Ltd.   65,560 
 2,560  Iljin Display Co. Ltd.   44,315 
 803  Ilshin Spinning Co. Ltd.   59,879 
 266  Ilsung Pharmaceuticals Co. Ltd.   18,150 
 1,628  Ilyang Pharmaceutical Co. Ltd.(b)   43,058 
 37,510  Industrial Bank of Korea   423,696 
 3,395  Interpark Corp.(b)   21,668 
 56  INTOPS Co. Ltd.   1,365 
 2,410  Inzi Controls Co. Ltd.   14,120 
 6,500  INZI Display Co. Ltd.   18,863 
 7,005  IS Dongseo Co. Ltd.   67,546 
 3,810  ISU Chemical Co. Ltd.   65,779 
 10,380  IsuPetasys Co. Ltd.   42,181 
 5,470  Jahwa Electronics Co. Ltd.   86,903 
 3,330  Jeil Pharmaceutical Co.   41,895 
 15,899  Jeonbuk Bank   67,820 
 2,973  JW Pharmaceutical Corp.   37,131 
 24,810  Kangwon Land, Inc.   711,998 
 10,532  KC Tech Co. Ltd.   37,527 
 1,290  KCC Corp.   344,734 
 4,850  Keangnam Enterprises Ltd.   28,728 
 458  KEPCO Engineering & Construction Co., Inc.   33,690 
 5,370  Keyang Electric Machinery Co. Ltd.   11,762 
 6,150  Kishin Corp.   37,219 
 4,345  KISWIRE Ltd.   115,117 
 2,472  KIWOOM Securities Co. Ltd.   138,251 
 1,846  Kolon Corp.   29,667 
 7,440  Kolon Global Corp.   28,081 
 5,741  Kolon Industries, Inc.   324,766 
 2,401  Komipharm International Co. Ltd.(b)   15,743 
 800  Korea Airport Service Co. Ltd.   20,387 
 2,390  Korea Circuit Co. Ltd.(b)   42,799 
 3,220  Korea Electric Terminal Co. Ltd.   82,058 
 55,690  Korea Exchange Bank(b)   387,658 
 1,445  Korea Gas Corp.   88,511 
 24,360  Korea Investment Holdings Co. Ltd.   946,280 
 5,406  Korea Kolmar Co. Ltd.(b)   145,212 
 2,603  Korea Kolmar Holdings Co. Ltd.   32,151 
 1,564  Korea Petrochemical Industrial Co. Ltd.   76,697 
 1,600  Korea United Pharm, Inc.   16,897 
 7,440  Korean Air Lines Co. Ltd.(b)   310,534 
 17,928  Korean Reinsurance Co.   188,512 
 3,712  Kortek Corp.   39,543 
 1,843  KPF   16,586 

 

Shares     Value 
SOUTH KOREA (continued)
 787  KPX Chemical Co. Ltd.  $32,812 
 23,310  KTB Investment & Securities Co. Ltd.(b)   57,583 
 1,913  Kukdo Chemical Co. Ltd.   71,325 
 2,220  Kumho Petrochemical Co. Ltd.   242,606 
 1,030  Kunsul Chemical Industrial Co. Ltd.   20,431 
 30,090  Kwang Dong Pharmaceutical Co. Ltd.   192,877 
 3,380  Kyeryong Construction Industrial Co. Ltd.   29,550 
 2,862  Kyobo Securities Co.   13,141 
 92  Kyungbang Ltd.(b)   7,308 
 17,150  Kyung-In Synthetic Corp.   46,303 
 6,160  LG Fashion Corp.   160,658 
 496  LG Hausys Ltd.   33,843 
 1,907  LG InnoTek Co. Ltd.(b)   133,972 
 6,784  LG International Corp.   280,350 
 49,440  LG Uplus Corp.   369,577 
 11,910  LIG Insurance Co. Ltd.   279,450 
 2,710  Livart Furniture Co. Ltd.   15,181 
 1,800  Lock & Lock Co. Ltd.   44,631 
 497  Lotte Chilsung Beverage Co. Ltd.   664,538 
 536  Lotte Confectionary Co. Ltd.   849,094 
 9,473  Lotte Non-Life Insurance Co. Ltd.(b)   33,623 
 406  Lotte Samkang Co. Ltd.   254,653 
 255  Lotte Shopping Co. Ltd.   87,231 
 2,578  LS Corp.   216,624 
 2,821  LS Industrial Systems Co. Ltd.   174,608 
 39,012  Macquarie Korea Infrastructure Fund   238,244 
 598  Mando Corp.   66,449 
 3,920  Meritz Finance Group, Inc.(b)   16,127 
 9,189  Meritz Fire & Marine Insurance Co. Ltd.   112,233 
 86,760  Meritz Securities Co. Ltd.   106,365 
 22  Mi Chang Oil Industrial Co. Ltd.   1,095 
 5,330  Mirae Asset Securities Co. Ltd.   184,776 
 19,700  Moorim P&P Co. Ltd.   63,048 
 7,820  Moorim Paper Co. Ltd.   16,589 
 8,590  Motonic Corp.   89,140 
 3,230  Namhae Chemical Corp.   22,306 
 46  Namyang Dairy Products Co. Ltd.   40,554 
 2,740  National Plastic Co.   6,228 
 2,166  NCSoft Corp.   274,498 
 5,324  Neo Holdings Co. Ltd.(b)(c)(d)   0 
 933  Neowiz Corp.(b)   12,467 
 4,422  NEPES Corp.   62,741 
 3,138  Nexen Corp.(d)   224,776 
 2,970  Nexen Tire Corp.   34,502 
 12,850  NH Investment & Securities Co. Ltd.   60,537 
 6,790  NK Co. Ltd.   17,802 
 799  Nong Shim Holdings Co. Ltd.   47,474 
57
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SOUTH KOREA (continued)
 2,181  NongShim Co. Ltd.  $558,807 
 5,249  OCI Co. Ltd.   807,409 
 20,775  OCI Materials Co. Ltd.   687,778 
 804  Orion Corp.   750,895 
 686  Ottogi Corp.   149,620 
 12,196  Poongsan Corp.   323,121 
 2,723  Poongsan Holdings Corp.   59,640 
 450  Pulmuone Holdings Co. Ltd.   22,605 
 195,989  Pyeong Hwa Automotive Co. Ltd.(d)   2,663,762 
 3,500  RNL BIO Co. Ltd.(b)   8,839 
 9,961  S&T Dynamics Co. Ltd.   107,941 
 3,150  S&T Holdings Co. Ltd.   28,609 
 4,800  S&T Motiv Co. Ltd.   102,486 
 3,832  S1 Corp.   229,795 
 1,110  Sajo Industries Co. Ltd.   55,249 
 590  Sam Lip General Foods Co. Ltd.   12,814 
 1,240  Sam Young Electronics Co. Ltd.   9,600 
 3,017  Sam Yung Trading Co. Ltd.   34,356 
 2,193  Sambu Construction Co. Ltd.(b)   10,815 
 480  Samchully Co. Ltd.   51,133 
 23,040  Samick Musical Instruments Co. Ltd.   28,458 
 4,310  Samick THK Co. Ltd.   22,244 
 5,671  Samjin Pharmaceutical Co. Ltd.   55,464 
 670  SamkwangGlass Co. Ltd.   42,885 
 2,345  Samsung Electro-Mechanics Co. Ltd.   197,476 
 114  Samsung Engineering Co. Ltd.   16,279 
 2,470  Samsung Fine Chemicals Co. Ltd.   119,539 
 11,262  Samsung SDI Co. Ltd.   1,473,779 
 9,571  Samsung Securities Co. Ltd.   495,722 
 1,993  Samsung Techwin Co. Ltd.   105,422 
 1,040  Samyang Foods Co. Ltd.   24,736 
 647  Samyang Genex Co. Ltd.   36,719 
 4,141  Samyang Holdings Corp.   257,832 
 10,570  Savezone I&C Corp.   29,751 
 288,460  SBS Media Holdings Co. Ltd.   1,536,440 
 6,460  Seah Besteel Corp.   175,897 
 485  SeAH Holdings Corp.   38,705 
 1,408  SeAH Steel Corp.   119,216 
 5,840  Sebang Co. Ltd.   92,781 
 29,588  Seegene, Inc.(b)   1,711,791 
 5,490  Sejong Industrial Co. Ltd.   56,215 
 38,594  Seohee Construction Co. Ltd.   33,032 
 7,340  Seowon Co. Ltd.   22,008 
 14,720  Shin Poong Pharmaceutical Co. Ltd.   67,590 
 1,115  Shinsegae Co. Ltd.   225,268 
 26,713  Shinsung Solar Energy Co. Ltd.(b)   39,005 
 15,480  Shinwon Corp.(b)   18,978 
 2,240  Shinyoung Securities Co. Ltd.   69,632 
 920  Silla Co. Ltd.   18,925 
 2,728  Simm Tech Co. Ltd.   20,092 

 

Shares     Value 
SOUTH KOREA (continued)
 971  Sindo Co. Ltd.  $55,732 
 23,358  SK Broadband Co. Ltd.(b)   105,000 
 1,483  SK C&C Co. Ltd.   140,956 
 3,755  SK Chemicals Co. Ltd.   206,212 
 1,489  SK Gas Co. Ltd.   109,529 
 8,402  SK Holdings Co. Ltd.   1,327,129 
 91,900  SK Networks Co. Ltd.   679,381 
 49,520  SK Securities Co. Ltd.   49,342 
 8,900  SKC Co. Ltd.   285,245 
 4,390  SL Corp.   50,394 
 5,310  Songwon Industrial Co. Ltd.   51,690 
 31,976  Soulbrain Co. Ltd.   1,137,884 
 9,930  Ssangyong Cement Industrial Co. Ltd.(b)   62,648 
 5,618  STX Corp. Co. Ltd.   41,532 
 4,620  STX Engine Co. Ltd.   33,942 
 34,580  STX Offshore & Shipbuilding Co. Ltd.   221,340 
 5,270  STX Pan Ocean Co. Ltd.   27,441 
 2,270  Suheung Capsule Co. Ltd.   45,236 
 1,940  Sung Jin Geotec Co. Ltd.(b)   17,816 
 214  Sunjin Co. Ltd.   2,830 
 4,250  Tae Kyung Industrial Co. Ltd.   14,109 
 245  Taekwang Industrial Co. Ltd.   217,793 
 23,300  Taeyoung Engineering & Construction Co. Ltd.   118,755 
 8,004  Taihan Electric Wire Co. Ltd.(b)   29,622 
 16,710  Tailim Packaging Industrial Co. Ltd.   32,072 
 2,386  TCC Steel   9,270 
 16,216  Tera Resource Co. Ltd.(b)   18,540 
 10,260  TONGYANG Life Insurance   111,652 
 200  TONGYANG Moolsan Co. Ltd.   2,094 
 11,428  TONGYANG Securities, Inc.   42,504 
 16,668  TONGYANG, Inc.(b)   28,241 
 1,420  TS Corp.   35,470 
 21,743  Unid Co. Ltd.(d)   737,795 
 250  Union Steel   2,858 
 1,758  Unison Co. Ltd.(b)   9,041 
 5,350  Whanin Pharmaceutical Co. Ltd.   56,009 
 61,970  Woongjin Chemical Co. Ltd.(b)   55,714 
 9,550  Woongjin Energy Co. Ltd.(b)   21,794 
 1,000  Woongjin Thinkbig Co. Ltd.   7,200 
 6,008  Woori Financial Co. Ltd.   96,830 
 18,733  Woori Investment & Securities Co. Ltd.   212,460 
 1,620  Y G-1 Co. Ltd.   17,257 
 250  YESCO Co. Ltd.   6,865 
 6,970  Youlchon Chemical Co. Ltd.   53,063 
 345  Young Poong Corp.   307,955 
 2,294  Young Poong Precision Corp.   22,647 
 4,952  Youngone Corp.   172,354 
 2,598  Youngone Holdings Co. Ltd.   160,328 
 1,184  Yuhan Corp.   199,522 
        67,755,120 
58
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SPAIN — 0.5%
 12,490  Abengoa SA  $37,649 
 49,960  Abengoa SA - B Shares(b)   134,314 
 11,124  Acciona SA   894,463 
 37,960  Acerinox SA   420,478 
 19,671  ACS Actividades de Construccion y Servicios SA   471,950 
 1,811  Adolfo Dominguez SA(b)   11,311 
 1,520  Adveo Group International SA   22,104 
 3,295  Almirall SA   40,802 
 7,961  Amper SA(b)   19,349 
 7,185  Antena 3 de Television SA   42,242 
 3,330  Azkoyen SA(b)   7,008 
 962,513  Banco de Sabadell SA(b)   2,578,498 
 30,904  Banco Espanol de Credito SA   159,033 
 872,400  Banco Popular Espanol SA(b)   786,533 
 105,639  Bankinter SA   573,743 
 1,315  Baron de Ley(b)   85,865 
 18,045  Bolsas y Mercados Espanoles SA   505,585 
 20,024  Caja de Ahorros del Mediterraneo(b)(c)(d)   0 
 7,792  Campofrio Food Group SA(b)   50,784 
 5,568  Cementos Portland Valderrivas SA(b)   29,560 
 16,842  Cie Automotive SA   117,770 
 3,901  Codere SA(b)   20,816 
 485  Construcciones y Auxiliar de Ferrocarriles SA   242,931 
 28,489  Deoleo SA(b)   11,411 
 4,433  Dinamia Capital Privado Sociedad de Capital Riesgo SA   30,457 
 38,450  Distribuidora Internacional de Alimentacion SA   284,215 
 11,664  Duro Felguera SA   84,729 
 26,493  Ebro Foods SA   535,982 
 158,336  EDP Renovaveis SA(b)   902,947 
 7,969  Elecnor SA   102,035 
 82,978  Enagas SA   1,963,783 
 65,751  Ence Energia y Celulosa SA   196,408 
 25,768  Ercros SA(b)   18,019 
 43,820  Faes Farma SA   136,251 
 15,162  Fersa Energias Renovables SA(b)   7,308 
 12,842  Fluidra SA   46,905 
 18,668  Fomento de Construcciones y Contratas SA   252,459 
 75,684  Gamesa Corp. Tecnologica SA   179,219 
 40,242  Grifols SA(b)   1,368,738 
 2,189  Grifols SA - Class B(b)   57,988 
 31,966  Grupo Catalana Occidente SA   684,901 
 27,092  Grupo Ezentis SA(b)   6,290 
 10,030  Grupo Ezentis SA(b)(d)   2,329 
 2,010  Iberpapel Gestion SA   38,481 
 27,075  Indra Sistemas SA   353,983 
 893  Inmobiliaria Colonial SA(b)   1,782 

 

Shares     Value 
SPAIN (continued)
 5,819  Laboratorios Farmaceuticos Rovi SA  $45,905 
 124,222  Mapfre SA   383,044 
 32,627  Mediaset Espana Comunicacion SA   246,267 
 7,673  Melia Hotels International SA   62,302 
 2,756  Miquel y Costas & Miquel SA   88,051 
 43,256  NH Hoteles SA(b)   170,325 
 34,034  Obrascon Huarte Lain SA   1,032,818 
 7,603  Papeles y Cartones de Europa SA   26,273 
 9,252  Pescanova SA   207,027 
 1,765  Prim SA   12,366 
 126,652  Promotora de Informaciones SA - Class A(b)   47,291 
 1,096,094  Prosegur Cia de Seguridad SA(d)   6,846,030 
 27,657  Realia Business SA(b)   35,299 
 22,104  Red Electrica Corp. SA   1,230,818 
 59,812  Sacyr Vallehermoso SA(b)   137,249 
 26,801  Sociedad Nacional de Industrias Apicaciones Celulosa Espanola SA(b)   24,745 
 12,491  Solaria Energia y Medio Ambiente SA(b)   13,483 
 2,247  Tecnicas Reunidas SA   114,304 
 9,564  Telecomunicaciones y Energia   16,752 
 41,405  Tubacex SA(b)   141,111 
 34,984  Tubos Reunidos SA   88,589 
 8,830  Vidrala SA   285,345 
 15,581  Viscofan SA   814,920 
 7,537  Vocento SA(b)   12,434 
 3,633  Vueling Airlines SA(b)   38,378 
 22,996  Zardoya Otis SA   353,141 
 13,261  Zeltia SA(b)   24,398 
        27,018,073 
SWEDEN — 0.9%
 13,070  AarhusKarlshamn AB   557,102 
 24,738  Acando AB   61,477 
 1,487  Active Biotech AB(b)   11,250 
 3,083  AddNode Group AB   19,251 
 2,555  AddTech AB - Class B   77,761 
 307,610  AF AB - B Shares(d)   7,450,937 
 2,158  Arise Windpower AB(b)   8,995 
 794  Atrium Ljungberg AB - B Shares   11,115 
 1,644  Avanza Bank Holding AB   40,080 
 8,149  Axfood AB   337,349 
 14,516  Axis Communications AB   360,740 
 4,907  B&B Tools AB - Class B   53,833 
 15,977  BE Group AB   48,500 
 2,816  Beijer AB G&L - Class B   51,268 
 6,098  Beijer Alma AB   117,973 
 2,038  Beijer Electronics AB   21,156 
 11,117  Betsson AB   372,441 
 17,184  Bilia AB - A Shares   296,632 
59
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SWEDEN (continued)
 72,372  BillerudKorsnas AB  $771,205 
 4,165  BioGaia AB - Class B   110,711 
 24,799  Biotage AB   33,545 
 1,759  Bjoern Borg AB   11,039 
 293,940  Boliden AB   5,436,955 
 23,579  Bure Equity AB   87,153 
 11,928  Byggmax Group AB   67,540 
 18,040  Castellum AB   266,152 
 2,600  Catena AB   29,444 
 3,945  CDON Group AB(b)   22,152 
 6,345  Cision AB(b)   55,887 
 4,046  Clas Ohlson AB - Class B   60,456 
 10,828  Concordia Maritime AB - Class B   17,712 
 1,753  Connecta AB   13,455 
 19,770  CyberCom Group AB(b)   4,851 
 6,462  Duni AB   58,950 
 4,322  East Capital Explorer AB   36,199 
 55,809  Electrolux AB - Class B   1,474,699 
 123,512  Elekta AB - Class B   1,837,765 
 2,573  Enea AB   18,940 
 36,561  Eniro AB(b)   83,383 
 15,073  Fabege AB   164,769 
 741  Fagerhult AB   21,387 
 6,050  Fastighets AB Balder - Class B(b)   41,203 
 96,813  Getinge AB - Class B   2,987,600 
 9,616  Gunnebo AB   41,290 
 15,931  Hakon Invest AB   326,997 
 22,340  Haldex AB   133,523 
 227,906  Hexagon AB - Class B   6,122,564 
 11,372  Hexpol AB   629,607 
 8,094  HIQ International AB   49,141 
 440  HMS Networks AB   7,509 
 7,672  Hoganas AB - Class B   317,361 
 22,300  Holmen AB - Class B   687,816 
 7,179  Hufvudstaden AB - Class A   92,873 
 22,054  Husqvarna AB - Class A   142,914 
 112,222  Husqvarna AB - Class B   725,983 
 11,328  Industrial & Financial Systems - Class B   192,873 
 5,489  Indutrade AB   179,575 
 31,357  Intrum Justitia AB   507,997 
 39,593  JM AB   814,235 
 111,108  KappAhl AB(b)   83,184 
 6,105  Klovern AB   26,310 
 18,031  KNOW IT AB   141,234 
 14,357  Kungsleden AB   88,745 
 2,706  Lagercrantz AB - Class B   33,198 
 16,891  Lindab International AB   120,907 
 31,173  Loomis AB - Class B   517,274 
 75,113  Lundin Petroleum AB(b)   1,929,261 
 100,014  Meda AB - Class A   1,168,798 
 4,303  Medivir AB - Class B(b)   52,114 
 7,277  Mekonomen AB   258,673 
 29,549  Micronic Mydata AB(b)   55,539 

 

Shares     Value 
SWEDEN (continued)
 1,715  MQ Holding AB  $5,098 
 900  NCC AB - Class A   20,965 
 39,737  NCC AB - Class B   926,260 
 2,159  Nederman Holding AB   47,881 
 3,937  Net Entertainment NE AB - Class B   52,325 
 56,096  Net Insight AB - Class B(b)   14,558 
 49,418  New Wave Group AB - Class B   227,742 
 9,358  Nibe Industrier AB - Class B   147,188 
 61,798  Nobia AB(b)   375,190 
 8,614  Nolato AB - Class B   118,212 
 8,208  Nordnet AB - Class B   26,466 
 6,243  Northland Resources SA(b)   1,189 
 5,718  Orexo AB(b)   50,139 
 176,445  PA Resources AB(b)   2,220 
 55,121  Peab AB   287,142 
 50,315  Pricer AB - Class B   68,850 
 1,152  Proact IT Group AB   18,165 
 23,300  Proffice AB - Class B   80,991 
 97,544  Ratos AB - Class B   940,483 
 4,226  ReadSoft AB - Class B   14,690 
 10,197  Rederi AB Transatlantic(b)   10,425 
 8,898  Rezidor Hotel Group AB(b)   38,907 
 49,500  RNB Retail and Brands AB(b)   9,732 
 36,090  Rottneros AB   13,623 
 22,865  Saab AB - Class B   494,497 
 115  Sagax AB   3,654 
 48,868  SAS AB(b)   104,149 
 4,652  Sectra AB - Class B   35,268 
 33,791  Securitas AB - Class B   315,968 
 3,842  Semcon AB(b)   33,236 
 39,832  Skanska AB - Class B   677,248 
 6,034  SkiStar AB   78,772 
 19,483  SSAB AB - Class A   161,034 
 26,308  SSAB AB - Class B   188,067 
 1,648  Studsvik AB   8,139 
 8,924  Sweco AB - Class B   103,165 
 21,190  Swedish Orphan Biovitrum AB(b)   126,983 
 2,770  Systemair AB   41,608 
 5,196  TradeDoubler AB   10,951 
 95,263  Trelleborg AB - Class B   1,223,405 
 3,694  Vitrolife AB   23,763 
 8,602  Wallenstam AB - Class B   107,223 
 6,774  Wihlborgs Fastigheter AB   108,410 
 3,225  Xvivo Perfusion AB(b)   10,145 
        46,412,633 
SWITZERLAND — 1.5%
 1,011  Acino Holding AG   104,983 
 3,861  Actelion Ltd.   191,342 
 564  Advanced Digital Broadcast Holdings SA(b)   8,243 
 8,701  AFG Arbonia-Forster Holding(b)   235,679 
60
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SWITZERLAND (continued)
 235,000  Allied World Assurance Co. Holdings AG  $19,935,050 
 8,646  Allreal Holding AG   1,311,080 
 55  Alpiq Holding AG   6,950 
 934  ALSO-Actebis Holding AG   49,263 
 314  APG SGA SA   70,042 
 70,135  Aryzta AG   3,941,987 
 4,837  Ascom Holding AG   54,214 
 323  Autoneum Holding AG(b)   19,343 
 1,807  Bachem Holding AG - Class B   75,056 
 32,904  Baloise Holding AG   2,979,275 
 1,857  Bank Coop AG   110,700 
 277  Banque Cantonale de Geneve   64,376 
 2,108  Banque Cantonale Vaudoise   1,126,328 
 6  Banque Privee Edmond de Rothschild SA   116,697 
 728  Barry Callebaut AG   733,160 
 372  Basilea Pharmaceutica(b)   20,643 
 2,881  Basler Kantonalbank   312,144 
 99  Belimo Holding AG   196,792 
 39  Bell AG   91,966 
 752  Bellevue Group AG   7,412 
 1,916  Berner Kantonalbank AG   539,503 
 344  BKW AG   11,907 
 551  Bobst Group AG(b)   17,195 
 959  Bossard Holding AG   157,541 
 3,886  Bucher Industries AG   815,588 
 1,281  Burckhardt Compression Holding AG   452,548 
 36  Carlo Gavazzi Holding AG   7,951 
 74  Centralschweizerische Kraftwerke AG   26,834 
 178  Cham Paper Holding AG(b)   32,997 
 1,088  Charles Voegele Holding AG - Class A(b)   21,938 
 131  Cicor Technologies(b)   3,786 
 893  Cie Financiere Tradition SA   51,271 
 80,593  Clariant AG   1,104,329 
 1,178  Coltene Holding AG   45,046 
 35  Conzzeta AG   67,304 
 3,284  Daetwyler Holding AG   339,208 
 3,873  Dufry AG(b)   528,997 
 830  EFG International AG   9,759 
 1,100  Emmi AG   302,181 
 2,683  EMS-Chemie Holding AG   682,506 
 4,343  Energiedienst Holding AG(d)   187,073 
 18,150  Ferrexpo Plc   73,289 
 2,933  Flughafen Zuerich AG   1,306,080 
 530  Forbo Holding AG   356,129 
 1,617  Galenica AG   963,928 
 89,347  GAM Holding AG   1,472,672 
 1,495  Gategroup Holding AG   37,455 
 8,060  Geberit AG   1,884,696 
 3,379  Georg Fischer AG   1,444,350 
 598  Givaudan SA   664,992 
 360  Gurit Holding AG   163,376 

 

Shares     Value 
SWITZERLAND (continued)
 4,832  Helvetia Holdings AG  $1,972,516 
 4,946  Highlight Communications AG   30,455 
 1,239  Huber & Suhner AG   63,036 
 5,293  Implenia AG   261,437 
 249  Inficon Holding AG   68,403 
 187,480  Informa Plc   1,424,268 
 128  Interroll Holding AG   54,678 
 104  Intershop Holdings   37,312 
 178,605  Julius Baer Group Ltd.   7,310,627 
 821  Kaba Holding AG - Class B   346,425 
 1,015  Kardex AG(b)   29,166 
 1,899  Komax Holding AG   174,135 
 3,822  Kudelski SA(b)   44,098 
 734  Kuoni Reisen Holding AG   222,809 
 161  LEM Holding SA   100,664 
 1,026  LifeWatch AG(b)   8,162 
 15  Lindt & Spruengli AG   609,857 
 6,756  Logitech International SA   45,433 
 7,813  Lonza Group AG   460,169 
 1,434  Luzerner Kantonalbank AG   557,811 
 52  Metall Zug AG - Class B   115,422 
 23,083  Meyer Burger Technology AG(b)   215,091 
 20,313  Micronas Semiconductor Holding   188,164 
 677  Mikron Holding AG   4,181 
 9,148  Mobilezone Holding AG   97,004 
 3,918  Mobimo Holding AG   917,020 
 726  Nobel Biocare Holding AG   7,611 
 117,608  OC Oerlikon Corp AG(b)   1,447,404 
 587  Orascom Development Holding AG(b)   7,482 
 417  Orell Fuessli Holding AG   43,095 
 153  Orior AG   8,775 
 5,338  Panalpina Welttransport Holding AG   538,170 
 1,305  Partners Group Holding AG   306,443 
 281  Phoenix Mecano AG   136,092 
 3,798  PSP Swiss Property AG   364,129 
 78  PubliGroupe SA   12,428 
 352  Rieter Holding AG   68,849 
 154  Romande Energie Holding SA(d)   191,051 
 144  Schaffner Holding AG   36,457 
 8,537  Schmolz & Bickenbach AG   24,109 
 456  Schweiter Technologies AG   277,092 
 8,630  Schweizerishe National-Versicherungs-Gesellsschaft AG   424,364 
 588  Siegfried Holding AG   74,304 
 894  Sika AG   2,255,507 
 120  Societa Elettrica Sopracenerina SA   24,210 
 4,650  Sonova Holding AG   538,042 
 1,426  St. Galler Kantonalbank AG   606,800 
 308,724  STMicroelectronics NV   2,657,619 
61
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
SWITZERLAND (continued)
 751  Straumann Holding AG  $101,173 
 14,484  Sulzer AG   2,279,115 
 14,003  Swiss Life Holding AG   2,104,951 
 161,767  Swisslog Holding AG   200,864 
 2,762  Swissquote Group Holding SA   96,361 
 955  Tamedia AG   113,125 
 3,453  Tecan Group AG   327,068 
 5,017  Temenos Group AG(b)   102,540 
 4,883  Tornos Holding AG(b)   32,999 
 1,732  U-Blox AG   81,932 
 43  Valartis Group AG(b)   1,030 
 4,767  Valiant Holding AG   473,531 
 2,865  Valora Holding AG   627,431 
 380  Vaudoise Assurances Holding SA - Class B   133,619 
 47  Vetropack Holding AG   95,544 
 19,476  Von Roll Holding AG(b)   43,658 
 19,524  Vontobel Holding AG   628,595 
 1,036  VZ Holding AG   142,300 
 3  Walliser Kantonalbank   2,815 
 390  Walter Meier AG - Class A   104,351 
 915  Ypsomed Holding AG   57,209 
 4,167  Zehnder Group AG   197,349 
 1,427  Zueblin Immobilien Holding AG(b)   4,359 
 52  Zug Estates Holding AG - B Shares(b)   71,425 
 31  Zuger Kantonalbank AG   167,255 
        79,134,129 
TAIWAN — 1.2%
 14,000  Ability Enterprise Co. Ltd.   13,158 
 119,000  Accton Technology Corp.   64,484 
 679,000  Acer, Inc.(b)   599,053 
 16,000  Achem Technology Corp.   7,722 
 149,497  Action Electronics Co. Ltd.(b)   36,455 
 43,000  A-DATA Technology Co. Ltd.   52,063 
 18,400  Adlink Technology, Inc.   21,312 
 54,060  Advancetek Enterprise Co. Ltd.   53,004 
 79,637  Advantech Co. Ltd.   333,096 
 110,027  AGV Products Corp.(b)   37,823 
 1,000  ALI Corp.   1,111 
 123,000  Alpha Networks, Inc.   81,232 
 134,215  Altek Corp.   74,093 
 120,000  Ambassador Hotel (The)   123,550 
 18,000  AMPOC Far-East Co. Ltd.   15,637 
 108,830  AmTRAN Technology Co. Ltd.   78,140 
 2,000  Anpec Electronics Corp.   1,233 
 14,000  APCB, Inc.   8,985 
 22,552  Apex Biotechnology Corp.   58,659 
 34,320  Apex Science & Engineering   11,565 
 29,000  Ardentec Corp.   19,152 
 83,427  Arima Communications Corp.   41,111 
 79,000  Asia Optical Co., Inc.(b)   81,337 
 141,000  Asia Polymer Corp.   127,741 
 103,100  Asia Vital Components Co. Ltd.   57,440 
        
Shares     Value 
TAIWAN (continued)
 9,000  ASROCK, Inc.  $31,853 
 11,000  Aten International Co. Ltd.   16,169 
 12,000  AU Optronics Corp.(b)   4,897 
 56,000  Audix Corp.   50,450 
 19,000  Aurora Corp.   27,895 
 47,000  Aurora Systems Corp.   45,923 
 13,000  AV Tech Corp.   39,846 
 22,270  Avermedia Technologies, Inc.   11,163 
 9,000  Avision, Inc.   2,621 
 17,850  Awea Mechantronic Co. Ltd.   18,952 
 157,595  Bank of Kaohsiung(b)   49,851 
 13,000  Basso Industry Corp.   8,321 
 1,293,350  BES Engineering Corp.   355,243 
 16,000  Biostar Microtech International Corp.   6,123 
 62,000  C Sun Manufacturing Ltd.   41,996 
 76,659  Cameo Communications, Inc.(b)   19,342 
 228,781  Capital Securities Corp.   89,106 
 81,000  Career Technology Manufacturing Co. Ltd.   103,148 
 117,000  Carnival Industrial Corp.(b)   37,208 
 7,000  Cathay Chemical Works   3,011 
 226,000  Cathay No. 1 REIT   139,305 
 23,000  Cathay No. 2 REIT   12,775 
 189,000  Cathay Real Estate Development Co. Ltd.   93,775 
 38,000  Central Reinsurance Co. Ltd.(b)   17,760 
 47,000  ChainQui Construction Development Co. Ltd.   30,881 
 21,000  Champion Building Materials Co. Ltd.   7,788 
 10,065  Chang Wah Electromaterials, Inc.   31,804 
 127,000  Charoen Pokphand Enterprise   64,948 
 13,000  CHC Resources Corp.   22,631 
 811,920  Cheng Loong Corp.   335,476 
 169,797  Cheng Uei Precision Industry Co. Ltd.   319,737 
 19,000  Chenming Mold Industry Corp.(b)   14,832 
 380,659  Chia Hsin Cement Corp.   179,200 
 200,226  Chicony Electronics Co. Ltd.   555,383 
 120,120  Chien Kuo Construction Co. Ltd.   57,769 
 379,744  China Airlines Ltd.(b)   166,552 
 47,000  China Chemical & Pharmaceutical Co. Ltd.   31,915 
 984,000  China Development Financial Holding Corp.(b)   271,940 
 14,000  China Ecotek Corp.   35,135 
 253,000  China General Plastics Corp.(b)   134,098 
 22,000  China Glaze Co. Ltd.   11,176 
 716,391  China Life Insurance Co. Ltd.(b)   708,469 
 1,005,505  China Manmade Fibers Corp.(b)   366,084 
62
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TAIWAN (continued)
 58,802  China Metal Products  $57,953 
 521,391  China Motor Corp.   475,011 
 880,881  China Petrochemical Development Corp.   541,479 
 489,114  China Steel Chemical Corp.   2,418,527 
 77,000  China Steel Structure Co. Ltd.   82,929 
 194,616  China Synthetic Rubber Corp.   211,579 
 96,000  China Wire & Cable Co. Ltd.(b)   35,439 
 20,000  Chinese Maritime Transport Ltd.   26,011 
 96,883  Chin-Poon Industrial Co.   102,045 
 6,000  Chipbond Technology Corp.   12,355 
 17,574  Chong Hong Construction Co.   58,329 
 35,876  Chroma ATE, Inc.   76,912 
 92,000  Chun Yu Works & Co. Ltd.(b)   37,079 
 338,779  Chun Yuan Steel   133,095 
 79,000  Chung Hsin Electric & Machinery Manufacturing Corp.   42,809 
 156,339  Chung Hung Steel Corp.(b)   53,743 
 198,240  Chung Hwa Pulp Corp.(b)   69,154 
 228,000  Chunghwa Picture Tubes Ltd.(b)   6,641 
 153,348  Clevo Co.   212,936 
 749,000  CMC Magnetics Corp.(b)   117,196 
 127,182  Collins Co. Ltd.   49,320 
 87,150  Compal Communications, Inc.(b)   93,713 
 810,000  Compeq Manufacturing Co.   311,364 
 163,689  Continental Holdings Corp.   63,199 
 149,000  Coretronic Corp.   115,308 
 74,000  Cosmos Bank Taiwan(b)   27,067 
 30,000  Coxon Precise Industrial Co. Ltd.   63,604 
 298,700  CSBC Corp. Taiwan   182,600 
 203,838  CTCI Corp.   390,051 
 4,000  Cyberlink Corp.   12,369 
 15,460  CyberTAN Technology, Inc.   12,985 
 76,000  DA CIN Construction Co. Ltd.   52,895 
 76,000  Darfon Electronics Corp.   48,004 
 66,201  Delpha Construction Co. Ltd.   20,851 
 2,000  Depo Auto Parts Industrial Co. Ltd.   4,708 
 17,000  DFI, Inc.   15,747 
 186,712  D-Link Corp.   116,353 
 42,183  Dynamic Electronics Co. Ltd.   13,358 
 81,000  E Ink Holdings, Inc.   59,667 
 3,069,162  E.Sun Financial Holding Co. Ltd.   1,756,688 
 60,000  Eastern Media International Corp.(b)   8,535 
 85,956  Eclat Textile Co. Ltd.   363,893 
 94,000  Edimax Technology Co. Ltd.(b)   41,864 
 11,000  Edom Technology Co. Ltd.   4,079 
 34,320  Elan Microelectronics Corp.   63,580 
 14,000  E-LIFE MALL Corp.   32,432 
 21,000  Elite Advanced Laser Corp.   37,055 
          
Shares     Value 
TAIWAN (continued)
 27,967  Elite Material Co. Ltd.  $27,942 
 38,000  Elite Semiconductor Memory Technology, Inc.   28,764 
 205,789  Elitegroup Computer Systems Co. Ltd.   64,190 
 160,000  Entie Commercial Bank   97,539 
 124,000  Epistar Corp.   235,599 
 210,492  Eternal Chemical Co. Ltd.   180,362 
 676,609  Eva Airways Corp.(b)   433,099 
 40,000  Everest Textile Co. Ltd.(b)   9,632 
 148,000  Evergreen International Storage & Transport Corp.   97,743 
 428,197  Evergreen Marine Corp. Taiwan Ltd.(b)   269,014 
 194,145  Everlight Chemical Industrial Corp.   136,108 
 51,643  Everlight Electronics Co. Ltd.   72,410 
 1,000  Everspring Industry Co.(b)   679 
 59,373  Excelsior Medical Co. Ltd.   112,406 
 389,190  Far Eastern Department Stores Co. Ltd.   385,545 
 1,015,365  Far Eastern International Bank   410,940 
 16,797  Faraday Technology Corp.   21,049 
 43,000  Farglory F T Z Investment Holding Co. Ltd.(b)   30,728 
 68,000  Farglory Land Development Co. Ltd.   125,284 
 289,971  Federal Corp.   211,636 
 182,320  Feng Hsin Iron & Steel Co.   327,264 
 36,208  Feng TAY Enterprise Co. Ltd.   44,024 
 91,000  First Copper Technology Co. Ltd.(b)   30,974 
 51,914  First Hotel   34,461 
 119,000  First Insurance Co. Ltd.   64,686 
 81,256  First Steamship Co. Ltd.   65,222 
 54,915  FLEXium Interconnect, Inc.   185,985 
 7,621  Flytech Technology Co. Ltd.   18,610 
 106,761  Forhouse Corp.   54,237 
 13,000  Formosa Advanced Technologies Co. Ltd.   7,309 
 75,000  Formosa Epitaxy, Inc.(b)   54,358 
 10,751  Formosa International Hotels Corp.   131,445 
 48,203  Formosa Oilseed Processing   20,978 
 729,000  Formosa Taffeta Co. Ltd.   703,656 
 347,000  Formosan Rubber Group, Inc.   250,321 
 187,628  Formosan Union Chemical   100,084 
 33,000  Fortune Electric Co. Ltd.   13,300 
 66,179  Founding Construction & Development Co. Ltd.   46,956 
 86,000  Froch Enterprise Co. Ltd.(b)   30,874 
 100,022  FSP Technology, Inc.   89,431 
 1,710  FU I Industrial   3,127 
 35,000  Fubon No. 1 REIT   21,574 
 89,000  Fubon No. 2 REIT   44,309 
 57,800  Fullerton Technology Co. Ltd.   49,037 
 56,000  Fulltech Fiber Glass Corp.   25,604 
63
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TAIWAN (continued)
 113,284  Fwusow Industry Co. Ltd.  $58,510 
 25,000  G Shank Enterprise Co. Ltd.   15,198 
 49,101  Gemtek Technology Corp.   65,686 
 78,051  Genesis Photonics, Inc.(b)   61,063 
 11,000  Genius Electronic Optical Co. Ltd.   74,882 
 5,662  GeoVision, Inc.   23,586 
 341,000  Getac Technology Corp.   176,121 
 512,143  Giant Manufacturing Co. Ltd.   2,723,196 
 29,000  Giantplus Technology Co. Ltd.(b)   8,260 
 154,781  Gigabyte Technology Co. Ltd.   133,149 
 56,274  Gigastorage Corp.   39,166 
 176,000  Ginko International Co. Ltd.   2,229,319 
 91,297  Gintech Energy Corp.(b)   89,360 
 71,133  Global Brands Manufacture Ltd.   24,212 
 102,000  Globe Union Industrial Corp.   52,336 
 16,000  Gloria Material Technology Corp.   13,032 
 293,770  Gold Circuit Electronics Ltd.(b)   58,303 
 343,852  Goldsun Development & Construction Co. Ltd.   133,341 
 18,900  Good Will Instrument Co. Ltd.   11,170 
 886,000  Grand Pacific Petrochemical   457,606 
 19,000  Grape King Industrial Co.   48,648 
 59,000  Great China Metal Industry   67,839 
 66,000  Great Taipei Gas Co. Ltd.   46,717 
 163,036  Great Wall Enterprise Co. Ltd.   149,085 
 67,353  Green Energy Technology, Inc.(b)   58,852 
 17,000  GTM Corp.(b)   8,780 
 71,214  Hannstar Board Corp.   31,595 
 554,000  HannStar Display Corp.(b)   62,668 
 15,115  HannsTouch Solution, Inc.(b)   5,083 
 38,641  Harvatek Corp.   16,882 
 168,000  Hey Song Corp.   218,488 
 145,188  Highwealth Construction Corp.   301,425 
 31,620  Hitron Technology, Inc.   16,974 
 90,300  Hiwin Technologies Corp.   724,810 
 285,448  Ho Tung Chemical Corp.(b)   133,895 
 139,000  Hocheng Corp.   42,792 
 45,320  Hold-Key Electric Wire & Cable Co. Ltd.   17,191 
 28,800  Holiday Entertainment Co. Ltd.   39,260 
 43,135  Holy Stone Enterprise Co. Ltd.   37,399 
 25,000  Hong Tai Electric Industrial   8,552 
 12,000  Howarm Construction Co. Ltd.   8,291 
 166,678  Hsin Kuang Steel Co. Ltd.   124,473 
 63,326  Hsing TA Cement Co.   22,412 
 316,000  HUA ENG Wire & Cable Co. Ltd.(b)   118,260 
 13,479  Huaku Development Co. Ltd.   33,234 
 39,000  Huang Hsiang Construction Co.   100,384 
 138,514  Hung Poo Real Estate Development Corp.   141,908 
 102,000  Hung Sheng Construction Co. Ltd.   65,981 

 

Shares     Value 
TAIWAN (continued)
 78,000  Hwa Fong Rubber Co. Ltd.(b)  $16,114 
 118,341  Ichia Technologies, Inc.(b)   58,115 
 51,000  I-Chiun Precision Industry Co. Ltd.(b)   32,645 
 123,500  ICP Electronics, Inc.   167,726 
 17,000  Infortrend Technology, Inc.   10,479 
 171,000  Innolux Corp.(b)   88,898 
 523,000  Inotera Memories, Inc.(b)   87,679 
 600,155  Inventec Corp.   239,847 
 24,000  I-Sheng Electric Wire & Cable Co. Ltd.   34,342 
 14,000  ITE Technology, Inc.(b)   11,308 
 13,000  Jess-Link Products Co. Ltd.(b)   11,051 
 84,000  Jih Sun Financial Holdings Co. Ltd.   25,689 
 3,090  Johnson Health Tech Co. Ltd.   7,985 
 44,000  Kang Na Hsiung Enterprise Co. Ltd.   19,745 
 35,000  Kaulin Manufacturing Co. Ltd.   21,396 
 134,823  KEE TAI Properties Co. Ltd.   99,999 
 177,949  Kenda Rubber Industrial Co. Ltd.   238,660 
 15,000  Kenmec Mechanical Engineering Co. Ltd.   5,487 
 87,000  Kerry TJ Logistics Co. Ltd.   137,602 
 217,000  Kindom Construction Co.   178,221 
 204,000  King Slide Works Co. Ltd.   1,336,901 
 353,184  King Yuan Electronics Co. Ltd.   209,328 
 555,185  King’s Town Bank(b)   483,236 
 49,532  King’s Town Construction Co. Ltd.   50,997 
 47,000  Kinik Co.   75,053 
 37,000  Kinko Optical Co. Ltd.   47,368 
 323,343  Kinpo Electronics, Inc.   72,714 
 102,000  Kinsus Interconnect Technology Corp.   319,889 
 16,328  KS Terminals, Inc.   12,055 
 16,000  Kung Long Batteries Industrial Co. Ltd.   35,764 
 183,000  Kuoyang Construction Co. Ltd .   102,264 
 238,800  Kwong Fong Industries(b)   139,108 
 78,000  KYE Systems Corp.(b)   23,643 
 62,000  L&K Engineering Co. Ltd.   58,585 
 125,280  LAN FA Textile   36,574 
 3,000  Largan Precision Co. Ltd.   78,540 
 66,478  LCY Chemical Corp.   88,145 
 4,828  Leader Electronics, Inc.   3,189 
 282,410  Lealea Enterprise Co. Ltd.   106,646 
 21,826  Ledtech Electronics Corp.   8,464 
 36,638  Leofoo Development Co. Ltd.(b)   19,667 
 66,991  LES Enphants Co. Ltd.   54,225 
 316,695  Li Peng Enterprise Co. Ltd.(b)   113,157 
 26,522  Lian Hwa Food Corp.   32,561 
 446,362  Lien Hwa Industrial Corp.   296,300 
 235,000  Lingsen Precision Industries Ltd.   121,772 
64
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TAIWAN (continued)
 98,579  LITE-ON IT Corp.  $95,653 
 104,000  Lite-On Semiconductor Corp.   52,658 
 97,178  Lite-On Technology Corp.   139,877 
 179,000  Long Bon International Co. Ltd.(b)   209,454 
 249,547  Long Chen Paper Co. Ltd.(b)   68,289 
 12,000  Longwell Co.   10,994 
 2,451  Lotes Co. Ltd.   7,180 
 69,000  Lucky Cement Corp.(b)   15,774 
 30,939  Lumax International Corp. Ltd.   70,205 
 6,000  Lung Yen Life Service Corp.   18,004 
 998,936  Macronix International   287,571 
 27,000  Makalot Industrial Co. Ltd.   88,334 
 67,000  Marketech International Corp.   41,298 
 411,000  Masterlink Securities Corp.   134,325 
 64,152  Mayer Steel Pipe Corp.(b)   26,833 
 9,000  Maywufa Co. Ltd.   4,633 
 75,440  Meiloon Industrial Co. Ltd.   31,299 
 135,360  Mercuries & Associates Ltd.   126,070 
 50,600  Merida Industry Co. Ltd.   231,351 
 24,341  Merry Electronics Co. Ltd.   33,140 
 34,000  Microelectronics Technology, Inc.(b)   15,373 
 202,404  Micro-Star International Co. Ltd.   93,571 
 64,000  MIN AIK Technology Co. Ltd.   198,764 
 54,590  Mirle Automation Corp.   38,086 
 293,000  Mitac International Corp.   109,652 
 30,822  Mosel Vitelic, Inc.(b)   7,422 
 42,000  Motech Industries Inc.(b)   47,083 
 4,000  Nak Sealing Technologies Corp.   6,828 
 174,590  Nan Kang Rubber Tire Co. Ltd.   204,590 
 52,383  Nan Ya Printed Circuit Board Corp.   65,287 
 99,902  Nantex Industry Co. Ltd.   68,177 
 127,872  Nanya Technology Corp.(b)   11,866 
 32,000  National Petroleum Co. Ltd.   32,242 
 123,000  Neo Solar Power Corp.(b)   93,729 
 3,326  New Asia Construction & Development Corp.   942 
 25,848  Nichidenbo Corp.   18,778 
 72,838  Nien Hsing Textile Co. Ltd.   51,311 
 21,000  Novatek Microelectronics Corp.   83,569 
 34,000  Ocean Plastics Co. Ltd.(b)   28,615 
 84,000  OptoTech Corp.   34,139 
 71,000  Orient Semiconductor Electronics Ltd.(b)   9,522 
 214,500  Oriental Union Chemical Corp.   253,537 
 600,000  Pacific Hospital Supply Co. Ltd.(d)   1,700,845 
 99,453  Pan Jit International, Inc.(b)   37,893 
 53,086  Pan-International Industrial(b)   49,532 
 4,200  Paragon Technologies Co. Ltd.   5,213 
 98,746  Phihong Technology Co. Ltd.   86,952 
 18,890  Phytohealth Corp.(b)   30,037 

 

Shares     Value 
TAIWAN (continued)
 4,000  Portwell, Inc.  $3,956 
 213,715  Pou Chen Corp.   213,523 
 13,000  Powertech Industrial Co. Ltd.(b)   7,639 
 86,200  Powertech Technology, Inc.   129,622 
 603,807  President Securities Corp.(b)   349,689 
 336,110  Prince Housing & Development Corp.   234,497 
 121,000  Prodisc Technology, Inc.(b)(c)(d)   0 
 26,000  Promate Electronic Co. Ltd.   21,530 
 428,520  Qisda Corp.(b)   104,929 
 151,084  Quintain Steel Co. Ltd.   40,679 
 147,581  Radiant Opto-Electronics Corp.   572,300 
 381,744  Radium Life Tech Co. Ltd.   363,301 
 40,421  Realtek Semiconductor Corp.   90,626 
 85,562  Rechi Precision Co. Ltd.   75,343 
 29,348  Rexon Industrial Corp. Ltd.(b)   9,244 
 117,000  Rich Development Co. Ltd.   63,203 
 11,370  Richtek Technology Corp.   68,351 
 844,398  Ritek Corp.(b)   102,095 
 209,403  Ruentex Development Co. Ltd .   460,982 
 129,472  Ruentex Industries Ltd.   328,871 
 150,335  Sampo Corp.   51,679 
 31,626  San Fang Chemical Industry Co. Ltd.   25,385 
 702,080  Sanyang Industrial Co. Ltd.(b)   502,904 
 21,000  Sanyo Electric Taiwan Co. Ltd.   21,977 
 7,000  Senao International Co. Ltd.   22,522 
 37,000  Sercomm Corp.   54,761 
 20,000  Sesoda Corp.   21,879 
 33,000  Sheng Yu Steel Co. Ltd.   20,844 
 16,360  ShenMao Technology, Inc.   17,537 
 108,000  Shihlin Electric & Engineering Corp.   130,581 
 32,000  Shihlin Paper Corp.(b)   51,913 
 5,172,000  Shin Kong Financial Holding Co. Ltd.(b)   1,459,122 
 85,000  Shin Kong No.1 REIT   43,182 
 69,078  Shining Building Business Co. Ltd.(b)   54,511 
 119,000  Shinkong Insurance Co. Ltd.   82,016 
 593,314  Shinkong Synthetic Fibers Corp.   191,499 
 79,000  Shinkong Textile Co. Ltd.   103,544 
 44,000  Shuttle, Inc.(b)   15,274 
 95,000  Sigurd Microelectronics Corp.   85,584 
 182,000  Silicon Integrated Systems Corp.(b)   64,413 
 121  Silitech Technology Corp.   227 
 11,000  Simplo Technology Co. Ltd.   51,225 
 85,000  Sinbon Electronics Co. Ltd.   76,431 
 75,170  Sincere Navigation Corp.   68,229 
 27,000  Sino-American Silicon Products, Inc.   36,257 
 107,000  Sinon Corp.   50,734 
65
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TAIWAN (continued)
 13,486  Sinphar Pharmaceutical Co. Ltd.  $14,753 
 46,443  Sinyi Realty Co.   71,411 
 20,000  Sitronix Technology Corp.   28,246 
 6,000  Soft-World International Corp.   11,684 
 50,000  Solomon Technology Corp.(b)   19,897 
 38,000  Solytech Enterprise Corp.(b)   11,905 
 15,000  Sonix Technology Co. Ltd.   21,413 
 132,000  Southeast Cement Co. Ltd.   61,247 
 8,560  Standard Chemical & Pharmaceutical Co.   7,828 
 76,646  Standard Foods Corp.   214,157 
 33,000  Stark Technology, Inc.   27,717 
 22,000  Sunonwealth Electric Machine Industry Co. Ltd.   13,561 
 101,399  Sunplus Technology Co. Ltd.(b).   30,049 
 27,000  Sunrex Technology Corp.   11,019 
 24,000  Sunspring Metal Corp.   24,222 
 48,000  Supreme Electronics Co. Ltd.   23,084 
 83,980  Sweeten Construction Co. Ltd.   53,329 
 31,000  Synnex Technology International Corp.   62,889 
 132,111  TA Chen Stainless Pipe Co. Ltd.   67,115 
 393,666  TA Chong Bank Ltd.(b)   135,993 
 409,340  Ta Ya Electric Wire & Cable.   97,876 
 70,000  Tah Hsin Industrial Co. Ltd.   71,952 
 41,217  TA-I Technology Co. Ltd.   24,499 
 374,789  Taichung Commercial Bank.   135,184 
 11,000  Taiflex Scientific Co. Ltd.   13,766 
 78,000  Tainan Enterprises Co. Ltd.   81,100 
 909,037  Tainan Spinning Co. Ltd.   435,638 
 1,757,670  Taishin Financial Holding Co. Ltd.   696,484 
 71,716  Taisun Enterprise Co. Ltd.   38,255 
 168,924  Taita Chemical Co. Ltd.   56,124 
 12,000  Taiwan Acceptance Corp.   28,977 
 2,502,107  Taiwan Business Bank(b)   761,822 
 137,088  Taiwan Cogeneration Corp.   90,536 
 71,000  Taiwan Fertilizer Co. Ltd.   176,018 
 103,320  Taiwan Fire & Marine Insurance Co.   76,108 
 65,000  Taiwan FU Hsing Industrial Co. Ltd.   58,998 
 324,223  Taiwan Glass Industrial Corp.   317,893 
 71,468  Taiwan Hon Chuan Enterprise Co. Ltd.   177,905 
 217,734  Taiwan Land Development Corp.(b)   83,328 
 35,958  Taiwan Life Insurance Co. Ltd.(b)   28,010 
 92,150  Taiwan Mask Corp.   31,833 
 82,544  Taiwan Navigation Co. Ltd.   67,234 
 190,032  Taiwan Paiho Ltd.   109,412 
 95,120  Taiwan Pulp & Paper Corp.   30,025 
 18,360  Taiwan Sakura Corp.   10,757 
 86,117  Taiwan Secom Co. Ltd.   190,162 
 7,000  Taiwan Semiconductor Co. Ltd.   3,094 

 

Shares     Value 
TAIWAN (continued)
 101,000  Taiwan Sogo Shin Kong Security Co. Ltd.  $120,920 
 94,000  Taiwan Styrene Monomer(b)(c)(d)   20,279 
 45,000  Taiwan Surface Mounting Technology Co. Ltd.   66,830 
 136,469  Taiwan TEA Corp.   75,106 
 95,000  Taiyen Biotech Co. Ltd.   67,084 
 597,634  Tatung Co. Ltd.(b)   161,925 
 1,553,000  Teco Electric and Machinery Co. Ltd.   1,291,252 
 10,000  Tecom Co. Ltd.(b)   694 
 10,000  Tekcore Co. Ltd.(b)   4,420 
 13,000  Ten Ren Tea Co. Ltd.   19,879 
 29,000  ThaiLin Semiconductor Corp.(b)   10,509 
 17,000  Thinking Electronic Industrial Co. Ltd.   16,553 
 59,049  Thye Ming Industrial Co, Ltd.   64,596 
 513,100  Ton Yi Industrial Corp.   298,895 
 61,180  Tong Yang Industry Co. Ltd.   54,702 
 78,132  Tong-Tai Machine & Tool Co. Ltd.   62,053 
 71,939  Topco Scientific Co. Ltd.   119,628 
 30,518  Topoint Technology Co. Ltd.   18,398 
 24,137  Transcend Information, Inc.   65,970 
 27,122  Tripod Technology Corp.   54,655 
 36,988  Tsann Kuen Enterprise Co. Ltd.   72,782 
 167,802  TSRC Corp.   340,418 
 22,000  TTET Union Corp.   38,968 
 13,000  TTY Biopharm Co. Ltd.   47,551 
 560,315  Tung Ho Steel Enterprise Corp.   565,505 
 27,815  TXC Corp.   44,841 
 48,271  TYC Brother Industrial Co. Ltd.   17,493 
 251,303  Tycoons Group Enterprise(b)   53,790 
 42,253  Tyntek Corp.(b)   11,234 
 26,414  TZE Shin International Co. Ltd.   13,464 
 26,000  U-Ming Marine Transport Corp.   42,003 
 223,288  Unimicron Technology Corp.   223,088 
 288,153  Union Bank of Taiwan(b)   113,206 
 30,769  Union Insurance Co. Ltd.(b)   15,735 
 179,037  Unitech Printed Circuit Board Corp.   60,090 
 134,000  United Integrated Services Co. Ltd.   112,096 
 19,196  Unity Opto Technology Co. Ltd.(b)   17,845 
 283,000  Universal Cement Corp.   162,938 
 40,000  Universal Microelectronics Co. Ltd.(b)   9,984 
 137,416  Unizyx Holding Corp.   70,741 
 166,595  UPC Technology Corp.   93,097 
 274,337  USI Corp.   216,485 
 9,000  U-Tech Media Corp.(b)   1,640 
 29,000  Vanguard International Semiconductor Corp.   21,068 
 56,800  Ve Wong Corp.   39,147 
66
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TAIWAN (continued)
 27,674  Via Technologies, Inc.(b)  $22,072 
 16,000  Visual Photonics Epitaxy Co. Ltd.   18,695 
 4,000  Wafer Works Corp.   2,161 
 117,000  Wah Lee Industrial Corp.   158,502 
 1,020,000  Walsin Lihwa Corp.(b)   343,725 
 235,947  Walsin Technology Corp.(b)   55,538 
 72,000  Walton Advanced Engineering, Inc.(b)   20,922 
 195,300  Wan Hai Lines Ltd.(b)   106,492 
 897,866  Waterland Financial Holdings Co. Ltd.   303,176 
 114,000  Wei Chuan Food Corp.   158,492 
 65,100  Weikeng Industrial Co. Ltd.   46,962 
 15,606  Well Shin Technology Co. Ltd.   21,723 
 17,000  Wellypower Optronics Corp.(b)(c)   7,053 
 50,000  Weltrend Semiconductor, Inc.(b)   26,078 
 5,000  Win Semiconductors Corp.   5,791 
 884,977  Winbond Electronics Corp.(b)   171,442 
 579,673  Wintek Corp.(b)   277,797 
 197,479  Wistron Corp.   228,736 
 84,069  Wistron NeWeb Corp.   154,890 
 575,865  WPG Holdings Co. Ltd.   774,282 
 110,348  WT Microelectronics Co. Ltd.   140,521 
 95,000  WUS Printed Circuit Co. Ltd.(b)    40,701 
 430,000  Yageo Corp.(b)   126,408 
 1,163,600  Yang Ming Marine Transport Corp.(b)   561,574 
 211,077  YC INOX Co. Ltd.   124,388 
 86,666  Yem Chio Co. Ltd.   56,209 
 431,624  YFY, Inc.   208,309 
 118,159  Yi Jinn Industrial Co. Ltd.(b)   30,414 
 309,596  Yieh Phui Enterprise Co. Ltd.   99,611 
 29,000  Young Fast Optoelectronics Co. Ltd.   54,019 
 352,000  Yulon Motor Co. Ltd.   653,298 
 29,000  Yung Chi Paint & Varnish Manufacturing Co. Ltd.   58,734 
 61,000  YungShin Global Holding Corp.   84,704 
 130,000  Yungtay Engineering Co. Ltd.   254,043 
 92,000  Zenitron Corp.   56,085 
 226,561  Zig Sheng Industrial Co. Ltd.   75,887 
 35,169  Zinwell Corp.   29,480 
 4,000  Zippy Technology Corp.   3,062 
        62,178,369 
THAILAND — 0.5%
 76,300  AJ Plast Public Co. Ltd. - FOR(d)   42,474 
 272,500  Amata Corp. Public Co. Ltd. - FOR(d)   186,419 
 413,880  Asian Property Development Public Co. Ltd. - FOR(d)   131,159 

 

Shares     Value 
THAILAND (continued)
 179,700  Asian Property Development Public Co. Ltd. - NVDR  $56,947 
 404,300  Bangchak Petroleum Public Co. Ltd. - FOR(d)   488,089 
 6,500  Bangkok Aviation Fuel Services Public Co. Ltd. - FOR(d)   4,468 
 9,551,200  Bangkok Chain Hospital Public Co. Ltd. - FOR(d)   3,074,833 
 2,151,200  Bangkok Expressway Public Co. Ltd. - FOR(d)   2,975,755 
 22,000  Bangkok Insurance Public Co. Ltd. - FOR(d)   258,216 
 580,100  Bangkokland Public Co. Ltd. - FOR(d)   33,071 
 14,000  Bank of Ayudhya Public Co. Ltd. - FOR   15,610 
 195,700  BEC World Public Co. Ltd. - FOR(d)   475,796 
 9,900  Big C Supercenter Public Co. Ltd. - FOR   71,378 
 62,700  Bumrungrad Hospital Public Co. Ltd. - FOR(d)   163,478 
 1,158,900  CalComp Electronics Public Co. Ltd. - FOR(d)   138,353 
 261,400  Central Plaza Hotel Public Co. Ltd. - FOR(d)   256,403 
 316,500  CH Karnchang Public Co. Ltd. - FOR(d)   212,274 
 2,100  Charoong Thai Wire & Cable Public Co. Ltd. - FOR(d)   873 
 307,400  Delta Electronics Thailand Public Co. Ltd. - FOR(d)   365,952 
 831,500  Dynasty Ceramic Public Co. Ltd. - FOR(d)   1,449,966 
 5,914,800  Eastern Water Resources Development and Management Public Co. Ltd. - FOR(d)   2,638,056 
 52,000  Electricity Generating Public Co. Ltd. - FOR(d)   266,801 
 85,800  Esso Thailand Public Co. Ltd. - FOR(d)   32,225 
 12,801,000  G J Steel Public Co. Ltd. - FOR(b)(d)   42,928 
 1,289,700  G Steel Public Co. Ltd. - FOR(b)(d)   16,867 
 143,500  GFPT Public Co. Ltd. - FOR(d)   40,423 
 135,200  Glow Energy Public Co. Ltd. - FOR(d)   358,176 
 233,500  Hana Microelectronics Public Co. Ltd. - FOR(d)   183,229 
 1,785,800  Hemaraj Land and Development Public Co. Ltd. - FOR(d)   217,985 
 1,167,644  Home Product Center Public Co. Ltd. - FOR(d)   540,358 
 63,100  ICC International Public Co. Ltd. - FOR(d)   89,931 
 2,285,000  IRPC Public Co. Ltd. - FOR(d)   337,156 
67
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
THAILAND (continued)
 664,100  Italian-Thai Development Public Co. Ltd. - FOR(b)(d)  $133,622 
 930,500  Jasmine International Public Co. Ltd. - FOR(d)   187,223 
 126,400  KGI Securities Thailand Public Co. Ltd. - FOR(d)   11,699 
 155,100  Khon Kaen Sugar Industry Public Co. Ltd.(d)   75,418 
 81,600  Kiatnakin Bank Public Co. Ltd. - FOR(d)   136,137 
 225,100  Land and Houses Public Co. Ltd. - FOR   85,299 
 452,800  Land and Houses Public Co. Ltd. - NVDR   171,584 
 14,600  Lanna Resources Public Co. Ltd. - FOR(d)   11,506 
 400,600  Loxley Public Co. Ltd. - FOR(d)    80,604 
 85,600  Major Cineplex Group Public Co. Ltd. - FOR(d)   57,698 
 36,900  MBK Public Co. Ltd. - FOR(d)   141,685 
 71,100  MCOT Public Co. Ltd. - FOR(d)    110,274 
 77,000  MCS Steel Public Co. Ltd. - FOR(d)   17,945 
 143,770  Minor International Public Co. Ltd. - FOR(d)   106,550 
 2,094,100  Polyplex Public Co. Ltd. - FOR(d)   1,018,258 
 240,500  Precious Shipping Public Co. Ltd. - FOR(d)   132,267 
 53,800  Pruksa Real Estate Public Co. Ltd. - FOR(d)   54,125 
 805,141  Quality Houses Public Co. Ltd. - FOR(d)   83,160 
 118,700  Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR(d)   240,823 
 34,100  Regional Container Lines Public Co. Ltd. - FOR(b)(d)   8,634 
 153,900  Robinson Department Store Public Co. Ltd. - FOR(d)   361,268 
 28,500  Rojana Industrial Park Public Co. Ltd. - FOR(b)(d)   12,329 
 69,300  Saha-Union Public Co. Ltd. - FOR(d)   97,606 
 1,383,400  Sahaviriya Steel Industries Public Co. Ltd. - FOR(b)(d)   29,227 
 276,600  Samart Corp. Public Co. Ltd. - FOR(d)   126,149 
 35,700  Samart Telcoms Public Co. Ltd. - FOR(d)   22,866 
 1,921,500  Sansiri Public Co. Ltd. - FOR(d)    266,768 
 168,500  SC Asset Corp. Public Co. Ltd. - FOR(d)   170,930 
 15,100  Siam City Cement Public Co. Ltd. - FOR(d)   208,625 
 36,900  Siam Future Development Public Co. Ltd. - FOR(d)   9,281 

 

Shares     Value 
THAILAND (continued)
 23,300  Siam Makro Public Co. Ltd. - FOR(d)  $348,484 
 77,500  Siamgas & Petrochemicals Public Co. Ltd. - FOR(d)   35,865 
 44,000  SNC Former Public Co. Ltd. - FOR(d)   36,593 
 74,254  Somboon Advance Technology Public Co. Ltd. - FOR(d)   82,795 
 22,100  Sri Trang Agro-Industry Public Co. Ltd. - FOR(d)   13,785 
 7,700  STP & I Public Co. Ltd. - FOR(d)   18,204 
 263,800  Supalai Public Co. Ltd. - FOR(d)   169,851 
 1,330,700  Tata Steel Thailand Public Co. Ltd. - FOR(b)(d)   50,872 
 83,900  Thai Airways International Public Co. Ltd. - FOR(b)(d)   64,993 
 22,200  Thai Carbon Black Public Co. Ltd. - FOR(d)   22,892 
 15,000  Thai Central Chemical Public Co. Ltd. - FOR(d)   11,821 
 18,000  Thai Oil Public Co. Ltd. - FOR(d)   44,517 
 18,200  Thai Stanley Electric Public Co. Ltd. - FOR(d)   146,479 
 200,718  Thai Union Frozen Products Public Co. Ltd. - FOR(d)   461,073 
 8,900  Thai Vegetable Oil Public Co. Ltd. - FOR(d)   7,685 
 204,400  Thaicom Public Co. Ltd. - FOR(b)(d)   159,709 
 425,100  Thanachart Capital Public Co. Ltd. - FOR(d)   552,402 
 191,760  Thoresen Thai Agencies Public Co. Ltd. - FOR(d)   113,821 
 5,986,238  Ticon Industrial Connection Public Co. Ltd. - FOR(d)   3,352,454 
 18,500  Tipco Asphalt Public Co. Ltd. - FOR(d)   29,003 
 195,000  Tisco Financial Group Public Co. Ltd. - FOR(d)   338,405 
 5,285,900  TMB Bank Public Co. Ltd. - FOR(d)   400,608 
 137,000  Total Access Communication Public Co. Ltd. - FOR(d)   397,401 
 600,000  TPI Polene Public Co. Ltd. - FOR(d)   297,787 
 1,863,445  True Corp. Public Co. Ltd. - FOR(b)(d)   412,432 
 256,900  Vinythai Public Co. Ltd. - FOR(d)   175,746 
        27,080,886 
TURKEY — 0.2%
 2,233  Adana Cimento Sanayii T.A.S. - Class A   5,052 
 13,070  Akcansa Cimento AS   88,435 
68
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TURKEY (continued)
 74,462  Akenerji Elektrik Uretim AS - Placement Shares(b)  $71,552 
 8,242  Akfen Holding AS(b)   47,800 
 325  Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT   4,070 
 61,656  Aksa Akrilik Kimya Sanayii   178,789 
 73,605  Aksigorta AS   92,490 
 14,323  Alarko Holding AS   44,302 
 29,526  Albaraka Turk Katilim Bankasi AS(b)   31,897 
 13,283  Altinyildiz Mensucat ve Konfeksiyon Fabrikalari AS(b)   262,828 
 28,087  Anadolu Anonim Tuerk Sigorta Sirketi(b)   19,004 
 1,665  Anadolu Cam Sanayii AS(b)   2,736 
 31,143  Anadolu Hayat Emeklilik AS   88,891 
 24,069  Arcelik AS   157,380 
 106,186  Asya Katilim Bankasi AS(b)   134,638 
 46,890  Aygaz AS   264,477 
 679  Bagfas Bandirma Gubre Fabrik    21,813 
 793  Baticim Bati Anadolu Cimento Sanayii AS   3,111 
 2,472  Borusan Mannesmann Boru Sanayi ve Ticaret AS   39,636 
 21,074  Brisa Bridgestone Sabanci Sanayi ve Ticaret AS   63,027 
 16,881  Bursa Cimento Fabrikasi AS.   49,143 
 90,362  Celebi Hava Servisi AS(b)   1,053,265 
 29,087  Cimsa Cimento Sanayi ve Ticaret AS   169,519 
 12,109  Coca-Cola Icecek AS   294,678 
 11,012  Deva Holding AS(b)   12,773 
 259,431  Dogan Sirketler Grubu Holdings AS(b)   159,309 
 5,064  Dogan Yayin Holding AS(b)   2,534 
 55,895  Dogus Otomotiv Servis ve Ticaret AS   285,394 
 13,370  Eczacibasi Yatirim Holding Ortakligi AS.   47,436 
 144,670  EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS   166,160 
 29,868  Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT   52,816 
 137,750  Eregli Demir ve Celik Fabrikalari TAS.   195,806 
 17,827  Ford Otomotiv Sanayi AS   202,724 
 66,324  Gentas Genel Metal Sanayi ve Ticaret AS   51,287 
 67,762  Global Yatirim Holding AS(b)   54,325 
 276  Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS   9,847 
 2,500  Goodyear Lastikleri TAS   89,552 
 74,533  GSD Holding AS(b)   35,174 
 5,261  Gubre Fabrikalari TAS(b)   48,160 
 9,201  Hurriyet Gazetecilik AS(b)   4,918 
 170,851  Ihlas Holding AS(b)   115,601 

 

Shares     Value 
TURKEY (continued)
 72,512  Ipek Dogal Enerji Kaynaklari Ve Uretim AS(b)  $205,322 
 36,246  IS Finansal Kiralama AS(b)   20,815 
 9,126  IS Yatirim Menkul Degerler AS   8,977 
 25,002  Izmir Demir Celik Sanayi AS(b)    55,869 
 23,780  Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)   21,769 
 10,085  Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B(b)   12,099 
 118,896  Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D.   106,812 
 428  Kartonsan Karton Sanayi ve Ticaret AS   69,908 
 842  Konya Cimento Sanayii AS.   163,253 
 66,563  Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS   148,359 
 36,000  Koza Anadolu Metal Madencilik Isletmeleri AS(b)   103,164 
 18,103  Mardin Cimento Sanayii ve Ticaret AS   56,817 
 71,042  Menderes Tekstil Sanayi ve Ticaret AS(b)   22,620 
 37,052  NET Holding AS(b)   49,930 
 26,330  Netas Telekomunikasyon AS   157,194 
 5,026  Otokar Otomotiv Ve Savunma Sanayi AS   119,167 
 113,035  Petkim Petrokimya Holding AS    197,310 
 7,882  Pinar SUT Mamulleri Sanayii AS.   75,291 
 84,071  Polyester Sanayi AS(b)   62,142 
 82,244  Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS   125,792 
 101,183  Sekerbank TAS(b)   108,734 
 131,825  Selcuk Ecza Deposu Ticaret ve Sanayi AS   157,403 
 35,281  Soda Sanayii AS(b)   46,539 
 10,000  TAV Havalimanlari Holding AS(b)   62,260 
 1,585  Tekfen Holding AS   6,489 
 62,692  Tekstil Bankasi AS(b)   32,794 
 20,247  Tofas Turk Otomobil Fabrikasi AS.   122,029 
 158,040  Trakya Cam Sanayi AS(b)   232,736 
 9,741  Turcas Petrol AS.   20,825 
 105,728  Turk Hava Yollari AO(b)   393,153 
 379,748  Turkiye Sinai Kalkinma Bankasi AS.   490,136 
 346,487  Turkiye Sise ve Cam Fabrikalari AS.   604,813 
 70,778  Ulker Biskuvi Sanayi AS   402,433 
 16,077  Vestel Beyaz Esya Sanayi ve Ticaret AS(b)   24,224 
 26,406  Vestel Elektonik Sanayi ve Ticaret AS(b)   28,076 
69
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
TURKEY (continued)
 11,836  Yapi Kredi Sigorta AS.  $126,857 
        9,364,460 
UKRAINE — 0.0%
 2,491  Kernel Holding SA(b)   56,167 
UNITED ARAB EMIRATES — 0.0%
 90,281  Dragon Oil Plc(b)(d)   812,111 
 80,439  Lamprell Plc   164,573 
        976,684 
UNITED KINGDOM — 9.5%
 929  4imprint Group Plc   5,334 
 278,982  Aberdeen Asset Management Plc   1,780,473 
 7,449  Acal Plc   24,219 
 27,694  Admiral Group Plc   537,172 
 476,613  Aegis Group Plc   1,775,621 
 292,869  Afren Plc(b)   666,076 
 51,749  African Barrick Gold Plc   292,018 
 21,716  Aga Rangemaster Group Plc   28,931 
 199,220  Alent Plc(b)   1,057,523 
 139,796  AMEC Plc   2,396,744 
 100,038  Amlin Plc   608,618 
 51,177  Anglo Pacific Group Plc   226,048 
 2,770  Anglo-Eastern Plantations   31,631 
 68,300  Anite Plc   156,202 
 97,903  Ashmore Group Plc   554,482 
 273,530  Ashtead Group Plc   1,969,528 
 21,468  Aveva Group Plc   735,779 
 6,071  Avon Rubber Plc   42,847 
 1,622,459  AZ Electronic Materials SA(d)   9,598,068 
 115,161  Babcock International Group Plc   1,895,850 
 215,301  Balfour Beatty Plc   905,909 
 22,893  BARR (A.G.) Plc   197,335 
 206,507  Barratt Developments Plc(b)   712,681 
 142,558  BBA Aviation Plc   501,933 
 43,519  Bellway Plc   766,131 
 44,135  Berendsen Plc   426,987 
 108,436  Berkeley Group Holdings Plc(b)   3,147,211 
 1,309  Betfair Group Plc   13,816 
 16,127  Big Yellow Group Plc REIT   94,636 
 3,760  Bloomsbury Publishing Plc   6,858 
 1,068,769  Bodycote Plc(d)   7,831,178 
 90,227  Booker Group Plc   150,541 
 20,861  Boot (Henry) Plc   50,952 
 72,968  Bovis Homes Group Plc   692,625 
 5,449  Braemar Shipping Services Plc   33,272 
 9,901  Brammer Plc   51,427 
 81,352  Brewin Dolphin Holdings Plc   269,660 
 67,702  British Land Co. Plc REIT   603,447 
 3,462  British Polythene Industries Plc    22,649 
 22,208  Britvic Plc   158,075 
 71,760  BTG Plc(b)   377,852 
 150,395  Bunzl Plc   2,702,493 

 

Shares     Value 
UNITED KINGDOM (continued)
 76,492  Cable & Wireless Communications Plc  $49,606 
 373,516  Cairn Energy Plc   1,700,170 
 11  Camellia Plc   1,937 
 56,724  Capita Plc   708,016 
 74,940  Capital & Counties Properties Plc   287,627 
 91,052  Capital & Regional Plc(b)   40,795 
 42,784  Capital Shopping Centres Group Plc REIT   241,700 
 11,197  Carclo Plc   82,665 
 349,116  Carillion Plc   1,690,986 
 986  Carpetright Plc(b)   10,634 
 5,800  Centaur Media Plc   5,128 
 3,699  Charles Stanley Group Plc   20,738 
 2,606  Charles Taylor Plc   7,130 
 36,659  Chemring Group Plc   164,888 
 48,647  Chesnara Plc   166,652 
 23,254  Chime Communications Plc   87,684 
 43,740  Cineworld Group Plc   185,915 
 4,407  Clarkson Plc   96,455 
 61,525  Close Brothers Group Plc   964,561 
 78,439  Coalfield Resources Plc(b)   8,211 
 1,870,928  Cobham Plc   6,281,729 
 114,494  Colt Group SA(b)   192,119 
 25,602  Communisis Plc   18,323 
 63,868  Computacenter Plc   457,647 
 29,203  Concentric AB   261,814 
 6,595  Consort Medical Plc   74,473 
 5,190  Costain Group Plc   21,731 
 16,173  Cranswick Plc   246,243 
 4,000  Creston Plc   5,567 
 617,462  Croda International Plc(d)   23,738,000 
 73,400  CSR Plc   420,247 
 102,197  Daily Mail & General Trust Plc - Class A   972,502 
 54,059  Dairy Crest Group Plc   357,010 
 39,738  Darty Plc   37,972 
 907,173  De La Rue Plc(d)   12,977,706 
 353,060  Debenhams Plc   567,230 
 7,740  Dechra Pharmaceuticals Plc   76,170 
 34,483  Derwent London Plc REIT   1,180,206 
 29,907  Development Securities Plc   79,212 
 89,965  Devro Plc   486,552 
 6,324  Dialight Plc   111,632 
 5,188  Dignity Plc   96,105 
 1,008,908  Diploma Plc(d)   8,912,674 
 1,041,571  Dixons Retail Plc(b)   454,279 
 981,326  Domino Printing Sciences Plc(d)   10,248,737 
 42,149  Domino’s Pizza Group Plc   343,933 
 295,471  Drax Group Plc   2,778,887 
 167,079  DS Smith Plc   587,209 
 6,273  Dunelm Group Plc   75,612 
 25,606  E2V Technologies Plc   45,687 
 79,189  easyJet Plc   1,169,273 
70
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
UNITED KINGDOM (continued)
 230,794  Electrocomponents Plc  $904,845 
 229,079  Elementis Plc   767,327 
 171,604  EnQuest Plc(b)   351,634 
 1,720,000  Ensco Plc - ADR   109,340,400 
 188,946  Enterprise Inns Plc(b)   271,199 
 14,750  Erinaceous Group Plc(b)(c)(d)   0 
 8,205  Euromoney Institutional Investor Plc   115,816 
 304,900  F&C Asset Management Plc   510,166 
 1,043,379  Fenner Plc(d)   6,270,006 
 74,493  Fiberweb Plc   86,246 
 9,707  Fidessa Group Plc   236,933 
 97,005  Filtrona Plc   886,172 
 2,172  Findel Plc(b)   262 
 135,966  Firstgroup Plc   418,344 
 2,555  Fuller Smith & Turner - Class A    31,020 
 539,467  G4S Plc   2,372,554 
 28,463  Galliford Try Plc   371,068 
 5,558  Games Workshop Group Plc   57,738 
 54,226  Gem Diamonds Ltd.(b)   137,603 
 24,405  Genus Plc   549,627 
 1,388,182  GKN Plc   5,301,566 
 14,268  Go-Ahead Group Plc   295,308 
 38,840  Great Portland Estates Plc REIT    299,684 
 634,759  Greene King Plc(d)   6,719,878 
 15,572  Greggs Plc   118,052 
 70,960  Halfords Group Plc   383,318 
 1,057,069  Halma Plc(d)   7,718,625 
 84,204  Hammerson Plc REIT   648,638 
 73,847  Hansteen Holdings Plc REIT   98,616 
 16,173  Hardy Oil & Gas Plc(b)   27,446 
 78,688  Hargreaves Lansdown Plc   862,358 
 73,639  Hays Plc   103,944 
 7,301  Headlam Group Plc   40,528 
 41,557  Helical Bar Plc   151,591 
 225,834  Henderson Group Plc   555,165 
 71,298  Hikma Pharmaceuticals Plc   911,975 
 29,183  Hill & Smith Holdings Plc   216,378 
 337  Hilton Food Group Ltd.   1,687 
 35,750  Hochschild Mining Plc   239,724 
 5,026  Hogg Robinson Group Plc   4,025 
 98,781  Home Retail Group Plc   187,999 
 87,969  Homeserve Plc   323,682 
 211,194  Howden Joinery Group Plc   628,370 
 50,371  Hunting Plc   676,652 
 34,778  Huntsworth Plc   23,028 
 3,454  Hyder Consulting Plc   25,993 
 194,352  ICAP Plc   1,005,482 
 88,546  IG Group Holdings Plc   626,333 
 90,942  Imagination Technologies Group Plc(b)   736,311 
 102,510  IMI Plc   1,902,188 
 278,543  Inchcape Plc   2,090,884 
 59,469  Inmarsat Plc   608,347 
 497,362  Innovation Group Plc(b)   193,259 

 

Shares     Value 
UNITED KINGDOM (continued)
 82,005  InterContinental Hotels Group Plc  $2,413,902 
 335,718  International Consolidated Airlines Group(b)   1,132,513 
 1,094,424  Interserve Plc(d)   7,713,668 
 41,164  Intertek Group Plc   2,029,736 
 269,086  Invensys Plc   1,468,084 
 240,925  Investec Plc   1,764,945 
 70,424  IP Group Plc(b)   138,498 
 22,429  ITE Group Plc   91,065 
 1,283,644  ITV Plc   2,337,156 
 8,667  James Fisher & Sons Plc   112,028 
 28,273  Jardine Lloyd Thompson Group Plc   352,000 
 63,090  Jazztel Plc(b)   433,370 
 7,378  JD Sports Fashion Plc   87,176 
 26,702  JKX Oil & Gas Plc(b)   23,292 
 4,183  John Menzies Plc   46,041 
 243,164  John Wood Group Plc   3,108,391 
 41,414  Johnson Matthey Plc   1,487,704 
 81,564  Johnston Press Plc(b)   16,332 
 35,089  Jupiter Fund Management Plc   181,088 
 172,730  Kcom Group Plc   196,969 
 19,459  Keller Group Plc   226,835 
 17,238  Kier Group Plc   367,714 
 51,645  Kofax Plc(b)   249,821 
 98,592  Ladbrokes Plc   331,496 
 2,486,999  Laird Plc(d)   8,811,707 
 122,471  Lancashire Holdings Ltd.   1,590,810 
 13,753  Lavendon Group Plc   38,389 
 73,366  London & Stamford Property Plc REIT   128,576 
 73,615  London Stock Exchange Group Plc   1,405,705 
 77,005  Lonmin Plc(b)   439,666 
 43,642  Lookers Plc   54,854 
 22,684  Low & Bonar Plc   20,777 
 1,283  LSL Property Services Plc   6,017 
 354,344  Man Strategic Holdings Plc(b)   497,078 
 6,088  Management Consulting Group Plc   2,486 
 47,388  Marshalls Plc   82,297 
 283,064  Marston’s Plc   599,781 
 55,254  McBride Plc   116,989 
 1,244  McKay Securities Plc REIT   2,686 
 28,145  Mears Group Plc   162,928 
 53,040  Mecom Group Plc   77,391 
 300,861  Meggitt Plc   2,075,661 
 99,955  Michael Page International Plc   645,526 
 69,830  Millennium & Copthorne Hotels Plc   602,479 
 49,303  Mitchells & Butlers Plc(b)   260,934 
 165,675  Mitie Group Plc   740,719 
 231,628  Mondi Plc   2,744,182 
 125,036  Moneysupermarket.com Group Plc   364,883 
71
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
UNITED KINGDOM (continued)
 149,745  Morgan Crucible Co. Plc  $660,235 
 15,010  Morgan Sindall Group Plc   135,455 
 15,763  Mothercare Plc(b)   77,500 
 15,625  MWB Group Holdings Plc - Units(b)(c)(d)   1,208 
 80,593  N Brown Group Plc   471,400 
 136,397  National Express Group Plc   448,008 
 3,594  NCC Group Plc   7,980 
 990,480  New Melrose Plc(b)   3,666,467 
 55,574  Northgate Plc   280,505 
 21,393  Novae Group Plc   143,860 
 9,252  Ocado Group Plc(b)   15,525 
 6,260  Optos Plc(b)   19,459 
 4,108  Oxford Instruments Plc   106,850 
 75,490  Pace Plc   270,223 
 4,258  PayPoint Plc   56,490 
 149,749  Pendragon Plc(b)   49,281 
 135,216  Pennon Group Plc   1,449,693 
 256,487  Persimmon Plc   3,427,177 
 35,551  Petropavlovsk Plc   196,271 
 36,290  Photo-Me International Plc   38,131 
 131,010  Premier Farnell Plc   440,911 
 8,989  Premier Foods Plc(b)   13,330 
 141,787  Premier Oil Plc(b)   840,351 
 41,180  Provident Financial Plc   943,094 
 279,236  Punch Taverns Plc(b)   47,608 
 78,418  PZ Cussons Plc   483,552 
 144,897  QinetiQ Group Plc   432,035 
 44,169  Quintain Estates & Development Plc(b)   42,907 
 4,954  Rathbone Brothers Plc   105,677 
 3,560  REA Holdings Plc   26,600 
 213  REA Holdings Plc - Preferred Shares(b)(d)   378 
 125,122  Redrow Plc(b)   369,302 
 9,324  Renishaw Plc   276,384 
 47,797  Renold Plc(b)   20,657 
 43,173  Renovo Group Plc(b)   12,924 
 235,480  Rentokil Initial Plc   333,322 
 69,193  Restaurant Group Plc   413,279 
 2,144,070  Rexam PLC   15,931,249 
 9,385  Ricardo Plc   60,729 
 36,056  Rightmove Plc   958,413 
 5,585  RM Plc   6,621 
 26,258  Robert Walters Plc   89,120 
 620,863  Rotork Plc(d)   26,064,595 
 75,411  RPC Group Plc   514,286 
 136,419  RPS Group Plc   500,007 
 1,524,920  RSA Insurance Group Plc   3,185,181 
 12,443  Safestore Holdings Plc   24,668 
 1,014,959  Sage Group Plc (The)   5,194,560 
 67,612  Salamander Energy Plc(b)   196,342 
 45,100  Savills Plc   354,065 
 101,874  Schroders Plc   3,126,408 
 42,407  Schroders Plc - Non Voting   1,058,628 
 35,597  SDL Plc   296,115 

 

Shares     Value 
UNITED KINGDOM (continued)
 71,325  Segro Plc REIT  $280,766 
 182,318  Senior Plc   582,937 
 912,868  Serco Group Plc   8,028,064 
 30,683  Severfield-Rowen Plc   36,741 
 89,681  Severn Trent Plc   2,307,026 
 94,571  Shaftesbury Plc REIT   828,689 
 269,219  Shanks Group Plc   391,754 
 241,389  SIG Plc   505,350 
 53,086  Smiths Group Plc   1,033,061 
 22,043  Smiths News Plc   57,334 
 79,439  Soco International Plc(b)   482,541 
 10,749  Southern Cross Healthcare Group Plc(b)(c)(d)   0 
 404,213  Spectris Plc   14,193,489 
 15,017  Speedy Hire Plc   9,169 
 273,501  Spirax-Sarco Engineering Plc(d).   9,794,542 
 207,268  Spirent Communications Plc   526,290 
 208,127  Spirit Pub Co. Plc   221,159 
 4,982  Sportech Plc(b)   5,896 
 94,269  Sports Direct International Plc(b)   590,116 
 96,548  St. James’s Place Plc   709,119 
 53,689  St. Modwen Properties Plc   201,806 
 154,395  Stagecoach Group Plc   749,545 
 524,973  Standard Life Plc   2,877,478 
 32,005  Sthree Plc   169,791 
 2,366  Stolt-Nielsen Ltd.   50,457 
 8,341  SuperGroup Plc(b)   80,497 
 30,559  Synergy Health Plc   531,676 
 32,654  Synthomer Plc   102,646 
 14,308  T Clarke Plc   13,899 
 235,743  Talktalk Telecom Group Plc   884,616 
 214,060  Tate & Lyle Plc   2,758,419 
 845,724  Taylor Wimpey Plc   954,344 
 5,162  Ted Baker Plc   98,570 
 38,081  Telecity Group Plc   511,556 
 12,866  Telecom Plus Plc   197,626 
 3,226  Topps Tiles Plc   2,827 
 8,024  Torotrak Plc(b)   3,150 
 5,551  Town Centre Securities Plc REIT   16,287 
 85,551  Travis Perkins Plc   1,641,768 
 115,313  Trinity Mirror Plc(b)   178,313 
 1,355,957  TT electronics Plc(d)   3,462,367 
 80,473  Tullett Prebon Plc   306,311 
 970  UK Mail Group Plc   5,615 
 411,658  Ultra Electronics Holdings Plc(d)   10,739,986 
 19,240  Unite Group Plc   86,936 
 257,394  United Utilities Group Plc   2,988,208 
 9,569  UTV Media Plc   21,854 
 197,460  Vectura Group Plc(b)   291,248 
 136,756  Vedanta Resources Plc   2,611,404 
 199,220  Vesuvius Plc   1,145,045 
 481,809  Victrex Plc(d)   11,721,995 
 11,826  Vitec Group Plc (The)   114,599 
72
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
UNITED KINGDOM (continued)
 7,903  Volex Plc  $12,534 
 81,025  Weir Group Plc (The)   2,549,541 
 50,439  Wetherspoon (J.D.) Plc   409,979 
 43,316  WH Smith Plc   457,534 
 128,753  Whitbread Plc   5,247,975 
 591,802  William Hill Plc   3,605,139 
 15,003  Wilmington Group Plc   35,216 
 21,070  Wincanton Plc(b)   22,723 
 79,245  Wolfson Microelectronics Plc(b)   252,935 
 32,930  Workspace Group Plc REIT   170,103 
 2,214  WS Atkins Plc   29,127 
 14,163  Xaar Plc   64,467 
 50,294  Xchanging Plc(b)   97,115 
        502,031,436 
UNITED STATES — 42.9%
 250,000  ABM Industries, Inc.   5,480,000 
 365,800  Actuant Corp. - Class A   10,783,784 
 1,403,407  Advance Auto Parts, Inc.   103,178,483 
 175,000  Advent Software, Inc.(b)   4,313,750 
 35,785  Alacer Gold Corp.(b)   163,246 
 1,450,000  Albemarle Corp.(d)   88,899,500 
 81,000  Altera Corp.   2,707,020 
 2,075,000  AmerisourceBergen Corp.   94,142,750 
 31,000  AMETEK, Inc.   1,270,690 
 190,000  Amtrust Financial Services, Inc.   6,315,600 
 20,000  ANSYS, Inc.(b)   1,472,000 
 350,000  Approach Resources Inc.(b)   9,306,500 
 202,800  Aptargroup, Inc.   10,450,284 
 78,840  Argonaut Gold, Inc.(b)   719,314 
 70,000  Arthur J Gallagher & Co.   2,586,500 
 31,621  Atna Resources Ltd.(b)   34,240 
 109,000  Avon Products, Inc.   1,850,820 
 26,000  Bard (C.R.), Inc.   2,653,820 
 16,000  Beam, Inc.   981,440 
 38,000  Bed Bath & Beyond, Inc.(b)   2,230,600 
 125,000  Bio-Rad Laboratories, Inc. - Class A(b)(d)   14,223,750 
 150,000  Bio-Reference Labs, Inc.(b)   4,165,500 
 13,507  Biota Pharmaceuticals, Inc.   53,353 
 2,400,000  BMC Software, Inc.(b)(d)   99,720,000 
 23,400  BNK Petroleum, Inc.(b)   11,496 
 60,894  Boart Longyear Ltd.   130,175 
 300,000  Bottomline Technologies, Inc.(b)(d)   8,724,000 
 150,000  Brady Corp. - Class A   5,233,500 
 135,000  Bryn Mawr Bank Corp.(d)   3,123,900 
 200,000  Cardtronics, Inc.(b)   5,178,000 
 3,291,200  CareFusion Corp.(b)(d)   102,158,848 
 59,400  Casey’s General Stores, Inc.   3,250,962 
 95,600  Cepheid, Inc.(b)   3,462,632 
 16,000  Church & Dwight Co., Inc.   924,640 
 250,000  CLARCOR, Inc.   12,615,000 
 42,000  Clorox Co. (The)   3,293,220 
 100,000  Community Bank System, Inc.   2,840,000 
 100,000  comScore, Inc.(b)   1,473,000 

 

Shares     Value 
UNITED STATES (continued)
 19,000  Concho Resources, Inc.(b)  $1,733,180 
 12,000  Concur Technologies, Inc.(b)   802,799 
 35,000  CoStar Group, Inc.(b)   3,282,300 
 2,510,000  Crown Holdings, Inc.(b)(d)   95,028,600 
 19,000  Cullen/Frost Bankers, Inc.   1,118,910 
 202,000  Denbury Resources, Inc.(b)   3,763,260 
 41,000  DeVry, Inc.   1,031,970 
 55,000  Dover Corp.   3,804,900 
 918,000  Energizer Holdings, Inc.(d)   79,875,180 
 250,000  EnPro Industries, Inc.(b)(d)   11,120,000 
 153,000  Esterline Technologies Corp.(b)   10,157,670 
 100,000  FARO Technologies, Inc.(b)   3,321,000 
 100,000  Financial Engines, Inc.(b)   3,326,000 
 35,000  First Republic Bank (California)    1,249,150 
 700,000  Fiserv, Inc.(b)   56,217,000 
 477,000  Flowers Foods, Inc.   12,821,760 
 545,000  Flowserve Corp.   85,439,650 
 125,000  Genomic Health, Inc.(b)   3,506,250 
 144,754  Golden Star Resources Ltd.(b)   232,210 
 170,000  Guidewire Software, Inc.(b)   5,630,400 
 275,000  Harris Teeter Supermarkets, Inc.   11,409,750 
 563,519  Henry Schein, Inc.(b)   48,654,230 
 55,000  HJ Heinz Co.   3,334,650 
 27,000  Hormel Foods Corp.   934,470 
 150,000  Hub Group, Inc. - Class A(b)   5,521,500 
 249,000  IDEX Corp.   12,422,610 
 17,000  IHS, Inc. - Class A(b)   1,749,300 
 44,000  Illumina, Inc.(b)   2,227,720 
 100,000  Independent Bank Corp.(d)   3,099,000 
 9,600  Indevus Pharmaceuticals, Inc.(b)(c)(d)   0 
 275,000  Integra LifeScience Holdings Corp.(b)(d)   11,591,250 
 9,184  International Minerals Corp.   42,633 
 54,000  Intuit, Inc.   3,368,520 
 225,000  Jack Henry & Associates, Inc.   9,333,000 
 34,081  Jaguar Mining, Inc.(b)   26,311 
 295,000  John Wiley & Sons, Inc. - Class A(d)   11,298,500 
 200,000  K12, Inc.(b)   3,692,000 
 150,000  Kaydon Corp.   3,720,000 
 45,000  Kellogg Co.   2,632,500 
 542,400  Key Energy Services, Inc.(b)   4,409,712 
 32,000  Laboratory Corp. of America Holdings(b)   2,864,000 
 140,000  Lancaster Colony Corp.(d)   10,004,400 
 100,000  Landstar System, Inc.   5,704,000 
 53,000  Life Technologies Corp.(b)   3,428,570 
 200,000  LogMein, Inc.(b)   4,540,000 
 200,000  Lufkin Industries, Inc.   11,582,000 
 300,000  Luminex Corp.(b)   5,514,000 
 100,000  MarketAxess Holdings, Inc.   3,781,000 
 430,000  Masimo Corp.   8,729,000 
 18,000  Mead Johnson Nutrition Co.   1,368,000 
73
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
UNITED STATES (continued)
 175,000  Measurement Specialties, Inc.(b)(d)  $6,177,500 
 100,000  Medidata Solutions, Inc.(b)   4,679,000 
 58,000  MICROS Systems, Inc.(b)   2,669,740 
 200,000  Mistras Group, Inc.(b)(d)   4,404,000 
 55,000  Molson Coors Brewing Co. - Class B   2,484,900 
 123,000  Morningstar, Inc.   8,325,870 
 677  Movie Gallery, Inc.(b)(c)(d)   0 
 408,000  National Instruments Corp.   11,587,200 
 125,000  Navigators Group, Inc. (The)(b)(d)   6,778,750 
 2,836,746  NetApp, Inc.(b)   102,122,856 
 350,000  Northern Oil and Gas, Inc.(b)   5,789,000 
 70,000  Northern Trust Corp.   3,602,900 
 350,000  NuVasive, Inc.(b)   6,030,500 
 150,000  Oasis Petroleum, Inc.(b)   5,382,000 
 21,000  Oil States International, Inc.(b)   1,629,180 
 1,828,500  Omnicom Group, Inc.   99,250,980 
 100,000  Owens & Minor, Inc.   3,061,000 
 12,000  Pall Corp.   819,599 
 40,000  Parker Hannifin Corp.   3,718,800 
 75,000  PDC Energy, Inc.(b)   2,777,250 
 31,000  Pentair, Ltd.   1,571,080 
 8,000  Perrigo Co.   804,079 
 25,000  Pioneer Natural Resources Co.   2,938,500 
 200,000  PROS Holdings, Inc.(b)(d)   4,412,000 
 121,600  Prosperity Bancshares, Inc.   5,485,376 
 129,000  Proto Labs, Inc.(b)   5,305,770 
 400,000  QLIK Technologies, Inc.(b)   8,884,000 
 368,000  Quality Systems, Inc.   6,712,320 
 61,488  Ram Power Corp.(b)   15,104 
 365,000  Raven Industries, Inc.(d)   9,829,450 
 25,000  RBC Bearings, Inc.(b)   1,318,250 
 17,000  Red Hat, Inc.(b)   944,520 
 650,000  Resolute Energy Corp.(b)(d)   5,531,500 
 175,000  Robbins & Myers, Inc.   10,199,000 
 6,000  Roper Industries, Inc.   704,699 
 88,500  Samsonite International SA   192,853 
 250,000  Sapient Corp.(b)   3,027,500 
 400,000  Sensient Technologies Corp.(d)    15,240,000 
 200,000  Silgan Holdings, Inc.   8,580,000 
 54,221  Sims Metal Management Ltd.   531,490 
 350,000  Snyders-Lance, Inc.(d)   8,900,500 
 50,000  Solera Holdings, Inc.   2,740,500 
 46,000  St. Jude Medical, Inc.   1,872,200 
 250,000  STERIS Corp.   9,432,500 
 65,000  Strayer Education, Inc.   3,698,500 
 344,000  Superior Energy Services, Inc.(b)   8,589,680 
 25,000  T Rowe Price Group, Inc.   1,786,250 
 75,000  Techne Corp.   5,376,000 
 135,000  Teleflex, Inc.   10,125,000 
 1,891,289  Tenneco, Inc.(b)(d)   66,119,463 
 500,000  TETRA Technologies, Inc.(b)   4,250,000 

 

Shares     Value 
UNITED STATES (continued)
 29,300  Thompson Creek Metals Co., Inc.(b)  $118,974 
 62,000  TIBCO Software, Inc.(b)   1,453,280 
 250,000  TreeHouse Foods, Inc.(b)   13,232,500 
 425,000  Trimas Corp.(b)(d)   13,128,250 
 1,563,690  Tupperware Brands Corp.(d)   119,153,178 
 325,000  UMB Financial Corp.(d)   14,387,750 
 39,856  Ur-Energy, Inc.(b)   35,165 
 300,000  UTi Worldwide, Inc.   4,428,000 
 1,370,000  Varian Medical Systems, Inc.(b)(d)   96,790,500 
 300,000  VCA Antech, Inc.(b)   6,480,000 
 26,000  Verisk Analytics, Inc. - Class A(b)   1,434,160 
 200,000  Volcano Corp.(b)   5,008,000 
 181,000  Waddell & Reed Financial, Inc. - Class A   7,185,700 
 130,000  Washington Trust Bancorp, Inc.(d)   3,426,800 
 500  WaterFurnace Renewable Energy, Inc.   8,071 
 1,131,151  Waters Corp.(b)(d)   103,579,497 
 221,000  West Pharmaceutical Services, Inc.(d)   13,085,410 
 1,850,000  Western Digital Corp.   86,950,000 
 100,000  WEX, Inc.(b)   7,861,000 
 74,000  Whiting Petroleum Corp.(b)   3,520,920 
 250,000  Wolverine World Wide, Inc.   10,750,000 
 100,000  Woodward, Inc.   3,840,686 
 1,253,471  Xilinx, Inc.   45,739,157 
 27,000  Zimmer Holdings, Inc.   2,014,200 
        2,260,587,439 
Total Common Stocks
(Cost $3,724,212,061)		  4,805,374,500 
 INVESTMENT COMPANY — 0.7%    
 34,524,200  SEI Daily Income Trust Government II Fund, Class A, 0.01%(f)   34,524,200 
         
Total Investment Company
(Cost $34,524,200)		  34,524,200 
EXCHANGE TRADED FUNDS — 5.0%
 1,485,400  iShares MSCI EAFE Small Cap Index Fund   63,040,376 
 1,772,100  iShares MSCI Emerging Markets Index Fund   78,362,262 
 119,861  iShares MSCI Japan Small Cap Index Fund   5,448,162 
 300,000  iShares MSCI Malaysia Index Fund   4,335,000 
 200,000  iShares MSCI Singapore Index Fund   2,754,000 
 64,000  SPDR Russell Nomura Small Cap Japan Fund   2,777,024 
 940,000  SPDR S&P Emerging Markets Small Cap Fund   44,950,800 
74
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
 989,800  SPDR S&P International Small Cap Fund  $29,208,998 
 350,000  Vanguard FTSE All World ex-US Small-Cap ETF   32,774,000 
Total Exchange Traded Funds
(Cost $227,984,791)		  263,650,622 
RIGHTS/WARRANTS — 0.0%     
Banks — 0.0%     
 8,088,757  Corpbanca SA Rights, Expire 2/14/13(b)   8,770 
Consumer Discretionary — 0.0%     
 1,710  Centrebet Litigation Rights(b)(c)(d)   0 
 1,710  Centrebet Litigation Units(b)(c)(d)   0 
 159,274  Seat Pagine Gialles SpA Warrants, Expire 9/8/14(b)(d)   173 
 13  Sky Deutschland AG Rights, Expire 2/4/13(b)   0 
        173 
Consumer Staples — 0.0%     
 24,350  Malayan Flour Mills Berhad Rights, Expire 5/9/17(b)   1,685 
Diversified Financials — 0.0%     
 1,176  Bajaj Finance Ltd. Rights, Expire 2/21/13(b)(d)   4,241 
Energy — 0.0%     
 1,058,670  PA Resources AB Rights, Expire 1/23/13(b)(d)   13,321 
Health Care — 0.0%     
 177,380  Hartalega Holdings Berhad Warrants, Expire 5/29/15(b)(d)   56,805 
 9,600  Ligand Pharmaceuticals Contingent Value Rights, Expire 12/23/12(b)(c)(d)   0 
        56,805 
Industrials — 0.0%     
 212,660  Dialog Group Berhad Warrants, Expire 2/12/17(b)   29,774 
 93,126  Polimex Mostostal Rights(b)(d)   446 
        30,220 
Information Technology — 0.0%     
 11  Grupo Ezentis SA Rights, Expire 1/22/13(b)(d)   0 
Insurance — 0.0%     
 395  Phoenix Group Rights, Expire 2/15/13(b)(d)   877 
Materials — 0.0%     
 1,767  Duluth Exploration Ltd. Special Warrants, Expire 7/31/13(b)(c)(d)   797 

 

Shares     Value 
Materials (continued)     
 768,060  G J Steel PCL Warrants(b)(d)  $0 
 69,743  Noble Mineral Resources Ltd. Rights, Expire 2/22/13(b)(d)   0 
        797 
Utilities — 0.0%    
 969  Equatorial Energia SA Rights, Expire 2/19/13(b)   414 
Total Rights/Warrants
(Cost $56,349)		  117,303 
Principal    
Amount    
U.S. GOVERNMENT AGENCIES — 0.1%    
Federal Home Loan Bank — 0.1%    
$6,000,000  0.07%, 02/01/2013(g)   6,000,000 
Total U.S. Government Agencies
(Cost $6,000,000)		  6,000,000 
U.S. GOVERNMENT SECURITIES — 1.6%    
U.S. Treasury Bills — 1.6%    
 11,000,000  0.02%, 02/14/2013(g)   10,999,940 
 3,000,000  0.04%, 02/07/2013(g)   2,999,993 
 25,000,000  0.05%, 02/21/2013(g)   24,999,306 
 30,000,000  0.08%, 02/21/2013(g)   29,998,733 
 15,000,000  0.10%, 02/28/2013(g)   14,998,875 
Total U.S. Government Securities
(Cost $83,996,847)		  83,996,847 
     
Shares       
CASH SWEEP — 1.9%    
 101,591,423  Citibank - US Dollars on Deposit in Custody Account, 0.02%(f)   101,591,423 
Total Cash Sweep
(Cost $101,591,423)		  101,591,423 
TOTAL INVESTMENTS — 100.6%    
(Cost $4,178,365,671)(a) $5,295,254,895 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%  (30,769,609)
NET ASSETS — 100.0% $5,264,485,286 
75
       
  Old Westbury Funds, Inc.    
  Global Small & Mid Cap Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

 

 
(a) Cost for federal income tax purposes is $4,183,425,810 and net unrealized appreciation of investments is as follows:
Unrealized appreciation $1,235,584,928 
Unrealized depreciation  (123,755,843)
Net unrealized appreciation $1,111,829,085 
(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 $2,213,420, which is 0.04% of net assets and the cost is $4,325,341.
(d) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $697,997,622 or 13.26% of net assets.
(e) Securities incorporated in the same country but traded on different exchanges.
(f) Rate shown represents current yield at January 31, 2013.
(g) The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt
BDR — Brazilian Depositary Receipt
CDI — CHESS Depositary Interests
CVR — Contingent Value Rights
DVR — Differential Voting Rights
FOR — Foreign Ownership Restrictions
NVDR — Non Voting Depositary Receipt
PDR — Phillippine Depositary Receipt
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt
VVPR — Voter Verified Paper Record

 

Portfolio diversification by Sector (Unaudited)

 

  Percentage  
Sector   of Net Assets  
Banks 2.1%  
Consumer Discretionary 14.2%  
Consumer Staples 5.6%  
Diversified Financials 1.6%  
Energy 5.3%  
Health Care 13.2%  
Industrials 15.8%  
Information Technology 14.8%  
Insurance 4.1%  
Materials 10.1%  
Real Estate 2.8%  
Telecommunication Services 0.5%  
Utilities 1.2%  
Other* 8.7%  
Total 100.0%  

 

 

 

* Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies and securities, investment companies, pending trades and Fund share transactions, interest and dividends receivable, and accrued expenses payable.
76
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
COMMON STOCKS — 17.7%     
      
AUSTRALIA — 0.3%     
 188,060   BC Iron Ltd.  $700,106 
 154,955   BHP Billiton Ltd.   6,056,260 
 729,770   Emeco Holdings Ltd.   468,016 
 1,603,100   Grange Resources Ltd.   476,436 
 50,460   Iluka Resources Ltd.   511,461 
 300,890   NIB Holdings Ltd.   687,149 
 217,310   NRW Holdings Ltd.   432,825 
 1,303,860   Roc Oil Co. Ltd.(c)   652,637 
 35,747   Shopping Centres Australasia Property Group, REIT(c)   60,761 
 181,760   Skilled Group Ltd.   526,917 
 276,240   St Barbara Ltd.(c)   413,369 
 555,620   UXC Ltd.   625,750 
 1,137,090   Virgin Australia Holdings Ltd.(c)   509,874 
 178,735   Woolworths Ltd.   5,822,641 
         17,944,202 
BELGIUM — 0.1%     
 53,100   Colruyt SA   2,574,285 
 72,780   D’ieteren SA NV(b)   3,220,546 
         5,794,831 
BERMUDA — 0.2%     
 79,739   Arch Capital Group Ltd.(c)   3,701,484 
 12,460   Everest Re Group Ltd.   1,442,993 
 67,638   RenaissanceRe Holdings Ltd.   5,792,518 
         10,936,995 
BRAZIL — 0.1%     
 161,520   Brasil Brokers Participacoes SA    512,620 
 25,120   Cia Hering   477,839 
 31,610   Cosan SA Industria e Comercio   746,062 
 66,820   Equatorial Energia SA   629,159 
 45,640   Ez Tec Empreendimentos e Participacoes SA   593,605 
 24,480   Multiplus SA   526,148 
 88,340   OSX Brasil SA(c)   399,257 
         3,884,690 
CANADA — 0.4%     
 172,003   Allied Properties Real Estate Investment Trust(b)   5,947,848 
 500,000   Asian Coast Development Ltd.(b)(c)(d)   0 
 249,100   Barrick Gold Corp.   7,947,481 
 58,050   Canadian National Railway Co.   5,571,613 
 152,310   Emera, Inc.   5,427,208 
 181,886   RioCan Real Estate Investment Trust, REIT   4,901,840 
         29,795,990 
CAYMAN ISLANDS — 0.0%     
 27,140   Herbalife Ltd.   985,725 

 

Shares      Value 
CHILE — 0.0%     
 47,190   Empresa Nacional de Telecom Chile SA  $1,026,305 
CHINA — 0.1%     
 1,396,000   Dongyue Group   932,419 
 581,255   Shandong Airlines Co. Ltd. - B Shares   800,449 
 4,826,000   Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares(b)   883,632 
 623,110   Shanghai Mechanical and Electrical Industry Co. Ltd. - B Shares(b)   740,255 
 1,233,000   Travelsky Technology Ltd. - H Shares   761,543 
 28,020   Zhongpin, Inc.(c)   355,294 
         4,473,592 
FINLAND — 0.1%     
 187,635   Sampo Oyj - A Shares   6,738,646 
FRANCE — 0.3%     
 230,700   Etablissements Maurel et Prom   4,263,231 
 1,049,020   Natixis   4,160,528 
 63,083   Sanofi   6,155,066 
 68,850   Sodexo   6,130,678 
 426,290   UBISOFT Entertainment(b)(c)   4,115,361 
         24,824,864 
GERMANY — 0.2%     
 45,330   Bayerische Motoren Werke AG   4,563,836 
 47,294   Brenntag AG   6,739,406 
 14,668   Volkswagen AG   3,386,731 
         14,689,973 
HONG KONG — 0.2%     
 1,584,000   AMVIG Holdings Ltd.(b)   602,522 
 14,140,000   China Power New Energy Development Co. Ltd.(b)(c)   875,158 
 978,000   China Resources Cement Holdings Ltd.   626,745 
 1,100,000   Lee & Man Chemical Co. Ltd.(b)   702,091 
 1,728,400   Link REIT (The)   8,981,422 
 794,000   Pacific Textile Holdings Ltd.(b)   714,614 
 2,212,000   Pico Far East Holdings Ltd.(b)   607,520 
 11,160,000   Shougang Concord International Enterprises Co. Ltd.(c)   748,279 
 1,850,000   Shougang Fushan Resources Group Ltd.   794,350 
 1,050,000   TCL Multimedia Technology Holdings Ltd.   743,289 
         15,395,990 
INDIA — 0.0%     
 106,290   Gitanjali Gems Ltd.(c)   1,135,439 
 434,500   India Cements Ltd.(b)   704,153 
77
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
INDIA (continued)     
 185,240   Infotech Enterprises Ltd.(b)  $600,924 
         2,440,516 
INDONESIA — 0.0%     
 1,656,500   AKR Corporindo Tbk PT   659,029 
 394,500   Unilever Indonesia Tbk PT   893,093 
         1,552,122 
IRELAND — 0.4%     
 845,340   Seagate Technology Plc   28,724,653 
ISRAEL — 0.2%     
 100,000   Check Point Software Technologies Ltd.(c)   5,000,000 
 200,000   Teva Pharmaceutical Industries Ltd. - ADR   7,598,000 
         12,598,000 
ITALY — 0.2%     
 448,210   Autostrada Torino-Milano SpA(b)   5,029,879 
 35,900   DiaSorin SpA   1,399,461 
 453,770   Societa Iniziative Autostradali e Servizi SpA(b)   4,562,407 
 1,564,078   Terna Rete Elettrica Nazionale SpA   6,591,940 
         17,583,687 
JAPAN — 1.2%     
 30,300   Alfresa Holdings Corp.   1,328,700 
 69,700   Aoyama Trading Co. Ltd.   1,364,350 
 23,000   Arcs Co. Ltd.   430,849 
 20,000   Asatsu-DK, Inc.   537,372 
 1,000   Bic Camera, Inc.   501,394 
 21,700   Calbee, Inc.   1,784,504 
 66,100   Central Japan Railway Co.   5,782,711 
 18,000   Doshisha Co. Ltd.   488,753 
 54,000   Elpida Memory, Inc.(c)(d)   0 
 30,400   Fields Corp.   422,532 
 28,000   Fuji Soft, Inc.   591,569 
 83,000   Fujitec Co. Ltd.   578,173 
 34,000   Goldcrest Co. Ltd.   646,574 
 22,000   G-Tekt Corp.   520,860 
 8,000   Hakuhodo DY Holdings, Inc.   544,152 
 17,000   Hamakyorex Co. Ltd.(b)   547,488 
 30,200   Hisamitsu Pharmaceutical Co., Inc.   1,616,589 
 106,000   Hokuetsu Kishu Paper Co. Ltd.   542,490 
 75,300   Hoshizaki Electric Co. Ltd.   2,239,773 
 31,300   Itochu Techno-Solutions Corp.   1,358,861 
 73,200   Kaken Pharmaceutical Co. Ltd.   1,201,522 
 27,000   Kato Sangyo Co. Ltd.   504,008 
 67,000   Kewpie Corp.   888,742 
 53,000   Konaka Co. Ltd.   417,880 
 12,000   Kusuri No Aoki Co. Ltd.   629,887 
 43,900   KYORIN Holdings, Inc.   894,850 
 46,400   Lawson, Inc.   3,364,121 

 

Shares      Value 
JAPAN (continued)     
 24,000   Macnica, Inc.  $469,003 
 39,400   McDonald’s Holdings Co. Japan Ltd.   1,011,229 
 187,600   Medipal Holdings Corp.   2,375,644 
 157,000   Mitsui-Soko Co. Ltd.   683,318 
 27,000   Nagawa Co. Ltd.(b)   444,365 
 40,000   NET One Systems Co. Ltd.   384,056 
 328,000   Nippon Express Co. Ltd.   1,355,831 
 40,000   Nippon Television Network Corp.   569,085 
 121,000   Nissan Tokyo Sales Holdings Co. Ltd.(c)   445,918 
 59,300   NOK Corp.   885,171 
 75,300   Nomura Research Institute Ltd.   1,725,119 
 84,000   Okabe Co. Ltd.   618,208 
 44,200   Oriental Land Co. Ltd.   5,877,544 
 295,600   Otsuka Holdings Co. Ltd.   9,529,540 
 15,000   Relo Holdings, Inc.   552,791 
 126,000   Riken Corp.   468,478 
 116,000   San-Ai Oil Co. Ltd.(b)   503,603 
 43,400   Santen Pharmaceutical Co. Ltd.   1,786,877 
 90,000   Sanyo Denki Co. Ltd.   478,320 
 18,800   Sawai Pharmaceutical Co. Ltd.   1,930,472 
 31,000   SCSK Corp.   580,710 
 56,000   Showa Corp.   601,367 
 1,000   SKY Perfect JSAT Holdings, Inc.   469,681 
 885,100   Sumitomo Osaka Cement Co. Ltd.   2,961,787 
 27,800   Suzuken Co. Ltd.   851,830 
 69,000   Tadano Ltd.   611,942 
 51,000   Takara Leben Co. Ltd.   593,964 
 208,500   Toho Gas Co. Ltd.   1,114,949 
 20,000   Tokai Corp.   556,837 
 12,000   Token Corp.   669,255 
 50,000   Tokyo Broadcasting System Holdings, Inc.   582,864 
 888,000   Tokyo Gas Co. Ltd.   4,185,335 
 380,700   TonenGeneral Sekiyu KK   3,318,037 
 253,000   Tosoh Corp.   608,672 
 162,400   Toyo Construction Co. Ltd.   539,883 
 21,000   Toyo Tanso Co. Ltd.   508,666 
 27,000   Tsukui Corp.   550,659 
 36,800   Unipres Corp.   813,306 
 24,000   Universal Entertainment Corp.   456,405 
 77,400   West Japan Railway Co.   3,055,542 
 126,800   Yamazaki Baking Co. Ltd.   1,419,905 
 35,000   Yellow Hat Ltd.   527,421 
         87,402,293 
JERSEY CHANNEL ISLANDS — 0.1%     
 1,850,620   Highland Gold Mining Ltd.(b)   3,287,279 
MALAYSIA — 0.3%     
 680,800   Hap Seng Plantations Holdings Berhad(b)   600,384 
 1,861,900   Malayan Banking Berhad   5,321,426 
 1,150,400   Public Bank Berhad   5,746,446 
78

       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
MALAYSIA (continued)     
 499,600   Ta Ann Holdings Berhad(b)  $591,737 
 1,348,600   Telekom Malaysia Berhad   2,408,989 
 1,655,600   UMW Holdings Berhad   6,468,936 
         21,137,918 
MEXICO — 0.1%     
 4,024,025   America Movil SAB de CV - Series L   5,076,476 
 1,258,810   Desarrolladora Homex SAB de CV(c)   3,067,177 
         8,143,653 
NETHERLANDS — 0.1%     
 97,952   Heineken NV   6,887,988 
NEW ZEALAND — 0.0%     
 730,620   New Zealand Oil & Gas Ltd.(b)   554,889 
NORWAY — 0.1%     
 423,370   Gjensidige Forsikring ASA   6,657,175 
 69,340   Yara International ASA   3,699,978 
         10,357,153 
PAKISTAN — 0.0%     
 568,190   Engro Corp. Ltd.   547,198 
 1,657,640   Fauji Fertilizer Bin Qasim Ltd.   648,907 
 0   Fauji Fertilizer Co. Ltd.   1 
 1,246,000   HUB Power Co.   618,346 
         1,814,452 
POLAND — 0.0%     
 70,700   Grupa Lotos SA(c)   914,626 
 13,870   KGHM Polska Miedz SA   847,581 
 346,440   Synthos SA   588,383 
 179,580   Zaklady Chemiczne Police SA(b)(c)   769,164 
         3,119,754 
PORTUGAL — 0.1%     
 1,332,670   Portucel Empresa Produtora de Pasta e Papel SA(b)   5,149,804 
 685,980   Portugal Telecom SGPS SA   4,005,097 
         9,154,901 
PUERTO RICO — 0.0%     
 124,680   Oriental Financial Group, Inc.   1,791,652 
 64,710   Triple-S Management Corp. - Class B(c)   1,169,310 
         2,960,962 
SINGAPORE — 0.3%     
 200,000   Avago Technologies Ltd.   7,154,000 
 800,000   Metro Holdings Ltd.   604,371 
 1,634,000   Singapore Press Holdings Ltd.   5,413,000 
 1,986,000   Singapore Technologies Engineering Ltd.   6,290,244 
 1,152,000   Stamford Land Corp. Ltd.(b)   549,170 
         20,010,785 

 

Shares      Value 
SOUTH AFRICA — 0.2%     
 304,640   Aeci Ltd.(b)  $2,903,036 
 29,000   AngloGold Ashanti Ltd.   807,271 
 72,200   Gold Fields Ltd.   837,509 
 1,175,525   Sanlam Ltd.   5,984,763 
         10,532,579 
SOUTH KOREA — 0.1%     
 67,000   Daishin Securities Co. Ltd.   658,356 
 54,550   Halla Engineering & Construction Corp.   409,779 
 7,930   Kia Motors Corp.   376,501 
 11,510   Korean Air Lines Co. Ltd.(c)   480,409 
 5,030   Kumho Petrochemical Co. Ltd.   549,689 
 3,010   OCI Co. Ltd.   463,003 
 17,440   Seah Besteel Corp.   474,868 
         3,412,605 
SPAIN — 0.1%     
 64,440   Acciona SA   5,181,519 
SWEDEN — 0.1%     
 123,317   Swedish Match AB   4,627,891 
SWITZERLAND — 0.2%     
 63,000   Allied World Assurance Co. Holdings AG(c)   5,344,290 
 85,677   Nestle SA   6,015,890 
 58,337   PSP Swiss Property AG   5,592,993 
         16,953,173 
TAIWAN — 0.3%     
 854,900   Chunghwa Telecom Co. Ltd.   2,721,643 
 2,002,200   Compal Electronics, Inc.   1,454,530 
 1,699,000   Continental Holdings Corp.(b)   655,973 
 914,000   Formosa Advanced Technologies Co. Ltd.(b)   513,857 
 69,000   HTC Corp.   681,202 
 63,278   Macronix International   18,216 
 1,345,000   Micro-Star International Co. Ltd.   621,789 
 408,000   Taiwan Prosperity Chemical Corp.   536,833 
 1,918,000   Taiwan Semiconductor Manufacturing Co. Ltd.   6,593,298 
 208,000   TPK Holding Co. Ltd.   3,578,616 
 4,444,000   Winbond Electronics Corp.(c)   860,911 
         18,236,868 
THAILAND — 0.1%     
 1,135,700   Advanced Info Service Public Co. Ltd. - FOR(b)   7,997,887 
 390,800   Bangchak Petroleum Public Co. Ltd.   471,791 
         8,469,678 
TURKEY — 0.0%     
 2   Enka Insaat ve Sanayi AS   5 
79
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
TURKEY (continued)     
 271,730   Koza Anadolu Metal Madencilik Isletmeleri AS(c)  $778,689 
         778,694 
UNITED KINGDOM — 0.5%     
 112,054   AstraZeneca Plc   5,425,696 
 1,377,810   Carphone Warehouse Group Plc(b)   4,812,896 
 108,498   Lancashire Holdings Ltd.   1,409,311 
 370,590   Mondi Plc   4,390,516 
 442,789   Pennon Group Plc   4,747,279 
 94,284   Reckitt Benckiser Group Plc   6,283,409 
 475,160   Valiant Petroleum Plc(b)(c)   3,044,546 
 1,792,269   Vodafone Group Plc   4,891,987 
 353,165   WM Morrison Supermarkets Plc   1,405,894 
         36,411,534 
UNITED STATES — 11.0%     
 57,377   3M Co.   5,769,257 
 79,940   Abbott Laboratories   2,708,367 
 79,940   AbbVie, Inc.   2,932,999 
 35,040   Allstate Corp. (The)   1,538,256 
 340,240   American International Group, Inc.(c)   12,871,279 
 28,210   America’s Car-Mart, Inc.(c)   1,123,322 
 24,010   Ameriprise Financial, Inc.   1,592,343 
 136,500   Annaly Capital Management, Inc., REIT   2,029,755 
 15,030   Apache Corp.   1,258,913 
 121,500   Apple, Inc.   55,320,165 
 1,257,560   Applied Materials, Inc.   16,235,100 
 36,940   Arrow Electronics, Inc.(c)   1,419,235 
 26,060   Ascent Capital Group, Inc. - Class A(c)   1,660,283 
 91,799   Automatic Data Processing, Inc.   5,442,763 
 1,500,000   Bank of America Corp.   16,980,000 
 59,420   Bank of New York Mellon Corp. (The)   1,613,847 
 69,708   Becton Dickinson and Co.   5,858,260 
 84,800   Blucora, Inc.(c)   1,260,128 
 211,600   BMC Software, Inc.(c)   8,791,980 
 219,390   Brocade Communications Systems, Inc.(c)   1,254,911 
 169,390   Brooks Automation, Inc.   1,585,490 
 153,281   Campbell Soup Co.   5,626,946 
 186,840   CapitalSource, Inc.   1,515,272 
 44,390   Carter’s, Inc.(c)   2,673,610 
 6,340   CF Industries Holdings, Inc.   1,452,938 
 40,600   Chemed Corp.   3,067,330 
 17,940   Chubb Corp. (The)   1,440,761 
 1,227,400   Cisco Systems, Inc.   25,247,618 
 600,000   Citigroup, Inc.   25,296,000 
 141,773   Clorox Co. (The)   11,116,421 
 136,840   CNO Financial Group, Inc.   1,405,347 
 125,000   Coach, Inc.   6,375,000 
 134,934   Coca-Cola Co. (The)   5,024,942 
 54,280   Coeur d’Alene Mines Corp.(c)   1,177,876 

 

Shares      Value 
UNITED STATES (continued)     
 26,550   Coinstar, Inc.(c)  $1,350,864 
 50,328   Colgate-Palmolive Co.   5,403,717 
 85,070   Computer Task Group, Inc.(b)(c)   1,628,240 
 56,018   Consolidated Edison, Inc.   3,186,304 
 25,020   Contango Oil & Gas Co.   1,074,109 
 400,000   Corning, Inc.   4,800,000 
 76,070   Crocs, Inc.(c)   1,130,400 
 99,116   Danaher Corp.   5,940,022 
 249,800   Deere & Co.   23,496,188 
 52,440   Delek US Holdings, Inc.   1,781,387 
 2,374,500   Dell, Inc.   31,438,380 
 43,880   Deluxe Corp.   1,614,345 
 272,040   Denny’s Corp.(c)   1,376,522 
 72,580   Destination Maternity Corp.   1,652,647 
 228,400   Dolby Laboratories, Inc. - Class A   7,379,604 
 125,000   Dollar General Corp.(c)   5,777,500 
 30,330   Dr Pepper Snapple Group, Inc.   1,366,973 
 124,600   El Paso Pipeline Partners LP   5,190,836 
 73,720   Employers Holdings, Inc.   1,570,973 
 39,050   ePlus, Inc.(b)   1,819,340 
 200,000   Exelon Corp.   6,288,000 
 138,300   Family Dollar Stores, Inc.   7,841,610 
 599,800   Freeport-McMoRan Copper & Gold, Inc.   21,142,950 
 6,200   GameStop Corp. - Class A   143,840 
 1,725,000   General Motors Co., Escrow Shares(b)(c)(d)   258,750 
 83,682   Genuine Parts Co.   5,692,886 
 35,200   Gilead Sciences, Inc.(c)   1,388,640 
 11,500   Goldman Sachs Group, Inc. (The)   1,700,390 
 186,042   Hatteras Financial Corp.   5,038,017 
 775,000   Hewlett-Packard Co.   12,795,250 
 166,080   hhgregg, Inc.(c)   1,408,358 
 34,010   HollyFrontier Corp.   1,776,002 
 125,494   IDACORP, Inc.   5,824,177 
 425,000   Intel Corp.   8,942,000 
 175,510   iStar Financial, Inc.(c)   1,700,692 
 104,172   Kellogg Co.   6,094,062 
 174,949   Kimberly-Clark Corp.   15,659,685 
 150,000   Kohl’s Corp.   6,943,500 
 117,560   Kulicke & Soffa Industries, Inc.(c)   1,330,779 
 17,600   Lancaster Colony Corp.   1,257,696 
 130,290   Landec Corp.(c)   1,537,422 
 48,230   Legacy Reserves LP   1,212,985 
 51,100   Legg Mason, Inc.   1,412,915 
 32,320   Lincoln Electric Holdings, Inc.   1,743,018 
 55,140   Lincoln National Corp.   1,597,957 
 24,920   Littelfuse, Inc.   1,595,129 
 900   Lorillard, Inc.   35,163 
 200,000   Lowe’s Cos, Inc.   7,638,000 
 1,250,000   MGM Resorts International(c)   15,962,500 
 525,000   Microsoft Corp.   14,421,750 
80
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares      Value 
UNITED STATES (continued)     
 473,500   Morgan Stanley.  $10,819,475 
 250,000   Mosaic Co. (The)   15,312,500 
 57,130   NASDAQ OMX Group, Inc. (The)   1,617,922 
 86,800   National Financial Partners Corp.(c)   1,528,548 
 29,580   National Healthcare Corp.(b)   1,423,685 
 57,060   Nelnet, Inc. - Class A   1,736,336 
 784,700   NetApp, Inc.(c)   28,249,200 
 23,780   Netflix, Inc.(c)   3,929,407 
 355,000   Newmont Mining Corp.   15,250,800 
 141,840   Nexstar Broadcasting Group, Inc. - Class A(b)(c)   2,039,659 
 3,200   Norfolk Southern Corp.   220,384 
 73,450   Northern Oil and Gas, Inc.(c)   1,214,863 
 20,020   Northrop Grumman Corp.   1,302,101 
 1,022,400   NVIDIA Corp.   12,534,624 
 257,500   Occidental Petroleum Corp.   22,729,525 
 103,240   Omnicom Group, Inc.   5,603,867 
 39,470   Patterson Cos., Inc.   1,426,051 
 73,115   PepsiCo, Inc.   5,326,428 
 21,900   PG&E Corp.   933,816 
 57,111   Philip Morris International, Inc.   5,034,906 
 136,600   Plains All American Pipeline LP.   7,198,820 
 48,521   PPG Industries, Inc.   6,689,590 
 240,000   PPL Corp.(c)   13,125,600 
 79,677   Procter & Gamble Co. (The)   5,988,523 
 47,580   Protective Life Corp.   1,505,431 
 154,920   Provident New York Bancorp(b)   1,383,436 
 100,000   QUALCOMM, Inc.   6,603,000 
 184,900   Questcor Pharmaceuticals, Inc.   4,711,252 
 106,600   Resources Connection, Inc.   1,301,586 
 45,940   Royal Caribbean Cruises Ltd.   1,663,028 
 135,340   Rudolph Technologies, Inc.(c)   1,825,737 
 155,000   SanDisk Corp.(c)   7,748,450 
 187,870   SandRidge Energy, Inc.(c)   1,330,120 
 40,450   Schweitzer-Mauduit International, Inc.   1,647,933 
 560,910   Sirius XM Radio, Inc.   1,761,257 
 83,550   SLM Corp.   1,411,160 
 112,690   Spectrum Pharmaceuticals, Inc.   1,421,021 
 101,180   St. Jude Medical, Inc.   4,118,026 
 31,500   State Street Corp.   1,752,975 
 20,150   Strayer Education, Inc.   1,146,535 
 30,600   Sunoco Logistics Partners LP   1,856,196 
 116,960   Systemax, Inc.(b)   1,145,038 
 5,923   Terra Nitrogen Co. LP   1,449,654 
 33,720   Tesoro Corp.   1,641,827 
 45,800   Texas Instruments, Inc.   1,515,064 
 40,350   Thor Industries, Inc.   1,697,928 
 31,580   Time Warner, Inc.   1,595,422 
 39,600   TJX Cos., Inc.   1,789,128 
 37,520   Transmontaigne Partners LP   1,546,950 
 78,040   Tredegar Corp.   1,780,092 

 

Shares      Value 
UNITED STATES (continued)     
 393,600   Two Harbors Investment Corp., REIT  $4,888,512 
 61,520   Unisys Corp.(c)   1,366,359 
 69,335   United Parcel Service, Inc. - Class B   5,497,572 
 68,081   United Technologies Corp.   5,961,853 
 24,850   United Therapeutics Corp.(c)   1,339,167 
 155,100   Vaalco Energy, Inc.(c)   1,316,799 
 571,520   Vonage Holdings Corp.(c)   1,491,667 
 69,010   W&T Offshore, Inc.   1,214,576 
 24,100   Wal-Mart Stores, Inc.   1,685,795 
 900,000   Weatherford International Ltd.(c)   12,015,000 
 150,000   Western Digital Corp.   7,050,000 
 2,540   White Mountains Insurance Group Ltd.   1,398,676 
 136,355   Wisconsin Energy Corp.   5,376,478 
 17,900   World Acceptance Corp.(c)   1,388,145 
 36,000   WR Berkley Corp.   1,482,120 
         792,086,783 
Total Common Stocks
(Cost $1,205,105,640)		   1,270,914,132 
EXCHANGE TRADED FUNDS — 2.7%     
UNITED STATES — 2.7%     
 164,800   iShares FTSE China 25 Index Fund   6,834,256 
 384,960   iShares MSCI Canada Index Fund   11,113,795 
 100,000   iShares MSCI EAFE Index Fund .   5,898,000 
 453,600   iShares MSCI Emerging Markets Index Fund   20,058,192 
 400,000   iShares MSCI Germany Index Fund   10,284,000 
 450,000   iShares Silver Trust   13,698,000 
 655,000   SPDR Gold Trust   105,586,000 
 140,900   SPDR S&P 500 ETF Trust   21,092,730 
Total Exchange Traded Funds
(Cost $185,485,717)		   194,564,973 
      
PREFERRED STOCKS — 0.0%     
      
UNITED STATES — 0.0%     
 225,000   Fannie Mae   419,063 
 250,000   Freddie Mac   478,125 
Total Preferred Stocks
(Cost $6,746,080)		   897,188 
      
RIGHTS/WARRANTS — 0.0%     
      
BRAZIL — 0.0%     
         
 4,763   Equatorial Energia SA Rights, Expire 2/19/13(c)   2,033 
           
Total Rights/Warrants
(Cost $0)		   2,033 
81
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
BANK LOANS — 1.6%     
      
UNITED STATES — 1.6%     
$1,600,000   ADS Waste Holdings, Inc., Term Loan, 4.00%, 09/11/19(e)  $1,613,000 
 1,000,000   AlixPartners LLP, Initial Loan (Second Lien), 9.50%, 11/30/19(e)   1,018,750 
 139,649   AlixPartners LLP,Initial Term B-2 Loan (First Loan), 5.25%, 05/31/19(e)   140,782 
 3,990,000   Allison Transmission, Inc., Term B-3 Loan, 3.25%, 08/23/19(e)   4,036,136 
 5,810,223   Asurion LLC, Term Loan (Second Lien), 7.50%, 05/24/19(e)   5,969,098 
 4,228,750   Bausch & Lomb, Inc., Parent Term Loan, 4.25%, 05/17/19(e)   4,273,681 
 3,990,000   BJ’s Wholesale Club, Inc., New Replacement Loan (First Lien), 4.50%, 09/29/18(e)   4,052,068 
 2,000,000   Brickman Group Holdings, Inc., Tranche B-1 Term Loan, 4.25%, 10/14/16(e)   2,020,000 
 1,496,250   Cannery Casino Resorts, LLC, Term Loan (First Lien), 4.75%, 06/12/18(b)(e)   1,509,342 
 7,200,000   Cheasapeake Energy Corp., Term Loan B, 4.50%, 12/02/17(e)   7,373,570 
 3,000,000   Cumulus Media Holdings, Inc., Second Lien Term Loan, 6.00%, 09/16/19(e)   3,108,750 
 6,882,750   FMG Resources Pty Ltd., Term Loan B, 4.25%, 09/18/17(e)   6,968,784 
 3,980,000   Generac Power System, Inc., Term Loan, 5.00%, 05/30/18(e)   4,066,235 
 1,250,000   Getty Images, Inc., Initial Term Loan, 3.50%, 10/03/19(e)   1,264,063 
 2,100,000   Hamilton Sundsrand, Term Loan, 3.75%, 12/05/19(e)   2,119,950 
 1,990,000   Hologic, Inc., Tranche B Term Loan, 3.50%, 04/29/19(e)   2,014,875 
 2,733,150   Infor US, Inc., Tranche B-2 Term Loan, 4.00%, 04/05/18(e)   2,750,232 
 1,250,000   Kronos, Inc., Second Lien Term Loan, 8.50%, 04/26/20(e)   1,268,750 
 5,286,750   McJunkin Red Man Corp., Term Loan B, 5.00%, 10/24/19(e)   5,326,401 

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$850,000   MGM Resorts International, Term Loan B, 3.25%, 12/20/19(e)  $862,573 
 2,750,000   Nuveen Investments, Inc., First Lien Incremental Term Loan, 5.50%, 05/13/17(e)   2,777,500 
 3,000,000   Nuveen Investments, Inc., New Second Lien Term Loan, 7.00%, 02/23/19(e)   3,060,000 
 2,250,000   Peninsula (The), Term B Loan, 4.50%, 07/03/17(e)   2,282,812 
 3,532,250   Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., Tranche F Term Loan, 3.50%, 10/17/18(e)   3,572,620 
 4,000,000   PolyOne Corp., Term Loan, 0.01%, 12/20/17(b)(e)   4,033,332 
 2,150,000   PQ Corp., Term Loan, 4.25%, 05/08/17(e)   2,175,531 
 4,150,000   Quintiles Transnational Holdings, Inc., Term Loan, 7.50%, 02/21/17(e)   4,196,688 
 1,246,875   RBS Global, Inc./Rexnord LLC, Term Loan B, 3.50%, 04/01/18(e)   1,257,473 
 1,243,758   Savers, Inc, New Term Loan, 3.75%, 07/09/19(e)   1,250,288 
 1,650,000   Sequa Corp., Term Loan B, 4.00%, 06/18/17(e)   1,652,063 
 1,350,000   Tempur-Pedic, Term Loan B, 4.30%, 09/27/19(e)   1,370,974 
 1,995,000   United Surgical Partners International, Inc., 4.75%, 04/03/19(e)   2,010,794 
 2,461,776   Univar, Inc., Term Loan B, 3.50%, 06/30/17(e)   2,480,623 
 5,097,873   US Foods, Inc., Extended Term Loan, 4.25%, 03/31/17(e)   5,150,269 
 1,442,032   US Foods, Inc., Term Loan (2011), 4.25%, 05/06/17(e)   1,451,496 
 2,200,000   USI Holding Corp., Term Loan, 4.00%, 05/04/14(e)   2,219,250 
 1,720,687   Valeant Pharmaceuticals International, Inc., Tranche B Term Loan, 3.25%, 02/13/19(e)   1,742,464 
 2,985,000   WideOpenWest Finance LLC, Term Loan, 5.00%, 07/12/18(e)   3,015,954 
 4,927,744   Zayo Group LLC, Term Loan B, 4.00%, 06/14/19(e)   4,983,181 
Total Bank Loans
(Cost $110,272,965)		   112,440,352 
82
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
CORPORATE BONDS — 25.2%     
      
AUSTRALIA — 0.0%     
$425,000   FMG Resources Pty Ltd., 7.00%, 11/01/15(f)  $443,062 
 250,000   FMG Resources Pty Ltd., 6.00%, 04/01/17(f)   256,875 
 2,000,000   FMG Resources Pty Ltd., 8.25%, 11/01/19(f)   2,145,000 
 750,000   FMG Resources Pty Ltd., 6.88%, 04/01/22(f)   776,250 
 750,000   Nufarm Australia Ltd., 6.38%, 10/15/19(f)   795,000 
         4,416,187 
BERMUDA — 0.1%     
 7,000,000(g)  Celestial Nutrifoods Ltd., Cnv., 15.75%, 06/12/12(b)(c)(d)(h)(i)   1,131,176 
 7,000,000   Seadrill Ltd., 5.63%, 09/15/17(f)   7,087,500 
         8,218,676 
CANADA — 0.7%     
 1,500,000   Cascades, Inc., 7.75%, 12/15/17   1,590,000 
 1,250,000   Cascades, Inc., 7.88%, 01/15/20   1,331,250 
 9,500,000   Detour Gold Corp., Cnv., 5.50%, 11/30/17(b)   9,880,000 
 4,750,000   Mood Media Corp., 9.25%, 10/15/20(f)   5,106,250 
 4,700,000   PetroBakken Energy Ltd., 8.63%, 02/01/20(f)   4,794,000 
 7,000,000   Petrominerales Ltd., Cnv., 3.25%, 06/12/17   6,255,200 
 1,750,000   Precision Drilling Corp., 6.63%, 11/15/20   1,868,125 
 3,250,000   Precision Drilling Corp., 6.50%, 12/15/21   3,485,625 
 2,164,000   Quebecor Media, Inc., 7.75%, 03/15/16   2,201,870 
 6,500,000   Quebecor Media, Inc., 5.75%, 01/15/23(f)   6,808,750 
 3,750,000   Telesat Canada/Telesat LLC, 6.00%, 05/15/17(f)   3,937,500 
 1,000,000   Videotron Ltd., 5.00%, 07/15/22   1,045,000 
         48,303,570 
CAYMAN ISLANDS — 0.2%     
 4,000,000   Polarcus Ltd., Cnv., 2.88%, 04/27/16(b)   4,272,400 
 4,750,000   UPCB Finance V Ltd., 7.25%, 11/15/21(f)   5,248,750 

 

Principal        
Amount      Value 
CAYMAN ISLANDS (continued)     
$2,950,000   UPCB Finance VI Ltd., 6.88%, 01/15/22(f)  $3,208,125 
         12,729,275 
FRANCE — 0.2%     
 3,175,000   Cie Generale de Geophysique - Veritas, 6.50%, 06/01/21   3,373,438 
 1,225,000   Cie Generale de Geophysique- Veritas, 9.50%, 05/15/16   1,301,562 
 4,100,000   Cie Generale de Geophysique- Veritas, 7.75%, 05/15/17   4,264,000 
 125,000(j)  Faurecia SA, Cnv., 4.50%, 01/01/15   3,313,012  
         12,252,012 
GERMANY — 0.0%     
 3,500,000   Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 01/15/23(f)   3,570,000 
HONG KONG — 0.0%     
 9,700,000   China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(b)(c)(d)(h)(i)   1,133,154 
IRELAND — 0.1%     
 3,000,000   Ardagh Packaging Finance Plc, 9.13%, 10/15/20(f)   3,292,500 
 600,000   Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 7.38%, 10/15/17(f)   659,250 
 2,900,000   Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 9.13%, 10/15/20(f)   3,168,250 
         7,120,000 
LUXEMBOURG — 0.4%     
 4,732,000   ArcelorMittal, 5.75%, 08/05/20   4,962,259 
 500,000   Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(f)   564,212 
 1,025,000   Intelsat Jackson Holdings SA, 7.25%, 04/01/19   1,099,313 
 2,475,000   Intelsat Jackson Holdings SA, 7.25%, 10/15/20(f)   2,648,250 
 5,950,000   Intelsat Jackson Holdings SA, 7.50%, 04/01/21   6,455,750 
 5,350,000   Intelsat Luxembourg SA, 11.25%, 02/04/17   5,671,000 
83
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
LUXEMBOURG (continued)     
$4,450,000   Intelsat Luxembourg SA, 11.50% cash or 12.50% payment-in-kind interest, 02/04/17(k)  $4,717,000 
 1,250,000   Silver II Borrower/Silver II US Holdings LLC, 7.75%, 12/15/20(f)   1,309,375 
         27,427,159 
NETHERLANDS — 0.3%     
 8,000,000(j)  Celesio Finance BV, Cnv., 3.75%, 10/29/14   11,155,616 
 4,000,000(j)  Portugal Telecom International Finance BV, Cnv., 4.13%, 08/28/14   5,512,634 
 4,165,000   Sensata Technologies BV, 6.50%, 05/15/19(f)   4,498,200 
         21,166,450 
PUERTO RICO — 0.1%     
 5,500,000   Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 09/15/18(f)     
         5,940,000 
SOUTH AFRICA — 0.2%     
 119,000,000(j)  Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15   17,301,992 
SOUTH KOREA — 0.1%     
 28,890,000(j)  Export-Import Bank of Korea, 1.45%, 05/19/14(f)   4,546,443 
SPAIN — 0.2%     
 8,600,000(j)  Pescanova SA, 5.13%, 04/20/17(b)   11,895,952 
SWITZERLAND — 0.0%     
 2,500,000   Dufry Finance SCA, 5.50%, 10/15/20(f)   2,612,500 
UNITED KINGDOM — 0.2%     
 650,000   Inmarsat Finance Plc, 7.38%, 12/01/17(f)   698,750 
 3,600,000(j)  TUI Travel Plc, Cnv., 4.90%, 04/27/17   6,172,050 
 5,925,000   Virgin Media Finance Plc, 4.88%, 02/15/22   5,910,188 
 5,100,000   Virgin Media Finance Plc, 5.25%, 02/15/22   5,329,500 
         18,110,488 
UNITED STATES — 22.4%     
 5,000,000   Accuray, Inc., Cnv., 3.75%, 08/01/16   4,571,875 
 2,350,000   ADS Waste Holdings, Inc., 8.25%, 10/01/20(f)   2,514,500 
 2,500,000   AES Corp. (The), 8.00%, 10/15/17   2,887,500 

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$3,500,000   Air Medical Group Holdings, Inc., 9.25%, 11/01/18(f)  $3,850,000 
 15,000,000   Alere, Inc., Cnv., 3.00%, 05/15/16   14,240,625 
 1,500,000   Allbritton Communications Co., 8.00%, 05/15/18   1,623,750 
 3,500,000   Alliance Data Systems Corp., 5.25%, 12/01/17(f)   3,648,750 
 7,750,000   Alliance Data Systems Corp., 6.38%, 04/01/20(f)   8,370,000 
 8,000,000   Alliant Techsystems, Inc., Cnv., 3.00%, 08/15/24(b)   8,500,000 
 2,250,000   Allison Transmission, Inc., 7.13%, 05/15/19(f)   2,441,250 
 4,250,000   Ally Financial, Inc., 4.63%, 06/26/15   4,463,108 
 3,250,000   Ally Financial, Inc., 5.50%, 02/15/17   3,494,003 
 2,325,000   Altra Holdings, Inc., Cnv., 2.75%, 03/01/31(b)   2,625,797 
 4,250,000   AMC Networks, Inc., 7.75%, 07/15/21   4,855,625 
 2,750,000   AMC Networks, Inc., 4.75%, 12/15/22   2,750,000 
 888,000   American Axle & Manufacturing Holdings, Inc., 9.25%, 01/15/17(f)   981,240 
 250,000   AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20   271,250 
 5,250,000   AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22   5,748,750 
 2,750,000   AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 08/20/19   2,915,000 
 8,250,000   Ameristar Casinos, Inc., 7.50%, 04/15/21   8,971,875 
 14,000,000   Annaly Capital Management, Inc., Cnv., REIT, 5.00%, 05/15/15   14,332,500 
 3,500,000   ARAMARK Corp., 8.50%, 02/01/15   3,521,910 
 4,500,000   ARAMARK Holdings Corp., 8.63% cash or 9.38% payment- in-kind interest, 05/01/16(f)(k)   4,606,920 
 6,000,000   Ares Capital Corp., Cnv., 5.13%, 06/01/16   6,345,000 
 1,350,000   Ashland, Inc., 4.75%, 08/15/22(f)   1,387,125 
 5,690,000   Ashtead Capital, Inc., 6.50%, 07/15/22(f)   6,173,650 
 1,000,000   Atwood Oceanics, Inc., 6.50%, 02/01/20   1,087,500 
84
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$750,000   Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, 03/15/18  $832,500 
 4,950,000   Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/19   5,482,125 
 6,500,000   Belden, Inc., 6.50%, 10/01/20(f)   6,597,500 
 4,400,000   Belden, Inc., 5.50%, 09/01/22(f)   4,532,000 
 3,250,000   Bill Barrett Corp., 7.63%, 10/01/19   3,420,625 
 1,250,000   Bill Barrett Corp., 7.00%, 10/15/22   1,287,500 
 3,500,000   Biomet, Inc., 6.50%, 08/01/20(f)   3,675,000 
 1,250,000   Boise Paper Holdings LLC/Boise Co.-Issuer Co., 8.00%, 04/01/20   1,384,375 
 2,250,000   Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/01/17   2,446,875 
 5,150,000   Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.38%, 02/15/18(f)   5,368,875 
 3,200,000   Boyd Gaming Corp., 7.13%, 02/01/16   3,200,000 
 3,400,000   Boyd Gaming Corp., 9.13%, 12/01/18   3,536,000 
 250,000   Bresnan Broadband Holdings LLC, 8.00%, 12/15/18(f)   270,000 
 5,700,000   Bristow Group, Inc., Cnv., 3.00%, 06/15/38(b)   6,198,750 
 1,500,000   Building Materials Corp. of America, 6.75%, 05/01/21(f)   1,653,750 
 350,000   Cablevision Systems Corp., 8.63%, 09/15/17   410,375 
 1,650,000   Cablevision Systems Corp., 7.75%, 04/15/18   1,852,125 
 2,550,000   Cablevision Systems Corp., 8.00%, 04/15/20   2,881,500 
 5,600,000   Cablevision Systems Corp., 5.88%, 09/15/22   5,509,000 
 10,000,000   Cadence Design Systems, Inc., Series B, Cnv., 1.50%, 12/15/13   9,987,500 
 1,824,000   Calpine Corp., 7.25%, 10/15/17(f)   1,933,440 
 2,340,000   Calpine Corp., 7.88%, 07/31/20(f)   2,579,850 
 4,634,000   Calpine Corp., 7.50%, 02/15/21(f)   5,027,890 
 5,750,000   Catalent Pharma Solutions, Inc., 7.88%, 10/15/18(f)   5,807,500 

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$1,100,000   CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, 01/15/19  $1,189,375 
 500,000   CCO Holdings LLC/CCO Holdings Capital Corp., 8.13%, 04/30/20   561,250 
 1,000,000   CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 06/01/20   1,112,500 
 3,250,000   CCO Holdings LLC/CCO Holdings Capital Corp., 6.50%, 04/30/21   3,477,500 
 1,725,000   CCO Holdings LLC/CCO Holdings Capital Corp., 6.63%, 01/31/22   1,880,250 
 5,925,000   CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22   5,865,750 
 2,000,000   CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 02/15/23   1,970,000 
 1,300,000   CDW LLC/CDW Finance Corp., 8.00%, 12/15/18   1,446,250 
 6,200,000   CDW LLC/CDW Finance Corp., 8.50%, 04/01/19   6,866,500 
 500,000   Cemex Finance LLC, 9.50%, 12/14/16(f)   533,750 
 1,000,000   Central Garden and Pet Co., 8.25%, 03/01/18   1,038,750 
 8,600,000   CenturyLink, Inc., 5.80%, 03/15/22   8,998,730 
 1,000,000   CenturyLink, Inc., Series S, 6.45%, 06/15/21   1,091,953 
 12,500,000   Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp., 6.38%, 09/15/20(f)   13,093,750 
 250,000   Chaparral Energy, Inc., 8.25%, 09/01/21   277,500 
 2,000,000   Chaparral Energy, Inc., 7.63%, 11/15/22   2,160,000 
 6,000,000   Charles River Laboratories International, Inc., Cnv., 2.25%, 06/15/13   6,041,250 
 1,500,000   Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.63%, 11/15/19(b)(f)   1,485,000 
 4,750,000   Choice Hotels International, Inc., 5.75%, 07/01/22   5,272,500 
 6,000,000   CHS/Community Health Systems, Inc., 5.13%, 08/15/18   6,315,000 
 19,000,000   Ciena Corp. Cnv., 0.88%, 06/15/17   16,957,500 
85
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$4,750,000   Cimarex Energy Co., 5.88%, 05/01/22  $5,082,500 
 2,500,000   Cincinnati Bell, Inc., 8.25%, 10/15/17   2,684,375 
 950,000   Cincinnati Bell, Inc., 8.75%, 03/15/18   1,003,437 
 1,500,000   CIT Group, Inc., 5.00%, 05/15/17   1,601,250 
 1,700,000   CIT Group, Inc., 4.25%, 08/15/17   1,759,500 
 1,150,000   CIT Group, Inc., 5.25%, 03/15/18   1,230,500 
 6,400,000   CIT Group, Inc., 5.00%, 08/15/22   6,759,181 
 2,000,000   Clean Harbors, Inc., 5.25%, 08/01/20   2,090,000 
 1,500,000   Clean Harbors, Inc., 5.13%, 06/01/21(f)   1,545,000 
 8,650,000   CommScope, Inc., 8.25%, 01/15/19(f)   9,450,125 
 7,500,000   Comtech Telecommunications Corp., Cnv., 3.00%, 05/01/29(b)   7,682,812 
 2,900,000   Constellation Brands, Inc., 4.63%, 03/01/23   2,954,375 
 5,750,000   Continental Resources, Inc., 5.00%, 09/15/22   6,123,750 
 1,000,000   Copano Energy LLC/Copano Energy Finance Corp., 7.75%, 06/01/18   1,056,250 
 3,750,000   Copano Energy LLC/Copano Energy Finance Corp., 7.13%, 04/01/21   4,303,125 
 1,500,000   Crown Castle International Corp., 7.13%, 11/01/19   1,666,875 
 8,500,000   Crown Castle International Corp., 5.25%, 01/15/23(f)   8,925,000 
 1,100,000   CSC Holdings LLC, 7.63%, 07/15/18   1,281,500 
 500,000   CSC Holdings LLC, 6.75%, 11/15/21   562,500 
 8,500,000   CSG Systems International, Inc., Cnv., 3.00%, 03/01/17(f)   9,079,062 
 6,000,000   Cumulus Media Holdings, Inc., 7.75%, 05/01/19   5,985,000 
 1,000,000   Dana Holding Corp., 6.50%, 02/15/19   1,070,000 
 4,750,000   DaVita, Inc., 6.63%, 11/01/20   5,177,500 
 4,250,000   DaVita, Inc., 5.75%, 08/15/22   4,462,500 
 3,500,000   Del Monte Corp., 7.63%, 02/15/19   3,648,750 

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$2,250,000   Delphi Corp., 6.13%, 05/15/21  $2,475,000 
 250,000   DFC Global Corp., Cnv., 3.25%, 04/15/17(f)   278,281 
 7,000,000   Digital River, Inc., Cnv., 2.00%, 11/01/30   6,864,375 
 650,000   DISH DBS Corp., 7.88%, 09/01/19   768,625 
 7,950,000   DISH DBS Corp., 6.75%, 06/01/21   8,904,000 
 5,400,000   DISH DBS Corp., 5.88%, 07/15/22   5,737,500 
 1,000,000   DISH DBS Corp., 5.00%, 03/15/23(f)   987,500 
 695,000   Dole Food Co., Inc., 8.00%, 10/01/16(f)   726,275 
 550,000   Eagle Rock Energy Partners LP/Eagle Rock Energy Finance Corp., 8.38%, 06/01/19   572,000 
 200,000   Eagle Rock Energy Partners LP/Eagle Rock Energy Finance Corp., 8.38%, 06/01/19(f)   208,000 
 2,000,000   Easton-Bell Sports, Inc., 9.75%, 12/01/16   2,157,520 
 18,000,000   Electronic Arts, Inc., Cnv., 0.75%, 07/15/16   16,998,750 
 1,000,000   Endo Health Solutions, Inc., 7.00%, 07/15/19   1,090,000 
 1,500,000   Endo Health Solutions, Inc., 7.00%, 12/15/20   1,627,500 
 2,000,000   Endo Health Solutions, Inc., 7.25%, 01/15/22   2,190,000 
 1,750,000   Equinix, Inc., 8.13%, 03/01/18   1,920,625 
 3,000,000   Equinix, Inc., 7.00%, 07/15/21   3,345,000 
 4,500,000   Exterran Holdings, Inc., 7.25%, 12/01/18   4,770,000 
 1,500,000   Ferrellgas LP/Ferrellgas Finance Corp., 9.13%, 10/01/17   1,620,000 
 1,000,000   Ferrellgas LP/Ferrellgas Finance Corp., 6.50%, 05/01/21   1,010,000 
 2,250,000   Fidelity National Information Services, Inc., 5.00%, 03/15/22   2,435,625 
 3,000,000   Forest City Enterprises, Inc., Cnv., 4.25%, 08/15/18   3,245,625 
 1,841,000   Frac Tech Services LLC/Frac Tech Finance, Inc., 8.13%, 11/15/18(f)   1,905,435 
 2,652,000   Freescale Semiconductor, Inc., 10.13%, 03/15/18(f)   2,930,460 
86
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal
Amount Value
UNITED STATES (continued) 
$ 2,150,000 Fresenius Medical Care US Finance II, Inc., 5.63%, 07/31/19(f) $ 2,327,375
3,400,000   Fresenius Medical Care US Finance II, Inc., 5.88%, 01/31/22(f) 3,714,500
2,950,000   Fresenius Medical Care US Finance, Inc., 5.75%, 02/15/21(f) 3,193,375
650,000   Frontier Communications Corp., 7.88%, 04/15/15 726,375
1,750,000   Frontier Communications Corp., 8.25%, 04/15/17 2,025,625
1,100,000   Frontier Communications Corp., 7.13%, 03/15/19 1,204,500
2,750,000   Frontier Communications Corp., 8.50%, 04/15/20 3,176,250
4,750,000   Frontier Communications Corp., 7.13%, 01/15/23 5,046,875
5,250,000   FTI Consulting, Inc., 6.75%, 10/01/20 5,643,750
799,000   FTI Consulting, Inc., 6.00%, 11/15/22(f) 840,948
1,650,000   Gannett Co., Inc., 6.38%, 09/01/15 1,810,875
2,500,000   GCI, Inc., 6.75%, 06/01/21 2,425,000
1,650,000   General Cable Corp., 5.75%, 10/01/22(f) 1,736,625
14,500,000   General Cable Corp., Cnv., 0.88%, 11/15/13(b) 14,454,687
1,500,000   GenOn Americas Generation LLC, 8.50%, 10/01/21 1,740,000
1,250,000   GenOn Energy, Inc., 7.63%, 06/15/14 1,337,500
1,900,000   Geo Group, Inc. (The), 7.75%, 10/15/17 2,042,500
2,850,000   Geo Group, Inc. (The), 6.63%, 02/15/21 3,156,375
1,574,000   Georgia Gulf Corp., 9.00%, 01/15/17(f) 1,758,945
4,300,000   Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/20 4,988,000
700,000   Goodyear Tire & Rubber Co. (The), 7.00%, 05/15/22 750,750
600,000   Graphic Packaging International, Inc., 9.50%, 06/15/17 642,000
1,285,000   Graphic Packaging International, Inc., 7.88%, 10/01/18 1,410,287
2,000,000   Greenbrier Cos., Inc., Cnv., 3.50%, 04/01/18 1,936,250

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 3,750,000 Griffey Intermediate, Inc./Griffey Finance Sub LLC, 7.00%, 10/15/20(f) $ 3,890,625
2,750,000 Griffon Corp., 7.13%, 04/01/18   2,976,875
10,200,000 Griffon Corp., Cnv., 4.00%, 01/15/17(b)(f)   11,092,500
5,750,000 H&E Equipment Services, Inc., 7.00%, 09/01/22(f)   6,281,875
750,000 Hanesbrands, Inc., 8.00%, 12/15/16   818,437
4,500,000 Hanesbrands, Inc., 6.38%, 12/15/20   4,871,250
4,250,000 HCA Holdings, Inc., 6.25%, 02/15/21   4,473,125
1,500,000 HCA Holdings, Inc., 7.75%, 05/15/21   1,642,500
1,720,000 HCA, Inc., 6.50%, 02/15/16   1,874,800
2,810,000 HCA, Inc., 6.50%, 02/15/20   3,126,125
1,600,000 HCA, Inc., 7.50%, 02/15/22   1,848,000
2,050,000 HCA, Inc., 4.75%, 05/01/23   2,062,813
350,000 HCA, Inc., 5.88%, 05/01/23   364,875
4,000,000 HDTFS, Inc., 5.88%, 10/15/20(f)   4,250,000
4,500,000 HDTFS, Inc., 6.25%, 10/15/22(f)   4,882,500
3,869,000 Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(f)   3,975,397
3,265,000 Hercules, Inc., Cnv., 6.50%, 06/30/29(b)   2,730,356
1,500,000 Hertz Corp. (The), 6.75%, 04/15/19   1,627,500
3,000,000 Hiland Partners LP/Hiland Partners Finance Corp., 7.25%, 10/01/20(f)   3,247,500
4,950,000 Holly Energy Partners LP/Holly Energy Finance Corp., 6.50%, 03/01/20(f)   5,296,500
500,000 Hologic, Inc., 6.25%, 08/01/20(f)   537,500
10,000,000 Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37   10,006,250
19,500,000 Hologic, Inc., Cnv., STEP, 2.00%, 03/01/42   20,986,875
3,000,000 Hornbeck Offshore Services, Inc., 8.00%, 09/01/17   3,202,500
6,150,000 Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26   6,190,590
87
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 2,770,000 Horsehead Holding Corp., Cnv., 3.80%, 07/01/17(b) $ 2,667,856
2,250,000 Host Hotels & Resorts LP, 4.75%, 03/01/23   2,356,875
2,750,000 Hughes Satellite Systems Corp., 6.50%, 06/15/19   3,038,750
8,750,000 Hughes Satellite Systems Corp., 7.63%, 06/15/21   10,018,750
13,500,000 Iconix Brand Group, Inc., Cnv., 2.50%, 06/01/16(f)   14,520,938
17,000,000 Illumina, Inc., Cnv., 0.25%, 03/15/16(f)   16,298,750
8,100,000 Infor US, Inc., 9.38%, 04/01/19(f)   9,153,000
2,500,000 Ingles Markets, Inc., 8.88%, 05/15/17   2,646,875
19,000,000 Integra Lifesciences Holdings Corp., 1.63%, 12/15/16(b)   19,771,875
1,850,000 Interactive Data Corp., 10.25%, 08/01/18   2,095,125
4,000,000 InterDigital, Inc., Cnv., 2.50%, 03/15/16   4,350,000
5,000,000 International Game Technology, 3.25%, 05/01/14(f)   5,265,625
950,000 Iron Mountain, Inc., 8.00%, 06/15/20   1,002,250
9,050,000 Iron Mountain, Inc., 5.75%, 08/15/24   9,129,188
2,900,000 Isle of Capri Casinos, Inc., 7.75%, 03/15/19   3,132,000
3,600,000 Isle of Capri Casinos, Inc., 8.88%, 06/15/20   3,933,000
5,000,000 Jarden Corp., 7.50%, 05/01/17   5,643,750
1,000,000 Jarden Corp., 7.50%, 01/15/20   1,090,000
4,000,000 Jarden Corp., Cnv., 1.88%, 09/15/18(f)   4,395,000
2,199,000 Jazz Technologies, Inc., 8.00%, 06/30/15   1,957,110
7,500,000 JMC Steel Group, 8.25%, 03/15/18(f)   7,987,500
3,000,000 Key Energy Services, Inc., 6.75%, 03/01/21   3,015,000
19,000,000 L-3 Communications Holdings, Inc., Cnv., 3.00%, 08/01/35(b)   19,249,375
11,000,000 Lam Research Corp., Cnv., 0.50%, 05/15/16   11,034,375
2,750,000 Lamar Media Corp., 7.88%, 04/15/18   3,014,687
1,760,000 Lamar Media Corp., 5.88%, 02/01/22   1,936,000

 

Principal   
Amount Value

UNITED STATES (continued)

 
$ 4,000,000 Lamar Media Corp., 5.00%, 05/01/23(f) $ 4,080,000
6,750,000 Level 3 Financing, Inc., 8.13%, 07/01/19   7,357,500
2,000,000 Level 3 Financing, Inc., 7.00%, 06/01/20(f)   2,120,000
2,250,000 Level 3 Financing, Inc., 8.63%, 07/15/20   2,520,000
4,000,000 Levi Strauss & Co., 7.63%, 05/15/20   4,360,000
3,500,000 Levi Strauss & Co., 6.88%, 05/01/22   3,806,250
17,000,000 Liberty Media LLC, Cnv., 4.00%, 11/15/29   11,687,500
33,500,000 Liberty Media LLC, Cnv., 3.75%, 02/15/30   21,775,000
5,000,000 LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14   5,315,625
2,000,000 LIN Television Corp., 6.38%, 01/15/21(f)   2,130,000
10,000,000 Linear Technology Corp., Series A, Cnv., 3.00%, 05/01/27   10,618,750
2,100,000 Linn Energy LLC/Linn Energy Finance Corp., 6.50%, 05/15/19   2,139,375
1,000,000 LINN Energy LLC/LINN Energy Finance Corp., 6.25%, 11/01/19(f)   997,500
3,900,000 LINN Energy LLC/LINN Energy Finance Corp., 7.75%, 02/01/21(f)   4,173,000
17,500,000 Live Nation Entertainment, Inc., Cnv., 2.88%, 07/15/27   17,456,250
850,000 Ltd. Brands, Inc., 6.90%, 07/15/17   979,625
150,000 Ltd. Brands, Inc., 5.63%, 02/15/22   161,250
1,000,000 MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.75%, 11/01/20   1,095,000
1,500,000 MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.25%, 06/15/22   1,627,500
150,000 MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 5.50%, 02/15/23   158,250
4,250,000 MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50%, 07/15/23   4,228,750
88
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 4,600,000 Mead Products LLC/ACCO Brands Corp., 6.75%, 04/30/20(f) $ 4,887,500
2,400,000 MedAssets, Inc., 8.00%, 11/15/18   2,610,000
4,500,000 Mediacom Broadband LLC/Mediacom Broadband Corp., 6.38%, 04/01/23(f)   4,601,250
3,850,000 Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19   4,273,500
1,000,000 Mediacom LLC/Mediacom Capital Corp., 7.25%, 02/15/22   1,090,000
7,750,000 Mentor Graphics Corp., Cnv., 4.00%, 04/01/31   8,965,781
12,000,000 Meritor, Inc., Cnv., STEP, 4.00%, 02/15/27   9,247,500
4,300,000 MGM Resorts International, 7.50%, 06/01/16   4,708,500
1,150,000 MGM Resorts International, 7.63%, 01/15/17   1,260,688
2,000,000 MGM Resorts International, 11.38%, 03/01/18   2,490,000
2,500,000 MGM Resorts International, 6.75%, 10/01/20(f)   2,625,000
1,000,000 MGM Resorts International, 7.75%, 03/15/22   1,090,000
2,750,000 Michael Foods, Inc., 9.75%, 07/15/18   3,052,500
3,100,000 Michaels Stores, Inc., 11.38%, 11/01/16   3,235,656
2,750,000 Michaels Stores, Inc., 7.75%, 11/01/18   3,007,812
12,000,000 Micron Technology, Inc., Cnv., 1.88%, 06/01/27   11,572,500
6,800,000 Morgans Hotel Group Co., Cnv., 2.38%, 10/15/14(b)   6,409,000
8,000,000 MPT Operating Partnership LP, REIT, Cnv., 9.25%, 04/01/13(b)(f)   8,716,640
3,250,000 MPT Operating Partnership LP/MPT Finance Corp., REIT, 6.88%, 05/01/21   3,566,875
3,600,000 MultiPlan, Inc., 9.88%, 09/01/18(f)   4,014,000
10,000,000 Nash Finch Co., Cnv., STEP, 1.63%, 03/15/35(b)   4,637,500
3,000,000 NBTY, Inc., 9.00%, 10/01/18   3,412,500
3,500,000 NCR Corp., 4.63%, 02/15/21(f)   3,504,375
5,000,000 NCR Corp., 5.00%, 07/15/22(f)   5,062,500

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 4,900,000 Needle Merger Sub Corp., 8.13%, 03/15/19(f) $ 5,047,000
3,850,000 Nexstar Broadcasting, Inc., 6.88%, 11/15/20(f)   4,013,625
150,000 Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.88%, 04/15/17   165,375
1,500,000 Nielsen Finance LLC/Nielsen Finance Co., 7.75%, 10/15/18   1,670,625
4,200,000 Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 10/01/20(f)   4,137,000
3,000,000 NRG Energy, Inc., 8.25%, 09/01/20   3,390,000
2,500,000 NRG Energy, Inc., 7.88%, 05/15/21   2,800,000
5,500,000 NRG Energy, Inc., 6.63%, 03/15/23(f)   5,898,750
6,750,000 Nuance Communications, Inc., 5.38%, 08/15/20(f)   6,952,500
18,385,000 NuVasive, Inc., Cnv., 2.75%, 07/01/17(b)   17,144,013
2,600,000 Oasis Petroleum, Inc., 7.25%, 02/01/19   2,821,000
500,000 Oasis Petroleum, Inc., 6.50%, 11/01/21   535,000
1,400,000 Oasis Petroleum, Inc., 6.88%, 01/15/23   1,522,500
1,500,000 Oil States International, Inc., 6.50%, 06/01/19   1,601,250
1,935,000 Omega Healthcare Investors, Inc., 6.75%, 10/15/22   2,113,988
11,000,000 Omnicare, Inc., Cnv., 3.25%, 12/15/35   10,972,500
19,500,000 Owens-Brockway Glass Container, Inc., Cnv., 3.00%, 06/01/15(f)   19,475,625
1,000,000 Penn National Gaming, Inc., 8.75%, 08/15/19   1,140,000
3,000,000 Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.25%, 04/15/18   3,195,000
3,000,000 Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, 8.38%, 06/01/20(f)   3,217,500
6,750,000 Penske Automotive Group, Inc., 5.75%, 10/01/22(f)   6,935,625
1,850,000 PH Glatfelter Co., 5.38%, 10/15/20   1,933,250
4,000,000 Photronics, Inc., Cnv., 3.25%, 04/01/16(b)   4,080,000
89
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 2,250,000 Pinnacle Entertainment, Inc., 8.63%, 08/01/17 $ 2,407,500
3,085,000 Pinnacle Entertainment, Inc., 8.75%, 05/15/20   3,347,225
1,000,000 Pinnacle Entertainment, Inc., 7.75%, 04/01/22   1,070,000
3,425,000 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15   3,459,250
4,975,000 Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 8.25%, 09/01/17   5,292,156
2,400,000 Plains Exploration & Production Co., 7.63%, 06/01/18   2,526,000
1,300,000 Plains Exploration & Production Co., 7.63%, 04/01/20   1,462,500
2,500,000 Plains Exploration & Production Co., 6.50%, 11/15/20   2,765,625
1,000,000 Plains Exploration & Production Co., 6.75%, 02/01/22   1,126,250
1,150,000 PolyOne Corp., 7.38%, 09/15/20   1,276,500
1,450,000 Prestige Brands, Inc., 8.25%, 04/01/18   1,591,375
750,000 Prestige Brands, Inc., 8.13%, 02/01/20   840,000
6,000,000 Prospect Capital Corp., Cnv., 5.50%, 08/15/16   6,277,500
10,000,000 Prospect Capital Corp., Cnv., 5.75%, 03/15/18(f)   10,025,000
5,000,000 QEP Resources, Inc., 5.38%, 10/01/22   5,325,000
2,000,000 QEP Resources, Inc., 5.25%, 05/01/23   2,100,000
1,000,000 Qwest Capital Funding, Inc., 6.50%, 11/15/18(b)   1,138,143
350,000 Qwest Communications International, Inc., 7.13%, 04/01/18(f)   365,122
300,000 Qwest Corp., 6.75%, 12/01/21   348,087
1,750,000 RBS Global, Inc./Rexnord LLC, 8.50%, 05/01/18   1,916,250
4,000,000 Regency Energy Partners LP/Regency Energy Finance Corp., 6.50%, 07/15/21   4,370,000
3,250,000 Regency Energy Partners LP/Regency Energy Finance Corp., 5.50%, 04/15/23   3,445,000
2,500,000 Rent-A-Center, Inc., 6.63%, 11/15/20   2,721,875

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 5,850,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.50%, 05/15/18 $ 6,142,500
1,750,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.00%, 04/15/19   1,846,250
1,400,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.88%, 08/15/19   1,529,500
3,200,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 5.75%, 10/15/20   3,272,000
2,800,000 Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.25%, 02/15/21   2,933,000
7,500,000 Rockwood Specialties Group, Inc., 4.63%, 10/15/20   7,659,375
7,000,000 Rovi Corp., Cnv., 2.63%, 02/15/40   7,061,250
2,500,000 RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.25%, 02/01/21   2,843,750
12,000,000 Salix Pharmaceuticals, Inc., Cnv., 1.50%, 03/15/19(b)(f)   12,465,000
1,500,000 Sally Holdings LLC/Sally Capital, Inc., 6.88%, 11/15/19   1,657,500
2,250,000 Sally Holdings LLC/Sally Capital, Inc., 5.75%, 06/01/22   2,379,375
31,785,000 Savient Pharmaceuticals, Inc., STEP, 3.00%, 05/09/19(b)(d)(f)   18,276,375
1,270,000 SBA Communications Corp., 5.63%, 10/01/19(f)   1,333,500
5,100,000 SBA Telecommunications, Inc., 5.75%, 07/15/20(f)   5,355,000
2,100,000 Scientific Games International, Inc., 9.25%, 06/15/19   2,346,750
3,000,000 Scientific Games International, Inc., 6.25%, 09/01/20(f)   3,120,000
500,000 SEACOR Holdings, Inc., 7.38%, 10/01/19   529,296
7,250,000 Sequa Corp., 7.00%, 12/15/17(f)   7,304,375
4,250,000 SESI LLC, 7.13%, 12/15/21   4,728,125
90
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 12,000,000 ShengdaTech, Inc., Cnv., 6.50%, 12/15/15(b)(c)(d)(f)(i) $ 3,600,000
3,000,000 Sinclair Television Group, Inc., 6.13%, 10/01/22(f)   3,202,500
6,250,000 Sirius XM Radio, Inc., 5.25%, 08/15/22(f)   6,359,375
5,000,000 Spectrum Brands Escrow Corp., 6.38%, 11/15/20(f)   5,318,750
1,000,000 Spectrum Brands, Inc., 9.50%, 06/15/18(f)   1,131,250
4,000,000 Spectrum Brands, Inc., 6.75%, 03/15/20(f)   4,320,000
1,250,000 Speedway Motorsports, Inc., 8.75%, 06/01/16   1,331,250
3,000,000 Sprint Nextel Corp., 7.00%, 03/01/20(f)   3,480,000
3,300,000 Sprint Nextel Corp., 7.00%, 08/15/20   3,572,250
3,950,000 Sprint Nextel Corp., 6.00%, 11/15/22   3,969,750
7,500,000 Starz LLC/Starz Finance Corp., 5.00%, 09/15/19(f)   7,762,500
675,000 Stater Brothers Holdings, Inc., 7.38%, 11/15/18   728,156
18,700,000 Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14   19,144,125
9,000,000 Stone Energy Corp., Cnv., 1.75%, 03/01/17(f)   8,280,000
3,293,000 Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, 10/01/18   3,556,440
3,324,000 Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.38%, 08/01/21   3,623,160
1,100,000 SunGard Data Systems, Inc., 7.38%, 11/15/18   1,168,750
6,775,000 SunGard Data Systems, Inc., 6.63%, 11/01/19(f)   6,995,188
4,750,000 SunGard Data Systems, Inc., 7.63%, 11/15/20   5,177,500
4,320,000 Susser Holdings LLC/Susser Finance Corp., 8.50%, 05/15/16   4,579,200
8,000,000 TeleCommunication Systems, Inc., Cnv., 4.50%, 11/01/14(b)(f)   7,480,000
750,000 Tempur-Pedic International, Inc., 6.88%, 12/15/20(f)   796,875
3,000,000 Tenet Healthcare Corp., 6.25%, 11/01/18(f)   3,292,500
250,000 Tenet Healthcare Corp., 6.75%, 02/01/20   261,250

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 400,000 Tenet Healthcare Corp., 4.75%, 06/01/20(f) $ 402,500
7,600,000 Tenet Healthcare Corp., 8.00%, 08/01/20   8,265,000
13,000,000 TIBCO Software, Inc., Cnv., 2.25%, 05/01/32(f)   12,642,500
5,000,000 Titan Machinery, Inc., Cnv., 3.75%, 05/01/19(f)   5,071,875
11,575,000 Tower Group, Inc., Cnv., 5.00%, 09/15/14(b)   12,038,000
3,100,000 Toys R US Property Co. I LLC, 10.75%, 07/15/17   3,332,500
2,900,000 Toys R US Property Co. II LLC, 8.50%, 12/01/17   3,052,250
1,400,000 TransDigm, Inc., 7.75%, 12/15/18   1,555,750
1,600,000 TransDigm, Inc., 5.50%, 10/15/20(f)   1,668,000
  2,000,000     TransUnion Holding Co., Inc., 8.13% cash or 8.88% payment-in-kind interest, 06/15/18(f)(k)      2,095,000  
5,000,000 TransUnion Holding Co., Inc., 9.63%, 06/15/18   5,337,500
  1,750,000     TransUnion LLC/TransUnion Financing Corp., 11.38%, 06/15/18       2,023,438  
2,000,000 Trinity Industries, Inc., Cnv., 3.88%, 06/01/36   2,366,250
2,000,000 TRW Automotive, Inc., 7.25%, 03/15/17(f)   2,315,000
7,000,000 TTM Technologies, Inc., Cnv., 3.25%, 05/15/15   7,000,000
1,500,000 TW Telecom Holdings, Inc., 8.00%, 03/01/18   1,638,750
250,000 TW Telecom Holdings, Inc., 5.38%, 10/01/22   262,500
2,925,000 Unit Corp., 6.63%, 05/15/21   3,034,688
2,850,000 United Rentals North America, Inc., 7.38%, 05/15/20   3,135,000
5,750,000 United Rentals North America, Inc., 7.63%, 04/15/22   6,411,250
10,000,000 United States Steel Corp., Cnv., 4.00%, 05/15/14   10,500,000
3,000,000 Universal Health Services, Inc., 7.00%, 10/01/18   3,307,500
4,000,000 Universal Hospital Services, Inc., 7.63%, 08/15/20   4,290,000
9,000,000 US Foodservice, 8.50%, 06/30/19(f)   9,360,000
2,000,000 Vail Resorts, Inc., 6.50%, 05/01/19   2,147,500
2,350,000 Valeant Pharmaceuticals International, Inc., 6.75%, 10/01/17(f)   2,496,875
91
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal   
Amount Value
UNITED STATES (continued) 
$ 3,650,000 Valeant Pharmaceuticals International, Inc., 6.88%, 12/01/18(f) $ 3,869,000
2,000,000 Valeant Pharmaceuticals International, Inc., 6.38%, 10/15/20(f)   2,065,000
5,625,000 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.00%, 02/01/18   5,962,500
1,000,000 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 02/01/19   1,056,250
375,000 Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 02/01/19(f)   396,094
40,000 Vanguard Health Systems, Inc., 9.30%, 02/01/16(h)   30,600
5,000,000 Vanguard Natural Resources LLC/VNR Finance Corp., 7.88%, 04/01/20   5,262,500
6,000,000 ViaSat, Inc., 6.88%, 06/15/20   6,405,000
2,450,000 VPI Escrow Corp., 6.38%, 10/15/20(f)   2,541,875
5,000,000 WebMD Health Corp., Cnv., 2.25%, 03/31/16   4,737,500
9,000,000 WebMD Health Corp., Cnv., 2.50%, 01/31/18(b)   7,948,125
4,875,000 West Corp., 11.00%, 10/15/16   5,070,000
1,650,000 West Corp., 8.63%, 10/01/18   1,769,625
4,825,000 West Corp., 7.88%, 01/15/19   5,114,500
1,200,000 Windstream Corp., 7.88%, 11/01/17   1,371,000
1,000,000 Windstream Corp., 8.13%, 09/01/18   1,097,500
2,050,000 Windstream Corp., 7.00%, 03/15/19   2,091,000
6,000,000 Windstream Corp., 7.75%, 10/15/20   6,525,000
1,000,000 Windstream Corp., 7.50%, 06/01/22(f)   1,082,500
6,250,000 XM Satellite Radio, Inc., 7.63%, 11/01/18(f)   6,937,500
120,000 Yankee Candle Co., Inc., Series B, 8.50%, 02/15/15   120,301
2,000,000 Zayo Group LLC/Zayo Capital, Inc., 8.13%, 01/01/20   2,230,000
  1,605,826,740
Total Corporate Bonds
(Cost $1,753,596,470)		 1,812,570,598

 

Principal   
Amount Value
GOVERNMENT BONDS — 12.7% 
      
AUSTRALIA — 0.3% 
$ 7,390,000 (j) New South Wales Treasury Corp., 5.50%, 08/01/13   $ 7,802,421
685,000 (j) Queensland Treasury Corp., 6.00%, 08/14/13   725,936
5,190,000 (j) Queensland Treasury Corp., 6.00%, 08/21/13   5,501,481
6,823,000 (j) Western Australia Treasury Corp., 8.00%, 06/15/13   7,241,651
  21,271,489
BRAZIL — 0.2% 
9,490,000 (j) Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15   11,698,518
2,400,000 (j) Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45   3,769,224
3,900,000 (j) Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17   2,052,119
  17,519,861
HUNGARY — 0.6% 
67,600,000 (j) Hungary Government Bond, 6.75%, 02/12/13   313,870
54,500,000 (j) Hungary Government Bond, 7.50%, 10/24/13   256,836
133,100,000 (j) Hungary Government Bond, 5.50%, 02/12/14   619,824
402,550,000 (j) Hungary Government Bond, 6.75%, 08/22/14   1,911,884
61,000,000 (j) Hungary Government Bond, 8.00%, 02/12/15   298,037
108,050,000 (j) Hungary Government Bond, 7.75%, 08/24/15   528,919
96,000,000 (j) Hungary Government Bond, 5.50%, 02/12/16   446,432
85,800,000 (j) Hungary Government Bond, 6.75%, 02/24/17   412,838
405,040,000 (j) Hungary Government Bond, 6.75%, 11/24/17   1,955,709
84,800,000 (j) Hungary Government Bond, 6.50%, 06/24/19   404,665
39,480,000 (j) Hungary Government Bond, 7.50%, 11/12/20   199,863
54,700,000 (j) Hungary Government Bond, 7.00%, 06/24/22   265,717
520,000 (j) Hungary Government International Bond, 4.38%, 07/04/17   702,239
92
       
Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)  January 31, 2013
(Unaudited)
       

 

Principal   
Amount Value
HUNGARY (continued) 
$ 1,705,000 (j)   Hungary Government International Bond, 5.75%, 06/11/18    $  2,423,378  
  5,100,000 (j)   Hungary Government International Bond, 6.00%, 01/11/19       7,315,154  
  2,920,000     Hungary Government International Bond, 6.25%, 01/29/20       3,204,700  
  10,537,000 (j)   Hungary Government International Bond, 3.88%, 02/24/20       13,507,287  
  3,930,000      Hungary Government International Bond, 6.38%, 03/29/21       4,283,700  
32,600,000 (j) Hungary Treasury Bills, 6.38%, 05/29/13(h)   148,728
142,400,000 (j) Hungary Treasury Bills, 6.31%, 09/18/13(h)   639,232
  39,839,012
ICELAND — 0.0% 
  1,830,000     Iceland Government International Bond, 5.88%, 05/11/22(f)       2,069,913  
INDONESIA — 0.5% 
23,560,000,000 (j) Indonesia Treasury Bond, 9.00%, 09/15/13   2,485,171
3,590,000,000 (j) Indonesia Treasury Bond, 9.00%, 09/15/18   441,298
33,800,000,000 (j) Indonesia Treasury Bond, 12.80%, 06/15/21   5,217,079
33,160,000,000 (j) Indonesia Treasury Bond, 12.90%, 06/15/22   5,234,490
1,590,000,000 (j) Indonesia Treasury Bond, 10.25%, 07/15/22   220,061
137,380,000,000 (j) Indonesia Treasury Bond, 9.50%, 07/15/23   18,368,919
25,525,000,000 (j) Indonesia Treasury Bond, 10.00%, 02/15/28   3,556,392
  35,523,410
IRELAND — 1.3% 
475,000 (j) Ireland Government Bond, 4.60%, 04/18/16   690,291
7,620,000 (j) Ireland Government Bond, 5.50%, 10/18/17   11,423,968
542,000 (j) Ireland Government Bond, 4.50%, 10/18/18   778,180
820,000 (j) Ireland Government Bond, 4.40%, 06/18/19   1,147,793
1,874,000 (j) Ireland Government Bond, 5.90%, 10/18/19   2,846,188
                 
Principal   
Amount Value
IRELAND (continued) 
$ 3,108,000 (j) Ireland Government Bond, 4.50%, 04/18/20 $ 4,342,228
32,580,000 (j) Ireland Government Bond, 5.00%, 10/18/20   46,782,242
19,763,000 (j) Ireland Government Bond, 5.40%, 03/13/25   28,202,036
  96,212,926
ISRAEL — 0.2% 
29,256,000 (j) Israel Government Bond, 5.00%, 03/31/13   8,262,513
25,646,000 (j) Israel Government Bond, 3.50%, 09/30/13   7,076,332
  15,338,845
LITHUANIA — 0.1% 
  3,580,000     Lithuania Government International Bond, 6.75%, 01/15/15(f)       3,911,150  
  2,890,000     Lithuania Government International Bond, 7.38%, 02/11/20(f)       3,684,750  
  2,460,000     Lithuania Government International Bond, 6.13%, 03/09/21(f)       2,958,150  
  10,554,050
MALAYSIA — 1.7% 
  170,000 (j)   Bank Negara Malaysia Monetary Notes, 2.84%, 02/19/13(h)       54,656  
  100,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 02/26/13(h)       32,127  
  50,000 (j)   Bank Negara Malaysia Monetary Notes, 2.86%, 03/07/13(h)       16,052  
  590,000 (j)   Bank Negara Malaysia Monetary Notes, 2.98%, 03/12/13(h)       189,334  
  230,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 03/14/13(h)       73,793  
  6,560,000 (j)   Bank Negara Malaysia Monetary Notes, 2.88%, 05/02/13(h)       2,096,381  
  130,000 (j)   Bank Negara Malaysia Monetary Notes, 2.96%, 05/14/13(h)       41,505  
  4,875,000 (j)   Bank Negara Malaysia Monetary Notes, 2.86%, 05/23/13(h)       1,555,227  
  345,000 (j)   Bank Negara Malaysia Monetary Notes, 3.00%, 05/28/13(h)       110,017  
93
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal       
Amount      Value 
MALAYSIA (continued)     
$ 9,450,000 (j)   Bank Negara Malaysia Monetary Notes, 2.95%, 06/04/13(h)   $ 3,011,950  
  8,020,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 06/11/13(h)     2,554,779  
  20,975,000 (j)   Bank Negara Malaysia Monetary Notes, 2.93%, 06/18/13(h)     6,677,773  
  9,940,000 (j)   Bank Negara Malaysia Monetary Notes, 2.87%, 06/20/13(h)     3,164,062  
  4,790,000 (j)   Bank Negara Malaysia Monetary Notes, 2.95%, 06/27/13(h)     1,523,854  
  3,990,000 (j)   Bank Negara Malaysia Monetary Notes, 2.94%, 07/04/13(h)     1,268,630  
  905,000 (j)   Bank Negara Malaysia Monetary Notes, 2.86%, 07/11/13(h)     287,584  
  3,610,000 (j)   Bank Negara Malaysia Monetary Notes, 2.94%, 07/18/13(h)     1,146,487  
  240,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 07/25/13(h)     76,179  
  910,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 08/06/13(h)     289,899  
  1,120,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 08/15/13(h)     354,902  
  490,000 (j)   Bank Negara Malaysia Monetary Notes, 2.85%, 08/27/13(h)     155,122  
  530,000 (j)   Bank Negara Malaysia Monetary Notes, 3.01%, 09/05/13(h)     167,628  
  50,000 (j)   Bank Negara Malaysia Monetary Notes, 2.88%, 09/26/13(h)     15,792  
  30,000 (j)   Bank Negara Malaysia Monetary Notes, 2.88%, 10/10/13(h)     9,465  
  30,000 (j)   Bank Negara Malaysia Monetary Notes, 2.88%, 10/22/13(h)     9,456  
  150,000 (j)   Bank Negara Malaysia Monetary Notes, 2.89%, 10/31/13(h)     47,249  
  5,080,000 (j)   Bank Negara Malaysia Monetary Notes, 2.90%, 11/19/13(h)     1,597,819  

 

Principal       
Amount      Value 
MALAYSIA (continued)     
$ 22,510,000 (j)   Bank Negara Malaysia Monetary Notes, 2.89%, 12/12/13(h)   $ 7,061,562  
  3,255,000 (j)   Bank Negara Malaysia Monetary Notes, 2.86%, 01/09/14(h)     1,018,934  
  3,010,000 (j)   Bank Negara Malaysia Monetary Notes, 2.86%, 01/16/14(h)     941,699  
  11,811,000 (j)   Malaysia Government Bond, 3.70%, 02/25/13     3,802,918  
  945,000 (j)   Malaysia Government Bond, 3.70%, 05/15/13     304,692  
  66,785,000 (j)   Malaysia Government Bond, 3.21%, 05/31/13     21,505,243  
  42,680,000 (j)   Malaysia Government Bond, 3.46%, 07/31/13     13,764,623  
  10,000 (j)   Malaysia Government Bond, 8.00%, 10/30/13     3,334  
  83,555,000 (j)   Malaysia Government Bond, 5.09%, 04/30/14     27,550,856  
  40,540,000 (j)   Malaysia Government Bond, 3.43%, 08/15/14     13,117,267  
  13,820,000 (j)   Malaysia Government Bond, 3.81%, 02/15/17     4,553,141  
  590,000 (j)   Malaysia Treasury Bill, 2.85%, 03/22/13(h)     189,160  
  490,000 (j)   Malaysia Treasury Bill, 2.88%, 05/03/13(h)     156,558  
  260,000 (j)   Malaysia Treasury Bill, 2.86%, 05/31/13(h)     82,876  
         120,580,585 
MEXICO — 1.1%     
  345,911,000 (j)   Mexican Bonos, 9.00%, 06/20/13     27,656,665  
  264,350,000 (j)   Mexican Bonos, 8.00%, 12/19/13     21,427,972  
  8,832,000 (j)   Mexican Bonos, 7.00%, 06/19/14     718,006  
  204,810,000 (j)   Mexican Bonos, 9.50%, 12/18/14     17,543,306  
  20,000,000 (j)   Mexican Bonos, 8.00%, 12/17/15     1,716,910  
  36,000,000 (j)   Mexican Bonos, 7.25%, 12/15/16     3,088,271  
  23,900,000 (j)   Mexican Bonos, 7.75%, 12/14/17     2,127,500  
  1,059,200 (j)   Mexican Udibonos, 4.50%, 12/18/14     431,956  
  2,720,000 (j)   Mexican Udibonos, 5.00%, 06/16/16     1,171,901  
  2,712,000 (j)   Mexican Udibonos, 3.50%, 12/14/17     1,150,198  
94
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
MEXICO (continued)     
$1,851,000(j)  Mexican Udibonos, 4.00%, 06/13/19  $826,401 
 1,465,000(j)  Mexican Udibonos, 2.50%, 12/10/20   608,501 
 204,320,000(j)  Mexico Cetes, 4.58%, 09/19/13(h)   1,563,310 
         80,030,897 
NORWAY — 0.1%     
 18,560,000(j)  Norway Treasury Bill, 1.50%, 03/20/13(h)   3,390,039 
PHILIPPINES — 0.2%     
 70,000,000(j)  Philippine Government Bond, 8.75%, 03/03/13   1,731,960 
 312,450,000(j)  Philippine Government Bond, 9.13%, 09/04/16   9,179,610 
 150,000,000(j)  Philippine Treasury Bill, 1.49%, 03/20/13(h)   3,685,978 
 70,000,000(j)  Philippine Treasury Bill, 1.61%, 05/15/13(h)   1,719,641 
 40,610,000(j)  Philippine Treasury Bill, 0.55%, 11/13/13(h)   986,708 
         17,303,897 
POLAND — 1.5%     
 17,425,000(j)  Poland Government Bond, 5.25%, 04/25/13   5,657,544 
 14,329,000(j)  Poland Government Bond, 4.58%, 07/25/13(h)   4,565,190 
 112,110,000(j)  Poland Government Bond, 5.00%, 10/24/13   36,673,665 
 9,225,000(j)  Poland Government Bond, 4.45%, 01/25/14(h)   2,892,780 
 90,140,000(j)  Poland Government Bond, 5.75%, 04/25/14   30,008,758 
 4,080,000(j)  Poland Government Bond, 4.00%, 07/25/14(h)   1,259,557 
 3,760,000(j)  Poland Government Bond, 5.50%, 04/25/15   1,272,795 
 31,445,000(j)  Poland Government Bond, 6.25%, 10/24/15   10,932,305 
 8,188,000(j)  Poland Government Bond, 5.15%, 01/25/17(e)   2,655,961 
 8,307,000(j)  Poland Government Bond, 3.98%, 01/25/21(e)   2,672,526 
 24,800,000(j)  Poland Government Bond, 5.75%, 09/23/22   9,237,021 
         107,828,102 
RUSSIA — 0.2%     
 8,885,375   Russian Foreign Bond - Eurobond, STEP, 7.50%, 03/31/30(f)   11,106,719 

 

Principal        
Amount      Value 
SERBIA — 0.1%     
$1,540,000   Republic of Serbia, 5.25%, 11/21/17  $1,617,000 
 3,280,000   Republic of Serbia, 7.25%, 09/28/21(f)   3,813,000 
         5,430,000 
SINGAPORE — 0.7%     
 17,100,000(j)  Singapore Government Bond, 1.63%, 04/01/13   13,844,665 
 32,505,000(j)  Singapore Government Bond, 2.25%, 07/01/13   26,477,005 
 12,500,000(j)  Singapore Government Bond, 0.25%, 02/01/14   10,099,887 
         50,421,557 
SLOVENIA — 0.0%     
 2,860,000   Slovenia Government International Bond, 5.50%, 10/26/22(f)   2,963,675 
SOUTH KOREA — 2.2%     
 105,000   Export-Import Bank of Korea, 5.25%, 02/10/14(f)   109,425 
 105,000   Export-Import Bank of Korea, 5.13%, 03/16/15(f)   113,553 
 105,000(l)  Export-Import Bank of Korea, 4.63%, 02/20/17   156,332 
 312,210,000(j)  Korea Monetary Stabilization Bond, 3.83%, 04/02/13   287,198 
 3,122,000,000(j)  Korea Monetary Stabilization Bond, 3.38%, 05/09/13   2,871,798 
 499,540,000(j)  Korea Monetary Stabilization Bond, 3.76%, 06/02/13   460,226 
 2,141,060,000(j)  Korea Monetary Stabilization Bond, 3.28%, 06/09/13   1,969,771 
 3,194,650,000(j)  Korea Monetary Stabilization Bond, 3.90%, 08/02/13   2,950,323 
 874,200,000(j)  Korea Monetary Stabilization Bond, 3.59%, 10/02/13   807,206 
 1,498,640,000(j)  Korea Monetary Stabilization Bond, 3.48%, 12/02/13   1,384,510 
 31,436,630,000(j)  Korea Monetary Stabilization Bond, 3.47%, 02/02/14   29,074,852 
 3,028,500,000(j)  Korea Monetary Stabilization Bond, 3.59%, 04/02/14   2,807,910 
95
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
SOUTH KOREA (continued)     
$3,590,530,000(j)  Korea Monetary Stabilization Bond, 3.28%, 06/02/14  $3,319,725 
 11,704,200,000(j)  Korea Monetary Stabilization Bond, 2.82%, 08/02/14   10,756,997 
 10,385,800,000(j)  Korea Monetary Stabilization Bond, 2.78%, 10/02/14   9,541,192 
 3,676,060,000(j)  Korea Monetary Stabilization Bond, 2.84%, 12/02/14   3,380,719 
 6,583,440,000(j)  Korea Treasury Bond, 5.25%, 03/10/13   6,059,407 
 41,642,820,000(j)  Korea Treasury Bond, 3.75%, 06/10/13   38,372,773 
 41,966,450,000(j)  Korea Treasury Bond, 3.00%, 12/10/13   38,622,392 
 1,641,520,000(j)  Korea Treasury Bond, 3.25%, 12/10/14   1,520,659 
 250,000   Republic of Korea, 5.63%, 11/03/25   320,445 
         154,887,413 
SRI LANKA — 0.1%     
 13,560,000(j)  Sri Lanka Government Bonds, Series A, 6.50%, 07/15/15   97,418 
 264,000,000(j)  Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15   2,094,710 
 385,000,000(j)  Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15   3,054,578 
         5,246,706 
SWEDEN — 1.0%     
 79,720,000(j)  Kommuninvest I Sverige AB, 2.25%, 05/05/14   12,702,600 
 141,725,000(j)  Sweden Government Bond, 1.50%, 08/30/13   22,402,352 
 150,080,000(j)  Sweden Government Bond, 6.75%, 05/05/14   25,342,449 
 61,270,000(j)  Sweden Treasury Bill, 0.83%, 03/20/13(h)   9,625,690 
 25,930,000(j)  Sweden Treasury Bill, 0.87%, 06/19/13(h)   4,063,985 
         74,137,076 
UKRAINE — 0.5%     
 200,000   Financing of Infrastrucural Projects State Enterprise, 7.40%, 04/20/18(f)   193,499 

 

Principal        
Amount      Value 
UKRAINE (continued)     
$100,000   Ukraine Government International Bond, 7.65%, 06/11/13(f)  $100,690 
 100,000(j)  Ukraine Government International Bond, 4.95%, 10/13/15(f)   133,844 
 200,000   Ukraine Government International Bond, 6.25%, 06/17/16(f)   200,000 
 4,230,000   Ukraine Government International Bond, 9.25%, 07/24/17(f)   4,600,125 
 3,250,000   Ukraine Government International Bond, 6.75%, 11/14/17(f)   3,274,375 
 11,500,000   Ukraine Government International Bond, 7.75%, 09/23/20(f)   11,960,000 
 14,270,000   Ukraine Government International Bond, 7.95%, 02/23/21(f)   15,126,200 
 1,580,000   Ukraine Government International Bond, 7.80%, 11/28/22(f)   1,635,300 
         37,224,033 
VENEZUELA — 0.0%     
 2,080,000   Venezuela Government International Bond, 10.75%, 09/19/13.   2,132,000 
VIETNAM — 0.1%     
 1,625,000   Vietnam Government International Bond, 6.88%, 01/15/16(f)   1,787,500 
 2,490,000   Vietnam Government International Bond, 6.75%, 01/29/20(f)   2,863,500 
         4,651,000 
Total Government Bonds
(Cost $853,473,389)		   915,663,205 
           
ASSET-BACKED SECURITIES — 2.0%     
           
UNITED STATES — 2.0%     
 5,154,889   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.55%, 03/25/36(e)   1,696,646 
 5,154,889   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.55%, 03/25/36(e)   1,696,646 
 25,678,557   Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 0.40%, 10/25/36(e)   9,047,752 
96
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$11,284,903   Bear Stearns Asset-Backed Securities Trust, Series 2007-AC4, Class A1, 0.50%, 02/25/37(e)  $5,849,562 
 5,759,108   Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(e)   5,149,500 
 17,352,358   Countrywide Asset-Backed Certificates, Series 2005-IM3, Class A3, 0.45%, 03/25/36(e)   10,311,974 
 3,571,887   Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.36%, 09/25/46(e)   2,436,613 
 7,800,000   Countrywide Asset-Backed Certificates, Series 2006-20, Class 2A3, 0.35%, 04/25/47(e)   6,413,914 
 4,998,353   Countrywide Asset-Backed Certificates, Series 2006-7, Class 2A3, 0.35%, 04/25/46(e)   4,424,324 
 8,421,960   First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2007-FF2, Class A2C, 0.35%, 03/25/37(e)   4,214,761 
 10,000,000   Fremont Home Loan Trust, Series 2006-3, Class 2A3, 0.37%, 02/25/37(e)   4,666,836 
 6,000,000   GSAA Trust, Series 2005-11, Class 3A5, 0.57%, 10/25/35(e)   4,337,654 
 1,140,947   GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(e)   945,615 
 36,390,000   Indymac Residential Asset Backed Trust, Series 2007-B, Class 2A3, 0.40%, 07/25/37(e)   18,632,597 
 3,691,380   Lehman XS Trust, Series 2007-3, Class 2A1, 0.28%, 03/25/37(e)   3,400,867 
 13,987,150   Morgan Stanley ABS Capital I, Series 2006-HE6, Class A2C, 0.35%, 09/25/36(e)   5,444,423 
 2,145,000   Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.44%, 06/25/36(e)   1,133,321 
 5,000,000   Morgan Stanley ABS Capital I, Series 2007-HE1, Class A2D, 0.43%, 11/25/36(e)   2,774,315 
 12,320,000   Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 0.34%, 05/25/37(e)   6,345,259 
 7,500,000   Nomura Home Equity Loan Inc Home Equity Loan Trust, Series 2006-HE1, Class M1, 0.61%, 02/25/36(e)   5,701,396 
 3,199,440   Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(e)   3,488,166 
 5,000,000   Renaissance Home Equity Loan Trust, Series 2007-3, Class AF3, STEP, 7.24%, 09/25/37   3,003,782 

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$11,714,011   Residential Asset Mortgage Products, Inc., Series 2006-RS4, Class A3, 0.37%, 07/25/36(e)  $11,334,178 
 7,799,973   Securitized Asset Backed Receivables LLC Trust, Series 2006-WM1, Class A2C, 0.49%, 12/25/35(e)   5,740,805 
 4,946,465   Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A3, 0.41%, 06/25/37(e)   2,407,187 
 8,217,448   Soundview Home Equity Loan Trust, Series 2007-OPT2, Class 2A2, 0.33%, 07/25/37(e)   7,063,127 
 10,000,000   Soundview Home Loan Trust, Series 2005-4, Class M2, 0.67%, 03/25/36(e)   7,753,254 
Total Asset-Backed Securities
(Cost $130,610,333)		   145,414,474 
           
NON-AGENCY MORTGAGE-BACKED SECURITIES — 12.5%     
           
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2%     
 4,418,750   Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.93%, 07/25/35(e)   4,194,297 
 1,040,897   Adjustable Rate Mortgage Trust, Series 2006-1, Class 3A3, 3.00%, 03/25/36(e)   731,636 
 4,920,308   Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 3.23%, 03/25/37(e)   3,593,411 
 5,089,367   Adjustable Rate Mortgage Trust, Series 2007-1, Class 5A31, 0.34%, 03/25/37(e)   3,271,389 
 7,878,228   Alternative Loan Trust, Series 2006-OC2, Class 2A3, 0.49%, 02/25/36(e)   4,441,584 
 6,976,286   Alternative Loan Trust, Series 2007-OA2, Class 2A1, 0.33%, 03/25/47(e)   4,129,803 
 2,401,660   American Home Mortgage Assets LLC, Series 2007-4, Class A2, 0.39%, 08/25/37(e)   2,018,597 
 6,485,407   American Home Mortgage Assets, Series 2005-1, Class 2A21, 2.84%, 11/25/35(e)   4,654,703 
 6,203,956   American Home Mortgage Assets, Series 2005-1, Class 3A11, 0.47%, 11/25/35(e)   4,857,889 
 4,874,780   American Home Mortgage Investment Trust, Series 2005-4, Class 5A, 2.28%, 11/25/45(e)   3,839,313 
 2,975,992   American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.23%, 12/25/35(e)   2,174,493 
97
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$26,938,608   American Home Mortgage Investment Trust, Series 2007-1, Class GA1C, 0.39%, 05/25/47(e)  $19,756,888 
 4,450,898   Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35   4,005,533 
 6,434,223   Banc of America Alternative Loan Trust, Series 2005-9, Class 4A2, 5.50%, 10/25/35   5,574,350 
 6,349,791   Banc of America Funding Corp, Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37   5,284,454 
 1,574,343   Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.03%, 09/20/35(e)   1,489,098 
 7,282,161   Banc of America Funding Corp., Series 2005-H, Class 2A1, 3.10%, 11/20/35(e)   6,131,871 
 2,242,373   Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.91%, 02/20/36(e)   1,570,066 
 2,584,170   Banc of America Funding Corp., Series 2006-E, Class 2A1, 3.11%, 06/20/36(e)   2,045,475 
 3,816,165   Banc of America Funding Corp., Series 2006-F, Class 1A1, 2.62%, 07/20/36(e)   3,575,567 
 1,944,826   Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37   1,912,880 
 12,715,534   Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.36%, 02/20/47(e)   10,762,454 
 3,254,921   Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.07%, 10/25/35(e)   2,776,244 
 3,130,776   Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 3.07%, 12/25/35(e)   2,691,369 
 13,357,408   BCAP LLC Trust, Series 2007-AA2, Class 12A1, 0.41%, 05/25/47(e)   8,039,852 
 2,892,486   BCAP LLC Trust, Series 2007-AA3, Class 1A1B, 0.34%, 04/25/37(e)   2,276,578 
 3,770,546   BCAP LLC Trust, Series 2007-AA3, Class 2A1A, 0.42%, 05/25/47(e)   2,775,650 
 6,570,315   BCAP LLC Trust, Series 2010-RR11, Class 4A1, 5.19%, 03/27/47(e)(f)   5,673,010 
 2,945,988   BCAP LLC Trust, Series 2011-RR2, Class 1A1, 3.14%, 07/25/36(e)(f)   2,760,775 
 4,666,669   BCAP LLC Trust, Series 2011-RR9, Class 7A1, 2.38%, 04/26/37(e)(f)   4,481,527 
 5,815,246   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.54%, 02/25/36(e)   3,887,515 

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$2,832,560   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.20%, 08/25/35(e)  $2,362,357 
 3,972,277   Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.37%, 02/25/36(e)   3,840,769 
 1,907,394   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.10%, 05/25/47(e)   1,479,416 
 11,404,873   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.61%, 05/25/37(e)   10,131,254 
 6,087,912   Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.21%, 11/25/35(e)   4,409,040 
 20,112,339   Bear Stearns Alt-A Trust, Series 2007-1, Class 21A1, 2.93%, 01/25/47(e)   13,626,779 
 7,412,178   CHL Mortgage Pass-Through Trust, Series 2007-HY1, Class 1A1, 3.11%, 04/25/37(e)   5,774,036 
 1,031,183   Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.77%, 05/25/35(e)   935,124 
 2,410,765   Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.73%, 06/25/36(e)   2,098,439 
 1,369,822   Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.57%, 06/25/36(e)   1,267,737 
 5,879,484   Citigroup Mortgage Loan Trust, Inc., Series 2006-AR9, Class 2A, 5.70%, 11/25/36(e)   4,991,508 
 4,499,078   Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(f)   2,952,733 
 5,659,092   Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A3, 5.75%, 04/25/47(f)   3,837,617 
 1,038,957   Citimortgage Alternative Loan Trust, Series 2007-A3, Class 1A7, 5.75%, 03/25/37   828,801 
 1,302,350   Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35   1,234,609 
 6,396,925   Countrywide Alternative Loan Trust, Series 2005-22T1, Class A5, 5.50%, 06/25/35   6,143,692 
 3,165,280   Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.50%, 08/25/35(e)   2,283,732 
 5,330,313   Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.51%, 08/25/35(e)   3,418,069 
98
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$8,541,137   Countrywide Alternative Loan Trust, Series 2005-46CB, Class A20, 5.50%, 10/25/35  $7,898,237 
 2,204,343   Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35   1,925,981 
 5,153,013   Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 2.79%, 12/25/35(e)   4,189,351 
 319,327   Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.17%, 12/25/35(e)   246,975 
 7,625,362   Countrywide Alternative Loan Trust, Series 2005-7CB, Class 2A8, 0.65%, 04/25/35(e)   6,004,854 
 3,185,751   Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35   2,685,002 
 6,536,556   Countrywide Alternative Loan Trust, Series 2005-J3, Class 1A1, 0.75%, 05/25/35(e)   5,347,662 
 8,576,814   Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.55%, 05/25/36(e)   4,933,781 
 4,861,255   Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36   3,084,153 
 10,152,388   Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36   6,278,435 
 5,029,897   Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36   2,927,936 
 3,995,559   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.55%, 06/25/36(e)   2,622,708 
 3,995,559   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.95%, 06/25/36(e)   946,542 
 4,118,861   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36   3,488,129 
 1,627,100   Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36   1,335,334 
 4,000,855   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.60%, 03/25/36(e)   2,180,502 
 11,238,077   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36   8,473,018 
 2,322,655   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A8, 6.00%, 03/25/36   1,814,878 

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$4,397,651   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37  $3,383,660 
 3,186,150   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37   2,549,835 
 5,869,367   Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37   4,694,663 
 3,920,463   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37   2,850,559 
 8,964,451   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37   6,779,816 
 697,615   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36   576,585 
 1,979,200   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.60%, 05/25/36(e)   1,303,903 
 3,296,585   Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.58%, 08/25/36(e)   3,108,322 
 10,000,161   Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, 2.50%, 11/20/36(e)   4,902,838 
 2,951,338   Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.38%, 02/20/47(e)   1,842,650 
 10,792,984   Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.39%, 03/20/47(e)   7,432,383 
 13,508,742   Countrywide Alternative Loan Trust, Series 2006-OA7, Class 1A1, 2.08%, 06/25/46(e)   6,963,688 
 13,772,559   Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, 0.39%, 07/25/46(e)   9,501,853 
 15,121,054   Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.38%, 11/25/36(e)   10,133,075 
 10,117,193   Countrywide Alternative Loan Trust, Series 2006-OC8, Class 2A2A, 0.32%, 11/25/36(e)   7,266,498 
 5,953,897   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37   4,614,330 
 3,097,079   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37   2,619,803 
 9,373,723   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A4, 6.00%, 08/25/37   7,913,498 
99
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$5,671,632   Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37  $4,054,964 
 2,841,396   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37   2,182,797 
 9,674,855   Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 5.49%, 03/25/47(e)   7,193,302 
 4,782,987   Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37   3,459,868 
 1,395,760   Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35   1,343,307 
 4,699,920   Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-17, Class A6, 6.00%, 12/25/36   4,346,303 
 15,647,138   Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-OA4, Class A1, 1.13%, 04/25/46(e)   8,167,171 
 1,367,357   Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-15, Class 1A29, 6.25%, 09/25/37   1,321,623 
 513,945   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35   508,228 
 1,023,327   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35   1,017,244 
 6,998,271   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 2.81%, 01/25/36(e)   5,390,752 
 2,657,734   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35   2,578,643 
 8,326,248   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-18, Class 2A7, 6.00%, 12/25/36   7,408,993 
 6,651,949   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 2.66%, 03/20/36(e)   4,637,731 
 1,457,091   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36   1,292,354 

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$1,424,369   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36  $1,212,539 
 748,705   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.40%, 04/25/46(e)   519,254 
 3,580,938   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, 0.62%, 07/25/36(e)(f)   3,154,379 
 9,201,764   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38   8,434,249 
 1,865,619   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J3, Class A1, 0.70%, 07/25/37(e)   1,138,098 
 1,564,987   Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21   1,398,339 
 5,857,316   Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36   5,960,086 
 8,373,529   Credit Suisse Mortgage Capital Certificates, Series 2007-3, Class 2A10, 6.00%, 04/25/37   7,368,191 
 1,178,551   Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 3.06%, 01/27/36(e)(f)   1,085,954 
 3,459,651   Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.61%, 07/25/36(e)(f)   3,301,512 
 4,427,047   Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 5A1, 4.97%, 05/27/36(e)(f)   4,232,923 
 3,321,187   Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 6A1, 2.95%, 05/27/36(e)(f)   3,223,703 
 1,376,251   Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 1A1, 2.94%, 07/25/36(e)(f)   1,331,185 
 3,585,788   Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 2.86%, 08/25/46(e)(f)   3,131,648 
 2,541,120   Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 3A1, 5.91%, 09/20/37(e)(f)   2,609,005 
 4,562,071   Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 5A1, 2.96%, 09/28/36(e)(f)   4,255,450 
 4,514,738   Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 6A1, 2.96%, 08/28/36(e)(f)   4,249,635 
100
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$2,070,660   Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2005-3, Class 4A4, 5.25%, 06/25/35  $2,069,226 
 6,632,495   Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2007-1, Class 1A3B, 0.34%, 08/25/37(e)   5,006,869 
 4,448,535   Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2007-QA4, Class 1A1A, 0.39%, 08/25/47(e)   3,277,831 
 12,511,816   Deutsche ALT-A Securities, Inc., Alternate Loan Trust, Series 2007-RMP1, Class A2, 0.35%, 12/25/36(e)   8,984,389 
 2,348,752   First Horizon Alternative Mortgage Securities, Series 2005-AA7, Class 2A1, 2.43%, 09/25/35(e)   2,004,953 
 7,440,073   First Horizon Alternative Mortgage Securities, Series 2006-AA6, Class 2A1, 2.48%, 11/25/36(e)   5,369,522 
 7,796,017   First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A9, 6.00%, 07/25/36   6,866,407 
 4,000,000   FREMF Mortgage Trust, Series 2012-K708, Class C, 3.76%, 02/25/45(e)(f)   3,851,702 
 5,000,000   FREMF Mortgage Trust, Series 2012-K709, Class C, 3.74%, 04/01/45(e)(f)   4,809,611 
 1,819,856   GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.80%, 11/19/35(e)   1,588,313 
 3,379,685   GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 4A1, 5.49%, 11/19/35(e)   3,365,441 
 3,853,907   GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1, 4.25%, 04/19/36(e)   3,318,913 
 5,334,108   Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.36%, 02/25/37(e)   3,290,935 
 4,179,593   GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.55%, 01/25/35(e)(f)   3,677,012 
 3,541,595   GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, 0.55%, 01/25/36(e)(f)   3,014,857 
 2,000,543   GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.97%, 01/25/35(e)   2,048,410 
 3,202,753   GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.04%, 05/25/35(e)   2,810,117 

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$2,409,924   GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.97%, 10/25/35(e)  $2,300,539 
 1,707,227   GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36   1,554,486 
 2,516,196   GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21   2,475,666 
 5,000,000   GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A4, 5.08%, 01/25/36(e)   4,251,195 
 3,285,378   GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.23%, 01/25/36(e)   2,838,078 
 3,977,173   GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37   3,758,975 
 7,982,543   Harborview Mortgage Loan Trust, Series 2006-6, Class 3A1A, 2.90%, 08/19/36(e)   5,423,888 
 3,023,406   Homebanc Mortgage Trust, Series 2005-1, Class A1, 0.45%, 03/25/35(e)   2,555,698 
 6,328,455   Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.47%, 10/25/35(e)   5,485,519 
 2,928,008   Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.65%, 04/25/37(e)   2,199,626 
 3,955,657   Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.38%, 12/25/36(e)   3,202,081 
 2,781,308   Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 5.80%, 04/25/47(e)   1,918,520 
 3,013,698   Indymac INDA Mortgage Loan Trust, Series 2006-AR2, Class 4A1, 5.40%, 09/25/36(e)   2,479,199 
 50,222   Indymac INDA Mortgage Loan Trust, Series 2007-AR7, Class 1A1, 3.25%, 11/25/37(e)   46,338 
 5,559,986   Indymac Index Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 2.88%, 06/25/36(e)   3,494,213 
 5,973,741   Indymac Index Mortgage Loan Trust, Series 2006-AR12, Class A1, 0.39%, 09/25/46(e)   4,140,920 
 6,339,464   Indymac Index Mortgage Loan Trust, Series 2006-AR3, Class 3A1A, 4.13%, 04/25/36(e)   4,234,686 
 6,618,224   Indymac Index Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.25%, 01/25/37(e)   5,198,639 
101
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

         
Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$13,551,295   Indymac Index Mortgage Loan Trust, Series 2007-FLX3, Class A1, 0.44%, 06/25/37(e)  $11,518,603 
 3,066,776   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.26%, 03/25/37(e)   2,713,780 
 9,841,207   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, 0.35%, 03/25/37(e)   7,186,923 
 9,571,475   JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.45%, 10/25/37(e)   6,709,603 
 1,499,346   JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37   1,440,442 
 2,515,692   Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.58%, 07/25/35(e)   2,145,958 
 3,143,198   Mastr Reperforming Loan Trust, Series 2005-2, Class 1A1F, 0.55%, 05/25/35(e)(f)   2,773,261 
 2,890,317   Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36   2,533,419 
 2,421,839   Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.10%, 02/25/36(e)   1,994,513 
 8,578,069   Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(f)   8,596,649 
 3,612,212   Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(f)   3,621,851 
 6,990,167   Residential Accredit Loans, Inc., Series 2006-QO6, Class A2, 0.43%, 06/25/46(e)   3,371,191 
 5,905,327   Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36   4,617,943 
 2,871,663   Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36   2,315,776 
 2,400,566   Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.53%, 04/25/37(e)   1,388,225 
 3,494,075   Residential Asset Securitization Trust, Series 2006-A8, Class 2A3, 6.00%, 08/25/36   2,097,908 
 1,107,160   Residential Funding Mortgage Securities I, Series 2005-S8, Class A1, 5.50%, 11/25/35   1,094,297 
 3,223,295   Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.38%, 11/25/35(e)   2,676,416 

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$577,752   Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36  $553,023 
 10,202,943   Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 3.82%, 08/25/36(e)   7,915,678 
 1,881,473   Residential Funding Mortgage Securities I, Series 2007-S4, Class A2, 6.00%, 04/25/37   1,655,776 
 8,306,297   Residential Funding Mortgage Securities I, Series 2007-S7, Class A20, 6.00%, 07/25/37   7,964,749 
 5,360,927   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.70%, 05/25/35(e)   4,744,656 
 8,751,563   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 4.89%, 08/25/35(e)   7,839,335 
 5,516,099   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 1A1, 0.52%,
10/25/35(e)		   4,454,633 
 9,867,830   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1, Class 8A1, 5.58%, 02/25/36(e)   7,664,612 
 6,178,139   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 4.63%, 10/25/36(e)   4,477,951 
 11,087,334   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 5.15%, 10/25/36(e)   9,033,894 
 4,731,372   Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 0.42%, 05/25/37(e)   3,209,081 
 6,194,451   Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.42%, 05/25/46(e)   3,272,833 
 9,141,617   Structured Asset Securities Corp, Series 2005-RF3, Class 1A, 0.55%, 06/25/35(e)(f)   7,715,410 
 13,409,709   Structured Asset Securities Corp., Series 2005-RF2, Class A, 0.55%, 04/25/35(e)(f)   11,794,398 
 4,995,472   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 5.48%, 04/25/37(e)   4,183,698 
 1,666,984   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.48%, 04/25/37(e)   1,390,312 
 421,080   WaMu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A1, 2.48%, 12/25/35(e)   411,027 
 9,605,802   WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A1, 2.69%, 09/25/36(e)   7,530,834 
102
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$1,158,975   WaMu Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 2.69%, 08/25/46(e)  $971,051 
 3,432,064   WaMu Mortgage Pass-Through Certificates, Series 2007-HY7, Class 2A2, 2.56%, 07/25/37(e)   2,668,757 
 6,776,679   WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 0.94%, 05/25/47(e)   5,843,353 
 3,642,230   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35   2,853,035 
 8,090,283   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-2, Class 4CB, 6.00%, 03/25/36   6,990,797 
 6,443,590   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36   3,212,669 
 1,521,935   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.62%, 07/25/36(e)   1,499,654 
 2,804,661   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3, 2.60%, 07/25/36(e)   2,510,720 
 2,106,221   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13, Class A2, 2.61%, 09/25/36(e)   1,875,736 
 2,139,029   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR19, Class A1, 5.39%, 12/25/36(e)   2,155,351 
 2,118,503   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.72%, 04/25/36(e)   1,943,704 
 1,739,846   Wells Fargo Mortgage Backed Securities Trust, Series 2007-4, Class A4, 6.00%, 04/27/37   1,678,100 
 2,080,805   Wells Fargo Mortgage Backed Securities Trust, Series 2007-6, Class A6, 6.00%, 05/25/37   1,982,059 
 1,444,400   Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A16, 6.00%, 07/25/37   1,405,829 
 1,407,835   Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR8, Class A1, 5.98%, 11/25/37(e)   1,262,438 
         799,699,535 

 

Principal        
Amount      Value 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.3%    
$6,000,000   Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class AM, 5.64%, 04/10/49(e)  $6,689,258 
 10,000,000   Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class AM, 5.72%, 06/11/40(e)   11,165,806 
 4,587,000   Citigroup Commercial Mortgage Trust, Series 2008-C7, Class AM, 6.06%, 12/10/49(e)   5,183,736 
 2,000,000   Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class D,
4.29%, 01/10/23(e)(f)		   1,875,189 
 9,000,000   Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class AM, 5.28%, 04/10/37(e)   9,608,843 
 2,000,000   GS Mortgage Securities Corp. II, Series 2006-GC6, Class AM, 5.62%, 04/10/38(e)   2,193,158 
 2,000,000   GS Mortgage Securities Corp. II, Series 2006-GG8, Class AJ, 5.62%, 11/10/39   1,927,069 
 5,000,000   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB14, Class AM, 5.46%, 12/12/44(e)   5,400,244 
 5,380,000   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class AJ, 6.08%, 02/12/51(e)   5,390,331 
 2,080,000   LB-UBS Commercial Mortgage Trust, Series 2005-C2, Class AJ, 5.21%, 04/15/30(e)   2,210,567 
 7,000,000   LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class AM, 5.38%, 11/15/38   7,798,824 
 5,000,000   LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.46%, 02/15/40   5,627,384 
 8,669,000   LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class AMFL, 6.11%, 07/15/40(f)   9,157,022 
 5,000,000   Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.59%, 04/12/49(e)   5,129,649 
 8,290,000   Morgan Stanley Capital I Trust, Series 2007-IQ15, Class AM, 5.83%, 06/11/49(e)   9,260,063 
 3,333,300   Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.92%, 02/15/51(e)   3,117,904 
103
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)    
$3,000,000   Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, 5.92%, 02/15/51(e)  $3,342,899 
         95,077,946 
           
Total Non-Agency Mortgage-Backed Securities
(Cost $816,750,237)		   894,777,481 
           
U.S. GOVERNMENT AGENCIES — 3.4%     
      
Federal Home Loan Bank — 3.4%     
 190,000,000   0.06%, 02/01/13(m)   190,000,000 
 38,000,000   0.04%, 02/19/13(m)   37,999,240 
 14,000,000   0.12%, 02/27/13(m)   13,998,766 
           
Total U.S. Government Agencies
(Cost $241,998,006)		   241,998,006 
      
U.S. GOVERNMENT SECURITIES — 22.1%     
      
U.S. Treasury Bills — 22.1%     
 345,000,000   0.04%, 02/07/13(m)   344,998,594 
 20,000,000   0.04%, 02/07/13(m)   19,999,863 
 375,000,000   0.04%, 02/14/13(m)   374,987,163 
 25,000,000   0.02%, 02/14/13(m)   24,999,865 
 8,000,000   0.04%, 02/14/13(m)   7,999,899 
 476,000,000   0.06%, 02/21/13(m)   475,985,974 
 85,000,000   0.03%, 02/28/13(m)   84,998,571 
 250,000,000   0.06%, 03/07/13(m)   249,988,313 
           
Total U.S. Government Securities
(Cost $1,583,958,242)		   1,583,958,242 
      
MUNICIPAL BONDS — 0.0%     
      
California — 0.0%     
 880,000   City of Tulare Build America Revenue Bonds, OID, (AGM), 8.75%, 11/15/44   1,065,055 
           
Total Municipal Bonds
(Cost $851,690)		   1,065,055 
           
Shares         
CASH SWEEP — 2.4%     
      
UNITED STATES — 2.4%     
 170,561,469   Citibank - US Dollars on Deposit in Custody Account, 0.02%(n)   170,561,469 
           
Total Cash Sweep
(Cost $170,561,469)		   170,561,469 

 

       Value 
         
TOTAL INVESTMENTS — 102.3%
(Cost $7,059,410,238)(a)		  $7,344,827,208 
           
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)%   (163,967,723)
NET ASSETS — 100.0%  $7,180,859,485 
           
Contracts       Value 
CALL OPTIONS WRITTEN — (1.9)%     
 (3,000)  American International Group, Inc., Strike $33.00, Expires 01/17/15  $(2,700,000)
 (100)  Apple, Inc., Strike $410.00, Expires 01/18/14   (688,000)
 (200)  Apple, Inc., Strike $420.00, Expires 01/18/14   (1,256,000)
 (265)  Apple, Inc., Strike $450.00, Expires 01/17/15   (1,831,150)
 (100)  Apple, Inc., Strike $450.00, Expires 01/18/14   (472,500)
 (100)  Apple, Inc., Strike $470.00, Expires 01/18/14   (386,000)
 (75)  Apple, Inc., Strike $540.00, Expires 01/18/14   (133,875)
 (75)  Apple, Inc., Strike $570.00, Expires 01/18/14   (94,125)
 (100)  Apple, Inc., Strike $590.00, Expires 01/18/14   (99,500)
 (100)  Apple, Inc., Strike $600.00, Expires 01/18/14   (87,500)
 (100)  Apple, Inc., Strike $625.00, Expires 01/18/14   (66,500)
 (5,000)  Applied Materials, Inc., Strike $10.00, Expires 01/18/14   (1,550,000)
 (6,403)  Applied Materials, Inc., Strike $12.00, Expires 01/18/14   (1,030,883)
 (2,000)  Avago Technologies Ltd., Strike $30.00, Expires 07/20/13   (1,340,000)
 (15,000)  Bank of America Corp., Strike $10.00, Expires 01/18/14   (3,300,000)
 (2,000)  Barrick Gold Corp., Strike $30.00, Expires 01/18/14   (840,000)
 (1,155)  BMC Software, Inc., Strike $34.00, Expires 02/16/13   (958,650)
 (500)  Check Point Software Technologies Ltd., Strike $35.00, Expires 01/18/14   (810,000)
 (500)  Check Point Software Technologies Ltd., Strike $40.00, Expires 01/18/14   (600,000)
 (10,789)  Cisco Systems, Inc., Strike $15.00, Expires 01/18/14   (6,203,675)
 (1,485)  Cisco Systems, Inc., Strike $17.00, Expires 01/17/15   (683,100)
 (4,500)  Citigroup, Inc., Strike $25.00, Expires 01/18/14   (7,897,500)
 (1,500)  Citigroup, Inc., Strike $30.00, Expires 01/18/14   (1,980,000)
104
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 (1,000)  Coach, Inc., Strike $45.00, Expires 01/18/14  $(890,000)
 (250)  Coach, Inc., Strike $50.00, Expires 01/18/14   (152,500)
 (4,000)  Corning, Inc., Strike $10.00, Expires 01/17/15   (1,104,000)
 (498)  Deere & Co., Strike $65.00, Expires 01/18/14   (1,521,390)
 (1,000)  Deere & Co., Strike $70.00, Expires 01/18/14   (2,525,000)
 (1,000)  Deere & Co., Strike $72.50, Expires 01/18/14   (2,280,000)
 (4,125)  Dell, Inc., Strike $10.00, Expires 01/18/14   (1,464,375)
 (3,625)  Dell, Inc., Strike $13.00, Expires 01/18/14   (413,250)
 (5,000)  Dell, Inc., Strike $13.00, Expires 08/17/13   (495,000)
 (10,995)  Dell, Inc., Strike $8.00, Expires 01/18/14   (5,882,325)
 (2,000)  Dolby Laboratories, Inc., Strike $30.00, Expires 03/16/13   (1,300,000)
 (1,250)  Dollar General Corp., Strike $45.00, Expires 01/18/14   (650,000)
 (2,000)  Exelon Corp., Strike $28.00, Expires 07/20/13   (720,000)
 (1,998)  Freeport-McMoRan Copper & Gold, Inc., Strike $25.00, Expires 01/18/14   (2,177,820)
 (2,000)  Freeport-McMoRan Copper & Gold, Inc., Strike $28.00, Expires 01/18/14   (1,680,000)
 (2,000)  Freeport-McMoRan Copper & Gold, Inc., Strike $30.00, Expires 01/18/14   (1,380,000)
 (14)  GameStop Corp., Strike $13.00, Expires 01/18/14   (14,560)
 (48)  GameStop Corp., Strike $15.00, Expires 01/18/14   (40,800)
 (2,500)  Hewlett-Packard Co., Strike $10.00, Expires 01/18/14   (1,675,000)
 (5,250)  Hewlett-Packard Co., Strike $13.00, Expires 01/18/14   (2,231,250)
 (4,250)  Intel Corp., Strike $20.00, Expires 01/18/14   (888,250)
 (1,648)  iShares FTSE China 25 Index Fund, Strike $35.00, Expires 01/18/14   (1,203,040)
 (1,000)  iShares MSCI EAFE Index Fund, Strike $47.00, Expires 01/18/14   (1,270,000)
 (558)  iShares MSCI Emerging Markets Index Fund, Strike $30.00, Expires 06/22/13   (881,640)
 (1,250)  iShares MSCI Emerging Markets Index Fund, Strike $31.00, Expires 06/22/13   (1,856,250)
 (978)  iShares MSCI Emerging Markets Index Fund, Strike $32.00, Expires 06/22/13   (1,222,500)

 

Contracts      Value 
 (1,750)  iShares MSCI Emerging Markets Index Fund, Strike $35.00, Expires 06/22/13  $(1,916,250)
 (2,941)  iShares MSCI Germany Index Fund, Strike $21.00, Expires 01/18/14   (1,558,730)
 (715)  iShares MSCI Germany Index Fund, Strike $22.00, Expires 01/18/14   (321,750)
 (1,500)  iShares Silver Trust, Strike $32.00, Expires 01/18/14   (382,500)
 (1,000)  iShares Silver Trust, Strike $34.00, Expires 01/18/14   (186,000)
 (2,000)  iShares Silver Trust, Strike $36.00, Expires 01/18/14   (272,000)
 (1,500)  Kohl’s Corp., Strike $40.00, Expires 01/18/14   (1,155,000)
 (2,000)  Lowe’s Cos., Inc., Strike $25.00, Expires 01/18/14   (2,710,000)
 (5,000)  MGM Resorts International, Strike $10.00, Expires 01/18/14   (1,725,000)
 (7,500)  MGM Resorts International, Strike $11.00, Expires 06/22/13   (1,657,500)
 (5,250)  Microsoft Corp., Strike $25.00, Expires 01/18/14   (1,732,500)
 (3,235)  Morgan Stanley, Strike $17.00, Expires 01/18/14   (2,118,925)
 (1,500)  Morgan Stanley, Strike $20.00, Expires 01/18/14   (660,000)
 (2,500)  Mosaic Co. (The), Strike $47.50, Expires 01/18/14   (3,837,500)
 (1,500)  NetApp, Inc., Strike $22.00, Expires 06/22/13   (2,400,000)
 (2,000)  NetApp, Inc., Strike $25.00, Expires 01/18/14   (2,690,000)
 (2,000)  NetApp, Inc., Strike $27.00, Expires 03/16/13   (1,850,000)
 (2,347)  NetApp, Inc., Strike $30.00, Expires 01/18/14   (1,959,745)
 (3,550)  Newmont Mining Corp., Strike $40.00, Expires 01/18/14   (1,934,750)
 (32)  Norfolk Southern Corp., Strike $50.00, Expires 01/18/14   (63,360)
 (10,224)  NVIDIA Corp., Strike $10.00, Expires 01/18/14   (2,944,512)
 (1,500)  Occidental Petroleum Corp., Strike $67.50, Expires 01/18/14   (3,270,000)
 (75)  Occidental Petroleum Corp., Strike $75.00, Expires 01/18/14   (116,625)
 (500)  Occidental Petroleum Corp., Strike $77.50, Expires 01/18/14   (687,500)
 (500)  Occidental Petroleum Corp., Strike $80.00, Expires 01/18/14   (600,000)
105
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 (1,000)  QUALCOMM, Inc., Strike $55.00, Expires 01/18/14  $(1,305,000)
 (1,849)  Questcor Pharmaceuticals, Inc., Strike $20.00, Expires 01/18/14   (1,423,730)
 (1,550)  SanDisk Corp., Strike $25.00, Expires 01/18/14   (4,099,750)
 (1,500)  Seagate Technology Plc, Strike $18.00, Expires 01/17/15   (2,707,500)
 (2,500)  Seagate Technology Plc, Strike $20.00, Expires 01/18/14   (3,550,000)
 (2,000)  Seagate Technology Plc, Strike $22.00, Expires 01/18/14   (2,510,000)
 (1,000)  Seagate Technology Plc, Strike $25.00, Expires 01/18/14   (1,000,000)
 (1,000)  Seagate Technology Plc, Strike $27.00, Expires 01/18/14   (850,000)
 (600)  SPDR Gold Trust, Strike $165.00, Expires 01/18/14   (528,000)
 (500)  SPDR Gold Trust, Strike $165.00, Expires 03/16/13   (60,000)
 (300)  SPDR Gold Trust, Strike $175.00, Expires 01/17/15   (390,000)
 (1,600)  SPDR Gold Trust, Strike $175.00, Expires 01/18/14   (896,000)
 (1,100)  SPDR Gold Trust, Strike $180.00, Expires 01/18/14   (495,000)
 (1,200)  SPDR Gold Trust, Strike $180.00, Expires 01/18/14   (540,000)
 (300)  SPDR Gold Trust, Strike $190.00, Expires 01/18/14   (89,700)
 (300)  SPDR Gold Trust, Strike $195.00, Expires 01/18/14   (74,100)
 (9)  SPDR S&P 500 ETF Trust, Strike $115.00, Expires 06/22/13   (31,698)
 (400)  SPDR S&P 500 ETF Trust, Strike $135.00, Expires 01/18/14   (735,600)
 (500)  SPDR S&P 500 ETF Trust, Strike $145.00, Expires 01/18/14   (547,500)
 (673)  St. Jude Medical, Inc., Strike $32.50, Expires 01/18/14   (619,160)
 (2,000)  Teva Pharmaceutical Industries Ltd., Strike $40.00, Expires 01/18/14   (348,000)
 (458)  Texas Instruments, Inc., Strike $25.00, Expires 01/18/14   (391,590)
 (9,000)  Weatherford International Ltd., Strike $10.00, Expires 01/18/14   (3,645,000)
 (1,500)  Western Digital Corp., Strike $40.00, Expires 01/18/14   (1,500,000)
      
Total Call Options Written
(Premiums received $(118,327,847))		   (138,015,383)

 

Contracts      Value 
STRUCTURED OPTIONS — 1.2%     
 50,000   Basket 50% UKX Index & 50% DAXK Index, One call strike at 100%, One written call strike at 110%, One written put strike at 100% with a barrier level strike at 75%, Expires 08/07/13, Broker JPMorgan Chase & Co.  $264,587 
 2,800   CAC 40 Index, One call strike $3,571.50, One written put strike $3,214.35, Expires 03/19/13, Broker Credit Suisse Group AG   524,745 
 147,580   Citigroup, Inc., One call strike $33.88, One written call strike $37.27, One written put strike $33.88 with a barrier level strike of $20.32, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   207,550 
 143,308   Citigroup, Inc., One call strike $34.89, One written call strike $38.379, One written put strike $34.89 with a barrier level strike of $20.934, Expires 01/17/14, Broker Goldman Sachs Group, Inc.   201,001 
 2,624   DAXK Index, One call strike $3,808.3, One written call strike $4,569.96, One written put strike $3,808.3 with a barrier level strike of $2,665.81, Expires 09/20/13, Broker Goldman Sachs Group, Inc.   858,309 
 3,844   DAXK Index, One call strike $3,843.7000, One written call strike $4,228.0700, One written put strike $3,843.7000 with a barrier level strike of $2,498.4050, Expires 08/16/13, Broker JPMorgan Chase & Co.   563,515 
 7,800   DAXK Index, One call strike $3,847.00, One written call strike $4,231.7, One written put strike $3,847.00 with a barrier level strike of $2,500.55, Expires 08/16/13, Broker Goldman Sachs Group, Inc.   1,653,736 
 2,786   DAXK Index, One call strike $4,014.32, One written call strike $4,616.46, One written put strike $4,014.32 with a barrier level strike of $2,609.308, Expires 10/18/13, Broker Goldman Sachs Group, Inc.   526,390 
106
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 2,455   DAXK Index, One call strike $4,073.41, One written call strike $4,684.42, One written put strike $4,073.41 with a barrier level strike of $2,647.72, Expires 10/18/13, Broker Credit Suisse Group AG  $421,941 
 2,455   DAXK Index, One call strike $4,073.41, One written call strike $4,684.42, One written put strike $4,073.41 with a barrier level strike of $2,647.72, Expires 11/15/13, Broker Credit Suisse Group AG   409,239 
 6,028   DAXK Index, One call strike $4,147.00, One written call strike $4,769.05, One written put strike $4,147.00 with a barrier level strike of $2,695.55, Expires 04/17/14, Broker Goldman Sachs Group, Inc.   281,254 
 1,464   Energy Select Sector SPDR, outperformance call option above Consumer Discretionary SPDR, One written put strike $1,463.78, with a barrier level strike on the S&P 500 Index of $1,024.646, Expires 06/21/13, Broker Citigroup, Inc.   29,791 
 184,702   iShares MSCI Brazil Index Fund, One call strike $54.1412, One written call strike $62.2624, One written put strike $54.1412 with a barrier level strike of $32.4847, Expires 11/15/13, Broker Citigroup, Inc.   392,906 
 91,950   iShares MSCI Brazil Index Fund, One call strike $54.3776, One written call strike $62.5342, One written put strike $54.3776 with a barrier level strike of $32.6266, Expires 11/15/13, Broker Citigroup, Inc.   193,866 
 97,599   iShares MSCI EAFE Index Fund, One call strike $51.23, One written call strike $58.91, One written put strike $51.23 with a barrier level strike of $33.30, Expires 01/17/14, Broker UBS AG   377,272 

 

Contracts      Value 
 97,182   iShares MSCI EAFE Index Fund, One call strike $51.45, One written call strike $59.17, One written put strike $51.45 with a barrier level strike of $33.44, Expires 01/17/14, Broker Goldman Sachs Group, Inc.  $391,617 
 290,810   iShares MSCI EAFE Index Fund, One call strike $51.58, One written call strike $61.90, One written put strike $51.58 with a barrier level strike of $36.11, Expires 01/17/14, Broker UBS AG   1,348,836 
 381,098   iShares MSCI EAFE Index Fund, One call strike $52.48, One written call strike $60.35, One written put strike $52.48 with a barrier level strike of $34.11, Expires 01/17/14, Broker UBS AG   1,321,480 
 189,753   iShares MSCI EAFE Index Fund, One call strike $52.70, One written call strike $57.97, One written put strike $52.70 with a barrier level strike of $31.62, Expires 02/21/14, Broker UBS AG   403,767 
 94,762   iShares MSCI EAFE Index Fund, One call strike $52.7638, One written call strike $60.6784, One written put strike $52.7638 with a barrier level strike of $34.2965, Expires 02/21/14, Broker Citigroup, Inc.   302,199 
 94,607   iShares MSCI EAFE Index Fund, One call strike $52.85, One written call strike $60.7775, One written put strike $52.85 with a barrier level strike of $31.71, Expires 02/21/14, Broker JPMorgan Chase & Co.   339,085 
 189,036   iShares MSCI EAFE Index Fund, One call strike $52.90, One written call strike $60.84, One written put strike $52.90 with a barrier level strike of $34.39, Expires 01/17/14, Broker UBS AG   627,440 
 470,190   iShares MSCI EAFE Index Fund, One call strike $53.17, One written call strike $61.1455, One written put strike $53.17 with a barrier level strike of $34.5605, Expires 09/20/13, Broker Goldman Sachs Group, Inc.   2,080,382 
107
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 1,128,456   iShares MSCI EAFE Index Fund, One call strike $53.17, One written call strike $63.804, One written put strike $53.17 with a barrier level strike of $34.5605, Expires 02/21/14, Broker Goldman Sachs Group, Inc.  $4,627,947 
 750,920   iShares MSCI EAFE Index Fund, One call strike $53.268, One written call strike $61.2582, One written put strike $53.268 with a barrier level strike of $37.288, Expires 07/19/13, Broker JPMorgan Chase & Co.   3,358,355 
 93,809   iShares MSCI EAFE Index Fund, One call strike $53.30, One written call strike $61.30, One written put strike $53.30 with a barrier level strike of $31.98, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   326,311 
 93,552   iShares MSCI EAFE Index Fund, One call strike $53.446, One written call strike $61.4629, One written put strike $53.446 with a barrier level strike of $32.0676, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   288,100 
 187,058   iShares MSCI EAFE Index Fund, One call strike $53.4593, One written call strike $58.8052, One written put strike $53.4593 with a barrier level strike of $34.7490, Expires 01/17/14, Broker JPMorgan Chase & Co.   377,124 
 93,277   iShares MSCI EAFE Index Fund, One call strike $53.604, One written call strike $61.6446, One written put strike $53.604 with a barrier level strike of $32.1624, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   305,746 
 93,249   iShares MSCI EAFE Index Fund, One call strike $53.62, One written call strike $61.66, One written put strike $53.62 with a barrier level strike of $32.17, Expires 02/21/14, Broker UBS AG   289,554 

 

Contracts      Value 
 186,470   iShares MSCI EAFE Index Fund, One call strike $53.628, One written call strike $61.673, One written put strike $53.628 with a barrier level strike of $32.177, Expires 02/21/14, Broker Goldman Sachs Group, Inc.  $629,829 
 139,070   iShares MSCI EAFE Index Fund, One call strike $53.93, One written call strike $62.02, One written put strike $53.93 with a barrier level strike of $32.358, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   421,674 
 163,026   iShares MSCI EAFE Index Fund, One call strike $54.27, One written call strike $62.4105, One written put strike $54.27 with a barrier level strike of $35.2755, Expires 01/17/14, Broker Citigroup, Inc.   460,436 
 184,150   iShares MSCI EAFE Index Fund, One call strike $54.3036, One written call strike $62.4491, One written put strike $54.3036 with a barrier level strike of $35.2973, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   485,045 
 183,993   iShares MSCI EAFE Index Fund, One call strike $54.35, One written call strike $62.50, One written put strike $54.35 with a barrier level strike of $32.61, Expires 02/21/14, Broker UBS AG   520,998 
 183,857   iShares MSCI EAFE Index Fund, One call strike $54.39, One written call strike $59.83, One written put strike $54.39 with a barrier level strike of $35.35, Expires 10/18/13, Broker UBS AG   473,528 
 183,288   iShares MSCI EAFE Index Fund, One call strike $54.559, One written call strike $60.0149, One written put strike $54.559 with a barrier level strike of $35.4634, Expires 11/15/13, Broker Goldman Sachs Group, Inc.   408,647 
 183,217   iShares MSCI EAFE Index Fund, One call strike $54.58, One written call strike $60.04, One written put strike $54.58 with a barrier level strike of $32.75, Expires 10/18/13, Broker UBS AG   503,982 
108
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 303,495   iShares MSCI EAFE Index Fund, One call strike $54.6556, One written call strike $61.2143, One written put strike $54.6556 with a barrier level strike of $38.2589, Expires 07/19/13, Broker Citigroup, Inc.  $995,583 
 182,882   iShares MSCI EAFE Index Fund, One call strike $54.68, One written call strike $62.88, One written put strike $54.68 with a barrier level strike of $35.54, Expires 12/20/13, Broker UBS AG   521,816 
 182,799   iShares MSCI EAFE Index Fund, One call strike $54.705, One written call strike $60.1755, One written put strike $54.705 with a barrier level strike of $32.823, Expires 11/15/13, Broker Goldman Sachs Group, Inc.   452,211 
 272,777   iShares MSCI EAFE Index Fund, One call strike $54.99, One written call strike $63.24, One written put strike $54.99 with a barrier level strike of $35.74, Expires 03/21/14, Broker UBS AG   554,137 
 272,727   iShares MSCI EAFE Index Fund, One call strike $55.00, One written call strike $63.25, One written put strike $55.00 with a barrier level strike of $33.00, Expires 04/17/14, Broker UBS AG   599,995 
 90,843   iShares MSCI EAFE Index Fund, One call strike $55.04, One written call strike $63.296, One written put strike $55.04 with a barrier level strike of $33.024, Expires 04/17/14, Broker JPMorgan Chase & Co.   222,652 
 202,842   iShares MSCI EAFE Index Fund, One call strike $55.20, One written call strike $60.72, One written put strike $55.20 with a barrier level strike of $35.88, Expires 08/16/13, Broker JPMorgan Chase & Co.   543,967 
 271,730   iShares MSCI EAFE Index Fund, One call strike $55.2019, One written call strike $63.4822, One written put strike $55.2019 with a barrier level strike of $37.5373, Expires 03/21/14, Broker Credit Suisse Group AG   528,372 

 

Contracts      Value 
 102,565   iShares MSCI EAFE Index Fund, One call strike $55.29, One written call strike $60.819, One written put strike $55.29 with a barrier level strike of $35.9385, Expires 08/16/13, Broker Credit Suisse Group AG  $279,572 
 178,955   iShares MSCI EAFE Index Fund, One call strike $55.88, One written call strike $62.5856, One written put strike $55.88 with a barrier level strike of $36.322, Expires 04/17/14, Broker JPMorgan Chase & Co.   188,275 
 266,809   iShares MSCI EAFE Index Fund, One call strike $56.22, One written call strike $64.65, One written put strike $56.22 with a barrier level strike of $38.23, Expires 05/16/14, Broker Credit Suisse Group AG   281,355 
 266,714   iShares MSCI EAFE Index Fund, One call strike $56.24, One written call strike $64.68, One written put strike $56.24 with a barrier level strike of $39.37, Expires 05/16/14, Broker UBS AG   164,766 
 177,462   iShares MSCI EAFE Index Fund, One call strike $56.35, One written call strike $67.62, One written put strike $56.35 with a barrier level strike of $36.63, Expires 08/15/14, Broker Credit Suisse Group AG   158,216 
 176,697   iShares MSCI EAFE Index Fund, One call strike $56.5940, One written call strike $65.0831, One written put strike $56.5940 with a barrier level strike of $36.7861, Expires 08/15/14, Broker Citigroup, Inc.   (18,149)
 174,767   iShares MSCI EAFE Index Fund, One call strike $57.2191, One written call strike $65.8020, One written put strike $57.2191 with a barrier level strike of $37.1924, Expires 08/15/14, Broker Citigroup, Inc.   (70,004)
109
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 173,220   iShares MSCI EAFE Index Fund, One call strike $57.73, One written call strike $68.12, One written put strike $57.73 with a barrier level strike of $41.85, Expires 07/18/14, Broker Credit Suisse Group AG  $(134,988)
 172,859   iShares MSCI EAFE Index Fund, One call strike $57.8506, One written call strike $66.5282, One written put strike $57.8506 with a barrier level strike of $39.0492, Expires 08/15/14, Broker Citigroup, Inc.   (178,771)
 259,023   iShares MSCI EAFE Index Fund, One call strike $57.91, One written call strike $64.69, One written put strike $57.91 with a barrier level strike of $40.54, Expires 08/15/14, Broker UBS AG   (308,196)
 345,352   iShares MSCI EAFE Index Fund, One call strike $57.912, One written call strike $67.77, One written put strike $57.912 with a barrier level strike of $40.54, Expires 08/15/14, Broker Goldman Sachs Group, Inc.   (331,145)
 85,837   iShares MSCI EAFE Index Fund, One call strike $58.25, One written call strike $64.08, One written put strike $58.25 with a barrier level strike of $40.78, Expires 07/18/14, Broker UBS AG   (189,241)
 423,298   iShares MSCI EAFE Index Fund, One call strike $60.83, One written put strike $50.20 with a barrier level strike of $44.295, Expires 07/29/13, Broker Goldman Sachs Group, Inc.   322,423 
 750,920   iShares MSCI EAFE Index Fund, One call strike $61.2582, One written call strike $53.268, One put strike $53.268 with a barrier level strike of $37.288, Expires 07/19/13, Broker Goldman Sachs Group, Inc.   (3,405,299)
 337,268   iShares MSCI EAFE Index Fund, One call strike $61.672, One written put strike $51.591 with a barrier level strike of $45.661, Expires 09/20/13, Broker Goldman Sachs Group, Inc.   116,474 

 

Contracts      Value 
 122,540   iShares MSCI Emerging Markets Index Fund, One call strike $40.8031, One written call strike $46.9236, One written put strike $40.8031 with a barrier level strike of $26.5220, Expires 02/21/14, Broker Citigroup, Inc.  $218,223 
 482,944   iShares MSCI Emerging Markets Index Fund, One call strike $41.4127, One written call strike $49.6952, One written put strike $41.4127 with a barrier level strike of $26.918, Expires 12/20/13, Broker JPMorgan Chase & Co.   1,208,780 
 240,861   iShares MSCI Emerging Markets Index Fund, One call strike $41.5177, One written call strike $49.8212, One written put strike $41.5177 with a barrier level strike of $24.9106, Expires 03/21/14, Broker Citigroup, Inc.   537,885 
 240,804   iShares MSCI Emerging Markets Index Fund, One call strike $41.5276, One written call strike $47.7567, One written put strike $41.5276 with a barrier level strike of $26.993, Expires 04/17/14, Broker JPMorgan Chase & Co.   273,256 
 238,743   iShares MSCI Emerging Markets Index Fund, One call strike $41.886, One written call strike $50.2632, One written put strike $41.886 with a barrier level strike of $27.226, Expires 12/20/13, Broker JPMorgan Chase & Co.   535,871 
 354,404   iShares MSCI Emerging Markets Index Fund, One call strike $42.3246, One written call strike $48.25, One written put strike $42.3246 with a barrier level strike of $29.6272, Expires 04/17/14, Broker Citigroup, Inc.   91,281 
 230,627   iShares MSCI Emerging Markets Index Fund, One call strike $43.36, One written call strike $49.8640, One written put strike $43.36 with a barrier level strike of $30.3520, Expires 05/16/14, Broker JPMorgan Chase & Co.   (39,758)
110
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 334,225   iShares MSCI Emerging Markets Index Fund, One call strike $44.88, One written call strike $51.62, One written put strike $44.88 with a barrier level strike of $32.537, Expires 06/20/14, Broker Goldman Sachs Group, Inc.  $(539,659)
 140,193   iShares MSCI Mexico Index Fund, One call strike $71.33, One written call strike $82.03, One written put strike $71.33 with a barrier level strike of $49.93, Expires 05/16/14, Broker UBS AG   36,011 
 347,175   iShares Silver Trust, One call strike $28.804 with a barrier level strike of $43.207, One written put strike $28.804 with a barrier level strike of $18.722, Expires 08/15/14, Broker Goldman Sachs Group, Inc.   (284,466)
 613,686   iShares Silver Trust, One call strike $32.59 with a barrier level strike of $48.885, One written put strike $32.59 with a barrier level strike of $19.554, Expires 06/20/14, Broker Goldman Sachs Group, Inc.   (1,149,828)
 366,133   Market Vectors Russia ETF, One call strike $27.3125, One written call strike $31.41, One written put strike $27.3125 with a barrier level strike of $17.752, Expires 01/17/14, Broker Goldman Sachs Group, Inc.   433,139 
 180,050   Market Vectors Russia ETF, One call strike $27.77, One written call strike $33.324, One written put strike $27.77 with a barrier level strike of $16.662, Expires 12/20/13, Broker Goldman Sachs Group, Inc.   341,408 
 268,529   Market Vectors Russia ETF, One call strike $27.93, One written call strike $33.53, One written put strike $27.93 with a barrier level strike of $16.75, Expires 12/20/13, Broker Goldman Sachs Group, Inc.   490,772 
 177,557   Market Vectors Russia ETF, One call strike $28.16, One written call strike $33.80, One written put strike $28.16 with a barrier level strike of $16.89, Expires 12/20/13, Broker Goldman Sachs Group, Inc.   307,903 

 

Contracts      Value 
 173,250   Market Vectors Russia ETF, One call strike $28.86, One written call strike $34.63, One written put strike $28.86 with a barrier level strike of $17.32, Expires 12/20/13, Broker UBS AG  $309,812 
 167,748   Market Vectors Russia ETF, One call strike $29.8067, One written call strike $35.7680, One written put strike $29.8067 with a barrier level strike of $17.8840, Expires 11/15/13, Broker JPMorgan Chase & Co.   272,936 
 10,000   MSCI Emerging Markets Index, One lookback call determined at 105% of lowest closing price through 03/12/13, One written lookback put with a barrier level of 81% of lookback reference level if final price at expiration is below lookback reference level, Expires 03/31/14, Broker Goldman Sachs Group, Inc.   (169,013)
 10,000   Nikkei-225 Index, One call strike $10,629.8287, One written call strike $12,755.7944, Expires 06/18/14, One written put strike $878.5780 on Russell 2000 Index with a barrier level strike of $615.0046, Expires 06/20/14, Broker Citigroup, Inc.   (31,423)
 2,233   Nikkei-225 Index, One call strike $8,956.00, One written call strike $11,195.00, One written put strike $8,956.00 with a barrier level strike of $6,851.34, Expires 03/14/14, Broker Credit Suisse Group AG   2,910,939 
 1,105   Nikkei-225 Index, One call strike $9,050.00, One written call strike $10,407.50, One written put strike $8,389.35, Expires 12/13/13, Broker JPMorgan Chase & Co.   1,020,989 
 3,984   Nikkei-225 Index, One written call strike $11,596.2396, One written put strike $10,794.00 with a barrier level strike of $8,365.35, Expires 03/14/14, Broker Goldman Sachs Group, Inc.   4,771,974 
111
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 2,218   Nikkei-225 Index, One written call strike $11,905.00, One written put strike $10,487.35 with a barrier level strike of $8,232.572, Expires 04/18/14, Broker Goldman Sachs Group, Inc.  $2,462,776 
 12,960   Russell 2000 Index, One call strike $771.58, One written call strike $902.75, One written put strike $771.58 with a barrier level strike of $540.109, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   825,777 
 50,730   Russell 2000 Index, One call strike $788.49, One written call strike $946.19, One written put strike $788.49 with a barrier level strike of $551.941, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   3,513,400 
 18,491   Russell 2000 Index, One call strike $811.22, One written call strike $949.14, One written put strike $811.22 with a barrier level strike of $567.853, Expires 04/17/14, Broker Goldman Sachs Group, Inc.   744,954 
 18,289   Russell 2000 Index, One call strike $820.18, One written call strike $926.81, One written put strike $820.18 with a barrier level strike of $533.116, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   606,866 
 12,189   Russell 2000 Index, One call strike $820.47, One written call strike $943.55, One written put strike $820.47 with a barrier level strike of $574.326, Expires 05/16/14, Broker Goldman Sachs Group, Inc.   308,315 
 12,030   Russell 2000 Index, One call strike $831.26, One written call strike $972.5742, One written put strike $831.26 with a barrier level strike of $581.882, Expires 05/16/14, Broker Goldman Sachs Group, Inc.   332,612 

 

Contracts      Value 
 17,736   Russell 2000 Index, One call strike $845.75, One written call strike $972.6125, One written put strike $845.75 with a barrier level strike of $592.025, Expires 05/16/14, Broker Goldman Sachs Group, Inc.  $255,193 
 7,390   S&P 500 Index, One call strike $1,353.11, One written call strike $1,583.14, One written put strike $1,353.11 with a barrier level strike of $1,014.829, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   639,375 
 3,687   S&P 500 Index, One call strike $1,356.06, One written put strike $1,342.63 with a barrier level strike of $993.55, Expires 04/19/13, Broker UBS AG   533,655 
 3,664   S&P 500 Index, One call strike $1,364.7509, One written call strike $1,637.7011, One written put strike $1,364.7509 with a barrier level strike of $955.326, Expires 01/17/14, Broker JPMorgan Chase & Co.   399,503 
 7,260   S&P 500 Index, One call strike $1,377.35, One written call strike $1,583.9525, One written put strike $1,377.35 with a barrier level strike of $964.145, Expires 11/15/13, Broker JPMorgan Chase & Co.   670,134 
 10,871   S&P 500 Index, One call strike $1,379.79, One written call strike $1,655.75, One written put strike $1,379.79 with a barrier level strike of $1,034.84, Expires 02/21/14, Broker Credit Suisse Group AG   956,463 
 21,721   S&P 500 Index, One call strike $1,381.17, One written call strike $1,657.4, One written put strike $1,381.17 with a barrier level strike of $1,035.874, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   1,926,843 
 7,224   S&P 500 Index, One call strike $1,384.19, One written call strike $1,591.82, One written put strike $1,384.19 with a barrier level strike of $1,038.14, Expires 12/20/13, Broker Credit Suisse Group AG   559,592 
112
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 14,441   S&P 500 Index, One call strike $1,384.94, One written call strike $1,551.1328, One written put strike $1,384.94 with a barrier level strike of $1,038.705, Expires 12/20/13, Broker JPMorgan Chase & Co.  $875,314 
 3,630   S&P 500 Index, One call strike $1,391.3682, One written put strike $1,377.5923, Expires 04/19/13, Broker Citigroup, Inc.   400,200 
 7,237   S&P 500 Index, One call strike $1,395.5675, One written put strike $1,381.75 with a barrier level strike of $1,039.0760, Expires 04/19/13, Broker JPMorgan Chase & Co.   768,362 
 7,160   S&P 500 Index, One call strike $1,396.78, One written call strike $1,676.14, One written put strike $1,396.78 with a barrier level strike of $977.746, Expires 04/17/14, Broker Goldman Sachs Group, Inc.   537,775 
 3,578   S&P 500 Index, One call strike $1,397.24, One written call strike $1,676.688, One written put strike $1,397.24 with a barrier level strike of $978.068, Expires 04/17/14, Broker JPMorgan Chase & Co.   269,112 
 109,500   S&P 500 Index, One call strike $1,398.58, One written call strike $1,608.37, One written put strike $1,398.58 with a barrier level strike of $1,006.98, Expires 04/17/14, Broker Credit Suisse Group AG   190,372 
 21,410   S&P 500 Index, One call strike $1,401.20, One written call strike $1,639.404, One written put strike $1,401.20 with a barrier level strike of $980.84, Expires 04/17/14, Broker JPMorgan Chase & Co.   1,330,852 
 3,568   S&P 500 Index, One call strike $1,401.38 with a barrier level strike when EUR is less than 1.22, One written put strike $1,401.38 with a barrier level strike of $1,051.00, Expires 07/19/13, Broker Goldman Sachs Group, Inc.   (41,930)

 

Contracts      Value 
 7,135   S&P 500 Index, One call strike $1,401.4609, One written call strike $1,555.6216, One written put strike $1,401.4609 with a barrier level strike of $981.0227, Expires 02/21/14, Broker Goldman Sachs Group, Inc.  $323,397 
 7,133   S&P 500 Index, One call strike $1,401.86, One written call strike $1,612.14, One written put strike $1,401.86 with a barrier level strike of $1,009.34, Expires 04/21/14, Broker Citigroup, Inc.   350,837 
 3,566   S&P 500 Index, One call strike $1,402.22 with a barrier level strike when EUR is less than 1.23, One written put strike $1,402.22 with a barrier level strike of $764.00, Expires 08/16/13, Broker Goldman Sachs Group, Inc.   (1,909)
 14,243   S&P 500 Index, One call strike $1,404.18, One written call strike $1,614.807, One written put strike $1,404.18 with a barrier level strike of $912.717, Expires 01/17/14, Broker Citigroup, Inc.   1,079,220 
 10,718   S&P 500 Index, One call strike $1,406.16, One written call strike $1,617.084, One written put strike $1,406.16 with a barrier level strike of $984.312, Expires10/18/13, Broker Goldman Sachs Group, Inc.   900,923 
 3,556   S&P 500 Index, One call strike $1,406.21, One written call strike $1,617.1415, One written put strike $1,406.21 with a barrier level strike of $914.0370, Expires 01/17/14, Broker JPMorgan Chase & Co.   271,744 
 10,655   S&P 500 Index, One call strike $1,407.83, One written call strike $1,619.00, One written put strike $1,407.83 with a barrier level strike of $1,055.8725, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   521,704 
 3,545   S&P 500 Index, One call strike $1,410.26, One written call strike $1,621.89, One written put strike $1,410.26 with a barrier level strike of $987.174, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   199,481 
113
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 10,617   S&P 500 Index, One call strike $1,412.84, One written call strike $1,653.0228, One written put strike $1,412.84 with a barrier level strike of $1,024.3090, Expires 06/20/14, Broker JPMorgan Chase & Co.  $447,443 
 3,536   S&P 500 Index, One call strike $1,414.1, One written call strike $1,626.22, One written put strike $1,414.1 with a barrier level strike of $989.87, Expires 10/18/13, Broker Goldman Sachs Group, Inc.   283,763 
 7,063   S&P 500 Index, One call strike $1,415.80, One written call strike $1,557.38, One written put strike $1,415.80 with a barrier level strike of $1,061.85, Expires 06/21/13, Broker UBS AG   504,271 
 10,594   S&P 500 Index, One call strike $1,415.9583, One written call strike $1,600.0329, One written put strike $1,415.9583 with a barrier level strike of $1,019.49, Expires 04/17/14, Broker JPMorgan Chase & Co.   355,952 
 3,511   S&P 500 Index, One call strike $1,424.1778, One written call strike $1,595.0791, One written put strike $1,424.1778 with a barrier level strike of $996.924, Expires 11/15/13, Broker JPMorgan Chase & Co.   201,123 
 3,508   S&P 500 Index, One call strike $1,425.48, One written call strike $1,596.54, One written put strike $1,425.48 with a barrier level strike of $997.84, Expires 11/15/13, Broker Credit Suisse Group AG   205,690 
 10,519   S&P 500 Index, One call strike $1,426.00, One written call strike $1,639.9, One written put strike $1,426.00 with a barrier level strike of $1,069.50, Expires 05/16/14, Broker Goldman Sachs Group, Inc.   281,205 
 3,642   S&P 500 Index, One call strike $1,426.50, One written call strike $1,640.475, One written put strike $1,426.50 with a barrier level strike of $998.55, Expires 01/17/14, Broker Goldman Sachs Group, Inc.   217,957 

 

Contracts      Value 
 3,503   S&P 500 Index, One call strike $1,427.52, One written call strike $1,641.65, One written put strike $1,427.52 with a barrier level strike of $999.26, Expires 11/15/13, Broker UBS AG  $230,540 
 3,500   S&P 500 Index, One call strike $1,428.75, One written call strike $1,571.625, One written put strike $1,428.75 with a barrier level strike of $1,000.125, Expires 10/18/13, Broker JPMorgan Chase & Co.   180,094 
 6,999   S&P 500 Index, One call strike $1,428.75, One written call strike $1,600.20, One written put strike $1,428.75 with a barrier level strike of $1,071.56, Expires 05/16/14, Broker UBS AG   65,123 
 6,997   S&P 500 Index, One call strike $1,429.2594, One written call strike $1,643.6483, One written put strike $1,429.2594 with a barrier level strike of $1,036.2131, Expires 05/16/14, Broker Goldman Sachs Group, Inc.   213,838 
 6,990   S&P 500 Index, One call strike $1,430.56, One written call strike $1,645.15, One written put strike $1,430.56 with a barrier level strike of $1,001.39, Expires 09/20/13, Broker Goldman Sachs Group, Inc.   521,785 
 10,469   S&P 500 Index, One call strike $1,432.8567, One written call strike $1,647.7852, One written put strike $1,432.8567 with a barrier level strike of $1,003.00, Expires 10/18/13, Broker JPMorgan Chase & Co.   713,047 
 6,975   S&P 500 Index, One call strike $1,433.79, One written call strike $1,577.17, One written put strike $1,433.79 with a barrier level strike of $1,003.65, Expires 01/17/14, Broker Credit Suisse Group AG   226,838 
 10,461   S&P 500 Index, One call strike $1,433.90, One written call strike $1,577.29, One written put strike $1,433.90 with a barrier level strike of $1,003.73, Expires 11/15/13, Broker UBS AG   444,552 
114
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 6,974   S&P 500 Index, One call strike $1,434.00, One written call strike $1,649.10, One written put strike $1,434.00 with a barrier level strike of $1,003.80, Expires 11/15/13, Broker JPMorgan Chase & Co.  $439,282 
 10,439   S&P 500 Index, One call strike $1,436.9466, One written call strike $1,652.4886, One written put strike $1,436.9466 with a barrier level strike of $1,005.863, Expires 12/20/13, Broker JPMorgan Chase & Co.   584,491 
 6,947   S&P 500 Index, One call strike $1,439.53, One written call strike $1,612.2736, One written put strike $1,439.53 with a barrier level strike of $1,043.6593, Expires 05/16/14, Broker Goldman Sachs Group, Inc.   83,105 
 13,861   S&P 500 Index, One call strike $1,442.91, One written call strike $1,659.3465, One written put strike $1,442.91 with a barrier level strike of $1,010.037, Expires 02/21/14, Broker Goldman Sachs Group, Inc.   610,074 
 13,859   S&P 500 Index, One call strike $1,443.07, One written call strike $1,659.53, One written put strike $1,443.07 with a barrier level strike of $1,010.15, Expires 02/21/14, Broker Credit Suisse Group AG   586,258 
 3,460   S&P 500 Index, One call strike $1,445.08, One written call strike $1,661.842, One written put strike $1,445.08 with a barrier level strike of $1,011.556, Expires 03/21/14, Broker Goldman Sachs Group, Inc.   130,023 
 13,771   S&P 500 Index, One call strike $1,452.31, One written call strike $1,742.77, One written put strike $1,452.31 with a barrier level strike of $1,089.23, Expires 03/21/14, Broker UBS AG   434,660 

 

Contracts      Value 
 3,442   S&P 500 Index, One call strike $1,452.50, One written call strike $1,670.3750, One written put strike $1,452.50 with a barrier level strike of $1,016.75, Expires 01/17/14, Broker JPMorgan Chase & Co.  $151,239 
 3,437   S&P 500 Index, One call strike $1,454.90, One written call strike $1,600.39, One written put strike $1,454.90 with a barrier level strike of $1,018.43, Expires 11/15/13, Broker JPMorgan Chase & Co.   119,662 
 6,868   S&P 500 Index, One call strike $1,455.9625, One written call strike $1,674.3569, One written put strike $1,455.9625 with a barrier level strike of $1,019.1738, Expires 12/20/13, Broker Citigroup, Inc.   293,441 
 3,430   S&P 500 Index, One call strike $1,457.70, One written call strike $1,603.47, One written put strike $1,457.70 with a barrier level strike of $1,020.39, Expires 10/18/13, Broker Citigroup, Inc.   129,867 
 6,850   S&P 500 Index, One call strike $1,459.78, One written call strike $1,605.758, One written put strike $1,459.78 with a barrier level strike of $1,021.846, Expires 11/15/13, Broker Citigroup, Inc.   206,544 
 11,032   S&P 500 Index, One call strike $1,461.10, One written call strike $1,607.21, One written put strike $1,461.10 with a barrier level strike of $1,022.77, Expires 12/20/13, Broker Citigroup, Inc.   274,535 
 10,263   S&P 500 Index, One call strike $1,461.53, One written call strike $1,607.68, One written put strike $1,461.53 with a barrier level strike of $1,023.07, Expires 10/18/13, Broker UBS AG   365,224 
 3,729   S&P 500 Index, One call strike $1,461.6163, One written call strike $1,607.778, One written put strike $1,461.6163 with a barrier level strike of $1,023.1314, Expires 12/20/13, Broker Goldman Sachs Group, Inc.   99,005 
115
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 17,100   S&P 500 Index, One call strike $1,462.00, One written call strike $1,608.20, One written put strike $1,462.00 with a barrier level strike of $1,023.40, Expires 07/19/13, Broker Citigroup, Inc.  $820,921 
 20,517   S&P 500 Index, One call strike $1,462.1850, One written call strike $1,608.4035, One written put strike $1,462.1850 with a barrier level strike of $1,023.53, Expires 11/15/13, Broker JPMorgan Chase & Co.   654,926 
 20,512   S&P 500 Index, One call strike $1,462.53, One written call strike $1,681.91, One written put strike $1,462.53 with a barrier level strike of $1,023.771, Expires 10/18/13, Broker Goldman Sachs Group, Inc.   1,009,423 
 5,127   S&P 500 Index, One call strike $1,462.90, One written call strike $1,682.335, One written put strike $1,462.90 with a barrier level strike of $1,024.03, Expires 02/21/14, Broker Citigroup, Inc.   155,127 
 11,072   S&P 500 Index, One call strike $1,463.10, One written call strike $1,609.41, One written put strike $1,463.10 with a barrier level strike of $1,024.17, Expires 12/20/13, Broker JPMorgan Chase & Co.   268,877 
 6,815   S&P 500 Index, One call strike $1,467.4524, One written call strike $1,614.1976, One written put strike $1,467.4524 with a barrier level strike of $1,027.2167, Expires 09/20/13, Broker Goldman Sachs Group, Inc.   264,685 
 13,629   S&P 500 Index, One call strike $1,467.5104, One written call strike $1,614.2614, One written put strike $1,467.5104 with a barrier level strike of $1,027.2573, Expires 09/20/13, Broker Citigroup, Inc.   514,744 
 13,619   S&P 500 Index, One call strike $1,468.49, One written call strike $1,688.76, One written put strike $1,468.49 with a barrier level strike of $1,027.94, Expires 02/21/14, Broker Credit Suisse Group AG   395,263 

 

Contracts      Value 
 10,193   S&P 500 Index, One call strike $1,471.57, One written call strike $1,662.88, One written put strike $1,471.57 with a barrier level strike of $1,103.677, Expires 06/20/14, Broker Goldman Sachs Group, Inc.  $(135,856)
 13,277   S&P 500 Index, One call strike $1,566.656, One written put strike $1,310.568 with a barrier level strike of $1,159.928, Expires 09/20/13, Broker Goldman Sachs Group, Inc.   93,653 
 144,570   S&P 500 Index, One call strike $1,569.58, One put strike $1,212.76, One written put strike $1,284.10, Expires 02/15/13, Broker Goldman Sachs Group, Inc.   14,741 
 137,468   S&P 500 Index, One call strike $1,570.40, One put strike $1,213.49, One written put strike $1,284.87, Expires 02/15/13, Broker JPMorgan Chase & Co.   5,249 
 8,840   S&P 500 Index, One call strike $1,626.2082, One put strike $1,131.2752 for 3,536 contracts, One written put strike $1,201.98 for 3,536 contracts, Expires 03/15/13, Broker Goldman Sachs Group, Inc.   1,700 
 10,000   S&P 500 Index, One lookback call determined at 105% of lowest closing price through 03/08/13, One written lookback put with a barrier level of 81% of lookback reference level if final price at expiration is below lookback reference level, Expires 04/21/14   (82,479)
 214,225   SPDR S&P Homebuilders ETF, One call strike $23.34, One written call strike $29.175, One written put strike $23.34 with a barrier level strike of $15.171, Expires 01/17/14, Broker Goldman Sachs Group, Inc.   699,143 
 319,435   SPDR S&P Homebuilders ETF, One call strike $23.479, One written call strike $29.35, One written put strike $23.479 with a barrier level strike of $15.26, Expires 01/17/14, Broker Goldman Sachs Group, Inc.   1,004,726 
116
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts      Value 
 212,224   SPDR S&P Homebuilders ETF, One call strike $23.56, One written call strike $29.45, One written put strike $23.56 with a barrier level strike of $15.31, Expires 01/17/14, Broker UBS AG  $674,185 
 384,008   SPDR S&P Homebuilders ETF, One call strike $26.0411, One written call strike $31.2493, One written put strike $26.0411 with a barrier level strike of $15.6247, Expires 02/21/14, Broker Citigroup, Inc.   670,371 
 359,998   SPDR S&P Homebuilders ETF, One call strike $27.7779, One written call strike $33.3335, One written put strike $27.7779 with a barrier level strike of $19.4450, Expires 06/20/14, Broker JPMorgan Chase & Co.   (736)
 190,006   SPDR S&P Oil & Gas Exploration & Production ETF, One call strike $52.63, One written call strike $59.47, One written put strike $52.63 with a barrier level strike of $34.21, Expires 01/17/14, Broker UBS AG   260,307 
 184,843   SPDR S&P Oil & Gas Exploration & Production ETF, One call strike $54.10, One written call strike $64.92, One written put strike $54.10 with a barrier level strike of $32.46, Expires 01/17/14, Broker UBS AG   501,103 
 179,388   SPDR S&P Oil & Gas Exploration & Production ETF, One call strike $55.745, One written call strike $64.1068, One written put strike $55.745 with a barrier level strike of $36.2343, Expires 12/20/13, Broker Goldman Sachs Group, Inc.   166,639 
 175,960   SPDR S&P Oil & Gas Exploration & Production ETF, One call strike $56.83, One written call strike $65.36, One written put strike $56.83 with a barrier level strike of $34.098, Expires 12/20/13, Broker Goldman Sachs Group, Inc.   197,004 

 

Contracts      Value 
 3,839   STOXX 50 Index, One call strike $2,605.00, Expires 01/19/18, One written put strike $2,605.00 with a barrier level strike of $1,439.2630, Expires 01/16/15, Broker JPMorgan Chase & Co.  $526,408 
 3,764   STOXX 50 Index, One call strike $2,657.00, Expires 01/19/18, One written put strike $2,657.00 with a barrier level strike of $1,554.3450, Expires 01/16/15, Broker JPMorgan Chase & Co.   305,653 
 5,516   STOXX 50 Index, One call strike $2,719.48, Expires 02/16/18, One written put strike $2,719.48 with a barrier level strike of $1,706.4740, Expires 02/20/15, Broker JPMorgan Chase & Co.   (484)
 2,051   STOXX50E Index, One call strike $2,437.3112, Expires 12/15/17, One written put strike $2,437.3112 with a barrier level strike of $1,413.641, Expires 12/19/14, Broker Goldman Sachs Group, Inc.   506,109 
 8,061   STOXX50E Index, One call strike $2,481.16, Expires 12/15/17, One written put strike $2,481.16 with a barrier level strike of $1,439.075, Expires 12/19/14, Broker Goldman Sachs Group, Inc.   1,709,642 
 5,904   STOXX50E Index, One call strike $2,541.16, Expires 12/15/17, One written put strike $2,541.16 with a lower barrier level strike of $1,562.813 and an upper barrier level strike of $2,542.52, Expires 12/19/14, Broker Goldman Sachs Group, Inc.   942,162 
 2,596   STOXX50E Index, One call strike $2,595.70, Expires 01/19/18, One written put strike $2,595.70 with a barrier level strike of $1,491.2297, Expires 01/16/15, Broker Citigroup, Inc.   504,440 
 1,920   STOXX50E Index, One call strike $2,605.00, Expires 01/19/18, One written put strike $2,605.00 with a barrier level strike of $1,589.05, Expires 01/16/15, Broker Goldman Sachs Group, Inc.   217,618 
117
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts     Value 
12,798   TOPIX 100115 Index, One call strike $781.39, One written call strike $898.61, One written put strike $1,413.75 on S&P 500 Index with a barrier level strike of $1,017.899, Expires 04/17/14, Broker Goldman Sachs Group, Inc.  $580,000 
17,681   TOPIX 100120 Index, One call strike $848.38, One written call strike $1,018.056, One written put strike $1,440.20 on S&P 500 Index with a barrier level strike of $1,080.15, Expires 05/16/14, Broker Goldman Sachs Group, Inc.   557,594 
3,429   TWSE Index, One call strike $8,749.55, One written put strike $7,240.25, Expires 09/18/13, Broker JPMorgan Chase Bank NA    (393,766)
         
Total Structured Options
(Premiums received $(48,227,835))		   85,959,872 
         
FUTURES CONTRACTS: LONG POSITION     
      
       Unrealized 
Contracts      Depreciation 
280   Intercontinental Exchange Crude Oil, December 2013   $(902,150)
         
       Unrealized 
       Depreciation 
SWAP AGREEMENTS (PURCHASED)     
Equity swap with UBS AG paying variance of the S&P 500 Index over the target volatility of 28.60 and receiving variance of the S&P 500 Index under the target volatility of 28.60, expiring 12/18/15 (Underlying notional amount $500,000)  $(3,315,266)
         
       Unrealized 
       Appreciation/ 
       (Depreciation) 
SWAP AGREEMENTS (WRITTEN)     
Equity swap with Barclays 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)(b)  $(1,198,570)

 

   Unrealized 
   Appreciation/ 
   (Depreciation) 
Equity swap with BNP Paribas SA 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)(b)		  $(1,144,370)
Equity swap with BNP Paribas SA 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)(b)   (5,604,284)
Equity swap with Citibank, N.A. paying variance of the S&P 500 Index over the target volatility of 33.20 and receiving variance of the S&P 500 Index under the target volatility of 33.20, expiring 12/15/17 (Underlying notional amount $150,000)   1,149,543 
Equity swap with Citigroup, Inc. paying variance of the S&P 500 Index over the target volatility of 33.30 and receiving variance of the S&P 500 Index under the target volatility of 33.30, expiring 12/15/17 (Underlying notional amount $100,000)   772,991 
Equity swap with Goldman Sachs Group, Inc. paying variance of the S&P 500 Index over the target volatility of 30.45 and receiving variance of the S&P 500 Index under the target volatility of 30.45, expiring 12/15/17 (Underlying notional amount $250,000)   1,051,087 
Equity swap with Goldman Sachs Group, Inc. paying variance of the S&P 500 Index over the target volatility of 30.90 and receiving variance of the S&P 500 Index under the target volatility of 30.90, expiring 12/15/17 (Underlying notional amount $250,000)   1,135,215 
Equity swap with JPMorgan Chase & Co. 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 12/15/17 (Underlying notional amount $250,000)   1,820,441 
118
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

   Unrealized 
   Appreciation/ 
   (Depreciation) 
Equity swap with JPMorgan Chase & Co. 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 12/18/15 (Underlying notional amount $500,000)  $4,969,137 
Equity swap with JPMorgan Chase & Co. 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)   3,360,005 
Equity swap with JPMorgan Chase & Co. paying variance of the S&P 500 Index over the target volatility of 33.30 and receiving variance of the S&P 500 Index under the target volatility of 33.30, expiring 12/15/17 (Underlying notional amount $150,000)   1,152,672 
   $7,463,867 

 

At January 31, 2013, the Global Opportunities Fund held investments in restricted securities with a fair value of $3,600,000 or 0.05% of net assets, as follows:

 

Acquisition
Cost		   Issuer  Acquisition
Date		  01/31/13
Carrying Value
Per Unit		 
$12,125,000   ShengdaTech, Inc.,
Cnv.(b)(c)(d)(f)(h)		  01/19/11  $30.00 

 

 

 

(a) Cost for federal income tax purposes is $7,077,089,759 and net unrealized appreciation of investments is as follows:
   
Unrealized appreciation  $409,477,612 
Unrealized depreciation   (141,740,163)
Net unrealized appreciation  $267,737,449 
(b) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $288,510,033, or 4.02% of net assets. Included in these amounts are certain securities which are exempt from registration under Rule 144A of the Securities Act of 1933, as amended (see (f) below) in the amount to $64,154,265, or 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 aggregate value of fair valued securities is $24,399,455, which is 0.34% of net assets.
(e) Variable rate security. Rate shown is the rate as of January 31, 2013.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $770,898,453, which is 10.74% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those Rule 144A securities included in footnote (b) above.
(g) Principal amount denoted in Singapore Dollars.
(h) Zero coupon bond. The rate represents the yield at time of purchase.
(i) Issuer filed for bankruptcy and/or is in default of interest payments.
(j) Investment in non-U.S. Dollars. Principal amount reflects local currency.
(k) Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(l) Principal amount denoted in Euros.
(m) The rate represents the annualized yield at time of purchase.
(n) Rate shown represents current yield at January 31, 2013.

 

ADR — American Depositary Receipt

AGM — Assured Guaranty Municipal Corp.

Cnv. — Convertible

EUR — Euro

FOR — Foreign Ownership Restrictions

JPY — Japanese Yen

OID — Original Issue Discount

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

119
       
  Old Westbury Funds, Inc.    
  Global Opportunities Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Portfolio diversification by Sector (Unaudited)

 

   Percentage 
Sector    of Net Assets 
Asset-Backed Securities   2.0%
Banks   1.2%
Collateralized Mortgage Obligations   11.2%
Commercial Mortgage-Backed Securities   1.3%
Consumer Discretionary   7.6%
Consumer Staples   2.7%
Diversified Financials   1.1%
Energy   3.6%
Government Bonds   12.7%
Health Care   5.3%
Industrials   5.1%
Information Technology   8.2%
Insurance   1.1%
Materials   3.3%
Municipal Bonds   0.0%
Real Estate   1.1%
Telecommunication Services   2.8%
U.S. Government Agencies and Securities   25.5%
Utilities   1.4%
Other*   2.8%
    100.0%

 

 

 

* Includes cash and equivalents, exchange traded funds, options, rights/warrants, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
120
       
  Old Westbury Funds, Inc.    
  Real Return Fund    
  Consolidated Portfolio of Investments January 31, 2013  
    (Unaudited)  
       
          
Shares     Value 
COMMON STOCKS — 22.1%    
       
CANADA — 1.4%    
Materials — 1.4%    
  3,500,000  Kinross Gold Corp.  $28,805,000 
FRANCE — 2.7%    
Energy — 2.7%    
  1,020,000  Total SA - ADR   55,375,800 
NETHERLANDS — 2.1%    
Energy — 2.1%    
  610,000  Royal Dutch Shell Plc - ADR   43,017,200 
UNITED KINGDOM — 0.4%    
Energy — 0.4%    
  500,000  Tullow Oil Plc   9,024,300 
UNITED STATES — 15.5%    
Consumer Discretionary — 1.8%    
  975,000  Toll Brothers, Inc.(b)   36,513,750 
Energy — 4.0%    
  2,769,000  Brazil Ethanol, Inc.(b)(c)(d)(e)   0 
  550,000  Cameron International Corp.(b)   34,820,500 
  600,000  Schlumberger Ltd.   46,830,000 
         81,650,500 
Materials — 6.6%    
  675,000  Dow Chemical Co. (The)   21,735,000 
  500,000  Monsanto Co.   50,675,000 
  346,000  Mosaic Co. (The)   21,192,500 
  1,150,000  Walter Energy, Inc.   43,182,500 
         136,785,000 
Real Estate — 3.1%    
  650,000  St. Joe Co. (The)(b)(d)   15,275,000 
  1,650,000  Weyerhaeuser Co., REIT   49,698,000 
         64,973,000 
         319,922,250 
Total Common Stocks
(Cost $449,335,333)		  456,144,550 
     
EXCHANGE TRADED FUNDS — 3.9%    
     
UNITED STATES — 3.9%    
  1,940,000  iShares FTSE China 25 Index Fund   80,451,800 
Total Exchange Traded Funds
(Cost $80,402,186)		    80,451,800  
       
Number of Coins        
COLLECTIBLE COINS — 2.1%    
     
UNITED STATES — 2.1%
  128  Various Collectible Coins and Sets of Coins(d)   42,751,180 
Total Collectible Coins
(Cost $41,158,368)		  42,751,180 

 

Fine Troy        
Ounces     Value 
COMMODITIES — 4.8%    
     
UNITED STATES — 4.8%    
  60,175  Gold Bullion  $100,109,362 
Total Commodities
(Cost $57,245,403)		  100,109,362 
     
Contracts        
CALL OPTIONS PURCHASED — 0.3%    
Commodities — 0.3%    
  335  Chicago Board of Trade Corn No. 2 Yellow, Strike $700.00, Expiring 02/22/13   711,875 
  4,000  Chicago Board of Trade Corn No. 2 Yellow, Strike $800.00, Expiring 06/21/13   3,800,000 
  1,100  Chicago Board of Trade Corn No. 2 Yellow, Strike $800.00, Expiring 06/21/13   1,045,000 
  1,000  Chicago Board of Trade Corn No. 2 Yellow, Strike $820.00, Expiring 06/21/13   737,500 
  1,500  Chicago Board of Trade Soybean, Strike $1,540.00, Expiring 02/22/13   450,000 
  550  London Metal Exchange Copper, Strike $8,500.00, Expiring 03/06/13   466,125 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 03/25/13   600 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 04/25/13   600 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 05/28/13   600 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 06/25/13   600 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 07/26/13   1,800 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 08/27/13   6,000 
  600  New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 09/25/13   9,600 
Total Call Options Purchased
(Cost $25,064,592)		  7,230,300 
121
       
  Old Westbury Funds, Inc.    
  Real Return Fund    
  Consolidated Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Contracts     Value 
PUT OPTIONS PURCHASED — 0.3%    
Commodities — 0.3%    
  600  COMEX Gold, Strike $1,600.00, Expiring 11/25/13  $ 3,696,000 
  750  New York Mercantile Exchange Brent Crude Oil, Strike $105.00, Expiring 05/13/13   1,672,500 
  2,000  New York Mercantile Exchange Brent Crude Oil, Strike $95.00, Expiring 02/08/13   20,000 
     
Total Put Options Purchased
(Cost $11,516,650)		  5,388,500 
       
Principal
Amount		     Value 
ASSET-BACKED SECURITIES — 6.0%    
     
UNITED STATE4S — 6.0%    
$ 8,000,000  GCO Education Loan Funding Trust, Series 2006-2A, Class A1AR, 1.49%, 08/27/46(f)   7,440,000 
  8,000,000  GCO Education Loan Funding Trust, Series 2006-2A, Class A3AR, 1.11%, 08/27/46(f)   7,440,000 
  9,450,000  SLM Student Loan Trust, Series 2002-7, Class A10, 2.50%, 03/15/28(f)   9,450,000 
  9,800,000  SLM Student Loan Trust, Series 2002-7, Class A11, 0.98%, 03/15/28(f)   9,800,000 
  2,650,000  SLM Student Loan Trust, Series 2002-7, Class A6, 0.98%, 03/15/28(f)   2,650,000 
  9,950,000  SLM Student Loan Trust, Series 2002-7, Class A7, 2.50%, 03/15/28(f)   9,950,000 
  11,650,000  SLM Student Loan Trust, Series 2002-7, Class A8, 1.25%, 03/15/28(f)   11,650,000 
  5,800,000  SLM Student Loan Trust, Series 2002-7, Class A9, 2.71%, 03/15/28(f)   5,800,000 
  3,350,000  SLM Student Loan Trust, Series 2003-2, Class A6, 1.00%, 09/15/28(f)   3,350,000 
  21,850,000  SLM Student Loan Trust, Series 2003-2, Class A7, 1.20%, 09/15/28(f)   21,850,000 
  9,000,000  SLM Student Loan Trust, Series 2003-2, Class A8, 0.92%, 09/15/28(f)   9,000,000 
  21,550,000  SLM Student Loan Trust, Series 2003-2, Class A9, 1.25%, 09/15/28(f)   21,550,000 
        
Principal
Amount		     Value 
UNITED STATES (continued)    
$ 4,000,000  SLM Student Loan Trust, Series 2003-5, Class A9, 0.93%, 06/17/30(f)  $3,860,000 
           
Total Asset-Backed Securities
(Cost $119,461,989)		  123,790,000 
     
GOVERNMENT BONDS — 20.3%    
     
AUSTRALIA — 14.4%    
  94,000,000(g)  Australia Government Bond, 6.13%, 08/20/20   187,811,731 
  62,000,000(g)  New South Wales Treasury Corp., 4.10%, 11/20/20   83,497,865 
  20,000,000(g)  New South Wales Treasury Corp., 3.07%, 11/20/25   26,998,614 
         298,308,210 
MEXICO — 5.9%    
  175,000,000(g)  Mexican Udibonos, 2.00%, 06/09/22   69,697,474 
  123,000,000(g)  Mexican Udibonos, 2.50%, 12/10/20   51,089,138 
         120,786,612 
Total Government Bonds
(Cost $391,951,389)		  419,094,822 
U.S. GOVERNMENT AGENCIES — 2.9%    
Federal Home Loan Bank — 2.9%    
  10,000,000  0.05%, 02/01/13(h)   10,000,000 
  8,000,000  0.05%, 02/01/13(h)   8,000,000 
  13,000,000  0.06%, 02/01/13(h)   13,000,000 
  18,000,000  0.07%, 02/01/13(h)   18,000,000 
  12,000,000  0.02%, 02/19/13(h)   11,999,760 
           
Total U.S. Government Agencies
(Cost $60,999,760)		  60,999,760 
       
U.S. GOVERNMENT SECURITIES — 33.3%    
U.S. Treasury Bills — 33.3%    
  6,000,000  0.02%, 02/07/13(h)   5,999,985 
  65,000,000  0.03%, 02/07/13(h)   64,999,637 
  4,000,000  0.04%, 02/07/13(h)   3,999,993 
  81,000,000  0.04%, 02/07/13(h)   80,999,470 
  64,000,000  0.02%, 02/14/13(h)   63,999,653 
  65,000,000  0.04%, 02/14/13(h)   64,999,178 
  253,000,000  0.07%, 02/14/13(h)   252,993,513 
  10,000,000  0.05%, 02/21/13(h)   9,999,750 
  20,000,000  0.09%, 02/28/13(h)   19,998,635 
  116,000,000  0.10%, 02/28/13(h)   115,997,390 
  4,000,000  0.10%, 03/07/13(h)   3,999,632 
           
Total U.S. Government Securities
(Cost $687,986,836)		  687,986,836 
122
       
  Old Westbury Funds, Inc.    
  Real Return Fund    
  Consolidated Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Shares     Value 
CASH SWEEP — 1.0%    
  20,001,038  Citibank - US Dollars on Deposit in Custody Account, 0.02%(i)  $20,001,038 
           
Total Cash Sweep
(Cost $20,001,038)		20,001,038  
TOTAL INVESTMENTS — 97.0%    
(Cost $1,945,123,544)(a)  2,003,948,148 
OTHER ASSETS IN EXCESS OF LIABILITIES — 3.0%  62,200,067 
NET ASSETS — 100.0% $2,066,148,215 
           
Contracts        
CALL OPTIONS WRITTEN — (0.1)%    
Commodities — (0.1)%    
  (1,100)  Chicago Board of Trade Corn No. 2 Yellow, Strike $900.00, Expiring 06/21/13   (281,875)
  (4,000)  Chicago Board of Trade Corn No. 2 Yellow, Strike $900.00, Expiring 06/21/13   (1,025,000)
Total Call Options Written
(Premiums received $(3,318,225))		  (1,306,875)
     
PUT OPTIONS WRITTEN — (1.0)%    
Commodities — (1.0)%    
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 03/25/13   (1,537,600)
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 04/25/13   (1,457,000)
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 05/28/13   (1,391,400)
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 06/25/13   (1,337,600)
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 07/26/13   (1,343,200)
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 08/27/13   (1,381,800)
  (200)  New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 09/25/13   (1,386,200)
  (2,800)  New York Mercantile Exchange Natural Gas Futures, Strike $4.00, Expiring 12/26/13   (10,505,600)
           
Total Put Options Written
(Premiums received $(14,244,000))		 $(20,340,400)

 

FUTURES CONTRACTS: SHORT POSITIONS    
     
Contracts      Unrealized
Depreciation		 
  1,000  London Metal Exchange Nickel, February 2013  $(5,462,489)
  700  New York Mercantile Exchange Heating Oil, June 2013   (2,573,760)
  1,920  ICE Cotton No. 2, March 2013   (2,192,220)
  300  New York Mercantile Exchange Heating Oil, March 2013   (1,408,680)
  600  Chicago Board of Trade Soybean, November 2013   (1,331,912)
  1,000  New York Mercantile Exchange Natural Gas, October 2013   (120,000)
     Net unrealized depreciation  $(13,089,061)
           
  FUTURES CONTRACTS: LONG POSITIONS     
        
Contracts      Unrealized Appreciation/ (Depreciation) 
  2,000  London Metal Exchange Aluminum, February 2013  $(951,950)
  600  Chicago Board of Trade Soybean, March 2013   (768,598)
  331  Eurex Mill Wheat, March 2013   (20,172)
  1,580  ICE Sugar No. 11, March 2013   477,264 
  300  London Metal Exchange Copper, March 2013   1,777,950 
  300  New York Mercantile Exchange Crude Oil, March 2013   2,510,010 
  250  New York Mercantile Exchange Platts for Chicago Ethanol, March 2013   2,436,000 
  1,500  New York Mercantile Exchange Natural Gas, March 2013   (7,147,399)
  1,000  New York Mercantile Exchange Natural Gas, March 2013   (5,349,000)
  67  New York Mercantile Exchange Palladium, March 2013   121,492 
  261  London Metal Exchange Aluminum, April 2013   280,179 
  100  London Metal Exchange Copper, April 2013   538,925 
  275  London Metal Exchange Lead, April 2013   1,057,163 
  20  London Metal Exchange Tin, April 2013   34,680 
  200  New York Mercantile Exchange Canadian Heavy Crude Oil, April 2013(d)   (93,775)
  600  New York Mercantile Exchange Platinum, April 2013   4,079,910 
  3,419  Eurex Mill Wheat, May 2013   (264,643)
  724  ICE Coffee, May 2013   (303,711)
  111  ICE Orange Juice, May 2013   120,390 
  2,200  ICE Sugar No. 11, May 2013   573,608 
  1,500  Kansas City Board of Trade Wheat, May 2013   706,925 
  200  New York Mercantile Exchange Canadian Heavy Crude Oil, May 2013(d)   6,225 
123
       
  Old Westbury Funds, Inc.    
  Real Return Fund    
  Consolidated Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

FUTURES CONTRACTS: LONG POSITIONS (Concluded)
Contracts    Unrealized
Appreciation/
(Depreciation)		 
  750  ICE Brent Crude Oil, June 2013  $3,739,250 
  200  New York Mercantile Exchange Canadian Heavy Crude Oil, June 2013(d)   106,225 
  700  New York Mercantile Exchange Crude Oil, June 2013   3,325,000 
  163  New York Mercantile Exchange Palladium, June 2013   38,245 
  1,000  Chicago Board of Trade Corn, July 2013   666,700 
  1,000  New York Mercantile Exchange Natural Gas, January 2014     2,011,250 
    Net unrealized appreciation  $ 9,708,143 
          
    Unrealized
Appreciation/
(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 01/31/14 (Underlying notional amount $1,053,500)(d)  $(268,220)
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 02/28/14 (Underlying notional amount $1,053,500)(d)   (268,220)
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 03/31/14 (Underlying notional amount $1,053,500)(d)   (268,220)
      
         Unrealized Appreciation/ (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 04/30/14 (Underlying notional amount $1,053,500)(d)  $(268,220)
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 05/31/14 (Underlying notional amount $1,053,500)(d)   (268,220)
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 06/30/14 (Underlying notional amount $1,053,500)(d)   (268,220)
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 07/31/14 (Underlying notional amount $1,053,500)(d)   (268,220)
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 08/31/14 (Underlying notional amount $1,053,500)(d)   (268,220)
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 09/30/14 (Underlying notional amount $1,053,500)(d)   (268,220)
124
       
  Old Westbury Funds, Inc.    
  Real Return Fund    
  Consolidated Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

            
         Unrealized
Appreciation/
(Depreciation)		  
Commodity Index Swap Agreement with Cargill, Inc. based on theBaltic 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 10/31/14 (Underlying notional amount $1,053,500)(d)   $(268,220)
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 11/30/14 (Underlying notional amount $1,053,500)(d)    (268,220)
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 12/31/14 (Underlying notional amount $1,053,500)(d)    (268,220)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Corn Index, paying a fixed amount per bushel and receiving the closing settlement price of CBOT July 2013 Corn Futures contracts on the termination date, expiring 06/25/13 (Underlying notional amount $111,030,769)    (1,043,269)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Lean Hogs Index, paying a fixed amount per pound and receiving the closing settlement price of CME April 2013 Lean Hogs Futures contracts on the termination date, expiring 04/09/13 (Underlying notional amount $33,152,286)    121,654 

 

             
         Unrealized
Appreciation/
(Depreciation)		  
Commodity Index Swap Agreement with Cargill, Inc. based on the European Climate Exchange (ECX) European Union Allowances Futures (EUA) paying a fixed amount per Metric Ton and receiving the closing settlement price of ECX December 2013 EUA Futures contracts on the termination date, expiring 12/16/13 (Underlying notional amount Euro 27,992,970)   $(21,755,856)
Commodity Index Swap Agreement with Cargill, Inc. based on the Kansas City Board of Trade (“KCBT”) Wheat Index paying a fixed amount per bushel and receiving the closing settlement price of KCBT May 2013 Wheat Futures contracts on the termination date, expiring 04/25/13 (Underlying notional amount $74,992,966)    505,360 
Commodity Index Swap Agreement with Cargill, Inc. based on the Kansas City Board of Trade (“KCBT”) Wheat Index paying a fixed amount per bushel and receiving the closing settlement price of KCBT March 2013 Wheat Futures contracts on the termination date, expiring 02/25/13 (Underlying notional amount $300,569,569)    (29,850,657)
Commodity Index Swap Agreement with Cargill, Inc. based on the Malaysia Derivatives Exchange (“MDEX”) Palm Oil Index paying a fixed amount per metric ton and receiving the closing settlement price of MDEX April 2013 Palm Oil Futures contracts on the termination date, expiring 03/27/13 (Underlying notional amount MYR 68,118,075)    707,894 
         $(54,533,514)
125
       
  Old Westbury Funds, Inc.    
  Real Return Fund    
  Consolidated Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

            
         Unrealized
Appreciation/
(Depreciation)		  
SWAP AGREEMENTS (WRITTEN)     
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Wheat Index receiving a fixed amount per bushel and paying the closing settlement price of CBOT March 2013 Wheat Futures contracts on the termination date, expiring 02/25/13 (Underlying notional amount $287,863,543)  $35,968,118 
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Wheat Index receiving a fixed amount per bushel and paying the closing settlement price of CBOT May 2013 Wheat Futures contracts on the termination date, expiring 04/25/13 (Underlying notional amount $69,957,364)   (95,836)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Live Cattle Index, receiving a fixed amount per pound and paying the closing settlement price of CME April 2013 Live Cattle Futures contracts on the termination date, expiring 04/03/13 (Underlying notional amount $50,859,032)   1,404,311 
Commodity Index Swap Agreement with Cargill, Inc. based on the European Climate Exchange (ECX) European Union Allowances Futures (EUA) paying a fixed amount per Metric Ton and receiving the closing settlement price of ECX December 2013 EUA Futures contracts on the termination date, expiring 12/16/13 (Underlying notional amount Euro 25,691,203).   18,630,535 
       $55,907,128

 

At January 31, 2013, the Real Return Fund held investments in restricted securities with a cost of $19,527,013 and aggregate value of $0, as follows:
 
Acquisition Cost  Issuer  Acquisition Date  01/31/13
Carrying Value
Per Unit
$19,527,013   Brazil Ethanol, Inc.(b)(c)(d)(e)  03/15/07  $— 

 

 

 

(a) Cost for federal income tax purposes is $1,945,123,544 and net unrealized appreciation of investments is as follows:

 

Unrealized appreciation  $133,862,904 
Unrealized depreciation   (75,038,300)
Net unrealized appreciation  $58,824,604 

 

(b) Non-income producing security.
(c) Fair valued security under procedures established by the Fund’s Board of Directors. The cost of fair valued securities is $19,527,013 and the aggregate value is zero.
(d) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $64,139,404 or 3.10% of net assets
(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 cost of the security is $19,527,013 and the aggregate value is zero.
(f) Variable rate security. Rate shown is the rate as of January 31, 2013.
(g) Investment in non-U.S. Dollars. Principal amount reflects local currency.
(h) The rate represents the annualized yield at time of purchase.
(i) Rate shown represents current yield at January 31, 2013.

 

ADR — American Depositary Receipt

COMEX — Commodity Exchange, Inc.

ICE — Intercontinental Exchange

MYR — Malaysian Ringgit

REIT — Real Estate Investment Trust

 

Portfolio diversification by Sector (Unaudited)

 

   Percentage
Sector    of Net Assets
Asset-Backed Securities   6.0%
Collectible Coins   2.1%
Commodities.   4.8%
Consumer Discretionary   1.8%
Energy   9.2%
Government Bonds   20.3%
Materials   8.0%
Real Estate.   3.1%
U.S. Government Agencies and Securities   36.2%
Other*   8.5%
    100.0%

 

 

 

* Includes cash and equivalents, options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.
126

       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
CORPORATE BONDS — 47.8%     
           
Banks — 11.2%     
$3,800,000   Bank of America Corp., 4.50%, 04/01/15  $4,045,024 
 65,000   Bank of America Corp. MTN, 3.63%, 03/17/16   68,936 
 3,000,000   Bank of Montreal, 2.63%, 01/25/16(b)   3,169,800 
 540,000   Bank of New York Mellon Corp. (The) MTN, 4.30%, 05/15/14   566,385 
 1,000,000   Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)   1,048,300 
 6,000   Citigroup, Inc., 5.13%, 05/05/14   6,294 
 1,600,000   Citigroup, Inc., 4.59%, 12/15/15   1,739,203 
 5,000,000   Commonwealth Bank of Australia, 2.70%, 11/25/14(b)   5,203,100 
 5,000,000   Commonwealth Bank of Australia, 3.25%, 03/17/16(b)   5,332,000 
 2,000,000   Commonwealth Bank of Australia, 2.25%, 03/16/17(b)   2,082,400 
 2,340,000   Credit Suisse New York MTN, 3.50%, 03/23/15   2,472,849 
 1,175,000   Deutsche Bank AG, 3.45%, 03/30/15   1,238,920 
 1,350,000   Deutsche Bank AG, 3.25%, 01/11/16   1,435,000 
 1,045,000   European Investment Bank MTN, 1.25%, 02/14/14   1,054,572 
 500,000   HSBC Bank Plc, 3.10%, 05/24/16(b)   526,913 
 870,000   JPMorgan Chase & Co., 3.40%, 06/24/15   918,047 
 7,315,000   JPMorgan Chase & Co., 3.15%, 07/05/16   7,739,563 
 380,000   JPMorgan Chase & Co., 2.00%, 08/15/17   383,919 
 1,000,000   JPMorgan Chase & Co. MTN, 1.10%, 10/15/15   1,001,055 
 300,000   KFW, 3.50%, 03/10/14   310,461 
 6,125,000   KFW, 1.25%, 02/15/17   6,223,368 
 300,000   Royal Bank of Canada MTN, 1.15%, 03/13/15   302,690 
 5,000,000   Standard Chartered Plc, 3.85%, 04/27/15(b)   5,276,700 
 300,000   Wells Fargo & Co. MTN, 1.25%, 02/13/15   302,944 

 

Principal
Amount		      Value 
Banks (continued)     
$3,000,000   Westpac Banking Corp., 2.90%, 09/10/14(b)  $3,121,734 
         55,570,177 
Consumer Discretionary — 1.3%     
 2,000,000   Cargill, Inc., 1.90%, 03/01/17(b)   2,026,562 
 1,000,000   Cornell University, 4.35%, 02/01/14   1,037,593 
 200,000   Dartmouth College, 4.75%, 06/01/19   233,115 
 1,000,000   Snap-On, Inc., 5.85%, 03/01/14   1,042,473 
 2,000,000   Walt Disney Co. (The) - MTN, 1.10%, 12/01/17   1,985,810 
         6,325,553 
Consumer Staples — 5.8%     
 13,985,000   Anheuser-Busch Inbev Finance Inc, 0.80%, 01/15/16   13,971,183 
 1,070,000   Coca-Cola Co. (The), 1.50%, 11/15/15   1,099,777 
 500,000   Coca-Cola Co. (The), 1.80%, 09/01/16   517,143 
 500,000   Heineken NV, 1.40%, 10/01/17(b)   495,929 
 5,665,000   PepsiCo, Inc., 1.25%, 08/13/17   5,659,533 
 2,115,000   Procter & Gamble Co. (The), 3.50%, 02/15/15   2,239,624 
 1,500,000   Unilever Capital Corp., 3.65%, 02/15/14   1,546,776 
 580,000   Wal-Mart Stores, Inc., 3.20%, 05/15/14   600,979 
 2,500,000   Wal-Mart Stores, Inc., 1.50%, 10/25/15   2,568,190 
         28,699,134 
Diversified Financials — 11.4%     
 40,000   American Express Credit Corp. MTN, 5.13%, 08/25/14   42,708 
 20,000   American Express Credit Corp. MTN, 2.75%, 09/15/15   20,900 
 3,520,000   American Express Credit Corp. MTN, 2.38%, 03/24/17   3,649,937 
 55,000   American Express Credit Corp., Series C, 7.30%, 08/20/13   57,040 
 1,000,000   American Honda Finance Corp., 2.50%, 09/21/15(b)   1,041,108 

127
       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
Diversified Financials (continued)     
$1,000,000   American Honda Finance Corp., 2.13%, 02/28/17(b)  $1,029,666 
 1,425,000   BB&T Corp. MTN, 3.20%, 03/15/16   1,518,175 
 6,390,000   BB&T Corp. MTN, 2.15%, 03/22/17   6,572,313 
 8,000   Bear Stearns Cos. LLC (The), 5.70%, 11/15/14   8,680 
 4,000,000   CME Group Index Services LLC, 4.40%, 03/15/18(b)   4,511,440 
 40,000   Credit Suisse USA, Inc., 5.13%, 01/15/14   41,721 
 3,000,000   Daimler Finance North America LLC, 2.63%, 09/15/16(b)   3,125,280 
 1,455,000   Eksportfinans A/S, 3.00%, 11/17/14   1,447,456 
 2,205,000   Eksportfinans A/S, 2.00%, 09/15/15   2,111,288 
 210,000   Eksportfinans A/S, 2.38%, 05/25/16   200,504 
 500,000   Enel Finance International SA, 3.88%, 10/07/14(b)   516,503 
 2,000,000   FMR LLC, 5.35%, 11/15/21(b)   2,271,778 
 1,500,000   Ford Motor Credit Co. LLC, 4.21%, 04/15/16   1,596,447 
 20,000   General Electric Capital Corp, 2.95%, 05/09/16   21,126 
 9,325,000   General Electric Capital Corp, 2.90%, 01/09/17   9,820,363 
 950,000   General Electric Capital Corp. MTN, 3.50%, 06/29/15   1,006,642 
 10,000   General Electric Capital Corp. MTN, 5.38%, 10/20/16   11,399 
 1,400,000   General Electric Capital Corp. MTN, 2.30%, 04/27/17   1,442,097 
 10,000   Goldman Sachs Group, Inc. (The), 5.50%, 11/15/14   10,759 
 300,000   Goldman Sachs Group, Inc. (The), 5.13%, 01/15/15   321,899 
 3,000,000   Goldman Sachs Group, Inc. (The), 3.30%, 05/03/15   3,123,435 
 3,000,000   Goldman Sachs Group, Inc. (The), 3.63%, 02/07/16   3,175,395 
 2,500,000   International Finance Corp., 0.63%, 12/21/17   2,456,410 

 

Principal
Amount		      Value 
Diversified Financials (continued)     
$2,555,000   PNC Funding Corp., 3.00%, 05/19/14  $2,635,273 
 50,000   PNC Funding Corp., 3.63%, 02/08/15   52,829 
 300,000   Toyota Motor Credit Corp. MTN, 1.00%, 02/17/15   302,361 
 1,775,000   Toyota Motor Credit Corp. MTN, 2.80%, 01/11/16   1,869,025 
 1,000,000   USAA Capital Corp., 1.05%, 09/30/14(b)   1,004,093 
         57,016,050 
Energy — 2.5%     
 20,000   Occidental Petroleum Corp, 1.75%, 02/15/17   20,406 
 1,700,000   Occidental Petroleum Corp., 4.13%, 06/01/16   1,877,616 
 5,000,000   Petroleos Mexicanos, 1.95%, 12/20/22   5,049,830 
 1,000,000   Schlumberger Investment SA, 1.25%, 08/01/17(b)   993,409 
 1,000,000   Schlumberger Norge AS, 1.95%, 09/14/16(b)   1,026,260 
 3,475,000   Shell International Finance BV, 4.00%, 03/21/14   3,615,213 
 90,000   Shell International Finance BV, 3.10%, 06/28/15   95,280 
         12,678,014 
Health Care — 4.4%     
 625,000   Actavis, Inc., 1.88%, 10/01/17   627,302 
 820,000   Celgene Corp., 2.45%, 10/15/15   850,858 
 1,000,000   CR Bard, Inc., 1.38%, 01/15/18   993,475 
 570,000   Express Scripts Holding Co., 6.25%, 06/15/14   611,477 
 1,000,000   Express Scripts Holding Co., 2.65%, 02/15/17   1,036,354 
 3,035,000   Johnson & Johnson, 2.15%, 05/15/16   3,181,988 
 415,000   McKesson Corp, 0.95%, 12/04/15   416,041 
 500,000   McKesson Corp., 6.50%, 02/15/14   530,501 
 500,000   Medco Health Solutions, Inc., 2.75%, 09/15/15   521,043 
 29,000   Medtronic, Inc., 3.00%, 03/15/15   30,406 
 1,690,000   Novartis Capital Corp., 4.13%, 02/10/14   1,750,791 
 4,570,000   Roche Holdings, Inc., 5.00%, 03/01/14(b)   4,783,095 
128
       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
Health Care (continued)     
$5,000,000   Takeda Pharmaceutical Co. Ltd., 1.63%, 03/17/17(b)  $5,042,420 
 675,000   Thermo Fisher Scientific, Inc., 3.25%, 11/20/14   703,616 
 1,000,000   UnitedHealth Group, Inc., 1.40%, 10/15/17   999,451 
         22,078,818 
Industrials — 3.0%     
 3,500,000   3M Co. MTN, 1.00%, 06/26/17   3,490,704 
 7,500,000   ADT Corp. (The), 2.25%, 07/15/17(b)   7,464,705 
 3,000,000   BAE Systems Plc, 3.50%, 10/11/16(b)   3,153,072 
 412,975   Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(b)   417,779 
 188,000   Tyco International Finance SA, 3.38%, 10/15/15   198,243 
 80,000   United Parcel Service, Inc., 3.88%, 04/01/14   83,116 
         14,807,619 
Information Technology — 2.0%     
 3,165,000   Cisco Systems, Inc., 1.63%, 03/14/14   3,207,477 
 2,150,000   Fiserv, Inc., 3.13%, 06/15/16   2,267,409 
 1,200,000   Intel Corp, 1.35%, 12/15/17   1,195,949 
 600,000   International Business Machines Corp., 1.95%, 07/22/16   622,606 
 1,900,000   National Semiconductor Corp., 6.60%, 06/15/17   2,324,477 
 300,000   Texas Instruments, Inc., 1.38%, 05/15/14   303,685 
 30,000   Texas Instruments, Inc., 2.38%, 05/16/16   31,423 
         9,953,026 
Insurance — 2.0%     
 3,990,000   Berkshire Hathaway Finance Corp., 2.45%, 12/15/15   4,190,916 
 30,000   Berkshire Hathaway, Inc., 3.20%, 02/11/15   31,555 
 815,000   Berkshire Hathaway, Inc., 1.90%, 01/31/17   833,871 
 5,000,000   New York Life Global Funding, 1.65%, 05/15/17(b)   5,053,355 
         10,109,697 

 

Principal
Amount		      Value 
Materials — 2.3%     
$2,000,000   Air Products & Chemicals, Inc., 1.20%, 10/15/17  $1,985,300 
 630,000   Airgas, Inc., 2.85%, 10/01/13   639,007 
 630,000   Airgas, Inc., 4.50%, 09/15/14   666,608 
 1,005,000   Airgas, Inc., 2.95%, 06/15/16   1,064,329 
 1,500,000   Anglo American Capital Plc, 2.15%, 09/27/13(b)   1,510,200 
 1,250,000   Dow Chemical Co. (The), 5.90%, 02/15/15   1,376,636 
 2,710,000   Dow Chemical Co. (The), 2.50%, 02/15/16   2,814,113 
 1,000,000   International Paper Co., 9.38%, 05/15/19   1,364,841 
         11,421,034 
Telecommunication Services — 0.8%     
 4,000,000   America Movil Sab de CV, 2.38%, 09/08/16   4,135,552 
Utilities — 1.1%     
 1,575,000   Dominion Resources, Inc., Series F, 5.25%, 08/01/33   1,795,091 
 1,000,000   Duke Energy Corp., 1.63%, 08/15/17   1,000,563 
 2,485,000   NextEra Energy Capital Holdings, Inc., 2.60%, 09/01/15   2,584,870 
         5,380,524 
Total Corporate Bonds
(Cost $231,371,298)		   238,175,198 
      
ASSET-BACKED SECURITIES — 2.2%     
      
UNITED STATES — 2.2%     
 11,850,000   GCO Education Loan Funding Trust, Series 2006-2A, Class A2AR, 1.47%, 08/27/46(c)   11,020,500 
Total Asset-Backed Securities
(Cost $10,511,578)		   11,020,500 
      
MUNICIPAL BONDS — 7.5%     
      
California — 1.0%     
 3,850,000   Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM) 6.93%, 05/15/17   4,752,363 
District Of Columbia — 0.5%     
 1,000,000   District of Columbia Build America Bonds GO 3.64%, 06/01/15   1,055,980 

129
       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
District Of Columbia (continued)     
$1,310,000   District of Columbia Build America Bonds GO 4.16%, 06/01/16  $1,427,966 
         2,483,946 
Georgia — 0.7%     
 3,085,000   State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17   3,301,567 
Illinois — 0.5%     
 2,600,000   State of Illinois Public Improvements Revenue Bonds 1.56%, 06/15/17   2,608,320 
Maine — 0.1%     
 465,000   State of Maine General Purpose GO, 4.34%, 05/15/13   470,031 
Maryland — 0.0%     
 20,000   State of Maryland Recreational Facilities Improvements COP, Series A 2.52%, 09/01/14   20,546 
 180,000   State of Maryland Recreational Facility Improvements COP, Series A 2.92%, 09/01/15   188,656 
         209,202 
Michigan — 0.2%     
 1,095,000   University of Michigan University and College Improvement Build America Revenue Bonds 1.75%, 04/01/15   1,120,831 
Minnesota — 0.1%     
 40,000   Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 3.50%, 02/01/15   41,803 
 605,000   Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 4.00%, 02/01/16   647,761 
         689,564 
New Jersey — 1.3%     
 1,500,000   County of Monmouth Build America Bonds GO 3.75%, 11/01/16   1,630,800 

 

Principal
Amount		      Value 
New Jersey (continued)     
$1,000,000   Morris County Improvement Authority Renewable Energy Revenue Bonds 1.90%, 06/15/15  $1,012,690 
 100,000   Morris County Improvement Authority Renewable Energy Revenue Bonds 2.27%, 06/15/16   102,045 
 2,050,000   New Jersey Economic Development Authority Refunding Revenue Bonds 3.50%, 06/15/15   2,136,469 
 1,515,000   New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation) 3.61%, 09/01/14   1,578,024 
 160,000   New Jersey Economic Development Authority School Improvement Revenue Bonds, Series FF 3.17%, 09/01/14   164,334 
         6,624,362 
New York — 0.8%     
 2,520,000   Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds 4.28%, 11/15/16   2,738,182 
 110,000   New York State Dormitory Authority University & College Improvements Revenue Bonds, Series G 2.83%, 03/15/16   116,343 
 210,000   New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 5.64%, 12/15/13   219,505 
 1,075,000   New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 (AGM) 4.65%, 12/15/13   1,112,593 
         4,186,623 
North Carolina — 0.0%     
 100,000   County of Forsyth Property Improvement GO, Series B, OID 4.25%, 03/01/13   100,270 
Ohio — 0.6%     
 2,115,000   Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16   2,272,356 

130
       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
Ohio (continued)     
$755,000   Ohio State Taxable Advanced Energy Revenue Bonds 4.45%, 04/01/16  $816,699 
         3,089,055 
Oregon — 0.1%    
 500,000   State of Oregon University and College Improvements GO, Series B 2.22%, 08/01/13   503,239 
South Carolina — 0.3%     
 1,050,000   State of South Carolina Refunding GO, Series A 5.00%, 06/01/17   1,239,914 
Washington — 1.3%     
 6,000,000   Energy Northwest Nuclear Power Plants Revenue Bonds, Series E 2.15%, 07/01/18   6,198,900 
Total Municipal Bonds
(Cost $36,121,488)		   37,578,187 
      
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.2%     
$1,709,660   Freddie Mac Mortgage-Linked Amortizing Notes, 2.06%, 01/15/22   1,743,296 
$4,230,233   JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)   4,358,868 
Total Collateralized Mortgage Obligations
(Cost $6,044,229)		   6,102,164 
      
U.S. GOVERNMENT AGENCIES — 10.6%     
      
Fannie Mae — 2.9%     
 1,765,000   5.00%, 03/02/15   1,936,613 
 2,705,000   5.00%, 04/15/15   2,982,098 
 200,000   1.63%, 10/26/15   206,594 
 3,450,000   0.38%, 12/21/15   3,442,638 
 6,069,000   0.88%, 08/28/17   6,052,104 
 4,879   7.50%, 08/01/25   5,787 
         14,625,834 
Federal Farm Credit Bank — 0.0%     
 105,000   3.00%, 09/22/14   109,756 
         109,756 
Federal Home Loan Bank — 1.6%     
 210,000   5.50%, 12/11/13   219,608 
 825,000   3.25%, 09/12/14   864,515 

 

Principal
Amount		       Value  
Federal Home Loan Bank (continued)        
$ 870,000     5.25%, 09/12/14   $ 938,639  
  720,000     4.75%, 11/14/14     777,106  
  895,000     2.75%, 12/12/14     936,179  
  200,000     4.50%, 02/18/15     216,467  
  3,465,000     0.25%, 02/20/15     3,459,664  
  275,000     2.75%, 03/13/15     289,019  
  140,000     3.50%, 03/13/15     149,350  
  150,000     5.00%, 12/21/15     169,616  
              8,020,163  
Freddie Mac — 1.5%        
  300,000     2.88%, 02/09/15     315,479  
  7,000,000     1.00%, 07/28/17     7,031,605  
              7,347,084  
Ginnie Mae — 0.0%        
  37,423     8.50%, 10/15/17     40,187  
  370     9.00%, 02/15/20     374  
              40,561  
Overseas Private Investment Corp. — 2.1%        
  8,782,545     5.14%, 12/15/23     10,147,511  
              10,147,511  
Private Export Funding Corp. — 1.2%        
  105,000     4.55%, 05/15/15     115,060  
  1,400,000     4.95%, 11/15/15     1,571,416  
  3,000,000     5.00%, 12/15/16     3,464,436  
  500,000     2.25%, 12/15/17     529,941  
              5,680,853  
Small Business Administration — 1.1%        
  976,230     4.73%, 02/10/19     1,051,373  
  1,615,969     4.11%, 03/10/20     1,700,332  
  2,578,639     4.08%, 03/10/21     2,796,205  
              5,547,910  
Tennessee Valley Authority — 0.2%        
  110,000     4.75%, 08/01/13     112,437  
  725,000     6.25%, 12/15/17     905,072  
              1,017,509  
Total U.S. Government Agencies
(Cost $50,046,386)		     52,537,181  

131
       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
U.S. GOVERNMENT SECURITIES — 27.0%     
      
U.S. Treasury Notes — 27.0%     
$29,928,000   2.63%, 01/31/18  $32,490,585 
 2,832,000   2.38%, 06/30/18   3,040,860 
 7,455,000   1.13%, 05/31/19   7,415,981 
 48,420,000   2.13%, 08/15/21   49,963,388 
 40,850,000   2.00%, 11/15/21   41,587,220 
Total U.S. Government Securities
(Cost $135,924,034)		   134,498,034 
           
GOVERNMENT BONDS — 2.4%     
      
CANADA — 0.9%     
 500,000   Canada Government International Bond, 0.88%, 02/14/17   502,899 
 430,000   Hydro Quebec, 2.00%, 06/30/16   447,285 
 230,000   Province of Ontario Canada, 2.70%, 06/16/15   241,655 
 2,875,000   Province of Ontario Canada, 2.30%, 05/10/16   3,020,475 
         4,212,314 
EGYPT — 0.2%     
 1,000,000   Egypt Government Aid Bonds, 4.45%, 09/15/15   1,105,069 
FRANCE — 0.2%     
 1,000,000   Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)   1,038,964 
GERMANY — 0.2%     
 1,000,000   Norddeutsche Landesbank Girozentrale, 0.88%, 10/16/15(b)   1,001,651 
JAPAN — 0.4%     
 2,000,000   Development Bank of Japan, 1.63%, 10/05/16(b)   2,061,029 
SOUTH KOREA — 0.4%     
 500,000   Export-Import Bank of Korea, 1.25%, 11/20/15   499,861 
 1,400,000   Export-Import Bank of Korea, 4.00%, 01/11/17   1,516,882 
         2,016,743 

 

Principal
Amount		      Value 
UNITED KINGDOM — 0.1%     
$500,000    Bank of England,     
     1.38%, 03/07/14(b)  $505,925 
Total Government Bonds
(Cost $11,482,276)		   11,941,695 
           
Shares         
INVESTMENT COMPANY — 0.8%     
 4,052,400   SEI Daily Income Trust Government II Fund, Class A, 0.01%(d)   4,052,400 
Total Investment Company
(Cost $4,052,400)		   4,052,400 
           
TOTAL INVESTMENTS — 99.5%
(Cost $485,553,689)(a)		  $495,905,359 
      
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%  2,702,871 
NET ASSETS — 100.0%  $498,608,230 

 

(a) Cost for federal income tax purposes is $485,553,689 and net unrealized appreciation of investments is as follows:
   
Unrealized appreciation  $12,678,452 
Unrealized depreciation   (2,326,782)
Net unrealized appreciation  $10,351,670 

 

(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 $80,374,038 which is 16.1% of net assets.
(c) Variable rate security. Rate shown is the rate as of January 31, 2013.
(d) Rate shown represents current yield at January 31, 2013.

 

AGM— Assured Guaranty Municipal Corp.
COP — Certificates of Participation
GO — General Obligations
MTN — Medium Term Note
OID — Original Issue Discount

132
       
  Old Westbury Funds, Inc.    
  Fixed Income Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Portfolio diversification by Sector (Unaudited)

   Percentage  
Sector    of Net Assets  
U.S. Government Agencies and Securities   37.5%  
Corporate Bonds   47.8   
Municipal Bonds   7.5   
Government Bonds   2.4   
Asset Backed Securities   2.2   
Collateralized Mortgage Obligations   1.2   
Other*   1.4   
    100%  

 

 

 

* Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
133
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
MUNICIPAL BONDS — 98.0%    
      
Alabama — 1.0%     
$5,000,000   Alabama Federal Aid Highway Finance Authority Revenue Bonds, 5.00%, 09/01/20  $6,104,050 
 3,825,000   Montgomery Water Works & Sanitary Sewer Board Refunding Revenue Bonds, 5.00%, 03/01/22   4,826,997 
         10,931,047 
Arizona — 1.1%     
 2,000,000   Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Sub-series A, 5.00%, 07/01/21   2,513,100 
 350,000   Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24   418,957 
 2,360,000   Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17   2,768,068 
 800,000   Arizona State Transportation Board Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 07/01/14   851,760 
 2,000,000   City of Tempe Water Utility Improvement GO, Series A, 4.50%, 07/01/24   2,244,840 
 200,000   Maricopa County Community College District GO, Series C, 5.00%, 07/01/20   243,277 
 2,875,000   Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20   3,543,754 
         12,583,756 
California — 3.5%     
 1,700,000   California State University System Wide Refunding Revenue Bonds, Series A, 5.00%, 11/01/19   2,081,191 
 5,900,000   City of Los Angeles Solid Waste Resources Revenue Bonds, Series A, 5.00%, 02/01/20   6,996,810 
 250,000   Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)   254,415 

 

Principal        
Amount      Value 
California (continued)    
$450,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series 2003 A1, OID, 6.75%, 06/01/13(b)  $459,576 
 720,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.50%, 06/01/13(b)   732,427 
 720,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.50%, 06/01/13(b)   732,427 
 3,450,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)(c)   3,510,927 
 305,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC), 5.00%, 06/01/13(b)(c)   309,773 
 220,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC), 5.00%, 06/01/13(b)   223,443 
 5,000,000   Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (XLCA-ICR), 5.50%, 06/01/13(b)   5,086,300 
 100,000   Huntington Beach Public Financing Authority Refunding Revenue Bonds, 4.00%, 09/01/18   113,429 
 1,035,000   Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23   1,235,273 
 4,985,000   Southern California Public Power Authority Magnolia Power Project Refunding Revenue Bonds, (Wells Fargo Bank), 0.08%, 07/01/36(d)   4,985,000 
134
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
California (continued)    
$10,000,000   State of California Refunding GO, Series A, (State GTY), 5.00%, 07/01/22  $11,274,900 
 2,120,000   University of California Regents Medical Center Refunding Revenue Bonds, Series G, 4.00%, 05/15/14   2,214,107 
         40,209,998 
Colorado — 0.6%     
 2,000,000   El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding), 4.00%, 12/01/17   2,293,960 
 1,180,000   Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/22   1,490,541 
 1,000,000   Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/23   1,249,990 
 1,800,000   University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21   2,028,366 
         7,062,857 
Connecticut — 2.1%     
 2,000,000   Connecticut State Health & Educational Facility Authority Refunding Revenue Bonds, Series A-3, 0.88%, 07/01/49(c)   1,996,580 
 4,700,000   Connecticut State Health & Educational Facility Authority Revenue Bonds, Series A-4, 2.50%, 07/01/49(d)   4,897,353 
 8,800,000   Connecticut State Health & Educational Facility Authority Revenue Bonds, Series T-2, 0.08%, 07/01/29(d)   8,800,000 
 8,290,000   State of Connecticut Special Tax Refunding Revenue Bonds, 2.00%, 11/01/13   8,399,511 
         24,093,444 
District Of Columbia — 0.8%     
 5,000,000   District of Columbia Public Improvement Revenue Bonds, Series C, 5.00%, 12/01/19   6,181,850 

 

Principal        
Amount      Value 
District Of Columbia (continued)    
$2,250,000   District of Columbia Refunding Revenue Bonds, Series A, 5.00%, 12/01/20  $2,804,693 
         8,986,543 
Florida — 4.1%     
 3,000,000   Florida State Board of Education Capital Outlay GO, Series E, 4.60%, 06/01/23   3,263,490 
 900,000   Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/18   1,083,708 
 6,000,000   Florida State Board of Education Lottery Refunding Revenue Bonds, Series D, 5.00%, 07/01/14   6,388,200 
 8,575,000   Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27   10,085,744 
 1,150,000   Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE), 5.00%, 07/01/13   1,172,264 
 4,165,000   Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/16   4,751,515 
 1,790,000   Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/17   2,115,637 
 250,000   Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/13   258,189 
 1,065,000   Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/16   1,215,037 
 8,700,000   JEA Florida Water & Sewer System Refunding Revenue Bonds, Sub-Series B-1, 0.09%, 10/01/36(d)   8,700,000 
 450,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/18   532,575 
 2,000,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19   2,347,060 
 1,800,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM), 5.25%, 10/01/16   2,087,982 
135
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
Florida (continued)    
$2,000,000   Orlando Utilities Commission Refunding Revenue Bonds, Series A, 5.00%, 10/01/20  $2,486,460 
 500,000   Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25   597,255 
         47,085,116 
Georgia — 3.4%     
 10,000,000   Bartow County School District School Improvement GO, Series A, (State Aid Withholding), 4.00%, 10/01/15   10,855,600 
 1,000,000   County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/17   1,157,410 
 1,000,000   County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18   1,185,740 
 1,250,000   Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18   1,490,613 
 5,000,000   Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20   6,021,550 
 2,185,000   Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY), 5.00%, 10/01/19   2,724,061 
 525,000   Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.00%, 01/01/15   566,302 
 630,000   Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.25%, 01/01/17   728,104 
 7,500,000   Private Colleges & Universities Authority Refunding Revenue Bonds, Series B-2, 0.08%, 09/01/35(d)   7,500,000 
 1,925,000   State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/18   2,250,883 
 2,860,000   State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19   3,376,487 

 

Principal        
Amount      Value 
Georgia (continued)   
$1,500,000   State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18  $1,802,460 
         39,659,210 
Hawaii — 0.9%     
 8,000,000   City & County of Honolulu Public Improvements GO, Series B, 5.00%, 11/01/19   9,886,320 
 400,000   State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18   478,968 
         10,365,288 
Idaho — 0.2%     
 1,500,000   Idaho Board Bank Authority Refunding Revenue Bonds, Series D, 5.00%, 09/15/23   1,873,815 
           
Illinois — 1.7%     
 3,540,000   Chicago Park District Refunding GO, Series C, (AMBAC), 5.00%, 01/01/23   3,750,984 
 900,000   Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC), 5.00%, 06/01/21   1,010,502 
 1,345,000   City of Champaign Parking Facilities Improvements GO, Series 2008, 5.00%, 12/15/17   1,553,233 
 125,000   City of Chicago Refunding GO, OID, Series B (AMBAC), 5.13%, 01/01/14(b)   130,449 
 375,000   City of Chicago Refunding GO, OID, Series B (AMBAC), 5.13%, 01/01/15   406,279 
 1,000,000   Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25   1,201,430 
 5,000,000   Illinois Finance Authority University & College Improvement Revenue Bonds, Series B, 0.08%, 07/01/33(d)   5,000,000 
 3,500,000   State of Illinois Public Improvement Refunding Revenue Bonds, 5.00%, 06/15/18   4,192,545 
 780,000   University of Illinois College Improvement Revenue Bonds, Series A, 5.00%, 04/01/21   944,806 
136
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
Illinois (continued)    
$945,000   University of Illinois College Improvement Revenue Bonds, Series A, 5.00%, 04/01/22  $1,130,617 
         19,320,845 
Indiana — 1.9%     
 580,000   Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/16   640,726 
 1,050,000   Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 07/15/16   1,182,332 
 650,000   Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 01/15/17   738,147 
 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   732,024 
 490,000   East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/16   548,408 
 510,000   Evansville Vanderburgh Public Library Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC), 5.25%, 07/15/17   558,180 
 1,070,000   Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/22   1,162,245 
 905,000   Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE), 5.00%, 07/15/23   965,653 
 1,400,000   Perry Township Multi School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 01/10/21   1,683,822 
Principal        
Amount      Value 
Indiana (continued)    
$500,000   Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/18  $547,060 
 715,000   Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/16   789,424 
 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   646,785 
 700,000   Purdue University Refunding Revenue Bonds, Series A, 5.00%, 07/01/23   859,901 
 2,585,000   Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/14   2,752,611 
 3,000,000   Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/15   3,323,160 
 700,000   Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/14   723,527 
 1,000,000   Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/15   1,054,640 
 765,000   Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/10/16   848,928 
 1,000,000   Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding), 5.75%, 07/15/26   1,140,270 
137
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (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  $187,322 
         21,902,536 
Iowa — 0.2%     
 2,000,000   Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20   2,492,500 
Kansas — 0.5%     
 5,700,000   Kansas State Department of Transportation Refunding Revenue Bonds, Series C-3, 0.08%, 09/01/19(d)   5,700,000 
Kentucky — 0.1%     
 1,000,000   Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC), 5.00%, 11/01/15   1,113,260 
Louisiana — 0.4%     
 2,000,000   Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC), 5.00%, 06/01/16   2,204,760 
 2,300,000   State of Louisiana Gasoline & Fuels Tax Refunding Revenue Bonds, Series A-1, 5.00%, 05/01/20   2,850,206 
         5,054,966 
Maine — 0.2%     
 115,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series B, (AMBAC, State Resolution Funding GTY), 5.00%, 07/01/21(b)   132,032 
 1,800,000   Maine Health & Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/16   2,000,772 
         2,132,804 

 

Principal        
Amount      Value 
Maryland — 2.6%    
$8,000,000   Maryland Health & Higher Educational Facilities Authority Johns Hopkins University Revenue Bonds, Series A, 0.09%, 07/01/36(d)  $8,000,000 
 1,300,000   State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17   1,546,597 
 1,000,000   State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17   1,189,690 
 4,350,000   State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/19   5,361,549 
 8,000,000   State of Maryland Refunding GO, Series C, 4.00%, 11/01/19   9,468,560 
 2,960,000   State of Maryland Refunding GO, Series C, 5.00%, 11/01/20   3,741,381 
         29,307,777 
Massachusetts — 6.1%     
 3,600,000   Berkshire Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 09/27/13   3,612,888 
 4,000,000   Commonwealth of Massachusetts Refunding GO, Series A, 0.40%, 02/01/13(d)   4,000,000 
 2,500,000   Commonwealth of Massachusetts Refunding GO, Series B, 3.00%, 01/01/14   2,563,300 
 4,350,000   Commonwealth of Massachusetts Refunding GO, Series C, 0.08%, 01/01/21(d)   4,350,000 
 6,000,000   Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 5.00%, 12/15/13   6,248,160 
 2,000,000   Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes, 1.25%, 08/16/13   2,007,420 
 4,000,000   Massachusetts Bay Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/23   5,066,280 
138
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
Massachusetts (continued)    
$5,000,000   Massachusetts Department of Transportation Contract Assistance Refunding Revenue Bonds, Series A7, (State GTY), 0.10%, 01/01/29(d)  $5,000,000 
 7,780,000   Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds,
Sub-Series 16-B, 5.00%, 08/01/20		   9,752,152 
 7,000,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, (GO of Authority), 5.00%, 08/01/23   8,607,480 
 5,705,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority), 0.09%, 08/01/37(d)   5,705,000 
 520,000   Massachusetts Water Resources Authority Revenue Bonds, Series B, (GO of Authority), 5.00%, 08/01/21   652,777 
 5,000,000   Montachusett Regional Transit Authority Cash Flow Management Revenue Notes, 1.25%, 08/09/13   5,018,650 
 7,500,000   Southeastern Regional Transit Authority Cash Flow Management Revenue Notes, 1.25%, 08/30/13   7,532,025 
         70,116,132 
Michigan — 1.9%     
 345,000   Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF), 5.00%, 05/01/20   371,637 
 635,000   Dexter Community Schools Refunding GO (Q-SBLF), 4.00%, 05/01/18   713,321 
 630,000   Grand Valley State University College Improvement Revenue Bonds, 3.00%, 02/01/13   630,000 
 400,000   Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18   470,276 
 550,000   Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19   656,634 
 125,000   Jackson Public Schools Refunding GO, (AGM Q-SBLF), 5.00%, 05/01/15   132,049 

 

Principal
Amount		      Value 
Michigan (continued)    
$25,000   Jackson Public Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/15(b)  $26,467 
 1,125,000   Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/13   1,161,169 
 1,335,000   Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/15   1,479,233 
 1,375,000   Northville Public Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/18   1,608,255 
 1,155,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/16   1,271,135 
 775,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/18   880,563 
 1,460,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/19   1,671,393 
 1,160,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/21   1,339,174 
 1,000,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/22   1,153,320 
 700,000   State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13   726,033 
 265,000   Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/21   285,522 
 4,730,000   University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19   5,501,321 
 1,700,000   University of Michigan Revenue Bonds, 0.07%, 04/01/32(d)   1,700,000 
         21,777,502 
Minnesota — 0.5%     
 1,300,000   City of Minneapolis Public Improvements GO, 5.00%, 12/01/17   1,563,913 
 450,000   Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16   509,594 
139
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
Minnesota (continued)    
$1,845,000   New Prague Independent School District No 721 Crossover Refunding GO, (School District Credit Program), 4.00%, 02/01/19  $2,175,384 
 1,000,000   State of Minnesota Refunding Revenue Bonds, Series B, 5.00%, 03/01/21   1,249,630 
         5,498,521 
Mississippi — 0.2%     
 1,810,000   Mississippi Development Bank Special Obligation Refunding Revenue Bonds, Series D, 5.00%, 08/01/18   2,114,514 
           
Missouri — 0.9%     
 500,000   Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit), 5.00%, 03/01/18   591,330 
 2,225,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19   2,732,300 
 1,205,000   Missouri State Highways & Transportation Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14   1,262,117 
 5,000,000   St. Louis School District Direct Deposit Program GO, (State Aid Direct Deposit), 5.00%, 04/01/22   6,048,150 
         10,633,897 
Nevada — 0.6%     
 2,605,000   Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20   3,155,176 
 3,110,000   Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC), 5.00%, 06/01/20   3,383,556 
         6,538,732 
New Hampshire — 0.7%     
 1,800,000   New Hampshire Health & Education Facilities Authority Dartmouth College Revenue Bonds, 0.10%, 06/01/32(d)   1,800,000 

 

Principal        
Amount      Value 
New Hampshire (continued)   
$5,250,000   State of New Hampshire Economic Development Revenue, 5.00%, 09/01/19  $6,392,190 
         8,192,190 
New Jersey — 5.4%     
 255,000   Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding), 4.00%, 02/15/17   281,510 
 7,000,000   Garden State Preservation Trust Refunding Revenue Bonds, Series A, 5.00%, 11/01/17   8,335,600 
 600,000   Middlesex County Improvement Authority Open Space Trust Refunding Revenue Bonds (County GTY), 5.00%, 09/15/19   738,912 
 475,000   Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22   604,404 
 5,000,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC), 5.50%, 09/01/24   6,383,400 
 1,500,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18   1,763,490 
 500,000   New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18   547,525 
 11,690,000   New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17   13,666,195 
 1,000,000   New Jersey Educational Facilities Authority Higher Education Capital Improvement Refunding Revenue Bonds, Series A, (AGM), 5.00%, 09/01/14   1,070,220 
140
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
New Jersey (continued)    
$1,415,000   New Jersey Educational Facilities Authority Ramapo College Revenue Bonds, Series A, 5.00%, 07/01/14  $1,498,910 
 1,160,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, 5.00%, 09/01/16   1,338,779 
 25,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, 5.00%, 09/01/16(b)   28,834 
 15,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16(b)   17,329 
 5,105,000   New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18   6,056,674 
 40,000   New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(b)   48,795 
 1,300,000   New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B, 5.00%, 01/01/20   1,574,612 
 1,885,000   New Jersey Transportation Trust Fund Authority Transit Improvement Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/15/16   2,137,609 
 1,375,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/15   1,562,880 
 2,750,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5, 5.25%, 12/15/19(c)   3,355,743 
 335,000   New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/15   359,066 
 10,000,000   Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.25%, 06/01/13(b)   10,196,100 

 

Principal        
Amount      Value 
New Jersey (continued)    
$345,000   Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.75%, 06/01/13(b)  $352,321 
 500,000   Town of Harrison Refunding GO, (School Board Resolution Funding), 3.75%, 01/15/15   530,000 
         62,448,908 
New Mexico — 0.1%     
 1,000,000   Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/16   1,109,240 
 250,000   Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17   283,358 
         1,392,598 
New York — 32.6%     
 3,000,000   City of New York Public Improvements GO, Series B2, Sub-Series B9, (JP Morgan Chase Bank), 0.09%, 08/15/23(c)(d)   3,000,000 
 1,355,000   City of New York Public Improvements GO, Series D, 5.00%, 11/01/14(b)   1,466,110 
 545,000   City of New York Public Improvements GO, Series D, 5.00%, 11/01/21   584,638 
 8,470,000   City of New York Public Improvements GO, Sub-Series A-1, 5.00%, 10/01/20   10,481,964 
 2,000,000   City of New York Refunding GO, Series B, 5.00%, 08/01/22   2,498,580 
 2,220,000   City of New York Refunding GO, Series C, 5.00%, 08/01/20   2,736,616 
 1,000,000   City of New York Refunding GO, Series C, 5.00%, 08/01/22   1,249,290 
 8,340,000   City of New York Refunding GO, Series E, 5.00%, 08/01/20   10,313,828 
 3,360,000   City of New York Refunding GO, Series I, 5.00%, 08/01/16   3,847,099 
141
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal        
Amount      Value 
New York (continued)    
$12,000,000   City of New York Refunding GO, Sub-Series I-1, 5.00%, 08/01/19  $14,662,320 
 2,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, 5.00%, 05/01/18   2,378,020 
 5,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, 5.00%, 05/01/23   5,917,150 
 7,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 3.00%, 11/15/13   7,152,810 
 3,500,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 5.00%, 11/15/18   4,196,920 
 10,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 5.00%, 11/15/21   12,295,300 
 1,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1, 5.00%, 11/01/22(c)   1,229,440 
 10,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/17   11,789,800 
 1,925,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21   2,366,845 
 9,550,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/22   11,748,983 
 650,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 3.00%, 11/15/13   664,190 
 2,150,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 4.00%, 11/15/15   2,351,068 
 1,910,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21   2,348,402 

 

Principal        
Amount      Value 
New York (continued)   
$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  $1,053,130 
 4,570,000   New York City Health & Hospital Corp. Refunding Revenue Bonds, Series A, (GO of Corp.), 5.00%, 02/15/14   4,782,962 
 2,500,000   New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21   3,037,675 
 4,725,000   New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 4.00%, 11/01/13   4,859,615 
 6,300,000   New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 5.00%, 11/01/14   6,810,804 
 1,815,000   New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series C, 5.00%, 11/01/17   2,163,171 
 2,200,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series A, 5.00%, 05/01/22   2,664,222 
 8,925,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series E-1, 5.00%, 02/01/20   10,996,939 
 9,765,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series E-1, 5.00%, 02/01/21   12,179,201 
 1,335,000   New York City Transitional Finance Authority Refunding Revenue Bonds, 5.00%, 11/01/17   1,591,093 
 665,000   New York City Transitional Finance Authority Refunding Revenue Bonds, 5.00%, 11/01/17(b)   795,985 
 9,375,000   New York City Transitional Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 11/01/18   11,426,156 
142

       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
New York (continued)     
$1,950,000   New York City Transitional Finance Authority Refunding Revenue Bonds, Series B, 5.00%, 02/01/18  $2,329,704 
 3,235,000   New York City Transitional Finance Authority School Improvement Revenue Bonds, Sub-Series
S-1A, (State Aid Withholding), 5.00%, 07/15/21		   3,994,060 
 8,000,000   New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B, (GO of Corp.), 5.00%, 04/01/15   8,792,640 
 9,090,000   New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B-3V, (GO of Corp.), 0.10%, 04/01/24(d)   9,090,000 
 700,000   New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6, 5.00%, 04/01/17   822,745 
 5,100,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 12/01/17   5,777,280 
 10,000,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21   12,433,300 
 900,000   New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16   1,012,941 
 15,000   New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation), 5.00%, 08/15/18(b)   18,299 
 1,770,000   New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series A, (State Appropriation), 4.50%, 08/15/17   2,042,722 
 550,000   New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (NATL-RE, FGIC, State Appropriation), 5.00%, 02/15/16   598,466 

 

Principal
Amount		      Value 
New York (continued)     
$2,485,000   New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (State Appropriation), 5.00%, 08/15/18  $2,988,585 
 2,710,000   New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18   3,209,778 
 15,000,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/20   18,652,650 
 4,000,000   New York State Dormitory Authority Refunding Revenue Bonds, Series D, 5.00%, 02/15/20   4,921,480 
 4,000,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/17   4,683,360 
 5,000,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series C, 5.00%, 03/15/21   6,206,650 
 2,000,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/19   2,464,080 
 7,000,000   New York State Thruway Authority Highway Improvement Refunding Revenue Bonds, Series B, 5.00%, 04/01/20   8,480,010 
 6,000,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/19   6,792,600 
 5,000,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/21   6,005,250 
 1,900,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21   2,243,007 
 400,000   New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17   468,336 

143
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
New York (continued)     
$8,000,000   New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21  $9,915,840 
 5,000,000   New York State Thruway Authority Refunding Revenue Bonds, Series B, 5.00%, 04/01/21   5,966,350 
 925,000   New York State Thruway Authority Refunding Revenue Bonds, Series B (AMBAC), 5.00%, 04/01/19   1,031,273 
 500,000   New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15   542,915 
 5,000,000   New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.50%, 01/01/19   6,097,750 
 1,000,000   New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM), 5.00%, 01/01/15   1,085,830 
 10,000,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, 5.00%, 12/01/20   12,382,500 
 1,225,000   Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.00%, 05/01/17   1,421,760 
 2,515,000   Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.00%, 05/01/18   2,990,360 
 16,250,000   Tobacco Settlement Financing Corp. Asset Backed Refunding Revenue Bonds, Series A, 5.00%, 06/01/18   19,424,275 
 6,845,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 5.00%, 11/15/18   8,309,693 
 4,050,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, (State Street Bank & Trust), 0.08%, 01/01/32(c)(d)   4,050,000 

 

Principal
Amount		      Value 
New York (continued)     
$7,890,000   Triborough Bridge & Tunnel Authority Toll Road Refunding Revenue Bonds, Series B, 5.00%, 11/15/23  $10,016,592 
         374,903,407 
North Carolina — 3.0%     
 680,000   Appalachian State University Refunding Revenue Bonds, 5.00%, 05/01/20   844,778 
 905,000   Buncombe County Refunding Revenue Bonds, 5.00%, 06/01/21   1,117,639 
 1,555,000   Cabarrus County School Improvement COP, 5.00%, 01/01/21   1,826,861 
 2,695,000   City of Charlotte Water & Sewer System Revenue Bonds, Series B, 0.09%, 07/01/36(d)   2,695,000 
 10,000,000   County of Guilford Recreational Facilities GO, Series B, 0.09%, 03/01/25(d)   10,000,000 
 3,015,000   County of Mecklenburg Refunding GO, Series A, 5.00%, 12/01/22   3,886,245 
 615,000   Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/17   691,180 
 675,000   Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/18   770,283 
 675,000   Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/21   827,199 
 685,000   Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/23   832,316 
 435,000   Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/24   526,528 
 1,285,000   Dare County School Improvements COP, (NATL-RE, FGIC), 5.00%, 06/01/17   1,411,727 
 1,565,000   Johnston County School Improvements GO, (NATL-RE), 5.00%, 02/01/16   1,771,173 
 2,000,000   Orange County Public Facilities Co. Refunding Revenue Bonds, 5.00%, 10/01/21   2,489,020 

144
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
North Carolina (continued)     
$4,615,000   Town of Cary Public Improvements GO, 0.10%, 06/01/27(d)  $4,615,000 
         34,304,949 
Ohio — 1.2%     
 2,365,000   Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18   2,842,044 
 400,000   Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE), 5.00%, 09/01/16   434,024 
 1,000,000   State of Ohio Highway Improvements Revenue Bonds, Series 1, 5.00%, 12/15/21   1,253,550 
 7,780,000   State of Ohio Infrastructure Improvement Refunding GO, Series B, 0.09%, 08/01/17(d)   7,780,000 
 1,730,000   University of Cincinnati College & University Refunding Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/01/17   2,008,444 
         14,318,062 
Oregon — 0.6%     
 1,300,000   City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17   1,529,476 
 2,015,000   Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17   2,345,903 
 1,000,000   Multnomah-Clackamas Counties Centennial School District No 28JT Refunding GO, (AGM, School Board GTY), 5.00%, 12/15/19   1,232,500 
 2,000,000   Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY), 4.00%, 06/15/19   2,324,660 
         7,432,539 

 

Principal
Amount		      Value 
Pennsylvania — 1.5%     
$7,000,000   Pennsylvania Economic Development Financing Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/18  $8,381,660 
 7,000,000   Philadelphia School District Refunding GO, Series C (State Aid Withholding), 5.00%, 09/01/18   8,210,860 
 1,000,000   University of Pittsburgh of the Commonwealth Systems of Higher Education University Capital Project Revenue Bonds, (GO of University), 5.50%, 09/15/37(c)(d)   1,031,280 
         17,623,800 
Puerto Rico — 0.0%     
 120,000   Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15(b)   130,937 
Rhode Island — 0.3%     
 2,000,000   Rhode Island Health & Educational Building Corp. Higher Education Brown University Revenue, Series A, 0.13%, 05/01/35(d)   2,000,000 
 705,000   Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY), 4.00%, 05/15/18   802,939 
 775,000   State of Rhode Island Energy Conservation COP, Series A, 3.00%, 04/01/14   797,568 
         3,600,507 
South Carolina — 0.6%     
 880,000   Lexington County School District No 2 Refunding GO (South Carolina School District), 4.00%, 03/01/17   986,955 
 2,090,000   Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18   2,492,158 

145
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
South Carolina (continued)     
$1,635,000   Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20  $2,016,364 
 330,000   State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19   405,613 
 680,000   State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19   835,808 
         6,736,898 
Tennessee — 0.5%     
 1,150,000   City of Knoxville Wastewater System Revenue Bonds, Series B, 5.00%, 04/01/21   1,444,814 
 1,200,000   City of Knoxville Wastewater System Revenue Bonds, Series B, 5.00%, 04/01/22   1,481,832 
 2,895,000   County of Shelby Refunding GO, Series C, 0.11%, 12/01/31(d)   2,895,000 
         5,821,646 
Texas — 9.2%     
 1,255,000   Alamo Community College District GO, Series A, (NATL-RE), 5.50%, 08/15/15   1,410,055 
 2,500,000   Aldine Independent School District Refunding GO, (PSF-GTD), 4.50%, 02/15/22   2,790,000 
 1,260,000   Aledo Independent School District School Building GO, Series A, (PSF-GTD), 5.00%, 02/15/20   1,354,311 
 515,000   Arlington Independent School District Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/14   540,096 
 1,860,000   Austin Community College District Refunding GO, 5.00%, 08/01/20   2,301,694 
 400,000   Beaumont Independent School District Improvements GO, (PSF-GTD), 4.00%, 02/15/18   457,852 
 1,030,000   City of Abilene Refunding GO, 3.00%, 02/15/13   1,030,634 

 

Principal
Amount		      Value 
Texas (continued)     
$515,000   City of Denton Certificates of Obligation GO, (NATL-RE), 5.00%, 02/15/14  $539,056 
 895,000   City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE), 4.50%, 03/01/14   934,908 
 1,095,000   City of Friendswood Waterworks & Sewer System Refunding Revenue Bonds, (AGM), 5.00%, 03/01/21   1,219,074 
 4,000,000   City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.25%, 03/01/14   4,212,680 
 3,000,000   City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.38%, 03/01/15   3,164,520 
 1,000,000   City of League Waterworks & Sewer GO, Series A, 5.00%, 02/15/22   1,218,970 
 1,775,000   City of Lubbock Public Improvement GO, 5.25%, 02/15/20   2,148,141 
 3,785,000   City of Lubbock Public Improvement GO, 5.00%, 02/15/24   4,527,125 
 1,280,000   City of Richardson Public Improvements GO, (NATL-RE), 5.25%, 02/15/20   1,391,629 
 465,000   City of Rockwall Refunding GO, 4.00%, 08/01/22   510,282 
 1,630,000   City of San Antonio Refunding GO, 5.25%, 08/01/13   1,670,359 
 260,000   Coppell Independent School District School Building GO, (PSF-GTD), 4.00%, 08/15/16   289,749 
 1,000,000   County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21   1,250,060 
 1,095,000   Cypress-Fairbanks Independent School District Refunding GO, Series A, (PSF-GTD), 4.00%, 02/15/17   1,233,145 
 750,000   Dallas Independent School District Refunding GO, (PSF-GTD), 4.25%, 02/15/21   879,435 
 245,000   Deer Park Independent School District Limited Tax GO, (AGM), 5.00%, 02/15/17   284,857 
146
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
Texas (continued)     
$3,000,000   Deer Park Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/22  $3,796,590 
 250,000   Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21   317,810 
 350,000   Frisco Independent School District School Building GO, Series B, (NATL-RE), 5.50%, 07/15/13   358,267 
 3,000,000   Garland Independent School District Refunding GO, Series A, 5.00%, 02/15/19   3,649,290 
 700,000   Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/17   760,942 
 1,000,000   Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/19   1,087,270 
 1,000,000   Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19   1,225,380 
 10,000   Hays Consolidated Independent School District GO, (PSF-GTD), 5.25%, 08/15/14(b)   10,745 
 365,000   Hays Consolidated Independent School District GO, (PSF-GTD), 5.25%, 08/15/18   392,112 
 500,000   Hidalgo County Certificates of Obligation GO, (NATL-RE), 4.50%, 08/15/19   557,745 
 1,500,000   Houston Community College System Refunding GO, 5.00%, 02/15/21   1,859,820 
 2,990,000   Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM), 5.25%, 04/15/21   3,548,233 
 8,000,000   Houston Higher Education Finance Corp. Rice University Project Refunding Revenue Bonds, Series A, (GO of University), 0.10%, 11/15/29(d)   8,000,000 
 495,000   Joshua Independent School District Refunding GO, Series C (PSF-GTD), 5.45%, 02/15/16   528,447 

 

Principal
Amount		      Value 
Texas (continued)     
$1,300,000   Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/13  $1,317,095 
 4,500,000   Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/16   5,088,285 
 560,000   McAllen Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/16   609,823 
 2,175,000   Mckinney Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/20   2,707,201 
 6,500,000   Northside Independent School District, School Improvements GO (PSF-GTD), 1.90%, 08/01/40(d)   6,623,110 
 3,340,000   Pearland Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/20   4,124,466 
 525,000   Red Oak Independent School District School Building GO, (PSF-GTD), 5.00%, 08/15/18   617,479 
 500,000   Rockwall Independent School District School Building GO, (PSF-GTD), 4.75%, 02/15/15   543,880 
 450,000   San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/13   450,082 
 1,005,000   San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/14   1,042,949 
 495,000   Seagraves Independent School District School Building GO, (PSF-GTD), 4.00%, 02/15/19   567,295 
 1,500,000   Socorro Independent School District Refunding GO, (PSF-GTD), 5.25%, 08/15/13   1,540,095 
 2,705,000   Spring Independent School District School Building GO, (PSF-GTD), 5.00%, 02/15/15   2,956,051 
 1,070,000   Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17   1,254,746 
147
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
Texas (continued)     
$1,390,000   Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17  $1,625,633 
 1,900,000   University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/20   2,328,640 
 4,730,000   University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/21   5,809,481 
 3,000,000   University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16   3,457,800 
 1,610,000   University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15   1,793,476 
 145,000   Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC), 5.00%, 12/01/17   171,038 
         106,079,908 
Utah — 0.2%     
 1,975,000   Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21   2,386,373 
 125,000   South Jordan Water Refunding Revenue Bonds, (AMBAC), 5.00%, 11/01/15   137,225 
         2,523,598 
Virginia — 2.4%     
 155,000   City of Norfolk Water Refunding Revenue Bonds, 5.00%, 11/01/22   193,155 
 1,350,000   Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A, 4.50%, 03/01/20   1,589,058 
 2,530,000   Virginia College Building Authority Educational Facilities 21st Century College & Equipment Programs Refunding Revenue Bonds, Series C (State Appropriation), 4.00%, 02/01/15   2,710,769 

 

Principal
Amount		      Value 
Virginia (continued)     
$6,000,000   Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B, 5.00%, 09/01/21  $7,381,980 
 5,155,000   Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B, 5.00%, 09/01/22   6,293,276 
 5,000,000   Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23   6,177,950 
 1,245,000   Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14   1,331,478 
 1,250,000   Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation), 5.00%, 08/01/21   1,527,325 
         27,204,991 
Washington — 3.8%     
 100,000   CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE), 5.00%, 06/01/17   114,007 
 2,525,000   Clark County School District No 117 Camas Refunding GO, (School Board GTY), 5.00%, 12/01/17   3,015,077 
 800,000   Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY), 5.00%, 12/01/16   919,696 
 1,000,000   Island County School District No 204 Coupeville Refunding GO, (School Board GTY), 5.00%, 12/01/19   1,209,550 
 680,000   King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18   789,242 
 320,000   King County School District No. 401 Highline Refunding GO, (School Board GTY), 5.00%, 12/01/20   392,365 
 1,500,000   King County School District No. 414 Lake Washington GO, (School Board GTY), 5.00%, 12/01/20   1,805,535 

148
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Principal
Amount		      Value 
Washington (continued)     
$2,000,000   King County Sewer Improvements GO, Series B, 0.08%, 01/01/40(d)  $2,000,000 
 1,315,000   Spokane County School District No 363 West Valley Refunding GO, (School Board GTY), 5.00%, 12/01/18   1,587,770 
 2,000,000   State of Washington Department of Ecology Refunding COP, Series B, (AMBAC), 5.00%, 04/01/16   2,233,960 
 800,000   State of Washington Motor Vehicle Fuel Tax GO, Series E, 5.00%, 02/01/23   988,400 
 5,000,000   State of Washington Motor Vehicle Fuel Tax Refunding GO, Series 2012-B, 5.00%, 07/01/24   6,094,650 
 10,000,000   State of Washington Refunding GO, Series R-2011B, 5.00%, 07/01/20   12,428,500 
 5,000,000   State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23   6,226,800 
 1,350,000   State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC), 5.00%, 07/01/17   1,495,760 
 2,005,000   University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15   2,255,705 
         43,557,017 
West Virginia — 0.0%     
 125,000   West Virginia University Revenue Bonds, Series A, (NATL-RE), 5.50%, 04/01/17   147,783 
Wisconsin — 0.4%     
 100,000   Fond Du Lac Refunding GO, (NATL-RE, FGIC), 4.75%, 03/01/15   104,527 
 3,500,000   Wisconsin Department of Transportation Refunding Revenue Bonds, Series 2, 5.00%, 07/01/20   4,338,915 
         4,443,442 
Total Municipal Bonds
(Cost $1,082,334,905)		   1,127,418,240 

 

Shares        
INVESTMENT COMPANY — 2.2%     
 25,288,200   SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)  $25,288,200 
Total Investment Company
(Cost $25,288,200)  		   25,288,200 
           
TOTAL INVESTMENTS — 100.2%
(Cost $1,107,623,105)(a)		   1,152,706,440 
           
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%   (1,925,334)
NET ASSETS — 100.0%  $1,150,781,106 

 

(a) Cost for federal income tax purposes is $1,107,623,105 and net unrealized appreciation of investments is as follows:
Unrealized appreciation  $46,344,886 
Unrealized depreciation   (1,261,551)
Net unrealized appreciation  $45,083,335 

 

(b) These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c) 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, 2013.
(e) Rate shown represents current yield at January 31, 2013.

 

  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
  NATL-RE — Insured by National Public Finance Guarantee Corp.
  OID — Original Issue Discount
  PSF-GTD — Permanent School Fund Guarantee
  Q–SBLF — Qualified-School Bond Loan Fund
  XLCA — XL Capital Insurance
  XLCA-ICR — XL Capital Insurance-Immediate Credit Recovery
149
       
  Old Westbury Funds, Inc.    
  Municipal Bond Fund    
  Portfolio of Investments - (Continued) January 31, 2013  
    (Unaudited)  
       

 

Portfolio diversification by State (Unaudited)

   Percentage  
State    of Net Assets  
Alabama   1.0%  
Arizona   1.1%  
California   3.5%  
Colorado   0.6%  
Connecticut   2.1%  
District Of Columbia   0.8%  
Florida   4.1%  
Georgia   3.4%  
Hawaii   0.9%  
Idaho   0.2%  
Illinois   1.7%  
Indiana   1.9%  
Iowa   0.2%  
Kansas   0.5%  
Kentucky   0.1%  
Louisiana   0.4%  
Maine   0.2%  
Maryland   2.6%  
Massachusetts   6.0%  
Michigan   1.9%  
Minnesota   0.5%  
Mississippi   0.2%  
Missouri   0.9%  
Nevada   0.6%  
New Hampshire   0.7%  
New Jersey   5.4%  
New Mexico   0.1%  
New York   32.6%  
North Carolina   3.0%  
Ohio   1.2%  
Oregon   0.6%  
Pennsylvania   1.5%  
Puerto Rico   0.0%  
Rhode Island   0.3%  
South Carolina   0.6%  
Tennessee   0.5%  
Texas   9.2%  
Utah   0.2%  
Virginia   2.4%  
Washington   3.8%  
West Virginia   0.0%  
Wisconsin   0.4%  
Other*   2.1%  
    100.0%  

 

 

 

* Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.
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Notes To Schedules of Portfolio Investments

 

 

 

 

January 31, 2013 (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, 2013, 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 Large Cap Core Fund (formerly U.S. Large Cap Fund) (“Large Cap Core Fund”)   Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) (“Large Cap Strategies 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 appreciation).
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 seeks 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 has the same investment goal as the Real Return Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Real Return Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Real Return Fund. The portion of the Real Return Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial. To the extent of the Real Return Fund’s investment 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, 2013, the Subsidiary represented $469,277,415 or 22.71% 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

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January 31, 2013 (Unaudited)

 

 

 

 

 

 

that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative 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 such as the Corporation.

 

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 (“NAV”).

 

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 at acquisition are valued at amortized cost when such value reflects fair value. 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. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities.

 

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 investments or other assets and liabilities. Fair value methods can include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. 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 are valued on the basis of appraised value as determined by an independent appraiser selected by the Funds’ Investment Adviser, Bessemer Investment Management LLC (“BIM”)(“Adviser”). Appraisals are obtained on an ongoing, periodic basis in order to assure current valuations; appraisals generally are 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 are valued on the basis of industry-standard pricing information, including counterparty valuation quotations, industry inputs for market standard pricing models and generally available dealer quotations, subject to the review and confirmation by BIM where appropriate.

 

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 certain foreign securities that trade in non-U.S. markets may use a systematic fair valuation model provided by an independent third party vendor to value its non-U.S. investments. 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. 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 a Fund prices its shares. Significant events may include: government actions; natural disasters; armed conflict; act of terrorism and similar situations; and significant market fluctuations. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The Large Cap Strategies Fund, Global Small & Mid Cap Fund and the Global Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 6 days during the period ended January 31, 2013. As a result on days when the index change

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exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of January 31, 2013, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined level. There were no other transfers between Level 1 and Level 2 during the period ended January 31, 2013.

 

The fair value of investments is determined in accordance with the valuation procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies for derivatives and all other types of investments on a quarterly basis. The Pricing Committee is charged with the responsibility to determine the fair value of certain investments for which market quotations are not readily available. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased and sold, the type of investment, financial statements and company filings, lack of marketability, the cost and date of purchase, recommendation of the Adviser and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy. These valuation methods may require subjective determinations about the value of an investment. While the Funds’ policy is intended to result in a calculation of the Funds’ NAV that fairly reflects investment values as of the time of pricing, the Funds cannot guarantee that values determined by the Pricing Committee would accurately reflect the price that the Funds could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the investments were sold.

 

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

 

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

 

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

 

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

 

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

 

C. Securities Sold Short. The Large Cap Strategies Fund, Global Small & Mid Cap Fund, Global Opportunities Fund and Real Return Fund may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has

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January 31, 2013 (Unaudited)

 

 

 

 

 

 

borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. Short sales by a Fund involve certain risks and special considerations.

 

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily.

 

D. 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 representative 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 BIM. The Real Return Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of January 31, 2013, the Real Return Fund held $42,751,180, or 2.07% of net assets, in collectibles.

 

E. 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.

 

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

 

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

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January 31, 2013 (Unaudited)

 

 

 

 

 

 

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

 

Currently, the 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 a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

 

I. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance (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.

 

J. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund intends to limit the purchase of securities which have not been determined by BIM 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 generally represented by their value recorded in the Funds’ Statements of Assets and Liabilities.

 

5. Fair Value Measurements:

 

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

 

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

 

•Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).
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•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, 2013 is as follows:

 

   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Investments in Securities Assets:                    
Large Cap Core Fund                    
Equity Securities  $611,522,152(a)  $—   $—   $611,522,152 
Investment Company   15,777,700    —    —    15,777,700 
U.S. Government Securities   —    9,999,250    —    9,999,250 
Total  $627,299,852   $9,999,250   $—   $637,299,102 
                     
Large Cap Strategies Fund                    
Equity Securities:(b)  $4,395,185,727(a)  $10,268,696   $—   $4,405,454,423 
Exchange Traded Funds   107,985,240    —    —    107,985,240 
U.S. Government Agencies   —    69,996,611    —    69,996,611 
Cash Sweep   235,406,700    —    —    235,406,700 
Other Financial Instruments - Assets*                    
Foreign currency exchange contracts   —    6,770,773    —    6,770,773 
Other Financial Instruments - Liabilities*                    
Foreign currency exchange contracts   —    (10,897,191)   —    (10,897,191)
Total  $4,738,577,667   $76,138,889   $—   $4,814,716,556 
                     
Global Small & Mid Cap Fund                    
Equity Securities:(b)                    
Argentina  $1,154,160   $—   $—   $1,154,160 
Australia   120,166,846    —    144,719    120,311,565 
Austria   13,283,428    —    —    13,283,428 
Bahamas   57,692    —    —    57,692 
Belgium   13,189,390    —    21    13,189,411 
Bermuda   37,944,482    —    —    37,944,482 
Brazil   53,403,707    10,076    —    53,413,783 
Canada   116,589,722    —    1,892    116,591,614 
Cayman Islands   126,318    —    —    126,318 
Chile   7,237,641    —    —    7,237,641 
China   53,960,987    —    245,232    54,206,219 
Columbia   41,155    —    —    41,155 
Cyprus   890,075    —    —    890,075 
Denmark   25,677,662    —    —    25,677,662 
Finland   29,105,972    —    —    29,105,972 
France   120,990,401    —    —    120,990,401 
Gabon   9,987    —    —    9,987 
Germany   135,886,355    —    —    135,886,355 
Gibraltar   354,299    —    —    354,299 
Greece   3,113,227    —    7,097    3,120,324 
Guernsey   3,400,680    —    —    3,400,680 
Hong Kong   85,753,643    13,829    1,470,854    87,238,326 

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   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Hungary  $1,368,007   $39   $—   $1,368,046 
India   66,332,781    —    19,087    66,351,868 
Indonesia   26,936,016    —    286,230    27,222,246 
Ireland   106,651,710    579,835    —    107,231,545 
Isle of Man   51,646    —    —    51,646 
Israel   96,219,117    —    —    96,219,117 
Italy   27,275,510    —    286    27,275,796 
Japan   248,437,531    —    —    248,437,531 
Jersey Channel Islands   277,682    —    —    277,682 
Liechtenstein   277,490    —    —    277,490 
Luxembourg   879,439    —    —    879,439 
Malaysia   37,248,898    —    —    37,248,898 
Malta   281,386    —    —    281,386 
Mauritius   292,323    —    —    292,323 
Mexico   28,130,614    47,803    —    28,178,417 
Monaco   22,941    —    —    22,941 
Mongolia   101,999    —    —    101,999 
Netherlands   55,258,089    —    —    55,258,089 
New Zealand   18,750,632    —    —    18,750,632 
Norway   11,952,534    —    —    11,952,534 
Papua New Guinea   25,418    —    —    25,418 
Peru   7,792,993    —    —    7,792,993 
Philippines   17,753,790    —    —    17,753,790 
Poland   6,111,419    —    —    6,111,419 
Portugal   3,330,908    —    —    3,330,908 
Russia   265,795    —    —    265,795 
Singapore   99,527,201    —    —    99,527,201 
South Africa   36,051,741    —    8,665    36,060,406 
South Korea   67,755,120    —    —    67,755,120 
Spain   27,015,744    2,329    —    27,018,073 
Sweden   46,412,633    —    —    46,412,633 
Switzerland   79,134,129    —    —    79,134,129 
Taiwan   62,151,037    —    27,332    62,178,369 
Thailand   25,293,385    1,787,501    —    27,080,886 
Turkey   9,364,460    —    —    9,364,460 
Ukraine   56,167    —    —    56,167 
United Arab Emirates   976,684    —    —    976,684 
United Kingdom   502,030,228    —    1,208    502,031,436 
United States   2,260,587,439    —    —    2,260,587,439 
Total Equities  $4,800,720,465   $2,441,412   $2,212,623   $4,805,374,500 
Exchange Traded Funds   263,650,622    —    —    263,650,622 
Investment Company   34,524,200    —    —    34,524,200 
Rights/Warrants                    
Brazil   —    414    —    414 
Chile   —    8,770    —    8,770 
China   —    —    797    797 
India   —    4,241    —    4,241 
Italy   —    173    —    173 
Malaysia   88,264    —    —    88,264 
Poland   —    446    —    446 
Sweden   —    13,321    —    13,321 
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Notes To Schedules of Portfolio Investments - (Continued)

 

 

 

 

January 31, 2013 (Unaudited)

 

 

 

 

 

 

   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
United Kingdom  $—   $877   $—   $877 
Total Rights/Warrants  $88,264   $28,242   $797   $117,303 
U.S. Government Agencies   —    6,000,000    —    6,000,000 
U.S. Government Securities   —    83,996,847    —    83,996,847 
Cash Sweep   101,591,423    —    —    101,591,423 
Other financial instruments - Assets*:                    
Foreign currency exchange contracts   —    38,395    —    38,395 
Other financial instruments -Liabilities*:                    
Foreign currency exchange contracts   —    (38,038)   —    (38,038)
Total  $5,200,574,974   $92,466,858   $2,213,420   $5,295,255,252 
Global Opportunities Fund                    
Equity Securities:(b)                    
Australia  $17,944,202   $—   $—   $17,944,202 
Belgium   5,794,831    —    —    5,794,831 
Bermuda   10,936,995    —    —    10,936,995 
Brazil   3,884,690    —    —    3,884,690 
Canada   29,795,990    —    —    29,795,990 
Cayman Islands   985,725    —    —    985,725 
Chile   1,026,305    —    —    1,026,305 
China   4,473,592    —    —    4,473,592 
Finland   6,738,646    —    —    6,738,646 
France   24,824,864    —    —    24,824,864 
Germany   14,689,973    —    —    14,689,973 
Hong Kong   15,395,990    —    —    15,395,990 
India   2,440,516    —    —    2,440,516 
Indonesia   1,552,122    —    —    1,552,122 
Ireland   28,724,653    —    —    28,724,653 
Israel   12,598,000    —    —    12,598,000 
Italy   17,583,687    —    —    17,583,687 
Japan   87,402,293    —    —    87,402,293 
Jersey Channel Islands   3,287,279    —    —    3,287,279 
Malaysia   21,137,918    —    —    21,137,918 
Mexico   8,143,653    —    —    8,143,653 
Netherlands   6,887,988    —    —    6,887,988 
New Zealand   554,889    —    —    554,889 
Norway   10,357,153    —    —    10,357,153 
Pakistan   1,814,452    —    —    1,814,452 
Poland   3,119,754    —    —    3,119,754 
Portugal   9,154,901    —    —    9,154,901 
Puerto Rico   2,960,962    —    —    2,960,962 
Singapore   20,010,785    —    —    20,010,785 
South Africa   10,532,579    —    —    10,532,579 
South Korea   3,412,605    —    —    3,412,605 
Spain   5,181,519    —    —    5,181,519 
Sweden   4,627,891    —    —    4,627,891 
Switzerland   16,953,173    —    —    16,953,173 
Taiwan   18,236,868    —    —    18,236,868 
Thailand   471,791    7,997,887    —    8,469,678 
Turkey   778,694    —    —    778,694 
United Kingdom   36,411,534    —    —    36,411,534 

158

 

 

 

 

 

Old Westbury Funds, Inc.

 

 

 

Notes To Schedules of Portfolio Investments - (Continued)

 

 

 

 

January 31, 2013 (Unaudited)

 

 

 

 

 

 

   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
United States  $791,828,033   $—   $258,750   $792,086,783 
Total Equities  $1,262,657,495   $7,997,887   $258,750   $1,270,914,132 
Exchange Traded Funds   194,564,973    —    —    194,564,973 
Preferred Stock   897,188(a)   —    —    897,188 
Rights/Warrants   —    2,033(a)   —    2,033 
Bank Loans   —    112,440,352(a)   —    112,440,352 
Corporate Bonds   —    1,788,429,893(a)    24,140,705 (c)   1,812,570,598 
Government Bonds   —    915,663,205(a)   —    915,663,205 
Asset-Backed Securities   —    145,414,474(a)   —    145,414,474 
Non-Agency Mortgage-Backed Securities   —    894,777,481(a)   —    894,777,481 
U.S. Government Agencies   —    241,998,006    —    241,998,006 
U.S. Government Securities   —    1,583,958,242    —    1,583,958,242 
Municipal Bonds   —    1,065,055(a)   —    1,065,055 
Cash Sweep   170,561,469    —    —    170,561,469 
                     
Other financial instruments - Assets*:                    
Equity contracts   —    108,878,063    —    108,878,063 
Foreign exchange currency contracts   —    42,640,065    —    42,640,065 
Other financial instruments - Liabilities*:                    
Commodity contracts   (902,150)   —    —    (902,150)
Equity contracts   (138,015,383)   (18,769,590)   —    (156,784,973)
Foreign exchange currency contracts   —    (45,264,881)   —    (45,264,881)
Total  $1,489,763,592   $5,779,230,285   $24,399,455   $7,293,393,332 
Real Return Fund                    
Equity Securities  $456,144,550(a)  $—   $—   $456,144,550 
Exchange Traded Funds   80,451,800    —    —    80,451,800 
Collectible Coins   —    42,751,180    —    42,751,180 
Commodities   100,109,362    —    —    100,109,362 
Asset-Backed Securities   —    123,790,000(a)   —    123,790,000 
Government Bonds   —    419,094,822(a)   —    419,094,822 
U.S. Government Agencies   —    60,999,760    —    60,999,760 
U.S. Government Securities   —    687,986,836    —    687,986,836 
Cash Sweep   20,001,038    —    —    20,001,038 
Other financial instruments - Assets*:                    
Commodity contracts   37,226,191    57,337,872    —    94,564,063 
Other financial instruments - Liabilities*:                    
Commodity contracts   (49,635,584)   (55,964,258)   —    (105,599,842)
Total  $644,297,357   $1,335,996,212   $—   $1,980,293,569 
Fixed Income Fund                    
Corporate Bonds  $—   $238,175,198(a)  $—   $238,175,198 
Asset-Backed Securities   —    11,020,500    —    11,020,500 
Municipal Bonds   —    37,578,187(a)   —    37,578,187 
Collateralized Mortgage Obligations   —    6,102,164(a)   —    6,102,164 
U.S. Government Agencies   —    52,537,181    —    52,537,181 
U.S. Government Securities   —    134,498,034    —    134,498,034 
Government Bonds   —    11,941,695(a)   —    11,941,695 
Investment Company   4,052,400    —    —    4,052,400 
Total  $4,052,400   $491,852,959   $—   $495,905,359 
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Notes To Schedules of Portfolio Investments - (Continued)

 

 

 

 

January 31, 2013 (Unaudited)

 

 

 

 

 

 

   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Municipal Bond Fund                    
Municipal Bonds  $—   $1,127,418,240(a)  $—   $1,127,418,240 
Investment Company   25,288,200    —    —    25,288,200 
Total  $25,288,200   $1,127,418,240   $—   $1,152,706,440 

 

 

(a)The breakdown of the Fund’s investments into major categories or countries is disclosed in the respective Fund’s Portfolio of Investments and in footnote 6 for derivatives.
(b)In the Large Cap Strategies Fund, Global Small & Mid Cap Fund and Global Opportunities Fund, certain foreign securities were not fair valued at January 31, 2013 as the change in the S&P 500 Index did not exceed the Funds’ predetermined level (see footnote 3.A). See footnote 3.A. regarding transfers between Levels 1 and 2. The Funds have no transfers between Level 1 and Level 2 investments during the reporting period.
(c)Represents securities as disclosed in the Bermuda, Hong Kong and the United States sections of the respective Fund’s Portfolio of Investments.
(d)The Global Small & Mid Cap Fund and Global Opportunities Fund held certain investments categorized as Level 3 that had a combined fair value as well as a change in NAV less than 1% of NAV for the respective Fund for the period ended January 31, 2013. There were transfers into Level 3 of $523,208 and $0 and out of Level 3 in the amount of $401,737 and $801,002 for the Global Small & Mid Cap Fund and the Global Opportunities Fund respectively. In addition, there were no significant purchases and sales during the period. As of January 31, 2013, the percentage of NAV was 0.04% and 0.34% for the Global Small & Mid Cap Fund and Global Opportunities Fund, respectively.

 

* 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.

 

In December 2011, FASB issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of US GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). ASU 2011-11 requires entities to: disclose both gross and net information about both instruments and transactions eligible for offset in the financial statements; and disclose instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. At this time, management is evaluating the implications of ASU 2011-11 and its impact on the Funds’ financial statement disclosures.

 

6.Derivative Instruments:

 

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and 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 primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $1,000,000. To the

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January 31, 2013 (Unaudited)

 

 

 

 

 

 

extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

 

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. As of January 31, 2013, all derivatives in a net liability position are fully collateralized.

 

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

 

For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

 

    Fair Values of Derivative Instruments as of January 31, 2013
    Derivative Assets   Derivative Liabilities
Large Cap Strategies Fund   Statements of Assets
and Liabilities
Location		     Value   Statements of Assets
and Liabilities
Location		     Value
Foreign currency exchange contracts   Unrealized appreciation on forward foreign currency exchange contracts   $ 6,770,773   Unrealized depreciation on forward foreign currency exchange contracts   $ 10,897,191
Total       $ 6,770,773       $ 10,897,191
                     
Global Small & Mid Cap Fund   Statements of Assets
and Liabilities
Location		     Value   Statements of Assets
and Liabilities
Location		     Value
Foreign currency exchange contracts   Unrealized appreciation on forward foreign currency exchange contracts   $ 38,395   Unrealized depreciation on forward foreign currency exchange contracts   $ 38,038
Total       $ 38,395       $ 38,038
                     
Global Opportunities Fund   Statements of Assets
and Liabilities
Location		     Value   Statements of Assets
and Liabilities
Location		     Value
Equity contracts   Unrealized appreciation on swap contracts   $ 15,411,091   Unrealized depreciation on swap contracts   $ 11,262,490
    Structured option contracts, at value     93,466,972   Written option contracts, at value     138,015,383
              Structured option contracts, at value     7,507,100
              Variation Margin     5,600
    Unrealized appreciation on forward foreign         Unrealized depreciation on forward foreign      
Foreign currency exchange contracts   currency exchange contracts     42,640,065   currency exchange contracts     45,264,881
Total       $ 151,518,128       $ 202,055,454
                     
Real Return Fund   Statements of Assets
and Liabilities
Location		     Value   Statements of Assets
and Liabilities
Location		     Value
Commodity contracts   Unrealized appreciation on swap contracts   $ 57,337,872   Unrealized depreciation on swap contracts   $ 55,964,258
              Variation Margin     861,865
    Investments, at value (purchased options)     12,618,800   Written option contracts, at value     21,647,275
Total       $ 69,956,672       $ 78,473,398

 

 

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

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  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

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.

 

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) entered into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

 

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

 

As of January 31, 2013, the Large Cap Strategies Fund had the following open Forwards:

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar   60,000,000   Japanese Yen   4,866,930,000   Barclays Bank Plc  02/21/13  $6,770,773 
U.S. Dollar   124,349,964   Euro   96,000,000   Barclays Bank Plc  02/28/13   (6,018,731)
U.S. Dollar   120,569,559   Euro   92,369,509   Barclays Bank Plc  03/14/13   (4,878,460)
                      $(4,126,418)

 

As of January 31, 2013, the Global Small & Mid Cap Fund had the following open Forwards:

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar   25,746,022   Australian Dollar   24,817,500   Citibank, N.A.  04/30/13  $38,395 
U.S. Dollar   8,293,554   New Zealand Dollar   9,987,000   Citibank, N.A.  04/30/13   (38,038)
                      $357 

 

As of January 31, 2013, the Global Opportunities Fund had the following open Forwards:

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Singapore Dollar   6,231,500   U.S. Dollar   5,106,163   Bank of New York Mellon Corp.   02/04/13  $(71,242)
U.S. Dollar   25,872,816   Swedish Krona   164,370,000   Bank of New York Mellon Corp.   02/04/13   21,828 
U.S. Dollar   5,020,817   Mexican Peso   63,915,000   Bank of New York Mellon Corp.   02/05/13   (3,661)
Singapore Dollar   2,900,000   U.S. Dollar   2,371,488   Bank of New York Mellon Corp.   02/08/13   (28,360)
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  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Norwegian Krone   7,600,000   U.S. Dollar   1,316,578   Bank of New York Mellon Corp.  02/15/13  $73,844 
U.S. Dollar   9,796,723   Japanese Yen   806,142,000   Bank of New York Mellon Corp.  02/26/13   979,746 
Australian Dollar   14,482,749   U.S. Dollar   15,000,000   Bank of New York Mellon Corp.  02/27/13   73,777 
Norwegian Krone   57,968,050   U.S. Dollar   10,279,891   Bank of New York Mellon Corp.  03/06/13   317,642 
Norwegian Krone   113,311,800   U.S. Dollar   19,991,320   Bank of New York Mellon Corp.  03/13/13   717,840 
Swedish Krona   170,610,000   U.S. Dollar   26,107,555   Bank of New York Mellon Corp.  03/27/13   695,781 
U.S. Dollar   28,561,116   Japanese Yen   2,485,999,500   Bank of New York Mellon Corp.  04/10/13   1,362,359 
U.S. Dollar   25,000,000   South Korean Won   27,172,500,000   Bank of New York Mellon Corp.  04/29/13   157,927 
Mexican Peso   63,915,000   U.S. Dollar   4,976,835   Bank of New York Mellon Corp.  05/02/13   4,404 
Swedish Krona   164,370,000   U.S. Dollar   25,824,646   Bank of New York Mellon Corp.  05/02/13   (21,821)
Euro   2,976,904   U.S. Dollar   4,039,063   Barclays Plc  02/04/13   3,042 
U.S. Dollar   3,672,830   Euro   2,976,904   Barclays Plc  02/04/13   (369,276)
U.S. Dollar   5,044,932   Singapore Dollar   6,231,500   Barclays Plc  02/04/13   9,987 
U.S. Dollar   20,000,000   Japanese Yen   1,605,540,000   Barclays Plc  02/08/13   2,441,714 
U.S. Dollar   2,805,278   Euro   2,114,000   Barclays Plc  02/11/13   (65,271)
U.S. Dollar   3,284,325   Euro   2,475,000   Barclays Plc  02/11/13   (76,417)
Chinese Yuan   125,920,000   U.S. Dollar   20,000,000   Barclays Plc  02/12/13   41,035 
Chilean Unidad de Fomento   100,700,000   U.S. Dollar   203,147   Barclays Plc  02/13/13   10,154 
Singapore Dollar   3,994,390   U.S. Dollar   3,223,232   Barclays Plc  02/13/13   4,116 
Singapore Dollar   406,027   U.S. Dollar   327,256   Barclays Plc  02/13/13   801 
Norwegian Krone   160,325,000   U.S. Dollar   27,712,751   Barclays Plc  02/15/13   1,618,760 
Singapore Dollar   1,151,000   U.S. Dollar   924,721   Barclays Plc  02/19/13   5,246 
U.S. Dollar   10,000,000   Japanese Yen   813,339,000   Barclays Plc  02/20/13   1,104,630 
Singapore Dollar   24,660,000   U.S. Dollar   20,124,534   Barclays Plc  02/25/13   (200,280)
U.S. Dollar   2,218,958   Japanese Yen   173,700,000   Barclays Plc  02/27/13   319,146 
U.S. Dollar   10,000,000   Japanese Yen   821,025,000   Barclays Plc  02/28/13   1,020,136 
Chilean Unidad
de Fomento		   174,400,000   U.S. Dollar   351,011   Barclays Plc  03/01/13   17,520 
Chilean Unidad
de Fomento		   87,300,000   U.S. Dollar   174,635   Barclays Plc  03/01/13   9,842 
Malaysian Ringgit   15,335,000   U.S. Dollar   5,010,783   Barclays Plc  03/04/13   (84,566)
U.S. Dollar   14,850,196   Japanese Yen   1,218,414,000   Barclays Plc  03/04/13   1,523,579 
U.S. Dollar   944,737   Euro   712,203   Barclays Plc  03/07/13   (22,476)
U.S. Dollar   1,487,202   Euro   1,131,038   Barclays Plc  03/11/13   (48,848)
Swedish Krona   66,042,000   U.S. Dollar   9,911,751   Barclays Plc  03/13/13   466,877 
U.S. Dollar   12,504,538   Euro   9,527,993   Barclays Plc  03/15/13   (435,601)
U.S. Dollar   385,501   Euro   290,418   Barclays Plc  03/21/13   (8,934)
U.S. Dollar   25,000,000   Japanese Yen   2,103,650,000   Barclays Plc  03/21/13   1,988,085 
Malaysian Ringgit   171,210,010   U.S. Dollar   55,761,468   Barclays Plc  03/25/13   (842,827)
163
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar   29,877,228   Euro   22,583,620   Barclays Plc  03/25/13  $(795,661)
U.S. Dollar   993,522   Euro   744,351   Barclays Plc  04/05/13   (17,508)
U.S. Dollar   22,723,975   Euro   17,027,927   Barclays Plc  04/17/13   (405,956)
Russian Ruble   148,800,000   U.S. Dollar   4,844,775   Barclays Plc  04/18/13   51,349 
U.S. Dollar   963,608   Euro   732,670   Barclays Plc  04/19/13   (31,627)
U.S. Dollar   1,328,297   Euro   1,020,033   Barclays Plc  04/25/13   (57,323)
Norwegian Krone   16,471,500   Euro   2,188,875   Barclays Plc  04/30/13   30,758 
U.S. Dollar   679,943   Euro   511,890   Barclays Plc  04/30/13   (15,429)
U.S. Dollar   207,530   Euro   157,000   Barclays Plc  05/07/13   (5,750)
U.S. Dollar   384,723   Euro   301,000   Barclays Plc  05/21/13   (24,199)
Chinese Yuan   62,600,000   U.S. Dollar   10,000,000   Barclays Plc  05/28/13   (46,594)
U.S. Dollar   19,619,370   Chinese Yuan   125,150,000   Barclays Plc  05/28/13   (279,493)
Chinese Yuan   188,460,000   U.S. Dollar   30,000,000   Barclays Plc  07/05/13   (43,911)
U.S. Dollar   29,277,614   Chinese Yuan   188,460,000   Barclays Plc  07/05/13   (678,475)
U.S. Dollar   893,244   Euro   729,000   Barclays Plc  07/16/13   (97,342)
U.S. Dollar   1,406,976   Euro   1,143,000   Barclays Plc  07/18/13   (146,176)
U.S. Dollar   1,058,395   Euro   857,000   Barclays Plc  07/19/13   (106,134)
Norwegian Krone   16,471,500   Euro   2,187,102   Barclays Plc  07/26/13   21,307 
Chinese Yuan   126,220,000   U.S. Dollar   20,000,000   Barclays Plc  07/29/13   58,962 
U.S. Dollar   2,065,479   Japanese Yen   185,480,000   Barclays Plc  07/29/13   34,087 
U.S. Dollar   60,150   Euro   48,862   Barclays Plc  08/01/13   (6,249)
U.S. Dollar   59,938   Euro   48,730   Barclays Plc  08/01/13   (6,282)
U.S. Dollar   4,042,130   Euro   2,976,904   Barclays Plc  08/05/13   (3,241)
U.S. Dollar   746,555   Euro   603,889   Barclays Plc  08/05/13   (74,081)
U.S. Dollar   603,091   Japanese Yen   47,210,000   Barclays Plc  08/09/13   85,964 
U.S. Dollar   1,601,232   Euro   1,290,000   Barclays Plc  08/16/13   (151,820)
U.S. Dollar   1,789,482   Euro   1,451,000   Barclays Plc  08/19/13   (182,376)
U.S. Dollar   1,595,653   Euro   1,289,000   Barclays Plc  08/20/13   (156,057)
U.S. Dollar   29,140,351   Euro   23,470,000   Barclays Plc  08/20/13   (2,754,641)
U.S. Dollar   14,421,087   Euro   11,660,000   Barclays Plc  08/21/13   (1,424,525)
U.S. Dollar   29,993,481   Euro   24,200,000   Barclays Plc  08/22/13   (2,893,719)
U.S. Dollar   928,741   Japanese Yen   73,417,000   Barclays Plc  08/22/13   124,395 
U.S. Dollar   274,916   Euro   219,546   Barclays Plc  08/23/13   (23,443)
U.S. Dollar   461,014   Euro   368,163   Barclays Plc  08/23/13   (39,312)
Norwegian Krone   10,525,000   Euro   1,405,376   Barclays Plc  08/26/13   245 
U.S. Dollar   619,204   Euro   494,240   Barclays Plc  08/26/13   (52,463)
U.S. Dollar   2,612,299   Japanese Yen   205,823,000   Barclays Plc  08/26/13   357,200 
U.S. Dollar   286,563   Euro   226,362   Barclays Plc  09/10/13   (21,072)
U.S. Dollar   285,089   Euro   222,087   Barclays Plc  09/12/13   (16,738)
U.S. Dollar   819,671   Euro   633,122   Barclays Plc  09/16/13   (40,778)
U.S. Dollar   195,989   Euro   148,781   Barclays Plc  09/19/13   (6,214)
U.S. Dollar   468,469   Euro   360,422   Barclays Plc  09/24/13   (21,375)
U.S. Dollar   174,289   Euro   133,614   Barclays Plc  10/25/13   (7,318)
Hong Kong Dollar      307,740,000     U.S. Dollar      40,000,000     Barclays Plc    10/28/13      (287,934 )
Hong Kong Dollar      307,196,000     U.S. Dollar      40,000,000     Barclays Plc    10/28/13      (358,134 )
U.S. Dollar   423,789   Euro   325,538   Barclays Plc  11/05/13   (18,691)
Chinese Yuan   154,612,500   U.S. Dollar   25,000,000   Barclays Plc  03/03/14   (504,888)
U.S. Dollar   24,128,043   Chinese Yuan   154,612,500   Barclays Plc  03/03/14   (367,069)
Chinese Yuan   153,487,500   U.S. Dollar   25,000,000   Barclays Plc  03/07/14   (685,357)
U.S. Dollar   23,974,930   Chinese Yuan   153,487,500   Barclays Plc  03/07/14   (339,714)
164
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar   19,020,396   Chinese Yuan   123,100,000   Barclays Plc  03/07/14  $(480,428)
Chinese Yuan   61,515,000   U.S. Dollar   10,000,000   Barclays Plc  04/07/14   (262,072)
U.S. Dollar   9,398,778   Chinese Yuan   61,515,000   Barclays Plc  04/07/14   (339,151)
U.S. Dollar   18,927,250   Chinese Yuan   122,800,000   Barclays Plc  04/21/14   (505,948)
Canadian Dollar   3,575,345   U.S. Dollar   3,595,531   Citigroup, Inc.  02/07/13   (11,371)
U.S. Dollar   3,796,892   Euro   2,903,000   Citigroup, Inc.  02/08/13   (144,954)
Euro   15,643,227   U.S. Dollar   20,909,302   Citigroup, Inc.  02/15/13   332,739 
Chilean Unidad de Fomento   422,200,000   U.S. Dollar   847,621   Citigroup, Inc.  02/25/13   45,078 
Australian Dollar   4,806,130   U.S. Dollar   5,000,000   Citigroup, Inc.  02/28/13   1,910 
Mexican Peso   65,453,700   U.S. Dollar   5,000,000   Citigroup, Inc.  02/28/13   134,066 
U.S. Dollar   5,000,000   Japanese Yen   408,474,500   Citigroup, Inc.  02/28/13   532,358 
U.S. Dollar   1,420,405   Euro   1,080,000   Citigroup, Inc.  03/08/13   (46,307)
Polish Zloty   10,400,000   Euro   2,421,702   Citigroup, Inc.  03/19/13   60,453 
U.S. Dollar   444,877   Euro   338,791   Citigroup, Inc.  03/19/13   (15,252)
U.S. Dollar   24,203,553   Euro   18,500,000   Citigroup, Inc.  03/19/13   (922,178)
U.S. Dollar   3,984,838   Japanese Yen   331,140,000   Citigroup, Inc.  03/19/13   362,537 
Singapore Dollar   25,560,000   U.S. Dollar   20,963,277   Citigroup, Inc.  03/25/13   (312,178)
U.S. Dollar   818,489   Euro   620,368   Citigroup, Inc.  03/26/13   (24,095)
Singapore Dollar   19,060,500   U.S. Dollar   15,486,772   Citigroup, Inc.  04/10/13   (86,939)
U.S. Dollar   10,000,000   Japanese Yen   869,782,000   Citigroup, Inc.  04/10/13   483,913 
Chilean Unidad de Fomento   974,634,000   U.S. Dollar   1,929,968   Citigroup, Inc.  04/29/13   113,147 
U.S. Dollar   1,261,586   Japanese Yen   100,093,000   Citigroup, Inc.  05/10/13   166,199 
U.S. Dollar   629,425   Japanese Yen   50,022,000   Citigroup, Inc.  05/14/13   81,979 
U.S. Dollar   705,638   Japanese Yen   55,787,000   Citigroup, Inc.  06/14/13   94,917 
Swedish Krona   43,658,433   Euro   4,973,421   Citigroup, Inc.  06/27/13   88,583 
U.S. Dollar   517,244   Euro   398,462   Citigroup, Inc.  07/26/13   (24,218)
U.S. Dollar   330,937   Euro   265,136   Citigroup, Inc.  08/08/13   (29,363)
U.S. Dollar   95,867   Euro   76,711   Citigroup, Inc.  08/09/13   (8,379)
U.S. Dollar   603,389   Japanese Yen   47,220,000   Citigroup, Inc.  08/09/13   86,151 
U.S. Dollar   5,668,619   Japanese Yen   449,157,000   Citigroup, Inc.  08/13/13   748,366 
U.S. Dollar   1,855,715   Japanese Yen   146,685,000   Citigroup, Inc.  08/23/13   248,632 
U.S. Dollar   401,706   Japanese Yen   32,085,087   Citigroup, Inc.  11/08/13   49,787 
U.S. Dollar   5,668,619   Japanese Yen   451,214,700   Citigroup, Inc.  11/12/13   719,260 
U.S. Dollar   5,668,614   Japanese Yen   450,156,000   Citigroup, Inc.  11/13/13   730,796 
U.S. Dollar   596,694   Japanese Yen   47,197,000   Citigroup, Inc.  11/15/13   78,969 
U.S. Dollar   2,193,186   Japanese Yen   177,080,000   Citigroup, Inc.  11/19/13   250,603 
U.S. Dollar   2,458,982   Japanese Yen   198,912,000   Citigroup, Inc.  11/20/13   276,869 
U.S. Dollar   301,207   Japanese Yen   26,280,000   Citigroup, Inc.  01/10/14   12,694 
U.S. Dollar   1,338,202   Euro   999,800   Citigroup, Inc.  01/28/14   (21,028)
Singapore Dollar   2,063,000   U.S. Dollar   1,639,644   Credit Suisse Group AG  03/26/13   27,148 
U.S. Dollar   285,196   Euro   216,000   Credit Suisse Group AG  05/07/13   (8,235)
Singapore Dollar   1,468,000   U.S. Dollar   1,182,441   Deutsche Bank AG  02/07/13   3,668 
U.S. Dollar   5,345,109   Euro   4,050,000   Deutsche Bank AG  02/07/13   (154,161)
U.S. Dollar   1,179,306   Singapore Dollar   1,468,000   Deutsche Bank AG  02/07/13   (6,803)
Singapore Dollar   2,925,000   U.S. Dollar   2,353,708   Deutsche Bank AG  02/08/13   9,619 
U.S. Dollar   2,349,775   Singapore Dollar   2,925,000   Deutsche Bank AG  02/08/13   (13,552)

165

       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Chilean Unidad de Fomento   100,900,000   U.S. Dollar   203,223   Deutsche Bank AG  02/11/13  $10,566 
U.S. Dollar   823,777   Euro   622,000   Deutsche Bank AG  02/11/13   (20,822)
U.S. Dollar     2,087,496      Euro      1,580,000      Deutsche Bank AG    02/14/13      (57,984 )
Chilean Unidad de Fomento   195,520,000   U.S. Dollar   392,989   Deutsche Bank AG  02/15/13   21,034 
Chilean Unidad
de Fomento		      99,700,000     U.S. Dollar      200,394     Deutsche Bank AG    02/15/13      10,726  
U.S. Dollar   270,063   Japanese Yen   20,855,910   Deutsche Bank AG  02/15/13   41,972 
Singapore Dollar   1,728,000   U.S. Dollar   1,376,892   Deutsche Bank AG  02/19/13   19,270 
U.S. Dollar      22,727,105      Euro Singapore     17,260,000      Deutsche Bank AG    02/19/13      (710,897 )
U.S. Dollar   1,388,231   Dollar   1,728,000   Deutsche Bank AG  02/19/13   (7,932)
Chilean Unidad de Fomento      176,590,000     U.S. Dollar      352,124     Deutsche Bank AG    02/25/13     21,258  
Chilean Unidad de Fomento      202,500,000     U.S. Dollar      400,958     Deutsche Bank AG    02/26/13     27,144  
Indian Rupee   24,142,000   U.S. Dollar   429,802   Deutsche Bank AG  02/26/13   21,659 
U.S. Dollar   3,570,539   Euro   2,677,770   Deutsche Bank AG  02/27/13   (65,872)
Chilean Unidad de Fomento      309,490,000     U.S. Dollar      615,166     Deutsche Bank AG    02/28/13      38,927  
Singapore Dollar   700,000   U.S. Dollar   558,258   Deutsche Bank AG  02/28/13   7,311 
U.S. Dollar   142,337   Euro   105,800   Deutsche Bank AG  02/28/13   (1,340)
U.S. Dollar   304,780   Euro   226,530   Deutsche Bank AG  02/28/13   (2,849)
Chilean Unidad de Fomento      68,400,000     U.S. Dollar      136,377     Deutsche Bank AG    03/01/13      8,162  
Swedish Krona   84,036,600   Euro   9,364,453   Deutsche Bank AG  03/01/13   492,949 
U.S. Dollar   11,607,007   Euro   8,620,132   Deutsche Bank AG  03/01/13   (99,261)
Chilean Unidad de Fomento      225,065,000     U.S. Dollar      449,590     Deutsche Bank AG    03/04/13      25,792  
Indian Rupee   37,818,000   U.S. Dollar   683,419   Deutsche Bank AG  03/04/13   23,077 
U.S. Dollar   142,904   Euro   107,000   Deutsche Bank AG  03/05/13   (2,407)
Chilean Unidad de Fomento      225,065,000     U.S. Dollar      452,619     Deutsche Bank AG    03/06/13      22,622  
Indian Rupee   17,072,000   U.S. Dollar   306,404   Deutsche Bank AG  03/06/13   12,413 
Chilean Unidad de Fomento      245,410,000     U.S. Dollar      493,584     Deutsche Bank AG    03/07/13      24,541  
Indian Rupee   27,856,000   U.S. Dollar   503,461   Deutsche Bank AG  03/07/13   16,653 
Chilean Unidad de Fomento      243,930,000     U.S. Dollar      485,916     Deutsche Bank AG    03/08/13      29,008  
U.S. Dollar   2,500,951   Euro   1,900,000   Deutsche Bank AG  03/08/13   (79,375)
Indian Rupee   7,542,000   U.S. Dollar   136,260   Deutsche Bank AG  03/11/13   4,461 
Chilean Unidad de Fomento      237,320,000     U.S. Dollar      465,790     Deutsche Bank AG    03/13/13      34,811  
Swedish Krona   17,601,656   Euro   1,950,000   Deutsche Bank AG  03/13/13   117,833 
U.S. Dollar   3,837,279   Euro   2,900,000   Deutsche Bank AG  03/13/13   (101,220)
Chilean Unidad de Fomento      1,894,715,000     U.S. Dollar      3,751,911     Deutsche Bank AG    03/18/13      241,839  
Chilean Unidad de Fomento      480,420,000     U.S. Dollar      950,198     Deutsche Bank AG    03/18/13      62,449  
166

       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Indian Rupee   18,877,000   U.S. Dollar   342,049   Deutsche Bank AG  03/18/13  $9,727 
Malaysian Ringgit   5,816,700   U.S. Dollar   1,888,110   Deutsche Bank AG  03/18/13   (21,385)
U.S. Dollar   1,808,394   Malaysian Ringgit   5,816,700   Deutsche Bank AG  03/18/13   (58,330)
Singapore Dollar   1,829,200   U.S. Dollar   1,444,523   Deutsche Bank AG  03/19/13   33,375 
U.S. Dollar   2,196,291   Japanese Yen   182,083,500   Deutsche Bank AG  03/19/13   204,501 
U.S. Dollar   1,469,768   Singapore Dollar   1,829,200   Deutsche Bank AG  03/19/13   (8,130)
Indian Rupee   17,195,000   U.S. Dollar   309,101   Deutsche Bank AG  03/20/13   11,217 
Singapore Dollar   1,969,400   U.S. Dollar   1,570,244   Deutsche Bank AG  03/21/13   20,927 
Malaysian Ringgit   950,500   U.S. Dollar   303,723   Deutsche Bank AG  03/26/13   1,146 
Malaysian Ringgit   950,500   U.S. Dollar   304,102   Deutsche Bank AG  03/26/13   767 
U.S. Dollar   811,247   Euro   615,000   Deutsche Bank AG  03/26/13   (24,046)
U.S. Dollar   590,831   Malaysian Ringgit   1,901,000   Deutsche Bank AG  03/26/13   (18,905)
U.S. Dollar   201,351   Euro   150,689   Deutsche Bank AG  03/28/13   (3,317)
Chilean Unidad
de Fomento		   231,460,000   U.S. Dollar   457,250   Deutsche Bank AG  03/29/13   29,839 
U.S. Dollar   351,774   Euro   263,028   Deutsche Bank AG  04/02/13   (5,484)
U.S. Dollar   279,586   Euro   210,460   Deutsche Bank AG  04/02/13   (6,272)
Chilean Unidad de Fomento   245,910,000   U.S. Dollar   483,980   Deutsche Bank AG  04/03/13   33,163 
U.S. Dollar   738,620   Euro   553,000   Deutsche Bank AG  04/04/13   (12,500)
U.S. Dollar   1,103,255   Euro   826,000   Deutsche Bank AG  04/04/13   (18,671)
Philippines Peso   21,548,000   U.S. Dollar   518,492   Deutsche Bank AG  04/05/13   11,069 
Philippines Peso   35,386,000   U.S. Dollar   852,860   Deutsche Bank AG  04/10/13   16,906 
U.S. Dollar   973,569   Euro   742,242   Deutsche Bank AG  04/11/13   (34,627)
Indian Rupee   29,111,000   U.S. Dollar   521,305   Deutsche Bank AG  04/12/13   18,811 
Indian Rupee   27,793,000   U.S. Dollar   511,686   Deutsche Bank AG  04/12/13   3,976 
Indian Rupee   59,598,000   U.S. Dollar   1,089,802   Deutsche Bank AG  04/15/13   15,386 
Indian Rupee   14,708,000   U.S. Dollar   265,054   Deutsche Bank AG  04/15/13   7,691 
Swedish Krona   28,478,956   Euro   3,160,922   Deutsche Bank AG  04/19/13   178,192 
Indian Rupee   13,777,000   U.S. Dollar   252,111   Deutsche Bank AG  04/22/13   3,061 
U.S. Dollar   1,134,770   Euro   860,000   Deutsche Bank AG  04/23/13   (33,449)
Indian Rupee   27,912,000   U.S. Dollar   497,886   Deutsche Bank AG  04/26/13   18,732 
Indian Rupee   43,847,000   U.S. Dollar   804,296   Deutsche Bank AG  04/29/13   6,839 
Indian Rupee   12,552,000   U.S. Dollar   230,223   Deutsche Bank AG  04/29/13   1,979 
Indian Rupee   26,507,000   U.S. Dollar   486,621   Deutsche Bank AG  04/30/13   3,653 
U.S. Dollar   435,600   Euro   330,000   Deutsche Bank AG  05/06/13   (12,696)
U.S. Dollar   336,095   Euro   255,000   Deutsche Bank AG  05/08/13   (10,318)
U.S. Dollar   204,909   Euro   157,000   Deutsche Bank AG  05/10/13   (8,375)
U.S. Dollar   846,018   Japanese Yen   66,920,000   Deutsche Bank AG  05/13/13   113,645 
U.S. Dollar   385,987   Euro   301,000   Deutsche Bank AG  05/20/13   (22,934)
U.S. Dollar   559,769   Euro   439,000   Deutsche Bank AG  05/21/13   (36,633)
U.S. Dollar   365,417   Euro   293,760   Deutsche Bank AG  06/05/13   (33,692)
U.S. Dollar   2,102,242   Euro   1,690,000   Deutsche Bank AG  06/05/13   (193,827)
U.S. Dollar   951,967   Euro   760,600   Deutsche Bank AG  06/07/13   (81,408)
U.S. Dollar   2,127,720   Euro   1,700,000   Deutsche Bank AG  06/07/13   (181,952)
U.S. Dollar   686,068   Euro   540,850   Deutsche Bank AG  06/11/13   (48,758)
U.S. Dollar   100,914   Euro   80,000   Deutsche Bank AG  06/13/13   (7,779)
U.S. Dollar   478,078   Euro   379,000   Deutsche Bank AG  06/13/13   (36,854)

167
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
South Korean Won        469,000,000       U.S. Dollar South Korean       398,488        Deutsche Bank AG     06/27/13    $  29,137    
U.S. Dollar   410,503   Won   469,000,000   Deutsche Bank AG  06/27/13   (17,121)
U.S. Dollar   775,214   Euro   629,000   Deutsche Bank AG  07/22/13   (79,508)
U.S. Dollar   702,810   Euro   571,000   Deutsche Bank AG  07/23/13   (73,102)
U.S. Dollar   3,698,520   Euro   2,975,000   Deutsche Bank AG  07/31/13   (344,214)
U.S. Dollar   1,499,592   Euro   1,200,000   Deutsche Bank AG  08/09/13   (131,126)
U.S. Dollar   605,008   Japanese Yen   47,210,000   Deutsche Bank AG  08/12/13   87,858 
Polish Zloty   11,489,000   Euro   2,702,023   Deutsche Bank AG  08/19/13   (18,623)
U.S. Dollar   1,151,088   Japanese Yen   90,125,000   Deutsche Bank AG  08/19/13   163,735 
U.S. Dollar   938,867   Japanese Yen   73,510,000   Deutsche Bank AG  08/19/13   133,537 
Chilean Unidad
de Fomento		      2,167,200,000     U.S. Dollar      4,300,000     Deutsche Bank AG    08/20/13      184,592  
U.S. Dollar   1,008,035   Euro   814,000   Deutsche Bank AG  08/20/13   (98,165)
Chilean Unidad de Fomento   1,087,040,000   U.S. Dollar   2,150,000   Deutsche Bank AG  08/21/13   99,165 
Chilean Unidad de Fomento   1,083,600,000   U.S. Dollar   2,150,000   Deutsche Bank AG  08/21/13   92,048 
U.S. Dollar   918,451   Japanese Yen   72,553,000   Deutsche Bank AG  08/23/13   123,559 
U.S. Dollar   1,557,604   Japanese Yen   121,842,000   Deutsche Bank AG  08/27/13   222,623 
U.S. Dollar   12,313   Euro   9,797   Deutsche Bank AG  08/28/13   (1,001)
U.S. Dollar   278,008   Euro   221,193   Deutsche Bank AG  08/28/13   (22,593)
U.S. Dollar   150,148   Euro   119,000   Deutsche Bank AG  09/04/13   (11,575)
U.S. Dollar   329,951   Euro   261,000   Deutsche Bank AG  09/10/13   (24,758)
U.S. Dollar   694,668   Euro   540,850   Deutsche Bank AG  09/11/13   (40,370)
U.S. Dollar   24,390,376   Euro   18,919,000   Deutsche Bank AG  09/13/13   (1,321,460)
Philippines Peso   29,828,000   U.S. Dollar   713,554   Deutsche Bank AG  09/24/13   21,929 
U.S. Dollar   2,234,056   Euro   1,720,000   Deutsche Bank AG  09/24/13   (103,570)
U.S. Dollar   1,036,408   Euro   800,000   Deutsche Bank AG  09/26/13   (50,865)
Philippines Peso   36,054,000   U.S. Dollar   862,536   Deutsche Bank AG  10/04/13   26,501 
Philippines Peso   8,431,000   U.S. Dollar   202,576   Deutsche Bank AG  10/16/13   5,330 
Malaysian Ringgit   1,980,000   U.S. Dollar   638,607   Deutsche Bank AG  10/23/13   (10,740)
U.S. Dollar   885,254   Euro   684,003   Deutsche Bank AG  10/31/13   (44,449)
U.S. Dollar   59,892   Euro   45,895   Deutsche Bank AG  11/04/13   (2,489)
U.S. Dollar   9,200,600   Euro   7,160,000   Deutsche Bank AG  11/08/13   (531,519)
U.S. Dollar   5,370,974   Japanese Yen   425,263,000   Deutsche Bank AG  11/13/13   706,211 
U.S. Dollar   235,133   Euro   184,184   Deutsche Bank AG  11/15/13   (15,221)
Malaysian Ringgit   2,056,560   U.S. Dollar   660,000   Deutsche Bank AG  11/19/13   (8,776)
U.S. Dollar   65,212   Euro   50,759   Deutsche Bank AG  11/19/13   (3,783)
U.S. Dollar   1,765,160   Japanese Yen   143,060,000   Deutsche Bank AG  11/19/13   195,779 
U.S. Dollar   1,021,759   Euro   798,000   Deutsche Bank AG  11/20/13   (62,942)
U.S. Dollar   873,650   Euro   670,000   Deutsche Bank AG  12/03/13   (37,093)
Australian Dollar   1,691,000   U.S. Dollar   1,732,345   Deutsche Bank AG  12/13/13   (8,741)
Malaysian Ringgit   1,633,900   U.S. Dollar   528,206   Deutsche Bank AG  01/08/14   (12,174)
U.S. Dollar   1,471,964   Euro   1,111,000   Deutsche Bank AG  01/14/14   (38,393)
U.S. Dollar   297,101   Japanese Yen   26,360,000   Deutsche Bank AG  01/16/14   7,685 
U.S. Dollar   1,299,198   Euro   971,000   Deutsche Bank AG  01/17/14   (20,845)
U.S. Dollar   3,934,081   Japanese Yen   348,750,000   Deutsche Bank AG  01/17/14   104,966 
Chilean Unidad de Fomento      411,630,000     U.S. Dollar      836,646     Deutsche Bank AG    01/22/14      414  
168
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Chilean Unidad de Fomento   583,870,000   U.S. Dollar   1,187,814   Deutsche Bank AG  01/24/14  $(768)
Chilean Unidad de Fomento   363,560,000   U.S. Dollar   739,394   Deutsche Bank AG  01/28/14   (601)
U.S. Dollar   1,722,223   Japanese Yen   154,225,103   Deutsche Bank AG  01/28/14   28,680 
Chilean Unidad de Fomento   117,450,000   U.S. Dollar   239,376   Deutsche Bank AG  01/29/14   (734)
Chilean Unidad de Fomento   234,900,000   U.S. Dollar   477,197   Deutsche Bank AG  01/31/14   (29)
Chilean Unidad de Fomento   219,210,000   U.S. Dollar   443,835   Deutsche Bank AG  02/03/14   1,298 
U.S. Dollar   589,879   Euro   475,000   Goldman Sachs Group, Inc.  08/12/13   (55,619)
U.S. Dollar   1,116,586   Euro   902,000   Goldman Sachs Group, Inc.  08/14/13   (109,186)
U.S. Dollar   947,656   Euro   720,487   HSBC Holdings Plc  12/21/11   (31,729)
Singapore Dollar   1,468,000   U.S. Dollar   1,181,965   HSBC Holdings Plc  02/07/13   4,144 
U.S. Dollar   2,429,151   Euro   1,856,000   HSBC Holdings Plc  02/08/13   (91,022)
U.S. Dollar   916,837   Japanese Yen   70,138,000   HSBC Holdings Plc  02/12/13   149,785 
Singapore Dollar   1,446,700   U.S. Dollar   1,165,753   HSBC Holdings Plc  02/14/13   3,136 
Singapore Dollar   1,041,600   U.S. Dollar   839,323   HSBC Holdings Plc  02/14/13   2,258 
U.S. Dollar   650,508   Japanese Yen   51,260,000   HSBC Holdings Plc  02/22/13   89,878 
Indian Rupee   27,858,000   U.S. Dollar   497,753   HSBC Holdings Plc  02/26/13   23,198 
U.S. Dollar   679,111   Japanese Yen   54,300,000   HSBC Holdings Plc  03/01/13   85,207 
Indian Rupee   43,702,000   U.S. Dollar   789,893   HSBC Holdings Plc  03/04/13   26,525 
Mexican Peso   50,041,430   U.S. Dollar   3,731,177   HSBC Holdings Plc  03/08/13   190,792 
U.S. Dollar   379,224   Euro   288,000   HSBC Holdings Plc  03/08/13   (11,899)
Indian Rupee   7,436,000   U.S. Dollar   134,625   HSBC Holdings Plc  03/11/13   4,118 
Malaysian Ringgit      17,566,522      U.S. Dollar Malaysian     5,711,000      HSBC Holdings Plc    03/11/13      (70,698 )
U.S. Dollar   5,456,967   Ringgit   17,566,522   HSBC Holdings Plc  03/11/13   (183,335)
Indian Rupee   18,770,000   U.S. Dollar   340,740   HSBC Holdings Plc  03/13/13   9,352 
Malaysian Ringgit      7,450,137      U.S. Dollar Malaysian     2,430,000      HSBC Holdings Plc    03/15/13      (38,562 )
U.S. Dollar   2,313,995   Ringgit   7,450,137   HSBC Holdings Plc  03/15/13   (77,443)
Australian Dollar   410,000   U.S. Dollar   411,640   HSBC Holdings Plc  03/19/13   14,444 
Indian Rupee   203,451,000   U.S. Dollar   3,822,650   HSBC Holdings Plc  03/19/13   (31,979)
Philippines Peso   86,101,500   U.S. Dollar   1,981,075   HSBC Holdings Plc  03/19/13   133,912 
Singapore Dollar   2,091,000   U.S. Dollar   1,654,665   HSBC Holdings Plc  03/19/13   34,754 
South Korean Won      418,000,000      U.S. Dollar      364,080     HSBC Holdings Plc    03/19/13      19,053  
U.S. Dollar   10,950,109   Japanese Yen   916,524,148   HSBC Holdings Plc  03/19/13   924,361 
 U.S. Dollar      361,248     South Korean Won     418,000,000     HSBC Holdings Plc    03/19/13      (21,885 )
Singapore Dollar   1,574,000   U.S. Dollar   1,254,783   HSBC Holdings Plc  03/21/13   16,926 
Malaysian Ringgit   906,000   U.S. Dollar   289,837   HSBC Holdings Plc  03/26/13   759 
 U.S. Dollar      281,297     Malaysian Ringgit      906,000     HSBC Holdings Plc    03/26/13      (9,299 )
Indian Rupee   29,446,000   U.S. Dollar   531,708   HSBC Holdings Plc  03/28/13   16,053 
Philippines Peso   17,664,000   U.S. Dollar   425,218   HSBC Holdings Plc  04/11/13   8,964 
Philippines Peso   14,058,000   U.S. Dollar   338,927   HSBC Holdings Plc  04/15/13   6,660 
U.S. Dollar   1,048,554   Euro   792,543   HSBC Holdings Plc  04/16/13   (27,993)
U.S. Dollar   1,418,283   Euro   1,072,000   HSBC Holdings Plc  04/16/13   (37,864)
169
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Indian Rupee   12,846,000   U.S. Dollar   235,484   HSBC Holdings Plc  04/29/13  $2,157 
Indian Rupee   19,137,000   U.S. Dollar   351,225   HSBC Holdings Plc  04/30/13   2,734 
U.S. Dollar   3,681,117   Euro   2,975,000   HSBC Holdings Plc  08/02/13   (361,637)
Singapore Dollar   864,000   U.S. Dollar   693,926   HSBC Holdings Plc  08/15/13   4,174 
Singapore Dollar   864,000   U.S. Dollar   693,976   HSBC Holdings Plc  08/19/13   4,127 
U.S. Dollar   3,897,237   Japanese Yen   307,492,000   HSBC Holdings Plc  08/20/13   528,498 
U.S. Dollar   1,844,132   Japanese Yen   145,609,000   HSBC Holdings Plc  08/23/13   248,838 
U.S. Dollar   2,998,184   Japanese Yen   234,458,000   HSBC Holdings Plc  08/27/13   429,309 
Philippines Peso   36,100,000   U.S. Dollar   860,795   HSBC Holdings Plc  09/30/13   29,362 
Philippines Peso   28,800,000   U.S. Dollar   690,465   HSBC Holdings Plc  10/03/13   19,696 
Philippines Peso   28,921,000   U.S. Dollar   693,316   HSBC Holdings Plc  10/04/13   19,832 
Philippines Peso   43,117,000   U.S. Dollar   1,036,740   HSBC Holdings Plc  10/07/13   26,472 
Philippines Peso   24,870,000   U.S. Dollar   598,398   HSBC Holdings Plc  10/11/13   14,877 
U.S. Dollar   2,941,900   Euro   2,263,000   HSBC Holdings Plc  10/17/13   (133,882)
Malaysian Ringgit   2,647,000   U.S. Dollar   859,360   HSBC Holdings Plc  10/22/13   (19,942)
Malaysian Ringgit   1,321,026   U.S. Dollar   426,000   HSBC Holdings Plc  10/24/13   (7,119)
Malaysian Ringgit   1,244,000   U.S. Dollar   398,562   HSBC Holdings Plc  11/20/13   (4,662)
U.S. Dollar   462,182   Japanese Yen   37,330,000   HSBC Holdings Plc  11/20/13   52,663 
U.S. Dollar   1,118,679   Japanese Yen   98,220,000   HSBC Holdings Plc  01/15/14   40,300 
U.S. Dollar   2,231,266   Japanese Yen   199,698,335   HSBC Holdings Plc  01/28/14   38,382 
Norwegian Krone   7,600,000   U.S. Dollar   1,328,331   JPMorgan Chase & Co.  02/04/13   62,663 
U.S. Dollar   19,474,173   Chinese Yuan   125,920,000   JPMorgan Chase & Co.  02/12/13   (566,863)
U.S. Dollar   318,129   Japanese Yen   24,550,000   JPMorgan Chase & Co.  02/15/13   49,637 
U.S. Dollar   184,138   Japanese Yen   14,210,000   JPMorgan Chase & Co.  02/15/13   28,730 
Indonesian Rupiah   57,218,000,000   U.S. Dollar   6,100,000   JPMorgan Chase & Co.  02/19/13   (239,641)
U.S. Dollar   2,102,442   Euro   1,593,000   JPMorgan Chase & Co.  02/19/13   (60,753)
Chilean Unidad
de Fomento		  
 		  
 		  
91,400,000		  
 		  
 		  
U.S. Dollar		  
 		  
 		  
185,020		  
 		  
 		 JPMorgan Chase & Co.  
 		  
02/21/13		  
 		  
 		  
8,351		  
 
Indian Rupee   158,600,000   U.S. Dollar   3,050,000   JPMorgan Chase & Co.  02/21/13   (81,727)
Chilean Unidad
de Fomento		  
 		  
 		  
1,464,000,000		  
 		  
 		  
U.S. Dollar		  
 		  
 		  
2,930,931		  
 		  
 		 JPMorgan Chase & Co.  
 		  
02/22/13		  
 		  
 		  
165,932		  
 
Chilean Unidad de Fomento   155,200,000   U.S. Dollar   310,711   JPMorgan Chase & Co.  02/22/13   17,591 
U.S. Dollar   647,114   Japanese Yen   51,300,000   JPMorgan Chase & Co.  02/25/13   86,037 
Mexican Peso   276,175,000   U.S. Dollar   20,996,222   JPMorgan Chase & Co.  02/26/13   670,595 
Chilean Unidad
de Fomento		  
 		  
 		  
62,400,000		  
 		  
 		  
U.S. Dollar		  
 		  
 		  
124,452		  
 		  
 		 JPMorgan Chase & Co.  
 		  
02/28/13		  
 		  
 		  
7,428		  
 
U.S. Dollar   679,600   Japanese Yen   54,300,000   JPMorgan Chase & Co.  03/01/13   85,696 
U.S. Dollar   20,743,166   South African Rand   185,000,000   JPMorgan Chase & Co.  03/06/13   151,239 
Malaysian Ringgit   4,471,980   U.S. Dollar   1,460,000   JPMorgan Chase & Co.  03/12/13   (24,226)
U.S. Dollar      1,390,109     Malaysian Ringgit      4,471,980     JPMorgan Chase & Co.    03/12/13      (45,665 )
Indian Rupee   170,209,200   U.S. Dollar   3,220,000   JPMorgan Chase & Co.  03/13/13   (45,314)
Singapore Dollar   2,807,550   U.S. Dollar   2,250,000   JPMorgan Chase & Co.  03/13/13   18,360 
U.S. Dollar      20,863,242     South Korean Won      22,380,000,000     JPMorgan Chase & Co.    03/13/13      343,385  
Singapore Dollar   1,320,000   U.S. Dollar   1,081,258   JPMorgan Chase & Co.  03/19/13   (14,767)
Chilean Unidad de Fomento      92,200,000     U.S. Dollar      184,770     JPMorgan Chase & Co.    03/21/13      9,487  
170
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Indian Rupee   28,975,000   U.S. Dollar   523,771   JPMorgan Chase & Co.  03/25/13  $15,515 
Mexican Peso   206,752,500   U.S. Dollar   16,054,830   JPMorgan Chase & Co.  03/25/13   120,872 
Philippines Peso   11,388,000   U.S. Dollar   274,436   JPMorgan Chase & Co.  04/10/13   5,474 
Russian Ruble   297,500,000   U.S. Dollar   9,707,570   JPMorgan Chase & Co.  04/11/13   93,391 
Philippines Peso   19,811,000   U.S. Dollar   476,009   JPMorgan Chase & Co.  04/12/13   10,962 
Indian Rupee   46,822,000   U.S. Dollar   844,088   JPMorgan Chase & Co.  04/15/13   24,181 
Indian Rupee   40,031,000   U.S. Dollar   734,217   JPMorgan Chase & Co.  04/16/13   7,991 
Indian Rupee   39,295,000   U.S. Dollar   718,255   JPMorgan Chase & Co.  04/18/13   10,055 
Indian Rupee   7,886,000   U.S. Dollar   141,860   JPMorgan Chase & Co.  04/22/13   4,201 
Indian Rupee   19,629,000   U.S. Dollar   359,660   JPMorgan Chase & Co.  04/22/13   3,900 
U.S. Dollar   268,895   Euro   203,185   JPMorgan Chase & Co.  04/23/13   (7,110)
Chilean Unidad de Fomento   604,651,000   U.S. Dollar   1,194,019   JPMorgan Chase & Co.  04/29/13   73,505 
Indian Rupee   23,738,000   U.S. Dollar   425,908   JPMorgan Chase & Co.  04/29/13   13,226 
Indian Rupee   19,775,000   U.S. Dollar   354,092   JPMorgan Chase & Co.  04/30/13   11,667 
Chinese Yuan   62,550,000   U.S. Dollar   10,000,000   JPMorgan Chase & Co.  05/28/13   (54,544)
Chinese Yuan   62,700,000   U.S. Dollar   10,000,000   JPMorgan Chase & Co.  06/13/13   (31,955)
U.S. Dollar   9,822,967   Chinese Yuan   62,700,000   JPMorgan Chase & Co.  06/13/13   (145,078)
Singapore Dollar   6,427,600   U.S. Dollar   5,152,385   JPMorgan Chase & Co.  07/31/13   40,928 
U.S. Dollar   3,693,760   Euro   2,975,000   JPMorgan Chase & Co.  07/31/13   (348,973)
U.S. Dollar   1,963,902   Euro   1,606,300   JPMorgan Chase & Co.  08/06/13   (218,934)
U.S. Dollar   1,977,428   Euro   1,584,300   JPMorgan Chase & Co.  08/09/13   (175,528)
U.S. Dollar   2,003,668   Euro   1,612,000   JPMorgan Chase & Co.  08/20/13   (186,990)
U.S. Dollar   932,100   Japanese Yen   73,573,000   JPMorgan Chase & Co.  08/20/13   126,069 
U.S. Dollar   1,856,818   Japanese Yen   146,373,000   JPMorgan Chase & Co.  08/26/13   253,084 
U.S. Dollar   1,441,937   Japanese Yen   112,727,000   JPMorgan Chase & Co.  08/27/13   206,826 
U.S. Dollar   928,779   Euro   737,287   JPMorgan Chase & Co.  08/29/13   (73,193)
U.S. Dollar   928,786   Japanese Yen   72,717,000   JPMorgan Chase & Co.  08/30/13   132,017 
U.S. Dollar   153,510   Euro   119,000   JPMorgan Chase & Co.  09/13/13   (8,217)
U.S. Dollar   15,270,462   Euro   11,825,925   JPMorgan Chase & Co.  09/13/13   (801,542)
Singapore Dollar   1,300,000   U.S. Dollar   1,062,786   JPMorgan Chase & Co.  09/19/13   (12,360)
U.S. Dollar   406,818   Japanese Yen   31,505,000   JPMorgan Chase & Co.  09/30/13   61,457 
Philippines Peso   14,127,000   U.S. Dollar   340,074   JPMorgan Chase & Co.  10/11/13   8,287 
Malaysian Ringgit   1,459,000   U.S. Dollar   469,660   JPMorgan Chase & Co.  10/18/13   (6,886)
U.S. Dollar   6,795,203   Japanese Yen   598,110,000   JPMorgan Chase & Co.  10/18/13   236,947 
Hong Kong Dollar   307,680,000   U.S. Dollar   40,000,000   JPMorgan Chase & Co.  10/28/13   (295,676)
Hong Kong Dollar     924,576,000      U.S. Dollar      120,000,000     JPMorgan Chase & Co.    10/28/13      (688,817 )
Malaysian Ringgit   1,586,000   U.S. Dollar   512,224   JPMorgan Chase & Co.  10/31/13   (9,506)
U.S. Dollar   188,597   Euro   147,287   JPMorgan Chase & Co.  11/12/13   (11,602)
U.S. Dollar   4,289,375   Japanese Yen   338,110,000   JPMorgan Chase & Co.  11/13/13   580,604 
U.S. Dollar   398,445   Japanese Yen   31,518,000   JPMorgan Chase & Co.  11/13/13   52,720 
U.S. Dollar   231,051   Euro   180,987   JPMorgan Chase & Co.  11/20/13   (14,960)
U.S. Dollar   885,202   Japanese Yen   71,438,000   JPMorgan Chase & Co.  11/20/13   101,509 
U.S. Dollar   746,640   Euro   572,000   JPMorgan Chase & Co.  12/13/13   (30,909)
Malaysian Ringgit   334,000   U.S. Dollar   108,848   JPMorgan Chase & Co.  01/16/14   (3,405)
U.S. Dollar   7,152,876   Japanese Yen   633,340,000   JPMorgan Chase & Co.  01/17/14   199,093 
Chilean Unidad de Fomento     124,780,000     U.S. Dollar      253,618     JPMorgan Chase & Co.    01/30/14      (113 )
Malaysian Ringgit   2,115,000   U.S. Dollar   680,940   JPMorgan Chase & Co.  01/30/14   (13,728)
171
       
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  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Malaysian Ringgit   3,515,000   U.S. Dollar   1,116,405   JPMorgan Chase & Co.  02/04/14  $(7,824)
Chinese Yuan   246,800,000   U.S. Dollar   40,000,000   JPMorgan Chase & Co.  02/24/14   (893,417)
U.S. Dollar   39,268,099   Chinese Yuan   246,800,000   JPMorgan Chase & Co.  02/24/14   161,515 
Chinese Yuan   123,100,000   U.S. Dollar   20,000,000   JPMorgan Chase & Co.  03/07/14   (499,177)
Chinese Yuan   245,600,000   U.S. Dollar   40,000,000   JPMorgan Chase & Co.  03/10/14   (1,096,085)
U.S. Dollar   39,083,386   Chinese Yuan   245,600,000   JPMorgan Chase & Co.  03/10/14   179,471 
Chinese Yuan   125,200,000   U.S. Dollar   20,000,000   JPMorgan Chase & Co.  03/17/14   (171,064)
U.S. Dollar   19,608,457   Chinese Yuan   125,200,000   JPMorgan Chase & Co.  03/17/14   (220,478)
Chinese Yuan   92,100,000   U.S. Dollar   15,000,000   JPMorgan Chase & Co.  04/14/14   (422,759)
Chinese Yuan   122,800,000   U.S. Dollar   20,000,000   JPMorgan Chase & Co.  04/21/14   (566,802)
Hong Kong Dollar   386,050,000   U.S. Dollar   50,000,000   JPMorgan Chase & Co.  09/22/14   (167,139)
Chilean Unidad de Fomento   85,510,000   U.S. Dollar   169,612   Morgan Stanley  02/04/13   11,747 
Chilean Unidad de Fomento   84,510,000   U.S. Dollar   167,712   Morgan Stanley  02/04/13   11,526 
U.S. Dollar   360,021   Chilean Unidad de Fomento   170,020,000   Morgan Stanley  02/04/13   (576)
Chilean Unidad de Fomento   83,490,000   U.S. Dollar   169,008   Morgan Stanley  02/11/13   7,892 
U.S. Dollar   420,286   Japanese Yen   32,163,000   Morgan Stanley  02/12/13   68,541 
Chilean Unidad de Fomento   224,290,000   U.S. Dollar   454,488   Morgan Stanley  02/13/13   20,599 
Chilean Unidad de Fomento   195,220,000   U.S. Dollar   389,777   Morgan Stanley  02/25/13   22,995 
Chilean Unidad de Fomento   234,800,000   U.S. Dollar   469,600   Morgan Stanley  02/27/13   26,713 
U.S. Dollar   1,073,615   Euro   816,000   Morgan Stanley  03/08/13   (34,567)
Chilean Unidad de Fomento   99,000,000   U.S. Dollar   193,548   Morgan Stanley  03/11/13   15,343 
U.S. Dollar   2,396,971   Japanese Yen   198,800,000   Morgan Stanley  03/19/13   222,322 
Singapore Dollar   2,061,300   U.S. Dollar   1,629,486   Morgan Stanley  03/26/13   35,932 
Chilean Unidad de Fomento   1,065,040,000   U.S. Dollar   2,099,635   Morgan Stanley  04/15/13   136,826 
Chilean Unidad de Fomento   954,280,000   U.S. Dollar   1,882,952   Morgan Stanley  04/19/13   119,945 
U.S. Dollar   207,246   Euro   157,000   Morgan Stanley  05/07/13   (6,034)
Chilean Unidad de Fomento   101,400,000   U.S. Dollar   198,376   Morgan Stanley  05/13/13   13,785 
Polish Zloty   4,031,000   Euro   895,579   Morgan Stanley  05/24/13   73,917 
U.S. Dollar   853,110   Euro   686,000   Morgan Stanley  06/04/13   (78,901)
Swedish Krona   13,535,982   Euro   1,553,360   Morgan Stanley  07/16/13   11,064 
Swedish Krona   3,168,850   Euro   363,650   Morgan Stanley  07/16/13   2,590 
Swedish Krona   19,932,831   Euro   2,309,741   Morgan Stanley  07/22/13   (14,430)
Chilean Unidad de Fomento     170,020,000     U.S. Dollar      352,629     Morgan Stanley    08/01/13      (64 )
Singapore Dollar   5,152,240   U.S. Dollar   4,141,672   Morgan Stanley  08/01/13   21,192 
Australian Dollar   4,488,527   U.S. Dollar   4,590,012   Morgan Stanley  08/09/13   25,683 
U.S. Dollar   513,533   Euro   403,000   Morgan Stanley  08/15/13   (34,125)
U.S. Dollar   10,231,678   Japanese Yen   807,305,000   Morgan Stanley  11/13/13   1,376,248 
172
       
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  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar   514,158   Euro   403,000   Morgan Stanley  11/15/13  $(33,623)
U.S. Dollar   730,674   Japanese Yen   57,800,000   Morgan Stanley  11/15/13   96,640 
Chilean Unidad de Fomento   198,700,000   U.S. Dollar   403,739   Morgan Stanley  01/13/14   737 
Swedish Krona   164,370,000   U.S. Dollar   24,710,753   UBS AG  02/04/13   1,140,234 
U.S. Dollar   1,386,229   Norwegian Krone   7,600,000   UBS AG  02/04/13   (4,765)
Mexican Peso   63,915,000   U.S. Dollar   4,837,098   UBS AG  02/05/13   187,379 
U.S. Dollar   2,846,210   Euro   2,177,000   UBS AG  02/08/13   (109,835)
U.S. Dollar   2,428,582   Euro   1,825,000   UBS AG  02/13/13   (49,569)
U.S. Dollar   19,892,477   Euro   15,643,227   UBS AG  02/15/13   (1,349,564)
U.S. Dollar   47,042,960   Euro   36,994,071   UBS AG  02/15/13   (3,191,531)
U.S. Dollar   2,104,114   Euro   1,593,000   UBS AG  02/19/13   (59,080)
U.S. Dollar   2,089,045   Euro   1,580,000   UBS AG  02/21/13   (56,521)
Malaysian Ringgit   30,460,000   U.S. Dollar   9,945,148   UBS AG  03/04/13   (160,175)
U.S. Dollar   756,106   Japanese Yen   60,600,000   UBS AG  03/04/13   93,283 
Australian Dollar   19,359,503   U.S. Dollar   20,137,562   UBS AG  03/06/13   1,520 
Norwegian Krone   144,695,000   U.S. Dollar   25,657,371   UBS AG  03/06/13   795,306 
Singapore Dollar   12,245,500   U.S. Dollar   10,026,201   UBS AG  03/13/13   (132,450)
South Korean Won   22,380,000,000   U.S. Dollar   20,725,101   UBS AG  03/13/13   (205,243)
U.S. Dollar   9,920,947   Euro   7,624,752   UBS AG  03/13/13   (434,255)
U.S. Dollar   25,202,441   Euro   19,379,785   UBS AG  03/13/13   (1,117,309)
Euro   35,119,484   U.S. Dollar   45,974,916   UBS AG  03/18/13   1,722,268 
U.S. Dollar   9,772,076   Japanese Yen   815,812,000   UBS AG  03/18/13   848,072 
Norwegian Krone   31,660,000   U.S. Dollar   5,670,075   UBS AG  03/27/13   112,761 
Mexican Peso   200,692,500   U.S. Dollar   15,541,294   UBS AG  04/10/13   134,623 
South African Rand      40,451,500      U.S. Dollar      4,646,927      UBS AG    04/10/13      (166,608 )
U.S. Dollar   19,152,420   Euro   14,646,945   UBS AG  04/10/13   (742,598)
Mexican Peso   330,182,500   U.S. Dollar   25,983,482   UBS AG  04/22/13   (224,600)
Norwegian Krone   141,953,510   U.S. Dollar   25,434,455   UBS AG  04/22/13   465,145 
U.S. Dollar   30,869,964   Euro   23,100,000   UBS AG  04/22/13   (508,773)
U.S. Dollar   60,260,286   Euro   45,298,404   UBS AG  04/25/13   (1,273,400)
U.S. Dollar   10,000,000   Japanese Yen   886,335,000   UBS AG  04/25/13   301,558 
Norwegian Krone   7,600,000   U.S. Dollar   1,381,341   UBS AG  05/02/13   4,696 
U.S. Dollar   101,808   Euro   78,000   UBS AG  05/10/13   (4,155)
U.S. Dollar   632,569   Japanese Yen   50,022,000   UBS AG  05/13/13   85,128 
Australian Dollar   663,000   U.S. Dollar   674,536   UBS AG  05/20/13   11,248 
Norwegian Krone   13,058,000   Euro   1,763,999   UBS AG  05/23/13   (17,151)
Norwegian Krone   4,080,000   Euro   549,828   UBS AG  06/03/13   (3,914)
Swedish Krona   20,866,000   Euro   2,330,251   UBS AG  06/28/13   105,760 
U.S. Dollar   2,317,680   Euro   1,850,000   UBS AG  06/28/13   (195,981)
Swedish Krona   15,299,180   Euro   1,756,407   UBS AG  07/16/13   11,547 
Swedish Krona   15,274,510   Euro   1,753,635   UBS AG  07/16/13   11,446 
U.S. Dollar   19,743,469   Chinese Yuan   126,220,000   UBS AG  07/29/13   (315,492)
U.S. Dollar   3,662,861   Euro   2,976,000   UBS AG  08/01/13   (381,242)
U.S. Dollar   1,880,485   Japanese Yen   148,060,000   UBS AG  08/20/13   258,409 
Norwegian Krone   10,525,000   Euro   1,411,009   UBS AG  08/23/13   (7,150)
Norwegian Krone   10,525,000   Euro   1,411,047   UBS AG  08/23/13   (7,202)
U.S. Dollar   2,096,498   Euro   1,675,590   UBS AG  08/26/13   (180,609)
173
       
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  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar   2,109,887   Japanese Yen   166,449,000   UBS AG  08/26/13  $286,190 
U.S. Dollar   764,488   Euro   590,886   UBS AG  09/17/13   (38,562)
Norwegian Krone   4,194,700   Euro   562,632   UBS AG  11/08/13   (5,889)
U.S. Dollar   403,772   Japanese Yen   31,954,500   UBS AG  11/15/13   53,249 
U.S. Dollar   706,742   Japanese Yen   57,068,000   UBS AG  11/20/13   80,692 
U.S. Dollar   519,212   Euro   395,500   UBS AG  12/09/13   (18,406)
U.S. Dollar   2,280,240   Euro   1,741,000   UBS AG  01/13/14   (86,570)
U.S. Dollar   600,603   Japanese Yen   52,560,000   UBS AG  01/14/14   23,544 
U.S. Dollar   300,979   Japanese Yen   26,280,000   UBS AG  01/14/14   12,449 
U.S. Dollar   803,539   Japanese Yen   71,290,000   UBS AG  01/16/14   20,819 
U.S. Dollar   638,585   Japanese Yen   56,700,000   UBS AG  01/16/14   16,054 
U.S. Dollar   1,839,492   Japanese Yen   162,280,000   UBS AG  01/27/14   57,498 
U.S. Dollar   14,251,671   Chinese Yuan   92,100,000   UBS AG  04/14/14   (325,570)
                      $(2,624,816)

 

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 security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

 

D. Options. The Funds 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 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

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  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

 

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

 

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

 

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

 

   Number of     
   Options   Premiums 
   Contracts   Received 
Contracts outstanding at October 31, 2012   177,040   $108,897,117 
Options written   115,145    57,816,676 
Options terminated in closing purchase transactions   (38,780)   (21,752,295)
Options exercised   (35,198)   (20,355,565)
Options expired   (7,465)   (6,278,086)
Contracts outstanding at January 31, 2013   210,742   $118,327,847 

 

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

 

   Number of     
   Options   Premiums 
   Contracts   Received 
Contracts outstanding at October 31, 2012   13,640   $16,989,165 
Options written   13,435    49,842,925 
Options terminated in closing purchase transactions   (10,875)   (47,003,215)
Options exercised   —    — 
Options expired   (6,900)   (2,266,650)
Contracts outstanding at January 31, 2013   9,300   $17,562,225 

 

The Global Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

 

7. Federal Income Taxes:

 

At October 31, 2012, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire on the following date:

 

   October 31, 2017 
Large Cap Core Fund  $56,108,735 
175
       
  Old Westbury Funds, Inc.    
  Notes To Schedules of Portfolio Investments - (Continued)    
  January 31, 2013 (Unaudited)  
       

 

   October 31, 2017 
Large Cap Strategies Fund   387,157,678 
Global Opportunities Fund   201,818,046 
Real Return Fund**   245,786,188 

 

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.

 

**As of October 31, 2012, the Real Return Fund had a short-term and long-term capital loss carryforward of $40,756,011 and $81,990,660, respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carryforwards are not subject to expiration and must first be utilized to offset future realized gains of the same character and must be utilized prior to the utilization of the loss carryforwards subject to expiration that are described above.

 

8. Commitments:

 

Global Opportunities Fund may invest in floating rate loan interests. In connection with these investments, Global Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate Global Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of January 31, 2013, Global Opportunities Fund had outstanding bridge loan commitments of $1,200,000. In connection with these commitments, Global Opportunities Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

176

 

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/ David W. Rossmiller  
  David W. Rossmiller, President  
  (Principal Executive Officer)  

 

Date      03/26/13  

 

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

 

By (Signature and Title)* /s/ David W. Rossmiller  
  David W. Rossmiller, President  
  (Principal Executive Officer)  

 

Date      03/26/13  

 

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

 

Date      03/26/13  

 

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