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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number        811-07912            

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

103 Bellevue Parkway
Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Jordan Hedge
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809

(Name and address of agent for service)

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

Date of fiscal year end:  October 31

Date of reporting period:  April 30, 2023

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

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

Item 1.	Reports to Stockholders.
(a)	The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Semi-Annual Report

April 30, 2023

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Disclosure of Fund Expenses	2
Portfolios of Investments:
All Cap Core Fund	4
Large Cap Strategies Fund	6
Small & Mid Cap Strategies Fund	17
Credit Income Fund	40
Fixed Income Fund	65
Municipal Bond Fund	70
California Municipal Bond Fund	95
New York Municipal Bond Fund	100
Statements of Assets and Liabilities	108
Statements of Operations	110
Statements of Changes in Net Assets	112
Financial Highlights:
All Cap Core Fund	116
Large Cap Strategies Fund	117
Small & Mid Cap Strategies Fund	118
Credit Income Fund	119
Fixed Income Fund	120
Municipal Bond Fund	121
California Municipal Bond Fund	122
New York Municipal Bond Fund	123
Notes to Financial Statements	124
Additional Information	142

Old Westbury Funds, Inc.
Disclosure of Fund Expenses
	For the Period Ended April 30, 2023
	(Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2022 through April 30, 2023.

Actual Expenses

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

	Actual Beginning Account Value 11/01/2022		Actual Ending Account Value 04/30/2023		Actual Expenses Paid During Period* 11/01/2022 - 04/30/2023		Actual Expense Ratio During Period** 11/01/2022 - 04/30/2023
All Cap Core Fund	$	1,000.00	$	1,090.50	$	4.98		0.96	%
Large Cap Strategies Fund		1,000.00		1,100.00		5.68		1.09	%
Small & Mid Cap Strategies Fund		1,000.00		1,079.30		5.67		1.10	%
Credit Income Fund		1,000.00		1,058.10		4.34		0.85	%
Fixed Income Fund		1,000.00		1,051.50		2.90		0.57	%
Municipal Bond Fund		1,000.00		1,051.00		2.90		0.57	%
California Municipal Bond Fund		1,000.00		1,051.30		2.90		0.57	%
New York Municipal Bond Fund		1,000.00		1,052.20		2.90		0.57	%

*	Expenses are equal to the average account value times each Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

2

Old Westbury Funds, Inc.
Disclosure of Fund Expenses - (Continued)
	For the Period Ended April 30, 2023
	(Unaudited)

Hypothetical Example for Comparison Purposes

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

	Hypothetical  Beginning  Account Value  11/01/2022		Hypothetical  Ending  Account Value  04/30/2023		Hypothetical  Expenses Paid  During Period*  11/01/2022  - 04/30/2023		Hypothetical  Expense Ratio  During Period**  11/01/2022  - 04/30/2023
All Cap Core Fund	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Large Cap Strategies Fund		1,000.00		1,019.39		5.46		1.09	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.34		5.51		1.10	%
Credit Income Fund		1,000.00		1,020.58		4.26		0.85	%
Fixed Income Fund		1,000.00		1,021.97		2.86		0.57	%
Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%
California Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%
New York Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%

*	Expenses are equal to the average account value times each Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

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

3

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	April 30, 2023
	(Unaudited)

Shares			Value
COMMON STOCKS — 94.6%
Banks — 3.6%
	1,831,866	Bank of America Corp.	$	53,637,037
	383,968	JPMorgan Chase & Co.		53,079,736
				106,716,773
Communication Services — 6.0%
	777,835	Alphabet, Inc. - Class C(a)		84,177,304
	130,760	Live Nation Entertainment, Inc.(a)		8,862,913
	150,436	Meta Platforms, Inc. - Class A(a)		36,152,779
	303,203	Take-Two Interactive Software, Inc.(a)		37,685,101
	504,550	ZoomInfo Technologies, Inc.(a)		11,054,690
				177,932,787
Consumer Discretionary — 10.7%
	732,848	Amazon.com, Inc.(a)		77,278,822
	1,200,420	ANTA Sports Products Ltd.		14,916,692
	251,595	Bath & Body Works, Inc.		8,830,984
	94,108	Burlington Stores, Inc.(a)		18,144,963
	440,091	Dollarama, Inc.		27,259,429
	21,066	Domino’s Pizza, Inc.		6,687,823
	185,018	Expedia Group, Inc.(a)		17,384,291
	225,532	Hilton Worldwide Holdings, Inc.		32,481,119
	1,206,090	Li Ning Co. Ltd.		8,625,495
	55,736	LVMH Moet Hennessy Louis Vuitton SE		53,611,418
	21,671	MercadoLibre, Inc.(a)		27,684,486
	528,990	MGM Resorts International		23,762,231
				316,667,753
Consumer Staples — 6.7%
	483,550	Alimentation Couche-Tard, Inc.		24,133,779
	310,610	BJ’s Wholesale Club Holdings, Inc.(a)		23,721,286
	52,026	Costco Wholesale Corp.		26,180,524
	256,498	PepsiCo, Inc.		48,962,903
	701,547	US Foods Holding Corp.(a)		26,939,405
	324,914	Walmart, Inc.		49,052,266
				198,990,163
Energy — 4.2%
	376,922	ChampionX Corp.		10,207,048
	467,837	ConocoPhillips		48,135,749
	106,315	Pioneer Natural Resources Co.		23,128,828
	851,548	Schlumberger NV		42,023,894
				123,495,519
Financial Services — 8.6%
	217,791	Blackstone, Inc.		19,455,270
	338,295	Brookfield Corp.		10,981,056
	286,600	Intercontinental Exchange, Inc.		31,219,338
	338,755	Nasdaq, Inc.		18,756,865
	124,117	S&P Global, Inc.		45,002,342
	189,386	Tradeweb Markets, Inc. - Class A		13,334,668
	436,614	Visa, Inc. - Class A		101,613,176
	74,418	WEX, Inc.(a)		13,198,032
				253,560,747

Shares			Value
Health Care — 11.4%
	303,200	AmerisourceBergen Corp.	$	50,588,920
	934,014	Avantor, Inc.(a)		18,194,593
	71,337	Cooper Cos, Inc. (The)		27,211,499
	134,180	Danaher Corp.		31,788,584
	205,125	IQVIA Holdings, Inc.(a)		38,610,679
	21,085	Laboratory Corp. of America Holdings		4,780,180
	100,079	STERIS Plc		18,869,895
	70,307	Teleflex, Inc.		19,160,064
	69,929	Thermo Fisher Scientific, Inc.		38,803,602
	145,278	UnitedHealth Group, Inc.		71,489,851
	111,070	Zoetis, Inc.		19,523,884
				339,021,751
Industrials — 12.9%
	211,553	A.O. Smith Corp.		14,446,954
	89,140	Booz Allen Hamilton Holding Corp.		8,532,481
	223,720	Canadian Pacific Kansas City Ltd.		17,635,381
	102,221	Carlisle Cos, Inc.		22,064,403
	120,253	Clean Harbors, Inc.(a)		17,455,925
	681,240	Copart, Inc.(a)		53,852,022
	187,478	Eaton Corp. Plc		31,331,323
	102,166	Equifax, Inc.		21,289,351
	58,503	HEICO Corp.		9,865,946
	967,672	Howmet Aerospace, Inc.		42,858,193
	119,073	Lincoln Electric Holdings, Inc.		19,980,449
	50,814	Northrop Grumman Corp.		23,438,974
	26,939	Paycom Software, Inc.(a)		7,822,277
	153,593	Ritchie Bros Auctioneers, Inc.		8,783,984
	44,392	Saia, Inc.(a)		13,218,606
	477,385	TransUnion		32,848,862
	114,571	Union Pacific Corp.		22,421,545
	347,283	WillScot Mobile Mini Holdings Corp.(a)		15,766,648
				383,613,324
Information Technology — 22.7%
	345,883	Amphenol Corp. - Class A		26,103,790
	933,607	Apple, Inc.		158,414,436
	37,718	ASM International NV		13,693,497
	61,617	ASML Holding NV		39,102,930
	111,368	CDW Corp.		18,886,899
	122,590	Keysight Technologies, Inc.(a)		17,731,417
	69,462	Marvell Technology, Inc.		2,742,360
	587,459	Microsoft Corp.		180,502,652
	124,635	Motorola Solutions, Inc.		36,318,639
	81,601	Nice Ltd. - ADR(a)		16,647,420
	155,083	NVIDIA Corp.		43,033,982
	556,480	Oracle Corp.		52,709,786
	49,026	ServiceNow, Inc.(a)		22,523,525
	45,125	Synopsys, Inc.(a)		16,755,815
	172,201	Texas Instruments, Inc.		28,792,007
				673,959,155

4

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2023
	(Unaudited)

Shares			Value
Insurance — 1.0%
	93,926	Aon Plc - Class A	$	30,542,857
Materials — 2.3%
	135,470	Sherwin-Williams Co. (The)		32,179,544
	197,405	Vulcan Materials Co.		34,569,563
				66,749,107
Real Estate — 2.3%
	143,686	American Tower Corp. REIT		29,367,982
	306,297	Prologis, Inc. REIT		38,363,699
				67,731,681
Utilities — 2.2%
	480,994	Ameren Corp.		42,794,036
	283,847	NextEra Energy, Inc.		21,751,196
				64,545,232
Total Common Stocks (Cost $1,880,910,621)				2,803,526,849
EXCHANGE-TRADED FUNDS — 2.2%
	279,202	Health Care Select Sector SPDR Fund		37,281,843
	494,231	iShares China Large-Cap ETF		14,001,564
	29,019	SPDR S&P 500 ETF Trust		12,069,873
Total Exchange-Traded Funds (Cost $62,373,113)				63,353,280
INVESTMENT COMPANY — 3.0%
	88,799,595	Federated Hermes Government Obligations Fund, 4.72%(b)		88,799,595
Total Investment Company (Cost $88,799,595)				88,799,595
TOTAL INVESTMENTS — 99.8% (Cost $2,032,083,329)			$	2,955,679,724
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				7,008,682
NET ASSETS — 100.0%			$	2,962,688,406

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of April 30, 2023.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Banks		3.6	%
Communication Services		6.0
Consumer Discretionary		10.7
Consumer Staples		6.7
Energy		4.2
Exchange-Traded Funds		2.2
Financial Services		8.6
Health Care		11.4
Industrials		12.9
Information Technology		22.7
Insurance		1.0
Materials		2.3
Real Estate		2.3
Utilities		2.2
Other*		3.2
		100.0	%

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

5

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS — 94.9%
AUSTRALIA — 1.6%
	42,891	ANZ Group Holdings Ltd.	$	696,475
	274,429	Atlassian Corp. - Class A(a)		40,522,186
	4,216,438	BHP Group Ltd.		125,133,338
	69,100	BlueScope Steel Ltd.		918,458
	23,105	Commonwealth Bank of Australia		1,528,999
	62,329	Computershare Ltd.		927,818
	633,740	CSL Ltd.		126,517,809
	276,330	Fortescue Metals Group Ltd.		3,866,307
	25,660	National Australia Bank Ltd.		493,985
	697,295	Newcrest Mining Ltd.		13,314,758
	85,725	Nick Scali Ltd.		554,837
	289,245	Nine Entertainment Co. Holdings Ltd.		398,988
	6,540	REA Group Ltd.		615,077
	418,893	Santos Ltd.		1,984,336
	97,935	SmartGroup Corp. Ltd.		438,365
	791,820	South32 Ltd.		2,238,279
	838,155	Tabcorp Holdings Ltd.		584,626
	116,384	Woodside Energy Group Ltd.		2,640,791
	43,257	Woolworths Group Ltd.		1,115,894
				324,491,326
BELGIUM — 0.0%
	20,538	Proximus SADP		175,078
	5,513	UCB SA		512,475
				687,553
BRAZIL — 0.4%
	193,548	Ambev SA		547,140
	166,950	B3 SA - Brasil Bolsa Balcao		389,945
	108,815	Cia de Saneamento Basico do Estado de Sao Paulo SABESP(a)		999,620
	65,990	Cia de Saneamento de Minas Gerais Copasa MG		225,709
	1,511,400	Localiza Rent a Car SA		17,563,002
	3,585,379	NU Holdings Ltd. - Class A(a)		18,500,556
	135,166	Petroleo Brasileiro SA		718,945
	396,380	Petroleo Brasileiro SA - Preference Shares		1,879,463
	3,426,385	Raia Drogasil SA		18,053,129
	183,590	Suzano SA		1,459,430
	683,315	Vale SA		9,866,544
	806,200	WEG SA		6,622,161
	1,078,708	XP, Inc. - Class A(a)		15,414,737
				92,240,381
CANADA — 1.7%
	317,615	Agnico Eagle Mines Ltd.		18,018,149
	19,917	Alimentation Couche-Tard, Inc.		994,049
	11,534	Bank of Nova Scotia (The)		575,742
	1,258,356	Barrick Gold Corp.		23,925,343
	61,705	Cameco Corp.		1,696,506
	5,648	Canadian National Railway Co.		673,249

Shares			Value
CANADA (continued)
	136,130	Canadian Natural Resources Ltd.	$	8,295,304
	1,639,155	Canadian Pacific Kansas City Ltd.		129,211,170
	14,770	Canfor Corp.(a)		221,956
	98,880	Cenovus Energy, Inc.		1,659,616
	489	Constellation Software, Inc.		957,110
	14,743	Dollarama, Inc.		913,188
	19,195	Enbridge, Inc.		763,210
	87,860	First Quantum Minerals Ltd.		2,134,813
	393,515	Franco-Nevada Corp.		59,710,532
	91,970	Frontera Energy Corp.(a)		870,248
	14,240	Interfor Corp.(a)		223,451
	15,951	Metro, Inc.		909,131
	279,475	Nutrien Ltd.		19,388,017
	50,735	Pason Systems, Inc.		441,874
	11,623	Rogers Communications, Inc. - Class B		574,266
	14,132	Royal Bank of Canada		1,403,030
	1,088,350	Shopify, Inc. - Class A(a)		52,730,558
	15,525	Stella-Jones, Inc.		607,547
	114,090	Suncor Energy, Inc.		3,572,128
	10,742	TC Energy Corp.		446,457
	75,500	Teck Resources Ltd. - Class B		3,516,851
	11,385	Toronto-Dominion Bank (The)		689,646
	25,505	Tourmaline Oil Corp.		1,145,875
	22,725	West Fraser Timber Co. Ltd.		1,643,761
	322,559	Wheaton Precious Metals Corp.		15,915,466
				353,828,243
CHILE — 0.0%
	44,432	Antofagasta Plc		817,238
CHINA — 4.7%
	1,300,854	Agricultural Bank of China Ltd. - H Shares		502,953
	14,641,468	Alibaba Group Holding Ltd.(a)		154,813,417
	12,498,565	ANTA Sports Products Ltd.		155,310,011
	262,901	Asymchem Laboratories Tianjin Co. Ltd. - A Shares		4,809,162
	1,172,040	Bank of China Ltd. - H Shares		468,064
	432,300	Beijing United Information Technology Co. Ltd. - A Shares		3,757,588
	2,108,600	Centre Testing International Group Co. Ltd. - A Shares(b)		5,869,507
	1,056,698	China Construction Bank Corp. - H Shares		706,430
	318,552	China International Capital Corp. Ltd. - H Shares(c)(d)		669,362
	229,830	China Life Insurance Co. Ltd. - H Shares		441,539
	2,932,583	China Merchants Bank Co. Ltd. - H Shares		14,155,948
	3,147,351	China Petroleum & Chemical Corp. - H Shares		2,062,823

6

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
CHINA (continued)
	990,145	China Resources Medical Holdings Co. Ltd.	$	924,623
	245,643	China Shenhua Energy Co. Ltd. - H Shares		815,916
	241,716	CITIC Securities Co. Ltd. - H Shares		508,958
	529,354	Contemporary Amperex Technology Co. Ltd. - A Shares		17,716,367
	366,700	Dongguan Yiheda Automation Co. Ltd. - A Shares		2,879,849
	499,400	ENN Energy Holdings Ltd.		6,847,577
	2,468,421	Estun Automation Co. Ltd. - A Shares		8,137,840
	2,192,450	Foshan Haitian Flavouring & Food Co. Ltd. - A Shares		22,395,637
	413,763	Fosun International Ltd.		290,182
	1,205,200	Fuyao Glass Industry Group Co. Ltd. - H Shares(c)(d)		4,903,096
	635,600	Glodon Co. Ltd. - A Shares		5,329,686
	210,300	Guangdong Kinlong Hardware Products Co. Ltd. - A Shares		2,122,829
	749,055	Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares		8,862,161
	4,656,000	Haidilao International Holding Ltd.(a)(c)(d)		11,383,468
	1,992,200	Haier Smart Home Co. Ltd. - H Shares		6,493,742
	491,942	Haitong Securities Co. Ltd. - H Shares		326,751
	972,135	Hangzhou Robam Appliances Co. Ltd. - A Shares		3,662,396
	332,712	Hangzhou Tigermed Consulting Co. Ltd. - A Shares		4,379,190
	1,575,986	Hangzhou Tigermed Consulting Co. Ltd. - H Shares(c)(d)		13,128,280
	2,217,716	Huayu Automotive Systems Co. Ltd. - A Shares		5,254,334
	850,885	Industrial & Commercial Bank of China Ltd. - H Shares		457,780
	605,858	JD Health International, Inc.(a)(c)(d)		4,371,946
	775,073	JD.com, Inc. - A Shares		13,833,383
	1,737,700	Jiangsu Azure Corp. - A Shares		2,797,089
	545,396	Kanzhun Ltd. - ADR(a)		10,084,372
	503,971	KE Holdings, Inc. - A Shares(a)		2,640,329
	62,057	KE Holdings, Inc. - ADR(a)		973,674
	3,116,000	Kingdee International Software Group Co. Ltd.(a)		4,791,361
	1,303,400	Kingsoft Corp. Ltd.		5,729,385
	419,300	Kuaishou Technology(a)(c)(d)		2,775,825
	83,327	Kweichow Moutai Co. Ltd. - A Shares		21,215,221
	528,540	Legend Holdings Corp. - H Shares(c)(d)		553,734
	1,642,500	Li Ning Co. Ltd.		11,746,533
	804,540	LONGi Green Energy Technology Co. Ltd. - A Shares		4,064,711
	1,826,000	Medlive Technology Co. Ltd.(c)(d)		2,022,146

Shares			Value
CHINA (continued)
	1,036,070	Meituan - B Shares(a)(c)(d)	$	17,706,910
	1,071,311	Midea Group Co. Ltd. - A Shares		8,794,473
	1,350,000	Minth Group Ltd.		3,909,042
	549,255	NetEase, Inc.		9,778,058
	138,791	New China Life Insurance Co. Ltd. - H Shares		397,435
	80,026	PDD Holdings, Inc. - ADR(a)		5,453,772
	500,235	PICC Property & Casualty Co. Ltd. - H Shares		605,014
	4,658,205	Ping An Bank Co. Ltd. - A Shares		8,459,500
	3,053,685	Ping An Insurance Group Co. of China Ltd. - H Shares		22,278,222
	910,400	Pop Mart International Group Ltd.(c)(d)		2,208,461
	341,794	Proya Cosmetics Co. Ltd. - A Shares		8,297,658
	357,550	SG Micro Corp. - A Shares		6,420,446
	2,235,093	Shandong Sinocera Functional Material Co. Ltd. - A Shares		9,517,593
	1,040,152	Shenzhen Inovance Technology Co. Ltd. - A Shares		9,296,373
	1,580,037	Shenzhen Megmeet Electrical Co. Ltd. - A Shares		6,869,392
	627,400	Shenzhou International Group Holdings Ltd.		6,026,281
	878,117	Sinocare, Inc. - A Shares		3,648,425
	236,400	Sungrow Power Supply Co. Ltd. - A Shares		3,861,894
	383,265	Sunny Optical Technology Group Co. Ltd.		4,050,080
	5,209,187	Tencent Holdings Ltd.		231,371,853
	221,372	Topchoice Medical Corp. - A Shares(a)		3,820,402
	3,098,000	Weichai Power Co. Ltd. - H Shares		4,579,281
	389,000	WuXi AppTec Co. Ltd. - H Shares(c)(d)		3,421,228
	1,649,500	Wuxi Biologics Cayman, Inc.(a)(c)(d)		9,835,704
	392,656	Yifeng Pharmacy Chain Co. Ltd. - A Shares		2,829,266
	1,839,140	Yonyou Network Technology Co. Ltd. - A Shares		5,751,541
	183,800	Yunnan Energy New Material Co. Ltd. - A Shares		2,768,112
	2,885,168	Zhejiang Sanhua Intelligent Controls Co. Ltd. - A Shares		9,741,242
	1,145,170	Zhou Hei Ya International Holdings Co. Ltd.(c)(d)		524,761
	6,366,000	Zijin Mining Group Co. Ltd. - H Shares		10,777,992
				980,987,586
CZECH REPUBLIC — 0.0%
	168,245	Moneta Money Bank AS(c)(d)		616,890
DENMARK — 0.5%
	3,809	Carlsberg A/S - Class B		630,377

7

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
DENMARK (continued)
	3,487	Coloplast A/S - Class B	$	502,410
	567,212	DSV A/S		106,750,638
	23,891	Novo Nordisk A/S - Class B		3,974,375
				111,857,800
EGYPT — 0.0%
	441,303	Commercial International Bank Egypt SAE		765,253
	931,590	Egyptian Financial Group-Hermes Holding Co.(a)		553,310
				1,318,563
FAEROE ISLANDS — 0.0%
	23,560	Bakkafrost P/F		1,717,694
FINLAND — 0.0%
	7,804	Elisa Oyj		484,638
	31,065	Kesko Oyj - Class B		647,638
	8,272	Kone Oyj - Class B		471,924
	11,595	Neste Oyj		561,945
	146,940	Stora Enso Oyj - Class R		1,864,206
	141,889	UPM-Kymmene Oyj		4,524,899
				8,555,250
FRANCE — 1.9%
	5,887	Air Liquide SA		1,059,014
	1,216,343	Airbus SE		170,330,135
	21,252	BNP Paribas SA		1,373,164
	6,425	Capgemini SE		1,171,646
	10,966	Edenred		712,501
	832	Hermes International		1,806,335
	3,258	L’Oreal SA		1,557,054
	200,207	LVMH Moet Hennessy Louis Vuitton SE		192,575,376
	10,081	Sanofi		1,086,412
	8,942	Schneider Electric SE		1,559,412
	235,314	TotalEnergies SE		15,036,551
				388,267,600
GERMANY — 0.9%
	4,305	adidas AG		758,136
	11,408	BASF SE		590,069
	2,895	Deutsche Boerse AG		552,102
	15,286	Deutsche Post AG		735,250
	74,204	Deutsche Telekom AG		1,789,190
	18,556	Evonik Industries AG		405,012
	8,079	Fresenius Medical Care AG & Co. KGaA		392,025
	17,253	Fresenius SE & Co. KGaA		499,888
	92,965	K+S AG		1,854,265
	758,600	Siemens AG		125,041,737
	12,202	Vonovia SE		264,643
	1,074,715	Zalando SE(a)(c)(d)		44,202,466
				177,084,783

Shares			Value
HONG KONG — 0.2%
	3,086,000	AIA Group Ltd.	$	33,597,516
	1,302,560	Beijing Enterprises Water Group Ltd.		330,767
	146,319	BOC Hong Kong Holdings Ltd.		461,889
	6,880,000	Brilliance China Automotive Holdings Ltd.		2,892,093
	134,918	China Mengniu Dairy Co. Ltd.		544,606
	137,815	China Overseas Land & Investment Ltd.		349,519
	94,519	China Resources Beer Holdings Co. Ltd.		730,139
	110,489	China Resources Land Ltd.		514,520
	251,480	China Water Affairs Group Ltd.		201,564
	4,044,000	Geely Automobile Holdings Ltd.		5,020,400
	1,115,838	Guangdong Investment Ltd.		1,066,715
	26,026	Hang Seng Bank Ltd.		385,780
	1,028,315	Sino Biopharmaceutical Ltd.		570,819
	74,846	Sun Hung Kai Properties Ltd.		1,042,103
				47,708,430
INDIA — 2.7%
	57,110	Adani Ports & Special Economic Zone Ltd.		477,422
	599,224	Apollo Hospitals Enterprise Ltd.		33,170,129
	1,581,510	Asian Paints Ltd.		56,283,393
	11,105	Avenue Supermarts Ltd.(a)(c)(d)		478,295
	522,805	Bajaj Finance Ltd.		40,325,626
	3,084,267	Bandhan Bank Ltd.(a)(c)(d)		8,685,393
	386,770	Bank of Baroda		892,077
	490,065	Bharat Electronics Ltd.		620,652
	66,070	Bharti Airtel Ltd.		646,782
	570,910	Britannia Industries Ltd.		31,832,726
	40,340	Central Depository Services India Ltd.(d)		497,938
	122,205	DLF Ltd.		639,226
	7,582,520	HDFC Bank Ltd.		156,770,212
	1,687,609	Housing Development Finance Corp. Ltd.		57,499,974
	2,994,921	ICICI Prudential Life Insurance Co. Ltd.(c)(d)		15,959,055
	2,616,730	Jubilant Foodworks Ltd.		14,350,951
	296,520	NTPC Ltd.		625,411
	340,120	Oil & Natural Gas Corp. Ltd.		663,320
	745,803	Reliance Industries Ltd.		22,148,231
	53,760	Tata Chemicals Ltd.		627,970
	176,975	Tata Consultancy Services Ltd.		6,997,005
	64,230	Tata Consumer Products Ltd.		600,946
	5,085	Tata Elxsi Ltd.		414,938
	3,119,058	Titan Co. Ltd.		101,055,278
	50,645	TVS Motor Co. Ltd.		706,977
	111,770	Wipro Ltd.		529,244
				553,499,171
INDONESIA — 0.1%
	3,361,175	Aneka Tambang Tbk		483,521

8

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
INDONESIA (continued)
	45,719,409	Bank Central Asia Tbk PT	$	28,293,526
	1,810,205	Bank Rakyat Indonesia Persero Tbk PT		630,819
	9,425,975	Bumi Serpong Damai Tbk PT(a)		685,267
				30,093,133
IRELAND — 0.7%
	6,017	Accenture Plc - Class A		1,686,505
	473,005	Aptiv Plc(a)		48,653,294
	15,075	Experian Plc		533,729
	57,845	Grafton Group Plc - Units, CDI		630,919
	1,985	ICON Plc(a)		382,490
	4,288	Jazz Pharmaceuticals Plc(a)		602,335
	895,280	Medtronic Plc		81,425,716
				133,914,988
ISRAEL — 0.0%
	4,707	Check Point Software Technologies Ltd.(a)		599,484
	330,295	ICL Group Ltd.		2,051,405
				2,650,889
ITALY — 0.0%
	216,735	Eni SpA		3,274,305
	45,091	FinecoBank Banca Fineco SpA		683,475
	26,246	Prysmian SpA		1,074,134
				5,031,914
JAPAN — 0.7%
	21,549	Aeon Co. Ltd.		439,212
	13,291	Asahi Group Holdings Ltd.		513,486
	28,647	Astellas Pharma, Inc.		431,555
	52,025	Avex, Inc.		595,826
	26,643	Bandai Namco Holdings, Inc.		605,207
	16,445	Chugai Pharmaceutical Co. Ltd.		424,374
	18,270	Daiwa House Industry Co. Ltd.		465,674
	305	Daiwa House REIT Investment Corp.		648,939
	5,475	Disco Corp.		623,358
	2,835	Fast Retailing Co. Ltd.		671,333
	30,999	Fuji Electric Co. Ltd.		1,251,291
	9,335	Fujitsu Ltd.		1,244,144
	450	Fukuoka REIT Corp.		540,680
	10,226	Hamamatsu Photonics KK		542,120
	15,738	Hitachi Ltd.		870,542
	6,064	Hoya Corp.		635,841
	91,020	Inpex Corp.		996,037
	22,861	ITOCHU Corp.		758,410
	180	Japan Real Estate Investment Corp. REIT		713,232
	25,210	Japan Tobacco, Inc.		542,441
	8,538	Kao Corp.		345,008
	19,681	KDDI Corp.		614,404
	196,519	Keyence Corp.		88,621,481
	9,960	Kikkoman Corp.		589,968
	8,042	Lawson, Inc.		365,281

Shares			Value
JAPAN (continued)
	11,998	M3, Inc.	$	294,503
	21,569	Mitsubishi Corp.		799,689
	38,900	Mitsubishi Electric Corp.		482,316
	27,573	Mitsubishi Estate Co. Ltd.		339,818
	31,568	Mitsui & Co. Ltd.		985,512
	26,163	Mitsui Fudosan Co. Ltd.		519,650
	9,948	Murata Manufacturing Co. Ltd.		564,411
	16,487	Nichirei Corp.		338,232
	12,782	Nihon Kohden Corp.		353,660
	2,485,500	Nihon M&A Center Holdings, Inc.		18,998,777
	152	Nippon Building Fund, Inc. REIT		637,369
	394	Nippon Prologis REIT, Inc.		897,561
	21,926	Nippon Telegraph & Telephone Corp.		669,049
	18,412	Nomura Research Institute Ltd.		463,238
	2,850	Obic Co. Ltd.		439,114
	8,302	Omron Corp.		486,988
	26,459	Osaka Gas Co. Ltd.		437,664
	12,036	Otsuka Holdings Co. Ltd.		409,474
	61,622	Panasonic Holdings Corp.		580,404
	29,490	Recruit Holdings Co. Ltd.		827,301
	13,004	Seven & i Holdings Co. Ltd.		589,308
	17,142	Shimadzu Corp.		536,146
	20,090	Shin-Etsu Chemical Co. Ltd.		573,285
	1,268	SMC Corp.		632,408
	34,669	SoftBank Corp.		390,332
	16,283	Sony Group Corp.		1,473,184
	49,110	Sumitomo Metal Mining Co. Ltd.		1,812,587
	17,710	Sumitomo Mitsui Financial Group, Inc.		723,872
	17,560	Sumitomo Realty & Development Co. Ltd.		410,013
	12,426	Suntory Beverage & Food Ltd.		467,782
	15,005	Terumo Corp.		449,337
	28,911	Tokio Marine Holdings, Inc.		581,314
	8,772	Tokyo Electron Ltd.		1,004,442
	23,841	Tokyo Gas Co. Ltd.		488,336
	10,537	Toyo Suisan Kaisha Ltd.		470,445
	100,530	Toyota Motor Corp.		1,380,280
	12,021	Unicharm Corp.		485,287
	11,241	Yamaha Corp.		443,004
				146,485,936
KAZAKHSTAN — 0.1%
	183,572	Kaspi.KZ JSC - GDR(d)		15,168,569
LUXEMBOURG — 0.0%
	175,735	Aroundtown SA		239,420
MALAYSIA — 0.0%
	1,575,610	IOI Corp. Berhad		1,353,367
	269,170	Kuala Lumpur Kepong Berhad		1,300,110
	151,018	Tenaga Nasional Berhad		301,634
				2,955,111

9

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
MEXICO — 0.0%
	836,409	America Movil SAB de CV - Class B	$	902,026
	226,503	Grupo Financiero Banorte SAB de CV - Series O		1,962,997
	780,998	Grupo Mexico SAB de CV - Series B		3,819,525
	199,583	Wal-Mart de Mexico SAB de CV		804,459
				7,489,007
NETHERLANDS — 2.2%
	48,667	Adyen NV(a)(c)(d)		78,200,654
	221,771	ASML Holding NV		140,738,691
	176,551	ASML Holding NV - New York		112,438,270
	6,459	IMCD NV		972,334
	8,993,463	ING Groep NV		111,539,487
	21,168	Koninklijke Ahold Delhaize NV		727,854
	6,204	NXP Semiconductors NV		1,015,843
	6,149	Wolters Kluwer NV		814,703
				446,447,836
NORWAY — 0.1%
	34,076	Aker BP ASA		814,615
	93,445	Equinor ASA		2,690,378
	216,800	Mowi ASA		4,136,391
	245,340	Norsk Hydro ASA		1,805,473
	26,695	Salmar ASA		1,186,019
	29,523	Telenor ASA		368,392
	33,190	TOMRA Systems ASA		508,945
	72,190	Yara International ASA		2,907,008
				14,417,221
PHILIPPINES — 0.0%
	857,005	SM Prime Holdings, Inc.		526,447
POLAND — 0.0%
	95,391	Powszechna Kasa Oszczednosci Bank Polski SA		737,568
	61,936	Powszechny Zaklad Ubezpieczen SA		570,610
				1,308,178
PORTUGAL — 0.0%
	25,219	Jeronimo Martins SGPS SA		636,407
QATAR — 0.0%
	116,623	Qatar National Bank QPSC		493,823
SINGAPORE — 0.5%
	1,179,943	Sea Ltd. - ADR(a)		89,876,258
	769,740	UMS Holdings Ltd.		598,165
	1,412,990	Wilmar International Ltd.		4,173,574
				94,647,997
SOUTH AFRICA — 0.1%
	98,387	Absa Group Ltd.		957,086
	302,845	AngloGold Ashanti Ltd.		8,094,006
	627,425	Gold Fields Ltd.		9,777,369
	160,805	Impala Platinum Holdings Ltd.		1,565,566
	511,005	Sibanye Stillwater Ltd.		1,129,747
	79,202	Standard Bank Group Ltd.		742,577

Shares			Value
SOUTH AFRICA (continued)
	79,542	Vodacom Group Ltd.	$	545,209
				22,811,560
SOUTH KOREA — 0.1%
	1,410	Dongwha Enterprise Co. Ltd.(a)		52,363
	3,579	Hyundai Mobis Co. Ltd.		582,877
	20,359	KB Financial Group, Inc.		755,649
	30,364	Kia Corp.		1,923,053
	1,653	Korea Zinc Co. Ltd.		635,344
	1,774	LG H&H Co. Ltd.		828,363
	2,400	LG H&H Co. Ltd. - Preference Shares		480,838
	37,583	NAVER Corp.		5,444,852
	6,251	POSCO Holdings, Inc.		1,769,062
	67,235	Samsung Electronics Co. Ltd.		3,308,237
	21,837	Samsung Electronics Co. Ltd. - Preference Shares		912,893
	18,956	Samsung SDI Co. Ltd.		9,837,636
				26,531,167
SPAIN — 0.0%
	92,982	Iberdrola SA		1,204,870
	16,739	Industria de Diseno Textil SA		575,433
	31,168	Red Electrica Corp. SA		566,676
	113,485	Repsol SA		1,667,061
				4,014,040
SWEDEN — 0.0%
	86,304	Atlas Copco AB - Class A		1,248,312
	46,870	Boliden AB		1,674,989
	137,360	Fastighets AB Balder - Class B(a)		639,523
	131,121	Hexagon AB - Class B		1,501,297
	36,503	Sandvik AB		743,560
	52,815	SkiStar AB		679,994
	142,380	Svenska Cellulosa AB SCA - Class B		1,953,414
	34,039	Tele2 AB - Class B		361,704
	72,460	Wihlborgs Fastigheter AB		585,690
				9,388,483
SWITZERLAND — 0.5%
	12,520	Georg Fischer AG		912,957
	150	Givaudan SA		524,695
	1,962,230	Glencore Plc		11,582,324
	27,841	Nestle SA		3,571,710
	20,949	Novartis AG		2,142,955
	6,263	Roche Holding AG		1,961,197
	795	Siegfried Holding AG		612,713
	259,613	Sika AG		71,711,087
	2,492	Sonova Holding AG		790,279
	18,664	STMicroelectronics NV		798,391
	1,554	Swisscom AG		1,066,900
	47,919	UBS Group AG		975,275
	1,525	Zurich Insurance Group AG		739,552
				97,390,035

10

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
TAIWAN — 0.3%
	100,685	Chailease Holding Co. Ltd.	$	733,302
	884,710	Chunghwa Telecom Co. Ltd.		3,660,786
	97,409	Delta Electronics, Inc.		954,216
	782,865	Elitegroup Computer Systems Co. Ltd.		633,444
	185,511	Formosa Chemicals & Fibre Corp.		416,322
	379,334	Hon Hai Precision Industry Co. Ltd.		1,292,599
	41,410	MediaTek, Inc.		900,413
	467,888	Mega Financial Holding Co. Ltd.		519,092
	201,438	Pegatron Corp.		459,713
	49,470	Poya International Co. Ltd.		925,933
	75,408	Realtek Semiconductor Corp.		884,307
	81,660	Sporton International, Inc.		704,304
	279,356	Taiwan Semiconductor Manufacturing Co. Ltd.		4,574,620
	501,690	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		42,292,467
	214,755	Uni-President Enterprises Corp.		514,845
				59,466,363
THAILAND — 0.1%
	7,316,800	CP ALL Public Co. Ltd. - FOR		13,904,312
TURKEY — 0.0%
	29,289	BIM Birlesik Magazalar AS		235,337
	214,472	Eregli Demir ve Celik Fabrikalari TAS		365,972
	28,265	Ford Otomotiv Sanayi AS		781,309
	22,805	Otokar Otomotiv Ve Savunma Sanayi AS		985,480
				2,368,098
UNITED ARAB EMIRATES — 0.1%
	507,935	Agthia Group PJSC		639,521
	483,955	Emaar Development PJSC		730,019
	397,305	Emaar Properties PJSC		644,135
	531,085	Fertiglobe Plc		556,212
	219,860	International Holding Co. PJSC(a)		23,647,533
				26,217,420
UNITED KINGDOM — 3.9%
	265,829	Anglo American Plc		8,191,303
	1,380,980	AstraZeneca Plc		203,229,140
	9,271	AstraZeneca Plc - ADR		678,823
	75,143	Barratt Developments Plc		472,756
	1,904,756	BP Plc		12,778,999
	26,962	British American Tobacco Plc		996,132
	9,710	Croda International Plc		853,115
	3,314,280	Diageo Plc		151,184,558
	3,236,706	Entain Plc		58,976,882
	36,777	GSK Plc		663,206
	24,111	Hargreaves Lansdown Plc		244,106
	71,265	Howden Joinery Group Plc		614,332
	98,515	HSBC Holdings Plc		710,032
	485,147	ITV Plc		493,792
	169,005	Legal & General Group Plc		498,653
	7,445	LivaNova Plc(a)		356,616

Shares			Value
UNITED KINGDOM (continued)
	1,054,895	Lloyds Banking Group Plc	$	640,872
	1,623,924	London Stock Exchange Group Plc		170,501,082
	139,904	Mondi Plc		2,229,416
	8,193	Next Plc		695,150
	74,815	Pennon Group Plc		809,098
	41,087	RELX Plc		1,368,965
	202,755	Rio Tinto Plc		12,889,621
	73,612,200	Rolls-Royce Holdings Plc(a)		141,016,613
	73,280	Severn Trent Plc		2,699,165
	712,407	Shell Plc		21,890,965
	6,151	Spirax-Sarco Engineering Plc		859,541
	18,000	Unilever Plc		1,002,278
	13,255	Unilever Plc		738,267
	195,920	United Utilities Group Plc		2,661,470
				800,944,948
UNITED STATES — 69.9%
	5,485	3M Co.		582,617
	16,000	A.O. Smith Corp.		1,092,640
	1,080,259	Abbott Laboratories		119,336,212
	1,481,179	AbbVie, Inc.		223,835,771
	17,885	ACI Worldwide, Inc.(a)		453,027
	5,676	Adobe, Inc.(a)		2,143,031
	809,267	Agilent Technologies, Inc.		109,599,030
	11,640	Agilysys, Inc.(a)		908,386
	7,505	Agree Realty Corp. REIT		510,265
	490,862	Air Products and Chemicals, Inc.		144,490,138
	161,123	Airbnb, Inc. - Class A(a)		19,281,589
	25,530	Alcoa Corp.		948,184
	472,973	Alexandria Real Estate Equities, Inc. REIT		58,733,787
	166,870	Align Technology, Inc.(a)		54,282,811
	33,494	Ally Financial, Inc.		883,572
	596,980	Alphabet, Inc. - Class A(a)		64,079,833
	4,197,760	Alphabet, Inc. - Class C(a)		454,281,587
	4,283,914	Amazon.com, Inc.(a)		451,738,731
	10,422	American Express Co.		1,681,485
	9,165	American International Group, Inc.		486,112
	8,170	American States Water Co.		725,088
	396,562	American Tower Corp. REIT		81,053,307
	39,730	American Water Works Co., Inc.		5,889,973
	4,632	Ameriprise Financial, Inc.		1,413,316
	978,282	AmerisourceBergen Corp.		163,226,352
	420,054	AMETEK, Inc.		57,938,048
	7,638	Amgen, Inc.		1,831,134
	4,260	Analog Devices, Inc.		766,289
	2,294	ANSYS, Inc.(a)		720,132
	2,442	Aon Plc - Class A		794,090
	20,625	APA Corp.		760,031
	5,470,484	Apple, Inc.		928,231,725
	13,534	Applied Materials, Inc.		1,529,748
	188,885	Archer-Daniels-Midland Co.		14,748,141
	672,500	Arthur J Gallagher & Co.		139,920,350

11

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED STATES (continued)
	12,315	ASGN, Inc.(a)	$	881,631
	72,378	AT&T, Inc.		1,278,919
	5,041	Autodesk, Inc.(a)		981,936
	288,405	Automatic Data Processing, Inc.		63,449,100
	484	AutoZone, Inc.(a)		1,289,042
	4,018	Avery Dennison Corp.		701,061
	177,115	Axon Enterprise, Inc.(a)		37,319,902
	3,765,328	Bank of America Corp.		110,248,804
	29,872	Bank OZK		1,067,028
	606,012	BeiGene Ltd.(a)		11,892,366
	654,871	Berkshire Hathaway, Inc. - Class B(a)		215,157,867
	2,068	Biogen, Inc.(a)		629,148
	10,932	Bio-Techne Corp.		873,248
	1,733,978	Blackstone, Inc.		154,896,255
	686,822	Block, Inc.(a)		41,751,909
	613	Booking Holdings, Inc.(a)		1,646,708
	16,277	BorgWarner, Inc.		783,412
	29,905	Boyd Gaming Corp.		2,075,407
	13,729	Bread Financial Holdings, Inc.		378,920
	25,907	Bristol-Myers Squibb Co.		1,729,810
	313,449	Broadcom, Inc.		196,375,799
	4,257	Broadridge Financial Solutions, Inc.		619,010
	6,951	Brown-Forman Corp. - Class B		452,441
	50,000	Bunge Ltd.		4,680,000
	300	Cable One, Inc.		227,523
	486,027	Cadence Design Systems, Inc.(a)		101,798,355
	19,792	California Water Service Group		1,109,935
	5,280	Capital One Financial Corp.		513,744
	8,503	Cardinal Health, Inc.		698,096
	21,935	Carriage Services, Inc.		629,754
	272,866	Caterpillar, Inc.		59,703,081
	78,020	CF Industries Holdings, Inc.		5,584,672
	17,759	Charles Schwab Corp. (The)		927,730
	2,303	Charter Communications, Inc. - Class A(a)		849,116
	15,895	Cheesecake Factory, Inc. (The)		535,503
	1,124	Chemed Corp.		619,605
	3,381,954	Chevron Corp.		570,129,805
	81,537	Chipotle Mexican Grill, Inc.(a)		168,587,532
	5,753	Cigna Group (The)		1,457,177
	51,007	Cisco Systems, Inc.		2,410,081
	35,769	Citigroup, Inc.		1,683,647
	35,653	Citizens Financial Group, Inc.		1,103,104
	3,570	Clorox Co. (The)		591,263
	771,105	Cloudflare, Inc. - Class A(a)		36,280,490
	1,319,066	Coca-Cola Co. (The)		84,618,084
	11,509	Cognizant Technology Solutions Corp. - Class A		687,202
	10,237	Colgate-Palmolive Co.		816,913
	1,903,847	Comcast Corp. - Class A		78,762,150
	19,874	Comerica, Inc.		861,935
	12,362	CommVault Systems, Inc.(a)		720,334
	85,007	ConocoPhillips		8,746,370

Shares			Value
UNITED STATES (continued)
	2,346,395	Corteva, Inc.	$	143,411,662
	373,845	Costco Wholesale Corp.		188,126,281
	70,475	Coterra Energy, Inc.		1,804,160
	747,754	Coupang, Inc.(a)		12,532,357
	4,487	Crown Castle, Inc. REIT		552,305
	43,299	CSX Corp.		1,326,681
	2,965	Cummins, Inc.		696,894
	14,505	CVS Health Corp.		1,063,362
	468,505	Danaher Corp.		110,993,520
	237,382	Deere & Co.		89,735,144
	38,130	Devon Energy Corp.		2,037,286
	849,747	Dexcom, Inc.(a)		103,108,301
	9,890	Diamondback Energy, Inc.		1,406,358
	5,908	Digital Realty Trust, Inc. REIT		585,778
	2,531	Dollar General Corp.		560,515
	1,365	Domino’s Pizza, Inc.		433,347
	560,004	DoorDash, Inc. - Class A(a)		34,266,645
	1,169,910	Duke Energy Corp.		115,680,701
	29,112	East West Bancorp, Inc.		1,504,799
	522,529	Eaton Corp. Plc		87,325,046
	27,655	eBay, Inc.		1,284,022
	337,828	Edwards Lifesciences Corp.(a)		29,722,107
	5,242	Electronic Arts, Inc.		667,202
	252,995	Elevance Health, Inc.		118,566,107
	10,079	Eli Lilly & Co.		3,989,873
	6,133	Encompass Health Corp.		393,432
	6,658	Enovis Corp.(a)		387,829
	555,852	Entegris, Inc.		41,644,432
	7,636	Envestnet, Inc.(a)		483,970
	651,125	EOG Resources, Inc.		77,789,904
	17,050	EQT Corp.		594,022
	21,803	Equity Commonwealth REIT		451,758
	7,097	Equity LifeStyle Properties, Inc. REIT		488,983
	50,650	Essential Utilities, Inc.		2,162,755
	332,453	Estee Lauder Cos, Inc. (The) - Class A		82,022,804
	4,815	Etsy, Inc.(a)		486,459
	5,632	Euronet Worldwide, Inc.(a)		623,688
	5,910	Extra Space Storage, Inc. REIT		898,556
	766,647	Exxon Mobil Corp.		90,725,006
	3,313	Fair Isaac Corp.(a)		2,411,698
	12,184	Fastenal Co.		655,987
	1,315,600	Fiserv, Inc.(a)		160,661,072
	3,651	FleetCor Technologies, Inc.(a)		781,022
	54,944	Flex Ltd.(a)		1,130,198
	43,230	FMC Corp.		5,342,363
	1,347,610	Fortinet, Inc.(a)		84,966,811
	1,584,153	Freeport-McMoRan, Inc.		60,055,240
	22,078	Gen Digital, Inc.		390,118
	6,529	General Dynamics Corp.		1,425,542
	11,461	General Mills, Inc.		1,015,788
	564,574	Genuine Parts Co.		95,023,450
	13,394	Gilead Sciences, Inc.		1,101,121
	5,588	Goldman Sachs Group, Inc. (The)		1,919,143

12

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED STATES (continued)
	9,442	Graco, Inc.	$	748,656
	4,975	Guidewire Software, Inc.(a)		379,045
	3,884	HCA Healthcare, Inc.		1,115,990
	178,477	Hershey Co. (The)		48,734,930
	15,875	Hess Corp.		2,302,828
	281,962	Home Depot, Inc. (The)		84,740,859
	7,473	Honeywell International, Inc.		1,493,404
	9,725	Hormel Foods Corp.		393,279
	41,675	HP, Inc.		1,238,164
	1,813	Humana, Inc.		961,778
	2,141	IDEXX Laboratories, Inc.(a)		1,053,715
	298,649	Illinois Tool Works, Inc.		72,255,139
	9,402	Integra LifeSciences Holdings Corp.(a)		520,119
	51,521	Intel Corp.		1,600,242
	10,313	InterDigital, Inc.		698,603
	14,465	International Business Machines Corp.		1,828,521
	5,200	Intuit, Inc.		2,308,540
	355,562	Intuitive Surgical, Inc.(a)		107,102,386
	327,683	iRhythm Technologies, Inc.(a)		43,057,546
	5,795	Jack in the Box, Inc.		537,139
	371,520	Johnson & Johnson		60,817,824
	3,172,538	JPMorgan Chase & Co.		438,571,653
	19,349	Kennametal, Inc.		502,300
	5,415	Kimberly-Clark Corp.		784,579
	30,931	Kinder Morgan, Inc.		530,467
	279,332	KLA Corp.		107,972,991
	14,303	Kroger Co. (The)		695,555
	3,531	L3Harris Technologies, Inc.		689,075
	174,000	Lam Research Corp.		91,189,920
	3,160	Lancaster Colony Corp.		660,819
	4,890	Leidos Holdings, Inc.		456,041
	12,405	Lennar Corp. - Class A		1,399,408
	16,517	Lincoln National Corp.		358,914
	508,541	Linde Plc		187,880,472
	138,317	Lockheed Martin Corp.		64,241,331
	694,772	Lowe’s Cos, Inc.		144,394,465
	8,821	Manhattan Associates, Inc.(a)		1,461,463
	47,545	Marathon Oil Corp.		1,148,687
	5,492	Marriott Vacations Worldwide Corp.		739,004
	12,388	Masco Corp.		662,882
	2,202	Masimo Corp.(a)		416,486
	510,187	Mastercard, Inc. - Class A		193,886,366
	258,088	McDonald’s Corp.		76,329,526
	3,313	McKesson Corp.		1,206,727
	1,246,358	Merck & Co., Inc.		143,916,958
	848,230	Meta Platforms, Inc. - Class A(a)		203,846,634
	1,318,825	MetLife, Inc.		80,883,537
	876	Mettler-Toledo International, Inc.(a)		1,306,554
	15,148	Microchip Technology, Inc.		1,105,653
	14,047	Micron Technology, Inc.		904,065
	3,383,158	Microsoft Corp.		1,039,509,127
	5,135	Moderna, Inc.(a)		682,390
	6,512	Mohawk Industries, Inc.(a)		689,621

Shares			Value
UNITED STATES (continued)
	2,732	Molina Healthcare, Inc.(a)	$	813,835
	22,702	Mondelez International, Inc. - Class A		1,741,697
	2,931	Monolithic Power Systems, Inc.		1,354,034
	16,452	Monster Beverage Corp.(a)		921,312
	27,262	Morgan Stanley		2,452,762
	135,615	Mosaic Co. (The)		5,811,103
	424,330	Motorola Solutions, Inc.		123,649,762
	2,353	MSCI, Inc.		1,135,205
	67,180	Navient Corp.		1,111,157
	23,145	NCR Corp.(a)		515,902
	10,452	NetApp, Inc.		657,326
	192,724	Netflix, Inc.(a)		63,585,429
	470,960	Newmont Corp.		22,323,504
	10,119	NextEra Energy Partners LP		581,944
	3,316,855	NextEra Energy, Inc.		254,170,599
	644,625	NIKE, Inc. - Class B		81,686,880
	6,118	Norfolk Southern Corp.		1,242,138
	301,950	Northrop Grumman Corp.		139,280,477
	5,708	Novanta, Inc.(a)		872,411
	928,293	NVIDIA Corp.		257,592,025
	65,845	Occidental Petroleum Corp.		4,051,443
	750,630	Okta, Inc.(a)		51,440,674
	11,590	Omnicell, Inc.(a)		704,324
	31,721	ON Semiconductor Corp.(a)		2,282,643
	3,171,677	Oracle Corp.		300,421,245
	219,820	O’Reilly Automotive, Inc.(a)		201,643,084
	13,850	Ovintiv, Inc.		499,708
	9,687	PACCAR, Inc.		723,522
	630,541	Palo Alto Networks, Inc.(a)		115,048,511
	6,656	Paychex, Inc.		731,228
	2,705	Paylocity Holding Corp.(a)		522,849
	3,045	Penumbra, Inc.(a)		865,145
	292,493	PepsiCo, Inc.		55,833,989
	52,207	Pfizer, Inc.		2,030,330
	9,641,182	PG&E Corp.(a)		164,960,624
	1,421,538	Philip Morris International, Inc.		142,111,154
	8,165	Phillips 66		808,335
	20,968	Pioneer Natural Resources Co.		4,561,588
	13,857	Premier, Inc. - Class A		461,854
	493,379	Procter & Gamble Co. (The)		77,154,608
	11,639	Progress Software Corp.		638,748
	8,315	Prologis, Inc. REIT		1,041,454
	429,495	Prudential Financial, Inc.		37,366,065
	3,995	Public Storage REIT		1,177,846
	9,977	PVH Corp.		856,126
	11,733	QUALCOMM, Inc.		1,370,414
	875,771	Quanta Services, Inc.		148,565,792
	727,574	Quest Diagnostics, Inc.		100,994,547
	1,136	Regeneron Pharmaceuticals, Inc.(a)		910,833
	218,618	Repligen Corp.(a)		33,149,047
	17,186	Rollins, Inc.		726,109
	2,063	Roper Technologies, Inc.		938,211
	470,093	Ross Stores, Inc.		50,173,026

13

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED STATES (continued)
	37,695	Royal Gold, Inc.	$	4,992,326
	258,980	S&P Global, Inc.		93,900,968
	5,480	Saia, Inc.(a)		1,631,780
	31,373	Schlumberger NV		1,548,258
	5,730	Science Applications International Corp.		584,632
	13,365	Scotts Miracle-Gro Co. (The)		892,916
	8,715	Seagate Technology Holdings Plc		512,181
	8,945	Shake Shack, Inc. - Class A(a)		490,275
	701,455	Simon Property Group, Inc. REIT		79,488,881
	32,205	Six Flags Entertainment Corp.(a)		781,615
	8,809	Skyworks Solutions, Inc.		932,873
	295,463	Snowflake, Inc. - Class A(a)		43,752,161
	15,435	Spectrum Brands Holdings, Inc.		1,026,428
	12,475	SS&C Technologies Holdings, Inc.		730,287
	753,346	Starbucks Corp.		86,099,914
	15,727	State Street Corp.		1,136,433
	8,860	Stericycle, Inc.(a)		404,459
	31,990	Synchrony Financial		944,025
	4,445	Synopsys, Inc.(a)		1,650,517
	279,163	Target Corp.		44,037,963
	952,041	TE Connectivity Ltd.		116,501,257
	8,522	Teradyne, Inc.		778,740
	633,749	Texas Instruments, Inc.		105,962,833
	19,247	Textron, Inc.		1,288,394
	237,822	Thermo Fisher Scientific, Inc.		131,967,428
	12,362	Timken Co. (The)		950,020
	6,322	Tractor Supply Co.		1,507,165
	17,801	Trimble, Inc.(a)		838,427
	9,591	TriNet Group, Inc.(a)		889,853
	1,805,624	Truist Financial Corp.		58,827,230
	1,528	Tyler Technologies, Inc.(a)		579,158
	108,705	Tyson Foods, Inc. - Class A		6,792,975
	23,166	UFP Industries, Inc.		1,818,994
	2,398	Ulta Beauty, Inc.(a)		1,322,329
	472,092	Union Pacific Corp.		92,388,404
	187,148	United Rentals, Inc.		67,581,014
	4,555	United Therapeutics Corp.(a)		1,048,242
	465,194	UnitedHealth Group, Inc.		228,917,315
	2,806	Vail Resorts, Inc.		674,899
	9,470	Valero Energy Corp.		1,085,925
	2,170	VeriSign, Inc.(a)		481,306
	2,939	Verisk Analytics, Inc.		570,489
	3,353,347	Verizon Communications, Inc.		130,210,464
	34,593	Viatris, Inc.		322,753
	1,131,958	Visa, Inc. - Class A		263,440,585
	24,752	Vistra Corp.		590,583
	10,194	Walgreens Boots Alliance, Inc.		359,339
	674,083	Walmart, Inc.		101,766,311
	504,167	Waste Management, Inc.		83,716,930
	2,412	Waters Corp.(a)		724,468
	2,765	WD-40 Co.		526,456
	856,025	WEC Energy Group, Inc.		82,323,924

Shares			Value
UNITED STATES (continued)
	42,233	Wells Fargo & Co.	$	1,678,762
	18,113	WESCO International, Inc.		2,608,272
	3,081	West Pharmaceutical Services, Inc.		1,112,980
	15,286	Westrock Co.		457,510
	8,704	WEX, Inc.(a)		1,543,654
	168,758	Weyerhaeuser Co. REIT		5,047,552
	1,601	WW Grainger, Inc.		1,113,608
	5,609	Yum! Brands, Inc.		788,513
	2,561	Zebra Technologies Corp. - Class A(a)		737,645
	356,700	Zoetis, Inc.		62,700,726
				14,477,382,339
URUGUAY — 0.9%
	114,488	Globant SA(a)		17,959,732
	124,491	MercadoLibre, Inc.(a)		159,036,008
				176,995,740
Total Common Stocks (Cost $14,774,074,966)				19,663,599,889
EXCHANGE-TRADED  FUNDS — 3.0%
	2,988,148	Consumer Staples Select Sector SPDR Fund		231,402,181
	1,566,720	Energy Select Sector SPDR Fund		133,374,873
	763,500	Health Care Select Sector SPDR Fund		101,950,155
	1,179,200	SPDR S&P Metals & Mining ETF		58,252,480
	648,753	SPDR S&P Oil & Gas Exploration & Production ETF		82,462,994
Total Exchange-Traded Funds (Cost $586,758,052)				607,442,683
INVESTMENT COMPANY — 2.2%
	462,307,277	Federated Hermes Government Obligations Fund, 4.72%(e)		462,307,277
Total Investment Company (Cost $462,307,277)				462,307,277
Principal Amount
CASH SWEEP — 0.0%
	4,239,438	Citibank - US Dollars on Deposit in Custody Account, 2.00%		4,239,438
Total Cash Sweep (Cost $4,239,438)				4,239,438
TOTAL INVESTMENTS — 100.1% (Cost $15,827,379,733)			$	20,737,589,287
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(15,111,368	)
NET ASSETS — 100.0%			$	20,722,477,919

14

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

(a)	Non-income producing security.
(b)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (b).

(d)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(e)	The rate shown represents the current yield as of April 30, 2023.

Forward Foreign Currency Exchange Contracts Outstanding at April 30, 2023:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation /(Depreciation)
CAD	13,625,000	USD	10,000,000	Barclays Bank Plc	06/27/23	$	69,269
EUR	13,987,970	USD	15,000,000	Barclays Bank Plc	06/27/23		466,891
GBP	12,448,133	USD	15,000,000	Barclays Bank Plc	06/27/23		663,946
							1,200,106
JPY	7,749,300,000	USD	60,000,000	Barclays Bank Plc	06/27/23		(2,584,551)
Total Forward Foreign Currency Exchange Contracts						$	(1,384,445)

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CAD — Canadian Dollar

CDI — CREST Depository Interest

ETF — Exchange-Traded Fund

EUR — Euro

FOR — Foreign Ownership Restrictions

GBP — British Pound

GDR — Global Depositary Receipt

JPY — Japanese Yen

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

USD — U.S. Dollar

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Australia		1.6	%
Belgium		0.0	*
Brazil		0.4
Canada		1.7
Chile		0.0	*
China		4.7
Czech Republic		0.0	*
Denmark		0.5
Egypt		0.0	*
Faeroe Islands		0.0	*
Finland		0.0	*
France		1.9
Germany		0.9

Country:	Percentage of Net Assets
Hong Kong		0.2	%
India		2.7
Indonesia		0.1
Ireland		0.7
Israel		0.0	*
Italy		0.0	*
Japan		0.7
Kazakhstan		0.1
Luxembourg		0.0	*
Malaysia		0.0	*
Mexico		0.0	*
Netherlands		2.2
Norway		0.1
Philippines		0.0	*
Poland		0.0	*
Portugal		0.0	*
Qatar		0.0	*
Singapore		0.5
South Africa		0.1
South Korea		0.1
Spain		0.0	*
Sweden		0.0	*
Switzerland		0.5
Taiwan		0.3
Thailand		0.1
Turkey		0.0	*
United Arab Emirates		0.1
United Kingdom		3.9
United States		69.9

15

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Country:	Percentage of Net Assets
Uruguay		0.9	%
Other**		5.1
		100.0	%

*	Represents less than 0.01% of net assets.
**	Includes cash and equivalents, exchange-traded funds, investment company, forward foreign currency exchange contracts, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

16

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS — 85.3%
AUSTRALIA — 2.6%
	427,035	Accent Group Ltd.	$	722,661
	474,741	Adbri Ltd.		501,248
	128,814	Aeris Resources Ltd.(a)		40,678
	314,097	Alkane Resources Ltd.(a)		183,222
	424,362	Allkem Ltd.(a)		3,485,072
	319,026	Altium Ltd.		8,132,372
	728,281	Alumina Ltd.		739,162
	68,145	Ansell Ltd.		1,212,648
	938,900	Aurizon Holdings Ltd.		2,134,730
	192,733	Australian Clinical Labs Ltd.(b)		452,217
	140,436	Base Resources Ltd.		17,650
	7,131	Bendigo & Adelaide Bank Ltd.		41,055
	408,706	Boral Ltd.(a)		1,121,842
	290,985	Brambles Ltd.		2,756,451
	7,957	Brickworks Ltd.		132,390
	1,107	Cardno Ltd.		286
	1,256,983	Champion Iron Ltd.		5,461,422
	24,926	Clinuvel Pharmaceuticals Ltd.		335,425
	17,710	Cochlear Ltd.		2,903,867
	448,280	Codan Ltd.		2,177,546
	81,450	Computershare Ltd.		1,212,450
	1,270,699	CSR Ltd.		4,448,368
	57,468	Data#3 Ltd.		290,111
	199,077	DDH1 Ltd.		112,531
	268,649	Deterra Royalties Ltd.		823,777
	73,190	DGL Group Ltd.(a)(b)		70,412
	41,680	Eagers Automotive Ltd.		393,604
	121,638	Emerald Resources NL(a)		155,496
	14,106	Enero Group Ltd.		17,062
	412,713	Estia Health Ltd.		720,065
	1,639,664	Evolution Mining Ltd.		3,866,294
	8,333	EVT Ltd.		66,783
	226,439	Fenix Resources Ltd.		36,060
	100,929	FleetPartners Group Ltd.(a)		140,672
	317,220	Gold Road Resources Ltd.		394,712
	652,151	GrainCorp Ltd. - Class A		2,954,757
	2,324,676	Grange Resources Ltd.		954,135
	291,855	Hansen Technologies Ltd.		874,184
	1,147,340	Harvey Norman Holdings Ltd.		2,755,461
	722,623	Helia Group Ltd.		1,517,931
	21,513	Helloworld Travel Ltd.		43,165
	32,100	HUB24 Ltd.		600,896
	2,000,607	Iluka Resources Ltd.		14,700,399
	618,455	Imdex Ltd.		854,604
	5,937,724	Incitec Pivot Ltd.		12,651,012
	72,078	Inghams Group Ltd.		134,547
	35,452	Integrated Research Ltd.(a)		9,422
	221,455	IPH Ltd.		1,198,000
	47,372	Judo Capital Holdings Ltd.(a)		39,052
	21,819	Jumbo Interactive Ltd.		189,798
	943,225	Karoon Energy Ltd.(a)		1,348,347
	1,033,952	Macmahon Holdings Ltd.		92,625

Shares			Value
AUSTRALIA (continued)
	755	Macquarie Telecom Group Ltd.(a)	$	30,762
	395,117	McMillan Shakespeare Ltd.		4,036,215
	983,225	Medibank Pvt Ltd.		2,326,862
	1,489,760	Metals X Ltd.(a)		273,159
	446,215	Metcash Ltd.		1,156,373
	48,975	Mineral Resources Ltd.		2,415,968
	234,479	MMA Offshore Ltd.(a)		187,364
	166,605	Monadelphous Group Ltd.		1,373,343
	198,582	Monash IVF Group Ltd.		152,225
	455,385	Mount Gibson Iron Ltd.(a)		143,985
	172,475	Myer Holdings Ltd.		100,388
	587,785	Nanosonics Ltd.(a)		2,239,248
	64,260	Navigator Global Investments Ltd.		45,453
	57,633	Neuren Pharmaceuticals Ltd.(a)		543,626
	54,689	New Energy Solar Ltd.(c)		2,280
	3,330,291	New Hope Corp. Ltd.		11,772,305
	111,915	nib holdings Ltd.		574,246
	410,396	NRW Holdings Ltd.		659,539
	1,498,068	Nufarm Ltd.		5,570,152
	70,959	Nuix Ltd.(a)		50,701
	37,291	Objective Corp. Ltd.		319,241
	236,419	OceanaGold Corp.		540,945
	155,223	OFX Group Ltd.(a)		147,126
	267,351	oOh!media Ltd.		292,924
	4,664,553	Orora Ltd.		10,661,024
	259,370	Perenti Ltd.(a)		198,760
	4,355,987	Perseus Mining Ltd.		6,437,689
	87,441	Platinum Asset Management Ltd.		102,149
	59,837	Premier Investments Ltd.		1,041,363
	193,808	Pro Medicus Ltd.		7,955,220
	1,147,051	Ramelius Resources Ltd.		1,001,043
	41,045	REA Group Ltd.		3,860,219
	2,864,051	Regis Resources Ltd.(a)		4,052,448
	564,253	Resolute Mining Ltd.(a)		179,049
	169,133	Ridley Corp. Ltd.		242,508
	77,517	RPMGlobal Holdings Ltd.(a)		72,051
	1,730,427	Sierra Rutile Holdings Ltd.(a)		258,778
	46,723	Sigma Healthcare Ltd.		21,685
	2,319,629	Silver Lake Resources Ltd.(a)		1,955,517
	175,195	Sims Ltd.		1,836,000
	763,890	South32 Ltd.		2,159,328
	166,234	SRG Global Ltd.		83,386
	450,087	Stanmore Resources Ltd.(a)		917,082
	12,440	Sunland Group Ltd.		11,861
	328,539	Super Retail Group Ltd.		2,964,932
	793,445	Technology One Ltd.		7,999,372
	1,447,021	Terracom Ltd.		616,655
	1,404,722	Ventia Services Group Pty Ltd.		2,446,548
	29,050	Washington H Soul Pattinson & Co. Ltd.		608,117
	499,520	Webjet Ltd.(a)		2,470,300
	1,991,144	West African Resources Ltd.(a)		1,288,239
	748,419	Westgold Resources Ltd.(a)		756,355

17

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
AUSTRALIA (continued)
	3,471,886	Whitehaven Coal Ltd.	$	16,660,804
	294,625	Worley Ltd.		2,960,236
				202,991,824
AUSTRIA — 0.4%
	101,316	ANDRITZ AG		6,580,047
	38,630	AT&S Austria Technologie & Systemtechnik AG		1,181,290
	3,063	AT&S Austria Technologie & Systemtechnik AG		94,451
	40,250	Erste Group Bank AG		1,463,459
	18,995	EVN AG		457,787
	6,979	Palfinger AG		229,467
	8,563	Porr AG		130,939
	525,150	Raiffeisen Bank International AG(a)		8,067,192
	13,704	Rhi Magnesita NV		389,518
	46,642	Schoeller-Bleckmann Oilfield Equipment AG		2,929,448
	964	Semperit AG Holding		25,352
	4,167	Strabag SE		181,716
	78,983	UNIQA Insurance Group AG		708,690
	9,770	Vienna Insurance Group AG Wiener Versicherung Gruppe		287,463
	210,814	Wienerberger AG		6,350,717
	32,273	Zumtobel Group AG		253,497
				29,331,033
BELGIUM — 0.3%
	2,523	Ascencio REIT		139,981
	284,438	Azelis Group NV		6,748,144
	120,896	Barco NV		3,530,786
	34,874	Bekaert SA		1,623,527
	67,699	bpost SA		333,080
	3,608	Cie d’Entreprises CFE(a)		38,999
	156,033	Econocom Group SA		535,954
	10,290	Elia Group SA		1,410,965
	18,393	EVS Broadcast Equipment SA		448,317
	12,382	Ion Beam Applications		226,368
	48,446	Melexis NV		4,618,108
	5,498	Retail Estates NV REIT		407,340
	2,298	Sipef NV		149,752
	1,345	Wereldhave Belgium Comm VA REIT		72,847
				20,284,168
BERMUDA — 0.1%
	420,000	James River Group Holdings Ltd.		8,177,400
BRAZIL — 0.6%
	1,738,914	Americanas SA(a)		359,092
	1,611,575	BRF SA - ADR(a)		2,078,932
	2,430,984	Cia Energetica de Minas Gerais - ADR		5,882,981
	3,601,148	Hapvida Participacoes e Investimentos SA(a)(b)(d)		1,971,036
	597,110	Pagseguro Digital Ltd. - Class A(a)		5,875,562
	1,609,800	Rumo SA		6,345,216

Shares			Value
BRAZIL (continued)
	579,100	StoneCo Ltd. - Class A(a)	$	7,134,512
	1,886,438	Ultrapar Participacoes SA		5,465,141
	9,069,600	Via SA(a)		3,327,593
	2,027,700	Vibra Energia SA		5,317,438
				43,757,503
CANADA — 3.9%
	841,882	AbCellera Biologics, Inc.(a)		5,707,960
	4,941	Agnico Eagle Mines Ltd.		280,280
	125,630	Altius Minerals Corp.		1,970,430
	200,700	Altus Group Ltd.		7,969,635
	54,300	Amerigo Resources Ltd.		64,526
	203,005	ARC Resources Ltd.		2,521,736
	46,180	Aritzia, Inc.(a)		1,467,698
	256,936	Artis Real Estate Investment Trust REIT		1,335,077
	25,100	ATCO Ltd. - Class I		829,411
	342,955	B2Gold Corp.		1,349,190
	10,180	Bird Construction, Inc.		64,393
	26,300	Black Diamond Group Ltd.		132,970
	61,286	Boardwalk Real Estate Investment Trust REIT		2,623,603
	818,326	CAE, Inc.(a)		18,415,883
	67,100	Calibre Mining Corp.(a)		76,765
	45,320	Canada Goose Holdings, Inc.(a)		888,437
	367,054	Canfor Corp.(a)		5,515,902
	35,165	Capital Power Corp.		1,146,169
	107,000	Capstone Copper Corp.(a)		503,074
	10,409	Cascades, Inc.		84,818
	34,975	CCL Industries, Inc. - Class B		1,644,652
	154,042	Celestica, Inc.(a)		1,671,342
	336,480	Centerra Gold, Inc.		2,274,906
	80,224	CES Energy Solutions Corp.		159,282
	132,435	Choice Properties Real Estate Investment Trust REIT		1,431,043
	59	Cogeco, Inc.		2,511
	6,680	Computer Modelling Group Ltd.		34,957
	6,527	Coveo Solutions, Inc.(a)		31,555
	83,510	Crescent Point Energy Corp.		617,611
	30,800	Crew Energy, Inc.(a)		104,572
	189,570	Descartes Systems Group, Inc. (The)(a)		15,010,153
	86,400	Descartes Systems Group, Inc. (The)(a)		6,846,444
	5,300	Docebo, Inc.(a)		205,764
	751,219	Dollarama, Inc.		46,530,833
	5,958	DREAM Unlimited Corp. - Class A		99,340
	8,123	Dundee Precious Metals, Inc.		59,595
	63,430	Element Fleet Management Corp.		829,597
	24,967	Enghouse Systems Ltd.		687,175
	64,600	Ensign Energy Services, Inc.(a)		126,353
	145,130	ERO Copper Corp.(a)		2,857,931
	21,700	Evertz Technologies Ltd.		189,956
	19,383	Exco Technologies Ltd.		105,295
	22,300	Finning International, Inc.		577,889

18

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
CANADA (continued)
	64,415	FirstService Corp.	$	9,709,917
	202,772	H&R Real Estate Investment Trust REIT		1,758,550
	131,285	Headwater Exploration, Inc.		602,718
	4,319	High Liner Foods, Inc.		46,446
	284,779	Hudbay Minerals, Inc.		1,427,206
	1,592,686	IAMGOLD Corp.(a)		4,539,155
	60,100	IAMGOLD Corp.(a)		172,114
	19,564	InPlay Oil Corp.		40,288
	172,825	Interfor Corp.(a)		2,711,931
	512	Kelt Exploration Ltd.(a)		1,871
	219,480	Killam Apartment Real Estate Investment Trust REIT		2,726,389
	92,600	Kinaxis, Inc.(a)		12,716,652
	1,204,630	Kinross Gold Corp.		6,083,382
	411,025	Knight Therapeutics, Inc.(a)		1,365,179
	120,785	Laurentian Bank of Canada		2,871,524
	645,200	Lightspeed Commerce, Inc.(a)		8,481,391
	10,600	Linamar Corp.		503,849
	11,050	Major Drilling Group International, Inc.(a)		85,229
	153,467	Martinrea International, Inc.		1,602,803
	63,436	Medical Facilities Corp.		401,728
	495,600	MEG Energy Corp.(a)		8,252,379
	17,980	Methanex Corp.		804,877
	45,415	Metro, Inc.		2,588,439
	2,387	Morguard Corp.		181,978
	72,866	Morguard North American Residential Real Estate Investment Trust REIT		914,825
	428,472	Mullen Group Ltd.		4,746,920
	23,170	North West Co., Inc. (The)		679,615
	76,930	Northland Power, Inc.		1,888,542
	2,467	NuVista Energy Ltd.(a)		21,413
	3,900	Obsidian Energy Ltd.(a)		25,360
	311,727	Pan American Silver Corp.		5,551,858
	22,600	Parex Resources, Inc.		458,889
	285,706	Pason Systems, Inc.		2,488,342
	177,553	Peyto Exploration & Development Corp.		1,617,156
	1,037	Precision Drilling Corp.(a)		51,657
	28,415	Quebecor, Inc. - Class B		733,419
	12,800	Reitmans Canada Ltd. - Class A(a)		26,075
	109,890	Richelieu Hardware Ltd.		3,304,365
	125,210	RioCan Real Estate Investment Trust REIT		1,938,891
	619,304	Ritchie Bros Auctioneers, Inc.		35,417,996
	30,140	Ritchie Bros Auctioneers, Inc.		1,724,510
	36,107	Russel Metals, Inc.		919,431
	106,305	Saputo, Inc.		2,752,467
	8,997	Savaria Corp.		110,367
	77,832	Shawcor Ltd.(a)		700,853
	5,962	Silvercorp Metals, Inc.		21,826

Shares			Value
CANADA (continued)
	84	SIR Royalty Income Fund - Units	$	1,074
	4,069	Slate Grocery REIT - Class U		39,794
	263,834	Stelco Holdings, Inc.		9,218,660
	138,080	Stella-Jones, Inc.		5,403,551
	50,375	Teck Resources Ltd. - Class B		2,346,508
	41,875	TFI International, Inc.		4,513,110
	18,555	TMX Group Ltd.		1,879,261
	67,429	Torex Gold Resources, Inc.(a)		1,106,356
	68,305	Tourmaline Oil Corp.		3,068,772
	7,600	TransAlta Corp.		67,762
	140,110	Transcontinental, Inc. - Class A		1,508,805
	16,047	Uni-Select, Inc.(a)		551,225
	142,270	Vermilion Energy, Inc.		1,800,886
	22,148	Victoria Gold Corp.(a)		159,549
	44,177	Wajax Corp.		784,188
	512,884	Western Forest Products, Inc.		393,696
	26,630	Westshore Terminals Investment Corp.		542,880
	886,455	Whitecap Resources, Inc.		6,987,740
	231	Winpak Ltd.		7,705
				311,199,007
CHILE — 0.1%
	2,950,192	Cencosud SA		6,011,850
CHINA — 4.5%
	5,415,716	3SBio, Inc.(b)(d)		5,426,344
	15,134,000	Agricultural Bank of China Ltd. - H Shares		5,851,302
	1,914,439	Aisino Corp. - A Shares		4,027,313
	1,853,689	Alibaba Group Holding Ltd.(a)		19,600,215
	3,030,000	Angang Steel Co. Ltd. - H Shares		1,006,534
	163,000	Autohome, Inc. - ADR		4,832,950
	3,196,200	Bank of Changsha Co. Ltd. - A Shares		3,783,198
	2,261,239	Bank of Chengdu Co. Ltd. - A Shares		4,495,667
	11,870,770	Bank of China Ltd. - H Shares		4,740,689
	6,712,000	Bank of Communications Co. Ltd. - H Shares		4,335,283
	4,640,951	Bank of Jiangsu Co. Ltd. - A Shares		5,172,769
	2,881,900	Beibuwan Port Co. Ltd. - A Shares		3,569,622
	1,020,100	Beibuwan Port Co. Ltd. - A Shares		1,263,331
	6,712,800	Beijing Ultrapower Software Co. Ltd. - A Shares		13,338,319
	4,926,600	Beijing Yanjing Brewery Co. Ltd. - A Shares		9,321,816
	10,852,900	Beiqi Foton Motor Co. Ltd. - A Shares(a)		5,132,163
	7,395,044	China Construction Bank Corp. - H Shares		4,943,782
	7,769,000	China Galaxy Securities Co. Ltd. - H Shares		4,219,736
	1,235,600	China National Medicines Corp. Ltd. - A Shares		7,377,870
	6,863,000	China Railway Group Ltd. - H Shares		5,276,545

19

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
CHINA (continued)
	954,800	China Railway Tielong Container Logistics Co. Ltd. - A Shares	$	861,332
	6,828,944	China Railway Tielong Container Logistics Co. Ltd. - A Shares		6,161,418
	888,400	Chongqing Department Store Co. Ltd. - A Shares		3,795,078
	5,845,600	Daqin Railway Co. Ltd. - A Shares		6,503,695
	5,917,200	Dongfang Electric Corp. Ltd. - H Shares		8,384,526
	4,636,000	Dongfeng Motor Group Co. Ltd. - H Shares		2,218,097
	2,706,000	E-Commodities Holdings Ltd.		449,344
	3,961,274	FAW Jiefang Group Co. Ltd.		4,662,707
	1,610,730	Fujian Star-net Communication Co. Ltd. - A Shares		4,941,473
	4,675,100	Guangxi Liugong Machinery Co. Ltd. - A Shares		5,149,071
	10,746,000	Industrial & Commercial Bank of China Ltd. - H Shares		5,781,394
	6,143,300	IRICO Display Devices Co. Ltd. - A Shares(a)		4,042,297
	1,284,300	Jacobio Pharmaceuticals Group Co. Ltd.(a)(b)(d)		1,130,409
	3,317,583	Jilin Sino-Microelectronics Co. Ltd. - A Shares		3,298,304
	7,394,125	Kingdee International Software Group Co. Ltd.(a)		11,369,680
	1,875,120	Li Ning Co. Ltd.		13,410,142
	1,730,700	Lufax Holding Ltd. - ADR		2,942,190
	1,269,600	Maccura Biotechnology Co. Ltd. - A Shares		3,015,075
	2,593,800	MLS Co. Ltd. - A Shares		3,335,326
	301,913	New Oriental Education & Technology Group, Inc. - ADR(a)		13,764,214
	1,001,700	NSFOCUS Technologies Group Co. Ltd. - A Shares		1,838,888
	6,130,000	ORG Technology Co. Ltd. - A Shares		4,233,668
	12,079,000	People’s Insurance Co. Group of China Ltd. (The) - H Shares		4,750,675
	12,856,100	Rizhao Port Co. Ltd. - A Shares		5,576,192
	1,251,700	Sany Heavy Industry Co. Ltd. - A Shares		2,986,652
	13,414,050	Shandong Nanshan Aluminum Co. Ltd. - A Shares		6,583,167
	890,400	Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares		1,581,250
	1,437,405	Shanghai Kehua Bio-Engineering Co. Ltd. - A Shares		2,553,075
	1,818,000	Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares		3,767,531
	2,246,131	Shenzhen Hepalink Pharmaceutical Group Co. Ltd. - A Shares		4,193,077

Shares			Value
CHINA (continued)
	840,100	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares	$	994,099
	2,166,600	Shenzhen Laibao Hi-tech Co. Ltd. - A Shares		2,564,165
	1,536,365	Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares		7,061,852
	7,990,500	Sinopec Engineering Group Co. Ltd. - H Shares		4,143,569
	1,846,000	Sinopharm Group Co. Ltd. - H Shares		6,539,046
	2,671,758	Tasly Pharmaceutical Group Co. Ltd. - A Shares		5,846,156
	8,768,186	Tianjin Port Co. Ltd. - A Shares		6,108,138
	2,315,467	Tongkun Group Co. Ltd. - A Shares		4,321,356
	2,144,767	Triangle Tyre Co. Ltd. - A Shares		4,614,367
	553,636	Vipshop Holdings Ltd. - ADR(a)		8,692,085
	246,292	Weibo Corp. - ADR(a)		4,312,573
	4,087,200	Wuxi Taiji Industry Co. Ltd. - A Shares		3,899,903
	2,773,500	Xiamen King Long Motor Group Co. Ltd. - A Shares(a)		2,488,881
	4,878,400	Xiaomi Corp. - B Shares(a)(b)(d)		6,924,423
	2,045,674	Xuji Electric Co. Ltd. - A Shares		6,664,476
	3,030,000	Yunnan Copper Co. Ltd. - A Shares		5,524,569
	741,200	Yusys Technologies Co. Ltd. - A Shares		1,981,111
	3,391,440	Zai Lab Ltd.(a)		11,873,773
	8,448,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		4,611,295
				360,161,232
COSTA RICA — 0.0%
	42,074	Establishment Labs Holdings, Inc.(a)		2,932,137
DENMARK — 1.9%
	588,093	ALK-Abello A/S(a)		7,444,769
	1,141,828	Ambu A/S - Class B(a)		18,155,425
	43,156	Carlsberg A/S - Class B		7,142,179
	141,763	D/S Norden A/S		8,907,923
	33,577	DFDS A/S		1,352,596
	47,216	DSV A/S		8,886,163
	186,445	FLSmidth & Co. A/S		7,366,129
	84,315	Genmab A/S(a)		34,650,490
	2,124,803	H Lundbeck A/S		11,250,015
	18,630	H Lundbeck A/S - Class A		93,833
	13,402	Invisio AB		275,331
	639,322	ISS A/S		13,366,766
	17,780	Jyske Bank A/S(a)		1,299,965
	142,794	Matas A/S		1,796,553
	22,271	Nilfisk Holding A/S(a)		457,306
	35,890	NKT A/S(a)		1,886,138
	23,543	NTG Nordic Transport Group A/S(a)		1,252,607
	2,712	Per Aarsleff Holding A/S		116,807
	68,744	Royal Unibrew A/S		6,144,622
	33,918	SimCorp A/S		3,676,554
	976	Solar A/S - Class B		79,847

20

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
DENMARK (continued)
	91,840	Spar Nord Bank A/S	$	1,493,821
	3,058	Sparekassen Sjaelland-Fyn A/S		87,136
	31,250	Sydbank A/S		1,394,198
	45,870	Topdanmark A/S		2,421,465
	158,359	Tryg A/S		3,742,495
	220,238	Vestas Wind Systems A/S(a)		6,094,117
	63,273	Zealand Pharma A/S(a)		2,134,511
				152,969,761
FINLAND — 0.6%
	5,085	Aspo Oyj		45,693
	45,552	Cargotec Oyj - Class B		2,517,175
	443,645	Citycon Oyj		3,352,273
	124	Fiskars Oyj Abp		2,143
	38,322	F-Secure Oyj		123,482
	12,419	Kemira Oyj		217,851
	23,465	Konecranes Oyj		919,120
	247,810	Metsa Board Oyj - Class B		1,786,919
	2,233,161	Metso Outotec Oyj		24,655,717
	1,136	Olvi Oyj - Class A		37,076
	12,419	Oriola Oyj - Class A		20,599
	29,880	Oriola Oyj - Class B		47,829
	63,595	Orion Oyj - Class B		2,987,254
	681,674	Outokumpu Oyj		3,716,193
	25,201	Puuilo Oyj		194,789
	75,375	Revenio Group Oyj		2,834,335
	3,578	Titanium Oyj(b)		60,747
	5,907	Vaisala Oyj - Class A		248,798
				43,767,993
FRANCE — 1.4%
	11,903	ABC arbitrage		79,508
	844,282	Air France-KLM(a)		1,462,437
	6,126	Alten SA		1,041,469
	14,525	Amundi SA(b)(d)		951,604
	757	Assystem SA		36,254
	4,299	Aubay		211,144
	27,620	Beneteau SA		444,555
	369	Boiron SA		16,235
	87,700	Carmila SA REIT		1,484,378
	88,735	Catana Group		667,370
	413,595	Cellectis SA(a)		799,343
	146,205	Cellectis SA - ADR(a)		274,865
	58,343	Cie des Alpes		925,328
	234,755	Coface SA		3,593,259
	57,020	Covivio SA REIT		3,242,096
	4,400	Dassault Aviation SA		859,838
	47,005	Derichebourg SA		290,692
	79,495	Edenred		5,165,081
	3,795	Ekinops SAS(a)		34,120
	10,600	Eramet SA		1,032,520
	36	Esker SA		5,481
	14	Esso SA Francaise(a)		689
	189,533	Etablissements Maurel et Prom SA		723,483

Shares			Value
FRANCE (continued)
	56,025	Eurazeo SE	$	4,000,403
	5,000	Eurobio Scientific SA(a)		89,751
	436	Exclusive Networks SA		9,431
	5	Fnac Darty SA		188
	76,124	Gaztransport Et Technigaz SA		8,140,792
	39,135	Gecina SA REIT		4,356,613
	47,251	Genfit SA(a)		192,892
	960	Groupe Guillin		27,062
	6,212	Guerbet		114,107
	22,787	Imerys SA		936,738
	16,765	Interparfums SA		1,331,692
	26,710	Ipsen SA		3,238,994
	65,695	IPSOS		3,562,021
	4,099	Jacquet Metals SACA		80,127
	101,065	Klepierre SA REIT		2,559,989
	348,961	Lectra		11,362,166
	14,684	Mersen SA		592,354
	129	Neurones		5,404
	25,645	Nexans SA		2,206,570
	598	Peugeot Invest		73,365
	5,963	Quadient SA		118,533
	154	ReWorld Media SA(a)		869
	627,896	Rexel SA		14,544,339
	107,736	Rubis SCA		3,184,004
	2,598	Seche Environnement SA		297,293
	57,524	Societe BIC SA		3,550,164
	3,875	Societe pour l’Informatique Industrielle		216,276
	4,821	Sopra Steria Group SACA		1,043,571
	153,444	SPIE SA		4,789,452
	972	Stef SA		112,801
	202,779	Technip Energies NV		4,498,815
	105,724	Television Francaise 1		852,006
	712	TFF Group		32,398
	214,977	Ubisoft Entertainment SA(a)		6,296,068
	77,560	Verallia SA(b)(d)		3,148,185
	795	Vetoquinol SA		77,911
	1,130	Vilmorin & Cie SA(c)		53,604
	3,357	Virbac SA		1,146,679
	4,559	Wavestone		234,431
				110,419,807
GERMANY — 1.8%
	52,466	7C Solarparken AG		230,464
	638,544	AIXTRON SE		18,078,365
	225	Amadeus Fire AG		33,164
	33,874	Aurubis AG		3,177,967
	1,528	Basler AG		32,926
	57,585	Bilfinger SE		2,491,335
	40,498	Carl Zeiss Meditec AG		5,447,076
	3,102	Cewe Stiftung & Co. KGAA		319,540
	4,526	CTS Eventim AG & Co. KGaA(a)		298,196
	68,905	Deutz AG		458,026

21

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
GERMANY (continued)
	15,066	Draegerwerk AG & Co. KGaA - Preference Shares	$	847,815
	292,374	Duerr AG		10,144,491
	448	Ecotel Communication AG		15,156
	5,830	Elmos Semiconductor SE		440,656
	3,477	ElringKlinger AG		39,084
	49,896	Ernst Russ AG(a)		278,288
	176,004	EuroEyes International Eye Clinic Ltd.		119,906
	27,360	Freenet AG		780,007
	10,821	Fuchs Petrolub SE - Preference Shares		427,504
	189,013	Gerresheimer AG		20,596,257
	481	Gesco SE		14,370
	26,613	GFT Technologies SE		1,050,998
	314,524	Hamburger Hafen und Logistik AG		4,340,463
	369,622	Heidelberger Druckmaschinen AG(a)		766,239
	26,937	HOCHTIEF AG		2,254,857
	10,170	Hornbach Holding AG & Co. KGaA		864,120
	143,642	HUGO BOSS AG		10,829,390
	1,421	Indus Holding AG		42,088
	24,698	Jenoptik AG		788,369
	26,885	K+S AG		536,244
	35,182	Kloeckner & Co. SE		390,518
	11,686	Koenig & Bauer AG(a)		241,559
	30,446	Krones AG		4,000,450
	176	KSB SE & Co. KGaA - Preference Shares		95,523
	1,914	KWS Saat SE & Co. KGaA		124,103
	3,609	Mensch und Maschine Software SE		205,457
	1,876	New Work SE		342,088
	1,046	Nexus AG		59,997
	19,854	Norma Group SE		472,291
	99	Paul Hartmann AG		24,981
	1,532	Pfeiffer Vacuum Technology AG		255,742
	308,560	ProSiebenSat.1 Media SE		2,770,931
	92,356	SAF-Holland SE		1,277,886
	153,774	Salzgitter AG		6,097,085
	33,734	Schaeffler AG - Preference Shares		245,060
	57,380	Scout24 SE(b)(d)		3,576,329
	122,176	SGL Carbon SE(a)		1,127,052
	6,293	Sixt SE		780,768
	9,163	SMA Solar Technology AG(a)		991,152
	21,524	Stabilus SE		1,406,651
	281	STO SE & Co. KGaA - Preference Shares		54,776
	259,322	Suedzucker AG		5,238,557
	7,511	SUESS MicroTec SE		195,926
	87,039	Symrise AG		10,516,273
	1,515,860	thyssenkrupp AG		10,908,461
	30,155	VERBIO Vereinigte BioEnergie AG		1,123,090
	774	Villeroy & Boch AG - Preference Shares		16,405
	31,475	Vitesco Technologies Group AG(a)		2,155,446
	2,092	Vossloh AG		95,963

Shares			Value
GERMANY (continued)
	10,750	Wacker Chemie AG	$	1,662,504
	69,286	Wacker Neuson SE		1,689,941
	5,453	Washtec AG		238,993
				144,125,319
GREECE — 0.3%
	4,719,298	Alpha Services and Holdings SA(a)		5,916,271
	4,631,994	Eurobank Ergasias Services and Holdings SA(a)		6,549,313
	1,460,902	National Bank of Greece SA(a)		7,645,132
	1,710,416	Piraeus Financial Holdings SA(a)		4,046,220
				24,156,936
HONG KONG — 0.7%
	330,000	Analogue Holdings Ltd.		61,393
	98,000	APT Satellite Holdings Ltd.		31,623
	1,730,900	ASMPT Ltd.		13,608,612
	731,920	Bank of East Asia Ltd. (The)		964,605
	176,000	Bright Smart Securities & Commodities Group Ltd.		31,067
	66,035	Build King Holdings Ltd.		8,749
	619	Chow Sang Sang Holdings International Ltd.		813
	1,010,445	Chow Tai Fook Jewellery Group Ltd.		2,029,188
	116,000	Comba Telecom Systems Holdings Ltd.		22,702
	3,006,710	COSCO SHIPPING Ports Ltd.		1,978,403
	365,200	Dah Sing Banking Group Ltd.		292,925
	2,756,045	Emperor Watch & Jewellery Ltd.		61,825
	116,600	Far East Consortium International Ltd.		29,455
	13,837	FSE Lifestyle Services Ltd.		10,645
	48,000	Great Eagle Holdings Ltd.		98,015
	140,084	HKR International Ltd.		44,749
	372,000	Hutchison Port Holdings Trust - U Shares- Units		70,569
	455,148	International Housewares Retail Co. Ltd.		167,675
	205,918	Jacobson Pharma Corp. Ltd.(b)		24,970
	158,591	Jinhui Shipping & Transportation Ltd.		116,839
	1,756,598	Johnson Electric Holdings Ltd.		1,963,988
	107,031	Kerry Logistics Network Ltd.		151,650
	122,000	LH GROUP Ltd.(b)		19,940
	359,374	Luk Fook Holdings International Ltd.		1,151,623
	5,724,000	Nine Dragons Paper Holdings Ltd.		3,971,241
	2,015,490	NWS Holdings Ltd.		1,745,741
	44,788	Oriental Watch Holdings		25,656
	19,595,425	Pacific Basin Shipping Ltd.		6,818,354
	1,237,876	PC Partner Group Ltd.		709,984
	4,700,480	PCCW Ltd.		2,451,902
	951,043	Prosperity REIT		230,693
	1,336,000	Shun Tak Holdings Ltd.(a)		242,520
	1,762,000	Singamas Container Holdings Ltd.		137,161
	358,000	SITC International Holdings Co. Ltd.		662,186

22

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
HONG KONG (continued)
	200,000	SOCAM Development Ltd.	$	31,823
	273,500	Stella International Holdings Ltd.		284,755
	9,538,388	Sun Art Retail Group Ltd.		4,146,153
	74,500	Swire Pacific Ltd. - A Shares		591,391
	1,156,177	Tai Hing Group Holdings Ltd.(b)		143,190
	1,397	Tang Palace China Holdings Ltd.		104
	828,581	Texhong International Group Ltd.		605,275
	40,656	Tsit Wing International Holdings Ltd.		4,879
	6,838,000	United Laboratories International Holdings Ltd. (The)		5,536,603
	40,100	Valuetronics Holdings Ltd.		15,522
	902,737	VSTECS Holdings Ltd.		518,617
	123,000	VTech Holdings Ltd.		738,435
	130,919	Wai Kee Holdings Ltd.		26,893
	811,500	WH Group Ltd.(b)(d)		451,793
	910,000	Xinyi Glass Holdings Ltd.		1,664,882
				54,697,776
ICELAND — 0.1%
	1,085,974	Ossur HF(a)		5,065,890
INDIA — 0.8%
	6,840,431	Bank of Baroda		15,777,316
	106,356	IndiaMart InterMesh Ltd.(b)(d)		6,998,054
	9,752,652	Indian Oil Corp. Ltd.		9,719,275
	455,188	Lupin Ltd.		3,955,578
	716,765	PB Fintech Ltd.(a)		5,280,082
	714,580	Sun TV Network Ltd.		3,782,133
	5,793,774	TV18 Broadcast Ltd.(a)		2,152,107
	186,550	WNS Holdings Ltd. - ADR(a)		16,821,213
	1,197,601	Zee Entertainment Enterprises Ltd.		2,890,406
				67,376,164
INDONESIA — 0.0%
	35,325,900	Perusahaan Gas Negara Tbk PT		3,455,703
IRELAND — 0.1%
	286,519	Alkermes Plc(a)		8,180,118
	50,166	COSMO Pharmaceuticals NV		3,026,178
				11,206,296
ISRAEL — 2.1%
	32	Afcon Holdings Ltd.		829
	616	Africa Israel Residences Ltd.		22,580
	5,957	Arad Ltd.		73,464
	131,234	B Communications Ltd.(a)		442,514
	246,330	Bank Leumi Le-Israel BM		1,952,581
	605,180	Bezeq The Israeli Telecommunication Corp. Ltd.		823,908
	1,609	Bonei Hatichon Civil Engineering & Infrastructures Ltd.		13,022
	28,700	Carasso Motors Ltd.		128,101
	196,182	CyberArk Software Ltd.(a)		24,444,277
	105,857	Delek Automotive Systems Ltd.		854,620
	40,880	FIBI Holdings Ltd.		1,524,941

Shares			Value
ISRAEL (continued)
	126,452	First International Bank of Israel Ltd. (The)	$	4,594,511
	252,499	Fiverr International Ltd.(a)		9,221,264
	779	FMS Enterprises Migun Ltd.		22,733
	6,719	Formula Systems 1985 Ltd.		425,530
	7,959	Hamat Group Ltd.(a)		30,183
	6,438	Ilex Medical Ltd.		139,944
	15,182	Israel Corp. Ltd.		4,446,676
	6,807,097	Isramco Negev 2 LP		2,331,297
	355,807	JFrog Ltd.(a)		6,607,336
	570,504	Kornit Digital Ltd.(a)		10,417,403
	1,954	Levinstein Properties Ltd.		41,757
	19,216	Max Stock Ltd.		36,775
	190,170	Mivne Real Estate KD Ltd.		532,717
	41,402	Monday.com Ltd.(a)		5,047,732
	9,449	Naphtha Israel Petroleum Corp. Ltd.		40,401
	10,997	Next Vision Stabilized Systems Ltd.		36,831
	337,884	Nice Ltd. - ADR(a)		68,931,715
	10,798,027	Oil Refineries Ltd.		3,006,691
	266,459	Plus500 Ltd.		5,574,487
	406,132	Radware Ltd.(a)		8,183,560
	46,566	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,659,045
	892,166	Tel Aviv Stock Exchange Ltd.		4,108,409
				166,717,834
ITALY — 1.1%
	2,072,606	A2A SpA		3,656,878
	1,490	ACEA SpA		21,851
	215,355	Anima Holding SpA(b)(d)		894,890
	4,785	Ariston Holding NV		54,648
	167,366	Arnoldo Mondadori Editore SpA		365,843
	5,945	Avio SpA(b)		60,178
	28,637	Azimut Holding SpA		639,638
	145,193	Banca IFIS SpA		2,438,443
	141,722	Banca Mediolanum SpA		1,281,356
	283,780	BFF Bank SpA(b)(d)		2,730,856
	96,848	Biesse SpA		1,479,675
	175,629	BPER Banca		493,289
	14,179	Brunello Cucinelli SpA		1,357,674
	242,887	Buzzi Unicem SpA		6,039,590
	274,097	Cairo Communication SpA		551,078
	856	Cembre SpA		28,600
	31,584	Cementir Holding NV		264,953
	64,194	Credito Emiliano SpA		492,820
	6,429	Danieli & C Officine Meccaniche SpA		167,312
	49,191	Danieli & C Officine Meccaniche SpA - RSP		1,007,480
	71,069	Datalogic SpA		590,146
	709,713	Davide Campari-Milano NV		9,146,407
	3,648	De’ Longhi SpA		84,765
	42,430	Digital Bros SpA		965,021
	3,563	Fine Foods & Pharmaceuticals NTM		31,341

23

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
ITALY (continued)
	90,906	Geox SpA(a)	$	102,882
	8,527	GPI SpA		113,790
	66,709	Immobiliare Grande Distribuzione SIIQ SpA REIT		218,247
	149,787	IMMSI SpA		95,936
	16,509	Intercos SpA(a)		298,757
	767,106	Iveco Group NV(a)		6,902,227
	1,311,360	Leonardo SpA		15,627,343
	5,774	LU-VE SpA		193,432
	717,685	Maire Tecnimont SpA		3,080,095
	128,053	Moncler SpA		9,499,122
	441	Orsero SpA		6,181
	5,003	Pharmanutra SpA		277,655
	336,218	Piaggio & C SpA		1,383,455
	158,781	Rizzoli Corriere Della Sera Mediagroup SpA		137,288
	3,250	Salcef Group SpA		75,840
	196,350	Salvatore Ferragamo SpA		3,452,387
	31,494	Sanlorenzo SpA		1,413,472
	2,324,017	Saras SpA(a)		3,004,704
	8,174	SIT SpA		48,416
	47,025	Sogefi SpA(a)		63,662
	17,481	SOL SpA		505,107
	212,850	Stevanato Group SpA		5,642,653
	6,995	TXT e-solutions SpA(a)		144,772
	456,624	Unipol Gruppo SpA		2,567,314
	43,492	Zignago Vetro SpA		807,854
				90,507,323
JAPAN — 7.8%
	36,600	77 Bank Ltd. (The)		595,038
	4,500	A&A Material Corp.		29,967
	32,900	A&D HOLON Holdings Co. Ltd.		331,951
	66,130	ABC-Mart, Inc.		3,758,085
	4,400	Abist Co. Ltd.		97,848
	2,600	Achilles Corp.		27,668
	34,100	Acom Co. Ltd.		83,550
	48,400	ADEKA Corp.		817,354
	22,800	Advanced Media, Inc.(a)		316,726
	25,500	Aeon Delight Co. Ltd.		565,102
	223,200	AEON Financial Service Co. Ltd.		1,988,181
	990	AEON REIT Investment Corp.		1,134,985
	50,400	Ai Holdings Corp.		882,349
	7,400	Aichi Corp.		45,858
	1,400	Aichi Tokei Denki Co. Ltd.		15,823
	6,600	Aiphone Co. Ltd.		104,085
	65,200	Aisan Industry Co. Ltd.		466,661
	12,700	AIT Corp.		149,252
	57,000	Akatsuki, Inc.		946,789
	23,300	Akebono Brake Industry Co. Ltd.(a)		25,613
	152,000	Alfresa Holdings Corp.		2,200,883
	1,300	AlphaPolis Co. Ltd.(a)		32,943
	3,100	Alps Logistics Co. Ltd.		29,608

Shares			Value
JAPAN (continued)
	111,892	Altech Corp.	$	2,112,964
	8,600	Amada Co. Ltd.		80,298
	15,600	Amano Corp.		317,631
	1,800	Anabuki Kosan, Inc.		30,666
	57,100	Anest Iwata Corp.		427,980
	80,200	Anritsu Corp.		734,352
	2,900	AOI Electronics Co. Ltd.		40,344
	22,200	AOKI Holdings, Inc.		154,630
	8,800	Aoyama Zaisan Networks Co. Ltd.		65,147
	6,300	Appier Group, Inc.(a)		71,541
	32,300	Arealink Co. Ltd.		547,605
	19,000	Arisawa Manufacturing Co. Ltd.		174,991
	30,200	Artiza Networks, Inc.		209,099
	6,000	Artner Co. Ltd.		59,406
	40,700	As One Corp.		1,724,236
	208,800	Asahi Diamond Industrial Co. Ltd.		1,395,799
	98,200	Asahi Holdings, Inc.		1,445,729
	21,300	Asahi Net, Inc.		92,515
	3,800	ASAHI YUKIZAI Corp.		89,097
	27,000	Asia Pile Holdings Corp.		146,880
	7,600	ASKA Pharmaceutical Holdings Co. Ltd.		71,251
	198,270	ASKUL Corp.		2,642,308
	21,304	Ateam, Inc.		105,487
	14,000	Atrae, Inc.(a)		84,849
	2,000	Aucnet, Inc.		23,394
	74,096	Avant Group Corp.		766,806
	11,200	Axell Corp.		125,030
	11,500	Axial Retailing, Inc.		298,464
	560,600	Azbil Corp.		15,678,168
	35,200	Bando Chemical Industries Ltd.		282,780
	391,139	BASE, Inc.(a)		833,056
	1,400	baudroie, Inc.(a)		48,018
	3,100	Bell System24 Holdings, Inc.		31,870
	4,300	Bewith, Inc.		65,507
	297,000	BIPROGY, Inc.		7,160,547
	95,200	BML, Inc.		2,138,042
	124,180	Brother Industries Ltd.		1,950,278
	267,800	Bunka Shutter Co. Ltd.		2,281,817
	3,400	Business Brain Showa-Ota, Inc.		49,018
	1,600	Business Engineering Corp.		40,650
	1,700	Canare Electric Co. Ltd.		17,363
	1,900	Canon Marketing Japan, Inc.		47,506
	4,700	Career Design Center Co. Ltd.		71,443
	549,100	Carenet, Inc.		3,789,018
	10,200	Carlit Holdings Co. Ltd.		52,330
	18,152	Central Security Patrols Co. Ltd.		375,644
	5,000	Ceres, Inc.		52,904
	151,100	Chiba Kogyo Bank Ltd. (The)		621,788
	5,700	Chino Corp.		88,921
	2,500	Chiyoda Integre Co. Ltd.		42,793
	4,500	Chori Co. Ltd.		85,481
	1,900	Chugai Ro Co. Ltd.		25,040

24

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JAPAN (continued)
	5,000	Chuo Warehouse Co. Ltd.	$	39,900
	950,380	CKD Corp.		14,476,755
	5,200	Cleanup Corp.		29,073
	26,000	CMIC Holdings Co. Ltd.		372,187
	116,500	COLOPL, Inc.		547,798
	320	Comforia Residential REIT, Inc.		800,583
	219,600	Computer Engineering & Consulting Ltd.		2,283,081
	7,100	Comture Corp.		104,743
	1,800	Core Corp.		22,398
	21,000	Cosel Co. Ltd.		168,018
	217,535	Credit Saison Co. Ltd.		3,013,931
	21,700	Creek & River Co. Ltd.		339,562
	63,000	Cresco Ltd.		830,648
	4,600	CTI Engineering Co. Ltd.		111,870
	13,900	CTS Co. Ltd.		80,626
	18,400	Cybernet Systems Co. Ltd.		117,068
	4,500	Cybozu, Inc.		89,828
	2,000	Dai-Dan Co. Ltd.		36,171
	9,700	Daihatsu Diesel Manufacturing Co. Ltd.		45,194
	30,300	Daihen Corp.		997,819
	600	Daiichi Jitsugyo Co. Ltd.		25,602
	58,600	Daiken Medical Co. Ltd.		211,208
	188,559	Daikokutenbussan Co. Ltd.		7,549,079
	14,100	Daisue Construction Co. Ltd.		127,069
	35,100	Daito Pharmaceutical Co. Ltd.		653,285
	38,500	Daitron Co. Ltd.		739,719
	475	Daiwa House REIT Investment Corp.		1,010,643
	5,200	Daiwa Industries Ltd.		54,926
	42,400	Daiwabo Holdings Co. Ltd.		800,055
	220,500	Dear Life Co. Ltd.		1,169,519
	43,300	DeNA Co. Ltd.(a)		608,137
	24,500	Denka Co. Ltd.		490,673
	1,500	Densan System Holdings Co. Ltd.		29,511
	39,700	Dentsu Group, Inc.		1,430,583
	6,300	Denyo Co. Ltd.		88,029
	3,800	Digital Arts, Inc.		141,449
	38,900	Digital Garage, Inc.		1,372,388
	24,200	Digital Holdings, Inc.		208,963
	6,800	Digital Information Technologies Corp.		80,882
	20,010	Disco Corp.		2,278,244
	3,000	DKK Co. Ltd.		50,999
	2,200	DKS Co. Ltd.		30,612
	110,500	DMG Mori Co. Ltd.		1,772,715
	117,700	Doshisha Co. Ltd.		1,853,169
	19,800	Dowa Holdings Co. Ltd.		646,875
	58,000	Duskin Co. Ltd.		1,422,864
	6,700	Ebase Co. Ltd.		33,907
	6,000	E-Guardian, Inc.		96,981
	16,400	Ehime Bank Ltd. (The)		102,884
	140,900	Eiken Chemical Co. Ltd.		1,638,219

Shares			Value
JAPAN (continued)
	18,900	Eizo Corp.	$	619,507
	122,800	Elecom Co. Ltd.		1,165,320
	12,800	Elematec Corp.		162,521
	301,050	en Japan, Inc.		5,403,935
	2,900	Endo Lighting Corp.		22,458
	4,200	Enplas Corp.		141,829
	3,500	Entrust, Inc.		24,546
	1,900	ESPEC Corp.		28,727
	9,500	Exedy Corp.		136,747
	100,900	EXEO Group, Inc.		1,872,212
	200	Fabrica Communications Co. Ltd.		4,410
	7,800	FALCO HOLDINGS Co. Ltd.		115,962
	331,500	FAN Communications, Inc.		998,723
	58,905	Ferrotec Holdings Corp.		1,332,225
	61,800	Financial Partners Group Co. Ltd.		503,156
	3,000	Fixstars Corp.		30,932
	14,100	FJ Next Holdings Co. Ltd.		107,160
	6,600	Forum Engineering, Inc.		41,175
	6,100	Foster Electric Co. Ltd.		50,802
	106,027	Freee KK(a)		3,033,781
	470	Frontier Real Estate Investment Corp. REIT		1,698,095
	24,200	Fudo Tetra Corp.		318,089
	35,000	Fuji Corp.		587,061
	2,800	Fuji Corp.		27,098
	18,725	Fuji Pharma Co. Ltd.		170,116
	14,500	Fuji Soft, Inc.		866,293
	30,500	Fujimi, Inc.		1,580,014
	4,100	Fujimori Kogyo Co. Ltd.		95,262
	30,300	Fujisash Co. Ltd.		14,886
	247,000	Fujitec Co. Ltd.		6,579,891
	7,400	Fukuda Denshi Co. Ltd.		227,442
	74,753	Fukui Computer Holdings, Inc.		1,483,779
	800	Fukushima Galilei Co. Ltd.		30,167
	6,300	Fukuyama Transporting Co. Ltd.		168,394
	145,200	FULLCAST Holdings Co. Ltd.		2,636,182
	10,900	Funai Soken Holdings, Inc.		208,948
	33,200	Furukawa Electric Co. Ltd.		607,842
	109,700	Furuno Electric Co. Ltd.		748,299
	90,483	Furyu Corp.		773,499
	1,400	Fuso Pharmaceutical Industries Ltd.		21,093
	28,000	Futaba Industrial Co. Ltd.		93,762
	76,500	Future Corp.		978,536
	9,900	Fuyo General Lease Co. Ltd.		724,534
	17,900	Gakken Holdings Co. Ltd.		115,341
	38,400	Gakujo Co. Ltd.		456,947
	12,200	Gecoss Corp.		79,978
	92,200	Glory Ltd.		1,960,303
	66,600	GMO Financial Gate, Inc.		5,377,406
	43,397	Goldcrest Co. Ltd.		581,725
	6,100	Goldwin, Inc.		554,259
	21,400	Grandy House Corp.		88,747
	145,000	Gree, Inc.		751,184

25

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JAPAN (continued)
	6,300	Greens Co. Ltd.(a)	$	68,155
	370,980	GungHo Online Entertainment, Inc.		7,122,473
	24,200	Gunze Ltd.		837,004
	157,900	H.U. Group Holdings, Inc.		3,192,141
	6,900	Hamakyorex Co. Ltd.		176,552
	73,085	Hamamatsu Photonics KK		3,874,518
	38,200	Hanwa Co. Ltd.		1,182,866
	29,100	Happinet Corp.		420,185
	30,100	Harmonic Drive Systems, Inc.		920,283
	49,800	Heiwa Corp.		983,258
	11,700	Heiwado Co. Ltd.		177,772
	31,500	Hino Motors Ltd.(a)		124,114
	14,700	Hioki EE Corp.		979,075
	78,300	Hisamitsu Pharmaceutical Co., Inc.		2,165,746
	17,411	Hito Communications Holdings, Inc.		202,989
	32,800	Hochiki Corp.		390,173
	1,200	Hodogaya Chemical Co. Ltd.		27,622
	3,100	Hogy Medical Co. Ltd.		77,655
	4,800	Hokkaido Gas Co. Ltd.		68,475
	4,900	Hokuetsu Industries Co. Ltd.		50,224
	40,200	Hokuhoku Financial Group, Inc.		289,729
	3,000	Hoosiers Holdings Co. Ltd.		18,652
	62,100	Horiba Ltd.		3,421,258
	7,900	Hosokawa Micron Corp.		171,143
	27,900	Hyakujushi Bank Ltd. (The)		383,167
	17,400	Ichikoh Industries Ltd.		70,425
	2,200	ID Holdings Corp.		17,780
	21,700	Idec Corp.		531,398
	47,115	Idemitsu Kosan Co. Ltd.		1,003,222
	23,300	IHI Corp.		587,116
	3,400	I’ll, Inc.		69,221
	1,200	I-NE Co. Ltd.(a)		28,654
	51,733	Ines Corp.		529,020
	35,800	Infocom Corp.		594,881
	1,856,611	Infomart Corp.		3,990,803
	39,700	Information Services International-Dentsu Ltd.		1,399,518
	106,045	Inpex Corp.		1,160,456
	6,100	Intelligent Wave, Inc.		32,507
	383,800	Internet Initiative Japan, Inc.		7,942,448
	40,500	I-PEX, Inc.		415,884
	11,500	IR Japan Holdings Ltd.		181,330
	4,100	Iriso Electronics Co. Ltd.		140,341
	17,000	ISB Corp.		150,226
	142,530	Isuzu Motors Ltd.		1,683,140
	75,500	Itfor, Inc.		482,554
	85,400	Itochu Techno-Solutions Corp.		2,211,483
	1,500	Itochu-Shokuhin Co. Ltd.		60,143
	71,800	Itoki Corp.		427,191
	5,700	Iwaki Co. Ltd.		54,709
	64,000	Izumi Co. Ltd.		1,505,022
	92,800	JAC Recruitment Co. Ltd.		1,733,899
	158,760	JAFCO Group Co. Ltd.		2,022,937

Shares			Value
JAPAN (continued)
	141,400	Japan Aviation Electronics Industry Ltd.	$	2,480,576
	4,700	Japan Best Rescue System Co. Ltd.		26,791
	11,000	Japan Electronic Materials Corp.		111,798
	1,060	Japan Excellent, Inc. REIT		907,016
	100,700	Japan Lifeline Co. Ltd.		692,653
	7,800	Japan Medical Dynamic Marketing, Inc.		58,434
	1,490	Japan Metropolitan Fund Invest REIT		1,091,001
	7,800	Japan Petroleum Exploration Co. Ltd.		259,540
	72,000	Japan Post Insurance Co. Ltd.		1,169,215
	10,600	Japan Pulp & Paper Co. Ltd.		408,683
	48,400	Japan System Techniques Co. Ltd.		739,453
	14,500	Japan Transcity Corp.		72,375
	42,091	JBCC Holdings, Inc.		667,356
	39,400	JCR Pharmaceuticals Co. Ltd.		426,152
	5,500	JCU Corp.		129,872
	140,400	Jeol Ltd.		4,096,382
	70,400	JINUSHI Co. Ltd.		1,008,855
	3,200	JK Holdings Co. Ltd.		24,963
	12,900	JSB Co. Ltd.		410,762
	5,400	J-Stream, Inc.		21,269
	62,900	Justsystems Corp.		1,662,133
	58,400	JVCKenwood Corp.		199,049
	3,800	K&O Energy Group, Inc.		67,874
	1,200	Kaga Electronics Co. Ltd.		42,572
	56,300	Kajima Corp.		744,880
	44,200	Kakaku.com, Inc.		608,136
	51,300	Kaken Pharmaceutical Co. Ltd.		1,412,554
	83,100	Kamigumi Co. Ltd.		1,821,208
	7,700	Kanaden Corp.		68,520
	172,900	Kanamoto Co. Ltd.		2,896,606
	3,600	Kandenko Co. Ltd.		27,125
	54,600	Kanematsu Corp.		710,715
	46,100	Katitas Co. Ltd.		900,282
	5,800	Kawada Technologies, Inc.		173,994
	22,100	Kawai Musical Instruments Manufacturing Co. Ltd.		502,179
	13,900	Kawasaki Heavy Industries Ltd.		302,384
	203,600	Kawasaki Kisen Kaisha Ltd.		4,851,856
	49,700	Keihanshin Building Co. Ltd.		468,884
	830	Kenedix Office Investment Corp. REIT		1,834,989
	855	Kenedix Residential Next Investment Corp. REIT		1,341,376
	1,700	Kenko Mayonnaise Co. Ltd.		15,555
	43,400	Kewpie Corp.		728,568
	31,500	KH Neochem Co. Ltd.		543,124
	45,300	Kimoto Co. Ltd.		63,376
	4,200	Kimura Unity Co. Ltd.		32,529
	59,400	Kinden Corp.		809,901
	57,200	Kissei Pharmaceutical Co. Ltd.		1,158,837
	1,800	Kita-Nippon Bank Ltd. (The)		27,443

26

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JAPAN (continued)
	61,050	Kitz Corp.	$	417,510
	3,600	Koa Corp.		45,164
	5,100	Koatsu Gas Kogyo Co. Ltd.		27,910
	17,600	Kobayashi Pharmaceutical Co. Ltd.		1,098,276
	109,300	Kobe Bussan Co. Ltd.		3,056,947
	399,500	Kobe Steel Ltd.		2,976,611
	70,600	Koei Tecmo Holdings Co. Ltd.		1,298,319
	14,800	Kokuyo Co. Ltd.		211,503
	34,000	Komeri Co. Ltd.		790,865
	100,700	Komori Corp.		780,316
	142,200	Konica Minolta, Inc.		593,169
	18,900	Konoike Transport Co. Ltd.		222,430
	5,700	Kose Corp.		665,163
	67,900	K’s Holdings Corp.		601,813
	31,000	Kurabo Industries Ltd.		570,232
	8,900	Kureha Corp.		552,547
	3,800	Kuriyama Holdings Corp.		24,725
	6,800	Kyodo Printing Co. Ltd.		141,557
	79,100	Kyokuto Kaihatsu Kogyo Co. Ltd.		997,386
	23,500	Kyokuto Securities Co. Ltd.		104,930
	9,200	Kyosan Electric Manufacturing Co. Ltd.		28,753
	1,500	LaKeel, Inc.(a)		24,408
	63,000	Lawson, Inc.		2,861,564
	3,100	Lifedrink Co., Inc.		72,178
	7,000	Link-U, Inc.(a)		50,863
	345,700	Lion Corp.		3,768,761
	154,153	M3, Inc.		3,783,836
	44,200	Mabuchi Motor Co. Ltd.		1,247,421
	5,300	Maezawa Industries, Inc.		29,465
	2,500	Maezawa Kyuso Industries Co. Ltd.		19,767
	1,600	Makino Milling Machine Co. Ltd.		58,523
	20,000	Mandom Corp.		237,746
	8,500	Mani, Inc.		111,236
	4,900	Maruwa Co. Ltd.		624,872
	7,400	Maruzen Showa Unyu Co. Ltd.		185,204
	225,600	Marvelous, Inc.		1,119,582
	3,000	Matching Service Japan Co. Ltd.		22,455
	2,300	Matsuoka Corp.		24,323
	54,300	Max Co. Ltd.		867,168
	53,800	Maxell Ltd.		592,533
	5,900	MCJ Co. Ltd.		40,807
	4,100	Media Do Co. Ltd.(a)		42,311
	51,600	Medipal Holdings Corp.		788,341
	82,600	Megachips Corp.(a)		1,958,751
	7,900	Megmilk Snow Brand Co. Ltd.		113,387
	104,000	Meidensha Corp.		1,412,848
	3,300	Meiji Electric Industries Co. Ltd.		29,212
	46,500	Meiko Network Japan Co. Ltd.		224,367
	16,500	Meisei Industrial Co. Ltd.		113,866
	268,800	Meitec Corp.		4,542,173
	26,000	Melco Holdings, Inc.		641,056
	67,900	Menicon Co. Ltd.		1,442,149

Shares			Value
JAPAN (continued)
	346,400	Micronics Japan Co. Ltd.	$	3,155,758
	12,800	Milbon Co. Ltd.		539,679
	8,000	Mimaki Engineering Co. Ltd.		39,748
	18,700	Mimasu Semiconductor Industry Co. Ltd.		361,341
	156,300	Mirait one Corp.		1,941,456
	583,600	Mirarth Holdings, Inc.		1,646,729
	22,700	Miroku Jyoho Service Co. Ltd.		283,545
	62,000	Mito Securities Co. Ltd.		134,619
	6,300	Mitsuba Corp.		27,298
	15,600	Mitsubishi Heavy Industries Ltd.		591,556
	7,400	Mitsubishi Kakoki Kaisha Ltd.		132,510
	69,200	Mitsubishi Logistics Corp.		1,714,722
	40,400	Mitsubishi Materials Corp.		661,535
	7,300	Mitsubishi Pencil Co. Ltd.		95,496
	24,800	Mitsubishi Research Institute, Inc.		899,813
	20,000	Mitsubishi Shokuhin Co. Ltd.		516,675
	39,300	Mitsuboshi Belting Ltd.		1,125,933
	26,100	Mitsui Mining & Smelting Co. Ltd.		621,515
	164,850	Mitsui OSK Lines Ltd.		4,086,734
	13,900	Mitsui-Soko Holdings Co. Ltd.		408,004
	86,800	Miura Co. Ltd.		2,312,115
	153,300	Mixi, Inc.		3,240,942
	900	Miyaji Engineering Group, Inc.		25,796
	7,600	Mizuho Medy Co. Ltd.		126,875
	87,750	Mizuno Corp.		2,190,296
	22,100	Mochida Pharmaceutical Co. Ltd.		567,956
	155,700	Money Forward, Inc.(a)		6,484,024
	392,800	MonotaRO Co. Ltd.		5,942,632
	2,900	MORESCO Corp.		24,207
	5,100	Morinaga & Co. Ltd.		151,141
	210,193	Morinaga Milk Industry Co. Ltd.		7,905,539
	6,900	Moriroku Holdings Co. Ltd.		98,356
	8,800	Morito Co. Ltd.		69,107
	1,500	Morozoff Ltd.		40,060
	7,300	Mory Industries, Inc.		194,166
	46,580	Mugen Estate Co. Ltd.		215,052
	24,800	Nabtesco Corp.		597,767
	13,400	Nachi-Fujikoshi Corp.		378,690
	14,300	Nagaileben Co. Ltd.		222,446
	31,600	Nagano Keiki Co. Ltd.		299,885
	17,500	Naigai Trans Line Ltd.		332,360
	4,400	Nakabayashi Co. Ltd.		15,639
	3,900	Nakamoto Packs Co. Ltd.		45,329
	35,100	Nakanishi, Inc.		664,963
	1,700	Nanyo Corp.		29,086
	68,100	NEC Corp.		2,618,807
	3,000	NEOJAPAN, Inc.		19,952
	30,300	Neturen Co. Ltd.		160,917
	24,900	Nextage Co. Ltd.		451,697
	6,100	Nichias Corp.		123,369
	15,900	Nichiban Co. Ltd.		235,135
	4,500	Nichiha Corp.		95,078

27

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JAPAN (continued)
	16,500	Nihon Chouzai Co. Ltd.	$	149,831
	20,300	Nihon Falcom Corp.		180,820
	68,200	Nihon Kohden Corp.		1,886,998
	2,900	Nihon Trim Co. Ltd.		62,288
	2,700	Niitaka Co. Ltd.		43,239
	28,200	Nikkiso Co. Ltd.		198,065
	8,000	Nikkon Holdings Co. Ltd.		155,027
	120	Nippon Accommodations Fund, Inc. REIT		583,322
	8,100	Nippon Air Conditioning Services Co. Ltd.		44,041
	380	Nippon Building Fund, Inc. REIT		1,593,422
	2,600	Nippon Ceramic Co. Ltd.		52,040
	2,600	Nippon Concept Corp.		31,001
	23,500	Nippon Express Holdings, Inc.		1,379,026
	5,900	Nippon Kayaku Co. Ltd.		53,523
	7,400	Nippon Pillar Packing Co. Ltd.		205,742
	3,900	Nippon Shokubai Co. Ltd.		156,357
	147,205	Nippon Steel Corp.		3,143,919
	39,600	Nippon Thompson Co. Ltd.		171,533
	75,100	Nipro Corp.		565,617
	21,900	Nishio Holdings Co. Ltd.		520,404
	2,500	Nissei ASB Machine Co. Ltd.		78,412
	72,800	Nissha Co. Ltd.		993,373
	248,500	Nisshinbo Holdings, Inc.		1,913,098
	7,500	Nissin Corp.		118,065
	32,900	Nisso Corp.		188,308
	11,100	Nitta Corp.		252,526
	3,600	Nitto Boseki Co. Ltd.		50,289
	142,700	Nitto Kogyo Corp.		2,825,444
	2,100	Nitto Kohki Co. Ltd.		31,050
	37,900	Nitto Seiko Co. Ltd.		169,268
	61,900	Nittoc Construction Co. Ltd.		459,664
	7,400	Noda Corp.		67,773
	258,917	NOF Corp.		11,830,296
	3,400	Nohmi Bosai Ltd.		43,850
	8,100	Noritake Co. Ltd.		278,195
	69,700	Noritsu Koki Co. Ltd.		1,145,690
	70,400	Noritz Corp.		954,654
	12,400	NS Solutions Corp.		337,466
	258,622	NSD Co. Ltd.		4,757,710
	2,061	NSW, Inc.		31,824
	112,900	NTN Corp.		278,881
	1,210	NTT UD REIT Investment Corp.		1,166,137
	3,800	Obara Group, Inc.		119,451
	9,400	OBIC Business Consultants Co. Ltd.		356,953
	1,000	Ohsho Food Service Corp.		45,539
	4,300	Oiles Corp.		54,341
	10,000	Oita Bank Ltd. (The)		152,052
	13,200	Okabe Co. Ltd.		81,737
	1,000	Okamoto Machine Tool Works Ltd.		36,152
	142,900	Okamura Corp.		1,525,723
	356,400	Oki Electric Industry Co. Ltd.		1,933,284

Shares			Value
JAPAN (continued)
	2,200	Okinawa Cellular Telephone Co.	$	49,152
	30,500	OKUMA Corp.		1,354,402
	12,500	Okura Industrial Co. Ltd.		195,741
	1,700	One Career, Inc.(a)		44,148
	24,500	Ono Pharmaceutical Co. Ltd.		493,310
	108,500	Onward Holdings Co. Ltd.		300,234
	55,900	Open Up Group, Inc.		828,114
	5,100	Optim Corp.(a)		34,978
	2,200	Optorun Co. Ltd.		33,532
	12,900	Oracle Corp. Japan		925,818
	36,800	Organo Corp.		888,630
	138,700	Oriental Shiraishi Corp.		335,920
	415	Orix JREIT, Inc. REIT		536,467
	11,500	Oro Co. Ltd.		206,660
	181,300	Osaki Electric Co. Ltd.		754,329
	98,500	OSG Corp.		1,383,699
	59,200	Otsuka Corp.		2,154,823
	17,030	Oyo Corp.		256,342
	31,400	Pan Pacific International Holdings Corp.		586,770
	7,200	PAPYLESS Co. Ltd.		56,945
	28,900	Paramount Bed Holdings Co. Ltd.		512,478
	4,800	Pasco Corp.		52,154
	40,100	Pasona Group, Inc.		551,888
	2,800	PCA Corp.		22,428
	50,400	Pegasus Co. Ltd.		231,027
	448,245	PeptiDream, Inc.(a)		6,056,225
	900	Pickles Holdings Co. Ltd.		7,792
	6,000	Plus Alpha Consulting Co. Ltd.		128,437
	51,600	Pola Orbis Holdings, Inc.		717,247
	46,300	Pole To Win Holdings, Inc.		312,184
	4,800	PR Times, Inc.(a)		48,132
	92,600	Prestige International, Inc.		404,185
	44,300	Pronexus, Inc.		325,421
	108,352	Proto Corp.		946,279
	18,000	Punch Industry Co. Ltd.		69,726
	2,300	QB Net Holdings Co. Ltd.		23,031
	38,100	Qol Holdings Co. Ltd.		349,284
	4,500	Quick Co. Ltd.		59,205
	6,100	Raito Kogyo Co. Ltd.		89,974
	90,600	Raysum Co. Ltd.		885,829
	3,300	Ride On Express Holdings Co. Ltd.		26,219
	10,900	Riken Corp.		219,313
	72,800	Riken Technos Corp.		326,954
	21,500	Riken Vitamin Co. Ltd.		322,501
	23,700	Rinnai Corp.		572,833
	7,600	Rion Co. Ltd.		112,638
	4,100	Riso Kagaku Corp.		74,738
	2,900	Rix Corp.		59,722
	172,760	Rohm Co. Ltd.		13,006,787
	324,400	Rohto Pharmaceutical Co. Ltd.		6,730,355
	57,900	Roland DG Corp.		1,455,337
	10,700	RS Technologies Co. Ltd.		240,402

28

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JAPAN (continued)
	30,600	Ryobi Ltd.	$	356,095
	100	Saison Information Systems Co. Ltd.		1,356
	30,200	Saizeriya Co. Ltd.		759,306
	7,900	Sakai Chemical Industry Co. Ltd.		106,188
	3,000	Sakai Heavy Industries Ltd.		92,685
	7,200	Sakai Moving Service Co. Ltd.		253,648
	77,410	Sakata Seed Corp.		2,264,640
	49,000	Sanken Electric Co. Ltd.		3,680,370
	95,505	Sankyo Co. Ltd.		4,213,331
	15,200	Sankyo Tateyama, Inc.		76,482
	45,000	Sankyu, Inc.		1,587,138
	4,100	Sansei Technologies, Inc.		29,480
	11,300	Sansha Electric Manufacturing Co. Ltd.		75,377
	445,500	Santen Pharmaceutical Co. Ltd.		3,748,272
	114,000	Sanwa Holdings Corp.		1,248,659
	600	Sanyo Denki Co. Ltd.		29,973
	27,300	Sanyo Shokai Ltd.		320,982
	2,000	Sanyo Trading Co. Ltd.		19,009
	104,300	Sato Holdings Corp.		1,764,987
	61,540	Sawai Group Holdings Co. Ltd.		1,780,695
	88,600	SCREEN Holdings Co. Ltd.		7,206,658
	139,200	SCSK Corp.		2,101,616
	5,400	Seed Co. Ltd.		22,739
	17,400	Sega Sammy Holdings, Inc.		325,232
	1,800	Seika Corp.		29,702
	125,200	Seikagaku Corp.		768,562
	43,700	Seiko Group Corp.		959,222
	70,700	Seino Holdings Co. Ltd.		784,912
	4,900	Sekisui Jushi Corp.		78,708
	17,100	Sekisui Kasei Co. Ltd.		59,102
	900	Semba Corp.		5,083
	15,700	SERAKU Co. Ltd.		184,643
	1,400	Serverworks Co. Ltd.(a)		19,991
	1,700	SFP Holdings Co. Ltd.		25,723
	972,400	SG Holdings Co. Ltd.		13,992,666
	2,400	Shibaura Machine Co. Ltd.		55,873
	18,200	Shibaura Mechatronics Corp.		2,037,865
	3,600	Shibusawa Warehouse Co. Ltd. (The)		61,302
	8,000	Shibuya Corp.		147,971
	7,300	Shikoku Bank Ltd. (The)		47,420
	65,000	Shindengen Electric Manufacturing Co. Ltd.		1,654,239
	16,300	Shinmaywa Industries Ltd.		146,772
	27,500	Shinnihon Corp.		213,787
	12,200	Shinnihonseiyaku Co. Ltd.		127,391
	30,400	Shoei Co. Ltd.		563,953
	11,097	Shofu, Inc.		170,423
	3,400	Sigma Koki Co. Ltd.		40,111
	19,600	SIGMAXYZ Holdings, Inc.		154,308
	79,300	Sinfonia Technology Co. Ltd.		1,013,556
	47,900	Sinko Industries Ltd.		635,662
	49,200	SK-Electronics Co. Ltd.		645,666

Shares			Value
JAPAN (continued)
	2,900	SMK Corp.	$	51,785
	92,700	SMS Co. Ltd.		2,178,459
	12,100	Socionext, Inc.		1,002,760
	152,800	Sodick Co. Ltd.		845,362
	40,300	Sohgo Security Services Co. Ltd.		1,125,549
	12,800	Sojitz Corp.		269,588
	7,400	Solasto Corp.		34,510
	103,713	Soliton Systems KK		797,781
	90,780	Sosei Group Corp.(a)		1,788,577
	6,000	Sprix, Inc.		40,896
	13,000	Square Enix Holdings Co. Ltd.		639,719
	4,400	SRA Holdings		98,348
	3,600	ST Corp.		42,046
	30,300	Star Mica Holdings Co. Ltd.		143,499
	158,100	Star Micronics Co. Ltd.		2,057,658
	105,600	Starts Corp., Inc.		1,995,609
	4,600	St-Care Holding Corp.		26,416
	2,200	Step Co. Ltd.		30,022
	14,800	Studio Alice Co. Ltd.		232,618
	32,200	Subaru Corp.		525,563
	21,800	Sugi Holdings Co. Ltd.		924,862
	37,500	Sumitomo Heavy Industries Ltd.		906,075
	34,300	Sumitomo Metal Mining Co. Ltd.		1,265,969
	76,500	Sumitomo Mitsui Construction Co. Ltd.		216,889
	19,000	Sumitomo Mitsui Trust Holdings, Inc.		684,907
	421,200	Sumitomo Pharma Co. Ltd.		2,642,456
	13,800	Sumitomo Riko Co. Ltd.		73,479
	1,900	Sumitomo Seika Chemicals Co. Ltd.		61,372
	38,000	Sumitomo Warehouse Co. Ltd. (The)		631,305
	4,300	Sun Corp.		68,763
	173,900	Sun Frontier Fudousan Co. Ltd.		1,688,182
	42,000	Sun-Wa Technos Corp.		581,953
	104,700	Suzuken Co. Ltd.		2,979,837
	1,300	Suzuki Co. Ltd.		9,757
	3,400	Suzumo Machinery Co. Ltd.		28,303
	2,500	System Support, Inc.		36,206
	203,200	Systena Corp.		420,301
	7,200	T. RAD Co. Ltd.		125,420
	2,500	Taihei Dengyo Kaisha Ltd.		76,254
	34,800	Taisho Pharmaceutical Holdings Co. Ltd.		1,502,870
	9,400	Takara & Co. Ltd.		164,270
	76,600	Takara Holdings, Inc.		603,625
	86,900	Takara Standard Co. Ltd.		1,051,083
	13,200	Takasago International Corp.		251,743
	53,400	Takeuchi Manufacturing Co. Ltd.		1,465,490
	27,500	Takuma Co. Ltd.		287,700
	124,400	Tamron Co. Ltd.		3,035,098
	69,000	Tanseisha Co. Ltd.		409,799
	5,900	TDC Soft, Inc.		63,748
	102,400	TechMatrix Corp.		1,221,843
	1,100	Techno Medica Co. Ltd.		14,509

29

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JAPAN (continued)
	2,400	Techno Smart Corp.	$	27,836
	28,100	TechnoPro Holdings, Inc.		766,672
	15,200	Teikoku Electric Manufacturing Co. Ltd.		268,072
	66	Tekken Corp.		937
	74,200	Temairazu, Inc.		2,655,304
	2,600	Tera Probe, Inc.		50,390
	19,187	T-Gaia Corp.		235,391
	85,580	TIS, Inc.		2,350,003
	11,500	Toa Corp.		72,280
	8,200	Tobishima Corp.		68,785
	88,700	TOC Co. Ltd.		436,861
	109,465	Tochigi Bank Ltd. (The)		223,517
	151,900	Toho Holdings Co. Ltd.		3,030,557
	79,200	Tokai Carbon Co. Ltd.		719,747
	24,000	Tokai Corp.		362,615
	17,500	Tokuyama Corp.		285,409
	11,000	Tokyo Keiki, Inc.		97,761
	12,600	Tokyo Ohka Kogyo Co. Ltd.		657,761
	4,900	Tokyo Rakutenchi Co. Ltd.		152,131
	19,700	Tokyo Rope Manufacturing Co. Ltd.		168,168
	120,900	Tokyo Seimitsu Co. Ltd.		4,460,243
	42,410	Tokyo Tatemono Co. Ltd.		537,122
	19,600	Tokyotokeiba Co. Ltd.		618,782
	326,645	Tokyu Fudosan Holdings Corp.		1,657,656
	1,035	Tokyu REIT, Inc.		1,382,692
	58,085	TOMONY Holdings, Inc.		158,008
	248,690	Tomy Co. Ltd.		2,810,010
	800	Tonami Holdings Co. Ltd.		27,137
	68,400	Topcon Corp.		974,302
	14,400	Topy Industries Ltd.		198,191
	5,700	Torishima Pump Manufacturing Co. Ltd.		66,274
	188,000	Tosei Corp.		2,237,230
	227,939	Toshiba Corp.		7,344,144
	59,155	Toshiba TEC Corp.		1,718,057
	1,100	Totech Corp.		34,679
	91,300	TOTO Ltd.		3,122,620
	142,500	Towa Pharmaceutical Co. Ltd.		2,033,938
	6,600	Toyo Denki Seizo KK		49,519
	50,400	Toyo Engineering Corp.(a)		215,362
	18,700	Toyo Machinery & Metal Co. Ltd.		87,946
	44,700	Toyo Seikan Group Holdings Ltd.		631,430
	48,900	Toyo Tire Corp.		582,595
	2,200	Toyokumo, Inc.		25,205
	5,700	TPR Co. Ltd.		58,812
	4,100	Trancom Co. Ltd.		205,781
	142,300	Transcosmos, Inc.		3,320,197
	42,605	Trend Micro, Inc.		2,081,829
	14,200	Tri Chemical Laboratories, Inc.		229,670
	2,900	Trinity Industrial Corp.		15,363
	76,800	Trusco Nakayama Corp.		1,334,111
	96,800	Tsubakimoto Chain Co.		2,397,611

Shares			Value
JAPAN (continued)
	68,700	Tsugami Corp.	$	713,616
	6,100	Tsuruha Holdings, Inc.		399,524
	15,700	TV Asahi Holdings Corp.		181,495
	3,700	TYK Corp.		9,290
	35,000	UACJ Corp.		698,522
	190,500	Ubicom Holdings, Inc.		3,034,951
	9,800	Uchida Yoko Co. Ltd.		373,095
	7,000	Ulvac, Inc.		277,889
	5,800	Union Tool Co.		138,703
	9,300	Unipres Corp.		64,784
	48,400	UNITED, Inc.		449,227
	147,200	Ushio, Inc.		1,831,105
	147,040	USS Co. Ltd.		2,470,859
	37,900	V Technology Co. Ltd.		844,659
	5,000	Valor Holdings Co. Ltd.		76,544
	12,600	ValueCommerce Co. Ltd.		122,048
	7,100	VINX Corp.		70,320
	17,800	Vision, Inc.(a)		223,507
	9,700	Vital KSK Holdings, Inc.		69,743
	174,200	Wacom Co. Ltd.		884,812
	11,400	Wakita & Co. Ltd.		116,045
	19,600	Warabeya Nichiyo Holdings Co. Ltd.		322,849
	2,900	Waseda Academy Co. Ltd.		29,404
	800	WDB coco Co. Ltd.		27,573
	19,600	WDB Holdings Co. Ltd.		292,774
	29,300	Will Group, Inc.		229,656
	3,700	WingArc1st, Inc.		60,396
	23,200	Workman Co. Ltd.		945,081
	2,000	Wowow, Inc.		19,271
	85,500	Xebio Holdings Co. Ltd.		758,797
	125,700	YAMABIKO Corp.		1,245,347
	2,300	YAMADA Consulting Group Co. Ltd.		25,834
	6,800	Yamae Group Holdings Co. Ltd.		108,860
	4,500	Yamagata Bank Ltd. (The)		35,740
	80,000	Yamaichi Electronics Co. Ltd.		1,062,075
	44,700	Yamanashi Chuo Bank Ltd. (The)		373,154
	65,400	Yamazen Corp.		507,409
	147,410	Yokohama Rubber Co. Ltd. (The)		3,204,781
	5,100	Yokowo Co. Ltd.		75,417
	2,300	Yondenko Corp.		33,025
	1,400	Yossix Holdings Co. Ltd.		22,718
	1,900	Yuasa Trading Co. Ltd.		55,180
	4,600	Yurtec Corp.		27,946
	20,100	Yushin Precision Equipment Co. Ltd.		117,303
	30,900	Zenkoku Hosho Co. Ltd.		1,135,703
	70,200	Zenrin Co. Ltd.		454,163
	60,600	Zeon Corp.		625,261
	47,800	ZERIA Pharmaceutical Co. Ltd.		856,733
	122,200	ZIGExN Co. Ltd.		454,402
	60,600	ZOZO, Inc.		1,275,288
	13,100	Zuken, Inc.		332,601
				619,371,938

30

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
JERSEY CHANNEL ISLANDS — 0.3%
	371,749	Novocure Ltd.(a)	$	24,498,259
LUXEMBOURG — 0.0%
	17,390	APERAM SA		644,776
	438,650	Perimeter Solutions SA(a)		3,281,102
				3,925,878
MALAYSIA — 0.1%
	21,463,000	Top Glove Corp. Behrad(a)		4,733,124
MEXICO — 0.0%
	462,765	Qualitas Controladora SAB de CV		3,072,917
NETHERLANDS — 0.9%
	57,729	ASM International NV		20,958,478
	54,715	ASR Nederland NV		2,406,511
	18,142	BE Semiconductor Industries NV		1,633,028
	48,443	Brunel International NV		655,126
	204,989	Eurocommercial Properties NV REIT		4,916,026
	18,378	Flow Traders Ltd.		455,222
	187,057	Heijmans NV		2,327,325
	90,824	IMCD NV		13,672,585
	42,190	JDE Peet’s NV		1,283,319
	2,279,525	Koninklijke BAM Groep NV		4,995,455
	16,000	Koninklijke Vopak NV		611,336
	20,407	Merus NV(a)		391,406
	266	Nedap NV		16,665
	26,710	OCI NV		703,817
	81,830	Randstad NV		4,446,295
	114,574	TKH Group NV		5,546,725
	506,755	TomTom NV(a)		4,344,801
	43,614	Van Lanschot Kempen NV		1,325,687
	31,077	Vastned Retail NV REIT		708,000
	142,536	Wereldhave NV REIT		2,189,005
				73,586,812
NEW ZEALAND — 0.2%
	248,619	a2 Milk Co. Ltd. (The)(a)		897,406
	255,421	Air New Zealand Ltd.(a)		120,343
	32,809	Bathurst Resources Ltd.(a)		22,230
	33,913	Channel Infrastructure NZ Ltd.		31,072
	113,794	SKY Network Television Ltd.		185,611
	1,169,355	Spark New Zealand Ltd.		3,788,890
	139,072	Xero Ltd.(a)		8,681,676
				13,727,228
NORWAY — 0.6%
	372,756	ABG Sundal Collier Holding ASA		193,973
	6,792	AF Gruppen ASA		103,373
	156,019	Aker BP ASA		3,729,762
	22,293	Atea ASA		306,679
	51,474	Awilco LNG AS		46,460
	291,972	B2Holding ASA		204,974
	579,050	Belships ASA		1,094,856
	30,307	Bouvet ASA		190,936
	7,359,224	DNO ASA		7,362,165

Shares			Value
NORWAY (continued)
	156,880	Elkem ASA(b)(d)	$	530,976
	36,575	FLEX LNG Ltd.		1,268,630
	197,710	Gjensidige Forsikring ASA		3,444,058
	5,789	Gram Car Carriers ASA		97,157
	56,905	Grieg Seafood ASA		477,198
	441,808	Hoegh Autoliners ASA		2,870,509
	17,270	Kitron ASA		65,220
	73,900	Kongsberg Gruppen ASA		3,319,277
	1,727	Medistim ASA		42,665
	1,361,256	MPC Container Ships ASA		2,233,885
	428,690	Norsk Hydro ASA		3,154,758
	1,290,993	Norwegian Air Shuttle ASA(a)		1,254,497
	29,632	Odfjell Drilling Ltd.(a)		69,187
	1,194	Odfjell SE - Class A		11,181
	214,555	Orkla ASA		1,542,175
	11,425	Pareto Bank ASA		55,604
	43,440	Protector Forsikring ASA		630,720
	68,330	Rana Gruber ASA		368,777
	37,495	Salmar ASA		1,665,847
	2,897	SpareBank 1 Nord Norge		26,228
	91	Sparebank 1 Oestlandet		1,071
	4,705	Sparebanken More		33,658
	474,269	TGS ASA		7,437,660
	67,324	Veidekke ASA		775,061
	605,074	Wallenius Wilhelmsen ASA		4,528,395
	8,665	Western Bulk Chartering AS		35,812
	2,055	Wilh Wilhelmsen Holding ASA - Class A		53,852
				49,227,236
PERU — 0.1%
	831,900	Cia de Minas Buenaventura SAA - ADR		5,881,533
POLAND — 0.3%
	1,057,341	Allegro.eu SA(a)(b)(d)		8,334,209
	167,054	KGHM Polska Miedz SA		4,805,403
	3,245,409	Orange Polska SA		5,654,428
	2,776,297	PGE Polska Grupa Energetyczna SA(a)		4,599,068
	3,514,671	Tauron Polska Energia SA(a)		1,750,104
				25,143,212
PORTUGAL — 0.1%
	198,080	Jeronimo Martins SGPS SA		4,998,593
	14,662	Mota-Engil SGPS SA		32,049
	357,996	Navigator Co. SA (The)		1,313,992
	258,125	NOS SGPS SA		1,134,816
	134,013	REN - Redes Energeticas Nacionais SGPS SA		389,174
	1,578,089	Sonae SGPS SA		1,799,572
				9,668,196
RUSSIA — 0.0%
	3,531,360	Alrosa PJSC(a)(c)(e)		0

31

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
RUSSIA (continued)
	1,189,126,065	Federal Grid Co. Unified Energy System PJSC(a)(c)(e)	$	0
	4,480,742	Gazprom PJSC(c)(e)		0
	1,073,095	Gazprom PJSC - ADR(a)(c)(e)		0
	112,793	Magnit PJSC(a)(c)(e)		0
	532,967	Mobile TeleSystems PJSC(c)(e)		0
	217,810,135	ROSSETI PJSC(a)(c)(e)		0
	1,641,600	Rostelecom PJSC(c)(e)		0
	461,432,194	RusHydro PJSC(c)(e)		0
	13,369,855	Surgutneftegas PJSC(c)(e)		0
	243,969	VK Co. Ltd. - GDR(a)(b)(c)(e)		0
				0
SINGAPORE — 0.6%
	99,600	APAC Realty Ltd.		45,957
	296	BW Energy Ltd.(a)		796
	1,038,000	CapitaLand Integrated Commercial Trust REIT		1,584,963
	2,303,040	ComfortDelGro Corp. Ltd.		2,061,621
	55,600	Cromwell European Real Estate Investment Trust REIT(b)		94,448
	271,700	CSE Global Ltd.		72,406
	23,500	Delfi Ltd.		20,482
	863,100	Dyna-Mac Holdings Ltd.		165,931
	56,800	Far East Hospitality Trust REIT		26,453
	919,000	First Resources Ltd.		1,059,500
	2,118,500	Frasers Logistics & Commercial Trust REIT(b)		2,150,152
	3,413,500	Genting Singapore Ltd.		2,903,953
	3,296,300	Geo Energy Resources Ltd.		829,894
	9,772,300	Golden Agri-Resources Ltd.		2,021,039
	196,742	Hafnia Ltd.		1,067,320
	34	Ho Bee Land Ltd.		56
	35,200	Hong Fok Corp. Ltd.		27,269
	305,000	Hour Glass Ltd. (The)		476,752
	4,156	Hyphens Pharma International Ltd.		1,045
	793,729	IGG, Inc.(a)		656,136
	263,700	InnoTek Ltd.		95,267
	94,300	ISDN Holdings Ltd.		33,403
	152,800	Kimly Ltd.		37,825
	988,600	Lendlease Global Commercial REIT		520,116
	194,900	LHN Ltd.		38,786
	993,800	Mapletree Pan Asia Commercial Trust REIT		1,316,437
	2,500,700	Marco Polo Marine Ltd.(a)		84,602
	577,400	Propnex Ltd.(b)		541,573
	91,500	PSC Corp. Ltd.		24,735
	4,636,995	Raffles Medical Group Ltd.		5,120,694
	304,400	RHT Health Trust REIT(a)(c)(e)		4,334
	5,331,900	Riverstone Holdings Ltd.		2,425,374
	922,476	Samudera Shipping Line Ltd.		923,805
	4,730,100	Sembcorp Industries Ltd.		15,219,802
	2,156,910	Sheng Siong Group Ltd.		2,864,623

Shares			Value
SINGAPORE (continued)
	563,100	Silverlake Axis Ltd.	$	141,781
	243,500	Singapore Exchange Ltd.		1,752,379
	1,157,900	Starhill Global REIT		456,432
	37,000	Wing Tai Holdings Ltd.		41,093
	796,200	Yangzijiang Financial Holding Ltd.(a)		230,552
	368,800	Yanlord Land Group Ltd.		235,726
				47,375,512
SOUTH AFRICA — 0.3%
	492,892	Aspen Pharmacare Holdings Ltd.		4,933,266
	1,695,683	Harmony Gold Mining Co. Ltd. - ADR		7,817,098
	659,786	Remgro Ltd.		5,050,017
	2,317,633	Sappi Ltd.		5,272,285
	420,358	SPAR Group Ltd. (The)		3,229,465
				26,302,131
SOUTH KOREA — 1.1%
	34,016	Green Cross Corp.		3,151,858
	231,729	GS Engineering & Construction Corp.		3,760,441
	142,169	Hankook Tire & Technology Co. Ltd.		3,671,783
	96,465	HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		6,135,591
	79,860	Hyundai Department Store Co. Ltd.		3,092,171
	157,352	Hyundai Engineering & Construction Co. Ltd.		4,841,357
	113,903	KB Financial Group, Inc.		4,227,649
	107,178	Kia Corp.		6,787,939
	59,776	LG Electronics, Inc.		4,908,680
	39,897	Lotte Chemical Corp.		5,028,496
	64,752	OCI Co. Ltd.(c)		5,795,943
	453,924	Samsung Engineering Co. Ltd.(a)		9,907,838
	1,526,253	Samsung Heavy Industries Co. Ltd.(a)		6,501,544
	93,185	Samsung Life Insurance Co. Ltd.		4,619,733
	45,028	Samsung SDS Co. Ltd.		3,959,253
	179,610	Shinhan Financial Group Co. Ltd.		4,702,264
	657,978	SK Networks Co. Ltd.		2,296,430
				83,388,970
SPAIN — 0.5%
	103,653	Acerinox SA		1,119,893
	81,565	ACS Actividades de Construccion y Servicios SA		2,804,399
	637,797	Almirall SA		6,529,083
	85,681	Applus Services SA		718,870
	188,891	Cia de Distribucion Integral Logista Holdings SA		5,129,694
	79,480	CIE Automotive SA		2,396,681
	5,686	Elecnor SA		74,507
	1,072,475	Ence Energia y Celulosa SA		4,200,976
	25,690	Energia Innovacion y Desarrollo Fotovoltaico SA(a)		842,254
	58,382	Ercros SA		272,514
	464,754	Faes Farma SA		1,638,292

32

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
SPAIN (continued)
	4,820	Grupo Catalana Occidente SA	$	155,560
	85,361	Indra Sistemas SA		1,130,249
	50,937	Laboratorios Farmaceuticos Rovi SA		2,253,372
	32,268	Lar Espana Real Estate Socimi SA REIT		182,335
	1,076,360	Mapfre SA		2,156,085
	386,850	Merlin Properties Socimi SA REIT		3,420,451
	10,090	Pharma Mar SA		418,886
	8,416	Realia Business SA(a)		9,272
	13,019	Tubacex SA(a)		35,400
	4,067	Vidrala SA		426,944
				35,915,717
SWEDEN — 1.3%
	333,528	AAK AB		6,721,628
	7,361	Addnode Group AB		93,615
	533,897	Alleima AB(a)		2,740,748
	51	Alligo AB - Class B		569
	38,270	Arise AB(a)		207,498
	113,650	Axfood AB		2,820,472
	3,474	B3 Consulting Group AB		53,089
	6,934	Bahnhof AB - Class B(e)		29,379
	463,923	Betsson AB - Class B		5,011,834
	94,258	BioGaia AB - Class B		936,035
	107,812	Biotage AB		1,341,136
	5,994	Bjorn Borg AB		23,034
	3,190	Bufab AB		105,811
	3,890	Bulten AB		36,095
	87,066	Camurus AB(a)		1,982,139
	1,735	Cellavision AB		29,592
	82	Clas Ohlson AB - Class B		619
	7,290	Doro AB(a)		10,834
	4,649	Elanders AB - Class B		59,083
	5,172	Ependion AB		57,334
	2,734	ES Energy Save Holding AB - Class B(a)(e)		36,364
	37,752	Fagerhult AB		241,298
	1,994,038	Fortnox AB		13,744,791
	32,583	Hanza AB		250,987
	367,140	Hexpol AB		4,327,042
	1,200	HMS Networks AB		55,825
	139,496	Inwido AB		1,465,873
	12,702	Lagercrantz Group AB - Class B		163,467
	205,166	Loomis AB		6,567,117
	65,409	MEKO AB		802,078
	51	Momentum Group AB(a)		418
	82,482	Mycronic AB		1,752,980
	79	Nederman Holding AB		1,508
	900,348	Net Insight AB - Class B(a)		460,006
	7,020	OEM International AB - Class B		68,128
	350,715	Orron Energy AB(a)		409,225
	61,375	Paradox Interactive AB		1,509,609
	3,225	Prevas AB - Class B		47,994

Shares			Value
SWEDEN (continued)
	19,329	Proact IT Group AB	$	207,562
	254	QleanAir AB		487
	18,644	Rottneros AB		22,389
	197,994	Saab AB - Class B		11,117,223
	5,896	Scandi Standard AB(a)		30,473
	162,217	Sectra AB - Class B		2,561,459
	24,081	Softronic AB - Class B		45,542
	10,855	Solid Forsakring AB		68,756
	280,375	SSAB AB - Class A		1,991,183
	363,810	SSAB AB - Class B		2,459,021
	574,050	Stillfront Group AB(a)		1,223,068
	28,797	Sweco AB - Class B		386,049
	890,371	Swedish Orphan Biovitrum AB(a)		21,667,616
	15,701	Systemair AB		136,464
	30,086	Tethys Oil AB		153,924
	80,550	Tobii AB(a)		168,162
	36,753	Transtema Group AB(a)		118,989
	169,000	Trelleborg AB - Class B		4,246,651
				100,770,272
SWITZERLAND — 2.3%
	296,494	Alcon, Inc.		21,589,609
	638,340	Aryzta AG(a)		1,134,181
	95,888	Ascom Holding AG		927,705
	76,686	Baloise Holding AG		12,836,716
	20,270	Banque Cantonale Vaudoise		2,132,900
	6,147	Barry Callebaut AG		13,124,395
	34,404	Basilea Pharmaceutica AG(a)		1,667,289
	25,441	Belimo Holding AG		12,278,560
	14,325	BKW AG		2,453,109
	15,749	Bucher Industries AG		7,092,498
	23,471	Burckhardt Compression Holding AG		14,493,035
	606	Burkhalter Holding AG		65,121
	2,700	Calida Holding AG		125,213
	8,830	Cembra Money Bank AG		709,103
	1,562	Coltene Holding AG		127,295
	22,635	Comet Holding AG		5,471,270
	11,280	DKSH Holding AG		898,462
	12,045	dormakaba Holding AG		5,395,865
	73,564	DSM-Firmenich AG(a)		9,626,706
	140,018	Dufry AG(a)		6,472,928
	5,105	EMS-Chemie Holding AG		4,192,747
	1,737,129	Ferrexpo Plc		2,361,986
	151	Forbo Holding AG		222,283
	47,465	Galenica AG(b)(d)		4,253,757
	140,797	Georg Fischer AG		10,266,908
	73,251	Huber + Suhner AG		6,033,628
	21,021	Implenia AG		948,619
	52	Ina Invest Holding AG(a)		1,060
	1,046	Inficon Holding AG		1,138,810
	1,593	Investis Holding SA(b)		177,531
	11,573	Komax Holding AG		3,067,586
	8,388	Kudelski SA(a)		16,969

33

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
SWITZERLAND (continued)
	1,962	Landis+Gyr Group AG	$	162,548
	3,415	Meier Tobler Group AG		203,694
	92	Metall Zug AG - Class B		190,372
	116,167	Mobilezone Holding AG		1,777,753
	9,606	Molecular Partners AG(a)		63,832
	19	Orell Fuessli AG		1,658
	99	Phoenix Mecano AG		48,859
	17,810	PSP Swiss Property AG		2,097,326
	38,604	SFS Group AG		5,044,406
	2,602	Siegfried Holding AG		2,005,385
	28,785	Stadler Rail AG		1,196,273
	9,375	Swatch Group AG (The)		3,216,211
	39,975	Swatch Group AG (The)		2,521,939
	23,980	Swiss Prime Site AG		2,170,661
	10,930	Tecan Group AG		4,762,995
	23,651	u-blox Holding AG		2,851,017
	3,975	Vetropack Holding AG		206,616
	312	Ypsomed Holding AG		72,531
	20,405	Zehnder Group AG		1,666,694
				181,564,614
TAIWAN — 0.8%
	6,927,000	Acer, Inc.		6,832,897
	2,076,000	ASE Technology Holding Co. Ltd.		6,824,956
	2,557,018	Cheng Shin Rubber Industry Co. Ltd.		3,151,235
	10,290,432	China Petrochemical Development Corp.		3,389,045
	2,645,000	Ennostar, Inc.		4,313,623
	105,500	Everlight Electronics Co. Ltd.		137,455
	528,000	Hiwin Technologies Corp.		4,055,671
	1,857,000	Hon Hai Precision Industry Co. Ltd.		6,327,820
	2,581,000	HTC Corp.(a)		4,790,315
	3,024,431	International CSRC Investment Holdings Co.		1,971,659
	1,972,000	Pegatron Corp.		4,500,409
	421,000	Phison Electronics Corp.		5,343,924
	7,586,000	Qisda Corp.		8,559,669
	1,923,494	Wistron Corp.		2,915,479
				63,114,157
THAILAND — 0.3%
	138,820	Fabrinet(a)		13,180,959
	3,799,258	PTT Global Chemical Public Co. Ltd. - FOR		4,635,895
	457,032	Siam Cement Public Co. Ltd. (The) - FOR		4,211,236
				22,028,090
TURKEY — 0.2%
	1,326,150	Anadolu Efes Biracilik Ve Malt Sanayii AS		4,294,893
	0	Petkim Petrokimya Holding AS(a)		0
	1,841,615	Tekfen Holding AS		2,729,676
	3,405,002	Turkcell Iletisim Hizmetleri AS		5,800,564

Shares			Value
TURKEY (continued)
	1	Turkiye Is Bankasi AS - Class C	$	1
				12,825,134
UNITED KINGDOM — 5.3%
	86,515	3i Group Plc		1,924,875
	24,890	4imprint Group Plc		1,412,462
	237,505	abrdn Plc		636,449
	13,299	accesso Technology Group Plc(a)		114,001
	2,399,018	Adaptimmune Therapeutics Plc - ADR(a)		3,406,606
	102,439	Advanced Medical Solutions Group Plc		315,141
	45,928	AG Barr Plc		289,983
	537,550	Airtel Africa Plc(b)(d)		811,447
	101,136	AJ Bell Plc		415,791
	4,410,424	Alphawave IP Group Plc(a)		5,634,473
	81,611	Ashmore Group Plc		250,154
	4,480,720	Assura Plc REIT		2,864,670
	2,709,371	Balfour Beatty Plc		13,056,865
	90,199	Bank of Georgia Group Plc		3,355,429
	5,845	Bellway Plc		177,217
	27,727	Bloomsbury Publishing Plc		156,447
	2,462,308	boohoo Group Plc(a)		1,527,640
	3,989	Braemar Plc		14,086
	724,051	Britvic Plc		8,324,107
	2,309	Brooks Macdonald Group Plc		55,313
	202,665	Capricorn Energy Plc(a)		558,689
	200,393	Card Factory Plc(a)		275,922
	93,514	Central Asia Metals Plc		241,894
	9,515,590	Centrica Plc		13,673,442
	366,047	Ceres Power Holdings Plc(a)		1,612,478
	10,247	Cerillion Plc		158,531
	597,857	Chemring Group Plc		2,140,058
	28,390	Chesnara Plc		99,076
	45,203	Clarkson Plc		1,764,636
	251,030	Close Brothers Group Plc		2,869,289
	54,027	Computacenter Plc		1,566,294
	29,315	Concentric AB		616,530
	8,818,874	ConvaTec Group Plc(b)(d)		24,380,425
	1,629	Costain Group Plc(a)		1,219
	91,180	Cranswick Plc		3,687,258
	303,288	Crest Nicholson Holdings Plc		1,024,830
	43,616	Croda International Plc		3,832,077
	143	DFS Furniture Plc		226
	213,961	dotdigital group Plc		239,960
	195,950	Drax Group Plc		1,552,728
	639,928	DS Smith Plc		2,498,447
	245,685	Dunelm Group Plc		3,537,519
	1,978	Eco Animal Health Group Plc(a)		3,008
	84,100	Ecora Resources Plc		126,433
	1,306	Epwin Group Plc		1,257
	38,617	Ergomed Plc(a)		518,551
	216,909	FDM Group Holdings Plc		1,836,159

34

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	1,577,283	Firstgroup Plc	$	2,224,646
	13,542	Foresight Group Holdings Ltd.		71,524
	323,314	Frasers Group Plc(a)		3,124,394
	17,922	Frontier Developments Plc(a)		111,868
	30,714	Galliford Try Holdings Plc		68,614
	34,540	Games Workshop Group Plc		4,311,212
	234,525	Gamma Communications Plc		3,438,653
	55,656	Genel Energy Plc		77,772
	228,197	Genus Plc		7,715,419
	172,378	Greggs Plc		6,122,160
	874,503	Gulf Keystone Petroleum Ltd.		1,492,365
	5,779	H&T Group Plc		33,221
	22,413	Hargreaves Services Plc		115,267
	2,813	Headlam Group Plc		10,306
	17,982	Hill & Smith Plc		311,081
	61,513	Hollywood Bowl Group Plc		186,079
	1,807,080	Howden Joinery Group Plc		15,577,719
	201,832	Hunting Plc		593,830
	260,855	IG Group Holdings Plc		2,408,089
	372,964	IMI Plc		7,483,092
	15,766	Impax Asset Management Group Plc		155,856
	37,373	Inchcape Plc		380,474
	31,133	Indivior Plc(a)		597,559
	1,872,542	ITM Power Plc(a)		1,842,861
	3,601,776	JD Sports Fashion Plc		7,310,046
	1,679,466	JET2 Plc		25,937,913
	438,670	Johnson Service Group Plc		670,637
	76,335	Jupiter Fund Management Plc		124,934
	899,452	Just Group Plc		999,451
	173,748	Kainos Group Plc		2,711,563
	69,678	Keller Group Plc		584,267
	7,819	Kitwave Group Plc		26,395
	467,401	Lookers Plc		508,996
	28,648	Macfarlane Group Plc		38,615
	2,636,263	Man Group Plc		7,539,632
	341,180	Marks & Spencer Group Plc(a)		705,934
	97,544	Marston’s Plc(a)		42,736
	19,263	ME Group International Plc		31,162
	29,985	Mears Group Plc		83,508
	722,903	Mitie Group Plc		836,931
	55,527	Morgan Advanced Materials Plc		214,661
	24,400	Morgan Sindall Group Plc		520,425
	2,750	MP Evans Group Plc		29,201
	56,895	Next Plc		4,827,360
	307,405	Ninety One Plc		698,125
	484	Norcros Plc		1,187
	3,416,949	Ocado Group Plc(a)		21,746,665
	827	Odfjell Technology Ltd.(a)		4,143
	370,576	Oxford Biomedica Plc(a)		2,022,226
	12,458	Oxford Instruments Plc		432,068
	96,831	Oxford Metrics Plc		115,607
	5,906,196	Oxford Nanopore Technologies Plc(a)		17,041,278
	234,341	Pagegroup Plc		1,337,369

Shares			Value
UNITED KINGDOM (continued)
	772,654	Pan African Resources Plc	$	171,420
	15,450	Paragon Banking Group Plc		97,654
	5,827	Patisserie Holdings Plc(a)(c)		0
	120,160	Pearson Plc		1,336,875
	138,251	Pharos Energy Plc(a)		40,111
	145,339	Polar Capital Holdings Plc		894,598
	2,125,800	Primary Health Properties Plc REIT		2,851,644
	911,728	QinetiQ Group Plc		4,260,119
	2,432,980	Quilter Plc(b)(d)		2,604,507
	66,119	Redde Northgate Plc		312,721
	9,917	Renew Holdings Plc		90,685
	185,419	Renishaw Plc		8,410,552
	2,798	Ricardo Plc		21,058
	591,245	Rightmove Plc		4,279,476
	805	Robert Walters Plc		4,311
	3,714,207	Rotork Plc		15,307,312
	1,438,112	RS GROUP Plc		16,685,038
	434,000	RWS Holdings Plc		1,393,505
	381,071	Safestore Holdings Plc REIT		4,750,178
	35,836	Sanderson Design Group Plc		57,625
	12,651	Savills Plc		153,153
	303,855	Serco Group Plc		581,226
	548,366	Serica Energy Plc		1,639,072
	538,176	SIG Plc(a)		301,521
	4,433	SigmaRoc Plc(a)		3,124
	520,428	Smiths Group Plc		11,004,271
	36,944	Smiths News Plc		24,595
	225,235	Softcat Plc		3,794,933
	7,108	Spectris Plc		336,618
	364,112	Speedy Hire Plc		147,233
	81,923	Spirax-Sarco Engineering Plc		11,447,921
	1,138,365	Spirent Communications Plc		2,588,220
	743,605	St. James’s Place Plc		11,308,827
	835,005	Standard Chartered Plc		6,615,855
	131,893	SThree Plc		699,829
	60,590	Stolt-Nielsen Ltd.		1,747,086
	558,108	Subsea 7 SA		6,379,461
	404,995	Taylor Wimpey Plc		653,608
	101,408	Telecom Plus Plc		2,300,218
	201,900	TORM Plc - Class A		6,319,374
	1,961,979	Trainline Plc(a)(b)(d)		6,137,991
	2,391,221	UK Commercial Property REIT Ltd.		1,614,340
	2,730	Verici Dx Plc(a)		480
	60,862	Vertu Motors Plc		44,233
	100,014	Vesuvius Plc		510,474
	184,651	Victrex Plc		3,901,875
	1,167,474	Virgin Money UK Plc - CDI		2,306,457
	378,420	Vistry Group plc		3,730,015
	34,146	Weir Group Plc (The)		790,253
	13,441	XPS Pensions Group Plc(b)		27,525
	19,825	YouGov Plc		211,494
				420,047,859

35

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED STATES — 38.6%
	322,612	A.O. Smith Corp.	$	22,031,173
	178,535	AeroVironment, Inc.(a)		17,976,689
	158,723	Agilysys, Inc.(a)		12,386,743
	35,382	Akero Therapeutics, Inc.(a)		1,582,991
	100,000	Albany International Corp. - Class A		9,121,000
	316,612	Alnylam Pharmaceuticals, Inc.(a)		63,069,110
	132,077	Ambarella, Inc.(a)		8,186,132
	77,615	American States Water Co.		6,888,331
	65,000	AMERISAFE, Inc.		3,617,250
	41,410	AMN Healthcare Services, Inc.(a)		3,575,754
	321,120	Appian Corp. - Class A(a)		12,058,056
	102,205	Applied Industrial Technologies, Inc.		13,865,130
	615,000	Asana, Inc. - Class A(a)		9,950,700
	42,115	ASGN, Inc.(a)		3,015,013
	400,000	AtriCure, Inc.(a)		17,596,000
	1,424,712	Avantor, Inc.(a)		27,753,390
	324,952	Avidity Biosciences, Inc.(a)		4,029,405
	211,134	Axon Enterprise, Inc.(a)		44,488,045
	320,000	Axonics, Inc.(a)		18,387,200
	146,355	AZEK Co., Inc. (The)(a)		3,972,075
	95,000	BancFirst Corp.		7,589,550
	370,000	Barnes Group, Inc.		15,551,100
	138,709	Beam Therapeutics, Inc.(a)		4,259,753
	217,020	Berry Global Group, Inc.		12,545,926
	118,690	BioCryst Pharmaceuticals, Inc.(a)		903,231
	652,232	BJ’s Wholesale Club Holdings, Inc.(a)		49,810,958
	150,000	Blackbaud, Inc.(a)		10,403,250
	563,643	Blackline, Inc.(a)		31,400,552
	136,000	Booz Allen Hamilton Holding Corp.		13,017,920
	365,000	Box, Inc. - Class A(a)		9,657,900
	95,475	Bright Horizons Family Solutions, Inc. (a)		7,267,557
	725,000	BRP Group, Inc. - Class A(a)		18,262,750
	144,049	Burlington Stores, Inc.(a)		27,774,088
	17,534	CACI International, Inc. - Class A(a)		5,493,753
	147,640	Cactus, Inc. - Class A		5,976,467
	383,106	Cardlytics, Inc.(a)		2,486,358
	155,881	Carlisle Cos, Inc.		33,646,914
	259,670	CBIZ, Inc.(a)		13,682,012
	170,027	CDW Corp.		28,834,879
	345,000	Central Garden & Pet Co. - Class A(a)		12,188,850
	89,639	CEVA, Inc.(a)		2,252,628
	839,669	ChampionX Corp.		22,738,237
	19,548	Chart Industries, Inc.(a)		2,601,839
	588,435	Chegg, Inc.(a)		10,580,061
	143,935	Chinook Therapeutics, Inc.(a)		2,880,139
	183,541	Clean Harbors, Inc.(a)		26,642,812
	1,226,820	Codexis, Inc.(a)		4,809,134
	56,275	Comfort Systems USA, Inc.		8,412,550
	145,975	Commercial Metals Co.		6,815,573
	200,000	Community Bank System, Inc.		9,992,000
	210,000	CONMED Corp.		26,369,700
	108,734	Cooper Cos, Inc. (The)		41,476,584

Shares			Value
UNITED STATES (continued)
	77,925	Crane Co.(a)	$	5,616,055
	77,925	Crane NXT Co.		3,690,528
	160,000	CSW Industrials, Inc.		21,547,200
	574,610	Cushman & Wakefield Plc(a)		5,659,909
	561,130	CVB Financial Corp.		8,400,116
	15,247	Deckers Outdoor Corp.(a)		7,308,497
	142,150	Delek US Holdings, Inc.		3,091,762
	52,050	Denbury, Inc.(a)		4,860,429
	194,852	Digimarc Corp.(a)		3,320,278
	32,124	Domino’s Pizza, Inc.		10,198,406
	195,695	Doximity, Inc. - Class A(a)		7,191,791
	597,510	Element Solutions, Inc.		10,844,807
	44,225	elf Beauty, Inc.(a)		4,102,311
	126,170	Envestnet, Inc.(a)		7,996,655
	180,158	Envista Holdings Corp.(a)		6,934,281
	155,796	Equifax, Inc.		32,464,770
	250,000	ESCO Technologies, Inc.		23,392,500
	228,215	Essent Group Ltd.		9,692,291
	520,000	European Wax Center, Inc. - Class A(a)		9,796,800
	138,249	Everbridge, Inc.(a)		3,633,184
	181,319	EverQuote, Inc. - Class A(a)		1,263,793
	706,450	Evoqua Water Technologies Corp.(a)		34,933,953
	434,630	Exact Sciences Corp.(a)		27,846,744
	68,265	ExlService Holdings, Inc.(a)		12,177,111
	283,294	Expedia Group, Inc.(a)		26,618,304
	249,831	FibroGen, Inc.(a)		4,277,107
	110,200	First Bancorp/Southern Pines NC		3,391,956
	290,000	First Financial Bankshares, Inc.		8,485,400
	85,425	FirstCash Holdings, Inc.		8,801,338
	121,390	FormFactor, Inc.(a)		3,315,161
	63,165	Fox Factory Holding Corp.(a)		7,003,104
	665,000	Fresh Market Escrow, Inc.(a)(c)		0
	240,000	Freshpet, Inc.(a)		16,552,800
	1,255,000	Freshworks, Inc. - Class A(a)		16,766,800
	155,000	Generac Holdings, Inc.(a)		15,844,100
	107,460	Gentherm, Inc.(a)		6,409,989
	320,000	German American Bancorp, Inc.		9,302,400
	283,434	Glaukos Corp.(a)		13,465,949
	350,000	Globus Medical, Inc. - Class A(a)		20,349,000
	101,500	Hamilton Lane, Inc. - Class A		7,478,520
	233,600	HashiCorp, Inc. - Class A(a)		6,262,816
	785,000	Hayward Holdings, Inc.(a)		9,451,400
	88,907	HEICO Corp.		14,993,276
	1,263,095	Hostess Brands, Inc.(a)		32,537,327
	62,900	IDACORP, Inc.		6,989,448
	528,310	ImmunoGen, Inc.(a)		2,847,591
	150,000	Independent Bank Corp.		8,400,000
	66,560	Independent Bank Group, Inc.		2,421,453
	255,563	Ingersoll Rand, Inc.		14,572,202
	249,685	Innospec, Inc.		25,375,487
	156,883	Inspire Medical Systems, Inc.(a)		41,986,597
	545,000	Integra LifeSciences Holdings Corp.(a)		30,149,400

36

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED STATES (continued)
	35,510	Inter Parfums, Inc.	$	5,390,063
	77,287	IPG Photonics Corp.(a)		8,886,459
	122,077	iRobot Corp.(a)		4,801,288
	46,599	IVERIC bio, Inc.(a)		1,532,641
	110,000	J & J Snack Foods Corp.		16,852,000
	335,000	John Bean Technologies Corp.		36,417,850
	445,000	John Wiley & Sons, Inc. - Class A		17,163,650
	187,071	Keysight Technologies, Inc.(a)		27,057,949
	23,544	Kinsale Capital Group, Inc.		7,692,060
	64,220	Kirby Corp.(a)		4,613,565
	32,154	Laboratory Corp. of America Holdings		7,289,633
	125,000	Lancaster Colony Corp.		26,140,000
	35,907	Lantheus Holdings, Inc.(a)		3,068,253
	77,878	Legend Biotech Corp. - ADR(a)		5,350,997
	131,408	LendingTree, Inc.(a)		3,131,453
	1,657,165	Leslie’s, Inc.(a)		17,980,240
	201,200	Light & Wonder, Inc.(a)		12,130,348
	181,579	Lincoln Electric Holdings, Inc.		30,468,956
	199,500	Live Nation Entertainment, Inc.(a)		13,522,110
	254,835	LivePerson, Inc.(a)		1,179,886
	295,574	LiveRamp Holdings, Inc.(a)		7,120,378
	32,403	Madrigal Pharmaceuticals, Inc.(a)		10,109,736
	381,435	Magnolia Oil & Gas Corp. - Class A		8,055,907
	155,875	Malibu Boats, Inc. - Class A(a)		8,845,906
	111,052	MarketAxess Holdings, Inc.		35,355,625
	41,400	Marriott Vacations Worldwide Corp.		5,570,784
	30,625	Masimo Corp.(a)		5,792,413
	171,360	Matador Resources Co.		8,401,781
	178,907	MaxCyte, Inc.(a)		894,535
	205,000	MGP Ingredients, Inc.		20,229,400
	97,355	MKS Instruments, Inc.		8,165,164
	385,367	Model N, Inc.(a)		11,869,304
	320,000	Montrose Environmental Group, Inc. (a)		9,747,200
	265,000	MSA Safety, Inc.		34,383,750
	329,992	Myriad Genetics, Inc.(a)		7,025,530
	518,414	Nasdaq, Inc.		28,704,583
	229,165	National Storage Affiliates Trust REIT		8,834,311
	795,000	Neogen Corp.(a)		13,689,900
	440,000	New Relic, Inc.(a)		31,446,800
	53,200	Nexstar Media Group, Inc.		9,227,540
	222,065	Novanta, Inc.(a)		33,940,415
	380,000	Nutanix, Inc. - Class A(a)		9,112,400
	119,585	OGE Energy Corp.		4,489,221
	368,000	Old National Bancorp		4,934,880
	120,000	Ollie’s Bargain Outlet Holdings, Inc. (a)		7,830,000
	210,000	Omnicell, Inc.(a)		12,761,700
	44,325	Onto Innovation, Inc.(a)		3,589,439
	228,100	Option Care Health, Inc.(a)		7,333,415
	115,800	Origin Bancorp, Inc.		3,407,994
	385,000	Outset Medical, Inc.(a)		6,926,150
	476,365	P10, Inc. - Class A		4,920,850

Shares			Value
UNITED STATES (continued)
	194,768	Pacific Biosciences of California, Inc.(a)	$	2,064,541
	286,595	Pacira BioSciences, Inc.(a)		12,985,619
	210,000	Palomar Holdings, Inc.(a)		10,554,600
	41,103	Paycom Software, Inc.(a)		11,935,078
	135,000	Penumbra, Inc.(a)		38,356,200
	235,980	Performance Food Group Co.(a)		14,793,586
	60,725	Pinnacle Financial Partners, Inc.		3,293,117
	106,225	Planet Fitness, Inc. - Class A(a)		8,831,547
	49,190	Primerica, Inc.		8,977,667
	411,861	Progyny, Inc.(a)		13,690,260
	1,300,000	Pure Storage, Inc. - Class A(a)		29,679,000
	3,319,448	PureTech Health Plc(a)		8,742,411
	473,966	Q2 Holdings, Inc.(a)		11,669,043
	58,190	QuidelOrtho Corp.(a)		5,234,190
	95,000	RBC Bearings, Inc.(a)		21,565,950
	42,869	Relay Therapeutics, Inc.(a)		487,421
	23,357	Repligen Corp.(a)		3,541,622
	396,805	RxSight, Inc.(a)		7,102,809
	109,081	Saia, Inc.(a)		32,481,049
	925,000	Sally Beauty Holdings, Inc.(a)		13,162,750
	679,013	Schrodinger, Inc.(a)		20,044,464
	101,675	SeaWorld Entertainment, Inc.(a)		5,455,880
	275,000	Selective Insurance Group, Inc.		26,490,750
	235,000	Sensient Technologies Corp.		17,498,100
	170,000	ServisFirst Bancshares, Inc.		8,585,000
	275,000	Shake Shack, Inc. - Class A(a)		15,072,750
	131,045	Shift4 Payments, Inc. - Class A(a)		8,880,920
	47,175	Shockwave Medical, Inc.(a)		13,688,298
	70,595	Shutterstock, Inc.		4,729,865
	360,000	SI-BONE, Inc.(a)		7,956,000
	555,000	Simply Good Foods Co. (The)(a)		20,185,350
	66,240	Simpson Manufacturing Co., Inc.		8,331,667
	70,105	Simulations Plus, Inc.		2,926,884
	310,000	Smartsheet, Inc. - Class A(a)		12,669,700
	84,100	SouthState Corp.		5,801,218
	635,000	Sovos Brands, Inc.(a)		10,890,250
	69,469	Splunk, Inc.(a)		5,991,007
	212,212	Sprout Social, Inc. - Class A(a)		10,453,563
	95,655	SPS Commerce, Inc.(a)		14,089,981
	557,126	STAAR Surgical Co.(a)		39,260,669
	297,510	STAG Industrial, Inc. REIT		10,076,664
	123,925	Standex International Corp.		15,219,229
	242,325	Stericycle, Inc.(a)		11,062,136
	152,639	STERIS Plc		28,780,083
	60,000	Stock Yards Bancorp, Inc.		2,916,000
	221,882	Stratasys Ltd.(a)		3,186,226
	293,022	Summit Materials, Inc. - Class A(a)		8,031,733
	68,768	Synopsys, Inc.(a)		25,534,934
	116,670	Synovus Financial Corp.		3,593,436
	355,000	Tandem Diabetes Care, Inc.(a)		14,050,900
	299,906	Teladoc Health, Inc.(a)		7,956,506
	106,937	Teleflex, Inc.		29,142,471

37

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
UNITED STATES (continued)
	300,000	Tenable Holdings, Inc.(a)	$	11,097,000
	85,875	Texas Capital Bancshares, Inc.(a)		4,315,219
	289,013	Tradeweb Markets, Inc. - Class A		20,349,405
	80,975	Transcat, Inc.(a)		6,177,583
	535,000	TriMas Corp.		13,594,350
	229,283	Trupanion, Inc.(a)		8,050,126
	348,448	Twist Bioscience Corp.(a)		4,348,631
	107,382	UFP Technologies, Inc.(a)		14,801,535
	37,995	UniFirst Corp.		6,219,022
	1,172,445	Upwork, Inc.(a)		11,220,299
	1,070,197	US Foods Holding Corp.(a)		41,095,565
	1,200,000	Utz Brands, Inc.		22,692,000
	362,883	Veeco Instruments, Inc.(a)		6,684,305
	400,000	Veracyte, Inc.(a)		9,056,000
	2,193,315	ViewRay, Inc.(a)		2,588,112
	39,813	Wayfair, Inc. - Class A(a)		1,386,687
	113,518	WEX, Inc.(a)		20,132,417
	529,813	WillScot Mobile Mini Holdings Corp. (a)		24,053,510
	90,515	Wingstop, Inc.		18,112,957
	255,183	Wolfspeed, Inc.(a)		11,878,769
	362,565	Workiva, Inc.(a)		33,870,822
	265,000	WSFS Financial Corp.		9,320,050
	49,300	Wyndham Hotels & Resorts, Inc.		3,363,246
	240,000	Zevia PBC - Class A(a)		842,400
	72,000	Ziff Davis, Inc.(a)		5,266,080
	108,224	Zillow Group, Inc. - Class A(a)		4,629,823
	480,372	Zillow Group, Inc. - Class C(a)		20,915,397
	1,160,898	Zuora, Inc. - Class A(a)		9,043,395
				3,056,080,519
URUGUAY — 0.2%
	11,863	MercadoLibre, Inc.(a)		15,154,864
VIETNAM — 0.0%
	563,790	Vietnam National Petroleum Group		903,060
Total Common Stocks (Cost $6,333,766,164)				6,757,620,188
MASTER   LIMITED PARTNERSHIPS — 0.1%
UNITED STATES — 0.1%
	110,900	Cedar Fair LP		4,848,548
Total Master Limited Partnerships (Cost $4,739,569)				4,848,548
RIGHTS/WARRANTS   — 0.0%
SPAIN — 0.0%
	457,390	Faes Farma SA, Rights, Expire 05/05/23(a)(c)		59,472

Shares			Value
UNITED STATES — 0.0%
	146,063	Aduro Biotech CVR, Rights, Expire 01/02/24(a)(c)(e)	$	0
Total Rights/Warrants (Cost $58,897)				59,472
EXCHANGE-TRADED   FUNDS — 9.9%
	2,444,400	FlexShares Morningstar Global Upstream Natural Resources Index Fund		104,449,212
	847,650	Health Care Select Sector SPDR Fund		113,186,705
	518,000	iShares S&P Small-Cap 600 Value ETF		47,319,300
	610,850	SPDR S&P Biotech ETF(a)		48,990,170
	1,535,025	SPDR S&P Metals & Mining ETF		75,830,235
	928,400	Utilities Select Sector SPDR Fund		64,041,032
	2,846,650	VanEck Junior Gold Miners ETF		113,154,338
	621,350	VanEck Oil Services ETF		170,330,675
	304,600	Vanguard Small-Cap Value ETF		47,895,304
Total Exchange-Traded Funds (Cost $760,695,259)				785,196,971
Principal Amount
U.S. GOVERNMENT AGENCIES — 1.0%
Federal Home Loan Bank — 1.0%
$	75,000,000	4.60%, 05/17/23(f)		74,848,648
Total U.S. Government Agencies (Cost $74,847,500)				74,848,648
Shares
INVESTMENT COMPANY — 0.6%
	49,982,743	Federated Hermes Government Obligations Fund, 4.72%(g)		49,982,743
Total Investment Company (Cost $49,982,743)				49,982,743

38

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
Principal Amount
CASH SWEEP — 3.2%
	250,394,926	Citibank - US Dollars on Deposit in Custody Account, 2.00%(g)	$	250,394,926
Total Cash Sweep (Cost $250,394,926)				250,394,926
TOTAL INVESTMENTS — 100.1% (Cost $7,474,485,058)			$	7,922,951,496
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(4,002,831	)
NET ASSETS — 100.0%			$	7,918,948,665

(a)	Non-income producing security.
(b)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $5,915,633 which is 0.07% of net assets and the cost is $61,854,121.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers.
	The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (e).
(e)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(f)	Zero coupon security. The rate represents the yield at time of purchase.
(g)	The rate shown represents the current yield as of April 30, 2023.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CDI — CREST Depository Interest

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:	Percentage of Net Assets
Australia		2.6	%
Austria		0.4
Belgium		0.3
Bermuda		0.1
Brazil		0.6

Country:	Percentage of Net Assets
Canada		3.9	%
Chile		0.1
China		4.5
Costa Rica		0.0	*
Denmark		1.9
Finland		0.6
France		1.4
Germany		1.8
Greece		0.3
Hong Kong		0.7
Iceland		0.1
India		0.8
Indonesia		0.0	*
Ireland		0.1
Israel		2.1
Italy		1.1
Japan		7.8
Jersey Channel Islands		0.3
Luxembourg		0.0	*
Malaysia		0.1
Mexico		0.0	*
Netherlands		0.9
New Zealand		0.2
Norway		0.6
Peru		0.1
Poland		0.3
Portugal		0.1
Russia		0.0	*
Singapore		0.6
South Africa		0.3
South Korea		1.1
Spain		0.5
Sweden		1.3
Switzerland		2.3
Taiwan		0.8
Thailand		0.3
Turkey		0.2
United Kingdom		5.3
United States		38.7
Uruguay		0.2
Vietnam		0.0	*
Other**		14.6
		100.0	%

*	Represents less than 0.01% of net assets.
**	Includes cash and equivalents, exchange-traded funds, rights/warrants, U.S. Government Agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

39

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Shares			Value
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	27,600	MetLife, Inc., Series F, 4.75%	$	602,508
	38,900	Morgan Stanley, Series K, 5.85%		972,889
	31,500	Public Storage, Series O, 3.90%		589,365
	28,500	US Bancorp, Series L, 3.75%		486,495
	122,100	Wells Fargo & Co., Series Z, 4.75%		2,456,652
Total Preferred Stocks (Cost $6,547,571)				5,107,909
EXCHANGE-TRADED  FUNDS — 14.9%
UNITED STATES — 14.9%
	5,091,215	Invesco Preferred ETF		59,312,655
	1,431,424	iShares JP Morgan USD Emerging Markets Bond ETF		123,317,178
	913,782	iShares MBS ETF		86,699,636
	1,249,478	SPDR Bloomberg Convertible Securities ETF		82,503,032
Total Exchange-Traded Funds (Cost $398,361,830)				351,832,501
Principal Amount
BANK LOANS — 0.3%
UNITED STATES — 0.3%
$	5,000,000	Caliber Home Loans, Inc., (SOFR + 3.250%), 7.42%, 07/24/25(a)(b)		4,975,000
	2,147,825	Vaca Morada, (SOFR + 2.750%), 4.17%, 03/25/24(a)(b)		2,142,455
Total Bank Loans (Cost $7,147,825)				7,117,455
CORPORATE BONDS — 8.5%
AUSTRALIA — 0.0%
	650,000	Mineral Resources Ltd. MTN, 8.50%, 05/01/30(c)		661,375
AUSTRIA — 0.0%
	625,000	Benteler International AG, 10.50%, 05/15/28(c)		625,000
CANADA — 0.4%
	1,000,000	1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(c)		934,183
	500,000	Baytex Energy Corp., 8.50%, 04/30/30(c)		502,695

Principal Amount			Value
CANADA (continued)
$	1,250,000	Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 6.25%, 09/15/27(c)	$	1,145,313
	1,000,000	First Quantum Minerals Ltd., 6.88%, 03/01/26(c)		979,975
	550,000	Garda World Security Corp., 7.75%, 02/15/28(c)		552,750
	1,325,000	GFL Environmental, Inc., 3.75%, 08/01/25(c)		1,277,393
	1,100,000	goeasy Ltd., 5.38%, 12/01/24(c)		1,044,420
	750,000	Hudbay Minerals, Inc., 6.13%, 04/01/29(c)		701,472
	475,000	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(c)		439,554
	550,000	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 7.00%, 12/31/27(c)		483,410
	500,000	NOVA Chemicals Corp., 4.88%, 06/01/24(c)		492,191
	1,000,000	Telesat Canada/Telesat LLC, 4.88%, 06/01/27(c)		535,197
				9,088,553
CAYMAN ISLANDS — 0.0%
	631,125	Seagate HDD Cayman, 9.63%, 12/01/32(c)		692,079
FRANCE — 0.1%
	1,200,000	Altice France SA, 5.50%, 01/15/28(c)		944,698
	650,000	Constellium SE, 5.63%, 06/15/28(c)		624,000
				1,568,698
IRELAND — 0.2%
	1,825,000	Avolon Holdings Funding Ltd., 2.53%, 11/18/27(c)		1,533,905
	1,500,000	Castlelake Aviation Finance DAC, 5.00%, 04/15/27(c)		1,326,256
	1,200,000	Cimpress Plc, 7.00%, 06/15/26		1,004,664
	1,103,000	LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(c)		1,047,672
				4,912,497
ITALY — 0.1%
	700,000	Intesa Sanpaolo SpA MTN, 5.71%, 01/15/26(c)		673,416

40

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
ITALY (continued)
$	1,525,000	UniCredit SpA, (USD Swap Rate 11:00 am NY 5 + 3.703%), 5.86%, 06/19/32(b)(c)	$	1,387,262
				2,060,678
JAPAN — 0.0%
	1,100,000	Nissan Motor Co. Ltd., 4.81%, 09/17/30(c)		964,360
LUXEMBOURG — 0.2%
	525,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28(c)		456,066
	1,075,000	Altice Financing SA, 5.00%, 01/15/28(c)		870,855
	1,000,000	Altice France Holding SA, 6.00%, 02/15/28(c)		615,614
	1,100,000	Connect Finco SARL/Connect US Finco LLC, 6.75%, 10/01/26(c)		1,048,460
	525,000	Intelsat Jackson Holdings SA, 6.50%, 03/15/30(c)		484,894
				3,475,889
NETHERLANDS — 0.1%
	1,075,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26		972,157
	1,000,000	UPC Holding BV, 5.50%, 01/15/28(c)		886,355
				1,858,512
SWITZERLAND — 0.0%
	775,000	Credit Suisse AG, 6.50%, 08/08/23(c)		740,125
UNITED KINGDOM — 0.1%
	775,000	INEOS Quattro Finance 2 Plc, 3.38%, 01/15/26(c)		711,535
	700,000	Jaguar Land Rover Automotive Plc, 7.75%, 10/15/25(c)		695,041
	1,050,000	Jaguar Land Rover Automotive Plc, 5.50%, 07/15/29(c)		870,969
	475,000	Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/28(c)		475,109
				2,752,654
UNITED STATES — 7.3%
	1,000,000	Abercrombie & Fitch Management Co., 8.75%, 07/15/25(c)		1,014,967

Principal Amount			Value
UNITED STATES (continued)
$	650,000	AdaptHealth LLC, 6.13%, 08/01/28(c)	$	572,899
	1,000,000	Adient Global Holdings Ltd., 4.88%, 08/15/26(c)		960,908
	650,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(c)		505,739
	750,000	Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC, 7.50%, 03/15/26(c)		771,313
	1,175,000	Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28(c)		1,163,180
	1,200,000	Allison Transmission, Inc., 5.88%, 06/01/29(c)		1,181,772
	381,965	Ambac Assurance Corp., 5.10%(c)(d)		559,579
	1,025,000	American Airlines, Inc., 11.75%, 07/15/25(c)		1,125,063
	925,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(c)		908,526
	1,025,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(c)		974,844
	1,050,000	American Axle & Manufacturing, Inc., 6.50%, 04/01/27		973,140
	1,475,000	American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29(c)		1,270,893
	1,225,000	AMN Healthcare, Inc., 4.63%, 10/01/27(c)		1,142,877
	725,000	AMN Healthcare, Inc., 4.00%, 04/15/29(c)		638,000
	520,000	Antero Resources Corp., 8.38%, 07/15/26(c)		540,183
	1,175,000	Aramark Services, Inc., 6.38%, 05/01/25(c)		1,175,000
	975,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(c)		935,941
	1,075,000	Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 8.25%, 12/31/28(c)		1,041,280
	750,000	At Home Group, Inc., 7.13%, 07/15/29(c)		420,000

41

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	630,000	Bank of New York Mellon Corp. (The), Series F, (3 mo. LIBOR USD + 3.131%),  4.63%(b)(d)	$	572,385
	1,000,000	Bath & Body Works, Inc., 6.63%, 10/01/30(c)		960,067
	1,350,000	BellRing Brands, Inc., 7.00%, 03/15/30(c)		1,382,960
	1,000,000	Berry Global, Inc., 5.63%, 07/15/27(c)		985,044
	1,575,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(c)		1,578,215
	1,000,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(c)		982,917
	750,000	Bread Financial Holdings, Inc., 4.75%, 12/15/24(c)		661,993
	1,200,000	Bread Financial Holdings, Inc., 7.00%, 01/15/26(c)		1,011,290
	1,050,000	Brink’s Co. (The), 5.50%, 07/15/25(c)		1,039,500
	625,000	Buckeye Partners LP, 4.50%, 03/01/28(c)		567,969
	1,200,000	Builders FirstSource, Inc., 4.25%, 02/01/32(c)		1,050,582
	1,500,000	Caesars Entertainment, Inc., 6.25%, 07/01/25(c)		1,502,422
	951,000	Caesars Entertainment, Inc., 8.13%, 07/01/27(c)		970,204
	1,200,000	Caesars Entertainment, Inc., 4.63%, 10/15/29(c)		1,050,499
	1,300,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(c)		1,310,680
	500,000	Calpine Corp., 5.25%, 06/01/26(c)		486,177
	575,000	Calpine Corp., 5.00%, 02/01/31(c)		484,472
	575,000	Calpine Corp., 3.75%, 03/01/31(c)		490,468
	1,350,000	Carnival Corp., 10.50%, 02/01/26(c)		1,409,246
	1,775,000	Carnival Corp., 5.75%, 03/01/27(c)		1,455,149
	1,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 08/15/30(c)		1,049,544

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31(c)	$	818,908
	1,600,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/33(c)		1,274,177
	800,000	CDI Escrow Issuer, Inc., 5.75%, 04/01/30(c)		771,416
	1,350,000	Celanese US Holdings LLC, 6.38%, 07/15/32		1,366,961
	1,670,000	Charles Schwab Corp. (The), Series H, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.079%), 4.00%(b)(d)		1,283,812
	400,000	Chart Industries, Inc., 7.50%, 01/01/30(c)		412,000
	650,000	CHS/Community Health Systems, Inc., 8.00%, 03/15/26(c)		644,134
	1,525,000	CHS/Community Health Systems, Inc., 6.00%, 01/15/29(c)		1,359,156
	1,250,000	Churchill Downs, Inc., 4.75%, 01/15/28(c)		1,183,914
	500,000	Churchill Downs, Inc., 6.75%, 05/01/31(c)		502,695
	1,175,000	CITGO Petroleum Corp., 7.00%, 06/15/25(c)		1,169,125
	1,200,000	Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27(c)		1,083,854
	1,500,000	Cleveland-Cliffs, Inc., 6.75%, 03/15/26(c)		1,522,941
	1,325,000	Cogent Communications Group, Inc., 7.00%, 06/15/27(c)		1,311,743
	500,000	CommScope, Inc., 6.00%, 03/01/26(c)		477,481
	775,000	CommScope, Inc., 4.75%, 09/01/29(c)		625,958
	850,000	Crescent Energy Finance LLC, 9.25%, 02/15/28(c)		847,671
	975,000	CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(c)		962,394
	1,325,000	CSC Holdings LLC, 6.50%, 02/01/29(c)		1,106,365
	1,000,000	CSC Holdings LLC, 4.50%, 11/15/31(c)		700,615

42

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,025,000	Dana, Inc., 4.50%, 02/15/32	$	823,075
	1,375,000	Darling Ingredients, Inc., 6.00%, 06/15/30(c)		1,360,280
	475,000	Delta Air Lines, Inc., 7.38%, 01/15/26		500,671
	650,000	Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(c)		570,095
	550,000	DISH DBS Corp., 5.25%, 12/01/26(c)		421,791
	1,200,000	DISH Network Corp., 11.75%, 11/15/27(c)		1,134,361
	1,532,000	Edgewell Personal Care Co., 4.13%, 04/01/29(c)		1,357,098
	1,175,000	Embecta Corp., 5.00%, 02/15/30(c)		1,013,520
	725,000	Entegris, Inc., 4.38%, 04/15/28(c)		661,123
	1,250,000	Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(c)		1,065,622
	1,050,000	EQM Midstream Partners LP, 6.50%, 07/01/27(c)		1,020,518
	600,000	EQM Midstream Partners LP, 7.50%, 06/01/30(c)		582,691
	475,000	EQM Midstream Partners LP, 4.75%, 01/15/31(c)		389,294
	925,000	EQM Midstream Partners LP, 6.50%, 07/15/48		700,294
	250,000	Evergreen Acqco 1 LP/TVI, Inc., 9.75%, 04/26/28(c)		250,312
	425,000	Ford Motor Co., 6.63%, 10/01/28		432,629
	850,000	Ford Motor Co., 4.75%, 01/15/43		638,520
	575,000	Ford Motor Co., 5.29%, 12/08/46		465,051
	800,000	Ford Motor Credit Co. LLC, 4.13%, 08/17/27		734,041
	500,000	Ford Motor Credit Co. LLC, 4.00%, 11/13/30		428,554
	675,000	Frontier Communications Holdings LLC, 8.75%, 05/15/30(c)		667,380
	1,025,000	Frontier Communications Holdings LLC, 8.63%, 03/15/31(c)		999,528
	500,000	GCI LLC, 4.75%, 10/15/28(c)		427,500

Principal Amount			Value
UNITED STATES (continued)
$	1,200,000	Gen Digital, Inc., 7.13%, 09/30/30(c)	$	1,205,482
	625,000	Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25		612,885
	722,000	Global Infrastructure Solutions, Inc., 5.63%, 06/01/29(c)		601,581
	600,000	GrafTech Finance, Inc., 4.63%, 12/15/28(c)		504,306
	1,000,000	Gulfport Energy Corp., 8.00%, 05/17/26(c)		1,002,500
	1,050,000	H&E Equipment Services, Inc., 3.88%, 12/15/28(c)		908,578
	1,050,000	Hanesbrands, Inc., 4.88%, 05/15/26(c)		989,597
	300,000	Hanesbrands, Inc., 9.00%, 02/15/31(c)		307,149
	1,625,000	Harvest Midstream I LP, 7.50%, 09/01/28(c)		1,590,075
	775,000	HAT Holdings I LLC/HAT Holdings II LLC REIT, 3.38%, 06/15/26(c)		686,215
	525,000	Hertz Corp. (The), 5.00%, 12/01/29(c)		429,478
	1,050,000	Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 02/01/31(c)		967,710
	1,125,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/31(c)		981,678
	550,000	Hughes Satellite Systems Corp., 6.63%, 08/01/26		519,470
	500,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25		495,852
	575,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29		504,971
	975,000	IRB Holding Corp., 7.00%, 06/15/25(c)		986,963
	750,000	JB Poindexter & Co., Inc., 7.13%, 04/15/26(c)		723,750
	550,000	JELD-WEN, Inc., 4.63%, 12/15/25(c)		530,750
	4,810,000	JP Morgan Chase & Co., Series HH, (3 mo. Term SOFR + 3.125%), 4.60%(b)(d)		4,461,275
	1,250,000	Kaiser Aluminum Corp., 4.50%, 06/01/31(c)		990,587

43

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	675,000	Kennedy-Wilson, Inc., 4.75%, 02/01/30	$	522,497
	675,000	LABL, Inc., 6.75%, 07/15/26(c)		668,768
	675,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.75%, 06/15/29(c)		534,094
	1,025,000	Las Vegas Sands Corp., 3.20%, 08/08/24		992,322
	925,000	LCM Investments Holdings II LLC, 4.88%, 05/01/29(c)		788,482
	800,000	Legacy LifePoint Health LLC, 6.75%, 04/15/25(c)		769,656
	550,000	Live Nation Entertainment, Inc., 4.88%, 11/01/24(c)		543,108
	600,000	Live Nation Entertainment, Inc., 5.63%, 03/15/26(c)		584,553
	1,125,000	LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26(c)		1,054,728
	1,050,000	Masonite International Corp., 5.38%, 02/01/28(c)		1,010,625
	1,275,000	Match Group Holdings II LLC, 5.00%, 12/15/27(c)		1,201,229
	200,000	Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26(c)		202,168
	800,000	Medline Borrower LP, 3.88%, 04/01/29(c)		699,709
	1,000,000	Meritage Homes Corp., 3.88%, 04/15/29(c)		899,751
	825,000	Midcap Financial Issuer Trust, 6.50%, 05/01/28(c)		745,273
	750,000	Midcontinent Communications/ Midcontinent Finance Corp., 5.38%, 08/15/27(c)		694,508
	977,500	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)		975,974
	425,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30(c)		355,937
	1,150,000	ModivCare, Inc., 5.88%, 11/15/25(c)		1,098,848
	800,000	MPT Operating Partnership LP/MPT Finance Corp. REIT, 4.63%, 08/01/29		605,371

Principal Amount			Value
UNITED STATES (continued)
$	1,400,000	Navient Corp., 6.75%, 06/25/25	$	1,376,578
	725,000	NCL Corp. Ltd., 8.38%, 02/01/28(c)		729,317
	900,000	Neptune Bidco US, Inc., 9.29%, 04/15/29(c)		847,125
	1,275,000	New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(c)		1,138,383
	275,000	Newell Brands, Inc., 6.63%, 09/15/29		271,652
	550,000	Nexstar Media, Inc., 4.75%, 11/01/28(c)		483,400
	975,000	Northern Oil and Gas, Inc., 8.13%, 03/01/28(c)		962,812
	575,000	Novelis Corp., 3.25%, 11/15/26(c)		526,110
	1,350,000	Novelis Corp., 3.88%, 08/15/31(c)		1,130,622
	600,000	Occidental Petroleum Corp., 6.63%, 09/01/30		640,500
	1,000,000	Occidental Petroleum Corp., 4.30%, 08/15/39		819,234
	575,000	Occidental Petroleum Corp., 6.20%, 03/15/40		590,259
	500,000	Olympus Water US Holding Corp., 7.13%, 10/01/27(c)		476,609
	500,000	OneMain Finance Corp., 6.13%, 03/15/24		491,757
	600,000	OneMain Finance Corp., 5.38%, 11/15/29		504,843
	1,000,000	Open Text Holdings, Inc., 4.13%, 02/15/30(c)		853,926
	725,000	Open Text Holdings, Inc., 4.13%, 12/01/31(c)		600,130
	1,150,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(c)		1,058,528
	1,075,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(c)		957,719
	850,000	Pactiv Evergreen Group Issuer LLC/ Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/28(c)		748,518
	1,221,000	Performance Food Group, Inc., 5.50%, 10/15/27(c)		1,196,715
	500,000	PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/28(c)		472,624

44

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	525,000	PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(c)	$	517,820
	475,000	PRA Group, Inc., 8.38%, 02/01/28(c)		473,847
	550,000	PRA Group, Inc., 5.00%, 10/01/29(c)		466,134
	1,675,000	Prestige Brands, Inc., 3.75%, 04/01/31(c)		1,419,663
	775,000	Prime Healthcare Services, Inc., 7.25%, 11/01/25(c)		699,438
	925,000	Range Resources Corp., 8.25%, 01/15/29		965,422
	100,000	Ritchie Bros Holdings, Inc., 7.75%, 03/15/31(c)		106,250
	1,000,000	Rockies Express Pipeline LLC, 4.80%, 05/15/30(c)		889,764
	1,050,000	Royal Caribbean Cruises Ltd., 5.50%, 08/31/26(c)		963,520
	875,000	Royal Caribbean Cruises Ltd., 11.63%, 08/15/27(c)		928,976
	825,000	Royal Caribbean Cruises Ltd., 9.25%, 01/15/29(c)		880,248
	275,000	RP Escrow Issuer LLC, 5.25%, 12/15/25(c)		192,887
	975,000	Scientific Games International, Inc., 7.00%, 05/15/28(c)		972,735
	675,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(c)		621,608
	1,350,000	Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32		1,095,174
	650,000	Scripps Escrow, Inc., 5.88%, 07/15/27(c)		466,135
	500,000	Select Medical Corp., 6.25%, 08/15/26(c)		490,188
	1,475,000	Service Corp. International, 4.00%, 05/15/31		1,299,873
	1,050,000	Service Properties Trust REIT, 4.35%, 10/01/24		1,002,122
	1,025,000	Sirius XM Radio, Inc., 3.13%, 09/01/26(c)		917,101
	1,155,000	Six Flags Entertainment Corp., 4.88%, 07/31/24(c)		1,155,001
	875,000	Southwestern Energy Co., 5.38%, 03/15/30		814,239
	650,000	Southwestern Energy Co., 4.75%, 02/01/32		573,632
	500,000	Spectrum Brands, Inc., 5.50%, 07/15/30(c)		460,583

Principal Amount			Value
UNITED STATES (continued)
$	500,000	Spectrum Brands, Inc., 3.88%, 03/15/31(c)	$	410,000
	975,000	Spirit AeroSystems, Inc., 7.50%, 04/15/25(c)		968,585
	425,000	Spirit AeroSystems, Inc., 9.38%, 11/30/29(c)		457,562
	925,000	Sprint Capital Corp., 6.88%, 11/15/28		996,722
	1,050,000	Standard Industries, Inc., 4.75%, 01/15/28(c)		979,066
	400,000	Starwood Property Trust, Inc. REIT, 5.50%, 11/01/23(c)		397,004
	725,000	Starwood Property Trust, Inc. REIT, 3.63%, 07/15/26(c)		623,779
	650,000	Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(c)		617,630
	750,000	Sunnova Energy Corp., 5.88%, 09/01/26(c)		679,687
	200,000	Talen Energy Supply LLC, 8.63%, 06/01/30(c)		200,000
	625,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25(c)		629,768
	1,200,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(c)		1,065,778
	1,000,000	TEGNA, Inc., 5.00%, 09/15/29		875,592
	1,350,000	Tenet Healthcare Corp., 5.13%, 11/01/27		1,310,743
	500,000	Tenet Healthcare Corp., 6.13%, 10/01/28		485,119
	650,000	TransDigm, Inc., 6.25%, 03/15/26(c)		653,639
	750,000	Trident TPI Holdings, Inc., 9.25%, 08/01/24(c)		767,381
	350,000	Trident TPI Holdings, Inc., 12.75%, 12/31/28(c)		358,242
	1,150,000	Tronox, Inc., 4.63%, 03/15/29(c)		956,187
	1,650,000	Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%), 4.80%(b)(d)		1,433,437
	1,500,000	Uber Technologies, Inc., 8.00%, 11/01/26(c)		1,537,899

45

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	550,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT, 10.50%, 02/15/28(c)	$	526,563
	950,000	US Foods, Inc., 6.25%, 04/15/25(c)		954,911
	825,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27		803,045
	100,000	Venture Global Calcasieu Pass LLC, 6.25%, 01/15/30(c)		101,399
	1,000,000	Viasat, Inc., 5.63%, 09/15/25(c)		955,000
	500,000	Viking Cruises Ltd., 5.88%, 09/15/27(c)		428,965
	575,000	Vistra Operations Co. LLC, 4.38%, 05/01/29(c)		514,419
	75,000	VOC Escrow Ltd., 5.00%, 02/15/28(c)		66,694
	1,025,000	WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(c)		960,956
	750,000	WESCO Distribution, Inc., 7.13%, 06/15/25(c)		763,440
	750,000	WESCO Distribution, Inc., 7.25%, 06/15/28(c)		770,479
	675,000	WR Grace Holdings LLC, 5.63%, 08/15/29(c)		582,279
	1,075,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25(c)		1,060,106
	1,075,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(c)		990,227
	300,000	ZF North America Capital, Inc., 7.13%, 04/14/30(c)		309,768
				171,337,400
Total Corporate Bonds (Cost $214,271,236)				200,737,820
ASSET-BACKED  SECURITIES — 15.6%
CAYMAN ISLANDS — 1.3%
Collateralized Loan Obligations — 1.3%
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR USD + 5.700%), 10.95%, 04/20/31(b)(c)		850,000
	5,000,000	Atrium VIII, Series 8A, Class SUB, 12.51%, 10/23/24(b)(c)(e)		13,000
	12,131,250	Atrium XIII, Series 13A, Class SUB, 2.29%, 11/21/47(b)(c)(e)		5,662,676

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	17,550,000	CBAM Ltd., Series 2019-10A, Class SUB, 8.80%, 04/20/32(b)(c)(e)	$	5,450,054
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 8.83%, 01/20/31(b)(c)(e)		3,024,468
	4,500,000	Generate CLO-3 Ltd., Series 3A, Class ER, (3 mo. LIBOR USD + 6.400%), 11.65%, 10/20/29(b)(c)		4,192,847
	2,000,000	Madison Park Funding XLI Ltd., Series 12A, Class ER, (3 mo. LIBOR USD + 5.250%), 10.52%, 04/22/27(b)(c)(e)		1,870,911
	5,000,000	Romark CLO II Ltd., Series 2018-2A, Class SUB, 9.15%, 07/25/31(b)(c)		1,805,000
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 10.41%, 10/23/30(b)(c)(e)		1,195,000
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR USD + 8.100%), 13.35%, 04/20/31(b)(c)(e)		5,217,130
				29,281,086
UNITED STATES — 14.3%
Other Asset-Backed Securities — 14.3%
	3,647,231	510 Loan Acquisition Trust, Series 2020-1, Class A, STEP, 5.11%, 09/25/60(c)		3,582,936
	218,484	Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1, (1 mo. LIBOR USD + 1.050%), 6.07%, 01/25/34(b)		209,607
	5,000,000	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7, (1 mo. LIBOR USD + 1.980%), 7.00%, 05/25/35(b)		4,215,421
	1,750,000	AMSR Trust, Series 2020-SFR1, Class G, 4.31%, 04/17/37(c)		1,636,748
	6,000,000	AMSR Trust, Series 2020-SFR5, Class F, 2.69%, 11/17/37(c)		5,299,803

46

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	7,379,841	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR USD + 0.480%), 5.50%, 05/25/35(b)	$	6,416,821
	4,674,077	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1, (1 mo. LIBOR USD + 0.690%), 5.71%, 01/25/36(b)		3,744,332
	6,033,520	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006- HE1, Class M2, (1 mo. LIBOR USD + 0.630%), 4.03%, 01/25/36(b)		5,129,462
	5,740,000	BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(b)		1,581,840
	5,000,000	BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.33%, 12/10/25(b)		991,417
	5,948,096	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR USD + 1.000%), 6.02%, 05/28/39(b)(c)		5,005,866
	1,313,374	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR USD + 1.300%), 6.32%, 05/28/39(b)(c)		994,157
	902,457	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR USD + 1.000%), 6.02%, 12/28/40(b)(c)		899,231
	1,895,362	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR USD + 0.930%), 5.95%, 12/28/40(b)(c)		1,852,056
	908,185	Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4, (1 mo. LIBOR USD + 1.800%), 5.32%, 05/25/35(b)		884,672
	1,809,327	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR USD + 1.020%), 5.33%, 12/25/35(b)		2,581,464

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,989,397	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR USD + 0.140%), 5.16%, 12/25/36(b)	$	3,988,602
	4,650,000	Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3, (1 mo. LIBOR USD + 2.250%), 7.27%, 04/25/36(b)		4,563,711
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR USD + 0.420%), 5.44%, 12/26/36(b)		3,732,587
	7,005,941	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. LIBOR USD + 0.500%), 5.52%, 02/25/37(b)		5,232,073
	5,437,719	Cascade MH Asset Trust, Series 2019- MH1, Class A, 4.00%, 11/25/44(b)(c)		5,120,901
	3,002,852	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B, (1 mo. LIBOR USD + 0.200%), 5.22%, 05/25/37(b)		1,981,562
	80,689	Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C, (1 mo. LIBOR USD + 0.270%), 5.29%, 05/25/37(b)		53,429
	3,620,787	Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B, (1 mo. LIBOR USD + 0.170%), 5.19%, 07/25/45(b)		2,550,463
	1,231,651	Conseco Finance Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(b)		1,158,485
	1,331,758	Conseco Finance Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(b)		1,227,460
	2,135,723	Conseco Finance Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(b)		867,427
	2,409,434	Conseco Finance Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(b)		940,988
	11,183,347	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(b)		2,363,760

47

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,543,694	Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1, (1 mo. LIBOR USD + 0.500%), 5.52%, 05/25/37(b)(c)	$	2,791,013
	1,416,960	Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4, 6.30%, 12/25/35(b)		1,308,796
	57,450	Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 3AV2, (1 mo. LIBOR USD + 0.160%), 5.18%, 09/25/46(b)		57,111
	3,909,818	Countrywide Asset-Backed Certificates Trust, Series 2006-12, Class 1A, (1 mo. LIBOR USD + 0.260%), 5.28%, 12/25/36(b)		3,523,262
	4,558,911	Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4, 3.99%, 01/25/37(b)		4,322,564
	9,299,295	Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1, (1 mo. LIBOR USD + 0.450%), 5.47%, 03/25/37(b)		7,998,009
	6,153,045	Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1, (1 mo. LIBOR USD + 0.230%), 5.25%, 05/25/47(b)		5,219,016
	5,873,962	Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1, (1 mo. LIBOR USD + 0.250%), 5.27%, 06/25/37(b)		4,290,984
	677,159	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A, (1 mo. LIBOR USD + 0.180%), 5.13%, 05/15/36(b)		647,680
	222,959	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR USD + 0.300%), 5.25%, 12/15/33(b)(c)		220,469
	456,582	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR USD + 0.240%), 5.19%, 02/15/30(b)(c)		434,815

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	110,459	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1A, (1 mo. LIBOR USD + 0.190%), 5.14%, 05/15/35(b)(c)	$	109,370
	176,125	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR USD + 0.190%), 5.14%, 05/15/35(b)(c)		175,418
	4,322,326	Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT, 0.45%, 02/01/47(c)(f)		3,410,874
	2,083,952	Credit-Based Asset Servicing and Securitization LLC, Series 2007- CB6, Class A4, (1 mo. LIBOR USD + 0.340%), 5.19%, 07/25/37(b)(c)		1,372,235
	4,892,631	First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR USD + 0.540%), 4.67%, 03/25/36(b)		4,288,002
	1,387,718	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1, (1 mo. LIBOR USD + 1.800%), 6.65%, 10/25/33(b)		1,312,789
	9,142,923	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR USD + 0.375%), 5.40%, 07/25/36(b)		8,461,959
	4,339,019	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR USD + 0.600%), 5.62%, 01/25/36(b)		3,713,036
	3,538,864	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR USD + 0.150%), 5.17%, 03/25/37(b)		1,740,778
	2,710,000	FirstKey Homes Trust, Series 2020- SFR2, Class F1, 3.02%, 10/19/37(c)		2,466,128
	4,000,000	FirstKey Homes Trust, Series 2022- SFR1, Class E1, 5.00%, 05/17/39(c)		3,727,703
	4,000,000	FirstKey Homes Trust, Series 2022- SFR1, Class E2, 5.00%, 05/17/39(c)		3,675,284

48

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,553,000	FirstKey Homes Trust, Series 2022- SFR2, Class E1, 4.50%, 07/17/39(c)	$	2,262,031
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR USD + 0.615%), 5.64%, 11/25/35(b)		1,279,602
	1,500,000	FRTKL, Series 2021-SFR1, Class F, 3.17%, 09/17/38(c)		1,233,532
	430,904	GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR USD + 0.500%), 5.52%, 02/25/36(b)		417,712
	5,170,269	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(b)		2,582,067
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR USD + 0.700%), 5.72%, 12/25/35(b)		1,048,181
	8,462,765	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR USD + 0.360%), 5.38%, 03/25/36(b)		2,658,924
	357,452	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(b)		140,365
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR USD + 3.375%), 8.40%, 02/25/47(b)		3,509,734
	3,272,118	Home Equity Asset Trust, Series 2007- 1, Class 2A3, (1 mo. LIBOR USD + 0.300%), 5.32%, 05/25/37(b)(e)		2,507,030
	2,901,595	Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26(c)		2,395,794
	3,719,135	Home Partners of America Trust, Series 2021-3, Class F, 4.24%, 01/17/41(c)		3,078,622
	4,503,189	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.48%, 12/25/36		1,506,900
	475,043	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(c)		440,965

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	109,369	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP, 6.63%, 07/25/36	$	31,284
	219,642	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3, (1 mo. LIBOR USD + 0.180%), 5.20%, 07/25/36(b)		98,107
	1,659,195	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(b)		1,639,704
	225,538	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR USD + 0.090%), 5.11%, 06/25/37(b)(c)		147,863
	1,588,851	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR USD + 2.300%), 7.32%, 12/25/37(b)		1,588,027
	4,720,370	Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A, (1 mo. LIBOR USD + 0.360%), 5.38%, 03/25/46(b)		3,846,615
	4,972,500	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR USD + 0.320%), 5.34%, 10/25/36(b)		1,533,467
	656,726	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR USD + 3.250%), 8.27%, 03/25/32(b)		655,866
	3,763,007	MASTR Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR USD + 0.320%), 5.34%, 03/25/36(b)		275,621
	2,064,749	MERIT Securities Corp., Series 13, Class M2, STEP, 7.88%, 12/28/33		1,677,599
	7,080,821	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR USD + 0.500%), 5.52%, 10/25/37(b)(e)		1,192,170

49

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	967,299	Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4, (1 mo. LIBOR USD + 0.480%), 5.50%, 06/25/36(b)	$	506,488
	6,030,720	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1, (1 mo. LIBOR USD + 0.130%), 5.15%, 11/25/36(b)		2,739,368
	1,887,587	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1, (1 mo. LIBOR USD + 1.900%), 6.92%, 02/25/47(b)(c)		1,763,739
	3,567,039	Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1, (1 mo. LIBOR USD + 0.540%), 5.56%, 02/25/36(b)		3,070,616
	4,115,146	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.51%, 10/25/36		984,039
	318,863	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, (1 mo. LIBOR USD + 0.300%), 5.32%, 03/25/36(b)		310,863
	8,000,000	Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR USD + 0.300%), 5.32%, 03/25/37(b)		6,815,609
	5,704,955	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR USD + 0.675%), 5.70%, 12/25/35(b)		4,353,712
	6,500,000	New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39(c)		5,478,981
	5,000,000	New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1, 4.00%, 09/04/39(c)		4,192,073
	5,000,000	New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F, 4.00%, 09/04/39(c)		3,964,300
	559,062	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR USD + 0.400%), 5.42%, 10/25/36(b)(c)		631,349

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,149,281	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27	$	953,594
	9,752,270	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(b)		2,295,892
	8,572,117	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(b)		911,286
	5,947,218	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(b)		707,781
	6,795,981	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(b)		906,068
	550,447	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(b)		271,799
	91,217	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(b)		90,875
	5,000,000	Pagaya AI Technology in Housing Trust, Series 2022-1, Class D, 4.25%, 08/25/25(c)		4,641,722
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 3.59%, 07/25/35		2,259,666
	2,392,063	PRET LLC, Series 2021-NPL6, Class A1, STEP, 2.49%, 07/25/51(c)		2,244,852
	2,000,000	PRET LLC, Series 2021-NPL6, Class A2, STEP, 5.07%, 07/25/51(c)		1,806,877
	6,003,222	PRET LLC, Series 2021-RN4, Class A1, 2.49%, 10/25/51(b)(c)		5,572,508
	1,000,000	Progress Residential Trust, Series 2019- SFR3, Class F, 3.87%, 09/17/36(c)		957,598
	3,000,000	Progress Residential Trust, Series 2019- SFR4, Class F, 3.68%, 10/17/36(c)		2,864,683
	750,000	Progress Residential Trust, Series 2020- SFR1, Class G, 4.03%, 04/17/37(c)		700,886
	2,994,558	Progress Residential Trust, Series 2021- SFR10, Class F, 4.61%, 12/17/40(c)		2,511,917

50

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,500,000	Progress Residential Trust, Series 2021- SFR11, Class F, 4.42%, 01/17/39(c)	$	2,098,391
	3,500,000	Progress Residential Trust, Series 2021- SFR8, Class F, 3.18%, 10/17/38(c)		2,987,118
	2,400,000	Progress Residential Trust, Series 2021- SFR9, Class F,  4.05%, 11/17/40(c)		1,908,698
	4,000,000	Progress Residential Trust, Series 2022- SFR1, Class F, 4.88%, 02/17/41(c)		3,461,598
	4,000,000	Progress Residential Trust, Series 2022- SFR1, Class G, 5.52%, 02/17/41(c)		3,362,248
	1,548,000	Progress Residential Trust, Series 2022- SFR3, Class E2, 5.60%, 04/17/39(c)		1,434,410
	4,751,000	Progress Residential Trust, Series 2022- SFR4, Class E1, 6.12%, 05/17/41(c)		4,424,161
	5,000,000	Progress Residential Trust, Series 2022- SFR5, Class E1, 6.62%, 06/17/39(c)		4,806,967
	6,000,000	Progress Residential Trust, Series 2022- SFR6, Class D, 6.04%, 07/20/39(c)		5,787,556
	5,000,000	Progress Residential Trust, Series 2022- SFR7, Class E1, 6.75%, 10/27/39(c)		4,890,979
	925,000	Progress Residential Trust, Series 2023- SFR1, Class E1, 6.15%, 03/17/40(c)		886,430
	3,825,000	Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4, (1 mo. LIBOR USD + 0.870%), 5.89%, 11/25/35(b)		2,992,576
	2,000,000	Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2, (1 mo. LIBOR USD + 0.290%), 5.46%, 06/25/36(b)		1,885,496
	4,186,353	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR USD + 0.480%), 5.50%, 09/25/36(b)		3,218,399

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	8,494,496	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR USD + 0.290%), 5.31%, 01/25/47(b)	$	7,270,717
	2,496,128	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR USD + 0.540%), 5.56%, 02/25/37(b)		1,096,130
	11,691,686	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR USD + 0.375%), 5.40%, 07/25/36(b)		8,766,355
	4,268,084	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR USD + 0.675%), 5.70%, 11/25/35(b)		3,665,188
	4,363,389	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR USD + 0.750%), 5.77%, 07/25/35(b)		3,119,057
	2,377,632	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR USD + 0.660%), 5.68%, 02/25/37(b)		5,155,139
	1,700,000	Tricon American Homes Trust, Series 2017-SFR2, Class F, 5.10%, 01/17/36(c)		1,668,336
	1,520,000	Tricon American Homes Trust, Series 2020-SFR1, Class F, 4.88%, 07/17/38(c)		1,444,802
	1,500,000	Tricon Residential Trust, Series 2021- SFR1, Class F, 3.69%, 07/17/38(c)		1,333,996
	968,000	Tricon Residential Trust, Series 2021- SFR1, Class G, 4.13%, 07/17/38(c)		852,381
	1,600,000	Tricon Residential Trust, Series 2022- SFR1, Class E2, 5.74%, 04/17/39(c)		1,515,207
	4,000,000	Tricon Residential Trust, Series 2022- SFR2, Class E, 7.51%, 07/17/40(c)		3,943,746
	4,995,606	VOLT CVI LLC, Series 2021-NP12, Class A1, STEP, 2.73%, 12/26/51(c)		4,595,038

51

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	8,411,861	Yale Mortgage Loan Trust, Series 2007- 1, Class A, (1 mo. LIBOR USD + 0.400%), 5.42%, 06/25/37(b)(c)	$	2,720,495
				337,623,113
Total Asset-Backed Securities (Cost $441,418,919)				366,904,199
NON-AGENCY MORTGAGE-BACKED SECURITIES — 23.5%
COLLATERALIZED MORTGAGE OBLIGATIONS — 21.1%
	3,800,000	1Texas Capital Bank CLN, 0.94%, 02/01/26		3,629,890
	295,877	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.92%, 07/25/35(b)		289,439
	1,467,967	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.17%, 03/25/37(b)		1,043,223
	30,518	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 2.37%, 12/25/57(b)(c)		15,658
	21,846	Ajax Mortgage Loan Trust, Series 2018-A, Class B, 2.70%, 04/25/58(c)(f)		21,584
	60,202	Ajax Mortgage Loan Trust, Series 2018-B, Class B, 5.98%, 02/26/57(c)(f)		53,324
	4,350	Ajax Mortgage Loan Trust, Series 2018-E, Class C, 0.98%, 06/25/58(b)(c)		4,241
	144,361	Ajax Mortgage Loan Trust, Series 2018-F, Class C, 1.88%, 11/25/58(c)(f)		96,193
	277,395	Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 09/25/59(c)		277,191
	7,203,171	Ajax Mortgage Loan Trust, Series 2019-E, Class C, 2.58%, 09/25/59(c)(f)		7,208,482
	1,392,001	Ajax Mortgage Loan Trust, Series 2019-G, Class A, STEP, 6.00%, 09/25/59(c)		1,375,956
	2,927,374	Ajax Mortgage Loan Trust, Series 2019-G, Class B, STEP, 4.25%, 09/25/59(c)		2,747,121
	6,784,080	Ajax Mortgage Loan Trust, Series 2019-G, Class C, 1.03%, 09/25/59(c)(f)		3,762,173

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	17,626,484	Ajax Mortgage Loan Trust, Series 2020-A, Class A, STEP, 2.38%, 12/25/59(c)	$	17,437,212
	4,328,402	Ajax Mortgage Loan Trust, Series 2020-A, Class B, STEP, 3.50%, 12/25/59(c)		4,264,053
	10,191,271	Ajax Mortgage Loan Trust, Series 2020-A, Class C, 1.87%, 12/25/59(c)(f)		6,347,971
	1,230,360	Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, 3.72%, 01/25/61(c)		1,096,147
	3,100,106	Ajax Mortgage Loan Trust, Series 2021-C, Class C, 1.40%, 01/25/61(c)(f)		3,262,739
	10,481,212	Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP, 2.00%, 03/25/60(c)		9,605,020
	2,042,300	Ajax Mortgage Loan Trust, Series 2021-D, Class B, 4.00%, 03/25/60(b)(c)		1,819,237
	3,003,143	Ajax Mortgage Loan Trust, Series 2021-D, Class C, 0.00%, 03/25/60(b)(c)		3,142,406
	4,041,340	Ajax Mortgage Loan Trust, Series 2021-E, Class B2, 4.48%, 12/25/60(b)(c)		3,252,236
	4,000,000	Ajax Mortgage Loan Trust, Series 2021-E, Class M1, 2.94%, 12/25/60(b)(c)		3,225,946
	8,530,052	Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP, 1.88%, 06/25/61(c)		7,703,225
	1,080,800	Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP, 3.75%, 06/25/61(c)		1,002,023
	2,013,570	Ajax Mortgage Loan Trust, Series 2021-F, Class C, 0.56%, 06/25/61(c)(f)		1,331,374
	9,615,587	Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP, 3.50%, 10/25/61(c)		8,647,315
	532,000	Ajax Mortgage Loan Trust, Series 2022-A, Class A2, 3.00%, 10/25/61(b)(c)		454,660
	283,800	Ajax Mortgage Loan Trust, Series 2022-A, Class A3, 3.00%, 10/25/61(b)(c)		237,970
	2,128,000	Ajax Mortgage Loan Trust, Series 2022-A, Class B, 3.00%, 10/25/61(c)		1,467,696

52

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,057,403	Ajax Mortgage Loan Trust, Series 2022-A, Class C, 3.00%, 10/25/61(c)	$	1,465,912
	310,300	Ajax Mortgage Loan Trust, Series 2022-A, Class M1, 3.00%, 10/25/61(c)		243,500
	1,392,000	Ajax Mortgage Loan Trust, Series 2022-A, Class M2, 3.00%, 10/25/61(c)		1,079,988
	88,700	Ajax Mortgage Loan Trust, Series 2022-A, Class M3, 3.00%, 10/25/61(c)		66,155
	10,577,802	Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP, 3.50%, 03/27/62(c)		10,007,286
	403,400	Ajax Mortgage Loan Trust, Series 2022-B, Class A2, 3.00%, 03/27/62(b)(c)		343,625
	345,800	Ajax Mortgage Loan Trust, Series 2022-B, Class A3, 3.00%, 03/27/62(b)(c)		288,478
	1,921,100	Ajax Mortgage Loan Trust, Series 2022-B, Class B, 3.00%, 03/27/62(c)		1,204,369
	1,204,359	Ajax Mortgage Loan Trust, Series 2022-B, Class C, 3.00%, 03/27/62(a)(c)		1,203,154
	259,300	Ajax Mortgage Loan Trust, Series 2022-B, Class M1, 3.00%, 03/27/62(c)		195,382
	1,287,100	Ajax Mortgage Loan Trust, Series 2022-B, Class M2, 3.00%, 03/27/62(c)		927,597
	11,794,455	Ajax Mortgage Loan Trust, Series 2023-A, Class A1, 3.50%, 07/25/62(a)(b)(c)		11,074,993
	481,800	Ajax Mortgage Loan Trust, Series 2023-A, Class A2, 3.00%, 07/25/62(a)(b)(c)		400,761
	273,000	Ajax Mortgage Loan Trust, Series 2023-A, Class A3, 2.50%, 07/25/62(a)(b)(c)		213,950
	1,605,800	Ajax Mortgage Loan Trust, Series 2023-A, Class B, 2.50%, 07/25/62(a)(b)(c)		1,103,185
	823,840	Ajax Mortgage Loan Trust, Series 2023-A, Class C, 2.50%, 07/25/62(a)(b)(c)		840,317
	827,000	Ajax Mortgage Loan Trust, Series 2023-A, Class M1,  2.50%, 07/25/62(a)(b)(c)		628,437

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,208,195	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 4.42%, 09/25/46(b)	$	1,029,837
	899,356	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.75%, 06/25/37		779,686
	3,324,000	Angel Oak Mortgage Trust, Series 2020-R1, Class B2, 4.61%, 04/25/53(b)(c)		2,822,338
	1,000,000	Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1, 5.02%, 03/25/49(b)(c)		974,480
	13,970,099	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 2.98%, 07/31/57(b)(c)		5,320,489
	3,009,351	ARI Investments LLC, 4.55%, 01/30/25(a)(e)		2,858,884
	1,163,058	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR USD + 0.400%), 5.42%, 01/25/37(b)		896,511
	75,083	Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1, 4.05%, 09/20/35(b)		63,703
	303,663	Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2, 4.06%, 02/20/36(b)		275,104
	256,029	Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1, 3.69%, 06/20/36(b)		230,449
	1,103,747	Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP, 6.59%, 01/25/37		991,243
	3,113,700	Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2, 2.63%, 03/27/36(b)(c)		2,464,311
	294,778	Banc of America Mortgage Trust, Series 2005-I, Class 2A5, 3.84%, 10/25/35(b)		269,277
	15,300,476	Barclays Mortgage Trust, Series 2021- NPL1, Class A, STEP, 2.00%, 11/25/51(c)		13,828,664
	1,177,500	Barclays Mortgage Trust, Series 2021- NPL1, Class B, STEP, 4.63%, 11/25/51(c)		1,078,894

53

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,635,280	Barclays Mortgage Trust, Series 2021-NPL1, Class C, 0.38%, 11/25/51(c)(f)	$	2,351,826
	7,465,691	Barclays Mortgage Trust, Series 2022-RPL1, Class A, STEP, 4.25%, 02/25/28(c)		7,079,231
	1,187,900	Barclays Mortgage Trust, Series 2022-RPL1, Class B, STEP, 4.25%, 02/25/28(c)		999,924
	2,109,753	Barclays Mortgage Trust, Series 2022-RPL1, Class C, 0.23%, 02/25/28(a)(c)(f)		1,238,573
	31,223	Barclays Mortgage Trust, Series 2022-RPL1, Class SA, 0.37%, 02/25/28(c)(f)		14,878
	1,830,836	BCAP LLC Trust, Series 2012-RR3, Class 1A5, 5.76%, 12/26/37(b)(c)		1,505,666
	575,555	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.59%, 02/25/36(b)		509,070
	42,746	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 4.79%, 08/25/35(b)		37,976
	216,354	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.69%, 05/25/47(b)		190,602
	887,150	Bear Stearns ALT-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR USD + 0.440%), 5.46%, 04/25/36(b)		1,066,961
	2,452,234	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR USD + 0.320%), 5.34%, 11/25/36(b)		1,946,910
	2,945,505	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR USD + 0.350%), 5.37%, 03/25/36(b)		362,071
	2,945,505	Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR USD + 0.350%), 5.37%, 03/25/36(b)		362,071
	646,178	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR USD + 0.280%), 5.30%, 08/25/36(b)		622,495

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	117,407	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR USD + 0.300%), 5.32%, 11/25/36(b)	$	120,866
	2,501,000	BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1, 2.29%, 03/25/60(b)(c)		2,073,476
	3,100,000	CFMT LLC, Series 2021-HB7, Class M3, 3.85%, 10/27/31(b)(c)		2,830,248
	3,400,000	CFMT LLC, Series 2023-HB11, Class M2, 4.00%, 02/25/37(b)(c)		2,951,865
	2,595,919	Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, 3.75%, 04/25/45(b)(c)		2,194,395
	3,546,599	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		1,606,636
	11,163,221	ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37(e)		4,441,444
	1,369,082	CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.01%, 01/25/67(b)(c)		1,232,475
	1,946,272	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		1,636,991
	2,139,253	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		1,678,770
	65,229	Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, 3.98%, 06/25/36(b)		59,761
	2,830,575	Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, 5.75%, 04/25/47(c)		1,606,453
	3,966,303	Citigroup Mortgage Loan Trust, Series 2022-A, Class A1, STEP, 6.17%, 09/25/62(c)		3,949,318
	125,686	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.40%, 05/25/35(b)		116,975
	2,354,000	COLT Mortgage Loan Trust, Series 2022-1, Class B1, 4.14%, 12/27/66(b)(c)		1,687,917
	1,852,533	COLT Mortgage Loan Trust, Series 2022-7, Class A3, 6.25%, 04/25/67(b)(c)		1,819,684

54

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	325,246	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35	$	243,017
	602,755	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR USD + 0.600%), 5.62%, 08/25/35(b)		549,204
	2,901,214	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, (1 mo. LIBOR USD + 0.500%), 5.52%, 11/25/35(b)		1,482,133
	5,395,661	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR USD + 5.500%), 0.48%, 11/25/35(b)(e)		547,128
	105,161	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.94%, 12/25/35(b)		91,413
	51,648	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 1.000%), 4.46%, 12/25/35(b)		45,228
	832,879	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR USD + 0.450%), 5.47%, 05/25/35(b)		718,889
	556,474	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		366,570
	2,512,047	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR USD + 0.350%), 5.37%, 05/25/36(b)		1,055,282
	1,573,820	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		791,835
	3,028,765	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		1,455,276
	977,015	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR USD + 0.350%), 5.37%, 08/25/36(b)		435,066
	977,015	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR USD + 7.150%), 2.13%, 08/25/36(b)		182,149

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,007,165	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36	$	568,509
	1,033,199	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR USD + 0.400%), 5.42%, 03/25/36(b)		352,089
	1,836,584	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5, (1 mo. LIBOR USD + 7.100%), 2.08%, 03/25/36(b)(e)		273,505
	2,902,171	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		1,270,780
	1,106,881	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		634,291
	801,381	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		447,711
	1,024,310	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		576,074
	2,342,166	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		1,317,238
	4,464,712	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. LIBOR USD + 0.340%), 5.36%, 02/25/37(b)		1,853,902
	2,232,356	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. LIBOR USD + 6.600%), 1.58%, 02/25/37(b)		426,410
	112,212	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		93,638
	318,355	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR USD + 0.400%), 5.42%, 05/25/36(b)		248,819
	2,365,589	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		1,186,864
	1,758,197	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (1 mo. LIBOR USD + 1.500%), 6.35%, 11/20/46(b)		1,289,444

55

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,568,323	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 1.730%), 5.19%, 11/25/46(b)	$	2,753,332
	1,072,687	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR USD + 0.380%), 5.40%, 11/25/46(b)		943,187
	2,544,198	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR USD + 0.190%), 5.14%, 03/20/47(b)		2,050,528
	560,293	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR USD + 0.420%), 5.44%, 05/25/36(b)		471,799
	2,032,976	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR USD + 0.360%), 5.38%, 04/25/46(b)		1,780,098
	1,792,248	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		846,505
	1,805,231	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		888,302
	889,786	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		459,909
	4,133,808	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		1,748,586
	3,479,850	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		1,762,157
	795,300	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		404,376
	162,150	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 3.96%, 11/25/36		217,096
	5,854,426	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.840%), 4.30%, 03/25/47(b)		4,844,770

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	139,904	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR USD + 0.360%), 5.38%, 04/25/47(b)	$	37,174
	1,078,204	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR USD + 0.480%), 5.50%, 08/25/47(b)		871,353
	944,038	Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		555,838
	1,374,145	Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		714,788
	891,475	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.21%, 01/25/36(b)		716,030
	4,453,980	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J2, Class 3A9, (1 mo. LIBOR USD + 1.400%), 6.00%, 08/25/35(b)		3,055,522
	151,964	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		132,728
	9,716,683	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 4.42%, 04/25/46(b)		3,079,539
	1,971,639	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR USD + 0.400%), 5.42%, 04/25/46(b)		1,817,580
	1,348,558	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		695,616
	1,357,387	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, 3.83%, 03/25/37(b)		1,170,175

56

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,291,893	Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1, 6.00%, 11/25/36	$	1,112,721
	2,473,116	Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(b)		588,833
	7,024,354	Credit Suisse Mortgage Capital Certificates Trust, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(c)		2,970,901
	2,692,222	Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3, 4.63%, 04/27/37(b)(c)		2,477,518
	5,390,910	Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR USD + 0.150%), 4.13%, 10/27/36(b)(c)		3,892,467
	2,400,000	Credit Suisse Mortgage Capital Certificates Trust, Series 2020-SPT1, Class B2, 3.39%, 04/25/65(b)(c)		1,925,930
	2,244,775	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class A2, 3.50%, 09/27/66(b)(c)		1,964,179
	3,873,632	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class B2, 0.43%, 09/27/66(c)(f)		3,358,562
	3,089,003	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class PT2, 3.17%, 07/26/60(b)(c)		1,027,093
	3,289,850	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-NQM2, Class B1, 3.44%, 02/25/66(b)(c)		2,002,430
	4,295,947	Credit Suisse Mortgage Capital Certificates Trust, Series 2021-RPL9, Class A1, 2.44%, 02/25/61(b)(c)		4,033,745
	6,066,093	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR USD + 1.350%), 6.25%, 11/25/35(b)		1,443,313

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,626,000	Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, 3.10%, 05/25/65(b)(c)	$	1,313,079
	3,314,000	Deephaven Residential Mortgage Trust, Series 2022-1, Class B1, 4.31%, 01/25/67(b)(c)		2,355,401
	2,000,000	GCAT Trust, Series 2020-NQM2, Class B1, 4.85%, 04/25/65(b)(c)		1,700,432
	3,437,000	GCAT Trust, Series 2021-NQM7, Class B1, 4.50%, 08/25/66(b)(c)		2,416,703
	3,795,496	GCAT Trust, Series 2022-NQM4, Class A2, STEP, 5.73%, 08/25/67(c)		3,740,537
	408,845	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 3.35%, 11/19/35(b)		348,356
	3,194,338	GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF, (1 mo. LIBOR USD + 0.400%), 5.42%, 06/25/34(b)(c)		2,814,530
	2,932,837	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR USD + 0.350%), 5.37%, 01/25/35(b)(c)		2,631,180
	3,915,628	GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, (1 mo. LIBOR USD + 0.350%), 5.37%, 09/25/35(b)(c)		3,323,252
	1,104,620	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR USD + 0.350%), 5.37%, 01/25/36(b)(c)		898,572
	206,553	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.24%, 01/25/35(b)		192,540
	2,527,197	GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36		934,764
	34,199	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		26,732
	50,352	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.66%, 01/25/36(b)		55,022
	502,666	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		331,487

57

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	8,924,447	GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 2.70%, 06/25/47(b)	$	5,606,378
	1,527,204	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR USD + 0.500%), 5.20%, 07/19/47(b)		1,368,565
	180,640	HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, 3.70%, 04/25/37(b)		160,275
	3,690,000	Homeward Opportunities Fund I Trust, Series 2020-2, Class B1, 5.45%, 05/25/65(b)(c)		3,319,961
	2,839,879	Homeward Opportunities Fund Trust, Series 2022-1, Class A2, STEP, 5.08%, 07/25/67(c)		2,766,379
	15,549,676	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 0.41%, 07/25/47(b)		12,172
	1,470,200	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR USD + 0.540%), 5.56%, 06/25/37(b)		1,643,186
	2,739,899	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, (1 mo. LIBOR USD + 0.240%), 5.26%, 08/25/37(b)		2,366,734
	852,941	JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.16%, 10/25/37(b)		575,314
	6,238,187	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		2,013,598
	29,929	JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 3.31%, 10/26/48(b)(c)		29,032
	98,079,109	JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X, 0.50%, 12/25/51(b)(c)		2,435,569
	5,769,311	JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X, 0.50%, 12/25/51(b)(c)		143,268
	103,848,420	JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1, 0.19%, 12/25/51(b)(c)		980,558
	1,290,900	JP Morgan Mortgage Trust, Series 2021-INV5, Class B4, 3.19%, 12/25/51(b)(c)		850,976
	451,843	JP Morgan Mortgage Trust, Series 2021-INV5, Class B5, 3.19%, 12/25/51(b)(c)		275,630

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,544,316	JP Morgan Mortgage Trust, Series 2021-INV5, Class B6, 2.98%, 12/25/51(b)(c)	$	592,033
	33,107,489	JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X, 0.50%, 02/25/52(b)(c)		822,542
	20,305,286	JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X, 0.50%, 02/25/52(b)(c)		463,074
	7,872,776	JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X, 0.50%, 02/25/52(b)(c)		334,080
	3,605,092	JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X, 0.50%, 02/25/52(b)(c)		89,567
	64,890,739	JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1, 0.27%, 02/25/52(b)(c)		872,579
	3,810,648	JP Morgan Mortgage Trust, Series 2021-INV7, Class B1, 3.27%, 02/25/52(b)(c)		3,062,699
	894,304	JP Morgan Mortgage Trust, Series 2021-INV7, Class B2, 3.27%, 02/25/52(b)(c)		692,636
	1,244,177	JP Morgan Mortgage Trust, Series 2021-INV7, Class B3, 3.27%, 02/25/52(b)(c)		895,242
	661,055	JP Morgan Mortgage Trust, Series 2021-INV7, Class B4, 3.27%, 02/25/52(b)(c)		435,464
	272,124	JP Morgan Mortgage Trust, Series 2021-INV7, Class B5, 3.27%, 02/25/52(b)(c)		160,104
	894,482	JP Morgan Mortgage Trust, Series 2021-INV7, Class B6, 3.08%, 02/25/52(b)(c)		323,993
	1,607,726	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 8.47%, 02/25/59(a)(c)(f)		198,554
	2,382,208	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(c)		1,781,936
	4,203,122	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37		1,096,714
	2,363,426	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(c)		1,790,181
	1,008,311	MASTR Resecuritization Trust, Series 2008-3, Class A1, 7.25%, 08/25/37(b)(c)		609,977

58

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,478,083	MCM Trust, Series 2021-VFN1, 2.50%, 09/25/31(a)(e)	$	4,293,645
	2,798,206	MCM Trust, Series 2021-VFN1, Class CERT, 3.00%, 08/25/28(a)(e)		1,841,242
	1,725,095	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR USD + 0.420%), 5.44%, 04/25/37(b)		1,435,131
	628,219	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.09%, 05/25/36(b)		459,345
	376,921	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, 6.25%, 10/25/36		159,030
	2,823,672	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 2.94%, 05/26/37(c)		2,694,779
	2,486,875	Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1 mo. LIBOR USD + 0.160%), 5.17%, 12/26/46(b)(c)		2,210,870
	717,126	MortgageIT Trust, Series 2004-1, Class B1, (1 mo. LIBOR USD + 1.800%), 6.82%, 11/25/34(b)		651,724
	3,276,775	New Residential Mortgage Loan Trust, Series 2019-NQM5, Class A1, 2.71%, 11/25/59(b)(c)		3,030,801
	1,389,000	New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2, 4.52%, 01/26/60(b)(c)		1,082,197
	2,973,097	NYMT Loan Trust, Series 2020-SP2, Class A1, 2.94%, 10/25/60(b)(c)		2,908,162
	2,547,076	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(c)		2,108,930
	1,267,423	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(c)		989,618
	3,294,858	PRPM LLC, Series 2020-4, Class A1, STEP, 2.95%, 10/25/25(c)		3,222,712
	4,159,451	PRPM LLC, Series 2022-1, Class A1, STEP, 3.72%, 02/25/27(c)		3,963,328
	5,325,417	PRPM LLC, Series 2023-1, Class A1, 6.88%, 02/25/28(b)(c)		5,299,928

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,186,690	RCO VI Mortgage LLC, Series 2022-1, Class A1, STEP, 3.00%, 01/25/27(c)	$	4,892,073
	421,451	Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR USD + 0.420%), 5.44%, 07/25/36(b)(c)		380,498
	5,247,301	Residential Accredit Loans, Inc., Series 2005-QA10, Class A21, 4.22%, 09/25/35(b)		2,248,021
	1,410,713	Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4, 4.97%, 12/25/35(b)		1,251,663
	544,285	Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1, (1 mo. LIBOR USD + 0.380%), 5.40%, 05/25/46(b)		497,583
	451,501	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		387,814
	2,878,273	Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. LIBOR USD + 0.550%), 5.57%, 01/25/37(b)		2,009,839
	641,326	Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5, (1 mo. LIBOR USD + 0.250%), 5.27%, 07/25/36(b)		114,348
	1,959,611	Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1, 4.29%, 09/25/35(b)		1,258,675
	6,001,075	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1, 4.95%, 08/25/36(b)		4,159,925
	87,364	Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1, 5.15%, 09/25/36(b)		56,136
	2,150,000	Residential Mortgage Loan Trust, Series 2020-1, Class B2, 4.67%, 01/26/60(b)(c)		1,647,111
	3,750,000	Residential Mortgage Loan Trust, Series 2020-2, Class B2, 5.40%, 05/25/60(b)(c)		3,067,689
	2,814,000	Residential Mortgage Loan Trust, Series 2021-1R, Class B1, 3.42%, 01/25/65(b)(c)		2,213,988

59

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,500,000	RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, 4.70%, 11/25/31(b)(c)	$	2,679,548
	4,386,810	RMF Buyout Issuance Trust, Series 2021-HB1, Class M6, 6.00%, 11/25/31(a)(b)(c)		2,530,750
	10,652,041	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 12.56%, 07/25/56(c)(f)		1,753,509
	17,068,208	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 0.83%, 07/25/56(b)(c)		1,751,490
	4,698,057	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 3.56%, 11/25/57(b)		1,759,328
	2,610,945	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 1.52%, 08/25/57(b)(c)		912,316
	4,479,883	Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1, 4.75%, 04/26/60(b)(c)		4,326,799
	100,000	SG Residential Mortgage Trust, Series 2019-3, Class B1, 4.08%, 09/25/59(b)(c)		81,906
	175,000	SG Residential Mortgage Trust, Series 2020-2, Class B1, 4.25%, 05/25/65(b)(c)		137,229
	257,000	SG Residential Mortgage Trust, Series 2020-2, Class M1, 3.19%, 05/25/65(b)(c)		202,536
	5,518,762	SG Residential Mortgage Trust, Series 2022-2, Class A2, 5.35%, 08/25/62(b)(c)		5,422,203
	2,425,000	Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/50(b)(c)		1,978,546
	1,041,605	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 4.18%, 05/25/35(b)		811,060
	1,666,808	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.86%, 04/25/36(b)		1,005,825
	2,921,431	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR USD + 0.440%), 5.46%, 05/25/46(b)		987,700

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,102,128	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR USD + 0.180%), 5.20%, 09/25/47(b)	$	989,225
	2,312,244	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR USD + 0.350%), 5.37%, 06/25/35(b)(c)		2,128,235
	13,255,904	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(c)		7,834,919
	437,775	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 4.14%, 04/25/37(b)		268,702
	129,860	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 4.43%, 04/25/37(b)		66,226
	97,635	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR USD + 1.250%), 6.66%, 06/25/47(b)		93,843
	4,000,000	TRK Trust, Series 2022-INV1, Class B1, 4.05%, 02/25/57(b)(c)		2,829,332
	5,290,989	TVC Holdings Plc, Series 2021-1, Class A, 2.38%, 02/01/51(a)(e)		4,925,393
	1,322,747	TVC Holdings Plc, Series 2021-1, Class CERT, 0.47%, 02/01/51(a)(e)(f)		1,154,174
	3,343,000	Verus Securitization Trust, Series 2019- INV3, Class M1, 3.28%, 11/25/59(b)(c)		2,872,539
	3,162,000	Verus Securitization Trust, Series 2021- 1, Class B1, 2.98%, 01/25/66(b)(c)		2,052,446
	5,000,000	Verus Securitization Trust, Series 2022- 1, Class B1, 4.01%, 01/25/67(b)(c)		3,268,432
	2,680,000	Verus Securitization Trust, Series 2023- INV1, Class M1, 7.65%, 02/25/68(b)(c)		2,659,726
	3,300,000	Vista Point Securitization Trust, Series 2020-2, Class B2, 5.16%, 04/25/65(b)(c)		2,850,881

60

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	26,010,094	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 2.65%, 02/25/38(b)(c)	$	6,237,559
	734,698	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.40%, 07/25/37(b)		612,915
	5,697,057	WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.798%), 4.26%, 05/25/47(b)		4,860,589
	1,170,759	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 1CB, 6.50%, 11/25/35		687,477
	688,318	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-10, Class 2A6, 5.50%, 11/25/35		615,559
	3,789,109	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36		3,098,881
	3,764,932	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP, 6.72%, 07/25/36		938,043
	1,118,863	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 4.42%, 08/25/46(b)		686,893
	1,597,197	Washington Mutual Mortgage Pass- Through Certificates WMALT Trust, Series 2005-9, Class 5A3, (1 mo. LIBOR USD + 1.350%), 6.25%, 11/25/35(b)		1,156,961
	529,539	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. LIBOR USD + 0.320%), 5.34%, 03/25/37(b)		410,756
	4,424,057	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR USD + 6.680%), 1.66%, 03/25/37(b)(e)		381,879

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	937,493	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. LIBOR USD + 0.540%), 5.56%, 03/25/37(b)	$	729,632
	842,921	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. LIBOR USD + 0.490%), 5.51%, 03/25/37(b)		659,291
	1,136,381	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.11%, 03/25/38(b)		912,573
	3,967,560	Western Mortgage Reference Notes, Series 2021-CL2, Class M1, (SOFR 30A + 3.150%), 7.97%, 07/25/59(b)(c)		3,669,256
	3,990,969	Western Mortgage Reference Notes, Series 2021-CL2, Class M2, (SOFR 30A + 3.700%), 8.52%, 07/25/59(b)(c)		3,641,428
				497,628,208
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.4%
	797,161	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR USD + 0.705%), 5.73%, 01/25/36(b)(c)		722,615
	680,049	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR USD + 0.750%), 5.77%, 01/25/36(b)(c)		614,954
	986,772	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR USD + 1.305%), 6.33%, 07/25/36(b)(c)		911,052
	5,459,683	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR USD + 0.450%), 5.47%, 09/25/37(b)(c)		4,975,561
	6,389,394	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR USD + 1.500%), 6.52%, 10/25/37(b)(c)		4,131,071
	8,605,416	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR USD + 1.500%), 6.52%, 12/25/37(b)(c)		7,519,409
	2,728,500	BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. Term SOFR + 2.764%), 7.65%, 10/15/36(b)(c)		2,625,688

61

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	1,179,214	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 6.26%, 07/25/39(c)	$	1,082,850
	1,387,997	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M1, (1 mo. LIBOR USD + 0.400%), 5.42%, 06/25/37(b)(c)		1,368,397
	3,000,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. LIBOR USD + 0.600%), 5.62%, 06/25/37(b)(c)		2,354,699
	3,600,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2, (1 mo. LIBOR USD + 2.000%), 7.02%, 10/25/37(b)(c)		3,048,101
	1,647,358	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(b)(c)		1,394,133
	619,235	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(b)(c)		496,962
	1,149,438	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(b)(c)		987,488
	1,388,791	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(b)(c)		1,089,799
	1,638,095	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(b)(c)		1,248,162
	1,103,838	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(b)(c)		853,691
	313,022	Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5, 4.93%, 07/25/49(b)(c)		265,303
	1,981,272	Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5, 3.97%, 05/25/51(b)(c)		1,373,133
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5, 4.01%, 08/25/51(b)(c)		858,311
	1,241,259	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6, 4.92%, 08/25/51(b)(c)		863,689

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	2,829,885	Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7, 6.54%, 08/25/51(c)	$	1,969,120
	4,452,724	Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5, 4.33%, 10/25/51(b)(c)		3,049,892
	1,969,995	Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5, 5.68%, 12/26/51(b)(c)		1,393,818
	3,894,952	Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6, 6.80%, 12/26/51(b)(c)		2,735,497
	4,611,655	Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4, 5.20%, 02/25/52(b)(c)		3,449,611
	2,322,897	Velocity Commercial Capital Loan Trust, Series 2022-4, Class M2, 6.97%, 08/25/52(b)(c)		2,208,472
	1,987,080	Velocity Commercial Capital Loan Trust, Series 2022-4, Class M3, 7.54%, 08/25/52(b)(c)		1,725,586
				55,317,064
Total Non-Agency Mortgage-Backed Securities (Cost $632,664,021)				552,945,272
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
	1,358,598	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class B2, (1 mo. LIBOR USD + 10.000%), 15.02%, 07/25/29(b)		1,445,208
	29,416	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-SPI2, Class M2, 3.83%, 05/25/48(b)(c)		27,955
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,309,647)				1,473,163
U.S. GOVERNMENT SECURITIES — 31.6%
U.S. Treasury Bills — 3.0%
	73,000,000	4.90%, 08/10/23(f)		71,996,760
U.S. Treasury Bonds — 24.4%
	41,315,000	3.63%, 08/15/43		40,245,006
	42,400,000	3.63%, 02/15/44		41,146,219
	48,055,000	3.38%, 05/15/44		44,846,953
	47,350,000	3.13%, 08/15/44		42,387,498

62

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
U.S. Treasury Bonds (continued)
$	47,550,000	3.00%, 02/15/47	$	41,418,651
	52,750,000	2.75%, 08/15/47		43,860,801
	45,400,000	3.00%, 08/15/48		39,639,875
	46,350,000	3.38%, 11/15/48		43,348,114
	47,000,000	3.00%, 02/15/49		41,139,687
	47,300,000	2.88%, 05/15/49		40,474,758
	59,560,000	1.25%, 05/15/50		34,677,414
	57,000,000	1.63%, 11/15/50		36,589,101
	55,250,000	2.38%, 05/15/51		42,434,590
	48,750,000	3.00%, 08/15/52		42,778,125
				574,986,792
U.S. Treasury Notes — 4.2%
	105,000,000	2.25%, 11/15/27		99,114,258
Total U.S. Government Securities (Cost $954,813,221)				746,097,810
CASH   SWEEP — 4.8%
UNITED STATES — 4.8%
	112,361,737	Citibank - US Dollars on Deposit in Custody Account, 2.00%(g)		112,361,737
Total Cash Sweep (Cost $112,361,737)				112,361,737
TOTAL INVESTMENTS — 99.5% (Cost $2,768,896,007)			$	2,344,577,866
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				12,855,554
NET ASSETS — 100.0%			$	2,357,433,420

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $41,623,467 which is 1.77% of net assets and the cost is $45,373,519.
(b)	Floating rate security. Rate shown is the rate in effect as of April 30, 2023.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $744,669,402, which is 31.59% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (e).
(d)	Perpetual security with no stated maturity date.
(e)	These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(f)	Zero coupon security. The rate represents the yield at time of purchase.
(g)	The rate shown represents the current yield as of April 30, 2023.

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,045.18 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	02/06/2024	$	50,000	$	223,836	$	–	$	223,836
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,061.53 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	03/15/2024		50,000		106,983		–		106,983
										330,819

63

Old Westbury Funds, Inc.
Credit Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Reference Entity	Counterparty	Payment/ Expiration Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,107.78 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	05/06/2024	$	50,000	$	(628,987)	$	–	$	(628,987	)
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,088.50 and paying a (SOFR RATE + 0.750%) at expiration date	Barclays Bank Plc	05/14/2024		50,000		(125,234)		–		(125,234	)
										(754,221	)
Total Return Swaps									$	(423,402	)

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation
ETF — Exchange-Traded Fund
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
SOFR 30A — Secured Overnight Financing Rate 30 Day Average USD
SPDR — Standard & Poor’s Depositary Receipt
STEP — Step Coupon Bond
USD — U.S. Dollar

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)
Sector:	Percentage of Net Assets
Asset-Backed Securities		15.6	%
Bank Loans		0.3
Corporate Bonds		8.5
Exchange-Traded Funds		14.9
Non-Agency Mortgage-Backed Securities		23.5
Preferred Stocks		0.2
U.S. Government Agencies and Securities		31.7
Other*		5.3
		100.0	%

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

64

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 0.7%
California — 0.3%
$	4,500,000	University of California University & College Improvements Revenue Bonds, Series BG, 1.61%, 05/15/30	$	3,821,514
New Jersey — 0.1%
	1,750,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.48%, 01/01/28		1,529,067
Pennsylvania — 0.3%
	5,000,000	Pennsylvania State University Refunding Revenue Bonds, Series D, 1.65%, 09/01/25		4,693,461
Total Municipal Bonds (Cost $11,250,000)				10,044,042
CORPORATE BONDS — 24.6%
Banks — 5.3%
	4,000,000	Banco Santander SA, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.450%), 0.70%, 06/30/24(a)		3,962,335
	5,470,000	Bank of America Corp., (SOFR RATE + 0.960%), 1.73%, 07/22/27(a)		4,897,595
	5,000,000	Bank of America Corp. GMTN, (SOFR RATE + 1.370%), 1.92%, 10/24/31(a)		3,981,697
	2,695,000	Bank of New York Mellon Corp. (The) MTN, (SOFR RATE + 1.418%), 4.29%, 06/13/33(a)		2,577,915
	5,000,000	BPCE SA, 1.00%, 01/20/26(b)		4,499,154
	6,295,000	Citigroup, Inc., (3 mo. Term SOFR + 1.652%), 3.67%, 07/24/28(a)		5,948,859
	3,561,000	Credit Suisse AG GMTN, 3.70%, 02/21/25		3,372,979
	2,000,000	Danske Bank A/S MTN, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.550%), 0.98%, 09/10/25(a)(b)		1,864,349

Principal Amount			Value
Banks (continued)
$	4,570,000	HSBC Holdings Plc, (SOFR RATE + 1.285%), 2.21%, 08/17/29(a)	$	3,869,023
	7,136,000	JPMorgan Chase & Co., (SOFR RATE + 1.015%), 2.07%, 06/01/29(a)		6,193,280
	3,369,000	JPMorgan Chase & Co., (3 mo. LIBOR USD + 1.260%), 4.20%, 07/23/29(a)		3,238,743
	5,000,000	JPMorgan Chase & Co., (SOFR RATE + 2.080%), 4.91%, 07/25/33(a)		4,967,678
	5,000,000	Mitsubishi UFJ Financial Group, Inc., (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.750%), 1.54%, 07/20/27(a)		4,442,795
	11,167,000	Morgan Stanley, (SOFR RATE + 2.620%), 5.30%, 04/20/37(a)		10,627,498
	5,423,000	Sumitomo Mitsui Financial Group, Inc., 2.63%, 07/14/26		5,061,169
	6,000,000	Truist Financial Corp. MTN, (SOFR RATE + 1.435%), 4.87%, 01/26/29(a)		5,867,016
				75,372,085
Communication Services — 1.3%
	5,000,000	Amazon.com, Inc., 3.60%, 04/13/32		4,745,937
	5,720,000	Comcast Corp., 4.15%, 10/15/28		5,661,259
	3,176,000	Omnicom Group, Inc., 2.45%, 04/30/30		2,731,480
	6,000,000	Warnermedia Holdings, Inc., 3.76%, 03/15/27(b)		5,645,989
				18,784,665
Consumer Discretionary — 4.0%
	5,000,000	AutoZone, Inc., 4.50%, 02/01/28		4,979,974
	2,500,000	Brown University, Series A, 1.91%, 09/01/30		2,120,055
	6,000,000	Church & Dwight Co., Inc., 5.60%, 11/15/32		6,441,978
	2,630,000	DR Horton, Inc., 1.40%, 10/15/27		2,288,126
	5,465,000	Equifax, Inc., 2.60%, 12/01/24		5,245,329

65

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Consumer Discretionary (continued)
$	2,994,000	General Motors Financial Co., Inc., 6.00%, 01/09/28	$	3,055,278
	5,000,000	Lowe’s Cos., Inc., 3.10%, 05/03/27		4,757,462
	4,206,000	McDonald’s Corp. GMTN, 3.50%, 07/01/27		4,082,835
	3,535,000	Southwest Airlines Co., 5.25%, 05/04/25		3,541,551
	3,510,000	Southwest Airlines Co., 5.13%, 06/15/27		3,532,128
	5,135,000	Target Corp., 4.50%, 09/15/32		5,163,766
	4,995,000	Toyota Motor Credit Corp. GMTN, 1.45%, 01/13/25		4,737,965
	4,985,000	Verisk Analytics, Inc., 4.00%, 06/15/25		4,876,884
	2,135,000	Warnermedia Holdings, Inc., 6.41%, 03/15/26		2,152,924
				56,976,255
Consumer Staples — 0.3%
	4,500,000	Nestle Holdings, Inc., 4.13%, 10/01/27(b)		4,501,696
Energy — 2.4%
	8,157,000	BP Capital Markets America, Inc., 4.81%, 02/13/33		8,286,279
	6,253,000	Chevron USA, Inc., 0.69%, 08/12/25		5,750,303
	5,000,000	Enbridge, Inc., 5.70%, 03/08/33		5,185,549
	5,567,000	Energy Transfer LP, 4.95%, 06/15/28		5,532,167
	5,370,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26		5,476,421
	3,555,000	Valero Energy Corp., 1.20%, 03/15/24		3,423,935
				33,654,654
Financial Services — 2.9%
	5,000,000	Air Lease Corp., 5.85%, 12/15/27		5,051,481
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,387,024
	3,000,000	Aon Corp./Aon Global Holdings Plc, 2.85%, 05/28/27		2,786,945
	5,000,000	Athene Global Funding, 1.73%, 10/02/26(b)		4,332,921

Principal Amount			Value
Financial Services (continued)
$	5,000,000	Capital One Financial Corp., (SOFR RATE + 0.690%), 1.34%, 12/06/24(a)	$	4,837,478
	2,490,000	Charles Schwab Corp. (The), 2.45%, 03/03/27		2,253,371
	3,235,000	Charles Schwab Corp. (The), 2.00%, 03/20/28		2,818,222
	5,000,000	Diageo Capital Plc, 5.20%, 10/24/25		5,070,981
	5,105,000	Moody’s Corp., 4.25%, 08/08/32		4,948,447
	6,070,000	Public Storage REIT, 1.85%, 05/01/28		5,383,929
				41,870,799
Health Care — 2.1%
	4,000,000	AbbVie, Inc., 2.60%, 11/21/24		3,859,533
	3,235,000	Cigna Group (The), 1.25%, 03/15/26		2,948,715
	5,000,000	Haleon US Capital LLC, 3.38%, 03/24/27		4,765,850
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		4,749,952
	6,000,000	Kenvue, Inc., 4.90%, 03/22/33(b)		6,204,110
	5,000,000	Stryker Corp., 1.15%, 06/15/25		4,635,725
	3,430,000	Zoetis, Inc., 5.40%, 11/14/25		3,492,977
				30,656,862
Industrials — 1.1%
	843,000	Caterpillar Financial Services Corp. MTN, 4.90%, 01/17/25		847,994
	1,404,000	Caterpillar Financial Services Corp. MTN, 3.40%, 05/13/25		1,375,476
	5,000,000	John Deere Capital Corp. MTN, 3.40%, 06/06/25		4,898,763
	3,500,000	Magna International, Inc., 3.63%, 06/15/24		3,439,138
	5,000,000	Waste Connections, Inc., 4.20%, 01/15/33		4,794,007
				15,355,378
Information Technology — 1.0%
	3,000,000	Broadcom, Inc., 3.15%, 11/15/25		2,876,350

66

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Information Technology (continued)
$	4,871,000	Hewlett Packard Enterprise Co., 4.90%, 10/15/25	$	4,848,570
	7,545,000	PayPal Holdings, Inc., 2.85%, 10/01/29		6,834,411
				14,559,331
Materials — 1.8%
	2,000,000	Air Products and Chemicals, Inc., 1.50%, 10/15/25		1,864,089
	5,000,000	Air Products and Chemicals, Inc., 4.80%, 03/03/33		5,203,674
	4,730,000	DuPont de Nemours, Inc., 4.49%, 11/15/25		4,712,423
	5,000,000	Georgia-Pacific LLC, 1.75%, 09/30/25(b)		4,647,707
	5,250,000	Nucor Corp., 2.00%, 06/01/25		4,952,786
	3,996,000	Sherwin-Williams Co. (The), 3.45%, 08/01/25		3,879,027
				25,259,706
Telecommunication Services — 0.4%
	6,000,000	T-Mobile USA, Inc., 3.88%, 04/15/30		5,641,928
Utilities — 2.0%
	1,690,000	Duke Energy Corp., 2.65%, 09/01/26		1,583,759
	5,000,000	Eversource Energy, Series N, 3.80%, 12/01/23		4,946,182
	5,000,000	National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/25		5,087,445
	5,000,000	Public Service Co. of Colorado, Series 35, 1.90%, 01/15/31		4,165,352
	3,898,464	SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31		3,315,380
	5,000,000	Southern Co. Gas Capital Corp., 2.45%, 10/01/23		4,934,966
	5,000,000	Xcel Energy, Inc., 3.30%, 06/01/25		4,830,129
				28,863,213
Total Corporate Bonds (Cost $368,850,280)				351,496,572

Principal Amount			Value
ASSET-BACKED SECURITIES — 6.3%
CAYMAN ISLANDS — 3.3%
Collateralized Loan Obligations — 3.3%
$	3,500,000	AGL CLO 10 Ltd., Series 2021-10A, Class B, (3 mo. LIBOR USD + 1.500%), 6.76%, 04/15/34(a)(b)	$	3,380,892
	4,500,000	Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR, (3 mo. LIBOR USD + 1.700%), 6.96%, 10/15/34(a)(b)		4,336,000
	1,500,000	Flatiron CLO 17 Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR USD + 1.450%), 6.31%, 05/15/30(a)(b)		1,461,248
	2,000,000	Flatiron CLO 19 Ltd., Series 2019-1A, Class BR, (3 mo. LIBOR USD + 1.550%), 6.42%, 11/16/34(a)(b)		1,951,347
	3,500,000	Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR, (3 mo. Term SOFR + 1.950%), 7.00%, 04/20/35(a)(b)		3,407,863
	4,700,000	Gulf Stream Meridian 3 Ltd., Series 2021-IIIA, Class A2, (3 mo. LIBOR USD + 1.750%), 7.01%, 04/15/34(a)(b)		4,542,243
	5,000,000	Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class A2, (3 mo. Term SOFR + 2.000%), 6.99%, 07/15/35(a)(b)		4,884,352
	1,500,000	LCM XXIV Ltd., Series 24A, Class BR, (3 mo. LIBOR USD + 1.400%), 6.65%, 03/20/30(a)(b)		1,443,916
	1,750,000	OCP CLO Ltd., Series 2019-17A, Class BR, (3 mo. LIBOR USD + 1.600%), 6.85%, 07/20/32(a)(b)		1,693,547
	4,500,000	Octagon 55 Ltd., Series 2021-1A, Class B, (3 mo. LIBOR USD + 1.650%), 6.90%, 07/20/34(a)(b)		4,285,282
	4,500,000	Palmer Square CLO Ltd., Series 2022- 1A, Class B, (3 mo. Term SOFR + 1.800%), 6.85%, 04/20/35(a)(b)		4,350,685
	4,000,000	Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, (3 mo. LIBOR USD + 1.400%), 6.65%, 07/20/29(a)(b)		3,910,674

67

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	5,000,000	Rad CLO 1 Ltd., Series 2018-1A, Class BR, (3 mo. LIBOR USD + 1.400%), 6.66%, 07/15/31(a)(b)	$	4,843,604
	3,000,000	Regatta XXI Funding Ltd., Series 2021-3A, Class B, (3 mo. LIBOR USD + 1.700%), 6.95%, 10/20/34(a)(b)		2,884,513
				47,376,166
UNITED STATES — 3.0%
Other Asset-Backed Securities — 3.0%
	3,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A, 6.12%, 04/20/27(b)		3,074,179
	2,100,000	BMW Vehicle Lease Trust, Series 2021-1, Class A4, 0.37%, 07/25/24		2,075,345
	2,750,000	Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3, 0.77%, 09/15/26		2,615,941
	1,500,000	Carmax Auto Owner Trust, Series 2021-1, Class B, 0.74%, 10/15/26		1,382,281
	5,000,000	Carmax Auto Owner Trust, Series 2022-4, Class A3, 5.34%, 08/16/27		5,038,681
	264,973	CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 02/17/26		255,629
	1,000,000	CarMax Auto Owner Trust, Series 2022-2, Class A3, 3.49%, 02/16/27		977,907
	1,500,000	CNH Equipment Trust, Series 2021- C, Class A4, 1.16%, 10/16/28		1,374,382
	1,580,726	Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 02/15/30(b)		1,539,797
	619,575	Enterprise Fleet Financing LLC, Series 2020-2, Class A2, 0.61%, 07/20/26(b)		608,128
	1,104,285	Enterprise Fleet Financing LLC, Series 2021-3, Class A2, 0.77%, 08/20/27(b)		1,059,887
	4,000,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 04/15/33(b)		3,650,393

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,000,000	HPEFS Equipment Trust, Series 2021- 2A, Class B, 0.61%, 09/20/28(b)	$	975,075
	1,519,387	Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.94%, 07/15/69(b)		1,335,565
	2,437,354	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69(b)		2,128,387
	2,000,000	PFS Financing Corp., Series 2021-A, Class A, 0.71%, 04/15/26(b)		1,905,777
	641,790	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.34%, 08/25/47(b)		621,650
	621,493	Sofi Professional Loan Program Trust, Series 2021-A, Class AFX, 1.03%, 08/17/43(b)		525,834
	1,800,000	Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 04/15/28		1,753,554
	2,000,000	Tesla Auto Lease Trust, Series 2021-B, Class A3, 0.60%, 09/22/25(b)		1,917,414
	493,675	Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, 0.44%, 10/15/24		488,671
	2,457,000	Verizon Master Trust, Series 2022-7, Class A1A, 5.23%, 11/22/27		2,463,671
	1,409,483	Verizon Owner Trust, Series 2020-B, Class A, 0.47%, 02/20/25		1,395,000
	2,500,000	Verizon Owner Trust, Series 2020-C, Class B, 0.67%, 04/21/25		2,419,683
	1,608,526	World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25		1,567,034
				43,149,865
Total Asset-Backed Securities (Cost $93,853,435)				90,526,031

68

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%
$	497,924	JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)	$	460,781
Total Non-Agency Mortgage-Backed Securities (Cost $504,217)				460,781
U.S. GOVERNMENT SECURITIES — 66.9%
U.S. Treasury Bonds — 3.7%
	16,000,000	3.38%, 08/15/42		15,050,000
	38,377,000	2.88%, 05/15/52		32,803,340
	5,000,000	4.00%, 11/15/52		5,303,125
				53,156,465
U.S. Treasury Inflation Indexed Bonds — 2.9%
	42,509,210	0.63%, 01/15/24(c)		41,909,764
U.S. Treasury Notes — 60.3%
	1,290,000	2.25%, 01/31/24		1,264,301
	39,369,000	2.38%, 08/15/24		38,294,042
	24,486,000	2.00%, 02/15/25		23,555,341
	59,764,000	2.00%, 08/15/25		57,198,350
	8,709,000	4.25%, 10/15/25		8,772,276
	22,783,000	2.25%, 11/15/25		21,880,579
	59,079,000	1.63%, 02/15/26		55,658,880
	9,395,000	0.75%, 03/31/26		8,624,316
	22,412,000	2.00%, 11/15/26		21,154,827
	30,000,000	1.50%, 01/31/27		27,734,766
	35,253,000	0.50%, 04/30/27		31,178,249
	32,758,000	2.38%, 05/15/27		31,225,028
	42,746,000	2.75%, 07/31/27		41,281,616
	40,212,000	4.13%, 10/31/27		41,077,501
	44,140,000	3.88%, 12/31/27		44,695,198
	25,000,000	4.00%, 02/29/28		25,500,000
	67,051,000	1.00%, 07/31/28		58,860,825
	3,249,000	2.63%, 02/15/29		3,090,357
	52,468,000	2.38%, 03/31/29		49,160,056
	30,961,000	2.88%, 04/30/29		29,822,941
	6,000,000	3.88%, 11/30/29		6,118,125
	14,431,000	3.88%, 12/31/29		14,726,948
	30,999,000	1.50%, 02/15/30		27,294,862
	210,300,000	1.38%, 11/15/31		178,451,051
	16,000,000	4.13%, 11/15/32		16,855,000
				863,475,435
Total U.S. Government Securities (Cost $987,863,858)				958,541,664

Shares			Value
INVESTMENT COMPANY — 0.8%
	11,573,069	Federated Hermes Government Obligations Fund, 4.72%(d)	$	11,573,069
Total Investment Company (Cost $11,573,069)				11,573,069
TOTAL INVESTMENTS — 99.3% (Cost $1,473,894,859)			$	1,422,642,159
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				9,857,196
NET ASSETS — 100.0%			$	1,432,499,355

(a)	Floating rate security. Rate shown is the rate in effect as of April 30, 2023.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers.
	The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	Inflation protected security.
(d)	The rate shown represents the current yield as of April 30, 2023.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

PORTFOLIO DIVERSIFICATION BY SECTOR (UNAUDITED)

Sector:	Percentage of Net Assets
Asset-Backed Securities		6.3	%
Corporate Bonds		24.6
Municipal Bonds		0.7
Non-Agency Mortgage-Backed Securities		0.0	*
U.S. Government Securities		66.9
Other**		1.5
		100.0	%

* Represents less than 0.01% of net assets.

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

69

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 93.7%
Alabama — 0.5%
$	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO, Series C, 5.00%, 09/01/26	$	3,767,181
	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26(a)		1,541,013
	13,000,000	Water Works Board of the City of Birmingham Water Utility Improvements Revenue Bonds, Series B, 5.00%, 01/01/45(a)		13,448,340
				18,756,534
Arizona — 0.7%
	1,715,000	Arizona Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/24		1,750,319
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/26		1,284,227
	8,950,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, 5.00%, 01/01/30		9,956,344
	3,950,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A, 5.00%, 01/01/33		4,286,627
	5,000,000	Town of Gilbert Public Improvements GO, 5.00%, 07/15/23		5,016,859
	5,250,000	Town of Gilbert Public Improvements GO, 5.00%, 07/15/25		5,506,250
				27,800,626
Arkansas — 0.2%
	7,250,000	State of Arkansas Public Improvements GO, 5.00%, 10/01/26		7,452,581
California — 6.1%
	5,000,000	Bay Area Toll Authority Refunding Revenue Bonds, Series B2, 3.42%, 04/01/47(b)		5,000,000

Principal Amount			Value
California (continued)
$	10,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 5.00%, 10/01/36	$	11,929,116
	20,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, 5.00%, 05/15/30(a)		22,488
	11,435,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, 5.00%, 05/15/30		12,712,166
	4,735,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, 5.00%, 05/15/32		5,337,696
	5,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/15/28		5,424,242
	1,000,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/25		1,033,888
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/26		1,574,037
	2,250,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/27		2,405,486
	1,750,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/36		1,951,437
	2,000,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/24		2,052,345
	2,000,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/26		2,158,095
	5,000,000	Los Angeles Department of Water & Power Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/24		5,116,772
	3,500,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub- Series B, 5.00%, 08/15/49(b)		3,625,474

70

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
California (continued)
$	6,850,000	San Bernardino Community College District Advance Refunding GO, 1.61%, 08/01/27	$	6,192,915
	2,335,000	San Diego County Water Authority Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29		2,702,439
	2,340,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31		2,614,909
	4,415,000	State of California Current Refunding GO, 5.00%, 10/01/25		4,647,512
	10,000,000	State of California Current Refunding GO, 5.00%, 10/01/37		11,491,973
	3,250,000	State of California Current Refunding GO, 5.00%, 08/01/26		3,487,957
	9,500,000	State of California Current Refunding GO, 5.00%, 04/01/27		10,351,963
	15,000,000	State of California Current Refunding GO, (AGM), 5.25%, 08/01/32		18,259,011
	15,000,000	State of California Public Improvements GO, 5.00%, 09/01/23		15,095,628
	15,000,000	State of California Public Improvements GO, 5.00%, 09/01/24		15,403,570
	11,250,000	State of California Public Improvements GO, 5.00%, 09/01/25		11,819,278
	8,500,000	State of California Public Improvements GO, 5.00%, 09/01/26		9,140,687
	5,000,000	State of California Public Improvements GO, 5.00%, 09/01/31		5,955,544
	3,000,000	State of California Public Improvements GO, 5.00%, 03/01/26		3,121,883
	5,715,000	State of California Public Improvements GO, 5.00%, 10/01/27		6,108,589
	8,000,000	State of California Refunding GO, 5.00%, 10/01/25		8,220,174

Principal Amount			Value
California (continued)
$	10,000,000	State of California School Improvements GO, 1.75%, 11/01/30	$	8,399,326
	7,230,000	State of California School Improvements GO, 5.00%, 11/01/28		8,008,638
	5,000,000	State of California Water Utility Improvements GO, 5.22%, 03/01/24		5,006,242
	5,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/28		5,576,298
	7,265,000	State of California Water Utility Improvements GO, 5.00%, 04/01/29		8,287,327
	10,000,000	University of California University & College Improvements Revenue Bonds, Series BK, 5.00%, 05/15/32		12,247,982
				242,483,087
Colorado — 1.2%
	2,375,000	Adams & Arapahoe Joint School District 28J Aurora Current Refunding GO, (State Aid Withholding), 5.00%, 12/01/23		2,399,627
	3,225,000	Adams & Arapahoe Joint School District 28J Aurora Current Refunding GO, (State Aid Withholding), 5.00%, 12/01/24		3,326,014
	3,000,000	Adams & Weld Counties School District No 27J Brighton Improvements GO, (State Aid Withholding), 5.00%, 12/01/23		3,032,840
	5,730,000	City & County of Denver Co. Airport System Revenue Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 12/01/29		6,218,220
	5,850,000	City & County of Denver Co. Airport System Revenue Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 12/01/28		6,368,233
	6,175,000	City & County of Denver Co. Airport System Revenue Refunding Revenue Bonds, Series A, 5.00%, 11/15/36		6,823,177

71

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Colorado (continued)
$	2,225,000	City & County of Denver Co. Airport System Revenue Refunding Revenue Bonds, Series C, 5.00%, 11/15/27	$	2,457,839
	10,000,000	City & County of Denver Co. Airport System Revenue, Series A, 5.00%, 12/01/32		10,786,740
	2,060,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		2,121,394
	2,000,000	Denver City & County School District No 1 Refunding GO, (State Aid Withholding), 5.00%, 12/01/24		2,065,780
	4,275,000	Regional Transportation District Sales Tax Revenue Advance Refunding Revenue Bonds, Series A, 1.18%, 11/01/27		3,752,334
				49,352,198
Connecticut — 1.5%
	1,170,000	City of Hartford Current Refunding Revenue Bonds, 5.00%, 04/01/24		1,188,210
	2,000,000	City of Hartford Current Refunding Revenue Bonds, 5.00%, 04/01/32		2,358,566
	5,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, 5.00%, 07/01/40(b)		5,583,143
	11,200,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, 5.00%, 07/01/27		12,336,555
	1,000,000	Metropolitan District Refunding Notes GO, 5.00%, 03/01/25		1,017,234
	5,860,000	Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/25		6,180,843
	2,350,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A, 5.00%, 03/01/29		2,442,811

Principal Amount			Value
Connecticut (continued)
$	2,000,000	State of Connecticut Current Refunding GO, Series D, 5.00%, 09/15/24	$	2,054,074
	1,445,000	State of Connecticut Current Refunding GO, Series D, 5.00%, 09/15/25		1,518,161
	1,000,000	State of Connecticut Current Refunding GO, Series D, 5.00%, 09/15/27		1,098,242
	1,000,000	State of Connecticut Current Refunding GO, Series D, 5.00%, 09/15/28		1,123,066
	6,000,000	State of Connecticut Public Improvements GO, Series A, 3.85%, 09/15/27		5,931,695
	6,775,000	State of Connecticut Special Tax Revenue Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/30		7,882,410
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		1,948,611
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27		5,140,568
				57,804,189
Delaware — 2.4%
	10,000,000	Delaware State Health Facilities Authority Current Refunding Revenue Bonds, 5.00%, 10/01/45		10,526,958
	9,430,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/28		10,610,782
	5,000,000	Delaware Transportation Authority Current Refunding Revenue Bonds, 5.00%, 07/01/32		5,814,885
	6,740,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/26		7,236,077
	6,780,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/27		7,456,723

72

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Delaware (continued)
$	2,240,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/35	$	2,651,436
	5,825,000	Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/26		6,253,732
	10,000,000	State of Delaware Current Refunding GO, 5.00%, 02/01/28		11,175,815
	7,705,000	State of Delaware Current Refunding GO, Series A, 5.00%, 10/01/27		8,541,667
	10,800,000	State of Delaware Public Facilities GO, 5.00%, 02/01/25		11,208,443
	9,650,000	State of Delaware Public Facilities GO, 5.00%, 02/01/26		10,254,484
	2,885,000	State of Delaware Public Improvements GO, 5.00%, 03/01/24		2,931,227
				94,662,229
District of Columbia — 2.5%
	4,000,000	District of Columbia Current Refunding GO, Series B, 5.00%, 06/01/24		4,085,380
	1,490,000	District of Columbia Public Improvements GO, Series A, 5.00%, 01/01/38		1,741,966
	4,145,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/25		4,304,934
	8,800,000	District of Columbia Public Improvements Revenue Bonds, Series A, 5.00%, 03/01/26		9,363,024
	3,500,000	District of Columbia Public Improvements Revenue Bonds, Series B, 5.00%, 10/01/27		3,866,145
	11,735,000	District of Columbia Refunding Revenue Bonds, Series C, 5.00%, 10/01/23		11,817,578
	5,000,000	District of Columbia Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/34		5,991,369

Principal Amount			Value
District of Columbia (continued)
$	2,750,000	District of Columbia Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/35	$	3,257,561
	4,500,000	District of Columbia Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/36		5,260,476
	10,000,000	District of Columbia Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/47		11,113,683
	7,185,000	District of Columbia Transit Improvements Revenue Bonds, Series B, 3.81%, 07/01/30		6,939,932
	6,000,000	District of Columbia Transit Improvements Revenue Bonds, Series B, 3.86%, 07/01/31		5,785,511
	10,000,000	District of Columbia Water & Sewer Authority Revenue Bonds, Series A, 5.00%, 10/01/52		10,466,742
	5,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/26		5,282,098
	9,000,000	Metropolitan Washington Airports Authority Aviation Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/27		9,687,601
				98,964,000
Florida — 2.1%
	305,000	Orange County Health Facilities Authority Pre-refunded Current Refunding Revenue Bonds, Series C, 5.00%, 11/15/52(a)(b)		327,978
	4,695,000	Orange County Health Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 11/15/52(b)		5,002,236
	3,475,000	State of Florida Current Refunding GO, Series A, 5.00%, 06/01/24		3,545,820

73

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Florida (continued)
$	5,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/24	$	5,114,460
	5,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 06/01/27		5,474,022
	10,000,000	State of Florida Current Refunding GO, Series A, 5.00%, 07/01/29		11,471,517
	5,650,000	State of Florida Department of Transportation Turnpike System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/34		6,888,765
	6,545,000	State of Florida Department of Transportation Turnpike System Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/37		7,663,266
	2,545,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/25		2,662,940
	2,670,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/26		2,860,631
	2,805,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/27		3,079,140
	2,945,000	State of Florida Department of Transportation Turnpike System Revenue Highway Improvements Revenue Bonds, Series B, 5.00%, 07/01/28		3,309,192
	3,885,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		3,896,096
	4,080,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		4,171,514
	4,720,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		5,169,552

Principal Amount			Value
Florida (continued)
$	4,960,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28	$	5,547,823
	5,205,000	State of Florida Lottery Revenue Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29		5,961,300
				82,146,252
Georgia — 3.2%
	1,950,000	Brookhaven Development Authority Revenue Bonds, Series A, 5.00%, 07/01/23		1,954,889
	15,000,000	Brookhaven Development Authority Revenue Bonds, Series A, 4.00%, 07/01/49		14,331,384
	9,280,000	City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, 5.00%, 07/01/34		10,464,716
	12,890,000	City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, 5.00%, 07/01/35		14,403,303
	5,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/25		5,231,709
	4,225,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		4,518,687
	10,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		10,952,440
	5,000,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28		5,602,851
	5,500,000	City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/27		5,893,406
	8,000,000	City of Columbus Public Facilities GO, 5.00%, 01/01/24		8,100,603

74

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Georgia (continued)
$	10,065,000	City of Columbus Public Facilities GO, 5.00%, 01/01/25	$	10,415,444
	5,060,000	City of Columbus Public Facilities GO, 5.00%, 01/01/26		5,355,320
	1,100,000	Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, 5.00%, 07/01/23		1,103,032
	1,500,000	Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, 5.00%, 07/01/27		1,641,624
	1,425,000	Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, 5.00%, 07/01/29		1,630,302
	2,250,000	Georgia Ports Authority Airport & Marina Improvements Revenue Bonds, 5.00%, 07/01/30		2,622,590
	3,265,000	State of Georgia Advance Refunding GO, Series C-1, 5.00%, 01/01/24		3,306,275
	1,950,000	State of Georgia Public Improvements GO, Series A-2, 5.00%, 02/01/25		1,981,488
	5,610,000	State of Georgia School Improvements GO, Series A, Group 2, 5.00%, 08/01/31		6,603,946
	2,230,000	State of Georgia School Improvements GO, Series A-1, 5.00%, 02/01/25		2,313,174
	10,000,000	State of Georgia University and College Improvements GO, Series A-1, 5.00%, 02/01/24		10,142,773
				128,569,956
Hawaii — 3.6%
	7,775,000	City & County of Honolulu GO, Series E, 5.00%, 03/01/30		9,018,025
	10,000,000	City & County of Honolulu HI Refunding GO, Series A, 5.00%, 09/01/25		10,508,339
	4,940,000	City & County of Honolulu HI Transit Improvements GO, Series E, 5.00%, 09/01/29(b)		4,945,926

Principal Amount			Value
Hawaii (continued)
$	10,000,000	City & County of Honolulu Transit Improvements GO, Series E, 5.00%, 03/01/29	$	11,373,998
	6,015,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/34		6,594,584
	10,350,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/31		11,417,093
	6,235,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/32		6,872,413
	2,500,000	State of Hawaii Airports System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		2,659,673
	2,000,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.71%, 07/01/26		1,851,083
	2,250,000	State of Hawaii Airports System Revenue Current Refunding Revenue Bonds, Series E, 1.81%, 07/01/27		2,043,669
	10,000,000	State of Hawaii Airports System Revenue Refunding Revenue Bonds, Series D, 5.00%, 07/01/33		11,450,384
	4,165,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/27		4,439,454
	7,330,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/28		7,947,234
	3,915,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/29		4,314,136

75

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Hawaii (continued)
$	3,750,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/30	$	4,188,141
	10,420,000	State of Hawaii Harbor System Revenue Airport & Marina Improvements Revenue Bonds, Series A, 4.00%, 07/01/31		10,799,408
	3,000,000	State of Hawaii Public Facilities GO, Series GK, 4.93%, 10/01/28		3,101,900
	9,000,000	State of Hawaii Public Facilities GO, Series GK, 5.06%, 10/01/29		9,407,716
	5,000,000	State of Hawaii Public Facilities GO, Series GK, 5.13%, 10/01/30		5,272,697
	4,360,000	State of Hawaii Public Facilities GO, Series GK, 5.15%, 10/01/31		4,620,571
	2,000,000	State of Hawaii Public Facilities GO, Series GK, 5.20%, 10/01/32		2,131,398
	5,420,000	State of Hawaii Public Improvements GO, Series EH, 5.00%, 08/01/33(a)		5,442,174
	2,515,000	State of Hawaii Public Improvements GO, Series FK, 5.00%, 05/01/29		2,741,195
				143,141,211
Idaho — 0.2%
	1,500,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/31		1,780,394
	1,650,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/32		1,984,929
	1,175,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/36		1,386,982
	1,250,000	Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A, 5.00%, 08/15/38		1,444,242
				6,596,547

Principal Amount			Value
Illinois — 0.1%
$	3,000,000	Illinois State Toll Highway Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/41	$	3,345,935
	2,650,000	University of Illinois Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/24		2,693,956
				6,039,891
Indiana — 0.1%
	1,250,000	Purdue University Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29		1,431,628
	2,125,000	Purdue University Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/30		2,478,409
				3,910,037
Iowa — 0.4%
	1,130,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/24		1,158,034
	2,250,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/25		2,361,284
	2,075,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/26		2,230,950
	1,375,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/28		1,550,140
	3,185,000	Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/31		3,791,049
	3,000,000	State of Iowa Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/28		3,194,089
				14,285,546
Maryland — 7.2%
	5,735,000	County of Anne Arundel School Improvements GO, 5.00%, 04/01/27		5,983,026
	8,765,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/25		9,098,417
	9,205,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/26		9,765,475

76

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Maryland (continued)
$	9,665,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/27	$	10,499,087
	6,600,000	County of Baltimore Public Improvements COP, 5.00%, 03/01/28		7,320,991
	8,130,000	County of Baltimore Refunding GO, 5.00%, 03/01/27		8,865,728
	4,540,000	County of Baltimore Refunding GO, 5.00%, 03/01/30		5,287,561
	4,665,000	County of Baltimore Refunding GO, 5.00%, 03/01/31		5,535,129
	4,500,000	County of Montgomery Advance Refunding GO, Series B, 5.00%, 06/01/23		4,506,211
	2,000,000	County of Montgomery Public Improvements GO, Series A, 5.00%, 12/01/27		2,073,524
	3,500,000	County of Montgomery Refunding GO, Series A, 5.00%, 11/01/23		3,531,773
	3,185,000	County of Prince George’s Public School Improvement GO, Series A, 5.00%, 09/15/25		3,353,754
	3,110,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/24		3,181,194
	10,000,000	County of Prince George’s School Improvements GO, Series A, 5.00%, 07/01/30		11,720,442
	15,000,000	County of Prince George’s School Improvements GO, Series A, 5.00%, 07/01/31		17,915,209
	8,000,000	State of Maryland Advance Refunding GO, Series B, 5.00%, 08/01/25		8,399,253
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 11/01/26		10,339,843
	10,000,000	State of Maryland Public Facilities GO, Series A, 5.00%, 03/01/30		11,646,611
	8,035,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/24(a)		8,069,876
	5,000,000	State of Maryland Refunding GO, Series 2-C, 5.00%, 08/01/23		5,025,696

Principal Amount			Value
Maryland (continued)
$	5,000,000	State of Maryland School Improvements GO, 1st Series, 5.00%, 06/01/23	$	5,008,216
	11,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/27		12,056,273
	20,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/28		22,441,048
	14,675,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/29		16,843,095
	15,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/30		17,553,441
	4,855,000	State of Maryland School Improvements GO, Series A, 5.00%, 03/15/31		5,644,832
	15,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/31		17,841,007
	8,400,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/32		10,150,215
	15,000,000	State of Maryland School Improvements GO, Series A, 5.00%, 06/01/36		17,659,751
	1,675,000	University System of Maryland Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/24		1,704,303
	5,000,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series, (County GTY), 5.00%, 06/01/25		5,229,064
				284,250,045
Massachusetts — 5.4%
	12,285,000	City of Boston Public Improvements GO, Series A, 5.00%, 11/01/35		14,949,997
	3,900,000	City of Boston Public Improvements GO, Series A, 5.00%, 03/01/38		4,322,298
	3,670,000	City of Cambridge School Improvements GO, 5.00%, 02/15/25		3,816,605
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B, 5.00%, 07/01/31		14,001,999

77

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C, 5.00%, 10/01/26	$	10,063,099
	10,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 10/01/29		11,540,124
	10,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 10/01/30		11,760,279
	10,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 10/01/31		11,952,792
	15,000,000	Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 09/01/27		16,543,118
	10,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 10/01/32		12,117,956
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/32		2,103,297
	11,000,000	Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/32		13,191,774
	7,700,000	Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/30		8,943,055
	5,000,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/27		5,369,994
	1,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Advance Refunding Revenue Bonds, Senior Series B, 5.00%, 07/01/33		1,048,969
	9,000,000	Massachusetts Bay Transportation Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Subseries A-1, 5.00%, 07/01/43		10,311,916
	7,280,000	Massachusetts Clean Water Trust Advance Green Revenue Bonds, Series 2020, 5.00%, 02/01/36		7,534,635

Principal Amount			Value
Massachusetts (continued)
$	1,750,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/29	$	2,002,878
	2,000,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/30		2,336,441
	1,970,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/31		2,343,110
	3,500,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/33		4,306,735
	1,000,000	Massachusetts Clean Water Trust Green Revenue Bonds, 5.00%, 02/01/41		1,141,431
	5,035,000	Massachusetts Clean Water Trust Water Utility Improvement Revenue Bonds, Series 23B, 5.00%, 02/01/32		5,965,268
	1,000,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/40		1,146,203
	2,000,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/41		2,282,863
	4,900,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/42		5,567,393
	4,000,000	Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/43		4,538,933
	10,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/27		11,083,076
	5,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 07/15/33		5,387,553
	5,000,000	Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33		5,690,720
				213,364,511

78

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Michigan — 0.2%
$	1,000,000	Michigan State University Refunding Revenue Bonds, Series A, 5.00%, 08/15/31	$	1,045,894
	5,000,000	University of Michigan Current Refunding Revenue Bonds, Series D, 5.00%, 04/01/30		5,836,161
	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A, 5.00%, 04/01/26		3,198,494
				10,080,549
Minnesota — 1.5%
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 03/01/27		1,925,003
	2,805,000	Robbinsdale Independent School District No 281 Current Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		2,842,547
	2,200,000	Sartell-St Stephen Independent School District No 748 GO, Series A, (School District Credit Program), 5.00%, 02/01/25		2,280,909
	7,500,000	State of Minnesota Highway Improvements GO, Series B, 5.00%, 08/01/25		7,857,559
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		2,965,878
	10,000,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/25		10,496,772
	3,640,000	State of Minnesota School Improvements GO, Series A, 5.00%, 08/01/29		4,191,496
	7,570,000	State of Minnesota School Improvements GO, Series A, 5.00%, 08/01/29		8,716,931
	10,000,000	State of Minnesota School Improvements GO, Series A, 5.00%, 09/01/29		11,534,019
	7,360,000	State of Minnesota School Improvements GO, Series A, Group 2, 5.00%, 08/01/38		8,590,293
				61,401,407

Principal Amount			Value
Mississippi — 0.3%
$	10,000,000	State of Mississippi Public Improvements GO, Series B, 5.00%, 12/01/31(a)	$	10,106,578
Missouri — 0.9%
	20,000,000	Health & Educational Facilities Authority of the State of Missouri Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/39(b)		21,820,974
	10,245,000	Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 05/01/33		12,182,952
				34,003,926
Nebraska — 0.3%
	2,345,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/27		2,598,347
	2,715,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/30		3,200,595
	2,850,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/31		3,418,434
	2,995,000	Metropolitan Utilities District of Omaha Water System Revenue Water Utility Improvements Revenue Bonds, 5.00%, 12/01/32		3,649,860
				12,867,236
New Jersey — 4.4%
	13,500,000	New Jersey Economic Development Authority Current Refunding Revenue Bonds, Series RRR, 5.00%, 03/01/24		13,658,523
	1,650,000	New Jersey Economic Development Authority Revenue Bonds, Series A, 5.00%, 11/01/24		1,688,694

79

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New Jersey (continued)
$	1,100,000	New Jersey Economic Development Authority Revenue Bonds, Series A, 5.00%, 11/01/26	$	1,167,290
	1,600,000	New Jersey Economic Development Authority Revenue Bonds, Series A, 5.00%, 11/01/28		1,761,408
	6,535,000	New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/25		6,793,093
	10,000,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/01/27		10,916,431
	10,000,000	New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/01/32		12,114,750
	1,000,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		1,002,723
	4,455,000	New Jersey Infrastructure Bank Green Purpose Revenue Bonds, 5.00%, 09/01/26		4,802,616
	10,000,000	New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2, 5.00%, 09/01/47		11,147,597
	10,300,000	New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds, Series A, 5.00%, 06/15/23		10,316,442
	3,210,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/31		3,645,468
	7,250,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/32		8,261,316

Principal Amount			Value
New Jersey (continued)
$	5,000,000	New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/33	$	5,684,231
	9,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.28%, 01/01/27		8,051,523
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/27		1,079,762
	5,500,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.81%, 01/01/30		4,658,540
	3,755,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/29		4,229,643
	3,400,000	New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/30		3,904,210
	2,775,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/27		2,996,338
	2,500,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/29		2,700,507
	2,145,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/29		2,193,975
	4,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/34		4,294,008
	3,750,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/42		4,197,323
	12,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/46		13,301,526

80

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New Jersey (continued)
$	3,250,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/32	$	3,364,067
	3,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E, 5.00%, 01/01/33		3,104,495
	2,000,000	Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, 1.66%, 05/01/28		1,752,350
	20,000,000	State of New Jersey COVID-19 GO, Series A, 5.00%, 06/01/24		20,401,172
				173,190,021
New York — 15.0%
	10,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/23		10,044,652
	10,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/24		10,248,085
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/25		5,230,578
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/26		5,353,193
	5,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28		5,608,034
	5,000,000	City of New York Current Refunding GO, Series D, 5.00%, 08/01/25		5,230,577
	10,000,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/23		10,044,652
	9,400,000	City of New York Current Refunding GO, Series E, 5.00%, 08/01/24		9,633,200
	20,000,000	City of New York Public Improvements GO, Sub-Series D-3, 5.00%, 08/01/38(c)		20,051,448
	19,825,000	City of New York Public Improvements GO, Sub-Series E-2, 4.57%, 04/01/28		19,978,864

Principal Amount			Value
New York (continued)
$	5,000,000	City of New York Refunding GO, Series I, 5.00%, 08/01/25	$	5,017,465
	9,450,000	City of New York Refunding GO, Series J, Sub-Series J11, 5.00%, 08/01/25(c)		9,885,791
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.25%, 11/15/31		2,214,904
	3,545,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA, 5.00%, 06/15/24		3,622,237
	6,200,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series BB-2, 5.00%, 06/15/25		6,264,169
	1,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25		1,010,350
	2,045,000	New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/24(a)		2,089,931
	10,000,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/30		11,743,388
	5,000,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/31		5,971,607
	10,000,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/32		12,133,995
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		1,362,255

81

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	3,585,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/26	$	3,858,490
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/27		3,304,278
	7,465,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/28		8,407,399
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/29		5,740,581
	10,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/30		11,681,293
	8,450,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-1, 5.00%, 02/01/40		9,471,967
	10,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-2, 4.90%, 02/01/32		10,237,028
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/31		9,734,348
	4,210,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series D1, 5.00%, 02/01/29		4,265,103
	14,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.00%, 11/01/28		14,476,437

Principal Amount			Value
New York (continued)
$	15,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.05%, 11/01/29	$	15,544,249
	15,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.15%, 11/01/30		15,685,298
	10,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.25%, 11/01/31		10,554,233
	14,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Sub-Series D-2, 5.35%, 11/01/32		14,902,322
	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/31		2,101,731
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,185,529
	4,660,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26(a)		4,724,509
	12,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Group 2, Series A, 5.00%, 03/15/29		13,406,012
	5,200,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/25(a)		5,287,212
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/27		6,855,047
	10,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/27		10,898,326

82

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/25	$	5,196,216
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26		5,307,918
	5,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/28		5,560,820
	4,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/29		4,546,574
	4,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/30		5,214,003
	14,000,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series F, 5.29%, 03/15/25		14,177,832
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26(a)		1,779,350
	5,000,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		5,108,382
	2,500,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		2,865,414
	10,000,000	New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/39		11,299,593
	40,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/25		41,509

Principal Amount			Value
New York (continued)
$	2,000,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24	$	2,032,205
	2,105,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27(a)		2,236,072
	5,835,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series B, 5.00%, 03/15/25		6,063,983
	11,970,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 09/15/28		13,443,102
	10,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/30		11,572,991
	10,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/31		11,763,742
	10,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/32		11,945,864
	1,000,000	New York State Urban Development Corp. Current Refunding Revenue Bonds, Series A, 5.00%, 03/15/28		1,047,347
	9,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/28		9,996,398
	10,000,000	New York State Urban Development Corp. Economic Improvements Revenue Bonds, 5.00%, 03/15/32		11,683,117
	5,715,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		5,773,270
	5,880,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		5,939,952

83

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	5,255,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 221, 5.00%, 07/15/27	$	5,604,959
	10,000,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 3.85%, 11/01/41(b)		10,000,000
	3,500,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, 5.00%, 05/15/27		3,837,803
	7,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, 5.00%, 05/15/31		8,353,393
	5,040,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/25		5,049,269
	5,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/27		5,224,364
	10,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/28		10,708,951
	10,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/29		11,036,210
	6,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/30		7,328,219
	10,210,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/31		11,764,270
	10,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32		11,756,546
				594,320,405
North Carolina — 2.7%
	2,500,000	Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, 5.00%, 01/15/30		2,859,492

Principal  Amount			Value
North Carolina (continued)
$	5,310,000	Charlotte-Mecklenburg Hospital Authority Current Refunding Revenue Bonds, Series A, 5.00%, 01/15/31	$	6,176,144
	5,000,000	City of Charlotte NC Water & Sewer System Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/30		5,863,816
	5,000,000	City of Charlotte NC Water & Sewer System Revenue Refunding Revenue Bonds, Series A, 5.00%, 07/01/31		5,971,737
	10,000,000	County of Mecklenburg School Improvements GO, 5.00%, 09/01/29		11,572,210
	6,555,000	County of Union School Improvements GO, 5.00%, 09/01/24		6,724,590
	5,995,000	County of Union School Improvements GO, 5.00%, 09/01/25		6,304,361
	5,000,000	County of Wake Current Refunding GO, Series B, 5.00%, 05/01/31		5,962,692
	7,720,000	County of Wake School Improvements GO, Series A, 5.00%, 02/01/28		8,616,697
	8,580,000	County of Wake School Improvements GO, Series A, 5.00%, 02/01/29		9,804,924
	8,600,000	County of Wake School Improvements GO, Series A, 5.00%, 02/01/30		10,029,151
	10,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/23		10,000,000
	1,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/24		1,019,200
	2,000,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/25		2,083,641
	3,250,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/27		3,543,590

84

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
North Carolina (continued)
$	3,000,000	State of North Carolina Highway Improvements Revenue Bonds, Series A, 5.00%, 05/01/31	$	3,544,040
	7,600,000	State of North Carolina Highway Improvements Revenue Bonds, Series B, 5.00%, 05/01/28		8,469,844
				108,546,129
Ohio — 2.1%
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/24		1,031,322
	2,225,000	City of Columbus Advance Refunding GO, Series 2017-1, 5.00%, 04/01/24		2,263,723
	4,435,000	City of Columbus Transit Improvements GO, Series A, 5.00%, 04/01/32		4,972,433
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26		1,031,009
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		1,561,505
	3,000,000	Ohio Water Development Authority Revenue Bonds, 5.00%, 06/01/26		3,209,669
	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bond, Series 2015-A, 5.00%, 12/01/24		10,297,579
	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, 5.00%, 06/01/28		11,437,283
	14,000,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/29		15,956,133
	3,575,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/01/26		3,824,855
	10,000,000	State of Ohio Advance Refunding GO, Series A, 5.00%, 12/15/24		10,338,678

Principal Amount			Value
Ohio (continued)
$	1,500,000	State of Ohio Highway Improvements Revenue Bonds, Series 2022-1, 5.00%, 12/15/23	$	1,517,372
	2,250,000	State of Ohio Highway Improvements Revenue Bonds, Series 2022-1, 5.00%, 12/15/24		2,317,180
	1,200,000	State of Ohio Highway Improvements Revenue Bonds, Series 2022-1, 5.00%, 12/15/25		1,268,717
	1,100,000	State of Ohio Highway Improvements Revenue Bonds, Series 2022-1, 5.00%, 12/15/26		1,191,256
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A, 5.00%, 06/01/25		2,087,494
	5,000,000	State of Ohio School Improvements GO, Series B, 5.00%, 06/15/23		5,010,593
	5,445,000	State of Ohio University and College Improvements GO, Series A, 5.00%, 05/01/28		5,673,792
				84,990,593
Oklahoma — 0.4%
	5,675,000	Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds, 3.68%, 07/01/29		5,489,613
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/26		5,274,660
	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D, 5.00%, 01/01/28		3,295,897
				14,060,170
Oregon — 0.8%
	5,000,000	Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, 5.00%, 07/01/32		5,629,129
	5,000,000	Port of Portland Airport & Marina Improvements Revenue Bonds, Series 28, 5.00%, 07/01/33		5,619,009
	3,290,000	State of Oregon Advance Refunding GO, Series M, 5.00%, 11/01/23		3,319,867

85

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Oregon (continued)
$	2,000,000	State of Oregon Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/40	$	2,283,247
	10,350,000	State of Oregon Facilities Improvements GO, Series A, 5.00%, 05/01/25		10,791,045
	3,875,000	State of Oregon Public Facilities GO, Series A, 5.00%, 05/01/36		4,607,730
				32,250,027
Pennsylvania — 1.7%
	10,000,000	Commonwealth of Pennsylvania Advance Refunding GO, 5.00%, 07/15/26		10,698,560
	8,245,000	General Authority of Southcentral Pennsylvania Pre-refunded Refunding Revenue Bonds, Series A, 5.00%, 06/01/44(a)		8,410,382
	7,870,000	Pennsylvania Higher Educational Facilities Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 10/01/23		7,930,258
	3,500,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds, 5.00%, 06/15/23		3,507,287
	7,000,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/26		7,462,458
	5,890,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/27		6,424,216
	6,275,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/28		6,996,142
	8,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/29		9,677,689

Principal Amount			Value
Pennsylvania (continued)
$	6,500,000	Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/30	$	7,534,727
				68,641,719
Rhode Island — 0.2%
	6,950,000	Rhode Island Commerce Corp. Grant Anticipation Current Refunding Revenue, Series A, 5.00%, 06/15/23		6,962,782
South Carolina — 0.4%
	4,010,000	Darlington County School District School Improvement GO, (South Carolina School District Enhancement), 5.00%, 03/01/27		4,362,171
	2,950,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/27		3,209,079
	3,150,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/28		3,507,743
	3,310,000	Spartanburg County School District No 5 School Improvements GO, (South Carolina School District Enhancement), 5.00%, 03/01/29		3,770,581
				14,849,574
South Dakota — 0.1%
	2,455,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds, Series B, 5.00%, 08/01/29		2,512,867
Tennessee — 0.1%
	1,000,000	County of Montgomery Advance Refunding School Improvements GO, 5.00%, 04/01/26		1,065,875
	2,165,000	Tennessee State School Bond Authority Pre-refunded Advance Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 5.00%, 11/01/30(a)		2,277,107
				3,342,982

86

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Texas — 9.9%
$	1,000,000	Alamo Community College District University & College Improvements GO, 5.00%, 02/15/24	$	1,015,289
	2,000,000	Alamo Community College District University & College Improvements GO, 5.00%, 02/15/26		2,119,059
	2,500,000	Alamo Community College District University & College Improvements GO, 5.00%, 02/15/27		2,711,011
	3,000,000	Alamo Community College District University & College Improvements GO, 5.00%, 02/15/30		3,468,601
	1,315,000	Austin Community College District Refunding GO, 5.00%, 08/01/27		1,395,259
	7,000,000	Board of Regents of the University of Texas System Advance Refunding Revenue Bonds, Series C, 5.00%, 08/15/26		7,505,884
	8,035,000	Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/32		9,170,033
	5,000,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/32		6,033,322
	1,065,000	Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/29		1,089,546
	4,000,000	Board of Regents of the University of Texas System University and College Improvements Revenue, Series D, 5.00%, 08/15/23		4,020,215
	1,465,000	City of Austin Public Improvements GO, 5.00%, 09/01/26		1,500,358
	2,000,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/25		2,074,575
	5,000,000	City of Austin TX Airport System Revenue Airport & Marina Improvements Revenue Bonds, 5.00%, 11/15/28		5,439,111

Principal Amount			Value
Texas (continued)
$	2,185,000	City of Austin TX Water & Wastewater System Revenue Current Refunding Revenue Bonds, 5.00%, 11/15/30	$	2,549,165
	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, 5.00%, 11/15/29		5,377,507
	4,020,000	City of College Station Improvements Advance Refunding GO, 5.00%, 02/15/25		4,165,604
	5,000,000	City of El Paso TX Water & Sewer Revenue Water Utility Improvements Revenue Bonds, 5.00%, 03/01/30		5,734,992
	5,145,000	City of Fort Worth Water & Sewer System Improvements Refunding Revenue Bonds, 5.00%, 02/15/25		5,336,821
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements Refunding Revenue Bonds, 5.00%, 03/15/26		2,499,976
	10,000,000	Conroe Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/28		11,124,289
	2,130,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/26		2,216,645
	7,500,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/29(a)		8,025,818
	1,850,000	County of Williamson Limited Tax Advance Refunding GO, 5.00%, 02/15/24		1,877,706
	1,000,000	County of Williamson Public Improvements GO, 5.00%, 02/15/25		1,038,170
	5,500,000	Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/35		6,426,181
	7,715,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/26(a)		7,991,239

87

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Texas (continued)
$	2,500,000	Denton Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/29	$	2,641,932
	2,780,000	Eagle Mountain & Saginaw Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/24		2,851,515
	1,500,000	El Paso Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,538,587
	3,000,000	Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/23		3,013,866
	1,400,000	Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/24		1,434,228
	2,000,000	Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/25		2,097,221
	1,395,000	Frenship Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/26(a)		1,413,332
	1,285,000	Goose Creek Consolidated Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,332,453
	8,000,000	Grand Parkway Transportation Corp. Highway Improvements Revenue Bonds, Series A, 5.50%, 04/01/53(a)		8,074,572
	1,990,000	Harlandale Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		2,018,248
	5,000,000	Harris County Flood Control District Refunding Revenue Bonds, Series A, 5.00%, 10/01/23		5,039,939
	20,000,000	Houston Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/24		20,291,710

Principal Amount			Value
Texas (continued)
$	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/24	$	2,490,807
	5,000,000	Lewisville Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/28		5,594,502
	10,000,000	Lone Star College System Advance Refunding GO, 5.00%, 02/15/29		10,537,507
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD),  5.00%, 08/01/24		3,489,534
	2,525,000	Northwest Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/25		2,614,668
	1,220,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/28		1,287,921
	19,045,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds, 5.50%, 07/01/28		20,581,621
	10,000,000	Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds, 5.00%, 07/01/34		11,973,708
	14,110,000	Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds, 5.00%, 07/01/36		16,556,557
	7,500,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/40		8,642,084
	10,000,000	Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/41		11,459,371
	10,000,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/26		10,698,257

88

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Texas (continued)
$	6,000,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/27	$	6,576,437
	6,500,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/30		7,599,624
	4,425,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/31		5,263,288
	3,500,000	Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/32		4,231,512
	1,020,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/23		1,024,714
	1,000,000	Roma Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,047,025
	870,000	Socorro Independent School District Current Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/25		900,998
	130,000	Socorro Independent School District Pre-refunded Current Refunding GO, Series B, (PSF-GTD), 5.00%, 08/15/25(a)		134,413
	7,180,000	Spring Independent School District Advance Refunding GO, Series A, 5.00%, 08/15/28		7,695,984
	5,000,000	State of Texas Current Refunding GO, Series B, 5.00%, 08/01/25		5,235,030
	2,300,000	State of Texas Highway Improvements GO, 5.00%, 04/01/27		2,419,772
	3,720,000	State of Texas Highway Improvements GO, 5.00%, 04/01/44(a)		3,780,693
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 5.00%, 10/01/26		5,362,388
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 2.18%, 10/01/27		4,588,239

Principal Amount			Value
Texas (continued)
$	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/25	$	3,363,162
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series A, 5.00%, 10/01/28		5,251,354
	6,500,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/25		6,757,706
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries B-2, 5.00%, 08/01/28		1,021,842
	3,000,000	Texas A&M University & College Improvements Revenue Bonds, 5.00%, 05/15/30		3,486,686
	1,000,000	Texas State University System University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,016,620
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/24		5,951,514
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A, 5.00%, 10/01/26		4,563,772
	1,100,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/27		1,204,735
	2,300,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/30		2,683,221
	6,665,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/25		6,982,751
	5,000,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/26		5,354,802

89

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Texas (continued)
$	4,050,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/29	$	4,633,262
	1,000,000	Trinity River Authority Central Regional Wastewater System Revenue Sewer Improvements Revenue Bonds, Series RE, 5.00%, 08/01/25		1,047,006
	2,085,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/25		2,189,666
	2,000,000	University of Houston University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/34		2,347,708
	3,750,000	University of Houston University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/35		4,368,794
	5,500,000	University of Houston University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/38		6,179,564
				393,844,798
Utah — 0.9%
	4,975,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/23		4,983,757
	10,000,000	City of Salt Lake City UT Airport Revenue Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33		11,090,706
	10,000,000	County of Utah Health Care Facilities Revenue Bonds, 4.00%, 05/15/41		9,938,997
	10,000,000	State of Utah Highway Improvements GO, 5.00%, 07/01/26		10,742,329
				36,755,789
Virginia — 4.5%
	8,000,000	City of Norfolk Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/01/33		9,609,145

Principal Amount			Value
Virginia (continued)
$	10,000,000	City of Norfolk Public Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/01/34	$	11,943,273
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding), 5.00%, 06/01/28		7,787,317
	5,000,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/27		5,480,324
	7,965,000	County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/29		8,757,552
	7,530,000	County of Loudoun Public Facilities GO, Series A, (State Aid Withholding), 5.00%, 12/01/26		8,163,064
	6,880,000	Hampton Roads Sanitation District Refunding Revenue Bonds, Sub- Series B, 3.65%, 08/01/46(b)		6,880,000
	3,000,000	Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/35		3,545,692
	15,000,000	Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, 5.00%, 07/01/26		16,042,677
	4,460,000	Loudoun County Sanitation Authority Advance Refunding Revenue Bonds, 5.00%, 01/01/29		4,621,927
	5,725,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/27		6,212,922
	5,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/28		5,554,656
	6,540,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/29		7,424,702

90

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Virginia (continued)
$	5,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/38	$	5,696,709
	10,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, 5.00%, 02/01/39		11,338,625
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A, 5.00%, 05/15/28		5,942,019
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 05/15/27		5,336,284
	8,000,000	Virginia Public Building Authority Public Facilities Revenue Bonds, Series A, Group 1, 5.00%, 08/01/24		8,193,516
	4,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/24		4,557,643
	9,000,000	Virginia Public School Authority Current Refunding Revenue Bonds, Series B, 5.00%, 08/01/23		9,039,064
	2,645,000	Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/25		2,771,689
	3,475,000	Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/29		4,003,676
	3,470,000	Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/30		4,075,830
	2,280,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/27		2,481,977
	3,325,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/28		3,698,572

Principal Amount			Value
Virginia (continued)
$	3,410,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/29	$	3,873,247
	4,230,000	Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding), 5.00%, 02/01/30		4,901,448
	2,000,000	Virginia Resources Authority Advance Refunding Revenue, 5.00%, 11/01/26		2,163,695
				180,097,245
Washington — 8.2%
	10,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/30		11,763,428
	10,000,000	Central Puget Sound Regional Transit Authority Current Refunding Revenue Bonds, Series S-1, 5.00%, 11/01/31		11,969,589
	1,035,000	County of King Refunding GO, 5.00%, 07/01/25		1,072,982
	5,395,000	County of King Refunding GO, 5.00%, 07/01/26		5,574,828
	9,000,000	County of King School District No 411 Issaquah School Improvement GO, (School Board GTY), 5.00%, 12/01/32		9,914,931
	8,000,000	County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B, 5.00%, 07/01/29		8,973,046
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/27		10,723,414
	2,000,000	King County School District No 403 Renton School Improvements GO, (School Board GTY), 5.00%, 12/01/23		2,021,316
	2,000,000	King County School District No 403 Renton School Improvements GO, (School Board GTY), 5.00%, 12/01/24		2,062,018
	5,000,000	Port of Seattle Refunding GO, 5.00%, 06/01/24		5,105,116

91

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Washington (continued)
$	5,000,000	Snohomish County School District No 201 Refunding GO, (School Board GTY), 5.00%, 12/01/25	$	5,094,407
	6,000,000	Spokane County School District No 81 Spokane School Improvements GO, (School Board GTY), 5.00%, 12/01/36		6,992,856
	2,410,000	State of Washington Current Refunding GO, Series R-2020C, 5.00%, 07/01/25		2,519,614
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 5.00%, 07/01/23		10,029,892
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 5.00%, 07/01/24		10,218,526
	10,000,000	State of Washington Current Refunding GO, Series R-2022C, Group 1, 4.00%, 07/01/26		10,387,673
	10,000,000	State of Washington Current Refunding GO, Series R-2022D, Group 1, 5.00%, 07/01/23		10,029,892
	10,000,000	State of Washington Current Refunding GO, Series R-2022D, Group 1, 5.00%, 07/01/24		10,218,526
	11,000,000	State of Washington Current Refunding GO, Series R-2023A, 5.00%, 08/01/36		13,033,141
	11,000,000	State of Washington Current Refunding GO, Series R-2023A, 5.00%, 08/01/38		12,804,990
	13,200,000	State of Washington Current Refunding GO, Series R-2023B, 5.00%, 07/01/23		13,234,067
	19,000,000	State of Washington Current Refunding GO, Series R-2023B, 5.00%, 07/01/24		19,407,457
	6,650,000	State of Washington Highway Improvements GO, Series D, 5.00%, 02/01/43		7,124,629
	5,475,000	State of Washington Public Improvements GO, Series C, 5.00%, 02/01/30		5,649,834

Principal Amount			Value
Washington (continued)
$	2,760,000	State of Washington Public Improvements GO, Series D, 5.00%, 02/01/24	$	2,799,200
	15,635,000	State of Washington Refunding GO, Series R-2015, 5.00%, 07/01/25		15,973,057
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/38		17,362,789
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/39		17,203,737
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/40		17,096,577
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/41		17,019,066
	15,000,000	State of Washington School Improvements GO, Series B, Group 2, 5.00%, 02/01/42		16,960,720
	8,975,000	State of Washington School Improvements GO, Series C, 5.00%, 02/01/44		9,881,812
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY), 5.00%, 12/01/24		4,570,444
				324,793,574
Wisconsin — 1.7%
	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, 5.00%, 06/01/29(a)		4,791,759
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1, 5.00%, 06/01/23		1,001,175
	5,780,000	State of Wisconsin Crossover Refunding GO, Series 2, 5.00%, 11/01/27		6,325,075

92

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
Wisconsin (continued)
$	2,000,000	State of Wisconsin Current Refunding GO, Series 4, 5.00%, 05/01/30	$	2,334,028
	10,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29(a)		10,911,299
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/27(a)		1,280,257
	13,780,000	State of Wisconsin GO, Series A, 5.00%, 05/01/38		15,876,485
	1,000,000	State of Wisconsin Refunding GO, Series 1, 5.00%, 05/01/24		1,000,000
	8,000,000	State of Wisconsin University & College Improvements GO, Series A, 5.00%, 05/01/32		9,481,381
	6,000,000	Wisconsin Department of Transportation Advance Refunding Revenue Bonds, Series 1, 1.01%, 07/01/26		5,438,253
	7,250,000	Wisconsin Health & Educational Facilities Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/54(b)		7,652,357
				66,092,069
Total Municipal Bonds (Cost $3,762,266,199)				3,713,289,880
CORPORATE BONDS — 1.2%
United States — 1.2%
	1,675,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		1,469,653
	5,000,000	Baylor Scott & White Holdings, Series 2021, 0.83%, 11/15/25		4,518,725
	8,000,000	Brown University, Series A, 1.91%, 09/01/30		6,784,176
	5,000,000	Leland Stanford Junior University, 1.29%, 06/01/27		4,473,359
	20,000,000	SSM Health Care Corp., 4.89%, 06/01/28		20,032,647

Principal Amount			Value
United States (continued)
$	10,000,000	Yale University, Series 2020, 0.87%, 04/15/25	$	9,350,371
Total Corporate Bonds (Cost $49,709,369)				46,628,931
U.S. GOVERNMENT SECURITIES — 3.7%
U.S. Treasury Notes — 3.7%
	25,000,000	4.25%, 10/15/25		25,181,641
	25,000,000	4.13%, 10/31/27		25,538,086
	100,000,000	2.75%, 08/15/32		94,437,500
Total U.S. Government Securities (Cost $144,126,925)				145,157,227
Shares
INVESTMENT COMPANY — 2.6%
	102,633,618	Federated Hermes Government Obligations Fund, 4.72%(d)		102,633,618
Total Investment Company (Cost $102,633,618)				102,633,618
TOTAL INVESTMENTS — 101.2% (Cost $4,058,736,111)			$	4,007,709,656
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(45,918,815	)
NET ASSETS — 100.0%			$	3,961,790,841

(a)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(b)	Floating rate security. Rate shown is the rate in effect as of April 30, 2023.
(c)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	The rate shown represents the current yield as of April 30, 2023.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligation

GTY — Guaranty

PSF-GTD — Permanent School Fund Guarantee

93

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
Alabama		0.5	%
Arizona		0.7
Arkansas		0.2
California		6.1
Colorado		1.2
Connecticut		1.5
Delaware		2.4
District of Columbia		2.5
Florida		2.1
Georgia		3.2
Hawaii		3.6
Idaho		0.2
Illinois		0.1
Indiana		0.1
Iowa		0.4
Maryland		7.2
Massachusetts		5.4
Michigan		0.2
Minnesota		1.5
Mississippi		0.3
Missouri		0.9
Nebraska		0.3
New Jersey		4.4
New York		15.0
North Carolina		2.7
Ohio		2.1
Oklahoma		0.4
Oregon		0.8
Pennsylvania		1.7
Rhode Island		0.2
South Carolina		0.4
South Dakota		0.1
Tennessee		0.1
Texas		9.9
Utah		0.9
Virginia		4.5
Washington		8.2
Wisconsin		1.7
Other*		6.3
		100.0	%

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

94

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 88.6%
California — 88.6%
$	1,550,000	California Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/23	$	1,561,483
	2,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 5.00%, 10/01/35		2,415,382
	2,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 4.00%, 10/01/37		2,130,532
	2,000,000	California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 4.00%, 10/01/38		2,101,972
	3,575,000	California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 4.00%, 07/15/42		3,604,544
	1,000,000	California State University & College Improvements Revenue Bonds, Series A, 5.00%, 11/01/24		1,030,991
	5,000,000	California State University Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/47		5,196,778
	5,000,000	Carlsbad Unified School District School Improvements GO, Series B, 6.00%, 05/01/34		5,138,781
	1,260,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/26		1,355,208
	1,100,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/27		1,213,984
	2,375,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/28		2,683,124
	4,000,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/30		4,724,506

Principal Amount			Value
California (continued)
$	1,750,000	City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/34	$	2,140,896
	2,000,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/31		2,243,360
	2,590,000	City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/32		2,827,943
	2,150,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/23		2,151,445
	1,080,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds,  5.00%, 05/15/24		1,102,766
	6,000,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/40		6,628,645
	5,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/23		5,007,353
	5,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/24		5,108,336
	3,000,000	City of Los Angeles Wastewater System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 06/01/25		3,143,029
	1,000,000	City of Los Angeles Wastewater System Revenue Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/01/25		1,001,405
	1,900,000	City of San Francisco Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds, 5.00%, 11/01/28		1,990,237
	2,500,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/24		2,565,431

95

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
California (continued)
$	3,250,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/25	$	3,419,470
	2,000,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/26		2,158,095
	1,600,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/27		1,771,352
	1,955,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/28		2,217,431
	1,005,000	County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/29		1,166,764
	1,700,000	East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/31		2,042,717
	1,000,000	East Bay Municipal Utility District Water System Revenue Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/32		1,224,794
	1,100,000	Los Angeles Community College District Refunding GO, Series A, 5.00%, 08/01/29(a)		1,127,698
	1,000,000	Los Angeles Department of Water & Power Water System Revenue Current Refunding Revenue Bonds, Series C, 5.00%, 07/01/35		1,199,836
	6,000,000	Los Angeles Department of Water & Power Water System Revenue Water Utility Improvements Revenue Bonds, Series D, 5.00%, 07/01/47		6,678,134
	1,000,000	Miracosta Community College District University & College Improvements GO, Series 2016-C, 5.00%, 08/01/35		1,213,149
	1,100,000	Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A, 5.00%, 08/01/28		1,164,370

Principal Amount			Value
California (continued)
$	2,000,000	Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 11/01/24(a)	$	2,037,017
	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A, 5.00%, 02/01/34		3,070,713
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L, 5.00%, 05/15/24		1,168,665
	1,310,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J, 5.00%, 05/15/24(a)		1,310,803
	6,150,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J, 5.25%, 05/15/27(a)		6,154,316
	1,100,000	Rio Hondo Community College District Current Refunding GO, Series B, 5.00%, 08/01/24		1,130,019
	3,000,000	Sacramento Municipal Utility District  Refunding Revenue Bonds, Sub-Series A, 5.00%, 08/15/49(b)		3,001,713
	1,000,000	Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J, 5.00%, 08/15/27		1,106,874
	1,500,000	Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J, 5.00%, 08/15/28		1,701,356
	1,000,000	Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J, 5.00%, 08/15/30		1,184,262
	2,000,000	Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, 5.00%, 08/15/36		2,316,238

96

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
California (continued)
$	1,000,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO, Series 2016-D1, 5.00%, 08/01/31	$	1,203,534
	2,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A, 5.00%, 05/01/26		2,139,724
	5,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/27		5,312,865
	5,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/28		5,399,089
	2,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31		2,234,965
	2,500,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/32		2,791,479
	3,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/29		3,279,532
	5,000,000	San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series C, 5.00%, 05/01/46		5,174,627

Principal Amount			Value
California (continued)
$	1,025,000	San Francisco City & County Airport Comm-San Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series E, 5.00%, 05/01/40	$	1,076,947
	4,225,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series B, 5.00%, 05/01/27		4,635,290
	1,000,000	San Jose Evergreen Community College District University & College Improvements GO, Series C, 5.00%, 09/01/36		1,186,890
	1,650,000	San Jose Evergreen Community College District University & College Improvements GO, Series C, 5.00%, 09/01/38		1,910,463
	1,000,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/35		1,199,749
	1,000,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/36		1,184,260
	1,000,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/37		1,175,274
	1,075,000	San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/42		1,228,451
	1,000,000	San Mateo Union High School District Refunding GO, 5.00%, 09/01/27(a)		1,026,508
	1,000,000	San Ramon Valley Unified School District School Improvements GO, 5.00%, 08/01/24		1,025,428
	3,665,000	Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/42		4,183,789

97

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
California (continued)
$	3,350,000	Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/43	$	3,810,614
	1,540,000	Santa Clarita Community College District Refunding GO, 5.00%, 08/01/24(a)		1,546,838
	1,150,000	State Center Community College District University & College Improvements GO, Series C, 5.00%, 08/01/24		1,180,384
	6,680,000	State Center Community College District University & College Improvements GO, Series C, 5.00%, 08/01/47		7,451,919
	7,000,000	State of California Current Refunding GO, 5.00%, 11/01/31		8,214,991
	2,000,000	State of California Current Refunding GO, 5.00%, 04/01/42		2,143,489
	3,000,000	State of California Current Refunding GO, 5.00%, 12/01/28		3,396,544
	3,000,000	State of California Current Refunding GO, 5.00%, 08/01/24		3,078,145
	4,770,000	State of California Current Refunding GO, Group C, 5.00%, 08/01/27		4,968,638
	2,000,000	State of California Department of Water Resources Water Utility Improvements Revenue Bonds, Series BB, 5.00%, 12/01/32		2,381,613
	10,140,000	State of California Multi Utility Improvements GO, 5.00%, 10/01/25		10,674,014
	5,000,000	State of California Refunding GO, 5.00%, 10/01/26		5,146,025
	6,150,000	State of California Water Utility Improvements GO, 6.00%, 03/01/33		6,943,773
	10,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/28		11,152,595
	2,000,000	State of California Water Utility Improvements GO, 5.00%, 04/01/29		2,281,439

Principal Amount			Value
California (continued)
$	1,000,000	University of California Advance Refunding Revenue Bonds, Series AY, 5.00%, 05/15/24	$	1,020,771
	1,465,000	University of California Advance Refunding Revenue Bonds, Series S, 5.00%, 05/15/34		1,778,878
	3,100,000	University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/23		3,102,050
	10,000,000	University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/24		10,207,707
	10,000,000	University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/34		12,393,338
	10,000,000	University of California Refunding Revenue Bonds, Series AK, 5.00%, 05/15/48(b)		10,006,314
	2,500,000	University of California University & College Improvements Revenue Bonds, Series BE, 5.00%, 05/15/33		2,943,636
	4,215,000	University of California University & College Improvements Revenue Bonds, Series BK, 5.00%, 05/15/32		5,162,524
	1,645,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.32%, 11/01/25		1,515,125
	3,970,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds, Series A, 1.96%, 11/01/28		3,471,985
Total Municipal Bonds (Cost $292,926,490)				291,976,130

98

Old Westbury Funds, Inc.
California Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
CORPORATE BONDS — 0.6%
United States — 0.6%
$	2,000,000	Stanford Health Care, Series 2020, 3.31%, 08/15/30	$	1,839,374
Total Corporate Bonds (Cost $2,000,000)				1,839,374
U.S.   GOVERNMENT SECURITIES — 7.5%
U.S. Treasury Bill — 3.0%
	10,000,000	4.38%, 05/04/23(c)		9,996,544
U.S. Treasury Notes — 4.5%
	10,000,000	4.25%, 10/15/25		10,072,656
	5,000,000	2.75%, 08/15/32		4,721,875
				14,794,531
Total U.S. Government Securities (Cost $24,852,298)				24,791,075
Shares
INVESTMENT COMPANY — 2.1%
	6,826,605	Federated Hermes Government Obligations Fund, 4.72%(d)		6,826,605
Total Investment Company (Cost $6,826,605)				6,826,605
TOTAL INVESTMENTS — 98.8% (Cost $326,605,393)			$	325,433,184
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				4,096,238
NET ASSETS — 100.0%			$	329,529,422

(a)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(b)	Floating rate security. Rate shown is the rate in effect as of April 30, 2023.
(c)	Zero coupon security. The rate represents the yield at time of purchase.
(d)	The rate shown represents the current yield as of April 30, 2023.

The following abbreviation is used in the report:

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
California		88.6	%
Other*		11.4
		100.0	%

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

99

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments	April 30, 2023 (Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 88.4%
New York — 88.4%
$	2,000,000	Battery Park City Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/25	$	2,019,837
	2,520,000	City of New York Advance Refunding GO, Series A, 5.00%, 08/01/26		2,698,009
	1,515,000	City of New York Advance Refunding GO, Series C, 5.00%, 08/01/27		1,569,666
	1,190,000	City of New York Advance Refunding GO, Series D, 5.00%, 08/01/33		1,316,220
	4,250,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/27		4,660,038
	2,000,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/26		2,141,277
	2,500,000	City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28		2,804,017
	1,250,000	City of New York Current Refunding GO, Series C-1, 5.00%, 08/01/25		1,307,644
	1,110,000	City of New York Public Improvements GO, Series 2018-1, 5.00%, 08/01/25		1,161,188
	5,000,000	City of New York Public Improvements GO, Sub-Series E-2, 4.57%, 04/01/28		5,038,805
	2,025,000	City of New York Public Improvements GO, Sub-Series I-1, 5.00%, 03/01/25		2,061,576
	2,860,000	County of Westchester NY Public Improvements GO, Series A, 5.00%, 10/15/29		3,329,000
	2,000,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 12/15/30		2,383,912
	2,000,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/31		2,243,339

Principal Amount			Value
New York (continued)
$	2,300,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/32	$	2,573,719
	2,300,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/33		2,563,501
	7,500,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/34		8,280,305
	7,500,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/35		8,177,953
	7,500,000	County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/36		8,078,981
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/23		1,000,000
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/24		1,019,101
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/25		1,044,994
	1,000,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/26		1,071,058
	1,025,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/29		1,181,937
	1,500,000	Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/31		1,799,698

100

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,200,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, 5.00%, 09/01/35	$	1,334,463
	6,000,000	Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 4.00%, 09/01/34		6,263,026
	1,500,000	Long Island Power Authority Revenue Bonds, Series A, 5.00%, 09/01/25		1,576,251
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/26		2,160,350
	1,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Sub-Series A1, 5.00%, 11/15/48(a)		1,517,267
	2,570,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series B-2, 5.00%, 11/15/23		2,596,128
	6,545,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 11/15/35		7,620,461
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1, 5.00%, 11/15/29(b)		2,520,613
	2,000,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1, 5.00%, 11/15/33		2,040,409
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/31		6,000,759
	5,000,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 0.83%, 11/15/26		4,420,571
	6,280,000	Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29		5,222,869

Principal Amount			Value
New York (continued)
$	4,000,000	New York City Housing Development Corp. Local Multifamily Housing, Sustainable Development Revenue Bonds, Series K, (Housing Finance Agency), 0.90%, 11/01/60(a)	$	3,681,682
	1,000,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2, 5.00%, 06/15/28		1,075,071
	1,100,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2, 5.00%, 06/15/29		1,221,488
	5,000,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-3, 5.00%, 06/15/47		5,524,384
	2,750,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC, 5.00%, 06/15/25		2,878,031
	6,000,000	New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE, 5.00%, 06/15/34		7,197,985
	2,000,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2, 5.00%, 06/15/26		2,060,035
	2,000,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2, 5.00%, 06/15/27		2,105,192
	6,400,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1, 5.00%, 06/15/30		7,540,765
	1,500,000	New York City Municipal Water Finance Authority Improvements Revenue Bonds, Sub-Series FF-1, 5.00%, 06/15/49		1,598,688

101

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	2,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series DD-2, 5.00%, 06/15/25	$	2,020,700
	5,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series HH, 5.00%, 06/15/28		5,206,532
	1,225,000	New York City Transitional Finance Authority Building Aid Pre-refunded Revenue Bonds, Series S, (State Aid Withholding), 5.00%, 07/15/24(c)		1,251,914
	1,035,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding), 5.00%, 07/15/26		1,109,605
	2,300,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/31		2,746,939
	3,230,000	New York City Transitional Finance Authority Building Aid Revenue Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding), 5.00%, 07/15/32		3,919,280
	1,960,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding), 5.00%, 07/15/30		2,196,182
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding), 5.00%, 07/15/25		2,093,680
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/29		5,740,581

Principal Amount			Value
New York (continued)
$	4,375,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 08/01/24	$	4,480,829
	7,750,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series B-1, 5.00%, 08/01/25		8,116,022
	2,500,000	New York City Transitional Finance Authority Future Tax Secured Revenue Cash Flow Management Revenue Bonds, Series F-1, 5.00%, 02/01/40		2,802,357
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, Series S, 5.00%, 05/01/34		5,824,053
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Revenue Bonds, Series A-1, 5.00%, 11/01/25		3,159,796
	3,505,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/30		3,831,374
	3,500,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35		4,046,911
	1,575,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2, 5.00%, 07/01/30		1,863,044
	4,285,000	New York State Dormitory Authority Pre-refunded Revenue Bonds, Series A, 5.00%, 02/15/25(c)		4,446,778
	3,765,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/26(c)		3,908,482
	1,455,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E, 5.00%, 02/15/30		1,508,473

102

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	10,335,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B, 5.00%, 03/15/29	$	10,875,285
	2,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		2,033,197
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B, 5.00%, 02/15/28		5,185,529
	3,275,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding), 5.00%, 01/15/27		3,547,889
	2,025,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26(c)		2,053,032
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/24(c)		3,008,519
	1,600,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/26(c)		1,604,543
	6,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/29(c)		6,799,826
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A, 5.00%, 02/15/28		2,666,861
	2,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/15/25		2,598,108
	1,000,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/24		1,016,772
	1,025,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 03/15/26(c)		1,042,191

Principal Amount			Value
New York (continued)
$	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/25	$	2,646,900
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A, 5.00%, 07/01/26		1,880,460
	3,755,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/28		4,218,988
	2,000,000	New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29		2,292,331
	1,000,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series B, 5.00%, 02/15/31		1,181,664
	6,250,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, 5.00%, 06/15/28		6,385,478
	3,445,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B, 5.00%, 06/15/30		3,974,385
	3,015,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/23		3,021,864
	610,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/23		614,438
	5,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		5,111,717
	540,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/24		554,820
	4,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/25		4,190,443

103

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	2,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/26	$	2,144,896
	955,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/26		1,030,527
	1,750,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/27		1,921,229
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/34		1,145,061
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/36		1,122,774
	1,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/36		1,173,553
	6,250,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/41		7,106,637
	605,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		618,518
	985,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/24		1,007,008
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/15/27		4,654,863
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/23		3,006,830
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series E, 5.00%, 06/15/24		562,289

Principal Amount			Value
New York (continued)
$	5,000,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series F, (State of New York Mortgage Agency), 3.85%, 05/01/62(a)	$	5,033,744
	1,000,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.00%, 11/01/61(a)		910,975
	1,500,000	New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.10%, 11/01/61(a)		1,353,420
	2,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series J, 5.00%, 01/01/27		2,017,905
	1,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series K, 5.00%, 01/01/25		1,034,157
	5,875,000	New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/31		6,911,198
	5,500,000	New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/39		6,214,776
	5,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/25		5,189
	1,500,000	New York State Urban Development Corp. Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/29		1,629,172
	1,675,000	New York State Urban Development Corp. Civic Convention Center Revenue Bonds, Series A, 5.00%, 03/15/29		1,900,940
	5,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/31		5,881,871
	5,000,000	New York State Urban Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/32		5,972,932

104

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E, 5.00%, 03/15/29	$	1,001,198
	9,000,000	Port Authority of New York & New Jersey Cash Flow Management Revenue Bonds, Series AAA, 1.09%, 07/01/23		8,936,238
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189, 5.00%, 05/01/26		2,170,134
	2,500,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237, 5.00%, 01/15/47		2,742,667
	1,100,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 84, 5.00%, 09/01/34		1,123,658
	1,400,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/27		1,414,274
	5,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/28		5,050,980
	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A, 5.00%, 10/15/30(c)		5,295,611
	8,195,000	State of New York Current Refunding GO, Series B, 2.55%, 02/15/29		7,436,836
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/33		1,051,979
	1,915,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/34		2,000,617
	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/35		1,036,850

Principal Amount			Value
New York (continued)
$	1,000,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/36	$	1,029,375
	2,750,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/28		3,124,161
	1,500,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/34		1,808,480
	2,000,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 4.00%, 11/15/35		2,149,244
	4,315,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/25		4,317,661
	1,575,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A, 5.00%, 11/15/29		1,575,971
	6,340,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/29		6,343,675
	1,500,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C, 5.00%, 11/15/30		1,500,870
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, 5.00%, 05/15/27		3,289,545
	2,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A, 4.00%, 05/15/40		2,001,486
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A, 4.00%, 05/15/41		2,985,502
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series A, 4.00%, 05/15/42		2,963,825

105

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Principal Amount			Value
New York (continued)
$	1,275,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A, 5.00%, 05/15/34	$	1,547,049
	1,000,000	Triborough Bridge & Tunnel Authority Sales Tax Revenue Transit Improvements Revenue Bonds, Series A, 5.00%, 05/15/38		1,154,079
	1,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, 5.00%, 06/15/25		1,753,218
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/26		1,533,515
	2,655,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/26		2,714,322
	2,975,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/27		3,108,497
	5,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/28		5,354,475
	5,000,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/29		5,518,105
	5,045,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/30		5,687,825
	5,290,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/31		5,349,961
	4,760,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32		5,596,116
	2,250,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/33		2,689,732

Principal Amount			Value
New York (continued)
$	1,700,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/34	$	2,057,913
	1,080,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/28		1,092,508
	8,720,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/29		8,820,451
	2,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 12/15/30		2,781,510
Total Municipal Bonds (Cost $499,364,292)				491,931,612
CORPORATE BONDS — 0.8%
United States — 0.8%
	5,000,000	Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27		4,387,024
Total Corporate Bonds (Cost $5,000,000)				4,387,024
U.S. GOVERNMENT SECURITIES — 8.9%
U.S. Treasury Bonds — 1.1%
	5,000,000	5.00%, 05/15/37		5,848,242
U.S. Treasury Notes — 7.8%
	10,000,000	4.25%, 10/15/25		10,072,656
	12,000,000	4.13%, 10/31/27		12,258,281
	22,500,000	2.75%, 08/15/32		21,248,438
				43,579,375
Total U.S. Government Securities (Cost $49,154,366)				49,427,617

106

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2023 (Unaudited)

Shares			Value
INVESTMENT COMPANY — 1.0%
	5,469,147	Federated Hermes Government Obligations Fund, 4.72%(d)	$	5,469,147
Total Investment Company (Cost $5,469,147)				5,469,147
TOTAL INVESTMENTS — 99.1% (Cost $558,987,805)			$	551,215,400
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				5,147,261
NET ASSETS — 100.0%			$	556,362,661

(a)	Floating rate security. Rate shown is the rate in effect as of April 30, 2023.
(b)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(c)	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.
(d)	The rate shown represents the current yield as of April 30, 2023.

The following abbreviation is used in the report:

GO — General Obligation

PORTFOLIO DIVERSIFICATION BY STATE (UNAUDITED)

State:	Percentage of Net Assets
New York		88.4	%
Other*		11.6
		100.0	%

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

107

Old Westbury Funds, Inc.
Statements of Assets And Liabilities
	April 30, 2023 (Unaudited)

	ALL CAP CORE FUND		LARGE CAP STRATEGIES FUND		SMALL & MID CAP STRATEGIES FUND		CREDIT INCOME FUND
ASSETS:
Investments, at fair value - unaffiliated	$	2,955,679,724	$	20,737,589,287	$	7,922,951,496	$	2,344,577,866
Foreign currency, at value (Cost $0, $84,247, $1,986,226 and $0 respectively)		—		84,251		1,979,332		—
Cash		3		264,115		1		—
Due from broker for collateral		—		610,000		—		1,310,000
Dividends and interest receivable		1,492,841		25,539,588		19,363,841		13,644,631
Receivable for Fund shares sold		756,490		5,146,719		2,427,333		826,620
Receivable for investments sold		12,312,619		—		18,664,384		3,589,282
Unrealized appreciation on swap contracts		—		—		—		330,819
Unrealized appreciation on forward foreign currency exchange contracts		—		1,200,106		—		—
Prepaid expenses		10,720		33,034		17,297		10,365
Total Assets		2,970,252,397		20,770,467,100		7,965,403,684		2,364,289,583
LIABILITIES:
Payable for Fund shares redeemed		2,405,272		7,757,209		1,291,628		974,418
Payable for investments purchased		2,736,963		—		37,099,682		3,172,526
Unrealized depreciation on swap contracts		—		—		—		754,221
Unrealized depreciation on unfunded floating rate loan interests		—		—		—		4,834
Unrealized depreciation on forward foreign currency exchange contracts		—		2,584,551		—		—
Deferred foreign capital gains tax liability (Note 8)		—		18,466,798		614,466		—
Accrued expenses and other payables:
Investment advisory		1,523,816		12,776,832		4,957,109		1,020,001
Administration and accounting - unaffiliated		154,591		1,009,797		513,477		210,438
Administration and accounting - affiliated		67,675		473,738		182,648		53,816
Shareholder servicing fee		451,164		3,158,249		1,217,659		358,775
Custody - unaffiliated		—		50,326		102,916		7,907
Custody - affiliated		45,056		447,279		9,985		—
Directors		16,636		120,790		47,934		11,929
Legal and audit		83,921		577,687		240,170		202,584
Other		78,897		565,925		177,345		84,714
Total Liabilities		7,563,991		47,989,181		46,455,019		6,856,163
NET ASSETS	$	2,962,688,406	$	20,722,477,919	$	7,918,948,665	$	2,357,433,420
NET ASSETS consist of:
Capital paid-in	$	1,894,832,281	$	16,217,337,340	$	7,580,466,332	$	2,919,731,859
Total distributable earnings/(accumulated loss)		1,067,856,125		4,505,140,579		338,482,333		(562,298,439	)
NET ASSETS	$	2,962,688,406	$	20,722,477,919	$	7,918,948,665	$	2,357,433,420
Net Asset Value, maximum offering price and redemption price per share	$	21.54	$	15.70	$	14.42	$	8.23
Number of shares authorized		2,500,000,000		3,000,000,000		3,500,000,000		3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		137,535,744		1,320,101,863		548,977,117		286,369,832
INVESTMENTS, AT COST	$	2,032,083,329	$	15,827,379,733	$	7,474,485,058	$	2,768,896,007

See Notes to Financial Statements.

108

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2023 (Unaudited)

	FIXED INCOME FUND			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value - unaffiliated	$	1,422,642,159		$	4,007,709,656		$	325,433,184		$	551,215,400
Cash		1			—			1			—
Dividends and interest receivable		10,717,469			45,994,635			4,300,967			7,523,003
Receivable for Fund shares sold		577,760			2,577,866			—			22,000
Receivable for investments sold		—			38,041,668			—			—
Prepaid expenses		8,767			12,387			7,158			7,539
Total Assets		1,433,946,156			4,094,336,212			329,741,310			558,767,942
LIABILITIES:
Payable for Fund shares redeemed		682,892			3,232,634			—			2,072,742
Payable for investments purchased		—			127,197,388			—			—
Accrued expenses and other payables:
Investment advisory		316,144			890,223			65,573			118,472
Administration and accounting - unaffiliated		88,174			243,409			34,154			53,849
Administration and accounting - affiliated		32,991			91,550			7,525			12,905
Shareholder servicing fee		219,938			610,332			50,170			86,036
Custody - affiliated		16,496			45,774			3,763			6,453
Directors		5,993			16,095			1,375			2,433
Legal and audit		41,769			106,315			25,209			23,700
Other		42,404			111,651			24,119			28,691
Total Liabilities		1,446,801			132,545,371			211,888			2,405,281
NET ASSETS	$	1,432,499,355		$	3,961,790,841		$	329,529,422		$	556,362,661
NET ASSETS consist of:
Capital paid-in	$	1,574,536,288		$	4,130,827,176		$	342,356,710		$	577,484,807
Total accumulated loss		(142,036,933	)		(169,036,335	)		(12,827,288	)		(21,122,146	)
NET ASSETS	$	1,432,499,355		$	3,961,790,841		$	329,529,422		$	556,362,661
Net Asset Value, maximum offering price and redemption price per share	$	10.26		$	11.57		$	9.78		$	9.89
Number of shares authorized		2,000,000,000			2,000,000,000			2,000,000,000			2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		139,650,665			342,350,182			33,703,677			56,246,366
INVESTMENTS, AT COST	$	1,473,894,859		$	4,058,736,111		$	326,605,393		$	558,987,805

See Notes to Financial Statements.

109

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2023 (Unaudited)

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND			SMALL & MID CAP STRATEGIES FUND			CREDIT INCOME FUND
INVESTMENT INCOME:
Interest	$	1,887,815		$	10,232,415		$	1,089,554		$	56,493,177
Dividends - unaffiliated		16,285,145			165,134,728			58,747,876			9,519,391
Foreign tax withheld		(230,942	)		(3,345,777	)		(4,159,352	)		—
Total investment income		17,942,018			172,021,366			55,678,078			66,012,568
EXPENSES:
Investment advisory fees		9,647,971			80,636,057			32,949,629			6,534,240
Shareholder servicing fees		2,854,170			19,926,566			7,752,854			2,240,844
Administration and accounting fees - unaffiliated		229,622			1,489,513			700,122			265,165
Administration and accounting fees - affiliated		428,126			2,988,985			1,162,928			336,127
Custodian fees - unaffiliated		—			87,545			756,711			34,975
Custodian fees - affiliated		263,289			2,172,028			111,329			—
Directors fees and expenses		37,471			260,200			100,922			30,299
Insurance premiums		11,761			36,236			18,972			11,372
Legal and audit fees		59,133			371,215			152,915			117,477
Printing and postage fees		12,942			63,629			31,300			11,409
Registration fees		17,956			42,290			43,301			25,634
Transfer agent fees		141,062			940,037			362,854			116,031
Miscellaneous expenses		9,130			48,247			34,554			14,645
Total expenses		13,712,633			109,062,548			44,178,391			9,738,218
Expenses waived by Advisor		—			—			(1,537,695	)		(214,630	)
Net expenses		13,712,633			109,062,548			42,640,696			9,523,588
NET INVESTMENT INCOME		4,229,385			62,958,818			13,037,382			56,488,980
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:
Net realized gain/(loss) on:
Investments		151,434,993			138,010,418			74,296,244			(88,105,137	)
Futures contracts		—			—			—			1,694,278
Swap agreements		—			—			—			(23,970,768	)
Foreign currency transactions		(87,999	)		(1,130,951	)		303,917			—
Foreign capital gains tax		—			(2,058,806	)		(682	)		—
Net change in unrealized appreciation/(depreciation) on:
Investments		95,576,219			1,710,671,859			489,351,802			152,894,536
Swap agreements		—			—			—			27,857,855
Forward foreign currency exchange contracts		—			(1,384,445	)		—			—
Foreign currency transactions		13,298			394,043			172,900			—
Deferred foreign capital gains taxed on unrealized appreciation/(depreciation)		—			2,493,483			(251,041	)		—
Unfunded loan commitments		—			—			—			(846	)
Net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes		246,936,511			1,846,995,601			563,873,140			70,369,918
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	251,165,896		$	1,909,954,419		$	576,910,522		$	126,858,898

See Notes to Financial Statements.

110

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2023 (Unaudited)

	FIXED INCOME FUND			MUNICIPAL BOND FUND			CALIFORNIA MUNICIPAL BOND FUND			NEW YORK MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest	$	20,412,363		$	44,113,845		$	4,052,921		$	6,323,753
Dividends - unaffiliated		38,615			246,177			18,869			55,637
Total investment income		20,450,978			44,360,022			4,071,790			6,379,390
EXPENSES:
Investment advisory fees		2,816,512			7,134,038			716,780			1,223,289
Shareholder servicing fees		1,396,911			3,864,068			318,569			549,658
Administration and accounting fees - unaffiliated		122,648			328,252			42,640			65,348
Administration and accounting fees - affiliated		209,537			579,610			47,785			82,449
Custodian fees - affiliated		104,768			289,805			23,893			41,224
Directors fees and expenses		18,761			51,863			4,275			7,425
Insurance premiums		9,618			13,590			7,850			8,268
Legal and audit fees		34,415			74,082			11,673			14,614
Printing and postage fees		8,852			15,615			5,844			6,495
Registration fees		16,257			23,995			13,021			12,467
Transfer agent fees		71,794			187,765			20,677			32,065
Miscellaneous expenses		6,648			9,172			5,353			5,684
Total expenses		4,816,721			12,571,855			1,218,360			2,048,986
Expenses waived by Advisor		(835,524	)		(1,559,260	)		(310,439	)		(482,461	)
Net expenses		3,981,197			11,012,595			907,921			1,566,525
NET INVESTMENT INCOME		16,469,781			33,347,427			3,163,869			4,812,865
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized loss on:
Investments		(29,976,112	)		(16,228,864	)		(3,965,717	)		(3,552,027	)
Net change in unrealized appreciation on:
Investments		83,902,848			175,275,994			16,162,582			26,501,753
Net realized and change in unrealized gain/(loss) on investments		53,926,736			159,047,130			12,196,865			22,949,726
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	70,396,517		$	192,394,557		$	15,360,734		$	27,762,591

See Notes to Financial Statements.

111

Old Westbury Funds, Inc.

Statements of Changes in Net Assets

	ALL CAP CORE FUND
	FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022
FROM OPERATIONS:
Net investment income	$	4,229,385		$	3,842,950
Net realized gain/(loss) on investments, futures contracts, swap agreements, foreign currency transactions and foreign capital gains tax		151,346,994			68,992,978
Net change in unrealized appreciation/(depreciation) on investments, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, net of foreign deferred taxes		95,589,517			(836,052,718	)
Net increase/(decrease) in net assets resulting from operations		251,165,896			(763,216,790	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(68,874,399	)		(204,878,100	)
Total distributions to shareholders		(68,874,399	)		(204,878,100	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		137,193,142			269,985,875
Reinvestment of distributions		41,256,915			136,677,933
Value of capital stock redeemed		(200,468,533	)		(284,836,201	)
Net increase/(decrease) in net assets resulting from capital stock transactions		(22,018,476	)		121,827,607
Contributions from the Adviser (Note 6)		—			—
Net increase/(decrease) in net assets		160,273,021			(846,267,283	)
NET ASSETS:
Beginning of period		2,802,415,385			3,648,682,668
End of period	$	2,962,688,406		$	2,802,415,385
CAPITAL SHARE TRANSACTIONS:
Shares sold		6,693,362			11,893,350
Shares issued as reinvestment of distributions		2,056,676			5,387,384
Shares redeemed		(9,636,351	)		(12,454,985	)
Net increase/(decrease) in shares outstanding		(886,313	)		4,825,749

See Notes to Financial Statements.

112

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

LARGE CAP STRATEGIES FUND						SMALL & MID CAP STRATEGIES FUND						CREDIT INCOME FUND
FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022			FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022			FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022
$	62,958,818		$	65,193,329		$	13,037,382		$	41,910,908		$	56,488,980		$	122,298,245
	134,820,661			(485,059,236	)		74,599,479			(159,657,152	)		(110,381,627	)		(41,461,956	)
	1,712,174,940			(5,724,412,214	)		489,273,661			(2,640,062,793	)		180,751,545			(623,285,431	)
	1,909,954,419			(6,144,278,121	)		576,910,522			(2,757,809,037	)		126,858,898			(542,449,142	)
	(119,244,027	)		(1,588,764,828	)		(38,864,269	)		(658,940,089	)		(54,823,812	)		(126,255,193	)
	(119,244,027	)		(1,588,764,828	)		(38,864,269	)		(658,940,089	)		(54,823,812	)		(126,255,193	)
	917,066,987			2,504,443,149			669,402,541			1,448,477,615			492,103,111			483,715,552
	37,575,695			940,700,749			12,301,907			359,439,739			21,005,546			48,891,447
	(1,406,004,718	)		(2,074,561,065	)		(654,785,485	)		(784,024,135	)		(549,723,420	)		(492,465,479	)
	(451,362,036	)		1,370,582,833			26,918,963			1,023,893,219			(36,614,763	)		40,141,520
	—			3,103,041			—			—			—			—
	1,339,348,356			(6,359,357,075	)		564,965,216			(2,392,855,907	)		35,420,323			(628,562,815	)
	19,383,129,563			25,742,486,638			7,353,983,449			9,746,839,356			2,322,013,097			2,950,575,912
$	20,722,477,919		$	19,383,129,563		$	7,918,948,665		$	7,353,983,449		$	2,357,433,420		$	2,322,013,097
	61,037,119			151,613,435			46,596,519			91,215,022			59,689,257			51,371,449
	2,554,432			51,097,270			882,490			20,387,960			2,564,882			5,455,540
	(93,680,537	)		(132,587,268	)		(46,131,552	)		(53,157,162	)		(67,208,630	)		(56,181,752	)
	(30,088,986	)		70,123,437			1,347,457			58,445,820			(4,954,491	)		645,237

See Notes to Financial Statements.

113

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	FIXED INCOME FUND
	FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022
FROM OPERATIONS:
Net investment income	$	16,469,781		$	20,120,014
Net realized (loss) on investments		(29,976,112	)		(42,464,119	)
Net change in unrealized appreciation/(depreciation) on investments		83,902,848			(143,193,271	)
Net increase/(decrease) in net assets resulting from operations		70,396,517			(165,537,376	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income and net realized gains		(17,501,896	)		(30,396,014	)
Total distributions to shareholders		(17,501,896	)		(30,396,014	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		129,573,275			269,774,377
Reinvestment of distributions		10,189,052			18,749,556
Value of capital stock redeemed		(153,695,060	)		(267,744,423	)
Net increase/(decrease) in net assets resulting from capital stock transactions		(13,932,733	)		20,779,510
Net increase/(decrease) in net assets		38,961,888			(175,153,880	)
NET ASSETS:
Beginning of period		1,393,537,467			1,568,691,347
End of period	$	1,432,499,355		$	1,393,537,467
CAPITAL SHARE TRANSACTIONS:
Shares sold		12,773,301			25,284,483
Shares issued as reinvestment of distributions		1,005,039			1,771,658
Shares redeemed		(15,204,771	)		(25,468,003	)
Net increase/(decrease) in shares outstanding		(1,426,431	)		1,588,138

See Notes to Financial Statements.

114

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

MUNICIPAL BOND FUND						CALIFORNIA MUNICIPAL BOND FUND						NEW YORK MUNICIPAL BOND FUND
FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022			FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022			FOR THE PERIOD ENDED APRIL 30, 2023 (Unaudited)			FOR THE YEAR ENDED OCTOBER 31, 2022
$	33,347,427		$	39,801,233		$	3,163,869		$	3,882,540		$	4,812,865		$	6,920,823
	(16,228,864	)		(107,989,016	)		(3,965,717	)		(8,334,315	)		(3,552,027	)		(10,659,263	)
	175,275,994			(278,081,431	)		16,162,582			(22,236,919	)		26,501,753			(44,663,540	)
	192,394,557			(346,269,214	)		15,360,734			(26,688,694	)		27,762,591			(48,401,980	)
	(32,286,773	)		(86,177,456	)		(2,981,568	)		(6,712,164	)		(4,725,755	)		(9,206,887	)
	(32,286,773	)		(86,177,456	)		(2,981,568	)		(6,712,164	)		(4,725,755	)		(9,206,887	)
	448,401,804			687,577,929			49,284,243			73,626,405			64,156,574			113,857,196
	7,704,167			38,470,492			1,178,003			3,590,400			1,450,384			4,278,078
	(468,781,747	)		(713,489,605	)		(48,199,365	)		(75,083,515	)		(78,348,328	)		(141,003,328	)
	(12,675,776	)		12,558,816			2,262,881			2,133,290			(12,741,370	)		(22,868,054	)
	147,432,008			(419,887,854	)		14,642,047			(31,267,568	)		10,295,466			(80,476,921	)
	3,814,358,833			4,234,246,687			314,887,375			346,154,943			546,067,195			626,544,116
$	3,961,790,841		$	3,814,358,833		$	329,529,422		$	314,887,375		$	556,362,661		$	546,067,195
	38,879,563			58,523,834			5,050,351			7,470,117			6,519,158			11,416,511
	669,910			3,192,059			121,366			356,533			147,769			423,572
	(40,895,796	)		(61,492,673	)		(4,986,214	)		(7,649,338	)		(7,994,893	)		(14,332,904	)
	(1,346,323	)		223,220			185,503			177,312			(1,327,966	)		(2,492,821	)

See Notes to Financial Statements.

115

Old Westbury Funds, Inc.

All Cap Core Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	20.25		$	27.31		$	20.18		$	18.84		$	17.08		$	16.50
Investment operations:
Net investment income/(loss)(a)		0.03			0.03			(0.02	)		0.02			0.09			0.07
Net realized and unrealized gain/(loss)		1.76			(5.55	)		7.85			3.02			2.44			0.84
Total from investment operations		1.79			(5.52	)		7.83			3.04			2.53			0.91
Distributions:		0.5			1.54			0.7			–			–			–
Net investment income		(0.04	)		—			(0.01	)		(0.08	)		(0.08	)		(0.09	)
Net realized gains		(0.46	)		(1.54	)		(0.69	)		(1.62	)		(0.69	)		(0.24	)
Total distributions		(0.50	)		(1.54	)		(0.70	)		(1.70	)		(0.77	)		(0.33	)
Net asset value, end of period	$	21.54		$	20.25		$	27.31		$	20.18		$	18.84		$	17.08
Total return		9.0	%(b)		(21.3	)%		39.8	%		17.3	%		15.7	%		5.6	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,962,688		$	2,802,415		$	3,648,683		$	2,283,906		$	1,766,287		$	1,839,663
Ratio of expenses to average net assets before expense waivers(c)		0.96	%(d)		0.96	%		0.96	%		0.97	%		0.98	%		0.98	%
Ratio of expenses to average net assets after expense waivers		0.96	%(d)		0.96	%		0.96	%		0.97	%		0.98	%		0.98	%
Ratio of net investment income/(loss) to average net assets		0.30	%(d)		0.12	%		(0.10	)%		0.10	%		0.51	%		0.42	%
Portfolio turnover rate		26	%(b)		54	%		30	%		43	%		31	%		38	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	There were no voluntary fee reductions during the period.
(d)	Annualized.

See Notes to Financial Statements.

116

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.36		$	20.11		$	15.26		$	14.99		$	13.87		$	14.85
Investment operations:
Net investment income(a)		0.05			0.05			0.01			0.07			0.13			0.13
Net realized and unrealized gain/(loss)		1.38			(4.56	)		5.08			0.94			1.58			(0.26	)
Total from investment operations		1.43			(4.51	)		5.09			1.01			1.71			(0.13	)
Distributions:
Net investment income		(0.09	)		(0.00	)(b)		(0.05	)		(0.12	)		(0.14	)		(0.10	)
Net realized gains		—			(1.24	)		(0.19	)		(0.62	)		(0.45	)		(0.75	)
Total distributions		(0.09	)		(1.24	)		(0.24	)		(0.74	)		(0.59	)		(0.85	)
Net asset value, end of period	$	15.70		$	14.36		$	20.11		$	15.26		$	14.99		$	13.87
Total return		10.0	%(c)		(23.8	)%		33.6	%		7.0	%		12.9	%		(1.1	)%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	20,722,478		$	19,383,130		$	25,742,487		$	17,609,533		$	17,001,879		$	16,499,149
Ratio of expenses to average net assets before expense waivers(d)(e)		1.09	%(f)		1.09	%		1.09	%		1.10	%		1.10	%		1.11	%
Ratio of expenses to average net assets after expense waivers		1.09	%(f)		1.09	%		1.09	%		1.10	%		1.10	%		1.11	%
Ratio of net investment income to average net assets		0.63	%(f)		0.29	%		0.05	%		0.48	%		0.93	%		0.86	%
Portfolio turnover rate		13	%(c)		52	%		43	%		76	%		73	%		38	%

(a)	Calculated based on the average shares method for the period.
(b)	Amount is greater than $(0.005) per share.
(c)	Not Annualized.
(d)	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(e)	There were no voluntary fee reductions during the period.
(f)	Annualized.

See Notes to Financial Statements.

117

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	13.43		$	19.92		$	15.57		$	15.39		$	15.85		$	17.49
Investment operations:
Net investment income/(loss)(a)		0.02			0.08			(0.02	)		0.03			0.09			0.08
Net realized and unrealized gain/(loss)		1.04			(5.22	)		4.97			0.88			1.10			(0.47	)
Total from investment operations		1.06			(5.14	)		4.95			0.91			1.19			0.39
Distributions:
Net investment income		(0.07	)		(0.02	)		(0.03	)		(0.09	)		(0.09	)		(0.11	)
Net realized gains		—			(1.33	)		(0.57	)		(0.64	)		(1.56	)		(1.14	)
Total distributions		(0.07	)		(1.35	)		(0.60	)		(0.73	)		(1.65	)		(1.25	)
Net asset value, end of period	$	14.42		$	13.43		$	19.92		$	15.57		$	15.39		$	15.85
Total return		7.9	%(b)		(27.4	)%		32.1	%		5.9	%		9.4	%		(2.6	)%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	7,918,949		$	7,353,983		$	9,746,839		$	6,765,243		$	6,278,441		$	6,222,492
Ratio of expenses to average net assets before expense waivers(c)		1.14	%(d)		1.14	%		1.14	%		1.15	%		1.15	%		1.15	%
Ratio of expenses to average net assets after expense waivers		1.10	%(d)		1.10	%		1.10	%		1.11	%		1.11	%		1.11	%
Ratio of net investment income/(loss) to average net assets		0.34	%(d)		0.50	%		(0.10	)%		0.17	%		0.58	%		0.48	%
Portfolio turnover rate		22	%(b)		81	%		46	%		65	%		52	%		62	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(d)	Annualized.

See Notes to Financial Statements.

118

Old Westbury Funds, Inc.

Credit Income Fund

Financial Highlights

For a Share Outstanding Throughout the Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,						PERIOD FROM OCTOBER 1, 2020(a) TO OCTOBER 31, 2020
				2022			2021
Net asset value, beginning of period	$	7.97		$	10.15		$	9.99		$	10.00
Investment operations:
Net investment income(b)		0.21			0.40			0.43			0.05
Net realized and unrealized gain/(loss)		0.25			(2.17	)		0.15			(0.06	)
Total from investment operations		0.46			(1.77	)		0.58			(0.01	)
Distributions:
Net investment income		(0.20	)		(0.41	)		(0.42	)		—
Total distributions		(0.20	)		(0.41	)		(0.42	)		—
Net asset value, end of period	$	8.23		$	7.97		$	10.15		$	9.99
Total return		5.8	%(c)		(17.8	)%		5.9	%		(0.1	)%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	2,357,433		$	2,322,013		$	2,950,576		$	1,939,199
Ratio of expenses to average net assets before expense waivers(d)		0.87	%(e)		0.86	%		0.87	%		0.94	%(e)
Ratio of expenses to average net assets after expense waivers		0.85	%(e)		0.85	%		0.85	%		0.85	%(e)
Ratio of net investment income to average net assets		5.04	%(e)		4.36	%		4.23	%		5.33	%(e)
Portfolio turnover rate		27	%(c)		22	%		24	%		1	%(c)

(a)	Commencement of Investment Operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(e)	Annualized.

See Notes to Financial Statements.

119

Old Westbury Funds, Inc.

Fixed Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	9.88		$	11.25		$	11.82		$	11.43		$	10.75		$	11.11
Investment operations:
Net investment income(a)		0.12			0.14			0.11			0.16			0.21			0.19
Net realized and unrealized gain/(loss)		0.39			(1.30	)		(0.25	)		0.43			0.69			(0.35	)
Total from investment operations		0.51			(1.16	)		(0.14	)		0.59			0.90			(0.16	)
Distributions:
Net investment income		(0.13	)		(0.19	)		(0.19	)		(0.20	)		(0.22	)		(0.20	)
Net realized gains		—			(0.02	)		(0.24	)		—			—			—
Total distributions		(0.13	)		(0.21	)		(0.43	)		(0.20	)		(0.22	)		(0.20	)
Net asset value, end of period	$	10.26		$	9.88		$	11.25		$	11.82		$	11.43		$	10.75
Total return		5.1	%(b)		(10.4	)%		(1.2	)%		5.2	%		8.4	%		(1.5	)%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	1,432,499		$	1,393,537		$	1,568,691		$	1,669,086		$	1,492,818		$	865,030
Ratio of expenses to average net assets before expense waivers		0.69	%(c)		0.69	%		0.68	%		0.68	%		0.70	%		0.72	%
Ratio of expenses to average net assets after expense waivers		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.62	%
Ratio of net investment income to average net assets		2.36	%(c)		1.33	%		0.97	%		1.39	%		1.93	%		1.70	%
Portfolio turnover rate		35	%(b)		56	%		58	%		87	%		34	%		49	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	Annualized.

See Notes to Financial Statements.

120

Old Westbury Funds, Inc.

Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.10		$	12.33		$	12.52		$	12.26		$	11.63		$	11.95
Investment operations:
Net investment income(a)		0.10			0.11			0.12			0.15			0.18			0.17
Net realized and unrealized gain/(loss)		0.47			(1.09	)		(0.12	)		0.26			0.62			(0.33	)
Total from investment operations		0.57			(0.98	)		0.00			0.41			0.80			(0.16	)
Distributions:
Net investment income		(0.10	)		(0.11	)		(0.12	)		(0.15	)		(0.17	)		(0.16	)
Net realized gains		—			(0.14	)		(0.07	)		—			—			—
Total distributions		(0.10	)		(0.25	)		(0.19	)		(0.15	)		(0.17	)		(0.16	)
Net asset value, end of period	$	11.57		$	11.10		$	12.33		$	12.52		$	12.26		$	11.63
Total return		5.1	%(b)		(8.1	)%		(0.1	)%		3.4	%		6.9	%		(1.4	)%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	3,961,791		$	3,814,359		$	4,234,247		$	4,201,639		$	3,658,844		$	2,297,532
Ratio of expenses to average net assets before expense waivers		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.66	%		0.67	%
Ratio of expenses to average net assets after expense waivers		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		1.73	%(c)		0.97	%		0.93	%		1.21	%		1.46	%		1.41	%
Portfolio turnover rate		24	%(b)		55	%		58	%		40	%		26	%		51	%

(a)	Calculated based on the average shares method for the period.
(b)	Not Annualized.
(c)	Annualized.

See Notes to Financial Statements.

121

Old Westbury Funds, Inc.

California Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,									PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
				2022			2021			2020
Net asset value, beginning of period	$	9.39		$	10.38		$	10.57		$	10.37		$	10.00
Investment operations:
Net investment income(b)		0.10			0.12			0.11			0.12			0.12
Net realized and unrealized gain/(loss)		0.38			(0.91	)		(0.11	)		0.22			0.36
Total from investment operations		0.48			(0.79	)		0.00			0.34			0.48
Distributions:
Net investment income		(0.09	)		(0.11	)		(0.11	)		(0.12	)		(0.11	)
Net realized gains		—			(0.09	)		(0.08	)		(0.02	)		—
Total distributions		(0.09	)		(0.20	)		(0.19	)		(0.14	)		(0.11	)
Net asset value, end of period	$	9.78		$	9.39		$	10.38		$	10.57		$	10.37
Total return		5.1	%(c)		(7.7	)%		(0.1	)%		3.3	%		4.8	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	329,529		$	314,887		$	346,155		$	400,367		$	339,560
Ratio of expenses to average net assets before expense waivers		0.76	%(d)		0.77	%		0.76	%		0.76	%		0.78	%(d)
Ratio of expenses to average net assets after expense waivers		0.57	%(d)		0.57	%		0.57	%		0.57	%		0.57	%(d)
Ratio of net investment income to average net assets		1.99	%(d)		1.17	%		1.03	%		1.13	%		1.32	%(d)
Portfolio turnover rate		39	%(c)		60	%		25	%		26	%		41	%(c)

(a)	Commencement of Investment Operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Annualized.

See Notes to Financial Statements.

122

Old Westbury Funds, Inc.

New York Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)			YEAR ENDED OCTOBER 31,									PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019
				2022			2021			2020
Net asset value, beginning of period	$	9.48		$	10.43		$	10.55		$	10.42		$	10.00
Investment operations:
Net investment income(b)		0.09			0.11			0.11			0.12			0.13
Net realized and unrealized gain/(loss)		0.40			(0.91	)		(0.05	)		0.16			0.40
Total from investment operations		0.49			(0.80	)		0.06			0.28			0.53
Distributions:
Net investment income		(0.08	)		(0.11	)		(0.11	)		(0.12	)		(0.11	)
Net realized gains		—			(0.04	)		(0.07	)		(0.03	)		—
Total distributions		(0.08	)		(0.15	)		(0.18	)		(0.15	)		(0.11	)
Net asset value, end of period	$	9.89		$	9.48		$	10.43		$	10.55		$	10.42
Total return		5.2	%(c)		(7.7	)%		0.6	%		2.7	%		5.4	%(c)
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	556,363		$	546,067		$	626,544		$	582,500		$	498,852
Ratio of expenses to average net assets before expense waivers		0.75	%(d)		0.74	%		0.74	%		0.75	%		0.77	%(d)
Ratio of expenses to average net assets after expense waivers		0.57	%(d)		0.57	%		0.57	%		0.57	%		0.57	%(d)
Ratio of net investment income to average net assets		1.75	%(d)		1.14	%		1.01	%		1.13	%		1.42	%(d)
Portfolio turnover rate		27	%(c)		45	%		23	%		37	%		29	%(c)

(a)	Commencement of Investment Operations.
(b)	Calculated based on the average shares method for the period.
(c)	Not Annualized.
(d)	Annualized.

See Notes to Financial Statements.

123

Old Westbury Funds, Inc.
Notes to Financial Statements
	April 30, 2023 (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 Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 2023, the Corporation consisted of eight separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury All Cap Core Fund (“All Cap Core Fund”)	Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)	Long-term capital appreciation.
Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”)	Long-term capital appreciation.
Old Westbury Credit Income Fund (“Credit Income Fund”)	Income and capital appreciation.
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).
Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation).
Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation).

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

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

2. Significant Accounting Policies:

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

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

The Corporation qualifies as an investment company and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.

A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

124

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2023 (Unaudited)

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

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

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

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

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

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

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

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing service vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 60 days during the period ended April 30, 2023. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not

125

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2023 (Unaudited)

exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of April 30, 2023, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined Level.

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

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

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

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

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

For the period ended April 30, 2023, there were no in-kind payments received by the Funds with respect to PIK securities.

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

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

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

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	April 30, 2023 (Unaudited)

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

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. The Funds had no short sales outstanding at April 30, 2023.

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

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

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

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

In connection with floating rate loan interests, the Funds may also enter into unfunded loan commitments (“commitments”). In connection with these commitments, the Funds earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations. As of April 30, 2023, the Credit Income Fund had the following unfunded floating rate loan interests:

	Borrower	Par		Commitment Amount		Value		Unrealized Depreciation
Credit Income	Vaca Morada	$	1,933,509	$	1,933,509	$	1,928,675	$	(4,834	)

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	April 30, 2023 (Unaudited)

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

J. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general, are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

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

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

3. Principal Risks:

A. Market and Credit Risk.

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

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

In March 2022, the Board of Governors of the Federal Reserve System (the “Fed”) began a series of interest rate increases in response to sustained high levels of inflation. In addition, in May 2022, the Fed announced it would begin to reduce the size of its balance sheet, known as quantitative tightening. These changes followed years of low-interest rate policy in response to the COVID-19 pandemic and the 2008

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	April 30, 2023 (Unaudited)

financial crisis, during which the Fed kept the federal funds rate at a range of 0–2.5% and promised unlimited and open-ended quantitative easing, including purchases of corporate and municipal government bonds. The Fed’s policy in response to market conditions, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower a Fund’s performance or impair a Fund’s ability to achieve its investment objective.

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

B. Concentration Risk.

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

C. LIBOR Discontinuance Risk.

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate. Historically, these floating rates have been largely based on the London Interbank Offered Rate (“LIBOR”). LIBOR was the offered rate at which major international banks could obtain wholesale, unsecured funding. At the end of 2021, certain LIBOR tenures were discontinued, but the most widely used LIBORs continued to be provided on a representative basis until June 30, 2023. In connection with supervisory guidance from U.S. regulators, some U.S. regulated entities ceased to enter into most new LIBOR contracts after January 1, 2022. In March 2022, the Federal Reserve Board recommended that the benchmark replacement be based on the Secured Overnight Financing Rate (“SOFR”).

The potential effect of the transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The unavailability and replacement of LIBOR may affect the value, liquidity or return on certain Fund investments. Management continues to evaluate the impact of the market transition to alternative reference rates, such as SOFR, evolves.

D. Shareholder Concentration Risk.

As of April 30, 2023, the following Funds had omnibus accounts which each owned more than 5% of a Fund’s outstanding shares as shown below:

	# of Omnibus Accounts		% of Fund
All Cap Core Fund		1		99.21	%
Large Cap Strategies Fund		1		98.32	%
Small & Mid Cap Strategies Fund		1		98.15	%
Credit Income Fund		1		98.90	%
Fixed Income Fund		1		99.41	%
Municipal Bond Fund		1		99.38	%
California Municipal Bond Fund		1		99.99	%
New York Municipal Bond Fund		1		100.00	%

4. Fair Value Measurements:

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

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

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

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

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	April 30, 2023 (Unaudited)

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 April 30, 2023 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
All Cap Core Fund
Equity Securities	$	2,673,576,817(b)	$	129,950,032(b)	$	—	$	2,803,526,849
Exchange-Traded Funds		63,353,280		—		—		63,353,280
Investment Company		88,799,595		—		—		88,799,595
Total	$	2,825,729,692	$	129,950,032	$	—	$	2,955,679,724
Large Cap Strategies Fund
Equity Securities	$	15,533,085,449(b)	$	4,130,514,440(b)	$	—	$	19,663,599,889
Exchange-Traded Funds		607,442,683		—		—		607,442,683
Investment Company		462,307,277		—		—		462,307,277
Cash Sweep		4,239,438		—		—		4,239,438
Other financial instruments – Assets
Forward foreign currency exchange contracts		—		1,200,106(b)		—		1,200,106
Other financial instruments – Liabilities
Forward foreign currency exchange contracts		—		(2,584,551)(b)		—		(2,584,551)
Total	$	16,607,074,847	$	4,129,129,995	$	—	$	20,736,204,842
Small & Mid Cap Strategies Fund
Equity Securities
Australia	$	1,141,841	$	201,847,703	$	2,280	$	202,991,824
Austria		—		29,331,033		—		29,331,033
Belgium		—		20,284,168		—		20,284,168
Bermuda		8,177,400		—		—		8,177,400
Brazil		43,757,503		—		—		43,757,503
Canada		311,199,007		—		—		311,199,007
Chile		6,011,850		—		—		6,011,850
China		34,544,012		325,617,220		—		360,161,232
Costa Rica		2,932,137		—		—		2,932,137
Denmark		—		152,969,761		—		152,969,761
Finland		—		43,767,993		—		43,767,993
France		274,865		110,091,338		53,604		110,419,807
Germany		24,981		144,100,338		—		144,125,319
Greece		—		24,156,936		—		24,156,936
Hong Kong		—		54,697,776		—		54,697,776
Iceland		—		5,065,890		—		5,065,890
India		16,821,213		50,554,951		—		67,376,164
Indonesia		—		3,455,703		—		3,455,703
Ireland		8,180,118		3,026,178		—		11,206,296
Israel		132,853,287		33,864,547		—		166,717,834
Italy		5,642,653		84,864,670		—		90,507,323
Japan		—		619,371,938		—		619,371,938
Jersey Channel Islands		24,498,259		—		—		24,498,259
Luxembourg		3,281,102		644,776		—		3,925,878
Malaysia		—		4,733,124		—		4,733,124
Mexico		3,072,917		—		—		3,072,917
Netherlands		391,406		73,195,406		—		73,586,812
New Zealand		—		13,727,228		—		13,727,228
Norway		—		49,227,236		—		49,227,236
Peru		5,881,533		—		—		5,881,533
Poland		—		25,143,212		—		25,143,212

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	April 30, 2023 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Portugal	$	—	$	9,668,196	$	—	$	9,668,196
Russia		—		—		0		0
Singapore		—		47,371,178		4,334		47,375,512
South Africa		7,817,098		18,485,033		—		26,302,131
South Korea		—		77,593,027		5,795,943		83,388,970
Spain		—		35,915,717		—		35,915,717
Sweden		65,743		100,704,529		—		100,770,272
Switzerland		9,626,706		171,937,908		—		181,564,614
Taiwan		—		63,114,157		—		63,114,157
Thailand		13,180,959		8,847,131		—		22,028,090
Turkey		—		12,825,134		—		12,825,134
United Kingdom		3,406,606		416,641,253		0		420,047,859
United States		3,047,338,108		8,742,411		0		3,056,080,519
Uruguay		15,154,864		—		—		15,154,864
Vietnam		—		903,060		—		903,060
Total Equity Securities	$	3,705,276,168	$	3,046,487,859	$	5,856,161	$	6,757,620,188
Master Limited Partnerships		4,848,548(b)		—		—		4,848,548
Rights/Warrants
Spain		—		—		59,472		59,472
United States		—		—		0		0
Total Rights/Warrants	$	—	$	—	$	59,472	$	59,472
Exchange-Traded Funds		785,196,971		—		—		785,196,971
U.S. Government Agencies		—		74,848,648		—		74,848,648
Investment Company		49,982,743		—		—		49,982,743
Cash Sweep		250,394,926		—		—		250,394,926
Total	$	4,795,699,356	$	3,121,336,507	$	5,915,633	$	7,922,951,496
Credit Income Fund
Preferred Stocks	$	5,107,909(b)	$	—	$	—	$	5,107,909
Exchange-Traded Funds		351,832,501		—		—		351,832,501
Bank Loans		—		—		7,117,455(b)		7,117,455
Corporate Bonds		—		200,737,820(b)		—		200,737,820
Asset-Backed Securities		—		366,904,199(b)		—		366,904,199
Non-Agency Mortgage-Backed Securities		—		518,439,260(b)		34,506,012(b)		552,945,272
U.S. Government Sponsored Agency Mortgage- Backed Securities		—		1,473,163(b)		—		1,473,163
U.S. Government Securities		—		746,097,810		—		746,097,810
Cash Sweep		112,361,737		—		—		112,361,737
Other financial instruments – Assets
Interest Rate Risk		—		330,819(b)		—		330,819
Other financial instruments – Liabilities
Interest Rate Risk		—		(754,221)(b)		—		(754,221)
Total	$	469,302,147	$	1,833,228,850	$	41,623,467	$	2,344,154,464
Fixed Income Fund
Municipal Bonds	$	—	$	10,044,042(b)	$	—	$	10,044,042
Corporate Bonds		—		351,496,572(b)		—		351,496,572
Asset-Backed Securities		—		90,526,031(b)		—		90,526,031
Non-Agency Mortgage-Backed Securities		—		460,781(b)		—		460,781
U.S. Government Securities		—		958,541,664		—		958,541,664
Investment Company		11,573,069		—		—		11,573,069
Total	$	11,573,069	$	1,411,069,090	$	—	$	1,422,642,159

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	April 30, 2023 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(a)		Total
Municipal Bond Fund
Municipal Bonds	$	—	$	3,713,289,880(b)	$	—	$	3,713,289,880
Corporate Bonds		—		46,628,931(b)		—		46,628,931
U.S. Government Securities		—		145,157,227		—		145,157,227
Investment Company		102,633,618		—		—		102,633,618
Total	$	102,633,618	$	3,905,076,038	$	—	$	4,007,709,656
California Municipal Bond Fund
Municipal Bonds	$	—	$	291,976,130(b)	$	—	$	291,976,130
Corporate Bonds		—		1,839,374(b)		—		1,839,374
U.S. Government Securities		—		24,791,075		—		24,791,075
Investment Company		6,826,605		—		—		6,826,605
Total	$	6,826,605	$	318,606,579	$	—	$	325,433,184
New York Municipal Bond Fund
Municipal Bonds	$	—	$	491,931,612(b)	$	—	$	491,931,612
Corporate Bonds		—		4,387,024(b)		—		4,387,024
U.S. Government Securities		—		49,427,617		—		49,427,617
Investment Company		5,469,147		—		—		5,469,147
Total	$	5,469,147	$	545,746,253	$	—	$	551,215,400

(a)

The Small & Mid Cap Strategies Fund held certain investments categorized as Level 3 that had a fair value less than 1% of NAV for the period ended April 30, 2023. In addition, with the exception of the Credit Income Fund, there were no significant purchases and sales during the period. As of April 30, 2023, the fair value of Level 3 assets as a percentage of NAV was 0.00% and 1.77% for the Small & Mid Cap Strategies Fund and the Credit Income Fund, respectively. The Funds’ instrument types classified as Level 3 investments are valued using recent transaction price or broker quotes.

(b)

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

During the period ended April 30, 2023, the Funds recognized no material transfers to/from Level 1 or Level 2. The Fund’s policy is to recognize transfers to/from Level 1, Level 2 and Level 3 at the end of the year utilizing fair value at the beginning of the period.

The following is a rollforward of Level 3 investments:

	Credit Income Fund
Balance as of 10/31/2022 (value)	$	46,511,337
Net accrued discounts (premiums)		213,240
Realized loss		(5,383	)
Unrealized loss		(1,620,725	)
Purchases		16,265,622
Sales (paydowns)		(2,677,715	)
Transfer out		(17,062,909	)
Balance as of 4/30/2023 (value)	$	41,623,467
Net change in unrealized depreciation on investments still held at April 30, 2023	$	(1,651,498	)

5. Derivative Instruments:

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a

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loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

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

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the six months ended April 30, 2023.

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

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

As of April 30, 2023, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements or another similar arrangement in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

Large Cap Strategies Fund

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset (a)		Non-cash Collateral Received (b)		Cash Collateral Received (b)		Net Amount of Derivative Assets (c)
Barclays Bank Plc	$	1,200,106	$	(1,200,106)	$	—	$	—	$	—

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	April 30, 2023 (Unaudited)

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset (a)		Non-cash Collateral Pledged (b)		Cash Collateral Pledged (b)		Net Amount of Derivative Liabilities (c)
Barclays Bank Plc	$	2,584,551	$	(1,200,106)	$	—	$	(610,000)	$	(774,445)
Credit Income Fund
Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset (a)		Non-cash Collateral Received (b)		Cash Collateral Received (b)		Net Amount of Derivative Assets (c)
Barclays Bank Plc	$	330,819	$	(330,819)	$	—	$	—	$	—
Credit Income Fund
Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset (a)		Non-cash Collateral Pledged (b)		Cash Collateral Pledged (b)		Net Amount of Derivative Liabilities (c)
Barclays Bank Plc	$	754,221	$	(330,819)	$	—	$	(423,402)	$	—

(a)	The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to a MNA or another similar arrangement.
(b)	Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes.
(c)	Net amount represents the net amount receivable from/payable to counterparty in the event of default.

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

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

	Fair Values of Derivative Instruments as of April 30, 2023
	Derivative Assets			Derivative Liabilities
Large Cap Strategies Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Forward Foreign Currency Exchange Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	1,200,106	Unrealized depreciation on forward foreign currency exchange contracts	$	2,584,551

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	April 30, 2023 (Unaudited)

	Fair Values of Derivative Instruments as of April 30, 2023
	Derivative Assets			Derivative Liabilities
Credit Income Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Interest Rate Risk	Unrealized appreciation on swap agreements	$	330,819	Unrealized depreciation on swap agreements	$	754,221

	The Effect of Derivative Instruments on the Statements of Operations For the Period Ended April 30, 2023 Net Realized Gain/(Loss) from Derivatives Recognized in Income
Credit Income Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts		Total
Interest Rate Risk	$	—	$	—	$	1,694,278	$	(23,970,768)	$	—	$	(22,276,490)
	Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
Large Cap Strategies Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts		Total
Forward Foreign Currency Exchange Risk	$	—	$	—	$	—	$	—	$	(1,384,445)	$	(1,384,445)
Credit Income Fund	Purchased Options and Structured Options (Investments)		Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts		Total
Interest Rate Risk	$	—	$	—	$	—	$	27,857,855	$	—	$	27,857,855

For the period ended April 30, 2023, the quarterly average volume of derivative activities were as follows:

	Large Cap Strategies Fund		Credit Income Fund
Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts)	$	100,000,000	$	—
Total Return Swaps (Notional Amounts in U.S. Dollars)		—		125,000,000

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

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

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

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

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

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

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

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

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or

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	April 30, 2023 (Unaudited)

deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

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

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

The Credit Income Fund may invest in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

6. Investment Advisory Fee, Administration Fee and Other Transactions:

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Besse-mer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

	First $500 million of average net assets	Next $500 million to $1 billion of average net assets	Average net assets exceeding $1 billion	Blended Advisory Rate
All Cap Core Fund	0.75%	0.70%	0.65%	0.68%
Credit Income Fund	0.65%	0.60%	0.55%	0.58%
Fixed Income Fund	0.45%	0.40%	0.35%	0.40%
Municipal Bond Fund	0.45%	0.40%	0.35%	0.37%
California Municipal Bond Fund	0.45%	0.40%	0.35%	0.45%
New York Municipal Bond Fund	0.45%	0.40%	0.35%	0.45%

	Average net assets
Small & Mid Cap Strategies Fund	0.85%

	First $1.25 billion of average net assets	Next $1.25 billion to $2.5 billion of average net assets	Average net assets exceeding $2.5 billion	Blended Advisory Rate
Large Cap Strategies Fund	0.90%	0.85%	0.80%	0.81%

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	April 30, 2023 (Unaudited)

BIM has retained Acadian Asset Management, LLC (“Acadian”), Artisan Partners Limited Partnership (“Artisan”), Baillie Gifford Overseas Limited (“Baillie Gifford”), Champlain Investment Partners, LLC (“Champlain”), and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Artisan, Baillie Gifford, Champlain, and Polunin are paid for their services directly by BIM.

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

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

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

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

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

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

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2024 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Strategies Fund at 1.10%, the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the period ended April 30, 2023, BIM waived $1,537,695 for the Small & Mid Cap Strategies Fund, $214,630 for the Credit Income Fund, $835,524 for the Fixed Income Fund, $1,559,260 for the Municipal Bond Fund, $310,439 for the California Municipal Bond Fund, and $482,461 for the New

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	April 30, 2023 (Unaudited)

York Municipal Bond Fund. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

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

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

G. Other Transactions. From time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as described in Note 2, applied on a consistent basis. For the period ended April 30, 2023, there were no such transactions.

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

7. Securities Transactions:

Investment transactions for the period ended April 30, 2023, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	716,500,645	$	807,178,053
Large Cap Strategies Fund		2,576,653,687		3,064,787,792
Small & Mid Cap Strategies Fund		1,692,708,408		1,674,431,565
Credit Income Fund		376,715,003		570,295,503
Fixed Income Fund		97,292,409		199,755,516
Municipal Bond Fund		722,073,976		728,105,349
California Municipal Bond Fund		103,139,123		111,648,120
New York Municipal Bond Fund		87,872,342		120,799,254
Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the period ended April 30, 2023 were as follows:
	Purchases		Sales
Credit Income Fund	$	182,348,410	$	106,520,450
Fixed Income Fund		391,791,346		308,676,570
Municipal Bond Fund		254,421,680		156,064,062
California Municipal Bond Fund		16,699,492		8,424,629
New York Municipal Bond Fund		62,952,422		27,169,922

8. Federal Income Taxes:

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

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	April 30, 2023 (Unaudited)

As of April 30, 2023, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

	Cost of Investments Federal Income Tax Purposes		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments		Net Unrealized Appreciation (Depreciation) on Investments
All Cap Core Fund	$	2,040,159,179	$	941,118,363	$	(25,597,818)	$	915,520,545
Large Cap Strategies Fund		15,885,460,790		5,674,676,362		(822,547,865)		4,852,128,497
Small & Mid Cap Strategies Fund		7,546,869,502		1,135,237,354		(759,155,360)		376,081,994
Credit Income Fund		2,778,429,072		18,234,636		(452,085,842)		(433,851,206)
Fixed Income Fund		1,478,283,948		7,241,516		(62,883,305)		(55,641,789)
Municipal Bond Fund		4,059,598,559		27,655,832		(79,544,735)		(51,888,903)
California Municipal Bond Fund		326,605,393		2,718,074		(3,890,283)		(1,172,209)
New York Municipal Bond Fund		558,987,805		4,603,221		(12,375,626)		(7,772,405)

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and unrealized gains, if applicable, as such income and/or gains are earned.

The tax character of distributions from the Funds during the year ended October 31, 2022 was as follows:

	All Cap Core Fund		Large Cap Strategies Fund		Small & Mid Cap Strategies Fund		Credit Income Fund
Distributions paid from:
Ordinary income	$	—	$	119,066,918	$	153,341,719	$	126,255,193
Net Long Term Capital Gains		204,878,100		1,469,697,910		505,598,370		—
Total Taxable Distributions		204,878,100		1,588,764,828		658,940,089		126,255,193
Tax Exempt Distributions		—		—		—		—
Total Distributions Paid	$	204,878,100	$	1,588,764,828	$	658,940,089	$	126,255,193
	Fixed Income Fund		Municipal Bond Fund		California Municipal Bond Fund		New York Municipal Bond Fund
Distributions paid from:
Ordinary income	$	26,935,157	$	4,426,209	$	533,854	$	623,256
Net Long Term Capital Gains		3,460,857		48,930,415		3,020,754		2,549,795
Total Taxable Distributions		30,396,014		53,356,624		3,554,608		3,173,051
Tax Exempt Distributions		—		32,820,832		3,157,556		6,033,836
Total Distributions Paid	$	30,396,014	$	86,177,456	$	6,712,164	$	9,206,887

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

As of and during the year ended October 31, 2022, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2022. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

140

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2023 (Unaudited)

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

	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward
Large Cap Strategies Fund	$	440,142,640	$	—
Small & Mid Cap Strategies Fund		100,098,253		—
Credit Income Fund		23,698,686		12,602,095
Fixed Income Fund		18,686,215		28,135,296
Municipal Bond Fund		60,963,693		46,208,412
California Municipal Bond Fund		5,136,055		3,198,483
New York Municipal Bond Fund		4,182,601		6,477,436

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

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

9. Commitments.

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

As of April 30, 2023, the Credit Income Fund had no outstanding bridge loan commitments. In connection with these commitments, the Credit Income Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

141

Old Westbury Funds, Inc.
Additional Information (Unaudited)
	April 30, 2023

Information on Proxy Voting:

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

Information on Form N-PORT

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

142

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Investment Adviser:	Administrator:
Bessemer Investment Management LLC 1271 Avenue of the Americas New York, NY 10020 (212) 708-9100	The Bank of New York Mellon 103 Bellevue Parkway Wilmington, DE 19809
Distributor:	Transfer Agent:
Foreside Funds Distributors LLC 3 Canal Plaza, Suite 100 Portland, ME 04101	BNY Mellon Investment Servicing (US) Inc. 103 Bellevue Parkway Wilmington, DE 19809
Custodians:	Independent Registered Public Accounting Firm:
Bessemer Trust Company 100 Woodbridge Center Drive Woodbridge, NJ 07095	Ernst & Young LLP One Manhattan West New York, NY 10001
Citibank, N.A. 388 Greenwich Street New York, NY 10013

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

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

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

April 30, 2023

Cusip 680414307

Cusip 680414109

Cusip 680414604

Cusip 680414851

Cusip 680414406

Cusip 680414505

Cusip 680414877

Cusip 680414869

(OWF_A21-SAR2023)

(4/23)

Item 1.	Reports to Stockholders (cont.).
(b)	Not applicable.
Item 2.	Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)	Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11.  Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.  Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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 and Chief Executive Officer
	(Principal Executive Officer)

Date   July 7, 2023   

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 and Chief Executive Officer
	(Principal Executive Officer)

Date   July 7, 2023   

By (Signature and Title)*	/s/ Matthew A. Rizzi
	Matthew A. Rizzi, Treasurer
	(Principal Financial Officer)

Date   July 7, 2023   

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