Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

1

July

31,

2021

(Unaudited)

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

July

31,

2021

(Unaudited)

Principal

Amount

Value

MUNICIPAL

BONDS

—

92.3%

Alabama

—

1.0%

$

2,000,000

Alabama

Federal

Aid

Highway

Finance

Authority

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

09/01/22

............

$

2,106,914

1,750,000

Alabama

Federal

Aid

Highway

Finance

Authority

Public

Improvement

Revenue

Bonds,

5.00%,

09/01/21

............

1,756,761

1,500,000

Alabama

Public

School

&

College

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/24

............

1,699,216

9,000,000

Alabama

Public

School

and

College

Authority

School

Improvements

Revenue

Bonds,

Series

A,

5.00%,

11/01/33

............

12,071,358

3,030,000

City

of

Huntsville

School

Capital

Improvements

Warrants

Refunding

GO,

5.00%,

09/01/22

............

3,190,278

3,660,000

City

of

Huntsville

School

Capital

Improvements

Warrants

Refunding

GO,

5.00%,

09/01/26

............

4,198,011

1,500,000

City

of

Huntsville

Warrants

Refunding

GO,

Series

A,

5.00%,

08/01/26

............

1,714,957

13,000,000

Water

Works

Board

of

the

City

of

Birmingham

Water

Utility

Improvements

Revenue

Bonds,

Series

B,

5.00%,

01/01/45

(a)

..........

15,115,378

41,852,873

Arizona

—

1.3%

875,000

Arizona

Department

of

Transportation

State

Highway

Fund

Refunding

Revenue

Bonds,

5.00%,

07/01/25

............

996,809

1,300,000

Arizona

Department

of

Transportation

State

Highway

Fund

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/29

(a)

..........

1,357,873

2,390,000

Arizona

School

Facilities

Board

Advance

Refunding

COP,

Series

A,

5.00%,

09/01/23

............

2,628,852

Principal

Amount

Value

Arizona

(continued)

$

1,715,000

Arizona

State

Board

of

Regents

Advance

Refunding

COP,

Series

A,

5.00%,

06/01/24

............

$

1,944,647

1,250,000

Arizona

Water

Infrastructure

Finance

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/01/26

............

1,437,059

1,850,000

Maricopa

County

Industrial

Development

Authority

Health

Care

Facilities

Revenue

Bonds,

Series

A,

5.00%,

09/01/34

............

2,490,261

1,250,000

Maricopa

County

Industrial

Development

Authority

Health

Care

Facilities

Revenue

Bonds,

Series

A,

5.00%,

09/01/36

............

1,675,205

5,000,000

Salt

River

Project

Agricultural

Improvement

&

Power

District

Advance

Refunding

Revenue

Bonds,

5.00%,

01/01/22

............

5,102,076

8,950,000

Salt

River

Project

Agricultural

Improvement

&

Power

District

Advance

Refunding

Revenue

Bonds,

5.00%,

01/01/30

............

11,333,214

8,850,000

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electric

Light

&

Power

Improvements

Revenue

Bonds,

Series

A,

5.00%,

01/01/22

............

9,030,674

6,470,000

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electric

Light

&

Power

Improvements

Revenue

Bonds,

Series

A,

5.00%,

01/01/23

............

6,920,406

7,970,000

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electric

Light

&

Power

Improvements

Revenue

Bonds,

Series

A,

5.00%,

01/01/27

............

9,905,196

54,822,272

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

2

July

31,

2021

(Unaudited)

Principal

Amount

Value

Arkansas

—

0.2%

$

7,250,000

State

of

Arkansas

Public

Improvements

GO,

5.00

%,

10/01/26

............

$

8,327,396

735,000

University

of

Arkansas

Refunding

Revenue

Bonds,

5.00%,

03/01/26

............

853,215

9,180,611

California

—

4.5%

100,000

California

Health

Facilities

Financing

Authority

Current

Refunding

Revenue

Bonds,

(California

Mortgage

Insurance),

5.00%,

07/01/23

............

109,088

200,000

California

Municipal

Finance

Authority

Advance

Refunding

Revenue

Bonds,

(California

Mortgage

Insurance),

5.00%,

02/01/25

............

232,663

200,000

California

Municipal

Finance

Authority

Channing

House

Project

Advance

Refunding

Revenue

Bonds,

(California

Mortgage

Insurance),

5.00%,

05/15/25

............

234,691

1,410,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/29

............

1,834,735

1,160,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/30

............

1,535,592

1,360,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/31

............

1,835,883

1,840,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/32

............

2,470,878

1,805,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/33

............

2,413,449

Principal

Amount

Value

California

(continued)

$

1,930,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/34

............

$

2,567,297

1,865,000

City

of

Los

Angeles

Department

of

Airports

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/15/35

............

2,524,527

1,500,000

County

of

San

Bernardino

CA

Arrow

Head

Project

Current

Refunding

COP,

Series

A,

5.00%,

10/01/23

............

1,656,725

5,000,000

Los

Angeles

County

Metropolitan

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A,

5.00%,

06/01/28

............

6,487,299

4,365,000

Los

Angeles

County

Metropolitan

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A,

5.00%,

06/01/29

............

5,813,466

5,000,000

Los

Angeles

County

Metropolitan

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A,

5.00%,

06/01/31

............

6,965,029

4,150,000

Los

Angeles

County

Metropolitan

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A,

5.00%,

06/01/32

............

5,750,975

5,000,000

Los

Angeles

Department

of

Water

&

Power

Power

System

Revenue

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

01/01/22

............

5,081,217

5,000,000

Los

Angeles

Department

of

Water

&

Power

Power

System

Revenue

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/24

............

5,707,054

3,500,000

Sacramento

Municipal

Utility

District

Refunding

Revenue

Bonds,

Sub-

Series

B,

5.00%,

08/15/49

(b)

..........

4,099,028

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

3

July

31,

2021

(Unaudited)

Principal

Amount

Value

California

(continued)

$

6,850,000

San

Bernardino

Community

College

District

Advance

Refunding

GO,

1.61%,

08/01/27

............

$

7,001,776

3,800,000

San

Diego

County

Water

Authority

Refunding

Revenue

Bonds,

Sub-

Series

S1,

5.00%,

05/01/28

............

4,904,736

800,000

San

Diego

Regional

Building

Authority

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/15/24

............

923,293

2,500,000

San

Francisco

Bay

Area

Rapid

Transit

District

Transit

Improvements

GO,

Series

B-1,

5.00%,

08/01/24

............

2,861,498

10,000,000

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Current

Refunding

Revenue

Bonds,

Series

2020,

5.00%,

05/01/37

............

12,902,902

2,340,000

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/01/31

............

3,143,606

1,860,000

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/01/34

............

2,468,436

1,000,000

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/01/35

............

1,324,276

1,000,000

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/31

............

1,375,371

Principal

Amount

Value

California

(continued)

$

1,250,000

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/32

............

$

1,710,129

4,380,000

State

of

California

Advance

Refunding

GO,

5.00%,

08/01/25

............

5,208,472

6,095,000

State

of

California

Advance

Refunding

GO,

5.00%,

09/01/25

............

7,269,327

4,475,000

State

of

California

Advance

Refunding

GO,

5.00%,

11/01/25

............

5,368,479

4,530,000

State

of

California

Advance

Refunding

GO,

Group

B,

5.00%,

09/01/25

............

5,402,798

2,630,000

State

of

California

Current

Refunding

GO,

5.00%,

10/01/25

............

3,145,938

3,250,000

State

of

California

Current

Refunding

GO,

5.00%,

08/01/26

............

3,998,145

2,000,000

State

of

California

Current

Refunding

GO,

5.00%,

04/01/27

............

2,504,290

8,695,000

State

of

California

Current

Refunding

GO,

(AGM),

5.25%,

08/01/32

............

12,358,799

1,620,000

State

of

California

Department

of

Water

Resources

Advance

Refunding

Revenue

Bonds,

5.00%,

12/01/22

............

1,726,371

7,000,000

State

of

California

Public

Improvements

GO,

5.00%,

09/01/22

............

7,373,414

3,000,000

State

of

California

Public

Improvements

GO,

5.00%,

03/01/26

............

3,505,256

5,715,000

State

of

California

Public

Improvements

GO,

5.00%,

10/01/27

............

6,924,539

750,000

State

of

California

Refunding

GO,

5.00%,

04/01/24

............

847,368

8,000,000

State

of

California

Refunding

GO,

5.00%,

10/01/25

............

9,199,914

7,230,000

State

of

California

School

Improvements

GO,

5.00%,

11/01/28

............

9,171,144

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

4

July

31,

2021

(Unaudited)

Principal

Amount

Value

California

(continued)

$

6,360,000

University

of

California

Refunding

Revenue

Bonds,

Series

AJ,

4.60%,

05/15/31

............

$

7,636,027

1,235,000

Western

Municipal

Water

District

Facilities

Authority

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/01/37

............

1,662,216

189,238,116

Colorado

—

2.5%

10,000,000

City

&

County

of

Denver

CO

Airport

System

Revenue,

5.00%,

12/01/32

............

12,620,851

5,850,000

City

&

County

of

Denver

CO

Airport

System

Revenue

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

12/01/28

............

7,537,268

8,000,000

City

&

County

of

Denver

CO

Airport

System

Revenue

Refunding

Revenue

Bonds,

Series

A1,

5.00%,

11/15/22

............

8,506,710

2,175,000

City

&

County

of

Denver

CO

Airport

System

Revenue

Refunding

Revenue

Bonds,

Series

A1,

5.00%,

11/15/32

............

2,925,148

5,000,000

City

&

County

of

Denver

CO

Airport

System

Revenue

Refunding

Revenue

Bonds,

Series

A2,

5.00%,

11/15/23

............

5,551,983

3,300,000

City

&

County

of

Denver

CO

Airport

System

Revenue

Refunding

Revenue

Bonds,

Series

A2,

5.00%,

11/15/25

............

3,951,697

4,000,000

City

&

County

of

Denver

Co.

Airport

System

Refunding

Revenue

Bonds,

Series

D,

5.00%,

11/15/31

(b)

..........

4,244,252

2,490,000

Colorado

Health

Facilities

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

11/15/37

............

3,370,460

5,000,000

Colorado

Health

Facilities

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

11/15/39

............

6,732,737

2,060,000

Colorado

Higher

Education

Refunding

COP,

Series

A,

5.00%,

11/01/24

............

2,363,476

Principal

Amount

Value

Colorado

(continued)

$

2,000,000

Denver

City

&

County

School

District

No

1

Refunding

GO,

(State

Aid

Withholding),

5.00%,

12/01/24

............

$

2,315,957

4,275,000

Regional

Transportation

District

Sales

Tax

Revenue

Advance

Refunding

Revenue

Bonds,

1.18%,

11/01/27

............

4,250,734

15,010,000

Regional

Transportation

District

Sales

Tax

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

11/01/29

............

19,998,913

15,000,000

Regional

Transportation

District

Sales

Tax

Revenue

Current

Refunding

Revenue

Bonds,

4.00%,

11/01/39

............

18,549,194

890,000

Weld

County

School

District

No

RE-2

Eaton

Schools

Improvements

GO,

(State

Aid

Withholding),

5.00%,

12/01/23

............

990,314

103,909,694

Connecticut

—

3.3%

9,000,000

Connecticut

State

Health

&

Educational

Facilities

Authority

Refunding

Revenue

Bonds,

Series

A,

1.45%,

07/01/42

(b)(c)

........

9,114,411

6,500,000

Connecticut

State

Health

&

Educational

Facilities

Authority

University

&

College

Improvements

Revenue

Bonds,

4.00%,

07/01/31

............

8,331,142

10,000,000

Connecticut

State

Health

&

Educational

Facilities

Authority

University

&

College

Improvements

Revenue

Bonds,

Series

A-4,

2.00%,

07/01/49

(b)

..........

10,100,013

8,880,000

Connecticut

State

Health

&

Educational

Facilities

Authority

University

&

College

Improvements

Revenue

Bonds,

Series

C-1,

5.00%,

07/01/40

(b)

..........

11,303,639

11,200,000

Connecticut

State

Health

&

Educational

Facilities

Authority

University

&

College

Improvements

Revenue

Bonds,

Series

S,

5.00%,

07/01/27

............

14,148,986

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

5

July

31,

2021

(Unaudited)

Principal

Amount

Value

Connecticut

(continued)

$

1,000,000

Hartford

County

Metropolitan

District

Refunding

Notes

GO,

5.00%,

03/01/25

............

$

1,121,795

325,000

Hartford

County

Metropolitan

District

Refunding

Notes

GO,

Series

C,

(AGM),

5.00%,

11/01/23

............

360,449

5,860,000

Hartford

County

Metropolitan

District

Refunding

Notes

GO,

Series

C,

(AGM),

5.00%,

11/01/25

............

7,016,278

2,350,000

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Refunding

Revenue

Bonds,

Series

A,

5.00%,

03/01/29

............

2,736,633

1,380,000

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/01/31

............

1,713,857

5,000,000

State

of

Connecticut

Current

Refunding

GO,

Series

C,

5.00%,

07/15/22

............

5,235,251

8,650,000

State

of

Connecticut

Current

Refunding

GO,

Series

C,

5.00%,

07/15/24

............

9,880,396

30,000,000

State

of

Connecticut

Refunding

GO,

Series

C,

5.00%,

06/01/23

............

31,226,250

1,245,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/26

............

1,517,817

1,700,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/27

............

2,134,966

1,715,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/28

............

2,209,908

1,700,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/29

............

2,239,980

2,200,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/29

............

2,898,798

Principal

Amount

Value

Connecticut

(continued)

$

1,500,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/30

............

$

2,015,321

2,000,000

State

of

Connecticut

Special

Tax

Revenue

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/31

............

2,730,722

3,100,000

State

of

Connecticut

Special

Tax

Revenue

Public

Improvements

Revenue

Bonds,

Series

A,

5.00%,

08/01/22

............

3,252,628

1,250,000

State

of

Connecticut

Special

Tax

Revenue

Transportation

Infrastructure

Advance

Refunding

Revenue

Bonds,

5.00%,

08/01/22

............

1,311,543

1,900,000

State

of

Connecticut

Transportation

Infrastructure

Refunding

Revenue

Bonds,

5.00%,

09/01/24

............

2,181,828

5,000,000

State

of

Connecticut

Transportation

Infrastructure

Revenue

Bonds,

Series

A,

5.00%,

09/01/27

............

5,725,009

445,000

University

of

Connecticut

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

01/15/27

............

550,722

141,058,342

Delaware

—

2.2%

10,000,000

Delaware

State

Health

Facilities

Authority

Current

Refundin

Revenue

Bonds,

5.00%,

10/01/45

............

12,760,776

2,415,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/28

............

3,105,377

1,165,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/29

............

1,530,568

1,250,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/30

............

1,674,388

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

6

July

31,

2021

(Unaudited)

Principal

Amount

Value

Delaware

(continued)

$

1,250,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/31

............

$

1,666,923

5,000,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

07/01/32

............

6,742,363

1,500,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/32

............

1,994,118

3,400,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

07/01/33

............

4,566,349

1,000,000

Delaware

Transportation

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/35

............

1,318,619

5,825,000

Delaware

Transportation

Authority

Public

Improvements

Revenue

Bonds,

5.00%,

07/01/26

............

7,137,003

10,000,000

State

of

Delaware

Current

Refunding

GO,

5.00%,

02/01/28

............

12,861,227

7,705,000

State

of

Delaware

Current

Refunding

GO,

Series

A,

5.00%,

10/01/27

............

9,824,411

10,800,000

State

of

Delaware

Public

Facilities

GO,

5.00%,

02/01/25

............

12,613,172

9,650,000

State

of

Delaware

Public

Facilities

GO,

5.00%,

02/01/26

............

11,681,426

2,885,000

State

of

Delaware

Public

Improvements

GO,

5.00%,

03/01/24

............

3,249,128

92,725,848

District

of

Columbia

—

2.1%

8,000,000

District

of

Columbia

Current

Refunding

Revenue

Bonds,

Series

C,

5.00%,

10/01/21

............

8,063,890

1,000,000

District

of

Columbia

Public

Improvements

GO,

Series

A,

5.00%,

06/01/25

............

1,181,580

Principal

Amount

Value

District

of

Columbia

(continued)

$

4,145,000

District

of

Columbia

Public

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/01/25

............

$

4,839,862

8,800,000

District

of

Columbia

Public

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/01/26

............

10,633,482

3,500,000

District

of

Columbia

Public

Improvements

Revenue

Bonds,

Series

B,

5.00%,

10/01/27

............

4,438,398

11,735,000

District

of

Columbia

Refunding

Revenue

Bonds,

Series

C,

5.00%,

10/01/23

............

12,971,895

10,000,000

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds,

Series

B,

5.00%,

10/01/52

............

12,106,270

5,000,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/01/26

............

6,109,203

9,000,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/01/27

............

11,295,171

5,000,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/01/28

............

6,417,869

6,415,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/01/29

............

8,413,355

86,470,975

Florida

—

3.6%

740,000

County

of

Hillsborough

Refunding

GO,

5.00%,

07/01/25

............

876,060

5,000,000

Orange

County

Health

Facilities

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

11/15/52

(b)

..........

6,186,791

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

7

July

31,

2021

(Unaudited)

Principal

Amount

Value

Florida

(continued)

$

1,065,000

Peace

River

Manasota

Regional

Water

Supply

Authority

Refunding

Revenue

Bonds,

4.00%,

10/01/22

............

$

1,113,060

1,255,000

Peace

River

Manasota

Regional

Water

Supply

Authority

Refunding

Revenue

Bonds,

4.00%,

10/01/24

............

1,401,204

1,000,000

Peace

River

Manasota

Regional

Water

Supply

Authority

Refunding

Revenue

Bonds,

5.00%,

10/01/25

............

1,188,851

10,000,000

State

of

Florida

Current

Refunding

GO,

Series

A,

5.00%,

07/01/29

............

13,243,829

16,355,000

State

of

Florida

Current

Refunding

GO,

Series

A,

5.00%,

07/01/30

............

22,097,281

5,000,000

State

of

Florida

Current

Refunding

GO,

Series

A,

5.00%,

07/01/24

............

5,702,336

3,475,000

State

of

Florida

Current

Refunding

GO,

Series

A,

5.00%,

06/01/24

............

3,955,143

2,565,000

State

of

Florida

Current

Refunding

GO,

Series

D,

5.00%,

06/01/23

............

2,796,435

1,750,000

State

of

Florida

Current

Refunding

GO,

Series

F,

5.00%,

06/01/28

............

2,135,557

11,525,000

State

of

Florida

Department

of

Transportation

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/29

............

15,057,495

12,105,000

State

of

Florida

Department

of

Transportation

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/30

............

16,135,187

12,710,000

State

of

Florida

Department

of

Transportation

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/31

............

17,300,641

13,345,000

State

of

Florida

Department

of

Transportation

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/32

............

18,552,481

Principal

Amount

Value

Florida

(continued)

$

2,380,000

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue,

Series

A,

5.00%,

07/01/22

............

$

2,487,654

2,465,000

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue,

Series

C,

5.00%,

07/01/22

............

2,576,499

9,800,000

State

of

Florida

Refunding

GO,

Series

B,

5.00%,

07/01/24

............

10,240,507

5,350,000

State

of

Florida

Refunding

GO,

Series

C,

5.00%,

06/01/23

............

5,832,720

3,895,000

State

of

Florida

Refunding

GO,

Series

C,

5.00%,

06/01/24

............

4,245,685

153,125,416

Georgia

—

3.8%

800,000

Brookhaven

Development

Authority

Revenue

Bonds,

Series

A,

5.00%,

07/01/22

............

835,884

1,950,000

Brookhaven

Development

Authority

Revenue

Bonds,

Series

A,

5.00%,

07/01/23

............

2,130,757

21,000,000

Brookhaven

Development

Authority

Revenue

Bonds,

Series

A,

4.00%,

07/01/49

............

24,672,041

750,000

Cherokee

County

Board

of

Education

Advance

Refunding

GO,

(State

Aid

Withholding),

5.00%,

02/01/23

............

805,161

2,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/24

............

2,280,306

5,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/25

............

5,919,324

4,225,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/26

............

5,169,696

11,445,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/27

............

14,390,073

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

8

July

31,

2021

(Unaudited)

Principal

Amount

Value

Georgia

(continued)

$

5,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/28

............

$

6,454,539

1,400,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/24

............

1,590,946

2,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/25

............

2,354,038

2,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/26

............

2,429,789

3,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/27

............

3,740,331

3,000,000

City

of

Atlanta

GA

Department

of

Aviation

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/28

............

3,828,522

810,000

Development

Authority

of

Bulloch

County

Current

Refunding

Revenue

Bonds,

5.00%,

08/01/22

............

848,213

2,075,000

Development

Authority

of

Cobb

County

Advance

Refunding

Revenue

Bonds,

5.00%,

07/15/23

............

2,265,668

385,000

Development

Authority

of

Cobb

County

Advance

Refunding

Revenue

Bonds,

5.00%,

07/15/24

............

437,561

635,000

Development

Authority

of

Cobb

County

Advance

Refunding,

Pre-

refunded,

Revenue

Bonds,

5.00%,

07/15/23

(a)

..........

694,944

115,000

Development

Authority

of

Cobb

County

Advance

Refunding,

Pre-

refunded,

Revenue

Bonds,

5.00%,

07/15/24

(a)

..........

131,228

5,310,000

Gainesville

&

Hall

County

Hospital

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

02/15/22

............

5,445,701

Principal

Amount

Value

Georgia

(continued)

$

4,250,000

Gainesville

&

Hall

County

Hospital

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

02/15/23

............

$

4,561,098

6,010,000

Gainesville

&

Hall

County

Hospital

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

02/15/25

............

6,989,809

3,000,000

Gainesville

&

Hall

County

Hospital

Authority

Current

Refunding

Revenue

Bonds,

5.00%,

02/15/26

............

3,607,677

2,000,000

Georgia

State

Road

&

Tollway

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/28

............

2,581,085

1,750,000

Georgia

State

Road

&

Tollway

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/28

............

2,258,449

3,800,000

Georgia

State

Road

&

Tollway

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/29

............

5,016,450

3,190,000

Georgia

State

Road

&

Tollway

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/29

............

4,211,177

2,500,000

Georgia

State

Road

&

Tollway

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/30

............

3,364,524

3,000,000

Georgia

State

Road

&

Tollway

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/30

............

4,037,429

3,935,000

Lowndes

County

Board

of

Education

School

Improvements

GO,

(State

Aid

Withholding),

5.00%,

02/01/22

............

4,031,018

1,975,000

Lowndes

County

Board

of

Education

School

Improvements

GO,

(State

Aid

Withholding),

5.00%,

02/01/23

............

2,120,257

1,555,000

South

Regional

Joint

Development

Authority

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

08/01/26

............

1,890,566

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

9

July

31,

2021

(Unaudited)

Principal

Amount

Value

Georgia

(continued)

$

1,100,000

South

Regional

Joint

Development

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

08/01/26

............

$

1,337,378

3,265,000

State

of

Georgia

Advance

Refunding

GO,

Series

C-1,

5.00%,

01/01/24

............

3,650,686

1,950,000

State

of

Georgia

Public

Improvements

GO,

Series

A-2,

5.00%,

02/01/25

............

2,184,421

2,230,000

State

of

Georgia

School

Improvements

GO,

Series

A-1,

5.00%,

02/01/25

............

2,603,535

18,020,000

State

of

Georgia

University

and

College

Improvements

GO,

Series

A-1,

5.00%,

02/01/24

............

20,219,148

161,089,429

Hawaii

—

3.2%

10,000,000

City

&

County

of

Honolulu

HI

Refunding

GO,

Series

A,

5.00%,

09/01/25

............

11,881,852

4,940,000

City

&

County

of

Honolulu

HI

Transit

Improvements

GO,

Series

E,

5.00%,

09/01/29

(b)

..........

5,359,077

3,000,000

City

&

County

of

Honolulu

Public

Improvements

Refunding

GO,

Series

D,

5.00%,

08/01/23

............

3,293,279

12,260,000

State

of

Hawaii

Airports

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/31

............

16,117,819

11,965,000

State

of

Hawaii

Airports

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/32

............

15,657,164

5,865,000

State

of

Hawaii

Airports

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/33

............

7,649,808

2,500,000

State

of

Hawaii

Airports

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/35

............

3,130,593

Principal

Amount

Value

Hawaii

(continued)

$

2,000,000

State

of

Hawaii

Airports

System

Revenue

Current

Refunding

Revenue

Bonds,

Series

E,

1.71%,

07/01/26

............

$

2,043,550

2,250,000

State

of

Hawaii

Airports

System

Revenue

Current

Refunding

Revenue

Bonds,

Series

E,

1.81%,

07/01/27

............

2,297,493

1,500,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5

.00%,

07/01/26

............

1,815,047

4,165,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/27

............

5,171,023

7,330,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/28

............

9,326,174

3,915,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/29

............

5,090,742

3,750,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/30

............

4,953,689

10,420,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

4.00%,

07/01/31

............

12,724,806

11,920,000

State

of

Hawaii

Harbor

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

4.00%,

07/01/32

............

14,509,767

2,500,000

State

of

Hawaii

Harbor

System

Revenue

Current

Refunding

Revenue

Bonds,

Series

C,

4.00%,

07/01/31

............

3,112,270

5,420,000

State

of

Hawaii

Public

Improvements

GO,

Series

EH,

5.00%,

08/01/33

(a)

..........

5,943,300

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

10

July

31,

2021

(Unaudited)

Principal

Amount

Value

Hawaii

(continued)

$

2,515,000

State

of

Hawaii

Public

Improvements

GO,

Series

FK,

5.00%,

05/01/29

............

$

3,136,100

1,180,000

University

of

Hawaii

Advance

Refunding

Revenue

Bonds,

Series

F,

5.00%,

10/01/22

............

1,247,651

134,461,204

Idaho

—

0.1%

500,000

Canyon

County

School

District

No

131

Nampa

Advance

Refunding

GO,

(School

Board

GTY),

5.00%,

09/15/24

............

568,484

900,000

Canyon

County

School

District

No

131

Nampa

Advance

Refunding

GO,

(School

Board

GTY),

5.00%,

09/15/25

............

1,058,261

810,000

Idaho

Bond

Bank

Authority

Current

Refunding

Revenue

Bonds,

Series

D,

5.00%,

09/15/23

............

854,103

690,000

Idaho

Bond

Bank

Authority

Current

Refunding

Revenue

Bonds,

Series

D,

5.00%,

09/15/23

(a)

..........

727,163

3,208,011

Illinois

—

0

.2%

250,000

Glenview

Park

District

Recreation

Facilities

Improvements

GO,

5.00%,

12/01/25

............

296,272

300,000

Glenview

Park

District

Recreation

Facilities

Improvements

GO,

5.00%,

12/01/26

............

366,231

275,000

Glenview

Park

District

Recreation

Facilities

Improvements

GO,

5.00%,

12/01/27

............

341,725

250,000

Glenview

Park

District

Recreation

Facilities

Improvements

GO,

5.00%,

12/01/28

............

310,659

500,000

Illinois

State

Toll

Highway

Authority

Refunding

Revenue

Bonds,

Series

D,

5.00%,

01/01/24

............

556,747

3,250,000

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Current

Refunding

GO,

Series

A,

5.00%,

12/01/24

............

3,759,906

Principal

Amount

Value

Illinois

(continued)

$

2,000,000

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Refunding

GO,

Series

D,

5.00%,

12/01/22

............

$

2,128,826

850,000

Peoria

Metropolitan

Airport

Authority

Advance

Refunding

GO,

Series

D,

5.00%,

12/01/24

............

984,897

8,745,263

Indiana

—

0.3%

355,000

Center

Grove

2000

Building

Corp.

Current

Refunding

Revenue

Bonds,

(State

Aid

Intercept

Program),

5.00%,

01/10/24

............

395,504

235,000

Columbus

Multi-High

School

Building

Corp.

Refunding

Revenue

Bonds,

(State

Aid

Intercept

Program),

5.00%,

07/15/22

............

245,803

1,330,000

GCS

School

Building

Corp.

One,

First

Mortgage

Refunding

Revenue

Bonds,

(State

Aid

Intercept

Program),

5.00%,

01/15/22

............

1,358,862

250,000

GCS

School

Building

Corp.

One,

First

Mortgage

Refunding

Revenue

Bonds,

(State

Aid

Intercept

Program),

5.00%,

07/15/22

............

261,419

7,025,000

Indiana

Finance

Authority

Health

Care

Facilities

Revenue

Bonds,

0

.70%,

12/01/46

(b)

..........

7,058,913

2,000,000

Indiana

Finance

Authority

University

Health

Obligated

Group

Revenue

Bonds,

1.65%,

12/01/42

(a)(b)

........

2,012,655

11,333,156

Iowa

—

1.2%

6,110,000

Iowa

Finance

Authority

Advance

Refunding

Revenue

Bonds,

5.00%,

08/01/21

............

6,110,000

5,000,000

Iowa

Finance

Authority

Green

Bond,

Series

A,

5.00%,

08/01/35

............

6,701,370

1,750,000

Iowa

Finance

Authority

Green

Purpose

Revenue

Bonds,

Series

A,

5.00%,

08/01/27

............

2,214,926

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

11

July

31,

2021

(Unaudited)

Principal

Amount

Value

Iowa

(continued)

$

1,425,000

Iowa

Finance

Authority

Green

Purpose

Revenue

Bonds,

Series

A,

5.00%,

08/01/28

............

$

1,852,374

1,000,000

Iowa

Finance

Authority

Green

Purpose

Revenue

Bonds,

Series

A,

5.00%,

08/01/29

............

1,331,413

1,210,000

Iowa

Finance

Authority

Green

Purpose

Revenue

Bonds,

Series

A,

5.00%,

08/01/30

............

1,646,307

1,250,000

Iowa

Finance

Authority

Green

Purpose

Revenue

Bonds,

Series

A,

5.00%,

08/01/31

............

1,738,623

2,360,000

Iowa

Finance

Authority

Green

Purpose

Revenue

Bonds,

Series

A,

5.00%,

08/01/32

............

3,271,542

3,000,000

State

of

Iowa

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

06/01/28

............

3,644,164

3,920,000

State

of

Iowa

Board

of

Regents

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/24

............

4,497,536

4,325,000

State

of

Iowa

Board

of

Regents

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/26

............

5,305,457

4,535,000

State

of

Iowa

Board

of

Regents

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/27

............

5,722,285

4,785,000

State

of

Iowa

Board

of

Regents

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/28

............

6,190,967

50,226,964

Kansas

—

0.1%

1,065,000

Kansas

Turnpike

Authority

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

09/01/31

............

1,404,980

1,260,000

Sedgwick

County

Public

Building

Commission

Technical

Education

Complex

Refunding

Revenue

Bonds,

Series

2,

5.00%,

08/01/23

............

1,383,177

2,788,157

Maine

—

0.2%

725,000

Maine

Governmental

Facilities

Authority

Facilities

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/01/23

............

800,750

Principal

Amount

Value

Maine

(continued)

$

1,000,000

Maine

Health

&

Higher

Educational

Facilities

Authority

Current

Refunding

Revenue

Bonds,

Series

A,

(AGM),

5.00%,

07/01/31

............

$

1,362,302

2,835,000

State

of

Maine

Highway

Improvements

GO,

Series

B,

5.00%,

06/01/28

............

3,660,878

3,400,000

State

of

Maine

Highway

Improvements

GO,

Series

B,

5.00%,

06/01/29

............

4,497,488

10,321,418

Maryland

—

3.4%

5,735,000

County

of

Anne

Arundel

School

Improvements

GO,

5.00%,

04/01/27

............

6,713,437

2,810,000

County

of

Anne

Arundel

School

Improvements

GO,

5.00%,

04/01/28

............

3,287,804

1,200,000

County

of

Baltimore

78th

Issue

Refunding

GO,

5.00%,

02/01/29

............

1,442,704

3,835,000

County

of

Baltimore

81st

Issue

Refunding

GO,

5.00%,

03/01/23

............

4,134,599

2,730,000

County

of

Baltimore

Refunding

GO,

5.00%,

03/01/23

............

2,943,274

2,000,000

County

of

Baltimore

Refunding

GO,

5.00%,

03/01/27

............

2,503,117

2,860,000

County

of

Charles

Public

School

Improvements

GO,

5.00%,

10/01/21

............

2,882,888

1,500,000

County

of

Frederick

Refunding

GO,

Series

A,

5.00%,

02/01/25

............

1,751,257

4,500,000

County

of

Montgomery

Advance

Refunding

GO,

Series

B,

5.00%,

06/01/23

............

4,906,026

2,000,000

County

of

Montgomery

Public

Improvements

GO,

Series

A,

5.00%,

12/01/27

............

2,316,419

3,500,000

County

of

Montgomery

Refunding

GO,

Series

A,

5

.00%,

11/01/23

............

3,885,942

3,185,000

County

of

Prince

George's

Public

School

Improvement

GO,

Series

A,

5.00%,

09/15/25

............

3,803,827

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

12

July

31,

2021

(Unaudited)

Principal

Amount

Value

Maryland

(continued)

$

3,110,000

County

of

Prince

George's

Public

School

Improvements

GO,

Series

A,

5.00%,

07/01/24

............

$

3,549,787

1,000,000

Maryland

State

Transportation

Authority

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/23

............

1,093,707

945,000

Maryland

State

Transportation

Authority

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/24

............

1,077,742

2,750,000

Maryland

State

Transportation

Authority

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/29

............

3,642,053

1,000,000

Maryland

State

Transportation

Authority

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/30

............

1,353,139

9,255,000

State

of

Maryland

Advance

Refunding

GO,

Series

B,

5.00%,

08/01/25

............

11,005,573

6,000,000

State

of

Maryland

Department

of

Transportation

Transit

Improvements

Revenue

Bonds,

5.00%,

02/01/25

............

6,440,011

10,000,000

State

of

Maryland

Department

of

Transportation

Transit

Improvements

Revenue

Bonds,

5.00%,

11/01/26

............

11,557,051

8,035,000

State

of

Maryland

Public

Improvements

GO,

Series

A,

5.00%,

08/01/24

(a)

..........

8,819,263

1,000,000

State

of

Maryland

Public

Improvements

GO,

Series

A,

5.00%,

03/15/25

............

1,172,845

7,015,000

State

of

Maryland

Refunding

GO,

Series

2-C,

5.00%,

08/01/23

............

7,705,234

7,700,000

State

of

Maryland

School

Improvements

GO,

1st

Series,

5.00%,

06/01/23

............

8,396,245

20,000,000

State

of

Maryland

School

Improvements

GO,

Series

A,

5.00

%,

03/15/23

............

21,600,728

Principal

Amount

Value

Maryland

(continued)

$

1,675,000

University

System

of

Maryland

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

04/01/24

............

$

1,889,580

7,500,000

Washington

Suburban

Sanitary

Commission

Water

&

Sewer

System

Improvements

GO,

(County

GTY),

5.00%,

06/01/22

............

7,806,929

5,000,000

Washington

Suburban

Sanitary

Commission

Water

&

Sewer

System

Improvements

GO,

2nd

Series,

(County

GTY),

5.00%,

06/01/25

............

5,910,003

143,591,184

Massachusetts

—

3.4%

13,025,000

Commonwealth

of

Massachusetts

Advance

Refunding

GO,

Series

B,

5.00%,

07/01/31

............

15,832,200

9,330,000

Commonwealth

of

Massachusetts

Advance

Refunding

GO,

Series

C,

5.00%,

10/01/26

............

11,517,378

835,000

Commonwealth

of

Massachusetts

Advance

Refunding

GO,

Series

E,

5.00%,

11/01/23

............

926,675

3,900,000

Commonwealth

of

Massachusetts

Highway

Improvements

Revenue

Bonds,

Series

B,

5.00%,

06/15/22

............

4,067,102

2,000,000

Commonwealth

of

Massachusetts

Public

Improvements

GO,

Series

C,

5.00%,

07/01/32

............

2,355,105

8,000,000

Commonwealth

of

Massachusetts

Refunding

GO,

Series

C,

(AGM),

5.25%,

11/01/26

............

10,004,894

5,000,000

Commonwealth

of

Massachusetts

Transportation

Fund

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

06/01/27

............

6,077,749

280,000

Commonwealth

of

Massachusetts

Water

Utility

Improvements

GO,

Series

I,

5.00%,

12/01/28

............

346,152

1,000,000

Massachusetts

Bay

Transportation

Authority

Advance

Refunding

Revenue

Bonds,

Senior

Series

B,

5.00%,

07/01/33

............

1,173,992

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

13

July

31,

2021

(Unaudited)

Principal

Amount

Value

Massachusetts

(continued)

$

2,000,000

Massachusetts

Bay

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A-1,

5.00%,

07/01/24

............

$

2,280,934

1,500,000

Massachusetts

Bay

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A-1,

5.00%,

07/01/25

............

1,774,510

1,000,000

Massachusetts

Bay

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A-1,

5.00%,

07/01/26

............

1,223,597

1,000,000

Massachusetts

Bay

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

A-1,

5.00%,

07/01/28

............

1,294,035

7,280,000

Massachusetts

Clean

Water

Trust

Advance

Green

Revenue

Bond,

Series

2020,

5.00%,

02/01/36

............

8,434,037

8,000,000

Massachusetts

Clean

Water

Trust

Advance

Green

Revenue

Bond,

Sub

Series

2017A,

5.00%,

02/01/33

............

8,564,612

9,500,000

Massachusetts

Clean

Water

Trust

Advance

Refunding

Revenue

Bonds,

Series

2017,

5.00%,

08/01/21

............

9,500,000

3,325,000

Massachusetts

Clean

Water

Trust

Current

Refunding

Revenue

Bond,

5.00%,

08/01/31

............

4,516,998

2,265,000

Massachusetts

Clean

Water

Trust

Revenue

Bond,

Series

23B,

5.00%,

02/01/29

............

2,986,649

2,380,000

Massachusetts

Clean

Water

Trust

Revenue

Bond,

Series

23B,

5.00%,

02/01/30

............

3,211,290

5,035,000

Massachusetts

Clean

Water

Trust

Revenue

Bond,

Series

23B,

5.00%,

02/01/32

............

6,919,755

5,000,000

Massachusetts

Development

Finance

Agency

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/15/33

............

6,086,778

10,000,000

Massachusetts

Development

Finance

Agency

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/15/27

............

12,799,675

Principal

Amount

Value

Massachusetts

(continued)

$

4,050,000

Massachusetts

Development

Finance

Agency

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/15/26

............

$

5,029,140

3,500,000

Massachusetts

Development

Finance

Agency

University

&

College

Improvements

Revenue

Bonds,

0.45%,

07/01/41

(b)

..........

3,509,478

1,000,000

Massachusetts

Port

Authority

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/37

............

1,350,451

1,500,000

Massachusetts

Port

Authority

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/36

............

1,990,739

1,000,000

Massachusetts

Port

Authority

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

07/01/37

............

1,321,997

3,500,000

Massachusetts

School

Building

Authority

Refunding

Revenue

Bonds,

Senior

Series

A,

5.00%,

08/15/23

............

3,677,239

500,000

Massachusetts

Water

Resources

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

08/01/22

............

524,617

3,050,000

Massachusetts

Water

Resources

Authority

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/01/22

............

3,200,166

142,497,944

Michigan

—

0.2%

225,000

Allegan

Public

School

District

Current

Refunding

GO,

(Q-SBLF),

5.00%,

05/01/25

............

264,126

200,000

Caledonia

Community

Schools

Refunding

GO,

(Q-SBLF),

5.00%,

05/01/23

............

217,007

950,000

L'Anse

Creuse

Public

Schools

Current

Refunding

GO,

(Q-SBLF),

5.00%,

05/01/23

............

1,029,388

1,000,000

Michigan

State

Building

Authority

Current

Refunding

Revenue

Bonds,

(Facilities

Program),

5.00%,

10/15/21

............

1,009,872

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

14

July

31,

2021

(Unaudited)

Principal

Amount

Value

Michigan

(continued)

$

1,000,000

Michigan

State

Building

Authority

Current

Refunding

Revenue

Bonds,

(Facilities

Program),

5.00%,

04/15/24

............

$

1,130,465

1,000,000

Michigan

State

University

Refunding

Revenue

Bonds,

Series

A,

5.00%,

08/15/31

............

1,174,949

1,000,000

University

of

Michigan

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

04/01/22

............

1,032,764

3,000,000

University

of

Michigan

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

04/01/26

............

3,647,330

290,000

Wayne-Westland

Community

Schools

Improvements

GO,

(Q-SBLF),

5.00%,

11/01/22

............

307,551

9,813,452

Minnesota

—

1.2%

600,000

Cambridge-Isanti

Independent

School

District

No

911

Crossover

Refunding

GO,

Series

D,

(School

District

Credit

Program),

5.00%,

02/01/25

............

697,079

1,515,000

Cambridge-Isanti

Independent

School

District

No

911

School

Building

Refunding

GO,

Series

D,

(School

District

Credit

Program),

5.00%,

02/01/24

............

1,694,635

2,000,000

City

of

Rochester

Advance

Refunding

GO,

Series

B,

5.00%,

12/01/24

............

2,318,128

10,000,000

Metropolitan

Council

Transit

Improvements

GO,

Series

B,

5.00%,

12/01/23

............

11,137,067

10,000,000

Metropolitan

Council

Transit

Improvements

GO,

Series

B,

5.00%,

12/01/24

............

11,594,260

1,815,000

Minnesota

Public

Facilities

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

03/01/27

............

2,197,752

2,535,000

Robbinsdale

Independent

School

District

No

281

Current

Refunding

GO,

Series

A,

(School

District

Credit

Program),

5.00%,

02/01/23

............

2,719,459

Principal

Amount

Value

Minnesota

(continued)

$

2,805,000

Robbinsdale

Independent

School

District

No

281

Current

Refunding

GO,

Series

A,

(School

District

Credit

Program),

5.00%,

02/01/24

............

$

3,143,574

2,200,000

Sartell-St

Stephen

Independent

School

District

No

748

GO,

Series

A,

(School

District

Credit

Program),

5.00%,

02/01/25

............

2,560,133

1,500,000

State

of

Minnesota

Advance

Refunding

GO,

Series

D,

5.00%,

08/01/25

............

1,785,043

2,335,000

State

of

Minnesota

Advance

Refunding

GO,

Series

D,

5.00%,

08/01/23

............

2,564,750

2,870,000

State

of

Minnesota

Highway

Improvements

GO,

Series

B,

5.00%,

10/01/23

............

3,175,145

1,395,000

State

of

Minnesota

Public

Improvements

COP,

5.00%,

06/01/24

............

1,585,194

2,910,000

State

of

Minnesota

Public

Improvements

COP,

5.00%,

06/01/26

............

3,293,478

1,000,000

Waconia

Independent

School

District

No

110

Refunding

GO,

Series

A,

(School

District

Credit

Program),

5.00%,

02/01/24

............

1,119,103

51,584,800

Mississippi

—

0.3%

2,310,000

Mississippi

Development

Bank

Harrison

County

Highway

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/25

............

2,670,488

10,000,000

State

of

Mississippi

Public

Improvements

GO,

Series

B,

5.00%,

12/01/31

(a)

..........

11,136,500

13,806,988

Missouri

—

0.4%

4,890,000

Curators

of

the

University

of

Missouri

Refunding

Revenue

Bonds,

Series

B,

5.00%,

11/01/30

............

6,656,191

4,000,000

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/31

............

5,458,176

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

15

July

31,

2021

(Unaudited)

Principal

Amount

Value

Missouri

(continued)

$

600,000

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Refunding

Revenue

Bonds,

Series

A,

5.00%,

02/15/27

............

$

739,186

400,000

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Refunding

Revenue

Bonds,

Series

A,

5.00

%,

02/15/31

............

512,356

905,000

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

01/01/25

............

1,049,911

2,000,000

Missouri

State

Health

&

Educational

Facilities

Authority

Columbia

Arena

Project

Refunding

Revenue

Bonds,

5.00%,

10/01/21

............

2,015,643

500,000

North

Kansas

City

School

District

No

74

School

Improvements

Refunding

GO,

(State

Aid

Direct

Deposit),

5.00%,

03/01/24

............

562,415

16,993,878

Montana

—

0.1%

1,000,000

State

of

Montana

Public

Facilities

GO,

Series

G,

5.00%,

08/01/27

............

1,264,322

1,500,000

State

of

Montana

Public

Facilities

GO,

Series

G,

5.00%,

08/01/28

............

1,947,484

3,211,806

Nevada

—

0.2%

5,180,000

Las

Vegas

Valley

Water

District

Current

Refunding

GO,

Series

A,

5.00%,

06/01/30

............

6,986,930

New

Hampshire

—

0.2%

3,990,000

State

of

New

Hampshire

Public

Improvements

GO,

Series

B,

5.00%,

12/01/21

............

4,054,809

3,990,000

State

of

New

Hampshire

Public

Improvements

GO,

Series

B,

5.00%,

12/01/22

............

4,251,989

8,306,798

Principal

Amount

Value

New

Jersey

—

3.3%

$

1,060,000

County

of

Ocean

Current

Refunding

GO,

Series

B,

4.00%,

08/01/24

............

$

1,181,959

1,825,000

County

of

Ocean

Public

Improvements

GO,

Series

A,

5.00%,

08/01/24

............

2,089,484

1,255,000

County

of

Ocean

Public

Improvements

GO,

Series

A,

5.00%,

08/01/25

............

1,491,279

1,340,000

County

of

Ocean

Public

Improvements

GO,

Series

A,

5.00%,

08/01/27

............

1,697,812

1,000,000

Monmouth

County

Improvement

Authority

Cash

Flow

Management

Revenue

Bonds,

Series

B,

(County

GTY),

5.00%,

12/01/23

............

1,113,210

1,000,000

Monmouth

County

Improvement

Authority

Cash

Flow

Management

Revenue

Bonds,

Series

B,

(County

GTY),

5.00%,

12/01/24

............

1,158,702

200,000

Monmouth

County

Improvement

Authority

Refunding

Revenue

Bonds

(County

GTY,

Municipal

Government

GTY),

5.00%,

12/01/22

............

213,021

5,000,000

New

Jersey

Economic

Development

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

11/01/21

............

5,058,694

3,295,000

New

Jersey

Economic

Development

Authority

Refunding

Revenue

Bonds,

Series

GG,

5

.00%,

09/01/21

............

3,304,672

5,095,000

New

Jersey

Educational

Facilities

Authority

Current

Refunding

Revenue

Bonds,

Series

C,

5.00%,

03/01/31

............

7,043,711

4,920,000

New

Jersey

Educational

Facilities

Authority

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

09/01/22

............

5,174,199

1,500,000

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds,

5.00%,

07/01/23

............

1,638,135

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

16

July

31,

2021

(Unaudited)

Principal

Amount

Value

New

Jersey

(continued)

$

1,000,000

New

Jersey

Health

Care

Facilities

Financing

Authority

RWJ

Barnabas

Health

System

Obligated

Group

Refunding

Revenue

Bonds,

5.00%,

07/01/23

............

$

1,093,707

4,455,000

New

Jersey

Infrastructure

Bank

Green

Purpose

Revenue

Bonds,

5.00%,

09/01/26

............

5,490,122

1,855,000

New

Jersey

Transit

Corp.

Refunding

Revenue

Bonds,

Series

A,

5.00%,

09/15/21

............

1,864,619

10,300,000

New

Jersey

Transportation

Trust

Fund

Authority

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

06/15/23

............

11,210,408

5,000,000

New

Jersey

Transportation

Trust

Fund

Authority

Refunding

Revenue

Bonds,

(NATL-RE),

5.25%,

12/15/21

............

5,092,614

3,860,000

New

Jersey

Transportation

Trust

Fund

Authority

Refunding

Revenue

Bonds,

Series

A,

5.50%,

12/15/21

............

3,935,033

2,000,000

New

Jersey

Transportation

Trust

Fund

Authority

Refunding

Revenue

Bonds,

Series

A,

5.25%,

12/15/21

............

2,037,046

7,750,000

New

Jersey

Transportation

Trust

Fund

Authority

Refunding

Revenue

Bonds,

Series

B,

(NATL-RE),

5.50%,

12/15/21

............

7,900,648

100,000

New

Jersey

Transportation

Trust

Fund

Authority

Refunding

Revenue

Bonds,

Series

D,

5.00%,

12/15/23

............

111,181

1,770,000

New

Jersey

Transportation

Trust

Fund

Authority

Transit

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.25%,

12/15/22

............

1,891,852

9,000,000

New

Jersey

Turnpike

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

1.28%,

01/01/27

............

9,066,414

5,500,000

New

Jersey

Turnpike

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

1.81%,

01/01/30

............

5,570,958

Principal

Amount

Value

New

Jersey

(continued)

$

3,500,000

New

Jersey

Turnpike

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

1.86%,

01/01/31

............

$

3,535,807

1,000,000

New

Jersey

Turnpike

Authority

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

01/01/27

............

1,236,172

2,380,000

New

Jersey

Turnpike

Authority

Current

Refunding

Revenue

Bonds,

Series

C,

5.00%,

01/01/25

............

2,754,927

2,775,000

New

Jersey

Turnpike

Authority

Highway

Improvements

Revenue

Bonds

Series

A,

5.00%,

01/01/27

............

3,430,376

2,500,000

New

Jersey

Turnpike

Authority

Highway

Improvements

Revenue

Bonds

Series

A,

5.00%,

01/01/29

............

3,072,823

2,145,000

New

Jersey

Turnpike

Authority

Highway

Improvements

Revenue

Bonds

Series

A,

5.00%,

01/01/29

............

2,434,202

3,250,000

New

Jersey

Turnpike

Authority

Highway

Improvements

Revenue

Bonds,

Series

E,

5.00%,

01/01/32

............

3,745,209

3,000,000

New

Jersey

Turnpike

Authority

Highway

Improvements

Revenue

Bonds,

Series

E,

5.00%,

01/01/33

............

3,456,014

4,000,000

New

Jersey

Turnpike

Authority

Highway

Improvements

Revenue

Bonds,Series

A,

5.00%,

01/01/34

............

4,889,518

2,000,000

Rutgers

The

State

University

of

New

Jersey

Advance

Refunding

Revenue

Bonds,

Series

S,

1.66%,

05/01/28

............

2,038,461

20,000,000

State

of

New

Jersey

COVID-19

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

06/01/24

............

22,665,942

139,688,931

New

Mexico

—

0.0%

500,000

Albuquerque

Municipal

School

District

No

12

School

Improvements

GO,

Series

2017,

(State

Aid

Withholding),

5.00%,

08/01/24

............

571,329

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

17

July

31,

2021

(Unaudited)

Principal

Amount

Value

New

Mexico

(continued)

$

1,000,000

Hobbs

School

District

No

16

School

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

09/15/28

............

$

1,141,311

1,712,640

New

York

—

16.5%

10,000

City

of

New

York

Advance

Refunding

GO,

Series

C,

5.00%,

08/01/26

............

12,274

10,025,000

City

of

New

York

Advance

Refunding

GO,

Series

C,

5.00%,

08/01/21

............

10,025,000

30,000,000

City

of

New

York

Advance

Refunding

GO,

Series

C,

5.00%,

08/01/22

............

31,473,951

9,005,000

City

of

New

York

Current

Refunding

GO,

Series

A-1,

5.00%,

08/01/30

............

12,150,195

15,000,000

City

of

New

York

Current

Refunding

GO,

Series

E,

5.00%,

08/01/23

............

16,466,394

9,400,000

City

of

New

York

Current

Refunding

GO,

Series

E,

5

.00%,

08/01/24

............

10,756,188

8,000,000

City

of

New

York

GO,

Sub-Series

B-3,

0.13%,

10/01/46

(b)

..........

8,000,000

1,400,000

City

of

New

York

Public

Improvements

GO,

Series

I,

Subseries

I-A,

5.00%,

04/01/28

(c)

..........

1,796,984

2,000,000

City

of

New

York

Public

Improvements

GO,

Series

I,

Subseries

I-A,

5.00%,

04/01/29

(c)

..........

2,626,791

2,910,000

City

of

New

York

Public

Improvements

GO,

Sub-Series

D-1,

5.00%,

08/01/22

............

3,052,973

32,750,000

City

of

New

York

Public

Improvements

GO,

Sub-Series

D-3,

5.00%,

08/01/38

(b)(c)

........

35,744,568

2,135,000

City

of

New

York

Public

Improvements

GO,

Sub-Series

F-1,

5.00%,

03/01/24

............

2,297,193

650,000

City

of

New

York

Refunding

GO,

Series

C,

5.00%,

08/01/22

............

681,936

Principal

Amount

Value

New

York

(continued)

$

8,170,000

City

of

New

York

Refunding

GO,

Series

D,

5.00%,

08/01/22

............

$

8,571,406

3,575,000

City

of

New

York

Refunding

GO,

Series

F,

5.00%,

08/01/29

............

3,660,424

2,500,000

City

of

New

York

Refunding

GO,

Series

G,

5.00%,

08/01/21

............

2,500,000

18,500,000

City

of

New

York

Refunding

GO,

Series

G,

5.00%,

08/01/22

............

19,408,936

5,000,000

City

of

New

York

Refunding

GO,

Series

I,

5.00%,

08/01/25

............

5,484,572

9,450,000

City

of

New

York

Refunding

GO,

Series

J,

Sub-Series

J11,

5.00%,

08/01/25

(c)

..........

11,220,851

2,055,000

Metropolitan

Transportation

Authority

Advance

Refunding

Revenue

Bonds,

Series

A,

5.25%,

11/15/31

............

2,521,155

240,000

Metropolitan

Transportation

Authority

Current

Refunding

Revenue

Bonds,

Series

D,

5.00%,

11/15/28

............

291,489

1,020,000

Metropolitan

Transportation

Authority

Current

Refunding

Revenue

Bonds,

Series

D,

5.00%,

11/15/29

............

1,234,065

3,020,000

Metropolitan

Transportation

Authority

Current

Refunding

Revenue

Bonds,

Series

F,

5.00%,

11/15/30

............

3,186,030

300,000

Metropolitan

Transportation

Authority

Green

Purpose

Revenue

Bonds,

Series

A1,

5.00%,

11/15/27

............

371,641

24,000,000

Metropolitan

Transportation

Authority

Refunding

Revenue

Bonds,

Series

A-2,

5.00%,

11/15/48

(b)

..........

25,350,631

940,000

Metropolitan

Transportation

Authority

Refunding

Revenue

Bonds,

Series

C-1,

5.00%,

11/15/27

............

1,178,237

24,820,000

Metropolitan

Transportation

Authority

Refunding

Revenue

Bonds,

Series

D-1,

5.00%,

09/01/22

............

26,090,866

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

18

July

31,

2021

(Unaudited)

Principal

Amount

Value

New

York

(continued)

$

1,925,000

Metropolitan

Transportation

Authority

Refunding

Revenue

Bonds,

Series

F,

5.00%,

11/15/21

............

$

1,950,818

1,910,000

Metropolitan

Transportation

Authority

Transit

Improvements

Revenue

Bonds,

Series

C,

5.00%,

11/15/21

............

1,935,617

6,250,000

Nassau

County

Interim

Finance

Authority

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

11/15/34

............

8,578,456

4,000,000

Nassau

County

Interim

Finance

Authority

Current

Refunding

Revenue

Bonds,

Series

B,

1.46%,

11/15/29

............

4,028,218

500,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Current

Refunding

Revenue

Bonds,

Series

S-4A,

(State

Aid

Withholding),

5.00%,

07/15/30

............

643,384

700,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Public

Improvements

Revenue

Bonds,

Series

S,

(State

Aid

Withholding),

5.00%,

07/15/26

............

813,514

2,500,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Public

Improvements

Revenue

Bonds,

Series

S-1,

(State

Aid

Withholding),

5.00%,

07/15/24

............

2,855,859

7,500,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Refunding

Revenue

Bonds,

Sub-Series

S-3,

(State

Aid

Withholding),

5.00%,

07/15/28

............

9,687,925

1,850,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Refunding

Revenue

Bonds,

Sub-Series

S-4A,

(State

Aid

Withholding),

5.00%,

07/15/25

............

2,192,713

Principal

Amount

Value

New

York

(continued)

$

1,670,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

School

Improvements

Revenue

Bonds,

Series

S1,

(State

Aid

Withholding),

5.00%,

07/15/24

............

$

1,907,708

3,270,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

School

Improvements

Revenue

Bonds,

Series

S1,

(State

Aid

Withholding),

5.00%,

07/15/28

............

4,223,935

2,750,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

School

Improvements

Revenue

Bonds,

Series

S1,

(State

Aid

Withholding),

5.00%,

07/15/29

............

3,628,926

2,285,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

School

Improvements

Revenue

Bonds,

Series

S1,

(State

Aid

Withholding),

5.00%,

07/15/30

............

3,076,662

1,350,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Advanced

Refunding

Revenue

Bonds,

Series

C,

5.00%,

11/01/23

............

1,498,540

10,000,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Refunding

Revenue

Bonds,

Sub-

Series

B,

5.00%,

11/01/21

............

10,121,144

2,425,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Refunding

Revenue

Bonds,

Sub-

Series

G,

5.00%,

11/01/21

............

2,454,377

1,535,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Refunding

Revenue

Bonds,

Sub-

Series

H,

5.00%,

11/01/21

............

1,553,596

4,000,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

11/01/21

............

4,048,458

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

19

July

31,

2021

(Unaudited)

Principal

Amount

Value

New

York

(continued)

$

9,500,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

11/01/22

............

$

10,084,803

4,210,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Public

Improvements

Revenue

Bonds,

5.00%,

02/01/29

............

4,708,061

9,000,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Public

Improvements

Revenue

Bonds,

5.00%,

02/01/31

............

11,070,852

1,000,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Public

Improvements

Revenue

Bonds,

Series

C1,

5.00%,

11/01/30

............

1,308,988

3,545,000

New

York

City

Water

&

Sewer

System

Current

Refunding

Revenue

Bonds,

Series

AA,

5.00%,

06/15/24

............

4,041,199

1,000,000

New

York

City

Water

&

Sewer

System

Current

Refunding

Revenue

Bonds,

Series

DD,

5.00%,

06/15/29

............

1,328,419

500,000

New

York

City

Water

&

Sewer

System

Current

Refunding

Revenue

Bonds,

Series

EE,

5.00%,

06/15/29

............

597,554

1,000,000

New

York

City

Water

&

Sewer

System

Refunding

Revenue

Bonds,

Series

DD-2,

5.00%,

06/15/25

............

1,115,781

2,350,000

New

York

City

Water

&

Sewer

System

Water

Utility

Improvements

Revenue

Bonds,

Series

AA-2,

5.00

%,

06/15/30

............

3,188,876

6,200,000

New

York

City

Water

&

Sewer

System

Water

Utility

Improvements

Revenue

Bonds,

Series

BB-2,

5.00%,

06/15/25

............

6,917,840

1,000,000

New

York

City

Water

&

Sewer

System

Water

Utility

Improvements

Revenue

Bonds,

Series

DD-2,

5.00%,

06/15/24

............

1,067,289

Principal

Amount

Value

New

York

(continued)

$

5,000,000

New

York

Municipal

Bond

Bank

Agency

Refunding

Revenue

Bonds,

(State

Aid

Withholding),

5.00%,

12/01/21

............

$

5,081,382

150,000

New

York

State

Dormitory

Authority

Advance

Refunding

Revenue

Bonds,

5.00%,

08/15/23

............

163,013

9,100,000

New

York

State

Dormitory

Authority

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

03/15/23

............

9,825,235

7,790,000

New

York

State

Dormitory

Authority

Advance

Refunding

Revenue

Bonds,

Series

E,

5.00%,

03/15/22

............

8,027,579

2,000,000

New

York

State

Dormitory

Authority

Advance

Refunding

Revenue

Bonds,

Series

E,

5.00%,

03/15/31

............

2,365,112

5,000,000

New

York

State

Dormitory

Authority

Current

Refunding

Revenue

Bonds,

Series

1

(State

Aid

Withholding),

5.00%,

01/15/30

............

6,309,019

500,000

New

York

State

Dormitory

Authority

Current

Refunding

Revenue

Bonds,

Series

1,

(State

Aid

Withholding),

5.00%,

01/15/28

............

631,411

8,770,000

New

York

State

Dormitory

Authority

Public

Improvement

Revenue

Bonds,

Series

A-Group

A,

5.00%,

03/15/22

............

9,037,467

5,000,000

New

York

State

Dormitory

Authority

Public

Improvements

Revenue

Bonds,

Series

B,

5.00%,

02/15/28

............

5,807,483

800,000

New

York

State

Dormitory

Authority

Refunding

Revenue

Bonds,

5.00%,

08/15/21

............

801,319

4,660,000

New

York

State

Dormitory

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

02/15/26

............

5,223,241

6,600,000

New

York

State

Dormitory

Authority

School

Improvement

Refunding

Revenue

Bonds,

Series

E,

5.00%,

03/15/30

............

8,550,146

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

20

July

31,

2021

(Unaudited)

Principal

Amount

Value

New

York

(continued)

$

12,000,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Group

2,

Series

A,

5.00%,

03/15/29

............

$

15,372,361

1,000,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Series

A,

5.00%,

02/15/27

............

1,231,164

6,290,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Series

A,

5.00%,

03/15/27

............

7,879,224

4,185,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Series

A,

5.00%,

03/15/28

............

5,382,642

5,200,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Series

A,

5.00%,

03/15/25

............

5,861,373

22,680,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Series

C,

5.00%,

03/15/27

............

28,410,302

13,375,000

New

York

State

Dormitory

Authority

School

Improvement

Revenue

Bonds,

Series

D,

5.00%,

02/15/25

............

15,635,053

6,325,000

New

York

State

Dormitory

Authority

School

Improvements

Revenue

Bonds,

Series

C,

5.00%,

03/15/30

............

8,065,730

7,305,000

New

York

State

Dormitory

Authority

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/15/22

............

7,527,788

1,750,000

New

York

State

Dormitory

Authority

University

and

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/15/26

............

1,972,577

2,500,000

New

York

State

Environmental

Facilities

Corp.

Current

Refunding

Revenue

Bonds,

5.00%,

06/15/28

............

3,235,295

1,500,000

New

York

State

Environmental

Facilities

Corp.

Current

Refunding

Revenue

Bonds,

5.00%,

06/15/29

............

1,988,584

Principal

Amount

Value

New

York

(continued)

$

2,250,000

New

York

State

Environmental

Facilities

Corp.

Current

Refunding

Revenue

Bonds,

5.00%,

06/15/30

............

$

3,048,600

2,250,000

New

York

State

Environmental

Facilities

Corp.

Current

Refunding

Revenue

Bonds,

5.00%,

06/15/31

............

3,123,227

5,000,000

New

York

State

Environmental

Facilities

Corp.

Current

Refunding

Revenue

Bondss,

5.00%,

06/15/29

............

5,675,138

2,000,000

New

York

State

Urban

Development

Corp.

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

03/15/24

............

2,255,106

2,105,000

New

York

State

Urban

Development

Corp.

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

03/15/27

............

2,537,151

1,000,000

New

York

State

Urban

Development

Corp.

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

03/15/28

............

1,186,153

4,000,000

New

York

State

Urban

Development

Corp.

Economic

Improvements

Revenue

Bonds,

5.00%,

03/15/28

............

5,144,699

5,000,000

New

York

State

Urban

Development

Corp.

Economic

Improvements

Revenue

Bonds,

5.00%,

03/15/29

............

6,588,186

5,000,000

New

York

State

Urban

Development

Corp.

Economic

Improvements

Revenue

Bonds,

5.00%,

03/15/31

............

6,754,725

10,000,000

New

York

State

Urban

Development

Corp.

Economic

Improvements

Revenue

Bonds,

5.00%,

03/15/32

............

13,449,715

5,875,000

New

York

State

Urban

Development

Corp.

Personal

Income

Tax

Advance

Refunding

Revenue,

Series

A,

5.00%,

03/15/25

............

6,889,090

5,605,000

New

York

State

Urban

Development

Corp.

Personal

Income

Tax

Economic

Improvements

Revenue

Bonds,

Series

C,

5

.00%,

03/15/22

............

5,775,941

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

21

July

31,

2021

(Unaudited)

Principal

Amount

Value

New

York

(continued)

$

4,705,000

New

York

State

Urban

Development

Corp.

Public

Improvement

Revenue

Bonds,

Series

A-1,

5.00%,

03/15/22

............

$

4,848,493

19,725,000

Port

Authority

of

New

York

&

New

Jersey

Cash

Flow

Management

Revenue

Bonds,

Series

AAA,

1.09%,

07/01/23

............

20,003,420

3,500,000

Port

Authority

of

New

York

&

New

Jersey

Current

Refunding

Revenue

Bonds,

Series

223,

5.00%,

07/15/30

............

4,665,138

6,915,000

Port

Authority

of

New

York

&

New

Jersey

Current

Refunding

Revenue

Bonds,

Series

223,

5.00%,

07/15/31

............

9,404,484

8,000,000

Port

Authority

of

New

York

&

New

Jersey

Current

Refunding

Revenue

Bonds,

Series

223,

5.00%,

07/15/32

............

10,825,402

5,715,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

179,

5.00%,

12/01/27

............

6,354,897

5,880,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

179,

5.00%,

12/01/28

............

6,532,539

3,270,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/22

............

3,420,316

3,800,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/23

............

4,153,085

1,000,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/24

............

1,136,523

4,195,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/25

............

4,933,353

4,885,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/26

............

5,925,829

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

............

$

6,555,172

3,340,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/28

............

4,268,838

5,750,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/29

............

7,503,096

6,020,000

Port

Authority

of

New

York

&

New

Jersey

Refunding

Revenue

Bonds,

Series

221,

5.00%,

07/15/30

............

8,024,038

1,600,000

Utility

Debt

Securitization

Authority

Restructuring

Refunding

Revenue

Bonds,

5.00%,

12/15/24

............

1,707,663

693,858,779

North

Carolina

—

1.9%

1,260,000

City

of

Durham

NC

Water

&

Sewer

Utility

System

Revenue

Refunding

Revenue

Bonds,

5.00%,

08/01/26

............

1,546,511

1,680,000

City

of

Durham

NC

Water

&

Sewer

Utility

System

Revenue

Refunding

Revenue

Bonds,

5.00%,

08/01/27

............

2,122,226

1,300,000

City

of

Durham

NC

Water

&

Sewer

Utility

System

Revenue

Refunding

Revenue

Bonds,

5.00%,

08/01/28

............

1,686,464

1,800,000

City

of

Durham

NC

Water

&

Sewer

Utility

System

Revenue

Refunding

Revenue

Bonds,

5.00%,

08/01/31

............

2,493,648

3,250,000

City

of

Durham

NC

Water

&

Sewer

Utility

System

Revenue

Refunding

Revenue

Bonds,

5.00%,

08/01/32

............

4,476,290

750,000

City

of

Winston-Salem

Current

Refunding

Revenue

Bonds,

Series

C,

5.00%,

06/01/26

............

851,798

4,260,000

County

of

Wake

Repayment

of

Bank

Loan

Revenue

Bonds,

5.00%,

03/01/32

............

5,824,340

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

22

July

31,

2021

(Unaudited)

Principal

Amount

Value

North

Carolina

(continued)

$

1,000,000

Durham

Capital

Financing

Corp

Advance

Refunding

Revenue

Bonds,

5.00%,

12/01/25

............

$

1,200,259

2,000,000

North

Carolina

Eastern

Municipal

Power

Agency

Improvements

Revenue

Bonds,

Series

A,

5.00%,

01/01/22

............

2,040,690

2,000,000

North

Carolina

Eastern

Municipal

Power

Agency

Improvements

Revenue

Bonds,

Series

A,

5.00%,

01/01/23

(a)

..........

2,089,979

325,000

North

Carolina

State

University

At

Raleigh

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/01/21

............

327,590

3,250,000

State

of

North

Carolina

Advance

Refunding

Revenue

Bonds,

5.00%,

03/01/22

............

3,342,868

13,000,000

State

of

North

Carolina

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/23

............

14,119,817

1,000,000

State

of

North

Carolina

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/24

............

1,133,402

5,000,000

State

of

North

Carolina

Highway

Improvements

Revenue

Bonds,

5.00%,

03/01/29

............

6,563,072

6,675,000

State

of

North

Carolina

Highway

Improvements

Revenue

Bonds,

5.00%,

03/01/30

............

8,699,675

1,500,000

State

of

North

Carolina

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/01/22

............

1,555,212

8,750,000

State

of

North

Carolina

Highway

Improvements

Revenue

Bonds,

Series

B,

5.00%,

05/01/29

............

11,591,094

2,000,000

State

of

North

Carolina

Highway

Improvements

Revenue

Bonds,

Series

B,

5.00%,

05/01/32

............

2,683,762

2,000,000

State

of

North

Carolina

Public

Improvements

GO,

Series

A,

5.00%,

06/01/27

............

2,523,101

Principal

Amount

Value

North

Carolina

(continued)

$

385,000

Town

of

Garner

Public

Improvements

GO,

5.00%,

08/01/24

............

$

440,795

1,175,000

University

of

North

Carolina

at

Chapel

Hill

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

12/01/29

............

1,578,443

1,325,000

University

of

North

Carolina

at

Chapel

Hill

Current

Refunding

Revenue

Bonds,

Series

B,

5.00%,

12/01/36

............

1,830,498

80,721,534

Ohio

—

3.4%

750,000

Akron

Bath

Copley

Joint

Township

Hospital

District

Current

Refunding

Revenue

Bonds,

4.00%,

11/15/35

............

908,312

1,000,000

Akron

Bath

Copley

Joint

Township

Hospital

District

Current

Refunding

Revenue

Bonds,

4.00%,

11/15/36

............

1,209,614

1,000,000

Central

Ohio

Solid

Waste

Authority

Advance

Refunding

GO,

5.00%,

12/01/24

............

1,157,978

2,225,000

City

of

Columbus

Advance

Refunding

GO,

Series

2017-1,

5.00%,

04/01/24

............

2,513,220

2,000,000

City

of

Columbus

Refunding

GO,

Series

5,

5.00%,

08/15/23

............

2,200,060

1,100,000

County

of

Cuyahoga

Refunding

Revenue

Bonds,

5.00%,

12/01/22

............

1,171,769

1,000,000

County

of

Hamilton

Sewer

System

Refunding

Revenue

Bonds,

Series

A,

5.00%,

12/01/26

............

1,155,811

1,515,000

County

of

Hamilton

Sewer

System

Refunding

Revenue

Bonds,

Series

A,

5.00%,

12/01/27

............

1,747,233

1,350,000

County

of

Montgomery

Current

Refunding

Revenue

Bonds,

5.00%,

08/01/30

............

1,811,877

600,000

Greater

Cleveland

Regional

Transit

Authority

Advance

Refunding

Revenue

Bonds,

5.00%,

12/01/25

............

718,724

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

23

July

31,

2021

(Unaudited)

Principal

Amount

Value

Ohio

(continued)

$

545,000

Greater

Cleveland

Regional

Transit

Authority

Advance

Refunding

Revenue

Bonds,

5.00%,

12/01/26

............

$

673,992

1,000,000

Greater

Cleveland

Regional

Transit

Authority

Capital

Improvements

Advance

Refunding

Revenue

Bonds,

5.00%,

12/01/23

............

1,111,472

1,030,000

Hamilton

City

School

District

Advance

Refunding

GO,

(School

District

Credit

Program),

5.00%,

12/01/22

............

1,095,489

6,000,000

Ohio

Turnpike

&

Infrastructure

Commission

Highway

Improvements

Revenue

Bonds,

Series

A,

5.00%

,

02/15/46

............

7,865,920

3,000,000

Ohio

Water

Development

Authority

Revenue

Bonds,

5.00%,

06/01/26

............

3,662,564

875,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Pollution

Control

Revenue

Bonds,

Series

B,

5.00%,

06/01/22

............

910,734

3,375,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Pollution

Control

Revenue

Bonds,

Series

B,

5.00%,

06/01/23

............

3,678,215

3,300,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Pollution

Control

Revenue

Bonds,

Series

B,

5.00%,

06/01/24

............

3,752,942

1,410,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Pollution

Control

Revenue

Bonds,

Series

B,

5.00%,

06/01/25

............

1,665,436

1,450,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Pollution

Control

Revenue

Bonds,

Series

B,

5.00%,

06/01/26

............

1,770,239

Principal

Amount

Value

Ohio

(continued)

$

2,000,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Pollution

Control

Revenue

Bonds,

Series

B,

5.00%,

06/01/27

............

$

2,516,541

10,000,000

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bond,

Series

2015-A,

5.00%,

12/01/24

............

11,597,882

10,285,000

Ohio

Water

Development

Authority

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

06/01/28

............

13,227,304

3,045,000

Revere

Local

School

District

School

Improvements

GO,

Series

A,

5.00%,

12/01/42

(a)

..........

3,169,465

2,350,000

Revere

Local

School

District

School

Improvements

GO,

Series

A,

5.00%,

12/01/45

(a)

..........

2,446,056

320,000

RiverSouth

Authority

Area

Redevelopment

Refunding

Revenue

Bonds,

Series

A,

5.00%,

06/01/24

............

348,070

16,790,000

State

of

Ohio

Advance

Refunding

GO,

Series

A,

5.00%,

12/15/24

............

19,489,278

1,690,000

State

of

Ohio

Department

of

Administration

Telecommunications

Improvements

COP,

5.00%,

09/01/24

............

1,938,426

1,445,000

State

of

Ohio

Department

of

Administration

Telecommunications

Improvements

COP,

5.00%,

09/01/24

............

1,657,411

2,000,000

State

of

Ohio

Highway

Improvements

Revenue

Bonds,

Series

1-A,

5.00%,

12/15/29

............

2,671,781

1,000,000

State

of

Ohio

Highway

Improvements

Revenue

Bonds,

Series

1-A,

5.00%,

12/15/30

............

1,364,962

1,300,000

State

of

Ohio

Highway

Improvements

Revenue

Bonds,

Series

1-A,

5.00%,

12/15/31

............

1,812,959

2,000,000

State

of

Ohio

Mental

Health

Facility

Improvements

Revenue

Bonds,

Series

A,

5.00%,

06/01/25

............

2,356,449

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

24

July

31,

2021

(Unaudited)

Principal

Amount

Value

Ohio

(continued)

$

2,185,000

State

of

Ohio

Public

Facilities

Revenue

Bonds,

Series

A,

5.00%,

02/01/26

............

$

2,634,096

3,200,000

State

of

Ohio

Public

Facilities

Revenue

Bonds,

Series

A,

5.00%,

02/01/27

............

3,975,236

3,250,000

State

of

Ohio

Public

Facilities

Revenue

Bonds,

Series

A,

5.00%,

02/01/28

............

4,141,768

2,400,000

State

of

Ohio

Public

Facilities

Revenue

Bonds,

Series

A,

5.00%,

02/01/29

............

3,131,964

1,800,000

State

of

Ohio

Public

Facilities

Revenue

Bonds,

Series

A,

5.00%,

02/01/30

............

2,400,774

2,900,000

State

of

Ohio

Public

Facilities

Revenue

Bonds,

Series

A,

5.00%,

02/01/31

............

3,950,961

1,415,000

State

of

Ohio

Public

Improvements

Revenue

Bonds,

Series

A,

5.00%,

02/01/24

............

1,585,418

5,000,000

State

of

Ohio

School

Improvements

GO,

Series

B,

5.00%,

06/15/23

............

5,460,671

2,200,000

State

of

Ohio

University

and

College

Improvements

GO,

Series

A,

5.00%,

05/01/28

(a)

..........

2,281,043

5,445,000

State

of

Ohio

University

and

College

Improvements

GO,

Series

A,

5.00%,

05/01/28

............

6,391,854

141,331,970

Oklahoma

—

0.7%

3,650,000

City

of

Oklahoma

City

Public

Improvements

GO,

5.00%,

03/01/26

............

4,421,573

2,350,000

Oklahoma

Turnpike

Authority

Pre-

refunded

Highway

Improvements

Revenue

Bonds,

Series

C,

5.00%,

01/01/31

(a)

..........

2,398,457

1,500,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/24

............

1,674,484

1,000,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/25

............

1,160,864

Principal

Amount

Value

Oklahoma

(continued)

$

2,000,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/26

............

$

2,404,380

2,000,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/27

............

2,480,783

2,000,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/28

............

2,550,486

2,315,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

A,

5.00%,

01/01/29

............

3,026,868

5,000,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

D,

5.00%,

01/01/26

............

6,010,950

2,985,000

Oklahoma

Turnpike

Authority

Refunding

Revenue

Bonds,

Series

D,

5.00%,

01/01/28

............

3,806,601

29,935,446

Oregon

—

0.9%

8,035,000

City

of

Portland

Sewer

System

Revenue

Sewer

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/01/30

............

10,782,187

1,600,000

Medford

Hospital

Facilities

Authority

Health

Care

Facilities

Revenue

Bonds,

Series

A,

5.00%,

08/15/38

............

2,099,375

750,000

Salem-Keizer

School

District

No

24J

School

Improvements

GO,

(School

Board

GTY),

5.00%,

06/15/27

............

943,763

3,290,000

State

of

Oregon

Advance

Refunding

GO,

Series

M,

5.00%,

11/01/23

............

3,651,997

10,350,000

State

of

Oregon

Facilities

Improvements

GO,

Series

A,

5.00%,

05/01/25

............

12,187,958

4,900,000

State

of

Oregon

Public

Facilities

GO,

5.00%,

05/01/29

............

6,486,676

36,151,956

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

25

July

31,

2021

(Unaudited)

Principal

Amount

Value

Pennsylvania

—

2.5%

$

15,000,000

Commonwealth

of

Pennsylvania

Advance

Refunding

GO,

5.00%,

07/15/26

............

$

18,384,946

5,000,000

Commonwealth

of

Pennsylvania

Public

Facilities

GO,

Series

1,

5.00%,

03/01/22

............

5,141,983

8,245,000

General

Authority

of

Southcentral

Pennsylvania

Pre-refunded

Refunding

Revenue

Bonds,

5.00%,

06/01/44

(a)

..........

9,375,460

1,000,000

Lancaster

County

Hospital

Authority

Advance

Refunding

Revenue

Bonds,

5.00%,

08/15/26

............

1,225,559

1,500,000

Pennsylvania

Higher

Educational

Facilities

Authority

Advance

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/15/25

............

1,782,853

2,755,000

Pennsylvania

Intergovernmental

Cooperation

Authority

Special

Tax

Revenue

Refunding

Bonds,

5.00%,

06/15/22

............

2,871,808

3,500,000

Pennsylvania

Intergovernmental

Cooperation

Authority

Special

Tax

Revenue

Refunding

Bonds,

5.00%,

06/15/23

............

3,821,778

1,700,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/25

............

2,011,111

7,000,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/26

............

8,557,536

5,890,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/27

............

7,413,446

6,275,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/28

............

8,100,446

8,500,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/29

............

11,219,043

Principal

Amount

Value

Pennsylvania

(continued)

$

6,500,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/30

............

$

8,736,022

6,000,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/31

............

8,241,320

6,000,000

Philadelphia

Authority

for

Industrial

Development

Refunding

Revenue

Bonds,

5.00%,

07/01/32

............

8,408,487

105,291,798

Rhode

Island

—

0.3%

6,950,000

Rhode

Island

Commerce

Corp.

Grant

Anticipation

Current

Refunding

Revenue,

5.00%,

06/15/23

............

7,575,250

1,045,000

State

of

Rhode

Island

Advance

Refunding

COP,

Series

D,

5.00%,

04/01/25

............

1,219,720

550,000

State

of

Rhode

Island

School

for

the

Deaf

Project

Advance

Refunding

COP,

Series

D,

5.00%,

04/01/24

............

618,420

960,000

State

of

Rhode

Island

University

&

College

Improvements

COP,

Series

A,

5.00%,

06/01/24

............

1,086,508

1,010,000

State

of

Rhode

Island

University

&

College

Improvements

COP,

Series

A,

5.00%,

06/01/25

............

1,185,786

11,685,684

South

Carolina

—

0.3%

3,600,000

Beaufort

County

School

District

School

Improvements

Refunding

GO,

Series

A,

(South

Carolina

School

District

Enhancement),

5.00%,

03/01/22

............

3,702,869

4,010,000

Darlington

County

School

District

School

Improvement

GO,

(South

Carolina

School

District

Enhancement),

5.00%,

03/01/27

............

5,008,711

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

26

July

31,

2021

(Unaudited)

Principal

Amount

Value

South

Carolina

(continued)

$

2,350,000

Lexington

County

School

District

No

2

School

Improvements

GO,

(South

Carolina

School

District

Enhancement),

5.00%,

03/01/26

............

$

2,846,766

1,485,000

State

of

South

Carolina

University

&

College

Improvements

GO,

Series

B,

(State

Aid

Withholding),

5.00%,

04/01/22

............

1,533,655

13,092,001

South

Dakota

—

0.7%

2,125,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/29

............

2,825,369

1,950,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/31

............

2,637,029

1,500,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/33

............

2,015,566

1,020,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/35

............

1,363,977

1,400,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/36

............

1,867,069

1,850,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/37

............

2,460,176

4,910,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/38

............

6,514,531

5,155,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

08/01/39

............

6,818,130

2,455,000

South

Dakota

Conservancy

District

Water

Utility

Improvements

Revenue

Bonds,

Series

B,

5.00%,

08/01/29

............

2,796,514

29,298,361

Principal

Amount

Value

Tennessee

—

0.6%

$

500,000

City

of

Clarksville

TN

Water

Sewer

&

Gas

Revenue

Repayment

of

Bank

Loan

Refunding

Revenue

Bonds,

5.00%,

02/01/25

............

$

582,990

1,000,000

City

of

Clarksville

TN

Water

Sewer

&

Gas

Revenue

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5.00%,

02/01/28

............

1,280,856

2,000,000

City

of

Clarksville

TN

Water

Sewer

&

Gas

Revenue

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5

.00%,

02/01/29

............

2,625,030

1,000,000

City

of

Clarksville

TN

Water

Sewer

&

Gas

Revenue

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5.00%,

02/01/30

............

1,341,388

1,125,000

City

of

Clarksville

TN

Water

Sewer

&

Gas

Revenue

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5.00%,

02/01/31

............

1,541,129

1,600,000

City

of

Clarksville

TN

Water

Sewer

&

Gas

Revenue

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5

.00%,

02/01/32

............

2,176,177

3,070,000

City

of

Knoxville

Public

Facilities

GO,

5.00%,

05/01/31

............

4,249,928

1,000,000

County

of

Montgomery

Advance

Refunding

School

Improvements

GO,

5.00%,

04/01/26

............

1,213,708

5,105,000

County

of

Shelby

Refunding

GO,

Series

B,

5.00%,

04/01/22

............

5,272,609

400,000

Metropolitan

Government

of

Nashville

&

Davidson

County

Electric

System

Revenue

Bonds,

Series

A,

5.00%,

05/15/23

............

435,144

1,005,000

State

of

Tennessee

Refunding

GO,

Series

A,

5.00%,

09/01/23

............

1,107,876

2,000,000

State

of

Tennessee

Refunding

Notes

GO,

Series

A,

5.00%,

08/01/21

............

2,000,000

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

27

July

31,

2021

(Unaudited)

Principal

Amount

Value

Tennessee

(continued)

$

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)

..........

$

2,589,773

900,000

Tennessee

State

School

Bond

Authority

Refunding

Revenue

Bonds,

(State

Aid

Intercept

Program),

5.00%,

11/01/25

............

1,037,002

27,453,610

Texas

—

11.3%

1,000,000

Allen

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/22

............

1,026,485

860,000

Alvin

Independent

School

District

Improvements

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/25

............

1,002,849

1,720,000

Alvin

Independent

School

District

Improvements

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/26

............

2,075,276

485,000

Aransas

Pass

Independent

School

District

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/23

............

520,346

410,000

Aransas

Pass

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/22

............

420,769

1,315,000

Austin

Community

College

District

Refunding

GO,

5.00%,

08/01/27

............

1,610,397

280,000

Austin

Independent

School

District

Advance

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

08/01/23

............

307,373

300,000

Austin

Independent

School

District

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

08/01/21

............

300,000

1,000,000

Austin

Independent

School

District

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

08/01/21

............

1,000,000

5,000,000

Austin

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/01/31

............

6,903,531

Principal

Amount

Value

Texas

(continued)

$

6,955,000

Board

of

Regents

of

the

University

of

Texas

System

Refunding

Revenue

Bonds,

Series

A,

5.00%,

08/15/30

............

$

9,442,699

1,075,000

Bonham

Independent

School

District

Improvements

GO,

(PSF-GTD),

5.00%,

08/01/27

............

1,315,292

1,605,000

Brock

Independent

School

District

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/25

............

1,886,448

750,000

City

of

Austin

Public

Improvements

GO,

5.00%,

09/01/25

............

863,000

1,465,000

City

of

Austin

Public

Improvements

GO,

5.00%,

09/01/26

............

1,684,749

1,700,000

City

of

Austin

Public

Improvements

GO,

5.00%,

11/01/22

............

1,804,428

290,000

City

of

Austin

TX

Airport

System

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

11/15/28

............

354,299

3,000,000

City

of

Austin

TX

Electric

Utility

Revenue

Refunding

Revenue

Bonds,

Series

A,

5.00%,

11/15/28

............

3,905,540

810,000

City

of

Austin

TX

Water

&

Wastewater

System

Revenue,

Series

A,

5.00%,

11/15/21

............

821,326

5,000,000

City

of

Austin

Water

&

Wastewater

System

Advance

Refunding

Revenue

Bonds,

5.00%,

11/15/29

............

6,160,310

4,020,000

City

of

College

Station

Improvements

Advance

Refunding

GO,

5.00%,

02/15/25

............

4,687,737

935,000

City

of

Conroe

Public

Improvements

GO,

5.00%,

03/01/25

............

1,051,458

1,715,000

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue,

Bonds,

Series

C,

5.00%,

10/01/28

............

2,230,332

2,075,000

City

of

Denton

Public

Improvements

GO,

5.00%,

02/15/23

............

2,230,222

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

28

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

1,715,000

City

of

Denton

Public

Improvements

GO,

5.00%,

02/15/24

............

$

1,926,008

1,290,000

City

of

Denton

Public

Improvements

GO,

5.00%,

02/15/28

............

1,550,658

830,000

City

of

El

Paso

Municipal

Drainage

Utility

System

Sewer

Improvement

Revenue

Bonds,

5.00%,

03/01/24

............

931,318

350,000

City

of

El

Paso

Water

&

Sewer

Refunding

Revenue

Bonds,

5.00%,

03/01/25

............

393,304

1,250,000

City

of

El

Paso

Water

&

Sewer

Refunding

Revenue

Bonds,

5.00%,

03/01/26

(a)

..........

1,406,607

5,145,000

City

of

Fort

Worth

Water

&

Sewer

System

Improvements

Refunding

Revenue

Bonds,

5.00%,

02/15/25

............

6,005,547

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/24

............

1,137,329

1,250,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/26

............

1,518,618

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/27

............

1,246,777

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/29

............

1,304,735

1,200,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/31

............

1,617,406

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/32

............

1,338,813

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/33

............

1,334,039

Principal

Amount

Value

Texas

(continued)

$

1,250,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

5.00%,

07/01/34

............

$

1,661,741

7,500,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

A,

4.00%,

07/01/47

............

8,772,421

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

B,

5.00%,

07/01/26

............

1,220,870

2,460,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

B,

5.00%,

07/01/27

............

3,091,388

3,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

B,

5.00%,

07/01/28

............

3,868,043

1,000,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

C,

0

.88%,

07/01/22

............

1,005,021

5,500,000

City

of

Houston

TX

Airport

System

Revenue

Refunding

Revenue

Bonds,

Sub-Series

C,

1.05%,

07/01/23

............

5,565,845

2,040,000

City

of

McKinney

Waterworks

&

Sewer

System

Revenue

Sewer

Improvements

Refunding

Revenue

Bonds,

5.00%,

03/15/25

............

2,386,960

2,360,000

City

of

McKinney

Waterworks

&

Sewer

System

Revenue

Sewer

Improvements

Refunding

Revenue

Bonds,

5.00%,

03/15/26

............

2,857,730

1,815,000

City

of

Plano

Advance

Refunding

GO,

5.00%,

09/01/23

............

2,001,192

1,180,000

City

of

Plano

Waterworks

&

Sewer

System

Water

Utility

Improvement

Revenue

Bonds,

5.00%,

05/01/26

............

1,434,223

1,205,000

City

of

Round

Rock

TX

Utility

System

Revenue

Advance

Refunding

Revenue

Bonds,

5.00%,

08/01/25

............

1,424,476

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

29

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

875,000

Clear

Creek

Independent

School

District

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/24

............

$

981,945

1,000,000

Clear

Creek

Independent

School

District

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/25

............

1,166,874

1,195,000

Connally

Independent

School

District

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/25

............

1,412,946

460,000

Conroe

Independent

School

District  School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/22

............

472,183

1,500,000

Conroe

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/24

............

1,683,740

2,000,000

Conroe

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/25

............

2,332,207

10,000,000

Conroe

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/28

............

12,778,299

670,000

Corsicana

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/22

............

687,500

2,130,000

County

of

Bexar

Advance

Refunding

GO,

5.00%,

06/15/26

............

2,519,392

7,500,000

County

of

Bexar

Advance

Refunding

GO,

5.00%,

06/15/29

............

9,135,409

2,910,000

County

of

Bexar

Refunding

GO,

5.00%,

06/15/22

............

3,034,945

3,000,000

County

of

Bexar

Tax

Public

Improvements

GO,

Series

B,

5.00%,

06/15/43

(a)

..........

3,274,664

650,000

County

of

Collin

Advance

Refunding

GO,

5.00%,

02/15/25

............

757,717

675,000

County

of

Collin

Advance

Refunding

GO,

5.00%,

02/15/24

............

757,866

Principal

Amount

Value

Texas

(continued)

$

1,500,000

County

of

Denton

Advance

Refunding

GO,

5.00%,

07/15/24

............

$

1,711,452

475,000

County

of

El

Paso

Advance

Refunding

GO,

5.00%,

02/15/23

............

509,313

2,000,000

County

of

Harris

Current

Refunding

GO,

Series

A,

5.00%,

10/01/26

............

2,466,587

1,485,000

County

of

Harris

Current

Refunding

GO,

Series

A,

5.00%,

10/01/24

............

1,709,769

1,850,000

County

of

Williamson

Limited

Tax

Advance

Refunding

GO,

5.00%,

02/15/24

............

2,075,610

1,000,000

County

of

Williamson

Public

Improvements

GO,

5.00%,

02/15/25

............

1,165,719

360,000

Crystal

City

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/26

............

418,139

750,000

Dallas

Area

Rapid

Transit

Refunding

Revenue

Bonds,

Series

A,

5.00%,

12/01/25

............

868,484

1,120,000

Dayton

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/22

............

1,149,664

7,715,000

Denton

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/26

............

8,984,623

2,500,000

Denton

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/29

............

3,001,416

1,085,000

Denver

City

Independent

School

District

School

Building

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/25

............

1,261,055

100,000

Denver

City

Independent

School

District

School

Improvements

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/26

............

120,206

180,000

Dilley

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/15/25

............

213,016

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

30

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

25,000

Dilley

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/15/25

............

$

29,637

2,780,000

Eagle

Mountain

&

Saginaw

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/24

............

3,181,348

1,835,000

Eagle

Mountain

&

Saginaw

Independent

School

District

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/27

............

2,206,696

750,000

Eagle

Mountain

&

Saginaw

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/15/23

............

824,052

3,000,000

Edinburg

Consolidated

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/25

............

3,489,089

1,500,000

El

Paso

Independent

School

District

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/25

............

1,720,985

5,000,000

Fort

Worth

Independent

School

District

School

Improvements

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/28

............

6,385,474

1,395,000

Frenship

Independent

School

District

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/26

(a)

..........

1,566,766

1,285,000

Goose

Creek

Consolidated

Independent

School

District

Advance

Refunding

GO,

(PSF-

GTD),

Series

A,

5.00%,

02/15/25

............

1,498,443

8,500,000

Grand

Parkway

Transportation

Corp

Highway

Improvements

Revenue

Bonds,

Sub-Tier

Series

B,

5.00%,

10/01/52

(b)

..........

9,341,396

8,000,000

Grand

Parkway

Transportation

Corp.

Highway

Improvements

Revenue

Bonds,

Series

A,

5.50%,

04/01/53

(a)

..........

8,932,347

1,990,000

Harlandale

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/24

............

2,227,294

Principal

Amount

Value

Texas

(continued)

$

350,000

Harlandale

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

02/15/25

............

$

406,926

325,000

Harlingen

Consolidated

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%

,

08/15/22

............

341,242

1,000,000

Harris

County

Flood

Control

District

Refunding

GO,

Series

A,

5.00%,

10/01/29

............

1,329,726

1,500,000

Harris

County

Flood

Control

District

Refunding

GO,

Series

A,

5.00%,

10/01/30

............

2,036,004

1,500,000

Harris

County

Flood

Control

District

Refunding

GO,

Series

A,

5.00%,

10/01/31

............

2,020,871

5,000,000

Harris

County

Flood

Control

District

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/01/23

............

5,528,161

1,970,000

Harris

County

Toll

Road

Authority

Bridges

Revenue

Bonds,

5.00%,

08/15/28

............

2,549,190

2,000,000

Harris

County

Toll

Road

Authority

Bridges

Revenue

Bonds,

5.00%,

08/15/29

............

2,645,041

2,150,000

Harris

County

Toll

Road

Authority

Bridges

Revenue

Bonds,

5.00%,

08/15/30

............

2,899,086

1,500,000

Harris

County

Toll

Road

Authority

Bridges

Revenue

Bonds,

5.00%,

08/15/31

............

2,015,027

1,000,000

Harris

County

Toll

Road

Authority

Bridges

Revenue

Bonds,

5.00%,

08/15/32

............

1,338,203

2,455,000

Irving

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/24

............

2,754,390

585,000

Kaufman

Independent

School

District

School

Building

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/24

............

654,599

500,000

Kaufman

Independent

School

District

School

Building

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/25

............

580,557

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

31

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

750,000

Klein

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/01/23

............

$

823,478

580,000

Lamar

Consolidated

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/28

............

719,055

440,000

Lamar

Consolidated

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/29

............

544,013

10,000,000

Lone

Star

College

System

Advance

Refunding

GO,

5.00%,

02/15/29

............

11,941,167

1,860,000

Longview

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/23

............

1,998,840

225,000

Longview

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/26

............

271,362

1,050,000

Longview

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/23

............

1,128,377

2,670,000

Magnolia

Independent

School

District

School

Improvement

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/25

............

3,164,027

3,410,000

Manor

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

08/01/24

............

3,888,758

1,005,000

Mesquite

Independent

School

District

Advance

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

08/15/23

............

1,104,880

1,060,000

Mesquite

Independent

School

District

Advance

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

08/15/24

............

1,213,727

1,435,000

Mesquite

Independent

School

District

Advance

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

08/15/23

............

1,577,614

Principal

Amount

Value

Texas

(continued)

$

1,650,000

Mesquite

Independent

School

District

Advance

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

08/15/25

............

$

1,958,946

585,000

Mesquite

Independent

School

District

Advance

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

08/15/26

............

716,952

1,170,000

Mesquite

Independent

School

District

Current

Refunding

GO,

Series

A

(PSF-GTD),

5.00%,

08/15/25

............

1,389,071

580,000

Mesquite

Independent

School

District

Current

Refunding

GO,

Series

A,

(PSF-GTD),

5.00%,

08/15/24

............

664,115

1,000,000

Mesquite

Independent

School

District

Improvements

GO,

Series

C,

(PSF-GTD),

5.00%,

08/15/21

............

1,001,656

500,000

Mesquite

Independent

School

District

School

Improvements

GO,

Series

C,

(PSF-GTD),

5.00%,

08/15/22

............

525,630

5,030,000

Metropolitan

Transit

Authority

of

Harris

County

Sales

Tax

Revenue

Bonds,

Series

B,

5.00%,

11/01/23

(a)

..........

5,090,974

1,765,000

North

Texas

Municipal

Water

District

Water

System

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/26

............

2,165,117

2,000,000

North

Texas

Municipal

Water

District

Water

System

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/27

............

2,522,248

1,600,000

North

Texas

Municipal

Water

District

Water

System

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/28

............

2,070,125

1,700,000

Northside

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/29

............

2,256,043

2,185,000

Northside

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/31

............

2,953,145

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

32

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

590,000

Northside

Independent

School

District

Current

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

02/15/27

............

$

735,212

545,000

Northside

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/15/25

............

648,253

3,000,000

Northwest

Independent

School

District

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

02/15/23

............

3,227,796

2,525,000

Northwest

Independent

School

District

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

02/15/25

............

2,936,650

500,000

Palestine

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/25

............

580,748

1,145,000

Palestine

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/23

............

1,228,446

1,220,000

Palestine

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/28

............

1,459,238

4,420,000

Pasadena

Independent

School

District

School

Improvement

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/25

(a)

..........

4,753,884

1,000,000

Pecos

Barstow

Toyah

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/23

............

1,074,735

21,665,000

Permanent

University

Fund

-

Texas

A&M

University

System

Refunding

Revenue

Bonds,

5.50%,

07/01/28

............

26,059,115

650,000

Petersburg

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/26

............

783,286

1,525,000

Plano

Independent

School

District

School

Improvement

GO,

(PSF-GTD),

5.00%,

02/15/23

............

1,639,815

Principal

Amount

Value

Texas

(continued)

$

5,000,000

Plano

Independent

School

District

School

Improvement

GO,

(PSF-GTD),

5.00%,

02/15/26

............

$

6,042,802

1,050,000

Point

Isabel

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

02/01/25

............

1,221,483

1,995,000

Port

Arthur

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

Series

B,

5.00%,

02/15/25

............

2,318,714

1,000,000

Prosper

Independent

School

District

School

Building

School

Improvement

GO,

(PSF-GTD),

5.00%,

02/15/25

............

1,166,874

925,000

Roma

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/22

............

971,325

1,020,000

Roma

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/23

............

1,119,393

1,075,000

Roma

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/24

............

1,227,735

1,000,000

Roma

Independent

School

District

Current

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/25

............

1,182,822

1,330,000

San

Antonio

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

08/15/23

............

1,463,040

1,185,000

San

Antonio

Water

System

Water

Utility

Improvements

Revenue

Bonds,

Series

C,

5.00%,

05/15/36

............

1,565,664

2,600,000

San

Antonio

Water

System

Water

Utility

Improvements

Revenue

Bonds,

Series

C,

5.00%,

05/15/39

............

3,392,376

205,000

San

Elizario

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

05/01/25

............

240,732

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

33

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

1,000,000

Socorro

Independent

School

District

Current

Refunding

GO,

Series

B,

(PSF-GTD),

5.00%,

08/15/25

............

$

1,162,263

2,160,000

Spring

Independent

School

District

Advance

Refunding

GO,

(PSF-GTD),

5.00%,

08/15/22

............

2,269,332

7,180,000

Spring

Independent

School

District

Advance

Refunding

GO,

Series

A,

5.00%,

08/15/28

............

8,767,466

2,300,000

State

of

Texas

Highway

Improvements

GO,

5.00%,

04/01/27

............

2,787,965

3,720,000

State

of

Texas

Highway

Improvements

Revenue

Bonds

GO,

5.00%,

04/01/44

(a)

..........

4,195,784

5,000,000

State

of

Texas

Public

Finance

Authority

Advance

Refunding

GO,

5.00%,

10/01/26

............

6,163,589

5,000,000

State

of

Texas

Public

Finance

Authority

Advance

Refunding

GO,

2.18%,

10/01/27

............

5,358,113

2,500,000

State

of

Texas

Refunding

Public

Notes

GO,

Series

A,

5.00%,

10/01/21

............

2,519,924

3,200,000

State

of

Texas

Transportation

Commission

Advance

Refunding

GO,

Series

A,

5.00%,

10/01/25

............

3,818,950

5,000,000

State

of

Texas

Transportation

Commission

Advance

Refunding

GO,

Series

A,

5.00%,

10/01/28

............

5,962,530

6,500,000

State

of

Texas

Transportation

Commission

Highway

Improvement

GO,

5.00%,

04/01/25

............

7,620,489

3,500,000

State

of

Texas

Transportation

Commission

Refunding

GO,

Series

A,

5.00%,

10/01/22

............

3,700,661

1,000,000

State

of

Texas,

Water

Financial

Assistance

Refunding

GO,

Subseries

B-2,

5.00%,

08/01/28

............

1,141,689

500,000

Stephenville

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/31

............

616,985

Principal

Amount

Value

Texas

(continued)

$

1,000,000

Sulphur

Springs

Independent

School

District

Advance

Refunding

GO,

(PSF-

GTD),

5.00%,

08/15/26

............

$

1,223,883

1,000,000

Temple

Independent

School

District

Advance

Refunding

GO,

(PSF-

GTD),

5.00%,

02/01/27

............

1,239,812

1,000,000

Texas

A&M

University

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

05/15/29

............

1,317,898

1,250,000

Texas

A&M

University

University

&

College

Improvements

Revenue

Bonds,

Series

A,

0.59%,

05/15/24

............

1,256,425

1,000,000

Texas

State

University

System

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/15/24

............

1,125,783

1,000,000

Texas

Transportation

Commission

State

Highway

Fund

First

Tier

Advance

Refunding

Revenue

Bonds,

5.00%,

10/01/22

............

1,057,332

5,785,000

Texas

Transportation

Commission

State

Highway

Fund

First

Tier

Advance

Refunding

Revenue

Bonds,

5.00%,

10/01/24

............

6,670,538

4,250,000

Texas

Transportation

Commission

State

Highway

Fund

Highway

Improvements

Revenue

Bonds

Series

A,

5.00%,

10/01/26

............

5,243,945

1,250,000

Texas

Water

Development

Board

Water

Utility

Improvements

Revenue

Bonds,

Series

A,

5.00%,

10/15/23

............

1,385,204

1,000,000

Trinity

River

Authority

Central

Regional

Wastewater

System

Advance

Refunding

Revenue

Bonds,

5.00%,

08/01/24

............

1,143,628

2,000,000

Trinity

River

Authority

Central

Regional

Wastewater

System

Revenue

Current

Refunding

Revenue

Bonds,

5.00%,

08/01/30

............

2,704,692

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

34

July

31,

2021

(Unaudited)

Principal

Amount

Value

Texas

(continued)

$

500,000

United

Independent

School

District

GO,

(PSF-GTD),

5.00%,

08/15/22

............

$

525,630

1,680,000

United

Independent

School

District

GO,

(PSF-GTD),

5.00%,

08/15/23

............

1,846,601

935,000

United

Independent

School

District

GO,

(PSF-GTD),

5.00%,

08/15/24

............

1,070,599

2,085,000

United

Independent

School

District

GO,

(PSF-GTD),

5.00%,

08/15/25

............

2,476,318

1,000,000

United

Independent

School

District

GO,

(PSF-GTD),

5.00%,

08/15/27

............

1,262,974

500,000

University

of

North

Texas

System

University

&

College

Improvements

Revenue

Bonds,

Series

A,

5.00%,

04/15/22

............

517,199

7,000,000

University

of

Texas

System

Advance

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/15/26

............

8,598,503

3,000,000

University

of

Texas

System

Advance

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/15/21

............

3,004,967

1,065,000

University

of

Texas

System

Refunding

Revenue

Bonds,

Series

A,

5.00%,

08/15/29

............

1,210,760

4,000,000

University

of

Texas

System

University

and

College

Improvements

Revenue,

Series

D,

5.00%,

08/15/23

............

4,397,531

640,000

Valley

View

Independent

School

District/Hidalgo

County

Current

Refunding

GO,

(PSF-GTD),

5.00%,

02/15/26

............

769,319

640,000

Wall

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/27

............

742,623

315,000

Wichita

Falls

Independent

School

District

School

Improvements

GO,

Series

A,

(PSF-GTD),

5.00%,

02/01/24

............

352,685

Principal

Amount

Value

Texas

(continued)

$

1,210,000

Wichita

Falls

Independent

School

District

School

Improvements

GO,

Series

A,

(PSF-GTD),

5.00%,

02/01/23

............

$

1,298,045

430,000

Wildorado

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/25

............

498,785

450,000

Wildorado

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/26

............

522,329

300,000

Woden

Independent

School

District

School

Improvements

GO,

(PSF-GTD),

5.00%,

02/15/28

............

383,570

474,422,001

Utah

—

1.5%

1,255,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/25

............

1,477,380

1,635,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/26

............

1,986,845

2,250,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/27

............

2,804,737

2,500,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/28

............

3,191,820

3,365,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/29

............

4,389,740

4,920,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/30

............

6,532,507

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

35

July

31,

2021

(Unaudited)

Principal

Amount

Value

Utah

(continued)

$

8,690,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/31

............

$

11,711,118

6,390,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/32

............

8,560,886

5,000,000

City

of

Salt

Lake

City

UT

Airport

Revenue

Airport

&

Marina

Improvements

Revenue

Bonds,

Series

A,

5.00%,

07/01/36

............

6,586,326

610,000

City

of

Salt

Lake

City

Ut

Public

Utilities

Revenue

Bonds,

5.00%,

02/01/29

............

801,744

600,000

City

of

Salt

Lake

City

Ut

Public

Utilities

Revenue

Bonds,

5.00%,

02/01/30

............

785,583

840,000

Salt

Lake

County

Municipal

Building

Authority

Public

Facilities

Revenue

Bonds,

5.00%,

01/15/31

............

1,053,629

10,000,000

State

of

Utah

Highway

Improvements

Revenue

Bonds

GO,

5.00%,

07/01/26

............

12,246,897

200,000

Washington

County

School

District

Board

of

Education/St

George

School

Improvements

Refunding

GO,

(School

Board

GTY),

5.00%,

03/01/22

............

205,727

62,334,939

Virginia

—

3.0%

555,000

City

of

Alexandria

Advance

Refunding

GO,

Series

C,

(State

Aid

Withholding),

5.00%,

07/01/22

............

579,999

3,045,000

City

of

Newport

News

Public

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

02/01/27

............

3,775,227

1,530,000

City

of

Newport

News

Public

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

02/01/29

............

1,997,923

Principal

Amount

Value

Virginia

(continued)

$

2,975,000

City

of

Newport

News

Water

Revenue

Water

Utility

Improvements

Revenue

Bonds,

5.00%,

07/15/30

............

$

4,019,604

2,955,000

City

of

Richmond

Public

Utility

Revenue,

Sewer

Improvement

Revenue

Bonds,

Series

A,

5.00%,

01/15/34

............

3,923,136

1,000,000

City

of

Richmond

Public

Utility

Revenue,

Sewer

Improvement

Revenue

Bonds,

Series

A,

5.00%,

01/15/35

............

1,322,604

7,430,000

Commonwealth

of

Virginia

Advance

Refunding

GO,

Series

B

(State

Aid

Withholding),

5.00%,

06/01/28

............

8,776,021

2,275,000

Commonwealth

of

Virginia

University

&

College

Improvements

GO,

Series

A,

5

.00%,

06/01/22

............

2,366,045

2,715,000

County

of

Fairfax

School

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

10/01/25

............

3,246,366

5,000,000

County

of

Fairfax

School

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%

,

10/01/27

............

6,255,667

525,000

County

of

Fairfax

School

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

10/01/28

............

657,644

7,965,000

County

of

Fairfax

School

Improvements

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

10/01/29

............

9,951,430

7,530,000

County

of

Loudoun

Public

Facilities

GO,

Series

A,

(State

Aid

Withholding),

5.00%,

12/01/26

............

9,357,062

1,170,000

Prince

William

County

Industrial

Development

Authority

Public

Improvements

Refunding

Revenue

Bonds,

Series

A,

5.00%,

10/01/24

............

1,345,087

4,300,000

Virginia

College

Building

Authority

University

&

College

Improvements

Revenue

Bonds,

Series

B,

5.00%,

02/01/25

............

5,013,713

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

36

July

31,

2021

(Unaudited)

Principal

Amount

Value

Virginia

(continued)

$

6,000,000

Virginia

Commonwealth

Transportation

Board

Advance

Refunding

Revenue

Bonds,

5.00%,

09/15/29

............

$

7,579,554

5,375,000

Virginia

Commonwealth

Transportation

Board

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/15/28

............

6,858,375

2,510,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/23

............

2,710,464

815,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/25

............

954,579

1,345,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/26

............

1,629,351

2,175,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/29

............

2,865,003

1,250,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/30

............

1,683,641

3,935,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/32

............

5,312,792

4,160,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

03/15/33

............

5,589,693

5,000,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

5.00%,

05/15/27

............

6,079,509

5,000,000

Virginia

Commonwealth

Transportation

Board

Transit

Improvements

Revenue

Bonds,

Series

A,

5.00%,

03/15/23

(a)

..........

5,152,580

2,465,000

Virginia

Public

Building

Authority

Revenue

Bonds,

Series

A,

5.00%

,

08/01/21

............

2,465,000

Principal

Amount

Value

Virginia

(continued)

$

4,450,000

Virginia

Public

School

Authority

Advance

Refunding

Revenue

Bonds,

5.00%,

08/01/24

............

$

5,093,466

870,000

Virginia

Public

School

Authority

Refunding

Revenue

Bonds,

Series

A,

(State

Aid

Withholding),

5.00%,

08/01/25

............

1,033,795

2,790,000

Virginia

Public

School

Authority

School

Improvement

Revenue

Bonds,

Series

A,

(State

Aid

Withholding),

5.00%,

10/01/23

............

3,085,356

920,000

Virginia

Public

School

Authority

School

Improvements

Revenue

Bonds,

Series

A,

(State

Aid

Withholding),

5.00%,

10/01/25

............

1,099,636

2,000,000

Virginia

Resources

Authority

Advance

Refunding

Revenue,

5.00%,

11/01/26

............

2,478,832

750,000

Virginia

Resources

Authority

Refunding

Revenue

Bonds,

5.00%,

11/01/23

............

832,522

395,000

Virginia

Resources

Authority

Refunding

Revenue

Bonds,

5.00%,

11/01/25

(a)

..........

456,006

755,000

Virginia

Resources

Authority

Refunding

Revenue

Bonds,

5.00%,

11/01/25

............

872,853

126,420,535

Washington

—

4.7%

1,025,000

Benton

County

School

District

No

17

Kennewick

School

Improvements

GO,

(School

Board

GTY),

5.00%,

12/01/21

............

1,041,408

100,000

Central

Puget

Sound

Regional

Transit

Authority

Green

Purpose

Revenue

Bonds,

Series

S-1,

5.00%,

11/01/26

............

123,590

1,050,000

Chelan

County

School

District

No

228

Cascade

School

Improvements

GO,

(School

Board

GTY),

5.00%,

12/01/26

............

1,277,960

11,320,000

City

of

Seattle

WA

Drainage

&

Wastewater

Revenue

Sewer

Improvements

Revenue

Bonds,

5.00%,

09/01/30

............

15,373,275

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

37

July

31,

2021

(Unaudited)

Principal

Amount

Value

Washington

(continued)

$

11,620,000

City

of

Seattle

WA

Drainage

&

Wastewater

Revenue

Sewer

Improvements

Revenue

Bonds,

5.00%,

09/01/31

............

$

16,139,725

1,600,000

Clark

County

Public

Utility

District

No

1

Refunding

Revenue

Bonds,

5.00%,

01/01/27

............

1,913,414

825,000

Clark

County

School

District

No

117

Camas

School

Improvements

GO,

(School

Board

GTY),

5.00%,

12/01/24

............

956,825

1,035,000

County

of

King

Refunding

GO,

5.00%,

07/01/25

............

1,203,004

5,395,000

County

of

King

Refunding

GO,

5.00%,

07/01/26

............

6,276,888

9,000,000

County

of

King

School

District

No

411

Issaquah

School

Improvement

GO,

(School

Board

GTY),

5.00%,

12/01/32

............

11,349,125

5,000,000

County

of

King

Sewer

Improvements

GO,

Series

A,

5.00%,

01/01/29

............

6,554,568

10,000,000

County

of

King

Sewer

Improvements

GO,

Series

A,

5.00%,

01/01/30

............

13,345,160

5,000,000

County

of

King

Sewer

Improvements

GO,

Series

A,

5.00%,

01/01/31

............

6,828,085

1,000,000

County

of

King

WA

Sewer

Advance

Refunding

Revenue

Bonds,

5

.00%,

07/01/30

............

1,248,405

8,000,000

County

of

King

WA

Sewer

Revenue

Sewer

Improvement

Revenue

Bonds,

Series

B,

5.00%,

07/01/29

............

10,263,222

10,000,000

Energy

Northwest

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/27

............

12,192,367

3,000,000

Energy

Northwest

Advance

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/27

............

3,545,161

2,250,000

Energy

Northwest

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/26

............

2,746,957

3,900,000

Energy

Northwest

Refunding

Revenue

Bonds,

Series

A,

5.00%,

07/01/28

............

4,070,158

Principal

Amount

Value

Washington

(continued)

$

565,000

Jefferson

County

School

District

No

50

Port

Townsend

School

Improvements

GO,

(School

Board

GTY),

5.00%,

12/01/23

............

$

627,281

250,000

Jefferson

County

School

District

No

50

Port

Townsend

School

Improvements

GO,

(School

Board

GTY),

5.00%,

12/01/25

............

298,873

5,000,000

Port

of

Seattle

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/01/27

............

6,218,028

5,000,000

Port

of

Seattle

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/01/29

............

6,490,395

5,000,000

Port

of

Seattle

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/01/30

............

6,614,851

5,000,000

Port

of

Seattle

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/01/31

............

6,750,201

5,000,000

Port

of

Seattle

Airport

&

Marina

Improvements

Refunding

Revenue

Bonds,

Series

C,

5.00%,

08/01/32

............

6,727,746

6,885,000

Port

of

Seattle

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/25

............

8,143,778

4,390,000

Port

of

Seattle

Current

Refunding

Revenue

Bonds,

5.00%,

09/01/26

............

5,353,115

750,000

Port

of

Seattle

Inter

Lien

Refunding

Revenue

Bonds,

5.00%,

02/01/27

............

898,219

5,000,000

Port

of

Seattle

Refunding

GO,

5.00%,

06/01/24

............

5,680,177

1,120,000

Skagit

County

Consolidated

School

District

No

320

Mount

Vernon

School

Improvements

Refunding

GO,

(School

Board

GTY),

5.00%,

12/01/23

............

1,244,293

750,000

Snohomish

County

Public

Utility

District

No

1

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

12/01/23

............

834,535

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

38

July

31,

2021

(Unaudited)

Principal

Amount

Value

Washington

(continued)

$

750,000

Snohomish

County

Public

Utility

District

No

1

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

12/01/24

............

$

868,484

5,000,000

Snohomish

County

School

District

No

201

Refunding

GO,

(School

Board

GTY),

5

.00%,

12/01/25

............

5,671,045

775,000

Spokane

&

Whitman

Counties

School

District

No

360

Cheney

Advance

Refunding

GO,

(School

Board

GTY),

5.00%,

12/01/23

............

862,545

1,000,000

State

of

Washington

Advance

Refunding

COP,

(State

Aid

Intercept

Program),

5.00%,

07/01/24

............

1,139,839

5,475,000

State

of

Washington

Public

Improvements

GO,

Series

C,

5.00%,

02/01/30

............

6,352,546

2,760,000

State

of

Washington

Public

Improvements

GO,

Series

D,

5.00%,

02/01/24

............

3,095,353

800,000

State

of

Washington

Refunding

GO,

Series

R-2012C,

5.00%,

07/01/23

............

835,906

4,435,000

Yakima

County

School

District

No

7

Yakima

Advance

Refunding

GO,

(School

Board

GTY),

5.00%,

12/01/24

............

5,132,428

196,288,935

West

Virginia

—

0.1%

1,650,000

West

Virginia

Parkways

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/26

............

2,010,872

1,000,000

West

Virginia

Parkways

Authority

Highway

Improvements

Revenue

Bonds,

5.00%,

06/01/30

............

1,347,821

3,358,693

Wisconsin

—

1.4%

1,000,000

State

of

Wisconsin

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/28

............

1,212,294

Principal

Amount

Value

Wisconsin

(continued)

$

4,700,000

State

of

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio

Advance

Refunding

Revenue

Bonds,

5.00%,

06/01/29

(a)

..........

$

5,337,247

1,000,000

State

of

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio

Advance

Refunding

Revenue

Bonds,

Series

1,

5.00%,

06/01/23

............

1,088,683

1,000,000

State

of

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio

Refunding

Revenue

Bonds,

Series

1,

5.00

%,

06/01/26

(a)

..........

1,088,684

14,000,000

State

of

Wisconsin

Current

Refunding

Revenue

Bonds,

Series

A,

5.00%,

05/01/29

............

17,457,415

10,465,000

State

of

Wisconsin

Environmental

Improvement

Fund

Revenue,

Green

Bond,

Series

A,

5.00%,

06/01/35

............

13,704,858

1,200,000

State

of

Wisconsin

General

Fund

Advance

Refunding

Revenue

Bonds,

Series

B,

5.00%,

05/01/27

............

1,459,794

3,205,000

State

of

Wisconsin

Public

Improvements

GO,

Series

B,

5.00%,

05/01/30

(a)

..........

3,323,065

1,900,000

State

of

Wisconsin

Refunding

Bonds

GO,

Series

3,

5.00%,

11/01/25

(a)

..........

2,016,494

1,000,000

State

of

Wisconsin

Refunding

GO,

Series

1,

5.00%,

05/01/24

............

1,085,956

860,000

State

of

Wisconsin

Refunding

Notes

GO,

Series

A,

5.00%,

05/01/28

............

1,011,309

6,000,000

Wisconsin

Department

of

Transportation

Advance

Refunding

Revenue

Bonds,

Series

1,

1.01%,

07/01/26

............

6,031,506

1,600,000

Wisconsin

Department

of

Transportation

Pre-refunded

Current

Refunding

Revenue

Bonds,

Series

1,

5.00%,

07/01/29

(a)

..........

1,671,983

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

39

July

31,

2021

(Unaudited)

The

following

abbreviations

are

used

in

the

report:

Principal

Amount

Value

Wisconsin

(continued)

$

2,250,000

Wisconsin

Health

&

Educational

Facilities

Authority

Refunding

Revenue

Bonds,

Series

A,

5.13%,

04/15/31

(a)

..........

$

2,436,753

58,926,041

Total

Municipal

Bonds

(Cost

$3,770,619,818)

3,883,325,383

CORPORATE

BONDS

—

1.8%

United

States

—

1.8%

1,675,000

Andrew

W

Mellon

Foundation

(The),

Series

2020,

0.95%,

08/01/27

............

1,644,990

3,000,000

BayCare

Health

System,

Inc.,

Series

2020,

2.61%,

11/15/22

............

3,082,477

5,000,000

Baylor

Scott

&

White

Holdings,

Series

2021,

0.83%,

11/15/25

............

4,943,070

1,750,000

Bon

Secours

Mercy

Health,

Inc.,

1.35%,

06/01/25

............

1,777,769

8,000,000

Brown

University

in

Providence

in

the

State

of

Rhode

Island

and

Providence

Plant,

Series

A,

1.91%,

09/01/30

............

8,191,374

5,000,000

Leland

Stanford

Junior

University

(The),

1.29%,

06/01/27

............

5,071,303

5,750,000

PeaceHealth

Obligated

Group,

Series

2020,

1.38%,

11/15/25

............

5,841,779

20,500,000

Seattle

Children's

Hospital,

Series

2021,

1.21%,

10/01/27

............

20,189,580

1,000,000

Smithsonian

Institution,

1.77%,

09/01/28

............

1,011,592

10,000,000

Yale

University,

Series

2020,

0.87%,

04/15/25

............

10,061,243

12,550,000

Yale

University,

Series

2020,

1.48%,

04/15/30

............

12,549,729

Total

Corporate

Bonds

(Cost

$74,267,510)

74,364,906

Principal

Amount

Value

U.S.

GOVERNMENT

SECURITIES

—

3.8%

U.S.

Treasury

Notes

—

3.8%

$

160,000,000

1.13%,

02/15/31

................

$

158,500,000

Total

U.S.

Government

Securities

(Cost

$156,995,722)

158,500,000

Shares

INVESTMENT

COMPANY

—

4.1%

172,780,349

SEI

Daily

Income

Trust

Government

II

Fund

-

Class

A,

0.01%(d)

...

172,780,349

Total

Investment

Company

(Cost

$172,780,349)

172,780,349

TOTAL

INVESTMENTS

—

102.0%

(Cost

$4,174,663,399)

$

4,288,970,638

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

—

(2.0)%

(84,467,775)

NET

ASSETS

—

100.0%

$

4,204,502,863

(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)

Variable

or

floating

rate

security,

which

interest

rate

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.

Rate

shown

is

the

rate

in

effect

as

of

July

31,

2021.

(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

July

31,

2021.

AGM

—

Assured

Guaranty

Municipal

Corp.

COP

—

Certificates

of

Participation

GO

—

General

Obligation

GTY

—

Guaranty

NATL-RE

—

Insured

by

National

Public

Finance

Guarantee

Corp.

PSF-GTD

—

Permanent

School

Fund

Guarantee

Q-SBLF

—

Qualified-School

Board

Loan

Fund

Old

Westbury

Funds,

Inc.

Municipal

Bond

Fund

Portfolio

of

Investments

-

(Continued)

40

July

31,

2021

(Unaudited)

Portfolio

Diversification

by

State

(Unaudited)

State:

Percentage

of

Net

Assets

Alabama

....................................

1.0

%

Arizona

.....................................

1.3

Arkansas

....................................

0.2

California

...................................

4.5

Colorado

....................................

2.5

Connecticut

.................................

3.3

Delaware

....................................

2.2

District

of

Columbia

...........................

2.1

Florida

.....................................

3.6

Georgia

.....................................

3.8

Hawaii

.....................................

3.2

Idaho

......................................

0.1

Illinois

.....................................

0.2

Indiana

.....................................

0.3

Iowa

.......................................

1.2

Kansas

.....................................

0.1

Maine

......................................

0.2

Maryland

...................................

3.4

Massachusetts

................................

3.4

Michigan

...................................

0.2

Minnesota

...................................

1.2

Mississippi

..................................

0.3

Missouri

....................................

0.4

Montana

....................................

0.1

Nevada

.....................................

0.2

New

Hampshire

..............................

0.2

New

Jersey

..................................

3.3

New

Mexico

.................................

0.0

*

New

York

...................................

16.5

North

Carolina

...............................

1.9

Ohio

.......................................

3.4

Oklahoma

...................................

0.7

Oregon

.....................................

0.9

Pennsylvania

.................................

2.5

Rhode

Island

.................................

0.3

South

Carolina

...............................

0.3

South

Dakota

................................

0.7

Tennessee

...................................

0.6

Texas

.......................................

11.3

Utah

.......................................

1.5

Virginia

....................................

3.0

Washington

..................................

4.7

West

Virginia

................................

0.1

Wisconsin

...................................

1.4

Other**

.....................................

7.7

100.0%

*

Represents

less

than

0.01%

of

net

assets.

**

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.