N-CSR

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number                811-07912                 

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

760 Moore Rd.

King of Prussia, PA 19406

(Address of principal executive offices) (Zip code)

	Andrew J. McNally
	PNC Global Investment Servicing (U.S.) Inc.
	760 Moore Rd.
	King of Prussia, PA 19406
	(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-607-2200
	Date of fiscal year end:   October 31
	Date of reporting period:   October 31, 2009

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Annual Report

October 31, 2009

Investment Adviser

Old Westbury Funds, Inc.

A Letter From the President	2
Investment Adviser’s Report:
U.S. Large Cap Fund	3
Non-U.S. Large Cap Fund	5
Global Small & Mid Cap Fund	8
Global Opportunities Fund	11
Real Return Fund	14
Fixed Income Fund	16
Municipal Bond Fund	18
Disclosure of Fund Expenses	21
Portfolios of Investments:
U.S. Large Cap Fund	23
Non-U.S. Large Cap Fund	24
Global Small & Mid Cap Fund	26
Global Opportunities Fund	29
Real Return Fund	50
Fixed Income Fund	55
Municipal Bond Fund	59
Statements of Assets and Liabilities	74
Statements of Operations	76
Statements of Changes in Net Assets	78
Financial Highlights:
U.S. Large Cap Fund	82
Non-U.S. Large Cap Fund	83
Global Small & Mid Cap Fund	84
Global Opportunities Fund	85
Real Return Fund	86
Fixed Income Fund	87
Municipal Bond Fund	88
Notes To Financial Statements	89
Report of Independent Registered Public Accounting Firm	118
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)	119
Additional Information	122
Approval of Investment Advisory and Sub-Advisory Agreements	123

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

OLD WESTBURY FUNDS, INC.

A LETTER FROM THE PRESIDENT

Dear Shareholders:

The fiscal year began during the height of the financial crisis of 2008, when global markets were tumbling, major financial institutions were collapsing, world trade was grinding to a halt, and consumer confidence was deteriorating. The turmoil continued for four more months, until shifts began to occur in early March 2009. At that time, key economic indicators returned to life and indiscriminate market selling came to an end.

Given this striking reversal, we assess the fiscal year ended October 31, 2009 in two distinct market periods.

From November 2008 through February 2009, the S&P 500 plummeted 23.24% and the MSCI EAFE Index fell 18.84%. Our Funds were not immune to the turmoil, yet our defensive strategies — particularly our higher-than-normal cash positions — helped limit our losses. Our U.S. Large Cap, Non-U.S. Large Cap, Global Small & Mid Cap, and Global Opportunities Funds experienced smaller drops than their respective benchmarks, while our Real Return Fund trailed its benchmark. As investors flocked to safety, bonds benefited. Our Fixed Income and Municipal Bond Funds outperformed their benchmarks due to our emphasis on high-quality securities.

From March through October 2009, the S&P 500 rallied 43.05% and the MSCI EAFE Index climbed 57.36%. While each of our Funds participated in this stronger market period, we maintained a more defensive posture than usual due to widespread uncertainty about the health of the global financial system. As a result, most of our Funds trailed their benchmarks during this period, with the exception of the Real Return Fund. For the full 12 months, all of our Funds posted strong absolute returns but trailed their benchmarks.

During the year, we gradually deployed some of our excess cash into new opportunities created by the market turmoil, but we took on less volatility in each of our Funds to protect investors’ capital. While we would always like to achieve the highest returns for our shareholders in all environments, we believe our pattern of performance this year is consistent with our goal of participating in strong market periods while limiting losses in weaker ones.

Looking back over the past three years, the annualized returns of most of our Funds are ahead of their benchmarks. We continuously look for ways to improve, and one area we are focusing on is our Non-U.S. Large Cap Fund. The Fund significantly underperformed its benchmark for the 12-month and three-year periods. The Fund should benefit from enhancements made by the Adviser, including the application of proven investment disciplines to all large-cap investments globally, the creation of global sector research teams, the hiring of Lauren Lambert as research director for Non-U.S. equities, and the addition of three experienced equity analysts in London.

The dramatic events of the past year have created a wider chasm between strong and weak companies, and our managers are uncovering what we believe are compelling investment opportunities. We are confident our proactive approach will enable us to capture future return potential and to seek superior relative returns over time.

Thank you for the trust you have placed in us.

Sincerely,

Marc D. Stern
President

Old Westbury Funds, Inc.

2

OLD WESTBURY FUNDS, INC.

U.S. LARGE CAP FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury U.S. Large Cap Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 7.30%. In comparison, the return of the S&P 500 Index was 9.80%.

          The most significant contributor to the Fund’s underperformance versus the benchmark was our overweight of the healthcare sector (13.85%) of the Fund as of October 31, 2009. In particular, we were hurt by biotechnology stocks. Drug maker Celgene (3.39%) underperformed as the company awaited approval of several new indications for its main drug Revlimid, as did biotech firm Genzyme (sold) after manufacturing problems derailed the company’s production. In addition, our selection of underperforming stocks in the financial sector (16.26%), such as Bank of New York Mellon (3.47%) and Hudson City Bancorp (sold), as well as those in the consumer staples sector (7.58%), such as Wal-Mart (3.31%) and Procter & Gamble (4.27%), detracted from our relative performance.

          The Fund benefited from our decision to overweight the technology sector (20.83%). Several noteworthy performers were Corning (2.20%), a glass manufacturer for flat-panel TVs and computer monitors, storage-device maker EMC (3.13%), and Blackberry-maker Research in Motion (1.79%). Also helping performance was our underweight of the underperforming energy sector (12.04%) and favorable stock selection within this area. We owned outperforming stocks such as oil service company Weatherford (2.67%), oil and natural gas company EOG (3.54%), and drilling firm Cameron International (sold), whose position we exited in March after a significant run-up.

          We continue to emphasize the stocks of companies that we believe are currently earning below their average long-term earnings potential, with strong cash flow and opportunities to expand their margins. At fiscal year-end, the Fund is overweight sectors whose end markets will likely benefit from an economic recovery, such as consumer discretionary (12.17%), materials (5.79%), and technology. We are underweight the consumer staples, telecommunications (0.00%), and utilities (0.00%) sectors.

PORTFOLIO DIVERSIFICATION BY SECTOR*

Sector:
Consumer Discretionary	11.8	%
Consumer Staples	7.4
Diversified Financials	15.8
Energy	11.7
Health Care	13.5
Industrials	8.9
Information Technology	20.3
Materials	5.6
Other**	5.0
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

3

OLD WESTBURY FUNDS, INC.

U.S. LARGE CAP FUND

INVESTMENT ADVISER’S REPORT - (Concluded) (Unaudited)

Average Annual Total Returns
For the Period Ended October 31, 2009

U.S. Large Cap Fund
One Year	7.30	%
Five Year	(0.11	)%
Ten Year	(1.25	)%
S&P 500 Index
One Year	9.80	%
Five Year	0.33	%
Ten Year	(0.95	)%

          Prior to October 2, 2008, the Fund was named the Large Cap Equity Fund and operated under a different investment strategy. Prior to February 16, 2004, the Fund was named the Core Equities Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The S&P 500 Index also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The S&P 500 Index is unmanaged. Investments cannot be made directly in an index.

4

OLD WESTBURY FUNDS, INC.

NON-U.S. LARGE CAP FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury Non-U.S. Large Cap Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 15.46%. In comparison, the return of the Morgan Stanley Capital International Europe, Australasia, and Far East Index (the “MSCI EAFE Index”) was 27.71%.

          The most significant detractor from our returns was maintaining a defensive stance through much of the fiscal year. While holding a high level of cash and traditionally defensive stocks benefited the Fund during the market selloff from November through February, our decision to move away from this defensive stance too gradually in favor of more aggressive stocks hurt our returns during the market’s sharp recovery.

          Our underweight in financials (18.34% of the Fund as of October 31, 2009) and other companies with significant debt hampered performance during the stock market rebound, as these higher-risk investments led the equity recovery. Stock selection in financials also contributed to underperformance. Major detractors such as Japanese financial firms Nomura (sold) and Mitsubishi UFJ (sold), which suffered from Japan’s market woes and anemic capital-raising, overshadowed positive contributors, such as British life insurer Prudential PLC (3.60%) and Swiss investment bank Credit Suisse (3.41%).

          In addition, we remained overweight the underperforming healthcare sector (8.04%) for too long, with unfavorable stock selection. Swiss medical product company Synthes (sold) experienced weak sales from the economic slowdown, and dialysis-care firm Fresenius (1.67%) suffered from healthcare reform concerns. Stock selection in the energy sector (11.75%) also hurt performance because British natural gas company BG Group (3.19%) and Italian energy firm ENI (sold) underperformed. Finally, our underweight in the strong-performing materials sector (14.20%) detracted from performance as mining and commodity stocks rebounded sharply.

          The Fund benefited from very limited exposure to the underperforming utility industry (2.63%). Also contributing favorably to returns was our security selection in the industrial sector (17.02%). Notable holdings were aerospace supplier Rolls-Royce (2.41%), which benefited from an improved outlook for the aerospace industry, and Asian conglomerate Hutchinson Whampoa (3.05%), which rallied significantly because of its exposure to emerging markets. However, this outperformance was offset by underperformance from other industrials, such as wind turbine manufacturer Vestas Wind Systems (sold) and Japanese trading conglomerate Sumitomo (2.56%). In the consumer discretionary sector (18.71%), Spanish retailer Inditex (4.51%) stood out for it’s strong performance after low expectations for a European recovery.

          We continue to emphasize the stocks of companies that we believe are currently earning below their average long-term earnings potential, with strong cash flow and opportunities to expand their margins. At fiscal year-end, the Fund is overweight the consumer discretionary, industrial, and energy sectors. We are underweight the financial, materials (14.20%), and consumer staples (0.00%) sectors.

5

OLD WESTBURY FUNDS, INC.

NON-U.S. LARGE CAP FUND

INVESTMENT ADVISER’S REPORT - (Continued) (Unaudited)

PORTFOLIO DIVERSIFICATION BY COUNTRY*

Country:
Australia	6.2	%
Canada	3.4
Finland	2.6
France	14.0
Germany	5.5
Hong Kong	3.0
Japan	7.6
Luxembourg	1.4
Netherlands	4.0
South Africa	1.9
South Korea	1.8
Spain	6.1
Switzerland	12.8
Taiwan	1.9
United Kingdom	21.7
United States	3.1
Other**	3.0
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

6

OLD WESTBURY FUNDS, INC.

NON-U.S. LARGE CAP FUND

INVESTMENT ADVISER’S REPORT - (Concluded) (Unaudited)

Average Annual Total Returns
For the Period Ended October 31, 2009

Non-U.S. Large Cap Fund
One Year	15.46	%
Five Year	3.08	%
Ten Year	0.24	%
MSCI EAFE Index
One Year	27.71	%
Five Year	5.10	%
Ten Year	2.05	%

          Prior to July 28, 2008, the Fund was named the International Fund and operated under a different investment strategy. The prior performance shown represents performance of the Fund’s prior strategy to invest in a diversified portfolio of foreign companies located outside of the U.S., at least 85% of which are listed on recognized foreign securities exchanges. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI EAFE Index also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The MSCI EAFE Index is unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

7

OLD WESTBURY FUNDS, INC.

GLOBAL SMALL & MID CAP FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury Global Small & Mid Cap Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 22.93%. In comparison, the return of the Morgan Stanley Capital International World Small Cap Index (the “MSCI World Small Cap Index”) was 30.61%.

          Overall, the most significant factor leading to the Fund’s underperformance versus the benchmark was our unusually high allocation to cash throughout much of the year. Although this defensive position helped guard against heightened market volatility in November through February, it detracted from performance once equity markets began to recover in March. During the year, we gradually pursued new opportunities by reducing the cash weighting from 68.59% of the Fund at the beginning to 6.83% at fiscal year-end. The cash allocation offset strong returns for each of the Fund’s components.

          On a more specific level, the Fund benefited significantly from exposure to emerging markets (10.55% of the Fund as of October 31, 2009 compared to no exposure in the benchmark), which bounced back considerably after suffering severe losses the previous year. Moreover, our decision to underweight Japan (5.21%) — one of the worst-performing markets in the year — worked in our favor. Returns were hampered by our underweight of the outperforming consumer discretionary (15.35%) and materials (8.03%) sectors, as well as our stock selection within these areas.

          The Fund is a highly diversified portfolio, with exposure to 42 countries. At fiscal year-end, 36.21% of the Fund was invested outside of the U.S.

8

OLD WESTBURY FUNDS, INC.

GLOBAL SMALL & MID CAP FUND

INVESTMENT ADVISER’S REPORT - (Continued) (Unaudited)

PORTFOLIO DIVERSIFICATION BY COUNTRY*

Country:
Australia	1.7	%
Austria	0.3
Bahamas	0.0	***
Belgium	0.3
Bermuda	0.5
Brazil	0.7
Canada	2.4
Cayman Islands	0.0	***
Chile	0.1
China	0.3
Cyprus	0.0	***
Denmark	0.3
Eqypt	0.8
Finland	0.6
France	2.6
Germany	1.0
Greece	0.4
Hong Kong	0.9
Hungary	0.1
India	0.6
Indonesia	0.2
Ireland	0.2
Israel	1.7
Italy	0.6
Japan	4.8
Liechtenstein	0.0	***
Luxembourg	0.0	***
Malaysia	0.2
Mexico	0.3
Monaco	0.0	***
Netherlands	0.6
New Zealand	0.1
Norway	0.3
Peru	0.0	***
Philippines	0.1
Poland	0.2
Portugal	0.2
Puerto Rico	0.0	***
Singapore	0.3
South Africa	0.6
South Korea	0.5
Spain	0.6
Sweden	0.5
Switzerland	1.1
Taiwan	0.6
Thailand	0.1
Turkey	0.2
United Kingdom	4.4
Unites States	54.2
Other**	13.8
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government securities, investment companies, call options purchased, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.
***	Represents less than 0.1% of net assets.

9

OLD WESTBURY FUNDS, INC.

GLOBAL SMALL & MID CAP FUND

INVESTMENT ADVISER’S REPORT - (Concluded) (Unaudited)

Average Annual Total Returns
For the Period Ended October 31, 2009

Global Small & Mid Cap Fund
One Year	22.93	%
Since Inception (April 5, 2005)	7.26	%
MSCI World Small Cap Index
One Year	30.61	%
April 5, 2005 to October 31, 2009	2.52	%

          Prior to October 2, 2008, the Fund was named the Global Small Cap Fund and operated under a different investment strategy. The prior performance shown represents performance of the Fund’s prior strategy to invest at least 80% of its net assets plus any borrowings for investment purposes in securities of small-capitalization companies. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The MSCI World Small Cap Index also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The MSCI World Small Cap Index is unmanaged. Investments cannot be made directly in an index.

Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to funds that invest in larger more established companies. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

10

OLD WESTBURY FUNDS, INC.

GLOBAL OPPORTUNITIES FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury Global Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 16.29%. In comparison, the return of the S&P Global LargeMidCap Index was 20.41%.

          The most significant detractor from the Fund’s performance relative to its all-equity benchmark was the Fund’s reduced allocation to global equities. From November 2008 through February 2009, the Fund’s average equity weight was 30.50%. This helped the Fund lose significantly less than the benchmark during that weak market period. Beginning in February, however, we saw compelling opportunities in credit investments following an extreme market dislocation, and we reduced the Fund’s equity weighting to increase credit exposure. As of year-end, equities made up 16.46% of the Fund and high-yield, convertible, and senior-secured bonds represented 62.43%. While our credit investments performed well, global equities did even better in the last eight months of the year. A related detractor was the elevated cash level we temporarily held as part of this repositioning.

          Contributing to the Fund’s performance were strong absolute returns for each of the Fund’s components:

          •    Convertible bonds (39.89% of the Fund as of October 31, 2009);

          •    High-yield bonds managed by sub-adviser Shenkman Capital Management Inc. (22.54% of the Fund as of October 31, 2009);

          •    Global equities managed by sub-adviser T. Rowe Price International, Inc. (6.21% of the Fund as of October 31, 2009);

          •    Global equities managed using our proprietary portfolio construction model (4.74% of the Fund as of October 31, 2009); and

          •    Global fixed income managed by sub-adviser Franklin Advisers, Inc. (9.61% of the Fund as of October 31, 2009).

          In addition, the Fund experienced significantly lower volatility than its all-equity benchmark.

          At fiscal year-end, we continue to see significant upside potential in the credit markets. Although yield spreads have fallen in recent quarters, they remain elevated, resembling levels last seen in 2002 when corporate scandals at Enron and WorldCom rattled investors. In October, the Fund’s credit exposure was expanded further by initiating positions in mortgage-backed securities managed by sub-adviser BlackRock Financial Management, Inc. By year-end, BlackRock invested 2.53% of the Fund in mortgage-backed securities, on the way to an expected target of 10%. Emerging-market currencies — e.g., the Brazilian real, Indian rupee, Korean won, Malaysian ringgit — are another key strategy, currently representing 15.86% of the Fund.

11

OLD WESTBURY FUNDS, INC.

GLOBAL OPPORTUNITIES FUND

INVESTMENT ADVISER’S  REPORT - (Continued) (Unaudited)

PORTFOLIO DIVERSIFICATION BY COUNTRY*

Country:
Argentina	0.2	%
Australia	0.9
Austria	0.6
Bahamas	0.0	***
Belgium	0.2
Bermuda	1.9
Brazil	1.2
Canada	1.6
Chile	0.1
China	1.1
Denmark	0.1
Egypt	0.1
Finland	0.2
France	1.4
Germany	0.9
Greece	0.1
Hong Kong	0.7
Hungary	0.2
India	0.8
Indonesia	1.0
Ireland	0.0	***
Israel	0.3
Italy	0.3
Japan	1.1
Lithuania	0.1
Luxembourg	1.0
Malaysia	0.7
Mexico	1.1
Morocco	0.0	***
Netherlands	0.7
New Zealand	0.3
Norway	1.4
Philippines	0.7
Poland	0.9
Qatar	0.1
Russia	0.5
Singapore	0.1
South Africa	0.5
South Korea	2.3
Spain	0.3
Sri Lanka	0.2
Sweden	0.2
Switzerland	0.3
Taiwan	0.1
Thailand	0.5
Turkey	0.0	***
United Arab Emirates	0.6
United Kingdom	2.8
United States	63.4
Venezuela	0.2
Other**	6.0
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, rights/warrants, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.
***	Represents less than 0.1% of net assets.

12

OLD WESTBURY FUNDS, INC.

GLOBAL OPPORTUNITIES FUND

INVESTMENT ADVISER’S REPORT - (Concluded) (Unaudited)

Average Annual Total Returns
For the Period Ended October 31, 2009

Global Opportunities Fund
One Year	16.29	%
Since Inception (November 28, 2007)	(12.87)	%
S&P Global LargeMidCap
One Year	20.41	%
November 28, 2007 to October 31, 2009	(16.34)	%

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The S&P Global LargeMidCap also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The S&P Global LargeMidCap is unmanaged. Investments cannot be made directly in an index.

Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

13

OLD WESTBURY FUNDS, INC.

REAL RETURN FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury Real Return Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 17.09%. In comparison, the return of the Fund’s benchmark, the Barclays Capital U.S. Treasury Inflation-Protected Securities Index (the “Barclays Capital U.S. TIPS Index”), was 17.15%. The Dow Jones UBS Commodity Index returned 0.10%.

          From November through February, the Fund’s allocation to commodities and commodity-related equities (averaged 59.21%) hurt its relative performance against the Barclays Capital U.S. TIPS Index as investors fled riskier assets and flocked to the safety of bonds. During the remainder of the year, the Fund’s mix of asset classes helped its relative performance, as U.S. TIPS held up well and many commodity prices recovered.

          On a sector basis, the Fund benefited from overweighting the outperforming precious metals sector (14.84% of the Fund as of October 31, 2009) and from security selection in this area. Specifically, our holding of Peruvian mining company Buenaventura (4.40%), gold (3.92%), platinum (2.48%), and palladium (0.82%) worked in our favor. Stock selection in the infrastructure sector (8.95%) also helped, including owning FedEx (0.52%), the U.S. logistics giant, and Kepple Corporation (3.78%), a Singapore-based conglomerate.

          The most significant detractors from our performance were our overweight to the poor-performing agriculture sector (15.21%) and our stock selection within this area. In particular, we were hurt by our positions in Monsanto (4.04%), an agricultural biotechnology company, and corn (sold). Our underweight of the strong-performing industrial materials sector and our stock selection in this area also detracted from our performance. Packaging maker Smurfit Stone (sold), diversified miner Xstrata PLC (sold), and forestry products company Fibria Celulose S.A. (formerly Votorantim Celulose e Papel S.A.) (sold) all performed poorly during the year.

          At fiscal year-end, we are emphasizing energy (17.81%), particularly exploration and production companies; precious metals, particularly gold; agriculture, particularly sugar (5.85%) and palm oil (2.99%); and U.S. TIPS (22.80%). We currently allocate 34.13% of the Fund to global equities, 26.20% to commodities, and 39.67% to bonds and cash.

PORTFOLIO DIVERSIFICATION BY SECTOR*

Sector:
Asset-Backed Securities	2.7	%
Collectible Coins	3.2
Commodities	6.0
Energy	15.8
Industrials	8.3
Materials	8.4
Municipal Bonds	0.4
U.S. Government and Agency Securities	51.8
Utilities	1.6
Other**	1.8
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, options, exchange traded funds, swap agreements, futures, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

14

OLD WESTBURY FUNDS, INC.

REAL RETURN FUND

INVESTMENT ADVISER’S REPORT - (Concluded) (Unaudited)

Average Annual Total Returns

For the Period Ended October 31, 2009

Real Return Fund
One Year	17.09	%
Since Inception (April 28, 2005)	3.97	%
Barclays Capital U.S. TIPS Index
One Year	17.15	%
April 28, 2005 to October 31, 2009	4.67	%

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects the reinvestment of distributions, if any. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment from the Fund’s inception, with distributions reinvested. The Barclays Capital U.S. TIPS Index also include the reinvestment of distributions but do not include fees and expenses associated with an investment in the Fund. The Barclays Capital U.S. TIPS Index is unmanaged. Investments cannot be made directly in an index.

The Fund may experience higher volatility and less liquidity due to the nature of the instruments in which it invests, such as commodities and derivatives. The Fund may also be adversely affected by inflation rate fluctuations. Fund turnover will not be a limiting factor which may subject the investor to greater expenses and capital gains. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

15

OLD WESTBURY FUNDS, INC.

FIXED INCOME FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury Fixed Income Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 11.12%. In comparison, the return for the Barclays Capital Government/Credit Total Index was 14.60%.

          During the fiscal year, we saw a reversal of the previous year’s flight-to-quality trend. As government intervention efforts helped revive the beleaguered banking system, lower-rated securities performed best. For instance, a portfolio consisting entirely of Treasury bonds would have returned 6.33% during the fiscal year, compared to 10.03% for AAA-rated corporate bonds and 36.46% for BBB-rated corporate issues.

          As a result, one of the chief factors behind the Fund’s underperformance was our underweight of corporate bonds. We began the year with a 4.5% exposure and gradually increased our position to 26.6% by year-end, compared to the benchmark’s 32.6% weighting. Also contributing negatively was our decision to maintain the Fund’s duration shorter than the Index’s (4.1 years versus 5.3 years), which reduced the positive impact of a falling interest rate environment.

          Benefiting the Fund was our emphasis on intermediate securities (67.0% of the Fund as of October 31, 2009) over long-term bonds, during a period in which intermediate rates fell significantly more than long-term rates.

          At fiscal year-end, we remain focused on high-quality securities with maturities ranging from 3 to 9 years. Though we continue to position the Fund to be protective, we have added to our holdings of corporate bonds to earn additional yield.

PORTFOLIO ASSET ALLOCATION*

U.S. Government Agencies and Securities	63.9	%
Municipal Bonds	2.5
Corporate Bonds	31.0
Foreign Government Gonds	0.3
Other**	2.3
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.

16

OLD WESTBURY FUNDS, INC.

FIXED INCOME FUND

INVESTMENT ADVISER’S REPORT - (Concluded) (Unaudited)

Average Annual Total Returns

For the Period Ended October 31, 2009

Fixed Income Fund
One Year	11.12	%
Five Year	5.61	%
Ten Year	5.98	%
Barclays Capital Government/Credit Total Index
One Year	14.60	%
Five Year	4.79	%
Ten Year	6.32	%

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Barclays Capital Government/Credit Total Index also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The Barclays Capital Government/Credit Total Index is unmanaged. Investments cannot be made directly in an index.

The Fund is subject to risks such as credit, prepayment and interest rate risk associated with the underlying bond holdings in the Fund. The value of the Fund can decline as interest rates rise and an investor can lose principal.

17

OLD WESTBURY FUNDS, INC.

MUNICIPAL BOND FUND

INVESTMENT ADVISER’S REPORT (Unaudited)

          The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2009 was 12.07%. In comparison, the return of the Barclays Capital Municipal Bond Index was 13.60%.

          During the fiscal year, lowest-quality municipal bonds fared best, as government stimulus programs and signs of an improving economy helped thaw credit markets. As a result, the Fund’s higher credit quality (Aa1/Aa2 as of October 31, 2009) than the Index (Aa2/Aa3) hampered returns.

          Also contributing to the Fund’s underperformance was our underweighting of long-term securities (6.06% of the Fund was in bonds with 22-year or longer maturities as of October 31, 2009), which fared particularly well after the federal government issued Build America Bonds. Municipalities could issue these stimulus-themed, fully taxable bonds while recuperating a portion of the interest costs from the government. This program tightened the supply of long-term municipal bonds.

          The Fund benefited from our decision to take on incremental credit risk throughout the year, as we added to our weightings in A- (5.65%) and AA-rated securities (45.69%).

          At fiscal year-end, our average duration is 8.0 years, slightly shorter than the Index’s 8.15 years. We continue to focus on general obligation and essential service revenue bonds (backed by projects such as water and sewer systems, for example). These types of bonds generally offer greater security than those backed, for instance, by healthcare, housing, or industrial development projects.

          We remain focused on building a diversified portfolio of high-quality, intermediate securities with a heavier concentration of maturities in the 5- to 15-year range. The Fund does not currently hold any bonds that are subject to the Alternative Minimum Tax (AMT).

18

OLD WESTBURY FUNDS, INC.

MUNICIPAL BOND FUND

INVESTMENT ADVISER’S REPORT - (Continued) (Unaudited)

PORTFOLIO DIVERSIFICATION BY STATE*

States:
Alabama	0.3	%
Arizona	0.4
California	8.8
Colorado	0.1
Connecticut	0.1
Florida	5.4
Georgia	1.8
Illinois	3.0
Indiana	3.0
Iowa	0.1
Kentucky	0.2
Louisiana	0.4
Maine	0.3
Michigan	1.2
Minnesota	0.4
Mississippi	0.9
Missouri	0.5
Nevada	2.5
New Jersey	4.8
New Mexico	0.3
New York	19.0
North Carolina	3.0
Ohio	1.8
Oregon	0.6
Pennsylvania	0.8
Puerto Rico	0.0	***
South Carolina	0.3
Texas	27.9
Utah	0.4
Virginia	1.7
Washington	6.8
West Virginia	0.1
Wisconsin	0.5
Other**	2.6
	100.0	%

*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable and accrued expenses payable.
***	Represents less and 0.1% of net assets.

19

OLD WESTBURY FUNDS, INC.

MUNICIPAL BOND FUND

INVESTMENT ADVISER’S REPORT- (Concluded) (Unaudited)

Average Annual Total Returns
For the Period Ended October 31, 2009

Municipal Bond Fund
One Year	12.07	%
Five Year	3.80	%
Ten Year	5.41	%
Barclays Capital Municipal Bond Index
One Year	13.60	%
Five Year	4.15	%
Ten Year	5.66	%

          The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

          The chart above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Barclays Capital Municipal Bond Index also includes the reinvestment of distributions but does not include fees and expenses associated with an investment in the Fund. The Barclays Capital Municipal Bond Index is unmanaged. Investments cannot be made directly in an index.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes.

20

OLD WESTBURY FUNDS, INC.
DISCLOSURE OF FUND EXPENSES
	For the Period Ended October 31, 2009 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2009 through October 31, 2009.

Actual Expenses

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

	Actual Beginning Account Value 5/1/09		Actual Ending Account Value 10/31/09		Actual Expenses Paid During Period* 5/1/09-10/31/09		Actual Expense Ratio During Period 5/1/09-10/31/09**
U.S. Large Cap Fund	$	1,000.00	$	1,153.50	$	5.43	1.00	%
Non-U.S. Large Cap Fund		1,000.00		1,231.10		5.90	1.05	%
Global Small & Mid Cap Fund		1,000.00		1,186.00		6.23	1.13	%
Global Opportunities Fund		1,000.00		1,149.90		6.50	1.20	%
Real Return Fund		1,000.00		1,169.50		6.02	1.10	%
Fixed Income Fund		1,000.00		1,026.30		3.52	0.69	%
Municipal Bond Fund		1,000.00		1,022.90		3.52	0.69	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period.
**	Annualized.

21

OLD WESTBURY FUNDS, INC.
DISCLOSURE OF FUND EXPENSES – (Continued)
	For the Period Ended October 31, 2009 (Unaudited)

Hypothetical Example for Comparison Purposes

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

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

	Hypothetical Beginning Account Value 5/1/09		Hypothetical Ending Account Value 10/31/09		Hypothetical Expenses Paid During Period* 5/1/09-10/31/09		Hypothetical Expense Ratio During Period 5/1/09-10/31/09**
U.S. Large Cap Fund	$	1,000.00	$	1,020.16	$	5.09	1.00	%
Non-U.S. Large Cap Fund		1,000.00		1,019.91		5.35	1.05	%
Global Small & Mid Cap Fund		1,000.00		1,019.51		5.75	1.13	%
Global Opportunities Fund		1,000.00		1,019.16		6.11	1.20	%
Real Return Fund		1,000.00		1,019.66		5.60	1.10	%
Fixed Income Fund		1,000.00		1,021.73		3.52	0.69	%
Municipal Bond Fund		1,000.00		1,021.73		3.52	0.69	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period.
**	Annualized.

22

OLD WESTBURY FUNDS, INC.
U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS	October 31, 2009

Shares			Value
COMMON STOCKS — 95.0%
Consumer Discretionary — 11.8%
	215,625	Kohl’s Corp.(b)	$	12,338,063
	563,825	Lowe’s Cos., Inc.		11,034,055
	774,400	Staples, Inc.		16,804,480
	335,075	Walt Disney Co. (The)		9,171,003
				49,347,601
Consumer Staples — 7.4%
	298,650	Procter & Gamble Co.		17,321,700
	270,075	Wal-Mart Stores, Inc.		13,417,326
				30,739,026
Diversified Financials — 15.8%
	389,525	American Express Co.		13,571,051
	557,225	Bank of New York Mellon Corp. (The)		14,855,618
	244,650	JPMorgan Chase & Co.		10,219,030
	495,375	Morgan Stanley		15,911,445
	233,625	T. Rowe Price Group, Inc.		11,384,546
				65,941,690
Energy — 11.7%
	128,300	Apache Corp.		12,075,596
	167,375	EOG Resources, Inc.		13,667,842
	229,100	Hess Corp.		12,540,934
	602,500	Weatherford International Ltd.(b)		10,561,825
				48,846,197
Health Care — 13.5%
	270,475	Celgene Corp.(b)		13,807,749
	133,250	Johnson & Johnson		7,868,412
	681,000	Pfizer, Inc.		11,597,430
	289,000	Teva Pharmaceutical Industries Ltd. - ADR		14,588,720
	185,000	Thermo Fisher Scientific, Inc.(b)		8,325,000
				56,187,311
Industrials — 8.9%
	296,000	Illinois Tool Works, Inc.		13,592,320
	255,650	Tyco International Ltd.		8,577,058
	140,375	Union Pacific Corp.		7,740,278
	137,675	United Parcel Service, Inc., Class B		7,390,394
				37,300,050
Shares			Value
Information Technology — 20.3%
	647,275	Applied Materials, Inc.	$	7,896,755
	786,275	Cisco Systems, Inc.(b)		17,966,384
	598,000	Corning, Inc.		8,736,780
	762,000	EMC Corp.(b)		12,550,140
	22,270	Google, Inc. - Class A(b)		11,939,392
	477,650	Intel Corp.		9,127,892
	329,500	Microsoft Corp.		9,137,035
	121,000	Research In Motion Ltd.(b)		7,106,330
				84,460,708
Materials — 5.6%
	331,000	Dow Chemical Co. (The)		7,771,880
	704,050	International Paper Co.		15,707,356
				23,479,236
Total Common Stocks (Cost $378,212,399)				396,301,819
INVESTMENT COMPANY — 2.2%
	9,245,000	SEI Daily Income Trust Government II Fund, Class A		9,245,000
Total Investment Company (Cost $9,245,000)				9,245,000
TOTAL INVESTMENTS — 97.2% (Cost $387,457,399)(a)				405,546,819
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.8%				11,750,791
NET ASSETS — 100.0%			$	417,297,610

(a) Cost for federal income tax purposes is $388,744,165 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	31,822,128
Unrealized depreciation		(15,019,474	)
Net unrealized appreciation	$	16,802,654

(b)	Non-income producing security.
	ADR - American Depositary Receipt

23

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS	October 31, 2009

Shares			Value
COMMON STOCKS — 97.0%
AUSTRALIA — 6.2%
	2,114,693	BHP Billiton Ltd.	$	71,287,369
	1,220,137	Macquarie Group Ltd.		54,915,133
				126,202,502
CANADA — 3.4%
	1,267,305	EnCana Corp.		70,196,024
FINLAND — 2.6%
	2,242,089	Fortum Oyj		53,222,021
FRANCE — 14.0%
	870,861	Accor SA		41,876,327
	569,888	Air Liquide SA		61,558,740
	1,502,339	Cie de Saint-Gobain		73,634,531
	665,557	LVMH Moet Hennessy Louis Vuitton SA		69,199,279
	597,712	Societe Generale		39,917,250
				286,186,127
GERMANY — 5.5%
	1,148,350	Bayer AG		79,817,178
	674,202	Fresenius Medical Care AG & Co.		32,692,611
				112,509,789
HONG KONG — 3.0%
	8,633,887	Hutchison Whampoa Ltd.		61,661,073
JAPAN — 7.6%
	2,417,100	Mitsubishi Corp.		53,086,782
	5,300,360	Sumitomo Corp.		52,994,768
	1,225,000	Toyota Motor Corp.		49,808,365
				155,889,915
LUXEMBOURG — 1.4%
	808,769	Tenaris SA ADR		28,808,352
NETHERLANDS — 4.0%
	1,362,675	Akzo Nobel NV		80,776,661
SOUTH AFRICA — 1.9%
	2,545,283	MTN Group Ltd.		38,293,310
SOUTH KOREA — 1.8%
	58,274	Samsung Electronics Co. Ltd.		35,637,219
SPAIN — 6.1%
	1,508,979	Inditex SA		88,827,479
	1,291,462	Telefonica SA		36,168,006
				124,995,485
SWITZERLAND — 12.8%
	3,111,055	ABB Ltd.		58,315,223
	1,242,387	Credit Suisse Group AG		67,151,144
	768,945	Kuehne & Nagel International AG		69,856,393
	291,139	Zurich Financial Services AG		66,945,794
				262,268,554
Shares			Value
TAIWAN — 1.9%
	20,553,053	Taiwan Semiconductor Manufacturing Co. Ltd.	$	37,917,264
UNITED KINGDOM — 21.7%
	3,517,857	BG Group Plc		60,912,539
	8,271,041	BP Plc		77,689,081
	7,407,336	Prudential Plc		67,655,526
	6,426,604	Rolls-Royce Group Plc(b)		47,654,490
	385,596,240	Rolls-Royce Group Plc - Class C(c)		632,862
	2,850,581	Shire Plc		50,153,845
	3,016,342	Standard Chartered Plc		74,283,549
	7,193,784	WPP Plc		64,760,484
				443,742,376
UNITED STATES — 3.1%
	2,197,337	Carnival Corp.		63,986,454
Total Common Stocks (Cost $1,727,905,388)				1,982,293,126
INVESTMENT COMPANY — 2.1%
	43,503,800	Federated Treasury Obligations Fund		43,503,800
Total Investment Company (Cost $43,503,800)				43,503,800
TOTAL INVESTMENTS — 99.1% (Cost $1,771,409,188)(a)				2,025,796,926
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				18,439,319
NET ASSETS — 100.0%			$	2,044,236,245

(a) Cost for federal income tax purposes is $1,772,740,899 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	287,921,555
Unrealized depreciation		(34,865,528	)
Net unrealized appreciation	$	253,056,027

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $632,862, which is 0.03% of net assets.
ADR-American Depositary Receipt

24

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	October 31, 2009

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	6.9	%
Consumer Discretionary	15.1	%
Diversified Financials	4.6	%
Energy	8.2	%
Health Care	4.1	%
Industrials	26.2	%
Information Technology	4.6	%
Insurance	6.6	%
Materials	14.4	%
Telecommunication Services	3.7	%
Utilities	2.6	%
Other*	3.0	%
	100.0	%

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

25

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
CONDENSED PORTFOLIO OF INVESTMENTS	October 31, 2009

Shares			Percentage of Net Assets (%)	Value
COMMON STOCKS — 86.2%
AUSTRALIA — 1.7%
	35,040,646	Other Securities	1.7	$	56,062,947
AUSTRIA — 0.3%
	301,460	Other Securities	0.3		9,152,779
BAHAMAS — 0.0%
	500	Other Securities	0.0		18,480
BELGIUM — 0.3%
	320,402	Other Securities	0.3		9,379,171
BERMUDA — 0.5%
	1,766,922	Other Securities	0.5		15,283,671
BRAZIL — 0.7%
	3,139,424	Other Securities	0.7		22,952,371
CANADA — 2.4%
	10,711,501	Other Securities	2.4		78,909,219
CAYMAN ISLANDS — 0.0%
	26,200	Other Securities	0.0		245,892
CHILE — 0.1%
	62,260,158	Other Securities	0.1		3,792,378
CHINA — 0.3%
	16,903,900	Other Securities	0.3		9,848,020
CYPRUS — 0.0%
	144,500	Other Securities	0.0		393,563
DENMARK — 0.3%
	436,642	Other Securities	0.3		8,512,900
EGYPT — 0.8%
	560,820	Other Securities	0.8		27,199,770
FINLAND — 0.6%
	1,372,721	Other Securities	0.6		18,645,616
FRANCE — 2.6%
	2,871,168	Other Securities	2.6		82,861,221
GERMANY — 1.0%
	2,015,715	Other Securities	1.0		32,850,149
GREECE — 0.4%
	1,814,138	Other Securities	0.4		12,535,871
HONG KONG — 0.9%
	125,544,342	Other Securities	0.9		29,473,533
HUNGARY — 0.1%
	82,453	Other Securities	0.1		1,795,936
INDIA — 0.6%
	5,070,253	Other Securities	0.6		19,996,877
INDONESIA — 0.2%
	50,911,055	Other Securities	0.2		4,864,113
IRELAND — 0.2%
	1,166,982	Other Securities	0.2		5,960,643
ISRAEL — 1.7%
	2,676,313	Other Securities	1.7		56,049,135

Shares			Percentage of Net Assets (%)	Value
ITALY — 0.6%
	6,248,103	Other Securities	0.6	$	20,899,752
JAPAN — 4.8%
	33,363,926	Other Securities	4.8		155,898,602
LIECHTENSTEIN — 0.0%
	1,292	Other Securities	0.0		138,532
LUXEMBOURG — 0.0%
	282,026	Other Securities	0.0		1,378,103
MALAYSIA — 0.2%
	11,801,749	Other Securities	0.2		7,499,822
MEXICO — 0.3%
	4,760,997	Other Securities	0.3		8,443,311
MONACO — 0.0%
	560	Other Securities	0.0		40,283
NETHERLANDS — 0.6%
	1,014,123	Other Securities	0.6		18,467,441
NEW ZEALAND — 0.1%
	1,805,737	Other Securities	0.1		3,212,700
NORWAY — 0.3%
	2,673,895	Other Securities	0.3		10,122,500
PERU — 0.0%
	23,658	Other Securities	0.0		106,740
PHILIPPINES — 0.1%
	13,281,203	Other Securities	0.1		1,840,686
POLAND — 0.2%
	2,489,708	Other Securities	0.2		5,648,545
PORTUGAL — 0.2%
	2,235,993	Other Securities	0.2		6,189,436
PUERTO RICO — 0.0%
	5,700	Other Securities	0.0		45,857
SINGAPORE — 0.3%
	9,665,999	Other Securities	0.3		9,010,852
SOUTH AFRICA — 0.6%
	5,146,732	Other Securities	0.6		18,692,813
SOUTH KOREA — 0.5%
	1,211,128	Other Securities	0.5		17,355,392
SPAIN — 0.6%
	2,202,387	Other Securities	0.6		19,661,731
SWEDEN — 0.5%
	2,243,294	Other Securities	0.5		15,076,842
SWITZERLAND — 1.1%
	879,940	Other Securities	1.1		34,115,739
TAIWAN — 0.6%
	36,736,829	Other Securities	0.6		18,532,418
THAILAND — 0.1%
	24,242,686	Other Securities	0.1		4,199,300

26

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

Shares			Percentage of Net Assets (%)	Value
TURKEY — 0.2%
	2,596,654	Other Securities	0.2	$	5,309,148
UNITED ARAB EMIRATES — 0.0%
	83,323	Other Securities	0.0		568,354
UNITED KINGDOM — 4.4%
	41,897,485	Other Securities	4.4		140,907,300
UNITED STATES — 54.2%
	380,000	ABM Industries, Inc.(b)	0.2		7,136,420
	1,215,107	Advance Auto Parts, Inc.	1.4		45,274,887
	353,800	Alberto-Culver Co.	0.3		9,488,916
	33,400	Alleghany Corp.(c)	0.3		8,350,000
	365,900	Aptargroup, Inc.	0.4		12,919,929
	1,484,725	ASML Holding NV - ADR	1.2		39,998,492
	240,000	Avon Products, Inc.	0.2		7,692,000
	112,000	Bio-Rad Laboratories, Inc. - Class A(c)	0.3		10,011,680
	116,500	Chattem, Inc.(c)	0.2		7,382,605
	1,323,454	Citrix Systems, Inc.(c)	1.5		48,650,169
	277,500	CLARCOR, Inc.	0.3		8,166,825
	1,250,000	Crown Holdings Inc.(c)	1.0		33,312,500
	922,366	Cummins, Inc.	1.2		39,717,080
	1,043,247	Dollar Tree, Inc.(c)	1.5		47,081,737
	1,719,057	Dresser-Rand Group, Inc.(c)	1.6		50,660,610
	800,217	Dun & Bradstreet Corp.	1.9		61,264,614
	219,400	Encore Acquisition Co.(c)	0.2		8,133,158
	488,539	FMC Corp.	0.8		24,964,343
	1,038,045	Global Payments, Inc.	1.6		51,102,955
	315,501	HCC Insurance Holdings, Inc.	0.3		8,326,071
	379,300	Healthcare Realty Trust, Inc. REIT	0.2		7,900,819
	982,150	Henry Schein, Inc.(c)	1.6		51,886,984
	415,101	IDEX Corp.	0.4		11,801,321
	1,379,500 JC	Penney Co., Inc.	1.4		45,702,835
	226,200	John Wiley & Sons, Inc. - Class A	0.2		7,966,764
	1,581,688	Johnson Controls, Inc.	1.2		37,833,977
	202,600	Landstar System, Inc.	0.2		7,139,624
	1,915,624	McCormick & Co., Inc.	2.1		67,065,996
	91,000	Mettler-Toledo International, Inc.(c)	0.3		8,872,500
	192,289	Morningstar, Inc.(c)	0.3		9,810,585
	297,300	National Instruments Corp.	0.2		7,937,910
	127,124	Navigators Group, Inc.(b)(c)	0.2		6,746,471
	2,115,746	NetApp, Inc.(c)	1.8		57,230,929
	1,655,500	Omnicom Group, Inc.	1.8		56,750,540
	266,800	Plains Exploration & Production Co.(c)	0.2		7,070,200
	3,514,800	SEI Investments Co.	1.9		61,403,556
	306,300	Sensient Technologies Corp.	0.2		7,746,327
	370,036	Sherwin-Williams Co. (The)	0.7		21,106,853
	382,900	Superior Energy Services, Inc.(c)	0.3		8,274,469
	1,075,507	Ultra Petroleum Corp.(c)	1.6		52,215,865
	561,700	Waste Connections, Inc.(c)	0.5		17,654,231
	1,046,151	Waters Corp.(c)	1.9		60,080,452

Shares			Percentage of Net Assets (%)	Value
UNITED STATES (continued)
	253,700	West Pharmaceutical Services, Inc.	0.3	$	10,013,539
	163,900	Whiting Petroleum Corp.(c)	0.3		9,243,960
	1,301,222	Wisconsin Energy Corp.	1.8		56,824,365
	26,914,841	Other Securities	16.2		520,266,598
					1,746,182,661
Total Common Stocks (Cost $2,446,868,491)					2,776,329,115
EXCHANGE TRADED FUNDS — 6.3%
	170,000	iShares MSCI Brazil Index Fund	0.4		11,701,100
	183,000	iShares MSCI EAFE Index Fund	0.3		9,753,900
	625,000	iShares MSCI EAFE Small Cap Index Fund	0.7		22,112,500
	2,168,500	iShares MSCI Emerging Markets Index Fund	2.5		81,448,860
	100,861	iShares MSCI Japan Small Cap Index Fund	0.1		4,185,732
	1,317,400	iShares MSCI Singapore Index Fund	0.4		13,806,352
	380,448	Midcap SPDR Trust Fund Series 1	1.4		45,478,754
	55,000	SPDR Russell Nomura Small Cap Japan Fund	0.1		2,086,700
	510,000	SPDR S&P International Small Cap Fund	0.4		12,637,800
Total Exchange Traded Funds (Cost $169,333,460)					203,211,698
RIGHTS/WARRANTS — 0.0%
	1,478,718	Other Rights/Warrants	0.0		164,072
Total Rights/Warrants (Cost $51,546)					164,072
U.S. GOVERNMENT SECURITIES — 5.4%
U.S. Treasury Bills — 5.4%
	50,000,000	0.20%, 02/25/2010(d)	1.6		49,988,500
	100,000,000	0.23%, 01/14/2010(d)	3.1		99,992,500
	23,000,000	0.30%, 12/17/2009(d)	0.7		22,991,109
Total U.S. Government Securities (Cost $172,911,206)					172,972,109
Shares
INVESTMENT COMPANY — 1.2%
	38,866,600	SEI Daily Income Trust Government II Fund, Class A	1.2		38,866,600
Total Investment Company (Cost $38,866,600)					38,866,600

27

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

Contracts			Percentage of Net Assets (%)	Value
CALL OPTIONS PURCHASED — 0.1%
UNITED STATES — 0.1%
	2,895	Other Securities	0.1	$	2,055,450
Total Call Options Purchased (Cost $4,341,542)					2,055,450
Shares
CASH SWEEP — 1.8%
	59,517,382	Citibank US Dollars on Deposit in Custody Account	1.8		59,517,382
Total Cash Sweep (Cost $59,517,382)					59,517,382
TOTAL INVESTMENTS — 101.0% (Cost $2,891,798,340)(a)					3,253,116,426
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%					(33,583,312	)
NET ASSETS — 100.0%				$	3,219,533,114
FUTURES CONTRACTS: LONG POSITION
Contracts				Unrealized Depreciation
	2,292	S&P Mid 400 E-mini Futures, December 2009		$	(8,301,420	)

	Cash collateral of $13,442,000 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.
(a)	Cost for federal income tax purposes is $2,895,135,415 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	494,853,837
Unrealized depreciation		(136,872,826	)
Net unrealized depreciation	$	357,981,011

(b)	Illiquid security.
(c)	Non-income producing security.
(d)	The rate represents the annualized yield at time of purchase.
ADR — American Depositary Receipt
REIT — Real Estate Investment Trust
	Securities with a value of $2,568,208, or 0.08% of net assets were fair valued by the Board of Directors.
	This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete Portfolio of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov.

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.4	%
Consumer Discretionary	15.2	%
Consumer Staples	6.9	%
Diversified Financials	4.9	%
Energy	7.1	%
Health Care	9.1	%
Industrials	15.0	%
Information Technology	13.0	%
Insurance	3.0	%
Materials	5.9	%
Real Estate	1.2	%
Telecommunication Services	0.5	%
Utilities	2.0	%
Other*	13.8	%
	100.0	%

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

28

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS	October 31, 2009

Shares			Value
COMMON STOCKS — 11.4%
AUSTRALIA — 0.2%
	338,380	Australian Worldwide Exploration Ltd.(b)	$	794,984
	1,187,680	Beach Petroleum Ltd.		849,924
	874,900	International Ferro Metals Ltd.(b)		603,092
	66,350	Rio Tinto Ltd.		3,809,245
	834,140	Sigma Pharmaceuticals Ltd.		705,798
				6,763,043
AUSTRIA — 0.1%
	71,860	Semperit AG Holding		2,529,604
BAHAMAS — 0.0%
	17,990	Steiner Leisure Ltd.(b)		664,910
BELGIUM — 0.2%
	42,314	Anheuser-Busch InBev NV		1,992,994
	129,140	Euronav NV		2,527,648
				4,520,642
BRAZIL — 0.4%
	143,820	Banco Pine SA - Preference Shares		843,359
	195,744	BM&FBOVESPA SA		1,261,180
	190,290	Grendene SA		852,287
	42,990	M Dias Branco SA		926,862
	97,800	Petroleo Brasileiro SA - ADR		3,923,736
	135,300	Tam SA - ADR(b)		1,930,731
	126,200	Vale SA - ADR		2,915,220
				12,653,375
CANADA — 0.6%
	500,000	Asian Coast Development Ltd.(c)		13,000,000
	233,550	ATS Automation Tooling Systems, Inc.(b)		1,349,002
	418,360	Corridor Resources, Inc.(b)		1,217,905
	44,070	Husky Energy, Inc.		1,160,755
	411,940	Western Coal Corp.(b)		1,065,969
	96,470	Westshore Terminals Income Fund		1,135,833
				18,929,464
CHILE — 0.1%
	845,850	Empresa Electrica del Norte Grande SA		1,371,457
CHINA — 0.2%
	3,700	Baidu Inc. - ADR(b)		1,398,304
	3,843,000	China Construction Bank Corp. - H Shares		3,376,794
	1,110,000	Qingling Motors Co. Ltd. - H Shares		233,452
	275,700	Shandong Airlines Co. Ltd. - B Shares(b)		208,459
	286,200	Shandong Chenming Paper Holdings Ltd. - B Shares		201,258

Shares			Value
CHINA (continued)
	1	Shanghai Friendship Group, Inc. Ltd. - B Shares	$	1
	290,200	Weifu High-Technology Co. Ltd. - B Shares		267,726
	142,000	Yanzhou Coal Mining Co. Ltd. - H Shares		226,095
				5,912,089
DENMARK — 0.1%
	250,760	Torm AS		2,702,342
EGYPT — 0.1%
	45,261	Orascom Telecom Holding SAE - GDR		1,543,400
	85,220	Telecom Egypt		276,074
				1,819,474
FINLAND — 0.0%
	31,509	Fortum Oyj		747,951
FRANCE — 0.2%
	48,993	Groupe Danone		2,952,875
	43,793	Pernod-Ricard SA		3,659,997
				6,612,872
GERMANY — 0.5%
	71,800	Demag Cranes AG		2,489,453
	150,700	E.ON AG		5,786,174
	46,440	K+S AG		2,541,006
	107,880	Kloeckner & Co. SE(b)		2,370,309
	1,119,770	QSC AG(b)		2,603,695
				15,790,637
GREECE — 0.1%
	102,270	OPAP SA		2,618,796
HONG KONG — 0.2%
	1,308,560	China Pharmaceutical Group Ltd.		742,905
	866,680	Digital China Holdings Ltd.		906,915
	15,472	Hopewell Highway Infrastructure Ltd.		9,363
	4,468,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		778,277
	1,143,000	Hutchison Telecommunications International Ltd.		231,544
	264,320	Jinhui Shipping & Transportation Ltd.(b)		780,141
	332,230	Kingboard Laminates Holdings Ltd.		234,913
	521,110	RCG Holdings Ltd.(b)		684,220
	4,068,000	Singamas Container Holdings Ltd.(b)		787,335
				5,155,613
INDIA — 0.3%
	159,790	Bajaj Finserv Ltd.		1,047,915
	26,300	Container Corp. of India		616,019
	2,180,000	GMR Infrastructure Ltd.(b)		2,859,321

29

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

Shares			Value
INDIA (continued)
	66,190	Gujarat Flourochemicals Ltd.	$	197,309
	28,240	Nava Bharat Ventures Ltd.		210,485
	70,720	Polaris Software Lab Ltd.		235,733
	137,000	Rajesh Exports Ltd.		224,614
	48,100	Reliance Industries Ltd.		1,977,820
	19,830	Tata Steel Ltd.		199,081
	36,534	United Spirits Ltd.		823,639
				8,391,936
INDONESIA — 0.0%
	2,760,500	Berlian Laju Tanker Tbk PT		205,231
	696,000	Medco Energi Internasional Tbk PT		198,597
				403,828
IRELAND — 0.0%
	139,100	Elan Corp. Plc - ADR(b)		758,095
ISRAEL — 0.1%
	61,400	Teva Pharmaceutical Industries Ltd. - ADR		3,099,472
ITALY — 0.3%
	174,140	ERG SpA.		2,578,105
	1,580,800	Intesa Sanpaolo SpA(b)		6,688,349
				9,266,454
JAPAN — 0.5%
	89,300	Aeon Mall Co. Ltd.		1,924,590
	37,000	ASKUL Corp.		735,766
	220	Best Bridal Inc.		757,652
	16,000	C Uyemura & Co. Ltd.		675,443
	30,000	Cosmos Pharmaceutical Corp.		779,870
	126,000	Daicel Chemical Industries Ltd.		776,871
	63,000	Daiichikosho Co. Ltd.		734,878
	143,000	Daiwa Industries Ltd.		753,008
	380	Digital Garage Inc.		742,987
	41,000	Doshisha Co. Ltd.		777,959
	1,000	en-japan, Inc.		1,134,255
	365,000	Mitsubishi Steel Manufacturing Co. Ltd.(b)		733,933
	619,000	Nippon Coke & Engineering Co. Ltd.		770,183
	33,000	Ryoshoku Ltd.		801,033
	25,000	Token Corp.		799,867
	487,000	Tokyotokeiba Co. Ltd.		773,660
	64,000	Yorozu Corp.		777,115
				14,449,070
MALAYSIA — 0.0%
	619,000	DRB-Hicom Berhad		197,717
	380,900	SapuraCrest Petroleum Berhad		233,284
				431,001
MEXICO — 0.3%
	181,700	America Movil SAB de CV - ADR, Series L		8,018,421

Shares			Value
MEXICO (continued)
	622,900	Grupo Financiero Banorte SAB de CV - Series O	$	1,990,827
				10,009,248
MOROCCO — 0.0%
	1,500	Cosumar		291,675
NETHERLANDS — 0.3%
	52,060	Accell Group		2,539,755
	92,610	Grontmij NV CVA		2,555,426
	86,730	Sligro Food Group NV		2,675,252
				7,770,433
RUSSIA — 0.1%
	119,200	Gazprom OAO - ADR		2,878,680
	14,020	Mobile Telesystems OJSC - ADR		635,106
				3,513,786
SINGAPORE — 0.1%
	423,780	Chartered Semiconductor Manufacturing Ltd.(b)		795,221
	1,402,000	Chemoil Energy Ltd.		757,080
	1,518,000	Hi-P International Ltd.		752,745
				2,305,046
SOUTH AFRICA — 0.0%
	18,362	ArcelorMittal South Africa Ltd.		251,237
	45,720	Barloworld Ltd.		286,848
	27,390	Cashbuild Ltd.		244,827
	134,220	Grindrod Ltd.		309,857
	1,414,120	Merafe Resources Ltd.(b)		257,113
				1,349,882
SOUTH KOREA — 0.1%
	35,740	Global & Yuasa Battery Co. Ltd.		618,214
	16,620	Korea Line Corp.		694,462
	26,900	LG Display Co. Ltd.		656,431
	285,920	ON*Media Corp.(b)		824,688
				2,793,795
SPAIN — 0.3%
	45,820	Corp. Financiera Alba		2,393,798
	122,480	Gas Natural SDG SA		2,468,490
	714,700	Iberdrola Renovables SA		3,186,916
				8,049,204
SWITZERLAND — 0.3%
	2,630	Elektrizitaets-Gesellschaft Laufenburg AG		2,550,785
	28,667	Roche Holding AG		4,602,256
	11,000	Valora Holding AG		2,626,962
				9,780,003
TAIWAN — 0.1%
	3,849	Ability Enterprise Co. Ltd.		7,219
	399,050	Chi Mei Optoelectronics Corp.(b)		203,678

30

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

Shares			Value
	TAIWAN (continued)
	80,000	Chinese Maritime Transport Ltd.	$	213,264
	6,691	Chroma ATE, Inc.		13,105
	1,787,460	Chunghwa Picture Tubes Ltd.(b)		187,413
	63,469	Dynapack International Technology Corp.		197,103
	176,000	First Steamship Co. Ltd.		226,474
	197,000	Formosa Advanced Technologies Co. Ltd.		235,021
	2,440	Formosa Chemicals & Fibre Corp.		4,614
	136,000	Gemtek Technology Corp.		211,592
	88,000	Green Energy Technology Inc.		200,228
	904	Quanta Computer, Inc.		1,737
	1,190	Quanta Storage, Inc.		2,170
	2,700	Radiant Opto-Electronics Corp.		3,059
	153,000	Senao International Co. Ltd.		207,462
	135,000	Taiwan Navigation Co. Ltd.		184,715
	10,710	Yieh Phui Enterprise Co. Ltd.		3,524
				2,102,378
	THAILAND — 0.1%
	168,400	Airports of Thailand Public Co. Ltd. - FOR		193,969
	9,998,800	Bangkokland Public Co. Ltd.(b)		176,493
	93,100	Electricity Generating Public Co. Ltd. - NVDR		208,901
	1,823,620	Home Product Center Public Co. Ltd.		228,055
	1,058,700	LPN Development Public Co. Ltd. - FOR		221,717
	397,700	Precious Shipping Public Co. Ltd.		220,118
	67,100	Thai Plastic & Chemical Public Co. Ltd.		36,536
	322,000	Thai Plastic & Chemical Public Co. Ltd. - FOR		175,330
	63,900	Thai Stanley Electric Public Co. Ltd.		200,733
	282,290	Thoresen Thai Agencies Public Co. Ltd.		225,916
				1,887,768
TURKEY — 0.0%
	258,760	Turk Hava Yollari AO		726,404
	104,610	Yazicilar Holding AS - Class A		636,741
				1,363,145
UNITED KINGDOM — 0.7%
	979,300	Rolls-Royce Group Plc(b)		7,261,696
	58,758,000	Rolls-Royce Group Plc - C Shares(c)		96,437
	122,400	Standard Chartered Plc		3,014,349
	386,500	Tesco Plc		2,584,005
	1,095,300	Vodafone Group Plc		2,418,760

Shares			Value
UNITED KINGDOM (continued)
	518,190	WPP Plc	$	4,664,893
				20,040,140
UNITED STATES — 4.8%
	13,950	Abbott Laboratories		705,452
	16,180	Advance Auto Parts, Inc.		602,867
	36,700	Amazon.com, Inc.(b)		4,360,327
	14,950	Amedisys, Inc.(b)		594,861
	21,880	American Physicians Capital, Inc.		618,766
	27,030	America’s Car-Mart, Inc.(b)		560,332
	18,630	Andersons, Inc. (The)		578,089
	50,800	AON Corp.		1,956,308
	118,410	APAC Customer Services, Inc.(b)		763,744
	40,360	Apogee Enterprises, Inc.		534,366
	31,700	Apple, Inc.(b)		5,975,450
	28,660	Arch Coal, Inc.		620,776
	5,620	Arden Group, Inc. - Class A		633,767
	47,400	Autodesk, Inc.(b)		1,181,682
	47,900	Baker Hughes, Inc.		2,015,153
	29,480	Barnes & Noble, Inc.		489,663
	48,600	Baxter International, Inc.		2,627,316
	55,400	Bed Bath & Beyond, Inc.(b)		1,950,634
	25,290	Black Hills Corp.		616,317
	24,140	Brink’s Co. (The)		572,842
	49,540	Cabela’s, Inc.(b)		622,718
	18,750	Carlisle Cos., Inc.		582,000
	54,260	Celadon Group, Inc.(b)		529,578
	32,200	Celgene Corp.(b)		1,643,810
	30,300	Cephalon, Inc.(b)		1,653,774
	13,250	Chubb Corp.		642,890
	13,140	Contango Oil & Gas Co.(b)		626,121
	22,080	Discovery Communications, Inc. - Class A(b)		607,200
	35,060	DISH Network Corp. - Class A(b)		610,044
	12,790	Dollar Tree, Inc.(b)		577,213
	75,190	Earthlink, Inc.		609,039
	3,900	Edwards Lifesciences Corp.(b)		300,066
	31,020	EMC Insurance Group, Inc.		638,392
	28,780	Endo Pharmaceuticals Holdings, Inc.(b)		644,672
	23,500	EOG Resources, Inc.		1,919,010
	164,200	Fifth Third Bancorp.		1,467,948
	11,790	Fluor Corp.		523,712
	112,070	Force Protection, Inc.(b)		493,108
	22,410	Forest Laboratories, Inc.(b)		620,085
	49,990	Fred’s, Inc. - Class A		591,882
	29,310	Gap, Inc. (The)		625,475
	38,720	General Electric Co.		552,147
	93,500	Gilead Sciences, Inc.(b)		3,978,425
	26,380	Global Partners LP		651,586
	11,500	Goldman Sachs Group, Inc. (The)		1,956,955
	9,200	Google, Inc. - Class A(b)		4,932,304

31

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

Shares				Value
UNITED STATES (continued)
	20,600		Gulfmark Offshore, Inc.(b)	$	570,002
	57,890		H&E Equipment Services, Inc.(b)		613,634
	18,380		Harsco Corp.		578,786
	74,250		Hawaiian Holdings, Inc.(b)		526,432
	23,290		HCC Insurance Holdings, Inc.		614,623
	15,150		Hubbell, Inc. - Class B		644,330
	69,400		Huntsman Corp.		551,730
	28,440		Huron Consulting Group, Inc.(b)		659,808
	40,110		i2 Technologies, Inc.(b)		631,331
	41,760		IMS Health, Inc.		684,446
	14,730		Infinity Property & Casuality Corp.		569,609
	55,460		Insight Enterprises, Inc.(b)		583,439
	5,340		International Business Machines Corp.		644,057
	14,820		J & J Snack Foods Corp.		580,499
	13,760		Jacobs Engineering Group, Inc.(b)		581,910
	66,400		Janus Capital Group, Inc.		871,168
	23,400		Jo-Ann Stores, Inc.(b)		622,908
	13,490		Jos. A. Bank Clothiers, Inc.(b)		552,820
	186,900		JPMorgan Chase & Co.		7,806,813
	210,800		Juniper Networks, Inc.(b)		5,377,508
	98,700		Keycorp		531,993
	11,290		Kimberly-Clark Corp.		690,496
	11,680		Kohl’s Corp.(b)		668,330
	6,760		K-Tron International, Inc.(b)		642,538
	20,410		LB Foster Co. - Class A(b)		573,113
	20,540		LHC Group, Inc.(b)		573,271
	28,970		Lincoln Educational Services Corp.(b)		574,185
	150,900		Lowe’s Cos., Inc.		2,953,113
	11,210		Manpower, Inc.		531,466
	13,110		Mantech International Corp - Class A(b)		575,005
	48,250		Marcus Corp.		564,525
	15,800		Mastercard, Inc. - Class A		3,460,516
	58,890		Matrix Service Co.(b)		522,354
	24,950		McGraw-Hill Cos., Inc. (The)		718,061
	79,000		Microsoft Corp.		2,190,670
	39,470		Mirant Corp.(b)		551,791
	25,890		Mueller Industries, Inc.		612,557
	22,020		Multi-Fineline Electronix, Inc.(b)		600,045
	49,200		Murphy Oil Corp.		3,008,088
	56,480		National Beverage Corp.(b)		618,456
	7,670		National Presto Industries, Inc.		666,753
	200,280		Newpark Resources, Inc.(b)		602,843
	53,000		NIKE, Inc. - Class B		3,295,540
	17,160		Noble Corp.		699,098
	58,700		Northern Trust Corp.		2,949,675
	19,390		Northwest Pipe Co.(b)		583,639
	1,600		NVR, Inc.(b)		1,059,632
	24,510		Pactiv Corp.(b)		565,936
Shares				Value
UNITED STATES (continued)
	26,390		Papa John’s International, Inc.(b)	$	593,775
	39,380		Perry Ellis International, Inc.(b)		538,325
	21,230		PPL Corp.		625,011
	25,000		Praxair, Inc.		1,986,000
	37,340		Quest Software, Inc.(b)		626,192
	229,300		Quiksilver, Inc.(b)		456,307
	47,400		Red Hat, Inc.(b)		1,223,394
	15,240		Reliance Steel & Aluminum Co.		555,955
	14,330		Reynolds American, Inc.		694,718
	63,120		RPC, Inc.		590,172
	20,080		Safety Insurance Group, Inc.		672,078
	21,230		Scansource, Inc.(b)		539,030
	33,200		Schlumberger Ltd.		2,065,040
	11,510		Schnitzer Steel Industries, Inc. - Class A		497,692
	510		Seaboard Corp.		689,010
	7,950		SEACOR Holdings, Inc.(b)		646,096
	10,540		Sherwin-Williams Co. (The)		601,202
	59,800		Smith International, Inc.		1,658,254
	21,700		STERIS Corp.		634,942
	80,610		TeleCommunication Systems, Inc. - Class A(b)		720,653
	37,270		TeleTech Holdings, Inc.(b)		666,760
	14,840		Torchmark Corp.		602,504
	13,580		Travelers Cos., Inc. (The)		676,148
	26,490		United Natural Foods, Inc.(b)		638,674
	25,820		W.R. Berkley Corp.		638,270
	115,250		Wal-Mart Stores, Inc.		5,725,620
	90,500		WellPoint, Inc.(b)		4,231,780
	29,030		Weyco Group, Inc.		647,369
	26,370		World Acceptance Corp.(b)		661,623
	74,800		Yum! Brands, Inc.		2,464,660
					145,975,662
Total Common Stocks (Cost $315,173,772)					342,824,290
EXCHANGE TRADED FUNDS — 2.7%
UNITED STATES — 2.7%
	150,000		iShares iBoxx High Yield Corp. Bond Fund		12,777,000
	650,000		iShares MSCI Malaysia Index Fund		6,818,500
	565,000		iShares MSCI South Korea Index Fund		24,227,200
	960,000		iShares MSCI Taiwan Index Fund		11,145,600
	265,000		SPDR Gold Trust(b)		27,162,500
Total Exchange Traded Funds (Cost $69,053,180)					82,130,800
PREFERRED STOCKS — 0.0%
UNITED STATES — 0.0%
		5,000	Crown Castle International Corp., Cnv.(b)		265,000
		225,000	Fannie Mae(b)		258,750

32

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

Shares			Value
UNITED STATES (continued)
	250,000	Freddie Mac(b)	$	275,000
Total Preferred Stocks (Cost $6,953,580)				798,750
RIGHTS/WARRANTS — 0.0%
UNITED STATES — 0.0%
	483,600	Sapphire Industrials Corp., Warrants, Expires 01/17/12(b)		188,604
Total Rights/Warrants (Cost $261,158)				188,604
Principal Amount			Value
BANK LOANS — 3.1%
UNITED STATES — 3.1%
$	4,040,387	Accellent, Inc., 3.65%, 11/22/12(d)		3,797,964
	994,898	Amscan Holdings, Inc., 3.15%, 05/27/13(d)		895,408
	17,668	ARAMARK Corp., 1.81%, 01/26/14(d)		16,186
	269,265	ARAMARK Corp., 3.10%, 01/26/14(d)		246,677
	2,983,871	BSC International Holding Ltd., 2.98%, 04/21/11(d)		2,894,355
	1,593,772	Calpine Corp., 3.48%, 03/29/14(d)		1,463,282
	1,994,911	Cengage Learning Acquisitions, Inc., 2.79%, 07/03/14(d)		1,726,430
	1,988,862	Central Garden & Pet Co., 1.79%, 09/30/12(d)		1,876,159
	4,000,000	Cequel Communications LLC., Tranche B Term Loan (Second Lien), 6.28%, 05/05/14(d)		3,958,000
	747,709	CommScope, Inc., 3.45%, 12/26/14(d)		714,374
	1,445,233	CommScope, Inc., 3.59%, 12/28/14(d)		1,394,650
	2,188,250	DJO Finance LLC/DJO Finance Corp., 3.34%, 05/20/14(d)		2,101,633
	2,563,563	Dollar General Corp., 3.61%, 07/07/14(d)		2,446,764
	1,750,000	Dresser, Inc., 3.10%, 05/04/14(d)		1,631,145
	994,937	Flextronics International Ltd., 2.54%, 10/01/14(d)		920,316
	264,280	Flextronics International Ltd., 2.68%, 10/01/14(d)		243,798
	895,192	Flextronics International Ltd., 2.69%, 10/01/14(d)		825,815
Principal Amount			Value
UNITED STATES (continued)
$	994,825	Helix Energy Solutions Group, Inc., 2.51%, 07/01/13(d)	$	967,468
	3,500,000	Insight Midwest Holdings LLC, 3.47%, 04/07/14(d)		3,317,500
	2,000,000	Intelsat Jackson Holdings Ltd., 3.25%, 02/01/14(d)		1,782,000
	387,763	Isle of Capri Casinos, Inc., 2.06%, 11/25/13(d)		362,619
	341,034	Isle of Capri Casinos, Inc., 2.35%, 11/25/13(d)		318,920
	969,466	Isle of Capri Casinos, Inc., 2.83%, 11/25/13(d)		906,602
	2,393,038	L-1 Identity Solutions, Inc., 7.03%, 08/05/13(d)		2,401,014
	1,850,000	Language Line, Term B Loan, 3.50%, 10/28/15(d)		1,840,750
	1,126,064	Las Vegas Sands Corp., I Term Loan, 1.75%, 05/23/14(d)		910,704
	623,936	Las Vegas Sands Corp., Tranche B Term Loan, 1.75%, 05/23/14(d)		504,608
	997,487	Manitowoc Co., Inc., 7.50%, 11/06/14(d)		978,785
	4,324,268	MGM Mirage, Inc., 6.00%, 10/03/11(d)		3,935,084
	2,462,500	Michael Foods, Inc., 6.50%, 04/27/14(d)		2,485,074
	1,496,144	Michaels Stores, Inc., Replacement Loan, 2.55%, 10/31/13(d)		1,336,244
	1,157,223	NRG Energy, Inc., 1.24%, 02/01/13(d)		1,086,946
	2,154,530	NRG Energy, Inc., 2.19%, 02/01/13(d)		2,023,688
	3,405,170	Nuveen Investments, Inc., 3.49%, 11/13/14(d)		2,928,446
	1,000,000	Nuveen Investments, Inc., 12.50%, 07/21/15(d)		860,000
	2,529,555	Oshkosh Corp., 6.59%, 12/06/13(d)		2,521,812
	2,981,001	OSI Restaurant Partners LLC, 2.56%, 06/14/14(d)		2,475,295
	253,664	OSI Restaurant Partners LLC, Pre-Funded Loan, 2.25%, 06/14/13(d)		210,632
	2,352,624	Penn National Gaming, Inc., 2.44%, 10/03/12(d)		2,265,871
	2,077,232	Petco Animal Supplies Stores, Inc., 2.95%, 10/26/13(d)		1,991,114

33

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

Principal Amount				Value
UNITED STATES (continued)
$	1,982,259		Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 3.01%, 04/02/14(d)	$	1,852,421
	2,500,000		Rental Service Corp., 4.22%, 11/30/13(d)		2,256,250
	3,368,557		Sensata Technologies B.V./Sensata Technologies Finance Co. LLC, 2.25%, 04/27/13(d)		2,887,486
	274,821		ServiceMaster Co. (The), 2.75%, 07/24/14(d)		243,751
	2,759,658		ServiceMaster Co. (The), 2.83%, 07/24/14(d)		2,447,662
	1,085,577		Spectrum Brands, Inc., 6.50%, 03/30/13(d)		1,058,709
	12,229		Spectrum Brands, Inc., 6.50%, 03/30/13(d)		11,926
	2,000,000		Starwood Hotel & Resorts Worldwide, Inc., 3.25%, 06/29/10(d)		1,920,000
	342,399		SunGard Data Systems, Inc., 2.03%, 02/28/14(d)		320,357
	1,000,000		SunGard Data Systems, Inc., Tranche B Term Loan, 3.63%, 02/28/16(d)		966,429
	1,984,694		Time Warner Telecom Holdings, Inc., 2.00%, 01/07/13(d)		1,900,344
	1,249,661		TRW Automotive, Inc., 6.00%, 02/09/14(d)		1,245,756
	2,018,605		URS Corp., 1.96%, 11/15/12(d)		1,946,272
	1,488,778		Vanguard Health Holding Co. II LLC, 2.56%, 09/23/11(d)		1,450,164
	1,008,900		Virgin Media Investment Holdings Ltd., 4.00%, 09/03/12(d)		974,850
	474,400		Warner Chilcott Company, Inc., 1.75%, 10/14/18(d)		475,586
	1,356,000		Warner Chilcott Company, Inc., Term A Loan, 1.75%, 10/14/14(d)		1,359,390
	1,491,600		Warner Chilcott Company, Inc., Term B Loan, 3.50%, 10/30/15(d)		1,495,329
	678,000		Warner Chilcott Finance LLC, Term B-2 Loan (First Lien), 3.50%, 10/30/15(d)		679,695
	2,082,554		Yankee Candle Co., Inc., 2.27%, 02/06/14(d)		1,938,262
Total Bank Loans (Cost $85,706,095)					92,994,771
Principal Amount				Value
CORPORATE BONDS — 61.7%
AUSTRALIA — 0.3%
$	1,000,000		Rio Tinto Finance USA Ltd., 8.95%, 05/01/14	$	1,181,872
	9,000,000	(e)	Transpacific Industries Group Ltd., Cnv., 6.75%, 12/07/14		7,159,091
					8,340,963
AUSTRIA — 0.5%
	6,462,800	(e)	A-TEC Industries AG, Cnv., 2.75%, 05/10/14		14,266,457
BERMUDA — 1.9%
	7,000,000	(f)	Celestial Nutrifoods Ltd., Cnv., 15.73%, 06/12/11(g)		3,502,123
	21,000,000		Central European Media Enterprises Ltd., Cnv., 3.50%, 03/15/13(h)		16,091,250
	12,500,000		Global Crossing Ltd., Cnv., 5.00%, 05/15/11		12,000,000
	2,500,000		Intelsat Bermuda Ltd., STEP, 11.25%, 02/04/17(h)		2,487,500
	2,250,000		Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		2,396,250
	3,400,000		Intelsat Ltd., 7.63%, 04/15/12		3,298,000
	4,600,000		Intelsat Ltd., 6.50%, 11/01/13		4,232,000
	1,500,000		Intelsat Subsidiary Holding Co. Ltd., 8.88%, 01/15/15(h)		1,505,625
	5,500,000		Pacific Andes Holdings Ltd., Cnv., 4.00%, 04/18/12		4,876,850
	200,000		Petroplus Finance Ltd., 6.75%, 05/01/14(h)		187,000
	1,000,000		Petroplus Finance Ltd., 9.38%, 09/15/19(h)		1,002,500
	7,000,000		Seadrill Ltd., Cnv., 3.63%, 11/08/12		6,560,701
					58,139,799
BRAZIL — 0.0%
	1,000,000		Petrobras International Finance Co., 5.75%, 01/20/20		997,000
CANADA — 1.0%
	3,000,000		Cascades, Inc., 7.25%, 02/15/13		2,932,500
	1,000,000		Celestica, Inc., 7.88%, 07/01/11		1,020,000
	1,500,000		Celestica, Inc., 7.63%, 07/01/13		1,537,500

34

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

Principal Amount				Value
CANADA (continued)
$	17,000,000		Lions Gate Entertainment Corp., Cnv., 2.94%, 10/15/24	$	15,278,750
	3,200,000		Teck Resources Ltd., 10.75%, 05/15/19		3,728,000
	3,325,000		Videotron Ltee, 6.88%, 01/15/14		3,325,000
	100,000		Videotron Ltee, 9.13%, 04/15/18		108,250
	1,750,000		Videotron Ltee, 9.13%, 04/15/18(h)		1,894,375
					29,824,375
CHINA — 0.9%
	11,000,000		China Medical Technologies, Inc., Cnv., 3.50%, 11/15/11		9,405,000
	14,000,000		China Medical Technologies, Inc., Cnv., 4.00%, 08/15/13		10,202,500
	6,039,000		Yingli Green Energy Holding Co. Ltd., Cnv., 6.95%, 12/15/12(g)		6,348,499
					25,955,999
FINLAND — 0.2%
	5,000,000	(e)	Talvivaara Mining Co. Plc, Cnv., 5.25%, 05/20/13		6,154,582
FRANCE — 0.8%
	1,000,000		Cie Generale de Geophysique- Veritas, 7.50%, 05/15/15		992,500
	2,000,000		Cie Generale de Geophysique- Veritas, 9.50%, 05/15/16(h)		2,105,000
	500,000		Cie Generale de Geophysique- Veritas, 7.75%, 05/15/17		495,000
	33,838,000	(e)	Rhodia SA, Cnv., 5.00%, 01/01/14		20,278,051
					23,870,551
GERMANY — 0.4%
	500,000		Kabel Deutschland GmbH, 10.63%, 07/01/14		526,875
	2,637,000	(i)	Kreditanstalt Fuer Wiederaufbau, 6.50%, 11/15/11		1,956,092
	8,000,000	(e)	TUI AG, Cnv., 2.75%, 09/01/12		8,646,101
					11,129,068
Principal Amount				Value
HONG KONG — 0.5%
$	14,700,000		China Milk Products Group Ltd., Cnv., 11.11%, 01/05/12(g)	$	16,322,968
	72,300,000	(e)	FU JI Food and Catering Services Holdings Ltd., Cnv., 11.58%, 11/09/49(c)(g)		0
					16,322,968
INDIA — 0.5%
	13,000,000		Ranbaxy Laboratories Ltd., Cnv., 14.20%, 03/18/11(g)		14,981,811
JAPAN — 0.6%
	650,000,000	(e)	Konica Minolta Holdings, Inc., Cnv., 11.39%, 12/07/09(g)		6,978,862
	1,200,000,000	(e)	Pioneer Corp., Cnv., 21.07%, 03/04/11(g)		9,961,100
					16,939,962
LUXEMBOURG — 1.0%
	1,000,000		ArcelorMittal, 9.00%, 02/15/15		1,154,470
	1,000,000		FMC Finance III SA, 6.88%, 07/15/17		982,500
	500,000		Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(h)		515,600
	13,500,000	(e)	Kloeckner & Co. Finance International SA, Cnv., 1.50%, 07/27/12		17,062,577
	8,500,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(h)		9,605,000
					29,320,147
MALAYSIA — 0.2%
	19,200,000	(e)	Berjaya Land Berhad, Cnv., 8.00%, 08/15/11		5,701,491
NETHERLANDS — 0.2%
	5,118,750	(e)	EM.TV Finance BV, Cnv., 5.25%, 05/08/13		5,354,612
	500,000	(e)	Praktiker Finance BV, Cnv., 2.25%, 09/28/11		685,188
					6,039,800
NEW ZEALAND — 0.1%
	3,074,000	(e)	European Investment Bank, 6.50%, 09/10/14		2,283,732
NORWAY — 1.4%
	33,400,000		Petroleum Geo-Services ASA, Cnv., 2.70%, 12/03/12		28,189,299
	10,000,000		Subsea 7, Inc., Cnv., 2.80%, 06/06/11		9,437,500

35

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

Principal Amount				Value
NORWAY (continued)
$	5,000,000		Subsea 7, Inc., Cnv., 1.90%, 06/29/17(g)	$	4,935,850
					42,562,649
PHILIPPINES — 0.7%
	20,000,000		First Gen Corp., Cnv., 2.50%, 02/11/13		20,963,500
SINGAPORE — 0.0%
	250,000		Flextronics International Ltd., Cnv., 1.00%, 08/01/10		243,438
SOUTH AFRICA — 0.4%
	75,000,000	(e)	Netcare Ltd., Cnv., 6.00%, 09/30/11		8,907,955
	20,000,000	(e)	Steinhoff International Holdings Ltd., Cnv., 5.70%, 07/31/13		2,103,073
	19,000,000	(e)	Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15		2,384,123
					13,395,151
SOUTH KOREA — 0.3%
	11,000,000		Hynix Semiconductor, Inc., Cnv., 4.50%, 12/14/12		10,717,311
SWEDEN — 0.1%
	910,000	(i)	Svensk Exportkredit AB, 7.63%, 06/30/14		680,935
	2,000,000		Volvo Treasury AB, 5.95%, 04/01/15(h)		2,033,180
					2,714,115
THAILAND — 0.4%
	13,200,000		Thoresen Thai Agencies Public Co. Ltd., Cnv., 2.50%, 09/24/12		12,927,974
UNITED ARAB EMIRATES — 0.5%
	15,350,000		Dana Gas Sukuk Ltd., Cnv., 7.50%, 10/31/12		14,533,887
UNITED KINGDOM — 2.1%
	5,000,000		Anglo American Capital Plc, 9.38%, 04/08/14(h)		5,839,715
	17,000,000		International Power Finance (Jersey) III Ltd., Cnv., 4.75%, 06/05/15		22,172,002
	13,325,000		Shire Plc, Cnv., 2.75%, 05/09/14		12,445,630
	8,089,000		SOCO Finance (Jersey) Ltd., Cnv., 4.50%, 05/16/13		7,977,776
Principal Amount				Value
UNITED KINGDOM (continued)
$	12,000,000		Vedanta Finance (Jersey) Ltd., Cnv., 4.60%, 02/21/26	$	12,045,000
	2,250,000		Virgin Media Finance Plc, 9.13%, 08/15/16		2,317,500
	1,000,000		Virgin Media Finance Plc, 9.50%, 08/15/16		1,057,500
					63,855,123
UNITED STATES — 46.6%
	1,000,000		Accellent, Inc., 10.50%, 12/01/13		980,000
	31,134,000		ADC Telecommunications, Inc., Cnv., 1.59%, 06/15/13(d)		24,206,685
	15,000,000		Advanced Micro Devices Inc., Cnv., 5.75%, 08/15/12		12,637,500
	4,000,000		AES Corp. (The), 9.75%, 04/15/16(h)		4,360,000
	3,250,000		AES Corp. (The), 8.00%, 10/15/17		3,266,250
	500,000		AES Corp. (The), 8.00%, 06/01/20		500,000
	5,000,000		Affiliated Managers Group, Inc., Cnv, 3.95%, 08/15/38		4,725,000
	1,750,000		Affinion Group Inc., 10.13%, 10/15/13		1,793,750
	2,250,000		Affinion Group Inc., 11.50%, 10/15/15		2,351,250
	11,000,000		Affymetrix, Inc., Cnv., 3.50%, 01/15/38		8,758,750
	2,500,000		Airgas, Inc., 7.13%, 10/01/18(h)		2,581,250
	3,500,000		AK Steel Corp., 7.75%, 06/15/12		3,508,750
	2,000,000		Alcatel-Lucent USA Inc., 2.88%, 06/15/25		1,655,000
	6,045,000		Alexandria Real Estate Equities, Inc., REIT, Cnv., 3.70%, 01/15/27(h)		5,576,512
	3,860,000		Allbritton Communications Co., 7.75%, 12/15/12		3,647,700
	2,500,000		Alliant Techsystems, Inc., 6.75%, 04/01/16		2,456,250
	2,000,000		Altria Group, Inc., 7.75%, 02/06/14		2,282,226
	3,000,000		Altria Group, Inc., 9.25%, 08/06/19		3,637,212
	1,000,000		Ameren Corp., 8.88%, 05/15/14		1,121,415
	250,000		American Airlines, Inc., 10.50%, 10/15/12(h)		256,250

36

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

Principal Amount			Value
UNITED STATES (continued)
$	2,900,000	American Casino & Entertainment Properties LLC, 11.00%, 06/15/14(h)	$	2,552,000
	500,000	American Tower Corp., 4.63%, 04/01/15(h)		505,932
	2,500,000	Amerigas Partners LP, 7.25%, 05/20/15		2,462,500
	3,000,000	Ameristar Casinos, Inc., 9.25%, 06/01/14(h)		3,120,000
	5,000,000	Amkor Technology, Inc., Cnv., 2.50%, 05/15/11		4,743,750
	20,000,000	Amylin Pharmaceuticals, Inc., Cnv., 2.50%, 04/15/11		18,875,000
	3,000,000	Anheuser-Busch InBev Worldwide, Inc., 4.13%, 01/15/15(h)		3,024,864
	1,450,000	ARAMARK Corp., 5.00%, 06/01/12		1,363,000
	10,000,000	ARAMARK Corp., 8.50%, 02/01/15		10,100,000
	2,000,000	Arch Western Finance LLC, 6.75%, 07/01/13		1,930,000
	600,000	ArvinMeritor, Inc., 8.75%, 03/01/12		588,000
	1,300,000	ArvinMeritor, Inc., 8.13%, 09/15/15		1,134,250
	1,150,000	Ashland, Inc., 9.13%, 06/01/17(h)		1,242,000
	2,050,000	Baldor Electric Co., 8.63%, 02/15/17		2,111,500
	2,338,000	Ball Corp., 6.88%, 12/15/12		2,338,000
	250,000	Ball Corp., 6.63%, 03/15/18		245,625
	2,650,000	Ball Corp., 7.38%, 09/01/19		2,709,625
	5,000,000	Bell Microproducts, Inc., Series B, Cnv., 3.75%, 03/05/24		4,312,500
	1,000,000	Biomet, Inc., 10.00%, 10/15/17		1,081,250
	3,250,000	Biomet, Inc., 11.63%, 10/15/17		3,562,812
	3,000,000	Black & Decker Corp., 8.95%, 04/15/14		3,540,480
	2,000,000	Boise Paper Holdings LLC, 9.00%, 11/01/17(h)		2,020,000
	5,000,000	Boyd Gaming Corp., 6.75%, 04/15/14		4,525,000
	2,600,000	Brunswick Corp., 11.25%, 11/01/16(h)		2,834,000
	2,350,000	Burlington Coat Factory Warehouse Corp., 11.13%, 04/15/14		2,426,375
Principal Amount			Value
UNITED STATES (continued)
$	1,700,000	Cablevision Systems Corp., 8.63%, 09/15/17(h)	$	1,759,500
	2,700,000	Cablevision Systems Corp., Series B, 8.00%, 04/15/12		2,835,000
	30,784,000	Cadence Design Systems, Inc., Cnv., 1.38%, 12/15/11		28,321,280
	4,088,000	Calpine Corp., 7.25%, 10/15/17(h)		3,852,940
	4,000,000	CBIZ, Inc., Cnv., 3.13%, 06/01/26		3,790,000
	5,000,000	CBS Corp., 8.20%, 05/15/14		5,568,615
	1,500,000	CC Holdings GS V LLC/Crown Castle GS III Corp., 7.75%, 05/01/17(h)		1,575,000
	1,500,000	Centennial Communications Corp., 6.04%, 01/01/13(d)		1,488,750
	250,000	Centennial Communications Corp., 8.13%, 02/01/14		258,438
	14,000,000	Central European Distribution Corp., Cnv., 3.00%, 03/15/13		11,480,000
	8,000,000	Ceradyne, Inc., Cnv., 2.88%, 12/15/35		7,440,000
	5,250,000	Chesapeake Energy Corp., 6.88%, 01/15/16		5,066,250
	2,000,000	Chesapeake Energy Corp., 6.25%, 01/15/18		1,830,000
	1,000,000	CHS/Community Health Systems, Inc., 8.88%, 07/15/15		1,030,000
	51,000,000	Ciena Corp., Cnv., 0.25%, 05/01/13		38,951,250
	1,000,000	CIGNA Corp., 8.50%, 05/01/19		1,131,303
	3,250,000	Cincinnati Bell, Inc., 8.38%, 01/15/14		3,233,750
	2,000,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		1,910,000
	1,000,000	Cincinnati Bell, Inc., 8.25%, 10/15/17		987,500
	1,700,000	Cogent Communications Group, Inc., Cnv., 1.00%, 06/15/27		1,119,875
	9,000,000	Conexant Systems, Inc., Cnv., 4.00%, 03/01/26		7,785,000
	1,000,000	Consol Energy, Inc., 7.88%, 03/01/12		1,062,500
	1,750,000	Constellation Brands, Inc., 7.25%, 09/01/16		1,754,375

37

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

Principal Amount			Value
UNITED STATES (continued)
$	1,300,000	Constellation Brands, Inc., 7.25%, 05/15/17	$	1,303,250
	2,650,000	Corrections Corp. of America, 7.75%, 06/01/17		2,729,500
	20,600,000	Covanta Holding Corp., Cnv., 1.00%, 02/01/27		18,617,250
	1,750,000	Crown Americas LLC/Crown Americas Capital Corp II, 7.63%, 05/15/17(h)		1,793,750
	3,000,000	Crown Americas LLC/Crown Americas Capital Corp., 7.63%, 11/15/13		3,075,000
	3,500,000	Crown Castle International Corp., 9.00%, 01/15/15		3,692,500
	1,000,000	CSC Holdings, Inc., 8.50%, 04/15/14(h)		1,056,250
	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18		1,127,500
	4,750,000	DaVita, Inc., 7.25%, 03/15/15		4,690,625
	775,000	Del Monte Corp., 6.75%, 02/15/15		773,062
	500,000	Delta Air Lines, Inc., 9.50%, 09/15/14(h)		510,000
	500,000	Denbury Resources, Inc., 7.50%, 12/15/15		500,000
	2,500,000	Denbury Resources, Inc., 9.75%, 03/01/16		2,681,250
	4,000,000	DISH DBS Corp., 6.63%, 10/01/14		3,900,000
	250,000	DISH DBS Corp., 7.13%, 02/01/16		250,000
	1,000,000	DISH DBS Corp., 7.88%, 09/01/19(h)		1,023,750
	2,000,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		2,085,000
	1,150,000	Dole Food Co., Inc., 8.00%, 10/01/16(h)		1,164,375
	1,000,000	Dow Chemical Co. (The), 4.85%, 08/15/12		1,041,105
	1,000,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,034,497
	1,000,000	Dynegy Holdings, Inc., 7.50%, 06/01/15		920,000
	1,500,000	Dynegy Holdings, Inc., 8.38%, 05/01/16		1,398,750
	250,000	Edison Mission Energy, 7.50%, 06/15/13		232,500
	2,850,000	Edison Mission Energy, 7.00%, 05/15/17		2,301,375
	3,900,000	Edison Mission Energy, 7.20%, 05/15/19		3,110,250
Principal Amount			Value
UNITED STATES (continued)
$	1,250,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14	$	1,287,500
	221,000	Education Management LLC/Education Management Finance Corp., 10.25%, 06/01/16		240,890
	3,150,000	El Paso Corp., 7.00%, 06/15/17		3,151,134
	1,000,000	El Paso Corp., 7.25%, 06/01/18		998,531
	3,090,000	Encore Acquisition Co., 6.00%, 07/15/15		2,889,150
	4,415,000	EnerSys, Cnv., STEP, 3.38%, 06/01/38		3,973,500
	10,000,000	Epicor Software Corp., Cnv., 2.38%, 05/15/27		8,387,500
	27,000,000	Euronet Worldwide, Inc., Cnv., 3.50%, 10/15/25		25,380,000
	4,600,000	EXCO Resources, Inc., 7.25%, 01/15/11		4,577,000
	2,250,000	Felcor Lodging Trust, Inc., REIT, 10.00%, 10/01/14(h)		2,221,875
	1,500,000	Ferrellgas Partners LP, 9.13%, 10/01/17(h)		1,567,500
	1,705,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.75%, 06/15/12		1,705,000
	4,550,000	Ford Motor Credit Co. LLC, 7.80%, 06/01/12		4,455,224
	1,650,000	Ford Motor Credit Co. LLC, 7.50%, 08/01/12		1,606,861
	7,000,000	Ford Motor Credit Co. LLC, 8.00%, 06/01/14		6,806,058
	250,000	Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		268,750
	2,400,000	Fresenius US Finance II, Inc., 9.00%, 07/15/15(h)		2,640,000
	1,322,000	Frontier Communications Corp., 6.25%, 01/15/13		1,305,475
	750,000	FTI Consulting, Inc., 7.75%, 10/01/16		753,750
	8,000,000	GenCorp, Inc., Cnv., 2.25%, 11/15/24		7,030,000
	13,100,000	General Cable Corp., Cnv., 1.00%, 10/15/12		12,281,250
	2,350,000	GeoEye, Inc., 9.63%, 10/01/15(h)		2,426,375
	2,500,000	Georgia-Pacific LLC, 8.13%, 05/15/11		2,600,000
	1,100,000	Georgia-Pacific LLC, 8.25%, 05/01/16(h)		1,166,000

38

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

Principal Amount			Value
UNITED STATES (continued)
$	19,000,000	Global Industries Ltd., Cnv., 2.75%, 08/01/27	$	11,803,750
	9,000,000	Goodrich Petroleum Corp., Cnv., 3.25%, 12/01/26		8,223,750
	3,500,000	Goodyear Tire & Rubber Co. (The), 10.50%, 05/15/16		3,788,750
	1,000,000	Graham Packaging Co. LP/GPC Capital Corp. I, 8.50%, 10/15/12		1,007,500
	850,000	Graham Packaging Co. LP/GPC Capital Corp. I, 9.88%, 10/15/14		867,000
	1,000,000	Graphic Packaging International, Inc., 9.50%, 08/15/13		1,026,250
	1,250,000	Graphic Packaging International, Inc., 9.50%, 06/15/17(h)		1,312,500
	12,000,000	Great Atlantic & Pacific Tea Co., Cnv., 6.75%, 12/15/12		10,695,000
	4,500,000	GSI Commerce, Inc., Cnv., 2.50%, 06/01/27		3,993,750
	1,250,000	HCA, Inc., 8.70%, 02/10/10		1,260,210
	450,000	HCA, Inc., 8.75%, 09/01/10		457,875
	1,000,000	HCA, Inc., 6.95%, 05/01/12		997,500
	1,500,000	HCA, Inc., 6.30%, 10/01/12		1,470,000
	3,205,000	HCA, Inc., 6.75%, 07/15/13		3,116,862
	1,000,000	HCA, Inc., 5.75%, 03/15/14		930,000
	200,000	HCA, Inc., 9.13%, 11/15/14		207,000
	2,520,000	HCA, Inc., 6.50%, 02/15/16		2,349,900
	1,650,000	HCA, Inc., 9.25%, 11/15/16		1,724,250
	2,900,000	HCA, Inc., 8.50%, 04/15/19(h)		3,074,000
	200,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(h)		205,500
	17,650,000	Helix Energy Solutions Group, Inc., Cnv., 3.25%, 12/15/25		15,289,312
	5,000,000	Hercules Offshore, Inc., Cnv., STEP, 3.38%, 06/01/38(h)		3,856,250
Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Hertz Corp. (The), 8.88%, 01/01/14	$	2,025,000
	2,000,000	Hertz Corp. (The), 10.50%, 01/01/16		2,085,000
	20,750,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		16,833,438
	9,000,000	Horizon Lines, Inc., Cnv., 4.25%, 08/15/12		7,098,750
	3,500,000	Hornbeck Offshore Services, Inc., 8.00%, 09/01/17(h)		3,465,000
	1,250,000	Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26		1,091,875
	2,250,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		2,081,250
	1,700,000	Host Hotels & Resorts LP, REIT, 7.13%, 11/01/13		1,691,500
	750,000	Host Hotels & Resorts LP, REIT, Cnv., 2.63%, 04/15/27(h)		671,250
	1,400,000	Hughes Network Systems LLC/HNS Finance Corp., 9.50%, 04/15/14		1,424,500
	1,750,000	Huntsman International LLC, 7.88%, 11/15/14		1,645,000
	1,250,000	Huntsman International LLC, 5.50%, 06/30/16(h)		1,081,250
	12,000,000	Hutchinson Technology, Inc., Cnv., 3.25%, 01/15/26		8,865,000
	1,000,000	Hyatt Hotels Corp., 5.75%, 08/15/15(h)		1,019,236
	500,000	Hyatt Hotels Corp., 6.88%, 08/15/19(h)		510,084
	3,000,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.75%, 06/15/14		3,075,000
	9,000,000	Iconix Brand Group, Inc., Cnv., 1.88%, 06/30/12		7,785,000
	600,000	Inergy LP Inergy Finance Corp., 6.88%, 12/15/14		582,000
	1,825,000	Inergy LP/Inergy Finance Corp., 8.25%, 03/01/16		1,852,375
	3,250,000	Ingles Markets Inc., 8.88%, 05/15/17		3,331,250
	2,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.75%, 06/01/10(h)		1,962,500
	10,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.38%, 06/01/12(h)		8,775,000
	1,350,000	Intelsat Corp., 9.25%, 08/15/14		1,373,625

39

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

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Interpublic Group of Cos., Inc., 10.00%, 07/15/17(h)	$	2,150,000
	27,950,000	Interpublic Group of Cos., Inc., Cnv., 4.25%, 03/15/23		26,936,812
	250,000	Ipalco Enterprises, Inc., 7.25%, 04/01/16(h)		251,875
	3,750,000	Iron Mountain, Inc., 7.75%, 01/15/15		3,796,875
	1,800,000	Iron Mountain, Inc., 6.63%, 01/01/16		1,759,500
	3,685,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14		3,288,862
	1,000,000	ITT Corp., 4.90%, 05/01/14		1,060,282
	1,000,000	Jarden Corp., 8.00%, 05/01/16		1,030,000
	3,250,000	Jarden Corp., 7.50%, 05/01/17		3,201,250
	32,000,000	JDS Uniphase Corp., Cnv., 1.00%, 05/15/26		26,520,000
	2,750,000	KAR Auction Services, Inc., 10.00%, 05/01/15		2,818,750
	3,750,000	Kinetic Concepts, Inc., Cnv., 3.25%, 04/15/15(h)		3,440,625
	35,940,000	King Pharmaceuticals, Inc., Cnv., 1.25%, 04/01/26		30,728,700
	9,675,000	L-1 Identity Solutions, Inc., Cnv., 3.75%, 05/15/27		8,683,313
	1,650,000	L-3 Communications Corp., 6.13%, 07/15/13		1,662,375
	850,000	Lamar Media Corp., 7.25%, 01/01/13		835,125
	2,000,000	Lamar Media Corp., 6.63%, 08/15/15		1,910,000
	1,000,000	Lamar Media Corp., Series C, 6.63%, 08/15/15		945,000
	16,550,000	Level 3 Communications, Inc., Cnv., 5.25%, 12/15/11		15,019,125
	1,500,000	Level 3 Communications, Inc., Cnv., 3.50%, 06/15/12		1,258,125
	2,550,000	Levi Strauss & Co., 9.75%, 01/15/15		2,664,750
	1,100,000	Liberty Media LLC, 5.70%, 05/15/13		1,034,000
	11,913,840	Liberty Media LLC, Cnv., 3.13%, 03/30/23		11,735,132
	3,250,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		2,908,750
	2,000,000	LIN Television Corp., 6.50%, 05/15/13		1,875,000
Principal Amount			Value
UNITED STATES (continued)
$	7,000,000	Live Nation, Inc., Cnv., 2.88%, 07/15/27	$	4,996,250
	1,800,000	Ltd. Brands, Inc., 6.90%, 07/15/17		1,714,500
	1,400,000	Ltd. Brands, Inc., 8.50%, 06/15/19(h)		1,470,000
	500,000	Mariner Energy, Inc., 7.50%, 04/15/13		487,500
	2,000,000	Mariner Energy, Inc., 11.75%, 06/30/16		2,200,000
	2,850,000	Masco Corp., 6.13%, 10/03/16		2,733,481
	20,000,000	Masco Corp., Series B, Cnv., 3.75%, 07/20/31(g)		9,482,740
	3,000,000	Massey Energy Co., 6.88%, 12/15/13		2,962,500
	3,500,000	Massey Energy Co., Cnv., 3.25%, 08/01/15		2,808,750
	1,400,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15		1,414,000
	5,600,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19(h)		5,782,000
	30,500,000	Medicis Pharmaceutical Corp., Cnv., 2.50%, 06/04/32		29,089,375
	4,000,000	Mentor Graphics Corp., Cnv., 6.25%, 03/01/26		3,795,000
	2,000,000	MGM Mirage, Inc., 10.38%, 05/15/14(h)		2,130,000
	2,000,000	MGM Mirage, Inc., 11.38%, 03/01/18(h)		1,800,000
	4,250,000	Michaels Stores, Inc., 11.38%, 11/01/16		4,111,875
	10,000,000	Micron Technology, Inc., Cnv., 1.88%, 06/01/14		7,737,500
	3,250,000	Mirant Americas Generation LLC, 8.30%, 05/01/11		3,306,875
	1,850,000	Mirant Americas Generation LLC, 8.50%, 10/01/21		1,646,500
	1,450,000	Nalco Co., 8.88%, 11/15/13		1,493,500
	2,950,000	NASDAQ OMX Group, Inc. (The), Cnv., 2.50%, 08/15/13		2,592,312
	3,000,000	Navistar International Corp., Cnv., 3.00%, 10/15/14		2,823,750
	4,935,000	Nektar Therapeutics, Cnv., 3.25%, 09/28/12		4,385,981

40

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

Principal Amount			Value
UNITED STATES (continued)
$	11,000,000	Newport Corp., Cnv., 2.50%, 02/15/12	$	9,583,750
	500,000	Nielsen Finance LLC/Nielsen Finance Co., 11.63%, 02/01/14		533,750
	2,825,000	Nielsen Finance LLC/Nielsen Finance Co., 10.00%, 08/01/14		2,909,750
	1,750,000	Nielsen Finance LLC/Nielsen Finance Co., STEP, 12.50%, 08/01/16		1,515,938
	29,000,000	NII Holdings, Inc., Cnv., 3.13%, 06/15/12		25,701,250
	6,038,000	NII Holdings, Inc., Cnv., 2.75%, 08/15/25		5,970,072
	1,000,000	NRG Energy, Inc., 7.38%, 02/01/16		993,750
	3,000,000	NRG Energy, Inc., 7.38%, 01/15/17		2,970,000
	450,000	Nuveen Investments, Inc., 5.00%, 09/15/10		438,750
	2,000,000	Nuveen Investments, Inc., 10.50%, 11/15/15(h)		1,770,000
	500,000	Office Depot, Inc., 6.25%, 08/15/13		435,000
	2,709,000	Omnicare, Inc., 6.88%, 12/15/15		2,566,778
	38,600,000	Omnicare, Inc., Cnv., 3.25%, 12/15/35		30,735,250
	15,000,000	OSI Pharmaceuticals, Inc., Cnv., 3.00%, 01/15/38		13,462,500
	1,150,000	Owens Corning, Inc., 6.50%, 12/01/16		1,146,480
	2,250,000	Owens Corning, Inc., 9.00%, 06/15/19		2,440,996
	1,000,000	Owens-Brockway Glass Container, Inc., 8.25%, 05/15/13		1,020,000
	200,000	Owens-Brockway Glass Container, Inc., 6.75%, 12/01/14		199,500
	2,000,000	Owens-Brockway Glass Container, Inc., 7.38%, 05/15/16		2,020,000
	3,850,000	Pantry, Inc. (The), 7.75%, 02/15/14		3,638,250
	22,020,000	Pantry, Inc. (The), Cnv., 3.00%, 11/15/12		18,138,975
	6,000,000	Parker Drilling Co., Cnv., 2.13%, 07/15/12		5,287,500
	1,000,000	Peabody Energy Corp., 7.38%, 11/01/16		1,010,000
	1,000,000	Penn National Gaming, Inc., 8.75%, 08/15/19(h)		977,500
Principal Amount			Value
UNITED STATES (continued)
$	2,650,000	Penske Auto Group, Inc., 7.75%, 12/15/16	$	2,557,250
	1,350,000	Penske Auto Group, Inc., Cnv., 3.50%, 04/01/26		1,355,062
	2,500,000	PetroHawk Energy Corp., 9.13%, 07/15/13		2,587,500
	582,000	Pinnacle Entertainment, Inc., 8.25%, 03/15/12		582,000
	750,000	Pinnacle Entertainment, Inc., 7.50%, 06/15/15		675,000
	1,000,000	Pinnacle Entertainment, Inc., 8.63%, 08/01/17(h)		995,000
	2,750,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		2,777,500
	2,400,000	Pioneer Natural Resources Co., 6.88%, 05/01/18		2,295,142
	1,500,000	Pioneer Natural Resources Co., Cnv., 2.88%, 01/15/38		1,507,500
	1,150,000	Plains Exploration & Production Co., 10.00%, 03/01/16		1,230,500
	3,350,000	Plains Exploration & Production Co., 7.63%, 06/01/18		3,253,688
	4,000,000	Playboy Enterprises, Inc., Cnv., 3.00%, 03/15/25		3,275,000
	8,000,000	Powerwave Technologies, Inc., Cnv., 1.88%, 11/15/24		6,390,000
	3,500,000	Psychiatric Solutions, Inc., 7.75%, 07/15/15		3,447,500
	2,100,000	QVC, Inc., 7.50%, 10/01/19(h)		2,079,000
	1,000,000	Qwest Capital Funding, Inc., 7.90%, 08/15/10		1,010,000
	500,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18		417,500
	1,500,000	Qwest Communications International, Inc., 7.25%, 02/15/11		1,500,000
	1,800,000	Qwest Communications International, Inc., 7.50%, 02/15/14		1,764,000
	1,000,000	Qwest Communications International, Inc., 8.00%, 10/01/15(h)		992,500
	1,000,000	Qwest Communications International, Inc., Cnv., 3.50%, 11/15/25		993,750
	4,900,000	Qwest Communications International, Inc., Series B, 7.50%, 02/15/14		4,802,000

41

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

Principal Amount			Value
UNITED STATES (continued)
$	200,000	Qwest Corp., 7.50%, 10/01/14	$	202,000
	1,400,000	Qwest Corp., 8.38%, 05/01/16(h)		1,445,500
	1,000,000	Range Resources Corp., 7.50%, 05/15/16		1,002,500
	1,000,000	Range Resources Corp., 7.50%, 10/01/17		1,002,500
	7,000,000	Regal Entertainment Group, Cnv., 6.25%, 03/15/11(h)		6,956,250
	2,000,000	Reynolds Group DL Escrow, Inc./Reynolds Group Escrow LLC, 7.75%, 10/15/16(h)		1,990,000
	3,000,000	RITE AID Corp., 8.63%, 03/01/15		2,460,000
	1,250,000	RITE AID Corp., 7.50%, 03/01/17		1,118,750
	250,000	RITE AID Corp., 9.50%, 06/15/17		203,750
	5,000,000	RITE AID Corp., Cnv., 8.50%, 05/15/15		4,700,000
	1,500,000	Rock-Tenn Co., 9.25%, 03/15/16(h)		1,605,000
	300,000	RSC Equipment Rental, Inc., 9.50%, 12/01/14		296,250
	1,500,000	RSC Equipment Rental, Inc., 10.00%, 07/15/17(h)		1,627,500
	3,350,000	Sabre Holdings Corp., 8.35%, 03/15/16		2,989,875
	250,000	Sally Holdings LLC/Sally Capital, Inc., 9.25%, 11/15/14		260,000
	51,000,000	SanDisk Corp., Cnv., 1.00%, 05/15/13		39,397,500
	2,250,000	Sanmina-SCI Corp., 8.13%, 03/01/16		2,148,750
	26,000,000	SAVVIS, Inc., Cnv., 3.00%, 05/15/12		22,782,500
	4,500,000	SBA Communications Corp., Cnv., 1.88%, 05/01/13		4,241,250
	5,000,000	School Specialty, Inc., Cnv., 3.75%, 11/30/26		4,593,750
	650,000	Scientific Games Corp., 7.88%, 06/15/16(h)		637,000
	1,000,000	Scientific Games International, Inc., 9.25%, 06/15/19(h)		1,040,000
	500,000	SEACOR Holdings, Inc., 7.38%, 10/01/19		501,696
	2,250,000	Sealed Air Corp., 7.88%, 06/15/17(h)		2,344,590
Principal Amount			Value
UNITED STATES (continued)
$	2,200,000	Sealy Mattress Co., 8.25%, 06/15/14	$	2,134,000
	2,000,000	Sealy Mattress Co., 10.88%, 04/15/16(h)		2,240,000
	2,750,000	Service Corp. International, 7.38%, 10/01/14		2,750,000
	750,000	Service Corp. International, 7.63%, 10/01/18		744,375
	3,350,000	ServiceMaster Co. (The), 10.75%, 07/15/15(h)(j)		3,333,250
	2,000,000	Snap-On, Inc., 6.13%, 09/01/21		2,065,146
	750,000	Solo Cup Co., 10.50%, 11/01/13(h)		795,000
	4,300,000	Solo Cup Co., 8.50%, 02/15/14		4,181,750
	2,500,000	Solutia, Inc., 8.75%, 11/01/17		2,587,500
	250,000	Sonic Automotive, Inc., 8.63%, 08/15/13		242,500
	1,000,000	Speedway Motorsports, Inc., 6.75%, 06/01/13		985,000
	2,750,000	Speedway Motorsports, Inc., 8.75%, 06/01/16(h)		2,873,750
	3,000,000	Sprint Capital Corp., 7.63%, 01/30/11		3,033,750
	2,850,000	Sprint Nextel Corp., 6.00%, 12/01/16		2,451,000
	3,650,000	Sprint Nextel Corp., 8.38%, 08/15/17		3,522,250
	5,000,000	Staples, Inc., 9.75%, 01/15/14		6,059,260
	1,775,000	Stater Brothers Holdings, 8.13%, 06/15/12		1,783,875
	825,000	Stater Brothers Holdings, 7.75%, 04/15/15		814,688
	1,400,000	Steel Dynamics, Inc., 7.38%, 11/01/12		1,405,250
	3,100,000	Steel Dynamics, Inc., 6.75%, 04/01/15		2,937,250
	15,000,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14		12,975,000
	8,000,000	Stillwater Mining Co., Cnv., 1.88%, 03/15/28		6,120,000
	506,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.88%, 12/15/13		500,940
	8,800,000	SunGard Data Systems, Inc., 9.13%, 08/15/13		8,954,000
	1,250,000	SunGard Data Systems, Inc., 10.63%, 05/15/15(h)		1,346,875
	2,000,000	SunGard Data Systems, Inc., 10.25%, 08/15/15		2,062,500

42

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

Principal Amount			Value
UNITED STATES (continued)
$	2,500,000	SuperValu, Inc., 8.00%, 05/01/16	$	2,543,750
	1,400,000	Susser Holdings LLC/Susser Finance Corp., 10.63%, 12/15/13		1,449,000
	12,652,000	Tech Data Corp., Cnv., 2.75%, 12/15/26		12,825,965
	2,000,000	Telesat Canada/Telesat LLC, 11.00%, 11/01/15(h)		2,170,000
	1,000,000	Tenneco, Inc., 8.63%, 11/15/14		942,500
	500,000	Terex Corp., 7.38%, 01/15/14		491,250
	1,000,000	Terex Corp., 10.88%, 06/01/16		1,080,000
	1,800,000	Terex Corp., 8.00%, 11/15/17		1,660,500
	1,500,000	Tesoro Corp., 9.75%, 06/01/19		1,541,250
	743,000	Texas Industries, Inc., 7.25%, 07/15/13		728,140
	2,750,000	Time Warner Telecom Holdings, Inc., 9.25%, 02/15/14		2,832,500
	11,800,000	Time Warner Telecom, Inc., Cnv., 2.38%, 04/01/26		11,151,000
	900,000	Toys R US Property Co. I LLC, 10.75%, 07/15/17(h)		976,500
	1,500,000	Toys R US, Inc., 7.63%, 08/01/11		1,500,000
	1,500,000	Toys R US, Inc., 7.88%, 04/15/13		1,458,750
	1,950,000	Toys R US, Inc., 7.38%, 10/15/18		1,735,500
	1,500,000	TransDigm, Inc., 7.75%, 07/15/14		1,507,500
	9,000,000	Trico Marine Services, Inc., Cnv., 8.13%, 02/01/13		7,953,750
	14,000,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36		10,272,500
	14,000,000	UAL Corp., Cnv., 4.50%, 06/30/21		10,465,000
	1,500,000	UAL Corp., Cnv., 6.00%, 10/15/29		1,391,250
	5,000,000	United Rentals North America, Inc., 7.75%, 11/15/13		4,575,000
	750,000	United Rentals North America, Inc., 10.88%, 06/15/16(h)		813,750
	1,000,000	United Rentals North America, Inc., Cnv., 1.88%, 10/15/23		960,000
Principal Amount			Value
UNITED STATES (continued)
$	3,000,000	Universal City Development Partners Ltd., 8.88%, 11/15/15(h)	$	2,970,000
	1,875,000	Universal City Development Partners Ltd., 10.88%, 11/15/16(h)		1,875,000
	1,500,000	USG Corp., 9.50%, 01/15/18		1,473,750
	1,750,000	Valeant Pharmaceuticals International, 8.38%, 06/15/16(h)		1,789,375
	2,250,000	Valor Telecommunications Enterprises Finance Corp., 7.75%, 02/15/15		2,323,125
	1,050,000	Vanguard Health Holding Co. I LLC, STEP, 11.25%, 10/01/15		1,102,500
	2,500,000	Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14		2,600,000
	26,000,000	VeriFone Holdings, Inc., Cnv., 1.38%, 06/15/12		22,035,000
	1,000,000	Viacom, Inc., 4.25%, 09/15/15		1,003,099
	5,900,000	Virgin Media, Inc., Cnv., 6.50%, 11/15/16(h)		6,239,250
	1,450,000	Visant Corp., 7.63%, 10/01/12		1,459,062
	1,800,000	Visant Holding Corp., 8.75%, 12/01/13		1,840,500
	800,000	Waste Services, Inc., 9.50%, 04/15/14		804,000
	1,000,000	WellPoint, Inc., 6.00%, 02/15/14		1,082,395
	3,200,000	West Corp., 9.50%, 10/15/14		3,200,000
	1,450,000	West Corp., 11.00%, 10/15/16		1,486,250
	1,000,000	Weyerhaeuser Co., 7.38%, 10/01/19		1,030,820
	2,000,000	Williams Partners LP/Williams Partners Finance Corp., 7.25%, 02/01/17		1,989,480
	2,150,000	Windstream Corp., 8.63%, 08/01/16		2,209,125
	2,100,000	Windstream Corp., 7.00%, 03/15/19		1,992,375
	5,000,000	World Acceptance Corp., Cnv., 3.00%, 10/01/11		4,550,000
	4,000,000	Wyndham Worldwide Corp., 6.00%, 12/01/16		3,641,444
	3,000,000	Yankee Acquisition Corp., 8.50%, 02/15/15		2,865,000
				1,406,058,664

43

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

Principal Amount				Value
VENEZUELA — 0.1%
$	2,040,000		Corp. Andina de Fomento, 8.13%, 06/04/19	$	2,424,214
Total Corporate Bonds (Cost $1,737,775,129)					1,860,664,731
GOVERNMENT BONDS — 8.9%
ARGENTINA — 0.2%
	16,258,000		Republic of Argentina, 0.94%, 08/03/12(d)		5,121,270
AUSTRALIA — 0.4%
	2,000,000	(e)	Australian Government Index Linked, 4.00%, 08/20/10		2,851,450
	710,000	(e)	New South Wales Treasury Corp., 6.00%, 05/01/12		648,511
	3,340,000	(e)	New South Wales Treasury Corp., 5.50%, 03/01/17		2,907,232
	1,330,000	(e)	Queensland Treasury Corp., 6.00%, 06/14/11		1,216,399
	685,000	(e)	Queensland Treasury Corp., 6.00%, 08/14/13		624,491
	1,370,000	(e)	Queensland Treasury Corp., 6.00%, 09/14/17		1,227,566
	3,190,000	(e)	Queensland Treasury Corp., 7.13%, 09/18/17(h)		2,339,139
					11,814,788
BRAZIL — 0.8%
	9,490,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		9,944,842
	2,400,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,388,260
	15,670,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/12		8,924,526
	3,900,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		1,978,936
					23,236,564
CANADA — 0.0%
	1,526,000	(i)	Province of Ontario, 6.25%, 06/16/15		1,093,794
FRANCE — 0.4%
	4,360,000(e)		France Government Bond OAT, 4.25%, 10/25/17		6,885,099
	4,000,000(e)		France Government Bond OAT, 5.50%, 04/25/29		6,916,513
					13,801,612
Principal Amount					Value
HUNGARY — 0.2%
$	1,575,000	(e)	Hungary Government International Bond, 3.88%, 02/24/20	$	1,998,610
	520,000	(e)	Republic of Hungary, 4.38%, 07/04/17		723,168
	1,705,000	(e)	Republic of Hungary, 5.75%, 06/11/18		2,549,709
					5,271,487
INDONESIA — 1.0%
	4,415,000		Indonesia Government International Bond, 11.63%, 03/04/19(h)		6,092,700
	1,070,000		Indonesia Government International Bond, 8.50%, 10/12/35		1,267,950
	561,000		Indonesia Government International Bond, 8.50%, 10/12/35(h)		664,785
	260,000		Indonesia Government International Bond, 6.63%, 02/17/37(h)		253,500
	700,000		Indonesia Government International Bond, 7.75%, 01/17/38(h)		756,000
	660,000		Indonesia Government International Bond, 7.75%, 01/17/38		712,800
	23,560,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,444,415
	3,590,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/18		351,532
	19,800,000,000	(e)	Indonesia Treasury Bond, 12.80%, 06/15/21		2,400,834
	1,160,000,000	(e)	Indonesia Treasury Bond, 12.90%, 06/15/22		141,524
	1,590,000,000	(e)	Indonesia Treasury Bond, 10.25%, 07/15/22		163,426
	137,380,000,000	(e)	Indonesia Treasury Bond, 9.50%, 07/15/23		13,229,967
	25,525,000,000	(e)	Indonesia Treasury Bond, 10.00%, 02/15/28		2,502,188
					30,981,621
ISRAEL — 0.2%
	14,130,000	(e)	Israel Government Bond - Shahar, 7.00%, 04/29/11		4,164,750
	3,950,000	(e)	Israel Treasury Bill - Makam, 1.59%, 10/06/10(g)		1,037,970
					5,202,720
LITHUANIA — 0.1%
	3,580,000		Republic of Lithuania, 6.75%, 01/15/15(h)		3,571,873

44

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

Principal Amount					Value
MALAYSIA — 0.5%
	35,500,000	(e)	Malaysia Government Bond, 3.87%, 04/13/10	$	10,487,641
	13,820,000	(e)	Malaysia Government Bond, 3.81%, 02/15/17		3,972,162
					14,459,803
MEXICO — 0.8%
	24,000,000	(e)	Mexican Bonos, 8.00%, 12/19/13		1,867,106
	20,000,000	(e)	Mexican Bonos, 8.00%, 12/17/15		1,541,077
	36,000,000	(e)	Mexican Bonos, 7.25%, 12/15/16		2,648,793
	23,900,000	(e)	Mexican Bonos, 7.75%, 12/14/17		1,786,199
	137,500,000	(e)	Mexican Bonos, 10.00%, 12/05/24		11,949,730
	53,000,000	(e)	Mexican Bonos, 10.00%, 11/20/36		4,573,564
					24,366,469
NETHERLANDS — 0.2%
	4,485,000	(e)	Netherlands Goverment Bond, 4.50%, 07/15/17		7,165,664
NEW ZEALAND — 0.2%
	7,000,000	(e)	New Zealand Government Bond, 6.00%, 12/15/17		5,107,944
NORWAY — 0.0%
	7,600,000	(e)	Norway Government Bond, 6.00%, 05/16/11		1,396,378
POLAND — 0.9%
	4,520,000	(e)	Poland Government Bond, 4.75%, 04/25/12		1,552,789
	6,975,000	(e)	Poland Government Bond, 5.75%, 04/25/14		2,418,640
	26,560,000	(e)	Poland Government Bond, 6.25%, 10/24/15		9,389,736
	24,800,000	(e)	Poland Government Bond, 5.75%, 09/23/22		8,257,174
$	5,400,000		Poland Government International Bond, 6.38%, 07/15/19		5,946,264
					27,564,603
QATAR — 0.1%
	2,100,000		Qatar Government International Bond, 6.55%, 04/09/19(h)		2,341,500
RUSSIA — 0.4%
	10,777,100		Russia Government International Bond, STEP, 7.50%, 03/31/30		11,990,601
Principal Amount				Value
SOUTH AFRICA — 0.1%
$	1,795,000		South Africa Government International Bond, 5.88%, 05/30/22	$	1,889,237
SOUTH KOREA — 1.9%
	400,000		Export-Import Bank of Korea, 8.13%, 01/21/14		458,538
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14		108,340
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		106,398
	105,000	(k)	Export-Import Bank of Korea, 4.63%, 02/20/17		149,479
	1,800,000,000	(e)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,540,205
	1,385,000		Korea Development Bank, 8.00%, 01/23/14		1,581,317
	4,711,390,000	(e)	Korea Treasury Bond, 5.50%, 06/10/11		4,072,494
	34,923,170,000	(e)	Korea Treasury Bond, 4.75%, 12/10/11		29,742,814
	10,341,480,000	(e)	Korea Treasury Bond, 4.00%, 06/10/12		8,651,146
	4,250,000,000	(e)	Korea Treasury Bond, 5.25%, 09/10/12		3,668,215
	460,440,000	(e)	Korea Treasury Bond, 5.25%, 03/10/13		397,453
	4,790,000		Republic of Korea, 7.13%, 04/16/19		5,599,381
	250,000		Republic of Korea, 5.63%, 11/03/25		254,470
					56,330,250
SRI LANKA — 0.2%
	264,000,000	(e)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		2,372,093
	385,000,000	(e)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15		3,460,731
					5,832,824
SWEDEN — 0.1%
	19,680,000	(e)	Sweden Government Bond, 5.25%, 03/15/11		2,947,123
UNITED ARAB EMIRATES — 0.1%
	2,060,000		Emirate of Abu Dhabi, 6.75%, 04/08/19(h)		2,354,596
VENEZUELA — 0.1%
	1,710,000		Venezuela Government International Bond, 5.38%, 08/07/10		1,641,600

45

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

Principal Amount			Value
VENEZUELA (continued)
$	2,080,000	Venezuela Government International Bond, 10.75%, 09/19/13	$	1,981,200
				3,622,800
VIETNAM — 0.0%
	1,625,000	Socialist Republic of Vietnam, 6.88%, 01/15/16(h)		1,714,375
Total Government Bonds (Cost $242,396,860)				269,179,896
ASSET-BACKED SECURITIES — 0.6%
UNITED STATES — 0.6%
	6,482,770	Bear Stearns Asset-Backed Securities Trust, Series 2005-AC8, Class A1, 0.57%, 11/25/35(d)		3,570,178
	7,239,708	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.59%, 03/25/36(d)		2,743,766
	7,239,708	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.59%, 03/25/36(d)		2,743,766
	7,250,000	CSAB Mortgage Backed Trust, Series 2006-2, Class A2, 0.41%, 09/25/36(d)		3,689,483
	6,100,000	CSAB Mortgage Backed Trust, Series 2006-3, Class A2, 0.40%, 11/25/36		2,487,334
	1,951,761	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(d)		1,566,874
	239,106	Renaissance Home Equity Loan Trust, Series 2005-4, Class A6, STEP, 5.75%, 02/25/36		163,778
Total Asset-Backed Securities (Cost $16,168,726)				16,965,179
NON-AGENCY MORTGAGE-BACKED SECURITIES — 2.0%
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.7%
	3,000,000	Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 4.89%, 10/25/35(d)		2,121,920
	3,720,055	Banc of America Funding Corp., Series 2006-A, Class 3A2, 5.81%, 02/20/36(d)		2,311,859
	4,452,868	Banc of America Funding Corp., Series 2006-E, Class 2A1, 5.79%, 06/20/36(d)		3,057,644

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,605,362	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.97%, 06/25/47(d)	$	1,863,668
	4,150,751	Bear Stearns Alt-A Trust, Series 2006-4, Class 13A1, 0.40%, 08/25/36(d)		1,814,036
	3,120,000	Citimortgage Alternative Loan Trust, Series 2006-A7, Class 1A1, 6.00%, 12/25/36(d)		2,183,706
	1,759,933	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		1,485,638
	6,955,858	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.55%, 08/25/35(d)		3,503,010
	12,915,513	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.59%, 05/25/36(d)		6,259,029
	2,250,000	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		1,495,802
	6,332,117	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.64%, 03/25/36(d)		3,555,032
	4,050,000	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.42%, 11/25/36(d)		2,159,286
	1,124,114	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-1, Class A2, 6.00%, 03/25/36		917,116
	3,028,503	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 2A1, 5.56%, 03/25/37(d)		1,766,329
	5,855,000	Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.40%, 02/25/37(d)		1,240,333
	3,913,328	Morgan Stanley Mortgage Loan Trust, Series 2005-9AR, Class 1A, 0.53%, 12/25/35(d)		2,351,223
	5,000,000	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36		2,949,824
	3,086,822	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		1,964,574
	5,530,000	Terwin Mortgage Trust, Series 2007-6ALT, Class A2, 0.54%, 08/25/38(d)(h)		2,376,904
	7,615,638	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		3,832,526

46

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

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,464,515	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR17, Class A1, 5.33%, 10/25/36(d)	$	1,177,591
				50,387,050
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%
	3,000,000	GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4, 5.54%, 12/10/49		2,494,507
	3,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, 09/12/49		2,558,172
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.74%, 06/15/49(d)		2,646,864
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, 5.90%, 02/15/49(d)		2,622,818
				10,322,361
Total Non-Agency Mortgage-Backed Securities (Cost $58,521,725)				60,709,411
U.S. GOVERNMENT AGENCIES — 5.8%
Fannie Mae — 0.2%
	5,817,000	4.13%, 05/15/10		5,935,178
Federal Farm Credit Bank — 0.1%
	3,000,000	4.75%, 03/15/10		3,049,584
	1,535,000	4.75%, 05/07/10		1,570,142
				4,619,726
Federal Home Loan Bank — 5.5%
	72,000,000	0.02%, 11/02/09(l)		71,999,960
	46,000,000	0.02%, 11/03/09(l)		45,999,949
	2,100,000	2.75%, 03/12/10		2,118,780
	27,000,000	4.25%, 06/11/10		27,640,791
	3,050,000	2.75%, 06/18/10		3,095,915
	8,105,000	4.50%, 09/10/10		8,382,524
	6,000,000	0.91%, 09/24/10(d)		6,039,210
				165,277,129
Total U.S. Government Agencies (Cost $175,598,180)				175,832,033

Principal Amount			Value
MUNICIPAL BONDS — 0.5%
California — 0.1%
$	1,130,000	City of Tulare Build America Revenue Bonds, OID, (FSA) 8.75%, 11/15/44	$	1,130,294
	2,020,000	State of California Various Purpose GO, OID, 6.00%, 04/01/38		2,146,654
				3,276,948
Colorado — 0.0%
	800,000	Regional Transportation District COP, Transit Vehicles Project, Series A, (AMBAC) 5.00%, 12/01/21		823,528
Florida — 0.1%
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/20		1,055,280
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/21		1,049,370
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/22		1,042,760
	1,340,000	Jacksonville Electric Authority Water & Sewer System Revenue Bonds, Series B, OID, (NATL-RE) 4.75%, 10/01/40		1,269,369
				4,416,779
Illinois — 0.1%
	875,000	Chicago Water Refunding Second Lien Revenue Bonds, (FSA) 5.00%, 11/01/19		949,480
	1,000,000	Illinois Finance Authority Refunding Revenue Bonds, (FSA) 5.00%, 01/01/20		1,027,700
				1,977,180
New York — 0.0%
	370,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series C, 4.75%, 06/15/33		373,115

47

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

Principal Amount			Value
Tennessee — 0.0%
$	400,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Refunding Revenue Bonds, Series B, (GO of University) 5.00%, 10/01/18	$	459,424
Texas — 0.2%
	5,540,000	State of Texas Refunding GO, Veterans’ Housing Assistance Program, Fund II, Series D, (SPA - State Street Bank & Trust Co.) 0.30%, 06/01/26(d)		5,540,000
Total Municipal Bonds (Cost $16,478,444)				16,866,974
Shares
CASH SWEEP — 2.8%
UNITED STATES — 2.8%
	84,729,932	Citibank - US Dollars on Deposit in Custody Account		84,729,932
Total Cash Sweep (Cost $84,729,932)				84,729,932
TOTAL INVESTMENTS — 99.5% (Cost $2,808,816,781)(a)				3,003,885,371
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				13,748,049
NET ASSETS — 100.0%			$	3,017,633,420
FUTURES CONTRACTS: LONG POSITION
Contracts			Unrealized Depreciation
	1,963	S&P 500 E-mini Futures, December 2009	$	(3,076,834	)

Cash collateral of $8,833,500 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

At October 31, 2009, the Global Opportunities Fund held investments in restricted and illiquid securities amounting to $29,322,968 or 0.97% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	10/31/09 Average Value Per Unit
$	20,000,000	Asian Coast Development Ltd.(c)	07/28/08	$	26.00
	14,140,500	China Milk Products Group Ltd., Cnv.	01/21/09		111.04
	10,128,857	FU JI Food and Catering Services Holdings Ltd., Cnv.(c)	12/10/07		—

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 36.5 and receiving variance of the S&P 500 Index under the target volatility of 36.5, expiring 12/21/12 (Underlying notional amount at value $300,000)		300,000	$	1,639,250
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 40.5 and receiving variance of the S&P 500 Index under the target volatility of 40.5, expiring 12/21/12 (Underlying notional amount at value $100,000)		100,000		879,862
Equity swap with BNP Paribas receiving a payment if the dividends on the stocks in the STOXX50E Index are over the target value of 13.9 Euro and paying a payment if the dividends on the stocks in the STOXX50E Index are under the target value of 13.9 Euro, expiring 12/18/15 (Underlying notional amount at value Euro 1,000,000)		1,000,000		(3,900,943	)
Interest rate swap with JPMorgan Chase Bank paying a fixed rate of 8.06% and receiving a floating rate based on MXN-TIIE-Banxico, expiring 01/22/19 (Underlying notional amount at value MXN 23,640,000)		23,640,000		(10,346	)

48

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

	Units		Unrealized Appreciation/ (Depreciation)
Interest rate swap with JPMorgan Chase Bank paying a fixed rate of 8.32% and receiving a floating rate based on MXN-TIIE-Banxico, expiring 01/09/29 (Underlying notional amount at value MXN 35,460,000)		35,460,000	$	(111,621	)
			$	(1,503,798	)

(a) Cost for federal income tax purposes is $2,833,227,487 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	252,474,065
Unrealized depreciation		(81,816,181	)
Net unrealized appreciation	$	170,657,884

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $13,096,437, which is 0.43% of net assets.
(d)	Variable rate security. Rate shown is the rate as of October 31, 2009.
(e)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(f)	Principal amount denoted in Singapore Dollars.
(g)	Zero coupon bond. The rate represents the yield at time of purchase.
(h)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of the securities is $211,401,900, which is 7.01% of net assets.
(i)	Principal amount denoted in New Zealand Dollars.
(j)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(k)	Principal amount denoted in Euros.
(l)	The rate represents the annualized yield at time of purchase.

      ADR — American Depositary Receipt

      AMBAC — Insured by AMBAC Indemnity Corp.

      Cnv. — Convertible

      COP — Certificates of Participation

      FOR — Foreign Ownership Restrictions

      FSA — Insured by Financial Security Assurance, Inc.

      GDR — Global Depository Receipt

      GO — General Obligations

      MXN — Mexican Peso

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

      NVDR — Non-Voting Depositary Receipt

      OID — Original Issue Discount

      REIT — Real Estate Investment Trust

      SPA — Standby Purchase Agreement

      STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	0.6	%
Banks	0.9	%
Consumer Discretionary	13.0	%
Consumer Staples	4.2	%
Diversified Financials	4.4	%
Energy	7.2	%
Government Bonds	8.9	%
Health Care	10.5	%
Industrials	9.0	%
Information Technology	13.6	%
Insurance	0.3	%
Materials	4.0	%
Municipal Bonds	0.6	%
Non-Agency Mortgage-Backed Securities	2.0	%
Real Estate	0.4	%
Telecommunication Services	6.2	%
U.S. Government Agencies	5.8	%
Utilities	2.4	%
Other*	6.0	%

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

49

OLD WESTBURY FUNDS, INC.
REAL RETURN FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS	October 31, 2009

Shares			Value
COMMON STOCKS — 34.1%
CHINA — 2.9%
Industrials — 1.3%
	1,700,000	Suntech Power Holdings Co. Ltd. - ADR(b)	$	21,539,000
Utilities — 1.6%
	11,677,500	Xinao Gas Holdings Ltd.		25,192,614
				46,731,614
GREECE — 1.9%
Energy — 1.9%
	2,194,200	StealthGas, Inc.		14,086,764
	1,099,808	Tsakos Energy Navigation Ltd.		17,069,020
				31,155,784
NORWAY — 3.5%
Energy — 3.5%
	4,600,000	Aker Solutions ASA		55,512,670
PERU — 4.4%
Materials — 4.4%
	2,104,887	Cia de Minas Buenaventura SA - ADR		70,661,057
SINGAPORE — 3.8%
Industrials — 3.8%
	10,400,000	Keppel Corp. Ltd.		60,772,716
UNITED STATES — 17.6%
Energy — 10.4%
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)		0
	2,682,300	Goodrich Petroleum Corp.(b)		68,854,641
	482,000	Occidental Petroleum Corp.		36,574,160
	2,600,000	PetroHawk Energy Corp.(b)		61,152,000
				166,580,801
Industrials — 3.2%
	1,679,381	Arkansas Best Corp.		43,361,617
	115,095	FedEx Corp.		8,366,256
				51,727,873
Materials — 4.0%
	966,000	Monsanto Co.		64,895,880
				283,204,554
Total Common Stocks (Cost $566,880,351)				548,038,395
PREFERRED STOCKS — 0.0%
Energy — 0.0%
	541,004	Vertex Energy, Inc., Series A, Cnv.(b)(c)		0
Total Preferred Stocks (Cost $4,500,000)				0

Shares			Value
RIGHTS/WARRANTS — 0.0%
Energy — 0.0%
	6,666,666	Rancher Energy Corp. Warrants, Expires 12/21/11(b)	$	1
Total Rights/Warrants (Cost $1)				1

Number of Coins
COLLECTIBLE COINS — 3.2%
UNITED STATES — 3.2%
	746	Various Collectible Coins and Sets of Coins		51,837,618
Total Collectible Coins (Cost $53,868,952)				51,837,618
Fine Troy Ounces
COMMODITIES — 6.0%
UNITED STATES — 6.0%
	60,175	Gold Bullion		62,906,457
	40,969	Palladium		13,130,538
	15,024	Platinum		19,913,881
Total Commodities (Cost $87,436,783)				95,950,876
Contracts
CALL OPTIONS PURCHASED — 0.3%
Commodities — 0.3%
	3,000	Chicago Board of Trade Corn Index, Strike $440.00, Expiring 11/20/09		187,500
	2,000	NYB-ICE Sugar No. 11 Index, Strike $30.00, Expiring 04/15/10		2,464,000
	2,000	NYB-ICE Sugar No. 11 Index, Strike $31.00, Expiring 02/16/10		1,769,600
Total Call Options Purchased (Cost $8,055,097)				4,421,100
Principal Amount			Value
ASSET-BACKED SECURITIES — 2.7%
UNITED STATES — 2.7%
$	9,450,000	SLM Student Loan Trust, Series 2002-7, Class A10, 1.08%, 03/15/28(e)		8,930,250
	13,950,000	SLM Student Loan Trust, Series 2002-7, Class A11, 1.95%, 03/15/28(e)		13,182,750

50

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

Principal Amount			Value
UNITED STATES (continued)
$	2,400,000	SLM Student Loan Trust, Series 2002-7, Class A6, 3.67%, 03/15/28(e)	$	2,268,000
	7,950,000	SLM Student Loan Trust, Series 2002-7, Class A7, 1.42%, 03/15/28(e)		7,512,750
	11,650,000	SLM Student Loan Trust, Series 2002-7, Class A8, 3.61%, 03/15/28(e)		11,009,250
	1,400,000	SLM Student Loan Trust, Series 2002-7, Class A9, 1.11%, 03/15/28(e)		1,323,000
Total Asset-Backed Securities (Cost $44,416,069)				44,226,000
MUNICIPAL BONDS — 0.4%
Texas — 0.4%
	6,000,000	State of Texas Refunding GO, Veterans’ Housing Assistance Program, Fund II, Series D, (SPA - State Street Bank & Trust Co.) 0.30%, 06/01/26(e)		6,000,000
Total Municipal Bonds (Cost $6,000,000)				6,000,000
U.S. GOVERNMENT AGENCIES — 29.0%
Federal Home Loan Bank — 29.0%
	148,000,000	0.02%, 11/02/09(f)		147,999,917
	39,000,000	0.02%, 11/03/09(f)		38,999,957
	95,000,000	0.01%, 11/05/09(f)		94,999,894
	100,000,000	0.01%, 11/09/09(f)		99,999,778
	9,000,000	0.03%, 11/13/09(f)		8,999,910
	39,000,000	0.03%, 11/24/09(f)		38,999,253
	35,000,000	0.05%, 11/25/09(f)		34,998,833
Total U.S. Government Agencies (Cost $464,997,542)				464,997,542
U.S. GOVERNMENT SECURITIES — 22.8%
U.S. Treasury Notes — 22.8%
	60,000,000	2.00%, 04/15/12(g)		66,640,351
	20,000,000	2.38%, 01/15/17(g)		23,080,981
	100,000,000	1.63%, 01/15/18(g)		105,529,064
	170,000,000	1.38%, 07/15/18(g)		170,898,738
Total U.S. Government Securities (Cost $348,237,353)				366,149,134
Shares			Value
CASH SWEEP — 0.6%
	9,774,883	Citibank - US Dollars on Deposit in Custody Account	$	9,774,883
Total Cash Sweep (Cost $9,774,883)				9,774,883
TOTAL INVESTMENTS — 99.1%
(Cost $1,594,167,031)(a)				1,591,395,549
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				13,831,392
NET ASSETS — 100.0%			$	1,605,226,941
Contracts
CALL OPTIONS WRITTEN — (0.1)%
Commodities — (0.1)%
	3,000	Chicago Board of Trade Corn Index, Strike $480.00, Expiring 11/20/09		(75,000	)
	2,000	NYB-ICE Sugar No. 11 Index, Strike $40.00, Expiring 04/15/2010		(828,800	)
Total Call Options Written (Premiums received $(3,289,200))			$	(903,800	)
FUTURES CONTRACTS: SHORT POSITIONS

Contracts			Unrealized Appreciation/ (Depreciation)
	600	New York Mercantile Exchange Gulf #6 Fuel, March 2010	$	(4,345,500	)
	200	London Metal Exchange Copper, July 2010		(8,985,424	)
	150	London Metal Exchange Nickel, July 2010		(2,016,000	)
	300	London Metal Exchange Zinc, July 2010		510,000
	1,002	New York Mercantile Exchange Natural Gas, December 2010		(79,860	)
		Net unrealized depreciation	$	(14,916,784	)

51

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

FUTURES CONTRACTS: LONG POSITIONS
Contracts			Unrealized Appreciation/ (Depreciation)
	200	London Metal Exchange Copper, December 2009	$	2,699,500
	1,502	New York Mercantile Exchange Natural Gas, December 2009		(5,203,300	)
	150	London Metal Exchange Copper, January 2010		2,286,563
	300	New York Mercantile Exchange Platinum, January 2010		879,500
	600	India National Commodity & Derivatives Exchange Heating Oil, March 2010		3,509,100
	541	NYB-ICE Sugar #11, March 2010		(634,704)
	1,254	NYB-ICE Sugar #11, May 2010		(1,488,021)
	200	London Metal Exchange Copper, July 2010		5,525,000
	150	London Metal Exchange Nickel, July 2010		4,840,950
	300	London Metal Exchange Zinc, July 2010		4,374,375
	357	NYB-ICE Sugar #11, July 2010		(446,466	)
		Net unrealized appreciation	$	16,342,497

Cash collateral of $10,743,100 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

At October 31, 2009, the Real Return Fund held investments in restricted and illiquid securities amounting to $51,837,619 or 3.2% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	10/31/09 Carrying Value Per Unit
$	19,527,013	Brazil Ethanol, Inc.	03/15/07	$	—
	0	Rancher Energy Corp., Warrants	03/20/07		—
	4,500,000	Vertex Energy Inc., Series A	05/16/06		—
				10/31/09 Average Value Per Unit
$	53,868,952	Collectible Coins	12/14/06(h)	$	69,487.42

(a) Cost for federal income tax purposes is $1,597,777,060 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	521,562,291
Unrealized depreciation		(527,943,802	)
Net unrealized depreciation	$	(6,381,511	)

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The cost of fair valued securities is $24,027,013 and the aggregate value is zero.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The cost of the security is $19,527,013 and the aggregate value is zero.
(e)	Variable rate security. Rate shown is the rate as of October 31, 2009.
(f)	The rate represents the annualized yield at time of purchase.
(g)	Inflation protected security. Principal amount reflects original security face amount.
(h)	The change in unrealized depreciation for the year ended October 31, 2009 is $3,013,394.
ADR — American Depositary Receipt
Cnv. — Convertible
ICE — ICE Futures US, Inc.
NYB — New York Board of Trade
SPA — Standby Purchase Agreement

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 11/04/09 (Underlying notional amount at value EUR $2,055,300 or $2,766,962)		37,200	$	(328,851	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Palm Oil Futures, expiring 11/12/09 (Underlying notional amount at value Malaysian Ringgit 72,489,575, or $20,976,897)		35,000		1,034,473
Commodity Index Swap Agreement with Cargill, Inc. based on the Palm Oil Futures, expiring 12/15/09 (Underlying notional amount at value Malaysian Ringgit 89,027,280, or $25,764,442)		42,500		1,409,875
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Cotton Index, expiring 02/18/10 (Underlying notional amount at value $38,641,630)		1,102		418,330
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Cotton Index, expiring 11/20/09 (Underlying notional amount at value $23,776,400)		634		(2,334,200	)

52

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

	Units		Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 04/28/10 (Underlying notional amount at value $30,009,977)		1,200	$	(695,415	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 06/28/10 (Underlying notional amount at value $11,826,696)		500		(261,710	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 01/31/10 (Underlying notional amount at value $621,500)		10,000		143,395
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 02/28/10 (Underlying notional amount at value $621,500)		10,000		143,828
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 03/31/10 (Underlying notional amount at value $621,500)		10,000		144,717
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 04/30/10 (Underlying notional amount at value $621,500)		10,000		155,563
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 05/31/10 (Underlying notional amount at value $621,500)		10,000		156,481
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 06/30/10 (Underlying notional amount at value $621,500)		10,000		158,396
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 07/31/10 (Underlying notional amount at value $621,500)		10,000		171,259
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 08/31/10 (Underlying notional amount at value $621,500)		10,000		173,159

	Units			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 09/30/10 (Underlying notional amount at value $621,500)		10,000		$	175,557
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 10/31/10 (Underlying notional amount at value $621,500)		10,000			194,348
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 11/30/09 (Underlying notional amount at value $2,261,250)		30,000			(38,242	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 11/30/10 (Underlying notional amount at value $621,500)		10,000			196,126
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 12/31/09 (Underlying notional amount at value $2,261,250)		30,000			(9,746	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Newcastle Coal Index, expiring 12/31/10 (Underlying notional amount at value $621,500)		10,000			198,866
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Soybean Oil Index, expiring 11/24/09 (Underlying notional amount at value $34,617,930)		9,732			806,414
				$	2,012,623
	Units			Unrealized Appreciation
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on the German Baseload Electricity Futures, expiring 11/04/09 (Underlying notional amount at value EUR $2,055,300 or $2,766,962)		(37,200	)	$	1,759,898

53

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

	Units			Unrealized Appreciation
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 01/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)	$	1,179,135
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 02/28/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,172,596
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 03/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,166,219
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 04/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,156,249
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 05/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,149,688
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 06/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,141,650
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 07/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,123,137
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 08/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,114,588
	Units			Unrealized Appreciation
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 09/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)	$	1,105,064
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 10/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,083,078
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 11/30/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,448,372
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 11/30/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,073,478
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 12/31/09 (Underlying notional amount at value $8,471,250)		(45,000	)		5,415,617
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity API#4 Coal Index, expiring 12/31/10 (Underlying notional amount at value $1,872,500)		(10,000	)		1,063,265
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Cotton Index, expiring 11/20/09 (Underlying notional amount at value $68,632,253)		(1,736	)		9,919,376
				$	36,071,410

54

OLD WESTBURY FUNDS, INC.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS	October 31, 2009

Principal Amount			Value
CORPORATE BONDS — 31.0%
Banks — 3.7%
$	500,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14	$	526,954
	1,000,000	Bank of Scotland Plc,, 5.00%, 11/21/11(b)		1,041,743
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		6,158,934
	515,000	JPmorgan Chase & Co., 3.70%, 01/20/15		517,390
	3,000,000	Westpac Banking Corp., 2.90%, 09/10/14(b)		3,000,069
				11,245,090
Consumer Discretionary — 0.8%
	1,000,000	Cornell University, 4.35%, 02/01/14		1,056,210
	200,000	Dartmouth College, 4.75%, 06/01/19		208,112
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,081,405
				2,345,727
Consumer Staples — 3.6%
	5,000,000	Anheuser-Busch Inbev Worldwide, Inc., 5.38%, 11/15/14(b)		5,316,235
	1,000,000	Procter & Gamble Co. (The), 4.60%, 01/15/14		1,074,512
	1,570,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		1,617,336
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,556,642
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,034,555
	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14		594,342
				11,193,622
Diversified Financials — 7.3%
	2,795,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		3,138,992
	2,672,000	Eksportfinans A/S,, 5.00%, 02/14/12		2,864,950
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		505,716
	3,000,000	FIH Erhvervsbank AS, 2.45%, 08/17/12(b)		3,042,075
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		1,994,060
	10,000	General Electric Capital Corp., 1.63%, 01/07/11		10,108

Principal Amount			Value
Diversified Financials (continued)
$	1,000,000	General Electric Capital Corp., 2.25%, 03/12/12	$	1,019,574
	4,105,000	General Electric Capital Corp., MTN,, 5.25%, 10/19/12		4,411,849
	2,000,000	Iberdrola Finance Ireland Ltd., 3.80%, 09/11/14(b)		2,018,572
	2,000,000	Sallie Mae, Inc., 7.30%, 08/01/12		2,326,154
	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)		1,009,810
				22,341,860
Energy — 2.1%
	500,000	Marathon Oil Corp., 6.50%, 02/15/14		556,174
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,748,226
	4,070,000	Shell International Finance BV, 4.00%, 03/21/14		4,276,968
				6,581,368
Health Care — 8.2%
	4,620,000	Amgen, Inc., Cnv, 0.13%, 02/01/11		4,544,925
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		626,284
	500,000	McKesson Corp., 6.50%, 02/15/14		549,930
	5,965,000	Medtronic, Inc., Cnv., 1.50%, 04/15/11(b)		5,875,525
	1,285,000	Novartis Capital Corp., 4.13%, 02/10/14		1,357,276
	2,070,000	Pfizer, Inc., 5.35%, 03/15/15		2,285,520
	7,000,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		7,581,350
	2,000,000	Wyeth, 5.50%, 02/01/14		2,191,806
				25,012,616
Industrials — 0.0%
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		83,915
Insurance — 2.5%
	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13		1,519,993
	5,800,000	New York Life Global Funding, 4.65%, 05/09/13(b)		6,131,221
				7,651,214

55

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

Principal Amount			Value
Materials — 1.0%
$	630,000	Airgas, Inc., 4.50%, 09/15/14	$	645,446
	1,250,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,293,121
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,210,588
				3,149,155
Utilities — 1.8%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,634,960
	4,035,000	Transocean, Inc., Series B, Cnv., 1.50%, 12/15/37		3,949,256
				5,584,216
Total Corporate Bonds (Cost $90,405,876)				95,188,783
MUNICIPAL BONDS — 2.5%
Connecticut — 0.3%
	1,000,000	State of Connecticut Taxable GO, Series A, 3.59%, 03/01/12		1,041,720
Maine — 0.3%
	350,000	State of Maine General Purpose GO, 3.94%, 05/15/11		361,655
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		488,650
				850,305
New York — 1.1%
	1,000,000	New York City Industrial Development Agency Polytechnic University Project, Civic Facility Revenue Bonds, OID, 6.13%, 11/01/30		1,067,400
	1,790,000	New York State Dormitory Authority Economic Development & Housing Refunding Revenue Bonds, 4.81%, 12/15/11		1,903,916
	500,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		535,145
				3,506,461

Principal Amount			Value
Ohio — 0.4%
$	1,000,000	Ohio State Third Frontier Research and Development GO, Taxable, Series A, (NATL-RE) 5.25%, 05/01/11	$	1,055,420
Texas — 0.4%
	1,000,000	Houston Area Water Corp. Northeast Water Purification Project Revenue Bonds, OID, (FGIC) 5.25%, 03/03/23		1,096,200
Total Municipal Bonds (Cost $7,255,698)				7,550,106
U.S. GOVERNMENT AGENCIES — 47.2%
Fannie Mae — 1.5%
	550,000	5.00%, 08/02/12		601,512
	3,500,000	5.00%, 03/02/15		3,845,947
	9,769	7.50%, 08/01/25		11,034
				4,458,493
Federal Farm Credit Bank — 4.6%
	125,000	4.75%, 01/19/10		126,196
	100,000	5.15%, 12/06/10		105,009
	1,500,000	2.00%, 01/17/12		1,524,123
	4,550,000	2.13%, 06/18/12		4,613,909
	400,000	4.50%, 10/17/12		432,027
	1,000,000	1.88%, 12/07/12		1,004,416
	6,135,000	2.63%, 04/17/14		6,164,969
	105,000	3.00%, 09/22/14		107,258
				14,077,907
Federal Home Loan Bank — 31.4%
	50,000	4.00%, 02/12/10		50,514
	30,000	7.38%, 02/12/10		30,589
	25,000	3.38%, 05/14/10		25,408
	215,000	4.50%, 09/10/10		222,362
	100,000	5.13%, 09/10/10		104,213
	115,000	5.13%, 09/29/10		119,729
	2,014,393	4.75%, 10/25/10		2,087,415
	60,000	4.25%, 11/02/10		62,203
	50,000	4.25%, 11/15/10		51,903
	630,000	6.63%, 11/15/10		669,549
	730,000	4.75%, 12/10/10		763,630
	1,240,000	4.88%, 12/10/10		1,298,549
	1,360,000	4.00%, 02/15/11		1,418,755
	2,135,000	5.88%, 02/15/11		2,275,857
	500,000	2.88%, 03/11/11		514,652
	6,035,000	4.88%, 03/11/11		6,378,953
	5,715,000	5.25%, 06/10/11		6,105,535
	235,000	5.38%, 06/10/11		252,231

56

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

Principal Amount			Value
Federal Home Loan Bank (continued)
$	320,000	4.38%, 08/15/11	$	339,928
	75,000	5.75%, 08/15/11		81,312
	300,000	3.75%, 09/09/11		315,757
	280,000	5.00%, 09/09/11		299,300
	1,355,000	5.00%, 10/13/11		1,461,224
	50,000	4.25%, 11/15/11		53,286
	490,000	4.88%, 11/15/11		528,262
	15,000	5.63%, 11/15/11		16,397
	6,270,000	4.75%, 12/09/11		6,738,908
	2,405,000	5.00%, 03/09/12		2,615,507
	5,030,000	3.63%, 06/08/12		5,320,840
	1,075,000	4.38%, 06/08/12		1,145,162
	455,000	4.88%, 06/08/12		494,204
	1,400,000	5.38%, 06/08/12		1,526,778
	335,000	4.63%, 08/15/12		363,497
	990,000	4.50%, 09/14/12		1,069,683
	585,000	5.00%, 09/14/12		639,729
	1,611,618	5.27%, 12/28/12		1,698,541
	50,000	3.50%, 03/08/13		52,756
	3,900,000	3.88%, 03/08/13		4,162,275
	915,000	5.00%, 03/08/13		1,009,851
	1,800,000	3.75%, 06/14/13		1,909,922
	400,000	4.25%, 06/14/13		432,245
	500,000	4.38%, 09/13/13		542,852
	2,690,000	5.25%, 09/13/13		3,005,411
	185,000	5.50%, 12/11/13		209,098
	10,305,000	3.13%, 12/13/13		10,669,333
	500,000	4.00%, 12/13/13		535,803
	2,065,000	4.88%, 12/13/13		2,283,605
	800,000	4.88%, 06/13/14		888,933
	7,825,000	5.38%, 06/13/14		8,795,801
	8,470,000	5.25%, 09/12/14		9,556,777
	3,720,000	4.75%, 11/14/14		4,102,602
	1,115,000	4.75%, 12/12/14		1,209,267
				96,506,893
Freddie Mac — 0.3%
	190,000	4.50%, 12/16/10		198,058
	355,000	5.00%, 08/15/12		387,942
	400,000	5.00%, 11/13/14		442,426
				1,028,426
Ginnie Mae — 0.0%
	92,494	8.50%, 10/15/17		100,569
	472	9.00%, 02/15/20		531
				101,100
Overseas Private Investment Corp. — 4.2%
	1,000,000	4.59%, 12/09/11(c)		1,043,855

Principal Amount			Value
Overseas Private Investment Corp. (continued)
$	11,100,242	5.14%, 12/15/23	$	11,797,004
				12,840,859
Private Export Funding Corp. — 3.9%
	300,000	6.07%, 04/30/11		323,773
	400,000	5.66%, 09/15/11(b)		434,801
	425,000	4.90%, 12/15/11		459,276
	310,000	5.69%, 05/15/12		343,438
	7,760,000	3.55%, 04/15/13		8,191,052
	1,800,000	4.97%, 08/15/13		1,983,298
	250,000	3.05%, 10/15/14		250,880
				11,986,518
Small Business Administration — 0.5%
	1,450,557	4.73%, 02/10/19		1,486,715
Tennessee Valley Authority — 0.8%
	779,000	5.63%, 01/18/11		826,606
	632,000	6.79%, 05/23/12		714,058
	110,000	4.75%, 08/01/13		119,564
	725,000	6.25%, 12/15/17		842,932
				2,503,160
Total U.S. Government Agencies (Cost $139,855,615)				144,990,071
U.S. GOVERNMENT SECURITIES — 16.7%
U.S. Treasury Notes — 16.7%
	275,000	2.38%, 04/15/11(d)		309,222
	1,175,000	2.63%, 02/29/16		1,163,250
	9,080,000	2.38%, 03/31/16		8,838,817
	36,901,000	4.63%, 11/15/16		40,810,218
Total U.S. Government Securities (Cost $48,000,943)				51,121,507
GOVERNMENT BONDS — 0.3%
EGYPT — 0.3%
	1,000,000	Egypt Government Aid Bonds, 4.45%, 09/15/15		1,067,148
Total Government Bonds (Cost $1,062,990)				1,067,148
Shares
INVESTMENT COMPANY — 1.8%
	5,527,300	SEI Daily Income Trust Government II Fund, Class A		5,527,300
Total Investment Company (Cost $5,527,300)				5,527,300

57

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

	Value
TOTAL INVESTMENTS — 99.5% (Cost $292,108,422)(a)	$	305,444,915
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%		1,442,902
NET ASSETS — 100.0%	$	306,887,817

(a) Cost for federal income tax purposes is $293,201,333 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	13,595,767
Unrealized depreciation		(1,352,185	)
Net unrealized appreciation	$	12,243,582

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of theses securities is $44,110,111, which is 14.4% of net assets.
(c)	Zero coupon bond. The rate represents the yield at time of purchase.
(d)	Inflation protected security. Principal amount reflects original security face amount.

Cnv. — Convertible
FGIC — Insured by Financial Guaranty Insurance Corp.
GO — General Obligations
MTN — Medium Term Note
NATL-RE — Insured by National Public Finance Guarantee Corp.
OID — Original Issue Discount

58

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS	October 31, 2009

	Principal Amount		Value
MUNICIPAL BONDS — 97.4%
Alabama — 0.3%
$	400,000	Alabama Water Pollution Control Authority Revenue Bonds, (AMBAC) 5.50%, 08/15/14	$	414,036
	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26		1,218,070
				1,632,106
Arizona — 0.4%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		411,610
	800,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A, 5.00%, 07/01/14		901,664
	500,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, Senior Lien, 5.50%, 07/01/24		555,175
	250,000	University of Arizona Refunding COP, Series C, (AMBAC) 5.00%, 06/01/18		264,295
				2,132,744
California — 8.8%
	1,000,000	California State Public Works Board Regents University Revenue Bonds, Series E, OID, 5.00%, 04/01/34		987,460
	6,000,000	California State Public Works Board Regents University Revenue Bonds, Series F, OID, 5.00%, 04/01/34		5,924,760
	4,000,000	City of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		4,480,840
	350,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(e)		396,928
	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13(e)		339,316

Principal Amount			Value
California (continued)
$	1,715,000	Los Angeles Community College District 2008 Election Refunding GO, Series A, 6.00%, 08/01/33	$	1,913,082
	8,000,000	Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/26		8,615,360
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (FSA) 5.00%, 07/01/16		189,399
	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23		1,133,222
	750,000	Metropolitan Water District of Southern California Refunding Revenue Bonds 5.00%, 07/01/20		840,188
	1,150,000	Metropolitan Water District of Southern California Refunding Revenue Bonds, (J.P. Morgan) 5.00%, 07/01/21		1,278,328
	4,000,000	Orange County Water District Refunding COP 5.00%, 08/15/29		4,244,360
	150,000	Placer County Water Agency Refunding COP, OID, (NATL-RE) 4.50%, 07/01/16		154,116
	275,000	Pomona Public Financing Authority Revenue Bonds, Water Facilities Project, Series AY, (AMBAC) 5.00%, 05/01/18		289,196
	12,000,000	State of California Refunding GO, Series A 5.00%, 07/01/22(b)		12,175,560
	1,000,000	University of California Revenue Bonds, Series D 5.00%, 05/15/28		1,030,330
	210,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/15		235,345
	1,700,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/19		1,913,928
				46,141,718
Colorado — 0.1%
	485,000	City of Longmont Sales & Use Tax Revenue Bonds, OID, 5.63%, 11/15/10(e)		511,190

59

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

Principal Amount			Value
Connecticut — 0.1%
$	500,000	Connecticut Housing Finance Authority Revenue Bonds, Housing Mortgage Financing Program, Sub-Series F-2, (GO of Authority) 6.00%, 11/15/38	$	521,065
	170,000	State of Connecticut GO, Series C, 4.50%, 11/01/12		186,595
				707,660
Florida — 5.4%
	150,000	City of Port Orange Water & Sewer Refunding Revenue Bonds, (AMBAC) 5.00%, 10/01/16		157,564
	170,000	Florida Department of Transportation Revenue Bonds, Series A, 5.00%, 07/01/29		174,622
	10,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/17		10,931,600
	805,000	Florida State Board of Education Public Education GO, Series E, OID, (FSA) 5.00%, 06/01/26		836,492
	8,575,000	Florida State Board of Education Revenue Bonds, Series A 5.50%, 07/01/27		9,006,923
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/13		279,655
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/16		1,197,007
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/18		479,295
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/19		2,116,300
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (FSA) 5.25%, 10/01/16		1,998,756
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		544,055

Principal Amount			Value
Florida (continued)
$	900,000	Seminole County School Board COP, Series A, (AMBAC) 5.00%, 07/01/18	$	946,683
				28,668,952
Georgia — 1.8%
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18		1,428,612
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.00%, 01/01/15		576,922
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.25%, 01/01/17		446,648
	5,000,000	Gwinnett County Water & Sewerage Authority Revenue Bonds, Series A, (County GTY) 4.00%, 08/01/21		5,225,700
	1,500,000	State of Georgia GO, Series B, 5.00%, 01/01/18		1,735,590
				9,413,472
Illinois — 3.0%
	500,000	Chicago Board of Education Dedicated GO, Series B, (FSA) 5.00%, 12/01/18		537,225
	4,780,000	Chicago Metropolitan Water Reclamation District of Greater Chicago Refunding GO, 5.00%, 12/01/26		5,056,666
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC) 5.00%, 01/01/23		3,646,412
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC) 5.00%, 06/01/21		952,677
	225,000	City of Chicago Neighborhoods Alive 21 Program GO, Series A, OID, (FGIC) 5.88%, 01/01/19		235,411
	100,000	City of Rockford GO, Series A, OID, (FSA) 5.38%, 12/15/13		104,297

60

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

Principal Amount			Value
Illinois (continued)
$	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE) 5.00%, 12/01/25	$	1,050,080
	450,000	Cook County Refunding GO, Series A, OID, (NATL-RE, FGIC) 5.00%, 11/15/22		452,610
	150,000	Cook County School District No. 100 Berwyn South Refunding GO, Series D, (FSA) 5.00%, 12/01/12		166,340
	85,000	Du Page County Community Unit School District No. 202 Lisle Pre-Refunded GO, OID, (FSA) 5.55%, 12/30/17(d)		90,021
	65,000	Du Page County Community Unit School District No. 202 Lisle Un-Refunded GO, OID, (FSA) 5.55%, 12/30/17		67,212
	260,000	Freeport Sewer System Improvements Refunding GO, OID, (AMBAC) 5.55%, 12/01/14		276,879
	500,000	State of Illinois GO, First Series, 5.50%, 08/01/15		516,350
	400,000	State of Illinois Sales Tax Revenue Bonds, Series Z, 5.00%, 06/15/12		405,120
	2,057,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE) 4.30%, 03/01/21		1,603,205
	600,000	Will County School District No. 161 Summit Hill Refunding GO, (NATL-RE, FGIC) 5.00%, 01/01/17		632,544
				15,793,049
Indiana — 3.0%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/15/16		657,755
	1,490,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 07/15/25		1,609,587

Principal Amount			Value
Indiana (continued)
$	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 07/15/16	$	1,132,845
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 01/15/17		698,678
	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (FSA, State Aid Withholding) 5.00%, 07/15/18		705,497
	315,000	East Allen Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 07/10/14		329,115
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding) 5.00%, 07/15/16		553,161
	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC) 5.25%, 07/15/17		532,909
	460,000	Franklin Community Multi-School Building Corp., First Mortgage Revenue Bonds, (FSA, State Aid Withholding) 5.13%, 07/15/12		494,684
	75,000	Franklin Township School Building Corp., Marion County First Mortgage Revenue Bonds, 5.75%, 07/15/10		77,791
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/15/22		1,144,215
	1,505,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE) 5.00%, 07/15/23		1,542,234

61

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

Principal Amount			Value
Indiana (continued)
$	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding) 5.38%, 07/15/16	$	194,577
	250,000	Indiana Bond Bank, Special Program Revenue Bonds, Series A, (AMBAC) 6.25%, 02/01/11		256,025
	125,000	Indianapolis-Marion County Public Library GO, Series A, 4.60%, 07/01/18		127,508
	145,000	Lebanon Middle School Building Corp., First Mortgage Revenue Bonds, (FSA, State Aid Withholding) 5.05%, 07/15/11		151,239
	700,000	Mount Vernon of Hancock County Multi-School Building Corp., First Mortgage Revenue Bonds, Series A, (State Aid Withholding) 5.25%, 01/15/14		748,699
	205,000	Noblesville Elementary/ Intermediate Schools Building Corp., First Mortgage Revenue Bonds, (FSA) 5.50%, 07/15/12		214,389
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 5.00%, 01/15/16		176,086
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/18		533,940
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/16		800,006
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/16		824,979
Principal Amount			Value
Indiana (continued)
$	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/17	$	640,310
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC) 5.00%, 01/15/19		210,220
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (FSA, State Aid Withholding) 5.00%, 01/10/16		867,349
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/15		196,102
	150,000	Westfield Multi-School Building Corp., First Mortgage Revenue Bonds, Series A, (FSA, State Aid Withholding) 5.00%, 07/15/23		156,182
	135,000	Westfield-Washington Elementary Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 4.75%, 01/15/11		141,423
				15,717,505
Iowa — 0.1%
	250,000	City of Iowa City Parking Facilities Revenue Bonds, (NATL-RE) 5.88%, 07/01/15		250,728
Kentucky — 0.2%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC) 5.00%, 11/01/15		1,117,650
Louisiana — 0.4%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC) 5.00%, 06/01/16		2,089,860

62

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

Principal Amount			Value
Maine —0.3%
$	115,000	Maine Health & Higher Educational Facilities Authority Pre-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21(d)	$	132,302
	850,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC) 5.00%, 07/01/16		927,214
	285,000	Maine Health & Higher Educational Facilities Authority Un-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21		303,385
				1,362,901
Michigan — 1.2%
	1,350,000	Central Montcalm Public Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/23		1,431,675
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/20		367,987
	250,000	Detroit Water Supply System Revenue Bonds, Senior Lien, Series A, (FGIC) 5.00%, 07/01/13		267,475
	240,000	Dundee Community School District School Building & Site GO, (Q-SBLF) 5.38%, 05/01/10(e)		245,918
	250,000	Dundee Community School District School Building & Site GO, OID, (Q-SBLF) 5.38%, 05/01/10(e)		256,165
	325,000	East Lansing School District School Building & Site GO, OID, (Q-SBLF) 5.35%, 05/01/10(e)		332,976
	150,000	Galesburg-Augusta Community Schools GO, (Q-SBLF) 5.38%, 05/01/10(e)		153,699
	150,000	Jackson Public Schools School Building & Site Refunding GO, (FSA, Q-SBLF) 5.00%, 05/01/15		164,568
	685,000	Oakland University Refunding Revenue Bonds, (AMBAC) 5.25%, 05/15/18		725,388
	245,000	Portage Public Schools School Building & Site GO, (FSA) 5.00%, 05/01/14		261,790
Principal Amount			Value
Michigan (continued)
$	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13	$	775,509
	265,000	Stockbridge Community Schools Refunding GO, (FSA, Q-SBLF) 5.00%, 05/01/21		281,168
	150,000	Van Buren County GO, OID, (AMBAC) 5.00%, 05/01/15		153,160
	375,000	Warren Transportation Fund GO, OID, 5.00%, 06/01/16		380,419
	400,000	Zeeland Public Schools Building & Site GO, (Q-SBLF) 5.00%, 05/01/20		410,404
				6,208,301
Minnesota — 0.4%
	950,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		1,090,514
	1,000,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/17		1,152,620
				2,243,134
Mississippi — 0.9%
	1,500,000	State of Mississippi GO, Series A, 5.00%, 10/01/18		1,692,915
	2,000,000	State of Mississippi GO, Series D, (NATL-RE) 5.00%, 11/01/16		2,269,480
	890,000	University of Southern Mississippi Campus Facilities Improvements Project Revenue Bonds, 5.00%, 09/01/20		979,908
				4,942,303
Missouri — 0.5%
	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit) 5.00%, 03/01/18		570,005
	1,505,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,702,095

63

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

Principal Amount			Value
Missouri (continued)
$	100,000	North Kansas City School District No. 74 Refunding and Improvement Direct Deposit Program GO, (State Aid Direct Deposit) 5.00%, 03/01/18	$	112,570
				2,384,670
Nevada — 2.5%
	1,000,000	Clark County Improvement District No. 112 Special Assessment 5.00%, 08/01/34		1,000,560
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		545,180
	3,000,000	Clark County School District GO, Series C, (NATL-RE) 5.00%, 06/15/22		3,182,970
	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC) 5.00%, 06/15/22		2,124,940
	2,805,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		2,997,619
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/20		3,235,551
				13,086,820
New Jersey — 4.8%
	355,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/17		372,928
	440,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/19		454,524
	355,000	Denville Township Board of Education Refunding GO, (FSA, School Board Resolution Funding) 4.00%, 02/15/17		382,871
	500,000	Harrison GO, (School Board Resolution Funding) 3.75%, 01/15/15		535,310
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC) 5.50%, 09/01/24		5,605,600
Principal Amount			Value
New Jersey (continued)
$	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18	$	1,612,935
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		526,190
	1,200,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16		1,374,156
	5,145,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/18		5,583,868
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE) 5.50%, 12/15/15		1,551,742
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5 5.25%, 12/15/19		3,023,900
	1,000,000	New Jersey Transportation Trust Fund Authority Transportation Systems Revenue Bonds, Series A, (FSA, CR) 5.50%, 12/15/22		1,128,930
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/15		355,569
	440,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/16		463,756
	360,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/17		376,650
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14		126,201
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37		1,347,240

64

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

Principal Amount			Value
New Jersey (continued)
$	385,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42	$	433,456
				25,255,826
New Mexico — 0.3%
	1,200,000	Albuquerque Bernalillo County Water Utility Authority Improvement Revenue Bonds, Series A1, 5.50%, 07/01/22		1,381,380
New York — 19.0%
	2,000,000	City of New York Fiscal 2008 Refunding GO, Series A1, 5.00%, 08/01/15		2,208,340
	4,250,000	City of New York Refunding GO, Series G, (NATL-RE) 5.00%, 08/01/18		4,557,615
	2,000,000	Metropolitan Transportation Authority Revenue Bonds, Series B, OID, 5.00%, 11/15/34		2,062,040
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		2,847,025
	1,150,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, OID, 5.75%, 06/15/40		1,249,935
	1,500,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series CC, 5.00%, 06/15/29		1,568,250
	5,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series B 5.00%, 11/01/22		5,516,850
	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A 5.00%, 05/01/22		2,417,910
	2,000,000	New York City Transitional Finance Authority Revenue Bonds, Series S-3, (State Aid Withholding) 5.25%, 01/15/25		2,147,660
	3,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, (GO of Corp.) 4.50%, 04/01/20		3,258,690
Principal Amount			Value
New York (continued)
$	1,000,000	New York Power Authority Refunding Revenue Bonds, Series C, (NATL-RE) 5.00%, 11/15/15	$	1,136,740
	6,285,000	New York State Dormitory Authority Construction Service Contract Refunding Revenue Bonds, Series A 5.00%, 07/01/22		6,675,361
	2,500,000	New York State Dormitory Authority Court Facilities Lease Refunding Revenue Bonds, Series A, (AMBAC) 5.50%, 05/15/31		2,656,800
	2,000,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		2,140,460
	3,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, 5.00%, 03/15/22		3,293,700
	1,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, OID, 5.00%, 03/15/38		1,027,800
	550,000	New York State Dormitory Authority Mental Health Services Facilities Improvement Revenue Bonds, Series C, (NATL-RE, FGIC) 5.00%, 02/15/16		586,702
	5,000,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A, OID 5.00%, 02/15/34		5,164,600
	500,000	New York State Dormitory Authority Refunding Mental Health Services Facilities Improvement Revenue Bonds, (Assured GTY) 5.00%, 02/15/19		522,625
	1,450,000	New York State Dormitory Authority State University Lease Revenue Bonds, 4.75%, 07/01/17		1,559,678
	1,100,000	New York State Dormitory Authority Upstate Community Colleges Refunding Revenue Bonds, 6.00%, 07/01/31(c)		1,208,790

65

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

Principal Amount			Value
New York (continued)
$	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds 5.00%, 04/01/20	$	7,668,360
	1,450,000	New York State Thruway Authority Highway Improvement Revenue Bonds 3.00%, 07/15/11		1,495,690
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21		2,066,326
	4,680,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/27		4,945,964
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		449,400
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B 5.00%, 04/01/21		5,437,850
	2,210,000	New York State Thruway Authority Second General Highway and Bridge Trust Fund Refunding Revenue Bonds, Series B, (AMBAC) 5.00%, 04/01/18		2,385,496
	5,000,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/21		5,518,550
	820,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/23		892,144
	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18		887,431
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds 5.25%, 01/01/23		1,070,250
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D 5.50%, 01/01/19		5,610,850
Principal Amount			Value
New York (continued)
$	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15	$	545,195
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21		1,084,630
	250,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.50%, 01/01/24		271,708
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (FSA) 5.00%, 01/01/15		1,115,640
	4,800,000	New York State Urban Development Corp. State Personal Imcome Tax Revenue Bonds, Series B1, OID, 5.00%, 03/15/28		5,102,160
				100,355,215
North Carolina — 3.0%
	300,000	Brunswick County GO, (NATL-RE, FGIC) 5.00%, 05/01/15		325,284
	1,655,000	Cabarrus County School Improvement COP 5.00%, 01/01/21		1,759,894
	4,230,000	Cabarrus County School Improvement COP 5.00%, 01/01/25		4,403,176
	1,060,000	City of Charlotte Refunding Revenue Bonds 5.00%, 07/01/21		1,202,326
	250,000	City of Winston-Salem COP, Series A, 5.00%, 06/01/15		281,085
	1,635,000	Dare County COP, (NATL-RE, FGIC) 5.00%, 06/01/17		1,755,630
	600,000	Harnett County COP, Series A, (FSA) 5.00%, 12/01/14		683,028
	5,000,000	Wake County School Improvement GO 4.50%, 03/01/24		5,310,450
				15,720,873

66

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

Principal Amount			Value
Ohio — 1.8%
$	1,135,000	Cincinnati City School District Classroom Construction and Improvements Refunding GO, (NATL-RE, FGIC) 5.00%, 12/01/17	$	1,262,268
	865,000	Greene County Governmental Enterprise Refunding Revenue Bonds, Series A, (NATL-RE) 5.25%, 12/01/21		996,411
	200,000	Hamilton County Sewer System Refunding Revenue Bonds, Series A, (NATL-RE) 5.00%, 12/01/19		213,608
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18		2,619,143
	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE) 5.00%, 09/01/16		436,204
	900,000	Ohio State University Revenue Bonds, Series A 4.25%, 12/01/24		919,026
	1,000,000	Ohio State University Revenue Bonds, Series A, 4.00%, 12/01/17		1,059,440
	2,000,000	State of Ohio Higher Education GO, Series B, 5.00%, 05/01/23		2,139,420
				9,645,520
Oregon — 0.6%
	3,000,000	Oregon State Department of Administrative Services COP, Series C 5.00%, 11/01/34		3,059,100
Pennsylvania — 0.8%
	1,585,000	Hempfield Area School District Refunding GO, Series B, (NATL-RE, FGIC, State Aid Withholding) 5.00%, 10/15/16		1,694,650
	115,000	New Castle Area School District GO, OID, (NATL-RE, State Aid Withholding) 4.40%, 03/01/11		120,366
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (NATL-RE) 5.00%, 04/01/17		1,536,480
Principal Amount			Value
Pennsylvania (continued)
$	1,000,000	University of Pittsburgh of the Commonwealth Systems of Higher Education Revenue Bonds, University Capital Project, (GO of University) 5.50%, 09/15/37(c)	$	1,094,350
				4,445,846
Puerto Rico — 0.0%
	190,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series W, OID, 5.50%, 07/01/15		201,235
South Carolina — 0.3%
	650,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/22		718,828
	1,000,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		1,094,460
				1,813,288
Texas — 27.9%
	1,255,000	Alamo Community College District GO, Series A, (NATL-RE) 5.50%, 08/15/15		1,438,230
	4,405,000	Aldine Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		4,764,272
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/20		1,362,325
	110,000	Alief Independent School District GO, (PSF-GTD) 5.00%, 02/15/13		116,164
	4,365,000	Austin Independent School District Refunding GO, (NATL-RE) 5.00%, 08/01/18		4,918,918
	1,600,000	Beaumont Independent School District GO, OID, (Assured GTY) 5.00%, 02/15/34		1,625,248
	1,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/24		1,032,760

67

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

Principal Amount			Value
Texas (continued)
$	5,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/27	$	5,120,200
	810,000	Bexar County GO, Series A 5.00%, 06/15/22		893,819
	1,000,000	Bexar County GO, Series A 5.00%, 06/15/26		1,073,340
	1,000,000	Brownsville Independent School District GO, (PSF-GTD) 5.50%, 08/15/18		1,086,640
	1,995,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/25		2,044,695
	1,805,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/26		1,844,042
	100,000	City of Austin Refunding Sub Lien Revenue Bonds, (NATL-RE) 5.25%, 05/15/25		107,453
	750,000	City of Dallas GO, OID, 5.00%, 02/15/25		804,570
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE) 5.00%, 02/15/14		573,360
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE) 4.50%, 03/01/14		984,509
	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.25%, 03/01/14		4,502,320
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.38%, 03/01/15		3,347,460
	255,000	City of Laredo GO, OID, (FGIC) 5.38%, 08/15/20		276,530
	1,280,000	City of Richardson Refunding GO, (NATL-RE) 5.25%, 02/15/20		1,406,490
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,838,868
	1,500,000	Clint Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 08/15/28		1,599,360
Principal Amount			Value
Texas (continued)
$	190,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/15	$	213,235
	315,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/16		354,406
	4,685,000	Cypress-Fairbanks Independent School District Refunding GO, Series 2005-2, (PSF-GTD) 4.00%, 02/15/21		4,880,364
	100,000	Dallas Area Rapid Transit Senior Lien Sales Tax Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		112,662
	245,000	Deer Park Independent School District Limited Tax GO, (FSA) 5.00%, 02/15/17		276,652
	3,340,000	Denton County GO, OID 4.25%, 07/15/27		3,347,047
	245,000	El Paso County Refunding GO, (NATL-RE) 5.00%, 02/15/16		272,996
	1,000,000	El Paso Independent School District GO, (PSF-GTD) 5.00%, 08/15/12		1,103,300
	650,000	Fort Bend County Refunding GO, 5.00%, 03/01/24		696,078
	3,000,000	Fort Worth Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/17		3,410,850
	500,000	Friendswood Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 02/15/23		548,960
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (FSA) 5.00%, 03/01/21		1,168,201
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE) 5.50%, 07/15/13		394,236
	3,000,000	Garland Independent School District Refunding GO, Series A 5.00%, 02/15/19		3,409,830
	275,000	Giddings Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/17		314,198

68

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

Principal Amount			Value
Texas (continued)
$	150,000	Giddings Independent School District School Building GO, Series A, OID, (PSF-GTD) 4.50%, 02/15/23	$	156,422
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/17		764,652
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/19		1,074,690
	370,000	Gregory-Portland Independent School District GO, OID, (PSF-GTD) 5.50%, 08/15/10(e)		384,989
	1,000,000	Harlandale Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/35		1,027,180
	2,500,000	Harris County Refunding GO, Series A, 5.00%, 10/01/23		2,726,275
	1,000,000	Harris County Refunding GO, Series C, (FSA) 5.25%, 08/15/19		1,144,720
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/18		411,075
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE) 4.50%, 08/15/19		514,690
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (FSA) 5.25%, 04/15/21		3,284,844
	2,975,000	Houston Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/22		3,263,486
	1,300,000	Magnolia Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/17		1,488,877
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/16		624,137
	440,000	Midland College District GO, (NATL-RE, FGIC) 5.00%, 02/15/24		465,023
	1,890,000	Monahans-Wickett-Pyote Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		2,016,649
Principal Amount			Value
Texas (continued)
$	1,000,000	North East Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/21	$	1,079,520
	1,315,000	North East Independent School District Refunding GO, (PSF-GTD) 5.25%, 02/01/22		1,546,769
	1,625,000	Northwest Independent School District GO, OID, (PSF-GTD) 4.75%, 02/15/27		1,665,982
	700,000	Northwest Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/18		749,728
	300,000	Plano Independent School District GO, (PSF-GTD) 4.50%, 02/15/19		319,821
	1,205,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		1,292,977
	2,040,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/28		2,161,013
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18		590,762
	500,000	Rockwall Independent School District School Building GO, (PSF-GTD) 4.75%, 02/15/15		559,515
	295,000	San Felipe-Del Rio Consolidated Independent School District GO, OID, (PSF-GTD) 5.38%, 08/15/10(e)		306,661
	450,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/13		483,318
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/14		1,083,571
	3,125,000	Socorro Independent School District GO, Series A, (PSF-GTD) 5.00%, 08/15/25		3,319,469
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/13		1,698,855

69

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

Principal Amount			Value
Texas (continued)
$	4,140,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/18	$	4,548,577
	6,565,000	Southwest Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/01/19		7,189,594
	2,000,000	Spring Branch Independent School District Schoolhouse GO, (PSF-GTD) 5.25%, 02/01/38		2,104,300
	2,705,000	Spring Independent School District GO, (PSF-GTD) 5.00%, 02/15/15		3,053,188
	555,000	Spring Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 08/15/19		628,648
	6,000,000	State of Texas GO, Series B 5.00%, 12/01/24		6,500,220
	2,340,000	State of Texas Water Financial Assistance GO, Series A, 5.00%, 08/01/27		2,511,054
	1,200,000	State of Texas Water Financial Assistance GO, Series B 5.00%, 08/01/22		1,324,032
	900,000	State of Texas Water Financial Assistance GO, Sub-Series A, 5.00%, 08/01/19		1,017,513
	1,050,000	State of Texas Water Financial Assistance Refunding GO, Series A 5.00%, 08/01/23		1,125,022
	1,570,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,792,830
	1,690,000	Texas State University Systems University and College Improvement Revenue Bonds 5.00%, 03/15/17		1,901,081
	250,000	Texas Tech University Refunding and Improvement Revenue Bonds, (AMBAC) 5.00%, 02/15/16		283,002
	1,000,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		1,090,600
	435,000	Travis County Public Road Improvement GO 4.00%, 03/01/25		433,008
	450,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/26		443,606
Principal Amount			Value
Texas (continued)
$	240,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/28	$	232,106
	215,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/29		206,037
	415,000	Travis County Recreational Facilities Improvement GO 4.00%, 03/01/25		413,099
	330,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/26		325,311
	320,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/28		309,475
	140,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/29		134,163
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,432,780
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,833,693
	1,860,000	Victoria Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26		1,975,153
	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		1,248,464
	500,000	Waco Independent School District School Building Refunding GO, (PSF-GTD) 4.25%, 08/15/16		548,035
	400,000	Ysleta Independent School District Building GO, (PSF-GTD) 5.00%, 08/15/25		424,892
	280,000	Ysleta Independent School District Public Facility Corp. Lease Revenue Bonds, (AMBAC) 5.50%, 11/15/09(e)		280,440
				146,780,181

70

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

Principal Amount			Value
Utah — 0.4%
$	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21	$	2,206,253
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC) 5.00%, 11/01/15		142,214
				2,348,467
Virginia — 1.7%
	100,000	Fairfax Refunding GO, 5.00%, 04/01/15		113,601
	2,530,000	Virginia College Building Authority Educational Facilities Refunding Revenue Bonds, 21st Century College & Equipment Programs, Series C, 4.00%, 02/01/15		2,733,361
	2,570,000	Virginia College Building Authority Refunding Revenue Bonds, Series E-1 5.00%, 02/01/22		2,942,753
	1,350,000	Virginia Public Building Authority Revenue Bonds, Series B 5.00%, 08/01/21		1,526,580
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,408,307
				8,724,602
Washington — 6.8%
	100,000	CDP-King County III Lease Refunding Revenue Bonds, King Street Center Project, (NATL-RE) 5.00%, 06/01/17		113,678
	300,000	City of Puyallup Refunding Revenue Bonds, Series 2009B, 4.50%, 11/01/19		314,406
	500,000	City of Seattle Refunding GO 5.00%, 12/01/24		550,110
	1,500,000	City of Seattle Water & Wastewater Authority Refunding and Improvement Revenue Bonds, 5.00%, 02/01/22		1,639,575
	100,000	Clark County Public Utility District No. 1 Generating System Refunding Revenue Bonds, (NATL-RE, FGIC) 5.00%, 01/01/13		108,399

Principal Amount			Value
Washington (continued)
$	4,500,000	Energy Northwest Columbia Generating Station Revenue Bonds, Series D, 5.00%, 07/01/21	$	4,899,330
	1,160,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,226,004
	9,000,000	King County School District No 401 Highline School Improvement GO, (FSA, School Board GTY) 5.00%, 12/01/26		9,570,870
	1,110,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/18		1,183,948
	1,550,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/19		1,627,004
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20		1,677,315
	200,000	Pierce County School District No. 320 Sumner Refunding GO, (NATL-RE, FGIC, School Board GTY) 5.00%, 12/01/16		219,528
	250,000	Snohomish County School District No. 6 Mukilteo GO, OID, (School Board GTY) 5.35%, 12/01/10(e)		263,205
	1,335,000	Snohomish County Surface Water Management Refunding GO, Series A 5.00%, 12/01/21		1,481,783
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC) 5.00%, 04/01/16		2,260,180
	4,000,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC) 5.00%, 07/01/17		4,448,520
	2,000,000	State of Washington Various Purpose Refunding GO, Series R-A, (AMBAC) 5.00%, 01/01/25		2,120,980
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,285,860
				35,990,695

71

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

Principal Amount			Value
West Virginia — 0.1%
$	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE) 5.50%, 04/01/17	$	311,570
Wisconsin — 0.5%
	135,000	Cedarburg School District Refunding GO, Series B, (FSA) 5.00%, 03/01/11(e)		142,826
	145,000	Cedarburg School District Refunding GO, Series B, (FSA) 5.00%, 03/01/11(e)		153,406
	150,000	Door County Corporate Purpose GO, Series A, OID, (FGIC) 5.25%, 09/01/20		160,227
	500,000	Fond Du Lac Promissory Notes GO, OID, (FGIC) 4.40%, 05/01/11		508,815
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC) 4.75%, 03/01/15		108,397
	130,000	Menomonee Falls Water Systems Mortgage Refunding Revenue Bonds, OID, (FSA) 4.60%, 12/01/10		135,707
	520,000	Osceola School District School Building GO, Series A, OID, (NATL-RE, FGIC) 5.13%, 05/01/17(d)		540,884
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14		845,540
	220,000	Two Rivers Public School District Refunding GO, (FSA) 5.75%, 03/01/10(e)		223,892
				2,819,694
Total Municipal Bonds (Cost $498,081,569)				513,258,255

Shares			Value
INVESTMENT COMPANY — 4.4%
	23,147,200	SEI Daily Income Trust Government II Fund, Class A	$	23,147,200
Total Investment Company (Cost $23,147,200)				23,147,200
TOTAL INVESTMENTS — 101.8% (Cost $521,228,769)(a)			$	536,405,455
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%				(9,363,577	)
NET ASSETS — 100.0%			$	527,041,878

(a) Cost for federal income tax purposes is $521,228,769 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	16,490,278
Unrealized depreciation		(1,313,591	)
Net unrealized appreciation	$	15,176,687

(b)	Represents a security purchased on a when-issued basis.
(c)	Variable rate security. Rate shown is the rate as of October 31, 2009.
(d)	These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded 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.
(e)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.

      AMBAC — Insured by AMBAC Indemnity Corp.

      COP — Certificates of Participation

      FGIC — Insured by Financial Guaranty Insurance Corp.

      FSA — Insured by Financial Security Assurance, Inc.

      GO — General Obligations

      GTY — Guaranty

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

      OID — Original Issue Discount

      PSF-GTD — Permanent School Fund Guarantee

      Q–SBLF — Qualified-School Bond Loan Fund

      XLCA — XL Capital Insurance

72

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OLD WESTBURY FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
	October 31, 2009

	U.S. LARGE CAP FUND			NON-U.S. LARGE CAP FUND			GLOBAL SMALL & MID CAP FUND
ASSETS:
Investments, at value	$	405,546,819		$	2,025,796,926		$	3,253,116,426
Foreign currency, at value (Cost $0, $0, $871,853, $337,579, $0, $0 and $0, respectively)		—			—			862,752
Cash		96			57			11,327
Segregated cash for futures contracts (Note 4)		—			—			13,442,000
Dividends and interest receivable		355,669			5,515,728			2,296,404
Receivable for Fund shares sold		613,243			3,774,658			3,314,821
Receivable for investments sold		17,873,291			58,819,195			448,592
Cash paid to broker on swap contracts (Note 4)		—			—			—
Unrealized appreciation on swap contracts		—			—			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			3,375,988
Variation margin		—			—			—
Prepaid expenses		4,098			5,351			5,688
Total Assets		424,393,216			2,093,911,915			3,276,873,998
LIABILITIES:
Cash due to broker on forward foreign currency exchange contracts		—			—			—
Cash due to broker on swap contracts (Note 4)		—			—			—
Written option contracts, at value (premium received $0, $0, $0, $0, $3,289,200, $0 and $0, respectively)		—			—			—
Payable for Fund shares redeemed		370,103			632,283			1,138,632
Payable for investments purchased		6,337,146			47,016,740			47,192,530
Payable for options contracts purchased		—			—			—
Payable for swap contracts purchased		—			—			—
Unrealized depreciation on swap contracts		—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			119,540
Variation margin		—			—			3,942,240
Deferred tax liability payable (Note 10)		—			—			1,636,329
Accrued expenses and other payables:
Investment advisory		246,349			1,253,195			2,325,667
Administration.		8,950			36,418			82,061
Shareholder servicing fee		54,486			268,642			427,124
Custody		36,324			268,642			158,721
Directors		54			525			7
Legal and Audit		32,808			165,234			273,018
Other		9,386			33,991			45,014
Total Liabilities		7,095,606			49,675,670			57,340,884
NET ASSETS	$	417,297,610		$	2,044,236,245		$	3,219,533,114
NET ASSETS consist of:
Capital paid-in	$	477,124,337		$	2,355,747,038		$	2,875,505,724
Accumulated undistributed net investment income		1,222,883			28,747,690			22,907,670
Accumulated undistributed net realized gain/(loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions		(79,139,029	)		(594,973,312	)		(33,914,947	)
Net unrealized appreciation on investments, futures contracts, swap contracts and written options		18,089,419			254,387,738			353,389,493
Net unrealized appreciation/(depreciation) of other assets and liabilities denominated in foreign currencies and deferred taxes		—			327,091			1,645,174
NET ASSETS	$	417,297,610		$	2,044,236,245		$	3,219,533,114
Net Asset Value, maximum offering price and redemption price per share	$	10.67		$	8.95		$	12.05
SHARES OF CAPITAL STOCK OUTSTANDING		39,100,375			228,345,297			267,188,074
INVESTMENTS, AT COST	$	387,457,399		$	1,771,409,188		$	2,891,798,340

^a Consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements.

74

OLD WESTBURY FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES - (Continued)
	October 31, 2009

	GLOBAL OPPORTUNITIES FUND			REAL RETURN FUNDa			FIXED INCOME FUND		MUNICIPAL BOND FUND
ASSETS:
Investments, at value	$	3,003,885,371		$	1,591,395,549		$	305,444,915	$	536,405,455
Foreign currency, at value (Cost $0, $0, $871,853, $337,579, $0, $0 and $0, respectively)		344,011			—			—		—
Cash		32,067			—			29		99
Segregated cash for futures contracts (Note 4)		8,833,500			10,743,100			—		—
Dividends and interest receivable		32,614,548			1,681,862			3,292,892		6,084,734
Receivable for Fund shares sold		4,703,099			1,162,462			341,311		781,810
Receivable for investments sold		35,060,107			9,768,182			—		109,867
Cash paid to broker on swap contracts (Note 4)		1,320,779			—			—		—
Unrealized appreciation on swap contracts		2,519,112			41,752,197			—		—
Unrealized appreciation on forward foreign currency exchange contracts		15,974,292			—			—		—
Variation margin		—			8,475,236			—		—
Prepaid expenses		9,329			5,440			3,848		3,819
Total Assets		3,105,296,215			1,664,984,028			309,082,995		543,385,784
LIABILITIES:
Cash due to broker on forward foreign currency exchange contracts		4,759,995			—			—		—
Cash due to broker on swap contracts (Note 4)		—			47,840,000			—		—
Written option contracts, at value (premium received $0, $0, $0, $0, $3,289,200, $0 and $0, respectively)		—			903,800			—		—
Payable for Fund shares redeemed		702,069			1,581,868			4,900		1,190,000
Payable for investments purchased		57,472,449			—			1,996,960		14,818,484
Payable for options contracts purchased		—			4,005,098			—		—
Payable for swap contracts purchased		—			109,050			—		—
Unrealized depreciation on swap contracts		4,022,910			3,668,164			—		—
Unrealized depreciation on forward foreign currency exchange contracts		14,574,980			—			—		—
Variation margin		2,807,090			—			—		—
Deferred tax liability payable (Note 10)		67,969			—			—		—
Accrued expenses and other payables:
Investment advisory		2,389,858			1,179,068			110,912		197,269
Administration		59,722			32,901			8,166		14,065
Shareholder servicing fee		384,386			208,071			12,742		21,982
Custody		45,376			7,216			25,484		43,963
Directors		305			235			345		32
Legal and Audit		247,896			196,818			23,724		35,918
Other		127,790			24,798			11,945		22,193
Total Liabilities		87,662,795			59,757,087			2,195,178		16,343,906
NET ASSETS	$	3,017,633,420		$	1,605,226,941		$	306,887,817	$	527,041,878
NET ASSETS consist of:
Capital paid-in	$	3,248,251,954		$	1,920,723,858		$	287,869,017	$	508,787,152
Accumulated undistributed net investment income		44,851,497			22,695,398			3,825,529		4,655,324
Accumulated undistributed net realized gain/(loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions		(467,317,323	)		(377,315,979	)		1,880,585		(1,577,285	)
Net unrealized appreciation on investments, futures contracts, swap contracts and written options		190,487,958			39,123,664			13,312,686		15,176,687
Net unrealized appreciation/(depreciation) of other assets and liabilities denominated in foreign currencies and deferred taxes		1,359,334			—			—		—
NET ASSETS	$	3,017,633,420		$	1,605,226,941		$	306,887,817	$	527,041,878
Net Asset Value, maximum offering price and redemption price per share	$	6.98		$	9.52		$	11.77	$	11.76
SHARES OF CAPITAL STOCK OUTSTANDING		432,441,010			168,687,962			26,065,835		44,799,090
INVESTMENTS, AT COST	$	2,808,816,781		$	1,594,167,031		$	292,108,422	$	521,228,769

See Notes to Financial Statements.

75

OLD WESTBURY FUNDS, INC.

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2009

	U.S. LARGE CAP FUND			NON-U.S. LARGE CAP FUND			GLOBAL SMALL & MID CAP FUND
INVESTMENT INCOME:
Interest	$	—		$	225,070		$	8,831,441
Dividends		5,833,392			44,304,847			29,089,680
Foreign tax withheld		(25,713	)		(3,975,329	)		(1,243,761	)
Total investment income		5,807,679			40,554,588			36,677,360
EXPENSES:
Investment advisory fees		2,319,885			12,548,009			23,838,262
Shareholder servicing fees		497,118			2,528,145			4,206,752
Administration and Accounting fees		92,369			373,728			872,721
Custodian fees		331,412			2,528,409			1,146,998
Directors fees and expenses		28,128			143,271			226,747
Insurance premiums		17,885			34,122			25,225
Interest expense		—			—			7,100
Legal and Audit fees		43,847			238,044			395,544
Printing and postage fees		7,680			40,658			65,633
Registration fees		21,060			31,015			43,148
Transfer agent fees		49,078			202,290			343,493
Miscellaneous expenses		2,192			23,340			30,910
Total expenses		3,410,654			18,691,031			31,202,533
Expenses waived by Adviser (Note 7)		(96,532	)		(994,019	)		(119,332	)
Net expenses		3,314,122			17,697,012			31,083,201
NET INVESTMENT INCOME		2,493,557			22,857,576			5,594,159
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS AND DEFERRED TAXES:
Net realized gains/(loss) on:
Investments		(78,983,251	)		(406,784,233	)		(31,363,414	)
Futures contracts		—			—			—
Swap agreements		—			—			—
Written options		—			—			—
Foreign currency transactions		—			8,231,250			19,232,290
Net change in unrealized appreciation/depreciation on:
Investments		103,334,671			643,730,100			583,271,155
Futures contracts		—			—			(8,316,318	)
Swap agreements		—			—			—
Written options		—			—			—
Foreign currency transactions		—			(7,573,309	)		3,314,381
Deferred taxes on unrealized appreciation		—			—			(1,634,897	)
Net realized and change in unrealized gain on investments, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes		24,351,420			237,603,808			564,503,197
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,844,977		$	260,461,384		$	570,097,356

^a Consolidated Statement of Operations.

See Notes to Financial Statements.

76

OLD WESTBURY FUNDS, INC.

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2009 (Continued)

	GLOBAL OPPORTUNITIES FUND			REAL RETURN FUNDa			FIXED INCOME FUND			MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest	$	102,103,506		$	6,001,717		$	9,589,337		$	13,735,421
Dividends		14,891,375			9,214,661			9,727			38,802
Foreign tax withheld		(709,920	)		(196,006	)		—			—
Total investment income		116,284,961			15,020,372			9,599,064			13,774,223
EXPENSES:
Investment advisory fees		21,156,767			11,567,202			1,077,695			1,587,278
Shareholder servicing fees		2,943,060			2,041,271			359,232			529,342
Administration and Accounting fees		516,647			349,111			87,097			132,195
Custodian fees		482,398			172,185			239,488			352,895
Directors fees and expenses		139,673			118,717			18,656			25,633
Insurance premiums		30,670			38,040			22,556			15,434
Interest expense		48,693			60,690			—			—
Legal and Audit fees		370,367			385,800			36,541			47,179
Printing and postage fees		38,351			31,701			5,062			7,034
Registration fees		123,432			25,529			23,331			31,517
Transfer agent fees		226,089			156,084			40,603			51,974
Miscellaneous expenses		29,025			40,141			1,469			1,937
Total expenses		26,105,172			14,986,471			1,911,730			2,782,418
Expenses waived by Adviser (Note 7)		(2,021,860	)		—			(243,949	)		(352,895	)
Net expenses		24,083,312			14,986,471			1,667,781			2,429,523
NET INVESTMENT INCOME		92,201,649			33,901			7,931,283			11,344,700
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS AND DEFERRED TAXES:
Net realized gains/(loss) on:
Investments		(327,710,571	)		1,056,928,780			3,204,573			270,392
Futures contracts		3,321,741			6,539,514			—			—
Swap agreements		4,627,057			87,636,630			—			—
Written options		(5,026,945	)		(1,471,380,460	)		—			—
Foreign currency transactions		21,563,798			(497,170	)		—			—
Net change in unrealized appreciation/depreciation on:
Investments		606,370,210			599,062,959			11,265,149			21,275,559
Futures contracts		(3,671,507	)		1,425,713			—			—
Swap agreements		(2,323,847	)		(64,265,038	)		—			—
Written options		62,903,011			2,385,400			—			—
Foreign currency transactions		(52,823,239	)		(77,892	)		—			—
Deferred taxes on unrealized appreciation		(67,969	)		—			—			—
Net realized and change in unrealized gain on investments, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes		307,161,739			217,758,436			14,469,722			21,545,951
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	399,363,388		$	217,792,337		$	22,401,005		$	32,890,651

See Notes to Financial Statements.

77

OLD WESTBURY FUNDS, INC.

STATEMENTS OF CHANGES IN NET ASSETS

	U.S. LARGE CAP FUND
	FOR THE YEAR ENDED OCTOBER 31, 2009			FOR THE YEAR ENDED OCTOBER 31, 2008
FROM OPERATIONS:
Net investment income	$	2,493,557		$	2,736,170
Net realized gain/(loss) on investments and foreign currency transactions		(78,983,251	)		8,384,743
Net change in unrealized appreciation/depreciation on investments, foreign currency transactions and deferred taxes		103,334,671			(180,552,341	)
Net increase/(decrease) in net assets resulting from operations		26,844,977			(169,431,428	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,330,978	)		(2,893,131	)
Capital gains		—			(22,627,659	)
Net decrease in net assets from distributions		(1,330,978	)		(25,520,790	)
CAPTIAL STOCK TRANSACTIONS (DOLLARS):
Net proceeds from sale of capital stock		142,312,523			121,132,872
Related party sale of capital stock		—			—
Reinvestment of distributions		545,475			6,165,304
Net cost of capital stock redeemed		(88,183,082	)		(84,394,638	)
Net increase/(decrease) in net assets resulting from capital stock transactions		54,674,916			42,903,538
Net increase/(decrease) in net assets		80,188,915			(152,048,680	)
NET ASSETS:
Beginning of period		337,108,695			489,157,375
End of period	$	417,297,610		$	337,108,695
Undistributed net investment income	$	1,222,883		$	60,304
CAPITAL SHARE TRANSACTIONS:
Shares sold		14,998,479			8,891,788
Shares issued from related party transaction		—			—
Shares issued as reinvestment of distributions		62,555			440,074
Shares redeemed		(9,711,391	)		(6,356,301	)
Net increase/(decrease) in shares outstanding		5,349,643			2,975,561

See Notes to Financial Statements.

78

OLD WESTBURY FUNDS, INC.

STATEMENTS OF CHANGES IN NET ASSETS - (Continued)

	NON-U.S. LARGE CAP FUND						GLOBAL SMALL & MID CAP FUND
	FOR THE YEAR ENDED OCTOBER 31, 2009			FOR THE YEAR ENDED OCTOBER 31, 2008			FOR THE YEAR ENDED OCTOBER 31, 2009			FOR THE YEAR ENDED OCTOBER 31, 2008
FROM OPERATIONS:
Net investment income	$	22,857,576		$	31,831,374		$	5,594,159		$	7,268,494
Net realized gain/(loss) on investments and foreign currency transactions		(398,552,983	)		(176,708,442	)		(12,131,124	)		9,844,530
Net change in unrealized appreciation/depreciation on investments, foreign currency transactions and deferred taxes		636,156,791			(821,250,263	)		576,634,321			(446,920,758	)
Net increase/(decrease) in net assets resulting from operations		260,461,384			(966,127,331	)		570,097,356			(429,807,734	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(41,655,528	)		(24,241,701	)		(7,592,253	)		(3,890,677	)
Capital gains		—			(201,403,466	)		—			(69,129,431	)
Net decrease in net assets from distributions		(41,655,528	)		(225,645,167	)		(7,592,253	)		(73,020,108	)
CAPTIAL STOCK TRANSACTIONS (DOLLARS):
Net proceeds from sale of capital stock		558,051,415			921,773,830			614,745,599			482,190,275
Related party sale of capital stock		—			—			—			2,138,427,393
Reinvestment of distributions		17,469,737			124,056,153			7,483			63,779,540
Net cost of capital stock redeemed		(450,033,142	)		(328,015,010	)		(899,667,895	)		(146,247,790	)
Net increase/(decrease) in net assets resulting from capital stock transactions		125,488,010			717,814,973			(284,914,813	)		2,538,149,418
Net increase/(decrease) in net assets		344,293,866			(473,957,525	)		277,590,290			2,035,321,576
NET ASSETS:
Beginning of period		1,699,942,379			2,173,899,904			2,941,942,824			906,621,248
End of period	$	2,044,236,245		$	1,699,942,379		$	3,219,533,114		$	2,941,942,824
Undistributed net investment income	$	28,747,690		$	39,314,392		$	22,907,670		$	5,541,290
CAPITAL SHARE TRANSACTIONS:
Shares sold		72,010,353			91,310,650			59,392,228			40,971,072
Shares issued from related party transaction.		—			—			—			207,412,938
Shares issued as reinvestment of distributions		2,326,196			9,745,181			787			5,081,609
Shares redeemed		(59,604,256	)		(31,973,570	)		(91,452,090	)		(12,884,984	)
Net increase/(decrease) in shares outstanding		14,732,293			69,082,261			(32,059,075	)		240,580,635

See Notes to Financial Statements.

79

OLD WESTBURY FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Continued)

	GLOBAL OPPORTUNITIES FUND						REAL RETURN FUND
	FOR THE YEAR ENDED OCTOBER 31, 2009			FOR THE PERIOD ENDED OCTOBER 31, 2008a			FOR THE YEAR ENDED OCTOBER 31, 2009b			FOR THE YEAR ENDED OCTOBER 31, 2008
FROM OPERATIONS:
Net investment income	$	92,201,649		$	24,751,118		$	33,901		$	32,093,715
Net realized gain/(loss) on investments, swap agreements, futures contracts, written options and foreign currency transactions		(303,224,920	)		(139,508,276	)		(320,772,706	)		36,011,276
Net change in unrealized appreciation/depreciation on investments, swap agreements, futures contracts, written options, foreign currency transactions and deferred taxes		610,386,659			(418,539,367	)		538,531,142			(815,357,966	)
Net increase/(decrease) in net assets resulting from operations		399,363,388			(533,296,525	)		217,792,337			(747,252,975	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(95,083,145	)		(1,655,796	)		(33,384,683	)		(15,588,657	)
Capital gains		—			—			—			(141,425,303	)
Net decrease in net assets from distributions		(95,083,145	)		(1,655,796	)		(33,384,683	)		(157,013,960	)
CAPTIAL STOCK TRANSACTIONS (DOLLARS):
Net proceeds from sale of capital stock		1,691,059,077			1,824,994,362			336,224,458			575,849,885
Reinvestment of distributions		31,995,378			1,233,460			11,803,982			128,996,518
Net cost of capital stock redeemed		(178,252,478	)		(122,724,301	)		(299,152,945	)		(225,119,277	)
Net increase in net assets resulting from capital stock transactions		1,544,801,977			1,703,503,521			48,875,495			479,727,126
Net increase/(decrease) in net assets		1,849,082,220			1,168,551,200			233,283,149			(424,539,809	)
NET ASSETS:
Beginning of period		1,168,551,200			—			1,371,943,792			1,796,483,601
End of period	$	3,017,633,420		$	1,168,551,200		$	1,605,226,941		$	1,371,943,792
Undistributed net investment income	$	44,851,497		$	24,531,853		$	22,695,398		$	29,600,637
CAPITAL SHARE TRANSACTIONS:
Shares sold		277,977,483			192,816,597			40,072,295			42,787,873
Shares issued as reinvestment of distributions		5,613,224			124,341			1,453,692			9,714,403
Shares redeemed		(28,654,206	)		(15,436,429	)		(37,364,154	)		(18,864,859	)
Net increase in shares outstanding		254,936,501			177,504,509			4,161,833			33,637,417

a	For the period from November 28, 2007 (commencement of operations) to October 31, 2008.
b	Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements.

80

OLD WESTBURY FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS - (Continued)

	FIXED INCOME FUND						MUNICIPAL BOND FUND
	FOR THE YEAR ENDED OCTOBER 31, 2009			FOR THE YEAR ENDED OCTOBER 31, 2008			FOR THE YEAR ENDED OCTOBER 31, 2009			FOR THE YEAR ENDED OCTOBER 31, 2008
FROM OPERATIONS:
Net investment income	$	7,931,283		$	6,141,552		$	11,344,700		$	6,550,524
Net realized gain/(loss) on investments, swap agreements, futures contracts, written options and foreign currency transactions		3,204,573			2,083,069			270,392			(1,723,839	)
Net change in unrealized appreciation/depreciation on investments, swap agreements, futures contracts, written options, foreign currency transactions and deferred taxes		11,265,149			384,029			21,275,559			(7,540,944	)
Net increase/(decrease) in net assets resulting from operations		22,401,005			8,608,650			32,890,651			(2,714,259	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,345,326	)		(6,131,427	)		(9,272,000	)		(5,755,579	)
Capital gains		(1,978,171	)		(203,836	)		—			—
Net decrease in net assets from distributions		(9,323,497	)		(6,335,263	)		(9,272,000	)		(5,755,579	)
CAPTIAL STOCK TRANSACTIONS (DOLLARS):
Net proceeds from sale of capital stock		167,629,967			45,716,843			351,026,082			97,106,625
Reinvestment of distributions		5,142,523			3,834,740			3,262,740			2,124,735
Net cost of capital stock redeemed		(50,406,574	)		(19,385,742	)		(77,369,693	)		(29,762,820	)
Net increase in net assets resulting from capital stock transactions		122,365,916			30,165,841			276,919,129			69,468,540
Net increase/(decrease) in net assets		135,443,424			32,439,228			300,537,780			60,998,702
NET ASSETS:
Beginning of period		171,444,393			139,005,165			226,504,098			165,505,396
End of period	$	306,887,817		$	171,444,393		$	527,041,878		$	226,504,098
Undistributed net investment income	$	3,825,529		$	2,282,223		$	4,655,324		$	2,582,624
CAPITAL SHARE TRANSACTIONS:
Shares sold		14,492,401			4,081,749			30,270,222			8,661,617
Shares issued as reinvestment of distributions		453,742			352,112			296,588			190,951
Shares redeemed		(4,354,697	)		(1,737,386	)		(6,707,646	)		(2,676,154	)
Net increase in shares outstanding		10,591,446			2,696,475			23,859,164			6,176,414

See Notes to Financial Statements.

81

OLD WESTBURY FUNDS, INC.
U.S. LARGE CAP FUND
FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	9.99		$	15.89		$	13.83		$	12.20		$	11.51
Investment operations:
Net investment income		0.07	a		0.09	a		0.07			0.06			0.07
Net realized and unrealized gains/(losses) on investments		0.65			(5.18	)		2.05			1.62			0.67
Total from investment operations		0.72			(5.09	)		2.12			1.68			0.74
Distributions:
Net investment income		(0.04	)		(0.09	)		(0.06	)		(0.05	)		(0.05	)
Net realized gains		—			(0.72	)		—			—			—
Total distributions		(0.04	)		(0.81	)		(0.06	)		(0.05	)		(0.05	)
Net asset value, end of year	$	10.67		$	9.99		$	15.89		$	13.83		$	12.20
Total return		7.3	%		(33.6	)%		15.4	%		13.8	%		6.4	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	417,298		$	337,109		$	489,157		$	396,493		$	306,520
Ratio of expenses to average net assets before expense waivers		1.03	%		1.03	%		1.04	%		—	b		—	b
Ratio of expenses to average net assets after expense waivers		1.00	%		1.00	%		1.01	%		1.06	%		1.14	%
Ratio of net investment income/(loss) to average net assets		0.75	%		0.63	%		0.48	%		0.47	%		0.61	%
Portfolio turnover rate		68	%		95	%		43	%		56	%		47	%

a	Calculated using the average shares method for the period.
b	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

82

OLD WESTBURY FUNDS, INC.
NON-U.S. LARGE CAP FUND
FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	7.96		$	15.04		$	13.59		$	11.23		$	9.68
Investment operations:
Net investment income		0.11	a		0.19	a		0.17			0.14			0.10
Net realized and unrealized gains/(losses) on investments and foreign currency transactions		1.08			(5.69	)		2.24			2.30			1.57
Total from investment operations		1.19			(5.50	)		2.41			2.44			1.67
Distributions:
Net investment income		(0.20	)		(0.17	)		(0.17	)		(0.08	)		(0.12	)
Net realized gains		—			(1.41	)		(0.79	)		—			—
Total distributions		(0.20	)		(1.58	)		(0.96	)		(0.08	)		(0.12	)
Net asset value, end of year	$	8.95		$	7.96		$	15.04		$	13.59		$	11.23
Total return		15.5	%		(40.5	)%		18.5	%		21.9	%		17.3	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	2,044,236		$	1,699,942		$	2,173,900		$	1,915,043		$	1,518,585
Ratio of expenses to average net assets before expense waivers		1.11	%		1.11	%		—	b		—	b		—	b
Ratio of expenses to average net assets after expense waivers		1.05	%		1.10	%		1.11	%		1.14	%		1.25	%
Ratio of net investment income to average net assets		1.36	%		1.72	%		1.15	%		1.17	%		1.10	%
Portfolio turnover rate		86	%		66	%		44	%		50	%		49	%

a	Calculated using the average shares method for the period.
b	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

83

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,												PERIOD ENDED 10/31/05a
	2009			2008			2007			2006
Net asset value, beginning of period	$	9.83		$	15.45		$	12.94		$	10.69		$	10.00
Investment operations:
Net investment income		0.02	b		0.08	b		0.09			0.07			0.03
Net realized and unrealized gains/(losses) on investments, foreign currency transactions and deferred taxes		2.23			(4.53	)		2.93			2.21			0.66
Total from investment operations		2.25			(4.45	)		3.02			2.28			0.69
Distributions:
Net investment income		(0.03	)		(0.07	)		(0.11	)		(0.02	)		—
Net realized gains		—			(1.10	)		(0.40	)		(0.01	)		—
Total distributions		(0.03	)		(1.17	)		(0.51	)		(0.03	)		—
Net asset value, end of period	$	12.05		$	9.83		$	15.45		$	12.94		$	10.69
Total return		22.9	%		(30.4	)%		24.1	%		21.4	%		6.9	%c
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	3,219,533		$	2,941,943		$	906,621		$	698,492		$	502,103
Ratio of expenses to average net assets before expense waivers		1.11	%d		1.12	%		—	e		—	e		—	e
Ratio of expenses to average net assets after expense waivers		1.11	%		1.11	%		1.13	%		1.15	%		1.24	%f
Ratio of net investment income to average net assets		0.21	%		0.66	%		0.62	%		0.60	%		0.52	%f
Portfolio turnover rate		30	%		36	%		35	%		39	%		8	%c

a	For the period from April 7, 2005 (commencement of operations) to October 31, 2005.
b	Calculated using the average shares method for the period.
c	Not Annualized.
d	When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense back to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expense ratio.
e	There were no voluntary fee reductions during the period.
f	Annualized.

See Notes to Financial Statements.

84

OLD WESTBURY FUNDS,  INC.

GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31, 2009			PERIOD ENDED 10/31/08a
Net asset value, beginning of period	$	6.58		$	10.00
Investment operations:
Net investment income		0.30	b		0.16	b
Net realized and unrealized losses on investments, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes		0.65			(3.56	)
Total from investment operations		0.95			(3.40	)
Distributions:
Net investment income		(0.55	)		(0.02	)
Total distributions		(0.55	)		(0.02	)
Net asset value, end of period	$	6.98		$	6.58
Total return		16.3	%		(34.0	)%c
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	3,017,633		$	1,168,551
Ratio of expenses to average net assets before expense waivers		1.33	%d		1.36	%e
Ratio of expenses to average net assets after expense waivers		1.22	%		1.35	%e
Ratio of net investment income to average net assets		4.70	%		1.98	%e
Portfolio turnover rate		111	%		145	%c

a	For the period from November 28, 2007 (commencement of operations) to October 31, 2008.
b	Calculated using the average shares method for the period.
c	Not Annualized.
d	When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense back to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expense ratio.
e	Annualized.

See Notes to Financial Statements.

85

OLD WESTBURY FUNDS, INC.

REAL RETURN FUND

FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,												PERIOD ENDED 10/31/05a
	2009b			2008			2007			2006
Net asset value, beginning of period	$	8.34		$	13.73		$	11.68		$	10.41		$	10.00
Investment operations:
Net investment income		0.00	c,d		0.21	d		0.24			0.17			0.09
Net realized and unrealized gains/(losses) on investments, futures contracts, swap agreements, written options and foreign currency transactions		1.39			(4.50	)		3.00			1.31			0.32
Total from investment operations		1.39			(4.29	)		3.24			1.48			0.41
Distributions:
Net investment income		(0.21	)		(0.11	)		(0.29	)		(0.15	)		—
Net realized gains		—			(0.99	)		(0.90	)		(0.06	)		—
Total distributions		(0.21	)		(1.10	)		(1.19	)		(0.21	)		—
Net asset value, end of period	$	9.52		$	8.34		$	13.73		$	11.68		$	10.41
Total return		17.1	%		(34.2	)%		29.8	%		14.4	%		4.1	%e
Annualized ratios/supplemental data:
Net assets at end of period (000’s)	$	1,605,227		$	1,371,944		$	1,796,484		$	1,264,707		$	839,573
Ratio of expenses to average net assets		1.10	%f		1.25	%f		1.25	%f		1.10	%		1.16	%g
Ratio of expenses to average net assets (excluding interest expense)		1.10	%		1.08	%		1.09	%		—			—
Ratio of net investment income to average net assets		0.00	%h		1.54	%		1.97	%		1.81	%		1.97	%g
Portfolio turnover rate		75	%		88	%		36	%		56	%		5	%e

a	For the period from April 29, 2005 (commencement of operations) to October 31, 2005.
b	Consolidated Financial Highlights.
c	Less than $0.01 or $(0.01) per share.
d	Calculated using the average shares method for the period.
e	Not Annualized.
f	When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense back to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expense ratio.
g	Annualized.
h	Less than 0.01%.

See Notes to Financial Statements.

86

OLD WESTBURY FUNDS,  INC.

FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	11.08		$	10.88		$	10.79		$	10.78		$	10.98
Investment operations:
Net investment income		0.38	a		0.44	a		0.42			0.44			0.33
Net realized and unrealized gains/(losses) on investments		0.83			0.22			0.14			(0.02	)		(0.17	)
Total from investment operations		1.21			0.66			0.56			0.42			0.16
Distributions:
Net investment income		(0.39	)		(0.44	)		(0.47	)		(0.38	)		(0.36	)
Net realized gains		(0.13	)		(0.02	)		—			(0.03	)		0.00	b
Total distributions		(0.52	)		(0.46	)		(0.47	)		(0.41	)		(0.36	)
Net asset value, end of year	$	11.77		$	11.08		$	10.88		$	10.79		$	10.78
Total return		11.1	%		6.2	%		5.4	%		4.0	%		1.6	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	306,888		$	171,444		$	139,005		$	98,267		$	78,440
Ratio of expenses to average net assets before expense waivers		0.80	%		0.82	%		0.84	%		—	c		1.00	%
Ratio of expenses to average net assets after expense waivers		0.70	%		0.70	%		0.73	%		0.87	%		0.99	%
Ratio of net investment income to average net assets		3.31	%		3.92	%		4.22	%		4.07	%		3.05	%
Portfolio turnover rate		37	%		36	%		59	%		72	%		17	%

a	Calculated using the average shares method for the period.
b	Less than $0.01 or $(0.01) per share.
c	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

87

OLD WESTBURY FUNDS, INC.
MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS

For a Share Outstanding Throughout Each Period.

	YEAR ENDED OCTOBER 31,
	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	10.82		$	11.21		$	11.27		$	11.20		$	11.47
Investment operations:
Net investment income		0.37	a		0.37	a		0.35			0.33			0.29
Net realized and unrealized gains/(losses) on investments		0.91			(0.41	)		(0.04	)		0.14			(0.21	)
Total from investment operations		1.28			(0.04	)		0.31			0.47			0.08
Distributions:
Net investment income		(0.34	)		(0.35	)		(0.37	)		(0.30	)		(0.28	)
Net realized gains		—			—			—			(0.10	)		(0.07	)
Total distributions		(0.34	)		(0.35	)		(0.37	)		(0.40	)		(0.35	)
Net asset value, end of year	$	11.76		$	10.82		$	11.21		$	11.27		$	11.20
Total return		12.1	%		(0.5	)%		2.8	%		4.3	%		0.7	%
Annualized ratios/supplemental data:
Net assets at end of year (000’s)	$	527,042		$	226,504		$	165,505		$	116,442		$	98,652
Ratio of expenses to average net assets before expense waivers		0.79	%		0.81	%		0.84	%		—	b		0.99	%
Ratio of expenses to average net assets after expense waivers		0.69	%		0.70	%		0.74	%		0.86	%		0.98	%
Ratio of net investment income to average net assets		3.21	%		3.32	%		3.32	%		3.05	%		2.63	%
Portfolio turnover rate		10	%		47	%		50	%		52	%		56	%

a	Calculated using the average shares method for the period.
b	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

88

OLD WESTBURY FUNDS, INC. NOTES TO FINANCIAL STATEMENTS
	October 31, 2009

1. Organization:

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Articles of Incorporation permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At October 31, 2009, the Corporation consisted of seven separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury U.S. Large Cap Fund (“U.S. Large Cap Fund”)	Long-term capital appreciation.
Old Westbury Non-U.S. Large Cap Fund (“Non-U.S. Large Cap Fund”)	Long-term capital appreciation.
Old Westbury Global Small & Mid Cap Fund (“Global Small & Mid Cap Fund”)	Long-term capital appreciation.
Old Westbury Global Opportunities Fund (“Global Opportunities Fund”)	Long-term capital appreciation.
Old Westbury Real Return Fund (“Real Return Fund”)	Real capital appreciation in inflationary environments.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)	Total return (consisting of current income and capital appreciation).
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).

The Corporation has authorized a total of 20 billion shares of common stock (par value $0.001 per share).

The number of shares authorized per fund are as follows:

U.S. Large Cap Fund	2,500,000,000
Non-U.S. Large Cap Fund	3,000,000,000
Global Small & Mid Cap Fund	3,500,000,000
Global Opportunities Fund	3,500,000,000
Real Return Fund	3,500,000,000
Fixed Income Fund	2,000,000,000
Municipal Bond Fund	2,000,000,000

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

2. Basis for Consolidation for the Real Return Fund:

The Real Return Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in OWF Real Return Fund Ltd., a wholly-owned subsidiary of the Real Return Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary participates in the same investment goals as the Real Return Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Real Return Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Real Return Fund. The portion of the Real Return Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial. To the extent of the Real Return Fund’s investment through the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. As of October 31, 2009, the Real Return Fund held $345,511,230 in the Subsidiary, representing 21.52% of the Real Return Fund’s net assets. The accompanying consolidated financial statements of the Real Return Fund include all assets,

89

OLD WESTBURY FUNDS, INC. NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

liabilities, revenues and expenses of the Real Return Fund and its wholly-owned Subsidiary. All material intercompany accounts and transactions have been eliminated.

3. Significant Accounting Policies:

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

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

A. Valuation of Investments. Securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). If there has been no sale on such day, the security is valued at the mean of the closing bid and asked prices. If no bid or asked prices are quoted, or if events or circumstances that could materially affect the value of such Funds’ securities have occurred, then the security is valued at a fair value determined in accordance with procedures approved by the Board. Securities traded on more than one national securities exchange are valued at the last sale price on the exchange representing the principal market for such securities. Investments in open-end investment companies are valued at net asset value.

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

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost. Debt instruments having a greater remaining maturity will be valued at the highest bid price obtained from a dealer maintaining an active market in that security or on the basis of prices obtained from a pricing service approved as reliable by the Board.

All other investment assets and liabilities, including restricted and not readily marketable securities, are valued under procedures established by and under the general supervision and responsibility of the Board designed to reflect, in good faith, the fair value of such securities or other assets and liabilities. Fair value methods used by the Board include, but are not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influenced the market in which the investments are purchased and sold.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds may use a pricing service authorized by the Board that has been designated to determine fair value. The Funds that invest in investments that trade in non-U.S. markets may use a systematic fair valuation model provided by an independent third party vendor to value its non-U.S. investments. When these Funds use fair value pricing, the value assigned to the non-U.S. investments held by these Funds may not be the quoted or published prices of the investment on their primary markets or exchanges.

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

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

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

90

OLD WESTBURY FUNDS, INC. NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

C. Collectibles. The Real Return Fund may invest in Collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have accurate market valuations available. The values of the collectible coins and sets of coins held by the Real Return Fund are appraised on a quarterly basis by an independent professional coin appraiser who uses market auction data to determine each coin’s and set of coins current value. Between these quarterly appraisals, each coin and set of coins is valued weekly via information in the Coin Dealer Newsletter based on the price movement of a basket of like coins identified by the Advisor. The Real Return Fund does not currently intend to invest more than 5% of its total assets in Collectibles. As of October 31, 2009, the Real Return Fund held $51,837,618, or 3.23% of net assets, in Collectibles.

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

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

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

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

91

OLD WESTBURY FUNDS, INC. NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

Currently, the Global Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Global Opportunities Fund’s investments in loans are expected in most instances to be in the form of assignments.

Generally, when a Fund purchases an assignment of a loan from a lender it will step into the shoes of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. The Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

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

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

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

K. Interest Expense. When cash balances are overdrawn, the Funds are charged by Bessemer Trust Company an overdraft fee equal to 2.25% above the federal funds rate on outstanding balances. Citibank, N.A. charges 2.00% above the London InterBank Offered Rate for any overdrawn cash balances. These amounts, if any, are included in “interest expense” in the Statements of Operations. When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense.

L. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid semi-annually for the Global Opportunities Fund, Real Return Fund, Fixed Income Fund and Municipal Bond Fund and at least annually for the U.S. Large Cap Fund, Global Small & Mid Cap Fund and Non-U.S. Large Cap Fund. Distributable net realized gains, if any, are declared and distributed at least annually.

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

N. Recent Accounting Pronouncement: In June 2009, amended guidance was issued by the Financial Accounting Standards Board for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Funds financial statements and disclosures, if any, is currently being assessed.

92

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

4. Derivative Instruments:

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

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

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

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

Fair values of derivative instruments as of 10/31/09:

	Values of Derivative Instruments as of October 31, 2009
	Derivatives Asset			Derivatives Liabilities
Global Small & Mid CapFund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts	Investments, at value	$	2,055,450	Variation margin	$	8,301,420
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		3,375,988	Unrealized depreciation on foreign currency exchange contracts		119,540
Total		$	5,431,438		$	8,420,960
Global Opportunities Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Interest rate contracts				Unrealized depreciation on swaps	$	121,967
Equity contracts	Unrealized appreciation on swaps	$	2,519,112	Unrealized depreciation on swaps		3,900,943
				Variation Margin		3,076,834
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		15,974,292	Unrealized depreciation on foreign currency exchange contracts		14,574,980
Total		$	18,493,404		$	21,674,724

93

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

	Values of Derivative Instruments as of October 31, 2009
Real Return Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts	Investments, at value	$	4,421,100
Commodity contracts	Unrealized appreciation on swaps		41,752,197	Unrealized depreciation on swaps		3,668,164
				Written options contracts, at value		903,800
	Variation Margin		24,624,988	Variation Margin		23,199,275

	The Effect of Derivative Instruments on the Statements of Operations
	Year Ended October 31, 2009
	Net Realized Gain (Loss) from Derivatives Recognized in Income
Global Small & Mid Cap Fund	Options			Financial Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Equity Contracts	$	(19,611,913	)	$	—		$	—		$	—		$	(19,611,913	)
Foreign Currency Exchange Contracts		—			—			—			19,232,290			19,232,290
Total	$	(19,611,913	)	$	—		$	—		$	19,232,290		$	(379,623	)
Global Opportunities Fund	Options			Financial Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Interest Rate Contracts	$	—		$	—		$	50,160		$	—		$	50,160
Equity Contracts		(5,026,945	)		3,321,741			4,576,897			—			2,871,693
Foreign Currency Exchange Contracts		—			—			—			21,563,798			21,563,798
Total	$	(5,026,945	)	$	3,321,741		$	4,627,057		$	21,563,798		$	24,485,651
Real Return Fund
Commodity Contracts	$	804,093		$	6,539,514		$	87,580,093		$	0		$	94,923,700
Foreign Currency Exchange Contracts		—			—			—			(497,171	)		(497,171	)
Total	$	804,093		$	6,539,514		$	87,580,093		$	(497,171	)	$	94,426,529
	Net Change in Unrealized Appreciation/Depreciation
	on Derivatives Recognized in Income
Global Small & Mid Cap Fund	Options			Financial Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Equity Contracts	$	(2,286,092	)	$	(8,316,318	)	$	—		$	—		$	(10,602,410	)
Foreign Currency Exchange Contracts		—			—			—			3,314,381			3,314,381
Total	$	(2,286,092	)	$	(8,316,318	)	$	—		$	3,314,381		$	(7,288,029	)
Global Opportunities Fund	Options			Financial Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Interest Rate Contracts	$	—		$	—		$	(121,967	)	$	—		$	(121,967	)
Equity Contracts		62,903,011			(3,671,507	)		(2,201,880	)		—			57,029,624
Foreign Currency Exchange Contracts		—			—			—			(52,823,239	)		(52,823,239	)
Total	$	62,903,011		$	(3,671,507	)	$	(2,323,847	)	$	(52,823,239	)	$	4,084,418
Real Return Fund
Commodity Contracts	$	2,385,400		$	1,425,713		$	(64,265,038	)	$	—		$	(60,453,925	)
Foreign Currency Exchange Contracts		—			—			—			(77,892	)		(77,892	)
Total	$	2,385,400		$	1,425,713		$	(64,265,038	)	$	(77,892	)	$	(60,531,817	)

94

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

For the year ended October 31, 2009 the average volume of derivative activities were as follows:

	Purchased Options		Written Options		Futures Long Position	Futures Short Position	Forward Currency Contracts Purchased	Forward Currency Contracts Sold
	(Cost $)		(Premium Received $)		(Contracts)	(Contracts)	(Contracts)	(Contracts)
Global Small & Mid Cap Fund	$	2,760,323	$	—	573	—	5	3
Global Opportunities Fund		1,276,817		—	792	—	182	146
Real Return Fund		1,102,071,454		1,063,822,370	6,527	1,114	—	—

	Interest Rate Swaps			Equity Swaps			Index Swaps as buyer		Index Swaps as writer
	(Notional Amount in US$)			(Notional Amount in US$)			(Notional Amount in US$)		(Notional Amount in US$)
Global Opportunities Fund		$	4,336,120		$	1,774,949	$	—	$	—
Real Return Fund			—			—		193,578,184		168,830,118

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

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

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

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

95

OLD WESTBURY FUNDS, INC.

NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

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

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Canadian Dollar	50,398,000	U.S. Dollar	45,992,809	12/02/09	$	584,346
Australian Dollar	3,225,844	Japanese Yen	250,000,000	12/03/09		116,542
Australian Dollar	38,693,701	U.S. Dollar	32,239,204	12/08/09		2,459,511
Brazil Real	5,030,181	Japanese Yen	250,000,000	01/05/10		40,203
Canadian Dollar	3,004,354	Japanese Yen	250,000,000	01/05/10		(1,829	)
Japanese Yen	16,283,046	Norway Krones	250,000,000	01/05/10		57,675
					$	3,256,448
As of October 31, 2009, the Global Opportunities Fund had the following open Forwards:
Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Euro	3,757,689	U.S. Dollar	5,492,840	11/04/09	$	37,097
U.S. Dollar	5,351,802	Euro	3,757,689	11/04/09		(178,135	)
United Kingdom Pound	2,032,043	U.S. Dollar	3,439,599	11/05/09		(104,629	)
Japanese Yen	478,350,000	U.S. Dollar	5,000,000	11/10/09		(314,414	)
U.S. Dollar	5,446,293	Japanese Yen	519,990,250	11/10/09		330,740
Euro	3,250,000	U.S. Dollar	4,647,808	11/12/09		134,913
Brazil Real	18,675,000	Japanese Yen	960,020,000	11/16/09		(102,093	)
Brazil Real	9,292,500	U.S. Dollar	5,000,000	11/16/09		256,519
Australian Dollar	5,979,502	U.S. Dollar	5,000,000	11/17/09		373,414
Hong Kong Dollar	26,638,400	U.S. Dollar	3,437,013	11/17/09		483
Japanese Yen	320,604,000	U.S. Dollar	3,361,193	11/17/09		200,809
Singapore Dollar	2,828,520	U.S. Dollar	1,960,098	11/17/09		57,676
Swiss Franc	1,103,390	U.S. Dollar	1,031,620	11/17/09		44,051
U.S. Dollar	3,437,013	Japanese Yen	320,604,000	11/17/09		(124,989	)
Brazil Real	9,357,500	U.S. Dollar	5,000,000	11/18/09		291,103
Euro	1,160,000	Japanese Yen	149,263,000	11/18/09		48,678
Japanese Yen	140,412,200	Euro	1,160,000	11/18/09		(147,013	)
Japanese Yen	124,961,400	U.S. Dollar	1,314,000	11/18/09		74,364
U.S. Dollar	1,314,000	Japanese Yen	131,708,790	11/18/09		(149,330	)
Australian Dollar	12,023,638	U.S. Dollar	10,000,000	11/25/09		796,850
Brazil Real	27,919,500	U.S. Dollar	15,000,000	11/25/09		764,021
Indonesian Rupiah	101,600,000,000	U.S. Dollar	10,000,000	11/25/09		586,384
Australian Dollar	2,600,000	U.S. Dollar	2,157,116	11/27/09		177,167
Norway Krones	167,925,000	U.S. Dollar	27,926,290	11/27/09		1,370,391
Singapore Dollar	2,900,000	U.S. Dollar	2,010,307	11/30/09		58,195
U.S. Dollar	1,535,218	New Zealand Dollar	2,501,782	11/30/09		(256,017	)
U.S. Dollar	1,530,198	New Zealand Dollar	2,486,711	11/30/09		(250,247	)
U.S. Dollar	869,910	New Zealand Dollar	1,415,319	11/30/09		(143,435	)
Brazil Real	37,996,000	U.S. Dollar	20,000,000	12/01/09		1,428,331
U.S. Dollar	1,072,523	Mexican Peso	14,530,000	12/01/09		(23,322	)
U.S. Dollar	652,433	New Zealand Dollar	1,072,604	12/02/09		(115,414	)
U.S. Dollar	2,563,150	New Zealand Dollar	4,147,492	12/02/09		(405,922	)
U.S. Dollar	218,914	New Zealand Dollar	353,961	12/02/09		(34,476	)
Chinese Yuan	6,308,000	Euro	684,897	12/04/09		(84,316	)
Chinese Yuan	5,006,000	U.S. Dollar	684,815	12/04/09		48,088
U.S. Dollar	26,442,635	Japanese Yen	2,447,525,000	12/08/09		(753,521	)
Chinese Yuan	2,872,600	U.S. Dollar	407,461	12/14/09		13,057

96

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NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chinese Yuan	5,761,499	U.S. Dollar	814,922	12/14/09	$	28,500
Chinese Yuan	5,763,917	U.S. Dollar	817,577	12/15/09		26,190
Chinese Yuan	5,783,784	U.S. Dollar	817,577	12/15/09		29,098
Chinese Yuan	6,294,886	U.S. Dollar	894,478	12/16/09		27,007
Chinese Yuan	1,972,859	U.S. Dollar	279,047	12/17/09		9,750
Canadian Dollar	3,575,345	U.S. Dollar	3,351,907	12/18/09		(47,582	)
Chinese Yuan	5,933,563	U.S. Dollar	837,140	12/18/09		31,433
Indian Rupee	11,219,513	New Zealand Dollar	407,538	12/18/09		(53,319	)
Indonesian Rupiah	2,828,719,176	New Zealand Dollar	407,538	12/18/09		1,961
Chinese Yuan	1,612,872	U.S. Dollar	230,082	12/21/09		6,008
Chinese Yuan	1,897,016	U.S. Dollar	272,560	12/22/09		5,119
Malaysian Ringgit	17,700,000	U.S. Dollar	5,100,865	01/05/10		71,650
Malaysian Ringgit	2,445,987	U.S. Dollar	688,622	01/11/10		26,007
U.S. Dollar	2,406,724	Euro	1,741,000	01/11/10		(154,761	)
U.S. Dollar	1,540,957	Euro	1,111,000	01/11/10		(93,626	)
Euro	1,086,750	U.S. Dollar	1,601,750	01/13/10		(2,859	)
Indonesian Rupiah	93,700,000,000	U.S. Dollar	10,000,000	01/13/10		(337,965	)
Philippines Peso	58,505,000	U.S. Dollar	1,255,472	01/13/10		(36,675	)
Philippines Peso	19,573,000	U.S. Dollar	418,674	01/13/10		(10,922	)
U.S. Dollar	5,223,002	Japanese Yen	462,301,000	01/13/10		84,766
U.S. Dollar	6,758,548	South African Rand	51,000,000	01/13/10		321,327
Indian Rupee	461,800,000	U.S. Dollar	10,000,000	01/14/10		(222,627	)
Philippines Peso	21,239,000	U.S. Dollar	456,262	01/15/10		(13,896	)
Philippines Peso	12,113,000	U.S. Dollar	260,719	01/15/10		(8,429	)
U.S. Dollar	1,356,361	Euro	971,000	01/15/10		(72,219	)
Brazil Real	9,685,000	U.S. Dollar	5,583,742	01/19/10		(173,624	)
Indonesian Rupiah	101,200,000,000	U.S. Dollar	10,765,957	01/19/10		(344,410	)
Norway Krones	31,660,000	U.S. Dollar	5,663,685	01/19/10		(152,379	)
Philippines Peso	30,247,000	U.S. Dollar	651,791	01/19/10		(22,069	)
Philippines Peso	7,579,000	U.S. Dollar	162,954	01/19/10		(5,165	)
U.S. Dollar	10,385,313	Japanese Yen	940,738,000	01/19/10		(70,912	)
Indian Rupee	484,300,000	U.S. Dollar	10,505,423	01/20/10		(256,881	)
Brazil Real	19,205,000	U.S. Dollar	10,893,364	01/25/10		(179,600	)
Indian Rupee	484,100,000	U.S. Dollar	10,388,412	01/25/10		(148,436	)
Indonesian Rupiah	100,400,000,000	U.S. Dollar	10,579,557	01/25/10		(254,110	)
Malaysian Ringgit	35,185,000	U.S. Dollar	10,393,466	01/25/10		(119,271	)
U.S. Dollar	15,517,355	Japanese Yen	1,413,600,000	01/25/10		(195,307	)
U.S. Dollar	30,000,004	Euro	19,990,937	01/26/10		589,845
U.S. Dollar	1,427,534	Euro	999,800	01/27/10		(43,339	)
U.S. Dollar	5,000,000	South African Rand	37,920,000	01/27/10		226,040
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	651,726	01/28/10		128,601
U.S. Dollar	15,000,000	Euro	10,031,130	01/28/10		242,587
Chilean Unidad de Fomento	400,710,000	U.S. Dollar	635,836	01/29/10		123,811
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	198,694	01/29/10		37,858
Chilean Unidad de Fomento	546,720,000	U.S. Dollar	874,262	01/29/10		162,183
Singapore Dollar	2,452,000	U.S. Dollar	1,759,346	01/29/10		(11,046	)
Singapore Dollar	9,809,000	U.S. Dollar	7,074,771	01/29/10		(80,859	)

97

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NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Singapore Dollar	2,454,000	U.S. Dollar	1,759,316	01/29/10	$	(9,591	)
U.S. Dollar	1,076,071	Mexican Peso	14,669,000	01/29/10		(21,157	)
U.S. Dollar	1,089,734	New Zealand Dollar	1,674,196	01/29/10		(103,716	)
U.S. Dollar	2,453,841	Singapore Dollar	3,684,000	01/29/10		(172,887	)
U.S. Dollar	1,629,458	Singapore Dollar	2,452,000	01/29/10		(118,842	)
U.S. Dollar	4,087,503	Singapore Dollar	6,125,000	01/29/10		(279,682	)
U.S. Dollar	1,631,009	Singapore Dollar	2,454,000	01/29/10		(118,717	)
Chilean Unidad de
Fomento	198,700,000	U.S. Dollar	317,920	02/02/10		58,807
Singapore Dollar	2,457,000	U.S. Dollar	1,768,453	02/02/10		(16,616	)
Singapore Dollar	983,000	U.S. Dollar	705,317	02/02/10		(4,439	)
U.S. Dollar	15,000,001	Euro	10,143,702	02/02/10		77,426
U.S. Dollar	717,387	New Zealand Dollar	1,419,051	02/02/10		(293,878	)
U.S. Dollar	1,635,090	Singapore Dollar	2,457,000	02/02/10		(116,748	)
U.S. Dollar	654,025	Singapore Dollar	983,000	02/02/10		(46,852	)
Chilean Unidad de
Fomento	372,860,000	U.S. Dollar	596,099	02/03/10		110,848
Chinese Yuan	16,160,000	U.S. Dollar	2,291,646	02/03/10		73,705
Chinese Yuan	2,696,000	U.S. Dollar	381,735	02/03/10		12,881
Singapore Dollar	3,078,000	U.S. Dollar	2,215,424	02/03/10		(20,824	)
U.S. Dollar	2,043,838	Singapore Dollar	3,078,000	02/03/10		(150,762	)
Mexican Peso	24,720,000	U.S. Dollar	1,634,650	02/04/10		212,807
Singapore Dollar	3,095,000	U.S. Dollar	2,217,732	02/04/10		(11,019	)
U.S. Dollar	15,872,588	Brazil Real	27,967,500	02/04/10		301,234
U.S. Dollar	1,589,301	Mexican Peso	21,700,000	02/04/10		(32,456	)
U.S. Dollar	224,360	Mexican Peso	3,020,000	02/04/10		(1,341	)
U.S. Dollar	2,043,768	Singapore Dollar	3,095,000	02/04/10		(162,945	)
Singapore Dollar	2,469,000	U.S. Dollar	1,769,170	02/05/10		(8,797	)
U.S. Dollar	1,635,262	Singapore Dollar	2,469,000	02/05/10		(125,111	)
Mexican Peso	15,274,000	U.S. Dollar	995,211	02/08/10		145,649
Singapore Dollar	1,945,000	U.S. Dollar	1,394,665	02/08/10		(7,916	)
U.S. Dollar	763,700	Mexican Peso	10,438,633	02/08/10		(15,992	)
U.S. Dollar	354,863	Mexican Peso	4,835,367	02/08/10		(6,304	)
U.S. Dollar	1,291,930	Singapore Dollar	1,945,000	02/08/10		(94,820	)
Singapore Dollar	2,464,000	U.S. Dollar	1,771,515	02/09/10		(14,735	)
U.S. Dollar	1,636,339	Singapore Dollar	2,464,000	02/09/10		(120,441	)
Singapore Dollar	976,400	U.S. Dollar	699,389	02/11/10		(3,242	)
U.S. Dollar	654,586	Singapore Dollar	976,400	02/11/10		(41,561	)
Chilean Unidad de
Fomento	195,520,000	U.S. Dollar	317,919	02/12/10		52,882
Malaysian Ringgit	22,100,000	U.S. Dollar	6,088,154	02/12/10		360,949
Malaysian Ringgit	3,465,966	U.S. Dollar	954,812	02/12/10		56,608
Malaysian Ringgit	1,162,274	U.S. Dollar	320,186	02/12/10		18,983
South Korean Won	1,412,000,000	U.S. Dollar	1,038,235	02/12/10		155,214
U.S. Dollar	7,336,876	Malaysian Ringgit	26,728,240	02/12/10		(462,815	)
U.S. Dollar	146,392	New Zealand Dollar	281,849	02/12/10		(54,312	)
Chilean Unidad de
Fomento	481,250,000	U.S. Dollar	794,798	02/16/10		117,986
Chilean Unidad de
Fomento	480,420,000	U.S. Dollar	799,368	02/17/10		111,867
U.S. Dollar	188,156	New Zealand Dollar	376,161	02/22/10		(79,507	)

98

OLD WESTBURY FUNDS, INC.

NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	3,931,974	New Zealand Dollar	7,821,710	02/23/10	$	(1,633,247	)
Chilean Unidad de
Fomento	339,330,000	U.S. Dollar	559,553	02/26/10		84,229
Chilean Unidad de
Fomento	484,020,000	U.S. Dollar	799,372	02/26/10		118,918
Chilean Unidad de
Fomento	242,290,000	U.S. Dollar	399,687	02/26/10		59,990
Euro	2,410,862	Polish Zloty	10,787,400	02/26/10		(151,562	)
Polish Zloty	10,787,400	Euro	2,302,196	02/26/10		311,399
Swedish Krona	84,036,600	Euro	7,436,670	02/26/10		918,318
Chilean Unidad de
Fomento	241,090,000	U.S. Dollar	399,685	03/03/10		57,778
Chilean Unidad de
Fomento	391,630,000	U.S. Dollar	639,500	03/04/10		103,630
Chilean Unidad de
Fomento	245,410,000	U.S. Dollar	399,691	03/05/10		65,995
Chilean Unidad de
Fomento	231,460,000	U.S. Dollar	376,217	03/08/10		63,034
Chilean Unidad de
Fomento	245,910,000	U.S. Dollar	399,691	03/09/10		66,995
Singapore Dollar	1,535,000	U.S. Dollar	1,103,523	03/17/10		(9,254	)
U.S. Dollar	997,531	Singapore Dollar	1,535,000	03/17/10		(96,738	)
U.S. Dollar	307,421	Australian Dollar	451,990	03/24/10		(93,183	)
Indian Rupee	27,793,000	U.S. Dollar	537,125	04/09/10		46,821
Indian Rupee	59,598,000	U.S. Dollar	1,150,985	04/12/10		100,859
Indian Rupee	40,031,000	U.S. Dollar	767,318	04/13/10		73,448
Indian Rupee	39,295,000	U.S. Dollar	767,331	04/15/10		57,828
Indian Rupee	19,629,000	U.S. Dollar	384,731	04/19/10		27,309
Indian Rupee	13,777,000	U.S. Dollar	268,558	04/19/10		20,641
Malaysian Ringgit	967,775	U.S. Dollar	267,319	04/19/10		14,429
Swedish Krona	28,478,956	Euro	2,615,292	04/19/10		173,733
Malaysian Ringgit	2,773,000	U.S. Dollar	772,273	04/20/10		35,000
Chilean Unidad de
Fomento	783,077,000	U.S. Dollar	1,334,714	04/23/10		153,253
Chilean Unidad de
Fomento	764,646,000	U.S. Dollar	1,304,500	04/26/10		148,566
Indian Rupee	27,912,000	U.S. Dollar	538,619	04/26/10		46,921
Chilean Unidad de
Fomento	604,651,000	U.S. Dollar	1,033,326	04/27/10		115,731
Chilean Unidad de
Fomento	606,821,000	U.S. Dollar	1,033,327	04/27/10		119,855
Indian Rupee	3,982,000	U.S. Dollar	76,947	04/27/10		6,580
Chilean Unidad de
Fomento	974,634,000	U.S. Dollar	1,653,323	04/28/10		198,889
Chilean Unidad de
Fomento	122,036,000	U.S. Dollar	206,666	04/28/10		25,254
Indian Rupee	19,756,000	U.S. Dollar	384,732	04/28/10		29,635
Indian Rupee	19,775,000	U.S. Dollar	384,728	04/30/10		29,972
Peruvian New Sol	2,043,000	U.S. Dollar	666,015	05/18/10		35,967
Peruvian New Sol	2,251,951	U.S. Dollar	733,535	05/18/10		40,244
Malaysian Ringgit	11,250,000	U.S. Dollar	3,217,043	05/27/10		55,006

99

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NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Indian Rupee	37,818,000	U.S. Dollar	770,554	06/01/10	$	20,512
Indian Rupee	1,121,000	U.S. Dollar	23,113	06/02/10		333
Indian Rupee	5,548,000	U.S. Dollar	115,583	06/03/10		450
Indian Rupee	37,033,000	U.S. Dollar	770,558	06/04/10		3,903
Indian Rupee	18,516,000	U.S. Dollar	385,268	06/07/10		1,859
Indian Rupee	7,436,000	U.S. Dollar	154,114	06/08/10		1,344
Indian Rupee	9,340,000	U.S. Dollar	193,776	06/08/10		1,487
Indian Rupee	7,542,000	U.S. Dollar	155,026	06/10/10		2,623
Indian Rupee	11,277,000	U.S. Dollar	232,515	06/11/10		3,186
Indian Rupee	7,557,000	U.S. Dollar	155,015	06/11/10		2,934
Indian Rupee	18,877,000	U.S. Dollar	387,538	06/16/10		6,856
Indian Rupee	17,195,000	U.S. Dollar	348,783	06/21/10		10,327
Indian Rupee	28,975,000	U.S. Dollar	587,728	06/22/10		17,354
Swedish Krona	43,658,433	Euro	3,981,000	06/22/10		310,803
Indian Rupee	43,847,000	U.S. Dollar	881,613	06/24/10		33,896
Indian Rupee	29,446,000	U.S. Dollar	587,745	06/25/10		27,028
Swedish Krona	12,088,000	Euro	1,086,777	06/28/10		108,857
Malaysian Ringgit	24,538,076	U.S. Dollar	6,915,056	06/29/10		216,591
Swedish Krona	8,778,000	Euro	792,167	06/29/10		74,682
Indian Rupee	29,111,000	U.S. Dollar	587,745	07/09/10		19,360
Indian Rupee	29,134,000	U.S. Dollar	587,735	07/09/10		19,850
Malaysian Ringgit	1,928,282	U.S. Dollar	542,368	07/09/10		17,936
Indian Rupee	14,708,000	U.S. Dollar	293,866	07/12/10		12,794
Indian Rupee	17,688,000	U.S. Dollar	352,646	07/12/10		16,147
Malaysian Ringgit	3,920,421	U.S. Dollar	1,103,722	07/12/10		35,365
Malaysian Ringgit	7,893,000	U.S. Dollar	2,207,369	07/12/10		85,959
Malaysian Ringgit	1,832,000	U.S. Dollar	510,377	07/13/10		21,902
Malaysian Ringgit	1,905,000	Euro	379,293	07/16/10		(3,911	)
Malaysian Ringgit	623,000	U.S. Dollar	173,152	07/16/10		7,846
Indian Rupee	3,943,000	U.S. Dollar	78,860	07/19/10		3,306
Indian Rupee	3,943,000	U.S. Dollar	78,860	07/20/10		3,299
Malaysian Ringgit	2,151,000	Euro	427,439	07/20/10		(3,227	)
Malaysian Ringgit	983,000	U.S. Dollar	275,288	07/20/10		10,274
Malaysian Ringgit	2,765,000	Euro	549,440	07/23/10		(4,167	)
Malaysian Ringgit	1,195,000	U.S. Dollar	337,475	07/23/10		9,650
Malaysian Ringgit	2,765,000	Euro	547,731	07/27/10		(1,703	)
Malaysian Ringgit	1,257,000	U.S. Dollar	354,085	07/27/10		11,018
U.S. Dollar	2,672,075	New Zealand Dollar	4,152,409	07/30/10		(242,381	)
U.S. Dollar	2,657,153	New Zealand Dollar	4,136,612	08/03/10		(245,109	)
U.S. Dollar	1,039,598	New Zealand Dollar	1,619,311	08/03/10		(96,517	)
U.S. Dollar	523,814	New Zealand Dollar	815,909	08/04/10		(48,576	)
U.S. Dollar	1,047,083	New Zealand Dollar	1,638,885	08/04/10		(102,654	)
U.S. Dollar	2,682,623	New Zealand Dollar	4,107,995	08/05/10		(199,011	)
U.S. Dollar	4,819,954	New Zealand Dollar	7,452,000	08/05/10		(407,399	)
U.S. Dollar	794,310	New Zealand Dollar	1,218,640	08/05/10		(60,530	)
U.S. Dollar	1,051,360	New Zealand Dollar	1,608,778	08/06/10		(77,041	)
U.S. Dollar	522,889	New Zealand Dollar	802,901	08/06/10		(40,268	)
U.S. Dollar	1,043,655	New Zealand Dollar	1,587,404	08/09/10		(69,436	)
U.S. Dollar	1,048,906	New Zealand Dollar	1,594,567	08/09/10		(69,208	)
U.S. Dollar	1,034,089	New Zealand Dollar	1,569,298	08/09/10		(66,306	)
Polish Zloty	11,489,000	Euro	2,734,369	08/11/10		(121,315	)
U.S. Dollar	522,151	New Zealand Dollar	786,218	08/11/10		(29,042	)

100

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NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	521,895	New Zealand Dollar	785,832	08/11/10	$	(29,027	)
U.S. Dollar	1,136,899	New Zealand Dollar	1,748,000	08/12/10		(88,451	)
U.S. Dollar	964,111	New Zealand Dollar	1,475,981	08/12/10		(70,554	)
U.S. Dollar	525,122	New Zealand Dollar	809,000	08/13/10		(41,934	)
U.S. Dollar	563,065	New Zealand Dollar	853,000	08/16/10		(34,661	)
Brazil Real	1,066,000	Japanese Yen	51,772,422	08/17/10		(7,016	)
Israel Shekel	2,887,000	U.S. Dollar	761,862	08/17/10		7,603
U.S. Dollar	1,560,892	Japanese Yen	148,060,000	08/17/10		(89,920	)
Brazil Real	788,000	Japanese Yen	37,942,200	08/18/10		(1,623	)
U.S. Dollar	780,450	Japanese Yen	73,573,000	08/18/10		(39,877	)
Brazil Real	1,182,000	Japanese Yen	55,561,092	08/19/10		12,491
Israel Shekel	1,444,000	U.S. Dollar	379,900	08/19/10		4,965
Israel Shekel	1,444,000	U.S. Dollar	380,952	08/19/10		3,913
Israel Shekel	289,000	U.S. Dollar	76,133	08/19/10		894
U.S. Dollar	778,401	Japanese Yen	73,232,000	08/19/10		(38,139	)
Indian Rupee	27,858,000	U.S. Dollar	557,829	08/20/10		21,222
Israel Shekel	1,108,000	U.S. Dollar	289,893	08/20/10		5,419
Norway Krones	10,525,000	Euro	1,198,774	08/20/10		51,742
U.S. Dollar	778,394	Japanese Yen	73,510,000	08/20/10		(41,262	)
U.S. Dollar	779,556	Japanese Yen	73,417,000	08/20/10		(39,063	)
Indian Rupee	7,438,000	U.S. Dollar	148,760	08/23/10		5,808
Indian Rupee	16,704,000	U.S. Dollar	334,682	08/23/10		12,442
Israel Shekel	1,890,900	U.S. Dollar	495,883	08/23/10		8,091
Norway Krones	10,525,000	Euro	1,200,018	08/23/10		49,669
U.S. Dollar	1,559,110	Japanese Yen	146,685,000	08/23/10		(76,562	)
U.S. Dollar	1,559,108	Japanese Yen	145,609,000	08/23/10		(64,566	)
U.S. Dollar	1,559,108	Japanese Yen	146,373,000	08/24/10		(73,117	)
U.S. Dollar	1,559,111	Japanese Yen	145,886,000	08/24/10		(67,684	)
U.S. Dollar	950,994	New Zealand Dollar	1,442,254	08/24/10		(58,871	)
U.S. Dollar	779,553	Japanese Yen	72,553,000	08/25/10		(29,511	)
U.S. Dollar	959,298	New Zealand Dollar	1,435,000	08/27/10		(45,199	)
Brazil Real	789,000	Japanese Yen	36,864,447	08/31/10		9,621
Indian Rupee	17,072,000	U.S. Dollar	342,124	09/01/10		12,396
U.S. Dollar	779,552	Japanese Yen	72,717,000	09/01/10		(31,452	)
Brazil Real	1,183,000	Japanese Yen	54,698,371	09/02/10		20,538
U.S. Dollar	779,552	Japanese Yen	71,955,000	09/02/10		(22,969	)
Norway Krones	10,525,000	Euro	1,197,779	09/07/10		51,732
U.S. Dollar	1,169,328	Japanese Yen	108,371,000	09/09/10		(39,509	)
U.S. Dollar	1,169,327	Japanese Yen	107,999,000	09/10/10		(35,385	)
U.S. Dollar	999,009	Japanese Yen	91,705,000	09/10/10		(23,946	)
U.S. Dollar	832,510	Japanese Yen	76,178,000	09/13/10		(17,293	)
Brazil Real	1,775,000	Japanese Yen	82,763,457	09/15/10		20,167
U.S. Dollar	666,007	Japanese Yen	60,608,000	09/15/10		(10,131	)
U.S. Dollar	666,004	Japanese Yen	59,937,000	09/15/10		(2,649	)
U.S. Dollar	999,004	Japanese Yen	90,271,000	09/15/10		(8,052	)
U.S. Dollar	999,011	Japanese Yen	89,901,000	09/16/10		(3,937	)
U.S. Dollar	333,006	Japanese Yen	30,137,000	09/16/10		(3,207	)
U.S. Dollar	378,247	Euro	256,900	09/20/10		927
U.S. Dollar	666,000	Japanese Yen	60,273,000	09/21/10		(6,480	)
U.S. Dollar	333,006	Japanese Yen	29,884,000	09/21/10		(416	)
U.S. Dollar	2,456,800	Euro	1,675,590	09/23/10		(4,152	)
U.S. Dollar	1,091,627	Euro	737,287	09/24/10		8,776

101

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NOTES TO FINANCIAL STATEMENTS - (Continued)

October 31, 2009

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	337,212	Japanese Yen	30,516,000	09/24/10	$	(3,282	)
U.S. Dollar	33,726	Japanese Yen	3,035,000	09/27/10		(140	)
U.S. Dollar	210,057	Japanese Yen	18,903,000	09/28/10		(877	)
U.S. Dollar	350,094	Japanese Yen	31,505,000	09/29/10		(1,469	)
Philippines Peso	28,921,000	U.S. Dollar	597,850	10/04/10		(4,873	)
Philippines Peso	36,054,000	U.S. Dollar	747,295	10/04/10		(8,067	)
Philippines Peso	43,117,000	U.S. Dollar	896,764	10/05/10		(12,759	)
Philippines Peso	43,106,000	U.S. Dollar	896,753	10/05/10		(12,973	)
Philippines Peso	11,388,000	U.S. Dollar	239,143	10/06/10		(5,671	)
Philippines Peso	35,386,000	U.S. Dollar	747,297	10/07/10		(21,859	)
Philippines Peso	14,127,000	U.S. Dollar	298,915	10/08/10		(9,313	)
Philippines Peso	28,316,000	U.S. Dollar	597,838	10/08/10		(17,365	)
Philippines Peso	14,164,000	U.S. Dollar	298,919	10/08/10		(8,560	)
Philippines Peso	28,370,000	U.S. Dollar	597,848	10/08/10		(16,268	)
Malaysian Ringgit	2,445,987	U.S. Dollar	709,722	10/12/10		(485	)
Philippines Peso	8,431,000	U.S. Dollar	179,345	10/12/10		(6,540	)
Malaysian Ringgit	5,102,016	U.S. Dollar	1,502,228	10/13/10		(22,883	)
Philippines Peso	25,154,000	U.S. Dollar	538,053	10/13/10		(22,511	)
Philippines Peso	14,058,000	U.S. Dollar	298,916	10/13/10		(10,791	)
Philippines Peso	9,839,000	U.S. Dollar	209,340	10/13/10		(7,686	)
Chinese Yuan	6,301,191	Euro	639,876	10/15/10		(10,399	)
Philippines Peso	4,585,000	U.S. Dollar	97,761	10/15/10		(3,798	)
Chinese Yuan	6,331,922	Euro	641,046	10/18/10		(7,458	)
Philippines Peso	15,226,000	U.S. Dollar	325,892	10/18/10		(13,896	)
Chinese Yuan	8,487,104	Euro	856,785	10/19/10		(6,338	)
Malaysian Ringgit	9,854,250	U.S. Dollar	2,931,068	10/19/10		(74,178	)
Philippines Peso	7,672,000	U.S. Dollar	162,957	10/19/10		(5,756	)
Chinese Yuan	5,244,000	U.S. Dollar	794,726	10/21/10		(21,220	)
Philippines Peso	15,399,000	U.S. Dollar	325,905	10/21/10		(10,404	)
Philippines Peso	30,667,000	U.S. Dollar	651,796	10/21/10		(23,478	)
Philippines Peso	44,789,000	U.S. Dollar	939,958	10/25/10		(22,461	)
Philippines Peso	29,828,000	U.S. Dollar	626,639	10/25/10		(15,616	)
Philippines Peso	14,923,000	U.S. Dollar	313,311	10/25/10		(7,615	)
Indian Rupee	12,846,000	U.S. Dollar	270,215	10/26/10		(4,582	)
Indian Rupee	38,497,000	U.S. Dollar	810,668	10/26/10		(14,618	)
Norway Krones	32,943,000	Euro	3,896,274	10/26/10		(66,508	)
Philippines Peso	38,730,000	U.S. Dollar	814,629	10/26/10		(21,250	)
Indian Rupee	19,137,000	U.S. Dollar	405,342	10/27/10		(9,622	)
Philippines Peso	11,971,000	U.S. Dollar	250,649	10/28/10		(5,425	)
					$	1,399,312

C. Swap Agreements. The Funds may enter into swap agreements, which are agreements to exchange the return generated by one security, currency, commodity or index for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the index exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Fund will make a payment to the counterparty. Payments received or made by the Fund at the expiration or other termination of the swap agreements are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value are recorded as unrealized appreciation/(depreciation). Gains or losses are realized upon the termination of the swap agreement. Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with

102

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts contain credit risk for unrealized gains from various counterparties for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored.

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

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

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

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

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

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

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

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

103

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

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

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 2008		—		$	—
Options written		128,000			4,252,739,480
Options terminated in closing purchase transactions		(123,000	)		(4,249,450,280	)
Contracts outstanding at October 31, 2009		5,000		$	3,289,200

5.          Fair Value Measurements:

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ investments as of October 31, 2009 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Investments in Securities Assets:
U.S. Large Cap Fund
Equity Securities	$	396,301,819	(a)	$	—		$	—	$	396,301,819
Investment Company		9,245,000			—			—		9,245,000
Total	$	405,546,819		$	—		$	—	$	405,546,819
Non U.S. Large Cap Fund
Equity Securities	$	1,981,660,264	(a)	$	632,862	(b)	$	—	$	1,982,293,126
Investment Company		43,503,800			—			—		43,503,800
Total	$	2,025,164,064		$	632,862		$	—	$	2,025,796,926
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	55,543,226		$	268,411		$	251,310	$	56,062,947
Austria		9,152,779			—			—		9,152,779
Bahamas		18,480								18,480
Belgium		9,379,171			—			—		9,379,171
Bermuda		15,283,671			—			—		15,283,671
Brazil		22,952,371			—					22,952,371
Canada		78,909,215			4			—		78,909,219
Cayman Islands		245,892			—			—		245,892
Chile		3,792,378			—			—		3,792,378

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	October 31, 2009

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
China	$	9,848,020	$	—	$	—	$	9,848,020
Cyprus		393,563		—		—		393,563
Denmark		8,498,979		—		13,921		8,512,900
Egypt		27,199,770		—		—		27,199,770
Finland		18,645,616		—		—		18,645,616
France		82,855,418		—		5,803		82,861,221
Germany		32,850,149		—		—		32,850,149
Greece		12,535,871		—		—		12,535,871
Hong Kong		29,295,963		—		177,570		29,473,533
Hungary		1,795,936		—		—		1,795,936
India		19,996,877		—		—		19,996,877
Indonesia		4,864,113		—		—		4,864,113
Ireland		5,960,643		—		—		5,960,643
Israel		56,049,135		—		—		56,049,135
Italy		20,886,691		—		13,061		20,899,752
Japan		155,898,602		—				155,898,602
Liechtenstein		138,532		—		—		138,532
Luxembourg		1,378,103		—		—		1,378,103
Malaysia		7,443,048		56,774		—		7,499,822
Mexico		8,436,892		—		6,419		8,443,311
Monaco		40,283		—		—		40,283
Netherlands		18,467,441		—		—		18,467,441
New Zealand		3,212,700		—		—		3,212,700
Norway		10,122,500		—		—		10,122,500
Peru		106,740		—		—		106,740
Philippines		1,840,686		—		—		1,840,686
Poland		5,648,545		—		—		5,648,545
Portugal		6,189,436		—		—		6,189,436
Puerto Rico		45,857		—		—		45,857
Singapore		9,009,194		—		1,658		9,010,852
South Africa		18,692,813		—		—		18,692,813
South Korea		17,355,392		—		—		17,355,392
Spain		19,618,225		43,506				19,661,731
Sweden		15,047,980		—		28,862		15,076,842
Switzerland		34,115,739		—		—		34,115,739
Taiwan		18,404,642		127,776		—		18,532,418
Thailand		4,199,300		—		—		4,199,300
Turkey		5,309,148		—		—		5,309,148
United Arab Emirates		568,354		—		—		568,354
United Kingdom		140,818,610		88,291		399		140,907,300
United States		1,746,085,201		—		97,460		1,746,182,661
Total Equities		2,775,147,890		584,762		596,463		2,776,329,115
Exchange Traded Funds		203,211,698		—		—		203,211,698
Investment Company		38,866,600		—		—		38,866,600
Rights/Warrants						—
Australia		957		68,544		—		69,501
Bermuda		—		1,122		—		1,122
Brazil		4,798		—		—		4,798
Chile		1,815		—		—		1,815
Denmark		5,968		—		—		5,968
France		3		—		—		3

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	October 31, 2009

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Germany	$	—			9,541			—		9,541
Hong Kong		13,151			13,378			—		26,529
Philippines		—			4,243			—		4,243
Taiwan		—			1,584			—		1,584
Thailand		10,713			—			—		10,713
United Kingdom		28,255			—			—		28,255
Total Rights/Warrants	$	65,660		$	98,412		$	—	$	164,072
U.S. Government Securities		—			172,972,109			—		172,972,109
Call Options Purchased		2,055,450			—			—		2,055,450
Cash Sweep		59,517,382			—			—		59,517,382
Other financial instruments - Assets*		—			3,375,988			—		3,375,988
Other financial instruments -Liabilities*		(8,301,420	)		(119,608	)		—		(8,421,028	)
Total	$	3,070,628,920		$	177,010,075		$	596,463	$	3,248,235,458
Global Opportunities Fund
Equity Securities:
Australia	$	6,763,043		$	—		$	—	$	6,763,043
Austria		2,529,604			—			—		2,529,604
Bahamas		664,910			—			—		664,910
Belgium		4,520,642			—			—		4,520,642
Brazil		12,653,375			—			—		12,653,375
Canada		5,929,464			—			13,000,000		18,929,464
Chile		1,371,457			—			—		1,371,457
China		5,912,089			—			—		5,912,089
Denmark		2,702,342			—			—		2,702,342
Egypt		1,819,474			—			—		1,819,474
Finland		747,951			—			—		747,951
France		6,612,872			—			—		6,612,872
Germany		15,790,637			—			—		15,790,637
Greece		2,618,796			—			—		2,618,796
Hong Kong		5,155,613			—			—		5,155,613
India		8,391,936			—			—		8,391,936
Indonesia		403,828			—			—		403,828
Ireland		758,095			—			—		758,095
Israel		3,099,472			—			—		3,099,472
Italy		9,266,454			—			—		9,266,454
Japan		14,449,070			—			—		14,449,070
Malaysia		431,001			—			—		431,001
Mexico		10,009,248			—			—		10,009,248
Morocco		291,675			—			—		291,675
Netherlands		7,770,433			—			—		7,770,433
Russia		3,513,786			—			—		3,513,786
Singapore		2,305,046			—			—		2,305,046
South Africa		1,349,882			—			—		1,349,882
South Korea		2,793,795			—			—		2,793,795
Spain		8,049,204			—			—		8,049,204
Switzerland		9,780,003			—			—		9,780,003
Taiwan		2,102,378			—			—		2,102,378
Thailand		1,887,768			—			—		1,887,768
Turkey		1,363,145			—			—		1,363,145

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
United Kingdom	$	19,943,703		$	96,437		$	—	$	20,040,140
United States		145,975,662			—			—		145,975,662
Total Equities		329,727,853			96,437			13,000,000		342,824,290
Exchange Traded Funds		82,130,800			—			—		82,130,800
Preferred Stock		798,750			—			—		798,750
Rights/Warrants		—			188,604			—		188,604
Bank Loans		—			92,994,771			—		92,994,771
Corporate Bonds		—			1,860,664,731			—		1,860,664,731
Government Bonds		—			269,179,896			—		269,179,896
Asset-Backed Securities		—			16,965,179			—		16,965,179
Non-Agency Mortgage-Backed Securities		—			60,709,411			—		60,709,411
U.S. Government Agencies	$	—			175,832,033			—		175,832,033
Municipal Bonds		—			16,866,974			—		16,866,974
Cash Sweep		84,729,932			—			—		84,729,932
Other financial instruments - Assets*	$	—		$	18,493,404		$	—	$	18,493,404
Other financial instruments - Liabilities*		(3,076,834	)		(18,597,890	)		—		(21,674,724	)
Total	$	494,310,501		$	2,493,393,550		$	13,000,000	$	3,000,704,051
Real Return Fund
Equity Securities	$	548,038,395(a	)	$	—		$	—		548,038,395
Preferred Stock		—			—			—		—
Rights/Warrants		—			1			—		1
Collectible Coins		—			51,837,618			—		51,837,618
Commodities		95,950,876			—			—		95,950,876
Asset-Backed Securities		—			44,226,000			—		44,226,000
Municipal Bonds		—			6,000,000			—		6,000,000
U.S. Government Agencies		—			464,997,542			—		464,997,542
U.S. Government Securities		—			366,149,134			—		366,149,134
Cash Sweep		9,774,883			—			—		9,774,883
Other financial instruments - Assets*		29,046,088			41,752,197			—		70,798,285
Other financial instruments - Liabilities*		(24,103,075	)		(3,668,164	)		—		(27,771,239	)
Total	$	658,707,167		$	971,294,328		$	—	$	1,630,001,495
Fixed Income
Corporate Bonds(a)	$	—		$	95,188,781		$	—	$	95,188,781
Municipal Bonds(a)		—			7,550,106			—		7,550,106
U.S. Government Agencies(a)		—			144,990,073			—		144,990,073
U.S. Government Securities(a)		—			51,121,507			—		51,121,507
Government Bonds(a)		—			1,067,148			—		1,067,148
Investment Company		5,527,300			—			—		5,527,300
Total	$	5,527,300		$	299,917,615		$	—	$	305,444,915
Municipal Bond
Municipal Bonds(a)	$	—		$	513,258,255		$	—	$	513,258,255
Investment Company		23,147,200			—			—		23,147,200
Total	$	23,147,200		$	513,258,255		$	—	$	536,405,455

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

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

(b) Represents Rolls-Royce Group Plc. - Class C as disclosed in the United Kingdom section of the Schedule of Portfolio Investments.

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

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

	Balance as of 11/1/08 (fair value)		Realized gain (loss)			Change in Unrealized appreciation (depreciation)			Net purchases (sales)			Transfer in (out) of level 3			Balance as of 10/31/09 (fair value)
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	—	$	—		$	—		$	118,457		$	132,853		$	251,310
Denmark		—		—			—			—			13,921			13,921
France		10		8			—			(18	)		5,803			5,803
Hong Kong		101,902		—			(9,291	)		—			84,959			177,570
Italy		—		—			—			—			13,061			13,061
Mexico		—		—			—			—			6,419			6,419
Singapore		—		—			—			—			1,658			1,658
Sweden		—		—			—			—			28,862			28,862
Taiwan		5,466		—			—			—			(5,466	)		—
United Kingdom		24,224		—			(23,205	)		(1,019	)		399			399
United States		6		—			(1	)					97,455			97,460
Total	$	131,608	$	8		$	(32,497	)*	$	117,420		$	379,924		$	596,463
Global Opportunities Fund
Equity Securities:
Canada	$	20,000,000	$	—		$	(7,000,000	)	$	—		$	—		$	13,000,000
Hong Kong		4,436,875		(4,406,013	)		—			(30,862	)		—			—
Total	$	24,436,875	$	(4,406,013	)	$	(7,000,000	)*	$	(30,862	)	$	—		$	13,000,000
Real Return Fund
Equity Securities:
United States	$	4,283,515	$	—		$	(4,283,515	)**	$	—		$	—		$	—

*The change in unrealized appreciation/depreciation on securities still held at October 31, 2009 was $(604,624), for the Global Small and Mid Cap Fund and $(7,000,000) for the Global Opportunities Fund, which is included in the related net change in unrealized appreciation/depreciation on the Statements of Operations.

**Included in the related net change in appreciation/depreciation on the Statements of Operations.

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

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

	First $500 million of average net assets		Second $500 million to $1 billion of average net assets		Average net assets exceeding $1 billion
U.S. Large Cap Fund	0.70	%	0.65	%	0.60	%
Non-U.S. Large Cap Fund	0.80	%	0.75	%	0.70	%
Fixed Income Fund	0.45	%	0.40	%	0.35	%
Municipal Bond Fund	0.45	%	0.40	%	0.35	%

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

			Average net assets
Global Small & Mid Cap Fund			0.85	%
Real Return Fund			0.85	%
	First $1.25 billion of average net assets	Second $1.25 billion to $2.5 billion of average net assets	Average net assets exceeding $2.5 billion
Global Opportunities Fund	1.10%	1.05%	1.00	%

BIM has retained Dimensional Fund Advisors LP (“Dimensional”) and Champlain Investment Partners, LLC (“Champlain”) as sub-advisers to each manage a segment of the Global Small & Mid Cap Fund. Dimensional and Champlain are paid for their services directly by BIM.

BIM has retained T. Rowe Price International, Inc. (“T. Rowe Price International”), Franklin Advisers, Inc. (“Franklin”), Shenkman Capital Management, Inc. (“SCM”) and BlackRock Financial Management, Inc. (“BlackRock”) as sub-advisers to each manage a segment of the Global Opportunities Fund. T. Rowe Price International, Franklin, SCM and BlackRock are paid for their services directly by BIM.

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. PNC Global Investment Servicing (U.S.) Inc. (“PNC”) acts as administrator, fund accounting agent and transfer agent for the Corporation pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain officers of the Funds are also employees of PNC. The Corporation has entered into an Underwriting Agreement with PFPC Distributors, Inc.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”). Under the shareholder servicing plan, the Funds have entered into a shareholder servicing agreement with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. For these services, each Fund pays a maximum annual fee of up to 0.15% of its average daily net assets. Bessemer has contractually committed through October 31, 2011 to waive its shareholder servicing fee for the Fixed Income Fund and Municipal Bond Fund to the extent necessary to maintain a maximum shareholder servicing fee for each of these Funds at 0.05%. For the period ended October 31, 2009, the Fixed Income Fund and Municipal Bond Fund waived shareholder servicing fees of $239,488 and $352,895, respectively.

D. Board of Directors’ Fees. Each Independent Director receives from the Funds a total annual retainer of $82,500 (plus $25,000 for serving as the Board’s Chairman, $5,000 for serving as the Board’s Vice Chairman, $15,000 for serving as the Audit Committee Chairman, $15,000 for serving as a member of the Pricing Committee and $7,500 each for serving as the Nominating Committee Chairman and the Governance Committee Chairman) and receives for attendance at Board and committee meetings the following:

	Noticed to be In-Person (whether participating by phone or in-person)			Noticed to be telephonic
Regular Board Meeting		$	7,500		$	3,750
Special Board Meeting			4,000			2,000
Audit Committee Meeting			4,000			2,000
Nominating Committee Meeting			4,000			2,000
Governance Committee Meeting			4,000			2,000

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

E. Custody Fees. The U.S. Large Cap Fund, Non-U.S. Large Cap Fund, Fixed Income Fund and Municipal Bond Fund have each retained Bessemer Trust Company (“BTCO”), a wholly-owned subsidiary of BGI, to serve as their custodian and the Real Return Fund, the Subsidiary and the Global Small & Mid Cap Fund have retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreement, BTCO is responsible for maintaining the books and records of the Funds’ securities and cash, except for the Real Return Fund and the Subsidiary for which BTCO is only responsible for the coins or bullions or other forms of precious metals held by the Real Return Fund and the Subsidiary. BTCO is responsible for the assets of the Global

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	October 31, 2009

Small & Mid Cap Fund which are managed by BIM. For providing these services, BTCO receives a fee from each Fund which is accrued daily and paid monthly at an annual rate of 0.10% (0.15% for the Non-U.S. Large Cap Fund) of the average daily net assets of each Fund or portion thereof managed by BIM for Global Small and Mid Cap and Real Return Fund as noted above. In addition, BTCO receives from the Real Return Fund and the Subsidiary any transaction costs related to the Real Return Fund’s and the Subsidiary’s investments in coins or bullions or other forms of precious metals. The Global Opportunities Fund has retained Citibank, N.A. (“Citibank”) to serve as the Fund’s custodian and the Global Small & Mid Cap Fund, Real Return Fund and the Subsidiary have retained Citibank to serve as their co-custodian. Citibank is responsible for maintaining the books and records of these Funds’ securities and cash, excluding coins or bullions or other forms of precious metals held by the Real Return Fund and the Subsidiary and assets of the Global Small & Mid Cap Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated and paid monthly based on safekeeping and transaction fees that vary by country.

F. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2011 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios of the U.S. Large Cap Fund at 1.00%, the Non-U.S. Large Cap Fund at 1.05%, the Global Small & Mid Cap Fund at 1.11%, the Global Opportunities Fund at 1.20%, the Fixed Income Fund at 0.70% and the Municipal Bond Fund at 0.70%. Any waiver amounts are disclosed in the Statements of Operations. For the fiscal year ended October 31, 2009, the adviser waived $96,532 for the U.S Large Cap Fund, $994,019 for the Non-U.S. Large Cap Fund, $119,332 for the Global Small & Mid Cap Fund, $2,021,860 for the Global Opportunities Fund (from November 1, 2008 to February 16, 2009, BIM had contractually agreed to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Global Opportunities Fund at 1.35%) and $4,461 for the Fixed Income Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $239,488 and $352,895, respectively.

7. Securities Transactions:

Investment transactions for the year ended October 31, 2009, excluding short-term investments and U.S. Government securities, were as follows:

	Purchases		Sales
U.S. Large Cap Fund	$	294,562,604	$	211,373,720
Non-U.S. Large Cap Fund		1,643,272,244		1,345,278,078
Global Small & Mid Cap Fund		2,043,454,738		530,953,444
Global Opportunities Fund		3,342,456,273		1,884,726,903
Real Return Fund (Consolidated)		479,830,334		652,070,866
Fixed Income Fund		106,471,801		33,894,229
Municipal Bond Fund		306,112,895		34,722,610
Purchase and sales of U.S. Government Securities during the year ended October 31, 2009 were as follows:
	Purchases		Sales
Global Opportunities Fund	$	58,561,271	$	1,005,450
Real Return Fund (Consolidated)		301,555,854		236,532,418
Fixed Income Fund		101,084,272		51,249,888

8. Market and Credit Risk:

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

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

9. Federal Income Taxes:

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

Permanent differences as of October 31, 2009, were as follows:

	Increase/(Decrease) Undistributed Net Investment Income		Increase/(Decrease) Net Realized Gains			Decrease Paid-in-Capital
Non-U.S Large Cap Fund	$	8,231,250	$	(8,231,250	)	$	—
Global Small & Mid Cap Fund		19,364,474		(19,364,474	)		—
Global Opportunities Fund		23,201,140		(23,165,229	)		(35,911	)
Real Return Fund		26,445,543		(26,445,543	)		—
Fixed income Fund		957,349		(957,349	)		—

By investing in the Subsidiary the Real Return Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code. Subchapter M requires, among other things, that a fund derive at least 90% of gross income from dividends, interest, and gains from the sale of securities (typically referred to as “qualifying income”). The IRS has issued a private letter ruling to the Real Return Fund confirming that Subpart F income derived from its investment in the Subsidiary, which invests in commodities and commodity-linked instruments, will constitute “qualifying income” under Subchapter M of the Code. Based on such ruling, the Real Return Fund will seek to get exposure to commodities and commodity-linked instruments through investments in the Subsidiary.

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

In addition to the requirements of the Code, the Funds may also be subject to capital gains tax in India and Thailand on gains realized upon the sale of India and Thailand securities, payable upon repatriation of sales proceeds. The Funds may accrue a deferred tax liability for unrealized gains on India and Thailand securities based on existing tax rates and holding periods of the securities. As of October 31, 2009, the Global Small & Mid Cap Fund and Global Opportunities Fund recorded payables of $1,636,329 and $67,969, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Thailand capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2009 was as follows (amounts in thousands):

	U.S. Large Cap Fund		Non-U.S. Large Cap Fund		Global Small & Mid Cap Fund		Global Opportunities Fund		Real Return Fund		Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Ordinary Income	$	1,331	$	41,656	$	7,592	$	95,083	$	33,385	$	7,699	$	55
Net Long Term Capital Gains		—		—		—		—		—		1,624		—
Total Taxable Distributions		1,331		41,656		7,592		95,083		33,385		9,323		55
Tax Exempt Distributions		—		—		—		—		—		—		9,217
Total Distributions Paid	$	1,331	$	41,656	$	7,592	$	95,083	$	33,385	$	9,323	$	9,272

111

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

The tax character of distributions from the Funds during the year ended October 31, 2008 was as follows (amounts in thousands):

	U.S. Large Cap Fund		Non-U.S. Large Cap Fund		Global Small & Mid Cap Fund		Global Opportunities Fund		Real Return Fund		Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Ordinary Income	$	4,164	$	36,907	$	10,374	$	1,656	$	19,371	$	6,202	$	108
Net Long Term Capital Gains		21,357		188,738		62,646		—		137,643		133		—
Total Taxable Distributions		25,521		225,645		73,020		1,656		157,014		6,335		108
Tax Exempt Distributions		—		—		—		—		—		—		5,648
Total Distributions Paid	$	25,521	$	225,645	$	73,020	$	1,656	$	157,014	$	6,335	$	5,756

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

As of and during the period ended October 31, 2009, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The statute of limitations on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2009. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

At October 31, 2009, the components of accumulated earnings/(deficits) on a tax basis were as follows (amounts in thousands):

	U.S. Large Cap Fund			Non-U.S. Large Cap Fund			Global Small & Mid Cap Fund			Global Opportunities Fund			Real Return Fund			Fixed Income Fund		Municipal Bond Fund
Undistributed Tax Exempt Income	$	—		$	—		$	—		$	—		$	—		$	—	$	4,655
Undistributed Ordinary Income		1,223			28,748			26,785			46,449			14,908			4,963		—
Undistributed Realized Capital Gains		—			—			—			—			—			1,836		—
Accumulated Earnings		1,223			28,748			26,785			46,449			14,908			6,799		4,655
Accumulated Capital Loss Carryforwards		(77,852	)		(593,642	)		(41,699	)		(446,095	)		(364,468	)		—		(1,577	)
Unrealized Appreciation/Depreciation		16,802			253,383			358,941			169,095			34,063			12,220		15,177
Other Temporary Differences		—			—			—			(68	)		—			—		—
Total Accumulated Earnings/(Deficits)	$	(59,827	)	$	(311,511	)	$	344,027		$	(230,619	)	$	(315,497	)	$	19,019	$	18,255

At October 31, 2009, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire in the following years:

	2016		2017
U.S. Large Cap Fund	$	—	$	77,852,263
Non-U.S. Large Cap Fund		187,357,824		406,283,777
Global Small & Mid Cap Fund		—		41,698,785
Global Opportunities Fund		123,869,796		322,225,091
Real Return Fund		—		364,468,389
Municipal Bond Fund		1,577,285		—

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

Capital loss carryforwards utilized in the current year were $270,392 for the Municipal Bond Fund.

112

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

10. Additional Tax Information (Unaudited):

Qualified Dividend Income (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2009, as Qualified Dividend Income (“QDI”) as defined in the Internal Revenue Code as follows:

U.S. Large Cap Fund	100.00	%
Non-U.S. Large Cap Fund	100.00	%
Global Small & Mid Cap Fund	97.82	%
Global Opportunities Fund	15.33	%
Real Return Fund	26.70	%

Qualified Interest Income (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2009, as Qualified Interest Income as defined in the Internal Revenue Code as follows:

U.S. Large Cap Fund	2.11	%
Non-U.S. Large Cap Fund	3.48	%
Global Small & Mid Cap Fund	22.19	%
Global Opportunities Fund	26.39	%
Real Return Fund	63.19	%
Fixed Income Fund	100.00	%
Municipal Bond Fund	100.00	%

Qualified Short-Term Gain (Unaudited)

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2009, as Qualified Short-Term Gain as defined in the Internal Revenue Code as follows:

Fixed Income Fund 4.59 %

Dividends Received Deduction (Unaudited)

For the fiscal year ended October 31, 2009, the following percentage of income dividends paid by the funds qualifies for the dividends received deduction available to corporations:

U.S. Large Cap Fund	100.00	%
Non-U.S. Large Cap Fund	1.93	%
Global Small & Mid Cap Fund	65.43	%
Global Opportunities Fund	6.34	%
Real Return Fund	3.81	%

Long-Term Capital Gain Dividends (Unaudited)

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue code for the fiscal year ended October 31, 2009 as follow:

Fixed Income Fund $ 1,624,461

113

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

Foreign Taxes Paid (Unaudited)

The Funds have elected to pass through to their shareholders the foreign taxes paid for the fiscal year ended October 31, 2009 as follows:

	Foreign Dividend		Foreign Taxes
	Income		Paid
Non-U.S. Large Cap Fund	$	41,338,851	$	3,431,546

U.S. Government Income (Unaudited)

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2009 which was derived from U.S. Treasury securities were as follows:

U.S. Large Cap Fund	0.34	%
Non-U.S. Large Cap Fund	2.28	%
Global Small & Mid Cap Fund	66.61	%
Global Opportunities Fund	85.54	%
Real Return Fund	31.75	%
Fixed Income Fund	86.42	%

Tax Exempt Distributions (Unaudited)

The Municipal Bond Fund designates $9,216,835 as tax exempt dividends paid for the fiscal year ended October 31, 2009:

11. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds through December 28, 2009, the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements except as follows:

On December 7, 2009, a special meeting of shareholders was held at which Fund shareholders voted on (i) the election of a Director of the Corporation; (ii) changes to or the elimination of certain fundamental investment limitations with respect to various Funds; (iii) certain changes to the investment goals of various Funds; and (iv) the reclassification of the investment goals of each of the Funds as non-fundamental. All of the proposals were approved as set forth below:

I. Election of Stephen M. Watson as Director of the Corporation

	FOR	WITHHOLD
U.S. Large Cap Fund	37,890,328.223	31,274.000
Non-U.S. Large Cap Fund	221,043,445.966	140,797.000
Global Small & Mid Cap Fund	263,245,602.969	112,984.000
Global Opportunities Fund	418,446,808.545	227,431.000
Real Return Fund	165,654,465.038	65,144.215
Fixed Income Fund	22,670,031.317	0
Municipal Bond Fund	40,920,338.009	27,570.000

114

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

II-A. Elimination of Fundamental Investment Limitations Relating to Mortgaging, Pledging or Hypothecating Assets
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,921,602.223	0	0
Non-U.S. Large Cap Fund	221,184,242.966	0	0
Global Small & Mid Cap Fund	263,241,636.870	0	116,950.099
Global Opportunities Fund	418,666,629.195	7,610.350	0
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,928,233.073	19,674.936	0
II-B. Elimination of Fundamental Investment Limitations Relating to Joint Securities Trading Account
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,921,602.223	0	0
Non-U.S. Large Cap Fund	221,177,636.209	6,606.757	0
Global Small & Mid Cap Fund	263,241,636.870	0	116,950.099
Global Opportunities Fund	n/a	n/a	n/a
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,947,908.009	0	0
II-C. Revision of Fundamental Investment Limitations Relating to Borrowing
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,890,648.874	30,953.349	0
Non-U.S. Large Cap Fund	221,176,186.234	8,056.732	0
Global Small & Mid Cap Fund	263,230,437.262	11,199.608	116,950.099
Global Opportunities Fund	418,654,922.071	19,317.474	0
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,947,908.009	0	0
II-D. Revision of Fundamental Investment Limitations Relating to Lending
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,890,648.874	30,953.349	0
Non-U.S. Large Cap Fund	221,176,186.234	8,056.732	0
Global Small & Mid Cap Fund	263,230,437.262	11,199.608	116,950.099
Global Opportunities Fund	418,654,922.071	19,317.474	0
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,928,233.073	19,674.936	0
II-E. Revision of Fundamental Investment Limitations Relating to Investments in Real Estate, Real Estate Mortgage Loans, Oil, Gas or Other Mineral Exploration, Leasing or Development Programs
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,890,648.874	30,953.349	0
Non-U.S. Large Cap Fund	221,176,186.234	8,056.732	0
Global Small & Mid Cap Fund	263,230,437.262	11,199.608	116,950.099
Global Opportunities Fund	418,667,865.955	6,373.590	0
Real Return Fund	n/a	n/a	n/a
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,947,908.009	0	0

115

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

II-F. Revision of Fundamental Investment Limitations Relating to Investments in Commodities
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,890,648.874	30,953.349	0
Non-U.S. Large Cap Fund	221,182,792.991	1,449.975	0
Global Small & Mid Cap Fund	263,241,636.870	0	116,950.099
Global Opportunities Fund	418,666,629.195	7,610.350	0
Real Return Fund	n/a	n/a	n/a
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,947,908.009	0	0
II-G. Revision of Fundamental Investment Limitations Relating to Issuance of Senior Securities
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,921,602.223	0	0
Non-U.S. Large Cap Fund	221,184,242.966	0	0
Global Small & Mid Cap Fund	263,230,437.262	11,199.608	116,950.099
Global Opportunities Fund	418,666,629.195	7,610.350	0
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,617,184.409	30,791.908	0
Municipal Bond Fund	40,928,233.073	19,674.936	0
II-H. Revision of Fundamental Investment Limitations Relating to Industry Concentration
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,921,602.223	0	0
Non-U.S. Large Cap Fund	221,184,242.966	0	0
Global Small & Mid Cap Fund	263,241,636.870	0	116,950.099
Global Opportunities Fund	418,666,629.195	7,610.350	0
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,644,184.913	3,791.404	0
Municipal Bond Fund	40,947,908.009	0	0
II-I. Revision of Fundamental Investment Limitations Relating to Issuer Diversification
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,921,602.223	0	0
Non-U.S. Large Cap Fund	221,184,242.966	0	0
Global Small & Mid Cap Fund	263,241,636.870	0	116,950.099
Global Opportunities Fund	418,674,239.545	0	0
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	22,644,184.913	3,791.404	0
Municipal Bond Fund	40,947,908.009	0	0

116

OLD WESTBURY FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	October 31, 2009

III. Change in Investment Goal
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,921,602.223	0	0
Non-U.S. Large Cap Fund	221,176,186.234	1,449.975	6,607
Global Small & Mid Cap Fund	n/a	n/a	n/a
Global Opportunities Fund	n/a	n/a	n/a
Real Return Fund	165,710,866.038	8,743.215	0
Fixed Income Fund	n/a	n/a	n/a
Municipal Bond Fund	40,928,233.073	19,674.936	0
IV. Reclassification of Investment Goal as Non-Fundamental
	FOR	AGAINST	ABSTAIN
U.S. Large Cap Fund	37,804,678.874	85,970.000	30,953.349
Non-U.S. Large Cap Fund	221,059,048.234	118,587.975	6,606.757
Global Small & Mid Cap Fund	263,141,459.870	100,177.000	116,950.099
Global Opportunities Fund	418,473,200.661	195,705.350	5,333.534
Real Return Fund	165,643,251.038	76,358.215	0
Fixed Income Fund	22,229,434.913	418,541.404	0
Municipal Bond Fund	40,928,233.073	19,674.936	0

117

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of
Old Westbury Funds, Inc.

We have audited the accompanying (consolidated) statements of assets and liabilities of Old Westbury Funds, Inc. (comprising, respectively, U.S. Large Cap Fund, Non-U.S. Large Cap Fund, Global Small & Mid Cap Fund, Global Opportunities Fund, Real Return Fund, Fixed Income Fund, and Municipal Bond Fund (collectively the “Funds”), including the (consolidated) portfolios of investments of U.S. Large Cap Fund, Non-U.S. Large Cap Fund, Global Opportunities Fund, Real Return Fund, Fixed Income Fund, and Municipal Bond Fund and the summary portfolio of investments of Global Small & Mid Cap Fund, as of October 31, 2009, and the related (consolidated) statements of operations and the (consolidated) statements of changes in net assets for each of the periods indicated therein and the financial highlights of U. S. Large Cap, Non-U.S. Large Cap, Global Small & Mid Cap, Real Return, Fixed Income and Municipal Bond for each of the four years in the period then ended and the financial highlights for Global Opportunities Fund for the year ended October 31, 2009 and the period from November 28, 2007 to October 31, 2008. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through October 31, 2005, were audited by other auditors whose report, dated December 29, 2005, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the 2009, 2008, 2007, and 2006 (consolidated) financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds comprising Old Westbury Funds, Inc. at October 31, 2009, the results of their operations, the changes in their net assets and their financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 28, 2009

118

OLD WESTBURY FUNDS, INC.

DIRECTORS AND OFFICERS OF OLD WESTBURY FUNDS, INC. (UNAUDITED)

Independent and Interested Directors. The following table sets forth certain information with respect to the Directors of the Corporation:

Name, Address, and Age	Position(s) Held with Funds	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Director- ships1 Held by Director
Independent Directors
Robert M. Kaufman, Esq. 630 Fifth Avenue New York, NY 10111 Age: 79	Chairperson & Director	Indefinite; 16 Years	Partner, Proskauer Rose LLP, Attorneys at Law.	7	0
Eugene P. Beard 630 Fifth Avenue New York, NY 10111 Age: 74	Vice Chairperson & Director	Indefinite; 11 Years	Chairman and Chief Executive Officer, Westport Asset Fund, Inc.	7	42
Patricia L. Francy 630 Fifth Avenue New York, NY 10111 Age: 64	Director	Indefinite; 5 Years	Retired. Special Advisor for Alumni Relations (2004-2005), Treasurer (1989-2003), Controller (1984-2003), Columbia University.	7	13
John R. Whitmore 630 Fifth Avenue New York, NY 10111 Age: 76	Director	Indefinite; 10 Years	Financial Advisor and Corporate Director.	7	24
Interested Director
Stephen M. Watson5 630 Fifth Avenue New York, NY 10111 Age: 52	Director	Indefinite; 2 Years	Managing Director of Bessemer Trust Company, N.A.	7	0

1	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
2	Mr. Beard serves as Director of Cambridge Solutions Plc., Huntsworth Plc., Marc USA Corp., and One to One Interactive, Inc.
3	Ms. Francy serves as Director of Siebert Financial Corp.
4	Mr. Whitmore serves as Director of B. F. Saul Company and Saul Centers, Inc.
5	Directors who are or may be deemed “interested persons” (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer are referred to as Interested Directors. Mr. Watson is deemed an Interested Director by virtue of his position as Managing Director of Bessemer Trust Company, N.A.

119

OLD WESTBURY FUNDS, INC.

DIRECTORS AND OFFICERS OF OLD WESTBURY FUNDS, INC. (UNAUDITED) - (Continued)

Officers. The table below sets forth certain information with respect to the Officers of the Corporation:

Name, Address, and Age	Position(s) Held with Funds	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years
Marc D. Stern 630 Fifth Avenue New York, NY 10111 Age: 47	President	Indefinite; 5 Years	Senior Managing Director and Chief Investment Officer, The Bessemer Group, Incorporated and all bank subsidiaries thereof (Since 2004).
Steven L. Williamson 630 Fifth Avenue New York, NY 10111 Age: 56	Chief Legal Officer	Indefinite; 7 Years	Managing Director and General Counsel, The Bessemer Group, Incorporated and principal bank subsidiaries (Since 2007); Managing Director and Associate General Counsel, The Bessemer Group, Incorporated and principal bank subsidiaries (2000- 2006).
Don J. Andrews 630 Fifth Avenue New York, NY 10111 Age: 51	Vice President & Chief Compliance Officer Chief Risk Management Officer	Indefinite; 7 Years 9 Months	Managing Director and Chief Compliance Officer, Bessemer Trust Company, N.A. (Since 2002).
Peter C. Artemiou 630 Fifth Avenue New York, NY 10111 Age: 47	Vice President & Treasurer	Indefinite; 1 Year	Principal and Controller - Alternative Investments, The Bessemer Group, Incorporated and Bessemer Trust Company, N.A. (Since 2000).
	Vice President & Assistant Treasurer	7 Years
Deborah J. Ferris 630 Fifth Avenue New York, NY 10111 Age: 64	AML Compliance Officer, Vice President & Assistant Secretary	Indefinite; 6 Years	Principal and Director of Compliance, Bessemer Trust Company, N.A. (Since 2003).

120

OLD WESTBURY FUNDS, INC.

DIRECTORS AND OFFICERS OF OLD WESTBURY FUNDS, INC. (UNAUDITED) - (Continued)

Name, Address, and Age	Position(s) Held with Funds	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years
Nicola R. Knight 630 Fifth Avenue New York, NY 10111 Age: 47	Assistant Secretary	Indefinite; 9 Months	Principal and Associate General Counsel of Bessemer Trust Company, N.A. (Since September 2007);SVP and Senior Securities Counsel, United States Trust Company (August 2005 -September 2007);Vice President, Morgan Stanley D.W. (December 2004 - August 2005); Vice President and Associate General Counsel, RCM Capital Management LLC (until August 2004).
Andrew J. McNally 760 Moore Road King of Prussia, PA 19406 Age: 39	Vice President & Assistant Treasurer Vice President & Treasurer	Indefinite; 1 Year 3 Years	Vice President and Senior Director of Fund Accounting & Administration, PNC Global Investment Servicing (U.S.) Inc. (“PNC”) (Since 2007); Vice President and Director of Fund Accounting and Administration, PNC (2000-2006).
Diane J. Drake 301 Bellevue Parkway Wilmington, DE 19809 Age: 42	Secretary	Indefinite; 3 Years	Vice President and Counsel, PNC (Since 2008);Vice President and Associate Counsel (2003-2007).
Jack Jafolla 760 Moore Road King of Prussia, PA 19406 Age: 39	Assistant Treasurer	Indefinite; 3 Years	Sr. Manager of NAV Operations (Since 2008); Sr. Manager of Fund Accounting & Administration, PNC (2005-2008); Manager, Fund Accounting & Administration, PNC (1998-2005).
William H. Wallace, III 301 Bellevue Parkway Wilmington, DE 19809 Age: 40	Assistant Secretary	Indefinite; 1 Year	Assistant Vice President and Manager, PNC (Since 2008); Sr. Regulatory Administrator, PNC (2007-2008); Regulatory Administrator, PNC (2004-2007).

The Statement of Additional Information (“SAI”) includes additional information about the Corporation’s Directors and Officers and is available upon request, without charge. To obtain a copy of the SAI, please call (800) 607-2200.

121

ADDITIONAL INFORMATION

Information on Proxy Voting:

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

Information on Form N-Q:

The Funds provide a complete list of the Funds’ holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the Schedule of Investments appear in the Funds’ semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the Schedule of Investments with the SEC on Form N-Q. Shareholders can obtain the Funds’ Form N-Q (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. The Fund’s N-Q may be reviewed or copied at the SEC Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

122

OLD WESTBURY FUNDS, INC.

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (UNAUDITED)

At a meeting held on May 27, 2009, the Board of Directors, including the Directors who are not “interested persons” (as defined in the 1940 Act) of any party to the agreement defined below (“Independent Directors”), approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an amended and restated investment advisory agreement between Bessemer Investment Management LLC (“BIM” or “Adviser”) and the Corporation on behalf of each Fund, (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Old Westbury Global Small & Mid Cap Fund (“Global Small & Mid Cap Fund”), (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Global Small & Mid Cap Fund, (4) a sub-advisory agreement among BIM, Franklin Advisers, LP (“Franklin”) and the Corporation on behalf of the Old Westbury Global Opportunities Fund (“Global Opportunities Fund”), and (6) a sub-advisory agreement among BIM, T. Rowe Price, International (“T. Rowe Price”) and the Corporation on behalf of the Global Opportunities Fund. The following summary details the materials and factors that the Board considered, and the conclusions that the Board reached, in approving the continuance of these Agreements.

(1) The nature, extent and quality of services provided by the Adviser and Sub-Advisers.

The Directors considered the scope and quality of services provided by BIM, particularly the qualifications and capabilities of the portfolio managers and other personnel responsible for providing services to the Funds. The Board considered that, in addition to managing the investment program of the Funds, BIM and its affiliates also provide, at their expense, personnel responsible for supervising the provision of compliance, administrative services, accounting and related services, including valuation of the Funds’ portfolios of investments, yield calculations, reports and filings with regulatory authorities and services related to such functions. The Board also considered that BIM (or its affiliates) paid for all compensation of Officers of the Corporation that are also employees of BIM (or its affiliates), and that BIM keeps the Board informed of important developments affecting each Fund and pays the costs of certain clerical and administrative services involved in the management and administration of the Funds. The Board evaluated these factors based on its direct experience with BIM, and in consultation with Fund Counsel and Counsel to the Independent Directors. The Board also considered BIM’s effectiveness in ensuring that the portfolios of the Corporation are in compliance with their investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board also considered the qualifications, experience and responsibilities of the portfolios managers for each Fund.

With respect to the Global Opportunities and Global Small & Mid Cap Funds, the Board considered the scope and quality of services provided by the Funds’ Sub-Advisers, including the fact that the Sub-Advisers pay the costs of all necessary investment and management facilities necessary for the conduct of their respective services.

Based on these factors, as well as those discussed below, the Board concluded that the nature, quality and extent of services provided by BIM and the Sub-Advisers have been and continue to be satisfactory.

(2) The performance of the Funds and the Adviser and Sub-Advisers.

The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of the Funds and a select group of other funds that have similar investment objectives, distribution and shareholder servicing arrangements and that are of comparable size and nature (the “Peer Group”). The Board reviewed performance over long, intermediate and short-term periods and compared the Funds’ performance to their respective Peer Group over these time periods. The Board noted that the Funds’ performance was reasonable relative to the Funds’ Peer Groups. However, the Board also noted that, with respect to the Real Return Fund, the Fund has suffered negative returns in more recent periods and since inception.

123

OLD WESTBURY FUNDS, INC.

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (UNAUDITED) - (Continued)

(3) The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the level of the advisory fees, the Directors considered a number of factors. With respect to each of the Funds, the Board’s analysis of each Fund’s advisory fee and estimated expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund compared to their respective Peer Group. The Board noted that each Fund’s advisory fee and expense ratio were generally in line with those of their Peer Group. The Board also noted the advisory fee breakpoints as well as the Adviser’s contractual commitment to waive advisory fees for certain Funds. Additionally, the Board considered the Adviser’s profitability. With respect to the sub-advisory agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’ fees were paid entirely by BIM so that no additional expenses would be borne by shareholders for the engagement of these Sub-Advisers.

Based on this analysis as well as other factors described in this section, including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts of Bessemer and its affiliates, the Board, including all of the Independent Directors, concluded that the advisory fee schedule for each Fund was fair and reasonable in light of the quality of services provided by BIM and Sub-Advisers.

(4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

The Board considered the information provided by BIM relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to U.S. Large Cap Fund, Non-U.S. Large Cap Fund, Fixed Income Fund and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for Global Opportunities Fund. The Board also considered the experience of BIM in managing the Funds, as well as the Adviser’s profitability analysis.

With respect to the Global Small & Mid Cap and Real Return Funds, the Board determined that it would continue to monitor whether breakpoints would be appropriate should those Funds continue to grow in size.

(5) Ancillary benefits and other factors.

In addition to the above factors, the Board also discussed other benefits received by BIM and its affiliates from its management of the Funds, including the ability to market its advisory services for similar products in the future. In addition, the Board discussed the compensation payable by the Funds to affiliates of BIM for other services including shareholder servicing and custody. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows. The Board concluded that advisory fees were reasonable in light of these fall-out benefits.

Conclusion:

The Board, including all of the Independent Directors, concluded that the fees payable under the investment advisory and sub-advisory agreements were fair and reasonable with respect to the services that BIM and each Sub-Adviser provides, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors in making this determination.

124

OLD WESTBURY FUNDS, INC.

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (UNAUDITED) - (Continued)

At a meeting held on September 16, 2009, the Board of Directors, including the Directors who are not “interested persons” (as defined in the 1940 Act) of any party to the agreement defined below (“Independent Directors”), approved a new investment sub-advisory agreement among Bessemer Investment Management LLC (“BIM” or “Adviser”), BlackRock Financial Management LLC (“BlackRock”) and the Corporation on behalf of the Old Westbury Global Opportunities Fund (“Global Opportunities Fund”). The following summary details the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the investment sub-advisory agreement.

(1) The nature, extent and quality of services to be provided by BlackRock.

The Directors considered the scope and quality of services to be provided by BlackRock, including the fact that BlackRock pays the costs of all necessary investment and management facilities necessary for the efficient conduct of its services. The Directors also considered the qualifications and experience of the portfolio managers responsible for managing BlackRock’s portion of the Global Opportunities Fund.

Based on these factors, as well as those discussed below, the Directors concluded that the nature, quality and extent of services to be provided by BlackRock will be satisfactory and that the proposed advisory fees for such services are appropriate.

(2) The performance of BlackRock

The Directors noted that, due to the unique nature of the investment strategy that BlackRock would be pursuing for the Global Opportunities Fund, BlackRock did not have performance information for managing a substantially similar account. The Directors did receive and consider the performance record of BlackRock in managing agency-only mortgage bonds and non-agency residential mortgage-backed securities relative to the performance of relevant benchmarks.

(3) The cost of the advisory services.

The Directors noted that BlackRock’s fees would be paid entirely by BIM so that no additional expenses would be borne by shareholders for the engagement of BlackRock. Based on this analysis as well as other factors described in this section the Directors, including all of the Independent Directors, concluded that BlackRock’s sub-advisory fees were fair and reasonable in light of the quality of services to be provided by BlackRock.

(4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

The Directors considered that the sub-advisory fee was paid entirely by the Adviser and that the sub-advisory fee contained breakpoints designed to allow economies of scale to be shared with shareholders.

(5) Ancillary benefits and other factors.

In addition to the above factors, the Directors also discussed whether there were other benefits received by the Adviser, the proposed Sub-Adviser, or their affiliates, from the Sub-Adviser’s relationship with the Fund. The Directors concluded that any fall-out benefits resulting from the proposed engagement of BlackRock were such that it did not impact the Directors conclusion that the proposed sub-advisory fee was reasonable.

Conclusion:

The Directors, including all of the Independent Directors, concluded that the fees to be paid to BlackRock under the investment sub-advisory agreement were fair and reasonable with respect to the services that BlackRock will provide, in light of the factors that the Directors deemed relevant. The Directors based their decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Directors were also assisted by the advice of independent counsel in making this determination.

125

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Investment Adviser:
Bessemer Investment Management LLC
630 Fifth Avenue
New York, NY 10111
(212) 708-9100

Distributor:
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

Custodians:
Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095

Citibank, N.A.
111 Wall Street
New York, NY 10005

Administrator:
PNC Global Investment Servicing (U.S.) Inc.
760 Moore Road
King of Prussia, PA 19406

Transfer Agent:
PNC Global Investment Servicing (U.S.) Inc.
760 Moore Road
King of Prussia, PA 19406

Independent Registered Public Accounting Firm:
Ernst & Young LLP
5 Times Square
New York, NY 10036

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

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

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

Cusip 680414307

Cusip 680414604

Cusip 680414109

Cusip 680414406

Cusip 680414505

Cusip 680414703

Cusip 680414802

(A21-AR2009)

(12/09)

Item 2. Code of Ethics.

(a)	The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
	The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 12 (a)(1).
(c)	There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.
(d)	The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s board of directors has determined that the registrant has two audit committee financial experts serving on its audit committee and those persons (Eugene P. Beard and Patricia L. Francy) are “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees
	(a)	The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services

		that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $363,540 in 2009 and $409,601 in 2008.
Audit-Related Fees
	(b)	The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $5,860 in 2009 and $11,200 in 2008. Fees for both 2009 and 2008 relate to the review of financial statement data incorporated in the Funds annual N-1A filing.
Tax Fees
	(c)	The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $44,500 in 2009 and $42,550 in 2008. Fees for both 2009 and 2008 relate to the review of federal income and excise tax returns and review of capital gains distribution calculations.
All Other Fees
	(d)	The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $29,280 in 2009 and $28,000 in 2008. Fees for both 2009 and 2008 relate to the review of holdings for the Funds affiliated custodian under Rule 17f-2.
(e)	(1)	Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
		Pursuant to its Charter, the Registrant’s Audit Committee must approve all audit and non-audit services to be provided to the Registrant. This includes services rendered to the adviser and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant.
(e)	(2)	The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:
			(b) 100%
			(c) 100%
			(d) 100%
	(f)	The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.
	(g)	The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another

		investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $73,780 in 2009 and $70,550 in 2008.
	(h)	The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a)	The Schedule of Investments in securities of unaffiliated issuers as of the close of reporting period for the Old Westbury Global Small & Mid Cap Fund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury U.S. Large Cap Fund, Old Westbury Non-U.S. Large Cap Fund, Old Westbury Global Opportunities Fund, Old Westbury Real Return Fund, Old Westbury Fixed Income Fund and Old Westbury Municipal Bond Fund are included as part of the report to shareholders filed under Item 1 of this form.

OLD WESTBURY FUNDS, INC.
GLOBAL SMALL & MID CAP FUND
PORTFOLIO OF INVESTMENTS	October 31, 2009

Shares			Value
COMMON STOCKS — 86.2%
AUSTRALIA — 1.7%
	24,202	Acrux Ltd.(b)	$	43,353
	35,064	Adamus Resources Ltd.(b)		13,256
	148,865	Adelaide Brighton Ltd.		380,561
	41,112	Aditya Birla Minerals Ltd.(b)		47,924
	64,944	AED Oil Ltd.(b)		32,737
	17,765	Aevum Ltd.		23,427
	26,572	AJ Lucas Group Ltd.		104,046
	43,834	Alesco Corp. Ltd.		201,231
	33,518	Alkane Resources Ltd.(b)		11,314
	47,383	Alliance Resources Ltd.(b)		26,871
	20,948	Allied Gold Ltd.(b)		8,580
	1,051,685	Alumina Ltd.(b)		1,585,674
	28,995	Amalgamated Holdings Ltd.		155,816
	228,390	Amcom Telecommunications Ltd.		45,229
	33,000	Andean Resources Ltd.(b)		65,945
	34,575	Ansell Ltd.		322,741
	45,300	Anvil Mining Ltd.(b)		126,014
	86,548	APA Group		246,962
	1,220,274	Apex Minerals NL(b)		46,134
	143,331	APN News & Media Ltd.		291,583
	40,999	Aquila Resources Ltd.(b)		297,086
	33,311	Arafura Resources Ltd.(b)		24,887
	6,818	ARB Corp. Ltd.		32,220
	49,386	Aristocrat Leisure Ltd.		200,935
	95,985	Arrow Energy Ltd.(b)		355,106
	609,753	Asciano Group(b)		839,767
	41,487	ASG Group Ltd.		37,344
	62,251	Atlas Iron Ltd.(b)		101,143
	77,309	Ausdrill Ltd.		118,302
	11,730	Ausenco Ltd.		51,738
	28,945	Austal Ltd.		63,313
	237,688	Austar United Communications Ltd.(b)		280,280
	9,270	Austbrokers Holdings Ltd.		40,470
	103,629	Austereo Group Ltd.		138,989
	5,002	Austin Engineering Ltd.		11,301
	69,351	Australian Agricultural Co. Ltd.(b)		90,830
	107,411	Australian Infrastructure Fund		171,617
	53,989	Australian Pharmaceutical Industries Ltd.(c)		36,206
	63,310	Australian Pharmaceutical Industries Ltd.		42,456
	213,201	Australian Worldwide Exploration Ltd.(b)		500,891
	53,393	Automotive Holdings Group		104,774
	22,100	AVJennings Ltd.(b)		10,543
	41,611	Avoca Resources Ltd.(b)		57,308
	444,969	AWB Ltd.		492,661
	64,387	Bank of Queensland Ltd.		715,778
	25,839	Bannerman Resources Ltd.(b)		25,352
	417,541	Beach Petroleum Ltd.		298,799
	172,203	Bendigo and Adelaide Bank Ltd.		1,410,573
Shares			Value
AUSTRALIA (continued)
	193,097	Bendigo Mining Ltd.	$	39,978
	28,750	Berkeley Resources Ltd.(b)		24,326
	47,806	Billabong International Ltd.		447,537
	29,390	Biota Holdings Ltd.(b)		75,133
	580	Blackmores Ltd.		10,807
	896,648	BlueScope Steel Ltd.		2,437,487
	280,597	Boart Longyear Group(b)		70,722
	54,085	Boom Logistics Ltd.		27,750
	292,604	Boral Ltd.		1,527,642
	27,316	Bow Energy Ltd.(b)		31,473
	24,758	Bradken Ltd.		139,955
	27,762	Brickworks Ltd.		324,868
	49,086	Brockman Resources Ltd.(b)		88,811
	26,490	Cabcharge Australia Ltd.		140,685
	60,682	Caltex Australia Ltd.(b)		560,429
	10,302	Campbell Brothers Ltd.		268,833
	1,717	Campbell Brothers Ltd. - Placement Shares(b)(c)		44,806
	226,901	Cape Lambert Iron Ore Ltd.(b)		99,058
	21,206	Cardno Ltd.		92,198
	51,588	Carnarvon Petroleum Ltd.(b)		25,076
	100,000	Cash Converters International Ltd.		50,408
	62,613	Catalpa Resources Ltd.(b)		8,736
	222,590	CBH Resources Ltd.(b)		19,636
	17,013	Cellestis Ltd.		54,365
	87,902	Centamin Egypt Ltd.(b)		181,987
	129,506	Centennial Coal Co. Ltd.		371,872
	14,812	Centrex Metals Ltd.(b)		8,266
	189,000	Ceramic Fuel Cells Ltd.(b)		37,428
	124,054	Challenger Financial Services Group Ltd.		418,751
	46,115	Chemgenex Pharmaceuticals Ltd.(b)		33,001
	131,532	Citadel Resource Group Ltd.(b)		50,911
	267,096	Citigold Corp. Ltd.(b)		33,660
	93,289	Clinuvel Pharmaceuticals Ltd.(b)		25,612
	51,145	Clough Ltd.		38,442
	88,406	Coal of Africa Ltd.(b)		148,414
	7,468	Cochlear Ltd.		430,899
	54,002	Cockatoo Coal Ltd.(b)		18,715
	31,614	Coffey International Ltd.		62,321
	623,972	ConnectEast Group.		224,667
	18,624	Conquest Mining Ltd.(b)		9,723
	57,099	Consolidated Media Holdings Ltd.		156,762
	117,579	Cooper Energy Ltd.(b)		51,332
	20,084	Corporate Express Australia Ltd.		78,280
	38,303	Count Financial Ltd.		47,235
	33,527	Crane Group Ltd.		272,820
	13,608	Credit Corp. Group Ltd.		27,561
	28,054	CSG Ltd.		36,869
	68,301	CSR Ltd.(c)		118,351
	390,292	CSR Ltd. - Placement Shares(c)		676,291

1

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

Shares			Value
AUSTRALIA (continued)
	10,095	Cudeco Ltd.(b)	$	51,978
	24,524	Customers Ltd.(b)		69,095
	118,091	David Jones Ltd.		569,764
	20,000	Deep Yellow Ltd.(b)		6,481
	1,882	Devine Ltd.		788
	8,637	Dominion Mining Ltd.		27,366
	1,330	Domino’s Pizza Enterprises Ltd.		5,507
	103,250	Downer EDI Ltd.		801,144
	168,882	DUET Group.		258,432
	4,716	DWS Advanced Business Solutions Ltd.		7,408
	91,748	Eastern Star Gas Ltd.(b)		70,612
	249,390	Emeco Holdings Ltd.		197,549
	61,443	Energy Developments Ltd.		132,739
	99,173	Energy World Corp. Ltd.(b)		43,742
	294,880	Envestra Ltd.		140,681
	57,717	Eservglobal Ltd.(b)		29,094
	22,408	Extract Resources Ltd.(b)		167,819
	1,074,060	Fairfax Media Ltd.		1,556,567
	9,540	Fantastic Holdings Ltd.		34,350
	33,955	Felix Resources Ltd.		531,211
	33,955	Felix Resources Ltd. - Placement Shares(c)		3,108
	46,815	Ferraus Ltd.(b)		31,816
	215,276	FKP Property Group		134,677
	11,521	Fleetwood Corp. Ltd.		78,505
	39,328	FlexiGroup Ltd.		53,809
	9,448	Flight Centre Ltd.		144,578
	130,442	Flinders Mines Ltd.(b)		17,025
	503,469	Focus Minerals Ltd.(b)		23,566
	780,128	Futuris Corp. Ltd.(b)		129,913
	11,074	G.U.D. Holdings Ltd.		86,325
	111,477	Geodynamics Ltd.(b)		91,816
	112,463	Gindalbie Metals Ltd.(b)		89,591
	34,043	Giralia Resources NL(b)		32,023
	562,722	Goodman Fielder Ltd.		815,517
	46,282	GrainCorp Ltd.(b)		289,958
	140,887	Grange Resources Ltd.(b)		31,705
	29,996	GRD Ltd.(b)		14,580
	63,776	Great Southern Ltd.(b)(c)(d)		6,889
	344,718	Gunns Ltd.		316,503
	68,071	GWA International Ltd.		175,856
	123,748	Harvey Norman Holdings Ltd.		444,452
	87,716	Hastie Group Ltd.		150,019
	61,206	Healthscope Ltd.		262,249
	108,127	HFA Holdings Ltd.(b)		23,359
	74,599	Highlands Pacific Ltd.(b)		20,817
	196,765	Hillgrove Resources Ltd.		57,563
	93,111	Hills Industries Ltd.		173,494
	88,114	Horizon Oil Ltd.(b)		24,588
	69,257	Icon Energy Ltd.(b)		27,119
	38,283	iiNET Ltd.		63,752
	219,708	Iluka Resources Ltd.(b)		692,193
	44,250	Imdex Ltd.		34,454
	21,536	IMF Australia Ltd.		31,405
	696,884	Incitec Pivot Ltd.		1,668,613
Shares			Value
AUSTRALIA (continued)
	30,708	Independence Group NL	$	119,136
	85,840	Indophil Resources NL(b)		71,473
	69,667	Industrea Ltd.		27,906
	237,604	Infigen Energy		307,985
	100,000	Integra Mining Ltd.(b)		22,504
	89,852	Intrepid Mines Ltd.(b)		27,095
	16,339	Invocare Ltd.		86,774
	75,741	IOOF Holdings Ltd.		359,298
	19,221	Iress Market Technology Ltd.		134,953
	181,912	iSOFT Group Ltd.		131,817
	230,309	Jabiru Metals Ltd.(b)		88,108
	21,040	JB Hi-Fi Ltd.		393,933
	139,329	Kagara Ltd.(b)		128,552
	31,596	Karoon Gas Australia Ltd.(b)		218,143
	6,466	Kimberly Metals Ltd.(c)(d)		0
	21,333	Kingsgate Consolidated Ltd.		145,942
	139,531	Lend Lease Corp. Ltd.		1,178,113
	322,971	Lend Lease Primelife Ltd.(b)		88,670
	46,543	Linc Energy Ltd.(b)		66,195
	23,239	Liquefied Natural Gas Ltd.(b)		27,403
	123,515	Lynas Corp. Ltd.(b)		53,923
	8,700	Lynas Corp. Ltd. - Placement Shares(c)		3,798
	24,167	MacArthur Coal Ltd.		186,866
	239,199	Macmahon Holdings Ltd.		122,729
	110,649	Macquarie Airports		285,853
	83,698	Macquarie Media Group Ltd.		139,380
	83,698	Macquarie Media Group Ltd. - Placement Shares(c)		139,380
	1,285	Macquarie Telecom Group Ltd.(b)		4,280
	6,687	Mantra Resources Ltd.(b)		26,786
	10,059	Map Group(b)(c)		25,987
	159,242	Marion Energy Ltd.(b)		18,634
	7,488	McMillan Shakespeare Ltd.		27,972
	34,566	McPherson’s Ltd.(b)		91,165
	36,018	Medusa Mining Ltd.(b)		106,991
	10,469	Melbourne IT Ltd.		16,491
	147,915	MEO Australia Ltd.(b)		74,561
	57,713	Mermaid Marine Australia Ltd.		139,746
	261,973	Metals X Ltd.(b)		29,477
	130,282	Metcash Ltd.		551,183
	126,036	Minara Resources Ltd.(b)		100,971
	37,376	Mincor Resources NL		73,007
	120,423	Mineral Deposits Ltd.(b)		105,688
	14,861	Mineral Resources Ltd.		95,111
	42,512	Mirabela Nickel Ltd.(b)(e)		105,234
	91,676	Mitchell Communications Group Ltd.		72,619
	44,552	Molopo Australia Ltd.(b)		54,541
	38,566	Moly Mines Ltd.(b)		31,764
	13,431	Monadelphous Group Ltd.		161,763
	19,000	Mortgage Choice Ltd.		23,773
	462,225	Mosaic Oil NL(b)		49,928
	158,974	Mount Gibson Iron Ltd.(b)		174,582
	55,018	Murchison Metals Ltd.(b)		71,315

2

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

Shares			Value
AUSTRALIA (continued)
	42,798	Navitas Ltd.	$	142,926
	139,340	Neptune Marine Services Ltd.(b)		92,816
	128,661	New Hope Corp. Ltd.		484,102
	87,996	Nexbis Ltd.(b)		15,050
	69,134	NIB Holdings Ltd. Australia		82,145
	48,373	Nomad Building Solutions Ltd.		34,617
	30,567	Norton Gold Fields Ltd.(b)		8,117
	14,479	Novogen Ltd.(b)		7,690
	42,103	NRW Holdings Ltd.		62,154
	37,601	Nufarm Ltd.		391,265
	13,754	Oakton Ltd.		43,580
	578,490	OneSteel Ltd.		1,614,251
	4,066	OrotonGroup Ltd.		21,923
	745,457	OZ Minerals Ltd.(b)		805,225
	484,223	Pacific Brands Ltd.(b)		577,530
	151,226	Paladin Energy Ltd.(b)		566,283
	193,687	Pan Pacific Petroleum NL(b)		73,226
	362,929	PanAust Ltd.(b)		155,177
	46,006	Panoramic Resources Ltd.		97,733
	248,080	PaperlinX Ltd.(b)		122,820
	37,523	Peet Ltd.		75,321
	20,327	Perilya Ltd.(b)		8,783
	7,008	Perpetual Ltd.		237,316
	54,166	Perseus Mining Ltd.(b)		71,917
	31,729	Pharmaxis Ltd.(b)		72,259
	74,944	Photon Group Ltd.		121,092
	4,385	Pipe Networks Ltd.(d)		23,999
	26,465	Platinum Asset Mangement Ltd.		135,073
	38,735	Platinum Australia Ltd.(b)		31,729
	105,388	PMP Ltd.(b)		56,919
	22,504	Premier Investments Ltd.		165,702
	59,760	Primary Health Care Ltd.		328,136
	40,487	Prime Media Group Ltd.		29,155
	7,043	Probiotec Ltd.		16,357
	30,604	Programmed Maintenance Services Ltd.(c)		118,457
	108,721	Quantum Energy Ltd.(b)		19,084
	22,900	Ramsay Health Care Ltd.		218,089
	13,579	RCR Tomlinson Ltd.		13,995
	7,541	REA Group Ltd.		55,662
	30,974	Reckon Ltd.		49,628
	21,888	Redflex Holdings Ltd.		45,710
	8,531	Reece Australia Ltd.		188,139
	35,422	Regional Express Holdings Ltd.(b)		39,378
	6,994	Reject Shop Ltd. (The)		81,969
	73,565	Resolute Mining Ltd.(b)		47,347
	62,000	Resource Generation Ltd.(b)		29,858
	11,017	Retail Food Group Ltd.		25,982
	12,309	Reverse Corp. Ltd.		6,260
	159,030	RHG Ltd.(b)		101,637
	87,007	Ridley Corp. Ltd.		83,410
	44,464	Riversdale Mining Ltd.(b)		216,130
	246,702	Roc Oil Co. Ltd.(b)		137,682
	37,575	SAI Global Ltd.		117,028
Shares			Value
AUSTRALIA (continued)
	29,246	Salmat Ltd.	$	107,935
	15,093	Sedgman Ltd.		20,651
	21,571	Seek Ltd.		118,444
	7,510	Select Harvests Ltd.		27,040
	9,440	Servcorp Ltd.		33,225
	97,832	Service Stream Ltd.		35,225
	57,973	Seven Network Ltd.		337,632
	556,679	Sigma Pharmaceuticals Ltd.		471,027
	21,714	Silex Systems Ltd.(b)		125,484
	28,232	Silver Lake Resources Ltd.(b)		21,601
	49,074	Sims Group Ltd.		875,525
	37,240	Sino Gold Mining Ltd.(b)		222,918
	9,054	Sirtex Medical Ltd.(b)		48,900
	12,274	Skilled Group Ltd.		24,859
	7,500	SMS Management & Technology Ltd.		35,443
	274,963	SP AusNet		217,806
	118,596	SP Telemedia Ltd.(d)		144,118
	136,210	Spark Infrastructure Group		148,970
	28,294	Specialty Fashion Group Ltd.(b)		29,798
	29,700	Sphere Investments Ltd.(b)		24,061
	82,005	Spotless Group Ltd.		187,494
	361,189	St. Barbara Ltd.(b)		99,163
	106,534	Straits Resources Ltd.(b)		154,872
	25,424	Strike Resources Ltd.(b)		19,453
	166,555	STW Communications Group Ltd.		125,936
	218,698	Sundance Resources Ltd.(b)		30,513
	91,760	Sunland Group Ltd.		60,709
	27,550	Super Cheap Auto Group Ltd.		131,435
	90,108	Swick Mining Services Ltd.(b)		46,233
	131,045	Tabcorp Holdings Ltd.		843,412
	6,000	Talent2 International Ltd.(b)		8,479
	59,379	Tap Oil Ltd.(b)		56,657
	58,265	Tassal Group Ltd.		92,569
	261,905	Tatts Group Ltd.		584,667
	50,836	Technology One Ltd.		37,065
	104,463	Ten Network Holdings Ltd.		144,809
	39,600	Terramin Australia Ltd.(b)		35,646
	58,054	TFS Corp. Ltd.		47,554
	202,725	Thakral Holdings Group		79,380
	37,994	Thorn Group Ltd.		31,635
	65,834	Timbercorp Ltd.(b)(c)(d)		2,607
	119,157	Toro Energy		18,234
	260,580	Toro Energy Ltd.(b)		39,875
	122,618	Tower Australia Group Ltd.		327,811
	15,311	Tox Free Solutions Ltd.(b)		34,042
	108,365	Transfield Services Infrastructure Fund		96,081
	100,698	Transfield Services Ltd.		388,858
	29,693	Troy Resources NL		62,009
	33,503	United Group Ltd.		409,239
	65,872	UXC Ltd.		50,400
	22,153	Village Roadshow Ltd.		34,897
	48,270	Village Roadshow Ltd., Preferred Shares		76,038

3

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

Shares			Value
AUSTRALIA (continued)
	570,532	Virgin Blue Holdings Ltd.(b)	$	259,349
	34,303	Viterra, Inc. - CDI(b)		323,290
	70,098	Washington H. Soul Pattinson & Co. Ltd.		843,627
	50,586	Watpac Ltd.		67,164
	30,715	Wattyl Ltd.(b)		28,477
	35,253	WDS Ltd.		57,119
	22,954	West Australian Newspapers Holdings Ltd.		154,552
	19,960	Western Areas NL(b)		87,140
	13,358	White Energy Co. Ltd.(b)		30,902
	10,519	Whitehaven Coal Ltd.		36,928
	71,313	WHK Group Ltd.		66,760
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		1,898
	13,791	Wotif.com Holdings Ltd.		74,856
				56,062,947
AUSTRIA — 0.3%
	1,109	Agrana Beteiligungs AG		104,958
	9,244	Andritz AG		511,643
	6,651	A-TEC Industries AG(b)		101,795
	5,738	BWIN Interactive Entertainment AG(b)		277,903
	2,439	BWT AG		62,491
	3,797	CAT Oil AG(b)		42,188
	2,439	Christ Water Technology AG(b)		11,881
	1,891	Constantia Packaging AG		103,301
	4,924	EVN AG		93,261
	3,121	Flughafen Wien AG		156,851
	1,518	Frauenthal Holding AG(b)		16,978
	7,181	Intercell AG(b)		277,936
	660	Kapsch TrafficCom AG		23,243
	197	Lenzing AG		67,617
	1,270	Mayr Melnhof Karton AG		119,802
	902	Oberbank AG		56,283
	7,603	Oesterreichische Post AG		222,101
	1,756	Palfinger AG		41,787
	19,005	Raiffeisen International Bank-Holding AG		1,122,104
	5,405	RHI AG(b)		150,336
	779	Rosenbauer International AG		30,174
	526	S&T System Integration & Technology Distribution AG(b)		10,829
	2,106	Schoeller-Bleckmann Oilfield Equipment AG		98,526
	26,886	Strabag SE		830,506
	38,356	Telekom Austria AG		629,379
	10,994	Uniqa Versicherungen AG		216,803
	11,488	Vienna Insurance Group		649,033
	59,284	Voestalpine AG		2,037,176
	4,708	Warimpex Finanz- Und Beteiligungs AG(b)		15,936
	48,022	Wienerberger AG(b)		870,673
	1,503	Wolford AG(b)		26,653
Shares			Value
AUSTRIA (continued)
	9,958	Zumtobel AG(b)	$	172,632
				9,152,779
BAHAMAS — 0.0%
	500	Steiner Leisure Ltd.(b)		18,480
BELGIUM — 0.3%
	9,434	Ackermans & Van Haaren NV		684,458
	58,466	Agfa Gevaert NV(b)		353,630
	3,018	Arseus NV		36,464
	89	Banque Nationale de Belgique		450,560
	4,431	Barco NV(b)		178,542
	4,312	Bekaert SA		556,459
	1,909	Cofinimmo		275,207
	2,461	Compagnie d’Entreprises CFE		140,559
	765	Compagnie Immobiliere de Belgique SA(b)		23,304
	4,983	Compagnie Maritime Belge SA		150,258
	15,250	Deceuninck NV(b)		31,195
	12,200	Deceuninck NV- VVPR Strip(b)		54
	6,992	Delhaize Group		475,387
	1,685	Devgen(b)		25,169
	1,030	D’ieteren SA		374,220
	292	Econocom Group		4,203
	4,178	Elia System Operator SA NV		168,839
	8,725	Euronav NV		170,774
	1,908	EVS Broadcast Equipment SA		140,816
	3,075	Exmar NV		38,872
	3,443	Galapagos NV(b)		41,194
	993	Intervest Offices		32,749
	3,840	Ion Beam Applications		52,612
	99	IRIS		6,019
	829	Kinepolis Group NV		33,855
	5,034	Melexis NV(b)		52,969
	5,279	Mobistar SA		363,387
	27,450	Nyrstar(b)		321,962
	6,372	Omega Pharma SA		314,329
	29,422	Option NV(b)		55,856
	4,230	Recticel SA		31,810
	840	Roularta Media Group NV(b)		18,926
	1,569	Sioen Industries NV		9,952
	1,670	Sipef NV		88,353
	10,299	Solvay SA		1,013,213
	10,644	Telenet Group Holding NV(b)		284,462
	9,497	Tessenderlo Chemie NV		348,847
	2,026	ThromboGenics NV(b)		46,989
	27,297	UCB SA		1,167,788
	20,514	Umicore		626,430
	1,150	Van De Velde		47,387
	445	VPK Packaging Group(b)		15,717
	1,797	Warehouses De Pauw SCA		90,735
	460	Wereldhave Belgium NV		34,660
				9,379,171
BERMUDA — 0.5%
	129,027	Allied World Assurance Co. Holdings Ltd.		5,775,249

4

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

Shares			Value
BERMUDA (continued)
	400	American Safety Insurance Holdings Ltd.(b)	$	5,928
	127,600	Argo Group International Holdings Ltd.(b)		4,333,296
	7,106	Aspen Insurance Holdings Ltd.		183,335
	4,900	Assured Guaranty Ltd.		81,242
	167,171	Catlin Group Ltd.		905,422
	1,000,000	China Windpower Group Ltd.(b)		114,836
	17,000	Dockwise Ltd.(b)		25,088
	4,200	Endurance Specialty Holdings Ltd.		151,158
	500	Enstar Group Ltd.(b)		30,500
	5,000	Flagstone Reinsurance Holdings Ltd.		54,750
	8,700	Frontline Ltd.		201,018
	1,600	Global Crossing Ltd.(b)		18,240
	2,000	Golden Ocean Group Ltd.(b)		2,766
	11,158	Helen of Troy Ltd.(b)		254,849
	139,415	Hiscox Ltd.		732,210
	30,300	Katanga Mining Ltd.(b)		20,442
	3,500	Max Capital Group Ltd.		72,275
	7,600	MF Global Ltd.(b)		54,112
	5,900	Montpelier Re Holdings Ltd.		95,344
	3,200	Orient-Express Hotels Ltd. - Class A(b)		27,520
	3,400	Platinum Underwriters Holdings Ltd.		121,618
	3,500	Renaissancere Holdings Ltd.		183,750
	68,400	Seadrill Ltd.(b)		1,477,686
	6,300	Signet Jewelers Ltd.(b)		158,823
	2,600	Textainer Group Holdings Ltd.		39,156
	6,445	Validus Holdings Ltd.		163,058
				15,283,671
BRAZIL — 0.7%
	158,000	Acos Villares SA		78,031
	15,000	Acucar Guarani SA(b)		39,084
	7,300	AES Tiete SA		77,865
	17,400	AES Tiete SA Preference Shares		196,066
	57,100	All America Latina Logistica SA		419,109
	7,700	American Banknote SA		76,799
	11,000	Anhanguera Educacional Participacoes SA(b)		152,049
	7,500	B2W Companhia Global Do Varejo		217,388
	24,400	Banco ABC Brasil SA		137,679
	7,200	Banco Daycoval SA		37,398
	14,800	Banco Panamericano SA		55,450
	13,700	Banco Pine SA - Preference Shares		80,337
	16,200	Banco Sofisa SA		50,947
	11,900	Bematech SA		56,068
	29,200	BR Malls Participacoes SA(b)		313,118
	51,500	Braskem SA - Class A, Preference Shares(b)		339,124
	78,500	Brookfield Incorporacoes SA		297,673
Shares			Value
BRAZIL (continued)
	5,700	Centrais Eletricas de Santa Catarina SA - Class B, Preference Shares	$	113,670
	29,271	Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A, Preference Shares		883,480
	4,800	Cia de Concessoes Rodoviarias		94,387
	2,800	Cia de Gas de Sao Paulo - Class A, Preference Shares		52,452
	13,900	Cia de Saneamento Basico do Estado de Sao Paulo		268,279
	9,100	Cia de Saneamento de Minas Gerais		160,139
	4,000	Cia de Saneamento do Parana, Preference Shares		5,245
	14,400	Cia de Tecidos do Norte de Minas - Coteminas, Preference Shares		47,575
	4,400	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		121,889
	25,300	Cia Energetica de Sao Paulo- Class B, Preference Shares		294,420
	4,050	Cia Energetica do Ceara - Class A, Preference Shares		63,339
	9,700	Cia Hering		113,982
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		484,322
	18,300	Cia Providencia Industria e Comercio SA		58,694
	69,464	Confab Industrial SA, Preference Shares		204,259
	2,100	Contax Participacoes SA, Preference Shares		94,176
	36,100	Cosan SA Industria e Comercio(b)		382,189
	9,700	Cremer SA		77,089
	36,200	Cyrela Brazil Realty SA		459,281
	6,900	Diagnosticos da America SA(b)		170,189
	7,480	Eletropaulo Metropolitana de Sao Paulo SA - Class A, Preference Shares		141,524
	13,700	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Class B, Preference Shares		258,430
	198,400	Empresa Brasileira de Aeronautica SA(b)		1,011,371
	21,000	Eternit SA		91,792
	69,100	Even Construtora e Incorporadora SA		242,415
	28,300	Ez Tec Empreendimentos e Participacoes SA		111,812
	13,800	Ferbasa-Ferro Ligas DA Bahia, Preference Shares		91,420
	18,200	Fertilizantes Fosfatados SA, Preference Shares(b)		175,636
	33,500	Gafisa SA		496,339
	12,700	Global Village Telecom Holding SA(b)		364,433

5

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

Shares			Value
BRAZIL (continued)
	26,500	Gol-Linhas Aereas Inteligentes SA, Preference Shares(b)	$	270,777
	40,800	Grendene SA		182,738
	33,900	IdeiasNet SA(b)		101,030
	7,500	Iguatemi Empresa de Shopping Centers SA		110,908
	24,400	Industrias Romi SA		172,446
	120,200	JBS SA		663,229
	193,000	Klabin SA, Preference Shares		460,150
	7,587	Kroton Educacional SA		80,883
	16,800	Light SA		231,458
	13,300	Localiza Rent A CAR		139,297
	26,200	Log-In Logistica Intermodal SA		123,742
	29,900	Lojas Americanas SA		158,699
	47,100	Lojas Americanas SA, Preference Shares		307,209
	16,700	Lojas Renner SA		295,777
	4,100	Lupatech SA(b)		62,235
	3,700	M Dias Branco SA		79,772
	15,033	Magnesita Refratarios SA(b)		110,085
	3,165	Magnesita Refratarios SA - RCT(b)		23,536
	41,800	Marcopolo SA, Preference Shares		143,794
	13,800	Marisa SA		68,076
	17,100	Medial Saude SA(b)		139,782
	20,000	MPX Energia SA		270,095
	13,900	Multiplan Empreendimentos Imobiliarios SA		210,441
	17,900	Natura Cosmeticos SA		321,704
	38,419	NET Servicos de Comunicacao SA, Preference Shares(b)		473,477
	12,100	Obrascon Huarte Lain Brasil SA		192,325
	3,200	Odontoprev SA		91,099
	12,700	Parana Banco SA		67,768
	81,129	Paranapanema SA(b)		310,405
	39,000	PDG Realty SA Empreen- dimentos e Participacoes		325,443
	20,000	Plascar Participacoes Industriais SA(b)		23,728
	32,500	Porto Seguro SA		342,969
	10,900	Positivo Informatica SA		124,061
	33,900	Randon Participacoes SA, Preference Shares		256,136
	14,700	Rodobens Negocios Imobiliarios SA		153,459
	60,200	Rossi Residencial SA		397,438
	8,200	Sao Carlos Empreendimentos e Participacoes SA		76,805
	23,000	Sao Martinho SA(b)		225,874
	9,200	Saraiva SA Livreiros Editores, Preference Shares		153,542
	78,134	Satipel Industrial SA		541,119
	10,100	SLC Agricola SA		73,388
	16,000	Sul America SA		376,022
	51,626	Suzano Papel e Celulose SA		448,680
	11,000	Tam SA, Preference Shares(b)		155,421
Shares			Value
BRAZIL (continued)
	2,400	Terna Participacoes SA	$	50,000
	25,700	Tim Participacoes SA(b)		80,677
	88,200	Tim Participacoes SA, Preference Shares		208,784
	2,300	Totvs SA		125,328
	7,700	Tractebel Energia SA		93,977
	30,144	Ultrapar Participacoes SA, Preference Shares		1,320,169
	262,572	Uniao de Industrias Petroquimicas SA - Class B, Preference Shares		157,996
	13,800	Universo Online SA, Preference Shares		81,080
	27,247	Vivo Participacoes SA, Preference Shares		663,233
	22,203	Votorantim Celulose e Papel SA(b)		304,132
	58,200	Weg SA		571,560
				22,952,371
CANADA — 2.4%
	5,100	Aastra Technologies Ltd.		147,290
	3,600	Absolute Software Corp.(b)		17,001
	68,797	Advantage Oil & Gas Ltd.		429,802
	16,400	Aecon Group, Inc.		169,903
	500	AG Growth International, Inc.		14,722
	35,957	AGF Management Ltd. - Class B		535,675
	1,200	Akita Drilling Ltd. - Class A		10,658
	21,300	Alamos Gold, Inc.(b)		170,077
	31,100	Alimentation Couche-Tard, Inc. - Class B		545,806
	9,100	Altius Minerals Corp.(b)		56,935
	81,700	Amerigo Resources Ltd.(b)		51,343
	16,800	Anatolia Minerals Development Ltd.(b)		33,226
	76,423	Anderson Energy Ltd.(b)		69,922
	35,500	Antrim Energy, Inc.(b)		42,322
	16,600	Aquiline Resources, Inc.(b)		90,053
	20,400	Astral Media, Inc.		604,053
	6,000	Athabasca Potash, Inc.(b)		32,716
	31,100	Atna Resources Ltd.(b)		21,556
	14,336	Atrium Innovations, Inc.(b)		186,810
	33,171	ATS Automation Tooling Systems, Inc.(b)		191,598
	8,300	Augusta Resource Corp.(b)		20,864
	25,500	Aura Minerals, Inc.(b)		74,234
	22,800	Aurizon Mines Ltd.(b)		97,981
	192,663	Baffinland Iron Mines Corp.(b)		96,149
	38,800	Baja Mining Corp.(b)		28,328
	39,244	Ballard Power Systems, Inc.(b)		85,230
	41,500	Bankers Petroleum Ltd.(b)		181,794
	27,100	Berens Energy Ltd.(b)		28,802
	6,400	Bioms Medical Corp.(b)		1,922
	200	BioteQ Environmental Technologies, Inc.(b)		218
	55,950	Biovail Corp.		754,928
	29,800	Birchcliff Energy Ltd.(b)		201,595

6

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

Shares			Value
CANADA (continued)
	5,600	Boardwalk Real Estate Investment Trust	$	191,437
	203,200	Bombardier, Inc. - Class B		824,406
	13,900	Boralex, Inc. - Class A(b)		114,329
	23,900	Breaker Energy Ltd.(b)		118,832
	232,000	Breakwater Resources Ltd.(b)		82,547
	3,800	Burcon NutraScience Corp.(b)		25,110
	35,126	CAE, Inc.		273,658
	9,200	Calfrac Well Services Ltd.		145,731
	9,100	Calloway Real Estate Investment Trust		148,688
	6,600	Calvalley Petroleum, Inc. - Class A(b)		12,626
	23,300	Canaccord Capital, Inc.(b)		244,617
	4,100	Canada Bread Co. Ltd.		173,352
	4,100	Canadian Apartment Properties REIT		51,077
	3,700	Canadian Real Estate Investment Trust		87,367
	30,200	Canadian Tire Corp. Ltd. - Class A		1,526,397
	22,900	Canadian Utilities Ltd. - Class A		815,431
	22,300	Canadian Western Bank		440,621
	8,782	Canam Group, Inc.		56,082
	37,300	Canfor Corp.(b)		208,553
	15,000	Cangene Corp.(b)		80,680
	25,000	Capstone Mining Corp.(b)		67,465
	15,900	Cardiome Pharma Corp.(b)		60,981
	27,700	Cascades, Inc.		179,197
	9,900	Cash Store Financial Services, Inc. (The)		94,695
	189,687	Catalyst Paper Corp.(b)		46,455
	10,800	CCL Industries - Class B		224,174
	81,700	Celestica, Inc.(b)		673,503
	4,600	Celtic Exploration Ltd.(b)		82,898
	16,209	Centerra Gold, Inc.(b)		124,333
	10,100	Cequence Energy Ltd.(b)		32,669
	97,700	CGI Group, Inc. - Class A(b)		1,193,655
	148,400	Chariot Resources Ltd.(b)		41,144
	9,800	Chartwell Seniors Housing Real Estate Investment Trust		54,251
	2,900	Churchill Corp. (The) - Class A(b)		42,426
	16,400	CI Financial Corp.		289,336
	100	CIC Energy Corp.(b)		162
	8,500	Cinch Energy Corp.(b)		11,783
	43,000	Claude Resources, Inc.(b)		30,599
	7,600	Cogeco Cable, Inc.		217,594
	10,000	COM DEV International Ltd.(b)		28,372
	1,600	Comaplex Minerals Corp.(b)		9,242
	3,800	Cominar Real Estate Investment Trust		63,319
	57,200	Compton Petroleum Corp.(b)		58,149
	2,500	Computer Modelling Group Ltd.		35,950
	188,200	Connacher Oil & Gas Ltd.(b)		172,190
Shares			Value
CANADA (continued)
	48,900	Consolidated Thompson Iron Mines Ltd.(b)	$	225,960
	1,300	Constellation Software, Inc.		42,951
	3,100	Corby Distilleries Ltd. - Class A		44,263
	34,250	Corridor Resources, Inc.(b)		99,707
	21,600	Corus Entertainment, Inc. - Class B		355,126
	17,600	Cott Corp.(b)		139,232
	22,300	Crescent Point Energy Corp.		758,412
	32,445	Crew Energy, Inc.(b)		297,149
	374,914	Crowflight Minerals, Inc.(b)		81,424
	34,300	Crystallex International Corp.(b)		7,608
	2,800	Dalsa Corp.		18,140
	19,479	Daylight Resources Trust		155,897
	45,200	Delphi Energy Corp.(b)		64,330
	125,204	Denison Mines Corp.(b)		190,921
	16,400	Descartes Systems Group, Inc. (The)(b)		85,027
	7,250	Detour Gold Corp.(b)		89,448
	600	Domtar Corp.(b)		25,134
	11,500	Dorel Industries, Inc. - Class B		308,530
	6,800	DragonWave, Inc.(b)		54,485
	6,200	Dundee Precious Metals, Inc.(b)		20,685
	1,700	Dundee Real Estate Investment Trust		30,244
	23,000	DundeeWealth, Inc.		266,550
	290,450	Eastern Platinum Ltd.(b)		193,266
	22,300	ECU Silver Mining, Inc.(b)		14,838
	58,400	Eldorado Gold Corp.(b)		650,898
	4,700	Emera, Inc.		95,690
	11,450	Empire Co. Ltd. - Class A		454,910
	8,100	Endeavour Silver Corp.(b)		21,709
	41,700	Ensign Energy Services, Inc.		598,109
	5,100	Entree Gold, Inc.(b)		12,396
	7,900	Epsilon Energy Ltd. (Canada)(b)		14,602
	192,600	Equinox Minerals Ltd.(b)		647,904
	2,500	Equitable Group, Inc.		47,595
	54,600	European Goldfields Ltd.(b)		307,805
	6,500	Evertz Technologies Ltd.		87,644
	12,009	Exfo Electro Optical Engineering, Inc.(b)		43,839
	10,300	Extendicare Real Estate Investment Trust		72,344
	31,600	Fairborne Energy Ltd.(b)		129,957
	4,400	Fairfax Financial Holdings Ltd.		1,573,964
	29,900	Farallon Mining Ltd.(b)		12,987
	64,225	Finning International, Inc.		947,305
	30,350	First Majestic Silver Corp.(b)		88,073
	18,100	First Quantum Minerals Ltd.		1,238,170
	6,800	FirstService Corp.(b)		121,163
	125,000	FirstService Corp. Voting Shares(b)(d)		2,221,250
	16,400	Flint Energy Services Ltd.(b)		178,088
	35,541	FNX Mining Co., Inc.(b)		330,759

7

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

Shares			Value
CANADA (continued)
	25,200	Fortis, Inc.	$	589,215
	11,800	Forzani Group Ltd. (The) - Class A		136,315
	36,100	Franco-Nevada Corp.		897,454
	43,215	Fronteer Development Group, Inc.(b)		164,545
	37,100	Galleon Energy, Inc. - Class A(b)		186,520
	45,800	Gammon Gold, Inc.(b)		372,055
	15,500	Garda World Security Corp. - Class A(b)		134,795
	10,000	Gennum Corp.		39,185
	24,800	Gildan Activewear, Inc.(b)		436,845
	41,500	Globestar Mining Corp.(b)		34,134
	1,800	Gluskin Sheff & Associates, Inc.		31,523
	6,900	GMP Capital, Inc.		93,229
	22,600	Grande Cache Coal Corp.(b)		77,906
	106,800	Great Basin Gold Ltd.(b)		156,935
	20,200	Great Canadian Gaming Corp.(b)		140,385
	3,800	Greystar Resources Ltd.(b)		16,155
	86,300	Groupe Aeroplan, Inc.		738,541
	7,400	Guyana Goldfields, Inc.(b)		38,229
	7,700	Hanfeng Evergreen, Inc.(b)		42,341
	23,100	Harry Winston Diamond Corp.		189,360
	3,500	Heroux-Devtek, Inc.(b)		16,238
	8,400	Home Capital Group, Inc.		283,351
	59,100	HudBay Minerals, Inc.(b)		765,206
	68,400	IAMGOLD Corp.		907,112
	29,060	IESI-BFC Ltd.		373,304
	7,400	Imax Corp.(b)		76,390
	19,243	Imperial Metals Corp.(b)		100,123
	2,800	Indigo Books & Music, Inc.		34,416
	32,200	Industrial Alliance Insurance and Financial Services, Inc.		826,686
	17,100	Inmet Mining Corp.		906,163
	18,640	Intact Financial Corp.		566,754
	29,950	Intermap Technologies Corp.(b)		69,197
	6,300	International Forest Products Ltd. - Class A(b)		17,467
	98,800	Iteration Energy Ltd.(b)		104,091
	30,700	Ivanhoe Energy, Inc.(b)		71,498
	36,750	Ivanhoe Mines Ltd.(b)		396,012
	116,500	Ivernia, Inc.(b)		34,991
	25,700	Jean Coutu Group PJC, Inc. (The) Class A		209,486
	10,400	Jinshan Gold Mines, Inc.(b)		16,916
	3,454	KAB Distribution, Inc.(b)(c)(d)		4
	5,280	Keegan Resources, Inc.(b)		24,788
	5,300	Keystone North America, Inc.		38,548
	26,000	Kingsway Financial Services, Inc.		98,757
	6,900	Kirkland Lake Gold, Inc.(b)		53,565
	53,075	Lake Shore Gold Corp.(b)		167,752
	13,800	Laramide Resources(b)		16,325
	11,850	Laurentian Bank of Canada		432,910
Shares			Value
CANADA (continued)
	2,400	Le Chateau, Inc.	$	26,616
	12,400	Leon’s Furniture Ltd.		110,013
	21,760	Linamar Corp.		303,661
	27,400	Linear Gold Corp.(b)		51,151
	167,300	Lundin Mining Corp.(b)		672,571
	6,700	MacDonald Dettwiler & Associates Ltd.(b)		228,483
	2,100	MAG Silver Corp.(b)		11,043
	50,968	Magna International, Inc. - Class A		2,011,777
	9,200	Major Drilling Group International		183,481
	4,700	Manitoba Telecom Services, Inc.		136,433
	29,500	Maple Leaf Foods, Inc.		305,619
	1,900	Marsulex, Inc.		17,823
	28,250	Martinrea International, Inc.(b)		187,454
	4,300	Maxim Power Corp.(b)		13,869
	49,200	MDS, Inc.(b)		389,217
	102,100	Mega Uranium Ltd.(b)		68,881
	14,300	Mercator Minerals Ltd.(b)		32,246
	38,400	Methanex Corp.		662,210
	20,325	Metro, Inc. - Class A		633,953
	15,000	Migao Corp.(b)		93,434
	4,400	Miranda Technologies, Inc.(b)		23,056
	5,300	Morguard Real Estate Investment Trust		58,434
	3,800	Mosaid Technologies, Inc.		57,770
	33,351	Mullen Group Ltd.		482,365
	45,143	Nautilus Minerals, Inc.(b)		49,229
	19,800	Neo Material Technologies, Inc.(b)		63,130
	138,000	New Gold, Inc.(b)		499,940
	20,596	Newalta, Inc.		145,612
	6,400	Niko Resources Ltd.		518,128
	4,510	Norbord, Inc.		62,062
	8,400	North American Palladium Ltd.(b)		20,184
	5,300	Northern Dynasty Minerals Ltd.(b)		34,777
	2,300	Northern Property Real Estate Investment Trust		43,405
	91,900	Northgate Minerals Corp.(b)		235,260
	13,400	Novagold Resources, Inc.(b)		57,337
	13,600	Noveko International, Inc.(b)		31,422
	24,749	NuVista Energy Ltd.(b)		262,803
	4,800	Oncolytics Biotech, Inc.(b)		15,482
	25,600	Onex Corp.		577,511
	11,100	Open Text Corp.(b)(e)		414,436
	1,052	Open Text Corp.(b)(e)		38,966
	117,600	OPTI Canada, Inc.(b)		206,497
	39,961	Orleans Energy Ltd.(b)		86,049
	26,000	Orvana Minerals Corp.(b)		20,424
	29,800	Osisko Mining Corp.(b)		201,044
	46,000	Pacific Rubiales Energy Corp.(b)		559,882
	5,800	Paladin Labs, Inc.(b)		98,896

8

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

Shares			Value
CANADA (continued)
	18,800	PAN American Silver Corp.(b)	$	397,701
	15,900	Paramount Resources Ltd. - Class A(b)		198,080
	1,700	Parkbridge Lifestyles Communities, Inc.(b)		6,363
	11,600	Pason Systems, Inc.		121,676
	108,500	Pearl Exploration & Production Ltd.(b)		211,575
	15,900	Petaquilla Minerals Ltd.(b)		3,967
	5,100	Petro Andina Resources, Inc. - Class A(b)		50,432
	21,830	PetroBakken Energy Ltd. - Class A(b)		629,853
	16,900	Petrobank Energy & Resources Ltd.(b)		739,380
	4,100	Petrolifera Petroleum Ltd.(b)		3,410
	3,200	Petrominerales Ltd.(b)		44,360
	113,000	Phoscan Chemical Corp.(b)		35,507
	11,900	Plutonic Power Corp.(b)		33,543
	13,500	Points International Ltd.(b)		4,117
	12,300	Polymet Mining Corp.(b)		32,283
	489	Precision Drilling Trust		3,203
	3,400	Premium Brands Holdings Corp.		34,470
	56,000	Progress Energy Resources Corp.		716,270
	17,300	QLT, Inc.(b)		58,357
	39,500	Quadra Mining Ltd.(b)		550,492
	16,800	Quebecor, Inc. - Class B		343,282
	8,500	Queenston Mining, Inc.(b)		43,598
	56,500	Quest Capital Corp.		55,871
	52,100	Questerre Energy Corp.(b)		115,077
	30,400	Red Back Mining, Inc.(b)		393,889
	16,300	Reitmans (Canada) Ltd. - Class A		246,146
	1,600	Resverlogix Corp.(b)		3,578
	2,400	Richelieu Hardware Ltd.		44,915
	15,772	Riocan Real Estate Investment Trust		267,324
	14,200	Ritchie Bros. Auctioneers, Inc.(e)		312,727
	200,000	Ritchie Bros. Auctioneers, Inc.(e)		4,384,000
	51,900	RONA, Inc.(b)		710,354
	23,700	Rubicon Minerals Corp.(b)		95,497
	2,000	RuggedCom, Inc.(b)		34,656
	21,250	Russel Metals, Inc.		310,487
	5,700	Samuel Manu-Tech, Inc.		23,020
	188,000	Sandvine Corp.(b)		218,918
	20,600	Saputo, Inc.		494,415
	37,900	Savanna Energy Services Corp.		251,838
	2,040	Seabridge Gold, Inc.(b)		41,005
	21,900	SEMAFO, Inc.(b)		66,385
	13,425	ShawCor Ltd. - Class A		349,381
	149,700	Sherritt International Corp.		960,139
	93,264	Shore Gold, Inc.(b)		77,573
	13,600	Sierra Wireless, Inc.(b)		122,294
Shares			Value
CANADA (continued)
	11,500	Silver Standard Resources, Inc.(b)	$	215,535
	42,900	Silver Wheaton Corp.(b)		539,199
	26,400	Silvercorp Metals, Inc.		136,386
	66,900	Sino-Forest Corp.(b)		941,627
	22,700	SNC-Lavalin Group, Inc.		917,818
	35,300	Sprott Resource Corp.(b)		125,273
	14,700	St. Andrew Goldfields Ltd.(b)		6,793
	11,000	Stantec, Inc.(b)		265,838
	36,400	Starfield Resources, Inc.(b)		3,532
	1,200	Stella-Jones, Inc.		23,955
	5,200	Storm Exploration, Inc.(b)		64,781
	44,000	Stornoway Diamond Corp.(b)		11,792
	19,900	SunOpta, Inc.(b)		73,012
	20,400	Superior Plus Corp.		232,082
	2,640	SXC Health Solutions Corp.(b)		121,234
	7,200	Tanzanian Royalty Exploration Corp.(b)		20,827
	59,200	Taseko Mines Ltd.(b)		160,303
	77,325	Teck Resources Ltd. - Class B(b)		2,244,608
	7,400	Theratechnologies, Inc.(b)		19,149
	40,000	Thompson Creek Metals Co., Inc.(b)		404,048
	27,352	Tim Hortons, Inc.		782,858
	7,300	Timminco Ltd.(b)		12,413
	9,300	TMX Group, Inc.		249,249
	14,650	Toromont Industries Ltd.		335,228
	24,900	Torstar Corp. - Class B.		177,422
	11,903	Total Energy Services, Inc.		51,042
	59,100	TransAlta Corp.		1,102,748
	1,400	Transat A.T., Inc. - Class A		18,541
	28,600	Transcontinental, Inc. - Class A		343,343
	31,800	TransForce, Inc.		216,594
	19,100	Transglobe Energy Corp.(b)		72,548
	1,200	Transition Therapeutics, Inc.(b)		8,595
	49,400	Trican Well Service Ltd.		577,981
	52,400	Trinidad Drilling Ltd.		342,376
	5,700	TVA Group, Inc. - Class B		66,901
	58,500	Uex Corp.(b)		59,470
	4,400	Uni-Select, Inc.		109,344
	191,785	Uranium One, Inc.(b)		544,134
	52,000	Ur-Energy, Inc.(b)		43,251
	159,000	UTS Energy Corp.(b)		299,764
	8,900	Vector Aerospace Corp.(b)		50,256
	4,700	Vernenex Energy, Inc.(b)		29,754
	13,560	Vero Energy, Inc.(b)		49,125
	100,725	Viterra, Inc.(b)		958,798
	2,100	Vitran Corp., Inc.(b)		17,952
	1,400	Waste Services, Inc.(b)		9,184
	1,600	WaterFurnace Renewable Energy, Inc.		36,701
	39,400	West Energy Ltd.(b)		93,216
	13,864	West Fraser Timber Co. Ltd.		334,412
	18,100	Western Coal Corp.(b)		46,837
	22,900	Western Financial Group, Inc.		47,618

9

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

Shares			Value
CANADA (continued)
	6,300	Westjet Airlines Ltd.(b)	$	63,929
	9,385	Westport Innovations, Inc.(b)		92,805
	34,300	Wi-Lan, Inc.		69,104
	10,848	Winpak Ltd.		76,494
	4,300	Xtreme Coil Drilling Corp.(b)		19,472
	97,900	Yamana Gold, Inc.		1,038,669
	62,000	Zarlink Semiconductor, Inc.(b)		44,120
	1,100	ZCL Composites, Inc.		3,934
				78,909,219
CAYMAN ISLANDS — 0.0%
	5,200	Fresh Del Monte Produce, Inc.(b)		112,892
	2,400	Greenlight Capital Re Ltd. - Class A(b)		44,784
	1,700	Herbalife Ltd.		57,205
	16,000	Siem Offshore, Inc.(b)		24,702
	900	United America Indemnity Ltd.(b)		6,309
				245,892
CHILE — 0.1%
	171,298	AES Gener SA		72,546
	963,401	Almendral SA		92,992
	12,188	Banco de Credito e Inversiones		353,325
	164,971	Banmedica SA		174,308
	11,464	CAP SA		298,459
	49,991	Cementos BIO BIO SA		103,381
	23,013	Cia Cervecerias Unidas SA		162,142
	12,790	Cia de Consumidores de Gas de Santiago SA		57,332
	41,009	Cia General de Electricidad		258,358
	62,345	Cia Sudamericana de Vapores SA(b)		51,178
	49,225,119	CorpBanca SA		333,761
	17,867	Cristalerias de Chile SA		201,570
	18,148	Embotelladora Andina SA - Class B, Preference Shares		55,680
	12,193	Empresa Nacional de Telecomu- nicaciones SA		162,136
	792,236	Empresas Iansa SA(b)		57,446
	36,151	Empresas La Polar SA		183,679
	37,174	Farmacias Ahumada SA		79,816
	200,535	Industrias Forestales SA		47,211
	192,747	Inversiones Aguas Metropolitanas SA		227,761
	1,454,475	Madeco SA		94,509
	502,005	Masisa SA		74,466
	115,607	Ripley Corp. SA		87,685
	31,991	Salfacorp SA		55,492
	132,510	Socovesa SA		48,646
	186,725	Vina Concha y Toro SA		400,529
	7,792,205	Vina San Pedro SA		57,970
				3,792,378
Shares			Value
CHINA — 0.3%
	150,000	AAC Acoustic Technologies Holdings, Inc.	$	190,060
	180,000	Agile Property Holdings Ltd.		237,362
	278,000	Air China Ltd. - H Shares(b)		154,959
	4,000	Ajisen China Holdings Ltd.		3,401
	182,000	Aluminum Corp. of China Ltd. - H Shares(b)		205,009
	86,000	Angang Steel Co. Ltd. - H Shares		163,118
	22,000	Anhui Conch Cement Co. Ltd. - H Shares		145,338
	48,000	Anhui Expressway Co. Ltd. - H Shares		30,286
	192,000	AviChina Industry & Technology Co. - H Shares(b)		62,677
	30,000	Baoye Group Co. Ltd. - H Shares		23,225
	200,000	Beijing Capital International Airport Co. Ltd. - H Shares(b)		137,029
	92,000	Beijing Capital Land Ltd. - H Shares		39,292
	192,000	Beijing North Star Co. Ltd.		72,339
	344,000	Bosideng International Holdings Ltd.		61,696
	263,000	China Aoyuan Property Group Ltd.(b)		50,563
	164,000	China Communications Services Corp. Ltd. - H Shares		86,124
	202,500	China COSCO Holdings Co. Ltd. - H Shares		257,103
	242,000	China Eastern Airlines Corp. Ltd. - H Shares(b)		67,134
	291,000	China Energy Ltd.(b)		50,869
	25,000	China High Speed Transmission Equipment Group Co. Ltd.		50,966
	85,000	China Molybdenum Co. Ltd. - H Shares		71,618
	24,000	China National Building Material Co. Ltd. - H Shares		52,830
	45,000	China National Materials Co. Ltd. - H Shares		36,347
	54,000	China Oilfield Services Ltd. - H Shares		60,060
	174,000	China Railway Group Ltd. - H Shares(b)		140,319
	202,000	China Rare Earth Holdings Ltd.(b)		44,309
	939,600	China Resources Microelec- tronics Ltd.(b)		24,853
	54,000	China Shineway Pharmaceutical Group Ltd.		75,946
	561,000	China Shipping Container Lines Co. Ltd. - H Shares(b)		205,574
	58,000	China Shipping Development Co. Ltd. - H Shares		83,967
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		55,792

10

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

Shares			Value
CHINA (continued)
	152,000	China Wireless Technologies Ltd.	$	25,888
	156,000	China Yurun Food Group Ltd.		322,861
	106,000	Chongqing Iron & Steel Co. Ltd. - H Shares		39,663
	335,000	Country Garden Holdings Co.		130,971
	182,000	Dalian Port PDA Co. Ltd. - H Shares		67,162
	152,000	Datang International Power Generation Co. Ltd. - H Shares		73,743
	20,000	Delong Holdings Ltd.(b)		12,129
	12,800	Dongfang Electric Corp. Ltd. - H Shares		64,576
	310,000	Dongfeng Motor Group Co. Ltd. - H Shares		376,390
	339,000	Fosun International		234,451
	275,000	Foxconn International Holdings Ltd.(b)		248,026
	148,000	Golden Eagle Retail Group Ltd.		256,272
	37,500	Great Wall Motor Co. Ltd. - H Shares		42,725
	81,500	Greentown China Holdings Ltd.		119,250
	188,000	Guangshen Railway Co. Ltd. - H Shares		77,381
	118,000	Harbin Power Equipment Co. Ltd. - H Shares		112,364
	89,000	Hidili Industry International Development Ltd.(b)		93,821
	124,000	Huadian Power International Co. - H Shares(b)		34,879
	140,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)		43,534
	141,000	Intime Department Store Group Co. Ltd.		99,880
	58,000	Jiangsu Expressway Co. Ltd. - H Shares		52,386
	88,000	Jiangxi Copper Co. Ltd. - H Shares		205,290
	148,500	KWG Property Holding Ltd.		109,217
	88,000	Li Ning Co. Ltd.		242,987
	29,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares		62,564
	214,000	Maanshan Iron & Steel - H Shares(b)		132,262
	236,000	Pacific Textile Holdings Ltd.		116,931
	34,500	Parkson Retail Group Ltd.		56,801
	94,000	PICC Property & Casualty Co. Ltd - H Shares(b)		70,710
	160,000	Qingling Motors Co. Ltd. - H Shares		33,651
	2,806,000	Semiconductor Manufacturing International Corp.(b)		139,391
	98,000	Shanghai Electric Group Co. Ltd. - H Shares		47,039
	78,000	Shanghai Forte Land Co. - H Shares		24,154

Shares			Value
CHINA (continued)
	172,000	Shenzhen Expressway Co. Ltd. - H Shares	$	83,446
	435,600	Shui On Land Ltd.		270,346
	100,000	Sichuan Expressway Co. Ltd. - H Shares		43,612
	125,000	Sichuan Xinhua Winshare Chainstore Co. Ltd. - H Shares		51,773
	286,660	Sino-Ocean Land Holdings Ltd.		285,913
	252,000	Sinopec Shanghai Petrochemical Co. Ltd.(b)		102,748
	142,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)		35,911
	356,000	Sinotrans Ltd. - H Shares		94,625
	901,000	Sinotrans Shipping Ltd.		411,543
	61,000	Sinotruk Hong Kong Ltd.		73,198
	254,500	Soho China Ltd.		139,233
	65,500	Stella International Holdings Ltd.		125,081
	16,200	Student Transportation of America Ltd.		65,875
	6,800	Tencent Holdings Ltd.		120,291
	62,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		17,600
	102,000	Tingyi Cayman Islands Holding Corp.		229,001
	147,000	Travelsky Technology Ltd. - H Shares		127,081
	18,000	Tsingtao Brewery Co. Ltd. - H Shares		74,088
	15,000	Weichai Power Co. Ltd. - H Shares		99,675
	110,000	Weiqiao Textile Co. Ltd. - H Shares		77,921
	126,000	Xinao Gas Holdings Ltd.		271,828
	114,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares		61,632
	30,000	Yanzhou Coal Mining Co. Ltd. - H Shares		47,766
	118,000	Zhejiang Expressway Co. Ltd. - H Shares		101,858
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)		10,735
	24,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares		43,973
	12,740	ZTE Corp. - H Shares		71,753
				9,848,020
CYPRUS — 0.0%
	25,000	Deep Sea Supply Plc(b)		36,239
	90,000	Prosafe Production Public Ltd.(b)		202,763
	29,500	ProSafe SE		154,561
				393,563
DENMARK — 0.3%
	1,482	ALK-Abello A/S		126,156

11

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

Shares			Value
DENMARK (continued)
	4,607	Alm Brand A/S(b)	$	112,960
	7,389	Amagerbanken A/S(b)		81,820
	5,250	Auriga Industries - Class B		89,278
	12,129	Bang & Olufsen A/S(b)		187,070
	2,025	Bavarian Nordic A/S(b)		81,084
	9,000	Capinordic A/S(b)		4,858
	185	Coloplast A/S - Class A		15,163
	9,368	D/S Norden		354,733
	11,259	D/S Torm A/S		121,334
	5,928	Dalhoff Larsen & Horneman A/S - Class B(b)		28,718
	23,636	Danisco A/S		1,479,222
	950	DFDS A/S(b)		65,184
	250	DiBa Bank A/S(b)		5,067
	28,630	DSV A/S(b)		448,932
	3,657	East Asiatic Co. Ltd. A/S		133,054
	2,200	Fionia Bank A/S(b)(c)(d)		13,921
	10,914	FLSmidth & Co. A/S		581,605
	5,773	Genmab A/S(b)		151,823
	81,337	GN Store Nord A/S(b)		459,981
	26,748	Greentech Energy Systems(b)		133,813
	90	H+H International A/S - Class B(b)		4,627
	1,541	Harboes Bryggeri A/S - Class B		36,565
	1,200	IC Companys A/S(b)		33,220
	22,776	Jyske Bank A/S(b)		855,690
	3,003	NeuroSearch A/S(b)		49,879
	9,765	NKT Holding A/S(b)		558,028
	1,300	Nordjyske Bank A/S(b)		29,562
	250	Norresundby Bank A/S(b)		8,898
	200	Parken Sport & Entertainment A/S(b)		19,615
	661	PER Aarsleff A/S - Class B		70,972
	980	Ringkjoebing Landbobank A/S(b)		119,757
	2,753	Rockwool International AS - Class B		233,533
	1,125	Royal UNIBREW A/S(b)		32,923
	350	Sanistal A/S - Class B(b)		5,744
	291	Satair A/S		10,012
	6,623	Schouw & Co.		130,306
	930	SimCorp A/S		180,217
	8,021	Sjaelso Gruppen(b)		23,632
	1,474	Solar Holdings A/S - Class B		85,982
	10,199	Spar Nord Bank A/S(b)		123,019
	325	Sparbank(b)		8,162
	100	Sparekassen Faaborg A/S(b)		17,005
	26,798	Sydbank A/S(b)		659,716
	2,012	Thrane & Thrane A/S		55,101
	17,895	TK Development(b)		84,924
	2,076	Topdanmark A/S(b)		300,075
	57,742	TopoTarget A/S(b)		29,115
	3,445	Vestjysk Bank A/S(b)		70,845
				8,512,900

Shares			Value
EGYPT — 0.8%
	560,820	Orascom Construction Industries GDR	$	27,199,770
FINLAND — 0.6%
	9,896	Ahlstrom Oyj		135,877
	11,568	Alma Media		115,593
	39,441	Amer Sports Oyj - Class A		345,938
	5,127	Atria Plc		95,823
	1,400	Bank of Aland Plc - Class B		48,726
	13,964	Cargotec Corp. - Class B		300,031
	16,468	Comptel Oyj		17,692
	9,295	Cramo Oyj		150,879
	6,818	Digia Plc		30,904
	10,700	Elektrobit Corp.(b)		11,023
	33,625	Elisa Oyj		652,696
	15,985	Finnair Oyj(b)		91,039
	6,300	Finnlines Oyj(b)		64,900
	9,150	Fiskars Oyj Abp		129,808
	11,650	F-Secure Oyj		42,519
	3,265	Glaston Oyj Abp		5,670
	6,821	HKScan Oyj		88,536
	26,718	Huhtamaki Oyj		362,133
	21,043	Kemira Oyj		335,073
	26,945	Kesko Oyj - Class B		899,343
	15,192	Kone Oyj - Class B		568,993
	12,000	Konecranes Oyj		321,585
	5,400	Lassila & Tikanoja Oyj		121,111
	1,850	Lemminkainen Oyj		70,759
	52,127	Metso Oyj		1,461,376
	64,655	M-real Oyj - Class B(b)		94,198
	37,504	Neste Oil Oyj		665,624
	25,231	Nokian Renkaat Oyj		539,887
	1,850	Olvi Oyj - Class A		66,294
	29,419	Oriola-KD Oyj - Class B		155,427
	9,402	Orion Oyj - Class A		179,735
	16,563	Orion Oyj - Class B		315,168
	48,189	Outokumpu Oyj		800,656
	4,348	Outotec Oyj		138,021
	2,400	PKC Group Oyj		19,426
	71,582	Pohjola Bank Plc		798,504
	1,080	Ponsse Oyj(b)		8,265
	7,300	Poyry Oyj		108,290
	30,691	Raisio Plc - V Shares		114,723
	34,032	Ramirent Oyj(b)		339,564
	6,800	Rapala VMC Oyj		48,535
	34,374	Rautaruukki Oyj		704,163
	17,885	Ruukki Group Oyj(b)		57,379
	19,422	Sanoma Oyj		359,566
	740	Scanfil Oyj		2,821
	1,297	SRV Group Plc		10,059
	2,988	Stockman Oyj Abp - Class A		81,526
	13,158	Stockman Oyj Abp - Class B		337,901
	212,832	Stora Enso Oyj - Class R(b)		1,616,184
	15,963	Tecnomen Lifetree Oyj		21,613
	14,073	Tieto Oyj		282,077
	190,224	UPM-Kymmene Oyj		2,289,933

12

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

Shares			Value
FINLAND (continued)
	17,900	Uponor Oyj	$	325,593
	1,200	Vacon Plc		42,684
	1,187	Vaisala Oyj - Class A		42,186
	19,968	Wartsila Oyj		725,537
	45,716	YIT Oyj		886,050
				18,645,616
FRANCE — 2.6%
	4,110	Aeroports de Paris		312,888
	778	Affine SA		20,380
	70,059	Air France-KLM(b)		1,078,449
	916,272	Alcatel-Lucent(b)		3,465,466
	902	Ales Groupe		15,929
	3,474	Alten Ltd.(b)		87,526
	27,561	Altran Technologies SA(b)		133,443
	62	ANF SA		2,828
	3,839	April Group		144,066
	26,764	Arkema SA		1,026,234
	6,609	Assystem(b)		89,091
	3,383	Atari SA(b)		40,078
	22,655	Atos Origin SA(b)		1,064,886
	1,591	Audika		50,808
	7,010	Beneteau SA		110,178
	2,244	BioMerieux		249,726
	878	Boiron SA		36,179
	1,118	Bonduelle SCA		128,334
	2,069	Bongrain SA(b)		156,048
	11,907	Bourbon SA		497,300
	10,949	Bull SA(b)		45,922
	6,030	Bureau Veritas SA		332,777
	17,208	Canal Plus		137,510
	33,896	Cap Gemini		1,576,802
	5,652	Carbone Lorraine		194,469
	489	Cegedim SA(b)		46,776
	3,162	Cegid Group		73,709
	2,640	Ciments Francais SA		288,745
	4,566	Club Mediterranee SA(b)		92,898
	74,237	Compagnie Generale de Geophysique-Veritas(b)		1,475,432
	41,712	Compagnie Generale Des Etablissements Michelin - Class B		3,103,032
	1,082	Damartex SA		23,726
	10,333	Dassault Systemes SA		597,845
	1,095	Delachaux SA		75,738
	40,814	Derichebourg SA		201,394
	3,318	EDF Energies Nouvelles SA		177,641
	1,666	Eiffage SA		91,059
	845	Electricite de Strasbourg(b)		138,866
	332	Entrepose Contracting		30,190
	517	Eramet		162,021
	463	Esso Ste Anonyme Francaise		63,415
	19,688	Etablissements Maurel Et Prom		397,521
	1,280	Etam Developpement SA(b)		28,030
	12,585	Euler Hermes SA		1,001,785
	88	Euro Disney SCA(b)(c)(d)		16

Shares			Value
FRANCE (continued)
	2,797	Euro Disney SCA Non-Registered Shares(b)	$	22,228
	13,937	Eutelsat Communications		444,049
	1,226	Exel Industries SA - Class A		50,248
	6,899	Faurecia(b)		134,120
	2,688	Fimalac		140,411
	839	Fleury Michon SA		47,388
	2,642	Fonciere Des Regions		291,802
	202	Gaumont SA		12,233
	12,894	Gemalto NV(b)		544,310
	9,260	GFI Informatique		45,652
	3,045	GL Events		71,161
	899	Groupe Crit		21,962
	97,644	Groupe Eurotunnel SA		967,804
	12,889	Groupe Steria SCA		386,949
	251	Guerbet		41,367
	1,184	Guyenne et Gascogne SA		118,572
	6,586	Haulotte Group SA		72,111
	70,170	Havas SA		267,664
	3,308	ICADE		348,905
	2,593	Iliad SA		281,238
	8,512	Imerys SA		468,498
	2,264	IMS International Metal Service(b)		38,416
	8,908	Ingenico		220,501
	4,543	Ipsen SA		231,860
	5,433	IPSOS		166,705
	16,879	JC Decaux SA(b)		342,046
	837	Kaufman & Broad SA(b)		20,386
	12,671	Klepierre		526,319
	1,361	Korian		39,157
	49,549	Lagardere SCA		2,246,261
	863	Laurent-Perrier		68,937
	14,623	Legrand SA		398,118
	669	LISI		30,521
	10,685	M6-Metropole Television		258,119
	629	Maisons France Confort		21,864
	3,415	Manitou BF SA(b)		49,754
	873	Manutan (Societe)		47,664
	1,668	Meetic(b)		48,971
	1,975	MR Bricolage		35,605
	143,061	Natixis(b)		808,456
	4,720	Neopost SA		414,131
	12,933	Nexans SA		917,573
	8,619	Nexity		321,923
	463	Norbert Dentressangle		32,025
	8,757	NRJ Group(b)		83,123
	6,698	Orpea		302,613
	22,865	PagesJaunes Groupe		280,803
	66,220	Peugeot SA(b)		2,168,807
	1,266	Pierre & Vacances		104,520
	2,331	Plastic-Omnium SA		66,516
	20,215	Publicis Groupe		770,509
	485	Radiall		34,260
	8,945	Rallye SA		304,613
	6,947	Recylex SA(b)		89,660

13

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

Shares			Value
FRANCE (continued)
	5,948	Remy Cointreau SA	$	288,161
	88,196	Rexel SA(b)		1,181,121
	11,164	Rhodia SA(b)		165,445
	1,356	Rodriguez Group(b)(c)(d)		5,787
	1,707	Rubis		157,132
	78,924	Safran SA		1,277,632
	3,435	Saft Groupe SA		178,774
	73,550	SCOR SE		1,875,254
	6,382	SEB SA		355,959
	3,422	Sechilienne-Sidec		138,741
	2,724	SeLoger.com(b)		95,569
	6,704	Societe BIC SA		466,560
	3,095	Societe Immobiliere de Location pour l’Industrie et le Commerce		393,986
	23,410	Societe Television Francaise 1		368,801
	16,292	SOITEC(b)		223,745
	815	Somfy SA		191,879
	811	Sopra Group SA		58,195
	1,454	Sperian Protection		103,897
	573	Spir Communication(b)		16,865
	1,360	Stallergenes		115,123
	857	Ste Industrielle d’Aviation Latecoere SA(b)		8,110
	1,316	STEF-TFE		79,385
	62	Sucriere de Pithiviers-Le-Vieil		57,483
	1,305	Synergie SA		33,129
	25,408	Technip SA		1,601,484
	12,717	Teleperformance		409,483
	3,877	Theolia SA(b)		22,138
	83,571	Thomson(b)		116,715
	2,088	Trigano SA		30,359
	10,614	UBISOFT Entertainment(b)		167,916
	886	Union Financiere de France BQE SA		34,357
	31,023	Valeo SA(b)		845,986
	226,330	Vallourec		35,872,528
	7,341	Viel et Compagnie		35,219
	897	Vilmorin & Cie		98,345
	1,248	Virbac SA		117,433
	494	VM Materiaux SA		29,807
	9,045	Zodiac SA		306,154
				82,861,221
GERMANY — 1.0%
	12,623	Aareal Bank AG(b)		273,448
	2,064	Adlink Internet Media AG(b)		10,783
	9,755	ADVA AG Optical Networking(b)		34,167
	10,374	Air Berlin Plc(b)		52,518
	11,559	Aixtron AG		346,510
	5,964	Alstria Office AG REIT		66,002
	7,550	Arques Industries AG(b)		17,000
	634	Asian Bamboo AG		17,727
	3,892	Augusta Technologie AG		53,267
	11,854	Aurubis AG		471,013

Shares			Value
GERMANY (continued)
	580	Axel Springer AG	$	60,509
	6,102	Baader Bank AG		27,748
	9,350	Balda AG(b)		25,731
	3,136	Bauer AG		124,607
	5,853	Bechtle AG		140,056
	1,174	Bertrandt AG		31,099
	13,375	Bilfinger Berger AG		857,208
	1,034	Biotest AG		65,432
	780	Boewe Systec AG(b)		6,704
	8,211	Carl Zeiss Meditec AG		122,408
	24,293	Celesio AG		603,830
	2,610	Cenit AG(b)		15,825
	2,684	CENTROTEC Sustainable AG(b)		34,009
	104	Centrotherm Photovoltaics AG(b)		4,774
	1,017	Cewe Color Holding AG		34,977
	8,271	Comdirect Bank AG		72,423
	32,384	Conergy AG(b)		34,790
	6,000	Constantin Medien AG(b)		15,276
	1,569	CTS Eventim AG		78,807
	4,009	Curanum AG		18,290
	6,258	DAB Bank AG		37,483
	7,237	Demag Cranes AG		250,922
	99,700	Deutsche Lufthansa AG		1,540,595
	51,717	Deutsche Postbank AG(b)		1,605,144
	39,780	Deutsche Wohnen AG(b)		451,360
	22,173	Deutz AG(b)		104,419
	7,612	Douglas Holdings AG		339,314
	3,145	Duerr AG		69,194
	4,400	DVB Bank SE		161,881
	2,087	Elexis AG		29,730
	2,322	Elmos Semiconductor AG(b)		15,377
	1,987	ElringKlinger AG		39,769
	920	Envitec Biogas AG		16,910
	48,689	Evotec AG(b)		145,456
	632	Evotec AG ADR(b)		3,748
	3,542	Fielmann AG		260,056
	14,402	Fraport AG Frankfurt Airport Services Worldwide		678,230
	29,242	Freenet AG(b)		386,015
	1,320	Fuchs Petrolub AG		100,256
	31,064	GEA Group AG		586,527
	5,695	Generali Deutschland Holding AG		548,036
	8,501	Gerresheimer AG		241,452
	2,237	Gerry Weber International AG		71,175
	858	Gesco AG		47,477
	5,544	GFK AG		174,191
	723	GFT Technologies AG		2,500
	18,690	Gildemeister AG		262,949
	3,263	GPC Biotech AG(b)(d)		5,378
	1,715	Grammer AG(b)		16,910
	1,935	Grenkeleasing AG		74,921
	3,184	Hamburger Hafen und Logistik AG		124,172

14

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

Shares			Value
GERMANY (continued)
	26,098	Hannover Rueckversicherung AG(b)	$	1,176,793
	1,410	Hawesko Holding AG		39,425
	9,116	HeidelbergCement AG		546,415
	32,016	Heidelberger Druckmaschinen AG(b)		236,053
	11,819	Hochtief AG		892,456
	547	Homag Group AG		6,810
	5,100	Indus Holding AG		87,438
	555,298	Infineon Technologies AG(b)		2,504,729
	834	Interseroh SE		59,993
	47,496	IVG Immobilien AG(b)		425,675
	17,471	Jenoptik AG(b)		95,131
	3,193	Kizoo AG(b)		24,905
	23,845	Kloeckner & Co. SE(b)		523,916
	13,410	Kontron AG		159,063
	4,116	Krones AG		204,737
	210	KSB AG		118,454
	7,388	KUKA AG(b)		109,269
	1,410	KWS Saat AG		234,685
	35,935	Lanxess AG		1,128,009
	15,203	Leoni AG		308,754
	1,656	Loewe AG		21,300
	720	Manz Automation AG(b)		49,801
	4,500	Medigene AG(b)		28,410
	13,952	Medion AG		146,396
	13,558	MLP AG		147,649
	2,700	Morphosys AG(b)		70,767
	11,359	MTU Aero Engines Holding AG		515,368
	120	Muehlbauer Holding AG & Co. KGaA		3,179
	6,932	MVV Energie AG		312,165
	1,551	Nemetschek AG(b)		34,032
	5,755	Nordex AG(b)		93,925
	1,199	Pfeiffer Vacuum Technology AG		90,202
	11,398	Pfleiderer AG(b)		114,901
	7,480	PNE Wind AG(b)		19,484
	32,110	Praktiker Bau- und Heimwerk- ermaerkte AG		391,268
	79,044	Premiere AG(b)		330,363
	1,040	Puma AG		317,918
	4,350	PVA TePla AG(b)		25,159
	8,485	Q-Cells SE(b)		140,478
	16,273	QSC AG(b)		37,838
	932	Rational AG		130,999
	1,266	REpower Systems AG(b)		193,800
	14,967	Rheinmetall AG		813,647
	27,228	Rhoen Klinikum AG		661,156
	2,578	Roth & Rau AG(b)		87,336
	16,963	Salzgitter AG		1,528,769
	475	Sartorius AG		11,695
	1,302	Schlott Gruppe AG		8,737
	15,182	SGL Carbon AG(b)		583,141
	21,208	Singulus Technologies(b)		65,543
	3,685	Sixt AG		100,868

Shares			Value
GERMANY (continued)
	5,314	Software AG	$	473,600
	3,365	Solar Millennium AG(b)		107,857
	13,447	Solarworld AG		291,298
	1,149	Solon SE(b)		13,358
	24,382	Stada Arzneimittel AG		653,765
	904	STINAG Stuttgart Invest AG		25,410
	2,302	Stratec Biomedical Systems AG		73,615
	17,931	Suedzucker AG		371,017
	1,203	Suess Microtec(b)		5,648
	15,180	Symrise AG		279,469
	4,152	Takkt AG		45,705
	21,467	Tognum AG		328,871
	61,743	TUI AG(b)		428,424
	16,295	United Internet AG(b)		211,508
	5,101	Versatel AG(b)		40,762
	1,861	Vossloh AG		186,097
	2,107	VTG AG		29,147
	3,487	Wacker Chemie AG		502,285
	12,899	Wacker Neuson SE		156,228
	6,438	Wincor Nixdorf AG		377,179
	12,563	Wirecard AG		161,033
	1,163	Zhongde Waste Technology AG		20,384
				32,850,149
GREECE — 0.4%
	1,181	Aegean Airlines SA		7,300
	68,418	Agriculture Bank of Greece(b)		196,340
	277,090	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organizations		236,512
	66,873	Alpha Bank AE(b)		1,307,916
	59,949	Anek Lines SA(b)		72,344
	11,258	Aspis Bank SA(b)		18,059
	1,098	Astir Palace Hotel SA(b)		6,237
	11,879	Athens Medical Center SA		27,796
	5,750	Athens Water Supply & Sewage Co. SA (The)		49,249
	22,179	Attica Bank(b)		67,238
	5,239	Bank of Greece		393,594
	29,378	Coca-Cola Hellenic Bottling Co. SA		773,890
	31,722	Diagnostic & Therapeutic Center of Athens Hygeia SA		100,837
	61,312	EFG Eurobank Ergasias SA(b)		983,504
	37,249	Ellaktor SA		321,778
	3,862	Elval Aluminium Process Co.(b)		11,083
	2,383	Emporiki Bank SA(b)		17,640
	3,298	Euromedica SA(b)		25,772
	39,058	Forthnet SA(b)		87,944
	9,621	Fourlis Holdings SA		161,410
	11,373	Frigoglass SA		154,148
	19,954	GEK Terna Holding Real Estate Construction SA		193,224
	38,182	Geniki Bank(b)		54,505
	9,780	Halcor SA(b)		24,612

15

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

Shares			Value
GREECE (continued)
	2,570	Hellenic Duty Free Shops SA	$	23,752
	9,731	Hellenic Exchanges SA Holding Clearing Settlement and Registry		139,483
	32,414	Hellenic Petroleum SA		395,927
	5,613	Hellenic Telecommunications Organization SA		94,994
	11,102	Heracles General Cement Co.		101,460
	5,583	Iaso SA		34,344
	48,615	Intracom Holdings SA(b)		115,902
	29,569	Intracom SA Technical & Steel Constructions(b)		39,599
	10,565	J&P-Avax SA		58,460
	10,171	Lambrakis Press SA(b)		41,162
	373,808	Marfin Investment Group SA(b)		1,507,312
	5,160	Metka SA		81,253
	45,695	Michaniki SA		111,630
	12,165	Motor Oil (Hellas) Corinth Refineries SA		215,726
	57,878	Mytilineos Holdings SA		503,391
	7,509	Nireus Aquaculture SA(b)		9,172
	100,572	Piraeus Bank SA(b)		1,753,879
	1,217	Piraeus Port Authority		29,659
	28,257	Proton Bank SA(b)		80,674
	19,038	Public Power Corp. SA(b)		390,841
	2,906	S&B Industrial Minerals SA		22,580
	5,750	Sarantis SA		42,395
	16,774	Sidenor Steel Products Manufacturing Co. SA(b)		144,657
	28,837	Technical Olympic SA(b)		17,824
	3,630	Teletypos SA Mega Channel		24,413
	5,335	Terna Energy SA		51,033
	1,382	Thessaloniki Port Authority SA		28,697
	15,920	Titan Cement Co. SA		555,025
	45,182	TT Hellenic Postbank SA(b)		324,481
	43,104	Viohalco		303,214
				12,535,871
HONG KONG — 0.9%
	96,000	Alco Holdings Ltd.		31,339
	30,000	Allied Group Ltd.		71,224
	1,098,000	Allied Properties HK Ltd.(b)		178,509
	92,000	AMVIG Holdings Ltd.		40,360
	420,000	Apac Resources Ltd.(b)		29,264
	142,000	Asia Financial Holdings Ltd.		48,370
	57,000	Asia Satellite Telecommunications Holdings Ltd.		84,578
	377,877	Asia Standard International Group Ltd.		56,071
	31,000	ASM Pacific Technology Ltd.		245,594
	36,000	Associated International Hotels Ltd.(b)		78,037
	62,000	Beijing Enterprises Holdings Ltd.		375,190
	210,000	Beijing Enterprises Water Group Ltd.(b)		51,212
Shares			Value
HONG KONG (continued)
	148,000	Belle International Holdings Ltd.	$	152,388
	340,000	Brilliance China Automotive Holdings Ltd.(b)		63,611
	438,000	C C Land Holdings Ltd.		244,709
	64,000	Cafe de Coral Holdings Ltd.		138,567
	5,100,000	Capital Estate Ltd.(b)		25,664
	1,590,000	Capital Strategic Investment Ltd.		42,672
	129,000	Centron Telecom International Holdings Ltd.(b)		37,284
	460,000	Century City International		27,599
	545,373	Champion Technology Holdings Ltd.		18,296
	378,560	Chaoda Modern Agriculture Holdings Ltd.		296,002
	925,000	Chaoyue Group Ltd.(b)		128,900
	70,000	Chen Hsong Holdings Ltd.		20,412
	106,000	Chevalier International Holdings Ltd.		76,318
	150,000	Chia Tai Enterprises International Ltd.(b)		2,535
	225,000	China Aerospace International Holdings Ltd.(b)		40,644
	236,000	China Agri-Industries Holdings Ltd.		230,208
	122,000	China BlueChemical Ltd. - H Shares		65,957
	130,000	China Electronics Corp. Holdings Co. Ltd.(b)		15,096
	245,000	China Everbright International Ltd.		112,855
	88,000	China Everbright Ltd.		212,103
	174,000	China Foods Ltd.		128,195
	228,000	China Gas Holdings Ltd.		92,963
	830,000	China Grand Forestry Green Resources Group Ltd.(b)		32,664
	63,000	China Green Holdings Ltd.		55,601
	1,002,000	China Infrastructure Investment Ltd.(b)		26,504
	97,000	China Insurance International Holdings Co. Ltd.(b)		346,688
	62,000	China Mengniu Dairy Co. Ltd.(b)		175,995
	128,312	China Merchants Holdings International Co. Ltd.		419,694
	106,000	China Metal International Holdings, Inc.		23,935
	1,070,000	China Mining Resources Group Ltd.(b)		39,347
	600,000	China Oil and Gas Group Ltd.(b)		62,708
	190,000	China Pharmaceutical Group Ltd.		107,868
	346,000	China Power International Development Ltd.(b)		97,324
	308,000	China Public Procurement Ltd.(b)		32,190

16

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

Shares			Value
HONG KONG (continued)
	4,844,000	China Renji Medical Group Ltd.(b)	$	41,876
	186,000	China Resources Enterprise(c)		640,770
	34,800	China Resources Gas Group Ltd.		33,677
	70,000	China Resources Land Ltd.		172,692
	74,000	China Resources Power Holdings Co. Ltd.		155,826
	1,128,000	China Sci-Tech Holdings Ltd.(b)		35,222
	210,000	China Seven Star Shopping Ltd.(b)		6,368
	720,000	China Solar Energy Holdings Ltd.(b)		11,055
	163,200	China State Construction International Holdings Ltd.		66,752
	3,700,000	China Timber Resources Group Ltd.(b)		70,179
	192,000	China Ting Group Holdings Ltd.		29,233
	312,000	China Travel International Investment Hong Kong Ltd.		64,814
	800,000	China Yunnan Tin Minerals Group Co. Ltd.(b)		19,819
	51,000	Chong Hing Bank Ltd.		99,628
	86,000	Chow Sang Sang Holdings International Ltd.		85,776
	92,000	Chuang’s Consortium International Ltd.		9,497
	147,000	Citic 1616 Holdings Ltd.		49,125
	350,000	Citic 21CN Co. Ltd.(b)		10,613
	287,000	Citic Pacific Ltd.		749,884
	581,000	Citic Resources Holdings Ltd.(b)		167,174
	103,000	Clear Media Ltd.(b)		46,249
	25,000	CNNC International Ltd.(b)		28,386
	600,000	CNPC (Hong Kong) Ltd		643,338
	998,000	Coastal Greenland Ltd.(b)		83,701
	113,740	Comba Telecom Systems Holdings Ltd.		118,580
	120,000	Cosco International Holdings Ltd.		51,560
	238,000	COSCO Pacific Ltd.		335,341
	756,000	CP Pokphand Co.(b)		42,432
	44,000	Cross-Harbour Holdings Ltd.		43,999
	55,600	Dah Sing Banking Group Ltd.(b)		78,053
	52,400	Dah Sing Financial Holdings Ltd.(b)		298,841
	192,000	Daphne International Holdings Ltd.		146,907
	510,000	Denway Motors Ltd.		248,084
	131,550	Dickson Concepts International Ltd.		61,615
	121,000	Digital China Holdings Ltd.		126,617
	110,000	Dynasty Fine Wines Group Ltd.		28,812
	146,000	Eagle Nice International Holdings Ltd.		50,486
Shares			Value
HONG KONG (continued)
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)	$	0
	85,000	Emperor Entertainment Hotel Ltd.		9,871
	214,000	Emperor International Holdings Ltd.(b)		39,485
	446,943	Enerchina Holdings Ltd.(b)		7,036
	554,000	eSun Holdings Ltd.(b)		81,490
	110,000	Extrawell Pharmaceutical Holdings Ltd.(b)(c)(d)		27,961
	225,116	Far East Consortium International Ltd.		72,616
	432,000	First Pacific Co.		258,078
	54,000	Fong’s Industries Co. Ltd.(b)		14,423
	118,000	Fountain SET Holdings Ltd.(b)		18,575
	304,000	Franshion Properties China Ltd.		86,687
	39,000	FU JI Food and Catering Services Holdings Ltd.(b)(c)(d)		38,244
	98,000	Fubon Bank Hong Kong Ltd.		44,510
	112,000	Fushan International Energy Group Ltd.		87,285
	482,000	Galaxy Entertainment Group Ltd.(b)		208,343
	490,000	Geely Automobile Holdings Ltd.		179,557
	785,000	Genesis Energy Holdings Ltd.(b)		22,587
	598,000	Get Nice Holdings Ltd.		33,564
	326,000	Giordano International Ltd.		81,603
	408,000	Global Bio-Chem Technology Group Co. Ltd.		100,550
	390,000	Global Green Tech Group Ltd.(b)		16,858
	116,000	Glorious Sun Enterprises Ltd.		36,371
	1,510,000	Golden Resorts Group Ltd.		51,631
	110,000	Goldin Properties Holdings Ltd.(b)		43,573
	259,600	GOME Electrical Appliances Holdings Ltd.(b)		78,380
	44,000	Grande Holdings Ltd. (The)(b)		3,122
	216,738	Great Eagle Holdings Ltd.		578,885
	534,000	Guangdong Investment Ltd.		282,496
	654,000	Guangzhou Investment Co. Ltd.		177,208
	180,000	GZI Transportation Ltd.		77,108
	160,000	Hannstar Board International Holdings Ltd.		39,638
	94,000	Harbour Centre Development Ltd.		76,532
	490,000	Heng Tai Consumables Group Ltd.(b)		36,038
	36,000	Hengan International Group Co. Ltd.		233,413
	492,000	Hi Sun Technology (China) Ltd.(b)		192,986
	436,396	HKC Holdings Ltd.(b)		34,911
	314,000	HKR International Ltd.(b)		134,510

17

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

Shares			Value
HONG KONG (continued)
	100,000	Hon Kwok Land Investment Co. Ltd.	$	32,902
	101,000	Hong Kong Ferry (Holdings) Co. Ltd.		82,231
	298,000	Hongkong & Shanghai Hotels (The)		428,340
	507,700	Hongkong Chinese Ltd.(b)		45,856
	181,000	Hopewell Holdings Ltd.		579,185
	116,000	Hopson Development Holdings Ltd.		208,944
	12,000	Hua Han Bio-Pharmaceutical Holdings Ltd.(b)		2,152
	143,631	Hung Hing Printing Group Ltd.		44,107
	1,450,000	Hutchison Harbour Ring Ltd.		106,642
	281,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		48,947
	556,000	Hutchison Telecommunications International Ltd.		112,632
	135,000	I-CABLE Communications Ltd.(b)		16,722
	108,244	Industrial and Commercial Bank of China Asia Ltd.		255,310
	23,000	Integrated Distribution Services Group Ltd.		32,288
	3,525,000	Interchina Holdings Co.(b)		39,115
	398,000	IT Ltd.(b)		40,569
	242,000	Jinhui Holdings Ltd.(b)		74,940
	592,500	Johnson Electric Holdings Ltd.(b)		263,751
	510,579	K Wah International Holdings Ltd.		177,216
	1,020,000	Kai Yuan Holdings Ltd.(b)		41,457
	450,000	Kantone Holdings Ltd.		10,800
	42,000	Keck Seng Investments		20,593
	154,500	Kingboard Chemical Holdings Ltd.		633,932
	313,000	Kingboard Laminates Holdings Ltd.		221,316
	190,000	Kingdee International Software Group Co. Ltd.		41,676
	234,666	Kingway Brewery Holdings Ltd.(b)		39,362
	288,000	Kowloon Development Co. Ltd.		311,404
	3,997,000	Lai Sun Development Co. Ltd.(b)		72,202
	194,800	Lee & Man Paper Manufacturing Ltd.		392,103
	1,104,000	LeRoi Holdings Ltd.(b)		33,475
	61,500	Lifestyle International Holdings Ltd.		100,619
	40,000	Lijun International Pharmaceutical Holding Ltd.		5,677
	105,000	Lippo Ltd.		34,547
	110,000	Liu Chong Hing Investment Ltd.		99,494
	122,000	Lonking Holdings Ltd.		71,781
	361,000	Luen Thai Holdings Ltd.		34,935

Shares			Value
HONG KONG (continued)
	110,000	Luk Fook Holdings International Ltd.	$	64,437
	106,000	Luks Group Vietnam Holdings Co. Ltd.		58,264
	62,000	Lung Kee (Bermuda) Holdings Ltd.		31,679
	81,000	Meadville Holdings Ltd.		22,470
	6,650,000	Media China Corp. Ltd.(b)		50,624
	388,000	Melco International Development(b)		215,772
	98,000	Midland Holdings Ltd.		85,353
	370,000	Ming An Holdings Co. Ltd (The)(b)(d)		116,965
	440,000	Mingyuan Medicare Development Co. Ltd.(b)		55,637
	108,000	Minmetals Resources Ltd.(b)		29,124
	80,000	Minth Group Ltd.		83,611
	67,000	Miramar Hotel & Investment Co. Ltd.		73,914
	452,000	Mongolia Energy Co. Ltd.(b)		194,792
	6,771,148	Nan Hai Corp. Ltd.(b)		97,851
	280,000	Natural Beauty Bio-Technology Ltd.		47,689
	145,000	Neo-China Land Group Holdings Ltd.(b)(c)(d)		92,611
	208,500	Neo-Neon Holdings Ltd.		137,472
	383,600	New World China Land Ltd.		155,416
	1,510,000	Neway Group Holdings Ltd.		42,279
	366,000	Newocean Energy Holdings Ltd.		54,781
	768,000	Next Media Ltd.(b)		99,094
	251,000	Nine Dragons Paper Holdings Ltd.		367,908
	149,000	NWS Holdings Ltd.		287,611
	1,165,570	Pacific Andes International Holdings Ltd.		197,014
	580,000	Pacific Basin Shipping Ltd.		439,292
	450,000	Pacific Century Premium Developments Ltd.(b)		121,932
	111,240	Paliburg Holdings Ltd.		33,299
	584,000	PCCW Ltd.		143,924
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	200,000	Pico Far East Holdings Ltd.		36,902
	1,200,000	Polytec Asset Holdings Ltd.		205,930
	48,000	Ports Design Ltd.		131,300
	138,000	Public Financial Holdings Ltd.		72,114
	756,322	PYI Corp. Ltd.(b)		35,131
	48,561	Qin Jia Yuan Media Services Co. Ltd.		10,464
	332,200	Regal Hotels International Holdings Ltd.		125,590
	1,750,000	REXLot Holdings Ltd.		155,802
	56,000	Road King Infrastructure Ltd.		45,666
	88,000	SA SA International Holdings Ltd.		44,169
	831,000	Samson Holding Ltd.		137,245

18

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

Shares			Value
HONG KONG (continued)
	80,000	SEA Holdings Ltd.	$	35,612
	85,000	Shanghai Industrial Holdings Ltd.		405,248
	3,660,000	Shanghai Zendai Property Ltd.(b)		153,480
	86,000	Shangri-La Asia Ltd.		167,557
	1,177,500	Shenzhen International Holdings Ltd.		83,562
	348,000	Shenzhen Investment Ltd.		140,094
	89,000	Shenzhou International Group Holdings Ltd.		95,658
	212,500	Shimao Property Holdings Ltd.		404,699
	538,000	Shougang Concord International Enterprises Co. Ltd.		94,408
	118,000	Shui On Construction & Materials Ltd.		184,837
	448,000	Shun Tak Holdings Ltd.		306,366
	200,000	Silver Grant International Ltd.		45,676
	646,000	Singamas Container Holdings Ltd.(b)		125,029
	410,000	Sino Union Petroleum & Chemical International Ltd.(b)		35,444
	218,000	Sinofert Holdings Ltd.		109,982
	2,330,000	Sino-I Technology Ltd.(b)		15,032
	272,250	Sinolink Worldwide Holdings Ltd.		53,043
	118,000	Sinopec Kantons Holdings Ltd.		42,327
	158,000	Skyfame Realty Holdings Ltd.(b)		10,805
	436,000	Skyworth Digital Holdings Ltd.		247,529
	52,000	SmarTone Telecommunications Holding Ltd.		39,922
	364,000	Solomon Systech International Ltd.		34,755
	696,000	South China China Ltd.		50,290
	195,486	SRE Group Ltd.(b)		22,701
	498,000	Star Cruises Ltd.(b)		116,304
	306,000	Stone Group Holdings Ltd.(b)(c)		18,754
	177,000	Sun Hung Kai & Co. Ltd.		138,171
	1,207,000	Superb Summit International Timber Co. Ltd.(b)		37,533
	194,000	TAI Cheung Holdings Ltd.		109,638
	116,000	Tai Fook Securities Group Ltd.(b)		51,937
	196,000	Tak Sing Alliance Holdings Ltd.		30,853
	69,000	Tan Chong International Ltd.		13,087
	252,000	TCC International Holdings Ltd.(b)		103,399
	29,000	TCL Multimedia Technology Holdings Ltd.(b)		22,975
	406,500	Techtronic Industries Co.		335,157
	40,000	Television Broadcasts Ltd.		191,221
	132,000	Texwinca Holdings Ltd.		112,921
	82,800	Tian An China Investment Co. Ltd.		51,602

Shares			Value
HONG KONG (continued)
	106,000	Tianjin Development Holdings Ltd.	$	66,197
	130,000	Tianjin Port Development Holdings Ltd.(b)		48,979
	2,720,000	Titan Petrochemicals Group Ltd.(b)		76,158
	122,566	Tomson Group Ltd.		55,825
	1,740,000	Tongda Group Holdings Ltd.		49,392
	193,000	Towngas China Co. Ltd.		77,945
	228,000	TPV Technology Ltd.		151,506
	35,600	Transport International Holdings Ltd.		101,055
	88,000	Truly International Holdings Ltd.		91,745
	194,000	Tysan Holdings Ltd.		29,788
	102,000	United Laboratories Ltd. (The)		46,853
	860,000	United Power Investment Ltd.(b)		28,851
	168,000	USI Holdings Ltd.		55,926
	134,000	Value Partners Group Ltd.(b)		59,823
	45,000	Varitronix International Ltd.		13,935
	348,000	Vedan International Holdings Ltd.		34,126
	364,000	Victory City International Holdings Ltd.(b)		51,663
	136,000	Vitasoy International Holdings Ltd.		82,826
	68,000	VODone Ltd.(b)		18,689
	102,000	VST Holdings Ltd.		20,399
	26,000	VTech Holdings Ltd.		218,059
	312,000	Wah Nam International Holdings Ltd.(b)		50,321
	70,000	Wai Kee Holdings Ltd.(b)		15,987
	325,000	Wheelock Properties Ltd.		227,704
	29,000	Wing Hang Bank Ltd.		285,315
	29,000	Wing On Co. International Ltd.		38,616
	400,800	Wonson International Holdings Ltd.(b)		18,100
	74,000	Xinyi Glass Holdings Co. Ltd.		59,198
	222,000	Xinyu Hengdeli Holdings Ltd.		73,043
	81,640	Xiwang Sugar Holdings Co. Ltd.		19,382
	94,000	Yip’s Chemical Holdings Ltd.		65,616
	145,000	Yue Yuen Industrial Holdings Ltd.		407,860
	3,102,000	Yugang International Ltd.(b)		39,224
	31,000	Zhaojin Mining Industry Co. Ltd. - H Shares		55,119
				29,473,533
HUNGARY — 0.1%
	1,508	Danubius Hotel & Spa Plc(b)		27,821
	2,195	Egis Plc		232,749
	344	EMASZ Rt		39,037
	28,924	FHB Mortgage Bank Plc(b)		191,454
	15,083	Fotex Holding SE Co. Ltd.(b)		33,845

19

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

Shares			Value
HUNGARY (continued)
	28,929	Magyar Telekom Telecommunications Plc	$	125,644
	5,470	Richter Gedeon Nyrt		1,145,386
				1,795,936
INDIA — 0.6%
	1,272	Aban Offshore Ltd.		33,963
	4,494	ABB Ltd. India		73,202
	10,956	ACC Ltd.		174,260
	6,720	Adani Enterprises Ltd.		102,306
	13,319	Aditya Birla Nuvo Ltd.		225,457
	6,786	AIA Engineering Ltd.		46,085
	36,030	Allahabad Bank		91,523
	154,877	Alok Industries Ltd.		63,151
	116,788	Ambuja Cements Ltd.		221,565
	25,831	Amtek Auto Ltd.		96,251
	13,154	Anant Raj Industries Ltd.		36,326
	35,532	Andhra Bank		85,113
	10,228	Apollo Hospitals Enterprise Ltd.		116,076
	43,566	Apollo Tyres Ltd.		44,433
	143,696	Ashok Leyland Ltd.		145,333
	2,238	Asian Paints Ltd.		77,817
	11,229	Aurobindo Pharma Ltd.		180,479
	1,746	Bajaj Auto Ltd.		51,713
	27,426	Bajaj Hindusthan Ltd.		113,290
	11,091	Bajaj Holdings and Investment Ltd		114,984
	97,217	Ballarpur Industries Ltd.		45,540
	33,302	Balrampur Chini Mills Ltd.		105,724
	19,766	Bank of India		139,896
	4,328	BEML Ltd.		85,975
	2,434	Bharat Electronics Ltd.		74,007
	32,980	Bharat Forge Ltd.		184,685
	3,384	Bharat Petroleum Corp. Ltd.		36,675
	5,155	Bhushan Steel Ltd.		126,776
	14,324	Biocon Ltd.		75,638
	9,975	Birla Corp. Ltd.		63,718
	460	Bosch Ltd.		41,607
	1,308	Britannia Industries Ltd.		46,260
	15,431	Canara Bank		113,256
	9,156	Century Textile & Industries Ltd.		85,604
	6,433	CESC Ltd.		50,544
	38,402	Chambal Fertilizers & Chemicals Ltd.		38,921
	3,521	Colgate Palmolive India Ltd.		52,480
	11,251	Crompton Greaves Ltd.		91,632
	9,629	Cummins India Ltd.		77,294
	24,391	Dabur India Ltd.		79,148
	43,860	Dish TV India Ltd.(b)		32,593
	3,236	Divi’s Laboratories Ltd.		36,518
	17,128	Dr. Reddys Laboratories Ltd.		368,709
	5,347	Edelweiss Capital Ltd.		52,371
	11,129	EID Parry India Ltd.		73,009
	9,200	EIH Ltd.		24,241
	27,090	Essar Oil Ltd.(b)		76,226
Shares			Value
INDIA (continued)
	36,761	Exide Industries Ltd.	$	76,825
	52,494	Federal Bank Ltd.		269,204
	3,815	Financial Technologies India Ltd.		96,266
	22,790	Fortis Healthcare Ltd.(b)		49,108
	23,096	Gammon India Ltd.		112,124
	18,000	Geodesic Ltd.		43,577
	17,337	Gitanjali Gems Ltd.		42,470
	2,784	GlaxoSmithKline Consumer Healthcare Ltd.		72,438
	3,410	GlaxoSmithKline Pharmaceuticals Ltd.		113,267
	6,344	Glenmark Pharmaceuticals Ltd.		30,258
	11,114	Godrej Consumer Products Ltd.		63,657
	23,771	Godrej Industries Ltd.		89,334
	26,421	Great Eastern Shipping Co. Ltd. (The)		134,848
	5,928	Great Offshore Ltd.		65,250
	50,890	GTL Infrastructure Ltd.(b)		32,670
	6,751	GTL Ltd.		47,803
	16,814	Gujarat Mineral Development Corp. Ltd.		37,054
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.		52,976
	27,806	Gujarat State Petronet Ltd.(b)		47,720
	51,969	GVK Power & Infrastructure Ltd.(b)		49,131
	20,140	HCL Infosystems Ltd.		66,040
	43,014	HCL Technologies Ltd.		280,074
	24,255	Hexaware Technologies Ltd.		39,637
	259,972	Hindalco Industries Ltd.		676,431
	36,441	Hindustan Construction Co.		97,029
	4,729	Hindustan Petroleum Corp. Ltd.		35,524
	12,002	Housing Development & Infrastructure Ltd.(b)		80,524
	11,000	HT Media Ltd.		30,741
	94,790	IDBI Bank Ltd.		229,280
	46,270	Idea Cellular Ltd.(b)		50,984
	66,875	IFCI Ltd.		62,297
	63,064	India Cements Ltd.		147,639
	34,265	India Infoline Ltd.		93,059
	52,967	Indiabulls Financial Services Ltd.		190,372
	73,027	Indiabulls Real Estate Ltd.(b)		381,812
	17,561	Indian Bank		58,181
	88,392	Indian Hotels Co. Ltd.		136,827
	2,039	Indian Overseas Bank		4,342
	45,438	Indusind Bank Ltd.		112,470
	7,842	Infotech Enterprises Ltd.		39,573
	173,718	Infrastructure Development Finance Co. Ltd.		545,585
	7,572	ING Vysya Bank Ltd.		45,756
	21,385	IRB Infrastructure Developers Ltd.		105,639
	80,440	Ispat Industries Ltd.(b)		32,114
	36,261	IVRCL Infrastructures & Projects Ltd.		269,303

20

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

Shares			Value
INDIA (continued)
	3,000	Jain Irrigation Systems Ltd.	$	49,684
	143,052	Jaiprakash Associates Ltd.		639,645
	3,258	Jammu & Kashmir Bank Ltd.		38,640
	9,049	Jet Airways India Ltd.(b)		72,253
	8,489	Jindal Saw Ltd.		124,538
	33,654	Jindal Steel & Power Ltd.		457,319
	5,000	Jubilant Organosys Ltd.		25,136
	20,887	Karnataka Bank Ltd.		58,927
	11,439	Kesoram Industries Ltd.		83,007
	32,439	Kotak Mahindra Bank Ltd.		489,503
	35,171	KS Oils Ltd.		47,516
	8,382	Lanco Infratech Ltd.(b)		87,077
	16,381	LIC Housing Finance		254,862
	2,490	Lupin Ltd.		65,724
	17,000	Madras Cements Ltd.		38,821
	25,733	Mahanagar Telephone Nigam		37,642
	8,700	Maharashtra Seamless Ltd.		61,131
	38,054	Mahindra & Mahindra Ltd.		742,363
	58,496	Mangalore Refinery & Petrochemicals Ltd.		92,978
	25,011	Marico Ltd.		51,657
	7,276	Mastek Ltd.		45,857
	31,053	MAX India Ltd.(b)		119,676
	46,895	Mercator Lines Ltd.		48,178
	6,404	Monnet Ispat & Energy Ltd.		51,134
	23,228	Moser Baer India Ltd.		37,242
	2,501	Motherson Sumi Systems Ltd.		5,938
	9,758	Mphasis Ltd.		140,038
	48,344	Nagarjuna Construction Co.		153,581
	82,330	Nagarjuna Fertilizers & Chemicals(b)		47,682
	16,197	NIIT Technologies Ltd.		47,248
	11,104	Nirma Ltd.		41,517
	3,602	OnMobile Global Ltd.(b)		27,994
	16,334	Opto Circuits India Ltd.		68,950
	4,497	Oracle Financial Sevices Software Ltd.(b)		204,048
	20,009	Orchid Chemicals & Pharmaceuticals Ltd.		65,397
	22,955	Oriental Bank of Commerce		116,816
	8,300	Panacea Biotec Ltd.(b)		26,032
	15,250	Parsvnath Developers Ltd.(b)		33,591
	14,953	Patni Computer Systems Ltd.		139,342
	104,278	Petronet LNG Ltd.		143,656
	8,500	Pidilite Industries Ltd.		29,682
	5,500	Piramal Healthcare Ltd.		44,091
	13,994	Polaris Software Lab Ltd.		46,647
	54,911	PTC India Ltd.		119,257
	30,493	Punj Lloyd Ltd.		129,854
	19,421	Ranbaxy Laboratories Ltd.(b)		168,262
	8,839	Redington India Ltd.		52,349
	18,967	Reliance Capital Ltd.		299,801
	11,165	Reliance Infrastructure Ltd.		249,403
	71,622	Reliance Natural Resources Ltd. - L Shares(b)		96,838
	16,026	Rolta India Ltd.		59,221
Shares			Value
INDIA (continued)
	23,282	Ruchi Soya Industries Ltd.	$	39,559
	40,441	S Kumars Nationwide Ltd.(b)		35,821
	53,587	Sesa Goa Ltd.		350,344
	18,196	Shree Renuka Sugars Ltd.		71,598
	9,905	Shriram Transport Finance Co. Ltd.		83,095
	8,559	Siemens India Ltd.		99,322
	32,601	South Indian Bank Ltd.		90,934
	30,406	Spice Communications Ltd.(b)		35,252
	24,300	SREI Infrastructure Finance Ltd.		37,331
	2,105	State Bank of Bikaner & Jaip		20,349
	11,914	Sterling Biotech Ltd.		22,869
	8,719	Sun TV Network Ltd.		57,922
	113,176	Suzlon Energy Ltd.(b)		159,528
	30,834	Syndicate Bank		56,593
	17,346	Tanla Solutions Ltd.		22,234
	13,597	Tata Chemicals Ltd.		76,518
	8,680	Tata Communications Ltd.		71,894
	70,787	Tata Motors Ltd.		853,091
	9,964	Tata Tea Ltd.		182,032
	57,980	Tata Teleservices Maharashtra Ltd.(b)		32,530
	6,496	Tech Mahindra Ltd.(b)		129,325
	1,865	Titan Industries Ltd.		50,027
	18,322	Torrent Power Ltd.		109,429
	29,890	Triveni Engineering & Industries Ltd.		65,107
	5,440	Unichem Laboratories Ltd.		29,537
	31,625	Union Bank of India		173,831
	37,518	Unitech Ltd.		65,026
	2,018	United Breweries Holdings Ltd.		9,410
	38,099	United Phosphorus Ltd.		115,437
	5,979	United Spirits Ltd.		134,793
	26,209	Usha Martin Ltd.		34,264
	18,900	Videocon Industries Ltd.		88,534
	7,828	Welspun-Gujarat Stahl Ltd.		42,769
	15,809	Wockhardt Ltd.(b)		57,241
	25,054	Yes Bank Ltd.(b)		127,017
	56,905	Zee Entertainment Enterprises Ltd.		278,982
				19,996,877
INDONESIA — 0.2%
	770,000	Aneka Tambang Tbk PT		183,429
	19,500	Astra Agro Lestari Tbk PT		44,207
	5,838,000	Bakrieland Development Tbk PT(b)		168,110
	444,039	Bank Danamon Indonesia Tbk PT		211,558
	435,500	Bank Negara Indonesia Persero Tbk PT		84,364
	3,011,250	Bank Pan Indonesia Tbk PT(b)		245,945
	1,142,666	Berlian Laju Tanker Tbk PT		84,952
	468,300	Bhakti Investama Tbk PT		9,464
	200,500	Bisi International PT(b)		35,691
	3,000,000	Bumi Resources Tbk PT		746,073

21

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

Shares			Value
INDONESIA (continued)
	4,958,000	Central Proteinaprima Tbk PT(b)	$	34,784
	283,500	Charoen Pokphand Indonesia Tbk PT(b)		60,114
	1,023,500	Ciputra Development Tbk PT(b)		67,519
	479,000	Ciputra Surya Tbk PT(b)		28,590
	363,000	Citra Marga Nusaphala Persada Tbk PT		32,309
	864,000	Energi Mega Persada Tbk PT(b)		25,332
	947,000	Gajah Tunggal Tbk PT(b)		40,657
	1,307,500	Global Mediacom Tbk PT(b)		30,120
	242,000	Gudang Garam Tbk PT		362,366
	1,339,000	Holcim Indonesia Tbk PT(b)		227,139
	423,000	Indah Kiat Pulp and Paper Corp. Tbk PT(b)		79,728
	28,500	Indo Tambangraya Megah PT		67,893
	140,000	Indocement Tunggal Prakarsa Tbk PT		161,990
	1,221,000	Indofood Sukses Makmur Tbk PT		393,149
	89,000	Indosat Tbk PT		47,995
	365,000	Jasa Marga Tbk PT		68,414
	2,159,500	Kalbe Farma Tbk PT		275,873
	8,307,500	Kawasan Industri Jababeka Tbk PT(b)		101,778
	2,167,500	Lippo Karawaci Tbk PT(b)		147,526
	1,284,300	Matahari Putra Prima Tbk PT(b)		119,689
	382,500	Medco Energi Internasional Tbk PT		109,143
	2,072,500	Panin Life Tbk PT(b)		27,344
	168,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		137,215
	1,254,500	Ramayana Lestari Sentosa Tbk PT		73,562
	125,500	Sinar Mas Agro Resources & Technology Tbk PT		37,781
	896,000	Summarecon Agung Tbk PT		54,417
	285,000	Timah Tbk PT		58,194
	2,310,500	Truba Alam Manunggal Engineering PT(b)		30,484
	95,000	United Tractors Tbk PT		149,215
				4,864,113
IRELAND — 0.2%
	122,408	AER Lingus(b)		102,681
	139,902	C&C Group Plc		516,775
	19,916	DCC Plc		524,931
	86,470	Elan Corp. Plc(b)		459,385
	72,107	Experian Plc		661,554
	11,606	FBD Holdings Plc(e)		115,256
	52,546	Glanbia Plc		207,049
	66,702	Grafton Group Plc(b)		333,750
	79,462	Greencore Group Plc(e)		180,088
	90,866	Independent News & Media Plc(b)		26,745
	6,355	Irish Continental Group Plc(b)		120,645
Shares			Value
IRELAND (continued)
	55,438	Irish Life & Permanemt Plc(b)	$	402,215
	126,231	Kenmare Resources Plc(b)		45,977
	21,920	Kerry Group Plc - Class A		650,010
	6,121	Kingspan Group Plc(b)(e)		51,796
	48,177	Kingspan Group Plc(b)(e)		407,673
	9,316	Paddy Power Plc		298,601
	79,143	Smurfit Kappa Group Plc(b)		617,295
	72,296	United Drug Plc(e)		238,217
				5,960,643
ISRAEL — 1.7%
	21,134	Alvarion Ltd.(b)		86,309
	11,336	AudioCodes Ltd.(b)		31,588
	6,387	Azorim-Investment Development & Construction Co. Ltd.(b)		41,261
	6,797	Blue Square-Israel Ltd.(b)		69,405
	2,918	Cellcom Israel Ltd.		87,219
	1,670,000	Check Point Software Technologies(b)		51,886,900
	26,704	Clal Industries & Investments(b)		136,517
	4,570	Clal Insurance(b)		98,005
	13,567	Delek Automotive Systems Ltd.		155,485
	10,104	Direct Insurance Financial Investments Ltd.(b)		19,364
	5,168	Elbit Imaging Ltd.(b)		129,098
	1,379	Elbit Systems Ltd.		83,796
	686	Electra (Israel) Ltd.		63,414
	2,950	Electra Real Estate Ltd.(b)		29,185
	4,847	Elron Electronic Industries Ltd.(b)		34,218
	10,720	First International Bank of Israel Ltd. - Class 5(b)		157,784
	23,426	First Internationall Bank of Israel Ltd. - Class 1(b)		66,900
	1,541	FMS Enterprises Migun Ltd.		54,723
	14,655	Frutarom Industries Ltd.		119,582
	895	Hadera Paper Ltd.(b)		57,223
	2,297	Harel Insurance Investments & Finances Ltd.(b)		110,146
	9,063	Hot Telecommunication System(b)		94,089
	93,376	Israel Discount Bank Ltd. - Class A(b)		180,595
	5,109	Israel Petrochemical Enterprises Ltd.(b)		16,196
	5,206	Ituran Location & Control Ltd.		64,462
	12,075	Makhteshim-Agan Industries Ltd.		57,709
	3,796	Menorah Mivtachim Holdings Ltd.(b)		44,344
	76,254	Migdal Insurance & Financial Holding Ltd.(b)		120,259
	1,673	Mivtach Shamir Holdings Ltd.(b)		50,630
	46,233	Mizrahi Tefahot Bank Ltd.(b)		379,348

22

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

Shares			Value
ISRAEL (continued)
	8,883	Nice Systems Ltd.(b)	$	278,056
	259,876	Oil Refineries Ltd.		144,001
	15,238	Ormat Industries Ltd.		133,879
	6,842	Osem Investments Ltd.		88,802
	5,694	Partner Communications Co.		108,457
	777	Paz Oil Co. Ltd.		121,898
	7,775	RADVision Ltd.(b)		44,656
	165,875	Reno de Medici SpA(b)		60,490
	7,800	Retalix Ltd.(b)		86,171
	6,910	Scailex Corp. Ltd.		125,655
	51,102	Shikun & Binui Ltd.		91,211
	30,677	Shufersal Ltd.		145,059
	3,627	Strauss Group Ltd.		47,249
	10,371	Union Bank of Israel(b)		47,797
				56,049,135
ITALY — 0.6%
	191,860	A2A SpA		354,915
	16,457	ACEA SpA		193,025
	4,493	AcegasAps SpA		27,639
	13,082	Actelios SpA		74,121
	18,355	Aedes SpA(b)		6,016
	10,582	Alerion Cleanpower SpA(b)		8,261
	20,522	Amplifon SpA(b)		80,033
	11,153	Ansaldo STS SpA		213,537
	31,282	Arnoldo Mondadori Editore SpA(b)		143,978
	5,010	Ascopiave SpA		12,151
	11,747	Astaldi SpA		109,862
	18,427	Autogrill SpA(b)		207,996
	23,598	Azimut Holding SpA		285,811
	166,668	Banca Carige SpA		471,177
	47,864	Banca Finnat Euramerica SpA		44,130
	4,279	Banca Generali SpA		49,433
	863	Banca IFIS SpA		9,970
	15,051	Banca Intermobiliare SpA(b)		79,961
	30,723	Banca Popolare dell’Etruria e del Lazio		200,522
	191,268	Banca Popolare di Milano		1,427,100
	35,390	Banca Profilo SpA(b)		32,369
	17,763	Banco di Desio e della Brianza SpA		117,634
	258,514	Banco Popolare Scarl(b)		2,256,020
	25,567	Benetton Group SpA		247,577
	2,727	Biesse SpA(b)		24,601
	868	Bonifica Ferraresi e Imprese Agricole SpA		47,263
	6,562	Brembo SpA		49,685
	71,863	Brioschi Sviluppo Immobiliare(b)		22,569
	35,130	Bulgari SpA		288,481
	25,358	Buzzi Unicem SpA		426,919
	11,191	Caltagirone Editore SpA		33,433
	7,938	Carraro SpA(b)		32,009
	22,058	Cementir Holding SpA		100,712
Shares			Value
ITALY (continued)
	169,030	CIR-Compagnie Industriali Riunite SpA(b)	$	381,587
	24,597	Credito Artigiano SpA		66,822
	3,443	Credito Bergamasco SpA		130,979
	28,712	Credito Emiliano SpA(b)		187,819
	4,901	Danieli & Co. SpA		123,551
	37,592	Davide Campari-Milano SpA		359,318
	11,715	De’Longhi SpA		50,169
	2,171	DiaSorin SpA		79,554
	1,000	Digital Multimedia Technologies SpA(b)		21,368
	2,889	Elica SpA		8,104
	8,177	ERG Renew SpA(b)		9,507
	20,638	ERG SpA		305,541
	198	ErgyCapital SpA(b)		147
	4,260	Esprinet SpA		42,819
	11,128	Eurotech SpA(b)		50,317
	3,761	Fastweb(b)		107,376
	2,543	Fiera Milano SpA		18,450
	562	Finmeccanica SpA		9,462
	33,214	Fondiaria-Sai SpA		607,570
	200,917	Gemina SpA(b)		169,868
	14,079	Geox SpA		108,155
	12,205	Gewiss SpA		54,244
	2,618	GranitiFiandre SpA		13,485
	34,089	Gruppo Editoriale L’Espresso SpA(b)		97,324
	98,759	Hera SpA		218,880
	26,489	Immobiliare Grande Distribuzione		57,265
	81,013	IMMSI SpA(b)		108,910
	52,361	Impregilo SpA		179,543
	14,341	Indesit Co. SpA(b)		163,141
	3,035	Industria Macchine Automatiche SpA		57,885
	43,925	Intek SpA		20,556
	16,467	Interpump Group SpA(b)		100,691
	67,845	Iride SpA		125,604
	30,464	Italcementi SpA		440,029
	3,312	Italmobiliare SpA(b)		159,481
	11,320	Juventus Football Club SpA(b)		15,718
	29,504	KME Group		21,080
	7,548	Landi Renzo SpA		31,269
	13,916	Lottomatica SpA		297,362
	1,779	Mariella Burani SpA(b)(c)(d)		6,604
	5,000	MARR SpA		44,039
	82,495	Mediaset SpA		537,515
	34,061	Mediolanum SpA		216,794
	98,505	Milano Assicurazioni SpA		325,083
	5,000	Panariagroup Industrie Ceramiche SpA		14,845
	635,716	Parmalat SpA		1,765,384
	4,609	Permasteelisa SpA(b)		87,566
	46,095	Piaggio & C SpA		117,356
	67,343	Piccolo Credito Valtellinese Scarl		619,903

23

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

Shares			Value
ITALY (continued)
	1,268,201	Pirelli & C SpA(b)	$	714,811
	91,287	Premafin Finanziaria SpA(b)		149,523
	11,421	Prysmian SpA		201,524
	521	Realty Vailog SpA(b)		1,900
	21,864	Recordati SpA		169,890
	1,433	Sabaf SpA		32,709
	1,068	SAES Getters SpA(b)		11,018
	17,510	Safilo Group SpA(b)		13,425
	21,727	Saipem SpA		643,967
	56,916	Saras SpA		185,320
	3,815	SAVE SpA		29,868
	368,859	Seat Pagine Gialle SpA(b)		105,146
	16,644	Snai SpA(b)		77,708
	13,783	Societa Cattolica di Assicurazioni SCRL(b)		442,997
	11,876	Societa Iniziative Autostradali e Servizi SpA		105,301
	41,186	Societa Partecipazioni Finanziarie SpA		9,092
	3,079	Socotherm SpA(b)(d)		6,457
	10,367	Sogefi SpA(b)		23,053
	12,888	SOL SpA		76,625
	94,945	Sorin SpA(b)		173,120
	333,382	Telecom Italia Media SpA(b)		58,482
	151,858	Terna Rete Elettrica Nazionale SpA		602,842
	2,530	Tod’s SpA		174,696
	4,797	Trevi Finanziaria SpA		81,961
	201,218	Unipol Gruppo Finanziario SpA(b)		292,569
	8,234	Vianini Lavori SpA		60,345
	7,140	Vittoria Assicurazioni SpA		40,454
				20,899,752
JAPAN — 4.8%
	145,000	77 Bank Ltd. (The)		850,525
	126	Accordia Golf Co. Ltd.		118,700
	51,000	Achilles Corp.		74,221
	40,500	ADEKA Corp.		377,937
	14,600	Aderans Holdings Co. Ltd.		183,767
	9,500	Advan Co. Ltd.		60,790
	10	Advance Residence Investment Corp.		41,326
	1,500	Aeon Delight Co. Ltd.		23,246
	2,448	Aeon Fantasy Co. Ltd.		32,743
	800	Agrex, Inc.		7,039
	11,600	Ahresty Corp.(b)		79,898
	17,900	Ai Holdings Corp.		63,634
	15,900	Aica Kogyo Co. Ltd.		153,498
	3,600	Aichi Bank Ltd. (The)		305,149
	13,200	Aichi Corp.		57,777
	20,000	Aichi Machine Industry Co. Ltd.		60,212
	51,000	Aichi Steel Corp.		249,292
	29,000	Aida Engineering Ltd.		87,630
	6,100	Aigan Co. Ltd.(b)		36,865
	4,200	Aiphone Co. Ltd.		75,214

Shares			Value
JAPAN (continued)
	17,000	Air Water, Inc.	$	204,344
	9,000	Airport Facilities Co. Ltd.		53,791
	5,300	Airtech Japan Ltd.		36,093
	11,900	Aisan Industry Co. Ltd.		89,896
	15,000	Akebono Brake Industry Co. Ltd.(b)		119,813
	77,000	Akita Bank Ltd. (The)		305,382
	6,900	Alfresa Holdings Corp.		302,783
	91,400	Allied Telesis Holdings KK(b)		48,739
	7,300	Aloka Co. Ltd.		59,120
	4,800	Alpen Co. Ltd.		89,212
	1,900	Alpha Systems, Inc.		36,622
	19,700	Alpine Electronics, Inc.(b)		197,405
	83,300	Alps Electric Co. Ltd.(b)		534,882
	3,000	Alps Logistics Co. Ltd.		28,862
	121,000	Amada Co. Ltd.		760,829
	15,700	Amano Corp.		136,742
	3,000	Amuse, Inc.		33,794
	42,000	Ando Corp.		55,991
	17,000	Anest Iwata Corp.		55,335
	24,000	Anritsu Corp.(b)		85,852
	17,200	AOC Holdings, Inc.		118,278
	2,100	AOI Electronic Co. Ltd.		35,694
	10,500	AOKI Holdings, Inc.		103,583
	49,000	Aomori Bank Ltd. (The)		139,899
	27,600	Aoyama Trading Co. Ltd.		450,112
	300,000	Aozora Bank Ltd.(b)		363,273
	7,200	Arakawa Chemical Industries Ltd.		90,065
	20,000	Araya Industrial Co. Ltd.		30,439
	4,700	Arc Land Sakamoto Co. Ltd.		58,322
	9,500	Arcs Co. Ltd.		140,577
	3,600	Argo Graphics, Inc.		40,593
	4,700	Ariake Japan Co. Ltd.		74,143
	16,900	Arisawa Manufacturing Co. Ltd.		108,142
	6,200	Arnest One Corp.		73,010
	2,000	Art Corp.		34,017
	3,190	As One Corp.		59,537
	600	Asahi Co. Ltd.		11,191
	20,000	Asahi Diamond Industrial Co. Ltd.		142,865
	4,350	Asahi Holdings, Inc.		75,146
	10,000	Asahi Kogyosha Co. Ltd.		42,326
	35,000	Asahi Organic Chemicals Industry Co. Ltd.		89,041
	1,085,000	Asahi TEC Corp.(b)		325,446
	6,900	Asatsu-DK, Inc.		137,517
	16	Asax Co. Ltd.		13,544
	6,000	Ashimori Industry Co. Ltd.		9,465
	22,000	Asics Corp.		201,633
	10,000	ASKA Pharmaceutical Co. Ltd.		88,096
	12,000	Asunaro Aoki Construction Co. Ltd.		75,721
	12,900	Atom Corp.(b)		43,136
	58,000	Atsugi Co. Ltd.		74,099
	10,900	Autobacs Seven Co. Ltd.		372,960

24

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

Shares			Value
JAPAN (continued)
	4,700	Avex Group Holdings, Inc.	$	42,867
	68,000	Awa Bank Ltd. (The)		358,074
	40,000	Bando Chemical Industries Ltd.		114,203
	6,300	Bank of Iwate Ltd. (The)		377,237
	70,000	Bank of Nagoya Ltd. (The)		281,509
	8,000	Bank of Okinawa Ltd. (The)		279,953
	54,000	Bank of Saga Ltd. (The)		186,569
	18,600	Bank of the Ryukyus Ltd.		202,706
	6,600	Belc Co. Ltd.		61,150
	13,150	Belluna Co. Ltd.		57,558
	35,000	Best Denki Co. Ltd.		155,918
	156	Bic Camera, Inc.		59,357
	2	BLife Investment Corp. REIT		9,821
	4,000	Bookoff Corp.		55,280
	34,400	Brother Industries Ltd.		402,031
	18,000	Bunka Shutter Co. Ltd.		62,990
	7,500	CAC Corp.		52,658
	56,000	Calsonic Kansei Corp.(b)		156,152
	4,500	Canon Electronics, Inc.		91,235
	9,800	Canon Finetech, Inc.		129,230
	22,700	Canon Marketing Japan, Inc.		373,479
	6,400	Capcom Co. Ltd.		110,062
	34,400	Casio Computer Co. Ltd.		259,486
	11,400	Catena Corp.		27,229
	7,900	Cawachi Ltd.		165,609
	36,050	Cedyna Financial Corp.(b)		72,889
	67,000	Central Glass Co. Ltd.		274,654
	500	Central Security Patrols Co. Ltd.		4,899
	800	Central Sports Co. Ltd.		7,457
	19,550	Century Tokyo Leasing Corp.		223,050
	8,500	Chiba Kogyo Bank Ltd. (The)(b)		75,637
	2,200	Chimney Co. Ltd.		37,565
	9,000	Chino Corp.		23,796
	7,500	Chiyoda Co. Ltd.		90,735
	23,000	Chiyoda Corp.		172,982
	4,800	Chiyoda Integre Co. Ltd.		58,550
	6,800	Chofu Seisakusho Co. Ltd.		136,506
	57,000	Chori Co. Ltd.		67,122
	9,000	Chubu Shiryo Co. Ltd.		84,486
	13,300	Chudenko Corp.		199,614
	36,000	Chuetsu Pulp & Paper Co. Ltd.		71,988
	153,000	Chugai Mining Co. Ltd.(b)		69,688
	17,000	Chugai Ro Co. Ltd.		48,914
	8,000	Chugoku Marine Paints Ltd.		57,235
	46,000	Chukyo Bank Ltd. (The)		127,756
	8,000	Chuo Denki Kogyo Co. Ltd.		67,989
	9,000	Chuo Spring Co. Ltd.		26,096
	14,000	Circle K Sunkus Co. Ltd.		193,945
	83,800	Citizen Holdings Co. Ltd.		484,097
	28,300	CKD Corp.		214,415
	48,000	Clarion Co. Ltd.(b)		46,926
	11,600	Cleanup Corp.		81,831
	16,100	CMK Corp.(b)		116,437
	9,100	Coca-Cola Central Japan Co. Ltd.		122,526

Shares			Value
JAPAN (continued)
	18,200	Coca-Cola West Holdings Co.	$	340,283
	2,090	Cocokara Fine Holdings, Inc.		48,410
	9,000	Colowide Co. Ltd.		60,190
	12,000	Commuture Corp.		73,321
	7,200	Computer Engineering & Consulting Ltd.		47,272
	35,800	COMSYS Holdings Corp.		359,531
	7,400	Corona Corp.		100,130
	6,600	Cosel Co. Ltd.		74,861
	246,000	Cosmo Oil Co. Ltd.		661,356
	700	Cosmos Pharmaceutical Corp.		18,197
	2,700	Create Medic Co. Ltd.		27,055
	68,000	Credit Saison Co. Ltd.		787,158
	21,558	CSK Holdings Corp.(b)		83,823
	5,500	CTI Engineering Co. Ltd.		30,489
	10,000	Culture Convenience Club Co. Ltd.		62,101
	23,000	Dai Nippon Toryo Co. Ltd.(b)		26,829
	105,000	Daicel Chemical Industries Ltd.		647,392
	9,000	Dai-Dan Co. Ltd.		46,092
	16,000	Daido Kogyo Co. Ltd.		27,373
	16,000	Daido Metal Co. Ltd.		43,726
	95,000	Daido Steel Co. Ltd.		333,500
	12,300	Daidoh Ltd.		87,315
	29,100	Daiei, Inc. (The)(b)		109,915
	21,500	Daifuku Co. Ltd.		136,383
	18,000	Daihen Corp.		64,189
	9,000	Daiichi Chuo KK(b)		22,196
	23,000	Daiichi Jitsugyo Co. Ltd.		67,200
	11,000	Dai-Ichi Kogyo Seiyaku Co. Ltd.		33,850
	23,000	Daiken Corp.		52,380
	14,000	Daiki Aluminium Industry Co. Ltd.(b)		34,217
	4,400	Daiko Clearing Services Corp.		23,658
	2,500	Daikoku Denki Co. Ltd.		49,992
	300	Daikokutenbussan Co. Ltd.		8,998
	66,000	Daikyo, Inc.(b)		169,372
	9,300	Daimei Telecom Engineering Corp.		79,243
	1,200	Dainichi Co. Ltd.		7,919
	34,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		115,581
	85,000	Dainippon Screen Manufacturing Co. Ltd.(b)		374,882
	20,000	Daio Paper Corp.		169,083
	33,000	Daisan Bank Ltd. (The)(b)		80,287
	4,910	Daiseki Co. Ltd.		97,965
	135,000	Daishi Bank Ltd. (The)		499,417
	25,000	Daiso Co. Ltd.		70,544
	2,600	Daisyo Corp.		35,354
	36,000	Daito Bank Ltd. (The)		27,195
	19,000	Daiwa Industries Ltd.		100,050
	23,000	Daiwa Seiko, Inc.		29,128
	15,000	Daiwabo Co. Ltd.		59,157

25

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

Shares			Value
JAPAN (continued)
	200	DC Co. Ltd.	$	622
	32,760	DCM Japan Holdings Co. Ltd.		215,088
	36	Dena Co. Ltd.		126,779
	176,000	Denki Kagaku Kogyo KK		660,868
	17,000	Denki Kogyo Co. Ltd.		82,153
	10,000	Denyo Co. Ltd.		74,321
	18,000	Descente Ltd.		88,185
	141,000	DIC Corp.		234,961
	3,200	Disco Corp.		181,659
	5,800	Don Quijote Co. Ltd.		156,896
	5,350	Doshisha Co. Ltd.		101,514
	8,474	Doutor Nichires Holdings Co. Ltd.		123,229
	69,000	Dowa Holdings Co. Ltd.		414,698
	12	Dr Ci Labo Co. Ltd.		25,276
	9,600	DTS Corp.		83,613
	15,300	Duskin Co. Ltd.		277,734
	17	Dwango Co. Ltd.		36,072
	4,000	Dydo Drinco, Inc.		123,091
	400	eAccess Ltd.		284,397
	8,000	Eagle Industry Co. Ltd.		40,527
	1,100	Earth Chemical Co. Ltd.		35,927
	130,000	Ebara Corp.(b)		587,791
	1,400	Echo Trading Co. Ltd.		15,988
	35,700	EDION Corp.		292,295
	57,000	Ehime Bank Ltd. (The)		157,040
	81,000	Eighteenth Bank Ltd. (The)		226,762
	8,400	Eiken Chemical Co. Ltd.		99,290
	6,000	Eizo Nanao Corp.		144,643
	39,000	Elpida Memory, Inc.(b)		531,178
	7,400	Enplas Corp.		127,505
	1	EPS Co. Ltd.		4,044
	8,300	ESPEC Corp.		52,742
	11,700	Exedy Corp.		246,959
	14,000	Ezaki Glico Co. Ltd.		153,819
	4,400	F&A Aqua Holdings, Inc.		48,978
	212	Faith, Inc.		25,506
	11,900	Fancl Corp.		213,371
	2,600	FCC Co. Ltd.		45,521
	22,000	FDK Corp.(b)		35,683
	3,000	Felissimo Corp.		49,458
	17,000	FIDEA Holdings Co. Ltd.(b)		30,595
	8,600	Foster Electric Co. Ltd.		225,951
	2,900	FP Corp.		144,654
	60,000	France Bed Holdings Co. Ltd.		93,984
	4,000	F-Tech, Inc.(b)		41,593
	51,100	Fudo Tetra Corp.(b)		34,629
	5,300	Fuji Co. Ltd.		106,453
	182,000	Fuji Electric Holdings Co. Ltd.(b)		347,764
	4,700	Fuji Electronics Co. Ltd.		41,196
	62,000	Fuji Fire & Marine Insurance Co. Ltd. (The)(b)		73,010
	50,000	Fuji Heavy Industries Ltd.(b)		202,189
	19,000	Fuji Kyuko Co. Ltd.		94,984
	14,900	Fuji Oil Co. Ltd.		226,608

Shares			Value
JAPAN (continued)
	5,700	FUJI SOFT, Inc.	$	100,050
	36,000	Fujibo Holdings, Inc.		60,790
	4,600	Fujicco Co. Ltd.		50,745
	15,700	Fujikura Kasei Co. Ltd.		82,498
	111,000	Fujikura Ltd.		551,208
	800	Fujikura Rubber Ltd.		3,377
	1,000	Fujimori Kogyo Co. Ltd.		14,509
	13,000	Fujita Kanko, Inc.		52,136
	30,000	Fujitec Co. Ltd.		159,640
	3,700	Fujitsu Frontech Ltd.		31,157
	18,000	Fujitsu General Ltd.		60,990
	23,000	Fujiya Co. Ltd.(b)		43,693
	400	Fukoku Co. Ltd.		2,871
	26,000	Fukuda Corp.(b)		49,392
	49,000	Fukui Bank Ltd. (The)		164,395
	78,000	Fukushima Bank Ltd. (The)(b)		45,926
	500	Fukushima Industries Corp.		4,566
	69,000	Fukuyama Transporting Co. Ltd.		362,573
	7,800	Funai Consulting Co. Ltd.		46,446
	7,900	Funai Electric Co. Ltd.		376,504
	3,000	Furukawa Battery Co. Ltd.		27,062
	103,000	Furukawa Co. Ltd.		139,599
	21,000	Furukawa-Sky Aluminum Corp.		31,961
	5,300	Furusato Industries Ltd.		32,383
	18,000	Fuso Pharmaceutical Industries Ltd.		56,391
	16,200	Futaba Corp.		255,557
	14,900	Futaba Industrial Co. Ltd.(b)		79,784
	7,900	Fuyo General Lease Co. Ltd.		177,720
	900	G-7 Holdings, Inc.		4,999
	35,000	Gakken Co. Ltd.		101,094
	6,900	Gecoss Corp.		30,662
	60	Geo Corp.		63,189
	13,100	Glory Ltd.		292,518
	6,600	GMO internet, Inc.		30,722
	60,000	Godo Steel Ltd.		119,313
	3,730	Goldcrest Co. Ltd.		116,439
	33,000	Goldwin, Inc.(b)		64,156
	101	Green Hospital Supply, Inc.		62,834
	36,000	GSI Creos Corp.(b)		41,993
	610	Gulliver International Co. Ltd.		46,013
	22,000	Gun-Ei Chemical Industry Co. Ltd.		53,280
	101,000	Gunma Bank Ltd. (The)		537,455
	80,000	Gunze Ltd.		320,835
	2,900	H.I.S. Co. Ltd.		63,016
	46,000	H2O Retailing Corp.		284,641
	5,800	Hakudo Co. Ltd.		38,660
	6,760	Hakuhodo Dy Holdings, Inc.		344,703
	7,200	Hakuto Co. Ltd.		65,429
	8,700	Hamamatsu Photonics KK		221,330
	92,000	Hanwa Co. Ltd.		329,101
	2,000	Happinet Corp.		27,906
	2,500	Harashin Narus Holdings Co. Ltd.		27,718

26

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

Shares			Value
JAPAN (continued)
	7,800	Hard Off Corp. Co. Ltd.	$	40,813
	114,500	Haseko Corp.(b)		90,313
	30,000	Hazama Corp.		32,328
	9,000	Heiwa Corp.		88,885
	71,000	Heiwa Real Estate Co. Ltd.		238,205
	14,800	Heiwado Co. Ltd.		196,314
	10,000	Hibiya Engineering Ltd.		86,430
	3,500	Hiday Hidaka Corp.		43,587
	59,000	Higashi-Nippon Bank Ltd. (The)		129,123
	84,000	Higo Bank Ltd. (The)		503,916
	3,700	Hikari Tsushin, Inc.		70,905
	108,000	Hino Motors Ltd.(b)		410,332
	87,000	Hiroshima Bank Ltd. (The)		340,210
	4,000	Hisaka Works Ltd.		42,704
	400	Hitachi Business Solution Co. Ltd.		3,013
	75,000	Hitachi Cable Ltd.		204,133
	12,100	Hitachi High-Technologies Corp.		205,262
	11,500	Hitachi Koki Co. Ltd.		129,290
	24,000	Hitachi Kokusai Electric, Inc.		188,769
	8,000	Hitachi Medical Corp.		77,765
	4,500	Hitachi Tool Engineering Ltd.		40,593
	13,000	Hitachi Transport System Ltd.		172,294
	94,500	Hitachi Zosen Corp.(b)		125,979
	9,000	Hochiki Corp.		50,592
	20,000	Hodogaya Chemical Co. Ltd.		49,769
	1,800	Hogy Medical Co. Ltd.		97,384
	6,000	Hokkaido Coca-Cola Bottling Co. Ltd.		32,728
	10,000	Hokkaido Gas Co. Ltd.		27,995
	12,000	Hokkan Holdings Ltd.		30,928
	1,000	Hokko Chemical Industry Co. Ltd.		3,377
	125,000	Hokkoku Bank Ltd. (The)		497,139
	69,000	Hokuetsu Bank Ltd. (The)		117,280
	45,365	Hokuetsu Paper Mills Ltd.		238,883
	12,000	Hokuriku Electric Industry Co. Ltd.		21,596
	4,400	Hokuto Corp.		99,228
	5,530	Honeys Co. Ltd.		37,721
	6,400	Horiba Ltd.		157,840
	3,200	Horipro, Inc.		28,120
	15,700	Hosiden Corp.		195,868
	14,000	Hosokawa Micron Corp.		56,613
	15,800	House Foods Corp.		253,284
	41,000	Howa Machinery Ltd.(b)		23,685
	200	Hutech Norin Co. Ltd.		1,833
	98,000	Hyakugo Bank Ltd. (The)		475,765
	93,000	Hyakujushi Bank Ltd. (The)		389,502
	6,200	IBJ Leasing Co. Ltd.		108,069
	1,700	Ichibanya Co. Ltd.		43,154
	8,000	Ichikoh Industries Ltd.(b)		14,486
	1,500	ICHINEN Holdings Co. Ltd.		5,899
	10,000	Ichiyoshi Securities Co. Ltd.		76,210

Shares			Value
JAPAN (continued)
	3,800	Icom, Inc.	$	92,873
	5,000	Idec Corp.		38,660
	4,700	Idemitsu Kosan Co. Ltd.		351,919
	20,000	Ihara Chemical Industry Co. Ltd.		68,877
	344,000	IHI Corp.(b)		672,599
	3,300	Iida Home Max		60,197
	17,900	Iino Kaiun Kaisha Ltd.		81,531
	6,600	Imasen Electric Industrial		86,079
	12,900	Impress Holdings, Inc.(b)		32,388
	6,100	Inaba Denki Sangyo Co. Ltd.		146,376
	4,400	Inaba Seisakusho Co. Ltd.		44,970
	26,500	Inabata & Co. Ltd.		102,155
	8,000	Inageya Co. Ltd.		83,453
	14,100	Ines Corp.		107,455
	600	I-Net Corp.		3,326
	3,000	Information Services International-Dentsu Ltd.		19,297
	2,400	Innotech Corp.		10,532
	4,000	Inui Steamship Co. Ltd.		31,906
	1,451	Invoice, Inc.(b)		22,213
	4,000	Ise Chemical Corp.		26,218
	41,000	Iseki & Co. Ltd.(b)		156,685
	104,000	Ishihara Sangyo Kaisha Ltd.(b)		86,652
	2,000	Ishii Hyoki Co. Ltd.		25,685
	10,000	Ishii Iron Works Co. Ltd.		18,552
	17,000	Ishizuka Glass Co. Ltd.		37,016
	233,000	Isuzu Motors Ltd.(b)		512,515
	11,610	IT Holdings Corp.		145,746
	8,100	Ito En Ltd.		137,677
	20,900	Itochu Enex Co. Ltd.		109,126
	5,500	Itochu Techno-Science Corp.		153,363
	2,300	Itochu-Shokuhin Co. Ltd.		78,698
	64,000	Itoham Foods, Inc.		256,668
	15,300	Itoki Corp.		37,394
	5,100	Iwai Securities Co. Ltd.		39,207
	17,000	Iwaki & Co. Ltd.		50,992
	35,000	Iwasaki Electric Co. Ltd.(b)		64,545
	40,000	IWATANI Corp.		122,202
	27,000	Iwatsu Electric Co. Ltd.(b)		24,896
	8,700	Izumi Co. Ltd.		106,509
	35,000	Izumiya Co. Ltd.		182,358
	46,000	Izutsuya Co. Ltd.(b)		21,974
	179,000	J. Front Retailing Co. Ltd.		867,011
	2,200	Jalux, Inc.		31,650
	4,000	Jamco Corp.		21,996
	91,000	Janome Sewing Machine Co. Ltd.(b)		62,678
	8,800	Japan Airport Terminal Co. Ltd.		125,428
	17,000	Japan Aviation Electronics Industry Ltd.		106,138
	6,000	Japan Carlit Co. Ltd.		30,262
	3,300	Japan Cash Machine Co. Ltd.		26,616
	9,200	Japan Digital Laboratory Co. Ltd.		115,287

27

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

Shares			Value
JAPAN (continued)
	600	Japan Foundation Engineering Co. Ltd.	$	1,373
	12,600	Japan Medical Dynamic Marketing, Inc.		36,534
	1,800	Japan Petroleum Exploration Co.		92,585
	41,000	Japan Pulp & Paper Co. Ltd.		158,051
	21,000	Japan Radio Co. Ltd.		42,226
	27,000	Japan Transcity Corp.		80,087
	8,000	Japan Vilene Co. Ltd.		43,104
	27,000	Japan Wool Textile Co. Ltd. (The)		182,070
	5,000	Jastec Co. Ltd.		32,328
	5,000	JBCC Holdings, Inc.		34,550
	900	JBIS Holdings, Inc.		3,209
	15,000	Jeol Ltd.		61,323
	33,000	JFE Shoji Holdings, Inc.		122,813
	500	JK Holdings Co. Ltd.		2,172
	16,000	JMS Co. Ltd.		70,566
	14,000	Joban Kosan Co. Ltd.		23,174
	29,000	J-Oil Mills, Inc.		100,194
	18,000	Joshin Denki Co. Ltd.		126,979
	12,800	JSP Corp.		123,855
	35,900	JTEKT Corp.		391,644
	56,000	Juki Corp.(b)		60,345
	122,000	Juroku Bank Ltd. (The)		443,193
	231,800	JVC KENWOOD Holdings, Inc.(b)		113,306
	40	kabu.com Securities Co. Ltd.		43,548
	2,000	Kabuki-Za Co. Ltd.		81,098
	4,600	Kadokawa Group Holdings, Inc.		110,382
	10,800	Kaga Electronics Co. Ltd.		110,022
	30,000	Kagawa Bank Ltd. (The)		109,648
	10,700	Kagome Co. Ltd.		205,049
	70,000	Kagoshima Bank Ltd. (The)		524,913
	34	Kakaku.com, Inc.		125,779
	19,000	Kaken Pharmaceutical Co. Ltd.		173,293
	5,000	Kameda Seika Co. Ltd.		93,429
	7,000	Kamei Corp.		36,783
	80,000	Kamigumi Co. Ltd.		608,787
	6,000	Kanaden Corp.		32,195
	14,000	Kanagawa Chuo Kotsu Co. Ltd.		80,720
	9,000	Kanamoto Co. Ltd.		38,894
	32,000	Kandenko Co. Ltd.		199,789
	95,000	Kaneka Corp.		630,062
	120,000	Kanematsu Corp.(b)		101,316
	4,700	Kanematsu Electronics Ltd.		42,815
	39,000	Kansai Paint Co. Ltd.		337,077
	14,600	Kanto Auto Works Ltd.		142,083
	10,000	Kanto Denka Kogyo Co. Ltd.		83,542
	15,000	Kanto Natural Gas Development Ltd.		91,818
	27,900	Kanto Tsukuba Bank Ltd. (The)(b)		94,534
	1,800	Kappa Create Co. Ltd.		40,893

Shares			Value
JAPAN (continued)
	15,000	Kasumi Co. Ltd.	$	75,154
	9,000	Katakura Industries Co. Ltd.		98,484
	5,700	Kato Sangyo Co. Ltd.		99,543
	28,000	Kato Works Co. Ltd.		55,680
	2,300	Kawada Technologies, Inc.(b)		39,579
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		40,527
	8,000	Kawasaki Kinkai Kisen Kaisha		22,130
	29,000	Kawashima Selkon Textiles Co. Ltd.(b)		23,518
	1,000	Kawasumi Laboratories, Inc.		7,043
	72,000	Kayaba Industry Co. Ltd.(b)		214,364
	28,000	Keihan Electric Railway Co. Ltd.		118,203
	12,000	Keihin Co. Ltd. (The)(b)		16,131
	15,000	Keihin Corp.		234,294
	39,000	Keisei Electric Railway Co. Ltd.		222,696
	88,000	Keiyo Bank Ltd. (The)		430,151
	7,900	Keiyo Co. Ltd.		38,528
	242	Kenedix, Inc.(b)		95,843
	2,000	Kentucky Fried Chicken Japan Ltd.		37,327
	2,900	KEY Coffee, Inc.		51,386
	28,700	Kikkoman Corp.		338,604
	2,800	Kimoto Co. Ltd.		28,213
	1,200	Kimura Chemical Plants Co. Ltd.		12,118
	43,000	Kinden Corp.		354,452
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		26,740
	4,000	Kinki Sharyo Co. Ltd.		34,083
	2,900	Kintetsu World Express, Inc.		68,783
	5,000	Kinugawa Rubber Industrial Co. Ltd.		9,887
	2,600	Kisoji Co. Ltd.		57,190
	7,000	Kissei Pharmaceutical Co. Ltd.		156,696
	41,000	Kitagawa Iron Works Co. Ltd.		46,003
	3,100	Kita-Nippon Bank Ltd. (The)		94,362
	33,000	Kitz Corp.		173,771
	289,000	Kiyo Holdings, Inc.		349,953
	16,000	Koa Corp.		131,356
	9,000	Koatsu Gas Kogyo Co. Ltd.		52,391
	4,100	Kobayashi Pharmaceutical Co. Ltd.		178,093
	13,200	Kohnan Shoji Co. Ltd.		162,480
	13,000	Koike Sanso Kogyo Co. Ltd.		37,549
	25,000	Koito Manufacturing Co. Ltd.		368,827
	11,500	Kojima Co. Ltd.		58,768
	38,100	Kokuyo Co. Ltd.		336,917
	5,000	Komai Tekko, Inc.		10,720
	8,000	Komatsu Seiren Co. Ltd.		31,639
	2,600	Komatsu Wall Industry Co. Ltd.		31,801
	4,200	Komeri Co. Ltd.		117,580
	28,400	Komori Corp.		341,690
	3,410	Konaka Co. Ltd.		10,039
	4,900	Konami Co. Ltd.		91,016

28

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

Shares			Value
JAPAN (continued)
	3,900	Konishi Co.Ltd.	$	37,737
	5,100	Kose Corp.		113,201
	26,000	Krosaki Harima Corp.		40,727
	3,000	KRS Corp.		34,494
	8,440	K’s Holdings Corp.		277,536
	61,000	Kumagai Gumi Co. Ltd.(b)		44,048
	23,000	Kumiai Chemical Industry Co. Ltd.		81,764
	7	Kura Corp.		24,496
	87,000	Kurabo Industries Ltd.		151,741
	39,000	KUREHA Corp.		214,031
	57,000	Kurimoto Ltd.(b)		56,357
	13,000	Kuroda Electric Co. Ltd.		191,357
	39,000	Kyodo Printing Co. Ltd.		113,081
	19,000	Kyodo Shiryo Co. Ltd.		26,384
	4,500	Kyoei Steel Ltd.		102,483
	16,000	Kyoei Tanker Co. Ltd.		37,505
	17,200	Kyokuto Kaihatsu Kogyo Co. Ltd.		69,171
	10,300	Kyokuto Securities Co. Ltd.		83,073
	18,000	Kyokuyo Co. Ltd.		36,794
	8,000	Kyorin Co. Ltd.		129,223
	2,400	Kyoritsu Maintenance Co. Ltd.		39,807
	22,000	Kyosan Electric Manufacturing Co. Ltd.		102,894
	16,000	Kyowa Exeo Corp.		148,420
	14,000	Kyudenko Corp.		84,919
	15,000	Laox Co. Ltd.(b)		16,664
	19	LaSalle Japan REIT, Inc.		25,878
	42,900	Leopalace21 Corp.(b)		238,770
	8,500	Life Corp.		150,519
	11,600	Lintec Corp.		210,312
	32,000	Lion Corp.		161,040
	4,300	Mabuchi Motor Co. Ltd.		209,232
	4,500	Macnica, Inc.		72,438
	63,000	Maeda Corp.		176,371
	26,000	Maeda Road Construction Co. Ltd.		213,742
	6,200	Maezawa Kasei Industries Co. Ltd.		68,258
	2,600	Maezawa Kyuso Industries Co. Ltd.		38,243
	54,000	Makino Milling Machine Co. Ltd.(b)		216,564
	3,300	Mandom Corp.		86,702
	2,900	Mars Engineering Corp.		91,174
	13,800	Marubun Corp.		74,048
	59,000	Marudai Food Co. Ltd.		196,634
	3,000	Maruei Department Store Co. Ltd.		4,233
	27,000	Maruetsu, Inc. (The)		125,979
	69,910	Maruha Nichiro Holdings, Inc.		104,071
	115,500	Marui Group Co. Ltd.		681,336
	7,100	Maruichi Steel Tube Ltd.		134,641
	20,700	Marusan Securities Co. Ltd.		125,789
	3,400	Maruwa Co. Ltd.		79,320
Shares			Value
JAPAN (continued)
	24,000	Maruyama Manufacturing Co., Inc.(b)	$	49,058
	17,000	Maruzen Co. Ltd.(b)		18,508
	32,000	Maruzen Showa Unyu Co. Ltd.		109,493
	6,300	Maspro Denkoh Corp.		60,400
	2,200	Matsuda Sangyo Co. Ltd.		38,054
	16,600	Matsui Securities Co. Ltd.		121,897
	8,000	Matsuya Co. Ltd.(b)		77,587
	2,800	Matsuya Foods Co. Ltd.		40,344
	8,000	Max Co. Ltd.		83,542
	5,000	Maxvalu Tokai Co. Ltd.		58,824
	168,000	Mazda Motor Corp.(b)		393,801
	2,800	MEC Co. Ltd.		21,090
	3,500	Megachips Corp.		59,023
	1,400	Megane Top Co. Ltd.		24,371
	6,600	Megmilk Snow Brand Co. Ltd.(b)		130,145
	41,000	Meidensha Corp.		211,343
	1,300	MEIJI Holdings Co. Ltd.(b)		53,436
	6,700	Meiko Network Japan Co. Ltd.		43,468
	4,900	Meitec Corp.		84,157
	5,000	Meito Sangyo Co. Ltd.		70,877
	200	Meito Transportation Co. Ltd.		1,746
	20,900	Meiwa Corp.(b)		37,846
	10,000	Meiwa Estate Co. Ltd.(b)		66,211
	3,000	Melco Holdings, Inc.		60,890
	31,000	Mercian Corp.		73,354
	51,000	Michinoku Bank Ltd. (The)		116,714
	13,600	Mikuni Coca-Cola Bottling Co. Ltd.		114,976
	1,680	Milbon Co. Ltd.		41,246
	5,500	Mimasu Semiconductor Industry Co. Ltd.		73,321
	75,000	Minato Bank Ltd. (The)(b)		95,817
	41,000	Minebea Co. Ltd.		176,726
	5,600	Ministop Co. Ltd.		78,822
	7,200	Miraca Holdings, Inc.		235,961
	4,000	Misawa Homes Co. Ltd.(b)		14,886
	9,000	MISUMI Group, Inc.		156,974
	13,000	Mito Securities Co. Ltd.(b)		29,606
	19,000	Mitsuba Corp.(b)		84,853
	33,000	Mitsubishi Cable Industries Ltd.(b)		30,428
	104,000	Mitsubishi Gas Chemical Co. Inc.		493,340
	16,000	Mitsubishi Kakoki Kaisha Ltd.		43,193
	38,000	Mitsubishi Logistics Corp.		423,840
	102,000	Mitsubishi Paper Mills Ltd.		133,711
	6,000	Mitsubishi Pencil Co. Ltd.		72,988
	156,000	Mitsubishi Rayon Co. Ltd.		551,108
	47,000	Mitsubishi Steel Manufacturing Co. Ltd.(b)		94,506
	23,000	Mitsuboshi Belting Co. Ltd.		88,152
	211,000	Mitsui Chemicals, Inc.		743,065
	102,000	Mitsui Engineering & Shipbuilding Co. Ltd.		271,955

29

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

Shares			Value
JAPAN (continued)
	9,400	Mitsui High-Tec, Inc.(b)	$	97,013
	15,000	Mitsui Home Co. Ltd.		83,819
	510	Mitsui Knowledge Industry Co. Ltd.		86,402
	18,000	Mitsui Matsushima Co. Ltd.		31,795
	230,000	Mitsui Mining & Smelting Co. Ltd.(b)		610,676
	21,000	Mitsui Sugar Co. Ltd.		75,354
	25,000	Mitsui-Soko Co. Ltd.		88,041
	21,100	Mitsumi Electric Co. Ltd.		440,682
	6,000	Mitsumura Printing Co. Ltd.		21,330
	14,000	Mitsuuroko Co. Ltd.		100,939
	6,100	Miura Co. Ltd.		173,143
	5,100	Miyakoshi Corp.(b)		31,388
	37,000	Miyazaki Bank Ltd. (The)		170,583
	34,000	Miyoshi Oil & Fat Co. Ltd.		54,769
	67,856	Mizuho Investors Securities Co. Ltd.(b)		70,860
	76,000	Mizuho Securities Co. Ltd.		271,866
	30,000	Mizuno Corp.		139,977
	14,000	Mochida Pharmaceutical Co. Ltd.		145,731
	4,700	Modec, Inc.		96,438
	167	Monex Group, Inc.		68,180
	30,100	Mori Seiki Co. Ltd.		335,392
	43,000	Morinaga & Co. Ltd.		92,196
	56,000	Morinaga Milk Industry Co. Ltd.		263,778
	8,000	Morita Holdings Corp.		41,504
	12,000	Mory Industries, Inc.		26,129
	8,000	MOS Food Services, Inc.		132,689
	4,200	Moshi Moshi Hotline, Inc.		77,734
	7,000	Mr Max Corp.		33,828
	2,200	Musashi Seimitsu Industry Co. Ltd.		46,681
	13,300	Musashino Bank Ltd. (The)		387,113
	26,000	Mutoh Holdings Co. Ltd.(b)		41,304
	6,400	Mutow Co. Ltd.		27,373
	11,000	Nabtesco Corp.		130,267
	57,000	Nachi-Fujikoshi Corp.		129,178
	500	Nagaileben Co. Ltd.		11,070
	30,000	Nagano Bank Ltd. (The)		63,656
	50,000	Nagase & Co. Ltd.		617,675
	7,000	Nagatanien Co. Ltd.		68,200
	18,000	Nagoya Railroad Co. Ltd.		54,991
	14,000	Nakabayashi Co. Ltd.		29,084
	9,000	Nakamuraya Co. Ltd.		47,792
	40,000	Nakayama Steel Works Ltd.		62,212
	32,500	Namco Bandai Holdings, Inc.		337,583
	51,000	Nankai Electric Railway Co. Ltd.		224,929
	53,000	Nanto Bank Ltd. (The)		293,218
	8,900	NEC Capital Solutions Ltd.		122,800
	17,600	NEC Electronics Corp.(b)		134,324
	3,900	NEC Fielding Ltd.		58,057
	4,200	NEC Mobiling Ltd.		115,481
Shares			Value
JAPAN (continued)
	8,200	NEC Networks & System Integration Corp.	$	101,116
	43	NET One Systems Co. Ltd.		57,085
	13,600	Neturen Co. Ltd.		98,508
	5,000	New Japan Radio Co. Ltd.		11,109
	45,000	NGK Spark Plug Co. Ltd.		521,413
	61,000	NHK Spring Co. Ltd.		488,596
	41,000	Nice Holdings, Inc.(b)		88,363
	9,000	Nichia Steel Works Ltd.		27,995
	31,000	Nichias Corp.(b)		114,336
	17,000	Nichiban Co. Ltd.		59,301
	27,100	Nichicon Corp.		277,277
	1,600	Nichiden Corp.		47,192
	11,000	Nichiha Corp.(b)		67,578
	8,000	Nichii Gakkan Co.		79,898
	26,000	Nichimo Co. Ltd.		43,904
	69,000	Nichirei Corp.		260,623
	9,000	Nichireki Co. Ltd.		38,394
	3,100	Nidec Copal Corp.		47,353
	9,000	Nidec Sankyo Corp.		69,588
	2,800	Nidec Tosok Corp.		24,076
	13,600	Nifco, Inc.		283,890
	5	NIFTY Corp.		4,027
	4,400	Nihon Dempa Kogyo Co. Ltd.		84,124
	2,200	Nihon Eslead Corp.		23,414
	8,000	Nihon Kohden Corp.		136,155
	2	Nihon M&A Center, Inc.		9,043
	36,000	Nihon Matai Co. Ltd.(b)		38,394
	10,000	Nihon Nohyaku Co. Ltd.		64,767
	11,000	Nihon Parkerizing Co. Ltd.		132,100
	1,000	Nihon Shokuhin Kako Co. Ltd.		8,443
	20,000	Nihon Spindle Manufacturing Co. Ltd.		30,217
	1,100	Nihon Tokushu Toryo Co. Ltd.		4,143
	2,050	Nihon Trim Co. Ltd.		42,291
	12,600	Nihon Unisys Ltd.		109,322
	46,000	Nihon Yamamura Glass Co. Ltd.		148,198
	8,000	Nikkiso Co. Ltd.		61,501
	24,000	Nippo Corp.		186,369
	50,000	Nippon Beet Sugar Manufacturing Co. Ltd.		129,423
	43,000	Nippon Carbide Industries Co., Inc.(b)		51,591
	21,000	Nippon Carbon Co. Ltd.		73,954
	6,200	Nippon Ceramic Co. Ltd.		83,411
	39,000	Nippon Chemical Industrial Co. Ltd.		94,018
	42,000	Nippon Chemi-Con Corp.(b)		160,040
	7,000	Nippon Chemiphar Co. Ltd.		22,552
	30,000	Nippon Coke & Engineering Co. Ltd.		37,327
	25,000	Nippon Concrete Industries Co. Ltd.		41,937
	13,000	Nippon Denko Co. Ltd.		94,884
	14,000	Nippon Densetsu Kogyo Co. Ltd.		118,514

30

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

Shares			Value
JAPAN (continued)
	10,000	Nippon Denwa Shisetsu Co. Ltd.	$	30,550
	400	Nippon Felt Co. Ltd.		1,813
	300	Nippon Filcon Co. Ltd.		1,643
	6,300	Nippon Fine Chemical Co. Ltd.		58,650
	38,000	Nippon Flour Mills Co. Ltd.		194,612
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.(b)		32,061
	8,000	Nippon Gas Co. Ltd.		139,621
	18	Nippon Jogesuido Sekkei Co. Ltd.		20,777
	3,400	Nippon Kanzai Co. Ltd.		66,138
	15,000	Nippon Kasei Chemical Co. Ltd.		32,828
	40,000	Nippon Kayaku Co. Ltd.		364,828
	44,000	Nippon Kinzoku Co. Ltd.(b)		80,653
	31,000	Nippon Koei Co. Ltd.		100,217
	27,000	Nippon Konpo Unyu Soko Co. Ltd.		296,051
	26,000	Nippon Koshuha Steel Co. Ltd.		27,440
	233,000	Nippon Light Metal Co. Ltd.(b)		209,665
	60,000	Nippon Meat Packers, Inc.		715,214
	64,000	Nippon Metal Industry Co. Ltd.		117,314
	56,000	Nippon Paint Co. Ltd.		342,165
	3,666	Nippon Paper Group, Inc.		98,151
	247	Nippon Parking Development Co. Ltd.		12,705
	8,000	Nippon Pillar Packing Co. Ltd.(b)		36,705
	46,000	Nippon Piston Ring Co. Ltd.(b)		50,081
	37,000	Nippon Road Co. Ltd. (The)		80,153
	10,000	Nippon Seiki Co. Ltd.		107,204
	6,000	Nippon Seisen Co. Ltd.		17,397
	2,000	Nippon Sharyo Ltd.		12,887
	236,000	Nippon Sheet Glass Co. Ltd.		718,369
	13,000	Nippon Shinyaku Co. Ltd.		181,103
	39,000	Nippon Shokubai Co. Ltd.		331,011
	14,000	Nippon Signal Co. Ltd. (The)		129,090
	52,000	Nippon Soda Co. Ltd.		213,742
	20,000	Nippon Steel Trading Co. Ltd.		34,661
	63,700	Nippon Suisan Kaisha Ltd.		185,407
	26,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		195,256
	32,000	Nippon Thompson Co. Ltd.		170,994
	21,000	Nippon Valqua Industries Ltd.		41,993
	50,500	Nippon Yakin Kogyo Co. Ltd.		253,019
	12,000	Nipro Corp.		261,423
	103,000	Nishimatsu Construction Co. Ltd.		160,196
	11,400	Nishimatsuya Chain Co. Ltd.		115,374
	293,000	Nishi-Nippon City Bank Ltd. (The)		742,143
	40,000	Nishi-Nippon Railroad Co. Ltd.		152,863
	18,000	Nissan Chemical Industries Ltd.		237,760
	34,000	Nissan Shatai Co. Ltd.		291,596
	28,000	Nissay Dowa General Insurance Co. Ltd.		126,912
Shares			Value
JAPAN (continued)
	6,800	Nissei Corp.	$	46,912
	7,900	Nissen Holdings Co. Ltd.		26,066
	3,400	Nissha Printing Co. Ltd.		164,684
	7,300	Nisshin Fudosan Co. Ltd.		39,657
	42,000	Nisshin Oillio Group Ltd. (The)		223,029
	278,000	Nisshin Steel Co. Ltd.		475,610
	40,000	Nisshinbo Holdings, Inc.		403,044
	39,000	Nissin Corp.		90,118
	17,000	Nissin Electric Co. Ltd.		96,506
	13,900	Nissin Kogyo Co. Ltd.		211,862
	21,000	Nissin Sugar Manufacturing Co. Ltd.		45,492
	4,800	Nissui Pharmaceutical Co. Ltd.		37,860
	8,900	Nitta Corp.		132,489
	19,000	Nittetsu Mining Co. Ltd.		104,272
	85,000	Nitto Boseki Co. Ltd.		156,752
	13,000	Nitto Kogyo Corp.		131,423
	4,400	Nitto Kohki Co. Ltd.		92,727
	6,000	Nitto Seiko Co. Ltd.		14,931
	6,200	Noevir Co. Ltd.		65,296
	60,000	NOF Corp.		276,621
	4,000	Nohmi Bosai Ltd.		29,640
	39,500	NOK Corp.		538,427
	23,000	Nomura Co. Ltd.		66,944
	9	Nomura Real Estate Residential Fund, Inc. REIT		42,993
	58,000	Noritake Co. Ltd.		171,394
	9,600	Noritsu Koki Co. Ltd.		81,800
	9,000	Noritz Corp.		115,581
	3,700	NS Solutions Corp.		68,644
	10,600	NSD Co. Ltd.		109,633
	115,000	NSK Ltd.		689,885
	141,000	NTN Corp.		548,242
	4,300	Obara Corp.		42,945
	11,000	Obayashi Road Corp.		19,430
	350	OBIC Business Consultants Ltd.		16,953
	960	Obic Co. Ltd.		164,239
	15,000	Oenon Holdings, Inc.		32,161
	85,000	Ogaki Kyoritsu Bank Ltd. (The)		295,562
	3,600	Ohara, Inc.		55,151
	700	Ohashi Technica, Inc.		3,966
	4,838	Oiles Corp.		80,566
	58,000	Oita Bank Ltd. (The)		239,049
	17,800	Okabe Co. Ltd.		64,069
	13,000	Okamoto Industries, Inc.		49,969
	24,000	Okamura Corp.		119,447
	61,000	Okasan Securities Group, Inc.		295,462
	135,000	Oki Electric Industry Co. Ltd.(b)		124,479
	2,860	Okinawa Electric Power Co., Inc. (The)		155,367
	32,000	OKK Corp.(b)		26,662
	55,000	OKUMA Corp.		274,954
	67,000	Okumura Corp.		237,438
	17,000	Okura Industrial Co. Ltd.(b)		51,558
	9,000	Okuwa Co. Ltd.		101,283

31

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

Shares			Value
JAPAN (continued)
	3,700	Olympic Corp.	$	26,594
	12,000	O-M Ltd.		39,593
	7,000	ONO Sokki Co. Ltd.		31,884
	7,000	Onoken Co. Ltd.		59,335
	59,000	Onward Holdings Co. Ltd.		372,949
	10,000	Organo Corp.		72,877
	15,000	Origin Electric Co. Ltd.		39,327
	7,100	Osaka Steel Co. Ltd.		132,906
	1,300	OSAKA Titanium Technologies Co.		35,455
	6,000	Osaki Electric Co. Ltd.		58,990
	10,600	OSG Corp.		106,100
	2,100	Otsuka Corp.		112,681
	7,100	Oyo Corp.		63,495
	86	Pacific Golf Group International Holdings KK		60,190
	19,000	Pacific Industrial Co. Ltd.		87,174
	9,000	Pacific Metals Co. Ltd.		69,988
	1,900	Pack Corp. (The)		28,875
	2,000	Pal Co. Ltd.		42,904
	17,000	PanaHome Corp.		108,026
	7,700	Paramount Bed Co. Ltd.		173,649
	16,300	Parco Co. Ltd.		144,684
	4,600	Paris Miki Holdings, Inc.		38,123
	13,000	Park24 Co. Ltd.		146,731
	27	Pasona Group, Inc.		21,176
	109,000	Penta-Ocean Construction Co. Ltd.(b)		125,935
	2,900	Pigeon Corp.		113,403
	54	Pilot Corp.		63,769
	2,400	Piolax, Inc.		41,273
	60,300	Pioneer Corp.(b)		154,744
	3,300	Plenus Co. Ltd.		45,276
	57,000	Press Kogyo Co. Ltd.		129,178
	38,000	Prima Meat Packers Ltd.		44,326
	3,300	Pronexus, Inc.		22,290
	17,000	PS Mitsubishi Construction Co. Ltd.(b)		63,834
	21,100	QP Corp.		244,250
	27,500	Raito Kogyo Co. Ltd.		55,602
	31,000	Rasa Industries Ltd.(b)		35,816
	40,000	Rengo Co. Ltd.		226,629
	28,300	Renown, Inc.(b)		52,189
	10,000	Resort Solution Co. Ltd.		16,442
	6,192	Resorttrust, Inc.		71,609
	1,000	Rheon Automatic Machinery Co. Ltd.		3,077
	30,000	Rhythm Watch Co. Ltd.(b)		40,993
	7,300	Ricoh Leasing Co. Ltd.		152,301
	5,000	Right On Co. Ltd.		42,771
	31,000	Riken Corp.		114,681
	4,500	Riken Keiki Co. Ltd.		32,595
	9,000	Riken Technos Corp.		21,296
	2,600	Riken Vitamin Co. Ltd.		69,033
	3,700	Ringer Hut Co. Ltd.		47,311
	5,200	Rinnai Corp.		232,228
Shares			Value
JAPAN (continued)
	73	Risa Partners, Inc.	$	59,282
	698	Riso Kyoiku Co. Ltd.		42,183
	2,400	Rock Field Co. Ltd.		32,128
	18,000	Rohto Pharmaceutical Co. Ltd.		232,161
	9,300	Roland Corp.		100,940
	2,200	Roland DG Corp.		29,304
	13,400	Round One Corp.		99,739
	6,000	Royal Holdings Co. Ltd.		66,789
	61,000	Ryobi Ltd.(b)		160,607
	23,000	Ryoden Trading Co. Ltd.		133,378
	3,400	Ryohin Keikaku Co. Ltd.		154,485
	12,200	Ryosan Co. Ltd.		294,784
	3,300	Ryoshoku Ltd.		80,103
	10,100	Ryoyo Electro Corp.		83,704
	5,000	S Foods, Inc.		45,826
	119,000	S Science Co. Ltd.(b)		3,966
	4,000	Sagami Chain Co. Ltd.(b)		35,772
	20,000	Sagami Co. Ltd.(b)		39,993
	39,000	Sagami Railway Co. Ltd.		168,539
	65,000	Saibu Gas Co. Ltd.		187,024
	5,000	Saizeriya Co. Ltd.		97,039
	44,000	Sakai Chemical Industry Co. Ltd.		180,370
	39,000	Sakai Ovex Co. Ltd.(b)		38,560
	25,000	Sakata INX Corp.		96,651
	12,000	Sakata Seed Corp.		189,435
	3,000	Sala Corp.		19,263
	24,000	San-Ai Oil Co. Ltd.		124,779
	41,000	Sanden Corp.(b)		121,158
	7,500	Sanei-International Co. Ltd.		86,152
	70,000	San-In Godo Bank Ltd. (The)		618,230
	15,700	Sanix, Inc.(b)		28,255
	9,000	Sankei Building Co. Ltd. (The)		70,788
	55,000	Sanken Electric Co. Ltd.		205,910
	23,000	Sanki Engineering Co. Ltd.		170,683
	42	Sanko Marketing Foods Co. Ltd.		37,980
	10,000	Sankyo Seiko Co. Ltd.		27,218
	114,000	Sankyo-Tateyama Holdings, Inc.(b)		113,981
	34,000	Sankyu, Inc.		151,841
	20,600	Sanoh Industrial Co. Ltd.		132,276
	9,400	Sanrio Co. Ltd.		78,007
	14,200	Sanshin Electronics Co. Ltd.		113,581
	6,000	Sansui Electric Co. Ltd.(b)		400
	2,800	Santen Pharmaceutical Co. Ltd.		97,050
	67,000	Sanwa Holdings Corp.		186,824
	25,000	Sanyo Chemical Industries Ltd.		141,643
	9,000	Sanyo Denki Co. Ltd.		42,793
	48	Sanyo Housing Nagoya Co. Ltd.		44,313
	40,000	Sanyo Shokai Ltd.		130,645
	33,000	Sanyo Special Steel Co. Ltd.		125,379
	141,500	Sapporo Hokuyo Holdings, Inc.		485,736
	35,000	Sapporo Holdings Ltd.		187,024
	18,000	Sasebo Heavy Industries Co. Ltd.		40,993

32

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

Shares			Value
JAPAN (continued)
	8,200	Sato Corp.	$	101,208
	4,600	Sato Shoji Corp.		25,040
	3,000	Satori Electric Co. Ltd.		19,530
	11,000	SAXA Holdings, Inc.(b)		23,463
	2,956	SBI Holdings, Inc.		561,546
	1,600	Secom Joshinetsu Co. Ltd.		32,848
	2,500	Secom Techno Service Co. Ltd.		69,433
	16,000	Sega Sammy Holdings, Inc.		230,539
	13,000	Seika Corp.		30,473
	5,600	Seikagaku Corp.		71,544
	36,000	Seiko Holdings Corp.		75,987
	100	Seiko PMC Corp.		282
	67,000	Seino Holdings Corp.		504,649
	23,000	Seiren Co. Ltd.		153,308
	13,000	Sekisui Jushi Corp.		105,860
	29,000	Sekisui Plastics Co. Ltd.		115,014
	29,000	Senko Co. Ltd.		109,859
	16,650	Senshu Ikeda Holdings, Inc.(b)		56,970
	13,400	Senshukai Co. Ltd.		91,105
	5,000	Shibaura Mechatronics Corp.(b)		18,830
	13,000	Shibusawa Warehouse Co. Ltd. (The)		40,871
	9,700	Shibuya Kogyo Co. Ltd.		88,686
	91,000	Shiga Bank Ltd. (The)		573,204
	61,000	Shikibo Ltd.		147,731
	53,000	Shikoku Bank Ltd. (The)		181,348
	15,000	Shikoku Chemicals Corp.		97,650
	5,400	Shima Seiki Manufacturing Ltd.		111,641
	19,300	Shimachu Co. Ltd.		462,051
	32,000	Shimadzu Corp.		226,451
	3,000	Shimizu Bank Ltd. (The)		131,311
	7,200	Shin Nippon Air Technologies Co. Ltd.		51,111
	31,000	Shinagawa Refractories Co. Ltd.		61,301
	29,000	Shindengen Electric Manufacturing Co. Ltd.(b)		69,911
	21,100	Shin-Etsu Polymer Co. Ltd.		138,534
	8,200	Shinkawa Ltd.		134,093
	9,000	Shin-Keisei Electric Railway Co. Ltd.		35,794
	12,000	Shinko Electric Industries Co. Ltd.		185,436
	5,000	Shinko Plantech Co. Ltd.		52,547
	8,000	Shinko Shoji Co. Ltd.		63,101
	7,000	Shinko Wire Co. Ltd.		11,198
	8,000	Shin-Kobe Electric Machinery Co. Ltd.		100,872
	41,000	Shinmaywa Industries Ltd.		150,308
	6,700	Shinnihon Corp.		12,207
	16,000	Shinsho Corp.		27,018
	27,000	Shinwa Kaiun Kaisha Ltd.(b)		75,887
	15,000	Shiroki Corp.(b)		24,329
	2,000	Shizuki Electric Co., Inc.		8,710
	10,000	Shizuoka Gas Co. Ltd.		77,432
	4,900	SHO-BOND Holdings Co. Ltd.		86,498
	4,300	Shobunsha Publications, Inc.		29,474

Shares			Value
JAPAN (continued)
	18,000	Shochiku Co. Ltd.	$	159,173
	500	Shofu, Inc.		4,238
	34,000	Shoko Co. Ltd.		43,059
	5,000	Showa Aircraft Industry Co. Ltd.		33,383
	15,100	Showa Corp.		89,914
	359,000	Showa Denko KK		709,904
	32,000	Showa Sangyo Co. Ltd.		108,071
	2,000	Showa Tansan Co. Ltd.		8,887
	11,600	Siix Corp.		129,254
	82	Simplex Technology, Inc.		39,399
	11,000	Sinanen Co. Ltd.		59,023
	22,000	Sinfonia Technology Co. Ltd.		53,524
	22,300	Sintokogio Ltd.		161,524
	538	SKY Perfect JSAT Holdings, Inc.		249,531
	32,000	SMK Corp.		206,899
	8,000	Sodick Co. Ltd.(b)		18,219
	1,400	Soft99 Corp.		7,963
	1,200	Sogo Medical Co. Ltd.		31,861
	19,500	Sohgo Security Services Co. Ltd.		228,978
	534,500	Sojitz Corp.		1,015,381
	25	So-Net Entertainment Corp.		55,380
	9,400	Sorun Corp.		48,141
	200	SPK Corp.		2,555
	3,100	Square Enix Holdings Co. Ltd.		78,348
	2,500	SRA Holdings, Inc.		22,191
	35	SRI Sports Ltd.		32,467
	16,000	SSP Co. Ltd.		87,630
	5,000	ST Corp.		56,602
	1,000	St. Marc Holdings Co. Ltd.		30,328
	12,100	Stanley Electric Co. Ltd.		244,110
	11,000	Star Micronics Co. Ltd.		92,140
	30,000	Starzen Co. Ltd.		78,654
	2,000	Stella Chemifa Corp.		112,204
	4,200	Sugi Holdings Co. Ltd.		92,198
	2,900	Sugimoto & Co. Ltd.		28,512
	8,100	Sumida Corp.		54,531
	37,000	Sumikin Bussan Corp.		82,620
	12,000	Suminoe Textile Co. Ltd.		17,197
	5,600	Sumiseki Holdings, Inc.(b)		6,221
	8,800	Sumisho Computer Systems Corp.		141,070
	76,000	Sumitomo Bakelite Co. Ltd.		364,739
	12,300	Sumitomo Densetsu Co. Ltd.		65,042
	48,700	Sumitomo Forestry Co. Ltd.		378,715
	150,000	Sumitomo Heavy Industries Ltd.(b)		706,549
	97,000	Sumitomo Light Metal Industries Ltd.(b)		88,363
	37,800	Sumitomo Mitsui Construction Co. Ltd.(b)		33,174
	141,000	Sumitomo Osaka Cement Co. Ltd.		252,191
	12,300	Sumitomo Pipe & Tube Co. Ltd.		70,645

33

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

Shares			Value
JAPAN (continued)
	7,000	Sumitomo Precision Products Co. Ltd.	$	21,308
	1,370	Sumitomo Real Estate Sales Co. Ltd.		49,160
	32,500	Sumitomo Rubber Industries, Inc.		305,810
	13,000	Sumitomo Seika Chemicals Co. Ltd.		50,547
	56,000	Sumitomo Warehouse Co. Ltd. (The)		250,714
	18,000	Sun Wave Corp.		51,591
	4,400	Sundrug Co. Ltd.		111,692
	10,500	Sunx Ltd.		36,744
	38,000	Suruga Bank Ltd.		351,230
	1,300	Suruga Co. Ltd.		26,472
	12,700	Suzuken Co. Ltd.		455,713
	102,000	SWCC Showa Holdings Co. Ltd.(b)		98,584
	62,000	SXL Corp.(b)		35,816
	4,100	Sysmex Corp.		186,747
	6,800	T. Hasegawa Co. Ltd.		106,062
	13,000	T. RAD Co. Ltd.		35,672
	5,000	Tachibana Eletech Co. Ltd.		36,272
	9,800	Tachi-S Co. Ltd.		79,476
	38,000	Tadano Ltd.		184,058
	8,000	Taihei Dengyo Kaisha Ltd.		97,850
	22,000	Taihei Kogyo Co. Ltd.		72,588
	311,000	Taiheiyo Cement Corp.(b)		369,683
	9,900	Taiho Kogyo Co. Ltd.		74,788
	9,400	Taikisha Ltd.		120,509
	288,100	Taisei Corp.		576,104
	45,000	Taiyo Yuden Co. Ltd.		521,913
	1,800	Takachiho Electric Co. Ltd.		18,557
	22,000	Takagi Securities Co. Ltd.		40,815
	6,600	Takamatsu Construction Group Co. Ltd.		93,851
	6,500	Takano Co. Ltd.		40,510
	23,000	Takara Holdings, Inc.		143,343
	3,800	Takara Printing Co. Ltd.		32,675
	37,000	Takara Standard Co. Ltd.		215,797
	16,000	Takasago International Corp.		84,430
	21,000	Takasago Thermal Engineering Co. Ltd.		169,372
	26,000	Takashima & Co. Ltd.(b)		38,416
	91,000	Takashimaya Co. Ltd.		626,784
	10,600	Takata Corp.		203,486
	276	Take and Give Needs Co. Ltd.(b)		36,334
	9,000	Takihyo Co. Ltd.		47,592
	11,000	Takiron Co. Ltd.		30,550
	31,000	Takuma Co. Ltd.(b)		82,308
	5,900	Tamron Co. Ltd.		65,479
	37,000	Tamura Corp.(b)		122,080
	14,000	Tatsuta Electric Wire and Cable Co. Ltd.		32,972
	19,000	Tayca Corp.		53,613
	13,000	TCM Corp.(b)		31,050

Shares			Value
JAPAN (continued)
	27,000	Teac Corp.(b)	$	11,998
	11,170	Tecmo Koei Holdings Co. Ltd.(b)		94,309
	294,000	Teijin Ltd.		881,853
	800	Teikoku Electric Manufacturing Co. Ltd.		17,090
	9,800	Teikoku Piston Ring Co. Ltd.		40,718
	7,000	Teikoku Sen-I Co. Ltd.		41,060
	8,000	Teikoku Tsushin Kogyo Co. Ltd.		18,752
	72,000	Tekken Corp.(b)		63,989
	8,300	Tenma Corp.		98,661
	26	T-GAIA Corp.		50,489
	21,400	THK Co. Ltd.		380,381
	5,600	TKC Corp.		114,034
	78,000	Toa Corp.		83,186
	18,000	Toa Road Corp.		26,196
	82,000	Toagosei Co. Ltd.		292,418
	13,000	Tobu Store Co. Ltd.		43,326
	31,400	TOC Co. Ltd.		149,648
	3,000	Tocalo Co. Ltd.		49,792
	41,000	Tochigi Bank Ltd. (The)		190,390
	96,000	Toda Corp.		324,213
	15,000	Toda Kogyo Corp.		146,309
	26,000	Toei Co. Ltd.		148,175
	16,000	Toenec Corp.		97,406
	76,000	Toho Bank Ltd. (The)		256,668
	43,000	Toho Gas Co. Ltd.		224,518
	2,400	Toho Holdings Co. Ltd.		35,621
	9,000	Toho Real Estate Co. Ltd.		56,491
	2,100	Toho Titanium Co. Ltd.		26,946
	37,000	Toho Zinc Co. Ltd.		190,313
	13,000	Tohoku Bank Ltd. (The)		20,074
	4,000	Tohto Suisan Co. Ltd.		7,465
	54,000	Tokai Carbon Co. Ltd.		269,955
	13,000	Tokai Corp.		71,632
	16,800	Tokai Rika Co. Ltd.		358,340
	16,500	Tokai Rubber Industries, Inc.		198,700
	83,000	Tokai Tokyo Financial Holdings		277,543
	1,230	Token Corp.		39,353
	4,000	Toko Electric Corp.		22,574
	39,000	Toko, Inc.(b)		58,490
	27,000	Tokushima Bank Ltd. (The)		99,883
	31,840	Tokushu Tokai Holdings Co. Ltd.		81,002
	67,000	Tokuyama Corp.		431,706
	35,000	Tokyo Dome Corp.		111,593
	15	Tokyo Electron Device Ltd.		19,513
	16,000	Tokyo Energy & Systems, Inc.		129,223
	26,000	Tokyo Keiki, Inc.		32,061
	14,000	Tokyo Kikai Seisakusho Ltd.		22,552
	18,800	Tokyo Ohka Kogyo Co. Ltd.		368,836
	11,000	Tokyo Rakutenchi Co. Ltd.		45,215
	21,000	Tokyo Rope Manufacturing Co. Ltd.		60,890

34

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

Shares			Value
JAPAN (continued)
	11,900	Tokyo Seimitsu Co. Ltd.(b)	$	153,088
	41,300	Tokyo Steel Manufacturing Co. Ltd.		551,493
	30,000	Tokyo Style Co. Ltd.		256,957
	117,000	Tokyo Tatemono Co. Ltd.		578,404
	5,800	Tokyo Tatemono Real Estate Sales Co. Ltd.		19,652
	12,000	Tokyo Tekko Co. Ltd.		39,993
	20,000	Tokyo Theaters Co., Inc.		33,550
	13,700	Tokyo Tomin Bank Ltd. (The)		203,639
	34,000	Tokyotokeiba Co. Ltd.		54,013
	2,300	Tokyu Community Corp.		49,927
	10,980	Tokyu Construction Co. Ltd.(b)		30,495
	77,000	Tokyu Land Corp.		321,635
	3,900	Tokyu Livable, Inc.		36,047
	12,000	Toli Corp.		22,130
	19,000	Tomato Bank Ltd.		40,104
	2,700	Tomen Devices Corp.		54,321
	3,500	Tomen Electronics Corp.		39,543
	14,800	Tomoe Corp.		36,665
	2,400	Tomoe Engineering Co. Ltd.		36,527
	15,000	Tomoku Co. Ltd.		34,494
	8,436	Tomy Co. Ltd.		75,349
	17,000	Tonami Holdings Co. Ltd.		46,648
	28,000	Tonichi Carlife Group(b)		29,551
	22,100	Topcon Corp.		123,985
	9,500	Toppan Forms Co. Ltd.		119,047
	14,800	Topre Corp.		134,822
	75,000	Topy Industries Ltd.		149,142
	6,500	Tori Holdings Co. Ltd.(b)		3,249
	23	Toridoll Corp		49,365
	4,900	Torigoe Co. Ltd. (The)		43,820
	6,300	Torii Pharmaceutical Co. Ltd.		122,760
	5,000	Torishima Pump Manufacturing Co. Ltd.		89,041
	43,000	Toshiba Machine Co. Ltd.		141,399
	17,000	Toshiba Plant Systems & Services Corp.		225,685
	58,000	Toshiba TEC Corp.(b)		240,338
	23,000	Tosho Printing Co. Ltd.		48,803
	147,000	Tosoh Corp.		404,999
	16,000	Totetsu Kogyo Co. Ltd.		94,918
	38,000	TOTO Ltd.		231,339
	19,000	Tottori Bank Ltd. (The)		53,613
	4,500	Touei Housing Corp.(b)		52,991
	84,000	Towa Bank Ltd. (The)(b)		55,991
	2,000	Towa Pharmaceutical Co. Ltd.		97,984
	105,000	Toyo Construction Co. Ltd.		53,658
	7,200	Toyo Corp.		65,669
	7,000	Toyo Electric Manufacturing Co. Ltd.		62,212
	13,000	Toyo Engineering Corp.		44,626
	87,000	Toyo Ink Manufacturing Co. Ltd.		308,315
	19,000	Toyo Kanetsu K K.		32,084
	26,000	Toyo Kohan Co. Ltd.		128,534

Shares			Value
JAPAN (continued)
	38,000	Toyo Securities Co. Ltd.(b)	$	77,254
	4,000	Toyo Suisan Kaisha Ltd.		105,538
	700	Toyo Tanso Co. Ltd.		35,694
	60,000	Toyo Tire & Rubber Co. Ltd.(b)		115,981
	20,000	Toyo Wharf & Warehouse Co. Ltd.		37,327
	133,000	Toyobo Co. Ltd.		209,809
	9,200	Toyoda Gosei Co. Ltd.		266,756
	13,400	Toyota Auto Body Co. Ltd.		255,004
	10,200	Toyota Boshoku Corp.		219,150
	12,600	Transcosmos, Inc.(b)		112,821
	8,100	Trusco Nakayama Corp.		128,049
	4,300	TS Tech Co. Ltd.		84,696
	53,000	Tsubakimoto Chain Co.		234,928
	28,000	Tsudakoma Corp.		38,260
	34,000	Tsugami Corp.		64,967
	15,000	Tsukishima Kikai Co. Ltd.		94,984
	8,900	Tsumura & Co.		308,482
	3,100	Tsuruha Holdings, Inc.		122,602
	5,000	Tsurumi Manufacturing Co. Ltd.		35,716
	4,000	Tsutsumi Jewelry Co. Ltd.		94,873
	31	TV Asahi Corp.		47,766
	300	TV Tokyo Corp.		7,582
	149,000	Ube Industries Ltd.		393,957
	15,000	Ube Material Industries Ltd.		39,827
	32,000	Uchida Yoko Co. Ltd.		97,050
	6,900	Ulvac, Inc.		167,105
	1,300	Unicharm Petcare Corp.		46,215
	34,000	Uniden Corp.(b)		81,209
	3,500	Unimat Life Corp.		35,927
	2,500	Union Tool Co.		74,015
	4,000	Unipres Corp.		56,346
	5,600	United Arrows Ltd.		57,546
	94,000	Unitika Ltd.(b)		75,187
	3,400	Universe Co. Ltd.		53,484
	79,000	UNY Co. Ltd.		602,055
	18,100	U-Shin Ltd.		97,724
	15,000	Ushio, Inc.		240,460
	3,150	USS Co. Ltd.		193,868
	7,600	Utoc Corp.		21,361
	15,700	Valor Co. Ltd.		136,742
	13,600	Vital KSK Holdings, Inc.(b)		82,191
	27,000	Wacoal Holdings Corp.		330,545
	33	Wacom Co. Ltd. Japan		75,521
	18,000	Wakachiku Construction Co. Ltd.(b)		9,398
	5,100	Warabeya Nichiyo Co. Ltd.		62,833
	5,500	WATAMI Co. Ltd.		108,943
	22,000	Wood One Co. Ltd.		57,190
	5,100	Xebio Co. Ltd.		116,714
	6,300	Yachiyo Bank Ltd. (The)		188,619
	4,000	Yahagi Construction Co.		26,618
	2,600	Yaizu Suisankagaku Industry Co. Ltd.		32,495
	4,800	YAMABIKO Corp.		58,870
	50,000	Yamagata Bank Ltd. (The)		242,737

35

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

Shares			Value
JAPAN (continued)
	18,000	Yamaguchi Financial Group, Inc.	$	174,971
	65,500	Yamaha Corp.		694,184
	59,000	Yamanashi Chuo Bank Ltd. (The)		274,632
	9,300	Yamatake Corp.		199,813
	29,000	Yamatane Corp.		41,560
	7,200	Yamato Kogyo Co. Ltd.		222,363
	9,000	Yamazaki Baking Co. Ltd.		111,481
	100	Yamazawa Co. Ltd.		1,458
	18,200	Yamazen Corp.		60,050
	2,500	Yaoko Co. Ltd.		88,041
	29,000	Yaskawa Electric Corp.		234,861
	5,000	Yasuda Warehouse Co. Ltd. (The)		34,494
	11,400	Yellow Hat Ltd.		108,915
	55,000	Yodogawa Steel Works Ltd.		231,573
	3,000	Yokogawa Bridge Holdings Corp.		25,662
	75,500	Yokogawa Electric Corp.		629,062
	19,000	Yokohama Reito Co. Ltd.		128,123
	68,000	Yokohama Rubber Co. Ltd. (The)		305,194
	3,700	Yokowo Co. Ltd.		22,155
	5,000	Yomeishu Seizo Co. Ltd.		48,492
	14,000	Yomiuri Land Co. Ltd.		46,659
	7,000	Yondenko Corp.		39,660
	9,000	Yonekyu Corp.		91,985
	3,500	Yonex Co. Ltd.		26,051
	8,300	Yorozu Corp.		100,782
	6,000	Yoshimoto Kogyo Co. Ltd.		87,985
	52	Yoshinoya Holdings Co. Ltd.		61,292
	72,000	Yuasa Trading Co. Ltd.		68,789
	27,000	Yuken Kogyo Co. Ltd.		39,293
	3,600	Yukiguni Maitake Co. Ltd.		17,877
	22,000	Yuraku Real Estate Co. Ltd.		81,386
	20,000	Yurtec Corp.		127,312
	800	Yusen Air & Sea Service Co. Ltd.		10,905
	2,640	Yushin Precision Equipment Co. Ltd.		43,171
	3,000	Yushiro Chemical Industry Co. Ltd.		45,826
	6,400	Zenrin Co. Ltd.		95,131
	14,300	Zensho Co. Ltd.		100,560
	72,000	Zeon Corp.		335,944
	5,000	ZERIA Pharmaceutical Co. Ltd.		55,324
	8,300	Zuken, Inc.		68,325
				155,898,602
LIECHTENSTEIN — 0.0%
	1,292	Verwalt & Privat-Bank AG		138,532
LUXEMBOURG — 0.0%
	48,800	Acergy SA		617,894
	4,900	Altisource Portfolio Solutions SA(b)		74,725

Shares			Value
LUXEMBOURG (continued)
	2,150	Elcoteq SE(b)	$	3,449
	5,544	Oriflame Cosmetics SA		312,679
	220,632	Regus Plc		369,356
				1,378,103
MALAYSIA — 0.2%
	61,000	Aeon Co. (Malaysia) Berhad		91,522
	226,400	Affin Holdings Berhad		135,342
	96,700	AirAsia Berhad(b)		38,255
	148,600	Alliance Financial Group Berhad		107,123
	45,800	Amway (Malaysia) Holdings Berhad		97,975
	58,400	ANN JOO Resources Berhad(b)		44,838
	85,200	Bandar Raya Developements Berhad		44,441
	22,000	Batu Kawan Berhad		64,147
	436,600	Berjaya Corp. Berhad		150,971
	31,500	Berjaya Sports Toto Berhad		39,877
	92,540	Boustead Holdings Berhad		92,743
	75,100	Carlsberg Brewery-Malaysia Berhad		99,033
	34,000	Chemical Co. of Malaysia Berhad		25,905
	119,000	Dialog Group Berhad		45,333
	84,900	DNP Holdings Berhad		36,821
	369,300	DRB-Hicom Berhad		117,960
	166,900	Eastern & Oriental Berhad(b)		52,821
	79,400	EON Capital Berhad		130,297
	18,500	Fraser & Neave Holdings Berhad		57,465
	248,600	Gamuda Berhad		229,477
	48,100	Genting Plantations Berhad		86,686
	76,900	Guinness Anchor Berhad		157,744
	102,700	GuocoLand Malaysia Berhad		34,610
	60,800	HAP Seng Consolidated Berhad		43,651
	110,500	Hap Seng Plantations Holdings Berhad		73,181
	54,100	Hong Leong Financial Group Berhad		98,292
	51,500	Hong Leong Industries Berhad		63,686
	30,500	Hume Industries-Malaysia Berhad		30,388
	213,100	IGB Corp. Berhad(b)		121,771
	387,940	IJM Corp. Berhad		545,674
	114,200	IJM Land Berhad(b)		78,643
	97,200	IJM Plantations Berhad		74,912
	32,800	JT International Berhad		44,694
	72,400	Kencana Petroleum Berhad		46,463
	54,900	KFC Holdings Malaysia Berhad		120,659
	159,300	KLCC Property Holdings Berhad		152,648
	538,200	KNM Group Berhad		124,594
	37,500	KPJ Healthcare Berhad		48,791
	58,700	Kulim Malaysia Berhad		127,119
	40,000	Lafarge Malayan Cement Berhad		71,033

36

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

Shares			Value
MALAYSIA (continued)
	157,800	Landmarks Berhad(b)	$	62,426
	97,400	Lingkaran Trans Kota Holdings Berhad		80,203
	322,800	Lion Corp. Berhad(b)		36,891
	262,600	Lion Diversified Holdings Berhad		37,322
	112,000	Lion Industries Corp. Berhad		46,605
	74,900	Mah Sing Group Berhad		39,508
	50,000	Malaysia Airports Holdings Berhad		54,652
	50,100	Malaysian Airline System Berhad(b)		45,512
	64,800	Malaysian Bulk Carriers Berhad		59,246
	12,000	Malaysian Pacific Industries		19,798
	247,500	Malaysian Resources Corp. Berhad(b)		99,363
	82,500	MEASAT Global Berhad(b)		40,132
	112,000	Media Prima Berhad		55,795
	279,900	MMC Corp. Berhad		205,055
	46,000	MNRB Holdings Berhad		41,922
	106,100	Muhibbah Engineering M Berhad		36,377
	450,000	Mulpha International Berhad(b)		62,637
	29,100	Naim Cendera Holdings Berhad		26,350
	58,700	NCB Holdings Berhad		52,636
	4,700	Nestle Malaysia Berhad		45,698
	70,500	Oriental Holdings Berhad		114,659
	199,300	OSK Holdings Berhad		87,604
	58,300	Padiberas Nasional Berhad		34,852
	48,600	Parkson Holdings Berhad		72,633
	17,000	Pelikan International Corp. Berhad		6,775
	106,300	POS Malaysia Berhad		71,957
	69,100	Proton Holdings Berhad		76,744
	86,870	Puncak Niaga Holdings Berhad		81,461
	143,700	Ranhill Berhad		38,109
	84,100	SapuraCrest Petroleum Berhad		51,507
	112,900	Sarawak Energy Berhad		86,019
	260,900	Scomi Group Berhad		43,579
	75,100	Shangri-La Hotels (Malaysia) Berhad		40,493
	28,400	Shell Refining Co. Federation of Malaya Berhad		89,049
	90,800	SP Setia Berhad		102,973
	91,200	Star Publications Malaysia Berhad		90,866
	41,790	Subur Tiasa Holdings Berhad		24,002
	62,400	Sunrise Berhad(b)		39,131
	104,800	Sunway City Berhad		94,896
	153,500	Sunway Holdings Berhad		62,075
	51,600	Ta Ann Holdings Berhad		69,858
	325,600	TA Enterprise Berhad		73,469
	195,360	Ta Global Berhad ICPS(c)(d)		28,387
	195,360	TA Global Ordinary Shares(c)		28,387
	210,800	TAN Chong Motor Holdings Berhad		139,607
	170,200	Time dotCom Berhad(b)		20,449

Shares			Value
MALAYSIA (continued)
	140,000	Titan Chemicals Corp.(b)	$	47,590
	60,480	Top Glove Corp. Berhad		144,443
	275,400	Tradewinds Corp. Berhad		48,422
	99,300	Uchi Technologies Berhad		40,156
	80,250	UEM Land Holdings Berhad(b)		39,508
	75,100	UMW Holdings Berhad		138,866
	90,600	Unisem (M) Berhad		39,559
	38,700	United Plantations Berhad		147,655
	105,000	Wah Seong Corp. Berhad		74,462
	141,900	WTK Holdings Berhad		48,236
	82,259	YNH Property Berhad(b)		40,738
	95,600	Zelan Berhad		24,933
				7,499,822
MEXICO — 0.3%
	107,100	Alfa SAB de CV - Series A		554,572
	22,000	Alsea SAB de CV		14,812
	376,100	Axtel SAB de CV - CPO Shares(b)		278,577
	27,400	Banco Compartamos SA de CV		112,287
	154,500	Carso Infraestructura y Construccion SAB de CV(b)		86,589
	10,500	Cia Minera Autlan SAB de CV - Series B		22,624
	386,400	Consorcio ARA SAB de CV(b)		242,309
	158,600	Corp. GEO SAB de CV - Series B(b)		417,408
	107,708	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		51,228
	27,800	Corp. Moctezuma SAB de CV		58,953
	34,900	Desarrolladora Homex SAB de CV(b)		207,622
	241,200	Embotelladoras Arca SAB de CV		606,482
	179,850	Empresas ICA Sociedad Controladora SAB de CV(b)		394,468
	59,000	Genomma Lab Internacional SA de CV - Class B(b)		96,250
	90,117	Gruma SAB de CV - Series B(b)		162,984
	59,900	Grupo Aeroportuario del Centro Norte SAB de CV		86,195
	109,000	Grupo Aeroportuario del Pacifico SAB de CV - Series B		278,779
	163,500	Grupo Aeroportuario del Sureste SAB de CV - Series B		665,578
	76,400	Grupo Bimbo Sab de CV - Class A		444,961
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)		359,639
	109,000	Grupo Continental SAB de CV		255,087
	67,000	Grupo Famsa Sab de CV - Class A(b)		114,730
	250,100	Grupo Financiero Banorte SAB de CV - Series O		799,335
	57,500	Grupo Industrial Maseca SAB de CV - Series B(d)		38,758

37

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

Shares			Value
MEXICO (continued)
	32,600	Grupo Industrial Saltillo SAB de CV(b)(c)(d)	$	6,419
	22,817	Grupo Iusacell SA de CV(b)		77,763
	4,500	Grupo Mexicano de Desarrollo SAB de CV(b)		2,215
	45,400	Grupo Simec SAB de CV - Series B(b)		111,198
	101,300	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)		98,202
	138,400	Industrias CH SAB de CV - Series B(b)		421,371
	5,700	Industrias Penoles SAB de CV		104,086
	127,413	Mexichem SAB de CV		202,645
	143,500	Organizacion Soriana SAB de CV - Series B(b)		317,458
	13,100	Promotora y Operadora de Infraestructura SAB de CV(b)		23,811
	25,500	Qualitas Compania de Seguros SA de CV		11,588
	194,100	Sare Holding Sab de CV - Class B(b)		70,415
	784,800	TV Azteca SA de CV		404,770
	125,800	Urbi Desarrollos Urbanos SAB de CV(b)		241,143
				8,443,311
MONACO — 0.0%
	560	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		40,283
NETHERLANDS — 0.6%
	30,663	Aalberts Industries NV		385,730
	1,723	Accell Group		84,057
	6,716	AMG Advanced Metallurgical Group NV(b)		90,850
	1,517	Amsterdam Commodities NV		10,247
	8,272	Arcadis NV		166,046
	16,551	ASM International NV(b)		336,739
	6,939	BE Semiconductor Industries NV(b)		27,368
	2,250	Beter BED Holding NV		49,171
	14,708	BinckBank NV		292,099
	4,451	Brunel International		126,061
	16,683	Crucell NV(b)		333,901
	3,083	Crucell NV - ADR(b)		60,889
	10,240	Draka Holding(b)		191,762
	3,556	Exact Holding NV		98,227
	4,496	Fornix Biosciences NV		47,639
	9,788	Fugro NV - CVA		547,443
	903	Gamma Holding NV(b)		10,631
	4,353	Grontmij NV CVA		120,114
	6,853	Heijmans NV - CVA(b)		122,485
	16,275	Imtech NV		415,312
	2,814	Innoconcepts(b)		9,107
	82,206	James Hardie Industries NV(b)		533,522
	4,478	KAS Bank NV - CVA		92,195

Shares			Value
NETHERLANDS (continued)
	419	Kendrion NV	$	5,611
	54,001	Koninklijke BAM Groep NV		637,989
	20,051	Koninklijke Boskalis Westminster NV - CVA		706,422
	74,944	Koninklijke DSM NV		3,291,091
	6,156	Koninklijke Vopak NV(b)		416,736
	3,411	Macintosh Retail Group NV		70,252
	19,570	Mediq NV		310,466
	11,096	Nutreco Holding NV		561,732
	41,505	OCE NV(b)		263,380
	23,562	Ordina NV(b)		146,606
	1,875	Punch Graphix NV(b)		4,230
	31,667	Qiagen NV(b)		658,030
	11,176	Qurius NV(b)		4,770
	44,158	Randstad Holding NV(b)		1,683,113
	42,668	SBM Offshore NV		820,696
	8,307	Sligro Food Group NV		256,236
	5,103	Smit International NV		402,001
	60,863	SNS Reaal(b)		432,797
	9,011	Super De Boer(b)		63,122
	9,199	Telegraaf Media Groep NV		172,809
	9,743	Ten Cate NV		229,126
	14,810	TKH Group NV		246,285
	21,144	TNT NV		562,587
	27,942	TomTom NV(b)		267,861
	6,421	Unit 4 Agresso NV(b)		153,081
	28,285	USG People NV(b)		494,304
	700	VistaPrint NV(b)		35,735
	113,928	Wavin NV		236,068
	52,890	Wolters Kluwer NV		1,182,710
				18,467,441
NEW ZEALAND — 0.1%
	124,893	Air New Zealand Ltd.		116,502
	955	Allied Medical Ltd.(c)(d)		0
	293,121	Auckland International Airport Ltd.		424,865
	77,302	Contact Energy Ltd.(b)		347,230
	253,331	Fisher & Paykel Appliances Holdings Ltd.		119,973
	75,034	Fisher & Paykel Healthcare Corp. Ltd.		166,906
	17,741	Freightways Ltd.		38,318
	72,534	Infratil Ltd.		84,836
	25,306	Mainfreight Ltd.		96,784
	133,040	New Zealand Oil & Gas Ltd.		164,196
	31,497	New Zealand Refining Co. Ltd. (The)		120,462
	61,319	Nuplex Industries Ltd.		109,119
	35,209	PGG Wrightson Ltd.(b)		15,411
	80,140	Pike River Coal Ltd.(b)		64,405
	36,901	Port of Tauranga Ltd.		186,672
	27,536	Pumpkin Patch Ltd.		39,319
	76,230	Ryman Healthcare Ltd.		103,928
	15,128	Sanford Ltd.		52,864

38

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

Shares			Value
NEW ZEALAND (continued)
	110,775	Sky City Entertainment Group Ltd.	$	275,819
	71,497	Sky Network Television Ltd.		246,253
	16,969	Steel & Tube Holdings Ltd.		38,111
	58,281	Tower Ltd.		71,930
	27,372	TrustPower Ltd.		148,681
	49,480	Vector Ltd.		68,879
	34,146	Warehouse Group Ltd. (The)		111,237
				3,212,700
NORWAY — 0.3%
	8,000	ABG Sundal Collier Holding ASA		10,479
	31,000	Acta Holding ASA(b)		20,844
	3,380	Aker ASA - Class A		90,316
	70,000	Aker Solutions ASA		844,758
	7,600	Aktiv Kapital ASA(b)		54,419
	34,500	Atea ASA		227,152
	23,800	Austevoll Seafood ASA(b)		141,323
	19,520	Blom ASA(b)		42,272
	4,500	Bonheur ASA		139,891
	97,500	BW Offshore Ltd.(b)		131,455
	3,200	Camillo Eitzen & Co. ASA(b)		7,545
	26,200	Cermaq ASA(b)		228,785
	5,000	Copeinca ASA(b)		35,191
	1,400	Det Norske Oljeselskap ASA(b)		11,761
	136,848	DNO International ASA(b)		107,549
	5,000	DOF ASA(b)		28,642
	25,800	EDB Business Partner ASA(b)		111,294
	19,000	Eitzen Chemical ASA(b)		7,367
	5,500	Ekornes ASA		101,818
	4,800	Electromagnetic Geoservices AS(b)		3,915
	3,400	Farstad Shipping ASA		79,271
	5,300	Fred Olsen Energy ASA		205,487
	6,500	Ganger Rolf ASA		182,766
	12,320	Kongsberg Gruppen ASA		169,979
	1,127,000	Marine Harvest(b)		820,760
	83,634	Norse Energy Corp. ASA(b)		54,481
	288,200	Norsk Hydro ASA(b)		1,900,059
	51,200	Norske Skogindustrier ASA(b)		85,394
	4,652	Norwegian Air Shuttle AS(b)		132,429
	1,500	Norwegian Energy Co. AS(b)		4,060
	3,050	Odfjell ASA - Class A		27,166
	8,600	ODIM ASA		47,762
	9,000	Opera Software ASA		38,666
	72,800	Petroleum Geo-Services ASA(b)		690,379
	21,000	Pronova BioPharma A/S(b)		65,282
	48,951	Renewable Energy Corp. A/S(b)		293,916
	5,000	Rieber & Son ASA		35,802
	18,600	Schibsted ASA(b)		306,811
	124,724	Sevan Marine ASA(b)		202,359
	3,800	Solstad Offshore ASA		71,674
	18,810	Songa Offshore SE(b)		94,610
	11,656	SpareBank 1 SMN		102,801

Shares			Value
NORWAY (continued)
	110,200	Storebrand ASA(b)	$	753,861
	17,000	Tandberg ASA		456,330
	42,000	TGS Nopec Geophysical Co. ASA(b)		640,720
	24,200	Tomra Systems ASA		122,143
	15,000	Veidekke ASA		115,266
	3,250	Wilh Wilhelmsen ASA - Class A		75,490
				10,122,500
PERU — 0.0%
	23,658	Hochschild Mining Plc		106,740
PHILIPPINES — 0.1%
	1,120,000	Aboitiz Equity Ventures, Inc.		195,233
	90,000	Aboitiz Power Corp.		14,176
	908,000	Ayala Land, Inc.		200,231
	179,600	Banco de Oro Unibank, Inc.		132,017
	523,000	Benpres Holdings Corp.(b)		38,993
	5,817	China Banking Corp.		44,286
	61,000	DMCI Holdings, Inc.		12,427
	1,767,500	Energy Development Corp.		155,907
	80,000	Filinvest Development Corp.		3,629
	2,159,375	Filinvest Land, Inc.		41,723
	88,100	First Philippine Holdings Corp.(b)		87,887
	155,000	Jollibee Foods Corp.		166,019
	127,000	Manila Water Co., Inc.		43,342
	3,091,696	Megaworld Corp.		99,994
	190,500	Metropolitan Bank & Trust		164,034
	66,200	Philippine National Bank(b)		32,672
	7,400	Philippine Stock Exchange, Inc.		50,898
	100,000	Rizal Commercial Banking Corp.		34,653
	321,900	Robinsons Land Corp.		82,816
	26,700	Security Bank Corp.		31,402
	65,600	Union Bank of Philippines		47,531
	323,815	Universal Robina Corp.		85,009
	1,823,000	Vista Land & Lifescapes, Inc.(b)		75,807
				1,840,686
POLAND — 0.2%
	16,598	Agora SA(b)		109,869
	14,296	Alchemia SA(b)		33,504
	1,453	AmRest Holdings NV(b)		35,660
	7,270	Apator SA		37,694
	17,720	Asseco Poland SA		358,320
	1,272	Bank BPH SA(b)		30,580
	7,366	Bank Handlowy W Warszawie SA(b)		162,953
	70,607	Bank Millennium SA(b)		117,150
	4,954	Bank Zachodni WBK SA(b)		267,992
	38,229	Barlinek SA(b)		48,893
	998,357	Bioton SA(b)		79,372
	2,016	BRE Bank SA(b)		189,893
	6,112	Budimex SA		169,015
	30,594	Cersanit-Krasnystaw SA(b)		151,225
	3,727	Ciech SA(b)		50,269

39

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

Shares			Value
POLAND (continued)
	1,000	Dom Development SA	$	15,347
	155,994	Echo Investment SA(b)		225,930
	526	Elektrobudowa SA		31,818
	32,056	Eurocash SA		157,344
	21,032	Fabryka Kotlow Rafako SA		68,338
	6,186	Farmacol SA(b)		88,738
	4,055	Firma Oponiarska Debica SA		87,323
	78,846	Getin Holdings SA(b)		227,299
	4,706	Grupa Kety SA(b)		172,429
	28,521	Grupa Lotos SA(b)		262,239
	45,450	Impexmetal SA(b)		39,276
	1,500	Inter Cars SA(b)		37,072
	4,255	Koelner SA(b)		18,370
	3,531	Kredyt Bank SA(b)		14,890
	66,182	LC Corp. SA(b)		37,746
	350	LPP SA(b)		174,274
	5,176	Mondi Swiecie SA(b)		127,029
	8,958	Mostostal Zabrze SA(b)		14,244
	1,856	Mostostal-Warszawa SA(b)		42,663
	37,549	Multimedia Polska SA(b)		90,855
	90,939	Netia SA(b)		133,281
	3,805	NG2 SA		53,320
	31,220	Noble Bank SA		53,958
	12,374	Orbis SA(b)		196,752
	1,308	PBG SA(b)		102,678
	16,684	Pfleiderer Grajewo SA(b)		89,043
	132,505	Polimex Mostostal SA		172,215
	2,961	Polnord SA(b)		35,649
	3,298	Polska Grupa Farmaceutyczna SA(b)		52,440
	38,946	Polski Koncern Naftowy Orlen SA(b)		410,596
	10,688	Przedsiebiorstwo Eksportu I Importu Kopex SA(b)		96,425
	6,488	Sygnity SA(b)		26,755
	363,944	Synthos SA(b)		150,962
	27,465	TVN SA		137,657
	7,830	Vistula Group SA(b)		5,954
	136	Zaklad Przetworstwa Hutniczego Stalprodukt SA		25,103
	1,517	Zaklady Azotowe Pulawy SA		39,852
	7,032	Zaklady Azotowe W Tarnowie- Moscicach SA		41,686
	2,268	Zaklady Tluszczowe Kruszwica		48,606
				5,648,545
PORTUGAL — 0.2%
	8,360	Altri SGPS SA(b)		48,043
	102,504	Banco BPI SA		346,200
	1,081,127	Banco Comercial Portugues SA		1,543,308
	150,877	Banco Espirito Santo SA		1,114,408
	66,529	BANIF SGPS SA		128,259
	55,072	Brisa Auto-Estradas de Portugal SA		543,823
	46,853	Cimpor Cimentos de Portugal SGPS SA		365,510

Shares			Value
PORTUGAL (continued)
	7,786	Corticeira Amorim SA(b)	$	10,771
	27,456	Finibanco Holding SGPS SA(b)		65,861
	27,299	Global Intelligent Technologies SGPS SA(b)		35,755
	10,315	Impresa SGPS(b)		20,645
	7,597	Inapa-Invest Particip Gesta(b)		7,267
	38,320	Jeronimo Martins SGPS SA		341,181
	19,947	Mota Engil SGPS SA		118,506
	1,206	Novabase SGPS SA(b)		8,679
	105,109	Portucel Empresa Produtora de Pasta e Papel SA		296,992
	1,736	Portugal Telecom SGPS SA		19,889
	27,910	REN - Redes Energeticas Nacionais SA		122,400
	19,000	SAG GEST-Solucoes Automovel Globais SGPS SA		39,146
	13,909	Semapa - Sociedade de Investimento e Gestao		153,949
	235,754	Sonae		310,518
	11,021	Sonae Capital SGPS SA(b)		14,435
	42,221	Sonae Industria SGPS SA(b)		152,354
	37,845	Sonaecom - SGPS SA(b)		108,326
	62,799	Teixeira Duarte - Engenharia Construcoes SA - Class C(b)		98,795
	27,441	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		174,416
				6,189,436
PUERTO RICO — 0.0%
	2,800	First Bancorp Puerto Rico.		5,292
	1,300	Oriental Financial Group, Inc.		13,845
	1,600	Triple-S Management Corp. - Class B(b)		26,720
				45,857
SINGAPORE — 0.3%
	366,000	Allgreen Properties Ltd.		300,310
	123,000	Ascendas India Trust		81,617
	20,000	Asia Food and Properties Ltd.(b)		8,134
	111,000	ASL Marine Holdings Ltd.		78,802
	1,000	Ban Joo & Co. Ltd.(b)		54
	112,000	Banyan Tree Holdings Ltd.(b)		65,128
	7,400	Bonvests Holdings Ltd.		4,725
	30,000	Bukit Sembawang Estates Ltd.		102,743
	28,000	Cerebos Pacific Ltd.		67,126
	35,000	CH Offshore Ltd.		17,231
	147,010	Chartered Semiconductor Manufacturing Ltd.(b)		275,863
	48,000	China Aviation Oil Singapore Corp. Ltd.		37,673
	29,000	China Merchants Holdings Pacific Ltd.		13,139
	133,000	Chip Eng Seng Corp. Ltd.		33,688
	177,000	Chuan Hup Holdings Ltd.(b)		40,412
	306,000	ComfortDelgro Corp. Ltd.		336,228

40

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

Shares			Value
SINGAPORE (continued)
	137,000	Cosco Corp. Singapore Ltd.	$	110,456
	15,550	Creative Technology Ltd.(b)		66,014
	34,000	CSE Global Ltd.		19,407
	47,000	Ezion Holdings Ltd.		25,654
	112,000	Ezra Holdings Ltd.(b)		153,430
	102,000	Fraser and Neave Ltd.		281,645
	130,000	Gallant Venture Ltd.(b)		29,218
	70,000	Goodpack Ltd.		63,929
	38,000	Guocoland Ltd.		51,514
	99,000	Hi-P International Ltd.		49,092
	102,000	Ho Bee Investment Ltd.		102,615
	201,000	Hong Fok Corp. Ltd.(b)		91,067
	63,000	Hong Leong Asia Ltd.		93,496
	112,600	Hotel Properties Ltd.		167,910
	126,000	HTL International Holdings Ltd.		38,657
	65,000	HupSteel Ltd.		13,681
	56,000	Hwa Hong Corp. Ltd.		16,182
	49,000	Hyflux Ltd.		107,681
	94,000	Indofood Agri Resources Ltd.(b)		114,687
	93,000	Jaya Holdings Ltd.		30,192
	267,000	Jiutian Chemical Group Ltd.(b)		35,243
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		1,658
	257,000	K1 Ventures Ltd.		31,173
	190,000	Keppel Land Ltd.		385,002
	25,000	Keppel Telecommunications & Transportation Ltd.		24,616
	86,400	Kim Eng Holdings Ltd.		123,292
	80,000	KS Energy Services Ltd.		64,500
	154,000	Low Keng Huat Singapore Ltd.		38,457
	228,000	MediaRing Ltd.(b)		34,976
	149,000	Metro Holdings Ltd.		80,796
	87,000	Midas Holdings Ltd.		51,211
	66,000	MobileOne Ltd.		81,938
	32,000	NSL Ltd.		29,225
	155,000	Oceanus Group Ltd.(b)		39,813
	175,000	Olam International Ltd.		343,370
	82,000	Orchard Parade Holdings Ltd.(b)		56,166
	12,000	Overseas Union Enterprise Ltd.(b)		80,910
	24,000	Pan Pacific Hotels Group Ltd.		22,432
	200,320	Parkway Holdings Ltd.		363,036
	45,000	Petra Foods Ltd.		27,291
	145,627	Raffles Education Corp. Ltd.		51,952
	56,000	Raffles Medical Group Ltd.		53,141
	121,000	Rotary Engineering Ltd.		90,650
	43,000	SBS Transit Ltd.		54,611
	47,142	SC Global Developments Ltd.(b)		47,426
	58,000	Singapore Land Ltd.		228,847
	267,000	Singapore Post Ltd.		180,026
	182,000	Singapore Reinsurance Corp. Ltd.		38,308
	97,000	Sinomem Technology Ltd.(b)		37,373

Shares			Value
SINGAPORE (continued)
	133,000	SMRT Corp. Ltd.	$	159,423
	425,000	Stamford Land Corp. Ltd.		122,810
	75,000	StarHub Ltd.		101,138
	56,000	Straits Asia Resources Ltd.		73,119
	78,000	Super Coffeemix Manufacturing Ltd.		39,235
	114,000	Swiber Holdings Ltd.(b)		74,831
	93,000	Tat Hong Holdings Ltd.		69,009
	15,000	Tiong Woon Corp. Holding Ltd.		7,973
	65,000	United Engineers Ltd.		77,450
	420,000	United Industrial Corp. Ltd.		545,396
	94,000	UOB-Kay Hian Holdings Ltd.		97,249
	230,000	UOL Group Ltd.		556,313
	66,000	Venture Corp. Ltd.		426,171
	20,000	WBL Corp. Ltd.		65,642
	112,000	Wheelock Properties (S) Ltd.		140,644
	217,000	Wing Tai Holdings Ltd.		257,015
	330,000	Yangzijiang Shipbuilding Holdings Ltd.		234,276
	86,000	Yanlord Land Group Ltd.		140,516
	193,000	Yongnam Holdings Ltd.		35,803
				9,010,852
SOUTH AFRICA — 0.6%
	30,038	Adcock Ingram Holdings Ltd.		205,381
	8,486	Adcorp Holdings Ltd.		29,120
	42,455	Advtech Ltd.		27,723
	32,497	Aeci Ltd.		251,737
	164,755	Afgri Ltd.		126,150
	292,923	African Bank Investments Ltd.		1,155,189
	43,741	African Oxygen Ltd.		128,815
	44,678	African Rainbow Minerals Ltd.		874,682
	13,164	Allied Electronics Corp. Ltd.		49,218
	21,133	Allied Technologies Ltd.		208,354
	18,232	Argent Industrial Ltd.		20,963
	33,764	Aspen Pharmacare Holdings Ltd.(b)		286,194
	10,760	Astral Foods Ltd.		137,772
	151,480	Aveng Ltd.		809,768
	128,958	AVI Ltd.		344,273
	26,384	Avuza Ltd.		74,321
	68,321	Barloworld Ltd.		428,646
	6,892	Bell Equipment Ltd.(b)		9,619
	57,968	Caxton and CTP Publishers and Printers Ltd.(b)		102,131
	2,787	Ceramic Industries Ltd.		38,718
	66,781	Cipla Medpro South Africa Ltd.(b)		41,300
	7,765	City Lodge Hotels Ltd.		79,290
	60,117	Clicks Group Ltd.		190,127
	64,357	DataTec Ltd.		238,970
	74,687	Discovery Holdings Ltd.		297,887
	12,341	Distell Group Ltd.		101,130
	18,365	Distribution and Warehousing Network Ltd.(b)		16,695
	57,380	DRDGOLD Ltd.		34,090

41

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

Shares			Value
SOUTH AFRICA (continued)
	47,730	Exxaro Resources Ltd.	$	540,859
	16,250	First Uranium Corp.(b)		40,098
	52,648	Foschini Ltd.		419,162
	35,515	Gold Reef Resorts Ltd.		88,446
	104,900	Grindrod Ltd.		242,170
	15,617	Group Five Ltd.		80,585
	4,521	Highveld Steel and Vanadium Corp. Ltd.(b)		37,627
	11,337	Hudaco Industries Ltd.		83,902
	13,781	Hulamin Ltd.		24,615
	37,047	Iliad Africa Ltd.		41,269
	68,858	Illovo Sugar Ltd.		312,991
	80,368	Imperial Holdings Ltd.		837,741
	39,249	Investec Ltd.		292,483
	60,659	JD Group Ltd.		340,964
	20,387	JSE Ltd.		158,188
	35,342	Lewis Group Ltd.		247,530
	43,868	Liberty Holdings Ltd.		379,478
	28,971	Massmart Holdings Ltd.		334,928
	96,288	Medi-Clinic Corp. Ltd.		295,891
	206,251	Merafe Resources Ltd.(b)		37,500
	30,264	Metair Investments Ltd.(b)		21,700
	64,951	Metorex Ltd.(b)		26,197
	160,419	Metropolitan Holdings Ltd.		273,185
	45,735	Mondi Ltd.		257,838
	38,782	Mr. Price Group Ltd.		178,268
	39,257	Murray & Roberts Holdings Ltd.		283,394
	116,025	Mvelaphanda Group Ltd.(b)		105,477
	220,033	Nampak Ltd.		478,945
	197,582	Netcare Ltd.(b)		291,946
	41,870	Northam Platinum Ltd.		198,896
	15,290	Omnia Holdings Ltd.		113,647
	6,182	Palabora Mining Co. Ltd.		81,530
	54,939	Peregrine Holdings Ltd.		65,420
	34,944	Pick’n Pay Stores Ltd.		182,550
	71,872	Pretoria Portland Cement Co. Ltd.		303,224
	12,814	PSG Group Ltd.		36,096
	26,755	Raubex Group Ltd.		83,931
	42,088	Reunert Ltd.		298,604
	10,734	Santam Ltd.		138,126
	141,566	Sappi Ltd.		526,568
	29,818	Sentula Mining Ltd.(b)		13,859
	245,651	Simmer & Jack Mines Ltd.(b)		64,479
	38,542	Spar Group Ltd. (The)		336,317
	518,811	Steinhoff International Holdings Ltd.		1,266,138
	19,861	Sun International Ltd.(b)		231,771
	25,476	Tiger Brands Ltd.		512,097
	13,161	Tongaat Hulett Ltd.		169,357
	24,146	Trencor Ltd.		78,219
	62,145	Truworths International Ltd.		358,070
	14,868	Wesizwe(b)		3,674
	9,523	Wilson Bayly Holmes-Ovcon Ltd.		139,004

Shares			Value
SOUTH AFRICA (continued)
	191,832	Woolworths Holdings Ltd.	$	429,596
				18,692,813
SOUTH KOREA — 0.5%
	148	Amorepacific Corp.		102,276
	980	Asia Cement Co. Ltd.		47,415
	28,250	Asiana Airlines(b)		87,217
	1,050	Binggrae Co. Ltd.		39,522
	3,031	Bukwang Pharmaceutical Co. Ltd.		43,840
	31,890	Busan Bank		370,892
	7,435	Cheil Industries, Inc.		281,112
	460	Cheil Worldwide, Inc.		118,672
	45,140	Chin Hung International, Inc.(b)		34,936
	2,580	Chong Kun Dang Pharm Corp.		48,010
	950	CJ CheilJedang Corp.		163,523
	2,890	CJ Corp.		117,947
	489	Dae Han Flour Mills Co. Ltd.		56,045
	4,980	Daeduck Electronics Co.		21,609
	4,020	Daeduck GDS Co. Ltd.		34,343
	25,230	Daegu Bank		341,451
	3,810	Daegu Department Store		39,478
	3,500	Daehan Steel Co. Ltd.		39,078
	10,000	Daekyo Co. Ltd.		40,601
	5,760	Daelim Industrial Co. Ltd.		376,611
	32,360	Daewoo Engineering & Construction Co. Ltd.		338,038
	2,400	Daewoo International Corp.		67,397
	5,379	Daewoo Motor Sales Corp.(b)		45,953
	10,430	Daewoo Securities Co. Ltd.		163,210
	610	Daewoo Shipbuilding & Marine Engineering Co. Ltd.		8,255
	957	Daewoong Pharmaceutical Co. Ltd.		45,007
	11,810	Daishin Securities Co. Ltd.		151,839
	2,770	Daou Technology, Inc.		17,572
	9,680	Dong Hae Pulp Co. Ltd.(b)		50,437
	637	Dong-A Pharmaceutical Co. Ltd.		62,233
	7,266	Dongbu HiTek Co. Ltd.(b)		38,412
	1,740	Dongbu Insurance Co. Ltd.		54,308
	7,640	Dongbu Securities Co. Ltd.(b)		39,226
	5,450	Dongbu Steel Co. Ltd.		35,450
	7,782	Dongkuk Steel Mill Co. Ltd.		169,825
	5,940	Dongwha Pharm Co. Ltd.		35,572
	31,570	Dongwon Systems Corp.		37,518
	10,510	Dongyang Mechatronics Corp.		34,315
	425	Doosan Corp.		30,125
	8,200	Doosan Engineering & Construction Co. Ltd.		51,534
	4,080	Doosan Infracore Co. Ltd.		59,876
	61,250	Eugene Investment & Securities Co. Ltd.(b)		53,103
	1,880	Fursys, Inc.		41,822
	1,215	Glovis Co. Ltd.		107,909

42

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

Shares			Value
SOUTH KOREA (continued)
	3,255	GS Engineering & Construction Corp.	$	293,218
	10,300	GS Holdings Corp.		260,495
	8,870	Halla Climate Control		87,406
	1,700	Halla Engineering & Construction		39,687
	6,760	Han Kuk Carbon Co. Ltd.		35,451
	4,620	Handsome Co. Ltd.		56,468
	1,376	Hanil Cement Co. Ltd.		86,709
	6,862	Hanjin Heavy Industries & Construction Co. Ltd.		125,951
	4,360	Hanjin Heavy Industries & Construction Holdings Co. Ltd.		44,255
	13,650	Hanjin Shipping Co. Ltd.		190,505
	2,010	Hanjin Transportation Co. Ltd.		56,955
	8,200	Hankook Tire Co. Ltd.		158,833
	960	Hankuk Glass Industries, Inc.		17,336
	1,720	Hankuk Paper Manufacturing Co. Ltd.		61,613
	873	Hanmi Pharm Co. Ltd.		85,288
	4,500	Hansol Paper Co.(b)		40,347
	18,805	Hanwha Chemical Corp.		179,739
	3,300	Hanwha Corp.		108,302
	5,420	Hanwha Securities Co.		37,043
	1,420	Hite Holdings Co. Ltd.		37,354
	3,566	HMC Investment Securities Co. Ltd.(b)		56,404
	3,129	Honam Petrochemical Corp.		219,142
	5,940	Hotel Shilla Co. Ltd.		88,930
	3,380	Hyosung Corp.		190,406
	2,323	Hyundai Department Store Co. Ltd.		224,981
	5,130	Hyundai Development Co.		155,343
	790	Hyundai Elevator Co. Ltd.		37,955
	1,359	Hyundai H&S Co. Ltd.		97,708
	6,580	Hyundai Hysco		85,155
	8,560	Hyundai Marine & Fire Insurance Co. Ltd.		162,186
	5,350	Hyundai Merchant Marine Co. Ltd.		110,643
	2,275	Hyundai Mipo Dockyard		191,660
	27,401	Hyundai Securities Co.		319,842
	1,370	Ilyang Pharmaceutical Co. Ltd.(b)		35,633
	2,890	ISU Chemical Co. Ltd.		34,834
	8,960	Jeonbuk Bank		54,946
	8,890	Kangwon Land, Inc.		120,313
	9,640	KC Tech Co. Ltd.		39,547
	957	KCC Corp.		280,078
	3,190	Keangnam Enterprises Ltd.(b)		30,220
	36,490	KIA Motors Corp.(b)		555,568
	960	Kisco Corp.		38,408
	584	KISCO Holdings Co. Ltd.		40,012
	2,054	KISWIRE Ltd.		66,889
	6,620	Kolon Engineering & Construction Co. Ltd.		36,229

Shares			Value
SOUTH KOREA (continued)
	1,560	Kolon Industries, Inc.	$	45,655
	1,696	Korea Express Co. Ltd.(b)		93,676
	1,780	Korea Gas Corp.		76,033
	8,120	Korea Investment Holdings Co. Ltd.		221,845
	2,220	Korea Kumho Petrochemical Co.		44,222
	1,018	Korea Line Corp.		42,537
	1,030	Korea Petrochemical Industries Co. Ltd.(b)		34,152
	1,415	Korea Zinc Co. Ltd.		223,815
	7,440	Korean Airlines Co. Ltd.(b)		288,538
	9,331	Korean Reinsurance Co.		85,240
	7,730	KP Chemical Corp.(b)		45,442
	12,980	KTB Securities Co. Ltd.(b)		47,869
	3,940	Kumho Industrial Co. Ltd.		34,159
	9,090	Kumho Tire Co., Inc.(b)		38,521
	13,440	Kwang Dong Pharmaceutical Co. Ltd.		32,740
	2,130	Kyeryong Construction Industrial Co. Ltd.		40,537
	5,240	Kyobo Securities Co.		44,322
	305	Kyungbang Ltd.(b)		35,602
	9,530	LG Dacom Corp.		152,351
	3,130	LG Fashion Corp.		71,747
	431	LG Household & Health Care Ltd.		90,046
	4,149	LG International Corp.		103,879
	1,050	LG Life Sciences Ltd.(b)		61,814
	22,770	LG Telecom Ltd.		172,376
	6,640	LIG Insurance Co. Ltd.		139,287
	198	Lotte Chilsung Beverage Co. Ltd.		135,992
	154	Lotte Confectionary Co. Ltd.		155,010
	6,810	Lotte Midopa Co. Ltd.		68,258
	309	Lotte Samkang Co. Ltd.		55,410
	1,464	LS Corp.		121,603
	2,270	LS Industrial Systems Co. Ltd.		172,422
	21,722	Macquarie Korea Infrastructure Fund		91,867
	8,990	Meritz Fire & Marine Insurance Co. Ltd.(b)		63,875
	46,150	Meritz Securities Co. Ltd.		47,233
	1,940	Mirae Asset Securities Co. Ltd.		104,200
	8,590	Motonic Corp.		64,666
	2,200	Namhae Chemical Corp.		27,820
	4,660	Namkwang Engineering & Construction(b)		35,475
	90	Namyang Dairy Products Co. Ltd.		41,108
	900	NCSoft Corp.		97,822
	6,140	NH Investment & Securities Co. Ltd.		51,416
	523	Nong Shim Co. Ltd.		106,170
	620	Nong Shim Holdings Co. Ltd.		36,605
	19,780	ON*Media Corp.(b)		57,052
	310	Orion Corp.		63,062

43

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

Shares			Value
SOUTH KOREA (continued)
	361	Ottogi Corp.	$	44,581
	638	Pacific Corp.		78,519
	2,786	Poongsan Corp.(b)		59,031
	523	Poongsan Holdings Corp.(b)		9,356
	2,380	Pusan City Gas Co. Ltd.		45,194
	7,060	RNL Bio Co. Ltd.(b)		35,412
	2,180	S&T Daewoo Co. Ltd.(b)		48,311
	3,070	S&T Dynamics Co. Ltd.		38,562
	1,761	S1 Corp. Korea		70,976
	4,340	Sam Young Electronics Co. Ltd.		40,931
	480	Samchully Co. Ltd.		51,157
	3,140	Samsung Electro-Mechanics Co. Ltd.		265,330
	1,705	Samsung Engineering Co. Ltd.		154,312
	2,470	Samsung Fine Chemicals Co. Ltd.		99,552
	7,082	Samsung SDI Co. Ltd.		823,662
	1,170	Samsung Securities Co. Ltd.		58,587
	1,990	Samsung Techwin Co. Ltd.		154,689
	1,009	Samyang Corp.		32,858
	647	Samyang Genex Co. Ltd.		31,796
	3,540	Seah Besteel Corp.		43,717
	1,170	SeAH Steel Corp.		33,895
	3,260	Sebang Co. Ltd.		37,777
	1,320	Shinyoung Securities Co. Ltd.		39,804
	890	Sindo Ricoh Co. Ltd.		44,942
	1,200	SK Chemicals Co. Ltd.		66,991
	370	SK Gas Co. Ltd.		16,118
	4,930	SK Networks Co. Ltd.		47,747
	26,950	SK Securities Co. Ltd.		59,268
	4,200	SKC Co. Ltd.		65,545
	3,995	Ssangyong Cement Industrial Co. Ltd.(b)		28,824
	3,080	STX Corp. Co. Ltd.		43,767
	1,780	STX Engine Co. Ltd.		26,800
	10,230	STX Offshore & Shipbuilding Co. Ltd.		112,489
	11,970	STX Pan Ocean Co. Ltd.		112,385
	2,230	Sungshin Cement Co. Ltd.(b)		13,788
	70	Taekwang Industrial Co. Ltd.		44,288
	18,720	Taeyoung Engineering & Construction		79,092
	4,070	Taihan Electric Wire Co. Ltd.		66,958
	9,558	Tong Yang Securities, Inc.		90,547
	1,220	Union Steel		22,702
	59,400	Woongjin Chemical Co. Ltd.(b)		65,819
	4,740	Woongjin Coway Co. Ltd.		159,971
	7,290	Woongjin Holdings Co. Ltd.(b)		66,903
	2,440	Woongjin Thinkbig Co. Ltd.		46,746
	16,490	Woori Investment & Securities Co. Ltd.		213,404
	119	Young Poong Corp.		58,380
	4,952	Youngone Corp.(b)		32,546
	1,238	Youngone Holdings Co. Ltd.		25,865
	1,006	Yuhan Corp.		162,526
				17,355,392

Shares			Value
SPAIN — 0.6%
	10,805	Abengoa SA	$	285,744
	641	Acciona SA		78,390
	54,354	Acerinox SA		1,084,264
	2,161	Adolfo Dominguez SA		34,665
	13,166	Afirma Grupo Inmobiliario SA(b)		5,735
	22,385	Almirall SA		296,486
	10,041	Amper SA		89,252
	12,564	Antena 3 de Television SA		107,241
	73,052	Avanzit SA(b)		81,490
	4,036	Azkoyen SA(b)		18,561
	310,518	Banco de Sabadell SA		2,099,793
	43,528	Banco de Valencia SA		369,614
	26,089	Banco Espanol de Credito SA		331,147
	29,775	Banco Guipuzcoano SA		224,131
	55,457	Banco Pastor SA		414,595
	93,494	Bankinter SA		987,899
	920	Baron de Ley(b)		44,679
	10,605	Bolsas y Mercados Espanoles		354,743
	12,725	Campofrio Food SA(b)		128,840
	2,936	Cementos Portland Valderrivas SA		136,104
	2,980	Cie Automotive SA(b)		16,884
	34,790	Cintra Concesiones de Infraestructuras de Transporte SA		359,159
	1,300	Codere SA(b)		12,550
	395	Construcciones y Auxiliar de Ferrocarriles SA		195,027
	1,608	Corp. Dermoestetica(b)		7,537
	7,290	Duro Felguera SA		72,631
	35,741	Ebro Puleva SA		682,199
	7,151	Elecnor SA		127,337
	62,434	Enagas		1,288,170
	30,728	Ercros SA(b)		63,264
	17,487	FAES FARMA SA		97,663
	5,898	Fluidra SA		28,296
	15,391	Fomento de Construcciones y Contratas SA		627,862
	41,277	Gamesa Corp. Tecnologica SA		758,101
	6,672	General de Alquiler de Maquinaria(b)		59,109
	19,858	Gestevision Telecinco SA		206,029
	18,647	Grifols SA		301,997
	16,708	Grupo Catalana Occidente SA		405,461
	40,377	Grupo Empresarial Ence SA(b)		162,813
	24,529	Grupo Ferrovial SA		1,020,131
	13,232	Grupo Tavex SA		12,560
	170,914	Iberia Lineas Aereas de Espana(b)		472,868
	1,200	Iberpapel Gestion SA		19,779
	17,157	Indra Sistemas SA		404,238
	154,436	Jazztel Plc(b)		62,728
	107,992	La Seda de Barcelona SA - Class B(b)		54,035
	2,218	Mecalux SA(b)		33,457
	2,110	Miquel y Costas		45,522

44

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

Shares			Value
SPAIN (continued)
	44,377	Natraceutical SA(b)	$	28,996
	28,530	NH Hoteles SA(b)		149,681
	17,454	Obrascon Huarte Lain SA		465,690
	11,731	Papeles y Cartones de Europa SA		66,639
	1,250	Pescanova I-09 Shares(c)(d)		43,506
	2,501	Pescanova SA		87,046
	29,734	Promotora de Informaciones SA(b)		142,651
	5,465	Prosegur Cia de Seguridad SA		230,419
	43,510	Realia Business SA(b)		117,178
	18,101	Red Electrica Corp. SA		937,935
	4,943	Renta Corp. Real Estate SA(b)		21,459
	36,616	Sacyr Vallehermoso SA(b)		555,564
	27,879	Service Point Solutions SA		46,772
	37,295	Sociedad Nacional Inds. Aplicaciones Celulosa Espanola (Sniace)(b)		73,162
	19,635	Sol Melia SA		174,386
	15,567	Solaria Energia y Medio Ambiente SA(b)		58,189
	12,812	SOS Cuetara SA(b)		38,747
	3,082	Tecnicas Reunidas SA		163,282
	11,644	Telecomunicaciones y Energia(b)		49,437
	51,164	Tubacex SA		212,333
	45,115	Tubos Reunidos SA		138,430
	1,465	Unipapel SA		22,163
	1,457	Vertice Trescientos Sesenta Grados(b)		778
	6,372	Vidrala SA		173,481
	13,066	Viscofan SA		342,268
	11,099	Vocento SA(b)		69,582
	12,701	Zardoya Otis SA		255,512
	38,050	Zeltia SA(b)		225,665
				19,661,731
SWEDEN — 0.5%
	7,721	AarhusKarlshamn AB		156,766
	18,530	Acando AB		38,276
	5,687	Active Biotech AB(b)		46,508
	2,200	AddTech AB - Class B		31,950
	4,388	AF AB - Class B		110,439
	1,635	Avanza Bank Holding AB		35,617
	4,250	Axfood AB		127,939
	5,000	Axis Communications AB		54,637
	8,158	B&B Tools AB - Class B		96,623
	9,626	BE Group AB		56,326
	2,900	Beijer Alma AB		36,187
	5,200	Bilia AB - Class A(b)		42,525
	34,214	Billerud AB(b)		190,071
	2,745	BioGaia AB - Class B		30,286
	14,035	Biotage AB		12,665
	3,700	Biovitrum AB(b)		30,910
	135,056	Boliden AB		1,671,002
	9,845	Bure Equity AB(b)		50,667

Shares			Value
SWEDEN (continued)
	4,900	Cardo AB	$	132,652
	2,600	Catena AB		32,627
	4,550	Clas Ohlson AB - Class B		86,448
	17,928	Concordia Maritime AB - Class B		44,490
	11,500	D Carnegie AB(b)(c)(d)		28,862
	8,757	East Capital Explorer AB(b)		80,875
	37,120	Electrolux AB - Series B(b)		907,032
	19,800	Elekta AB - Class B		378,984
	3,250	Enea AB(b)		21,904
	56,403	Eniro AB(b)		264,032
	34,317	Getinge AB - Class B		647,413
	10,800	Gunnebo AB(b)		52,232
	16,108	Hakon Invest AB		271,410
	9,527	Haldex AB(b)		83,956
	61,599	Hexagon AB - Class B		820,770
	1,065	Hexpol AB(b)		8,897
	8,000	HIQ International AB(b)		28,425
	7,672	Hoganas AB - Class B		140,627
	24,403	Holmen AB - Class B		669,235
	12,875	Husqvarna AB - Class A(b)		76,971
	104,097	Husqvarna AB - Class B(b)		666,362
	9,667	Industrial & Financial Systems - Class B		88,257
	2,800	Indutrade AB		57,936
	10,200	Intrum Justitia AB		127,999
	27,734	JM AB(b)		421,353
	8,298	KappAhl Holding AB		65,813
	13,111	Lindab International AB		141,421
	5,526	Loomis AB - Class B		60,190
	83,029	Lundin Petroleum AB(b)		718,810
	75,632	Meda AB - Class A		693,162
	2,363	Medivir AB - Class B(b)		23,239
	775	Mekonomen AB		15,107
	32,252	Micronic Laser Systems AB(b)		59,117
	12,149	Modern Times Group AB - Class B		537,881
	11,250	Munters AB(b)		78,836
	23,963	NCC AB - Class B		368,285
	83,059	Net Insight AB - Class B(b)		60,313
	26,972	New Wave Group AB - Class B		95,076
	11,000	Nibe Industrier AB - Class B		123,691
	54,289	Nobia AB(b)		340,634
	6,907	Nolato AB - Class B		56,485
	1,595	ORC Software AB		30,923
	61,001	PA Resources AB(b)		242,550
	44,150	Peab AB		281,997
	336,078	Pricer AB - Class B(b)		28,906
	17,871	Proffice AB - Class B(b)		59,971
	10,400	Q-Med AB(b)		63,495
	38,670	Ratos AB - Class B		910,556
	3,580	Rederi AB Transatlantic		11,862
	18,694	Rezidor Hotel Group AB(b)		60,624
	66,764	RNB Retail and Brands AB(b)		66,366
	22,016	Rottneros AB(b)		8,288
	294,415	SAS AB(b)		182,654

45

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

Shares			Value
SWEDEN (continued)
	5,345	Seco Tools AB - Class B	$	71,596
	12,893	Securitas AB - Class B		122,254
	7,004	Skanditek Industriforvaltning AB		19,455
	5,200	SkiStar AB		98,615
	1,764	Studsvik AB		18,530
	6,500	Sweco AB - Class B		51,553
	417	TradeDoubler AB(b)		3,263
	55,800	Trelleborg AB - Class B(b)		346,181
				15,076,842
SWITZERLAND — 1.1%
	432	Acino Holding AG		70,996
	9,550	Actelion Ltd.(b)		527,349
	33,553	Adecco SA		1,504,472
	1,057	Advanced Digital Broadcast Holdings SA(b)		53,782
	275	Affichage Holding AG		32,167
	261	AFG Arbonia-Forster Holding(b)		5,584
	778	Allreal Holding AG		94,036
	934	Also Holding AG(b)		37,555
	12,716	Aryzta AG(b)(e)		492,183
	6,942	Aryzta AG(b)(e)		273,376
	5,613	Ascom Holding AG(b)		59,637
	176	Bachem Holding AG - Class B		12,095
	13,673	Baloise Holding AG		1,174,846
	1,453	Bank Coop AG		101,621
	6,000	Bank Sarasin & Compagnie AG - Class B(b)		239,497
	234	Banque Cantonale de Geneve		54,628
	806	Banque Cantonale Vaudoise		303,654
	6	Banque Privee Edmond de Rothschild SA		159,372
	373	Barry Callebaut AG(b)		208,697
	1,515	Basilea Pharmaceutica(b)		125,524
	1,614	Basler Kantonalbank		185,958
	58	Belimo Holding AG		59,306
	27	Bell Holding AG		41,583
	966	Bellevue Group AG		39,312
	1,259	Berner Kantonalbank AG		284,100
	1,728	BKW FMB Energie AG		142,330
	3,431	Bobst Group AG(b)		127,086
	1,792	Bucher Industries AG		188,825
	323	Burckhardt Compression Holding AG		47,164
	90	Centralschweizerische Kraftwerke AG		31,407
	2,250	Charles Voegele Holding AG - Class A(b)		88,824
	80,593	Clariant AG(b)		773,014
	250	Coltene Holding AG		12,794
	56,958	Compagnie Financiere Richemont SA -Class A		1,602,308
	35	Conzzeta Holding AG		60,386
	402	Cytos Biotechnology AG(b)		5,290
	1,600	Daetwyler Holding AG		78,838

Shares			Value
SWITZERLAND (continued)
	597	Dufry Group(b)	$	37,825
	7,538	EFG International AG		126,013
	36	Elektrizitaets-Gesellschaft Laufenburg AG		34,916
	809	Emmi AG		95,418
	1,783	EMS-Chemie Holding AG		198,304
	3,730	Energiedienst Holding AG		203,970
	1,115	Flughafen Zuerich AG		324,968
	331	Forbo Holding AG(b)		93,567
	944	Galenica AG		325,739
	3,937	Geberit AG		653,161
	1,437	Georg Fischer AG(b)		378,195
	1,145	Givaudan SA		850,463
	198	Gurit Holding AG		109,528
	1,403	Helvetia Holdings AG		448,566
	39,120	Holcim Ltd.(b)		2,499,577
	762	Implenia AG(b)		21,169
	23,084	Julius Baer Group Ltd.		868,997
	23,084	Julius Baer Holding AG		282,840
	483	Kaba Holding AG - Class B		111,911
	814	Kardex AG(b)		27,017
	200	Komax Holding AG		15,011
	10,619	Kudelski SA		217,369
	8,338	Kuehne & Nagel International AG		757,483
	798	Kuoni Reisen Holding		270,888
	11	Lindt & Spruengli AG		279,691
	9,109	Logitech International SA(b)		156,360
	7,349	Lonza Group AG		572,719
	800	Luzerner Kantonalbank AG		205,088
	418	Meyer Burger Technology AG(b)		91,309
	8,234	Micronas Semiconductor Holding(b)		29,295
	5,846	Mobilezone Holding AG		44,903
	965	Mobimo Holding AG(b)		155,676
	9,850	Nobel Biocare Holding AG		280,359
	554	OC Oerlikon Corp AG(b)		35,290
	333	Orell Fuessli Holding AG		47,715
	3,575	Panalpina Welttransport Holding AG		250,902
	508	Partners Group Holding AG		62,442
	26,783	Petroplus Holdings AG(b)		586,359
	124	Phoenix Mecano AG		46,837
	347	Precious Woods Holding AG(b)		13,022
	402	PubliGroupe SA(b)		38,597
	915	Rieter Holding AG(b)		205,226
	203	Romande Energie Holding SA		403,863
	3,357	Schindler Holding AG		232,657
	1,453	Schulthess Group		84,129
	200	Schweiter Technologies AG		98,450
	3,171	Schweizerishe National- Versicherungs- Gesellsschaft(b)		97,365
	451	SGS SA		604,469
	436	Siegfried Holding AG		44,199

46

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

Shares			Value
SWITZERLAND (continued)
	576	Sika AG	$	782,673
	4,650	Sonova Holding AG		479,550
	120	Sopracenerina STA Elettrica		26,903
	461	St. Galler Kantonalbank		210,189
	271,165	STMicroelectronics NV		2,190,438
	729	Straumann Holding AG		176,228
	6,680	Sulzer AG		522,211
	8,414	Swatch Group AG(e)		1,972,480
	12,074	Swatch Group AG(e)		543,736
	6,922	Swiss Life Holding AG(b)		832,610
	32,384	Swiss Reinsurance		1,326,421
	38,012	Swisslog Holding AG		32,606
	1,620	Swissquote Group Holding SA		83,692
	424	Tamedia AG		31,410
	2,779	Tecan Group AG		170,657
	10,048	Temenos Group AG(b)		230,167
	300	Valartis Group AG		9,211
	4,161	Valiant Holding AG		820,113
	885	Valora Holding AG		211,351
	78	Vaudoise Assurances Holding SA		14,066
	8,426	Vontobel Holding AG		270,217
	609	VZ Holding AG		46,896
	390	Walter Meier AG - Class A		30,792
	531	Ypsomed Holding AG(b)		33,644
	60	Zehnder Group AG		66,088
	20	Zuger Kantonalbank AG		81,977
				34,115,739
TAIWAN — 0.6%
	24,905	Ability Enterprise Co. Ltd.		46,712
	70,000	Accton Technology Corp.		26,581
	25,125	Advantech Co. Ltd.		45,425
	61,000	AGV Products Corp.(b)		23,164
	41,769	Altek Corp.		72,177
	44,000	Ambassador Hotel (The)		45,186
	143,272	AmTRAN Technology Co. Ltd.		139,426
	30,000	Asia Optical Co., Inc.		49,165
	61,000	Asia Polymer		44,733
	82,080	Asia Vital Components Co. Ltd.		87,069
	27,270	Avermedia Technologies, Inc.		33,078
	59,280	Bank of Kaohsiung(b)		18,209
	21,030	Basso Industry Corp.		20,045
	422,350	BES Engineering Corp.		118,824
	137,000	Capital Securities Corp.(b)		65,082
	26,400	Catcher Technology Co. Ltd.		65,182
	138,000	Cathay No. 1 REIT		45,826
	8,000	Cathay No. 2 REIT		2,625
	189,000	Cathay Real Estate Development Co. Ltd.(b)		76,418
	283,000	Cheng Loong Corp.(b)		93,541
	58,748	Cheng Uei Precision Industry Co. Ltd.		113,800
	106,720	Chia Hsin Cement Corp(b)		55,127
	55,631	Chicony Electronics Co. Ltd.		124,012
	227,418	China Airlines(b)		71,673

Shares			Value
TAIWAN (continued)
	32,000	China Chemical & Pharmaceutical Co. Ltd.	$	22,433
	1,480,000	China Development Financial Holding Corp.(b)		393,174
	121,000	China General Plastics Corp.(b)		43,901
	98,440	China Life Insurance Co. Ltd.(b)		73,097
	217,505	China Manmade Fibers(b)		40,595
	38,220	China Metal Products		45,362
	176,000	China Motor Corp.(b)		122,842
	417,260	China Petrochemical Development Corp.(b)		152,032
	30,114	China Steel Chemical Corp.		77,500
	44,000	China Synthetic Rubber Corp.		46,269
	59,059	Chin-Poon Industrial Co.		44,490
	24,157	Chroma ATE, Inc.		47,314
	93,100	Chun Yuan Steel		31,202
	51,000	Chung Hsin Electric & Machinery Manufacturing Corp.		31,049
	82,441	Chung Hung Steel Corp.(b)		31,686
	55,000	Chung HWA Pulp Corp.		22,999
	1,983,000	Chunghwa Picture Tubes Ltd.(b)		207,915
	39,916	Clevo Co.(b)		50,750
	709,000	CMC Magnetics Corp.(b)		158,486
	24,150	Compal Communications, Inc.		36,459
	353,000	Compeq Manufacturing Co.(b)		92,800
	204,689	Continental Engineering Corp.		78,041
	30,425	Cosmos Bank Taiwan(b)		3,415
	77,838	CTCI Corp.		68,329
	32,460	CyberTAN Technology, Inc.		43,216
	16,000	Depo Auto Parts Ind. Co. Ltd.		35,126
	124,712	D-Link Corp.		118,872
	672,590	E.Sun Financial Holding Co. Ltd.(b)		266,778
	160,739	Eastern Media International(b)		34,300
	32,320	Elan Microelectronics Corp.		44,719
	24,570	Elite Semiconductor Memory Technology, Inc.		34,789
	166,789	Elitegroup Computer Systems		64,617
	29,080	Entie Commercial Bank(b)		8,128
	75,000	Epistar Corp.		222,996
	162,542	Eternal Chemical Co. Ltd.		152,931
	309,281	Eva Airways Corp.(b)		117,919
	99,000	Evergreen International Storage & Transport Corp.(b)		81,427
	112,000	Evergreen Marine Corp. Taiwan Ltd.(b)		57,338
	109,000	Everlight Chemical Industrial Corp.		79,765
	20,264	Everlight Electronics Co. Ltd.		56,512
	186,430	Far Eastern Department Stores Co. Ltd.		195,183
	378,293	Far Eastern International Bank(b)		130,855

47

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

Shares			Value
TAIWAN (continued)
	17,000	Farglory Land Development Co. Ltd.	$	35,126
	104,000	Federal Corp.(b)		79,144
	45,320	Feng Hsin Iron & Steel Co.		69,813
	42,599	Feng TAY Enterprise Co. Ltd.		35,496
	33,079	First Steamship Co. Ltd.		42,565
	35,000	Forhouse Corp.(b)		32,823
	8,079	Formosa International Hotels Corp.		102,469
	170,000	Formosa Taffeta Co. Ltd.		116,564
	93,000	Formosan Rubber Group, Inc.		70,773
	5,000	Foxconn Technology Co. Ltd.		16,988
	73,800	FSP Technology, Inc.		78,853
	89,000	Fubon No 2 REIT		29,117
	32,760	Giant Manufacturing Co. Ltd.		86,123
	50,000	Giantplus Technology Co. Ltd.(b)		28,441
	179,500	Gigabyte Technology Co. Ltd.		154,813
	31,341	Gintech Energy Corp.(b)		47,508
	51,000	Globe Union Industrial Corp.		46,730
	159,000	Gold Circuit Electronics Ltd.(b)		57,688
	187,230	Goldsun Development & Construction Co. Ltd.		86,353
	224,000	Grand Pacific Petrochemical(b)		115,020
	59,000	Great China Metal Industry		35,647
	66,000	Great Taipei Gas Co. Ltd.		32,469
	43,294	Great Wall Enterprise Co.		45,593
	57,060	Greatek Electonics, Inc.		55,090
	44,000	Hannstar Board Corp.		40,316
	872,000	HannStar Display Corp.(b)		168,110
	108,000	Hey Song Corp.		57,116
	88,485	Highwealth Construction Corp.		112,637
	107,610	Ho Tung Chemical Corp.(b)		49,631
	36,000	Holystone Enterprise Co. Ltd.		39,627
	21,000	Hotai Motor Co. Ltd.		49,267
	68,678	Hsin Kuang Steel Co. Ltd.		55,115
	201,000	HUA ENG Wire & Cable Co., Ltd.(b)		64,893
	2,000	Huaku Development Co. Ltd.		4,852
	4,000	Huang Hsiang Construction Co.(b)		7,625
	78,000	Hung Ching Development Co.		39,572
	37,743	Hung Poo Real Estate Development Corp.		55,704
	69,000	Hung Sheng Construction Co. Ltd.		30,445
	35,341	Ichia Technologies, Inc.(b)		18,853
	28,000	Inotera Memories, Inc.(b)		16,960
	371,800	Inventec Co. Ltd.		209,204
	8,000	ITE Technology, Inc.		15,251
	20,187	Johnson Health Tech Co. Ltd.		21,228
	79,516	Kenda Rubber Industrial Co. Ltd.		95,352
	149,000	Kindom Construction Co.		114,076
	292,184	King Yuan Electronics Co. Ltd.		114,994
	141,185	King’s Town Bank(b)		34,208
	244,343	Kinpo Electronics, Inc.(b)		65,212

Shares			Value
TAIWAN (continued)
	46,000	Kinsus Interconnect Technology Corp.	$	117,818
	128,000	Kuoyang Construction Co. Ltd.(b)		63,168
	254,000	Kwong Fong Industries(b)		62,479
	5,100	Largan Precision Co. Ltd.		59,432
	237,000	Lealea Enterprise Co. Ltd.(b)		49,771
	26,875	LEE Chang Yung Chemical Industries Corp.		30,285
	86,000	Li Peng Enterprise Co. Ltd.(b)		35,566
	129,111	Lien Hwa Industrial Corp.		60,143
	70,000	Lingsen Precision Industries Ltd.		24,752
	34,000	Lite-On Technology Corp.		45,528
	78,841	Long Bon Development Co. Ltd.(b)		27,999
	44,000	Long Chen Paper Co. Ltd.(b)		14,205
	429,385	Macronix International		221,802
	70,000	Masterlink Securities Corp.(b)		27,873
	117,000	Mercuries & Associates Ltd.(b)		50,005
	20,700	Merida Industry Co. Ltd.		33,797
	17,849	Merry Electronics Co. Ltd.		30,459
	86,000	Microelectronics Technology, Inc.		37,020
	211,404	Micro-Star International Co. Ltd.		128,703
	232,000	Mitac International		110,568
	77,000	Mitac Technology Corp.		69,843
	16,044	Nan Kang Rubber Tire Co. Ltd.(b)		16,329
	22,440	Nan Ya Printed Circuit Board Corp.		71,067
	174,899	Nanya Technology Corp.(b)		126,376
	81,000	Nien Hsing Textile Co. Ltd.		41,468
	87,360	Opto Technology Corp.		65,138
	62,473	Oriental Union Chemical Corp.		43,700
	90,000	Pan Jit International, Inc.		62,264
	38,031	Pan-International Industrial		56,772
	135,000	Phihong Technology Co. Ltd.		117,886
	191,542	Phoenix Precision Technology Corp.(b)		131,923
	26,260	Pihsiang Machinery Manufacturing Co. Ltd.		54,421
	179,000	Polaris Securities Co. Ltd.(b)		94,115
	173,250	POU Chen Corp.		120,657
	28,000	President Chain Store Corp.		63,967
	56,000	President Securities Corp.(b)		33,576
	179,026	Prince Housing Development Corp.(b)		79,541
	121,000	Prodisc Technology, Inc.(b)		2,567
	394,000	Qisda Corp.(b)		224,118
	113,359	Radium Life Tech Co. Ltd.(b)		85,743
	38,380	Realtek Semiconductor Corp.		83,314
	8,400	Richtek Technology Corp.		65,732
	630,000	Ritek Corp.(b)		153,418
	82,000	Ruentex Development Co. Ltd.		93,414
	99,000	Ruentex Industries Ltd.(b)		164,072

48

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

Shares			Value
TAIWAN (continued)
	142,497	Sampo Corp.(b)	$	22,740
	94,519	Sanyang Industrial Co. Ltd.(b)		38,507
	37,000	Sheng Yu Steel Co. Ltd.		25,597
	53,000	Shihlin Electric & Engineering Corp.		64,370
	32,000	Shihlin Paper Corp.(b)		64,152
	336,000	Shin Kong Financial Holding Co. Ltd.(b)		140,504
	49,000	Shin Kong No.1 REIT		15,036
	8,000	Shin Zu Shing Co. Ltd.		37,389
	65,000	Shinkong Insurance Co. Ltd.(b)		33,576
	443,425	Shinkong Synthetic Fibers Corp.(b)		111,937
	79,000	Shinkong Textile Co. Ltd.(b)		75,422
	73,000	Sigurd Microelectronics Corp.		37,372
	205,869	Silicon Integrated Systems Corp.(b)(c)		97,481
	61,000	Sinbon Electronics Co. Ltd.		37,512
	52,170	Sincere Navigation Corp.		58,951
	1,690,000	SinoPac Financial Holdings Co. Ltd.(b)		639,148
	65,833	Sintek Photronic Corp.(b)		35,018
	30,434	Sinyi Realty Co.		51,561
	24,069	Springsoft, Inc.		21,536
	43,000	Standard Foods Corp.		47,663
	130,399	Sunplus Technology Co. Ltd.(b)		110,460
	38,500	Sunrex Technology Corp.		40,248
	11,000	T JOIN Transportation Co.		6,934
	63,290	TA Chen Stainless Pipe Co. Ltd.(b)		44,369
	429,000	TA Chong Bank Co. Ltd.(b)		85,739
	80,000	Ta Ya Electric Wire & Cable(b)		18,694
	350,595	Taichung Commercial Bank		88,503
	339,000	Tainan Spinning Co. Ltd.(b)		127,687
	1,118,000	Taishin Financial Holding Co. Ltd.(b)		448,603
	480,000	Taiwan Business Bank(b)		119,546
	53,000	Taiwan Cogeneration Corp.		25,911
	2,000	Taiwan Fertilizer Co. Ltd.		6,334
	136,990	Taiwan Glass Industrial Corp.		106,777
	34,951	Taiwan Hon Chuan Enterprise Co. Ltd.		57,172
	75,428	Taiwan Life Insurance Co. Ltd.(b)		68,649
	73,000	Taiwan Mask Corp.		25,364
	71,544	Taiwan Navigation Co. Ltd.		97,891
	52,000	Taiwan Paiho Ltd.		32,617
	38,117	Taiwan Secom Co. Ltd.		58,717
	46,359	Taiwan Sogo Shin Kong Security Co. Ltd.		30,148
	79,483	Taiwan Styrene Monomer Corp.(b)		33,604
	47,880	Taiwan TEA Corp.(b)		27,898
	84,000	Taiyen Biotech Co. Ltd.(b)		49,848
	732,000	Tatung Co. Ltd.(b)		164,527
	364,000	Teco Electric and Machinery Co. Ltd.		147,735

Shares			Value
TAIWAN (continued)
	63,705	Test-Rite International Co.	$	28,990
	152,000	Ton Yi Industrial Corp.		53,747
	34,860	Tong Yang Industry Co. Ltd.		50,056
	40,000	Topco Scientific Co. Ltd.		39,357
	24,137	Transcend Information, Inc.		76,813
	16,000	Tripod Technology Corp.		40,931
	36,764	Tsann Kuen Enterprise Co. Ltd.(c)(d)		30,295
	84,135	TSRC Corp.		99,597
	65,315	Tung Ho Steel Enterprise Corp.		63,361
	30,000	TXC Corp.		41,509
	199,000	Tycoons Group Enterprise(b)		30,533
	26,000	U-Ming Marine Transport Corp.		47,886
	103,000	Unimicron Technology Corp.		120,346
	131,000	Union Bank of Taiwan(b)		23,442
	152,000	Unitech Printed Circuit Board Corp.(b)		50,942
	96,000	Universal Cement Corp.(b)		46,195
	247,783	Universal Scientific Industrial Co. Ltd.		124,947
	161,039	UPC Technology Corp.		78,977
	111,000	USI Corp.(b)		53,072
	52,000	Ve Wong Corp.		39,732
	26,400	Via Technologies, Inc.(b)		16,356
	727,000	Walsin Lihwa Corp.(b)		241,417
	62,526	Walsin Technology Corp.(b)		24,704
	99,000	Wan Hai Lines Ltd.(b)		46,269
	356,367	Waterland Financial Holdings(b)		110,122
	53,000	Wei Chuan Food Corp.(b)		69,748
	808,000	Winbond Electronics Corp.(b)		152,790
	132,000	Wintek Corp.(b)		89,697
	158,152	Wistron Corp.		269,884
	30,000	Wistron NeWeb Corp.		40,633
	54,000	WPG Holdings Co. Ltd.		75,547
	54,000	WT Microelectronics Co. Ltd.		37,358
	117,597	Ya Hsin Industrial Co. Ltd.(b)(c)(d)		0
	368,000	Yageo Corp.		103,646
	367,000	Yang Ming Marine Transport Corp.		132,027
	82,077	Yeun Chyang Industrial Co. Ltd.		63,849
	255,308	Yieh Phui Enterprise Co. Ltd.		83,996
	86,240	Yosun Industrial Corp.		79,020
	3,000	Young Fast Optoelectronics Co. Ltd.		34,822
	253,242	Yuen Foong Yu Paper Manufacturing Co. Ltd.(b)		91,881
	241,000	Yulon Motor Co. Ltd.		274,916
	26,000	Yulon Nissan Motor Co. Ltd.(b)		51,244
	35,000	Yung Shin Pharmaceutical Industrial Co. Ltd.		37,666
	71,000	Yungtay Engineering Co. Ltd.		53,376
	14,169	Zinwell Corp.		24,920

49

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

Shares			Value
TAIWAN (continued)
	30,416	Zyxel Communications Corp.	$	21,416
				18,532,418
THAILAND — 0.1%
	35,200	Airports of Thailand Public Co. Ltd. - FOR		40,544
	108,700	Amata Corp. Public Co. Ltd.		25,366
	344,900	Asian Property Development Public Co. Ltd.		57,784
	92,800	Bangchak Petroleum Pcl.		38,314
	75,000	Bangkok Dusit Medical Services Public Co. Ltd.		54,301
	58,400	Bangkok Expressway Public Co. Ltd.		32,148
	8,600	Bangkok Insurance Public Co. Ltd.		60,978
	1,200,000	Bangkokland Public Co. Ltd.(b)		21,182
	91,200	BEC World Public Co. Ltd.		61,118
	19,000	Big C Supercenter Public Co. Ltd.		23,874
	1,158,900	CalComp Electronics Public Co. Ltd.		120,657
	226,100	Central Plaza Hotel Public Co. Ltd.		28,410
	190,700	CH Karnchang Public Co. Ltd.		34,232
	1,631,600	Charoen Pokphand Foods Public Co. Ltd.		471,053
	115,200	CP ALL Public Co. Ltd.		65,484
	217,000	Delta Electronics Thai Public Co. Ltd.		112,314
	79,700	Glow Energy Public Co. Ltd.		76,302
	84,200	Hana Microelectronics Public Co. Ltd.		46,855
	1,785,800	Hemaraj Land and Development Public Co. Ltd.		42,742
	625,526	Home Product Center Public Co. Ltd.		78,226
	63,100	ICC International Public Co. Ltd.		79,288
	105,000	Indorama Polymers Public Co. Ltd.		37,696
	2,285,000	IRPC Public Co. Ltd.		262,510
	664,100	Italian-Thai Development Public Co. Ltd.(b)		63,181
	120,000	Khon Kaen Sugar Industry Public Co. Ltd.		44,877
	81,200	Kiatnakin Bank Public Co. Ltd.		61,340
	75,500	Kim Eng Securities Public Co. Ltd.		29,590
	452,800	Land & Houses Public Co. Ltd. - NVDR		76,539
	116,800	Major Cineplex Group Public Co. Ltd.		25,509
	28,700	MBK Public Co. Ltd.		57,529
	39,400	Padaeng Industry Public Co. Ltd. - NVDR		21,336
	205,100	Precious Shipping Public Co. Ltd.		113,518

Shares			Value
THAILAND (continued)
	264,700	PTT Aromatics & Refining Public Co. Ltd.	$	168,679
	36,300	Ratchaburi Electricity Generating Holding Public Co. Ltd.		40,182
	92,700	Regional Container Lines Public Co. Ltd.(b)		30,230
	153,900	Robinson Department Store Public Co. Ltd.		43,051
	115,300	Rojana Industrial Park Public Co. Ltd.		35,530
	36,000	Saha-Union Public Co. Ltd.		19,387
	2,132,000	Sahaviriya Steel Industries Public Co. Ltd.(b)		79,731
	298,800	Sansiri Public Co. Ltd.(d)		36,115
	173,600	Siam City Bank Public Co. Ltd.		123,091
	10,600	Siam City Cement Public Co. Ltd.		70,085
	19,300	Siam Makro Public Co. Ltd.		46,049
	177,400	Sino Thai Engineering & Construction Public Co. Ltd.(b)		35,294
	1,330,700	Tata Steel Thailand Public Co. Ltd.(b)		84,400
	143,800	Thai Plastic & Chemical Public Co. Ltd.		78,299
	18,200	Thai Stanley Electric Public Co. Ltd.		57,173
	159,300	Thai Union Frozen Products Public Co. Ltd.		132,254
	126,700	Thaicom Public Co. Ltd.(b)		28,998
	244,900	Thanachart Capital Public Co. Ltd.		144,339
	155,760	Thoresen Thai Agencies Public Co. Ltd.		124,655
	89,300	Ticon Industrial Connection Public Co. Ltd.		26,049
	77,800	Tisco Financial Group Public Co. Ltd.		50,276
	4,947,400	TMB Bank Public Co. Ltd.(b)		162,816
	463,100	TPI Polene Public Co. Ltd.(b)		133,007
	333,000	True Corp. Public Co. Ltd.(b)		34,471
	256,900	Vinythai Public Co. Ltd.		50,342
				4,199,300
TURKEY — 0.2%
	0	Acibadem Saglik Hizmetleri ve Ticaret AS(b)		2
	9,000	Adana Cimento - Class A		36,820
	13,070	Akcansa Cimento AS		52,168
	5,197	Akenerji Elektrik Uretim AS		47,018
	36,249	Aksa Akrilik Kimya Sanayii(b)		39,064
	73,605	Aksigorta AS		224,255
	29,528	Alarko Holding AS		74,642
	38,219	Anadolu Cam Sanayii AS(b)		44,492
	25,952	Anadolu Hayat Emeklilik AS		69,057
	65,804	Anadolu Sigorta		54,718
	2,715	Arcelik A/S(b)		8,940

50

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

Shares			Value
TURKEY (continued)
	86,901	Asya Katilim Bankasi AS(b)	$	181,519
	37,318	Aygaz AS		132,813
	6,325	Bati Cimento(b)		25,245
	10,639	BIM Birlesik Magazalar AS		389,253
	34,153	Bolu Cimento Sanayii AS		39,986
	514	Brisa Bridgestone Sabanci		19,148
	1,034	BSH Ev Aletleri Sanayi ve Ticaret AS		55,371
	16,881	Bursa Cimento		56,710
	4,298	Celebi Hava Servisi		30,310
	12,995	Cimsa Cimento Sanayi ve Ticaret AS		56,622
	19,705	Coca-Cola Icecek AS		153,367
	31,332	Deva Holding AS(b)		72,533
	362,916	Dogan Sirketler Grubu Holdings		241,421
	70,962	Dogan Yayin Holding(b)		50,038
	12,000	Dogus Otomotiv Servis ve Ticaret AS(b)		37,359
	90,228	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		93,634
	76,601	Eregli Demir Ve Celik Fabrikalari TAS(b)		209,942
	12,207	Ford Otomotiv Sanayi AS		77,144
	40,281	Global Yatirim Holding AS(b)		21,705
	2,500	Goodyear Lastikleri Turk AS		19,125
	55,197	Hurriyet Gazetecilik AS(b)		59,484
	60,066	Ihlas Holding(b)		20,378
	18,976	Izmir Demir Celik Sanayi AS(b)		29,033
	75,964	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		41,437
	428	Kartonsan Karton Sanayi		21,374
	842	Konya Cimento Sanayii AS		30,807
	83,872	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS(b)		132,789
	18,000	Koza Anadolu Metal Madencilik Isletmeleri AS(b)		46,938
	14,961	Mardin Cimento Sanayii		72,155
	1	Migros Turk TAS		11
	2,633	Nortel Networks Netas Telekomunikasyon AS		77,943
	5,026	Otokar Otobus Karoseri Sanayi AS		47,477
	23,144	Petkim Petrokimya Holding AS(b)		112,391
	7,882	Pinar SUT Mamulleri Sanayii		33,819
	11,864	Sarkuysan Elektrolitik Bakir(b)		20,993
	50,591	Sekerbank TAS(b)		84,809
	38,496	Selcuk Ecza Deposu Ticaret ve Sanayi AS		58,900
	18,260	TAT Konserve(b)		37,656
	10,000	TAV Havalimanlari Holding AS(b)		27,540
	72,944	Tekstil Bankasi AS(b)		50,950
Shares			Value
TURKEY (continued)
	12,500	Tofas Turk Otomobil Fabrikasi AS	$	31,598
	110,957	Trakya Cam Sanayi AS(b)		130,646
	19,371	Tupras Turkiye Petrol Rafine		335,038
	0	Turk Demir Dokum Fabrikalari(b)		1
	63,902	Turk Ekonomi Bankasi AS(b)		94,796
	78,645	Turk Hava Yollari AO		220,776
	162,597	Turk Sise ve Cam Fabrikalari AS(b)		171,980
	78,517	Turkiye Sinai Kalkinma Bankasi AS(b)		77,303
	124,100	Turkiye Vakiflar Bankasi Tao(b)		303,800
	33,758	Ulker Biskuvi Sanayi AS		79,496
	47,025	Vestel Elektonik Sanayi(b)		73,826
	15,401	Yapi Kredi Finansal Kiralama AO		29,506
	9,284	Yapi Kredi Sigorta AS		57,436
	42,319	Zorlu Enerji Elektrik Uretim AS(b)		81,641
				5,309,148
UNITED ARAB EMIRATES — 0.0%
	83,323	Dragon Oil Plc(b)		568,354
UNITED KINGDOM — 4.4%
	5,277	888 Holdings Plc		8,193
	301,439	Aberdeen Asset Management Plc		654,044
	25,242	Admiral Group Plc		425,471
	19,217	AEA Technology Plc(b)		9,147
	167,711	Aegis Group Plc		302,782
	20,918	Aga Rangemaster Group Plc		39,997
	63,284	Aggreko Plc		789,375
	195	Alterian Plc(b)		568
	77,170	AMEC Plc		1,021,478
	181,365	Amlin Plc		1,053,441
	40,996	Anglo Pacific Group Plc		138,943
	111,165	Anite Plc		63,401
	196,439	Antisoma Plc(b)		120,902
	47,570	Antofagasta Plc		602,345
	57,224	Arena Leisure Plc(b)		26,532
	13,785	Ark Therapeutics Group Plc(b)		9,955
	234,867	ARM Holdings Plc		574,360
	71,935	Arriva Plc		520,071
	43,686	Ashmore Group Plc		195,884
	231,032	Ashtead Group Plc		304,673
	23,379	Atkins (WS) Plc		216,796
	32,343	Autonomy Corp. Plc(b)		712,906
	10,641	Aveva Group Plc		155,435
	76,299	Avis Europe Plc(b)		38,407
	7,640	Axis-Shield Plc(b)		52,915
	47,470	Babcock International Group Plc		472,526
	121,028	Balfour Beatty Plc		527,781
	4,992	Barr (A.G.) Plc		68,003
	29,686	Barratt Developments Plc(b)		65,824

51

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

Shares			Value
UNITED KINGDOM (continued)
	38,591	Barratt Developments Plc - I-09 shares(b)(c)	$	85,569
	189,338	BBA Aviation Plc		479,179
	226,428	Beazley Plc		398,012
	53,791	Bellway Plc		645,362
	28,821	Berkeley Group Holdings Plc(b)		403,491
	11,301	Bloomsbury Publishing Plc		23,185
	7,949	BlueBay Asset Management Plc		48,532
	85,944	Bodycote Plc		230,344
	20,611	Boot (Henry) Plc		38,226
	59,587	Bovis Homes Group Plc(b)		402,828
	2,280	Braemar Shipping Services Plc		16,278
	1,216	Brammer Plc		2,575
	52,487	Brewin Dolphin Holdings Plc		137,831
	144,032	Brit Insurance Holdings Plc		492,407
	260,207	British Airways Plc(b)		776,406
	111,780	British Land Co. Plc		866,296
	23,926	Britvic Plc		137,048
	43,750	BSS Group Plc		191,073
	32,336	BTG Plc(b)		101,048
	66,483	Bunzl Plc		725,073
	91,462	Burberry Group Plc		809,106
	4,396	Business Post Group Plc		24,747
	766,133	Cable & Wireless Plc		1,823,258
	31,940	Cairn Energy Plc(b)		1,384,981
	61,273	Capita Group Plc (The)		767,308
	24,014	Care U.K. Plc		138,734
	154,383	Carillion Plc		745,956
	8,224	Carpetright Plc		118,780
	189,902	Carphone Warehouse Group Plc		573,798
	20,799	Centaur Media Plc		18,263
	7,437	Charles Stanley Group Plc		31,430
	5,241	Charles Taylor Consulting Plc		19,182
	65,079	Charter International Plc		742,338
	58,849	Chaucer Holdings Plc		44,604
	4,667	Chemring Group Plc		202,600
	35,339	Chesnara Plc		105,706
	8,296	Chime Communications Plc		26,551
	38,662	Chloride Group Plc		102,479
	4,522	Chrysalis Group Plc(b)		7,533
	25,051	Cineworld Group Plc		64,859
	4,407	Clarkson Plc		59,672
	53,807	Close Brothers Group Plc		620,826
	232,077	Cobham Plc		836,451
	85,522	Collins Stewart Plc		112,291
	162,667	Colt Telecom Group SA(b)		331,053
	27,294	Communisis Plc		7,951
	60,264	Computacenter Plc		280,406
	4,293	Consort Medical Plc		28,783
	121,852	Cookson Group Plc(b)		730,164
	5,973	Corin Group Plc		6,911
	121,107	Costain Group Plc		54,661
	10,556	Cranswick Plc		121,276
	34,340	Croda International Plc		422,423
Shares			Value
UNITED KINGDOM (continued)
	69,543	CSR Plc(b)	$	509,968
	62,834	Daily Mail & General Trust Plc - Class A		410,135
	52,160	Dairy Crest Group Plc		342,431
	32,414	Dana Petroleum Plc(b)		681,487
	67,881	Davis Service Group Plc		466,251
	34,789	De La Rue Plc		522,443
	127,580	Debenhams Plc		163,116
	5,612	Dechra Pharmaceuticals Plc		42,277
	65,282	Delta Plc		178,931
	12,309	Development Securities Plc		62,627
	51,874	Devro Plc		102,379
	6,246	Dignity Plc		59,816
	337,610	Dimension Data Holdings Plc(e)		393,691
	46,143	Diploma Plc		124,958
	21,990	Domino Printing Sciences Plc		107,371
	71,675	Drax Group Plc		547,012
	171,456	DS Smith Plc		328,960
	1,244,182	DSG International Plc(b)		626,492
	4,924	Dunelm Group Plc		26,289
	13,810	eaga Plc		33,047
	86,389	easyJet Plc(b)		510,573
	108,606	Electrocomponents Plc		261,315
	196,823	Elementis Plc		205,128
	162,870	Enterprise Inns Plc		316,229
	14,750	Erinaceous Group Plc(b)(c)(d)		399
	13,642	Euromoney Institutional Investor Plc		85,082
	76,105	Evolution Group Plc		206,098
	219,254	F&C Asset Management Plc		266,650
	70,378	Fenner Plc		184,813
	800	FGX International Holdings Ltd.(b)		10,552
	4,749	Fidessa Group Plc		93,142
	65,866	Filtrona Plc		180,964
	11,172	Filtronic Plc		6,280
	20,335	Findel Plc		13,016
	117,373	Firstgroup Plc		724,708
	13,270	Forth Ports Plc		240,881
	312,657	Fortune Oil Plc(b)		44,849
	8,125	French Connection Group Plc(b)		5,467
	1,160,531	Friends Provident Group Plc		1,554,257
	4,872	Fuller Smith & Turner		39,861
	58,668	Future Plc		19,739
	279,054	G4S Plc		1,158,737
	145,122	Galiform Plc(b)		178,637
	26,154	Galliford Try Plc		146,268
	119,368	Game Group Plc		290,344
	5,558	Games Workshop Group Plc(b)		25,770
	22,474	Gem Diamonds Ltd.(b)		85,132
	18,964	Genus Plc		208,069
	764,379	GKN Plc(b)		1,344,868
	10,109	Go-Ahead Group Plc		236,262
	41,729	Great Portland Estates Plc		169,165

52

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

Shares			Value
UNITED KINGDOM (continued)
	74,223	Greene King Plc	$	480,941
	25,690	Greggs Plc		181,768
	26,494	Halfords Group Plc		170,194
	108,988	Halma Plc		407,661
	98,934	Hammerson Plc		659,571
	47,783	Hampson Industries Plc		56,857
	4,000	Hansard Global Plc		11,275
	1,153	Hardy Oil & Gas Plc(b)		5,299
	6,039	Hardy Underwriting Bermuda Ltd.		28,942
	29,508	Hargreaves Lansdown Plc		132,214
	230,596	Hays Plc		370,519
	32,078	Headlam Group Plc		163,209
	37,784	Helical Bar Plc		205,574
	38,760	Helphire Plc(b)		36,420
	148,870	Henderson Group Plc		315,435
	21,064	Heritage Oil Ltd.(b)		160,480
	47,848	Hikma Pharmaceuticals Plc		370,901
	19,720	Hill & Smith Holdings Plc		106,725
	100,708	HMV Group Plc		183,469
	11,931	Holidaybreak Plc		54,682
	127,613	Home Retail Group Plc		610,115
	17,525	Homeserve Plc		464,522
	43,818	Hunting Plc		377,562
	73,341	Huntsworth Plc		78,843
	3,867	Hyder Consulting Plc		16,137
	137,333	ICAP Plc		916,921
	65,926	IG Group Holdings Plc		326,552
	37,129	Imagination Technologies Group Plc(b)		128,092
	76,689	IMI Plc		542,861
	1,567,598	Inchcape Plc(b)		755,125
	88,830	Informa Plc		427,464
	59,469	Inmarsat Plc		546,581
	1,500	Innospec, Inc.		17,730
	235,472	Innovation Group Plc		44,444
	18,709	Intec Telecom Systems Plc(b)		33,470
	41,344	Intercontinental Hotels Group Plc		532,670
	123,635	Intermediate Capital Group Plc		517,031
	98,223	International Personal Finance Plc		330,962
	706,957	International Power Plc		2,947,154
	32,592	Interserve Plc		124,636
	28,289	Intertek Group Plc		582,690
	119,679	Invensys Plc		555,879
	167,837	Investec Plc		1,204,050
	65,743	IP Group Plc(b)		60,425
	34,860	ITE Group Plc		69,372
	1,090,131	ITV Plc		764,876
	8,493	James Fisher & Sons Plc		60,566
	31,692	Jardine Lloyd Thompson Group Plc		236,042
	6,911	JJB Sports Plc(b)		3,403
	5,528	JJB Sports Plc - I-09-Shares(c)		2,722
	34,145	JKX Oil & Gas Plc		153,888
Shares			Value
UNITED KINGDOM (continued)
	10,464	John Menzies Plc(b)	$	55,816
	147,668	John Wood Group Plc		778,221
	48,515	Johnson Matthey Plc		1,124,312
	149,398	Johnston Press Plc(b)		69,269
	104,661	Kazakhmys Plc(b)		1,870,634
	164,431	KCOM Group Plc		109,299
	21,667	Keller Group Plc		254,262
	112,412	Kesa Electricals Plc		245,196
	8,554	Kier Group Plc		135,198
	1,062,773	Kingfisher Plc		3,900,213
	11,408	Kofax Plc		33,702
	151,243	Ladbrokes Plc		302,094
	81,531	Laird Plc		195,233
	32,434	Lamprell Plc		107,955
	107,436	Land Securities Group Plc		1,167,304
	3,223	Lavendon Group Plc		7,406
	2,862,954	Legal & General Group Plc		3,688,587
	64,436	Liberty International Plc		477,065
	4,601	Liontrust Asset Management Plc		9,855
	238,679	Logica Plc		454,019
	59,079	London Stock Exchange Group Plc		825,161
	34,461	Lonmin Plc(b)		827,462
	61,554	Lookers Plc(b)		59,605
	16,540	Low and Bonar Plc(b)		8,823
	40,901	Luminar Group Holdings Plc		46,990
	3,333	M.J. Gleeson Group Plc(b)		6,318
	537,672	Man Group Plc		2,735,616
	234,589	Marks & Spencer Group Plc		1,318,695
	84,424	Marshalls Plc		131,980
	142,655	Marston’s Plc		202,759
	54,800	McBride Plc		200,298
	8,244	McKay Securities Plc		20,566
	6,387	Mears Group Plc		29,561
	332,487	Meggitt Plc		1,336,955
	216,890	Melrose Plc		606,932
	16,570	Melrose Resources Plc		92,737
	73,933	Michael Page International Plc		390,845
	21,967	Micro Focus International Plc		121,825
	77,510	Millennium & Copthorne Hotels Plc		429,982
	100,405	Misys Plc(b)		341,281
	112,220	Mitchells & Butlers Plc(b)		432,827
	64,668	Mitie Group Plc		253,561
	149,687	Mondi Plc		828,660
	125,036	Moneysupermarket.com Group Plc		159,042
	97,272	Morgan Crucible Co. Plc		250,648
	14,276	Morgan Sindall Plc		132,265
	35,474	Mothercare Plc		335,358
	16,232	Mouchel Group Plc		50,751
	15,625	MWB Group Holdings Plc(b)		12,374
	46,851	N Brown Group Plc		200,771
	28,575	National Express Group Plc		152,421
	18,906	Nestor Healthcare Group Plc		14,739
	26,838	Next Plc		790,662

53

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

Shares			Value
UNITED KINGDOM (continued)
	125,910	Northern Foods Plc	$	130,500
	8,588	Northgate Plc		30,896
	77,366	Northumbrian Water Group Plc		292,810
	18,948	Novae Group Plc		96,405
	2,472,362	Old Mutual Plc		4,309,359
	65,932	Oxford Biomedica Plc(b)		15,150
	37,301	Pace Plc		135,297
	12,081	Partygaming Plc(b)		45,386
	5,299	PayPoint Plc		39,137
	113,258	Pendragon Plc(b)		54,836
	50,819	Pennon Group Plc		378,751
	149,754	Persimmon Plc(b)		991,495
	5,675	Peter Hambro Mining Plc(b)		97,798
	25,129	Petrofac Ltd.		388,304
	9,237	Phoenix IT Group Ltd.		34,186
	56,972	Photo-Me International Plc(b)		38,337
	73,007	Premier Farnell Plc		172,545
	954,316	Premier Foods Plc(b)		562,293
	19,340	Premier Oil Plc(b)		374,237
	25,821	Prostrakan Group Plc(b)		46,087
	19,473	Provident Financial Plc		297,709
	40,302	Psion Plc		78,383
	126,830	Punch Taverns Plc(b)		172,773
	96,853	PV Crystalox Solar Plc		103,881
	61,900	PZ Cussons Plc		253,781
	246,845	QinetiQ Group Plc		665,233
	44,349	Quintain Estates & Development Plc(b)		141,209
	53,253	Rank Group Plc(b)		77,569
	12,590	Rathbone Brothers Plc		191,240
	3,513	REA Holdings Plc		23,351
	78,802	Redrow Plc(b)		182,361
	6,462	Renishaw Plc		57,908
	2,330	Rensburg Sheppards Plc		26,253
	257,822	Rentokil Initial Plc(b)		440,078
	28,774	Restaurant Group Plc		88,312
	407,402	Rexam Plc		1,852,162
	7,755	Ricardo Plc		30,356
	13,819	RM Plc		33,114
	17,399	Robert Walters Plc		50,973
	15,157	Robert Wiseman Dairies Plc		111,148
	22,720	ROK Plc		17,340
	20,874	Rotork Plc		389,531
	23,225	RPC Group Plc		98,059
	66,067	RPS Group Plc		227,167
	654,345	RSA Insurance Group Plc		1,301,624
	476,620	Sage Group Plc (The)		1,670,114
	49,414	Salamander Energy Plc(b)		198,860
	52,690	Savills Plc		276,729
	49,362	Schroders Plc		891,172
	20,496	Schroders Plc - Non Voting		304,098
	12,499	Scott Wilson Group Plc		26,361
	24,501	SDL Plc(b)		162,458
	104,356	Segro Plc		604,600
	140,739	Senior Plc		141,481
	98,945	Serco Group Plc		820,902
Shares			Value
UNITED KINGDOM (continued)
	34,228	Severfield-Rowen Plc	$	92,692
	34,311	Severn Trent Plc		535,819
	54,091	Shaftesbury Plc		334,246
	174,270	Shanks Group Plc		245,979
	1,332	Shire Plc		23,436
	259,542	SIG Plc(b)		506,910
	120,346	Smith & Nephew Plc		1,067,587
	53,086	Smiths Group Plc		778,050
	37,047	Smiths News Plc		74,028
	18,921	Soco International Plc(b)		401,220
	49,871	Southern Cross Healthcare Ltd.(b)		100,472
	41,569	Spectris Plc		462,227
	223,877	Speedy Hire Plc		133,197
	38,075	Spice Plc		49,836
	16,818	Spirax-Sarco Engineering Plc		300,317
	170,913	Spirent Communications Plc		257,370
	94,269	Sports Direct International Plc		150,929
	54,276	SSL International Plc		565,217
	7,688	St. Ives Group Plc		8,517
	83,826	St. James’s Place Plc		358,671
	37,796	St. Modwen Properties Plc(b)		139,202
	72,211	Stagecoach Group Plc		171,612
	803,402	Standard Life Plc		2,874,521
	14,920	Sthree Plc		61,611
	2,744	STV Group Plc(b)		3,040
	25,800	Subsea 7, Inc.(b)		364,748
	2,948	Synergy Health Plc		29,345
	4,319	T Clarke Plc		9,109
	171,109	Tate & Lyle Plc		1,262,908
	1,209,470	Taylor Wimpey Plc(b)		734,865
	5,162	Ted Baker Plc		34,736
	14,307	Telecity Group Plc(b)		78,663
	11,245	Telecom Plus Plc		56,244
	209,323	Thomas Cook Group Plc		703,252
	358,045	Tomkins Plc		987,828
	35,892	Topps Tiles Plc(b)		48,452
	11,051	Town Centre Securities Plc		31,831
	69,783	Travis Perkins Plc(b)		864,714
	56,712	Trinity Mirror Plc(b)		149,019
	45,185	TT electronics Plc(b)		53,951
	88,666	TUI Travel Plc		339,215
	44,722	Tullett Prebon Plc		266,443
	15,928	Tullow Oil Plc		310,304
	49,013	UK Coal Plc - Sub-Shares(b)		69,181
	16,341	Ultra Electronics Holdings		353,752
	15,158	Umeco Plc		66,984
	34,788	United Business Media Ltd.		264,126
	99,107	United Utilities Group Plc		716,517
	7,888	UTV Media Plc		13,594
	49,708	Vectura Group Plc(b)		69,795
	55,280	Vedanta Resources Plc		1,898,949
	22,798	Victrex Plc		284,746
	7,995	Vitec Group Plc (The)		49,863
	36,133	VT Group Plc		322,611
	78,552	Weir Group Plc (The)		903,756

54

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

Shares			Value
UNITED KINGDOM (continued)
	16,675	Wellstream Holdings Plc	$	140,124
	43,403	Wetherspoon (J.D.) Plc(b)		328,324
	33,542	WH Smith Plc		277,457
	69,159	Whitbread Plc		1,444,951
	107,332	William Hill Plc		295,947
	249,000	Willis Group Holdings Ltd.		6,723,000
	14,285	Wilmington Group Plc		34,113
	19,577	Wincanton Plc		71,009
	54,494	Wolfson Microelectronics Plc(b)		109,115
	120,536	Wolseley Plc(b)		2,449,139
	339,266	Woolworths Group Plc(b)(c)(d)		0
	10,794	WSP Group Plc		53,014
	10,220	Xaar Plc		15,767
	65,077	Xchanging Plc		238,395
	252,964	Yell Group Plc(b)		212,779
	30,967	Yule Catto & Co. Plc(b)		85,894
				140,907,300
UNITED STATES — 54.2%
	9,211	1-800-FLOWERS.COM, Inc. - Class A(b)		35,370
	11,450	1st Source Corp.		169,689
	76,715	3Com Corp.(b)		394,315
	3,800	3D Systems Corp.(b)		33,516
	800	3PAR, Inc.(b)		7,528
	6,529	4Kids Entertainment, Inc.(b)		11,752
	11,400	99 Cents Only Stores(b)		129,618
	2,900	A.M. Castle & Co.		32,683
	3,500	A.O. Smith Corp.		138,705
	3,422	AAON, Inc.		61,630
	7,600	AAR Corp.(b)		149,036
	7,100	Aaron’s, Inc.		177,855
	700	Abaxis, Inc.(b)		15,974
	6,700	Abercrombie & Fitch Co. - Class A		219,894
	8,900	Abington Bancorp, Inc.		61,054
	10,300	Abiomed, Inc.(b)		93,215
	380,000	ABM Industries, Inc.(d)		7,136,420
	3,800	Abraxas Petroleum Corp.(b)		6,270
	10,020	AC Moore Arts & Crafts, Inc.(b)		47,896
	5,700	Acacia Research-Acacia Technologies(b)		43,320
	8,444	Acadia Pharmaceuticals, Inc.(b)		10,977
	4,279	Acadia Realty Trust		68,036
	1,814	Accelrys, Inc.(b)		9,850
	7,800	ACCO Brands Corp.(b)		47,268
	1,800	Accuray, Inc.(b)		10,386
	900	Aceto Corp.		4,986
	3,200	ACI Worldwide, Inc.(b)		51,488
	2,100	Acme Packet, Inc.(b)		20,559
	400	Acorda Therapeutics, Inc.(b)		8,692
	5,946	Actel Corp.(b)		70,876
	9,100	ActivIdentity Corp.(b)		20,657
	275,000	Activision Blizzard, Inc.(b)		2,978,250
	6,800	Actuant Corp. - Class A		106,148
	9,350	Actuate Corp.(b)		46,844

Shares			Value
UNITED STATES (continued)
	1,800	Acuity Brands, Inc.	$	56,988
	4,800	Acxiom Corp.(b)		55,104
	58,880	Adaptec, Inc.(b)		187,827
	17,100	ADC Telecommunications, Inc.(b)		110,979
	100,200	Administaff, Inc.		2,486,964
	107,000	Adobe Systems, Inc.(b)		3,524,580
	12,705	Adolor Corp.(b)		18,422
	11,500	Adtran, Inc.		264,960
	2,530	Advance America Cash Advance Centers, Inc.		12,498
	1,215,107	Advance Auto Parts, Inc.		45,274,887
	16,100	Advanced Analogic Technologies, Inc.(b)		50,715
	7,300	Advanced Energy Industries, Inc.(b)		89,133
	9,000	Advanced Micro Devices, Inc.(b)		41,400
	1,965	Advanta Corp. - Class A		707
	2,000	Advanta Corp. - Class B		650
	2,500	Advent Software, Inc.(b)		95,550
	17,260	ADVENTRX Pharmaceuticals, Inc.(b)		1,899
	1,500	Advisory Board Co. (The)(b)		36,960
	2,905	Aecom Technology Corp.(b)		73,322
	1,200	AEP Industries, Inc.(b)		41,856
	6,900	Aeropostale, Inc.(b)		258,957
	600	Aerovironment, Inc.(b)		15,996
	2,800	AFC Enterprises(b)		22,484
	1,000	Affiliated Managers Group, Inc.(b)		63,490
	500	Affymax, Inc.(b)		10,070
	1,800	Affymetrix, Inc.(b)		9,414
	7,700	AGCO Corp.(b)		216,447
	4,000	Agilysys, Inc.		18,840
	672	Agree Realty Corp.		15,678
	2,800	Air Methods Corp.(b)		85,512
	3,500	Air Transport Services Group, Inc.(b)		9,065
	5,800	Aircastle Ltd.		45,936
	16,229	Airtran Holdings, Inc.(b)		68,649
	900	Airvana, Inc.(b)		5,499
	6,300	AK Steel Holding Corp.		99,981
	3,600	Akamai Technologies, Inc.(b)		79,200
	5,751	Akorn, Inc.(b)		8,339
	1,000	Alamo Group, Inc.		13,700
	7,600	Alaska Air Group, Inc.(b)		195,472
	8,500	Alaska Communications Systems Group, Inc.		66,130
	3,400	Albany International Corp. - Class A		56,644
	17,293	Albany Molecular Research, Inc.(b)		140,765
	3,100	Albemarle Corp.		97,898
	353,800	Alberto-Culver Co.		9,488,916
	2,800	Alexander & Baldwin, Inc.		80,724

55

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

Shares			Value
UNITED STATES (continued)
	400	Alexandria Real Estate Equities, Inc.	$	21,668
	7,000	Alexza Pharmaceuticals, Inc.(b)		14,980
	1,642	Alico, Inc.		47,749
	4,400	Align Technology, Inc.(b)		69,168
	7,629	Alkermes, Inc.(b)		60,803
	33,400	Alleghany Corp.(b)		8,350,000
	3,805	Allegheny Technologies, Inc.		117,422
	200	Allegiant Travel Co.(b)		7,542
	46,000	Allergan, Inc.		2,587,500
	2,600	Allete, Inc.		88,010
	1,500	Alliance Data Systems Corp.(b)		82,470
	9,900	Alliance HealthCare Services, Inc.(b)		53,856
	29,100	Alliance One International, Inc.(b)		128,331
	1,000	Alliant Techsystems, Inc.(b)		77,780
	1,900	Allion Healthcare, Inc.(b)		12,236
	8,408	Allis-Chalmers Energy, Inc.(b)		29,260
	21,600	Allos Therapeutics, Inc.(b)		122,040
	900	Alloy, Inc.(b)		5,922
	6,556	Allscripts-Misys Healthcare Solutions, Inc.(b)		127,842
	100	Almost Family, Inc.(b)		3,035
	2,700	Alnylam Pharmaceuticals, Inc.(b)		46,008
	5,825	Alon USA Energy, Inc.		48,930
	4,333	Alpha Natural Resources, Inc.(b)		147,192
	12,326	Alphatec Holdings, Inc.(b)		58,918
	1,500	Altra Holdings, Inc.(b)		13,155
	2,700	AMAG Pharmaceuticals, Inc.(b)		102,006
	3,470	Ambassadors Group, Inc.		44,104
	4,100	AMCOL International Corp.		106,764
	4,476	Amcore Financial, Inc.(b)		3,536
	4,000	Amedisys, Inc.(b)		159,160
	2,700	Amerco, Inc.(b)		114,129
	2,400	American Apparel, Inc.(b)		7,368
	5,000	American Axle & Manaufacturing Holdings, Inc.		29,950
	8,206	American Campus Communities, Inc.		221,726
	15,964	American Capital Ltd.(b)		42,784
	300	American Commercial Lines, Inc.(b)		6,435
	3,399	American Dental Partners, Inc.(b)		40,414
	5,400	American Eagle Outfitters, Inc.		94,446
	3,500	American Ecology Corp.		58,170
	11,600	American Equity Investment Life Holding Co.		76,212
	9,100	American Financial Group, Inc.		223,860
	6,700	American Greetings Corp. - Class A		136,278
	342	American Italian Pasta Co. - Class A(b)		9,292

Shares			Value
UNITED STATES (continued)
	334,531	American Medical Systems Holdings, Inc.(b)	$	5,158,468
	1,705	American National Insurance Co.		142,350
	10,500	American Oil & Gas, Inc.(b)		22,050
	3,676	American Physicians Capital, Inc.		103,957
	100,200	American Public Education, Inc.(b)		3,196,380
	600	American Railcar Industries, Inc.		6,000
	3,200	American Reprographics Co.(b)		19,200
	3,100	American Science & Engineering, Inc.		204,972
	1,800	American Software, Inc. - Class A		11,700
	3,500	American States Water Co.		116,025
	5,802	American Superconductor Corp.(b)		194,483
	5,300	American Vanguard Corp.		43,990
	7,300	American Water Works Co., Inc.		138,481
	4,400	American Woodmark Corp.		86,548
	1,824	America’s Car-Mart, Inc.(b)		37,812
	11,700	AmeriCredit Corp.(b)		206,505
	8,100	AMERIGROUP Corp.(b)		178,605
	1,947	Ameris Bancorp.		11,468
	6,900	Amerisafe, Inc.(b)		127,926
	6,300	Ameristar Casinos, Inc.		92,736
	1,000	Ameron International Corp.		58,980
	125,000	Ametek, Inc.		4,361,250
	6,875	AMICAS, Inc.(b)		21,656
	29,300	Amkor Technology, Inc.(b)		161,443
	5,500	AMN Healthcare Services, Inc.(b)		45,760
	2,100	Ampco-Pittsburgh Corp.		56,490
	6,900	AMR Corp.(b)		37,191
	2,100	Amrep Corp.(b)		25,557
	3,396	Amsurg Corp.(b)		71,554
	3,500	Amtrust Financial Services, Inc.		39,480
	2,700	Amylin Pharmaceuticals, Inc.(b)		29,808
	9,600	Anadigics, Inc.(b)		30,816
	1,800	Analogic Corp.		67,212
	7,272	Anaren, Inc.(b)		106,317
	4,076	Anchor Bancorp Wisconsin, Inc.(b)		3,139
	2,100	Andersons, Inc. (The)		65,163
	6,500	Angiodynamics, Inc.(b)		98,150
	900	Anika Therapeutics, Inc.(b)		6,588
	2,300	Anixter International, Inc.(b)		96,255
	8,600	Ann Taylor Stores Corp.(b)		111,542
	3,769	Ansys, Inc.(b)		152,946
	500	APAC Customer Services, Inc.(b)		3,225
	1,200	Apartment Investment & Management Co. - Class A		14,820
	5,300	Apogee Enterprises, Inc.		70,172

56

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

Shares			Value
UNITED STATES (continued)
	39,000	Apollo Gold Corp.(b)	$	17,841
	5,300	Applied Industrial Technologies, Inc.		107,219
	13,950	Applied Micro Circuits Corp.(b)		109,089
	700	Applied Signal Technology, Inc.		14,343
	500	Approach Resources, Inc.(b)		3,880
	365,900	Aptargroup, Inc.		12,919,929
	2,600	Arbitron, Inc.		56,368
	57	ARCA Biopharma, Inc.(b)		151
	4,000	Arch Chemicals, Inc.		110,760
	2,100	Arch Coal, Inc.		45,486
	800	ArcSight, Inc.(b)		19,776
	6,057	Arctic Cat, Inc.		35,979
	600	Ardea Biosciences, Inc.(b)		8,100
	11,300	Arena Pharmaceuticals, Inc.(b)		39,889
	3,400	Arena Resources, Inc.(b)		126,684
	200	Argan, Inc.(b)		2,470
	6,253	Argon ST, Inc.(b)		116,306
	4,000	Ariad Pharmaceuticals, Inc.(b)		7,200
	314,817	Ariba, Inc.(b)		3,721,137
	4,700	Arkansas Best Corp.		121,354
	4,400	Armstrong World Industries, Inc.(b)		163,900
	3,200	Arqule, Inc.(b)		10,720
	7,728	Array Biopharma, Inc.(b)		13,833
	20,468	Arris Group, Inc.(b)		210,002
	7,800	Arrow Electronics, Inc.(b)		197,652
	206	Arrow Financial Corp.		5,239
	2,900	Art Technology Group, Inc.(b)		11,948
	3,443	Arthrocare Corp.(b)		65,417
	152,600	Arthur J. Gallagher & Co.		3,404,506
	2,400	Aruba Networks, Inc.(b)		18,768
	10,772	ArvinMeritor, Inc.		84,129
	6,700	Asbury Automotive Group, Inc.(b)		65,258
	1,000	Ascent Media Corp. - Class A(b)		23,190
	6,827	Ashland, Inc.		235,805
	2,223	ASML Holding NV		60,130
	1,484,725	ASML Holding NV - ADR		39,998,492
	1,691	Aspect Medical Systems, Inc.(b)		20,258
	8,600	Aspen Technology, Inc.(b)		90,300
	10,700	Asset Acceptance Capital Corp.(b)		77,789
	2,520	Assisted Living Concepts, Inc.(b)		52,214
	900	Associated Banc-Corp.		11,529
	1,300	Associated Estates Realty Corp.		11,856
	800	Assurant, Inc.		23,944
	1,320	Asta Funding, Inc.		8,620
	2,900	Astec Industries, Inc.(b)		66,700
	7,200	Astoria Financial Corp.		71,856
	10,900	ATC Technology Corp.(b)		227,810
	61,000	athenahealth, Inc.(b)		2,294,210
	600	Atherogenics, Inc.(b)(c)(d)		0

Shares			Value
UNITED STATES (continued)
	7,900	Atheros Communications, Inc.(b)	$	194,498
	1,200	Atlantic Coast Federal Corp.		1,740
	500	Atlantic Tele-Network, Inc.		22,920
	2,700	Atlas Air Worldwide Holdings, Inc.(b)		70,983
	2,934	Atlas Energy, Inc.		76,812
	91,800	Atmel Corp.(b)		341,496
	3,163	ATMI, Inc.(b)		47,919
	4,200	ATP Oil & Gas Corp.(b)		72,702
	3,600	ATS Medical, Inc.(b)		9,684
	1,200	Atwood Oceanics, Inc.(b)		42,588
	5,307	Audiovox Corp. - Class A(b)		34,283
	110,000	Autodesk, Inc.(b)		2,742,300
	12,654	AutoNation, Inc.(b)		218,155
	4,300	Auxilium Pharmaceuticals, Inc.(b)		135,278
	200	Avatar Holdings, Inc.(b)		3,260
	300	Avery Dennison Corp.		10,695
	4,900	Avid Technology, Inc.(b)		61,887
	6,200	Avis Budget Group, Inc.(b)		52,080
	5,900	Avista Corp.		111,864
	3,300	Avocent Corp.(b)		82,071
	240,000	Avon Products, Inc.		7,692,000
	13,000	AVX Corp.		147,160
	9,900	Axcelis Technologies, Inc.(b)		9,405
	1,300	AZZ, Inc.(b)		44,538
	2,000	B&G Foods, Inc. - Class A		15,620
	2,000	Badger Meter, Inc.		74,540
	3,466	Balchem Corp.		95,627
	6,200	Baldor Electric Co.		160,270
	891	Baldwin & Lyons, Inc. - Class B		20,324
	7,732	Bally Technologies, Inc.(b)		304,563
	2,600	BancFirst Corp.		93,886
	1,900	Bancorp, Inc. (The)(b)		9,690
	11,900	BancorpSouth, Inc.		268,702
	10,697	Bank Mutual Corp.		75,093
	300	Bank of Florida Corp.(b)		438
	1,700	Bank of Hawaii Corp.		75,480
	2,900	Bank of The Ozarks, Inc.		65,975
	4,027	BankAtlantic Bancorp, Inc. - Class A		5,920
	5,200	BankFinancial Corp.		49,088
	3,086	Bankrate, Inc.(b)(c)		87,951
	1,900	Banner Corp.		5,833
	60,000	Bard (C.R.), Inc.		4,504,200
	252,000	Bare Escentuals, Inc.(b)		3,182,760
	3,700	Barnes & Noble, Inc.		61,457
	7,000	Barnes Group, Inc.		110,950
	1,106	Barrett Business Sevices, Inc.		12,830
	6,550	Basic Energy Services, Inc.(b)		45,850
	500	Bassett Furniture Industries, Inc.		1,930
	6,100	BE Aerospace, Inc.(b)		108,153
	16,100	Beacon Roofing Supply, Inc.(b)		231,196
	366	BearingPoint, Inc.(b)		36

57

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

Shares			Value
UNITED STATES (continued)
	900	Beasley Broadcasting Group, Inc. - Class A(b)	$	3,069
	10,900	Bebe Stores, Inc.		68,234
	63,000	Beckman Coulter, Inc.		4,052,790
	126	Bel Fuse, Inc. - Class A		2,238
	1,900	Bel Fuse, Inc. - Class B		34,390
	7,226	Belden, Inc.		165,837
	5,616	Bell Microproducts, Inc.(b)		16,399
	3,500	Belo Corp. - Class A		16,450
	5,100	Bemis Co., Inc.		131,733
	8,550	Benchmark Electronics, Inc.(b)		143,640
	4,300	Beneficial Mutual Bancorp, Inc.(b)		39,775
	3,800	Berkshire Hills Bancorp, Inc.		78,090
	5,600	Berry Petroleum Co. - Class A		142,016
	7,800	BGC Partners, Inc. - Class A		37,674
	2,100	Big 5 Sporting Goods Corp.		30,975
	3,100	Big Lots, Inc.(b)		77,655
	7,000	Bill Barrett Corp.(b)		216,860
	7,614	BioCryst Pharmaceuticals, Inc.(b)		67,993
	600	Biodel, Inc.(b)		2,508
	13,300	BioMarin Pharmaceutical, Inc.(b)		206,948
	6,700	BioMed Realty Trust, Inc.		90,919
	3,966	BioMimetic Therapeutics, Inc.(b)		46,283
	112,000	Bio-Rad Laboratories, Inc. - Class A(b)		10,011,680
	2,600	Bio-Reference Labs, Inc.(b)		84,058
	658	Biosante Pharmaceuticals, Inc.(b)		1,000
	19,100	BioScrip, Inc.(b)		144,014
	5,700	BJ’s Restaurants, Inc.(b)		90,972
	8,300	BJ’s Wholesale Club, Inc.(b)		290,749
	2,300	Black & Decker Corp.		108,606
	2,798	Black Box Corp.		74,175
	4,520	Black Hills Corp.		110,152
	1,000	Blackbaud, Inc.		22,190
	126,900	Blackboard, Inc.(b)		4,501,143
	4,000	Blount International, Inc.(b)		36,160
	5,400	Blue Coat Systems, Inc.(b)		120,312
	500	Blue Nile, Inc.(b)		30,025
	8,200	Bluegreen Corp.(b)		23,534
	775	Blyth, Inc.		27,458
	1,000	BMP Sunstone Corp.(b)		3,640
	3,850	Bob Evans Farms, Inc.		101,140
	3,000	Boise, Inc.(b)		14,340
	5,153	Bok Financial Corp.		221,424
	1,500	Bolt Technology Corp.(b)		15,255
	2,600	Bon-Ton Stores, Inc. (The)		24,050
	1,900	Books-A-Million, Inc.		16,454
	3,900	Borders Group, Inc.(b)		7,566
	4,000	BorgWarner, Inc.		121,280
	700	Boston Beer Co., Inc. - Class A(b)		26,600

Shares			Value
UNITED STATES (continued)
	6,367	Boston Private Financial Holdings, Inc.	$	37,884
	6,800	Bottomline Technologies, Inc.(b)		99,824
	6,017	Bowne & Co., Inc.(b)		39,291
	7,500	Boyd Gaming Corp.(b)		55,200
	3,300	BPZ Resources, Inc.(b)		20,790
	77,200	Brady Corp. - Class A		2,090,576
	1,000	Brandywine Realty Trust REIT		9,560
	500	BRE Properties, Inc.		13,615
	6,700	Briggs & Stratton Corp.		125,290
	16,700	Brigham Exploration Co.(b)		158,650
	10,930	Brightpoint, Inc.(b)		80,554
	3,500	Brinker International, Inc.		44,240
	800	Brink’s Co. (The)		18,984
	1,700	Brink’s Home Security Holdings, Inc.(b)		52,666
	4,000	Bristow Group, Inc.(b)		116,600
	2,800	Broadpoint Gleacher Securities Group, Inc.(b)		17,836
	3,500	Broadridge Financial Solutions, Inc.		72,835
	2,300	Broadwind Energy, Inc.(b)		13,432
	12,800	Brocade Communications Systems, Inc.(b)		109,824
	6,400	Bronco Drilling Co., Inc.(b)		40,448
	5,500	Brookdale Senior Living, Inc.(b)		92,620
	6,423	Brookline Bancorp, Inc.		62,881
	8,421	Brooks Automation, Inc.(b)		57,936
	2,670	Brown & Brown, Inc.		49,048
	7,746	Brown Shoe Co., Inc.		80,326
	72,000	Brown-Forman Corp. - Class B		3,514,320
	6,084	Bruker Corp.(b)		65,951
	7,070	Brunswick Corp.		67,024
	3,700	Brush Engineered Materials, Inc.(b)		68,265
	9,100	Buckeye Technologies, Inc.(b)		81,536
	3,075	Buckle, Inc. (The)		92,281
	2,800	Bucyrus International, Inc.		124,376
	299	Buffalo Wild Wings, Inc.(b)		12,262
	4,195	Builders FirstSource, Inc.(b)		16,319
	1,250	Burger King Holdings, Inc.		21,450
	1,200	Bway Holding Co.(b)		21,324
	8,400	Cabela’s, Inc.(b)		105,588
	3,400	Cabot Corp.		74,562
	2,500	Cabot Microelectronics Corp.(b)		79,950
	4,800	Cache, Inc.(b)		23,088
	3,900	CACI International, Inc. - Class A(b)		185,718
	7,500	Cadence Design Systems, Inc.(b)		45,825
	1,100	Cadence Pharmaceuticals, Inc.(b)		9,933
	1,200	Cadiz, Inc.(b)		12,828
	5,722	Cal Dive International, Inc.(b)		43,945

58

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

Shares			Value
UNITED STATES (continued)
	900	Calamos Asset Management, Inc. - Class A	$	9,540
	600	Calavo Growers, Inc.		10,710
	7,200	Calgon Carbon Corp.(b)		114,048
	5,700	California Pizza Kitchen, Inc.(b)		74,043
	2,400	California Water Service Group		87,768
	12,624	Caliper Life Sciences, Inc.(b)		27,899
	8,600	Callaway Golf Co.		58,824
	4,806	Callidus Software, Inc.(b)		14,658
	5,000	Callon Petroleum Co.(b)		8,000
	2,800	Cal-Maine Foods, Inc.		76,020
	1,700	Cambrex Corp.(b)		10,200
	900	Camden National Corp.		27,657
	500	Camden Property Trust REIT		18,125
	3,761	Candela Corp.(b)		11,697
	7,400	Cano Petroleum, Inc.(b)		7,770
	2,800	Cantel Medical Corp.(b)		44,968
	500	Capella Education Co.(b)		34,450
	1,200	Capital City Bank Group, Inc.		14,088
	74	Capital Corp. of the West(b)		1
	4,500	Capital Senior Living Corp.(b)		23,805
	600	Capital Southwest Corp.		44,556
	6,200	CapitalSource, Inc.		22,072
	4,700	Capitol Bancorp Ltd.		10,575
	604	Capitol Federal Financial		18,319
	5,800	Caraco Pharmaceutical Laboratories Ltd.(b)		21,344
	2,550	CARBO Ceramics, Inc.		148,894
	4,300	Cardiac Science Corp.(b)		15,050
	4,975	Cardinal Financial Corp.		40,546
	1,300	Cardtronics, Inc.(b)		12,935
	2,800	Career Education Corp.(b)		58,352
	3,000	Carlisle Cos., Inc.		93,120
	2,300	Carmax, Inc.(b)		45,241
	2,130	Carmike Cinemas, Inc.(b)		20,938
	3,000	Carpenter Technology Corp.		63,090
	1,200	Carrizo Oil & Gas, Inc.(b)		27,816
	8,500	Carter’s, Inc.(b)		200,600
	2,610	Cascade Corp.		64,832
	5,200	Casella Waste Systems, Inc. - Class A(b)		14,508
	8,784	Casey’s General Stores, Inc.		276,960
	4,400	Cash America International, Inc.		133,144
	20	Cass Information Systems, Inc.		595
	6,826	Casual Male Retail Group, Inc.(b)		17,133
	2,800	Catalyst Health Solutions, Inc.(b)		87,836
	8,610	Cathay General Bancorp.		76,026
	8,350	Cato Corp. (The) - Class A		164,578
	543	Cavco Industries, Inc.(b)		16,507
	1,000	Cavium Networks, Inc.(b)		18,960
	7,000	CB Richard Ellis Group, Inc. - Class A(b)		72,450
	2,200	Cbeyond, Inc.(b)		29,370

Shares			Value
UNITED STATES (continued)
	16,600	CBIZ, Inc.(b)	$	116,864
	700	CBL & Associates Properties, Inc.		5,712
	4,600	CDI Corp.		56,028
	4,400	CEC Entertainment, Inc.(b)		128,524
	3,400	Cedar Shopping Centers, Inc.		20,638
	3,268	Celadon Group, Inc.(b)		31,896
	400	Celanese Corp. - Class A		10,980
	9,995	Celera Corp.(b)		61,869
	2,026	Celldex Therapeutics, Inc.(b)		8,833
	6,300	Centene Corp.(b)		112,329
	8,143	Centennial Communications Corp.(b)		68,890
	1,010	Center Bancorp., Inc.		7,858
	2,700	Center Financial Corp.		11,367
	300	Centerstate Banks, Inc.		2,259
	6,250	Central European Distribution Corp.(b)		194,438
	3,600	Central Garden & Pet Co.(b)		35,712
	4,800	Central Garden & Pet Co. - Class A(b)		45,408
	10,500	Central Pacific Financial Corp.		14,805
	2,400	Central Vermont Public Service Corp.		46,536
	7,400	Century Aluminum Co.(b)		64,158
	10,300	Cenveo, Inc.(b)		72,924
	70,000	Cephalon, Inc.(b)		3,820,600
	8,600	Cepheid, Inc.(b)		114,122
	5,000	Ceradyne, Inc.(b)		80,600
	13,920	Cerus Corp.(b)		23,386
	4,300	Ceva, Inc.(b)		43,559
	2,358	CH Energy Group, Inc.		97,645
	11,200	Champion Enterprises, Inc.(b)		2,688
	3,700	Charles River Laboratories International, Inc.(b)		135,124
	9,510	Charming Shoppes, Inc.(b)		43,080
	2,200	Chart Industries, Inc.(b)		43,494
	116,500	Chattem, Inc.(b)		7,382,605
	7,300	Checkpoint Systems, Inc.(b)		99,061
	8,500	Cheesecake Factory (The)(b)		154,530
	4,400	Chemed Corp.		199,408
	3,637	Chemical Financial Corp.		79,832
	3,700	Cheniere Energy, Inc.(b)		8,621
	1,800	Chesapeake Corp.(b)		20
	800	Chesapeake Utilities Corp.		25,344
	7,200	Chico’s FAS, Inc.(b)		86,040
	5,200	Children’s Place Retail Stores, Inc. (The)(b)		163,540
	500	Chipotle Mexican Grill, Inc. - Class A(b)		40,745
	600	Chipotle Mexican Grill, Inc. - Class B(b)		47,946
	4,400	Chiquita Brands International, Inc.(b)		71,236
	1,800	Choice Hotels International, Inc.		53,676
	2,580	Chordiant Software, Inc.(b)		8,978

59

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

Shares			Value
UNITED STATES (continued)
	6,100	Christopher & Banks Corp.	$	37,149
	2,406	Churchill Down, Inc.		75,500
	8,576	Ciber, Inc.(b)		27,615
	4,085	Ciena Corp.(b)		47,917
	5,624	Cimarex Energy Co.		220,236
	34,800	Cincinnati Bell, Inc.(b)		107,184
	9,100	Cinemark Holdings, Inc.		105,469
	2,600	CIRCOR International, Inc.		70,850
	13,500	Cirrus Logic, Inc.(b)		65,340
	800	Citi Trends, Inc.(b)		21,064
	700	Citizens First Bancorp, Inc.(b)		273
	5,621	Citizens Republic Bancorp, Inc.(b)		3,384
	10,827	Citizens, Inc.(b)		65,287
	1,323,454	Citrix Systems, Inc.(b)		48,650,169
	3,726	City Holding Co.		113,904
	4,300	City National Corp.		161,981
	7,300	CKE Restaurants, Inc.		63,875
	10,400	CKX, Inc.(b)		66,560
	277,500	CLARCOR, Inc.		8,166,825
	2,958	Clayton Williams Energy, Inc.(b)		77,500
	1,600	Clean Energy Fuels Corp.(b)		18,560
	800	Clean Harbors, Inc.(b)		45,160
	3,400	Clear Channel Outdoor Holdings, Inc. - Class A(b)		23,188
	500	Clearwater Paper Corp.(b)		22,635
	6,400	Cleco Corp.		158,400
	5,200	Clifton Savings Bancorp, Inc.		47,944
	1,755	Clinical Data, Inc.(b)		27,694
	110,000	Clorox Co.		6,515,300
	11,400	CNA Surety Corp.(b)		164,844
	4,800	CoBiz Financial, Inc.		22,896
	6,480	Coeur D’alene Mines Corp.(b)		130,118
	2,600	Cogdell Spencer, Inc. REIT		12,064
	8,500	Cogent Communications Group, Inc.(b)		86,105
	1,400	Cogent, Inc.(b)		13,510
	5,800	Cognex Corp.		93,322
	3,900	Cohen & Steers, Inc.		75,387
	5,820	Coherent, Inc.(b)		146,257
	11,354	Cohu, Inc.		129,209
	3,400	Coinstar, Inc.(b)		107,916
	9,000	Coldwater Creek, Inc.(b)		51,750
	1,100	Colfax Corp.(b)		11,968
	11,500	Collective Brands, Inc.(b)		213,325
	6,000	Colonial Properties Trust		63,180
	900	Columbia Bancorp(b)		1,440
	2,231	Columbia Banking System, Inc.		32,796
	4,600	Columbia Sportswear Co.		175,030
	4,600	Columbus McKinnon Corp.(b)		76,130
	19,400	Comfort Systems USA, Inc.		211,460
	5,464	Commerce Bancshares, Inc.		209,599
	7,200	Commercial Metals Co.		106,848
	4,500	Commercial Vehicle Group, Inc.(b)		21,285

Shares			Value
UNITED STATES (continued)
	2,800	CommScope, Inc.(b)	$	75,656
	900	Communications Systems, Inc.		9,882
	3,700	Community Bank System, Inc.		68,857
	6,900	Community Health Systems, Inc.(b)		215,832
	5,474	Community Trust Bancorp, Inc.		134,770
	1,100	CommVault Systems, Inc.(b)		21,670
	700	Compass Minerals International, Inc.		43,624
	700	Compellent Technolo- gies,Inc.(b)		12,838
	5,300	Complete Production Services, Inc.(b)		50,509
	4,867	Compucredit Holdings Corp.(b)		15,964
	1,700	Computer Programs & Systems, Inc.		71,808
	8,200	Compuware Corp.(b)		57,892
	150,700	comScore, Inc.(b)		2,310,231
	154,300	Comstock Resources, Inc.(b)		6,340,187
	2,600	COMSYS IT Partners, Inc.(b)		17,810
	2,700	Comtech Telecommunications Corp.(b)		86,724
	800	Comverge, Inc.(b)		9,128
	4,898	Conceptus, Inc.(b)		85,911
	3,863	Concho Resources, Inc.(b)		147,219
	136,300	Concur Technologies, Inc.(b)		4,857,732
	1,150	Conexant Systems, Inc.(b)		3,151
	5,889	Conmed Corp.(b)		124,788
	400	Connecticut Water Service, Inc.		8,920
	4,801	Conn’s, Inc.(b)		30,294
	7,800	Conseco, Inc.(b)		40,638
	1,116	Consolidated - Tomoka Land Co.		38,390
	10,216	Consolidated Communications Holdings, Inc.		141,185
	1,900	Consolidated Graphics, Inc.(b)		38,114
	125,700	Constant Contact, Inc.(b)		2,082,849
	11,700	Constellation Brands, Inc. - Class A(b)		185,094
	1,900	Contango Oil & Gas Co.(b)		90,535
	12,858	Continental Airlines, Inc. - Class B(b)		147,867
	500	Continucare Corp.(b)		1,310
	5,500	Convergys Corp.(b)		59,675
	1,600	Con-way, Inc.		52,784
	3,100	Cooper Cos., Inc. (The)		86,831
	8,500	Cooper Tire & Rubber Co.		129,710
	177,200	Copart, Inc.(b)		5,700,524
	2,300	Core-Mark Holding Co., Inc.(b)		62,951
	10,900	Corinthian Colleges, Inc.(b)		172,874
	5,000	Corn Products International, Inc.		140,900
	3,200	Cornell Cos., Inc.(b)		73,088
	800	Corporate Executive Board Co. (The)		19,208
	500	Corporate Office Properties Trust REIT		16,595

60

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

Shares			Value
UNITED STATES (continued)
	7,800	Corrections Corp. of America(b)	$	186,732
	2,550	Corvel Corp.(b)		72,675
	102,000	CoStar Group, Inc.(b)		3,959,640
	700	Courier Corp.		10,381
	1,132	Cousins Properties, Inc.		8,286
	1,020	Covance, Inc.(b)		52,714
	9,700	Covanta Holding Corp.(b)		166,646
	7,600	Coventry Health Care, Inc.(b)		150,708
	800	CPI International, Inc.(b)		7,920
	2,900	CRA International, Inc.(b)		71,775
	1,500	Cracker Barrel Old Country Store, Inc.		49,725
	2,600	Crane Co.		72,410
	900	Cray, Inc.(b)		6,714
	500	Credit Acceptance Corp.(b)		17,185
	3,700	Cree, Inc.(b)		155,770
	3,600	CROCS, Inc.(b)		21,888
	6,646	Cross Country Healthcare, Inc.(b)		54,896
	1,700	Crosstex Energy, Inc.		9,554
	1,250,000	Crown Holdings, Inc.(b)		33,312,500
	11,400	Crown Media Holdings, Inc. - Class A(b)		17,556
	4,000	CryoLife, Inc.(b)		24,000
	6,929	CSG Systems International, Inc.(b)		113,220
	1,500	CSS Industries, Inc.		30,450
	155	CTM Media Holdings, Inc. - Class A(b)		87
	988	CTM Media Holdings, Inc. - Class B(b)		741
	7,000	CTS Corp.		62,720
	3,100	Cubic Corp.		107,601
	8,700	Cubist Pharmaceuticals, Inc.(b)		147,378
	4,300	Cullen/Frost Bankers, Inc.		201,197
	922,366	Cummins, Inc.		39,717,080
	3,999	Cumulus Media, Inc. - Class A(b)		8,438
	1,380	Curis, Inc.(b)		2,746
	5,100	Curtiss-Wright Corp.		152,082
	1,000	Cutera, Inc.(b)		9,010
	12,001	CVB Financial Corp.		96,128
	3,000	CVR Energy, Inc.(b)		31,560
	300	Cyberonics, Inc.(b)		4,338
	14,874	Cybersource Corp.(b)		243,636
	5,842	Cymer, Inc.(b)		200,030
	1,300	Cynosure, Inc. - Class A(b)		13,026
	8,000	Cypress Bioscience, Inc.(b)		49,120
	5,400	Cypress Semiconductor Corp.(b)		45,522
	2,700	Cytec Industries, Inc.		89,559
	400	Cytokinetics, Inc.(b)		1,276
	8,174	Daktronics, Inc.		61,468
	7,700	Dana Holding Corp.(b)		43,582
	400	Danvers Bancorp, Inc.		5,492
	8,200	Darling International, Inc.(b)		56,990

Shares			Value
UNITED STATES (continued)
	1,800	Dawson Geophysical Co.(b)	$	43,470
	800	DCT Industrial Trust, Inc.		3,624
	3,000	DealerTrack Holdings, Inc.(b)		49,440
	2,100	Dean Foods Co.(b)		38,283
	400	Deckers Outdoor Corp.(b)		35,868
	15	Deerfield Capital Corp.(b)		85
	568,400	Del Monte Foods Co.		6,138,720
	2,100	Delek US Holdings, Inc.		14,175
	3,806	dELiA*s, Inc.(b)		8,069
	7,050	Delphi Financial Group, Inc. - Class A		152,985
	12,700	Delta Petroleum Corp.(b)		16,510
	510	Deltek, Inc.(b)		3,646
	2,500	Deltic Timber Corp.		106,250
	4,600	Deluxe Corp.		65,458
	201	DemandTec, Inc.(b)		1,767
	9,488	Dendreon Corp.(b)		239,762
	4,283	Depomed, Inc.(b)		13,320
	1,438	Developers Diversified Realty Corp. REIT		12,352
	4,800	DexCom, Inc.(b)		32,928
	4,000	DG FastChannel, Inc.(b)		83,880
	3,100	Diamond Foods, Inc.		93,465
	1,600	Diamond Management & Technology Consultants, Inc.		9,472
	7,900	DiamondRock Hospitality Co.(b)		60,119
	800	Dice Holdings, Inc.(b)		4,808
	4,000	Dick’s Sporting Goods, Inc.(b)		90,760
	2,900	Diebold, Inc.		87,696
	6,000	Digi International, Inc.(b)		47,700
	2,171	Digimarc Corp.(b)		30,394
	3	Digital Realty Trust, Inc.		135
	3,743	Digital River, Inc.(b)		85,453
	4,400	Dillard’s, Inc. - Class A		59,928
	5,600	Dime Community Bancshares		61,544
	3,100	DineEquity, Inc.(b)		65,596
	3,800	Diodes, Inc.(b)		62,244
	41,500	Dionex Corp.(b)		2,817,020
	2,400	Discovery Laboratories, Inc.(b)		2,232
	7,700	Ditech Networks, Inc.(b)		9,856
	2,723	Dixie Group, Inc.(b)		7,897
	1,600	Dolan Media Co.(b)		19,104
	600	Dollar Financial Corp.(b)		11,262
	4,643	Dollar Thrifty Automotive Group(b)		85,942
	1,043,247	Dollar Tree, Inc.(b)		47,081,737
	6,900	Domino’s Pizza, Inc.(b)		50,646
	2,200	Donaldson Co., Inc.		78,474
	7,172	Donegal Group, Inc. - Class A		104,711
	1,100	Dorman Products, Inc.(b)		16,082
	6,438	Dot Hill Systems Corp.(b)		11,717
	1,200	Double-Take Software, Inc.(b)		11,124
	1,300	Douglas Emmett, Inc. REIT		15,340
	2,800	Dover Downs Gaming & Entertainment, Inc.		13,300

61

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

Shares			Value
UNITED STATES (continued)
	5,900	Dover Motorsports, Inc.	$	8,201
	1,500	DR Horton, Inc.		16,440
	2,800	Dreamworks Animation SKG, Inc. - Class A(b)		89,600
	12,400	Dress Barn, Inc.(b)		223,820
	1,719,057	Dresser-Rand Group, Inc.(b)		50,660,610
	4,500	Drew Industries, Inc.(b)		86,130
	8,200	Dril-Quip, Inc.(b)		398,438
	21,829	drugstore.com(b)		60,466
	14,000	DSP Group, Inc.(b)		80,920
	1,400	DST Systems, Inc.(b)		58,394
	1,400	DSW, Inc. - Class A(b)		26,880
	5,148	DTS, Inc.(b)		145,431
	3,845	Ducommun, Inc.		65,442
	600	Duff & Phelps Corp. - Class A		10,314
	600	Duke Realty Corp. REIT		6,744
	800,217	Dun & Bradstreet Corp.		61,264,614
	16,622	Durect Corp.(b)		35,072
	12,300	Dyax Corp.(b)		38,622
	8,330	Dycom Industries, Inc.(b)		82,300
	2,800	Dynamex, Inc.(b)		51,884
	1,700	Dynamic Materials Corp.		32,776
	800	Dynamics Research Corp.(b)		10,248
	2,000	DynCorp International, Inc. - Class A(b)		34,000
	29,100	Dynegy, Inc.(b)		58,200
	4,200	Eagle Bulk Shipping, Inc.		19,908
	4,600	Eagle Materials, Inc.		114,310
	11,472	Earthlink, Inc.		92,923
	6,500	East West Bancorp, Inc.		58,695
	212	Eastern Insurance Holdings, Inc.		1,497
	3,700	EastGroup Properties, Inc. REIT		136,197
	9,200	Eastman Kodak Co.(b)		34,500
	3,200	Eaton Vance Corp.		90,848
	700	Ebix, Inc.(b)		43,120
	7,525	Echelon Corp.(b)		102,716
	3,700	EchoStar Corp. - Class A(b)		67,192
	3,201	Eclipsys Corp.(b)		60,019
	120,000	Ecolab, Inc.		5,275,200
	1,480	EDCI Holdings, Inc.(b)		8,599
	1,800	Edge Petroleum Corp.(b)		107
	5,000	Education Realty Trust, Inc. REIT		25,050
	900	eHealth, Inc.(b)		12,807
	600	Einstein Noah Restaurant Group, Inc.(b)		7,812
	6,600	El Paso Electric Co.(b)		123,750
	4,638	Electro Rent Corp.		49,673
	6,100	Electro Scientific Industries, Inc.(b)		66,734
	175,000	Electronic Arts, Inc.(b)		3,192,000
	6,655	Electronics For Imaging, Inc.(b)		77,597
	7,800	Elixir Gaming Technologies,
		Inc.(b)		2,184
	6,696	Elizabeth Arden, Inc.(b)		71,312

Shares			Value
UNITED STATES (continued)
	500	EMC Insurance Group, Inc.	$	10,290
	7,200	EMCOR Group, Inc.(b)		170,064
	11,472	Emcore Corp.(b)		11,701
	400	Emergency Medical Services Corp. - Class A(b)		19,208
	800	Emergent Biosolutions, Inc.(b)		11,536
	1,500	Emeritus Corp.(b)		27,990
	800	Emisphere Technologies, Inc.(b)		432
	2,300	Emmis Communications Corp. -
		Class A(b)		2,369
	4,700	Empire District Electric Co. (The)		84,882
	2,700	Employers Holdings, Inc.		40,014
	4,900	EMS Technologies, Inc.(b)		85,407
	11,500	Emulex Corp.(b)		116,150
	219,400	Encore Acquisition Co.(b)		8,133,158
	7,138	Encore Capital Group, Inc.(b)		106,856
	11,587	Encore Wire Corp.		240,430
	12,700	Endeavor International Corp.(b)		13,335
	4,000	Endo Pharmaceuticals Holdings,
		Inc.(b)		89,600
	12,700	Ener1, Inc.(b)		63,373
	5,863	Energy Conversion Devices, Inc.(b)		63,145
	1,800	Energy Recovery, Inc.(b)		10,044
	3,860	EnergySolutions, Inc.		32,192
	500	EnerNOC, Inc.(b)		14,365
	8,600	EnerSys(b)		190,060
	5,948	ENGlobal Corp.(b)		17,547
	5,200	Ennis, Inc.		78,780
	3,501	EnPro Industries, Inc.(b)		79,053
	1,200	Ensign Group, Inc. (The)		17,736
	20,629	Entegris, Inc.(b)		77,565
	2,500	Entercom Communications Corp. - Class A(b)		17,700
	2,688	Enterprise Financial Services
		Corp.		22,929
	5,000	Entertainment Properties Trust REIT		170,100
	449	Entorian Technologies, Inc.(b)		2,109
	9,100	Entravision Communications Corp. - Class A(b)		19,110
	9,400	Enzo Biochem, Inc.(b)		51,794
	4,900	Enzon Pharmaceuticals, Inc.(b)		41,111
	9,358	Epicor Software Corp.(b)		72,244
	10,095	EPIQ Systems, Inc.(b)		127,298
	700	ePlus, Inc.(b)		10,528
	400	Equinix, Inc.(b)		34,128
	3,800	Equity Lifestyle Properties, Inc. REIT		176,510
	900	Equity One, Inc.		13,428
	8,400	eResearch Technology, Inc.(b)		62,160
	1,380	Erie Indemnity Co. - Class A		48,645
	4,229	ESCO Technologies, Inc.(b)		166,115
	400	ESSA Bancorp, Inc.		4,788

62

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

Shares			Value
UNITED STATES (continued)
	300	Essex Property Trust, Inc. REIT	$	22,554
	124,000	Estee Lauder Cos., Inc. (The) - Class A		5,270,000
	5,529	Esterline Technologies Corp.(b)		232,826
	3,700	Ethan Allen Interiors, Inc.		46,102
	6,100	Euronet Worldwide, Inc.(b)		144,265
	184,177	ev3, Inc.(b)		2,169,605
	300	Evercore Partners, Inc. - Class A		9,792
	7,201	Evergreen Energy, Inc.(b)		2,592
	16,000	Evergreen Solar, Inc.(b)		23,200
	3,400	EW Scripps Co. - Class A(b)		21,624
	2,600	Exactech, Inc.(b)		39,000
	21,600	Exar Corp.(b)		149,040
	5,800	EXCO Resources, Inc.		90,596
	14,780	Exelixis, Inc.(b)		89,862
	4,500	Exide Technologies(b)		27,540
	1,200	ExlService Holdings, Inc.(b)		16,332
	2,613	Exponent, Inc.(b)		67,964
	730	ExpressJet Holdings, Inc.(b)		2,190
	4,100	Exterran Holdings, Inc.(b)		83,763
	9,100	Extra Space Storage, Inc.		87,087
	28,831	Extreme Networks(b)		57,374
	2,700	Ezcorp, Inc. - Class A(b)		35,019
	1,600	F5 Networks, Inc.(b)		71,824
	68,200	Factset Research Systems, Inc.		4,368,210
	1,800	Fair Isaac Corp.		36,594
	7,500	Fairchild Semiconductor International, Inc.(b)		56,100
	2,100	Fairpoint Communications, Inc.		227
	8,500	FalconStor Software, Inc.(b)		28,305
	7,406	Farmer Bros. Co.		139,973
	143,300	FARO Technologies, Inc.(b)(d)		2,215,418
	3,995	FBL Financial Group, Inc. - Class A		80,499
	100	Federal Agricultural Mortgage Corp. - Class A		602
	4,392	Federal Agricultural Mortgage
		Corp. - Class C		35,268
	4,100	Federal Mogul Corp.(b)		45,715
	7,400	Federal Signal Corp.		45,436
	2,700	Federated Investors, Inc. - Class B		70,875
	105,400	FEI Co.(b)		2,509,574
	2,700	FelCor Lodging Trust, Inc. REIT(b)		8,505
	5,500	Ferro Corp.		33,715
	5,300	FiberTower Corp.(b)		3,630
	5,286	Financial Federal Corp.		107,940
	3,812	Finisar Corp.(b)		28,399
	8,591	Finish Line (The) - Class A		87,113
	10,276	First Acceptance Corp.(b)		22,607
	6,602	First American Corp.		200,635
	5,200	First Bancorp.		70,512
	2,700	First Busey Corp.		10,449
	5,286	First Cash Financial Services, Inc.(b)		90,813

Shares			Value
UNITED STATES (continued)
	400	First Citizens BancShares, Inc. - Class A	$	59,600
	10,800	First Commonwealth Financial Corp.		56,700
	3,860	First Community Bancshares, Inc.		44,930
	400	First Defiance Financial Corp.		5,768
	13,100	First Financial Bancorp.		166,108
	2,400	First Financial Bankshares, Inc.		116,280
	4,458	First Financial Corp.		123,620
	4,269	First Financial Holdings, Inc.		57,589
	700	First Financial Northwest, Inc.		4,144
	13,436	First Horizon National Corp.(b)		158,948
	4,300	First Industrial Realty Trust, Inc.		18,705
	3,300	First Marblehead Corp. (The)(b)		6,468
	3,192	First Merchants Corp.		19,535
	175,800	First Mercury Finanacial Corp.		2,232,660
	7,570	First Midwest Bancorp, Inc.		78,728
	14,700	First Niagara Financial Group, Inc.		188,748
	2,958	First Place Financial Corp.		8,992
	4,900	First Potomac Realty Trust REIT		55,615
	2,300	First Regional Bancorp(b)		1,817
	8,511	FirstMerit Corp.		161,284
	4,300	Fisher Communications, Inc.(b)		83,807
	9,900	Five Star Quality Care, Inc.(b)		34,155
	800	Flagstar Bancorp, Inc.(b)		720
	4,800	Flanders Corp.(b)		24,192
	9,800	Fleetwood Enterprises, Inc.(b)		49
	2,800	Flotek Industries, Inc.(b)		4,508
	6,200	Flow International Corp.(b)		14,942
	6,000	Flowers Foods, Inc.		140,160
	5,205	Flushing Financial Corp.		58,452
	488,539	FMC Corp.		24,964,343
	13,581	FNB Corp.		96,153
	13,300	Foot Locker, Inc.		139,384
	4,500	Forest City Enterprises, Inc. - Class A		39,240
	900	Forest Oil Corp.(b)		17,640
	6,862	Formfactor, Inc.(b)		116,585
	4,500	Forrester Research, Inc.(b)		113,985
	82,000	Fortune Brands, Inc.		3,193,900
	1,800	Forward Air Corp.		38,412
	2,300	Fossil, Inc.(b)		61,479
	2,197	FPIC Insurance Group, Inc.(b)		74,325
	3,100	Franklin Bank Corp.(b)		37
	1,600	Franklin Covey Co.(b)		8,352
	2,500	Franklin Electric Co., Inc.		68,200
	5,100	Fred’s, Inc. - Class A		60,384
	1,000	FreightCar America, Inc.		23,580
	11,900	Frontier Communications Corp.		85,323
	7,100	Frontier Financial Corp.(b)		3,015
	2,600	Frontier Oil Corp.		36,036
	1,000	FTI Consulting, Inc.(b)		40,810
	4,700	Fuel Systems Solutions, Inc.(b)		153,878

63

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

Shares			Value
UNITED STATES (continued)
	1,000	Fuel Tech, Inc.(b)	$	11,570
	11,300	FuelCell Energy, Inc.(b)		37,629
	14,800	Fulton Financial Corp.		122,248
	11,970	Furmanite Corp.(b)		42,853
	6,800	Furniture Brands International, Inc.(b)		28,900
	6,000	FX Energy, Inc.(b)		15,960
	2,510	G&K Services, Inc. - Class A		55,596
	500	Gaiam, Inc. - Class A(b)		3,265
	800	GAMCO Investors, Inc. - Class A		33,752
	900	Gander Mountain Co.(b)		4,491
	5,500	Gannett Co., Inc.		54,010
	7,700	Gardner Denver, Inc.(b)		276,507
	2,900	Gartner Group, Inc.(b)		53,998
	3,912	GATX Corp.		106,328
	5,000	Gaylord Entertainment Co.(b)		75,150
	3,300	Genco Shipping & Trading Ltd.		65,637
	500	GenCorp, Inc.(b)		3,720
	3,100	General Cable Corp.(b)		96,534
	11,363	General Communication, Inc. - Class A(b)		69,882
	4,500	General Maritime Corp.		31,005
	9,100	General Moly, Inc.(b)		20,020
	3,800	Genesco, Inc.(b)		99,066
	3,700	Genesee & Wyoming, Inc. - Class A(b)		107,337
	92,200	Genomic Health, Inc.(b)		1,712,154
	200	Genoptix, Inc.(b)		6,958
	145,500	Gen-Probe, Inc.(b)		6,070,260
	4,400	Gentex Corp.		70,444
	13,824	Gentiva Health Services, Inc.(b)		331,776
	8,500	Genworth Financial, Inc. - Class A(b)		90,270
	6,500	Geo Group, Inc. (The)(b)		137,475
	2,100	GeoEye, Inc.(b)		53,277
	300	Geokinetics, Inc.(b)		4,824
	2,500	GeoMet, Inc.(b)		4,700
	1,408	Georesources, Inc.(b)		15,615
	1,400	Gerber Scientific, Inc.(b)		6,468
	72,800	Gerdau Ameristeel Corp.		495,179
	340	German American Bancorp, Inc.		5,114
	17,291	Geron Corp.(b)		105,648
	4,400	GFI Group, Inc.		22,660
	7,600	Gibraltar Industries, Inc.		82,232
	3,200	G-III Apparel Group Ltd.(b)		51,232
	4,600	Glacier Bancorp, Inc.		60,214
	5,800	Glatfelter		61,306
	1,600	Global Cash Access Holdings, Inc.(b)		10,128
	4,900	Global Industries Ltd.(b)		35,721
	1,038,045	Global Payments, Inc.		51,102,955
	1,200	Globecomm Systems, Inc.(b)		8,112
	4,500	GMX Resources, Inc.(b)		57,285
	80,400	Golden Star Resources Ltd.(b)		250,402

Shares			Value
UNITED STATES (continued)
	102,100	Goodrich Petroleum Corp.(b)	$	2,620,907
	1,493	Gorman-Rupp Co. (The)		36,862
	1,400	GP Strategies Corp.(b)		9,856
	1,400	Graco, Inc.		38,556
	17,000	GrafTech International Ltd.(b)		229,500
	750	Graham Corp.		10,628
	5,600	Granite Construction, Inc.		159,936
	32,700	Graphic Packaging Holding Co.(b)		74,883
	7,400	Gray Television, Inc.(b)		12,950
	100	Gray Television, Inc. - Class A(b)		181
	6,500	Great Atlantic & Pacific Tea Co.(b)		64,415
	3,300	Great Lakes Dredge & Dock
		Corp.		20,229
	500	Great Plains Energy, Inc.		8,650
	1,800	Great Southern Bancorp, Inc.		41,256
	15,220	Great Wolf Resorts, Inc.(b)		50,835
	8,200	Greatbatch, Inc.(b)		161,294
	1,412	Green Bankshares, Inc.		5,846
	7,047	Green Mountain Coffee Roasters, Inc.(b)		468,978
	8,000	Greenbrier Cos., Inc.		71,040
	2,500	Greenhill & Co., Inc.		215,575
	1,080	Greif, Inc. - Class A		57,802
	10,670	Griffon Corp.(b)		93,576
	5,300	Group 1 Automotive, Inc.		134,726
	5,100	GSI Commerce, Inc.(b)		96,747
	800	GSI Technology, Inc.(b)		2,888
	500	GTx, Inc.(b)		4,490
	19,152	Guaranty Bancorp(b)		25,089
	2,300	Guess?, Inc.		84,065
	3,446	Gulf Island Fabrication, Inc.		65,888
	3,400	Gulfmark Offshore, Inc.(b)		94,078
	6,232	Gulfport Energy Corp.(b)		47,550
	1,900	Gymboree Corp.(b)		80,883
	1,100	H&E Equipment Services, Inc.(b)		11,660
	2,600	Hackett Group, Inc. (The)(b)		8,112
	2,500	Haemonetics Corp.(b)		128,750
	307,288	Hain Celestial Group, Inc.(b)		5,389,832
	4,996	Hallmark Financial Services(b)		38,319
	10,200	Halozyme Therapeutics, Inc.(b)		61,812
	4,278	Hancock Holding Co.		155,163
	2,800	Hanesbrands, Inc.(b)		60,536
	2,900	Hanger Orthopedic Group, Inc.(b)		40,136
	4,768	Hanmi Financial Corp.(b)		7,295
	4,600	Hanover Insurance Group, Inc. (The)		193,476
	1,100	Hansen Natural Corp.(b)		39,765
	3,500	Hardinge, Inc.		18,375
	4,623	Harleysville Group, Inc.		144,839
	12,314	Harleysville National Corp.		70,929
	2,540	Harman International Industries, Inc.		95,529

64

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

Shares			Value
UNITED STATES (continued)
	10,900	Harmonic, Inc.(b)	$	57,225
	11,100	Harris Interactive, Inc.(b)		10,434
	4,661	Harris Stratex Networks, Inc. - Class A(b)		29,364
	4,200	Harsco Corp.		132,258
	2,400	Harte-Hanks, Inc.		28,176
	1,484	Harvard Bioscience, Inc.(b)		5,372
	13,098	Harvest Natural Resources, Inc.(b)		71,908
	2,600	Haverty Furniture Cos., Inc.(b)		31,486
	6,230	Hawaiian Electric Industries, Inc.		111,206
	15,300	Hawaiian Holdings, Inc.(b)		108,477
	800	Hawk Corp. - Class A(b)		11,136
	400	Haynes International, Inc.(b)		11,328
	9,600	HB Fuller Co.		183,456
	315,501	HCC Insurance Holdings, Inc.		8,326,071
	5,800	Headwaters, Inc.(b)		23,896
	5,200	Health Management Associates, Inc. - Class A(b)		31,720
	8,100	Health Net, Inc.(b)		120,771
	379,300	Healthcare Realty Trust, Inc. REIT		7,900,819
	4,050	Healthcare Services Group, Inc.		79,988
	2,000	Healthsouth Corp.(b)		29,220
	4,000	Healthspring, Inc.(b)		57,320
	7,208	HealthTronics, Inc.(b)		16,506
	138,400	Healthways, Inc.(b)		2,225,472
	16,533	Heartland Express, Inc.		224,849
	900	Heartland Financial USA, Inc.		11,556
	3,200	Heartland Payment Systems, Inc.		39,328
	20,100	Hecla Mining Co.(b)		82,611
	1,300	Heico Corp.		49,439
	3,300	Heico Corp. - Class A		101,838
	3,600	Heidrick & Struggles International, Inc.		98,496
	5,300	Helix Energy Solutions Group, Inc.(b)		72,769
	982,150	Henry Schein, Inc.(b)		51,886,984
	6,900	Hercules Offshore, Inc.(b)		35,397
	4,505	Heritage Commerce Corp.		11,893
	3,300	Herman Miller, Inc.		50,985
	5,200	Hersha Hospitality Trust		13,312
	110,000	Hershey Co. (The)		4,156,900
	13,600	Hertz Global Holdings, Inc.(b)		126,616
	2,500	Hewitt Associates, Inc. - Class A(b)		88,800
	3,200	Hexcel Corp.(b)		35,200
	1,000	hhgregg, Inc.(b)		16,490
	1,950	Hibbett Sports, Inc.(b)		36,543
	3,000	Highwoods Properties, Inc.		82,560
	6,400	Hill International, Inc.(b)		43,008
	1,700	Hillenbrand, Inc.		33,966
	1,700	Hill-Rom Holdings, Inc.		33,303
	6,800	Hilltop Holdings, Inc.(b)		80,512
	600	Hi-Tech Pharmacal Co., Inc.(b)		10,944
Shares			Value
UNITED STATES (continued)
	2,000	Hittite Microwave Corp.(b)	$	73,600
	120,000	HJ Heinz Co.		4,828,800
	4,000	HMS Holdings Corp.(b)		171,720
	1,800	HNI Corp.		47,376
	2,700	Holly Corp.		78,327
	285,000	Hologic, Inc.(b)		4,212,300
	7,236	Home Bancshares, Inc.		156,515
	500	Home Diagnostics, Inc.(b)		3,125
	2,215	Home Federal Bancorp, Inc.		25,583
	200	Home Properties, Inc.		7,836
	1,100	Hooker Furniture Corp.		14,091
	3,200	Horace Mann Educators Corp.		39,776
	2,125	Horizon Financial Corp.(b)		1,105
	1,173	Horizon Lines, Inc. - Class A		6,158
	3,500	Hornbeck Offshore Services, Inc.(b)		85,085
	2,000	Horsehead Holding Corp.(b)		19,060
	1,000	Hospitality Properties Trust		19,310
	10,500	Hot Topic, Inc.(b)		80,850
	800	Houston Wire & Cable Co.		9,672
	300	HQ Sustainable Maritime Industries, Inc.(b)		2,271
	1,800	HRPT Properties Trust		12,654
	2,200	HSN, Inc.(b)		32,868
	2,450	HUB Group, Inc. - Class A(b)		60,907
	2,200	Hubbell, Inc. - Class B		93,566
	5,000	Hudson Highland Group, Inc.(b)		16,200
	1,900	Hughes Communications, Inc.(b)		44,308
	5,800	Human Genome Sciences, Inc.(b)		108,402
	49,800	Huntington Bancshares, Inc.		189,738
	13,935	Huntsman Corp.		110,783
	2,200	Hurco Cos., Inc.(b)		34,980
	1,500	Huron Consulting Group, Inc.(b)		34,800
	12,900	Hutchinson Technology, Inc.(b)		75,078
	26,200	Hypercom Corp.(b)		74,670
	4,000	i2 Technologies, Inc.(b)		62,960
	10,750	IAC/InterActiveCorp(b)		203,605
	2,514	Ibasis, Inc.(b)		5,656
	1,500	IBERIABANK Corp.		64,965
	600	ICF International, Inc.(b)		17,190
	3,500	ICO, Inc.(b)		13,440
	9,298	Iconix Brand Group, Inc.(b)		108,415
	4,800	ICU Medical, Inc.(b)		168,000
	5,900	IDACORP, Inc.		165,731
	11,282	Idenix Pharmaceuticals, Inc.(b)		25,046
	4,412	Idera Pharmaceuticals, Inc.(b)		23,560
	415,101	IDEX Corp.		11,801,321
	1,600	Idexx Laboratories, Inc.(b)		81,792
	466	IDT Corp.(b)		1,617
	2,966	IDT Corp. - Class B(b)		11,627
	5,900	I-Flow Corp.(b)		74,458

65

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

Shares			Value
UNITED STATES (continued)
	19,100	iGate Corp.	$	168,653
	92,800	IHS, Inc. - Class A(b)		4,803,328
	3,097	II-VI, Inc.(b)		81,978
	5,200	Imation Corp.		45,864
	1,700	Immersion Corp.(b)		6,239
	137,600	Immucor, Inc.(b)		2,460,288
	9,578	Immunogen, Inc.(b)		64,077
	5,780	Immunomedics, Inc.(b)		20,577
	2,100	Impax Laboratories, Inc.(b)		18,648
	2,000	Imperial Sugar Co.		24,980
	5,200	IMS Health, Inc.		85,228
	8,264	Incyte Corp.(b)		48,675
	800	Independence Holding Co.		4,440
	4,800	Independent Bank Corp./MA		102,096
	3,098	Independent Bank Corp./MI		3,656
	9,600	Indevus Pharmaceuticals, Inc.(c)(d)		9,504
	3,200	Infinera Corp.(b)		23,776
	200	Infinity Pharmaceuticals, Inc.(b)		1,116
	3,520	Infinity Property & Casuality Corp.		136,118
	7,030	InfoGROUP, Inc.(b)		46,117
	86,000	Informatica Corp.(b)		1,825,780
	7,900	Infospace, Inc.(b)		67,703
	1,712	Ingles Markets, Inc. - Class A		26,331
	12,500	Ingram Micro, Inc. - Class A(b)		220,625
	5,400	Inland Real Estate Corp.		46,332
	2,500	Innerworkings, Inc.(b)		12,875
	1,200	Innophos Holdings, Inc.		23,220
	3,400	Innovative Solutions & Support, Inc.(b)		15,504
	5,800	Insight Enterprises, Inc.(b)		61,016
	10,019	Insituform Technologies, Inc. - Class A(b)		212,403
	10,355	Inspire Pharmaceuticals, Inc.(b)		46,287
	9,000	Insteel Industries, Inc.		100,080
	1,000	Insulet Corp.(b)		11,100
	2,517	Integra Bank Corp.		2,165
	177,759	Integra LifeScience Holdings Corp.(b)		5,428,760
	2,354	Integral Systems, Inc.(b)		19,774
	8,500	Integrated Device Tech(b)		49,980
	3,084	Integrated Electrical Services, Inc.(b)		20,293
	6,153	Integrated Silicon Solutions, Inc.(b)		21,536
	300	Integrys Energy Group, Inc.		10,380
	5,653	Inter Parfums, Inc.		69,419
	212,900	Interactive Data Corp.		5,599,270
	1,400	Interactive Intelligence, Inc.(b)		23,478
	8,502	InterDigital, Inc.(b)		174,801
	6,890	Interface, Inc. - Class A		53,466
	5,000	Interline Brands, Inc.(b)		73,000
	6,500	Intermec, Inc.(b)		80,080
	6,500	InterMune, Inc.(b)		78,520
Shares			Value
UNITED STATES (continued)
	5,000	Internap Network Services Corp.(b)	$	16,000
	600	International Assets Holding Corp.(b)		10,794
	6,040	International Bancshares Corp.		89,694
	11,900	International Coal Group, Inc.(b)		48,671
	1,700	International Flavors & Fragrances, Inc.		64,753
	2,300	International Rectifier Corp.(b)		42,044
	28,200	International Royalty Corp.		106,853
	2,400	International Speedway Corp. - Class A		61,224
	3,133	Internet Brands, Inc. - Class A(b)		23,310
	8,400	Internet Capital Group, Inc.(b)		61,068
	13,135	Interpublic Group of Cos., Inc.(b)		79,073
	6,800	Intersil Corp. - Class A		85,340
	4,100	Interstate Hotels & Resorts, Inc.(b)		4,715
	2,100	Interval Leisure Group, Inc.(b)		23,436
	1,500	Intervest Bancshares Corp. - Class A(b)		4,965
	5,200	Intevac, Inc.(b)		53,040
	1,600	Intrepid Potash, Inc.(b)		41,216
	1,449	Introgen Therapeutics, Inc.(b)		25
	9,000	Intuitive Surgical, Inc.(b)		2,217,150
	3,800	Invacare Corp.		85,234
	3,800	inVentiv Health, Inc.(b)		64,524
	7,573	Inverness Medical Innovations, Inc.(b)		287,850
	8,100	Investment Technology Group, Inc.(b)		174,717
	7,828	Investors Bancorp, Inc.(b)		84,856
	11,563	ION Geophysical Corp.(b)		44,286
	2,400	Iowa Telecommunications Services, Inc.		28,248
	200	IPC The Hospitalist Co, Inc.(b)		6,060
	600	iPCS, Inc.(b)		14,322
	1,600	IPG Photonics Corp.(b)		21,856
	3,100	IRIS International, Inc.(b)		31,434
	7,400	iRobot Corp.(b)		98,938
	3,600	Irwin Financial Corp.(b)		119
	1,800	Isilon Systems, Inc.(b)		9,450
	10,035	Isis Pharmaceuticals, Inc.(b)		127,143
	5,400	Isle of Capri Casinos, Inc.(b)		41,850
	1,000	ITC Holdings Corp.		44,420
	2,600	Itron, Inc.(b)		156,104
	103,000	ITT Corp.		5,222,100
	5,800	Ixia(b)		38,570
	13,776	IXYS Corp.(b)		92,299
	3,500	J & J Snack Foods Corp.		137,095
	1,800	J Crew Group, Inc.(b)		73,404
	4,400	j2 Global Communications, Inc.(b)		89,980
	12,350	Jabil Circuit, Inc.		165,243

66

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

Shares			Value
UNITED STATES (continued)
	153,100	Jack Henry & Associates, Inc.	$	3,532,017
	6,086	Jack in the Box, Inc.(b)		114,173
	3,900	Jackson Hewitt Tax Service, Inc.		19,149
	5,200	Jaguar Mining, Inc.(b)		43,492
	5,793	Jakks Pacific, Inc.(b)		82,434
	500	James River Coal Co.(b)		9,495
	3,500	Janus Capital Group, Inc.		45,920
	1,095	Jarden Corp.		29,992
	8,000	Javelin Pharmaceuticals, Inc.(b)		10,560
	1,379,500	JC Penney Co., Inc.		45,702,835
	3,900	JDA Software Group, Inc.(b)		77,376
	8,100	JDS Uniphase Corp.(b)		45,279
	26,200	JetBlue Airways Corp.(b)		129,952
	500	JMP Group, Inc.		4,210
	6,500	Jo-Ann Stores, Inc.(b)		173,030
	200	John B. Sanfilippo & Son, Inc.(b)		2,744
	900	John Bean Technologies Corp.		14,778
	226,200	John Wiley & Sons, Inc. - Class A		7,966,764
	1,581,688	Johnson Controls, Inc.		37,833,977
	5,900	Jones Apparel Group, Inc.		105,551
	2,800	Jones Lang LaSalle, Inc.		131,180
	5,425	Jos. A. Bank Clothiers, Inc.(b)		222,316
	2,223	Journal Communications, Inc. - Class A		7,914
	151,100	K12, Inc.(b)		2,423,644
	4,500	Kadant, Inc.(b)		58,005
	2,300	Kaiser Aluminum Corp.		91,885
	4,647	Kaman Corp.		96,007
	9,200	Kansas City Southern(b)		222,916
	100	Kapstone Paper and Packaging Corp.(b)		694
	155,000	Kaydon Corp.		5,423,450
	4,000	KB Home		56,720
	1,033	KBR, Inc.		21,146
	1,100	KBW, Inc.(b)		30,800
	9,900	Kearny Financial Corp.		97,515
	1,100	Keithley Instruments, Inc.		3,586
	80,000	Kellogg Co.		4,123,200
	3,800	Kelly Services, Inc. - Class A		42,104
	19,377	Kemet Corp.(b)		24,221
	2,700	Kendle International, Inc.(b)		45,576
	5,700	Kenexa Corp.(b)		71,820
	6,800	Kennametal, Inc.		160,208
	2,700	Kenneth Cole Productions, Inc. - Class A		25,677
	3,349	Kensey Nash Corp.(b)		80,075
	8,413	Key Energy Services, Inc.(b)		61,499
	4,600	Keynote Systems, Inc.(b)		47,012
	1,200	K-Fed Bancorp.		10,716
	7,725	Kforce, Inc.(b)		90,614
	4,300	Kid Brands, Inc.(b)		21,371
	300	Kilroy Realty Corp.		8,286
Shares			Value
UNITED STATES (continued)
	6,000	Kimball International, Inc. - Class B	$	45,000
	5,900	Kindred Healthcare, Inc.(b)		86,730
	2,500	Kinetic Concepts, Inc.(b)		82,975
	22,170	King Pharmaceuticals, Inc.(b)		224,582
	5,000	Kirby Corp.(b)		169,000
	800	Kirkland’s, Inc.(b)		10,064
	2,900	Kite Realty Group Trust		10,759
	11,200	Knight Capital Group, Inc. - Class A(b)		188,720
	9,550	Knight Transportation, Inc.		153,182
	3,800	Knoll, Inc.		37,240
	2,500	Knology, Inc.(b)		25,125
	6,000	Knot, Inc. (The)(b)		64,020
	20,958	Kopin Corp.(b)		93,054
	400	Koppers Holdings, Inc.		10,448
	6,100	Korn/Ferry International(b)		97,356
	3,611	Kratos Defense & Security Solutions, Inc.(b)		39,288
	11,800	Krispy Kreme Doughnuts, Inc.(b)		40,002
	6,100	Kronos Worldwide, Inc.		81,557
	3,800	K-Swiss, Inc. - Class A		31,008
	9,437	Kulicke & Soffa Industries, Inc.(b)		43,882
	1,900	KV Pharmaceutical Co. - Class A(b)		7,220
	300	KV Pharmaceutical Co. - Class B(b)		1,281
	900	KVH Industries, Inc.(b)		9,450
	10,076	L-1 Indentity Solutions, Inc.(b)		59,549
	3,500	LaBarge, Inc.(b)		38,850
	52,000	Laboratory Corp. of America Holdings(b)		3,582,280
	4,100	Laclede Group, Inc. (The)		125,911
	3,233	Ladish Co., Inc.(b)		41,900
	2,000	Lakeland Bancorp, Inc.		12,160
	2,963	Lakeland Financial Corp.		60,949
	2,000	Lakes Entertainment, Inc.(b)		4,920
	2,800	Lamar Advertising Co. - Class A(b)		68,040
	4,100	Lancaster Colony Corp.		199,178
	156,129	Lance, Inc.		3,765,831
	2,900	Landauer, Inc.		150,191
	5,974	Landec Corp.(b)		39,070
	700	Landry’s Restaurants, Inc.(b)		7,630
	202,600	Landstar System, Inc.		7,139,624
	1,200	Lannett Co., Inc.(b)		8,064
	4,700	LaSalle Hotel Properties		80,652
	11,403	Lattice Semiconductor Corp.(b)		21,780
	26,300	Lawson Software, Inc.(b)		165,953
	3,270	Layne Christensen Co.(b)		84,693
	17,100	La-Z-Boy, Inc.		121,410
	700	LB Foster Co. - Class A(b)		19,656
	2,543	LCA-Vision, Inc.(b)		11,444
	600	Leap Wireless International, Inc.(b)		7,932

67

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

Shares			Value
UNITED STATES (continued)
	8,400	Leapfrog Enterprises, Inc.(b)	$	27,720
	700	Learning Tree International, Inc.(b)		7,616
	6,900	LECG Corp.(b)		23,805
	3,700	Lee Enterprises, Inc.(b)		11,285
	371	Legacy Bancorp, Inc.		3,547
	9,600	Leggett & Platt, Inc.		185,568
	1,200	Lender Processing Services, Inc.		47,760
	13,100	Lennar Corp. - Class A		165,060
	1,600	Lennar Corp. - Class B		15,472
	2,800	Lennox International, Inc.		94,276
	372,000	Lenovo Group Ltd.		211,675
	14,300	Lexicon Pharmaceuticals, Inc.(b)		18,733
	8,420	Lexington Realty Trust		35,280
	4,000	Lexmark International, Inc. - Class A(b)		102,000
	6,300	LHC Group, Inc.(b)		175,833
	2,600	Libbey, Inc.(b)		13,910
	7,717	Liberty Media Corp. - Capital, Series A(b)		159,665
	2,248	Life Partners Holdings, Inc.		38,194
	70,000	Life Technologies Corp.(b)		3,301,900
	3,600	Life Time Fitness, Inc.(b)		77,580
	3,000	Lifepoint Hospitals, Inc.(b)		84,990
	1,291	Lifeway Foods, Inc.(b)		15,544
	1,200	Ligand Pharmaceuticals, Inc., Class B(b)		2,040
	3,900	Limelight Networks, Inc.(b)		13,611
	5,430	Lin TV Corp. - Class A(b)		21,286
	3,900	Lincare Holdings, Inc.(b)		122,499
	4,964	Lincoln Educational Services Corp.(b)		98,386
	1,457	Lincoln Electric Holdings, Inc.		69,120
	1,400	Lindsay Corp.		45,962
	7,831	Lionbridge Technologies(b)		16,367
	3,533	Liquidity Services, Inc.(b)		33,987
	1,200	Lithia Motors, Inc. - Class A(b)		10,008
	3,900	Littelfuse, Inc.(b)		107,484
	10,400	Live Nation, Inc.(b)		69,264
	8,200	Liz Claiborne, Inc.		47,068
	6,300	LKQ Corp.(b)		108,801
	5,500	LMI Aerospace, Inc.(b)		59,235
	589	LodgeNet Interactive Corp.(b)		2,857
	12,200	Lodgian, Inc.(b)		21,472
	2,500	LoJack Corp.(b)		10,550
	1,300	LoopNet, Inc.(b)		11,349
	4,124	Loral Space & Communications, Inc.(b)		108,956
	14,100	Louisiana-Pacific Corp.(b)		74,025
	3,500	LSB Industries, Inc.(b)		43,400
	5,200	LSI Corp.(b)		26,624
	10,598	LSI Industries, Inc.		74,080
	12,379	LTX-Credence Corp.(b)		16,588
	12,972	Luby’s, Inc.(b)		46,310
Shares			Value
UNITED STATES (continued)
	1,600	Lufkin Industries, Inc.	$	91,280
	800	Lumber Liquidators, Inc.(b)		17,000
	154,995	Luminex Corp.(b)		2,281,526
	4,000	M&F Worldwide Corp.(b)		85,120
	5,100	M/I Homes, Inc.(b)		56,967
	1,365	Macatawa Bank Corp.(b)		2,621
	200	Mac-Gray Corp.(b)		1,626
	700	Mack-Cali Realty Corp. REIT		21,665
	2,600	Magellan Health Services, Inc.(b)		83,538
	5,840	Magma Design Automation, Inc.(b)		12,556
	3,400	Maguire Properties, Inc.(b)		5,984
	2,600	Maidenform Brands, Inc.(b)		36,608
	9,256	MainSource Financial Group, Inc.		53,962
	2,700	Manhattan Associates, Inc.(b)		61,965
	7,600	Manitowoc Co., Inc. (The)		69,464
	3,100	Mannatech, Inc.		10,540
	2,700	MannKind Corp.(b)		14,094
	2,600	Mantech International Corp - Class A(b)		114,036
	300	MAP Pharmaceuticals, Inc.(b)		2,466
	5,529	Marchex, Inc. - Class B		25,046
	7,700	Marcus Corp.		90,090
	7,700	Marine Products Corp.		37,345
	3,400	MarineMax, Inc.(b)		23,154
	10,300	Mariner Energy, Inc.(b)		131,222
	690	Markel Corp.(b)		222,663
	5,700	MarketAxess Holdings, Inc.(b)		67,716
	2,545	Marlin Business Services Corp.(b)		17,077
	16,300	Marshall & Ilsley Corp.		86,716
	116,000	Martek Biosciences Corp.(b)		2,083,360
	10,800	Marten Transport Ltd.(b)		189,432
	4,400	Marvel Entertainment, Inc.(b)		219,868
	151,300	Masimo Corp.(b)		4,020,041
	5,400	Massey Energy Co.		157,086
	7,400	MasTec, Inc.(b)		87,320
	1,273	Mastech Holdings, Inc.(b)		6,340
	4,100	Matrix Service Co.(b)		36,367
	153,593	Matthews International Corp. - Class A		5,641,471
	15,915	Mattson Technology, Inc.(b)		33,740
	800	Maui Land & Pineapple Co., Inc.(b)		4,912
	2,900	MAXIMUS, Inc.		134,154
	4,300	Maxwell Technologies, Inc.(b)		77,099
	13,389	Maxygen, Inc.(b)		74,711
	5,386	MB Financial, Inc.		96,302
	14,100	MBIA, Inc.(b)		57,246
	2,056	MBT Financial Corp.		4,174
	1,200	McClatchy Co. (The) - Class A		3,384
	1,915,624	McCormick & Co., Inc.		67,065,996
	2,857	McCormick & Schmick’s Seafood Restaurants, Inc.(b)		17,199

68

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

Shares			Value
UNITED STATES (continued)
	7,500	MCG Capital Corp.(b)	$	29,925
	4,700	Mcgrath Rentcorp		92,825
	6,700	McMoRan Exploration Co.(b)		51,523
	2,600	MDC Holdings, Inc.		84,812
	4,211	MDRNA, Inc.(b)		4,379
	6,300	Meadowbrook Insurance Group, Inc.		42,399
	2,070	MeadWestvaco Corp.		47,258
	900	Measurement Specialties, Inc.(b)		6,939
	176,400	MedAssets, Inc.(b)		3,870,216
	7,932	Medcath Corp.(b)		65,122
	2,700	Media General, Inc. - Class A		22,383
	7,487	Mediacom Communications Corp. - Class A(b)		35,788
	5,600	Medical Action Industries, Inc.(b)		61,264
	800	Medical Properties Trust, Inc. REIT		6,400
	3,100	Medicines Co. (The)(b)		22,289
	3,400	Medicis Pharmaceutical Corp. - Class A		71,978
	5,900	Medivation, Inc.(b)		150,568
	1,900	Mednax, Inc.(b)		98,648
	1,800	MedQuist, Inc.		10,404
	500	MEMSIC, Inc.(b)		1,700
	7,300	Men’s Wearhouse, Inc.		169,141
	15,900	Mentor Graphics Corp.(b)		116,070
	1,700	Mercury Computer Systems, Inc.(b)		18,190
	2,260	Mercury General Corp.		82,400
	1,800	Meredith Corp.		48,708
	181,751	Meridian Bioscience, Inc.		4,033,055
	411	Meridian Interstate Bancorp, Inc.(b)		3,535
	44,200	Meridian Resource Corp.(b)		14,144
	7,900	Merit Medical Systems, Inc.(b)		134,142
	2,600	Meritage Homes Corp.(b)		47,424
	6,700	Mesa Air Group, Inc.(b)		1,112
	900	Metabolix, Inc.(b)		9,126
	1,600	Metalico, Inc.(b)		6,464
	5,414	Methode Electronics, Inc.		39,252
	91,000	Mettler-Toledo International, Inc.(b)		8,872,500
	2,600	MGE Energy, Inc.		91,052
	1,400	MGIC Investment Corp.(b)		6,034
	300	MGP Ingredients, Inc.(b)		1,302
	2,200	Michael Baker Corp.(b)		78,540
	5,950	Micrel, Inc.		44,446
	1,500	Micromet, Inc.(b)		7,665
	3,400	Micros Systems, Inc.(b)		91,528
	2,200	Microsemi Corp.(b)		29,282
	200	MicroStrategy, Inc. - Class A(b)		17,454
	12,600	Microtune, Inc.(b)		21,546
	1,276	Microvision, Inc.(b)		4,734
	1,000	Micrus Endovascular Corp.(b)		11,820
Shares			Value
UNITED STATES (continued)
	1,600	Mid-America Apartment Communities, Inc.	$	70,112
	1,000	Midas, Inc.(b)		8,060
	1,087	Middleby Corp.(b)		49,252
	900	Middlesex Water Co.		13,851
	3,580	Midwest Banc Holdings, Inc.(b)		1,790
	1,415	Miller Industries, Inc.(b)		14,221
	27,000	Millipore Corp.(b)		1,809,270
	4,400	Mine Safety Appliances Co.		112,156
	103,750	Minera Andes, Inc.(b)		61,365
	2,300	Minerals Technologies, Inc.		113,298
	7,357	MIPS Technologies, Inc.(b)		29,060
	12,300	Mirant Corp.(b)		171,954
	1,600	Mission West Properties		10,640
	10,081	MKS Instruments, Inc.(b)		157,667
	7,400	Mobile Mini, Inc.(b)		107,300
	3,800	Modine Manufacturing Co.		39,140
	3,400	ModusLink Global Solutions, Inc.(b)		27,948
	5,300	Mohawk Industries, Inc.(b)		226,999
	4,800	Molex, Inc. - Class A		79,440
	5,200	Molina Healthcare, Inc.(b)		97,344
	65,000	Molson Coors Brewing Co. - Class B		3,183,050
	400	Momenta Pharmaceuticals, Inc.(b)		3,648
	5,500	Monaco Coach Corp.(b)		54
	4,400	Monarch Casino & Resort, Inc.(b)		30,536
	3,200	MoneyGram International, Inc.(b)		9,568
	400	Monmouth REIT - Class A		2,716
	2,011	Monolithic Power Systems, Inc.(b)		40,200
	500	Monotype Imaging Holdings, Inc.(b)		3,760
	3,546	Monro Muffler, Inc.		109,891
	4,500	Monster Worldwide, Inc.(b)		65,340
	5,600	Moog, Inc. - Class A.(b)		139,832
	2,000	Morgans Hotel Group Co.(b)		6,640
	192,289	Morningstar, Inc.(b)		9,810,585
	3,600	Morton’s Restaurant Group, Inc.(b)		13,464
	4,900	MoSys, Inc.(b)		11,564
	3,218	Movado Group, Inc.		33,725
	28,100	Move, Inc.(b)		57,605
	677	Movie Gallery, Inc.(b)(c)(d)		0
	19,900	MPS Group, Inc.(b)		269,048
	25,329	MRV Communications, Inc.(b)		18,743
	1,200	MSC Industrial Direct Co. - Class A		51,660
	2,337	MSCI, Inc. - Class A(b)		71,045
	5,300	MTR Gaming Group, Inc.(b)		11,501
	1,100	MTS Systems Corp.		29,150
	5,200	Mueller Industries, Inc.		123,032
	13,353	Mueller Water Products, Inc. - Class A		59,821

69

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

Shares			Value
UNITED STATES (continued)
	1,300	Multi-Fineline Electronix, Inc.(b)	$	35,425
	12,993	Multimedia Games, Inc.(b)		63,796
	1,200	MWI Veterinary Supply, Inc.(b)		42,480
	6,700	Myers Industries, Inc.		58,759
	800	MYR Group, Inc.(b)		13,744
	9,600	Nabi Biopharmaceuticals(b)		31,200
	785	NACCO Industries, Inc. - Class A		46,786
	3,000	Nalco Holding Co.		63,450
	3,500	Nanometrics, Inc.(b)		28,700
	6,800	Nara Bancorp, Inc.		50,048
	1,900	Nash Finch Co.		55,062
	2,200	NATCO Group, Inc. - Class A(b)		95,876
	16,020	National Beverage Corp.(b)		175,419
	1,100	National CineMedia, Inc.		17,600
	4,400	National Financial Partners Corp.(b)		35,860
	1,600	National Healthcare Corp.		57,552
	297,300	National Instruments Corp.		7,937,910
	109,300	National Interstate Corp.(d)		1,979,423
	10,386	National Penn Bancshares, Inc.		58,369
	200	National Presto Industries, Inc.		17,386
	6,472	National Retail Properties, Inc.		125,427
	3,100	National Semiconductor Corp.		40,114
	6,000	Natural Gas Services Group, Inc. (b)		101,220
	6,943	Natus Medical, Inc.(b)		96,438
	3,500	Nautilus, Inc.(b)		6,265
	8,500	Navigant Consulting, Inc.(b)		121,040
	127,124	Navigators Group, Inc.(b)(d)		6,746,471
	1,900	Navistar International Corp.(b)		62,966
	6,000	NBT Bancorp, Inc.		130,800
	8,800	NBTY, Inc.(b)		320,408
	4,300	NCI Building Systems, Inc.(b)		8,428
	1,700	NCI, Inc. - Class A(b)		45,747
	3,700	NCR Corp.(b)		37,555
	900	Neenah Paper, Inc.		9,315
	2,000	Nektar Therapeutics(b)		16,240
	4,700	Nelnet, Inc. - Class A(b)		65,941
	2,783	Neogen Corp.(b)		88,221
	2,115,746	NetApp, Inc.(b)		57,230,929
	1,700	NetFlix, Inc.(b)		90,865
	5,229	Netgear, Inc.(b)		95,325
	1,400	Netlogic Microsystems, Inc.(b)		53,214
	12,000	Netscout Systems, Inc.(b)		147,480
	126,600	NetSuite, Inc.(b)		1,768,602
	9,600	Network Equipment Technologies, Inc.(b)		31,680
	9,600	Neurogen Corp.(b)		1,584
	152,200	NeuStar, Inc. - Class A(b)		3,515,820
	700	Neutral Tandem, Inc.(b)		14,763
	7,200	New Jersey Resources Corp.		253,440
	3,600	New York & Co., Inc.(b)		15,840
Shares			Value
UNITED STATES (continued)
	2,800	New York Times Co. (The) - Class A	$	22,316
	15,700	NewAlliance Bancshares, Inc.		173,956
	1,090	Newell Rubbermaid, Inc.		15,816
	1,100	NewMarket Corp.		102,850
	18,777	Newpark Resources, Inc.(b)		56,519
	8,760	Newport Corp.(b)		65,174
	6,800	Nextwave Wireless, Inc.(b)		3,944
	262,533	NIC, Inc.		2,299,789
	5,400	Nicor, Inc.		200,232
	100	Nighthawk Radiology Holdings, Inc.(b)		599
	14,600	NL Industries, Inc.		90,520
	2,440	NN, Inc.(b)		10,858
	3,800	Nordson Corp.		200,526
	85,000	Northern Trust Corp.		4,271,250
	1,900	Northfield Bancorp, Inc.		23,617
	6,398	Northwest Bancorp, Inc.		140,756
	2,700	Northwest Natural Gas Co.		112,887
	2,200	Northwest Pipe Co.(b)		66,220
	3,065	NorthWestern Corp.		74,020
	7,300	Novatel Wireless, Inc.(b)		65,116
	7,201	Novavax, Inc.(b)		27,652
	23,200	Novell, Inc.(b)		94,888
	4,200	Novellus Systems, Inc.(b)		86,436
	5,006	NPS Pharmaceuticals, Inc.(b)		15,869
	500	NTELOS Holdings Corp.		7,550
	6,500	Nu Skin Enterprises, Inc. - Class A		147,940
	300	Nutraceutical International Corp.(b)		3,264
	2,050	NutriSystem, Inc.		44,116
	53,850	NuVasive, Inc.(b)		1,954,216
	3,000	NxStage Medical, Inc.(b)		16,740
	1,200	Oceaneering International, Inc.(b)		61,320
	2,207	OceanFirst Financial Corp.		20,966
	3,900	O’Charleys, Inc.(b)		27,339
	14,700	Ocwen Financial Corp.(b)		160,671
	11,900	Odyssey HealthCare, Inc.(b)		165,886
	14,300	Office Depot, Inc.(b)		86,515
	1,600	Officemax, Inc.(b)		18,288
	9,400	Oil States International, Inc.(b)		323,736
	4,000	Old Dominion Freight Line, Inc.(b)		103,960
	8,900	Old National Bancorp.		92,293
	22,300	Old Republic International Corp.		238,164
	4,800	Old Second Bancorp, Inc.		25,680
	9,900	Olin Corp.		151,173
	1,000	Olympic Steel, Inc.		25,300
	3,800	OM Group, Inc.(b)		102,676
	5,200	Omega Healthcare Investors, Inc.		78,832
	6,100	Omega Protein Corp.(b)		25,376
	1,700	Omnicare, Inc.		36,839

70

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

Shares			Value
UNITED STATES (continued)
	5,500	Omnicell, Inc.(b)	$	54,120
	1,655,500	Omnicom Group, Inc.		56,750,540
	6,300	Omnivision Technologies, Inc.(b)		77,238
	9,400	Omnova Solutions, Inc.(b)		60,254
	4,600	On Assignment, Inc.(b)		27,784
	48,525	ON Semiconductor Corp.(b)		324,632
	675	One Liberty Properties, Inc.		5,650
	301	OneBeacon Insurance Group Ltd. - Class A		3,588
	7,300	Online Resources Corp.(b)		38,325
	3,100	Onyx Pharmacueticals, Inc.(b)		82,460
	13,916	Openwave Systems, Inc.(b)		31,589
	4,307	Opko Health, Inc.(b)		9,346
	4,300	Oplink Communications, Inc.(b)		63,769
	3,900	Opnet Technologies, Inc.		42,510
	2,100	Opnext, Inc.(b)		5,166
	300	Optimer Pharmaceuticals, Inc.(b)		3,468
	1,400	optionsXpress Holdings, Inc.		21,882
	16,565	OraSure Technologies, Inc.(b)		54,002
	5,000	Orbital Sciences Corp.(b)		64,400
	1,302	Orbitz Worldwide, Inc.(b)		6,809
	1,100	Orexigen Therapeutics, Inc.(b)		7,106
	700	Orion Marine Group, Inc.(b)		13,328
	700	Oritani Financial Corp.		8,967
	1,200	Ormat Technologies, Inc.		45,360
	13,200	Orthovita, Inc.(b)		46,200
	2,600	Oshkosh Corp.		81,276
	3,400	OSI Pharmaceuticals, Inc.(b)		109,548
	4,500	OSI Systems, Inc.(b)		88,335
	300	Osiris Therapeutics, Inc.(b)		1,905
	10,700	OTIX Global, Inc.(b)		9,202
	2,761	Otter Tail Corp.		64,221
	1,000	Outdoor Channel Holdings, Inc.(b)		6,920
	2,300	Overseas Shipholding Group, Inc.		90,275
	1,900	Overstock.com, Inc.(b)		26,600
	1,700	Owens & Minor, Inc.		69,513
	10,600	Owens Corning, Inc.(b)		234,366
	2,929	Oxford Industries, Inc.		56,676
	800	OYO Geospace Corp.(b)		21,000
	2,700	P.F. Chang’s China Bistro, Inc.(b)		78,813
	5,786	Pacific Capital Bancorp.		7,464
	300	Pacific Continental Corp.		3,270
	5,000	Pacific Sunwear of California(b)		30,200
	4,000	Packaging Corp. of America		73,120
	3,100	Pactiv Corp.(b)		71,579
	3,070	PacWest Bancorp.		52,129
	4,500	PAETEC Holding Corp.(b)		14,580
	11,900	Pain Therapeutics, Inc.(b)		60,333
	90,000	Pall Corp.		2,856,600
	11,344	Palm Harbor Homes, Inc.(b)		25,070
Shares			Value
UNITED STATES (continued)
	19,600	Palm, Inc.(b)	$	227,556
	1,994	Palomar Medical Technologies, Inc.(b)		20,259
	29,600	Panera Bread Co. - Class A(b)		1,775,408
	500	Panhandle Oil and Gas, Inc. - Class A		9,830
	5,800	Pantry, Inc. (The)(b)		81,838
	2,400	Papa John’s International, Inc.(b)		54,000
	2,100	Par Pharmaceutical Cos., Inc.(b)		44,037
	300	PAR Technology Corp.(b)		1,635
	5,200	Parametric Technology(b)		77,532
	9,000	Parexel International Corp.(b)		112,680
	7,600	Park Electrochemical Corp.		170,848
	1,900	Park National Corp.		110,352
	18,237	Parker Drilling Co.(b)		94,832
	43,000	Parker Hannifin Corp.		2,277,280
	3,500	Parkervision, Inc.(b)		9,695
	1,313	Park-Ohio Holdings Corp.(b)		8,167
	1,100	Parkway Properties, Inc.		19,415
	3,700	Patriot Coal Corp.(b)		41,810
	4,400	Patterson Cos., Inc.(b)		112,332
	12,400	Patterson-UTI Energy, Inc.		193,192
	100,000	Paychex, Inc.		2,841,000
	6,897	PC Connection, Inc.(b)		40,554
	1,400	PC Mall, Inc.(b)		9,926
	4,814	PC-Tel, Inc.(b)		28,210
	13,980	PDF Solutions, Inc.(b)		49,489
	1,616	PDI, Inc.(b)		8,112
	6,200	PDL BioPharma, Inc.		52,142
	945	Peapack Gladstone Financial Corp.		12,455
	4,042	Peet’s Coffee & Tea, Inc.(b)		137,428
	7,100	Pegasystems, Inc.		203,557
	1,700	Penford Corp.		10,030
	6,700	Penn National Gaming, Inc.(b)		168,371
	4,600	Penn Virginia Corp.		93,150
	3,400	Pennsylvania Real Estate Investment Trust		24,922
	15,400	Penske Auto Group, Inc.		241,164
	1,700	Penson Worldwide, Inc.(b)		16,575
	6,200	Pentair, Inc.		180,420
	1,400	Penwest Pharmaceuticals Co.(b)		3,024
	871	Peoples Bancorp, Inc.		9,355
	4,900	PEP Boys - Manny Moe & Jack		42,973
	3,700	Perficient, Inc.(b)		30,118
	9,090	Pericom Semiconductor Corp.(b)		85,537
	8,600	PerkinElmer, Inc.		160,046
	8,800	Perot Systems Corp. - Class A(b)		263,472
	2,800	Perrigo Co.		104,132
	2,916	Perry Ellis International, Inc.(b)		39,862
	1,900	Pervasive Software, Inc.(b)		9,310
	7,800	PetMed Express, Inc.		122,382

71

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

Shares			Value
UNITED STATES (continued)
	55,000	PetroHawk Energy Corp.(b)	$	1,293,600
	3,643	Petroleum Development Corp.(b)		60,838
	23,900	Petroquest Energy, Inc.(b)		146,507
	3,800	PetSmart, Inc.		89,414
	2,700	PFF Bancorp, Inc.(b)		32
	1,181	PGT, Inc.(b)		2,917
	800	Pharmaceutical Product Development, Inc.		17,240
	600	Pharmasset, Inc.(b)		11,268
	2,159	PharMerica Corp.(b)		33,313
	1,500	Phase Forward, Inc.(b)		19,665
	8,500	PHH Corp.(b)		137,360
	5,900	PHI, Inc. - Non Voting(b)		101,362
	200	PHI, Inc. - Voting(b)		3,620
	3,070	Phillips-Van Heusen Corp.		123,260
	14,400	Phoenix Cos., Inc. (The)(b)		45,792
	8,617	Phoenix Technologies Ltd.(b)		20,164
	10,872	Photronics, Inc.(b)		45,445
	3,500	Pico Holdings, Inc.(b)		118,790
	5,400	Piedmont Natural Gas Co.		125,712
	43,700	Pier 1 Imports, Inc.(b)		153,824
	3,100	Pike Electric Corp.(b)		38,905
	7,400	Pinnacle Airlines Corp.(b)		44,622
	8,300	Pinnacle Entertainment, Inc.(b)		70,135
	5,000	Pinnacle Financial Partners, Inc.(b)		63,500
	4,100	Pioneer Drilling Co.(b)		27,429
	66,000	Pioneer Natural Resources Co.		2,713,260
	1,200	Piper Jaffray Cos.(b)		55,668
	266,800	Plains Exploration & Production Co.(b)		7,070,200
	6,400	Plantronics, Inc.		154,304
	14,000	Playboy Enterprises, Inc. - Class B(b)		42,980
	4,200	Plexus Corp.(b)		106,260
	43,300	Plug Power, Inc.(b)		37,238
	2,300	PLX Technology, Inc.(b)		7,222
	7,384	PMA Capital Corp. - Class A(b)		35,296
	23,200	PMC - Sierra, Inc.(b)		197,664
	2,400	PMI Group, Inc. (The)		5,808
	4,900	PNM Resources, Inc.		52,528
	3,176	Polaris Industries, Inc.		133,614
	2,900	Polycom, Inc.(b)		62,263
	20,500	PolyOne Corp.(b)		114,390
	4,100	Polypore International, Inc.(b)		44,936
	1,300	Poniard Pharmaceuticals, Inc.(b)		8,515
	1,100	Pool Corp.		21,538
	2,900	Portfolio Recovery Associates, Inc.(b)		133,806
	1,000	Portland General Electric Co.		18,590
	5,400	Post Properties, Inc.		89,046
	3,301	Powell Industries, Inc.(b)		121,411
	400	Power Integrations, Inc.		12,480
Shares			Value
UNITED STATES (continued)
	1,900	PowerSecure International, Inc.(b)	$	15,808
	13,030	Powerwave Technologies, Inc.(b)		16,288
	5,317	Pozen, Inc.(b)		30,201
	1,215	Preferred Bank Los Angeles		3,074
	5,700	Premiere Global Services, Inc.(b)		42,579
	1,700	Pre-Paid Legal Services, Inc.(b)		67,218
	5,520	Presidential Life Corp.		51,502
	18,104	Presstek, Inc.(b)		30,777
	4,200	Prestige Brands Holdings, Inc.(b)		28,392
	3,200	Pricesmart, Inc.		61,760
	6,648	Princeton Review, Inc.(b)		30,448
	1,804	PrivateBancorp, Inc.		16,471
	4,300	ProAssurance Corp.(b)		216,204
	3,886	Progenics Pharmaceuticals, Inc.(b)		16,282
	4,900	Progress Software Corp.(b)		113,190
	663	Progressive Gaming International Corp.(b)		13
	6,400	Prosperity Bancshares, Inc.		229,056
	5,650	Protection One, Inc.(b)		30,397
	7,300	Protective Life Corp.		140,525
	5,726	Providence Service Corp. (The)(b)		71,346
	700	Provident Financial Holdings, Inc.		4,900
	8,600	Provident Financial Services, Inc.		92,450
	16,243	Provident New York Bancorp.		138,553
	3,000	PS Business Parks, Inc.		146,910
	9,332	PSS World Medical, Inc.(b)		188,693
	4,400	Psychiatric Solutions, Inc.(b)		90,816
	2,389	QAD, Inc.		10,894
	3,090	QC Holdings, Inc.		16,068
	3,900	QLogic Corp.(b)		68,406
	3,600	Quaker Chemical Corp.		74,160
	2,100	Quality Systems, Inc.		128,142
	4,900	Quanex Building Products Corp.		72,863
	42,500	Quantum Corp.(b)		78,625
	5,750	Quest Resource Corp.(b)		3,105
	17,800	Quest Software, Inc.(b)		298,506
	10,300	Questcor Pharmaceuticals, Inc.(b)		46,762
	5,600	Quicksilver Resources, Inc.(b)		68,320
	2,664	Quidel Corp.(b)		38,095
	15,800	Quiksilver, Inc.(b)		31,442
	2,200	Radian Group, Inc.		12,738
	5,400	Radiant Systems, Inc.(b)		53,136
	1,200	Radio One, Inc. - Class A(b)		2,472
	1,430	Radio One, Inc. - Class D(b)		2,531
	5,700	Radioshack Corp.		96,273
	6,000	Radisys Corp.(b)		51,060
	102,400	Ralcorp Holdings, Inc.		5,498,880

72

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

Shares			Value
UNITED STATES (continued)
	3,300	Rambus, Inc.(b)	$	52,800
	1,800	Ramco-Gershenson Properties		15,912
	3,480	Raven Industries, Inc.		85,956
	6,300	Raymond James Financial, Inc.		148,743
	152,200	RBC Bearings, Inc.(b)		3,273,822
	6,539	RC2 Corp.(b)		85,399
	700	RCN Corp.(b)		5,838
	18,353	RealNetworks, Inc.(b)		65,520
	1,100	Realty Income Corp. REIT		25,498
	4,398	Red Robin Gourmet Burgers, Inc.(b)		73,491
	1,575	Reddy Ice Holdings, Inc.(b)		6,221
	2,600	Regal Entertainment Group - Class A		32,786
	5,000	Regal-Beloit Corp.		234,400
	12,490	Regeneron Pharmaceuticals, Inc.(b)		196,093
	5,600	Regis Corp.		90,944
	3,500	RehabCare Group, Inc.(b)		65,625
	3,850	Reinsurance Group of America, Inc.		177,485
	4,180	Reliance Steel & Aluminum Co.		152,486
	5,193	Renaissance Learning, Inc.		47,152
	5,222	Renasant Corp.		76,450
	10,524	Rent-A-Center, Inc.(b)		193,221
	14,700	Rentech, Inc.(b)		18,375
	9,400	Republic Airways Holdings, Inc.(b)		75,294
	1,200	Republic Bancorp, Inc. - Class A		22,068
	80,000	Republic Services, Inc.		2,072,800
	5,599	Res-Care, Inc.(b)		67,356
	72,000	ResMed, Inc.(b)		3,543,120
	3,000	Resource America, Inc. - Class A		11,580
	4,300	Resources Connection, Inc.(b)		74,261
	8,100	Retail Ventures, Inc.(b)		51,921
	5,087	Revlon, Inc. - Class A(b)		42,883
	3,000	Rex Energy Corp.(b)		24,270
	56,149	RF Micro Devices, Inc.(b)		223,473
	6,300	Rigel Pharmaceuticals, Inc.(b)		40,383
	6,300	RightNow Technologies, Inc.(b)		96,138
	2,900	Rimage Corp.(b)		53,360
	1,500	Riskmetrics Group, Inc.(b)		22,035
	2,200	Riverbed Technology, Inc.(b)		45,078
	4,800	RLI Corp.		240,000
	6,200	Robbins & Myers, Inc.		143,840
	5,500	Rock-Tenn Co. - Class A		240,900
	1,726	Rockville Financial, Inc.		17,864
	2,900	Rockwood Holdings, Inc.(b)		57,652
	3,000	Rofin-Sinar Technologies, Inc.(b)		64,350
	3,300	Rogers Corp.(b)		85,635
	8,850	Rollins, Inc.		160,008
	1,300	Roma Financial Corp.		16,107
	105,000	Roper Industries, Inc.		5,307,750
Shares			Value
UNITED STATES (continued)
	3,200	Rosetta Resources, Inc.(b)		$43,296
	4,400	Rovi Corp.(b)		121,220
	10,200	Rowan Cos, Inc.		237,150
	1,500	Royal Caribbean Cruises Ltd.(b)		30,345
	4,000	Royal Gold, Inc.		176,680
	17,550	RPC, Inc.		164,092
	5,900	RPM International, Inc.		103,958
	1,300	RR Donnelley & Sons Co.		26,104
	29,200	RRI Energy, Inc.(b)		153,884
	4,300	RSC Holdings, Inc.(b)		28,982
	12,859	RTI Biologics, Inc.(b)		50,407
	4,343	RTI International Metals, Inc.(b)		89,944
	800	Rubicon Technology, Inc.(b)		12,096
	4,500	Ruby Tuesday, Inc.(b)		29,970
	183,600	Ruddick Corp.		4,905,792
	7,900	Rudolph Technologies, Inc.(b)		50,086
	6,900	Rush Enterprises, Inc. - Class A(b)		75,348
	5,300	Ryder System, Inc.		214,915
	3,200	Ryland Group, Inc.		59,360
	3,100	S & T Bancorp, Inc.		48,825
	15,536	S1 Corp.(b)		93,216
	2,350	Safeguard Scientifics, Inc.(b)		22,889
	8,000	Safety Insurance Group, Inc.		267,760
	200,000	Safeway, Inc.		4,466,000
	1,300	Saga Communications, Inc. - Class A(b)		16,575
	3,400	Saia, Inc.(b)		49,844
	8,400	Saks, Inc.(b)		47,124
	4,505	Salem Communications Corp. - Class A(b)		13,830
	45,000	Salesforce.com, Inc.(b)		2,553,750
	5,304	Salix Pharmaceuticals Ltd.(b)		97,541
	14,700	Sally Beauty Holdings, Inc.(b)		99,225
	3,501	Sanders Morris Harris Group, Inc.		20,341
	2,300	Sanderson Farms, Inc.		84,157
	431,200	SandRidge Energy, Inc.(b)		4,411,176
	5,999	Sandy Spring Bancorp, Inc.		69,348
	8,200	Sangamo Biosciences, Inc.(b)		43,624
	1,600	Sanmina-SCI Corp.(b)		10,272
	6,000	Santarus, Inc.(b)		18,540
	12,700	Sapient Corp.(b)		103,378
	4,800	Sauer-Danfoss, Inc.		34,560
	1,400	Saul Centers, Inc.		43,064
	10,200	Savient Pharmaceuticals, Inc.(b)		128,520
	1,200	SAVVIS, Inc.(b)		17,748
	4,600	SBA Communications Corp. - Class A(b)		129,766
	2,900	Scansource, Inc.(b)		73,631
	700	SCBT Financial Corp.		18,109
	97,280	Schawk, Inc.		955,290
	1,400	Schnitzer Steel Industries, Inc. - Class A		60,536

73

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

Shares			Value
UNITED STATES (continued)
	6,500	Scholastic Corp.	$	161,655
	2,600	School Specialty, Inc.(b)		57,850
	6,001	Schulman (A.), Inc.		104,237
	7,776	Schweitzer-Mauduit International, Inc.		401,630
	615	Sciclone Pharmaceuticals, Inc.(b)		1,513
	3,900	Scientific Games Corp. - Class A(b)		54,873
	1,900	Scotts Miracle-Gro Co. (The) - Class A		77,178
	1,300	SeaBright Insurance Holdings, Inc.(b)		14,534
	7,800	Seachange International, Inc.(b)		52,806
	3,200	Seacoast Banking Corp. of Florida		4,768
	1,800	SEACOR Holdings, Inc.(b)		146,286
	9,900	Sealed Air Corp.		190,377
	7,616	Seattle Genetics, Inc.(b)		69,153
	3,514,800	SEI Investments Co.		61,403,556
	4,500	Select Comfort Corp.(b)		24,615
	8,400	Selective Insurance Group		128,688
	7,400	Semitool, Inc.(b)		52,244
	6,800	Semtech Corp.(b)		105,196
	200	Seneca Foods Corp. - Class A(b)		5,538
	1,200	Senior Housing Properties Trust REIT		23,136
	2,060	Senomyx, Inc.(b)		7,910
	306,300	Sensient Technologies Corp.		7,746,327
	9,200	Sequenom, Inc.(b)		25,392
	21,700	Service Corp. International		149,079
	3,400	Shaw Group, Inc. (The)(b)		87,244
	4,200	Shenandoah Telecommunications Co.		70,098
	370,036	Sherwin-Williams Co. (The)		21,106,853
	4,200	Shiloh Industries, Inc.(b)		18,900
	3,300	Shoe Carnival, Inc.(b)		49,533
	1,200	ShoreTel, Inc.(b)		7,884
	1,200	Shuffle Master, Inc.(b)		9,372
	800	Shutterfly, Inc.(b)		11,280
	800	Sierra Bancorp.		6,984
	3,185	Sigma Designs, Inc.(b)		38,252
	5,325	Signature Bank(b)		168,057
	6,400	Silgan Holdings, Inc.		344,000
	5,800	Silicon Graphics International Corp.(b)		34,568
	30,458	Silicon Image, Inc.(b)		64,266
	2,000	Silicon Laboratories, Inc.(b)		83,800
	23,420	Silicon Storage Technology, Inc.(b)		47,543
	5,036	Simmons First National Corp. - Class A		147,353
	7,850	Simpson Manufacturing Co., Inc.		183,612

Shares			Value
UNITED STATES (continued)
	7,253	Sinclair Broadcast Group, Inc. - Class A	$	28,577
	3,100	Sirona Dental Systems, Inc.(b)		83,421
	15,400	SIRVA, Inc.(b)(c)(d)		5
	2,800	SJW Corp.		60,956
	4,600	Skechers U.S.A., Inc. - Class A(b)		100,372
	500	Skilled Healthcare Group, Inc. - Class A(b)		4,020
	1,600	Skyline Corp.		27,984
	9,380	Skywest, Inc.		131,039
	27,900	Skyworks Solutions, Inc.(b)		290,997
	600	SL Green Realty Corp. REIT		23,256
	328,200	Smart Balance, Inc.(b)		1,732,896
	1,700	SMART Modular Technologies WWH, Inc.(b)		6,902
	4,700	Smith & Wesson Holding Corp.(b)		20,069
	86,000	Smith International, Inc.		2,384,780
	2,000	Smith Micro Software, Inc.(b)		18,160
	13,300	Smithfield Foods, Inc.(b)		177,422
	900	Smithtown Bancorp, Inc.		9,315
	4,260	Snap-On, Inc.		155,618
	101,500	Solera Holdings, Inc.		3,270,330
	3,108	Solutia, Inc.(b)		34,188
	1,000	Somanetics Corp.(b)		14,950
	1,900	Somaxon Pharmaceuticals, Inc.(b)		3,838
	5,900	Sonic Automotive, Inc. - Class A		52,746
	4,200	Sonic Corp.(b)		39,270
	9,100	Sonic Solutions, Inc.(b)		44,226
	19,944	SonicWALL, Inc.(b)		158,355
	3,500	Sonoco Products Co.		93,625
	104,300	SonoSite, Inc.(b)		2,585,597
	20,756	Sonus Networks, Inc.(b)		39,852
	5,300	Sotheby’s		84,058
	600	Sourcefire, Inc.(b)		12,180
	6,600	SourceForge, Inc.(b)		7,656
	4,400	South Jersey Industries, Inc.		155,276
	1,300	Southern Union Co.		25,441
	4,085	Southside Bancshares, Inc.		84,927
	3,800	Southwest Bancorp, Inc.		37,392
	4,200	Southwest Gas Corp.		104,958
	5,115	Southwest Water Co.		28,491
	1,800	Sovran Self Storage, Inc.		54,180
	2,800	Spanish Broadcasting System, Inc. - Class A(b)		2,072
	4,275	Spartan Motors, Inc.		21,332
	7,600	Spartan Stores, Inc.		107,616
	6,300	Spartech Corp.		60,291
	5,400	Spectranetics Corp.(b)		30,780
	1,100	Spectrum Control, Inc.(b)		9,295
	5,870	Speedway Motorsports, Inc.		79,480
	13,801	Spherion Corp.(b)		68,315
	6,700	Spirit Aerosystems Holdings, Inc. - Class A(b)		106,664

74

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

Shares			Value
UNITED STATES (continued)
	1,000	Sport Supply Group, Inc.	$	10,320
	3,100	SPX Corp.		163,618
	4,600	SRA International, Inc. - Class A(b)		86,296
	1,900	St. Joe Co. (The)(b)		45,486
	100,000	St. Jude Medical, Inc.(b)		3,408,000
	7,100	St. Mary Land & Exploration Co.		242,110
	5,100	Stage Stores, Inc.		60,180
	2,186	Stamps.com, Inc.(b)		21,947
	2,800	StanCorp Financial Group, Inc.		102,788
	2,800	Standard Microsystems Corp.(b)		53,928
	1,000	Standard Motor Products, Inc.		8,360
	7,900	Standard Pacific Corp.(b)		23,700
	3,363	Standard Parking Corp.(b)		59,189
	5,414	Standard Register Co. (The)		25,825
	4,600	Standex International Corp.		80,868
	300	Stanley Furniture Co., Inc.		2,358
	5,365	Stanley Works (The)		242,659
	600	Stanley, Inc.(b)		16,950
	1,200	Star Scientific, Inc.(b)		1,008
	1,500	Starent Networks Corp.(b)		50,610
	400	StarTek, Inc.(b)		2,320
	5,550	State Auto Financial Corp.		90,243
	1,281	State Bancorp, Inc.		9,787
	1,900	Steak N Shake Co. (The)(b)		22,135
	13,700	STEC, Inc.(b)		292,084
	5,600	Steel Dynamics, Inc.		74,984
	7,000	Steelcase, Inc. - Class A		40,390
	5,400	Stein Mart, Inc.(b)		51,300
	2,000	Steinway Musical Instruments(b)		23,440
	1,224	StellarOne Corp.		12,987
	3,500	Stepan Co.		200,340
	5,205	Stereotaxis, Inc.(b)		18,790
	45,000	Stericycle, Inc.(b)		2,356,650
	1,700	STERIS Corp.		49,742
	6,300	Sterling Bancorp.		42,399
	13,996	Sterling Bancshares, Inc.		77,958
	1,200	Sterling Construction Co., Inc.(b)		19,356
	6,389	Sterling Financial Corp.(b)		5,111
	4,950	Steven Madden Ltd.(b)		200,475
	515,100	Stewart Enterprises, Inc. - Class A		2,359,158
	2,529	Stewart Information Services Corp.		22,609
	4,650	Stifel Financial Corp.(b)		241,614
	17,000	Stillwater Mining Co.(b)		105,400
	7,196	Stone Energy Corp.(b)		110,315
	4,200	Stratasys, Inc.(b)		66,276
	6,500	Strategic Hotels & Resorts, Inc.(b)		11,505
	400	Strayer Education, Inc.		81,188
	400	Student Loan Corp. (The)		16,820
	3,800	Sturm Ruger & Co., Inc.		40,356

Shares			Value
UNITED STATES (continued)
	1,500	SuccessFactors, Inc.(b)	$	22,935
	2,804	Suffolk Bancorp.		78,400
	3,100	Sulphco, Inc.(b)		3,100
	5,539	Sun Bancorp, Inc.(b)		22,488
	1,300	Sun Communities, Inc.		22,672
	6,500	Sun Healthcare Group, Inc.(b)		59,020
	1,500	Sun Hydraulics Corp.		28,590
	600	SunPower Corp. - Class B(b)		12,996
	9,100	Sunrise Senior Living, Inc.(b)		37,856
	6,897	Sunstone Hotel Investors, Inc.(b)		52,072
	702	Super Micro Computer, Inc.(b)		5,658
	10,591	SuperGen, Inc.(b)		24,783
	1,500	Superior Bancorp(b)		3,180
	382,900	Superior Energy Services, Inc.(b)		8,274,469
	3,700	Superior Industries International, Inc.		49,136
	6,300	Superior Well Services, Inc.(b)		66,843
	1,375	Supertex, Inc.(b)		33,344
	13,900	SUPERVALUE,Inc.		220,593
	7,000	support.com, Inc.(b)		16,800
	7,113	SureWest Communications(b)		62,737
	76,533	SurModics, Inc.(b)		1,960,010
	12,379	Susquehanna Bancshares, Inc.		68,208
	400	Susser Holdings Corp.(b)		4,756
	5,700	SVB Financial Group(b)		235,125
	5,686	Swift Energy Co.(b)		120,429
	700	Switch & Data Facilities Co., Inc.(b)		11,711
	3,400	SWS Group, Inc.		45,492
	2,152	SY Bancorp, Inc.		48,097
	2,200	Sybase, Inc.(b)		87,032
	38,111	Sycamore Networks, Inc.(b)		108,616
	9,442	SYKES Enterprises, Inc.(b)		224,153
	11,111	Symmetricom, Inc.(b)		53,222
	3,500	Symmetry Medical, Inc.(b)		28,000
	3,100	Syms Corp.(b)		21,793
	8,700	Symyx Technologies, Inc.(b)		51,069
	6,495	Synaptics, Inc.(b)		146,138
	12,400	Syniverse Holdings, Inc.(b)		212,412
	4,000	SYNNEX Corp.(b)		102,920
	5,700	Synopsys, Inc.(b)		125,400
	3,400	Synovis Life Technologies, Inc.(b)		41,004
	15,000	Synovus Financial Corp.		33,300
	9,600	Syntax-Brillian Corp.(b)(c)(d)		0
	3,900	Syntel, Inc.		139,737
	300	Syntroleum Corp.(b)		669
	14,600	Systemax, Inc.(b)		196,808
	1,800	T-3 Energy Services, Inc.(b)		36,036
	10,100	Take-Two Interactive Software, Inc.(b)		110,797
	1,000	TAL International Group, Inc.		11,860
	7,800	Talbots, Inc.		70,746
	700	Taleo Corp. - Class A(b)		15,218

75

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

Shares			Value
UNITED STATES (continued)
	3,300	Tanger Factory Outlet Centers	$	125,631
	300	Targacept, Inc.(b)		5,625
	4,920	Taser International, Inc.(b)		20,123
	5,900	Taubman Centers, Inc. REIT		180,009
	1,401	Taylor Capital Group, Inc.(b)		7,986
	3,900	TCF Financial Corp.		46,137
	1,738	Team, Inc.(b)		28,208
	7,600	Tech Data Corp.(b)		292,068
	66,000	Techne Corp.		4,125,660
	8,700	Technitrol, Inc.		67,773
	500	TechTarget, Inc.(b)		3,150
	900	Techwell, Inc.(b)		9,342
	3,800	Tecumseh Products Co. - Class A(b)		39,710
	700	Tecumseh Products Co. - Class B(b)		7,259
	1,110	Tejon Ranch Co.(b)		28,927
	12,500	Tekelec(b)		187,750
	4,600	Teledyne Technologies, Inc.(b)		157,136
	76,900	Teleflex, Inc.		3,825,775
	1,800	Telephone & Data Systems, Inc.		53,316
	2,170	Telephone & Data Systems, Inc. - Special Shares		59,892
	6,937	TeleTech Holdings, Inc.(b)		124,103
	23,760	Tellabs, Inc.(b)		143,035
	5,390	Temple-Inland, Inc.		83,276
	4,500	Tempur-Pedic International, Inc.(b)		87,165
	10,800	Tenet Healthcare Corp.(b)		55,296
	2,800	Tennant Co.		74,648
	8,800	Tenneco, Inc.(b)		119,856
	6,500	Teradyne, Inc.(b)		54,405
	5,400	Terex Corp.(b)		109,188
	8,000	Terremark Worldwide, Inc.(b)		51,120
	5,200	Tesoro Corp.		73,528
	1,500	Tessera Technologies, Inc.(b)		33,165
	12	Teton Advisors, Inc.(c)(d)		0
	8,455	Tetra Tech, Inc.(b)		217,547
	11,300	Tetra Technologies, Inc.(b)		106,898
	6,100	Texas Capital Bancshares, Inc.(b)		88,877
	3,300	Texas Industries, Inc.		109,857
	8,300	Texas Roadhouse, Inc. - Class A(b)		78,601
	1,800	Theravance, Inc.(b)		25,146
	5,500	TheStreet.com, Inc.		13,695
	4,000	Thomas & Betts Corp.(b)		136,840
	8,300	Thomas Properties Group, Inc.		25,149
	1,100	Thomas Weisel Partners Group, Inc.(b)		4,983
	7,006	Thor Industries, Inc.		183,697
	9,800	Thoratec Corp.(b)		257,348
	5,250	THQ, Inc.(b)		27,458
	20,702	TIBCO Software, Inc.(b)		181,142
	4,200	Tidewater, Inc.		175,014

Shares			Value
UNITED STATES (continued)
	1,300	Tier Technologies, Inc.(b)	$	10,634
	2,500	TierOne Corp.(b)		4,975
	7,900	Timberland Co. - Class A(b)		127,822
	5,600	Timken Co.		123,368
	4,000	Titan International, Inc.		33,600
	1,000	Titan Machinery, Inc.(b)		10,730
	8,400	Titanium Metals Corp.		72,240
	9,900	TiVo, Inc.(b)		107,712
	3,750	TNS, Inc.(b)		105,975
	8,200	Toll Brothers, Inc.(b)		142,024
	2,200	TomoTherapy, Inc.(b)		7,304
	2,810	Tompkins Financial Corp.		121,870
	4,229	Tootsie Roll Industries, Inc.		104,921
	4,300	Torchmark Corp.		174,580
	3,200	Toro Co.		118,464
	6,400	Total System Services, Inc.		102,208
	200	Tower Bancorp, Inc.		4,512
	2,000	Tower Group, Inc.		49,160
	300	TowneBank		3,462
	5,500	Tractor Supply Co.(b)		245,850
	4,185	TradeStation Group, Inc.(b)		32,308
	5,989	Transatlantic Holdings, Inc.		302,444
	2,000	TransDigm Group, Inc.		78,360
	1,100	Travelzoo, Inc.(b)		15,202
	4,800	TRC Cos., Inc.(b)		15,216
	7,600	Tredegar Corp.		103,588
	1,400	Tree.com, Inc.(b)		10,934
	5,100	TreeHouse Foods, Inc.(b)		190,740
	2,400	Trex Co., Inc.(b)		38,184
	5,700	Trico Bancshares		83,334
	3,100	Trico Marine Services, Inc.(b)		18,910
	9,880	Trident Microsystems, Inc.(b)		18,574
	230,110	Trimble Navigation Ltd.(b)		4,825,407
	4,503	Trimeris, Inc.		16,031
	6,200	Trinity Industries		104,656
	28,756	TriQuint Semiconductor, Inc.(b)		154,995
	2,200	Triumph Group, Inc.		102,982
	1,200	Tri-Valley Corp.(b)		2,880
	1,600	True Religion Apparel, Inc.(b)		41,232
	6,100	TrueBlue, Inc.(b)		73,810
	10,059	Trustco Bank Corp.		59,851
	8,775	Trustmark Corp.		166,286
	8,000	TRW Automotive Holdings Corp.(b)		125,200
	9,900	TTM Technologies, Inc.(b)		100,683
	5,800	Tuesday Morning Corp.(b)		18,734
	1,600	Tupperware Brands Corp.		72,032
	3,700	Tutor Perini Corp.(b)		65,305
	4,300	tw telecom, Inc.(b)		54,180
	4,000	Tween Brands, Inc.(b)		33,920
	1,400	Twin Disc, Inc.		13,146
	6,500	Tyler Technologies, Inc.(b)		123,630
	4,400	UAL Corp.(b)		28,644
	11,900	UCBH Holdings, Inc.		11,662
	1,500	UDR, Inc. REIT		21,570
	3,076	UIL Holdings Corp.		78,992

76

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

Shares			Value
UNITED STATES (continued)
	1,200	Ulta Salon Cosmetics & Fragrance, Inc.(b)	$	18,168
	151,700	Ultimate Software Group, Inc.(b)		3,869,867
	4,400	Ultra Clean Holdings(b)		24,244
	1,075,507	Ultra Petroleum Corp.(b)		52,215,865
	5,008	Ultralife Corp.(b)		18,329
	3,841	Ultratech, Inc.(b)		49,626
	1,624	UMB Financial Corp.		64,586
	8,639	Umpqua Holdings Corp.		85,612
	800	Under Armour, Inc. - Class A(b)		21,480
	3,700	Unifi, Inc.(b)		10,286
	2,000	Unifirst Corp.		84,200
	4,950	Union Bankshares Corp.		60,984
	3,800	Union Drilling, Inc.(b)		29,032
	4,900	Unisource Energy Corp.		141,512
	940	Unisys Corp.(b)		27,392
	4,100	Unit Corp.(b)		160,228
	7,159	United Bankshares, Inc.		127,788
	4,154	United Community Banks, Inc.(b)		16,865
	5,035	United Community Financial Corp.(b)		7,553
	508	United Financial Bancorp, Inc.		6,528
	3,500	United Fire & Casualty Co.		61,180
	4,949	United Natural Foods, Inc.(b)		119,320
	12,254	United Online, Inc.		98,032
	9,900	United Rentals, Inc.(b)		93,951
	100	United States Lime & Minerals, Inc.(b)		3,507
	4,514	United Stationers, Inc.(b)		212,790
	600	United Therapeutics Corp.(b)		25,524
	900	Unitil Corp.		18,621
	4,110	Unitrin, Inc.		80,556
	9,230	Universal American Corp.(b)		92,300
	2,386	Universal Corp.		99,234
	5,000	Universal Display Corp.(b)		56,800
	3,108	Universal Electronics, Inc.(b)		64,025
	2,311	Universal Forest Products, Inc.		82,456
	1,100	Universal Health Realty Income Trust REIT		34,925
	2,700	Universal Health Services, Inc. - Class B		150,255
	4,800	Universal Insurance Holdings, Inc.		25,488
	200	Universal Stainless & Alloy(b)		3,018
	4,700	Universal Technical Institute, Inc.(b)		84,553
	5,500	Universal Truckload Services, Inc.		90,420
	4,405	Univest Corp. of Pennsylvania		84,708
	1,400	Urstadt Biddle Properties, Inc.		20,020
	3,600	Urstadt Biddle Properties, Inc. - Class A		53,172
	500	US Airways Group, Inc.(b)		1,530
	1,700	US Cellular Corp.(b)		62,237
	29,010	US Gold Corp.(b)		78,327

Shares			Value
UNITED STATES (continued)
	1,400	US Physical Therapy, Inc.(b)	$	19,656
	3,955	USA Mobility, Inc.		43,110
	300	USA Truck, Inc.(b)		3,369
	700	USANA Health Sciences, Inc.(b)		20,174
	8,400	USEC, Inc.(b)		32,424
	4,400	USG Corp.(b)		57,816
	4,400	U-Store-It Trust		25,080
	204,700	UTi Worldwide, Inc.		2,552,609
	31,900	Utstarcom, Inc.(b)		57,739
	16,774	Vaalco Energy, Inc.		71,457
	4,700	Vail Resorts, Inc.(b)		161,868
	1,300	Valassis Communications, Inc.(b)		23,699
	15,700	Valeant Pharmaceuticals International(b)		461,580
	2,798	Valhi, Inc.		26,273
	9,000	Valley National Bancorp.		119,520
	800	Valmont Industries, Inc.		57,816
	6,100	Valspar Corp.		154,757
	3,100	Valueclick, Inc.(b)		30,504
	7,753	Valuevision Media, Inc. - Class A(b)		24,577
	700	Vanda Pharmaceuticals, Inc.(b)		7,140
	1,900	Varian Semiconductor Equipment Associates, Inc.(b)		53,941
	3,100	Varian, Inc.(b)		158,720
	153,300	VCA Antech, Inc.(b)		3,651,606
	8,329	Vector Group Ltd.		120,854
	7,000	Veeco Instruments, Inc.(b)		170,450
	1,400	Venoco, Inc.(b)		17,640
	997	Verenium Corp.(b)		3,799
	2,800	VeriFone Holdings, Inc.(b)		37,240
	125,000	VeriSign, Inc.(b)		2,851,250
	2,600	Viad Corp.		45,500
	5,000	Viasat, Inc.(b)		145,750
	1,900	Vical, Inc.(b)		5,852
	3,000	Vicor Corp.(b)		20,460
	1,700	ViewPoint Financial Group		22,780
	1,028	Virage Logic Corp.(b)		6,065
	4,862	Virginia Commerce Bancorp(b)		19,545
	10,329	Viropharma, Inc.(b)		77,881
	720	Virtus Investment Partners, Inc.(b)		10,555
	500	Virtusa Corp.(b)		4,490
	14,200	Vishay Intertechnology, Inc.(b)		88,466
	4,240	Vital Images, Inc.(b)		48,378
	4,470	Vivus, Inc.(b)		35,313
	128,500	Vocus, Inc.(b)		2,325,850
	4,600	Volcano Corp.(b)		66,010
	1,900	Volcom, Inc.(b)		31,559
	5,600	Volt Information Sciences, Inc.(b)		45,416
	1,300	Volterra Semiconductor Corp.(b)		18,005
	200	VSE Corp.		8,758

77

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

Shares			Value
UNITED STATES (continued)
	1,700	W&T Offshore, Inc.	$	19,805
	270,000	W.R. Berkley Corp.		6,674,400
	5,300	Wabash National Corp.(b)		10,388
	2,600	WABCO Holdings, Inc.		61,672
	63,029	Wabtec Corp.		2,316,946
	5,800	Waddell & Reed Financial, Inc. - Class A		162,748
	1,100	Walter Energy, Inc.		64,350
	7,155	Warnaco Group, Inc. (The)(b)		289,992
	4,000	Warner Music Group Corp.(b)		23,040
	28,800	Warren Resources, Inc.(b)		62,208
	500	Washington Banking Co.		4,710
	7,300	Washington Federal, Inc.		125,195
	5,900	Washington Real Estate Investment Trust		157,530
	2,900	Washington Trust Bancorp, Inc.		43,558
	561,700	Waste Connections, Inc.(b)		17,654,231
	1,046,151	Waters Corp.(b)		60,080,452
	1,200	Waterstone Financial, Inc.(b)		4,092
	2,800	Watsco, Inc.		143,416
	2,000	Watson Wyatt Worldwide, Inc. - Class A		87,160
	3,800	Watts Water Technologies, Inc. - Class A		107,350
	8,100	Wausau Paper Corp.		71,037
	148,200	WD-40(d) Co.		4,666,818
	8,231	Web.com Group, Inc.(b)		57,946
	699	WebMD Health Corp. - Class A(b)		23,808
	17,800	WebMediaBrands, Inc.(b)		11,214
	6,500	Websense, Inc.(b)		104,390
	2,800	Webster Financial Corp.		31,668
	1,700	Weight Watchers International, Inc.		45,067
	1,200	Weingarten Realty Investors		22,200
	4,744	Weis Markets, Inc.		167,938
	2,900	Wellcare Health Plans, Inc.(b)		75,777
	600	Wellman, Inc.(b)(c)(d)		0
	27,700	Wendy’s/Arby’s Group, Inc. - Class A		109,415
	9,800	Werner Enterprises, Inc.		183,750
	3,683	WesBanco, Inc.		52,114
	2,200	WESCO International, Inc.(b)		56,232
	910	West Bancorp, Inc.		4,004
	2,200	West Coast Bancorp.		5,082
	4,400	West Marine, Inc.(b)		33,528
	253,700	West Pharmaceutical Services, Inc.		10,013,539
	3,200	Westamerica Bancorp.		152,960
	200	Westar Energy, Inc.		3,830
	5,021	Westell Technologies, Inc. - Class A(b)		5,624
	7,000	Western Alliance Bancorp(b)		30,450
	2,100	Western Refining, Inc.(b)		11,781
	2,036	Westfield Financial, Inc.		16,390
	8,800	Westlake Chemical Corp.		213,752
	800	Westmoreland Coal Co.(b)		5,272

Shares			Value
UNITED STATES (continued)
	500	Westwood Holdings Group, Inc.	$	17,645
	7,400	Wet Seal, Inc. (The) - Class A(b)		23,606
	6,900	WGL Holdings, Inc.		228,114
	519	White Mountains Insurance Group Ltd.		160,978
	163,900	Whiting Petroleum Corp.(b)		9,243,960
	9,300	Whitney Holding Corp.		74,679
	800	Whole Foods Market, Inc.(b)		25,648
	3,300	Willbros Group, Inc.(b)		43,362
	4,200	Williams-Sonoma, Inc.		78,876
	5,201	Wilmington Trust Corp.		62,672
	6,501	Wilshire Bancorp, Inc.		45,767
	7,400	Winn-Dixie Stores, Inc.(b)		82,066
	4,900	Winnebago Industries(b)		56,350
	1,470	Winthrop Realty Trust REIT		13,171
	3,300	Wintrust Financial Corp.		93,093
	1,301,222	Wisconsin Energy Corp.		56,824,365
	3,150	WMS Industries, Inc.(b)		125,937
	5,500	Wolverine World Wide, Inc.		140,690
	8,400	Woodward Governor Co.		197,484
	3,690	World Acceptance Corp.(b)		92,582
	4,600	World Fuel Services Corp.		233,910
	3,400	World Wrestling Entertainment, Inc. - Class A		45,152
	1,900	WorldSpace, Inc. - Class A(b)		12
	10,300	Worthington Industries, Inc.		113,815
	1,400	WR Grace & Co.(b)		30,646
	103,100	Wright Express Corp.(b)		2,877,521
	5,900	Wright Medical Group, Inc.(b)		95,875
	15,900	Wyndham Worldwide Corp.		271,095
	2,800	XenoPort, Inc.(b)		46,788
	14,439	X-Rite, Inc.(b)		28,878
	400	Young Innovations, Inc.		9,460
	900	YRC Worldwide, Inc.(b)		3,285
	7,000	Zale Corp.(b)		33,110
	2,500	Zebra Technologies Corp. - Class A(b)		62,500
	5,400	Zenith National Insurance Corp.		154,062
	3,893	Zep, Inc.		66,570
	100	Zhone Technologies, Inc.(b)		48
	44,000	Zimmer Holdings, Inc.(b)		2,313,080
	9,400	Zions Bancorp.		133,104
	10,100	Zoll Medical Corp.(b)		196,142
	2,600	Zoltek Cos., Inc.(b)		23,166
	9,822	Zoran Corp.(b)		87,121
	800	Zumiez, Inc.(b)		10,776
	6,555	Zymogenetics, Inc.(b)		30,481
				1,746,182,661
Total Common Stocks (Cost $2,446,868,491)				2,776,329,115

78

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

Shares			Value
EXCHANGE TRADED FUNDS — 6.3%
	170,000	iShares MSCI Brazil Index Fund	$	11,701,100
	183,000	iShares MSCI EAFE Index Fund		9,753,900
	625,000	iShares MSCI EAFE Small Cap Index Fund		22,112,500
	2,168,500	iShares MSCI Emerging Markets Index Fund		81,448,860
	100,861	iShares MSCI Japan Small Cap Index Fund		4,185,732
	1,317,400	iShares MSCI Singapore Index Fund		13,806,352
	380,448	Midcap SPDR Trust Fund Series 1		45,478,754
	55,000	SPDR Russell Nomura Small Cap Japan Fund		2,086,700
	510,000	SPDR S&P International Small Cap Fund		12,637,800
Total Exchange Traded Funds (Cost $169,333,460)				203,211,698
INVESTMENT COMPANY — 1.2%
	38,866,600	SEI Daily Income Trust Government II Fund, Class A		38,866,600
Total Investment Company (Cost $38,866,600)				38,866,600

Shares			Value
RIGHTS/WARRANTS — 0.0%
Banks — 0.0%
	7,216	Security Bank Rights, Expire 11/11/09(c)(d)		4,243
Consumer Discretionary — 0.0%
	4,700	Empresas La Polar SA Rights, Expire 11/27/09(b)		1,815
	83,698	Macquarie Media Rights, Expire 11/20/09(c)		22,602
	1,975	Mr Bricolage Rights, Expire 11/04/09(b)		3
	61,743	Tui AG Rights, Expire 11/11/09(c)(d)		9,541
				33,961
Consumer Staples — 0.0%
	86,400	First Pacific Co. Rights, Expire 11/19/09(c)(d)		13,378
Health Care — 0.0%
	42,206	Australian Pharma Rights, Expire 11/17/09		3,799
	4,243	DOV Pharmaceutical, Inc. Rights, Expire 12/31/09(b)(c)(d)		0
	9,009	Neurosearch Rights, Expire 11/9/09(b)		5,968
				9,767

Shares			Value
Industrials — 0.0%
	1,216	Brammer Plc Rights, Expire 11/13/09(b)	$	1,158
	68,301	CSR Ltd. Rights, Expire 11/20/09(c)		16,292
	9,180	Dockwise Ltd. Rights, Expire 11/20/09(c)(d)		1,122
				18,572
Information Technology — 0.0%
	40,766	Laird Plc Rights, Expire 11/13/09(b)		27,097
	2,569	UXC Ltd. Warrants, Expire 3/31/10(b)(d)		925
				28,022
Insurance — 0.0%
	17,175	Shin Kong Fininancial Rights, Expire 12/07/09(c)(d)		1,584
Materials — 0.0%
	99,841	Apex Minerals Warrents, Expire,11/09/12(b)(c)		0
	5,250	Eternit SA Rights, Expire 11/24/09(b)		4,798
	21,923	Graincorp Ltd. Rights, Expire 10/30/09(c)		25,851
	2,762	MIL Resources Ltd., Expire 5/31/12(b)		32
				30,681
Real Estate — 0.0%
	465,116	Bangkok Land Public Co. Ltd. - NVDR Warrants, Expire 5/2/13(b)(d)		2,226
	191,800	New World China Land Rights, Expire 11/11/09(b)		13,116
	38,433	Rojana Industrial Park Public Co. Ltd. Warrants, Expire 11/30/14(b)		7,071
	149,400	Sansiri-Warrants, Expire 2014(c)(d)		0
	858	Servcorp Rights, Expire 11/06/09		0
	26,800	Tian An China Investment Co. Ltd. Warrants Expire 1/2/10(b)(d)		35
	14,883	Ticon Industrial Connection Public Company Ltd., Warrants, Expire 5/20/11(b)		1,416
	420	Winthrop Realty Rights, Expire 11/19/09(c)(d)		0
				23,864
Total Rights/Warrants (Cost $51,546)				164,072

79

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

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 5.4%
U.S. Treasury Bills — 5.4%
$	23,000,000	0.30%, 12/17/09(f)	$	22,991,109
	100,000,000	0.23%, 01/14/10(f)		99,992,500
	50,000,000	0.20%, 02/25/10(f)		49,988,500
Total U.S. Government Securities (Cost $172,911,206)				172,972,109

Contracts
CALL OPTIONS PURCHASED — 0.1%
UNITED STATES — 0.1%
	2,895	The S&P 500 Index, Strike $1,200, Expiring 03/25/10	2,055,450
Total Call Options Purchased (Cost $4,341,542)			2,055,450

Shares
CASH SWEEP — 1.8%
	59,517,382	Citibank Dollars on Deposit in Custody Account		59,517,382
Total Cash Sweep (Cost $59,517,382)				59,517,382
TOTAL INVESTMENTS — 101.0% (Cost $2,891,798,340)(a)				3,253,116,426
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(33,583,312	)
NET ASSETS — 100.0%			$	3,219,533,114

FUTURES CONTRACTS: LONG POSITION

Contracts			Unrealized Depreciation
	2,292	S&P Mid 400 E-mini Futures, December 2009	$	(8,301,420)

Cash collateral of $13,442,000 for the open futures contracts is reflected in foreign currency at value in the Statements of assets and Liabilities.

(a) Cost for federal income tax purposes is $2,895,135,415 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	494,853,837
Unrealized depreciation		(136,872,826	)
Net unrealized appreciation	$	357,981,011

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $2,568,208 which is 0.08% of net assets.
(d)	Illiquid security.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

NVDR — Non Voting Depositary Receipt

REIT — Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.4	%
Consumer Discretionary	15.2	%
Consumer Staples	6.9	%
Diversified Financials	4.9	%
Energy	7.1	%
Health Care	9.1	%
Industrials	15.0	%
Information Technology	13.0	%
Insurance	3.0	%
Materials	5.9	%
Real Estate	1.2	%
Telecommunication Services	0.5	%
Utilities	2.0	%
Other*	13.8	%

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

80

To the Shareholders and Board of Directors of

Old Westbury Funds, Inc., Global Small & Mid Cap Fund

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of Global Small & Mid Cap Fund (the Fund) (one of the funds comprising Old Westbury Funds, Inc.), as of October 31, 2009, and for the year then ended, and have issued our unqualified report thereon dated December 28, 2009 (which report and financial statements are included in Item 1 of this Form N-CSR). Our audit included an audit of the Fund’s portfolio of investments (the Schedule) as of October 31, 2009 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Fund’s management. Our responsibility is to express an opinion on this Schedule based on our audit.

In our opinion, the Schedule referred to above, when read in conjunction with the financial statements and financial highlights of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.

New York, New York
December 28, 2009

(b)   Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Exhibits.

(a)(1)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)		Old Westbury Funds, Inc.
By (Signature and Title)*		/s/ Marc D. Stern
		Marc D. Stern, President
		(Principal Executive Officer)
Date	12/29/09

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

By (Signature and Title)*		/s/ Marc D. Stern
		Marc D. Stern, President
		(Principal Executive Officer)
Date	12/29/09
By (Signature and Title)*		/s/ Peter C. Artemiou
		Peter C. Artemiou, Treasurer
		(Principal Financial Officer)
Date	12/29/09
* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

   c59723_ex99-codeeth.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EX-99.CERT

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))

I, Marc D. Stern, certify that:

1.	I have reviewed this report on Form N-CSR of Old Westbury Funds, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 12/29/09	/s/ Marc D. Stern
	Marc D. Stern, President
	(Principal Executive Officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a))

I, Peter C. Artemiou, certify that:

1.	I have reviewed this report on Form N-CSR of Old Westbury Funds, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 12/29/09	/s/ Peter C. Artemiou
	Peter C. Artemiou, Treasurer
	(Principal Financial Officer)

EX-99.906CERT

EX-99.906 CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b))

Each of the undersigned hereby certifies that:

1.	The Form N-CSR of Old Westbury Funds, Inc. (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Old Westbury Funds, Inc..

Date: 12/29/09	/s/ Marc D. Stern
	Marc D. Stern, President
	(Principal Executive Officer)
Date: 12/29/09	/s/ Peter C. Artemiou
	Peter C. Artemiou, Treasurer
	(Principal Financial Officer)