Exhibit 99.23(g)(x)

THIRD AMENDMENT TO CUSTODIAN AGREEMENT

          THIS THIRD AMENDMENT TO CUSTODIAN AGREEMENT dated as of July 31, 2008 by and between OLD WESTBURY FUNDS, INC., a Maryland corporation and an open-end management investment company registered with the Securities and Exchange commission under the Investment Company Act of 1940, as amended (the “Client”), and CITIBANK, N.A., acting through its offices located in New York, New York (the “Custodian”).

W I T N E S S E T H:

          WHEREAS, the Client and the Custodian are parties to that certain Global Custodial Services Agreement dated as of March 16, 2005, as amended as of December 6, 2006 and November 7, 2007 (the “Custodian Agreement”), pursuant to which the Custodian serves as the custodian for certain series of the Client, including the Old Westbury Global Small Cap Fund (“Global Small Cap Fund”); and

          WHEREAS, the Client and the Custodian desire to amend the Custodian Agreement to exclude the provision of custodial services to the Global Small Cap Fund with respect to the securities of mid-capitalization companies (as defined in the Fund’s Prospectus) held by the Global Small Cap Fund;

          NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties hereby agree as follows:

          1. Paragraph 1(A) of the Custodian Agreement is hereby amended by replacing the definition of “Securities” with the following:

                    ““Securities” means any financial asset (other than Cash) from time to time held for the Client on the terms of this Agreement, excluding (i) coins or bullion or other forms of precious metals held by the Real Return Fund and (ii) securities of mid-capitalization companies (as defined in the Fund’s Prospectus) held by the Global Small Cap Fund.”

          2. The Custodian Agreement, as expressly amended hereby, shall continue in full force and effect.

          3. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

          IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to the Custodian Agreement to be executed by their respective officers as of the day and year first written above.

OLD WESTBURY FUNDS, INC.
By:	/s/ Marc D. Stern
	Name: Marc D. Stern
	Title: President
CITIBANK, N.A.
By:	/s/Peter Verduin
	Name:	Peter Verduin
	Title:	Managing Director
		Citi
		388 Greenwich St.
		212-816-2970