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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number	811-07912
Old Westbury Funds, Inc.
(Exact name of registrant as specified in charter)
760 Moore Rd.
King of Prussia, PA 19406
(Address of principal executive offices) (Zip code)
Andrew J. McNally
BNY Mellon Investment Servicing (US) Inc.
760 Moore Rd.
King of Prussia, PA 19406
(Name and address of agent for service)

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

Date of fiscal year end: October 31        

Date of reporting period: July 31, 2010        

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Old Westbury Funds, Inc.
U.S. LARGE CAP FUND
Portfolio of Investments	July 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 96.4%
Banks — 2.3%
	191,600	PNC Financial Services Group, Inc.	$	11,379,124
Consumer Discretionary — 10.1%
	255,125	Kohl’s Corp.(b)		12,166,911
	462,300	Lowe’s Cos., Inc.		9,588,102
	696,225	Staples, Inc.		14,154,254
	397,975	Walt Disney Co. (The)		13,407,778
				49,317,045
Consumer Staples — 11.9%
	304,100	Archer-Daniels-Midland Co.		8,320,176
	541,200	Kraft Foods, Inc. - Class A		15,808,452
	206,425	Procter & Gamble Co. (The)		12,624,953
	349,100	Walgreen Co.		9,966,805
	219,700	Wal-Mart Stores, Inc.		11,246,443
				57,966,829
Diversified Financials — 13.1%
	449,100	American Express Co.		20,047,824
	415,200	JPMorgan Chase & Co.		16,724,256
	589,250	Morgan Stanley		15,903,858
	239,660	T. Rowe Price Group, Inc.		11,558,802
				64,234,740
Energy — 10.3%
	151,825	Apache Corp.		14,511,434
	54,625	EOG Resources, Inc.		5,325,938
	271,000	Hess Corp.		14,522,890
	415,300	National Oilwell Varco, Inc.		16,263,148
				50,623,410
Health Care — 8.2%
	212,700	Celgene Corp.(b)		11,730,405
	933,850	Pfizer, Inc.		14,007,750
	291,450	Teva Pharmaceutical Industries Ltd. - ADR		14,237,332
				39,975,487
Industrials — 16.4%
	159,100	Boeing Co. (The)		10,841,074
	1,253,450	General Electric Co.		20,205,614
	333,000	Honeywell International, Inc.		14,272,380
	476,250	Ingersoll-Rand Plc		17,840,325
	446,025	Tyco International Ltd.		17,073,837
				80,233,230
Information Technology — 14.5%
	620,500	Cisco Systems, Inc.(b)		14,314,935
	645,800	EMC Corp.(b)		12,780,382
	26,645	Google, Inc. - Class A(b)		12,918,828
	570,325	Microsoft Corp.		14,720,088
	214,550	Paychex, Inc.		5,576,154
	276,300	QUALCOMM, Inc.		10,521,504
				70,831,891
Shares			Value
Insurance — 2.2%
	199,700	ACE Ltd.	$	10,600,076
Materials — 7.4%
	582,875	Dow Chemical Co. (The)		15,929,974
	833,325	International Paper Co.		20,166,465
				36,096,439
Total Common Stocks (Cost $460,752,745)				471,258,271
INVESTMENT COMPANY — 3.7%
	18,351,600	SEI Daily Income Trust Government II Fund, Class A		18,351,600
Total Investment Company (Cost $18,351,600)				18,351,600
TOTAL INVESTMENTS — 100.1% (Cost $479,104,345)(a)				489,609,871
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(585,374)
NET ASSETS — 100.0%			$	489,024,497

(a) Tax cost for financial reporting purposes is $479,811,515 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	26,229,751
Unrealized depreciation		(16,431,395	)
Net unrealized appreciation	$	9,798,356

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

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.3	%
Consumer Discretionary	10.1	%
Consumer Staples	11.9	%
Diversified Financials	13.1	%
Energy	10.3	%
Health Care	8.2	%
Industrials	16.4	%
Information Technology	14.5	%
Insurance	2.2	%
Materials	7.4	%
Other*	3.6	%
	100	%

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

1

Old Westbury Funds, Inc.
NON-U.S. LARGE CAP FUND
Portfolio of Investments	July 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 92.0%
AUSTRALIA — 6.1%
	2,342,311	BHP Billiton Ltd.	$	85,017,747
	1,634,719	Macquarie Group Ltd.		55,016,146
				140,033,893
FRANCE — 19.3%
	2,460,245	Accor SA		79,686,969
	654,795	Air Liquide SA		73,699,316
	1,478,216	Cap Gemini SA		70,349,959
	1,197,299	Carrefour SA		55,116,290
	1,670,611	Cie de Saint-Gobain		71,113,685
	740,476	LVMH Moet Hennessy Louis Vuitton SA		90,338,902
				440,305,121
GERMANY — 8.1%
	1,276,428	Bayer AG		73,380,014
	1,271,381	Daimler AG		68,550,229
	1,486,003	Thyssenkrupp AG		44,093,838
				186,024,081
JAPAN — 14.1%
	21,834	Japan Tobacco, Inc.		70,256,982
	4,012,600	Komatsu Ltd.		84,343,788
	3,493,354	Mitsubishi Corp.		75,572,413
	5,893,360	Sumitomo Corp.		62,620,574
	75,284	Yahoo! Japan Corp.		28,973,818
				321,767,575
LUXEMBOURG — 2.7%
	1,557,365	Tenaris SA ADR		62,372,468
NETHERLANDS — 3.9%
	1,514,532	Akzo Nobel NV		89,219,567
NORWAY — 3.3%
	6,075,549	DnB Nor ASA		75,451,229
SOUTH KOREA — 1.8%
	60,666	Samsung Electronics Co. Ltd.		41,535,372
SWEDEN — 3.1%
	5,575,057	Volvo AB - Class B		69,459,929
SWITZERLAND — 8.7%
	4,071,621	ABB Ltd.		82,159,423
	864,479	Adecco SA		44,066,271
	2,078,678	Julius Baer Group Ltd.		72,734,773
				198,960,467
UNITED KINGDOM — 17.2%
	3,899,014	BG Group Plc		62,496,539
	73,317,069	Lloyds Banking Group Plc(b)		79,680,194
	7,949,776	Prudential Plc		69,170,234
	3,354,112	Standard Chartered Plc		96,946,021
	7,976,591	WPP Plc		84,798,745
				393,091,733
Shares			Value
UNITED STATES — 3.7%
	2,445,613	Carnival Corp.	$	84,813,859
Total Common Stocks (Cost $1,941,804,841)				2,103,035,294
EXCHANGE TRADED FUNDS — 4.9%
	2,134,867	iShares MSCI EAFE Index Fund		110,842,295
Total Exchange Traded Funds (Cost $105,529,883)				110,842,295
INVESTMENT COMPANY — 1.4%
	31,966,300	Federated Treasury Obligations Fund		31,966,300
Total Investment Company (Cost $31,966,300)				31,966,300
Principal Amount
U.S. GOVERNMENT AGENCIES — 1.6%
Fannie Mae — 0.5%
$	11,600,000	0.27%, 09/27/10(c)		11,597,651
Federal Home Loan Bank — 1.1%
	25,000,000	0.17%, 08/11/10(c)		24,998,938
Total U.S. Government Agencies (Cost $36,594,066)				36,596,589
TOTAL INVESTMENTS — 99.9% (Cost $2,115,895,090)(a)				2,282,440,478
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				3,223,655
NET ASSETS — 100.0%			$	2,285,664,133

(a) Tax cost for financial reporting purposes is $2,116,263,781 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	210,755,696
Unrealized depreciation		(44,578,999	)
Net unrealized appreciation	$	166,176,697

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
	ADR-American Depositary Receipt

2

Old Westbury Funds, Inc.
NON-U.S. LARGE CAP FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	11.0	%
Consumer Discretionary	17.8	%
Consumer Staples	5.5	%
Diversified Financials	5.6	%
Energy	5.5	%
Health Care	3.2	%
Industrials	17.8	%
Information Technology	9.8	%
Insurance	3.0	%
Materials	12.8	%
Other*	8.0	%
	100.0	%

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

3

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments	July 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 90.7%
AUSTRALIA — 1.3%
	24,202	Acrux Ltd.(b)	$	42,696
	42,076	Adamus Resources Ltd.(b)		18,652
	148,865	Adelaide Brighton Ltd.		426,929
	15,191	Aevum Ltd.		14,980
	3,290	AJ Lucas Group Ltd.		6,161
	33,518	Alkane Resources Ltd.(b)		10,765
	24,655	Allied Gold Ltd.(b)		7,138
	955	Allied Medical Ltd.(b)(c)		0
	1,092,129	Alumina Ltd.		1,531,474
	36,705	Amalgamated Holdings Ltd.		192,933
	306,068	Amcom Telecommunications Ltd.		87,223
	33,000	Andean Resources Ltd.(b)		110,464
	34,575	Ansell Ltd.		401,948
	35,000	Anvil Mining Ltd.(b)		100,773
	90,592	APA Group		304,066
	202,369	APN News & Media Ltd.		386,305
	45,098	Aquila Resources Ltd.(b)		301,921
	7,424	ARB Corp. Ltd.		38,082
	56,546	Aristocrat Leisure Ltd.		173,423
	95,985	Arrow Energy Ltd.(b)(c)		406,400
	47,992	Arrow Energy Ltd.(b)(c)		0
	609,753	Asciano Group(b)		932,277
	41,487	ASG Group Ltd.		54,423
	82,578	Atlas Iron Ltd.(b)		150,164
	41,984	Aurora Oil and Gas Ltd.(b)		31,146
	56,970	Ausdrill Ltd.		86,331
	28,945	Austal Ltd.		60,229
	237,688	Austar United Communications Ltd.(b)		202,134
	16,904	Austbrokers Holdings Ltd.		72,030
	129,633	Austereo Group Ltd.		195,856
	15,319	Austin Engineering Ltd.		49,200
	100,657	Australian Agricultural Co. Ltd.(b)		137,052
	40,157	Australian Infrastructure Fund		65,394
	93,949	Automotive Holdings Group		192,940
	41,611	Avoca Resources Ltd.(b)		99,007
	324,299	AWB Ltd.(b)		290,459
	76,071	AWE Ltd.(b)		107,361
	52,095	Bank of Queensland Ltd.		489,212
	252,340	Beach Energy Ltd.		152,955
	4,598	Bell Financial Group Ltd.		3,952
	169,380	Bendigo and Adelaide Bank Ltd.		1,255,019
	28,750	Berkeley Resources Ltd.(b)		33,293
	79,980	Billabong International Ltd.		659,903
	29,390	Biota Holdings Ltd.(b)		26,323
	580	Blackmores Ltd.		11,917
	13,886	Blackthorn Resources Ltd.(b)		8,417
	681,825	BlueScope Steel Ltd.(b)		1,461,926
	70,228	Boom Logistics Ltd.(b)		24,461
	363,793	Boral Ltd.		1,395,482
	37,079	Bow Energy Ltd.(b)		43,273
	7,603	Bradken Ltd.		52,895
Shares			Value
AUSTRALIA (continued)
	10,640	Bravura Solutions Ltd.(b)	$	943
	26,851	Brickworks Ltd.		286,889
	49,086	Brockman Resources Ltd.(b)		137,665
	52,610	BT Investment Management Ltd.		126,130
	26,490	Cabcharge Australia Ltd.		107,845
	84,646	Caltex Australia Ltd.		786,468
	12,470	Campbell Brothers Ltd.		348,037
	3,534	Cardno Ltd.		12,469
	129,012	Cash Converters International Ltd.		64,194
	25,160	Catalpa Resources Ltd.(b)		34,599
	17,013	Cellestis Ltd.		42,789
	87,902	Centamin Egypt Ltd.(b)		206,896
	130,686	Centennial Coal Co. Ltd.		707,024
	14,812	Centrex Metals Ltd.(b)		5,092
	189,000	Ceramic Fuel Cells Ltd.(b)		35,908
	177,305	Challenger Financial Services Group Ltd.		564,635
	16,772	Chemgenex Pharmaceuticals Ltd.(b)		5,083
	98,649	Citadel Resource Group Ltd.(b)		26,774
	27,292	Clinuvel Pharmaceuticals Ltd.(b)		5,802
	51,145	Clough Ltd.		38,636
	136,328	Coal of Africa Ltd.(b)		225,705
	56,720	Coalspur Mines Ltd.(b)		41,052
	7,468	Cochlear Ltd.		477,535
	8,787	Coffey International Ltd.		8,745
	356,136	ConnectEast Group		128,878
	57,099	Consolidated Media Holdings Ltd.		160,138
	10,021	Corporate Express Australia Ltd.		43,245
	38,303	Count Financial Ltd.		39,158
	18,207	Crane Group Ltd.		138,034
	13,608	Credit Corp. Group Ltd.		35,333
	12,020	Cromwell Group REIT		7,775
	38,668	CSG Ltd.		66,118
	483,738	CSR Ltd. - Placement Shares		752,736
	4,990	Cudeco Ltd.(b)		20,947
	79,309	Cue Energy Resources Ltd.(b)		19,731
	27,457	Customers Ltd.(b)		67,566
	118,091	David Jones Ltd.		512,817
	20,000	Deep Yellow Ltd.(b)		3,709
	86,113	Devine Ltd.(b)		19,087
	38,230	Discovery Metals Ltd.(b)		28,015
	1,330	Domino’s Pizza Enterprises Ltd.		6,570
	35,230	Downer EDI Ltd.		158,407
	437,244	Drillsearch Energy Ltd.(b)		27,690
	47,370	DUET Group		70,069
	4,716	DWS Advanced Business Solutions Ltd.		6,037
	91,748	Eastern Star Gas Ltd.(b)		71,384
	120,581	Emeco Holdings Ltd.		73,635
	206,902	Energy World Corp. Ltd.(b)		85,169

4

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	106,659	Envestra Ltd.	$	48,730
	192,600	Equinox Minerals Ltd.(b)		873,028
	57,717	Eservglobal Ltd.(b)		27,675
	22,408	Extract Resources Ltd.(b)		135,623
	1,221,329	Fairfax Media Ltd.		1,629,779
	7,488	Fantastic Holdings Ltd.		13,346
	33,955	Felix Resources Ltd. - Placement Shares(b)(c)		3,124
	46,815	Ferraus Ltd.(b)		34,730
	116,991	FKP Property Group REIT		74,089
	11,957	Fleetwood Corp. Ltd.		104,605
	17,309	FlexiGroup Ltd.		20,201
	12,567	Flight Centre Ltd.		211,015
	503,469	Focus Minerals Ltd.(b)		20,497
	9,151	Forge Group Ltd.		25,665
	12,366	G.U.D. Holdings Ltd.		104,603
	89,463	Gindalbie Metals Ltd.(b)		78,509
	34,043	Giralia Resources NL(b)		74,225
	752,142	Goodman Fielder Ltd.		908,417
	13,827	GrainCorp Ltd.		70,677
	140,887	Grange Resources Ltd.(b)		71,378
	63,776	Great Southern Ltd.(b)(c)(d)		0
	24,148	Gujarat NRE Coking Coal Ltd.(b)		13,545
	68,071	GWA International Ltd.		185,983
	192,047	Harvey Norman Holdings Ltd.		608,107
	34,481	Hastie Group Ltd.		47,728
	107,776	Healthscope Ltd.		585,029
	79,326	HFA Holdings Ltd.(b)		12,200
	74,599	Highlands Pacific Ltd.(b)		16,535
	430,956	Hillgrove Resources Ltd.		107,218
	45,669	Hills Industries Ltd.		91,310
	222,122	Horizon Oil Ltd.(b)		55,262
	8,559	Housewares International Ltd.(b)		16,880
	38,283	iiNET Ltd.		96,284
	219,708	Iluka Resources Ltd.(b)		1,093,233
	44,250	Imdex Ltd.(b)		32,427
	32,066	IMF Australia Ltd.		43,370
	188,795	Incitec Pivot Ltd.		555,109
	30,708	Independence Group NL		155,576
	85,840	Indophil Resources NL(b)		61,739
	124,460	Infigen Energy		87,827
	100,000	Integra Mining Ltd.(b)		31,212
	89,852	Intrepid Mines Ltd.(b)		48,773
	16,339	Invocare Ltd.		89,726
	88,933	IOOF Holdings Ltd.		523,779
	19,221	Iress Market Technology Ltd.		143,461
	12,036	Iron Ore Holdings Ltd.(b)		14,156
	4,974	Ivanhoe Australia Ltd.(b)		13,320
	209,309	Jabiru Metals Ltd.(b)		65,330
	21,040	JB Hi-Fi Ltd.		364,327
	182,877	Kangaroo Resources Ltd.(b)		23,990
	31,596	Karoon Gas Australia Ltd.(b)		197,807
	21,333	Kingsgate Consolidated Ltd.		188,753
	14,388	Kingsrose Mining Ltd.(b)		11,780
Shares			Value
AUSTRALIA (continued)
	129,538	Lend Lease Corp. Ltd.	$	854,336
	329,178	Lynas Corp. Ltd.(b)		226,333
	8,735	MAC Services Group		21,495
	24,167	MacArthur Coal Ltd.		273,298
	1,285	Macquarie Telecom Group Ltd.(b)		6,103
	6,687	Mantra Resources Ltd.(b)		27,405
	110,649	MAP Group		296,308
	128,431	Marion Energy Ltd.(b)		2,324
	7,488	McMillan Shakespeare Ltd.		36,920
	36,485	McPherson’s Ltd.		87,801
	39,619	Medusa Mining Ltd.(b)		139,072
	57,713	Mermaid Marine Australia Ltd.		140,975
	11,921	Mesoblast Ltd.(b)		20,815
	91,762	Metals X Ltd.(b)		11,622
	147,254	Metcash Ltd.		592,831
	31,896	Metgasco Ltd.(b)		11,975
	100,119	Mineral Deposits Ltd.(b)		69,745
	14,861	Mineral Resources Ltd.		110,112
	108,335	Mirabela Nickel Ltd.(b)		208,762
	113,240	Mitchell Communications Group Ltd.		126,523
	97,845	Molopo Australia Ltd.(b)		96,487
	13,431	Monadelphous Group Ltd.		164,646
	43,611	Mortgage Choice Ltd.		46,162
	462,225	Mosaic Oil NL(b)		60,635
	203,090	Mount Gibson Iron Ltd.(b)		305,001
	35,018	Murchison Metals Ltd.(b)		57,976
	42,798	Navitas Ltd.		167,655
	128,661	New Hope Corp. Ltd.		548,242
	99,034	NIB Holdings Ltd. Australia		113,787
	45,172	Nido Petroleum Ltd.(b)		5,926
	1,755	Norfolk Group Ltd.(b)		1,500
	16,470	Northern Energy Corp. Ltd.(b)		16,390
	8,692	Northern Iron Ltd.(b)		11,953
	43,966	Norton Gold Fields Ltd.(b)		7,557
	10,278	Nufarm Ltd.		35,520
	14,393	Oaks Hotels & Resorts Ltd.		4,688
	330,069	OneSteel Ltd.		892,853
	2,000	Orocobre Ltd.(b)		3,709
	4,066	OrotonGroup Ltd.		24,609
	914,710	OZ Minerals Ltd.(b)		1,017,871
	98,299	Pacific Brands Ltd.(b)		80,483
	131,373	Paladin Energy Ltd.(b)		457,584
	389,965	PanAust Ltd.(b)		201,097
	31,363	PaperlinX Ltd.(b)		17,024
	3,445	Patties Foods Ltd.		3,740
	19,138	Peet Ltd.		34,455
	1,809	Perpetual Ltd.		47,511
	61,898	Perseus Mining Ltd.(b)		117,038
	31,729	Pharmaxis Ltd.(b)		63,151
	74,944	Photon Group Ltd.(c)		69,158
	26,465	Platinum Asset Mangement Ltd.		125,939
	75,738	PMP Ltd.(b)		41,112
	28,977	Premier Investments Ltd.		167,255
	25,041	Primary Health Care Ltd.		81,783

5

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	40,487	Prime Media Group Ltd.	$	27,288
	33,313	PrimeAg Australia Ltd.(b)		32,399
	10,390	Programmed Maintenance Services Ltd.		17,860
	108,721	Quantum Energy Ltd.(b)		6,885
	31,729	Ramsay Health Care Ltd.		405,891
	15,259	REA Group Ltd.		140,809
	30,974	Reckon Ltd.		59,407
	70,333	Red Fork Energy Ltd.(b)		38,178
	21,888	Redflex Holdings Ltd.		46,733
	8,531	Reece Australia Ltd.		185,232
	37,184	Reed Resources Ltd.(b)		18,166
	34,434	Regional Express Holdings Ltd.(b)		31,775
	56,462	Regis Resources Ltd.(b)		48,527
	6,994	Reject Shop Ltd. (The)		100,037
	55,555	Resolute Mining Ltd.(b)		38,952
	85,881	Resource Generation Ltd.(b)		46,618
	17,084	Retail Food Group Ltd.		40,958
	159,030	RHG Ltd.(b)		96,396
	123,127	Ridley Corp. Ltd.		132,001
	44,464	Riversdale Mining Ltd.(b)		411,517
	7,981	Riversdale Mining Ltd. - Placement Shares(b)(c)		73,865
	229,740	Roc Oil Co. Ltd.(b)		73,785
	1,356	Rock Building Society Ltd.		3,128
	37,575	SAI Global Ltd.(e)		135,636
	8,699	SAI Global Ltd. - Placement shares (c)(e)		31,401
	19,226	Salmat Ltd.		70,445
	10,681	Sandfire Resources NL(b)		46,769
	42,447	Saracen Mineral Holdings Ltd.(b)		16,129
	15,093	Sedgman Ltd.		21,165
	26,625	Seek Ltd.		182,343
	13,747	Servcorp Ltd.		36,067
	34,688	Service Stream Ltd.(b)		9,728
	36,965	Seven Group Holdings Ltd.		205,001
	556,679	Sigma Pharmaceuticals Ltd.(b)		219,078
	13,670	Silex Systems Ltd.(b)		57,137
	28,232	Silver Lake Resources Ltd.(b)		48,018
	46,688	Sims Group Ltd.		751,847
	9,054	Sirtex Medical Ltd.		41,120
	7,500	SMS Management & Technology Ltd.		40,033
	118,563	Southern Cross Media Group Ltd.		197,902
	302,794	SP AusNet		219,150
	29,700	Sphere Minerals Ltd.(b)		42,723
	85,111	Spotless Group Ltd.		157,850
	671,961	St. Barbara Ltd.(b)		182,377
	31,231	Straits Resources Ltd.(b)		40,122
	18,622	Strike Resources Ltd.(b)		10,108
	137,375	STW Communications Group Ltd.		117,447
	67,263	Sunland Group Ltd.(b)		40,163
Shares			Value
AUSTRALIA (continued)
	31,585	Super Cheap Auto Group Ltd.	$	162,020
	6,000	Talent2 International Ltd.(b)		7,382
	26,168	Tap Oil Ltd.(b)		21,188
	40,916	Tassal Group Ltd.		52,749
	555,197	Tatts Group Ltd.		1,230,601
	190,498	Ten Network Holdings Ltd.(b)		287,813
	45,119	Terramin Australia Ltd.(b)		24,900
	4,321	TFS Corp. Ltd.		3,166
	80,721	Thakral Holdings Group REIT(b)		32,863
	37,994	Thorn Group Ltd.		46,232
	65,834	Timbercorp Ltd.(b)(c)(d)		0
	181,469	Toro Energy Ltd.(b)		17,238
	182,763	Tower Australia Group Ltd.		362,107
	16,986	Tox Free Solutions Ltd.(b)		35,806
	118,596	TPG Telecom Ltd.		193,665
	9,090	Transfield Services Infrastructure Fund		5,140
	169,106	Transfield Services Ltd.		492,628
	126,343	Transpacific Industries Group Ltd.(b)		120,018
	34,641	Troy Resources NL		78,349
	1,757	Trust Co. Ltd.		8,997
	26,635	UGL Ltd.		339,763
	74,750	Victoria Petroleum NL(b)		17,921
	22,153	Village Roadshow Ltd.		41,887
	48,270	Village Roadshow Ltd., Preferred Shares(b)		92,143
	649,768	Virgin Blue Holdings Ltd.(b)		182,232
	64,867	Washington H. Soul Pattinson & Co. Ltd.		764,080
	30,715	Wattyl Ltd.(b)		45,572
	19,960	Western Areas NL		87,580
	13,358	White Energy Co. Ltd.(b)		39,880
	41,846	Whitehaven Coal Ltd.		205,191
	52,547	WHK Group Ltd.		46,113
	679	Wide Bay Australia Ltd.		6,309
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		1,907
	13,791	Wotif.com Holdings Ltd.		64,505
				48,327,582
AUSTRIA — 0.2%
	1,098	Agrana Beteiligungs AG		104,439
	9,244	Andritz AG		579,730
	6,195	A-TEC Industries AG(b)		64,399
	4,128	Austriamicrosystems AG(b)		138,696
	2,680	BWIN Interactive Entertainment AG(b)		149,058
	1,230	BWT AG		29,220
	6,997	CAT Oil AG(b)		64,101
	1,891	Constantia Packaging AG(b)		118,260
	4,924	EVN AG		83,867
	3,539	Flughafen Wien AG		204,190
	202	Frauenthal Holding AG(b)		2,203
	2,096	Intercell AG(b)		43,184

6

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
AUSTRIA (continued)
	660	Kapsch TrafficCom AG	$	27,695
	197	Lenzing AG		81,124
	2,509	Mayr Melnhof Karton AG		257,645
	902	Oberbank AG		50,897
	2,430	Palfinger AG(b)		57,000
	19,020	Raiffeisen International Bank-Holding AG		864,534
	228	Rosenbauer International AG		9,267
	444	S&T System Integration & Technology Distribution AG(b)		5,734
	3,067	Schoeller-Bleckmann Oilfield Equipment AG		148,800
	805	Semperit AG Holding		29,961
	26,886	Strabag SE		617,694
	105,282	Telekom Austria AG		1,355,521
	10,994	Uniqa Versicherungen AG		199,716
	17,813	Vienna Insurance Group		845,651
	59,284	Voestalpine AG		1,896,637
	4,708	Warimpex Finanz- Und Beteiligungs AG(b)		12,510
	24,264	Wienerberger AG(b)		336,433
	1,503	Wolford AG(b)		36,254
	9,556	Zumtobel AG(b)		181,003
				8,595,423
BAHAMAS — 0.0%
	100	CIC Energy Corp.(b)		141
	500	Steiner Leisure Ltd.(b)		21,255
				21,396
BELGIUM — 0.2%
	1,160	Ablynx NV(b)		10,869
	10,734	Ackermans & Van Haaren NV		734,792
	345	Aedifica REIT		19,305
	30,822	Agfa Gevaert NV(b)		186,369
	3,513	Arseus NV		42,438
	93	Banque Nationale de Belgique(b)		444,779
	3,193	Barco NV(b)		159,531
	4,312	Bekaert SA		937,843
	82	Cofinimmo Real Estate Investment Trust		10,406
	2,461	Compagnie d’Entreprises CFE		123,568
	1,166	Compagnie Immobiliere de Belgique SA(b)		45,569
	4,364	Compagnie Maritime Belge SA		126,649
	19,424	Deceuninck NV(b)		45,815
	12,200	Deceuninck NV- VVPR Strip(b)		32
	8,757	Delhaize Group		646,701
	1,685	Devgen(b)		19,762
	1,030	D’ieteren SA		496,631
	430	Econocom Group		6,298
	5,801	Elia System Operator SA NV		199,649
	2,175	Euronav NV		41,807
	7,884	Exmar NV		58,562
	3,443	Galapagos NV(b)		49,354
Shares			Value
BELGIUM (continued)
	898	Gimv NV	$	44,235
	236	Intervest Offices REIT		6,852
	1,303	Ion Beam Applications		12,803
	99	IRIS		4,500
	829	Kinepolis Group NV		44,725
	2,682	Melexis NV(b)		33,553
	157	Mobistar SA		9,045
	5,741	Nyrstar		66,584
	4,130	Omega Pharma SA		176,530
	54,295	Option NV(b)		40,330
	3,429	Recticel SA		33,827
	797	Roularta Media Group NV(b)		17,293
	1,569	Sioen Industries NV		8,690
	1,777	Sipef NV		109,973
	10,299	Solvay SA		1,007,930
	12,086	Telenet Group Holding NV(b)		345,632
	12,832	Tessenderlo Chemie NV		380,761
	555	Tessenderlo Chemie NV - VVPR Strip(b)		260
	236	ThromboGenics NV(b)		4,653
	27,297	UCB SA		879,877
	20,514	Umicore		691,847
	1,320	Van De Velde		58,055
	445	VPK Packaging Group(b)		16,579
	450	Warehouses De Pauw SCA REIT		19,997
	460	Wereldhave Belgium NV REIT		35,973
				8,457,233
BERMUDA — 0.5%
	152,327	Allied World Assurance Co. Holdings Ltd.		7,588,931
	2,900	Alterra Capital Holdings Ltd.		56,115
	165,000	Argo Group International Holdings Ltd.		5,138,100
	3,100	Aspen Insurance Holdings Ltd.		84,785
	1,000	Assured Guaranty Ltd.		15,700
	129,541	Catlin Group Ltd.		782,177
	4,200	Endurance Specialty Holdings Ltd.		162,078
	500	Enstar Group Ltd.(b)		36,365
	8,700	Frontline Ltd.		265,635
	600	Global Crossing Ltd.(b)		6,942
	8,081	Hardy Underwriting Bermuda Ltd.		28,721
	11,158	Helen of Troy Ltd.(b)		267,346
	185,072	Hiscox Ltd.		1,033,840
	30,300	Katanga Mining Ltd.(b)		29,179
	56,531	Lancashire Holdings Ltd.		476,347
	3,200	Montpelier Re Holdings Ltd.		52,032
	2,600	Orient-Express Hotels Ltd. - Class A(b)		23,686
	3,400	Platinum Underwriters Holdings Ltd.		132,872
	3,500	Renaissancere Holdings Ltd.		200,270
	6,300	Signet Jewelers Ltd.(b)		187,551
	2,600	Textainer Group Holdings Ltd.		70,980

7

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
BERMUDA (continued)
	1,711	Validus Holdings Ltd.	$	42,501
	700	Vistaprint NV		23,135
				16,705,288
BRAZIL — 1.0%
	237,000	Acos Villares SA		99,716
	9,300	Acucar Guarani SA(b)		22,103
	11,300	AES Tiete SA		120,016
	17,400	AES Tiete SA Preference Shares		217,648
	111,300	All America Latina Logistica SA		1,047,946
	7,700	American Banknote SA		67,727
	16,837	Amil Participacoes SA		147,520
	20,800	Anhanguera Educacional Participacoes SA		325,222
	7,500	B2W Companhia Global Do Varejo		141,787
	24,400	Banco ABC Brasil SA		192,975
	25,600	Banco Daycoval SA		129,397
	84,590	Banco do Estado do Rio Grande do Sul		730,567
	33,610	Banco Industrial e Comercial SA		266,579
	14,800	Banco Panamericano SA		75,144
	13,700	Banco Pine SA - Preference Shares		84,904
	16,200	Banco Sofisa SA		40,343
	20,000	Bematech SA		104,617
	44,015	BR Malls Participacoes SA		661,676
	40,000	Brasil Brokers Participacoes SA		154,651
	70,300	Braskem SA - Class A, Preference Shares(b)		530,807
	100,070	Brookfield Incorporacoes SA		520,605
	21,200	Camargo Correa Desenvol-vimento Imobiliario SA		68,465
	5,700	Centrais Eletricas de Santa Catarina SA - Class B, Preference Shares		110,416
	29,271	Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A, Preference Shares		956,949
	4,800	Cia de Concessoes Rodoviarias		110,093
	2,800	Cia de Gas de Sao Paulo - Class A, Preference Shares		57,710
	13,900	Cia de Saneamento Basico do Estado de Sao Paulo		275,977
	9,100	Cia de Saneamento de Minas Gerais		130,953
	4,000	Cia de Saneamento do Parana, Preference Shares		6,232
	4,400	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		120,507
	25,300	Cia Energetica de Sao Paulo - Class B, Preference Shares		385,801
	4,050	Cia Energetica do Ceara - Class A, Preference Shares		64,038
	9,700	Cia Hering		325,172
Shares			Value
BRAZIL (continued)
	27,800	Cia Paranaense de Energia - Class B, Preference Shares	$	601,111
	18,300	Cia Providencia Industria e Comercio SA		70,857
	71,409	Confab Industrial SA, Preference Shares		208,283
	8,400	Contax Participacoes SA, Preference Shares(b)		110,564
	54,730	Cosan SA Industria e Comercio(b)		786,969
	9,700	Cremer SA		99,548
	132,940	Cyrela Brazil Realty SA		1,861,674
	35,100	Diagnosticos da America SA		339,665
	4,300	Drogasil SA		89,481
	78,134	Duratex SA		821,855
	7,000	EDP - Energias do Brasil SA		141,170
	7,480	Eletropaulo Metropolitana de Sao Paulo SA - Class A, Preference Shares		157,230
	15,700	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Class B, Preference Shares		330,371
	328,220	Empresa Brasileira de Aeronautica SA		2,133,019
	9,500	Equatorial Energia SA		89,933
	5,700	Estacio Participacoes SA		68,025
	26,593	Eternit SA		128,520
	78,900	Even Construtora e Incorporadora SA		367,853
	28,300	Ez Tec Empreendimentos e Participacoes SA		150,929
	13,800	Ferbasa-Ferro Ligas DA Bahia, Preference Shares		94,390
	18,200	Fertilizantes Fosfatados SA, Preference Shares(b)		158,738
	41,923	Fibria Celulose SA(b)		659,784
	8,100	Forjas Taurus SA - Preference Shares		23,902
	184,700	Gafisa SA		1,378,844
	12,800	General Shopping Brasil SA(b)		66,009
	11,500	Gol-Linhas Aereas Inteligentes SA, Preference Shares		159,868
	40,800	Grendene SA		186,741
	3,200	Guararapes Confeccoes SA		137,366
	14,500	Helbor Empreendimentos SA		115,420
	33,900	IdeiasNet SA(b)		58,980
	15,000	Iguatemi Empresa de Shopping Centers SA		296,793
	24,400	Industrias Romi SA		177,437
	95,060	Inpar SA(b)		175,657
	4,100	Iochpe-Maxion SA		45,224
	193,000	Klabin SA, Preference Shares		556,351
	7,587	Kroton Educacional SA		61,126
	16,800	Light SA		211,290
	8,100	LLX Logistica SA(b)		40,850
	13,300	Localiza Rent A CAR		183,378

8

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
BRAZIL (continued)
	26,200	Log-In Logistica Intermodal SA(b)	$	108,447
	29,900	Lojas Americanas SA		189,553
	47,100	Lojas Americanas SA, Preference Shares		396,338
	18,300	Lojas Renner SA		614,093
	4,100	LPS Brasil Consultoria de Imoveis SA		62,941
	4,100	Lupatech SA(b)		49,537
	5,000	M Dias Branco SA		113,060
	22,048	Magnesita Refratarios SA(b)		150,681
	41,800	Marcopolo SA, Preference Shares		237,662
	43,580	Marfrig Alimentos SA		436,097
	13,800	Marisa Lojas SA(b)		174,108
	16,400	Minerva SA(b)		64,060
	20,000	MPX Energia SA(b)		237,662
	65,420	MRV Engenharia e Participacoes SA		589,554
	30,150	Multiplan Empreendimentos Imobiliarios SA		570,841
	17,900	Natura Cosmeticos SA		468,160
	92,519	NET Servicos de Comunicacao SA, Preference Shares(b)		991,050
	12,100	Obrascon Huarte Lain Brasil SA		312,132
	19,400	Odontoprev SA(b)		182,551
	12,700	Parana Banco SA		60,655
	81,129	Paranapanema SA(b)		288,297
	117,800	PDG Realty SA Empreendimentos e Participacoes		1,246,451
	51,600	Porto Seguro SA		595,272
	10,900	Positivo Informatica SA		111,553
	7,200	Profarma Distribuidora de Produtos Farmaceuticos SA		65,499
	50,850	Randon Participacoes SA, Preference Shares		338,268
	4,300	Restoque Comercio e Confeccoes de Roupas SA		24,448
	14,700	Rodobens Negocios Imobiliarios SA		116,176
	81,600	Rossi Residencial SA		745,108
	11,500	Santos Brasil Participacoes SA		111,155
	8,200	Sao Carlos Empreendimentos e Participacoes SA		81,030
	23,000	Sao Martinho SA		208,187
	37,000	Sao Paulo Alpargatas SA		166,824
	9,200	Saraiva SA Livreiros Editores, Preference Shares		177,378
	15,000	SLC Agricola SA		128,525
	14,300	Springs Global Participacoes SA		35,612
	55,470	Sul America SA		485,694
	106,153	Suzano Papel e Celulose SA		1,009,142
	11,000	Tam SA, Preference Shares		184,939
	12,300	Tecnisa SA		66,437
	9,005	Tele Norte Leste Participacoes SA		168,447
Shares			Value
BRAZIL (continued)
	21,520	Tele Norte Leste Participacoes SA - Preference Shares	$	316,046
	8,175	Telemar Norte Leste SA - Class A, Preference Shares		213,392
	2,400	Terna Participacoes SA		39,436
	25,700	Tim Participacoes SA(b)		101,555
	103,300	Tim Participacoes SA, Preference Shares		294,841
	3,100	Totvs SA		226,789
	7,700	Tractebel Energia SA		100,475
	8,900	Trisul SA		32,538
	30,144	Ultrapar Participacoes SA, Preference Shares		1,545,763
	137,772	Uniao de Industrias Petroquimicas SA - Class B, Preference Shares		47,000
	13,800	Universo Online SA, Preference Shares		71,401
	58,200	Weg SA		599,935
				37,592,263
CANADA — 1.9%
	7,639	5N Plus, Inc.		38,416
	6,813	Aastra Technologies Ltd.		151,960
	34,155	Advantage Oil & Gas Ltd.(b)		215,618
	13,500	Aecon Group, Inc.		145,105
	500	AG Growth International, Inc.		17,047
	20,396	AGF Management Ltd. - Class B		296,204
	252	Agnico-Eagle Mines Ltd.		14,077
	500	Ainsworth Lumber Co. Ltd.		1,372
	4,913	Air Canada - Class B(b)		10,466
	21,300	Alamos Gold, Inc.		320,520
	9,150	Alexco Resource Corp.(b)		28,036
	22,860	Algonquin Power & Utilities Corp.		94,949
	31,100	Alimentation Couche-Tard, Inc. - Class B		648,288
	1,400	Alliance Grain Traders, Inc.		45,008
	16,679	AltaGas Ltd.		314,582
	6,500	Altius Minerals Corp.(b)		63,732
	78,500	Amerigo Resources Ltd.(b)		58,032
	69,923	Anderson Energy Ltd.(b)		81,618
	11,883	Angle Energy, Inc.(b)		87,731
	34,100	Arsenal Energy, Inc.(b)		26,536
	11,000	Astral Media, Inc.		389,689
	6,400	Atco Ltd. - Class I		314,755
	5,593	Atna Resources Ltd.(b)		2,611
	12,436	Atrium Innovations, Inc.(b)		200,079
	16,671	ATS Automation Tooling Systems, Inc.(b)		108,486
	25,500	Aura Minerals, Inc.(b)		95,000
	22,800	Aurizon Mines Ltd.(b)		114,216
	15,250	Avalon Rare Metals, Inc.(b)		39,755
	42,700	B2Gold Corp.(b)		69,779
	47,763	Baja Mining Corp.(b)		37,168
	5,644	Ballard Power Systems, Inc.(b)		9,717
	41,500	Bankers Petroleum Ltd.(b)		303,161

9

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
CANADA (continued)
	23,100	BioExx Specialty Proteins Ltd.(b)	$	44,939
	200	BioteQ Environmental Technologies, Inc.(b)		134
	55,950	Biovail Corp.		1,221,806
	29,800	Birchcliff Energy Ltd.(b)		289,869
	2,500	Black Diamond Group Ltd.		43,772
	108,500	BlackPearl Resources, Inc.(b)		330,339
	1,712	BMTC Group, Inc. - Class A		34,988
	6,000	Boralex, Inc. - Class A(b)		50,484
	16,350	Breakwater Resources Ltd.(b)		46,439
	3,444	Bridgewater Systems Corp.(b)		28,475
	3,800	Burcon NutraScience Corp.(b)		27,611
	35,126	CAE, Inc.		334,842
	3,800	Calfrac Well Services Ltd.		87,603
	4,000	Calvalley Petroleum, Inc. - Class A(b)		12,606
	13,900	Canaccord Financial, Inc.		131,557
	4,100	Canada Bread Co. Ltd.		191,430
	700	Canadian Apartment Properties REIT		10,268
	2,600	Canadian Energy Services & Technology Corp.		44,259
	5,700	Canadian Real Estate Investment Trust		168,441
	30,200	Canadian Tire Corp. Ltd. - Class A		1,679,720
	22,900	Canadian Utilities Ltd. - Class A		1,087,252
	22,300	Canadian Western Bank		563,330
	12,482	Canam Group, Inc.		88,632
	23,700	Canfor Corp.(b)		186,502
	1,608	Cangene Corp.(b)		5,553
	4,654	Canyon Services Group, Inc.(b)		22,409
	130,100	Capstone Mining Corp.(b)		316,376
	15,900	Cardiome Pharma Corp.(b)		130,225
	14,600	Cascades, Inc.		98,417
	9,900	Cash Store Financial Services, Inc. (The)		156,967
	70,425	Catalyst Paper Corp.(b)		9,933
	10,800	CCL Industries - Class B		309,382
	93,200	Celestica, Inc.(b)		828,606
	9,200	Celtic Exploration Ltd.(b)		112,668
	16,209	Centerra Gold, Inc.(b)		204,495
	97,700	CGI Group, Inc. - Class A(b)		1,397,004
	15,057	Chinook Energy, Inc.(b)		33,100
	2,900	Churchill Corp. (The) - Class A(b)		54,330
	8,500	Cinch Energy Corp.(b)		13,064
	71,325	Claude Resources, Inc.(b)		72,154
	7,600	Cogeco Cable, Inc.		257,264
	1,477	Cogeco, Inc.		42,742
	11,900	Colossus Minerals, Inc.(b)		78,133
	2,500	Computer Modelling Group Ltd.		43,724
	145,000	Connacher Oil & Gas Ltd.(b)		210,155
	48,900	Consolidated Thompson Iron Mines Ltd.(b)		391,942
Shares			Value
CANADA (continued)
	1,300	Constellation Software, Inc.	$	51,846
	1,200	Contrans Group, Inc. - Class A		10,447
	12,812	Copper Mountain Mining Corp.(b)		36,266
	19,450	Corridor Resources, Inc.(b)		110,300
	33,800	Corus Entertainment, Inc. - Class B		638,158
	22,300	Crescent Point Energy Corp.		821,893
	32,445	Crew Energy, Inc.(b)		520,736
	374,914	Crowflight Minerals, Inc.(b)		49,232
	324	Dalsa Corp.		3,413
	45,200	Delphi Energy Corp.(b)		119,150
	16,400	Descartes Systems Group, Inc. (The)(b)		96,672
	9,150	Detour Gold Corp.(b)		213,252
	600	Domtar Corp.(b)		35,100
	11,500	Dorel Industries, Inc. - Class B		388,945
	6,800	DragonWave, Inc.(b)		41,407
	26,500	Duluth Metals Ltd.(b)		47,172
	23,000	DundeeWealth, Inc.		309,858
	5,992	Dynasty Metals & Mining, Inc.(b)		19,817
	177,850	Eastern Platinum Ltd.(b)		179,917
	22,300	ECU Silver Mining, Inc.(b)		12,798
	12,344	Electrovaya, Inc.(b)		29,298
	4,817	Emera, Inc.		124,027
	15,950	Empire Co. Ltd. - Class A		868,829
	8,100	Endeavour Silver Corp.(b)		26,789
	30,200	Ensign Energy Services, Inc.		372,194
	20,486	Epsilon Energy Ltd.(Canada)(b)		53,604
	3,979	Equitable Group, Inc.		78,763
	54,600	European Goldfields Ltd.(b)		381,863
	42,500	Excellon Resources, Inc.(b)		33,486
	9,179	Exeter Resource Corp.(b)		52,946
	12,009	Exfo Electro Optical Engineering, Inc.(b)		70,789
	10,300	Extendicare Real Estate Investment Trust		88,467
	8,600	Fairborne Energy Ltd.(b)		43,249
	1,600	Far West Mining Ltd. - Class A(b)		7,004
	29,900	Farallon Mining Ltd.(b)		12,070
	64,225	Finning International, Inc.		1,235,709
	30,350	First Majestic Silver Corp.(b)		117,792
	18,100	First Quantum Minerals Ltd.		1,134,188
	6,800	FirstService Corp.(b)		149,950
	12,200	Flint Energy Services Ltd.(b)		155,341
	25,739	Fortis, Inc.		732,324
	1,599	Fortress Paper Ltd.(b)		42,819
	26,661	Fortuna Silver Mines, Inc.(b)		53,942
	11,800	Forzani Group Ltd. (The) - Class A		187,896
	47,400	Franco-Nevada Corp.		1,444,523
	31,500	Fronteer Gold, Inc.(b)		189,971
	15,500	Garda World Security Corp. - Class A(b)		129,512

10

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
CANADA (continued)
	10,000	Gennum Corp.	$	68,966
	1,600	Geomark Exploration Ltd.(b)		1,245
	24,800	Gildan Activewear, Inc.(b)		763,021
	3,412	GLG Life Tech Corp.(b)		26,053
	41,500	Globestar Mining Corp.(b)		41,579
	3,419	GLV, Inc. - Class A(b)		28,601
	15,555	Gold Wheaton Gold Corp.(b)		37,826
	22,600	Grande Cache Coal Corp.(b)		122,887
	9,200	Great Canadian Gaming Corp.(b)		57,721
	86,300	Groupe Aeroplan, Inc.		828,540
	3,352	Guardian Capital Group Ltd. - Class A		26,802
	10,800	Harry Winston Diamond Corp.(b)		133,838
	33,292	High River Gold Mines Ltd.(b)		25,259
	8,400	Home Capital Group, Inc.		375,285
	51,000	HudBay Minerals, Inc.(b)		635,981
	29,060	IESI-BFC Ltd.		657,210
	816	IESI-BFC Ltd. - Placement Shares		18,368
	7,400	Imax Corp.(b)		114,378
	19,243	Imperial Metals Corp.(b)		312,590
	3,200	Indigo Books & Music, Inc.		46,255
	34,700	Industrial Alliance Insurance and Financial Services, Inc.		1,101,368
	17,100	Inmet Mining Corp.		835,830
	4,110	Innergex Renewable Energy, Inc.		34,821
	11,900	InnVest Real Estate Investment Trust		75,124
	18,640	Intact Financial Corp.		849,275
	6,648	International Tower Hill Mines Ltd.(b)		41,645
	5,100	Ivanhoe Energy, Inc.(b)		10,071
	48,553	Ivernia, Inc.(b)		13,696
	13,500	Jean Coutu Group PJC, Inc. (The) Class A		112,276
	10,400	Jinshan Gold Mines, Inc.(b)		40,161
	3,454	KAB Distribution, Inc.(b)(c)(d)		0
	5,280	Keegan Resources, Inc.(b)		27,169
	6,900	Kirkland Lake Gold, Inc.(b)		54,835
	11,612	La Mancha Resources, Inc.(b)		18,637
	18,776	Labrador Iron Mines Holdings Ltd.(b)		96,798
	114,905	Lake Shore Gold Corp.(b)		347,604
	26,315	Laurentian Bank of Canada		1,177,462
	12,400	Leon’s Furniture Ltd.		144,499
	21,760	Linamar Corp.		406,816
	167,300	Lundin Mining Corp.(b)		650,941
	6,700	MacDonald Dettwiler & Associates Ltd.(b)		312,825
	8,610	MAG Silver Corp.(b)		51,507
	8,300	Major Drilling Group International		197,398
	1,500	Manitoba Telecom Services, Inc.		40,314
Shares			Value
CANADA (continued)
	14,700	Maple Leaf Foods, Inc.	$	131,693
	1,900	Marsulex, Inc.		20,588
	33,308	Martinrea International, Inc.(b)		267,293
	1,188	Maxim Power Corp.(b)		3,213
	34,225	MDS, Inc.(b)		323,257
	29,200	Methanex Corp.		655,832
	20,325	Metro, Inc. - Class A		868,713
	10,649	Midway Energy Ltd.(b)		33,043
	21,343	Migao Corp.(b)		132,453
	8,200	Minefinders Corp.(b)		70,590
	9,431	Miranda Technologies, Inc.(b)		50,363
	3,800	Mosaid Technologies, Inc.		84,535
	41,646	Mullen Group Ltd.		569,161
	45,143	Nautilus Minerals, Inc.(b)		89,140
	5,900	Neo Material Technologies, Inc.(b)		21,636
	138,000	New Gold, Inc.(b)		681,912
	25,853	Newalta, Inc.		220,796
	6,400	Niko Resources Ltd.		690,270
	2,227	North American Energy Partners, Inc.(b)		21,576
	10,624	Northern Dynasty Minerals Ltd.(b)		73,992
	2,300	Northern Property Real Estate Investment Trust		56,155
	63,700	Northgate Minerals Corp.(b)		188,984
	19,800	Novagold Resources, Inc.(b)		122,685
	15,601	NuVista Energy Ltd.		180,586
	147,378	OceanaGold Corp.(b)		388,497
	4,800	Oncolytics Biotech, Inc.(b)		14,707
	25,600	Onex Corp.		685,788
	11,100	Open Text Corp.(b)(e)		439,336
	1,052	Open Text Corp.(b)(e)		41,554
	117,600	OPTI Canada, Inc.(b)		188,746
	39,961	Orleans Energy Ltd.(b)		104,173
	57,165	Orvana Minerals Corp.(b)		82,296
	29,800	Osisko Mining Corp.(b)		376,830
	46,000	Pacific Rubiales Energy Corp.(b)		1,103,409
	5,800	Paladin Labs, Inc.(b)		135,402
	18,800	PAN American Silver Corp.		432,854
	15,900	Paramount Resources Ltd. - Class A(b)		333,296
	5,100	Parex Resources, Inc.(b)		28,277
	1,700	Parkbridge Lifestyles Communities, Inc.		8,582
	8,800	Pason Systems, Inc.		94,159
	19,769	Peregrine Diamonds Ltd.(b)		33,460
	12,456	Perpetual Energy, Inc.		60,944
	7,685	Petaquilla Minerals Ltd.(b)		3,065
	19,551	PetroBakken Energy Ltd. - Class A		428,846
	23,000	Petrobank Energy & Resources Ltd.(b)		947,473
	3,200	Petrominerales Ltd.(b)		90,642
	113,000	Phoscan Chemical Corp.(b)		42,868
	15,040	Platinum Group Metals Ltd.(b)		27,065

11

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
CANADA (continued)
	13,525	Potash One, Inc.(b)	$	32,627
	489	Precision Drilling Corp.(b)(e)		3,692
	142,155	Precision Drilling Corp.(b)(e)		1,078,556
	3,400	Premium Brands Holdings Corp.		43,325
	45,900	Progress Energy Resources Corp.		554,077
	3,837	QLT, Inc.(b)		21,946
	26,922	Quadra FNX Mining Ltd.(b)		326,034
	16,800	Quebecor, Inc. - Class B		570,322
	8,500	Queenston Mining, Inc.(b)		28,442
	33,300	Quest Capital Corp.(b)		53,122
	52,100	Questerre Energy Corp.(b)		155,583
	30,400	Red Back Mining, Inc.(b)		769,426
	600	Reitmans (Canada) Ltd.		10,850
	16,300	Reitmans (Canada) Ltd. - Class A		316,312
	4,000	Richelieu Hardware Ltd.		98,867
	12,800	Richmont Mines, Inc.(b)		54,783
	16,369	Riocan Real Estate Investment Trust		324,816
	275,000	Ritchie Bros. Auctioneers, Inc.		5,117,750
	9,531	Rock Energy, Inc.(b)		47,467
	32,400	RONA, Inc.(b)		478,097
	23,700	Rubicon Minerals Corp.(b)		84,836
	26,189	Russel Metals, Inc.		499,044
	14,890	Sabina Gold & Silver Corp.(b)		42,148
	5,544	Samuel Manu-Tech, Inc.(b)		40,014
	188,000	Sandvine Corp.(b)		288,935
	14,900	Savanna Energy Services Corp.		81,163
	4,120	Seabridge Gold, Inc.(b)		106,161
	16,636	Sears Canada, Inc.(b)		420,734
	33,400	SEMAFO, Inc.(b)		231,969
	13,425	ShawCor Ltd. - Class A		344,619
	149,700	Sherritt International Corp.		991,641
	90,125	Shore Gold, Inc.(b)		55,230
	8,100	Sierra Wireless, Inc.(b)		76,032
	2,500	Silver Standard Resources, Inc.(b)		41,024
	26,400	Silvercorp Metals, Inc.		173,595
	4,264	SouthGobi Resources Ltd.(b)		54,210
	44,614	Sprott Resource Corp.(b)		183,568
	50,200	St. Andrew Goldfields Ltd.(b)		57,131
	8,300	Stantec, Inc.(b)		195,380
	7,200	Starfield Resources, Inc.(b)		420
	5,200	Storm Exploration, Inc.(b)		69,296
	144,375	Stornoway Diamond Corp.(b)		81,453
	10,700	SunOpta, Inc.(b)		54,018
	20,400	Superior Plus Corp.		265,901
	59,200	Taseko Mines Ltd.(b)		240,704
	19,800	Thompson Creek Metals Co., Inc.(b)		182,583
	27,352	Tim Hortons, Inc.		933,328
	6,500	TMX Group, Inc.		180,132
	5,350	Toromont Industries Ltd.		126,926
	17,900	Torstar Corp. - Class B		178,991
Shares			Value
CANADA (continued)
	11,903	Total Energy Services, Inc.	$	98,415
	44,400	TransAlta Corp.		900,050
	18,000	Transcontinental, Inc. - Class A		259,657
	35,827	TransForce, Inc.		354,071
	19,100	Transglobe Energy Corp.(b)		143,986
	28,200	Trican Well Service Ltd.		427,917
	5,276	TVA Group, Inc. - Class B		61,071
	9,500	Uex Corp.(b)		8,224
	5,841	Uni-Select, Inc.		158,972
	118,700	Uranium One, Inc.(b)		322,137
	159,000	UTS Energy Corp.(b)		549,049
	12,353	Vector Aerospace Corp.(b)		87,716
	9,100	Ventana Gold Corp.(b)		72,673
	20,060	Vero Energy, Inc.(b)		131,711
	4,420	Virginia Mines, Inc.(b)		32,074
	20,901	Viterra, Inc.(b)		163,662
	1,535	Vitran Corp., Inc.(b)		16,424
	17,206	Wesdome Gold Mines Ltd.		40,168
	8,364	West Fraser Timber Co. Ltd.		284,183
	90,617	Westaim Corp.(b)		47,598
	18,100	Western Coal Corp.(b)		73,946
	18,000	Western Financial Group, Inc.		37,294
	6,300	Westjet Airlines Ltd.(b)		74,885
	9,385	Westport Innovations, Inc.(b)		185,500
	34,300	Wi-Lan, Inc.		118,776
	10,848	Winpak Ltd.		105,520
	637	Xtreme Coil Drilling Corp.(b)		1,704
	14,000	Yukon-Nevada Gold Corp.(b)		4,085
	62,000	Zarlink Semiconductor, Inc.(b)		116,998
				71,221,336
CAYMAN ISLANDS — 0.0%
	2,500	Fresh Del Monte Produce, Inc.(b)		52,100
	2,400	Greenlight Capital Re Ltd. - Class A(b)		61,896
	34,470	Siem Offshore, Inc.(b)		53,900
				167,896
CHILE — 0.2%
	414,369	AES Gener SA		216,227
	135,844	Aguas Andinas SA		61,635
	12,394	Banco de Credito e Inversiones		647,413
	164,971	Banmedica SA		207,302
	114,351	Besalco SA		134,479
	12,307	CAP SA		452,142
	18,632	Cementos BIO BIO SA		48,077
	23,013	Cia Cervecerias Unidas SA		242,593
	49,566	Cia General de Electricidad		314,750
	113,368	Cia Sudamericana de Vapores SA(b)		118,968
	1,731,940	Colbun SA		471,819
	50,487,302	CorpBanca SA		571,463
	17,867	Cristalerias de Chile SA		210,805
	61,317	E.CL SA		131,162

12

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
CHILE (continued)
	18,878	Embotelladora Andina SA - Class A, Preference Share	$	70,079
	24,008	Embotelladora Andina SA - Class B, Preference Shares		105,059
	30,762	Empresa Nacional de Telecomunicaciones SA		439,668
	1,192,791	Empresas Iansa SA(b)		103,570
	126,453	Empresas La Polar SA		767,815
	37,174	Farmacias Ahumada SA		113,394
	20,702	Forus SA		44,085
	12,790	Gasco SA		81,709
	200,535	Industrias Forestales SA		50,398
	448,016	Inversiones Aguas Metropolitanas SA		593,057
	502,005	Masisa SA		75,891
	78,007	Multiexport Foods SA		28,060
	254,993	Ripley Corp. SA		276,884
	58,002	Salfacorp SA		142,599
	113,830	Sigdo Koppers SA		168,152
	246,844	Socovesa SA		128,340
	130,300	Sonda SA		225,978
	186,725	Vina Concha y Toro SA		447,782
	6,455,730	Vina San Pedro SA		55,609
				7,746,964
CHINA — 0.3%
	150,000	AAC Acoustic Technologies Holdings, Inc.		266,495
	394,000	Agile Property Holdings Ltd.		513,329
	14,000	Ajisen China Holdings Ltd.		16,510
	44,000	Anhui Conch Cement Co. Ltd. - H Shares		153,795
	68,000	Anta Sports Products Ltd.		120,111
	76,000	Anton Oilfield Services Group		7,730
	74,000	Asia Cement China Holdings Corp.		37,060
	192,000	AviChina Industry & Technology Co. - H Shares(b)		78,604
	56,000	Baoye Group Co. Ltd. - H Shares		35,759
	47,500	BBMG Corp. - H Shares		56,077
	122,000	Beijing Capital Land Ltd. - H Shares		39,580
	20,000	Beijing Jingkelong Co. Ltd.		22,015
	192,000	Beijing North Star Co. Ltd.		53,639
	10,000	Bund Center Investment Ltd.(b)		4,339
	263,000	China Aoyuan Property Group Ltd.(b)		42,324
	32,000	China Automation Group Ltd.		22,288
	218,000	China Communications Services Corp. Ltd. - H Shares(b)		110,579
	58,000	China Huiyuan Juice Group Ltd.		44,578
	22,800	China Metal Recycling Holdings Ltd.		22,573
Shares			Value
CHINA (continued)
	252,678	China Molybdenum Co. Ltd. - H Shares	$	157,121
	170,042	China National Building Material Co. Ltd. - H Shares		320,929
	161,000	China National Materials Co. Ltd. - H Shares		126,023
	8,000	China Nickel Resources Holding Co. Ltd.		1,318
	54,000	China Oilfield Services Ltd. - H Shares		70,911
	22,000	China Qinfa Group Ltd.(b)		6,883
	939,600	China Resources Microelectronics Ltd.(b)		42,943
	86,000	China Shanshui Cement Group Ltd.		46,280
	54,000	China Shineway Pharmaceutical Group Ltd.		143,907
	972,093	China Shipping Container Lines Co. Ltd. - H Shares(b)		359,177
	312,000	China Shipping Development Co. Ltd. - H Shares		458,711
	4,000	China Singyes Solar Technologies Holdings Ltd.		2,240
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		90,763
	50,000	China Sunshine Paper Holdings Co. Ltd.		18,668
	278,000	China Taisan Technology Group Holdings Ltd.		41,911
	152,000	China Wireless Technologies Ltd.		61,054
	41,000	China XLX Fertiliser Ltd.		15,830
	179,000	China Yurun Food Group Ltd.		587,641
	408,800	China Zhongwang Holdings Ltd.		257,358
	100,000	Chinasoft International Ltd.(b)		19,311
	226,000	Chongqing Iron & Steel Co. Ltd. - H Shares		63,719
	478,200	Country Garden Holdings Co.		151,448
	28,000	Delong Holdings Ltd.(b)		7,825
	25,600	Dongfang Electric Corp. Ltd. - H Shares		87,997
	48,000	First Tractor Co. Ltd. - H Shares		31,454
	339,000	Fosun International		259,242
	275,000	Foxconn International Holdings Ltd.(b)		193,305
	148,000	Golden Eagle Retail Group Ltd.		351,732
	92,000	Great Wall Motor Co. Ltd. - H Shares		183,349
	80,000	Great Wall Technology Co. Ltd.		34,915
	121,500	Greentown China Holdings Ltd.		151,103
	544,000	Guangshen Railway Co. Ltd. - H Shares		199,601
	14,000	Guangzhou Pharmaceutical Co. Ltd. - H Shares		12,166
	73,131	Guangzhou R&F Properties Co. Ltd. - H Shares		114,486

13

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
CHINA (continued)
	40,000	Guangzhou Shipyard International Co. Ltd. - H Shares	$	62,826
	21,000	Hainan Meilan International Airport Co. Ltd. - H Shares		23,278
	68,000	Haitian International Holdings Ltd.		51,739
	212,000	Harbin Power Equipment Co. Ltd. - H Shares		185,594
	175,000	Hidili Industry International Development Ltd.(b)		158,159
	114,000	Honghua Group Ltd.(b)		15,410
	124,000	Huadian Power International Co. - H Shares		29,853
	141,000	Intime Department Store Group Co. Ltd.		145,947
	104,000	Jiangsu Expressway Co. Ltd. - H Shares		101,222
	88,000	Jiangxi Copper Co. Ltd. - H Shares		195,316
	92,000	Jingwei Textile Machinery - H Shares(b)		31,387
	163,000	Kasen International Holdings Ltd.(b)		43,439
	190,000	Kingdee International Software Group Co. Ltd.		79,987
	43,000	Kingsoft Corp. Ltd.		25,188
	542,722	Lenovo Group Ltd.		348,656
	41,000	Li Heng Chemical Fibre Technologies Ltd.		6,483
	88,000	Li Ning Co. Ltd.		290,029
	29,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares		125,072
	52,000	Lingbao Gold Co. Ltd. - H Shares		18,745
	41,000	Little Sheep Group Ltd.		24,333
	332,000	Maanshan Iron & Steel - H Shares		185,074
	76,000	Pacific Online		32,680
	236,000	Pacific Textile Holdings Ltd.		135,508
	138,000	Pan Asia Environmental Protection Group Ltd.(b)		27,005
	60,500	Parkson Retail Group Ltd.		103,903
	160,000	Qingling Motors Co. Ltd. - H Shares		40,373
	151,000	Qunxing Paper Holdings Co. Ltd.		61,236
	46,000	Regent Manner International Ltd.		23,037
	90,000	Renhe Commercial Holdings Co. Ltd.		19,350
	69,000	Shandong Chenming Paper Holdings Ltd.		55,076
	43,600	Shandong Molong Petroleum Machinery Co. Ltd. - H Shares		41,257
	208,000	Shanghai Forte Land Co. - H Shares		63,197
Shares			Value
CHINA (continued)
	164,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares	$	43,705
	110,000	Shanghai Prime Machinery Co. Ltd.		20,251
	42,500	Shenji Group Kunming Machine Tool Co. Ltd. - H Shares		27,795
	89,000	Shenzhou International Group Holdings Ltd.		117,330
	506,600	Shui On Land Ltd.		230,880
	116,000	Sichuan Expressway Co. Ltd. - H Shares		68,696
	136,000	Sichuan Xinhua Winshare Chainstore Co. Ltd. - H Shares		71,436
	905,560	Sino-Ocean Land Holdings Ltd.		691,338
	252,000	Sinopec Shanghai Petrochemical Co. Ltd.(b)		98,302
	194,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)		46,205
	28,000	Sinostar PEC Holdings Ltd.(b)		4,839
	34,000	Sinotel Technologies Ltd.(b)		9,876
	553,000	Sinotrans Ltd. - H Shares		138,117
	503,000	Soho China Ltd.		310,186
	69,000	Sound Global Ltd.		42,116
	56,000	SPG Land Holdings Ltd.		28,406
	131,000	Sunny Optical Technology Group Co. Ltd.		26,984
	22,000	SunVic Chemical Holdings Ltd.		5,096
	29,000	Tiangong International Co. Ltd.		11,649
	118,000	Tianneng Power International Ltd.		46,182
	18,000	Tsingtao Brewery Co. Ltd. - H Shares		85,278
	34,000	Uni-President China Holdings Ltd.		18,953
	15,000	Weichai Power Co. Ltd. - H Shares		123,978
	370,000	Wuyi International Pharmaceutical Co. Ltd.		33,820
	188,000	Xiamen International Port Co. Ltd. - H Shares		34,369
	126,000	Xinao Gas Holdings Ltd.		298,150
	49,000	Xingda International Holdings Ltd.		33,056
	137,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares		72,314
	330,000	Yangzijiang Shipbuilding Holdings Ltd.		351,890
	51,500	Zhaojin Mining Industry Co. Ltd. - H Shares		111,387
	118,000	Zhejiang Expressway Co. Ltd. - H Shares		111,354
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)		12,771
	56,000	Zhong An Real Estate Ltd.		14,419

14

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
CHINA (continued)
	50,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares	$	133,891
				12,544,084
CYPRUS — 0.0%
	90,065	Bank of Cyprus Public Co. Ltd.		483,558
	25,000	Deep Sea Supply Plc(b)		41,766
	120,359	Marfin Popular Bank Public Co. Ltd.		283,891
	90,000	Prosafe Production Public Ltd.(b)		186,653
	29,500	ProSafe SE		136,831
	14	Songa Offshore SE(b)		44
				1,132,743
DENMARK — 0.3%
	757	ALK-Abello A/S		47,527
	4,607	Alm Brand A/S(b)		50,356
	5,034	Bang & Olufsen A/S(b)		48,861
	3,037	Bavarian Nordic A/S(b)		116,848
	185	Coloplast A/S - Class A		19,218
	14,883	D/S Norden		584,331
	9,477	D/S Torm A/S(b)		75,991
	23,636	Danisco A/S		1,797,693
	1,414	DFDS A/S(b)		90,136
	250	DiBa Bank A/S(b)		2,667
	4,598	DLH A/S - Class B(b)		16,967
	38,254	DSV A/S		682,384
	3,924	East Asiatic Co. Ltd. A/S		100,192
	2,200	Fionia Bank A/S(b)(c)(d)		0
	10,914	FLSmidth & Co. AS		777,411
	81,337	GN Store Nord A/S(b)		554,760
	20,148	Greentech Energy Systems(b)		51,797
	2,058	H+H International A/S - Class B(b)		18,356
	1,541	Harboes Bryggeri A/S - Class B		32,474
	200	IC Companys A/S(b)		6,138
	28,628	Jyske Bank A/S(b)		998,316
	1,287	NeuroSearch A/S(b)		22,620
	9,765	NKT Holding A/S		480,049
	1,300	Nordjyske Bank A/S(b)		22,394
	250	Norresundby Bank A/S(b)		7,607
	37	Parken Sport & Entertainment A/S(b)		514
	661	PER Aarsleff A/S - Class B		53,407
	1,132	Ringkjoebing Landbobank A/S(b)		118,188
	1,266	Rockwool International AS - Class B		115,352
	141	Royal UNIBREW A/S(b)		4,932
	303	Sanistal A/S - Class B(b)		3,206
	566	Satair A/S		23,756
	7,076	Schouw & Co.		155,304
	930	SimCorp A/S		154,511
	652	Sjaelso Gruppen(b)		872
	1,474	Solar Holdings A/S - Class B		99,890
	10,199	Spar Nord Bank A/S(b)		107,019
Shares			Value
DENMARK (continued)
	325	Sparbank(b)	$	5,400
	100	Sparekassen Faaborg A/S(b)		14,865
	36,405	Sydbank A/S(b)		907,252
	1,741	Thrane & Thrane A/S		52,674
	10,591	TK Development(b)		45,749
	2,547	Topdanmark A/S(b)		314,920
	57,742	TopoTarget A/S(b)		37,363
	2,634	Vestjysk Bank A/S(b)		37,312
				8,857,579
EGYPT — 0.4%
	359,000	Orascom Construction Industries GDR		15,257,500
FINLAND — 2.9%
	12,287	Ahlstrom Oyj		189,740
	8,651	Alma Media Corp.		71,249
	49,994	Amer Sports Oyj - Class A		554,425
	3,793	Atria Plc		55,805
	1,400	Bank of Aland Plc - Class B		40,046
	19,361	Cargotec Corp. - Class B		694,843
	14,467	Comptel Oyj		16,213
	8,383	Cramo Oyj(b)		147,588
	6,818	Digia Plc		44,424
	7,143	Elektrobit Corp.(b)		9,122
	14,102	Elisa Oyj(b)		279,699
	15,607	Finnair Oyj(b)		92,946
	4,899	Finnlines Oyj(b)		60,011
	9,569	Fiskars Oyj Abp		163,355
	11,650	F-Secure Oyj		32,944
	3,265	Glaston Oyj Abp(b)		5,872
	6,414	HKScan Oyj		68,455
	40,288	Huhtamaki Oyj		501,388
	785	Ilkka-Yhtyma Oyj		6,547
	37,847	Kemira Oyj		508,000
	35,923	Kesko Oyj - Class B		1,393,159
	12,000	Konecranes Oyj		391,415
	4,155	Lassila & Tikanoja Oyj		72,501
	837	Lemminkainen Oyj(b)		28,828
	2,192,127	Metso Oyj		86,442,997
	138,497	M-real Oyj - Class B(b)		527,009
	56,022	Neste Oil Oyj		825,689
	25,231	Nokian Renkaat Oyj		707,903
	863	Okmetic Oyj		4,937
	1,850	Olvi Oyj - Class A		70,637
	29,419	Oriola-KD Oyj - Class B		147,983
	7,027	Orion Oyj - Class A		135,253
	3,814	Orion Oyj - Class B		73,659
	89,644	Outokumpu Oyj		1,485,948
	150	Outotec Oyj		5,311
	1,365	PKC Group Oyj		20,990
	65,017	Pohjola Bank Plc		808,720
	1,080	Ponsse Oyj		12,554
	7,300	Poyry Oyj		98,174
	43,638	Raisio Plc - V Shares		170,032
	34,032	Ramirent Oyj		365,878
	6,650	Rapala VMC Oyj		49,829

15

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
FINLAND (continued)
	42,825	Rautaruukki Oyj	$	827,067
	1,207	Ruukki Group Oyj(b)		2,611
	16,431	Sanoma Oyj		326,534
	740	Scanfil Oyj		2,816
	2,130	SRV Group Plc		17,209
	3,193	Stockman Oyj Abp - Class A		114,094
	13,158	Stockman Oyj Abp - Class B		468,110
	407,216	Stora Enso Oyj - Class R		3,298,080
	11,171	Tecnotree Oyj		12,956
	675	Teleste Oyj		4,090
	2	Tieto Oyj		35
	5,260	Tikkurila Oy(b)		111,387
	190,224	UPM-Kymmene Oyj		2,761,504
	4,908	Uponor Oyj		79,437
	1,200	Vacon Plc		53,169
	1,187	Vaisala Oyj - Class A		29,792
	19,968	Wartsila Oyj		1,050,482
	45,716	YIT Oyj		1,002,050
				107,543,501
FRANCE — 2.8%
	1,303	ABC Arbitrage		11,682
	19,371	Accor SA		627,424
	4,486	Aeroports de Paris		330,646
	44,738	Air France-KLM(b)		668,123
	916,272	Alcatel-Lucent(b)		2,742,714
	902	Ales Groupe		12,565
	3,474	Alten Ltd.(b)		102,087
	9,157	Altran Technologies SA(b)		37,589
	504	Anf SA REIT		20,360
	903	April Group		23,417
	30,458	Arkema SA		1,327,678
	6,538	Assystem(b)		101,218
	4,439	Atari SA(b)		21,403
	21,018	Atos Origin SA(b)		902,489
	1,591	Audika		41,798
	1,370	Avanquest Software(b)		5,570
	3,278	Avenir Telecom		3,076
	2,244	BioMerieux		227,889
	878	Boiron SA		31,407
	1,118	Bonduelle SCA		95,866
	2,196	Bongrain SA		163,147
	11,907	Bourbon SA		510,265
	267	Boursorama(b)		3,010
	8,888	Bureau Veritas SA		536,961
	4,362	Canal Plus		30,980
	33,896	Cap Gemini(b)		1,613,149
	4,537	Carbone Lorraine		167,025
	604	Cegedim SA(b)		43,779
	2,195	Cegid Group		61,070
	3,429	Ciments Francais SA		276,377
	7,124	Club Mediterranee SA(b)		128,439
	100,557	Compagnie Generale de Geophysique-Veritas(b)		1,942,684
	1,082	Damartex SA		27,439
	10,333	Dassault Systemes SA		671,725
Shares			Value
FRANCE (continued)
	940	Delachaux SA	$	58,798
	17,041	Derichebourg SA(b)		71,062
	175	Devoteam		3,879
	3,318	EDF Energies Nouvelles SA		141,736
	166	Eiffage SA		8,376
	845	Electricite de Strasbourg		123,330
	332	Entrepose Contracting		33,093
	517	Eramet		143,134
	410	Esso Ste Anonyme Francaise		52,633
	5,279	Etablissements Maurel Et Prom		63,214
	122	Etam Developpement SA(b)		5,739
	12,585	Euler Hermes SA		997,950
	5,339	Euro Disney SCA Non-Registered Shares(b)		26,718
	817	Eurofins Scientific		38,477
	13,937	Eutelsat Communications		514,803
	1,226	Exel Industries SA - Class A		43,137
	5,022	Faurecia(b)		98,625
	2,648	Fimalac		102,142
	753	Fleury Michon SA		36,003
	4,250	Fonciere Des Regions REIT(b)		388,352
	1,371	GameLoft SA(b)		6,771
	202	Gaumont SA		13,057
	3,213	Gecina SA REIT		329,100
	12,894	Gemalto NV(b)		529,290
	7,030	GFI Informatique		26,476
	2,092	GL Events		58,068
	806	Groupe Crit		21,374
	90,539	Groupe Eurotunnel SA		666,622
	2,036	Groupe Partouche SA(b)		5,227
	9,418	Groupe Steria SCA		255,403
	220	Guerbet		22,402
	1,282	Guyenne et Gascogne SA		127,988
	4,617	Haulotte Group SA		45,065
	109,449	Havas SA		529,866
	3,430	ICAde REIT		326,118
	1,657	Iliad SA		145,862
	10,335	Imerys SA		600,946
	2,264	IMS International Metal Service(b)		32,144
	2,910	Ingenico		73,557
	189	Inter Parfums SA		5,788
	2,091	Ipsen SA		69,539
	5,433	IPSOS		215,976
	16,879	JC Decaux SA(b)		433,539
	270	Kaufman & Broad SA(b)		6,282
	19,633	Klepierre REIT		626,444
	1,455	Korian		31,854
	20,299	Lagardere SCA		747,685
	863	Laurent-Perrier		76,710
	14,623	Legrand SA		475,924
	352	LISI		20,780
	4,004	M6-Metropole Television		88,781
	351	Maisons France Confort		14,042
	2,152	Manitou BF SA(b)		35,896
	860	Manutan (Societe)		46,846

16

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
FRANCE (continued)
	1,668	Meetic(b)	$	47,386
	1,441	METabolic Explorer SA(b)		11,737
	1,975	MR Bricolage		36,290
	98	Neopost SA		7,580
	12,574	Nexans SA		853,211
	16,834	Nexity		563,678
	463	Norbert Dentressangle		33,124
	7,303	NRJ Group(b)		59,766
	6,698	Orpea		266,438
	25,532	PagesJaunes Groupe		282,613
	66,220	Peugeot SA(b)		1,964,931
	763	Pierre & Vacances		50,362
	3,304	Plastic-Omnium SA		163,872
	20,215	Publicis Groupe		911,080
	10,737	Rallye SA		380,371
	6,947	Recylex SA(b)		64,005
	5,720	Remy Cointreau SA		312,622
	88,196	Rexel SA(b)		1,461,946
	5,624	Rhodia SA		116,090
	1,903	Rubis		167,096
	747	Sa Des Ciments Vicat		50,483
	78,924	Safran SA		2,130,023
	2,665	Saft Groupe SA		91,355
	175	Sartorius Stedim Biotech		7,387
	117,397	SCOR SE		2,575,522
	6,382	SEB SA		475,883
	156	Seche Environnement SA		11,094
	2,497	Sechilienne-Sidec		67,552
	2,724	SeLoger.com(b)		107,559
	7,380	Sequana(b)		103,578
	6,704	Societe BIC SA		498,845
	2,776	Societe Immobiliere de Location pour l’Industrie et le Commerce REIT		311,941
	23,410	Societe Television Francaise 1		372,335
	16,292	SOITEC(b)		175,941
	806	Somfy SA		161,227
	811	Sopra Group SA		57,599
	1,822	Sperian Protection		273,643
	1,360	Stallergenes		95,828
	741	Ste Industrielle d’Aviation Latecoere SA(b)(d)		5,543
	1,316	STEF-TFE		68,324
	62	Sucriere de Pithiviers-Le-Vieil		53,414
	779	Synergie SA		19,897
	25,071	Technicolor(b)		13,395
	26,753	Technip SA		1,781,511
	4,448	Teleperformance		112,682
	45,151	Thales SA		1,523,626
	12,780	Theolia SA(b)		17,487
	1,998	Trigano SA(b)		42,440
	26,107	Valeo SA(b)		932,697
	614,532	Vallourec		59,829,920
	6,761	Viel et Compagnie		23,877
	978	Vilmorin & Cie		91,941
	1,248	Virbac SA		150,436
Shares			Value
FRANCE (continued)
	446	VM Materiaux SA	$	26,154
	145	Vranken - Pommery Monopole		6,268
	2,543	Zodiac SA		143,443
				103,338,722
GERMANY — 1.1%
	2,124	Aareal Bank AG(b)		44,286
	2,064	Adlink Internet Media AG(b)		7,319
	15,004	ADVA AG Optical Networking(b)		91,447
	2,193	Advanced Inflight Allianz AG		8,685
	652	Agennix AG(b)		3,424
	5,373	Air Berlin Plc(b)		25,207
	16,739	Aixtron AG		500,510
	1,413	Alstria Office AG REIT		16,351
	1,072	Asian Bamboo AG		44,145
	4,401	Augusta Technologie AG		74,471
	16,900	Aurubis AG		765,309
	1,309	Axel Springer AG		156,936
	4,905	Baader Bank AG		20,774
	7,434	Balda AG(b)		33,122
	1,066	Bauer AG		43,578
	605	BayWa AG		22,075
	5,853	Bechtle AG		168,717
	1,174	Bertrandt AG		51,634
	20,937	Bilfinger Berger AG		1,195,862
	1,034	Biotest AG		43,119
	780	Boewe Systec AG(b)		1,006
	12,598	Carl Zeiss Meditec AG		194,543
	44,905	Celesio AG		1,048,351
	2,610	Cenit AG(b)		17,856
	2,757	Centrosolar Group AG(b)		18,391
	2,684	CENTROTEC Sustainable AG(b)		48,093
	8,534	Comdirect Bank AG		77,848
	583	Compugroup Holding AG(b)		6,253
	346	Constantin Medien AG(b)		755
	2,420	CTS Eventim AG		123,559
	3,408	Curanum AG		10,876
	7,812	DAB Bank AG		42,248
	419	Delticom AG		21,374
	2,401	Demag Cranes AG(b)		85,731
	646	Deutsche Beteiligungs AG		14,631
	152,482	Deutsche Lufthansa AG(b)		2,478,873
	65,654	Deutsche Postbank AG(b)		2,093,584
	33,396	Deutz AG(b)		205,937
	12,345	Dialog Semiconductor PLC(b)		165,057
	11,098	Douglas Holdings AG		500,326
	146	Drillisch AG(b)		875
	1,370	Duerr AG(b)		37,670
	4,400	DVB Bank SE		142,487
	283	Eckert & Ziegler AG		9,142
	2,087	Elexis AG		31,372
	6,649	Elmos Semiconductor AG(b)		70,912
	5,955	ElringKlinger AG		160,056
	731	Envitec Biogas AG		10,669
	1,291	Euromicron AG		29,904

17

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
GERMANY (continued)
	47,873	Evotec AG(b)	$	124,772
	3,542	Fielmann AG		280,869
	24,470	Fraport AG Frankfurt Airport Services Worldwide		1,269,626
	56,462	Freenet AG(b)		603,271
	1,320	Fuchs Petrolub AG		125,176
	82,770	GEA Group AG		1,873,022
	6,330	Generali Deutschland Holding AG		754,862
	4,055	Gerresheimer AG(b)		148,171
	2,237	Gerry Weber International AG		71,552
	1,012	Gesco AG		57,895
	5,161	GFK AG		193,427
	5,545	GFT Technologies AG		22,328
	30,107	Gildemeister AG		417,057
	2,541	Grenkeleasing AG		115,565
	1,608	H&R WASAG AG		40,872
	4,192	Hamburger Hafen und Logistik AG		153,123
	42,867	Hannover Rueckversicherung AG		2,052,378
	1,410	Hawesko Holding AG		51,448
	49,675	Heidelberger Druckmaschinen AG(b)		487,318
	25,641	Hochtief AG		1,662,186
	904	Homag Group AG		16,139
	7,098	Indus Holding AG		160,021
	555,298	Infineon Technologies AG(b)		3,747,721
	834	Interseroh SE		50,320
	585	Isra Vision AG		10,749
	5,689	IVG Immobilien AG(b)		39,492
	8,052	Jenoptik AG(b)		46,379
	2,498	Kizoo AG(b)		25,264
	44,781	Kloeckner & Co. SE(b)		927,284
	6,960	Kontron AG		54,692
	5,779	Krones AG		327,595
	210	KSB AG		144,904
	1,232	KUKA AG(b)		19,169
	1,410	KWS Saat AG		222,294
	35,935	Lanxess AG(b)		1,725,406
	10,144	Leoni AG		305,363
	1,656	Loewe AG		14,006
	860	LPKF Laser & Electronics AG(b)		10,286
	9,511	Medion AG		115,007
	24,690	MLP AG		258,364
	6,268	Morphosys AG(b)		128,812
	9,090	MTU Aero Engines Holding AG		528,790
	120	Muehlbauer Holding AG & Co. KGaA		3,933
	6,780	MVV Energie AG		274,780
	1,551	Nemetschek AG(b)		50,328
	181	Nordex AG(b)		1,850
	1,502	Patrizia Immobilien AG(b)		6,009
	1,328	Pfeiffer Vacuum Technology AG		104,181
	379	PNE Wind AG(b)		998
Shares			Value
GERMANY (continued)
	16,265	Praktiker Bau- und Heimwerk-ermaerkte AG	$	128,680
	1,040	Puma AG		303,921
	4,350	PVA TePla AG(b)		24,869
	981	QSC AG(b)		1,828
	370	R Stahl AG		11,859
	932	Rational AG		152,789
	1,175	REpower Systems AG(b)		181,601
	23,779	Rheinmetall AG		1,423,263
	27,228	Rhoen Klinikum AG		620,939
	2,252	Roth & Rau AG(b)		74,541
	775	SAG Solarstrom AG		4,646
	475	Sartorius AG		13,587
	1,302	Schlott Gruppe AG(b)		6,125
	22,076	SGL Carbon AG(b)		765,671
	29,422	Singulus Technologies(b)		162,337
	3,991	Sixt AG		103,498
	681	SMA Solar Technology AG		84,174
	5,314	Software AG(b)		592,499
	1,608	Solar Millennium AG(b)		44,927
	1,398	Solarworld AG		18,974
	786	Solon SE(b)		4,097
	22,938	Stada Arzneimittel AG		744,752
	904	STINAG Stuttgart Invest AG		22,395
	2,302	Stratec Biomedical Systems AG		86,126
	38,576	Suedzucker AG		744,253
	6,099	Suess Microtec(b)		35,050
	20,485	Symrise AG		509,876
	2,998	TAG Immobilien AG(b)		17,893
	4,738	Takkt AG		54,186
	21,467	Tognum AG		428,853
	103,702	TUI AG(b)		1,092,197
	25,618	United Internet AG(b)		316,983
	144	Verbio AG(b)		570
	4,979	Versatel AG(b)		31,456
	1,861	Vossloh AG		186,398
	2,333	VTG AG		37,395
	3,487	Wacker Chemie AG(b)		559,605
	12,899	Wacker Neuson SE		191,627
	24	Wincor Nixdorf AG		1,354
	9,687	Wirecard AG		103,324
	1,163	Zhongde Waste Technology AG		20,536
				40,700,058
GREECE — 0.2%
	1,181	Aegean Airlines SA		3,924
	57,040	Agriculture Bank of Greece(b)		90,685
	92,586	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organizations		271,471
	30,227	Alpha Bank AE(b)		229,646
	59,949	Anek Lines SA(b)		26,562
	17,325	Aspis Bank SA(b)		11,063
	1,098	Astir Palace Hotel SA(b)		3,634
	9,363	Athens Medical Center SA		10,371

18

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
GREECE (continued)
	5,140	Athens Water Supply & Sewage Co. SA (The)	$	37,912
	22,179	Attica Bank(b)		41,331
	5,956	Bank of Greece		259,469
	29,378	Coca-Cola Hellenic Bottling Co. SA		692,941
	31,722	Diagnostic & Therapeutic Center of Athens Hygeia SA		49,193
	152,457	EFG Eurobank Ergasias SA(b)		1,172,181
	12,619	Ellaktor SA		56,569
	3,862	Elval Aluminium Process Co.(b)		7,499
	5,308	Emporiki Bank SA(b)		18,192
	3,298	Euromedica SA(b)		9,971
	942	Folli-Follie SA		21,973
	1,320	Forthnet SA(b)		1,376
	6,724	Fourlis Holdings SA		69,924
	9,171	Frigoglass SA(b)		108,397
	19,497	GEK Terna Holding Real Estate Construction SA		119,161
	46,654	Geniki Bank(b)		26,143
	9,780	Halcor SA(b)		11,598
	2,079	Hellenic Duty Free Shops SA		13,059
	303	Hellenic Exchanges SA Holding Clearing Settlement and Registry(b)		2,191
	37,082	Hellenic Petroleum SA		290,907
	11,369	Hellenic Telecommunications Organization SA		92,301
	11,102	Heracles General Cement Co.(b)		70,168
	4,092	Iaso SA		12,105
	27,345	Intracom Holdings SA(b)		27,439
	19,238	Intracom SA Technical & Steel Constructions(b)		9,025
	1,463	Intralot SA-Integrated Lottery Systems & Services(b)		6,482
	5,398	J&P-Avax SA		11,325
	2,677	JUMBO SA		21,280
	8,461	Lambrakis Press SA(b)		12,790
	304,574	Marfin Investment Group SA(b)		472,319
	5,767	Metka SA		68,314
	33,160	Michaniki SA		28,952
	6,600	Motor Oil (Hellas) Corinth Refineries SA		75,687
	46,974	Mytilineos Holdings SA(b)		291,380
	188	Nireus Aquaculture SA(b)		179
	3,029	OPAP SA		44,801
	105,577	Piraeus Bank SA(b)		697,545
	807	Piraeus Port Authority		15,827
	5,678	Proton Bank SA(b)		7,917
	31,990	Public Power Corp. SA(b)		509,009
	2,450	S&B Industrial Minerals SA		15,165
	5,750	Sarantis SA		31,396
	16,050	Sidenor Steel Products Manufacturing Co. SA(b)		61,492
	3,630	Teletypos SA Mega Channel		15,516
	1,688	Terna Energy SA(b)		8,315

Shares			Value
GREECE (continued)
	1,255	Thessaloniki Port Authority SA	$	21,637
	13,615	Titan Cement Co. SA		292,218
	26,210	TT Hellenic Postbank SA(b)		151,651
	40,792	Viohalco		239,743
				6,969,321
HONG KONG — 1.0%
	22,000	Allan International Holdings Ltd.		9,205
	30,000	Allied Group Ltd.		100,805
	1,365,693	Allied Properties HK Ltd.(b)		276,040
	9,000	APT Satellite Holdings Ltd.(b)		3,499
	142,000	Asia Financial Holdings Ltd.		53,381
	58,000	Asia Satellite Telecommunications Holdings Ltd.		89,604
	257,877	Asia Standard International Group Ltd.		44,487
	31,000	ASM Pacific Technology Ltd.		283,360
	36,000	Associated International Hotels Ltd.(b)		76,009
	218,000	Avic International Holding HK Ltd.(b)		10,104
	370,000	Beijing Capital International Airport Co. Ltd. - H Shares(b)		195,301
	89,000	Beijing Development HK Ltd.(b)		17,989
	62,000	Beijing Enterprises Holdings Ltd.		409,874
	210,000	Beijing Enterprises Water Group Ltd.(b)		68,941
	504,000	Bel Global Resources Holdings Ltd.(b)		11,160
	30,000	Bonjour Holdings Ltd.		8,806
	344,000	Bosideng International Holdings Ltd.		106,289
	218,000	Bossini International Holdings Ltd.		16,559
	272,000	Bright International Group Ltd.(b)		21,011
	120,000	Brightoil Petroleum Holdings Ltd.(b)		54,844
	482,000	Brilliance China Automotive Holdings Ltd.(b)		201,053
	928,000	C C Land Holdings Ltd.(b)		378,727
	64,000	Cafe de Coral Holdings Ltd.		153,913
	510,000	Capital Estate Ltd.(b)		22,980
	25,000	Central China Real Estate Ltd.		6,437
	141,900	Centron Telecom International Holdings Ltd.(b)		37,998
	588,000	Century City International		46,177
	90,000	Century Sunshine Group Holdings Ltd.		3,418
	656,560	Chaoda Modern Agriculture Holdings Ltd.		705,797
	860,000	Chaoyue Group Ltd.(b)		67,538
	17,000	Cheuk Nang Holdings Ltd.		5,537
	84,000	Chevalier International Holdings Ltd.		90,840

19

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	10,000	Chevalier Pacific Holdings Ltd.	$	824
	150,000	Chia Tai Enterprises International Ltd.(b)		4,828
	327,000	China Aerospace International Holdings Ltd.		39,573
	266,798	China Agri-Industries Holdings Ltd.		301,919
	318,000	China BlueChemical Ltd. - H Shares		203,880
	136,000	China Chengtong Development Group Ltd.(b)		7,879
	64,000	China Electronics Corp. Holdings Co. Ltd.(b)		8,981
	52,000	China Energine International Holdings Ltd.(b)		5,556
	116,000	China Energy Development Holdings Ltd.(b)		6,048
	245,000	China Everbright International Ltd.		112,604
	94,000	China Everbright Ltd.		245,060
	68,000	China Flavors & Fragrances Co. Ltd.(b)		15,583
	174,000	China Foods Ltd.		109,765
	228,000	China Gas Holdings Ltd.		115,651
	90,000	China Green Holdings Ltd.		93,389
	60,000	China Haidian Holdings Ltd.		6,952
	100,000	China High Speed Transmission Equipment Group Co. Ltd.		228,645
	1,002,000	China Infrastructure Investment Ltd.(b)		36,765
	83,000	China Mengniu Dairy Co. Ltd.(b)		258,056
	129,986	China Merchants Holdings International Co. Ltd.		491,997
	178,000	China Mining Resources Group Ltd.(b)		4,652
	600,000	China Oil and Gas Group Ltd.(b)		71,065
	190,000	China Pharmaceutical Group Ltd.		106,894
	220,000	China Power New Energy Development Co. Ltd.(b)		22,659
	8,000	China Properties Group Ltd.		2,111
	308,000	China Public Procurement Ltd.(b)(c)		26,964
	4,844,000	China Renji Medical Group Ltd.(b)		28,063
	186,000	China Resources Enterprise		706,405
	42,800	China Resources Gas Group Ltd.		62,044
	16,000	China Sonangol Resources Enterprise Ltd.(b)		3,955
	245,000	China Starch Holdings Ltd.		21,764
	261,200	China State Construction International Holdings Ltd.		113,997
	134,000	China Taiping Insurance Holdings Co Ltd(b)		451,986

Shares			Value
HONG KONG (continued)
	3,700,000	China Timber Resources Group Ltd.(b)	$	48,587
	214,000	China Ting Group Holdings Ltd.		35,816
	628,000	China Travel International Investment Hong Kong Ltd.		155,231
	20,000	China Water Affairs Group Ltd.		7,467
	1,000,000	China Windpower Group Ltd.(b)		101,706
	55,000	Chong Hing Bank Ltd.		124,055
	86,000	Chow Sang Sang Holdings International Ltd.		169,841
	214,000	Chu Kong Shipping Development		55,652
	133,000	Chuang’s China Investments Ltd.(b)		8,733
	188,000	Chuang’s Consortium International Ltd.		20,815
	224,000	Citic 1616 Holdings Ltd.		60,272
	287,000	Citic Pacific Ltd.		590,442
	581,000	Citic Resources Holdings Ltd.(b)		121,174
	51,000	City Telecom HK Ltd.		26,789
	344,000	CK Life Sciences International Holdings, Inc.(b)		20,593
	68,000	Clear Media Ltd.(b)		41,584
	688,000	Coastal Greenland Ltd.(b)		38,087
	125,114	Comba Telecom Systems Holdings Ltd.		128,859
	288,000	Cosco International Holdings Ltd.		156,097
	498,000	COSCO Pacific Ltd.		679,601
	16,000	Coslight Technology International Group Ltd.		13,904
	94,000	Cosmos Machinery(b)		7,987
	25,000	Cosway Corp Ltd.(b)		3,186
	756,000	CP Pokphand Co.		56,451
	44,000	Cross-Harbour Holdings Ltd.		36,933
	23,000	Dachan Food Asia Ltd.		4,708
	82,000	Dah Chong Hong Holdings Ltd.		57,851
	72,800	Dah Sing Banking Group Ltd.(b)		106,470
	59,600	Dah Sing Financial Holdings Ltd.(b)		365,235
	443,000	Dan Form Holdings Co. Ltd.(b)		43,345
	192,000	Daphne International Holdings Ltd.		177,725
	132,000	Dawnrays Pharmaceutical Holdings Ltd.		38,576
	32,000	Dba Telecommunication Asia Holdings Ltd.(b)		3,296
	510,000	Denway Motors Ltd.		260,006
	98,050	Dickson Concepts International Ltd.		74,350
	121,000	Digital China Holdings Ltd.		196,279
	110,000	Dynasty Fine Wines Group Ltd.		45,742
	146,000	Eagle Nice International Holdings Ltd.		41,540

20

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)	$	0
	62,000	Embry Holdings Ltd.		34,243
	135,000	Emperor Entertainment Hotel Ltd.		25,549
	244,000	Emperor International Holdings Ltd.		58,428
	280,000	Emperor Watch & Jewellery Ltd.		20,908
	446,943	Enerchina Holdings Ltd.(b)		7,135
	478,000	eSun Holdings Ltd.(b)		65,231
	136,000	EVA Precision Industrial Holdings Ltd.		70,035
	318,116	Far East Consortium International Ltd.		92,967
	518,400	First Pacific Co.		370,405
	54,000	Fong’s Industries Co. Ltd.		22,942
	6,000	Fountain SET Holdings Ltd.(b)		842
	304,000	Franshion Properties China Ltd.		88,059
	592,000	Frasers Property China Ltd.(b)		15,548
	188,000	Fubon Bank Hong Kong Ltd.		85,196
	90,000	Fufeng Group Ltd.		62,568
	18,000	Fujikon Industrial Holdings Ltd.		3,661
	482,000	Galaxy Entertainment Group Ltd.(b)		320,816
	163,000	GCL Poly Energy Holdings Ltd.		37,773
	560,000	Geely Automobile Holdings Ltd.		209,076
	785,000	Genesis Energy Holdings Ltd.(b)		47,499
	498,000	Genting Hong Kong Ltd.(b)		120,533
	640,000	Get Nice Holdings Ltd.		39,549
	156,000	Giordano International Ltd.		80,736
	163,200	Global Bio-Chem Technology Group Co. Ltd.		26,473
	390,000	Global Green Tech Group Ltd.(b)(c)		14,812
	193,000	Gold Peak Industries Holding Ltd.		26,338
	40,000	Goldbond Group Holdings Ltd.		2,626
	164,000	Golden Meditech Co. Ltd.		31,459
	1,784,000	Golden Resorts Group Ltd.		78,089
	238,000	Golden Resources Development International Ltd.		15,627
	58,000	Goldin Properties Holdings Ltd.(b)		26,657
	22,000	Goldlion Holdings Ltd.		7,732
	773,600	GOME Electrical Appliances Holdings Ltd.(b)		267,909
	216,738	Great Eagle Holdings Ltd.		563,644
	534,000	Guangdong Investment Ltd.		267,430
	174,000	Guangnan Holdings		36,066
	256,191	GZI Transportation Ltd.		132,260
	68,000	Hang Ten Group Holdings Ltd.		9,367
	160,000	Hannstar Board International Holdings Ltd.		35,018
	96,000	Hans Energy Co. Ltd.(b)		3,770

Shares			Value
HONG KONG (continued)
	89,000	Harbour Centre Development Ltd.	$	97,393
	219,000	Henderson Investment Ltd.		18,608
	514,500	Heng Tai Consumables Group Ltd.(b)		51,003
	222,000	Hengdeli Holdings Ltd.		101,747
	492,000	Hi Sun Technology (China)Ltd.(b)		191,923
	639,035	HKC Holdings Ltd.(b)		44,426
	154,800	HKR International Ltd.		65,966
	186,000	Hon Kwok Land Investment Co. Ltd.		63,457
	7,600	Hong Kong Aircraft Engineering Co. Ltd.		102,247
	5,673	Hong Kong Energy Holdings Ltd.(b)		467
	99,000	Hong Kong Ferry (Holdings) Co. Ltd.		88,581
	319,500	Hongkong & Shanghai Hotels (The)		506,758
	317,700	Hongkong Chinese Ltd.(b)		31,903
	52,000	Hopewell Highway Infrastructure Ltd.		39,230
	181,000	Hopewell Holdings Ltd.		572,070
	12,000	Hua Han Bio-Pharmaceutical Holdings Ltd.		3,862
	140,000	Huabao International Holdings Ltd.		180,599
	160,000	Huafeng Group Holdings Ltd.		7,827
	85,631	Hung Hing Printing Group Ltd.		28,112
	1,272,000	Hutchison Harbour Ring Ltd.		117,907
	281,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		64,756
	206,000	Hybrid Kinetic Group Ltd.(b)		7,558
	47,000	I-CABLE Communications Ltd.(b)		6,172
	754,000	IDT International Ltd.(b)		19,900
	111,628	Industrial and Commercial Bank of China Asia Ltd.(c)		331,255
	490,000	Inspur International Ltd.		48,574
	23,000	Integrated Distribution Services Group Ltd.		44,416
	352,500	Interchina Holdings Co.(b)		38,120
	85,000	IPE Group Ltd.(b)		9,849
	398,000	IT Ltd.(b)		142,957
	21,000	ITC Properties Group Ltd.(b)		5,002
	209,000	Jinhui Holdings Ltd.(b)		64,039
	242,000	Jiuzhou Development Co. Ltd.(b)		21,497
	290,000	JLF Investment Co. Ltd.(b)		20,534
	592,500	Johnson Electric Holdings Ltd.(b)		278,420
	510,579	K Wah International Holdings Ltd.		188,653
	1,280,000	Kai Yuan Holdings Ltd.(b)		49,437
	450,000	Kantone Holdings Ltd.		7,473
	42,000	Keck Seng Investments		21,629

21

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	44,000	Kee Shing Holdings Ltd.	$	9,856
	620,000	King Stone Energy Group Ltd.(b)		15,086
	201,000	Kingboard Chemical Holdings Ltd.(d)		930,280
	313,000	Kingboard Laminates Holdings Ltd.		310,683
	196,000	Kingmaker Footwear Holdings Ltd.		33,813
	158,666	Kingway Brewery Holdings Ltd.(b)		34,113
	1,080,000	Ko Yo Ecological Agrotech Group Ltd.(b)		19,049
	288,000	Kowloon Development Co. Ltd.		315,530
	140,000	KPI Co. Ltd.(b)		5,317
	600,000	Kunlun Energy Co. Ltd.		781,719
	285,500	KWG Property Holding Ltd.		211,345
	2,925,000	Lai Sun Development Co. Ltd.(b)		57,615
	278,000	Lai Sun Garment International Ltd.(b)		22,190
	9,000	LAM Soon Hong Kong Ltd.		7,972
	116,000	Le Saunda Holdings		47,789
	34,000	Lee & Man Holding Ltd.		30,816
	779,200	Lee & Man Paper Manufacturing Ltd.		572,801
	262,000	Lerado Group Holdings Co.		36,429
	182,977	LeRoi Holdings Ltd.(b)		4,240
	61,500	Lifestyle International Holdings Ltd.		127,790
	135,000	Lijun International Pharmaceutical Holding Ltd.		41,365
	158,000	Lippo China Resources Ltd.		4,007
	70,000	Lippo Ltd.		21,989
	112,000	Liu Chong Hing Investment Ltd.		133,376
	122,000	Lonking Holdings Ltd.		92,668
	361,000	Luen Thai Holdings Ltd.		36,716
	110,000	Luk Fook Holdings International Ltd.		186,933
	106,000	Luks Group Vietnam Holdings Co. Ltd.		42,304
	98,000	Lung Kee (Bermuda) Holdings Ltd.		54,504
	38,000	Man Yue International Holdings Ltd.		11,594
	9,143,750	Media China Corp. Ltd.(b)		64,745
	388,000	Melco International Development(b)		161,344
	98,000	Midland Holdings Ltd.		92,228
	21,000	Ming Fai International Holdings Ltd.		8,084
	440,000	Mingyuan Medicare Development Co. Ltd.(b)		50,415
	224,000	Minmetals Resources Ltd.(b)		87,091
	80,000	Minth Group Ltd.		120,090
	64,000	Miramar Hotel & Investment Co. Ltd.		64,515

Shares			Value
HONG KONG (continued)
	610,000	Mongolia Energy Co. Ltd.(b)	$	230,100
	6,771,148	Nan Hai Corp. Ltd.(b)		52,304
	145,000	Neo-China Land Group Holdings Ltd.(b)(d)		53,762
	208,500	Neo-Neon Holdings Ltd.		121,329
	44,000	NetDragon Websoft, Inc.		21,242
	872,000	New Century Group Hong Kong Ltd.		17,401
	575,400	New World China Land Ltd.		200,010
	34,000	New World Department Store China Ltd.		29,765
	1,510,000	Neway Group Holdings Ltd.		55,404
	366,000	Newocean Energy Holdings Ltd.		58,899
	494,000	Next Media Ltd.(b)		70,594
	251,000	Nine Dragons Paper Holdings Ltd.		364,503
	40,000	North Asia Resources Holdings Ltd.(b)		6,849
	161,678	NWS Holdings Ltd.		302,229
	75,000	Orange Sky Golden Harvest Entertainment Holdings Ltd.(b)		6,759
	54,500	Orient Overseas International Ltd.(b)		425,896
	23,000	Oriental Ginza Holdings Ltd.		4,886
	92,000	Oriental Watch Holdings		26,176
	24,000	Overseas Chinese Town Asia Holdings Ltd.(b)		13,688
	861,570	Pacific Andes International Holdings Ltd.		145,305
	580,000	Pacific Basin Shipping Ltd.		439,060
	430,000	Pacific Century Premium Developments Ltd.		78,056
	217,240	Paliburg Holdings Ltd.		81,666
	584,000	PCCW Ltd.		179,692
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	86,000	Phoenix Satellite Television Holdings Ltd.		22,919
	580,000	PME Group Ltd.(b)		45,549
	208,000	Poly Hong Kong Investments Ltd.		250,912
	1,200,000	Polytec Asset Holdings Ltd.		222,465
	48,000	Ports Design Ltd.		123,468
	560,000	Prosperity International Holdings HK Ltd.(b)		34,966
	58,000	Public Financial Holdings Ltd.		33,303
	436,200	Regal Hotels International Holdings Ltd.		169,594
	1,750,000	REXLot Holdings Ltd.		153,202
	96,000	Rising Development Holdings(b)		23,482
	56,000	Road King Infrastructure Ltd.		48,520
	78,000	Royale Furniture Holdings Ltd.		21,690
	88,000	SA SA International Holdings Ltd.		67,069
	66,000	SEA Holdings Ltd.		33,988

22

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	161,516	Shanghai Industrial Holdings Ltd.	$	736,101
	3,660,000	Shanghai Zendai Property Ltd.(b)		153,138
	304,000	Shangri-La Asia Ltd.		616,023
	156,000	Shenzhen High-Tech Holdings Ltd.(b)		9,238
	1,177,500	Shenzhen International Holdings Ltd.		74,281
	836,000	Shenzhen Investment Ltd.		284,138
	265,129	Shimao Property Holdings Ltd.		508,583
	1,158,000	Shougang Concord International Enterprises Co. Ltd.		195,298
	4,000	Shougang Concord Technology Holdings(b)		237
	136,000	Shui On Construction & Materials Ltd.		169,136
	474,000	Shun Tak Holdings Ltd.		269,114
	328,000	Silver Grant International Ltd.		95,856
	134,000	Sim Technology Group Ltd.		29,500
	186,000	Sing Tao News Corp. Ltd.		47,892
	646,000	Singamas Container Holdings Ltd.(b)		136,394
	720,000	Sino Union Energy Investment Ltd.(b)		63,032
	100,800	Sino-Forest Corp.(b)		1,552,127
	2,330,000	Sino-I Technology Ltd.(b)		12,599
	378,250	Sinolink Worldwide Holdings Ltd.		58,436
	118,000	Sinopec Kantons Holdings Ltd.		56,360
	901,000	Sinotrans Shipping Ltd.		390,907
	255,000	SJM Holdings Ltd(b)		224,879
	158,000	Skyfame Realty Holdings Ltd.(b)(c)(d)		0
	440,589	Skyworth Digital Holdings Ltd.		318,211
	52,000	SmarTone Telecommunications Holding Ltd.		53,891
	696,000	South China China Ltd.		51,074
	65,500	Stella International Holdings Ltd.		125,645
	204,000	Success Universe Group Ltd.(b)		7,616
	16,000	Sun Hing Vision Group Holdings Ltd.		6,798
	222,000	Sun Hung Kai & Co. Ltd.		144,046
	310,000	Sun Innovation Holdings Ltd.(b)		11,175
	1,207,000	Superb Summit International Timber Co. Ltd.(b)		41,956
	547,500	Sustainable Forest Holdings Ltd.(b)		31,719
	128,000	Symphony Holdings Ltd. Hong Kong		6,427
	245,000	TAI Cheung Holdings Ltd.		162,124
	118,021	Tai Fook Securities Group Ltd.		82,656
	58,000	Tak Sing Alliance Holdings Ltd.		7,840
	21,000	Tan Chong International Ltd.		5,353
	252,000	TCC International Holdings Ltd.(b)		88,245

Shares			Value
HONG KONG (continued)
	65,000	TCL Communication Technology Holdings Ltd.	$	35,230
	283,000	Techtronic Industries Co.		233,541
	49,000	Television Broadcasts Ltd.		227,100
	108,000	Texhong Textile Group Ltd.		66,462
	132,000	Texwinca Holdings Ltd.		135,101
	98,800	Tian An China Investment Co. Ltd.		64,489
	106,000	Tianjin Development Holdings Ltd.		69,188
	2,380,000	Titan Petrochemicals Group Ltd.(b)		211,419
	112,000	Tom Group Ltd.(b)		9,517
	165,000	Tomorrow International Holdings Ltd.(b)		8,072
	170,252	Tomson Group Ltd.		66,194
	1,740,000	Tongda Group Holdings Ltd.		68,323
	118,000	Top Form International Ltd.		7,444
	83,000	Towngas China Co. Ltd.		32,698
	12,000	TPV Technology Ltd.		7,585
	42,800	Transport International Holdings Ltd.		133,345
	38,000	Truly International Holdings Ltd.		51,564
	58,000	TSC Offshore Group Ltd.(b)		10,006
	194,000	Tysan Holdings Ltd.		29,721
	102,000	United Laboratories Ltd. (The)		157,842
	524,000	United Power Investment Ltd.(b)		16,865
	182,000	USI Holdings Ltd.		54,360
	36,000	Value Convergence Holdings Ltd.(b)		13,070
	134,000	Value Partners Group Ltd.		80,046
	36,000	Vantage International Holdings Ltd.(b)		4,449
	348,000	Vedan International Holdings Ltd.		37,186
	476,000	Victory City International Holdings Ltd.		99,888
	136,000	Vitasoy International Holdings Ltd.		106,279
	170,000	VODone Ltd.(b)		53,402
	102,000	VST Holdings Ltd.		32,566
	26,000	VTech Holdings Ltd.		276,485
	312,000	Wah Nam International Holdings Ltd.(b)		55,431
	58,000	Wai Kee Holdings Ltd.		13,739
	2,302,557	Wai Yuen Tong Medicine Holdings Ltd.(b)		14,525
	90,000	Wasion Group Holdings Ltd.		72,417
	52,000	Win Hanverky Holdings Ltd.		7,029
	29,000	Wing Hang Bank Ltd.		313,054
	35,000	Wing On Co. International Ltd.		61,281
	254,000	Winteam Pharmaceutical Group Ltd.		35,970
	148,000	Xinyi Glass Holdings Co. Ltd.		66,879
	110,000	Yip’s Chemical Holdings Ltd.		111,310

23

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
HONG KONG (continued)
	1,050,000	Yuexiu Property Co. Ltd.	$	254,136
				38,046,841
HUNGARY — 0.1%
	1,508	Danubius Hotel & Spa Plc(b)		27,547
	2,195	Egis Plc		212,069
	344	EMASZ Rt		34,743
	28,924	FHB Mortgage Bank Plc(b)		156,650
	13,033	Fotex Holding SE Co. Ltd.(b)		22,910
	37,340	Magyar Telekom Telecommunications Plc		115,683
	5,470	Richter Gedeon Nyrt		1,117,218
				1,686,820
INDIA — 0.8%
	19	3M India Ltd.(b)		1,433
	2,000	ABB Ltd. India		35,039
	7,510	ABG Shipyard Ltd.		38,428
	25,816	ACC Ltd.		460,271
	13,455	Adhunik Metaliks Ltd.(b)		32,880
	23,661	Aditya Birla Nuvo Ltd.		392,098
	6,786	AIA Engineering Ltd.		52,498
	2,788	AKZO Nobel India Ltd.		52,137
	57,431	Allahabad Bank		237,372
	154,877	Alok Industries Ltd.(b)		68,085
	1,438	Alstom Projects India Ltd.		21,781
	290,951	Ambuja Cements Ltd.		735,136
	64,829	Amtek Auto Ltd.		259,847
	65,924	Andhra Bank		203,859
	14,931	Ansal Properties & Infrastructure Ltd.(b)		25,982
	10,228	Apollo Hospitals Enterprise Ltd.		172,028
	43,566	Apollo Tyres Ltd.		60,178
	10,165	Areva T&D India Ltd.		63,316
	61,072	Arvind Ltd.(b)		45,667
	143,696	Ashok Leyland Ltd.		219,546
	2,238	Asian Paints Ltd.		125,102
	11,229	Aurobindo Pharma Ltd.		234,743
	7,450	Bajaj Auto Finance Ltd.		90,907
	1,746	Bajaj Auto Ltd.		101,137
	27,426	Bajaj Hindusthan Ltd.		68,203
	21,621	Bajaj Holdings and Investment Ltd.		338,258
	97,217	Ballarpur Industries Ltd.		68,820
	2,239	Balmer Lawrie & Co. Ltd.		31,217
	33,302	Balrampur Chini Mills Ltd.		59,995
	83,282	Bank of Maharashtra		116,654
	4,339	BASF India Ltd.		44,133
	4,328	BEML Ltd.		95,010
	5,553	BGR Energy Systems Ltd.(b)		87,331
	3,974	Bharat Electronics Ltd.		155,342
	32,980	Bharat Forge Ltd.		232,257
	3,384	Bharat Petroleum Corp. Ltd.		46,671
	5,155	Bhushan Steel Ltd.		172,518
	25,428	Binani Cement Ltd.		44,796
	14,324	Biocon Ltd.		95,534
Shares			Value
INDIA (continued)
	11,513	Birla Corp. Ltd.	$	90,804
	4,247	Blue Star Ltd.		40,269
	3,587	Bombay Dyeing & Manufacturing Co. Ltd.		40,233
	23,795	Bombay Rayon Fashions Ltd.(b)		134,345
	1,485	Bosch Ltd.		181,381
	7,389	Brigade Enterprises Ltd.		21,265
	1,308	Britannia Industries Ltd.		55,471
	459	Cadila Healthcare Ltd.		6,311
	52,503	Canara Bank		540,247
	2,650	Carborundum Universal Ltd.		12,055
	34,839	Central Bank of India		125,565
	29,868	Century Plyboards India Ltd.(b)		38,007
	9,156	Century Textile & Industries Ltd.		88,334
	10,945	CESC Ltd.		93,011
	38,402	Chambal Fertilizers & Chemicals Ltd.		54,907
	8,488	Chennai Petroleum Corp Ltd.		47,365
	12,352	Cholamandalam Investment and Finance Co. Ltd.		39,661
	335	Clariant Chemicals India Ltd.		4,694
	415	CMC Ltd.		15,518
	4,626	Colgate Palmolive India Ltd.		84,042
	12,000	Consolidated Construction Consortium Ltd.		21,592
	8,603	Container Corp. of India		254,781
	5,968	Coromandel International Ltd.		70,348
	10,354	Corp Bank		127,604
	19,689	Crompton Greaves Ltd.		116,870
	9,629	Cummins India Ltd.		132,447
	34,427	Dabur India Ltd.		146,410
	16,723	Deccan Chronicle Holdings Ltd.		47,911
	12,425	Deepak Fertilizers & Petrochemicals Corp. Ltd.		39,480
	15,797	Dewan Housing Finance Corp Ltd.		95,623
	43,860	Dish TV India Ltd.(b)		41,870
	5,675	Divi’s Laboratories Ltd.		91,500
	1,771	Dredging Corp of India Ltd.		22,026
	7,507	Edelweiss Capital Ltd.		79,268
	4,564	Eicher Motors Ltd.		96,861
	11,129	EID Parry India Ltd.		92,464
	9,200	EIH Ltd.		25,555
	21,675	Electrosteel Castings Ltd.		22,817
	15,256	Era Infra Engineering Ltd.		69,499
	16,339	Escorts Ltd.		69,099
	1,094	Ess Dee Aluminium Ltd.		12,142
	27,090	Essar Oil Ltd.(b)		75,394
	37,802	Essel Propack Ltd.		37,961
	14,806	Everest Kanto Cylinder Ltd.		37,378
	36,761	Exide Industries Ltd.		115,064
	4,776	FDC Ltd. India		8,769
	52,494	Federal Bank Ltd.		391,400
	1,023	Federal-Mogul Goetze India Ltd.		3,130

24

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
INDIA (continued)
	5,430	Financial Technologies India Ltd.	$	142,990
	6,489	Finolex Industries Ltd.(b)		11,949
	22,790	Fortis Healthcare Ltd.(b)		76,368
	3,255	Fresenius Kabi Oncology Ltd.		11,153
	37,040	Gammon India Ltd.		173,207
	17,326	Gammon Infrastructure Projects Ltd.(b)		9,334
	23,347	Gateway Distriparks Ltd.		55,141
	25,011	Geodesic Ltd.		47,187
	51,219	Geojit BNP Paribas Financial Services Ltd.		34,161
	791	Gillette India Ltd.		30,852
	17,337	Gitanjali Gems Ltd.		61,495
	2,784	GlaxoSmithKline Consumer Healthcare Ltd.		105,598
	4,617	GlaxoSmithKline Pharmaceuticals Ltd.		200,679
	14,696	Glenmark Pharmaceuticals Ltd.		85,443
	16,473	Godrej Consumer Products Ltd.		121,830
	23,771	Godrej Industries Ltd.		98,275
	3,081	Gokul Refoils & Solvent Ltd.		7,091
	10,296	Graphite India Ltd.		21,156
	26,421	Great Eastern Shipping Co. Ltd. (The)(b)		163,462
	9,793	Great Offshore Ltd.		85,711
	3,445	Greaves Cotton Ltd.		25,103
	2,596	Grindwell Norton Ltd.		11,762
	3,202	Gruh Finance Ltd.		23,105
	50,890	GTL Infrastructure Ltd.(b)		50,885
	6,751	GTL Ltd.		62,375
	15,133	Gujarat Alkalies & Chemicals		41,253
	8,892	Gujarat Flourochemicals Ltd.		38,323
	2,605	Gujarat Gas Co. Ltd.		17,234
	8,119	Gujarat Industries Power Co. Ltd.		19,840
	16,814	Gujarat Mineral Development Corp. Ltd.		43,933
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.		66,453
	6,298	Gujarat State Fertilisers & Chemicals		38,693
	27,806	Gujarat State Petronet Ltd.		63,575
	16,745	Gulf Oil Corp Ltd.		34,208
	109,830	GVK Power & Infrastructure Ltd.(b)		103,428
	2,793	HBL Power Systems Ltd.		1,935
	20,140	HCL Infosystems Ltd.		44,572
	2,755	Heg Ltd.		18,199
	4,529	Heidelbergcement India Ltd.		4,509
	24,255	Hexaware Technologies Ltd.		42,755
	453	Himadri Chemicals & Industries		5,174
	36,441	Hindustan Construction Co.		105,306
	4,729	Hindustan Petroleum Corp. Ltd.		44,330
	628	Honeywell Automation India Ltd.		37,892
	32,078	Hotel Leela Venture Ltd.		33,526
Shares			Value
INDIA (continued)
	11,000	HT Media Ltd.	$	37,014
	3,456	HTMT Global Solutions Ltd.		34,258
	18,666	IBN18 Broadcast Ltd.(b)		36,403
	94,790	IDBI Bank Ltd.		242,669
	117,809	Idea Cellular Ltd.(b)		179,106
	66,875	IFCI Ltd.		90,646
	63,064	India Cements Ltd.		144,733
	34,265	India Infoline Ltd.		67,341
	126,147	Indiabulls Financial Services Ltd.		427,059
	73,027	Indiabulls Real Estate Ltd.(b)		257,298
	49,720	Indian Bank		240,805
	88,392	Indian Hotels Co. Ltd.		188,670
	67,304	Indian Overseas Bank		165,994
	4,058	Indraprastha Gas Ltd.		26,295
	45,438	Indusind Bank Ltd.		200,336
	867	Info Edge India Ltd.		16,964
	17,984	Infotech Enterprises Ltd.		64,352
	173,718	Infrastructure Development Finance Co. Ltd.		696,295
	29,308	ING Vysya Bank Ltd.		220,418
	21,385	IRB Infrastructure Developers Ltd.		133,481
	4,096	IVRCL Assets & Holdings Ltd.		10,866
	72,522	IVRCL Infrastructures & Projects Ltd.		269,818
	17,545	Jagran Prakashan Ltd.		45,748
	6,886	Jain Irrigation Systems Ltd.		183,839
	32,008	Jaiprakash Power Ventures Ltd.		48,283
	3,818	Jammu & Kashmir Bank Ltd.		63,517
	13,920	JBF Industries Ltd.		40,991
	9,049	Jet Airways India Ltd.(b)		132,474
	3,113	Jindal Poly Films Ltd.		27,249
	42,445	Jindal Saw Ltd.		178,222
	1,113	Jindal South West Holdings Ltd.(b)		42,082
	18,598	JK Lakshmi Cement Ltd.		24,668
	53,074	JM Financial Ltd.		37,800
	6,909	JSL Stainless Ltd.		15,484
	19,737	Jubilant Organosys Ltd.		151,882
	6,393	Jyoti Structures Ltd.		21,422
	834	Kalpataru Power Transmission Ltd.		17,974
	20,887	Karnataka Bank Ltd.		75,212
	3,929	KEC International Ltd.		42,757
	11,439	Kesoram Industries Ltd.		72,102
	12,238	KPIT Cummins Infosystems Ltd.		37,725
	35,171	KS Oils Ltd.		39,715
	815	KSB Pumps Ltd.		9,976
	13,640	KSK Energy Ventures Ltd.(b)		46,735
	915	Lakshmi Machine Works Ltd.		39,475
	83,820	Lanco Infratech Ltd.(b)		120,117
	21,865	LIC Housing Finance		536,200
	3,138	Lupin Ltd.		127,261
	7,411	Madhucon Projects Ltd.		24,498
	17,000	Madras Cements Ltd.		37,550

25

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
INDIA (continued)
	25,733	Mahanagar Telephone Nigam	$	37,292
	10,157	Maharashtra Seamless Ltd.		87,573
	8,428	Mahindra & Mahindra Financial Services		103,341
	5,288	Manaksia Ltd.		11,851
	58,496	Mangalore Refinery & Petrochemicals Ltd.		96,180
	25,011	Marico Ltd.		66,779
	7,276	Mastek Ltd.		40,923
	31,053	MAX India Ltd.(b)		103,320
	46,895	Mercator Lines Ltd.		46,839
	1,025	Merck Ltd.		15,881
	1,694	MindTree Ltd.		19,457
	11,511	Monnet Ispat & Energy Ltd.		110,385
	22,430	Motherson Sumi Systems Ltd.		80,865
	9,758	Mphasis Ltd.		124,285
	334	MRF Ltd.		52,686
	48,344	Nagarjuna Construction Co.		178,874
	82,330	Nagarjuna Fertilizers & Chemicals(b)		54,112
	40,002	NIIT Ltd.		57,540
	16,197	NIIT Technologies Ltd.		62,826
	11,104	Nirma Ltd.		48,048
	38,070	OMAXE Ltd.(b)		96,395
	16,334	Opto Circuits India Ltd.		96,093
	4,497	Oracle Financial Sevices Software Ltd.(b)		203,991
	20,009	Orchid Chemicals & Pharmaceuticals Ltd.		80,696
	8,317	Orient Paper & Industries Ltd.		9,624
	22,955	Oriental Bank of Commerce		197,916
	8,300	Panacea Biotec Ltd.(b)		33,107
	22,807	Parsvnath Developers Ltd.(b)		64,334
	4,380	Patel Engineering Ltd.		39,741
	33,586	Patni Computer Systems Ltd.		338,212
	30,040	Peninsula Land Ltd.		44,440
	104,278	Petronet LNG Ltd.		203,028
	644	Pfizer Ltd.		16,237
	17,000	Pidilite Industries Ltd.		49,804
	11,773	Piramal Healthcare Ltd.		122,398
	1,275	Plethico Pharmaceuticals Ltd.		10,562
	13,994	Polaris Software Lab Ltd.		52,773
	19,611	Prism Cement Ltd.		21,320
	1,564	Procter & Gamble Hygiene & Health Care Ltd.		71,619
	59,459	PTC India Ltd.		140,111
	30,493	Punj Lloyd Ltd.		83,255
	24,971	Rajesh Exports Ltd.		47,488
	1,592	Rallis India Ltd.		44,461
	19,421	Ranbaxy Laboratories Ltd.(b)		188,288
	16,640	Raymond Ltd.(b)		82,330
	8,839	Redington India Ltd.		74,666
	29,434	Reliance Capital Ltd.		497,280
	8,378	Reliance Mediaworks Ltd.(b)		38,112
	71,622	Reliance Natural Resources Ltd. - L Shares(b)		64,052
Shares			Value
INDIA (continued)
	35,475	Rolta India Ltd.	$	129,500
	41,357	Ruchi Soya Industries Ltd.		90,637
	40,441	S Kumars Nationwide Ltd.(b)		72,638
	92	Sadbhav Engineering Ltd.		2,676
	21,822	Satyam Computer Services Ltd.(b)		40,653
	90,122	Shipping Corp. of India Ltd.		313,548
	4,731	Shiv-Vani Oil & Gas Exploration Services Ltd.		44,042
	1,105	Shree Cement Ltd.		42,628
	36,392	Shree Renuka Sugars Ltd.		49,681
	13,423	Shriram Transport Finance Co. Ltd.		189,464
	8,559	Siemens India Ltd.		129,201
	3,876	SKF India Ltd.		45,521
	15,419	Sobha Developers Ltd.		111,011
	42,624	South Indian Bank Ltd.		176,770
	24,300	SREI Infrastructure Finance Ltd.		42,939
	9,842	SRF Ltd.		50,711
	2,105	State Bank of Bikaner & Jaip		21,581
	22,348	Sterlite Technologies Ltd.		49,338
	9,652	Strides Arcolab Ltd.		88,221
	8,719	Sun TV Network Ltd.		85,490
	532	Sundaram Finance Ltd.		5,973
	1,281	Supreme Industries Ltd.		16,615
	30,834	Syndicate Bank		69,435
	983	Tamilnadu Newsprint & Papers Ltd.		2,652
	39,539	Tata Chemicals Ltd.		287,564
	1,481	Tata Communications Ltd.		8,657
	3,258	Tata Investment Corp. Ltd.		33,960
	153,741	Tata Tea Ltd.		384,477
	6,496	Tech Mahindra Ltd.(b)		97,989
	5,066	Thermax Ltd.		83,187
	13,238	Time Technoplast Ltd.		15,419
	3,874	Timken India Ltd.(b)		11,208
	1,865	Titan Industries Ltd.		112,652
	1,594	Torrent Pharmaceuticals Ltd.		19,676
	18,322	Torrent Power Ltd.		136,216
	1,986	Trent Ltd.		39,159
	29,890	Triveni Engineering & Industries Ltd.		66,827
	14,557	Tube Investments of India		37,957
	9,117	Tulip Telecom Ltd.		36,552
	23,011	UCO Bank		45,967
	5,440	Unichem Laboratories Ltd.		50,567
	31,625	Union Bank of India		217,739
	37,518	Unitech Ltd.		65,609
	2,018	United Breweries Holdings Ltd.(b)		11,437
	38,099	United Phosphorus Ltd.		150,655
	13,483	United Spirits Ltd.		402,558
	8,335	Unity Infraprojects Ltd.		19,515
	30,642	Usha Martin Ltd.		54,476
	6,257	UTV Software Communications Ltd.		62,705

26

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
INDIA (continued)
	5,603	Vardhman Textiles Ltd.	$	35,860
	47,703	Videocon Industries Ltd.		217,673
	30,158	Vijaya Bank		47,019
	12,397	Voltas Ltd.		56,756
	1,793	WABCO-TVS India Ltd.		35,197
	8,574	Walchandnagar Industries		38,911
	7,964	Welspun India Ltd.		13,249
	7,828	Welspun-Gujarat Stahl Ltd.		41,759
	15,809	Wockhardt Ltd.(b)		46,945
	283	Wyeth Ltd.		5,123
	25,054	Yes Bank Ltd.(b)		159,324
	56,905	Zee Entertainment Enterprises Ltd.		364,202
	11,306	Zensar Technologies Ltd.		43,830
	3,891	Zuari Industries Ltd.		58,443
	3,000	Zylog Systems Ltd.		33,795
				27,891,315
INDONESIA — 0.2%
	525,500	AKR Corporindo Tbk PT		69,883
	1,470,000	Aneka Tambang Tbk PT		344,974
	19,500	Astra Agro Lestari Tbk PT		42,493
	7,705,000	Bakrie Telecom Tbk PT(b)		132,600
	11,352,000	Bakrieland Development Tbk PT(b)		168,723
	319,500	Bank Bukopin Tbk PT		23,565
	444,039	Bank Danamon Indonesia Tbk PT		265,476
	597,500	Bank Negara Indonesia Persero Tbk PT		201,982
	3,630,250	Bank Pan Indonesia Tbk PT(b)		413,796
	556,500	Barito Pacific Tbk PT(b)		65,921
	1,428,332	Berlian Laju Tanker Tbk PT		38,308
	3,000,000	Bumi Resources Tbk PT		576,633
	4,958,000	Central Proteinaprima Tbk PT(b)(c)		29,365
	283,500	Charoen Pokphand Indonesia Tbk PT(b)		164,743
	2,047,000	Ciputra Development Tbk PT(b)		86,926
	333,000	Citra Marga Nusaphala Persada Tbk PT(b)		38,701
	204,000	Darma Henwa Tbk PT(b)		1,459
	947,000	Gajah Tunggal Tbk PT(b)		130,168
	646,500	Gozco Plantations Tbk PT		24,203
	1,339,000	Holcim Indonesia Tbk PT(b)		355,381
	423,000	Indah Kiat Pulp and Paper Corp. Tbk PT(b)		83,196
	470,000	Indika Energy Tbk PT		173,325
	28,500	Indo Tambangraya Megah PT		119,433
	1,221,000	Indofood Sukses Makmur Tbk PT		631,069
	89,000	Indosat Tbk PT		48,237
	365,000	Jasa Marga Tbk PT		109,110
	2,159,500	Kalbe Farma Tbk PT		591,247
	8,307,500	Kawasan Industri Jababeka Tbk PT(b)		87,267
Shares			Value
INDONESIA (continued)
	4,187,000	Lippo Karawaci Tbk PT(b)	$	226,931
	1,284,300	Matahari Putra Prima Tbk PT		129,169
	4,500	Mayora Indah Tbk PT		4,149
	779,500	Medco Energi Internasional Tbk PT		261,329
	1,688,500	Mitra International Resources Tbk PT(b)		58,494
	2,072,500	Panin Life Tbk PT(b)		38,909
	168,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		166,151
	1,254,500	Ramayana Lestari Sentosa Tbk PT		109,349
	105,500	Sampoerna Agro Tbk PT		28,590
	5,073,500	Sentul City Tbk PT(b)		67,469
	121,500	Sinar Mas Agro Resources & Technology Tbk PT		44,806
	896,000	Summarecon Agung Tbk PT		93,120
	484,500	Timah Tbk PT		134,004
	486,000	Tunas Ridean Tbk PT		34,759
				6,415,413
IRELAND — 0.2%
	122,408	AER Lingus(b)		148,510
	255,462	Beazley Plc		481,028
	139,902	C&C Group Plc(b)		593,249
	75,181	Charter International Plc		851,742
	14,671	DCC Plc(b)		360,385
	58,184	Elan Corp. Plc(b)		272,961
	16,687	FBD Holdings Plc		147,871
	52,546	Glanbia Plc		222,408
	450	Global Indemnity Plc(b)		6,849
	61,214	Grafton Group Plc		230,539
	138,125	Greencore Group Plc(b)		239,937
	24,988	IFG Group Plc		37,448
	2,336	Independent News & Media Plc(b)(e)		2,177
	12,981	Independent News & Media Plc(b)(e)		12,095
	6,355	Irish Continental Group Plc		125,051
	85,664	Irish Life & Permanent Group Holdings Plc(b)		195,358
	69,382	James Hardie Industries SE(b)		408,632
	230,508	Kenmare Resources Plc(b)		45,058
	30,394	Kerry Group Plc - Class A		966,435
	6,121	Kingspan Group Plc(b)(e)		42,866
	77,709	Kingspan Group Plc(b)(e)		544,815
	10,515	Paddy Power Plc		382,030
	79,143	Smurfit Kappa Group Plc(b)		816,110
	260	United Business Media Ltd.		2,246
	145,850	United Drug Plc(b)		462,428
				7,598,228
ISRAEL — 2.3%
	6,797	Alon Holdings Blue Square Ltd.		74,593
	186	AL-ROV Israel Ltd.(b)		4,851
	1,937	Bank Hapoalim BM(b)		7,894
	2,789	Biocell Ltd.(b)		35,270

27

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
ISRAEL (continued)
	9,360	Cellcom Israel Ltd.	$	260,031
	2,298,000	Check Point Software Technologies(b)		78,177,960
	5,320	Clal Biotechnology Industries Ltd.(b)		26,312
	26,704	Clal Industries & Investments		164,387
	6,211	Clal Insurance Enterprise Holdings(b)		122,827
	4,508	Compugen Ltd.(b)		19,234
	13,567	Delek Automotive Systems Ltd.		152,526
	4,843	Direct Insurance Financial Investments Ltd.(b)		8,237
	2,108	DS Apex Holdings Ltd.		13,256
	5,110	Elbit Systems Ltd.		283,787
	686	Electra (Israel) Ltd.(b)		66,803
	1	Electra Real Estate Ltd.(b)		5
	67	Elron Electronic Industries Ltd.(b)		393
	1,884	EZchip Semiconductor Ltd.(b)		40,787
	23,426	First International Bank of Israel Ltd. - Class 1(b)		76,455
	11,024	First International Bank of Israel Ltd. - Class 5(b)		180,187
	775	Formula Systems 1985 Ltd.		9,926
	14,655	Frutarom Industries Ltd.		119,106
	789	Fundtech Ltd.(b)		9,580
	1,200	Gilat Satellite Networks Ltd.(b)		6,349
	895	Given Imaging Ltd.(b)		14,885
	4,046	Golf & Co. Ltd.		24,059
	7,784	Granite Hacarmel Investments Ltd.		16,439
	895	Hadera Paper Ltd.(b)		62,885
	2,509	Harel Insurance Investments & Finances Ltd.(b)		116,704
	9,063	Hot Telecommunication System(b)		82,941
	247,563	Israel Discount Bank Ltd. - Class A(b)		454,563
	5,109	Israel Petrochemical Enterprises Ltd.(b)		13,284
	1,752	Ituran Location & Control Ltd.		24,708
	4,249	Kamada Ltd.(b)		22,628
	937	Maabarot Products Ltd.		14,201
	1	Makhteshim-Agan Industries Ltd.		3
	8,120	Matrix IT Ltd.		42,833
	3,981	Mellanox Technologies Ltd.(b)		67,076
	10,619	Menorah Mivtachim Holdings Ltd.(b)		120,764
	76,254	Migdal Insurance & Financial Holding Ltd.		131,111
	1,673	Mivtach Shamir Holdings Ltd.(b)(c)		50,118
	58,361	Mizrahi Tefahot Bank Ltd.(b)		484,696
	5,382	Naphtha Israel Petroleum Corp. Ltd.(b)		20,664
	594	Neto ME Holdings Ltd.(b)		22,743
Shares			Value
ISRAEL (continued)
	2,949	Netvision Ltd.	$	30,063
	19,865	Nice Systems Ltd.(b)		574,537
	389,190	Oil Refineries Ltd.		184,849
	15,238	Ormat Industries Ltd.		117,254
	6,842	Osem Investments Ltd.		105,278
	16,605	Partner Communications Co.		275,990
	886	Paz Oil Co. Ltd.		125,515
	379	Phoenix Holdings Ltd. (The)(b)		931
	715	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		16,735
	6,279	Retalix Ltd.(b)		80,638
	6,910	Scailex Corp. Ltd.		103,776
	51,102	Shikun & Binui Ltd.		101,234
	15,161	Shufersal Ltd.		90,189
	4,675	Strauss Group Ltd.		68,250
	2,611	Suny Electronics Inc., Ltd.(b)		23,140
	24,948	Tower Semiconductor Ltd.(b)		36,673
	5,940	Union Bank of Israel(b)		25,533
				83,608,646
ITALY — 0.6%
	4,609	A2A SpA		6,913
	3,882	AcegasAps SpA		20,944
	9,241	Actelios SpA(b)		33,839
	33,879	Alerion Cleanpower SpA		26,225
	16,154	Ansaldo STS SpA		211,143
	5,010	Ascopiave SpA		10,054
	18,427	Autogrill SpA(b)		228,125
	267,071	Banca Carige SpA		600,707
	42,664	Banca Finnat Euramerica SpA		29,161
	7,705	Banca Generali SpA		85,698
	1,427	Banca IFIS SpA		9,503
	15,051	Banca Intermobiliare SpA(b)		81,642
	59,328	Banca Popolare Dell’emilia Romagna Scrl		732,545
	29,382	Banca Popolare dell’Etruria e del Lazio(b)		125,589
	66,529	Banca Popolare di Milano		352,425
	66,767	Banca Popolare di Sondrio Scarl		600,352
	16,470	Banco di Desio e della Brianza SpA		81,023
	22,539	Banco Popolare Scarl(b)		143,775
	6,842	Benetton Group SpA		47,969
	15,852	Beni Stabili SpA(b)		13,014
	597	Biesse SpA(b)		4,123
	868	Bonifica Ferraresi e Imprese Agricole SpA		32,271
	45,373	Brioschi Sviluppo Immobiliare(b)		10,584
	7,942	Bulgari SpA		62,305
	27,748	Buongiorno SpA(b)		35,075
	14,241	Caltagirone Editore SpA		34,518
	6,206	Carraro SpA(b)		18,823
	198,447	CIR-Compagnie Industriali Riunite SpA(b)		374,980

28

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
ITALY (continued)
	19,315	Credito Artigiano SpA	$	36,346
	3,376	Credito Bergamasco SpA		97,492
	34,333	Credito Emiliano SpA(b)		219,232
	4,901	Danieli & Co. SpA		94,779
	75,184	Davide Campari-Milano SpA		396,069
	7,515	Dea Capital SpA(b)		11,634
	17,160	De’Longhi SpA		83,634
	3,509	DiaSorin SpA		129,775
	1,000	Digital Multimedia Technologies SpA(b)		16,915
	6,211	Elica SpA(b)		13,217
	26,203	ERG Renew SpA(b)		27,334
	26,523	ERG SpA		345,635
	5,362	Esprinet SpA		50,624
	11,128	Eurotech SpA(b)		29,293
	197	Fastweb(b)		3,019
	1,011	Fiera Milano SpA(b)		5,415
	244,748	Finmeccanica SpA		2,688,697
	335,370	Gemina SpA(b)		216,334
	1,561	GranitiFiandre SpA		6,001
	9,148	Gruppo Coin SpA(b)		70,156
	113,806	IMMSI SpA(b)		118,645
	14,341	Indesit Co. SpA(b)		170,159
	3,035	Industria Macchine Automatiche SpA		54,580
	13,158	Intek SpA(b)		7,973
	16,467	Interpump Group SpA(b)		89,055
	45,954	Iride SpA		73,359
	21	Italcementi SpA		172
	2,155	Italmobiliare SpA(b)		71,331
	115,548	KME Group(b)		42,162
	7,548	Landi Renzo SpA		34,328
	292,300	Maire Tecnimont SpA		1,090,359
	1,422	Marcolin SpA(b)		5,291
	1,779	Mariella Burani SpA(b)(c)(d)		5,848
	5,000	MARR SpA		43,069
	133,699	Mediaset SpA		859,390
	45,571	Mediobanca SpA(b)		409,763
	45,928	Mediolanum SpA		202,596
	5,000	Panariagroup Industrie Ceramiche SpA(b)		11,383
	635,716	Parmalat SpA		1,539,232
	46,095	Piaggio & C SpA		131,551
	7,644	Piccolo Credito Valtellinese Scarl		38,202
	115,291	Pirelli & C SpA(b)		806,047
	81,190	Premafin Finanziaria SpA(b)		93,107
	38,115	Prysmian SpA		644,712
	21,864	Recordati SpA		164,115
	156,680	Reno de Medici SpA(b)		40,631
	938	Sabaf SpA		20,902
	911	SAES Getters SpA(b)		6,713
	1,278	Saras SpA		2,468
	3,620	SAVE SpA		33,446
	204,283	Seat Pagine Gialle SpA(b)		36,631
	16,644	Snai SpA(b)		65,394
Shares			Value
ITALY (continued)
	18,007	Societa Cattolica di Assicurazioni Scrl	$	480,112
	3,440	Societa Iniziative Autostradali e Servizi SpA		32,882
	41,186	Societa Partecipazioni Finanziarie SpA		3,494
	3,079	Socotherm SpA(b)(c)(d)		5,718
	12,888	SOL SpA(b)		81,288
	94,945	Sorin SpA(b)		184,354
	151,858	Terna Rete Elettrica Nazionale SpA		631,282
	21,814	Tiscali SpA(b)		3,155
	2,530	Tod’s SpA		192,708
	7,479	Trevi Finanziaria SpA		120,074
	7,237	Uni Land SpA(b)		5,960
	473,708	Unione di Banche Italiane SCPA		5,083,578
	7,773	Vianini Lavori SpA		43,354
	5,217	Vittoria Assicurazioni SpA		25,087
	1,070	Zignago Vetro SpA		6,076
				22,366,662
JAPAN — 4.8%
	211,000	77 Bank Ltd. (The)		1,121,002
	9,100	A&D Co. Ltd.		44,976
	4,100	ABC-Mart, Inc.		133,353
	126	Accordia Golf Co. Ltd.		117,694
	64,000	Achilles Corp.		91,116
	24,500	ADEKA Corp.		239,910
	14,600	Aderans Holdings Co. Ltd.(b)		178,962
	7,400	Advan Co. Ltd.		50,964
	216	Advance Residence Investment Corp. REIT(b)		309,268
	1,848	Aeon Fantasy Co. Ltd.		19,529
	800	Agrex, Inc.		7,112
	9,100	Ahresty Corp.		79,735
	10,700	Ai Holdings Corp.		35,297
	11,200	Aica Kogyo Co. Ltd.		128,081
	2,700	Aichi Bank Ltd. (The)		171,260
	12,700	Aichi Corp.		48,510
	79,000	Aichi Steel Corp.		336,501
	21,200	Aida Engineering Ltd.		83,676
	6,100	Aigan Co. Ltd.		32,126
	1,500	Ain Pharmaciez, Inc.		60,767
	4,200	Aiphone Co. Ltd.		70,198
	22,000	Air Water, Inc.		239,366
	11,400	Airport Facilities Co. Ltd.		41,433
	4,700	Airtech Japan Ltd.		24,154
	19,600	Aisan Industry Co. Ltd.		153,814
	98,000	Akita Bank Ltd. (The)		327,820
	13,300	Alfresa Holdings Corp.		612,697
	79,500	Allied Telesis Holdings KK		110,423
	3,800	Aloka Co. Ltd.		26,742
	9,700	Alpen Co. Ltd.		153,929
	1,500	Alpha Corp.		13,855
	3,700	Alpha Systems, Inc.		75,717

29

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	17,400	Alpine Electronics, Inc.(b)	$	208,852
	83,300	Alps Electric Co. Ltd.(b)		753,986
	1,800	Alps Logistics Co. Ltd.		18,439
	5,700	Altech Co. Ltd.		20,848
	34,900	Amano Corp.		286,407
	5	Amiyaki Tei Co. Ltd.		13,722
	3,000	Amuse, Inc.		31,773
	39,000	Ando Corp.		47,850
	15,000	Anest Iwata Corp.		50,177
	14,500	AOC Holdings, Inc.		68,812
	900	AOI Electronic Co. Ltd.		12,709
	10,500	AOKI Holdings, Inc.		157,266
	51,000	Aomori Bank Ltd. (The)		123,966
	39,700	Aoyama Trading Co. Ltd.		627,241
	300,000	Aozora Bank Ltd.		399,329
	7,800	Arakawa Chemical Industries Ltd.		85,317
	20,000	Araya Industrial Co. Ltd.		28,474
	6,900	Arc Land Sakamoto Co. Ltd.		89,609
	14,400	Arcs Co. Ltd.		193,511
	3,600	Argo Graphics, Inc.		40,002
	1,600	Ariake Japan Co. Ltd.		24,520
	14,200	Arisawa Manufacturing Co. Ltd.		108,478
	6,200	Arnest One Corp.		69,754
	4,400	Art Corp.		69,671
	4,390	As One Corp.		81,555
	3,300	Asahi Co. Ltd.		49,083
	20,000	Asahi Diamond Industrial Co. Ltd.		319,694
	4,350	Asahi Holdings, Inc.		90,177
	11,000	Asahi Kogyosha Co. Ltd.		44,181
	35,000	Asahi Organic Chemicals Industry Co. Ltd.		81,833
	1,065,000	Asahi TEC Corp.(b)		419,121
	12,000	Asatsu-DK, Inc.		288,350
	31	Asax Co. Ltd.		37,209
	22,000	Ashimori Industry Co. Ltd.(b)		32,849
	29,000	Asics Corp.		286,660
	8,000	ASKA Pharmaceutical Co. Ltd.		56,114
	3,000	ASKUL Corp.		58,892
	11,500	Asunaro Aoki Construction Co. Ltd.		49,251
	10,300	Atom Corp.(b)		27,540
	16,000	Atsugi Co. Ltd.		19,816
	15,900	Autobacs Seven Co. Ltd.		591,684
	1,100	Avex Group Holdings, Inc.		13,891
	95,000	Awa Bank Ltd. (The)		580,589
	22,000	Bando Chemical Industries Ltd.		72,319
	11,500	Bank of Iwate Ltd. (The)		640,257
	32,000	Bank of Nagoya Ltd. (The)		111,858
	14,800	Bank of Okinawa Ltd. (The)		477,773
	14,000	Bank of Saga Ltd. (The)		40,998
	13,600	Bank of the Ryukyus Ltd.		151,907
	6,600	Belc Co. Ltd.		66,997
	7,250	Belluna Co. Ltd.		34,826
	22,000	Best Denki Co. Ltd.(b)		57,804
Shares			Value
JAPAN (continued)
	156	Bic Camera, Inc.	$	64,552
	23	BLife Investment Corp. REIT		116,604
	600	BML, Inc.		13,216
	3,000	Bookoff Corp.		28,335
	17,000	Bunka Shutter Co. Ltd.		44,667
	6,600	CAC Corp.		46,982
	72,000	Calsonic Kansei Corp.(b)		217,513
	8	Can Do Co. Ltd.		8,426
	4,500	Canon Electronics, Inc.		109,694
	35,100	Canon Marketing Japan, Inc.		476,559
	5,400	Capcom Co. Ltd.		82,817
	34,400	Casio Computer Co. Ltd.		248,061
	6,100	Cawachi Ltd.		113,040
	26,950	Cedyna Financial Corp.(b)		47,415
	102,000	Central Glass Co. Ltd.		395,509
	1,800	Central Security Patrols Co. Ltd.		16,730
	800	Central Sports Co. Ltd.		8,047
	29,450	Century Tokyo Leasing Corp.		353,830
	1,000	Chi Group Co. Ltd.(b)		4,074
	4,900	Chiba Kogyo Bank Ltd. (The)(b)		32,895
	13,000	Chino Corp.		33,104
	17,700	Chiyoda Co. Ltd.		215,936
	23,000	Chiyoda Corp.		165,588
	6,300	Chiyoda Integre Co. Ltd.		75,327
	12,900	Chofu Seisakusho Co. Ltd.		278,023
	49,000	Chori Co. Ltd.		56,716
	11,200	Chubu Shiryo Co. Ltd.		75,967
	10,200	Chudenko Corp.		115,111
	34,000	Chuetsu Pulp & Paper Co. Ltd.		60,999
	153,000	Chugai Mining Co. Ltd.(b)		70,837
	20,000	Chugai Ro Co. Ltd.		51,855
	12,000	Chugoku Marine Paints Ltd.		85,560
	40,000	Chukyo Bank Ltd. (The)		119,914
	9,800	Chuo Denki Kogyo Co. Ltd.		57,170
	6,000	Chuo Spring Co. Ltd.		22,571
	26,300	Circle K Sunkus Co. Ltd.		352,513
	83,800	Citizen Holdings Co. Ltd.		504,381
	28,300	CKD Corp.		187,040
	48,000	Clarion Co. Ltd.(b)		102,784
	8,700	Cleanup Corp.		50,954
	100	CMIC Co. Ltd.		29,330
	31,000	CMK Corp.(b)		162,903
	32,200	Coca-Cola West Holdings Co.		584,031
	8,090	Cocokara Fine Holdings, Inc.		164,244
	9,000	Colowide Co. Ltd.		47,503
	2,000	Combi Corp.		16,112
	12,000	Commuture Corp.		69,032
	3,900	Computer Engineering & Consulting Ltd.		18,057
	4,300	Computer Institute of Japan Ltd.		13,339
	50,900	COMSYS Holdings Corp.		488,409
	2,000	Co-Op Chemical Co. Ltd.(b)		2,685
	6,600	Cosel Co. Ltd.		96,332
	346,000	Cosmo Oil Co. Ltd.		825,001

30

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,600	Cosmos Pharmaceutical Corp.	$	65,545
	2,700	Create Medic Co. Ltd.		26,127
	88,600	Credit Saison Co. Ltd.		1,126,023
	7,858	CSK Holdings Corp.(b)		32,380
	1,500	CTI Engineering Co. Ltd.		7,240
	7,600	Culture Convenience Club Co. Ltd.		32,108
	23	Cybernet Systems Co. Ltd.		7,340
	111	Cybozu, Inc.		36,552
	17,000	Dai Nippon Toryo Co. Ltd.(b)		17,906
	15,600	Daibiru Corp.		116,826
	105,000	Daicel Chemical Industries Ltd.		743,793
	8,000	Dai-Dan Co. Ltd.		41,113
	16,000	Daido Kogyo Co. Ltd.		27,039
	14,000	Daido Metal Co. Ltd.(b)		48,290
	95,000	Daido Steel Co. Ltd.		454,135
	11,100	Daidoh Ltd.		89,936
	53,150	Daiei, Inc. (The)(b)		254,077
	39,000	Daifuku Co. Ltd.		228,867
	26,000	Daihen Corp.		110,747
	21,000	Daiichi Chuo KK(b)		58,337
	20,000	Daiichi Jitsugyo Co. Ltd.		59,263
	600	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		24,793
	19,000	Dai-Ichi Kogyo Seiyaku Co. Ltd.		47,943
	7,000	Daiken Corp.		18,149
	14,000	Daiki Aluminium Industry Co. Ltd.(b)		34,840
	5,700	Daiko Clearing Services Corp.		20,782
	5,000	Daikoku Denki Co. Ltd.		68,407
	700	Daikokutenbussan Co. Ltd.		21,552
	43,000	Daikyo, Inc.(b)		71,671
	10,200	Daimei Telecom Engineering Corp.		77,095
	2,800	Dainichi Co. Ltd.		18,733
	27,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		107,506
	85,000	Dainippon Screen Manufacturing Co. Ltd.(b)		429,944
	36,000	Daio Paper Corp.		288,767
	51,000	Daisan Bank Ltd. (The)		149,349
	4,910	Daiseki Co. Ltd.		100,365
	63,000	Daishi Bank Ltd. (The)		218,033
	23,000	Daiso Co. Ltd.		59,101
	1,800	Daisyo Corp.		22,168
	36,000	Daito Bank Ltd. (The)		25,835
	15,000	Daiwa Industries Ltd.		72,747
	2,000	DC Co. Ltd.		3,611
	9,860	DCM Japan Holdings Co. Ltd.		50,901
	176,000	Denki Kagaku Kogyo KK		888,200
	34,000	Denki Kogyo Co. Ltd.		161,352
	8,700	Denyo Co. Ltd.		60,823
	18,000	Descente Ltd.		101,256
	141,000	DIC Corp.		233,382
Shares			Value
JAPAN (continued)
	4,600	Disco Corp.	$	278,465
	7,200	Don Quijote Co. Ltd.		187,511
	5,350	Doshisha Co. Ltd.		120,196
	18,974	Doutor Nichires Holdings Co. Ltd.		248,170
	69,000	Dowa Holdings Co. Ltd.		363,389
	12	Dr Ci Labo Co. Ltd.		36,627
	7,200	DTS Corp.		85,755
	31,300	Duskin Co. Ltd.		556,114
	17	Dwango Co. Ltd.		31,385
	4,000	Dydo Drinco, Inc.		149,314
	4,000	Dynic Corp.		6,806
	8,000	Eagle Industry Co. Ltd.		57,226
	2,000	Earth Chemical Co. Ltd.		61,902
	130,000	Ebara Corp.(b)		495,052
	1,400	Echo Trading Co. Ltd.		14,066
	51,400	EDION Corp.		393,257
	74,000	Ehime Bank Ltd. (The)		191,006
	80,000	Eighteenth Bank Ltd. (The)		225,013
	7,400	Eiken Chemical Co. Ltd.		67,152
	8,700	Eizo Nanao Corp.		194,150
	5,000	Elematec Corp.		58,337
	7,400	Enplas Corp.		159,400
	29	EPS Co. Ltd.		75,357
	7,900	ESPEC Corp.		51,481
	800	Excel Co. Ltd.		9,315
	11,700	Exedy Corp.		338,561
	14,000	Ezaki Glico Co. Ltd.		166,260
	3,100	F&A Aqua Holdings, Inc.		28,885
	1,100	Falco SD Holdings Co. Ltd.		10,313
	11,900	Fancl Corp.		178,924
	4,500	FCC Co. Ltd.		87,193
	2,600	Felissimo Corp.		37,317
	25,300	FIDEA Holdings Co. Ltd.		47,733
	14,000	First Baking Co. Ltd.(b)		19,121
	8,600	Foster Electric Co. Ltd.		232,731
	2,900	FP Corp.		154,407
	56,000	France Bed Holdings Co. Ltd.		82,320
	4,000	F-Tech, Inc.		60,976
	56,500	Fudo Tetra Corp.(b)		33,353
	5,300	Fuji Co. Ltd.		94,166
	700	Fuji Corp Ltd.		2,496
	182,000	Fuji Electric Holdings Co. Ltd.		505,585
	7,500	Fuji Electronics Co. Ltd.		86,984
	88,000	Fuji Fire & Marine Insurance Co. Ltd. (The)(b)		120,192
	19,000	Fuji Kyuko Co. Ltd.		101,823
	17,700	Fuji Oil Co. Ltd.		261,418
	2,700	Fuji Seal International, Inc.		59,253
	11,400	FUJI SOFT, Inc.		186,184
	36,000	Fujibo Holdings, Inc.		53,336
	7,600	Fujicco Co. Ltd.		90,167
	13,900	Fujikura Kasei Co. Ltd.		85,432
	134,000	Fujikura Ltd.		629,712
	2,100	Fujikura Rubber Ltd.		8,143
	4,100	Fujimi, Inc.		57,802

31

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	3,600	Fujimori Kogyo Co. Ltd.	$	48,336
	40,000	Fujitec Co. Ltd.		208,345
	2,400	Fujitsu Frontech Ltd.		17,584
	18,000	Fujitsu General Ltd.		99,589
	13,000	Fujiya Co. Ltd.(b)		25,731
	2,000	Fukoku Co. Ltd.		16,714
	26,000	Fukuda Corp.		40,928
	84,000	Fukui Bank Ltd. (The)		267,377
	64,000	Fukushima Bank Ltd. (The)		37,039
	500	Fukushima Industries Corp.		4,572
	82,000	Fukuyama Transporting Co. Ltd.		395,787
	7,800	Funai Consulting Co. Ltd.		46,405
	10,600	Funai Electric Co. Ltd.		378,506
	1,000	Furukawa Battery Co. Ltd.		6,632
	103,000	Furukawa Co. Ltd.(b)		109,682
	21,000	Furukawa-Sky Aluminum Corp.		56,635
	2,700	Furusato Industries Ltd.		15,345
	18,000	Fuso Pharmaceutical Industries Ltd.		57,087
	23,400	Futaba Corp.		423,066
	14,900	Futaba Industrial Co. Ltd.(b)		103,306
	13,500	Fuyo General Lease Co. Ltd.		310,174
	900	G-7 Holdings, Inc.		5,469
	29,000	Gakken Co. Ltd.		60,420
	13,800	Gecoss Corp.		50,475
	60	Geo Corp.		73,338
	12,000	Globeride, Inc.		13,473
	16,600	Glory Ltd.		386,395
	6,600	GMO internet, Inc.		25,363
	83,000	Godo Steel Ltd.		200,787
	12,690	Goldcrest Co. Ltd.		259,396
	33,000	Goldwin, Inc.(b)		66,844
	2,000	Gourmet Kineya Co. Ltd.		11,922
	36,000	GSI Creos Corp.(b)		44,169
	24,000	Gun-Ei Chemical Industry Co. Ltd.		59,170
	103,000	Gunma Bank Ltd. (The)		553,180
	47,000	Gunze Ltd.		146,339
	5,000	H.I.S. Co. Ltd.		114,706
	65,000	H2O Retailing Corp.		403,264
	5,800	Hakudo Co. Ltd.		54,580
	13,520	Hakuhodo Dy Holdings, Inc.		688,558
	4,300	Hakuto Co. Ltd.		40,016
	1,100	Hamakyorex Co. Ltd.		25,846
	13,500	Hamamatsu Photonics KK		395,648
	114,000	Hanwa Co. Ltd.		460,513
	1,500	Happinet Corp.		18,195
	3,400	Harashin Narus Holdings Co. Ltd.		38,449
	7,400	Hard Off Corp. Co. Ltd.		32,120
	1,300	Haruyama Trading Co. Ltd.		5,853
	114,500	Haseko Corp.(b)		92,772
	30,000	Hazama Corp.(b)		25,696
	11,000	Heiwa Corp.		122,739
	57,000	Heiwa Real Estate Co. Ltd.		136,570
Shares			Value
JAPAN (continued)
	5,400	Heiwado Co. Ltd.	$	67,316
	15,400	Hibiya Engineering Ltd.		134,580
	3,500	Hiday Hidaka Corp.		43,347
	44,000	Higashi-Nippon Bank Ltd. (The)		85,051
	93,000	Higo Bank Ltd. (The)		509,161
	14,200	Hikari Tsushin, Inc.		257,226
	108,000	Hino Motors Ltd.		475,027
	900	Hioki EE Corp.		17,511
	113,000	Hiroshima Bank Ltd. (The)		444,702
	13,000	Hisaka Works Ltd.		141,293
	400	Hitachi Business Solution Co. Ltd.		3,227
	104,000	Hitachi Cable Ltd.		285,294
	20,800	Hitachi Capital Corp.		276,386
	12,100	Hitachi High-Technologies Corp.		231,090
	30,800	Hitachi Koki Co. Ltd.		274,507
	24,000	Hitachi Kokusai Electric, Inc.		193,345
	4,500	Hitachi Tool Engineering Ltd.		48,180
	13,000	Hitachi Transport System Ltd.		188,691
	94,500	Hitachi Zosen Corp.		134,539
	8,000	Hochiki Corp.		41,206
	13,000	Hodogaya Chemical Co. Ltd.		42,132
	3,200	Hogy Medical Co. Ltd.		153,157
	6,000	Hokkaido Coca-Cola Bottling Co. Ltd.		29,168
	10,000	Hokkaido Gas Co. Ltd.		29,516
	21,000	Hokkan Holdings Ltd.		55,906
	1,000	Hokko Chemical Industry Co. Ltd.		2,859
	105,000	Hokkoku Bank Ltd. (The)		413,218
	48,000	Hokuetsu Bank Ltd. (The)		79,449
	90,365	Hokuetsu Kishu Paper Co. Ltd.		445,575
	15,000	Hokuhoku Financial Group, Inc.		26,564
	4,400	Hokuto Corp.		86,732
	5,530	Honeys Co. Ltd.		92,812
	6,400	Horiba Ltd.		172,973
	2,400	Horipro, Inc.		18,501
	11,000	Hosokawa Micron Corp.		39,852
	39,700	House Foods Corp.		580,830
	41,000	Howa Machinery Ltd.(b)		38,914
	1,000	Hurxley Corp.		6,632
	200	Hutech Norin Co. Ltd.		1,692
	57,000	Hyakugo Bank Ltd. (The)		250,709
	82,000	Hyakujushi Bank Ltd. (The)		308,467
	6,200	IBJ Leasing Co. Ltd.		116,831
	1,700	Ichibanya Co. Ltd.		43,722
	8,000	Ichikoh Industries Ltd.(b)		15,556
	3,800	ICHINEN Holdings Co. Ltd.		16,450
	6,900	Ichiyoshi Securities Co. Ltd.		45,923
	1,900	Icom, Inc.		47,129
	4,700	Idemitsu Kosan Co. Ltd.		349,800
	19,000	Ihara Chemical Industry Co. Ltd.		51,901

32

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	344,000	IHI Corp.	$	605,220
	6,600	Iida Home Max		56,302
	17,900	Iino Kaiun Kaisha Ltd.		90,541
	43	Ikyu Corp.		28,619
	8,700	Imasen Electric Industrial		113,288
	6,400	Impress Holdings, Inc.(b)		10,371
	10,000	Inaba Denki Sangyo Co. Ltd.		248,162
	4,600	Inaba Seisakusho Co. Ltd.		47,121
	16,200	Inabata & Co. Ltd.		75,379
	9,000	Inageya Co. Ltd.		95,214
	10	Industrial & Infrastructure Fund Investment Corp. REIT		39,933
	25,500	Ines Corp.		165,287
	600	I-Net Corp.		3,139
	2,900	Information Services International-Dentsu Ltd.		20,039
	9,700	Innotech Corp.		57,934
	100	Intage, Inc.		1,949
	8,100	Inui Steamship Co. Ltd.		52,034
	533	Invoice, Inc.(b)		7,126
	3,000	Ise Chemical Corp.		17,675
	33,000	Iseki & Co. Ltd.(b)		85,942
	88,000	Ishihara Sangyo Kaisha Ltd.(b)		66,208
	2,000	Ishii Hyoki Co. Ltd.		27,201
	10,000	Ishii Iron Works Co. Ltd.		17,478
	15,000	Ishizuka Glass Co. Ltd.		29,689
	10,700	Ito En Ltd.		168,312
	23,800	Itochu Enex Co. Ltd.		119,558
	6,600	Itochu Techno-Science Corp.		240,639
	900	Itochu-Shokuhin Co. Ltd.		30,023
	53,000	Itoham Foods, Inc.		196,308
	28,300	Itoki Corp.		81,891
	10,100	Iwai Securities Co. Ltd.		74,352
	15,000	Iwaki & Co. Ltd.		34,377
	30,000	Iwasaki Electric Co. Ltd.(b)		54,517
	40,000	IWATANI Corp.		112,507
	26,000	Iwatsu Electric Co. Ltd.(b)		21,668
	11,800	Izumi Co. Ltd.		153,108
	31,000	Izumiya Co. Ltd.		135,992
	46,000	Izutsuya Co. Ltd.(b)		30,881
	179,000	J. Front Retailing Co. Ltd.		812,177
	2,400	Jalux, Inc.(b)		17,029
	3,000	Jamco Corp.		23,126
	91,000	Janome Sewing Machine Co. Ltd.(b)		68,465
	8,800	Japan Airport Terminal Co. Ltd.		135,776
	21,000	Japan Aviation Electronics Industry Ltd.		134,418
	6,100	Japan Carlit Co. Ltd.		29,301
	4,700	Japan Cash Machine Co. Ltd.		38,135
	11,900	Japan Digital Laboratory Co. Ltd.		121,899
	3,300	Japan Electronic Materials Corp.		21,963
	600	Japan Foundation Engineering Co. Ltd.		1,313
Shares			Value
JAPAN (continued)
	9,200	Japan Medical Dynamic Marketing, Inc.	$	23,534
	6,600	Japan Petroleum Exploration Co.		260,501
	46,000	Japan Pulp & Paper Co. Ltd.		156,004
	11	Japan Pure Chemical Co. Ltd.		32,353
	22,000	Japan Transcity Corp.		65,698
	1,000	Japan Vilene Co. Ltd.		4,422
	38,000	Japan Wool Textile Co. Ltd. (The)		284,577
	5,000	Jastec Co. Ltd.		28,590
	8,700	JBCC Holdings, Inc.		51,458
	3,600	JBIS Holdings, Inc.		16,043
	13,000	Jeol Ltd.		44,088
	50,000	JFE Shoji Holdings, Inc.		205,452
	1,000	Jidosha Buhin Kogyo Co. Ltd.		3,843
	500	JK Holdings Co. Ltd.		1,759
	18,000	JMS Co. Ltd.		67,921
	26,000	Joban Kosan Co. Ltd.		37,919
	63,000	J-Oil Mills, Inc.		188,865
	18,000	Joshin Denki Co. Ltd.		175,635
	7,600	JSP Corp.		82,426
	33,000	Juki Corp.(b)		60,351
	153,000	Juroku Bank Ltd. (The)		524,197
	7,310	JVC KENWOOD Holdings, Inc.(b)		24,960
	6,000	kabu.com Securities Co. Ltd.		27,779
	2,000	Kabuki-Za Co. Ltd.		82,296
	8,800	Kadokawa Group Holdings, Inc.		183,853
	6,000	Kaga Electronics Co. Ltd.		61,809
	14,400	Kagome Co. Ltd.		256,015
	28,000	Kagoshima Bank Ltd. (The)		175,010
	217,000	Kajima Corp.		517,414
	34	Kakaku.com, Inc.		158,400
	19,000	Kaken Pharmaceutical Co. Ltd.		187,812
	5,000	Kameda Seika Co. Ltd.		97,980
	7,000	Kamei Corp.		31,194
	144,000	Kamigumi Co. Ltd.		1,130,065
	9,000	Kanaden Corp.		48,336
	14,000	Kanagawa Chuo Kotsu Co. Ltd.		71,787
	9,000	Kanamoto Co. Ltd.		44,586
	30,000	Kandenko Co. Ltd.		178,135
	157,000	Kaneka Corp.		974,038
	40,000	Kanematsu Corp.(b)		31,946
	12,000	Kanematsu Electronics Ltd.		111,812
	39,000	Kansai Paint Co. Ltd.		330,887
	10,200	Kanto Auto Works Ltd.		76,032
	10,000	Kanto Denka Kogyo Co. Ltd.		66,555
	14,000	Kanto Natural Gas Development Ltd.		71,138
	7,000	Kasai Kogyo Co. Ltd.		25,279
	7,800	Kasumi Co. Ltd.		41,259
	8,200	Katakura Industries Co. Ltd.		74,696
	10,800	Kato Sangyo Co. Ltd.		164,009
	28,000	Kato Works Co. Ltd.		57,364

33

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,300	Kawada Technologies, Inc.	$	39,613
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		58,152
	8,000	Kawasaki Kinkai Kisen Kaisha		25,001
	221,000	Kawasaki Kisen Kaisha Ltd.(b)		943,909
	29,000	Kawashima Selkon Textiles Co. Ltd.(b)		20,811
	2,000	Kawasumi Laboratories, Inc.		13,079
	72,000	Kayaba Industry Co. Ltd.		284,183
	73,000	Keihan Electric Railway Co. Ltd.		316,859
	6,300	Keihanshin Real Estate Co. Ltd.		28,950
	7,000	Keihin Co. Ltd. (The)		7,778
	15,000	Keihin Corp.		271,370
	70,000	Keisei Electric Railway Co. Ltd.		422,941
	131,000	Keiyo Bank Ltd. (The)		656,554
	11,600	Keiyo Co. Ltd.		62,300
	1,100	Kenedix, Inc.(b)		184,363
	2,000	Kentucky Fried Chicken Japan Ltd.		42,827
	24,100	Kewpie Corp.		289,273
	5,425	KEY Coffee, Inc.		95,885
	21,700	Kikkoman Corp.		230,073
	5,900	Kimoto Co. Ltd.		31,619
	1,200	Kimura Chemical Plants Co. Ltd.		8,431
	76,000	Kinden Corp.		686,151
	200	King Jim Co. Ltd.		1,567
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		26,853
	7,000	Kinki Sharyo Co. Ltd.		32,814
	2,900	Kintetsu World Express, Inc.		71,934
	5,000	Kinugawa Rubber Industrial Co. Ltd.		22,629
	2,600	Kisoji Co. Ltd.		54,501
	16,900	Kissei Pharmaceutical Co. Ltd.		323,544
	41,000	Kitagawa Iron Works Co. Ltd.(b)		65,015
	800	Kita-Nippon Bank Ltd. (The)		19,492
	17	Kito Corp.		17,788
	33,000	Kitz Corp.		165,773
	276,000	Kiyo Holdings, Inc.		367,382
	23,100	Koa Corp.		254,542
	13,000	Koatsu Gas Kogyo Co. Ltd.		75,085
	5,300	Kobayashi Pharmaceutical Co. Ltd.		223,607
	10,900	Kohnan Shoji Co. Ltd.		118,216
	1,200	Kohsoku Corp.		9,917
	13,000	Koike Sanso Kogyo Co. Ltd.		35,662
	6,000	Koito Industries Ltd.(b)		10,834
	25,000	Koito Manufacturing Co. Ltd.		365,183
	11,000	Kojima Co. Ltd.		64,680
	2,000	Kokusai Kogyo Holdings Co. Ltd.(b)		4,468
	62,500	Kokuyo Co. Ltd.		504,948
	21,000	Komai Tekko, Inc.		40,836
	9,000	Komatsu Seiren Co. Ltd.		34,690
Shares			Value
JAPAN (continued)
	2,900	Komatsu Wall Industry Co. Ltd.	$	29,203
	7,900	Komeri Co. Ltd.		186,081
	47,000	Komori Corp.		486,348
	6,310	Konaka Co. Ltd.		17,821
	3,100	Konami Co. Ltd.		47,794
	6,000	Konishi Co. Ltd.		65,698
	8,000	Kose Corp.		185,751
	1,600	Kourakuen Corp.		22,316
	26,000	Krosaki Harima Corp.		96,904
	3,000	KRS Corp.		30,557
	12,228	K’s Holdings Corp.		269,343
	800	KU Holdings Co. Ltd.		2,741
	56,000	Kumagai Gumi Co. Ltd.(b)		38,243
	23,000	Kumiai Chemical Industry Co. Ltd.		58,302
	1,400	Kura Corp.		22,670
	131,000	Kurabo Industries Ltd.		209,248
	71,000	KUREHA Corp.		356,664
	48,000	Kurimoto Ltd.(b)		64,448
	8,300	Kuroda Electric Co. Ltd.		116,918
	33,000	Kyodo Printing Co. Ltd.		79,449
	28,000	Kyodo Shiryo Co. Ltd.		32,733
	12,100	Kyoei Steel Ltd.		203,499
	6,000	Kyoei Tanker Co. Ltd.		12,223
	14,400	Kyokuto Kaihatsu Kogyo Co. Ltd.		49,503
	14,400	Kyokuto Securities Co. Ltd.		117,340
	25,000	Kyokuyo Co. Ltd.		52,086
	30,000	Kyorin Co. Ltd.		419,469
	5,700	Kyoritsu Maintenance Co. Ltd.		83,262
	25,000	Kyosan Electric Manufacturing Co. Ltd.		110,539
	200	Kyoto Kimono Yuzen Co. Ltd.		1,991
	23,800	Kyowa Exeo Corp.		220,934
	1,600	Kyowa Leather Cloth Co. Ltd.		6,130
	15,000	Kyudenko Corp.		82,296
	28,000	Laox Co. Ltd.(b)		32,409
	1,500	LEC, Inc.		21,303
	8,500	Life Corp.		128,786
	13,800	Lintec Corp.		266,911
	39,000	Lion Corp.		197,720
	11,000	Look, Inc.(b)		19,353
	22	M3, Inc.		99,566
	6,900	Mabuchi Motor Co. Ltd.		347,017
	6,000	Macnica, Inc.		131,466
	16	MacroMill, Inc.		25,835
	68,000	Maeda Corp.		181,816
	43,000	Maeda Road Construction Co. Ltd.		347,404
	4,300	Maezawa Kasei Industries Co. Ltd.		42,654
	5,300	Maezawa Kyuso Industries Co. Ltd.		63,923
	54,000	Makino Milling Machine Co. Ltd.(b)		325,019
	3,300	Mandom Corp.		91,672

34

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	1,700	Mars Engineering Corp.	$	29,535
	9,000	Marubun Corp.		50,211
	77,000	Marudai Food Co. Ltd.		227,270
	8,000	Maruei Department Store Co. Ltd.(b)		9,260
	16,000	Maruetsu, Inc. (The)		57,781
	16,910	Maruha Nichiro Holdings, Inc.		27,011
	132,100	Marui Group Co. Ltd.		926,588
	28,100	Maruichi Steel Tube Ltd.		560,081
	11,500	Marusan Securities Co. Ltd.		64,558
	1,500	Maruwa Co. Ltd.		34,585
	24,000	Maruyama Manufacturing Co., Inc.(b)		46,669
	21,000	Maruzen Showa Unyu Co. Ltd.		69,032
	7,800	Maspro Denkoh Corp.		75,206
	2,200	Matsuda Sangyo Co. Ltd.		34,555
	8,200	Matsui Securities Co. Ltd.		48,500
	8,000	Matsuya Co. Ltd.(b)		57,781
	900	Matsuya Foods Co. Ltd.		13,022
	18,000	Max Co. Ltd.		214,804
	2,900	Maxvalu Tokai Co. Ltd.		33,634
	3,500	Megachips Corp.		53,313
	12,700	Megmilk Snow Brand Co. Ltd.		236,669
	41,000	Meidensha Corp.		127,658
	2,300	Meiji Shipping Co. Ltd.		9,930
	6,700	Meiko Network Japan Co. Ltd.		47,616
	4,500	Meitec Corp.(b)		75,838
	4,700	Meito Sangyo Co. Ltd.		65,771
	200	Meito Transportation Co. Ltd.		1,727
	20,900	Meiwa Corp.(b)		54,188
	5,200	Meiwa Estate Co. Ltd.(b)		26,603
	3,000	Melco Holdings, Inc.		102,124
	55,000	Mercian Corp.		98,038
	41,000	Michinoku Bank Ltd. (The)		83,049
	15,000	Mie Bank Ltd. (The)		43,579
	6,100	Mikuni Coca-Cola Bottling Co. Ltd.		50,554
	1,680	Milbon Co. Ltd.		41,808
	9,100	Mimasu Semiconductor Industry Co. Ltd.		106,910
	87,000	Minato Bank Ltd. (The)		129,903
	41,000	Minebea Co. Ltd.		226,367
	10,900	Miraca Holdings, Inc.		324,496
	2,100	Misawa Homes Co. Ltd.(b)		10,282
	14,500	MISUMI Group, Inc.		278,940
	13,000	Mito Securities Co. Ltd.		25,129
	11,000	Mitsuba Corp.(b)		55,130
	178,000	Mitsubishi Gas Chemical Co. Inc.		999,248
	7,000	Mitsubishi Kakoki Kaisha Ltd.		15,718
	53,000	Mitsubishi Logistics Corp.		608,554
	95,000	Mitsubishi Paper Mills Ltd.(b)		109,960
	10,300	Mitsubishi Pencil Co. Ltd.		150,813
	74,000	Mitsubishi Steel Manufacturing Co. Ltd.		155,032
	22,000	Mitsuboshi Belting Co. Ltd.		100,075
Shares			Value
JAPAN (continued)
	211,000	Mitsui Chemicals, Inc.	$	625,221
	143,000	Mitsui Engineering & Shipbuilding Co. Ltd.		297,934
	14,700	Mitsui High-Tec, Inc.(b)		102,940
	22,000	Mitsui Home Co. Ltd.		106,696
	510	Mitsui Knowledge Industry Co. Ltd.		90,908
	13,000	Mitsui Matsushima Co. Ltd.		20,615
	230,000	Mitsui Mining & Smelting Co. Ltd.		628,277
	63,000	Mitsui Sugar Co. Ltd.		219,492
	48,000	Mitsui-Soko Co. Ltd.		168,899
	34,000	Mitsumi Electric Co. Ltd.		568,274
	13,400	Mitsuuroko Co. Ltd.		81,428
	6,100	Miura Co. Ltd.		143,895
	2,300	Miyachi Corp.(b)		13,338
	15,000	Miyaji Engineering Group, Inc.(b)		13,369
	4,100	Miyakoshi Corp.(b)		19,030
	51,000	Miyazaki Bank Ltd. (The)		138,723
	28,000	Miyoshi Oil & Fat Co. Ltd.		43,753
	67,856	Mizuho Investors Securities Co. Ltd.(b)		69,117
	51,000	Mizuno Corp.		230,222
	14,000	Mochida Pharmaceutical Co. Ltd.		140,656
	1,200	Modec, Inc.		18,432
	240	Monex Group, Inc.		99,311
	30,100	Mori Seiki Co. Ltd.		295,791
	21,000	Morinaga & Co. Ltd.		48,128
	101,000	Morinaga Milk Industry Co. Ltd.		384,617
	17,000	Morita Holdings Corp.		88,744
	12,000	Mory Industries, Inc.		45,836
	8,000	MOS Food Services, Inc.		137,415
	4,200	Moshi Moshi Hotline, Inc.		87,748
	9,400	Mr Max Corp.		41,127
	4,100	Musashi Seimitsu Industry Co. Ltd.		84,852
	20,300	Musashino Bank Ltd. (The)		572,615
	26,000	Mutoh Holdings Co. Ltd.(b)		37,317
	14,000	Nabtesco Corp.		221,679
	24,000	Nachi-Fujikoshi Corp.		71,393
	1,700	Nagaileben Co. Ltd.		41,538
	25,000	Nagano Bank Ltd. (The)		48,614
	1,000	Nagano Keiki Co. Ltd.(b)		6,875
	84,000	Nagase & Co. Ltd.		923,665
	7,000	Nagatanien Co. Ltd.		68,465
	21,000	Nagoya Railroad Co. Ltd.		62,469
	19,000	Nakabayashi Co. Ltd.		40,465
	12,000	Nakamuraya Co. Ltd.		60,003
	1,000	Nakano Corp.		2,535
	17,000	Nakayama Steel Works Ltd.(b)		24,990
	43,200	Namco Bandai Holdings, Inc.		386,522
	24,000	Nankai Electric Railway Co. Ltd.		100,284
	76,000	Nanto Bank Ltd. (The)		394,097

35

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	3,400	Natori Co. Ltd.	$	31,601
	8,900	NEC Capital Solutions Ltd.		111,565
	9,600	NEC Fielding Ltd.		110,673
	4,200	NEC Mobiling Ltd.		116,868
	12,700	NEC Networks & System Integration Corp.		165,374
	61	NET One Systems Co. Ltd.		74,913
	20,300	Neturen Co. Ltd.		149,674
	8,000	New Japan Radio Co. Ltd.(b)		22,779
	45,000	NGK Spark Plug Co. Ltd.		581,804
	61,000	NHK Spring Co. Ltd.		560,611
	3,900	NIC Corp.		16,206
	32,000	Nice Holdings, Inc.		65,559
	19,000	Nichia Steel Works Ltd.		45,743
	30,000	Nichias Corp.		122,577
	19,000	Nichiban Co. Ltd.		66,416
	27,100	Nichicon Corp.		351,317
	2,700	Nichiden Corp.		80,692
	8,600	Nichiha Corp.		73,064
	4,400	Nichii Gakkan Co.		37,993
	26,000	Nichimo Co. Ltd.		41,831
	120,000	Nichirei Corp.		518,086
	16,000	Nichireki Co. Ltd.		77,041
	3,100	Nidec Copal Corp.		49,122
	3,100	Nidec Copal Electronics Corp.		25,189
	9,000	Nidec Sankyo Corp.		73,963
	2,800	Nidec Tosok Corp.		62,680
	13,600	Nifco, Inc.		309,481
	67	NIFTY Corp.		60,412
	948	Nihon Chouzai Co. Ltd.		35,113
	500	Nihon Dempa Kogyo Co. Ltd.		8,785
	1,500	Nihon Eslead Corp.		11,633
	8,000	Nihon Kohden Corp.		147,786
	10	Nihon M&A Center, Inc.		31,923
	24,000	Nihon Nohyaku Co. Ltd.		109,173
	11,000	Nihon Parkerizing Co. Ltd.		141,582
	1,000	Nihon Shokuhin Kako Co. Ltd.		6,250
	20,000	Nihon Spindle Manufacturing Co. Ltd.(b)		43,984
	1,100	Nihon Tokushu Toryo Co. Ltd.		3,934
	2,050	Nihon Trim Co. Ltd.		44,799
	22,300	Nihon Unisys Ltd.		159,000
	69,000	Nihon Yamamura Glass Co. Ltd.		187,684
	14,000	Nikkiso Co. Ltd.		109,057
	43,266	Nippo Corp.		301,477
	56,000	Nippon Beet Sugar Manufacturing Co. Ltd.		125,748
	43,000	Nippon Carbide Industries Co., Inc.(b)		78,141
	21,000	Nippon Carbon Co. Ltd.		60,038
	6,200	Nippon Ceramic Co. Ltd.		86,188
	23,000	Nippon Chemical Industrial Co. Ltd.		52,711
	15,000	Nippon Chemi-Con Corp.(b)		74,483
Shares			Value
JAPAN (continued)
	17,000	Nippon Concrete Industries Co. Ltd.	$	24,793
	13,000	Nippon Denko Co. Ltd.		77,342
	22,000	Nippon Densetsu Kogyo Co. Ltd.		218,485
	11,000	Nippon Denwa Shisetsu Co. Ltd.		34,377
	400	Nippon Felt Co. Ltd.		1,843
	300	Nippon Filcon Co. Ltd.		1,528
	9,700	Nippon Fine Chemical Co. Ltd.		61,190
	50,000	Nippon Flour Mills Co. Ltd.		260,432
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.(b)		32,502
	8,000	Nippon Gas Co. Ltd.		119,081
	9,000	Nippon Hume Corp.		26,668
	28	Nippon Jogesuido Sekkei Co. Ltd.		31,567
	3,400	Nippon Kanzai Co. Ltd.		56,276
	12,000	Nippon Kasei Chemical Co. Ltd.		23,057
	40,000	Nippon Kayaku Co. Ltd.		360,206
	44,000	Nippon Kinzoku Co. Ltd.(b)		72,319
	39,000	Nippon Koei Co. Ltd.		110,145
	29,000	Nippon Konpo Unyu Soko Co. Ltd.		345,738
	14,000	Nippon Koshuha Steel Co. Ltd.(b)		17,015
	211,000	Nippon Light Metal Co. Ltd.(b)		310,168
	60,000	Nippon Meat Packers, Inc.		789,629
	56,000	Nippon Metal Industry Co. Ltd.		75,190
	56,000	Nippon Paint Co. Ltd.		329,278
	162	Nippon Parking Development Co. Ltd.		7,350
	14,000	Nippon Pillar Packing Co. Ltd.		81,347
	46,000	Nippon Piston Ring Co. Ltd.(b)		62,295
	44,000	Nippon Road Co. Ltd. (The)		95,746
	1,000	Nippon Seiki Co. Ltd.		10,996
	4,000	Nippon Seiro Co. Ltd.		13,149
	16,000	Nippon Seisen Co. Ltd.		84,079
	16,000	Nippon Sharyo Ltd.		74,449
	306,000	Nippon Sheet Glass Co. Ltd.		754,419
	30,000	Nippon Shinyaku Co. Ltd.		367,730
	39,000	Nippon Shokubai Co. Ltd.		404,919
	24,700	Nippon Signal Co. Ltd. (The)		185,547
	52,000	Nippon Soda Co. Ltd.		184,779
	20,000	Nippon Steel Trading Co. Ltd.		58,105
	41,900	Nippon Suisan Kaisha Ltd.		142,585
	26,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		158,597
	41,000	Nippon Thompson Co. Ltd.		270,976
	10,000	Nippon Valqua Industries Ltd.		24,191
	30,500	Nippon Yakin Kogyo Co. Ltd.(b)		97,436
	12,000	Nippon Yusoki Co. Ltd.		29,585
	19,000	Nipro Corp.		369,906
	138,000	Nishimatsu Construction Co. Ltd.		170,913

36

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	335,000	Nishi-Nippon City Bank Ltd. (The)	$	977,140
	48,000	Nishi-Nippon Railroad Co. Ltd.		200,012
	19,000	Nissan Chemical Industries Ltd.		225,858
	59,000	Nissan Shatai Co. Ltd.		419,307
	6,800	Nissei Corp.		50,767
	1,500	Nissei Plastic Industrial Co. Ltd.(b)		4,410
	1,200	Nissha Printing Co. Ltd.		32,544
	15,500	Nisshin Fudosan Co. Ltd.		104,595
	68,000	Nisshin Oillio Group Ltd. (The)		340,020
	320,000	Nisshin Steel Co. Ltd.		537,068
	65,000	Nisshinbo Holdings, Inc.		672,608
	31,000	Nissin Corp.		70,687
	17,000	Nissin Electric Co. Ltd.		82,250
	13,900	Nissin Kogyo Co. Ltd.		202,559
	25,000	Nissin Sugar Manufacturing Co. Ltd.		52,086
	5,600	Nissui Pharmaceutical Co. Ltd.		43,753
	12,300	Nitta Corp.		191,772
	600	Nittan Valve Co. Ltd.		1,910
	51,000	Nittetsu Mining Co. Ltd.		174,732
	114,000	Nitto Boseki Co. Ltd.		262,585
	6,900	Nitto Kogyo Corp.		62,056
	4,400	Nitto Kohki Co. Ltd.		97,783
	14,000	Nitto Seiko Co. Ltd.		47,480
	7,100	Noevir Co. Ltd.		82,592
	89,000	NOF Corp.		366,734
	7,000	Nohmi Bosai Ltd.		40,188
	39,500	NOK Corp.		646,941
	22,000	Nomura Co. Ltd.		74,865
	16,000	Nomura Real Estate Holdings, Inc.		197,048
	37,000	Noritake Co. Ltd.		132,334
	9,400	Noritsu Koki Co. Ltd.		63,650
	9,000	Noritz Corp.		163,343
	3,700	NS Solutions Corp.		68,608
	10,600	NSD Co. Ltd.		114,840
	141,000	NTN Corp.		612,015
	4,300	Obara Corp.		46,686
	18,000	Obayashi Road Corp.		36,877
	350	OBIC Business Consultants Ltd.		18,352
	1,400	Obic Co. Ltd.		264,298
	25,000	Oenon Holdings, Inc.		53,823
	83,000	Ogaki Kyoritsu Bank Ltd. (The)		264,194
	3,600	Ohara, Inc.		56,378
	900	Ohashi Technica, Inc.		6,386
	11,438	Oiles Corp.		188,658
	57,000	Oita Bank Ltd. (The)		178,795
	26,800	Okabe Co. Ltd.		114,465
	13,000	Okamoto Industries, Inc.		53,417
	4,000	Okamoto Machine Tool Works Ltd.(b)		6,111
	24,000	Okamura Corp.		139,453
	109,000	Okasan Securities Group, Inc.		412,559
Shares			Value
JAPAN (continued)
	118,000	Oki Electric Industry Co. Ltd.(b)	$	94,242
	3,460	Okinawa Electric Power Co., Inc. (The)		177,215
	32,000	OKK Corp.(b)		50,003
	55,000	OKUMA Corp.(b)		331,038
	65,000	Okumura Corp.		232,479
	15,000	Okura Industrial Co. Ltd.(b)		43,058
	6,000	Okuwa Co. Ltd.		56,531
	3,500	Olympic Corp.		25,644
	12,000	O-M Ltd.		34,724
	9,000	ONO Sokki Co. Ltd.		27,085
	4,700	Onoken Co. Ltd.		41,835
	69,000	Onward Holdings Co. Ltd.		519,127
	1,600	Optex Co. Ltd.		16,519
	20,000	Organo Corp.		128,248
	10,000	Origin Electric Co. Ltd.(b)		39,933
	7,500	Osaka Organic Chemical Industry Ltd.		55,212
	11,100	Osaka Steel Co. Ltd.		171,906
	3,400	OSAKA Titanium Technologies Co.		145,610
	6,000	Osaki Electric Co. Ltd.		52,156
	13,500	OSG Corp.		149,227
	3,100	Otsuka Corp.		202,373
	7,300	Oyo Corp.		55,260
	140	Pacific Golf Group International Holdings KK		85,885
	26,000	Pacific Industrial Co. Ltd.		120,678
	9,000	Pacific Metals Co. Ltd.		64,691
	3,350	Pack Corp. (The)		63,359
	2,000	Pal Co. Ltd.		81,023
	46,000	PanaHome Corp.		282,192
	200	Panasonic Electric Works Information Systems Co. Ltd.		5,160
	7,700	Paramount Bed Co. Ltd.		181,460
	24,200	Parco Co. Ltd.		176,188
	7,400	Paris Miki Holdings, Inc.		59,101
	17,400	Park24 Co. Ltd.		186,698
	2,000	Pasco Corp.		4,213
	10	Pasona Group, Inc.		6,192
	151,000	Penta-Ocean Construction Co. Ltd.		207,987
	1,000	Pia Corp.(b)		8,947
	2,900	Pigeon Corp.		106,910
	54	Pilot Corp.		93,255
	1,200	Piolax, Inc.		22,987
	65,800	Pioneer Corp.(b)		240,671
	4,700	Plenus Co. Ltd.		72,843
	2,530	Point, Inc.		127,386
	34,000	Press Kogyo Co. Ltd.(b)		98,385
	4,000	Prima Meat Packers Ltd.		4,491
	6,700	Pronexus, Inc.		34,820
	17,000	PS Mitsubishi Construction Co. Ltd.(b)		47,225
	22,800	Raito Kogyo Co. Ltd.		49,878

37

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	17,000	Rasa Industries Ltd.(b)	$	15,545
	77,840	Rengo Co. Ltd.		503,647
	20,300	Renown, Inc.(b)		57,802
	6,000	Resort Solution Co. Ltd.		11,528
	3,000	Rheon Automatic Machinery Co. Ltd.		8,195
	12,100	Ricoh Leasing Co. Ltd.		290,893
	4,000	Right On Co. Ltd.		23,983
	25,000	Riken Corp.		87,100
	7,300	Riken Keiki Co. Ltd.		48,416
	21,000	Riken Technos Corp.		56,878
	2,600	Riken Vitamin Co. Ltd.		72,678
	3,700	Ringer Hut Co. Ltd.		43,512
	5,200	Rinnai Corp.		278,974
	168	Risa Partners, Inc.		73,699
	4,400	Riso Kagaku Corp.		41,711
	698	Riso Kyoiku Co. Ltd.		35,266
	1,500	Rock Field Co. Ltd.		20,887
	18,000	Rohto Pharmaceutical Co. Ltd.		221,679
	12,200	Roland Corp.		144,601
	2,700	Roland DG Corp.		35,346
	3,600	Round One Corp.		16,209
	3,500	Royal Holdings Co. Ltd.		35,083
	45,000	Ryobi Ltd.(b)		147,925
	21,000	Ryoden Trading Co. Ltd.		119,833
	2,600	Ryohin Keikaku Co. Ltd.		96,001
	24,600	Ryosan Co. Ltd.		627,849
	100	Ryoshoku Ltd.		2,469
	13,200	Ryoyo Electro Corp.		141,022
	5,000	S Foods, Inc.		42,074
	115,000	S Science Co. Ltd.(b)		2,662
	16,000	Sagami Co. Ltd.(b)		22,964
	65,000	Saibu Gas Co. Ltd.		180,566
	5,000	Saizeriya Co. Ltd.		94,103
	35,000	Sakai Chemical Industry Co. Ltd.		139,360
	5,000	Sakai Heavy Industries Ltd.		7,581
	39,000	Sakai Ovex Co. Ltd.(b)		63,198
	25,000	Sakata INX Corp.		108,224
	6,800	Sakata Seed Corp.		91,616
	3,500	Sala Corp.		21,188
	2,200	San-A Co. Ltd.		80,850
	28,000	San-Ai Oil Co. Ltd.		108,571
	21,000	Sanden Corp.		69,032
	6,000	Sanei-International Co. Ltd.		77,088
	13,875	Sangetsu Co. Ltd.		305,300
	84,000	San-In Godo Bank Ltd. (The)		617,397
	15,700	Sanix, Inc.(b)		25,805
	2,000	Sankei Building Co. Ltd. (The)		10,556
	44,000	Sanken Electric Co. Ltd.(b)		172,649
	39,000	Sanki Engineering Co. Ltd.		308,768
	50	Sanko Marketing Foods Co. Ltd.		45,431
	8,000	Sanko Metal Industrial Co. Ltd.		15,279
	26,800	Sankyo Seiko Co. Ltd.		76,310
Shares			Value
JAPAN (continued)
	93,000	Sankyo-Tateyama Holdings, Inc.(b)	$	111,951
	49,000	Sankyu, Inc.		207,014
	20,600	Sanoh Industrial Co. Ltd.		159,755
	9,400	Sanrio Co. Ltd.		138,614
	15,100	Sanshin Electronics Co. Ltd.		127,763
	6,000	Sansui Electric Co. Ltd.(b)		208
	2,800	Santen Pharmaceutical Co. Ltd.		93,728
	102,000	Sanwa Holdings Corp.		328,213
	22,000	Sanyo Chemical Industries Ltd.		152,787
	48	Sanyo Housing Nagoya Co. Ltd.		45,169
	19,000	Sanyo Shokai Ltd.		75,872
	63,000	Sanyo Special Steel Co. Ltd.(b)		325,956
	164,000	Sapporo Hokuyo Holdings, Inc.		778,286
	25,000	Sapporo Holdings Ltd.		120,377
	1,000	Sasebo Heavy Industries Co. Ltd.		1,991
	4,000	Sato Corp.		50,420
	5,700	Sato Shoji Corp.		34,835
	10,100	Satori Electric Co. Ltd.		78,326
	2,600	Sawai Pharmaceutical Co. Ltd.		231,124
	18,000	SAXA Holdings, Inc.(b)		29,377
	1,600	Secom Joshinetsu Co. Ltd.		40,558
	2,000	Secom Techno Service Co. Ltd.		60,073
	3,000	Seibu Electric Industry Co. Ltd.		11,285
	26,000	Seika Corp.		57,781
	7,600	Seikagaku Corp.		76,796
	20,400	Seiko Epson Corp.		267,765
	36,000	Seiko Holdings Corp.(b)		113,340
	100	Seiko PMC Corp.		315
	99,000	Seino Holdings Corp.		665,768
	28,600	Seiren Co. Ltd.		173,133
	14,000	Sekisui Jushi Corp.		136,119
	29,000	Sekisui Plastics Co. Ltd.		152,057
	37,000	Senko Co. Ltd.		116,060
	300	Senshu Electric Co. Ltd.		2,955
	13,000	Shibusawa Warehouse Co. Ltd. (The)		43,938
	9,400	Shibuya Kogyo Co. Ltd.		86,389
	167,000	Shiga Bank Ltd. (The)		1,018,682
	57,000	Shikibo Ltd.		69,275
	71,000	Shikoku Bank Ltd. (The)		226,819
	15,000	Shikoku Chemicals Corp.		79,866
	12,100	Shima Seiki Manufacturing Ltd.		266,524
	24,849	Shimachu Co. Ltd.		454,153
	47,000	Shimadzu Corp.		360,137
	2,100	Shimizu Bank Ltd. (The)		87,505
	10,000	Shin Nippon Air Technologies Co. Ltd.		69,333
	4,900	Shin Nippon Biomedical Laboratories Ltd.		21,042
	41,000	Shinagawa Refractories Co. Ltd.		111,523
	29,000	Shindengen Electric Manufacturing Co. Ltd.(b)		110,435
	14,200	Shin-Etsu Polymer Co. Ltd.		83,989
	5,800	Shinkawa Ltd.		77,136

38

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,000	Shin-Keisei Electric Railway Co. Ltd.	$	36,877
	12,000	Shinko Electric Industries Co. Ltd.		158,759
	8,500	Shinko Plantech Co. Ltd.		79,003
	11,900	Shinko Shoji Co. Ltd.		104,957
	7,000	Shinko Wire Co. Ltd.		11,343
	8,000	Shin-Kobe Electric Machinery Co. Ltd.		67,319
	72,000	Shinmaywa Industries Ltd.		265,849
	24,100	Shinnihon Corp.		62,764
	19,000	Shinsho Corp.		39,806
	100	Shinwa Co. Ltd. Nagoya		1,163
	80	Ship Healthcare Holdings, Inc.		53,707
	4,000	Shiroki Corp.		9,121
	3,000	Shizuki Electric Co., Inc.		11,042
	15,000	Shizuoka Gas Co. Ltd.		100,874
	4,900	SHO-BOND Holdings Co. Ltd.		104,585
	6,400	Shobunsha Publications, Inc.		42,076
	18,000	Shochiku Co. Ltd.		122,715
	500	Shofu, Inc.		4,138
	34,000	Shoko Co. Ltd.		50,767
	6,000	Showa Aircraft Industry Co. Ltd.		45,419
	40,100	Showa Corp.(b)		223,719
	363,600	Showa Denko KK		719,667
	32,000	Showa Sangyo Co. Ltd.		99,265
	400	Showa Shell Sekiyu KK		2,945
	11,600	Siix Corp.		117,886
	82	Simplex Technology, Inc.		63,117
	12,000	Sinanen Co. Ltd.		49,864
	16,000	Sinfonia Technology Co. Ltd.		34,076
	35,000	Sintokogio Ltd.		264,946
	79	SKY Perfect JSAT Holdings, Inc.		27,935
	32,000	SMK Corp.		156,305
	6,700	SNT Corp.		17,371
	3,000	Sodick Co. Ltd.(b)		9,063
	2,200	Soft99 Corp.		13,038
	1,800	Sogo Medical Co. Ltd.		48,940
	44,688	Sohgo Security Services Co. Ltd.		452,078
	560,800	Sojitz Corp.		889,283
	67	So-Net Entertainment Corp.		161,693
	54,000	Sotetsu Holdings, Inc.		248,764
	1,900	Space Co. Ltd.		13,635
	200	SPK Corp.		2,859
	12,700	Square Enix Holdings Co. Ltd.		245,048
	2,200	SRA Holdings, Inc.		20,193
	52	SRI Sports Ltd.		52,966
	4,300	ST Corp.		49,622
	1,000	St. Marc Holdings Co. Ltd.		37,734
	7,000	Star Micronics Co. Ltd.		74,460
	28,000	Starzen Co. Ltd.		77,782
	2,000	Stella Chemifa Corp.		79,171
	1,800	Studio Alice Co. Ltd.		15,418
	2,300	Sugi Holdings Co. Ltd.		50,395

Shares			Value
JAPAN (continued)
	2,900	Sugimoto & Co. Ltd.	$	25,276
	6,400	Sumida Corp.		63,781
	69,000	Sumikin Bussan Corp.		148,550
	12,000	Suminoe Textile Co. Ltd.(b)		22,501
	3,600	Sumiseki Holdings, Inc.(b)		3,334
	6,100	Sumisho Computer Systems Corp.		93,765
	76,000	Sumitomo Bakelite Co. Ltd.		396,736
	11,700	Sumitomo Densetsu Co. Ltd.		50,649
	69,300	Sumitomo Forestry Co. Ltd.		533,416
	50,000	Sumitomo Light Metal Industries Ltd.(b)		52,086
	13,500	Sumitomo Mitsui Construction Co. Ltd.(b)		10,782
	105,000	Sumitomo Osaka Cement Co. Ltd.		196,886
	7,800	Sumitomo Pipe & Tube Co. Ltd.		43,426
	6,000	Sumitomo Precision Products Co. Ltd.		19,584
	1,370	Sumitomo Real Estate Sales Co. Ltd.		56,214
	36,300	Sumitomo Rubber Industries, Inc.		360,080
	20,000	Sumitomo Seika Chemicals Co. Ltd.		79,634
	75,000	Sumitomo Warehouse Co. Ltd. (The)		360,264
	6,800	Sundrug Co. Ltd.		176,070
	1,900	Sun-Wa Technos Corp.		11,084
	10,500	Sunx Ltd.		61,254
	64,000	Suruga Bank Ltd.		577,070
	12,700	Suzuken Co. Ltd.		444,673
	112,000	SWCC Showa Holdings Co. Ltd.(b)		105,006
	62,000	SXL Corp.(b)		39,470
	4,100	Sysmex Corp.		235,859
	54	SysproCatena Corp.		34,627
	5,200	T. Hasegawa Co. Ltd.		80,171
	16,000	T. RAD Co. Ltd.		44,447
	3,200	Tachibana Eletech Co. Ltd.		23,890
	3,500	Tachi-S Co. Ltd.		36,015
	63,000	Tadano Ltd.		309,914
	13,000	Taihei Dengyo Kaisha Ltd.		92,390
	39,000	Taihei Kogyo Co. Ltd.		142,196
	326,000	Taiheiyo Cement Corp.(b)		441,484
	13,500	Taiho Kogyo Co. Ltd.		101,256
	16,700	Taikisha Ltd.		264,625
	386,900	Taisei Corp.		774,740
	500	Taisei Lamick Co., Ltd.		12,281
	2,200	Taiyo Ink Manufacturing Co. Ltd.		60,529
	45,000	Taiyo Yuden Co. Ltd.		576,075
	600	Takachiho Koheki Co. Ltd.		6,188
	16,000	Takagi Securities Co. Ltd.		24,261
	3,400	Takamatsu Construction Group Co. Ltd.		41,479

39

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	4,600	Takano Co. Ltd.	$	24,599
	15,000	Takaoka Electric Manufacturing Co. Ltd.		52,954
	49,000	Takara Holdings, Inc.		264,865
	3,800	Takara Printing Co. Ltd.		29,557
	55,000	Takara Standard Co. Ltd.		354,592
	36,000	Takasago International Corp.		164,593
	33,400	Takasago Thermal Engineering Co. Ltd.		287,628
	26,000	Takashima & Co. Ltd.		40,627
	91,000	Takashimaya Co. Ltd.		705,712
	10,600	Takata Corp.		209,681
	590	Take and Give Needs Co. Ltd.(b)		34,760
	9,000	Takihyo Co. Ltd.		40,315
	20,000	Takiron Co. Ltd.		61,115
	28,000	Takisawa Machine Tool Co. Ltd.(b)		30,789
	24,000	Takuma Co. Ltd.(b)		56,670
	5,900	Tamron Co. Ltd.		98,885
	25,000	Tamura Corp.		83,049
	26,000	Tatsuta Electric Wire and Cable Co. Ltd.		58,985
	18,000	Tayca Corp.		51,670
	18,000	TBK Co. Ltd.		63,962
	27,000	Teac Corp.(b)		13,126
	1,200	Techno Ryowa Ltd.		5,709
	5,800	Teikoku Piston Ring Co. Ltd.		45,785
	7,000	Teikoku Sen-I Co. Ltd.		38,486
	14,000	Teikoku Tsushin Kogyo Co. Ltd.		33,544
	9,000	Tekken Corp.(b)		7,605
	13,300	Tenma Corp.		143,630
	26	T-GAIA Corp.		44,178
	21,400	THK Co. Ltd.		422,823
	1,000	Tigers Polymer Corp.		3,611
	8,300	TKC Corp.		142,088
	41,000	Toa Corp.		41,762
	22,000	Toa Oil Co. Ltd.		23,682
	24,000	Toa Road Corp.		35,280
	82,000	Toagosei Co. Ltd.		363,516
	15,000	Tobu Store Co. Ltd.		43,753
	40,600	TOC Co. Ltd.		149,909
	27,000	Tochigi Bank Ltd. (The)		111,256
	157,000	Toda Corp.		505,191
	15,000	Toda Kogyo Corp.		130,563
	17,000	Toei Co. Ltd.		73,199
	19,000	Toenec Corp.		109,080
	71,000	Toho Bank Ltd. (The)		208,739
	43,000	Toho Gas Co. Ltd.		217,501
	10,900	Toho Holdings Co. Ltd.		163,005
	10,900	Toho Real Estate Co. Ltd.		55,891
	5,500	Toho Titanium Co. Ltd.		151,259
	63,000	Toho Zinc Co. Ltd.		229,701
	9,000	Tohoku Bank Ltd. (The)		14,272
	14,000	Tohto Suisan Co. Ltd.		22,524

Shares			Value
JAPAN (continued)
	54,000	Tokai Carbon Co. Ltd.	$	285,016
	13,000	Tokai Corp.		58,082
	16,800	Tokai Rika Co. Ltd.		285,266
	22,800	Tokai Rubber Industries, Inc.		271,821
	92,000	Tokai Tokyo Financial Holdings		334,371
	13,000	Toko Electric Corp.		77,794
	22,000	Toko, Inc.(b)		37,687
	30,840	Tokushu Tokai Holdings Co. Ltd.		75,677
	141,000	Tokuyama Corp.		708,305
	35,000	Tokyo Dome Corp.		92,772
	10	Tokyo Electron Device Ltd.		15,174
	10,000	Tokyo Energy & Systems, Inc.		68,175
	3,700	Tokyo Individualized Educational Institute, Inc.		12,077
	26,000	Tokyo Keiki, Inc.		34,007
	15,000	Tokyo Kikai Seisakusho Ltd.(b)		16,320
	27,000	Tokyo Ohka Kogyo Co. Ltd.		463,777
	11,000	Tokyo Rakutenchi Co. Ltd.		42,780
	61,000	Tokyo Rope Manufacturing Co. Ltd.		154,627
	1,000	Tokyo Sangyo Co. Ltd.		2,998
	11,900	Tokyo Seimitsu Co. Ltd.(b)		161,706
	58,100	Tokyo Steel Manufacturing Co. Ltd.		695,357
	23,000	Tokyo Style Co. Ltd.		180,763
	228,000	Tokyo Tatemono Co. Ltd.		744,210
	5,800	Tokyo Tatemono Real Estate Sales Co. Ltd.		17,253
	16,000	Tokyo Tekko Co. Ltd.		39,076
	15,000	Tokyo Theaters Co., Inc.		20,835
	11,300	Tokyo Tomin Bank Ltd. (The)		123,862
	36,000	Tokyotokeiba Co. Ltd.		50,836
	2,300	Tokyu Community Corp.		63,733
	15,520	Tokyu Construction Co. Ltd.		40,239
	174,000	Tokyu Land Corp.		632,398
	8,000	Toli Corp.		13,982
	17,000	Tomato Bank Ltd.		34,041
	3,500	Tomen Devices Corp.		70,895
	14,800	Tomoe Corp.		31,006
	1,500	Tomoe Engineering Co. Ltd.		19,255
	28,000	Tomoku Co. Ltd.		75,190
	15,200	Tomony Holdings, Inc.(b)		55,596
	4,536	Tomy Co. Ltd.		36,175
	30,000	Tonami Holdings Co. Ltd.		64,240
	28,000	Tonichi Carlife Group(b)		30,789
	10,100	Topcon Corp.		49,334
	28,900	Toppan Forms Co. Ltd.		278,647
	3,100	Topre Corp.		22,283
	95,000	Topy Industries Ltd.		214,422
	18	Toridoll Corp.		32,960
	7,200	Torigoe Co. Ltd. (The)		59,170
	8,100	Torii Pharmaceutical Co. Ltd.		133,320
	5,000	Torishima Pump Manufacturing Co. Ltd.		76,972

40

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	67,000	Toshiba Machine Co. Ltd.	$	243,509
	17,000	Toshiba Plant Systems & Services Corp.		202,280
	76,000	Toshiba TEC Corp.		277,099
	24,000	Tosho Printing Co. Ltd.(b)		41,669
	211,000	Tosoh Corp.		564,165
	18,000	Totetsu Kogyo Co. Ltd.		117,090
	38,000	TOTO Ltd.		259,066
	20,000	Tottori Bank Ltd. (The)		52,086
	1,300	Touei Housing Corp.		13,678
	99,000	Towa Bank Ltd. (The)(b)		88,234
	5,500	Towa Corp.(b)		41,061
	2,000	Towa Pharmaceutical Co. Ltd.		117,831
	59,000	Toyo Construction Co. Ltd.		27,999
	11,900	Toyo Corp.		131,266
	5,000	Toyo Electric Manufacturing Co. Ltd.		23,323
	70,000	Toyo Engineering Corp.		219,573
	112,000	Toyo Ink Manufacturing Co. Ltd.		432,988
	30,000	Toyo Kanetsu K K		47,225
	33,000	Toyo Kohan Co. Ltd.		188,691
	36,000	Toyo Securities Co. Ltd.		58,337
	20,000	Toyo Suisan Kaisha Ltd.		432,201
	1,800	Toyo Tanso Co. Ltd.		90,943
	28,000	Toyo Tire & Rubber Co. Ltd.		65,143
	20,000	Toyo Wharf & Warehouse Co. Ltd.		33,798
	99,000	Toyobo Co. Ltd.		169,593
	31,600	Toyota Auto Body Co. Ltd.		437,085
	10,900	Transcosmos, Inc.(b)		99,418
	13,600	Trusco Nakayama Corp.		203,697
	11,500	TS Tech Co. Ltd.		181,428
	63,000	Tsubakimoto Chain Co.		263,974
	2,000	Tsubakimoto Kogyo Co. Ltd.		4,792
	28,000	Tsudakoma Corp.(b)		48,290
	34,000	Tsugami Corp.		212,906
	5,000	Tsukishima Kikai Co. Ltd.		34,493
	30,033	Tsukuba Bank Ltd.(b)		78,911
	12,400	Tsumura & Co.		373,026
	3,700	Tsuruha Holdings, Inc.		142,612
	4,000	Tsurumi Manufacturing Co. Ltd.		25,742
	2,800	Tsutsumi Jewelry Co. Ltd.		65,143
	145	TV Asahi Corp.		205,596
	2,600	TV Tokyo Corp.		49,776
	149,000	Ube Industries Ltd.		372,522
	9,000	Ube Material Industries Ltd.		21,564
	29,000	Uchida Yoko Co. Ltd.		89,959
	23,900	Ulvac, Inc.		470,282
	21,000	Uniden Corp.(b)		57,608
	6,300	Unipres Corp.		105,662
	5,600	United Arrows Ltd.		68,254
	70,000	Unitika Ltd.(b)		60,767
	2,200	Universe Co. Ltd.		30,990
	106,900	UNY Co. Ltd.		826,543
	18,100	U-Shin Ltd.		166,345

Shares			Value
JAPAN (continued)
	18,000	Ushio, Inc.	$	305,851
	3,940	USS Co. Ltd.		296,429
	7,600	Utoc Corp.		20,145
	17,900	Valor Co. Ltd.		140,681
	18,700	Vital KSK Holdings, Inc.		108,224
	37,000	Wacoal Holdings Corp.		484,368
	19,000	Wakachiku Construction Co. Ltd.(b)		10,776
	9,900	Warabeya Nichiyo Co. Ltd.		120,549
	2,900	Watabe Wedding Corp.		34,305
	5,500	WATAMI Co. Ltd.		106,123
	1,500	Weathernews, Inc.		20,539
	15,000	Wood One Co. Ltd.		55,212
	14,500	Xebio Co. Ltd.		287,667
	2,600	YAC Co. Ltd.		23,594
	6,600	Yachiyo Bank Ltd. (The)		127,577
	11,000	Yahagi Construction Co.		67,226
	3,500	Yaizu Suisankagaku Industry Co. Ltd.		40,755
	4,600	YAMABIKO Corp.		42,702
	101,000	Yamagata Bank Ltd. (The)		473,465
	73,000	Yamaguchi Financial Group, Inc.		684,415
	79,900	Yamaha Corp.		886,904
	8,000	Yamaichi Electronics Co. Ltd.(b)		31,761
	52,000	Yamanashi Chuo Bank Ltd. (The)		210,058
	12,400	Yamatake Corp.		316,907
	45,000	Yamatane Corp.		61,462
	25,900	Yamato Kogyo Co. Ltd.		631,949
	9,000	Yamazaki Baking Co. Ltd.		114,069
	100	Yamazawa Co. Ltd.		1,379
	18,200	Yamazen Corp.		76,891
	2,500	Yaoko Co. Ltd.		71,937
	34,000	Yaskawa Electric Corp.		256,195
	5,100	Yasuda Warehouse Co. Ltd. (The)		30,047
	9,200	Yellow Hat Ltd.		63,893
	43,000	Yodogawa Steel Works Ltd.		180,670
	75,500	Yokogawa Electric Corp.(b)		447,433
	27,900	Yokohama Reito Co. Ltd.		200,866
	99,000	Yokohama Rubber Co. Ltd. (The)		529,406
	8,800	Yokowo Co. Ltd.		53,475
	5,000	Yomeishu Seizo Co. Ltd.		47,109
	13,000	Yomiuri Land Co. Ltd.		43,336
	8,000	Yondenko Corp.		34,446
	8,500	Yonekyu Corp.		74,478
	3,500	Yonex Co. Ltd.		24,672
	8,300	Yorozu Corp.		121,145
	124	Yoshinoya Holdings Co. Ltd.		142,235
	72,000	Yuasa Trading Co. Ltd.(b)		68,337
	27,000	Yuken Kogyo Co. Ltd.		55,628
	3,600	Yukiguni Maitake Co. Ltd.		21,751
	19,000	Yurtec Corp.		76,092

41

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
JAPAN (continued)
	3,600	Yusen Air & Sea Service Co. Ltd.	$	53,253
	2,640	Yushin Precision Equipment Co. Ltd.		46,722
	2,700	Yushiro Chemical Industry Co. Ltd.		33,033
	4,600	Zenrin Co. Ltd.		47,121
	14,300	Zensho Co. Ltd.		133,243
	72,000	Zeon Corp.		518,363
	5,000	ZERIA Pharmaceutical Co. Ltd.		55,154
	15,400	Zuken, Inc.		105,168
				177,478,709
LIECHTENSTEIN — 0.0%
	1,145	Liechtensteinische Landesbank AG		77,216
	1,759	Verwalt & Privat-Bank AG		228,803
				306,019
LUXEMBOURG — 0.0%
	4,900	Altisource Portfolio Solutions SA(b)		139,013
	10,772	D’amico International Shipping SA(b)		14,908
	2,500	Flagstone Reinsurance Holdings SA		27,600
	6,151	Oriflame Cosmetics SA		367,800
	9,489	Regus Plc		11,145
				560,466
MALAYSIA — 0.3%
	61,000	Aeon Co. (Malaysia) Berhad		97,799
	226,400	Affin Holdings Berhad		217,076
	608,300	AirAsia Berhad(b)		284,931
	418,000	Alliance Financial Group Berhad		383,703
	45,800	Amway (Malaysia) Holdings Berhad		116,480
	58,400	ANN JOO Resources Berhad		46,265
	39,600	APM Automotive Holdings Berhad		57,638
	85,200	Bandar Raya Developements Berhad		53,568
	22,000	Batu Kawan Berhad		76,907
	436,600	Berjaya Corp. Berhad		148,233
	10,900	Berjaya Media Berhad(b)		2,056
	43,660	Berjaya Retail Berhad(b)(c)		1,373
	112,100	Berjaya Sports Toto Berhad		148,010
	222,440	Boustead Holdings Berhad		272,718
	47,900	Bursa Malaysia Berhad		106,009
	75,100	Carlsberg Brewery-Malaysia Berhad		121,114
	28,000	Chemical Co. of Malaysia Berhad		18,397
	54,100	CSC Steel Holdings Berhad		28,742
	295,832	Dialog Group Berhad		100,440
	144,800	DRB-Hicom Berhad		51,438

Shares			Value
MALAYSIA (continued)
	313,100	Eastern & Oriental Berhad(b)	$	116,145
	79,400	EON Capital Berhad		173,726
	84,900	Evergreen Fibreboard Berhad		44,038
	48,300	Faber Group Berhad		42,363
	18,500	Fraser & Neave Holdings Berhad		83,631
	401,500	Gamuda Berhad		419,044
	48,100	Genting Plantations Berhad		105,847
	152,700	Green Packet Berhad(b)		47,044
	76,900	Guinness Anchor Berhad		196,541
	65,000	GuocoLand Malaysia Berhad		20,025
	31,600	Hai-O Enterprise Berhad		36,160
	60,800	HAP Seng Consolidated Berhad		52,944
	110,500	Hap Seng Plantations Holdings Berhad		80,244
	15,700	Hartalega Holdings Berhad		40,472
	54,100	Hong Leong Financial Group Berhad		147,623
	51,500	Hong Leong Industries Berhad		80,949
	213,100	IGB Corp. Berhad		125,944
	522,840	IJM Corp. Berhad		830,035
	114,200	IJM Land Berhad(b)		86,162
	97,200	IJM Plantations Berhad		74,252
	32,800	JT International Berhad		56,712
	54,800	Keck Seng (Malaysia) Berhad		101,641
	131,768	Kencana Petroleum Berhad		63,792
	54,900	KFC Holdings Malaysia Berhad		186,394
	276,800	KLCC Property Holdings Berhad		277,583
	701,500	KNM Group Berhad(b)		110,264
	33,200	Kossan Rubber Industries		41,435
	93,750	KPJ Healthcare Berhad		107,867
	73,600	Kulim Malaysia Berhad		183,017
	60,000	Kurnia Asia Berhad(b)		9,714
	64,100	Lafarge Malayan Cement Berhad		135,817
	157,800	Landmarks Berhad(b)		65,481
	97,400	Lingkaran Trans Kota Holdings Berhad		97,676
	112,000	Lion Industries Corp. Berhad		56,334
	9,000	LPI Capital Berhad		50,305
	89,880	Mah Sing Group Berhad		51,990
	69,800	Malaysia Airports Holdings Berhad		113,005
	73,500	Malaysia Building Society		34,428
	100,200	Malaysian Airline System Berhad(b)		67,094
	64,800	Malaysian Bulk Carriers Berhad		59,687
	12,000	Malaysian Pacific Industries		22,785
	371,250	Malaysian Resources Corp. Berhad(b)		197,238
	82,500	MEASAT Global Berhad(b)		105,297
	279,900	MMC Corp. Berhad		227,897
	37,000	MNRB Holdings Berhad(b)		32,219
	26,600	Mudajaya Group Berhad		43,567
	450,000	Mulpha International Berhad(b)		62,952
	58,700	NCB Holdings Berhad		68,831

42

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	4,700	Nestle Malaysia Berhad	$	57,328
	84,600	Oriental Holdings Berhad		140,158
	249,125	OSK Holdings Berhad		101,812
	77,386	Parkson Holdings Berhad		134,531
	8,500	Pelikan International Corp. Berhad		3,233
	106,300	POS Malaysia Berhad		103,927
	147,300	Proton Holdings Berhad(b)		213,008
	10,900	QL Resources Berhad		15,146
	820,000	Samling Global Ltd.		67,564
	84,100	SapuraCrest Petroleum Berhad		60,544
	3,700	Sarawak Oil Palms Berhad		3,268
	595,400	Scomi Group Berhad		79,549
	75,100	Shangri-La Hotels (Malaysia) Berhad		59,967
	28,400	Shell Refining Co. Federation of Malaya Berhad		95,173
	151,100	SP Setia Berhad		198,553
	91,200	Star Publications Malaysia Berhad		100,919
	37,290	Subur Tiasa Holdings Berhad		25,204
	62,400	Sunrise Berhad		39,821
	150,100	Sunway City Berhad		177,421
	153,500	Sunway Holdings Berhad		75,761
	19,600	Supermax Corp. Berhad		38,387
	51,600	Ta Ann Holdings Berhad		82,891
	325,600	TA Enterprise Berhad		66,533
	195,360	Ta Global Berhad(b)		23,338
	195,360	Ta Global Berhad - Preferred Shares(b)		18,117
	210,800	TAN Chong Motor Holdings Berhad		310,136
	43,100	Telekom Malaysia Berhad		45,525
	484,800	Time dotCom Berhad(b)		94,491
	360,600	Titan Chemicals Corp. Berhad		250,527
	120,960	Top Glove Corp. Berhad		252,491
	275,400	Tradewinds Corp. Berhad		56,275
	120,375	UEM Land Holdings Berhad(b)		64,331
	75,100	UMW Holdings Berhad		147,556
	10,800	Unico-Desa Plantations Berhad		3,344
	176,280	Unisem (M) Berhad		126,904
	10,000	United Malacca Berhad		31,122
	38,700	United Plantations Berhad		176,407
	105,875	Wah Seong Corp. Berhad		81,878
	93,600	WCT Berhad		83,272
	141,900	WTK Holdings Berhad		51,300
	82,258	YNH Property Berhad(b)		43,443
	357,200	Zelan Berhad(b)		68,498
	48,400	Zhulian Corp. Berhad		30,887
				11,667,648
MEXICO — 0.3%
	134,100	Alfa SAB de CV - Series A		1,038,323
	48,200	Alsea SAB de CV		47,603
	82,600	Axtel SAB de CV - CPO Shares(b)		54,102

Shares			Value
MEXICO (continued)
	35,800	Banco Compartamos SA de CV(b)	$	213,271
	141,400	Bolsa Mexicana de Valores SAB de CV		241,872
	32,900	Controladora Comercial Mexicana SAB de CV(b)		30,205
	158,600	Corp. GEO SAB de CV - Series B(b)		444,846
	107,308	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		53,753
	27,800	Corp. Moctezuma SAB de CV		65,894
	4,000	Desarrolladora Homex SAB de CV(b)		19,841
	241,200	Embotelladoras Arca SAB de CV		857,566
	283,850	Empresas ICA Sociedad Controladora SAB de CV(b)		717,657
	32,900	Financiera Independencia Sab de CV(b)		33,168
	59,000	Genomma Lab Internacional SA de CV - Class B(b)		201,379
	98,600	Grupo Aeroportuario del Centro Norte SAB de CV		163,596
	260,800	Grupo Aeroportuario del Pacifico SAB de CV - Series B		843,593
	163,500	Grupo Aeroportuario del Sureste SAB de CV - Series B(b)		871,449
	76,400	Grupo Bimbo SAB de CV - Class A		576,467
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)		411,739
	109,000	Grupo Continental SAB de CV		308,224
	67,000	Grupo Famsa SAB de CV - Class A(b)		95,285
	250,100	Grupo Financiero Banorte SAB de CV - Series O		979,909
	52,600	Grupo Herdez SAB de CV		73,975
	57,500	Grupo Industrial Maseca SAB de CV - Series B(d)		53,608
	31,900	Grupo Industrial Saltillo SAB de CV(b)		25,204
	55,900	Grupo Simec SAB de CV - Series B(b)		124,549
	250,800	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)		303,177
	138,400	Industrias CH SAB de CV - Series B(b)		497,537
	5,700	Industrias Penoles SAB de CV		119,334
	123,800	Megacable Holdings SAB de CV(b)		308,112
	127,413	Mexichem SAB de CV		353,345
	413,200	Organizacion Soriana SAB de CV - Series B(b)		1,113,249
	40,900	Promotora y Operadora de Infraestructura SAB de CV(b)		94,036

43

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
MEXICO (continued)
	25,500	Qualitas Compania de Seguros SA de CV	$	17,911
	254,600	TV Azteca SA de CV		137,793
	155,800	Urbi Desarrollos Urbanos SAB de CV(b)		301,586
				11,793,158
MONACO — 0.0%
	560	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		35,758
NETHERLANDS — 0.5%
	44,047	Aalberts Industries NV		656,368
	1,805	Accell Group		81,151
	3,510	AMG Advanced Metallurgical Group NV(b)		32,270
	1,517	Amsterdam Commodities NV		15,878
	5,838	Arcadis NV(b)		113,090
	16,551	ASM International NV(b)		420,477
	11,109	BE Semiconductor Industries NV(b)		63,263
	2,250	Beter BED Holding NV		50,109
	996	BinckBank NV		13,959
	37,499	Brit Insurance Holdings Plc		588,413
	4,451	Brunel International		140,890
	26,456	Crucell NV(b)		507,490
	14,057	CSM NV		407,768
	1,309	Dockwise Ltd.(b)		32,750
	4,727	Draka Holding(b)		72,010
	2,028	Exact Holding NV		47,147
	2,983	Fornix Biosciences NV		17,687
	15,923	Fugro NV - CVA		840,690
	4,234	Grontmij NV CVA		81,301
	4,875	Heijmans NV - CVA(b)		77,251
	203	Hunter Douglas NV		7,804
	16,720	Imtech NV		465,734
	4,203	Innoconcepts(b)		1,183
	9,322	Kardan NV(b)		39,602
	4,051	KAS Bank NV - CVA		62,293
	419	Kendrion NV(b)		5,378
	54,683	Koninklijke BAM Groep NV		264,448
	20,807	Koninklijke Boskalis Westminster NV - CVA		859,129
	74,944	Koninklijke DSM NV		3,556,414
	11,703	Koninklijke Wessanen NV(b)		43,861
	3,878	Macintosh Retail Group NV		75,804
	22,946	Mediq NV		423,564
	13,800	Nutreco Holding NV		833,805
	23,562	Ordina NV(b)		96,659
	4,436	Punch Graphix NV(b)		12,839
	69,775	Qiagen NV(b)		1,295,262
	11,176	Qurius NV(b)		3,801
	44,158	Randstad Holding NV(b)		1,983,562
	61,376	SBM Offshore NV		968,185
	9,228	Sligro Food Group NV		262,156
	10,373	SNS Reaal(b)		57,125
Shares			Value
NETHERLANDS (continued)
	9,682	Telegraaf Media Groep NV	$	182,948
	13,738	Ten Cate NV		366,737
	15,287	TKH Group NV		302,804
	17,197	TomTom NV(b)		103,580
	6,421	Unit 4 Agresso NV(b)		141,035
	28,285	USG People NV(b)		434,391
	12,312	Vopak		500,345
	40,507	Wolters Kluwer NV		817,140
				18,427,550
NEW ZEALAND — 0.1%
	124,893	Air New Zealand Ltd.		100,598
	513,564	Auckland International Airport Ltd.		737,885
	77,302	Contact Energy Ltd.(b)		319,738
	206	Ebos Group Ltd.(b)		957
	77,099	Fisher & Paykel Healthcare Corp. Ltd.		168,960
	72,534	Infratil Ltd.		85,794
	22,271	Mainfreight Ltd.		107,471
	110,635	New Zealand Oil & Gas Ltd.		99,550
	36,071	New Zealand Refining Co. Ltd. (The)(b)		79,049
	91,517	Nuplex Industries Ltd.		195,908
	5,064	NZX Ltd.(b)		5,439
	69,822	PGG Wrightson Ltd.(b)		26,853
	80,140	Pike River Coal Ltd.(b)		57,572
	38,635	Port of Tauranga Ltd.		193,446
	27,536	Pumpkin Patch Ltd.		36,766
	225,789	Pyne Gould Corp. Ltd.(b)		67,176
	76,230	Ryman Healthcare Ltd.		112,293
	15,128	Sanford Ltd.		44,130
	46,141	Sky City Entertainment Group Ltd.		101,452
	71,497	Sky Network Television Ltd.		250,590
	12,969	Steel & Tube Holdings Ltd.		20,798
	57,029	Tower Ltd.		77,387
	28,805	TrustPower Ltd.		150,498
	49,480	Vector Ltd.		74,683
	34,146	Warehouse Group Ltd. (The)		87,467
				3,202,460
NORWAY — 0.2%
	8,000	ABG Sundal Collier Holding ASA		8,599
	48,800	Acergy SA		801,225
	8,739	Acta Holding ASA(b)		3,006
	7,932	Aker Solutions ASA		102,815
	7,600	Aktiv Kapital ASA(b)		51,789
	34,500	Atea ASA		241,908
	13,000	Austevoll Seafood ASA(b)		80,455
	3,554	Blom ASA(b)		3,393
	4,828	Bonheur ASA		104,897
	97,500	BW Offshore Ltd.(b)		136,410
	3,200	Camillo Eitzen & Co. ASA(b)		5,899
	17,718	Cermaq ASA(b)		161,856

44

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
NORWAY (continued)
	1,964	Det Norske Oljeselskap ASA(b)	$	7,597
	136,848	DNO International ASA(b)		188,082
	6,880	DOF ASA(b)		49,714
	25,800	EDB Business Partner ASA(b)		65,398
	175,130	Eitzen Chemical ASA(b)		41,797
	5,500	Ekornes ASA		118,139
	24,046	Eltek ASA(b)		13,101
	3,400	Farstad Shipping ASA		86,743
	5,300	Fred Olsen Energy ASA		155,979
	6,500	Ganger Rolf ASA		133,200
	1,606	Grieg Seafood ASA		4,573
	12,320	Kongsberg Gruppen ASA		245,368
	1,127,000	Marine Harvest(b)		849,408
	7,030	Nordic Semiconductor ASA		31,589
	60,025	Norse Energy Corp. ASA(b)		16,697
	83,761	Norske Skogindustrier ASA(b)		102,712
	4,652	Norwegian Air Shuttle AS(b)		77,719
	45,523	Norwegian Energy Co. AS(b)		102,279
	3,001	Odfjell ASA - Class A(b)		21,042
	5,935	Opera Software ASA		23,054
	2,242	Panoro Energy ASA(b)		2,214
	72,800	Petroleum Geo-Services ASA(b)		653,054
	11,049	Pronova BioPharma A/S(b)		27,098
	4,055	Rieber & Son ASA		26,831
	18,600	Schibsted ASA(b)		416,364
	3,800	Solstad Offshore ASA		75,056
	15,383	SpareBank 1 SMN		114,952
	110,200	Storebrand ASA(b)		653,533
	42,000	TGS Nopec Geophysical Co. ASA(b)		556,156
	24,200	Tomra Systems ASA		118,701
	15,000	Veidekke ASA		99,005
	3,615	Wilh Wilhelmsen Holding ASA		66,047
				6,845,454
PERU — 0.0%
	3,240	Copeinca ASA(b)		22,132
	23,658	Hochschild Mining Plc		107,433
				129,565
PHILIPPINES — 0.1%
	1,120,000	Aboitiz Equity Ventures, Inc.		571,679
	327,000	Aboitiz Power Corp.		144,655
	908,000	Ayala Land, Inc.		291,437
	332,000	Banco de Oro Unibank, Inc.		340,382
	231,500	Bank of The Philippine Islands		240,902
	1,061,000	Benpres Holdings Corp.(b)		87,349
	6,399	China Banking Corp.		58,298
	255,600	DMCI Holdings, Inc.		105,046
	1,767,500	Energy Development Corp.		171,512
	80,000	Filinvest Development Corp.		5,884
	2,159,375	Filinvest Land, Inc.		47,881
	185,200	First Gen Corp.(b)		38,544
	142,200	First Philippine Holdings Corp.		172,638
	5,040	Globe Telecom, Inc.		97,370
Shares			Value
PHILIPPINES (continued)
	186,300	International Container Terminal Services, Inc.	$	129,040
	155,000	Jollibee Foods Corp.		263,721
	127,000	Manila Water Co., Inc.		46,952
	6,139,696	Megaworld Corp.		202,185
	256,400	Metropolitan Bank & Trust		337,739
	623,000	Pepsi-Cola Products Philippines, Inc.		37,886
	3,950	Philippine Stock Exchange, Inc.		22,373
	100,000	Rizal Commercial Banking Corp.		48,957
	321,900	Robinsons Land Corp.		93,991
	29,160	Semirara Mining Corp.		67,090
	272,000	SM Development Corp.		39,412
	65,600	Union Bank of Philippines		66,104
	509,115	Universal Robina Corp.		367,166
	1,823,000	Vista Land & Lifescapes, Inc.		96,453
				4,192,646
POLAND — 0.2%
	12,800	Agora SA(b)		103,058
	14,296	Alchemia SA(b)		33,252
	1,453	AmRest Holdings NV(b)		33,111
	7,270	Apator SA		45,408
	22,027	Asseco Poland SA		393,390
	1,272	Bank BPH SA(b)		22,262
	7,366	Bank Handlowy W Warszawie SA(b)		185,228
	100,867	Bank Millennium SA(b)		153,236
	38,229	Barlinek SA(b)		53,227
	998,357	Bioton SA(b)		68,203
	62,617	Boryszew SA(b)		61,110
	2,016	BRE Bank SA(b)(e)		169,137
	840	BRE Bank SA(b)(e)		69,954
	6,112	Budimex SA		188,490
	2,000	Central European Distribution Corp.(b)		52,140
	7,079	Cersanit-Krasnystaw SA(b)		31,319
	3,727	Ciech SA(b)		33,208
	1,000	Dom Development SA		15,247
	155,994	Echo Investment SA(b)		241,045
	526	Elektrobudowa SA		28,986
	2,276	Emperia Holding SA		61,824
	32,056	Eurocash SA		238,804
	6,186	Farmacol SA(b)		84,519
	1,955	Firma Oponiarska Debica SA		41,657
	78,846	Getin Holdings SA(b)		263,418
	31,220	Getin Noble Bank SA(b)		54,640
	1,818	Grupa Kety SA(b)		63,104
	33,977	Grupa Lotos SA(b)		357,344
	24,175	Impexmetal SA		32,480
	1,500	Inter Cars SA(b)		36,597
	4,255	Koelner SA(b)		16,846
	3,531	Kredyt Bank SA(b)		17,827
	66,182	LC Corp. SA(b)		31,649
	350	LPP SA(b)		199,821

45

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
POLAND (continued)
	19,185	MCI Management SA(b)	$	45,685
	4,776	Mondi Swiecie SA(b)		113,418
	8,958	Mostostal Zabrze SA(b)		10,841
	557	Mostostal-Warszawa SA(b)		12,231
	37,549	Multimedia Polska SA(b)		116,043
	115,441	Netia SA(b)		185,517
	3,805	NG2 SA		69,317
	12,374	Orbis SA(b)		151,354
	1,798	PBG SA		134,470
	16,684	Pfleiderer Grajewo SA(b)		55,686
	68,750	Polimex Mostostal SA		106,457
	2,961	Polnord SA(b)		33,877
	53,739	Polski Koncern Naftowy Orlen SA(b)		682,664
	10,688	Przedsiebiorstwo Eksportu I Importu Kopex SA(b)		66,200
	21,032	Rafako SA		87,234
	6,488	Sygnity SA(b)		29,126
	363,944	Synthos SA(b)		237,972
	27,465	TVN SA		159,036
	7,830	Vistula Group SA(b)		6,444
	136	Zaklad Przetworstwa Hutniczego Stalprodukt SA		18,936
	1,517	Zaklady Azotowe Pulawy SA		34,051
	5,282	Zaklady Azotowe W Tarnowie-Moscicach SA		26,771
	2,268	Zaklady Tluszczowe Kruszwica		57,106
				5,921,977
PORTUGAL — 0.1%
	16,064	Altri SGPS SA(b)		82,479
	161,242	Banco BPI SA		357,419
	1,603,472	Banco Comercial Portugues SA		1,387,473
	13,109	Banco Espirito Santo SA		62,763
	46,853	Cimpor Cimentos de Portugal SGPS SA		285,012
	7,786	Corticeira Amorim SA(b)		8,929
	27,456	Finibanco Holding SGPS SA		52,953
	27,299	Global Intelligent Technologies SGPS SA(b)		20,278
	7,951	Impresa SGPS(b)		16,889
	7,597	Inapa-Invest Particip Gesta(b)		4,742
	46,823	Jeronimo Martins SGPS SA		511,632
	1,206	Novabase SGPS SA(b)		5,155
	64,559	Portucel Empresa Produtora de Pasta e Papel SA		185,171
	34,594	REN - Redes Energeticas Nacionais SA		118,564
	19,000	SAG GEST-Solucoes Automovel Globais SGPS SA(b)		25,007
	17,974	Semapa - Sociedade de Investimento e Gestao		177,780
	235,754	Sonae		247,622
	31,589	Sonae Industria SGPS SA(b)		96,533
	48,484	Sonaecom - SGPS SA(b)		94,268
	36,714	Teixeira Duarte - Engenharia Construcoes SA - Class C(b)		47,365
Shares			Value
PORTUGAL (continued)
	22,849	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	$	94,836
				3,882,870
PUERTO RICO — 0.0%
	1,300	Oriental Financial Group, Inc.		18,408
	1,600	Triple-S Management Corp. - Class B(b)		31,808
				50,216
SINGAPORE — 0.3%
	366,000	Allgreen Properties Ltd.		314,914
	43,000	Armstrong Industrial Corp. Ltd.		13,598
	20,000	Asia Food and Properties Ltd.(b)		8,089
	111,000	ASL Marine Holdings Ltd.		70,202
	1,000	Ban Joo & Co. Ltd.(b)		29
	136,000	Banyan Tree Holdings Ltd.(b)		87,013
	78,000	Beyonics Technology Ltd.(b)		13,193
	7,400	Bonvests Holdings Ltd.		5,143
	37,000	Boustead Singapore Ltd.		24,761
	17,000	Breadtalk Group Ltd.		7,376
	33,000	Broadway Industrial Group Ltd.		27,909
	24,000	Bukit Sembawang Estates Ltd.		85,601
	28,000	Cerebos Pacific Ltd.		85,660
	71,000	China Aviation Oil Singapore Corp. Ltd.		75,710
	291,000	China Energy Ltd.(b)		33,170
	29,000	China Merchants Holdings Pacific Ltd.		14,502
	177,000	Chuan Hup Holdings Ltd.(b)		33,843
	306,000	ComfortDelgro Corp. Ltd.		360,053
	184,000	Cosco Corp. Singapore Ltd.		221,915
	11,250	Creative Technology Ltd.		33,424
	46,000	CSC Holdings Ltd.		5,413
	65,000	CSE Global Ltd.		45,889
	13,000	CWT Ltd.		8,843
	47,000	Ezion Holdings Ltd.		24,195
	72,000	Ezra Holdings Ltd.		105,898
	121,000	First Resources Ltd.		100,552
	183,000	FJ Benjamin Holdings Ltd.		47,775
	70,000	Goodpack Ltd.		86,998
	15,000	GP Batteries International Ltd.		19,856
	80,000	GP Industries Ltd.		26,769
	19,000	Guocoland Ltd.		30,321
	110,000	Ho Bee Investment Ltd.		133,476
	201,000	Hong Fok Corp. Ltd.(b)		85,733
	63,000	Hong Leong Asia Ltd.		165,399
	112,600	Hotel Properties Ltd.		235,998
	126,000	HTL International Holdings Ltd.		55,596
	65,000	HupSteel Ltd.		10,994
	56,000	Hwa Hong Corp. Ltd.		26,357
	49,000	Hyflux Ltd.		116,392
	94,000	Indofood Agri Resources Ltd.(b)		160,377
	4,000	InnoTek Ltd.		1,515

46

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	114,000	Jaya Holdings Ltd.(b)	$	54,912
	267,000	Jiutian Chemical Group Ltd.(b)		12,763
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		1,709
	257,000	K1 Ventures Ltd.		26,460
	190,000	Keppel Land Ltd.		564,495
	22,000	Keppel Telecommunications & Transportation Ltd.		20,547
	122,400	Kim Eng Holdings Ltd.		144,921
	48,000	KS Energy Services Ltd.		38,123
	15,000	Lion Asiapac Ltd.		2,647
	92,000	Lippo-Mapletree Indonesia Retail Trust REIT		32,814
	252,000	Low Keng Huat Singapore Ltd.		79,688
	3,000	MCL Land Ltd.		4,170
	70,000	Mercator Lines Singapore Ltd.		14,414
	204,000	Metro Holdings Ltd.		117,767
	87,000	Midas Holdings Ltd.		60,461
	66,000	MobileOne Ltd.		102,897
	25,000	Neptune Orient Lines Ltd.(b)		37,689
	30,000	NSL Ltd.		31,108
	53,000	Orchard Parade Holdings Ltd.		42,874
	32,000	OSIM International Ltd.		24,945
	146,000	Otto Marine Ltd.		42,947
	63,000	Overseas Union Enterprise Ltd.(b)		124,165
	24,000	Pan Pacific Hotels Group Ltd.		28,063
	200,320	Parkway Holdings Ltd.		580,424
	47,000	Petra Foods Ltd.		48,735
	21,000	PSC Corp. Ltd.		3,938
	73,000	QAF Ltd.		35,163
	140,627	Raffles Education Corp. Ltd.		29,991
	56,000	Raffles Medical Group Ltd.		80,718
	121,000	Rotary Engineering Ltd.		87,204
	43,000	SBS Transit Ltd.		57,869
	98,142	SC Global Developments Ltd.		120,530
	95,000	Singapore Airport Terminal Services Ltd.		204,001
	65,000	Singapore Land Ltd.		318,834
	267,000	Singapore Post Ltd.		223,842
	182,000	Singapore Reinsurance Corp. Ltd.		34,799
	43,000	Smb United Ltd.		8,064
	133,000	SMRT Corp. Ltd.		217,135
	79,000	Soilbuild Group Holdings Ltd.		33,696
	425,000	Stamford Land Corp. Ltd.		164,087
	75,000	StarHub Ltd.		130,166
	56,000	Straits Asia Resources Ltd.		85,248
	82,000	Sunningdale Tech Ltd.		13,568
	78,000	Super Coffeemix Manufacturing Ltd.		49,618
	114,000	Swiber Holdings Ltd.(b)		86,351
	63,000	Tat Hong Holdings Ltd.		45,867
	42,000	Thomson Medical Centre Ltd.		25,945
	36,000	Tiong Woon Corp. Holding Ltd.		11,384
	81,143	Tuan Sing Holdings Ltd.		13,128
Shares			Value
SINGAPORE (continued)
	96,000	United Engineers Ltd.	$	162,377
	91,000	United Envirotech Ltd.		24,761
	420,000	United Industrial Corp. Ltd.		667,157
	134,000	UOB-Kay Hian Holdings Ltd.		148,801
	276,000	UOL Group Ltd.		801,736
	98,000	Venture Corp. Ltd.		659,435
	20,000	WBL Corp. Ltd.		66,627
	176,812	Wheelock Properties (S) Ltd.		245,753
	233,000	Wing Tai Holdings Ltd.		308,428
	174,000	Yanlord Land Group Ltd.		238,006
				10,654,416
SOUTH AFRICA — 0.7%
	31,857	Adcock Ingram Holdings Ltd.		269,651
	3,773	Adcorp Holdings Ltd.		14,455
	114,293	Advtech Ltd.		91,651
	32,497	Aeci Ltd.		306,027
	199,986	Afgri Ltd.		191,892
	357,024	African Bank Investments Ltd.		1,639,465
	41,578	African Oxygen Ltd.		125,955
	44,678	African Rainbow Minerals Ltd.		1,047,554
	13,164	Allied Electronics Corp. Ltd.		45,653
	21,133	Allied Technologies Ltd.		181,051
	18,232	Argent Industrial Ltd.		24,367
	65,464	Aspen Pharmacare Holdings Ltd.(b)		731,341
	76,805	AST Group Ltd.		9,475
	10,760	Astral Foods Ltd.		167,405
	137,770	Aveng Ltd.		680,234
	128,958	AVI Ltd.		441,925
	18,694	Avuza Ltd.		51,250
	68,321	Barloworld Ltd.		421,431
	6,314	Basil Read Holdings Ltd.		11,425
	5,169	Bell Equipment Ltd.(b)		6,377
	7,948	Blue Label Telecoms Ltd.(b)		4,794
	12,690	Brait SA		40,008
	70,583	Business Connexion Group Ltd.		53,214
	4,224	Capitec Bank Holdings Ltd.		74,692
	2,456	Cashbuild Ltd.		24,576
	57,968	Caxton and CTP Publishers and Printers Ltd.		106,874
	2,787	Ceramic Industries Ltd.		45,844
	136,542	Cipla Medpro South Africa Ltd.(b)		106,684
	7,765	City Lodge Hotels Ltd.		83,012
	60,117	Clicks Group Ltd.		297,897
	26,833	Coronation Fund Managers Ltd.		46,712
	91,545	DataTec Ltd.		463,293
	74,687	Discovery Holdings Ltd.		371,119
	12,341	Distell Group Ltd.		122,645
	18,365	Distribution and Warehousing Network Ltd.(b)		19,510
	32,064	DRDGOLD Ltd.		13,537
	1,000	EOH Holdings Ltd.		1,576
	47,730	Exxaro Resources Ltd.		791,656
	52,648	Foschini Ltd.		512,389

47

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	46,017	Gold Reef Resorts Ltd.	$	105,971
	97,600	Great Basin Gold Ltd.(b)		173,735
	104,900	Grindrod Ltd.		220,433
	11,412	Group Five Ltd.		54,782
	116,934	Harmony Gold Mining Co. Ltd.		1,160,484
	4,521	Highveld Steel and Vanadium Corp. Ltd.(b)		53,283
	11,337	Hudaco Industries Ltd.		106,295
	19,855	Hulamin Ltd.(b)		27,434
	37,047	Iliad Africa Ltd.		40,372
	72,894	Illovo Sugar Ltd.		279,676
	89,921	Imperial Holdings Ltd.		1,197,468
	39,249	Investec Ltd.		320,168
	60,659	JD Group Ltd.		380,322
	20,387	JSE Ltd.		198,414
	42,998	Lewis Group Ltd.		369,081
	49,027	Liberty Holdings Ltd.		523,519
	31,505	Massmart Holdings Ltd.		556,145
	104,114	Medi-Clinic Corp. Ltd.		360,212
	564,223	Merafe Resources Ltd.		106,731
	18,158	Metair Investments Ltd.		22,152
	65,391	Metorex Ltd.(b)		32,627
	323,108	Metropolitan Holdings Ltd.		765,777
	94,815	Mondi Ltd.		672,585
	38,782	Mr. Price Group Ltd.		268,408
	29,242	Murray & Roberts Holdings Ltd.		168,431
	173,078	Mvelaphanda Group Ltd.(b)		206,405
	214,473	Nampak Ltd.		567,401
	220,953	Netcare Ltd.(b)		411,906
	41,870	Northam Platinum Ltd.		252,531
	7,602	Oceana Group Ltd.		30,428
	17,127	Omnia Holdings Ltd.(b)		147,905
	6,182	Palabora Mining Co. Ltd.		86,859
	69,851	Peregrine Holdings Ltd.		107,238
	35,703	Pick’n Pay Stores Ltd.		225,124
	7,928	Pioneer Foods Ltd.		45,643
	81,073	Pretoria Portland Cement Co. Ltd.		358,398
	36,355	PSG Group Ltd.		149,501
	22,175	Raubex Group Ltd.		66,872
	44,776	Reunert Ltd.		362,492
	10,734	Santam Ltd.		164,793
	141,566	Sappi Ltd.(b)		680,153
	74,247	Sentula Mining Ltd.(b)		24,833
	122,641	Simmer & Jack Mines Ltd.(b)		17,820
	38,542	Spar Group Ltd. (The)		451,182
	554,152	Steinhoff International Holdings Ltd.(b)		1,450,089
	15,238	Sun International Ltd.(b)		175,247
	1,043,810	Super Group Ltd.(b)		80,125
	143,140	Telkom SA Ltd.		668,683
	40,281	Tiger Brands Ltd.		999,398
	15,522	Tongaat Hulett Ltd.		228,726
	24,146	Trencor Ltd.		115,844
	62,145	Truworths International Ltd.		496,717
	33,356	Wesizwe(b)		8,093
Shares			Value
SOUTH AFRICA (continued)
	11,742	Wilson Bayly Holmes-Ovcon Ltd.	$	181,798
	191,832	Woolworths Holdings Ltd.		683,419
	111,453	Zeder Investments Ltd.		30,249
				27,278,993
SOUTH KOREA — 1.1%
	1,590	Aekyung Petrochemical Co. Ltd.		37,832
	487	Amorepacific Corp.		397,643
	1,340	Asia Cement Co. Ltd.		50,516
	28,250	Asiana Airlines(b)		210,369
	3,620	Auk Corp.		16,890
	2,450	Basic House Co. Ltd (The)(b)		30,960
	2,320	Binggrae Co. Ltd.		93,343
	5,770	BNG Steel Co. Ltd.(b)		46,284
	3,031	Bukwang Pharmaceutical Co. Ltd.		33,434
	48,140	Busan Bank		518,805
	3,780	Capro Corp.(b)		43,932
	10,827	Cheil Industries, Inc.		830,963
	14,330	Cheil Worldwide, Inc.(d)		147,167
	78,591	Chin Hung International, Inc.(b)		32,883
	3,870	Chong Kun Dang Pharm Corp.		59,862
	2,620	Choongwae Pharmaceutical Corp.		37,758
	1,050	CJ CGV Co. Ltd.		20,502
	1,867	CJ CheilJedang Corp.		373,219
	9,547	CJ Corp.		597,154
	169	Crown Confectionery Co. Ltd.		15,142
	594	Dae Han Flour Mills Co. Ltd.		76,567
	16,020	Dae Won Kang Up Co. Ltd.		36,222
	20,010	Daechang Co. Ltd.		28,246
	9,310	Daeduck GDS Co. Ltd.		77,355
	49,960	Daegu Bank		643,991
	3,810	Daegu Department Store		38,806
	17,856	Daelim Industrial Co. Ltd.		1,011,222
	9,090	Daesang Corp.(b)		67,844
	1,820	Daesang Holdings Co. Ltd.		4,769
	2,610	Daesung Holdings Co. Ltd.		18,134
	58	Daesung Group Holdings Co. Ltd.(b)		6,107
	166	Daesung Industrial Co. Ltd.(b)(e)		9,570
	43,670	Daewoo Engineering & Construction Co. Ltd.		370,968
	11,772	Daewoo International Corp.		331,346
	5,379	Daewoo Motor Sales Corp.(b)		16,913
	19,210	Daewoo Securities Co. Ltd.(b)		374,271
	26,510	Daewoo Shipbuilding & Marine Engineering Co. Ltd.		449,275
	820	Daewoong Co. Ltd.		11,991
	985	Daewoong Pharmaceutical Co. Ltd.		39,381
	23,440	Daishin Securities Co. Ltd.		291,248
	12,680	Daou Technology, Inc.		78,776

48

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	1,110	Dong Ah Tire & Rubber Co. Ltd.	$	7,937
	6,140	Dong IL Rubber Belt Co. Ltd.		35,914
	7,130	Dong Yang Gang Chul Co. Ltd.(b)		21,244
	1,219	Dong-A Pharmaceutical Co. Ltd.		115,916
	5,230	Dongaone Co. Ltd.		20,424
	4,886	Dongbu HiTek Co. Ltd.(b)		37,211
	6,260	Dongbu Insurance Co. Ltd.		194,720
	12,350	Dongbu Securities Co. Ltd.		63,155
	11,900	Dongbu Steel Co. Ltd.		103,100
	387	Dong-IL Corp.		19,365
	603	Dongil Industries Co. Ltd.		33,028
	23,042	Dongkuk Steel Mill Co. Ltd.		467,433
	443	Dongwon F&B Co. Ltd.		20,482
	96	Dongwon Industries Co. Ltd.		10,062
	31,570	Dongwon Systems Corp.(b)		34,156
	10,510	Dongyang Mechatronics Corp.		59,343
	5,040	Doosan Corp.		487,780
	19,030	Doosan Infracore Co. Ltd.(b)		341,811
	2,800	Duzonbizon Co. Ltd.(b)		56,564
	270	E1 Corp.		11,822
	212,090	Eugene Investment & Securities Co. Ltd.(b)		135,349
	6,030	Foosung Co. Ltd.(b)		20,872
	1,880	Fursys, Inc.		45,209
	1,390	Global & Yuasa Battery Co. Ltd.		35,658
	1,687	Glovis Co. Ltd.		194,642
	491	Green Cross Corp. South Korea		57,065
	13,963	GS Engineering & Construction Corp.		944,184
	31,190	GS Holdings Corp.		1,092,767
	281	Gwangjushinsegae Co. Ltd.		36,340
	8,870	Halla Climate Control		129,705
	8,700	Handsome Co. Ltd.		120,233
	7,160	Hanil E-Wha Co. Ltd.		49,385
	19,366	Hanjin Heavy Industries & Construction Co. Ltd.		463,249
	1,420	Hanjin Heavy Industries & Construction Holdings Co. Ltd.		14,163
	13,023	Hanjin Shipping Co. Ltd.(b)		350,597
	4,926	Hanjin Shipping Holding Co. Ltd.(b)		70,992
	4,620	Hanjin Transportation Co. Ltd.		145,659
	18,260	Hankook Tire Co. Ltd.		414,412
	860	Hankuk Electric Glass Co. Ltd.		24,606
	460	Hankuk Glass Industries, Inc.		10,187
	1,720	Hankuk Paper Manufacturing Co. Ltd.		46,741
	364	Hanmi Pharm Co. Ltd.		15,466
	1,094	Hanmi Pharm Co. Ltd. - Placement Shares(b)		92,336
	3,220	Hansol Chemical Co. Ltd.		35,927
	12,040	Hansol CSN		19,896
	916	Hansol LCD, Inc.		39,410
Shares			Value
SOUTH KOREA (continued)
	21,040	Hansol Paper Co.	$	267,652
	1,160	Hanssem Co. Ltd.		11,766
	33,385	Hanwha Chemical Corp.		543,213
	20,740	Hanwha Corp.		702,977
	3,960	Hanwha General Insurance Co. Ltd.(b)		33,439
	32,683	Hanwha Securities Co.		221,004
	2,720	Hanyang Securities Co. Ltd.		20,991
	8,796	HMC Investment Securities Co. Ltd.(b)		135,314
	6,664	Honam Petrochemical Corp.		971,654
	7,930	Hotel Shilla Co. Ltd.		170,923
	2,980	Huchems Fine Chemical Corp.		67,631
	1,690	Husteel Co. Ltd.		24,141
	3,340	Hwa Shin Co. Ltd.		37,124
	10,880	Hyosung Corp.		755,022
	530	Hyundai Corp.(b)		11,715
	3,392	Hyundai Department Store Co. Ltd.		338,318
	4,090	Hyundai Engineering Plastics Co. Ltd.		12,722
	19,620	Hyundai H&S Co. Ltd.(d)		174,960
	15,170	Hyundai Hysco		240,422
	8,560	Hyundai Marine & Fire Insurance Co. Ltd.		175,820
	6,180	Hyundai Merchant Marine Co. Ltd.		171,598
	5,244	Hyundai Mipo Dockyard		718,068
	44,201	Hyundai Securities Co.		508,111
	1,050	Il Dong Pharmaceutical Co. Ltd.		32,439
	2,700	Iljin Display Co. Ltd.(b)		22,480
	8,890	Iljin Electric Co. Ltd.		80,403
	597	Ilshin Spinning Co. Ltd.		41,883
	4,670	IS Dongseo Co. Ltd.		56,052
	3,810	ISU Chemical Co. Ltd.		57,485
	10,380	IsuPetasys Co. Ltd.		29,918
	5,470	Jahwa Electronics Co. Ltd.		29,683
	4,110	Jeil Pharmaceutical Co.		42,730
	24,088	Jeonbuk Bank		135,397
	2,850	Jinheung Mutual Savings Bank Co. Ltd.(b)		8,395
	21,460	Kangwon Land, Inc.		359,156
	9,929	KC Tech Co. Ltd.		47,837
	2,931	KCC Corp.		756,859
	3,590	KG Chemical Corp.		32,014
	4,270	Kic Ltd.(b)		22,486
	2,828	Kishin Corp.		12,406
	2,994	KISWIRE Ltd.		94,142
	2,280	Kiwoom Securities Co. Ltd.		83,929
	1,846	Kolon Corp.		52,818
	1,123	Kolon Industries, Inc.(b)		59,991
	800	Korea Airport Service Co. Ltd.		27,048
	2,230	Korea Electric Terminal Co. Ltd.		36,756
	4,408	Korea Express Co. Ltd.(b)		234,358
	3,700	Korea Gas Corp.		138,546

49

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	24,360	Korea Investment Holdings Co. Ltd.	$	695,956
	1,760	Korea Kolmar Co. Ltd.		10,860
	2,220	Korea Kumho Petrochemical Co.(b)		99,453
	1,564	Korea Petrochemical Industries Co. Ltd.		89,762
	1,520	Korea Plant Service & Engineering Co. Ltd.		81,199
	2,018	Korea Zinc Co. Ltd.		401,698
	7,440	Korean Airlines Co. Ltd.(b)		464,106
	16,337	Korean Reinsurance Co.		161,564
	15,990	KP Chemical Corp.		154,078
	690	KPX Chemical Co. Ltd.		28,986
	779	KPX Fine Chemical Co. Ltd.		38,059
	26,210	KTB Securities Co. Ltd.(b)		81,195
	1,910	Kukdo Chemical Co. Ltd.		50,128
	1,420	Kumho Electric Co. Ltd.		53,412
	47,140	Kumho Investment Bank		37,853
	9,090	Kumho Tire Co., Inc.(b)		37,111
	18,100	Kwang Dong Pharmaceutical Co. Ltd.		41,614
	2,130	Kyeryong Construction Industrial Co. Ltd.		25,476
	8,812	Kyobo Securities Co.(b)		67,706
	17,150	Kyung-In Synthetic Corp.		54,505
	3,960	LG Fashion Corp.		95,730
	1,372	LG Household & Health Care Ltd.		431,984
	1,412	LG InnoTek Co. Ltd.		190,960
	6,779	LG International Corp.		180,494
	1,400	LG Life Sciences Ltd.(b)		54,494
	57,250	LG Telecom Ltd.		385,675
	6,640	LIG Insurance Co. Ltd.		143,399
	2,710	Livart Furniture Co. Ltd.		18,325
	363	Lotte Chilsung Beverage Co. Ltd.		240,246
	335	Lotte Confectionary Co. Ltd.		381,983
	6,810	Lotte Midopa Co. Ltd.		70,225
	3,810	Lotte Non-Life Insurance Co. Ltd.		25,216
	406	Lotte Samkang Co. Ltd.		94,201
	4,018	LS Corp.		325,359
	2,270	LS Industrial Systems Co. Ltd.		168,848
	35,312	Macquarie Korea Infrastructure Fund		133,270
	19,530	Meritz Fire & Marine Insurance Co. Ltd.		120,837
	69,820	Meritz Securities Co. Ltd.(b)		59,606
	11,189	Mirae Asset Securities Co. Ltd.		552,321
	9,680	Moorim P&P Co. Ltd.(b)		59,238
	3,910	Moorim Paper Co. Ltd.		28,323
	8,590	Motonic Corp.		64,766
	6	Namyang Dairy Products Co. Ltd.		2,551
	2,166	NCSoft Corp.		344,195
	730	Nexen Corp.		31,099
Shares			Value
SOUTH KOREA (continued)
	6,560	Nexen Tire Corp.	$	39,590
	12,657	NH Investment & Securities Co. Ltd.		106,128
	2,080	NK Co. Ltd.		15,964
	1,449	Nong Shim Co. Ltd.		274,962
	640	Nong Shim Holdings Co. Ltd.		33,918
	26,120	ON*Media Corp.(b)		67,338
	460	Orion Corp.		138,419
	563	Ottogi Corp.		71,382
	1,695	Pacific Corp.		215,622
	9,216	Poongsan Corp.		246,939
	2,723	Poongsan Holdings Corp.		55,814
	2,860	Pusan City Gas Co. Ltd.		50,766
	2,920	S&T Daewoo Co. Ltd.(b)		64,172
	9,961	S&T Dynamics Co. Ltd.		161,656
	2,720	S&T Holdings Co. Ltd.		32,187
	1,120	S1 Corp. Korea		56,706
	1,110	Sajo Industries Co. Ltd.		29,320
	4,340	Sam Young Electronics Co. Ltd.		47,689
	2,150	Sambu Construction Co. Ltd.		26,623
	480	Samchully Co. Ltd.		40,329
	4,310	Samick Thk Co. Ltd.		18,762
	4,010	Samjin Pharmaceutical Co. Ltd.		34,234
	670	SamkwangGlass Co. Ltd.		26,560
	19,390	Samsung Card Co. Ltd.		857,170
	4,567	Samsung Engineering Co. Ltd.		476,744
	3,667	Samsung Fine Chemicals Co. Ltd.		207,050
	23,480	Samsung Heavy Industries Co. Ltd.		490,211
	12,043	Samsung Securities Co. Ltd.		610,764
	5,965	Samsung Techwin Co. Ltd.		554,614
	3,191	Samyang Corp.		157,787
	647	Samyang Genex Co. Ltd.		34,946
	6,460	Seah Besteel Corp.		115,759
	1,170	SeAH Steel Corp.		40,399
	4,400	Sebang Co. Ltd.		59,878
	5,490	Sejong Industrial Co. Ltd.		56,846
	3,890	Sewon Cellontech Co. Ltd.		16,407
	930	Shin Poong Pharmaceutical Co. Ltd.		23,858
	239	Shinsegae Information & Communication Co. Ltd.		12,081
	1,460	Shinyoung Securities Co. Ltd.		44,735
	230	Silla Co. Ltd.		2,420
	1,725	Sindo Co. Ltd.		72,028
	3,755	SK Chemicals Co. Ltd.		211,066
	1,220	SK Gas Co. Ltd.		41,352
	16,008	SK Holdings Co. Ltd.		1,255,662
	32,120	SK Networks Co. Ltd.		280,998
	41,550	SK Securities Co. Ltd.		80,250
	8,770	SKC Co. Ltd.		205,337
	2,440	SL Corp.		24,337
	5,310	Songwon Industrial Co. Ltd.		44,479
	13,894	STX Corp. Co. Ltd(b)		240,164
	10,150	STX Engine Co. Ltd.		231,642

50

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	26,740	STX Offshore & Shipbuilding Co. Ltd.	$	288,177
	52,040	STX Pan Ocean Co. Ltd.		527,845
	1,940	Sung Jin Geotec Co. Ltd.(b)		20,333
	182	Taekwang Industrial Co. Ltd.		112,301
	23,300	Taeyoung Engineering & Construction		93,352
	12,640	Tong Yang Major Corp.(b)		24,573
	23,878	Tong Yang Securities, Inc.		217,976
	710	TS Corp.		22,685
	1,110	Unid Co. Ltd.		43,534
	460	Union Steel(b)		8,535
	2,440	Whanin Pharmaceutical Co. Ltd.		14,231
	59,400	Woongjin Chemical Co. Ltd.(b)		63,011
	7,850	Woongjin Coway Co. Ltd.		277,354
	22,590	Woongjin Holdings Co. Ltd.(b)		225,313
	2,440	Woongjin Thinkbig Co. Ltd.		51,457
	3,700	Woori Financial Co. Ltd.		27,834
	42,960	Woori Investment & Securities Co. Ltd.		675,406
	4,210	Youlchon Chemical Co. Ltd.		32,027
	247	Young Poong Corp.		125,267
	4,952	Youngone Corp.		37,462
	2,398	Youngone Holdings Co. Ltd.		55,234
	1,827	Yuhan Corp.		244,768
				41,504,778
SPAIN — 0.5%
	10,805	Abengoa SA		283,794
	19,632	Acciona SA		1,730,467
	54,354	Acerinox SA		933,914
	2,735	Adolfo Dominguez SA		39,134
	11,647	Afirma Grupo Inmobiliario SA(b)		2,641
	29,610	Almirall SA		280,523
	9,989	Amper SA		59,098
	65,681	Avanzit SA(b)		40,400
	3,330	Azkoyen SA(b)		8,961
	622,226	Banco de Sabadell SA		3,538,572
	27,491	Banco de Valencia SA		165,153
	57,547	Banco Espanol de Credito SA		585,691
	37,389	Banco Guipuzcoano SA		239,720
	62,555	Banco Pastor SA		328,113
	178,959	Bankinter SA		1,342,362
	920	Baron de Ley(b)		42,765
	13,691	Bolsas y Mercados Espanoles		353,261
	6,232	Caja de Ahorros del Mediterraneo		49,621
	10,445	Campofrio Food SA(b)		99,091
	603	Cementos Portland Valderrivas SA		10,137
	2,573	Cia Espanola de Petroleos SA		57,839
	1,300	Codere SA(b)		11,774
	497	Construcciones y Auxiliar de Ferrocarriles SA		223,801
	1,608	Corp. Dermoestetica(b)		4,641
Shares			Value
SPAIN (continued)
	400	Dinamia Capital Privado SA	$	4,691
	7,290	Duro Felguera SA		78,090
	17,038	Ebro Puleva SA		297,522
	60,431	EDP Renovaveis SA(b)		360,915
	8,594	Elecnor SA		110,985
	29,682	Enagas		547,711
	25,859	Ercros SA(b)		26,959
	6,087	FAES FARMA SA		20,783
	262,032	Ferrovial SA		2,298,760
	1,347	Fersa Energias Renovables SA		2,317
	6,928	Fluidra SA		23,203
	10,008	General de Alquiler de Maquinaria(b)		22,563
	235	Grifols SA		2,619
	15,446	Grupo Catalana Occidente SA		290,253
	23,366	Grupo Empresarial Ence SA(b)		79,930
	10,794	Grupo Tavex SA(b)		6,428
	170,914	Iberia Lineas Aereas de Espana(b)		581,317
	1,199	Iberpapel Gestion SA		17,812
	43	Indra Sistemas SA		703
	7,713	La Seda de Barcelona- I-10 Shares(c)		1,186
	4,092	La Seda de Barcelona SA - Class B(b)(d)		629
	1,493	Miquel y Costas		31,908
	29,985	Natraceutical SA(b)		15,669
	42,357	NH Hoteles SA(b)		171,665
	17,454	Obrascon Huarte Lain SA		456,497
	8,409	Papeles y Cartones de Europa SA(b)		35,285
	2,682	Pescanova SA		70,530
	6,911	Promotora de Informaciones SA(b)		19,723
	5,465	Prosegur Cia de Seguridad SA		268,703
	43,510	Realia Business SA(b)		82,499
	22,104	Red Electrica Corp. SA		967,844
	2,557	Renta Corp. Real Estate SA(b)		6,131
	2,195	Reyal Urbis SA(b)		5,249
	7,733	Sacyr Vallehermoso SA(b)		39,704
	39,572	Service Point Solutions SA(b)		28,878
	37,295	Sociedad Nacional Inds. Aplicaciones Celulosa Espanola (Sniace)(b)		56,620
	29,633	Sol Melia SA		247,724
	7,053	Solaria Energia y Medio Ambiente SA(b)		14,614
	4,546	Tecnicas Reunidas SA		235,543
	10,706	Telecomunicaciones y Energia(b)		39,483
	51,164	Tubacex SA		171,353
	34,457	Tubos Reunidos SA		87,111
	1,168	Unipapel SA		15,814
	1,457	Vertice Trescientos Sesenta Grados(b)		456
	6,651	Vidrala SA		162,078
	13,066	Viscofan SA		378,510

51

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SPAIN (continued)
	10,234	Vocento SA(b)	$	52,412
	3,050	Vueling Airlines SA(b)		38,554
	1,106	Zardoya Otis I-10 Shares(c)		17,245
	27,208	Zardoya Otis SA		424,410
				19,349,061
SWEDEN — 0.5%
	9,947	AarhusKarlshamn AB		210,110
	19,622	Acando AB		32,207
	6,207	Active Biotech AB(b)		91,347
	1,413	AddTech AB - Class B		28,281
	9,332	AF AB - Class B		129,581
	2,441	Avanza Bank Holding AB		82,836
	4,250	Axfood AB		121,266
	6,806	Axis Communications AB		82,487
	16,000	B&B Tools AB - Class B		232,698
	5,026	BE Group AB		29,656
	470	Beijer AB G&L - Class B		13,411
	2,900	Beijer Alma AB		43,783
	3,731	Betsson AB(b)		47,932
	9,975	Bilia AB - Class A		150,599
	34,549	Billerud AB		222,043
	2,745	BioGaia AB - Class B		31,558
	7,843	BioInvent International AB(b)		33,677
	26,157	Biotage AB		26,267
	56,324	Biovitrum AB(b)		288,655
	1,921	Bjoern Borg AB		17,561
	164,915	Boliden AB		1,961,030
	30,224	Bure Equity AB		110,938
	5,721	Cardo AB		167,201
	2,600	Catena AB		38,984
	1,303	Clas Ohlson AB - Class B		20,169
	16,662	Concordia Maritime AB - Class B		43,388
	3,018	CyberCom Group Europe AB(b)		8,862
	1,043	Diamyd Medical AB - Class B(b)		16,866
	11,951	East Capital Explorer AB(b)		127,048
	19,800	Elekta AB - Class B		574,008
	2,426	Enea AB		14,315
	111,873	EnQuest Plc(b)		203,767
	34,317	Getinge AB - Class B		759,574
	10,485	Gunnebo AB(b)		44,295
	21,208	Hakon Invest AB		329,298
	13,254	Haldex AB(b)		146,866
	61,599	Hexagon AB - Class B		1,034,094
	4,484	Hexpol AB		57,295
	4,613	HIQ International AB(b)(d)		20,319
	7,672	Hoganas AB - Class B		212,000
	21,543	Holmen AB - Class B		565,457
	209	HQ AB		1,838
	17,130	Husqvarna AB - Class A		121,007
	56,662	Husqvarna AB - Class B		400,263
	9,667	Industrial & Financial Systems - Class B		111,136
Shares			Value
SWEDEN (continued)
	2,800	Indutrade AB(b)	$	64,962
	12,809	Intrum Justitia AB		147,257
	27,734	JM AB		452,332
	3,098	KappAhl Holding AB		21,241
	7,902	Know It AB		61,019
	13,109	Lindab International AB(b)		157,969
	6,839	Loomis AB - Class B		73,888
	55,286	Lundin Petroleum AB(b)		308,146
	46,459	Meda AB - Class A		372,591
	3,620	Medivir AB - Class B(b)		59,166
	1,687	Mekonomen AB		39,373
	49,261	Micronic Laser Systems AB(b)		74,714
	12,149	Modern Times Group AB - Class B(b)		761,621
	45,384	NCC AB - Class B		804,002
	1,444	Net Entertainment NE AB(b)		12,901
	83,059	Net Insight AB - Class B(b)		50,620
	30,343	New Wave Group AB - Class B		142,056
	8,300	Nibe Industrier AB - Class B		78,463
	51,875	Nobia AB(b)		305,373
	6,907	Nolato AB - Class B		76,057
	2,653	Nordnet AB		10,510
	2,900	ORC Software AB		52,721
	2,414	Orexo AB(b)		13,943
	44,150	Peab AB		269,683
	336,078	Pricer AB - Class B(b)		32,120
	17,871	Proffice AB - Class B		56,933
	10,400	Q-Med AB		93,633
	54,195	Ratos AB - Class B		1,547,860
	3,580	Rederi AB Transatlantic(b)		11,851
	18,694	Rezidor Hotel Group AB(b)		95,546
	62,364	RNB Retail and Brands AB(b)		57,875
	54,784	Rottneros AB(b)		47,047
	4,538	Saab AB - Class B		58,959
	3,525	SAS AB(b)		12,792
	4,650	Seco Tools AB - Class B(b)		61,155
	88,526	Securitas AB - Class B		899,404
	5,200	SkiStar AB		87,511
	81,820	SSAB AB - Class A		1,184,294
	37,685	SSAB AB - Class B		484,657
	1,764	Studsvik AB(b)		16,126
	7,337	Sweco AB - Class B		50,813
	625	TradeDoubler AB(b)		2,459
	43,193	Trelleborg AB - Class B		314,989
				18,532,605
SWITZERLAND — 1.0%
	458	Acino Holding AG		42,076
	6,145	Adecco SA		313,237
	1,057	Advanced Digital Broadcast Holdings SA(b)		29,527
	275	Affichage Holding AG		34,319
	2,900	AFG Arbonia-Forster Holding(b)		66,118
	1,615	Allreal Holding AG		189,453
	934	Also Holding AG		42,141

52

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	51,185	Aryzta AG	$	2,093,195
	255	Bachem Holding AG - Class B		15,593
	27,524	Baloise Holding AG		2,204,932
	1,614	Bank Coop AG		108,457
	9,089	Bank Sarasin & Compagnie AG - Class B		336,791
	234	Banque Cantonale de Geneve		46,499
	1,248	Banque Cantonale Vaudoise		557,089
	6	Banque Privee Edmond de Rothschild SA		130,172
	516	Barry Callebaut AG(b)		326,184
	2,080	Basler Kantonalbank		279,543
	79	Belimo Holding AG		93,280
	27	Bell Holding AG		42,767
	951	Bellevue Group AG		31,953
	1,319	Berner Kantonalbank AG		302,115
	3,525	Bobst Group AG(b)		133,664
	198	Bossard Holding AG		16,679
	2,528	Bucher Industries AG		303,108
	88	Centralschweizerische Kraftwerke AG		28,131
	2,297	Charles Voegele Holding AG - Class A(b)		95,038
	145,635	Clariant AG(b)		1,929,311
	351	Coltene Holding AG		19,543
	35	Conzzeta Holding AG		59,974
	2,103	Daetwyler Holding AG		137,279
	2,041	Dufry Group(b)		166,540
	36	Elektrizitaets-Gesellschaft Laufenburg AG		25,867
	809	Emmi AG		124,103
	1,783	EMS-Chemie Holding AG		277,283
	3,730	Energiedienst Holding AG		186,196
	674	Flughafen Zuerich AG		220,957
	496	Forbo Holding AG		237,358
	1,041	Galenica AG		418,219
	36,425	Gam Holding Ltd.(b)		421,351
	7,080	Geberit AG		1,157,458
	2,038	Georg Fischer AG(b)		804,088
	2,167	Givaudan SA		1,997,043
	198	Gurit Holding AG		100,739
	2,998	Helvetia Holdings AG		929,590
	1,822	Implenia AG(b)		50,635
	273,823	Informa Plc		1,686,016
	46	Interroll Holding AG		12,806
	86,225	Julius Baer Group Ltd.		3,017,089
	568	Kaba Holding AG - Class B		162,761
	386	Kardex AG(b)		10,746
	250	Komax Holding AG		21,599
	1,649	Kudelski SA		48,598
	1,229	Kuoni Reisen Holding		382,551
	34	LEM Holding SA		11,097
	15	Lindt & Spruengli AG		367,260
	38,501	Logitech International SA(b)		605,032
	568	Lonza Group AG		44,112
	853	Luzerner Kantonalbank AG		250,569
Shares			Value
SWITZERLAND (continued)
	6	Metall Zug AG - Class B	$	16,300
	6,802	Meyer Burger Technology AG(b)		183,485
	12,813	Micronas Semiconductor Holding(b)		57,687
	5,846	Mobilezone Holding AG		53,033
	1,585	Mobimo Holding AG(b)		289,856
	8,105	Nobel Biocare Holding AG		136,471
	10,291	OC Oerlikon Corp AG(b)		42,480
	19	Orascom Development Holding AG(b)		1,093
	333	Orell Fuessli Holding AG(b)		44,434
	4,281	Panalpina Welttransport Holding AG(b)		386,100
	475	Partners Group Holding AG		67,030
	574	Petroplus Holdings AG(b)		8,894
	190	Phoenix Mecano AG		109,436
	162	Precious Woods Holding AG(b)		5,443
	329	PubliGroupe SA(b)		33,794
	971	Rieter Holding AG(b)		298,981
	192	Romande Energie Holding SA		291,216
	1,371	Schindler Holding AG		120,425
	1,852	Schmolz & Bickenbach AG(b)		54,580
	239	Schweiter Technologies AG		131,465
	4,759	Schweizerishe National-Versicherungs-Gesellsschaft(b)		124,263
	297	Siegfried Holding AG(b)		25,660
	625	Sika AG		1,176,562
	4,650	Sonova Holding AG		564,232
	120	Sopracenerina STA Elettrica		25,977
	695	St. Galler Kantonalbank		322,247
	271,165	STMicroelectronics NV		2,236,474
	956	Straumann Holding AG		209,518
	12,491	Sulzer AG		1,295,025
	17,479	Swiss Life Holding AG(b)		1,837,334
	9,389	Swisslog Holding AG		6,850
	1,273	Swissmetal Holding AG(b)		9,801
	1,620	Swissquote Group Holding SA		67,416
	396	Tamedia AG		30,374
	2,779	Tecan Group AG		174,738
	5,714	Temenos Group AG(b)		146,457
	1,285	Tyco International Ltd.		49,190
	112	Valartis Group AG		2,876
	4,601	Valiant Holding AG		894,847
	1,103	Valora Holding AG		279,535
	135	Vaudoise Assurances Holding SA		27,552
	14,320	Vontobel Holding AG		428,212
	609	VZ Holding AG		49,839
	390	Walter Meier AG - Class A(b)		48,633
	313	Winterthur Technologie AG		12,920
	60	Zehnder Group AG		90,947
	20	Zuger Kantonalbank AG		91,696
				36,307,209

53

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TAIWAN — 0.8%
	3,000	Aaeon Technology, Inc.	$	5,121
	42,905	Ability Enterprise Co. Ltd.		65,877
	71,000	Acbel Polytech, Inc.		55,172
	37,000	Action Electronics Co. Ltd.		13,452
	29,000	Advancetek Enterprise Co. Ltd.		17,829
	35,125	Advantech Co. Ltd.		75,307
	69,000	AGV Products Corp.(b)		29,716
	12,000	ALI Corp.		19,586
	25,000	Alpha Networks, Inc.		19,037
	41,769	Altek Corp.		60,613
	44,000	Ambassador Hotel (The)		53,140
	143,272	AmTRAN Technology Co. Ltd.		137,265
	10,000	Apex Biotechnology Corp.		19,692
	12,000	Arima Communications Corp(b)		4,213
	68,000	Asia Optical Co., Inc.		106,318
	61,000	Asia Polymer		55,397
	82,080	Asia Vital Components Co. Ltd.		99,387
	6,000	ASROCK, Inc.(b)		23,125
	11,000	Aten International Co. Ltd.		19,258
	9,000	Audix Corp.		6,418
	19,000	Aurora Corp.		31,663
	5,000	AV Tech Corp.		14,246
	45,270	Avermedia Technologies, Inc.		58,418
	57,000	Avision, Inc.		34,687
	507,350	BES Engineering Corp.		118,590
	26,000	Biostar Microtech International Corp.		18,459
	9,000	Bright Led Electronics Corp.		11,207
	21,000	C Sun Manufacturing Ltd.		14,090
	49,000	Cameo Communications, Inc.		26,608
	251,000	Capital Securities Corp.(b)		115,930
	43,000	Carnival Industrial Corp.(b)		12,614
	142,400	Catcher Technology Co. Ltd.		320,409
	138,000	Cathay No. 1 REIT		46,727
	8,000	Cathay No. 2 REIT		2,701
	35,000	Chainqui Construction Development Co. Ltd.		29,163
	42,000	Champion Building Materials Co. Ltd.		35,520
	47,000	Charoen Pokphand Enterprise		28,895
	323,000	Cheng Loong Corp.(b)		119,953
	139,727	Cheng Uei Precision Industry Co. Ltd.		244,627
	19,000	Chenming Mold Industry Corp.		13,371
	178,720	Chia Hsin Cement Corp(b)		85,892
	58,413	Chicony Electronics Co. Ltd.		127,786
	41,000	Chien Kuo Construction Co. Ltd.		23,735
	227,418	China Airlines(b)		122,071
	40,000	China Chemical & Pharmaceutical Co. Ltd.		28,836
	1,480,000	China Development Financial Holding Corp.(b)		424,922
	17,000	China Electric Manufacturing Corp.		15,385
	121,000	China General Plastics Corp.(b)		41,915

Shares			Value
TAIWAN (continued)
	13,000	China Hi-Ment Corp.	$	14,362
	159,786	China Life Insurance Co. Ltd.(b)		142,116
	304,505	China Manmade Fibers(b)		104,531
	74,220	China Metal Products		101,451
	264,391	China Motor Corp.(b)		166,670
	469,260	China Petrochemical Development Corp.(b)		252,617
	30,114	China Steel Chemical Corp.		90,501
	2,000	China Steel Structure Co. Ltd.		1,395
	60,616	China Synthetic Rubber Corp.		58,547
	26,000	China Wire & Cable Co. Ltd.(b)		9,412
	12,000	Chinese Maritime Transport Ltd.		26,214
	92,883	Chin-Poon Industrial Co.		68,408
	4,000	Chong Hong Construction Co.		8,189
	24,882	Chroma ATE, Inc.		49,929
	57,000	Chun Yu Works & Co. Ltd.(b)		17,788
	129,100	Chun Yuan Steel		52,376
	65,000	Chung Hsin Electric & Machinery Manufacturing Corp.		36,614
	149,441	Chung Hung Steel Corp.(b)		61,328
	151,000	Chung HWA Pulp Corp.		69,271
	1,983,000	Chunghwa Picture Tubes Ltd.(b)		129,339
	39,916	Clevo Co.(b)		83,959
	897,000	CMC Magnetics Corp.(b)		239,902
	57,000	Collins Co. Ltd.		25,259
	45,150	Compal Communications, Inc.		40,298
	242,000	Compeq Manufacturing Co.(b)		66,082
	123,689	Continental Holdings Corp.		47,285
	30,000	Coxon Precise Industrial Co. Ltd.		58,046
	85,838	CTCI Corp.		92,017
	11,000	Cyberlink Corp.		45,828
	47,460	CyberTAN Technology, Inc.		51,543
	28,000	DA CIN Construction Co. Ltd.		15,248
	36,750	Darfon Electronics Corp.		40,657
	16,320	Delpha Construction Co. Ltd.		6,214
	13,000	DFI, Inc.		14,382
	146,712	D-Link Corp.		113,090
	12,000	Dynamic Electronics Co. Ltd.		10,430
	886,590	E.Sun Financial Holding Co. Ltd.(b)		410,875
	224,739	Eastern Media International(b)		58,002
	43,000	Eclat Textile Co. Ltd.		27,912
	23,000	Edom Technology Co. Ltd.		11,987
	32,320	Elan Microelectronics Corp.		47,708
	14,000	E-Life Mall Corp.		20,950
	27,294	Elite Material Co. Ltd.		25,468
	24,570	Elite Semiconductor Memory Technology, Inc.		47,156
	224,789	Elitegroup Computer Systems Co. Ltd.		83,480
	134,000	Epistar Corp.		368,418
	178,542	Eternal Chemical Co. Ltd.		177,742

54

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	309,281	Eva Airways Corp.(b)	$	184,351
	128,000	Evergreen International Storage & Transport Corp.(b)		99,665
	198,000	Evergreen Marine Corp. Taiwan Ltd.(b)		147,063
	109,000	Everlight Chemical Industrial Corp.		101,198
	28,643	Everlight Electronics Co. Ltd.		81,700
	16,000	Excelsior Medical Co. Ltd.		35,701
	344,430	Far Eastern Department Stores Co. Ltd.		336,976
	480,515	Far Eastern International Bank(b)		186,697
	16,000	Faraday Technology Corp.		26,164
	25,000	Farglory Land Development Co. Ltd.		49,620
	111,000	Federal Corp.(b)		71,013
	56,320	Feng Hsin Iron & Steel Co.		80,586
	45,155	Feng TAY Enterprise Co. Ltd.		40,725
	46,000	First Copper Technology Co. Ltd.		19,452
	19,000	First Hotel		15,417
	13,000	First Insurance Co. Ltd.		5,355
	33,079	First Steamship Co. Ltd.		56,261
	6,000	Flytech Technology Co. Ltd.		17,039
	60,000	Forhouse Corp.(b)		60,199
	6,000	Formosa Advanced Technologies Co. Ltd.		7,677
	37,000	Formosa Epitaxy, Inc.		51,152
	8,079	Formosa International Hotels Corp.		115,726
	337,000	Formosa Taffeta Co. Ltd.		256,614
	124,000	Formosan Rubber Group, Inc.		91,132
	47,000	Formosan Union Chemical		24,862
	5,000	Foxconn Technology Co. Ltd.		17,008
	70,000	Froch Enterprise Co. Ltd.(b)		32,659
	75,272	FSP Technology, Inc.		89,382
	89,000	Fubon No 2 REIT		29,469
	27,000	G Shank Enterprise Co. Ltd.		20,517
	7,000	Gamma Optical Co. Ltd.(b)		6,466
	41,000	Gem Terminal Industrial Co. Ltd.		33,203
	32,214	Gemtek Technology Corp.		43,882
	14,000	Genesis Photonics, Inc.		18,831
	5,000	Geovision, Inc.		16,150
	104,000	Getac Technology Corp.		67,508
	32,760	Giant Manufacturing Co. Ltd.		113,993
	55,000	Giantplus Technology Co. Ltd.(b)		28,493
	236,781	Gigabyte Technology Co. Ltd.		249,391
	11,000	Gigastorage Corp.		13,920
	36,341	Gintech Energy Corp.(b)		107,287
	9,000	Global Mixed Mode Technology, Inc.		40,024
	12,000	Global Unichip Corp.		46,062
	51,000	Globe Union Industrial Corp.		59,366
	163,770	Gold Circuit Electronics Ltd.		59,286

Shares			Value
TAIWAN (continued)
	209,884	Goldsun Development & Construction Co. Ltd.	$	91,045
	275,000	Grand Pacific Petrochemical(b)		121,007
	59,000	Great China Metal Industry		42,809
	66,000	Great Taipei Gas Co. Ltd.		34,603
	104,060	Greatek Electonics, Inc.		102,620
	21,944	Green Energy Technology, Inc.		46,430
	17,000	GTM Corp.(b)		10,876
	53,000	Hannstar Board Corp.		43,583
	1,348,000	HannStar Display Corp.(b)		261,662
	132,000	Hey Song Corp.		103,191
	88,485	Highwealth Construction Corp.		137,104
	31,000	Hitron Technology, Inc.		19,881
	132,610	Ho Tung Chemical Corp.(b)		67,043
	24,000	Hocheng Group Corp.(b)		8,763
	30,000	Hold-Key Electric Wire & Cable Co. Ltd.(b)		16,665
	36,000	Holiday Entertainment Co. Ltd.(b)		29,772
	14,000	Holtek Semiconductor, Inc.		20,382
	58,136	Holystone Enterprise Co. Ltd.		75,474
	59,000	Hong Tai Electric Industrials		24,673
	56,000	Hotai Motor Co. Ltd.		139,635
	68,678	Hsin Kuang Steel Co. Ltd.		58,833
	201,000	HUA ENG Wire & Cable Co., Ltd.(b)		68,686
	21,192	Huaku Development Co. Ltd.		47,419
	19,000	Huang Hsiang Construction Co.(b)		31,307
	37,743	Hung Poo Real Estate Development Corp.		43,581
	40,000	Hwa Fong Rubber Co. Ltd.(b)		15,541
	70,341	Ichia Technologies, Inc.(b)		32,708
	10,000	I-Chiun Precision Industry Co. Ltd.		13,372
	11,000	ICP Electronics, Inc.		14,006
	23,000	Infortrend Technology, Inc.		29,824
	31,604	Inotera Memories, Inc.(b)		16,668
	65,000	Inventec Appliances Corp.		53,755
	511,140	Inventec Co. Ltd.		271,174
	24,000	I-Sheng Electric Wire & Cable Co. Ltd.		39,546
	19,000	ITE Technology, Inc.		32,612
	15,000	Jess-Link Products Co. Ltd.		50,088
	13,000	K Laser Technology, Inc.		9,250
	13,000	Kang Na Hsiung Enterprise Co. Ltd.		7,789
	21,000	Kaulin Manufacturing Co. Ltd.		19,300
	25,000	Kee Tai Properties Co. Ltd.		11,274
	102,772	Kenda Rubber Industrial Co. Ltd.		109,529
	149,000	Kindom Construction Co.		107,878
	169,184	King Yuan Electronics Co. Ltd.		76,029
	212,185	King’s Town Bank(b)		89,063
	21,000	King’s Town Construction Co. Ltd.		19,235
	13,000	Kinik Co.		16,918

55

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	333,343	Kinpo Electronics, Inc.(b)	$	95,810
	46,000	Kinsus Interconnect Technology Corp.		96,325
	14,000	KS Terminals, Inc.		15,379
	16,000	Kung Long Batteries Industrial Co. Ltd.		26,963
	128,000	Kuoyang Construction Co. Ltd.(b)		78,693
	254,000	Kwong Fong Industries(b)		64,444
	14,000	KYE Systems Corp.		12,889
	62,000	L&K Engineering Co. Ltd.		67,527
	7,100	Largan Precision Co. Ltd.		135,603
	4,000	LeadTrend Technology Corp.		19,099
	241,757	Lealea Enterprise Co. Ltd.(b)		95,440
	56,875	LEE Chang Yung Chemical Industries Corp.		71,707
	15,000	Lee Chi Enterprises Co. Ltd.		8,215
	33,000	Leofoo Development Co. Ltd.(b)		19,825
	25,000	Les Enphants Co. Ltd.		29,257
	86,000	Li Peng Enterprise Co. Ltd.(b)		39,050
	137,111	Lien Hwa Industrial Corp.		80,443
	70,000	Lingsen Precision Industries Ltd.		42,271
	59,000	Lite-On It Corp.		65,917
	37,000	Lite-On Semiconductor Corp.(b)		22,285
	34,000	Lite-On Technology Corp.		43,397
	75,547	Long Chen Paper Co. Ltd.(b)		23,694
	5,000	Lotes Co. Ltd.		26,292
	11,000	Lumax International Corp. Ltd.		19,087
	429,385	Macronix International		286,091
	24,000	Makalot Industrial Co. Ltd.		54,151
	35,000	Marketech International Corp.		17,312
	108,000	Masterlink Securities Corp.(b)		41,288
	14,000	Maxtek Technology Co. Ltd.		16,034
	54,000	Mayer Steel Pipe Corp.		44,068
	82,000	Meiloon Industrial Co. Ltd.		36,338
	117,000	Mercuries & Associates Ltd.(b)		68,279
	26,849	Merry Electronics Co. Ltd.		39,632
	86,000	Microelectronics Technology, Inc.		52,335
	310,404	Micro-Star International Co. Ltd.		172,912
	5,000	Min Aik Technology Co. Ltd.		8,348
	302,000	Mitac International		123,463
	53,044	Nan Kang Rubber Tire Co. Ltd.(b)		70,684
	22,440	Nan Ya Printed Circuit Board Corp.		91,739
	12,000	Nantex Industry Co. Ltd.		7,827
	217,872	Nanya Technology Corp.(b)		147,204
	24,000	National Petroleum Co. Ltd.		25,653
	107,000	Nien Hsing Textile Co. Ltd.		62,777
	23,000	Novatek Microelectronics Corp. Ltd.		60,795
	87,360	Opto Technology Corp.		61,614

Shares			Value
TAIWAN (continued)
	118,000	Orient Semiconductor Electronics Ltd.(b)	$	31,154
	90,000	Pan Jit International, Inc.		86,367
	51,031	Pan-International Industrial		80,265
	15,300	Paragon Technologies Co. Ltd.		36,431
	135,000	Phihong Technology Co. Ltd.		151,037
	22,000	Plotech Co. Ltd.(b)		16,443
	482,786	Polaris Securities Co. Ltd.(b)		220,725
	11,000	Polytronics Technology Corp.		23,755
	176,715	POU Chen Corp.		135,114
	28,000	President Chain Store Corp.		91,750
	134,000	President Securities Corp.(b)		73,391
	221,026	Prince Housing Development Corp.(b)		103,120
	121,000	Prodisc Technology, Inc.(b)		1,850
	26,000	Promate Electronic Co. Ltd.		19,676
	420,000	Qisda Corp.(b)		237,240
	64,000	Quintain Steel Co. Ltd.(b)		19,494
	44,110	Radiant Opto-Electronics Corp.		59,881
	174,203	Radium Life Tech Co. Ltd.(b)		161,191
	8,000	Ralec Electronic Corp.		17,951
	51,380	Realtek Semiconductor Corp.		117,212
	40,000	Rechi Precision Co. Ltd.(b)		19,099
	37,000	Rexon Industrial Corp. Ltd.(b)		12,990
	19,400	Richtek Technology Corp.		163,768
	1,020,398	Ritek Corp.(b)		292,648
	82,000	Ruentex Development Co. Ltd.		140,234
	99,000	Ruentex Industries Ltd.(b)		286,092
	241,497	Sampo Corp.(b)		38,286
	11,000	San Fang Chemical Industry Co. Ltd.		11,431
	21,000	Sanyo Electric Taiwan Co. Ltd.		19,956
	20,000	Sesoda Corp.		20,316
	14,000	ShenMao Technology, Inc.		24,030
	21,000	Shih Wei Navigation Co. Ltd.		30,015
	71,000	Shihlin Electric & Engineering Corp.		76,554
	32,000	Shihlin Paper Corp.(b)		65,211
	66,000	Shin Kong No.1 REIT		20,391
	21,000	Shining Building Business Co. Ltd.(b)		20,971
	65,000	Shinkong Insurance Co. Ltd.(b)		54,364
	467,425	Shinkong Synthetic Fibers Corp.(b)		164,835
	79,000	Shinkong Textile Co. Ltd.(b)		91,466
	44,000	Shuttle, Inc.(b)		33,367
	73,000	Sigurd Microelectronics Corp.		56,840
	61,000	Sinbon Electronics Co. Ltd.		45,117
	126,170	Sincere Navigation Corp.		144,111
	34,000	Sinon Corp.		14,536
	1,690,000	SinoPac Financial Holdings Co. Ltd.(b)		566,964
	103,115	Sintek Photronic Corp.(b)		63,394
	36,513	Sinyi Realty Co.		54,924
	17,000	Sitronix Technology Corp.		28,967
	26,000	Solelytex Industrial Corp.(b)		21,015

56

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	25,000	Solomon Technology Corp.(b)	$	11,001
	24,000	Sonix Technology Co. Ltd.		48,834
	11,000	Spirox Corp.		9,303
	8,000	Standard Chemical & Pharmaceutical Corp.		7,415
	43,000	Standard Foods Corp.		125,202
	22,058	Star Comgistic Capital Co. Ltd.(b)		26,089
	16,000	Stark Technology, Inc.		13,906
	80,399	Sunplus Technology Co. Ltd.(b)		59,841
	38,500	Sunrex Technology Corp.		37,787
	57,000	T JOIN Transportation Co.		41,714
	86,290	TA Chen Stainless Pipe Co. Ltd.(b)		59,917
	512,000	TA Chong Bank Co. Ltd.(b)		123,193
	129,000	Ta Ya Electric Wire & Cable(b)		35,427
	13,000	TA-I Technology Co. Ltd.		14,747
	179,595	Taichung Commercial Bank		56,327
	18,000	Tainan Enterprises Co. Ltd.		23,031
	396,000	Tainan Spinning Co. Ltd.(b)		174,869
	1,297,332	Taishin Financial Holding Co. Ltd.(b)		578,958
	65,000	Taisun Enterprise Co. Ltd.		38,034
	99,000	Taita Chemical Co. Ltd.(b)		40,010
	527,000	Taiwan Business Bank(b)		155,747
	53,000	Taiwan Cogeneration Corp.		30,351
	2,000	Taiwan Fertilizer Co. Ltd.		5,530
	27,000	Taiwan Fire & Marine Insurance Co.		22,245
	21,000	Taiwan Fu Hsing Industrial Co. Ltd.		12,812
	180,240	Taiwan Glass Industrial Corp.		174,089
	39,951	Taiwan Hon Chuan Enterprise Co. Ltd.		74,308
	12,000	Taiwan International Securities Corp.(b)		4,400
	32,000	Taiwan Land Development Corp.(b)		13,282
	86,627	Taiwan Life Insurance Co. Ltd.(b)		85,969
	139,000	Taiwan Mask Corp.		51,620
	54,000	Taiwan Nano Electro-Optical Technology Co. Ltd.(b)		34,715
	71,544	Taiwan Navigation Co. Ltd.		89,420
	52,000	Taiwan Paiho Ltd.		44,221
	35,000	Taiwan Pulp & Paper Corp.(b)		15,401
	38,117	Taiwan Secom Co. Ltd.		58,406
	65,469	Taiwan TEA Corp.(b)		38,819
	84,000	Taiyen Biotech Co. Ltd.(b)		54,264
	974,000	Tatung Co. Ltd.(b)		177,514
	499,000	Teco Electric and Machinery Co. Ltd.		239,818
	9,450	Test Research, Inc.		13,035
	17,000	Thinking Electronic Industrial Co. Ltd.		25,253
	21,000	Thye Ming Industrial Co, Ltd.		27,230
	222,000	Ton Yi Industrial Corp.		100,111

Shares			Value
TAIWAN (continued)
	8,000	Tong Hsing Electronic Industries Ltd.	$	30,459
	34,860	Tong Yang Industry Co. Ltd.		53,307
	30,000	Tong-Tai Machine & Tool Co. Ltd.		28,555
	46,000	Topco Scientific Co. Ltd.		58,355
	29,137	Transcend Information, Inc.		81,200
	46,957	Tripod Technology Corp.		178,781
	16,911	Tsann Kuen Enterprise Co. Ltd.		31,506
	84,135	TSRC Corp.		122,224
	10,000	Ttet Union Corp.		12,140
	116,315	Tung Ho Steel Enterprise Corp.		102,000
	45,000	TXC Corp.		78,643
	27,000	TYC Brother Industrial Co. Ltd.		17,821
	199,000	Tycoons Group Enterprise(b)		35,958
	25,000	Tyntek Corp.		19,544
	46,000	U-Ming Marine Transport Corp.		86,994
	223,288	Unimicron Technology Corp.		371,409
	99,075	Union Bank of Taiwan(b)		24,859
	20,000	Unitech Computer Co. Ltd.		11,640
	152,000	Unitech Printed Circuit Board Corp.(b)		56,923
	26,000	United Integrated Services Co. Ltd.		32,821
	7,000	Unity Opto Technology Co. Ltd.		13,129
	110,000	Universal Cement Corp.(b)		52,694
	282,039	UPC Technology Corp.		166,793
	133,000	USI Corp.(b)		90,898
	35,000	U-Tech Media Corp.(b)		15,182
	52,000	Ve Wong Corp.		43,572
	7,349	Via Technologies, Inc.(b)		6,341
	7,000	Visual Photonics Epitaxy Co. Ltd.		15,073
	68,000	Wah Lee Industrial Corp.		99,209
	824,000	Walsin Lihwa Corp.(b)		361,296
	217,526	Walsin Technology Corp.(b)		125,586
	32,000	Walton Advanced Engineering, Inc.		15,828
	167,000	Wan Hai Lines Ltd.(b)		112,572
	728,319	Waterland Financial Holdings(b)		223,881
	53,000	Wei Chuan Food Corp.(b)		61,198
	15,000	Well Shin Technology Co. Ltd.		29,070
	40,000	Weltrend Semiconductor, Inc.		28,212
	1,058,977	Winbond Electronics Corp.(b)		269,673
	299,000	Wintek Corp.(b)		267,802
	30,000	Wistron NeWeb Corp.		59,450
	61,000	WPG Holdings Co. Ltd.		125,832
	96,000	WT Microelectronics Co. Ltd.		110,250
	17,000	Wus Printed Circuit Co. Ltd.(b)		7,480
	648,000	Yageo Corp.		289,182
	396,000	Yang Ming Marine Transport Corp.		256,433
	82,077	Yeun Chyang Industrial Co. Ltd.		56,864
	315,308	Yieh Phui Enterprise Co. Ltd.		117,096

57

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TAIWAN (continued)
	86,240	Yosun Industrial Corp.	$	143,987
	6,000	Young Optics, Inc.		43,815
	350,242	Yuen Foong Yu Paper Manufacturing Co. Ltd.(b)		143,186
	352,000	Yulon Motor Co. Ltd.		404,800
	26,000	Yulon Nissan Motor Co. Ltd.(b)		74,243
	16,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		21,770
	130,000	Yungtay Engineering Co. Ltd.		142,603
	26,000	Zenitron Corp.		16,958
	29,000	Zig Sheng Industrial Co. Ltd.		12,670
	26,169	Zinwell Corp.		44,754
	63,416	Zyxel Communications Corp.		37,998
				28,253,963
THAILAND — 0.1%
	108,700	Amata Corp. Public Co. Ltd.		35,363
	344,900	Asian Property Development Public Co. Ltd.		66,255
	92,800	Bangchak Petroleum Public Co. Ltd.		41,692
	75,000	Bangkok Dusit Medical Services Public Co. Ltd.		67,971
	12,900	Bangkok Insurance Public Co. Ltd.		84,734
	91,200	BEC World Public Co. Ltd.		84,771
	19,000	Big C Supercenter Public Co. Ltd.		32,084
	1,158,900	CalComp Electronics Public Co. Ltd.		132,138
	190,700	CH Karnchang Public Co. Ltd.		38,701
	217,000	Delta Electronics Thai Public Co. Ltd.		176,491
	31,200	Dynasty Ceramic Public Co. Ltd.		41,084
	79,700	Glow Energy Public Co. Ltd.		99,393
	84,200	Hana Microelectronics Public Co. Ltd.		72,395
	1,785,800	Hemaraj Land and Development Public Co. Ltd.		87,976
	625,525	Home Product Center Public Co. Ltd.		144,389
	63,100	ICC International Public Co. Ltd.		87,001
	148,575	Indorama Ventures Public Co. Ltd.		96,211
	2,285,000	IRPC Public Co. Ltd.		274,696
	664,100	Italian-Thai Development Public Co. Ltd.(b)		59,260
	120,000	Khon Kaen Sugar Industry Public Co. Ltd.		42,758
	81,200	Kiatnakin Bank Public Co. Ltd.		76,734
	452,800	Land & Houses Public Co. Ltd. - NVDR		79,266
	28,700	MBK Public Co. Ltd.		80,031
	205,100	Precious Shipping Public Co. Ltd.		117,563

Shares			Value
THAILAND (continued)
	264,700	PTT Aromatics & Refining Public Co. Ltd.	$	191,092
	1,000,000	Quality Houses Public Co. Ltd.		70,643
	36,300	Ratchaburi Electricity Generating Holding Public Co. Ltd.		41,895
	153,900	Robinson Department Store Public Co. Ltd.		82,016
	115,300	Rojana Industrial Park Public Co. Ltd.		36,796
	75,400	Saha-Union Public Co. Ltd.		89,943
	2,132,000	Sahaviriya Steel Industries Public Co. Ltd.(b)		105,692
	298,800	Sansiri Public Co. Ltd.		53,696
	10,600	Siam City Cement Public Co. Ltd.		74,553
	19,300	Siam Makro Public Co. Ltd.		69,366
	1,330,700	Tata Steel Thailand Public Co. Ltd.(b)		67,205
	30,000	Thai Carbon Black Public Co. Ltd.		31,139
	15,000	Thai Central Chemical Public Co. Ltd.		7,390
	143,800	Thai Plastic & Chemical Public Co. Ltd.		83,317
	18,200	Thai Stanley Electric Public Co. Ltd.		89,379
	159,300	Thai Union Frozen Products Public Co. Ltd.		243,084
	244,900	Thanachart Capital Public Co. Ltd.		227,637
	155,760	Thoresen Thai Agencies Public Co. Ltd.		115,342
	77,800	Tisco Financial Group Public Co. Ltd.		70,508
	4,947,400	TMB Bank Public Co. Ltd.(b)		300,446
	463,100	TPI Polene Public Co. Ltd.		187,966
	333,000	True Corp. Public Co. Ltd.(b)		45,397
	256,900	Vinythai Public Co. Ltd.		71,240
				4,474,699
TURKEY — 0.2%
	11,722	Adana Cimento - Class A		38,574
	84,071	Advansa Sasa Polyester Sanayi AS(b)		45,181
	13,070	Akcansa Cimento AS		63,738
	29,891	Akenerji Elektrik Uretim AS - Placement Shares(b)		64,654
	36,249	Aksa Akrilik Kimya Sanayii(b)		61,569
	73,605	Aksigorta AS		93,276
	1	Alarko Holding AS		1
	21,753	Albaraka Turk Katilim Bankasi AS		37,525
	13,283	Altinyildiz(b)		63,013
	1	Anadolu Cam Sanayii AS(b)		1
	25,952	Anadolu Hayat Emeklilik AS		77,485
	77,417	Anadolu Sigorta		54,960
	18,756	Arcelik AS		92,709

58

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TURKEY (continued)
	86,901	Asya Katilim Bankasi AS(b)	$	216,791
	46,890	Aygaz AS		206,886
	6,325	Bati Cimento(b)		33,153
	1	Bolu Cimento Sanayii AS		0
	2,472	Borusan Mannesmann Boru Sanayi		30,998
	514	Brisa Bridgestone Sabanci		32,227
	1,034	BSH Ev Aletleri Sanayi ve Ticaret AS		88,499
	16,881	Bursa Cimento		54,209
	0	Celebi Hava Servisi		4
	12,995	Cimsa Cimento Sanayi ve Ticaret AS		80,615
	19,705	Coca-Cola Icecek AS		205,260
	28,721	Deva Holding AS(b)		54,881
	493,980	Dogan Sirketler Grubu Holdings		357,244
	33,757	Dogan Yayin Holding(b)		34,715
	21,336	Dogus Otomotiv Servis ve Ticaret AS(b)		104,047
	90,228	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		138,287
	1	Eregli Demir Ve Celik Fabrikalari TAS(b)		2
	30,092	Finans Fin Kirala(b)		52,310
	12,207	Ford Otomotiv Sanayi AS		90,710
	2,500	Goodyear Lastikleri Turk AS		26,208
	120,000	GSD Holding AS(b)		83,599
	9,201	Hurriyet Gazetecilik AS(b)		9,584
	32,427	IS Yatirim Menkul Degerler AS		46,042
	1	Izmir Demir Celik Sanayi AS(b)		1
	1	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		0
	428	Kartonsan Karton Sanayi		36,666
	842	Konya Cimento Sanayii AS		78,770
	70,872	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS(b)		143,888
	18,000	Koza Anadolu Metal Madencilik Isletmeleri AS(b)		45,143
	18,103	Mardin Cimento Sanayii		90,081
	33,242	Marmaris Marti Otel Isletmel(b)		27,790
	60,000	Net Holding AS(b)		36,226
	58,142	Net Turizm Ticaret Ve Sanayi SA(b)		40,891
	2,633	Nortel Networks Netas Telekomunikasyon AS		96,082
	5,026	Otokar Otobus Karoseri Sanayi AS		53,688
	113,035	Petkim Petrokimya Holding AS(b)		164,243
	11,338	Pinar Entegre Et Ve Un Sanayi AS		47,392
	7,882	Pinar SUT Mamulleri Sanayii		47,066
	32,559	Sarkuysan Elektrolitik Bakir(b)		71,288
Shares			Value
TURKEY (continued)
	115,886	Sekerbank TAS	$	125,328
	46,195	Selcuk Ecza Deposu Ticaret ve Sanayi AS		67,123
	31,610	Sinpas Gayrimenkul Yatirim Ortakligi AS REIT(b)		35,234
	20,000	Soda Sanayii AS(b)		21,231
	18,260	TAT Konserve(b)		40,465
	21,043	TAV Havalimanlari Holding AS(b)		89,355
	24,861	Tekfen Holding AS		83,299
	1	Tekstil Bankasi AS(b)		0
	25,412	Tofas Turk Otomobil Fabrikasi AS		96,948
	115,395	Trakya Cam Sanayi AS(b)		166,907
	16,909	Turcas Petrolculuk AS(b)		58,899
	63,902	Turk Ekonomi Bankasi AS(b)		90,731
	89,880	Turk Hava Yollari AO(b)		260,003
	202,912	Turk Sise ve Cam Fabrikalari AS(b)		254,448
	127,271	Turkiye Sinai Kalkinma Bankasi AS		173,951
	57,265	Ulker Biskuvi Sanayi AS		164,135
	24,185	Vestel Beyaz Esya Sanayi Ve Ticaret AS		57,446
	1	Vestel Elektonik Sanayi(b)		1
	15,401	Yapi Kredi Finansal Kiralama AO		49,661
	9,284	Yapi Kredi Sigorta AS(b)		59,750
	42,319	Zorlu Enerji Elektrik Uretim AS(b)		73,565
				5,586,652
UNITED ARAB EMIRATES — 0.0%
	84,317	Dragon Oil Plc(b)		561,586
	34,678	Lamprell Plc		148,552
				710,138
UNITED KINGDOM — 5.8%
	5,277	888 Holdings Plc		4,016
	233,159	Aberdeen Asset Management Plc		513,668
	36,626	Admiral Group Plc		832,187
	19,217	AEA Technology Plc(b)		4,825
	1,356	Aegis Group Plc		2,494
	20,728	Aga Rangemaster Group Plc(b)		28,622
	63,284	Aggreko Plc		1,521,302
	195	Alterian Plc(b)		487
	90,474	AMEC Plc		1,239,370
	83,499	Amlin Plc		556,581
	40,996	Anglo Pacific Group Plc		164,681
	60,613	Anite Plc		40,422
	196,439	Antisoma Plc(b)		16,337
	57,224	Arena Leisure Plc		33,223
	13,785	Ark Therapeutics Group Plc(b)		1,244
	247,380	ARM Holdings Plc		1,273,990
	71,935	Arriva Plc		869,148
	47,156	Ashmore Group Plc		208,887

59

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	143,649	Ashtead Group Plc	$	218,644
	41,622	Autonomy Corp. Plc(b)		1,074,364
	10,641	Aveva Group Plc		222,074
	117,930	Avis Europe Plc(b)		39,786
	2,965	Axis-Shield Plc(b)		12,387
	77,121	Babcock International Group Plc		670,417
	317,709	Balfour Beatty Plc		1,241,841
	4,992	Barr (A.G.) Plc		93,215
	7,499	Barratt Developments Plc(b)		11,326
	177,855	BBA Aviation Plc		546,997
	36,154	Bellway Plc		328,755
	18,558	Berkeley Group Holdings Plc(b)		235,873
	3,266	Big Yellow Group Plc REIT		15,887
	10,233	Bloomsbury Publishing Plc		19,911
	11,053	BlueBay Asset Management Plc		48,736
	43,185	Bodycote Plc		160,667
	20,611	Boot (Henry) Plc		28,622
	78,487	Bovis Homes Group Plc(b)		423,415
	2,280	Braemar Shipping Services Plc		17,584
	1,216	Brammer Plc		3,053
	24,665	Brewin Dolphin Holdings Plc		47,218
	386,978	British Airways Plc(b)		1,333,464
	180,604	British Land Co. Plc REIT		1,308,712
	38,810	Britvic Plc		292,313
	43,750	BSS Group Plc		307,140
	55,082	BTG Plc(b)		184,099
	83,857	Bunzl Plc		907,928
	91,462	Burberry Group Plc		1,207,696
	4,396	Business Post Group Plc		24,246
	818,463	Cable & Wireless Communications Plc		760,297
	1,341,051	Cable & Wireless Worldwide(b)		1,404,622
	319,400	Cairn Energy Plc(b)		2,339,530
	61,273	Capita Group Plc (The)		691,291
	64,436	Capital & Counties Properties Plc		111,220
	27,306	Capital & Regional Plc(b)		13,068
	213,409	Carillion Plc		1,007,957
	94,951	Carphone Warehouse Group Plc(b)		342,681
	20,799	Centaur Media Plc		16,645
	7,437	Charles Stanley Group Plc		24,098
	5,241	Charles Taylor Consulting Plc		18,093
	112,432	Chaucer Holdings Plc		81,595
	5,888	Chemring Group Plc		266,826
	35,339	Chesnara Plc		119,222
	4,146	Chime Communications Plc		11,222
	38,662	Chloride Group Plc		226,346
	4,522	Chrysalis Group Plc(b)		7,096
	25,051	Cineworld Group Plc		77,831
	4,407	Clarkson Plc		58,883
	36,715	Close Brothers Group Plc		387,147
	294,406	Cobham Plc		1,097,168
	72,154	Collins Stewart Plc		82,085
Shares			Value
UNITED KINGDOM (continued)
	173,067	Colt Telecom Group SA(b)	$	350,050
	27,294	Communisis Plc		9,958
	60,264	Computacenter Plc		259,197
	4,293	Consort Medical Plc		26,036
	195,638	Cookson Group Plc(b)		1,363,010
	5,973	Corin Group Plc		4,874
	11,544	Costain Group Plc		35,051
	13,083	Cranswick Plc		179,116
	35,259	Crew Gold Corp.(b)		9,603
	34,340	Croda International Plc		695,648
	60,444	CSR Plc(b)		323,992
	62,834	Daily Mail & General Trust Plc - Class A		478,287
	33,597	Dairy Crest Group Plc		203,335
	32,414	Dana Petroleum Plc(b)		870,253
	71,879	Davis Service Group Plc		421,829
	34,789	De La Rue Plc		400,410
	97,784	Debenhams Plc(b)		94,364
	1,738	Dechra Pharmaceuticals Plc		11,318
	5,531	Development Securities Plc		21,632
	51,874	Devro Plc		170,935
	1,589	Dialight Plc		8,727
	367,970	Dimension Data Holdings Plc		710,199
	46,143	Diploma Plc		188,072
	21,990	Domino Printing Sciences Plc		155,171
	12,931	Domino’s Pizza UK & Ireland Plc		83,029
	182,911	Drax Group Plc		1,102,133
	52,981	DS Smith Plc		119,049
	820,955	DSG International Plc(b)		345,623
	4,924	Dunelm Group Plc		30,821
	4,924	Dunelm Group Plc - Class B-Redeemable Shares(c)		1,661
	95,142	easyJet Plc(b)		596,867
	43,305	Electrocomponents Plc		152,892
	196,823	Elementis Plc		239,354
	54,250	EnQuest Plc(b)		99,597
	1,630,000	Ensco International Plc - ADR		68,150,300
	14,750	Erinaceous Group Plc(b)(c)(d)		0
	8,964	Euromoney Institutional Investor Plc		85,098
	66,901	Evolution Group Plc		87,918
	101,954	F&C Asset Management Plc		80,790
	80,315	Fenner Plc		277,383
	2,340	Ferrexpo Plc		10,164
	5,486	Fidessa Group Plc		125,940
	65,866	Filtrona Plc		247,221
	11,172	Filtronic Plc		5,960
	20,392	Findel Plc(b)		2,640
	238,524	Firstgroup Plc		1,376,971
	11,981	Forth Ports Plc		239,135
	312,657	Fortune Oil Plc(b)		32,036
	8,125	French Connection Group Plc		6,088
	4,872	Fuller Smith & Turner - Class A		42,429
	58,668	Future Plc		16,110
	385,509	G4S Plc		1,564,321

60

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	21,118	Galliford Try Plc	$	102,063
	5,558	Games Workshop Group Plc(b)		37,066
	35,902	Gem Diamonds Ltd.(b)		123,149
	21,692	Genus Plc		243,371
	833,596	GKN Plc(b)		1,767,151
	273	Go-Ahead Group Plc		4,781
	106,160	Greene King Plc		737,951
	12,291	Greggs Plc		85,728
	49,948	Halfords Group Plc		376,987
	108,988	Halma Plc		474,575
	146,280	Hammerson Plc REIT		891,512
	42,153	Hampson Industries Plc		40,679
	4,000	Hansard Global Plc		10,733
	289	Hardy Oil & Gas Plc(b)		719
	29,508	Hargreaves Lansdown Plc		167,846
	10,889	Hays Plc		15,429
	27,863	Headlam Group Plc		111,489
	10,542	Helical Bar Plc		49,063
	38,760	Helphire Plc(b)		23,720
	192,769	Henderson Group Plc		395,647
	14,452	Heritage Oil Ltd.(b)		93,045
	47,848	Hikma Pharmaceuticals Plc		537,576
	27,856	Hill & Smith Holdings Plc		125,885
	11,167	Holidaybreak Plc		45,559
	92,799	Home Retail Group Plc		348,020
	17,525	Homeserve Plc		598,934
	43,818	Hunting Plc		357,535
	70,024	Huntsworth Plc		83,232
	1,934	Hyder Consulting Plc		10,591
	137,333	ICAP Plc		864,136
	93,891	IG Group Holdings Plc		698,042
	43,579	Imagination Technologies Group Plc(b)		224,771
	76,689	IMI Plc		858,598
	74,236	Inmarsat Plc		858,509
	700	Innospec, Inc.(b)		7,700
	252,518	Innovation Group Plc(b)		45,567
	14,156	Intec Telecom Systems Plc		17,048
	41,344	Intercontinental Hotels Group Plc		715,568
	17,517	Intermediate Capital Group Plc		73,005
	143,381	International Personal Finance Plc		546,040
	718,205	International Power Plc		4,034,542
	25,703	Interserve Plc		79,857
	28,289	Intertek Group Plc		700,023
	131,379	Invensys Plc		550,427
	217,455	Investec Plc		1,689,030
	57,465	IP Group Plc(b)		28,404
	4,589	ITE Group Plc		10,693
	1,090,131	ITV Plc(b)		884,366
	8,493	James Fisher & Sons Plc		60,037
	31,692	Jardine Lloyd Thompson Group Plc		293,652
	5,135	Jazztel Plc(b)		18,670
	57,078	JJB Sports Plc(b)		10,748
Shares			Value
UNITED KINGDOM (continued)
	48,576	JKX Oil & Gas Plc	$	220,665
	5,525	John Menzies Plc		35,805
	147,668	John Wood Group Plc		828,835
	53,583	Johnson Matthey Plc		1,421,783
	32,612	Johnston Press Plc(b)		10,235
	104,661	Kazakhmys Plc		1,997,015
	107,933	KCOM Group Plc		82,564
	15,776	Keller Group Plc		135,904
	78,305	Kesa Electricals Plc		154,081
	10,701	Kewill Plc		20,150
	1,062,773	Kingfisher Plc		3,590,437
	20,763	Kofax Plc(b)		78,355
	50,587	Ladbrokes Plc		107,478
	24,258	Laird Plc		46,705
	45,108	Land Securities Group Plc REIT		433,533
	4,230	Lavendon Group Plc		3,684
	2,862,954	Legal & General Group Plc		4,022,933
	4,601	Liontrust Asset Management Plc		5,216
	1,041,453	Logica Plc		1,771,462
	35,457	London Stock Exchange Group Plc		359,972
	60,108	Lonmin Plc(b)		1,480,794
	32,985	Lookers Plc(b)		28,338
	16,540	Low and Bonar Plc		9,473
	22,428	Luminar Group Holdings Plc(b)		3,695
	3,333	M.J. Gleeson Group Plc		6,014
	448,608	Man Group Plc		1,529,641
	234,589	Marks & Spencer Group Plc		1,267,750
	82,754	Marshalls Plc		116,868
	324,582	Marston’s Plc		489,962
	25,908	McBride Plc		56,590
	8,244	McKay Securities Plc REIT		16,429
	1,941	Mecom Group Plc		6,609
	336,948	Meggitt Plc		1,581,930
	226,182	Melrose Plc		828,010
	21,056	Melrose Resources Plc		102,985
	73,933	Michael Page International Plc		449,777
	21,967	Micro Focus International Plc		142,462
	63,203	Millennium & Copthorne Hotels Plc		481,691
	88,987	Misys Plc(b)		352,016
	127,814	Mitchells & Butlers Plc(b)		625,542
	112,175	Mitie Group Plc		367,527
	229,108	Mondi Plc		1,619,563
	125,036	Moneysupermarket.com Group Plc		137,340
	24,108	Morgan Crucible Co. Plc		81,332
	12,783	Morgan Sindall Plc		109,619
	35,474	Mothercare Plc		290,565
	16,232	Mouchel Group Plc		31,838
	15,625	MWB Group Holdings Plc(b)		9,133
	57,470	N Brown Group Plc		204,886
	84,337	National Express Group Plc		308,874
	18,906	Nestor Healthcare Group Plc		20,915
	26,838	Next Plc		905,423
	20,746	Novae Group Plc		104,334

61

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	2,505,070	Old Mutual Plc	$	4,748,425
	36,262	Oxford Biomedica Plc(b)		5,553
	37,301	Pace Plc		123,383
	13,223	PartyGaming Plc(b)		62,246
	99,976	Pendragon Plc(b)		38,827
	70,011	Pennon Group Plc		648,158
	99,150	Persimmon Plc(b)		549,355
	28,890	Petrofac Ltd.		566,657
	40,742	Petropavlovsk Plc		645,694
	6,713	Phoenix IT Group Ltd.		23,543
	56,972	Photo-Me International Plc		39,558
	73,007	Premier Farnell Plc		274,138
	914,607	Premier Foods Plc(b)		272,535
	19,340	Premier Oil Plc(b)		442,463
	22,630	Prostrakan Group Plc(b)		25,922
	40,302	Psion Plc		49,011
	266,762	Punch Taverns Plc(b)		307,034
	56,976	PV Crystalox Solar Plc		52,972
	61,900	PZ Cussons Plc		333,156
	225,195	QinetiQ Group Plc		436,404
	170,846	Quintain Estates & Development Plc(b)		105,222
	53,253	Rank Group Plc		99,355
	13,841	Rathbone Brothers Plc		180,264
	3,090	REA Holdings Plc		25,916
	72,570	Redrow Plc(b)		121,958
	368,010	Rentokil Initial Plc(b)		590,742
	25,791	Resolution Ltd.		96,440
	28,774	Restaurant Group Plc		103,395
	597,530	Rexam Plc		2,897,217
	6,629	Ricardo Plc		25,797
	6,921	Rightmove Plc		70,970
	13,819	RM Plc		28,460
	17,399	Robert Walters Plc		60,609
	15,157	Robert Wiseman Dairies Plc		119,869
	27,482	ROK Plc		12,290
	20,874	Rotork Plc		494,590
	27,408	RPC Group Plc		114,399
	105,959	RPS Group Plc		324,217
	1,728,852	RSA Insurance Group Plc		3,461,555
	701,831	Sage Group Plc (The)		2,630,943
	54,236	Salamander Energy Plc(b)		204,590
	21,668	Savills Plc		108,427
	54,624	Schroders Plc		1,103,982
	26,053	Schroders Plc - Non Voting		436,199
	12,499	Scott Wilson Group Plc		56,583
	25,119	SDL Plc(b)		212,054
	140,739	Senior Plc		281,571
	125,731	Serco Group Plc		1,092,000
	36,089	Severfield-Rowen Plc		123,451
	17,737	Severn Trent Plc		364,598
	54,091	Shaftesbury Plc REIT		339,506
	84,625	Shanks Group Plc		138,764
	152,499	SIG Plc(b)		242,164
	120,346	Smith & Nephew Plc		1,047,119
	53,086	Smiths Group Plc		929,623
Shares			Value
UNITED KINGDOM (continued)
	30,868	Smiths News Plc	$	54,007
	75,684	Soco International Plc(b)		497,838
	20,622	Southern Cross Healthcare Ltd.(b)		10,436
	46,100	Spectris Plc		654,293
	189,986	Speedy Hire Plc		69,312
	38,075	Spice Plc		33,756
	16,818	Spirax-Sarco Engineering Plc		411,946
	179,684	Spirent Communications Plc		360,614
	94,269	Sports Direct International Plc(b)		162,714
	54,276	SSL International Plc		1,005,821
	7,688	St. Ives Group Plc		10,164
	52,238	St. James’s Place Plc		226,234
	12,838	St. Modwen Properties Plc(b)		35,011
	14,572	Stagecoach Group Plc		38,483
	1,025,933	Standard Life Plc		3,255,090
	16,831	Sthree Plc		69,063
	25,800	Subsea 7, Inc.(b)		439,948
	6,771	Synergy Health Plc		70,920
	4,319	T Clarke Plc		9,132
	193,310	Talktalk Telecom Group Plc(b)		371,581
	171,109	Tate & Lyle Plc		1,206,615
	258,442	Taylor Wimpey Plc(b)		107,466
	5,162	Ted Baker Plc		43,213
	43,841	Telecity Group Plc(b)		297,873
	11,245	Telecom Plus Plc		64,404
	134,989	Thomas Cook Group Plc		385,084
	38,780	Timeweave Plc		15,365
	358,045	Tomkins Plc		1,820,310
	4,837	Topps Tiles Plc(b)		4,592
	11,051	Town Centre Securities Plc REIT		24,624
	117,346	Travis Perkins Plc(b)		1,553,160
	623	Trinity Mirror Plc(b)		1,041
	58,230	TT electronics Plc(b)		97,310
	358,902	TUI Travel Plc		1,184,344
	44,722	Tullett Prebon Plc		238,877
	21,142	UK Coal Plc - Sub-Shares(b)		11,860
	16,341	Ultra Electronics Holdings		413,852
	12,583	Umeco Plc		77,399
	8,025	Uniq Plc(b)		1,322
	117,403	United Utilities Group Plc		1,077,700
	7,888	UTV Media Plc		15,162
	27,970	Vectura Group Plc(b)		19,311
	55,280	Vedanta Resources Plc		2,117,379
	22,798	Victrex Plc		436,435
	7,995	Vitec Group Plc (The)		52,314
	1,040	Volex Group Plc(b)		3,407
	78,552	Weir Group Plc (The)		1,445,833
	43,403	Wetherspoon (J.D.) Plc		297,213
	33,542	WH Smith Plc		223,529
	71,824	Whitbread Plc		1,586,847
	356,016	William Hill Plc		932,371
	14,285	Wilmington Group Plc		32,614
	13,474	Wincanton Plc		50,214

62

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	54,494	Wolfson Microelectronics Plc(b)	$	147,503
	95,839	Wolseley Plc(b)		2,162,539
	35,087	Workspace Group Plc REIT		10,874
	14,002	WSP Group Plc		76,679
	10,220	Xaar Plc		21,489
	81,240	Xchanging Plc		254,955
	190,901	Yell Group Plc(b)		71,922
	12,004	Yule Catto & Co. Plc(b)		38,708
				214,119,525
UNITED STATES — 54.6%
	1,007	1-800-FLOWERS.COM, Inc. - Class A(b)		2,285
	8,698	1st Source Corp.		159,956
	800	3PAR, Inc.(b)		8,080
	11,400	99 Cents Only Stores(b)		189,468
	3,500	A.O. Smith Corp.		191,380
	3,422	AAON, Inc.		85,071
	7,600	AAR Corp.(b)		127,680
	10,650	Aaron’s, Inc.		193,404
	700	Abaxis, Inc.(b)		14,035
	6,700	Abercrombie & Fitch Co. - Class A		247,498
	1,829	Abington Bancorp, Inc.		17,449
	3,600	Abiomed, Inc.(b)		39,924
	375,000	ABM Industries, Inc.		8,137,500
	1,279	AC Moore Arts & Crafts, Inc.(b)		3,146
	5,700	Acacia Research-Acacia Technologies		76,323
	4,279	Acadia Realty Trust REIT		79,333
	1,800	Accuray, Inc.(b)		11,844
	900	Aceto Corp.		6,138
	2,100	Acme Packet, Inc.(b)		59,346
	400	Acorda Therapeutics, Inc.(b)		12,936
	1,946	Actel Corp.(b)		28,528
	5,397	ActivIdentity Corp.(b)		10,578
	9,350	Actuate Corp.(b)		44,506
	1,800	Acuity Brands, Inc.		75,834
	4,800	Acxiom Corp.(b)		73,632
	1,500	Administaff, Inc.		39,090
	11,500	Adtran, Inc.		363,170
	1,463,107	Advance Auto Parts, Inc.		78,320,118
	5,800	Advanced Energy Industries, Inc.(b)		102,138
	9,000	Advanced Micro Devices, Inc.(b)		67,410
	2,500	Advent Software, Inc.(b)		128,150
	10,350	Aeropostale, Inc.(b)		294,250
	300	Aerovironment, Inc.(b)		7,173
	1,000	Affiliated Managers Group, Inc.(b)		70,830
	1,800	Affymetrix, Inc.(b)		8,802
	1,400	AGCO Corp.(b)		48,664
	2,800	Air Methods Corp.(b)		88,900
	3,500	Air Transport Services Group, Inc.(b)		18,585
Shares			Value
UNITED STATES (continued)
	3,000	Aircastle Ltd.	$	27,420
	6,300	AK Steel Holding Corp.		88,137
	3,600	Akamai Technologies, Inc.(b)		138,096
	7,600	Alaska Air Group, Inc.(b)		392,084
	8,500	Alaska Communications Systems Group, Inc.		78,710
	3,100	Albemarle Corp.		135,222
	353,800	Alberto-Culver Co.		10,355,726
	500	Alere, Inc.(b)		14,065
	1,900	Alexander & Baldwin, Inc.		63,745
	400	Alexandria Real Estate Equities, Inc. REIT		28,220
	4,400	Align Technology, Inc.(b)		76,340
	30,908	Alleghany Corp.(b)		9,279,200
	3,805	Allegheny Technologies, Inc.		181,156
	200	Allegiant Travel Co.		8,878
	65,000	Allergan, Inc.		3,968,900
	1,500	Alliance Data Systems Corp.(b)		86,220
	2,300	Alliance One International, Inc.(b)		8,671
	21,600	Allos Therapeutics, Inc.(b)		104,112
	900	Alloy, Inc.(b)		8,541
	6,556	Allscripts-Misys Healthcare Solutions, Inc.(b)		109,420
	100	Almost Family, Inc.(b)		2,628
	2,700	Alnylam Pharmaceuticals, Inc.(b)		41,445
	900	Alphatec Holdings, Inc.(b)		3,807
	1,500	Altra Holdings, Inc.(b)		21,750
	700	AMAG Pharmaceuticals, Inc.(b)		22,036
	4,100	AMCOL International Corp.		122,836
	4,000	Amedisys, Inc.(b)		105,080
	4,106	American Campus Communities, Inc. REIT		118,869
	15,964	American Capital Ltd.(b)		82,853
	800	American Eagle Outfitters, Inc.		9,848
	4,300	American Equity Investment Life Holding Co.		46,440
	9,900	American Financial Group, Inc.		291,753
	259,531	American Medical Systems Holdings, Inc.(b)		5,803,113
	1,705	American National Insurance Co.		133,467
	5,500	American Oil & Gas, Inc.(b)		40,260
	3,676	American Physicians Capital, Inc.		150,532
	100,200	American Public Education, Inc.(b)		4,474,932
	600	American Railcar Industries, Inc.		8,190
	400	American Safety Insurance Holdings Ltd.(b)		6,600
	3,100	American Science & Engineering, Inc.		245,458
	3,000	American States Water Co.		105,840
	5,802	American Superconductor Corp.(b)		174,930

63

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	7,300	American Water Works Co., Inc.	$	156,074
	2,122	American Woodmark Corp.		35,077
	1,824	America’s Car-Mart, Inc.(b)		42,463
	8,747	AmeriCredit Corp.(b)		210,890
	8,100	AMERIGROUP Corp.(b)		289,656
	6,900	Amerisafe, Inc.(b)		123,924
	600	Ameron International Corp.		36,864
	140,000	Ametek, Inc.		6,197,800
	29,300	Amkor Technology, Inc.(b)		169,061
	6,900	AMR Corp.(b)		48,852
	2,057	Amrep Corp.(b)		24,622
	4,700	Amtrust Financial Services, Inc.		60,301
	4,300	Amylin Pharmaceuticals, Inc.(b)		81,356
	300	Analogic Corp.		13,641
	3,872	Anaren, Inc.(b)		61,255
	16,800	Anatolia Minerals Development Ltd.(b)		90,206
	2,300	Anixter International, Inc.(b)		111,136
	78,769	Ansys, Inc.(b)		3,540,667
	500	APAC Customer Services, Inc.(b)		2,710
	1,200	Apartment Investment & Management Co. REIT - Class A		25,764
	1,200	Apogee Enterprises, Inc.		13,512
	70,000	Apollo Group, Inc. - Class A(b)		3,229,100
	5,300	Applied Industrial Technologies, Inc.		148,400
	450	Applied Micro Circuits Corp.(b)		5,382
	500	Approach Resources, Inc.(b)		3,370
	365,900	Aptargroup, Inc.		15,759,313
	700	Arch Chemicals, Inc.		23,989
	2,100	Arch Coal, Inc.		49,749
	65,000	ArcSight, Inc.(b)		1,625,650
	600	Ardea Biosciences, Inc.(b)		11,970
	200	Argan, Inc.		1,666
	6,253	Argon ST, Inc.(b)		215,541
	389,817	Ariba, Inc.(b)		6,225,377
	4,400	Armstrong World Industries, Inc.(b)		160,864
	20,468	Arris Group, Inc.(b)		190,762
	1,500	Arrow Electronics, Inc.(b)		37,185
	206	Arrow Financial Corp.		5,195
	152,600	Arthur J. Gallagher & Co.		3,879,092
	2,400	Aruba Networks, Inc.(b)		40,752
	5,172	ArvinMeritor, Inc.(b)		84,873
	1,000	Ascent Media Corp. - Class A(b)		27,800
	6,827	Ashland, Inc.		347,153
	242,625	ASML Holding NV - ADR		7,810,099
	6,600	Aspen Technology, Inc.(b)		72,138
	855	Asset Acceptance Capital Corp.(b)		3,839
	2,520	Assisted Living Concepts, Inc.(b)		79,279
Shares			Value
UNITED STATES (continued)
	1,300	Associated Estates Realty Corp. REIT	$	17,992
	1,870,800	Assurant, Inc.		69,762,132
	2,500	Astec Industries, Inc.(b)		78,375
	7,200	Astoria Financial Corp.		95,328
	4,800	ATC Technology Corp.(b)		115,104
	160,000	athenahealth, Inc.(b)		4,443,200
	7,900	Atheros Communications, Inc.(b)		208,876
	690	Atlantic Coast Federal Corp.		1,456
	12,161	Atlantic Power Corp.		158,393
	2,400	Atlas Air Worldwide Holdings, Inc.(b)		140,352
	91,800	Atmel Corp.(b)		480,114
	3,600	ATS Medical, Inc.(b)		14,400
	12,654	AutoNation, Inc.(b)		309,137
	2,800	Auxilium Pharmaceuticals, Inc.(b)		63,168
	200	Avatar Holdings, Inc.(b)		4,002
	300	Avery Dennison Corp.		10,755
	1,100	Avis Budget Group, Inc.(b)		13,574
	240,000	Avon Products, Inc.		7,471,200
	14,600	AVX Corp.		205,568
	1,300	AZZ, Inc.		56,589
	2,000	B&G Foods, Inc. - Class A		22,940
	2,000	Badger Meter, Inc.		78,320
	5,199	Balchem Corp.		137,514
	4,500	Baldor Electric Co.		171,990
	514	Baldwin & Lyons, Inc. - Class B		11,483
	7,732	Bally Technologies, Inc.(b)		249,744
	11,900	BancorpSouth, Inc.		174,454
	529	Bank Mutual Corp.		3,111
	1,700	Bank of Hawaii Corp.		84,677
	2,900	Bank of The Ozarks, Inc.		108,605
	60,000	Bard (C.R.), Inc.		4,711,800
	7,000	Barnes Group, Inc.		128,660
	7,100	BE Aerospace, Inc.(b)		208,740
	16,100	Beacon Roofing Supply, Inc.(b)		274,666
	100,000	Beckman Coulter, Inc.		4,583,000
	126	Bel Fuse, Inc. - Class A		2,866
	7,226	Belden, Inc.		172,629
	3,500	Belo Corp. - Class A(b)		21,175
	5,100	Bemis Co., Inc.		152,796
	300	Benchmark Electronics, Inc.(b)		5,010
	4,300	Beneficial Mutual Bancorp, Inc.(b)		43,387
	311	Berkshire Hills Bancorp, Inc.		6,279
	3,000	Berry Petroleum Co. - Class A		89,460
	3,100	Big Lots, Inc.(b)		106,361
	95	Biglari Holdings, Inc.(b)		27,598
	4,214	BioCryst Pharmaceuticals, Inc.(b)		25,158
	600	Biodel, Inc.(b)		2,340
	13,300	BioMarin Pharmaceutical, Inc.(b)		290,605

64

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	366	BioMimetic Therapeutics, Inc.(b)	$	3,378
	106,300	Bio-Rad Laboratories, Inc. - Class A(b)		9,439,440
	5,200	Bio-Reference Labs, Inc.(b)		109,044
	658	Biosante Pharmaceuticals, Inc.(b)		1,059
	19,100	BioScrip, Inc.(b)		81,175
	5,700	BJ’s Restaurants, Inc.(b)		145,350
	8,300	BJ’s Wholesale Club, Inc.(b)		378,065
	1,000	Blackbaud, Inc.		23,690
	151,900	Blackboard, Inc.(b)		5,767,643
	600	Blount International, Inc.(b)		6,390
	5,400	Blue Coat Systems, Inc.(b)		118,260
	1,000	BMP Sunstone Corp.(b)		6,600
	3,850	Bob Evans Farms, Inc.		100,947
	3,000	Boise, Inc.(b)		17,970
	5,153	Bok Financial Corp.		251,003
	4,000	BorgWarner, Inc.(b)		175,440
	700	Boston Beer Co., Inc. - Class A(b)		48,552
	2,200	Boston Private Financial Holdings, Inc.		14,542
	216,800	Bottomline Technologies, Inc.(b)		3,072,056
	261,000	Brady Corp. - Class A		7,258,410
	1,000	Brandywine Realty Trust REIT		11,360
	500	BRE Properties, Inc.		20,750
	16,700	Brigham Exploration Co.(b)		288,242
	10,930	Brightpoint, Inc.(b)		86,566
	3,500	Brinker International, Inc.		55,020
	500	Broadridge Financial Solutions, Inc.		10,150
	4,200	Brookdale Senior Living, Inc.(b)		59,556
	252,870	Brown & Brown, Inc.		5,062,457
	2,346	Brown Shoe Co., Inc.		34,299
	75,000	Brown-Forman Corp. - Class B		4,740,750
	6,084	Bruker Corp.(b)		80,126
	7,070	Brunswick Corp.		119,624
	3,000	Brush Engineered Materials, Inc.(b)		71,550
	7,500	Buckeye Technologies, Inc.(b)		85,125
	3,075	Buckle, Inc. (The)		84,716
	2,800	Bucyrus International, Inc.		174,216
	299	Buffalo Wild Wings, Inc.(b)		12,749
	2,450	Burger King Holdings, Inc.		42,336
	3,400	Cabot Corp.		100,300
	2,500	Cabot Microelectronics Corp.(b)		81,725
	166	Cache, Inc.(b)		857
	5,500	Cadence Design Systems, Inc.(b)		38,280
	600	Calavo Growers, Inc.		12,672
	7,200	Calgon Carbon Corp.(b)		95,328
	2,850	California Pizza Kitchen, Inc.(b)		51,129
	2,400	California Water Service Group		85,320
Shares			Value
UNITED STATES (continued)
	4,546	Caliper Life Sciences, Inc.(b)	$	17,820
	227	Callidus Software, Inc.(b)		806
	2,800	Cal-Maine Foods, Inc.		88,452
	529	Camden National Corp.		16,531
	500	Camden Property Trust REIT		22,760
	2,800	Cantel Medical Corp.		44,464
	500	Capella Education Co.(b)		46,460
	1,200	Capital City Bank Group, Inc.		16,596
	287	Capital Southwest Corp.		25,491
	8,200	CapitalSource, Inc.		44,116
	604	Capitol Federal Financial		18,984
	2,550	CARBO Ceramics, Inc.		204,510
	4,975	Cardinal Financial Corp.		50,844
	1,300	Cardtronics, Inc.(b)		16,835
	2,800	Career Education Corp.(b)		68,404
	3,000	Carlisle Cos., Inc.		101,040
	2,300	CarMax, Inc.(b)		48,530
	3,000	Carpenter Technology Corp.		104,850
	1,200	Carrizo Oil & Gas, Inc.(b)		23,532
	8,500	Carter’s, Inc.(b)		206,040
	2,110	Cascade Corp.		80,539
	8,784	Casey’s General Stores, Inc.		335,988
	4,400	Cash America International, Inc.		147,400
	20	Cass Information Systems, Inc.		695
	2,800	Catalyst Health Solutions, Inc.(b)		96,824
	8,350	Cato Corp. (The) - Class A		194,388
	543	Cavco Industries, Inc.(b)		19,038
	1,000	Cavium Networks, Inc.(b)		26,830
	7,000	CB Richard Ellis Group, Inc. - Class A(b)		119,000
	16,600	CBIZ, Inc.(b)		109,394
	700	CBL & Associates Properties, Inc. REIT		9,849
	4,400	CEC Entertainment, Inc.(b)		152,812
	2,968	Celadon Group, Inc.(b)		46,420
	400	Celanese Corp. - Class A		11,236
	2,300	Centene Corp.(b)		49,013
	300	Centerstate Banks, Inc.		2,646
	3,000	Century Aluminum Co.(b)		31,290
	2,300	Cenveo, Inc.(b)		14,168
	70,000	Cephalon, Inc.(b)		3,972,500
	8,600	Cepheid, Inc.(b)		142,330
	400	Ceradyne, Inc.(b)		9,300
	4,300	Ceva, Inc.(b)		54,911
	2,100	Charles River Laboratories International, Inc.(b)		65,268
	7,300	Checkpoint Systems, Inc.(b)		145,781
	1,800	Cheesecake Factory (The)(b)		42,192
	4,400	Chemed Corp.		232,848
	1,800	Chesapeake Corp.(b)		6
	100,000	Chesapeake Energy Corp.		2,103,000
	800	Chesapeake Utilities Corp.		26,592
	3,300	Chico’s FAS, Inc.		30,921

65

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	5,200	Children’s Place Retail Stores, Inc. (The)(b)	$	217,620
	1,100	Chipotle Mexican Grill, Inc. - Class A(b)		162,690
	1,800	Choice Hotels International, Inc.		59,418
	45,000	Church & Dwight Co., Inc.		2,982,150
	266	Churchill Downs, Inc.		9,674
	5,624	Cimarex Energy Co.		387,325
	9,100	Cinemark Holdings, Inc.		132,769
	1,500	CIRCOR International, Inc.		46,920
	13,500	Cirrus Logic, Inc.(b)		263,250
	800	Citi Trends, Inc.(b)		25,112
	10,827	Citizens, Inc.(b)		72,324
	646,454	Citrix Systems, Inc.(b)		35,567,899
	2,468	City Holding Co.		72,683
	4,300	City National Corp.		243,681
	227,500	CLARCOR, Inc.		8,535,800
	2,958	Clayton Williams Energy, Inc.(b)		131,661
	1,600	Clean Energy Fuels Corp.(b)		30,208
	800	Clean Harbors, Inc.(b)		50,528
	3,400	Clear Channel Outdoor Holdings, Inc. - Class A(b)		37,434
	500	Clearwater Paper Corp.(b)		30,815
	6,400	Cleco Corp.		182,720
	2,628	Clifton Savings Bancorp, Inc.		23,599
	1,755	Clinical Data, Inc.(b)		24,465
	110,000	Clorox Co.		7,136,800
	11,400	CNA Surety Corp.(b)		196,650
	3,900	CNO Financial Group, Inc.(b)		20,943
	2,863	Cogent Communications Group, Inc.(b)		24,679
	1,500	Cohen & Steers, Inc.		33,450
	5,020	Coherent, Inc.(b)		185,840
	3,400	Coinstar, Inc.(b)		154,700
	1,100	Colfax Corp.(b)		14,245
	11,500	Collective Brands, Inc.(b)		184,230
	306	Columbia Banking System, Inc.		5,594
	4,600	Columbia Sportswear Co.		225,446
	735	Columbus McKinnon Corp.(b)		11,562
	10,300	Comfort Systems USA, Inc.		117,523
	5,737	Commerce Bancshares, Inc.		224,604
	1,000	Commercial Metals Co.		14,390
	450	CommonWealth REIT		11,678
	2,100	CommScope, Inc.(b)		42,714
	279	Communications Systems, Inc.		2,863
	1,100	Community Bank System, Inc.		27,225
	6,900	Community Health Systems, Inc.(b)		223,767
	1,275	Community Trust Bancorp, Inc.		35,037
	1,100	CommVault Systems, Inc.(b)		20,372
	700	Compass Minerals International, Inc.		49,483
	1,800	Complete Production Services, Inc.		34,650
Shares			Value
UNITED STATES (continued)
	1,700	Computer Programs & Systems, Inc.	$	76,449
	1,522,000	Computer Sciences Corp.(b)		68,992,260
	10,800	Compuware Corp.(b)		88,344
	185,700	comScore, Inc.(b)		3,678,717
	1,100	Comstock Resources, Inc.(b)		27,841
	1,900	Comtech Telecommunications Corp.(b)		40,983
	1,998	Conceptus, Inc.(b)		26,993
	3,863	Concho Resources, Inc.(b)		231,703
	131,300	Concur Technologies, Inc.(b)		6,076,564
	1,800	Conmed Corp.(b)		34,614
	10,216	Consolidated Communications Holdings, Inc.		178,371
	1,000	Consolidated Graphics, Inc.(b)		42,970
	175,700	Constant Contact, Inc.(b)		3,424,393
	11,700	Constellation Brands, Inc. - Class A(b)		199,602
	1,900	Contango Oil & Gas Co.(b)		83,296
	12,858	Continental Airlines, Inc. - Class B(b)		321,707
	500	Continucare Corp.(b)		1,905
	5,500	Convergys Corp.(b)		61,435
	3,100	Cooper Cos., Inc. (The)		120,466
	8,500	Cooper Tire & Rubber Co.		183,685
	202,200	Copart, Inc.(b)		7,368,168
	6,702	CoreLogic, Inc.		134,241
	700	Core-Mark Holding Co., Inc.(b)		21,364
	5,000	Corn Products International, Inc.		166,700
	1,200	Cornell Cos., Inc.(b)		33,516
	800	Corporate Executive Board Co. (The)		22,536
	500	Corporate Office Properties Trust REIT		18,750
	6,500	Corrections Corp. of America(b)		127,205
	2,550	Corvel Corp.(b)		101,464
	140,300	CoStar Group, Inc.(b)		6,149,349
	8	Cousins Properties, Inc. REIT		55
	2,100	Coventry Health Care, Inc.(b)		41,643
	800	CPI International, Inc.(b)		11,256
	1,500	Cracker Barrel Old Country Store, Inc.		73,470
	2,600	Crane Co.		92,404
	900	Cray, Inc.(b)		5,994
	500	Credit Acceptance Corp.(b)		27,990
	3,700	Cree, Inc.(b)		262,108
	3,600	CROCS, Inc.(b)		46,188
	1,700	Crosstex Energy, Inc.(b)		13,158
	3,185,000	Crown Holdings, Inc.(b)		88,638,550
	2,694	Crown Media Holdings, Inc. - Class A(b)		5,496
	6,929	CSG Systems International, Inc.(b)		130,681
	322	CSS Industries, Inc.		5,802
	212	CTS Corp.		1,982

66

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,100	Cubic Corp.	$	125,612
	8,700	Cubist Pharmaceuticals, Inc.(b)		187,746
	4,300	Cullen/Frost Bankers, Inc.		237,403
	752,366	Cummins, Inc.		59,895,857
	500	Curtiss-Wright Corp.		15,145
	1,500	CVB Financial Corp.		15,270
	500	CVR Energy, Inc.(b)		4,050
	300	Cyberonics, Inc.(b)		7,146
	5,842	Cymer, Inc.(b)		194,422
	5,400	Cypress Semiconductor Corp.(b)		57,240
	2,700	Cytec Industries, Inc.		134,784
	400	Cytokinetics, Inc.(b)		1,100
	400	Daktronics, Inc.		3,408
	7,700	Dana Holding Corp.(b)		91,476
	400	Danvers Bancorp, Inc.		6,560
	8,200	Darling International, Inc.(b)		66,912
	800	DCT Industrial Trust, Inc. REIT		3,752
	1,200	Deckers Outdoor Corp.(b)		61,068
	568,400	Del Monte Foods Co.		7,889,392
	700	Delek US Holdings, Inc.		5,250
	510	Deltek, Inc.(b)		3,825
	1,400	Deltic Timber Corp.		64,092
	201	DemandTec, Inc.(b)		1,353
	250,000	Denbury Resources, Inc.(b)		3,960,000
	9,488	Dendreon Corp.(b)		312,250
	1,438	Developers Diversified Realty Corp. REIT		16,321
	4,800	DexCom, Inc.(b)		53,568
	4,000	DG FastChannel, Inc.(b)		152,520
	3,100	Diamond Foods, Inc.		138,074
	1,600	Diamond Management & Technology Consultants, Inc.		17,360
	800	Dice Holdings, Inc.(b)		6,560
	4,000	Dick’s Sporting Goods, Inc.(b)		105,240
	1,600	Diebold, Inc.		45,792
	2,171	Digimarc Corp.(b)		44,853
	3	Digital Realty Trust, Inc. REIT		190
	5,900	Dillard’s, Inc. - Class A		136,526
	500	Dime Community Bancshares		6,550
	3,600	Diodes, Inc.(b)		63,648
	1,500	Dionex Corp.(b)		113,250
	4,900	Ditech Networks, Inc.(b)		5,978
	1,348	Dixie Group, Inc.(b)		4,435
	1,200	Dolan Media Co.(b)		14,028
	600	Dollar Financial Corp.(b)		11,766
	4,643	Dollar Thrifty Automotive Group(b)		231,546
	1,432,870	Dollar Tree, Inc.(b)		63,504,820
	2,700	Domino’s Pizza, Inc.(b)		34,533
	2,200	Donaldson Co., Inc.		104,434
	3,324	Donegal Group, Inc. - Class A		39,090
	1,100	Dorman Products, Inc.(b)		25,674
	1,300	Douglas Emmett, Inc. REIT		20,553
	4,501	Dover Motorsports, Inc.(b)		7,247
	1,500	DR Horton, Inc.		16,530
Shares			Value
UNITED STATES (continued)
	1,300	Dreamworks Animation SKG, Inc. - Class A(b)	$	40,508
	12,400	Dress Barn, Inc.(b)		306,280
	1,845,057	Dresser-Rand Group, Inc.(b)		68,654,571
	2,900	Drew Industries, Inc.(b)		61,277
	8,200	Dril-Quip, Inc.(b)		428,696
	21,829	drugstore.com(b)		60,248
	600	DST Systems, Inc.		24,648
	5,148	DTS, Inc.(b)		183,887
	400	Ducommun, Inc.		8,356
	600	Duke Realty Corp. REIT		7,176
	4,600	Eagle Materials, Inc.		112,516
	4,072	Earthlink, Inc.		35,956
	6,500	East West Bancorp, Inc.		101,335
	212	Eastern Insurance Holdings, Inc.		2,434
	7,500	Eastman Kodak Co.(b)		29,775
	1,800	Eaton Vance Corp.		53,928
	202,100	Ebix, Inc.(b)		3,356,881
	7,525	Echelon Corp.(b)		57,115
	3,700	EchoStar Corp. - Class A(b)		70,670
	120,000	Ecolab, Inc.		5,869,200
	1,690	Electro Rent Corp.		23,322
	500	EMC Insurance Group, Inc.		11,180
	7,200	EMCOR Group, Inc.(b)		187,272
	400	Emergency Medical Services Corp. - Class A(b)		17,896
	3,800	Employers Holdings, Inc.		59,052
	7,138	Encore Capital Group, Inc.(b)		157,036
	5,787	Encore Wire Corp.		123,147
	4,000	Endo Pharmaceuticals Holdings, Inc.(b)		96,040
	105,000	Energizer Holdings, Inc.(b)		6,459,600
	8,600	EnerSys(b)		208,292
	1,400	Ennis, Inc.		23,688
	1,201	EnPro Industries, Inc.(b)		35,970
	1,200	Ensign Group, Inc. (The)		21,600
	111	Enterprise Financial Services Corp.		1,137
	3,229	Entertainment Gaming Asia, Inc.(b)		759
	300	Entertainment Properties Trust REIT		12,522
	448	Entorian Technologies, Inc.(b)		896
	4,900	Enzon Pharmaceuticals, Inc.(b)		53,606
	1,396	Epicor Software Corp.(b)		10,805
	6,495	EPIQ Systems, Inc.(b)		84,565
	700	ePlus, Inc.(b)		12,537
	535	Equinix, Inc.(b)		50,028
	3,800	Equity Lifestyle Properties, Inc. REIT		201,134
	900	Equity One, Inc. REIT		15,336
	2,100	eResearch Technology, Inc.(b)		17,010
	1,380	Erie Indemnity Co. - Class A		67,661
	400	ESSA Bancorp, Inc.		5,088
	300	Essex Property Trust, Inc. REIT		31,533

67

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	25,000	Estee Lauder Cos., Inc. (The) - Class A	$	1,556,250
	4,429	Esterline Technologies Corp.(b)		227,341
	300	Evercore Partners, Inc. - Class A		7,044
	3,400	EW Scripps Co. - Class A(b)		26,724
	1,025	Exactech, Inc.		16,174
	4,077	Exar Corp.(b)		28,498
	5,800	EXCO Resources, Inc.		84,158
	1,200	ExlService Holdings, Inc.(b)		22,356
	2,613	Exponent, Inc.(b)		86,255
	4,100	Exterran Holdings, Inc.(b)		109,347
	8,200	Extra Space Storage, Inc. REIT		127,182
	2,700	Ezcorp, Inc. - Class A(b)		53,730
	1,600	F5 Networks, Inc.(b)		140,528
	3,200	Factset Research Systems, Inc.		240,000
	1,800	Fair Isaac Corp.		42,930
	4,200	Fairchild Semiconductor International, Inc.(b)		38,136
	2,387	Farmer Bros. Co.		40,293
	103,300	FARO Technologies, Inc.(b)		2,124,881
	100	Federal Agricultural Mortgage Corp. - Class A		1,200
	4,100	Federal Mogul Corp.(b)		73,554
	1,100	FEI Co.(b)		21,516
	4,900	Finish Line (The) - Class A		70,119
	8,976	First Acceptance Corp.(b)		15,439
	1,800	First American Financial Corp.		26,550
	5,286	First Cash Financial Services, Inc.(b)		126,758
	400	First Citizens BancShares, Inc. - Class A		75,604
	6,500	First Financial Bancorp		103,350
	2,400	First Financial Bankshares, Inc.		117,648
	239	First Financial Corp.		6,780
	3,300	First Marblehead Corp. (The)(b)		8,877
	177,800	First Mercury Financial Corp.(d)		2,037,588
	150,000	First Midwest Bancorp, Inc.		1,887,000
	2,700	First Niagara Financial Group, Inc.		36,207
	777	First Place Financial Corp.		2,821
	801	FirstMerit Corp.		15,788
	406,000	Flowers Foods, Inc.		9,837,380
	450,000	Flowserve Corp.		44,622,000
	15,100	Foot Locker, Inc.		205,209
	2,300	Forest City Enterprises, Inc. - Class A(b)		29,210
	900	Forest Oil Corp.(b)		25,731
	4,500	Forrester Research, Inc.(b)		145,260
	1,800	Forward Air Corp.		52,272
	2,300	Fossil, Inc.(b)		91,080
	3,295	FPIC Insurance Group, Inc.(b)		97,367
	3,100	Franklin Bank Corp.(b)		9
	1,600	Franklin Covey Co.(b)		9,968
	1,400	Fred’s, Inc. - Class A		15,176
	14,700	Frontier Communications Corp.		112,308
Shares			Value
UNITED STATES (continued)
	4,700	Fuel Systems Solutions, Inc.(b)	$	142,927
	14,800	Fulton Financial Corp.		134,828
	66	Furiex Pharmaceuticals, Inc.(b)		773
	500	Gaiam, Inc. - Class A		3,000
	5,500	Gannett Co., Inc.		72,490
	82,700	Gardner Denver, Inc.		4,198,679
	102,900	Gartner Group, Inc.(b)		2,589,993
	1,612	GATX Corp.		45,555
	2,877	Geeknet, Inc.(b)		3,740
	1,600	General Cable Corp.(b)		42,464
	700	General Maritime Corp.		3,913
	3,800	Genesco, Inc.(b)		103,702
	3,700	Genesee & Wyoming, Inc. - Class A(b)		151,256
	150,000	Genomic Health, Inc.(b)		1,933,500
	240,500	Gen-Probe, Inc.(b)		10,815,285
	4,400	Gentex Corp.		84,788
	13,824	Gentiva Health Services, Inc.(b)		285,189
	8,500	Genworth Financial, Inc. - Class A(b)		115,430
	5,600	Geo Group, Inc. (The)(b)		120,848
	2,100	GeoEye, Inc.(b)		72,492
	1,408	Georesources, Inc.(b)		20,881
	72,800	Gerdau Ameristeel Corp.(b)		799,486
	340	German American Bancorp, Inc.		5,695
	600	GFI Group, Inc.		3,534
	3,200	G-III Apparel Group Ltd.(b)		82,560
	900	Glatfelter		10,287
	1,600	Global Cash Access Holdings, Inc.(b)		6,576
	100,045	Global Payments, Inc.		3,774,698
	1,200	Globecomm Systems, Inc.(b)		9,876
	80,400	Golden Star Resources Ltd.(b)		328,467
	200	Goodyear Tire & Rubber Co. (The)(b)		2,134
	1,493	Gorman-Rupp Co. (The)		44,700
	1,400	GP Strategies Corp.(b)		10,570
	1,400	Graco, Inc.		44,198
	17,000	GrafTech International Ltd.(b)		266,560
	1,400	Granite Construction, Inc.		32,550
	25,682	Graphic Packaging Holding Co.(b)		89,887
	100	Gray Television, Inc. - Class A(b)		248
	1,800	Great Lakes Dredge & Dock Corp.		10,080
	500	Great Plains Energy, Inc.		8,970
	838	Great Wolf Resorts, Inc.(b)		1,860
	5,700	Greatbatch, Inc.(b)		128,706
	21,141	Green Mountain Coffee Roasters, Inc.(b)		650,931
	2,500	Greenhill & Co., Inc.		170,125
	1,080	Greif, Inc. - Class A		64,400
	4,141	Griffon Corp.(b)		56,152
	5,100	GSI Commerce, Inc.(b)		114,852
	800	GSI Technology, Inc.(b)		5,440

68

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	200	GTx, Inc.(b)	$	678
	2,042	Guaranty Bancorp(b)		2,267
	1,300	Guess?, Inc.		46,410
	1,200	Gulfmark Offshore, Inc. - Class A(b)		35,328
	152,600	Gulfport Energy Corp.(b)		1,992,956
	1,900	Gymboree Corp.(b)		82,270
	1,100	H&E Equipment Services, Inc.(b)		9,570
	2,600	Hackett Group, Inc. (The)(b)		8,164
	2,500	Haemonetics Corp.(b)		138,125
	307,088	Hain Celestial Group, Inc.(b)		6,467,273
	692	Hallmark Financial Services(b)		7,017
	4,278	Hancock Holding Co.		130,522
	2,800	Hanesbrands, Inc.(b)		70,140
	2,900	Hanger Orthopedic Group, Inc.(b)		49,735
	4,600	Hanover Insurance Group, Inc. (The)		201,618
	1,100	Hansen Natural Corp.(b)		46,079
	3,500	Hardinge, Inc.		29,610
	4,623	Harleysville Group, Inc.		145,532
	2,540	Harman International Industries, Inc.(b)		77,241
	2,100	Harmonic, Inc.(b)		14,637
	2,733	Harris Interactive, Inc.(b)		2,760
	2,400	Harte-Hanks, Inc.		27,072
	1,484	Harvard Bioscience, Inc.(b)		5,357
	2,600	Haverty Furniture Cos., Inc.		31,512
	6,230	Hawaiian Electric Industries, Inc.		146,716
	9,200	Hawaiian Holdings, Inc.(b)		55,200
	800	Hawk Corp. - Class A(b)		23,384
	100	Haynes International, Inc.		3,366
	9,600	HB Fuller Co.		196,224
	400,000	HCC Insurance Holdings, Inc.		10,448,000
	8,200	Health Management Associates, Inc. - Class A(b)		58,712
	9,200	Health Net, Inc.(b)		216,660
	350,000	Healthcare Realty Trust, Inc. REIT		8,214,500
	4,050	Healthcare Services Group, Inc.		90,477
	2,000	Healthsouth Corp.(b)		37,020
	4,000	Healthspring, Inc.(b)		75,200
	13,199	Heartland Express, Inc.		211,448
	900	Heartland Financial USA, Inc.		15,894
	20,100	Hecla Mining Co.(b)		99,294
	1,625	Heico Corp.		64,236
	4,125	Heico Corp. - Class A		119,130
	1,314,150	Henry Schein, Inc.(b)		68,979,734
	1,700	Herbalife Ltd.		84,388
	2,799	Heritage Commerce Corp.(b)		10,048
	35,000	Hershey Co. (The)		1,645,000
	13,600	Hertz Global Holdings, Inc.(b)		159,664
	2,500	Hewitt Associates, Inc. - Class A(b)		122,750
	3,200	Hexcel Corp.(b)		59,808

Shares			Value
	UNITED STATES (continued)
	1,000	hhgregg, Inc.(b)	$	20,290
	1,950	Hibbett Sports, Inc.(b)		51,616
	3,000	Highwoods Properties, Inc. REIT		93,930
	1,700	Hillenbrand, Inc.		37,553
	1,700	Hill-Rom Holdings, Inc.		56,168
	6,800	Hilltop Holdings, Inc.(b)		70,652
	600	Hi-Tech Pharmacal Co., Inc.(b)		10,548
	2,000	Hittite Microwave Corp.(b)		91,920
	120,000	HJ Heinz Co.		5,337,600
	4,000	HMS Holdings Corp.(b)		225,280
	1,800	HNI Corp.		46,512
	1,900	Holly Corp.		50,787
	285,000	Hologic, Inc.(b)		4,029,900
	7,959	Home Bancshares, Inc.		191,255
	1,718	Home Federal Bancorp, Inc.		22,420
	200	Home Properties, Inc. REIT		9,934
	1,725	Horizon Financial Corp.(b)		17
	2,000	Horsehead Holding Corp.(b)		15,320
	1,000	Hospitality Properties Trust REIT		20,450
	800	Houston Wire & Cable Co.		9,656
	2,200	HSN, Inc.(b)		64,680
	2,450	HUB Group, Inc. - Class A(b)		78,768
	1,600	Hubbell, Inc. - Class B		75,504
	5,800	Human Genome Sciences, Inc.(b)		150,452
	49,800	Huntington Bancshares, Inc.		301,788
	13,935	Huntsman Corp.		145,899
	14,280	Hypercom Corp.(b)		61,832
	10,750	IAC/InterActiveCorp(b)		268,750
	1,500	IBERIABANK Corp.		77,940
	400	ICF International, Inc.(b)		9,200
	5,498	Iconix Brand Group, Inc.(b)		90,497
	1,900	ICU Medical, Inc.(b)		70,699
	982	Idenix Pharmaceuticals, Inc.(b)		5,018
	430,101	IDEX Corp.		13,836,349
	1,600	Idexx Laboratories, Inc.(b)		93,984
	19,100	iGate Corp.		339,025
	111,800	IHS, Inc. - Class A(b)		7,078,058
	3,097	II-VI, Inc.(b)		106,165
	50,000	Illumina, Inc.(b)		2,241,500
	150,000	Immucor, Inc.(b)		2,883,000
	9,578	Immunogen, Inc.(b)		90,321
	5,780	Immunomedics, Inc.(b)		18,669
	2,100	Impax Laboratories, Inc.(b)		34,419
	8,264	Incyte Corp.(b)		107,597
	800	Independence Holding Co.		5,128
	9,600	Indevus Pharmaceuticals, Inc.(c)(d)		10,560
	200	Infinity Pharmaceuticals, Inc.(b)		1,172
	3,520	Infinity Property & Casuality Corp.		169,101
	361,000	Informatica Corp.(b)		10,876,930
	537	Ingles Markets, Inc. - Class A		8,732
	2,500	Innerworkings, Inc.(b)		17,300

69

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,200	Innophos Holdings, Inc.	$	35,172
	10,019	Insituform Technologies, Inc. - Class A(b)		229,435
	1,000	Insulet Corp.(b)		14,790
	162,759	Integra LifeScience Holdings Corp.(b)		5,880,483
	6,153	Integrated Silicon Solutions, Inc.(b)		52,916
	300	Integrys Energy Group, Inc.		14,205
	5,653	Inter Parfums, Inc.		98,645
	8,502	InterDigital, Inc.(b)		232,020
	6,890	Interface, Inc. - Class A		85,643
	600	International Bancshares Corp.		10,404
	11,900	International Coal Group, Inc.(b)		53,550
	1,700	International Flavors & Fragrances, Inc.		77,146
	2,300	International Rectifier Corp.(b)		44,919
	1,700	International Speedway Corp. - Class A		44,030
	3,133	Internet Brands, Inc. - Class A(b)		34,400
	315	Internet Capital Group, Inc.(b)		2,652
	13,135	Interpublic Group of Cos., Inc.(b)		120,054
	3,200	Intersil Corp. - Class A		36,352
	2,100	Interval Leisure Group, Inc.(b)		29,211
	200	Intervest Bancshares Corp. - Class A(b)		658
	4,500	Intevac, Inc.(b)		49,500
	400	Intrepid Potash, Inc.(b)		9,680
	1,449	Introgen Therapeutics, Inc.(b)		3
	140,000	Intuit, Inc.(b)		5,565,000
	3,800	Invacare Corp.		90,554
	1,900	inVentiv Health, Inc.		49,286
	3,070	Investors Bancorp, Inc.(b)		40,309
	608	ION Geophysical Corp.(b)		2,669
	200	IPC The Hospitalist Co, Inc.(b)		5,150
	1,600	IPG Photonics Corp.(b)		25,776
	3,900	iRobot Corp.(b)		79,404
	1,800	Isilon Systems, Inc.(b)		31,572
	10,035	Isis Pharmaceuticals, Inc.(b)		99,246
	1,000	ITC Holdings Corp.		56,740
	1,800	Itron, Inc.(b)		117,126
	105,000	ITT Corp.		4,947,600
	5,800	Ixia(b)		63,684
	3,500	J & J Snack Foods Corp.		145,985
	1,800	J Crew Group, Inc.(b)		64,134
	4,400	j2 Global Communications, Inc.		103,532
	12,350	Jabil Circuit, Inc.		179,198
	153,100	Jack Henry & Associates, Inc.		3,888,740
	6,086	Jack in the Box, Inc.(b)		125,554
	14,627	Jaguar Mining, Inc.(b)		119,372
	500	James River Coal Co.(b)		8,755
	1,100	Janus Capital Group, Inc.		11,528
	2,529,500	JC Penney Co., Inc.		62,301,585
	3,900	JDA Software Group, Inc.(b)		91,650

Shares			Value
UNITED STATES (continued)
	8,100	JDS Uniphase Corp.(b)	$	87,885
	12,800	JetBlue Airways Corp.(b)		82,304
	500	JMP Group, Inc.		3,525
	6,500	Jo-Ann Stores, Inc.(b)		272,285
	300	John Bean Technologies Corp.		4,713
	201,200	John Wiley & Sons, Inc. - Class A		7,923,256
	305,488	Johnson Controls, Inc.		8,801,109
	2,600	Jones Apparel Group, Inc.		45,344
	2,800	Jones Lang LaSalle, Inc.		216,888
	5,425	Jos. A. Bank Clothiers, Inc.(b)		318,339
	2,223	Journal Communications, Inc. - Class A(b)		10,581
	151,100	K12, Inc.(b)		3,936,155
	400	Kaiser Aluminum Corp.		16,400
	4,647	Kaman Corp.		106,137
	9,200	Kansas City Southern(b)		337,640
	100	Kapstone Paper and Packaging Corp.(b)		1,144
	5,000	Kaydon Corp.		189,950
	1,333	KBR, Inc.		29,833
	300	KBW, Inc.(b)		6,855
	786	Kearny Financial Corp.		7,381
	80,000	Kellogg Co.		4,004,000
	6,800	Kennametal, Inc.		186,252
	8,413	Key Energy Services, Inc.(b)		81,270
	1,798	Keynote Systems, Inc.		17,998
	7,725	Kforce, Inc.(b)		104,365
	999	Kid Brands, Inc.(b)		8,312
	300	Kilroy Realty Corp. REIT		10,074
	100	Kindred Healthcare, Inc.(b)		1,330
	2,500	Kinetic Concepts, Inc.(b)		88,775
	5,000	Kirby Corp.(b)		192,200
	800	Kirkland’s, Inc.(b)		13,488
	11,200	Knight Capital Group, Inc. - Class A(b)		161,056
	9,550	Knight Transportation, Inc.		199,786
	15,658	Kopin Corp.(b)		59,031
	4,594	Kronos Worldwide, Inc.(b)		107,086
	8,637	Kulicke & Soffa Industries, Inc.(b)		58,041
	900	KVH Industries, Inc.(b)		12,582
	30,000	L-3 Communications Holdings, Inc.		2,191,200
	1,706	LaBarge, Inc.(b)		21,376
	55,000	Laboratory Corp. of America Holdings(b)		4,013,900
	4,100	Laclede Group, Inc. (The)		143,254
	2,233	Ladish Co., Inc.(b)		65,673
	2,000	Lakeland Bancorp, Inc.		17,940
	2,000	Lakes Entertainment, Inc.(b)		5,040
	2,800	Lamar Advertising Co. - Class A(b)		76,580
	79,100	Lancaster Colony Corp.		4,106,872
	231,129	Lance, Inc.		4,883,756
	2,900	Landauer, Inc.		182,033

70

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,531	Landec Corp.(b)	$	9,875
	211,600	Landstar System, Inc.		8,578,264
	300	Lannett Co., Inc.(b)		1,380
	3,100	Lattice Semiconductor Corp.(b)		17,236
	26,300	Lawson Software, Inc.(b)		209,611
	2,270	Layne Christensen Co.(b)		57,227
	7,700	La-Z-Boy, Inc.(b)		65,912
	700	Learning Tree International, Inc.(b)		8,120
	371	Legacy Bancorp, Inc.		3,040
	9,600	Leggett & Platt, Inc.		200,064
	11,700	Lennar Corp. - Class A		172,809
	1,600	Lennar Corp. - Class B		20,240
	2,800	Lennox International, Inc.		122,276
	920	Lexington Realty Trust REIT		5,916
	4,000	Lexmark International, Inc. - Class A(b)		147,000
	6,300	LHC Group, Inc.(b)		144,837
	7,717	Liberty Media Corp. - Capital, Series A(b)		359,921
	145,000	Life Technologies Corp.(b)		6,233,550
	3,100	Lifepoint Hospitals, Inc.(b)		95,821
	263	Lifeway Foods, Inc.(b)		2,756
	3,900	Limelight Networks, Inc.(b)		16,575
	5,850	Lincare Holdings, Inc.(b)		138,996
	4,964	Lincoln Educational Services Corp.(b)		104,691
	1,457	Lincoln Electric Holdings, Inc.		80,456
	1,400	Lindsay Corp.		48,692
	7,831	Lionbridge Technologies, Inc.(b)		38,529
	3,533	Liquidity Services, Inc.(b)		47,978
	3,900	Littelfuse, Inc.(b)		138,879
	3,900	Liz Claiborne, Inc.(b)		18,486
	6,300	LKQ Corp.(b)		124,614
	354	LoJack Corp.(b)		1,250
	1,300	LoopNet, Inc.(b)		14,872
	4,124	Loral Space & Communications, Inc.(b)		197,292
	5,200	LSI Corp.(b)		20,956
	534	LSI Industries, Inc.		2,809
	3,200	Lufkin Industries, Inc.		131,552
	800	Lumber Liquidators Holdings, Inc.(b)		19,856
	254,995	Luminex Corp.		4,151,319
	4,000	M&F Worldwide Corp.(b)		112,720
	182	Macatawa Bank Corp.(b)		333
	200	Mac-Gray Corp.		2,166
	700	Mack-Cali Realty Corp. REIT		22,554
	2,600	Magellan Health Services, Inc.(b)		109,434
	2,600	Maidenform Brands, Inc.(b)		64,558
	32	MainSource Financial Group, Inc.		241
	2,700	Manhattan Associates, Inc.(b)		72,522
	7,600	Manitowoc Co., Inc. (The)		78,736

Shares			Value
UNITED STATES (continued)
	2,600	Mantech International Corp - Class A(b)	$	103,090
	300	MAP Pharmaceuticals, Inc.(b)		4,020
	251	Marina Biotech, Inc.(b)		668
	10,300	Mariner Energy, Inc.(b)		246,067
	690	Markel Corp.(b)		233,220
	1,504	Marlin Business Services Corp.(b)		16,815
	2,500	Marshall & Ilsley Corp.		17,575
	177,400	Martek Biosciences Corp.(b)		3,670,406
	10,800	Marten Transport Ltd.(b)		245,376
	160,000	Masimo Corp.		3,692,800
	5,400	Massey Energy Co.		165,132
	7,400	MasTec, Inc.(b)		78,588
	1,273	Mastech Holdings, Inc.(b)		4,697
	150,000	Matthews International Corp. - Class A.(d)		5,416,500
	141	Maui Land & Pineapple Co., Inc.(b)		558
	2,900	MAXIMUS, Inc.		174,551
	2,300	Maxwell Technologies, Inc.(b)		29,072
	1,100	Maxygen, Inc.(b)		6,831
	14,100	MBIA, Inc.(b)		122,388
	1,200	McClatchy Co. (The) - Class A(b)		4,200
	1,972,624	McCormick & Co., Inc.		77,583,302
	400	Mcgrath Rentcorp		9,328
	1,200	MDC Holdings, Inc.		34,944
	6,300	Meadowbrook Insurance Group, Inc.		57,708
	2,070	MeadWestvaco Corp.		49,597
	900	Measurement Specialties, Inc.(b)		15,030
	201,400	MedAssets, Inc.(b)		4,714,774
	7,487	Mediacom Communications Corp. - Class A(b)		54,955
	800	Medical Properties Trust, Inc. REIT		7,952
	1,900	Mednax, Inc.(b)		89,585
	1,800	MedQuist, Inc.		15,552
	500	MEMSIC, Inc.(b)		1,150
	3,500	Men’s Wearhouse, Inc.		68,110
	1,700	Mercury Computer Systems, Inc.(b)		22,440
	2,260	Mercury General Corp.		97,474
	1,800	Meredith Corp.		57,150
	156,751	Meridian Bioscience, Inc.		3,011,187
	411	Meridian Interstate Bancorp, Inc.(b)		4,447
	7,900	Merit Medical Systems, Inc.(b)		133,668
	300	Meritage Homes Corp.(b)		5,274
	900	Metabolix, Inc.(b)		12,708
	26,000	Mettler-Toledo International, Inc.(b)		3,036,800
	3,600	MF Global Holdings Ltd.(b)		23,148
	2,600	MGE Energy, Inc.		97,422
	1,400	MGIC Investment Corp.(b)		12,026

71

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	288	MGP Ingredients, Inc.(b)	$	2,183
	2,200	Michael Baker Corp.(b)		85,360
	5,950	Micrel, Inc.		57,834
	3,400	Micros Systems, Inc.(b)		121,652
	2,200	Microsemi Corp.(b)		35,112
	40,200	MicroStrategy, Inc. - Class A(b)		3,336,198
	2,125	Microtune, Inc.(b)		5,079
	1,600	Mid-America Apartment Communities, Inc. REIT		90,368
	1,000	Middleby Corp.(b)		57,510
	155,709	Minera Andes, Inc.(b)		115,110
	300	Minerals Technologies, Inc.		15,651
	10,081	MKS Instruments, Inc.(b)		216,338
	800	Mobile Mini, Inc.(b)		13,712
	1,300	ModusLink Global Solutions, Inc.(b)		8,528
	900	Mohawk Industries, Inc.(b)		44,037
	1,200	Molex, Inc. - Class A		20,280
	1,800	Molina Healthcare, Inc.(b)		53,658
	130,000	Molson Coors Brewing Co. - Class B		5,851,300
	400	Momenta Pharmaceuticals, Inc.(b)		8,536
	5,500	Monaco Coach Corp.(b)		53
	300	Monarch Casino & Resort, Inc.(b)		3,195
	400	Monmouth REIT - Class A		3,148
	2,011	Monolithic Power Systems, Inc.(b)		35,434
	500	Monotype Imaging Holdings, Inc.(b)		4,160
	3,546	Monro Muffler, Inc.		145,528
	1,700	Moog, Inc. - Class A.(b)		60,877
	251,389	Morningstar, Inc.(b)		11,315,019
	689	MoSys, Inc.(b)		3,128
	28,100	Move, Inc.(b)		63,506
	677	Movie Gallery, Inc.(b)(c)(d)		0
	1,200	MSC Industrial Direct Co. - Class A		60,468
	52,607	MSCI, Inc. - Class A(b)		1,697,628
	1,100	MTS Systems Corp.		31,823
	500	Multi-Fineline Electronix, Inc.(b)		12,670
	1,200	MWI Veterinary Supply, Inc.(b)		63,192
	395,000	Myriad Genetics, Inc.(b)		5,731,450
	6,100	Nabi Biopharmaceuticals(b)		34,892
	133,000	Nalco Holding Co.		3,243,870
	1,796	Nanometrics, Inc.(b)		16,397
	1,900	Nash Finch Co.		74,708
	16,020	National Beverage Corp.		227,804
	1,100	National CineMedia, Inc.		19,734
	317,300	National Instruments Corp.		10,121,870
	103,258	National Interstate Corp.(d)		2,303,686
	50,000	National Oilwell Varco, Inc.		1,958,000
	200	National Presto Industries, Inc.		20,398
	6,472	National Retail Properties, Inc. REIT		149,633

Shares			Value
UNITED STATES (continued)
	1,200	Natus Medical, Inc.(b)	$	17,616
	152,124	Navigators Group, Inc.(b)		6,485,046
	1,900	Navistar International Corp.		98,249
	600	NBT Bancorp, Inc.		13,248
	8,800	NBTY, Inc.(b)		474,232
	1,700	NCI, Inc. - Class A(b)		40,052
	900	NCR Corp.		12,330
	900	Neenah Paper, Inc.		16,146
	2,000	Nektar Therapeutics(b)		26,120
	4,700	Nelnet, Inc. - Class A		94,752
	4,174	Neogen Corp.(b)		124,636
	1,815,746	NetApp, Inc.(b)		76,806,056
	1,700	NetFlix, Inc.(b)		174,335
	5,229	Netgear, Inc.(b)		125,496
	2,800	Netlogic Microsystems, Inc.(b)		82,768
	12,000	Netscout Systems, Inc.(b)		190,200
	308	Network Equipment Technologies, Inc.(b)		961
	150,700	NeuStar, Inc. - Class A(b)		3,500,761
	7,200	New Jersey Resources Corp.		268,776
	2,800	New York Times Co. (The) - Class A(b)		24,472
	1,090	Newell Rubbermaid, Inc.		16,895
	1,100	NewMarket Corp.		117,909
	3,577	Newpark Resources, Inc.(b)		28,580
	929	Nextwave Wireless, Inc.(b)		1,849
	262,533	NIC, Inc.		1,947,995
	300	Nicor, Inc.		13,137
	100	Nighthawk Radiology Holdings, Inc.(b)		296
	6,720	NL Industries, Inc.		56,851
	3,800	Nordson Corp.		239,590
	150,000	Northern Trust Corp.		7,048,500
	1,900	Northfield Bancorp, Inc.		24,491
	14,395	Northwest Bancshares, Inc.		174,611
	2,700	Northwest Natural Gas Co.		128,007
	3,065	NorthWestern Corp.		86,433
	28,100	Novell, Inc.(b)		169,724
	4,200	Novellus Systems, Inc.(b)		112,182
	4,506	NPS Pharmaceuticals, Inc.(b)		31,182
	500	NTELOS Holdings Corp.		9,355
	6,500	Nu Skin Enterprises, Inc. - Class A		185,120
	300	Nutraceutical International Corp.(b)		4,725
	2,050	NutriSystem, Inc.		40,098
	128,850	NuVasive, Inc.(b)		4,222,414
	3,000	NxStage Medical, Inc.(b)		47,370
	14,700	Ocwen Financial Corp.(b)		155,232
	11,900	Odyssey HealthCare, Inc.(b)		318,444
	1,600	Officemax, Inc.(b)		22,864
	19,400	Oil States International, Inc.(b)		891,236
	4,000	Old Dominion Freight Line, Inc.(b)		157,720
	22,300	Old Republic International Corp.		278,973

72

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	4,100	Old Second Bancorp, Inc.	$	5,699
	6,400	Olin Corp.		129,920
	1,100	OM Group, Inc.(b)		29,700
	5,200	Omega Healthcare Investors, Inc. REIT		114,296
	5,500	Omnicell, Inc.(b)		67,760
	1,973,500	Omnicom Group, Inc.		73,532,610
	6,300	Omnivision Technologies, Inc.(b)		140,553
	9,400	Omnova Solutions, Inc.(b)		73,320
	34,610	ON Semiconductor Corp.(b)		233,618
	301	OneBeacon Insurance Group Ltd. - Class A		4,783
	3,746	Openwave Systems, Inc.(b)		7,604
	2,907	Opko Health, Inc.(b)		7,238
	4,300	Oplink Communications, Inc.(b)		69,273
	3,900	Opnet Technologies, Inc.		59,436
	300	Optimer Pharmaceuticals, Inc.(b)		2,724
	5,000	Orbital Sciences Corp.(b)		73,200
	1,050	Oritani Financial Corp.		10,500
	1,800	Orthovita, Inc.(b)		3,330
	2,600	Oshkosh Corp.(b)		89,388
	4,500	OSI Systems, Inc.(b)		125,055
	852	Otix Global Inc.(b)		3,289
	1,000	Outdoor Channel Holdings, Inc.(b)		5,680
	2,300	Overseas Shipholding Group, Inc.		90,229
	1,900	Overstock.com, Inc.(b)		37,563
	2,550	Owens & Minor, Inc.		69,334
	10,600	Owens Corning, Inc.(b)		333,688
	2,700	P.F. Chang’s China Bistro, Inc.		111,780
	300	Pacific Continental Corp.		2,742
	4,000	Packaging Corp. of America		96,000
	3,100	Pactiv Corp.(b)		94,302
	5,316	Pain Therapeutics, Inc.(b)		31,099
	75,000	Pall Corp.		2,868,000
	8,444	Palm Harbor Homes, Inc.(b)		18,999
	29,600	Panera Bread Co. - Class A(b)		2,315,016
	500	Panhandle Oil and Gas, Inc. - Class A		14,945
	2,400	Papa John’s International, Inc.(b)		60,792
	2,100	Par Pharmaceutical Cos., Inc.(b)		55,440
	300	PAR Technology Corp.(b)		1,794
	5,200	Parametric Technology Corp.(b)		93,288
	9,000	Parexel International Corp.(b)		184,770
	4,200	Park Electrochemical Corp.		115,248
	3,700	Patriot Coal Corp.(b)		44,622
	4,400	Patterson Cos., Inc.		117,392
	3,000	Patterson-UTI Energy, Inc.		49,290
	150,000	Paychex, Inc.		3,898,500
	1,830	PC Connection, Inc.(b)		12,645

Shares			Value
UNITED STATES (continued)
	351	PC-Tel, Inc.(b)	$	2,222
	9,943	PDF Solutions, Inc.(b)		40,766
	441	PDI, Inc.(b)		3,541
	307	Peapack Gladstone Financial Corp.		3,884
	4,042	Peet’s Coffee & Tea, Inc.(b)		164,226
	7,100	Pegasystems, Inc.		218,396
	1,500	Penn National Gaming, Inc.(b)		41,085
	50,000	Penn Virginia Corp.		950,000
	6,200	Pentair, Inc.		212,040
	5,890	Pericom Semiconductor Corp.(b)		53,835
	8,600	PerkinElmer, Inc.		167,356
	2,800	Perrigo Co.		156,828
	2,916	Perry Ellis International, Inc.(b)		65,289
	1,900	Pervasive Software, Inc.(b)		9,120
	7,800	PetMed Express, Inc.		124,410
	75,000	PetroHawk Energy Corp.(b)		1,182,750
	3,800	PetSmart, Inc.		117,990
	2,700	PFF Bancorp, Inc.(b)		6
	1,181	PGT, Inc.(b)		3,071
	800	Pharmaceutical Product Development, Inc.		19,408
	600	Pharmasset, Inc.(b)		16,206
	1,500	Phase Forward, Inc.(b)		25,200
	409	PHI, Inc. - Non Voting(b)		6,499
	200	PHI, Inc. - Voting(b)		3,378
	3,070	Phillips-Van Heusen Corp.		159,302
	5,400	Piedmont Natural Gas Co.		143,748
	43,700	Pier 1 Imports, Inc.(b)		305,463
	1,990	Pioneer Drilling Co.(b)		13,174
	51,000	Pioneer Natural Resources Co.		2,953,920
	6,400	Plantronics, Inc.		191,808
	4,200	Plexus Corp.(b)		122,640
	1,984	PMA Capital Corp. - Class A(b)		13,313
	17,700	PMC - Sierra, Inc.(b)		143,370
	2,400	PMI Group, Inc. (The)(b)		7,512
	3,176	Polaris Industries, Inc.		189,607
	2,900	Polycom, Inc.(b)		86,072
	20,500	PolyOne Corp.(b)		211,355
	4,100	Polypore International, Inc.(b)		100,696
	1,100	Pool Corp.		24,343
	2,900	Portfolio Recovery Associates, Inc.(b)		202,072
	400	Power Integrations, Inc.		14,140
	1,900	PowerSecure International, Inc.(b)		19,893
	1,000	Pozen, Inc.(b)		7,980
	1,700	Pre-Paid Legal Services, Inc.(b)		83,402
	10,620	Presstek, Inc.(b)		28,037
	2,000	Prestige Brands Holdings, Inc.(b)		16,440
	3,200	Pricesmart, Inc.		89,600
	200	Princeton Review, Inc.(b)		498
	4,300	ProAssurance Corp.(b)		255,893
	104,900	Progress Software Corp.(b)		3,136,510

73

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	6,400	Prosperity Bancshares, Inc.	$	216,832
	4,300	Protective Life Corp.		96,707
	72	Provident New York Bancorp		668
	3,000	PS Business Parks, Inc. REIT		174,210
	9,332	PSS World Medical, Inc.(b)		175,628
	4,400	Psychiatric Solutions, Inc.(b)		145,816
	542	QAD, Inc.(b)		2,260
	690	QC Holdings, Inc.		2,836
	3,900	QLogic Corp.(b)		62,088
	1,400	Quaker Chemical Corp.		49,364
	2,100	Quality Systems, Inc.		115,332
	4,900	Quanex Building Products Corp.		86,191
	17,800	Quest Software, Inc.(b)		358,848
	10,300	Questcor Pharmaceuticals, Inc.(b)		115,875
	4,500	Quicksilver Resources, Inc.(b)		56,655
	2,664	Quidel Corp.(b)		33,034
	1,500	Radian Group, Inc.		12,900
	5,400	Radiant Systems, Inc.(b)		76,734
	5,700	Radioshack Corp.		122,778
	125,000	Ralcorp Holdings, Inc.(b)		7,300,000
	3,300	Rambus, Inc.(b)		64,845
	3,480	Raven Industries, Inc.		121,904
	6,400	Raymond James Financial, Inc.		170,752
	700	RCN Corp.(b)		10,458
	1,100	Realty Income Corp. REIT		35,299
	4,100	Regal Entertainment Group - Class A		54,735
	5,000	Regal-Beloit Corp.		304,150
	12,490	Regeneron Pharmaceuticals, Inc.(b)		302,133
	3,500	RehabCare Group, Inc.(b)		74,165
	3,950	Reinsurance Group of America, Inc.		189,521
	880	Reliance Steel & Aluminum Co.		34,566
	3,038	Renaissance Learning, Inc.		42,228
	10,524	Rent-A-Center, Inc.(b)		231,423
	1,200	Republic Bancorp, Inc. - Class A		29,736
	150,000	Republic Services, Inc.		4,779,000
	47,000	ResMed, Inc.(b)		3,087,430
	225,000	Resolute Energy Corp.(b)		2,677,500
	5,087	Revlon, Inc. - Class A(b)		63,791
	3,000	Rex Energy Corp.(b)		31,800
	3,362	RF Micro Devices, Inc.(b)		14,020
	1,300	Rigel Pharmaceuticals, Inc.(b)		10,530
	2,700	RightNow Technologies, Inc.(b)		42,714
	504	Rimage Corp.(b)		8,508
	2,200	Riverbed Technology, Inc.(b)		81,598
	4,800	RLI Corp.		266,352
	6,200	Robbins & Myers, Inc.		147,064
	5,500	Rock-Tenn Co. - Class A		292,710
	944	Rockville Financial, Inc.		11,960
	2,900	Rockwood Holdings, Inc.(b)		84,709
Shares			Value
UNITED STATES (continued)
	3,000	Rofin-Sinar Technologies, Inc.(b)	$	63,180
	8,850	Rollins, Inc.		193,284
	115,000	Roper Industries, Inc.		7,187,500
	103,200	Rosetta Resources, Inc.(b)		2,277,624
	4,400	Rovi Corp.(b)		195,800
	10,200	Rowan Cos, Inc.(b)		257,652
	1,500	Royal Caribbean Cruises Ltd.(b)		43,290
	1,672	Royal Gold, Inc.(e)		74,082
	4,000	Royal Gold, Inc.(e)		176,520
	17,550	RPC, Inc.		292,734
	5,900	RPM International, Inc.		110,743
	1,300	RR Donnelley & Sons Co.		21,931
	600	RSC Holdings, Inc.(b)		4,692
	274	RTI Biologics, Inc.(b)		792
	2,943	RTI International Metals, Inc.(b)		83,522
	800	Rubicon Technology, Inc.(b)		24,200
	228,600	Ruddick Corp.		8,103,870
	6,150	Rush Enterprises, Inc. - Class A(b)		91,881
	5,300	Ryder System, Inc.		231,451
	13,936	S1 Corp.(b)		81,804
	8,000	Safety Insurance Group, Inc.		313,600
	967	Saga Communications, Inc. - Class A(b)		21,661
	8,400	Saks, Inc.(b)		68,964
	3,088	Salem Communications Corp. - Class A(b)		10,530
	5,304	Salix Pharmaceuticals Ltd.(b)		224,943
	14,700	Sally Beauty Holdings, Inc.		139,062
	2,300	Sanderson Farms, Inc.		107,525
	961,242	SandRidge Energy, Inc.(b)		5,671,328
	1,600	Sanmina-SCI Corp.(b)		20,112
	12,700	Sapient Corp.		139,700
	1,400	Saul Centers, Inc. REIT		59,220
	10,200	Savient Pharmaceuticals, Inc.(b)		139,740
	4,600	SBA Communications Corp. - Class A(b)		166,428
	700	SCBT Financial Corp.		22,561
	6,043	Schulman (A.), Inc.		118,382
	7,776	Schweitzer-Mauduit International, Inc.		411,584
	1,900	Scotts Miracle-Gro Co. (The) - Class A		91,675
	1,000	SeaBright Insurance Holdings, Inc.		8,190
	7,800	Seachange International, Inc.(b)		69,888
	9,900	Sealed Air Corp.		214,137
	7,616	Seattle Genetics, Inc.(b)		92,763
	3,458,900	SEI Investments Co.		66,341,702
	6,800	Semtech Corp.(b)		118,184
	200	Seneca Foods Corp. - Class A(b)		6,116

74

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,200	Senior Housing Properties Trust REIT	$	27,060
	306,300	Sensient Technologies Corp.		9,023,598
	4,400	Sequenom, Inc.(b)		25,300
	24,400	Service Corp. International		207,888
	6,101	SFN Group, Inc.(b)		45,696
	3,500	Shaw Group, Inc. (The)(b)		112,140
	4,200	Shenandoah Telecommunications Co.		81,816
	1,905	Shiloh Industries, Inc.(b)		18,440
	3,300	Shoe Carnival, Inc.(b)		69,465
	1,200	Shuffle Master, Inc.(b)		10,548
	800	Shutterfly, Inc.(b)		20,064
	335	Sigma Designs, Inc.(b)		3,430
	5,325	Signature Bank(b)		204,693
	212,800	Silgan Holdings, Inc.		6,047,776
	2,000	Silicon Laboratories, Inc.(b)		80,100
	2,536	Simmons First National Corp. - Class A		66,824
	1,500	Simpson Manufacturing Co., Inc.		38,685
	3,100	Sirona Dental Systems, Inc.(b)		95,418
	1,655	SJW Corp.		41,193
	4,600	Skechers U.S.A., Inc. - Class A(b)		170,614
	27,900	Skyworks Solutions, Inc.(b)		489,087
	600	SL Green Realty Corp. REIT		36,144
	82,100	SM Energy Co.		3,400,582
	450,000	Smart Balance, Inc.(b)		1,719,000
	1,700	SMART Modular Technologies WWH, Inc.(b)		9,197
	14,500	Smithfield Foods, Inc.(b)		206,625
	4,260	Snap-On, Inc.		190,294
	225,600	SolarWinds, Inc.(b)		3,117,792
	116,500	Solera Holdings, Inc.		4,424,670
	3,108	Solutia, Inc.(b)		43,854
	100	Somaxon Pharmaceuticals, Inc.(b)		369
	3,500	Sonoco Products Co.		114,450
	100,000	SonoSite, Inc.(b)		2,925,000
	5,300	Sotheby’s		143,789
	100,000	Sourcefire, Inc.(b)		2,134,000
	4,400	South Jersey Industries, Inc.		205,568
	1,300	Southern Union Co.		29,341
	2,085	Southside Bancshares, Inc.		39,532
	4,200	Southwest Gas Corp.		135,114
	2,415	Southwest Water Co.		26,203
	5,200	Spartan Stores, Inc.		74,672
	1,100	Spectrum Control, Inc.(b)		16,599
	842	Spectrum Group International, Inc.(b)		1,671
	6,700	Spirit Aerosystems Holdings, Inc. - Class A(b)		136,345
	1,000	Sport Supply Group, Inc.		13,540
	1,900	SPX Corp.		113,164
	100,000	St. Jude Medical, Inc.(b)		3,677,000
	2,900	StanCorp Financial Group, Inc.		109,301
Shares			Value
UNITED STATES (continued)
	2,800	Standard Microsystems Corp.(b)	$	61,656
	7,900	Standard Pacific Corp.(b)		31,600
	2,800	Standex International Corp.		84,056
	8,297	Stanley Black & Decker, Inc.		481,392
	286	Stanley Furniture Co., Inc.(b)		1,095
	600	Stanley, Inc.(b)		22,410
	400	StarTek, Inc.(b)		1,848
	1,463	State Auto Financial Corp.		23,013
	13,700	STEC, Inc.(b)		213,720
	7,000	Steelcase, Inc. - Class A		48,370
	348	Steinway Musical Instruments(b)		6,779
	1,224	StellarOne Corp.		16,610
	3,500	Stepan Co.		231,035
	1,700	STERIS Corp.		54,043
	7,425	Steven Madden Ltd.(b)		286,828
	4,800	Stewart Enterprises, Inc. - Class A		25,776
	4,800	Stifel Financial Corp.(b)		222,432
	17,000	Stillwater Mining Co.(b)		234,090
	4,200	Stratasys, Inc.(b)		95,382
	400	Strayer Education, Inc.		95,760
	16,344	Student Transportation, Inc.		90,142
	3,800	Sturm Ruger & Co., Inc.		53,200
	1,500	SuccessFactors, Inc.(b)		30,465
	820	Suffolk Bancorp		22,230
	400	Sun Communities, Inc. REIT		11,640
	2,000	Sun Healthcare Group, Inc.(b)		16,560
	1,500	Sun Hydraulics Corp.		38,685
	300	Sunoco, Inc.		10,701
	797	Sunstone Hotel Investors, Inc. REIT(b)		8,225
	702	Super Micro Computer, Inc.(b)		10,137
	432,900	Superior Energy Services, Inc.(b)		9,865,791
	1,375	Supertex, Inc.(b)		35,668
	1,828	SureWest Communications(b)		12,449
	75,000	SurModics, Inc.(b)		984,000
	4,300	Swift Energy Co.(b)		111,499
	4,240	SXC Health Solutions Corp.(b)		290,517
	2,200	Sybase, Inc.(b)(c)		142,956
	9,442	SYKES Enterprises, Inc.(b)		149,656
	2,900	Syms Corp.(b)		21,663
	6,495	Synaptics, Inc.(b)		203,294
	12,400	Syniverse Holdings, Inc.(b)		276,892
	4,000	SYNNEX Corp.(b)		105,560
	2,800	Synopsys, Inc.(b)		61,152
	3,900	Syntel, Inc.		160,914
	8,307	Systemax, Inc.		135,903
	1,000	TAL International Group, Inc.		26,940
	2,000	Talbots, Inc.(b)		22,980
	700	Taleo Corp. - Class A(b)		17,220
	3,300	Tanger Factory Outlet Centers REIT		147,510
	300	Targacept, Inc.(b)		6,489
	5,900	Taubman Centers, Inc. REIT		241,841

75

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,900	TCF Financial Corp.	$	61,776
	1,738	Team, Inc.(b)		24,680
	7,600	Tech Data Corp.(b)		300,656
	65,400	Techne Corp.		3,819,360
	500	TechTarget, Inc.(b)		2,895
	700	Tecumseh Products Co. - Class B(b)		8,001
	140	Tejon Ranch Co.(b)		3,226
	12,500	Tekelec(b)		176,750
	76,900	Teleflex, Inc.		4,357,923
	1,900	Telephone & Data Systems, Inc.		64,847
	6,937	TeleTech Holdings, Inc.(b)		96,424
	23,160	Tellabs, Inc.		161,657
	5,390	Temple-Inland, Inc.		108,123
	4,500	Tempur-Pedic International, Inc.(b)		138,015
	9,100	Tenet Healthcare Corp.(b)		41,860
	2,800	Tennant Co.		105,056
	8,800	Tenneco, Inc.(b)		242,880
	6,500	Teradyne, Inc.(b)		69,940
	2,200	Terex Corp.(b)		43,428
	8,000	Terremark Worldwide, Inc.(b)		71,840
	800	Tessera Technologies, Inc.(b)		13,584
	12	Teton Advisors, Inc. - Class A(d)		111
	6,855	Tetra Tech, Inc.(b)		143,749
	225,000	Tetra Technologies, Inc.(b)		2,344,500
	8,300	Texas Roadhouse, Inc.(b)		111,884
	1,700	TFS Financial Corp.		21,182
	4,000	Thomas & Betts Corp.(b)		158,560
	9,800	Thoratec Corp.(b)		360,444
	20,702	TIBCO Software, Inc.(b)		280,719
	300	Tidewater, Inc.		12,294
	1,300	Tier Technologies, Inc.(b)		8,541
	7,900	Timberland Co. - Class A(b)		139,198
	5,600	Timken Co.		188,272
	1,000	Titan Machinery, Inc.(b)		14,270
	8,400	Titanium Metals Corp.(b)		185,976
	9,900	TiVo, Inc.(b)		84,942
	1,900	TNS, Inc.(b)		37,335
	2,200	Toll Brothers, Inc.(b)		38,192
	2,217	Tootsie Roll Industries, Inc.		55,935
	4,300	Torchmark Corp.		228,201
	3,200	Toro Co.		166,560
	900	Total System Services, Inc.		13,419
	200	Tower Bancorp, Inc.		4,264
	2,000	Towers Watson & Co. - Class A		89,020
	30,500	Tractor Supply Co.		2,120,055
	485	TradeStation Group, Inc.(b)		3,099
	2,000	TransDigm Group, Inc.		108,340
	3,400	TRC Cos., Inc.(b)		10,710
	3,300	Tredegar Corp.		56,958
	1,400	Tree.com, Inc.(b)		10,080
	5,100	TreeHouse Foods, Inc.(b)		243,219
	3,600	Trico Bancshares		67,932
Shares			Value
UNITED STATES (continued)
	5,110	Trimble Navigation Ltd.(b)	$	144,971
	400	Trimeris, Inc.(b)		936
	6,200	Trinity Industries, Inc.		126,294
	28,756	TriQuint Semiconductor, Inc.(b)		199,279
	2,200	Triumph Group, Inc.		166,980
	1,600	True Religion Apparel, Inc.(b)		39,328
	8,000	TRW Automotive Holdings Corp.(b)		280,720
	4,146	TTM Technologies, Inc.(b)		42,496
	141,600	Tupperware Brands Corp.		5,577,624
	3,700	Tutor Perini Corp.(b)		71,336
	4,300	tw telecom, Inc.(b)		81,356
	6,500	Tyler Technologies, Inc.(b)		106,795
	4,400	UAL Corp.(b)		104,456
	1,500	UDR, Inc. REIT		31,665
	333	UIL Holdings Corp.		9,074
	1,200	Ulta Salon Cosmetics & Fragrance, Inc.(b)		30,312
	186,700	Ultimate Software Group, Inc.(b)		6,022,942
	899,107	Ultra Petroleum Corp.(b)		38,095,164
	792	Ultralife Corp.(b)		3,643
	3,841	Ultratech, Inc.(b)		69,407
	181,624	UMB Financial Corp.		6,832,695
	800	Under Armour, Inc. - Class A(b)		30,048
	3,700	Unifi, Inc.(b)		14,504
	2,000	Unifirst Corp.		87,920
	253	Union First Market Bankshares Corp.		3,593
	4,100	Unit Corp.(b)		167,690
	508	United Financial Bancorp, Inc.		7,564
	4,949	United Natural Foods, Inc.(b)		166,930
	100	United States Lime & Minerals, Inc.(b)		4,272
	4,514	United Stationers, Inc.(b)		244,433
	600	United Therapeutics Corp.(b)		29,334
	4,110	Unitrin, Inc.		114,217
	5,000	Universal Display Corp.(b)		103,050
	3,108	Universal Electronics, Inc.(b)		54,576
	400	Universal Health Realty Income Trust REIT		13,312
	5,400	Universal Health Services, Inc. - Class B		194,238
	200	Universal Stainless & Alloy(b)		4,564
	4,700	Universal Technical Institute, Inc.(b)		95,739
	1,127	Universal Truckload Services, Inc.(b)		17,119
	245	Univest Corp. of Pennsylvania		4,246
	3,600	Urstadt Biddle Properties, Inc. - Class A REIT		64,188
	1,400	Urstadt Biddle Properties, Inc. REIT		21,700
	500	US Airways Group, Inc.(b)		5,425
	1,700	US Cellular Corp.(b)		79,951
	300	US Physical Therapy, Inc.(b)		5,457
	3,355	USA Mobility, Inc.(b)		49,755

76

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	300	USA Truck, Inc.(b)	$	4,917
	1,500	USG Corp.(b)		18,030
	154,700	UTi Worldwide, Inc.		2,260,167
	12,974	Vaalco Energy, Inc.		77,455
	4,700	Vail Resorts, Inc.(b)		178,036
	1,300	Valassis Communications, Inc.(b)		44,941
	15,700	Valeant Pharmaceuticals International(b)		884,224
	2,798	Valhi, Inc.		39,088
	9,450	Valley National Bancorp		137,120
	6,200	Valspar Corp.		194,742
	3,100	Valueclick, Inc.(b)		33,945
	1,200	Varian Semiconductor Equipment Associates, Inc.(b)		33,912
	153,300	VCA Antech, Inc.(b)		3,194,772
	8,329	Vector Group Ltd.		157,835
	7,000	Veeco Instruments, Inc.(b)		303,100
	1,400	Venoco, Inc.(b)		26,348
	2,800	VeriFone Holdings, Inc.(b)		61,264
	120,000	Verisk Analytics, Inc. - Class A(b)		3,562,800
	5,000	Viasat, Inc.(b)		180,700
	1,200	Vicor Corp.(b)		18,888
	2,380	Viewpoint Financial Group		23,086
	1,028	Virage Logic Corp.(b)		12,285
	1,429	Viropharma, Inc.(b)		18,820
	720	Virtus Investment Partners, Inc.(b)		18,576
	500	Virtusa Corp.(b)		5,330
	14,200	Vishay Intertechnology, Inc.(b)		120,558
	1,014	Vishay Precision Group, Inc.(b)		12,827
	1,050	Vital Images, Inc.(b)		15,424
	4,470	Vivus, Inc.(b)		25,300
	4,600	Volcano Corp.(b)		101,522
	1,300	Volterra Semiconductor Corp.(b)		29,276
	200	VSE Corp.		7,102
	275,000	W.R. Berkley Corp.		7,427,750
	2,600	WABCO Holdings, Inc.(b)		100,568
	123,029	Wabtec Corp.		5,488,324
	105,800	Waddell & Reed Financial, Inc. - Class A		2,521,214
	1,100	Walter Energy, Inc.		78,430
	7,155	Warnaco Group, Inc. (The)(b)		298,864
	4,000	Warner Music Group Corp.(b)		18,760
	500	Washington Banking Co.		7,205
	7,300	Washington Federal, Inc.		127,020
	611	Washington Trust Bancorp, Inc.		11,829
	533,700	Waste Connections, Inc.(b)		20,371,329
	1,600	WaterFurnace Renewable Energy, Inc.		39,656
	1,046,151	Waters Corp.(b)		67,121,048
	912	Waterstone Financial, Inc.(b)		3,639
	2,800	Watsco, Inc.		155,988
	101,900	WD-40 Co.(d)		3,705,084
Shares			Value
UNITED STATES (continued)
	17,200	WebMediaBrands, Inc.(b)	$	12,384
	3,900	Websense, Inc.(b)		72,384
	2,800	Webster Financial Corp.		52,192
	1,700	Weight Watchers International, Inc.		46,563
	1,200	Weingarten Realty Investors REIT		25,404
	2,900	Wellcare Health Plans, Inc.(b)		74,791
	4,957	Wendy’s/Arby’s Group, Inc. - Class A		21,613
	9,800	Werner Enterprises, Inc.		225,694
	2,200	WESCO International, Inc.(b)		79,046
	797	West Coast Bancorp		2,032
	283,700	West Pharmaceutical Services, Inc.		10,309,658
	3,200	Westamerica Bancorp		172,032
	200	Westar Energy, Inc.		4,776
	7,000	Western Alliance Bancorp(b)		50,890
	200,000	Western Union Co. (The)		3,246,000
	800	Westfield Financial, Inc.		6,568
	283	Westwood Holdings Group, Inc.		10,253
	6,900	WGL Holdings, Inc.		248,952
	519	White Mountains Insurance Group Ltd.		162,992
	63,900	Whiting Petroleum Corp.(b)		5,623,839
	800	Whole Foods Market, Inc.(b)		30,376
	4,200	Williams-Sonoma, Inc.		112,182
	225,000	Willis Group Holdings Plc		6,885,000
	1,111	Wilshire Bancorp, Inc.		8,366
	1,929	Windstream Corp.		21,991
	1,347,222	Wisconsin Energy Corp.		73,127,210
	3,150	WMS Industries, Inc.(b)		121,306
	5,500	Wolverine World Wide, Inc.		157,245
	8,400	Woodward Governor Co.		254,016
	3,690	World Acceptance Corp.(b)		152,877
	9,200	World Fuel Services Corp.		239,660
	3,400	World Wrestling Entertainment, Inc. - Class A		54,536
	1,400	WR Grace & Co.(b)		35,938
	130,000	Wright Express Corp.(b)		4,548,700
	15,900	Wyndham Worldwide Corp.		405,927
	11,360	X-Rite, Inc.(b)		42,032
	400	Young Innovations, Inc.		10,680
	2,500	Zebra Technologies Corp. - Class A(b)		68,600
	3,893	Zep, Inc.		74,123
	20	Zhone Technologies, Inc.(b)		28
	44,000	Zimmer Holdings, Inc.(b)		2,331,560
	9,400	Zions Bancorp		208,586
	10,100	Zoll Medical Corp.(b)		267,246
				2,018,357,537
Total Common Stocks (Cost $2,745,738,236)				3,352,416,886

77

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
EXCHANGE TRADED FUNDS — 7.2%
	625,000	iShares MSCI EAFE Small Cap Index Fund	$	22,437,500
	2,168,500	iShares MSCI Emerging Markets Index Fund		89,775,900
	100,861	iShares MSCI Japan Small Cap Index Fund		4,210,947
	1,575,000	iShares MSCI Malaysia Index Fund		19,325,250
	1,514,400	iShares MSCI Singapore Index Fund		18,642,264
	357,000	iShares MSCI South Korea Index Fund		17,510,850
	600,000	iShares S&P Small Cap 600 Index Fund		34,578,000
	55,000	SPDR Russell Nomura Small Cap Japan Fund		2,142,250
	510,000	SPDR S&P International Small Cap Fund		13,127,400
	335,448	SPDR S&P Midcap 400 ETF Trust		46,275,051
Total Exchange Traded Funds (Cost $218,441,972)				268,025,412
INVESTMENT COMPANY — 0.2%
	7,483,000	SEI Daily Income Trust Government II Fund, Class A		7,483,000
Total Investment Company (Cost $7,483,000)				7,483,000
RIGHTS/WARRANTS — 0.0%
Banks — 0.0%
	4,768	Hanmi Financial - Rights Expire 7/12/10(c)		381
Consumer Discretionary — 0.0%
	98,649	Citadel Resources Rights, Expire 7/19/10(c)		892
	2,036	Groupe Partouche SA Rights, Expire 8/2/10(b)		16
				908
Consumer Staples — 0.0%
	1,308	Britannia Industries Ltd. Rights, Expire 3/22/13(c)(d)		1,965
	141	Maui Land & Pineapple Rights, Expire 7/29/10(c)		0
	233,114	Pacific Andes International Holdings Ltd. Warrants, Expire, 6/15/11(b)		2,251
				4,216
Diversified Financials — 0.0%
	438,442	Resolution Ltd. Rights, Expire 8/5/10(b)		598,541
Energy — 0.0%
	3,706	Development Securities Plc Rights, Expire 8/11/10(b)		87
Shares			Value
Energy (continued)
	19,688	Etablissements Maurel et Prom Warrants, Expire 6/30/14	$	3,335
	5,582	Gulf Oil Rights, Expire 8/23/10(c)		7,506
	89,656	Norse Energy Rights, Expire 1/29/10(c)		0
	5,558	Riversdale Mining Ltd. Rights, Expire 8/6/10(c)		4,174
				15,102
Health Care — 0.0%
	1,910	Allied Medical Unlisted Rights, Expire 8/16/10(c)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c) (d)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c) (d)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c) (d)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c)(d)		0
	9,629	Medi-Clinic Corp Ltd. Rights, Expire 8/6/10(b)		2,957
	22,373	Mediq Coupons, Expire 8/18/10		0
				2,957
Industrials — 0.0%
	43,639	HKC Warrants, Expire 6/8/11		399
	2,644	Hong Kong Energy Warrants, Expire 6/8/11		31
	428	Latecoere Warrants, Expire 7/30/15		91
				521
Information Technology — 0.0%
	15,450	Kingboard Chemical Holdings Ltd. Warrants, Expire 10/31/12(b)(d)		6,146
	44,070	Unisem (M) Berhad Rights, Expire 8/16/10(c)		139
				6,285
Materials — 0.0%
	6,146	KME Group SpA, Warrants, Expire 12/30/11(b)		90
	2,762	MIL Resources Ltd. Warrants, Expire 5/31/12(b)(d)		15
				105
Real Estate — 0.0%
	11,352,000	Bakrieland Development Tbk PT Rights, Expire 7/21/10(c)		0

78

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
Real Estate (continued)
	465,116	Bangkok Land Public Co. Ltd. - NVDR Warrants, Expire 5/2/13(b)(d)		2,018
	1,133	Cheuk Nang Holdings Ltd. Warrants, Expire 5/20/11	$	114
	2,642	Fonciere Des Regions Warrants, Expire 12/31/10		1,911
				4,043
Utilities — 0.0%
	1,044	Elia System Operator SA NV Warrants, Expire 6/16/10		244
Total Rights/Warrants (Cost $721,748)				633,303
Principal Amount
U.S. GOVERNMENT AGENCIES — 0.9%
Federal Home Loan Bank — 0.9%
$	18,000,000	0.06%, 08/02/2010		18,000,000
	15,100,000	0.17%, 08/11/2010(f)		15,099,358
Total U.S. Government Agencies (Cost $33,099,358)				33,099,358
Shares
CASH SWEEP — 0.8%
	30,216,060	Citibank - US Dollars on Deposit in Custody Account		30,216,060
Total Cash Sweep (Cost $30,216,060)				30,216,060
TOTAL INVESTMENTS — 99.8% (Cost $3,035,700,374)(a)				3,691,874,019
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				5,673,475
NET ASSETS — 100.0%			$	3,697,547,494

(a) Tax cost for financial reproting purposes is $3,037,953,230 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	741,307,345
Unrealized depreciation		(87,386,556	)
Net unrealized appreciation	$	653,920,789

(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 $1,254,453, which is 0.03% 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

REIT — Real Estate Investment Trust

VVPR — Voter Verified Paper Record

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.6	%
Consumer Discretionary	16.0	%
Consumer Staples	6.9	%
Diversified Financials	3.4	%
Energy	10.2	%
Health Care	8.9	%
Industrials	15.2	%
Information Technology	12.7	%
Insurance	5.0	%
Materials	5.4	%
Real Estate	1.2	%
Telecommunication Services	0.6	%
Utilities	2.6	%
Other*	9.3	%
	100	%

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

79

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments	July 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 9.6%
AUSTRALIA — 0.0%
	129,380	GrainCorp Ltd.	$	661,332
	1,626,450	Grange Resources Ltd.(b)		824,011
	834,140	Sigma Pharmaceuticals Ltd.(b)		328,271
				1,813,614
BELGIUM — 0.1%
	5,800	D’ieteren SA		2,796,565
BRAZIL — 0.4%
	935,770	Acos Villares SA		393,717
	262,944	BM&FBOVESPA SA		1,943,525
	82,310	Grendene SA		376,732
	101,400	Itau Unibanco Holding SA - ADR		2,270,346
	17,280	M Dias Branco SA		390,735
	52,440	Marisa Lojas SA(b)		661,612
	22,820	Natura Cosmeticos SA		596,839
	54,200	Odontoprev SA(b)		510,012
	143,600	Petroleo Brasileiro SA - ADR		4,573,660
	12,110	Souza Cruz SA		554,961
	107,900	Tam SA - ADR		1,821,352
				14,093,491
CANADA — 0.4%
	113,470	Alimentation Couche Tard, Inc. - Class B		2,365,315
	500,000	Asian Coast Development Ltd.(c)		6,000,000
	309,430	ATS Automation Tooling Systems, Inc.(b)		2,013,605
	52,300	Barrick Gold Corp.		2,149,530
	478,210	Western Coal Corp.(b)		1,953,681
	103,400	Zargon Energy Trust		1,788,290
				16,270,421
CHINA — 0.3%
	30,000	Baidu Inc. - ADR(b)		2,442,300
	29,100	Ctrip.com International Ltd. - ADR(b)		1,171,566
	872,000	Dongfeng Motor Group Co. Ltd. - H Shares		1,216,927
	887,670	Qingling Motors Co. Ltd. - H Shares		223,989
	1,387,310	Regent Manner International Ltd.		694,771
	275,700	Shandong Airlines Co. Ltd. - B Shares		239,585
	286,200	Shandong Chenming Paper Holdings Ltd. - B Shares		217,022
	158,600	Tencent Holdings Ltd.		3,056,636
	456,000	Tianneng Power International Ltd.		178,467
	3,804,290	Yantai North Andre Juice Co. - H Shares		193,459
				9,634,722
Shares			Value
DENMARK — 0.2%
	39,890	FLSmidth & Co. AS	$	2,841,388
	152,610	H. Lundbeck AS		2,324,627
	265,060	Torm AS(b)		2,125,375
				7,291,390
EGYPT — 0.0%
	35,070	Suez Cement		232,652
	85,220	Telecom Egypt		256,811
				489,463
FRANCE — 0.2%
	53,460	Groupe Danone		2,998,447
	71,884	Pernod-Ricard SA		5,626,169
				8,624,616
GERMANY — 0.2%
	23,890	Axel Springer AG		2,864,172
	31,500	Deutsche Boerse AG		2,205,168
	260,370	Kontron AG		2,045,990
				7,115,330
GREECE — 0.1%
	125,720	OPAP SA		1,859,497
HONG KONG — 0.2%
	1,308,000	China Overseas Land & Investment Ltd.		2,802,075
	1,376,560	China Pharmaceutical Group Ltd.		774,453
	245,500	Hengan International Group Co. Ltd.		2,114,445
	4,468,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		1,029,639
	332,230	Kingboard Laminates Holdings Ltd.		329,771
	635,300	RCG Holdings Ltd.(b)		432,047
	1,373,000	Samson Holding Ltd.		226,256
	4,068,000	Singamas Container Holdings Ltd.(b)		858,902
	2,836,000	Victory City International Holdings Ltd.		595,131
				9,162,719
INDIA — 0.3%
	108,760	Balrampur Chini Mills Ltd.		195,934
	44,600	Container Corp. of India		1,320,844
	1,717,131	GMR Infrastructure Ltd.(b)		2,101,779
	127,820	Graphite India Ltd.		262,636
	66,190	Gujarat Flourochemicals Ltd.		285,271
	24,800	Housing Development Finance Corp.		1,592,721
	93,343	Kotak Mahindra Bank Ltd.		1,548,945
	28,240	Nava Bharat Ventures Ltd.		241,688
	70,720	Polaris Software Lab Ltd.		266,695
	116,300	Reliance Industries Ltd.		2,530,255
	19,830	Tata Steel Ltd.		228,832
	51,534	United Spirits Ltd.		1,538,635
	44,560	Vardhman Textiles Ltd.		285,192

80

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
INDIA (continued)
	17,400	Zuari Industries Ltd.	$	261,347
				12,660,774
INDONESIA — 0.0%
	696,000	Medco Energi Internasional Tbk PT		233,335
	4,188,000	Tunas Ridean Tbk PT		299,527
				532,862
IRELAND — 0.2%
	169,800	Accenture Plc - Class A		6,730,872
	157,700	Elan Corp. Plc - ADR(b)		752,229
				7,483,101
ITALY — 0.3%
	204,470	ERG SpA		2,664,556
	1,183,910	Hera SpA		2,246,339
	1,909,509	Intesa Sanpaolo SpA		6,320,488
				11,231,383
JAPAN — 0.5%
	106,000	Aeon Mall Co. Ltd.		2,323,792
	46,000	Alpen Co. Ltd.		729,973
	42,000	ASKUL Corp.		824,492
	19,000	Bank of Okinawa Ltd. (The)		613,357
	35,000	Cosmos Pharmaceutical Corp.		882,343
	104,000	Daicel Chemical Industries Ltd.		736,709
	30,000	Doshisha Co. Ltd.		673,997
	92,000	Iida Home Max		784,814
	110,000	Kinki Sharyo Co. Ltd.		515,655
	34,000	Kissei Pharmaceutical Co. Ltd.		650,917
	51,000	Megachips Corp.		776,850
	37,000	Meitec Corp.(b)		623,555
	24,000	Miraca Holdings, Inc.		714,486
	365,000	Mitsubishi Steel Manufacturing Co. Ltd.		764,685
	41,000	Modec, Inc.		629,747
	524,000	Nippon Coke & Engineering Co. Ltd.		770,276
	63,000	NSD Co. Ltd.		682,539
	53,000	Sato Corp.		668,059
	60,000	Siix Corp.		609,757
	29,000	Token Corp.(b)		841,183
	122,800	Toyota Motor Corp.		4,335,205
				20,152,391
MALAYSIA — 0.0%
	619,000	DRB-Hicom Berhad		219,890
	306,130	SapuraCrest Petroleum Berhad		220,383
				440,273
MEXICO — 0.2%
	104,400	America Movil SAB de CV - ADR, Series L		5,179,284
Shares			Value
MEXICO (continued)
	246,400	Grupo Financiero Banorte SAB de CV - Series O	$	965,412
				6,144,696
MOROCCO — 0.0%
	1,500	Cosumar		277,173
PAKISTAN — 0.0%
	423,290	Kot Addu Power Co. Ltd.		217,523
	242,040	Lucky Cement Ltd.		196,569
	901,720	Pakistan Telecommunication Co. Ltd.		211,489
				625,581
POLAND — 0.0%
	337,120	Netia SA(b)		541,761
RUSSIA — 0.0%
	36,600	CTC Media, Inc.		659,898
	25,602	X5 Retail Group NV - GDR(b)		958,027
				1,617,925
SOUTH AFRICA — 0.0%
	2,720	Assore Ltd.		287,799
	31,150	Highveld Steel and Vanadium Corp. Ltd.(b)		367,126
	53,510	Pioneer Foods Ltd.		308,066
	17,690	Wilson Bayly Holmes-Ovcon Ltd.		273,889
				1,236,880
SOUTH KOREA — 0.2%
	53,580	CJ Internet Corp.		532,143
	35,740	Global & Yuasa Battery Co. Ltd.		916,856
	59,370	Handsome Co. Ltd.		820,489
	45,840	Hyundai Hysco		726,497
	12,850	KT&G Corp.		645,175
	22,920	LG Display Co. Ltd.		703,249
	7,710	LG Electronics, Inc.		654,950
	106,890	Wooree ETI Co. Ltd.		662,260
				5,661,619
SPAIN — 0.3%
	53,600	Corp. Financiera Alba		2,207,227
	512,200	Iberdrola Renovables SA		1,792,837
	234,400	Telefonica SA		5,321,094
				9,321,158
SWEDEN — 0.1%
	147,900	Investor AB - B Shares		2,788,112
SWITZERLAND — 0.1%
	13,710	Garmin Ltd.		390,872
	11,270	Noble Corp.		366,275
	11,800	Valora Holding AG		2,990,496
				3,747,643

81

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
TAIWAN — 0.1%
	80,000	Chinese Maritime Transport Ltd.	$	174,762
	2,107,970	Chunghwa Picture Tubes Ltd.(b)		137,490
	63,469	Dynapack International Technology Corp.		181,830
	518,890	Elitegroup Computer Systems Co. Ltd.		192,700
	176,000	First Steamship Co. Ltd.		299,343
	136,000	Gemtek Technology Corp.		185,261
	223,430	Great Wall Enterprise Co.		223,475
	91,955	Green Energy Technology, Inc.		194,565
	153,000	Senao International Co. Ltd.		227,517
	117,460	Taiwan Mobile Co. Ltd.		231,669
	135,000	Taiwan Navigation Co. Ltd.		168,732
				2,217,344
THAILAND — 0.0%
	13,445,700	Bangkokland Public Co. Ltd. - FOR(b)		274,955
	91,600	Electricity Generating Public Co. Ltd. - FOR		243,368
	2,649,900	True Corp. Public Co. Ltd. - FOR(b)		361,257
				879,580
TURKEY — 0.0%
	192,571	Turk Hava Yollari AO(b)		557,067
	98,370	Turkcell Iletisim Hizmet AS		577,610
	96,290	Yazicilar Holding AS - Class A		651,644
				1,786,321
UNITED KINGDOM — 0.9%
	16,090	Amdocs Ltd.(b)		439,740
	110,200	Anglo American Plc		4,365,357
	230,550	Berkeley Group Holdings Plc(b)		2,930,306
	158,050	Dana Petroleum Plc(b)		4,243,335
	914,491	Rolls-Royce Group Plc(b)		8,322,815
	109,800	Standard Chartered Plc		3,173,619
	948,500	Vodafone Group Plc		2,213,895
	385,530	WH Smith Plc		2,569,231
	303,060	WPP Plc		3,221,816
				31,480,114
UNITED STATES — 4.3%
	23,145	Aaron’s, Inc.		420,313
	11,650	Advance Auto Parts, Inc.		623,624
	32,100	Amazon.com, Inc.(b)		3,784,269
	8,410	Amedisys, Inc.(b)		220,931
	17,980	American Financial Group, Inc.		529,871
	15,310	American Physicians Capital, Inc.		626,944
	8,530	Amgen, Inc.(b)		465,141
	14,310	Andersons, Inc. (The)		491,835
	84,580	APAC Customer Services, Inc.(b)		458,424
Shares			Value
UNITED STATES (continued)
	32,470	Apogee Enterprises, Inc.	$	365,612
	19,000	Apple, Inc.(b)		4,887,750
	20,230	Applied Industrial Technologies, Inc.		566,440
	77,017	Arch Coal, Inc.		1,824,533
	37,160	Asbury Automotive Group, Inc.(b)		500,174
	13,300	AutoZone, Inc.(b)		2,813,881
	19,050	Baldwin & Lyons, Inc. - Class B		425,577
	348,600	Bank of America Corp.		4,894,344
	55,300	Bed Bath & Beyond, Inc.(b)		2,094,764
	4,910	Bio-Rad Laboratories, Inc. - Class A(b)		436,008
	18,260	Brink’s Co. (The)		399,894
	21,520	CA, Inc.		420,931
	28,740	Cabela’s, Inc.(b)		448,057
	25,160	Cantel Medical Corp.		399,541
	13,210	Carlisle Cos., Inc.		444,913
	8,780	Chemed Corp.		464,638
	9,660	Chubb Corp.		508,406
	10,130	Columbia Sportswear Co.		496,471
	15,860	Comtech Telecommunications Corp.(b)		342,100
	25,790	Cooper Tire & Rubber Co.		557,322
	27,120	Corning, Inc.		491,414
	23,670	Corrections Corp. of America(b)		463,222
	10,780	Cracker Barrel Old Country Store, Inc.		528,004
	13,460	Cubic Corp.		545,399
	155,240	Denny’s Corp.(b)		416,043
	15,190	Discovery Communications, Inc. - Class A(b)		586,486
	22,700	DISH Network Corp. - Class A		455,816
	13,080	Dollar Tree, Inc.(b)		579,706
	35,420	Domino’s Pizza, Inc.(b)		453,022
	17,890	DPL, Inc.		452,796
	18,210	Dress Barn, Inc.(b)		449,787
	7,010	Dun & Bradstreet Corp.		479,204
	56,060	Earthlink, Inc.		495,010
	36,200	Edwards Lifesciences Corp.(b)		2,092,360
	42,200	Emerson Electric Co.		2,090,588
	20,730	Endo Pharmaceuticals Holdings, Inc.(b)		497,727
	21,200	EOG Resources, Inc.		2,067,000
	209,300	Fifth Third Bancorp		2,660,203
	10,670	Fluor Corp.		515,254
	75,240	Force Protection, Inc.(b)		336,323
	1,850	Furiex Pharmaceuticals, Inc.(b)		21,663
	96,190	Gander Mountain Co.(b)		478,545
	21,520	Gap, Inc. (The)		389,727
	17,070	GeoEye, Inc.(b)		589,256
	72,000	Gilead Sciences, Inc.(b)		2,399,040
	19,770	Global Partners LP		496,622
	39,600	Goldman Sachs Group, Inc. (The)		5,972,472
	18,400	Google, Inc. - Class A(b)		8,921,240

82

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	15,340	Group 1 Automotive, Inc.(b)	$	425,225
	17,270	Gulfmark Offshore, Inc. - Class A(b)		508,429
	9,580	Gymboree Corp.(b)		414,814
	45,300	H&E Equipment Services, Inc.(b)		394,110
	10,800	Harris Corp.		480,924
	15,650	Harsco Corp.		362,454
	61,240	Hawaiian Holdings, Inc.(b)		367,440
	89,190	Hecla Mining Co.(b)		440,599
	11,250	Herbalife Ltd.		558,450
	11,910	Hormel Foods Corp.		511,177
	9,830	Hubbell, Inc. - Class B		463,878
	10,210	Humana, Inc.(b)		480,074
	36,390	Huntsman Corp.		381,003
	28,800	Illumina, Inc.(b)		1,291,104
	34,280	Insight Enterprises, Inc.(b)		499,460
	3,840	International Business Machines Corp.		493,056
	107,110	International Coal Group, Inc.(b)		481,995
	19,320	International Paper Co.		467,544
	11,250	Jacobs Engineering Group, Inc.(b)		411,412
	12,060	Jo-Ann Stores, Inc.(b)		505,193
	10,210	Jos. A. Bank Clothiers, Inc.(b)		599,123
	205,900	JPMorgan Chase & Co.		8,293,652
	232,700	Juniper Networks, Inc.(b)		6,464,406
	13,150	Kaydon Corp.		499,568
	22,220	Kensey Nash Corp.(b)		522,170
	9,130	Kohl’s Corp.(b)		435,410
	131,340	Kopin Corp.(b)		495,152
	6,650	Laboratory Corp. of America Holdings(b)		485,317
	8,400	Lancaster Colony Corp.		436,128
	16,530	Layne Christensen Co.(b)		416,721
	18,190	Lincoln Educational Services Corp.(b)		383,627
	152,700	Lowe’s Cos., Inc.		3,166,998
	5,620	Lubrizol Corp.		525,414
	8,650	Manpower, Inc.		415,027
	9,740	Mantech International Corp - Class A(b)		386,191
	44,000	MarineMax, Inc.(b)		334,400
	19,700	Mastercard, Inc. - Class A		4,137,788
	21,620	Mattel, Inc.		457,479
	82,310	Mediacom Communications Corp. - Class A(b)		604,155
	8,990	Mednax, Inc.(b)		423,878
	54,510	ModusLink Global Solutions, Inc.(b)		357,586
	62,100	Monsanto Co.		3,591,864
	36,000	MSCI, Inc. - Class A(b)		1,161,720
	19,870	Multi-Fineline Electronix, Inc.(b)		503,506
	40,400	Murphy Oil Corp.		2,211,900
	43,110	National Beverage Corp.		613,024
Shares			Value
UNITED STATES (continued)
	3,920	National Presto Industries, Inc.	$	399,801
	34,930	News Corp. - Class A		455,836
	7,620	Oceaneering International, Inc.(b)		377,038
	10,780	Oil States International, Inc.(b)		495,233
	72,890	Omnova Solutions, Inc.(b)		568,542
	32,170	Penske Auto Group, Inc.(b)		450,380
	22,410	Perry Ellis International, Inc.(b)		501,760
	22,210	Pharmaceutical Product Development, Inc.		538,815
	10,270	Phillips-Van Heusen Corp.		532,910
	44,700	Praxair, Inc.		3,880,854
	8,520	ProAssurance Corp.(b)		507,025
	178,600	QUALCOMM, Inc.		6,801,088
	128,420	Quiksilver, Inc.(b)		574,037
	55,200	Range Resources Corp.		2,049,024
	41,200	Red Hat, Inc.(b)		1,324,580
	10,360	Reliance Steel & Aluminum Co.		406,941
	9,310	Ross Stores, Inc.		490,265
	14,500	SanDisk Corp.(b)		633,650
	104,150	Santarus, Inc.(b)		259,333
	16,920	Scansource, Inc.(b)		466,654
	35,900	Schlumberger Ltd.		2,141,794
	16,970	Scholastic Corp.		429,850
	380	Seaboard Corp.		576,840
	6,120	SEACOR Holdings, Inc.(b)		506,858
	23,430	Sealed Air Corp.		506,791
	57,110	SFN Group, Inc.(b)		427,754
	16,760	Silgan Holdings, Inc.		476,319
	115,970	Smith & Wesson Holding Corp.(b)		446,484
	41,820	Sonic Automotive, Inc. - Class A(b)		413,600
	15,220	STERIS Corp.		483,844
	23,520	Sterling Construction Co., Inc.(b)		291,413
	16,245	Steven Madden Ltd.(b)		627,544
	18,820	T-3 Energy Services, Inc.(b)		477,275
	9,270	Target Corp.		475,736
	27,920	Team, Inc.(b)		396,464
	64,720	TeleCommunication Systems, Inc. - Class A(b)		232,345
	27,760	TeleTech Holdings, Inc.(b)		385,864
	16,080	Time Warner, Inc.		505,877
	11,620	TJX Cos., Inc.		482,462
	10,480	Towers Watson & Co. - Class A		466,465
	8,430	Tractor Supply Co.		585,969
	9,230	Travelers Cos., Inc. (The)		465,653
	27,100	Trinity Industries, Inc.		552,027
	8,460	Triumph Group, Inc.		642,114
	17,040	United Natural Foods, Inc.(b)		574,759
	11,930	United States Lime & Minerals, Inc.(b)		509,650
	12,950	Universal Forest Products, Inc.		401,061
	10,330	URS Corp.(b)		417,229
	31,080	US Ecology, Inc.		459,673

83

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	15,590	USANA Health Sciences, Inc.(b)	$	653,221
	5,920	Valmont Industries, Inc.		420,616
	14,440	Walgreen Co.		412,262
	70,800	WellPoint, Inc.(b)		3,590,976
	20,470	Weyco Group, Inc.		517,891
	38,420	Willbros Group, Inc.(b)		351,543
				157,717,171
Total Common Stocks (Cost $347,942,770)				357,695,690
EXCHANGE TRADED FUNDS — 2.8%
UNITED STATES — 2.8%
	150,000	iShares iBoxx High Yield Corp. Bond Fund		13,293,000
	1,000,000	iShares MSCI Malaysia Index Fund		12,270,000
	1,325,000	iShares MSCI South Korea Index Fund		64,991,250
	960,000	iShares MSCI Taiwan Index Fund(b)		11,932,800
Total Exchange Traded Funds (Cost $83,890,785)				102,487,050
PREFERRED STOCKS — 0.4%
UNITED STATES — 0.4%
	5,000	Crown Castle International Corp., Cnv		293,050
	225,000	Fannie Mae		90,563
	250,000	Freddie Mac		110,375
	1,275,000	Motors Liquidation Co. Series C, Cnv		9,792,000
	100,000	Petroquest Energy, Inc.		3,575,000
Total Preferred Stocks (Cost $19,910,556)				13,860,988
Principal Amount			Value
BANK LOANS — 2.3%
UNITED STATES — 2.3%
$	1,000,000	Affinion Group Holdings, Inc., 5.00%, 01/28/18(d)		954,688
	1,500,000	Allison Transmission, Inc., Term Loan, 3.04%, 08/07/14(d)		1,400,937
	2,000,000	American General Finance, Term B Loan, 7.25%, 04/16/15(d)		1,971,876
	1,843,939	Amscan Holdings, Inc., 2.53%, 05/27/13(d)		1,737,913
	2,487,127	Avaya, Inc., Term A Loan, 3.10%, 10/24/14(d)		2,205,254
	1,071,504	Calpine Corp., 3.19%, 03/29/14(d)		1,015,586
Principal Amount			Value
UNITED STATES (continued)
$	1,979,644	Cengage Learning Acquisitions, Inc., 2.79%, 07/03/14(d)	$	1,746,586
	2,593,123	Cumulus Media, Inc., Replacement Term Loan, 4.34%, 06/11/14(d)		2,325,168
	3,657,358	Dana Holding Corp., Term Advance, 5.35%, 01/30/15(d)		3,575,068
	2,490,324	Ford Motor Company, Tranche B-1 Loan, 3.35%, 12/15/13(d)		2,418,209
	234,113	Hertz Corp. (The), Letter of Credit, 0.00%, 12/21/12(d)		226,113
	1,265,887	Hertz Corp. (The), Tranche B Term Loan, 1.75%, 12/21/12(d)		1,222,629
	961,970	Isle of Capri Casinos, Inc., 5.00%, 11/25/13(d)		907,619
	384,788	Isle of Capri Casinos, Inc., 5.00%, 11/25/13(d)		363,048
	338,431	Isle of Capri Casinos, Inc., 5.00%, 11/25/13(d)		319,310
	2,204,114	L-1 Identity Solutions, Inc., 6.99%, 08/05/13(d)		2,189,419
	542,128	Las Vegas Sands Corp., I Term Loan, 2.05%, 05/23/14(d)		503,017
	2,682,979	Las Vegas Sands Corp., Tranche B Term Loan, 2.05%, 05/23/14(d)		2,489,421
	1,035,003	Manitowoc Co., Inc. (The), 8.00%, 11/06/14(d)		1,033,421
	5,074,268	MGM Mirage, Inc., 6.00%, 10/03/11(d)		4,877,640
	1,500,000	MGM Mirage, Inc., Class B Loan, 4.00%, 10/03/11(d)		1,443,750
	1,603,065	Michaels Stores, Inc., Replacement Term B-1 Loan, 2.64%, 10/31/13(d)		1,498,190
	3,285,170	Nuveen Investments, Inc., 3.39%, 11/13/14(d)		2,886,843
	1,000,000	Nuveen Investments, Inc., 12.50%, 07/21/15(d)		878,750
	3,256,269	OSI Restaurant Partners LLC, 2.63%, 06/14/14(d)		2,819,385
	295,099	OSI Restaurant Partners LLC, Pre-Funded Loan, 2.19%, 06/14/13(d)		255,506
	1,944,651	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 2.81%, 04/02/14(d)		1,825,271

84

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
$	1,000,000		Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., Term Loan C, 7.50%, 04/01/15(d)	$	1,001,071
	3,900,000		PQ Corp., Second Lien, 6.86%, 07/30/15(d)		3,552,900
	2,809,694		Rental Service Corp., 4.04%, 11/30/13(d)		2,651,649
	1,000,000		Reynolds Group Holdings, Inc., Incremental Term Loan, 5.75%, 05/04/16(d)		992,500
	3,000,000		Savvis, Term B Loan, 6.75%, 07/30/16(d)		2,958,750
	3,958,009		Sensata Technologies B.V./Sensata Technologies Finance Co. LLC, 2.08%, 04/27/13(d)		3,720,529
	3,250,000		Sequa Corp., 3.63%, 12/03/14(d)		3,026,562
	2,738,484		ServiceMaster Co. (The), 2.85%, 07/24/14(d)		2,517,009
	272,712		ServiceMaster Co. (The), 2.86%, 07/24/14(d)		250,656
	3,250,000		Spectrum Brands, Inc., Term B Loan, 8.00%, 06/04/16(d)		3,279,113
	2,238,491		TXU Energy, Initial Tranche B-3 Term Loan, 3.85%, 10/10/14(d)		1,726,785
	498,750		U.S. Telepacific Corp., Term Loan Advance, 9.25%, 08/17/15(d)		499,165
	3,530,945		Univar, Inc., Tranche B Term Loan, 3.35%, 10/10/14(d)		3,383,087
	4,300,000		Universal Health Services, Inc., Term B Loan, 4.00%, 07/28/16(d)		4,265,957
	3,488,445		US Foodservice, Term Loan, 2.85%, 07/03/14(d)		3,023,610
	2,338,029		Venoco, Inc., 5.28%, 05/07/14(d)		2,109,096
Total Bank Loans (Cost $80,835,313)					84,049,056
CORPORATE BONDS — 55.4%
AUSTRALIA — 0.5%
	22,500,000	(e)	Transpacific Industries Group Ltd., Cnv., 6.75%, 12/07/14		17,629,831
AUSTRIA — 0.5%
	5,962,800	(e)	A-TEC Industries AG, Cnv., 6.19%, 05/10/14		13,656,542
Principal Amount				Value
AUSTRIA (continued)
$	5,000,000	(e)	A-TEC Industries AG, Cnv., 8.75%, 10/27/14	$	5,937,488
					19,594,030
BERMUDA — 1.5%
	7,000,000		Alliance Oil Co. Ltd., Cnv., 7.25%, 07/16/14		7,487,200
	7,000,000	(f)	Celestial Nutrifoods Ltd., Cnv., 15.73%, 06/12/11(g)		1,029,563
	32,000,000		Central European Media Enterprises Ltd., Cnv., 3.50%, 03/15/13(h)		25,680,000
	5,000,000		Intelsat Bermuda Ltd., STEP, 11.25%, 02/04/17		5,300,000
	1,550,000		Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		1,674,000
	4,250,000		Intelsat Ltd., 6.50%, 11/01/13		4,058,750
	1,500,000		Intelsat Subsidiary Holding Co. Ltd., 8.88%, 01/15/15(h)		1,548,750
	1,000,000		NCL Corp. Ltd., 11.75%, 11/15/16		1,111,250
	200,000		Petroplus Finance Ltd., 6.75%, 05/01/14(h)		180,000
	1,000,000		Petroplus Finance Ltd., 9.38%, 09/15/19(h)		900,000
	7,000,000		Seadrill Ltd., Cnv., 3.63%, 11/08/12		7,073,045
					56,042,558
BRAZIL — 0.0%
	1,000,000		Petrobras International Finance Co., 5.75%, 01/20/20		1,063,173
CANADA — 0.6%
	2,550,000		Bombardier, Inc., 7.75%, 03/15/20(h)		2,747,625
	1,500,000		Cascades, Inc., 7.88%, 01/15/20		1,556,250
	2,000,000		Telesat Canada/Telesat LLC, 11.00%, 11/01/15		2,290,000
	12,000,000	(e)	Uranium One, Inc., Cnv., 4.25%, 12/31/11		11,123,973
	1,650,000		Videotron Ltee, 6.88%, 01/15/14		1,678,875
	1,000,000		Videotron Ltee, 9.13%, 04/15/18		1,120,000
					20,516,723
FINLAND — 0.3%
	9,800,000	(e)	Talvivaara Mining Co. Plc, Cnv., 5.25%, 05/20/13		12,482,271

85

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount				Value
FRANCE — 0.1%
$	1,500,000		Cie Generale de Geophysique- Veritas, 7.50%, 05/15/15	$	1,470,000
	2,000,000		Cie Generale de Geophysique- Veritas, 9.50%, 05/15/16		2,107,500
	1,500,000		Cie Generale de Geophysique- Veritas, 7.75%, 05/15/17		1,462,500
					5,040,000
GERMANY — 0.6%
	500,000		Kabel Deutschland GmbH, 10.63%, 07/01/14		520,625
	16,000,000	(e)	TUI AG, Cnv., 2.75%, 09/01/12		18,779,697
	2,150,000		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 8.13%, 12/01/17(h)		2,198,375
					21,498,697
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(g)		1,133,154
INDIA — 0.4%
	6,700,000		Jaiprakash Associates Ltd., Cnv., 7.57%, 09/12/12(g)		8,509,000
	7,000,000		Jaiprakash Power Ventures Ltd., Cnv., 5.00%, 02/13/15		7,465,136
					15,974,136
INDONESIA — 0.1%
	3,000,000		Berlian Laju Tanker Tbk PT, Cnv., 12.00%, 02/10/15		2,745,000
LUXEMBOURG — 0.7%
	1,000,000		ArcelorMittal, 9.00%, 02/15/15		1,204,054
	1,000,000		FMC Finance III SA, 6.88%, 07/15/17		1,037,500
	500,000		Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(h)		542,715
	13,500,000	(i)	Kloeckner & Co. Finance International SA, Cnv., 1.50%, 07/27/12		15,987,570
	7,500,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(h)		7,968,750
					26,740,589
Principal Amount				Value
MACAU — 0.1%
$	2,500,000		MCE Finance Ltd., 10.25%, 05/15/18(h)	$	2,659,375
NORWAY — 1.1%
	46,400,000		Petroleum Geo-Services ASA, Cnv., 2.70%, 12/03/12		42,131,432
PHILIPPINES — 0.2%
	5,000,000		First Gen Corp., Cnv., 2.50%, 02/11/13		5,760,310
SOUTH AFRICA — 1.2%
	75,000,000	(e)	Netcare Ltd., Cnv., 6.00%, 09/30/11		10,476,262
	236,000,000	(e)	Steinhoff International Holdings Ltd., Cnv., 5.70%, 07/31/13		28,265,652
	39,000,000	(e)	Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15		5,606,559
					44,348,473
SWEDEN — 0.1%
	2,000,000		Volvo Treasury AB, 5.95%, 04/01/15(h)		2,139,838
THAILAND — 0.4%
	13,500,000		Thoresen Thai Agencies Public Co. Ltd., Cnv., 2.50%, 09/24/12		14,390,150
UNITED ARAB EMIRATES — 0.5%
	21,850,000		Dana Gas Sukuk Ltd., Cnv., 7.50%, 10/31/12		20,139,145
UNITED KINGDOM — 0.5%
	750,000		Ineos Finance Plc, 9.00%, 05/15/15(h)		765,000
	10,000,000	(i)	International Power Finance (Jersey) III Ltd., Cnv., 4.75%, 06/05/15		13,292,154
	2,150,000		Virgin Media Finance Plc, 9.13%, 08/15/16		2,311,250
	1,000,000		Virgin Media Finance Plc, 9.50%, 08/15/16		1,125,000
	1,750,000		Virgin Media Finance Plc, 8.38%, 10/15/19		1,898,750
					19,392,154
UNITED STATES — 45.8%
	850,000		Accellent, Inc., 10.50%, 12/01/13		856,375
	1,650,000		Accellent, Inc., 8.38%, 02/01/17(h)		1,670,625
	29,134,000		ADC Telecommunications, Inc., Cnv., 1.12%, 06/15/13(d)		28,733,408

86

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	10,500,000	Advanced Micro Devices, Inc., Cnv., 6.00%, 05/01/15	$	10,421,250
	4,000,000	AES Corp. (The), 9.75%, 04/15/16		4,490,000
	3,950,000	AES Corp. (The), 8.00%, 10/15/17		4,191,938
	1,000,000	AES Corp. (The), 8.00%, 06/01/20		1,058,750
	2,250,000	Affinion Group, Inc., 10.13%, 10/15/13		2,317,500
	3,000,000	Affinion Group, Inc., 11.50%, 10/15/15		3,172,500
	13,000,000	Affymetrix, Inc., Cnv., 3.50%, 01/15/38		12,057,500
	50,500,000	Alcatel-Lucent USA Inc., 2.88%, 06/15/25		44,755,625
	2,350,000	Alliant Techsystems, Inc., 6.75%, 04/01/16		2,344,125
	1,000,000	Ameren Corp., 8.88%, 05/15/14		1,159,964
	250,000	American Airlines, Inc., 10.50%, 10/15/12(h)		266,250
	750,000	American Axle & Manufacturing, Inc., 5.25%, 02/11/14		676,875
	2,450,000	American Axle & Manufacturing, Inc., 9.25%, 01/15/17(h)		2,639,875
	1,000,000	American Axle & Manufacturing, Inc., 7.88%, 03/01/17		930,000
	2,500,000	AmeriGas Partners LP, 7.25%, 05/20/15		2,581,250
	1,000,000	AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 7.13%, 05/20/16		1,035,000
	3,000,000	Ameristar Casinos, Inc., 9.25%, 06/01/14		3,202,500
	1,450,000	ARAMARK Corp., 5.00%, 06/01/12		1,431,875
	11,000,000	ARAMARK Corp., 8.50%, 02/01/15		11,371,250
	2,600,000	ArvinMeritor, Inc., 8.13%, 09/15/15		2,613,000
	1,550,000	ArvinMeritor, Inc., 10.63%, 03/15/18		1,689,500
	15,000,000	ArvinMeritor, Inc., Cnv., 4.00%, 02/15/27		13,406,250
	750,000	ArvinMeritor, Inc., Cnv., STEP, 4.63%, 03/01/26		788,438
	1,750,000	Ashtead Capital, Inc., 9.00%, 08/15/16(h)		1,767,500
Principal Amount			Value
UNITED STATES (continued)
$	1,300,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.63%, 05/15/14	$	1,283,750
	2,550,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.75%, 05/15/16		2,441,625
	1,000,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, 03/15/18(h)		1,042,500
	2,900,000	Avis Budget Group, Inc., Cnv., 3.50%, 10/01/14(h)		2,994,250
	2,050,000	Baldor Electric Co., 8.63%, 02/15/17		2,173,000
	750,000	Biomet, Inc., 10.00%, 10/15/17		830,625
	3,250,000	Biomet, Inc., 11.63%, 10/15/17		3,644,062
	1,500,000	Boise Paper Holdings LLC/Boise Co-Issuer Co., 8.00%, 04/01/20		1,552,500
	2,000,000	Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/01/17		2,100,000
	2,350,000	Bon-Ton Department Stores, Inc. (The), 10.25%, 03/15/14		2,300,062
	2,850,000	Boyd Gaming Corp., 6.75%, 04/15/14		2,529,375
	1,700,000	Cablevision Systems Corp., 8.63%, 09/15/17(h)		1,825,375
	2,700,000	Cablevision Systems Corp., 8.00%, 04/15/20		2,855,250
	3,500,000	Calpine Corp., 7.25%, 10/15/17(h)		3,491,250
	10,000,000	CapitalSource, Inc., Cnv., 7.25%, 07/15/37		9,775,000
	8,000,000	CapitalSource, Inc., Cnv., STEP, 4.00%, 07/15/34		7,760,000
	23,000,000	Carrizo Oil & Gas, Inc., Cnv., 4.38%, 06/01/28		20,038,750
	4,000,000	CBIZ, Inc., Cnv., 3.13%, 06/01/26		3,920,000
	2,850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.88%, 04/30/18(h)		2,985,375
	500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 8.13%, 04/30/20(h)		528,750
	500,000	Cemex Finance LLC, 9.50%, 12/14/16(h)		486,250
	26,000,000	Central European Distribution Corp., Cnv., 3.00%, 03/15/13		22,912,500
	3,300,000	Cenveo Corp., 7.88%, 12/01/13		3,217,500

87

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,700,000	Cenveo Corp., 8.88%, 02/01/18	$	2,551,500
	3,000,000	Ceridian Corp., 11.25%, 11/15/15		2,842,500
	1,000,000	Ceridian Corp., 12.25%, 11/15/15(j)		950,000
	3,000,000	Charming Shoppes, Inc., Cnv., 1.13%, 05/01/14		2,373,750
	14,353,000	Chemed Corp., Cnv., 1.88%, 05/15/14		13,132,995
	3,000,000	Chesapeake Energy Corp., 6.25%, 01/15/18		3,067,500
	1,400,000	CHS/Community Health Systems, Inc., 8.88%, 07/15/15		1,466,500
	62,000,000	Ciena Corp., Cnv., 0.25%, 05/01/13		53,630,000
	2,000,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		1,950,000
	1,000,000	Cincinnati Bell, Inc., 8.25%, 10/15/17		990,000
	2,700,000	Cincinnati Bell, Inc., 8.75%, 03/15/18		2,639,250
	4,500,000	CIT Group, Inc., 7.00%, 05/01/16		4,286,250
	7,000,000	Clear Channel Communications, Inc., 6.25%, 03/15/11		6,860,000
	850,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17(h)		884,000
	4,050,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17(h)		4,252,500
	15,500,000	Cogent Communications Group, Inc., Cnv., 1.00%, 06/15/27		11,818,750
	2,500,000	Complete Production Services, Inc., 8.00%, 12/15/16		2,531,250
	5,700,000	Consol Energy, Inc., 8.00%, 04/01/17(h)		6,056,250
	1,750,000	Consol Energy, Inc., 8.25%, 04/01/20(h)		1,881,250
	1,500,000	Constellation Brands, Inc., 7.25%, 09/01/16		1,563,750
	1,750,000	Constellation Brands, Inc., 7.25%, 05/15/17		1,820,000
	2,500,000	Corrections Corp. of America, 7.75%, 06/01/17		2,668,750
	17,600,000	Covanta Holding Corp., Cnv., 1.00%, 02/01/27		16,698,000
	1,750,000	Crown Americas LLC/Crown Americas Capital Corp II, 7.63%, 05/15/17(h)		1,855,000
Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	Crown Castle International Corp., 9.00%, 01/15/15	$	3,832,500
	1,000,000	CSC Holdings, Inc., 8.50%, 04/15/14		1,080,000
	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18		1,149,500
	2,500,000	DaVita, Inc., 7.25%, 03/15/15		2,565,625
	500,000	Delta Air Lines, Inc., 9.50%, 09/15/14(h)		541,250
	1,600,000	Denbury Resources, Inc., 7.50%, 12/15/15		1,644,000
	2,500,000	Denbury Resources, Inc., 9.75%, 03/01/16		2,753,125
	896,000	Denbury Resources, Inc., 8.25%, 02/15/20		956,480
	2,000,000	Discover Bank, 8.70%, 11/18/19		2,320,326
	2,350,000	DISH DBS Corp., 6.63%, 10/01/14		2,402,875
	1,250,000	DISH DBS Corp., 7.13%, 02/01/16		1,284,375
	900,000	DISH DBS Corp., 7.88%, 09/01/19		956,250
	1,500,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		1,610,625
	1,900,000	Dole Food Co., Inc., 8.00%, 10/01/16(h)		1,966,500
	7,000,000	DST Systems, Inc., Cnv., 4.13%, 08/15/23(d)		7,236,250
	2,000,000	Easton-Bell Sports Inc, 9.75%, 12/01/16		2,105,000
	1,400,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14		1,391,250
	3,900,000	El Paso Corp., 7.00%, 06/15/17		4,081,397
	600,000	El Paso Corp., 7.25%, 06/01/18		636,348
	6,734,000	EnerSys, Cnv., STEP, 3.38%, 06/01/38		6,372,048
	1,750,000	Equinix, Inc., 8.13%, 03/01/18		1,824,375
	30,600,000	Euronet Worldwide, Inc., Cnv., 3.50%, 10/15/25		29,414,250
	4,000,000	EXCO Resources, Inc., 7.25%, 01/15/11		4,030,000
	10,288,000	Exterran Energy Corp., Cnv., 4.75%, 01/15/14		9,927,920
	800,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.75%, 05/01/14		802,000

88

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,500,000	Ferrellgas LP/Ferrellgas Finance Corp., 9.13%, 10/01/17	$	1,605,000
	1,500,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20		1,567,500
	22,350,000	Ferro Corp., Cnv., 6.50%, 08/15/13		22,545,563
	3,250,000	Ford Motor Credit Co. LLC, 8.00%, 06/01/14		3,442,468
	4,000,000	Ford Motor Credit Co. LLC, 7.00%, 04/15/15		4,137,624
	500,000	Ford Motor Credit Co. LLC, 6.63%, 08/15/17		496,273
	5,250,000	Ford Motor Credit Co. LLC, 8.13%, 01/15/20		5,615,426
	3,000,000	Freescale Semiconductor, Inc., 10.13%, 03/15/18(h)		3,195,000
	1,600,000	Fresenius US Finance II, Inc., 9.00%, 07/15/15(h)		1,792,000
	500,000	FTI Consulting, Inc., 7.75%, 10/01/16		518,125
	19,000,000	GenCorp, Inc., Cnv., 2.25%, 11/15/24		18,145,000
	7,000,000	GenCorp, Inc., Cnv., 4.06%, 12/31/39(h)		6,273,750
	2,000,000	Geo Group, Inc. (The), 7.75%, 10/15/17(h)		2,065,000
	100,000	Georgia-Pacific LLC, 8.25%, 05/01/16(h)		108,500
	41,500,000	Global Industries Ltd., Cnv., 2.75%, 08/01/27		25,263,125
	13,800,000	Goodrich Petroleum Corp., Cnv., 3.25%, 12/01/26		13,230,750
	22,000,000	Goodrich Petroleum Corp., Cnv., 5.00%, 10/01/29		18,645,000
	3,500,000	Goodyear Tire & Rubber Co. (The), 10.50%, 05/15/16		3,920,000
	4,300,000	Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/20		4,644,000
	850,000	Graham Packaging Co. LP/GPC Capital Corp. I, 9.88%, 10/15/14		881,875
	750,000	Graham Packaging Co. LP/GPC Capital Corp. I, 8.25%, 01/01/17(h)		750,000
	1,250,000	Graphic Packaging International Inc, 9.50%, 06/15/17		1,337,500
	3,000,000	Gray Television, Inc., 10.50%, 06/29/15(h)		2,970,000
Principal Amount			Value
UNITED STATES (continued)
$	31,230,000	Great Atlantic & Pacific Tea Co., Cnv., 6.75%, 12/15/12	$	16,708,050
	4,000,000	Greatbatch, Inc., Cnv., 2.25%, 06/15/13		3,675,000
	2,250,000	Hanesbrands, Inc., 8.00%, 12/15/16		2,354,062
	1,500,000	HCA, Inc., 6.30%, 10/01/12		1,522,500
	1,500,000	HCA, Inc., 6.75%, 07/15/13		1,515,000
	1,000,000	HCA, Inc., 5.75%, 03/15/14		970,000
	450,000	HCA, Inc., 6.38%, 01/15/15		439,875
	3,220,000	HCA, Inc., 6.50%, 02/15/16		3,155,600
	1,650,000	HCA, Inc., 9.25%, 11/15/16		1,782,000
	1,900,000	HCA, Inc., 8.50%, 04/15/19		2,099,500
	8,000,000	Headwaters, Inc., Cnv., 2.50%, 02/01/14		5,680,000
	500,000	Health Management Associates, Inc., 6.13%, 04/15/16		488,750
	1,400,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(h)		1,358,000
	31,900,000	Helix Energy Solutions Group, Inc., Cnv., 3.25%, 12/15/25		27,912,500
	10,000,000	Hercules Offshore Inc, 3.38%, 06/01/38		7,400,000
	4,000,000	Hertz Corp. (The), 8.88%, 01/01/14		4,120,000
	2,000,000	Hertz Corp. (The), 10.50%, 01/01/16		2,125,000
	500,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.75%, 11/15/14		498,125
	2,000,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.88%, 02/01/18		1,927,500
	28,450,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		25,071,562
	7,000,000	Horizon Lines, Inc., Cnv., 4.25%, 08/15/12		5,880,000
	3,000,000	Hornbeck Offshore Services, Inc., 8.00%, 09/01/17		2,808,750

89

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	13,150,000	Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26	$	10,539,725
	2,000,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		1,795,000
	1,500,000	Host Hotels & Resorts LP, REIT, 7.13%, 11/01/13		1,526,250
	750,000	Host Hotels & Resorts LP, REIT, Cnv., 2.63%, 04/15/27(h)		715,312
	2,250,000	Hughes Network Systems LLC/HNS Finance Corp., 9.50%, 04/15/14		2,340,000
	3,350,000	Huntsman International LLC, 7.88%, 11/15/14		3,383,500
	3,750,000	Huntsman International LLC, 5.50%, 06/30/16(h)		3,450,000
	1,000,000	Huntsman International LLC, 8.63%, 03/15/20(h)		980,000
	22,285,000	Hutchinson Technology, Inc., Cnv., 3.25%, 01/15/26		16,825,175
	4,100,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.75%, 06/15/14		4,202,500
	15,000,000	Iconix Brand Group, Inc., Cnv., 1.88%, 06/30/12		14,381,250
	1,825,000	Inergy LP Inergy Finance Corp., 6.88%, 12/15/14		1,834,125
	2,300,000	Inergy LP/Inergy Finance Corp., 8.25%, 03/01/16		2,415,000
	3,500,000	Ingles Markets Inc., 8.88%, 05/15/17		3,666,250
	10,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.38%, 06/01/12(h)		9,425,000
	1,350,000	Intelsat Corp., 9.25%, 08/15/14		1,393,875
	1,850,000	Interactive Data Corp., 10.25%, 08/01/18(h)		1,914,750
	900,000	Interpublic Group of Cos., Inc., 10.00%, 07/15/17		1,044,000
	14,950,000	Interpublic Group of Cos., Inc., Cnv., 4.25%, 03/15/23		15,716,188
	250,000	Ipalco Enterprises, Inc., 7.25%, 04/01/16(h)		262,500
	3,500,000	Iron Mountain, Inc., 7.75%, 01/15/15		3,535,000
	1,300,000	Iron Mountain, Inc., 6.63%, 01/01/16		1,303,250
	950,000	Iron Mountain, Inc., 8.00%, 06/15/20		997,500

Principal Amount			Value
UNITED STATES (continued)
$	2,700,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14	$	2,477,250
	1,000,000	Jarden Corp., 8.00%, 05/01/16		1,050,000
	4,000,000	Jarden Corp., 7.50%, 05/01/17		4,110,000
	1,000,000	Jarden Corp., 7.50%, 01/15/20		1,020,000
	750,000	KCS Energy, Inc., 7.13%, 04/01/12		754,688
	1,950,000	Key Energy Services, Inc., 8.38%, 12/01/14		2,008,500
	1,750,000	Kinetic Concepts, Inc., Cnv., 3.25%, 04/15/15(h)		1,701,875
	25,940,000	King Pharmaceuticals, Inc., Cnv., 1.25%, 04/01/26		23,216,300
	3,175,000	Kulicke & Soffa Industries, Inc., Cnv., 0.88%, 06/01/12		2,909,094
	9,675,000	L-1 Identity Solutions, Inc., Cnv., 3.75%, 05/15/27		9,384,750
	2,400,000	Lamar Media Corp., 6.63%, 08/15/15		2,388,000
	2,500,000	Lamar Media Corp., 7.88%, 04/15/18(h)		2,581,250
	1,700,000	Lamar Media Corp., Series C, 6.63%, 08/15/15		1,674,500
	2,000,000	LBI Escrow Corp., 8.00%, 11/01/17(h)		2,102,500
	15,665,000	Leap Wireless International, Inc., Cnv., 4.50%, 07/15/14		13,511,062
	23,500,000	Level 3 Communications, Inc., Cnv., 5.25%, 12/15/11		22,560,000
	34,950,000	Level 3 Communications, Inc., Cnv., 3.50%, 06/15/12		32,285,063
	3,750,000	Levi Strauss & Co., 7.63%, 05/15/20(h)		3,825,000
	9,913,840	Liberty Media LLC, Cnv., 3.13%, 03/30/23		10,868,047
	20,000,000	Liberty Media LLC, Cnv., 4.00%, 11/15/29		10,500,000
	11,000,000	Liberty Media LLC, Cnv., 3.75%, 02/15/30		5,747,500
	3,500,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		3,307,500
	4,900,000	LIN Television Corp., 6.50%, 05/15/13		4,826,500
	20,000,000	Live Nation, Inc., Cnv., 2.88%, 07/15/27		16,775,000
	2,350,000	Ltd. Brands, Inc., 6.90%, 07/15/17		2,420,500

90

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	400,000	Ltd. Brands, Inc., 8.50%, 06/15/19	$	445,000
	2,650,000	Manitowoc Co., Inc. (The), 9.50%, 02/15/18		2,703,000
	500,000	Mariner Energy, Inc., 7.50%, 04/15/13		516,250
	2,750,000	Markwest Energy Partners LP/Markwest Energy Finance Corp., 8.75%, 04/15/18		2,959,688
	750,000	Masco Corp., 7.13%, 03/15/20		763,738
	1,500,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15		1,511,250
	5,000,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19		5,075,000
	20,000,000	Mentor Graphics Corp., Cnv., 6.25%, 03/01/26		20,075,000
	1,225,000	MGM Mirage, Inc., 6.75%, 09/01/12		1,154,562
	550,000	MGM Mirage, Inc., 6.75%, 04/01/13		503,250
	2,000,000	MGM Mirage, Inc., 11.38%, 03/01/18(h)		1,890,000
	1,100,000	MGM Mirage, Inc., 9.00%, 03/15/20(h)		1,155,000
	100,000	MGM Resorts International, 8.50%, 09/15/10		100,000
	2,000,000	MGM Resorts International, 10.38%, 05/15/14		2,210,000
	3,750,000	Michaels Stores, Inc., 11.38%, 11/01/16		4,021,875
	400,000	Michaels Stores, Inc., STEP, 13.00%, 11/01/16		373,000
	10,000,000	Micron Technology, Inc., Cnv., 1.88%, 06/01/14		8,675,000
	755,000	Mirant Americas Generation LLC, 8.30%, 05/01/11		774,819
	2,000,000	Mirant Americas Generation LLC, 8.50%, 10/01/21		1,900,000
	3,000,000	Mirant North America LLC, 7.38%, 12/31/13		3,086,250
	5,000,000	MPT Operating Partnership LP, REIT, Cnv., 9.25%, 04/01/13(h)		5,399,150
	1,450,000	Nalco Co., 8.88%, 11/15/13		1,484,438
	5,000,000	National Financial Partners Corp., Cnv., 4.00%, 06/15/17(h)		5,081,250

Principal Amount			Value
UNITED STATES (continued)
$	6,935,000	Nektar Therapeutics, Cnv., 3.25%, 09/28/12	$	6,778,962
	3,500,000	New Communications Holdings, Inc., 8.25%, 04/15/17(h)		3,736,250
	2,750,000	New Communications Holdings, Inc., 8.50%, 04/15/20(h)		2,935,625
	1,300,000	Nextel Communications, Inc., 7.38%, 08/01/15		1,287,000
	500,000	Nielsen Finance LLC/Nielsen Finance Co., 11.63%, 02/01/14		561,250
	2,825,000	Nielsen Finance LLC/Nielsen Finance Co., 10.00%, 08/01/14		2,945,062
	2,750,000	Nielsen Finance LLC/Nielsen Finance Co., STEP, 12.50%, 08/01/16		2,681,250
	39,600,000	NII Holdings, Inc., Cnv., 3.13%, 06/15/12		38,065,500
	2,000,000	NRG Energy, Inc., 7.38%, 02/01/16		2,040,000
	4,000,000	NRG Energy, Inc., 7.38%, 01/15/17		4,050,000
	3,000,000	Nuveen Investments, Inc., 10.50%, 11/15/15		2,947,500
	1,859,000	Omnicare, Inc., 6.88%, 12/15/15		1,933,360
	1,650,000	Omnicare, Inc., 7.75%, 06/01/20		1,757,250
	38,900,000	Omnicare, Inc., Cnv., 3.25%, 12/15/35		33,210,875
	250,000	Oshkosh Corp., 8.25%, 03/01/17		261,250
	1,100,000	Oshkosh Corp., 8.50%, 03/01/20		1,152,250
	2,500,000	Otter Tail Corp., 9.00%, 12/15/16		2,606,250
	500,000	Owens Corning, Inc., 9.00%, 06/15/19		593,934
	2,000,000	Owens-Brockway Glass Container, Inc., 7.38%, 05/15/16		2,145,000
	1,000,000	PAETEC Holding Corp., 9.50%, 07/15/15		1,000,000
	1,250,000	PAETEC Holding Corp., 8.88%, 06/30/17		1,292,188
	4,300,000	Pantry, Inc. (The), 7.75%, 02/15/14		4,214,000
	17,353,000	Pantry, Inc. (The), Cnv., 3.00%, 11/15/12		16,246,746
	6,000,000	Parker Drilling Co., Cnv., 2.13%, 07/15/12		5,452,500

91

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,750,000	Patriot Coal Corp., Cnv., 3.25%, 05/31/13	$	1,494,062
	1,000,000	Penn National Gaming, Inc., 6.75%, 03/01/15		1,001,250
	1,000,000	Penn National Gaming, Inc., 8.75%, 08/15/19		1,045,000
	3,000,000	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.25%, 04/15/18		3,045,000
	4,850,000	Penske Auto Group, Inc., 7.75%, 12/15/16		4,668,125
	1,500,000	Penske Auto Group, Inc., Cnv., 3.50%, 04/01/26		1,509,375
	2,500,000	PetroHawk Energy Corp., 9.13%, 07/15/13		2,606,250
	2,100,000	Pinnacle Entertainment Inc, 8.63%, 08/01/17		2,194,500
	925,000	Pinnacle Entertainment, Inc., 7.50%, 06/15/15		897,250
	1,200,000	Pinnacle Entertainment, Inc., 8.75%, 05/15/20(h)		1,173,000
	2,500,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		2,584,375
	1,000,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15(h)		1,033,750
	2,400,000	Pioneer Natural Resources Co., 6.88%, 05/01/18		2,504,546
	1,150,000	Plains Exploration & Production Co., 10.00%, 03/01/16		1,265,000
	4,800,000	Plains Exploration & Production Co., 7.63%, 06/01/18		4,872,000
	1,300,000	Plains Exploration & Production Co., 7.63%, 04/01/20		1,316,250
	7,971,000	Powerwave Technologies, Inc., Cnv., 1.88%, 11/15/24		7,353,248
	4,000,000	Psychiatric Solutions, Inc., 7.75%, 07/15/15		4,130,000
	2,100,000	QVC, Inc., 7.50%, 10/01/19(h)		2,163,000
	1,900,000	QVC, Inc., 7.38%, 10/15/20(h)		1,947,500
	500,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18		483,750
	1,000,000	Qwest Communications International, Inc., 7.50%, 02/15/14		1,025,000

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Qwest Communications International, Inc., 8.00%, 10/01/15(h)	$	1,065,000
	5,000,000	Qwest Communications International, Inc., Series B, 7.50%, 02/15/14		5,125,000
	1,000,000	Range Resources Corp., 7.50%, 05/15/16		1,041,250
	1,000,000	Range Resources Corp., 7.50%, 10/01/17		1,043,750
	2,450,000	RBS Global, Inc./Rexnord LLC, 8.50%, 05/01/18(h)		2,474,500
	500,000	Reddy Ice Corp., 11.25%, 03/15/15(h)		522,500
	250,000	Revlon Consumer Products Corp, 9.75%, 11/15/15		260,000
	2,500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 7.75%, 10/15/16(h)		2,612,500
	1,750,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 8.50%, 05/15/18(h)		1,798,125
	10,050,000	RITE AID Corp., Cnv., 8.50%, 05/15/15		9,823,875
	1,500,000	Rock-Tenn Co., 9.25%, 03/15/16		1,629,375
	3,750,000	RRI Energy, Inc., 7.63%, 06/15/14		3,768,750
	1,200,000	RSC Equipment Rental, Inc., 9.50%, 12/01/14		1,233,000
	1,500,000	RSC Equipment Rental, Inc., 10.00%, 07/15/17(h)		1,665,000
	49,000,000	SanDisk Corp., Cnv., 1.00%, 05/15/13		44,712,500
	250,000	Sanmina-SCI Corp., 6.75%, 03/01/13		250,312
	5,250,000	Sanmina-SCI Corp., 8.13%, 03/01/16		5,341,875
	33,325,000	SAVVIS, Inc., Cnv., 3.00%, 05/15/12		32,950,094
	4,500,000	SBA Communications Corp., Cnv., 1.88%, 05/01/13		4,708,125
	13,000,000	School Specialty, Inc., Cnv., 3.75%, 11/30/26		12,382,500
	650,000	Scientific Games Corp., 7.88%, 06/15/16(h)		658,125
	1,000,000	Scientific Games International, Inc., 9.25%, 06/15/19		1,060,000
	500,000	SEACOR Holdings, Inc., 7.38%, 10/01/19		536,010

92

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,500,000	Sealy Mattress Co., 8.25%, 06/15/14	$	3,526,250
	1,800,000	Sealy Mattress Co., 10.88%, 04/15/16(h)		2,016,000
	2,750,000	Service Corp. International, 7.38%, 10/01/14		2,866,875
	1,250,000	Service Corp. International, 7.63%, 10/01/18		1,306,250
	3,350,000	ServiceMaster Co. (The), 10.75%, 07/15/15(h)(j)		3,513,312
	250,000	Sirius XM Radio, Inc., 8.75%, 04/01/15(h)		257,500
	3,500,000	Sirius XM Radio, Inc., Cnv., 3.25%, 10/15/11		3,403,750
	750,000	Solo Cup Co., 10.50%, 11/01/13		783,750
	2,500,000	Solutia, Inc., 8.75%, 11/01/17		2,725,000
	1,000,000	Spectrum Brands Holdings, Inc., 9.50%, 06/15/18(h)		1,055,000
	1,000,000	Speedway Motorsports, Inc., 6.75%, 06/01/13		1,007,500
	2,750,000	Speedway Motorsports, Inc., 8.75%, 06/01/16		2,918,438
	5,800,000	Sprint Nextel Corp., 6.00%, 12/01/16		5,466,500
	3,650,000	Sprint Nextel Corp., 8.38%, 08/15/17		3,814,250
	950,000	Standard Pacific Corp., 8.38%, 05/15/18		923,875
	1,525,000	Stater Brothers Holdings, 8.13%, 06/15/12		1,528,812
	825,000	Stater Brothers Holdings, 7.75%, 04/15/15		837,375
	400,000	Steel Dynamics, Inc., 7.38%, 11/01/12		425,500
	3,600,000	Steel Dynamics, Inc., 6.75%, 04/01/15		3,654,000
	1,000,000	Steel Dynamics, Inc., 7.75%, 04/15/16		1,040,000
	20,000,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14		18,350,000
	2,000,000	Stillwater Mining Co., Cnv., 1.88%, 03/15/28		1,870,000
	10,400,000	SunGard Data Systems, Inc., 9.13%, 08/15/13		10,634,000
	1,250,000	SunGard Data Systems, Inc., 10.63%, 05/15/15		1,384,375
	2,000,000	SunGard Data Systems, Inc., 10.25%, 08/15/15		2,100,000
	2,500,000	SuperValu, Inc., 8.00%, 05/01/16		2,518,750
	1,750,000	Telcordia Technologies, Inc., 11.00%, 05/01/18(h)		1,695,312

Principal Amount			Value
UNITED STATES (continued)
$	2,700,000	Tenneco, Inc., 8.63%, 11/15/14	$	2,781,000
	300,000	Tenneco, Inc., 8.13%, 11/15/15		311,250
	500,000	Terex Corp., 7.38%, 01/15/14		508,750
	1,000,000	Terex Corp., 10.88%, 06/01/16		1,107,500
	3,250,000	Terex Corp., 8.00%, 11/15/17		3,152,500
	904,000	Texas Industries, Inc., 7.25%, 07/15/13		919,820
	3,076,000	Texas Industries, Inc., 7.25%, 07/15/13		3,129,830
	3,800,000	Texas Industries, Inc., 9.25%, 08/15/20(h)		3,819,000
	12,200,000	THQ, Inc., Cnv., 5.00%, 08/15/14(h)		11,071,500
	600,000	Time Warner Telecom, Inc., Cnv., 2.38%, 04/01/26		706,500
	500,000	Toys R US Property Co. I LLC, 10.75%, 07/15/17		564,375
	1,500,000	Toys R US Property Co. II LLC, 8.50%, 12/01/17(h)		1,578,750
	5,100,000	Toys R US, Inc., 7.38%, 10/15/18		4,947,000
	2,000,000	Trans Union LLC/TransUnion Financing Corp., 11.38%, 06/15/18(h)		2,145,000
	1,500,000	TransDigm, Inc., 7.75%, 07/15/14		1,545,000
	650,000	TransDigm, Inc., 7.75%, 07/15/14		669,500
	1,900,000	Treehouse Foods, Inc., 7.75%, 03/01/18		2,006,875
	19,203,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36		15,770,464
	5,000,000	TRW Automotive, Inc., 7.25%, 03/15/17(h)		5,025,000
	1,500,000	TW Telecom Holdings, Inc., 8.00%, 03/01/18(h)		1,561,875
	10,000,000	UAL Corp., Cnv., 4.50%, 06/30/21		10,150,000
	4,250,000	United Rentals North America, Inc., 7.75%, 11/15/13		4,292,500
	750,000	United Rentals North America, Inc., 10.88%, 06/15/16		828,750
	750,000	United Rentals North America, Inc., 9.25%, 12/15/19		791,250
	2,000,000	United States Steel Corp., 7.38%, 04/01/20		2,005,000

93

Old Westbury Funds, Inc.
Global Opportunities Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	450,000	USG Corp., 6.30%, 11/15/16	$	390,375
	1,300,000	USG Corp., 9.50%, 01/15/18		1,277,250
	1,119,000	Valassis Communications, Inc., 8.25%, 03/01/15		1,169,355
	1,750,000	Valeant Pharmaceuticals International, 8.38%, 06/15/16		1,977,500
	7,850,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.00%, 02/01/18		7,850,000
	22,000,000	VeriFone Holdings, Inc., Cnv., 1.38%, 06/15/12		20,542,500
	2,200,000	Visant Corp., 7.63%, 10/01/12		2,202,750
	3,400,000	Visant Holding Corp., 8.75%, 12/01/13		3,468,000
	800,000	Waste Services, Inc., 9.50%, 04/15/14		829,000
	4,575,000	West Corp., 9.50%, 10/15/14		4,677,938
	1,450,000	West Corp., 11.00%, 10/15/16		1,533,375
	1,000,000	Weyerhaeuser Co., 7.38%, 10/01/19		1,086,628
	2,500,000	Windstream Corp., 8.63%, 08/01/16		2,606,250
	2,500,000	Windstream Corp., 7.88%, 11/01/17		2,543,750
	1,000,000	Windstream Corp., 8.13%, 09/01/18(h)		1,013,750
	3,000,000	Windstream Corp., 7.00%, 03/15/19		2,895,000
	4,000,000	World Acceptance Corp., Cnv., 3.00%, 10/01/11		3,885,000
	12,150,000	Wright Medical Group, Inc., Cnv., 2.63%, 12/01/14		10,433,813
	3,000,000	Wyndham Worldwide Corp., 6.00%, 12/01/16		3,041,286
	1,000,000	XM Satellite Radio, Inc., Cnv., 7.00%, 12/01/14(h)		981,250
	3,140,000	Yankee Acquisition Corp., 8.50%, 02/15/15		3,234,200
				1,695,639,420
VENEZUELA — 0.2%
	2,040,000	Corp. Andina de Fomento, 8.13%, 06/04/19		2,535,638

Principal Amount				Value
VENEZUELA (continued)
$	4,200,000		Petroleos de Venezuela SA, 11.17%, 07/10/11(g)	$	3,742,200
					6,277,838
Total Corporate Bonds (Cost $1,939,913,719)					2,053,338,297
GOVERNMENT BONDS — 10.6%
ARGENTINA — 0.2%
	21,758,000		Republic of Argentina, 0.15%, 08/03/12(d)		7,691,453
AUSTRALIA — 0.8%
	2,000,000	(e)	Australian Government Index Linked, 4.00%, 08/20/10		2,876,382
	710,000	(e)	New South Wales Treasury Corp., 6.00%, 05/01/12		654,897
	3,340,000	(e)	New South Wales Treasury Corp., 5.50%, 03/01/17		3,029,442
	14,630,000	(e)	Queensland Treasury Corp., 6.00%, 06/14/11		13,386,766
	685,000	(e)	Queensland Treasury Corp., 6.00%, 08/14/13		638,051
	1,370,000	(e)	Queensland Treasury Corp., 6.00%, 09/14/17		1,273,777
	420,000	(k)	Queensland Treasury Corp., 7.13%, 09/18/17(h)		333,377
	9,355,000	(e)	Western Australia Treasury Corp., 5.50%, 07/17/12		8,563,751
					30,756,443
BRAZIL — 0.7%
	9,490,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		10,346,512
	2,400,000	(e)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		2,598,849
	19,570,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/12		10,992,659
	3,900,000	(e)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		2,044,644
					25,982,664
EGYPT — 0.3%
	675,000	(e)	Egypt Treasury Bills, 9.67%, 08/03/10(g)		118,368
	1,425,000	(e)	Egypt Treasury Bills, 1.00%, 08/17/10(g)		248,929

94

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount				Value
EGYPT (continued)
$	200,000	(e)	Egypt Treasury Bills, 9.82%, 08/24/10(g)	$	34,870
	300,000	(e)	Egypt Treasury Bills, 9.93%, 08/31/10(g)		52,205
	225,000	(e)	Egypt Treasury Bills, 10.06%, 10/05/10(g)		38,776
	2,175,000	(e)	Egypt Treasury Bills, 10.26%, 11/02/10(g)		371,906
	1,850,000	(e)	Egypt Treasury Bills, 10.17%, 11/23/10(g)		314,451
	3,275,000	(e)	Egypt Treasury Bills, 10.22%, 11/30/10(g)		555,555
	3,425,000	(e)	Egypt Treasury Bills, 10.20%, 12/07/10(g)		579,835
	1,275,000	(e)	Egypt Treasury Bills, 10.22%, 12/21/10(g)		214,983
	15,050,000	(e)	Egypt Treasury Bills, 10.13%, 01/04/11(g)		2,527,376
	10,725,000	(e)	Egypt Treasury Bills, 10.55%, 02/08/11(g)		1,782,766
	325,000	(e)	Egypt Treasury Bills, 10.19%, 03/08/11(g)		53,588
	14,025,000	(e)	Egypt Treasury Bills, 10.17%, 03/29/11(g)		2,298,467
	7,150,000	(e)	Egypt Treasury Bills, 10.02%, 04/12/11(g)		1,167,001
					10,359,076
HUNGARY — 0.2%
	1,575,000	(e)	Hungary Government International Bond, 3.88%, 02/24/20		1,765,120
	520,000	(e)	Republic of Hungary, 4.38%, 07/04/17		613,263
	1,705,000	(e)	Republic of Hungary, 5.75%, 06/11/18		2,186,236
	2,920,000		Republic of Hungary, 6.25%, 01/29/20		2,966,492
					7,531,111
INDONESIA — 1.6%
	4,415,000		Indonesia Government International Bond, 11.63%, 03/04/19(h)		6,644,575
	1,631,000		Indonesia Government International Bond, 8.50%, 10/12/35(h)		2,240,505
	260,000		Indonesia Government International Bond, 6.63%, 02/17/37(h)		294,112
	1,360,000		Indonesia Government International Bond, 7.75%, 01/17/38(h)		1,737,400
	120,000,000,000	(e)	Indonesia Treasury Bond, 11.00%, 12/15/12(l)		14,595,438

Principal Amount				Value
INDONESIA (continued)
$	23,560,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/13	$	2,767,977
	3,590,000,000	(e)	Indonesia Treasury Bond, 9.00%, 09/15/18		426,675
	33,800,000,000	(e)	Indonesia Treasury Bond, 12.80%, 06/15/21		4,999,688
	33,160,000,000	(e)	Indonesia Treasury Bond, 12.90%, 06/15/22		4,934,994
	1,590,000,000	(e)	Indonesia Treasury Bond, 10.25%, 07/15/22		201,641
	37,380,000,000	(e)	Indonesia Treasury Bond, 9.50%, 07/15/23		16,392,151
	25,525,000,000	(e)	Indonesia Treasury Bond, 10.00%, 02/15/28		3,024,678
					58,259,834
ISRAEL — 0.2%
	14,130,000	(e)	Israel Government Bond - Shahar, 7.00%, 04/29/11		3,947,589
	3,950,000	(e)	Israel Treasury Bill - Makam, 1.59%, 10/06/10(g)		1,044,634
	6,900,000	(e)	Israel Treasury Bill - Makam, 1.90%, 12/01/10(g)		1,819,128
	1,495,000	(e)	Israel Treasury Bill - Makam, 1.98%, 01/05/11(g)		393,351
	1,935,000	(e)	Israel Treasury Bill - Makam, 2.04%, 02/02/11(g)		508,093
	955,000	(e)	Israel Treasury Bill - Makam, 2.10%, 03/02/11(g)		250,283
	6,915,000	(e)	Israel Treasury Bill - Makam, 2.17%, 04/06/11(g)		1,808,588
					9,771,666
LITHUANIA — 0.2%
	3,580,000		Republic of Lithuania, 6.75%, 01/15/15(h)		3,862,845
	2,890,000		Republic of Lithuania, 7.38%, 02/11/20(h)		3,182,240
					7,045,085
MALAYSIA — 1.1%
	61,400,000	(e)	Bank Negara Malaysia Monetary Notes, 2.49%, 08/19/10(g)		19,276,821
	2,865,000	(e)	Bank Negara Malaysia Monetary Notes, 2.42%, 11/02/10(g)		894,166
	1,825,000	(e)	Bank Negara Malaysia Monetary Notes, 2.38%, 11/09/10(g)		569,341
	13,540,000	(e)	Bank Negara Malaysia Monetary Notes, 2.60%, 11/16/10(g)		4,221,151

95

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount				Value
MALAYSIA (continued)
$	6,255,000	(e)	Bank Negara Malaysia Monetary Notes, 2.41%, 01/06/11(g)	$	1,942,471
	8,785,000	(e)	Malaysia Government Bond, 3.76%, 04/28/11		2,780,910
	11,500,000	(e)	Malaysia Government Bond, 3.83%, 09/28/11		3,653,385
	13,820,000	(e)	Malaysia Government Bond, 3.81%, 02/15/17		4,377,642
	2,350,000	(e)	Malaysia Treasury Bill, 2.40%, 10/15/10(g)		734,876
	10,300,000	(e)	Malaysia Treasury Bill, 2.73%, 12/31/10(g)		3,202,779
					41,653,542
MEXICO — 0.8%
	24,000,000	(e)	Mexican Bonos, 8.00%, 12/19/13		2,039,765
	20,000,000	(e)	Mexican Bonos, 8.00%, 12/17/15		1,722,085
	36,000,000	(e)	Mexican Bonos, 7.25%, 12/15/16		3,007,312
	23,900,000	(e)	Mexican Bonos, 7.75%, 12/14/17		2,053,926
	137,500,000	(e)	Mexican Bonos, 10.00%, 12/05/24		13,982,756
	53,000,000	(e)	Mexican Bonos, 10.00%, 11/20/36		5,506,967
					28,312,811
NORWAY — 0.5%
	112,600,000	(e)	Norway Government Bond, 6.00%, 05/16/11		19,076,493
POLAND — 0.7%
	4,520,000	(e)	Poland Government Bond, 4.75%, 04/25/12		1,477,890
	6,975,000	(e)	Poland Government Bond, 5.75%, 04/25/14		2,316,583
	26,560,000	(e)	Poland Government Bond, 6.25%, 10/24/15		8,956,397
	24,800,000	(e)	Poland Government Bond, 5.75%, 09/23/22		7,931,990
	5,400,000		Poland Government International Bond, 6.38%, 07/15/19		6,129,000
					26,811,860
QATAR — 0.1%
	2,100,000		Qatar Government International Bond, 6.55%, 04/09/19(h)		2,428,125
Principal Amount				Value
RUSSIA — 0.3%
$	10,547,800		Russian Foreign Bond - Eurobond, 7.50%, 03/31/30(h)	$	12,255,489
SOUTH AFRICA — 0.1%
	1,690,000		South Africa Government International Bond, 5.50%, 03/09/20		1,808,300
	1,795,000		South Africa Government International Bond, 5.88%, 05/30/22		1,979,167
					3,787,467
SOUTH KOREA — 1.9%
	400,000		Export-Import Bank of Korea, 8.13%, 01/21/14		468,299
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14		111,722
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		113,387
	105,000	(i)	Export-Import Bank of Korea, 4.63%, 02/20/17		141,185
	1,800,000,000	(e)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,561,536
	1,385,000		Korea Development Bank, 8.00%, 01/23/14		1,620,170
	4,711,390,000	(e)	Korea Treasury Bond, 5.50%, 06/10/11		4,063,697
	34,923,170,000	(e)	Korea Treasury Bond, 4.75%, 12/10/11		30,049,497
	17,942,480,000	(e)	Korea Treasury Bond, 4.00%, 06/10/12		15,258,407
	4,250,000,000	(e)	Korea Treasury Bond, 5.25%, 09/10/12		3,700,509
	7,399,000,000	(e)	Korea Treasury Bond, 4.25%, 12/10/12		6,320,140
	460,440,000	(e)	Korea Treasury Bond, 5.25%, 03/10/13		402,989
	4,790,000		Republic of Korea, 7.13%, 04/16/19		5,801,648
	250,000		Republic of Korea, 5.63%, 11/03/25		274,751
					69,887,937
SRI LANKA — 0.2%
	13,950,000	(e)	Sri Lanka Government Bonds, Series A, 12.00%, 07/15/11		127,232
	264,000,000	(e)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		2,462,596
	385,000,000	(e)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15		3,601,525
					6,191,353

96

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount				Value
SWEDEN — 0.4%
$	108,680,000	(e)	Sweden Government Bond, 5.25%, 03/15/11	$	15,461,307
UNITED ARAB EMIRATES — 0.1%
	2,060,000		Emirate of Abu Dhabi, 6.75%, 04/08/19(h)		2,439,052
VENEZUELA — 0.1%
	1,710,000		Venezuela Government International Bond, 5.38%, 08/07/10		1,707,435
	715,000		Venezuela Government International Bond, 1.51%, 04/20/11(d)		672,100
	2,080,000		Venezuela Government International Bond, 10.75%, 09/19/13		1,905,280
					4,284,815
VIETNAM — 0.1%
	1,625,000		Socialist Republic of Vietnam, 6.88%, 01/15/16(h)		1,803,750
	2,490,000		Socialist Republic of Vietnam, 6.75%, 01/29/20(h)		2,739,000
					4,542,750
Total Government Bonds (Cost $357,406,312)					394,530,333
ASSET-BACKED SECURITIES — 0.6%
UNITED STATES — 0.6%
	6,083,364		Bear Stearns Asset-Backed Securities Trust, Series 2005-AC8, Class A1, 0.66%, 11/25/35(d)		2,785,244
	6,673,032		Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.68%, 03/25/36(d)		2,682,686
	6,673,032		Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.68%, 03/25/36(d)		2,557,520
	6,860,940		CSAB Mortgage Backed Trust, Series 2006-2, Class A2, 0.50%, 09/25/36(d)		3,208,068
	5,888,106		CSAB Mortgage Backed Trust, Series 2006-3, Class A2, 0.49%, 11/25/36(d)		2,628,189
	6,000,000		GSAA Trust, Series 2005-11, Class 3A5, 0.70%, 10/25/35(d)		2,685,642
	1,653,636		GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(d)		1,163,445
	2,145,000		Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.57%, 06/25/36(d)		704,442
Principal Amount				Value
UNITED STATES (continued)
$	5,000,000		Renaissance Home Equity Loan Trust, Series 2007-3, Class AF3, STEP, 7.24%, 09/25/37	$	2,593,342
Total Asset-Backed Securities (Cost $22,124,990)					21,008,578
NON-AGENCY MORTGAGE-BACKED SECURITIES — 9.2%
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.6%
	3,205,409		Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A2, 5.36%, 01/25/36(d)		3,078,169
	2,263,869		Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.22%, 07/25/35(d)		2,038,312
	3,000,000		Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 2.87%, 10/25/35(d)		1,941,245
	1,562,191		Adjustable Rate Mortgage Trust, Series 2006-1, Class 3A3, 5.74%, 03/25/36(d)		1,065,456
	8,335,217		American Home Mortgage Assets, Series 2005-1, Class 2A21, 3.48%, 11/25/35(d)		5,181,479
	3,996,005		American Home Mortgage Assets, Series 2005-1, Class 3A11, 0.60%, 11/25/35(d)		2,440,487
	5,502,618		American Home Mortgage Investment Trust, Series 2005-4, Class 5A, 5.35%, 11/25/45(d)		4,120,515
	1,726,434		American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 5.10%, 12/25/35(d)		1,197,210
	3,784,298		Banc of America Funding Corp., Series 2004-C, Class 4A1, 0.67%, 12/20/34(d)		2,360,736
	2,726,773		Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.26%, 09/20/35(d)		2,293,151
	10,583,806		Banc of America Funding Corp., Series 2005-H, Class 2A1, 5.12%, 11/20/35(d)		8,288,227
	3,501,589		Banc of America Funding Corp., Series 2006-A, Class 3A2, 5.72%, 02/20/36(d)		2,170,203
	4,070,772		Banc of America Funding Corp., Series 2006-E, Class 2A1, 5.70%, 06/20/36(d)		2,924,902
	2,739,624		Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37		2,242,392

97

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	944,972	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A3, 4.83%, 10/25/35(d)	$	900,693
	3,425,000	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 4.83%, 10/25/35(d)		2,834,363
	811,483	Banc of America Mortgage Securities, Inc., Series 2005-J, Class 2A3, 5.07%, 11/25/35(d)		776,071
	4,395,496	Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 5.00%, 12/25/35(d)		3,583,300
	4,511,168	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.39%, 08/25/35(d)		3,723,198
	5,751,335	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 4.63%, 02/25/36(d)		5,250,224
	2,757,984	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 5.37%, 05/25/47(d)		2,018,404
	2,865,075	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.93%, 06/25/47(d)		2,208,306
	8,529,856	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.57%, 11/25/35(d)		5,888,603
	3,692,685	Bear Stearns Alt-A Trust, Series 2006-4, Class 13A1, 0.49%, 08/25/36(d)		1,489,751
	6,022,224	Bear Stearns Alt-A Trust, Series 2007-1, Class 21A1, 5.45%, 01/25/47(d)		3,591,368
	1,269,553	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 3.10%, 05/25/35(d)		1,096,612
	3,227,321	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.90%, 06/25/36(d)		2,741,527
	2,217,902	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.79%, 06/25/36(d)		1,947,060
	3,120,000	Citimortgage Alternative Loan Trust, Series 2006-A7, Class 1A1, 6.00%, 12/25/36(d)		2,278,807
	1,663,429	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		1,440,668
Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,291,027	Countrywide Alternative Loan Trust, Series 2005-20CB, Class 3A3, 5.50%, 07/25/35	$	2,254,445
	6,675,327	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.64%, 08/25/35(d)		3,184,030
	2,656,131	Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35		2,044,345
	4,510,037	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		3,667,550
	12,215,293	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.68%, 05/25/36(d)		5,554,715
	5,230,657	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.68%, 06/25/36(d)		3,144,763
	5,230,657	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.82%, 06/25/36(d)		790,189
	2,250,000	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		1,409,539
	3,002,260	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36		2,247,048
	5,832,935	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.73%, 03/25/36(d)		2,645,550
	6,924,025	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		5,223,665
	1,784,543	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		1,558,217
	2,759,876	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.73%, 05/25/36(d)		1,457,463
	6,545,150	Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.71%, 08/25/36(d)		5,301,310
	4,050,000	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.51%, 11/25/36(d)		2,077,778
	2,673,357	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35		2,318,353
	2,295,963	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35		2,102,460

98

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,743,637	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35	$	2,389,828
	3,499,244	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		2,965,116
	1,529,611	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-1, Class A2, 6.00%, 03/25/36		1,284,514
	5,045,891	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-18, Class 2A7, 6.00%, 12/25/36		4,271,347
	2,812,763	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		2,525,289
	2,959,935	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36		2,644,662
	2,756,953	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 2A1, 5.34%, 03/25/37(d)		1,446,448
	3,652,028	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J3, Class A1, 0.83%, 07/25/37(d)		2,797,866
	2,131,743	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		1,773,430
	1,902,426	Credit Suisse Mortgage Capital Certificates, Series 2007-1, Class 5A14, 6.00%, 02/25/37		1,554,188
	3,221,239	Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2005-3, Class 4A4, 5.25%, 06/25/35		2,721,279
	3,756,636	First Horizon Alternative Mortgage Securities, Series 2006-AA6, Class 2A1, 5.49%, 11/25/36(d)		2,047,185
	2,432,504	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 4.98%, 11/19/35(d)		1,987,832
	3,647,002	GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1, 5.50%, 04/19/36(d)		3,023,547
	5,855,000	Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.49%, 02/25/37(d)		1,887,089
Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,370,128	GSR Mortgage Loan Trust, Series 2004-9, Class 3A1, 2.86%, 08/25/34	$	1,143,720
	1,732,336	GSR Mortgage Loan Trust, Series 2005-AR1, Class 4A1, 5.12%, 01/25/35(d)		1,599,982
	4,019,704	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.93%, 05/25/35(d)		3,269,798
	4,995,616	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 3.49%, 10/25/35(d)		4,622,672
	2,572,958	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		2,041,719
	5,264,754	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		4,956,167
	7,981,124	GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A1, 5.00%, 01/25/36(d)		6,662,040
	3,173,665	GSR Mortgage Loan Trust, Series 2006-OA1, Class 2A1, 0.52%, 08/25/46(d)		2,509,886
	3,336,873	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 5.95%, 04/25/37(d)		2,334,469
	3,228,295	Indymac IMJA Mortgage Loan Trust, Series 2007-A1, Class A1, 6.00%, 08/25/37		2,701,277
	6,800,000	Indymac Index Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 5.33%, 01/25/37(d)		4,564,384
	1,929,894	JPMorgan Mortgage Trust, Series 2006-A3, Class 3A2, 5.72%, 05/25/36(d)		1,603,079
	1,934,446	JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, 3.19%, 04/25/35(d)		1,706,201
	4,606,030	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		4,152,230
	2,536,816	JPMorgan Mortgage Trust, Series 2008-R2, Class 2A, 5.50%, 12/27/35(h)		1,884,538
	4,335,895	Lehman Mortgage Trust, Series 2007-10, Class 2A1, 6.50%, 01/25/38		3,614,324
	4,293,045	Lehman Mortgage Trust, Series 2007-8, Class 2A2, 6.50%, 09/25/37		3,305,082
	623,973	Mastr Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 2.98%, 03/25/35(d)		537,389

99

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,671,808	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.58%, 07/25/35(d)	$	2,837,069
	4,475,574	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		3,764,759
	3,655,017	Morgan Stanley Mortgage Loan Trust, Series 2005-9AR, Class 1A, 0.62%, 12/25/35(d)		1,835,155
	3,949,824	Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.23%, 02/25/36(d)		2,540,167
	3,307,187	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(h)		2,809,749
	6,891,858	Residential Accredit Loans, Inc., Series 2006-QO6, Class A2, 0.56%, 06/25/46(d)		2,637,976
	4,426,779	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36		2,731,957
	2,865,928	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		2,069,762
	906,365	Residential Accredit Loans, Inc., Series 2006-QS16, Class A7, 6.00%, 11/25/36		568,860
	1,091,934	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 06/25/36		646,406
	1,019,993	Residential Accredit Loans, Inc., Series 2006-QS8, Class A1, 6.00%, 08/25/36		637,562
	3,780,329	Residential Accredit Loans, Inc., Series 2007-QS3, Class A33, 6.50%, 07/25/37		2,327,468
	3,502,374	Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.66%, 04/25/37(d)		1,542,837
	350,237	Residential Accredit Loans, Inc., Series 2007-QS6, Class A2, 50.00%, 04/25/37(d)		484,529
	4,751,944	Residential Asset Securitization Trust, Series 2006-A8, Class 2A3, 6.00%, 08/25/36		2,665,173
	2,982,291	Residential Funding Mortgage Securities I, Series 2005-S8, Class A1, 5.50%, 11/25/35		2,719,697
	4,210,183	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 5.24%, 11/25/35(d)		3,133,493
	1,852,462	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		1,609,497

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,349,040	Residential Funding Mortgage Securities I, Series 2007-S4, Class A2, 6.00%, 04/25/37	$	2,685,646
	5,499,932	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 1A1, 0.65%, 10/25/35(d)		3,456,668
	1,516,332	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.58%, 04/25/47(d)		1,126,827
	1,087,947	Structured Asset Securities Corp., Series 2005-5, Class 2A4, 5.50%, 04/25/35		988,954
	2,341,378	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.69%, 04/25/37(d)		1,798,397
	2,336,591	Wamu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A1, 5.05%, 12/25/35(d)		2,180,481
	3,868,744	Wamu Mortgage Pass-Through Certificates, Series 2005-AR18, Class 1A1, 5.19%, 01/25/36(d)		3,592,472
	1,362,821	WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A1, 5.87%, 09/25/36(d)		1,038,566
	1,244,186	WaMu Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 5.52%, 11/25/36(d)		1,099,134
	640,186	WaMu Mortgage Pass-Through Certificates, Series 2006-AR18, Class 1A1, 5.19%, 01/25/37(d)		467,576
	2,925,218	Wamu Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 5.76%, 08/25/46(d)		2,673,604
	7,401,887	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		4,013,673
	6,451,395	Wells Fargo Alternative Loan Trust, Series 2007-PA2, Class 1A1, 6.00%, 06/25/37		4,793,615
	4,131,196	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 2A1, 5.48%, 07/25/36(d)		3,015,439

100

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,163,617	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.96%, 07/25/36(d)	$	2,575,499
	3,708,351	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3, 5.46%, 07/25/36(d)		3,010,408
	2,913,865	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12, Class 2A1, 5.97%, 09/25/36(d)		2,629,580
	2,107,270	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR19, Class A1, 5.50%, 12/25/36(d)		1,974,206
	9,824,124	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR5, Class 2A1, 5.48%, 04/25/36(d)		7,634,698
	3,198,162	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR7, Class 2A4, 5.53%, 05/25/36(d)		2,452,670
	3,081,841	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4, Class A4, 6.00%, 04/27/37		2,682,496
	3,748,871	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6, Class A6, 6.00%, 05/25/37.		3,304,441
	2,516,256	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A16, 6.00%, 07/25/37		2,351,659
	1,027,972	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A22, 6.00%, 07/25/37		960,387
				318,690,648
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%
	3,000,000	Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4, 5.74%, 02/10/51(d)		3,112,369
	3,000,000	Commercial Mortgage Pass-Through Certificates, Series 2007-C9, Class A4, 5.82%, 12/10/49(d)		3,186,096
	3,000,000	GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4, 5.54%, 12/10/49		2,926,622
	3,000,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, 03/10/39		3,070,632

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	3,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, 09/12/49	$	3,023,847
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.74%, 06/15/49(d)		2,986,446
	3,000,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, 5.90%, 02/15/51(d)		2,957,229
				21,263,241
Total Non-Agency Mortgage-Backed Securities (Cost $327,302,201)				339,953,889
U.S. GOVERNMENT AGENCIES — 5.2%
Federal Home Loan Bank — 5.2%
	160,000,000	0.06%, 08/02/10(m)		160,000,000
	20,000,000	0.06%, 08/02/10(m)		20,000,000
	8,105,000	4.50%, 09/10/10		8,135,900
	6,000,000	0.99%, 09/24/10(d)		6,006,000
Total U.S. Government Agencies (Cost $194,132,892)				194,141,900
MUNICIPAL BONDS — 0.4%
California — 0.2%
	1,130,000	City of Tulare Build America Revenue Bonds, OID, (AGM) 8.75%, 11/15/44		1,147,956
	420,000	State of California Build America Bonds GO 6.65%, 03/01/22		447,014
	595,000	State of California Build America Bonds GO 7.95%, 03/01/36		636,745
	1,515,000	State of California Build America Bonds GO 7.63%, 03/01/40		1,716,677
	190,000	State of California Refunding GO 4.50%, 08/01/28		177,711
	370,000	State of California Various Purpose GO 6.20%, 03/01/19		392,581
	625,000	State of California Various Purpose GO, OID 5.25%, 03/01/30		637,700

101

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
California (continued)
$	520,000	State of California Various Purpose GO, OID 5.50%, 03/01/40	$	530,057
	2,020,000	State of California Various Purpose GO, OID, 6.00%, 04/01/38		2,179,540
				7,865,981
Florida — 0.1%
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/20		1,113,510
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/21		1,087,620
	1,000,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE) 5.00%, 07/01/22		1,080,620
	1,340,000	Jacksonville Electric Authority Water & Sewer System Revenue Bonds, Series B, OID, (NATL-RE) 4.75%, 10/01/40		1,341,420
				4,623,170
Illinois — 0.1%
	1,000,000	Illinois Finance Authority Refunding Revenue Bonds, (AGM) 5.00%, 01/01/20		1,060,850
Michigan — 0.0%
	125,000	City of Detroit GO OID 4.50%, 11/01/23		123,032
New York — 0.0%
	370,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series C, 4.75%, 06/15/33		376,993
Total Municipal Bonds (Cost $13,110,367)				14,050,026

Shares
CASH SWEEP — 2.4%
UNITED STATES — 2.4%
	88,284,985	Citibank - US Dollars on Deposit in Custody Account	88,284,985
Total Cash Sweep (Cost $88,284,985)			88,284,985

	Value
TOTAL INVESTMENTS — 98.9% (Cost $3,474,854,890)(a)	$	3,663,400,792
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%		42,129,500
NET ASSETS — 100.0%	$	3,705,530,292

FUTURES CONTRACTS: SHORT POSITION

Contracts		Unrealized Depreciation
3,220	2 Year U.S. Treasury Note, September 2010	$	(4,025,000	)
1	10 Year U.S. Treasury Note, September 2010		(4,078	)
	Total unrealized depreciation	$	(4,029,078	)

FUTURES CONTRACTS: LONG POSITION

Contracts		Unrealized Appreciation
3,525	S&P 500 E-Mini Futures, September 2010	$	5,353,500
669	U.S. Ultra Long-Term Treasury Bond, September 2010		2,179,477
	Total unrealized appreciation	$	7,532,977

At July 31, 2010, the Global Opportunities Fund held investments in restricted and illiquid securities amounting to $15,270,110 or 0.41% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	07/31/10 Carrying Value Per Unit
$	20,000,000	Asian Coast Development Ltd.	07/28/08	$	12.00
$	10,206,966	China Milk Products Group Ltd., Cnv.	01/21/09	$	11.68
$	833,499	Amscan Holdings, Inc.	04/28/09	$	94.25
$	1,746,514	Accellent, Inc., 10.50%	05/18/09	$	100.75
$	3,136,256	Cenveo Corp., 7.88%	01/06/10	$	96.00
$	905,185	Cumulus Media, Inc., Replacement Term Loan	03/25/10	$	89.67

	Units		Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 25.75 and receiving an amount if the realized correlation is under the correlation strike price of 25.75, expiring 04/18/12 (Underlying notional amount at value $50,000)		100	$	(123,100	)

102

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

	Units		Unrealized Appreciation/ (Depreciation)
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 26.25 and receiving an amount if the realized correlation is under the correlation strike price of 26.25, expiring 04/13/12 (Underlying notional amount at value $50,000)		100	$	(104,642	)
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 28.25 and receiving an amount if the realized correlation is under the correlation strike price of 28.25, expiring 04/05/13 (Underlying notional amount at value $50,000)		100		33,254
Equity swap with Barclays Bank Plc paying an amount if the realized correlation is over the correlation strike price of 28.75 and receiving an amount if the realized correlation is under the correlation strike price of 28.75, expiring 03/23/12 (Underlying notional amount at value $50,000)		100		19,626
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 34.00 and receiving variance of the S&P 500 Index under the target volatility of 34.00, expiring 12/20/13 (Underlying notional amount at value $500,000)		7,353		1,205,294
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 36.00 and receiving variance of the S&P 500 Index under the target volatility of 36.00, expiring 12/18/15 (Underlying notional amount at value $250,000)		3,472		811,388
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 31% and receiving an amount if the realized correlation ratio is under 31%, expiring 12/16/11 (Underlying notional amount at value $50,000)		100		(55,418	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 31% and receiving an amount if the realized correlation ratio is under 31%, expiring 12/21/12 (Underlying notional amount at value $100,000)		100		(8,645	)

	Units		Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 32% and receiving an amount if the realized correlation ratio is under 32%, expiring 12/21/12 (Underlying notional amount at value $50,000)		100	$	46,361
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 51% and receiving an amount if the realized correlation ratio is under 51%, expiring 12/13/13 (Underlying notional amount at value JPY 4,625,000)		100		(974,483	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 56% and receiving an amount if the realized correlation ratio is under 56%, expiring 12/09/11 (Underlying notional amount at value JPY 4,675,000)		100		(838,348	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 59% and receiving an amount if the realized correlation ratio is under 59%, expiring 12/09/11 (Underlying notional amount at value JPY 4,625,000)		100		(672,620	)
Equity swap with BNP Paribas paying an amount if the realized correlation ratio is over 63% and receiving an amount if the realized correlation ratio is under 63%, expiring 12/09/11 (Underlying notional amount at value JPY 4,525,000)		100		(453,739	)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 32.75 and receiving variance of the S&P 500 Index under the target volatility of 32.75, expiring 12/18/15 (Underlying notional amount at value $500,000)		153		284,346
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 34.50 and receiving variance of the S&P 500 Index under the target volatility of 34.50, expiring 12/18/15 (Underlying notional amount at value $250,000)		1,000		542,008

103

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GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

	Units		Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 35.50 and receiving variance of the S&P 500 Index under the target volatility of 35.50, expiring 12/18/15 (Underlying notional amount at value $100,000)		1,000	$	283,739
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 36.35 and receiving variance of the S&P 500 Index under the target volatility of 36.35, expiring 12/20/19 (Underlying notional amount at value $500,000)		1,000		958,545
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		1,660,561
Equity swap with BNP Paribas paying variance of the S&P 500 Index over the target volatility of 37.00 and receiving variance of the S&P 500 Index under the target volatility of 37.00, expiring 12/20/19 (Underlying notional amount at value $250,000)		1,000		592,334
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		905,723
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		(5,103,916	)
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		165,195

	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	$	280,958
			$	(545,579	)

(a) Tax cost for financial reporting purposes is $3,491,824,938 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	274,064,039
Unrealized depreciation		(102,488,185	)
Net unrealized appreciation	$	171,575,854

(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 $6,000,000, which is 0.16% of net assets.
(d)	Variable rate security. Rate shown is the rate as of July 31 2010.
(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 is $247,633,896, which is 6.68% of net assets.
(i)	Principal amount denoted in Euros.
(j)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(k)	Principal amount denoted in New Zealand Dollars.
(l)	Security is a fully principal/notional funded Total Return swap with JPMorgan Chase Bank, N.A. where upon maturity of this bond the Fund will receive the obligation principal amount from the broker.
(m)	The rate represents the annualized yield at time of purchase.

104

OLD WESTBURY FUNDS, INC.
GLOBAL OPPORTUNITIES FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

ADR — American Depositary Receipt

AGM — Assured Guaranty Municipal Corp.

Cnv. — Convertible

FOR — Foreign Ownership Restrictions

GDR — Global Depository Receipt

GO — General Obligations

MXN — Mexican Peso

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

OID — Original Issue Discount

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	0.6	%
Banks	1.2	%
Collateralized Mortgage Obligations	8.6	%
Commercial Mortgage-Backed Securities	0.6	%
Consumer Discretionary	13.5	%
Consumer Staples	3.2	%
Diversified Financials	3.4	%
Energy	7.9	%
Government Bonds	10.6	%
Health Care	6.1	%
Industrials	8.4	%
Information Technology	10.7	%
Insurance	0.1	%
Materials	3.9	%
Municipal Bonds	0.4	%
Real Estate	0.4	%
Telecommunication Services	7.2	%
U.S. Government and Agency Securities	5.2	%
Utilities	1.7	%
Other*	6.3	%
Total	100.0	%

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

105

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments	July 31, 2010
	(Unaudited)

Shares			Value
COMMON STOCKS — 50.0%
BRAZIL — 3.3%
Materials — 3.3%
	2,000,000	Vale SA - ADR	$	55,600,000
CANADA — 3.6%
Materials — 3.6%
	2,000,000	Harry Winston Diamond Corp.(b)		24,784,787
	3,000,000	Harry Winston Diamond Corp.(b)		36,960,000
				61,744,787
CHINA — 3.2%
Real Estate — 0.9%
	75,000,000	Renhe Commercial Holdings Co. Ltd.		16,124,879
Utilities — 2.3%
	16,677,500	Xinao Gas Holdings Ltd.		39,463,463
				55,588,342
GREECE — 2.0%
Energy — 2.0%
	2,194,200	StealthGas, Inc.(b)		10,115,262
	1,599,808	Tsakos Energy Navigation Ltd.		23,645,162
				33,760,424
HONG KONG — 2.7%
Materials — 2.7%
	3,000,000	Sino-Forest Corp.(b)		46,194,251
PERU — 4.8%
Materials — 4.8%
	2,104,887	Cia de Minas Buenaventura SA - ADR		81,269,687
SINGAPORE — 3.1%
Diversified Financials — 0.1%
	2,080,000	K-Green Trust(b)		1,759,082
Industrials — 3.0%
	7,349,000	Keppel Corp. Ltd.		50,477,762
				52,236,844
UNITED KINGDOM — 3.5%
Materials — 3.5%
	1,500,000	Anglo American Plc		59,419,560
UNITED STATES — 23.8%
Energy — 8.9%
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)		0
	3,082,300	Goodrich Petroleum Corp.(b)		38,343,812
	732,000	Occidental Petroleum Corp.		57,044,760
	3,600,000	PetroHawk Energy Corp.(b)		56,772,000
	27,050	Vertex Energy, Inc.(b)		20,288
				152,180,860
Industrials — 6.9%
	2,179,381	Arkansas Best Corp.		49,188,629
	2,500,000	Diana Shipping, Inc.(b)		33,050,000

Shares			Value
UNITED STATES (continued)
Industrials (continued)
	500,000	Walter Energy, Inc.	$	35,650,000
				117,888,629
Materials — 8.0%
	1,416,000	Monsanto Co.		81,901,440
	3,750,000	Steel Dynamics, Inc.		53,700,000
				135,601,440
				405,670,929
Total Common Stocks (Cost $930,111,216)				851,484,824
PREFERRED STOCKS — 0.0%
Energy — 0.0%
	513,954	Vertex Energy, Inc., Series A, Cnv.(b)(c)		0
Total Preferred Stocks (Cost $4,275,002)				0
RIGHTS/WARRANTS — 0.0%
Energy — 0.0%
	6,666,666	Rancher Energy Corp. Warrants, Expires 12/21/11(b)		1
	45,000	Vertex Energy, Inc., Warrants, Expires 05/30/11(b)		0
Total Rights/Warrants (Cost $1)				1
Number of Coins
COLLECTIBLE COINS — 3.1%
UNITED STATES — 3.1%
	708	Various Collectible Coins and Sets of Coins		52,420,970
Total Collectible Coins (Cost $53,659,296)				52,420,970
Fine Troy Ounces
COMMODITIES — 9.2%
UNITED STATES — 9.2%
	60,175	Gold Bullion		71,066,123
	84,514	Palladium		42,045,748
	28,054	Platinum		44,128,907
Total Commodities (Cost $124,098,977)				157,240,778

106

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Contracts			Value
CALL OPTIONS PURCHASED — 124.1%
Commodities — 0.2%
	1,000	NYB-ICE Cotton No. 2 Index, Strike $80.00, Expiring 11/12/10	$	1,685,000
	1,000	NYB-ICE Cotton No. 2 Index, Strike $85.00, Expiring 11/12/10		870,000
	1,000	NYB-ICE Cotton No. 2 Index, Strike $90.00, Expiring 11/12/10		460,000
				3,015,000
Diversified Financials — 123.9%
	20,000	S&P 500 Index, Strike $650.00, Expiring 08/06/10		903,200,000
	20,000	S&P 500 Index, Strike $750.00, Expiring 08/06/10		703,200,000
	20,000	S&P 500 Index, Strike $850.00, Expiring 08/06/10		503,200,000
				2,109,600,000
Total Call Options Purchased (Cost $2,215,870,240)				2,112,615,000
PUT OPTIONS PURCHASED — 0.1%
Commodities — 0.1%
	600	COMEX Division Gold Futures, Strike $1,100.00, Expiring 01/26/11		1,962,000
Total Put Options Purchased (Cost $2,206,500)				1,962,000
Principal Amount
ASSET-BACKED SECURITIES — 2.7%
UNITED STATES — 2.7%
$	9,450,000	SLM Student Loan Trust, Series 2002-7, Class A10, 1.84%, 03/15/28(e)		9,190,125
	13,950,000	SLM Student Loan Trust, Series 2002-7, Class A11, 1.75%, 03/15/28(e)		13,566,375
	2,400,000	SLM Student Loan Trust, Series 2002-7, Class A6, 1.75%, 03/15/28(e)		2,334,000
	7,950,000	SLM Student Loan Trust, Series 2002-7, Class A7, 1.42%, 03/15/28(e)		7,731,375
	11,650,000	SLM Student Loan Trust, Series 2002-7, Class A8, 1.84%, 03/15/28(e)		11,329,625
	1,400,000	SLM Student Loan Trust, Series 2002-7, Class A9, 1.11%, 03/15/28(e)		1,361,500
Total Asset-Backed Securities (Cost $44,513,430)				45,513,000

Principal Amount				Value
MUNICIPAL BONDS — 0.3%
Texas — 0.3%
$	6,000,000		State of Texas Refunding GO, Veterans’ Housing Assistance Program, Fund II, Series D, (SPA - State Street Bank & Trust Co.) 0.34%, 06/01/26(e)	$	6,000,000
Total Municipal Bonds (Cost $6,000,000)					6,000,000
U.S. GOVERNMENT AGENCIES — 6.8%
Federal Home Loan Bank — 6.8%
	115,000,000		0.06%, 08/02/10(f)		115,000,000
Total U.S. Government Agencies (Cost $115,000,000)					115,000,000
U.S. GOVERNMENT SECURITIES — 22.2%
U.S. Treasury Notes — 22.2%
	100,000,000		1.63%, 01/15/18(g)		110,050,944
	192,500,000		2.13%, 01/15/19(g)		213,927,218
	53,200,000		1.25%, 07/15/20(g)		53,808,641
Total U.S. Government Securities (Cost $362,495,071)					377,786,803
Shares
CASH SWEEP — 0.4%
	7,418,174		Citibank - US Dollars on Deposit in Custody Account		7,418,174
Total Cash Sweep (Cost $7,418,174)					7,418,174
TOTAL INVESTMENTS — 218.9% (Cost $3,865,647,907)(a)					3,727,441,550
LIABILITIES IN EXCESS OF OTHER ASSETS — (118.9)%					(2,024,515,311	)
NET ASSETS — 100.0%				$	1,702,926,239
Contracts
CALL OPTIONS WRITTEN — (119.5)%
Diversified Financials — (119.5)%
	(20,000	)	S&P 500 Index, Strike $662.50, Expiring 08/06/10		(878,215,400	)
	(20,000	)	S&P 500 Index, Strike $762.50, Expiring 08/06/10		(678,253,200	)
	(20,000	)	S&P 500 Index, Strike $862.50, Expiring 08/06/10		(478,243,400	)
Total Call Options Written (Premiums received $(2,139,709,160))				$	(2,034,712,000	)

107

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

FUTURES CONTRACTS: SHORT POSITIONS
Contracts			Unrealized Depreciation
	875	NYB-ICE Arabica Coffee, September 2010	$	(4,088,606	)
	591	NYB-ICE Arabica Coffee, December 2010		(379,744	)
		Total unrealized depreciation	$	(4,468,350	)
FUTURES CONTRACTS: LONG POSITIONS
Contracts			Unrealized Appreciation
	300	London Metal Exchange Lead, August 2010	$	2,203,750
	150	New York Mercantile Exchange Palladium, September 2010		1,198,500
	395	New York Mercantile Exchange Platinum, October 2010		277,680
	900	London Metal Exchange Lead, October 2010		5,658,750
	754	NYB-ICE Sugar #11, October 2010		2,085,866
	500	NYB-ICE Cotton #2, December 2010		1,151,835
	1,466	NYB-ICE Arabica Coffee, March 2011		4,054,538
		Total unrealized appreciation	$	16,630,919

At July 31, 2010, the Real Return Fund held investments in restricted and illiquid securities amounting to $52,420,971 or 3.1% of net assets, which were valued under methods approved by the Board of Directors, as follows:

Acquisition Cost		Issuer	Acquisition Date	07/31/10 Carrying Value Per Unit
$	19,527,013	Brazil Ethanol, Inc.	03/15/07	$	—
	0	Rancher Energy Corp., Warrants	03/20/07		—
	4,275,002	Vertex Energy Inc., Series A	05/16/06		—
				07/31/10 Average Value Per Unit
	53,659,296	Collectible Coins	12/14/06		74,040.92

(a) Tax cost for financial reporting purposes is $3,865,647,907 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	182,623,925
Unrealized depreciation		(320,830,282	)
Net unrealized depreciation	$	(138,206,357	)

(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 $23,802,015 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 July 31 2010.
(f)	The rate represents the annualized yield at time of purchase.
(g)	Inflation protected security. Principal amount reflects original security face amount.

ADR — American Depositary Receipt

Cnv. — Convertible

ICE — ICE Futures US, Inc.

NYB — New York Board of Trade

SPA — Standby Purchase Agreement

GO — General Obligation

	Units		Unrealized Appreciation
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 08/31/10 (Underlying notional amount at value $2,112,900)		92	$	4,387
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 09/30/10 (Underlying notional amount at value $2,065,500)		90		182,519
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 10/31/10 (Underlying notional amount at value $2,112,900)		92		229,801
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 11/30/10 (Underlying notional amount at value $2,065,500)		90		226,204
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Panamax Freight Index, expiring 12/31/10 (Underlying notional amount at value $2,112,900)		92		229,608
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Corn Index, expiring 11/28/11 (Underlying notional amount at value $71,914,036)		3,400		1,725,371

108

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

	Units			Unrealized Appreciation
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Cotton Index, expiring 11/18/10 (Underlying notional amount at value $69,226,630)		1,800		$	1,655,894
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Ice Sugar Index, expiring 09/30/10 (Underlying notional amount at value $98,571,198)		5,598			22,867,107
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			330,910
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			328,290
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			323,621
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			320,431
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			321,689
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Palladium Index, expiring 08/26/10 (Underlying notional amount at value $6,890,135)		15,000			609,733
				$	29,355,565
	Units			Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
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	)	$	970,251
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	)		971,490
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	)		974,067
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	)		971,994
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	)		967,348
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity Wheat Index, expiring 11/28/11 (Underlying notional amount at value $114,814,256)		(3,400	)		(9,122,621	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Single Commodity White Sugar Index, expiring 09/13/10 (Underlying notional amount at value $58,149,201)		(2,500	)		(15,057,864	)
				$	(19,325,335	)

109

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	2.7	%
Collectible Coins	3.1	%
Commodities	9.2	%
Diversified Financials	0.1	%
Energy	10.9	%
Industrials	9.9	%
Materials	25.9	%
Municipal Bonds	0.3	%
Real Estate	0.9	%
U.S. Government and Agency Securities	29.0	%
Utilities	2.3	%
Other*	5.7	%
Total	100.0	%

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

110

Old Westbury Funds, Inc.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS	July 31, 2010
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 34.1%
Banks — 9.7%
$	3,800,000	Bank of America Corp., 4.50%, 04/01/15	$	3,926,399
	540,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14		585,038
	1,000,000	Bank of Scotland Plc, 5.00%, 11/21/11(b)		1,031,744
	1,000,000	Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)		1,013,985
	5,000,000	Commonwealth Bank of Australia, 2.70%, 11/25/14(b)		5,113,120
	1,340,000	Credit Suisse New York, 3.50%, 03/23/15		1,378,557
	1,090,000	Deutsche Bank AG, 3.45%, 03/30/15		1,118,441
	2,000,000	GMAC, Inc., 1.75%, 10/30/12		2,042,726
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		6,118,182
	7,000,000	JPMorgan Chase & Co., 3.70%, 01/20/15		7,293,860
	1,200,000	JPMorgan Chase & Co., 3.40%, 06/24/15		1,232,161
	5,000,000	Standard Chartered Plc, 3.85%, 04/27/15(b)		5,153,190
	3,000,000	Westpac Banking Corp., 2.90%, 09/10/14(b)		3,120,534
				39,127,937
Consumer Discretionary — 0.6%
	1,000,000	Cornell University, 4.35%, 02/01/14		1,096,600
	200,000	Dartmouth College, 4.75%, 06/01/19		217,090
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,108,299
				2,421,989
Consumer Staples — 2.6%
	5,000,000	Anheuser-Busch Inbev Worldwide, Inc., 5.38%, 11/15/14(b)		5,547,725
	1,720,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		1,852,161
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,598,910
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,049,551

Principal Amount			Value
Consumer Staples (continued)
$	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14	$	614,919
				10,663,266
Diversified Financials — 8.4%
	40,000	American Express Credit Corp., 5.13%, 08/25/14		43,559
	2,955,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		3,387,116
	2,000,000	Caterpillar Financial Services Corp., 2.00%, 04/05/13		2,032,858
	40,000	Credit Suisse USA, Inc., 5.13%, 01/15/14		43,468
	2,672,000	Eksportfinans A/S, 5.00%, 02/14/12		2,829,269
	1,455,000	Eksportfinans A/S, 3.00%, 11/17/14		1,520,251
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		513,134
	3,000,000	FIH Erhvervsbank AS, 2.45%, 08/17/12(b)		3,074,955
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		2,068,940
	30,000	General Electric Capital Corp., 1.63%, 01/07/11		30,175
	1,000,000	General Electric Capital Corp., 2.25%, 03/12/12		1,025,901
	1,250,000	General Electric Capital Corp., 2.80%, 01/08/13		1,278,655
	4,543,000	General Electric Capital Corp., MTN, 5.25%, 10/19/12		4,886,869
	990,000	General Electric Capital Corp., Series A, 3.75%, 11/14/14		1,024,388
	2,000,000	Iberdrola Finance Ireland Ltd., 3.80%, 09/11/14(b)		2,000,168
	1,000,000	Morgan Stanley, 4.20%, 11/20/14		1,015,411
	2,555,000	PNC Funding Corp., 3.00%, 05/19/14		2,610,548
	3,150,000	Sallie Mae, Inc., 7.30%, 08/01/12		3,577,691
	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)		1,043,233
				34,006,589
Energy — 1.7%
	500,000	Marathon Oil Corp., 6.50%, 02/15/14		567,035
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,879,138

111

Old Westbury Funds, Inc.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Energy (continued)
$	4,225,000	Shell International Finance BV, 4.00%, 03/21/14	$	4,532,149
	40,000	Shell International Finance BV, 3.10%, 06/28/15		41,461
				7,019,783
Health Care — 5.6%
	4,620,000	Amgen, Inc., Cnv, 0.13%, 02/01/11		4,585,350
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		651,583
	500,000	McKesson Corp., 6.50%, 02/15/14		567,760
	1,435,000	Novartis Capital Corp., 4.13%, 02/10/14		1,563,717
	2,475,000	Pfizer, Inc., 5.35%, 03/15/15		2,829,242
	7,000,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		7,776,258
	2,000,000	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12		2,025,596
	500,000	Thermo Fisher Scientific, Inc., 3.25%, 11/20/14		521,454
	2,000,000	Wyeth, 5.50%, 02/01/14		2,262,986
				22,783,946
Industrials — 0.8%
	1,200,000	Nomura Holdings, Inc., 5.00%, 03/04/15		1,278,352
	1,700,000	Tyco International Finance SA, 3.38%, 10/15/15		1,768,073
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		86,572
				3,132,997
Information Technology — 0.3%
	930,000	International Business Machines Corp., 2.10%, 05/06/13		961,561
Insurance — 3.0%
	500,000	Berkshire Hathaway Finance Corp., 4.50%, 01/15/13		538,530
	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13		1,550,965
	3,705,000	Berkshire Hathaway, Inc., 3.20%, 02/11/15		3,872,359
	5,800,000	New York Life Global Funding, 4.65%, 05/09/13(b)		6,281,127
				12,242,981

Principal Amount			Value
Materials — 1.0%
$	630,000	Airgas, Inc., 2.85%, 10/01/13	$	639,283
	630,000	Airgas, Inc., 4.50%, 09/15/14		665,052
	1,250,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,385,712
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,300,247
				3,990,294
Utilities — 0.4%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,736,842
Total Corporate Bonds (Cost $130,564,540)				138,088,185
MUNICIPAL BONDS — 3.0%
Connecticut — 0.3%
	1,000,000	State of Connecticut Taxable GO, Series A, 3.59%, 03/01/12		1,042,290
Maine — 0.2%
	350,000	State of Maine General Purpose GO, 3.94%, 05/15/11		358,376
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		494,974
				853,350
Minnesota — 0.1%
	605,000	Duluth Independent School District No 709 COP 4.00%, 02/01/16		625,812
New York — 1.5%
	2,520,000	Metropolitan Transportation Authority Highway Toll Revenue Bonds 4.28%, 11/15/16		2,543,083
	1,790,000	New York State Dormitory Authority Economic Development & Housing Refunding Revenue Bonds, 4.81%, 12/15/11		1,885,640
	500,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		544,840

112

Old Westbury Funds, Inc.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
New York (continued)
$	1,035,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 (AGM) 4.65%, 12/15/13	$	1,105,111
				6,078,674
Ohio — 0.8%
	2,115,000	Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16		2,158,019
	1,000,000	Ohio State Third Frontier Research and Development GO, Taxable, Series A, (NATL-RE) 5.25%, 05/01/11		1,034,270
				3,192,289
Oregon — 0.1%
	500,000	State of Oregon Public Improvements GO, Series B 2.22%, 08/01/13		507,655
Total Municipal Bonds (Cost $11,959,506)				12,300,070
U.S. GOVERNMENT AGENCIES — 40.0%
Fannie Mae — 1.2%
	550,000	5.00%, 08/02/12		597,192
	3,750,000	5.00%, 03/02/15		4,274,531
	7,690	7.50%, 08/01/25		8,748
				4,880,471
Federal Farm Credit Bank — 3.2%
	100,000	5.15%, 12/06/10		101,707
	1,500,000	2.00%, 01/17/12		1,533,045
	3,550,000	2.13%, 06/18/12		3,648,445
	400,000	4.50%, 10/17/12		432,630
	1,000,000	1.88%, 12/07/12		1,024,404
	500,000	1.75%, 02/21/13		509,482
	5,135,000	2.63%, 04/17/14		5,379,888
	105,000	3.00%, 09/22/14		111,400
	90,000	4.88%, 12/16/15		103,215
				12,844,216
Federal Home Loan Bank — 24.4%
	215,000	4.50%, 09/10/10		214,882
	110,000	5.13%, 09/10/10		110,564
	125,000	5.13%, 09/29/10		125,954
	1,670,342	4.75%, 10/25/10		1,686,795
	60,000	4.25%, 11/02/10		60,610
	50,000	4.25%, 11/15/10		50,573
	730,000	4.75%, 12/10/10		741,851

Principal Amount			Value
Federal Home Loan Bank (continued)
$	1,240,000	4.88%, 12/10/10	$	1,260,455
	1,620,000	4.00%, 02/15/11		1,652,210
	2,135,000	5.88%, 02/15/11		2,197,818
	500,000	2.88%, 03/11/11		507,602
	1,180,000	4.88%, 03/11/11		1,212,635
	155,000	5.00%, 05/13/11		160,600
	100,000	4.25%, 06/10/11		103,197
	5,330,000	5.25%, 06/10/11		5,545,838
	235,000	5.38%, 06/10/11		245,140
	320,000	4.38%, 08/15/11		333,327
	75,000	5.75%, 08/15/11		79,084
	300,000	3.75%, 09/09/11		311,155
	645,000	5.00%, 09/09/11		676,892
	1,355,000	5.00%, 10/13/11		1,429,369
	50,000	4.25%, 11/15/11		52,447
	835,000	4.88%, 11/15/11		882,432
	15,000	5.63%, 11/15/11		15,996
	6,475,000	4.75%, 12/09/11		6,839,834
	2,700,000	5.00%, 03/09/12		2,891,822
	5,595,000	1.38%, 06/08/12		5,670,868
	5,030,000	3.63%, 06/08/12		5,308,873
	1,075,000	4.38%, 06/08/12		1,140,583
	455,000	4.88%, 06/08/12		490,409
	1,400,000	5.38%, 06/08/12		1,521,804
	335,000	4.63%, 08/15/12		361,491
	990,000	4.50%, 09/14/12		1,066,594
	660,000	5.00%, 09/14/12		717,537
	145,000	4.88%, 12/14/12		158,732
	1,313,435	5.27%, 12/28/12		1,402,705
	50,000	3.50%, 03/08/13		53,339
	3,900,000	3.88%, 03/08/13		4,197,940
	955,000	5.00%, 03/08/13		1,055,505
	2,000,000	3.75%, 06/14/13		2,153,852
	500,000	4.25%, 06/14/13		546,400
	1,500,000	1.88%, 06/21/13		1,539,207
	500,000	4.38%, 09/13/13		551,044
	2,690,000	5.25%, 09/13/13		3,032,138
	210,000	5.50%, 12/11/13		240,213
	10,495,000	3.13%, 12/13/13		11,186,148
	500,000	4.00%, 12/13/13		547,328
	2,065,000	4.88%, 12/13/13		2,317,760
	800,000	4.88%, 06/13/14		902,310
	7,825,000	5.38%, 06/13/14		8,975,361
	2,325,000	3.25%, 09/12/14		2,482,595
	870,000	5.25%, 09/12/14		996,899
	5,220,000	4.75%, 11/14/14		5,922,100
	800,000	2.75%, 12/12/14		841,053
	1,815,000	4.75%, 12/12/14		2,054,144
	140,000	3.50%, 03/13/15		151,550

113

Old Westbury Funds, Inc.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Federal Home Loan Bank (continued)
$	1,000,000	2.88%, 06/12/15	$	1,052,520
	500,000	4.88%, 06/12/15		570,165
	50,000	5.00%, 12/11/15		57,391
				98,655,640
Freddie Mac — 0.3%
	190,000	4.50%, 12/16/10		193,052
	355,000	5.00%, 08/15/12		384,943
	400,000	5.00%, 11/13/14		456,116
	300,000	2.88%, 02/09/15		316,272
				1,350,383
Ginnie Mae — 0.0%
	73,462	8.50%, 10/15/17		81,061
	451	9.00%, 02/15/20		517
				81,578
Overseas Private Investment Corp. — 3.2%
	1,000,000	4.59%, 12/09/11(c)		1,061,816
	10,612,543	5.14%, 12/15/23		11,837,443
				12,899,259
Private Export Funding Corp. — 6.3%
	300,000	6.07%, 04/30/11		312,791
	400,000	5.66%, 09/15/11(b)		421,879
	425,000	4.90%, 12/15/11		450,739
	510,000	5.69%, 05/15/12		555,889
	12,760,000	3.55%, 04/15/13		13,628,739
	1,800,000	4.97%, 08/15/13		2,005,589
	4,260,000	3.05%, 10/15/14		4,509,926
	3,000,000	5.00%, 12/15/16		3,452,286
				25,337,838
Small Business Administration — 0.8%
	1,342,111	4.73%, 02/10/19		1,402,834
	2,000,000	4.11%, 03/10/20		2,036,637
				3,439,471
Tennessee Valley Authority — 0.6%
	779,000	5.63%, 01/18/11		798,466
	632,000	6.79%, 05/23/12		701,137
	110,000	4.75%, 08/01/13		121,561
	725,000	6.25%, 12/15/17		890,532
				2,511,696
Total U.S. Government Agencies (Cost $154,917,209)				162,000,552

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 21.3%
U.S. Treasury Notes — 21.3%
$	275,000	2.38%, 04/15/11(d)	$	306,770
	5,265,000	1.13%, 06/30/11		5,303,666
	1,475,000	2.63%, 02/29/16		1,535,384
	36,780,000	2.38%, 03/31/16		37,745,475
	35,841,000	4.63%, 11/15/16		41,228,332
Total U.S. Government Securities (Cost $80,054,871)				86,119,627
GOVERNMENT BONDS — 0.6%
CANADA — 0.0%
	180,000	Province of Ontario Canada, 2.70%, 06/16/15		185,079
DENMARK — 0.3%
	1,000,000	Kingdom of Denmark, 2.25%, 05/14/12		1,025,880
EGYPT — 0.3%
	1,000,000	Egypt Government Aid Bonds, 4.45%, 09/15/15		1,118,510
Total Government Bonds (Cost $2,252,955)				2,329,469
Shares
INVESTMENT COMPANY — 0.1%
	181,117	SEI Daily Income Trust Government II Fund, Class A		181,117
Total Investment Company (Cost $181,117)				181,117
TOTAL INVESTMENTS — 99.1% (Cost $379,930,198)(a)				401,019,020
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				3,735,826
NET ASSETS — 100.0%			$	404,754,846

114

Old Westbury Funds, Inc.
FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

(a) Tax cost for financial reporting purposes is $380,070,184 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	21,434,545
Unrealized depreciation		(485,709	)
Net unrealized appreciation	$	20,948,836

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $50,278,174, which is 12.4% 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.

AGM — Assured Guaranty Municipal Corp.

Cnv.— Convertible

COP — Certificates of Participation

GO — General Obligations

MTN — Medium Term Note

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

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
U.S. Government & Agency Securities	61.3	%
Corporate Bonds	34.1
Municipal Bonds	3.0
Foreign Government Bonds	0.6
Other*	1.0
	100	%

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

115

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	July 31, 2010
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 97.5%
Alabama — 0.2%
$	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26(b)	$	1,185,130
Arizona — 0.6%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		404,366
	800,000	Arizona State Transportation Board Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 07/01/14		917,704
	1,575,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A 5.00%, 07/01/26		1,730,074
	200,000	Maricopa County Community College District GO, Series C 5.00%, 07/01/20		232,760
	500,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, Senior Lien, 5.50%, 07/01/24		568,545
	250,000	University of Arizona Refunding COP, Series C, (AMBAC) 5.00%, 06/01/18		273,000
				4,126,449
California — 9.4%
	3,000,000	California State Department of Water Resources Refunding Revenue Bonds, Series AG 4.25%, 12/01/23		3,217,080
	600,000	California State Public Works Board Regents University Revenue Bonds, Series C-1 5.00%, 03/01/22		657,324
	1,000,000	California State Public Works Board Regents University Revenue Bonds, Series E, OID, 5.00%, 04/01/34		1,008,330
	6,000,000	California State Public Works Board Regents University Revenue Bonds, Series F, OID, 5.00%, 04/01/34		6,049,980
	4,000,000	City of Los Angeles Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		4,615,600
Principal Amount			Value
California (continued)
$	675,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A 4.00%, 02/01/12	$	707,994
	6,000,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A 5.00%, 02/01/20		6,879,120
	250,000	Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID 5.63%, 06/01/13(b)		284,078
	450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series 2003 A1, OID 6.75%, 06/01/13(b)		525,465
	360,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID 5.50%, 06/01/13(b)		407,815
	300,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID 5.50%, 06/01/13(b)		339,846
	350,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)(c)		397,708
	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13(b)(c)		341,255
	220,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC) 5.00%, 06/01/13(b)		246,151
	1,715,000	Los Angeles Community College District 2008 Election Refunding GO, Series A, 6.00%, 08/01/33		1,922,361
	8,000,000	Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/26		8,770,160

116

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
California (continued)
$	6,370,000	Los Angeles Department of Water & Power Revenue Bonds, Sub-Series A-2, (AMBAC) 5.00%, 07/01/44	$	6,557,087
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (AGM) 5.00%, 07/01/16		195,320
	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23		1,166,031
	4,000,000	Orange County Water District Refunding COP 5.00%, 08/15/29		4,300,640
	150,000	Placer County Water Agency Refunding COP, OID, (NATL-RE) 4.50%, 07/01/16		154,780
	275,000	Pomona Public Financing Authority Revenue Bonds, Water Facilities Project, Series AY, (AMBAC) 5.00%, 05/01/18		300,429
	12,000,000	State of California Refunding GO, Series A, (State GTY) 5.00%, 07/01/22		12,986,160
	1,000,000	University of California Revenue Bonds, Series D, (NATL-RE, FGIC) 5.00%, 05/15/28		1,057,600
	200,000	University of California Revenue Bonds, Series O, 5.00%, 05/15/19		234,204
	5,500,000	University of California Revenue Bonds, Series O, OID 5.25%, 05/15/39		5,878,400
				69,200,918
Colorado — 0.8%
	485,000	City of Longmont Sales & Use Tax Revenue Bonds, OID, 5.63%, 11/15/10(b)(c)		492,372
	1,800,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE) 4.50%, 06/01/21		1,933,236
	3,000,000	University of Colorado Revenue Bonds, Sub-Series B-1 3.00%, 12/01/12		3,150,300
				5,575,908
Principal Amount			Value
Connecticut — 0.7%
$	285,000	Connecticut Housing Finance Authority Revenue Bonds, Housing Mortgage Financing Program, Sub-Series F-2, (GO of Authority) 6.00%, 11/15/38	$	296,847
	4,700,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series A-4 2.50%, 07/01/49(d)		4,949,053
	170,000	State of Connecticut GO, Series C, 4.50%, 11/01/12		184,938
				5,430,838
Florida — 7.2%
	170,000	Florida Department of Transportation Revenue Bonds, Series A, 5.00%, 07/01/29		174,906
	3,000,000	Florida State Board of Education Capital Outlay GO, Series E 4.60%, 06/01/23		3,176,070
	10,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/17		11,203,500
	5,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series C 5.00%, 06/01/23		5,650,600
	5,000,000	Florida State Board of Education Capital Outlay Refunding GO, Series D 5.00%, 06/01/23		5,704,050
	805,000	Florida State Board of Education Public Education GO, Series E, OID, (AGM) 5.00%, 06/01/26		830,937
	8,575,000	Florida State Board of Education Revenue Bonds, Series A, OID 5.50%, 07/01/27		9,319,567
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/13		281,132
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC) 5.00%, 11/01/16		1,223,248
	2,500,000	Miami-Dade County Airport Revenue Bonds, Series A-1, OID 5.38%, 10/01/35		2,545,850

117

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Florida (continued)
$	1,400,000	Miami-Dade County Airport Revenue Bonds, Series A-1, OID 5.50%, 10/01/41	$	1,431,598
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/18		503,878
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA) 5.00%, 10/01/19		2,213,780
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM) 5.25%, 10/01/16		2,075,292
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		552,350
	900,000	Seminole County School Board COP, Series A, (AMBAC) 5.00%, 07/01/18		977,580
	1,420,000	State of Florida Department of Transportation Refunding GO, Series B 5.00%, 07/01/21		1,634,576
	3,180,000	State of Florida Department of Transportation Refunding GO, Series B 5.00%, 07/01/23		3,591,683
				53,090,597
Georgia — 2.6%
	3,650,000	County of Dekalb Water and Sewer Refunding Revenue Bonds, Series A 5.00%, 10/01/35		3,740,739
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18		1,478,600
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.00%, 01/01/15		600,920
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE) 5.25%, 01/01/17		465,524
	5,000,000	Gwinnett County School District GO 5.00%, 02/01/29		5,724,050
Principal Amount			Value
Georgia (continued)
$	5,000,000	Gwinnett County Water & Sewerage Authority Revenue Bonds, Series A, (County GTY) 4.00%, 08/01/21	$	5,407,900
	1,500,000	State of Georgia GO, Series B, 5.00%, 01/01/18		1,792,440
				19,210,173
Hawaii — 0.3%
	2,000,000	State of Hawaii Refunding GO, Series DY 5.00%, 02/01/18		2,365,140
Illinois — 2.5%
	500,000	Chicago Board of Education Dedicated GO, Series B, (AGM) 5.00%, 12/01/18		555,680
	4,780,000	Chicago Metropolitan Water Reclamation District of Greater Chicago Refunding GO, 5.00%, 12/01/26		5,110,441
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC) 5.00%, 01/01/23		3,811,376
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC) 5.00%, 06/01/21		951,354
	100,000	City of Rockford GO, Series A, OID, (AGM) 5.38%, 12/15/13(b)		101,863
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE) 5.00%, 12/01/25		1,077,370
	85,000	Du Page County Community Unit School District No. 202 Lisle GO, OID, (AGM) 5.55%, 12/30/17(b)		86,825
	260,000	Freeport Sewer System Improvements Refunding GO, OID, (AMBAC) 5.55%, 12/01/14(b)		267,072
	500,000	State of Illinois GO, First Series, 5.50%, 08/01/10(b)		500,000
	3,500,000	State of Illinois Public Improvement Revenue Bonds 5.00%, 06/15/18		3,934,805

118

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Illinois (continued)
$	2,057,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE) 4.30%, 03/01/21	$	1,765,667
				18,162,453
Indiana — 2.2%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/15/16		662,934
	1,490,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 07/15/25		1,604,745
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 07/15/16		1,191,110
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding) 5.00%, 01/15/17		732,173
	650,000	Decatur Township Marion County Multi-School Building Corp., First Mortgage Revenue Bonds, Series B, (AGM, State Aid Withholding) 5.00%, 07/15/18		733,811
	315,000	East Allen Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 07/10/14		325,297
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding) 5.00%, 07/15/16		565,494
	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC) 5.25%, 07/15/17		559,434
	460,000	Franklin Community Multi-School Building Corp., First Mortgage Revenue Bonds, (AGM, State Aid Withholding) 5.13%, 07/15/12(b)		481,201
Principal Amount			Value
Indiana (continued)
$	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/15/22	$	1,162,512
	1,505,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE) 5.00%, 07/15/23		1,581,996
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding) 5.38%, 07/15/16(b)		191,833
	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(b)		730,016
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 5.00%, 01/15/16(b)		174,066
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/18		544,985
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/16		823,580
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/16		843,831
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 07/15/17		656,429
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC) 5.00%, 01/15/19		211,372

119

Old Westbury Funds, Inc.
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Portfolio of Investments - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding) 5.00%, 01/10/16	$	891,592
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds (State Aid Withholding) 5.75%, 07/15/26		1,114,450
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding) 5.00%, 01/15/15		196,756
	135,000	Westfield-Washington Elementary Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding) 4.75%, 01/15/11		137,651
				16,117,268
Kentucky — 0.2%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC) 5.00%, 11/01/15		1,157,180
Louisiana — 0.3%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC) 5.00%, 06/01/16		2,238,320
Maine — 0.2%
	850,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC) 5.00%, 07/01/16		950,181
	115,000	Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21(b)		136,602
	285,000	Maine Health & Higher Educational Facilities Authority Un-Refunded Revenue Bonds, Series B, (AMBAC) 5.00%, 07/01/21		310,488
				1,397,271
Principal Amount			Value
Maryland — 1.0%
$	1,300,000	Maryland State Transportation Authority Revenue Bonds, Series A 5.00%, 07/01/23	$	1,499,693
	5,000,000	State of Maryland Refunding GO, Series B 5.00%, 03/01/21		5,945,900
				7,445,593
Massachusetts — 2.3%
	4,900,000	Commonwealth of Massachusetts Public Improvement GO, Series B 4.00%, 06/01/12		5,218,549
	5,000,000	Massachusetts Bay Transportation Authority Refunding Revenue Bonds, Series A 5.25%, 07/01/26		5,945,400
	5,000,000	Massachusetts School Building Authority Revenue Bonds, Series A 4.35%, 08/15/25		5,266,000
	800,000	Massachusetts State Water Pollution Abatement Revenue Bonds 4.00%, 08/01/12		857,072
				17,287,021
Michigan — 1.4%
	1,350,000	Central Montcalm Public Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/23		1,446,836
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF) 5.00%, 05/01/20		373,683
	250,000	Detroit Water Supply System Revenue Bonds, Senior Lien, Series A, (FGIC) 5.00%, 07/01/13(b)		260,415
	150,000	Jackson Public Schools School Building & Site Refunding GO, (AGM, Q-SBLF) 5.00%, 05/01/15		168,099
	235,000	Oakland University Refunding Revenue Bonds, (AMBAC) 5.25%, 05/15/18		251,149
	245,000	Portage Public Schools School Building & Site GO, (AGM) 5.00%, 05/01/14		258,896
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		787,717

120

Old Westbury Funds, Inc.
Municipal Bond Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Michigan (continued)
$	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF) 5.00%, 05/01/21	$	285,092
	5,715,000	University of Michigan Refunding Revenue Bonds, Series C 4.00%, 04/01/19		6,364,395
	400,000	Zeeland Public Schools Building & Site GO, (Q-SBLF) 5.00%, 05/01/20(b)		407,496
				10,603,778
Minnesota — 0.1%
	450,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		529,708
Mississippi — 0.6%
	1,810,000	Mississippi Development Bank Special Obligation Refunding Revenue Bonds 5.00%, 08/01/18		2,057,264
	1,000,000	State of Mississippi GO, Series A, 5.00%, 10/01/18		1,180,200
	890,000	University of Southern Mississippi Campus Facilities Improvements Project Revenue Bonds, 5.00%, 09/01/20		1,020,572
				4,258,036
Missouri — 0.3%
	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit) 5.00%, 03/01/18		589,545
	1,205,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,375,339
				1,964,884
Nevada — 1.8%
	1,000,000	Clark County Improvement District No. 112 Special Assessment 5.00%, 08/01/34		999,990
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		566,675
Principal Amount			Value
Nevada (continued)
$	3,000,000	Clark County School District GO, Series C, (NATL-RE) 5.00%, 06/15/22	$	3,249,510
	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC) 5.00%, 06/15/22		2,132,340
	2,805,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		3,164,068
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC) 5.00%, 06/01/20		3,321,014
				13,433,597
New Jersey — 4.0%
	355,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/17		386,645
	440,000	Bloomfield Township Board of Education Refunding GO, (School Board Resolution Funding) 4.00%, 03/01/19		475,464
	255,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding) 4.00%, 02/15/17		280,171
	500,000	Harrison GO, (School Board Resolution Funding) 3.75%, 01/15/15		551,850
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC) 5.50%, 09/01/24		5,754,400
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,673,895
	770,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series CC-2 5.00%, 12/15/32		809,755
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		545,570

121

Old Westbury Funds, Inc.
Municipal Bond Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	15,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A 5.00%, 09/01/16(b)	$	17,941
	1,185,000	New Jersey Environmental Infrastructure Trust Un-Refunded Revenue Bonds, Series A 5.00%, 09/01/16		1,403,775
	5,145,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B, 5.00%, 09/01/18		5,783,752
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE) 5.50%, 12/15/15		1,614,759
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5 5.25%, 12/15/19		3,176,442
	1,000,000	New Jersey Transportation Trust Fund Authority Transportation Systems Revenue Bonds, Series A, (AGM-CR) 5.50%, 12/15/22		1,176,170
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/15		368,259
	440,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/16		480,854
	360,000	New Milford School District Refunding GO, (School Board Resolution Funding) 4.00%, 08/15/17		391,468
	750,000	Rahway School District School Improvements GO, Series A (School Board Resolution Funding) 3.50%, 02/15/18		808,132
	1,450,000	Rahway School District School Improvements GO, Series A, OID (School Board Resolution Funding) 4.00%, 02/15/30		1,442,199
	345,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID 6.75%, 06/01/13(b)		404,447
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14(b)		124,697
Principal Amount			Value
New Jersey (continued)
$	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37(b)	$	1,322,988
	535,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42(b)		591,052
				29,584,685
New Mexico — 0.2%
	1,200,000	Albuquerque Bernalillo County Water Utility Authority Improvement Refunding Revenue Bonds, Series A1, 5.50%, 07/01/22		1,426,764
New York — 20.1%
	1,900,000	City of New York Public Improvement GO 5.00%, 11/01/21		2,062,830
	6,330,000	City of New York Refunding GO 5.00%, 08/01/22		7,227,974
	4,150,000	City of New York Refunding GO, Series G, (NATL-RE) 5.00%, 08/01/18		4,640,862
	500,000	Gates Chili Central School District Refunding GO, (State Aid Withholding) 2.50%, 06/15/11		508,915
	550,000	Gates Chili Central School District Refunding GO, (State Aid Withholding) 2.50%, 06/15/12		569,652
	2,000,000	Metropolitan Transportation Authority Revenue Bonds, Series B, OID, 5.00%, 11/15/34		2,096,720
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		3,008,600
	1,150,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, OID, 5.75%, 06/15/40		1,302,824
	5,000,000	New York City Municipal Water Finance Authority Fiscal 2010 Refunding Revenue Bonds, Series BB 5.00%, 06/15/27		5,503,050
	1,500,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series CC, 5.00%, 06/15/29		1,606,560

122

Old Westbury Funds, Inc.
Municipal Bond Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
New York (continued)
$	6,000,000	New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series D 5.00%, 06/15/38	$	6,246,360
	5,700,000	New York City Municipal Water Finance Authority Revenue Bonds, Series DD, OID 5.75%, 06/15/40		6,436,782
	5,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series B 5.00%, 11/01/22		5,749,400
	2,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2 4.00%, 11/01/12		2,152,560
	1,900,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2 5.00%, 11/01/12		2,086,751
	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A 5.00%, 05/01/22		2,523,268
	2,000,000	New York City Transitional Finance Authority Revenue Bonds, Series S-3, (State Aid Withholding) 5.25%, 01/15/25		2,220,020
	3,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, (GO of Corp.) 4.50%, 04/01/20		3,431,790
	1,000,000	New York Power Authority Refunding Revenue Bonds, Series C, (NATL-RE) 5.00%, 11/15/15		1,175,920
	6,285,000	New York State Dormitory Authority Construction Service Contract Refunding Revenue Bonds, Series A 5.00%, 07/01/22		7,016,260
	450,000	New York State Dormitory Authority Cornell University Revenue Bonds, Series B 5.00%, 07/01/21		533,421
	2,500,000	New York State Dormitory Authority Court Facilities Lease Refunding Revenue Bonds, Series A, (AMBAC) 5.50%, 05/15/31		2,798,850
	2,000,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		2,245,500
Principal Amount			Value
New York (continued)
$	3,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, 5.00%, 03/15/22	$	3,435,240
	1,000,000	New York State Dormitory Authority Education Revenue Bonds, Series A, OID, 5.00%, 03/15/38		1,060,250
	550,000	New York State Dormitory Authority Mental Health Services Facilities Improvement Revenue Bonds, Series C, (NATL-RE, FGIC) 5.00%, 02/15/16		620,108
	1,970,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series B 4.50%, 08/15/17		2,185,026
	5,000,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A, OID 5.00%, 02/15/34		5,317,400
	500,000	New York State Dormitory Authority Refunding Mental Health Services Facilities Improvement Revenue Bonds, (Assured GTY) 5.00%, 02/15/19		567,120
	2,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 08/15/18		2,844,900
	4,650,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C 5.00%, 03/15/22		5,255,058
	1,450,000	New York State Dormitory Authority State University Lease Revenue Bonds, 4.75%, 07/01/17		1,612,966
	1,100,000	New York State Dormitory Authority Upstate Community Colleges Refunding Revenue Bonds, 6.00%, 07/01/31		1,225,807
	1,000,000	New York State Environmental Facilities Corp. Multi Purpose Revenue Bonds OID 5.00%, 12/15/28		1,088,240
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds 5.00%, 04/01/20		8,017,100

123

Old Westbury Funds, Inc.
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PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
New York (continued)
$	1,450,000	New York State Thruway Authority Highway Improvement Revenue Bonds 3.00%, 07/15/11	$	1,486,584
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21		2,173,771
	4,680,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/27		5,069,282
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		469,116
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B 5.00%, 04/01/21		5,683,850
	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		2,527,533
	5,000,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/21		5,799,250
	820,000	New York State Thruway Authority Transportation Revenue Bonds, Series A 5.00%, 03/15/23		922,221
	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18		932,137
	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds 5.25%, 01/01/23		1,109,740
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D 5.50%, 01/01/19		5,926,800
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		567,510
Principal Amount			Value
New York (continued)
$	1,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21	$	1,142,920
	250,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.50%, 01/01/24		281,100
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM) 5.00%, 01/01/15		1,144,150
	5,385,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series B1, OID, 5.00%, 03/15/28		5,851,610
				147,461,658
North Carolina — 2.2%
	300,000	Brunswick County GO, (NATL-RE, FGIC) 5.00%, 05/01/15(b)		316,539
	1,655,000	Cabarrus County School Improvement COP 5.00%, 01/01/21		1,838,242
	4,230,000	Cabarrus County School Improvement COP 5.00%, 01/01/25		4,554,399
	160,000	City of Charlotte Refunding Revenue Bonds 5.00%, 07/01/21		187,029
	1,285,000	Dare County COP, (NATL-RE, FGIC) 5.00%, 06/01/17		1,398,388
	1,000,000	Union County Property Tax Refunding GO 5.00%, 03/01/22		1,207,400
	5,955,000	Wake County Public Improvement Revenue Bonds 5.00%, 01/01/27		6,555,264
				16,057,261
Ohio — 1.1%
	665,000	Greene County Governmental Enterprise Refunding Revenue Bonds, Series A, (NATL-RE) 5.25%, 12/01/21		797,122
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18		2,789,281

124

Old Westbury Funds, Inc.
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PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Ohio (continued)
$	400,000	Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE) 5.00%, 09/01/16	$	441,696
	790,000	Ohio State University Revenue Bonds, Series A 4.25%, 12/01/24		825,463
	1,000,000	Ohio State University Revenue Bonds, Series A, 4.00%, 12/01/17		1,099,100
	2,000,000	State of Ohio Higher Education GO, Series B, 5.00%, 05/01/23		2,172,720
				8,125,382
Oregon — 0.6%
	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A 5.00%, 05/01/17		1,540,279
	3,000,000	Oregon State Department of Administrative Services COP, Series C 5.00%, 11/01/34		3,112,200
				4,652,479
Pennsylvania — 2.2%
	1,585,000	Hempfield Area School District Refunding GO, Series B, (NATL-RE, FGIC, State Aid Withholding) 5.00%, 10/15/16		1,727,935
	115,000	New Castle Area School District GO, OID, (NATL-RE, State Aid Withholding) 4.40%, 03/01/11		117,552
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (NATL-RE) 5.00%, 04/01/17		1,627,025
	1,000,000	Pennsylvania Turnpike Commission Refunding Revenue Bonds, Series A, (AGM) 5.00%, 07/15/12		1,076,330
	7,000,000	Philadelphia School District Refunding GO, Series C (State Aid Withholding) 5.00%, 09/01/18		7,805,840
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(d)	$	1,123,180
	2,315,000	West Chester Area School District GO, Series A, OID (AGM, State Aid Withholding) 4.50%, 05/15/27		2,405,239
				15,883,101
Puerto Rico — 0.7%
	5,000,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series AA 5.30%, 07/01/35(c)		5,003,550
	190,000	Puerto Rico Highway & Transportation Authority Refunding Revenue Bonds, Series W, OID, 5.50%, 07/01/15		208,612
				5,212,162
South Carolina — 0.3%
	650,000	Charleston Waterworks & Sewer Refunding Revenue Bonds, Series A, 5.00%, 01/01/24		737,178
	1,000,000	Richland County School District No. 1 Refunding GO, (South Carolina State Department of Education) 5.00%, 03/01/23		1,147,420
				1,884,598
Texas — 23.5%
	1,255,000	Alamo Community College District GO, Series A, (NATL-RE) 5.50%, 08/15/15		1,489,993
	1,900,000	Aldine Independent School District GO, OID, (PSF-GTD) 4.25%, 02/15/25		1,991,428
	2,500,000	Aldine Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/22		2,694,725
	4,405,000	Aldine Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		4,869,728

125

Old Westbury Funds, Inc.
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PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/20	$	1,386,743
	110,000	Alief Independent School District GO, (PSF-GTD) 5.00%, 02/15/13(b)		112,798
	1,600,000	Beaumont Independent School District GO, OID, (Assured GTY) 5.00%, 02/15/34		1,673,360
	1,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/24		1,039,820
	5,000,000	Belton Independent School District Refunding GO, OID, (PSF-GTD) 4.75%, 02/15/27		5,147,150
	610,000	Bexar County GO, Series A 5.00%, 06/15/22		698,694
	1,000,000	Bexar County GO, Series A 5.00%, 06/15/26		1,108,600
	1,000,000	Brownsville Independent School District GO, (PSF-GTD) 5.50%, 08/15/18(b)		1,054,540
	1,995,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/25		2,088,107
	1,805,000	Brownwood Independent School District School Building Refunding GO, (NATL-RE, FGIC) 5.25%, 02/15/26		1,880,918
	10,780,000	Canton Independent School District GO, (PSF-GTD) 5.00%, 02/15/37		11,286,768
	100,000	City of Austin Refunding Sub Lien Revenue Bonds, (NATL-RE) 5.25%, 05/15/25		113,122
	750,000	City of Dallas GO, OID, 5.00%, 02/15/25		827,032
	3,500,000	City of Dallas Refunding Revenue Bonds 5.00%, 10/01/39		3,732,400
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE) 5.00%, 02/15/14		581,878
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE) 4.50%, 03/01/14		997,710
Principal Amount			Value
Texas (continued)
$	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.25%, 03/01/14	$	4,590,960
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE) 5.38%, 03/01/15		3,374,130
	255,000	City of Laredo GO, OID, (FGIC) 5.38%, 08/15/20(b)		268,579
	500,000	City of Richardson Refunding GO 4.00%, 02/15/12		526,335
	1,280,000	City of Richardson Refunding GO, (NATL-RE) 5.25%, 02/15/20		1,421,760
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,849,186
	1,500,000	Clint Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 08/15/28		1,614,915
	190,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/15		219,313
	315,000	Coppell Independent School District School Building GO, (NATL-RE) 5.00%, 08/15/16		364,940
	4,485,000	Cypress-Fairbanks Independent School District Refunding GO, Series 2005-2, (PSF-GTD) 4.00%, 02/15/21		4,862,502
	100,000	Dallas Area Rapid Transit Senior Lien Sales Tax Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		115,234
	1,500,000	Dallas Independent School District Refunding GO, (PSF-GTD) 4.25%, 02/15/21		1,668,870
	245,000	Deer Park Independent School District Limited Tax GO, (AGM) 5.00%, 02/15/17		283,771
	3,340,000	Denton County GO, OID 4.25%, 07/15/27		3,412,278
	245,000	El Paso County Refunding GO, (NATL-RE) 5.00%, 02/15/16		282,468
	1,000,000	El Paso Independent School District GO, (PSF-GTD) 5.00%, 08/15/12		1,091,440

126

Old Westbury Funds, Inc.
Municipal Bond Fund
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	650,000	Fort Bend County Refunding GO, 5.00%, 03/01/24	$	716,183
	1,460,000	Fort Bend Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,651,815
	500,000	Friendswood Independent School District Schoolhouse GO, (PSF-GTD) 5.00%, 02/15/23		559,445
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (AGM) 5.00%, 03/01/21		1,191,382
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE) 5.50%, 07/15/13		396,172
	3,000,000	Garland Independent School District Refunding GO, Series A 5.00%, 02/15/19		3,565,320
	150,000	Giddings Independent School District School Building GO, Series A, OID, (PSF-GTD) 4.50%, 02/15/23		159,498
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/17		777,686
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE) 5.00%, 08/15/19		1,092,990
	370,000	Gregory-Portland Independent School District GO, OID, (PSF-GTD) 5.50%, 08/15/10(b)(c)		368,771
	1,000,000	Harlandale Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/35		1,041,450
	730,000	Harris County Flood Control District Refunding GO, Series C, OID 5.00%, 10/01/23		823,104
	4,000,000	Harris County Refunding GO, Series A 5.00%, 10/01/25		4,487,200
	2,500,000	Harris County Refunding GO, Series A, 5.00%, 10/01/23		2,861,100
	2,500,000	Harris County Refunding GO, Series C 5.00%, 08/15/23		2,856,800
Principal Amount			Value
Texas (continued)
$	1,000,000	Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19	$	1,212,060
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/18		423,364
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE) 4.50%, 08/15/19		530,875
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM) 5.25%, 04/15/21		3,378,999
	2,975,000	Houston Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/22		3,323,610
	500,000	Joshua Independent School District Refunding GO, Series C (PSF-GTD) 5.45%, 02/15/16		568,635
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/16		637,364
	440,000	Midland College District GO, (NATL-RE, FGIC) 5.00%, 02/15/24		468,754
	1,890,000	Monahans-Wickett-Pyote Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/25		2,055,186
	1,315,000	North East Independent School District Refunding GO, (PSF-GTD) 5.25%, 02/01/22		1,602,222
	1,625,000	Northwest Independent School District GO, OID, (PSF-GTD) 4.75%, 02/15/27		1,679,876
	700,000	Northwest Independent School District Refunding GO, (PSF-GTD) 4.50%, 02/15/18		774,179
	300,000	Plano Independent School District GO, (PSF-GTD) 4.50%, 02/15/19		333,216
	1,205,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		1,309,690
	2,040,000	Prosper Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/28		2,180,372

127

Old Westbury Funds, Inc.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	525,000	Red Oak Independent School District School Building GO, (PSF-GTD) 5.00%, 08/15/18	$	610,974
	500,000	Rockwall Independent School District School Building GO, (PSF-GTD) 4.75%, 02/15/15		576,845
	295,000	San Felipe-Del Rio Consolidated Independent School District GO, OID, (PSF-GTD) 5.38%, 08/15/10(b)(c)		294,930
	450,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/13		485,631
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC) 4.25%, 02/15/14		1,105,520
	3,125,000	Socorro Independent School District GO, Series A, (PSF-GTD) 5.00%, 08/15/25		3,366,344
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.25%, 08/15/13		1,703,820
	4,140,000	Socorro Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/18		4,668,098
	2,000,000	Spring Branch Independent School District Schoolhouse GO, (PSF-GTD) 5.25%, 02/01/38		2,129,920
	2,705,000	Spring Independent School District GO, (PSF-GTD) 5.00%, 02/15/15		3,137,475
	3,200,000	State of Texas GO, Series B 5.00%, 12/01/24		3,541,472
	5,700,000	State of Texas Transportation GO, OID 4.65%, 04/01/25		6,030,600
	2,340,000	State of Texas Water Financial Assistance GO, Series A, 5.00%, 08/01/27		2,564,055
	1,200,000	State of Texas Water Financial Assistance GO, Series B 5.00%, 08/01/22		1,367,580
	405,000	State of Texas Water Financial Assistance GO, Series B 5.00%, 08/01/23		460,894
	1,025,000	State of Texas Water Financial Assistance GO, Series B 5.00%, 08/01/24		1,145,007
Principal Amount			Value
Texas (continued)
$	2,060,000	State of Texas Water Financial Assistance GO, Series B 5.00%, 08/01/30	$	2,220,742
	1,000,000	State of Texas Water Financial Assistance GO, Series C 5.00%, 08/01/30		1,078,030
	900,000	State of Texas Water Financial Assistance GO, Sub-Series A, 5.00%, 08/01/19		1,064,214
	1,050,000	State of Texas Water Financial Assistance Refunding GO, Series A 5.00%, 08/01/23		1,143,628
	1,070,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,261,851
	1,690,000	Texas State University Systems University and College Improvement Revenue Bonds 5.00%, 03/15/17		1,975,221
	1,000,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		1,125,490
	140,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/28		139,996
	115,000	Travis County Public Road Improvement GO, OID 4.00%, 03/01/29		113,807
	330,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/26		334,785
	120,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/28		119,996
	140,000	Travis County Recreational Facilities Improvement GO, OID 4.00%, 03/01/29		138,548
	4,380,000	University of North Texas Revenue Bonds, Series A 5.00%, 04/15/25		4,865,304
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,551,910
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,893,151

128

Old Westbury Funds, Inc.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,860,000	Victoria Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26	$	2,017,077
	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC) 5.00%, 12/01/17		1,277,953
	500,000	Waco Independent School District School Building Refunding GO, (PSF-GTD) 4.25%, 08/15/16		568,480
	400,000	Ysleta Independent School District Building GO, (PSF-GTD) 5.00%, 08/15/25		434,952
				172,263,813
Utah — 0.5%
	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21		2,281,066
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC) 5.00%, 11/01/15		143,972
	1,000,000	Utah Transit Authority Sales Tax Revenue Bonds 5.00%, 06/15/27		1,095,100
				3,520,138
Virginia — 1.9%
	3,135,000	City of Richmond Refunding GO, Series A 5.00%, 07/15/26		3,534,587
	1,250,000	City of Richmond Refunding GO, Series A 5.00%, 07/15/28		1,388,888
	2,530,000	Virginia College Building Authority Educational Facilities Refunding Revenue Bonds, 21st Century College & Equipment Programs, Series C, 4.00%, 02/01/15		2,816,573
	2,570,000	Virginia College Building Authority Refunding Revenue Bonds, Series E-1 5.00%, 02/01/22		3,030,878
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B 5.00%, 08/01/21		1,459,688
Principal Amount			Value
Virginia (continued)
$	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14	$	1,439,917
				13,670,531
Washington — 5.2%
	100,000	CDP-King County III Lease Refunding Revenue Bonds, King Street Center Project, (NATL-RE) 5.00%, 06/01/17		115,797
	300,000	City of Puyallup Refunding Revenue Bonds, Series 2009B, 4.50%, 11/01/19		325,944
	500,000	City of Seattle Refunding GO 5.00%, 12/01/24		560,640
	1,500,000	City of Seattle Water & Wastewater Authority Refunding and Improvement Revenue Bonds, 5.00%, 02/01/22		1,688,160
	100,000	Clark County Public Utility District No. 1 Generating System Refunding Revenue Bonds, (NATL-RE, FGIC) 5.00%, 01/01/13		108,694
	4,500,000	Energy Northwest Columbia Generating Station Revenue Bonds, Series D, 5.00%, 07/01/21		5,048,730
	1,160,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,296,486
	9,000,000	King County School District No 401 Highline School Improvement GO, (AGM, School Board GTY) 5.00%, 12/01/26		9,738,270
	520,000	King County School District No. 401 Highline Refunding GO, (School Board GTY) 5.00%, 12/01/20		615,170
	1,550,000	King County School District No. 403 Renton Refunding GO, (School Board GTY) 4.00%, 12/01/19		1,694,444
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20		1,739,865
	200,000	Pierce County School District No. 320 Sumner Refunding GO, (NATL-RE, FGIC, School Board GTY) 5.00%, 12/01/16		227,362

129

Old Westbury Funds, Inc.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

Principal Amount			Value
Washington (continued)
$	1,760,000	Pierce County School District No. 343 Refunding GO (School Board GTY) 4.00%, 12/01/17	$	1,958,088
	250,000	Snohomish County School District No. 6 Mukilteo GO, OID, (School Board GTY) 5.35%, 12/01/10(b)(c)		254,138
	1,335,000	Snohomish County Surface Water Management Refunding GO, Series A 5.00%, 12/01/21		1,531,699
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC) 5.00%, 04/01/16		2,294,060
	4,000,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC) 5.00%, 07/01/17		4,558,280
	2,000,000	State of Washington Various Purpose Refunding GO, Series R-A, (AMBAC) 5.00%, 01/01/25		2,146,860
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,352,727
				38,255,414
West Virginia — 0.0%
	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE) 5.50%, 04/01/17		316,921
Wisconsin — 0.3%
	135,000	Cedarburg School District Refunding GO, Series B, (AGM) 5.00%, 03/01/11(b)(c)		138,722
	145,000	Cedarburg School District Refunding GO, Series B, (AGM) 5.00%, 03/01/11(b)(c)		148,998
	150,000	Door County Corporate Purpose GO, Series A, OID, (FGIC) 5.25%, 09/01/20(b)		156,616
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC) 4.75%, 03/01/15		110,278
	130,000	Menomonee Falls Water Systems Mortgage Refunding Revenue Bonds, OID, (AGM) 4.60%, 12/01/10		131,810
Principal Amount			Value
Wisconsin (continued)
$	55,000	Osceola School District GO, OID, Series A, (NATL-RE, FGIC) 5.13%, 05/01/17(b)	$	58,293
	465,000	Osceola School District School Building GO, Series A, OID, (NATL-RE, FGIC) 5.13%, 05/01/17		478,890
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14		836,217
				2,059,824
Total Municipal Bonds (Cost $682,718,082)				715,154,993
Shares
INVESTMENT COMPANY — 3.2%
	23,487,000	SEI Daily Income Trust Government II Fund, Class A		23,487,000
Total Investment Company (Cost $23,487,000)				23,487,000
TOTAL INVESTMENTS — 100.7% (Cost $706,205,082)(a)				738,641,993
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%				(5,077,884	)
NET ASSETS — 100.0%			$	733,564,109

(a) Tax cost for financial reporting purposes is $706,205,082 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	32,753,829
Unrealized depreciation		(316,918	)
Net unrealized appreciation	$	32,436,911

(b)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	Variable rate security. Rate shown is the rate as of July 31 2010.

130

Old Westbury Funds, Inc.
MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS - (Continued)	July 31, 2010
	(Unaudited)

	AGM — Assured Guaranty Municipal Corp.
	AMBAC — Insured by AMBAC Indemnity Corp.
	COP — Certificates of Participation
	FGIC — Insured by Financial Guaranty Insurance Corp.
	GO — General Obligations
	GTY — Guaranty
	NATL-RE — Insured by National Public Finance Guarantee Corp.
	OID — Original Issue Discount
	PSF-GTD — Permanent School Fund Guarantee
	Q–SBLF — Qualified-School Bond Loan Fund
	XLCA — XL Capital Insurance
Portfolio diversification by State (Unaudited)

	Percentage of Net Assets
Alabama	0.2	%
Arizona	0.6
California	9.4
Colorado	0.8
Connecticut	0.7
Florida	7.2
Georgia	2.6
Hawaii	0.3
Illinois	2.5
Indiana	2.2
Kentucky	0.2
Louisiana	0.3
Maine	0.2
Maryland	1.0
Massachusetts	2.3
Michigan	1.4
Minnesota	0.1
Mississippi	0.6
Missouri	0.3
Nevada	1.8
New Jersey	4.0
New Mexico	0.2
New York	20.1
North Carolina	2.2
Ohio	1.1
Oregon	0.6
Pennsylvania	2.2
Puerto Rico	0.7
South Carolina	0.3
Texas	23.5
Utah	0.5
Virginia	1.9
Washington	5.2
West Virginia	0.0
Wisconsin	0.3
Other*	2.5
	100.0	%

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

131

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS
	July 31, 2010 (Unaudited)

1. Organization:

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Articles of Incorporation permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At July 31, 2010, 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 July 31, 2010, the Real Return Fund held $374,455,391 in the Subsidiary, representing 21.99% of the Real Return Fund’s net assets. The accompanying consolidated financial statements of the Real Return Fund include all assets,

132

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

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.

133

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

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, among other factors, 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 July 31, 2010, the Real Return Fund held $52,420,970, or 3.10% 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 typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

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	July 31, 2010 (Unaudited)

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. Recent Accounting Pronouncement:

In January 2010, Financial Accounting Standards Board issued amended guidance for improving disclosure about fair value measurements which will require additional disclosure about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009, and interim periods within those fiscal years except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Fund’s financial statements and disclosures, is currently being assessed.

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

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	July 31, 2010 (Unaudited)

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 7/31/10:

	Asset Derivatives Value
Fund	Total Value at July 31, 2010		Equity Contracts		Interest Rate Contracts		Credit Contracts		Foreign Exchange Contracts		Commodity Contracts
Global Small & Mid Cap Fund	$	2,844,981	$	—	$	—	$	—	$	2,844,981	$	—
Global Opportunities Fund		38,506,394		12,696,679		2,625,630		—		23,184,085		—
Real Return Fund		2,165,418,634		2,109,600,000		—		—		—		55,818,634
	Liability Derivatives Value
Fund	Total Value at July 31, 2010		Equity Contracts		Interest Rate Contracts		Credit Contracts		Foreign Exchange Contracts		Commodity Contracts
Global Small & Mid Cap Fund	$	354,357	$	—	$	—	$	—	$	354,357	$	—
Global Opportunities Fund		35,841,635		8,334,911		4,029,078		—		23,477,646		—
Real Return Fund		2,063,360,835		2,034,712,000		—		—		—		28,648,835

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.

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	July 31, 2010 (Unaudited)

As of July 31, 2010, the Global Small & Mid Cap Fund had the following open Forwards:

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar	38,693,701	U.S. Dollar	32,275,577	09/07/10	$	2,558,385
Brazil Real	5,030,181	Japanese Yen	257,243,460	09/30/10		(158,325	)
Japanese Yen	2,745,780	U.S. Dollar	250,000,000	09/30/10		(148,778	)
Canadian Dollar	3,049,100	Japanese Yen	250,000,000	10/04/10		67,567
Japanese Yen	18,702,076	Norway Krones	250,000,000	10/04/10		171,775
					$	2,490,624
As of July 31, 2010, the Global Opportunities Fund had the following open Forwards:
Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Euro	10,760,479	U.S. Dollar	13,585,870	08/03/10	$	436,651
Euro	16,890,007	U.S. Dollar	21,968,832	08/03/10		41,386
New Zealand Dollar	395,000	U.S. Dollar	273,261	08/03/10		13,280
New Zealand Dollar	3,741,612	U.S. Dollar	2,704,924	08/03/10		9,318
New Zealand Dollar	1,619,311	U.S. Dollar	1,153,759	08/03/10		20,922
U.S. Dollar	14,235,684	Euro	10,760,479	08/03/10		213,163
U.S. Dollar	8,923,100	Euro	6,746,305	08/03/10		131,651
U.S. Dollar	13,414,691	Euro	10,143,702	08/03/10		195,922
U.S. Dollar	2,657,153	New Zealand Dollar	4,136,612	08/03/10		(343,630	)
U.S. Dollar	1,039,598	New Zealand Dollar	1,619,311	08/03/10		(135,084	)
New Zealand Dollar	815,909	U.S. Dollar	581,294	08/04/10		10,535
New Zealand Dollar	1,638,885	U.S. Dollar	1,186,302	08/04/10		2,484
U.S. Dollar	523,814	New Zealand Dollar	815,909	08/04/10		(68,016	)
U.S. Dollar	1,047,083	New Zealand Dollar	1,638,885	08/04/10		(141,702	)
New Zealand Dollar	3,116,000	U.S. Dollar	2,254,395	08/05/10		5,654
U.S. Dollar	2,682,623	New Zealand Dollar	4,107,995	08/05/10		(296,924	)
U.S. Dollar	4,819,954	New Zealand Dollar	7,452,000	08/05/10		(585,016	)
U.S. Dollar	794,310	New Zealand Dollar	1,218,640	08/05/10		(89,576	)
U.S. Dollar	1,051,360	New Zealand Dollar	1,608,778	08/06/10		(115,400	)
U.S. Dollar	522,889	New Zealand Dollar	802,901	08/06/10		(59,412	)
New Zealand Dollar	1,594,567	U.S. Dollar	1,143,783	08/09/10		12,393
Philippines Peso	688,200,000	U.S. Dollar	15,000,000	08/09/10		102,329
U.S. Dollar	1,043,655	New Zealand Dollar	1,587,404	08/09/10		(107,328	)
U.S. Dollar	1,048,906	New Zealand Dollar	1,594,567	08/09/10		(107,270	)
U.S. Dollar	1,034,089	New Zealand Dollar	1,569,298	08/09/10		(103,765	)
Euro	6,742,306	U.S. Dollar	8,290,212	08/10/10		496,003
Indonesian Rupiah	93,900,000,000	U.S. Dollar	10,000,000	08/10/10		508,927
Japanese Yen	478,350,000	U.S. Dollar	5,249,602	08/10/10		287,693
Malaysian Ringgit	65,366,000	U.S. Dollar	20,000,000	08/10/10		534,287
South Korean Won	11,465,000,000	U.S. Dollar	10,000,000	08/10/10		(303,527	)
U.S. Dollar	9,237,718	Euro	7,255,883	08/10/10		(217,762	)
U.S. Dollar	8,587,878	Euro	6,742,306	08/10/10		(198,336	)
U.S. Dollar	9,353,674	Euro	7,343,530	08/10/10		(216,022	)
U.S. Dollar	5,122,409	Japanese Yen	478,350,000	08/10/10		(414,886	)
U.S. Dollar	9,483,044	South Korean Won	11,465,000,000	08/10/10		(213,429	)
U.S. Dollar	13,453,802	United Kingdom Pound	8,968,771	08/10/10		(618,730	)
Polish Zloty	11,489,000	Euro	2,734,369	08/11/10		171,027
U.S. Dollar	522,151	New Zealand Dollar	786,218	08/11/10		(47,823	)

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	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	521,895	New Zealand Dollar	785,832	08/11/10	$	(47,799	)
U.S. Dollar	10,000,001	Euro	7,772,895	08/12/10		(129,213	)
U.S. Dollar	1,136,899	New Zealand Dollar	1,748,000	08/12/10		(130,222	)
U.S. Dollar	964,111	New Zealand Dollar	1,475,981	08/12/10		(105,825	)
Indian Rupee	459,950,000	U.S. Dollar	10,172,284	08/13/10		(282,320	)
U.S. Dollar	525,122	New Zealand Dollar	809,000	08/13/10		(61,273	)
Australian Dollar	5,979,502	U.S. Dollar	5,289,091	08/16/10		108,544
Brazil Real	27,919,500	U.S. Dollar	15,430,253	08/16/10		385,666
Hong Kong Dollar	26,638,400	U.S. Dollar	3,426,601	08/16/10		3,280
Indonesian Rupiah	101,600,000,000	U.S. Dollar	11,061,513	08/16/10		316,309
Indonesian Rupiah	93,300,000,000	U.S. Dollar	10,157,866	08/16/10		290,469
Japanese Yen	1,343,293,500	U.S. Dollar	14,748,177	08/16/10		802,340
Japanese Yen	960,020,000	U.S. Dollar	10,991,190	08/16/10		122,396
Singapore Dollar	2,828,520	U.S. Dollar	2,048,435	08/16/10		31,708
U.S. Dollar	5,365,527	Australian Dollar	5,979,502	08/16/10		(44,123	)
U.S. Dollar	10,000,000	Euro	7,907,826	08/16/10		(305,033	)
U.S. Dollar	14,439,669	Japanese Yen	1,343,293,500	08/16/10		(1,110,848	)
U.S. Dollar	10,325,349	Japanese Yen	960,020,000	08/16/10		(788,236	)
U.S. Dollar	563,065	New Zealand Dollar	853,000	08/16/10		(55,074	)
Australian Dollar	12,023,638	U.S. Dollar	10,697,924	08/17/10		154,268
Brazil Real	1,066,000	Japanese Yen	51,772,422	08/17/10		4,370
Israel Shekel	2,887,000	U.S. Dollar	761,862	08/17/10		3,912
Japanese Yen	445,417,500	U.S. Dollar	5,096,672	08/17/10		59,708
South Korean Won	11,547,500,000	U.S. Dollar	10,200,972	08/17/10		(436,585	)
U.S. Dollar	10,792,767	Australian Dollar	12,023,638	08/17/10		(85,007	)
U.S. Dollar	1,560,892	Japanese Yen	148,060,000	08/17/10		(153,126	)
U.S. Dollar	4,809,501	Japanese Yen	445,417,500	08/17/10		(346,879	)
U.S. Dollar	9,372,971	South Korean Won	11,547,500,000	08/17/10		(391,416	)
U.S. Dollar	4,358,723	United Kingdom Pound	2,974,933	08/17/10		(308,960	)
Brazil Real	788,000	Japanese Yen	37,942,200	08/18/10		6,914
U.S. Dollar	780,450	Japanese Yen	73,573,000	08/18/10		(71,276	)
Brazil Real	1,182,000	Japanese Yen	55,561,092	08/19/10		25,846
Israel Shekel	1,444,000	U.S. Dollar	379,900	08/19/10		3,105
Israel Shekel	1,444,000	U.S. Dollar	380,952	08/19/10		2,053
Israel Shekel	289,000	U.S. Dollar	76,133	08/19/10		521
U.S. Dollar	778,401	Japanese Yen	73,232,000	08/19/10		(69,384	)
Brazil Real	37,996,000	U.S. Dollar	20,674,720	08/20/10		826,986
Indian Rupee	27,858,000	U.S. Dollar	557,829	08/20/10		40,515
Israel Shekel	1,108,000	U.S. Dollar	289,893	08/20/10		3,986
Norway Krones	10,525,000	Euro	1,198,774	08/20/10		168,210
U.S. Dollar	778,394	Japanese Yen	73,510,000	08/20/10		(72,616	)
U.S. Dollar	779,556	Japanese Yen	73,417,000	08/20/10		(70,378	)
U.S. Dollar	10,000,000	United Kingdom Pound	6,940,275	08/20/10		(889,162	)
United Kingdom Pound	6,940,275	U.S. Dollar	10,510,665	08/20/10		378,496
Indian Rupee	7,438,000	U.S. Dollar	148,760	08/23/10		10,920
Indian Rupee	16,704,000	U.S. Dollar	334,682	08/23/10		23,921
Israel Shekel	1,890,900	U.S. Dollar	495,883	08/23/10		5,620
Norway Krones	10,525,000	Euro	1,200,018	08/23/10		166,306
U.S. Dollar	1,559,110	Japanese Yen	146,685,000	08/23/10		(139,076	)
U.S. Dollar	1,559,108	Japanese Yen	145,609,000	08/23/10		(126,621	)
Euro	11,911,531	U.S. Dollar	15,043,645	08/24/10		478,743

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	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	15,000,001	Euro	11,911,531	08/24/10	$	(522,386	)
U.S. Dollar	1,559,108	Japanese Yen	146,373,000	08/24/10		(135,480	)
U.S. Dollar	1,559,111	Japanese Yen	145,886,000	08/24/10		(129,840	)
U.S. Dollar	950,994	New Zealand Dollar	1,442,254	08/24/10		(93,488	)
U.S. Dollar	4,839,175	South African Rand	39,417,500	08/24/10		(539,942	)
U.S. Dollar	779,553	Japanese Yen	72,553,000	08/25/10		(60,414	)
U.S. Dollar	959,298	New Zealand Dollar	1,435,000	08/27/10		(79,680	)
Australian Dollar	2,600,000	U.S. Dollar	2,139,540	08/31/10		202,934
Brazil Real	789,000	Japanese Yen	36,864,447	08/31/10		18,448
Japanese Yen	438,327,500	U.S. Dollar	5,016,009	08/31/10		58,904
Norway Krones	7,600,000	U.S. Dollar	1,163,271	08/31/10		85,467
Norway Krones	160,325,000	U.S. Dollar	24,539,666	08/31/10		1,802,953
Singapore Dollar	2,900,000	U.S. Dollar	2,042,254	08/31/10		90,506
U.S. Dollar	4,082,508	Euro	3,321,597	08/31/10		(245,962	)
U.S. Dollar	4,865,737	Japanese Yen	438,327,500	08/31/10		(209,176	)
Indian Rupee	17,072,000	U.S. Dollar	342,124	09/01/10		23,874
Malaysian Ringgit	51,135,000	U.S. Dollar	15,381,260	09/01/10		668,897
U.S. Dollar	779,552	Japanese Yen	72,717,000	09/01/10		(62,366	)
Brazil Real	1,183,000	Japanese Yen	54,698,371	09/02/10		34,023
U.S. Dollar	779,552	Japanese Yen	71,955,000	09/02/10		(53,552	)
Japanese Yen	2,903,698,500	U.S. Dollar	32,968,251	09/07/10		652,712
Japanese Yen	883,388,000	U.S. Dollar	10,000,000	09/07/10		228,457
Norway Krones	10,525,000	Euro	1,197,779	09/07/10		167,836
U.S. Dollar	8,180,969	Euro	6,703,266	09/07/10		(554,110	)
U.S. Dollar	41,078,344	Japanese Yen	3,787,086,500	09/07/10		(2,771,076	)
U.S. Dollar	9,680,655	United Kingdom Pound	6,620,601	09/07/10		(706,080	)
U.S. Dollar	1,169,328	Japanese Yen	108,371,000	09/09/10		(85,487	)
U.S. Dollar	1,169,327	Japanese Yen	107,999,000	09/10/10		(81,193	)
U.S. Dollar	999,009	Japanese Yen	91,705,000	09/10/10		(62,843	)
Canadian Dollar	3,575,345	U.S. Dollar	3,462,335	09/13/10		13,312
U.S. Dollar	832,510	Japanese Yen	76,178,000	09/13/10		(49,580	)
Brazil Real	1,775,000	Japanese Yen	82,763,457	09/15/10		40,177
U.S. Dollar	666,007	Japanese Yen	60,608,000	09/15/10		(35,806	)
U.S. Dollar	666,004	Japanese Yen	59,937,000	09/15/10		(28,039	)
U.S. Dollar	999,004	Japanese Yen	90,271,000	09/15/10		(46,293	)
U.S. Dollar	999,011	Japanese Yen	89,901,000	09/16/10		(42,011	)
U.S. Dollar	333,006	Japanese Yen	30,137,000	09/16/10		(15,970	)
Indian Rupee	1,173,250,000	U.S. Dollar	25,000,000	09/17/10		95,362
U.S. Dollar	378,247	Euro	256,900	09/20/10		43,489
U.S. Dollar	666,000	Japanese Yen	60,273,000	09/21/10		(31,973	)
U.S. Dollar	333,006	Japanese Yen	29,884,000	09/21/10		(13,056	)
Philippines Peso	920,800,000	U.S. Dollar	20,000,000	09/23/10		135,578
Philippines Peso	464,900,000	U.S. Dollar	10,000,000	09/23/10		166,193
U.S. Dollar	2,456,800	Euro	1,675,590	09/23/10		273,408
U.S. Dollar	1,091,627	Euro	737,287	09/24/10		130,901
U.S. Dollar	337,212	Japanese Yen	30,516,000	09/24/10		(16,179	)
U.S. Dollar	33,726	Japanese Yen	3,035,000	09/27/10		(1,422	)
U.S. Dollar	210,057	Japanese Yen	18,903,000	09/28/10		(8,858	)
U.S. Dollar	350,094	Japanese Yen	31,505,000	09/29/10		(14,768	)
Indian Rupee	461,800,000	U.S. Dollar	9,848,582	10/04/10		5,254
Indonesian Rupiah	93,700,000,000	U.S. Dollar	10,212,534	10/04/10		241,322
Philippines Peso	28,921,000	U.S. Dollar	597,850	10/04/10		34,181

139

Old Westbury Funds, Inc.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Philippines Peso	36,054,000	U.S. Dollar	747,295	10/04/10	$	40,619
Philippines Peso	43,117,000	U.S. Dollar	896,764	10/05/10		45,473
Philippines Peso	43,106,000	U.S. Dollar	896,753	10/05/10		45,244
Philippines Peso	11,388,000	U.S. Dollar	239,143	10/06/10		9,711
Philippines Peso	35,386,000	U.S. Dollar	747,297	10/07/10		25,945
Brazil Real	9,685,000	U.S. Dollar	5,380,556	10/08/10		41,493
Indonesian Rupiah	101,200,000,000	U.S. Dollar	11,026,367	10/08/10		258,619
Philippines Peso	14,127,000	U.S. Dollar	298,915	10/08/10		9,773
Philippines Peso	28,316,000	U.S. Dollar	597,838	10/08/10		20,893
Philippines Peso	14,164,000	U.S. Dollar	298,919	10/08/10		10,577
Philippines Peso	28,370,000	U.S. Dollar	597,848	10/08/10		22,062
Indian Rupee	484,300,000	U.S. Dollar	10,221,612	10/12/10		100,578
Indonesian Rupiah	225,750,000,000	U.S. Dollar	24,621,006	10/12/10		540,234
Indonesian Rupiah	183,270,000,000	U.S. Dollar	19,985,823	10/12/10		440,757
Malaysian Ringgit	2,445,987	U.S. Dollar	709,722	10/12/10		56,540
Malaysian Ringgit	65,685,000	U.S. Dollar	20,529,129	10/12/10		48,234
Philippines Peso	8,431,000	U.S. Dollar	179,345	10/12/10		4,857
South Korean Won	22,482,500,000	U.S. Dollar	18,603,641	10/12/10		363,491
U.S. Dollar	735,303	Malaysian Ringgit	2,445,987	10/12/10		(30,959	)
Malaysian Ringgit	5,102,016	U.S. Dollar	1,502,228	10/13/10		96,023
Philippines Peso	25,154,000	U.S. Dollar	538,053	10/13/10		11,496
Philippines Peso	14,058,000	U.S. Dollar	298,916	10/13/10		8,215
Philippines Peso	9,839,000	U.S. Dollar	209,340	10/13/10		5,616
U.S. Dollar	1,533,611	Malaysian Ringgit	5,102,016	10/13/10		(64,640	)
Chinese Yuan	6,301,191	Euro	639,876	10/15/10		96,948
Indian Rupee	484,100,000	U.S. Dollar	10,275,950	10/15/10		37,582
Indonesian Rupiah	100,400,000,000	U.S. Dollar	11,002,740	10/15/10		183,287
Malaysian Ringgit	35,185,000	U.S. Dollar	11,000,125	10/15/10		20,846
Philippines Peso	4,585,000	U.S. Dollar	97,761	10/15/10		2,403
Chinese Yuan	6,331,922	Euro	641,046	10/18/10		100,007
Philippines Peso	15,226,000	U.S. Dollar	325,892	10/18/10		6,703
Chinese Yuan	8,487,104	Euro	856,785	10/19/10		137,262
Malaysian Ringgit	9,854,250	U.S. Dollar	2,931,068	10/19/10		154,991
Norway Krones	31,660,000	U.S. Dollar	5,071,483	10/19/10		116,775
Philippines Peso	7,672,000	U.S. Dollar	162,957	10/19/10		4,625
South Korean Won	11,505,000,000	U.S. Dollar	9,551,681	10/19/10		150,957
Chinese Yuan	5,244,000	U.S. Dollar	794,726	10/21/10		(20,142	)
Philippines Peso	15,399,000	U.S. Dollar	325,905	10/21/10		10,437
Philippines Peso	30,667,000	U.S. Dollar	651,796	10/21/10		18,027
Philippines Peso	44,789,000	U.S. Dollar	939,958	10/25/10		38,190
Philippines Peso	29,828,000	U.S. Dollar	626,639	10/25/10		24,776
Philippines Peso	14,923,000	U.S. Dollar	313,311	10/25/10		12,593
Indian Rupee	12,846,000	U.S. Dollar	270,215	10/26/10		3,037
Indian Rupee	38,497,000	U.S. Dollar	810,668	10/26/10		8,214
Norway Krones	32,943,000	Euro	3,896,274	10/26/10		320,131
Philippines Peso	38,730,000	U.S. Dollar	814,629	10/26/10		31,169
Indian Rupee	19,137,000	U.S. Dollar	405,342	10/27/10		1,670
U.S. Dollar	20,000,001	Euro	15,486,229	10/27/10		(180,914	)
Philippines Peso	11,971,000	U.S. Dollar	250,649	10/28/10		10,761
South Korean Won	11,700,000,000	U.S. Dollar	9,770,355	10/29/10		119,128
U.S. Dollar	21,963,932	Euro	16,890,007	11/03/10		(40,883	)
U.S. Dollar	354,601	Japanese Yen	32,085,087	11/08/10		(17,145	)

140

Old Westbury Funds, Inc.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	351,930	Japanese Yen	31,518,000	11/10/10	$	(13,255	)
U.S. Dollar	356,918	Japanese Yen	31,954,500	11/12/10		(13,334	)
U.S. Dollar	526,723	Japanese Yen	47,197,000	11/12/10		(20,142	)
U.S. Dollar	1,597,097	Japanese Yen	143,060,000	11/15/10		(60,580	)
U.S. Dollar	798,547	Japanese Yen	71,438,000	11/16/10		(29,236	)
U.S. Dollar	383,305	Japanese Yen	34,438,000	11/16/10		(15,744	)
Australian Dollar	663,000	U.S. Dollar	592,059	11/17/10		(164	)
U.S. Dollar	415,244	Japanese Yen	37,330,000	11/17/10		(17,321	)
U.S. Dollar	1,597,102	Japanese Yen	142,642,000	11/17/10		(55,774	)
U.S. Dollar	638,845	Japanese Yen	57,068,000	11/17/10		(22,435	)
U.S. Dollar	2,235,941	Japanese Yen	198,912,000	11/18/10		(68,998	)
Australian Dollar	1,270,000	U.S. Dollar	1,117,600	11/29/10		14,524
Australian Dollar	1,270,000	U.S. Dollar	1,124,687	11/29/10		7,437
Norway Krones	12,598,000	Euro	1,473,399	11/29/10		140,800
U.S. Dollar	1,740,838	Japanese Yen	154,260,000	11/29/10		(46,935	)
U.S. Dollar	1,597,105	Japanese Yen	140,986,000	11/29/10		(36,832	)
U.S. Dollar	638,843	Japanese Yen	55,787,000	11/29/10		(7,692	)
U.S. Dollar	958,260	Japanese Yen	83,773,000	11/29/10		(12,615	)
Australian Dollar	2,030,000	U.S. Dollar	1,768,536	12/01/10		40,634
Australian Dollar	1,354,000	U.S. Dollar	1,182,313	12/01/10		24,395
Norway Krones	4,080,000	Euro	473,043	12/01/10		50,921
U.S. Dollar	1,597,100	Japanese Yen	138,320,000	12/01/10		(5,980	)
U.S. Dollar	1,069,877	Mexican Peso	14,530,000	12/02/10		(62,255	)
Chinese Yuan	6,308,000	Euro	633,860	12/06/10		107,346
Chinese Yuan	5,006,000	U.S. Dollar	755,851	12/06/10		(15,416	)
Australian Dollar	1,355,000	U.S. Dollar	1,188,335	12/09/10		18,075
Australian Dollar	1,691,000	U.S. Dollar	1,474,890	12/10/10		30,488
Australian Dollar	1,690,000	U.S. Dollar	1,474,694	12/10/10		29,794
Chinese Yuan	2,872,600	U.S. Dollar	431,970	12/13/10		(6,987	)
Chinese Yuan	5,761,499	U.S. Dollar	866,521	12/14/10		(14,115	)
Chinese Yuan	5,783,784	U.S. Dollar	870,331	12/15/10		(14,600	)
Indian Rupee	11,219,513	New Zealand Dollar	341,019	12/20/10		(6,162	)
Indonesian Rupiah	2,828,719,176	New Zealand Dollar	406,308	12/20/10		21,526
Israel Shekel	22,411,400	U.S. Dollar	6,004,233	01/07/11		(71,838	)
Malaysian Ringgit	2,445,987	U.S. Dollar	721,317	01/07/11		41,739
U.S. Dollar	576,869	Japanese Yen	52,560,000	01/07/11		(32,569	)
U.S. Dollar	288,405	Japanese Yen	26,280,000	01/07/11		(16,315	)
U.S. Dollar	288,458	Japanese Yen	26,280,000	01/07/11		(16,261	)
U.S. Dollar	2,489,369	Euro	1,741,000	01/11/11		221,977
U.S. Dollar	1,587,964	Euro	1,111,000	01/11/11		141,052
U.S. Dollar	288,415	Japanese Yen	26,390,000	01/11/11		(17,595	)
U.S. Dollar	288,393	Japanese Yen	26,360,000	01/11/11		(17,269	)
Philippines Peso	12,590,000	U.S. Dollar	269,882	01/13/11		3,039
Philippines Peso	29,696,000	U.S. Dollar	636,925	01/13/11		6,813
Philippines Peso	25,376,000	U.S. Dollar	548,078	01/13/11		2,013
U.S. Dollar	783,179	Japanese Yen	71,830,000	01/13/11		(49,761	)
Philippines Peso	10,860,000	U.S. Dollar	232,200	01/14/11		3,197
U.S. Dollar	783,179	Japanese Yen	71,290,000	01/14/11		(43,510	)
U.S. Dollar	626,482	Japanese Yen	56,700,000	01/14/11		(31,019	)
Philippines Peso	21,239,000	U.S. Dollar	454,982	01/18/11		5,216
Philippines Peso	12,113,000	U.S. Dollar	260,215	01/18/11		2,245
U.S. Dollar	1,404,620	Euro	971,000	01/18/11		140,085

141

Old Westbury Funds, Inc.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Philippines Peso	30,247,000	U.S. Dollar	649,008	01/19/11	$	6,312
Philippines Peso	7,579,000	U.S. Dollar	162,187	01/19/11		2,017
Brazil Real	2,190,000	Japanese Yen	99,729,753	01/26/11		36,967
U.S. Dollar	2,065,196	Japanese Yen	185,480,000	01/26/11		(85,983	)
U.S. Dollar	516,356	Japanese Yen	46,250,000	01/26/11		(20,047	)
U.S. Dollar	1,807,087	Japanese Yen	162,280,000	01/26/11		(75,021	)
Brazil Real	817,000	Japanese Yen	37,326,899	01/27/11		12,270
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	818,838	01/27/11		(32,771	)
U.S. Dollar	1,411,468	Euro	999,800	01/27/11		109,491
U.S. Dollar	1,775,990	Japanese Yen	159,507,000	01/27/11		(73,985	)
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	245,268	01/28/11		(6,995	)
Chilean Unidad de Fomento	947,430,000	U.S. Dollar	1,870,358	01/28/11		(61,198	)
U.S. Dollar	1,144,932	New Zealand Dollar	1,674,196	01/28/11		(50,911	)
U.S. Dollar	976,662	New Zealand Dollar	1,419,051	01/28/11		(36,937	)
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	383,295	01/31/11		(3,928	)
Chilean Unidad de Fomento	372,860,000	U.S. Dollar	719,182	01/31/11		(7,301	)
Chinese Yuan	18,856,000	U.S. Dollar	2,839,545	02/01/11		(44,711	)
Australian Dollar	4,487,287	U.S. Dollar	3,738,000	02/08/11		227,313
Australian Dollar	4,488,527	U.S. Dollar	3,738,000	02/08/11		228,408
Norway Krones	12,261,800	Euro	1,471,422	02/08/11		81,796
U.S. Dollar	2,988,694	Euro	2,177,000	02/08/11		153,905
U.S. Dollar	3,983,917	Euro	2,903,000	02/08/11		203,764
Australian Dollar	569,000	Japanese Yen	42,113,397	02/09/11		14,217
Australian Dollar	569,000	Japanese Yen	42,009,270	02/09/11		15,425
Australian Dollar	569,000	Japanese Yen	42,199,316	02/09/11		13,220
Norway Krones	17,138,000	Euro	2,059,980	02/09/11		109,750
Norway Krones	24,487,000	Euro	2,942,901	02/09/11		157,364
U.S. Dollar	2,538,266	Euro	1,856,000	02/09/11		121,481
U.S. Dollar	3,377,571	Euro	2,475,000	02/09/11		154,757
Chilean Unidad de Fomento	100,900,000	U.S. Dollar	187,808	02/10/11		4,734
Chilean Unidad de Fomento	100,900,000	U.S. Dollar	187,808	02/10/11		4,734
South Korean Won	946,000,000	Japanese Yen	71,170,628	02/10/11		(31,287	)
U.S. Dollar	850,461	Euro	622,000	02/10/11		40,530
U.S. Dollar	2,888,781	Euro	2,114,000	02/10/11		136,057
U.S. Dollar	361,534	Japanese Yen	32,163,000	02/10/11		(11,577	)
Chilean Unidad de Fomento	100,700,000	U.S. Dollar	187,777	02/11/11		4,373
Chilean Unidad de Fomento	195,520,000	U.S. Dollar	365,049	02/11/11		8,032
U.S. Dollar	2,509,594	Euro	1,825,000	02/11/11		133,201
Chilean Unidad de Fomento	99,700,000	U.S. Dollar	187,936	02/14/11		2,276
South Korean Won	324,000,000	Japanese Yen	24,545,454	02/14/11		(12,735	)
South Korean Won	281,000,000	Japanese Yen	21,349,339	02/14/11		(11,758	)

142

Old Westbury Funds, Inc.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
South Korean Won	1,412,000,000	U.S. Dollar	1,209,836	02/14/11	$	(24,341	)
U.S. Dollar	189,656	New Zealand Dollar	281,849	02/14/11		(11,335	)
U.S. Dollar	1,167,425	South Korean Won	1,412,000,000	02/14/11		(18,071	)
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	375,650	02/16/11		3,399
South Korean Won	189,000,000	Japanese Yen	14,468,345	02/16/11		(9,185	)
U.S. Dollar	2,166,321	Euro	1,593,000	02/16/11		92,078
U.S. Dollar	2,167,436	Euro	1,593,000	02/16/11		93,193
Chilean Unidad de Fomento	91,400,000	U.S. Dollar	174,427	02/18/11		(87	)
Chilean Unidad de Fomento	45,600,000	U.S. Dollar	87,189	02/18/11		(210	)
U.S. Dollar	2,170,825	Euro	1,580,000	02/18/11		113,532
U.S. Dollar	2,170,620	Euro	1,580,000	02/18/11		113,327
Chilean Unidad de Fomento	155,200,000	U.S. Dollar	296,664	02/22/11		(691	)
Chilean Unidad de Fomento	91,200,000	U.S. Dollar	174,562	02/22/11		(639	)
Chilean Unidad de Fomento	202,200,000	U.S. Dollar	387,334	02/22/11		(1,729	)
Chilean Unidad de Fomento	242,290,000	U.S. Dollar	461,461	02/22/11		598
Chilean Unidad de Fomento	275,600,000	U.S. Dollar	523,417	02/22/11		2,165
U.S. Dollar	570,127	Japanese Yen	51,300,000	02/22/11		(25,097	)
U.S. Dollar	570,107	Japanese Yen	51,260,000	02/22/11		(24,653	)
Chilean Unidad de Fomento	92,000,000	U.S. Dollar	174,424	02/23/11		1,015
Chinese Yuan	332,550,000	U.S. Dollar	50,000,000	02/23/11		(662,117	)
Chilean Unidad de Fomento	91,400,000	U.S. Dollar	174,527	02/24/11		(242	)
Chilean Unidad de Fomento	422,200,000	U.S. Dollar	804,957	02/25/11		72
Chilean Unidad de Fomento	136,800,000	U.S. Dollar	261,668	02/25/11		(825	)
Chilean Unidad de Fomento	195,220,000	U.S. Dollar	373,370	02/25/11		(1,134	)
Chilean Unidad de Fomento	62,400,000	U.S. Dollar	118,631	02/28/11		331
Chilean Unidad de Fomento	241,090,000	U.S. Dollar	461,063	02/28/11		(1,438	)
Chilean Unidad de Fomento	391,630,000	U.S. Dollar	748,815	03/01/11		(2,231	)
Chilean Unidad de Fomento	50,800,000	U.S. Dollar	96,891	03/01/11		(49	)
Chilean Unidad de Fomento	234,800,000	U.S. Dollar	447,664	03/01/11		(54	)
Swedish Krona	84,036,600	Euro	8,590,416	03/01/11		416,061
U.S. Dollar	607,736	Japanese Yen	54,300,000	03/01/11		(22,365	)
U.S. Dollar	608,083	Japanese Yen	54,300,000	03/01/11		(22,018	)

143

Old Westbury Funds, Inc.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	681,220	Japanese Yen	60,600,000	03/01/11	$	(21,987	)
Chilean Unidad de Fomento	58,500,000	U.S. Dollar	111,962	03/02/11		(446	)
Chinese Yuan	265,700,000	U.S. Dollar	40,000,000	03/02/11		(568,081	)
Chilean Unidad de Fomento	245,410,000	U.S. Dollar	469,235	03/04/11		(1,472	)
U.S. Dollar	1,479,341	Euro	1,080,000	03/07/11		73,217
U.S. Dollar	1,116,500	Euro	816,000	03/07/11		54,096
U.S. Dollar	394,096	Euro	288,000	03/08/11		19,132
Chilean Unidad de Fomento	481,250,000	U.S. Dollar	953,442	03/10/11		(36,444	)
Chilean Unidad de Fomento	99,000,000	U.S. Dollar	191,212	03/15/11		(2,622	)
Chilean Unidad de Fomento	480,420,000	U.S. Dollar	930,956	03/15/11		(15,779	)
Chinese Yuan	331,400,000	U.S. Dollar	50,000,000	03/16/11		(787,595	)
Philippines Peso	86,101,500	U.S. Dollar	1,830,000	03/17/11		26,507
Australian Dollar	410,000	Japanese Yen	32,250,600	03/18/11		(13,704	)
Brazil Real	3,870,000	Japanese Yen	182,083,500	03/18/11		(28,376	)
Chilean Unidad de Fomento	1,894,715,000	U.S. Dollar	3,650,000	03/18/11		(41,223	)
Chinese Yuan	48,501,200	U.S. Dollar	7,300,000	03/18/11		(97,014	)
Indian Rupee	203,451,000	U.S. Dollar	4,380,000	03/18/11		(102,472	)
Polish Zloty	10,400,000	Euro	2,612,737	03/18/11		(64,677	)
South Korean Won	418,000,000	Japanese Yen	32,768,379	03/18/11		(29,715	)
U.S. Dollar	25,390,694	Euro	18,500,000	03/18/11		1,305,731
U.S. Dollar	9,500,000	Japanese Yen	853,717,500	03/18/11		(409,244	)
U.S. Dollar	2,206,388	Japanese Yen	198,800,000	03/18/11		(101,117	)
U.S. Dollar	3,676,548	Japanese Yen	331,140,000	03/18/11		(167,050	)
Chilean Unidad de Fomento	92,200,000	U.S. Dollar	178,648	03/21/11		(3,066	)
Chinese Yuan	200,250,000	U.S. Dollar	30,000,000	03/25/11		(251,469	)
Israel Shekel	1,053,768	U.S. Dollar	280,638	03/29/11		(2,043	)
Chilean Unidad de Fomento	231,460,000	U.S. Dollar	440,205	03/31/11		347
Israel Shekel	640,064	U.S. Dollar	170,720	03/31/11		(1,505	)
Chilean Unidad de Fomento	245,910,000	U.S. Dollar	468,400	04/04/11		(442	)
Indian Rupee	27,793,000	U.S. Dollar	612,383	04/11/11		(30,559	)
Indian Rupee	59,598,000	U.S. Dollar	1,313,020	04/12/11		(65,609	)
Indian Rupee	40,031,000	U.S. Dollar	884,468	04/13/11		(46,752	)
U.S. Dollar	1,463,430	Euro	1,072,000	04/14/11		68,005
Indian Rupee	39,295,000	U.S. Dollar	868,206	04/15/11		(46,188	)
Indian Rupee	19,629,000	U.S. Dollar	431,881	04/19/11		(21,554	)
Indian Rupee	13,777,000	U.S. Dollar	303,458	04/19/11		(15,462	)
Malaysian Ringgit	967,775	U.S. Dollar	296,591	04/19/11		3,812
Swedish Krona	28,478,956	Euro	2,935,823	04/19/11		104,386
Malaysian Ringgit	2,773,000	U.S. Dollar	853,888	04/22/11		6,739
Chilean Unidad de Fomento	2,019,320,000	U.S. Dollar	3,844,420	04/25/11		(5,938	)
Indian Rupee	27,912,000	U.S. Dollar	616,295	04/26/11		(33,551	)

144

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	604,651,000	U.S. Dollar	1,151,168	04/27/11	$	(1,962	)
Indian Rupee	3,982,000	U.S. Dollar	87,864	04/27/11		(4,737	)
Chilean Unidad de Fomento	974,634,000	U.S. Dollar	1,867,115	04/28/11		(14,879	)
Indian Rupee	19,756,000	U.S. Dollar	435,922	04/28/11		(23,546	)
Indian Rupee	19,775,000	U.S. Dollar	436,534	04/29/11		(23,805	)
U.S. Dollar	4,568,664	Euro	3,440,000	05/04/11		91,291
Chilean Unidad de Fomento	101,400,000	U.S. Dollar	190,960	05/10/11		1,540
U.S. Dollar	1,123,711	Japanese Yen	100,093,000	05/10/11		(39,052	)
U.S. Dollar	1,123,711	Japanese Yen	100,044,000	05/10/11		(38,482	)
U.S. Dollar	749,132	Japanese Yen	66,920,000	05/10/11		(28,265	)
Polish Zloty	4,031,000	Euro	948,984	05/24/11		52,608
Malaysian Ringgit	11,250,000	U.S. Dollar	3,342,345	05/26/11		146,243
Indian Rupee	37,818,000	U.S. Dollar	795,833	06/01/11		(9,277	)
Indian Rupee	1,121,000	U.S. Dollar	23,496	06/03/11		(186	)
Indian Rupee	5,548,000	U.S. Dollar	116,286	06/03/11		(920	)
Indian Rupee	37,033,000	U.S. Dollar	768,160	06/03/11		1,906
U.S. Dollar	2,079,883	Euro	1,690,000	06/03/11		(119,396	)
U.S. Dollar	845,234	Euro	686,000	06/03/11		(47,491	)
Indian Rupee	18,516,000	U.S. Dollar	383,037	06/07/11		1,823
Indian Rupee	9,340,000	U.S. Dollar	193,215	06/07/11		920
Indian Rupee	7,436,000	U.S. Dollar	156,120	06/08/11		(1,577	)
U.S. Dollar	2,039,490	Euro	1,700,000	06/09/11		(172,730	)
Indian Rupee	7,542,000	U.S. Dollar	156,896	06/10/11		(183	)
Chinese Yuan	339,285,000	U.S. Dollar	50,000,000	06/13/11		600,280
Indian Rupee	18,770,000	U.S. Dollar	390,537	06/13/11		(645	)
Indian Rupee	18,877,000	U.S. Dollar	395,993	06/16/11		(4,003	)
Indian Rupee	17,195,000	U.S. Dollar	361,164	06/20/11		(4,251	)
Indian Rupee	28,975,000	U.S. Dollar	607,697	06/22/11		(6,397	)
Swedish Krona	43,658,433	Euro	4,576,212	06/23/11		52,547
Indian Rupee	43,847,000	U.S. Dollar	929,159	06/24/11		(19,421	)
Indian Rupee	29,446,000	U.S. Dollar	619,785	06/27/11		(9,033	)
Swedish Krona	12,088,000	Euro	1,257,398	06/29/11		26,870
Swedish Krona	8,778,000	Euro	915,185	06/29/11		16,787
Indian Rupee	29,111,000	U.S. Dollar	600,227	07/11/11		2,687
Indian Rupee	14,708,000	U.S. Dollar	304,199	07/12/11		385
Indian Rupee	29,134,000	U.S. Dollar	600,330	07/12/11		2,997
Indian Rupee	17,688,000	U.S. Dollar	364,476	07/12/11		1,820
Indian Rupee	3,943,000	U.S. Dollar	81,686	07/18/11		(84	)
Indian Rupee	3,943,000	U.S. Dollar	81,551	07/20/11		34
					$	(293,561	)

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

145

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	July 31, 2010 (Unaudited)

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 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 in the Financial Highlights.

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

	Number of Options Contracts		Premiums Received
Contracts outstanding at October 31, 2009	5,000		$	3,289,200
Options written	73,500			2,485,031,240
Options expired	(6,500	)		(2,887,120	)
Options terminated in closing purchase transactions	(12,000	)		(345,724,160	)
Contracts outstanding at July 31, 2010	60,000		$	2,139,709,160

146

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	July 31, 2010 (Unaudited)

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 July 31, 2010 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	$	471,258,271	(a)	$	—	$	—	$	471,258,271
Investment Company		18,351,600			—		—		18,351,600
Total	$	489,609,871		$	—	$	—	$	489,609,871
Non U.S. Large Cap Fund
Equity Securities	$	2,103,035,294	(a)	$	—	$	—	$	2,103,035,294
Investment Company		31,966,300			—		—		31,966,300
Exchange Traded Funds		110,842,295			—		—		110,842,295
U.S. Government Agencies		—			36,596,589		—		36,596,589
Total	$	2,245,843,889		$	36,596,589	$	—	$	2,282,440,478

147

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	July 31, 2010 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	48,536,624	$	105,266	$	74,189	$	48,716,079
Austria		8,595,423		—		—		8,595,423
Bahamas		21,396		—		—		21,396
Belgium		8,457,233		—		—		8,457,233
Bermuda		16,705,288		—		—		16,705,288
Brazil		37,592,263		—		—		37,592,263
Canada		70,830,228		—		—		70,830,228
Cayman Islands		167,896		—		—		167,896
Chile		7,746,964		—		—		7,746,964
China		12,531,313		—		12,771		12,544,084
Cyprus		1,132,743		—		—		1,132,743
Denmark		8,857,579		—		—		8,857,579
Egypt		15,257,500		—		—		15,257,500
Finland		107,543,501		—		—		107,543,501
France		103,338,722		—		—		103,338,722
Germany		40,700,058		—		—		40,700,058
Greece		6,969,321		—		—		6,969,321
Hong Kong		37,673,810		—		373,031		38,046,841
Hungary		1,686,820		—		—		1,686,820
India		27,891,315		—		—		27,891,315
Indonesia		6,386,048		—		29,365		6,415,413
Ireland		7,598,228		—		—		7,598,228
Israel		83,558,528		—		50,118		83,608,646
Italy		22,355,096		—		11,566		22,366,662
Japan		177,478,709		—		—		177,478,709
Liechtenstein		306,019		—		—		306,019
Luxembourg		560,466		—		—		560,466
Malaysia		11,666,275		1,373		—		11,667,648
Mexico		11,793,158		—		—		11,793,158
Monaco		35,758		—		—		35,758
Netherlands		18,427,550		—		—		18,427,550
New Zealand		3,202,460		—		—		3,202,460
Norway		6,845,454		—		—		6,845,454
Peru		129,565		—		—		129,565
Philippines		4,192,646		—		—		4,192,646
Poland		5,921,977		—		—		5,921,977
Portugal		3,882,870		—		—		3,882,870
Puerto Rico		50,216		—		—		50,216
Singapore		10,652,707		—		1,709		10,654,416
South Africa		27,278,993		—		—		27,278,993
South Korea		41,504,778		—		—		41,504,778
Spain		19,330,630		18,431		—		19,349,061
Sweden		18,532,605		—		—		18,532,605
Switzerland		36,307,209		—		—		36,307,209
Taiwan		28,253,963		—		—		28,253,963
Thailand		4,474,699		—		—		4,474,699
Turkey		5,586,652		—		—		5,586,652
United Arab Emirates		710,138		—		—		710,138
United Kingdom		214,117,864		—		1,661		214,119,525

148

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	July 31, 2010 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
United States	$	2,018,206,632	$	—		$	153,516	$	2,018,360,148
Total Equities		3,351,583,890		125,070			707,926		3,352,416,886
Exchange Traded Funds		268,025,412		—			—		268,025,412
Investment Company		7,483,000		—			—		7,483,000
Rights/Warrants							—
Australia		15		5,066			—		5,081
Belgium		244		—			—		244
France		5,353		—			—		5,353
Hong Kong		8,941		—			—		8,941
India		—		7,506			1,965		9,471
Italy		90		—			—		90
Malaysia		—		139			—		139
South Africa		2,957		—			—		2,957
Thailand		2,018		—			—		2,018
United Kingdom		598,628		—			—		598,628
United States		—		381			—		381
Total Rights/Warrants		618,246		13,092			1,965		633,303
U.S. Government Agencies		—		33,099,358			—		33,099,358
Cash Sweep		30,216,060		—			—		30,216,060
Other financial instruments - Assets*		—		2,844,981			—		2,844,981
Other financial instruments -Liabilities*		—		(354,357	)		—		(354,357	)
Total	$	3,657,926,608	$	35,728,144		$	709,891	$	3,694,364,643
Global Opportunities Fund
Equity Securities:
Australia	$	1,813,614	$	—		$	—	$	1,813,614
Belgium		2,796,565		—			—		2,796,565
Brazil		14,093,491		—			—		14,093,491
Canada		10,270,421		—			6,000,000		16,270,421
China		9,634,722		—			—		9,634,722
Denmark		7,291,390		—			—		7,291,390
Egypt		489,463		—			—		489,463
France		8,624,616		—			—		8,624,616
Germany		7,115,330		—			—		7,115,330
Greece		1,859,497		—			—		1,859,497
Hong Kong		9,162,719		—			—		9,162,719
India		12,660,774		—			—		12,660,774
Indonesia		532,862		—			—		532,862
Ireland		7,483,101		—			—		7,483,101
Italy		11,231,383		—			—		11,231,383
Japan		20,152,391		—			—		20,152,391
Malaysia		440,273		—			—		440,273
Mexico		6,144,696		—			—		6,144,696
Morocco		277,173		—			—		277,173
Pakistan		625,581		—			—		625,581
Poland		541,761		—			—		541,761
Russia		1,617,925		—			—		1,617,925
South Africa		1,236,880		—			—		1,236,880

149

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NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
South Korea	$	5,661,619		$	—		$	—		$	5,661,619
Spain		9,321,158			—			—			9,321,158
Sweden		2,788,112			—			—			2,788,112
Switzerland		3,747,643			—			—			3,747,643
Taiwan		2,217,344			—			—			2,217,344
Thailand		879,580			—			—			879,580
Turkey		1,786,321			—			—			1,786,321
United Kingdom		31,480,114			—			—			31,480,114
United States		157,717,171			—			—			157,717,171
Total Equities		351,695,690			—			6,000,000			357,695,690
Exchange Traded Funds		102,487,050			—			—			102,487,050
Preferred Stock		13,860,988			—			—			13,860,988
Bank Loans		—			84,049,056			—			84,049,056
Corporate Bonds		—			2,052,205,143			1,133,154	(b)		2,053,338,297
Government Bonds		—			394,530,333			—			394,530,333
Asset-Backed Securities		—			21,008,578			—			21,008,578
Non-Agency Mortgage-Backed Securities		—			339,953,889			—			339,953,889
U.S. Government Agencies		—			194,141,900			—			194,141,900
Municipal Bonds		—			14,050,026			—			14,050,026
Cash Sweep		88,284,985			—			—			88,284,985
Other financial instruments - Assets*		7,532,977			30,973,417			—			38,506,394
Other financial instruments - Liabilities*		(4,029,078	)		(31,812,557	)		—			(35,841,635	)
Total	$	559,832,612		$	3,099,099,785		$	7,133,154		$	3,666,065,551
Real Return Fund
Equity Securities (a)	$	851,484,824		$	—		$	—		$	851,484,824
Preferred Stock		—			—			—			—
Rights/Warrants		—			1			—			1
Collectible Coins		—			52,420,970			—			52,420,970
Commodities		157,240,778			—			—			157,240,778
Asset-Backed Securities		—			45,513,000			—			45,513,000
Municipal Bonds		—			6,000,000			—			6,000,000
U.S. Government Agencies		—			115,000,000			—			115,000,000
U.S. Government Securities		—			377,786,803			—			377,786,803
Cash Sweep		7,418,174			—			—			7,418,174
Other financial instruments - Assets*		21,607,919			2,143,810,715			—			2,165,418,634
Other financial instruments - Liabilities*		(4,468,350	)		(2,058,892,485	)		—			(2,063,360,835	)
Total	$	1,033,283,345		$	681,639,004		$	—		$	1,714,922,349

150

OLD WESTBURY FUNDS, INC.
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS - (Continued)
	July 31, 2010 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Fixed Income
Corporate Bonds(a)	$	—	$	138,088,185	$	—	$	138,088,185
Municipal Bonds(a)		—		12,300,070		—		12,300,070
U.S. Government Agencies(a)		—		162,000,552		—		162,000,552
U.S. Government Securities(a)		—		86,119,627		—		86,119,627
Government Bonds(a)		—		2,329,469		—		2,329,469
Investment Company		181,117		—		—		181,117
Total	$	181,117	$	400,837,903	$	—	$	401,019,020
Municipal Bond
Municipal Bonds(a)	$	—	$	715,154,993	$	—	$	715,154,993
Investment Company		23,487,000		—		—		23,487,000
Total	$	23,487,000	$	715,154,993	$	—	$	738,641,993

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

(b) Represents securities as disclosed in Hong Kong 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 11/1/09 (fair value)		Realized gain (loss)			Change in Unrealized appreciation (depreciation)			Net purchases (sales)			Transfer in (out) of level 3			Balance as of 07/31/10 (fair value)
Global Small & Mid Cap Fund
Equity Securities:
Australia	$	251,310	$	—		$	(9,471	)	$	—		$	(167,650	)	$	74,189
China		—		—			—			—			12,771			12,771
Denmark		13,921		—			(13,921	)		—			—			—
France		5,803		(74,258	)		73,872			(5,401	)		(16	)		—
Hong Kong		177,570		(14,950	)		(209	)		(12,802	)		223,422			373,031
India		—		—			—			—			1,965			1,965
Indonesia		—		—			—			—			29,365			29,365
Israel		—		—			—			—			50,118			50,118
Italy		13,061		—			(1,495	)		—			—			11,566
Mexico		6,419		—			—			—			(6,419	)		—
Singapore		1,658		—			51			—			—			1,709
Sweden		28,862		—			—			—			(28,862	)		—
United Kingdom		399		—			(399	)		—			1,661			1,661
United States		97,460		—			1,056			—			55,000			153,516
Total	$	596,463	$	(89,208	)	$	49,484	*	$	(18,203	)	$	171,355		$	709,891

151

Old Westbury Funds, Inc.
Notes To Schedules of Portfolio Investments - (Continued)
	July 31, 2010 (Unaudited)

	Balance as of 11/1/09 (fair value)		Realized gain (loss)		Change in Unrealized appreciation (depreciation)			Net purchases (sales)		Transfer in (out) of level 3		Balance as of 07/31/10 (fair value)
Global Opportunities Fund
Equity Securities:
Canada	$	13,000,000	$	—	$	(7,000,000	)	$	—	$	—	$	6,000,000
Hong Kong		—		—		—			—		1,133,154		1,133,154
Total	$	13,000,000	$	—	$	(7,000,000	)*	$	—	$	1,133,154	$	7,133,154

*The change in unrealized appreciation/depreciation on securities still held at July 31, 2010 was $(24,179), for the Global Small and Mid Cap Fund and $(7,000,000) for the Global Opportunities Fund.

6. 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.

7. Federal Income Taxes:

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.

152

Item 2. Controls and Procedures.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.

SIGNATURES

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

(Registrant) Old Westbury Funds, Inc.

By (Signature and Title)*	/s/ Marc D. Stern
	Marc D. Stern, President
	(Principal Executive Officer)

Date      9/23/10

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      9/23/10

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

Date      9/23/10

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