UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-17f-2

Certificate of Accounting of Securities and Similar
Investment in the Custody of
Management Investment Companies

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

1.	Investment Company Act File Number: 811-07912
	Date examination completed: June 30, 2010
2.	State Identification Number:

AL	AK	AZ	AR	CA	CO
CT	DE	DC	FL	GA	HI
ID	IL	IN	IA	KS	KY
LA	ME	MD D03721305	MA	MI	MN
MS	MO	MT	NE	NV	NH
NJ	NM	NY	NC	ND	OH
OK	OR	PA	RI	SC	SD
TN	TX	UT	VT	VA	WA
WV	WI	WY	PUERTO RICO

     Other (specify):

3.	Exact name of investment company as specified in registration statement:
	Old Westbury Funds, Inc.
4.	Address of principal executive office:
	760 Moore Road, King of Prussia, Pennsylvania 19406

Management Statement Regarding Compliance With
Certain Provisions of the Investment Company Act of
1940

October 14, 2010

I, as a member of management of Old Westbury Funds, Inc. (comprising, respectively, Old Westbury U.S. Large Cap Fund, Old Westbury Global Small & Mid Cap Fund (Bessemer Managed U.S. Mid Cap sleeve and Tax Managed sleeve), Old Westbury Non-U.S. Large Cap Fund, Old Westbury Fixed Income Fund, Old Westbury Municipal Bond Fund, and the coin collection, gold bars, palladium, and platinum commodities of Old Westbury Real Return Fund and OWF Real Return Fund Ltd.) (collectively, the “Funds”), am responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Funds’ compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of June 30, 2010 and from April 30, 2010 (date of last examination) through June 30, 2010.

Based on this evaluation, I assert that the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of June 30, 2010 and from April 30, 2010 (date of last examination) through June 30, 2010, with respect to securities reflected in the investment accounts of the Funds.

By:	/s/ Peter C Artemiou
	Peter C. Artemiou
	Old Westbury Funds, Inc.
	Vice President & Treasurer

Ernst & Young LLP
5 Times Square
New York, New York 10036–6530

Tel: (212) 773–3000

Report of Independent Registered Public Accounting Firm

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

We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance With Certain Provisions of the Investment Company Act of 1940, that Old Westbury Funds, Inc. (comprising, respectively, Old Westbury U.S. Large Cap Fund, Old Westbury Global Small & Mid Cap Fund (Bessemer Managed U.S. Mid Cap sleeve and Tax Managed sleeve), Old Westbury Non-U.S. Large Cap Fund, Old Westbury Fixed Income Fund, Old Westbury Municipal Bond Fund and the coin collection, gold bars, palladium, and platinum commodities of Old Westbury Real Return Fund and OWF Real Return Fund Ltd.) (collectively, the “Funds”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (the Act) as of June 30, 2010. Management is responsible for the Funds’ compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about the Funds’ compliance based on our examinations.

Our examinations were conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Funds’ compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests performed as of June 30, 2010, and with respect to agreement of security purchases and sales, for the period from April 30, 2010 (the date of the last examination) through June 30, 2010;

• Confirmation of all securities held by Bank of New York Mellon, Federated Investors, SEI Investments Company and Citigroup Inc. and the collectible coin collection, gold bars, palladium and platinum held by Scotia Mocatta (the Funds’ independent sub-custodians, the “Sub-Custodians”) in book entry form;

• Reconciliation of such confirmations to the books and records of the Funds;

• Agreement of pending purchase activity as of June 30, 2010 to documentation supporting corresponding subsequent cash payments and related settlements; and

• Agreement of five security purchases and five security sales since our last report from the books and records of the Funds to cash settlement per Sub-Custodians bank statements.

We believe that our examinations provide a reasonable basis for our opinion. Our examinations do not provide a legal determination on the Funds’ compliance with specified requirements.

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Ernst & Young LLP

In our opinion, management’s assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of June 30, 2010 with respect to securities reflected in the investment accounts of the Funds, is fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Board of Directors of Old Westbury Funds, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

New York, New York

October 14, 2010

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A member firm of Ernst & Young Global Limited