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 Non-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 Fixed Income Fund, Old Westbury Municipal Bond Fund and the collectible coin collection and precious metals 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 July 29, 2011. 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 examination.

Our examination was 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 July 29, 2011, and with respect to agreement of security purchases and sales, for the period from May 31, 2011 (the date of our last examination) through July 29, 2011;

· Confirmation of all securities held by Bank of New York Mellon, Federated Investors and SEI Investments Company and the collectible coins and precious metals held by Scotia Mocatta (the Funds’ independent sub-custodians, the “Sub-Custodians”) in book entry form and without prior notice to management;

· Confirmation of all collectible coins pledged on consignment to Heritage Numismatic Auctions, Inc.;

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

· Agreement of pending purchase activity as of July 29, 2011 to documentation supporting corresponding subsequent cash payments and related settlements; and

· Agreement of a total of five security purchases and five security sales across all Funds since our last examination from the books and records of the Funds to cash settlement per Sub-Custodians bank statements.

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

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