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: January 31, 2012

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.
Large Cap Core Fund
Portfolio of Investments	January 31, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 47.3%
Banks — 3.7%
	241,300	Barclays Plc - ADR	$	3,264,789
	384,500	China Construction Bank Corp. - ADR		6,125,085
	533,000	Nordea Bank AB - ADR		4,514,510
	1,163,941	Sumitomo Mitsui Financial Group, Inc. - ADR		7,391,025
				21,295,409
Consumer Discretionary — 6.2%
	93,400	Carnival Corp.		2,820,680
	198,900	Comcast Corp. - Class A		5,288,751
	131,500	ITOCHU Corp. - ADR		2,853,550
	42,400	Macy’s, Inc.		1,428,456
	62,000	Magna International, Inc.		2,563,080
	58,700	McGraw-Hill Cos., Inc. (The)		2,700,200
	185,300	Target Corp.		9,415,093
	132,900	Yum! Brands, Inc.		8,416,557
				35,486,367
Consumer Staples — 4.4%
	21,450	Ajinomoto Co., Inc. - ADR		2,588,065
	321,350	Associated British Foods Plc - ADR		5,906,413
	112,000	CVS Caremark Corp.		4,676,000
	59,170	Imperial Tobacco Group Plc - ADR		4,236,572
	268,500	Koninklijke Ahold NV - ADR		3,562,995
	115,200	Unilever NV - NY Shares		3,841,920
				24,811,965
Energy — 4.9%
	37,585	China Petroleum & Chemical Corp. - ADR		4,515,838
	25,000	ConocoPhillips		1,705,250
	176,000	ENI SpA - ADR		7,832,000
	114,100	Marathon Oil Corp.		3,581,599
	161,700	Noble Corp.(b)		5,633,628
	84,800	Total SA - ADR		4,491,856
				27,760,171
Health Care — 4.4%
	59,905	Johnson & Johnson		3,948,339
	112,800	Merck KGAA - ADR		3,911,904
	113,000	Sanofi - ADR		4,195,690
	203,050	Teva Pharmaceutical Industries Ltd. - ADR		9,163,647
	76,100	UnitedHealth Group, Inc.		3,941,219
				25,160,799
Industrials — 3.0%
	284,000	Deutsche Post AG - ADR		4,757,000
	819,500	East Japan Railway Co. - ADR		8,817,820
	32,600	General Dynamics Corp.		2,254,616
Shares			Value
Industrials (continued)
	68,500	Koninklijke Philips Electronics NV - NY Shares	$	1,387,810
				17,217,246
Information Technology — 4.7%
	150,700	Accenture Plc - Class A		8,641,138
	18,330	International Business Machines Corp.		3,530,358
	372,300	Microsoft Corp.		10,994,019
	183,700	Western Union Co. (The)		3,508,670
				26,674,185
Insurance — 4.3%
	138,750	ACE Ltd.		9,657,000
	176,100	Allianz SE - ADR		1,956,471
	730,500	Muenchener Rueckversi-cherungs AG - ADR		9,576,855
	375,895	Suncorp Group Ltd. - ADR		3,292,840
				24,483,166
Materials — 4.0%
	80,300	AKZO Nobel NV		1,397,220
	87,000	Barrick Gold Corp.		4,285,620
	77,000	BHP Billiton Plc		5,184,410
	94,600	Freeport-McMoRan Copper & Gold, Inc.		4,371,466
	119,000	Newmont Mining Corp.		7,316,120
				22,554,836
Real Estate — 0.7%
	375,500	Wharf Holdings Ltd. - ADR		4,201,845
Telecommunication Services — 3.7%
	166,300	Abertis Infraestructuras SA - ADR		1,438,495
	68,500	CenturyLink, Inc.		2,536,555
	134,570	China Telecom Corp. Ltd. - ADR		7,548,031
	285,646	SK Telecom Co. Ltd. - ADR		4,001,900
	270,600	Tele2 AB - ADR		2,622,114
	110,609	Tim Participacoes SA - ADR		3,191,070
				21,338,165
Utilities — 3.3%
	50,000	DTE Energy Co.		2,660,500
	78,300	Exelon Corp.		3,114,774
	158,500	FirstEnergy Corp.		6,691,870
	48,900	GDF Suez - ADR		1,329,102
	63,000	SSE Plc - ADR		1,226,610
	87,000	Tokyo Gas Co. Ltd. - ADR		4,035,060
				19,057,916
Total Common Stocks (Cost $250,388,508)				270,042,070

1

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 51.8%
Fannie Mae — 0.1%
$	165,000	0.01%, 02/13/12(c)	$	164,999
	255,000	0.02%, 03/14/12(c)		254,994
				419,993
Federal Home Loan Bank — 49.6%
	315,000	0.01%, 02/03/12(c)		315,000
	4,615,000	0.03%, 02/08/12(c)		4,614,976
	56,010,000	0.02%, 02/17/12(c)		56,009,391
	80,000,000	0.03%, 02/22/12(c)		79,998,746
	30,000,000	0.03%, 02/22/12(c)		29,999,431
	59,900,000	0.00%, 02/24/12(c)		59,898,852
	5,865,000	0.01%, 02/29/12(c)		5,864,954
	17,830,000	0.02%, 03/07/12(c)		17,829,711
	5,000,000	0.02%, 03/09/12(c)		4,999,923
	250,000	0.02%, 03/16/12(c)		249,994
	23,100,000	0.02%, 03/28/12(c)		23,099,461
				282,880,439
Freddie Mac — 2.1%
	1,200,000	0.03%, 02/13/12(c)		1,199,988
	10,800,000	0.03%, 02/17/12(c)		10,799,880
				11,999,868
Total U.S. Government Agencies (Cost $295,300,302)				295,300,300
U.S. GOVERNMENT SECURITIES — 0.9%
U.S. Treasury Bills — 0.9%
	5,000,000	0.02%, 02/02/2012(c)		4,999,997
Total U.S. Government Securities (Cost $4,999,997)				4,999,997
Shares
INVESTMENT COMPANY — 2.0%
	11,415,600	SEI Daily Income Trust Government II Fund, Class A, 0.01%(d)		11,415,600
Total Investment Company (Cost $11,415,600)				11,415,600
			Value
TOTAL INVESTMENTS — 102.0%
(Cost $562,104,407)(a)			$	581,757,967
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%				(11,456,982	)
NET ASSETS — 100.0%			$	570,300,985

(a) Cost for federal income tax purposes is $562,104,407 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	20,963,888
Unrealized depreciation		(1,310,328	)
Net unrealized appreciation	$	19,653,560

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
(d)	Rate shown represents current yield at January 31, 2012.

ADR-American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	3.7	%
Consumer Discretionary	6.2	%
Consumer Staples	4.4	%
Energy	4.9	%
Health Care	4.4	%
Industrials	3.0	%
Information Technology	4.7	%
Insurance	4.3	%
Materials	4.0	%
Real Estate	0.7	%
Telecommunication Services	3.7	%
Utilities	3.3	%
Other*	52.7	%
	100	%

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

2

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	January 31, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 96.0%
ARGENTINA — 0.7%
	218,000	MercadoLibre, Inc.	$	19,053,200
AUSTRALIA — 0.4%
	337,000	CSL Ltd.		11,137,568
BRAZIL — 3.2%
	4,976,000	BM&FBovespa SA		31,299,359
	360,000	CETIP SA - Balcao Organizado de Ativos e Derivativos		5,552,885
	338,000	Cielo SA		10,069,196
	1,949,684	Itau Unibanco Holding SA - ADR		38,915,693
	339,000	Natura Cosmeticos SA		7,260,405
				93,097,538
CANADA — 1.5%
	860,700	Barrick Gold Corp.		42,455,592
CHINA — 0.7%
	580,000	New Oriental Education & Technology Group - ADR(b)		13,815,600
	2,448,000	Tingyi Cayman Islands Holding Corp.		7,149,588
				20,965,188
DENMARK — 0.2%
	261,000	Novozymes A/S - Class B		7,347,779
FINLAND — 0.6%
	3,504,300	Nokia Oyj		17,500,873
FRANCE — 4.2%
	307,561	Air Liquide SA		38,709,640
	339,200	Renault SA		14,448,722
	347,800	Technip SA		32,628,144
	1,687,800	Vivendi SA		35,323,479
				121,109,985
GERMANY — 3.1%
	741,376	Adidas AG		53,413,983
	382,900	Siemens AG		36,131,336
				89,545,319
HONG KONG — 0.8%
	257,000	Hong Kong Exchanges and Clearing Ltd.		4,460,459
	8,842,000	Li & Fung Ltd.		19,336,495
				23,796,954
INDIA — 1.5%
	47,000	Asian Paints Ltd.(e)		2,847,186
	400,000	Hero Honda Motors Ltd.(b)(e)		15,067,246
	3,877,000	ITC Ltd.(e)		15,991,792
	329,000	Larsen & Toubro Ltd.(b)		8,721,877
				42,628,101
IRELAND — 1.9%
	1,068,200	Covidien Plc		55,012,300

Shares			Value
ITALY — 2.1%
	1,806,900	ENI SpA	$	39,943,244
	1,194,900	Fiat Industrial SpA(b)		11,706,738
	1,368,800	Fiat SpA		8,211,010
				59,860,992
JAPAN — 7.3%
	790,600	Canon, Inc.		34,125,872
	136,400	FANUC Corp.		22,924,219
	7,063,000	Hitachi Ltd.		39,475,702
	6,965	Japan Tobacco, Inc.		34,267,581
	8,880,000	Mitsubishi UFJ Financial Group, Inc.		40,660,194
	825,100	Nippon Telegraph & Telephone Corp.		41,244,175
				212,697,743
MEXICO — 0.6%
	5,711,000	Wal-Mart de Mexico SAB de CV - Series V		17,670,927
NETHERLANDS — 2.6%
	531,000	ASML Holding NV - NY Shares		22,827,690
	1,216,000	Lyondellbasell Industries NV - Class A		52,409,600
				75,237,290
PORTUGAL — 0.4%
	650,000	Jeronimo Martins SGPS SA(b)		10,853,172
RUSSIA — 0.1%
	110,000	Mail.Ru Group Ltd. - GDR(b)		3,630,000
SOUTH AFRICA — 1.1%
	652,500	Naspers Ltd. - Class N		32,685,485
SOUTH KOREA — 0.9%
	25,742	Samsung Electronics Co. Ltd.		25,367,333
SWITZERLAND — 5.9%
	420,000	ABB Ltd. - ADR(b)		8,748,600
	129,500	Kuehne + Nagel International AG		16,277,186
	337,800	Roche Holding AG		57,174,622
	9,400	SGS SA		16,869,963
	674,676	Swiss Re AG(b)		36,595,951
	2,537,000	UBS AG(b)		34,534,068
				170,200,390
UNITED KINGDOM — 10.3%
	2,755,000	ARM Holdings Plc		26,460,333
	2,714,219	BG Group Plc		60,948,040
	3,119,000	BP Plc		23,141,843
	4,766,000	HSBC Holdings Plc		39,781,761
	2,960,757	Pearson Plc(e)		54,726,890
	1,687,954	Standard Chartered Plc		40,802,424
	5,913,000	TESCO Plc		29,779,311
	8,830,700	Vodafone Group Plc		23,767,472
				299,408,074

3

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED STATES — 45.9%
	1,892,300	Adobe Systems, Inc.(b)	$	58,566,685
	180,000	Allergan, Inc.		15,823,800
	136,500	Amazon.com, Inc.(b)		26,541,060
	192,900	Apple, Inc.(b)		88,054,992
	755,400	Celgene Corp.(b)		54,917,580
	937,000	Charles Schwab Corp. (The)		10,916,050
	1,173,000	DISH Network Corp. - Class A		32,750,160
	953,000	Ecolab, Inc.		57,599,320
	290,000	FMC Technologies, Inc.(b)		14,821,900
	2,608,000	General Electric Co.		48,795,680
	1,346,900	Gilead Sciences, Inc.(b)		65,782,596
	49,300	Google, Inc. - Class A(b)		28,599,423
	2,889,000	Hewlett-Packard Co.		80,834,220
	115,500	IntercontinentalExchange, Inc.(b)		13,222,440
	35,100	Intuitive Surgical, Inc.(b)		16,142,841
	637,300	Johnson & Johnson		42,004,443
	1,773,000	Johnson Controls, Inc.		56,328,210
	1,217,000	JPMorgan Chase & Co.		45,394,100
	396,000	Las Vegas Sands Corp.(b)		19,447,560
	1,020,100	MetLife, Inc.		36,040,133
	1,706,500	Microsoft Corp.		50,392,945
	395,000	National Oilwell Varco, Inc.		29,222,100
	192,500	NIKE, Inc. - Class B		20,018,075
	471,000	Occidental Petroleum Corp.		46,991,670
	1,675,200	Pfizer, Inc.		35,849,280
	160,000	Praxair, Inc.		16,992,000
	536,500	QUALCOMM, Inc.		31,556,930
	284,000	Salesforce.com, Inc.(b)		33,171,200
	965,300	Schlumberger Ltd.		72,561,601
	1,648,200	Texas Instruments, Inc.		53,368,716
	981,900	Time Warner, Inc.		36,389,214
	501,900	Union Pacific Corp.		57,372,189
	342,500	Visa, Inc. - Class A		34,469,200
				1,330,938,313
Total Common Stocks (Cost $2,572,289,901)				2,782,200,116

Principal Amount
U.S. GOVERNMENT SECURITIES — 0.2%
U.S. Treasury Bills — 0.2%
$	6,000,000	0.02%, 02/02/12(c)	5,999,997
Total U.S. Government Securities (Cost $5,999,997)			5,999,997

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 0.8%
Federal Home Loan Bank — 0.8%
$	4,000,000	0.02%, 02/13/12(c)	$	3,999,980
	13,500,000	0.05%, 02/24/12(c)		13,499,614
	5,000,000	0.02%, 03/09/12(c)		4,999,923
				22,499,517
Total U.S. Government Agencies (Cost $22,499,517)				22,499,517
Shares
CASH SWEEP — 1.5%
	44,363,800	Federated Government Obligations Fund 0.01%(d)		44,363,800
Total Cash Sweep (Cost $44,363,800)				44,363,800
TOTAL INVESTMENTS — 98.5% (Cost $2,645,153,215)(a)			$	2,855,063,430
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%				42,687,226
NET ASSETS — 100.0%			$	2,897,750,656

(a) Cost for federal income tax purposes is $2,647,955,230 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	238,921,426
Unrealized depreciation		(31,813,226	)
Net unrealized appreciation	$	207,108,200

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
(d)	Rate shown represents current yield at January 31, 2012.
(e)	This security is considered either fully or partially illiquid.
	These securities, or portions thereof have a value of $35,616,157 or 1.23% of net assets.
ADR-American Depositary Receipt
GDR-Global Depositary Receipt

4

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio Of Investments - (Continued)	January 31, 2012
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	8.3	%
Consumer Discretionary	13.9	%
Consumer Staples	4.2	%
Diversified Financials	2.3	%
Energy	11.0	%
Health Care	12.2	%
Industrials	7.9	%
Information Technology	22.7	%
Insurance	2.5	%
Materials	7.5	%
Telecommunication Services	3.5	%
Other*	4.0	%
	100.0	%

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

5

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments	January 31, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 93.1%
AUSTRALIA — 2.0%
	134,164	ABM Resources NL(b)	$	8,546
	53,832	Acrux Ltd.(b)		195,456
	154,673	Adelaide Brighton Ltd.		487,700
	96,977	Aditya Birla Minerals Ltd.		91,631
	69,555	AED Oil Ltd.(b)(c)(d)		0
	8,810	African Iron Ltd.(b)		5,285
	30,858	Ainsworth Game Technology Ltd.(b)		21,622
	25,514	AJ Lucas Group Ltd.(b)		33,046
	119,863	Alcyone Resources Ltd.(b)		11,325
	44,678	Alesco Corp. Ltd.		60,239
	42,535	Alkane Resources Ltd.(b)		42,674
	44,977	Alliance Resources Ltd.(b)		15,041
	36,439	Allied Gold Mining PLC(b)		76,139
	115,610	Altona Mining Ltd.(b)		32,525
	39,760	Alumina Ltd.		54,030
	51,812	Amadeus Energy Ltd.(b)		12,376
	38,166	Amalgamated Holdings Ltd.		235,415
	102,022	Amcom Telecommunications Ltd.		90,982
	10,329	Ampella Mining Ltd.(b)		15,352
	70,717	Ansell Ltd.		1,116,391
	68,098	Antares Energy Ltd.(b)		28,196
	52,484	Anvil Mining Ltd.(b)		396,757
	215,215	APA Group		1,096,718
	90,181	APN News & Media Ltd.		69,891
	2,091	Aquarius Platinum Ltd.		5,883
	59,980	Aquila Resources Ltd.(b)		383,340
	19,603	ARB Corp. Ltd.		171,071
	11,118	Aristocrat Leisure Ltd.		29,272
	64,204	ASG Group Ltd.		56,575
	38,669	Aspire Mining Ltd.(b)		15,600
	5,082	Aston Resources Ltd.(b)		51,741
	334,878	Atlas Iron Ltd.		1,102,122
	54,273	Aurora Oil and Gas Ltd.(b)		169,400
	97,687	Ausdrill Ltd.		369,205
	26,143	Ausenco Ltd.		81,321
	10,823	Ausgold Ltd.(b)		10,916
	31,327	Austal Ltd.		67,514
	237,688	Austar United Communications Ltd.(b)		300,286
	17,417	Austbrokers Holdings Ltd.		116,492
	15,319	Austin Engineering Ltd.		72,535
	114,408	Australian Agricultural Co. Ltd.(b)		168,831
	256,656	Australian Infrastructure Fund		547,682
	45,583	Australian Pharmaceutical Industries Ltd.		14,518
	79,373	Automotive Holdings Group		164,319
	5,108	Azumah Resources Ltd.(b)		2,142
	19,409	Bandanna Energy Ltd.(b)		13,806
	54,410	Bank of Queensland Ltd.		437,854
	107,928	Bannerman Resources Ltd.(b)		26,927
	21,519	BC Iron Ltd.(b)		62,369
	672,110	Beach Energy Ltd.		1,056,047

Shares			Value
AUSTRALIA (continued)
	86,952	Beadell Resources Ltd.(b)	$	68,773
	4,598	Bell Financial Group Ltd.		2,929
	334,216	Bendigo and Adelaide Bank Ltd.		2,941,461
	15,594	Billabong International Ltd.		31,207
	22,861	Bionomics Ltd.(b)		11,407
	108,098	Biota Holdings Ltd.(b)		94,105
	2,419	Blackmores Ltd.		73,449
	1,586	Blackthorn Resources Ltd.(b)		960
	276,957	BlueScope Steel Ltd.		119,083
	158,551	Boom Logistics Ltd.(b)		45,448
	365,309	Boral Ltd.		1,566,834
	14,786	Bradken Ltd.		123,383
	10,640	Bravura Solutions Ltd.(b)		1,694
	10,942	Breville Group Ltd.		34,269
	24,551	Brickworks Ltd.		279,412
	3,543	Brockman Resources Ltd.(b)		8,049
	17,627	BT Investment Management Ltd.		34,714
	26,490	Cabcharge Australia Ltd.		127,398
	154,604	Caltex Australia Ltd.		2,089,443
	29,679	Campbell Brothers Ltd.		1,638,453
	255,734	Cape Lambert Resources Ltd.(b)(d)		153,398
	20,917	Cardno Ltd.		133,239
	68,742	Carsales.com.au Ltd.		350,304
	129,012	Cash Converters International Ltd.		76,701
	9,437	Cedar Woods Properties Ltd.		33,062
	4,702	Centamin PLC(b)		6,972
	408,411	Central Petroleum Ltd.(b)		26,015
	189,000	Ceramic Fuel Cells Ltd.(b)		20,065
	2,144	CGA Mining Ltd.(b)		5,463
	50,912	Chalice Gold Mines Ltd.(b)		13,513
	178,666	Challenger Financial Services Group Ltd.		838,389
	354,184	Citigold Corp. Ltd.(b)		32,714
	102,039	Clough Ltd.		74,747
	84,396	Coal of Africa Ltd.(b)		89,151
	56,720	Coalspur Mines Ltd.(b)		108,089
	7,468	Cochlear Ltd.		470,947
	143,261	Cockatoo Coal Ltd.(b)		58,556
	119,759	Coffey International Ltd.(b)		64,842
	13,318,388	Commonwealth Property Office Fund REIT		13,715,283
	57,099	Consolidated Media Holdings Ltd.		162,459
	19,996	Continental Coal Ltd.(b)		4,458
	82,958	Cooper Energy Ltd.(b)		33,908
	19,597	Credit Corp. Group Ltd.		97,784
	119,112	Cromwell Property Group REIT		89,783
	5,450	CSG Ltd.		3,009
	105,360	CSR Ltd. - Placement Shares		229,304
	4,990	Cudeco Ltd.(b)		18,913
	220,336	Cue Energy Resources Ltd.(b)		57,310
	58,899	Dart Energy Ltd.(b)		27,201

6

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	5,580	Data#3 Ltd.	$	7,405
	1,072,766	David Jones Ltd.		2,949,756
	47,635	Decmil Group Ltd.		121,878
	232,983	Deep Yellow Ltd.(b)		28,445
	7,518	Devine Ltd.		5,826
	54,933	Discovery Metals Ltd.(b)		90,104
	5,787	Domino’s Pizza Enterprises Ltd.		45,525
	85,383	Downer EDI Ltd.(b)		327,235
	6,112	Dragon Mining Ltd.(b)		8,111
	46,652	Drillsearch Energy Ltd.(b)		51,262
	158,748	DUET Group		305,048
	139,247	DuluxGroup Ltd.		421,320
	16,365	DWS Ltd.		22,760
	81,407	Echo Entertainment Group Ltd.(b)		311,997
	224,451	Elders Ltd.(b)		57,189
	303,779	Emeco Holdings Ltd.		330,570
	329,666	Energy World Corp. Ltd.(b)		246,743
	258,063	Envestra Ltd.		206,849
	57,717	Eservglobal Ltd.(b)		18,383
	20,763	Euroz Ltd.		26,231
	85,900	Evolution Mining Ltd.(b)		165,976
	22,514	Exco Resources Ltd.(b)		4,541
	30,264	Extract Resources Ltd.(b)		274,710
	1,074,060	Fairfax Media Ltd.		843,804
	3,195	Fantastic Holdings Ltd.		7,021
	146,707	FAR Ltd.(b)		4,673
	16,371	Finbar Group Ltd.		16,337
	172,674	FKP Property Group REIT		116,408
	26,549	Fleetwood Corp. Ltd.		343,584
	25,840	Flight Centre Ltd.		529,458
	260,540	Flinders Mines Ltd.(b)		81,598
	1,523,144	Focus Minerals Ltd.(b)		90,555
	13,085	Forge Group Ltd.		75,710
	9,551	G.U.D. Holdings Ltd.		76,251
	2,973	G8 Education Ltd.		2,194
	17,506	Galaxy Resources Ltd.(b)		16,355
	96,934	Gindalbie Metals Ltd.(b)		64,319
	18,593	Gloucester Coal Ltd.(b)		163,836
	378,431	Goodman Fielder Ltd.		210,925
	87,169	GrainCorp Ltd.		725,537
	140,887	Grange Resources Ltd.		87,500
	63,776	Great Southern Ltd.(b)(c)(d)		0
	49,869	Greenland Minerals & Energy Ltd.(b)		28,854
	46,399	Gryphon Minerals Ltd.(b)		64,284
	81,204	Gujarat NRE Coking Coal Ltd.(b)		16,811
	180,274	Gunns Ltd.(b)		22,967
	68,071	GWA International Ltd.		172,720
	123,748	Harvey Norman Holdings Ltd.		270,637
	2,523	Hastie Group Ltd.(b)		1,513
	48,619	HFA Holdings Ltd.		43,874
	162,499	Highlands Pacific Ltd.(b)		25,878
	705,420	Hillgrove Resources Ltd.(b)		161,015
	27,615	Hills Industries Ltd.		30,344

Shares			Value
AUSTRALIA (continued)
	234,388	Horizon Oil Ltd.(b)	$	59,721
	123,936	iiNET Ltd.		394,730
	93,035	Imdex Ltd.		212,357
	48,706	IMF Australia Ltd.		69,290
	65,287	Independence Group NL		273,782
	88,665	Indophil Resources NL(b)		33,417
	54,591	Industrea Ltd.		66,070
	72,251	Infigen Energy(b)		21,477
	157,616	Integra Mining Ltd.(b)		99,563
	32,314	International Ferro Metals Ltd.(b)		10,184
	89,852	Intrepid Mines Ltd.(b)		121,624
	34,328	Invocare Ltd.		271,875
	143,092	IOOF Holdings Ltd.		849,197
	32,879	Iress Market Technology Ltd.		242,597
	12,036	Iron Ore Holdings Ltd.(b)		20,061
	679	Ivanhoe Australia Ltd.(b)		1,359
	35,560	JB Hi-Fi Ltd.		475,679
	69,350	Jupiter Mines Ltd.(b)		18,038
	7,671	Kagara Ltd.(b)		2,810
	312,325	Kangaroo Resources Ltd.(b)		44,763
	26,235	Kingsgate Consolidated Ltd.		213,071
	28,356	Kingsrose Mining Ltd.(b)		42,447
	79,680	Leyshon Resources Ltd.(b)		16,495
	2,322	Lycopodium Ltd.		15,456
	15,766	M2 Telecommunications Group Ltd.		53,562
	201,460	Macmahon Holdings Ltd.(b)		141,161
	3,258	Macquarie Atlas Roads Group(b)		5,465
	1,285	Macquarie Telecom Group Ltd.		10,082
	35,929	Marengo Mining Ltd.(b)		8,773
	16,698	McMillan Shakespeare Ltd.		164,688
	9,121	McPherson’s Ltd In-Specie(c)(d)		0
	36,485	McPherson’s Ltd.		66,817
	48,410	Medusa Mining Ltd.		277,530
	27,057	Melbourne IT Ltd.		45,960
	115,187	Mermaid Marine Australia Ltd.		354,636
	17,756	Mesoblast Ltd.(b)		121,587
	110,197	Metals X Ltd.(b)		25,738
	351,180	Metcash Ltd.		1,506,234
	90,921	Metgasco Ltd.(b)		36,680
	11,558	Mincor Resources NL		9,142
	26,581	Mineral Deposits Ltd.(b)		160,570
	19,752	Mineral Resources Ltd.		254,782
	43,111	Mirabela Nickel Ltd.(b)		42,107
	46,130	Molopo Australia Ltd.(b)		29,874
	70,668	Moly Mines Ltd.(b)		24,008
	389,464	Monadelphous Group Ltd.		9,096,438
	59,782	Mortgage Choice Ltd.		88,220
	203,090	Mount Gibson Iron Ltd.		305,089
	20,959	MSF Sugar Ltd.		98,572
	19,896	Myer Holdings Ltd.		45,202
	1,050	MyState Ltd.		3,824
	79,446	Navitas Ltd.		242,910

7

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	60,102	Neon Energy Ltd.(b)	$	28,713
	114,404	New Guinea Energy Ltd.(b)		5,951
	128,661	New Hope Corp. Ltd.		769,018
	176,513	Nexus Energy Ltd.(b)		39,353
	122,821	NIB Holdings Ltd. Australia		190,374
	252,567	Nido Petroleum Ltd.(b)		10,189
	69,743	Noble Mineral Resources Ltd.(b)		41,094
	35,908	Norfolk Group Ltd.		40,790
	13,388	Northern Iron Ltd.(b)		10,802
	102,310	Northern Star Resources Ltd.(b)		104,273
	78,103	Norton Gold Fields Ltd.(b)		17,413
	123,430	NRW Holdings Ltd.		397,050
	43,287	Nufarm Ltd.(b)		209,558
	3,341	Oakton Ltd.		4,239
	53,779	Oilex Ltd(b)		11,419
	98,618	OneSteel Ltd.		77,476
	5,532	Orocobre Ltd.(b)		11,364
	4,066	OrotonGroup Ltd.		34,533
	121,855	Otto Energy Ltd.(b)		11,772
	82,151	OZ Minerals Ltd.		951,522
	153,286	Pacific Brands Ltd.		100,896
	141,237	Paladin Energy Ltd.(b)		275,897
	229,815	PanAust Ltd.(b)		856,381
	20,179	Panoramic Resources Ltd.		28,278
	20,888	PaperlinX Ltd.(b)		1,464
	5,565	Patties Foods Ltd.		9,394
	55,050	Peet Ltd.		47,924
	182,192	Perilya Ltd.(b)		79,304
	3,388	Perpetual Ltd.		72,837
	61,898	Perseus Mining Ltd.(b)		188,599
	499,396	Photon Group Ltd.(b)		26,509
	48,159	Platinum Asset Mangement Ltd.		173,835
	30,048	Platinum Australia Ltd.(b)		3,062
	139,305	PMP Ltd.		74,686
	40,384	Premier Investments Ltd.		209,224
	6,047	Prima Biomed Ltd.(b)		1,059
	47,288	Primary Health Care Ltd.		149,606
	25,653	Prime Media Group Ltd.		17,702
	117,452	PrimeAg Australia Ltd.		131,551
	59,530	Programmed Maintenance Services Ltd.		129,560
	156,786	Ramelius Resources Ltd.(b)		173,110
	31,729	Ramsay Health Care Ltd.		639,343
	17,881	RCR Tomlinson Ltd.		30,373
	17,371	REA Group Ltd.		241,405
	30,974	Reckon Ltd.		74,974
	17,274	Red 5 Ltd.(b)		33,285
	93,670	Red Fork Energy Ltd.(b)		81,047
	21,888	Redflex Holdings Ltd.		41,827
	8,531	Reece Australia Ltd.(c)		175,705
	33,462	Reed Resources Ltd.(b)		13,855
	31,163	Regional Express Holdings Ltd.		36,723
	56,462	Regis Resources Ltd.(b)		238,573
	9,792	Reject Shop Ltd. (The)		114,352
	417,250	Resolute Mining Ltd.(b)		908,096

Shares			Value
AUSTRALIA (continued)
	12,222	Resource and Investment NL(b)	$	6,942
	85,881	Resource Generation Ltd.(b)		33,735
	22,430	Retail Food Group Ltd.		59,532
	25,608	Rialto Energy Ltd.(b)		8,700
	123,127	Ridley Corp. Ltd.		133,332
	15,297	Robust Resources Ltd.(b)		19,082
	156,453	Roc Oil Co. Ltd.(b)		56,473
	103,754	SAI Global Ltd.		545,245
	7,209	Salmat Ltd.		18,445
	34,901	Samson Oil & Gas Ltd.(b)		3,705
	18,074	Sandfire Resources NL(b)		140,650
	156,455	Saracen Mineral Holdings Ltd.(b)		142,846
	30,149	Sedgman Ltd.		60,975
	21,571	Seek Ltd.		120,458
	165,670	Senex Energy Ltd.(b)		138,069
	16,377	Servcorp Ltd.		46,944
	90,368	Service Stream Ltd.(b)		29,741
	42,058	Seven Group Holdings Ltd.		350,509
	111,610	Sigma Pharmaceuticals Ltd.		71,094
	15,184	Silex Systems Ltd.(b)		34,658
	48,071	Silver Lake Resources Ltd.(b)		187,297
	9,054	Sirtex Medical Ltd.		45,369
	33,249	Skilled Group Ltd.		61,949
	12,616	Slater & Gordon Ltd.		23,037
	25,349	SMS Management & Technology Ltd.		135,904
	57,203	Southern Cross Media Group Ltd.		70,446
	491,293	SP AusNet		503,326
	439,626	Spark Infrastructure Group		623,083
	10,795	Specialty Fashion Group Ltd.		5,043
	70,854	Spotless Group Ltd.		180,533
	324,205	St. Barbara Ltd.(b)		805,410
	29,533	Starpharma Holdings Ltd(b)		37,938
	114,859	Straits Resources Ltd.(b)		82,310
	10,000	Strike Resources Ltd.(b)		2,123
	137,375	STW Communications Group Ltd.		129,801
	31,365	Sundance Energy Australia Ltd.(b)		17,315
	322,878	Sundance Resources Ltd.(b)		147,397
	27,149	Sunland Group Ltd.(b)		21,329
	64,758	Super Retail Group Ltd.		405,627
	67,322	Swick Mining Services Ltd.(b)		25,015
	160,019	Tabcorp Holdings Ltd.		494,363
	10,623	Talent2 International Ltd.		6,767
	31,512	Tanami Gold NL(b)		24,255
	105,245	Tap Oil Ltd.(b)		87,152
	54,903	Tassal Group Ltd.		74,608
	709,611	Tatts Group Ltd.		1,913,531
	15,839	Technology One Ltd.		16,731
	24,092	Ten Network Holdings Ltd.		22,508
	45,730	Teranga Gold Corp.(b)		111,178
	60,363	Texon Petroleum Ltd.(b)		38,451
	69,352	TFS Corp. Ltd.		40,495

8

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	47,822	Thakral Holdings Group REIT	$	29,193
	57,103	Thorn Group Ltd.		97,604
	67,860	Tiger Resources Ltd.(b)		29,178
	13,885	Toll Holdings Ltd.		73,558
	188,636	Toro Energy Ltd.(b)		20,027
	16,986	Tox Free Solutions Ltd.		40,575
	126,484	TPG Telecom Ltd.		201,423
	3,533,401	Transfield Services Ltd.(c)		7,502,470
	181,105	Transpacific Industries Group Ltd.(b)		161,507
	267,850	Treasury Wine Estates Ltd.		986,739
	35,157	Troy Resources NL		172,812
	1,757	Trust Co. Ltd.		9,700
	26,635	UGL Ltd.		378,912
	79,768	Unity Mining Ltd.(b)		9,739
	144,020	UXC Ltd.(b)		64,982
	53,983	VDM Group Ltd.(b)		2,522
	101,055	Venture Minerals Ltd.(b)		35,404
	65,384	Village Roadshow Ltd.		208,245
	521,584	Virgin Australia Holdings Ltd(b)		177,197
	1,251	Warrnambool Cheese & Butter Factory Co. Holding Ltd.		5,127
	64,022	Washington H. Soul Pattinson & Co. Ltd.		933,893
	31,829	Watpac Ltd.		37,677
	51,135	WDS Ltd.		33,115
	7,324	Webjet Ltd.		19,594
	40,961	Western Areas NL		240,044
	4,344	White Energy Co. Ltd.(b)		2,098
	88,063	Whitehaven Coal Ltd.		531,970
	46,555	WHK Group Ltd.		41,764
	984	Wide Bay Australia Ltd.		7,480
	61,830	WildHorse Energy(b)		9,190
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		0
	31,994	Wotif.com Holdings Ltd.		132,809
	89,813	WPG Resources Ltd.(b)		8,868
	5,124	YTC Resources Ltd.(b)		2,394
				92,018,270
AUSTRIA — 0.2%
	1,001	Agrana Beteiligungs AG		108,008
	13,261	Andritz AG		1,230,003
	4,521	A-TEC Industries AG(b)(c)(d)		4,967
	3,288	Austria Technologie & Systemtechnik AG		37,890
	6,370	Austriamicrosystems AG		308,639
	137	BWT AG		2,681
	868	CA Immobilien Anlagen AG(b)		8,459
	5,957	CAT Oil AG		42,459
	1,891	Constantia Packaging AG(c)(d)		0
	255	DO & CO Restaurants & Catering AG		9,540
	8,152	EVN AG		109,617
	776	Flughafen Wien AG		28,543
	2,036	Kapsch TrafficCom AG		161,921

Shares			Value
AUSTRIA (continued)
	2,971	Lenzing AG	$	272,034
	2,509	Mayr Melnhof Karton AG		235,967
	902	Oberbank AG		55,689
	14,426	Oesterreichische Post AG		470,803
	6,723	Palfinger AG		145,057
	8,187	POLYTEC Holding AG(b)		72,285
	465	Raiffeisen Bank International AG		15,814
	3,261	RHI AG		74,860
	516	Rosenbauer International AG		26,019
	1,230	S IMMO AG(b)		7,044
	4,944	Schoeller-Bleckmann Oilfield Equipment AG		415,309
	4,742	Semperit AG Holding		202,520
	27,419	Strabag SE		804,817
	41,501	Telekom Austria AG		483,681
	5,724	Uniqa Versicherungen AG		82,734
	12,202	Vienna Insurance Group		526,705
	98,464	Voestalpine AG		3,228,254
	21,077	Wienerberger AG		242,641
	1,597	Wolford AG		48,046
	25,987	Zumtobel AG		472,321
				9,935,327
BAHAMAS — 0.0%
	100	CIC Energy Corp.(b)		80
	18	United International Enterprises		2,417
				2,497
BELGIUM — 0.2%
	1,160	Ablynx NV(b)		4,446
	15,584	Ackermans & Van Haaren NV		1,251,408
	1,631	Aedifica REIT		95,151
	327,568	Ageas		680,844
	22,952	AGFA - Gevaert - VVPR Strip(b)		30
	29,190	AGFA - Gevaert NV(b)		52,691
	7,223	Arseus NV		100,621
	17	Atenor Group		623
	32	Banque Nationale de Belgique		94,179
	2,576	Barco NV		139,667
	1,474	Cofinimmo SA REIT		172,600
	265	Colruyt SA		10,019
	2,364	Compagnie d’Entreprises CFE		126,503
	1,433	Compagnie Immobiliere de Belgique SA		46,954
	104	Compagnie Maritime Belge SA		2,360
	17,093	Deceuninck NV(b)		23,923
	12,200	Deceuninck NV- VVPR Strip(b)(c)		16
	6,654	Delhaize Group SA		362,380
	959	Devgen(b)		6,498
	59,424	Dexia SA(b)		26,039
	10,786	D’ieteren SA		536,126
	207	Duvel Moortgat SA		19,113
	2,169	Econocom Group		43,720
	7,298	Elia System Operator SA NV		277,505

9

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
BELGIUM (continued)
	882	Euronav NV(b)	$	5,595
	1,006	EVS Broadcast Equipment SA		49,438
	4,996	Exmar NV		37,380
	1,779	Galapagos NV(b)		24,434
	1,080	Intervest Offices & Warehouses REIT		27,378
	1,440	Ion Beam Applications		11,358
	90	IRIS		3,054
	9,443	KBC Groep NV		179,040
	1,505	Kinepolis Group NV		111,620
	8	Lotus Bakeries		4,395
	1,467	Melexis NV		21,875
	1,546	Mobistar SA		77,320
	32,757	NV Bekaert SA		1,332,132
	22,701	Nyrstar(b)		211,985
	15,645	Nyrstar - VVPR Strip(b)		41
	26,826	Option NV(b)		10,527
	1,265	RealDolmen NV SA(b)		29,122
	4,697	Recticel SA		32,194
	136	Retail Estates NV REIT		8,646
	846	Roularta Media Group NV		17,540
	5,564	Sioen Industries NV		39,010
	2,739	Sipef NV		222,846
	17,010	Telenet Group Holding NV(b)		673,503
	7,797	Tessenderlo Chemie NV		266,189
	977	Tessenderlo Chemie NV - VVPR Strip(b)		89
	3,085	ThromboGenics NV(b)		71,627
	20,569	Umicore		956,344
	1,563	Van De Velde		76,054
	445	VPK Packaging Group		17,457
	3,065	Warehouses De Pauw SCA REIT		150,383
	460	Wereldhave Belgium NV REIT		41,156
				8,783,148
BERMUDA — 0.5%
	4,049	Archer Ltd.(b)		9,351
	152,400	Argo Group International Holdings Ltd.(c)		4,390,644
	275,000	Aspen Insurance Holdings Ltd.		7,304,000
	221,995	Catlin Group Ltd.		1,418,166
	222,300	Endurance Specialty Holdings Ltd.		8,314,020
	5,204	Golar LNG Ltd.		212,701
	4,571	Hardy Underwriting Bermuda Ltd.		14,766
	191,809	Hiscox Ltd.		1,151,580
	122,471	Lancashire Holdings Ltd.		1,328,731
	30,201	Northern Offshore Ltd.		67,176
				24,211,135
BRAZIL — 1.0%
	19,400	AES Tiete SA		245,054
	31,800	AES Tiete SA, Preference Shares		455,196
	57,100	All America Latina Logistica SA		328,443

Shares			Value
BRAZIL (continued)
	43,700	Alpargatas SA - Preference Shares	$	351,411
	34,537	Amil Participacoes SA		345,726
	53,700	Banco ABC Brasil SA - Preference Shares		386,338
	2,400	Banco Cruzeiro do Sul Sa Brazil		18,805
	25,800	Banco Daycoval SA - Preference Shares		143,826
	109,290	Banco do Estado do Rio Grande do Sul - Preference Shares		1,258,536
	19,200	Banco Pine SA - Preference Shares		144,505
	16,200	Banco Sofisa SA - Preference Shares		31,061
	8,200	Bematech SA		20,040
	2,229	BHG SA - Brazil Hospitality Group(b)		20,412
	108,692	BR Malls Participacoes SA		1,186,330
	31,300	Brasil Brokers Participacoes SA		122,176
	1,700	Brasil Telecom SA		11,423
	144,318	Braskem SA - Class A, Preference Shares		1,291,858
	78,570	Brookfield Incorporacoes SA		276,110
	5,700	Centrais Eletricas de Santa Catarina SA - Preference Shares(b)		111,083
	15,962	CETIP SA - Balcao Organizado de Ativos e Derivativos		246,209
	40,771	Cia Brasileira de Distribuicao Grupo Pao de Acucar - Preference Shares		1,703,459
	6,300	Cia de Gas de Sao Paulo - Class A, Preference Shares		150,000
	32,800	Cia de Saneamento Basico do Estado de Sao Paulo(b)		1,095,211
	16,400	Cia de Saneamento de Minas Gerais		363,162
	5,300	Cia de Saneamento do Parana, Preference Shares		16,380
	8,500	Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		268,836
	46,400	Cia Energetica de Sao Paulo -Class B, Preference Shares		871,062
	5,950	Cia Energetica do Ceara - Class A, Preference Shares		115,547
	26,208	Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares		130,800
	29,100	Cia Hering		699,519
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		645,198
	18,300	Cia Providencia Industria e Comercio SA		64,624
	71,907	Confab Industrial SA, Preference Shares		235,410

10

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
BRAZIL (continued)
	13,000	Contax Participacoes SA, Preference Shares	$	169,643
	113,684	Cosan SA Industria e Comercio		1,839,427
	11,750	Cremer SA		105,583
	9,600	CSU Cardsystem SA		24,121
	36,240	Cyrela Brazil Realty SA Empreendimentos e Participacoes		335,602
	400	Cyrela Commercial Properties SA Empreendimentos e Participacoes		3,640
	104,500	Diagnosticos da America SA		1,004,808
	4,252	Direcional Engenharia SA(b)		23,119
	186,760	Duratex SA		1,046,463
	23,200	EDP - Energias do Brasil SA		540,430
	21,180	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares		438,947
	390,320	Empresa Brasileira de Aeronautica SA		2,694,173
	13,600	Equatorial Energia SA		95,742
	3,000	Estacio Participacoes SA		34,117
	40,293	Eternit SA		209,398
	6,836	Eucatex SA Industria e Comercio		27,349
	69,100	Even Construtora e Incorporadora SA		284,753
	30,500	Ez Tec Empreendimentos e Participacoes SA		309,678
	2,900	Fertilizantes Heringer SA(b)		19,005
	4,723	Fibria Celulose SA		38,520
	105,900	Fleury SA		1,384,967
	2,185	Forjas Taurus SA		2,376
	8,937	Forjas Taurus SA - Preference Shares		8,900
	67,000	Gafisa SA		182,916
	18,200	General Shopping Brasil SA(b)		134,688
	11,500	Gol-Linhas Aereas Inteligentes SA, Preference Shares		79,115
	50,800	Grendene SA		247,138
	3,200	Guararapes Confeccoes SA		140,641
	16,600	Helbor Empreendimentos SA		221,371
	33,900	IdeiasNet SA(b)		55,685
	19,200	Iguatemi Empresa de Shopping Centers SA		408,901
	24,400	Industrias Romi SA		91,751
	1,100	Inepar SA Industria e Construcoes		1,637
	4,170	Iochpe-Maxion SA		70,407
	51,534	JHSF Participacoes SA		167,238
	366,800	JSL SA(c)		1,540,929
	413,900	Klabin SA, Preference Shares		1,918,836
	16,004	Kroton Educacional SA(b)		188,692
	6,452	Kroton Educacional SA - Receipt(b)		76,071
	19,000	Light SA		298,397
	31,500	Localiza Rent a Car		517,248

Shares			Value
BRAZIL (continued)
	36,310	Log-In Logistica Intermodal SA(b)	$	156,279
	30,474	Lojas Americanas SA		265,985
	53,704	Lojas Americanas SA, Preference Shares		519,151
	20,000	Lojas Renner SA		675,366
	7,900	LPS Brasil Consultoria de Imoveis SA		145,412
	8,300	M Dias Branco SA		219,851
	15,048	Magnesita Refratarios SA(b)		54,432
	65,300	Mahle-Metal Leve SA Industria e Comercio(c)		1,821,987
	113,290	Marcopolo SA, Preference Shares		513,540
	13,800	Marisa Lojas SA		157,967
	800	Metalfrio Solutions SA		2,614
	5,300	Mills Estruturas e Servicos de Engenharia SA		65,765
	20,000	MPX Energia SA(b)		536,859
	10,120	MRV Engenharia e Participacoes SA		77,904
	30,150	Multiplan Empreendimentos Imobiliarios SA		690,247
	3,300	Multiplus SA		58,022
	12,100	Obrascon Huarte Lain Brasil SA		436,229
	26,700	Odontoprev SA		446,223
	15,000	OSX Brasil SA(b)		115,385
	16,300	Parana Banco SA - Preference Shares		105,420
	55,429	Paranapanema SA		108,498
	78,052	PDG Realty SA Empreendimentos e Participacoes		316,282
	17,500	Plascar Participacoes Industriais SA(b)		19,331
	42,500	Porto Seguro SA		505,223
	19,150	Positivo Informatica SA		63,789
	4,600	Profarma Distribuidora de Produtos Farmaceuticos SA		31,330
	38,309	Raia Drogasil SA		317,926
	57,450	Randon Participacoes SA, Preference Shares		306,124
	32,000	Redecard SA		576,923
	6,700	Restoque Comercio e Confeccoes de Roupas SA		109,596
	14,700	Rodobens Negocios Imobiliarios SA		90,024
	60,200	Rossi Residencial SA		325,256
	22,050	Santos Brasil Participacoes SA		340,367
	34,100	Sao Martinho SA		393,462
	13,175	Saraiva SA Livreiros Editores, Preference Shares		159,409
	16,900	SLC Agricola SA		154,762
	117,200	Sonae Sierra Brasil SA		1,602,511
	17,700	Springs Global Participacoes SA(b)		32,721
	94,670	Sul America SA		953,636

11

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
BRAZIL (continued)
	64,553	Suzano Papel e Celulose SA - Preference Shares	$	273,404
	11,000	Tam SA, Preference Shares		235,337
	63,300	Tecnisa SA		336,933
	2,800	Tempo Participacoes SA(b)		6,731
	8,800	Tereos Internacional SA		13,549
	31,000	Totvs SA		532,990
	5,500	TPI - Triunfo Participacoes e Investimentos SA		27,576
	7,700	Tractebel Energia SA		133,710
	2,400	Transmissora Alianca de Energia Eletrica SA		57,555
	72	Unipar Participacoes SA - Class B, Preference Shares(b)		13
	18,303	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		225,331
	24,860	Viver Incorporadora e Construtora SA(b)		29,738
	81,000	Weg SA		903,091
	107,500	Wilson Sons Ltd. - BDR(c)		1,599,702
				48,183,640
CANADA — 2.5%
	19,558	5N Plus, Inc.(b)		100,648
	3,613	Aastra Technologies Ltd.		60,859
	15,424	Aberdeen International, Inc.		9,229
	6,775	Absolute Software Corp.(b)		32,095
	63,110	Advantage Oil & Gas Ltd.(b)		224,696
	21,938	Aecon Group, Inc.		246,138
	2,700	AG Growth International, Inc.		99,119
	26,188	AGF Management Ltd. - Class B		410,567
	14,401	Ainsworth Lumber Co. Ltd.(b)		19,245
	19,104	Air Canada - Class A(b)		20,577
	22,400	Alamos Gold, Inc.		458,857
	10,895	Alexco Resource Corp.(b)		83,666
	588	Algoma Central Corp.		58,055
	108,142	Algonquin Power & Utilities Corp.		646,026
	2,988	Alliance Grain Traders, Inc.		56,142
	43,079	AltaGas Ltd.		1,300,920
	3,600	Alter NRG Corp.(b)		1,975
	7,748	Altius Minerals Corp.(b)		87,085
	11,700	Altus Group Ltd.		64,060
	80,500	Amerigo Resources Ltd.		70,649
	39,396	Anderson Energy Ltd.(b)		18,859
	11,897	Angle Energy, Inc.(b)		64,783
	31,125	Antrim Energy, Inc.(b)		40,974
	29,600	Arsenal Energy, Inc.(b)		20,074
	11,000	Astral Media, Inc. - Class A		386,706
	13,400	Atco Ltd. - Class I		797,692
	34,597	Atlantic Power Corp.(b)		513,762
	15,436	Atrium Innovations, Inc.(b)		181,654
	22,663	ATS Automation Tooling Systems, Inc.(b)		157,988
	12,274	Aura Minerals, Inc.(b)		14,077

Shares			Value
CANADA (continued)
	108,347	AuRico Gold, Inc.(b)	$	1,025,444
	29,800	Aurizon Mines Ltd.(b)		165,836
	1,900	AutoCanada, Inc.		13,529
	31,292	Avalon Rare Metals, Inc.(b)		106,106
	15,391	AvenEx Energy Corp.		85,190
	78,755	Avion Gold Corp.(b)		120,171
	27,500	Azure Dynamics Corp.(b)		1,920
	113,200	B2Gold Corp.(b)		431,260
	97,141	Baja Mining Corp.(b)		88,160
	46,861	Ballard Power Systems, Inc.(b)		55,147
	61,339	Bankers Petroleum Ltd.(b)		327,892
	30,100	Bellatrix Exploration Ltd.(b)		139,888
	800	Bengal Energy Ltd.(b)		718
	39,800	Birchcliff Energy Ltd.(b)		532,281
	300	Bird Construction, Inc.		3,860
	15,938	Black Diamond Group Ltd.		285,158
	117,200	BlackPearl Resources, Inc.(b)		561,045
	3,240	BMTC Group, Inc. - Class A		58,195
	10,100	Boardwalk Real Estate Investment Trust		528,721
	1,300	Bonterra Energy Corp.		69,103
	8,470	Boralex, Inc. - Class A(b)		71,379
	9,700	Brick Ltd. (The)(b)		29,022
	54,611	Brigus Gold Corp.(b)		63,723
	100	Brookfield Real Estate Services, Inc.		1,272
	200	Brookfield Residential Properties, Inc.(b)		1,737
	4,500	Burcon NutraScience Corp.(b)		29,844
	2,400	C&C Energia Ltd.(b)		20,752
	47,567	CAE, Inc.		524,674
	3,300	Calfrac Well Services Ltd.		85,371
	500	Calian Technologies Ltd.		9,325
	17,900	Calloway Real Estate Investment Trust		479,321
	24,934	Calvalley Petroleum, Inc. - Class A(b)		42,771
	30,237	Canaccord Financial, Inc.		236,420
	4,100	Canada Bread Co. Ltd.(c)		184,003
	18,000	Canadian Apartment Properties REIT		410,192
	16,500	Canadian Energy Services & Technology Corp.		182,986
	3,627	Canadian Helicopters Group, Inc.		88,912
	14,224	Canadian Real Estate Investment Trust		528,417
	32,676	Canadian Tire Corp. Ltd. - Class A		2,094,106
	84,813	Canadian Western Bank		2,238,955
	25,328	Canadian Zinc Corp.(b)		16,166
	20,232	Canam Group, Inc. - Class A		83,333
	22,100	Canexus Corp.		159,794
	44,643	Canfor Corp.(b)		522,252
	1,555	Canfor Pulp Products, Inc.		20,192
	5,200	Cangene Corp.(b)		9,179
	374,914	Canickel Mining Ltd.(b)		11,217

12

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	16,000	CanWel Building Materials Group Ltd.	$	39,892
	6,088	Canyon Services Group, Inc.		69,156
	6,007	Capital Power Corp.		147,135
	19,464	Capstone Infrastructure Corp.		77,452
	134,662	Capstone Mining Corp.(b)		464,676
	20,442	Cardero Resource Corp.(b)		29,357
	100	Cargojet, Inc.		888
	53,503	Carpathian Gold, Inc.(b)		28,814
	26,000	Cascades, Inc.		116,685
	9,900	Cash Store Financial Services, Inc. (The)		67,435
	16,407	CCL Industries, Inc. - Class B		519,192
	81,800	Celestica, Inc.(b)		696,691
	33,100	Celtic Exploration Ltd.(b)		610,041
	32,209	Centerra Gold, Inc.		637,627
	31,278	Cequence Energy Ltd.(b)		56,149
	8,900	Chartwell Seniors Housing Real Estate Investment Trust		79,085
	59,705	China Gold International Resources Corp. Ltd.(b)		191,732
	6,408	Chinook Energy, Inc.(b)		9,394
	2,561	Chorus Aviation, Inc.		8,965
	5,561	Churchill Corp. (The) - Class A		69,492
	28,912	Cineplex, Inc.		726,044
	141,325	Claude Resources, Inc.(b)		197,322
	4,153	CML HealthCare, Inc.		43,075
	6,800	Coastal Contacts, Inc.(b)		16,954
	9,100	Cogeco Cable, Inc.		438,346
	4,665	Cogeco, Inc.		216,385
	7,951	Colabor Group, Inc.		89,208
	28,143	COM DEV International Ltd.(b)		55,573
	12,775	Cominar Real Estate Investment Trust		276,216
	500	Compton Petroleum Corp.(b)		2,144
	10,200	Computer Modelling Group Ltd.		147,298
	1,907	Constellation Software, Inc.		168,695
	5,700	Contrans Group, Inc. - Class A		50,593
	13,103	Copper Mountain Mining Corp.(b)		68,213
	4,700	Corby Distilleries Ltd. - Class A		74,013
	24,530	Corridor Resources, Inc.(b)		22,262
	61,448	Corus Entertainment, Inc. - Class B		1,276,515
	33,087	Cott Corp.(b)		231,645
	30,445	Crew Energy, Inc.(b)		415,973
	63,830	Crocodile Gold Corp.(b)		37,558
	13,836	Crocotta Energy, Inc.(b)		49,262
	18,511	Davis & Henderson Corp.		329,716
	82,138	Delphi Energy Corp.(b)		152,365
	123,700	Denison Mines Corp.(b)		212,191
	17,700	Descartes Systems Group, Inc. (The)(b)		141,925
	7,343	DHX Media Ltd.(b)		7,104
	1,159	DirectCash Payments, Inc.		24,273
	30,931	Dollarama, Inc.		1,334,164

Shares			Value
CANADA (continued)
	8,500	Dorel Industries, Inc. - Class B	$	210,063
	8,182	DragonWave, Inc.(b)		33,701
	44,400	Duluth Metals Ltd.(b)		112,030
	35,286	Dundee Precious Metals, Inc.(b)		331,147
	8,500	Dundee Real Estate Investment Trust		283,729
	11,964	Dynasty Metals & Mining, Inc.(b)		26,608
	276,953	Eastern Platinum Ltd.(b)		149,152
	9,705	Eastmain Resources, Inc.(b)		11,808
	141	E-L Financial Corp. Ltd.		53,436
	4,344	Electrovaya, Inc.(b)		3,466
	9,917	Emera, Inc.		320,742
	16,750	Empire Co. Ltd. - Class A		943,827
	8,287	Enbridge Income Fund Holdings, Inc.		178,269
	9,981	Endeavour Silver Corp.(b)		112,880
	8,281	Enerflex Ltd.		101,912
	600	Enghouse Systems Ltd.		8,228
	52,616	Ensign Energy Services, Inc.		818,599
	29,186	Epsilon Energy Ltd.(b)		93,144
	3,955	Equal Energy Ltd.(b)		16,724
	5,842	Equitable Group, Inc.		160,048
	35,817	Essential Energy Services Trust(b)		73,227
	54,600	European Goldfields Ltd.(b)		698,087
	1,100	Evertz Technologies Ltd.		15,304
	49,500	Excellon Resources, Inc.(b)		29,620
	2,152	Exchange Income Corp.		53,505
	18,409	EXFO, Inc.(b)		116,215
	10,300	Extendicare Real Estate Investment Trust		86,082
	29,941	Fairborne Energy Ltd.(b)		72,262
	9,449	Fibrek, Inc.(b)		9,518
	64,225	Finning International, Inc.		1,754,386
	553	Firm Capital Mortgage Investment Corp.		7,291
	4,391	First Capital Realty, Inc.		78,431
	30,350	First Majestic Silver Corp.(b)		626,856
	2,212	First National Financial Corp.		38,826
	67,250	First Nickel, Inc.(b)		9,054
	9,700	FirstService Corp.(b)		287,024
	15,893	Flint Energy Services Ltd.(b)		234,266
	14,204	Formation Metals, Inc.(b)		7,791
	2,417	Fortress Paper Ltd.(b)		95,022
	57,167	Fortuna Silver Mines, Inc.(b)		383,128
	17,852	Fortune Minerals Ltd.(b)		17,626
	1,700	Futuremed Healthcare Products Corp.		13,699
	200	Gamehost, Inc.		2,314
	15,500	Garda World Security Corp. - Class A(b)		124,284
	11,000	Gennum Corp.		147,881
	8,194	Genworth MI Canada, Inc.		185,830
	57,000	Gildan Activewear, Inc.		1,240,391
	2,500	Glentel, Inc.		55,475

13

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	2,859	GLG Life Tech Corp.(b)	$	3,992
	4,565	Gluskin Sheff & Associates, Inc.		68,655
	8,821	GLV, Inc. - Class A(b)		34,309
	4,500	GMP Capital, Inc.		35,768
	74,370	Gran Tierra Energy, Inc.(b)		424,251
	23,300	Grande Cache Coal Corp.(b)		223,310
	53,752	Great Canadian Gaming Corp.(b)		461,022
	61,578	Great Panther Silver Ltd.(b)		164,585
	91,000	Groupe Aeroplan, Inc.		1,130,807
	6,784	Guardian Capital Group Ltd. - Class A		65,289
	32,142	Guide Exploration Ltd. - Class A(b)		83,024
	2,034	Hanfeng Evergreen, Inc.(b)		5,051
	20,285	Harry Winston Diamond Corp.(b)		237,302
	22,860	Hemisphere GPS, Inc.(b)		20,519
	2,900	Heroux-Devtek, Inc.(b)		21,113
	670	High Liner Foods, Inc.		12,041
	245,570	High River Gold Mines Ltd.(b)		301,238
	13,900	Home Capital Group, Inc.		713,922
	27,827	Horizon North Logistics, Inc.		142,368
	51,200	HudBay Minerals, Inc.		597,938
	4,936	IBI Group, Inc.		68,229
	7,800	Imax Corp.(b)		161,570
	38,486	Imperial Metals Corp.(b)		598,381
	3,907	Imris, Inc.(b)		10,520
	3,161	Indigo Books & Music, Inc.		26,922
	34,700	Industrial Alliance Insurance and Financial Services, Inc.		916,728
	21,100	Inmet Mining Corp.		1,409,893
	17,479	Innergex Renewable Energy, Inc.		179,375
	30,157	Intact Financial Corp.		1,778,081
	7,700	Inter-Citic Minerals, Inc.(b)		9,676
	15,652	International Forest Products Ltd. - Class A(b)		70,713
	7,748	International Tower Hill Mines Ltd.(b)		41,881
	25,626	Intertape Polymer Group, Inc.(b)		98,906
	45,567	Ivanhoe Energy, Inc.(b)		47,262
	18,561	Ivernia, Inc.(b)		1,388
	22,616	Jean Coutu Group PJC, Inc. (The) Class A		301,787
	12,245	Just Energy Group, Inc.		146,666
	318,486	Katanga Mining Ltd.(b)		403,388
	1,300	K-Bro Linen, Inc.		28,458
	7,319	Keegan Resources, Inc.(b)		30,365
	25,539	Keyera Corp.		1,196,082
	13,811	Killam Properties, Inc.		165,699
	17,746	Kingsway Financial Services, Inc.(b)		10,619
	11,000	Kirkland Lake Gold, Inc.(b)		195,602
	25,200	La Mancha Resources, Inc.(b)		79,669
	53,075	Lake Shore Gold Corp.(b)		78,339

Shares			Value
CANADA (continued)
	13,254	Laramide Resources Ltd.(b)	$	12,690
	13,957	Laurentian Bank of Canada		643,077
	1,200	Le Chateau, Inc.		1,951
	38,648	Legacy Oil & Gas, Inc.(b)		479,101
	4,782	Leisureworld Senior Care Corp.		57,182
	13,400	Leon’s Furniture Ltd.(c)		168,385
	21,760	Linamar Corp.		373,698
	5,548	Liquor Stores NA Ltd.		88,861
	185,395	Lundin Mining Corp.(b)		937,422
	17,647	MacDonald Dettwiler & Associates Ltd.		777,369
	8,630	MAG Silver Corp.(b)		71,780
	500	Mainstreet Equity Corp.(b)		11,025
	34,300	Major Drilling Group International		574,688
	11,156	Manitoba Telecom Services, Inc.		353,249
	22,964	Maple Leaf Foods, Inc.		253,985
	2,500	March Networks Corp.(b)		11,918
	27,098	Martinrea International, Inc.(b)		239,712
	750	MEGA Brands, Inc.(b)		5,902
	22,931	Mega Uranium Ltd.(b)		6,861
	1,400	Melcor Developments Ltd.		19,547
	38,791	Mercator Minerals Ltd.(b)		67,315
	29,200	Methanex Corp.		795,013
	22,525	Metro, Inc. - Class A		1,229,698
	6,236	MI Developments, Inc. - Class A		217,983
	32,065	Midway Energy Ltd.(b)		104,570
	13,800	Migao Corp.(b)		52,299
	18,750	Minefinders Corp.(b)		265,346
	70,069	Minera Andes Acquisition Corp.(b)		412,294
	10,731	Miranda Technologies, Inc.(b)		107,235
	4,631	Mood Media Corp.(b)		13,301
	235,602	Morguard Real Estate Investment Trust(c)		3,935,707
	14,987	Morneau Shepell, Inc.		164,114
	44,077	Mullen Group Ltd.		848,395
	33,792	NAL Energy Corp.		245,006
	11,200	Neo Material Technologies, Inc.(b)		93,268
	154,800	New Gold, Inc.(b)		1,812,458
	43,488	Newalta Corp.		605,458
	22,900	NGEx Resources, Inc.(b)		62,805
	4,500	Niko Resources Ltd.		219,861
	4,000	Norbord, Inc.(b)		39,733
	40,761	Nordion, Inc.		395,943
	3,099	North American Energy Partners, Inc.(b)		19,811
	17,121	North American Palladium Ltd.(b)		48,151
	15,831	North West Co. Inc., (The)		306,294
	10,624	Northern Dynasty Minerals Ltd.(b)		79,042
	163,800	Northern Property Real Estate Investment Trust(c)		5,109,867

14

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	11,568	Northland Power, Inc.	$	199,011
	9,813	Northwest Healthcare Properties Real Estate Investment Trust		120,081
	21,900	Novagold Resources, Inc.(b)		226,710
	26,301	NuVista Energy Ltd.(b)		113,839
	43,243	OceanaGold Corp.(b)		110,404
	8,300	Oncolytics Biotech, Inc.(b)		40,064
	25,600	Onex Corp.		885,928
	29,780	Open Range Energy Corp.(b)		36,828
	12,600	Open Text Corp.(b)(e)		638,608
	1,052	Open Text Corp.(b)(e)		53,326
	35,400	Oromin Explorations Ltd.(b)		34,952
	57,165	Orvana Minerals Corp.(b)		64,423
	6,230	Paladin Labs, Inc.(b)		280,341
	18,800	Pan American Silver Corp.		431,423
	18,300	Paramount Resources Ltd. - Class A(b)		629,650
	1,300	Parex Resources, Inc.(b)		10,605
	3,788	Parkland Fuel Corp.		48,431
	624,971	Pason Systems, Inc.(c)		8,102,746
	9,775	Patheon, Inc.(b)		13,161
	32,800	Pembina Pipeline Corp.		877,327
	71,018	Pengrowth Energy Corp.		711,809
	19,769	Peregrine Diamonds Ltd.(b)		13,998
	780	Perpetual Energy, Inc.		677
	9,000	Petaquilla Minerals Ltd.(b)		5,385
	23,901	PetroBakken Energy Ltd. - Class A		349,922
	17,432	Petrobank Energy & Resources Ltd.(b)		242,695
	27,400	Peyto Exploration & Development Corp.		539,146
	113,000	Phoscan Chemical Corp.(b)		33,809
	2,100	Points International Ltd.(b)		17,027
	26,322	Poseidon Concepts Corp.		388,779
	489	Precision Drilling Corp.(b)(e)		4,998
	45,953	Precision Drilling Corp.(b)(e)		471,583
	13,536	Premium Brands Holdings Corp.		230,842
	17,176	Primero Mining Corp.(b)		54,815
	92,400	Progress Energy Resources Corp.		978,646
	816	Progressive Waste Solutions Ltd.		18,491
	29,060	Progressive Waste Solutions Ltd. - Placement Shares		659,914
	10,241	Provident Energy Ltd.		114,595
	9,467	Pulse Seismic, Inc.		15,673
	9,975	QLT, Inc.(b)		70,234
	62,802	Quadra FNX Mining Ltd.(b)		941,999
	13,700	Quebecor, Inc. - Class B		485,177
	9,000	Queenston Mining, Inc.(b)		45,956
	52,100	Questerre Energy Corp.(b)		35,852
	2,000	Reitmans (Canada) Ltd.		30,019
	16,700	Reitmans (Canada) Ltd. - Class A		244,829
	4,400	Richelieu Hardware Ltd.		130,767

Shares			Value
CANADA (continued)
	12,800	Richmont Mines, Inc.(b)	$	159,314
	2,675	Ritchie Bros. Auctioneers, Inc.		63,040
	42,232	RMP Energy, Inc.(b)		97,714
	3,231	Rock Energy, Inc.(b)		6,219
	4,730	Rocky Mountain Dealerships, Inc.		42,974
	20,712	Rogers Sugar, Inc.		115,468
	26,061	RONA, Inc.		245,613
	60,389	Russel Metals, Inc.		1,495,421
	14,890	Sabina Gold & Silver Corp.(b)		63,112
	18,784	San Gold Corp.(b)		36,343
	188,000	Sandvine Corp.(b)		260,616
	35,881	Savanna Energy Services Corp.(b)		255,858
	75,011	Scorpio Mining Corp.(b)		162,336
	3,678	Secure Energy Services, Inc.(b)		31,289
	44,500	SEMAFO, Inc.		297,347
	26,812	ShawCor Ltd. - Class A		796,846
	149,700	Sherritt International Corp.		945,049
	9,885	Sierra Wireless, Inc.(b)		71,670
	16,700	Silver Standard Resources, Inc.(b)		287,799
	52,187	Silvercorp Metals, Inc.		429,904
	737	Softchoice Corp.(b)		8,930
	7,393	Sonde Resources Corp.(b)		19,096
	63,564	Southern Pacific Resource Corp.(b)		104,598
	11,543	SouthGobi Resources Ltd.(b)		83,116
	56,399	Sprott Resource Corp.(b)		219,926
	55,970	Sprott Resource Lending Corp.		82,613
	9,346	Sprott, Inc.		63,848
	19,600	St. Andrew Goldfields Ltd.(b)		8,503
	10,542	Stantec, Inc.(b)		293,330
	1,490	Stella-Jones, Inc.		61,891
	16,685	Stornoway Diamond Corp.(b)		14,643
	19,100	Sulliden Gold Corp. Ltd.(b)		30,287
	17,644	SunOpta, Inc.(b)		86,751
	13,000	Superior Plus Corp.		81,939
	1,100	Tanzanian Royalty Exploration Corp.(b)		3,620
	74,582	Taseko Mines Ltd.(b)		271,491
	8,058	Tembec, Inc.(b)		30,136
	11,000	Terra Energy Corp.(b)		4,443
	43,900	Thompson Creek Metals Co., Inc.(b)		371,270
	11,300	TMX Group, Inc.		483,127
	46,421	Torex Gold Resources, Inc.(b)		108,796
	24,278	Toromont Industries Ltd.		538,973
	19,698	Torstar Corp. - Class B.		170,125
	22,950	Total Energy Services, Inc.		384,980
	104,000	TransAlta Corp.		2,111,738
	24,706	Transcontinental, Inc. - Class A		316,617
	69,874	TransForce, Inc.		1,128,911
	33,900	Transglobe Energy Corp.(b)		330,311
	28,200	Trican Well Service Ltd.		469,109
	20,400	Trilogy Energy Corp.		635,783

15

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	43,600	Trinidad Drilling Ltd.	$	291,768
	49,965	Twin Butte Energy Ltd.		127,566
	24,940	Uex Corp.(b)		20,893
	8,141	Uni-Select, Inc.		214,344
	135,900	Uranium One, Inc.(b)		346,967
	4,038	Valener, Inc.		65,682
	91,129	Veresen, Inc.(d)		1,332,354
	7,467	Vermilion Energy, Inc.		342,557
	13,560	Vero Energy, Inc.(b)		37,325
	7,539	Virginia Mines, Inc.(b)		67,668
	171,501	Viterra, Inc.		1,845,513
	400	Wajax Corp.		16,635
	32,261	Wesdome Gold Mines Ltd.		61,774
	11,176	West Fraser Timber Co. Ltd.		538,459
	31,338	Western Forest Products, Inc.(b)		26,878
	2,600	Westfire Energy Ltd.(b)		13,147
	6,300	Westjet Airlines Ltd.(c)		78,161
	14,904	Westport Innovations, Inc.(b)		618,931
	9,798	Whitecap Resources, Inc.(b)		91,365
	48,887	Wi-Lan, Inc.		278,881
	11,548	Winpak Ltd.		141,082
	12,846	Winstar Resources Ltd.(b)		57,011
	1,816	Xtreme Coil Drilling Corp.(b)		5,814
	9,672	YM Biosciences, Inc.(b)		19,099
	189,997	Yukon-Nevada Gold Corp.(b)		54,951
	8,076	Zargon Oil & Gas Ltd.		117,592
				116,242,732
CAYMAN ISLANDS — 0.0%
	16,013	Endeavour Mining Corp.(b)(e)		41,362
	12,791	Endeavour Mining Corp.(b)(e)		32,863
	67,692	Siem Offshore, Inc.(b)		107,301
				181,526
CHILE — 0.1%
	424,224	AES Gener SA		245,413
	487,853	Aguas Andinas SA - Class A		289,358
	164,971	Banmedica SA		304,035
	114,351	Besalco SA		182,624
	17,632	Cementos BIO BIO SA		22,596
	35,269	Cia Cervecerias Unidas SA		441,781
	43,481	Cia General de Electricidad SA		234,387
	18,733	Cia Sud Americana de Vapores SA		3,774
	924,504	Colbun SA		242,146
	50,487,302	CorpBanca SA		746,218
	17,867	Cristalerias de Chile SA(c)		169,002
	114,370	E.CL SA		329,709
	18,878	Embotelladora Andina SA - Class A, Preference Shares		72,010
	31,462	Embotelladora Andina SA - Class B, Preference Shares		145,918
	32,067	Empresa Nacional de Telecom Chile SA		583,572
	13,369	Empresas CMPC SA		53,223

Shares			Value
CHILE (continued)
	21,705	Empresas Hites SA	$	13,775
	1,299,287	Empresas Iansa SA		104,398
	79,638	Empresas La Polar SA		35,380
	20,702	Forus SA		64,009
	12,790	Gasco SA		79,352
	448,016	Inversiones Aguas Metropolitanas SA		699,127
	535,964	Madeco SA(b)		25,065
	880,181	Masisa SA		89,343
	952	Molibdenos y Metales SA		13,594
	134,264	Multiexport Foods SA		37,417
	97,068	Parque Arauco SA		172,379
	86,572	PAZ Corp. SA		38,373
	163,857	Ripley Corp. SA		172,153
	58,002	Salfacorp SA		153,382
	152,959	Sigdo Koppers SA		292,480
	353,128	Socovesa SA		133,608
	134,117	Sonda SA		365,166
	235,571	Vina Concha y Toro SA		503,104
	853,398	Vina San Pedro Tarapaca SA		5,729
				7,063,600
CHINA — 0.8%
	1,068,000	AAC Technologies Holdings, Inc.		2,608,270
	198,000	Agile Property Holdings Ltd.		220,843
	317,000	Airtac International Group		1,596,384
	214,000	Angang Steel Co. Ltd. - H Shares		153,975
	2,752,000	Anhui Expressway Co. Ltd. - H Shares(c)		1,667,814
	32,000	Anhui Tianda Oil Pipe Co. Ltd. - H Shares		6,189
	41,000	Anta Sports Products Ltd.		41,289
	564,000	Anton Oilfield Services Group		78,542
	639,000	Asia Cement China Holdings Corp.		311,454
	96,000	Aupu Group Holding Co. Ltd.		7,303
	196,000	AviChina Industry & Technology Co. - H Shares		90,983
	116,000	Baoye Group Co. Ltd. - H Shares		53,099
	278,000	Beijing Capital Land Ltd. - H Shares		62,731
	33,000	Beijing Jingkelong Co. Ltd. - H Shares		27,829
	274,000	Beijing North Star Co. Ltd. - H Shares		46,990
	247,500	BYD Electronic International Co. Ltd.(b)		83,614
	98,000	Catic Shenzhen Holdings Ltd.		41,195
	126,000	China Aoyuan Property Group Ltd.		15,922
	83,000	China Automation Group Ltd.		23,652
	410,857	China BlueChemical Ltd. - H Shares		312,038

16

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	Shares			Value
CHINA (continued)
	240,000	China Communications Services Corp. Ltd. - H Shares	$	107,075
	495,000	China Dongxiang Group Co.		82,337
	181,500	China Huiyuan Juice Group Ltd.		64,593
	73,000	China Longyuan Power Group Corp. - H Shares		55,442
	90,000	China Medical System Holdings Ltd.		58,837
	173,678	China Molybdenum Co. Ltd. - H Shares		86,220
	1,200,084	China National Building Material Co. Ltd. - H Shares		1,451,496
	226,000	China National Materials Co. Ltd. - H Shares		94,418
	152,000	China Nickel Resources Holding Co. Ltd.(b)		12,936
	176,000	China Qinfa Group Ltd.(b)		38,353
	296,000	China Rare Earth Holdings Ltd.(b)		64,885
	216,000	China Rongsheng Heavy Industries Group Holdings Ltd.		67,680
	260,000	China SCE Property Holdings Ltd.		51,964
	491,488	China Shanshui Cement Group Ltd.		361,234
	246,000	China Shineway Pharmaceutical Group Ltd.		354,632
	561,093	China Shipping Container Lines Co. Ltd. - H Shares(b)		124,441
	2,370,000	China Singyes Solar Technologies Holdings Ltd.		1,115,431
	188,000	China Southern Airlines Co. Ltd. - H Shares(b)		96,966
	140,000	China Sunshine Paper Holdings Co. Ltd.		12,817
	127,000	China Sunsine Chemical Holdings Ltd.		25,746
	31,000	China Suntien Green Energy Corp. Ltd.		5,756
	184,158	China Taisan Technology Group Holdings Ltd.		18,008
	126,000	China Tontine Wines Group Ltd.		14,297
	84,000	China Wireless Technologies Ltd.		14,947
	156,000	China Yurun Food Group Ltd.		257,878
	212,400	China Zhongwang Holdings Ltd.		86,271
	350,000	Chinasoft International Ltd.(b)		102,446
	74,000	Chongqing Iron & Steel Co. Ltd. - H Shares(b)		11,546
	340,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		68,392
	44,000	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.		13,219
	Shares			Value
CHINA (continued)
	158,000	Comtec Solar Systems Group Ltd.(b)	$	28,930
	3,219,200	Country Garden Holdings Co. Ltd.		1,382,272
	3,580,000	CPMC Holdings Ltd.(c)		1,680,296
	6,454,000	Dalian Port PDA Co. Ltd. - H Shares(c)		1,514,613
	264,000	Daphne International Holdings Ltd.		340,412
	63,000	Daqing Dairy Holdings Ltd.(b)		12,185
	101,000	Delong Holdings Ltd.(b)(c)		25,293
	33,600	Dongfang Electric Corp. Ltd. - H Shares		99,215
	398,000	Dongyue Group		332,552
	232,000	ENN Energy Holdings Ltd.		704,499
	380,000	Evergrande Real Estate Group Ltd.		180,315
	466,500	Fantasia Holdings Group Co. Ltd.		48,723
	416,000	First Tractor Co. Ltd. - H shares		429,662
	339,000	Fosun International Ltd.		206,321
	204,000	Golden Eagle Retail Group Ltd.		467,696
	381,500	Great Wall Motor Co. Ltd. - H Shares		654,256
	112,000	Great Wall Technology Co. Ltd. - H Shares		25,273
	162,000	Greentown China Holdings Ltd.		73,320
	268,000	Guangshen Railway Co. Ltd. - H Shares		97,796
	241,753	Guangzhou Automobile Group Co. Ltd. - H Shares		262,162
	94,000	Guangzhou Pharmaceutical Co. Ltd. - H Shares(d)		73,694
	148,800	Guangzhou R&F Properties Co. Ltd. - H Shares		145,820
	18,400	Guangzhou Shipyard International Co. Ltd. - H Shares		16,300
	14,000	Hainan Meilan International Airport Co. Ltd. - H Shares		10,452
	239,000	Haitian International Holdings Ltd.		250,547
	162,000	Harbin Electric Co. Ltd. - H Shares		156,876
	230,000	Hidili Industry International Development Ltd.		86,006
	473,000	Honghua Group Ltd.(b)		51,232
	192,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)		56,447
	358,500	International Mining Machinery Holdings Ltd.		392,000
	285,000	Intime Department Store Group Co. Ltd.		346,176
	119,000	JES International Holdings Ltd.(b)		21,759
	80,000	Jiangsu Expressway Co. Ltd. - H Shares		79,739

17

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	Shares			Value
CHINA (continued)
	92,000	Jingwei Textile Machinery - H Shares	$	44,723
	425,000	Kaisa Group Holdings Ltd.(b)		86,038
	163,000	Kasen International Holdings Ltd.(c)		24,801
	458,000	Kingdee International Software Group Co. Ltd.		136,420
	43,000	Kingsoft Corp. Ltd.		17,521
	1,492,722	Lenovo Group Ltd.		1,195,286
	76,000	Li Heng Chemical Fibre Technologies Ltd.		9,365
	43,000	Li Ning Co. Ltd.		44,357
	103,200	Lianhua Supermarket Holdings Co. Ltd. - H Shares		133,603
	190,000	Lingbao Gold Co. Ltd. - H Shares		84,033
	86,000	Little Sheep Group Ltd.(d)		72,080
	29,947	Longfor Properties Co. Ltd.		39,387
	298,000	Maanshan Iron & Steel - H Shares		102,980
	172,000	Maoye International Holdings Ltd.(b)		41,695
	2,301,000	Microport Scientific Corp.(c)		1,168,999
	80,000	MINTH Group Ltd.		86,341
	34,000	Nanjing Panda Electronics Co. Ltd. - H Shares(b)		6,752
	348,000	NVC Lighting Holdings Ltd.		143,143
	96,800	Pacific Online Ltd.		49,927
	138,000	Pan Asia Environmental Protection Group Ltd.(b)		10,499
	34,500	Parkson Retail Group Ltd.		41,238
	170,000	PCD Stores Group Ltd.		25,866
	131,000	Peak Sport Products Co. Ltd.		28,716
	430,000	Powerlong Real Estate Holdings Ltd.		57,109
	402,000	Qingling Motors Co. Ltd. - H Shares		110,928
	261,000	Qunxing Paper Holdings Co. Ltd.(c)(d)		69,115
	67,000	Real Gold Mining Ltd.(c)(d)		76,544
	251,000	Regent Manner International Ltd.		60,522
	883,430	Renhe Commercial Holdings Co. Ltd.		104,800
	1,500	Sany Heavy Equipment International Holdings Co. Ltd.		1,317
	2,411,806	Semiconductor Manufacturing International Corp.(b)		127,505
	79,500	Shandong Chenming Paper Holdings Ltd. - H Shares		38,441
	24,800	Shandong Molong Petroleum Machinery Co. Ltd. - H Shares		14,806
	484,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		445,600
	Shares			Value
CHINA (continued)
	188,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares	$	25,696
	222,000	Shanghai Prime Machinery Co. Ltd. - H Shares		37,213
	106,500	Shengli Oil & Gas Pipe Holdings Ltd.		10,986
	20,000	Shenguan Holdings Group Ltd.		11,373
	162,000	Shenzhou International Group Holdings Ltd.		231,032
	495,765	Shui On Land Ltd.		172,600
	116,000	Sichuan Expressway Co. Ltd. - H Shares		49,659
	26,000	Silver Base Group Holdings Ltd.		21,088
	784,000	Sino Dragon New Energy Holdings Ltd.(b)		32,349
	727,560	Sino-Ocean Land Holdings Ltd.		374,320
	252,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		89,358
	234,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares		59,139
	11,600	Sinopharm Group Co. Ltd. - H Shares		27,492
	93,000	Sinostar PEC Holdings Ltd.		11,978
	79,500	Sinotel Technologies Ltd.(b)		8,090
	571,000	Sinotrans Ltd. - H Shares		117,803
	153,500	Sinotruk Hong Kong Ltd.		86,693
	1,600,500	Soho China Ltd.		1,050,449
	15,000	SPG Land Holdings Ltd.		2,747
	182,000	Sunny Optical Technology Group Co. Ltd.		42,711
	184,000	SunVic Chemical Holdings Ltd.		77,529
	554,000	Tiangong International Co. Ltd.		112,153
	466,000	Tianneng Power International Ltd.		206,102
	1,396,000	Tong Ren Tang Technologies Co. Ltd. - H Shares(c)		1,540,851
	3,568,000	Trauson Holdings Co. Ltd.(c)		1,122,577
	31,500	Travelsky Technology Ltd. - H Shares		17,384
	32,000	Tsingtao Brewery Co. Ltd. - H Shares		172,888
	182,000	Uni-President China Holdings Ltd.		107,248
	121,500	Weiqiao Textile Co. Ltd. - H Shares		62,510
	398,000	West China Cement Ltd.		66,202
	1,000	Wumart Stores, Inc. - H Shares		2,066
	188,000	Xiamen International Port Co. Ltd. - H Shares		28,605
	3,960,000	Xingda International Holdings Ltd.		1,572,705
	157,000	Xingye Copper International Group Ltd.		20,244
	159,000	Xinhua Winshare Publishing and Media Co. Ltd. - H Shares		71,552

18

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
CHINA (continued)
	146,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares	$	45,747
	74,000	Xiwang Sugar Holdings Co. Ltd.(b)		10,878
	810,000	Yantai North Andre Juice Co. -H Shares		27,678
	94,000	Yuzhou Properties Co.		23,029
	260,500	Zhaojin Mining Industry Co. Ltd. - H Shares		467,572
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)		0
	176,000	Zhong An Real Estate Ltd.(b)		25,417
	7,500	Zhongsheng Group Holdings Ltd.		14,951
	26,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares		57,329
				35,639,668
COLUMBIA — 0.0%
	12,000	Petrominerales Ltd.		250,484
CYPRUS — 0.0%
	8,142	Bank of Cyprus Plc		8,222
	28,621	Deep Sea Supply Plc(b)		49,759
	91,591	Marfin Popular Bank Public Co. Ltd.(b)		47,922
	71,521	ProSafe SE		554,663
	14,190	Songa Offshore SE(b)		54,903
				715,469
DENMARK — 0.4%
	2,314	ALK-Abello A/S		137,007
	27,032	Alm Brand A/S(b)		45,661
	8,231	Amagerbanken A/S(b)(c)(d)		0
	638	Ambu A/S - Class B		17,737
	5,855	Auriga Industries - Class B		84,477
	18,742	Bang & Olufsen A/S(b)		225,893
	4,956	Bavarian Nordic A/S(b)		45,781
	1,079	Brodrene Hartmann A/S		20,789
	346,772	Christian Hansen Holding A/S		8,536,058
	6,675	D/S Norden		167,129
	2,204	DFDS A/S		127,586
	7,982	DLH A/S - Class B(b)		10,744
	48,608	DSV A/S		992,969
	3,575	East Asiatic Co. Ltd. A/S		81,774
	2,200	Fionia Bank A/S(b)(c)(d)		0
	10,095	FLSmidth & Co. A/S		746,021
	4,979	Genmab A/S(b)		39,116
	81,337	GN Store Nord A/S		825,055
	7,396	H. Lundbeck A/S		144,059
	2,058	H+H International A/S - Class B(b)		17,454
	2,374	Harboes Bryggeri A/S - Class B		39,683
	963	IC Companys A/S		17,453
	22,039	Jyske Bank A/S(b)		649,922
	3,721	NeuroSearch A/S(b)		10,148
	18,842	NKT Holding A/S		711,131
Shares			Value
DENMARK (continued)
	70	Nordjyske Bank A/S	$	868
	250	Norresundby Bank A/S		6,598
	3,031	Parken Sport & Entertainment A/S(b)		38,398
	664	PER Aarsleff A/S - Class B		50,881
	1,788	Ringkjoebing Landbobank A/S		206,065
	1,687	Rockwool International A/S -Class B		160,141
	906	Royal UNIBREW A/S		51,490
	7,373	Schouw & Co.		153,081
	1,682	SimCorp A/S		255,407
	2,238	Solar A/S - Class B		114,000
	6,473	Spar Nord Bank A/S(b)		43,508
	38	Sparbank(b)		328
	56	Sparekassen Faaborg A/S(b)		2,414
	29,544	Sydbank A/S		503,459
	2,215	Thrane & Thrane A/S		118,479
	33	Tivoli A/S(b)		17,204
	16,761	TK Development(b)		39,813
	3,786	Topdanmark A/S(b)		592,879
	33,402	TopoTarget A/S(b)		15,986
	129,120	Topsil Semiconductor Materials(b)		11,132
	265	Torm A/S(b)		187
	2,378	Tryg A/S		129,500
	155,759	Vestas Wind Systems A/S(b)		1,774,551
	2,285	Vestjysk Bank A/S(b)		10,936
	109	William Demant Holding A/S(b)		9,027
				17,999,979
FINLAND — 2.5%
	9,996	Ahlstrom Oyj		168,147
	379	Aktia Oyj - Class A		2,727
	2,952	Alma Media Oyj		24,674
	39,132	Amer Sports Oyj - Class A		496,508
	1,770	Aspo Oyj		17,249
	1,682	Bank of Aland Plc - Class B(b)		22,881
	2,196	BasWare Oyj		54,720
	18,521	Biotie Therapies Oyj(b)		12,113
	15,775	Cargotec Corp. - Class B.		572,398
	69,022	Citycon Oyj		225,710
	576	Componenta Oyj(b)		2,614
	2,317	Comptel Oyj		1,758
	4,120	Cramo Oyj		58,203
	7,193	Digia Plc		28,226
	17,999	Elisa Oyj		378,579
	28,055	Finnair Oyj(b)		92,844
	1,799	Finnlines Oyj(b)		16,943
	12,672	Fiskars Oyj Abp		272,833
	31,761	F-Secure Oyj		85,998
	2,824	Glaston Oyj Abp(b)		1,810
	11,600	HKScan Oyj - A Shares		94,530
	22,916	Huhtamaki Oyj		279,968
	2,336	Ilkka-Yhtyma Oyj		21,939
	17,695	Kemira Oyj		217,340

19

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
FINLAND (continued)
	1,492	Kesko Oyj - Class A	$	52,498
	31,775	Kesko Oyj - Class B		1,121,373
	15,462	Konecranes Oyj		377,803
	3,505	Lassila & Tikanoja Oyj		52,449
	3,187	Lemminkainen Oyj		83,500
	2,252,327	Metso Oyj(c)		98,106,591
	43,836	M-real Oyj - B Shares(b)		98,624
	1,089	Neste Oil Oyj		12,222
	52,206	Nokian Renkaat Oyj		1,864,939
	10,195	Okmetic Oyj		74,279
	5,138	Olvi Oyj - Class A		110,354
	21,456	Oriola-KD Oyj - Class B		55,569
	10,430	Orion Oyj - Class A		205,462
	9,618	Orion Oyj - Class B		186,699
	13,413	PKC Group Oyj		252,996
	132,675	Pohjola Bank Plc		1,415,258
	766	Ponsse Oyj		7,334
	3,600	Poyry Oyj		29,478
	43,685	Raisio Plc - V Shares		140,569
	26,580	Ramirent Oyj		276,057
	6,650	Rapala VMC Oyj		47,494
	32,226	Ruukki Group Oyj(b)		41,310
	267	Saga Furs Oyj		5,309
	16,431	Sanoma Oyj		221,802
	740	Scanfil Plc(b)		920
	740	Sievi Capital Plc		1,220
	1,969	SRV Group Plc		11,229
	2,865	Stockman Oyj Abp - Class A(c)		58,612
	8,246	Stockman Oyj Abp - Class B		155,320
	198,095	Stora Enso Oyj - Class R		1,409,597
	8,689	Talvivaara Mining Co. Plc(b)		42,856
	5,353	Technopolis Plc		25,067
	5,683	Tecnotree Oyj(b)		3,271
	675	Teleste Oyj		3,541
	16,032	Tikkurila Oyj		303,025
	134,345	UPM-Kymmene Oyj		1,722,147
	2,990	Uponor Oyj		30,584
	3,176	Vacon Plc		150,969
	3,684	Vaisala Oyj - Class A		81,824
	77,675	Wartsila Oyj Abp		2,617,277
	93,678	YIT Oyj		1,727,743
				116,335,883
FRANCE — 1.8%
	3,534	ABC Arbitrage		30,324
	24,037	Accor SA		730,385
	4,525	Aeroports de Paris		334,122
	542	Affine SA REIT		9,316
	18,839	Air France-KLM(b)		119,515
	1,039,619	Alcatel-Lucent(b)		1,848,060
	902	Ales Groupe		14,040
	5,172	Altamir Amboise(b)		43,703
	9,534	Alten Ltd.		263,572
	85,802	Altran Technologies SA(b)		405,273
	1,645	ANF Immobilier REIT		61,281
	369	April		5,975
Shares			Value
FRANCE (continued)
	4,970	Archos(b)	$	53,113
	46,520	Arkema SA		3,759,327
	987	Artprice.com(b)		67,134
	4,828	Assystem		86,961
	13,663	Atos		686,635
	1,591	Audika Groupe		31,216
	1,151	Aurea SA		8,657
	1,370	Avanquest Software(b)		3,692
	8,557	Avenir Telecom(b)		8,059
	653	Axway Software SA(b)		12,855
	1,284	Beneteau SA		13,713
	2,529	Bigben Interactive(b)		27,391
	3,331	BioMerieux		280,118
	84,721	Boiron SA(c)		2,425,824
	2,270	Bollore		461,126
	2,932	Bonduelle SCA		255,692
	2,102	Bongrain SA		130,932
	13,097	Bourbon SA		445,161
	267	Boursorama(b)		2,179
	27,832	Bull(b)		112,493
	33,896	Cap Gemini SA		1,237,459
	244	Cegedim SA		7,143
	2,386	Cegid Group		49,936
	1,574	CFAO SA		53,675
	90	Cie des Alpes		1,918
	124,773	Cie Generale de Geophysique-Veritas(b)		3,479,608
	4,096	Ciments Francais SA		302,124
	4,542	Club Mediterranee SA(b)		90,870
	804	Damartex SA(c)		20,087
	32,302	Derichebourg SA(b)		119,279
	2,118	Devoteam SA		32,663
	22,092	Edenred		536,334
	3,948	Eiffage SA		121,125
	845	Electricite de Strasbourg(c)		110,519
	332	Entrepose Contracting		31,311
	3,548	Eramet		533,940
	246	Esso Ste Anonyme Francaise		24,153
	26,260	Etablissements Maurel Et Prom		436,407
	374	Etam Developpement SA(b)		7,275
	12,672	Euler Hermes SA		838,059
	1,377	Euro Disney SCA(b)		8,628
	1,317	Eurofins Scientific		105,894
	13,937	Eutelsat Communications SA		517,282
	1,226	Exel Industries SA - Class A		50,291
	350	Faiveley Transport		25,509
	16,125	Faurecia		402,440
	1,000	Fimalac		38,718
	539	Fleury Michon SA		20,799
	922	Flo Groupe		4,860
	2,776	Fonciere Des Regions REIT		183,481
	12,718	GameLoft SA(b)		88,336
	202	Gaumont SA		11,335
	1,559	Gecina SA REIT		148,844
	6,483	GFI Informatique(b)		22,727
	2,835	GL Events		59,185

20

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
FRANCE (continued)
	257	Groupe Crit	$	4,790
	77,581	Groupe Eurotunnel SA		639,219
	13,154	Groupe Partouche SA(b)		22,368
	9,438	Groupe Steria SCA		183,266
	393	Guerbet		33,162
	1,437	Guyenne et Gascogne SA		153,493
	5,836	Haulotte Group SA(b)		53,360
	25,799	Havas SA		119,360
	23,886	Hi-Media SA(b)		68,424
	6,307	Icade REIT		513,635
	2,382	Iliad SA		287,834
	14,838	Imerys SA		826,231
	80,088	Ingenico		3,361,182
	1,251	Inter Parfums SA		28,702
	144,494	IPSOS(c)		4,612,657
	2,718	Jacquet Metal Service(b)		31,855
	27,960	JC Decaux SA(b)		708,966
	33,151	Klepierre REIT		995,397
	2,636	Korian		44,583
	3,222	Lagardere SCA		91,582
	936	Laurent-Perrier		93,661
	1,354	Lectra		8,395
	1,715	LISI		132,354
	735	Maisons France Confort		21,295
	1,690	Manitou BF SA(b)		34,950
	467	Manutan International		23,072
	166,490	Medica SA(c)		2,678,649
	142,512	Mersen(c)		4,822,479
	2,556	METabolic Explorer SA(b)		16,015
	4,237	Metropole Television SA		70,801
	327	Montupet(b)		2,267
	1,975	MR Bricolage		25,576
	1,578	Naturex		100,955
	192,374	Neopost SA(c)		13,588,222
	100,142	Nexans SA		6,217,449
	8,861	Nexity SA		256,268
	77,966	NicOx SA(b)		155,014
	760	Norbert Dentressangle SA		59,736
	7,378	NRJ Group		61,282
	17,460	Oeneo		49,103
	7,755	Orpea		247,004
	1,855	Parrot SA(b)		50,227
	69,154	Peugeot SA		1,274,984
	246	Pierre & Vacances SA		8,923
	9,912	Plastic-Omnium SA		259,696
	7,823	Rallye SA		253,058
	14,085	Recylex SA(b)		71,116
	5,499	Remy Cointreau SA		484,157
	88,196	Rexel SA		1,738,540
	111,162	Rubis(c)		5,999,404
	3,562	Sa des Ciments Vicat		215,630
	2,220	Saft Groupe SA		67,224
	1,023	Sartorius Stedim Biotech.		68,981
	135,370	SCOR SE		3,405,941
	7,643	SEB SA		634,834
	1,217	Seche Environnement SA		44,955
Shares			Value
FRANCE (continued)
	5,884	Sechilienne-Sidec.	$	93,205
	4,891	Sequana SA		34,611
	7,940	Societe BIC SA		707,486
	832	Societe d’Edition de Canal +		4,687
	3,179	Societe Immobiliere de Location pour l’Industrie et le Commerce REIT		322,516
	98	Societe Internationale de Plantations d’Heveas SA		9,527
	22,180	Societe Television Francaise 1		243,995
	24,741	SOITEC(b)		150,711
	806	Somfy SA		178,069
	1,699	Sopra Group SA		97,784
	231	Spir Communication(b)		7,209
	101	Stallergenes SA		5,631
	2,498	Ste Industrielle d’Aviation Latecoere SA(b)		36,302
	1,492	STEF.		68,326
	62	Sucriere de Pithiviers-Le-Vieil		136,702
	284	Sword Group		4,781
	954	Synergie SA		10,607
	18,742	Technicolor SA(b)		55,969
	213	Teleperformance SA		5,337
	155	Tessi SA		14,152
	26,644	Thales SA		911,542
	2,738	Theolia SA(b)		3,689
	146	Touax SA		3,991
	343	Transgene SA(b)		4,114
	310	Trigano SA		5,353
	1,922	UBISOFT Entertainment(b)		15,034
	694	Union Financiere de France BQE SA		18,219
	34,483	Valeo SA		1,618,604
	1,404	Viel et Cie		4,922
	735	Vilmorin & Cie		73,654
	1,445	Virbac SA		202,243
	107	VM Materiaux SA		3,430
	653	Vranken - Pommery Monopole		21,909
	11,613	Zodiac Aerospace		1,036,739
				84,593,391
GABON — 0.0%
	2	Total Gabon		882
GERMANY — 2.0%
	1,223	Aareal Bank AG(b)		27,875
	37,576	ADVA AG Optical Networking(b)		202,650
	2,506	Advanced Inflight Allianz AG		11,506
	79	Agennix AG(b)		285
	10,093	Air Berlin Plc(b)		30,616
	11,559	Aixtron SE		155,808
	528	Allgeier Holding AG		6,982
	5,308	Alstria Office AG REIT		63,411
	67	Amadeus Fire AG		2,627
	627	AS Creation Tapeten		20,651
	9,550	Augusta Technologie AG		199,245

21

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
GERMANY (continued)
	14,604	Aurubis AG	$	819,964
	5,118	Axel Springer AG		239,967
	929	Baader Bank AG		2,455
	8,917	Balda AG(b)		56,336
	288	Bauer AG		8,951
	4,404	BayWa AG		166,943
	10,613	Bechtle AG		377,876
	1,967	Bertrandt AG		145,962
	105,032	Bilfinger Berger SE		9,630,796
	1,210	Biotest AG		64,908
	23,015	Borussia Dortmund GmbH & Co. KGAA(b)		72,853
	1,912	Brenntag AG		199,928
	16,674	Carl Zeiss Meditec AG		352,237
	5,305	Celesio AG		102,249
	2,761	Cenit AG		19,820
	4,526	Centrosolar Group AG(b)		6,755
	8,279	CENTROTEC Sustainable AG		128,869
	3,687	Centrotherm Photovoltaics AG		55,727
	3,390	Cewe Color Holding AG		144,114
	17,476	Comdirect Bank AG		188,659
	821	CompuGroup Holding AG		8,897
	7,207	Constantin Medien AG(b)		13,009
	5,227	COR&FJA AG(b)		9,162
	7,800	CropEnergies AG		50,912
	6,999	CTS Eventim AG		226,586
	4,797	Curanum AG(b)		11,960
	7,898	DAB Bank AG		35,848
	2,014	Delticom AG		201,163
	3,806	Deutsche Beteiligungs AG		82,144
	27,541	Deutsche Lufthansa AG		380,603
	8,097	Deutsche Wohnen AG		107,448
	33,396	Deutz AG(b)		226,280
	20,474	Dialog Semiconductor Plc(b)		441,885
	7,612	Douglas Holdings AG		321,606
	2,601	Dr Hoenle AG		32,712
	570	Draegerwerk AG & Co. KGaA		37,958
	17,862	Drillisch AG		174,228
	7,490	Duerr AG		384,983
	4,400	DVB Bank SE(c)		139,856
	692	Eckert & Ziegler AG		20,927
	9,177	Elmos Semiconductor AG		101,013
	166,132	ElringKlinger AG		4,986,133
	1,475	Envitec Biogas AG(b)		17,171
	661	Epigenomics AG(b)		1,081
	4,231	Euromicron AG		97,958
	42,200	Evotec AG(b)		144,236
	71,725	Fielmann AG(c)		7,271,010
	2,910	First Sensor AG(b)		32,678
	31,432	Fraport AG Frankfurt Airport Services Worldwide		1,882,220
	51,919	Freenet AG		697,120
	5,957	Fuchs Petrolub AG		249,501
	127,975	GEA Group AG		4,110,433
	4,248	Generali Deutschland Holding AG		319,225
Shares			Value
GERMANY (continued)
	6,004	Gerresheimer AG	$	284,964
	7,035	Gerry Weber International AG		238,426
	2,345	Gesco AG		208,734
	104,489	GFK SE(c)		4,646,993
	5,545	GFT Technologies AG		21,034
	8,519	Gigaset AG(b)		29,518
	33,550	Gildemeister AG(b)		500,946
	4,477	Grammer AG(b)		86,524
	3,340	Grenkeleasing AG		168,879
	5,192	H&R AG		114,774
	3,685	Hamborner AG REIT		33,857
	3,184	Hamburger Hafen und Logistik AG		102,038
	30,303	Hannover Rueckversicherung AG		1,612,659
	1,410	Hawesko Holding AG		64,091
	4,874	Heidelberger Druckmaschinen AG(b)		10,838
	24,960	Hochtief AG		1,609,585
	2,809	Homag Group AG		35,788
	9,773	Indus Holding AG		279,639
	502	Init Innovation In Traffic Systems AG		9,324
	1,088	Interseroh SE		75,142
	8,503	Intershop Communications AG(b)		26,694
	2,380	Isra Vision AG		49,281
	2,131	IVG Immobilien AG(b)		5,017
	14,814	Jenoptik AG(b)		103,417
	7,931	Kabel Deutschland Holding AG(b)		413,512
	18,946	Kloeckner & Co. SE		263,187
	4,129	Koenig & Bauer AG		62,057
	17,251	Kontron AG		135,300
	11,627	Krones AG		665,606
	210	KSB AG		119,765
	3,242	KUKA AG(b)		68,741
	1,466	KWS Saat AG		303,171
	61,859	Lanxess AG		4,029,129
	641	Leifheit AG		19,075
	26,280	Leoni AG		1,184,233
	4,150	Loewe AG(b)		28,825
	2,194	LPKF Laser & Electronics AG		28,727
	141	Manz AG(b)		3,875
	5,154	Medigene AG(b)		9,115
	13,301	MLP AG		93,185
	408	Mobotix AG		13,235
	11,339	Morphosys AG(b)		291,818
	100,751	MTU Aero Engines Holding AG		7,025,554
	384	Muehlbauer Holding AG & Co. KGaA		10,689
	3,842	MVV Energie AG		120,587
	1,551	Nemetschek AG		56,532
	2,244	Nexus AG(b)		22,161
	3,272	Nordex SE(b)		19,739
	1,021	OHB AG		17,555

22

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
GERMANY (continued)
	7,200	Patrizia Immobilien AG(b)	$	35,788
	1,728	Pfeiffer Vacuum Technology AG		177,750
	19,644	PNE Wind AG		44,967
	1,176	Praktiker AG		3,600
	300	Progress-Werk Oberkirch AG		14,716
	2,204	PSI AG Gesellschaft Fuer Produkte Und Systeme Der Informationstechnologie		48,491
	2,224	Puma SE		695,564
	1,608	PVA TePla AG		7,046
	4,957	Q-Cells SE(b)		2,159
	75,197	QSC AG(b)		214,919
	870	R Stahl AG		25,833
	15,580	Rational AG(c)		3,490,980
	42,668	Rheinmetall AG		2,287,998
	32,486	Rhoen Klinikum AG		673,304
	9,200	SAF-Holland SA(b)		55,477
	1,579	SAG Solarstrom AG		6,545
	2,717	Salzgitter AG		162,309
	475	Sartorius AG		21,592
	273	Schaltbau Holding AG		26,764
	2,064	Sedo Holding AG(b)(c)		7,829
	22,668	SGL Carbon AG(b)		1,144,519
	19,326	Singulus Technologies AG(b)		67,546
	14,802	Sixt AG		273,755
	1,851	SKW Stahl-Metallurgie Holding AG		28,982
	113,539	Sky Deutschland AG(b)		266,731
	97	SMA Solar Technology AG		5,994
	361	SMT Scharf AG		10,955
	19,961	Software AG		650,397
	578	Solar-Fabrik AG(b)		1,739
	14,197	Stada Arzneimittel AG		420,989
	904	STINAG Stuttgart Invest AG(c)		18,092
	2,495	Stratec Biomedical AG		98,560
	159	Stroer Out-Of-Home Media AG(b)		2,593
	66,797	Suedzucker AG		1,973,766
	21,586	Suss Microtec AG(b)		200,472
	532,782	Symrise AG		15,175,053
	18,385	TAG Immobilien AG(b)		144,290
	9,742	Takkt AG		134,056
	1,753	Telegate AG		12,767
	2,222	Tipp24 SE(b)		95,914
	762	Tom Tailor Holding AG(b)		12,349
	4,964	Tomorrow Focus AG		22,726
	471	TUI AG(b)		3,427
	34,543	United Internet AG		648,432
	2,043	Verbio AG(b)		8,252
	4,342	Vossloh AG		443,458
	4,343	VTG AG		83,991
	8,847	Wacker Chemie AG		810,869
	17,355	Wacker Neuson SE		255,388
	62	Washtec AG		599
	1,012	Wincor Nixdorf AG		47,172
Shares			Value
GERMANY (continued)
	34,475	Wirecard AG	$	617,664
	166	XING AG(b)		10,023
	1,398	Zhongde Waste Technology AG		5,303
	275	zooplus AG(b)		13,345
				93,362,305
GIBRALTAR — 0.0%
	162,266	Bwin.Party Digital Entertainment Plc		410,140
GREECE — 0.0%
	811	Aegean Airlines SA(b)		1,538
	911	Agricultural Bank of Greece(b)		442
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)		4
	147,872	Alpha Bank AE(b)		294,003
	1,098	Astir Palace Hotel SA(b)		3,260
	2,153	Athens Water Supply & Sewage Co. SA (The)		9,125
	17,736	Attica Bank(b)		7,586
	7,424	Bank of Greece(c)		142,751
	10,753	Coca-Cola Hellenic Bottling Co. SA(b)		199,729
	36,991	Corinth Pipeworks SA(b)		30,531
	5,766	Diagnostic & Therapeutic Center of Athens Hygeia SA(b)		2,112
	130,862	EFG Eurobank Ergasias SA(b)		157,479
	21,578	Ellaktor SA		38,668
	1,389	Euromedica SA(b)		863
	3,374	Folli Follie Group(b)		29,128
	22,434	Forthnet SA(b)		3,873
	5,815	Fourlis Holdings SA(b)		11,562
	10,782	Frigoglass SA(b)		56,272
	5,528	GEK Terna Holding Real Estate Construction SA		6,255
	1,337	Geniki Bank(b)		495
	5,071	Hellenic Exchanges SA Holding Clearing Settlement and Registry		21,889
	28,693	Hellenic Petroleum SA		216,558
	2,549	Hellenic Telecommunications Organization SA		9,436
	4,725	Heracles General Cement Co.(b)		10,074
	8,760	Intracom Holdings SA(b)		2,418
	3,690	Intracom SA Technical & Steel Constructions(b)		2,124
	2,155	Intralot SA-Integrated Lottery Systems & Services		2,340
	6,985	JUMBO SA(b)		33,166
	6,715	Lambrakis Press SA(b)		1,010
	2,599	Lamda Development SA(b)		8,635
	6,590	Metka SA		60,340
	1,951	Motor Oil (Hellas) Corinth Refineries SA		15,184

23

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
GREECE (continued)
	20,994	Mytilineos Holdings SA(b)	$	87,326
	181,244	Piraeus Bank SA(b)		161,211
	618	Piraeus Port Authority		8,803
	22,848	Proton Bank SA(b)(c)(d)		0
	1,000	Public Power Corp. SA		5,206
	1,978	S&B Industrial Minerals SA(b)		12,083
	5,302	Sarantis SA(b)		14,841
	1,817	Sidenor Steel Products Manufacturing Co. SA(b)		2,805
	12,534	T Bank SA(b)(c)(d)		787
	3,630	Teletypos SA Mega Channel(b)(c)		1,724
	5,702	Terna Energy SA		10,367
	647	Thessaloniki Port Authority SA		9,039
	592	Titan Cement Co. SA		9,920
	444	TT Hellenic Postbank SA(b)		456
	23,866	Viohalco(b)		99,585
				1,803,003
GUERNSEY — 0.1%
	732,973	Resolution Ltd.		3,154,348
HONG KONG — 1.2%
	159,000	Ajisen China Holdings Ltd.		183,084
	160,000	Alco Holdings Ltd.		50,546
	44,000	Allan International Holdings Ltd.		11,290
	30,000	Allied Group Ltd.		73,498
	1,753,693	Allied Properties HK Ltd.		244,219
	5,992,000	AMVIG Holdings Ltd.(c)		2,851,015
	1,540,000	Apac Resources Ltd.(b)		67,515
	576,000	Apollo Solar Energy Technology Holdings Ltd.(b)		21,539
	84,000	APT Satellite Holdings Ltd.		13,647
	205,000	Artel Solutions Group Holdings Ltd.(b)		2,617
	142,000	Asia Financial Holdings Ltd.(c)		47,972
	58,000	Asia Satellite Telecommuni-cations Holdings Ltd.		123,549
	421,877	Asia Standard International Group Ltd.		64,190
	211,000	Asian Citrus Holdings Ltd.		115,086
	312,700	ASM Pacific Technology Ltd.		4,024,017
	80,000	Associated International Hotels Ltd.(c)		154,733
	820,000	AVIC International Holding HK Ltd.(b)		26,434
	218,000	Beijing Capital International Airport Co. Ltd. - H Shares		113,001
	89,000	Beijing Development HK Ltd.(b)		14,001
	62,000	Beijing Enterprises Holdings Ltd.		359,754
	1,217,000	Beijing Enterprises Water Group Ltd.(b)		334,250
	408,000	Beijing Yu Sheng Tang Pharmaceutical Group Ltd.(b)		3,525
Shares			Value
HONG KONG (continued)
	504,000	Bel Global Resources Holdings Ltd.(b)(c)(d)	$	9,228
	100,000	Bio-Dynamic Group Ltd.(b)		10,058
	906,000	Birmingham International Holdings Ltd.(b)(c)(d)		17,757
	144,000	Bonjour Holdings Ltd.		24,324
	390,000	Bosideng International Holdings Ltd.		112,143
	218,000	Bossini International Holdings Ltd.		16,304
	32,000	Brightoil Petroleum Holdings Ltd.		6,808
	668,000	Brilliance China Automotive Holdings Ltd.(b)		714,056
	1,296,000	Burwill Holdings Ltd.(b)		18,884
	291,000	C C Land Holdings Ltd.		63,413
	106,000	Cafe de Coral Holdings Ltd.		242,198
	175,000	Capital Estate Ltd.(b)		4,513
	247,656	Central China Real Estate Ltd.		54,287
	256,000	Centron Telecom International Holdings Ltd.		39,612
	718,800	Century City International Holdings Ltd.		51,904
	240,000	Century Sunshine Group Holdings Ltd.(b)		7,427
	1,590,446	Champion Technology Holdings Ltd.		20,098
	276,560	Chaoda Modern Agriculture Holdings Ltd.(c)(d)		39,227
	840,000	Chaoyue Group Ltd.(b)(c)		12,131
	96,000	Chen Hsong Holdings		30,328
	116,186	Cheuk Nang Holdings Ltd.		42,997
	80,000	Chevalier International Holdings Ltd.		80,667
	275,000	Chevalier Pacific Holdings Ltd.		7,092
	888,000	Chigo Holding Ltd.		20,496
	410,000	China Aerospace International Holdings Ltd.		31,720
	243,798	China Agri-Industries Holdings Ltd.		197,734
	2,392,000	China Billion Resources Ltd.(b)(c)(d)		26,834
	339,699	China CBM Group Ltd.(b)		4,512
	336,000	China Chengtong Development Group Ltd.		13,431
	120,000	China Electronics Corp. Holdings Co. Ltd.(b)		12,069
	110,000	China Energy Development Holdings Ltd.(b)		1,262
	102,000	China Everbright International Ltd.		43,797
	146,000	China Everbright Ltd.		239,088
	140,000	China Financial Services Holdings Ltd.(b)		8,485
	71,411	China Flavors & Fragrances Co. Ltd.(b)		14,272
	322,000	China Foods Ltd.		255,763
	952,000	China Gas Holdings Ltd.		443,145

24

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	238,000	China Glass Holdings Ltd.	$	41,430
	87,700	China Grand Forestry Green Resources Group Ltd.(b)		8,142
	159,000	China Green Holdings Ltd.		45,105
	92,000	China Haidian Holdings Ltd.		9,490
	8,000	China High Precision Automation Group Ltd.(c)(d)		2,770
	324,000	China High Speed Transmission Equipment Group Co. Ltd.		171,707
	1,002,000	China Infrastructure Investment Ltd.(b)		24,548
	672,000	China Lumena New Materials Corp.		132,575
	258,000	China Mandarin Holdings Ltd.(b)		4,225
	367,000	China Mengniu Dairy Co. Ltd.		981,941
	132,148	China Merchants Holdings International Co. Ltd.		439,624
	216,000	China Metal International Holdings, Inc.		37,879
	193,200	China Metal Recycling Holdings Ltd.		228,692
	1,770,000	China Mining Resources Group Ltd.(b)(c)(d)		25,790
	660,000	China Oil and Gas Group Ltd.(b)		54,466
	52,000	China Oriental Culture Group Ltd.(b)		2,179
	281,000	China Overseas Grand Oceans Group Ltd.		260,517
	222,000	China Pharmaceutical Group Ltd.		53,530
	460,000	China Power International Development Ltd.		116,849
	430,000	China Precious Metal Resources Holdings Co. Ltd.(b)		80,397
	244,000	China Properties Group Ltd.(b)		73,622
	308,000	China Public Procurement Ltd.(b)(c)(d)		0
	20,065	China Renewable Energy Investment Ltd.(b)		750
	4,844,000	China Renji Medical Group Ltd.(b)(c)(d)		37,476
	3,700,000	China Resources and Transportation Group Ltd.(b)		126,430
	26,000	China Resources Cement Holdings Ltd.		18,774
	186,000	China Resources Enterprise Ltd.		641,561
	120,800	China Resources Gas Group Ltd.		174,145
	1,230,000	China South City Holdings Ltd.		171,289
	290,000	China Starch Holdings Ltd.		9,535
	275,440	China State Construction International Holdings Ltd.		218,426
	970,000	China Strategic Holdings Ltd.(b)		19,512
	364,400	China Taiping Insurance Holdings Co. Ltd.(b)		672,857
Shares			Value
HONG KONG (continued)
	296,000	China Ting Group Holdings Ltd.(d)	$	19,084
	682,000	China Travel International Investment Hong Kong Ltd.		128,392
	184,000	China Tycoon Beverage Holdings Ltd.(b)		3,250
	150,000	China Vanadium Titano - Magnetite Mining Co. Ltd.		30,947
	52,000	China Water Affairs Group Ltd.		15,958
	1,350,000	China Windpower Group Ltd.(b)		54,833
	57,000	Chong Hing Bank Ltd.		102,897
	108,000	Chow Sang Sang Holdings International Ltd.		255,681
	198,000	Chu Kong Shipping Development Co. Ltd.		30,126
	64,000	Chuang’s China Investments Ltd.		3,260
	385,500	Chuang’s Consortium International Ltd.		36,784
	90,000	CIMC Enric Holdings Ltd.(b)		37,136
	62,000	Citic 21CN Co. Ltd.(b)		3,478
	290,000	Citic Pacific Ltd.		555,672
	643,000	Citic Resources Holdings Ltd.(b)		94,519
	12,000	Citic Telecom International Holdings Ltd.		2,522
	726,000	CK Life Sciences International Holdings, Inc.		40,722
	68,000	Clear Media Ltd.(b)		28,760
	134,000	Coastal Greenland Ltd.(b)		5,011
	1,648,387	Comba Telecom Systems Holdings Ltd.		1,154,145
	156,000	Cosco International Holdings Ltd.		66,179
	312,000	COSCO Pacific Ltd.		433,685
	380,000	Cosmos Machinery		25,479
	375,000	Cosway Corp Ltd.(b)		52,706
	1,010,000	CP Lotus Corp.(b)		37,117
	1,238,000	CP Pokphand Co.		154,844
	42,000	Cross-Harbour Holdings Ltd.		33,848
	1,590,000	CSI Properties Ltd.		48,795
	208,000	CST Mining Group Ltd.(b)		2,387
	752,000	Culture Landmark Investment Ltd.(b)		8,533
	105,000	Culturecom Holdings Ltd.(b)		12,185
	183,000	DaChan Food Asia Ltd.		31,620
	73,040	Dah Sing Banking Group Ltd.		73,744
	55,050	Dah Sing Financial Holdings Ltd.		188,817
	218,000	Dan Form Holdings Co. Ltd.(b)		16,023
	132,000	Dawnrays Pharmaceutical Holdings Ltd.		37,445
	244,000	DBA Telecommunication Asia Holdings Ltd.		80,544
	24,000	Dejin Resources Group Co. Ltd.(b)		195

25

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	160,550	Dickson Concepts International Ltd.	$	89,433
	139,000	Digital China Holdings Ltd.		229,417
	40,000	DVN Holdings Ltd.		1,367
	108,000	Dynasty Fine Wines Group Ltd.		25,624
	64,000	EcoGreen Fine Chemicals Group Ltd.		14,029
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		14,317
	62,000	Embry Holdings Ltd.		33,577
	325,000	Emperor Entertainment Hotel Ltd.		44,840
	500,416	Emperor International Holdings Ltd.		80,012
	630,000	Emperor Watch & Jewellery Ltd.		80,422
	446,943	Enerchina Holdings Ltd.(b)		4,322
	490,000	EPI Holdings Ltd.(b)		9,477
	505,200	Esprit Holdings Ltd.		745,231
	504,000	eSun Holdings Ltd.(b)		69,537
	596,000	EVA Precision Industrial Holdings Ltd.		106,822
	9,500	Fairwood Ltd.		12,568
	462,116	Far East Consortium International Ltd.		72,100
	598,000	Fook Woo Group Holdings Ltd.(b)(c)(d)		104,868
	104,000	Fountain SET Holdings Ltd.		13,947
	830,000	Franshion Properties China Ltd.		202,275
	51,000	Fufeng Group Ltd.		25,778
	314,000	GCL Poly Energy Holdings Ltd.		108,104
	490,000	Geely Automobile Holdings Ltd.		144,688
	498,000	Genting Hong Kong Ltd.(b)(c)		172,094
	884,000	Get Nice Holdings Ltd.		35,336
	456,000	Giordano International Ltd.		363,963
	1,839,200	Global Bio-Chem Technology Group Co. Ltd.		415,019
	128,000	Global Sweeteners Holdings Ltd.(b)		14,854
	620,000	Glorious Property Holdings Ltd.(b)		99,132
	150,000	Glorious Sun Enterprises Ltd.		47,387
	220,000	Gold Peak Industries Holding Ltd.		21,559
	220,000	Goldbond Group Holdings Ltd.		8,794
	684,000	Golden Meditech Co. Ltd.(b)		95,254
	140,000	Goldin Properties Holdings Ltd.(b)		41,520
	75,000	Goldlion Holdings Ltd.		29,012
	4,205,600	GOME Electrical Appliances Holdings Ltd.		1,003,231
	120,000	Good Fellow Resources Holdings Ltd.(b)		4,797
	16,000	Good Friend International Holdings, Inc.		7,737
	80,000	Goodtop Tin International Holdings Ltd.(b)		8,562
Shares			Value
HONG KONG (continued)
	219,960	Great Eagle Holdings Ltd.	$	541,724
	80,000	Greenheart Group Ltd.(b)		8,665
	6,885,000	G-Resources Group Ltd.(b)		426,134
	924,000	Guangdong Investment Ltd.		534,958
	184,000	Guangnan Holdings		23,963
	61,000	Haier Electronics Group Co. Ltd.(b)		62,767
	151,159	Haitong International Securities Group Ltd.		53,990
	130,000	Hang Ten Group Holdings Ltd.		45,092
	114,000	Harbour Centre Development Ltd.(c)		144,056
	789,573	Heng Tai Consumables Group Ltd.(b)		35,125
	834,000	Hengdeli Holdings Ltd.		320,467
	483,000	Hi Sun Technology (China)Ltd.(b)		129,542
	437,035	HKC Holdings Ltd.		15,497
	295,600	HKR International Ltd.		107,868
	15,152	HKT Trust / HKT Ltd.(b)		9,710
	186,000	Hon Kwok Land Investment Co. Ltd.(c)		58,280
	5,200	Hong Kong Aircraft Engineering Co. Ltd.		72,281
	50,000	Hong Kong Ferry (Holdings) Co. Ltd.		40,102
	307,000	Hongkong & Shanghai Hotels (The)		408,526
	727,700	Hongkong Chinese Ltd.		123,859
	29,000	Hopewell Highway Infrastructure Ltd.		15,892
	243,000	Hopewell Holdings Ltd.		634,502
	136,000	Hopson Development Holdings Ltd.		83,824
	50,000	Hsin Chong Construction Group Ltd.		7,801
	96,000	Hua Han Bio-Pharmaceutical Holdings Ltd.		17,083
	48,000	Huabao International Holdings Ltd.		32,618
	536,000	Huafeng Group Holdings Ltd.(b)		10,851
	259,631	Hung Hing Printing Group Ltd.		51,556
	524,000	Huscoke Resources Holdings Ltd.		9,527
	1,402,000	Hutchison Harbour Ring Ltd.		122,930
	1,441,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		589,013
	16,000	Hycomm Wireless Ltd.(b)		2,063
	572,000	IDT International Ltd.(b)(c)		6,564
	995,000	Inspur International Ltd.		31,562
	592,500	Interchina Holdings Co.(b)		37,436
	120,000	iOne Holdings Ltd.		1,207
	410,000	IPE Group Ltd.		33,306
	94,000	IRC Ltd.(b)		14,060
	398,000	IT Ltd.		228,373
	99,000	ITC Properties Group Ltd.(b)		26,169

26

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	72,000	Jinchuan Group International Resources Co. Ltd.(b)	$	18,846
	209,000	Jinhui Holdings Ltd.(b)(c)		32,878
	306,000	Jiuzhou Development Co. Ltd.(b)		18,742
	290,000	JLF Investment Co. Ltd.		16,079
	842,500	Johnson Electric Holdings Ltd.		498,636
	308,000	Joyce Boutique Holdings Ltd.		28,595
	208,000	Ju Teng International Holdings Ltd.		27,089
	584,433	K Wah International Holdings Ltd.		165,037
	540,000	Kai Yuan Holdings Ltd.(b)		12,951
	234,000	Kam Hing International Holdings Ltd.		20,216
	42,000	Keck Seng Investments		17,601
	17,000	King Stone Energy Group Ltd.(b)		1,556
	159,500	Kingboard Chemical Holdings Ltd.		550,156
	342,500	Kingboard Laminates Holdings Ltd.		183,278
	196,000	Kingmaker Footwear Holdings Ltd.		25,526
	1,742,000	Kingston Financial Group Ltd.		177,450
	206,666	Kingway Brewery Holdings Ltd.		63,956
	2,280,000	Ko Yo Chemical Group Ltd.(b)		38,219
	417,000	Kowloon Development Co. Ltd.		390,906
	368,000	KWG Property Holding Ltd.		152,794
	620,000	Lai Fung Holdings Ltd.		15,429
	5,146,750	Lai Sun Development Co. Ltd.(b)		89,592
	520,000	Lai Sun Garment International Ltd.(b)		46,936
	9,000	LAM Soon Hong Kong Ltd.		5,083
	116,000	Le Saunda Holdings Ltd.		41,432
	68,000	Lee & Man Chemical Co. Ltd.		46,471
	34,000	Lee & Man Handbags Holding Ltd.		2,894
	1,271,200	Lee & Man Paper Manufacturing Ltd.		519,606
	8,805,000	Lijun International Pharmaceutical Holding Ltd.(c)		1,112,646
	1,924,000	Lippo China Resources Ltd.		41,679
	102,000	Lippo Ltd.		31,434
	156,000	Liu Chong Hing Investment Ltd.(c)		155,089
	62,500	LK Technology Holdings Ltd.		17,246
	244,000	Lonking Holdings Ltd.		100,365
	588,000	Loudong General Nice Resources China Holdings Ltd.(d)		46,250
	361,000	Luen Thai Holdings Ltd.		27,929
	110,000	Luk Fook Holdings International Ltd.		405,658
Shares			Value
HONG KONG (continued)
	52,000	Luks Group Vietnam Holdings Co. Ltd.	$	10,058
	98,000	Lung Kee (Bermuda) Holdings(c)		49,030
	1,658,000	Magnificent Estates		57,723
	38,000	Man Yue Technology Holdings Ltd.		6,762
	936,000	Mascotte Holdings Ltd.(b)		25,707
	194,375	Media China Corp. Ltd.(b)		2,055
	580,000	Mei Ah Entertainment Group Ltd.(b)		8,601
	673,000	Melco International Development Ltd.(b)		570,140
	48,000	Midland Holdings Ltd.		25,748
	108,000	MIN XIN Holdings Ltd.		57,096
	92,000	Ming Fai International Holdings Ltd.		9,490
	650,000	Ming Fung Jewellery Group Ltd.(b)		41,069
	310,000	Mingfa Group International Co. Ltd.		98,333
	690,000	Mingyuan Medicare Development Co. Ltd.(b)		23,577
	208,000	Minmetals Land Ltd.		23,066
	280,000	Minmetals Resources Ltd.(b)		132,503
	42,000	Miramar Hotel & Investment Co. Ltd.(c)		44,408
	243,000	Mongolia Energy Corp. Ltd.(b)		22,247
	6,221,148	Nan Hai Corp. Ltd.(b)		27,274
	10,000	Natural Beauty Bio-Technology Ltd.		1,547
	262,000	Neo-Neon Holdings Ltd.		44,594
	69,500	NetDragon Websoft, Inc.		40,417
	872,000	New Century Group Hong Kong Ltd.		19,564
	8,000	New Focus Auto Tech Holdings Ltd.(b)		1,681
	4,175,000	New Smart Energy Group Ltd.(b)		44,682
	228,500	New Times Energy Corp Ltd(b)		18,857
	857,100	New World China Land Ltd.		206,669
	45,000	New World Department Store China Ltd.		27,098
	300,000	Neway Group Holdings Ltd.		1,857
	604,000	Newocean Energy Holdings Ltd.		115,266
	434,000	Next Media Ltd.(b)		39,733
	266,000	Nine Dragons Paper Holdings Ltd.		179,384
	260,000	North Asia Resources Holdings Ltd.(b)		8,717
	625,000	Orange Sky Golden Harvest Entertainment Holdings Ltd.(b)		23,774
	23,000	Oriental Ginza Holdings Ltd.(b)		1,097
	291,200	Oriental Watch Holdings		131,420
	478,776	Pacific Andes International Holdings Ltd.		45,684

27

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	13,558,000	Pacific Basin Shipping Ltd.(c)	$	6,450,946
	450,000	Pacific Century Premium Developments Ltd.(b)(d)		81,815
	236,000	Pacific Textile Holdings Ltd.		145,764
	323,240	Paliburg Holdings Ltd.		96,281
	697,000	PCCW Ltd.		220,191
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	477,800	Pearl Oriental Oil Ltd.		40,046
	296,000	Phoenix Satellite Television Holdings Ltd.		94,655
	368,000	Pico Far East Holdings Ltd.		76,397
	280,000	PME Group Ltd.(b)		6,246
	990,977	PNG Resources Holdings Ltd.(b)		14,567
	508,000	Poly Hong Kong Investments Ltd.		252,844
	1,200,000	Polytec Asset Holdings Ltd.		133,070
	109,000	Ports Design Ltd.		178,497
	927,000	Pou Sheng International Holdings Ltd.(b)		115,945
	560,000	Prosperity International Holdings (Hong Kong) Ltd.		31,772
	68,000	Public Financial Holdings Ltd.		29,461
	1,546,000	PYI Corp. Ltd.		42,262
	973,335	Qin Jia Yuan Media Services Co. Ltd.		21,587
	98,000	Real Nutriceutical Group Ltd.		33,740
	386,200	Regal Hotels International Holdings Ltd.		132,961
	1,800,000	REXLot Holdings Ltd.		123,013
	96,000	Richfield Group Holdings Ltd.		4,828
	96,000	Rising Development Holdings Ltd.(b)		11,760
	78,000	Royale Furniture Holdings Ltd.		21,825
	176,000	SA SA International Holdings Ltd.		113,698
	292,000	Samling Global Ltd.		24,474
	291,000	Samson Holding Ltd.		33,770
	92,000	SEA Holdings Ltd.(c)		40,096
	20,000	SEEC Media Group Ltd.(b)		774
	112,516	Shanghai Industrial Holdings Ltd.		359,080
	25,000	Shanghai Industrial Urban Development Group Ltd.(b)		5,061
	3,660,000	Shanghai Zendai Property Ltd.(b)(c)		63,239
	42,000	Sheng Yuan Holdings Ltd.(b)		1,895
	150,000	Shenyin Wanguo HK Ltd.		43,132
	208,000	Shenzhen High-Tech Holdings Ltd.		11,265
	2,877,500	Shenzhen International Holdings Ltd.		196,649
	426,000	Shenzhen Investment Ltd.		88,987
	306,629	Shimao Property Holdings Ltd.		315,909
	149,000	Shougang Concord Grand Group(b)		5,572
Shares			Value
HONG KONG (continued)
	1,456,000	Shougang Concord International Enterprises Co. Ltd.	$	101,381
	660,000	Shougang Fushan Resources Group Ltd.		265,522
	474,000	Shun Tak Holdings Ltd.		201,083
	172,000	Silver Grant International Ltd.		38,590
	338,000	SIM Technology Group Ltd.		26,586
	268,000	Sing Tao News Corp. Ltd.		38,013
	782,000	Singamas Container Holdings Ltd.		176,460
	28,000	Sino Biopharmaceutical		7,835
	320,000	Sino Gas Group Ltd.(b)		8,294
	1,825,000	Sino Oil And Gas Holdings Ltd.(b)		63,537
	860,000	Sino Prosper State Gold Resources Holdings Ltd.(b)		9,758
	1,240,000	Sino Union Energy Investment Ltd.(b)		77,547
	110,000	Sinofert Holdings Ltd.		31,772
	374,250	Sinolink Worldwide Holdings Ltd.(b)		30,402
	73,000	SinoMedia Holding Ltd.		23,626
	138,000	Sinopec Kantons Holdings Ltd.		79,718
	213,500	Sinotrans Shipping Ltd.		55,059
	38,000	SIS International Holdings		14,210
	445,291	Skyworth Digital Holdings Ltd.		191,201
	104,000	SmarTone Telecommunications Holding Ltd.		176,210
	407,934	SMI Corp. Ltd.(b)		13,098
	66,843	SOCAM Development Ltd.		66,884
	283,000	Solargiga Energy Holdings Ltd.		31,747
	110,000	Solartech International Holdings Ltd.(b)		2,596
	366,000	Solomon Systech International Ltd.(b)		8,684
	696,000	South China China Ltd.(c)		41,283
	394,000	SRE Group Ltd.		19,051
	98,000	Stella International Holdings Ltd.		224,930
	55,000	Stelux Holdings International Ltd.		10,496
	204,000	Success Universe Group Ltd.(b)		5,077
	16,000	Sun Hing Vision Group Holdings Ltd.		5,570
	305,054	Sun Hung Kai & Co. Ltd.		160,486
	1,430,000	Sun Innovation Holdings Ltd.(b)		23,418
	566,000	Sunwah Kingsway Capital Holdings Ltd.		10,947
	1,347,000	Superb Summit International Timber Co. Ltd.(b)		20,321
	60,000	Sustainable Forest Holdings Ltd.		1,191
	96,000	Symphony Holdings Ltd.		4,828
	24,000	Tack Hsin Holdings(b)		6,777
	302,000	TAI Cheung Holdings Ltd.(c)		198,600
	174,000	Tak Sing Alliance Holdings Ltd.		14,135

28

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	720,000	Talent Property Group Ltd.(b)	$	30,173
	6,000	Tan Chong International Ltd.		1,470
	296,000	TCC International Holdings Ltd.		107,251
	367,000	TCL Communication Technology Holdings Ltd.		168,941
	152,000	TCL Multimedia Technology Holdings Ltd.(b)		55,663
	97,000	Techtronic Industries Co.		107,815
	61,000	Television Broadcasts Ltd.		355,131
	108,000	Texhong Textile Group Ltd.		25,902
	272,000	Texwinca Holdings Ltd.		298,469
	185,800	Tian An China Investment Co. Ltd.		94,873
	106,000	Tianjin Development Holdings Ltd.(b)		57,816
	730,000	Tianjin Port Development Holdings Ltd.		102,601
	8,000	Tianyi Fruit Holdings Ltd.(b)		1,774
	2,380,000	Titan Petrochemicals Group Ltd.(b)		88,997
	218,000	Tom Group Ltd.(b)		20,239
	256,252	Tomson Group Ltd.		67,736
	1,740,000	Tongda Group Holdings Ltd.		50,482
	276,000	Town Health International Investments Ltd.		35,589
	203,000	Towngas China Co. Ltd.		117,267
	240,000	TPV Technology Ltd.		61,274
	154,000	Tradelink Electronic Commerce Ltd.		19,460
	87,600	Transport International Holdings Ltd.		187,279
	82,000	Trinity Ltd.		65,978
	204,000	Truly International Holdings Ltd.		35,248
	128,000	TSC Group Holdings Ltd.(b)		17,660
	20,000	Tse Sui Luen Jewellery International Ltd.		15,164
	194,000	Tysan Holdings Ltd.(c)		34,771
	1,230,000	United Energy Group Ltd.(b)		228,386
	102,000	United Laboratories International Holdings Ltd. (The)		64,446
	230,000	Universal Technologies Holdings Ltd.		14,829
	84,000	Value Convergence Holdings Ltd.(b)		8,015
	277,000	Value Partners Group Ltd.		162,515
	188,000	Varitronix International Ltd.		79,754
	348,000	Vedan International Holdings Ltd.		21,988
	112,402	Victory City International Holdings Ltd.		11,595
	20,000	Vinda International Holdings Ltd.		24,370
	244,000	Vitasoy International Holdings Ltd.		184,684
	404,000	VODone Ltd.		58,345
	26,000	VST Holdings Ltd.(b)		3,956
Shares			Value
HONG KONG (continued)
	51,000	VTech Holdings Ltd.	$	531,682
	2,000,580	Wah Nam International Holdings Ltd.(b)		128,981
	1,640,000	Wang On Group Ltd.		14,168
	136,000	Wasion Group Holdings Ltd.		54,714
	64,000	Water Oasis Group Ltd.		10,811
	96,000	Win Hanverky Holdings Ltd.		9,036
	29,495	Wing Hang Bank Ltd.		271,929
	77,000	Wing On Co. International Ltd.(c)		154,888
	230,000	Wing Tai Properties Ltd.(c)		76,515
	254,000	Winteam Pharmaceutical Group Ltd.(b)		41,922
	838,000	Xinyi Glass Holdings Ltd.		495,973
	96,500	XTEP International Holdings		31,730
	230,000	Yeebo International Holdings(c)		38,554
	45,000	YGM Trading Ltd.		114,077
	1,733,500	Yingde Gases Group Co.		2,000,545
	162,000	Yip’s Chemical Holdings Ltd.		122,200
	1,436,200	Yuexiu Property Co. Ltd.		246,302
	230,191	Yuexiu Transport Infrastructure Ltd.		99,731
	906,000	Yugang International Ltd.		5,023
				57,371,913
HUNGARY — 0.0%
	2,915	Egis Pharmaceuticals Plc		214,052
	40	EMASZ Rt		2,649
	28,924	FHB Mortgage Bank Plc(b)		65,698
	57	Fotex Holding SE Co. Ltd.(b)		75
	28,929	Magyar Telekom Telecommunications Plc		68,795
	5,822	Richter Gedeon Nyrt		957,513
				1,308,782
INDIA — 1.0%
	355	3M India Ltd.(b)		25,764
	18,184	ABB Ltd.		300,204
	7,510	ABG Shipyard Ltd.(b)		58,909
	25,816	ACC Ltd.		622,988
	176,085	Adani Power Ltd.(b)		285,076
	25,742	Aditya Birla Nuvo Ltd.(c)		426,022
	6,786	AIA Engineering Ltd.(b)		39,993
	3,521	AKZO Nobel India Ltd.		57,111
	20,592	Alembic Pharmaceutical Ltd.(b)		15,888
	36,030	Allahabad Bank		117,720
	810	Allcargo Global Logistics Ltd.		2,289
	188,105	Alok Industries Ltd.		76,277
	185,329	Amara Raja Batteries Ltd.(c)		810,170
	290,951	Ambuja Cements Ltd.(c)		947,084
	29,480	Amtek Auto Ltd.		64,719
	35,532	Andhra Bank		73,227
	291	Apar Industries Ltd.(b)		736
	149,371	Apollo Hospitals Enterprise Ltd.(c)		1,813,025
	43,566	Apollo Tyres Ltd.		63,836

29

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	110,372	Arvind Ltd.(b)	$	215,409
	719,185	Ashok Leyland Ltd.(b)		396,355
	77,677	Aurobindo Pharma Ltd.(b)		180,662
	612	Aventis Pharma Ltd.		28,563
	422,124	Bajaj Electricals Ltd.(c)		1,484,627
	7,450	Bajaj Finance Ltd.		113,102
	20,488	Bajaj Finserv Ltd.		186,130
	224,250	Bajaj Hindusthan Ltd.		157,603
	32,171	Bajaj Holdings and Investment Ltd.(c)		436,386
	12,115	Balkrishna Industries Ltd.		46,321
	189,807	Ballarpur Industries Ltd.		89,251
	2,239	Balmer Lawrie & Co. Ltd.		23,780
	4,339	BASF India Ltd.		44,237
	3,947	Bata India Ltd.		54,872
	9,632	BEML Ltd.(b)		103,304
	780,650	Berger Paints India Ltd.(c)		1,528,302
	2,434	Bharat Electronics Ltd.(b)		69,178
	39,760	Bharat Forge Ltd.(b)		234,081
	6,372	Bharat Petroleum Corp. Ltd.		73,733
	60,760	Bhushan Steel Ltd.		435,808
	19,899	Biocon Ltd.		106,648
	11,513	Birla Corp. Ltd.(c)		62,868
	1,274	Blue Dart Express Ltd.		43,139
	4,107	Bombay Rayon Fashions Ltd.(b)		21,733
	155	Bosch Ltd.		22,727
	10,113	Britannia Industries Ltd.		92,765
	459	Cadila Healthcare Ltd.		6,142
	15,431	Canara Bank		146,711
	7,476	Carborundum Universal Ltd.		22,279
	29,868	Century Plyboards India Ltd.(b)		32,136
	18,212	Century Textile & Industries Ltd.		103,003
	6,433	CESC Ltd.		32,767
	38,402	Chambal Fertilizers & Chemicals Ltd.		65,900
	9,705	Cholamandalam Investment and Finance Co. Ltd.		30,040
	1,594	Clariant Chemicals India Ltd.		19,923
	1,522	CMC Ltd.		27,911
	10,128	Colgate Palmolive India Ltd.		205,510
	3,187	Consolidated Construction Consortium Ltd.		1,096
	25,373	Coromandel International Ltd.		136,166
	85,111	CRISIL Ltd.(c)		1,555,735
	60,376	Crompton Greaves Ltd.		162,830
	17,092	Cummins India Ltd.		145,132
	128,260	Dabur India Ltd.		244,354
	2,774	Dalmia Bharat Enterprises Ltd.		7,277
	6,484	DB Corp. Ltd.		25,335
	54,708	DB Realty Ltd.(b)		68,599
	12,425	Deepak Fertilizers & Petrochemicals Corp. Ltd.		34,690
	120,805	Dish TV India Ltd.(b)		152,457
	3,236	Divi’s Laboratories Ltd.		51,402

Shares			Value
INDIA (continued)
	80,935	Edelweiss Financial Services Ltd.	$	54,099
	4,564	Eicher Motors Ltd.		154,287
	25,575	EID Parry India Ltd.		107,250
	13,381	EIH Ltd.		23,991
	1,898	Elder Pharmaceuticals Ltd.		13,230
	189,598	Emami Ltd.(b)(c)		1,353,203
	195	Escorts Ltd.		321
	20,708	Essar Ports Ltd.(b)		25,254
	31,009	Essar Shipping Ltd.(b)		19,159
	36,761	Exide Industries Ltd.		98,584
	4,776	FDC Ltd. India		7,911
	60,849	Federal Bank Ltd.(b)(c)		490,902
	6,289	Federal-Mogul Goetze India Ltd.(b)		30,679
	3,815	Financial Technologies India Ltd.(b)		55,692
	505,954	Fortis Healthcare Ltd.(b)(c)		1,071,871
	9,586	Future Capital Holdings Ltd.(b)		25,455
	29,363	Gammon India Ltd.		30,880
	396	Ganesh Housing Corp. Ltd.		929
	32,742	Gateway Distriparks Ltd.		86,019
	4,492	Geojit BNP Paribas Financial Services Ltd.		1,663
	1,177	Gillette India Ltd.		45,393
	22,442	Gitanjali Gems Ltd.(b)		140,838
	3,418	GlaxoSmithKline Consumer Healthcare Ltd.		177,999
	7,102	GlaxoSmithKline Pharmaceuticals Ltd.(c)		278,658
	14,696	Glenmark Pharmaceuticals Ltd.(b)		87,709
	273	Godfrey Phillips India Ltd.		15,957
	30,654	Godrej Consumer Products Ltd.		276,286
	23,771	Godrej Industries Ltd.		97,281
	4,689	Godrej Properties Ltd.		62,514
	3,081	Gokul Refoils & Solvent Ltd.		4,938
	50,128	Great Eastern Shipping Co. Ltd. (The)(c)		235,864
	17,225	Greaves Cotton Ltd.		30,047
	2,596	Grindwell Norton Ltd.		12,359
	3,202	Gruh Finance Ltd.		38,638
	15,133	Gujarat Alkalies & Chemicals(b)		41,532
	8,892	Gujarat Flourochemicals Ltd.		87,652
	8,789	Gujarat Gas Co. Ltd.		69,377
	29,561	Gujarat Mineral Development Corp. Ltd.(b)		107,226
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.(b)		45,794
	538,756	Gujarat Pipavav Port Ltd.(c)		640,689
	16,929	Gujarat State Fertilisers & Chemicals(b)		128,478
	52,661	Gujarat State Petronet Ltd.(b)		88,771
	3,304	Gulf Oil Corp Ltd.(b)		4,434
	6,229	Havells India Ltd.		60,589
	2,793	HBL Power Systems Ltd.(b)		935
	27,483	HeidelbergCement India Ltd(b)		18,870

30

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	18,832	Hexa Tradex Ltd.(b)(c)(d)	$	13,330
	137,134	Hexaware Technologies Ltd.		235,051
	4,530	Himadri Chemicals & Industries(b)		3,917
	375	Hinduja Ventures Ltd.		2,701
	248,507	Hindustan Construction Co.		118,612
	4,729	Hindustan Petroleum Corp. Ltd.(b)		28,229
	430	Honeywell Automation India Ltd.		20,206
	15,443	HSIL Ltd.		40,431
	16,049	HT Media Ltd.		45,036
	1,883	HTMT Global Solutions Ltd.(b)(c)		12,272
	56,473	ICRA Ltd.(c)		1,079,320
	94,790	IDBI Bank Ltd.		194,392
	222,476	Idea Cellular Ltd.(b)		429,024
	85,322	India Infoline Ltd.		92,319
	29,515	Indiabulls Financial Services Ltd.		108,223
	20,989	Indian Bank		93,728
	230,293	Indian Hotels Co. Ltd.(c)		306,467
	29,466	Indian Overseas Bank		52,174
	10,119	Indraprastha Gas Ltd.(b)		73,173
	45,438	IndusInd Bank Ltd.		268,245
	1,734	Info Edge India Ltd.(b)		21,915
	16,196	Infotech Enterprises Ltd.		44,220
	475,747	Infrastructure Development Finance Co. Ltd.		1,280,654
	40,792	ING Vysya Bank Ltd.(c)		276,787
	2,118	Ingersoll-Rand India Ltd.		19,634
	290,282	Ipca Laboratories Ltd.(c)		1,752,142
	21,385	IRB Infrastructure Developers Ltd.(b)		75,580
	16,485	Jagran Prakashan Pvt Ltd.(b)		32,340
	16,998	Jai Corp. Ltd.		27,107
	15,000	Jain Irrigation Systems Ltd.		28,926
	750	Jain Irrigation Systems Ltd. - DVR(b)		555
	2,507	Jaiprakash Power Ventures Ltd.(b)		2,233
	7,028	Jammu & Kashmir Bank Ltd.(b)(c)		117,903
	9,049	Jet Airways India Ltd.(b)		45,799
	6,226	Jindal Poly Films Ltd.		26,820
	94,163	Jindal Saw Ltd.(c)		272,805
	6,613	JSL Stainless Ltd.(b)		10,017
	98,703	Jubilant Foodworks Ltd.		1,883,831
	986	Jubilant Industries Ltd.		4,222
	5,000	Jubilant Organosys Ltd.(b)		17,514
	4,006	Jyothy Laboratories Ltd.		13,291
	90,563	Kakinada Fertilizers Ltd.(c)(d)		20,532
	7,830	Kalpataru Power Transmission Ltd.(b)		16,366
	93,172	Karnataka Bank Ltd.		163,185
	1,762	Karur Vysya Bank Ltd.		13,337
	12,238	KPIT Cummins Infosystems Ltd.		36,483

Shares			Value
INDIA (continued)
	3,316	KSB Pumps Ltd.	$	12,202
	1,091	Lakshmi Machine Works Ltd.		35,051
	109,325	LIC Housing Finance Ltd.		554,972
	15,690	Lupin Ltd.(b)		150,728
	1,301	Madhucon Projects Ltd.		1,539
	21,876	Madras Cements Ltd.		51,742
	11,875	Maharashtra Seamless Ltd.		81,464
	9,910	Mahindra & Mahindra Financial Services Ltd.		141,039
	294	Mahindra Lifespace Developers Ltd.		1,719
	3,619	Manaksia Ltd.(b)		3,835
	60,692	Mangalore Refinery & Petrochemicals Ltd.(b)		75,121
	60,461	Marico Ltd.		185,620
	39,550	MAX India Ltd.(b)		130,100
	1,025	Merck Ltd.(b)		12,715
	16,192	Monnet Ispat & Energy Ltd.		156,926
	31,324	Motherson Sumi Systems Ltd.		103,484
	13,466	Mphasis Ltd.		102,796
	134,813	Nagarjuna Construction Co.(b)		155,139
	82,330	Nagarjuna Oil Refinery Ltd.(c)(d)		18,666
	104,110	National Aluminium Co. Ltd.		120,439
	16,197	NIIT Technologies Ltd.		68,480
	38,070	OMAXE Ltd.(b)		114,761
	16,334	Opto Circuits India Ltd.(b)		78,424
	6,434	Oracle Financial Sevices Software Ltd.(b)		258,245
	21,487	Orchid Chemicals & Pharmaceuticals Ltd.		73,267
	8,317	Orient Paper & Industries Ltd.		8,646
	36,385	Oriental Bank of Commerce		187,794
	55	Orissa Minerals Development Co. Ltd.		39,613
	14,725	Oswal Chemical & Fertilizers(b)		15,069
	20,478	Page Industries Ltd.(c)		1,020,670
	2,204	Panacea Biotec Ltd.(b)		3,878
	10,933	Patni Computer Systems Ltd.(b)		103,006
	3,860	Peninsula Land Ltd.(b)		2,904
	104,278	Petronet LNG Ltd.		347,347
	1,595	Pfizer Ltd.		38,437
	4,125	Phoenix Mills Ltd.		15,154
	285,156	Pidilite Industries Ltd.(c)		777,987
	50,534	Pipavav Defence & Offshore Engineering Co. Ltd.(b)		73,381
	7,053	Plethico Pharmaceuticals Ltd.		52,215
	40,716	Prism Cement Ltd.(b)		35,244
	1,195	Procter & Gamble Hygiene & Health Care Ltd.		44,764
	60,577	PTC India Ltd.		59,848
	306,163	Radico Khaitan Ltd.(c)		691,026
	14,719	Rain Commodities Ltd.		9,972
	24,971	Rajesh Exports Ltd.(b)		66,689
	687,192	Rallis India Ltd.(c)		1,821,347
	19,421	Ranbaxy Laboratories Ltd.		176,574
	22,060	Raymond Ltd.		152,339

31

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	49,404	Redington India Ltd.	$	78,335
	53,752	REI Agro Ltd.(b)		15,980
	16,026	Rolta India Ltd.		25,622
	87,447	Ruchi Soya Industries Ltd.		167,218
	21,104	Rural Electrification Corp. Ltd.(b)		81,309
	3,688	Sadbhav Engineering Ltd.(b)		9,924
	14,299	Satyam Computer Services Ltd.(b)		21,241
	2,527	Shoppers Stop Ltd.		14,964
	223,438	Shree Renuka Sugars Ltd.		171,945
	57,652	Shriram Transport Finance Co. Ltd.		679,709
	441,941	Sintex Industries Ltd.		719,512
	3,876	SKF India Ltd.		47,610
	104	Solar Industries India Ltd.		1,668
	426,240	South Indian Bank Ltd.		198,702
	9,422	Spice Mobility Ltd.		15,406
	9,842	SRF Ltd.		54,072
	3,969	State Bank of Bikaner & Jaip		29,150
	8,719	Sun TV Network Ltd.(b)		53,792
	4,547	Sundaram Finance Ltd.(c)		52,413
	6,405	Supreme Industries Ltd.		22,689
	38,891	Syndicate Bank		75,863
	7,242	Tamilnadu Newsprint & Papers Ltd.(b)		13,621
	32,487	Tata Chemicals Ltd.		224,278
	4,726	Tata Investment Corp. Ltd.		41,979
	99,640	Tata Tea Ltd.(b)		217,134
	7,182	Tech Mahindra Ltd.		94,704
	14,853	Time Technoplast Ltd.(b)		14,674
	10,567	Timken India Ltd.		41,428
	348	Titagarh Wagons Ltd.		2,860
	45,835	Titan Industries Ltd.		188,179
	71,590	Torrent Pharmaceuticals Ltd.(c)		799,587
	25,014	Torrent Power Ltd.		104,670
	566	Transport Corp. of India Ltd.		768
	2,157	Trent Ltd.		38,215
	29,890	Triveni Turbine Ltd.		23,606
	697	TTK Prestige Ltd.		33,416
	15,066	Tube Investments of India		36,260
	10,645	Uflex Ltd.		28,515
	13,600	Unichem Laboratories Ltd.		39,016
	94,287	Union Bank of India		435,156
	2,018	United Breweries Holdings Ltd.		3,190
	22,486	United Breweries Ltd.		186,318
	43,389	United Phosphorus Ltd.(b)		129,522
	3,775	United Spirits Ltd.		51,012
	1,120	Vardhman Special Steels Ltd.(c)(d)		476
	5,603	Vardhman Textiles Ltd.		22,239
	23,739	Videocon Industries Ltd.		84,067
	11,180	VIP Industries Ltd.		25,505
	902	VST Industries Ltd.		21,984
	1,793	WABCO India Ltd.		48,719
	15,809	Wockhardt Ltd.(b)		121,001

Shares			Value
INDIA (continued)
	548	Wyeth Ltd.	$	8,835
	31,014	Yes Bank Ltd.		207,272
	180,211	Zee Entertainment Enterprises Ltd.		466,154
	14,226	Zee Learn Ltd.(b)		4,100
	4,219	Zensar Technologies Ltd.		14,817
	621	Zuari Industries Ltd.		5,625
	68,526	Zydus Wellness Ltd.(c)		572,933
				46,522,609
INDONESIA — 0.4%
	99,000	Adhi Karya Tbk PT		7,598
	5,429,000	AKR Corporindo Tbk PT		2,204,210
	790,000	Aneka Tambang Tbk PT		165,206
	77,000	Asahimas Flat Glass Tbk PT		59,099
	165,500	Astra Agro Lestari Tbk PT		379,232
	42,411,000	Bakrie & Brothers Tbk PT(b)		235,879
	9,710,000	Bakrie Sumatera Plantations Tbk PT		313,226
	9,876,000	Bakrie Telecom Tbk PT(b)		280,131
	6,953,500	Bakrieland Development Tbk PT(b)		105,965
	659,666	Bank Bukopin Tbk PT		45,494
	505,316	Bank Danamon Indonesia Tbk PT		254,344
	3,011,250	Bank Pan Indonesia Tbk PT(b)		284,712
	13,000	Bank Permata Tbk PT(b)		1,996
	802,000	Bank Tabungan Negara Tbk PT		107,052
	107,500	Bank Tabungan Pensiunan Nasional Tbk PT(b)		42,450
	312,500	Barito Pacific Tbk PT(b)		26,766
	91,000	Bayan Resources Tbk PT		180,178
	4,004,000	Bhakti Investama Tbk PT		120,254
	223,000	Bisi International PT		22,573
	560,000	Budi Acid Jaya Tbk PT		15,573
	2,663,600	Bumi Serpong Damai PT		311,099
	4,958,000	Central Proteinaprima Tbk PT(b)(c)(d)		29,230
	1,417,500	Charoen Pokphand Indonesia Tbk PT		394,188
	5,595,500	Ciputra Development Tbk PT		354,776
	238,000	Ciputra Surya Tbk PT		22,238
	479,000	Citra Marga Nusaphala Persada Tbk PT		87,382
	11,917,500	Darma Henwa Tbk PT(b)		111,354
	393,500	Elnusa Tbk PT		10,724
	25,671,500	Energi Mega Persada Tbk PT(b)		562,546
	36,500	Fajar Surya Wisesa Tbk PT		16,240
	947,000	Gajah Tunggal Tbk PT		305,484
	2,161,000	Global Mediacom Tbk PT		266,820
	994,500	Gozco Plantations Tbk PT		30,974
	1,626,500	Hexindo Adiperkasa Tbk PT(c)		1,736,863
	1,387,000	Holcim Indonesia Tbk PT		343,279
	28,500	Indah Kiat Pulp and Paper Corp. Tbk PT(b)		4,058
	182,000	Indika Energy Tbk PT		49,600

32

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
INDONESIA (continued)
	28,500	Indo Tambangraya Megah Tbk PT	$	116,346
	1,221,000	Indofood Sukses Makmur Tbk PT		651,924
	396,000	Indosat Tbk PT		240,067
	11,500	Inovisi Infracom Tbk PT(b)		7,227
	417,000	Intiland Development Tbk PT(b)		11,596
	379,500	Japfa Comfeed Indonesia Tbk PT		173,076
	561,000	Jasa Marga Tbk PT		273,012
	2,159,500	Kalbe Farma Tbk PT		846,745
	12,459,500	Kawasan Industri Jababeka Tbk PT(b)		255,011
	13,416,750	Lippo Karawaci Tbk PT		999,914
	1,437,300	Matahari Putra Prima Tbk PT		147,087
	893,000	Mayora Indah Tbk PT(c)		1,410,523
	291,500	Medco Energi Internasional Tbk PT		75,388
	9,716,500	Media Nusantara Citra Tbk PT		1,459,096
	272,000	Mitra Adiperkasa Tbk PT		172,458
	1,688,500	Mitra International Resources Tbk PT(b)(c)(d)		30,051
	311,500	Pakuwon Jati Tbk PT(b)		27,373
	2,139,500	Panin Financial Tbk PT(b)		34,984
	705,500	Panin Insurance Tbk PT		36,099
	895,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		241,556
	827,000	Polychem Indonesia Tbk PT(b)		52,435
	1,383,000	Ramayana Lestari Sentosa Tbk PT		113,840
	77,500	Resource Alam Indonesia Tbk PT		59,914
	4,472,000	Sampoerna Agro Tbk PT		1,566,941
	95,500	Semen Gresik Persero Tbk PT		120,039
	5,073,500	Sentul City Tbk PT(b)		138,266
	117,500	Sinar Mas Agro Resources & Technology Tbk PT(c)		71,885
	5,000	Sinar Mas Multiartha Tbk PT		2,280
	1,762,000	Summarecon Agung Tbk PT		235,195
	45,000	Surya Citra Media Tbk PT		46,552
	41,500	Tambang Batubara Bukit Asam Tbk PT		93,017
	294,000	Tiga Pilar Sejahtera Food Tbk(b)		15,534
	1,562,000	Timah Tbk PT		326,647
	410,000	Trada Maritime Tbk PT		43,782
	4,875,000	Truba Alam Manunggal Engineering PT(b)		27,113
	1,152,000	Tunas Baru Lampung Tbk PT		76,885
	539,500	Tunas Ridean Tbk PT		42,008
	1,155,500	Wijaya Karya PT		91,258
	70,500	XL Axiata Tbk PT		35,093
				19,857,010
IRELAND — 0.3%
	109,408	Aer Lingus(b)		124,935

Shares			Value
IRELAND (continued)
	145,019	Beazley Plc	$	320,386
	154,534	C&C Group Plc		635,520
	22,410	DCC Plc(b)		540,830
	72,554	Elan Corp. Plc(b)		967,070
	11,035	FBD Holdings Plc		101,040
	722,809	Glanbia Plc(b)(c)		4,557,148
	20,140	Governor & Co. of The Bank of Ireland (The)		3,003
	47,500	Grafton Group Plc		167,073
	222,418	Greencore Group Plc(b)(c)		219,053
	20,066	IFG Group Plc		29,397
	30,109	Independent News & Media Plc(b)		8,664
	6,355	Irish Continental Group Plc		122,196
	156,642	James Hardie Industries SE		1,179,060
	291,661	Kenmare Resources Plc(b)		222,799
	32,666	Kerry Group Plc - Class A(b)		1,200,032
	6,121	Kingspan Group Plc(e)		57,183
	84,255	Kingspan Group Plc(b)(e)		787,115
	12,329	Paddy Power Plc(b)		683,457
	80,334	Smurfit Kappa Group Plc(b)		672,515
	132,882	United Drug Plc		338,940
				12,937,416
ISLE OF MAN — 0.0%
	4,535	Hansard Global Plc		10,648
ISRAEL — 1.7%
	6,904	Africa Israel Investments Ltd.(b)		24,321
	4,663	Airport City Ltd.(b)		20,076
	925	Alon Holdings Blue Square Ltd.		3,698
	625	AL-ROV Israel Ltd.(b)		13,568
	640	Alvarion Ltd.(b)		763
	16,296	AudioCodes Ltd.(b)		68,376
	28	Bayside Land Corp.		6,091
	1,289	Biocell Ltd.(b)		7,610
	175	Ceragon Networks Ltd.(b)		1,470
	1,203,000	Check Point Software Technologies Ltd.(b)		67,716,870
	49,365	Clal Industries & Investments Ltd.		240,905
	6,999	Clal Insurance Enterprise Holdings Ltd.		106,507
	6,078	Compugen Ltd.(b)		31,935
	13,567	Delek Automotive Systems Ltd.		88,616
	176	Delta-Galil Industries Ltd.		1,130
	692	DS Apex Holdings Ltd.		3,052
	25,329	El Al Israel Airlines(b)		4,150
	905	Electra Ltd.		75,704
	1	Electra Real Estate Ltd.(b)		2
	509	Equital Ltd.(b)		4,603
	205	Evogene Ltd.(b)		834
	4,175	EZchip Semiconductor Ltd.(b)		137,354
	15,405	First International Bank of Israel Ltd.(b)		153,651
	3,427	Formula Systems (1985) Ltd.		53,524
	26,484	Frutarom Industries Ltd.		237,608

33

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
ISRAEL (continued)
	1,557	Gilat Satellite Networks Ltd.(b)	$	6,275
	4,055	Given Imaging Ltd.(b)		74,885
	232	Golf & Co. Ltd.		889
	1,279	Hadera Paper Ltd.(b)		53,290
	3,385	Harel Insurance Investments & Finances Ltd.		126,742
	9,063	Hot Telecommunication System Ltd.(b)		111,660
	270	Industrial Buildings Corp.		433
	154,847	Israel Discount Bank Ltd. - Class A(b)		223,057
	477	Ituran Location & Control Ltd.		6,262
	590	Jerusalem Oil Exploration(b)		10,435
	5,171	Kamada Ltd.(b)		29,298
	89	Maabarot Products Ltd.		762
	2,220	Magic Software Enterprises Ltd.(b)		13,759
	9,868	Matrix IT Ltd.		50,266
	1,459	Melisron Ltd.		26,588
	8,990	Mellanox Technologies Ltd.(b)		326,516
	3,805	Menorah Mivtachim Holdings Ltd.(b)		29,134
	158,600	Migdal Insurance & Financial Holding Ltd.		233,550
	1,673	Mivtach Shamir Holdings Ltd.(c)(d)		46,903
	61,197	Mizrahi Tefahot Bank Ltd.		535,796
	6,077	Naphtha Israel Petroleum Corp. Ltd.(b)		21,797
	736	Neto ME Holdings Ltd.		29,977
	26,957	Nice Systems Ltd.(b)		973,312
	160,000	Nice Systems Ltd. - ADR(b)		5,753,600
	645	Nitsba Holdings 1995 Ltd.(b)		5,501
	628,921	Oil Refineries Ltd.(b)		373,646
	8,208	Osem Investments Ltd.		125,015
	2,872	Paz Oil Co. Ltd.		384,775
	7,123	Phoenix Holdings Ltd. (The)		19,075
	1,121	Plasson Industries Ltd.		26,888
	3,287	RADVision Ltd.(b)		26,574
	715	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		26,083
	7,504	REIT 1 Ltd.		13,405
	1,644	Retalix Ltd.(b)		28,844
	6,910	Scailex Corp. Ltd.		31,044
	68,879	Shikun & Binui Ltd.		120,758
	13,900	Shufersal Ltd.		52,118
	6,039	Strauss Group Ltd.(b)		74,242
	220	Suny Electronics Inc., Ltd.(b)		666
	23,516	Tower Semiconductor Ltd.(b)		17,252
	2,074	Union Bank of Israel(b)		6,402
				79,019,892
ITALY — 0.3%
	113,237	A2A SpA		107,757
	3,048	ACEA SpA		18,850
	2,255	AcegasAps SpA		10,619

Shares			Value
ITALY (continued)
	320,040	Aedes SpA(b)	$	25,076
	3,675	Aeroporto di Venezia Marco Polo SpA - SAVE		33,097
	3,797	Alerion Cleanpower SpA		20,492
	27,658	Amplifon SpA		124,452
	33,817	Arnoldo Mondadori Editore SpA		61,397
	5,010	Ascopiave SpA		9,332
	9,416	Astaldi SpA		62,199
	8,828	Autogrill SpA		96,710
	6,866	Azimut Holding SpA		58,332
	184,358	Banca Carige SpA		364,375
	16,412	Banca Generali SpA		184,514
	1,325	Banca IFIS SpA		7,040
	1,076,301	Banca Monte Dei Paschi di Siena SpA		408,417
	54,236	Banca Piccolo Credito Valtellinese Scarl		150,399
	50,553	Banca Popolare Dell’Emilia Romagna Scrl		379,230
	22,576	Banca Popolare dell’Etruria e del Lazio(b)		37,533
	73,244	Banca Popolare di Sondrio Scarl		609,329
	34,098	Banca Profilo SpA		13,291
	6,411	Banco di Desio e della Brianza SpA		24,403
	3,334	Basicnet SpA		8,556
	28,197	Benetton Group SpA		149,376
	7,670	Biesse SpA(b)		35,616
	13,563	Brembo SpA		147,073
	186,475	Brioschi Sviluppo Immobiliare SpA(b)		18,806
	83,865	Buongiorno SpA(b)		114,197
	6,093	Buzzi Unicem SpA(b)		64,636
	4,217	Caltagirone Editore SpA		5,157
	22,475	Cementir Holding SpA		50,183
	389,606	CIR-Compagnie Industriali Riunite SpA		620,210
	11,564	Credito Artigiano SpA		13,387
	2,627	Credito Bergamasco SpA		66,766
	17,787	Credito Emiliano SpA		73,521
	13,731	Danieli & Co. SpA		341,793
	4,885	Datalogic SpA		36,741
	93,104	Davide Campari-Milano SpA		620,490
	50,118	DeA Capital SpA(b)		90,534
	23,657	Delclima(b)		16,401
	23,657	De’Longhi SpA		233,011
	9,154	DiaSorin SpA		277,194
	7,151	EEMS Italia SpA(b)		5,631
	1,977	EI Towers(b)		43,497
	4,610	Elica SpA		4,740
	1,550	Engineering Ingegneria Informatica SpA		45,598
	17,090	ERG SpA		195,378
	5,852	Esprinet SpA		28,246
	15,793	Eurotech SpA(b)		27,496

34

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
ITALY (continued)
	17,484	Falck Renewables SpA	$	17,713
	41,490	Finmeccanica SpA		186,691
	60,391	Fondiaria-Sai SpA(b)		55,928
	457,280	Gemina SpA(b)		378,624
	10,615	Geox SpA		35,212
	21,520	Gruppo Editoriale L’Espresso SpA		29,782
	36,690	Hera SpA		51,352
	36,611	Immobiliare Grande Distribuzione REIT		36,874
	182,644	IMMSI SpA		145,972
	15,907	Impregilo SpA		54,556
	9,131	Indesit Co. SpA		52,624
	3,035	Industria Macchine Automatiche SpA		56,016
	12,364	Intek SpA		6,146
	32,568	Interpump Group SpA		241,544
	42,806	Iren SpA		39,782
	23,954	Italcementi SpA		179,224
	2,909	Italmobiliare SpA		71,155
	40,005	Juventus Football Club SpA(b)		7,923
	198,830	KME Group SpA		80,130
	12,807	Lottomatica SpA(b)		214,427
	29,519	Maire Tecnimont SpA		29,403
	8,217	Marcolin SpA		38,264
	1,779	Mariella Burani SpA(b)(c)(d)		0
	9,386	MARR SpA		97,236
	66,297	Mediaset SpA		195,812
	53,993	Mediobanca SpA		317,390
	6,444	Mediolanum SpA		27,664
	145,710	Milano Assicurazioni SpA(b)		44,885
	7,534	Nice SpA		24,538
	635,716	Parmalat SpA		1,204,077
	70,369	Piaggio & C SpA		186,853
	134,537	Pirelli & C SpA		1,244,181
	18,004	Poltrona Frau SpA(b)		20,194
	52,483	Prelios SpA(b)		6,130
	96,013	Premafin Finanziaria SpA(b)		30,141
	11,421	Prysmian SpA		171,502
	24,153	RCS Mediagroup SpA(b)		21,641
	30,604	Recordati SpA		242,390
	125,022	Reno de Medici SpA(b)		22,241
	490	Reply SpA		10,351
	10,919	Retelit SpA(b)		4,713
	29	Sabaf SpA		491
	82	SAES Getters SpA		763
	6,343	Safilo Group SpA(b)		45,301
	39,438	Saras SpA(b)		53,960
	11,347	Screen Service Broadcasting Technologies SpA		5,551
	159,274	Seat Pagine Gialle SpA(b)		8,646
	18,549	Snai SpA(b)		43,261
	7,834	Societa Cattolica di Assicurazioni Scrl		151,454
	3,795	Societa Iniziative Autostradali e Servizi SpA		27,104

Shares			Value
ITALY (continued)
	471	Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA	$	12,938
	3,079	Socotherm SpA(b)(c)(d)		0
	15,879	Sogefi SpA		44,490
	12,888	SOL SpA		68,545
	60,496	Sorin SpA(b)		109,676
	6,138	Tamburi Investment Partners SpA		11,642
	331,025	Telecom Italia Media SpA(b)		69,539
	20,102	Tiscali SpA(b)		936
	3,433	Tod’s SpA		308,049
	4,797	Trevi Finanziaria SpA		36,707
	6,610	Uni Land SpA(b)(c)(d)		4,358
	95,526	Unione di Banche Italiane SCPA		438,832
	110,046	Unipol Gruppo Finanziario SpA(b)		27,537
	2,770	Vianini Lavori SpA		12,102
	10,354	Vittoria Assicurazioni SpA		48,757
	13,735	Yoox SpA(b)		155,406
	10,167	Zignago Vetro SpA		62,239
				13,770,643
JAPAN — 5.4%
	8,000	77 Bank Ltd. (The)		36,736
	4,700	A&D Co. Ltd.		15,601
	779	Accordia Golf Co. Ltd.		601,982
	58,000	Achilles Corp.		85,227
	56,800	ADEKA Corp.		564,870
	10,900	Aderans Co. Ltd.(b)		131,281
	7,200	Advan Co. Ltd.		70,186
	28,600	Advantest Corp.		328,326
	4,300	Aeon Delight Co. Ltd.		88,290
	2,200	Aeon Fantasy Co. Ltd.		38,302
	800	Agrex, Inc.		7,935
	8,600	Ahresty Corp.		44,230
	11,600	Ai Holdings Corp.		50,071
	22,400	Aica Kogyo Co. Ltd.		313,283
	3,100	Aichi Bank Ltd. (The)		187,903
	4,500	Aichi Corp.		20,428
	38,000	Aichi Machine Industry Co. Ltd.		143,086
	84,000	Aichi Steel Corp.		458,462
	9,000	Aichi Tokei Denki Co. Ltd.		33,298
	38,100	Aida Engineering Ltd.		187,951
	6,700	Aigan Co. Ltd.		32,436
	2,800	Ain Pharmaciez, Inc.		128,391
	7,400	Aiphone Co. Ltd.		148,641
	38,000	Air Water, Inc.		500,551
	5,200	Airport Facilities Co. Ltd.		23,537
	3,700	Airtech Japan Ltd.		18,495
	13,400	Aisan Industry Co. Ltd.		117,263
	7,400	Akebono Brake Industry Co. Ltd.		37,379
	76,000	Akita Bank Ltd. (The)		229,336
	2,100	Alconix Corp.		47,665

35

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	7,400	Alfresa Holdings Corp.	$	324,272
	79,500	Allied Telesis Holdings KK		76,141
	11,100	Alpen Co. Ltd.		214,515
	3,200	Alpha Corp.		39,297
	2,800	Alpha Systems, Inc.		44,707
	30,200	Alpine Electronics, Inc.		380,373
	86,600	Alps Electric Co. Ltd.		669,213
	5,800	Altech Co. Ltd.		16,817
	1,500	Altech Corp.		12,634
	83,000	Amada Co. Ltd.		573,878
	16,800	Amano Corp.		150,984
	5	Amiyaki Tei Co. Ltd.		12,798
	3,500	Amuse, Inc.		46,379
	61,000	Ando Corp.		96,838
	13,000	Anest Iwata Corp.		57,649
	31,000	Anritsu Corp.		369,299
	12,400	AOC Holdings, Inc.		85,085
	1,800	AOI Electronic Co. Ltd.		24,560
	16,800	AOKI Holdings, Inc.		270,890
	69,000	Aomori Bank Ltd. (The)		216,361
	24,100	Aoyama Trading Co. Ltd.		433,496
	10,600	Arakawa Chemical Industries Ltd.		96,515
	25,000	Araya Industrial Co. Ltd.		42,312
	8,700	Arc Land Sakamoto Co. Ltd.		158,773
	17,638	Arcs Co. Ltd.		344,105
	3,600	Argo Graphics, Inc.		49,688
	180,800	Ariake Japan Co. Ltd.(c)		3,522,540
	22,800	Arisawa Manufacturing Co. Ltd.		85,851
	6,200	Arnest One Corp.		68,003
	5,190	As One Corp.		111,195
	4,000	Asahi Co. Ltd.		80,346
	20,000	Asahi Diamond Industrial Co. Ltd.		256,888
	6,850	Asahi Holdings, Inc.		144,154
	13,000	Asahi Kogyosha Co. Ltd.		56,626
	3,000	Asahi Net, Inc.		14,209
	32,000	Asahi Organic Chemicals Industry Co. Ltd.		91,525
	409,000	Asahi TEC Corp.(b)		171,713
	23,000	Asanuma Corp.		21,727
	12,400	Asatsu-DK, Inc.		345,222
	31	Asax Co. Ltd.		37,418
	24,000	Ashimori Industry Co. Ltd.(b)		35,896
	29,000	Asics Corp.		328,733
	18,000	ASKA Pharmaceutical Co. Ltd.		115,718
	12,000	Asunaro Aoki Construction Co. Ltd.		68,171
	10,300	Atom Corp.(b)		44,459
	77,000	Atsugi Co. Ltd.		99,003
	20,300	Autobacs Seven Co. Ltd.		938,828
	1,300	Avex Group Holdings, Inc.		15,981
	129,000	Awa Bank Ltd. (The)		873,314
	47,000	Bando Chemical Industries Ltd.		178,208
	3,000	Bank of Iwate Ltd. (The)		136,972
	7,000	Bank of Kochi Ltd. (The)		7,715
Shares			Value
JAPAN (continued)
	43,000	Bank of Nagoya Ltd. (The)	$	150,630
	15,100	Bank of Okinawa Ltd. (The)(c)		652,775
	45,000	Bank of Saga Ltd. (The)		114,537
	25,200	Bank of the Ryukyus Ltd.		324,671
	8,100	Belc Co. Ltd.		131,670
	20,200	Belluna Co. Ltd.		161,134
	17,500	Best Denki Co. Ltd.(b)		44,542
	297	Bic Camera, Inc.		171,451
	500	BML, Inc.		11,828
	2,100	Bookoff Corp.		19,149
	27,000	Bunka Shutter Co. Ltd.		106,271
	4,600	CAC Corp.		38,082
	63,000	Calsonic Kansei Corp.		394,267
	20	Can Do Co. Ltd.		22,488
	8,600	Canon Electronics, Inc.		219,118
	5,500	Canon Marketing Japan, Inc.		67,325
	6,200	Capcom Co. Ltd.		137,470
	1,900	Casio Computer Co. Ltd.		11,168
	9,900	Cawachi Ltd.		210,287
	137,000	Central Glass Co. Ltd.		663,251
	2,000	Central Security Patrols Co. Ltd.		21,307
	1,000	Central Sports Co. Ltd.		13,658
	22,650	Century Tokyo Leasing Corp.		462,390
	10,800	Chiba Kogyo Bank Ltd. (The)(b)		57,528
	19,000	Chino Corp.		53,346
	8,400	Chiyoda Co. Ltd.		157,927
	41,000	Chiyoda Corp.		478,208
	1,700	Chiyoda Integre Co. Ltd.		20,966
	500	Chofu Seisakusho Co. Ltd.		12,766
	46,000	Chori Co. Ltd.		57,938
	12,400	Chubu Shiryo Co. Ltd.		81,669
	40,000	Chuetsu Pulp & Paper Co. Ltd.		77,670
	153,000	Chugai Mining Co. Ltd.(b)		36,132
	28,000	Chugai Ro Co. Ltd.		101,758
	61,000	Chugoku Bank Ltd. (The)		832,327
	27,000	Chugoku Marine Paints Ltd.		171,805
	44,000	Chukyo Bank Ltd. (The)		122,383
	4,900	Chuo Denki Kogyo Co. Ltd.		26,036
	7,000	Chuo Spring Co. Ltd.		25,899
	25,100	Circle K Sunkus Co. Ltd.		432,384
	69,200	Citizen Holdings Co. Ltd.		420,357
	24,700	CKD Corp.		190,872
	48,000	Clarion Co. Ltd.(b)		91,944
	7,400	Cleanup Corp.		47,573
	2,000	CMIC Holdings Co. Ltd.		30,228
	11,700	CMK Corp.(b)		42,213
	22,200	Coca-Cola Central Japan Co. Ltd.		296,796
	7,600	Coca-Cola West Holdings Co. Ltd.		130,622
	11,890	Cocokara Fine, Inc.		311,992
	15,500	Colowide Co. Ltd.		120,795
	4,100	Computer Engineering &Consulting Ltd.		19,580

36

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	4,400	Computer Institute of Japan Ltd.	$	17,722
	71,300	COMSYS Holdings Corp.		797,939
	4,000	Co-Op Chemical Co. Ltd.(b)		6,665
	8,600	Corona Corp.		143,183
	7,000	Cosel Co. Ltd.		104,146
	148,000	Cosmo Oil Co. Ltd.		431,068
	3,500	Cosmos Pharmaceutical Corp.		164,622
	2,700	Create Medic Co. Ltd.		28,268
	5,300	CTI Engineering Co. Ltd.		35,046
	23	Cybernet Systems Co. Ltd.		6,400
	22,000	Dai Nippon Toryo Co. Ltd.		29,441
	1,200	Daibiru Corp.		7,935
	200,000	Daicel Corp.		1,254,264
	9,000	Dai-Dan Co. Ltd.		65,298
	17,000	Daido Kogyo Co. Ltd.		32,118
	13,000	Daido Metal Co. Ltd.		149,410
	109,000	Daido Steel Co. Ltd.		713,605
	5,300	Daidoh Ltd.		48,258
	8,150	Daiei, Inc. (The)(b)		29,191
	21,000	Daihen Corp.		83,482
	11,000	Daiho Corp.		17,751
	22,000	Daiichi Jitsugyo Co. Ltd.		106,219
	600	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		28,260
	28,000	Dai-Ichi Kogyo Seiyaku Co. Ltd.		83,023
	27,000	Daiken Corp.		85,371
	19,000	Daiki Aluminium Industry Co. Ltd.		77,027
	3,200	Daiko Clearing Services Corp.		11,420
	1,000	Daikokutenbussan Co. Ltd.		29,126
	148,000	Daikyo, Inc.(b)		330,097
	5,300	Dainichi Co. Ltd.		52,499
	39,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		177,552
	85,000	Dainippon Screen Manufacturing Co. Ltd.		714,839
	26,000	Daio Paper Corp.		173,288
	38,000	Daisan Bank Ltd. (The)		88,245
	11,910	Daiseki Co. Ltd.		215,949
	32,000	Daishi Bank Ltd. (The)		107,059
	26,000	Daiso Co. Ltd.		86,303
	55,000	Daito Bank Ltd. (The)		49,068
	5,200	Daito Electron Co. Ltd.		28,449
	13,000	Daiwa Industries Ltd.		71,464
	91,000	Daiwabo Holdings Co. Ltd.		226,843
	33	Daiwahouse Residential Investment Corp. REIT		211,067
	10,400	DC Co. Ltd.		37,932
	63,060	DCM Holdings Co. Ltd.		496,405
	211,000	Denki Kagaku Kogyo KK		833,259
	25,000	Denki Kogyo Co. Ltd.		120,047
	12,600	Denyo Co. Ltd.		171,097
	19,000	Descente Ltd.		96,720
Shares			Value
JAPAN (continued)
	151,000	DIC Corp.	$	283,298
	3,200	Disco Corp.		172,763
	7,200	Don Quijote Co. Ltd.		267,520
	5,350	Doshisha Co. Ltd.		168,881
	4,574	Doutor Nichires Holdings Co. Ltd.		64,091
	71,000	Dowa Holdings Co. Ltd.		471,346
	12	Dr Ci:Labo Co. Ltd.		58,331
	23	Dream Incubator, Inc.(b)		17,683
	6,800	DTS Corp.		88,591
	40,300	Duskin Co. Ltd.		797,329
	39	Dwango Co. Ltd.		70,918
	4,400	Dydo Drinco, Inc.		179,533
	4,000	Dynic Corp.		7,924
	783	eAccess Ltd.		178,132
	11,000	Eagle Industry Co. Ltd.		95,684
	4,500	Earth Chemical Co. Ltd.		169,267
	242,000	Ebara Corp.		942,981
	300	Echo Trading Co. Ltd.		2,889
	35,600	EDION Corp.		279,307
	58,000	Ehime Bank Ltd. (The)		170,454
	11,000	Eidai Co. Ltd.		58,594
	58,000	Eighteenth Bank Ltd. (The)		170,454
	6,400	Eiken Chemical Co. Ltd.		88,166
	2,000	Eizo Nanao Corp.		42,771
	6,300	Elematec Corp.		114,065
	3,100	Enplas Corp.		70,281
	14	EPS Corp.		25,697
	17,500	ESPEC Corp.		120,310
	2,800	Excel Co. Ltd.		28,654
	12,300	Exedy Corp.		375,197
	23,000	Ezaki Glico Co. Ltd.		259,512
	3,100	F&A Aqua Holdings, Inc.		31,805
	381	Faith, Inc.		46,738
	3,000	Falco SD Holdings Co. Ltd.		35,935
	387,800	FCC Co. Ltd.(c)		8,222,052
	15,000	FDK Corp.(b)		16,137
	800	Felissimo Corp.		11,346
	54,200	FIDEA Holdings Co. Ltd.		149,331
	5,000	First Baking Co. Ltd.(b)		6,232
	15,100	Foster Electric Co. Ltd.		199,101
	4,300	FP Corp.		287,156
	34,000	France Bed Holdings Co. Ltd.		69,142
	4,000	F-Tech, Inc.		51,955
	73,600	Fudo Tetra Corp.(b)		158,363
	5,900	Fuji Co. Ltd.		141,888
	10,600	Fuji Corp. Ltd.		55,907
	220,000	Fuji Electric Co. Ltd.		580,163
	7,500	Fuji Electronics Co. Ltd.		116,800
	19,000	Fuji Kyuko Co. Ltd.		115,665
	26,600	Fuji Oil Co. Ltd.		373,070
	36,000	Fujibo Holdings, Inc.		76,515
	4,600	Fujicco Co. Ltd.		59,929
	12,100	Fujikura Kasei Co. Ltd.		61,437
	111,000	Fujikura Ltd.		343,689
	3,000	Fujikura Rubber Ltd.		11,493

37

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	8,500	Fujimori Kogyo Co. Ltd.	$	127,244
	4,800	FUJISOFT, Inc.		93,267
	2,000	Fujita Kanko, Inc.(b)		6,770
	47,000	Fujitec Co. Ltd.		315,101
	600	Fujitsu Frontech Ltd.		3,936
	18,000	Fujitsu General Ltd.		101,312
	7,700	FuKoKu Co. Ltd.		72,131
	19,000	Fukuda Corp.		70,047
	71,000	Fukui Bank Ltd. (The)		226,358
	2,600	Fukushima Industries Corp.		33,771
	105,000	Fukuyama Transporting Co. Ltd.		617,161
	7,800	Funai Consulting Ltd.		54,442
	7,000	Funai Electric Co. Ltd.		166,413
	48,000	Furukawa Co. Ltd.(b)		45,342
	201,000	Furukawa Electric Co. Ltd.		535,332
	55,000	Furukawa-Sky Aluminum Corp.		147,927
	4,000	Furusato Industries Ltd.		37,470
	13,000	Fuso Pharmaceutical Industries Ltd.		34,282
	27,700	Futaba Corp.		457,911
	24,700	Futaba Industrial Co. Ltd.		148,420
	3	Future Architect, Inc.		1,204
	14,300	Fuyo General Lease Co. Ltd.		524,196
	900	G-7 Holdings, Inc.		4,806
	20,000	Gakken Holdings Co. Ltd.		43,296
	6,400	Gecoss Corp.		29,724
	108	Geo Holdings Corp.		117,324
	10,200	Glory Ltd.		222,013
	16,800	GMO internet, Inc.		67,226
	21,000	Godo Steel Ltd.		55,655
	4,990	Goldcrest Co. Ltd.		86,418
	33,000	Goldwin, Inc.		173,183
	2,000	Gourmet Kineya Co. Ltd.(b)		11,624
	114,000	GS Yuasa Corp.		671,556
	36,000	GSI Creos Corp.(b)		52,427
	2,090	Gulliver International Co. Ltd.		81,576
	28,000	Gun-Ei Chemical Industry Co. Ltd.		73,472
	71,000	Gunma Bank Ltd. (The)		386,578
	41,000	Gunze Ltd.		125,872
	6,600	H.I.S. Co. Ltd.		191,194
	65,000	H2O Retailing Corp.		509,118
	9,000	Hachijuni Bank Ltd. (The)		52,781
	5,800	Hakudo Co. Ltd.		61,942
	10,630	Hakuhodo DY Holdings, Inc.		651,998
	9,600	Hakuto Co. Ltd.		97,360
	1,400	Hamakyorex Co. Ltd.		43,091
	13,500	Hamamatsu Photonics KK		485,306
	172,000	Hanwa Co. Ltd.		821,412
	1,400	Happinet Corp.		12,876
	5,100	Harashin Narus Holdings Co. Ltd.		88,859
	7,400	Hard Off Corp. Co. Ltd.		55,534
	8,400	Harima Chemicals, Inc.		66,786
	1,300	Haruyama Trading Co. Ltd.		6,584
Shares			Value
JAPAN (continued)
	160,500	Haseko Corp.(b)	$	115,816
	73,300	Hazama Corp.(b)		219,265
	15,600	Heiwa Corp.		280,604
	2,500	Heiwa Real Estate Co. Ltd.		5,806
	12,300	Heiwado Co. Ltd.		161,859
	20,900	Hibiya Engineering Ltd.		230,882
	3,500	Hiday Hidaka Corp.		63,737
	45,000	Higashi-Nippon Bank Ltd. (The)		99,187
	55,000	Higo Bank Ltd. (The)		320,388
	14,200	Hikari Tsushin, Inc.		368,134
	1,300	Hioki EE Corp.		21,951
	179,000	Hiroshima Bank Ltd. (The)		840,750
	20,000	Hisaka Works Ltd.		221,989
	159,000	Hitachi Cable Ltd.(b)		362,976
	18,900	Hitachi Capital Corp.		284,665
	16,700	Hitachi High-Technologies Corp.		365,682
	11,600	Hitachi Koki Co. Ltd.		93,141
	11,000	Hitachi Kokusai Electric, Inc.		95,828
	14,000	Hitachi Medical Corp.		159,984
	1,900	Hitachi Tool Engineering Ltd.		21,263
	21,800	Hitachi Transport System Ltd.		370,674
	212,000	Hitachi Zosen Corp.		308,738
	5,000	Hochiki Corp.		26,699
	14,000	Hodogaya Chemical Co. Ltd.		42,981
	1,500	Hogy Medical Co. Ltd.		63,960
	5,000	Hokkaido Coca-Cola Bottling Co. Ltd.		25,256
	10,000	Hokkaido Gas Co. Ltd.		37,129
	28,000	Hokkan Holdings Ltd.		86,696
	4,000	Hokko Chemical Industry Co. Ltd.		12,385
	92,000	Hokkoku Bank Ltd. (The)		365,731
	107,000	Hokuetsu Bank Ltd. (The)		224,613
	97,865	Hokuetsu Kishu Paper Co. Ltd.		672,806
	222,000	Hokuhoku Financial Group, Inc.		442,718
	8,000	Hokuriku Electric Industry Co. Ltd.		12,595
	7,300	Hokuto Corp.		160,903
	7,320	Honeys Co. Ltd.		124,273
	159,700	Horiba Ltd.		5,097,745
	2,800	Horipro, Inc.		38,499
	9,900	Hoshizaki Electric Co. Ltd.		228,082
	26,000	Hosokawa Micron Corp.		134,400
	44,500	House Foods Corp.		829,047
	87,000	Howa Machinery Ltd.(b)		81,042
	17,800	Hulic Co. Ltd.		212,516
	1,000	Hurxley Corp.		7,190
	200	Hutech Norin Co. Ltd.		2,007
	16,000	Hyakugo Bank Ltd. (The)		67,594
	36,000	Hyakujushi Bank Ltd. (The)		170,506
	2,000	I Metal Technology Co. Ltd.		4,093
	7,300	IBJ Leasing Co. Ltd.		183,123
	2,400	Ichibanya Co. Ltd.		70,911

38

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,000	Ichikoh Industries Ltd.(b)	$	16,177
	7,300	ICHINEN Holdings Co. Ltd.		39,459
	5,800	Ichiyoshi Securities Co. Ltd.		29,145
	2,300	Icom, Inc.		60,352
	9,700	Idec Corp.		104,101
	20,000	Ihara Chemical Industry Co. Ltd.		78,457
	5,700	Iida Home Max		45,917
	8,600	Iino Kaiun Kaisha Ltd.		41,296
	6,600	Imasen Electric Industrial		81,396
	10,400	Inaba Denki Sangyo Co. Ltd.		307,142
	3,200	Inaba Seisakusho Co. Ltd.		38,919
	21,600	Inabata & Co. Ltd.		136,877
	10,800	Inageya Co. Ltd.		130,785
	25	Industrial & Infrastructure Fund Investment Corp. REIT		128,411
	7,300	Ines Corp.		53,443
	600	I-Net Corp.		3,771
	6,200	Information Services International-Dentsu Ltd.		57,266
	10,300	Innotech Corp.		74,324
	700	Intage, Inc.		13,904
	35	Internet Initiative Japan, Inc.		119,896
	4,000	Inui Steamship Co. Ltd.		17,003
	1,000	Ise Chemical Corp.		5,825
	131,000	Ishihara Sangyo Kaisha Ltd.(b)		158,121
	13,000	Ishii Iron Works Co. Ltd.		27,631
	14,000	Ishizuka Glass Co. Ltd.		26,450
	6,666	IT Holdings Corp.		81,860
	4,500	ITC Networks Corp.		29,874
	14,000	Ito En Ltd.		237,864
	19,900	Itochu Enex Co. Ltd.		117,489
	8,100	Itochu Techno-Solutions Corp.		374,606
	1,200	Itochu-Shokuhin Co. Ltd.		43,611
	71,000	Itoham Foods, Inc.		283,180
	5,100	Itoki Corp.		12,446
	8,400	Iwai Cosmo Holdings, Inc.		28,764
	11,000	Iwaki & Co. Ltd.		28,719
	27,000	Iwasaki Electric Co. Ltd.(b)		60,220
	63,000	IWATANI Corp.		218,210
	130,000	Iyo Bank Ltd. (The)		1,248,491
	20,100	Izumi Co. Ltd.		355,218
	26,000	Izumiya Co. Ltd.		130,989
	46,000	Izutsuya Co. Ltd.(b)		28,365
	266,000	J. Front Retailing Co. Ltd.		1,308,712
	900	Jalux, Inc.		9,151
	98,000	Janome Sewing Machine Co. Ltd.(b)		75,859
	17,200	Japan Airport Terminal Co. Ltd.		238,300
	16,000	Japan Asia Investment Co. Ltd.(b)		12,175
	23,000	Japan Aviation Electronics Industry Ltd.		182,564
	7,600	Japan Carlit Co. Ltd.		40,283
	3,600	Japan Cash Machine Co. Ltd.		27,772
Shares			Value
JAPAN (continued)
	10,400	Japan Digital Laboratory Co. Ltd.	$	114,616
	2,900	Japan Electronic Materials Corp.		14,534
	20,300	Japan Foundation Engineering Co. Ltd.		92,152
	6,400	Japan Medical Dynamic Marketing, Inc.		20,908
	4,700	Japan Petroleum Exploration Co.		207,806
	50,000	Japan Pulp & Paper Co. Ltd.		188,271
	23,000	Japan Radio Co. Ltd.		64,878
	92,000	Japan Steel Works Ltd. (The)		743,532
	22,000	Japan Transcity Corp.		78,510
	8,000	Japan Vilene Co. Ltd.		35,791
	38,000	Japan Wool Textile Co. Ltd. (The)		285,174
	6,500	Jastec Co. Ltd.		39,399
	10,000	JBCC Holdings, Inc.		69,273
	6,200	JBIS Holdings, Inc.		22,613
	20,000	Jeol Ltd.		55,891
	86,000	JFE Shoji Holdings, Inc.		388,140
	13,000	Jidosha Buhin Kogyo Co. Ltd.		71,464
	1,400	JK Holdings Co. Ltd.		7,072
	12,000	JMS Co. Ltd.		38,415
	41,000	J-Oil Mills, Inc.		119,955
	20,000	Joshin Denki Co. Ltd.		224,088
	8,000	JSP Corp.		129,100
	33,000	Juki Corp.		77,932
	25,000	Juroku Bank Ltd. (The)		83,967
	19,310	JVC Kenwood Corp.(b)		79,551
	2,000	Kabuki-Za Co. Ltd.		95,513
	7,600	Kadokawa Group Holdings,Inc.		244,093
	5,500	Kaga Electronics Co. Ltd.		61,336
	20,100	Kagome Co. Ltd.		403,213
	70,000	Kagoshima Bank Ltd. (The)		483,075
	11,300	Kakaku.com, Inc.		366,190
	28,000	Kaken Pharmaceutical Co. Ltd.		368,460
	5,800	Kameda Seika Co. Ltd.		117,720
	10,000	Kamei Corp.		113,881
	91,000	Kamigumi Co. Ltd.		801,115
	14,000	Kanaden Corp.		89,268
	10,000	Kanagawa Chuo Kotsu Co. Ltd.		54,972
	21,000	Kanamoto Co. Ltd.		197,547
	5,000	Kandenko Co. Ltd.		26,109
	89,000	Kaneka Corp.		497,428
	81,000	Kanematsu Corp.(b)		87,142
	12,300	Kanematsu Electronics Ltd.		130,714
	47,000	Kansai Paint Co. Ltd.		443,361
	15,000	Kanto Denka Kogyo Co. Ltd.		57,859
	16,000	Kanto Natural Gas Development Ltd.		87,536
	50	Kappa Create Co. Ltd.		1,212
	18,000	Kasai Kogyo Co. Ltd.		94,936
	16,800	Kasumi Co. Ltd.		114,395

39

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	5,000	Katakura Industries Co. Ltd.	$	46,510
	11,900	Kato Sangyo Co. Ltd.		240,279
	50,000	Kato Works Co. Ltd.		180,399
	2,400	Kawada Technologies, Inc.		39,612
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		63,395
	8,000	Kawasaki Kinkai Kisen Kaisha Ltd.		22,041
	7,000	Kawasumi Laboratories, Inc.		41,695
	73,000	Keihan Electric Railway Co. Ltd.		362,031
	15,900	Keihanshin Building Co. Ltd.		74,681
	3,000	Keihin Co. Ltd. (The)		4,408
	10,600	Keihin Corp.		195,117
	89,000	Keisei Electric Railway Co. Ltd.		670,244
	159,000	Keiyo Bank Ltd. (The)		782,275
	13,300	Keiyo Co. Ltd.		91,784
	529	Kenedix, Inc.(b)		69,960
	2,000	Kentucky Fried Chicken Japan Ltd.		53,503
	36,200	Kewpie Corp.		536,208
	6,525	KEY Coffee, Inc.		124,045
	4,000	KI Holdings Co. Ltd.(b)		5,195
	22,700	Kikkoman Corp.		263,275
	11,200	Kimoto Co. Ltd.		73,765
	40,000	Kinden Corp.		350,564
	600	King Jim Co. Ltd.		4,676
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		36,906
	7,200	Kintetsu World Express, Inc.		215,754
	18,000	Kinugawa Rubber Industrial Co. Ltd.		150,905
	3,500	Kirayaka Bank Ltd.		3,536
	5,900	Kisoji Co. Ltd.		114,795
	13,900	Kissei Pharmaceutical Co. Ltd.		287,228
	66,000	Kitagawa Iron Works Co. Ltd.		128,155
	3,100	Kita-Nippon Bank Ltd. (The)		82,401
	21,000	Kitano Construction Corp.		51,246
	31,000	Kitz Corp.		142,351
	271,000	Kiyo Holdings, Inc.		423,104
	29,600	Koa Corp.		297,087
	22,000	Koatsu Gas Kogyo Co. Ltd.		135,660
	8,200	Kobayashi Pharmaceutical Co. Ltd.		421,727
	24,000	Kohnan Shoji Co. Ltd.		373,445
	1,300	Kohsoku Corp.		11,240
	13,000	Koike Sanso Kogyo Co. Ltd.		35,476
	33,000	Koito Manufacturing Co. Ltd.		532,104
	17,500	Kojima Co. Ltd.		118,014
	7,000	Kokusai Kogyo Holdings Co. Ltd.(b)		17,633
	35,700	Kokuyo Co. Ltd.		255,736
	23,000	KOMAIHALTEC, Inc.		89,320
	5,000	Komatsu Seiren Co. Ltd.		23,419
	4,300	Komatsu Wall Industry Co. Ltd.		46,825
	11,700	Komeri Co. Ltd.		359,504
Shares			Value
JAPAN (continued)
	3,600	Komori Corp.	$	23,474
	5,500	Konaka Co. Ltd.		52,027
	9,700	Konishi Co. Ltd.		142,662
	6,500	Kose Corp.		160,496
	2,000	Kosei Securities Co. Ltd.(b)		1,627
	2,100	Kourakuen Corp.		33,696
	39,000	Krosaki Harima Corp.		138,153
	4,200	KRS Corp.		47,114
	13,828	K’s Holdings Corp.		483,490
	800	KU Holdings Co. Ltd.		4,156
	79,000	Kumagai Gumi Co. Ltd.(b)		89,137
	7,000	Kumiai Chemical Industry Co. Ltd.		29,297
	400	Kura Corp.		5,610
	96,000	Kurabo Industries Ltd.		193,965
	39,000	Kureha Corp.		187,785
	40,000	Kurimoto Ltd.		98,137
	23,400	Kuroda Electric Co. Ltd.		249,903
	72,000	KYB Co. Ltd.		383,521
	34,000	Kyodo Printing Co. Ltd.		95,014
	41,000	Kyodo Shiryo Co. Ltd.		52,178
	5,000	Kyokuto Boeki Kaisha Ltd.		14,104
	13,600	Kyokuto Kaihatsu Kogyo Co. Ltd.		112,055
	5,700	Kyokuto Securities Co. Ltd.		37,915
	26,000	Kyokuyo Co. Ltd.		63,107
	30,000	Kyorin Holdings, Inc.		521,517
	4,500	Kyoritsu Maintenance Co. Ltd.		83,954
	40,000	Kyosan Electric Manufacturing Co. Ltd.		184,204
	2,400	Kyoto Kimono Yuzen Co. Ltd.		29,945
	64,000	Kyowa Exeo Corp.		641,511
	1,600	Kyowa Leather Cloth Co. Ltd.		6,214
	24,000	Kyudenko Corp.		151,141
	2,700	LEC, Inc.		40,277
	61,500	Leopalace21 Corp.(b)		135,555
	8,600	Life Corp.		157,738
	19,500	Lintec Corp.		370,454
	54,000	Lion Corp.		325,190
	25,000	Look, Inc.		69,536
	66	M3, Inc.		285,319
	4,300	Mabuchi Motor Co. Ltd.		184,197
	4,500	Macnica, Inc.		106,271
	6,000	MacroMill, Inc.		58,410
	50,000	Maeda Corp.		207,295
	47,000	Maeda Road Construction Co. Ltd.		569,772
	5,000	Maezawa Kasei Industries Co. Ltd.		52,480
	5,000	Maezawa Kyuso Industries Co. Ltd.		69,864
	78,000	Makino Milling Machine Co. Ltd.		542,377
	6,000	Mandom Corp.		156,652
	4,900	Mars Engineering Corp.		90,260
	11,900	Marubun Corp.		58,548

40

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	95,000	Marudai Food Co. Ltd.	$	345,251
	14,000	Maruei Department Store Co. Ltd.(b)		16,898
	13,000	Maruetsu, Inc. (The)		50,144
	4,000	Marufuji Sheet Piling Co. Ltd.		11,126
	30,910	Maruha Nichiro Holdings, Inc.		59,208
	170,900	Marui Group Co. Ltd.		1,374,465
	20,200	Maruichi Steel Tube Ltd.		472,005
	12,100	Marusan Securities Co. Ltd.		42,228
	2,900	Maruwa Co. Ltd.		125,558
	24,000	Maruyama Manufacturing Co., Inc.		57,938
	25,000	Maruzen Showa Unyu Co. Ltd.		85,279
	6,500	Matsuda Sangyo Co. Ltd.		104,467
	22,000	Matsumotokiyoshi Holdings Co. Ltd.		450,853
	2,700	Matsuya Foods Co. Ltd.		57,316
	12,000	Max Co. Ltd.		150,354
	3,700	Maxvalu Tokai Co. Ltd.		55,485
	2,400	MEC Co. Ltd.		8,565
	102,200	Medipal Holdings Corp.		1,114,251
	7,600	Megachips Corp.		116,164
	7,850	Megane Top Co. Ltd.		90,426
	19,000	Megmilk Snow Brand Co. Ltd.		374,416
	65,000	Meidensha Corp.		230,255
	6,700	Meiko Network Japan Co. Ltd.		61,796
	10,700	Meitec Corp.		213,944
	200	Meito Transportation Co. Ltd.		1,635
	20,900	Meiwa Corp.		80,342
	10,100	Meiwa Estate Co. Ltd.		48,499
	4,500	Melco Holdings, Inc.		113,946
	30,000	Michinoku Bank Ltd. (The)		60,220
	33,000	Mie Bank Ltd. (The)		77,932
	13,700	Mikuni Coca-Cola Bottling Co. Ltd.		122,225
	2,448	Milbon Co. Ltd.		74,866
	700	Mimasu Semiconductor Industry Co. Ltd.		6,401
	72,000	Minato Bank Ltd. (The)		140,750
	35,000	Minebea Co. Ltd.		156,127
	12,600	Ministop Co. Ltd.		234,080
	151,400	Miraca Holdings, Inc.		5,667,072
	12,340	Mirait Holdings Corp.		98,759
	8,500	Misawa Homes Co. Ltd.(b)		74,606
	23,300	MISUMI Group, Inc.		543,218
	4,800	Mitani Corp.		63,983
	21,000	Mitsuba Corp.		181,291
	13,000	Mitsubishi Kakoki Kaisha Ltd.		24,902
	22,000	Mitsubishi Logistics Corp.		254,002
	51,000	Mitsubishi Paper Mills Ltd.(b)		51,522
	10,600	Mitsubishi Pencil Co. Ltd.		187,607
	3,400	Mitsubishi Shokuhin Co. Ltd.		96,130
	25,000	Mitsubishi Steel Manufacturing Co. Ltd.		77,408
	14,000	Mitsuboshi Belting Co. Ltd.		74,757

Shares			Value
JAPAN (continued)
	108,000	Mitsui Engineering & Shipbuilding Co. Ltd.	$	189,871
	5,300	Mitsui High-Tec, Inc.(b)		22,251
	14,000	Mitsui Home Co. Ltd.		74,206
	511	Mitsui Knowledge Industry Co. Ltd.		100,430
	19,000	Mitsui Matsushima Co. Ltd.		39,386
	246,000	Mitsui Mining & Smelting Co. Ltd.		671,320
	66,000	Mitsui Sugar Co. Ltd.		226,004
	29,000	Mitsui-Soko Co. Ltd.		114,524
	7,000	Mitsuuroko Co. Ltd.		45,461
	119,200	Miura Co. Ltd.(c)		3,390,522
	7,100	Miyachi Corp.		61,480
	38,000	Miyaji Engineering Group, Inc.(b)		96,221
	30,000	Miyazaki Bank Ltd. (The)		78,719
	26,000	Miyoshi Oil & Fat Co. Ltd.		35,817
	62,000	Mizuno Corp.		335,135
	19,000	Mochida Pharmaceutical Co. Ltd.		215,127
	2,200	Modec, Inc.		39,370
	154	Monex Group, Inc.		24,609
	45,600	Mori Seiki Co. Ltd.		443,317
	16,000	Morinaga & Co. Ltd.		38,415
	145,000	Morinaga Milk Industry Co. Ltd.		576,424
	14,000	Morita Holdings Corp		85,594
	22,000	Mory Industries, Inc.		78,510
	9,300	MOS Food Services, Inc.		188,636
	14,500	Moshi Moshi Hotline, Inc.		133,357
	11,900	Mr Max Corp.		51,522
	2,000	Murakami Corp.		21,385
	9,000	Musashi Seimitsu Industry Co. Ltd.		207,111
	21,800	Musashino Bank Ltd. (The)		733,054
	26,000	Mutoh Holdings Co. Ltd.		165,442
	23,900	Nabtesco Corp.		507,977
	100	NAC Co. Ltd.		1,986
	57,000	Nachi-Fujikoshi Corp.		283,430
	5,500	Nagaileben Co. Ltd.		80,386
	13,000	Nagano Bank Ltd. (The)		28,142
	1,000	Nagano Keiki Co. Ltd.		10,247
	91,400	Nagase & Co. Ltd.		1,058,859
	7,000	Nagatanien Co. Ltd.		80,451
	49,000	Nagoya Railroad Co. Ltd.		140,790
	22,000	Nakabayashi Co. Ltd.		54,841
	13,000	Nakamuraya Co. Ltd.		67,541
	1,500	Nakano Corp.		3,562
	27,000	Nakayama Steel Works Ltd.(b)		32,236
	34,100	Namco Bandai Holdings, Inc.		485,417
	5,000	Nankai Electric Railway Co. Ltd.		22,960
	85,000	Nanto Bank Ltd. (The)		461,690
	3,600	Natori Co. Ltd.		40,478
	9,600	NEC Capital Solutions Ltd.		160,840
	7,400	NEC Fielding Ltd.		94,272

41

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	4,200	NEC Mobiling Ltd.	$	146,355
	19,700	NEC Networks & System Integration Corp.		287,410
	159	NET One Systems Co. Ltd.		403,863
	27,200	Neturen Co. Ltd.		230,890
	63,700	NHK Spring Co. Ltd.		610,925
	26,000	Nice Holdings, Inc.		87,326
	11,000	Nichia Steel Works Ltd.		29,730
	38,000	Nichias Corp.		216,374
	17,000	Nichiban Co. Ltd.		58,882
	32,700	Nichicon Corp.		324,340
	3,500	Nichiden Corp.		101,069
	16,000	Nichiha Corp.		179,480
	19,100	Nichii Gakkan Co.		230,543
	22,000	Nichimo Co. Ltd.(b)		52,821
	125,000	Nichirei Corp.		613,356
	18,000	Nichireki Co. Ltd.		99,895
	16,000	Nidec Sankyo Corp.		108,108
	5,600	Nidec Tosok Corp.		67,080
	362,600	Nifco, Inc.(c)		9,685,825
	78	NIFTY Corp.		95,377
	808	Nihon Chouzai Co. Ltd.		28,304
	600	Nihon Dempa Kogyo Co. Ltd.		7,274
	2,400	Nihon Eslead Corp.		22,041
	12,300	Nihon Kohden Corp.		292,089
	15	Nihon M&A Center, Inc.		74,193
	27,000	Nihon Nohyaku Co. Ltd.		113,710
	24,000	Nihon Parkerizing Co. Ltd.		317,082
	2,800	Nihon Plast Co. Ltd.		21,601
	1,000	Nihon Shokuhin Kako Co. Ltd.		4,211
	1,100	Nihon Tokushu Toryo Co. Ltd.		4,488
	2,050	Nihon Trim Co. Ltd.		49,246
	2,600	Nihon Unisys Ltd.		16,783
	49,000	Nihon Yamamura Glass Co. Ltd.		133,075
	29,000	Nikkiso Co. Ltd.		259,105
	6,000	Nikko Co. Ltd.		25,426
	55,000	Nippo Corp.		614,078
	43,000	Nippon Beet Sugar Manufacturing Co. Ltd.		97,035
	43,000	Nippon Carbide Industries Co., Inc.		66,570
	47,000	Nippon Carbon Co. Ltd.		135,043
	8,100	Nippon Ceramic Co. Ltd.		147,717
	31,000	Nippon Chemical Industrial Co. Ltd.		55,720
	70,000	Nippon Chemi-Con Corp.		242,456
	3,000	Nippon Chemiphar Co. Ltd.		11,690
	115,000	Nippon Coke & Engineering Co. Ltd.		170,493
	18,000	Nippon Concrete Industries Co. Ltd.		67,069
	26,000	Nippon Conveyor Co. Ltd.		29,336
	42,000	Nippon Denko Co. Ltd.		203,332
	26,000	Nippon Densetsu Kogyo Co. Ltd.		266,072

Shares			Value
JAPAN (continued)
	16,000	Nippon Denwa Shisetsu Co. Ltd.	$	52,900
	400	Nippon Felt Co. Ltd.		2,089
	600	Nippon Filcon Co. Ltd.		3,125
	9,700	Nippon Fine Chemical Co. Ltd.		68,340
	38,000	Nippon Flour Mills Co. Ltd.		173,498
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.(b)		39,911
	9,200	Nippon Gas Co. Ltd.		148,344
	11,000	Nippon Hume Corp.		56,573
	31	Nippon Jogesuido Sekkei Co. Ltd.		46,691
	3,400	Nippon Kanzai Co. Ltd.		65,752
	60,000	Nippon Kayaku Co. Ltd.		576,227
	44,000	Nippon Kinzoku Co. Ltd.(b)		92,941
	56,000	Nippon Koei Co. Ltd.		210,863
	17,200	Nippon Konpo Unyu Soko Co. Ltd.		180,756
	25,000	Nippon Koshuha Steel Co. Ltd.		34,440
	450,000	Nippon Light Metal Co. Ltd.		596,300
	60,000	Nippon Meat Packers, Inc.		762,005
	4,000	Nippon Metal Industry Co. Ltd.(b)		3,831
	66,000	Nippon Paint Co. Ltd.		486,644
	34,800	Nippon Paper Group, Inc.		745,127
	6	Nippon Parking Development Co. Ltd.		278
	16,000	Nippon Pillar Packing Co. Ltd.		118,604
	46,000	Nippon Piston Ring Co. Ltd.(b)		96,563
	54,000	Nippon Road Co. Ltd. (The)		230,963
	19,000	Nippon Seiki Co. Ltd.		225,098
	4,000	Nippon Seiro Co. Ltd.		14,484
	10,000	Nippon Seisen Co. Ltd.		48,675
	28,000	Nippon Sharyo Ltd.		120,126
	10,000	Nippon Sheet Glass Co. Ltd.		20,205
	35,000	Nippon Shinyaku Co. Ltd.		410,981
	64,000	Nippon Shokubai Co. Ltd.		721,281
	23,500	Nippon Signal Co. Ltd. (The)		147,376
	74,000	Nippon Soda Co. Ltd.		365,049
	28,000	Nippon Steel Trading Co. Ltd.		82,288
	53,800	Nippon Suisan Kaisha Ltd.		191,992
	35,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		213,067
	16,000	Nippon Thompson Co. Ltd.		94,883
	3,000	Nippon Tungsten Co. Ltd.		7,282
	21,000	Nippon Valqua Industries Ltd.		58,685
	18,000	Nippon Yusoki Co. Ltd.		51,010
	24,000	Nipro Corp.		214,432
	1,000	Nishikawa Rubber Co. Ltd.		9,446
	97,000	Nishimatsu Construction Co. Ltd.		213,802
	6,400	Nishimatsuya Chain Co. Ltd.		51,976
	327,000	Nishi-Nippon City Bank Ltd. (The)		956,717
	73,000	Nishi-Nippon Railroad Co. Ltd.		363,946
	18,300	Nissan Chemical Industries Ltd.		182,952
	74,000	Nissan Shatai Co. Ltd.		768,932

42

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	30,000	Nissan Tokyo Sales Holdings Co. Ltd.(b)	$	86,591
	6,300	Nissei Corp.(c)		55,379
	1,500	Nissei Plastic Industrial Co. Ltd.		7,616
	9,800	Nissen Holdings Co. Ltd.		44,873
	700	Nissha Printing Co. Ltd.		9,303
	21,000	Nisshin Oillio Group Ltd. (The)		89,819
	227,000	Nisshin Steel Co. Ltd.		351,430
	40,000	Nisshinbo Holdings, Inc.		401,469
	34,000	Nissin Corp.		94,568
	22,000	Nissin Electric Co. Ltd.		146,340
	18,300	Nissin Kogyo Co. Ltd.		281,631
	2,600	Nissin Sugar Holdings Co. Ltd.(b)		53,248
	6,500	Nissui Pharmaceutical Co. Ltd.		61,401
	12,300	Nitta Corp.		229,637
	8,600	Nittan Valve Co. Ltd.		31,931
	27,000	Nittetsu Mining Co. Ltd.		122,566
	125,000	Nitto Boseki Co. Ltd.		426,397
	17,600	Nitto Kogyo Corp.		219,596
	4,800	Nitto Kohki Co. Ltd.		110,837
	9,000	Nitto Seiko Co. Ltd.		25,033
	7,400	Noevir Holdings Co. Ltd.		85,049
	109,000	NOF Corp.		553,437
	12,000	Nohmi Bosai Ltd.		79,664
	17,000	Nomura Co. Ltd.		58,882
	15,100	Nomura Real Estate Holdings, Inc.		234,365
	42,000	Noritake Co. Ltd.		129,494
	8,700	Noritsu Koki Co. Ltd.(b)		40,064
	13,800	Noritz Corp.		244,786
	7,700	NS Solutions Corp.		151,737
	12,000	NS United Kaiun Kaisha Ltd.		20,782
	3,100	NSD Co. Ltd.		27,006
	197,000	NTN Corp.		811,572
	4,500	Obara Group, Inc.		56,265
	21,000	Obayashi Road Corp.		70,257
	2,000	OBIC Business Consultants Ltd.		93,807
	960	Obic Co. Ltd.		185,904
	32,000	Oenon Holdings, Inc.		76,830
	78,000	Ogaki Kyoritsu Bank Ltd. (The)		259,932
	4,300	Ohara, Inc.		46,092
	900	Ohashi Technica, Inc.		7,097
	14,038	Oiles Corp.		283,817
	35,000	Oita Bank Ltd. (The)		103,779
	33,100	Okabe Co. Ltd.		186,301
	26,000	Okamoto Industries, Inc.		100,971
	9,000	Okamoto Machine Tool Works Ltd.(b)		12,634
	35,000	Okamura Corp.		259,446
	11,000	Okasan Securities Group, Inc.		36,801
	168,000	Oki Electric Industry Co. Ltd.(b)		160,903
	3,160	Okinawa Electric Power Co., Inc. (The)		134,120
	54,000	OKK Corp.(b)		81,475

Shares			Value
JAPAN (continued)
	62,000	OKUMA Corp.	$	449,829
	77,000	Okumura Corp.		335,398
	26,000	Okura Industrial Co. Ltd.		83,233
	14,000	Okuwa Co. Ltd.		198,373
	6,700	Onoken Co. Ltd.		57,313
	111,000	Onward Holdings Co. Ltd.		898,544
	1,800	Optex Co. Ltd.		23,710
	23,000	Organo Corp.		179,546
	17,000	Origin Electric Co. Ltd.		58,436
	2,700	Osaka Organic Chemical Industry Ltd.		15,834
	9,500	Osaka Steel Co. Ltd.		175,741
	6,500	OSAKA Titanium Technologies Co.		292,935
	10,000	Osaki Electric Co. Ltd.		101,811
	25,100	OSG Corp.		375,743
	5,300	Otsuka Corp.		379,664
	3,000	Oyo Corp.		40,304
	37,000	Pacific Industrial Co. Ltd.		177,184
	19,000	Pacific Metals Co. Ltd.		106,691
	2,450	Pack Corp. (The)		36,740
	2,000	Pal Co. Ltd.		83,443
	7,650	Paltac Corp.		99,665
	57,000	PanaHome Corp.		414,301
	1,000	Panasonic Electric Works Information Systems Co. Ltd.		27,552
	10,500	Panasonic Electric Works SUNX Co. Ltd.		55,655
	7,700	Paramount Bed Holdings Co. Ltd.(b)		224,272
	27,900	Parco Co. Ltd.		228,779
	10,100	Paris Miki Holdings, Inc.		81,229
	17,500	Park24 Co. Ltd.		224,777
	10,000	Pasco Corp.		37,523
	14	Pasona Group, Inc.		13,004
	121,000	Penta-Ocean Construction Co. Ltd.		434,978
	2,700	PIA Corp.(b)		29,402
	5,700	Pigeon Corp.		214,404
	66	Pilot Corp.		130,753
	4,800	Piolax, Inc.		113,230
	78,700	Pioneer Corp.(b)		375,844
	10,200	Plenus Co. Ltd.		177,985
	44,000	Press Kogyo Co. Ltd.		222,251
	900	Pressance Corp.		13,591
	47,000	Prima Meat Packers Ltd.		85,096
	6,800	Pronexus, Inc.		35,240
	17,000	PS Mitsubishi Construction Co. Ltd.		111,519
	42,100	Raito Kogyo Co. Ltd.		267,337
	14,000	Rasa Industries Ltd.(b)		22,776
	22,400	Renesas Electronics Corp.(b)		141,947
	85,840	Rengo Co. Ltd.		609,282
	23,200	Renown, Inc.(b)		45,353
	13,100	Resorttrust, Inc.		207,620

43

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	3,000	Rheon Automatic Machinery Co. Ltd.	$	7,872
	11,000	Rhythm Watch Co. Ltd.		20,782
	6,800	Ricoh Leasing Co. Ltd.		161,212
	4,500	Right On Co. Ltd.		35,247
	31,000	Riken Corp.		125,676
	11,400	Riken Keiki Co. Ltd.		90,189
	7,000	Riken Technos Corp.		20,480
	2,600	Riken Vitamin Co. Ltd.(c)		83,915
	4,700	Ringer Hut Co. Ltd.		66,042
	16,800	Riso Kagaku Corp.		254,799
	698	Riso Kyoiku Co. Ltd.		46,613
	4,500	Rock Field Co. Ltd.		77,932
	32,000	Rohto Pharmaceutical Co. Ltd.		389,189
	1,500	Roland DG Corp.		17,259
	55,600	Round One Corp.		342,850
	8,600	Royal Holdings Co. Ltd.		104,595
	33,000	Ryobi Ltd.		125,125
	16,000	Ryoden Trading Co. Ltd.		99,711
	7,600	Ryohin Keikaku Co. Ltd.		378,405
	4,800	Ryosan Co. Ltd.		106,051
	8,400	Ryoyo Electro Corp.		97,093
	3,500	S Foods, Inc.		32,419
	2,000	Sagami Chain Co. Ltd.(b)		14,143
	69,000	Saibu Gas Co. Ltd.		193,729
	10,000	Saizeriya Co. Ltd.		158,620
	41,000	Sakai Chemical Industry Co. Ltd.		161,913
	18,000	Sakai Heavy Industries Ltd.		41,328
	39,000	Sakai Ovex Co. Ltd.(b)		65,495
	18,000	Sakata INX Corp.		84,072
	17,300	Sakata Seed Corp.		244,906
	4,500	Sala Corp.		28,929
	3,500	San-A Co. Ltd.		141,892
	50,000	San-Ai Oil Co. Ltd.		236,158
	15,000	Sanden Corp.		49,593
	22,575	Sangetsu Co. Ltd.		625,833
	69,000	San-In Godo Bank Ltd. (The)		521,438
	15,700	Sanix, Inc.(b)		47,376
	1,300	Sankei Building Co. Ltd. (The)		12,570
	44,000	Sanken Electric Co. Ltd.		156,442
	7,000	Sanki Engineering Co. Ltd.		37,930
	50	Sanko Marketing Foods Co. Ltd.		55,497
	14,000	Sanko Metal Industrial Co. Ltd.		45,736
	23,200	Sankyo Seiko Co. Ltd.		86,749
	56,000	Sankyo-Tateyama Holdings, Inc.(b)		105,064
	120,000	Sankyu, Inc.		461,296
	20,600	Sanoh Industrial Co. Ltd.		152,973
	15,400	Sanshin Electronics Co. Ltd.		130,320
	68,000	Sanwa Holdings Corp.		222,146
	21,000	Sanyo Chemical Industries Ltd.		139,688
	13,000	Sanyo Denki Co. Ltd.		76,922
	54	Sanyo Housing Nagoya Co. Ltd.		55,615
	6,000	Sanyo Shokai Ltd.		14,957

Shares			Value
JAPAN (continued)
	78,000	Sanyo Special Steel Co. Ltd.	$	437,995
	47,200	Sapporo Hokuyo Holdings, Inc.		169,677
	12,000	Sapporo Holdings Ltd.		46,287
	8,000	Sasebo Heavy Industries Co. Ltd.		14,379
	26,000	Sata Construction Co. Ltd.(b)		27,972
	4,900	SATO Holdings Corp.		62,809
	6,300	Sato Shoji Corp.		38,435
	4,200	Satori Electric Co. Ltd.		26,946
	4,500	Sawai Pharmaceutical Co. Ltd.		484,125
	1,000	SAXA Holdings, Inc.		2,178
	1,050	SBI Holdings, Inc.		79,349
	5,200	Scroll Corp.		20,535
	21,797	SCSK Corp.		365,190
	1,600	Secom Joshinetsu Co. Ltd.		48,323
	4,000	Seibu Electric Industry Co. Ltd.		19,103
	37,000	Seika Corp.		105,825
	3,500	Seikagaku Corp.		39,583
	33,600	Seiko Epson Corp.		428,486
	29,000	Seiko Holdings Corp.		62,018
	100	Seiko PMC Corp.		449
	93,000	Seino Holdings Corp.		710,129
	18,700	Seiren Co. Ltd.		109,913
	32,000	Sekisui Jushi Corp.		325,374
	35,000	Sekisui Plastics Co. Ltd.		132,708
	30,000	Senko Co. Ltd.		122,409
	2,000	Senshu Electric Co. Ltd.		25,505
	42,100	Senshu Ikeda Holdings, Inc.		63,520
	9,000	Senshukai Co. Ltd.		60,338
	30,000	Shibaura Mechatronics Corp.		82,655
	25,000	Shibusawa Warehouse Co. Ltd. (The)		80,031
	9,400	Shibuya Kogyo Co. Ltd.		108,405
	80,000	Shiga Bank Ltd. (The)		540,541
	59,000	Shikibo Ltd.		89,019
	50,000	Shikoku Bank Ltd. (The)		198,767
	25,000	Shikoku Chemicals Corp.		140,055
	700	Shima Seiki Manufacturing Ltd.		12,665
	32,149	Shimachu Co. Ltd.		764,709
	74,000	Shimadzu Corp.		644,660
	2,800	Shimizu Bank Ltd. (The)		115,350
	2,500	Shimojima Co. Ltd.		34,407
	4,000	Shin Nippon Air Technologies Co. Ltd.		22,934
	47,000	Shinagawa Refractories Co. Ltd.		147,376
	32,000	Shindengen Electric Manufacturing Co. Ltd.		152,401
	16,600	Shin-Etsu Polymer Co. Ltd.		76,227
	9,000	Shin-Keisei Electric Railway Co. Ltd.		41,446
	6,800	Shinko Electric Industries Co. Ltd.		50,407
	12,100	Shinko Plantech Co. Ltd.		99,537
	4,000	Shinko Shoji Co. Ltd.		34,269
	7,000	Shinko Wire Co. Ltd.		13,317
	41,000	Shinmaywa Industries Ltd.		197,415

44

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	31,500	Shinnihon Corp.	$	97,533
	456,000	Shinsei Bank Ltd.		514,511
	30,000	Shinsho Corp.		74,784
	900	Shinwa Co. Ltd. Nagoya		10,674
	10,500	Ship Healthcare Holdings, Inc.		228,542
	34,000	Shiroki Corp.		97,245
	3,000	Shizuki Electric Co., Inc.		12,202
	32,500	Shizuoka Gas Co. Ltd.		217,889
	6,700	SHO-BOND Holdings Co. Ltd.		169,829
	6,500	Shobunsha Publications, Inc.		50,827
	26,000	Shochiku Co. Ltd.		267,095
	500	Shofu, Inc.		5,156
	34,000	Shoko Co. Ltd.		59,328
	25,600	Showa Corp.(b)		167,263
	363,600	Showa Denko KK		791,887
	32,000	Showa Sangyo Co. Ltd.		102,020
	11,600	Siix Corp.		144,429
	15,000	Sinanen Co. Ltd.		67,699
	28,000	Sinfonia Technology Co. Ltd.		65,022
	41,100	Sintokogio Ltd.		383,931
	1,222	SKY Perfect JSAT Holdings, Inc.		631,682
	27,000	SMK Corp.		89,268
	13,500	SNT Corp.		62,346
	21,400	Sodick Co. Ltd.		109,218
	2,200	Soft99 Corp.		13,681
	2,200	Sogo Medical Co. Ltd.		73,256
	49,188	Sohgo Security Services Co. Ltd.		548,541
	869,900	Sojitz Corp.		1,495,105
	67	So-Net Entertainment Corp.		256,766
	7,000	Sotetsu Holdings, Inc.		22,592
	1,900	Space Co. Ltd.		11,417
	400	SPK Corp.		7,032
	13,100	Square Enix Holdings Co. Ltd.		263,822
	2,700	SRA Holdings, Inc.		29,225
	6,600	SRI Sports Ltd.		72,737
	10,000	Stanley Electric Co. Ltd.		153,634
	19,100	Star Micronics Co. Ltd.		183,683
	26,000	Starzen Co. Ltd.		84,256
	2,300	Stella Chemifa Corp.		66,266
	2,500	Studio Alice Co. Ltd.		38,769
	8,000	Sugi Holdings Co. Ltd.		223,458
	3,800	Sugimoto & Co. Ltd.		36,395
	6,300	Sumco Corp.(b)		53,974
	4,800	Sumida Corp.		30,732
	81,000	Sumikin Bussan Corp.		228,483
	22,000	Suminoe Textile Co. Ltd.		44,739
	84,000	Sumitomo Bakelite Co. Ltd.		489,320
	13,200	Sumitomo Densetsu Co. Ltd.		88,670
	35,900	Sumitomo Forestry Co. Ltd.		322,167
	40,000	Sumitomo Light Metal Industries Ltd.(b)		39,885
	11,200	Sumitomo Mitsui Construction Co. Ltd.(b)		12,931
	246,000	Sumitomo Osaka Cement Co. Ltd.		761,690

Shares			Value
JAPAN (continued)
	13,900	Sumitomo Pipe & Tube Co. Ltd.	$	118,174
	14,000	Sumitomo Precision Products Co. Ltd.		90,921
	3,140	Sumitomo Real Estate Sales Co. Ltd.		130,593
	36,300	Sumitomo Rubber Industries, Inc.		431,485
	38,000	Sumitomo Seika Chemicals Co. Ltd.		172,501
	61,000	Sumitomo Warehouse Co. Ltd. (The)		298,517
	12,700	Sundrug Co. Ltd.		376,401
	3,600	Sun-Wa Technos Corp.		36,321
	61,000	Suruga Bank Ltd.		542,613
	27,600	Suzuken Co. Ltd.		804,970
	80,000	SWCC Showa Holdings Co. Ltd.(b)		83,967
	62,000	SXL Corp.(b)		143,978
	54	Systena Corp.		36,770
	1,900	T. Hasegawa Co. Ltd.		30,163
	42,000	T. RAD Co. Ltd.		160,903
	6,000	Tachibana Eletech Co. Ltd.		53,608
	11,900	Tachi-S Co. Ltd.		227,789
	69	Tact Home Co. Ltd.		59,839
	68,000	Tadano Ltd.		465,705
	10,000	Taihei Dengyo Kaisha Ltd.		79,769
	46,000	Taihei Kogyo Co. Ltd.		257,701
	326,000	Taiheiyo Cement Corp.		714,274
	37,000	Taiheiyo Kouhatsu, Inc.		39,320
	9,600	Taiho Kogyo Co. Ltd.		90,055
	16,700	Taikisha Ltd.		374,008
	12,000	Taiko Bank Ltd. (The)		40,304
	211,900	Taisei Corp.		586,603
	900	Taisei Lamick Co., Ltd.		29,473
	113,800	Taiyo Holdings Co. Ltd.(c)		3,015,954
	38,800	Taiyo Yuden Co. Ltd.		349,210
	1,600	Takachiho Koheki Co. Ltd.		18,452
	4,000	Takagi Securities Co. Ltd.(b)		3,569
	7,100	Takamatsu Construction Group Co. Ltd.		119,141
	4,000	Takano Co. Ltd.		23,511
	65,000	Takara Holdings, Inc.		422,986
	4,400	Takara Printing Co. Ltd.		33,078
	65,000	Takara Standard Co. Ltd.		521,057
	21,000	Takasago International Corp.		100,564
	30,400	Takasago Thermal Engineering Co. Ltd.		252,469
	26,000	Takashima & Co. Ltd.		68,906
	128,000	Takashimaya Co. Ltd.		995,854
	13,800	Takata Corp.		314,130
	38	Take and Give Needs Co. Ltd.		2,852
	12,000	Takihyo Co. Ltd.		70,690
	15,000	Takiron Co. Ltd.		51,758
	33,000	Takisawa Machine Tool Co. Ltd.		49,357
	18,000	Takuma Co. Ltd.(b)		89,976

45

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	5,900	Tamron Co. Ltd.	$	158,298
	34,000	Tamura Corp.		96,799
	1,000	Tanseisha Co. Ltd.		2,873
	29,000	Tatsuta Electric Wire and Cable Co. Ltd.		136,211
	20,000	Tayca Corp.		79,769
	19,000	TBK Co. Ltd.		95,972
	2	Techno Medica Co. Ltd.		7,662
	1,200	Techno Ryowa Ltd.		6,345
	13,400	Tecmo Koei Holdings Co. Ltd.		108,824
	1,200	Teikoku Electric Manufacturing Co. Ltd.		22,293
	7,000	Teikoku Sen-I Co. Ltd.		44,358
	5,000	Teikoku Tsushin Kogyo Co. Ltd.		9,118
	98,000	Tekken Corp.		150,433
	5,300	Temp Holdings Co. Ltd.		51,804
	58	T-GAIA Corp.		109,730
	23,500	THK Co. Ltd.		505,025
	1,000	Tigers Polymer Corp.		3,949
	5,000	Titan Kogyo KK		24,403
	11,000	TKC Corp.		233,508
	156,000	Toa Corp.		341,800
	58,000	Toa Oil Co. Ltd.		73,052
	35,000	Toa Road Corp.		105,156
	90,500	Toagosei Co. Ltd.		378,765
	10,100	Tobishima Corp.(b)		16,431
	15,000	Tobu Store Co. Ltd.		54,710
	54,100	TOC Co. Ltd.		271,139
	3,800	Tocalo Co. Ltd.		85,702
	19,000	Tochigi Bank Ltd. (The)		68,801
	127,000	Toda Corp.		506,534
	15,000	Toda Kogyo Corp.		139,334
	17,000	Toei Co. Ltd.		80,963
	25,000	Toenec Corp.		145,303
	14,000	Toho Bank Ltd. (The)		45,369
	8,000	Toho Co. Ltd.		32,747
	56,000	Toho Gas Co. Ltd.		362,949
	2,100	Toho Holdings Co. Ltd.		34,274
	14,600	Toho Real Estate Co. Ltd.		85,049
	2,700	Toho Titanium Co. Ltd.		46,086
	90,000	Toho Zinc Co. Ltd.		370,769
	45,000	Tohoku Bank Ltd. (The)		79,113
	14,000	Tohto Suisan Co. Ltd.		28,103
	106,000	Tokai Carbon Co. Ltd.		577,145
	15,600	Tokai Holdings Corp.		77,775
	22,000	Tokai Lease Co. Ltd.		53,109
	26,700	Tokai Rika Co. Ltd.		446,635
	28,500	Tokai Rubber Industries, Inc.		328,300
	88,000	Tokai Tokyo Financial Holdings, Inc.		266,702
	1,890	Token Corp.		68,736
	7,000	Toko Electric Corp.		31,409
	41,000	Toko, Inc.(b)		86,067
	33,840	Tokushu Tokai Holdings Co. Ltd.		79,472

Shares			Value
JAPAN (continued)
	2,700	Tokyo Broadcasting System Holdings, Inc.	$	36,309
	24	Tokyo Electron Device Ltd.		43,422
	3,700	Tokyo Individualized Educational Institute, Inc.		8,689
	40,000	Tokyo Keiki, Inc.		86,591
	39,800	Tokyo Ohka Kogyo Co. Ltd.		870,462
	7,000	Tokyo Rakutenchi Co. Ltd.		25,991
	107,000	Tokyo Rope Manufacturing Co. Ltd.		268,132
	1,000	Tokyo Sangyo Co. Ltd.		3,424
	14,700	Tokyo Seimitsu Co. Ltd.		295,080
	24,100	Tokyo Steel Manufacturing Co. Ltd.		181,177
	58,000	Tokyo Tatemono Co. Ltd.(b)		212,306
	5,200	Tokyo Tatemono Real Estate Sales Co. Ltd.		15,009
	32,000	Tokyo Tekko Co. Ltd.		140,645
	19,000	Tokyo Theaters Co., Inc.		27,919
	11,000	Tokyo Tomin Bank Ltd. (The)		141,433
	31,000	Tokyotokeiba Co. Ltd.		45,146
	2,300	Tokyu Community Corp.		74,534
	31,960	Tokyu Construction Co. Ltd.		89,314
	163,000	Tokyu Land Corp.		677,919
	5,000	Tokyu Livable, Inc.		40,213
	27,000	Toli Corp.		58,449
	15,000	Tomato Bank Ltd.		26,371
	4,000	Tomen Devices Corp.		98,609
	7,900	Tomen Electronics Corp.		103,958
	18,100	Tomoe Corp.		68,629
	3,300	Tomoe Engineering Co. Ltd.		63,991
	4,000	Tomoegawa Co. Ltd.		9,761
	49,000	Tomoku Co. Ltd.		140,790
	22,400	Tomony Holdings, Inc.		101,685
	20,000	Tonami Holdings Co. Ltd.		49,068
	26,200	Topcon Corp.		135,434
	6,700	Toppan Forms Co. Ltd.		53,973
	29,000	Topre Corp.		299,055
	121,000	Topy Industries Ltd.		333,377
	1,000	Toridoll.corp.		10,286
	8,800	Torigoe Co. Ltd. (The)		77,009
	5,300	Torii Pharmaceutical Co. Ltd.		100,757
	8,700	Torishima Pump Manufacturing Co. Ltd.		123,503
	121	Tosei Corp.		33,068
	67,000	Toshiba Machine Co. Ltd.		368,315
	17,000	Toshiba Plant Systems & Services Corp.		191,590
	106,000	Toshiba TEC Corp.		406,088
	16,000	Tosho Printing Co. Ltd.		35,896
	225,000	Tosoh Corp.		634,676
	24,000	Totetsu Kogyo Co. Ltd.		247,809
	38,000	TOTO Ltd.		309,604
	19,000	Tottori Bank Ltd. (The)		38,140
	113,000	Towa Bank Ltd. (The)		133,430
	1,900	Towa Corp.		10,769

46

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,800	Towa Pharmaceutical Co. Ltd.	$	122,514
	23,000	Toyo Construction Co. Ltd.		25,046
	8,200	Toyo Corp.		88,864
	109,000	Toyo Engineering Corp.		456,193
	152,000	Toyo Ink SC Holdings Co. Ltd.		604,251
	21,000	Toyo Kanetsu KK		47,114
	17,000	Toyo Kohan Co. Ltd.		63,789
	16,000	Toyo Securities Co. Ltd.		23,301
	19,000	Toyo Suisan Kaisha Ltd.		467,896
	1,100	Toyo Tanso Co. Ltd.		44,883
	111,000	Toyo Tire & Rubber Co. Ltd.		276,699
	20,000	Toyo Wharf & Warehouse Co. Ltd.		38,310
	93,000	Toyobo Co. Ltd.		136,657
	1,600	Toyoda Gosei Co. Ltd.		25,988
	14,700	Toyota Boshoku Corp.		158,726
	15,920	Toyota Motor Corp.		586,922
	9,200	TPR Co. Ltd.		128,670
	1,200	Trancom Co. Ltd.		23,364
	12,300	Transcosmos, Inc.		162,666
	5,100	Trusco Nakayama Corp.		103,111
	7,300	TS Tech Co. Ltd.		126,328
	17,400	TSI Holdings Co. Ltd.(b)		87,662
	67,000	Tsubakimoto Chain Co.		390,291
	6,000	Tsubakimoto Kogyo Co. Ltd.		18,263
	47,000	Tsudakoma Corp.(b)		124,560
	34,000	Tsugami Corp.		239,097
	18,000	Tsukishima Kikai Co. Ltd.		146,182
	38,033	Tsukuba Bank Ltd.		138,719
	19,300	Tsumura & Co.		575,050
	5,300	Tsuruha Holdings, Inc.		284,053
	7,000	Tsurumi Manufacturing Co. Ltd.		53,726
	2,400	Tsutsumi Jewelry Co. Ltd.		57,339
	8,000	Tsuzuki Denki Co. Ltd.		85,542
	7,000	TTK Co. Ltd.		36,277
	81	TV Asahi Corp.		141,766
	200	TV Tokyo Holdings Corp.		2,816
	149,000	Ube Industries Ltd.		428,116
	15,000	Ube Material Industries Ltd.		47,035
	5,000	Uchida Yoko Co. Ltd.		14,301
	14,000	Ueki Corp.		36,185
	1,900	UKC Holdings Corp.		19,967
	6,600	Ulvac, Inc.(b)		88,237
	36,000	Uniden Corp.		138,389
	400	Union Tool Co.		7,038
	8,300	Unipres Corp.		258,953
	7,300	United Arrows Ltd.		150,846
	166,700	UNY Co. Ltd.		1,559,395
	14,100	U-Shin Ltd.		108,590
	276,900	Ushio, Inc.		4,036,157
	4,170	USS Co. Ltd.		398,289
	8,800	Utoc Corp.		35,560
	16,200	Valor Co. Ltd.		260,577
	22,600	Vital KSK Holdings, Inc.		188,877
	27,000	Wacoal Holdings Corp.		352,821
	10	Wacom Co. Ltd.		16,846

Shares			Value
JAPAN (continued)
	33,000	Wakachiku Construction Co. Ltd.(b)	$	49,790
	4,900	Warabeya Nichiyo Co. Ltd.		69,752
	1,700	Watabe Wedding Corp.		16,103
	6,300	WATAMI Co. Ltd.		144,482
	3,000	Weathernews, Inc.		82,380
	18,000	Wood One Co. Ltd.		64,707
	20,700	Xebio Co. Ltd.		509,760
	5,700	YAC Co. Ltd.		48,385
	5,400	Yachiyo Bank Ltd. (The)		130,005
	1,200	Yaizu Suisankagaku Industry Co. Ltd.		11,304
	2,000	YAMABIKO Corp.		25,033
	88,000	Yamagata Bank Ltd. (The)		447,966
	157,000	Yamaguchi Financial Group, Inc.		1,503,674
	124,300	Yamaha Corp.		1,144,826
	31,000	Yamanashi Chuo Bank Ltd. (The)		140,318
	9,300	Yamatake Corp.		204,620
	70,000	Yamatane Corp.		111,126
	5,700	Yamato Kogyo Co. Ltd.		179,256
	24,000	Yamazaki Baking Co. Ltd.		317,712
	100	Yamazawa Co. Ltd.		1,816
	18,200	Yamazen Corp.		141,837
	2,500	Yaoko Co. Ltd.		83,836
	34,000	Yaskawa Electric Corp.		300,210
	2,300	Yasuda Warehouse Co. Ltd. (The)		15,329
	15,900	Yellow Hat Ltd.		249,911
	57,000	Yodogawa Steel Works Ltd.		263,238
	12,000	Yokogawa Bridge Holdings Corp.		89,740
	92,000	Yokogawa Electric Corp.(b)		908,895
	22,300	Yokohama Reito Co. Ltd.		178,470
	109,000	Yokohama Rubber Co. Ltd. (The)		653,542
	3,000	Yokowo Co. Ltd.		15,429
	5,000	Yomeishu Seizo Co. Ltd.		50,184
	8,000	Yomiuri Land Co. Ltd.		26,135
	5,000	Yondenko Corp.		21,517
	1,700	Yonekyu Corp.		16,996
	3,200	Yonex Co. Ltd.		22,209
	8,300	Yorozu Corp.		200,150
	98	Yoshinoya Holdings Co. Ltd.		139,247
	56,000	Yuasa Trading Co. Ltd.		91,839
	27,000	Yuken Kogyo Co. Ltd.		59,866
	3,600	Yukiguni Maitake Co. Ltd.		15,539
	10,000	Yurtec Corp.		56,547
	1,100	Yusen Logistics Co. Ltd.		15,081
	2,740	Yushin Precision Equipment Co. Ltd.		51,371
	4,200	Yushiro Chemical Industry Co. Ltd.		46,728
	7,400	Zenrin Co. Ltd.		68,738
	21,900	Zensho Holdings Co. Ltd.		296,808
	72,000	Zeon Corp.		631,960

47

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	7,000	ZERIA Pharmaceutical Co. Ltd.	$	121,687
	10,700	Zuken, Inc.		80,580
				253,871,128
JERSEY CHANNEL ISLANDS — 0.0%
	3,036	Atrium European Real Estate Ltd.		13,939
	23,569	Heritage Oil Ltd.(b)		69,637
	2,029	Phoenix Group Holdings		18,640
	7,265	Randgold Resources Ltd.		820,261
				922,477
LIECHTENSTEIN — 0.0%
	3,313	Liechtensteinische Landesbank AG		140,546
	2,157	Verwaltungs- und Privat-Bank AG		196,719
				337,265
LUXEMBOURG — 0.0%
	10,130	Brait SE(b)		25,904
	24,534	D’Amico International Shipping SA(b)		15,693
	1,096	GAGFAH SA		5,508
	5,544	Oriflame Cosmetics SA - SDR		176,365
	83,956	Regus Plc		121,714
				345,184
MALAYSIA — 0.6%
	61,000	Aeon Co. (M) Berhad		149,793
	7,100	Aeon Credit Service M Berhad		15,871
	317,300	Affin Holdings Berhad		333,780
	608,300	AirAsia Berhad		709,883
	20,200	Alam Maritim Resources Berhad(b)		4,980
	739,000	Alliance Financial Group Berhad		959,583
	45,800	Amway (Malaysia) Holdings Berhad(c)		142,128
	99,800	ANN JOO Resources Berhad		62,334
	40,500	APM Automotive Holdings Berhad		59,911
	1,511,000	Axis Real Estate Investment Trust(c)		1,365,960
	164,700	Bandar Raya Developments Berhad		128,858
	32,700	Batu Kawan Berhad		206,391
	95,933	Berjaya Assets Berhad		27,279
	643,800	Berjaya Corp. Berhad		201,055
	10,900	Berjaya Media Berhad(b)		1,738
	201,800	Berjaya Sports Toto Berhad		290,560
	180,500	BIMB Holdings Berhad		125,792
	400	Boustead Heavy Industries Corp. Berhad		506
	365,904	Boustead Holdings Berhad		659,156
	6,200	British American Tobacco Malaysia Berhad		100,684
Shares			Value
MALAYSIA (continued)
	41,100	Bursa Malaysia Berhad	$	94,441
	20,000	Cahya Mata Sarawak Berhad		13,675
	75,100	Carlsberg Brewery-Malaysia Berhad		220,955
	24,515	CB Industrial Product Holding Berhad(b)		39,488
	14,300	Chemical Co. of Malaysia Berhad		7,051
	2,200	Dayang Enterprise Holdings Berhad		1,381
	2,901,752	Dialog Group Berhad		2,337,045
	64,800	Dijaya Corp. Berhad		28,757
	209,300	DRB-Hicom Berhad		194,714
	475,000	Eastern & Oriental Berhad		260,766
	220,175	ECM Libra Financial Group Berhad		58,265
	18,700	Esso Malaysia Berhad		22,376
	116,100	Evergreen Fibreboard Berhad(b)		40,074
	20,800	Fraser & Neave Holdings Berhad		121,983
	739,900	Gamuda Berhad		899,944
	89,300	Genting Plantations Berhad		275,943
	58,000	Glomac Berhad		15,920
	85,200	Green Packet Berhad(b)		17,225
	76,900	Guinness Anchor Berhad		313,465
	15,900	Hai-O Enterprise Berhad		11,499
	499,380	HAP Seng Consolidated Berhad		272,508
	110,500	Hap Seng Plantations Holdings Berhad		105,705
	737,950	Hartalega Holdings Berhad(c)		1,751,479
	19,600	Hock Seng LEE Berhad		9,343
	92,500	Hong Leong Financial Group Berhad		361,243
	51,500	Hong Leong Industries Berhad(c)		72,798
	350,930	IGB Corp. Berhad		312,630
	833,940	IJM Corp. Berhad		1,573,575
	192,200	IJM Land Berhad		138,369
	125,900	IJM Plantations Berhad		136,578
	24,800	JAKS Resources Berhad(b)		4,851
	32,800	JT International Berhad		73,967
	67,400	K&N Kenanga Holdings Berhad(b)		15,177
	44,400	Karambunai Corp Berhad(b)		2,554
	89,800	Keck Seng (Malaysia) Berhad		122,213
	131,768	Kencana Petroleum Berhad(b)		135,147
	219,600	KFC Holdings Malaysia Berhad		275,041
	103,900	Kian JOO CAN Factory Berhad		76,508
	70,600	Kinsteel Berhad		12,765
	293,400	KLCC Property Holdings Berhad		316,355
	1,075,650	KPJ Healthcare Berhad		1,732,638
	13,900	KSL Holdings Berhad		6,808
	370,600	Kulim Malaysia Berhad		536,042
	52,850	Kumpulan Fima Berhad		35,442
	105,000	Kurnia Asia Berhad(b)		20,883

48

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	87,500	Lafarge Malayan Cement Berhad	$	192,143
	157,800	Landmarks Berhad(b)		59,136
	7,000	Leader Universal Holdings Berhad(b)		2,416
	97,400	Lingkaran Trans Kota Holdings Berhad		121,670
	81,500	Lingui Development Berhad		40,455
	142,700	Lion Industries Corp. Berhad		69,427
	15,500	LPI Capital Berhad		68,176
	242,380	Mah Sing Group Berhad		164,136
	48,700	Malayan Flour Mills Berhad		69,320
	154,100	Malaysia Airports Holdings Berhad		288,748
	114,500	Malaysia Building Society		81,678
	58,100	Malaysian Airline System Berhad(b)		32,087
	78,300	Malaysian Bulk Carriers Berhad		59,201
	31,313	Malaysian Pacific Industries Berhad		35,822
	291,250	Malaysian Resources Corp. Berhad		207,762
	28,600	MBM Resources Berhad		35,444
	262,400	Media Prima Berhad		220,823
	434,400	MMC Corp. Berhad		399,842
	189,500	Muhibbah Engineering M Berhad		77,245
	489,900	Mulpha International Berhad(b)		66,029
	17,900	Naim Holdings Berhad		11,004
	157,000	Nam Cheong Ltd.(b)		18,847
	481,100	NCB Holdings Berhad(c)		616,795
	4,800	Nestle Malaysia Berhad		87,890
	102,200	Oriental Holdings Berhad		177,389
	430,625	OSK Holdings Berhad		251,976
	4,700	Padini Holdings Berhad		2,009
	4,300	Panasonic Manufacturing Malaysia Berhad		28,243
	43,120	Paramount Corp. Berhad		24,381
	112,459	Parkson Holdings Berhad		208,874
	42,400	Pelikan International Corp. Berhad		12,893
	9,100	Perwaja Holdings Berhad(b)		2,363
	5,785	Pharmaniaga Berhad(c)(d)		9,832
	142,800	POS Malaysia Berhad		131,909
	55,600	Press Metal Berhad		34,544
	115,500	Proton Holdings Berhad		205,030
	1,785,100	QL Resources Berhad(c)		1,842,608
	84,100	SapuraCrest Petroleum Berhad		134,361
	36,200	Sarawak Oil Palms Berhad		73,185
	13,100	Scientex Berhad		10,895
	2,300	Selangor Properties Berhad		2,540
	75,100	Shangri-La Hotels (Malaysia) Berhad(c)		62,954
	28,800	Shell Refining Co. Federation of Malaya Berhad		91,834
	425,950	SP Setia Berhad		553,091
Shares			Value
MALAYSIA (continued)
	93,800	Star Publications Malaysia Berhad	$	101,755
	18,690	Subur Tiasa Holdings Berhad		14,930
	332,745	Sunway Berhad(b)		273,459
	74,304	Ta Ann Holdings Berhad		139,473
	682,700	TA Enterprise Berhad		136,899
	195,360	TA Global Berhad		19,587
	195,360	TA Global Berhad - Preferred Shares(b)		17,019
	210,800	TAN Chong Motor Holdings Berhad		297,282
	74,000	TDM Berhad		113,846
	120,300	Telekom Malaysia Berhad		189,822
	51,200	TH Plantations Berhad		40,394
	1,578,800	Time dotCom Berhad(b)		355,515
	120,960	Top Glove Corp. Berhad		201,202
	275,400	Tradewinds Corp. Berhad		74,237
	45,300	Tradewinds Malaysia Berhad		147,873
	57,200	TSH Resources Berhad		37,043
	285,308	UEM Land Holdings Berhad(b)		217,592
	227,200	UMW Holdings Berhad		516,092
	59,900	Unico-Desa Plantations Berhad		23,235
	128,080	Unisem (M) Berhad		65,682
	15,000	United Malacca Berhad		33,531
	38,700	United Plantations Berhad		258,763
	129,975	Wah Seong Corp. Berhad		88,445
	1,348,800	Wellcall Holdings Berhad(c)		585,278
	170,700	WTK Holdings Berhad		80,805
	140,671	YNH Property Berhad		84,625
	18,600	YTL Cement Berhad		26,903
	9,200	YTL Corp. Berhad		4,536
	41,000	YTL Land & Development Berhad(b)		15,634
	654,300	YTL Power International Berhad		397,914
	26,100	Zelan Berhad(b)		3,732
	25,600	Zhulian Corp. Berhad		16,747
				30,088,685
MALTA — 0.0%
	8,169	Unibet Group Plc - SDR		201,748
MAURITIUS — 0.0%
	179,637	Essar Energy Plc(b)		365,728
MEXICO — 0.3%
	134,100	Alfa SAB de CV - Series A		1,760,242
	22,063	Alsea SAB de CV		24,883
	414,805	Arca Continental SAB de CV		1,928,571
	997	Axtel SAB de CV - CPO Shares(b)		345
	51,300	Bolsa Mexicana de Valores SAB de CV		95,798
	210,900	Carso Infraestructura y Construccion SAB de CV(b)		132,681
	920,875	Cemex SAB de CV - CPO Shares(b)		625,263

49

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
MEXICO (continued)
	227,687	Controladora Comercial Mexicana SAB de CV(b)	$	453,659
	800	Corp. Actinver SAB de CV		660
	669	Corp. GEO SAB de CV - Series B(b)		1,056
	65,708	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)(c)		30,247
	27,300	Corp. Moctezuma SAB de CV		62,835
	7,020	Empresas ICA SAB de CV(b)		11,440
	696,800	Fibra Uno Administracion SA de CV(c)		1,382,470
	22,800	Financiera Independencia SAB de CV		10,670
	138,700	Genomma Lab Internacional SAB de CV - Class B(b)		304,342
	12,300	Gruma SAB de CV - Series B(b)		27,367
	109,917	Grupo Aeroportuario del Centro Norte SAB de CV		207,200
	430,800	Grupo Aeroportuario del Pacifico SAB de CV - Series B		1,612,926
	164,456	Grupo Aeroportuario del Sureste SAB de CV - Series B		1,085,093
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)(c)		416,828
	45,878	Grupo Comercial Chedraui SA de CV		112,635
	251,000	Grupo Financiero Banorte SAB de CV - Series O		1,001,373
	52,600	Grupo Herdez SAB de CV		102,907
	57,500	Grupo Industrial Maseca SAB de CV - Series B(b)(c)		60,482
	12,400	Grupo Industrial Saltillo SAB de CV(b)		14,175
	45,400	Grupo Simec SAB de CV - Series B(b)		116,338
	264,100	Impulsora del Desarrollo y El Empleo En America Latina SAB de CV(b)(c)		486,294
	10,460	Industrias Bachoco SAB de CV - Class B		17,551
	170,175	Industrias CH SAB de CV - Series B(b)		634,789
	11,100	Inmuebles Carso SAB de CV(b)		8,942
	100	Medica Sur SAB de CV - Series B		185
	14,800	Megacable Holdings SAB de CV(b)		30,658
	127,413	Mexichem SAB de CV		439,891
	96,435	Organizacion Soriana SAB de CV - Series B(b)		242,972
	59,600	Promotora y Operadora de Infraestructura SAB de CV(b)		272,071
	46,400	Qualitas Cia de Seguros SA de CV(b)		45,389
	341,100	Sare Holding SAB de CV - Class B(b)		35,068
Shares			Value
MEXICO (continued)
	427,400	TV Azteca SAB de CV	$	292,167
	67,123	Urbi Desarrollos Urbanos SAB de CV(b)		95,735
				14,184,198
MONACO — 0.0%
	480	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		24,487
NETHERLANDS — 1.0%
	47,325	Aalberts Industries NV		887,382
	9,250	Accell Group		196,736
	9,418	AMG Advanced Metallurgical Group NV(b)		108,409
	4,482	Amsterdam Commodities NV		61,851
	5,838	Arcadis NV		112,751
	42,228	ASM International NV		1,396,092
	32,423	BE Semiconductor Industries NV		238,518
	5,643	Beter BED Holding NV		119,577
	11,586	BinckBank NV		125,029
	5,454	Brunel International NV		192,727
	1,645	CSM		30,458
	12,004	Delta Lloyd NV		219,668
	4,041	Dockwise Ltd.(b)		68,188
	2,240	Exact Holding NV		51,319
	15,923	Fugro NV - CVA		1,046,607
	25,465	Gemalto NV		1,366,683
	3,036	Grontmij NV CVA		20,333
	2,938	Heijmans NV - CVA		34,753
	541	Hunter Douglas NV		20,833
	16,720	Imtech NV		516,581
	16,012	Kardan NV(b)		36,443
	3,085	KAS Bank NV - CVA		34,905
	5,597	Kendrion NV		134,855
	60,749	Koninklijke BAM Groep NV		262,226
	434,773	Koninklijke Boskalis Westminster NV		16,844,966
	14,713	Koninklijke Ten Cate NV		456,882
	12,312	Koninklijke Vopak NV		668,987
	68,974	Koninklijke Wessanen NV		250,093
	7,790	Macintosh Retail Group NV		99,349
	19,566	Mediq NV		311,341
	61	Nederland Apparatenfabriek		1,653
	31	New World Resources Plc - Class A		224
	18,116	Nutreco Holding NV		1,283,878
	13,680	Ordina NV(b)		18,663
	315,125	Qiagen NV(b)(e)		5,128,561
	230,000	Qiagen NV(b)(e)		3,721,400
	5,588	Qurius NV(b)		1,111
	108,816	Randstad Holding NV		3,710,704
	201,235	SBM Offshore NV		3,412,703
	11,287	Sligro Food Group NV		318,531
	39,675	SNS Reaal NV(b)		94,763
	10,281	Telegraaf Media Groep NV		132,463

50

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
NETHERLANDS (continued)
	15,287	TKH Group NV	$	349,931
	85,773	TNT Express NV		717,823
	46,784	TomTom NV(b)		211,125
	9,665	Unit 4 NV		226,043
	25,872	USG People NV		220,310
	2,020	Wavin NV(b)		24,203
	27,312	Wolters Kluwer NV		495,153
	5,243	Xeikon NV(b)		21,528
				46,005,312
NEW ZEALAND — 0.4%
	155,194	Air New Zealand Ltd.		116,603
	2,702,327	Auckland International Airport Ltd.(c)		5,477,525
	126,968	Contact Energy Ltd.(b)		501,092
	8,522	Ebos Group Ltd.		50,309
	168,100	Fisher & Paykel Appliances Holdings Ltd.(b)		47,883
	1,709,494	Fisher & Paykel Healthcare Corp. Ltd.(c)		3,006,368
	28,085	Freightways Ltd.		85,565
	6,326	Hallenstein Glasson Holdings Ltd.		19,325
	38,459	Heartland New Zealand Ltd.(b)		15,559
	40,503	Infratil Ltd.		62,702
	32,296	Mainfreight Ltd.		259,985
	33,862	New Zealand Oil & Gas Ltd.		20,270
	38,630	New Zealand Refining Co. Ltd. (The)(c)		90,262
	85,108	Nuplex Industries Ltd.		174,970
	21,545	NZX Ltd.		46,784
	29,901	PGG Wrightson Ltd.(b)		9,134
	80,140	Pike River Coal Ltd.(b)(c)(d)		0
	56,739	Port of Tauranga Ltd.		489,077
	13,536	Pumpkin Patch Ltd.		8,829
	68,460	Pyne Gould Corp. Ltd.(b)		20,349
	18,968	Rakon Ltd.(b)		10,180
	19,670	Restaurant Brands New Zealand Ltd.		32,156
	130,479	Ryman Healthcare Ltd.		304,875
	15,128	Sanford Ltd.		51,211
	48,111	Skellerup Holdings Ltd.		53,626
	1,565,433	Sky City Entertainment Group Ltd.(c)		4,562,513
	99,091	Sky Network Television Ltd.		427,071
	12,028	Steel & Tube Holdings Ltd.		22,245
	49,776	Tower Ltd.		58,358
	41,749	TrustPower Ltd.(c)		244,737
	58,037	Vector Ltd.		128,900
	34,146	Warehouse Group Ltd. (The)		85,705
				16,484,168
NIGERIA — 0.0%
	26,260	Maurel & Prom Nigeria(b)		61,829
Shares			Value
NORWAY — 0.2%
	41,936	ABG Sundal Collier Holding ASA	$	32,165
	31,265	Acta Holding ASA		7,407
	11,298	Aker ASA - Class A		317,738
	14,414	Aker Biomarine ASA(b)		3,464
	8,076	Algeta ASA(b)		207,991
	34,500	Atea ASA		336,650
	25,321	Austevoll Seafood ASA		110,485
	5,832	Bonheur ASA(c)		128,727
	100,901	BW Offshore Ltd.		152,375
	19,722	BWG Homes ASA		42,691
	55,760	Cermaq ASA(b)		768,399
	2,675	Clavis Pharma ASA(b)		29,066
	25,707	Det Norske Oljeselskap ASA(b)		392,156
	111,379	DNO International ASA(b)		154,625
	12,614	DOF ASA(b)		60,200
	28,834	EDB ErgoGroup ASA(b)		51,603
	7,264	Ekornes ASA		141,145
	27,547	Electromagnetic GeoServices ASA(b)		77,472
	154,310	Eltek ASA(b)		101,523
	116,200	Farstad Shipping ASA(c)		3,149,105
	77,079	Fornebu Utvikling ASA(b)		31,925
	15,475	Fred Olsen Energy ASA		583,181
	7,560	Ganger Rolf ASA(c)		153,983
	10,278	Grieg Seafood ASA		9,863
	70,588	Hurtigruten ASA(b)		40,666
	24,568	Intex Resources ASA(b)		33,081
	320	Jason Shipping ASA(b)		133
	43,319	Kongsberg Automotive Holding ASA(b)		16,465
	14,697	Kongsberg Gruppen ASA		296,846
	2,224	Kverneland ASA(b)		3,942
	2,447	Leroey Seafood Group ASA		40,978
	244,334	Marine Harvest ASA		132,599
	10,381	Nordic Semiconductor ASA		32,380
	4,652	Norwegian Air Shuttle AS(b)		61,847
	21,049	Norwegian Energy Co. AS(b)		21,347
	1,161	Odfjell SE - Class A		8,014
	23,394	Opera Software ASA		116,432
	203	Panoro Energy ASA(b)		166
	72,800	Petroleum Geo-Services ASA(b)		931,870
	3,052	PhotoCure ASA(b)		20,288
	2,718	Pronova BioPharma AS(b)		3,067
	6,386	Q-Free ASA(b)		20,572
	1,560	Salmar ASA		8,509
	18,599	Scana Industrier ASA(b)		5,548
	18,600	Schibsted ASA		530,704
	4,950	Solstad Offshore ASA		83,105
	35,847	SpareBank 1 SMN		232,789
	42,000	TGS Nopec Geophysical Co. ASA		1,050,895
	50,237	Tomra Systems ASA		368,193
	3,670	TTS Group ASA(b)		6,818
	26,254	Veidekke ASA		191,076

51

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
NORWAY (continued)
	3,850	Wilh Wilhelmsen Holding ASA	$	93,838
				11,396,107
PERU — 0.1%
	734,226	Alicorp SA(c)		1,638,288
	181,648	Copeinca ASA(b)(c)		1,151,748
	1,157,607	Ferreyros SA		1,106,378
	35,750	Hochschild Mining Plc		278,462
				4,174,876
PHILIPPINES — 0.3%
	1,120,000	Aboitiz Equity Ventures, Inc.		1,091,664
	605,400	Aboitiz Power Corp.		426,328
	108,200	Alliance Global Group, Inc.		27,753
	232,400	Atlas Consolidated Mining & Development(b)		102,855
	17,152	Ayala Corp.		140,464
	440,500	Ayala Land, Inc.		181,397
	645,262	Bank of The Philippine Islands		912,560
	738,290	BDO Unibank, Inc.		1,032,074
	120,166	Belle Corp.(b)		13,422
	8,137	China Banking Corp.		78,552
	337,200	DMCI Holdings, Inc.		361,693
	2,243,800	Energy Development Corp.		292,999
	2,159,375	Filinvest Land, Inc.		58,409
	409,000	First Gen Corp.(b)		123,601
	213,520	First Philippine Holdings Corp.		296,493
	465,000	Global-Estate Resorts, Inc.(b)		24,288
	15,090	Globe Telecom, Inc.		409,930
	3,506,700	GMA Holdings, Inc. - PDR(c)		672,148
	237,090	International Container Terminal Services, Inc.		309,873
	72,300	JG Summit Holdings, Inc.		46,868
	155,000	Jollibee Foods Corp.		353,480
	1,320,000	Lepanto Consolidated Mining(b)		56,635
	1,379,000	Lopez Holdings Corp.		166,888
	3,303,600	Manila Water Co., Inc.(c)		1,617,712
	10,796,696	Megaworld Corp.		430,508
	140,000	Metro Pacific Investments Corp.		11,426
	343,228	Metropolitan Bank & Trust		607,062
	623,000	Pepsi-Cola Products Philippines, Inc.(b)		33,122
	105,600	Philweb Corp.		38,118
	135,000	Rizal Commercial Banking Corp.		95,698
	538,500	Robinsons Land Corp.		176,549
	171,868	Security Bank Corp.		456,471
	48,220	Semirara Mining Corp.		253,440
	756,502	SM Development Corp.		123,835
	1,524,900	SM Prime Holdings, Inc.		583,149
	350,000	Southeast Asia Cement Holdings		14,201
	102,600	Union Bank of Philippines		182,304
	509,115	Universal Robina Corp.		636,913
Shares			Value
PHILIPPINES (continued)
	2,843,000	Vista Land & Lifescapes, Inc.	$	202,195
				12,643,077
POLAND — 0.1%
	9,002	Agora SA		33,477
	10,960	Asseco Poland SA		158,993
	26,856	Bank Handlowy w Warszawie SA		622,545
	84,867	Bank Millennium SA		110,463
	375,702	Boryszew SA(b)		87,324
	7,103	BRE Bank SA(b)		649,369
	6,112	Budimex SA		161,002
	4,020	Ciech SA(b)		24,269
	1,000	Dom Development SA		10,391
	155,994	Echo Investment SA(b)		190,956
	2,276	Emperia Holding SA		81,044
	3,279	Energomontaz Poludnie SA(b)		2,032
	32,056	Eurocash SA		297,930
	5,542	Farmacol SA(b)(c)		45,514
	606,012	Get Bank SA(b)		345,563
	207,050	Getin Holdings SA(b)		156,564
	7,225	Getin Noble Bank SA(b)		9,292
	3,848	Grupa Kety SA		127,599
	27,433	Grupa Lotos SA(b)		221,892
	2,830	ING Bank Slaski SA		72,092
	2,620	Inter Cars SA(b)		69,828
	10,387	Kopex SA(b)		75,904
	4,404	Kredyt Bank SA		15,013
	350	LPP SA		218,777
	528	Lubelski Wegiel Bogdanka SA		20,257
	219,284	Netia SA(b)		385,317
	10,774	Orbis SA(b)		135,226
	1,674	PBG SA		42,540
	2,139	Pelion SA		21,610
	109	Polnord SA		573
	18,559	Rafako SA		45,437
	158	Stalprodukt SA		13,710
	363,944	Synthos SA		583,113
	8,802	Trakcja-Tiltra SA(b)		3,546
	37,193	TVN SA		129,671
	960	Zaklady Azotowe Pulawy SA		27,713
	19,455	Zaklady Azotowe W Tarnowie-Moscicach SA(b)		181,418
	119	Zaklady Chemiczne Police SA(b)		385
	1,898	Zaklady Tluszczowe Kruszwica SA(c)		29,410
				5,407,759
PORTUGAL — 0.0%
	16,720	Altri SGPS SA		24,714
	17,511	Banco BPI SA(b)		10,994
	50,983	Banco Comercial Portugues SA(b)		9,003
	20,147	Banco Espirito Santo SA		33,284
	25,066	BANIF SGPS SA(b)		9,541

52

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
PORTUGAL (continued)
	6,907	Brisa Auto-Estradas de Portugal SA	$	20,238
	63,975	Cimpor Cimentos de Portugal SGPS SA		430,963
	2,336	Corticeira Amorim SGPS SA		4,278
	14,774	Global Intelligent Technologies SGPS SA(b)		2,319
	2,417	Impresa SGPS SA(b)		1,486
	37,391	Inapa-Invest Particip Gesta(b)		6,847
	49,289	Mota-Engil SGPS SA		66,922
	272	Novabase SGPS SA		740
	87,362	Portucel Empresa Produtora de Pasta e Papel SA(b)		206,835
	1,323	Portugal Telecom SGPS SA		6,576
	39,281	REN - Redes Energeticas Nacionais SA		106,102
	15,447	SAG GEST-Solucoes Automovel Globais SGPS SA(b)		8,890
	11,946	Semapa - Sociedade de Investimento e Gestao(b)		82,333
	71,802	Sonae		41,137
	10,250	Sonae Capital SGPS SA(b)		2,950
	15,150	Sonae Industria SGPS SA(b)		12,405
	41,025	Sonaecom SGPS SA		64,449
	11,475	Teixeira Duarte SA		3,002
	4,627	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		14,901
				1,170,909
RUSSIA — 0.0%
	7,397	Raven Russia Ltd.		6,236
SINGAPORE — 1.4%
	51,000	Abterra Ltd.(b)		28,787
	4,342,000	Ascendas Real Estate Investment Trust		6,437,834
	80,000	Asiasons Capital Ltd.(b)		12,402
	155,400	ASL Marine Holdings Ltd.(c)		61,772
	78,000	Ausgroup Ltd.		22,014
	136,000	Banyan Tree Holdings Ltd.		64,873
	88,000	Beyonics Technology Ltd.(b)(c)(d)		17,840
	165,000	Biosensors International Group Ltd.(b)		212,505
	7,400	Bonvests Holdings Ltd.		5,236
	105,000	Boustead Singapore Ltd.		72,207
	39,000	Breadtalk Group Ltd.		17,363
	132,000	Broadway Industrial Group Ltd.		34,631
	40,000	Bukit Sembawang Estates Ltd.		136,423
	47,355	Cape Plc		292,368
	9,349,000	CapitaMall Trust REIT(c)		12,709,616
	30,000	Cerebos Pacific Ltd.		127,837
	111,000	CH Offshore Ltd.		34,416
	29,000	China Merchants Holdings Pacific Ltd.		15,332
	135,000	Chip Eng Seng Corp. Ltd.		46,687
	331,000	ComfortDelGro Corp. Ltd.		390,774

Shares			Value
SINGAPORE (continued)
	137,000	Cosco Corp. Singapore Ltd.	$	128,521
	6,000	Creative Technology Ltd.		11,400
	199,000	CSC Holdings Ltd.		18,194
	110,000	CSE Global Ltd.		79,580
	143,000	CWT Ltd.		117,665
	14,000	Ellipsiz Ltd.		1,202
	15,600	Eu Yan Sang International Ltd.		8,371
	44,000	Ezion Holdings Ltd.		26,235
	3,085,400	Ezra Holdings Ltd.(b)		2,575,561
	100,000	Falcon Energy Group Ltd.		19,478
	179,000	First Resources Ltd.		233,382
	183,000	FJ Benjamin Holdings Ltd.		48,738
	493,000	Fragrance Group Ltd.		141,098
	134,000	Freight Links Express Holdings Ltd.		6,711
	306,000	Gallant Venture Ltd.(b)		71,765
	2,000	GK Goh Holdings Ltd.		1,185
	46,000	GMG Global Ltd.		5,047
	94,000	Goodpack Ltd.		114,338
	15,000	GP Batteries International Ltd.		12,462
	80,000	GP Industries Ltd.(c)		23,532
	164,666	Guocoland Ltd.		242,185
	129,000	Guthrie GTS Ltd.		51,278
	692,875	Healthway Medical Corp. Ltd.(b)		46,821
	55,000	Hiap Seng Engineering Ltd.		14,867
	7,000	Hi-P International Ltd.		3,701
	96,000	Ho Bee Investment Ltd.		85,861
	229,000	Hong Fok Corp. Ltd.(b)		89,208
	131,000	Hong Leong Asia Ltd.		179,131
	137,600	Hotel Properties Ltd.		210,035
	3,000	Hour Glass Ltd. (The)		2,671
	126,000	HTL International Holdings Ltd.		35,060
	65,000	HupSteel Ltd.		9,922
	126,000	Hwa Hong Corp. Ltd.		44,075
	3,870,000	Hyflux Ltd.(c)		4,230,433
	74,000	Hyflux Ltd. - Placement Shares		80,892
	98,000	Indofood Agri Resources Ltd.(b)		112,581
	92,000	InnoTek Ltd.		31,450
	156,000	Jaya Holdings Ltd.(b)		71,932
	101,000	Jiutian Chemical Group Ltd.(b)		3,613
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		0
	71,000	K1 Ventures Ltd.		5,701
	213,000	Keppel Land Ltd.		482,609
	34,000	Keppel Telecommunications & Transportation Ltd.		29,868
	195,000	LC Development Ltd.		24,339
	75,000	Lum Chang Holdings Ltd.		17,590
	120,000	M1 Ltd.		230,870
	74,000	Manhattan Resources Ltd.(b)		53,536
	6,000	Marco Polo Marine Ltd.		1,765
	274,000	Mercator Lines Singapore Ltd.		28,972
	351,800	Metro Holdings Ltd.		201,372
	101,000	Midas Holdings Ltd.		30,914

53

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	255,000	Neptune Orient Lines Ltd.	$	263,545
	1,000	Next-Generation Satellite Communications Ltd.(b)		14
	25,000	NSL Ltd.		27,428
	395,000	Oceanus Group Ltd.(b)		22,924
	95,173	OM Holdings Ltd.		38,395
	122,195	Orchard Parade Holdings Ltd.		136,490
	32,000	OSIM International Ltd.		33,072
	97,000	Otto Marine Ltd.		10,179
	81,000	Overseas Union Enterprise Ltd.		144,246
	26,000	Pan Pacific Hotels Group Ltd.		38,033
	60,000	Petra Foods Ltd.		92,062
	21,000	PSC Corp. Ltd.		3,239
	106,215	QAF Ltd.		53,620
	69,542	Raffles Education Corp. Ltd.		25,708
	87,676	Raffles Medical Group Ltd.		154,044
	121,000	Rotary Engineering Ltd.		61,084
	154,000	Roxy-Pacific Holdings Ltd.		51,421
	1,594,000	S i2i Ltd.(b)		62,095
	100,000	Sakari Resources Ltd.		187,622
	17,000	San Teh Ltd.		3,784
	132,000	Sapphire Corp. Ltd.		14,377
	4,235,000	SATS Ltd.(c)		7,710,101
	43,000	SBS Transit Ltd.(c)		58,457
	87,142	SC Global Developments Ltd.		72,742
	3,024,000	SIA Engineering Co. Ltd.(c)		8,342,235
	100,500	Sim Lian Group Ltd.		41,947
	569,000	Sinarmas Land Ltd.(b)(c)		137,970
	70,000	Singapore Land Ltd.		326,112
	346,000	Singapore Post Ltd.		268,196
	174,000	Singapore Reinsurance Corp. Ltd.(c)		38,041
	33,000	SMB United Ltd.		10,363
	2,219,000	SMRT Corp. Ltd.(c)		3,069,571
	484,000	Stamford Land Corp. Ltd.		215,479
	3,159,000	StarHub Ltd.(c)		7,107,342
	82,000	Sunningdale Tech Ltd.		8,605
	115,000	Super Group Ltd.		127,082
	114,000	Swiber Holdings Ltd.(b)		54,379
	85,000	Swissco Holdings Ltd.(b)		16,218
	73,000	Tat Hong Holdings Ltd.		50,781
	56,500	Tiger Airways Holdings Ltd.(b)		31,218
	48,000	Tiong Woon Corp. Holding Ltd.		10,112
	295,143	Tuan Sing Holdings Ltd.		69,219
	114,000	UMS Holdings Ltd.		42,596
	116,627	United Engineers Ltd.		191,929
	420,000	United Industrial Corp. Ltd.(c)		921,573
	232,000	UOB-Kay Hian Holdings Ltd.		295,107
	302,000	UOL Group Ltd.		1,104,424
	58,000	Venture Corp. Ltd.		332,917
	20,000	WBL Corp. Ltd.		50,244
	209,812	Wheelock Properties (Singapore) Ltd.(c)		266,883
	230,000	Wing Tai Holdings Ltd.		224,908
	1,364	XP Power Ltd.		20,419
	86,000	Yanlord Land Group Ltd.		78,626
Shares			Value
SINGAPORE (continued)
	115,000	Yongnam Holdings Ltd.	$	23,314
				63,781,126
SOUTH AFRICA — 0.8%
	286,514	Adcock Ingram Holdings Ltd.		2,295,087
	508	Adcorp Holdings Ltd.		1,731
	114,293	Advtech Ltd.		93,380
	59,169	Aeci Ltd.		643,051
	227,840	Afgri Ltd.		177,411
	401,966	African Bank Investments Ltd.		1,875,920
	44,678	African Rainbow Minerals Ltd.		1,052,927
	13,164	Allied Electronics Corp. Ltd.		39,049
	21,133	Allied Technologies Ltd.		141,587
	419	Argent Industrial Ltd.		346
	65,464	Aspen Pharmacare Holdings Ltd.(b)		834,590
	561	Assore Ltd.		16,095
	11,620	Astral Foods Ltd.		179,030
	125,307	Aveng Ltd.		557,073
	128,958	AVI Ltd.		684,272
	105,076	Barloworld Ltd.		1,176,229
	25,967	Basil Read Holdings Ltd.		44,158
	8,140	Blue Label Telecoms Ltd.		6,505
	32,224	Business Connexion Group Ltd.		19,735
	7,341	Capitec Bank Holdings Ltd.		171,063
	2,456	Cashbuild Ltd.		36,882
	57,968	Caxton and CTP Publishers and Printers Ltd.		113,029
	2,787	Ceramic Industries Ltd.		37,416
	185,094	Cipla Medpro South Africa Ltd.		155,959
	7,765	City Lodge Hotels Ltd.		76,616
	400,038	Clicks Group Ltd.		2,030,598
	27,334	Coronation Fund Managers Ltd.		88,596
	107,631	DataTec Ltd.		586,933
	77,015	Discovery Holdings Ltd.		448,042
	12,341	Distell Group Ltd.		113,610
	968	Distribution and Warehousing Network Ltd.(b)		650
	274,476	EOH Holdings Ltd.(c)		1,034,229
	27,664	Eqstra Holdings Ltd.		27,271
	45,744	First Uranium Corp.(b)		8,212
	54,199	Foschini Group Ltd. (The)		752,858
	10,106	Gijima Group Ltd.(b)		737
	51,161	Great Basin Gold Ltd.(b)		64,289
	106,233	Grindrod Ltd.		202,928
	556	Group Five Ltd.		1,778
	14,422	Hudaco Industries Ltd.		200,718
	6,374	Hulamin Ltd.(b)		6,919
	8,550	Iliad Africa Ltd.		5,302
	52,630	Illovo Sugar Ltd.		171,595
	95,843	Imperial Holdings Ltd.		1,698,707
	61,419	JD Group Ltd.		388,723
	25,640	JSE Ltd.		250,791
	155,803	Lewis Group Ltd.		1,481,514
	59,244	Liberty Holdings Ltd.		645,229

54

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	70,859	Life Healthcare Group Holdings Ltd.	$	192,072
	15,437	Massmart Holdings Ltd.		347,382
	116,507	Mediclinic International Ltd.		529,571
	11,617	Merafe Resources Ltd.		1,352
	20,292	Metair Investments Ltd.		52,902
	302,992	MMI Holdings Ltd.		703,137
	76,923	Mondi Ltd.		614,412
	38,912	Mr. Price Group Ltd.		429,116
	21,047	Murray & Roberts Holdings Ltd.(b)		72,120
	141,978	Mvelaphanda Group Ltd.(b)		62,629
	31,978	Mvelaserve Ltd.		43,544
	18,653	Namakwa Diamonds Ltd.(b)		2,128
	202,370	Nampak Ltd.		584,772
	221,676	Netcare Ltd.		384,619
	41,870	Northam Platinum Ltd.		180,412
	236,307	Oceana Group Ltd.(c)		1,394,982
	20,617	Omnia Holdings Ltd.		228,521
	8,480	Palabora Mining Co. Ltd.		171,560
	50,737	Peregrine Holdings Ltd.		64,872
	4,111	Petmin Ltd.		1,551
	38,560	Pick’n Pay Stores Ltd.		224,820
	218,324	Pioneer Foods Ltd.(c)		1,702,799
	44,385	Pretoria Portland Cement Co. Ltd.		160,490
	50,557	PSG Group Ltd.		303,816
	1,762	Raubex Group Ltd.		2,974
	12,597	Resilient Property Income Fund Ltd.		60,721
	55,765	Reunert Ltd.		464,524
	11,250	Santam Ltd.		211,231
	106,890	Sappi Ltd.(b)		352,605
	9,525	Sentula Mining Ltd.(b)		2,497
	38,542	Spar Group Ltd. (The)		545,771
	16,434	Stefanutti Stocks Holdings Ltd.		22,063
	594,882	Steinhoff International Holdings Ltd.(b)		1,901,529
	14,635	Sun International Ltd.		168,971
	118,716	Super Group Ltd.(b)		174,254
	63,720	Telkom SA Ltd.		240,342
	18,622	Tiger Brands Ltd.		600,035
	13,568	Tongaat Hulett Ltd.		179,551
	24,146	Trencor Ltd.		120,404
	62,145	Truworths International Ltd.		621,442
	46,017	Tsogo Sun Holdings Ltd.		102,435
	6,989	Vukile Property Fund Ltd.		13,717
	8,374	Wesizwe Platinum Ltd.(b)		1,563
	9,811	Wilson Bayly Holmes-Ovcon Ltd.		137,987
	191,832	Woolworths Holdings Ltd.		1,030,155
	211,907	Zeder Investments Ltd.		69,090
				36,116,810
Shares			Value
SOUTH KOREA — 1.4%
	2,362	Aekyung Petrochemical Co. Ltd.(b)	$	74,854
	487	AMOREPACIFIC Corp.(b)		433,958
	1,882	AMOREPACIFIC Group(b)		431,402
	1,340	Asia Cement Co. Ltd.(b)		48,072
	32,680	Asiana Airlines(b)		214,696
	1,640	AUK Corp.(b)		4,971
	2,450	Basic House Co. Ltd. (The)(b)		43,401
	2,891	Binggrae Co. Ltd.(b)		155,700
	48,140	BS Financial Group, Inc.(b)		546,388
	5,560	Capro Corp.(b)		125,717
	21,561	Cheil Industries, Inc.		1,928,945
	19,930	Cheil Worldwide, Inc.(b)		308,703
	3,870	Chong Kun Dang Pharm Corp.(b)		72,002
	73	Chosun Refractories Co. Ltd.(b)		4,224
	1,970	CJ CGV Co. Ltd.(b)		44,368
	2,682	CJ CheilJedang Corp.(b)		735,351
	9,547	CJ Corp.(b)		658,648
	6,490	Cosmochemical Co. Ltd.(b)		100,526
	329	Crown Confectionery Co. Ltd.(b)		49,496
	3,210	Dae Dong Industrial Co. Ltd.(b)		12,259
	675	Dae Han Flour Mills Co. Ltd.(b)		106,957
	16,020	Dae Won Kang Up Co. Ltd.(b)		66,598
	20,010	Daechang Co. Ltd.(b)		28,857
	4,450	Daeduck Electronics Co.(b)		43,575
	3,310	Daeduck GDS Co. Ltd.(b)		28,434
	4,330	Daegu Department Store		53,000
	5	Daehan Synthetic Fiber Co. Ltd.(b)		332
	10,500	Daekyo Co. Ltd.		58,045
	22,484	Daelim Industrial Co. Ltd.(b)		2,161,634
	9,090	Daesang Corp.(b)		119,355
	4,530	Daesang Holdings Co. Ltd.(b)		17,622
	4,240	Daesung Holdings Co. Ltd.(b)		27,818
	1,850	Daesung Industrial Co. Ltd.(b)		45,947
	69,215	Daewoo Engineering & Construction Co. Ltd.(b)		730,136
	13,072	Daewoo International Corp.		350,844
	16,286	Daewoo Securities Co. Ltd.		190,645
	29,870	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		740,535
	820	Daewoong Co. Ltd.(b)		10,657
	2,661	Daewoong Pharmaceutical Co. Ltd.(b)		66,563
	6,720	Daishin Securities Co. Ltd.		71,486
	20,410	Daou Technology, Inc.(b)		247,097
	3,090	DCM Corp.(b)		29,020
	52,250	DGB Financial Group, Inc.(b)		695,364
	1,360	Dong Ah Tire & Rubber Co. Ltd.(b)		13,741
	6,760	Dong IL Rubber Belt Co. Ltd.(b)		50,733
	679	Dong-A Pharmaceutical Co. Ltd.(b)		57,603
	5,230	Dongaone Co. Ltd.(b)		22,208

55

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	12,536	Dongbu HiTek Co. Ltd.(b)	$	103,672
	9,369	Dongbu Insurance Co. Ltd.		400,331
	12,350	Dongbu Securities Co. Ltd.		52,606
	754	Dong-IL Corp.(b)		31,278
	841	Dongil Industries Co. Ltd.(b)		43,422
	23,402	Dongkuk Steel Mill Co. Ltd.(b)		492,685
	7,740	Dongwha Pharmaceutical Co. Ltd.(b)		33,348
	531	Dongwon F&B Co. Ltd.(b)		30,300
	496	Dongwon Industries Co. Ltd.(b)		76,827
	20,030	Dongwon Systems Corp.(b)		19,525
	10,510	Dongyang Mechatronics Corp.(b)		125,370
	5,324	Doosan Corp.		725,128
	33,690	Doosan Infracore Co. Ltd.(b)		569,822
	270	E1 Corp.(b)		13,892
	8,099	Eugene Investment & Securities Co. Ltd.(b)		27,289
	3,160	F&F Co. Ltd.(b)		18,144
	12,730	Foosung Co. Ltd.(b)		87,484
	2,079	Fursys, Inc.(b)		63,665
	3,200	Global & Yuasa Battery Co. Ltd.(b)		129,185
	99,960	Grand Korea Leisure Co. Ltd.		1,770,778
	1,229	Green Cross Corp.(b)		156,449
	9,290	Green Cross Holdings Corp.(b)		112,057
	23,773	GS Engineering & Construction Corp.(b)		2,109,911
	5,230	GS Global Corp.(b)		59,360
	33,465	GS Holdings(b)		1,855,939
	384	Gwangjushinsegae Co. Ltd.		58,796
	12,680	Halla Climate Control Corp.(b)		241,556
	2,770	Halla Engineering & Construction Corp.(b)		35,015
	15,810	Han Kuk Carbon Co. Ltd.(b)		85,992
	1,900	Hanall Biopharma Co. Ltd.(b)		17,590
	230	Handok Pharmaceuticals Co. Ltd.		2,570
	9,530	Handsome Co. Ltd.(b)		285,896
	397	Hanil Cement Co. Ltd.(b)		16,539
	11,420	Hanil E-Wha Co. Ltd.(b)		96,679
	3,489	Hanjin Heavy Industries & Construction Co. Ltd.(b)		64,758
	2,130	Hanjin Heavy Industries & Construction Holdings Co. Ltd.(b)		15,302
	4,755	Hanjin Shipping Co. Ltd.(b)		57,144
	4,620	Hanjin Transportation Co. Ltd.(b)		96,648
	22	Hankook Shell Oil Co. Ltd.		4,171
	25,360	Hankook Tire Co. Ltd.(b)		1,012,504
	75	Hanmi Pharm Co. Ltd.(b)		1,332
	2,520	Hanmi Semiconductor Co. Ltd.(b)		14,469
	250	Hanshin Construction Co. Ltd.(b)		1,642
	5,720	Hansol Chemical Co. Ltd.(b)		90,127

Shares			Value
SOUTH KOREA (continued)
	2,020	Hanssem Co. Ltd.(b)	$	39,380
	33,385	Hanwha Chemical Corp.(b)		860,369
	35,410	Hanwha Corp.(b)		1,145,817
	3,780	Hanwha General Insurance Co. Ltd.(b)		25,574
	5,023	Hanwha Securities Co.		24,369
	770	Hanwha Timeworld Co. Ltd.(b)		13,949
	2,720	Hanyang Securities Co. Ltd.		16,731
	9,828	Hite Jinro Co. Ltd.(b)		218,721
	4,676	HMC Investment Securities Co. Ltd.(b)		62,230
	12,150	Hotel Shilla Co. Ltd.		478,061
	88,438	Huchems Fine Chemical Corp.(b)		1,672,949
	3,050	Husteel Co. Ltd.(b)		51,858
	5,070	Hwa Shin Co. Ltd.(b)		56,642
	4,977	Hyosung Corp.(b)		277,349
	5,770	Hyundai BNG Steel Co. Ltd.(b)		68,314
	1,530	Hyundai Corp.(b)		35,344
	5,065	Hyundai Department Store Co. Ltd.(b)		825,117
	18,510	Hyundai Development Co. (b)		374,039
	1,041	Hyundai Elevator Co. Ltd.(b)		126,030
	15,752	Hyundai Engineering & Construction Co. Ltd.(b)		1,004,000
	4,090	Hyundai Engineering Plastics Co. Ltd.(b)		23,083
	2,471	Hyundai Glovis Co. Ltd.(b)		423,437
	29,420	Hyundai Greenfood Co. Ltd.(b)		399,390
	15,170	Hyundai Hysco Co. Ltd.(b)		532,067
	13,730	Hyundai Marine & Fire Insurance Co. Ltd.		403,338
	387	Hyundai Mipo Dockyard(b)		43,408
	26,421	Hyundai Securities Co.		250,486
	6,050	Il Dong Pharmaceutical Co. Ltd.(b)		39,854
	803	Ilshin Spinning Co. Ltd.(b)		57,043
	266	Ilsung Pharmaceuticals Co. Ltd.(b)		20,340
	1,628	Ilyang Pharmaceutical Co. Ltd.		44,709
	2,410	Inzi Controls Co. Ltd.(b)		11,649
	7,005	IS Dongseo Co. Ltd.(b)		80,442
	3,810	ISU Chemical Co. Ltd.(b)		86,826
	10,380	IsuPetasys Co. Ltd.(b)		47,587
	5,470	Jahwa Electronics Co. Ltd.(b)		44,603
	3,330	Jeil Pharmaceutical Co. (b)		40,908
	15,900	Jeonbuk Bank		70,557
	2,850	Jinheung Savings Bank(b)		6,520
	390	JS Cable Co. Ltd.(b)		2,350
	2,832	JW Pharmaceutical Corp.(b)		37,059
	24,810	Kangwon Land, Inc.(b)		581,959
	10,532	KC Tech Co. Ltd.(b)		50,159
	1,290	KCC Corp.		347,950
	4,850	Keangnam Enterprises Ltd.(b)		38,641
	458	KEPCO Engineering & Construction Co., Inc.(b)		37,917

56

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	5,370	Keyang Electric Machinery Co. Ltd.(b)	$	14,174
	6,150	Kishin Corp.		28,906
	4,345	KISWIRE Ltd.(b)		171,735
	2,472	Kiwoom Securities Co. Ltd.		128,733
	780	KleanNara Co. Ltd.(b)		2,965
	1,846	Kolon Corp.(b)		36,317
	7,440	Kolon Global Corp.(b)		35,102
	5,741	Kolon Industries, Inc.(b)		367,453
	800	Korea Airport Service Co. Ltd.(b)		23,252
	3,220	Korea Electric Terminal Co. Ltd.		64,208
	24,380	Korea Exchange Bank		171,670
	2,137	Korea Express Co. Ltd.(b)		169,119
	590	Korea Gas Corp.(b)		23,320
	24,360	Korea Investment Holdings Co. Ltd.		884,754
	8,010	Korea Kolmar Co. Ltd.		56,830
	2,220	Korea Kumho Petrochemical Co. (b)		332,007
	21,930	Korea Life Insurance Co. Ltd.		150,124
	1,564	Korea Petrochemical Industrial Co. Ltd.(b)		143,403
	1,600	Korea United Pharm, Inc.(b)		9,814
	2,018	Korea Zinc Co. Ltd.(b)		688,924
	7,440	Korean Airlines Co. Ltd.(b)		337,113
	17,577	Korean Reinsurance Co.		224,534
	18,380	KP Chemical Corp.(b)		269,969
	787	KPX Chemical Co. Ltd.		41,124
	23,310	KTB Investment & Securities Co. Ltd.(b)		54,677
	1,913	Kukdo Chemical Co. Ltd.(b)		89,234
	20,960	Kumho Investment Bank(b)		7,184
	1,030	Kunsul Chemical Industrial Co. Ltd.(b)		13,891
	30,090	Kwang Dong Pharmaceutical Co. Ltd.(b)		117,590
	3,380	Kyeryong Construction Industrial Co. Ltd.(b)		41,974
	302	Kyobo Securities Co.		1,656
	77	Kyungbang Ltd.(b)		7,094
	17,150	Kyung-In Synthetic Corp.(b)		50,839
	6,160	LG Fashion Corp.(b)		249,778
	496	LG Hausys Ltd.(b)		36,780
	1,372	LG Household & Health Care Ltd.		583,804
	512	LG InnoTek Co. Ltd.(b)		41,020
	6,784	LG International Corp.		333,961
	4,690	LG Uplus Corp.		26,344
	11,910	LIG Insurance Co. Ltd.		257,104
	2,710	Livart Furniture Co. Ltd.(b)		17,852
	497	Lotte Chilsung Beverage Co. Ltd.(b)		564,094
	536	Lotte Confectionary Co. Ltd. (b)		811,145
	6,810	Lotte Midopa Co. Ltd.(b)		103,967
	6,290	Lotte Non-Life Insurance Co. Ltd.(b)		34,044

Shares			Value
SOUTH KOREA (continued)
	406	Lotte Samkang Co. Ltd.(b)	$	142,941
	2,578	LS Corp.(b)		195,068
	2,821	LS Industrial Systems Co. Ltd.		164,737
	39,012	Macquarie Korea Infrastructure Fund		176,420
	9,189	Meritz Fire & Marine Insurance Co. Ltd.		96,524
	86,760	Meritz Securities Co. Ltd.		63,100
	22	Mi Chang Oil Industrial Co. Ltd.(b)		924
	2,070	Mirae Asset Securities Co. Ltd.		69,378
	19,700	Moorim P&P Co. Ltd.(b)		93,997
	7,820	Moorim Paper Co. Ltd.(b)		19,283
	8,590	Motonic Corp.(b)		63,545
	46	Namyang Dairy Products Co. Ltd.(b)		35,175
	2,740	National Plastic Co. (b)		7,305
	2,166	NCSoft Corp.(b)		567,844
	789	Nexen Corp.(b)		49,868
	8,210	Nexen Tire Corp.		131,553
	12,239	NH Investment & Securities Co. Ltd.		84,982
	6,790	NK Co. Ltd.(b)		25,054
	2,181	Nong Shim Co. Ltd.(b)		459,168
	799	Nong Shim Holdings Co. Ltd.(b)		36,417
	2,780	Noroo Holdings Co. Ltd.(b)		17,397
	5,249	OCI Co. Ltd.(b)		1,221,893
	16,656	OCI Materials Co. Ltd.		1,319,610
	804	Orion Corp.(b)		489,550
	686	Ottogi Corp.(b)		97,708
	12,196	Poongsan Corp.(b)		341,990
	2,723	Poongsan Holdings Corp.(b)		62,903
	450	Pulmuone Holdings Co. Ltd.(b)		12,739
	3,300	Pusan City Gas Co. Ltd.(b)		54,199
	113,228	Pyeong Hwa Automotive Co. Ltd.		1,653,037
	3,500	RNL Bio Co. Ltd.(b)		17,105
	4,800	S&T Daewoo Co. Ltd.(b)		129,897
	9,961	S&T Dynamics Co. Ltd.(b)		153,403
	3,150	S&T Holdings Co. Ltd.(b)		36,594
	3,832	S1 Corp.(b)		194,440
	210	Saeron Automotive Corp.(b)		816
	1,110	Sajo Industries Co. Ltd.(b)		55,038
	590	Sam Lip General Foods Co. Ltd.(b)		6,565
	1,020	Sam Young Electronics Co. Ltd.(b)		9,016
	3,018	Sam Yung Trading Co. Ltd.(b)		15,958
	2,193	Sambu Construction Co. Ltd.(b)		13,900
	480	Samchully Co. Ltd.(b)		38,670
	23,040	Samick Musical Instruments Co. Ltd.(b)		39,277
	4,310	Samick THK Co. Ltd.		28,622
	5,671	Samjin Pharmaceutical Co. Ltd.(b)		43,415
	670	SamkwangGlass Co. Ltd.(b)		40,020

57

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	2,470	Samsung Fine Chemicals Co. Ltd.	$	135,445
	23,480	Samsung Heavy Industries Co. Ltd.(b)		746,193
	11,262	Samsung SDI Co. Ltd.		1,398,539
	9,571	Samsung Securities Co. Ltd.		522,279
	1,993	Samsung Techwin Co. Ltd.		100,417
	1,763	Samyang Corp(b)		80,825
	1,040	Samyang Foods Co. Ltd.(b)		36,106
	647	Samyang Genex Co. Ltd.(b)		34,845
	2,382	Samyang Holdings Corp.(b)		189,356
	10,570	Savezone I&C Corp.(b)		22,206
	443,540	SBS Media Holdings Co. Ltd.(b)		1,405,619
	6,460	Seah Besteel Corp.(b)		289,258
	485	Seah Holdings Corp.(b)		58,717
	1,408	Seah Steel Corp.(b)		105,912
	5,840	Sebang Co. Ltd.(b)		82,660
	22,696	Seegene, Inc.		1,297,087
	5,490	Sejong Industrial Co. Ltd.(b)		57,180
	7,340	Seowon Co. Ltd.(b)		24,437
	14,154	Shin Poong Pharmaceutical Co. Ltd.(b)		78,247
	18,450	Shinsung Solar Energy Co. Ltd.(b)		72,759
	15,480	Shinwon Corp.(b)		19,223
	2,240	Shinyoung Securities Co. Ltd.		62,214
	920	Silla Co. Ltd.		10,974
	971	Sindo Co. Ltd.(b)		45,812
	3,755	SK Chemicals Co. Ltd.(b)		215,937
	1,489	SK Gas Co. Ltd.(b)		95,569
	19,698	SK Holdings Co. Ltd.(b)		2,463,675
	91,900	SK Networks Co. Ltd.(b)		899,898
	31,300	SK Securities Co. Ltd.		37,615
	8,900	SKC Co. Ltd.(b)		382,668
	4,390	SL Corp.		79,918
	5,310	Songwon Industrial Co. Ltd.(b)		54,360
	36,276	Soulbrain Co. Ltd.		1,288,479
	9,930	Ssangyong Cement Industrial Co. Ltd.(b)		41,148
	5,618	STX Corp. Co. Ltd.(b)		66,265
	4,620	STX Engine Co. Ltd.(b)		67,860
	34,580	STX Offshore & Shipbuilding Co. Ltd.(b)		403,256
	5,270	STX Pan Ocean Co. Ltd(b)		33,637
	2,270	Suheung Capsule Co. Ltd.(b)		28,998
	1,940	Sung Jin Geotec Co. Ltd.(b)		24,091
	214	Sunjin Co. Ltd.(b)		1,334
	36	Sunjin Holdings Co. Ltd.(b)		654
	4,250	Tae Kyung Industrial Co. Ltd.(b)		12,825
	245	Taekwang Industrial Co. Ltd.(b)		287,889
	23,300	Taeyoung Engineering & Construction Co. Ltd.(b)		119,056
	14,600	Taihan Electric Wire Co. Ltd.(b)		40,290
	16,710	Tailim Packaging Industrial Co. Ltd.(b)		22,090
	2,243	TCC Steel(b)		10,066
Shares			Value
SOUTH KOREA (continued)
	300	Teems, Inc.(b)	$	2,898
	16,668	Tong Yang Inc.(b)		16,396
	10,260	Tong Yang Life Insurance		118,734
	200	Tong Yang Moolsan Co. Ltd.(b)		4,024
	11,428	Tong Yang Securities, Inc.		62,463
	1,420	TS Corp.(b)		27,304
	17,283	Unid Co. Ltd.(b)		846,188
	250	Union Steel(b)		3,817
	5,350	Whanin Pharmaceutical Co. Ltd.(b)		29,671
	61,970	Woongjin Chemical Co. Ltd.(b)		55,717
	6,450	Woongjin Coway Co. Ltd.(b)		233,402
	6,940	Woongjin Holdings Co. Ltd.(b)		29,067
	1,000	Woongjin Thinkbig Co. Ltd.(b)		13,887
	4,850	Woori Financial Co. Ltd.(b)		62,603
	18,733	Woori Investment & Securities Co. Ltd.		221,791
	250	YESCO Co. Ltd.(b)		5,575
	6,970	Youlchon Chemical Co. Ltd.(b)		50,320
	345	Young Poong Corp.(b)		390,039
	4,952	Youngone Corp.(b)		117,039
	2,598	Youngone Holdings Co. Ltd.(b)		120,262
	1,184	Yuhan Corp.(b)		141,762
				66,938,283
SPAIN — 0.5%
	12,490	Abengoa SA		263,850
	8,448	Acciona SA		678,050
	37,960	Acerinox SA		537,249
	1,811	Adolfo Dominguez SA(b)		11,513
	1,556	Almirall SA		10,930
	7,961	Amper SA(b)		18,432
	3,330	Azkoyen SA(b)		5,445
	304,224	Banco de Sabadell SA		1,121,789
	6,405	Banco de Valencia SA(b)		3,854
	26,428	Banco Espanol de Credito SA		134,819
	67,058	Banco Pastor SA		311,388
	30,827	Banco Popular Espanol SA		132,663
	77,294	Bankinter SA		517,652
	1,315	Baron de Ley(b)		73,103
	18,045	Bolsas y Mercados Espanoles		492,372
	20,024	Caja de Ahorros del Mediterraneo		35,098
	7,792	Campofrio Food SA		67,881
	5,568	Cementos Portland Valderrivas SA(b)		55,279
	16,842	Cie Automotive SA		123,589
	3,901	Codere SA(b)		33,780
	485	Construcciones y Auxiliar de Ferrocarriles SA		252,492
	15,660	Deoleo SA(b)		9,423
	4,433	Dinamia Capital Privado Sociedad de Capital Riesgo SA		23,542
	2,199	Distribuidora Internacional de Alimentacion SA(b)		10,157
	11,664	Duro Felguera SA		79,031

58

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SPAIN (continued)
	19,970	Ebro Foods SA	$	382,290
	158,336	EDP Renovaveis SA(b)		911,286
	7,969	Elecnor SA		104,238
	82,978	Enagas SA		1,660,645
	17,940	Ercros SA(b)		16,426
	7,680	Faes Farma SA		13,311
	262,032	Ferrovial SA		3,067,608
	15,162	Fersa Energias Renovables SA(b)		14,874
	12,842	Fluidra SA		33,008
	11,255	Fomento de Construcciones y Contratas SA		264,481
	46,759	Gamesa Corp. Tecnologica SA		182,877
	43,796	Grifols SA(b)		799,155
	31,966	Grupo Catalana Occidente SA		574,510
	61,650	Grupo Empresarial Ence SA		151,202
	27,092	Grupo Ezentis SA(b)		7,655
	5,180	Grupo Tavex SA(b)		2,141
	2,010	Iberpapel Gestion SA		34,179
	10,460	Indra Sistemas SA		137,711
	893	Inmobiliaria Colonial SA(b)		2,157
	4,092	La Seda de Barcelona SA - Class B(b)		246
	5,819	Laboratorios Farmaceuticos Rovi SA		37,373
	21,624	Mediaset Espana Comunicacion SA		126,350
	6,488	Melia Hotels International SA		38,359
	2,756	Miquel y Costas & Miquel SA		68,458
	1	Natraceutical SA(b)		0
	29,941	NH Hoteles SA(b)		97,519
	34,034	Obrascon Huarte Lain SA		914,622
	4,726	Papeles y Cartones de Europa SA		16,196
	6,168	Pescanova SA		212,754
	1,765	Prim SA		8,935
	2,131	Promotora de Informaciones SA(b)		2,202
	99,141	Prosegur Cia de Seguridad SA		4,573,843
	27,657	Realia Business SA(b)		39,794
	22,104	Red Electrica Corp. SA		1,016,726
	1,098	Reyal Urbis SA(b)		689
	50,556	Sacyr Vallehermoso SA		241,637
	17,752	Service Point Solutions SA(b)		5,201
	26,801	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola SA(b)		34,776
	25,119	Solaria Energia y Medio Ambiente SA		33,021
	861	Tecnicas Reunidas SA		31,202
	9,564	Telecomunicaciones y Energia		18,515
	19,565	Tubacex SA(b)		56,302
	34,984	Tubos Reunidos SA		76,420
	1,520	Unipapel SA		23,481
	1,457	Vertice Trescientos Sesenta Grados SA(b)		234
	8,830	Vidrala SA		210,211
Shares			Value
SPAIN (continued)
	15,581	Viscofan SA	$	600,617
	7,537	Vocento SA(b)		17,549
	2,295	Vueling Airlines SA(b)		17,351
	21,901	Zardoya Otis SA		312,258
	2,045	Zeltia SA(b)		4,681
				22,200,657
SWEDEN — 0.8%
	13,070	AarhusKarlshamn AB		387,153
	24,738	Acando AB		55,276
	1,487	Active Biotech AB(b)		5,946
	3,083	AddNode AB		14,503
	2,555	AddTech AB - Class B		63,852
	251,417	AF AB - B Shares(c)		4,472,100
	5,143	Anoto Group AB(b)		2,034
	2,158	Arise Windpower AB(b)		10,627
	794	Atrium Ljungberg AB - B Shares		9,396
	1,644	Avanza Bank Holding AB		42,535
	8,149	Axfood AB		297,090
	14,516	Axis Communications AB		338,227
	4,907	B&B Tools AB - Class B		47,790
	5,332	BE Group AB(b)		19,282
	1,322	Beijer AB G&L - Class B		48,294
	6,098	Beijer Alma AB		115,192
	2,038	Beijer Electronics AB		19,024
	11,117	Betsson AB(b)		284,360
	17,184	Bilia AB - A Shares		308,188
	48,248	Billerud AB		423,788
	4,165	BioGaia AB - Class B		114,495
	1,104	BioInvent International AB(b)		3,035
	24,799	Biotage AB		19,504
	1,759	Bjoern Borg AB(b)		10,860
	1,867	Black Earth Farming Ltd.(b)		4,021
	293,940	Boliden AB		5,025,391
	23,579	Bure Equity AB(b)		70,364
	11,928	Byggmax Group AB		60,846
	7,800	Castellum AB		99,184
	2,600	Catena AB		35,164
	5,967	CDON Group AB(b)		37,017
	6,345	Cision AB(b)		43,373
	1,907	Clas Ohlson AB - Class B		24,670
	10,828	Concordia Maritime AB - Class B		24,354
	1,753	Connecta AB		21,002
	3,954	CyberCom Group AB		6,917
	6,462	Duni AB		56,522
	4,322	East Capital Explorer AB		34,309
	53,134	Electrolux AB - Class B		973,245
	30,878	Elekta AB - Class B		1,475,698
	2,573	Enea AB(b)		13,503
	36,561	Eniro AB(b)		81,157
	8,546	Fabege AB		74,624
	741	Fagerhult AB		19,390
	6,050	Fastighets AB Balder - Class B(b)		27,482

59

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SWEDEN (continued)
	96,813	Getinge AB - Class B	$	2,625,799
	2,985	Global Health Partner AB(b)		3,445
	6,949	Gunnebo AB		28,092
	15,931	Hakon Invest AB		237,004
	12,663	Haldex AB		63,106
	227,906	Hexagon AB - Class B		3,926,583
	11,372	Hexpol AB		351,065
	8,094	HIQ International AB(b)		41,764
	440	HMS Networks AB		5,805
	7,672	Hoganas AB - Class B		266,730
	21,759	Holmen AB - Class B		629,819
	7,179	Hufvudstaden AB - Class A		75,510
	20,017	Husqvarna AB - Class A		105,551
	65,208	Husqvarna AB - Class B		344,421
	11,328	Industrial & Financial Systems - Class B		160,282
	5,489	Indutrade AB		154,120
	31,357	Intrum Justitia AB		494,383
	39,593	JM AB		731,910
	38,252	KappAhl AB(b)		45,829
	169,866	Karo Bio AB(b)		33,461
	6,105	Klovern AB		23,514
	152	Klovern AB - Preference Shares(b)		2,894
	18,031	Know It AB		152,412
	10,994	Kungsleden AB		82,829
	2,706	Lagercrantz AB - Class B		20,486
	7,553	Lindab International AB		49,521
	31,173	Loomis AB - Class B		454,821
	75,113	Lundin Petroleum AB(b)		1,691,630
	100,014	Meda AB - Class A		1,055,642
	4,303	Medivir AB - Class B(b)		46,493
	7,277	Mekonomen AB		258,880
	24,435	Micronic Mydata AB(b)		40,590
	15,808	Modern Times Group AB - Class B		791,271
	1,715	MQ Holding AB		5,496
	900	NCC AB - Class A		18,483
	39,737	NCC AB - Class B		821,319
	2,159	Nederman Holding AB		31,897
	3,937	Net Entertainment NE AB(b)		33,568
	56,096	Net Insight AB - Class B(b)		18,142
	49,418	New Wave Group AB - Class B		211,402
	9,358	Nibe Industrier AB - Class B		142,726
	55,272	Nobia AB(b)		211,256
	8,614	Nolato AB - Class B		75,345
	7,536	Nordic Mines AB(b)		68,131
	8,208	Nordnet AB - Class B		22,081
	6,243	Northland Resources SA(b)		12,452
	224	Opcon AB(b)		98
	1,166	ORC Group AB		14,741
	5,718	Orexo AB(b)		20,930
	134,328	PA Resources AB(b)		32,977
	53,342	Peab AB		297,978
	50,315	Pricer AB - Class B		97,634
	1,152	Proact IT Group AB		25,064

Shares			Value
SWEDEN (continued)
	23,300	Proffice AB - Class B	$	89,741
	97,544	Ratos AB - Class B		1,231,040
	4,226	ReadSoft AB - Class B		12,301
	10,197	Rederi AB Transatlantic(b)		15,440
	8,898	Rezidor Hotel Group AB(b)		33,617
	49,500	RNB Retail and Brands AB(b)		21,103
	36,090	Rottneros AB		12,309
	22,865	Saab AB - Class B		489,400
	115	Sagax AB		2,899
	2,653	Sandvik AB		39,195
	5,336	SAS AB(b)		6,942
	4,652	Sectra AB(b)		33,168
	26,101	Securitas AB - Class B		244,991
	8,271	Skanska AB - Class B		144,446
	5,584	SkiStar AB		72,647
	7,839	SSAB AB - Class A		82,049
	10,284	SSAB AB - Class B		93,883
	1,658	Studsvik AB(b)		9,018
	8,924	Sweco AB - Class B		77,400
	17,993	Swedish Match AB		626,614
	21,190	Swedish Orphan Biovitrum AB(b)		55,448
	2,770	Systemair AB		37,055
	2,662	TradeDoubler AB(b)		12,366
	55,595	Trelleborg AB - Class B		523,463
	3,694	Vitrolife AB		26,717
	8,602	Wallenstam AB - Class B		84,724
	5,994	Wihlborgs Fastigheter AB		81,947
				36,638,089
SWITZERLAND — 1.5%
	854	Acino Holding AG(b)		96,023
	255	Actelion Ltd.(b)		9,765
	1,180	Adecco SA(b)		55,930
	564	Advanced Digital Broadcast Holdings SA(b)		5,692
	314	Affichage Holding SA(b)		47,757
	8,701	AFG Arbonia-Forster Holding(b)		193,776
	340,000	Allied World Assurance Co. Holdings Ltd.		20,920,200
	7,411	Allreal Holding AG(b)		1,123,928
	27	Alpiq Holding AG		5,001
	934	ALSO-Actebis Holding AG(c)		39,927
	70,135	Aryzta AG(b)		3,238,172
	2,526	Ascom Holding AG		24,423
	323	Autoneum Holding AG(b)		18,264
	1,807	Bachem Holding AG - Class B		65,763
	32,904	Baloise Holding AG		2,523,653
	1,857	Bank Coop AG		125,078
	12,814	Bank Sarasin & Cie AG - Class B		388,387
	277	Banque Cantonale de Geneve		61,689
	2,108	Banque Cantonale Vaudoise		1,066,595
	6	Banque Privee Edmond de Rothschild SA(c)		156,013

60

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	728	Barry Callebaut AG(b)	$	684,897
	372	Basilea Pharmaceutica(b)		15,761
	2,881	Basler Kantonalbank		397,174
	99	Belimo Holding AG		188,105
	37	Bell AG		69,337
	752	Bellevue Group AG(b)		12,050
	1,916	Berner Kantonalbank AG		522,451
	344	BKW SA(b)		13,454
	551	Bobst Group AG(b)		14,965
	959	Bossard Holding AG		130,228
	3,886	Bucher Industries AG		767,490
	1,281	Burckhardt Compression Holding AG		321,189
	36	Carlo Gavazzi Holding AG		7,235
	88	Centralschweizerische Kraftwerke AG		31,548
	178	Cham Paper Holding AG(b)		32,293
	131	Cicor Technologies(b)		4,896
	893	Cie Financiere Tradition SA		67,181
	80,593	Clariant AG(b)		978,848
	1,178	Coltene Holding AG(b)		39,672
	35	Conzzeta Holding AG		66,540
	3,284	Daetwyler Holding AG		231,896
	3,873	Dufry Group(b)		439,683
	830	EFG International AG(b)		7,177
	1,100	Emmi AG		228,485
	2,683	EMS-Chemie Holding AG		483,261
	4,343	Energiedienst Holding AG(b)		222,694
	12,621	Etrion Corp.(b)		6,772
	2,340	Ferrexpo Plc		12,555
	2,933	Flughafen Zuerich AG		1,115,209
	530	Forbo Holding AG(b)		318,115
	1,617	Galenica AG		942,445
	89,347	Gam Holding Ltd.(b)		1,140,497
	611	Gategroup Holding AG(b)		17,258
	8,060	Geberit AG(b)		1,664,537
	3,379	Georg Fischer AG(b)		1,417,859
	1,405	Givaudan SA(b)		1,311,893
	360	Gurit Holding AG(b)		188,506
	4,832	Helvetia Holdings AG		1,622,040
	4,946	Highlight Communications AG(b)		23,536
	574	Huber & Suhner AG		26,814
	4,861	Implenia AG(b)		140,470
	249	Inficon Holding AG(b)		48,366
	156,369	Informa Plc		963,446
	128	Interroll Holding AG(b)		47,244
	73	Intershop Holdings.		25,496
	161,862	Julius Baer Group Ltd.(b)		6,576,468
	821	Kaba Holding AG - Class B		306,593
	1,015	Kardex AG(b)		15,878
	1,899	Komax Holding AG(b)		180,513
	734	Kuoni Reisen Holding(b)		217,290
	161	LEM Holding SA		69,743
	1,026	LifeWatch AG(b)		5,629
	15	Lindt & Spruengli AG		513,308

Shares			Value
SWITZERLAND (continued)
	1,434	Luzerner Kantonalbank AG(b)	$	488,775
	52	Metall Zug AG - Class B		209,017
	23,083	Meyer Burger Technology AG(b)		441,348
	20,313	Micronas Semiconductor Holding(b)		169,919
	677	Mikron Holding AG(b)		4,486
	9,148	Mobilezone Holding AG		99,878
	3,918	Mobimo Holding AG(b)		904,907
	117,608	OC Oerlikon Corp AG(b)		804,922
	587	Orascom Development Holding AG(b)		8,673
	417	Orell Fuessli Holding AG		47,748
	5,885	Panalpina Welttransport Holding AG(b)		631,974
	1,305	Partners Group Holding AG		228,251
	281	Phoenix Mecano AG		157,213
	325	Precious Woods Holding AG(b)		3,654
	3,798	PSP Swiss Property AG(b)		317,085
	78	PubliGroupe SA		11,100
	56	Rieter Holding AG(b)		10,360
	154	Romande Energie Holding SA(c)		199,924
	144	Schaffner Holding AG(b)		37,889
	5,596	Schmolz & Bickenbach AG(b)		39,090
	432	Schweiter Technologies AG		258,121
	8,630	Schweizerishe National- Versicherungs-Gesellsschaft AG		297,198
	588	Siegfried Holding AG(b)		54,552
	894	Sika AG		1,845,301
	120	Societa Elettrica Sopracenerina SA(c)		25,238
	4,650	Sonova Holding AG(b)		475,103
	1,426	St. Galler Kantonalbank AG		570,865
	308,724	STMicroelectronics NV.		2,051,430
	751	Straumann Holding AG		135,107
	14,484	Sulzer AG		1,812,664
	14,003	Swiss Life Holding AG(b)		1,390,412
	161,767	Swisslog Holding AG(b)		145,863
	2,762	Swissquote Group Holding SA		110,870
	955	Tamedia AG(b)		119,310
	3,570	Tecan Group AG(b)		260,624
	5,714	Temenos Group AG(b)		103,044
	4,883	Tornos Holding AG(b)		50,925
	1,732	U-Blox AG(b)		84,295
	1,446	Uster Technologies AG(b)		64,406
	43	Valartis Group AG		789
	4,767	Valiant Holding AG		593,480
	2,865	Valora Holding AG		661,393
	380	Vaudoise Assurances Holding SA - Class B		105,062
	47	Vetropack Holding AG		90,885
	19,476	Von Roll Holding AG(b)		54,376
	19,524	Vontobel Holding AG		527,074
	1,036	VZ Holding AG		106,920
	3	Walliser Kantonalbank		2,695

61

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	390	Walter Meier AG - Class A	$	91,982
	915	Ypsomed Holding AG(b)		53,826
	4,167	Zehnder Group AG		260,522
	1,427	Zueblin Immobilien Holding AG(b)		3,628
	31	Zuger Kantonalbank AG		168,892
				72,456,091
TAIWAN — 1.1%
	149,497	Action Electronics Co. Ltd.		41,331
	16,000	Adlink Technology, Inc.		18,927
	54,060	Advancetek Enterprise Co. Ltd.		42,024
	79,637	Advantech Co. Ltd.		241,165
	52,027	AGV Products Corp.(b)		18,287
	123,000	Alpha Networks, Inc.		104,553
	53,215	Altek Corp.		43,345
	120,000	Ambassador Hotel (The)		141,546
	18,000	AMPOC Far-East Co. Ltd.		13,414
	108,830	AmTRAN Technology Co. Ltd.		67,128
	22,000	Apex Biotechnology Corp.		50,562
	34,320	Apex Science & Engineering		10,486
	81,000	Arima Communications Corp.(b)		63,513
	12,250	Arima Optoelectronics Corp.(b)		2,314
	39,000	Asia Optical Co., Inc.(b)		31,899
	117,500	Asia Polymer Corp.		150,908
	98,214	Asia Vital Components Co. Ltd.		71,700
	9,000	ASROCK, Inc.		31,179
	11,000	Aten International Co. Ltd.		20,225
	56,000	Audix Corp.		52,806
	19,000	Aurora Corp.		29,283
	47,000	Aurora Systems Corp.		55,360
	13,000	AV Tech Corp.		41,697
	19,270	Avermedia Technologies, Inc.		17,389
	9,000	Avision, Inc.		3,574
	17,850	Awea Mechantronic Co. Ltd.		20,241
	157,595	Bank of Kaohsiung		46,606
	1,293,350	BES Engineering Corp.		359,756
	62,000	C Sun Manufacturing Ltd.		39,919
	76,659	Cameo Communications, Inc.		22,567
	228,781	Capital Securities Corp.		94,721
	81,000	Career Technology Manufacturing Co. Ltd.		132,228
	117,000	Carnival Industrial Corp.(b)		34,640
	7,000	Cathay Chemical Works		2,401
	226,000	Cathay No. 1 REIT		105,944
	23,000	Cathay No. 2 REIT		10,098
	41,000	Cathay Real Estate Development Co. Ltd.		15,866
	38,000	Central Reinsurance Co. Ltd.		15,861
	47,000	ChainQui Construction Development Co. Ltd.		29,229
	9,000	Chang Wah Electromaterials, Inc.		20,411
	127,000	Charoen Pokphand Enterprise		62,883
	13,000	CHC Resources Corp.		17,553
Shares			Value
TAIWAN (continued)
	811,920	Cheng Loong Corp.	$	312,831
	168,117	Cheng Uei Precision Industry Co. Ltd.		396,606
	19,000	Chenming Mold Industry Corp.		13,614
	369,572	Chia Hsin Cement Corp.		159,258
	193,456	Chicony Electronics Co. Ltd.		339,999
	120,120	Chien Kuo Construction Co. Ltd.		58,055
	249,744	China Airlines Ltd.		117,328
	47,000	China Chemical & Pharmaceutical Co. Ltd.		30,341
	14,000	China Ecotek Corp.		27,207
	253,000	China General Plastics Corp.(b)		91,495
	22,000	China Glaze Co. Ltd.		11,079
	695,530	China Life Insurance Co. Ltd.		649,984
	1,005,505	China Manmade Fibers Corp.(b)		341,540
	40,195	China Metal Products		27,374
	521,391	China Motor Corp.		555,974
	749,686	China Petrochemical Development Corp.		836,152
	393,114	China Steel Chemical Corp.		1,740,530
	77,000	China Steel Structure Co. Ltd.		71,177
	194,616	China Synthetic Rubber Corp.		179,899
	96,000	China Wire & Cable Co. Ltd.(b)		24,529
	59,883	Chin-Poon Industrial Co.		42,806
	17,400	Chong Hong Construction Co.		34,697
	35,876	Chroma ATE, Inc.		82,089
	92,000	Chun Yu Works & Co. Ltd.(b)		28,793
	332,137	Chun Yuan Steel		132,462
	79,000	Chung Hsin Electric & Machinery Manufacturing Corp.		41,252
	80,339	Chung Hung Steel Corp.		25,524
	198,240	Chung HWA Pulp Corp.		68,341
	141,916	Clevo Co.		239,824
	717,000	CMC Magnetics Corp.(b)		130,617
	127,182	Collins Co. Ltd.		59,104
	87,150	Compal Communications, Inc.		162,297
	810,000	Compeq Manufacturing Co.(b)		292,928
	163,689	Continental Holdings Corp.		59,196
	10,000	Cosmos Bank Taiwan(b)		2,082
	290,000	CSBC Corp. Taiwan		230,824
	203,838	CTCI Corp.		286,596
	15,460	CyberTAN Technology, Inc.		15,832
	76,000	DA CIN Construction Co. Ltd.		43,924
	2,000	Darfon Electronics Corp.		1,240
	64,903	Delpha Construction Co. Ltd.		21,629
	17,000	DFI, Inc.		12,669
	63,712	D-Link Corp.		47,266
	41,155	Dynamic Electronics Co. Ltd.		16,274
	2,923,012	E.Sun Financial Holding Co. Ltd.		1,373,211
	60,000	Eastern Media International Corp.(b)		7,909
	75,334	Eclat Textile Co. Ltd.		134,182
	11,000	Edom Technology Co. Ltd.		3,220

62

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	34,320	Elan Microelectronics Corp.	$	35,784
	14,000	E-Life Mall Corp.		25,646
	21,000	Elite Advanced Laser Corp.		34,423
	27,967	Elite Material Co. Ltd.		20,795
	31,789	Elitegroup Computer Systems Co. Ltd.(b)		7,413
	160,000	Entie Commercial Bank		73,274
	75,000	Epistar Corp.		183,777
	210,492	Eternal Chemical Co. Ltd.		172,164
	676,609	Eva Airways Corp.		453,931
	148,000	Evergreen International Storage & Transport Corp.		80,534
	252,197	Evergreen Marine Corp. Taiwan Ltd.		141,068
	184,900	Everlight Chemical Industrial Corp.		108,425
	20,643	Everlight Electronics Co. Ltd.		39,489
	1,000	Everspring Industry Co.(b)		266
	3,000	Excel Cell Electronic Co. Ltd.		1,171
	53,976	Excelsior Medical Co. Ltd.		127,700
	374,222	Far Eastern Department Stores Co. Ltd.		504,654
	963,894	Far Eastern International Bank		379,531
	16,797	Faraday Technology Corp.		23,787
	43,000	Farglory F T Z Investment Holding Co. Ltd.(b)		25,578
	272,274	Federal Corp.		137,115
	182,320	Feng Hsin Iron & Steel Co.		305,022
	35,154	Feng TAY Enterprise Co. Ltd.		31,426
	91,000	First Copper Technology Co. Ltd.		26,819
	49,442	First Hotel		33,087
	119,000	First Insurance Co. Ltd.		52,688
	63,079	First Steamship Co. Ltd.		83,253
	52,351	FLEXium Interconnect, Inc.		171,805
	6,929	Flytech Technology Co. Ltd.		14,637
	46,761	Forhouse Corp.		30,344
	2,000	Formosa Advanced Technologies Co. Ltd.		1,707
	75,000	Formosa Epitaxy, Inc.		55,006
	9,774	Formosa International Hotels Corp.		135,936
	46,800	Formosa Oilseed Processing		19,772
	729,000	Formosa Taffeta Co. Ltd.		699,741
	347,000	Formosan Rubber Group, Inc.		232,213
	170,571	Formosan Union Chemical.		118,758
	33,000	Fortune Electric Co. Ltd.		15,169
	61,850	Founding Construction & Development Co. Ltd.		37,941
	86,000	Froch Enterprise Co. Ltd.(b)		34,589
	100,022	FSP Technology, Inc.		83,838
	48,000	FU I Industrial		20,035
	35,000	Fubon No 1 REIT		17,389
	89,000	Fubon No 2 REIT		35,555
	57,800	Fullerton Technology Co. Ltd.		53,527
	107,890	Fwusow Industry Co. Ltd.		57,067
	5,101	Gemtek Technology Corp.		4,327
Shares			Value
TAIWAN (continued)
	73,657	Genesis Photonics, Inc.(b)	$	100,201
	11,000	Genius Electronic Optical Co. Ltd.		86,067
	5,498	GeoVision, Inc.		22,299
	341,000	Getac Technology Corp.		174,606
	464,143	Giant Manufacturing Co. Ltd.		1,960,891
	29,000	Giantplus Technology Co. Ltd.(b)		8,106
	80,000	Giga Solar Materials Corp.		846,303
	106,781	Gigabyte Technology Co. Ltd.		86,255
	13,274	Gigastorage Corp.		8,502
	6,297	Gintech Energy Corp.		8,864
	102,000	Globe Union Industrial Corp.		73,774
	293,770	Gold Circuit Electronics Ltd.		75,956
	227,852	Goldsun Development & Construction Co. Ltd.		89,716
	18,000	Good Will Instrument Co. Ltd.		12,471
	886,000	Grand Pacific Petrochemical		450,673
	19,000	Grape King Industrial Co.		26,200
	59,000	Great China Metal Industry		67,799
	66,000	Great Taipei Gas Co. Ltd.		40,264
	155,342	Great Wall Enterprise Co. Ltd.		154,358
	91,140	Greatek Electonics, Inc.		75,469
	24,717	Green Energy Technology, Inc.		33,123
	17,000	GTM Corp.		8,389
	24,214	Hannstar Board Corp.(b)		10,475
	15,115	HannsTouch Solution, Inc.(b)		6,386
	13,259	Harvatek Corp.		7,999
	168,000	Hey Song Corp.		150,469
	181,485	Highwealth Construction Corp.		294,424
	31,620	Hitron Technology, Inc.		13,733
	86,000	Hiwin Technologies Corp.		794,964
	254,865	Ho Tung Chemical Corp.(b)		140,838
	139,000	Hocheng Group Corp.(b)		35,657
	45,320	Hold-Key Electric Wire & Cable Co. Ltd.		16,007
	28,800	Holiday Entertainment Co. Ltd.		45,214
	26,135	Holy Stone Enterprise Co. Ltd.		24,556
	17,000	Hong Ho Precision Textile Co.(b)		7,584
	73,000	Hotai Motor Co. Ltd.		377,490
	166,678	Hsin Kuang Steel Co. Ltd.		112,668
	63,326	Hsing TA Cement Co.		22,152
	316,000	HUA ENG Wire & Cable Co., Ltd.		80,101
	13,215	Huaku Development Co. Ltd.		31,890
	39,000	Huang Hsiang Construction Co.		67,752
	138,514	Hung Poo Real Estate Development Corp.		109,079
	85,000	Hung Sheng Construction Co. Ltd.		38,927
	78,000	Hwa Fong Rubber Co. Ltd.(b)		17,795
	118,341	Ichia Technologies, Inc.(b)		95,593
	51,000	I-Chiun Precision Industry Co. Ltd.		27,579
	95,000	ICP Electronics, Inc.		134,854
	84,000	Inotera Memories, Inc.(b)		15,473

63

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	579,860	Inventec Corp.	$	244,977
	24,000	I-Sheng Electric Wire & Cable Co. Ltd.		30,621
	14,000	ITE Technology, Inc.		13,012
	3,075	Johnson Health Tech Co. Ltd.		6,599
	44,000	Kang Na Hsiung Enterprise Co. Ltd.		21,191
	35,000	Kaulin Manufacturing Co. Ltd.		25,788
	134,823	KEE TAI Properties Co. Ltd.		63,795
	167,088	Kenda Rubber Industrial Co. Ltd.		184,665
	87,000	Kerry TJ Logistics Co. Ltd.		94,976
	5,250	Kian Shen Corp.		7,701
	217,000	Kindom Construction Co.		128,348
	162,000	King Slide Works Co. Ltd.		821,293
	222,184	King Yuan Electronics Co. Ltd.		86,358
	555,185	King’s Town Bank(b)		356,519
	47,174	King’s Town Construction Co. Ltd.		31,330
	47,000	Kinik Co.		66,479
	37,000	Kinko Optical Co. Ltd.		45,144
	86,343	Kinpo Electronics, Inc.		20,194
	102,000	Kinsus Interconnect Technology Corp.		330,951
	16,328	KS Terminals, Inc.		12,086
	16,000	Kung Long Batteries Industrial Co. Ltd.		23,253
	183,000	Kuoyang Construction Co. Ltd.(b)		71,747
	238,800	Kwong Fong Industries		84,745
	62,000	L&K Engineering Co. Ltd.		57,416
	125,280	LAN FA Textile		45,518
	63,325	LCY Chemical Corp.		112,364
	4,828	Leader Electronics, Inc.		1,697
	274,185	Lealea Enterprise Co. Ltd.		112,593
	21,826	Ledtech Electronics Corp.		11,323
	36,638	Leofoo Development Co. Ltd.(b)		22,970
	64,415	Les Enphants Co. Ltd.		80,988
	301,600	Li Peng Enterprise Co. Ltd.		116,206
	25,750	Lian Hwa Food Corp.		32,462
	446,362	Lien Hwa Industrial Corp.		283,620
	235,000	Lingsen Precision Industries Ltd.		121,521
	98,090	LITE-ON IT Corp.		96,308
	40,000	Lite-On Semiconductor Corp.		17,981
	3,994	Lite-On Technology Corp.		5,062
	179,000	Long Bon International Co. Ltd.		71,388
	249,547	Long Chen Paper Co. Ltd.		74,221
	1,451	Lotes Co. Ltd.		4,012
	69,000	Lucky Cement Corp.(b)		12,383
	28,127	Lumax International Corp. Ltd.		54,852
	437,385	Macronix International		192,176
	27,000	Makalot Industrial Co. Ltd.		66,616
	67,000	Marketech International Corp		42,232
	411,000	Masterlink Securities Corp.		133,076
	64,152	Mayer Steel Pipe Corp.		30,355
Shares			Value
TAIWAN (continued)
	9,000	Maywufa Co. Ltd.	$	3,620
	82,000	Meiloon Industrial Co. Ltd.		32,564
	130,154	Mercuries & Associates Ltd.		138,127
	44,000	Merida Industry Co. Ltd.		107,072
	9,849	Merry Electronics Co. Ltd.		11,884
	148,404	Micro-Star International Co. Ltd.		62,948
	64,000	MIN AIK Technology Co. Ltd.		130,433
	53,000	Mirle Automation Corp.		40,931
	258,000	Mitac International Corp.		85,106
	4,000	Nak Sealing Technologies Corp.		6,800
	141,370	Nan Kang Rubber Tire Co. Ltd.		228,390
	23,383	Nan Ya Printed Circuit Board Corp.		55,163
	95,145	Nantex Industry Co. Ltd.		81,197
	127,872	Nanya Technology Corp.(b)		10,416
	32,000	National Petroleum Co. Ltd.		33,528
	3,168	New Asia Construction & Development Corp.		851
	23,499	Nichidenbo Corp.		20,967
	80,932	Nien Hsing Textile Co. Ltd.		57,579
	34,000	Ocean Plastics Co. Ltd.(b)		22,293
	195,000	Oriental Union Chemical Corp.		283,397
	398,000	Pacific Hospital Supply Co. Ltd.		1,170,292
	96,453	Pan Jit International, Inc.		56,560
	53,086	Pan-International Industrial.		48,892
	98,746	Phihong Technology Co. Ltd.		131,828
	16,000	Phytohealth Corp.(b)		18,386
	201,715	Pou Chen Corp.		176,916
	13,000	Powertech Industrial Co. Ltd.		8,722
	6,200	Powertech Technology, Inc.		15,507
	586,221	President Securities Corp.		293,234
	305,555	Prince Housing & Development Corp.		203,445
	121,000	Prodisc Technology, Inc.(b)(c)(d)		695
	26,000	Promate Electronic Co. Ltd.		17,926
	428,520	Qisda Corp.		106,306
	136,000	Quintain Steel Co. Ltd.(b)		33,233
	143,283	Radiant Opto-Electronics Corp.		544,802
	345,211	Radium Life Tech Co. Ltd.		282,353
	40,021	Realtek Semiconductor Corp.		74,124
	83,070	Rechi Precision Co. Ltd.		71,875
	37,000	Rexon Industrial Corp. Ltd.(b)		5,777
	11,370	Richtek Technology Corp.		63,407
	440,398	Ritek Corp.(b)		69,362
	209,403	Ruentex Development Co. Ltd.		258,679
	129,472	Ruentex Industries Ltd.		246,801
	150,335	Sampo Corp.		43,392
	30,705	San Fang Chemical Industry Co. Ltd.		24,232
	702,080	Sanyang Industrial Co. Ltd.		415,256
	21,000	Sanyo Electric Taiwan Co. Ltd.		19,625
	37,000	Sercomm Corp.		43,894
	20,000	Sesoda Corp.		22,746

64

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	33,000	Sheng Yu Steel Co. Ltd.	$	21,136
	16,360	ShenMao Technology, Inc.		21,786
	108,000	Shihlin Electric & Engineering Corp.		117,536
	32,000	Shihlin Paper Corp.(b)		47,263
	5,172,000	Shin Kong Financial Holding Co. Ltd.(b)		1,571,484
	85,000	Shin Kong No.1 REIT		32,607
	57,565	Shining Building Business Co. Ltd.(b)		49,904
	119,000	Shinkong Insurance Co. Ltd.		63,748
	593,314	Shinkong Synthetic Fibers Corp.		185,288
	79,000	Shinkong Textile Co. Ltd.		95,321
	44,000	Shuttle, Inc.(b)		12,358
	95,000	Sigurd Microelectronics Corp.		67,267
	18,000	Silicon Integrated Systems Corp.		7,817
	97,000	Siliconware Precision Industries Co.		111,466
	120	Silitech Technology Corp.		332
	85,000	Sinbon Electronics Co. Ltd.		58,749
	75,170	Sincere Navigation Corp.		67,580
	107,000	Sinon Corp.		44,843
	2,004,698	SinoPac Financial Holdings Co. Ltd.		626,733
	13,486	Sinphar Pharmaceutical Co. Ltd.		11,099
	43,815	Sinyi Realty Co.		59,234
	50,000	Solomon Technology Corp.		16,899
	132,000	Southeast Cement Co. Ltd.		46,844
	8,560	Standard Chemical & Pharmaceutical Corp.		6,972
	61,812	Standard Foods Corp.		209,957
	16,000	Stark Technology, Inc.		14,168
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		18,663
	101,399	Sunplus Technology Co. Ltd.		37,355
	24,000	Sunspring Metal Corp.		23,645
	48,000	Supreme Electronics Co. Ltd.		27,660
	83,980	Sweeten Construction Co. Ltd.		39,311
	132,111	TA Chen Stainless Pipe Co. Ltd.(b)		71,888
	382,200	TA Chong Bank Co. Ltd.(b)		97,916
	409,340	Ta Ya Electric Wire & Cable		108,327
	70,000	Tah Hsin Industrial Co. Ltd.		64,588
	36,743	TA-I Technology Co. Ltd.		25,706
	361,069	Taichung Commercial Bank(b)		108,733
	78,000	Tainan Enterprises Co. Ltd.		104,395
	909,037	Tainan Spinning Co. Ltd.		362,539
	1,613,210	Taishin Financial Holding Co. Ltd.		599,757
	69,628	Taisun Enterprise Co. Ltd.		34,946
	160,880	Taita Chemical Co. Ltd.		68,240
	12,000	Taiwan Acceptance Corp.		24,132
	2,405,873	Taiwan Business Bank(b)		790,370
	137,088	Taiwan Cogeneration Corp.		91,971
Shares			Value
TAIWAN (continued)
	103,320	Taiwan Fire & Marine Insurance Co.	$	72,110
	65,000	Taiwan FU Hsing Industrial Co. Ltd.		36,468
	310,262	Taiwan Glass Industrial Corp.		358,630
	71,468	Taiwan Hon Chuan Enterprise Co. Ltd.		157,006
	205,110	Taiwan Land Development Corp.(b)		83,188
	35,958	Taiwan Life Insurance Co. Ltd.		21,876
	92,150	Taiwan Mask Corp.		33,637
	82,544	Taiwan Navigation Co. Ltd.		82,858
	177,600	Taiwan Paiho Ltd.		145,862
	37,120	Taiwan Pulp & Paper Corp.		12,107
	18,360	Taiwan Sakura Corp.		10,859
	86,117	Taiwan Secom Co. Ltd.		165,030
	101,000	Taiwan Sogo Shin Kong Security Co. Ltd.		91,143
	41,000	Taiwan Styrene Monomer(b)		9,963
	45,469	Taiwan TEA Corp.		21,592
	95,000	Taiyen Biotech Co. Ltd.		71,762
	597,634	Tatung Co. Ltd.(b)		169,872
	11,652	Teapo Electronic Corp.(b)		1,847
	1,553,000	Teco Electric and Machinery Co. Ltd.		1,026,148
	10,000	Tecom Co. Ltd.(b)		1,092
	13,000	Ten Ren Tea Co. Ltd.		20,914
	59,049	Thye Ming Industrial Co, Ltd.		55,881
	513,100	Ton Yi Industrial Corp.		263,595
	37,520	Tong Yang Industry Co. Ltd.		43,496
	76,600	Tong-Tai Machine & Tool Co. Ltd.		77,668
	71,939	Topco Scientific Co. Ltd.		114,033
	29,722	Topoint Technology Co. Ltd.		19,790
	24,137	Transcend Information, Inc.		65,018
	41,000	Trident REIT		30,264
	18,122	Tripod Technology Corp.		50,469
	36,988	Tsann Kuen Enterprise Co. Ltd.		83,508
	152,548	TSRC Corp.		399,577
	22,000	TTET Union Corp.		35,468
	560,315	Tung Ho Steel Enterprise Corp.		530,252
	1,815	TXC Corp.		2,472
	47,792	TYC Brother Industrial Co. Ltd.(b)		19,222
	251,303	Tycoons Group Enterprise(b)		48,753
	29,400	TZE Shin International Co. Ltd.(b)		10,334
	26,000	U-Ming Marine Transport Corp.		39,983
	223,288	Unimicron Technology Corp.		293,944
	277,071	Union Bank of Taiwan(b)		92,240
	40,000	Union Insurance Co. Ltd.(b)		17,507
	179,037	Unitech Printed Circuit Board Corp.		78,362
	134,000	United Integrated Services Co. Ltd.		127,943
	19,196	Unity Opto Technology Co. Ltd.		18,458

65

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	283,000	Universal Cement Corp.	$	128,647
	40,000	Universal Microelectronics Co. Ltd.		11,316
	110,416	Unizyx Holding Corp.		61,575
	158,676	UPC Technology Corp.		93,315
	238,554	USI Corp.		222,933
	9,000	U-Tech Media Corp.		1,734
	56,800	Ve Wong Corp.		38,587
	7,349	Via Technologies, Inc.(b)		4,632
	117,000	Wah Lee Industrial Corp.		154,418
	871,000	Walsin Lihwa Corp.		307,628
	54,947	Walsin Technology Corp.		15,785
	195,300	Wan Hai Lines Ltd.		108,913
	863,333	Waterland Financial Holdings Co. Ltd.		283,328
	114,000	Wei Chuan Food Corp.		128,689
	65,100	Weikeng Industrial Co. Ltd.		49,286
	15,606	Well Shin Technology Co. Ltd.		19,226
	50,000	Weltrend Semiconductor, Inc.		25,433
	884,977	Winbond Electronics Corp.(b)		144,169
	329,673	Wintek Corp.		268,530
	12,885	Wistron Corp.		19,336
	80,068	Wistron NeWeb Corp.		165,075
	575,865	WPG Holdings Co. Ltd.		804,800
	107,136	WT Microelectronics Co. Ltd.		157,875
	95,000	WUS Printed Circuit Co. Ltd.(b)		38,369
	216,000	Yageo Corp.		66,433
	1,163,600	Yang Ming Marine Transport Corp.		511,256
	67,764	Yem Chio Co. Ltd.		56,112
	211,077	Yeun Chyang Industrial Co. Ltd.		130,552
	118,159	Yi Jinn Industrial Co. Ltd.		30,471
	303,526	Yieh Phui Enterprise Co. Ltd.		102,176
	431,624	Yuen Foong Yu Paper Manufacturing Co. Ltd.		184,539
	352,000	Yulon Motor Co. Ltd.		688,831
	29,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		43,224
	61,000	YungShin Global Holding Corp.		86,694
	130,000	Yungtay Engineering Co. Ltd.		206,946
	92,000	Zenitron Corp.		63,432
	200,801	Zig Sheng Industrial Co. Ltd.		90,602
	169	Zinwell Corp.		207
	4,000	Zippy Technology Corp.		2,954
				51,366,827
THAILAND — 0.4%
	76,300	AJ Plast Public Co. Ltd.(c)		40,957
	272,500	Amata Corp. Public Co. Ltd. - FOR(c)		133,937
	413,880	Asian Property Development Public Co. Ltd. - FOR(c)		70,263
	179,700	Asian Property Development Public Co. Ltd. - NVDR		30,507
Shares			Value
THAILAND (continued)
	404,300	Bangchak Petroleum Public Co. Ltd. - FOR(c)	$	266,701
	6,500	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR(c)		2,606
	7,347,000	Bangkok Chain Hospital Public Co. Ltd. - FOR(c)		1,722,417
	133,600	Bangkok Dusit Medical Services Public Co. Ltd. - FOR(b)(c)		331,570
	2,995,000	Bangkok Expressway Public Co. Ltd. - FOR(c)		1,811,043
	22,000	Bangkok Insurance Public Co. Ltd. - FOR(c)		162,910
	580,100	Bangkokland Public Co. Ltd. - FOR(b)(c)		13,318
	14,000	Bank of Ayudhya Public Co. Ltd. - FOR		10,050
	195,700	BEC World Public Co. Ltd. - FOR(c)		273,695
	19,000	Big C Supercenter Public Co. Ltd. - FOR(c)		71,884
	62,700	Bumrungrad Hospital Public Co. Ltd. - FOR(c)		95,799
	1,158,900	CalComp Electronics Public Co. Ltd. - FOR(c)		98,183
	64,000	Central Pattana Public Co. Ltd. - FOR(c)		81,229
	261,400	Central Plaza Hotel Public Co. Ltd. - FOR(c)		97,206
	316,500	CH Karnchang Public Co. Ltd. - FOR(c)		77,782
	2,100	Charoong Thai Wire & Cable Public Co. Ltd. - FOR(c)		584
	307,400	Delta Electronics Thai Public Co. Ltd. - FOR(c)		212,720
	679,100	Dynasty Ceramic Public Co. Ltd. - FOR(c)		1,361,494
	4,323,400	Eastern Water Resources Development and Management Public Co. Ltd. - FOR(c)		908,718
	52,000	Electricity Generating Public Co. Ltd. - FOR(c)		153,856
	5,120,400	G J Steel Public Co. Ltd. - FOR(b)(c)		23,180
	1,289,700	G Steel Public Co. Ltd. - FOR(b)(c)		13,762
	143,500	GFPT Public Co. Ltd. - FOR(c)		50,579
	135,200	Glow Energy Public Co. Ltd. - FOR(c)		243,732
	233,500	Hana Microelectronics Public Co. Ltd. - FOR(c)		138,175
	1,785,800	Hemaraj Land and Development Public Co. Ltd. - FOR(c)		143,210
	973,037	Home Product Center Public Co. Ltd. - FOR(c)		352,401
	63,100	ICC International Public Co. Ltd. - FOR(c)		92,839
	2,285,000	IRPC Public Co. Ltd. - FOR(c)		338,409

66

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
THAILAND (continued)
	664,100	Italian-Thai Development Public Co. Ltd. - FOR(c)	$	75,161
	930,500	Jasmine International Public Co. Ltd. - FOR(c)		60,780
	126,400	KGI Securities Thailand Public Co. Ltd. - FOR(c)		9,973
	155,100	Khon Kaen Sugar Industry Public Co. Ltd.(c)		72,221
	81,600	Kiatnakin Bank Public Co. Ltd. - FOR(c)		84,437
	225,100	Land and Houses Public Co. Ltd. - FOR		46,585
	452,800	Land and Houses Public Co. Ltd. - NVDR		93,708
	14,600	Lanna Resources Public Co. Ltd. - FOR(c)		11,614
	400,600	Loxley Public Co. Ltd. - FOR(c)		47,930
	85,600	Major Cineplex Group Public Co. Ltd. - FOR(c)		42,627
	36,900	MBK Public Co. Ltd. - FOR(c)		109,179
	71,100	MCOT Public Co. Ltd. - FOR(c)		64,950
	77,000	MCS Steel Public Co. Ltd. - FOR(c)		23,281
	130,700	Minor International Public Co. Ltd. - FOR(c)		49,026
	1,562,700	Polyplex Public Co. Ltd. - FOR		828,724
	240,500	Precious Shipping Public Co. Ltd. - FOR(c)		127,541
	53,800	Pruksa Real Estate Public Co. Ltd. - FOR(c)		24,704
	444,500	Quality Houses Public Co. Ltd. - FOR(c)		22,566
	118,700	Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR(c)		168,886
	153,900	Robinson Department Store Public Co. Ltd. - FOR(c)		209,015
	28,500	Rojana Industrial Park Public Co. Ltd. - FOR(c)		5,576
	69,300	Saha-Union Public Co. Ltd. - FOR(c)		67,787
	426,400	Sahaviriya Steel Industries Public Co. Ltd. - FOR(b)(c)		11,306
	276,600	Samart Corp. Public Co. Ltd. - FOR(c)		72,001
	35,700	Samart Telcoms Public Co. Ltd. - FOR(c)		14,199
	1,921,500	Sansiri Public Co. Ltd. - FOR(c)		114,948
	168,500	SC Asset Corp. Public Co. Ltd. - FOR(c)		79,006
	15,100	Siam City Cement Public Co. Ltd. - FOR(c)		125,487
	32,800	Siam Future Development Public Co. Ltd. - FOR(c)		7,477
	23,300	Siam Makro Public Co. Ltd. - FOR(c)		192,880
	2,800	Siamgas & Petrochemicals Public Co. Ltd. - FOR(c)		1,358
Shares			Value
THAILAND (continued)
	44,000	SNC Former Public Co. Ltd. - FOR(c)	$	34,432
	74,254	Somboon Advance Technology Public Co. Ltd. - FOR(c)		56,906
	22,100	Sri Trang Agro-Industry Public Co. Ltd. - FOR(c)		15,365
	7,700	STP & I Public Co. Ltd. - FOR(c)		9,088
	263,800	Supalai Public Co. Ltd. - FOR(c)		120,277
	1,330,700	Tata Steel Thailand Public Co. Ltd. - FOR(b)(c)		39,157
	22,200	Thai Carbon Black Public Co. Ltd. - FOR(c)		18,306
	15,000	Thai Central Chemical Public Co. Ltd. - FOR(c)		8,391
	176,000	Thai Plastic & Chemical Public Co. Ltd. - FOR(c)		167,890
	18,200	Thai Stanley Electric Public Co. Ltd. - FOR(c)		88,278
	167,265	Thai Union Frozen Products Public Co. Ltd. - FOR(c)		359,681
	8,900	Thai Vegetable Oil Public Co. Ltd. - FOR(c)		5,583
	204,400	Thaicom Public Co. Ltd. - FOR(b)(c)		82,619
	425,100	Thanachart Capital Public Co. Ltd. - FOR(c)		357,400
	191,760	Thoresen Thai Agencies Public Co. Ltd. - FOR(c)		131,457
	4,823,600	Ticon Industrial Connection Public Co. Ltd. - FOR(c)(e)		1,949,717
	132,200	Ticon Industrial Connection Public Co. Ltd. - FOR(c)(e)		53,436
	18,500	Tipco Asphalt Public Co. Ltd. - FOR(b)(c)		30,958
	195,000	Tisco Financial Group Public Co. Ltd. - FOR(c)		225,424
	5,285,900	TMB Bank Public Co. Ltd.(c)		285,447
	137,000	Total Access Communication Public Co. Ltd. - FOR(c)		296,815
	600,000	TPI Polene Public Co. Ltd. - FOR(c)		318,189
	1,863,445	True Corp. Public Co. Ltd. - FOR(b)(c)		195,232
	256,900	Vinythai Public Co. Ltd. - FOR(c)		154,514
				17,295,211
TURKEY — 0.1%
	2,233	Adana Cimento Sanayii T.A.S. - Class A		4,574
	13,070	Akcansa Cimento AS		54,874
	38,378	Akenerji Elektrik Uretim AS - Placement Shares(b)		45,142
	8,242	Akfen Holding AS(b)		36,645
	325	Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT(b)		3,113

67

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
TURKEY (continued)
	61,656	Aksa Akrilik Kimya Sanayii	$	156,495
	73,605	Aksigorta AS(b)		66,279
	6,319	Alarko Holding AS		11,237
	13,283	Altinyildiz Mensucat Ve Konfeksiyon Fabrikalari AS		169,322
	1	Anadolu Cam Sanayii AS		1
	31,143	Anadolu Hayat Emeklilik AS		59,241
	2	Anadolu Sigorta		1
	18,756	Arcelik AS		81,279
	88,530	Asya Katilim Bankasi AS(b)		84,203
	46,890	Aygaz AS		237,504
	227	Bagfas Bandirma Gubre Fabrik		21,207
	749	Baticim Bati Anadolu Cimento Sanayii AS		2,512
	2,472	Borusan Mannesmann Boru Sanayi ve Ticaret AS(b)		31,163
	514	Brisa Bridgestone Sabanci Sanayi Ve Ticaret AS		42,524
	72	BSH Ev Aletleri Sanayi Ve Ticaret AS(b)		3,627
	16,881	Bursa Cimento Fabrikasi AS		41,517
	69,592	Celebi Hava Servisi AS		720,657
	29,087	Cimsa Cimento Sanayi Ve Ticaret AS		140,127
	19,705	Coca-Cola Icecek AS		257,839
	11,012	Deva Holding AS(b)		12,209
	259,431	Dogan Sirketler Grubu Holdings(b)		89,064
	5,064	Dogan Yayin Holding(b)		1,710
	55,895	Dogus Otomotiv Servis Ve Ticaret AS(b)		115,134
	2,407	Eczacibasi Yatirim Holding Ortakligi AS		6,218
	144,670	EIS Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		145,741
	1	Eregli Demir Ve Celik Fabrikalari TAS		2
	17,827	Ford Otomotiv Sanayi AS		159,523
	66,324	Gentas Genel Metal Sanayi Ve Ticaret AS		57,483
	35,205	Global Yatirim Holding AS(b)		21,993
	276	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		8,077
	2,500	Goodyear Lastikleri Turk AS		69,646
	5,477	GSD Holding AS(b)		1,849
	5,261	Gubre Fabrikalari TAS(b)		33,606
	9,201	Hurriyet Gazetecilik AS(b)		4,609
	88,602	Ihlas Holding AS(b)		38,396
	36,256	Ipek Dogal Enerji Kaynaklari Ve Uretim AS(b)		51,216
	31,587	IS Finansal Kiralama AS(b)		20,266
	8,296	IS Yatirim Menkul Degerler AS		7,191
	20,002	Izmir Demir Celik Sanayi AS(b)		42,101
	23,780	Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS - Class A(b)		15,792

Shares			Value
TURKEY (continued)
	428	Kartonsan Karton Sanayi Ve Ticaret AS	$	47,376
	842	Konya Cimento Sanayii AS		143,583
	70,872	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi Ve Ticaret AS		149,973
	18,000	Koza Anadolu Metal Madencilik Isletmeleri AS(b)		38,698
	18,103	Mardin Cimento Sanayii Ve Ticaret AS		64,185
	63,938	Menderes Tekstil Sanayi Ve Ticaret AS(b)		39,582
	37,052	Net Holding AS(b)		35,450
	2,633	Netas Telekomunikasyon AS		193,380
	5,026	Otokar Otomotiv Ve Savunma Sanayi AS		79,201
	113,035	Petkim Petrokimya Holding AS(b)		129,776
	7,882	Pinar SUT Mamulleri Sanayii AS		76,076
	84,071	Polyester Sanayi AS(b)		61,509
	41,122	Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		94,656
	101,183	Sekerbank TAS		55,237
	131,825	Selcuk Ecza Deposu Ticaret ve Sanayi AS		120,188
	30,615	Soda Sanayii AS		56,514
	10,000	TAV Havalimanlari Holding AS(b)		45,023
	1	Tekstil Bankasi AS(b)		0
	20,247	Tofas Turk Otomobil Fabrikasi AS		85,918
	137,426	Trakya Cam Sanayi AS		204,958
	9,741	Turcas Petrol AS		13,431
	105,728	Turk Hava Yollari AO(b)		139,832
	276,180	Turkiye Sinai Kalkinma Bankasi AS		334,180
	312,577	Turkiye Sise Ve Cam Fabrikalari AS		642,094
	70,778	Ulker Biskuvi Sanayi AS		212,710
	26,406	Vestel Elektonik Sanayi Ve Ticaret AS(b)		30,614
	4,839	Yapi Kredi Finansal Kiralama AO(b)		11,547
	9,284	Yapi Kredi Sigorta AS		78,375
				6,356,975
UKRAINE — 0.0%
	2,161	Kernel Holding SA(b)		45,875
UNITED ARAB EMIRATES — 0.0%
	90,281	Dragon Oil Plc		739,253
	10,169	Exillon Energy Plc(b)		40,061
	80,439	Lamprell Plc		379,633
				1,158,947
UNITED KINGDOM — 10.1%
	929	4Imprint Group Plc		3,806
	23,380	888 Holdings Plc(b)		19,342

68

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	278,982	Aberdeen Asset Management Plc	$	1,050,249
	7,449	Acal Plc		20,776
	27,694	Admiral Group Plc		410,653
	476,613	Aegis Group Plc		1,185,149
	102,067	Afren Plc(b)		193,808
	51,749	African Barrick Gold Ltd.		419,961
	21,716	Aga Rangemaster Group Plc		27,376
	61,306	Aggreko Plc		2,023,890
	139,796	AMEC Plc		2,211,711
	20,327	Amlin Plc		108,906
	51,177	Anglo Pacific Group Plc		234,514
	2,770	Anglo-Eastern Plantations		31,057
	68,300	Anite Plc		106,282
	57,224	Arena Leisure Plc		39,451
	97,903	Ashmore Group Plc		572,978
	273,530	Ashtead Group Plc		1,013,777
	21,468	Aveva Group Plc		533,486
	6,071	Avon Rubber Plc		30,613
	1,536,810	AZ Electronic Materials SA(c)		7,328,061
	115,161	Babcock International Group Plc		1,323,825
	163,278	Balfour Beatty Plc		704,982
	7,631	Barr (A.G.) Plc		144,299
	181,030	Barratt Developments Plc(b)		311,511
	139,552	BBA Aviation Plc		409,904
	35,360	Bellway Plc		410,657
	39,584	Berendsen Plc		287,368
	108,436	Berkeley Group Holdings Plc(b)		2,164,961
	11,891	Big Yellow Group Plc REIT		52,428
	3,760	Bloomsbury Publishing Plc		6,340
	907,811	Bodycote Plc		4,364,532
	90,227	Booker Group Plc		102,156
	20,611	Boot (Henry) Plc		43,522
	70,095	Bovis Homes Group Plc		490,753
	4,533	Braemar Shipping Services Plc		27,037
	5,164	Brammer Plc		20,181
	81,352	Brewin Dolphin Holdings Plc		193,573
	130,783	British Land Co. Plc REIT		1,006,943
	3,462	British Polythene Industries		19,905
	10,720	Britvic Plc		58,110
	71,760	BTG Plc(b)		378,024
	150,395	Bunzl Plc		2,040,500
	76,492	Cable & Wireless Communications Plc		51,710
	438,010	Cable & Wireless Worldwide Plc		143,219
	10,834	Cadogan Petroleum Plc(b)		5,463
	1,073,786	Cairn Energy Plc(b)		4,768,247
	11	Camellia Plc		1,658
	99,205	Capita Plc		961,410
	74,940	Capital & Counties Properties Plc		224,253
	91,052	Capital & Regional Plc(b)		43,941

Shares			Value
UNITED KINGDOM (continued)
	1,655	Capital Shopping Centres Group Plc REIT	$	8,429
	11,197	Carclo Plc		56,903
	349,116	Carillion Plc		1,699,369
	986	Carpetright Plc		8,546
	5,800	Centaur Media Plc		3,405
	3,699	Charles Stanley Group Plc		15,068
	2,606	Charles Taylor Consulting Plc		5,492
	34,012	Chemring Group Plc		205,701
	48,647	Chesnara Plc		135,109
	21,496	Chime Communications Plc		74,098
	43,740	Cineworld Group Plc		147,156
	4,407	Clarkson Plc		80,001
	61,525	Close Brothers Group Plc		654,418
	1,838,708	Cobham Plc		5,305,192
	9,565	Colfax Corp.(c)(d)		290,558
	50,113	Collins Stewart Hawkpoint Plc		71,861
	109,103	Colt Group SA(b)		158,170
	25,602	Communisis Plc		11,195
	63,868	Computacenter Plc		400,056
	29,203	Concentric AB(b)		197,477
	6,595	Consort Medical Plc		55,651
	199,220	Cookson Group Plc		1,811,377
	5,190	Costain Group Plc		15,948
	894,681	CPP Group Plc(c)		1,608,974
	15,801	Cranswick Plc		194,213
	4,000	Creston Plc		2,994
	530,601	Croda International Plc(c)		16,178,901
	31,426	CSR Plc		114,740
	102,197	Daily Mail & General Trust Plc - Class A		703,591
	35,271	Dairy Crest Group Plc		174,243
	714,153	De La Rue Plc(c)		10,538,991
	328,531	Debenhams Plc		350,999
	6,887	Dechra Pharmaceuticals Plc		57,084
	34,483	Derwent London Plc- REIT		909,078
	22,680	Development Securities Plc		52,536
	89,965	Devro Plc		377,382
	6,324	Dialight Plc		76,733
	5,188	Dignity Plc		63,767
	806,424	Diploma Plc(c)		5,006,793
	727,256	Dixons Retail Plc(b)		161,587
	703,289	Domino Printing Sciences Plc(c)		6,571,863
	42,149	Domino’s Pizza UK & Ireland Plc		303,930
	295,471	Drax Group Plc		2,474,675
	76,694	DS Smith Plc		274,218
	6,273	Dunelm Group Plc		45,372
	25,606	E2V Technologies Plc		48,268
	86,389	easyJet Plc(b)		607,691
	230,794	Electrocomponents Plc		784,103
	229,079	Elementis Plc		553,385
	166,908	EnQuest Plc(b)		279,846
	1,680,000	Ensco Plc - ADR		88,435,200
	12,931	Enterprise Inns Plc(b)		7,590

69

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	14,750	Erinaceous Group Plc(b)(c)(d)	$	0
	8,205	Euromoney Institutional Investor Plc		89,213
	304,900	F&C Asset Management Plc		318,545
	100,698	Fenner Plc		700,253
	74,493	Fiberweb Plc		64,562
	9,707	Fidessa Group Plc		253,765
	97,005	Filtrona Plc		579,340
	2,172	Findel Plc(b)		120
	121,073	Firstgroup Plc		591,438
	402,982	Fortune Oil Plc		69,852
	12,146	French Connection Group Plc		9,474
	2,555	Fuller Smith & Turner - Class A		29,190
	539,467	G4S Plc		2,290,992
	27,923	Galliford Try Plc		209,665
	5,558	Games Workshop Group Plc		45,412
	54,226	Gem Diamonds Ltd.(b)		179,443
	24,405	Genus Plc		391,880
	1,388,182	GKN Plc		4,584,982
	3,552	GlobeOp Financial Services SA		19,870
	14,268	Go-Ahead Group Plc		285,315
	38,840	Great Portland Estates Plc REIT		220,518
	409,220	Greene King Plc		3,173,293
	15,572	Greggs Plc		125,145
	32,170	Halfords Group Plc		161,712
	1,004,751	Halma Plc(c)		5,604,820
	84,204	Hammerson Plc REIT		500,368
	73,847	Hansteen Holdings Plc REIT		85,414
	14,150	Hardy Oil & Gas Plc(b)		37,348
	78,688	Hargreaves Lansdown Plc		511,856
	30,089	Hays Plc		33,830
	7,301	Headlam Group Plc		31,739
	26,536	Helical Bar Plc		77,463
	17,724	Helphire Plc(b)		623
	154,230	Henderson Group Plc		269,526
	71,298	Hikma Pharmaceuticals Plc		806,681
	29,183	Hill & Smith Holdings Plc		136,235
	337	Hilton Food Group Ltd.		1,371
	5,026	Hogg Robinson Group Plc		5,079
	7,240	Home Retail Group Plc		12,253
	87,969	Homeserve Plc		393,546
	211,194	Howden Joinery Group Plc(b)		357,426
	50,371	Hunting Plc		639,758
	31,899	Huntsworth Plc		21,740
	3,454	Hyder Consulting Plc		21,363
	194,352	ICAP Plc		1,029,031
	88,546	IG Group Holdings Plc		660,956
	94,926	Imagination Technologies Group Plc(b)		864,596
	102,510	IMI Plc		1,378,700
	278,543	InchCape Plc		1,495,863
	59,469	Inmarsat Plc		375,219
	497,362	Innovation Group Plc(b)		158,708
	87,863	Intercontinental Hotels Group Plc		1,788,828

Shares			Value
UNITED KINGDOM (continued)
	293,727	International Consolidated Airlines Group(b)	$	820,177
	686,276	Interserve Plc(c)		3,141,557
	50,521	Intertek Group Plc		1,681,380
	269,086	Invensys Plc		857,378
	205,405	Investec Plc		1,216,052
	64,636	IP Group Plc(b)		89,885
	14,083	ITE Group Plc		45,427
	1,283,644	ITV Plc		1,515,048
	8,667	James Fisher & Sons Plc		67,673
	28,273	Jardine Lloyd Thompson Group Plc		303,848
	63,090	Jazztel Plc(b)		347,593
	7,378	JD Sports Fashion Plc		83,127
	23,706	JKX Oil & Gas Plc		52,392
	4,183	John Menzies Plc		37,110
	243,164	John Wood Group Plc		2,521,304
	53,583	Johnson Matthey Plc		1,731,780
	81,564	Johnston Press Plc(b)		7,937
	35,089	Jupiter Fund Management Plc		125,847
	172,730	Kcom Group Plc		193,525
	15,993	Keller Group Plc		88,962
	39,738	Kesa Electricals Plc		42,205
	10,701	Kewill Plc		11,298
	17,238	Kier Group Plc		363,992
	51,645	Kofax Plc(b)		214,035
	98,592	Ladbrokes Plc		220,146
	2,000,093	Laird Plc(c)		5,282,314
	46,421	Land Securities Group Plc, REIT		493,397
	13,753	Lavendon Group Plc		19,125
	372,370	Logica Plc		444,779
	64,985	London & Stamford Property Plc REIT		107,523
	73,615	London Stock Exchange Group Plc		1,009,219
	26,884	Lonmin Plc		437,193
	43,642	Lookers Plc		34,385
	22,684	Low & Bonar Plc		18,945
	1,283	LSL Property Services Plc		4,872
	354,344	Man Group Plc		646,039
	6,088	Management Consulting Group PLC		2,974
	47,388	Marshalls Plc		69,633
	206,972	Marston’s Plc		316,361
	55,254	McBride Plc(b)		101,871
	1,244	McKay Securities Plc REIT		2,196
	27,151	Mears Group Plc		105,785
	53,040	Mecom Group Plc		178,862
	300,861	Meggitt Plc		1,720,967
	330,160	Melrose Plc		1,956,196
	11,210	Melrose Resources Plc		21,418
	8,454	Metric Property Investments Plc - REIT		10,924
	99,955	Michael Page International Plc		612,866

70

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	69,830	Millennium & Copthorne Hotels Plc	$	489,668
	119	Misys Plc(b)		606
	44,181	Mitchells & Butlers Plc(b)		178,715
	165,675	Mitie Group Plc		664,423
	231,628	Mondi Plc		1,843,242
	125,036	Moneysupermarket.com Group Plc		227,374
	144,365	Morgan Crucible Co. Plc		711,133
	15,010	Morgan Sindall Group Plc		157,054
	12,739	Mothercare Plc		39,596
	15,625	MWB Group Holdings Plc(b)		2,955
	80,593	N Brown Group Plc		292,096
	134,655	National Express Group Plc		460,238
	599	NCC Group Plc		8,118
	41,270	Next Plc		1,703,217
	55,574	Northgate Plc(b)		198,529
	21,393	Novae Group Plc		117,314
	9,252	Ocado Group Plc(b)		12,699
	2,372	Optos Plc(b)		7,887
	4,108	Oxford Instruments Plc		58,908
	51,066	Pace Plc		68,600
	4,258	PayPoint Plc		37,105
	149,749	Pendragon Plc(b)		26,547
	135,216	Pennon Group Plc		1,481,922
	256,487	Persimmon Plc		2,127,961
	28,890	Petrofac Ltd.		662,385
	8,354	Petropavlovsk Plc		99,587
	36,290	Photo-Me International Plc		28,021
	131,010	Premier Farnell Plc		426,928
	89,898	Premier Foods Plc(b)		16,999
	77,360	Premier Oil Plc(b)		500,902
	41,180	Provident Financial Plc		622,307
	21,688	Psion Plc		14,439
	279,236	Punch Taverns Plc(b)		48,402
	19,519	PV Crystalox Solar Plc		1,546
	78,418	PZ Cussons Plc		377,138
	144,897	QinetiQ Group Plc		295,000
	44,169	Quintain Estates & Development Plc(b)		27,493
	4,954	Rathbone Brothers Plc		89,384
	3,560	REA Holdings Plc		37,446
	106,746	Redrow Plc(b)		207,403
	9,324	Renishaw Plc		204,817
	47,797	Renold Plc(b)		22,313
	43,173	Renovo Group Plc(b)		11,565
	235,480	Rentokil Initial Plc(b)		278,487
	69,193	Restaurant Group Plc		323,395
	3,278,418	Rexam Plc		19,321,281
	9,385	Ricardo Plc		50,800
	36,161	Rightmove Plc		731,653
	5,585	RM Plc		6,865
	26,258	Robert Walters Plc		82,755
	16,856	Robert Wiseman Dairies Plc		103,192
	13,824	ROK Plc(b)(c)(d)		0
	591,117	Rotork Plc(c)		17,707,431

Shares			Value
UNITED KINGDOM (continued)
	75,411	RPC Group Plc	$	452,514
	136,419	RPS Group Plc		448,209
	674,783	RSA Insurance Group Plc		1,127,120
	1,136	Safestore Holdings Plc		1,906
	1,014,959	Sage Group Plc (The)		4,687,749
	67,612	Salamander Energy Plc(b)		242,917
	32,663	Savills Plc		172,940
	101,874	Schroders Plc		2,327,723
	42,407	Schroders Plc - Non Voting		797,220
	35,597	SDL Plc		364,048
	41,273	Segro Plc REIT		142,953
	182,318	Senior Plc		517,133
	531,833	Serco Group Plc		4,257,346
	30,683	Severfield-Rowen Plc		94,887
	89,681	Severn Trent Plc		2,155,114
	94,571	Shaftesbury Plc REIT		745,868
	269,219	Shanks Group Plc		417,446
	184,207	SIG Plc		289,257
	67,895	Smith & Nephew Plc		657,980
	53,086	Smiths Group Plc		803,066
	22,043	Smiths News Plc		32,912
	79,439	Soco International Plc(b)		365,149
	10,749	Southern Cross Healthcare Ltd.(b)(c)(d)		0
	355,453	Spectris Plc		8,575,459
	15,017	Speedy Hire Plc		6,389
	141,828	Spirax-Sarco Engineering Plc		4,422,907
	207,268	Spirent Communications Plc		388,015
	208,127	Spirit Pub Co. Plc(b)		163,983
	4,982	Sportech Plc(b)		3,739
	94,269	Sports Direct International Plc(b)		363,647
	96,548	St. James’s Place Plc		532,490
	30,155	St. Modwen Properties Plc		59,160
	154,395	Stagecoach Group Plc		684,389
	1,050,987	Standard Life Plc		3,607,075
	32,005	Sthree Plc		137,179
	842	Stolt-Nielsen Ltd.		18,083
	8,341	SuperGroup Plc(b)		85,434
	30,559	Synergy Health Plc		407,871
	14,308	T Clarke Plc		9,075
	235,743	Talktalk Telecom Group Plc		456,924
	214,060	Tate & Lyle Plc		2,233,025
	715,163	Taylor Wimpey Plc(b)		477,827
	5,162	Ted Baker Plc		60,621
	72,988	Telecity Group Plc(b)		744,142
	12,866	Telecom Plus Plc		136,952
	38,780	Timeweave Plc		14,055
	3,226	Topps Tiles Plc		1,550
	8,024	Torotrak Plc(b)		4,331
	5,551	Town Centre Securities Plc REIT		11,874
	61,817	Travis Perkins Plc		854,294
	115,313	Trinity Mirror Plc(b)		84,041
	1,351,543	TT electronics Plc(c)		3,556,693
	54,424	Tullett Prebon Plc		255,397

71

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	2,283	UBM Plc	$	19,769
	78,439	UK Coal Plc(b)		40,789
	970	UK Mail Group Plc		3,497
	350,575	Ultra Electronics Holdings(c)		8,463,299
	13,118	Umeco Plc		74,003
	13,283	Unite Group Plc		37,258
	257,394	United Utilities Group Plc		2,441,715
	9,569	UTV Media Plc		16,134
	197,460	Vectura Group Plc(b)		182,805
	136,756	Vedanta Resources Plc		2,575,220
	285,558	Victrex Plc(c)		5,746,259
	11,826	Vitec Group Plc (The)		103,799
	7,903	Volex Plc		31,632
	81,025	Weir Group Plc (The)		2,496,122
	50,439	Wetherspoon (J.D.) Plc		323,569
	43,316	WH Smith Plc		376,780
	126,411	Whitbread Plc		3,274,814
	591,802	William Hill Plc		2,095,461
	2,450,000	Willis Group Holdings Plc(c)		95,231,500
	15,003	Wilmington Group Plc		18,795
	3,010	Wincanton Plc(b)		3,937
	79,245	Wolfson Microelectronics Plc(b)		198,550
	32,930	Workspace Group Plc - REIT		117,533
	24,432	WSP Group Plc		96,153
	14,163	Xaar Plc		53,117
	16,066	Xchanging Plc(b)		17,469
	650,113	Yell Group Plc(b)		59,008
	14,834	Yule Catto & Co. Plc		45,792
				474,587,724
UNITED STATES — 47.6%
	350,000	ABM Industries, Inc.		7,595,000
	1,468,107	Advance Auto Parts, Inc.(c)		112,515,720
	1,017	Allegheny Technologies, Inc.		46,162
	155,000	Altera Corp.		6,167,450
	65,000	American Public Education, Inc.(b)		2,613,000
	125,000	Ametek, Inc.		5,875,000
	300	Amrep Corp.(b)		1,799
	150,000	Amtrust Financial Services, Inc.		3,889,500
	85,000	Ansys, Inc.(b)		5,141,650
	75,000	Apollo Group, Inc. - Class A(b)		3,930,750
	250,000	Aptargroup, Inc.		13,105,000
	78,840	Argonaut Gold, Inc.(b)		665,190
	500,000	Ariba, Inc.(b)		13,650,000
	31,621	Atna Resources Ltd.(b)		35,320
	300,000	Avon Products, Inc.		5,331,000
	75,000	Bard (C.R.), Inc.		6,939,000
	88	Berkshire Hills Bancorp, Inc.		1,991
	140,000	Bio-Rad Laboratories, Inc. - Class A(b)		14,218,400
	150,000	Bio-Reference Labs, Inc.(b)		2,902,500
	2,600,000	BMC Software, Inc.(b)		94,224,000
	23,400	BNK Petroleum, Inc.(b)		41,540
	60,894	Boart Longyear Ltd.		227,561

Shares			Value
UNITED STATES (continued)
	280,000	Bottomline Technologies, Inc.(b)(c)	$	7,655,200
	250,000	Brady Corp. - Class A		8,092,500
	250,000	Brown & Brown, Inc.		5,695,000
	97,400	Bryn Mawr Bank Corp.(c)		1,958,714
	80,000	Capella Education Co.(b)		3,386,400
	250,000	Cardtronics, Inc.(b)		6,387,500
	3,026,000	CareFusion Corp.(b)(c)		72,472,700
	75,000	Church & Dwight Co., Inc.		3,402,750
	75,000	CIRCOR International, Inc.		2,843,250
	75,000	Citrix Systems, Inc.(b)		4,890,750
	100,000	CLARCOR, Inc.		5,141,000
	120,000	Clorox Co.		8,239,200
	75,000	Community Bank System, Inc.		2,052,000
	115,000	CommVault Systems, Inc.(b)		5,405,000
	300,000	comScore, Inc.(b)		6,645,000
	20,000	Concho Resources, Inc.(b)		2,133,200
	325,000	Concur Technologies, Inc.(b)		17,013,750
	60,000	Continental Resources, Inc.(b)		4,840,800
	175,000	Copart, Inc.(b)		8,232,000
	75,000	CoStar Group, Inc.(b)		4,250,250
	2,510,000	Crown Holdings, Inc.(b)(c)		90,535,700
	450,000	Denbury Resources, Inc.(b)		8,487,000
	100,000	DeVry, Inc.		3,776,000
	227,270	Dollar Tree, Inc.(b)		19,274,769
	150,000	Dover Corp.		9,511,500
	105,000	Energizer Holdings, Inc.(b)		8,097,600
	150,000	EnPro Industries, Inc.(b)		5,296,500
	180,000	Esterline Technologies Corp.(b)		11,007,000
	50,000	FARO Technologies, Inc.(b)		2,714,000
	175,000	Financial Engines, Inc.(b)		4,191,250
	2,334	First Acceptance Corp.(b)		2,684
	100,000	First Republic Bank San Francisco CA(b)		2,998,000
	1,595,000	Fiserv, Inc.(b)(c)		100,309,550
	750,000	Flowers Foods, Inc.		14,512,500
	925,000	Flowserve Corp.(c)		101,907,250
	35,000	Gardner Denver, Inc.		2,611,000
	150,000	Genomic Health, Inc.(b)		4,162,500
	275,000	Gen-Probe, Inc.(b)		18,405,750
	1,115	Golden Minerals Co.(b)		10,816
	89,961	Golden Star Resources Ltd.(b)		196,484
	25,000	Goodrich Corp.		3,118,750
	200,000	Gulfport Energy Corp.(b)		6,574,000
	1,184,150	Henry Schein, Inc.(b)(c)		83,944,394
	120,000	Hittite Microwave Corp.(b)		6,602,400
	125,000	HJ Heinz Co.		6,481,250
	125,000	HUB Group, Inc.(b)		4,278,750
	450,000	IDEX Corp.		18,234,000
	50,000	IHS, Inc. - Class A(b)		4,474,000
	125,000	Independent Bank Corp.(c)		3,467,500
	9,600	Indevus Pharmaceuticals, Inc.(c)(d)		10,560
	100,000	Informatica Corp.(b)		4,230,000
	250,000	Integra LifeScience Holdings Corp.(b)		7,380,000

72

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	4,000,000	International Game Technology	$	63,720,000
	9,084	International Minerals Corp.(b)		52,092
	140,000	Intuit, Inc.		7,901,600
	275,000	Jack Henry & Associates, Inc.		9,405,000
	34,081	Jaguar Mining, Inc.(b)		245,402
	350,000	John Wiley & Sons, Inc. - Class A(c)		15,886,500
	200,000	K12, Inc.(b)		4,478,000
	125,000	Kellogg Co.		6,190,000
	75,000	Laboratory Corp. of America Holdings(b)		6,854,250
	150,000	Lancaster Colony Corp.(c)		10,423,500
	115,000	Landstar System, Inc.		5,882,250
	175,000	Life Technologies Corp.(b)		8,475,250
	125,000	LogMein, Inc.(b)		4,978,750
	50,000	Lufkin Industries, Inc.		3,761,000
	250,000	Luminex Corp.		4,925,000
	200,000	Masimo Corp.(b)		4,280,000
	1,422,624	McCormick & Co., Inc.(c)		71,899,417
	170,000	Measurement Specialties, Inc.(b)(c)		5,525,000
	400,000	MedAssets, Inc.(b)		4,224,000
	175,000	Medidata Solutions, Inc.(b)		3,657,500
	100,000	MICROS Systems, Inc.(b)		4,971,000
	155,000	Molson Coors Brewing Co. - Class B		6,647,950
	200,000	Morningstar, Inc.(c)		11,944,000
	677	Movie Gallery, Inc.(b)(c)(d)		0
	375,000	Myriad Genetics, Inc.(b)		8,872,500
	425,000	National Instruments Corp.		11,436,750
	140,000	Navigators Group, Inc.(b)(c)		6,689,200
	2,236,746	NetApp, Inc.(b)		84,414,794
	150,000	NeuStar, Inc. - Class A(b)		5,476,500
	50,000	Newfield Exploration Co.(b)		1,890,500
	335,000	Northern Oil and Gas, Inc.(b)		8,375,000
	200,000	Northern Trust Corp.		8,242,000
	300,000	NuVasive, Inc.(b)		4,650,000
	200,000	Oasis Petroleum, Inc.(b)		6,748,000
	1,973,500	Omnicom Group, Inc.		90,011,335
	65,000	Pall Corp.		3,879,200
	180,000	Pentair, Inc.		6,627,600
	110,000	Petroleum Development Corp.(b)		3,424,300
	50,000	Pioneer Natural Resources Co.		4,965,000
	395,000	QLIK Technologies, Inc.(b)		11,139,000
	125,000	Quality Systems, Inc.		5,070,000
	65,000	Ralcorp Holdings, Inc.(b)		5,684,250
	26,988	Ram Power Corp.(b)		9,420
	67,700	Raven Industries, Inc.		4,393,053
	65,000	Red Hat, Inc.(b)		3,014,050
	175,000	ResMed, Inc.(b)		5,080,250
	500,000	Resolute Energy Corp.(b)		5,625,000
	150,000	Riverbed Technology, Inc.(b)		3,591,000
	35,000	Robbins & Myers, Inc.		1,699,600
	50,000	Roper Industries, Inc.		4,669,500
	250,000	Ruddick Corp.		10,085,000

Shares			Value
UNITED STATES (continued)
	400	Salem Communications Corp. - Class A(b)	$	1,095
	300,000	Sensient Technologies Corp.		11,886,000
	200,000	Silgan Holdings, Inc.		8,312,000
	150,000	Silicon Graphics International Corp.(b)		2,046,000
	54,221	Sims Metal Management Ltd.		866,334
	400,000	Smart Balance, Inc.(b)		2,120,000
	375,000	Snyders-Lance, Inc.(c)		8,621,250
	200,000	SolarWinds, Inc.(b)		6,322,000
	150,000	Solera Holdings, Inc.		7,165,500
	100,000	SonoSite, Inc.(b)		5,391,000
	125,000	Spectrum Brands Holdings, Inc.(b)		3,618,750
	100,000	St. Jude Medical, Inc.		4,171,000
	30,000	Strayer Education, Inc.		3,264,000
	26,948	Student Transportation, Inc.		184,097
	600,000	Superior Energy Services, Inc.(b)		17,106,000
	100,000	SVB Financial Group(b)		5,804,000
	21,389	SXC Health Solutions Corp.(b)		1,353,691
	75,000	T Rowe Price Group, Inc.		4,338,000
	70,800	Techne Corp.		4,832,100
	110,000	Teleflex, Inc.		6,730,900
	9,100	Tenet Healthcare Corp.(b)		48,139
	2,353,855	Tenneco, Inc.(b)(c)		75,558,746
	500,000	Tetra Technologies, Inc.(b)		4,670,000
	175,000	TreeHouse Foods, Inc.(b)		9,894,500
	325,000	Trimas Corp.(b)(c)		7,042,750
	1,480,000	Tupperware Brands Corp.(c)		93,003,200
	80,000	Ultimate Software Group, Inc.(b)		5,335,200
	60,000	Ultra Petroleum Corp.(b)		1,441,800
	300,000	UMB Financial Corp.(c)		11,574,000
	39,856	Ur-Energy, Inc.(b)		55,251
	225,000	UTi Worldwide, Inc.		3,350,250
	250,000	VCA Antech, Inc.(b)		5,595,000
	3,284	VeriFone Systems, Inc.(b)		140,227
	235,000	Verisk Analytics, Inc. - Class A(b)		9,416,450
	150,000	Volcano Corp.(b)		4,207,500
	200,000	W.R. Berkley Corp.		6,854,000
	300,000	Waddell & Reed Financial, Inc. - Class A		8,235,000
	100,000	Washington Trust Bancorp, Inc.(c)		2,469,000
	200	WaterFurnace Renewable Energy, Inc.		3,501
	1,131,151	Waters Corp.(b)		97,923,742
	325,000	West Pharmaceutical Services, Inc.(c)		13,156,000
	185,000	Whiting Petroleum Corp.(b)		9,266,650
	1,419,444	Wisconsin Energy Corp.		48,261,096
	225,000	Wolverine World Wide, Inc.		8,795,250
	130,000	Wright Express Corp.(b)		7,113,600
	2,185,000	Xilinx, Inc.		78,332,250

73

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	65,000	Zimmer Holdings, Inc.(b)	$	3,948,750
				2,238,573,786
Total Common Stocks (Cost $3,607,126,429)				4,376,893,914
INVESTMENT COMPANY — 0.4%
	19,475,500	SEI Daily Income Trust Government II Fund, Class A, 0.01%(f)		19,475,500
Total Investment Company (Cost $19,475,500)				19,475,500
EXCHANGE TRADED FUNDS — 2.8%
	285,400	iShares MSCI EAFE Small Cap Index Fund		10,796,682
	1,772,100	iShares MSCI Emerging Markets Index Fund		74,658,573
	100,861	iShares MSCI Japan Small Cap Index Fund		4,554,883
	1,204,000	iShares MSCI Malaysia Index Fund		16,988,440
	1,120,400	iShares MSCI Singapore Index Fund		13,870,552
	55,000	SPDR Russell Nomura Small Cap Japan Fund		2,356,200
	389,800	SPDR S&P International Small Cap Fund		10,598,662
Total Exchange Traded Funds (Cost $100,253,739)				133,823,992
RIGHTS/WARRANTS — 0.0%
Banks — 0.0%
	8,142	Bank of Cyprus Plc Rights, Expire 3/19/12(c)(d)		1,931
Consumer Discretionary — 0.0%
	1,710	Centrebet Litigation Rights(c)(d)		0
	1,710	Centrebet Litigation Units(c)(d)		0
	46,666	Xiwang Sugar Holdings Co. Ltd. Warrants, Expire 2/22/12(c)(d)		0
				0
Energy — 0.0%
	114	Compton Petroleum Corp. Warrants(b)		143
	2,935	White Energy Co. Ltd. - Performance Shares, Conversion Period 3/30/12(c)(d)		1,418
				1,561
Health Care — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c)(d)		0

Shares			Value
Health Care (continued)
	9,600	Ligand Pharmaceuticals Contingent Value Rights(c)(d)	$	0
				0
Industrials — 0.0%
	139,217	Ferreyros SA Rights, Expire 2/6/12(d)		13,461
	36,256	Ipek Dogal Rights, Expire 2/15/12(c)		27,546
	10,197	Rederi AB Transatlantic Rights, Expire 2/28/12(b)(d)		450
	26,991	VDM Group Ltd. Warrants, Expire 11/30/13(b)		458
				41,915
Materials — 0.0%
	1,767	Duluth Exploration Ltd. Special Warrants, Expire 1/18/13(c)(d)		793
	13,304	Scana Industrier ASA Rights, Expire 2/14/12(c)(d)		1,134
				1,927
Real Estate — 0.0%
	105,112	AFP Properties Ltd. Warrants, Expire 11/18/15(b)		13,370
	350,738	Allied Properties Ltd.(b)(c)		4,568
				17,938
Telecommunication Services — 0.0%
	160,000	Sino Gas Group Rights, Expire 02/15/12(c)(d)		21
Total Rights/Warrants (Cost $34,427)				65,293
Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 2.2%
Federal Home Loan Bank — 2.2%
$	5,000,000	0.00%, 02/01/2012(g)		5,000,000
	10,000,000	0.01%, 02/08/2012(g)		9,999,981
	10,000,000	0.02%, 03/30/2012(g)		9,999,758
	15,000,000	0.02%, 02/07/2012(g)		14,999,950
	18,500,000	0.02%, 02/08/2012(g)		18,499,920
	10,000,000	0.02%, 02/15/2012(g)		9,999,883
	5,000,000	0.02%, 02/22/2012(g)		4,999,927
	2,000,000	0.03%, 02/10/2012(g)		1,999,985
	15,900,000	0.03%, 02/17/2012(g)		15,899,788
	12,000,000	0.03%, 02/24/2012(g)		11,999,617
Freddie Mac — 0.0%
	500,000	0.03%, 02/13/2012(g)		499,995
Total U.S. Government Agencies (Cost $103,898,804)				103,898,804

74

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 0.3%
U.S. Treasury Bills — 0.3%
	13,000,000	0.02%, 02/02/2012(g)	$	12,999,993
Total U.S. Government Securities (Cost $12,999,993)				12,999,993
Shares			Value
CASH SWEEP — 1.3%
	61,341,475	Citibank - US Dollars on Deposit in Custody Account 0.02%(f)		61,341,475
Total Cash Sweep (Cost $61,341,475)				61,341,475
TOTAL INVESTMENTS — 100.1% (Cost $3,905,130,367)(a)			$	4,708,498,971
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(6,031,296	)
NET ASSETS — 100.0%			$	4,702,467,675

(a) Cost for federal income tax purposes is $3,906,680,730 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	922,325,797
Unrealized depreciation		(120,507,557	)
Net unrealized appreciation	$	801,818,240

(b)	Non-income producing security.
(c)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $498,011,499 or 10.59% of net assets.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $2,720,594, which is 0.06% of net assets and the cost is $3,650,352.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	Rate shown represents current yield at January 31, 2012.
(g)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

BDR — Brazilian Depositary Receipt

DVR — Differential Voting Rights

FOR — Foreign Ownership Restrictions

NVDR — Non Voting Depositary Receipt

PDR — Phillippine Depositary Receipt

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

VVPR — Voter Verified Paper Record

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	2.0	%
Consumer Discretionary	16.3	%
Consumer Staples	6.3	%
Diversified Financials	1.7	%
Energy	5.6	%
Health Care	10.7	%
Industrials	17.1	%
Information Technology	16.3	%
Insurance	4.3	%
Materials	8.3	%
Real Estate	2.0	%
Telecommunication Services	0.4	%
Utilities	2.1	%
Other*	6.9	%
Total	100.0	%

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

75

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments	January 31, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 24.4%
AUSTRALIA — 0.2%
	73,910	Amalgamated Holdings Ltd.(c)	$	455,891
	16,320	BHP Billiton Ltd.		649,383
	148,370	David Jones Ltd.		407,969
	809,300	Grange Resources Ltd.		502,628
	800,003	Metcash Ltd.		3,431,266
	36,623	OZ Minerals Ltd.		424,190
	21,792	Suncorp Group Ltd.		194,569
	684,213	Telstra Corp. Ltd.		2,418,894
	77,940	Western Areas NL		456,752
				8,941,542
AUSTRIA — 0.1%
	67,578	OMV AG		2,215,621
BELGIUM — 0.2%
	27,065	Belgacom SA		844,874
	18,000	Delhaize Group SA		980,288
	25,770	D’ieteren SA		1,280,916
	4,863	Groupe Bruxelles Lambert SA		352,401
	28,093	Solvay SA		2,770,348
				6,228,827
BERMUDA — 0.5%
	74,839	Arch Capital Group Ltd.(b)		2,697,946
	26,300	Aspen Insurance Holdings Ltd.		698,528
	290,598	Lancashire Holdings Ltd.		3,152,801
	58,477	PartnerRe Ltd.		3,825,565
	21,100	Platinum Underwriters Holdings Ltd.		722,675
	63,438	RenaissanceRe Holdings Ltd.		4,637,952
	63,388	Validus Holdings Ltd.		2,032,853
				17,768,320
BRAZIL — 0.1%
	27,610	Cia de Saneamento Basico do Estado de Sao Paulo(b)		921,914
	7,493	Cielo SA		223,220
	50,890	Cosan SA Industria e Comercio		823,409
	122,310	Duratex SA		685,334
	64,080	Iochpe-Maxion SA		1,081,937
	47,360	Light SA		743,795
	77,676	Tim Participacoes SA		431,237
				4,910,846
CANADA — 0.7%
	500,000	Asian Coast Development Ltd.(b)(c)(d)		0
	92,394	Barrick Gold Corp.		4,552,157
	12,240	BCE, Inc.		499,024
	319,730	Canaccord Financial, Inc.(c)		2,499,933
	32,572	CGI Group, Inc. - Class A(b)		657,807
	11,480	Domtar Corp.		991,642
	27,000	Empire Co. Ltd. - Class A		1,521,392
	102,254	Enbridge, Inc.		3,847,655
	85,987	Encana Corp.		1,647,119
	41,308	Nexen, Inc.		740,286
Shares			Value
CANADA (continued)
	132,191	Pembina Pipeline Corp.	$	3,535,816
	59,488	Research In Motion Ltd.(b)		991,644
	393,850	Tembec, Inc.(b)(c)		1,472,960
	440,950	Transat AT, Inc. - Class B(b)(c)		3,179,484
				26,136,919
CHILE — 0.1%
	5,900	Cia Electro Metalurgica SA		101,534
	57,690	Empresa Nacional de Telecom Chile SA		1,049,873
	541,321	Enersis SA		196,058
	688,850	Sigdo Koppers SA		1,317,180
				2,664,645
CHINA — 0.2%
	1,507,500	BYD Electronic International Co. Ltd.(b)		509,284
	2,899,173	China Petroleum & Chemical Corp. - H Shares		3,521,490
	2,628,000	China Wireless Technologies Ltd.		467,634
	349,000	CNOOC Ltd.		717,324
	1,072,000	Dalian Port PDA Co. Ltd. - H Shares		251,575
	170,000	Dongfeng Motor Group Co. Ltd. - H Shares		317,847
	413,600	Double Coin Holdings Ltd. - B Shares		224,585
	766,000	Guangshen Railway Co. Ltd. - H Shares		279,522
	334,000	Guangzhou Shipyard International Co. Ltd. - H Shares		295,873
	293,000	Haitian International Holdings Ltd.		307,156
	160,534	Jiangling Motors Corp. Ltd. - B Shares		332,234
	346,000	Jiangsu Expressway Co. Ltd. - H Shares		344,871
	230,000	Li Ning Co. Ltd.		237,257
	789,000	Peak Sport Products Co. Ltd.		172,953
	206,000	PetroChina Co. Ltd. - H Shares		301,219
	189,310	Shandong Airlines Co. Ltd. - B Shares(b)		295,854
	664,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		235,452
	1,088,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares		274,971
	28,020	Zhongpin, Inc.(b)		318,307
				9,405,408
COLUMBIA — 0.0%
	22,126	Petrominerales Ltd.		461,850
CYPRUS — 0.0%
	359,160	Songa Offshore SE(b)		1,389,625
CZECH REPUBLIC — 0.0%
	11,503	CEZ AS		464,660

76

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
DENMARK — 0.1%
	234	AP Moller - Maersk A/S - Class B	$	1,724,321
	27,330	Royal UNIBREW A/S		1,553,237
				3,277,558
EGYPT — 0.0%
	64,270	Alexandria Mineral Oils Co.(c)		822,818
	293,962	Egyptian Financial Group-Hermes Holding SAE(b)		578,318
				1,401,136
FINLAND — 0.2%
	78,880	Ahlstrom Oyj(c)		1,326,876
	95,410	Lassila & Tikanoja Oyj(c)		1,427,718
	243,292	Nokia Oyj.		1,215,028
	165,092	Orion Oyj - Class B		3,204,664
				7,174,286
FRANCE — 1.0%
	10,596	AXA SA		160,846
	3,034	BNP Paribas SA		128,464
	52,491	Bouygues SA		1,631,032
	5,397	Casino Guichard Perrachon SA		480,047
	9,264	Christian Dior SA		1,311,138
	9,299	Cie de St-Gobain		413,802
	35,328	Cie Generale des Etablissements Michelin - Class B		2,416,814
	58,236	CNP Assurances		784,986
	45,157	Dassault Systemes SA		3,743,690
	54,867	France Telecom SA		822,826
	70,089	GDF Suez.		1,902,350
	23,115	Lafarge SA		941,683
	22,291	LVMH Moet Hennessy Louis Vuitton SA		3,603,882
	12,871	Peugeot SA		237,301
	76,949	Renault SA		3,277,756
	40,294	Sanofi		2,976,327
	6,806	Societe BIC SA		606,442
	47,492	Sodexo		3,524,782
	44,206	Total SA		2,336,355
	79,950	Trigano SA(c)		1,380,432
	251,210	UBISOFT Entertainment(b)		1,964,991
	24,586	Veolia Environnement SA		279,402
	85,462	Vinci SA		3,964,006
	104,033	Vivendi SA		2,177,277
				41,066,631
GERMANY — 0.4%
	4,559	BASF AG		350,527
	28,300	Daimler AG		1,563,811
	90,407	Deutsche Post AG		1,501,856
	45,050	Deutsche Telekom AG		506,658
	89,176	E.ON AG		1,906,582
	14,476	EnBW Energie Baden-Wuerttemberg AG(c)		634,331
	118,310	Freenet AG		1,588,557
Shares			Value
GERMANY (continued)
	2,547	Fresenius SE & Co. KGaA	$	258,331
	17,620	MAN SE.		1,852,117
	5,278	Metro AG		203,042
	1,490	Muenchener Rueckversi- cherungs AG		194,119
	455,580	QSC AG(b)		1,302,083
	30,705	RWE AG		1,174,381
	250,460	Solarworld AG		1,248,205
	17,703	Volkswagen AG		2,859,804
				17,144,404
HONG KONG — 0.6%
	65,000	Cheung Kong Holdings Ltd.		875,015
	467,000	China High Speed Transmission Equipment Group Co. Ltd.		247,491
	202,500	China Mobile Ltd.		2,070,616
	266,000	China Unicom Hong Kong Ltd.		489,791
	83,000	Henderson Land Development Co. Ltd.		450,569
	398,000	Hongkong Land Holdings Ltd.		2,049,700
	6,493,600	Hutchison Telecommunications Hong Kong Holdings Ltd.		2,654,277
	48,175	Jardine Matheson Holdings Ltd.		2,495,465
	32,787	Jardine Strategic Holdings Ltd.		1,021,643
	1,633,900	Link REIT (The)		5,951,759
	717,000	Lonking Holdings Ltd.		294,925
	94,500	Orient Overseas International Ltd.		493,501
	3,174,000	Sinolink Worldwide Holdings Ltd.(b)(c)		257,839
	59,000	Sun Hung Kai Properties Ltd.		817,067
	15,000	Swire Pacific Ltd. - Class A		166,821
	10,500	Swire Properties Ltd.(b)		26,455
	908,000	Tianjin Development Holdings Ltd.(b)		495,254
	229,100	Wharf Holdings Ltd.		1,302,762
				22,160,950
INDIA — 0.1%
	33,150	Aban Offshore Ltd.		299,017
	37,764	Indian Oil Corp. Ltd.(b)		220,573
	18,170	JSW Steel Ltd.		257,052
	238,714	Oil & Natural Gas Corp. Ltd.(b)		1,332,733
	67,030	Rural Electrification Corp. Ltd.(b)		258,251
				2,367,626
INDONESIA — 0.0%
	6,509,500	Bakrie Sumatera Plantations Tbk PT		209,984
IRELAND — 0.0%
	23,883	WPP Plc		280,567
ISRAEL — 0.0%
	4,760	Delek Group Ltd.		1,016,688
	7,540	Electra Ltd.(c)		630,726
				1,647,414

77

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
ITALY — 0.3%
	181,330	ACEA SpA	$	1,121,423
	2,521,600	Banca Monte Dei Paschi di Siena SpA		956,856
	79,976	Enel Green Power SpA		159,220
	344,479	Enel SpA		1,408,556
	131,336	ENI SpA		2,903,307
	224,921	Intesa Sanpaolo SpA		429,542
	1,785,596	Telecom Italia SpA		1,815,959
	911,509	Terna Rete Elettrica Nazionale SpA		3,340,809
				12,135,672
JAPAN — 3.0%
	58,200	Aeon Co. Ltd.		767,397
	42,800	Aisin Seiki Co. Ltd.		1,352,170
	24,000	Aoyama Trading Co. Ltd.		431,698
	221,000	Asahi Glass Co. Ltd.		1,800,590
	66,000	Asahi Group Holdings Ltd.		1,459,066
	31,000	Asahi Kasei Corp.		196,038
	24,300	Astellas Pharma, Inc.		997,888
	20,000	Autobacs Seven Co. Ltd.		924,954
	1,000	Bic Camera, Inc.		577,276
	111,300	Bridgestone Corp.		2,537,909
	15,000	Canon Electronics, Inc.		382,183
	4,500	Canon, Inc.		194,240
	505	Central Japan Railway Co.		4,339,740
	124,000	Chugai Ro Co. Ltd.		450,643
	37,500	Circle K Sunkus Co. Ltd.		645,992
	67,000	Daicel Corp.		420,178
	36,000	Daido Metal Co. Ltd.		413,750
	9,500	Daiichi Sankyo Co. Ltd.		180,851
	60,000	Dainippon Screen Manufacturing Co. Ltd.		504,592
	139,000	Dainippon Sumitomo Pharma Co. Ltd.		1,603,004
	78,000	Daiwa Industries Ltd.(c)		428,785
	17,800	Denso Corp.		528,956
	35,000	Eagle Industry Co. Ltd.		304,448
	8,800	East Japan Railway Co.		569,772
	10,300	Eisai Co. Ltd.		426,351
	54,000	Elpida Memory, Inc.(b)		228,838
	99,900	FCC Co. Ltd.		2,118,058
	16,700	FP Corp.		1,115,232
	67,000	Fuji Heavy Industries Ltd.		455,340
	115,000	Fuji Oil Co. Ltd.		1,612,897
	34,000	Fujimi, Inc.		456,337
	235,800	Fukuyama Transporting Co. Ltd.		1,385,967
	56,000	Futaba Industrial Co. Ltd.		336,500
	10,000	Gulliver International Co. Ltd.		390,318
	124,700	Hino Motors Ltd.		800,030
	23,800	Hisamitsu Pharmaceutical Co., Inc.		1,031,999
	203,000	Hitachi Ltd.		1,134,584
	173,500	Hokkoku Bank Ltd. (The)		689,721
	58,500	Hokuriku Electric Power Co.		1,135,155
Shares			Value
JAPAN (continued)
	6,900	Honda Motor Co. Ltd.	$	241,346
	70,800	Hoshizaki Electric Co. Ltd.		1,631,131
	140,100	House Foods Corp.		2,610,102
	94	Inpex Corp.		641,301
	96,000	Isuzu Motors Ltd.		486,172
	108,100	Ito En Ltd.		1,836,650
	28,900	ITOCHU Corp.		314,328
	31,400	JX Holdings, Inc.		189,504
	247,300	Kaken Pharmaceutical Co. Ltd.		3,254,289
	140,800	Kansai Electric Power Co., Inc. (The)		2,266,618
	76,000	Kanto Denka Kogyo Co. Ltd.		293,151
	29,400	Kao Corp.		773,765
	65,000	Kasumi Co. Ltd.(c)		442,600
	18,000	Kato Sangyo Co. Ltd.		363,448
	425	KDDI Corp.		2,693,191
	37,300	Keihin Corp.		686,590
	144,300	Keiyo Bank Ltd. (The)		709,951
	248,200	Kewpie Corp.		3,676,434
	14,000	Kintetsu World Express, Inc.		419,522
	107,000	Krosaki Harima Corp.		379,034
	30,000	Kura Corp.		420,756
	66,000	KYB Co. Ltd.		351,561
	12,500	Kyocera Corp.		1,065,993
	78,800	Lawson, Inc.		4,786,723
	242,600	Lion Corp.		1,460,947
	21,000	Meitec Corp.		419,890
	40,000	Mimasu Semiconductor Industry Co. Ltd.		365,783
	164,000	Mitsubishi Chemical Holdings Corp.		920,913
	30,000	Mitsubishi Electric Corp.		269,221
	18,200	Mitsui & Co. Ltd.		308,985
	166,000	Morinaga & Co. Ltd.		398,557
	17,000	Musashi Seimitsu Industry Co. Ltd.		391,210
	83,000	Nachi-Fujikoshi Corp.		412,713
	30,000	NGK Spark Plug Co. Ltd.		370,375
	45,000	NHK Spring Co. Ltd.		431,580
	130,000	Nippon Carbon Co. Ltd.		373,524
	37,000	Nippon Konpo Unyu Soko Co. Ltd.		388,835
	60,082	Nippon Telegraph & Telephone Corp.		3,003,312
	72,000	Nippon Thompson Co. Ltd.		426,975
	152,600	Nissan Motor Co. Ltd.		1,439,509
	50,000	Nissan Shatai Co. Ltd.		519,549
	26,000	Nissin Kogyo Co. Ltd.		400,131
	6,200	Nitori Holdings Co. Ltd.		569,404
	13,800	Nitto Denko Corp.		489,572
	1,394	NTT DoCoMo, Inc.		2,476,353
	62,600	Otsuka Holdings Co. Ltd.		1,772,380
	72,000	Pacific Industrial Co. Ltd.(c)		344,791
	63,000	Pacific Metals Co. Ltd.		353,765
	94,200	PanaHome Corp.		684,686
	15,100	Point, Inc.		619,096

78

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	12,000	Proto Corp.(c)	$	392,810
	95,000	Riken Corp.		385,135
	23,000	Riso Kagaku Corp.		348,832
	63,200	Santen Pharmaceutical Co. Ltd.		2,587,038
	28,000	Secom Co. Ltd.		1,309,630
	57,000	Seiren Co. Ltd.(c)		335,030
	82,200	Seven & I Holdings Co. Ltd.		2,314,369
	43,000	Shinko Plantech Co. Ltd.		353,726
	126,000	Shiroki Corp.		360,378
	13,600	Sumitomo Corp.		195,382
	83,300	Sumitomo Electric Industries Ltd.		1,003,272
	258,100	Sumitomo Osaka Cement Co. Ltd.		799,155
	65,000	Sumitomo Precision Products Co. Ltd.		422,133
	22,000	Tachi-S Co. Ltd.		421,123
	55,100	Taisho Pharmaceutical Holdings Co. Ltd.(b)		4,843,479
	24,400	Takeda Pharmaceutical Co. Ltd.		1,059,617
	114,500	Toho Gas Co. Ltd.		742,102
	18,000	Tokai Corp.		399,108
	31,000	Tokai Rubber Industries, Inc.		357,098
	225,777	Tokyo Gas Co. Ltd.		1,042,686
	19,000	Tokyo Ohka Kogyo Co. Ltd.		415,547
	23,000	Tokyo Seimitsu Co. Ltd.		461,690
	139,000	Tokyu Construction Co. Ltd.(c)		388,441
	357,700	TonenGeneral Sekiyu KK		3,411,807
	39,000	Topre Corp.		402,178
	32,000	Transcosmos, Inc.		423,196
	27,000	TS Tech Co. Ltd.		467,240
	72,600	West Japan Railway Co.		3,076,594
	29,000	Yamaha Motor Co. Ltd.		383,521
	161,300	Yamazaki Baking Co. Ltd.		2,135,289
	56,000	Yamazen Corp.		436,421
	30,000	Yellow Hat Ltd.		471,530
	16,000	Yorozu Corp.		385,830
				118,007,050
LUXEMBOURG — 0.0%
	11,018	Millicom International Cellular SA		1,090,562
MALAYSIA — 0.3%
	242,800	AirAsia Berhad		283,346
	406,700	Coastal Contracts Berhad		307,498
	1,907,700	Maxis Berhad		3,580,857
	336,100	Media Prima Berhad		282,845
	768,100	Petronas Gas Berhad		3,959,174
	1,266,200	Telekom Malaysia Berhad		1,997,949
	144,600	Tenaga Nasional Berhad		285,207
				10,696,876
MEXICO — 0.0%
	922,430	Cia Minera Autlan SAB de CV - Series B(c)		1,114,636
Shares			Value
NETHERLANDS — 0.2%
	121,711	Aegon NV(b)	$	589,849
	22,902	Heineken Holding NV		925,217
	72,432	Heineken NV		3,346,368
	104,339	Koninklijke Ahold NV		1,382,543
	4,451	Koninklijke DSM NV		228,372
	13,527	Koninklijke KPN NV		148,275
	50,229	Koninklijke Philips Electronics NV		1,015,092
	18,820	Royal Dutch Shell Plc - ADR		1,374,081
				9,009,797
NORWAY — 0.1%
	78,730	Kongsberg Gruppen ASA(c)		1,590,166
	48,131	Statoil ASA		1,206,762
	45,036	Telenor ASA		734,224
				3,531,152
PAKISTAN — 0.1%
	426,680	Fauji Fertilizer Bin Qasim Ltd.		217,575
	1,633,261	Fauji Fertilizer Co. Ltd.		3,376,701
	311,020	Lucky Cement Ltd.		291,673
	771,188	Pakistan Petroleum Ltd.		1,494,190
				5,380,139
POLAND — 0.1%
	34,077	KGHM Polska Miedz SA		1,474,262
	257,220	Netia SA(b)		451,976
	318,681	PGE SA		2,023,607
	45,730	Zaklady Azotowe W Tarnowie- Moscicach SA(b)		426,434
				4,376,279
PORTUGAL — 0.0%
	402,340	Brisa Auto-Estradas de Portugal SA		1,178,864
	197,720	EDP - Energias de Portugal SA		576,996
				1,755,860
RUSSIA — 0.3%
	128,141	Gazprom Neft JSC - ADR(c)		3,156,113
	152,664	Gazprom OAO - ADR		1,839,601
	54,577	Lukoil OAO - ADR		3,184,022
	35,478	MMC Norilsk Nickel OJSC - ADR		680,113
	29,278	Mobile Telesystems OJSC - ADR		490,699
	19,701	Surgutneftegas OJSC - ADR		183,022
	14,463	Tatneft - ADR(c)		504,180
				10,037,750
SINGAPORE — 0.1%
	500,000	CWT Ltd.		411,416
	17,000	Jardine Cycle & Carriage Ltd.		694,272
	297,500	Overseas Union Enterprise Ltd.		529,793
	76,000	Singapore Airlines Ltd.		670,668

79

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	4,058,000	Singapore Post Ltd.	$	3,145,486
				5,451,635
SOUTH AFRICA — 0.1%
	37,789	Kumba Iron Ore Ltd.		2,590,985
SOUTH KOREA — 0.4%
	13,522	Daewoong Pharmaceutical Co. Ltd.(b)		338,242
	50,720	Hanil E-Wha Co. Ltd.(b)		429,383
	64,750	Hynix Semiconductor, Inc.(b)		1,547,637
	5,677	Hyundai Motor Co.		1,116,853
	2,520	Korea Kumho Petrochemical Co.(b)		376,873
	4,220	Korea Petrochemical Industries Co. Ltd.(b)		386,932
	2,611	KT&G Corp.		182,690
	12,674	LG Corp.(b)		794,276
	37,270	LG Display Co. Ltd.(b)		977,079
	4,305	LG Electronics, Inc.(b)		316,930
	3,700	POSCO		1,365,247
	3,575	Samsung Electronics Co. Ltd.		3,522,967
	130,550	SK Broadband Co. Ltd.(b)		390,482
	40,180	SK Networks Co. Ltd.(b)		393,448
	16,531	SK Telecom Co. Ltd.		2,097,002
	28,470	STX Corp. Co. Ltd.(b)		335,806
				14,571,847
SPAIN — 0.2%
	23,549	Banco Santander SA		183,279
	107,004	Endesa SA		2,099,490
	123,071	Gas Natural SDG SA		2,012,279
	213,247	Iberdrola SA		1,255,772
	75,036	Repsol YPF SA		2,061,159
	10,849	Telefonica SA		189,166
				7,801,145
SWEDEN — 0.2%
	200,040	Billerud AB		1,757,058
	116,960	Boliden AB		1,999,625
	65,155	Investor AB - B Shares		1,318,904
	12,956	Svenska Cellulosa AB - B Shares		216,362
	69,610	Tele2 AB - B Shares		1,328,244
				6,620,193
SWITZERLAND — 0.7%
	16,367	ACE Ltd.		1,139,143
	37,970	Basilea Pharmaceutica(b)		1,608,724
	41,690	Foster Wheeler AG(b)		936,357
	3,977	Givaudan SA(b)		3,713,451
	7,806	Holcim Ltd.(b)		444,785
	9,540	Inficon Holding AG(b)(c)		1,853,071
	59,364	Nestle SA		3,401,902
	7,086	Noble Corp.(b)		246,876
	59,059	Novartis AG		3,195,153
	36,033	PSP Swiss Property AG(b)		3,008,296
Shares			Value
SWITZERLAND (continued)
	67,490	STMicroelectronics NV	$	448,462
	39,974	Swiss Prime Site AG(b)		3,035,505
	8,201	Swisscom AG		3,236,744
	2,756	Transocean Ltd.		130,359
	25,094	Valiant Holding AG		3,124,142
				29,522,970
TAIWAN — 0.3%
	112,000	Chong Hong Construction Co.		223,338
	1,783,900	Chunghwa Telecom Co. Ltd.		5,800,124
	1,878,200	Compal Electronics, Inc.		2,107,520
	203,000	CTCI Corp.		285,418
	314,383	Elite Material Co. Ltd.		233,762
	464,000	Eva Airways Corp.		311,294
	138,000	Feng Hsin Iron & Steel Co.		230,875
	198,000	Gintech Energy Corp.		278,722
	495,000	Grand Pacific Petrochemical		251,787
	697,000	King Yuan Electronics Co. Ltd.		270,908
	1,666,100	Macronix International		732,042
	536,000	Tainan Spinning Co. Ltd.		213,766
	77,000	Taiwan Prosperity Chemical Corp.		204,032
	426,000	Taiwan Semiconductor Manufacturing Co. Ltd.		1,130,241
	102,240	Tripod Technology Corp.		284,734
	181,000	Unimicron Technology Corp.		238,275
	693,000	Vanguard International Semiconductor Corp.		281,065
	514,000	Wan Hai Lines Ltd.		286,641
	1,237,000	Winbond Electronics Corp.(b)		201,516
				13,566,060
THAILAND — 0.1%
	284,800	Advanced Info Service Public Co. Ltd. - FOR(c)		1,390,616
	390,800	Bangchak Petroleum Public Co. Ltd.		257,795
	463,500	Polyplex Public Co. Ltd. - FOR(c)		245,801
	124,200	PTT Exploration & Production Public Co. Ltd. - FOR(c)		710,862
	355,885	STP & I Public Co. Ltd. - FOR(c)		420,042
				3,025,116
TURKEY — 0.1%
	176,890	Enka Insaat ve Sanayi AS		484,821
	56,150	Gubre Fabrikalari TAS(b)		358,670
	230,028	KOC Holding AS		895,852
	19,760	Tupras Turkiye Petrol Rafinerileri AS		450,393
	384,732	Turk Telekomunikasyon AS		1,719,207
	40,794	Turkcell Iletisim Hizmet AS(b)		209,382
				4,118,325
UNITED KINGDOM — 1.0%
	129,964	Amlin Plc		696,309

80

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	19,937	Anglo American Plc	$	824,373
	35,366	Associated British Foods Plc		642,562
	12,449	AstraZeneca Plc		599,204
	12,169	BHP Billiton Plc		407,104
	28,797	BP Plc		213,663
	75,805	British American Tobacco Plc		3,484,450
	168,150	Drax Group Plc		1,408,316
	272,984	Eurasian Natural Resources Corp. Plc		2,970,304
	488,450	Gulfsands Petroleum Plc(b)		1,339,274
	22,089	Imperial Tobacco Group Plc		790,136
	33,318	International Power Plc		176,093
	76,911	J Sainsbury Plc		349,529
	23,526	Kazakhmys Plc		421,140
	66,887	Kingfisher Plc		269,508
	681,150	Ladbrokes Plc		1,520,942
	64,324	Land Securities Group Plc, REIT		683,683
	2,609,240	Lloyds Banking Group Plc(b)		1,258,981
	44,825	Marks & Spencer Group Plc		230,835
	305,850	Pennon Group Plc		3,352,012
	48,251	Rio Tinto Plc		2,893,084
	189,753	Scottish & Southern Energy Plc		3,656,917
	390,800	SVG Capital Plc(b)		1,350,496
	560,635	TESCO Plc		2,823,495
	587,120	TT electronics Plc(c)		1,545,053
	199,510	Valiant Petroleum Plc(b)(c)		1,308,636
	252,631	Vodafone Group Plc		679,946
	448,352	WM Morrison Supermarkets Plc		2,020,622
				37,916,667
UNITED STATES — 12.3%
	153,365	3M Co.		13,298,279
	62,409	Abbott Laboratories		3,379,447
	16,881	Advance Auto Parts, Inc.		1,293,760
	133,520	Advanced Micro Devices, Inc.(b)		895,919
	6,679	Aetna, Inc.		291,872
	15,620	Alaska Air Group, Inc.(b)		1,189,151
	12,860	Alliance Resource Partners LP.		1,020,441
	23,159	American Electric Power Co., Inc.		916,170
	81,190	American Vanguard Corp.		1,220,286
	30,880	America’s Car-Mart, Inc.(b)		1,171,587
	39,274	Amgen, Inc.		2,667,097
	169,134	Annaly Capital Management, Inc., REIT		2,848,217
	11,398	Apache Corp.		1,127,034
	14,322	Apollo Group, Inc. - Class A(b)		750,616
	10,000	Apple, Inc.(b)		4,564,800
	1,235,846	Applied Materials, Inc.		15,176,189
	48,220	Arch Coal, Inc.		695,815
	29,814	Archer-Daniels-Midland Co.		853,575
	123,030	Artio Global Investors, Inc.		552,405
	50,300	Asbury Automotive Group, Inc.(b)		1,152,373
Shares			Value
UNITED STATES (continued)
	72,640	Assisted Living Concepts, Inc. - Class A	$	1,138,995
	26,080	Assurant, Inc.		1,032,768
	831,491	AT&T, Inc.		24,454,150
	44,850	Atlas Energy LP		1,171,482
	53,250	ATMI, Inc.(b)		1,244,985
	31,610	Bally Technologies, Inc.(b)		1,334,574
	43,619	Becton Dickinson and Co.		3,420,166
	30,670	Belden, Inc.		1,202,571
	109,070	Bemis Co., Inc.		3,411,710
	21,700	Bristow Group, Inc.		1,064,602
	103,810	Brooks Automation, Inc.		1,112,843
	3,082	Bunge Ltd.		176,506
	43,540	CA, Inc.		1,122,461
	18,020	CACI International, Inc. - Class A(b)		1,057,594
	120,398	Campbell Soup Co.		3,816,617
	15,893	Capital One Financial Corp.		727,105
	74,900	Capstead Mortgage Corp., REIT		969,955
	353,000	Carnival Corp.		10,660,600
	41,690	Carter’s, Inc.(b)		1,747,645
	28,567	CenturyLink, Inc.		1,057,836
	47,219	Chesapeake Energy Corp.		997,737
	142,801	Chevron Corp.		14,719,927
	22,980	Churchill Downs, Inc.		1,285,731
	20,179	Cisco Systems, Inc.		396,114
	26,080	Cleco Corp.		1,036,941
	3,192	Cliffs Natural Resources, Inc.		230,622
	47,598	Coca-Cola Co. (The)		3,214,293
	36,220	Colgate-Palmolive Co.		3,285,878
	43,578	Comcast Corp. - Class A		1,158,739
	21,594	ConAgra Foods, Inc.		575,912
	86,350	Conceptus, Inc.(b)		1,069,013
	24,768	ConocoPhillips		1,689,425
	52,518	Consolidated Edison, Inc.		3,096,461
	49,150	Constellation Brands, Inc. - Class A(b)		1,027,235
	15,820	Contango Oil & Gas Co.(b)		985,270
	695,297	Corning, Inc.		8,948,472
	39,590	Corrections Corp. of America(b)		931,553
	13,389	CVS Caremark Corp.		558,991
	22,800	Cymer, Inc.(b)		1,135,212
	22,300	Darden Restaurants, Inc.		1,022,901
	746,410	Dell, Inc.(b)		12,860,644
	12,951	Devon Energy Corp.		826,403
	12,691	Diamond Offshore Drilling, Inc.		790,649
	44,940	Digital Generation, Inc.(b)		624,666
	18,810	Dillard’s, Inc. - Class A		832,343
	64,418	Dominion Resources, Inc.		3,223,477
	47,650	DreamWorks Animation SKG, Inc. - Class A(b)		845,787
	20,450	DST Systems, Inc.		998,164
	19,310	DSW, Inc. - Class A		964,921
	24,580	Eastman Chemical Co.		1,236,866

81

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	54,030	Ebix, Inc.	$	1,338,863
	62,296	Edison International		2,556,628
	182,200	El Paso Pipeline Partners LP		6,400,686
	171,505	Eli Lilly & Co.		6,815,609
	45,670	Empire District Electric Co. (The)		951,306
	5,356	Entergy Corp.		371,599
	44,745	Exelon Corp.		1,779,956
	29,050	FEI Co.(b)		1,279,943
	11,388	Freeport-McMoRan Copper & Gold, Inc.		526,239
	58,497	Gap, Inc. (The)		1,110,273
	95,358	General Dynamics Corp.		6,594,959
	12,891	General Motors Co.(b)		309,642
	1,725,000	General Motors Co., Escrow Shares(b)(c)(d)		258,750
	42,760	Genie Energy Ltd. - Class B(b)		447,270
	80,913	Genuine Parts Co.		5,160,631
	22,238	Gilead Sciences, Inc.(b)		1,086,104
	22,400	GT Advanced Technologies, Inc.(b)		193,088
	23,860	Gulfmark Offshore, Inc. - Class A(b)		1,090,879
	17,600	Helmerich & Payne, Inc.		1,086,096
	28,775	Hess Corp.		1,620,032
	455,144	Hewlett-Packard Co.		12,734,929
	64,202	HJ Heinz Co.		3,328,874
	150,583	Hormel Foods Corp.		4,333,779
	32,173	Humana, Inc.		2,864,040
	1,079	Huntington Ingalls Industries, Inc.(b)		40,657
	84,661	IDACORP, Inc.		3,568,461
	42,760	IDT Corp. - Class B		376,288
	34,100	Impax Laboratories, Inc.(b)		643,467
	311,586	Intel Corp.		8,232,102
	14,010	ITT Educational Services, Inc.(b)		922,839
	54,113	Johnson & Johnson		3,566,588
	95,250	Kforce, Inc.(b)		1,184,910
	57,061	Kimberly-Clark Corp.		4,083,285
	12,551	Kohl’s Corp.		577,220
	41,280	Kroger Co. (The)		980,813
	104,870	Kulicke & Soffa Industries, Inc.(b)		1,133,645
	23,210	Life Technologies Corp.(b)		1,124,060
	15,320	Lindsay Corp.		936,512
	21,780	Littelfuse, Inc.		1,104,464
	2,277	Lockheed Martin Corp.		187,443
	16,280	Loral Space & Communications, Inc.(b)		1,122,669
	5,097	Lorillard, Inc.		547,367
	22,600	Ltd. Brands, Inc.		946,036
	21,422	Macy’s, Inc.		721,707
	58,093	Marathon Oil Corp.		1,823,539
	2,419	Marathon Petroleum Corp.		92,454
	36,110	Materion Corp.(b)		1,061,995
	36,780	McDonald’s Corp.		3,643,059
Shares			Value
UNITED STATES (continued)
	18,254	McGraw-Hill Cos., Inc. (The)	$	839,684
	60,470	Medicines Co. (The)(b)		1,216,656
	55,290	Medifast, Inc.(b)		911,179
	84,920	MGM Resorts International(b)		1,108,206
	91,300	Micrel, Inc.		1,055,428
	84,725	Micron Technology, Inc.(b)		643,063
	550,582	Microsoft Corp.		16,258,686
	75,120	Momenta Pharmaceuticals, Inc.(b)		1,178,633
	150,000	Mosaic Co. (The)		8,395,500
	62,560	Movado Group, Inc.		1,151,730
	14,593	Murphy Oil Corp.		869,743
	37,270	NASDAQ OMX Group, Inc. (The)(b)		923,551
	48,150	Nelnet, Inc. - Class A		1,186,897
	91,120	Neutral Tandem, Inc.(b)		1,119,865
	5,530	NewMarket Corp.		1,195,531
	304,222	Newmont Mining Corp.		18,703,569
	74,450	Newport Corp.(b)		1,375,091
	11,330	News Corp. - Class A		213,344
	5,603	NextEra Energy, Inc.		335,340
	48,269	Northrop Grumman Corp.		2,802,015
	42,890	NuVasive, Inc.(b)		664,795
	47,550	Olin Corp.		1,055,610
	21,420	ONEOK Partners LP		1,202,090
	30,950	Papa John’s International, Inc.(b)		1,199,003
	38,130	Park Electrochemical Corp.		1,158,008
	295,400	Pfizer, Inc.		6,321,560
	48,628	Philip Morris International, Inc.		3,635,916
	220,000	PPL Corp.(b)		11,563,200
	4,699	Progress Energy, Inc.		255,297
	34,008	Public Service Enterprise Group, Inc.		1,031,803
	3,760	Raytheon Co.		180,442
	68,390	Revlon, Inc. - Class A(b)		1,077,826
	10,642	Reynolds American, Inc.		417,486
	436,128	SAIC, Inc.(b)		5,608,606
	17,053	SanDisk Corp.(b)		782,392
	125,710	SandRidge Energy, Inc.(b)		978,024
	25,370	Sauer-Danfoss, Inc.(b)		1,278,648
	113,790	Seachange International, Inc.(b)		817,012
	10,060	SEACOR Holdings, Inc.(b)		920,792
	4,275	Sempra Energy		243,247
	24,840	Sotheby’s		832,885
	75,951	Southern Co.		3,460,328
	106,570	Southwest Airlines Co.		1,020,941
	12,345	Staples, Inc.		180,607
	28,180	State Street Corp.		1,104,092
	96,140	STEC, Inc.(b)		909,484
	28,800	Sunoco Logistics Partners LP		1,075,104
	83,610	SunPower Corp.(b)		572,728
	129,111	Target Corp.		6,560,130
	47,045	Techne Corp.		3,210,821
	56,030	TeleTech Holdings, Inc.(b)		950,269

82

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	542,747	Tellabs, Inc.	$	2,062,439
	73,970	Teradyne, Inc.(b)		1,209,409
	5,523	Terra Nitrogen Co. LP		1,049,812
	18,859	Texas Instruments, Inc.		610,654
	4,797	Time Warner Cable, Inc.		353,635
	380,044	Time Warner, Inc.		14,084,431
	18,600	TJX Cos., Inc.		1,267,404
	32,825	Travelers Cos., Inc. (The)		1,913,697
	18,240	Triumph Group, Inc.		1,141,277
	119,827	UGI Corp.		3,224,545
	44,510	United Continental Holdings, Inc.(b)		1,028,181
	410,000	United Technologies Corp.		32,123,500
	12,476	UnitedHealth Group, Inc.		646,132
	41,210	Unum Group.		940,824
	5,592	Walgreen Co.		186,549
	67,231	Wal-Mart Stores, Inc.		4,125,294
	104,271	Walt Disney Co. (The)		4,056,142
	4,902	WellPoint, Inc.		315,297
	24,400	WGL Holdings, Inc.		1,040,660
	27,510	Williams-Sonoma, Inc.		986,509
	131,990	Winn-Dixie Stores, Inc.(b)		1,247,305
	103,556	Wisconsin Energy Corp.		3,520,904
	62,900	Worthington Industries, Inc.		1,157,989
	11,880	Yahoo!, Inc.(b)		183,784
				490,651,530
Total Common Stocks (Cost $969,132,911)				970,291,065
EXCHANGE TRADED FUNDS — 6.7%
UNITED STATES — 6.7%
	375,000	iShares FTSE China 25 Index Fund		14,550,000
	73,890	iShares MSCI Canada Index Fund		2,077,048
	400,000	iShares MSCI Emerging Markets Index Fund		16,852,000
	800,000	iShares MSCI Germany Index Fund		17,064,000
	305,000	SPDR Gold Trust		51,639,550
	1,248,500	SPDR S&P 500 ETF Trust		163,815,685
Total Exchange Traded Funds (Cost $253,921,562)				265,998,283
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	225,000	Fannie Mae		340,312
	250,000	Freddie Mac		360,375
	6,425	Lucent Technologies Capital Trust I(c)		4,452,525
	100,000	Petroquest Energy, Inc.		3,575,000
Total Preferred Stocks (Cost $16,508,422)				8,728,212
Shares			Value
RIGHTS/WARRANTS — 0.0%
SPAIN — 0.0%
	512	Banco Santander SA, Rights, Expires 02/08/12(b)	$	3,985
Total Rights/Warrants (Cost $1,549)				3,985
Principal Amount			Value
BANK LOANS — 1.5%
UNITED STATES — 1.5%
$	2,000,000	Academy Sports + Outdoors, Term Loan, 6.00%, 08/03/18(e)	$	2,001,666
	2,000,000	Acco Brands, Inc., Bridge Loan, 0.00%, 12/02/12(c)(e)		2,000,000
	1,969,958	Affinion Group Holdings, Inc., 5.00%, 10/09/16(e)		1,777,887
	6,234,375	BJ’s Wholesale Club, Inc., Term Loan, 7.00%, 09/27/18(e)		6,285,029
	1,741,206	Brickman Group Holdings, Inc., Term B Loan, 7.25%, 10/14/16(e)		1,747,736
	2,000,000	Cumulus Media, Inc., Second Lien Term Loan, 7.50%, 09/16/19(e)		1,981,666
	1,000,000	Cumulus Media, Inc., Term Loan, 5.75%, 09/16/18(e)		999,464
	194,642	Frac Tech Services, LLC, Term Loan B, 6.25%, 05/15/16(e)		193,842
	2,333,819	Hercules Offshore, Inc., Term Loan, 7.50%, 07/11/13(e)		2,304,971
	2,354,699	Jostens Corp. (Visant), Term Loan, 5.25%, 12/22/16(e)		2,231,499
	2,250,000	Level 3 Financing, Inc., Tranche B II Term Loan, 5.75%, 08/03/18(e)		2,236,405
	750,000	MGM Resorts International, Class C Loan, 7.00%, 02/21/14(e)		750,000
	7,650,000	MGM Resorts International, Class E Loan, 7.00%, 02/21/14(e)		7,645,747
	2,407,115	Multiplan, Inc., Term Loan B, 4.75%, 08/26/17(e)		2,351,951
	1,700,000	Nuveen Investments, Inc., 12.50%, 07/21/15(e)		1,765,875
	2,500,000	Nuveen Investments, Inc., Extended First-Lien Term Loan, 5.81%, 05/13/17(e)		2,475,783
	2,900,000	PQ Corp., Second Lien, 6.77%, 07/30/15(e)		2,703,041

83

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
$	1,134,814		Reynolds Group Holdings, Inc., Tranche C Term Loan, 6.50%, 08/09/18(e)	$	1,138,183
	178,432		Spectrum Brands, Inc., Term Loan B, 5.00%, 06/17/16(e)		178,507
	4,969,356		U.S. Foodservice, Term B Loan, 5.75%, 05/06/17(e)		4,887,983
	993,273		U.S. TelePacific Corp., Term B Loan, 5.75%, 02/23/17(e)		936,160
	1,536,364		United Rentals, Inc., Bridge Loan, 0.00%, 09/15/12(c)(e)		1,536,364
	3,663,636		United Rentals, Inc., Bridge Loan, 0.00%, 09/15/12(c)(e)		3,663,636
	3,486,896		Univar, Inc., Term Loan B, 5.00%, 06/30/17(e)		3,444,182
	4,173,522		US Foodservice, Term Loan, 2.78%, 07/03/14(e)		3,956,498
	248,747		Vantiv Holding LLC (Fifth Third Processing Solutions LLC), 4.50%, 11/03/16(e)		248,591
Total Bank Loans (Cost $60,674,174)					61,442,666
CORPORATE BONDS — 35.8%
AUSTRALIA — 0.1%
	2,350,000		FMG Resources, 7.00%, 11/01/15(f)		2,426,375
AUSTRIA — 0.2%
	5,218,800	(g)	A-TEC Industries AG, Cnv., 2.75%, 05/10/14(b)(c)(h)		4,778,496
	8,000,000	(g)	A-TEC Industries AG, Cnv., 8.75%, 10/27/14(b)(c)(h)		3,620,562
					8,399,058
BERMUDA — 0.2%
	7,000,000	(i)	Celestial Nutrifoods Ltd., Cnv., 15.75%, 06/12/12(b)(c)(d)(h)(j)		1,113,010
	12,600,000		Central European Media Enterprises Ltd., Cnv., 5.00%, 11/15/15		8,442,000
					9,555,010
CANADA — 0.6%
	1,550,000		Bombardier, Inc., 7.75%, 03/15/20(f)		1,759,250
	1,500,000		Cascades, Inc., 7.88%, 01/15/20		1,541,250
	5,500,000		Jaguar Mining, Inc., Cnv., 4.50%, 11/01/14(f)		4,998,125
	3,250,000		PetroBakken Energy Ltd., 8.63%, 02/01/20(f)		3,323,125
	2,900,000		Precision Drilling Corp., 6.50%, 12/15/21(f)		2,979,750

Principal Amount			Value
CANADA (continued)
$	450,000	Quebecor Media, Inc., 7.75%, 03/15/16	$	463,500
	3,560,000	Quebecor Media, Inc., 7.75%, 03/15/16		3,666,800
	2,000,000	Telesat Canada/Telesat LLC, 11.00%, 11/01/15		2,140,000
	1,000,000	Videotron Ltee, 6.88%, 01/15/14		1,001,250
				21,873,050
CAYMAN ISLANDS — 0.2%
	4,750,000	UPCB Finance V Ltd., 7.25%, 11/15/21(f)		4,963,750
	1,900,000	UPCB Finance VI Ltd., 6.88%, 01/15/22		1,900,000
				6,863,750
COLUMBIA — 0.1%
	3,300,000	Petrominerales Ltd., Cnv., 2.63%, 08/25/16		3,237,300
FRANCE — 0.2%
	1,250,000	Cie Generale de Geophysique - Veritas, 6.50%, 06/01/21		1,243,750
	1,650,000	Cie Generale de Geophysique- Veritas, 9.50%, 05/15/16		1,794,375
	3,600,000	Cie Generale de Geophysique- Veritas, 7.75%, 05/15/17		3,708,000
				6,746,125
GERMANY — 0.0%
	1,800,000	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 8.13%, 12/01/17(f)		1,944,000
HONG KONG — 0.0%
	9,700,000	China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(c)(d)(j)		1,133,154
INDIA — 0.4%
	8,250,000	Jaiprakash Power Ventures Ltd., Cnv., 5.00%, 02/13/15		6,022,500
	5,000,000	Sesa Goa Ltd. Cnv., 5.00%, 10/31/14.		4,557,500
	5,000,000	Sterlite Industries India Ltd., Cnv., 4.00%, 10/30/14		4,256,250
				14,836,250

84

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
IRELAND — 0.0%
$	1,950,000		Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 9.13%, 10/15/20(f)	$	1,969,500
LUXEMBOURG — 0.5%
	3,350,000		Calcipar SA, 6.88%, 05/01/18(f)		3,249,500
	500,000		Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(f)		521,557
	3,025,000		Intelsat Jackson Holdings SA, 7.25%, 04/01/19(f)		3,161,125
	1,825,000		Intelsat Jackson Holdings SA, 7.25%, 10/15/20(f)		1,904,844
	5,200,000		Intelsat Jackson Holdings SA, 7.50%, 04/01/21(f)		5,460,000
	3,500,000		Intelsat Luxembourg SA, 11.25%, 02/04/17.		3,535,000
	1,000,000		Intelsat Luxembourg SA, 11.50%, 02/04/17(f)(k)		1,005,000
	2,000,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(f)		1,980,000
	200,000		Wind Acquisition Finance SA, 7.25%, 02/15/18(f)		194,000
					21,011,026
MEXICO — 0.1%
	7,000,000		Cemex SAB de CV, Cnv., 4.88%, 03/15/15		5,696,250
NETHERLANDS — 0.3%
	7,000,000	(g)	Portugal Telecom International Finance BV, Cnv., 4.13%, 08/28/14		7,595,160
	4,165,000		Sensata Technologies BV, 6.50%, 05/15/19(f)		4,248,300
					11,843,460
PUERTO RICO — 0.2%
	7,500,000		Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 09/15/18(f)		7,931,250
SOUTH AFRICA — 1.1%
	196,000,000	(g)	Steinhoff International Holdings Ltd., Cnv., 5.70%, 07/31/13		25,091,739
	129,000,000	(g)	Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15		19,487,476
					44,579,215
SPAIN — 0.4%
	4,500,000	(g)	Fomento de Construcciones y Contratas SA, Cnv., 6.50%, 10/30/14		5,041,530

Principal Amount				Value
SPAIN (continued)
$	8,600,000	(g)	Pescanova SA, 5.13%, 04/20/17(c)	$	10,268,254
					15,309,784
SWEDEN — 0.1%
	26,000,000	(g)	SAS AB, Cnv., 7.50%, 04/01/15		2,914,370
UNITED KINGDOM — 0.7%
	3,500,000	(g)	Cable & Wireless Worldwide Plc, Cnv., 5.75%, 11/24/14		5,032,698
	8,000,000		Essar Energy Investment Ltd., Cnv., 4.25%, 02/01/16		3,580,000
	10,600,000	(g)	TUI Travel Plc, Cnv., 4.90%, 04/27/17		14,737,443
	2,350,000		Virgin Media Finance Plc, 8.38%, 10/15/19		2,632,000
					25,982,141
UNITED STATES — 30.4%
	1,000,000		Advanced Micro Devices, Inc., 8.13%, 12/15/17		1,080,000
	4,500,000		Advanced Micro Devices, Inc., 7.75%, 08/01/20		4,860,000
	36,005,000		Advanced Micro Devices, Inc., Cnv., 6.00%, 05/01/15		36,590,081
	3,000,000		AES Corp. (The), 8.00%, 10/15/17		3,367,500
	2,000,000		Affinion Group, Inc., 11.50%, 10/15/15(c)		1,775,000
	6,000,000		Alcatel-Lucent USA, Inc., Series A, Cnv., 2.88%, 06/15/23(c)		4,500,000
	1,000,000		Alcatel-Lucent USA, Inc., Series B, Cnv., 2.88%, 06/15/25		913,750
	4,000,000		Alere, Inc., 7.88%, 02/01/16(c)		4,160,000
	700,000		Allbritton Communications Co., 8.00%, 05/15/18		722,750
	2,000,000		Alliant Techsystems, Inc., 6.75%, 04/01/16		2,055,000
	7,000,000		Alliant Techsystems, Inc., Cnv., 3.00%, 08/15/24(c)		7,358,750
	1,000,000		Allison Transmission, Inc., 11.00%, 11/01/15(f)		1,056,250
	2,750,000		Allison Transmission, Inc., 7.13%, 05/15/19(f)		2,767,187
	1,900,000		Ally Financial, Inc., 6.75%, 12/01/14		1,980,750
	3,250,000		Alpha Natural Resources, Inc., 6.00%, 06/01/19		3,225,625
	4,250,000		AMC Networks, Inc., 7.75%, 07/15/21(f)		4,669,688

85

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	902,000	American Axle & Manufacturing Holdings, Inc., 9.25%, 01/15/17(f)	$	994,455
	750,000	American Axle & Manufacturing, Inc., 5.25%, 02/11/14		766,875
	2,750,000	AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 08/20/19		2,736,250
	2,900,000	AmeriGas Partners LP/AmeriGas Finance Corp., 7.00%, 05/20/22		2,907,250
	6,250,000	Ameristar Casinos, Inc., 7.50%, 04/15/21		6,656,250
	2,000,000	AMGH Merger Sub, Inc., 9.25%, 11/01/18(f)		2,110,000
	10,085,000	ARAMARK Corp., 8.50%, 02/01/15		10,337,125
	2,750,000	ARAMARK Holdings Corp., 8.63%, 05/01/16(f)(k)		2,825,625
	5,000,000	Arch Coal, Inc., 7.25%, 06/15/21(f)		5,025,000
	3,000,000	Ashtead Capital, Inc., 9.00%, 08/15/16(f)		3,142,500
	1,000,000	Atwood Oceanics, Inc., 6.50%, 02/01/20		1,035,000
	1,750,000	Avaya, Inc., 9.75%, 11/01/15		1,675,625
	5,750,000	Avaya, Inc., 7.00%, 04/01/19(f)		5,606,250
	3,050,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.75%, 05/15/16		3,152,937
	750,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, 03/15/18		819,375
	2,000,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/19		2,105,000
	4,250,000	Basic Energy Services, Inc., 7.75%, 02/15/19		4,324,375
	2,750,000	Belo Corp., 8.00%, 11/15/16		3,031,875
	2,750,000	Bill Barrett Corp., 7.63%, 10/01/19		2,798,125
	3,250,000	Biomet, Inc., 10.00%, 10/15/17		3,510,000
	6,000,000	Biomet, Inc., 11.63%, 10/15/17		6,525,000
	1,250,000	Boise Paper Holdings LLC/Boise Co.-Issuer Co., 8.00%, 04/01/20		1,337,500
	2,000,000	Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/01/17		2,180,000

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Boston Properties LP, REIT, Cnv., 3.63%, 02/15/14(f)	$	2,197,500
	2,700,000	Boyd Gaming Corp., 7.13%, 02/01/16		2,457,000
	4,000,000	Boyd Gaming Corp., 9.13%, 12/01/18		4,010,000
	250,000	Bresnan Broadband Holdings LLC, 8.00%, 12/15/18(f)		261,250
	10,000,000	Brookdale Senior Living, Inc., Cnv., 2.75%, 06/15/18		9,000,000
	1,700,000	Cablevision Systems Corp., 8.63%, 09/15/17		1,895,500
	1,100,000	Cablevision Systems Corp., 7.75%, 04/15/18		1,174,250
	4,800,000	Cablevision Systems Corp., 8.00%, 04/15/20		5,256,000
	4,250,000	Calpine Corp., 7.25%, 10/15/17(f)		4,441,250
	2,100,000	Calpine Corp., 7.88%, 07/31/20(f)		2,262,750
	3,150,000	Calpine Corp., 7.50%, 02/15/21(f)		3,354,750
	3,500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.25%, 10/30/17		3,771,250
	3,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.88%, 04/30/18		3,255,000
	500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 8.13%, 04/30/20		553,125
	1,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 06/01/20		1,080,000
	3,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.50%, 04/30/21		3,380,000
	1,725,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.63%, 01/31/22		1,794,000
	4,450,000	CDW LLC/CDW Finance Corp, 8.50%, 04/01/19		4,672,500
	1,300,000	CDW LLC/CDW Finance Corp., 8.00%, 12/15/18		1,397,500
	500,000	Cemex Finance LLC, 9.50%, 12/14/16(f)		453,750
	1,000,000	Central Garden and Pet Co., 8.25%, 03/01/18		1,007,500
	11,500,000	Cequel Communications Holdings I LLC and Cequel Capital Corp., 8.63%, 11/15/17(f)		12,247,500
	2,384,000	Chaparral Energy, Inc., 8.88%, 02/01/17		2,485,320

86

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	6,000,000	Charles River Laboratories International, Inc., Cnv., 2.25%, 06/15/13	$	5,947,500
	3,500,000	Chesapeake Energy Corp., Cnv., 2.50%, 05/15/37		3,058,125
	1,500,000	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.63%, 11/15/19(f)		1,507,500
	9,000,000	Chiquita Brands International, Inc., Cnv., 4.25%, 08/15/16		8,257,500
	850,000	Chrysler Group LLC/CG Co.-Issuer, Inc., 8.25%, 06/15/21(f)		811,750
	12,000,000	Ciena Corp. Cnv., 0.88%, 06/15/17		9,765,000
	2,000,000	Cincinnati Bell, Inc., 7.00%, 02/15/15		2,020,000
	1,000,000	Cincinnati Bell, Inc., 8.25%, 10/15/17		1,028,750
	750,000	Cincinnati Bell, Inc., 8.75%, 03/15/18		721,875
	1,000,000	CIT Group, Inc., 5.25%, 04/01/14(f)		1,017,500
	8,600,000	CIT Group, Inc., 7.00%, 05/02/16(f)		8,632,250
	650,000	CIT Group, Inc., 7.00%, 05/02/17(f)		651,625
	850,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17		932,875
	3,350,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17		3,693,375
	7,750,000	CommScope, Inc., 8.25%, 01/15/19(f)		8,060,000
	5,500,000	Complete Production Services, Inc., 8.00%, 12/15/16		5,740,625
	4,750,000	Consol Energy, Inc., 8.00%, 04/01/17		5,130,000
	1,250,000	Consol Energy, Inc., 8.25%, 04/01/20		1,354,687
	1,000,000	Constellation Brands, Inc., 7.25%, 09/01/16		1,122,500
	1,000,000	Constellation Brands, Inc., 7.25%, 05/15/17		1,120,000
	1,000,000	Copano Energy LLC/Copano Energy Finance Corp., 7.75%, 06/01/18		1,055,000
	4,000,000	Copano Energy LLC/Copano Energy Finance Corp., 7.13%, 04/01/21		4,120,000
	5,000,000	Covanta Holding Corp., Cnv., 3.25%, 06/01/14		5,381,250

Principal Amount			Value
UNITED STATES (continued)
$	1,500,000	Crown Castle International Corp., 7.13%, 11/01/19	$	1,631,250
	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18		1,221,000
	3,050,000	CSC Holdings, Inc., 6.75%, 11/15/21(f)		3,278,750
	11,600,000	CSG Systems International, Inc., Cnv., 3.00%, 03/01/17(c)(f)		11,252,000
	5,750,000	Cumulus Media, Inc., 7.75%, 05/01/19(f)		5,390,625
	5,000,000	DaVita, Inc., 6.63%, 11/01/20		5,312,500
	5,250,000	Del Monte Corp., 7.63%, 02/15/19		5,164,687
	2,500,000	Delphi Corp., 6.13%, 05/15/21(f)		2,625,000
	396,000	Delta Air Lines, Inc., 9.50%, 09/15/14(f)		421,740
	750,000	Denbury Resources, Inc., 9.75%, 03/01/16		838,125
	1,491,000	Denbury Resources, Inc., 8.25%, 02/15/20		1,696,012
	450,000	DISH DBS Corp., 6.63%, 10/01/14		483,750
	550,000	DISH DBS Corp., 7.13%, 02/01/16		603,625
	1,150,000	DISH DBS Corp., 7.88%, 09/01/19		1,325,375
	6,350,000	DISH DBS Corp., 6.75%, 06/01/21		6,921,500
	1,750,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		1,640,625
	1,900,000	Dole Food Co., Inc., 8.00%, 10/01/16(f)		2,023,500
	2,000,000	Easton-Bell Sports, Inc., 9.75%, 12/01/16		2,210,000
	1,000,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14		1,008,750
	3,100,000	EH Holding Corp., 6.50%, 06/15/19(f)		3,227,875
	6,900,000	EH Holding Corp., 7.63%, 06/15/21(f)		7,279,500
	1,400,000	El Paso Corp., 7.00%, 06/15/17		1,550,300
	1,500,000	Endo Pharmaceuticals Holdings, Inc., 7.00%, 12/15/20		1,635,000
	3,500,000	Endo Pharmaceuticals Holdings, Inc., 7.25%, 01/15/22		3,854,375

87

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,750,000	Equinix, Inc., 8.13%, 03/01/18	$	1,942,500
	3,250,000	Equinix, Inc., 7.00%, 07/15/21		3,526,250
	14,651,000	Exterran Energy Corp., Cnv., 4.75%, 01/15/14		13,735,312
	4,000,000	Exterran Holdings, Inc., 7.25%, 12/01/18		3,800,000
	500,000	Exterran Holdings, Inc., Cnv., 4.25%, 06/15/14		465,000
	1,500,000	Ferrellgas LP/Ferrellgas Finance Corp., 9.13%, 10/01/17		1,575,000
	1,000,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.50%, 05/01/21		865,000
	1,006,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20		935,580
	1,475,000	Ford Motor Credit Co. LLC, 7.00%, 04/15/15		1,622,500
	4,600,000	Ford Motor Credit Co. LLC, 5.00%, 05/15/18		4,759,735
	4,000,000	Ford Motor Credit Co. LLC, 8.13%, 01/15/20		4,892,764
	1,925,000	Ford Motor Credit Co. LLC, 5.88%, 08/02/21		2,104,887
	3,875,000	Frac Tech Services LLC/Frac Tech Finance, Inc., 7.63%, 11/15/18(f)		4,126,875
	2,652,000	Freescale Semiconductor, Inc., 10.13%, 03/15/18(f)		2,950,350
	300,000	Frontier Communications Corp., 6.25%, 01/15/13		307,500
	1,950,000	Frontier Communications Corp., 7.88%, 04/15/15		2,013,375
	3,500,000	Frontier Communications Corp., 8.25%, 04/15/17		3,526,250
	1,100,000	Frontier Communications Corp., 7.13%, 03/15/19		1,047,750
	2,900,000	Frontier Communications Corp., 8.50%, 04/15/20		2,871,000
	5,000,000	FTI Consulting, Inc., 6.75%, 10/01/20		5,312,500
	1,650,000	Gannett Co, Inc., 6.38%, 09/01/15		1,724,250
	2,500,000	GCI, Inc., 6.75%, 06/01/21		2,512,500
	20,000,000	GenCorp, Inc., Cnv., 4.06%, 12/31/39		18,675,000
	13,500,000	General Cable Corp., Cnv., 0.88%, 11/15/13		12,993,750
	1,500,000	GenOn Americas Generation LLC, 8.50%, 10/01/21		1,380,000

Principal Amount			Value
UNITED STATES (continued)
$	1,750,000	GenOn Energy, Inc., 7.63%, 06/15/14	$	1,750,000
	5,250,000	GenOn Energy, Inc., 7.88%, 06/15/17		4,869,375
	2,000,000	Geo Group, Inc. (The), 7.75%, 10/15/17		2,140,000
	2,850,000	Geo Group, Inc. (The), 6.63%, 02/15/21		2,917,687
	3,647,000	Globalstar, Inc., Cnv., 5.75%, 04/01/28(c)		1,641,150
	12,000,000	Goodrich Petroleum Corp., Cnv., 5.00%, 10/01/29		11,220,000
	4,300,000	Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/20		4,719,250
	1,900,000	Graham Packaging Co. LP/GPC Capital Corp. I, 9.88%, 10/15/14		1,938,000
	1,250,000	Graphic Packaging International, Inc., 9.50%, 06/15/17		1,378,125
	1,285,000	Graphic Packaging International, Inc., 7.88%, 10/01/18		1,400,650
	4,500,000	Gray Television, Inc., 10.50%, 06/29/15		4,668,750
	2,750,000	Griffon Corp., 7.13%, 04/01/18		2,791,250
	7,000,000	Griffon Corp., Cnv., 4.00%, 01/15/17(f)		6,798,750
	1,500,000	Hanesbrands, Inc., 8.00%, 12/15/16		1,653,750
	4,500,000	Hanesbrands, Inc., 6.38%, 12/15/20		4,691,250
	1,500,000	HCA Holdings, Inc., 7.75%, 05/15/21		1,571,250
	750,000	HCA, Inc., 6.38%, 01/15/15		787,500
	4,220,000	HCA, Inc., 6.50%, 02/15/16		4,409,900
	2,810,000	HCA, Inc., 6.50%, 02/15/20		2,978,600
	1,600,000	HCA, Inc., 7.50%, 02/15/22		1,712,000
	1,750,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(f)		1,837,500
	3,000,000	Helix Energy Solutions Group, Inc., Cnv., 3.25%, 12/15/25		3,011,250
	250,000	Hertz Corp. (The), 8.88%, 01/01/14		251,563
	750,000	Hertz Corp. (The), 6.75%, 04/15/19		774,375
	13,375,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		13,057,344

88

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,000,000	Hornbeck Offshore Services, Inc., 8.00%, 09/01/17	$	3,157,500
	12,150,000	Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26		12,453,750
	2,000,000	Hornbeck Offshore Services, Inc., Series B, 6.13%, 12/01/14		2,002,500
	750,000	Host Hotels & Resorts LP, REIT, Cnv., 2.63%, 04/15/27(f)		751,875
	4,402,000	Huntington Ingalls Industries, Inc., 7.13%, 03/15/19(f)		4,600,090
	5,750,000	Huntsman International LLC, 5.50%, 06/30/16(f)		5,692,500
	3,636,000	Hutchinson Technology, Inc., Cnv., 8.50%, 01/15/26(c)		2,595,195
	2,250,000	Iconix Brand Group, Inc., Cnv., 1.88%, 06/30/12		2,233,125
	2,250,000	Iconix Brand Group, Inc., Cnv., 2.50%, 06/01/16(f)		2,216,250
	9,000,000	Illumina, Inc., Cnv., 0.25%, 03/15/16(f)		8,606,250
	1,000,000	Inergy LP/Inergy Finance Corp., 7.00%, 10/01/18		972,500
	597,000	Inergy LP/Inergy Finance Corp., 6.88%, 08/01/21		570,135
	5,000,000	Ingles Markets, Inc., 8.88%, 05/15/17		5,475,000
	1,000,000	Integra LifeSciences Holdings Corp., Cnv., 2.38%, 06/01/12(f)		990,000
	15,000,000	Integra LifeSciences Holdings Corp., Cnv., 1.63%, 12/15/16(c)(f)		12,881,250
	1,850,000	Interactive Data Corp., 10.25%, 08/01/18		2,048,875
	4,800,000	Iron Mountain, Inc., 6.63%, 01/01/16		4,812,000
	950,000	Iron Mountain, Inc., 8.00%, 06/15/20		1,011,750
	10,000,000	Isis Pharmaceuticals, Inc., Cnv., 2.63%, 02/15/27		9,412,500
	2,600,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14		2,561,000
	2,600,000	Isle of Capri Casinos, Inc., 7.75%, 03/15/19		2,483,000
	6,100,000	Jarden Corp., 7.50%, 05/01/17		6,542,250
	1,000,000	Jarden Corp., 7.50%, 01/15/20		1,070,000
	2,199,000	Jazz Technologies, Inc., 8.00%, 06/30/15		1,638,255
	4,000,000	JMC Steel Group, 8.25%, 03/15/18(f)		4,100,000

Principal Amount			Value
UNITED STATES (continued)
$	3,000,000	Key Energy Services, Inc., 6.75%, 03/01/21	$	3,075,000
	2,950,000	Lamar Media Corp., 6.63%, 08/15/15		3,025,594
	1,040,000	Lamar Media Corp., 6.63%, 08/15/15		1,066,000
	3,500,000	Lamar Media Corp., 7.88%, 04/15/18		3,823,750
	1,000,000	Lamar Media Corp., 5.88%, 02/01/22(f)		1,001,250
	22,415,000	Leap Wireless International, Inc., Cnv., 4.50%, 07/15/14		20,397,650
	5,000,000	Lennar Corp., Cnv., 2.00%, 12/01/20(f)		5,293,750
	500,000	Level 3 Financing, Inc., 9.25%, 11/01/14		512,500
	400,000	Level 3 Financing, Inc., 8.75%, 02/15/17		416,000
	6,250,000	Level 3 Financing, Inc., 8.13%, 07/01/19(f)		6,296,875
	1,100,000	Level 3 Financing, Inc., 8.63%, 07/15/20(f)		1,127,500
	2,500,000	Levi Strauss & Co., 8.88%, 04/01/16		2,596,875
	3,000,000	Levi Strauss & Co., 7.63%, 05/15/20		3,135,000
	14,000,000	Liberty Media LLC, Cnv., 4.00%, 11/15/29		7,805,000
	29,000,000	Liberty Media LLC, Cnv., 3.75%, 02/15/30		15,660,000
	1,630,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		1,719,650
	1,250,000	LINN Energy LLC/LINN Energy Finance Corp., 6.50%, 05/15/19(f)		1,262,500
	3,500,000	LINN Energy LLC/LINN Energy Finance Corp., 7.75%, 02/01/21(f)		3,771,250
	14,500,000	Live Nation Entertainment, Inc., Cnv., 2.88%, 07/15/27		13,448,750
	2,350,000	Ltd. Brands, Inc., 6.90%, 07/15/17		2,561,500
	519,000	Lyondell Chemical Co., 8.00%, 11/01/17		578,685
	1,000,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.75%, 11/01/20		1,087,500
	1,500,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.25%, 06/15/22		1,593,750

89

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,650,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15	$	1,701,563
	3,850,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19		4,177,250
	500,000	Mediacom LLC/Mediacom Capital Corp., 7.25%, 02/15/22		500,000
	2,000,000	MEMC Electronic Materials, Inc., 7.75%, 04/01/19		1,620,000
	7,750,000	Mentor Graphics Corp., Cnv., 4.00%, 04/01/31(f)		7,905,000
	1,000,000	Meritor, Inc., 8.13%, 09/15/15		963,750
	1,250,000	Meritor, Inc., 10.63%, 03/15/18		1,253,125
	5,000,000	Meritor, Inc., Cnv., STEP, 4.63%, 03/01/26		4,231,250
	12,000,000	Meritor, Inc., Cnv., STEP, 4.00%, 02/15/27		8,595,000
	1,250,000	MGM Resorts International, 6.75%, 09/01/12		1,267,188
	1,750,000	MGM Resorts International, 6.75%, 04/01/13		1,785,000
	2,000,000	MGM Resorts International, 11.38%, 03/01/18		2,295,000
	1,100,000	MGM Resorts International, 9.00%, 03/15/20(f)		1,240,250
	1,000,000	MGM Resorts International, Cnv., 4.25%, 04/15/15		1,057,500
	2,000,000	Michael Foods, Inc., 9.75%, 07/15/18		2,165,000
	3,100,000	Michaels Stores, Inc., 11.38%, 11/01/16		3,285,690
	1,000,000	Michaels Stores, Inc., 7.75%, 11/01/18		1,043,750
	400,000	Michaels Stores, Inc., STEP, 13.00%, 11/01/16(c)(j)		426,960
	12,800,000	Morgans Hotel Group Co., Cnv., 2.38%, 10/15/14(c)		10,816,000
	8,000,000	MPT Operating Partnership LP, REIT, Cnv., 9.25%, 04/01/13(f)		8,896,240
	3,250,000	MPT Operating Partnership LP/MPT Finance Corp., REIT, 6.88%, 05/01/21		3,371,875
	3,200,000	Multiplan, Inc., 9.88%, 09/01/18(f)		3,488,000
	5,000,000	NBTY, Inc., 9.00%, 10/01/18		5,525,000
	3,500,000	Needle Merger Sub Corp., 8.13%, 03/15/19(f)		3,399,375
	1,000,000	Neiman Marcus Group, Inc. (The), 10.38%, 10/15/15		1,038,760

Principal Amount			Value
UNITED STATES (continued)
$	2,700,000	Nextel Communications, Inc., Series D, 7.38%, 08/01/15	$	2,612,250
	2,900,000	Nextel Communications, Inc., Series E, 6.88%, 10/31/13		2,900,000
	1,500,000	Nielsen Finance LLC/Nielsen Finance Co., 7.75%, 10/15/18		1,670,625
	2,000,000	NRG Energy, Inc., 7.38%, 01/15/17		2,067,500
	3,100,000	NRG Energy, Inc., 8.25%, 09/01/20		3,053,500
	2,500,000	NRG Energy, Inc., 7.88%, 05/15/21(f)		2,375,000
	2,800,000	Nuveen Investments, Inc.., 10.50%, 11/15/15(f)		2,919,000
	2,600,000	Oasis Petroleum, Inc., 7.25%, 02/01/19		2,730,000
	1,500,000	Oil States International, Inc., 6.50%, 06/01/19		1,593,750
	2,250,000	Omega Healthcare Investors, Inc., 6.75%, 10/15/22		2,385,000
	1,100,000	Oshkosh Corp., 8.50%, 03/01/20		1,166,000
	16,750,000	Owens-Brockway Glass Container, Inc., Cnv., 3.00%, 06/01/15(f)		16,415,000
	1,000,000	PAETEC Holding Corp., 9.50%, 07/15/15		1,050,000
	1,500,000	PAETEC Holding Corp., 8.88%, 06/30/17		1,636,875
	1,500,000	PAETEC Holding Corp., 9.88%, 12/01/18		1,676,250
	4,800,000	Pantry, Inc. (The), 7.75%, 02/15/14		4,800,000
	1,453,000	Pantry, Inc. (The), Cnv., 3.00%, 11/15/12		1,438,470
	2,100,000	Patriot Coal Corp., Cnv., 3.25%, 05/31/13(f)		1,960,875
	1,000,000	Penn National Gaming, Inc., 8.75%, 08/15/19		1,108,750
	3,000,000	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.25%, 04/15/18		3,090,000
	6,250,000	Penske Automotive Group, Inc., 7.75%, 12/15/16		6,468,750
	3,165,000	Pinnacle Entertainment, Inc., 7.50%, 06/15/15		3,228,300
	2,250,000	Pinnacle Entertainment, Inc., 8.63%, 08/01/17		2,418,750
	2,585,000	Pinnacle Entertainment, Inc., 8.75%, 05/15/20		2,630,238

90

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	5,250,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15	$	5,407,500
	4,475,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 8.25%, 09/01/17		4,788,250
	4,800,000	Plains Exploration & Production Co., 7.63%, 06/01/18		5,136,000
	1,300,000	Plains Exploration & Production Co., 7.63%, 04/01/20		1,430,000
	1,250,000	Plains Exploration & Production Co., 6.75%, 02/01/22		1,359,375
	1,000,000	PolyOne Corp., 7.38%, 09/15/20		1,077,500
	6,000,000	Powerwave Technologies, Inc., Cnv., 3.88%, 10/01/27(c)		2,857,500
	1,450,000	Prestige Brands, Inc., 8.25%, 04/01/18		1,566,000
	750,000	Prestige Brands, Inc., 8.13%, 02/01/20(f)		778,125
	6,240,000	Providence Service Corp. (The), Cnv., 6.50%, 05/15/14(c)		6,208,800
	1,000,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18		1,035,231
	2,250,000	Qwest Communications International, Inc., 7.50%, 02/15/14		2,260,107
	1,000,000	Qwest Communications International, Inc., 8.00%, 10/01/15		1,072,500
	850,000	Qwest Communications International, Inc., 7.13%, 04/01/18(f)		909,500
	5,350,000	Qwest Communications International, Inc., Series B, 7.50%, 02/15/14		5,374,032
	550,000	Qwest Corp., 6.75%, 12/01/21		610,150
	1,750,000	RBS Global, Inc./Rexnord LLC, 8.50%, 05/01/18		1,859,375
	4,000,000	Regency Energy Partners LP/Regency Energy Finance Corp., 6.50%, 07/15/21		4,300,000
	1,250,000	Rent-A-Center, Inc., 6.63%, 11/15/20		1,290,625
	2,850,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.75%, 10/15/16(f)		3,035,250

Principal Amount			Value
UNITED STATES (continued)
$	4,850,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.25%, 05/15/18(f)	$	4,837,875
	500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.00%, 04/15/19(f)		497,500
	1,500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.25%, 02/15/21(f)		1,421,250
	6,250,000	RITE AID Corp., Cnv., 8.50%, 05/15/15(c)		5,742,187
	1,500,000	RR Donnelley & Sons Co., 4.95%, 04/01/14		1,455,000
	750,000	RR Donnelley & Sons Co., 7.25%, 05/15/18		686,250
	2,000,000	RR Donnelley & Sons Co., 7.63%, 06/15/20		1,785,000
	2,726,000	RSC Equipment Rental, Inc./RSC Holdings III LLC, 9.50%, 12/01/14		2,807,780
	1,500,000	RSC Equipment Rental, Inc./RSC Holdings III LLC, 10.00%, 07/15/17(f)		1,740,000
	2,000,000	RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.25%, 02/01/21		2,065,000
	1,500,000	Sally Holdings LLC/Sally Capital, Inc., 6.88%, 11/15/19(f)		1,605,000
	6,500,000	Sanmina-SCI Corp., 8.13%, 03/01/16		6,711,250
	1,950,000	Sanmina-SCI Corp., 7.00%, 05/15/19(f)		1,979,250
	20,000,000	Savient Pharmaceuticals, Inc., Cnv., 4.75%, 02/01/18		10,075,000
	650,000	Scientific Games International, Inc., 7.88%, 06/15/16(f)		671,938
	1,850,000	Scientific Games International, Inc., 9.25%, 06/15/19		2,016,500
	500,000	SEACOR Holdings, Inc., 7.38%, 10/01/19		532,396
	3,150,000	Sealed Air Corp., 8.38%, 09/15/21(f)		3,543,750
	2,600,000	Sealy Mattress Co., 8.25%, 06/15/14		2,431,000
	1,250,000	Service Corp. International, 7.63%, 10/01/18		1,437,500
	7,500,000	ServiceMaster Co. (The), 10.75%, 07/15/15(f)(k)		7,837,500

91

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	4,250,000	SESI LLC, 7.13%, 12/15/21(f)	$	4,611,250
	12,000,000	ShengdaTech, Inc., Cnv., 6.50%, 12/15/15(b)(c)(d)(f)(h)		5,400,000
	250,000	Sirius XM Radio, Inc., 8.75%, 04/01/15(f)		279,375
	1,750,000	Solutia, Inc., 8.75%, 11/01/17		1,981,875
	1,000,000	Spectrum Brands Holdings, Inc., 9.50%, 06/15/18(f)		1,133,750
	2,750,000	Speedway Motorsports, Inc., 8.75%, 06/01/16		2,997,500
	825,000	Stater Brothers Holdings, Inc., 7.75%, 04/15/15		846,656
	675,000	Stater Brothers Holdings, Inc., 7.38%, 11/15/18		723,938
	20,000,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14(c)		19,275,000
	1,000,000	SunGard Data Systems, Inc., 10.63%, 05/15/15		1,063,750
	6,750,000	SunGard Data Systems, Inc., 10.25%, 08/15/15		6,986,250
	3,000,000	SunGard Data Systems, Inc., 7.63%, 11/15/20		3,187,500
	3,100,000	SuperValu, Inc., 7.50%, 11/15/14		3,158,125
	2,900,000	SuperValu, Inc., 8.00%, 05/01/16		3,016,000
	2,500,000	Susser Holdings LLC/Susser Finance Corp., 8.50%, 05/15/16		2,718,750
	8,000,000	TeleCommunication Systems, Inc., Cnv., 4.50%, 11/01/14(f)		6,620,000
	600,000	Tenet Healthcare Corp., 9.25%, 02/01/15		652,500
	4,000,000	Tenet Healthcare Corp., 6.25%, 11/01/18(f)		4,190,000
	3,850,000	Tenet Healthcare Corp., 8.00%, 08/01/20		3,975,125
	3,250,000	Terex Corp., 8.00%, 11/15/17		3,282,500
	15,391,000	THQ, Inc., Cnv., 5.00%, 08/15/14		7,772,455
	10,575,000	Tower Group, Inc., Cnv., 5.00%, 09/15/14		10,826,156
	3,100,000	Toys R US - Delaware, Inc., 7.38%, 09/01/16(f)		3,146,500
	1,150,000	Toys R US Property Co. II LLC, 8.50%, 12/01/17		1,231,938
	1,150,000	Toys R US, Inc., 7.88%, 04/15/13		1,178,750
	2,000,000	Trans Union LLC/TransUnion Financing Corp., 11.38%, 06/15/18(f)		2,360,000

Principal Amount			Value
UNITED STATES (continued)
$	3,100,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36	$	3,111,625
	2,000,000	TRW Automotive, Inc., 7.25%, 03/15/17(f)		2,185,000
	1,500,000	TW Telecom Holdings, Inc., 8.00%, 03/01/18		1,623,750
	1,000,000	Unit Corp., 6.63%, 05/15/21		1,010,000
	750,000	United Rentals North America, Inc., 10.88%, 06/15/16		858,750
	750,000	United Rentals North America, Inc., 9.25%, 12/15/19		828,750
	3,000,000	Universal Health Services, Inc., 7.00%, 10/01/18		3,157,500
	4,250,000	Universal Hospital Services, Inc., 8.50%, 06/01/15(k)		4,377,500
	750,000	US Foodservice, 8.50%, 06/30/19(f)		745,312
	6,000,000	Valeant Pharmaceuticals International, 6.75%, 10/01/17(f)		6,127,500
	3,500,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.00%, 02/01/18		3,666,250
	40,000	Vanguard Health Systems, Inc., 9.30%, 02/01/16(j)		26,100
	3,100,000	WebMD Health Corp., Cnv., 2.25%, 03/31/16(f)		2,879,125
	425,000	WebMD Health Corp., Cnv., 2.50%, 01/31/18(f)		367,625
	4,875,000	West Corp., 11.00%, 10/15/16		5,173,594
	1,650,000	West Corp., 8.63%, 10/01/18		1,732,500
	4,375,000	West Corp., 7.88%, 01/15/19		4,582,813
	1,200,000	Windstream Corp., 7.88%, 11/01/17		1,326,000
	1,000,000	Windstream Corp., 8.13%, 09/01/18		1,090,000
	3,250,000	Windstream Corp., 7.00%, 03/15/19		3,355,625
	4,250,000	Windstream Corp., 7.75%, 10/15/20		4,590,000
	1,000,000	Windstream Corp., 7.50%, 06/01/22(f)		1,050,000
	2,000,000	Wyndham Worldwide Corp., 6.00%, 12/01/16		2,219,184
	7,250,000	XM Satellite Radio, Inc., 7.63%, 11/01/18(f)		7,766,563
	4,140,000	Yankee Candle Co., Inc., Series B, 8.50%, 02/15/15		4,227,975
				1,209,959,584

92

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
VENEZUELA — 0.0%
$	230,000		Corp. Andina de Fomento, 8.13%, 06/04/19	$	281,196
Total Corporate Bonds (Cost $1,438,350,934)					1,424,491,848
GOVERNMENT BONDS — 11.1%
ARGENTINA — 0.1%
	21,758,000		Republic of Argentina, 0.05%, 08/03/12(e)		2,674,058
AUSTRALIA — 0.8%
	710,000	(g)	New South Wales Treasury Corp., 6.00%, 05/01/12		756,828
	2,680,000	(g)	New South Wales Treasury Corp., 6.00%, 05/01/12		2,858,253
	4,130,000	(g)	New South Wales Treasury Corp., 5.50%, 08/01/13		4,486,381
	685,000	(g)	Queensland Treasury Corp., 6.00%, 08/14/13		750,349
	5,190,000	(g)	Queensland Treasury Corp., 6.00%, 08/21/13		5,653,553
	12,855,000	(g)	Western Australia Treasury Corp., 5.50%, 07/17/12		13,736,220
	3,685,000	(g)	Western Australia Treasury Corp., 8.00%, 06/15/13		4,122,225
					32,363,809
BRAZIL — 0.4%
	9,490,000	(g)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		12,066,297
	2,400,000	(g)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		3,175,973
	3,900,000	(g)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		2,173,116
					17,415,386
EGYPT — 0.0%
	4,525,000	(g)	Egypt Treasury Bills, 11.86%, 02/21/12(j)		744,221
HUNGARY — 0.4%
	67,600,000	(g)	Hungary Government Bond, 6.75%, 02/12/13		295,262
	54,500,000	(g)	Hungary Government Bond, 7.50%, 10/24/13		238,279
	133,100,000	(g)	Hungary Government Bond, 5.50%, 02/12/14		556,693

Principal Amount				Value
HUNGARY (continued)
$	382,200,000	(g)	Hungary Government Bond, 6.75%, 08/22/14	$	1,629,392
	61,000,000	(g)	Hungary Government Bond, 8.00%, 02/12/15		265,315
	96,000,000	(g)	Hungary Government Bond, 5.50%, 02/12/16		380,207
	85,800,000	(g)	Hungary Government Bond, 6.75%, 02/24/17		348,448
	312,000,000	(g)	Hungary Government Bond, 6.75%, 11/24/17		1,250,719
	84,800,000	(g)	Hungary Government Bond, 6.50%, 06/24/19		320,395
	6,200,000	(g)	Hungary Government Bond, 7.50%, 11/12/20		24,966
	54,700,000	(g)	Hungary Government Bond, 7.00%, 06/24/22		210,852
	520,000	(g)	Hungary Government International Bond, 4.38%, 07/04/17		561,151
	1,705,000	(g)	Hungary Government International Bond, 5.75%, 06/11/18		1,918,432
	2,920,000		Hungary Government International Bond, 6.25%, 01/29/20		2,701,000
	1,575,000	(g)	Hungary Government International Bond, 3.88%, 02/24/20		1,544,509
	3,930,000		Hungary Government International Bond, 6.38%, 03/29/21		3,635,250
	110,200,000	(g)	Hungary Treasury Bills, 5.70%, 08/22/12(j)		469,412
					16,350,282
INDONESIA — 1.2%
	4,415,000		Indonesia Government International Bond, 11.63%, 03/04/19(f)		6,567,312
	1,171,000		Indonesia Government International Bond, 8.50%, 10/12/35(f)		1,700,877
	280,000		Indonesia Government International Bond, 7.75%, 01/17/38(f)		381,500
	23,560,000,000	(g)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,814,634
	3,590,000,000	(g)	Indonesia Treasury Bond, 9.00%, 09/15/18		480,825
	33,800,000,000	(g)	Indonesia Treasury Bond, 12.80%, 06/15/21		5,766,321
	33,160,000,000	(g)	Indonesia Treasury Bond, 12.90%, 06/15/22		5,793,096
	1,590,000,000	(g)	Indonesia Treasury Bond, 10.25%, 07/15/22		241,343

93

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
INDONESIA (continued)
$	137,380,000,000	(g)	Indonesia Treasury Bond, 9.50%, 07/15/23	$	19,981,195
	25,525,000,000	(g)	Indonesia Treasury Bond, 10.00%, 02/15/28		3,892,324
					47,619,427
IRELAND — 0.3%
	722,000	(g)	Ireland Government Bond, 4.00%, 01/15/14		915,821
	643,000	(g)	Ireland Government Bond, 4.60%, 04/18/16		803,729
	542,000	(g)	Ireland Government Bond, 4.50%, 10/18/18		613,002
	820,000	(g)	Ireland Government Bond, 4.40%, 06/18/19		922,326
	1,589,000	(g)	Ireland Government Bond, 5.90%, 10/18/19		1,911,040
	921,000	(g)	Ireland Government Bond, 4.50%, 04/18/20		1,011,956
	1,932,000	(g)	Ireland Government Bond, 5.00%, 10/18/20		2,173,595
	1,690,000	(g)	Ireland Government Bond, 5.40%, 03/13/25		1,882,985
					10,234,454
ISRAEL — 0.5%
	3,825,000	(g)	Israel Government Bond, 4.00%, 03/30/12		1,059,357
	29,256,000	(g)	Israel Government Bond, 5.00%, 03/31/13		8,375,500
	25,646,000	(g)	Israel Government Bond, 3.50%, 09/30/13		7,043,868
	4,550,000	(g)	Israel Treasury Bill - Makam, 2.98%, 02/01/12(j)		1,216,009
	1,625,000	(g)	Israel Treasury Bill - Makam, 3.16%, 02/29/12(j)		433,507
	8,790,000	(g)	Israel Treasury Bill - Makam, 3.29%, 04/04/12(j)		2,339,537
	5,160,000	(g)	Israel Treasury Bill - Makam, 3.25%, 05/02/12(j)		1,370,760
					21,838,538
LITHUANIA — 0.2%
	3,580,000		Lithuania Government International Bond, 6.75%, 01/15/15(f)		3,776,900
	2,890,000		Lithuania Government International Bond, 7.38%, 02/11/20(f)		3,110,362
	960,000		Lithuania Government International Bond, 6.13%, 03/09/21(f)		948,000
					7,835,262

Principal Amount				Value
MALAYSIA — 1.2%
$	1,710,000	(g)	Bank Negara Malaysia Monetary Notes, 2.74%, 02/09/12(j)	$	562,084
	17,900,000	(g)	Bank Negara Malaysia Monetary Notes, 2.83%, 02/16/12(j)		5,880,368
	28,620,000	(g)	Bank Negara Malaysia Monetary Notes, 2.83%, 02/21/12(j)		9,398,104
	170,000	(g)	Bank Negara Malaysia Monetary Notes, 2.79%, 03/01/12(j)		55,777
	335,000	(g)	Bank Negara Malaysia Monetary Notes, 2.78%, 03/29/12(j)		109,660
	3,450,000	(g)	Bank Negara Malaysia Monetary Notes, 2.70%, 04/05/12(j)		1,128,774
	640,000	(g)	Bank Negara Malaysia Monetary Notes, 2.88%, 04/12/12(j)		209,275
	17,000	(g)	Bank Negara Malaysia Monetary Notes, 2.93%, 04/17/12(j)		5,556
	14,000	(g)	Bank Negara Malaysia Monetary Notes, 2.93%, 04/17/12(j)		4,575
	2,350,000	(g)	Bank Negara Malaysia Monetary Notes, 2.91%, 04/19/12(j)		767,990
	150,000	(g)	Bank Negara Malaysia Monetary Notes, 2.76%, 04/24/12(j)		49,001
	35,000	(g)	Bank Negara Malaysia Monetary Notes, 2.93%, 04/26/12(j)		11,425
	6,865,000	(g)	Bank Negara Malaysia Monetary Notes, 2.74%, 05/17/12(j)		2,238,376
	960,000	(g)	Bank Negara Malaysia Monetary Notes, 2.74%, 05/29/12(j)		312,708
	378,000	(g)	Bank Negara Malaysia Monetary Notes, 2.82%, 01/10/13(j)		120,969
	710,000	(g)	Malaysia Government Bond, 2.71%, 02/14/12		233,381
	42,443,000	(g)	Malaysia Government Bond, 3.72%, 06/15/12		13,993,368
	3,605,000	(g)	Malaysia Government Bond, 2.51%, 08/27/12		1,182,572
	9,451,000	(g)	Malaysia Government Bond, 3.70%, 02/25/13		3,134,196
	840,000	(g)	Malaysia Government Bond, 3.70%, 05/15/13		279,024

94

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
MALAYSIA (continued)
$	1,285,000	(g)	Malaysia Government Bond, 3.21%, 05/31/13	$	424,299
	3,230,000	(g)	Malaysia Government Bond, 3.46%, 07/31/13		1,070,935
	13,820,000	(g)	Malaysia Government Bond, 3.81%, 02/15/17		4,653,787
	100,000	(g)	Malaysia Treasury Bill, 2.73%, 02/24/12(j)		32,829
	30,000	(g)	Malaysia Treasury Bill, 2.79%, 03/23/12(j)		9,825
	590,000	(g)	Malaysia Treasury Bill, 2.69%, 07/27/12(j)		191,276
					46,060,134
MEXICO — 0.7%
	36,430,000	(g)	Mexican Bonos, 9.00%, 12/20/12		2,900,229
	64,160,000	(g)	Mexican Bonos, 9.00%, 06/20/13		5,206,745
	182,690,000	(g)	Mexican Bonos, 8.00%, 12/19/13		14,852,945
	20,000,000	(g)	Mexican Bonos, 8.00%, 12/17/15		1,698,871
	36,000,000	(g)	Mexican Bonos, 7.25%, 12/15/16		3,020,778
	23,900,000	(g)	Mexican Bonos, 7.75%, 12/14/17		2,064,061
					29,743,629
NORWAY — 0.5%
	84,040,000	(g)	Norway Treasury Bill, 2.55%, 03/21/12(j)		14,236,832
	30,210,000	(g)	Norway Treasury Bill, 2.37%, 06/20/12(j)		5,116,726
					19,353,558
POLAND — 1.2%
	19,560,000	(g)	Poland Government Bond, 4.75%, 04/25/12		6,067,310
	2,685,000	(g)	Poland Government Bond, 4.55%, 07/25/12(j)		816,084
	9,598,000	(g)	Poland Government Bond, 4.63%, 10/25/12(j)		2,881,780
	15,733,000	(g)	Poland Government Bond, 4.80%, 01/25/13(j)		4,672,898
	3,055,000	(g)	Poland Government Bond, 5.25%, 04/25/13		953,480
	14,329,000	(g)	Poland Government Bond, 4.58%, 07/25/13(j)		4,156,422
	4,810,000	(g)	Poland Government Bond, 5.00%, 10/24/13		1,498,228
	1,840,000	(g)	Poland Government Bond, 4.68%, 01/25/14(j)		520,957

Principal Amount				Value
POLAND (continued)
$	6,975,000	(g)	Poland Government Bond, 5.75%, 04/25/14	$	2,204,600
	26,560,000	(g)	Poland Government Bond, 6.25%, 10/24/15		8,602,204
	24,800,000	(g)	Poland Government Bond, 5.75%, 09/23/22		7,777,860
	5,400,000		Poland Government International Bond, 6.38%, 07/15/19		6,068,250
					46,220,073
RUSSIA — 0.3%
	9,573,275		Russian Foreign Bond - Eurobond, STEP, 7.50%, 03/31/30(f)		11,344,331
SOUTH AFRICA — 0.1%
	1,690,000		South Africa Government International Bond, 5.50%, 03/09/20		1,871,675
	1,795,000		South Africa Government International Bond, 5.88%, 05/30/22		2,019,375
					3,891,050
SOUTH KOREA — 2.1%
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14(f)		110,187
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		111,051
	105,000	(l)	Export-Import Bank of Korea, 4.63%, 02/20/17		142,742
	1,800,000,000	(g)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,622,617
	1,015,000		Korea Development Bank, 8.00%, 01/23/14		1,117,241
	19,902,480,000	(g)	Korea Treasury Bond, 4.00%, 06/10/12		17,755,648
	4,250,000,000	(g)	Korea Treasury Bond, 5.25%, 09/10/12		3,825,322
	18,199,000,000	(g)	Korea Treasury Bond, 4.25%, 12/10/12		16,319,644
	1,223,440,000	(g)	Korea Treasury Bond, 5.25%, 03/10/13		1,110,863
	12,842,820,000	(g)	Korea Treasury Bond, 3.75%, 06/10/13		11,486,615
	29,250,450,000	(g)	Korea Treasury Bond, 3.00%, 12/10/13		25,875,094
	3,965,000		Republic of Korea, 7.13%, 04/16/19		4,962,792
	250,000		Republic of Korea, 5.63%, 11/03/25		296,898
					84,736,714

95

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
SRI LANKA — 0.1%
$	13,560,000	(g)	Sri Lanka Government Bonds, Series A, 6.50%, 07/15/15	$	107,404
	264,000,000	(g)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		2,390,069
	385,000,000	(g)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15		3,484,132
					5,981,605
SWEDEN — 0.6%
	9,130,000	(g)	Kommuninvest I Sverige, 1.75%, 10/08/12		1,338,422
	88,000,000	(g)	Sweden Government Bond, 5.50%, 10/08/12		13,311,577
	55,770,000	(g)	Sweden Government Bond, 1.50%, 08/30/13		8,296,264
					22,946,263
UKRAINE — 0.1%
	200,000		Financing of Infrastrucural Projects State Enterprise, 7.40%, 04/20/18(f)		155,698
	100,000		Ukraine Government International Bond, 7.65%, 06/11/13(f)		97,000
	100,000	(g)	Ukraine Government International Bond, 4.95%, 10/13/15(f)		107,914
	200,000		Ukraine Government International Bond, 6.25%, 06/17/16(f)		175,000
	100,000		Ukraine Government International Bond, 7.75%, 09/23/20(f)		87,500
	4,270,000		Ukraine Government International Bond, 7.95%, 02/23/21(f)		3,803,887
					4,426,999
UNITED KINGDOM — 0.1%
	1,180,000	(g)	United Kingdom Gilt, 5.00%, 03/07/12		1,867,578
	606,000	(g)	United Kingdom Gilt, 5.25%, 06/07/12		971,185
					2,838,763
VENEZUELA — 0.1%
	2,080,000		Venezuela Government International Bond, 10.75%, 09/19/13		2,163,200

Principal Amount			Value
VIETNAM — 0.1%
$	1,625,000	Vietnam Government International Bond, 6.88%, 01/15/16(f)	$	1,706,250
	2,490,000	Vietnam Government International Bond, 6.75%, 01/29/20(f)		2,558,475
				4,264,725
Total Government Bonds (Cost $417,403,453)				441,046,481
ASSET-BACKED SECURITIES — 1.5%
UNITED STATES — 1.5%
	7,230,000	ACE Securities Corp., Series 2005-HE7, Class A2D, 0.61%, 11/25/35(e)		5,372,805
	5,396,928	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.63%, 03/25/36(e)		1,498,336
	5,396,928	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.63%, 03/25/36(e)		1,498,336
	15,000,000	Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 0.48%, 10/25/36(e)		4,190,301
	13,240,911	Bear Stearns Asset-Backed Securities Trust, Series 2007-AC4, Class A1, 0.58%, 02/25/37(e)		4,590,918
	2,657,848	Conseco Financial Corp., Series 1999-2, Class A7, 6.44%, 12/01/30		2,726,614
	6,191,297	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(e)		5,146,501
	3,874,979	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.44%, 09/25/46(e)		2,273,217
	6,221,872	Countrywide Asset-Backed Certificates, Series 2006-7, Class 2A3, 0.43%, 04/25/46(e)		3,963,683
	4,875,000	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB4, Class AV4, 0.52%, 05/25/36(e)		1,611,300
	6,000,000	GSAA Trust, Series 2005-11, Class 3A5, 0.65%, 10/25/35(e)		2,852,715
	1,236,432	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(e)		780,291
	4,445,000	Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A3, 0.44%, 07/25/37(e)		1,474,761
	2,145,000	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.52%, 06/25/36(e)		642,677
	3,547,915	Oakwood Mortgage Investors, Inc., Series 2002-A, Class A4, 6.97%, 03/15/32(e)		3,588,045

96

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,596,551	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(e)	$	3,620,768
	5,000,000	Renaissance Home Equity Loan Trust, Series 2007-3, Class AF3, STEP, 7.24%, 09/25/37		1,999,041
	9,266,445	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM1, Class A2C, 0.57%, 12/25/35(e)		4,553,030
	4,946,465	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A3, 0.49%, 06/25/37(e)		1,610,409
	9,108,000	Soundview Home Equity Loan Trust, Series 2007-OPT2, Class 2A2, 0.41%, 07/25/37(e)		4,647,498
Total Asset-Backed Securities (Cost $68,445,730)				58,641,246
NON-AGENCY MORTGAGE-BACKED SECURITIES — 13.0%
COLLATERALIZED MORTGAGE OBLIGATIONS — 13.0%
	865,963	Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A2, 5.17%, 01/25/36(e)		855,675
	5,210,787	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.80%, 07/25/35(e)		4,157,758
	1,308,692	Adjustable Rate Mortgage Trust, Series 2006-1, Class 3A3, 5.51%, 03/25/36(e)		777,058
	198,319	Adjustable Rate Mortgage Trust, Series 2007-1, Class 5A1, 0.43%, 03/25/37(e)		79,197
	7,576,797	American Home Mortgage Assets, Series 2005-1, Class 2A21, 2.63%, 11/25/35(e)		3,962,486
	6,805,607	American Home Mortgage Assets, Series 2005-1, Class 3A11, 0.55%, 11/25/35(e)		3,920,798
	5,449,497	American Home Mortgage Investment Trust, Series 2005-4, Class 5A, 2.54%, 11/25/45(e)		3,698,484
	3,123,195	American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.54%, 12/25/35(e)		2,015,784
	4,190,803	American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 2.54%, 12/25/36(e)		1,848,395
	5,316,180	Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35		3,788,022
	1,967,481	Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.08%, 09/20/35(e)		1,678,235

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	8,918,859	Banc of America Funding Corp., Series 2005-H, Class 2A1, 2.74%, 11/20/35(e)	$	5,220,687
	2,822,822	Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.86%, 02/20/36(e)		1,549,361
	3,184,682	Banc of America Funding Corp., Series 2006-E, Class 2A1, 2.83%, 06/20/36(e)		2,032,081
	4,543,371	Banc of America Funding Corp., Series 2006-F, Class 1A1, 2.74%, 07/20/36(e)		3,470,532
	2,374,263	Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37		1,914,668
	15,174,898	Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.44%, 02/20/47(e)		9,520,280
	315,530	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A3, 2.73%, 10/25/35(e)		310,475
	3,475,000	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 2.73%, 10/25/35(e)		2,330,927
	315,008	Banc of America Mortgage Securities, Inc., Series 2005-J, Class 2A3, 2.79%, 11/25/35(e)		303,473
	3,655,930	Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 2.88%, 12/25/35(e)		2,631,166
	7,018,707	BCAP LLC Trust, Series 2010-RR11, Class 4A1, 5.54%, 03/27/47(e)(f)		6,227,689
	3,392,244	BCAP LLC Trust, Series 2011-RR2, Class 1A1, 3.13%, 07/25/36(e)(f)		2,879,976
	5,618,278	BCAP LLC Trust, Series 2011-RR9, Class 7A1, 5.19%, 04/26/37(e)(f)		5,339,557
	6,352,219	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 5.64%, 02/25/36(e)		3,595,155
	3,337,281	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.31%, 08/25/35(e)		2,625,654
	4,545,161	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.52%, 02/25/36(e)		3,659,100
	2,310,300	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 5.06%, 05/25/47(e)		1,430,802
	12,856,536	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.59%, 05/25/37(e)		8,746,413
	2,344,391	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.63%, 06/25/47(e)		1,716,085

97

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	7,231,504	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.29%, 11/25/35(e)	$	4,740,820
	2,840,002	Bear Stearns Alt-A Trust, Series 2006-4, Class 13A1, 0.44%, 08/25/36(e)		1,033,237
	23,476,083	Bear Stearns Alt-A Trust, Series 2007-1, Class 21A1, 3.24%, 01/25/47(e)		10,795,820
	1,127,055	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.77%, 05/25/35(e)		903,530
	2,693,610	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.83%, 06/25/36(e)		2,115,197
	1,645,819	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.65%, 06/25/36(e)		1,383,099
	6,642,808	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR9, Class 2A, 5.82%, 11/25/36(e)		4,380,936
	4,951,983	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(f)		3,826,018
	6,187,931	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A3, 5.75%, 04/25/47(f)		4,502,288
	1,183,388	Citimortgage Alternative Loan Trust, Series 2007-A3, Class 1A7, 5.75%, 03/25/37		790,570
	1,453,812	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		1,194,674
	1,140,543	Countrywide Alternative Loan Trust, Series 2005-20CB, Class 3A3, 5.50%, 07/25/35		1,132,142
	3,553,289	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.58%, 08/25/35(e)		2,013,448
	5,869,650	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.59%, 08/25/35(e)		2,615,077
	848,649	Countrywide Alternative Loan Trust, Series 2005-47CB, Class A7, 5.50%, 10/25/35		689,943
	2,614,623	Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35		1,798,463
	381,093	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.20%, 12/25/35(e)		226,089
	3,777,129	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		2,735,384

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	10,507,756	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.63%, 05/25/36(e)	$	4,328,955
	3,697,733	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		2,156,928
	4,552,285	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.63%, 06/25/36(e)		2,397,933
	4,552,285	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.87%, 06/25/36(e)		1,005,117
	4,972,509	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		3,107,921
	1,959,169	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36		1,327,543
	4,856,555	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.68%, 03/25/36(e)		1,824,481
	5,270,478	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		3,301,595
	3,774,164	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		2,503,277
	6,889,091	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37		4,595,659
	838,264	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		586,880
	2,378,233	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.68%, 05/25/36(e)		1,264,816
	4,956,316	Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.66%, 08/25/36(e)		4,205,005
	3,240,317	Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.46%, 02/20/47(e)		1,554,902
	11,540,739	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.47%, 03/20/47(e)		5,123,997
	3,552,174	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.46%, 11/25/36(e)		1,582,604
	1,949,948	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,359,735
	11,172,920	Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 5.54%, 03/25/47(e)		8,404,731

98

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,810,179	Countrywide Alternative Loan Trust, Series 2008-2R, Class 4A1, 6.25%, 08/25/37	$	4,394,157
	1,875,356	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35		1,651,917
	5,821,693	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-17, Class A6, 6.00%, 12/25/36		4,588,589
	1,649,122	Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-15, Class 1A29, 6.25%, 09/25/37		1,482,699
	1,098,667	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35		1,058,108
	1,554,332	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35		1,421,833
	2,959,523	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		2,529,930
	1,216,709	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-1, Class A2, 6.00%, 03/25/36		969,071
	8,070,996	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-18, Class 2A7, 6.00%, 12/25/36		7,162,220
	1,599,324	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		1,263,221
	1,759,964	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36		1,329,333
	850,439	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.48%, 04/25/46(e)		513,512
	1,465,730	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J2, Class 1A1, 6.00%, 07/25/37		1,097,339
	2,517,854	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J3, Class A1, 0.78%, 07/25/37(e)		1,568,437

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,749,242	Credit Suisse Mortgage Capital Certificates, Series 2006-5, Class 3A3, 6.50%, 06/25/36	$	1,942,854
	1,368,789	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		1,129,213
	6,406,234	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		5,475,851
	1,580,893	Credit Suisse Mortgage Capital Certificates, Series 2007-1, Class 5A14, 6.00%, 02/25/37		1,146,660
	10,789,534	Credit Suisse Mortgage Capital Certificates, Series 2007-3, Class 2A10, 6.00%, 04/25/37		8,948,666
	1,407,054	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 2.95%, 01/27/36(e)(f)		1,338,087
	3,985,720	Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.72%, 07/25/36(e)(f)		3,786,170
	5,675,136	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 5A1, 5.26%, 05/27/36(e)(f)		5,520,011
	4,718,748	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 6A1, 2.74%, 05/27/36(e)(f)		4,560,978
	1,642,157	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 1A1, 2.76%, 07/25/36(e)(f)		1,575,195
	4,137,896	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 4.74%, 08/25/46(e)(f)		3,631,330
	2,986,402	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 3A1, 5.68%, 09/20/37(e)(f)		3,114,745
	5,323,626	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 5A1, 2.92%, 09/28/36(e)(f)		5,110,797
	5,262,867	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 6A1, 2.92%, 08/28/36(e)(f)		5,050,792
	5,156,762	Deutsche ALT-A Securities Inc Alternate Loan Trust, Series 2007-QA4, Class 1A1A, 0.47%, 08/25/47(e)		3,113,013
	2,652,343	Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2005-3, Class 4A4, 5.25%, 06/25/35		2,425,012
	6,161,038	First Horizon Alternative Mortgage Securities, Series 2005-AA5, Class 2A1, 2.36%, 07/25/35(e)		4,468,745

99

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,524,629	First Horizon Alternative Mortgage Securities, Series 2005-AA7, Class 2A1, 2.50%, 09/25/35(e)	$	1,542,701
	2,919,645	First Horizon Alternative Mortgage Securities, Series 2006-AA6, Class 2A1, 2.22%, 11/25/36(e)		1,470,039
	6,065,587	First Horizon Alternative Mortgage Securities, Series 2006-AA7, Class A1, 2.32%, 01/25/37(e)		2,773,107
	9,166,874	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A9, 6.00%, 07/25/36		6,561,138
	6,397,820	GMAC Mortgage Corp Loan Trust, Series 2005-AR4, Class 3A1, 3.11%, 07/19/35(e)		5,548,520
	1,979,279	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.08%, 11/19/35(e)		1,355,139
	4,426,291	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 4A1, 5.27%, 11/19/35(e)		4,044,945
	4,201,412	GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1, 5.34%, 04/19/36(e)		3,366,538
	5,728,249	Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.44%, 02/25/37(e)		2,336,387
	3,756,315	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.63%, 01/25/35(e)(f)		2,984,458
	2,300,636	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.76%, 01/25/35(e)		2,008,505
	3,486,643	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.74%, 05/25/35(e)		2,523,666
	3,424,257	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.75%, 10/25/35(e)		3,135,435
	3,369,807	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		2,657,259
	3,466,484	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		3,308,615
	3,841,986	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 5.02%, 01/25/36(e)		3,161,170
	4,853,065	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		4,284,840
	3,313,591	Harborview Mortgage Loan Trust, Series 2006-9, Class 2A1A, 0.49%, 11/19/36(e)		2,002,853

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,310,794	Homebanc Mortgage Trust, Series 2005-1, Class A1, 0.53%, 03/25/35(e)	$	1,916,192
	6,978,908	Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.55%, 10/25/35(e)		4,662,005
	3,046,952	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.22%, 04/25/37(e)		1,613,142
	3,198,006	Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.46%, 12/25/36(e)		2,027,313
	3,165,840	Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 5.94%, 04/25/47(e)		1,971,590
	8,004,122	Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A, 0.39%, 05/25/37(e)		3,309,740
	3,585,318	Indymac INDA Mortgage Loan Trust, Series 2006-AR2, Class 4A1, 5.45%, 09/25/36(e)		2,642,983
	6,166,040	Indymac Index Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 2.77%, 06/25/36(e)		2,823,435
	6,766,909	Indymac Index Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.17%, 01/25/37(e)		4,014,777
	4,434,632	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.34%, 03/25/37(e)		2,960,915
	1,499,117	JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, 2.82%, 04/25/35(e)		1,276,537
	2,515,259	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		2,177,274
	1,544,654	JPMorgan Mortgage Trust, Series 2008-R2, Class 2A, 5.50%, 12/27/35(f)		1,232,197
	3,037,724	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.38%, 07/25/35(e)		2,069,123
	3,429,874	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		2,742,377
	2,952,899	Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.18%, 02/25/36(e)		1,840,296
	9,668,211	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(f)		8,238,886
	3,936,080	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(f)		3,370,491

100

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,799,935	Residential Accredit Loans, Inc., Series 2006-QO6, Class A2, 0.51%, 06/25/46(e)	$	2,009,526
	6,748,501	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36		4,278,523
	3,231,673	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		2,131,317
	720,099	Residential Accredit Loans, Inc., Series 2006-QS16, Class A7, 6.00%, 11/25/36		437,311
	2,773,885	Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.61%, 04/25/37(e)		1,145,899
	3,804,489	Residential Asset Securitization Trust, Series 2006-A8, Class 2A3, 6.00%, 08/25/36		2,138,583
	1,724,377	Residential Funding Mortgage Securities I, Series 2005-S8, Class A1, 5.50%, 11/25/35		1,627,234
	3,577,661	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.09%, 11/25/35(e)		2,221,856
	726,515	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		611,149
	2,287,773	Residential Funding Mortgage Securities I, Series 2007-S4, Class A2, 6.00%, 04/25/37		1,743,719
	9,730,311	Residential Funding Mortgage Securities I, Series 2007-S7, Class A20, 6.00%, 07/25/37		8,040,177
	1,949,061	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.61%, 05/25/35(e)		1,284,365
	10,108,640	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 4.99%, 08/25/35(e)		8,169,669
	6,449,882	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 1A1, 0.60%, 10/25/35(e)		3,761,549
	11,098,572	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1, Class 8A1, 5.73%, 02/25/36(e)		7,503,076
	7,041,940	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 5.05%, 10/25/36(e)		3,754,385
	13,211,306	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 5.40%, 10/25/36(e)		10,777,490
	5,205,325	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 0.50%, 05/25/37(e)		2,807,372

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,524,489	Structured Asset Mortgage Investments, Inc., Series 2005-AR8, Class A1A, 0.56%, 02/25/36(e)	$	3,554,768
	6,336,185	Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.50%, 05/25/46(e)		2,418,217
	6,281,276	Structured Asset Mortgage Investments, Inc., Series 2006-AR6, Class 2A1, 0.47%, 07/25/46(e)		3,340,731
	1,202,581	Structured Asset Securities Corp., Series 2005-5, Class 2A4, 5.50%, 04/25/35		1,124,627
	1,979,696	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.51%, 04/25/37(e)		1,274,412
	1,767,748	WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Series A2A1, 0.62%, 01/25/45(e)		1,247,165
	1,109,182	WaMu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A1, 2.46%, 12/25/35(e)		1,086,160
	1,617,826	WaMu Mortgage Pass-Through Certificates, Series 2005-AR18, Class 1A1, 2.49%, 01/25/36(e)		1,397,847
	2,156,886	WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21, 0.61%, 01/25/45(e)		1,679,502
	1,118,229	WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A1, 5.83%, 09/25/36(e)		745,044
	1,252,612	WaMu Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 2.54%, 08/25/46(e)		867,650
	4,213,347	WaMu Mortgage Pass-Through Certificates, Series 2007-HY7, Class 2A2, 5.19%, 07/25/37(e)		2,546,671
	7,373,443	WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 0.97%, 05/25/47(e)		4,267,491
	4,215,564	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		2,947,244
	9,629,638	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-2, Class 4CB, 6.00%, 03/25/36		7,047,421
	6,849,536	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		3,155,459
	4,733,547	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR5, Class 4A, 1.19%, 06/25/46(e)		1,846,601

101

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,218,043	Wells Fargo Alternative Loan Trust, Series 2007-PA2, Class 1A1, 6.00%, 06/25/37	$	3,891,074
	2,272,448	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.72%, 07/25/36(e)		1,998,404
	3,252,038	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3, 2.74%, 07/25/36(e)		2,388,917
	2,381,622	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13, Class A2, 2.65%, 09/25/36(e)		1,676,312
	2,747,473	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR19, Class A1, 5.43%, 12/25/36(e)		2,549,635
	1,810,278	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.70%, 04/25/36(e)		1,349,321
	2,188,848	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4, Class A4, 6.00%, 04/27/37		1,914,075
	2,706,417	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6, Class A6, 6.00%, 05/25/37		2,308,140
	1,787,490	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A16, 6.00%, 07/25/37		1,628,962
	730,247	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A22, 6.00%, 07/25/37		665,355
	1,787,997	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR8, Class A1, 6.03%, 11/25/37(e)		1,334,077
				515,812,342
Total Non-Agency Mortgage-Backed Securities (Cost $544,025,869)				515,812,342
U.S. GOVERNMENT AGENCIES — 3.2%
Fannie Mae — 0.2%
	5,000,000	0.02%, 02/29/12(m)		4,999,922
	5,000,000	0.02%, 03/21/12(m)		4,999,864
				9,999,786
Federal Home Loan Bank — 3.0%
	80,000,000	0.01%, 02/01/12(m)		80,000,000
	12,000,000	0.02%, 02/10/12(m)		11,999,923
	2,000,000	0.03%, 02/17/12(m)		1,999,973
	5,000,000	0.02%, 03/02/12(m)		4,999,938
	10,000,000	0.01%, 03/07/12(m)		9,999,903
	9,000,000	0.02%, 03/30/12(m)		8,999,783
				117,999,520

Principal Amount			Value
Freddie Mac — 0.0%
$	1,000,000	0.01%, 03/07/12(m)	$	999,981
Total U.S. Government Agencies (Cost $128,999,287)				128,999,287
U.S. GOVERNMENT SECURITIES — 0.1%
U.S. Treasury Bills — 0.1%
	6,000,000	0.02%, 02/02/12(m)		5,999,997
Total U.S. Government Securities (Cost $5,999,997)				5,999,997
MUNICIPAL BONDS — 0.1%
California — 0.1%
	1,130,000	City of Tulare Build America Revenue Bonds, OID, (AGM), 8.75%, 11/15/44		1,268,131
	360,000	State of California Build America Bonds GO, 6.65%, 03/01/22		436,835
	175,000	State of California Build America Bonds GO, 7.55%, 04/01/39		234,596
	1,695,000	State of California Build America Bonds GO, 7.63%, 03/01/40		2,280,233
				4,219,795
Michigan — 0.0%
	70,000	City of Detroit GO, OID, 4.50%, 11/01/23		76,834
Total Municipal Bonds (Cost $3,455,540)				4,296,629

Shares			Value
CASH SWEEP — 3.2%
UNITED STATES — 3.2%
	125,734,654	Citibank - US Dollars on Deposit in Custody Account, 0.02%(n)		125,734,654
Total Cash Sweep (Cost $125,734,654)				125,734,654
TOTAL INVESTMENTS — 100.8% (Cost $4,032,654,082)(a)				4,011,486,695
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(31,581,431	)
NET ASSETS — 100.0%			$	3,979,905,264

102

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Contracts				Value
CALL OPTIONS WRITTEN — (1.3)%
	(600	)	3M Co., Strike $70.00, Expires 01/19/13	$	(1,104,000	)
	(500	)	3M Co., Strike $72.50, Expires 07/21/12		(752,500	)
	(100	)	Apple, Inc., Strike $455.00, Expires 01/19/13		(520,000	)
	(8,200	)	Applied Materials, Inc., Strike $10.00, Expires 04/21/12		(1,935,201	)
	(3,000	)	Applied Materials, Inc., Strike $11.00, Expires 04/21/12		(447,000	)
	(7,600	)	AT&T, Inc., Strike $27.50, Expires 01/19/13		(2,014,001	)
	(800	)	Barrick Gold Corp., Strike $45.00, Expires 01/19/13		(672,000	)
	(2,620	)	Carnival Corp., Strike $25.00, Expires 01/19/13		(1,729,200	)
	(910	)	Carnival Corp., Strike $30.00, Expires 01/19/13		(336,700	)
	(1,200	)	Chevron Corp., Strike $95.00, Expires 01/19/13		(1,596,000	)
	(4,000	)	Corning, Inc., Strike $12.00, Expires 05/19/12		(572,000	)
	(2,748	)	Corning, Inc., Strike $12.00, Expires 08/18/12		(480,900	)
	(7,250	)	Dell, Inc., Strike $14.00, Expires 05/19/12		(2,537,501	)
	(750	)	General Dynamics Corp., Strike $62.50, Expires 01/19/13		(757,500	)
	(2,250	)	Hewlett-Packard Co., Strike $23.00, Expires 01/19/13		(1,473,750	)
	(2,250	)	Hewlett-Packard Co., Strike $25.00, Expires 01/19/13		(1,170,000	)
	(2,000	)	Intel Corp., Strike $25.00, Expires 01/19/13		(610,000	)
	(2,000	)	iShares FTSE China 25 Index Fund, Strike $39.00, Expires 01/19/13		(780,000	)
	(1,750	)	iShares FTSE China 25 Index Fund, Strike $40.00, Expires 01/19/13		(603,750	)
	(1,750	)	iShares MSCI Emerging Markets Index Fund, Strike $43.00, Expires 01/19/13		(700,000	)
	(1,000	)	iShares MSCI Emerging Markets Index Fund, Strike $44.00, Expires 01/19/13		(350,000	)
	(1,250	)	iShares MSCI Emerging Markets Index Fund, Strike $45.00, Expires 01/19/13		(373,750	)
	(6,000	)	iShares MSCI Germany Index Fund, Strike $20.00, Expires 01/19/13		(1,920,000	)
	(2,000	)	iShares MSCI Germany Index Fund, Strike $22.00, Expires 01/19/13		(520,000	)
	(1,200	)	Microsoft Corp., Strike $30.00, Expires 01/19/13		(258,000	)
	(2,000	)	Microsoft Corp., Strike $30.00, Expires 07/21/12		(268,000	)

Contracts				Value
	(1,750	)	Microsoft Corp., Strike $32.50, Expires 01/19/13	$	(210,000	)
	(750	)	Mosaic Co. (The), Strike $50.00, Expires 01/19/13		(840,000	)
	(750	)	Mosaic Co. (The), Strike $55.00, Expires 01/19/13		(633,750	)
	(1,234	)	Newmont Mining Corp., Strike $55.00, Expires 01/19/13		(1,240,170	)
	(500	)	Newmont Mining Corp., Strike $62.50, Expires 01/19/13		(305,000	)
	(1,000	)	Newmont Mining Corp., Strike $67.50, Expires 01/19/13		(425,000	)
	(2,950	)	Pfizer, Inc., Strike $20.00, Expires 01/19/13		(669,650	)
	(250	)	SPDR Gold Trust, Strike $165.00, Expires 12/22/12		(431,250	)
	(1,200	)	SPDR Gold Trust, Strike $175.00, Expires 12/22/12		(1,536,000	)
	(300	)	SPDR Gold Trust, Strike $180.00, Expires 01/19/13		(354,000	)
	(500	)	SPDR Gold Trust, Strike $185.00, Expires 03/16/13		(582,500	)
	(585	)	SPDR S&P 500 ETF Trust, Strike $115.00, Expires 09/22/12		(1,145,430	)
	(2,400	)	SPDR S&P 500 ETF Trust, Strike $123.00, Expires 12/22/12		(3,525,601	)
	(400	)	SPDR S&P 500 ETF Trust, Strike $124.00, Expires 12/22/12		(560,800	)
	(500	)	SPDR S&P 500 ETF Trust, Strike $125.00, Expires 01/19/13		(687,500	)
	(3,000	)	SPDR S&P 500 ETF Trust, Strike $125.00, Expires 12/22/12		(4,002,001	)
	(1,000	)	SPDR S&P 500 ETF Trust, Strike $130.00, Expires 09/22/12		(869,000	)
	(1,500	)	SPDR S&P 500 ETF Trust, Strike $130.00, Expires 12/22/12		(1,528,500	)
	(800	)	SPDR S&P 500 ETF Trust, Strike $135.00, Expires 01/19/13		(629,600	)
	(500	)	SPDR S&P 500 ETF Trust, Strike $135.00, Expires 06/16/12		(193,000	)
	(300	)	SPDR S&P 500 ETF Trust, Strike $135.00, Expires 09/22/12		(177,600	)
	(1,000	)	SPDR S&P 500 ETF Trust, Strike $135.00, Expires 12/22/12		(745,000	)
	(500	)	SPDR S&P 500 ETF Trust, Strike $140.00, Expires 01/19/13		(275,500	)
	(1,250	)	Target Corp., Strike $45.00, Expires 01/19/13		(968,750	)
	(3,000	)	Time Warner, Inc., Strike $31.00, Expires 07/21/12		(2,175,001	)
	(2,050	)	United Technologies Corp., Strike $70.00, Expires 01/19/13		(2,439,501	)
	(800	)	United Technologies Corp., Strike $80.00, Expires 01/19/13		(464,000	)

103

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Contracts				Value
	(1,250	)	United Technologies Corp., Strike $82.50, Expires 01/19/13	$	(581,250	)
Total Call Options Written (Premiums received $(50,019,662))					(52,677,107	)
STRUCTURED OPTIONS — (0.5)%
	5,140		CAC 40 Index, One call strike $3,891.43, One written put strike $3,447.81, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(1,921,900	)
	4,942		CAC 40 Index, One call strike $4,047.21, One written put strike $3,757.83, Expires 02/17/12, Broker JPMorgan Chase Bank NA		(2,276,098	)
	2,924		DAXK Index, One call strike $3,420.00, One written put strike $2,958.30, Expires 06/21/13, Broker JPMorgan Chase Bank NA		437,728
	2,884		DAXK Index, One call strike $3,467.01, One written put strike $2,998.96, Expires 06/21/13, Broker JPMorgan Chase Bank NA		324,169
	200,000		SPX/TWSE Index, One call strike $100.00, One written put strike $92.50, Expires 12/21/12, Broker JPMorgan Chase Bank NA		(664,978	)
	200,000		SPX/TWSE Index, One call strike $100.00, One written put strike $93.25, Expires 09/19/12, Broker JPMorgan Chase Bank NA		1,426,093
	5,076		SX5E Index, One call strike $2,954.92, One written put strike $2,751.03, Expires 02/17/12, Broker JPMorgan Chase Bank NA		(1,706,119	)
	3,323		SX5E Index, One call strike $3,008.89, One written put strike $2,708.00, Expires 06/15/12, Broker JPMorgan Chase Bank NA		(1,289,276	)
	6,519		SX5E Index, One call strike $3,068.00, One written put strike $2,860.91, Expires 02/17/12, Broker JPMorgan Chase Bank NA		(2,907,054	)
	64,194		TWSE Index, One call strike $8,567.82, One written put strike $7,059.88, Expires 09/11/12, Broker JPMorgan Chase Bank NA		(808,397	)
Contracts				Value
	2,320		TWSE Index, One call strike $8,619.90, One written put strike $7,033.84, Expires 09/03/12, Broker JPMorgan Chase Bank NA	$	(873,301	)
	4,591		TWSE Index, One call strike $8,712.95, One written put strike $7,602.05, Expires 12/19/12, Broker JPMorgan Chase Bank NA		(3,372,740	)
	3,429		TWSE Index, One call strike $8,749.55, One written put strike $7,240.25, Expires 09/18/13, Broker JPMorgan Chase Bank NA		(1,980,009	)
	65,156		TWSE Index, One call strike $8,901.72, One written put strike $7,081.32, Expires 10/08/12, Broker JPMorgan Chase Bank NA		(958,875	)
	48,394		TWSE Index, One call strike $8,957.65, One written put strike $7,121.33, Expires 10/22/12, Broker JPMorgan Chase Bank NA		(767,199	)
	31,722		TWSE Index, One call strike $9,041.74, One written put strike $7,375.35, Expires 12/21/12, Broker JPMorgan Chase Bank NA		(702,730	)
Total Structured Options					(18,040,686	)

FUTURES CONTRACTS: SHORT POSITION

Contracts			Unrealized Appreciation/ (Depreciation)
	2,995	MSCI Taiwan Stock Index, February 2012	$	133,830
	823	Euro STOXX 50, March 2012		(3,823,657)
	595	CAC40, March 2012		(1,768,088)
		Net unrealized depreciation	$	(5,457,915)

	Unrealized Appreciation
SWAP AGREEMENTS (PURCHASED)
Equity swap with Barclays Bank Plc paying an amount if the Chicago Board Options Exchange (CBOE) S&P 500 Volatility Index is over the reference strategy level of each valuation date and receiving an amount if the CBOE S&P 500 Volatility Index is under the reference strategy level of each valuation date, expiring 01/04/16 (Underlying notional amount $10,000,000)(c)	$	184,431

104

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	Unrealized Appreciation
Equity swap with Barclays Bank Plc paying an amount if the Chicago Board Options Exchange (CBOE) S&P 500 Volatility Index is over the reference strategy level of each valuation date and receiving an amount if the CBOE S&P 500 Volatility Index is under the reference strategy level of each valuation date, expiring 04/01/16 (Underlying notional amount $10,000,000)(c)	$	192,470
	$	376,901
	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
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 $50,000)(c)	$	(1,406,225	)
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 $50,000)(c)		(1,388,148	)
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 $50,000)(c)		(1,018,434	)
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 $50,000)(c)		(1,265,587	)
	Unrealized Appreciation/ (Depreciation)
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 32.40 and receiving variance of the S&P 500 Index under the target volatility of 32.40, expiring 12/18/15 (Underlying notional amount $250,000)	$	541,797
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 32.60 and receiving variance of the S&P 500 Index under the target volatility of 32.60, expiring 12/18/15 (Underlying notional amount $250,000)		1,044,869
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 32.90 and receiving variance of the S&P 500 Index under the target volatility of 32.90, expiring 12/18/15 (Underlying notional amount $250,000)		1,088,700
Equity swap with Barclays Bank Plc paying variance of the S&P 500 Index over the target volatility of 33.90 and receiving variance of the S&P 500 Index under the target volatility of 33.90, expiring 12/18/15 (Underlying notional amount $250,000)		1,303,124
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 12/18/15 (Underlying notional amount $200,000)		1,055,101
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 $250,000)		1,751,968
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 $100,000)(c).		(1,391,527	)

105

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	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 $50,000)(c)	$	(810,760	)
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 JPY 4,625,000)(c)		(1,299,763	)
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 Euro 100,000)(c)		(6,635,128	)
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 28.70 and receiving variance of the S&P 500 Index under the target volatility of 28.70, expiring 12/18/15 (Underlying notional amount $250,000)		65,838
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 31.30 and receiving variance of the S&P 500 Index under the target volatility of 31.30, expiring 12/18/15 (Underlying notional amount $500,000)		1,484,970
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 31.55 and receiving variance of the S&P 500 Index under the target volatility of 31.55, expiring 12/18/15 (Underlying notional amount $250,000)		795,558
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 32.30 and receiving variance of the S&P 500 Index under the target volatility of 32.30, expiring 12/18/15 (Underlying notional amount $270,000)		675,337
	Unrealized Appreciation/ (Depreciation)
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 32.55 and receiving variance of the S&P 500 Index under the target volatility of 32.55, expiring 12/18/15 (Underlying notional amount $500,000)	$	2,250,840
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.00 and receiving variance of the S&P 500 Index under the target volatility of 33.00, expiring 12/18/15 (Underlying notional amount $250,000)		750,728
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/18/15 (Underlying notional amount $500,000)		2,344,833
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05, expiring 12/20/19 (Underlying notional amount $500,000)		813,849
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.30 and receiving variance of the S&P 500 Index under the target volatility of 33.30, expiring 12/18/15 (Underlying notional amount $250,000)		1,239,736
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.30 and receiving variance of the S&P 500 Index under the target volatility of 33.30, expiring 12/18/15 (Underlying notional amount $250,000)		1,226,498
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 33.80 and receiving variance of the S&P 500 Index under the target volatility of 33.80, expiring 12/18/15 (Underlying notional amount $250,000)		1,326,823

106

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Equity swap with JPMorgan Chase Bank 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 12/18/15 (Underlying notional amount $250,000)	$	1,013,765
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 34.05 and receiving variance of the S&P 500 Index under the target volatility of 34.05, expiring 12/18/15 (Underlying notional amount $250,000)		1,383,040
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 34.30 and receiving variance of the S&P 500 Index under the target volatility of 34.30, expiring 12/18/15 (Underlying notional amount $250,000)		1,476,999
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 35.20 and receiving variance of the S&P 500 Index under the target volatility of 35.20, expiring 12/18/15 (Underlying notional amount $200,000)		995,578
Equity swap with JPMorgan Chase Bank paying variance of the S&P 500 Index over the target volatility of 35.30 and receiving variance of the S&P 500 Index under the target volatility of 35.30, expiring 12/18/15 (Underlying notional amount $100,000)		670,375
Equity swap with JPMorgan Chase Bank 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 $100,000)		530,650
	$	10,615,404

At January 31, 2012, the Global Opportunities Fund held investments in restricted securities amounting to $6,390,000 or 0.16% of net assets, as follows:

Acquisition Cost		Issuer	Acquisition Date		01/31/12 Carrying Value Per Unit
$	750,000	Integra LifeSciences Holdings Corp., Cnv., 06/01/12(f)		05/01/09	$	99.00
$	12,125,000	ShengdaTech, Inc., Cnv.(b)(c)(d)(f)(h)		01/19/11	$	45.00

(a) Cost for federal income tax purposes is $4,033,888,987 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	186,948,374
Unrealized depreciation		(209,350,666	)
Net unrealized depreciation	$	(22,402,292	)

(b)	Non-income producing security.
(c)	This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $210,329,517 or 5.28% of net assets.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $7,904,914, which is 0.20% of net assets.
(e)	Variable rate security. Rate shown is the rate as of January 31, 2012.
(f)	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 aggregate value is $473,158,122, which is 11.89% of net assets.
(g)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(h)	Issuer filed for bankruptcy and/or is in default of interest payments.
(i)	Principal amount denoted in Singapore Dollars.
(j)	Zero coupon bond. The rate represents the yield at time of purchase.
(k)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(l)	Principal amount denoted in Euros.
(m)	The rate represents the annualized yield at time of purchase.
(n)	Rate shown represents current yield at January 31, 2012.

ADR — American Depositary Receipt

AGM — Assured Guaranty Municipal Corp.

Cnv. — Convertible

FOR — Foreign Ownership Restrictions

GO — General Obligations

JPY — Japanese Yen

OID — Original Issue Discount

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

107

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	1.5	%
Banks	0.5	%
Collateralized Mortgage Obligations	13.0	%
Consumer Discretionary	13.3	%
Consumer Staples	4.0	%
Diversified Financials	1.2	%
Energy	6.4	%
Government Bonds	11.1	%
Health Care	6.0	%
Industrials	8.2	%
Information Technology	7.1	%
Insurance	0.9	%
Materials	4.1	%
Municipal Bonds	0.1	%
Real Estate	1.0	%
Telecommunication Services	6.2	%
U.S. Government and Agency Securities	3.3	%
Utilities	3.1	%
Other*	9.0	%
	100.0	%

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

108

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments	January 31, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 38.9%
ARGENTINA — 1.5%
Energy — 1.5%
	1,000,000	YPF SA - ADR	$	35,000,000
CANADA — 5.9%
Materials — 5.9%
	5,000,000	Harry Winston Diamond Corp.(b)(c)		58,496,828
	7,000,000	Kinross Gold Corp.		79,030,000
				137,526,828
FRANCE — 3.3%
Energy — 2.1%
	950,000	Total SA - ADR		50,321,500
Utilities — 1.2%
	1,000,000	GDF Suez		27,141,923
				77,463,423
RUSSIA — 2.1%
Energy — 2.1%
	4,000,000	Gazprom OAO - ADR(b)		48,200,000
SWITZERLAND — 2.0%
Energy — 2.0%
	1,000,000	Transocean Ltd.		47,300,000
THAILAND — 2.4%
Energy — 2.4%
	3,000,000	Banpu Public Co. Ltd. - NVDR(b)		57,235,247
UNITED STATES — 21.7%
Energy — 1.9%
	800,000	Baker Hughes, Inc.		39,304,000
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)(e)		0
	138,500	Plains Exploration & Production Co.(c)		5,224,220
	122,384	Vertex Energy, Inc.(b)(c)		281,483
				44,809,703
Industrials — 3.9%
	15,000,000	Boart Longyear Ltd.(b)		56,055,120
	400,000	Deere & Co.		34,460,000
				90,515,120
Materials — 15.9%
	966,000	Monsanto Co.		79,260,300
	2,000,000	Mosaic Co. (The)		111,940,000
	1,200,000	Newmont Mining Corp.		73,776,000
	4,000,000	Steel Dynamics, Inc.		63,800,000
	600,000	Walter Energy, Inc.		41,478,000
				370,254,300
				505,579,123
Total Common Stocks (Cost $978,383,618)				908,304,621
Shares			Value
PREFERRED STOCKS — 0.0%
Energy — 0.0%
	418,619	Vertex Energy, Inc., Series A, Cnv.(b)(c)(d)	$	0
Total Preferred Stocks (Cost $3,482,025)				0
Number of Coins
COLLECTIBLE COINS — 2.0%
UNITED STATES — 2.0%
	189	Various Collectible Coins and Sets of Coins(b)		47,739,926
Total Collectible Coins (Cost $46,692,896)				47,739,926
Fine Troy Ounces
COMMODITIES — 6.7%
UNITED STATES — 6.7%
	60,175	Gold Bullion		104,610,417
	31,936	Platinum		50,738,249
Total Commodities (Cost $101,702,619)				155,348,666
Contracts			Value
CALL OPTIONS PURCHASED — 0.1%
Commodities — 0.1%
	2,500	Chicago Board of Trade Soybean Futures, Strike $1,360.00, Expiring 02/24/12		187,500
	500	Chicago Board of Trade Soybean Futures, Strike $1,360.00, Expiring 02/24/12		37,500
	2,000	Chicago Board of Trade Soybean Futures, Strike $1,480.00, Expiring 02/24/12		25,000
	1,000	Chicago Board of Trade Soybean Futures, Strike $1,480.00, Expiring 02/24/12		12,500
	7,000	New York Mercantile Exchange Natural Gas Futures, Strike $4.50, Expiring 02/24/12		69,993
	3,000	New York Mercantile Exchange Natural Gas Futures, Strike $4.50, Expiring 02/24/12		29,997
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 03/25/13		56,400
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 04/25/13		65,400
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 05/28/13		95,400

109

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Contracts				Value
Commodities (continued)
	600		New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 06/25/13	$	95,400
	600		New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 07/26/13(b)		115,800
	600		New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 08/27/13(b)		141,000
	600		New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 09/25/13		171,600
Total Call Options Purchased (Cost $33,510,644)					1,103,490
PUT OPTIONS PURCHASED — 0.8%
Commodities — 0.8%
	4,400		New York Mercantile Exchange Brent Crude Oil Futures, Strike $85.00, Expiring 11/12/12.		19,008,000
Total Put Options Purchased (Cost $35,296,100)					19,008,000
Principal
Amount				Value
ASSET-BACKED SECURITIES — 5.2%
UNITED STATES — 5.2%
	9,450,000		SLM Student Loan Trust, Series 2002-7, Class A10, 2.78%, 03/15/28(f)		9,308,250
	23,750,000		SLM Student Loan Trust, Series 2002-7, Class A11, 1.80%, 03/15/28(f)		23,393,750
	2,650,000		SLM Student Loan Trust, Series 2002-7, Class A6, 1.78%, 03/15/28(f)		2,610,250
	9,950,000		SLM Student Loan Trust, Series 2002-7, Class A7, 2.78%, 03/15/28(f)		9,800,750
	11,650,000		SLM Student Loan Trust, Series 2002-7, Class A8, 1.80%, 03/15/28(f)		11,475,250
	5,800,000		SLM Student Loan Trust, Series 2002-7, Class A9, 1.80%, 03/15/28(f)		5,713,000
	3,350,000		SLM Student Loan Trust, Series 2003-2, Class A6, 1.79%, 09/15/28(f)		3,249,500
	21,850,000		SLM Student Loan Trust, Series 2003-2, Class A7, 1.78%, 09/15/28(f)		21,194,500
	9,000,000		SLM Student Loan Trust, Series 2003-2, Class A8, 1.80%, 09/15/28(f)		8,730,000
Principal
Amount				Value
UNITED STATES (continued)
	21,550,000		SLM Student Loan Trust, Series 2003-2, Class A9, 1.79%, 09/15/28(f)	$	20,903,500
	4,000,000		SLM Student Loan Trust, Series 2003-5, Class A9, 1.78%, 06/17/30(f)		3,780,000
Total Asset-Backed Securities (Cost $118,658,695)					120,158,750
CORPORATE BONDS — 0.1%
UNITED STATES — 0.1%
Diversified Financials — 0.1%
	1,015,000		General Electric Capital Corp., 0.57%, 12/21/12(f)		1,018,791
	2,248,000		JPMorgan Chase & Co., 0.82%, 12/26/12(f)		2,260,629
Total Corporate Bonds (Cost $3,269,796)					3,279,420
GOVERNMENT BONDS — 7.2%
AUSTRALIA — 7.2%
	64,000,000	(g)	Australia Government Bond, 5.99%, 08/20/20.		127,359,950
	32,000,000	(g)	New South Wales Treasury Corp., 4.01%, 11/20/20		41,373,095
Total Government Bonds (Cost $146,500,183)					168,733,045
U.S. GOVERNMENT AGENCIES — 23.8%
Fannie Mae — 1.5%
	10,995,000		0.03%, 02/16/12(h)		10,994,885
	10,000,000		0.02%, 02/29/12(h)		9,999,844
	15,000,000		0.02%, 03/21/12(h)		14,999,592
					35,994,321
Federal Home Loan Bank — 22.3%
	63,000,000		0.01%, 02/01/12(h)		63,000,000
	115,000,000		0.01%, 02/01/12(h)		114,999,999
	25,000,000		0.02%, 02/08/12(h)		24,999,888
	16,400,000		0.03%, 02/08/12(h)		16,399,914
	14,000,000		0.03%, 02/10/12(h)		13,999,920
	3,900,000		0.03%, 02/10/12(h)		3,899,971
	13,000,000		0.02%, 02/15/12(h)		12,999,899
	14,000,000		0.03%, 02/17/12(h)		13,999,813
	17,000,000		0.03%, 02/17/12(h)		16,999,773
	30,000,000		0.03%, 02/24/12(h)		29,999,425
	30,000,000		0.05%, 02/24/12(h)		29,999,042
	6,300,000		0.01%, 03/02/12(h)		6,299,948
	25,000,000		0.02%, 03/02/12(h)		24,999,688
	10,000,000		0.01%, 03/07/12(h)		9,999,903
	5,000,000		0.02%, 03/07/12(h)		4,999,927
	20,000,000		0.02%, 03/21/12(h)		19,999,401

110

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount				Value
Federal Home Loan Bank (continued)
	112,000,000		0.02%, 03/23/12(h)	$	111,996,827
					519,593,338
Total U.S. Government Agencies (Cost $555,587,659)					555,587,659
U.S. GOVERNMENT SECURITIES — 16.3%
U.S. Treasury Bills — 7.0%
	54,000,000		0.02%, 02/02/12(h)		53,999,972
	100,000		0.05%, 02/02/12(h)		100,000
	40,000,000		0.03%, 02/09/12(h)		39,999,738
	30,000,000		0.04%, 02/16/12(h)		29,999,487
	40,000,000		0.01%, 02/23/12(h)		39,999,756
					164,098,953
U.S. Treasury Notes — 9.3%
	101,875,000		2.13%, 01/15/19(i)		130,034,539
	72,200,000		1.25%, 07/15/20(i)		86,741,378
					216,775,917
Total U.S. Government Securities (Cost $352,996,820)					380,874,870
Shares
CASH SWEEP — 0.5%
	11,963,477		Citibank - US Dollars on Deposit in Custody Account, 0.02%(j)		11,963,477
Total Cash Sweep (Cost $11,963,477)					11,963,477
TOTAL INVESTMENTS — 101.6% (Cost $2,388,044,532)(a)					2,372,101,924
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.6)%					(37,148,952	)
NET ASSETS — 100.0%				$	2,334,952,972
Contracts				Value
PUT OPTIONS WRITTEN — (2.0)%
Commodities — (2.0)%
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 03/25/13		(1,849,200	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 03/25/13		(4,954,801	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 04/25/13		(1,827,800	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 04/25/13		(4,898,001	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 05/28/13		(1,829,400	)
Contracts				Value
Commodities (continued)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 05/28/13	$	(4,876,001	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 06/25/13		(1,764,600	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 06/25/13		(4,731,600	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 07/26/13		(1,767,600	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 07/26/13		(4,724,000	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 08/27/13		(1,798,200	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 08/27/13		(4,777,201	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 09/25/13		(1,774,600	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 09/25/13		(4,709,200	)
Total Put Options Written (Premiums received $(11,837,000))					(46,282,204	)
FUTURES CONTRACTS:
SHORT POSITIONS
Contracts				Unrealized Appreciation/ (Depreciation)
	400		New York Mercantile Exchange Heating Oil, March 2012	$	(319,620	)
	800		London Metal Exchange Copper, December 2012		13,832,500
	3,472		New York Mercantile Exchange WTI Crude Oil, December 2012		398,240
			Net unrealized appreciation	$	13,911,120
FUTURES CONTRACTS:
LONG POSITIONS
Contracts				Unrealized Appreciation/ (Depreciation)
	2,000		New York Mercantile Exchange Natural Gas, March 2012	$	(14,938,550	)
	3,400		New York Mercantile Exchange Natural Gas, October 2012		3,027,183
	800		London Metal Exchange Copper, December 2012		(19,780,000	)
	1,000		New York Mercantile Exchange Natural Gas, January 2013		1,509,620

111

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

FUTURES CONTRACTS: LONG POSITIONS (Concluded)
Contracts			Unrealized Appreciation/ (Depreciation)
	1,000	New York Mercantile Exchange Natural Gas, February 2013	$	1,531,690
	1,000	New York Mercantile Exchange Natural Gas, March 2013		1,687,870
	3,472	New York Mercantile Exchange WTI Crude Oil, December 2013		1,280,560
		Net unrealized depreciation	$	(25,681,627	)
			Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (PURCHASED)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 01/31/14 (Underlying notional amount $1,053,500)(b)			$	(109,712	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/28/14 (Underlying notional amount $1,053,500)(b)				(109,655	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/14 (Underlying notional amount $1,053,500)(b)				(109,591	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/14 (Underlying notional amount $1,053,500)(b)				(109,528	)
			Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/14 (Underlying notional amount $1,053,500)(b)			$	(109,462	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/14 (Underlying notional amount $1,053,500)(b)				(109,396	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 07/31/14 (Underlying notional amount $1,053,500)(b)				(109,327	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 08/31/14 (Underlying notional amount $1,053,500)(b)				(109,258	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 09/30/14 (Underlying notional amount $1,053,500)(b)				(109,189	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 10/31/14 (Underlying notional amount $1,053,500)(b)				(109,117	)

112

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/14 (Underlying notional amount $1,053,500)(b)	$	(109,046	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/14 (Underlying notional amount $1,053,500)(b)		(108,971	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Soybean Index, paying a fixed amount per bushel and receiving the closing settlement price of CBOT November 2012 Soybean Futures contracts on the termination date, expiring 10/26/12 (Underlying notional amount $39,893,306)		1,616,180
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Soybean Oil Index, paying a fixed amount per pound and receiving the closing settlement price of CBOT March 2012 Soybean Oil Futures contracts on the termination date, expiring 02/27/12 (Underlying notional amount $29,894,280)		627,600
Commodity Index Swap Agreement with Cargill, Inc. based on the European Climate Exchange (ECX) European Union Allowances Futures (EUA) paying a fixed amount per Metric Ton and receiving the closing settlement price of ECX December 2013 EUA Futures contracts on the termination date, expiring 12/16/13 (Underlying notional amount Euro 27,992,970)		2,791,567
	$	3,723,095
	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/29/12 (Underlying notional amount $891,500)(b)	$	439,909
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/12 (Underlying notional amount $891,500)(b)		289,813
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/12 (Underlying notional amount $891,500)(b)		170,612
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/12 (Underlying notional amount $891,500)(b)		170,485
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/12 (Underlying notional amount $891,500)(b)		170,345

113

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 07/31/12 (Underlying notional amount $891,500)(b)	$	120,515
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 08/31/12 (Underlying notional amount $891,500)(b)		120,469
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 09/30/12 (Underlying notional amount $891,500)(b)		120,434
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 10/31/12 (Underlying notional amount $891,500)(b)		(10,729	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/12 (Underlying notional amount $891,500)(b)		(10,727	)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) paying a fixed amount per day and receiving the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/12 (Underlying notional amount $891,500)(b)		(10,727	)
	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Live Cattle Index, receiving a fixed amount per pound and paying the closing settlement price of CME April 2012 Live Cattle Futures contracts on the termination date, expiring 04/05/12 (Underlying notional amount $60,878,494)	$	(837,194	)
	$	733,205

At January 31, 2012, the Real Return Fund held investments in restricted securities with a cost of $19,527,013 and aggregate value of $0, as follows:

Acquisition Cost	Issuer	Acquisition Date	01/31/12 Carrying Value Per Unit
$19,527,013	Brazil Ethanol, Inc.(b)(c)(d)(e)	03/15/07	$—

(a) Cost for federal income tax purposes is $2,388,044,532 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	160,220,200
Unrealized depreciation		(176,162,808	)
Net unrealized depreciation	$	(15,942,608	)

(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $176,573,812 or 7.56% of net assets.
(c)	Non-income producing security.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The cost of fair valued securities is $23,009,039 and the aggregate value is zero.
(e)	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.
(f)	Variable rate security. Rate shown is the rate as of January 31, 2012.
(g)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(h)	The rate represents the annualized yield at time of purchase.
(i)	Inflation protected security. Principal amount reflects original security face amount.
(j)	Rate shown represents current yield at January 31, 2012.
ADR — American Depositary Receipt
Cnv. — Convertible
NVDR — Non-Voting Depositary Receipt

114

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Portfolio diversification by Sector (Unaudited)
	Percentage
Sector	of Net Assets
Asset-Backed Securities	5.2	%
Collectible Coins	2.0	%
Commodities	6.7	%
Diversified Financials	0.1	%
Energy	12.0	%
Government Bonds	7.2	%
Industrials	3.9	%
Materials	21.8	%
U.S. Government and Agency Securities	40.1	%
Utilities	1.2	%
Other*	(0.2	)%
	100.0	%

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

115

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	January 31, 2012
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 37.7%
Banks — 9.2%
$	3,800,000	Bank of America Corp., 4.50%, 04/01/15	$	3,855,936
	65,000	Bank of America Corp., 3.63%, 03/17/16		63,690
	3,000,000	Bank of Montreal, 2.63%, 01/25/16(b)		3,160,371
	540,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14		581,011
	1,000,000	Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)		1,047,736
	9,000	Citigroup, Inc., 5.13%, 05/05/14		9,450
	1,600,000	Citigroup, Inc., 4.59%, 12/15/15		1,680,174
	5,000,000	Commonwealth Bank of Australia, 2.70%, 11/25/14(b)		5,253,660
	5,000,000	Commonwealth Bank of Australia, 3.25%, 03/17/16(b)		5,080,865
	2,340,000	Credit Suisse New York, 3.50%, 03/23/15		2,392,519
	1,175,000	Deutsche Bank AG, 3.45%, 03/30/15		1,208,742
	50,000	Deutsche Bank AG, 3.25%, 01/11/16		51,491
	1,045,000	European Investment Bank, 1.25%, 02/14/14		1,049,877
	7,180,000	JPMorgan Chase & Co., 3.70%, 01/20/15		7,561,768
	1,235,000	JPMorgan Chase & Co., 3.40%, 06/24/15		1,289,423
	5,000,000	Standard Chartered Plc, 3.85%, 04/27/15(b)		5,169,200
	3,000,000	Westpac Banking Corp., 2.90%, 09/10/14(b)		3,142,437
				42,598,350
Banks-Netherlands — 1.3%
	6,000,000	ING Bank NV, 2.63%, 02/09/12(b)		5,999,866
Banks-United Kingdom — 0.1%
	500,000	Bank of England, 1.38%, 03/07/14(b)		508,179
Consumer Discretionary — 0.5%
	1,000,000	Cornell University, 4.35%, 02/01/14		1,070,930
	200,000	Dartmouth College, 4.75%, 06/01/19		233,451
Principal Amount			Value
Consumer Discretionary (continued)
$	1,000,000	Snap-On, Inc., 5.85%, 03/01/14	$	1,081,184
				2,385,565
Consumer Staples — 2.1%
	1,050,000	Coca-Cola Co. (The), 1.50%, 11/15/15		1,075,432
	500,000	Coca-Cola Co. (The), 1.80%, 09/01/16		514,653
	1,995,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		2,162,488
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,593,924
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,014,549
	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14		616,614
	2,500,000	Wal-Mart Stores, Inc., 1.50%, 10/25/15		2,568,978
				9,546,638
Diversified Financials — 10.0%
	40,000	American Express Credit Corp., 5.13%, 08/25/14		43,504
	3,145,000	American Express Credit Corp., Series C, 7.30%, 08/20/13		3,423,980
	1,000,000	American Honda Finance Corp., 2.50%, 09/21/15(b)		1,029,918
	8,000	Bear Stearns Cos. LLC (The), 5.70%, 11/15/14		8,816
	2,000,000	Caterpillar Financial Services Corp., 2.00%, 04/05/13		2,033,856
	40,000	Credit Suisse USA, Inc., 5.13%, 01/15/14		42,065
	3,000,000	Daimler Finance North America LLC, 2.63%, 09/15/16(b)		3,014,775
	2,672,000	Eksportfinans A/S, 5.00%, 02/14/12		2,672,504
	1,455,000	Eksportfinans A/S, 3.00%, 11/17/14		1,359,238
	2,205,000	Eksportfinans A/S, 2.00%, 09/15/15		1,938,502
	100,000	Eksportfinans A/S, 2.38%, 05/25/16		86,091
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		498,796
	3,000,000	FIH Erhvervsbank A/S, 2.45%, 08/17/12(b)		3,028,785
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		2,148,932

116

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Diversified Financials (continued)
$	1,500,000	Ford Credit Auto Owner Trust, 4.21%, 04/15/16(b)	$	1,540,374
	950,000	General Electric Capital Corp, 3.50%, 06/29/15		1,009,649
	4,745,000	General Electric Capital Corp, 2.90%, 01/09/17		4,892,712
	1,250,000	General Electric Capital Corp., 2.80%, 01/08/13		1,275,050
	425,000	General Electric Capital Corp., 1.88%, 09/16/13		430,346
	3,165,000	General Electric Capital Corp., 2.10%, 01/07/14		3,222,214
	10,000	General Electric Capital Corp., 5.38%, 10/20/16		11,361
	990,000	General Electric Capital Corp., Series A, 3.75%, 11/14/14		1,052,683
	10,000	Goldman Sachs Group, Inc. (The), 5.50%, 11/15/14		10,657
	3,000,000	Goldman Sachs Group, Inc. (The), 3.63%, 02/07/16		2,988,243
	2,000,000	Iberdrola Finance Ireland Ltd., 3.80%, 09/11/14(b)		2,008,868
	2,555,000	PNC Funding Corp., 3.00%, 05/19/14		2,655,854
	50,000	PNC Funding Corp., 3.63%, 02/08/15		53,290
	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)		1,032,800
	1,775,000	Toyota Motor Credit Corp., 2.80%, 01/11/16		1,862,161
	1,000,000	USAA Capital Corp., 1.05%, 09/30/14(b)		995,380
				46,371,404
Energy — 1.7%
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,919,739
	1,000,000	Schlumberger Norge AS, 1.95%, 09/14/16(b)		1,016,350
	4,365,000	Shell International Finance BV, 4.00%, 03/21/14		4,684,025
	90,000	Shell International Finance BV, 3.10%, 06/28/15		97,035
				7,717,149
Health Care — 4.4%
	820,000	Celgene Corp., 2.45%, 10/15/15		836,973
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		624,749
Principal Amount			Value
Health Care (continued)
$	3,035,000	Johnson & Johnson, 2.15%, 05/15/16	$	3,192,598
	500,000	McKesson Corp., 6.50%, 02/15/14		552,026
	500,000	Medco Health Solutions, Inc., 2.75%, 09/15/15		508,665
	29,000	Medtronic, Inc., 3.00%, 03/15/15		30,915
	1,570,000	Novartis Capital Corp., 4.13%, 02/10/14		1,682,268
	2,705,000	Pfizer, Inc., 5.35%, 03/15/15		3,083,256
	4,570,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		4,967,773
	2,000,000	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12		2,022,620
	500,000	Thermo Fisher Scientific, Inc., 3.25%, 11/20/14		529,556
	2,008,000	Wyeth, 5.50%, 02/01/14		2,209,200
				20,240,599
Industrials — 0.7%
	500,000	Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(b)		501,282
	950,000	Tyco Electronics Group SA, 5.00%, 02/03/22		947,853
	1,801,000	Tyco International Finance SA, 3.38%, 10/15/15		1,895,580
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		85,315
				3,430,030
Information Technology — 1.5%
	3,165,000	Cisco Systems, Inc., 1.63%, 03/14/14		3,235,124
	2,140,000	Fiserv, Inc., 3.13%, 06/15/16		2,198,450
	930,000	International Business Machines Corp., 2.10%, 05/06/13		948,414
	600,000	International Business Machines Corp., 1.95%, 07/22/16		620,560
	25,000	Texas Instruments, Inc., 2.38%, 05/16/16		26,212
				7,028,760
Insurance — 2.8%
	500,000	Berkshire Hathaway Finance Corp., 4.50%, 01/15/13		519,641

117

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Insurance (continued)
$	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13	$	1,495,460
	815,000	Berkshire Hathaway Inc, 1.90%, 01/31/17		827,824
	3,905,000	Berkshire Hathaway, Inc., 3.20%, 02/11/15		4,173,633
	5,800,000	New York Life Global Funding, 4.65%, 05/09/13(b)		6,070,309
				13,086,867
Materials — 1.8%
	630,000	Airgas, Inc., 2.85%, 10/01/13		641,611
	630,000	Airgas, Inc., 4.50%, 09/15/14		666,669
	1,500,000	Anglo American Capital Plc, 2.15%, 09/27/13(b)		1,505,342
	1,250,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,408,600
	2,710,000	Dow Chemical Co. (The), 2.50%, 02/15/16		2,766,371
	1,000,000	International Paper Co., 9.38%, 05/15/19		1,320,686
				8,309,279
Telecommunication Services — 0.7%
	3,000,000	America Movil Sab de CV, 2.38%, 09/08/16		3,038,447
Utilities — 0.9%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,786,976
	2,475,000	NextEra Energy Capital Holdings, Inc., 2.60%, 09/01/15		2,526,178
				4,313,154
Total Corporate Bonds (Cost $168,144,155)				174,574,287
MUNICIPAL BONDS — 6.8%
California — 1.1%
	3,850,000	Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM) 6.93%, 05/15/17		4,834,946
Connecticut — 0.2%
	1,000,000	State of Connecticut Taxable GO, Series A, 3.59%, 03/01/12		1,000,000

Principal Amount			Value
District Of Columbia — 0.5%
$	1,000,000	District of Columbia Build America Bonds GO 3.64%, 06/01/15	$	1,067,250
	1,310,000	District of Columbia Build America Bonds GO 4.16%, 06/01/16		1,428,411
				2,495,661
Georgia — 0.7%
	3,085,000	State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17		3,282,749
Maine — 0.1%
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		486,790
Maryland — 0.0%
	110,000	State of Maryland Recreational Facility Improvements COP, Series A 2.92%, 09/01/15		115,653
Michigan — 0.2%
	1,095,000	University of Michigan University and College Improvement Build America Revenue Bonds 1.75%, 04/01/15		1,118,214
Minnesota — 0.2%
	40,000	Duluth Independent School District No 709 Build America Bonds COP (School District Credit) 3.50%, 02/01/15		42,551
	605,000	Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 4.00%, 02/01/16		654,132
				696,683
New Jersey — 1.8%
	1,500,000	County of Monmouth Build America Bonds GO 3.75%, 11/01/16		1,645,980
	1,000,000	Morris County Improvement Authority Renewable Energy Revenue Bonds 1.90%, 06/15/15		1,004,160
	100,000	Morris County Improvement Authority Renewable Energy Revenue Bonds 2.27%, 06/15/16		100,971

118

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	2,050,000	New Jersey Economic Development Authority Refunding Revenue Bonds 3.50%, 06/15/15	$	2,143,460
	1,500,000	New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation) 3.10%, 09/01/13		1,524,120
	1,515,000	New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation) 3.61%, 09/01/14		1,564,071
	140,000	New Jersey Economic Development Authority School Improvement Revenue Bonds, Series FF 3.17%, 09/01/14		143,913
				8,126,675
New York — 0.9%
	2,520,000	Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds 4.28%, 11/15/16		2,746,523
	80,000	New York State Dormitory Authority University & College Improvememts Revenue Bonds, Series G 2.83%, 03/15/16		85,026
	360,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		375,293
	1,075,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 (AGM) 4.65%, 12/15/13		1,154,400
				4,361,242
North Carolina — 0.0%
	100,000	County of Forsyth Property Improvement GO, Series B, OID 4.25%, 03/01/13		104,357
Ohio — 0.7%
	2,115,000	Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16		2,281,387
Principal Amount			Value
Ohio (continued)
$	755,000	Ohio State Taxable Advanced Energy Revenue Bonds 4.45%, 04/01/16	$	823,161
				3,104,548
Oregon — 0.1%
	500,000	State of Oregon Public Improvements GO, Series B 2.22%, 08/01/13		508,539
Pennsylvania — 0.0%
	175,000	Owen J Roberts School District Refunding GO (AGM, State Aid Withholding) 5.50%, 08/15/19		179,941
South Carolina — 0.3%
	1,050,000	State of South Carolina Refunding GO, Series A 5.00%, 06/01/17		1,281,399
Total Municipal Bonds (Cost $30,487,838)				31,697,397
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6%
	2,800,000	Freddie Mac Mortgage-Linked Amortizing Notes, 2.06%, 01/15/22		2,833,696
Total Collateralized Mortgage Obligations (Cost $2,799,999)				2,833,696
U.S. GOVERNMENT AGENCIES — 22.3%
Fannie Mae — 1.1%
	550,000	5.00%, 08/02/12		563,483
	3,750,000	5.00%, 03/02/15		4,252,125
	200,000	1.63%, 10/26/15		207,044
	85,000	2.25%, 03/15/16		89,590
	5,538	7.50%, 08/01/25		6,517
				5,118,759
Federal Farm Credit Bank — 1.2%
	400,000	4.50%, 10/17/12		412,098
	1,000,000	1.88%, 12/07/12		1,013,874
	500,000	1.75%, 02/21/13		507,417
	3,300,000	2.63%, 04/17/14		3,463,637
	105,000	3.00%, 09/22/14		112,052
	90,000	4.88%, 12/16/15		104,022
				5,613,100
Federal Home Loan Bank — 9.6%
	335,000	4.63%, 08/15/12		343,046
	990,000	4.50%, 09/14/12		1,016,024
	660,000	5.00%, 09/14/12		679,265

119

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Federal Home Loan Bank (continued)
$	145,000	4.88%, 12/14/12	$	150,820
	788,745	5.27%, 12/28/12		815,706
	50,000	3.50%, 03/08/13		51,806
	1,400,000	3.88%, 03/08/13		1,456,357
	955,000	5.00%, 03/08/13		1,005,270
	150,000	1.00%, 03/27/13		151,327
	2,000,000	3.75%, 06/14/13		2,092,720
	765,000	4.25%, 06/14/13		806,336
	75,000	5.38%, 06/14/13		80,205
	1,500,000	1.88%, 06/21/13		1,532,957
	500,000	4.38%, 09/13/13		532,463
	2,690,000	5.25%, 09/13/13		2,901,192
	210,000	5.50%, 12/11/13		229,947
	7,695,000	3.13%, 12/13/13		8,088,376
	500,000	4.00%, 12/13/13		528,585
	2,065,000	4.88%, 12/13/13		2,236,509
	800,000	4.88%, 06/13/14		882,653
	7,825,000	5.38%, 06/13/14		8,733,287
	825,000	3.25%, 09/12/14		884,841
	870,000	5.25%, 09/12/14		976,567
	5,220,000	4.75%, 11/14/14		5,834,070
	895,000	2.75%, 12/12/14		951,131
	200,000	4.50%, 02/18/15		222,944
	275,000	2.75%, 03/13/15		293,379
	140,000	3.50%, 03/13/15		152,594
	500,000	4.88%, 06/12/15		569,679
	65,000	5.00%, 12/11/15		75,450
	150,000	5.00%, 12/21/15		173,769
	100,000	3.50%, 12/09/16		111,116
				44,560,391
Freddie Mac — 0.7%
	355,000	5.00%, 08/15/12		364,067
	1,835,000	2.50%, 04/23/14		1,917,463
	400,000	5.00%, 11/13/14		447,005
	300,000	2.88%, 02/09/15		320,246
				3,048,781
Ginnie Mae — 0.0%
	49,748	8.50%, 10/15/17		55,973
	405	9.00%, 02/15/20		411
				56,384
Overseas Private Investment Corp. — 2.4%
	9,554,734	5.14%, 12/15/23		11,135,087
Private Export Funding Corp. — 5.6%
	510,000	5.69%, 05/15/12		518,240
	12,760,000	3.55%, 04/15/13		13,254,322
	1,800,000	4.97%, 08/15/13		1,923,386
Principal Amount			Value
Private Export Funding Corp. (continued)
$	4,260,000	3.05%, 10/15/14	$	4,536,683
	105,000	4.55%, 05/15/15		118,089
	1,400,000	4.95%, 11/15/15		1,618,065
	3,000,000	5.00%, 12/15/16		3,536,796
	500,000	2.25%, 12/15/17		524,689
				26,030,270
Small Business Administration — 1.3%
	1,073,093	4.73%, 02/01/19		1,152,004
	1,922,722	4.11%, 03/10/20		2,013,687
	2,610,000	4.08%, 03/10/21		2,723,597
				5,889,288
Tennessee Valley Authority — 0.4%
	632,000	6.79%, 05/23/12		645,146
	110,000	4.75%, 08/01/13		117,244
	725,000	6.25%, 12/15/17		926,077
				1,688,467
Total U.S. Government Agencies (Cost $97,570,263)				103,140,527
U.S. GOVERNMENT SECURITIES — 30.1%
U.S. Treasury Notes — 30.1%
	4,386,000	2.13%, 11/30/14		4,611,809
	7,461,000	2.75%, 12/31/17		8,233,333
	115,640,000	2.63%, 01/31/18		126,761,330
Total U.S. Government Securities (Cost $136,370,307)				139,606,472
GOVERNMENT BONDS — 2.2%
CANADA — 0.6%
	430,000	Hydro Quebec, 2.00%, 06/30/16		441,716
	230,000	Province of Ontario Canada, 2.70%, 06/16/15		241,841
	1,875,000	Province of Ontario Canada, 2.30%, 05/10/16		1,951,734
				2,635,291
DENMARK — 0.2%
	1,000,000	Kingdom of Denmark, 2.25%, 05/14/12		1,005,560
EGYPT — 0.3%
	1,000,000	Egypt Government Aid Bonds, 4.45%, 09/15/15		1,128,330
JAPAN — 0.4%
	2,000,000	Development Bank of Japan, 1.63%, 10/05/16(b)		2,035,160

120

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
SOUTH KOREA — 0.3%
$	1,400,000	Export-Import Bank of Korea, 4.00%, 01/11/17	$	1,427,584
UNITED STATES — 0.4%
	2,000,000	Ally Financial, Inc., 1.75%, 10/30/12		2,024,474
Total Government Bonds (Cost $9,967,937)				10,256,399

Shares
INVESTMENT COMPANY — 0.1%
	395,300	SEI Daily Income Trust Government II Fund, Class A, 0.01%(c)		395,300
Total Investment Company (Cost $395,300)				395,300
TOTAL INVESTMENTS — 99.8% (Cost $445,735,799)(a)			$	462,504,078
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				974,615
NET ASSETS — 100.0%			$	463,478,693

(a) Cost for federal income tax purposes is $445,794,284 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	17,157,693
Unrealized depreciation		(447,899)
Net unrealized appreciation	$	16,709,794

(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 $60,757,158 which is 13.1% of net assets.

(c)

Rate shown represents current yield at January 31, 2012.

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligations

MTN — Medium Term Note

OID — Original Issue Discount

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
U.S. Government & Agency Securities	52.4	%
Corporate Bonds	37.7
Municipal Bonds	6.8
Government Bonds	2.2
Collateralized Mortgage Obligations	0.6
Other*	0.3
	100	%

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

121

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	January 31, 2012
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 95.2%
Alabama — 0.1%
$	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26(b)	$	1,074,350
Arizona — 1.6%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		423,021
	2,360,000	Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17		2,793,131
	800,000	Arizona State Transportation Board Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 07/01/14		881,896
	4,000,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A, 5.00%, 07/01/17		4,777,800
	2,000,000	City of Tempe Water Utility Improvement GO, Series A, 4.50%, 07/01/24		2,228,020
	200,000	Maricopa County Community College District GO, Series C, 5.00%, 07/01/20		247,183
	3,300,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20		4,045,701
				15,396,752
California — 5.9%
	9,585,000	California State University System Wide Refunding Revenue Bonds, Series A, 5.00%, 11/01/19		11,761,658
	675,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A, 4.00%, 02/01/12		675,000
	5,900,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A, 5.00%, 02/01/20		7,075,516
	250,000	Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)		266,968
Principal Amount			Value
California (continued)
$	5,000,000	Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID, (XLCA-ICR), 5.50%, 06/01/13(b)	$	5,331,100
	450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series 2003 A1, OID, 6.75%, 06/01/13(b)		487,233
	360,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.50%, 06/01/13(b)		383,839
	300,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.50%, 06/01/13(b)		319,865
	3,450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)(c)		3,684,152
	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC), 5.00%, 06/01/13(b)(c)		323,181
	220,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC), 5.00%, 06/01/13(b)		233,114
	500,000	Huntington Beach Public Financing Authority Refunding Revenue Bonds, 4.00%, 09/01/18		573,960
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (AGM), 5.00%, 07/01/16		199,995
	1,035,000	Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23		1,223,763
	835,000	Southern California Water Replenishment District Water Utilities Improvements COP, 4.00%, 08/01/19		953,186

122

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
California (continued)			$	11,530,000
$	10,000,000	State of California Refunding GO, Series A, (State GTY), 5.00%, 07/01/22
	2,120,000	University of California Regents Medical Center Refunding Revenue Bonds, Series G, 4.00%, 05/15/14		2,281,692
	8,500,000	University of California University & College Improvements Revenue Bonds, Series AB, 5.00%, 05/15/18		10,362,860
				57,667,082
Colorado — 0.2%
	1,800,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21		2,046,798
Connecticut — 1.9%
	4,700,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series A-4, 2.50%, 07/01/49(d)		4,946,985
	170,000	State of Connecticut Public Improvement GO, Series C, 4.50%, 11/01/12		175,370
	4,490,000	State of Connecticut Refunding Special Tax Bonds, 2.00%, 11/01/12		4,548,056
	8,290,000	State of Connecticut Refunding Special Tax Bonds, 2.00%, 11/01/13		8,515,903
	275,000	Town of Fairfield Refunding GO, 5.00%, 07/01/19		349,335
				18,535,649
Delaware — 0.1%
	500,000	Delaware Transportation Authority Cash Flow Management Revenue Bonds, 5.00%, 09/01/12		513,910
Florida — 4.0%
	3,000,000	Florida State Board of Education Capital Outlay GO, Series E, 4.60%, 06/01/23		3,298,350
	900,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/18		1,085,130
	6,000,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series D, 5.00%, 07/01/14		6,574,800
Principal Amount			Value
Florida (continued)
$	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27	$	9,936,453
	1,150,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE), 5.00%, 07/01/13		1,224,865
	4,165,000	Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/16		4,899,873
	1,790,000	Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		2,160,960
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/13		268,015
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/16		1,209,414
	2,400,000	JEA Florida Water & Sewer System Refunding Revenue Bonds, Sub-Series B-1, 0.07%, 10/01/36(d)		2,400,000
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/18		530,348
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19		2,326,560
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM), 5.25%, 10/01/16		2,110,716
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		586,190
	800,000	Seminole County School Board COP, Series A, (AMBAC), 5.00%, 07/01/18		919,392
				39,531,066
Georgia — 6.0%
	10,000,000	Bartow County School District School Improvement GO, Series A, (State Aid Withholding), 4.00%, 10/01/15		11,064,300
	2,000,000	County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/17		2,376,100

123

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Georgia (continued)
$	1,000,000	County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18	$	1,209,220
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18		1,534,313
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20		6,082,200
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.00%, 01/01/15		580,151
	400,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.25%, 01/01/17		470,756
	7,500,000	Private Colleges & Universities Authority Refunding Revenue Bonds, Series B-2, 0.05%, 09/01/35(d)		7,500,000
	2,650,000	State of Georgia Property Tax Revenue Bonds, 4.00%, 09/01/18		3,141,893
	8,245,000	State of Georgia Public Improvement GO, Series A1, 5.00%, 07/01/12		8,409,982
	4,500,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19		5,395,635
	6,770,000	State of Georgia Refunding GO, Series I, 5.00%, 07/01/19		8,583,480
	1,500,000	State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18		1,850,325
				58,198,355
Hawaii — 0.1%
	500,000	State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18		611,195
Illinois — 2.4%
	500,000	Chicago Board of Education Dedicated GO, Series B, (AGM), 5.00%, 12/01/18		568,195
	1,000,000	Chicago Park District Refunding GO, Series C, 5.00%, 01/01/23		1,236,060
Principal Amount			Value
Illinois (continued)
$	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC), 5.00%, 01/01/23	$	3,792,154
	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC), 5.00%, 06/01/21		983,268
	1,345,000	City of Champaign Parking Facilities Improvements GO, Series 2008, 5.00%, 12/15/17		1,592,884
	4,000,000	City of Chicago Refunding GO, Series B, (AGM), 5.00%, 01/01/21		4,393,720
	500,000	City of Chicago Refunding GO, Series B, OID (AMBAC), 5.13%, 01/01/15		538,500
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25		1,149,970
	3,500,000	State of Illinois Public Improvement Revenue Bonds, 5.00%, 06/15/18		4,252,990
	780,000	University of Illinois College Improvement Revenue Bonds, Series A, 5.00%, 04/01/21		929,596
	1,745,000	University of Illinois College Improvement Revenue Bonds, Series A, 5.00%, 04/01/22		2,048,630
	2,057,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE), 4.30%, 03/01/21		2,001,132
				23,487,099
Indiana — 2.4%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/16		661,159
	415,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 07/15/25		472,855

124

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 07/15/16	$	1,193,063
	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 01/15/17		741,130
	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		751,413
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/16		565,382
	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC), 5.25%, 07/15/17		566,789
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/22		1,134,938
	905,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE), 5.00%, 07/15/23		949,191
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding), 5.38%, 07/15/16(b)		179,030
	1,000,000	IPS Multi-School Building Corp. School Improvement Revenue Bonds, (NATL-RE), 5.00%, 01/15/13		1,042,300
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding), 5.00%, 01/15/16(b)		163,379
Principal Amount			Value
Indiana (continued)
$	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/18	$	559,710
	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/16		814,457
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/16		841,237
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/17		664,603
	290,000	Purdue University Refunding Revenue Bonds, Series A, 5.00%, 07/01/18		356,596
	1,000,000	Purdue University Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		1,240,670
	2,585,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/14		2,858,829
	3,000,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/15		3,426,390
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC), 5.00%, 01/15/19		211,003
	700,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/14		743,253
	1,000,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/15		1,078,790

125

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(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	$	877,386
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds (State Aid Withholding), 5.75%, 07/15/26		1,163,610
	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/15		191,917
				23,449,080
Iowa — 0.3%
	2,000,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20		2,543,540
Kansas — 0.1%
	500,000	Kansas Development Finance Authority Revolving Funds Department of Health Refunding Revenue Bonds, 5.00%, 03/01/12		501,715
Kentucky — 0.8%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC), 5.00%, 11/01/15		1,144,250
	7,000,000	Louisville Jefferson County Metropolitan Government Resource Recovery Refunding Revenue Bonds, 1.90%, 10/01/33(d)		7,014,770
				8,159,020
Louisiana — 0.2%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC), 5.00%, 06/01/16		2,256,360
Maine — 0.0%
	100,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, (AMBAC), 5.00%, 07/01/16		113,691
Principal Amount			Value
Maine (continued)
$	115,000	Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series B, (AMBAC), 5.00%, 07/01/21(b)	$	136,552
				250,243
Maryland — 2.3%
	5,000,000	Maryland Health & Higher Educational Facilities Authority Johns Hopkins University Revenue Bonds, Series A, 0.03%, 07/01/36(d)		5,000,000
	1,300,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,592,136
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,224,720
	4,350,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/19		5,481,044
	8,000,000	State of Maryland Refunding GO, Series C, 4.00%, 11/01/19		9,605,920
				22,903,820
Massachusetts — 8.1%
	4,900,000	Commonwealth of Massachusetts Public Improvements GO, Series B, 4.00%, 06/01/12		4,962,279
	10,000,000	Commonwealth of Massachusetts Public Improvements GO, Series B, 5.00%, 08/01/17		12,181,100
	1,855,000	Commonwealth of Massachusetts Public Improvements GO, Series B, 5.00%, 08/01/18		2,299,384
	4,000,000	Commonwealth of Massachusetts Refunding GO, Series A, 0.38%, 02/01/13(d)		4,005,320
	2,500,000	Commonwealth of Massachusetts Refunding GO, Series B, 3.00%, 01/01/14		2,624,100
	9,350,000	Commonwealth of Massachusetts Refunding GO, Series C, 0.05%, 01/01/21(d)		9,350,000

126

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	8,740,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 3.00%, 12/15/12	$	8,951,770
	1,575,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 4.00%, 12/15/12		1,626,802
	6,000,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 5.00%, 12/15/13		6,488,100
	4,000,000	Massachusetts Bay Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		5,176,240
	800,000	Massachusetts State Water Pollution Abatement Revenue Bonds, 4.00%, 08/01/12		815,216
	8,000,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, 5.00%, 08/01/23		10,073,920
	10,005,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority), 0.07%, 08/01/37(d)		10,005,000
	520,000	Massachusetts Water Resources Authority Revenue Bonds, Series B, (GO of Authority), 5.00%, 08/01/21		666,198
				79,225,429
Michigan — 2.3%
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF), 5.00%, 05/01/20		378,603
	630,000	Grand Valley State University College Improvement Revenue Bonds, 3.00%, 02/01/13		641,176
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18		474,232
	550,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19		657,470
Principal Amount			Value
Michigan (continued)
$	150,000	Jackson Public Schools School Building & Site Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/15	$	162,407
	1,125,000	Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/13		1,195,920
	1,335,000	Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/15		1,495,868
	100,000	Oakland University Refunding Revenue Bonds, (AMBAC), 5.25%, 05/15/18		106,521
	245,000	Portage Public Schools School Building & Site GO, (AGM), 5.00%, 05/01/14		247,401
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		757,162
	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/21		290,284
	4,980,000	University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19		5,885,314
	9,700,000	University of Michigan Revenue Bonds, 0.05%, 04/01/32(d)		9,700,000
				21,992,358
Minnesota — 0.8%
	1,300,000	City of Minneapolis Public Improvements GO, 5.00%, 12/01/17		1,609,439
	1,000,000	County of Olmsted Refunding GO, Series A, 4.00%, 02/01/18		1,177,950
	450,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		525,870
	3,485,000	State of Minnesota Public Safety Radio Revenue Bonds, 5.00%, 06/01/22		4,170,604
				7,483,863
Mississippi — 0.2%
	1,810,000	Mississippi Development Bank Special Obligation Refunding Revenue Bonds, 5.00%, 08/01/18		2,109,193

127

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Mississippi (continued)
$	100,000	University of Southern Mississippi Campus Facilities Improvements Project Revenue Bonds, 5.00%, 09/01/20	$	119,059
				2,228,252
Missouri — 1.1%
	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit), 5.00%, 03/01/18		603,225
	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19		2,766,543
	1,205,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,315,764
	5,000,000	St. Louis School District Direct Deposit Program GO, (State Aid Withholding), 5.00%, 04/01/22		6,132,450
				10,817,982
Nevada — 1.3%
	500,000	Clark County School District GO, Series C, 5.00%, 06/15/18		592,360
	3,000,000	Clark County School District GO, Series C, (NATL-RE), 5.00%, 06/15/22		3,384,030
	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC), 5.00%, 06/15/22		2,217,220
	2,605,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		3,161,428
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC), 5.00%, 06/01/20		3,423,612
				12,778,650
New Hampshire — 0.0%
	200,000	New Hampshire Health & Education Facilities Authority Dartmouth College Revenue Bonds, 0.06%, 06/01/32(d)		199,999
Principal Amount			Value
New Jersey — 6.1%
$	255,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding), 4.00%, 02/15/17	$	288,173
	500,000	Harrison GO, (School Board Resolution Funding), 3.75%, 01/15/15		540,325
	1,000,000	Middlesex County Improvement Authority Open Space Trust Refunding Revenue Bonds (County GTD), 5.00%, 09/15/19		1,240,450
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC), 5.50%, 09/01/24		6,355,750
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,803,870
	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18		559,170
	14,340,000	New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17		17,134,436
	1,000,000	New Jersey Educational Facilities Authority Higher Education Capital Improvement Refunding Revenue Bonds, Series A, (AGM), 5.00%, 09/01/14		1,103,150
	1,415,000	New Jersey Educational Facilities Authority Ramapo College Revenue Bonds, Series A, 5.00%, 07/01/14		1,528,681
	15,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16(b)		17,916
	1,185,000	New Jersey Environmental Infrastructure Trust Un-Refunded Revenue Bonds, Series A, 5.00%, 09/01/16		1,416,525

128

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(b)	$	49,988
	5,105,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18		6,027,218
	1,885,000	New Jersey Transportation Trust Fund Authority Transit Improvement Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/15/16		2,192,312
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/15		1,602,824
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5, 5.25%, 12/15/19		3,393,005
	335,000	New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/15		367,354
	440,000	New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/16		493,372
	750,000	Rahway School District School Improvements GO, Series A (School Board Resolution Funding), 3.50%, 02/15/18		838,050
	10,000,000	Tobacco Settlement Financing Corp. Miscellaneous Purpose Revenue Bonds, OID, 6.25%, 06/01/13(b)		10,789,200
	345,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.75%, 06/01/13(b)		374,511
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14(b)		116,808
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37(b)		1,222,788
Principal Amount			Value
New Jersey (continued)
$	535,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42(b)	$	545,379
				60,001,255
New Mexico — 0.4%
	200,000	Albuquerque Bernalillo County Water Utility Authority Improvement Refunding Revenue Bonds, Series A1, 5.50%, 07/01/22		252,865
	1,000,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/16		1,112,880
	1,900,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17		2,139,476
				3,505,221
New York — 21.2%
	1,900,000	City of New York Public Improvement GO, Series D, 5.00%, 11/01/21		2,103,015
	3,000,000	City of New York Public Improvements GO, Series B2, Sub-Series B9, (JP Morgan Chase Bank), 0.06%, 08/15/23(c)(d)		3,000,000
	1,000,000	City of New York Refunding GO, Series E, 3.00%, 08/01/12		1,013,930
	15,000,000	City of New York Refunding GO, Series I-1, 5.00%, 08/01/19		18,600,300
	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, 5.00%, 05/01/18		2,369,860
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, 5.00%, 05/01/23		5,921,600
	550,000	Gates Chili Central School District Refunding GO, (State Aid Withholding), 2.50%, 06/15/12		554,472
	1,080,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 3.00%, 11/15/12		1,102,712

129

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
New York (continued)
$	7,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 3.00%, 11/15/13	$	7,283,500
	650,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 3.00%, 11/15/13		676,325
	2,150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 4.00%, 11/15/15		2,364,441
	1,000,000	Municipal Assistance Corp. For The City of Troy General Resolution Refunding Revenue Bonds, Series A, (GO of Corp.), 4.50%, 01/15/15		1,071,560
	4,570,000	New York City Health & Hospital Corp. Refunding Revenue Bonds, Series A, (GO of Corp.), 5.00%, 02/15/14		4,943,780
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		3,110,150
	4,725,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 4.00%, 11/01/13		5,026,361
	6,300,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 5.00%, 11/01/14		7,068,033
	1,815,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series C, 5.00%, 11/01/17		2,210,216
	1,000,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-series D-1, 5.00%, 11/01/23		1,246,330
	9,375,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 11/01/18		11,560,031
	3,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series B, 5.00%, 02/01/18		3,651,660
Principal Amount			Value
New York (continued)
$	2,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2, 4.00%, 11/01/12	$	2,056,960
	1,900,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2, 5.00%, 11/01/12		1,968,248
	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A, 5.00%, 05/01/22		2,647,920
	2,000,000	New York City Transitional Finance Authority Revenue Bonds, Series B, 5.00%, 11/01/17		2,435,500
	3,235,000	New York City Transitional Finance Authority School Improvement Revenue Bonds, Sub-series S-1A, (State Aid Withholding), 5.00%, 07/15/21		3,976,106
	8,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B, (GO of Corp.), 5.00%, 04/01/15		9,081,600
	700,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6, 5.00%, 04/01/17		846,769
	900,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		1,033,938
	1,770,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series B, (State Appropriation), 4.50%, 08/15/17		2,048,899
	550,000	New York State Dormitory Authority Mental Health Services Facility Un-Refunded Revenue, Series C, (NATL-RE, FGIC, State Appropriation), 5.00%, 02/15/16		615,043
	2,710,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18		3,187,421
	1,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/18		1,211,120

130

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
New York (continued)
$	2,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/15/18	$	2,994,425
	4,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/17		4,798,320
	5,000,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series C, 5.00%, 03/15/21		6,334,800
	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds, 5.00%, 04/01/20		8,346,730
	6,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/19		6,918,240
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21		2,257,561
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		479,832
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21		10,027,440
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, 5.00%, 04/01/21		5,896,850
	2,355,000	New York State Thruway Authority Refunding Revenue Bonds, Series B (AMBAC), 5.00%, 04/01/19		2,676,387
	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18		965,483
	5,000,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/21		6,173,200
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		561,075
Principal Amount			Value
New York (continued)
$	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.50%, 01/01/19	$	6,142,350
	750,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21		894,315
	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM), 5.00%, 01/01/15		1,122,150
	1,625,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.00%, 05/01/17		1,893,824
	2,515,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.00%, 05/01/18		2,963,852
	16,250,000	Tobacco Settlement Financing Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/01/18		19,346,438
				206,781,072
North Carolina — 1.1%
	1,655,000	Cabarrus County School Improvement COP, 5.00%, 01/01/21		1,963,393
	1,565,000	County of Johnston School Improvements GO, (NATL-RE), 5.00%, 02/01/16		1,832,333
	1,285,000	Dare County COP, (NATL-RE, FGIC), 5.00%, 06/01/17		1,434,433
	5,915,000	Town of Cary Public Improvements GO, 0.06%, 06/01/27(d)		5,915,000
				11,145,159
Ohio — 1.5%
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18		2,889,486

131

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(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	$	441,315
	9,000,000	State of Ohio Highway Improvement Revenue Bonds, Series 3, 4.00%, 12/15/12		9,288,000
	1,730,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		2,055,482
				14,674,283
Oregon — 0.4%
	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17		1,583,595
	2,015,000	Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17		2,415,280
				3,998,875
Pennsylvania — 1.2%
	1,455,000	Pennsylvania Higher Educational Facilities Authority Temple University Refunding Revenue Bonds, (NATL-RE), 5.00%, 04/01/17		1,670,442
	1,000,000	Pennsylvania Turnpike Commission Refunding Revenue Bonds, Series A, (AGM), 5.00%, 07/15/12		1,021,390
	7,000,000	Philadelphia School District Refunding GO, Series C (State Aid Withholding), 5.00%, 09/01/18		8,014,160
	1,000,000	University of Pittsburgh of the Commonwealth Systems of Higher Education University Capital Project Revenue Bonds, (GO of University), 5.50%, 09/15/37(d)		1,069,460
				11,775,452
Principal Amount			Value
Puerto Rico — 0.0%
$	120,000	Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15(b)	$	136,049
	70,000	Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15		76,943
				212,992
Rhode Island — 0.3%
	2,000,000	Rhode Island Health & Educational Building Corp. Higher Education Brown University Revenue Bonds, Series A, 0.02%, 05/01/35(d)		2,000,000
	775,000	State of Rhode Island Energy Conservation COP, Series A, 3.00%, 04/01/14		801,466
				2,801,466
South Carolina — 0.7%
	1,100,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 4.00%, 03/01/17		1,257,696
	2,290,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18		2,776,121
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20		2,028,070
	330,000	State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19		414,843
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19		854,828
				7,331,558

132

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Texas — 12.5%
$	1,255,000	Alamo Community College District GO, Series A, (NATL-RE), 5.50%, 08/15/15	$	1,458,185
	2,500,000	Aldine Independent School District Refunding GO, (PSF-GTD), 4.50%, 02/15/22		2,820,850
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD), 5.00%, 02/15/20		1,391,078
	515,000	Arlington Independent School District Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/14		562,818
	1,860,000	Austin Community College District Refunding GO, 5.00%, 08/01/20		2,353,663
	400,000	Beaumont Independent School District Improvements GO, 4.00%, 02/15/18		466,007
	1,000,000	City of Abilene Refunding GO, 2.00%, 02/15/12		1,000,363
	1,030,000	City of Abilene Refunding GO, 3.00%, 02/15/13		1,056,832
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE), 5.00%, 02/15/14		559,522
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE), 4.50%, 03/01/14		965,803
	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.25%, 03/01/14		4,383,480
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.38%, 03/01/15		3,297,300
	1,000,000	City of League Waterworks & Sewer GO, Series A, 5.00%, 02/15/22		1,225,600
	1,775,000	City of Lubbock Public Improvement GO, 5.25%, 02/15/20		2,193,687
	3,785,000	City of Lubbock Public Improvement GO, 5.00%, 02/15/24		4,566,262
	500,000	City of Richardson Refunding GO, 4.00%, 02/15/12		500,583
	1,280,000	City of Richardson Refunding GO, (NATL-RE), 5.25%, 02/15/20		1,442,138
Principal Amount			Value
Texas (continued)
$	770,000	City of Rockwall Refunding GO, 4.00%, 08/01/22	$	852,051
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,751,239
	190,000	Coppell Independent School District School Building GO, (NATL-RE), 5.00%, 08/15/15		216,817
	260,000	Coppell Independent School District School Building GO, (PSF-GTD), 4.00%, 08/15/16		296,720
	1,000,000	County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21		1,262,830
	1,500,000	Dallas Independent School District Refunding GO, (PSF-GTD), 4.25%, 02/15/21		1,783,590
	245,000	Deer Park Independent School District Limited Tax GO, (AGM), 5.00%, 02/15/17		293,255
	1,000,000	El Paso Independent School District GO, (PSF-GTD), 5.00%, 08/15/12		1,025,850
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (AGM), 5.00%, 03/01/21		1,217,552
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21		320,805
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE), 5.50%, 07/15/13		376,471
	3,000,000	Garland Independent School District Refunding GO, Series A, 5.00%, 02/15/19		3,709,650
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/17		779,002
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/19		1,097,150
	1,000,000	Harris County Refunding GO, Series B, 5.00%, 10/01/24		1,224,020
	1,000,000	Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19		1,246,810

133

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD), 5.25%, 08/15/18	$	421,508
	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE), 4.50%, 08/15/19		554,370
	1,500,000	Houston Community College System Refunding GO, 5.00%, 02/15/21		1,877,235
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM), 5.25%, 04/15/21		3,557,741
	10,000,000	Houston Higher Education Finance Corp. Rice University Project Refunding Revenue Bonds, Series A, (GO of University), 0.05%, 11/15/29(d)		10,000,000
	2,185,000	Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/18		2,712,983
	500,000	Joshua Independent School District Refunding GO, Series C (PSF-GTD), 5.45%, 02/15/16		546,715
	1,300,000	Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/13		1,372,826
	4,500,000	Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/16		5,222,025
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/16		632,324
	2,175,000	Mckinney Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/20		2,766,056
	6,500,000	Northside Independent School District, School Improvements GO (PSF-GTD), 1.90%, 08/01/40(d)		6,689,605
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD), 5.00%, 08/15/18		633,371
	725,000	Rockwall Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/24		888,466
Principal Amount			Value
Texas (continued)
$	500,000	Rockwall Independent School District School Building GO, (PSF-GTD), 4.75%, 02/15/15	$	561,315
	450,000	San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/13		468,563
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/14		1,076,265
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD), 5.25%, 08/15/13		1,614,225
	2,705,000	Spring Independent School District GO, (PSF-GTD), 5.00%, 02/15/15		3,061,357
	8,800,000	State of Texas Veterans Housing Assistance Fund Refunding GO, Series I, 0.06%, 12/01/16(d)		8,800,000
	1,000,000	State of Texas Water Financial Assistance GO, Sub-Series A, 5.00%, 08/01/19		1,233,220
	8,500,000	Texas Public Finance Authority Unemployment Compensation Revenue Bonds, Series A, 4.00%, 07/01/12		8,634,470
	1,070,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,296,155
	1,390,000	Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17		1,667,416
	1,000,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		1,192,300
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,571,650
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,854,849

134

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,095,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC), 5.00%, 12/01/17	$	1,307,408
				121,912,401
Utah — 0.3%
	1,975,000	Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21		2,440,330
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC), 5.00%, 11/01/15		141,114
				2,581,444
Virginia — 2.5%
	4,340,000	Fairfax County Economic Development Authority Smithsonian Institution Revenue Bonds, Series B, 0.08%, 12/01/33(d)		4,340,000
	2,530,000	Virginia College Building Authority Educational Facilities 21st Century College & Equipment Programs Refunding Revenue Bonds, Series C (State Appropriation), 4.00%, 02/01/15		2,779,357
	6,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B, 5.00%, 09/01/21		7,449,660
	5,355,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B, 5.00%, 09/01/22		6,601,216
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,381,415
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation), 5.00%, 08/01/21		1,541,088
				24,092,736
Washington — 4.7%
	100,000	CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE), 5.00%, 06/01/17		115,525
Principal Amount			Value
Washington (continued)
$	500,000	City of Kent Public Improvement GO, Series A, 5.50%, 12/01/21	$	609,725
	10,000,000	Energy Northwest Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		12,522,800
	800,000	Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY), 5.00%, 12/01/16		946,296
	1,000,000	Island County School District No 204 Coupeville Refunding GO, (School Board GTY), 5.00%, 12/01/19		1,235,930
	1,160,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,365,633
	520,000	King County School District No. 401 Highline Refunding GO, (School Board GTY), 5.00%, 12/01/20		646,984
	680,000	King County School District No. 403 Renton Refunding GO, (School Board GTY), 4.00%, 12/01/19		782,299
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY), 5.00%, 12/01/20		1,822,110
	4,000,000	King County Sewer Improvements GO, Series B, 0.06%, 01/01/40(d)		4,000,000
	2,190,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY), 5.00%, 12/01/18		2,695,211
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC), 5.00%, 04/01/16		2,296,140
	10,000,000	State of Washington Refunding GO, Series R-2011B, 5.00%, 07/01/20		12,638,700
	1,350,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC), 5.00%, 07/01/17		1,547,289
	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15		2,326,742
				45,551,384

135

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Principal Amount			Value
West Virginia — 0.0%
$	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE), 5.50%, 04/01/17	$	332,929
Wisconsin — 0.1%
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC), 4.75%, 03/01/15		107,541
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14		781,355
				888,896
Total Municipal Bonds (Cost $877,009,273)				929,439,690
Shares
INVESTMENT COMPANY — 3.6%
	35,361,200	SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)		35,361,200
Total Investment Company (Cost $35,361,200)				35,361,200
			Value
TOTAL INVESTMENTS — 98.8% (Cost $912,370,473)(a)			$	964,800,890
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				11,332,724
NET ASSETS — 100.0%			$	976,133,614

(a) Cost for federal income tax purposes is $912,370,473 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	52,435,439
Unrealized depreciation		(5,022	)
Net unrealized appreciation	$	52,430,417

(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 January 31, 2012.
(e)	Rate shown represents current yield at January 31, 2012.

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

XLCA-ICR — XL Capital Insurance-Immediate Credit Recovery

136

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	January 31, 2012
	(Unaudited)

Portfolio diversification by State (Unaudited)

	Percentage of Net Assets
Alabama	0.1	%
Arizona	1.6
California	5.9
Colorado	0.2
Connecticut	1.9
Delaware	0.1
Florida	4.0
Georgia	6.0
Hawaii	0.1
Illinois	2.4
Indiana	2.4
Iowa	0.3
Kansas	0.1
Kentucky	0.8
Louisiana	0.2
Maine	0.0
Maryland	2.3
Massachusetts	8.1
Michigan	2.3
Minnesota	0.8
Mississippi	0.2
Missouri	1.1
Nevada	1.3
New Hampshire	0.0
New Jersey	6.1
New Mexico	0.4
New York	21.2
North Carolina	1.1
Ohio	1.5
Oregon	0.4
Pennsylvania	1.2
Puerto Rico	0.0
Rhode Island	0.3
South Carolina	0.7
Texas	12.5
Utah	0.3
Virginia	2.5
Washington	4.7
West Virginia	0.0
Wisconsin	0.1
Other*	4.8
	100	%

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

137

Old Westbury Funds, Inc.
Notes To Financial Statements
	January 31, 2012 (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 January 31, 2012, 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 Large Cap Core Fund	Long-term capital appreciation.
(formerly U.S. Large Cap Fund) (“Large Cap Core Fund”)
Old Westbury Large Cap Strategies Fund	Long-term capital appreciation.
(formerly Non-U.S. Large Cap Fund) (“Large Cap Strategies
Fund”)
Old Westbury Global Small & Mid Cap Fund (“Global Small	Long-term capital appreciation.
& Mid Cap Fund”)
Old Westbury Global Opportunities Fund (“Global Opportu-	Long-term capital appreciation.
nities Fund”)
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 appre-
	ciation).
Old Westbury Municipal Bond Fund (“Municipal Bond	Total return (consisting of current income that is exempt
Fund”)	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).

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 consolidated financial statements of the Real Return Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Real Return Fund, Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Real Return Fund seeks to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Subsidiary. The Subsidiary has the same investment goal 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 January 31, 2012, the Subsidiary represented $330,445,726 or 14.15% of the Real Return Fund’s net assets.

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.

138

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

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 such as the Corporation.

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 the most recently calculated net asset value (“NAV”).

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 when such value reflects fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved as reliable by the Board of Directors. Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, and other relationships observed in markets of comparable securities.

All other investment assets and liabilities, including derivatives, 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. Real assets (i.e., assets not constituting securities or securities whose value is determined by underlying real assets), including collectibles such as coins, for which there is no readily available market quotation are valued on the basis of appraised value as determined by an independent appraiser selected by the Adviser. Appraisals are obtained on an ongoing, periodic basis in order to assure current valuations; appraisals generally are obtained not less frequently than quarterly and appraised values may be updated between appraisals on the basis of reported industry benchmarks. Derivative contracts and instruments are valued on the basis of industry-standard pricing information, including counterparty valuation quotations and generally available dealer quotations, subject to the review and confirmation by the Adviser where appropriate. The Pricing Committee of the Board of Directors reviews pricing methodologies for derivatives on a quarterly basis.

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. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.

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 certain foreign securities 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. The Funds’ policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Funds’ procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing. A Fund may fair value foreign securities if significant events that appear likely to affect the value of those securities occur between the time a foreign exchange closes and the time that a Fund prices its shares. Significant events may include: government actions; natural disasters; armed conflict; act of terrorism and similar situations; and significant market fluctuations. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the hierarchy. The Funds utilized third party pricing services to fair value certain markets 15 days during the period ended January 31, 2012. As a result on days when the index change exceeds predetermined levels, certain

139

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1.

B. Foreign Currency Transactions. 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 as of the date of the Statements of Assets and Liabilities. 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.

C. Securities Sold Short. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. Short sales by a Fund involve certain risks and special considerations.

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily.

D. 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 representative market valuations available. The values of the collectible coins and sets of coins held by the Real Return Fund are appraised on a quarterly basis by an independent professional coin appraiser, who uses market auction data among other factors, 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 Adviser. The Real Return Fund does not currently intend to invest more than 5% of its total assets in Collectibles. As of January 31, 2012, the Real Return Fund held $47,739,926 or 2.04% of net assets, in Collectibles.

E. Commodities. The Real Return Fund and its Subsidiary may invest in commodities. 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. 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. Others 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.

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Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

F. 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 protection 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.

G. 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 a 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, a 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.

H. 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 the London InterBank Offered Rate, the Certificate of Deposit 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.

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 position 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 a 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. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

I. Credit Enhancements. 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). The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

J. 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 Funds. 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.

141

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

4. 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.

5. Derivative Instruments:

The Funds engage in various portfolio investment strategies utilizing derivatives 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. 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 primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains 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. The Funds may mitigate counterparty risk on derivatives 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 net 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 positive 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 or require full collateralization of 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 post additional collateral or accelerate payment of any net liability owed to the counterparty. As of January 31, 2012, all derivatives in a net liability position are fully collateralized.

142

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

The Funds are subject to interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing their 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 January 31, 2012
	Derivative Assets			Derivative Liabilities
Global Small & Mid Cap Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	497,591	Unrealized depreciation on foreign currency exchange contracts	$	401,548
Total		$	497,591		$	401,548
Global Opportunities Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location		Value
Equity contracts	Unrealized appreciation on swaps	$	26,207,877	Unrealized depreciation on swaps	$	15,215,572
	Structured option contracts, at value		2,187,990	Written option and structured option contracts, at value		72,905,783
	Variation Margin		77,390
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		32,365,385	Unrealized depreciation on foreign currency exchange contracts		32,371,557
Total		$	60,838,642		$	120,492,912
Real Return Fund	Statements of Assets and Liabilities Location		Value	Statements of Assets and Liabilities Location		Value
Commodity contracts	Unrealized appreciation on swaps	$	6,637,929	Unrealized depreciation on swaps	$	2,181,629
	Investments, at value (purchased options)		20,111,490	Written option contracts, at value		46,282,204
				Variation Margin		12,577,680
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		1,096,666	Unrealized depreciation on foreign currency exchange contracts		1,031,085
Total		$	27,846,085		$	62,072,598

A. Futures Contracts. The Funds purchased or sold futures contracts and options on 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 instrument. The Funds recognize an unrealized 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 instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments 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) entered into forward foreign currency contracts (“Forward”) 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 a Forward 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. A Forward is marked-to-market daily and the change in market value is recorded by the Funds 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 a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a 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.

143

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

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

As of January 31, 2012, the Global Small & Mid Cap Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	18,697,340	Australian Dollar	17,310,000	Citibank, N.A.	04/27/12	$	50,111
U.S. Dollar	10,321,837	New Zealand Dollar	12,619,000	Citibank, N.A.	04/27/12		(30,683	)
Brazil Real	5,030,181	U.S. Dollar	2,753,397	JP Morgan Securities	03/05/12		101,556
South African Rand	54,623,200	U.S. Dollar	6,676,499	JP Morgan Securities	03/09/12		268,600
U.S. Dollar	6,685,090	South African Rand	54,623,200	JP Morgan Securities	03/09/12		(260,009	)
Norway Krones	43,591,200	U.S. Dollar	7,529,745	UBS AG	03/09/12		(110,856	)
Norway Krones	16,378,407	U.S. Dollar	2,707,730	UBS AG	03/30/12		77,324
						$	96,043

As of January 31, 2012, the Global Opportunities Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	179,119	United Kingdom Pound	114,208	Barclays Bank Plc	02/01/12	$	(848	)
United Kingdom Pound	114,208	U.S. Dollar	180,068	Barclays Bank Plc	02/01/12		(101	)
U.S. Dollar	9,248,197	Singapore Dollar	12,054,100	Barclays Bank Plc	02/06/12		(334,874	)
Australian Dollar	569,000	Japanese Yen	45,121,700	Barclays Bank Plc	02/09/12		11,443
Singapore Dollar	406,027	U.S. Dollar	318,738	Barclays Bank Plc	02/09/12		4,055
U.S. Dollar	3,336,300	Euro	2,475,000	Barclays Bank Plc	02/09/12		98,841
Swedish Krona	164,370,000	U.S. Dollar	25,000,000	Barclays Bank Plc	02/10/12		(848,080	)
U.S. Dollar	2,866,584	Euro	2,114,000	Barclays Bank Plc	02/10/12		101,331
Chilean Unidad de Fomento	100,700,000	U.S. Dollar	204,343	Barclays Bank Plc	02/13/12		193
United Kingdom Pound	625,997	U.S. Dollar	997,451	Barclays Bank Plc	02/14/12		(11,112	)
U.S. Dollar	10,000,000	Euro	7,256,436	Barclays Bank Plc	02/15/12		508,017
Singapore Dollar	1,151,000	U.S. Dollar	900,873	Barclays Bank Plc	02/17/12		14,173
U.S. Dollar	10,000,000	Euro	7,392,786	Barclays Bank Plc	02/17/12		329,628
United Kingdom Pound	2,154,295	U.S. Dollar	3,345,620	Barclays Bank Plc	02/24/12		48,490
United Kingdom Pound	1,427,764	U.S. Dollar	2,223,029	Barclays Bank Plc	02/27/12		26,374
Chilean Unidad de Fomento	174,400,000	U.S. Dollar	355,266	Barclays Bank Plc	02/29/12		(1,833	)
Chilean Unidad de Fomento	87,300,000	U.S. Dollar	177,583	Barclays Bank Plc	03/01/12		(689	)
Singapore Dollar	24,660,000	U.S. Dollar	19,041,883	Barclays Bank Plc	03/01/12		562,687
United Kingdom Pound	114,208	U.S. Dollar	179,078	Barclays Bank Plc	03/01/12		849
Indonesian Rupiah	101,200,000,000	U.S. Dollar	10,952,381	Barclays Bank Plc	03/02/12		266,805
United Kingdom Pound	452,671	U.S. Dollar	725,568	Barclays Bank Plc	03/12/12		(12,482	)
Euro	18,449,658	U.S. Dollar	24,128,093	Barclays Bank Plc	03/15/12		7,468
U.S. Dollar	19,212,066	Euro	14,629,516	Barclays Bank Plc	03/22/12		73,430
Euro	44,152,710	U.S. Dollar	57,653,506	Barclays Bank Plc	03/27/12		109,117
U.S. Dollar	10,461,945	Japanese Yen	815,812,000	Barclays Bank Plc	03/27/12		(248,694	)
Singapore Dollar	25,560,000	U.S. Dollar	19,773,472	Barclays Bank Plc	04/09/12		549,416
Norway Krones	58,428,870	U.S. Dollar	9,850,108	Barclays Bank Plc	04/10/12		81,134
Mexican Peso	206,752,500	U.S. Dollar	15,000,000	Barclays Bank Plc	04/11/12		767,340
U.S. Dollar	9,077,191	Euro	7,099,847	Barclays Bank Plc	04/12/12		(211,917	)
Singapore Dollar	19,060,500	U.S. Dollar	14,804,617	Barclays Bank Plc	04/17/12		351,767

144

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	13,907,749	Euro	10,857,795	Barclays Bank Plc	04/17/12	$	(298,472	)
Swedish Krona	98,653,500	U.S. Dollar	14,599,328	Barclays Bank Plc	04/23/12		(150,120	)
Norway Krones	59,151,920	U.S. Dollar	9,994,411	Barclays Bank Plc	04/26/12		53,512
U.S. Dollar	5,005,066	South African Rand	40,505,000	Barclays Bank Plc	04/26/12		(108,362	)
Mexican Peso	198,727,500	U.S. Dollar	14,973,328	Barclays Bank Plc	04/27/12		162,189
Norway Krones	82,801,590	U.S. Dollar	13,903,965	Barclays Bank Plc	04/27/12		160,698
Chinese Yuan	189,030,000	U.S. Dollar	30,000,000	Barclays Bank Plc	05/04/12		28,503
U.S. Dollar	230,801	Euro	157,000	Barclays Bank Plc	05/07/12		25,360
Chinese Yuan	63,925,000	U.S. Dollar	10,000,000	Barclays Bank Plc	05/25/12		158,504
Chinese Yuan	63,880,000	U.S. Dollar	10,000,000	Barclays Bank Plc	06/13/12		154,282
Chinese Yuan	127,670,000	U.S. Dollar	20,000,000	Barclays Bank Plc	06/25/12		297,794
Chinese Yuan	127,560,000	U.S. Dollar	20,000,000	Barclays Bank Plc	07/05/12		283,440
Chinese Yuan	127,800,000	U.S. Dollar	20,000,000	Barclays Bank Plc	07/09/12		322,908
Chinese Yuan	64,040,000	U.S. Dollar	10,000,000	Barclays Bank Plc	07/16/12		184,862
U.S. Dollar	1,200,743	Euro	857,000	Barclays Bank Plc	07/19/12		78,802
U.S. Dollar	69,060	Euro	48,730	Barclays Bank Plc	08/01/12		5,259
U.S. Dollar	69,663	Euro	48,862	Barclays Bank Plc	08/02/12		5,688
U.S. Dollar	857,885	Euro	603,889	Barclays Bank Plc	08/06/12		67,195
U.S. Dollar	3,466,077	Euro	2,418,000	Barclays Bank Plc	08/20/12		299,719
U.S. Dollar	2,324,440	Euro	1,612,000	Barclays Bank Plc	08/20/12		213,534
U.S. Dollar	964,364	Japanese Yen	73,417,000	Barclays Bank Plc	08/22/12		(1,796	)
U.S. Dollar	315,707	Euro	219,546	Barclays Bank Plc	08/23/12		28,205
U.S. Dollar	528,167	Euro	368,163	Barclays Bank Plc	08/24/12		46,042
Norway Krones	10,525,000	Euro	1,322,685	Barclays Bank Plc	08/27/12		47,864
U.S. Dollar	342,126	Euro	237,340	Barclays Bank Plc	08/27/12		31,310
U.S. Dollar	369,448	Euro	256,900	Barclays Bank Plc	08/27/12		33,017
U.S. Dollar	1,912,883	Japanese Yen	145,886,000	Barclays Bank Plc	08/27/12		(7,158	)
U.S. Dollar	785,904	Japanese Yen	59,937,000	Barclays Bank Plc	08/27/12		(2,941	)
U.S. Dollar	2,279,528	Japanese Yen	173,700,000	Barclays Bank Plc	08/30/12		(6,721	)
U.S. Dollar	317,835	Euro	226,362	Barclays Bank Plc	09/10/12		21,359
U.S. Dollar	310,478	Euro	222,087	Barclays Bank Plc	09/12/12		19,595
U.S. Dollar	866,000	Euro	633,122	Barclays Bank Plc	09/14/12		36,743
U.S. Dollar	206,240	Euro	148,781	Barclays Bank Plc	09/19/12		11,359
U.S. Dollar	490,361	Euro	360,422	Barclays Bank Plc	09/24/12		18,241
U.S. Dollar	183,599	Euro	133,614	Barclays Bank Plc	10/24/12		8,529
U.S. Dollar	1,415,194	Euro	1,020,033	Barclays Bank Plc	10/25/12		78,669
Norway Krones	16,471,500	Euro	2,106,653	Barclays Bank Plc	10/26/12		19,572
Norway Krones	16,471,500	Euro	2,107,947	Barclays Bank Plc	10/29/12		17,509
U.S. Dollar	448,787	Euro	325,538	Barclays Bank Plc	11/05/12		22,199
U.S. Dollar	202,542	Euro	147,287	Barclays Bank Plc	11/08/12		9,530
U.S. Dollar	408,582	Japanese Yen	31,518,000	Barclays Bank Plc	11/13/12		(6,900	)
U.S. Dollar	612,153	Japanese Yen	47,197,000	Barclays Bank Plc	11/14/12		(10,028	)
U.S. Dollar	251,291	Euro	184,184	Barclays Bank Plc	11/15/12		9,913
U.S. Dollar	69,583	Euro	50,759	Barclays Bank Plc	11/19/12		3,059
U.S. Dollar	2,323,885	Japanese Yen	177,080,000	Barclays Bank Plc	11/19/12		(10,736	)
U.S. Dollar	245,599	Euro	180,987	Barclays Bank Plc	11/21/12		8,398
U.S. Dollar	2,613,824	Japanese Yen	198,912,000	Barclays Bank Plc	11/21/12		(8,738	)
Australian Dollar	1,691,000	U.S. Dollar	1,695,904	Barclays Bank Plc	12/12/12		43,393
U.S. Dollar	770,312	Euro	572,000	Barclays Bank Plc	12/12/12		20,504
Chinese Yuan	128,500,000	U.S. Dollar	20,000,000	Barclays Bank Plc	12/24/12		444,574
U.S. Dollar	689,131	Japanese Yen	52,560,000	Barclays Bank Plc	01/11/13		(4,576	)
Chinese Yuan	251,000,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13		(61,979	)

145

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chinese Yuan	251,980,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13	$	93,954
Chinese Yuan	505,580,000	U.S. Dollar	80,000,000	Barclays Bank Plc	01/14/13		445,675
U.S. Dollar	79,984,242	Chinese Yuan	507,580,000	Barclays Bank Plc	01/14/13		(779,664	)
U.S. Dollar	932,566	Japanese Yen	71,290,000	Barclays Bank Plc	01/15/13		(8,424	)
U.S. Dollar	2,402,280	Japanese Yen	185,480,000	Barclays Bank Plc	01/28/13		(46,341	)
Chinese Yuan	125,920,000	U.S. Dollar	20,000,000	Barclays Bank Plc	02/12/13		32,018
Chinese Yuan	62,600,000	U.S. Dollar	10,000,000	Barclays Bank Plc	05/28/13		(54,983	)
Chinese Yuan	188,460,000	U.S. Dollar	30,000,000	Barclays Bank Plc	07/05/13		(75,020	)
U.S. Dollar	29,277,614	Chinese Yuan	188,460,000	Barclays Bank Plc	07/05/13		(647,366	)
Chinese Yuan	126,220,000	U.S. Dollar	20,000,000	Barclays Bank Plc	07/29/13		35,776
Hong Kong Dollar	307,740,000	U.S. Dollar	40,000,000	Barclays Bank Plc	10/28/13		(311,790	)
Hong Kong Dollar	307,196,000	U.S. Dollar	40,000,000	Barclays Bank Plc	10/28/13		(381,948	)
Chinese Yuan	154,612,500	U.S. Dollar	25,000,000	Barclays Bank Plc	03/03/14		(585,637	)
U.S. Dollar	24,128,043	Chinese Yuan	154,612,500	Barclays Bank Plc	03/03/14		(286,320	)
Chinese Yuan	153,487,500	U.S. Dollar	25,000,000	Barclays Bank Plc	03/07/14		(763,282	)
U.S. Dollar	23,974,930	Chinese Yuan	153,487,500	Barclays Bank Plc	03/07/14		(261,788	)
Chinese Yuan	61,515,000	U.S. Dollar	10,000,000	Barclays Bank Plc	04/07/14		(286,364	)
U.S. Dollar	9,398,778	Chinese Yuan	61,515,000	Barclays Bank Plc	04/07/14		(314,858	)
U.S. Dollar	1,442,282	United Kingdom Pound	920,410	Citibank, N.A.	02/01/12		(8,085	)
United Kingdom Pound	920,410	U.S. Dollar	1,455,877	Citibank, N.A.	02/01/12		(5,510	)
U.S. Dollar	3,921,692	Euro	2,903,000	Citibank, N.A.	02/08/12		124,387
Australian Dollar	569,000	Japanese Yen	45,150,150	Citibank, N.A.	02/09/12		11,069
United Kingdom Pound	653,215	U.S. Dollar	1,038,414	Citibank, N.A.	02/16/12		(9,206	)
United Kingdom Pound	1,434,542	U.S. Dollar	2,227,299	Citibank, N.A.	02/24/12		32,834
Chilean Unidad de Fomento	422,200,000	U.S. Dollar	870,067	Citibank, N.A.	02/27/12		(14,210	)
United Kingdom Pound	920,410	U.S. Dollar	1,441,942	Citibank, N.A.	03/01/12		8,105
Polish Zloty	10,400,000	Euro	2,504,696	Citibank, N.A.	03/19/12		(69,891	)
U.S. Dollar	25,547,391	Euro	18,500,000	Citibank, N.A.	03/19/12		1,345,592
U.S. Dollar	4,121,681	Japanese Yen	331,140,000	Citibank, N.A.	03/19/12		(225,298	)
Chilean Unidad de Fomento	974,634,000	U.S. Dollar	2,003,359	Citibank, N.A.	04/30/12		(39,064	)
U.S. Dollar	1,245,356	Japanese Yen	100,093,000	Citibank, N.A.	05/10/12		(69,554	)
U.S. Dollar	720,781	Japanese Yen	55,787,000	Citibank, N.A.	06/15/12		(12,501	)
Swedish Krona	43,658,433	Euro	4,730,724	Citibank, N.A.	06/25/12		187,624
U.S. Dollar	372,238	Euro	265,136	Citibank, N.A.	08/08/12		25,081
U.S. Dollar	107,936	Euro	76,711	Citibank, N.A.	08/09/12		7,494
U.S. Dollar	1,931,082	Japanese Yen	146,685,000	Citibank, N.A.	08/23/12		684
U.S. Dollar	554,727	Euro	398,462	Citibank, N.A.	10/26/12		32,627
U.S. Dollar	414,210	Japanese Yen	32,085,087	Citibank, N.A.	11/08/12		(8,704	)
U.S. Dollar	344,475	Japanese Yen	26,280,000	Citibank, N.A.	01/10/13		(2,371	)
U.S. Dollar	1,299,370	Euro	999,800	Citibank, N.A.	01/28/13		(11,730	)
Singapore Dollar	2,063,000	U.S. Dollar	1,606,072	Credit Suisse International	03/26/12		34,060
U.S. Dollar	316,656	Euro	216,000	Credit Suisse International	05/07/12		34,012
Singapore Dollar	3,994,390	U.S. Dollar	3,334,494	Credit Suisse International	08/06/12		(153,531	)
U.S. Dollar	2,315,155	Euro	1,612,000	Credit Suisse International	08/20/12		204,249

146

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	1,913,642	Japanese Yen	145,609,000	Credit Suisse International	08/23/12	$	(2,596	)
Singapore Dollar	1,468,000	U.S. Dollar	1,149,533	Deutsche Bank AG	02/07/12		17,534
Singapore Dollar	2,632,000	U.S. Dollar	2,069,750	Deutsche Bank AG	02/08/12		22,701
Singapore Dollar	293,000	U.S. Dollar	230,201	Deutsche Bank AG	02/08/12		2,735
Australian Dollar	569,000	Japanese Yen	45,166,082	Deutsche Bank AG	02/09/12		10,860
Norway Krones	24,487,000	Euro	3,079,545	Deutsche Bank AG	02/09/12		144,000
U.S. Dollar	837,734	Euro	622,000	Deutsche Bank AG	02/09/12		24,118
Chilean Unidad de Fomento	100,900,000	U.S. Dollar	204,998	Deutsche Bank AG	02/10/12		30
Chilean Unidad de Fomento	195,520,000	U.S. Dollar	397,237	Deutsche Bank AG	02/13/12		(110	)
Chilean Unidad de Fomento	99,700,000	U.S. Dollar	203,303	Deutsche Bank AG	02/14/12		(828	)
U.S. Dollar	253,876	Japanese Yen	20,855,910	Deutsche Bank AG	02/15/12		(19,794	)
Singapore Dollar	1,728,000	U.S. Dollar	1,351,616	Deutsche Bank AG	02/17/12		22,145
U.S. Dollar	2,120,076	Euro	1,580,000	Deutsche Bank AG	02/17/12		53,306
Chilean Unidad de Fomento	176,590,000	U.S. Dollar	365,157	Deutsche Bank AG	02/21/12		(6,883	)
Chilean Unidad de Fomento	202,500,000	U.S. Dollar	418,354	Deutsche Bank AG	02/23/12		(7,628	)
Singapore Dollar	2,243,000	U.S. Dollar	1,754,715	Deutsche Bank AG	02/24/12		28,463
Chilean Unidad de Fomento	68,400,000	U.S. Dollar	141,311	Deutsche Bank AG	02/27/12		(2,655	)
Chilean Unidad de Fomento	241,090,000	U.S. Dollar	492,493	Deutsche Bank AG	02/27/12		(3,771	)
Singapore Dollar	1,399,000	U.S. Dollar	1,097,169	Deutsche Bank AG	02/27/12		15,030
U.S. Dollar	509,601	Euro	374,000	Deutsche Bank AG	02/27/12		20,370
United Kingdom Pound	2,148,211	U.S. Dollar	3,340,468	Deutsche Bank AG	02/27/12		43,979
United Kingdom Pound	1,126,580	U.S. Dollar	1,751,832	Deutsche Bank AG	02/27/12		23,064
Chilean Unidad de Fomento	68,400,000	U.S. Dollar	141,311	Deutsche Bank AG	02/29/12		(2,694	)
Singapore Dollar	1,400,000	U.S. Dollar	1,096,560	Deutsche Bank AG	02/29/12		16,433
U.S. Dollar	309,553	Euro	226,530	Deutsche Bank AG	02/29/12		13,227
Chilean Unidad de Fomento	225,065,000	U.S. Dollar	458,288	Deutsche Bank AG	03/01/12		(2,243	)
Swedish Krona	84,036,600	Euro	9,389,669	Deutsche Bank AG	03/01/12		53,789
U.S. Dollar	144,253	Euro	105,800	Deutsche Bank AG	03/01/12		5,855
Australian Dollar	3,384,000	U.S. Dollar	3,437,806	Deutsche Bank AG	03/02/12		142,746
Chilean Unidad de Fomento	225,065,000	U.S. Dollar	458,288	Deutsche Bank AG	03/02/12		(2,284	)
Chilean Unidad de Fomento	245,410,000	U.S. Dollar	500,020	Deutsche Bank AG	03/05/12		(2,930	)
U.S. Dollar	146,237	Euro	107,000	Deutsche Bank AG	03/05/12		6,267
Chilean Unidad de Fomento	243,930,000	U.S. Dollar	495,642	Deutsche Bank AG	03/07/12		(1,638	)
Chilean Unidad de Fomento	237,320,000	U.S. Dollar	485,814	Deutsche Bank AG	03/09/12		(5,283	)
Chilean Unidad de Fomento	243,700,000	U.S. Dollar	496,840	Deutsche Bank AG	03/15/12		(3,658	)

147

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	236,720,000	U.S. Dollar	482,708	Deutsche Bank AG	03/15/12	$	(3,652	)
Chilean Unidad de Fomento	1,894,715,000	U.S. Dollar	3,797,024	Deutsche Bank AG	03/19/12		35,980
Singapore Dollar	1,829,200	U.S. Dollar	1,433,913	Deutsche Bank AG	03/19/12		20,329
U.S. Dollar	2,265,960	Japanese Yen	182,083,500	Deutsche Bank AG	03/19/12		(124,308	)
Singapore Dollar	1,969,400	U.S. Dollar	1,536,313	Deutsche Bank AG	03/21/12		29,394
Malaysian Ringgit	1,901,000	U.S. Dollar	598,759	Deutsche Bank AG	03/26/12		23,537
U.S. Dollar	860,760	Euro	615,000	Deutsche Bank AG	03/26/12		56,192
Chilean Unidad de Fomento	231,460,000	U.S. Dollar	463,755	Deutsche Bank AG	03/30/12		4,025
Chilean Unidad de Fomento	245,910,000	U.S. Dollar	490,809	Deutsche Bank AG	04/02/12		6,041
U.S. Dollar	1,160,324	Euro	826,000	Deutsche Bank AG	04/04/12		79,671
U.S. Dollar	774,001	Euro	553,000	Deutsche Bank AG	04/05/12		50,509
Indian Rupee	27,793,000	U.S. Dollar	593,234	Deutsche Bank AG	04/11/12		(41,880	)
Indian Rupee	59,598,000	U.S. Dollar	1,276,735	Deutsche Bank AG	04/13/12		(94,923	)
Indian Rupee	13,777,000	U.S. Dollar	291,700	Deutsche Bank AG	04/19/12		(18,841	)
Swedish Krona	28,478,956	Euro	3,148,634	Deutsche Bank AG	04/19/12		52,169
U.S. Dollar	1,215,911	Euro	860,000	Deutsche Bank AG	04/23/12		90,659
Indian Rupee	27,912,000	U.S. Dollar	592,737	Deutsche Bank AG	04/26/12		(40,720	)
Euro	3,110,000	U.S. Dollar	4,067,881	Deutsche Bank AG	05/04/12		—
U.S. Dollar	5,049,232	Euro	3,440,000	Deutsche Bank AG	05/04/12		547,945
U.S. Dollar	372,963	Euro	255,000	Deutsche Bank AG	05/07/12		39,286
U.S. Dollar	226,512	Euro	157,000	Deutsche Bank AG	05/09/12		21,069
U.S. Dollar	832,411	Japanese Yen	66,920,000	Deutsche Bank AG	05/11/12		(46,723	)
U.S. Dollar	421,686	Euro	301,000	Deutsche Bank AG	05/18/12		27,789
U.S. Dollar	524,986	Euro	376,000	Deutsche Bank AG	05/21/12		32,933
U.S. Dollar	88,376	Euro	63,000	Deutsche Bank AG	05/21/12		5,931
Australian Dollar	2,540,000	U.S. Dollar	2,415,870	Deutsche Bank AG	05/25/12		247,891
Indian Rupee	37,818,000	U.S. Dollar	792,498	Deutsche Bank AG	06/01/12		(49,584	)
U.S. Dollar	2,413,489	Euro	1,690,000	Deutsche Bank AG	06/04/12		201,670
U.S. Dollar	420,397	Euro	293,760	Deutsche Bank AG	06/06/12		35,928
Indian Rupee	27,856,000	U.S. Dollar	587,431	Deutsche Bank AG	06/07/12		(40,751	)
U.S. Dollar	1,095,378	Euro	760,600	Deutsche Bank AG	06/07/12		99,910
U.S. Dollar	2,453,355	Euro	1,700,000	Deutsche Bank AG	06/08/12		228,393
Indian Rupee	7,542,000	U.S. Dollar	160,093	Deutsche Bank AG	06/11/12		(12,176	)
U.S. Dollar	330,297	Euro	228,000	Deutsche Bank AG	06/11/12		31,884
U.S. Dollar	1,230,907	Euro	853,700	Deutsche Bank AG	06/11/12		113,562
U.S. Dollar	543,751	Euro	379,000	Deutsche Bank AG	06/13/12		47,700
U.S. Dollar	114,309	Euro	80,000	Deutsche Bank AG	06/14/12		9,601
Indian Rupee	18,877,000	U.S. Dollar	399,852	Deutsche Bank AG	06/18/12		(30,049	)
Indian Rupee	17,195,000	U.S. Dollar	362,840	Deutsche Bank AG	06/20/12		(26,097	)
Indian Rupee	43,847,000	U.S. Dollar	930,539	Deutsche Bank AG	06/25/12		(72,547	)
South Korean Won	234,000,000	U.S. Dollar	199,463	Deutsche Bank AG	06/27/12		6,897
South Korean Won	235,000,000	U.S. Dollar	202,046	Deutsche Bank AG	06/27/12		5,195
Indian Rupee	29,111,000	U.S. Dollar	624,736	Deutsche Bank AG	07/11/12		(56,610	)
Indian Rupee	14,708,000	U.S. Dollar	315,708	Deutsche Bank AG	07/12/12		(28,718	)
U.S. Dollar	1,021,358	Euro	729,000	Deutsche Bank AG	07/16/12		67,008
U.S. Dollar	1,603,275	Euro	1,143,000	Deutsche Bank AG	07/18/12		106,928
U.S. Dollar	877,361	Euro	629,000	Deutsche Bank AG	07/20/12		53,901

148

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	800,970	Euro	571,000	Deutsche Bank AG	07/23/12	$	53,426
Singapore Dollar	3,996,325	U.S. Dollar	3,334,495	Deutsche Bank AG	08/06/12		(151,991	)
U.S. Dollar	692,424	Euro	487,300	Deutsche Bank AG	08/06/12		54,388
U.S. Dollar	508,697	Euro	358,000	Deutsche Bank AG	08/06/12		39,957
U.S. Dollar	1,070,499	Euro	761,000	Deutsche Bank AG	08/06/12		74,099
U.S. Dollar	960,167	Euro	682,300	Deutsche Bank AG	08/08/12		66,795
U.S. Dollar	1,269,340	Euro	902,000	Deutsche Bank AG	08/08/12		88,303
U.S. Dollar	1,008,968	Euro	712,000	Deutsche Bank AG	08/09/12		76,700
U.S. Dollar	690,271	Euro	488,000	Deutsche Bank AG	08/09/12		51,301
U.S. Dollar	671,313	Euro	475,000	Deutsche Bank AG	08/10/12		49,359
U.S. Dollar	504,580	Euro	356,000	Deutsche Bank AG	08/13/12		38,429
U.S. Dollar	772,940	Euro	546,000	Deutsche Bank AG	08/13/12		58,001
Polish Zloty	11,489,000	Euro	2,708,392	Deutsche Bank AG	08/16/12		(55,615	)
U.S. Dollar	2,311,560	Euro	1,612,000	Deutsche Bank AG	08/20/12		200,654
U.S. Dollar	1,179,631	Japanese Yen	90,125,000	Deutsche Bank AG	08/20/12		(6,355	)
U.S. Dollar	965,471	Japanese Yen	73,510,000	Deutsche Bank AG	08/22/12		(1,912	)
U.S. Dollar	956,703	Japanese Yen	72,553,000	Deutsche Bank AG	08/23/12		1,894
Indian Rupee	24,142,000	U.S. Dollar	510,960	Deutsche Bank AG	08/24/12		(42,936	)
U.S. Dollar	1,603,353	Japanese Yen	121,842,000	Deutsche Bank AG	08/27/12		(239	)
U.S. Dollar	316,660	Euro	221,193	Deutsche Bank AG	08/29/12		26,985
U.S. Dollar	14,169	Euro	9,797	Deutsche Bank AG	08/31/12		1,339
Indian Rupee	17,072,000	U.S. Dollar	359,721	Deutsche Bank AG	09/06/12		(29,359	)
U.S. Dollar	168,840	Euro	119,000	Deutsche Bank AG	09/06/12		12,986
U.S. Dollar	365,089	Euro	261,000	Deutsche Bank AG	09/10/12		23,246
U.S. Dollar	162,829	Euro	119,000	Deutsche Bank AG	09/13/12		6,965
Philippines Peso	29,828,000	U.S. Dollar	670,367	Deutsche Bank AG	09/24/12		22,185
U.S. Dollar	984,514	Euro	720,000	Deutsche Bank AG	09/24/12		41,379
U.S. Dollar	1,365,930	Euro	1,000,000	Deutsche Bank AG	09/24/12		56,021
Malaysian Ringgit	364,000	U.S. Dollar	114,058	Deutsche Bank AG	09/26/12		4,149
U.S. Dollar	1,082,312	Euro	800,000	Deutsche Bank AG	09/26/12		34,366
Hungary Forint	160,000,000	U.S. Dollar	735,294	Deutsche Bank AG	09/28/12		(42,488	)
Hungary Forint	163,300,000	U.S. Dollar	739,081	Deutsche Bank AG	09/28/12		(31,986	)
Philippines Peso	36,054,000	U.S. Dollar	827,876	Deutsche Bank AG	10/04/12		9,102
Philippines Peso	43,106,000	U.S. Dollar	989,805	Deutsche Bank AG	10/05/12		10,866
Philippines Peso	35,386,000	U.S. Dollar	813,004	Deutsche Bank AG	10/09/12		8,402
Philippines Peso	28,316,000	U.S. Dollar	650,494	Deutsche Bank AG	10/11/12		6,777
Philippines Peso	8,431,000	U.S. Dollar	193,150	Deutsche Bank AG	10/12/12		2,547
Philippines Peso	7,672,000	U.S. Dollar	175,681	Deutsche Bank AG	10/19/12		2,379
Philippines Peso	30,667,000	U.S. Dollar	702,405	Deutsche Bank AG	10/22/12		9,314
Indian Rupee	12,552,000	U.S. Dollar	242,999	Deutsche Bank AG	10/29/12		(1,883	)
Indian Rupee	26,507,000	U.S. Dollar	515,301	Deutsche Bank AG	10/31/12		(6,244	)
U.S. Dollar	964,314	Euro	684,003	Deutsche Bank AG	10/31/12		68,032
U.S. Dollar	63,837	Euro	45,895	Deutsche Bank AG	11/02/12		3,698
U.S. Dollar	9,865,049	Euro	7,160,000	Deutsche Bank AG	11/07/12		482,354
Philippines Peso	44,300,000	U.S. Dollar	1,024,514	Deutsche Bank AG	11/14/12		3,099
U.S. Dollar	1,873,420	Japanese Yen	143,060,000	Deutsche Bank AG	11/16/12		(12,565	)
U.S. Dollar	901,753	Euro	670,000	Deutsche Bank AG	12/03/12		23,554
Australian Dollar	3,045,000	U.S. Dollar	3,020,914	Deutsche Bank AG	12/10/12		111,652
U.S. Dollar	1,426,635	Euro	1,111,000	Deutsche Bank AG	01/14/13		(30,164	)
U.S. Dollar	345,388	Japanese Yen	26,360,000	Deutsche Bank AG	01/15/13		(2,550	)
U.S. Dollar	1,237,831	Euro	971,000	Deutsche Bank AG	01/17/13		(35,428	)
Philippines Peso	7,579,000	U.S. Dollar	173,044	Deutsche Bank AG	01/22/13		2,489

149

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	807,830	Deutsche Bank AG	01/24/13	$	2,597
Chilean Unidad de Fomento	211,110,000	U.S. Dollar	414,185	Deutsche Bank AG	01/25/13		1,413
Chilean Unidad de Fomento	372,760,000	U.S. Dollar	736,622	Deutsche Bank AG	01/25/13		(2,794	)
Chilean Unidad de Fomento	363,560,000	U.S. Dollar	718,441	Deutsche Bank AG	01/28/13		(2,911	)
U.S. Dollar	1,994,969	Japanese Yen	154,225,103	Deutsche Bank AG	01/28/13		(41,039	)
Chilean Unidad de Fomento	117,450,000	U.S. Dollar	232,105	Deutsche Bank AG	01/29/13		(970	)
Chilean Unidad de Fomento	234,900,000	U.S. Dollar	459,912	Deutsche Bank AG	01/30/13		2,319
Chilean Unidad de Fomento	219,210,000	U.S. Dollar	428,563	Deutsche Bank AG	01/31/13		2,756
Philippines Peso	46,581,000	U.S. Dollar	1,079,513	Deutsche Bank AG	01/31/13		(1,108	)
Singapore Dollar	1,468,000	U.S. Dollar	1,149,677	HSBC Bank USA, N.A.	02/07/12		17,390
U.S. Dollar	2,495,949	Euro	1,856,000	HSBC Bank USA, N.A.	02/09/12		68,181
U.S. Dollar	856,804	Japanese Yen	70,138,000	HSBC Bank USA, N.A.	02/10/12		(63,495	)
Singapore Dollar	1,446,700	U.S. Dollar	1,136,036	HSBC Bank USA, N.A.	02/13/12		14,093
Singapore Dollar	1,041,600	U.S. Dollar	817,923	HSBC Bank USA, N.A.	02/14/12		10,151
Singapore Dollar	1,728,000	U.S. Dollar	1,351,658	HSBC Bank USA, N.A.	02/17/12		22,103
U.S. Dollar	618,597	Japanese Yen	51,260,000	HSBC Bank USA, N.A.	02/22/12		(54,082	)
U.S. Dollar	668,308	Japanese Yen	54,300,000	HSBC Bank USA, N.A.	03/01/12		(44,323	)
U.S. Dollar	398,016	Euro	288,000	HSBC Bank USA, N.A.	03/08/12		21,269
Australian Dollar	410,000	U.S. Dollar	389,705	HSBC Bank USA, N.A.	03/19/12		43,283
Indian Rupee	203,451,000	U.S. Dollar	4,249,185	HSBC Bank USA, N.A.	03/19/12		(193,064	)
Philippines Peso	86,101,500	U.S. Dollar	1,949,188	HSBC Bank USA, N.A.	03/19/12		58,729
Singapore Dollar	2,091,000	U.S. Dollar	1,638,766	HSBC Bank USA, N.A.	03/19/12		23,611
South Korean Won	418,000,000	U.S. Dollar	362,595	HSBC Bank USA, N.A.	03/19/12		7,159
U.S. Dollar	11,387,515	Japanese Yen	916,524,148	HSBC Bank USA, N.A.	03/19/12		(643,988	)
Singapore Dollar	1,574,000	U.S. Dollar	1,229,255	HSBC Bank USA, N.A.	03/21/12		22,102
Malaysian Ringgit	906,000	U.S. Dollar	285,242	HSBC Bank USA, N.A.	03/26/12		11,339

150

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	1,536,262	Euro	1,072,000	HSBC Bank USA, N.A.	04/16/12	$	133,676
Indian Rupee	43,702,000	U.S. Dollar	925,694	HSBC Bank USA, N.A.	06/04/12		(67,612	)
Indian Rupee	7,436,000	U.S. Dollar	157,910	HSBC Bank USA, N.A.	06/08/12		(12,001	)
Indian Rupee	18,770,000	U.S. Dollar	398,514	HSBC Bank USA, N.A.	06/13/12		(30,508	)
Indian Rupee	29,446,000	U.S. Dollar	623,988	HSBC Bank USA, N.A.	06/27/12		(47,980	)
U.S. Dollar	3,071,255	Japanese Yen	234,260,000	HSBC Bank USA, N.A.	08/20/12		(11,453	)
U.S. Dollar	963,579	Japanese Yen	73,232,000	HSBC Bank USA, N.A.	08/20/12		(106	)
Indian Rupee	27,858,000	U.S. Dollar	590,233	HSBC Bank USA, N.A.	08/24/12		(50,169	)
U.S. Dollar	3,075,868	Japanese Yen	234,458,000	HSBC Bank USA, N.A.	08/27/12		(9,890	)
Malaysian Ringgit	1,363,000	U.S. Dollar	427,675	HSBC Bank USA, N.A.	09/26/12		14,953
South Korean Won	470,000,000	U.S. Dollar	397,981	HSBC Bank USA, N.A.	09/26/12		14,105
Philippines Peso	36,100,000	U.S. Dollar	825,822	HSBC Bank USA, N.A.	09/28/12		12,302
Philippines Peso	28,800,000	U.S. Dollar	656,111	HSBC Bank USA, N.A.	10/03/12		12,479
Philippines Peso	28,921,000	U.S. Dollar	656,088	HSBC Bank USA, N.A.	10/04/12		15,301
Philippines Peso	43,117,000	U.S. Dollar	971,957	HSBC Bank USA, N.A.	10/05/12		28,969
Philippines Peso	28,370,000	U.S. Dollar	652,319	HSBC Bank USA, N.A.	10/11/12		6,206
Philippines Peso	14,164,000	U.S. Dollar	325,677	HSBC Bank USA, N.A.	10/11/12		3,098
Philippines Peso	14,058,000	U.S. Dollar	322,173	HSBC Bank USA, N.A.	10/15/12		4,121
U.S. Dollar	929,704	Euro	677,000	HSBC Bank USA, N.A.	10/17/12		42,711
U.S. Dollar	928,341	Euro	676,000	HSBC Bank USA, N.A.	10/17/12		42,658
U.S. Dollar	1,249,703	Euro	910,000	HSBC Bank USA, N.A.	10/17/12		57,438
Philippines Peso	27,840,000	U.S. Dollar	645,625	HSBC Bank USA, N.A.	10/19/12		516
Indian Rupee	12,846,000	U.S. Dollar	249,077	HSBC Bank USA, N.A.	10/29/12		(2,313	)
Indian Rupee	19,137,000	U.S. Dollar	371,953	HSBC Bank USA, N.A.	10/31/12		(4,434	)
U.S. Dollar	489,061	Japanese Yen	37,330,000	HSBC Bank USA, N.A.	11/19/12		(3,098	)

151

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	968,622	Euro	720,487	HSBC Bank USA, N.A.	12/07/12	$	24,214
U.S. Dollar	345,872	Japanese Yen	26,390,000	HSBC Bank USA, N.A.	01/15/13		(2,463	)
U.S. Dollar	938,954	Japanese Yen	71,830,000	HSBC Bank USA, N.A.	01/15/13		(9,164	)
Philippines Peso	27,840,000	U.S. Dollar	642,155	HSBC Bank USA, N.A.	01/28/13		2,481
U.S. Dollar	2,581,182	Japanese Yen	199,698,335	HSBC Bank USA, N.A.	01/28/13		(55,142	)
Singapore Dollar	12,054,100	U.S. Dollar	9,468,157	JPMorgan Chase Bank, N.A.	02/06/12		114,914
Singapore Dollar	2,828,520	U.S. Dollar	2,221,723	JPMorgan Chase Bank, N.A.	02/06/12		26,965
U.S. Dollar	95,808,348	Euro	69,429,407	JPMorgan Chase Bank, N.A.	02/06/12		4,990,670
Norway Krones	7,600,000	U.S. Dollar	1,353,417	JPMorgan Chase Bank, N.A.	02/10/12		(58,533	)
U.S. Dollar	299,098	Japanese Yen	24,550,000	JPMorgan Chase Bank, N.A.	02/15/12		(23,045	)
U.S. Dollar	2,130,797	Euro	1,593,000	JPMorgan Chase Bank, N.A.	02/16/12		47,025
U.S. Dollar	171,784	Japanese Yen	14,210,000	JPMorgan Chase Bank, N.A.	02/16/12		(14,680	)
Chilean Unidad de Fomento	91,400,000	U.S. Dollar	187,632	JPMorgan Chase Bank, N.A.	02/21/12		(2,195	)
Singapore Dollar	2,900,000	U.S. Dollar	2,243,453	JPMorgan Chase Bank, N.A.	02/21/12		62,042
Chilean Unidad de Fomento	155,200,000	U.S. Dollar	322,159	JPMorgan Chase Bank, N.A.	02/22/12		(7,326	)
U.S. Dollar	618,781	Japanese Yen	51,300,000	JPMorgan Chase Bank, N.A.	02/23/12		(54,430	)
Canadian Dollar	3,575,345	U.S. Dollar	3,421,589	JPMorgan Chase Bank, N.A.	02/27/12		141,989
United Kingdom Pound	283,529	U.S. Dollar	441,462	JPMorgan Chase Bank, N.A.	02/27/12		5,230
United Kingdom Pound	563,220	U.S. Dollar	876,967	JPMorgan Chase Bank, N.A.	02/27/12		10,370
Chilean Unidad de Fomento	62,400,000	U.S. Dollar	128,527	JPMorgan Chase Bank, N.A.	02/28/12		(2,052	)
U.S. Dollar	668,061	Japanese Yen	54,300,000	JPMorgan Chase Bank, N.A.	03/01/12		(44,570	)
U.S. Dollar	14,497,420	Euro	10,810,071	JPMorgan Chase Bank, N.A.	03/08/12		356,238
Singapore Dollar	2,620,000	U.S. Dollar	2,048,636	JPMorgan Chase Bank, N.A.	03/19/12		34,304
Chilean Unidad de Fomento	92,200,000	U.S. Dollar	185,048	JPMorgan Chase Bank, N.A.	03/21/12		1,439
U.S. Dollar	23,488,813	Euro	17,973,348	JPMorgan Chase Bank, N.A.	04/05/12		(25,771	)

152

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Indonesian Rupiah	134,925,000,000	U.S. Dollar	14,606,557	JPMorgan Chase Bank, N.A.	04/12/12	$	334,687
Indian Rupee	40,031,000	U.S. Dollar	855,363	JPMorgan Chase Bank, N.A.	04/16/12		(62,047	)
Indian Rupee	39,295,000	U.S. Dollar	834,643	JPMorgan Chase Bank, N.A.	04/18/12		(56,231	)
Indian Rupee	19,629,000	U.S. Dollar	416,575	JPMorgan Chase Bank, N.A.	04/19/12		(27,815	)
Malaysian Ringgit	31,440,000	U.S. Dollar	10,079,104	JPMorgan Chase Bank, N.A.	04/25/12		193,786
Malaysian Ringgit	31,600,010	U.S. Dollar	10,200,132	JPMorgan Chase Bank, N.A.	04/26/12		124,338
Chilean Unidad de Fomento	604,651,000	U.S. Dollar	1,226,224	JPMorgan Chase Bank, N.A.	04/27/12		(7,274	)
Indian Rupee	19,756,000	U.S. Dollar	419,003	JPMorgan Chase Bank, N.A.	04/27/12		(28,368	)
Indian Rupee	3,982,000	U.S. Dollar	84,454	JPMorgan Chase Bank, N.A.	04/27/12		(5,718	)
Malaysian Ringgit	30,780,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	04/27/12		55,869
Indian Rupee	19,775,000	U.S. Dollar	419,851	JPMorgan Chase Bank, N.A.	04/30/12		(29,080	)
Chinese Yuan	63,800,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	05/29/12		139,334
Chinese Yuan	127,420,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	06/11/12		253,931
Indian Rupee	28,975,000	U.S. Dollar	611,932	JPMorgan Chase Bank, N.A.	06/22/12		(44,677	)
Chinese Yuan	127,560,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	06/25/12		280,305
Chinese Yuan	127,860,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	06/27/12		328,591
Chinese Yuan	127,760,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	07/02/12		314,264
Indian Rupee	46,822,000	U.S. Dollar	1,009,175	JPMorgan Chase Bank, N.A.	07/12/12		(95,558	)
Chinese Yuan	64,025,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	07/13/12		181,986
Indian Rupee	3,943,000	U.S. Dollar	84,850	JPMorgan Chase Bank, N.A.	07/19/12		(8,003	)
Indian Rupee	3,943,000	U.S. Dollar	84,850	JPMorgan Chase Bank, N.A.	07/19/12		(8,003	)
Singapore Dollar	6,427,600	U.S. Dollar	5,367,516	JPMorgan Chase Bank, N.A.	07/31/12		(249,253	)
U.S. Dollar	962,431	Japanese Yen	73,573,000	JPMorgan Chase Bank, N.A.	08/20/12		(5,742	)
U.S. Dollar	1,918,765	Japanese Yen	146,373,000	JPMorgan Chase Bank, N.A.	08/24/12		(7,566	)
U.S. Dollar	1,482,275	Japanese Yen	112,727,000	JPMorgan Chase Bank, N.A.	08/27/12		(1,352	)

153

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	1,060,101	Euro	737,287	JPMorgan Chase Bank, N.A.	08/29/12	$	94,549
U.S. Dollar	952,978	Japanese Yen	72,717,000	JPMorgan Chase Bank, N.A.	08/31/12		(4,146	)
U.S. Dollar	350,000,000	Chinese Yuan	2,254,875,000	JPMorgan Chase Bank, N.A.	09/26/12		(8,675,002	)
U.S. Dollar	415,086	Japanese Yen	31,505,000	JPMorgan Chase Bank, N.A.	09/28/12		168
Philippines Peso	11,388,000	U.S. Dollar	261,073	JPMorgan Chase Bank, N.A.	10/09/12		3,274
Philippines Peso	14,127,000	U.S. Dollar	323,865	JPMorgan Chase Bank, N.A.	10/11/12		4,051
Philippines Peso	19,811,000	U.S. Dollar	458,058	JPMorgan Chase Bank, N.A.	10/12/12		1,788
Philippines Peso	11,727,000	U.S. Dollar	270,145	JPMorgan Chase Bank, N.A.	10/15/12		2,045
Philippines Peso	23,266,000	U.S. Dollar	532,525	JPMorgan Chase Bank, N.A.	10/15/12		7,492
Philippines Peso	15,399,000	U.S. Dollar	354,571	JPMorgan Chase Bank, N.A.	10/22/12		2,809
Philippines Peso	14,923,000	U.S. Dollar	346,716	JPMorgan Chase Bank, N.A.	10/29/12		(426	)
U.S. Dollar	934,991	Japanese Yen	71,438,000	JPMorgan Chase Bank, N.A.	11/19/12		(6,847	)
U.S. Dollar	19,913,219	Chinese Yuan	128,500,000	JPMorgan Chase Bank, N.A.	12/24/12		(531,356	)
Chinese Yuan	254,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	01/14/13		542,660
U.S. Dollar	39,145,246	Chinese Yuan	252,800,000	JPMorgan Chase Bank, N.A.	01/14/13		(1,079,183	)
Philippines Peso	30,247,000	U.S. Dollar	691,392	JPMorgan Chase Bank, N.A.	01/22/13		9,142
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	245,993	JPMorgan Chase Bank, N.A.	01/30/13		(454	)
U.S. Dollar	19,474,173	Chinese Yuan	125,920,000	JPMorgan Chase Bank, N.A.	02/12/13		(557,846	)
Chinese Yuan	62,550,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	05/28/13		(62,927	)
Chinese Yuan	62,700,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	06/13/13		(41,188	)
Hong Kong Dollar	307,680,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	10/28/13		(319,528	)
Hong Kong Dollar	924,576,000	U.S. Dollar	120,000,000	JPMorgan Chase Bank, N.A.	10/28/13		(760,491	)
Chinese Yuan	246,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	02/24/14		(1,002,002	)
U.S. Dollar	39,268,099	Chinese Yuan	246,800,000	JPMorgan Chase Bank, N.A.	02/24/14		270,101
Chinese Yuan	123,100,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	03/07/14		(561,674	)

154

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chinese Yuan	245,600,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	03/10/14	$	(1,218,093	)
U.S. Dollar	39,083,386	Chinese Yuan	245,600,000	JPMorgan Chase Bank, N.A.	03/10/14		301,479
Chinese Yuan	125,200,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	03/17/14		(230,070	)
U.S. Dollar	19,608,457	Chinese Yuan	125,200,000	JPMorgan Chase Bank, N.A.	03/17/14		(161,472	)
Chinese Yuan	92,100,000	U.S. Dollar	15,000,000	JPMorgan Chase Bank, N.A.	04/14/14		(456,785	)
Chinese Yuan	122,800,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	04/21/14		(609,046	)
Hong Kong Dollar	386,050,000	U.S. Dollar	50,000,000	JPMorgan Chase Bank, N.A.	09/22/14		(185,394	)
U.S. Dollar	1,660,556	United Kingdom Pound	1,059,704	Morgan Stanley Capital Services, Inc.	02/01/12		(9,308	)
United Kingdom Pound	1,059,704	U.S. Dollar	1,670,427	Morgan Stanley Capital Services, Inc.	02/01/12		(563	)
Australian Dollar	4,488,527	U.S. Dollar	4,364,419	Morgan Stanley Capital Services, Inc.	02/08/12		396,699
U.S. Dollar	393,609	Japanese Yen	32,163,000	Morgan Stanley Capital Services, Inc.	02/10/12		(28,410	)
Chilean Unidad de Fomento	170,020,000	U.S. Dollar	349,727	Morgan Stanley Capital Services, Inc.	02/14/12		(4,443	)
U.S. Dollar	174,867	Chilean Unidad de Fomento	85,510,000	Morgan Stanley Capital Services, Inc.	02/14/12		—
United Kingdom Pound	761,853	U.S. Dollar	1,211,148	Morgan Stanley Capital Services, Inc.	02/15/12		(10,760	)
Chilean Unidad de Fomento	153,870,000	U.S. Dollar	319,630	Morgan Stanley Capital Services, Inc.	02/16/12		(7,232	)
Chilean Unidad de Fomento	153,910,000	U.S. Dollar	319,581	Morgan Stanley Capital Services, Inc.	02/16/12		(7,101	)
Chilean Unidad de Fomento	195,220,000	U.S. Dollar	402,370	Morgan Stanley Capital Services, Inc.	02/27/12		(6,633	)
United Kingdom Pound	850,886	U.S. Dollar	1,324,766	Morgan Stanley Capital Services, Inc.	02/27/12		15,782

155

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	234,800,000	U.S. Dollar	479,086	Morgan Stanley Capital Services, Inc.	02/28/12	$	(3,181	)
United Kingdom Pound	274,877	U.S. Dollar	430,636	Morgan Stanley Capital Services, Inc.	02/29/12		2,418
United Kingdom Pound	1,059,704	U.S. Dollar	1,660,185	Morgan Stanley Capital Services, Inc.	02/29/12		9,324
U.S. Dollar	1,128,895	Euro	816,000	Morgan Stanley Capital Services, Inc.	03/08/12		61,446
Chilean Unidad de Fomento	99,000,000	U.S. Dollar	201,301	Morgan Stanley Capital Services, Inc.	03/12/12		(898	)
United Kingdom Pound	840,772	U.S. Dollar	1,343,646	Morgan Stanley Capital Services, Inc.	03/14/12		(19,214	)
U.S. Dollar	2,473,744	Japanese Yen	198,800,000	Morgan Stanley Capital Services, Inc.	03/19/12		(135,966	)
Australian Dollar	5,061,294	U.S. Dollar	4,848,112	Morgan Stanley Capital Services, Inc.	03/26/12		492,760
Singapore Dollar	2,061,300	U.S. Dollar	1,605,862	Morgan Stanley Capital Services, Inc.	03/26/12		32,920
Chilean Unidad de Fomento	1,065,040,000	U.S. Dollar	2,163,616	Morgan Stanley Capital Services, Inc.	04/16/12		(14,437	)
Chilean Unidad de Fomento	954,280,000	U.S. Dollar	1,927,838	Morgan Stanley Capital Services, Inc.	04/20/12		(2,852	)
U.S. Dollar	230,945	Euro	157,000	Morgan Stanley Capital Services, Inc.	05/07/12		25,504
Chilean Unidad de Fomento	101,400,000	U.S. Dollar	208,844	Morgan Stanley Capital Services, Inc.	05/11/12		(4,726	)
Polish Zloty	4,031,000	Euro	1,006,492	Morgan Stanley Capital Services, Inc.	05/24/12		(82,491	)
U.S. Dollar	978,922	Euro	686,000	Morgan Stanley Capital Services, Inc.	06/04/12		81,107
Swedish Krona	13,535,982	Euro	1,455,859	Morgan Stanley Capital Services, Inc.	07/16/12		70,666

156

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Swedish Krona	3,168,850	Euro	340,330	Morgan Stanley Capital Services, Inc.	07/18/12	$	17,152
Swedish Krona	19,932,831	Euro	2,130,358	Morgan Stanley Capital Services, Inc.	07/20/12		121,266
Singapore Dollar	5,152,240	U.S. Dollar	4,293,999	Morgan Stanley Capital Services, Inc.	08/01/12		(191,244	)
U.S. Dollar	1,156,489	Euro	806,000	Morgan Stanley Capital Services, Inc.	08/20/12		101,036
U.S. Dollar	759,188	Japanese Yen	57,800,000	Morgan Stanley Capital Services, Inc.	08/22/12		(1,454	)
Philippines Peso	6,370,000	U.S. Dollar	147,454	Morgan Stanley Capital Services, Inc.	10/29/12		363
U.S. Dollar	10,474,142	Japanese Yen	807,305,000	Morgan Stanley Capital Services, Inc.	11/13/12		(168,044	)
Norway Krones	1,495,190	Euro	188,425	Morgan Stanley Capital Services, Inc.	11/26/12		5,110
Norway Krones	2,300,000	Euro	289,840	Morgan Stanley Capital Services, Inc.	11/26/12		7,869
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	377,398	Morgan Stanley Capital Services, Inc.	01/14/13		14,186
Chilean Unidad de Fomento	85,510,000	U.S. Dollar	169,612	Morgan Stanley Capital Services, Inc.	02/04/13		—
Australian Dollar	4,487,287	U.S. Dollar	4,351,547	UBS AG	02/08/12		408,257
Norway Krones	12,261,800	Euro	1,547,269	UBS AG	02/08/12		65,395
U.S. Dollar	2,948,638	Euro	2,177,000	UBS AG	02/08/12		100,986
Norway Krones	17,138,000	Euro	2,154,720	UBS AG	02/09/12		101,563
U.S. Dollar	2,477,930	Euro	1,825,000	UBS AG	02/13/12		90,697
U.S. Dollar	2,131,705	Euro	1,593,000	UBS AG	02/16/12		47,933
U.S. Dollar	15,000,000	Singapore Dollar	19,361,850	UBS AG	02/17/12		(392,676	)
Norway Krones	160,325,000	U.S. Dollar	27,610,822	UBS AG	02/21/12		(306,256	)
Norway Krones	7,600,000	U.S. Dollar	1,308,855	UBS AG	02/21/12		(14,518	)
U.S. Dollar	2,115,320	Euro	1,580,000	UBS AG	02/21/12		48,536
U.S. Dollar	25,542,968	Euro	18,866,212	UBS AG	02/21/12		864,242
U.S. Dollar	9,405,425	Euro	6,955,646	UBS AG	02/21/12		306,806
U.S. Dollar	745,442	Japanese Yen	60,600,000	UBS AG	03/01/12		(49,870	)
Mexican Peso	204,000,000	U.S. Dollar	15,000,000	UBS AG	03/06/12		605,497
U.S. Dollar	1,494,234	Euro	1,080,000	UBS AG	03/08/12		81,433
U.S. Dollar	27,336,227	South African Rand	223,542,000	UBS AG	03/09/12		(1,086,150	)
Swedish Krona	170,610,000	U.S. Dollar	24,558,590	UBS AG	04/10/12		443,395

157

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	18,815,636	Euro	14,696,557	UBS AG	04/10/12	$	(412,439	)
Norway Krones	31,660,000	U.S. Dollar	5,273,678	UBS AG	04/12/12		107,203
Mexican Peso	200,692,500	U.S. Dollar	14,679,733	UBS AG	04/17/12		617,947
U.S. Dollar	32,430,423	Japanese Yen	2,485,999,500	UBS AG	04/17/12		(217,061	)
U.S. Dollar	32,308,291	Euro	25,153,384	UBS AG	04/20/12		(602,667	)
U.S. Dollar	18,589,016	Euro	14,413,999	UBS AG	04/23/12		(270,726	)
Indonesian Rupiah	85,170,000,000	U.S. Dollar	9,432,938	UBS AG	04/24/12		(11,000	)
Malaysian Ringgit	46,410,000	U.S. Dollar	15,000,000	UBS AG	04/26/12		163,244
Malaysian Ringgit	61,760,000	U.S. Dollar	19,843,845	UBS AG	04/26/12		334,606
U.S. Dollar	51,299,481	Euro	39,539,850	UBS AG	04/26/12		(436,588	)
Euro	21,200,000	U.S. Dollar	27,477,491	UBS AG	04/27/12		261,883
Mexican Peso	131,455,000	U.S. Dollar	10,000,000	UBS AG	04/27/12		11,897
U.S. Dollar	111,883	Euro	78,000	UBS AG	05/09/12		9,816
U.S. Dollar	1,244,483	Japanese Yen	100,044,000	UBS AG	05/11/12		(69,804	)
U.S. Dollar	420,437	Euro	301,000	UBS AG	05/21/12		26,532
U.S. Dollar	567,701	Euro	395,500	UBS AG	06/07/12		50,073
Chinese Yuan	127,970,000	U.S. Dollar	20,000,000	UBS AG	06/29/12		346,674
Swedish Krona	20,866,000	Euro	2,243,897	UBS AG	06/29/12		111,542
U.S. Dollar	2,615,068	Euro	1,850,000	UBS AG	06/29/12		193,465
Swedish Krona	15,299,180	Euro	1,644,932	UBS AG	07/16/12		80,614
Swedish Krona	15,274,510	Euro	1,644,932	UBS AG	07/18/12		76,825
U.S. Dollar	1,941,007	Japanese Yen	148,060,000	UBS AG	08/20/12		(7,366	)
Norway Krones	10,525,000	Euro	1,324,599	UBS AG	08/22/12		45,745
Norway Krones	10,525,000	Euro	1,318,707	UBS AG	08/23/12		53,383
U.S. Dollar	2,410,537	Euro	1,675,590	UBS AG	08/27/12		216,222
U.S. Dollar	2,189,182	Japanese Yen	166,449,000	UBS AG	08/27/12		(1,493	)
U.S. Dollar	809,927	Euro	590,886	UBS AG	09/17/12		35,969
Norway Krones	4,194,700	Euro	532,255	UBS AG	11/08/12		10,128
U.S. Dollar	414,967	Japanese Yen	31,954,500	UBS AG	11/14/12		(6,278	)
Australian Dollar	663,000	U.S. Dollar	652,127	UBS AG	11/19/12		31,307
U.S. Dollar	748,433	Japanese Yen	57,068,000	UBS AG	11/19/12		(3,951	)
Norway Krones	13,058,000	Euro	1,644,419	UBS AG	11/26/12		46,145
Norway Krones	4,080,000	Euro	517,885	UBS AG	12/03/12		8,856
U.S. Dollar	2,226,913	Euro	1,741,000	UBS AG	01/11/13		(55,911	)
U.S. Dollar	344,317	Japanese Yen	26,280,000	UBS AG	01/11/13		(2,536	)
U.S. Dollar	741,254	Japanese Yen	56,700,000	UBS AG	01/15/13		(7,156	)
U.S. Dollar	2,098,403	Japanese Yen	162,280,000	UBS AG	01/28/13		(43,942	)
						$	(6,172	)

158

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

As of January 31, 2012, the Real Return Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar	21,320,160	U.S. Dollar	20,947,569	Barclays Bank Plc	10/18/12	$	1,096,666
U.S. Dollar	21,013,150	Australian Dollar	21,320,160	Barclays Bank Plc	10/18/12		(1,031,085	)
						$	65,581

C. Swap Agreements. The Funds entered into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures 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. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Interim payments or receipts are recorded as interest expense and interest income in the accompanying Statements of Operations. Payments received or made by a 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, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). 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”.

D. Options. The Funds purchased and wrote (sold) 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 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, a Fund bears the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

159

Old Westbury Funds, Inc.
Notes To Financial Statements- (Continued)
	January 31, 2012 (Unaudited)

A 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 a 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, a Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized gain of the contract (as writer).

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

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 2011.		106,977		$	41,344,728
Options written		139,879			75,309,667
Options terminated in closing purchase transactions		(141,261	)		(64,090,076	)
Options exercised		(7,848	)		(2,544,657	)
Options expired		—			—
Contracts outstanding at January 31, 2012		97,747		$	50,019,662

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

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 2011		27,360		$	70,097,165
Options written		—			—
Options terminated in closing purchase transactions		(15,580	)		(48,866,720	)
Options exercised		—			—
Options expired		(7,580	)		(9,393,445	)
Contracts outstanding at January 31, 2012		4,200		$	11,837,000

The Global Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

6. Fair Value Measurements:

The inputs and valuation techniques used to measure fair value of the Funds’ 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 ratings, 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.

160

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

The summary of inputs used to value the Funds’ investments as of January 31, 2012 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Investments in Securities Assets:
Large Cap Core Fund
Equity Securities	$	267,454,005	(a)	$	2,588,065		$	—	$	270,042,070
Investment Company		11,415,600			—			—		11,415,600
U.S. Government Agencies		—			295,300,300			—		295,300,300
U.S. Government Securities		—			4,999,997			—		4,999,997
Total	$	278,869,605		$	302,888,362		$	—	$	581,757,967
Large Cap Strategies Fund
Equity Securities: (b)
Argentina	$	19,053,200		$	—		$	—	$	19,053,200
Australia		11,137,568			—			—		11,137,568
Brazil		93,097,538			—			—		93,097,538
Canada		42,455,592			—			—		42,455,592
China		20,965,188			—			—		20,965,188
Denmark		7,347,779			—			—		7,347,779
Finland		17,500,873			—			—		17,500,873
France		121,109,985			—			—		121,109,985
Germany		89,545,319			—			—		89,545,319
Hong Kong		23,796,954			—			—		23,796,954
India		42,628,101			—			—		42,628,101
Ireland		55,012,300			—			—		55,012,300
Italy		59,860,992			—			—		59,860,992
Japan		212,697,743			—			—		212,697,743
Mexico		17,670,927			—			—		17,670,927
Netherlands		75,237,290			—			—		75,237,290
Portugal		10,853,172			—			—		10,853,172
Russia		3,630,000			—			—		3,630,000
South Africa		32,685,485			—			—		32,685,485
South Korea		25,367,333			—			—		25,367,333
Switzerland		170,200,390			—			—		170,200,390
United Kingdom		299,408,074			—			—		299,408,074
United States		1,330,938,313			—			—		1,330,938,313
Total Equities	$	2,782,200,116		$	—		$	—	$	2,782,200,116
Investment Company		44,363,800			—			—		44,363,800
U.S. Government Agencies		—			22,499,517			—		22,499,517
U.S. Government Securities		—			5,999,997			—		5,999,997
Total	$	2,826,563,916		$	28,499,514		$	—	$	2,855,063,430
Global Small & Mid Cap Fund
Equity Securities: (b)
Australia	$	91,864,872		$	—		$	153,398	$	92,018,270
Austria		9,930,360			—			4,967		9,935,327
Bahamas		2,497			—			—		2,497
Belgium		8,783,148			—			—		8,783,148
Bermuda		24,211,135			—			—		24,211,135
Brazil		48,183,640			—			—		48,183,640

161

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Canada	$	114,910,378	$	—		$	1,332,354	$	116,242,732
Cayman Islands		181,526		—			—		181,526
Chile		7,063,600		—			—		7,063,600
China		35,348,235		—			291,433		35,639,668
Columbia		250,484		—			—		250,484
Cyprus		715,469		—			—		715,469
Denmark		17,999,979		—			—		17,999,979
Finland		116,335,883		—			—		116,335,883
France		84,593,391		—			—		84,593,391
Gabon		882		—			—		882
Germany		93,362,305		—			—		93,362,305
Gibraltar		410,140		—			—		410,140
Greece		1,802,216		—			787		1,803,003
Guernsey		3,154,348		—			—		3,154,348
Hong Kong		56,946,497		—			425,416		57,371,913
Hungary		1,308,782		—			—		1,308,782
India		46,469,605		—			53,004		46,522,609
Indonesia		19,797,729		—			59,281		19,857,010
Ireland		12,937,416		—			—		12,937,416
Isle of Man		10,648		—			—		10,648
Israel		78,972,989		—			46,903		79,019,892
Italy		13,766,285		—			4,358		13,770,643
Japan		253,871,128		—			—		253,871,128
Jersey Channel Islands		922,477		—			—		922,477
Liechtenstein		337,265		—			—		337,265
Luxembourg		345,184		—			—		345,184
Malaysia		30,078,853		—			9,832		30,088,685
Malta		201,748		—			—		201,748
Mauritius		365,728		—			—		365,728
Mexico		14,184,198		—			—		14,184,198
Monaco		24,487		—			—		24,487
Netherlands		46,005,312		—			—		46,005,312
New Zealand		16,484,168		—			—		16,484,168
Nigeria		61,829		—			—		61,829
Norway		11,396,107		—			—		11,396,107
Peru		4,174,876		—			—		4,174,876
Philippines		12,643,077		—			—		12,643,077
Poland		5,407,759		—			—		5,407,759
Portugal		1,170,909		—			—		1,170,909
Russia		6,236		—			—		6,236
Singapore		63,763,286		—			17,840		63,781,126
South Africa		36,116,810		—			—		36,116,810
South Korea		66,938,283		—			—		66,938,283
Spain		22,200,657		—			—		22,200,657
Sweden		36,638,089		—			—		36,638,089
Switzerland		72,456,091		—			—		72,456,091
Taiwan		51,366,132		—			695		51,366,827
Thailand		14,627,583		2,667,628			—		17,295,211
Turkey		6,356,975		—			—		6,356,975
Ukraine		45,875		—			—		45,875
United Arab Emirates		1,158,947		—			—		1,158,947

162

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
United Kingdom	$	474,297,166	$	—			$	290,558	$	474,587,724
United States		2,238,563,226		—				10,560		2,238,573,786
Total Equities	$	4,371,524,900	$	2,667,628			$	2,701,386	$	4,376,893,914
Exchange Traded Funds		133,823,992		—				—		133,823,992
Investment Company		19,475,500		—				—		19,475,500
Rights/Warrants
Australia		458		1,418				—		1,876
Canada		143		—				793		936
Hong Kong		4,568		21				—		4,589
Greece		—		1,931				—		1,931
Norway		—		1,134				—		1,134
Peru		—		13,461				—		13,461
Singapore		13,370		—				—		13,370
Sweden		—		450				—		450
Turkey		27,546		—				—		27,546
Total Rights/Warrants	$	46,085	$	18,415			$	793	$	65,293
U.S. Government Agencies		—		103,898,804				—		103,898,804
U.S. Government Securities		—		12,999,993				—		12,999,993
Cash Sweep		61,341,475		—				—		61,341,475
Other financial instruments - Assets*:
Foreign currency exchange contracts		—		497,591				—		497,591
Other financial instruments -Liabilities*:
Foreign currency exchange contracts		—		(401,548	)			—		(401,548	)
Total	$	4,586,211,952	$	119,680,883			$	2,702,179	$	4,708,595,014
Global Opportunities Fund
Equity Securities: (b)
Australia	$	8,941,542	$	—			$	—	$	8,941,542
Austria		2,215,621		—				—		2,215,621
Belgium		6,228,827		—				—		6,228,827
Bermuda		17,768,320		—				—		17,768,320
Brazil		4,910,846		—				—		4,910,846
Canada		26,136,919		—				—		26,136,919
Chile		2,664,645		—				—		2,664,645
China		9,405,408		—				—		9,405,408
Columbia		461,850		—				—		461,850
Cyprus		1,389,625		—				—		1,389,625
Czech Republic		464,660		—				—		464,660
Denmark		3,277,558		—				—		3,277,558
Egypt		1,401,136		—				—		1,401,136
Finland		7,174,286		—				—		7,174,286
France		41,066,631		—				—		41,066,631
Germany		17,144,404		—				—		17,144,404
Hong Kong		22,160,950		—				—		22,160,950
India		2,367,626		—				—		2,367,626
Indonesia		209,984		—				—		209,984
Ireland		280,567		—				—		280,567
Israel		1,647,414		—				—		1,647,414
Italy		12,135,672		—				—		12,135,672

163

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Japan	$	118,007,050		$	—		$	—		$	118,007,050
Luxembourg		1,090,562			—			—			1,090,562
Malaysia		10,696,876			—			—			10,696,876
Mexico		1,114,636			—			—			1,114,636
Netherlands		9,009,797			—			—			9,009,797
Norway		3,531,152			—			—			3,531,152
Pakistan		5,380,139			—			—			5,380,139
Poland		4,376,279			—			—			4,376,279
Portugal		1,755,860			—			—			1,755,860
Russia		10,037,750			—			—			10,037,750
Singapore		5,451,635			—			—			5,451,635
South Africa		2,590,985			—			—			2,590,985
South Korea		14,571,847			—			—			14,571,847
Spain		7,801,145			—			—			7,801,145
Sweden		6,620,193			—			—			6,620,193
Switzerland		29,522,970			—			—			29,522,970
Taiwan		13,566,060			—			—			13,566,060
Thailand		923,638			2,101,478			—			3,025,116
Turkey		4,118,325			—			—			4,118,325
United Kingdom		37,916,667			—			—			37,916,667
United States		490,392,780			—			258,750			490,651,530
Total Equities	$	967,930,837		$	2,101,478		$	258,750		$	970,291,065
Exchange Traded Funds		265,998,283			—			—			265,998,283
Preferred Stock		8,728,212	(a)		—			—			8,728,212
Rights/Warrants		—			3,985			—			3,985
Bank Loans		—			61,442,666	(a)		—			61,442,666
Corporate Bonds		—			1,416,845,684	(a)		7,646,164	(c)		1,424,491,848
Government Bonds		—			441,046,481	(a)		—			441,046,481
Asset-Backed Securities		—			58,641,246	(a)		—			58,641,246
Non-Agency Mortgage-Backed Securities		—			515,812,342	(a)		—			515,812,342
U.S. Government Agencies		—			128,999,287			—			128,999,287
U.S. Government Securities		—			5,999,997			—			5,999,997
Municipal Bonds		—			4,296,629	(a)		—			4,296,629
Cash Sweep		125,734,654			—			—			125,734,654
Other financial instruments - Assets*:
Equity contracts		133,830			28,395,867			—			28,529,697
Foreign exchange currency contracts		—			32,365,385			—			32,365,385
Other financial instruments - Liabilities*:
Equity contracts		(58,268,852	)		(35,444,248	)		—			(93,713,100	)
Foreign exchange currency contracts		—			(32,371,557	)		—			(32,371,557	)
Total	$	1,310,256,964		$	2,623,838,613		$	7,904,914		$	3,946,297,120
Real Return Fund
Equity Securities	$	908,304,621	(a)	$	—		$	—		$	908,304,621
Preferred Stock		—			—			—			—
Collectible Coins		—			47,739,926			—			47,739,926
Commodities		155,348,666			—			—			155,348,666
Asset-Backed Securities		—			120,158,750	(a)		—			120,158,750
Corporate Bonds		—			3,279,420	(a)		—			3,279,420

164

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Government Bonds	$	—		$	168,733,045	(a)		$	—	$	168,733,045
U.S. Government Agencies		—			555,587,659				—		555,587,659
U.S. Government Securities		—			380,874,870				—		380,874,870
Cash Sweep		11,963,477			—				—		11,963,477
Other financial instruments - Assets*:
Commodity contracts		43,379,153			6,637,929				—		50,017,082
Foreign currency exchange contracts		—			1,096,666				—		1,096,666
Other financial instruments - Liabilities*:
Commodity contracts		(81,320,374	)		(2,181,629	)			—		(83,502,003	)
Foreign currency exchange contracts		—			(1,031,085	)			—		(1,031,085	)
Total	$	1,037,675,543		$	1,280,895,551			$	—	$	2,318,571,094
Fixed Income Fund
Corporate Bonds	$	—		$	174,574,287	(a)		$	—	$	174,574,287
Municipal Bonds		—			31,697,397	(a)			—		31,697,397
Collateralized Mortgage Obligations		—			2,833,696	(a)			—		2,833,696
U.S. Government Agencies		—			103,140,527	(a)			—		103,140,527
U.S. Government Securities		—			139,606,472	(a)			—		139,606,472
Government Bonds		—			10,256,399	(a)			—		10,256,399
Investment Company		395,300			—				—		395,300
Total	$	395,300		$	462,108,778			$	—	$	462,504,078
Municipal Bond Fund
Municipal Bonds	$	—		$	929,439,690	(a)		$	—	$	929,439,690

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

(b) In the Large Cap Strategies Fund, Global Small & Mid Cap Fund and Global Opportunities Fund certain foreign equities were not fair valued at January 31, 2012 as a result of the change in the S&P 500 Index exceeding the Funds’ predetermined level (see footnote 3.A). Since these securities were fair valued at October 31, 2011, these securities were transferred from Level 2 to Level 1 at January 31, 2012. The value of the securities transferred from Level 2 to Level 1 for the Large Cap Strategies Fund, Global Small & Mid Cap Fund and Global Opportunities Fund is $684,748,462, $994,411,253, and $422,889,732 respectively. See footnote 3.A. regarding significant transfers between levels 1 and 2. The remaining Funds have no significant transfers between Level 1 and Level 2 investments during the reporting period.

(c) Represents securities as disclosed in the Bermuda, Hong Kong and the United States sections 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 Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.

165

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

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

	Balance as of 11/1/11 (fair value)			Transfer in to level 3(a)			Purchases			Sales				Realized gain (loss)				Change in Unrealized appreciation (depreciation)				Transfer out of level 3(a)				Balance as of 01/31/12 (fair value)
Global Small & Mid Cap Fund
Equity Securities:
Australia		$	46,929		$	112,497		$	—		$	—			$	(104,239	)		$	134,511			$	(36,300	)		$	153,398
Austria			5,255			—			—			—				—				(288	)			—				4,967
Canada			3,173			1,317,451			—			—				—				14,903				(3,173	)			1,332,354
China			250,390			121,535			—			(71,938	)			27,380				(1,725	)			(34,209	)			291,433
Greece			—			324			—			—				—				463				—				787
Hong Kong			356,048			246,080			29,741			—				—				17,221				(223,674	)			425,416
India			94,317			—			11,044			—				—				1,676				(54,033	)			53,004
Indonesia			60,202			—			—			—				—				(921	)			—				59,281
Israel			48,413			—			—			—				—				(1,510	)			—				46,903
Italy			4,610			—			—			—				—				(252	)			—				4,358
Malaysia			9,749			—			—			—				—				83				—				9,832
Singapore			—			17,410			—			—				—				430				—				17,840
South Korea			302,663			—			—			—				—				—				(302,663	)			—
Taiwan			688			—			—			—				—				7				—				695
United Kingdom			5,344			—			296,032			(4,123	)			1,471				(8,166	)			—				290,558
United States			10,559			—			—			—				—				1				—				10,560
Rights/Warrants:
Canada			798			—			—			—				—				(5	)			—				793
South Korea			2,995			—			—			—				—				(2,995	)			—				—
Spain			5			—			—			—				—				(5	)			—				—
Sweden			128			—			—			—				—				(128	)			—				—
Total		$	1,202,266		$	1,815,297		$	336,817		$	(76,061	)		$	(75,388	)		$	153,300	*		$	(654,052	)		$	2,702,179
Global Opportunities Fund
Equity Securities:
United States		$	655,500		$	—		$	—		$	—			$	—			$	(396,750	)		$	—			$	258,750
Corporate Bonds:
Bermuda		$	1,115,716		$	—		$	—		$	—			$	—			$	(2,706	)		$	—			$	1,113,010
Hong Kong			1,133,154			—			—			—				—				—				—				1,133,154
United States			5,400,000			—			—			—				—				—				—				5,400,000
Total		$	8,304,370		$	—		$	—		$	—			$	—			$	(399,456	)*		$	—			$	7,904,914

(a) Transfers from(to) Level 3 to (from) Level 2 are due to an increase (or decline) in market activity (e.g. frequency of trades), which resulted in an increase (or decline) in available market inputs to determine price.

*The change in unrealized appreciation/depreciation on securities still held at January 31, 2012 was $80,449 for the Global Small and Mid Cap Fund and $(399,456) for the Global Opportunities Fund, which is included in the related net change in unrealized appreciation/depreciation on the Statements of Operations.

166

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	January 31, 2012 (Unaudited)

In May 2011, the Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in U.S. GAAP and International Financial Reporting Standards (“IFRSs”). ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation process used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for the interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

7. Federal Income Taxes:

At October 31, 2011, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire in the following years:

	2017
Large Cap Core Fund	$	66,327,040
Large Cap Strategies Fund		388,613,444
Global Opportunities Fund		213,212,498
Real Return Fund		245,786,188

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.

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds. In general, the provisions of the Act will be effective for the Funds’ fiscal year beginning after October 31, 2011. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each Funds’ pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses get utilized before pre-enactment capital loss carryovers. Relevant information regarding the impact of the Act on the Funds will be contained within this section of the Funds’ fiscal year ending October 31, 2012 financial statements.

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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    3/23/12

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    3/23/12

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

Date    3/23/12

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