UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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: April 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.
Semi-Annual Report

April 30, 2012

Investment Adviser

Old Westbury Funds, Inc.

Disclosure of Fund Expenses	2
Portfolios of Investments:
Large Cap Core Fund	4
Large Cap Strategies Fund	6
Global Small & Mid Cap Fund	8
Global Opportunities Fund	12
Real Return Fund	47
Fixed Income Fund	54
Municipal Bond Fund	60
Statements of Assets and Liabilities	76
Statements of Operations	78
Statements of Changes in Net Assets	80
Financial Highlights:
Large Cap Core Fund	84
Large Cap Strategies Fund	85
Global Small & Mid Cap Fund	86
Global Opportunities Fund	87
Real Return Fund	88
Fixed Income Fund	89
Municipal Bond Fund	90
Notes To Financial Statements	91
Additional Information	125

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

Old Westbury Funds, Inc.
Disclosure of Fund Expenses
	For the Period Ended April 30, 2012 (Unaudited)

As a shareholder of Old Westbury Funds, Inc., you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2011 through April 30, 2012.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Actual Beginning Account Value 11/1/11			Actual Ending Account Value 4/30/12			Actual Expenses Paid During Period* 11/1/11-4/30/12			Actual Expense Ratio During Period 11/1/11-4/30/12**
Large Cap Core Fund		$	1,000.00		$	1,010.50		$	5.00		1.00	%
Large Cap Strategies Fund			1,000.00			1,091.10			5.93		1.14	%
Global Small & Mid Cap Fund			1,000.00			1,093.70			5.78		1.11	%
Global Opportunities Fund			1,000.00			1,049.60			6.12		1.20	%
Real Return Fund			1,000.00			926.50			5.27		1.10	%
Fixed Income Fund			1,000.00			1,017.30			3.31		0.66	%
Municipal Bond Fund			1,000.00			1,033.80			3.19		0.63	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/366 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

2

Old Westbury Funds, Inc.
Disclosure of Fund Expenses – (Continued)
	For the Period Ended April 30, 2012 (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Hypothetical Beginning Account Value 11/1/11			Hypothetical Ending Account Value 4/30/12			Hypothetical Expenses Paid During Period* 11/1/11-4/30/12			Hypothetical Expense Ratio During Period 11/1/11-4/30/12**
Large Cap Core Fund		$	1,000.00		$	1,019.89		$	5.02		1.00	%
Large Cap Strategies Fund			1,000.00			1,019.19			5.72		1.14	%
Global Small & Mid Cap Fund			1,000.00			1,019.34			5.57		1.11	%
Global Opportunities Fund			1,000.00			1,018.90			6.02		1.20	%
Real Return Fund			1,000.00			1,019.39			5.52		1.10	%
Fixed Income Fund			1,000.00			1,021.58			3.32		0.66	%
Municipal Bond Fund			1,000.00			1,021.73			3.17		0.63	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182/366 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

3

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments	April 30, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 96.3%
Banks — 6.1%
	529,125	Barclays Plc - ADR	$	7,534,740
	607,550	China Construction Bank Corp. - ADR		9,392,723
	706,850	Nordea Bank AB - ADR		6,177,869
	1,641,700	Sumitomo Mitsui Financial Group, Inc. - ADR		10,588,965
				33,694,297
Consumer Discretionary — 13.8%
	135,975	Carnival Corp.		4,417,828
	292,825	Comcast Corp. - Class A		8,881,382
	331,825	ITOCHU Corp. - ADR		7,449,471
	301,650	Lowe’s Cos., Inc.		9,492,926
	271,975	Macy’s, Inc.		11,156,415
	152,325	Magna International, Inc.		6,676,405
	174,450	McGraw-Hill Cos., Inc. (The)		8,577,707
	664,278	Oriental Land Co. Ltd. - ADR		7,167,560
	211,950	Target Corp.		12,280,383
				76,100,077
Consumer Staples — 9.9%
	66,350	Ajinomoto Co., Inc. - ADR		8,584,078
	425,050	Associated British Foods Plc - ADR		8,420,241
	164,625	CVS Caremark Corp.		7,345,568
	167,945	Imperial Tobacco Group Plc - ADR		13,437,279
	895,325	Koninklijke Ahold NV - ADR		11,415,394
	159,600	Unilever NV - NY Shares		5,482,259
				54,684,819
Energy — 9.1%
	98,785	China Petroleum & Chemical Corp. - ADR		10,418,854
	131,200	ConocoPhillips		9,397,856
	230,500	ENI SpA - ADR		10,271,080
	294,600	Marathon Oil Corp.		8,643,564
	238,300	Total SA - ADR		11,464,613
				50,195,967
Health Care — 9.8%
	213,105	Johnson & Johnson		13,871,004
	150,575	Merck KGAA - ADR		5,510,744
	348,150	Sanofi - ADR		13,292,367
	272,725	Teva Pharmaceutical Industries Ltd. - ADR		12,474,442
	151,850	UnitedHealth Group, Inc.		8,526,378
				53,674,935
Industrials — 6.0%
	379,825	Deutsche Post AG - ADR		7,095,131
	1,086,925	East Japan Railway Co. - ADR		11,108,374
	145,800	Embraer SA - ADR		5,050,511
	78,450	General Dynamics Corp.		5,295,375

Shares			Value
Industrials (continued)
	221,950	Koninklijke Philips Electronics NV - NY Shares(b)	$	4,436,781
				32,986,172
Information Technology — 10.3%
	214,425	Accenture Plc - Class A		13,926,904
	69,605	International Business Machines Corp.		14,413,803
	453,325	Microsoft Corp.		14,515,467
	153,500	Seagate Technology Plc.		4,721,659
	481,375	Western Union Co. (The)		8,847,673
				56,425,506
Insurance — 7.7%
	204,250	ACE Ltd.		15,516,873
	450,700	Allianz SE - ADR		4,984,741
	978,350	Muenchener Rueckversi- cherungs AG - ADR		14,205,642
	893,850	Suncorp Group Ltd. - ADR		7,481,525
				42,188,781
Materials — 6.8%
	220,200	AKZO Nobel NV - ADR		3,948,185
	256,400	Barrick Gold Corp.		10,366,252
	104,075	BHP Billiton Plc -ADR		6,698,267
	132,700	Freeport-McMoRan Copper & Gold, Inc.		5,082,409
	235,025	Newmont Mining Corp.		11,198,941
				37,294,054
Real Estate — 1.1%
	498,975	Wharf Holdings Ltd. - ADR		5,852,977
Telecommunication Services — 8.7%
	449,175	Abertis Infraestructuras SA - ADR		3,440,681
	219,175	CenturyLink, Inc.		8,451,388
	179,520	China Telecom Corp. Ltd. - ADR		9,607,910
	565,325	SK Telecom Co. Ltd. - ADR		7,643,194
	954,225	Tele2 AB - ADR		9,217,814
	314,950	Tim Participacoes SA - ADR		9,426,454
				47,787,441
Utilities — 7.0%
	73,400	DTE Energy Co.		4,138,291
	203,375	Exelon Corp.		7,933,659
	225,750	FirstEnergy Corp.		10,569,615
	321,000	SSE Plc - ADR		6,946,439
	189,775	Tokyo Gas Co. Ltd. - ADR		9,109,200
				38,697,204
Total Common Stocks (Cost $509,231,476)				529,582,230

4

Old Westbury Funds, Inc.
Large Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 2.2%
U.S. Treasury Bills — 2.2%
$	12,000,000	0.04%, 05/10/12(c)	$	11,999,895
Total U.S. Government Securities (Cost $11,999,895)				11,999,895
Shares
INVESTMENT COMPANY — 1.4%
	7,746,300	SEI Daily Income Trust Government II Fund, Class A, 0.01%(d)		7,746,300
Total Investment Company (Cost $7,746,300)				7,746,300
TOTAL INVESTMENTS — 99.9% (Cost $528,977,671)(a)				549,328,425
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				348,662
NET ASSETS — 100.0%			$	549,677,087

(a) Cost for federal income tax purposes is $528,977,671 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	31,600,452
Unrealized depreciation		(11,249,698	)
Net unrealized appreciation	$	20,350,754

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
(d)	Rate shown represents current yield at April 30, 2012.
ADR-American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	6.1	%
Consumer Discretionary	13.8	%
Consumer Staples	9.9	%
Energy	9.1	%
Health Care	9.8	%
Industrials	6.0	%
Information Technology	10.3	%
Insurance	7.7	%
Materials	6.8	%
Real Estate	1.1	%
Telecommunication Services	8.7	%
Utilities	7.0	%
Other*	3.7	%
	100	%

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

5

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 94.4%
ARGENTINA — 0.7%
	241,000	MercadoLibre, Inc.	$	23,314,340
BRAZIL — 2.5%
	5,171,000	BM&FBovespa SA		28,891,299
	395,000	CETIP SA - Balcao Organizado de Ativos e Derivativos		6,071,663
	426,000	Cielo SA		12,796,873
	2,034,684	Itau Unibanco Holding SA - ADR		31,924,192
	361,000	Natura Cosmeticos SA		8,156,897
				87,840,924
CANADA — 1.4%
	1,247,000	Barrick Gold Corp.		50,443,002
CHINA — 0.7%
	628,000	New Oriental Education & Technology Group - ADR(b)		16,786,440
	2,706,000	Tingyi Cayman Islands Holding Corp.		7,219,581
				24,006,021
DENMARK — 0.2%
	273,000	Novozymes A/S - Class B		7,159,923
FINLAND — 0.8%
	7,672,315	Nokia Oyj		27,562,893
FRANCE — 4.8%
	307,561	Air Liquide SA		39,559,609
	875,008	Renault SA		39,756,770
	361,800	Technip SA		40,913,581
	2,486,486	Vivendi SA		45,963,753
				166,193,713
GERMANY — 3.3%
	761,376	Adidas AG		63,493,352
	190,000	Bayerische Motoren Werke AG		18,060,387
	382,900	Siemens AG		35,463,841
				117,017,580
HONG KONG — 0.6%
	10,284,000	Li & Fung Ltd.		22,003,106
INDIA — 1.3%
	116,000	Asian Paints Ltd.(e)		7,728,197
	421,000	Hero Honda Motors Ltd.(e)		17,870,531
	4,190,000	ITC Ltd.(e)		19,522,856
				45,121,584
IRELAND — 1.7%
	1,098,200	Covidien Plc		60,653,586
ITALY — 2.6%
	1,806,900	ENI SpA		40,110,281
	1,874,046	Fiat Industrial SpA.		21,259,331
	4,421,003	Fiat SpA(b)		21,348,343
	1,298,000	Prada SPA(b)		8,816,560
				91,534,515

Shares			Value
JAPAN — 7.7%
	790,600	Canon, Inc.	$	36,341,458
	136,400	FANUC Corp.		23,217,385
	7,063,000	Hitachi Ltd.		45,293,788
	6,965	Japan Tobacco, Inc.		38,689,598
	140,210	Keyence Corp.		33,296,363
	9,665,300	Mitsubishi UFJ Financial Group, Inc.		46,849,588
	1,002,400	Nippon Telegraph & Telephone Corp.		45,512,275
				269,200,455
MEXICO — 0.5%
	6,091,000	Wal-Mart de Mexico SAB de CV - Series V		17,418,288
NETHERLANDS — 4.0%
	580,000	ASML Holding NV - NY Shares		29,574,200
	1,216,000	Lyondellbasell Industries NV - Class A		50,804,480
	4,909,000	Reed Elsevier NV(e)		57,890,929
				138,269,609
PORTUGAL — 0.4%
	710,000	Jeronimo Martins SGPS SA		13,298,520
RUSSIA — 0.3%
	240,000	Mail.Ru Group Ltd. - GDR(b)		10,379,999
SOUTH AFRICA — 1.2%
	695,000	Naspers Ltd. - Class N		41,883,197
SOUTH KOREA — 0.9%
	25,742	Samsung Electronics Co. Ltd.		31,661,436
SWITZERLAND — 5.1%
	140,000	Kuehne + Nagel International AG		17,013,166
	368,800	Roche Holding AG		67,368,523
	9,800	SGS SA		18,927,340
	674,676	Swiss Re AG(b)		42,295,008
	2,653,000	UBS AG(b)		33,116,829
				178,720,866
UNITED KINGDOM — 9.6%
	2,880,000	ARM Holdings Plc		24,491,539
	2,783,219	BG Group Plc		65,517,514
	3,894,446	BP Plc		28,125,354
	4,946,000	HSBC Holdings Plc		44,557,174
	3,265,757	Pearson Plc(e)		61,480,041
	1,687,954	Standard Chartered Plc		41,255,122
	9,146,731	TESCO Plc		47,108,221
	8,830,700	Vodafone Group Plc		24,434,970
				336,969,935
UNITED STATES — 44.1%
	1,892,300	Adobe Systems, Inc.(b)		63,505,588
	196,000	Allergan, Inc.		18,816,000
	152,000	Amazon.com, Inc.(b)		35,248,800
	197,300	Apple, Inc.(b)		115,270,552

6

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	437,000	BioMarin Pharmaceutical, Inc.(b)	$	15,163,900
	430,400	Celgene Corp.(b)		31,384,768
	1,032,000	Charles Schwab Corp. (The)		14,757,600
	834,600	Coca-Cola Co. (The)		63,696,672
	650,500	Colgate-Palmolive Co.		64,360,470
	1,223,000	DISH Network Corp. - Class A		39,099,310
	953,000	Ecolab, Inc.		60,696,570
	320,000	FMC Technologies, Inc.(b)		15,040,000
	468,000	Franklin Resources, Inc.		58,738,680
	2,608,000	General Electric Co.		51,064,640
	839,400	Gilead Sciences, Inc.(b)		43,657,194
	54,000	Google, Inc. - Class A(b)		32,682,420
	2,889,000	Hewlett-Packard Co.		71,531,640
	125,000	IntercontinentalExchange, Inc.(b)		16,630,000
	38,500	Intuitive Surgical, Inc.(b)		22,260,700
	759,600	Johnson & Johnson		49,442,364
	1,345,000	JPMorgan Chase & Co.		57,808,100
	442,000	Las Vegas Sands Corp.		24,526,580
	1,706,500	Microsoft Corp.		54,642,130
	323,000	National Oilwell Varco, Inc.		24,470,480
	211,000	NIKE, Inc. - Class B		23,604,570
	488,000	Occidental Petroleum Corp.		44,515,360
	2,033,200	Pfizer, Inc.		46,621,276
	176,000	Praxair, Inc.		20,363,200
	585,000	QUALCOMM, Inc.		37,346,400
	312,000	Salesforce.com, Inc.(b)		48,587,760
	1,078,300	Schlumberger Ltd.		79,945,162
	1,824,200	Texas Instruments, Inc.		58,264,948
	981,900	Time Warner, Inc.		36,781,974
	516,900	Union Pacific Corp.		58,120,236
	374,000	Visa, Inc. - Class A		45,994,520
				1,544,640,564
Total Common Stocks (Cost $2,985,264,294)				3,305,294,056
Principal Amount
U.S. GOVERNMENT SECURITIES — 1.0%
U.S. Treasury Bills — 1.0%
$	35,000,000	0.04%, 05/10/12(c)		34,999,640
Total U.S. Government Securities (Cost $34,999,640)				34,999,640

Shares			Value
CASH SWEEP — 5.1%
	177,269,900	Federated Government Obligations Fund 0.01%(d)	$	177,269,900
Total Cash Sweep (Cost $177,269,900)				177,269,900
TOTAL INVESTMENTS — 100.5% (Cost $3,197,533,834)(a)				3,517,563,596
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(17,186,743	)
NET ASSETS — 100.0%			$	3,500,376,853

(a) Cost for federal income tax purposes is $3,200,449,717 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	393,358,348
Unrealized depreciation		(76,244,469	)
Net unrealized appreciation	$	317,113,879

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
(d)	Rate shown represents current yield at April 30, 2012.
(e)	This security is considered either fully or partially illiquid.
	These securities, or portions thereof have a value of $69,396,048 or 1.98% of net assets.
ADR-American Depositary Receipt
GDR-Global Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	7.3	%
Consumer Discretionary	15.1	%
Consumer Staples	8.0	%
Diversified Financials	3.6	%
Energy	9.7	%
Health Care	10.1	%
Industrials	6.4	%
Information Technology	22.9	%
Insurance	1.2	%
Materials	6.8	%
Telecommunication Services	3.3	%
Other*	5.6	%
	100.0	%

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

7

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Condensed Portfolio of Investments	April 30, 2012
	(Unaudited)

Shares			Percentage of Net Assets (%)	Value
COMMON STOCKS — 92.2%
ARGENTINA — 0.0%
	135,000	Other Securities	0.0	$	2,412,449
AUSTRALIA — 2.0%
	13,803,659	Commonwealth Property Office Fund REIT	0.3		14,958,017
	462,008	Monadelphous Group Ltd.	0.2		11,187,475
	39,717,323	Other Securities	1.5		73,692,615
					99,838,107
AUSTRIA — 0.2%
	511,328	Other Securities	0.2		11,441,916
BAHAMAS — 0.0%
	283	Other Securities	0.0		28,399
BELGIUM — 0.2%
	825,155	Other Securities	0.2		9,957,575
BERMUDA — 0.5%
	1,407,412	Other Securities	0.5		27,212,739
BRAZIL — 0.9%
	5,323,275	Other Securities	0.9		47,366,317
CANADA — 2.3%
	12,330,091	Other Securities	2.3		113,079,162
CAYMAN ISLANDS — 0.0%
	96,496	Other Securities	0.0		187,572
CHILE — 0.2%
	58,522,057	Other Securities	0.2		7,550,506
CHINA — 0.8%
	74,866,219	Other Securities	0.8		38,523,951
COLUMBIA — 0.0%
	18,100	Other Securities	0.0		264,762
CYPRUS — 0.0%
	552,844	Other Securities	0.0		983,689
DENMARK — 0.4%
	452,514	Christian Hansen Holding A/S	0.2		12,471,873
	713,450	Other Securities	0.2		9,933,338
					22,405,211
FINLAND — 1.7%
	1,502,327	Metso Oyj(b)	1.3		64,431,465
	1,667,342	Other Securities	0.4		20,681,317
					85,112,782
FRANCE — 1.9%
	3,908,364	Other Securities	1.9		93,025,304
GABON — 0.0%
	2	Other Securities	0.0		927
GERMANY — 2.2%
	615,542	Symrise AG	0.4		17,843,923
	2,392,296	Other Securities	1.8		91,698,401
					109,542,324

Shares			Percentage of Net Assets (%)	Value
GIBRALTAR — 0.0%
	176,819	Other Securities	0.0	$	441,918
GREECE — 0.0%
	1,164,253	Other Securities	0.0		2,260,824
GUERNSEY — 0.1%
	732,973	Other Securities	0.1		2,662,197
HONG KONG — 1.4%
	265,185,507	Other Securities	1.4		68,089,631
HUNGARY — 0.0%
	66,687	Other Securities	0.0		1,354,511
INDIA — 1.0%
	14,330,315	Other Securities	1.0		48,329,697
INDONESIA — 0.5%
	221,017,882	Other Securities	0.5		22,694,843
IRELAND — 0.3%
	2,883,830	Other Securities	0.3		15,773,744
ISLE OF MAN — 0.0%
	4,535	Other Securities	0.0		10,856
ISRAEL — 1.4%
	1,003,000	Check Point Software Technologies Ltd.(c)	1.2		58,304,390
	1,642,240	Other Securities	0.2		11,233,393
					69,537,783
ITALY — 0.4%
	9,987,670	Other Securities	0.4		18,888,076
JAPAN — 5.3%
	466,300	Nifco, Inc.(b)	0.3		12,580,288
	37,651,796	Other Securities	5.0		253,079,161
					265,659,449
JERSEY CHANNEL ISLANDS — 0.0%
	47,933	Other Securities	0.0		135,696
LIECHTENSTEIN — 0.0%
	5,470	Other Securities	0.0		317,897
LUXEMBOURG — 0.0%
	145,721	Other Securities	0.0		495,271
MALAYSIA — 0.6%
	30,495,395	Other Securities	0.6		30,054,493
MALTA — 0.0%
	8,169	Other Securities	0.0		233,355
MAURITIUS — 0.0%
	179,637	Other Securities	0.0		427,096
MEXICO — 0.3%
	6,115,326	Other Securities	0.3		15,937,744
MONACO — 0.0%
	480	Other Securities	0.0		24,646
NETHERLANDS — 1.0%
	502,848	Koninklijke Boskalis Westminster NV	0.4		18,344,440

8

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Percentage of Net Assets (%)	Value
NETHERLANDS (continued)
	1,883,671	Other Securities	0.6	$	32,952,975
					51,297,415
NEW ZEALAND — 0.4%
	8,456,381	Other Securities	0.4		19,378,623
	NIGERIA — 0.0%
	26,260	Other Securities	0.0		72,997
NORWAY — 0.2%
	2,134,004	Other Securities	0.2		12,080,783
PERU — 0.1%
	2,425,705	Other Securities	0.1		5,043,734
PHILIPPINES — 0.3%
	38,861,531	Other Securities	0.3		15,084,473
POLAND — 0.1%
	2,273,885	Other Securities	0.1		5,796,249
PORTUGAL — 0.0%
	1,976,155	Other Securities	0.0		2,117,922
RUSSIA — 0.0%
	37,736	Other Securities	0.0		292,072
SINGAPORE — 1.6%
	10,559,000	CapitaMall Trust REIT(b)	0.3		15,358,545
	3,817,000	SIA Engineering Co. Ltd.(b)	0.3		12,152,711
	41,810,235	Other Securities	1.0		51,293,875
					78,805,131
	SOUTH AFRICA — 0.7%
	6,796,792	Other Securities	0.7		35,947,285
SOUTH KOREA — 1.3%
	3,271,561	Other Securities	1.3		62,773,114
SPAIN — 0.4%
	2,851,176	Other Securities	0.4		22,298,276
SWEDEN — 0.8%
	3,123,664	Other Securities	0.8		40,372,484
SWITZERLAND — 1.5%
	306,000	Allied World Assurance Co. Holdings Ltd.	0.4		22,019,760
	1,526,199	Other Securities	1.1		53,455,208
					75,474,968
TAIWAN — 1.1%
	75,547,208	Other Securities	1.1		53,303,949
THAILAND — 0.4%
	57,515,211	Other Securities	0.4		19,905,176
TURKEY — 0.1%
	3,578,984	Other Securities	0.1		7,287,691
UKRAINE — 0.0%
2,161		Other Securities	0.0		47,629
UNITED ARAB EMIRATES — 0.0%
	183,616	Other Securities	0.0		1,334,316

Shares			Percentage of Net Assets (%)	Value
UNITED KINGDOM — 10.8%
	594,342	Croda International Plc(b)	0.4	$	21,528,953
	767,977	De La Rue Plc(b)	0.3		12,158,158
	1,680,000	Ensco Plc - ADR	1.8		91,812,000
	2,961,210	Rexam Plc	0.4		20,664,741
	669,876	Rotork Plc(b)	0.5		23,993,248
	393,703	Spectris Plc	0.2		12,050,435
	2,725,000	Willis Group Holdings Plc(b)	2.0		99,353,500
	49,967,556	Other Securities	5.2		260,600,628
					542,161,663
UNITED STATES — 46.8%
	1,043,107	Advance Auto Parts, Inc.(b)	1.9		95,757,223
	223,000	Aptargroup, Inc.	0.2		12,155,730
	453,000	Ariba, Inc.(c)	0.4		17,304,600
	153,000	Bio-Rad Laboratories, Inc.(c) - Class A	0.3		16,522,470
	2,600,000	BMC Software, Inc.(c)	2.1		107,276,000
	3,576,000	CareFusion Corp.(b)	1.9		92,654,160
	293,000	Concur Technologies, Inc.(c)	0.3		16,572,080
	2,510,000	Crown Holdings, Inc.(b)	1.9		92,819,800
	1,000,000	Dolby Laboratories, Inc.(c) - Class A	0.8		39,230,000
	227,270	Dollar Tree, Inc.(c)	0.5		23,104,268
	1,595,000	Fiserv, Inc.(b)(c)	2.2		112,112,550
	740,000	Flowers Foods, Inc.	0.3		15,873,000
	925,000	Flowserve Corp.(b)	2.1		106,310,250
	250,000	Gen-Probe, Inc.(c)	0.4		20,387,500
	1,184,150	Henry Schein, Inc.(b)(c)	1.8		90,871,671
	325,000	IDEX Corp.	0.3		14,075,750
	4,000,000	International Game Technology	1.2		62,320,000
	320,000	John Wiley & Sons, Inc. - Class A(b)	0.3		14,460,800
	1,422,624	McCormick & Co., Inc.(b)	1.6		79,538,908
	2,236,746	NetApp, Inc.(c)	1.7		86,852,847
	1,973,500	Omnicom Group, Inc.	2.0		101,260,285
	300,000	Sensient Technologies Corp.	0.2		11,145,000
	546,000	Superior Energy Services, Inc.(c)	0.3		14,698,320
	2,353,855	Tenneco, Inc.(b)(c)	1.5		72,569,350
	1,480,000	Tupperware Brands Corp.(b)	1.8		92,189,200
	300,000	UMB Financial Corp.(b)	0.3		14,415,000
	1,131,151	Waters Corp.(c)	1.9		95,141,111
	326,000	West Pharmaceutical Services, Inc.(b)	0.3		14,637,400
	1,850,000	Western Digital Corp.(c)	1.4		71,798,500
	1,419,444	Wisconsin Energy Corp.	1.0		52,292,317
	275,000	Wolverine Worldwide, Inc.	0.2		11,536,250
	2,185,000	Xilinx, Inc.	1.6		79,490,300
	19,192,098	Other Securities	12.1		606,158,022
					2,353,530,662
Total Common Stocks (Cost $3,734,232,311)					4,636,670,031

9

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Percentage of Net Assets (%)	Value
INVESTMENT COMPANY — 0.1%
	6,981,300	SEI Daily Income Trust Government II Fund, Class A0.01%(d)	0.1	$	6,981,300
Total Investment Company (Cost $6,981,300)					6,981,300
EXCHANGE TRADED FUNDS — 4.1%
	1,035,400	iShares MSCI EAFE Small Cap Index Fund	0.8		41,229,628
	1,772,100	iShares MSCI Emerging Markets Index Fund	1.5		74,782,620
	119,861	iShares MSCI Japan Small Cap Index Fund	0.1		5,477,648
	1,204,000	iShares MSCI Malaysia Index Fund	0.4		17,470,040
	1,120,400	iShares MSCI Singapore Index Fund	0.3		14,576,404
	64,000	SPDR Russell Nomura Small Cap Japan Fund	0.1		2,752,639
	600,000	SPDR S&P Emerging Markets Small Cap Fund	0.5		26,736,000
	714,800	SPDR S&P International Small Cap Fund	0.4		20,207,396
Total Exchange Traded Funds (Cost $168,331,618)					203,232,375
RIGHTS/WARRANTS — 0.0%
	1,310,332	Other Rights/Warrants	0.0		96,903
Total Rights/Warrants (Cost $13,676)					96,903

Principal Amount			Percentage of Net Assets (%)	Value
U.S. GOVERNMENT AGENCIES — 2.2%
Federal Home Loan Bank — 2.2%
$	5,000,000	0.02%, 05/04/2012(e)	0.1	$	4,999,965
	9,000,000	0.02%, 05/08/2012(e)	0.2		8,999,965
	30,000,000	0.03%, 05/01/2012(e)	0.6		30,000,000
	5,000,000	0.03%, 05/11/2012(e)	0.1		4,999,958
	5,000,000	0.03%, 05/15/2012(e)	0.1		4,999,942
	15,000,000	0.04%, 05/14/2012(e)	0.3		14,999,792
	33,000,000	0.08%, 05/09/2012(e)	0.6		32,999,419
	10,000,000	0.03%, 05/16/2012(e)	0.2		9,999,667
Total U.S. Government Agencies (Cost $111,998,708)					111,998,708
U.S. GOVERNMENT SECURITIES — 0.2%
U.S. Treasury Bills — 0.2%
	10,000,000	0.03%, 05/10/2012(e)	0.2		9,999,931
Total U.S. Government Securities (Cost $9,999,931)					9,999,931
Shares
CASH SWEEP — 1.3%
	62,984,826	Citibank - US Dollars on Deposit in Custody Account 0.02%(d)	1.3		62,984,826
Total Cash Sweep (Cost $62,984,826)					62,984,826
TOTAL INVESTMENTS — 100.1% (Cost $4,094,542,370)(a)					5,031,964,074
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%					(3,068,882	)
NET ASSETS — 100.0%				$	5,028,895,192

(a) Cost for federal income tax purposes is $4,098,565,014 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,064,772,099
Unrealized depreciation		(131,373,039	)
Net unrealized appreciation	$	933,399,060

(b)	This security is considered either fully or partially illiquid.
	These securities, or portions thereof, have a value of $554,965,654 or 11.04% of net assets.
(c)	Non-income producing security.
(d)	Rate shown represents current yield at April 30, 2012.
(e)	The rate represents the annualized yield at time of purchase.
ADR — American Depositary Receipt

10

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks	1.9	%
Consumer Discretionary	15.6	%
Consumer Staples	6.1	%
Diversified Financials	1.9	%
Energy	5.3	%
Health Care	11.6	%
Industrials	16.0	%
Information Technology	16.8	%
Insurance	4.2	%
Materials	8.2	%
Real Estate	2.1	%
Telecommunication Services	0.4	%
Utilities	2.1	%
Other*	7.8	%
	100	%

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

This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete Portfolio of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov.

Common Stocks and Rights with a value of $1,211,884, (cost of $3,102,589) or 0.02% of net assets were fair valued by the Board of Directors.

11

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments	April 30, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 25.3%
AUSTRALIA — 0.3%
	73,910	Amalgamated Holdings Ltd.(b)	$	496,717
	114,040	BHP Billiton Ltd.		4,224,188
	18,915	CSL Ltd.		722,512
	148,370	David Jones Ltd.		384,939
	809,300	Grange Resources Ltd.		505,950
	9,963	Macquarie Group Ltd.		303,227
	819,436	Metcash Ltd.		3,381,090
	36,623	OZ Minerals Ltd.		356,026
	91,306	Suncorp Group Ltd.		774,409
	776,917	Telstra Corp. Ltd.		2,865,658
	77,940	Western Areas NL		409,296
				14,424,012
AUSTRIA — 0.0%
	78,615	OMV AG		2,661,397
BELGIUM — 0.1%
	15,449	Belgacom SA		438,853
	18,000	Delhaize Group SA		876,221
	25,770	D’ieteren SA		1,136,601
	24,351	Solvay SA		2,963,211
				5,414,886
BERMUDA — 0.3%
	74,839	Arch Capital Group Ltd.(c)		2,939,676
	26,300	Aspen Insurance Holdings Ltd.		744,816
	164,698	Lancashire Holdings Ltd.		2,151,674
	58,477	PartnerRe Ltd.		4,071,169
	21,100	Platinum Underwriters Holdings Ltd.		772,682
	63,438	RenaissanceRe Holdings Ltd.		4,951,970
	63,388	Validus Holdings Ltd.		2,060,110
				17,692,097
BRAZIL — 0.1%
	27,610	Cia de Saneamento Basico do Estado de Sao Paulo		1,086,931
	8,992	Cielo SA		270,104
	50,890	Cosan SA Industria e Comercio		885,566
	122,310	Duratex SA		718,659
	64,080	Iochpe-Maxion SA		1,109,378
	47,360	Light SA		611,706
	140,804	Tim Participacoes SA		831,757
				5,514,101
CANADA — 0.9%
	3,400	Agrium, Inc.		299,507
	500,000	Asian Coast Development Ltd.(b)(c)(d)		0
	437,394	Barrick Gold Corp.		17,684,106
	319,730	Canaccord Financial, Inc.(b)		2,524,567
	45,366	Canadian National Railway Co.		3,871,391
	32,572	CGI Group, Inc. - Class A(c)		731,003
	11,480	Domtar Corp.		1,004,270
	104,232	Emera, Inc.		3,688,769
	27,000	Empire Co. Ltd. - Class A		1,589,087

Shares			Value
CANADA (continued)
	92,315	Encana Corp.	$	1,933,450
	109,540	Fortis, Inc.		3,798,998
	11,865	Husky Energy, Inc.		309,522
	18,294	Magna International, Inc.		801,688
	24,121	Nexen, Inc.		466,453
	16,948	Penn West Petroleum Ltd.		290,459
	55,546	Research In Motion Ltd.(c)		794,492
	134,626	RioCan Real Estate Investment Trust, REIT		3,698,689
	393,850	Tembec, Inc.(b)(c)		1,204,056
	440,950	Transat AT, Inc. - Class B(b)(c)		2,432,735
				47,123,242
CHILE — 0.1%
	5,900	Cia Electro Metalurgica SA		91,218
	57,690	Empresa Nacional de Telecom Chile SA		1,145,237
	730,608	Enersis SA		298,493
	688,850	Sigdo Koppers SA		1,647,219
				3,182,167
CHINA — 0.2%
	1,507,500	BYD Electronic International Co. Ltd.(c)		454,660
	2,229,258	China Petroleum & Chemical Corp. - H Shares		2,402,041
	2,628,000	China Wireless Technologies Ltd.		399,688
	496,000	CNOOC Ltd.		1,057,380
	1,072,000	Dalian Port PDA Co. Ltd. - H Shares		244,558
	170,000	Dongfeng Motor Group Co. Ltd. - H Shares		335,239
	413,600	Double Coin Holdings Ltd. - B Shares		247,333
	766,000	Guangshen Railway Co. Ltd. - H Shares(c)		284,338
	334,000	Guangzhou Shipyard International Co. Ltd. - H Shares(c)		287,565
	293,000	Haitian International Holdings Ltd.		337,235
	160,534	Jiangling Motors Corp. Ltd. - B Shares(b)		379,472
	346,000	Jiangsu Expressway Co. Ltd. - H Shares(c)		341,155
	230,000	Li Ning Co. Ltd.		211,661
	789,000	Peak Sport Products Co. Ltd.		184,064
	206,000	PetroChina Co. Ltd. - H Shares		312,240
	189,310	Shandong Airlines Co. Ltd. - B Shares(c)		249,611
	664,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		231,071
	1,088,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares		249,610
	28,020	Zhongpin, Inc.(c)		264,509
				8,473,430

12

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
COLUMBIA — 0.0%
	27,926	Petrominerales Ltd.	$	408,494
CYPRUS — 0.0%
	359,160	Songa Offshore SE(c)		1,236,330
CZECH REPUBLIC — 0.0%
	6,709	CEZ AS		270,524
DENMARK — 0.1%
	249	AP Moller - Maersk A/S - Class B		1,947,625
	27,330	Royal UNIBREW A/S(c)		1,947,558
				3,895,183
EGYPT — 0.0%
	64,270	Alexandria Mineral Oils Co.(b)		911,863
	293,962	Egyptian Financial Group-Hermes Holding SAE(c)		659,381
				1,571,244
FINLAND — 0.1%
	78,880	Ahlstrom Oyj(b)		1,425,240
	95,410	Lassila & Tikanoja Oyj(b)(c)		1,343,767
	197,654	Nokia Oyj		710,075
				3,479,082
FRANCE — 0.8%
	19,752	AXA SA		279,759
	6,937	BNP Paribas SA		278,688
	57,012	Bouygues SA		1,548,575
	9,050	Casino Guichard Perrachon SA		888,756
	34,322	Christian Dior SA		5,172,424
	16,557	Cie de St-Gobain		693,546
	42,622	Cie Generale des Etablissements Michelin - Class B		3,183,138
	27,419	CNP Assurances		384,721
	95,126	Eutelsat Communications SA		3,385,935
	66,028	France Telecom SA		903,290
	76,966	GDF Suez		1,771,687
	22,102	Lafarge SA		861,746
	88,224	Natixis		268,832
	12,871	Peugeot SA		154,528
	100,119	Renault SA		4,548,996
	38,763	Sanofi		2,958,561
	6,806	Societe BIC SA		749,646
	44,358	Sodexo		3,532,387
	50,772	Total SA		2,424,147
	79,950	Trigano SA(b)		1,180,000
	251,210	UbiSoft Entertainment SA(c)		1,728,802
	10,545	Veolia Environnement SA		154,449
	11,955	Vinci SA		553,868
	109,159	Vivendi SA		2,017,851
				39,624,332
GERMANY — 0.5%
	4,559	BASF AG		375,300
	38,129	Daimler AG		2,107,417

Shares			Value
GERMANY (continued)
	6,328	Deutsche Bank AG	$	275,331
	121,119	Deutsche Post AG		2,260,580
	45,050	Deutsche Telekom AG		507,890
	96,630	E.ON AG		2,189,160
	1,114	EnBW Energie Baden-Wuerttemberg AG(b)		47,187
	118,310	Freenet AG		2,056,244
	8,158	Fresenius SE & Co. KGaA		814,223
	53,356	Infineon Technologies AG		531,187
	20,472	Linde AG		3,503,865
	17,620	MAN SE		2,225,998
	11,816	Metro AG		381,245
	1,490	Muenchener Rueckversi- cherungs AG		216,264
	455,580	QSC AG(c)		1,183,787
	30,334	RWE AG		1,303,969
	5,653	SAP AG		374,816
	250,460	Solarworld AG		527,138
	21,205	Volkswagen AG		3,619,495
				24,501,096
HONG KONG — 0.4%
	107,000	Cheung Kong Holdings Ltd.		1,423,237
	467,000	China High Speed Transmission Equipment Group Co. Ltd.		226,318
	262,500	China Mobile Ltd.		2,907,964
	52,000	Henderson Land Development Co. Ltd.		296,237
	384,000	Hongkong Land Holdings Ltd.		2,384,640
	1,596,400	Hutchison Telecommunications Hong Kong Holdings Ltd.		709,863
	30,000	Hutchison Whampoa Ltd.		288,646
	33,859	Jardine Matheson Holdings Ltd.		1,681,099
	53,515	Jardine Strategic Holdings Ltd.		1,722,113
	1,239,900	Link REIT (The)		5,161,822
	717,000	Lonking Holdings Ltd.		260,605
	94,500	Orient Overseas International Ltd.		645,538
	360,821	Sino Land Co. Ltd.		623,176
	3,174,000	Sinolink Worldwide Holdings Ltd.(b)(c)		253,637
	142,000	Sun Hung Kai Properties Ltd.		1,713,082
	26,000	Swire Pacific Ltd. - Class A		307,128
	10,500	Swire Properties Ltd.		28,758
	908,000	Tianjin Development Holdings Ltd.(c)		406,096
	159,000	Wharf Holdings Ltd.		948,838
				21,988,797
INDIA — 0.0%
	33,150	Aban Offshore Ltd.		260,608
	37,764	Indian Oil Corp. Ltd.(c)		190,253
	18,170	JSW Steel Ltd.		238,830
	363,544	Oil & Natural Gas Corp. Ltd.(c)		1,868,423

13

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	67,030	Rural Electrification Corp. Ltd.(c)	$	265,258
				2,823,372
INDONESIA — 0.0%
	6,509,500	Bakrie Sumatera Plantations Tbk PT		212,486
IRELAND — 0.8%
	285,000	Accenture Plc - Class A		18,510,750
	5,386	Covidien Plc		297,469
	13,286	CRH Plc(c)		269,339
	722,686	Seagate Technology Plc		22,229,821
	94,810	WPP Plc		1,282,484
				42,589,863
ISRAEL — 0.4%
	4,760	Delek Group Ltd.		929,305
	7,540	Electra Ltd.(b)		652,509
	408,008	Teva Pharmaceutical Industries Ltd. - ADR		18,662,286
				20,244,100
ITALY — 0.2%
	181,330	ACEA SpA		1,047,953
	2,521,600	Banca Monte Dei Paschi di Siena SpA		895,541
	232,609	Enel SpA		763,601
	156,654	ENI SpA		3,477,467
	407,001	Intesa Sanpaolo SpA		615,787
	1,915,956	Telecom Italia SpA		2,177,280
				8,977,629
JAPAN — 2.5%
	126,372	Aeon Co. Ltd.		1,652,459
	61,686	Aisin Seiki Co. Ltd.		2,197,332
	28,400	Alfresa Holdings Corp.		1,314,354
	24,000	Aoyama Trading Co. Ltd.		497,194
	188,000	Asahi Glass Co. Ltd.		1,490,531
	105,897	Asahi Group Holdings Ltd.		2,391,437
	7,100	Astellas Pharma, Inc.		288,571
	14,600	Benesse Holdings, Inc.		724,148
	1,000	Bic Camera, Inc.		493,487
	102,800	Bridgestone Corp.		2,452,831
	20,400	Calbee, Inc.		1,237,951
	15,000	Canon Electronics, Inc.		371,430
	6,300	Canon, Inc.		289,592
	559	Central Japan Railway Co.		4,648,998
	46,596	Chubu Electric Power Co., Inc.		763,371
	124,000	Chugai Ro Co. Ltd.		408,467
	31,500	Circle K Sunkus Co. Ltd.		696,361
	67,000	Daicel Corp.		426,303
	36,000	Daido Metal Co. Ltd.		432,415
	9,500	Daiichi Sankyo Co. Ltd.		163,489
	60,000	Dainippon Screen Manufacturing Co. Ltd.		544,840

Shares			Value
JAPAN (continued)
	139,000	Dainippon Sumitomo Pharma Co. Ltd.	$	1,396,268
	78,000	Daiwa Industries Ltd.(b)		395,666
	17,800	Denso Corp.		581,666
	35,000	Eagle Industry Co. Ltd.		338,427
	22,334	East Japan Railway Co.		1,393,078
	10,300	Eisai Co. Ltd.		402,505
	54,000	Elpida Memory, Inc.(c)(d)		0
	51,800	Exedy Corp.		1,464,985
	19,000	FCC Co. Ltd.		389,567
	14,700	FP Corp.		950,050
	67,000	Fuji Heavy Industries Ltd.		514,416
	46,800	Fuji Oil Co. Ltd.		637,756
	34,000	Fujimi, Inc.		433,091
	120,100	Fukuyama Transporting Co. Ltd.		657,361
	56,000	Futaba Industrial Co. Ltd.(c)		302,305
	10,000	Gulliver International Co. Ltd.		358,843
	47,900	Heiwa Corp.		998,317
	124,700	Hino Motors Ltd.		890,268
	28,300	Hisamitsu Pharmaceutical Co., Inc.		1,261,874
	250,000	Hitachi Ltd.		1,603,206
	173,500	Hokkoku Bank Ltd. (The)		617,159
	58,500	Hokuriku Electric Power Co.		1,001,622
	6,900	Honda Motor Co. Ltd.		250,281
	70,800	Hoshizaki Electric Co. Ltd.		1,704,379
	79,800	House Foods Corp.		1,347,325
	96,000	Isuzu Motors Ltd.		551,904
	108,100	Ito En Ltd.		1,960,531
	51,169	ITOCHU Corp.		580,650
	53,200	Kaken Pharmaceutical Co. Ltd.		658,337
	149,000	Kansai Electric Power Co., Inc. (The)		2,161,097
	76,000	Kanto Denka Kogyo Co. Ltd.		246,543
	29,400	Kao Corp.		790,604
	65,000	Kasumi Co. Ltd.(b)		470,566
	18,000	Kato Sangyo Co. Ltd.		370,867
	357	KDDI Corp.		2,347,508
	37,300	Keihin Corp.		641,911
	144,300	Keiyo Bank Ltd. (The)		672,340
	348,100	Kewpie Corp.		5,231,964
	14,000	Kintetsu World Express, Inc.		503,432
	13,700	Kobayashi Pharmaceutical Co. Ltd.		688,947
	107,000	Krosaki Harima Corp.		317,623
	30,000	Kura Corp.		446,017
	66,000	KYB Co. Ltd.		376,127
	12,500	Kyocera Corp.		1,230,586
	81,700	Lawson, Inc.		5,413,239
	102,600	Lion Corp.		593,702
	53,523	Marubeni Corp.		374,071
	21,000	Meitec Corp.		432,941
	40,000	Mimasu Semiconductor Industry Co. Ltd.		368,737
	17,600	Miraca Holdings, Inc.		695,491

14

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	164,000	Mitsubishi Chemical Holdings Corp.	$	866,834
	30,000	Mitsubishi Electric Corp.		265,656
	18,200	Mitsui & Co. Ltd.		285,857
	188,200	Mizuho Financial Group, Inc.		299,366
	166,000	Morinaga & Co. Ltd.		380,486
	17,000	Musashi Seimitsu Industry Co. Ltd.		400,514
	83,000	Nachi-Fujikoshi Corp.		417,911
	30,000	NGK Spark Plug Co. Ltd.		430,611
	45,000	NHK Spring Co. Ltd.		473,447
	130,000	Nippon Carbon Co. Ltd.		354,960
	37,000	Nippon Konpo Unyu Soko Co. Ltd.		482,427
	64,709	Nippon Telegraph & Telephone Corp.		2,938,003
	72,000	Nippon Thompson Co. Ltd.		400,401
	208,500	Nissan Motor Co. Ltd.		2,183,191
	50,000	Nissan Shatai Co. Ltd.		529,183
	26,000	Nissin Kogyo Co. Ltd.		423,998
	6,200	Nitori Holdings Co. Ltd.		570,767
	13,800	Nitto Denko Corp.		572,119
	1,007	NTT DoCoMo, Inc.		1,717,853
	29,500	Ono Pharmaceutical Co. Ltd.		1,670,090
	32,900	Oriental Land Co. Ltd.		3,650,977
	94,361	Otsuka Holdings Co. Ltd.		2,848,322
	72,000	Pacific Industrial Co. Ltd.(b)		450,000
	63,000	Pacific Metals Co. Ltd.		306,951
	94,200	PanaHome Corp.		620,606
	12,000	Proto Corp.(b)		414,830
	95,000	Riken Corp.		404,559
	23,000	Riso Kagaku Corp.		337,337
	63,200	Santen Pharmaceutical Co. Ltd.		2,639,930
	23,700	Sawai Pharmaceutical Co. Ltd.		2,499,424
	29,500	Secom Co. Ltd.		1,404,058
	57,000	Seiren Co. Ltd.(b)		416,220
	123,700	Seven & I Holdings Co. Ltd.		3,754,072
	43,000	Shinko Plantech Co. Ltd.		364,078
	126,000	Shiroki Corp.		405,586
	30,595	Sumitomo Corp.		436,852
	105,500	Sumitomo Electric Industries Ltd.		1,438,997
	9,000	Sumitomo Mitsui Financial Group, Inc.		291,283
	375,100	Sumitomo Osaka Cement Co. Ltd.		1,141,650
	65,000	Sumitomo Precision Products Co. Ltd.		355,774
	22,000	Tachi-S Co. Ltd.		422,695
	15,000	Taisho Pharmaceutical Holdings Co. Ltd.		1,198,647
	10,049	Takeda Pharmaceutical Co. Ltd.		438,637
	114,500	Toho Gas Co. Ltd.		691,245
	18,000	Tokai Corp.		399,048
	31,000	Tokai Rubber Industries, Inc.		367,698
	5,200	Tokyo Electron Ltd.		290,155
	477,777	Tokyo Gas Co. Ltd.		2,309,894

Shares			Value
JAPAN (continued)
	19,000	Tokyo Ohka Kogyo Co. Ltd.	$	410,984
	23,000	Tokyo Seimitsu Co. Ltd.		475,038
	139,000	Tokyu Construction Co. Ltd.		330,787
	357,700	TonenGeneral Sekiyu KK		3,360,158
	39,000	Topre Corp.		368,312
	32,000	Transcosmos, Inc.(c)		458,517
	27,000	TS Tech Co. Ltd.		537,024
	72,600	West Japan Railway Co.		2,987,112
	29,000	Yamaha Motor Co. Ltd.		390,468
	161,300	Yamazaki Baking Co. Ltd.		2,390,004
	56,000	Yamazen Corp.		505,711
	30,000	Yellow Hat Ltd.		520,040
	16,000	Yorozu Corp.		324,248
				130,523,313
LUXEMBOURG — 0.0%
	27,960	ArcelorMittal SA		483,543
	11,018	Millicom International Cellular SA		1,178,816
				1,662,359
MALAYSIA — 0.2%
	242,800	AirAsia Berhad		267,192
	406,700	Coastal Contracts Berhad		263,428
	73,838	Genting Berhad		252,308
	336,100	Media Prima Berhad.		283,230
	657,875	Petronas Gas Berhad		3,648,097
	795,600	Public Bank Berhad		3,602,022
	1,266,200	Telekom Malaysia Berhad		2,255,393
	144,600	Tenaga Nasional Berhad		307,263
				10,878,933
MEXICO — 0.0%
	922,430	Cia Minera Autlan SAB de CV - Series B(b)		932,631
	3,141	Grupo Elektra SA de CV		192,811
	88,084	Grupo Mexico SAB de CV - Series B		271,434
				1,396,876
NETHERLANDS — 0.2%
	121,711	Aegon NV(c)		562,107
	19,386	ASML Holding NV		986,416
	19,785	Heineken Holding NV		916,103
	64,113	Heineken NV		3,506,246
	39,423	ING Groep NV(c)		277,985
	190,093	Koninklijke Ahold NV		2,411,076
	9,684	Koninklijke DSM NV		555,241
	50,229	Koninklijke Philips Electronics NV		997,320
	24,997	Royal Dutch Shell Plc - ADR		1,828,102
				12,040,596
NORWAY — 0.1%
	78,730	Kongsberg Gruppen ASA(b)		1,520,136
	75,712	Statoil ASA		2,021,474
	17,954	Telenor ASA		330,033

15

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
NORWAY (continued)
	6,172	Yara International ASA	$	302,725
				4,174,368
PAKISTAN — 0.1%
	426,680	Fauji Fertilizer Bin Qasim Ltd.		204,013
	1,576,292	Fauji Fertilizer Co. Ltd.		2,122,037
	311,020	Lucky Cement Ltd.		444,905
	771,188	Pakistan Petroleum Ltd.		1,610,821
				4,381,776
POLAND — 0.1%
	30,575	KGHM Polska Miedz SA		1,345,831
	257,220	Netia SA(c)		491,877
	330,722	PGE SA		1,980,158
	2,215,793	Tauron Polska Energia SA		3,281,563
	45,730	Zaklady Azotowe W Tarnowie- Moscicach SA(c)		489,452
				7,588,881
PORTUGAL — 0.0%
	402,340	Brisa Auto-Estradas de Portugal SA		1,411,327
	83,136	EDP - Energias de Portugal SA		237,701
				1,649,028
RUSSIA — 0.2%
	123,085	Gazprom Neft JSC - ADR(b)		3,015,582
	132,291	Gazprom OAO - ADR		1,517,378
	64,397	Lukoil OAO - ADR		3,950,756
	35,478	MMC Norilsk Nickel OJSC - ADR		628,315
	29,278	Mobile Telesystems OJSC - ADR		572,678
	14,463	Tatneft - ADR(b)		522,404
				10,207,113
SINGAPORE — 0.1%
	500,000	CWT Ltd.(c)		494,949
	24,000	Jardine Cycle & Carriage Ltd.		914,812
	297,500	Overseas Union Enterprise Ltd.		564,949
	76,000	Singapore Airlines Ltd.		657,131
	1,408,000	Singapore Technologies Engineering Ltd.		3,424,711
				6,056,552
SOUTH AFRICA — 0.2%
	18,748	Gold Fields Ltd.		238,530
	43,860	Kumba Iron Ore Ltd.		3,100,474
	1,141,194	Life Healthcare Group Holdings Ltd.		3,946,213
	17,179	Sasol Ltd.		816,347
				8,101,564
SOUTH KOREA — 0.3%
	13,521	Daewoong Pharmaceutical Co. Ltd.		299,104
	50,720	Hanil E-Wha Co. Ltd.		427,258

Shares			Value
SOUTH KOREA (continued)
	5,677	Hyundai Motor Co.	$	1,348,766
	4,220	Korea Petrochemical Industrial Co. Ltd.		318,145
	2,611	KT&G Corp.		179,284
	2,520	Kumho Petrochemical Co. Ltd.		237,478
	7,978	LG Corp.		406,621
	16,900	LG Display Co. Ltd.(c)		372,357
	2,140	POSCO		711,045
	3,929	Samsung Electronics Co. Ltd.		4,832,483
	130,550	SK Broadband Co. Ltd.(c)		373,124
	75,120	SK Hynix, Inc.(c)		1,864,498
	2,014	SK Innovation Co. Ltd.		281,572
	40,180	SK Networks Co. Ltd.		332,071
	16,766	SK Telecom Co. Ltd.		2,002,796
	28,470	STX Corp. Co. Ltd.		313,639
				14,300,241
SPAIN — 0.1%
	23,549	Banco Santander SA		147,131
	114,700	Endesa SA		2,054,992
	147,735	Gas Natural SDG SA		2,057,253
	135,619	Iberdrola SA		631,366
	10,849	Telefonica SA		158,112
				5,048,854
SWEDEN — 0.1%
	200,040	Billerud AB		1,934,536
	116,960	Boliden AB		1,872,390
	36,437	Investor AB - B Shares		726,431
	11,122	Svenska Handelsbanken AB - A Shares		360,402
	69,610	Tele2 AB - B Shares		1,326,684
	21,829	Volvo AB - B Shares		302,689
				6,523,132
SWITZERLAND — 0.3%
	16,367	ACE Ltd.		1,243,401
	37,970	Basilea Pharmaceutica(c)		1,938,974
	41,690	Foster Wheeler AG(c)		958,870
	4,644	Holcim Ltd.(c)		289,083
	9,540	Inficon Holding AG(b)(c)		2,160,992
	57,064	Nestle SA		3,495,575
	7,086	Noble Corp.(c)		269,693
	40,091	PSP Swiss Property AG(c)		3,599,864
	49,573	STMicroelectronics NV		281,180
				14,237,632
TAIWAN — 0.2%
	112,000	Chong Hong Construction Co.		230,070
	802,900	Chunghwa Telecom Co. Ltd.		2,512,456
	1,878,200	Compal Electronics, Inc.		2,160,587
	203,000	CTCI Corp.		391,982
	314,383	Elite Material Co. Ltd.		285,768
	464,000	Eva Airways Corp.		278,796
	138,000	Feng Hsin Iron & Steel Co.		232,453
	198,000	Gintech Energy Corp.		195,909

16

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	495,000	Grand Pacific Petrochemical	$	217,771
	697,000	King Yuan Electronics Co. Ltd.		288,741
	1,666,100	Macronix International		549,881
	536,000	Tainan Spinning Co. Ltd.		228,468
	77,000	Taiwan Prosperity Chemical Corp.		184,535
	334,000	Taiwan Semiconductor Manufacturing Co. Ltd.		992,560
	90,000	Tripod Technology Corp.		264,991
	181,000	Unimicron Technology Corp.		206,044
	693,000	Vanguard International Semiconductor Corp.		330,977
	514,000	Wan Hai Lines Ltd.		260,445
	1,237,000	Winbond Electronics Corp.(c)		207,095
				10,019,529
THAILAND — 0.1%
	516,053	Advanced Info Service Public Co. Ltd. - FOR(b)		3,071,145
	390,800	Bangchak Petroleum Public Co. Ltd.		324,078
	463,500	Polyplex Public Co. Ltd. - FOR(b)		233,634
	204,223	PTT Exploration & Production Public Co. Ltd. - FOR(b)		1,178,848
	355,885	STP & I Public Co. Ltd. - FOR(b)		344,312
				5,152,017
TURKEY — 0.1%
	176,890	Enka Insaat ve Sanayi AS		553,962
	56,150	Gubre Fabrikalari TAS(c)		393,250
	182,246	KOC Holding AS		676,580
	19,760	Tupras Turkiye Petrol Rafinerileri AS		412,921
	289,558	Turk Telekomunikasyon AS		1,269,521
				3,306,234
UNITED KINGDOM — 0.8%
	129,964	Amlin Plc		695,610
	26,426	Anglo American Plc		1,015,560
	35,366	Associated British Foods Plc		699,652
	98,992	AstraZeneca Plc		4,336,863
	188,513	BAE Systems Plc		903,129
	23,561	BHP Billiton Plc		754,993
	123,720	BP Plc		893,495
	168,150	Drax Group Plc		1,481,798
	306,932	Eurasian Natural Resources Corp. Plc		2,786,985
	488,450	Gulfsands Petroleum Plc(c)		998,810
	28,761	Imperial Tobacco Group Plc		1,150,104
	13,581	Kazakhmys Plc		189,770
	190,067	Kingfisher Plc		896,077
	681,150	Ladbrokes Plc		1,983,159
	64,324	Land Securities Group Plc, REIT		759,449
	2,609,240	Lloyds Banking Group Plc(c)		1,313,131

Shares			Value
UNITED KINGDOM (continued)
	44,825	Marks & Spencer Group Plc	$	259,705
	311,552	Pennon Group Plc		3,721,351
	63,193	Reckitt Benckiser Group Plc		3,678,685
	41,948	Rio Tinto Plc		2,336,760
	198,628	Scottish & Southern Energy Plc		4,258,293
	390,800	SVG Capital Plc(c)		1,753,012
	587,120	TT electronics Plc(b)		1,810,393
	199,510	Valiant Petroleum Plc(b)(c)		1,894,143
	267,782	Vodafone Group Plc		740,966
	504,144	WM Morrison Supermarkets Plc		2,295,803
				43,607,696
UNITED STATES — 14.3%
	58,664	Abbott Laboratories		3,640,688
	18,995	Adobe Systems, Inc.(c)		637,472
	16,881	Advance Auto Parts, Inc.		1,549,676
	133,520	Advanced Micro Devices, Inc.(c)		982,707
	12,040	Aetna, Inc.		530,242
	31,240	Alaska Air Group, Inc.(c)		1,055,912
	12,860	Alliance Resource Partners LP		830,499
	9,765	American Electric Power Co., Inc.		379,273
	81,190	American Vanguard Corp.		2,029,750
	30,880	America’s Car-Mart, Inc.(c)		1,418,627
	40,243	Amgen, Inc.		2,861,680
	181,454	Annaly Capital Management, Inc., REIT		2,961,329
	12,790	Apache Corp.		1,227,073
	14,322	Apollo Group, Inc. - Class A(c)		504,421
	35,000	Apple, Inc.(c)		20,448,400
	1,327,834	Applied Materials, Inc.		15,920,730
	48,220	Arch Coal, Inc.		470,627
	28,999	Archer-Daniels-Midland Co.		894,039
	123,030	Artio Global Investors, Inc.		445,369
	50,300	Asbury Automotive Group, Inc.(c)		1,404,376
	72,640	Assisted Living Concepts, Inc. - Class A		1,300,982
	26,080	Assurant, Inc.		1,052,067
	60,992	AT&T, Inc.		2,007,247
	44,850	Atlas Energy LP		1,741,077
	4,579	Atlas Resource Partners LP.		120,982
	53,250	ATMI, Inc.(c)		1,118,782
	31,610	Bally Technologies, Inc.(c)		1,534,666
	100,000	Baxter International, Inc.		5,541,000
	30,670	Belden, Inc.		1,066,703
	399,500	BMC Software, Inc.(c)		16,483,370
	21,700	Bristow Group, Inc.		1,060,045
	103,810	Brooks Automation, Inc.		1,220,806
	76,828	CA, Inc.		2,029,796
	18,020	CACI International, Inc. - Class A(c)		1,101,563
	157,638	Campbell Soup Co.		5,332,894
	6,824	Capital One Financial Corp.		378,596
	74,900	Capstead Mortgage Corp., REIT		1,028,377

17

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	400,000	Carnival Corp.	$	12,996,000
	41,690	Carter’s, Inc.(c)		2,263,767
	17,774	CenturyLink, Inc.		685,365
	1,508	CF Industries Holdings, Inc.		291,134
	47,219	Chesapeake Energy Corp.		870,718
	224,710	Chevron Corp.		23,945,098
	22,980	Churchill Downs, Inc.		1,364,093
	1,079,618	Cisco Systems, Inc.		21,754,303
	26,080	Cleco Corp.		1,064,064
	3,192	Cliffs Natural Resources, Inc.		198,734
	51,698	Clorox Co. (The)		3,624,030
	49,374	Coca-Cola Co. (The)		3,768,224
	36,626	Colgate-Palmolive Co.		3,623,776
	66,054	Comcast Corp. - Class A		2,003,418
	66,800	ConAgra Foods, Inc.		1,724,776
	86,350	Conceptus, Inc.(c)		1,620,789
	19,697	ConocoPhillips		1,410,896
	52,518	Consolidated Edison, Inc.		3,122,195
	49,150	Constellation Brands, Inc. - Class A(c)		1,061,640
	15,820	Contango Oil & Gas Co.(c)		858,393
	418,626	Corning, Inc.		6,007,283
	39,590	Corrections Corp. of America(c)		1,143,755
	5,973	CVS Caremark Corp.		266,515
	22,800	Cymer, Inc.(c)		1,181,952
	22,300	Darden Restaurants, Inc.		1,116,784
	1,396,410	Dell, Inc.(c)		22,859,232
	14,726	Devon Energy Corp.		1,028,611
	3,950	Diamond Offshore Drilling, Inc.		270,772
	44,940	Digital Generation, Inc.(c)		417,043
	18,810	Dillard’s, Inc. - Class A		1,214,374
	180,514	Dover Corp.		11,311,007
	47,650	DreamWorks Animation SKG, Inc. - Class A(c)		858,176
	20,450	DST Systems, Inc.		1,144,791
	19,310	DSW, Inc. - Class A		1,086,381
	168,966	Duke Energy Corp.		3,620,941
	24,580	Eastman Chemical Co.		1,326,583
	12,131	Eaton Corp.		584,472
	54,030	Ebix, Inc.		1,104,913
	59,462	Edison International		2,616,923
	67,528	EI du Pont de Nemours & Co.		3,610,047
	116,900	El Paso Pipeline Partners LP		3,959,403
	195,999	Eli Lilly & Co.		8,112,399
	45,670	Empire District Electric Co. (The)		937,148
	18,598	Entergy Corp.		1,219,285
	39,594	Exelon Corp.		1,544,562
	3,032	FedEx Corp.		267,544
	29,050	FEI Co.(c)		1,457,438
	276,488	Freeport-McMoRan Copper & Gold, Inc.		10,589,490
	66,404	Gap, Inc. (The)		1,892,514
	183,464	General Dynamics Corp.		12,383,820
	91,332	General Mills, Inc.		3,551,901

Shares			Value
UNITED STATES (continued)
	162,063	General Motors Co.(c)	$	3,727,449
	1,725,000	General Motors Co., Escrow Shares(b)(c)(d)		258,750
	42,760	Genie Energy Ltd. - Class B		355,763
	74,320	Genuine Parts Co.		4,814,450
	21,280	Gilead Sciences, Inc.(c)		1,106,773
	23,860	Gulfmark Offshore, Inc. - Class A(c)		1,149,336
	17,600	Helmerich & Payne, Inc.		904,464
	20,886	Hess Corp.		1,088,996
	550,000	Hewlett-Packard Co.		13,618,000
	66,622	HJ Heinz Co.		3,551,619
	154,875	Hormel Foods Corp.		4,500,668
	35,445	Humana, Inc.		2,859,703
	87,480	IDACORP, Inc.		3,563,935
	42,760	IDT Corp. - Class B		360,039
	34,100	Impax Laboratories, Inc.(c)		839,883
	724,265	Intel Corp.		20,569,126
	14,010	ITT Educational Services, Inc.(c)		924,940
	725,000	Jabil Circuit, Inc.		17,001,250
	2,782	Johnson & Johnson		181,080
	95,250	Kforce, Inc.(c)		1,378,267
	105,928	Kimberly-Clark Corp.		8,312,170
	330,000	KLA-Tencor Corp.		17,209,500
	278,393	Kohl’s Corp.		13,955,841
	41,280	Kroger Co. (The)		960,586
	104,870	Kulicke & Soffa Industries, Inc.(c)		1,373,797
	23,210	Life Technologies Corp.(c)		1,076,016
	15,320	Lindsay Corp.		1,023,223
	21,780	Littelfuse, Inc.		1,364,953
	12,459	Lockheed Martin Corp.		1,128,038
	16,280	Loral Space & Communications, Inc.		1,010,174
	7,162	Lorillard, Inc.		968,947
	22,600	Ltd. Brands, Inc.		1,123,220
	12,022	Macy’s, Inc.		493,142
	714,820	Marathon Oil Corp.		20,972,819
	8,392	Marathon Petroleum Corp.		349,191
	36,110	Materion Corp.(c)		892,278
	67,723	McCormick & Co., Inc.		3,786,393
	36,780	McDonald’s Corp.		3,584,211
	23,871	McGraw-Hill Cos., Inc. (The)		1,173,737
	60,470	Medicines Co. (The)(c)		1,335,782
	55,290	Medifast, Inc.(c)		1,062,674
	30,460	Medtronic, Inc.		1,163,572
	84,920	MGM Resorts International(c)		1,139,626
	91,300	Micrel, Inc.		994,257
	25,747	Micron Technology, Inc.(c)		169,673
	609,211	Microsoft Corp.		19,506,936
	75,120	Momenta Pharmaceuticals, Inc.(c)		1,192,906
	450,000	Mosaic Co. (The)		23,769,000
	62,560	Movado Group, Inc.		1,773,576
	12,857	Murphy Oil Corp.		706,749

18

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	37,270	NASDAQ OMX Group, Inc. (The)(c)	$	915,724
	48,150	Nelnet, Inc. - Class A		1,243,233
	91,120	Neutral Tandem, Inc.(c)		1,058,814
	5,530	NewMarket Corp.		1,234,407
	546,189	Newmont Mining Corp.		26,025,906
	74,450	Newport Corp.(c)		1,270,861
	11,330	News Corp. - Class A		222,068
	5,603	NextEra Energy, Inc.		360,553
	57,869	Northrop Grumman Corp.		3,661,950
	42,890	NuVasive, Inc.(c)		710,687
	2,735	Occidental Petroleum Corp.		249,487
	47,550	Olin Corp.		996,648
	70,301	Omnicom Group, Inc.		3,607,144
	21,420	ONEOK Partners LP		1,194,379
	30,950	Papa John’s International, Inc.(c)		1,246,666
	38,130	Park Electrochemical Corp.		1,100,050
	7,028	Parker Hannifin Corp.		616,285
	53,927	PepsiCo, Inc.		3,559,182
	967,200	Pfizer, Inc.		22,177,896
	6,968	Plains All American Pipeline LP		570,888
	37,934	PPG Industries, Inc.		3,992,174
	220,000	PPL Corp.(c)		11,325,600
	52,226	Procter & Gamble Co. (The)		3,323,663
	4,699	Progress Energy, Inc.		250,081
	34,008	Public Service Enterprise Group, Inc.		1,059,349
	341,210	Raytheon Co.		18,473,109
	18,680	Republic Services, Inc.		511,272
	68,390	Revlon, Inc. - Class A(c)		1,168,101
	19,556	Reynolds American, Inc.		798,471
	180,600	Rockwell Automation, Inc.		13,967,604
	436,128	SAIC, Inc.		5,303,316
	387,232	SanDisk Corp.(c)		14,331,456
	125,710	SandRidge Energy, Inc.(c)		1,004,423
	25,370	Sauer-Danfoss, Inc.		1,098,775
	113,790	Seachange International, Inc.(c)		935,354
	10,060	SEACOR Holdings, Inc.(c)		934,876
	24,840	Sotheby’s		976,709
	106,570	Southwest Airlines Co.		882,400
	49,008	Staples, Inc.		754,723
	28,180	State Street Corp.		1,302,480
	96,140	STEC, Inc.(c)		797,001
	5,228	Stryker Corp.		285,292
	28,800	Sunoco Logistics Partners LP		1,171,872
	83,610	SunPower Corp.(c)		469,052
	9,881	Target Corp.		572,505
	56,030	TeleTech Holdings, Inc.(c)		848,854
	542,747	Tellabs, Inc.		2,046,156
	73,970	Teradyne, Inc.(c)		1,273,024
	5,523	Terra Nitrogen Co. LP		1,480,164
	11,931	Time Warner Cable, Inc.		959,849
	100,015	Time Warner, Inc.		3,746,562
	37,200	TJX Cos., Inc.		1,551,612
	28,943	Travelers Cos., Inc. (The)		1,861,614

Shares			Value
UNITED STATES (continued)
	18,240	Triumph Group, Inc.	$	1,145,837
	716,478	Two Harbors Investment Corp., REIT		7,494,360
	44,510	United Continental Holdings, Inc.(c)		975,659
	297,967	United Technologies Corp.		24,326,026
	23,982	UnitedHealth Group, Inc.		1,346,589
	41,210	Unum Group		978,325
	21,657	Valero Energy Corp.		534,928
	7,485	Viacom, Inc. - Class B		347,229
	5,592	Walgreen Co.		196,056
	73,091	Wal-Mart Stores, Inc.		4,305,791
	4,902	WellPoint, Inc.		332,454
	280,000	Western Digital Corp.(c)		10,866,800
	15,874	Western Union Co. (The)		291,764
	24,400	WGL Holdings, Inc.		978,684
	27,510	Williams-Sonoma, Inc.		1,064,362
	102,242	Wisconsin Energy Corp.		3,766,595
	62,900	Worthington Industries, Inc.		1,122,136
	11,880	Yahoo!, Inc.(c)		184,615
	4,527	Zimmer Holdings, Inc.		284,884
				749,600,208
Total Common Stocks (Cost $1,315,946,935)				1,326,764,766
EXCHANGE TRADED FUNDS — 5.1%
MEXICO — 0.0%
	93,231	iShares NAFTRAC		282,285
UNITED STATES — 5.1%
	625,000	iShares FTSE China 25 Index Fund		23,706,250
	230,000	iShares MSCI Brazil Index Fund		13,859,800
	73,890	iShares MSCI Canada Index Fund		2,095,520
	315,000	iShares MSCI EAFE Index Fund		16,931,250
	650,000	iShares MSCI Emerging Markets Index Fund		27,430,000
	1,050,000	iShares MSCI Germany Index Fund		23,667,000
	250,000	iShares MSCI Mexico Investable Market Index Fund		15,455,000
	365,000	SPDR Gold Trust		59,086,200
	600,000	SPDR S&P 500 ETF Trust		83,862,000
Total Exchange Traded Funds (Cost $256,515,948)				266,375,305
PREFERRED STOCKS — 0.1%
UNITED STATES — 0.1%
	225,000	Fannie Mae		290,813
	250,000	Freddie Mac		325,625
	6,425	Lucent Technologies Capital Trust I(b)		4,979,375
Total Preferred Stocks (Cost $13,096,080)				5,595,813

19

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
RIGHTS/WARRANTS — 0.0%
FRANCE — 0.0%
	76,966	GDF Suez, Coupons, Expires 05/11/12(b)(c)	$	0
	251,210	UbiSoft Entertainment SA, Warrants, Expires 10/10/13(c)		8,978
Total Rights/Warrants (Cost $19,220)				8,978
Principal Amount			Value
BANK LOANS — 0.9%
UNITED STATES — 0.9%
$	2,000,000	Acco Brands, Inc., Bridge Loan, 0.01%, 12/02/12(b)(e)	$	2,006,250
	1,964,954	Affinion Group Holdings, Inc., Tranche B Term Loan, 3.50%, 10/09/16(e)		1,862,777
	6,500,000	Asurion LLC, Term Loan (Second Lien), 7.50%, 05/24/19(e)		6,599,125
	498,747	BJ’s Wholesale Club, Inc., Replacement First Lien Term Loan Facility, 4.00%, 09/27/18(e)		502,108
	1,684,170	Brickman Group Holdings, Inc., Tranche B Term Loan, 5.50%, 10/14/16(e)		1,698,906
	996,981	Cumulus Media Holdings, Inc., First Lien Term Loan, 4.50%, 09/16/18(e)		1,004,758
	2,000,000	Cumulus Media Holdings, Inc., Second Lien Term Loan, 6.00%, 09/16/19(e)		2,030,650
	2,750,000	Lawson Software, Inc., Term Loan B, 5.00%, 04/05/18(e)		2,783,803
	2,250,000	Level 3 Financing, Inc., Tranche B II Term Loan, 4.25%, 08/03/18(e)		2,278,593
	650,000	MGM Resorts International, Class C Loan (Extending), 5.00%, 02/23/15(e)		653,250
	2,312,253	MultiPlan, Inc., Term Loan B, 3.25%, 08/26/17(e)		2,301,848
	3,000,000	Nuveen Investments, Inc., New Second Lien Term Loan, 7.00%, 02/23/19(e)		3,075,000
	3,500,000	PQ Corp., Second Lien, 6.50%, 07/30/15(e)		3,333,204
	3,250,000	Quintiles Transnational Holdings, Inc., Term Loan, 7.50%, 02/21/17(e)		3,263,543
	991,031	U.S. TelePacific Corp., Term Loan, 4.50%, 02/23/17(e)		947,260

Principal Amount				Value
UNITED STATES (continued)
$	2,480,616		Univar, Inc., Term Loan B, 3.50%, 06/30/17(e)	$	2,483,717
	2,460,673		US Foodservice, Term B Loan, 4.25%, 05/06/17(e)		2,463,749
	4,162,596		US Foodservice, Term Loan, 2.50%, 07/03/14(e)		4,088,885
	2,354,699		Visant Corp., Tranche B Term Loan, 4.00%, 12/22/16(e)		2,315,847
Total Bank Loans (Cost $44,995,872)					45,693,273
CORPORATE BONDS — 28.4%
AUSTRALIA — 0.0%
	1,000,000		FMG Resources, 7.00%, 11/01/15(f)		1,035,000
AUSTRIA — 0.1%
	5,218,800	(g)	A-TEC Industries AG, Cnv., 2.75%, 05/10/14(b)(c)(h)		4,835,676
	8,000,000	(g)	A-TEC Industries AG, Cnv., 8.75%, 10/27/14(b)(c)(h)		2,647,394
					7,483,070
BERMUDA — 0.1%
	7,000,000	(i)	Celestial Nutrifoods Ltd., Cnv., 15.75%, 06/12/12(b)(c)(d)(h)(j)		1,131,313
	2,600,000		Central European Media Enterprises Ltd., Cnv., 5.00%, 11/15/15		2,184,000
					3,315,313
CANADA — 0.6%
	1,550,000		Bombardier, Inc., 7.75%, 03/15/20(f)		1,732,125
	1,500,000		Cascades, Inc., 7.88%, 01/15/20		1,466,250
	8,500,000		Detour Gold Corp., Cnv., 5.50%, 11/30/17(b)		8,733,750
	2,000,000		Jaguar Mining, Inc., Cnv., 4.50%, 11/01/14(b)(f)		1,407,500
	4,750,000		PetroBakken Energy Ltd., 8.63%, 02/01/20(f)		4,951,875
	2,900,000		Precision Drilling Corp., 6.50%, 12/15/21		3,016,000
	3,560,000		Quebecor Media, Inc., 7.75%, 03/15/16		3,662,350
	2,000,000		Telesat Canada/Telesat LLC, 11.00%, 11/01/15		2,125,000
	1,500,000		Telesat Canada/Telesat LLC, 6.00%, 05/15/17		1,500,000
					28,594,850

20

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS — 0.2%
$	4,750,000	UPCB Finance V Ltd., 7.25%, 11/15/21(f)	$	4,999,375
	2,950,000	UPCB Finance VI Ltd., 6.88%, 01/15/22(f)		3,031,125
				8,030,500
COLUMBIA — 0.1%
	6,300,000	Petrominerales Ltd., Cnv., 2.63%, 08/25/16		5,852,700
FRANCE — 0.1%
	2,675,000	Cie Generale de Geophysique - Veritas, 6.50%, 06/01/21		2,755,250
	725,000	Cie Generale de Geophysique- Veritas, 9.50%, 05/15/16		793,875
	3,600,000	Cie Generale de Geophysique- Veritas, 7.75%, 05/15/17		3,744,000
				7,293,125
GERMANY — 0.0%
	1,800,000	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 8.13%, 12/01/17(f)		1,930,500
HONG KONG — 0.0%
	9,700,000	China Milk Products Group Ltd., Cnv., 12.86%, 01/05/12(b)(c)(d)(h)(j)		1,133,154
INDIA — 0.3%
	5,250,000	Jaiprakash Power Ventures Ltd., Cnv., 5.00%, 02/13/15(b)		4,475,625
	5,000,000	Sesa Goa Ltd. Cnv., 5.00%, 10/31/14		4,642,500
	5,000,000	Sterlite Industries India Ltd., Cnv., 4.00%, 10/30/14(b)		4,668,750
				13,786,875
IRELAND — 0.1%
	750,000	Ardagh Packaging Finance Plc, 9.13%, 10/15/20(f)		811,875
	5,000,000	Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 9.13%, 10/15/20(f)		5,312,500
				6,124,375
LUXEMBOURG — 0.4%
	500,000	Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19(f)		531,288
	2,025,000	Intelsat Jackson Holdings SA, 7.25%, 04/01/19		2,111,062

Principal Amount				Value
LUXEMBOURG (continued)
$	2,475,000		Intelsat Jackson Holdings SA, 7.25%, 10/15/20(f)	$	2,580,188
	5,200,000		Intelsat Jackson Holdings SA, 7.50%, 04/01/21		5,460,000
	4,700,000		Intelsat Luxembourg SA, 11.25%, 02/04/17		4,876,250
	1,000,000		Intelsat Luxembourg SA, 11.50%, 02/04/17(f)(k)		1,032,500
	2,000,000		Wind Acquisition Finance SA, 11.75%, 07/15/17(f)		1,965,000
	200,000		Wind Acquisition Finance SA, 7.25%, 02/15/18(f)		190,000
					18,746,288
MEXICO — 0.1%
	6,000,000		Cemex SAB de CV, Cnv., 4.88%, 03/15/15		5,430,000
NETHERLANDS — 0.4%
	5,000,000	(g)	Celesio Finance BV, Cnv., 3.75%, 10/29/14		6,605,247
	3,000,000		Lukoil International Finance BV, Cnv., 2.63%, 06/16/15		3,214,500
	7,000,000	(g)	Portugal Telecom International Finance BV, Cnv., 4.13%, 08/28/14		8,547,772
	4,165,000		Sensata Technologies BV, 6.50%, 05/15/19(f)		4,373,250
					22,740,769
PUERTO RICO — 0.2%
	7,500,000		Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 09/15/18(f)		8,193,750
SOUTH AFRICA — 0.4%
	119,000,000	(g)	Steinhoff International Holdings Ltd., Cnv., 9.63%, 07/20/15		19,618,118
SPAIN — 0.3%
	4,000,000	(g)	Fomento de Construcciones y Contratas SA, Cnv., 6.50%, 10/30/14		4,884,441
	9,600,000	(g)	Pescanova SA, 5.13%, 04/20/17(b)		11,420,856
					16,305,297
SWEDEN — 0.0%
	16,000,000	(g)	SAS AB, Cnv., 7.50%, 04/01/15		1,850,832
UNITED KINGDOM — 0.5%
	6,000,000		Essar Energy Investment Ltd., Cnv., 4.25%, 02/01/16		3,882,000

21

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount				Value
UNITED KINGDOM (continued)
$	4,500,000		Jaguar Land Rover Plc, 8.13%, 05/15/21(f)	$	4,702,500
	7,600,000	(g)	TUI Travel Plc, Cnv., 4.90%, 04/27/17		11,273,326
	2,350,000		Virgin Media Finance Plc, 8.38%, 10/15/19		2,637,875
	2,650,000		Virgin Media Finance Plc, 5.25%, 02/15/22		2,650,000
					25,145,701
UNITED STATES — 24.5%
	4,253,000		AAR Corp., Cnv., 1.63%, 03/01/14(b)		4,013,769
	5,000,000		AAR Corp., Cnv., 1.75%, 02/01/26(b)		4,931,250
	5,000,000		Advanced Micro Devices, Inc., 7.75%, 08/01/20		5,512,500
	36,005,000		Advanced Micro Devices, Inc., Cnv., 6.00%, 05/01/15		37,085,150
	3,000,000		AES Corp. (The), 8.00%, 10/15/17		3,420,000
	2,500,000		Affinion Group, Inc., 11.50%, 10/15/15(b)		2,212,500
	6,000,000		Alcatel-Lucent USA, Inc., Series A, Cnv., 2.88%, 06/15/23(b)		4,935,000
	4,000,000		Alere, Inc., 7.88%, 02/01/16(b)		4,165,000
	700,000		Allbritton Communications Co., 8.00%, 05/15/18		745,500
	2,500,000		Alliance Data Systems Corp, 6.38%, 04/01/20(f)		2,556,250
	12,000,000		Alliant Techsystems, Inc., Cnv., 3.00%, 08/15/24(b)		12,285,000
	360,000		Allison Transmission, Inc., 11.00%, 11/01/15(f)		379,800
	2,750,000		Allison Transmission, Inc., 7.13%, 05/15/19(f)		2,880,625
	1,900,000		Ally Financial, Inc., 6.75%, 12/01/14		2,004,500
	2,750,000		Alpha Natural Resources, Inc., 6.00%, 06/01/19		2,571,250
	4,250,000		AMC Networks, Inc., 7.75%, 07/15/21(f)		4,749,375
	902,000		American Axle & Manufacturing Holdings, Inc., 9.25%, 01/15/17(f)		1,003,475
	750,000		American Axle & Manufacturing, Inc., 5.25%, 02/11/14		776,250
	2,750,000		AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 08/20/19		2,777,500

Principal Amount			Value
UNITED STATES (continued)
$	3,250,000	AmeriGas Partners LP/AmeriGas Finance Corp., 7.00%, 05/20/22	$	3,315,000
	6,250,000	Ameristar Casinos, Inc., 7.50%, 04/15/21		6,609,375
	1,750,000	Ameristar Casinos, Inc., 7.50%, 04/15/21(f)		1,850,625
	3,500,000	AMGH Merger Sub, Inc., 9.25%, 11/01/18(f)		3,605,000
	7,000,000	ARAMARK Corp., 8.50%, 02/01/15		7,175,070
	2,750,000	ARAMARK Holdings Corp., 8.63%, 05/01/16(f)(k)		2,815,340
	4,500,000	Arch Coal, Inc., 7.25%, 06/15/21(f)		4,016,250
	3,000,000	Ashtead Capital, Inc., 9.00%, 08/15/16(f)		3,131,250
	1,000,000	Atwood Oceanics, Inc., 6.50%, 02/01/20		1,052,500
	2,250,000	Avaya, Inc., 9.75%, 11/01/15		2,230,313
	5,750,000	Avaya, Inc., 7.00%, 04/01/19(f)		5,750,000
	2,300,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.75%, 05/15/16		2,360,375
	750,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, 03/15/18		817,500
	4,250,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/19		4,451,875
	700,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/19(f)		733,250
	4,250,000	Basic Energy Services, Inc., 7.75%, 02/15/19		4,335,000
	2,750,000	Belo Corp., 8.00%, 11/15/16		3,052,500
	2,750,000	Bill Barrett Corp., 7.63%, 10/01/19		2,777,500
	1,750,000	Bill Barrett Corp., 7.00%, 10/15/22		1,688,750
	3,250,000	Biomet, Inc., 10.00%, 10/15/17		3,505,937
	6,000,000	Biomet, Inc., 11.63%, 10/15/17		6,510,000
	1,250,000	Boise Paper Holdings LLC/Boise Co.-Issuer Co., 8.00%, 04/01/20		1,378,125
	2,000,000	Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/01/17		2,225,000
	6,000,000	Boston Properties LP, REIT, Cnv., 3.63%, 02/15/14(f)		6,637,500

22

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,900,000	Boyd Gaming Corp., 7.13%, 02/01/16	$	2,827,500
	4,850,000	Boyd Gaming Corp., 9.13%, 12/01/18		5,092,500
	250,000	Bresnan Broadband Holdings LLC, 8.00%, 12/15/18(f)		255,000
	13,000,000	Brookdale Senior Living, Inc., Cnv., 2.75%, 06/15/18		12,252,500
	1,700,000	Cablevision Systems Corp., 8.63%, 09/15/17		1,865,750
	1,650,000	Cablevision Systems Corp., 7.75%, 04/15/18		1,753,125
	6,050,000	Cablevision Systems Corp., 8.00%, 04/15/20		6,534,000
	4,250,000	Calpine Corp., 7.25%, 10/15/17(f)		4,536,875
	2,100,000	Calpine Corp., 7.88%, 07/31/20(f)		2,289,000
	3,150,000	Calpine Corp., 7.50%, 02/15/21(f)		3,370,500
	1,600,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.25%, 10/30/17		1,740,000
	3,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.88%, 04/30/18		3,247,500
	500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 8.13%, 04/30/20		560,000
	1,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, 06/01/20		1,091,250
	3,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.50%, 04/30/21		3,396,250
	1,725,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.63%, 01/31/22		1,804,781
	5,000,000	CDW LLC/CDW Finance Corp, 8.50%, 04/01/19		5,350,000
	1,300,000	CDW LLC/CDW Finance Corp., 8.00%, 12/15/18		1,417,000
	500,000	Cemex Finance LLC, 9.50%, 12/14/16(f)		492,500
	1,000,000	Central Garden and Pet Co., 8.25%, 03/01/18		1,031,250
	10,500,000	Cequel Communications Holdings I LLC and Cequel Capital Corp., 8.63%, 11/15/17(f)		11,340,000
	2,384,000	Chaparral Energy, Inc., 8.88%, 02/01/17		2,498,742
	2,000,000	Chaparral Energy, Inc., 7.63%, 11/15/22(f)		2,040,000

Principal Amount			Value
UNITED STATES (continued)
$	6,000,000	Charles River Laboratories International, Inc., Cnv., 2.25%, 06/15/13	$	5,992,500
	4,500,000	Chesapeake Energy Corp., 6.78%, 03/15/19		4,376,250
	7,000,000	Chesapeake Energy Corp., Cnv., 2.50%, 05/15/37		6,072,500
	1,500,000	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.63%, 11/15/19(f)		1,410,000
	9,000,000	Chiquita Brands International, Inc., Cnv., 4.25%, 08/15/16		8,336,250
	12,000,000	Ciena Corp. Cnv., 0.88%, 06/15/17		10,170,000
	2,000,000	Ciena Corp., Cnv., 4.00%, 03/15/15(f)		2,175,000
	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		1,035,000
	750,000	Cincinnati Bell, Inc., 8.75%, 03/15/18		703,125
	1,150,000	CIT Group Inc, 5.25%, 03/15/18		1,184,500
	1,000,000	CIT Group, Inc., 5.25%, 04/01/14(f)		1,030,000
	7,600,000	CIT Group, Inc., 7.00%, 05/02/16(f)		7,619,000
	650,000	CIT Group, Inc., 7.00%, 05/02/17(f)		651,625
	1,750,000	Clear Channel Worldwide Holdings Inc, 7.63%, 03/15/20(f)		1,701,875
	1,850,000	Clear Channel Worldwide Holdings Inc, 7.63%, 03/15/20(f)		1,831,500
	850,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17		927,563
	3,350,000	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17		3,672,438
	7,750,000	CommScope, Inc., 8.25%, 01/15/19(f)		8,273,125
	1,000,000	Copano Energy LLC/Copano Energy Finance Corp., 7.75%, 06/01/18		1,057,500
	4,000,000	Copano Energy LLC/Copano Energy Finance Corp., 7.13%, 04/01/21		4,220,000
	1,500,000	Crown Castle International Corp., 7.13%, 11/01/19		1,642,500

23

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,100,000	CSC Holdings, Inc., 7.63%, 07/15/18	$	1,218,250
	500,000	CSC Holdings, Inc., 6.75%, 11/15/21(f)		518,750
	13,500,000	CSG Systems International, Inc., Cnv., 3.00%, 03/01/17(b)(f)		12,926,250
	5,875,000	Cumulus Media Holdings, Inc., 7.75%, 05/01/19		5,559,219
	4,500,000	DaVita, Inc., 6.63%, 11/01/20		4,708,125
	4,750,000	Del Monte Corp., 7.63%, 02/15/19		4,797,500
	2,500,000	Delphi Corp., 6.13%, 05/15/21(f)		2,662,500
	396,000	Delta Air Lines, Inc., 9.50%, 09/15/14(f)		420,750
	1,000,000	Denbury Resources, Inc., 8.25%, 02/15/20		1,115,000
	1,150,000	DISH DBS Corp., 7.88%, 09/01/19		1,331,125
	7,350,000	DISH DBS Corp., 6.75%, 06/01/21		8,048,250
	1,750,000	DJO Finance LLC/DJO Finance Corp., 10.88%, 11/15/14		1,785,000
	1,250,000	Dole Food Co., Inc., 8.00%, 10/01/16(f)		1,318,750
	550,000	Eagle Rock Energy Partners LP/Eagle Rock Energy Finance Corp., 8.38%, 06/01/19		569,250
	2,000,000	Easton-Bell Sports, Inc., 9.75%, 12/01/16		2,212,500
	1,000,000	Education Management LLC/Education Management Finance Corp., 8.75%, 06/01/14		972,500
	1,400,000	El Paso Corp., 7.00%, 06/15/17		1,574,537
	4,500,000	Electronic Arts, Inc., Cnv., 0.75%, 07/15/16(f)		4,140,000
	1,500,000	Endo Pharmaceuticals Holdings, Inc., 7.00%, 12/15/20		1,603,125
	3,350,000	Endo Pharmaceuticals Holdings, Inc., 7.25%, 01/15/22		3,592,875
	1,750,000	Equinix, Inc., 8.13%, 03/01/18		1,933,750
	3,000,000	Equinix, Inc., 7.00%, 07/15/21		3,277,500
	14,651,000	Exterran Energy Corp., Cnv., 4.75%, 01/15/14		14,467,863
	4,000,000	Exterran Holdings, Inc., 7.25%, 12/01/18		3,840,000

Principal Amount			Value
UNITED STATES (continued)
$	500,000	Exterran Holdings, Inc., Cnv., 4.25%, 06/15/14	$	493,750
	1,500,000	Ferrellgas LP/Ferrellgas Finance Corp., 9.13%, 10/01/17		1,578,750
	1,000,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.50%, 05/01/21		912,500
	868,000	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20(b)		783,370
	5,000,000	Fidelity National Financial, Inc., Cnv., 4.25%, 08/15/18(f)		5,518,750
	3,100,000	Ford Motor Credit Co. LLC, 5.00%, 05/15/18		3,349,950
	1,500,000	Ford Motor Credit Co. LLC, 8.13%, 01/15/20		1,899,545
	1,400,000	Ford Motor Credit Co. LLC, 5.88%, 08/02/21		1,582,123
	3,875,000	Frac Tech Services LLC/Frac Tech Finance, Inc., 8.13%, 11/15/18(f)		4,000,938
	2,652,000	Freescale Semiconductor, Inc., 10.13%, 03/15/18(f)		2,956,980
	1,950,000	Frontier Communications Corp., 7.88%, 04/15/15		2,115,750
	3,500,000	Frontier Communications Corp., 8.25%, 04/15/17		3,771,250
	1,100,000	Frontier Communications Corp., 7.13%, 03/15/19		1,097,250
	2,750,000	Frontier Communications Corp., 8.50%, 04/15/20		2,860,000
	5,000,000	FTI Consulting, Inc., 6.75%, 10/01/20		5,293,750
	1,650,000	Gannett Co, Inc., 6.38%, 09/01/15		1,753,125
	2,500,000	GCI, Inc., 6.75%, 06/01/21		2,525,000
	18,500,000	GenCorp, Inc., Cnv., 4.06%, 12/31/39		19,355,625
	13,500,000	General Cable Corp., Cnv., 0.88%, 11/15/13		13,162,500
	1,500,000	GenOn Americas Generation LLC, 8.50%, 10/01/21		1,350,000
	1,000,000	GenOn Energy, Inc., 7.63%, 06/15/14		1,020,000
	2,000,000	Geo Group, Inc. (The), 7.75%, 10/15/17		2,160,000
	2,850,000	Geo Group, Inc. (The), 6.63%, 02/15/21		3,006,750
	13,000,000	Goodrich Petroleum Corp., Cnv., 5.00%, 10/01/29		12,545,000
	4,300,000	Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/20		4,676,250

24

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Goodyear Tire & Rubber Co. (The), 7.00%, 05/15/22	$	1,985,000
	600,000	Graphic Packaging International, Inc., 9.50%, 06/15/17		666,000
	1,285,000	Graphic Packaging International, Inc., 7.88%, 10/01/18		1,426,350
	4,800,000	Gray Television, Inc., 10.50%, 06/29/15		5,040,000
	2,750,000	Griffon Corp., 7.13%, 04/01/18		2,870,313
	7,000,000	Griffon Corp., Cnv., 4.00%, 01/15/17(f)		6,825,000
	1,500,000	Hanesbrands, Inc., 8.00%, 12/15/16		1,651,875
	4,500,000	Hanesbrands, Inc., 6.38%, 12/15/20		4,646,250
	1,500,000	HCA Holdings, Inc., 7.75%, 05/15/21		1,575,000
	370,000	HCA, Inc., 6.38%, 01/15/15		395,900
	4,220,000	HCA, Inc., 6.50%, 02/15/16		4,536,500
	2,810,000	HCA, Inc., 6.50%, 02/15/20		3,006,700
	1,600,000	HCA, Inc., 7.50%, 02/15/22		1,722,000
	1,012,000	Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(f)		1,062,600
	750,000	Hertz Corp. (The), 6.75%, 04/15/19		782,813
	1,500,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.50%, 03/01/20(f)		1,515,000
	13,375,000	Hologic, Inc., Cnv., STEP, 2.00%, 12/15/37		13,274,688
	11,000,000	Hologic, Inc., Cnv., STEP, 2.00%, 03/01/42		10,395,000
	3,000,000	Hornbeck Offshore Services, Inc., 8.00%, 09/01/17		3,240,000
	9,150,000	Hornbeck Offshore Services, Inc., Cnv., STEP, 1.63%, 11/15/26		9,836,250
	2,770,000	Horsehead Holding Corp., Cnv., 3.80%, 07/01/17(f)		2,891,187
	2,750,000	Hughes Satellite Systems Corp., 6.50%, 06/15/19		2,942,500
	7,250,000	Hughes Satellite Systems Corp., 7.63%, 06/15/21		7,857,187
	4,250,000	Huntington Ingalls Industries, Inc., 7.13%, 03/15/21		4,499,687
	5,750,000	Huntsman International LLC, 5.50%, 06/30/16(f)		5,757,188

Principal Amount			Value
UNITED STATES (continued)
$	17,750,000	Iconix Brand Group, Inc., Cnv., 2.50%, 06/01/16(f)	$	16,596,250
	15,000,000	Illumina, Inc., Cnv., 0.25%, 03/15/16(f)		13,706,250
	3,900,000	Inergy LP/Inergy Finance Corp., 7.00%, 10/01/18		3,997,500
	597,000	Inergy LP/Inergy Finance Corp., 6.88%, 08/01/21		602,970
	3,000,000	Ingles Markets, Inc., 8.88%, 05/15/17		3,247,500
	16,000,000	Integra LifeSciences Holdings Corp., Cnv., 1.63%, 12/15/16(b)(f)		15,020,000
	1,850,000	Interactive Data Corp., 10.25%, 08/01/18		2,090,500
	4,800,000	Iron Mountain, Inc., 6.63%, 01/01/16		4,806,000
	950,000	Iron Mountain, Inc., 8.00%, 06/15/20		1,005,813
	11,000,000	Isis Pharmaceuticals, Inc., Cnv., 2.63%, 02/15/27		10,601,250
	2,600,000	Isle of Capri Casinos, Inc., 7.00%, 03/01/14		2,593,500
	2,600,000	Isle of Capri Casinos, Inc., 7.75%, 03/15/19		2,678,000
	6,100,000	Jarden Corp., 7.50%, 05/01/17		6,786,250
	1,000,000	Jarden Corp., 7.50%, 01/15/20		1,090,000
	2,199,000	Jazz Technologies, Inc., 8.00%, 06/30/15		1,761,949
	4,000,000	JMC Steel Group, 8.25%, 03/15/18(f)		4,140,000
	3,000,000	Key Energy Services, Inc., 6.75%, 03/01/21		3,090,000
	12,000,000	L-3 Communications Holdings, Inc., Cnv., 3.00%, 08/01/35(b)		11,790,000
	2,950,000	Lamar Media Corp., 6.63%, 08/15/15		3,009,000
	1,040,000	Lamar Media Corp., 6.63%, 08/15/15		1,060,800
	3,250,000	Lamar Media Corp., 7.88%, 04/15/18		3,554,687
	1,000,000	Lamar Media Corp., 5.88%, 02/01/22(f)		1,027,500
	4,500,000	Lawson Software, Inc., 9.38%, 04/01/19(f)		4,702,500
	22,415,000	Leap Wireless International, Inc., Cnv., 4.50%, 07/15/14		20,986,044
	400,000	Level 3 Financing, Inc., 8.75%, 02/15/17		416,000
	6,750,000	Level 3 Financing, Inc., 8.13%, 07/01/19(f)		6,935,625

25

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	1,600,000	Level 3 Financing, Inc., 8.63%, 07/15/20(f)	$	1,676,000
	1,000,000	Levi Strauss & Co., 8.88%, 04/01/16		1,032,510
	3,500,000	Levi Strauss & Co., 7.63%, 05/15/20		3,758,125
	1,000,000	Levi Strauss & Co., 6.88%, 05/01/22(f)		1,022,500
	14,000,000	Liberty Media LLC, Cnv., 4.00%, 11/15/29		7,875,000
	29,000,000	Liberty Media LLC, Cnv., 3.75%, 02/15/30		15,515,000
	7,000,000	LifePoint Hospitals, Inc., Cnv., 3.50%, 05/15/14		7,271,250
	7,000,000	Linear Technology Corp., Series A, Cnv., 3.00%, 05/01/27		7,350,000
	1,250,000	LINN Energy LLC/LINN Energy Finance Corp., 6.50%, 05/15/19(f)		1,256,250
	1,000,000	LINN Energy LLC/LINN Energy Finance Corp., 6.25%, 11/01/19(f)		985,000
	3,500,000	LINN Energy LLC/LINN Energy Finance Corp., 7.75%, 02/01/21(f)		3,692,500
	16,500,000	Live Nation Entertainment, Inc., Cnv., 2.88%, 07/15/27		15,840,000
	2,350,000	Ltd. Brands, Inc., 6.90%, 07/15/17		2,629,062
	1,000,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.75%, 11/01/20		1,097,500
	1,500,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.25%, 06/15/22		1,578,750
	1,650,000	Mediacom Broadband LLC/Mediacom Broadband Corp., 8.50%, 10/15/15		1,699,500
	3,850,000	Mediacom LLC/Mediacom Capital Corp., 9.13%, 08/15/19		4,196,500
	1,000,000	Mediacom LLC/Mediacom Capital Corp., 7.25%, 02/15/22(f)		1,015,000
	745,000	MEMC Electronic Materials, Inc., 7.75%, 04/01/19		594,137
	7,750,000	Mentor Graphics Corp., Cnv., 4.00%, 04/01/31		8,253,750
	1,000,000	Meritor, Inc., 8.13%, 09/15/15		1,061,250
	6,000,000	Meritor, Inc., Cnv., STEP, 4.63%, 03/01/26		5,377,500

Principal Amount			Value
UNITED STATES (continued)
	$12,000,000	Meritor, Inc., Cnv., STEP, 4.00%, 02/15/27	$	9,480,000
	500,000	MGM Resorts International, 7.50%, 06/01/16		520,000
	1,150,000	MGM Resorts International, 7.63%, 01/15/17		1,193,125
	2,000,000	MGM Resorts International, 11.38%, 03/01/18		2,382,500
	1,100,000	MGM Resorts International, 9.00%, 03/15/20(f)		1,226,500
	1,000,000	MGM Resorts International, 7.75%, 03/15/22		1,025,000
	1,000,000	MGM Resorts International, Cnv., 4.25%, 04/15/15		1,058,750
	2,000,000	Michael Foods, Inc., 9.75%, 07/15/18		2,200,000
	3,100,000	Michaels Stores, Inc., 11.38%, 11/01/16		3,293,781
	1,000,000	Michaels Stores, Inc., 7.75%, 11/01/18		1,052,500
	400,000	Michaels Stores, Inc., STEP, 13.00%, 11/01/16(b)		425,500
	3,000,000	Monaco SpinCo, Inc., 6.75%, 04/30/20(f)		3,105,000
	3,400,000	Monitronics International, Inc., 9.13%, 04/01/20(f)		3,400,000
	12,800,000	Morgans Hotel Group Co., Cnv., 2.38%, 10/15/14(b)		11,104,000
	8,000,000	MPT Operating Partnership LP, REIT, Cnv., 9.25%, 04/01/13(f)		8,503,200
	3,250,000	MPT Operating Partnership LP/MPT Finance Corp., REIT, 6.88%, 05/01/21		3,396,250
	3,200,000	MultiPlan, Inc., 9.88%, 09/01/18(f)		3,472,000
	8,000,000	Nash Finch Co., Cnv., STEP, 1.63%, 03/15/35(b)		3,730,000
	5,000,000	NBTY, Inc., 9.00%, 10/01/18		5,518,750
	4,000,000	Needle Merger Sub Corp., 8.13%, 03/15/19(f)		4,000,000
	1,000,000	Neiman Marcus Group, Inc. (The), 10.38%, 10/15/15		1,047,510
	4,200,000	Nextel Communications, Inc., Series D, 7.38%, 08/01/15		4,074,000
	1,050,000	Nextel Communications, Inc., Series E, 6.88%, 10/31/13		1,050,000
	1,500,000	Nielsen Finance LLC/Nielsen Finance Co., 7.75%, 10/15/18		1,657,500
	2,000,000	NRG Energy, Inc., 7.38%, 01/15/17		2,077,500

26

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	3,100,000	NRG Energy, Inc., 8.25%, 09/01/20	$	3,107,750
	2,500,000	NRG Energy, Inc., 7.88%, 05/15/21		2,443,750
	3,000,000	Nuance Communications, Inc., Cnv., 2.75%, 11/01/31(f)		3,360,000
	5,750,000	Nuveen Investments, Inc., 10.50%, 11/15/15(f)		5,936,875
	2,600,000	Oasis Petroleum, Inc., 7.25%, 02/01/19		2,756,000
	1,500,000	Oil States International, Inc., 6.50%, 06/01/19		1,586,250
	1,935,000	Omega Healthcare Investors, Inc., 6.75%, 10/15/22		2,031,750
	1,100,000	Oshkosh Corp., 8.50%, 03/01/20		1,193,500
	16,750,000	Owens-Brockway Glass Container, Inc., Cnv., 3.00%, 06/01/15(f)		16,352,187
	1,500,000	PAETEC Holding Corp., 8.88%, 06/30/17		1,638,750
	1,500,000	PAETEC Holding Corp., 9.88%, 12/01/18		1,698,750
	4,800,000	Pantry, Inc. (The), 7.75%, 02/15/14		4,800,000
	2,100,000	Patriot Coal Corp., Cnv., 3.25%, 05/31/13(f)		1,963,500
	1,000,000	Penn National Gaming, Inc., 8.75%, 08/15/19		1,115,000
	3,000,000	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 8.25%, 04/15/18		3,082,500
	6,250,000	Penske Automotive Group, Inc., 7.75%, 12/15/16		6,507,875
	2,250,000	Pinnacle Entertainment, Inc., 8.63%, 08/01/17		2,463,750
	3,085,000	Pinnacle Entertainment, Inc., 8.75%, 05/15/20		3,401,212
	1,000,000	Pinnacle Entertainment, Inc., 7.75%, 04/01/22		1,060,000
	3,525,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 9.25%, 04/01/15		3,613,125
	4,475,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 8.25%, 09/01/17		4,844,187
	3,950,000	Plains Exploration & Production Co., 7.63%, 06/01/18		4,206,750
	1,250,000	Plains Exploration & Production Co., 6.13%, 06/15/19		1,262,500
	1,300,000	Plains Exploration & Production Co., 7.63%, 04/01/20		1,404,000

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Plains Exploration & Production Co., 6.75%, 02/01/22	$	1,040,000
	1,000,000	PolyOne Corp., 7.38%, 09/15/20		1,070,000
	6,000,000	Powerwave Technologies, Inc., Cnv., 3.88%, 10/01/27(b)		1,642,500
	1,450,000	Prestige Brands, Inc., 8.25%, 04/01/18		1,587,750
	750,000	Prestige Brands, Inc., 8.13%, 02/01/20(f)		819,375
	1,000,000	Qwest Capital Funding, Inc., 6.50%, 11/15/18(b)		1,067,500
	2,250,000	Qwest Communications International, Inc., 7.50%, 02/15/14		2,255,625
	1,000,000	Qwest Communications International, Inc., 8.00%, 10/01/15		1,065,000
	350,000	Qwest Communications International, Inc., 7.13%, 04/01/18(f)		373,625
	550,000	Qwest Corp., 6.75%, 12/01/21		619,593
	1,750,000	RBS Global, Inc./Rexnord LLC, 8.50%, 05/01/18		1,903,125
	4,000,000	Regency Energy Partners LP/Regency Energy Finance Corp., 6.50%, 07/15/21		4,240,000
	1,250,000	Rent-A-Center, Inc., 6.63%, 11/15/20		1,306,250
	2,850,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 7.75%, 10/15/16(f)		3,013,875
	5,850,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.25%, 05/15/18(f)		5,908,500
	500,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.00%, 04/15/19(f)		502,500
	2,000,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 9.88%, 08/15/19(f)		2,085,000
	2,800,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, 8.50%, 02/15/21(f)		2,702,000

27

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	2,000,000	Rovi Corp., Cnv., 2.63%, 02/15/40	$	2,040,000
	1,250,000	RR Donnelley & Sons Co., 7.25%, 05/15/18		1,209,375
	2,000,000	RR Donnelley & Sons Co., 7.63%, 06/15/20		1,897,500
	2,000,000	RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.25%, 02/01/21		2,160,000
	1,500,000	Sally Holdings LLC/Sally Capital, Inc., 6.88%, 11/15/19(f)		1,597,500
	6,000,000	SanDisk Corp., Cnv., 1.50%, 08/15/17		6,217,500
	2,438,000	Sanmina-SCI Corp., 8.13%, 03/01/16		2,514,187
	1,950,000	Sanmina-SCI Corp., 7.00%, 05/15/19(f)		1,993,875
	20,000,000	Savient Pharmaceuticals, Inc., Cnv., 4.75%, 02/01/18(b)		11,175,000
	650,000	Scientific Games International, Inc., 7.88%, 06/15/16(f)		676,813
	1,850,000	Scientific Games International, Inc., 9.25%, 06/15/19		2,048,875
	500,000	SEACOR Holdings, Inc., 7.38%, 10/01/19		536,134
	3,150,000	Sealed Air Corp., 8.38%, 09/15/21(f)		3,575,250
	2,000,000	Sealy Mattress Co., 8.25%, 06/15/14		1,990,000
	2,984,000	ServiceMaster Co. (The), 10.75%, 07/15/15(e)(f)		3,114,580
	4,250,000	SESI LLC, 7.13%, 12/15/21(f)		4,600,625
	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)		283,750
	1,000,000	Spectrum Brands, Inc., 9.50%, 06/15/18(f)		1,132,500
	1,250,000	Spectrum Brands, Inc., 6.75%, 03/15/20(f)		1,278,125
	1,250,000	Speedway Motorsports, Inc., 8.75%, 06/01/16		1,362,500
	3,000,000	Sprint Nextel Corp., 7.00%, 03/01/20(f)		3,060,000
	675,000	Stater Brothers Holdings, Inc., 7.38%, 11/15/18		729,000
	18,700,000	Stewart Enterprises, Inc., Cnv., 3.13%, 07/15/14		18,279,250
	6,750,000	SunGard Data Systems, Inc., 10.25%, 08/15/15		6,994,687
	3,000,000	SunGard Data Systems, Inc., 7.63%, 11/15/20		3,198,750

Principal Amount			Value
UNITED STATES (continued)
$	1,600,000	SuperValu, Inc., 7.50%, 11/15/14	$	1,630,000
	5,150,000	SuperValu, Inc., 8.00%, 05/01/16		5,407,500
	8,000,000	TeleCommunication Systems, Inc., Cnv., 4.50%, 11/01/14(b)(f)		7,120,000
	600,000	Tenet Healthcare Corp., 9.25%, 02/01/15		670,500
	4,000,000	Tenet Healthcare Corp., 6.25%, 11/01/18(f)		4,160,000
	4,400,000	Tenet Healthcare Corp., 8.00%, 08/01/20		4,576,000
	3,250,000	Terex Corp., 8.00%, 11/15/17		3,404,375
	8,391,000	THQ, Inc., Cnv., 5.00%, 08/15/14(b)		4,667,494
	11,575,000	Tower Group, Inc., Cnv., 5.00%, 09/15/14(b)		12,312,906
	3,600,000	Toys R US - Delaware, Inc., 7.38%, 09/01/16(f)		3,663,000
	2,250,000	Toys R US Property Co. II LLC, 8.50%, 12/01/17		2,340,000
	1,150,000	Toys R US, Inc., 7.88%, 04/15/13		1,178,750
	5,000,000	TransUnion Holding Co., Inc., 9.63%, 06/15/18(f)(k)		5,362,500
	2,000,000	TransUnion LLC/TransUnion Financing Corp., 11.38%, 06/15/18		2,375,000
	3,100,000	Trinity Industries, Inc., Cnv., 3.88%, 06/01/36		3,262,750
	2,000,000	TRW Automotive, Inc., 7.25%, 03/15/17(f)		2,280,000
	1,500,000	TW Telecom Holdings, Inc., 8.00%, 03/01/18		1,642,500
	1,000,000	Unit Corp., 6.63%, 05/15/21		1,015,000
	750,000	United Rentals North America, Inc., 9.25%, 12/15/19		836,250
	2,000,000	United States Steel Corp., Cnv., 4.00%, 05/15/14		2,310,000
	3,000,000	Universal Health Services, Inc., 7.00%, 10/01/18		3,228,750
	4,250,000	Universal Hospital Services, Inc., 8.50%, 06/01/15(e)(k)		4,353,594
	1,500,000	UR Financing Escrow Corp., 7.38%, 05/15/20(f)		1,575,000
	5,500,000	UR Financing Escrow Corp., 7.63%, 04/15/22(f)		5,816,250
	3,000,000	US Foodservice, 8.50%, 06/30/19(f)		3,075,000
	300,000	Valeant Pharmaceuticals International, 6.50%, 07/15/16(f)		310,875

28

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	6,000,000	Valeant Pharmaceuticals International, 6.75%, 10/01/17(f)	$	6,172,500
	3,500,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8.00%, 02/01/18		3,565,625
	1,000,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 02/01/19		1,003,750
	25,000	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 02/01/19(f)		25,094
	40,000	Vanguard Health Systems, Inc., 9.30%, 02/01/16(j)		26,500
	2,375,000	Viasat, Inc., 6.88%, 06/15/20(f)		2,404,687
	3,375,000	Visant Corp, 10.00%, 10/01/17		3,202,031
	3,100,000	WebMD Health Corp., Cnv., 2.25%, 03/31/16(f)		2,929,500
	425,000	WebMD Health Corp., Cnv., 2.50%, 01/31/18(f)		367,094
	4,875,000	West Corp., 11.00%, 10/15/16		5,179,688
	1,650,000	West Corp., 8.63%, 10/01/18		1,810,875
	4,375,000	West Corp., 7.88%, 01/15/19		4,664,844
	1,200,000	Windstream Corp., 7.88%, 11/01/17		1,326,000
	1,000,000	Windstream Corp., 8.13%, 09/01/18		1,075,000
	2,050,000	Windstream Corp., 7.00%, 03/15/19		2,091,000
	5,250,000	Windstream Corp., 7.75%, 10/15/20		5,617,500
	1,000,000	Windstream Corp., 7.50%, 06/01/22(f)		1,047,500
	16,000	Wyndham Worldwide Corp., 6.00%, 12/01/16		17,958
	7,250,000	XM Satellite Radio, Inc., 7.63%, 11/01/18(f)		7,902,500
	120,000	Yankee Candle Co., Inc., Series B, 8.50%, 02/15/15		123,001
				1,283,971,200
Total Corporate Bonds (Cost $1,479,883,258)				1,486,581,417
GOVERNMENT BONDS — 11.1%
ARGENTINA — 0.0%
	21,758,000	Republic of Argentina, 0.10%, 08/03/12(e)		2,687,113

Principal Amount				Value
AUSTRALIA — 0.6%
$	710,000	(g)	New South Wales Treasury Corp., 6.00%, 05/01/12	$	739,784
	2,680,000	(g)	New South Wales Treasury Corp., 6.00%, 05/01/12		2,792,423
	6,090,000	(g)	New South Wales Treasury Corp., 5.50%, 08/01/13		6,491,415
	685,000	(g)	Queensland Treasury Corp., 6.00%, 08/14/13		735,204
	5,190,000	(g)	Queensland Treasury Corp., 6.00%, 08/21/13		5,559,834
	12,855,000	(g)	Western Australia Treasury Corp., 5.50%, 07/17/12		13,439,527
	3,685,000	(g)	Western Australia Treasury Corp., 8.00%, 06/15/13		4,023,191
					33,781,378
BRAZIL — 0.3%
	9,490,000	(g)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/15		11,631,898
	2,400,000	(g)	Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/45		3,353,318
	3,900,000	(g)	Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		2,108,658
					17,093,874
HUNGARY — 0.6%
	67,600,000	(g)	Hungary Government Bond, 6.75%, 02/12/13		310,128
	54,500,000	(g)	Hungary Government Bond, 7.50%, 10/24/13		251,058
	133,100,000	(g)	Hungary Government Bond, 5.50%, 02/12/14		590,634
	382,200,000	(g)	Hungary Government Bond, 6.75%, 08/22/14		1,730,884
	61,000,000	(g)	Hungary Government Bond, 8.00%, 02/12/15		281,491
	96,000,000	(g)	Hungary Government Bond, 5.50%, 02/12/16		408,037
	85,800,000	(g)	Hungary Government Bond, 6.75%, 02/24/17		376,189
	312,000,000	(g)	Hungary Government Bond, 6.75%, 11/24/17		1,354,492
	84,800,000	(g)	Hungary Government Bond, 6.50%, 06/24/19		356,616
	6,200,000	(g)	Hungary Government Bond, 7.50%, 11/12/20		27,542

29

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount				Value
HUNGARY (continued)
$	54,700,000	(g)	Hungary Government Bond, 7.00%, 06/24/22	$	234,503
	520,000	(g)	Hungary Government International Bond, 4.38%, 07/04/17		598,014
	1,705,000	(g)	Hungary Government International Bond, 5.75%, 06/11/18		2,017,446
	5,100,000	(g)	Hungary Government International Bond, 6.00%, 01/11/19		6,052,140
	2,920,000		Hungary Government International Bond, 6.25%, 01/29/20		2,803,200
	10,537,000	(g)	Hungary Government International Bond, 3.88%, 02/24/20		10,897,411
	3,930,000		Hungary Government International Bond, 6.38%, 03/29/21		3,772,800
	110,200,000	(g)	Hungary Treasury Bills, 5.70%, 08/22/12(j)		497,434
					32,560,019
INDONESIA — 0.8%
	3,735,000		Indonesia Government International Bond, 11.63%, 03/04/19(f)		5,509,125
	23,560,000,000	(g)	Indonesia Treasury Bond, 9.00%, 09/15/13		2,721,706
	3,590,000,000	(g)	Indonesia Treasury Bond, 9.00%, 09/15/18		457,993
	33,800,000,000	(g)	Indonesia Treasury Bond, 12.80%, 06/15/21		5,424,454
	33,160,000,000	(g)	Indonesia Treasury Bond, 12.90%, 06/15/22		5,412,175
	1,590,000,000	(g)	Indonesia Treasury Bond, 10.25%, 07/15/22		224,606
	137,380,000,000	(g)	Indonesia Treasury Bond, 9.50%, 07/15/23		18,749,541
	25,525,000,000	(g)	Indonesia Treasury Bond, 10.00%, 02/15/28		3,658,356
					42,157,956
IRELAND — 0.6%
	529,000	(g)	Ireland Government Bond, 4.60%, 04/18/16		681,303
	542,000	(g)	Ireland Government Bond, 4.50%, 10/18/18		646,512
	820,000	(g)	Ireland Government Bond, 4.40%, 06/18/19		957,209
	1,874,000	(g)	Ireland Government Bond, 5.90%, 10/18/19		2,353,849
	3,050,000	(g)	Ireland Government Bond, 4.50%, 04/18/20		3,479,808

Principal Amount				Value
IRELAND (continued)
$	7,260,000	(g)	Ireland Government Bond, 5.00%, 10/18/20	$	8,482,589
	12,933,000	(g)	Ireland Government Bond, 5.40%, 03/13/25		15,068,470
					31,669,740
ISRAEL — 0.3%
	29,256,000	(g)	Israel Government Bond, 5.00%, 03/31/13		7,964,533
	25,646,000	(g)	Israel Government Bond, 3.50%, 09/30/13		7,026,040
	5,160,000	(g)	Israel Treasury Bill - Makam, 3.25%, 05/02/12(j)		1,370,609
					16,361,182
LITHUANIA — 0.2%
	3,580,000		Lithuania Government International Bond, 6.75%, 01/15/15(f)		3,878,608
	2,890,000		Lithuania Government International Bond, 7.38%, 02/11/20(f)		3,388,525
	2,460,000		Lithuania Government International Bond, 6.13%, 03/09/21(f)		2,669,100
					9,936,233
MALAYSIA — 1.4%
	6,865,000	(g)	Bank Negara Malaysia Monetary Notes, 2.74%, 05/17/12(j)		2,266,192
	1,170,000	(g)	Bank Negara Malaysia Monetary Notes, 2.77%, 05/29/12(j)		385,837
	360,000	(g)	Bank Negara Malaysia Monetary Notes, 2.92%, 06/14/12(j)		118,569
	100,000	(g)	Bank Negara Malaysia Monetary Notes, 3.04%, 08/07/12(j)		32,796
	565,000	(g)	Bank Negara Malaysia Monetary Notes, 2.91%, 08/09/12(j)		182,968
	10,000	(g)	Bank Negara Malaysia Monetary Notes, 3.04%, 08/23/12(j)		3,274
	10,000	(g)	Bank Negara Malaysia Monetary Notes, 3.08%, 09/25/12(j)		3,266
	105,000	(g)	Bank Negara Malaysia Monetary Notes, 3.09%, 09/27/12(j)		34,284
	35,000	(g)	Bank Negara Malaysia Monetary Notes, 3.00%, 10/09/12(j)		11,419

30

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount				Value
MALAYSIA (continued)
$	30,000	(g)	Bank Negara Malaysia Monetary Notes, 3.00%, 10/16/12(j)	$	9,782
	30,000	(g)	Bank Negara Malaysia Monetary Notes, 3.00%, 10/23/12(j)		9,776
	265,000	(g)	Bank Negara Malaysia Monetary Notes, 2.83%, 10/25/12(j)		86,324
	530,000	(g)	Bank Negara Malaysia Monetary Notes, 2.84%, 11/01/12(j)		172,561
	56,543,000	(g)	Bank Negara Malaysia Monetary Notes, 2.86%, 12/20/12(j)		18,335,422
	2,532,000	(g)	Bank Negara Malaysia Monetary Notes, 2.82%, 01/10/13(j)		819,740
	3,860,000	(g)	Bank Negara Malaysia Monetary Notes, 2.90%, 01/15/13(j)		1,249,179
	3,440,000	(g)	Bank Negara Malaysia Monetary Notes, 2.82%, 01/17/13(j)		1,113,080
	170,000	(g)	Bank Negara Malaysia Monetary Notes, 2.84%, 02/19/13(j)		54,867
	100,000	(g)	Bank Negara Malaysia Monetary Notes, 2.85%, 02/26/13(j)		32,257
	42,443,000	(g)	Malaysia Government Bond, 3.72%, 06/15/12		14,036,977
	3,605,000	(g)	Malaysia Government Bond, 2.51%, 08/27/12		1,189,287
	11,791,000	(g)	Malaysia Government Bond, 3.70%, 02/25/13		3,917,238
	840,000	(g)	Malaysia Government Bond, 3.70%, 05/15/13		279,447
	66,145,000	(g)	Malaysia Government Bond, 3.21%, 05/31/13		21,896,924
	3,270,000	(g)	Malaysia Government Bond, 3.46%, 07/31/13		1,085,965
	10,000	(g)	Malaysia Government Bond, 8.00%, 10/30/13		3,548
	110,000	(g)	Malaysia Government Bond, 5.09%, 04/30/14		37,749
	13,820,000	(g)	Malaysia Government Bond, 3.81%, 02/15/17		4,666,017
	590,000	(g)	Malaysia Treasury Bill, 2.69%, 07/27/12(j)		193,619
					72,228,364
MEXICO — 0.9%
	36,430,000	(g)	Mexican Bonos, 9.00%, 12/20/12		2,871,949

Principal Amount				Value
MEXICO (continued)
$	167,160,000	(g)	Mexican Bonos, 9.00%, 06/20/13	$	13,446,730
	255,690,000	(g)	Mexican Bonos, 8.00%, 12/19/13		20,653,201
	20,000,000	(g)	Mexican Bonos, 8.00%, 12/17/15		1,685,414
	36,000,000	(g)	Mexican Bonos, 7.25%, 12/15/16		2,991,972
	23,900,000	(g)	Mexican Bonos, 7.75%, 12/14/17		2,041,836
	1,059,200	(g)	Mexican Udibonos, 4.50%, 12/18/14		415,077
	2,720,000	(g)	Mexican Udibonos, 5.00%, 06/16/16		1,122,939
	920,000	(g)	Mexican Udibonos, 3.50%, 12/14/17		366,397
					45,595,515
NORWAY — 0.2%
	30,210,000	(g)	Norway Treasury Bill, 2.37%, 06/20/12(j)		5,266,639
	18,560,000	(g)	Norway Treasury Bill, 1.50%, 03/20/13(j)		3,197,907
					8,464,546
PHILIPPINES — 0.2%
	312,450,000	(g)	Philippine Government Bond, 9.13%, 09/04/16		8,742,191
POLAND — 1.3%
	2,685,000	(g)	Poland Government Bond, 4.55%, 07/25/12(j)		842,548
	9,598,000	(g)	Poland Government Bond, 4.63%, 10/25/12(j)		2,976,832
	15,733,000	(g)	Poland Government Bond, 4.80%, 01/25/13(j)		4,824,727
	16,445,000	(g)	Poland Government Bond, 5.25%, 04/25/13		5,243,333
	14,329,000	(g)	Poland Government Bond, 4.58%, 07/25/13(j)		4,296,473
	23,110,000	(g)	Poland Government Bond, 5.00%, 10/24/13		7,358,145
	7,565,000	(g)	Poland Government Bond, 4.54%, 01/25/14(j)		2,216,504
	49,780,000	(g)	Poland Government Bond, 5.75%, 04/25/14		16,100,790
	2,640,000	(g)	Poland Government Bond, 5.50%, 04/25/15		854,800
	29,495,000	(g)	Poland Government Bond, 6.25%, 10/24/15		9,805,598
	24,800,000	(g)	Poland Government Bond, 5.75%, 09/23/22		8,045,666

31

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount				Value
POLAND (continued)
$	5,400,000		Poland Government International Bond, 6.38%, 07/15/19	$	6,345,000
					68,910,416
RUSSIA — 0.2%
	9,229,325		Russian Foreign Bond - Eurobond, STEP, 7.50%, 03/31/30(f)		11,063,653
SINGAPORE — 0.2%
	11,150,000	(g)	Singapore Government Bond, 2.25%, 07/01/13		9,223,992
	2,300,000	(g)	Singapore Government Bond, 0.25%, 02/01/14		1,859,569
					11,083,561
SOUTH AFRICA — 0.0%
	760,000		South Africa Government International Bond, 5.50%, 03/09/20		864,500
	1,465,000		South Africa Government International Bond, 5.88%, 05/30/22		1,710,387
					2,574,887
SOUTH KOREA — 1.9%
	105,000		Export-Import Bank of Korea, 5.25%, 02/10/14(f)		110,502
	105,000		Export-Import Bank of Korea, 5.13%, 03/16/15		112,849
	105,000	(l)	Export-Import Bank of Korea, 4.63%, 02/20/17		147,244
	1,800,000,000	(g)	KDICB Redemption Fund Bond, 5.57%, 09/14/12		1,605,176
	908,000,000	(g)	Korea Monetary Stabilization Bond, 3.90%, 08/02/13		806,940
	19,902,480,000	(g)	Korea Treasury Bond, 4.00%, 06/10/12		17,621,750
	4,250,000,000	(g)	Korea Treasury Bond, 5.25%, 09/10/12		3,784,722
	18,199,000,000	(g)	Korea Treasury Bond, 4.25%, 12/10/12		16,180,648
	6,583,440,000	(g)	Korea Treasury Bond, 5.25%, 03/10/13		5,914,945
	29,842,820,000	(g)	Korea Treasury Bond, 3.75%, 06/10/13		26,499,262
	29,250,450,000	(g)	Korea Treasury Bond, 3.00%, 12/10/13		25,707,266
	250,000		Republic of Korea, 5.63%, 11/03/25		301,518
					98,792,822

Principal Amount				Value
SRI LANKA — 0.1%
$	13,560,000	(g)	Sri Lanka Government Bonds, Series A, 6.50%, 07/15/15	$	88,194
	264,000,000	(g)	Sri Lanka Government Bonds, Series A, 11.00%, 08/01/15		1,942,890
	385,000,000	(g)	Sri Lanka Government Bonds, Series B, 11.00%, 09/01/15		2,832,841
					4,863,925
SWEDEN — 0.7%
	9,130,000	(g)	Kommuninvest I Sverige, 1.75%, 10/08/12		1,357,140
	88,000,000	(g)	Sweden Government Bond, 5.50%, 10/08/12		13,316,591
	141,725,000	(g)	Sweden Government Bond, 1.50%, 08/30/13		21,187,163
					35,860,894
UKRAINE — 0.4%
	200,000		Financing of Infrastrucural Projects State Enterprise, 7.40%, 04/20/18(f)		159,992
	100,000		Ukraine Government International Bond, 7.65%, 06/11/13(f)		99,000
	100,000	(g)	Ukraine Government International Bond, 4.95%, 10/13/15(f)		115,823
	200,000		Ukraine Government International Bond, 6.25%, 06/17/16(f)		184,000
	6,550,000		Ukraine Government International Bond, 7.75%, 09/23/20(f)		5,927,750
	14,270,000		Ukraine Government International Bond, 7.95%, 02/23/21(f)		12,950,025
					19,436,590
UNITED KINGDOM — 0.1%
	1,751,000	(g)	United Kingdom Gilt, 5.25%, 06/07/12		2,855,057
VENEZUELA — 0.0%
	2,080,000		Venezuela Government International Bond, 10.75%, 09/19/13		2,184,000
VIETNAM — 0.1%
	1,625,000		Vietnam Government International Bond, 6.88%, 01/15/16(f)		1,763,125

32

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
VIETNAM (continued)
$	2,490,000	Vietnam Government International Bond, 6.75%, 01/29/20(f)	$	2,704,763
				4,467,888
Total Government Bonds (Cost $562,808,343)				583,371,804
ASSET-BACKED SECURITIES — 1.9%
UNITED STATES — 1.9%
	7,214,566	ACE Securities Corp., Series 2005-HE7, Class A2D, 0.57%, 11/25/35(e)		5,736,688
	5,288,997	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.59%, 03/25/36(e)		1,549,736
	5,288,997	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.59%, 03/25/36(e)		1,549,736
	29,199,293	Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 0.44%, 10/25/36(e)		9,742,046
	12,827,038	Bear Stearns Asset-Backed Securities Trust, Series 2007-AC4, Class A1, 0.54%, 02/25/37(e)		5,126,908
	2,589,963	Conseco Financial Corp., Series 1999-2, Class A7, 6.44%, 12/01/30		2,593,764
	6,079,479	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(e)		4,972,262
	19,633,360	Countrywide Asset-Backed Certificates, Series 2005-IM3, Class A3, 0.49%, 03/25/36(e)		10,170,269
	3,852,616	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.40%, 09/25/46(e)		1,935,293
	5,860,735	Countrywide Asset-Backed Certificates, Series 2006-7, Class 2A3, 0.39%, 04/25/46(e)		3,787,376
	4,875,000	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB4, Class AV4, 0.48%, 05/25/36(e)		1,693,428
	6,000,000	GSAA Trust, Series 2005-11, Class 3A5, 0.61%, 10/25/35(e)		3,111,361
	1,221,483	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(e)		793,981
	36,390,000	Indymac Residential Asset Backed Trust, Series 2007-B, Class 2A3, 0.44%, 07/25/37(e)		12,915,793
	2,145,000	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.48%, 06/25/36(e)		790,593
	3,440,919	Oakwood Mortgage Investors, Inc., Series 2002-A, Class A4, 6.97%, 03/15/32(e)		3,368,830

Principal Amount			Value
UNITED STATES (continued)
$	3,498,503	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(e)	$	3,521,730
	5,000,000	Renaissance Home Equity Loan Trust, Series 2007-3, Class AF3, STEP, 7.24%, 09/25/37		2,025,345
	13,343,472	Residential Asset Mortgage Products, Inc., Series 2006-RS4, Class A3, 0.41%, 07/25/36(e)		10,494,922
	9,052,576	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM1, Class A2C, 0.53%, 12/25/35(e)		4,811,954
	4,946,465	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A3, 0.45%, 06/25/37(e)		1,708,759
	9,108,000	Soundview Home Equity Loan Trust, Series 2007-OPT2, Class 2A2, 0.37%, 07/25/37(e)		5,134,832
Total Asset-Backed Securities (Cost $103,844,342)				97,535,606
NON-AGENCY MORTGAGE-BACKED SECURITIES — 11.3%
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.1%
	589,093	Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A2, 5.17%, 01/25/36(e)		583,906
	5,141,820	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.90%, 07/25/35(e)		4,207,822
	1,251,351	Adjustable Rate Mortgage Trust, Series 2006-1, Class 3A3, 5.49%, 03/25/36(e)		743,580
	190,520	Adjustable Rate Mortgage Trust, Series 2007-1, Class 5A1, 0.39%, 03/25/37(e)		79,294
	7,424,689	American Home Mortgage Assets, Series 2005-1, Class 2A21, 2.69%, 11/25/35(e)		4,142,249
	6,740,095	American Home Mortgage Assets, Series 2005-1, Class 3A11, 0.51%, 11/25/35(e)		4,189,205
	5,376,730	American Home Mortgage Investment Trust, Series 2005-4, Class 5A, 2.48%, 11/25/45(e)		3,731,593
	3,283,219	American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.48%, 12/25/35(e)		2,204,274
	4,049,173	American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 2.48%, 12/25/36(e)		1,848,793
	28,641,053	American Home Mortgage Investment Trust, Series 2007-1, Class GA1C, 0.43%, 05/25/47(e)		15,086,134

33

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	5,268,278	Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35	$	3,947,744
	1,776,594	Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.07%, 09/20/35(e)		1,550,215
	8,595,888	Banc of America Funding Corp., Series 2005-H, Class 2A1, 2.74%, 11/20/35(e)		5,277,785
	2,596,194	Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.85%, 02/20/36(e)		1,385,858
	2,976,570	Banc of America Funding Corp., Series 2006-E, Class 2A1, 2.90%, 06/20/36(e)		1,972,845
	4,245,279	Banc of America Funding Corp., Series 2006-F, Class 1A1, 2.67%, 07/20/36(e)		3,342,824
	2,264,326	Banc of America Funding Corp., Series 2007-7, Class 1A1, 6.00%, 08/25/37		1,878,415
	14,592,536	Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.40%, 02/20/47(e)		10,446,690
	211,744	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A3, 2.75%, 10/25/35(e)		202,368
	3,475,000	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 2.75%, 10/25/35(e)		2,680,920
	263,953	Banc of America Mortgage Securities, Inc., Series 2005-J, Class 2A3, 2.80%, 11/25/35(e)		250,125
	3,512,530	Banc of America Mortgage Securities, Inc., Series 2005-K, Class 2A1, 2.88%, 12/25/35(e)		2,582,938
	15,578,519	BCAP LLC Trust, Series 2007-AA2, Class 12A1, 0.45%, 05/25/47(e)		7,552,768
	6,907,218	BCAP LLC Trust, Series 2010-RR11, Class 4A1, 5.54%, 03/27/47(e)(f)		6,106,905
	3,334,135	BCAP LLC Trust, Series 2011-RR2, Class 1A1, 2.95%, 07/25/36(e)(f)		2,846,068
	5,365,822	BCAP LLC Trust, Series 2011-RR9, Class 7A1, 2.47%, 04/26/37(e)(f)		5,002,373
	6,323,024	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 5.47%, 02/25/36(e)		3,675,685
	3,237,271	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.28%, 08/25/35(e)		2,562,784
	4,417,608	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.52%, 02/25/36(e)		3,595,047

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,237,420	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.00%, 05/25/47(e)	$	1,457,385
	12,690,011	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.60%, 05/25/37(e)		8,966,980
	2,257,490	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.59%, 06/25/47(e)		1,671,413
	7,011,559	Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 5.30%, 11/25/35(e)		4,637,111
	2,749,763	Bear Stearns Alt-A Trust, Series 2006-4, Class 13A1, 0.40%, 08/25/36(e)		987,580
	23,128,642	Bear Stearns Alt-A Trust, Series 2007-1, Class 21A1, 2.97%, 01/25/47(e)		11,027,873
	1,115,561	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.73%, 05/25/35(e)		929,058
	2,647,923	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A1A, 5.84%, 06/25/36(e)		2,111,186
	1,600,211	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.65%, 06/25/36(e)		1,367,857
	6,434,169	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR9, Class 2A, 5.81%, 11/25/36(e)		4,382,383
	4,858,451	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(f)		3,683,439
	6,086,743	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A3, 5.75%, 04/25/47(f)		4,381,638
	1,147,628	Citimortgage Alternative Loan Trust, Series 2007-A3, Class 1A7, 5.75%, 03/25/37		802,311
	1,413,408	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		1,171,110
	644,467	Countrywide Alternative Loan Trust, Series 2005-20CB, Class 3A3, 5.50%, 07/25/35		640,537
	3,441,184	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.54%, 08/25/35(e)		2,031,834
	5,747,775	Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.55%, 08/25/35(e)		2,605,292
	9,481,549	Countrywide Alternative Loan Trust, Series 2005-46CB, Class A20, 5.50%, 10/25/35		7,372,884

34

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	828,263	Countrywide Alternative Loan Trust, Series 2005-47CB, Class A7, 5.50%, 10/25/35	$	616,984
	2,506,811	Countrywide Alternative Loan Trust, Series 2005-50CB, Class 1A1, 5.50%, 11/25/35		1,866,002
	359,908	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.16%, 12/25/35(e)		219,488
	8,495,918	Countrywide Alternative Loan Trust, Series 2005-7CB, Class 2A8, 0.69%, 04/25/35(e)		5,901,590
	3,636,716	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		2,751,033
	10,066,851	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.59%, 05/25/36(e)		4,392,630
	12,045,213	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		6,889,296
	3,499,491	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		2,026,750
	4,420,798	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.59%, 06/25/36(e)		2,414,864
	4,420,798	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.91%, 06/25/36(e)		956,097
	4,733,158	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36		3,085,764
	1,875,481	Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36		1,324,765
	4,686,306	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.64%, 03/25/36(e)		1,970,703
	5,056,877	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		3,316,023
	3,666,588	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		2,525,684
	6,694,826	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37		4,706,536
	805,536	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		589,073
	2,285,380	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.64%, 05/25/36(e)		1,284,423

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,271,026	Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.62%, 08/25/36(e)	$	3,714,091
	3,156,972	Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.42%, 02/20/47(e)		1,428,855
	11,443,545	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.43%, 03/20/47(e)		5,514,121
	3,329,519	Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.42%, 11/25/36(e)		1,567,966
	1,877,425	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,343,528
	10,991,628	Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 5.51%, 03/25/47(e)		8,181,170
	5,700,110	Countrywide Alternative Loan Trust, Series 2008-2R, Class 4A1, 6.25%, 08/25/37		4,266,645
	1,771,134	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35		1,598,468
	5,612,323	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-17, Class A6, 6.00%, 12/25/36		4,454,756
	1,589,315	Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-15, Class 1A29, 6.25%, 09/25/37		1,436,306
	944,518	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35		911,395
	1,419,657	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35		1,302,754
	2,852,347	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		2,489,239
	1,187,399	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-1, Class A2, 6.00%, 03/25/36		993,007
	7,621,168	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-18, Class 2A7, 6.00%, 12/25/36		6,754,626
	1,445,044	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36		1,176,398

35

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,722,071	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36	$	1,288,443
	823,695	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.44%, 04/25/46(e)		492,376
	2,418,535	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-J3, Class A1, 0.74%, 07/25/37(e)		1,546,721
	1,233,031	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		1,028,224
	6,302,561	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		5,483,376
	10,060,043	Credit Suisse Mortgage Capital Certificates, Series 2007-3, Class 2A10, 6.00%, 04/25/37		8,461,030
	1,335,724	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 3.04%, 01/27/36(e)(f)		1,227,504
	3,835,169	Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.68%, 07/25/36(e)(f)		3,640,312
	5,405,456	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 5A1, 5.21%, 05/27/36(e)(f)		5,232,775
	4,525,034	Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 6A1, 2.78%, 05/27/36(e)(f)		4,375,113
	1,528,803	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 1A1, 2.76%, 07/25/36(e)(f)		1,466,914
	4,011,781	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 2.83%, 08/25/46(e)(f)		3,508,221
	2,892,758	Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 3A1, 5.71%, 09/20/37(e)(f)		3,002,058
	5,180,518	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 5A1, 2.92%, 09/28/36(e)(f)		4,972,369
	5,122,282	Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 6A1, 2.92%, 08/28/36(e)(f)		4,805,047
	5,022,684	Deutsche ALT-A Securities Inc Alternate Loan Trust, Series 2007-QA4, Class 1A1A, 0.43%, 08/25/47(e)		3,122,154
	2,519,147	Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2005-3, Class 4A4, 5.25%, 06/25/35		2,318,370

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,133,341	First Horizon Alternative Mortgage Securities, Series 2005-AA5, Class 2A1, 2.36%, 07/25/35(e)	$	4,615,543
	2,493,640	First Horizon Alternative Mortgage Securities, Series 2005-AA7, Class 2A1, 2.58%, 09/25/35(e)		1,648,580
	5,038,215	First Horizon Alternative Mortgage Securities, Series 2006-AA6, Class 2A1, 2.51%, 11/25/36(e)		2,611,583
	5,899,070	First Horizon Alternative Mortgage Securities, Series 2006-AA7, Class A1, 2.41%, 01/25/37(e)		2,804,033
	8,888,365	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A9, 6.00%, 07/25/36		6,697,448
	6,159,277	GMAC Mortgage Corp Loan Trust, Series 2005-AR4, Class 3A1, 3.11%, 07/19/35(e)		5,482,671
	1,888,670	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.08%, 11/19/35(e)		1,407,518
	4,227,159	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 4A1, 5.27%, 11/19/35(e)		3,931,794
	4,147,717	GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 2A1, 5.32%, 04/19/36(e)		3,366,168
	5,625,791	Greenpoint Mortgage Funding Trust, Series 2007-AR1, Class 3A2, 0.40%, 02/25/37(e)		2,367,387
	4,575,697	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.59%, 01/25/35(e)(f)		3,700,589
	2,224,194	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.76%, 01/25/35(e)		1,992,065
	3,463,837	GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.01%, 05/25/35(e)		2,641,203
	3,174,946	GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.80%, 10/25/35(e)		2,934,785
	2,207,900	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		1,763,330
	3,182,902	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		3,023,827
	3,609,034	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 5.00%, 01/25/36(e)		2,993,299
	4,692,088	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		4,177,231

36

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,257,436	Homebanc Mortgage Trust, Series 2005-1, Class A1, 0.49%, 03/25/35(e)	$	2,106,590
	6,835,605	Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.51%, 10/25/35(e)		4,966,977
	3,030,418	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.56%, 04/25/37(e)		1,701,145
	4,410,123	Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.42%, 12/25/36(e)		2,894,766
	3,090,807	Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 5.80%, 04/25/47(e)		1,980,685
	7,841,859	Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A, 0.35%, 05/25/37(e)		3,403,563
	3,374,893	Indymac INDA Mortgage Loan Trust, Series 2006-AR2, Class 4A1, 5.49%, 09/25/36(e)		2,525,701
	6,122,408	Indymac Index Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 2.78%, 06/25/36(e)		2,947,281
	7,067,746	Indymac Index Mortgage Loan Trust, Series 2006-AR3, Class 3A1A, 5.06%, 04/25/36(e)		4,448,113
	6,732,678	Indymac Index Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.14%, 01/25/37(e)		3,753,092
	14,592,452	Indymac Index Mortgage Loan Trust, Series 2007-FLX3, Class A1, 0.48%, 06/25/37(e)		8,894,425
	4,237,696	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.30%, 03/25/37(e)		2,899,888
	1,425,102	JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, 2.93%, 04/25/35(e)		1,270,177
	11,742,433	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 4.65%, 10/25/37(e)		6,999,977
	2,260,721	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		1,987,505
	1,414,362	JPMorgan Mortgage Trust, Series 2008-R2, Class 2A, 5.50%, 12/27/35(f)		1,089,804
	2,938,762	Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.44%, 07/25/35(e)		2,086,456
	3,335,109	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		2,728,549

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,913,545	Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.14%, 02/25/36(e)	$	2,006,872
	9,441,919	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(f)		8,246,351
	3,842,790	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(f)		3,408,828
	7,371,710	Residential Accredit Loans, Inc., Series 2006-QO6, Class A2, 0.47%, 06/25/46(e)		2,713,316
	6,647,893	Residential Accredit Loans, Inc., Series 2006-QS12, Class 2A4, 6.00%, 09/25/36		4,388,505
	3,110,325	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		2,148,919
	2,683,520	Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.57%, 04/25/37(e)		1,219,802
	3,691,974	Residential Asset Securitization Trust, Series 2006-A8, Class 2A3, 6.00%, 08/25/36		2,155,138
	1,617,902	Residential Funding Mortgage Securities I, Series 2005-S8, Class A1, 5.50%, 11/25/35		1,524,974
	3,513,486	Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.16%, 11/25/35(e)		2,316,509
	686,744	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		585,091
	10,749,648	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 3.68%, 08/25/36(e)		6,984,493
	2,150,718	Residential Funding Mortgage Securities I, Series 2007-S4, Class A2, 6.00%, 04/25/37		1,674,075
	9,360,486	Residential Funding Mortgage Securities I, Series 2007-S7, Class A20, 6.00%, 07/25/37		7,885,725
	5,411,278	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.69%, 05/25/35(e)		3,763,497
	9,891,812	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 4.95%, 08/25/35(e)		8,151,827
	6,220,052	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 1A1, 0.56%, 10/25/35(e)		3,657,645
	10,802,726	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1, Class 8A1, 5.68%, 02/25/36(e)		7,497,881

37

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,932,490	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 5.05%, 10/25/36(e)	$	3,801,729
	12,664,084	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 5.33%, 10/25/36(e)		10,400,627
	5,083,653	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 0.46%, 05/25/37(e)		2,866,110
	6,330,060	Structured Asset Mortgage Investments, Inc., Series 2005-AR8, Class A1A, 0.52%, 02/25/36(e)		3,418,287
	6,328,797	Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.46%, 05/25/46(e)		2,353,562
	6,090,683	Structured Asset Mortgage Investments, Inc., Series 2006-AR6, Class 2A1, 0.43%, 07/25/46(e)		3,347,883
	1,839,286	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 5.50%, 04/25/37(e)		1,241,716
	1,720,956	WaMu Mortgage Pass-Through Certificates, Series 2005-AR1, Series A2A1, 0.58%, 01/25/45(e)		1,360,083
	965,100	WaMu Mortgage Pass-Through Certificates, Series 2005-AR16, Class 1A1, 2.45%, 12/25/35(e)		949,716
	1,353,783	WaMu Mortgage Pass-Through Certificates, Series 2005-AR18, Class 1A1, 2.47%, 01/25/36(e)		1,177,725
	2,084,667	WaMu Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A21, 0.57%, 01/25/45(e)		1,637,441
	10,610,974	WaMu Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A1, 2.51%, 09/25/36(e)		7,501,725
	1,232,674	WaMu Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 2.51%, 08/25/46(e)		876,141
	3,959,228	WaMu Mortgage Pass-Through Certificates, Series 2007-HY7, Class 2A2, 4.95%, 07/25/37(e)		2,474,685
	7,230,594	WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 0.93%, 05/25/47(e)		4,176,136
	4,070,722	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		2,868,244
	9,482,049	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-2, Class 4CB, 6.00%, 03/25/36		7,257,171

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	6,731,325	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36	$	3,181,288
	4,549,938	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR5, Class 4A, 1.15%, 06/25/46(e)		2,028,907
	2,196,128	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.69%, 07/25/36(e)		1,977,010
	3,149,324	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A3, 2.70%, 07/25/36(e)		2,360,942
	2,340,931	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13, Class A2, 2.65%, 09/25/36(e)		1,683,570
	2,589,245	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR19, Class A1, 5.42%, 12/25/36(e)		2,449,343
	2,396,252	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.69%, 04/25/36(e)		1,831,258
	2,078,191	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4, Class A4, 6.00%, 04/27/37		1,846,164
	2,567,481	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6, Class A6, 6.00%, 05/25/37		2,186,571
	1,708,823	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A16, 6.00%, 07/25/37		1,582,496
	698,110	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8, Class 1A22, 6.00%, 07/25/37		646,112
	1,710,896	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR8, Class A1, 6.02%, 11/25/37(e)		1,300,824
				581,803,777
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%
	6,000,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class AM, 5.83%, 04/10/49(e)		5,854,383
	2,000,000	GS Mortgage Securities Corp. II, Series 2006-GC6, Class AM, 5.62%, 04/10/38(e)		2,054,673
				7,909,056
Total Non-Agency Mortgage-Backed Securities (Cost $606,982,824)				589,712,833

38

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 10.7%
Federal Home Loan Bank — 10.7%
$	10,000,000	0.03%, 05/01/12(m)	$	10,000,000
	99,000,000	0.03%, 05/01/12(m)		99,000,000
	22,000,000	0.08%, 05/02/12(m)		21,999,956
	15,000,000	0.02%, 05/03/12(m)		14,999,983
	88,100,000	0.02%, 05/04/12(m)		88,099,734
	60,000,000	0.01%, 05/07/12(m)		59,999,765
	18,000,000	0.02%, 05/08/12(m)		17,999,930
	84,200,000	0.05%, 05/09/12(m)		84,199,042
	42,800,000	0.06%, 05/11/12(m)		42,799,324
	25,000,000	0.03%, 05/14/12(m)		24,999,723
	12,000,000	0.02%, 05/14/12(m)		11,999,870
	48,000,000	0.03%, 05/15/12(m)		47,999,440
	20,000,000	0.08%, 05/16/12(m)		19,999,333
	17,000,000	0.05%, 05/18/12(m)		16,999,599
Total U.S. Government Agencies (Cost $561,095,699)				561,095,699
U.S. GOVERNMENT SECURITIES — 2.6%
U.S. Treasury Bills — 2.6%
	68,000,000	0.06%, 05/03/12(m)		67,999,755
	46,000,000	0.03%, 05/10/12(m)		45,999,605
	22,500,000	0.06%, 05/17/12(m)		22,499,400
	1,000,000	0.11%, 08/23/12(m)		999,660
Total U.S. Government Securities (Cost $137,498,409)				137,498,420
MUNICIPAL BONDS — 0.1%
California — 0.1%
	1,130,000	City of Tulare Build America Revenue Bonds, OID, (AGM), 8.75%, 11/15/44		1,267,668
	265,000	State of California Build America Bonds GO, 6.65%, 03/01/22		321,941
	175,000	State of California Build America Bonds GO, 7.55%, 04/01/39		229,091
	1,695,000	State of California Build America Bonds GO, 7.63%, 03/01/40		2,230,111
				4,048,811
Michigan — 0.0%
	70,000	City of Detroit GO, OID, 4.50%, 11/01/23		75,693
Total Municipal Bonds (Cost $3,358,273)				4,124,504

Shares			Value
CASH SWEEP — 3.0%
UNITED STATES — 3.0%
	159,796,536	Citibank - US Dollars on Deposit in Custody Account, 0.02%(n)	$	159,796,536
Total Cash Sweep (Cost $159,796,536)				159,796,536
TOTAL INVESTMENTS — 100.5% (Cost $5,245,841,739)(a)				5,264,154,954
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(25,350,555	)
NET ASSETS — 100.0%			$	5,238,804,399

Contracts				Value
CALL OPTIONS WRITTEN — (1.3)%
	(600	)	Accenture Plc, Strike $57.50, Expires 01/19/13		(594,000	)
	(750	)	Accenture Plc, Strike $60.00, Expires 08/18/12		(495,000	)
	(1,500	)	Accenture Plc, Strike $60.00, Expires 11/14/12		(1,110,000	)
	(150	)	Apple, Inc., Strike $500.00, Expires 01/19/13		(1,727,250	)
	(100	)	Apple, Inc., Strike $520.00, Expires 01/19/13		(1,019,500	)
	(100	)	Apple, Inc., Strike $560.00, Expires 01/19/13		(788,000	)
	(7,174	)	Applied Materials, Inc., Strike $12.00, Expires 07/21/12		(365,874	)
	(4,000	)	Applied Materials, Inc., Strike $12.50, Expires 01/19/13		(312,000	)
	(126	)	AT&T, Inc., Strike $27.50, Expires 01/19/13		(69,930	)
	(1,000	)	Barrick Gold Corp., Strike $45.00, Expires 01/19/13		(232,000	)
	(1,000	)	Barrick Gold Corp., Strike $46.00, Expires 10/20/12		(123,000	)
	(1,000	)	Barrick Gold Corp., Strike $47.00, Expires 01/19/13		(178,000	)
	(1,250	)	Barrick Gold Corp., Strike $48.00, Expires 07/21/12		(31,250	)
	(1,000	)	Baxter International, Inc., Strike $52.50, Expires 01/19/13		(520,000	)
	(354	)	BMC Software, Inc., Strike $35.00, Expires 01/19/13		(329,220	)
	(1,641	)	BMC Software, Inc., Strike $37.00, Expires 08/18/12		(918,960	)
	(2,000	)	BMC Software, Inc., Strike $39.00, Expires 08/18/12		(860,000	)
	(3,000	)	Carnival Corp., Strike $25.00, Expires 01/19/13		(2,520,000	)
	(1,000	)	Carnival Corp., Strike $30.00, Expires 01/19/13		(450,000	)
	(500	)	Chevron Corp., Strike $110.00, Expires 01/19/13		(237,500	)

39

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Contracts				Value
	(1,200	)	Chevron Corp., Strike $95.00, Expires 01/19/13	$	(1,662,000	)
	(1,545	)	Cisco Systems, Inc., Strike $19.00, Expires 10/20/12		(313,635	)
	(2,500	)	Cisco Systems, Inc., Strike $20.00, Expires 01/19/13		(447,500	)
	(2,500	)	Cisco Systems, Inc., Strike $20.00, Expires 10/20/12		(357,500	)
	(2,500	)	Cisco Systems, Inc., Strike $21.00, Expires 10/20/12		(240,000	)
	(955	)	Cisco Systems, Inc., Strike $22.00, Expires 01/19/13		(89,770	)
	(4,000	)	Corning, Inc., Strike $12.50, Expires 01/19/13		(1,000,000	)
	(1,500	)	Dell, Inc., Strike $16.00, Expires 11/17/12		(238,500	)
	(3,625	)	Dell, Inc., Strike $17.00, Expires 08/18/12		(250,125	)
	(2,000	)	Dell, Inc., Strike $17.50, Expires 01/19/13		(220,000	)
	(3,625	)	Dell, Inc., Strike $18.00, Expires 08/18/12		(126,875	)
	(3,000	)	Dell, Inc., Strike $20.00, Expires 01/19/13		(120,000	)
	(750	)	Dover Corp., Strike $60.00, Expires 09/22/12		(397,500	)
	(1,000	)	Dover Corp., Strike $65.00, Expires 09/22/12		(260,000	)
	(401	)	Freeport-McMoRan Copper & Gold, Inc., Strike $34.00, Expires 01/19/13		(278,695	)
	(1,250	)	Freeport-McMoRan Copper & Gold, Inc., Strike $35.00, Expires 01/19/13		(793,750	)
	(1,000	)	Freeport-McMoRan Copper & Gold, Inc., Strike $40.00, Expires 01/19/13		(380,000	)
	(750	)	General Dynamics Corp., Strike $62.50, Expires 01/19/13		(577,500	)
	(800	)	General Dynamics Corp., Strike $70.00, Expires 01/19/13		(272,000	)
	(1,500	)	General Motors Co., Strike $27.00, Expires 09/22/12		(105,000	)
	(2,250	)	Hewlett-Packard Co., Strike $23.00, Expires 01/19/13		(753,750	)
	(2,250	)	Hewlett-Packard Co., Strike $25.00, Expires 01/19/13		(506,250	)
	(1,000	)	Hewlett-Packard Co., Strike $27.00, Expires 01/19/13		(144,000	)
	(4,000	)	Intel Corp., Strike $25.00, Expires 01/19/13		(1,640,000	)
	(2,000	)	Intel Corp., Strike $27.00, Expires 01/19/13		(542,000	)
	(1,500	)	iShares FTSE China 25 Index Fund, Strike $38.00, Expires 08/18/12		(256,500	)
	(2,000	)	iShares FTSE China 25 Index Fund, Strike $39.00, Expires 01/19/13		(478,000	)

Contracts				Value
	(1,750	)	iShares FTSE China 25 Index Fund, Strike $40.00, Expires 01/19/13	$	(344,750	)
	(1,000	)	iShares FTSE China 25 Index Fund, Strike $40.00, Expires 11/17/12		(158,000	)
	(400	)	iShares MSCI Brazil Index Fund, Strike $60.00, Expires 09/22/12		(148,000	)
	(500	)	iShares MSCI Brazil Index Fund, Strike $65.00, Expires 09/22/12		(77,500	)
	(500	)	iShares MSCI Brazil Index Fund, Strike $70.00, Expires 09/22/12		(24,000	)
	(900	)	iShares MSCI Brazil Index Fund, Strike $72.00, Expires 09/22/12		(25,200	)
	(1,400	)	iShares MSCI EAFE Index Fund, Strike $50.00, Expires 09/22/12		(714,000	)
	(750	)	iShares MSCI EAFE Index Fund, Strike $53.00, Expires 09/22/12		(228,750	)
	(1,000	)	iShares MSCI EAFE Index Fund, Strike $55.00, Expires 09/22/12		(195,000	)
	(1,500	)	iShares MSCI Emerging Markets Index Fund, Strike $42.00, Expires 09/22/12		(402,000	)
	(1,750	)	iShares MSCI Emerging Markets Index Fund, Strike $43.00, Expires 01/19/13		(560,000	)
	(1,000	)	iShares MSCI Emerging Markets Index Fund, Strike $44.00, Expires 01/19/13		(268,000	)
	(1,000	)	iShares MSCI Emerging Markets Index Fund, Strike $44.00, Expires 09/22/12		(168,000	)
	(1,250	)	iShares MSCI Emerging Markets Index Fund, Strike $45.00, Expires 01/19/13		(282,500	)
	(6,000	)	iShares MSCI Germany Index Fund, Strike $20.00, Expires 01/19/13		(2,220,000	)
	(2,000	)	iShares MSCI Germany Index Fund, Strike $22.00, Expires 01/19/13		(470,000	)
	(1,000	)	iShares MSCI Germany Index Fund, Strike $23.00, Expires 01/19/13		(180,000	)
	(1,500	)	iShares MSCI Germany Index Fund, Strike $24.00, Expires 07/21/12		(67,500	)
	(750	)	iShares MSCI Mexico Index Fund, Strike $59.00, Expires 09/22/12		(378,750	)
	(1,000	)	iShares MSCI Mexico Index Fund, Strike $60.00, Expires 01/19/13		(565,000	)

40

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Contracts				Value
	(750	)	iShares MSCI Mexico Index Fund, Strike $62.00, Expires 09/22/12	$	(243,750	)
	(1,000	)	Jabil Circuit, Inc., Strike $20.00, Expires 01/19/13		(490,000	)
	(2,750	)	Jabil Circuit, Inc., Strike $22.00, Expires 09/22/12		(783,750	)
	(3,500	)	Jabil Circuit, Inc., Strike $24.00, Expires 09/22/12		(630,000	)
	(500	)	KLA-Tencor Corp., Strike $45.00, Expires 12/22/12		(450,000	)
	(2,800	)	KLA-Tencor Corp., Strike $46.00, Expires 09/22/12		(2,100,000	)
	(750	)	Kohl’s Corp., Strike $47.00, Expires 01/19/13		(442,500	)
	(1,000	)	Kohl’s Corp., Strike $48.00, Expires 10/20/12		(450,000	)
	(1,000	)	Kohl’s Corp., Strike $50.00, Expires 01/19/13		(410,000	)
	(1,000	)	Marathon Oil Corp., Strike $27.00, Expires 01/19/13		(420,000	)
	(1,000	)	Marathon Oil Corp., Strike $30.00, Expires 01/19/13		(249,000	)
	(1,000	)	Marathon Oil Corp., Strike $31.00, Expires 10/20/12		(145,000	)
	(2,000	)	Marathon Oil Corp., Strike $32.00, Expires 01/19/13		(334,000	)
	(1,250	)	Marathon Oil Corp., Strike $33.00, Expires 10/22/12		(101,250	)
	(2,000	)	Microsoft Corp., Strike $30.00, Expires 01/19/13		(660,000	)
	(3,250	)	Microsoft Corp., Strike $32.50, Expires 01/19/13		(614,250	)
	(500	)	Mosaic Co. (The), Strike $45.00, Expires 01/19/13		(540,000	)
	(750	)	Mosaic Co. (The), Strike $50.00, Expires 01/19/13		(570,000	)
	(1,500	)	Mosaic Co. (The), Strike $50.00, Expires 09/22/12		(877,500	)
	(750	)	Mosaic Co. (The), Strike $55.00, Expires 01/19/13		(382,500	)
	(1,000	)	Mosaic Co. (The), Strike $62.50, Expires 01/19/13		(256,000	)
	(400	)	Newmont Mining Corp., Strike $40.00, Expires 01/18/14		(436,000	)
	(500	)	Newmont Mining Corp., Strike $45.00, Expires 01/19/13		(300,000	)
	(600	)	Newmont Mining Corp., Strike $50.00, Expires 09/22/12		(147,600	)
	(1,300	)	Newmont Mining Corp., Strike $55.00, Expires 01/19/13		(283,400	)
	(750	)	Newmont Mining Corp., Strike $57.50, Expires 09/22/12		(61,500	)
	(500	)	Newmont Mining Corp., Strike $62.50, Expires 01/19/13		(50,000	)
	(1,000	)	Newmont Mining Corp., Strike $67.50, Expires 01/19/13		(62,000	)
	(5,232	)	Pfizer, Inc., Strike $20.00, Expires 01/19/13		(1,674,240	)

Contracts				Value
	(2,500	)	Pfizer, Inc., Strike $20.00, Expires 09/22/12	$	(750,000	)
	(1,768	)	Pfizer, Inc., Strike $20.00, Expires 12/22/12		(548,080	)
	(1,250	)	Raytheon Co., Strike $47.00, Expires 01/19/13		(1,006,250	)
	(1,000	)	Raytheon Co., Strike $50.00, Expires 01/19/13		(550,000	)
	(1,000	)	Raytheon Co., Strike $50.00, Expires 11/17/12		(540,000	)
	(306	)	Rockwell Automation, Inc., Strike $70.00, Expires 10/22/12		(330,480	)
	(1,100	)	Rockwell Automation, Inc., Strike $75.00, Expires 10/22/12		(814,000	)
	(400	)	Rockwell Automation, Inc., Strike $80.00, Expires 10/22/12		(196,000	)
	(3,000	)	SanDisk Corp., Strike $35.00, Expires 01/19/13		(1,770,000	)
	(750	)	SanDisk Corp., Strike $38.00, Expires 01/19/13		(330,000	)
	(1,495	)	Seagate Technology Plc, Strike $20.00, Expires 01/19/13		(1,734,200	)
	(1,500	)	Seagate Technology Plc, Strike $23.00, Expires 09/22/12		(1,297,500	)
	(1,000	)	Seagate Technology Plc, Strike $24.00, Expires 09/22/12		(800,000	)
	(2,000	)	Seagate Technology Plc, Strike $25.00, Expires 01/19/13		(1,580,000	)
	(1,000	)	Seagate Technology Plc, Strike $30.00, Expires 01/19/13		(505,000	)
	(250	)	SPDR Gold Trust, Strike $165.00, Expires 12/22/12		(220,000	)
	(1,200	)	SPDR Gold Trust, Strike $175.00, Expires 12/22/12		(666,000	)
	(300	)	SPDR Gold Trust, Strike $180.00, Expires 01/19/13		(150,000	)
	(400	)	SPDR Gold Trust, Strike $180.00, Expires 03/16/13		(252,000	)
	(700	)	SPDR Gold Trust, Strike $185.00, Expires 03/16/13		(367,500	)
	(800	)	SPDR S&P 500 ETF Trust, Strike $135.00, Expires 01/19/13		(876,000	)
	(1,000	)	SPDR S&P 500 ETF Trust, Strike $135.00, Expires 12/22/12		(1,055,000	)
	(1,400	)	SPDR S&P 500 ETF Trust, Strike $140.00, Expires 01/19/13		(1,092,000	)
	(1,900	)	SPDR S&P 500 ETF Trust, Strike $145.00, Expires 01/19/13		(984,200	)
	(400	)	SPDR S&P 500 ETF Trust, Strike $150.00, Expires 09/22/12		(52,000	)
	(4,000	)	Teva Pharmaceutical Industries Ltd., Strike $42.50, Expires 09/22/12		(1,760,000	)
	(800	)	United Technologies Corp., Strike $80.00, Expires 01/19/13		(536,000	)

41

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Contracts				Value
	(500	)	United Technologies Corp., Strike $80.00, Expires 08/18/12	$	(220,000	)
	(1,250	)	United Technologies Corp., Strike $82.50, Expires 01/19/13		(668,750	)
	(1,000	)	Western Digital Corp., Strike $35.00, Expires 10/22/12		(640,000	)
	(1,800	)	Western Digital Corp., Strike $38.00, Expires 10/20/12		(837,000	)
Total Call Options Written (Premiums received $(80,992,863))					(70,101,484	)
STRUCTURED OPTIONS — (0.2)%
	2,800		CAC 40 Index, One call strike $3,571.50, One written put strike $3,214.35, Expires 03/19/13, Broker Credit Suisse International		(787,849	)
	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		(1,991,573	)
	5,183		DAXK Index, One call strike $3,859.00, One written put strike $3,347.68, Expires 06/21/13, Broker JPMorgan Chase Bank NA		(308,809	)
	2,579		DAXK Index, One call strike $3,878.00, One written put strike $3,878.00 with a barrier level strike of $2,869.72, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(122,031	)
	1,264		DAXK Index, One call strike $3,956.6250, One written put strike $3,956.6250 with a barrier level strike of $2,967.47, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(142,741	)
	187,758		iShares MSCI EAFE Index Fund, One call strike $53.26, One written put strike $53.26 with a barrier level strike of $37.28, Expires 12/21/12, Broker UBS AG		17,264
	186,773		iShares MSCI EAFE Index Fund, One call strike $53.5409, One written put strike $53.5409 with a barrier level strike of $36.4080, Expires 04/19/13, Broker JPMorgan Chase Bank NA		33,142

Contracts			Value
	182,782	iShares MSCI EAFE Index Fund, One call strike $54.71, One written put strike $54.71 with a barrier level strike of $40.49, Expires 09/21/12, Broker UBS AG	$	(116,596	)
	91,208	iShares MSCI EAFE Index Fund, One call strike $54.82, One written put strike $54.82 with a barrier level strike of $41.80, Expires 09/21/12, Broker UBS AG		(85,755	)
	182,362	iShares MSCI EAFE Index Fund, One call strike $54.836, One written put strike $54.836 with a barrier level strike of $38.934, Expires 12/21/12, Broker JPMorgan Chase Bank NA		(173,324	)
	182,162	iShares MSCI EAFE Index Fund, One call strike $54.8962, One written put strike $54.8962 with a barrier level strike of $43.37, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(183,545	)
	182,149	iShares MSCI EAFE Index Fund, One call strike $54.90, One written put strike $54.90 with a barrier level strike of $42.27, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(144,756	)
	182,135	iShares MSCI EAFE Index Fund, One call strike $54.9044, One written put strike $54.9044 with a barrier level strike of $42.83, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(165,112	)
	181,061	iShares MSCI EAFE Index Fund, One call strike $55.23, One written put strike $55.23 with a barrier level strike of $42.53, Expires 10/19/12, Broker JPMorgan Chase Bank NA		(212,097	)
	271,283	iShares MSCI EAFE Index Fund, One call strike $55.2929, One written put strike $55.2929 with a barrier level strike of $43.68, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(361,944	)
	14,695	S&P 500 Index, One call strike $1,384.80, One written put strike $1,360.98 with a barrier level strike of $1,088.78, Expires 09/21/12, Broker JPMorgan Chase Bank NA		440,078

42

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Contracts			Value
	14,650	S&P 500 Index, One call strike $1,389.09, One written put strike $1,365.20 with a barrier level strike of $1,092.16, Expires 09/21/12, Broker JPMorgan Chase Bank NA	$	389,574
	14,617	S&P 500 Index, One call strike $1,392.25, One written put strike $1,368.30 with a barrier level strike of $1,094.64, Expires 10/19/12, Broker JPMorgan Chase Bank NA		326,823
	7,150	S&P 500 Index, One call strike $1,433.57, One written put strike $1,398.60 with a barrier level strike of $1,097.90, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(13,500	)
	13,219	S&P 500 Index, One call strike $1,456.48, One written put strike $1,265.91, Expires 10/19/12, Broker UBS AG		165,809
	14,307	S&P 500 Index, One call strike $1,495.75, One written put strike $1,300.05, Expires 10/19/12, Broker UBS AG		(37,465	)
	14,304	S&P 500 Index, One call strike $1,496.04, One written put strike $1,300.30, Expires 09/21/12, Broker UBS AG		(56,544	)
	14,270	S&P 500 Index, One call strike $1,499.61, One written put strike $1,303.40, Expires 10/19/12, Broker UBS AG		(59,873	)
	22,723	S&P 500 Index, One call strike $1,518.59, One written put strike $1,319.89, Expires 10/19/12, Broker UBS AG		(212,497	)
	16,992	S&P 500 Index, One call strike $1,525.64, One written put strike $1,299.62, Expires 10/19/12, Broker UBS AG		(109,912	)
	16,245	S&P 500 Index, One call strike $1,529.05, One written put strike $1,302.53, Expires 10/19/12, Broker JPMorgan Chase Bank NA		(132,259	)
	21,452	S&P 500 Index, One call strike $1,531.36, One written put strike $1,265.64, Expires 09/21/12, Broker JPMorgan Chase Bank NA		(68,174	)
	18,532	S&P 500 Index, One call strike $1,543.20, One written put strike $1,262.62, Expires 10/19/12, Broker UBS AG		(98,875	)
	35,597	S&P 500 Index, One call strike $1,545.06, One written put strike $1,264.14, Expires 10/19/12, Broker JPMorgan Chase Bank NA		(219,487	)

Contracts			Value
	37,958	S&P 500 Index, One call strike $1,558.10, One written put strike $1,208.10, Expires 09/21/12, Broker JPMorgan Chase Bank NA	$	(27,892	)
	74,032	S&P 500 Index, One call strike $1,615.51, One written put strike $1,194.07, Expires 10/19/12, Broker Credit Suisse International		(210,087	)
	170,856	S&P 500 Index, One call strike $1,685.60, One written put strike $1,123.74, Expires 10/19/12, Broker UBS AG		(200,922	)
	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		7,769
	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		2,179,508
	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		(1,504,960	)
	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		(550,503	)
	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		(547,798	)
	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		(2,907,693	)
	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		(1,731,944	)
	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		(685,442	)
	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		(567,531	)

43

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Contracts			Value
	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	$	(586,195	)
Total Structured Options				(11,765,718	)

FUTURES CONTRACTS: LONG POSITION

Contracts			Unrealized Depreciation
	400	Intercontinental Exchange Crude Oil, December 2012	$	(721,120	)
	280	Intercontinental Exchange Crude Oil, December 2013		(356,150	)
		Net unrealized depreciation	$	(1,077,270	)

Cash collateral of $523,600 for the open futures contracts is reflected in segregated cash for futures contracts in the Statements of Assets and Liabilities.

	Unrealized Depreciation
SWAP AGREEMENTS (PURCHASED)
Equity swap with UBS AG paying variance of the S&P 500 Index over the target volatility of 28.60 and receiving variance of the S&P 500 Index under the target volatility of 28.60, expiring 12/18/15 (Underlying notional amount $500,000)	$	(129,917	)

	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 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)(b)	$	(1,076,885	)
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)		915,514

	Unrealized Appreciation/ (Depreciation)
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)	$	1,348,087
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)		1,392,760
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)		1,596,279
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)		1,289,461
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)(b)		(1,321,083	)
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)(b)		(724,844	)
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)(b)		(1,188,086	)

44

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
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)(b)	$	(7,117,625	)
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)		409,567
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)		2,096,246
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)		1,098,954
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)		1,129,702
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)		2,910,302
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)		1,415,431

	Unrealized Appreciation/ (Depreciation)
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)	$	1,506,842
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)		1,602,708
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)		1,367,154
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)		1,656,019
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)		1,276,602
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)		667,093
	$	12,250,198

45

Old Westbury Funds, Inc.
Global Opportunities Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

At April 30, 2012, the Global Opportunities Fund held investments in restricted securities amounting to $5,400,000 or 0.10% of net assets, as follows:

Acquisition Cost		Issuer	Acquisition Date	04/30/12 Carrying Value Per Unit
$	12,125,000	ShengdaTech, Inc., Cnv.(b)(c)(d)(f)(h)	01/19/11	$	45.00

(a) Cost for federal income tax purposes is $5,256,399,838 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	216,285,483
Unrealized depreciation		(208,530,367	)
Net unrealized appreciation	$	7,755,116

(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $229,121,412 or 4.37% of net assets.
(c)	Non-income producing security.
(d)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $7,923,217, which is 0.15% of net assets.
(e)	Variable rate security. Rate shown is the rate as of April 30, 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 $534,388,126, which is 10.20% 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 April 30, 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

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities	1.9	%
Banks	0.4	%
Collateralized Mortgage Obligations	11.1	%
Commercial Mortgage-Backed Securities	0.2	%
Consumer Discretionary	9.7	%
Consumer Staples	3.5	%
Diversified Financials	0.9	%
Energy	5.2	%
Government Bonds	11.1	%
Health Care	5.9	%
Industrials	7.1	%
Information Technology	9.3	%
Insurance	0.8	%
Materials	4.4	%
Municipal Bonds	0.1	%
Real Estate	1.1	%
Telecommunication Services	4.1	%
U.S. Government Agencies and Securities	13.3	%
Utilities	2.3	%
Other*	7.6	%
	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.

46

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments	April 30, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 38.2%
CANADA — 5.2%
Materials — 5.2%
	3,500,000	Harry Winston Diamond Corp.(b)(c)	$	49,936,844
	9,500,000	Kinross Gold Corp.		85,025,000
				134,961,844
FRANCE — 3.6%
Energy — 2.7%
	1,450,000	Total SA - ADR		69,759,500
Utilities — 0.9%
	1,000,000	GDF Suez		23,019,088
				92,778,588
RUSSIA — 1.8%
Energy — 1.8%
	4,000,000	Gazprom OAO - ADR		45,880,000
SWITZERLAND — 2.9%
Energy — 2.9%
	1,500,000	Transocean Ltd.		75,585,000
THAILAND — 2.1%
Energy — 2.1%
	3,000,000	Banpu Public Co. Ltd. - NVDR(b)		54,243,902
UNITED STATES — 22.6%
Energy — 3.7%
	2,769,000	Brazil Ethanol, Inc.(b)(c)(d)(e)		0
	550,000	Cameron International Corp.(c)		28,187,500
	900,000	Schlumberger Ltd.		66,726,000
				94,913,500
Industrials — 4.7%
	15,000,000	Boart Longyear Ltd.(b)		65,486,495
	700,000	Deere & Co.		57,652,000
				123,138,495
Materials — 14.2%
	966,000	Monsanto Co.		73,589,880
	2,000,000	Mosaic Co. (The)		105,640,000
	1,200,000	Newmont Mining Corp.		57,180,000
	4,000,000	Steel Dynamics, Inc.		51,080,000
	1,500,000	United States Steel Corp.		42,495,000
	600,000	Walter Energy, Inc.		39,786,000
				369,770,880
				587,822,875
Total Common Stocks (Cost $1,114,593,643)				991,272,209
PREFERRED STOCKS — 0.4%
Diversified Financials — 0.3%
	280,000	US Bancorp Capital XI		7,075,600
Energy — 0.0%
	418,619	Vertex Energy, Inc. - ADR, Series A, Cnv.(b)(c)(d)		0

Shares			Value
Utilities — 0.1%
	156,211	PPL Electric Utilities Corp.	$	3,900,589
Total Preferred Stocks (Cost $14,455,089)				10,976,189
RIGHTS/WARRANTS — 0.0%
Utilities — 0.0%
	1,000,000	GDF Suez, Coupons, Expires 05/11/12(c)		0
Total Rights/Warrants (Cost $0)				0
Number of Coins
COLLECTIBLE COINS — 1.8%
UNITED STATES — 1.8%
	179	Various Collectible Coins and Sets of Coins(b)		47,288,523
Total Collectible Coins (Cost $45,618,620)				47,288,523
Fine Troy Ounces
COMMODITIES — 5.8%
UNITED STATES — 5.8%
	60,175	Gold Bullion		100,171,943
	31,936	Platinum		50,043,642
Total Commodities (Cost $101,702,619)				150,215,585
Contracts
CALL OPTIONS PURCHASED — 0.0%
Commodities — 0.0%
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 03/25/13		60,600
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 04/25/13		57,600
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 05/28/13		77,400
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 06/25/13(b)		95,400
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 07/26/13(b)		120,000
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 08/27/13(b)		132,600
	600	New York Mercantile Exchange Natural Gas Futures, Strike $7.00, Expiring 09/25/13(b)		152,400
Total Call Options Purchased (Cost $11,963,000)				696,000

47

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Contracts			Value
PUT OPTIONS PURCHASED — 0.2%
Commodities — 0.2%
	4,400	New York Mercantile Exchange Brent Crude Oil Futures, Strike $85.00, Expiring 11/12/12	$	5,104,000
Total Put Options Purchased (Cost $35,296,100)				5,104,000
Principal Amount
ASSET-BACKED SECURITIES — 4.7%
UNITED STATES — 4.7%
$	9,450,000	SLM Student Loan Trust, Series 2002-7, Class A10, 2.74%, 03/15/28(f)		9,390,938
	23,750,000	SLM Student Loan Trust, Series 2002-7, Class A11, 2.74%, 03/15/28(f)		23,601,562
	2,650,000	SLM Student Loan Trust, Series 2002-7, Class A6, 2.74%, 03/15/28(f)		2,633,438
	9,950,000	SLM Student Loan Trust, Series 2002-7, Class A7, 2.74%, 03/15/28(f)		9,887,813
	11,650,000	SLM Student Loan Trust, Series 2002-7, Class A8, 2.74%, 03/15/28(f)		11,577,187
	5,800,000	SLM Student Loan Trust, Series 2002-7, Class A9, 2.74%, 03/15/28(f)		5,763,750
	3,350,000	SLM Student Loan Trust, Series 2003-2, Class A6, 2.74%, 09/15/28(f)		3,295,563
	21,850,000	SLM Student Loan Trust, Series 2003-2, Class A7, 2.74%, 09/15/28(f)		21,494,937
	9,000,000	SLM Student Loan Trust, Series 2003-2, Class A8, 2.74%, 09/15/28(f)		8,853,750
	21,550,000	SLM Student Loan Trust, Series 2003-2, Class A9, 2.74%, 09/15/28(f)		21,199,812
	4,000,000	SLM Student Loan Trust, Series 2003-5, Class A9, 2.74%, 06/17/30(f)		3,840,000
Total Asset-Backed Securities (Cost $118,724,104)				121,538,750

Principal Amount				Value
CORPORATE BONDS — 0.1%
UNITED STATES — 0.1%
Diversified Financials — 0.1%
$	1,015,000		General Electric Capital Corp., 0.47%, 12/21/12(f)	$	1,017,000
	2,248,000		JPMorgan Chase & Co., 0.72%, 12/26/12(f)		2,256,347
Total Corporate Bonds (Cost $3,267,935)					3,273,347
GOVERNMENT BONDS — 6.4%
AUSTRALIA — 6.4%
	64,000,000	(g)	Australia Government Bond, 6.04%, 08/20/20		124,955,859
	32,000,000	(g)	New South Wales Treasury Corp., 4.04%, 11/20/20		41,161,153
Total Government Bonds (Cost $146,202,016)					166,117,012
U.S. GOVERNMENT AGENCIES — 22.7%
Federal Home Loan Bank — 22.7%
	111,000,000		0.03%, 05/01/12(h)		110,999,999
	3,000,000		0.08%, 05/02/12(h)		2,999,993
	31,000,000		0.02%, 05/03/12(h)		30,999,966
	33,000,000		0.02%, 05/04/12(h)		32,999,945
	22,100,000		0.03%, 05/04/12(h)		22,099,945
	22,000,000		0.04%, 05/04/12(h)		21,999,927
	21,800,000		0.05%, 05/04/12(h)		21,799,909
	25,000,000		0.06%, 05/06/12(h)		24,999,729
	17,000,000		0.01%, 05/07/12(h)		16,999,972
	38,000,000		0.04%, 05/07/12(h)		37,999,747
	18,000,000		0.02%, 05/08/12(h)		17,999,929
	8,000,000		0.03%, 05/09/12(h)		7,999,947
	8,000,000		0.05%, 05/09/12(h)		7,999,947
	24,000,000		0.05%, 05/09/12(h)		23,999,733
	32,800,000		0.06%, 05/09/12(h)		32,799,563
	8,300,000		0.06%, 05/11/12(h)		8,299,908
	27,900,000		0.06%, 05/11/12(h)		27,899,535
	53,000,000		0.03%, 05/14/12(h)		52,999,426
	32,000,000		0.03%, 05/15/12(h)		31,999,627
	20,000,000		0.08%, 05/16/12(h)		19,999,333
	33,000,000		0.05%, 05/18/12(h)		32,999,221
Total U.S. Government Agencies (Cost $588,895,301)					588,895,301
U.S. GOVERNMENT SECURITIES — 19.3%
U.S. Treasury Bills — 10.9%
	165,000,000		0.06%, 05/03/12(h)		164,999,450
	57,000,000		0.07%, 05/03/12(h)		56,999,786
	20,000,000		0.02%, 05/10/12(h)		19,999,900
	20,600,000		0.04%, 05/10/12(h)		20,599,766
	3,400,000		0.05%, 05/10/12(h)		3,399,961
	17,500,000		0.06%, 05/17/12(h)		17,499,533
					283,498,396

48

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount				Value
U.S. Treasury Notes — 8.4%
$	101,875,000		2.13%, 01/15/19(i)	$	130,894,513
	72,200,000		1.25%, 07/15/20(i)		87,599,508
					218,494,021
Total U.S. Government Securities (Cost $473,355,574)					501,992,417
Shares
CASH SWEEP — 0.5%
	11,529,362		Citibank - US Dollars on Deposit in Custody Account, 0.02%(j)		11,529,362
Total Cash Sweep (Cost $11,529,362)					11,529,362
TOTAL INVESTMENTS — 100.1% (Cost $2,665,603,363)(a)					2,598,898,695
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%					(3,590,550	)
NET ASSETS — 100.0%				$	2,595,308,145
Contracts				Value
PUT OPTIONS WRITTEN — (1.9)%
Commodities — (1.9)%
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 03/25/13		(2,026,400	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 03/25/13		(5,397,200	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 04/25/13		(1,988,800	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 04/25/13		(5,304,800	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 05/28/13		(1,940,000	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 05/28/13		(5,183,600	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 06/25/13(b)		(1,875,800	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 06/25/13(b)		(5,032,000	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 07/26/13(b)		(1,876,000	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 07/26/13(b)		(5,018,000	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 08/27/13(b)		(1,905,000	)

Contracts				Value
Commodities (continued)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 08/27/13(b)	$	(5,050,400	)
	(200	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.15, Expiring 09/25/13(b)		(1,898,200	)
	(400	)	New York Mercantile Exchange Natural Gas Futures, Strike $4.55, Expiring 09/25/13(b)		(5,011,200	)
Total Put Options Written (Premiums received $(11,837,000))					(49,507,400	)
FUTURES CONTRACTS: SHORT POSITIONS
Contracts				Unrealized Appreciation/ (Depreciation)
	800		London Metal Exchange Copper, December 2012	$	13,012,500
	4,500		New York Mercantile Exchange WTI Crude Oil, December 2012		(19,039,100	)
	1,000		New York Mercantile Exchange Natural Gas, October 2013		1,170,000
			Net unrealized depreciation	$	(4,856,600	)
FUTURES CONTRACTS: LONG POSITIONS
Contracts				Unrealized Appreciation/ (Depreciation)
	600		COMEX Gold, June 2012	$	1,135,650
	800		London Metal Exchange Copper, December 2012		(19,126,300	)
	1,000		New York Mercantile Exchange Natural Gas, January 2013		(160,380	)
	1,000		New York Mercantile Exchange Natural Gas, February 2013		(68,310	)
	1,000		New York Mercantile Exchange Natural Gas, March 2013		127,870
	4,500		New York Mercantile Exchange WTI Crude Oil, December 2013		18,021,830
	2,200		New York Mercantile Exchange Natural Gas, January 2014(b)		(321,000	)
			Net unrealized depreciation	$	(390,640	)

Net cash collateral of $13,049,198 for the open futures contracts is reflected in segregated cash for futures contracts and payable to broker for collateral on futures in the Statements of Assets and Liabilities.

49

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

	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)	$	(99,579	)
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)		(99,532	)
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)		(99,479	)
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)		(99,427	)
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 $755,000)(b)		(303,157	)

	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)	$	(99,360	)
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 06/29/12 (Underlying notional amount $755,000)(b)		(192,828	)
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)		(99,293	)
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 $633,800)(b)		(77,632	)
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)		(99,223	)
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 $633,800)(b)		(77,679	)

50

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 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 08/31/14 (Underlying notional amount $1,053,500)(b)	$	(99,150	)
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 09/28/12 (Underlying notional amount $633,800)(b)		(77,615	)
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)		(99,079	)
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)		(99,004	)
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)		(98,929	)
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)		(98,850	)

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Corn Index, paying a fixed amount per bushel and receiving the closing settlement price of CBOT July 2012 Corn Futures contracts on the termination date, expiring 06/26/12 (Underlying notional amount $183,160,690)	$	7,112,192
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)		378,763
	$	5,571,139
	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 05/31/12 (Underlying notional amount $891,500)(b)	$	439,910
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)		329,287

51

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 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)	$	224,094
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)		223,928
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)		223,748
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)		48,085
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)		48,067
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)		48,051

	Unrealized Appreciation/ (Depreciation)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Board of Trade (“CBOT”) Corn Index, receiving a fixed amount per bushel and paying the closing settlement price of CBOT December 2012 Corn Futures contracts on the termination date, expiring 11/27/12 (Underlying notional amount $161,453,820)	$	(1,517,010	)
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 August 2012 Live Cattle Futures contracts on the termination date, expiring 08/01/12 (Underlying notional amount $59,933,823)		4,155,813
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 7,188,200)		(1,170,315	)
	$	3,053,658

At April 30, 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		04/30/12 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 $2,665,603,363 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	149,300,596
Unrealized depreciation		(216,005,264	)
Net unrealized depreciation	$	(66,704,668	)

(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $212,185,849 or 8.18% 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

52

Old Westbury Funds, Inc.
Real Return Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

	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 April 30, 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 April 30, 2012.
ADR — American Depositary Receipt
Cnv. — Convertible
COMEX — Commodity Exchange, Inc.
NVDR — Non-Voting Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		4.7%
Collectible Coins		1.8%
Commodities		5.8%
Diversified Financials		0.4%
Energy		13.2%
Government Bonds		6.4%
Industrials		4.7%
Materials		19.4%
U.S. Government Agencies and Securities		42.0%
Utilities		1.0%
Other*		0.6%
		100.0%

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

53

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	April 30, 2012
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 40.6%
Banks — 11.4%
$	3,800,000	Bank of America Corp., 4.50%, 04/01/15	$	3,927,836
	65,000	Bank of America Corp. MTN, 3.63%, 03/17/16		64,752
	3,000,000	Bank of Montreal, 2.63%, 01/25/16(b)		3,162,564
	540,000	Bank of New York Mellon Corp. (The), 4.30%, 05/15/14		577,906
	1,000,000	Canadian Imperial Bank of Commerce Canada, 2.60%, 07/02/15(b)		1,051,160
	9,000	Citigroup, Inc., 5.13%, 05/05/14		9,430
	1,600,000	Citigroup, Inc., 4.59%, 12/15/15		1,675,842
	5,000,000	Commonwealth Bank of Australia, 2.70%, 11/25/14(b)		5,233,330
	5,000,000	Commonwealth Bank of Australia, 3.25%, 03/17/16(b)		5,191,695
	2,000,000	Commonwealth Bank of Australia, 2.25%, 03/16/17(b)		2,022,974
	2,340,000	Credit Suisse New York MTN, 3.50%, 03/23/15		2,441,505
	1,175,000	Deutsche Bank AG, 3.45%, 03/30/15		1,225,330
	1,350,000	Deutsche Bank AG, 3.25%, 01/11/16		1,388,274
	1,045,000	European Investment Bank, 1.25%, 02/14/14		1,054,503
	500,000	HSBC Bank Plc, 3.10%, 05/24/16(b)		518,119
	7,210,000	JPMorgan Chase & Co., 3.70%, 01/20/15		7,595,057
	1,235,000	JPMorgan Chase & Co., 3.40%, 06/24/15		1,295,152
	20,000	JPMorgan Chase & Co., 3.15%, 07/05/16		20,728
	300,000	KFW, 3.50%, 03/10/14		315,926
	6,045,000	KFW, 1.25%, 02/15/17		6,033,484
	300,000	Royal Bank of Canada MTN, 1.15%, 03/13/15		300,775
	5,000,000	Standard Chartered Plc, 3.85%, 04/27/15(b)		5,242,040
	300,000	Wells Fargo & Co. MTN, 1.25%, 02/13/15		300,587

Principal Amount			Value
Banks (continued)
$	3,000,000	Westpac Banking Corp., 2.90%, 09/10/14(b)	$	3,144,822
				53,793,791
Banks-United Kingdom — 0.1%
	500,000	Bank of England, 1.38%, 03/07/14(b)		508,538
Consumer Discretionary — 0.9%
	2,000,000	Cargill, Inc., 1.90%, 03/01/17(b)		2,008,174
	1,000,000	Cornell University, 4.35%, 02/01/14		1,062,450
	200,000	Dartmouth College, 4.75%, 06/01/19		237,434
	1,000,000	Snap-On, Inc., 5.85%, 03/01/14		1,070,759
				4,378,817
Consumer Staples — 2.0%
	1,070,000	Coca-Cola Co. (The), 1.50%, 11/15/15		1,093,103
	500,000	Coca-Cola Co. (The), 1.80%, 09/01/16		513,445
	2,030,000	Procter & Gamble Co. (The), 3.50%, 02/15/15		2,181,836
	1,500,000	Unilever Capital Corp., 3.65%, 02/15/14		1,577,291
	970,000	Wal-Mart Stores, Inc., 4.25%, 04/15/13		1,006,679
	580,000	Wal-Mart Stores, Inc., 3.20%, 05/15/14		611,495
	2,500,000	Wal-Mart Stores, Inc., 1.50%, 10/25/15		2,559,208
				9,543,057
Diversified Financials — 12.2%
	40,000	American Express Credit Corp., 5.13%, 08/25/14		43,412
	20,000	American Express Credit Corp. MTN, 2.75%, 09/15/15		20,752
	3,483,000	American Express Credit Corp. MTN, 2.38%, 03/24/17		3,551,552
	1,000,000	American Honda Finance Corp., 2.50%, 09/21/15(b)		1,036,285
	1,000,000	American Honda Finance Corp., 2.13%, 02/28/17(b)		1,014,881
	4,390,000	BB&T Corp. MTN, 2.15%, 03/22/17		4,409,768
	8,000	Bear Stearns Cos. LLC (The), 5.70%, 11/15/14		8,809

54

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Diversified Financials (continued)
$	2,000,000	Caterpillar Financial Services Corp., 2.00%, 04/05/13	$	2,029,138
	4,000,000	CME Group Index Services LLC, 4.40%, 03/15/18(b)		4,368,592
	40,000	Credit Suisse USA, Inc., 5.13%, 01/15/14		42,138
	3,000,000	Daimler Finance North America LLC, 2.63%, 09/15/16(b)		3,102,048
	1,455,000	Eksportfinans A/S, 3.00%, 11/17/14		1,385,665
	2,205,000	Eksportfinans A/S, 2.00%, 09/15/15		1,984,815
	130,000	Eksportfinans A/S, 2.38%, 05/25/16		115,977
	500,000	Enel Finance International SA, 3.88%, 10/07/14(b)		503,569
	3,000,000	FIH Erhvervsbank A/S, 2.45%, 08/17/12(b)		3,016,026
	2,000,000	FMR LLC, 5.35%, 11/15/21(b)		2,152,260
	1,500,000	Ford Credit Auto Owner Trust, 4.21%, 04/15/16(b)		1,566,321
	20,000	General Electric Capital Corp, 2.95%, 05/09/16		20,847
	9,230,000	General Electric Capital Corp, 2.90%, 01/09/17		9,565,501
	950,000	General Electric Capital Corp. MTN, 3.50%, 06/29/15		1,005,073
	10,000	General Electric Capital Corp. MTN, 5.38%, 10/20/16		11,416
	1,400,000	General Electric Capital Corp. MTN, 2.30%, 04/27/17		1,401,900
	10,000	Goldman Sachs Group, Inc. (The), 5.50%, 11/15/14		10,615
	300,000	Goldman Sachs Group, Inc. (The), 5.13%, 01/15/15		315,541
	3,000,000	Goldman Sachs Group, Inc. (The), 3.30%, 05/03/15		2,997,870
	3,000,000	Goldman Sachs Group, Inc. (The), 3.63%, 02/07/16		3,016,041
	2,000,000	Iberdrola Finance Ireland Ltd., 3.80%, 09/11/14(b)		2,044,680
	2,555,000	PNC Funding Corp., 3.00%, 05/19/14		2,657,514
	50,000	PNC Funding Corp., 3.63%, 02/08/15		53,317

Principal Amount			Value
Diversified Financials (continued)
$	1,000,000	Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)	$	1,036,160
	1,775,000	Toyota Motor Credit Corp., 2.80%, 01/11/16		1,867,884
	300,000	Toyota Motor Credit Corp. MTN, 1.00%, 02/17/15		300,510
	1,000,000	USAA Capital Corp., 1.05%, 09/30/14(b)		991,845
				57,648,722
Energy — 1.6%
	20,000	Occidental Petroleum Corp, 1.75%, 02/15/17		20,294
	1,700,000	Occidental Petroleum Corp., 4.13%, 06/01/16		1,907,324
	1,000,000	Schlumberger Norge AS, 1.95%, 09/14/16(b)		1,021,020
	4,395,000	Shell International Finance BV, 4.00%, 03/21/14		4,675,085
	90,000	Shell International Finance BV, 3.10%, 06/28/15		95,945
				7,719,668
Health Care — 3.4%
	820,000	Celgene Corp., 2.45%, 10/15/15		841,130
	1,000,000	Express Scripts Holding Co., 2.65%, 02/15/17(b)		1,017,977
	570,000	Express Scripts, Inc., 6.25%, 06/15/14		626,667
	3,035,000	Johnson & Johnson, 2.15%, 05/15/16		3,189,749
	500,000	McKesson Corp., 6.50%, 02/15/14		548,365
	500,000	Medco Health Solutions, Inc., 2.75%, 09/15/15		515,808
	29,000	Medtronic, Inc., 3.00%, 03/15/15		30,908
	1,605,000	Novartis Capital Corp., 4.13%, 02/10/14		1,702,894
	4,570,000	Roche Holdings, Inc., 5.00%, 03/01/14(b)		4,916,488
	2,000,000	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12		2,015,806
	500,000	Thermo Fisher Scientific, Inc., 3.25%, 11/20/14		531,322
				15,937,114
Industrials — 0.5%
	500,000	Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(b)		500,069

55

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Industrials (continued)
$	1,801,000	Tyco International Finance SA, 3.38%, 10/15/15	$	1,914,241
	80,000	United Parcel Service, Inc., 3.88%, 04/01/14		84,952
				2,499,262
Information Technology — 2.1%
	3,165,000	Cisco Systems, Inc., 1.63%, 03/14/14		3,233,823
	2,140,000	Fiserv, Inc., 3.13%, 06/15/16		2,213,965
	930,000	International Business Machines Corp., 2.10%, 05/06/13		945,536
	600,000	International Business Machines Corp., 1.95%, 07/22/16		619,435
	1,900,000	National Semiconductor Corp., 6.60%, 06/15/17		2,359,502
	300,000	Texas Instruments Inc, 1.38%, 05/15/14		304,924
	30,000	Texas Instruments, Inc., 2.38%, 05/16/16		31,553
				9,708,738
Insurance — 2.6%
	500,000	Berkshire Hathaway Finance Corp., 4.50%, 01/15/13		513,436
	1,400,000	Berkshire Hathaway Finance Corp., 5.00%, 08/15/13		1,478,786
	815,000	Berkshire Hathaway Inc, 1.90%, 01/31/17		829,822
	3,935,000	Berkshire Hathaway, Inc., 3.20%, 02/11/15		4,190,252
	5,000,000	New York Life Global Funding, 1.65%, 05/15/17(b)		4,961,440
				11,973,736
Materials — 2.0%
	630,000	Airgas, Inc., 2.85%, 10/01/13		645,732
	630,000	Airgas, Inc., 4.50%, 09/15/14		674,353
	1,005,000	Airgas, Inc., 2.95%, 06/15/16		1,048,167
	1,500,000	Anglo American Capital Plc, 2.15%, 09/27/13(b)		1,512,158
	1,250,000	Dow Chemical Co. (The), 5.90%, 02/15/15		1,404,895
	2,710,000	Dow Chemical Co. (The), 2.50%, 02/15/16		2,800,070

Principal Amount			Value
Materials (continued)
$	1,000,000	International Paper Co., 9.38%, 05/15/19	$	1,336,480
				9,421,855
Telecommunication Services — 0.9%
	4,000,000	America Movil Sab de CV, 2.38%, 09/08/16		4,082,064
Utilities — 0.9%
	1,575,000	Dominion Resources, Inc., Series F, 5.25%, 08/01/33		1,773,167
	2,485,000	NextEra Energy Capital Holdings, Inc., 2.60%, 09/01/15		2,554,751
				4,327,918
Total Corporate Bonds (Cost $185,618,796)				191,543,280
MUNICIPAL BONDS — 6.6%
California — 1.0%
	3,850,000	Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM) 6.93%, 05/15/17		4,866,670
District Of Columbia — 0.5%
	1,000,000	District of Columbia Build America Bonds GO 3.64%, 06/01/15		1,069,800
	1,310,000	District of Columbia Build America Bonds GO 4.16%, 06/01/16		1,437,987
				2,507,787
Georgia — 0.7%
	3,085,000	State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17		3,334,546
Maine — 0.1%
	465,000	State of Maine General Purpose GO, 4.34%, 05/15/13		482,907
Maryland — 0.0%
	135,000	State of Maryland Recreational Facility Improvements COP, Series A 2.92%, 09/01/15		142,729

56

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Michigan — 0.3%
$	1,095,000	University of Michigan University and College Improvement Build America Revenue Bonds 1.75%, 04/01/15	$	1,125,321
Minnesota — 0.2%
	40,000	Duluth Independent School District No 709 Build America Bonds COP (School District Credit) 3.50%, 02/01/15		42,599
	605,000	Duluth Independent School District No. 709 Build America Bonds COP (School District Credit) 4.00%, 02/01/16		660,091
				702,690
New Jersey — 1.8%
	1,500,000	County of Monmouth Build America Bonds GO 3.75%, 11/01/16		1,661,895
	1,000,000	Morris County Improvement Authority Renewable Energy Revenue Bonds 1.90%, 06/15/15		1,012,370
	100,000	Morris County Improvement Authority Renewable Energy Revenue Bonds 2.27%, 06/15/16		102,269
	2,050,000	New Jersey Economic Development Authority Refunding Revenue Bonds 3.50%, 06/15/15		2,154,509
	1,500,000	New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation) 3.10%, 09/01/13		1,546,515
	1,515,000	New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation) 3.61%, 09/01/14		1,600,779
	145,000	New Jersey Economic Development Authority School Improvement Revenue Bonds, Series FF 3.17%, 09/01/14		149,302
				8,227,639
New York — 0.9%
	2,520,000	Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds 4.28%, 11/15/16		2,774,066

Principal Amount			Value
New York (continued)
$	85,000	New York State Dormitory Authority University & College Improvememts Revenue Bonds, Series G 2.83%, 03/15/16	$	90,902
	360,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, 5.64%, 12/15/13		371,221
	1,075,000	New York State Urban Development Corp. State Personal Income Tax Revenue Bonds, Series A-2 (AGM) 4.65%, 12/15/13		1,146,326
				4,382,515
North Carolina — 0.0%
	100,000	County of Forsyth Property Improvement GO, Series B, OID 4.25%, 03/01/13		103,373
Ohio — 0.7%
	2,115,000	Ohio State Build America Revenue Bonds, Series 2 3.64%, 06/15/16		2,301,987
	755,000	Ohio State Taxable Advanced Energy Revenue Bonds 4.45%, 04/01/16		827,087
				3,129,074
Oregon — 0.1%
	500,000	State of Oregon Public Improvements GO, Series B 2.22%, 08/01/13		507,765
Pennsylvania — 0.0%
	175,000	Owen J Roberts School District Refunding GO (AGM, State Aid Withholding) 5.50%, 08/15/19		177,641
South Carolina — 0.3%
	1,050,000	State of South Carolina Refunding GO, Series A 5.00%, 06/01/17		1,264,946
Total Municipal Bonds (Cost $29,457,300)				30,955,603
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%
	2,581,058	Freddie Mac Mortgage-Linked Amortizing Notes, 2.06%, 01/15/22		2,620,328
Total Collateralized Mortgage Obligations
(Cost $2,581,058)				2,620,328

57

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 20.8%
Fannie Mae — 1.8%
$	3,750,000	5.00%, 03/02/15	$	4,225,301
	2,705,000	5.00%, 04/15/15		3,060,551
	200,000	1.63%, 10/26/15		206,596
	85,000	2.25%, 03/15/16		89,757
	1,000,000	1.13%, 04/27/17		1,004,251
	5,444	7.50%, 08/01/25		6,490
				8,592,946
Federal Farm Credit Bank — 0.8%
	3,300,000	2.63%, 04/17/14		3,446,131
	105,000	3.00%, 09/22/14		111,391
	90,000	4.88%, 12/16/15		103,337
				3,660,859
Federal Home Loan Bank — 7.9%
	145,000	4.88%, 12/14/12		149,097
	719,203	5.27%, 12/28/12		737,212
	50,000	3.50%, 03/08/13		51,383
	455,000	5.00%, 03/08/13		473,398
	150,000	1.00%, 03/27/13		151,017
	15,000	4.25%, 06/14/13		15,667
	75,000	5.38%, 06/14/13		79,277
	1,500,000	1.88%, 06/21/13		1,527,506
	500,000	4.38%, 09/13/13		527,839
	2,690,000	5.25%, 09/13/13		2,870,703
	210,000	5.50%, 12/11/13		227,496
	7,695,000	3.13%, 12/13/13		8,043,768
	500,000	4.00%, 12/13/13		529,711
	2,065,000	4.88%, 12/13/13		2,216,821
	800,000	4.88%, 06/13/14		875,667
	7,825,000	5.38%, 06/13/14		8,645,756
	825,000	3.25%, 09/12/14		879,784
	870,000	5.25%, 09/12/14		967,125
	5,220,000	4.75%, 11/14/14		5,784,580
	895,000	2.75%, 12/12/14		944,434
	200,000	4.50%, 02/18/15		221,470
	275,000	2.75%, 03/13/15		292,577
	140,000	3.50%, 03/13/15		151,933
	500,000	4.88%, 06/12/15		566,708
	65,000	5.00%, 12/11/15		74,992
	150,000	5.00%, 12/21/15		173,319
	100,000	3.50%, 12/09/16		111,885
				37,291,125
Freddie Mac — 1.1%
	1,835,000	2.50%, 04/23/14		1,914,591
	2,186,000	0.38%, 04/28/14		2,187,110
	400,000	5.00%, 11/13/14		445,918

Principal Amount			Value
Freddie Mac (continued)
$	300,000	2.88%, 02/09/15	$	319,664
				4,867,283
Ginnie Mae — 0.0%
	46,519	8.50%, 10/15/17		52,493
	396	9.00%, 02/15/20		402
				52,895
Overseas Private Investment Corp. — 2.3%
	9,367,332	5.14%, 12/15/23		10,914,159
Private Export Funding Corp. — 5.5%
	510,000	5.69%, 05/15/12		510,621
	12,760,000	3.55%, 04/15/13		13,151,030
	1,800,000	4.97%, 08/15/13		1,904,441
	4,260,000	3.05%, 10/15/14		4,515,800
	105,000	4.55%, 05/15/15		118,253
	1,400,000	4.95%, 11/15/15		1,610,253
	3,000,000	5.00%, 12/15/16		3,532,830
	500,000	2.25%, 12/15/17		527,430
				25,870,658
Small Business Administration — 1.2%
	1,068,023	4.73%, 02/01/19		1,144,879
	1,806,008	4.11%, 03/10/20		1,889,033
	2,581,447	4.08%, 03/10/21		2,689,767
				5,723,679
Tennessee Valley Authority — 0.2%
	110,000	4.75%, 08/01/13		116,114
	725,000	6.25%, 12/15/17		919,620
				1,035,734
Total U.S. Government Agencies (Cost $93,062,308)				98,009,338
U.S. GOVERNMENT SECURITIES — 29.0%
U.S. Treasury Notes — 29.0%
	125,640,000	2.63%, 01/31/18		137,065,450
Total U.S. Government Securities (Cost $134,272,118)				137,065,450
GOVERNMENT BONDS — 2.3%
CANADA — 0.9%
	500,000	Canada Government International Bond, 0.88%, 02/14/17		497,762
	430,000	Hydro Quebec, 2.00%, 06/30/16		444,081
	230,000	Province of Ontario Canada, 2.70%, 06/16/15		242,283

58

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
CANADA (continued)
$	2,875,000	Province of Ontario Canada, 2.30%, 05/10/16	$	2,991,610
				4,175,736
DENMARK — 0.2%
	1,000,000	Kingdom of Denmark, 2.25%, 05/14/12		1,000,350
EGYPT — 0.3%
	1,000,000	Egypt Government Aid Bonds, 4.45%, 09/15/15		1,123,840
JAPAN — 0.4%
	2,000,000	Development Bank of Japan, 1.63%, 10/05/16(b)		2,038,060
SOUTH KOREA — 0.3%
	1,400,000	Export-Import Bank of Korea, 4.00%, 01/11/17		1,469,461
UNITED STATES — 0.2%
	1,000,000	Ally Financial, Inc., 1.75%, 10/30/12		1,007,870
Total Government Bonds (Cost $10,502,562)				10,815,317
Shares
INVESTMENT COMPANY — 0.2%
	747,000	SEI Daily Income Trust Government II Fund, Class A, 0.01%(c)		747,000
Total Investment Company (Cost $747,000)				747,000
TOTAL INVESTMENTS — 100.0% (Cost $456,241,142)(a)				471,756,316
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				105,003
NET ASSETS — 100.0%			$	471,861,319

(a) Cost for federal income tax purposes is $456,252,428 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	15,880,770
Unrealized depreciation		(376,882	)
Net unrealized appreciation	$	15,503,888

(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 $64,883,295 which is 13.8% of net assets.
(c)	Rate shown represents current yield at April 30, 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 Agencies and Securities	49.8	%
Corporate Bonds	40.6
Municipal Bonds	6.6
Government Bonds	2.3
Collateralized Mortgage Obligations	0.5
Other*	0.2
	100	%

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

59

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	April 30, 2012
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 98.5%
Alabama — 0.6%
$	1,000,000	Huntsville-Redstone Village Special Care Facilities Financing Authority Revenue Bonds, Series A, OID, 8.13%, 12/01/26(b)	$	1,055,300
	3,825,000	Montgomery Water Works & Sanitary Sewer Board Refunding Revenue Bonds, 5.00%, 03/01/22		4,766,792
				5,822,092
Arizona — 1.5%
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		414,635
	2,360,000	Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17		2,797,072
	800,000	Arizona State Transportation Board Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 07/01/14		876,552
	4,000,000	Arizona State Transportation Board Grant Anticipation Revenue Bonds, Series A, 5.00%, 07/01/17		4,718,880
	2,000,000	City of Tempe Water Utility Improvement GO, Series A, 4.50%, 07/01/24		2,196,560
	200,000	Maricopa County Community College District GO, Series C, 5.00%, 07/01/20		243,715
	3,300,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20		4,044,744
				15,292,158
California — 5.1%
	8,090,000	California State University System Wide Refunding Revenue Bonds, Series A, 5.00%, 11/01/19		9,865,674
	5,900,000	City of Los Angeles Resource Recovery Improvement Revenue Bonds, Series A, 5.00%, 02/01/20		7,131,389
	250,000	Golden State Tobacco Securitization Corp. Enhanced Asset-Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)		264,285

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)	$	5,279,000
	450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series 2003 A1, OID, 6.75%, 06/01/13(b)		481,158
	360,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.50%, 06/01/13(b)		380,087
	300,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.50%, 06/01/13(b)		316,739
	3,450,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, 5.63%, 06/01/13(b)(c)		3,647,133
	305,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC), 5.00%, 06/01/13(b)(c)		320,378
	220,000	Golden State Tobacco Securitization Corp. Enhanced-Asset Backed Revenue Bonds, Series B, OID, (AMBAC), 5.00%, 06/01/13(b)		231,092
	100,000	Huntington Beach Public Financing Authority Refunding Revenue Bonds, 4.00%, 09/01/18		114,193
	170,000	Los Angeles Unified School District 2005 Election GO, Series E, (AGM), 5.00%, 07/01/16		197,797
	1,035,000	Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23		1,218,744

60

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
California (continued)
$	10,000,000	Southern California Public Power Authority Magnolia Power Project Refunding Revenue Bonds, (Wells Fargo Bank), 0.24%, 07/01/36(d)	$	10,000,000
	10,000,000	State of California Refunding GO, Series A, (State GTY), 5.00%, 07/01/22		11,333,000
	2,120,000	University of California Regents Medical Center Refunding Revenue Bonds, Series G, 4.00%, 05/15/14		2,264,563
				53,045,232
Colorado — 0.2%
	1,800,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21		2,023,632
Connecticut — 2.7%
	4,700,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series A-4, 2.50%, 07/01/49(d)		4,946,703
	10,000,000	Connecticut State Health & Educational Facility Authority Revenue Bonds, Series T-2, 0.20%, 07/01/29(d)		10,000,000
	170,000	State of Connecticut Public Improvement GO, Series C, 4.50%, 11/01/12		173,628
	4,490,000	State of Connecticut Refunding Special Tax Bonds, 2.00%, 11/01/12		4,530,365
	8,290,000	State of Connecticut Refunding Special Tax Bonds, 2.00%, 11/01/13		8,489,955
				28,140,651
Delaware — 0.1%
	500,000	Delaware Transportation Authority Cash Flow Management Revenue Bonds, 5.00%, 09/01/12		507,910
Florida — 3.7%
	3,000,000	Florida State Board of Education Capital Outlay GO, Series E, 4.60%, 06/01/23		3,263,640
	900,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/18		1,085,877

Principal Amount			Value
Florida (continued)
$	6,000,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series D, 5.00%, 07/01/14	$	6,525,240
	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27		9,760,665
	1,150,000	Florida State Board of Education Lottery Revenue Bonds, Series B, (NATL-RE), 5.00%, 07/01/13		1,211,077
	4,165,000	Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/16		4,862,721
	1,790,000	Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		2,139,301
	250,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/13		265,799
	1,065,000	Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/16		1,229,436
	2,400,000	JEA Florida Water & Sewer System Refunding Revenue Bonds, Sub-Series B-1, 0.22%, 10/01/36(d)		2,400,000
	450,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/18		525,695
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19		2,308,460
	1,800,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM), 5.25%, 10/01/16		2,096,262
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		580,330
				38,254,503
Georgia — 4.8%
	10,000,000	Bartow County School District School Improvement GO, Series A, (State Aid Withholding), 4.00%, 10/01/15		11,017,700

61

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Georgia (continued)
$	2,000,000	County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/17	$	2,348,460
	1,000,000	County of Fulton Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18		1,197,670
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Antic Buildings Revenue Bonds, Series A, 5.00%, 06/01/18		1,514,538
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20		6,062,450
	525,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.00%, 01/01/15		579,710
	630,000	Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.25%, 01/01/17		740,307
	7,500,000	Private Colleges & Universities Authority Refunding Revenue Bonds, Series B-2, 0.20%, 09/01/35(d)		7,500,000
	2,650,000	State of Georgia Property Tax Revenue Bonds, 4.00%, 09/01/18		3,107,867
	8,245,000	State of Georgia Public Improvement GO, Series A1, 5.00%, 07/01/12		8,309,476
	4,500,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19		5,336,190
	1,500,000	State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18		1,828,485
				49,542,853
Hawaii — 0.1%
	500,000	State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18		603,920
Illinois — 3.1%
	500,000	Chicago Board of Education Dedicated GO, Series B, (AGM), 5.00%, 12/01/18		569,055
	3,540,000	Chicago Park District Refunding GO, Series C, (AMBAC), 5.00%, 01/01/23		3,752,612

Principal Amount			Value
Illinois (continued)
$	900,000	Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC), 5.00%, 06/01/21	$	977,238
	1,345,000	City of Champaign Parking Facilities Improvements GO, Series 2008, 5.00%, 12/15/17		1,575,183
	4,000,000	City of Chicago Refunding GO, Series B, (AGM), 5.00%, 01/01/21		4,369,560
	500,000	City of Chicago Refunding GO, Series B, OID (AMBAC), 5.13%, 01/01/15		535,160
	1,000,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25		1,226,210
	10,000,000	Illinois Finance Authority University & College Improvement Revenue Bonds, Series B, 0.22%, 07/01/33(d)		10,000,000
	3,500,000	State of Illinois Public Improvement Revenue Bonds, 5.00%, 06/15/18		4,220,160
	780,000	University of Illinois College Improvement Revenue Bonds, Series A, 5.00%, 04/01/21		934,206
	1,745,000	University of Illinois College Improvement Revenue Bonds, Series A, 5.00%, 04/01/22		2,070,059
	2,057,000	Village of Bolingbrook Refunding Special Tax, OID, (NATL-RE), 4.30%, 03/01/21		2,099,148
				32,328,591
Indiana — 2.2%
	580,000	Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/16		655,916
	1,050,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 07/15/16		1,183,938

62

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	650,000	Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 01/15/17	$	734,546
	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		744,270
	490,000	East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/16		560,619
	510,000	Evansville Vanderburgh Public Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC), 5.25%, 07/15/17		561,617
	1,070,000	Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/22		1,132,103
	905,000	Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE), 5.00%, 07/15/23		980,966
	175,000	Huntington Countywide School Building Corp. II, First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding), 5.38%, 07/15/16(b)		176,803
	1,000,000	IPS Multi-School Building Corp. School Improvement Revenue Bonds, (NATL-RE), 5.00%, 01/15/13		1,031,250
	160,000	Northern Wells Community School Building Corp., First Mortgage Revenue Bonds, OID, (FGIC, State Aid Withholding), 5.00%, 01/15/16(b)		161,511
	500,000	Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/18		555,005

Principal Amount			Value
Indiana (continued)
$	715,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/16	$	808,036
	735,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/16		834,497
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/17		658,304
	900,000	Purdue University Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		1,108,863
	2,585,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/14		2,840,605
	3,000,000	Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/15		3,413,700
	200,000	Tippecanoe County Governmental Building Corp., First Mortgage Revenue Bonds, OID, (NATL-RE, FGIC), 5.00%, 01/15/19		208,679
	700,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/14		738,843
	1,000,000	Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/15		1,073,600
	765,000	Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/10/16		870,096
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds (State Aid Withholding), 5.75%, 07/15/26		1,140,800

63

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Indiana (continued)
$	175,000	Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/15	$	190,755
				22,365,322
Iowa — 0.2%
	2,000,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20		2,479,620
Kansas — 0.6%
	6,600,000	Kansas State Department of Transportation Refunding Revenue Bonds, Series C-3, 0.21%, 09/01/19		6,600,000
Kentucky — 0.1%
	1,000,000	Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC), 5.00%, 11/01/15		1,140,730
Louisiana — 0.2%
	2,000,000	Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC), 5.00%, 06/01/16		2,240,480
Maine — 0.0%
	115,000	Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series B, (AMBAC), 5.00%, 07/01/21(b)		135,192
Maryland — 2.2%
	5,000,000	Maryland Health & Higher Educational Facilities Authority Johns Hopkins University Revenue Bonds, Series A, 0.21%, 07/01/36(d)		5,000,000
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,211,270
	1,300,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,574,651
	4,350,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/19		5,423,363

Principal Amount			Value
Maryland (continued)
$	8,000,000	State of Maryland Refunding GO, Series C, 4.00%, 11/01/19	$	9,518,800
				22,728,084
Massachusetts — 8.3%
	4,900,000	Commonwealth of Massachusetts Public Improvements GO, Series B, 4.00%, 06/01/12		4,913,352
	10,000,000	Commonwealth of Massachusetts Public Improvements GO, Series B, 5.00%, 08/01/17		12,050,000
	4,000,000	Commonwealth of Massachusetts Refunding GO, Series A, 0.55%, 02/01/13(d)		4,002,920
	2,500,000	Commonwealth of Massachusetts Refunding GO, Series B, 3.00%, 01/01/14		2,611,325
	9,350,000	Commonwealth of Massachusetts Refunding GO, Series C, 0.23%, 01/01/21(d)		9,350,000
	8,740,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 3.00%, 12/15/12		8,891,814
	1,575,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 4.00%, 12/15/12		1,612,060
	6,000,000	Commonwealth of Massachusetts Special Obligation Federal Highway Grant Refunding Revenue Bonds, 5.00%, 12/15/13		6,452,400
	4,000,000	Massachusetts Bay Transportation Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/23		5,021,800
	10,000,000	Massachusetts Department of Transportation Contract Assistance Refunding Revenue Bonds, Series A7, (GO of Commonwealth), 0.23%, 01/01/29(d)		10,000,000

64

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	800,000	Massachusetts State Water Pollution Abatement Revenue Bonds, 4.00%, 08/01/12	$	807,520
	7,350,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, 5.00%, 08/01/23		9,000,737
	10,005,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority), 0.24%, 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		653,552
				85,372,480
Michigan — 2.1%
	345,000	Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF), 5.00%, 05/01/20		374,832
	630,000	Grand Valley State University College Improvement Revenue Bonds, 3.00%, 02/01/13		638,940
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18		469,692
	550,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19		652,465
	150,000	Jackson Public Schools School Building & Site Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/15		163,001
	1,125,000	Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/13		1,196,010
	1,335,000	Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/15		1,494,386
	245,000	Portage Public Schools School Building & Site GO, (AGM), 5.00%, 05/01/14		249,920
	700,000	State of Michigan Trunk Line Refunding Revenue Bonds, Series A, 5.25%, 11/01/13		750,204
	265,000	Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/21		286,388

Principal Amount			Value
Michigan (continued)
$	4,980,000	University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19	$	5,819,329
	9,100,000	University of Michigan Revenue Bonds, 0.23%, 04/01/32(d)		9,100,000
				21,195,167
Minnesota — 0.4%
	1,300,000	City of Minneapolis Public Improvements GO, 5.00%, 12/01/17		1,585,350
	450,000	Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16		521,658
	1,845,000	New Prague Independent School District No 721 School Improvement GO, (School District Credit Program), 4.00%, 02/01/19		2,161,731
				4,268,739
Mississippi — 0.2%
	1,810,000	Mississippi Development Bank Special Obligation Refunding Revenue Bonds, 5.00%, 08/01/18		2,089,283
Missouri — 1.0%
	500,000	Jackson County Reorganized School District No. 4 Refunding GO, Series B, (State Aid Direct Deposit), 5.00%, 03/01/18		596,680
	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19		2,739,442
	1,205,000	Missouri State Highways & Transit Commission Refunding Revenue Bonds, Senior Lien, 5.00%, 02/01/14		1,301,918
	5,000,000	St. Louis School District Direct Deposit Program GO, (State Aid Withholding), 5.00%, 04/01/22		6,032,800
				10,670,840

65

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Nevada — 0.8%
$	2,000,000	Clark County School District Refunding GO, Series B, (NATL-RE, FGIC), 5.00%, 06/15/22	$	2,200,460
	2,605,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		3,121,051
	3,110,000	Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC), 5.00%, 06/01/20		3,442,117
				8,763,628
New Hampshire — 0.2%
	1,800,000	New Hampshire Health & Education Facilities Authority Dartmouth College Revenue Bonds, 0.23%, 06/01/32(d)		1,800,000
New Jersey — 6.6%
	255,000	Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding), 4.00%, 02/15/17		285,692
	7,000,000	Garden State Preservation Trust Refunding Revenue Bonds, Series A, 5.00%, 11/01/17		8,439,270
	500,000	Harrison GO, (School Board Resolution Funding), 3.75%, 01/15/15		540,855
	1,000,000	Middlesex County Improvement Authority Open Space Trust Refunding Revenue Bonds (County GTD), 5.00%, 09/15/19		1,228,340
	975,000	Monmouth County Improvement Authority Refunding Revenue Bonds, 5.00%, 12/01/22		1,238,747
	5,000,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC), 5.50%, 09/01/24		6,163,650
	1,500,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series W, 5.00%, 03/01/18		1,790,970

Principal Amount			Value
New Jersey (continued)
$	500,000	New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18	$	557,105
	14,340,000	New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17		16,932,672
	1,000,000	New Jersey Educational Facilities Authority Higher Education Capital Improvement Refunding Revenue Bonds, Series A, (AGM), 5.00%, 09/01/14		1,096,900
	1,415,000	New Jersey Educational Facilities Authority Ramapo College Revenue Bonds, Series A, 5.00%, 07/01/14		1,521,776
	15,000	New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16(b)		17,738
	1,185,000	New Jersey Environmental Infrastructure Trust Un-Refunded Revenue Bonds, Series A, 5.00%, 09/01/16		1,404,616
	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(b)		49,427
	5,105,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18		5,977,802
	1,885,000	New Jersey Transportation Trust Fund Authority Transit Improvement Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/15/16		2,170,201
	1,375,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/15		1,589,981
	2,750,000	New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5, 5.25%, 12/15/19		3,356,733

66

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	335,000	New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/15	$	365,673
	10,000,000	Tobacco Settlement Financing Corp. Miscellaneous Purpose Revenue Bonds, OID, 6.25%, 06/01/13(b)		10,644,200
	345,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.75%, 06/01/13(b)		369,081
	115,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 5.00%, 06/01/14(b)		115,431
	1,200,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.00%, 06/01/37(b)		1,205,436
	535,000	Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, OID, 6.13%, 06/01/42(b)		537,477
				67,599,773
New Mexico — 0.3%
	1,000,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/16		1,105,080
	1,900,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17		2,117,854
				3,222,934
New York — 23.5%
	1,900,000	City of New York Public Improvement GO, Series D, 5.00%, 11/01/21		2,098,189
	3,000,000	City of New York Public Improvements GO, Series B2, Sub-Series B9, (JP Morgan Chase Bank), 0.23%, 08/15/23(c)(d)		3,000,000
	1,000,000	City of New York Refunding GO, Series E, 3.00%, 08/01/12		1,006,940
	15,000,000	City of New York Refunding GO, Series I-1, 5.00%, 08/01/19		18,348,750

Principal Amount			Value
New York (continued)
$	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, 5.00%, 05/01/18	$	2,382,160
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, 5.00%, 05/01/23		5,882,350
	550,000	Gates Chili Central School District Refunding GO, (State Aid Withholding), 2.50%, 06/15/12		551,111
	1,080,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 3.00%, 11/15/12		1,095,066
	7,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D, 3.00%, 11/15/13		7,245,140
	650,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 3.00%, 11/15/13		674,076
	2,150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 4.00%, 11/15/15		2,374,955
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21		2,300,213
	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		1,066,180
	4,570,000	New York City Health & Hospital Corp. Refunding Revenue Bonds, Series A, (GO of Corp.), 5.00%, 02/15/14		4,920,153
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21		3,057,750
	4,725,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 4.00%, 11/01/13		4,984,733

67

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
New York (continued)
$	6,300,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series B-3, 5.00%, 11/01/14	$	7,006,923
	1,815,000	New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series C, 5.00%, 11/01/17		2,188,182
	1,000,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-series D-1, 5.00%, 11/01/23		1,222,430
	8,925,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-series E-1, 5.00%, 02/01/20		11,024,339
	9,765,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-series E-1, 5.00%, 02/01/21		12,130,767
	9,375,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series A, 5.00%, 11/01/18		11,469,750
	2,200,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series B, 5.00%, 02/01/18		2,657,248
	2,000,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2, 4.00%, 11/01/12		2,037,840
	1,900,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Series I-2, 5.00%, 11/01/12		1,945,334
	2,200,000	New York City Transitional Finance Authority Revenue Bonds, Series A, 5.00%, 05/01/22		2,631,970
	2,000,000	New York City Transitional Finance Authority Revenue Bonds, Series B, 5.00%, 11/01/17		2,411,220
	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		3,964,460

Principal Amount			Value
New York (continued)
$	8,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B, (GO of Corp.), 5.00%, 04/01/15	$	9,004,320
	10,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B-3V, (GO of Corp.), 0.27%, 04/01/24(d)		10,000,000
	700,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6, 5.00%, 04/01/17		836,080
	900,000	New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16		1,027,197
	15,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation), 5.00%, 08/15/18(b)		18,542
	1,770,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series B, (State Appropriation), 4.50%, 08/15/17		2,055,324
	550,000	New York State Dormitory Authority Mental Health Services Facility Unrefunded Revenue Bonds, (NATL-RE, FGIC, State Appropriation), 5.00%, 02/15/16		614,097
	2,485,000	New York State Dormitory Authority Mental Health Services Facility Unrefunded Revenue Bonds, (State Approrpriation), 5.00%, 08/15/18		2,989,753
	2,710,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18		3,151,215
	4,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/17		4,749,760
	5,000,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series C, 5.00%, 03/15/21		6,203,900

68

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
New York (continued)
$	7,000,000	New York State Thruway Authority Highway Improvement Refunding Revenue Bonds, 5.00%, 04/01/20	$	8,280,720
	6,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/19		6,942,660
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21		2,243,330
	400,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17		474,976
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21		9,895,920
	5,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series B, 5.00%, 04/01/21		5,842,550
	2,225,000	New York State Thruway Authority Refunding Revenue Bonds, Series B (AMBAC), 5.00%, 04/01/19		2,525,130
	790,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/18		955,576
	5,000,000	New York State Thruway Authority Transportation Revenue Bonds, Series A, 5.00%, 03/15/21		6,075,850
	500,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15		556,865
	5,000,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.50%, 01/01/19		6,100,100
	750,000	New York State Urban Development Corp. Refunding Revenue Bonds, Series D, OID, 5.25%, 01/01/21		879,825

Principal Amount			Value
New York (continued)
$	1,000,000	New York State Urban Development Corp. Service Contract Refunding Revenue Bonds, (AGM), 5.00%, 01/01/15	$	1,110,920
	1,625,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.00%, 05/01/17		1,873,154
	2,515,000	Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A (State Aid Withholding), 5.00%, 05/01/18		2,929,950
	16,250,000	Tobacco Settlement Financing Corp. Refunding Revenue Bonds, Series A, 5.00%, 06/01/18		19,396,000
	4,150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, (State Street Bank & Trust), 0.20%, 01/01/32(d)		4,150,000
				242,561,943
North Carolina — 1.7%
	1,655,000	Cabarrus County School Improvement COP, 5.00%, 01/01/21		1,938,386
	1,565,000	County of Johnston School Improvements GO, (NATL-RE), 5.00%, 02/01/16		1,815,791
	1,285,000	Dare County COP, (NATL-RE, FGIC), 5.00%, 06/01/17		1,421,814
	2,000,000	Orange County Public Facilities Co. Revenue Bonds, 5.00%, 10/01/21		2,454,580
	9,915,000	Town of Cary Public Improvements GO, 0.24%, 06/01/27(d)		9,915,000
				17,545,571
Ohio — 2.4%
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18		2,854,673

69

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 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	$	439,427
	9,000,000	State of Ohio Highway Improvement Revenue Bonds, Series 3, 4.00%, 12/15/12		9,208,350
	10,000,000	State of Ohio Infrastructure Improvement Refunding GO, Series B, 0.23%, 08/01/17(d)		10,000,000
	1,730,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		2,036,072
				24,538,522
Oregon — 0.4%
	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17		1,564,680
	2,015,000	Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17		2,390,576
				3,955,256
Pennsylvania — 1.0%
	1,000,000	Pennsylvania Turnpike Commission Refunding Revenue Bonds, Series A, (AGM), 5.00%, 07/15/12		1,009,610
	7,000,000	Philadelphia School District Refunding GO, Series C (State Aid Withholding), 5.00%, 09/01/18		8,026,900
	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)		1,059,650
				10,096,160
Puerto Rico — 0.0%
	120,000	Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15(b)		134,861

Principal Amount			Value
Puerto Rico (continued)
$	70,000	Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15	$	77,444
				212,305
Rhode Island — 0.7%
	5,700,000	Rhode Island Health & Educational Building Corp. Higher Education Brown University Revenue Bonds, Series A, 0.23%, 05/01/35(d)		5,700,000
	705,000	Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, 4.00%, 05/15/18		809,375
	775,000	State of Rhode Island Energy Conservation COP, Series A, 3.00%, 04/01/14		798,893
				7,308,268
South Carolina — 0.7%
	980,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 4.00%, 03/01/17		1,109,311
	2,190,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18		2,625,635
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20		2,004,657
	330,000	State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19		410,253
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19		845,369
				6,995,225
Tennessee — 0.3%
	3,105,000	County of Shelby Refunding GO, Series C, 0.24%, 12/01/31(d)		3,105,000

70

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Texas — 13.1%
$	1,255,000	Alamo Community College District GO, Series A, (NATL-RE), 5.50%, 08/15/15	$	1,451,960
	2,500,000	Aldine Independent School District Refunding GO, (PSF-GTD), 4.50%, 02/15/22		2,784,900
	1,260,000	Aledo Independent School District School Building GO, Series A, (PSF-GTD), 5.00%, 02/15/20		1,381,565
	515,000	Arlington Independent School District Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/14		556,859
	1,860,000	Austin Community College District Refunding GO, 5.00%, 08/01/20		2,322,173
	400,000	Beaumont Independent School District Improvements GO, 4.00%, 02/15/18		461,423
	1,030,000	City of Abilene Refunding GO, 3.00%, 02/15/13		1,050,507
	515,000	City of Denton Certificates of Obligation GO, (NATL-RE), 5.00%, 02/15/14		555,417
	895,000	City of El Paso Water & Sewer Refunding Revenue Bonds, (NATL-RE), 4.50%, 03/01/14		961,239
	4,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.25%, 03/01/14		4,353,680
	3,000,000	City of Houston Refunding Public Improvement GO, Series A, (NATL-RE), 5.38%, 03/01/15		3,264,600
	1,000,000	City of League Waterworks & Sewer GO, Series A, 5.00%, 02/15/22		1,205,140
	1,775,000	City of Lubbock Public Improvement GO, 5.25%, 02/15/20		2,169,423
	3,785,000	City of Lubbock Public Improvement GO, 5.00%, 02/15/24		4,471,258
	1,280,000	City of Richardson Refunding GO, (NATL-RE), 5.25%, 02/15/20		1,425,946
	670,000	City of Rockwall Refunding GO, 4.00%, 08/01/22		729,784
	1,630,000	City of San Antonio Un-Refunded GO, 5.25%, 08/01/13		1,731,190

Principal Amount			Value
Texas (continued)
$	190,000	Coppell Independent School District School Building GO, (NATL-RE), 5.00%, 08/15/15	$	215,475
	260,000	Coppell Independent School District School Building GO, (PSF-GTD), 4.00%, 08/15/16		294,375
	1,000,000	County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21		1,246,910
	1,000,000	Dallas Independent School District Refunding GO, (PSF-GTD), 4.25%, 02/15/21		1,172,420
	245,000	Deer Park Independent School District Limited Tax GO, (AGM), 5.00%, 02/15/17		289,776
	1,000,000	El Paso Independent School District GO, (PSF-GTD), 5.00%, 08/15/12		1,013,820
	1,095,000	Friendswood Water & Sewer Refunding Revenue Bonds, (AGM), 5.00%, 03/01/21		1,204,391
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21		320,115
	350,000	Frisco Independent School District School Building GO, Series B, (NATL-RE), 5.50%, 07/15/13		371,959
	3,000,000	Garland Independent School District Refunding GO, Series A, 5.00%, 02/15/19		3,689,970
	3,000,000	Goose Creek Consolidated Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/22		3,699,810
	700,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/17		778,092
	1,000,000	Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/19		1,108,060
	1,000,000	Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19		1,236,790
	375,000	Hays Consolidated Independent School District Refunding GO, (PSF-GTD), 5.25%, 08/15/18		416,205

71

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	500,000	Hidalgo County Certificates of Obligation GO, (NATL-RE), 4.50%, 08/15/19	$	568,680
	1,500,000	Houston Community College System Refunding GO, 5.00%, 02/15/21		1,866,255
	2,990,000	Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM), 5.25%, 04/15/21		3,510,529
	10,000,000	Houston Higher Education Finance Corp. Rice University Project Refunding Revenue Bonds, Series A, (GO of University), 0.24%, 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		2,681,585
	495,000	Joshua Independent School District Refunding GO, Series C (PSF-GTD), 5.45%, 02/15/16		543,352
	1,300,000	Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/13		1,359,943
	4,500,000	Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/16		5,178,960
	560,000	McAllen Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/16		625,923
	2,175,000	Mckinney Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/20		2,730,386
	6,500,000	Northside Independent School District, School Improvements GO (PSF-GTD), 1.90%, 08/01/40(d)		6,679,530
	3,340,000	Pearland Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/20		4,156,797
	525,000	Red Oak Independent School District School Building GO, (PSF-GTD), 5.00%, 08/15/18		626,231
	625,000	Rockwall Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/24		749,506

Principal Amount			Value
Texas (continued)
$	500,000	Rockwall Independent School District School Building GO, (PSF-GTD), 4.75%, 02/15/15	$	557,185
	450,000	San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/13		464,184
	1,005,000	San Jacinto Community College District Refunding GO, (AMBAC), 4.25%, 02/15/14		1,067,923
	1,500,000	Socorro Independent School District Refunding GO, (PSF-GTD), 5.25%, 08/15/13		1,594,830
	2,705,000	Spring Independent School District GO, (PSF-GTD), 5.00%, 02/15/15		3,037,012
	8,800,000	State of Texas Veterans Housing Assistance Fund Refunding GO, Series I, 0.20%, 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		1,220,530
	8,500,000	Texas Public Finance Authority Unemployment Compensation Revenue Bonds, Series A, 4.00%, 07/01/12		8,552,700
	1,070,000	Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/17		1,278,586
	1,390,000	Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17		1,655,643
	800,000	Texas Tech University Refunding and Improvement Revenue Bonds, 12th Series, 5.00%, 02/15/22		939,856
	10,000,000	University of Texas Financing System Refunding Revenue Bonds, Series B, 0.19%, 08/01/34(d)		10,000,000
	3,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series C, 5.00%, 08/15/16		3,536,430
	1,610,000	University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15		1,841,663

72

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 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	$	1,293,534
				135,052,985
Utah — 0.2%
	1,975,000	Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21		2,406,123
	125,000	South Jordan Water Refunding Revenue Bonds, (AMBAC), 5.00%, 11/01/15		140,158
				2,546,281
Virginia — 2.3%
	4,340,000	Fairfax County Economic Development Authority Smithsonian Institution Revenue Bonds, Series B, 0.31%, 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		2,760,888
	6,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B, 5.00%, 09/01/21		7,374,360
	5,355,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B, 5.00%, 09/01/22		6,508,306
	1,245,000	Virginia Public Building Authority Revenue Bonds, Series B, 5.00%, 08/01/14		1,370,172
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation), 5.00%, 08/01/21		1,515,775
				23,869,501
Washington — 4.8%
	100,000	CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE), 5.00%, 06/01/17		114,259

Principal Amount			Value
Washington (continued)
$	500,000	City of Kent Public Improvement GO, Series A, 5.50%, 12/01/21	$	606,665
	10,000,000	Energy Northwest Refunding Revenue Bonds, Series A, 5.00%, 07/01/22		12,283,400
	800,000	Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY), 5.00%, 12/01/16		937,352
	1,000,000	Island County School District No 204 Coupeville Refunding GO, (School Board GTY), 5.00%, 12/01/19		1,220,960
	1,005,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		1,169,328
	520,000	King County School District No. 401 Highline Refunding GO, (School Board GTY), 5.00%, 12/01/20		637,785
	680,000	King County School District No. 403 Renton Refunding GO, (School Board GTY), 4.00%, 12/01/19		774,214
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY), 5.00%, 12/01/20		1,807,845
	4,000,000	King County Sewer Improvements GO, Series B, 0.20%, 01/01/40(d)		4,000,000
	1,315,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY), 5.00%, 12/01/18		1,617,056
	2,000,000	State of Washington Department of Ecology Refunding COP, Series B, (AMBAC), 5.00%, 04/01/16		2,281,280
	5,000,000	State of Washington Motor Vehicle Fuel Tax Refunding GO, Series 2012-B, 5.00%, 07/01/24		6,130,350
	10,000,000	State of Washington Refunding GO, Series R-2011B, 5.00%, 07/01/20		12,427,000
	1,350,000	State of Washington Various Purpose Refunding GO, Series R-2006A, (AMBAC), 5.00%, 07/01/17		1,534,343

73

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
Washington (continued)
$	2,005,000	University of Washington Refunding Revenue Bonds, 5.00%, 12/01/15	$	2,312,948
				49,854,785
West Virginia — 0.0%
	275,000	West Virginia University Revenue Bonds, Series A, (NATL-RE), 5.50%, 04/01/17		329,486
Wisconsin — 0.1%
	100,000	Fond Du Lac Refunding GO, (NATL-RE, FGIC), 4.75%, 03/01/15		106,735
	775,000	Outagamie County Refunding GO, 5.50%, 04/01/14		775,000
				881,735
Total Municipal Bonds (Cost $971,053,752)				1,017,086,837
Shares
INVESTMENT COMPANY — 2.3%
	23,536,300	SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)		23,536,300
Total Investment Company (Cost $23,536,300)				23,536,300
TOTAL INVESTMENTS — 100.8% (Cost $994,590,052)(a)				1,040,623,137
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(8,641,611	)
NET ASSETS — 100.0%			$	1,031,981,526

(a) Cost for federal income tax purposes is $994,590,052 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	46,046,791
Unrealized depreciation		(13,706	)
Net unrealized appreciation	$	46,033,085

(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 April 30, 2012.
(e)	Rate shown represents current yield at April 30, 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

74

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Portfolio diversification by State (Unaudited)

	Percentage of Net Assets
Alabama	0.6	%
Arizona	1.5
California	5.1
Colorado	0.2
Connecticut	2.7
Delaware	0.1
Florida	3.7
Georgia	4.8
Hawaii	0.1
Illinois	3.1
Indiana	2.2
Iowa	0.2
Kansas	0.6
Kentucky	0.1
Louisiana	0.2
Maine	0.0
Maryland	2.2
Massachusetts	8.3
Michigan	2.1
Minnesota	0.4
Mississippi	0.2
Missouri	1.0
Nevada	0.8
New Hampshire	0.2
New Jersey	6.6
New Mexico	0.3
New York	23.5
North Carolina	1.7
Ohio	2.4
Oregon	0.4
Pennsylvania	1.0
Puerto Rico	0.0
Rhode Island	0.7
South Carolina	0.7
Tennessee	0.3
Texas	13.1
Utah	0.2
Virginia	2.3
Washington	4.8
West Virginia	0.0
Wisconsin	0.1
Other*	1.5
	100.0	%

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

75

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	April 30, 2012 (Unaudited)

	LARGE CAP CORE FUND			LARGE CAP STRATEGIES FUND			GLOBAL SMALL & MID CAP FUND
ASSETS:
Investments, at value	$	549,328,425		$	3,517,563,596		$	5,031,964,074
Foreign currency, at value (Cost $0, $0, $3,957,629, $8,536,323, $0, $0 and $0, respectively)		—			—			3,966,905
Cash		80			3,205,377			145
Segregated cash for futures contracts (Note 4)		—			—			—
Cash due from broker for foreign currency contracts		—			—			20,000
Cash due from broker for options contracts		—			—			—
Cash due from broker for structured options contracts		—			—			—
Cash due from broker on swap contracts (Note 4)		—			—			—
Dividends and interest receivable		1,785,582			16,311,498			8,586,446
Receivable for Fund shares sold		294,855			6,364,081			12,516,662
Receivable for investments sold		—			—			2,569,573
Unrealized appreciation on swap contracts		—			—			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—
Variation margin		—			—			—
Unrealized appreciation on structured option contracts		—			—			—
Prepaid expenses		31,045			28,848			42,540
Total Assets		551,439,987			3,543,473,400			5,059,666,345
LIABILITIES:
Payable to broker for collateral on structured option contracts		—			—			—
Payable to broker for collateral on swap contracts		—			—			—
Written option contracts, at value (premium received $0, $0, $0, $80,992,863, $11,837,000, $0 and $0, respectively)		—			—			—
Unrealized depreciation on structured option contracts		—			—			—
Payable for Fund shares redeemed		580,555			5,559,552			23,218,650
Payable for investments purchased		771,200			33,693,732			1,903,952
Unrealized depreciation on swap contracts		—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			511,627
Variation margin		—			—			—
Deferred tax liability payable (Note 9)		—			800,108			488,098
Accrued expenses and other payables:
Investment advisory		296,624			2,238,964			3,148,610
Administration		21,622			124,317			182,848
Shareholder servicing fee		86,418			536,543			793,306
Custody		6,481			104,225			235,928
Legal and Audit		—			37,909			156,263
Other		—			1,197			131,871
Total Liabilities		1,762,900			43,096,547			30,771,153
NET ASSETS	$	549,677,087		$	3,500,376,853		$	5,028,895,192
NET ASSETS consist of:
Capital paid-in	$	587,014,859		$	3,577,856,741		$	3,874,170,369
Accumulated undistributed (distributions in excess of) net investment
income		2,332,479			7,085,815			8,758,444
Accumulated undistributed net realized gain/(loss) on investments, futures
contracts, swap contracts, written options and foreign currency
transactions		(60,021,005	)		(404,444,869	)		209,406,585
Net unrealized appreciation/(depreciation) on investments, futures
contracts, swap agreements, written options and foreign currency
transactions		20,350,754			319,879,166			936,559,794
NET ASSETS	$	549,677,087		$	3,500,376,853		$	5,028,895,192
Net Asset Value, maximum offering price and redemption price per share	$	11.21		$	9.79		$	15.10
Number of shares authorized		2,500,000,000			3,000,000,000			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		49,018,161			357,587,434			332,961,131
INVESTMENTS, AT COST	$	528,977,671		$	3,197,533,834		$	4,094,542,370

^a Consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements.

76

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2012 (Unaudited)

	GLOBAL OPPORTUNITIES FUND			REAL RETURN FUNDa			FIXED INCOME FUND			MUNICIPAL BOND FUND
ASSETS:
Investments, at value	$	5,264,154,954		$	2,598,898,695		$	471,756,316		$	1,040,623,137
Foreign currency, at value (Cost $0, $0, $3,957,629, $8,536,323, $0, $0 and $0, respectively)		8,543,392			—			—			—
Cash		—			—			141			52
Segregated cash for futures contracts (Note 4)		523,600			13,049,198			—			—
Cash due from broker for foreign currency contracts		13,751,312			—			—			—
Cash due from broker for options contracts		1,950,644			69,404,622			—			—
Cash due from broker for structured options contracts		11,234,230			—			—			—
Cash due from broker on swap contracts (Note 4)		10,707,965			—			—			—
Dividends and interest receivable		39,011,352			3,906,864			3,392,429			9,847,990
Receivable for Fund shares sold		4,642,477			1,741,607			259,669			811,975
Receivable for investments sold		19,910,095			507,012			—			—
Unrealized appreciation on swap contracts		23,678,721			13,231,938			—			—
Unrealized appreciation on forward foreign currency exchange contracts		19,511,848			890,880			—			—
Variation margin		—			3,242,000			—			—
Unrealized appreciation on structured option contracts		3,559,967			—			—			—
Prepaid expenses		51,385			34,762			23,581			28,686
Total Assets		5,421,231,942			2,704,907,578			475,432,136			1,051,311,840
LIABILITIES:
Payable to broker for collateral on structured option contracts		2,024,472			—			—			—
Payable to broker for collateral on swap contracts		21,729,333			7,110,000			—			—
Written option contracts, at value (premium received $0, $0, $0, $80,992,863, $11,837,000, $0 and $0, respectively)		70,101,484			49,507,400			—			—
Unrealized depreciation on structured option contracts		15,325,685			—			—			—
Payable for Fund shares redeemed		8,761,007			5,522,254			315,754			262,797
Payable for investments purchased		18,392,149			39,681,119			2,997,870			18,536,003
Unrealized depreciation on swap contracts		11,558,440			4,607,141			—			—
Unrealized depreciation on forward foreign currency exchange contracts		28,150,867			825,299			—			—
Variation margin		6,400			—			—			—
Deferred tax liability payable (Note 9)		1,320,761			—			—			—
Accrued expenses and other payables:
Investment advisory		3,670,759			1,611,104			167,605			342,807
Administration		188,528			98,125			18,913			38,782
Shareholder servicing fee		818,167			406,791			37,245			80,967
Custody		26,636			33,940			5,587			12,145
Legal and Audit		253,523			123,079			20,252			39,409
Other		99,332			73,181			7,591			17,404
Total Liabilities		182,427,543			109,599,433			3,570,817			19,330,314
NET ASSETS	$	5,238,804,399		$	2,595,308,145		$	471,861,319		$	1,031,981,526
NET ASSETS consist of:
Capital paid-in	$	5,425,645,802		$	3,204,202,195		$	458,010,198		$	980,116,690
Accumulated undistributed (distributions in excess of) net investment income		55,312,230			(119,692,762	)		(576,636	)		1,185,196
Accumulated undistributed net realized gain/(loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions		(260,537,971	)		(388,266,337	)		(1,087,417	)		4,646,556
Net unrealized appreciation/(depreciation) on investments, futures contracts, swap agreements, written options and foreign currency transactions		18,384,338			(100,934,951	)		15,515,174			46,033,084
NET ASSETS	$	5,238,804,399		$	2,595,308,145		$	471,861,319		$	1,031,981,526
Net Asset Value, maximum offering price and redemption price per share	$	7.27		$	9.45		$	11.59		$	12.23
Number of shares authorized		3,500,000,000			3,500,000,000			2,000,000,000			2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		721,059,026			274,589,590			40,723,615			84,346,891
INVESTMENTS, AT COST	$	5,245,841,739		$	2,665,603,363		$	456,241,142		$	994,590,052

See Notes to Financial Statements.

77

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2012 (Unaudited)

	LARGE CAP CORE FUND			LARGE CAP STRATEGIES FUND			GLOBAL SMALL & MID CAP FUND
INVESTMENT INCOME:
Interest	$	23,931		$	37,253		$	23,774
Dividends		5,505,694			29,848,664			43,261,954
Foreign tax withheld		(426,903	)		(2,472,509	)		(2,199,111	)
Total investment income		5,102,722			27,413,408			41,086,617
EXPENSES:
Investment advisory fees		1,908,402			12,491,013			20,108,369
Shareholder servicing fees		548,912			2,925,356			4,731,381
Administration and Accounting fees		137,985			685,661			1,101,306
Custodian fees		41,168			618,967			920,607
Directors fees and expenses		15,942			79,416			134,870
Insurance premiums		8,437			14,309			20,542
Interest expense		—			—			—
Legal and Audit fees		27,326			114,875			195,179
Printing and postage fees		4,287			21,940			36,477
Registration fees		10,644			21,616			55,579
Transfer agent fees		35,337			147,849			256,624
Miscellaneous expenses		4,051			17,248			216,886
Total expenses		2,742,491			17,138,250			27,777,820
Expenses waived by Adviser and/or Shareholder Servicing Agent (Note 6)		(4,319	)		(414,133	)		(1,518,656	)
Net expenses		2,738,172			16,724,117			26,259,164
NET INVESTMENT INCOME		2,364,550			10,689,291			14,827,453
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS, NET OF DEFERRED TAXES:
Net realized gains/(loss) on:
Investments		6,565,364			22,147,796			218,243,165
Futures contracts		—			(12,698,160	)		—
Swap agreements		—			—			—
Written options and structured options		—			—			—
Foreign currency transactions		—			(825,874	)		(1,581,965	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(1,410,508	)		254,978,520			184,372,266
Securities sold short		—			—			—
Futures contracts		—			—			—
Swap agreements		—			—			—
Written options and structured options		—			—			—
Foreign currency transactions		—			(9,802,650	)		618,892
Deferred taxes on unrealized appreciation		—			(800,107	)		(443,761	)
Net realized and change in unrealized gain on investments, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes		5,154,856			252,999,525			401,208,597
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,519,406		$	263,688,816		$	416,036,050

^a Consolidated Statement of Operations.

See Notes to Financial Statements.

78

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2012 (Unaudited)

	GLOBAL OPPORTUNITIES FUND			REAL RETURN FUNDa			FIXED INCOME FUND			MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest	$	89,849,237		$	5,597,304		$	5,776,476		$	11,030,224
Dividends		17,137,020			13,773,613			128			1,700
Foreign tax withheld		(1,006,280	)		(1,012,844	)		—			—
Total investment income		105,979,977			18,358,073			5,776,604			11,031,924
EXPENSES:
Investment advisory fees		23,166,783			10,564,499			1,032,436			2,073,741
Shareholder servicing fees		4,446,881			2,485,764			458,860			975,276
Administration and Accounting fees		1,035,402			603,972			117,346			235,431
Custodian fees		395,718			177,467			34,415			73,146
Directors fees and expenses		124,487			74,646			13,471			28,191
Insurance premiums		20,029			15,202			8,270			9,750
Interest expense		5,663			35,161			—			—
Legal and Audit fees		407,887			181,355			21,862			41,475
Printing and postage fees		33,469			20,271			3,614			7,552
Registration fees		59,417			60,703			11,621			20,673
Transfer agent fees		236,344			146,481			29,916			55,777
Miscellaneous expenses		141,795			38,743			15,679			27,024
Total expenses		30,073,875			14,404,264			1,747,490			3,548,036
Expenses waived by Adviser and/or Shareholder Servicing Agent (Note 6)		(3,386,926	)		(697,390	)		(229,430	)		(487,638	)
Net expenses		26,686,949			13,706,874			1,518,060			3,060,398
NET INVESTMENT INCOME		79,293,028			4,651,199			4,258,544			7,971,526
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS, NET OF DEFERRED TAXES:
Net realized gains/(loss) on:
Investments		(11,307,327	)		(15,880,580	)		2,035,118			4,646,927
Futures contracts		(14,744,788	)		(109,377,253	)		—			—
Swap agreements		5,597,960			(52,049,795	)		—			—
Written options and structured options		(28,357,552	)		34,763,109			—			—
Foreign currency transactions		4,603,095			64,370			—			—
Net change in unrealized appreciation/(depreciation) on:
Investments		77,735,830			(67,424,521	)		1,521,438			19,528,792
Securities sold short		5,024,245			—			—			—
Futures contracts		4,652,253			5,732,213			—			—
Swap agreements		14,024,525			23,147,789			—			—
Written options and structured options		30,312,740			(37,339,957	)		—			—
Foreign currency transactions		14,201,211			(31,544	)		—			—
Deferred taxes on unrealized appreciation		20,775			—			—			—
Net realized and change in unrealized gain on investments, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes		101,762,967			(218,396,169	)		3,556,556			24,175,719
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	181,055,995		$	(213,744,970	)	$	7,815,100		$	32,147,245

See Notes to Financial Statements.

79

Old Westbury Funds, Inc.

Statements of Changes in Net Assets

	LARGE CAP CORE FUND
	FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011
	(Unaudited)
FROM OPERATIONS:
Net investment income	$	2,364,550		$	2,518,101
Net realized gain/(loss) on investments and foreign currency transactions		6,565,364			5,388,005
Net change in unrealized appreciation/depreciation on investments, foreign currency transactions and deferred taxes		(1,410,508	)		(21,691,100	)
Net increase/(decrease) in net assets resulting from operations		7,519,406			(13,784,994	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,799,045	)		(2,650,890	)
Capital gains		—			—
Net decrease in net assets from distributions		(1,799,045	)		(2,650,890	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		172,435,061			136,227,340
Reinvestment of distributions		527,507			11,999
Value of capital stock redeemed		(140,291,449	)		(142,436,779	)
Net increase/(decrease) in net assets resulting from capital stock transactions		32,671,119			(6,197,440	)
Net increase/(decrease) in net assets		38,391,480			(22,633,324	)
NET ASSETS:
Beginning of period		511,285,607			533,918,931
End of period	$	549,677,087		$	511,285,607
Undistributed net investment income	$	2,332,479		$	1,766,974
CAPITAL SHARE TRANSACTIONS:
Shares sold		15,595,600			11,047,439
Shares issued as reinvestment of distributions		48,798			998
Shares redeemed		(12,582,756	)		(11,598,012	)
Net increase/(decrease) in shares outstanding		3,061,642			(549,575	)

See Notes to Financial Statements.

80

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	LARGE CAP STRATEGIES FUND						GLOBAL SMALL & MID CAP FUND
	FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011			FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011
	(Unaudited)						(Unaudited)
FROM OPERATIONS:
Net investment income	$	10,689,291		$	35,591,558		$	14,827,453		$	29,622,200
Net realized gain/(loss) on investments and foreign currency transactions		8,623,762			(12,186,303	)		216,661,200			235,253,030
Net change in unrealized appreciation/depreciation on investments, foreign currency transactions and deferred taxes		244,375,763			(286,189,442	)		184,547,397			(250,270,246	)
Net increase/(decrease) in net assets resulting from operations		263,688,816			(262,784,187	)		416,036,050			14,604,984
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(39,492,778	)		(21,321,272	)		(31,191,443	)		(21,620,724	)
Capital gains		—			—			(134,937,533	)		(178,765,153	)
Net decrease in net assets from distributions		(39,492,778	)		(21,321,272	)		(166,128,976	)		(200,385,877	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		1,362,073,207			496,893,778			429,108,690			1,047,395,949
Reinvestment of distributions		948,385			6,776,181			85,524,847			152,777,602
Value of capital stock redeemed		(531,555,163	)		(373,647,320	)		(473,272,420	)		(424,680,175	)
Net increase/(decrease) in net assets resulting from capital stock transactions		831,466,429			130,022,639			41,361,117			775,493,376
Net increase/(decrease) in net assets		1,055,662,467			(154,082,820	)		291,268,191			589,712,483
NET ASSETS:
Beginning of period		2,444,714,386			2,598,797,206			4,737,627,001			4,147,914,518
End of period	$	3,500,376,853		$	2,444,714,386		$	5,028,895,192		$	4,737,627,001
Undistributed net investment income	$	7,085,815		$	35,889,302		$	8,758,444		$	25,122,434
CAPITAL SHARE TRANSACTIONS:
Shares sold		148,034,664			46,378,774			29,351,747			67,324,885
Shares issued as reinvestment of distributions		108,895			659,161			6,503,791			9,961,479
Shares redeemed		(58,483,013	)		(36,044,433	)		(33,230,180	)		(27,686,743	)
Net increase/(decrease) in shares outstanding		89,660,546			10,993,502			2,625,358			49,599,621

See Notes to Financial Statements.

81

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	GLOBAL OPPORTUNITIES FUND						REAL RETURN FUNDa
	FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011			FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011
	(Unaudited)						(Unaudited)
FROM OPERATIONS:
Net investment income	$	79,293,028		$	180,079,214		$	4,651,199		$	(906,675	)
Net realized gain/(loss) on investments, swap agreements, futures contracts, written options and foreign currency transactions		(44,208,612	)		169,596,111			(142,480,149	)		147,559,774
Net change in unrealized appreciation/depreciation on investments, securities sold short, futures contracts, written options, swap agreements, foreign currency transactions and deferred taxes		145,971,579			(485,946,030	)		(75,916,020	)		(100,488,335	)
Net increase/(decrease) in net assets resulting from operations		181,055,995			(136,270,705	)		(213,744,970	)		46,164,764
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(175,409,743	)		(310,722,188	)		(6,986,284	)		(144,425,734	)
Capital gains		—			—			—			—
Net decrease in net assets from distributions		(175,409,743	)		(310,722,188	)		(6,986,284	)		(144,425,734	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		1,403,996,234			1,080,451,392			499,440,270			978,647,657
Reinvestment of distributions		40,749,372			87,622,356			1,706,123			81,578,459
Value of capital stock redeemed		(595,581,158	)		(370,452,158	)		(432,978,018	)		(187,028,014	)
Net increase in net assets resulting from capital stock transactions		849,164,448			797,621,590			68,168,375			873,198,102
Net increase/(decrease) in net assets		854,810,700			350,628,697			(152,562,879	)		774,937,132
NET ASSETS:
Beginning of period		4,383,993,699			4,033,365,002			2,747,871,024			1,972,933,892
End of period	$	5,238,804,399		$	4,383,993,699		$	2,595,308,145		$	2,747,871,024
Undistributed (distributions in excess of) net investment income	$	55,312,230		$	151,428,945		$	(119,692,762	)	$	(117,357,677	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		195,393,209			137,308,802			51,480,665			90,389,969
Shares issued as reinvestment of distributions		6,054,884			11,392,046			187,486			7,816,001
Shares redeemed		(86,399,398	)		(47,731,550	)		(45,753,627	)		(17,480,117	)
Net increase in shares outstanding		115,048,695			100,969,298			5,914,524			80,725,853

^a Consolidated Statements of Changes in Net Assets.

See Notes to Financial Statements.

82

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	FIXED INCOME FUND						MUNICIPAL BOND FUND
	FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011			FOR THE PERIOD ENDED APRIL 30, 2012			FOR THE YEAR ENDED OCTOBER 31, 2011
	(Unaudited)						(Unaudited)
FROM OPERATIONS:
Net investment income	$	4,258,544		$	10,014,495		$	7,971,526		$	15,165,517
Net realized gain/(loss) on investments, swap agreements, futures contracts, written options and foreign currency transactions		2,035,118			11,073,788			4,646,927			2,446,100
Net change in unrealized appreciation/depreciation on investments, securities sold short, futures contracts, written options, swap agreements, foreign currency transactions and deferred taxes		1,521,438			(12,680,080	)		19,528,792			(9,801,206	)
Net increase/(decrease) in net assets resulting from operations		7,815,100			8,408,203			32,147,245			7,810,411
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(5,857,377	)		(12,002,014	)		(8,150,474	)		(15,677,084	)
Capital gains		(9,905,390	)		(1,226,051	)		(2,446,002	)		(3,840,133	)
Net decrease in net assets from distributions		(15,762,767	)		(13,228,065	)		(10,596,476	)		(19,517,217	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock		66,962,706			125,495,312			183,935,129			355,466,566
Reinvestment of distributions		8,113,573			3,610,927			2,854,298			2,451,894
Value of capital stock redeemed		(52,332,537	)		(94,666,337	)		(112,414,500	)		(197,641,602	)
Net increase in net assets resulting from capital stock transactions		22,743,742			34,439,902			74,374,927			160,276,858
Net increase/(decrease) in net assets		14,796,075			29,620,040			95,925,696			148,570,052
NET ASSETS:
Beginning of period		457,065,244			427,445,204			936,055,830			787,485,778
End of period	$	471,861,319		$	457,065,244		$	1,031,981,526		$	936,055,830
Undistributed (distributions in excess of) net investment income	$	(576,636	)	$	1,022,197		$	1,185,196		$	1,364,144
CAPITAL SHARE TRANSACTIONS:
Shares sold		5,784,127			10,758,730			15,091,482			30,268,723
Shares issued as reinvestment of distributions		707,129			308,423			235,947			206,547
Shares redeemed		(4,505,073	)		(8,128,034	)		(9,236,939	)		(16,794,700	)
Net increase in shares outstanding		1,986,183			2,939,119			6,090,490			13,680,570

See Notes to Financial Statements.

83

Old Westbury Funds, Inc.

Large Cap Core Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)				YEAR ENDED OCTOBER 31,
					2011			2010			2009			2008			2007
Net asset value, beginning of period		$	11.13		$	11.48		$	10.67		$	9.99		$	15.89		$	13.83
Investment operations:
Net investment income			0.05	a		0.06	a		0.05	a		0.07	a		0.09			0.07
Net realized and unrealized gains/(losses) on investments			0.07			(0.35	)		0.79			0.65			(5.18	)		2.05
Total from investment operations			0.12			(0.29	)		0.84			0.72			(5.09	)		2.12
Distributions:
Net investment income			(0.04	)		(0.06	)		(0.03	)		(0.04	)		(0.09	)		(0.06	)
Net realized gains			—			—			—			—			(0.72	)		—
Total distributions			(0.04	)		(0.06	)		(0.03	)		(0.04	)		(0.81	)		(0.06	)
Net asset value, end of period		$	11.21		$	11.13		$	11.48		$	10.67		$	9.99		$	15.89
Total return			1.1	%b		(2.6	)%		7.9	%		7.3	%		(33.6	)%		15.4	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	549,677		$	511,286		$	533,919		$	417,298		$	337,109		$	489,157
Ratio of expenses to average net assets before expense waivers			1.00	%c		1.00	%d		1.01	%		1.03	%		1.03	%		1.04	%
Ratio of expenses to average net assets after expense waivers			1.00	%c		1.00	%		1.00	%		1.00	%		1.00	%		1.01	%
Ratio of net investment income to average net assets			0.86	%c		0.46	%		0.41	%		0.75	%		0.63	%		0.48	%
Portfolio turnover rate			76	%b		72	%		64	%		68	%		95	%		43	%

a	Calculated using the average shares method for the period.
b	Not Annualized.
c	Annualized.
d	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

84

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)				YEAR ENDED OCTOBER 31,
					2011			2010			2009			2008			2007
Net asset value, beginning of period		$	9.12		$	10.11		$	8.95		$	7.96		$	15.04		$	13.59
Investment operations:
Net investment income			0.03	a		0.13	a		0.09	a		0.11	a		0.19	a		0.17
Net realized and unrealized gains/(losses) on investments and foreign currency transactions			0.79			(1.04	)		1.20			1.08			(5.69	)		2.24
Total from investment operations			0.82			(0.91	)		1.29			1.19			(5.50	)		2.41
Distributions:
Net investment income			(0.15	)		(0.08	)		(0.13	)		(0.20	)		(0.17	)		(0.17	)
Net realized gains			—			—			—			—			(1.41	)		(0.79	)
Total distributions			(0.15	)		(0.08	)		(0.13	)		(0.20	)		(1.58	)		(0.96	)
Net asset value, end of period		$	9.79		$	9.12		$	10.11		$	8.95		$	7.96		$	15.04
Total return			9.1	%b		(9.1	)%		14.6	%		15.5	%		(40.5	)%		18.5	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	3,500,377		$	2,444,714		$	2,598,797		$	2,044,236		$	1,699,942		$	2,173,900
Ratio of expenses to average net assets before expense waivers			1.17	%c		1.08	%		1.09	%		1.11	%		1.11	%		1.11	%d
Ratio of expenses to average net assets after expense waivers			1.14	%c		1.05	%		1.05	%		1.05	%		1.10	%		1.11	%
Ratio of net investment income to average net assets			0.73	%c		1.29	%		1.02	%		1.36	%		1.72	%		1.15	%
Portfolio turnover rate			47	%b		158	%e		64	%		86	%		66	%		44	%

a	Calculated using the average shares method for the period.
b	Not Annualized.
c	Annualized.
d	There were no voluntary fee reductions during the period.
e	The significant increase in rate is due to repositioning in October 2011 to reflect change in investment strategy.

See Notes to Financial Statements.

85

Old Westbury Funds, Inc.

Global Small & Mid Cap Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)				YEAR ENDED OCTOBER 31,
					2011			2010			2009			2008			2007
Net asset value, beginning of period		$	14.34		$	14.78		$	12.05		$	9.83		$	15.45		$	12.94
Investment operations:
Net investment income			0.04	a		0.09	a		0.04	a		0.02	a		0.08	a		0.09
Net realized and unrealized gains/(losses) on investments, foreign currency transactions and deferred taxes			1.23			0.14			2.79			2.23			(4.53	)		2.93
Total from investment operations			1.27			0.23			2.83			2.25			(4.45	)		3.02
Distributions:
Net investment income			(0.10	)		(0.08	)		(0.10	)		(0.03	)		(0.07	)		(0.11	)
Net realized gains			(0.41	)		(0.59	)		—			—			(1.10	)		(0.40	)
Total distributions			(0.51	)		(0.67	)		(0.10	)		(0.03	)		(1.17	)		(0.51	)
Net asset value, end of period		$	15.10		$	14.34		$	14.78		$	12.05		$	9.83		$	15.45
Total return			9.4	%b		1.30	%		23.7	%		22.9	%		(30.4	)%		24.1	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	5,028,895		$	4,737,627		$	4,147,915		$	3,219,533		$	2,941,943		$	906,621
Ratio of expenses to average net assets before expense waivers			1.17	%c		1.18	%d		1.14	%d		1.11	%d		1.12	%		1.13	%e
Ratio of expenses to average net assets after expense waivers and excluding interest
expense			1.11	%c		1.11	%		1.11	%		1.11	%		1.11	%		1.13	%
Ratio of net investment income to average net assets			0.63	%c		0.62	%		0.34	%		0.21	%		0.66	%		0.62	%
Portfolio turnover rate			14	%b		37	%		39	%		30	%		36	%		35	%

a	Calculated using the average shares method for the period.
b	Not Annualized.
c	Annualized.
d	When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense back to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expense ratio.
e	There were no voluntary fee reductions during the period.

See Notes to Financial Statements.

86

Old Westbury Funds, Inc.

Global Opportunities Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)				YEAR ENDED OCTOBER 31,									PERIOD ENDED 10/31/08a
					2011			2010			2009
Net asset value, beginning of period		$	7.23		$	7.99		$	6.98		$	6.58		$	10.00
Investment operations:
Net investment income			0.13	b		0.32	b		0.40	b		0.30	b		0.16	b
Net realized and unrealized gains/(losses) on investments, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes			0.20			(0.48	)		0.78			0.65			(3.56	)
Total from investment operations			0.33			(0.16	)		1.18			0.95			(3.40	)
Distributions:
Net investment income			(0.29	)		(0.60	)		(0.17	)		(0.55	)		(0.02	)
Total distributions			(0.29	)		(0.60	)		(0.17	)		(0.55	)		(0.02	)
Net asset value, end of period		$	7.27		$	7.23		$	7.99		$	6.98		$	6.58
Total return			5.0	%c		(2.4	)%		17.2	%		16.3	%		(34.0	)%c
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	5,238,804		$	4,383,994		$	4,033,365		$	3,017,633		$	1,168,551
Ratio of expenses to average net assets before expense waivers			1.35	%d,e		1.36	%e		1.30	%e		1.33	%e		1.36	%d
Ratio of expenses to average net assets after expense waivers and excluding interest expense			1.20	%d		1.20	%		1.20	%		1.22	%		1.35	%d
Ratio of net investment income to average net assets			3.57	%d		4.07	%		5.46	%		4.70	%		1.98	%d
Portfolio turnover rate			49	%c		84	%		62	%		111	%		145	%c

a	For the period from November 28, 2007 (commencement of operations) to October 31, 2008.
b	Calculated using the average shares method for the period.
c	Not Annualized.
d	Annualized.
e	When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense back to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expense ratio.

See Notes to Financial Statements.

87

Old Westbury Funds, Inc.

Real Return Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)a				YEAR ENDED OCTOBER 31,
					2011a			2010a			2009a			2008			2007
Net asset value, beginning of period		$	10.23		$	10.50		$	9.52		$	8.34		$	13.73		$	11.68
Investment operations:
Net investment income			0.02	b		0.00	b,c		0.02	b		0.00	b,c		0.21	b		0.24
Net realized and unrealized gains/(losses) on investments, futures contracts, swap agreements, written options and foreign currency transactions			(0.77	)		0.42			1.05			1.39			(4.50	)		3.00
Total from investment operations			(0.75	)		0.42			1.07			1.39			(4.29	)		3.24
Distributions:
Net investment income			(0.03	)		(0.69	)		(0.09	)		(0.21	)		(0.11	)		(0.29	)
Net realized gains			—			—			—			—			(0.99	)		(0.90	)
Total distributions			(0.03	)		(0.69	)		(0.09	)		(0.21	)		(1.10	)		(1.19	)
Net asset value, end of period		$	9.45		$	10.23		$	10.50		$	9.52		$	8.34		$	13.73
Total return			(7.4	)%d		3.9	%		11.3	%		17.1	%		(34.2	)%		29.8	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	2,595,308		$	2,747,871		$	1,972,934		$	1,605,227		$	1,371,944		$	1,796,484
Ratio of expenses to average net assets before expense waivers			1.16	%e,f		1.15	%f		1.10	%f		1.10	%f		1.25	%f		1.25	%f
Ratio of expenses to average net assets after expense waivers and excluding interest expense			1.10	%e		1.10	%		1.08	%		1.10	%		1.08	%		1.09	%
Ratio of net investment income to average net assets			0.37	%e		(0.03	)%		0.18	%		0.00	%g		1.54	%		1.97	%
Portfolio turnover rate			26	%d		109	%		64	%		75	%		88	%		36	%

a	Consolidated Financial Highlights.
b	Calculated using the average shares method for the period.
c	Less than $0.01 or $(0.01) per share.
d	Not Annualized.
e	Annualized.
f	When counterparties post cash collateral with respect to various swap transactions, the Fund invests the collateral and receives interest income and pays interest expense back to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expense ratio.
g	Less than 0.01%.

See Notes to Financial Statements.

88

Old Westbury Funds, Inc.

Fixed Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)				YEAR ENDED OCTOBER 31,
					2011			2010			2009			2008			2007
Net asset value, beginning of period		$	11.80		$	11.94		$	11.77		$	11.08		$	10.88		$	10.79
Investment operations:
Net investment income			0.11	a		0.27	a		0.31	a		0.38	a		0.44			0.42
Net realized and unrealized gains/(losses) on investments			0.09			(0.06	)		0.45			0.83			0.22			0.14
Total from investment operations			0.20			0.21			0.76			1.21			0.66			0.56
Distributions:
Net investment income			(0.15	)		(0.32	)		(0.48	)		(0.39	)		(0.44	)		(0.47	)
Net realized gains			(0.26	)		(0.03	)		(0.11	)		(0.13	)		(0.02	)		—
Total distributions			(0.41	)		(0.35	)		(0.59	)		(0.52	)		(0.46	)		(0.47	)
Net asset value, end of period		$	11.59		$	11.80		$	11.94		$	11.77		$	11.08		$	10.88
Total return			1.7	%b		1.9	%		6.7	%		11.1	%		6.2	%		5.4	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	471,861		$	457,065		$	427,445		$	306,888		$	171,444		$	139,005
Ratio of expenses to average net assets before expense waivers			0.76	%c		0.76	%		0.78	%		0.80	%		0.82	%		0.84	%
Ratio of expenses to average net assets after expense waivers			0.66	%c		0.66	%		0.68	%		0.70	%		0.70	%		0.73	%
Ratio of net investment income to average net assets			1.86	%c		2.29	%		2.63	%		3.31	%		3.92	%		4.22	%
Portfolio turnover rate			19	%b		76	%		26	%		37	%		36	%		59	%

a	Calculated using the average shares method for the period.
b	Not Annualized.
c	Annualized.

See Notes to Financial Statements.

89

Old Westbury Funds, Inc.

Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS ENDED APRIL 30, 2012 (Unaudited)				YEAR ENDED OCTOBER 31,
					2011			2010			2009			2008			2007
Net asset value, beginning of period		$	11.96		$	12.19		$	11.76		$	10.82		$	11.21		$	11.27
Investment operations:
Net investment income			0.10	a		0.21	a		0.37	a		0.37	a		0.37	a		0.35
Net realized and unrealized gains/(losses) on investments			0.30			(0.16	)		0.49			0.91			(0.41	)		(0.04	)
Total from investment operations			0.40			0.05			0.86			1.28			(0.04	)		0.31
Distributions:
Net investment income			(0.10	)		(0.22	)		(0.43	)		(0.34	)		(0.35	)		(0.37	)
Net realized gains			(0.03	)		(0.06	)		—			—			—			—
Total distributions			(0.13	)		(0.28	)		(0.43	)		(0.34	)		(0.35	)		(0.37	)
Net asset value, end of period		$	12.23		$	11.96		$	12.19		$	11.76		$	10.82		$	11.21
Total return			3.4	%b		0.5	%		7.4	%		12.1	%		(0.5	)%		2.8	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	1,031,982		$	936,056		$	787,486		$	527,042		$	226,504		$	165,505
Ratio of expenses to average net assets before expense waivers			0.73	%c		0.73	%		0.76	%		0.79	%		0.81	%		0.84	%
Ratio of expenses to average net assets after expense waivers			0.63	%c		0.63	%		0.66	%		0.69	%		0.70	%		0.74	%
Ratio of net investment income to average net assets			1.63	%c		1.79	%		3.09	%		3.21	%		3.32	%		3.32	%
Portfolio turnover rate			12	%b		64	%		20	%		10	%		47	%		50	%

a	Calculated using the average shares method for the period.
b	Not Annualized.
c	Annualized.

See Notes to Financial Statements.

90

Old Westbury Funds, Inc.
Notes To Financial Statements
	April 30, 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 April 30, 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 (formerly U.S. Large Cap Fund) (“Large Cap Core Fund”)	Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) (“Large Cap Strategies Fund”)	Long-term capital appreciation.
Old Westbury Global Small & Mid Cap Fund (“Global Small Mid Cap Fund”)	Long-term capital appreciation.
Old Westbury Global Opportunities Fund (“Global Opportunities Fund”)	Long-term capital appreciation.
Old Westbury Real Return Fund (“Real Return Fund”)	Real capital appreciation in inflationary environments.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)	Total return (consisting of current income and capital appreciation).
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)	Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).

The Corporation has authorized a total of 20 billion shares of common stock (par value $0.001 per share).

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 Subsidiary commenced operations on November 7, 2008. The Real Return Fund commenced reporting on a consolidated basis as of such commencement date in accordance with the accounting rules relating to reporting of a wholly-owned subsidiary. 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 April 30, 2012, the Subsidiary represented $312,134,612 or 12.03% 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

91

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)	April 30, 2012 (Unaudited)

that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants 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. 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 Funds’ investment adviser, Bessemer Investment Management LLC (“BIM”). 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 BIM where appropriate. The Pricing Committee of the Corporation 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

92

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)	April 30, 2012 (Unaudited)

are categorized as Level 1 in the hierarchy. The Funds utilized third party pricing services to fair value certain markets 18 days during the six months ended April 30, 2012. As a result on days when the index change exceeds predetermined levels, certain 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. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first net asset value calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined on the identified cost method. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date except certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis for each of the Funds and includes where applicable, the amortization of premiums and accretion of discounts.

C. 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.

D. 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.

E. 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 BIM. The Real Return Fund does not currently intend to invest more than 5% of its total assets in Collectibles. As of April 30, 2012, the Real Return Fund held $47,288,523 or 1.82% of net assets, in Collectibles.

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F. 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.

G. 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.

H. 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.

I. 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.

J. 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.

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K. 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 BIM 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.

L. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Fixed Income Fund and Municipal Bond Fund and at least annually for the Large Cap Core Fund, Large Cap Strategies Fund, Global Small & Mid Cap Fund, Global Opportunities Fund and Real Return Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

M. Expenses. Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

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/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. 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 April 30, 2012, all derivatives in a net liability position are fully collateralized.

When counterparties post cash collateral with respect to various derivative transactions, a Fund invests the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income

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is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses and expense ratio in the Financial Highlights.

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 April 30, 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	$	—		Unrealized depreciation on foreign currency exchange contracts	$	511,627
Total			$	—			$	511,627
Global Opportunities Fund	Statements of Assets and Liabilities Location		Value		Statements of Assets and Liabilities Location		Value
Equity contracts		Unrealized appreciation on swaps	$	23,678,721		Unrealized depreciation on swaps	$	11,558,440
		Structured option contracts, at value		3,559,967		Written option and structured option contracts, at value		85,427,169
						Variation Margin		6,400
Foreign currency exchange contracts		Unrealized appreciation on foreign currency exchange contracts		19,511,848		Unrealized depreciation on foreign currency exchange contracts		28,150,867
Total			$	46,750,536			$	125,142,876
Real Return Fund	Statements of Assets and Liabilities Location		Value		Statements of Assets and Liabilities Location		Value
Commodity contracts		Unrealized appreciation on swaps	$	13,231,938		Unrealized depreciation on swaps	$	4,607,141
		Investments, at value (purchased options)		5,800,000		Written option contracts, at value		49,507,400
		Variation Margin		3,242,000
Foreign currency exchange contracts		Unrealized appreciation on foreign currency exchange contracts		890,880		Unrealized depreciation on foreign currency exchange contracts		825,299
Total			$	23,164,818			$	54,939,840

	The Effect of Derivative Instruments on the Statements of Operations
	Six Months Ended April 30, 2012
	Net Realized Gain (Loss) from Derivatives Recognized in Income
Large Cap Strategies Fund	Options			Futures Contracts			Swaps		Foreign Currency Exchange Contracts			Total
Foreign Currency Exchange Contracts	$	—		$	—		$	—	$	(825,874	)	$	(825,874	)
Equity Contracts		—			(12,698,160	)		—		—			(12,698,160	)
Total	$	—		$	(12,698,160	)	$	—	$	(825,874	)	$	(13,524,034	)
Global Small & Mid Cap Fund	Options			Futures Contracts			Swaps		Foreign Currency Exchange Contracts			Total
Foreign Currency Exchange Contracts	$	—		$	—		$	—	$	(1,581,965	)	$	(1,581,965	)
Total	$	—		$	—		$	—	$	(1,581,965	)	$	(1,581,965	)
Global Opportunities Fund	Options			Futures Contracts			Swaps		Foreign Currency Exchange Contracts			Total
Commodity Contracts	$	—		$	2,266,280		$	—	$	—		$	2,266,280
Interest Rate Contracts		—			(490,491	)		—		—			(490,491	)
Equity Contracts		(28,357,552	)		(16,520,577	)		5,597,960		—			(39,280,169	)
Foreign Currency Exchange Contracts		—			—			—		4,603,095			4,603,095
Total	$	(28,357,552	)	$	(14,744,788	)	$	5,597,960	$	4,603,095		$	(32,901,285	)

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Real Return Fund	Options			Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Commodity Contracts	$	34,763,109		$	(109,377,253	)	$	(52,049,795	)	$	—		$	(126,663,939	)
Foreign Currency Exchange Contracts		—			—			—			64,370			64,370
Total	$	34,763,109		$	(109,377,253	)	$	(52,049,795	)	$	64,370		$	(126,599,569	)
	Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Large Cap Strategies Fund	Options			Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Foreign Currency Exchange Contracts	$	—		$	—		$	—		$	(9,802,650	)	$	(9,802,650	)
Total	$	—		$	—		$	—		$	(9,802,650	)	$	(9,802,650	)
Global Small & Mid Cap Fund	Options			Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Foreign Currency Exchange Contracts	$	—		$	—		$	—		$	618,892		$	618,892
Total	$	—		$	—		$	—		$	618,892		$	618,892
Global Opportunities Fund	Options			Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Commodity Contracts	$	—		$	(896,010	)	$	—		$	—		$	(896,010	)
Interest Rate Contracts		—			179,435			—			—			179,435
Equity Contracts		30,312,740			5,368,828			14,024,525			—			49,706,093
Foreign Currency Exchange Contracts		—			—			—			14,201,211			14,201,211
Total	$	30,312,740		$	4,652,253		$	14,024,525		$	14,201,211		$	63,190,729
Real Return Fund	Options			Futures Contracts			Swaps			Foreign Currency Exchange Contracts			Total
Commodity Contracts	$	(57,549,771	)	$	5,732,213		$	23,147,789		$	—		$	(28,669,769	)
Foreign Currency Exchange Contracts		—			—			—			(31,544	)		(31,544	)
Total	$	(57,549,771	)	$	5,732,213		$	23,147,789		$	(31,544	)	$	(28,701,313	)

For the six months ended April 30, 2012 the quarterly average volume of derivative activities were as follows:

	Global Small & Mid Cap Fund		Global Opportunities Fund		Real Return Fund
Purchased Options (Cost $)	$	—	$	—	$	58,032,922
Written Options (Premium Received $)		—		65,506,263		11,837,000
Structured Options (Number of Units)		—		1,820,990		—
Structured Options (Notional Amounts)		—		735,031,072		—
Futures Long Position (Notional Amounts)		—		1,082,575		850,707,085
Futures Short Position (Notional Amounts)		—		63,635,375		627,308,400
Forward Currency Contracts Purchased (U.S. Dollar Amounts)		23,108,307		1,520,524,032		20,947,569
Forward Currency Contracts Sold (U.S. Dollar Amounts)		24,136,078		1,841,323,021		21,013,150
Equity Swaps (Notional Amount in U.S. Dollars)		—		16,275,891		—
Index Swaps as buyer (Notional Amount in U.S. Dollars)		—		—		177,656,966
Index Swaps as writer (Notional Amount in U.S. Dollars)		—		—		154,359,817

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

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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.

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 April 30, 2012, the Global Small & Mid Cap Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Norway Krones	43,591,200	U.S. Dollar	7,621,106	Barclays Bank Plc	06/08/12	$	(16,181	)
U.S. Dollar	18,063,372	Australian Dollar	17,635,500	Citibank, N.A.	07/31/12		(136,820	)
U.S. Dollar	10,541,413	New Zealand Dollar	13,048,500	Citibank, N.A.	07/31/12		(89,297	)
Brazil Real	5,030,181	U.S. Dollar	2,891,241	UBS AG	06/01/12		(269,329	)
						$	(511,627	)
As of April 30, 2012, the Global Opportunities Fund had the following open Forwards:
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Euro	69,429,407	U.S. Dollar	91,882,882	Barclays Bank Plc	05/03/12	$	21,698
Singapore Dollar	2,828,520	U.S. Dollar	2,264,972	Barclays Bank Plc	05/03/12		20,707
Chinese Yuan	189,030,000	U.S. Dollar	30,000,000	Barclays Bank Plc	05/04/12		85,262
U.S. Dollar	230,801	Euro	157,000	Barclays Bank Plc	05/07/12		22,975
Norway Krones	7,600,000	U.S. Dollar	1,306,515	Barclays Bank Plc	05/09/12		20,982
Swedish Krona	164,370,000	U.S. Dollar	24,448,998	Barclays Bank Plc	05/09/12		(3,328	)
Mexican Peso	63,915,000	U.S. Dollar	5,000,000	Barclays Bank Plc	05/10/12		(98,280	)
Singapore Dollar	6,231,500	U.S. Dollar	5,000,000	Barclays Bank Plc	05/10/12		35,602
Euro	7,392,786	U.S. Dollar	9,811,300	Barclays Bank Plc	05/16/12		(24,871	)
U.S. Dollar	10,294,747	Singapore Dollar	13,000,000	Barclays Bank Plc	05/16/12		(210,461	)
Canadian Dollar	3,575,345	U.S. Dollar	3,583,193	Barclays Bank Plc	05/17/12		34,779
U.S. Dollar	33,825,601	Euro	25,821,858	Barclays Bank Plc	05/17/12		(357,018	)
Norway Krones	160,325,000	U.S. Dollar	27,752,053	Barclays Bank Plc	05/18/12		241,728
Norway Krones	7,600,000	U.S. Dollar	1,315,550	Barclays Bank Plc	05/18/12		11,459
Chinese Yuan	63,925,000	U.S. Dollar	10,000,000	Barclays Bank Plc	05/25/12		154,535
Singapore Dollar	24,660,000	U.S. Dollar	19,678,018	Barclays Bank Plc	06/01/12		249,915
Mexican Peso	204,000,000	U.S. Dollar	15,860,921	Barclays Bank Plc	06/04/12		(254,618	)
Indonesian Rupiah	101,200,000,000	U.S. Dollar	11,052,862	Barclays Bank Plc	06/06/12		(79,381	)

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	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
United Kingdom Pound	114,208	U.S. Dollar	181,979	Barclays Bank Plc	06/06/12	$	3,323
U.S. Dollar	28,848,224	South African Rand	223,542,000	Barclays Bank Plc	06/08/12		261,249
Chinese Yuan	63,880,000	U.S. Dollar	10,000,000	Barclays Bank Plc	06/13/12		135,445
United Kingdom Pound	452,671	U.S. Dollar	714,315	Barclays Bank Plc	06/13/12		20,115
United Kingdom Pound	625,997	U.S. Dollar	987,823	Barclays Bank Plc	06/13/12		27,817
Malaysian Ringgit	15,335,000	U.S. Dollar	5,000,000	Barclays Bank Plc	06/19/12		51,330
Chinese Yuan	127,670,000	U.S. Dollar	20,000,000	Barclays Bank Plc	06/25/12		242,478
United Kingdom Pound	3,582,059	U.S. Dollar	5,668,608	Barclays Bank Plc	06/28/12		142,583
Chinese Yuan	127,560,000	U.S. Dollar	20,000,000	Barclays Bank Plc	07/05/12		215,852
U.S. Dollar	23,948,588	Euro	17,973,348	Barclays Bank Plc	07/05/12		149,322
Chinese Yuan	127,800,000	U.S. Dollar	20,000,000	Barclays Bank Plc	07/09/12		250,892
Singapore Dollar	25,560,000	U.S. Dollar	20,302,149	Barclays Bank Plc	07/09/12		356,102
Swedish Krona	170,610,000	U.S. Dollar	25,343,137	Barclays Bank Plc	07/10/12		(32,170	)
Norway Krones	31,660,000	U.S. Dollar	5,448,147	Barclays Bank Plc	07/11/12		68,085
Mexican Peso	200,692,500	U.S. Dollar	15,159,990	Barclays Bank Plc	07/13/12		141,091
Singapore Dollar	19,060,500	U.S. Dollar	15,146,735	Barclays Bank Plc	07/13/12		258,936
South African Rand	40,451,500	U.S. Dollar	5,000,000	Barclays Bank Plc	07/13/12		147,005
U.S. Dollar	14,245,971	Euro	10,857,795	Barclays Bank Plc	07/13/12		(132,281	)
Chinese Yuan	64,040,000	U.S. Dollar	10,000,000	Barclays Bank Plc	07/16/12		145,005
U.S. Dollar	1,200,743	Euro	857,000	Barclays Bank Plc	07/19/12		65,816
Malaysian Ringgit	30,780,000	U.S. Dollar	9,989,290	Barclays Bank Plc	07/20/12		132,378
Norway Krones	82,801,590	U.S. Dollar	14,365,549	Barclays Bank Plc	07/23/12		54,227
Norway Krones	59,151,920	U.S. Dollar	10,251,455	Barclays Bank Plc	07/23/12		49,766
Russian Ruble	297,500,000	U.S. Dollar	10,000,000	Barclays Bank Plc	07/25/12		(3,847	)
U.S. Dollar	91,927,323	Euro	69,429,407	Barclays Bank Plc	07/31/12		(28,088	)
U.S. Dollar	69,060	Euro	48,730	Barclays Bank Plc	08/01/12		4,519
U.S. Dollar	69,663	Euro	48,862	Barclays Bank Plc	08/02/12		4,946
U.S. Dollar	857,885	Euro	603,889	Barclays Bank Plc	08/06/12		58,014
Australian Dollar	569,000	Japanese Yen	46,185,730	Barclays Bank Plc	08/09/12		7,620
Singapore Dollar	1,151,000	U.S. Dollar	914,218	Barclays Bank Plc	08/17/12		16,383
U.S. Dollar	3,466,077	Euro	2,418,000	Barclays Bank Plc	08/20/12		262,866
U.S. Dollar	2,324,440	Euro	1,612,000	Barclays Bank Plc	08/20/12		188,965
U.S. Dollar	964,364	Japanese Yen	73,417,000	Barclays Bank Plc	08/22/12		43,638
U.S. Dollar	315,707	Euro	219,546	Barclays Bank Plc	08/23/12		24,857
U.S. Dollar	528,167	Euro	368,163	Barclays Bank Plc	08/24/12		40,426
Norway Krones	10,525,000	Euro	1,322,685	Barclays Bank Plc	08/27/12		77,881
U.S. Dollar	369,448	Euro	256,900	Barclays Bank Plc	08/27/12		29,097
U.S. Dollar	342,126	Euro	237,340	Barclays Bank Plc	08/27/12		27,689
U.S. Dollar	1,912,883	Japanese Yen	145,886,000	Barclays Bank Plc	08/27/12		83,178
U.S. Dollar	785,904	Japanese Yen	59,937,000	Barclays Bank Plc	08/27/12		34,173
U.S. Dollar	2,279,528	Japanese Yen	173,700,000	Barclays Bank Plc	08/30/12		100,877
U.S. Dollar	317,835	Euro	226,362	Barclays Bank Plc	09/10/12		17,896
U.S. Dollar	310,478	Euro	222,087	Barclays Bank Plc	09/12/12		16,197
U.S. Dollar	866,000	Euro	633,122	Barclays Bank Plc	09/14/12		27,050
U.S. Dollar	206,240	Euro	148,781	Barclays Bank Plc	09/19/12		9,080
U.S. Dollar	490,361	Euro	360,422	Barclays Bank Plc	09/24/12		12,714
U.S. Dollar	183,599	Euro	133,614	Barclays Bank Plc	10/24/12		6,469
U.S. Dollar	1,415,194	Euro	1,020,033	Barclays Bank Plc	10/25/12		62,933
Norway Krones	16,471,500	Euro	2,106,653	Barclays Bank Plc	10/26/12		64,213
Norway Krones	16,471,500	Euro	2,107,947	Barclays Bank Plc	10/29/12		62,026
U.S. Dollar	448,787	Euro	325,538	Barclays Bank Plc	11/05/12		17,155
U.S. Dollar	202,542	Euro	147,287	Barclays Bank Plc	11/08/12		7,245

99

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	408,582	Japanese Yen	31,518,000	Barclays Bank Plc	11/13/12	$	12,764
U.S. Dollar	612,153	Japanese Yen	47,197,000	Barclays Bank Plc	11/14/12		19,418
U.S. Dollar	251,291	Euro	184,184	Barclays Bank Plc	11/15/12		7,046
U.S. Dollar	69,583	Euro	50,759	Barclays Bank Plc	11/19/12		2,268
U.S. Dollar	2,323,885	Japanese Yen	177,080,000	Barclays Bank Plc	11/19/12		99,747
U.S. Dollar	245,599	Euro	180,987	Barclays Bank Plc	11/21/12		5,573
U.S. Dollar	2,613,824	Japanese Yen	198,912,000	Barclays Bank Plc	11/21/12		115,369
Australian Dollar	1,691,000	U.S. Dollar	1,695,904	Barclays Bank Plc	12/12/12		27,671
U.S. Dollar	770,312	Euro	572,000	Barclays Bank Plc	12/12/12		11,494
Chinese Yuan	128,500,000	U.S. Dollar	20,000,000	Barclays Bank Plc	12/24/12		272,867
U.S. Dollar	689,131	Japanese Yen	52,560,000	Barclays Bank Plc	01/11/13		28,230
Chinese Yuan	252,780,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13		(115,187	)
Chinese Yuan	251,000,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13		(396,044	)
Chinese Yuan	251,980,000	U.S. Dollar	40,000,000	Barclays Bank Plc	01/14/13		(241,415	)
U.S. Dollar	79,984,242	Chinese Yuan	507,580,000	Barclays Bank Plc	01/14/13		(104,109	)
U.S. Dollar	932,566	Japanese Yen	71,290,000	Barclays Bank Plc	01/15/13		36,075
U.S. Dollar	2,402,280	Japanese Yen	185,480,000	Barclays Bank Plc	01/28/13		69,174
U.S. Dollar	3,284,325	Euro	2,475,000	Barclays Bank Plc	02/11/13		(1,897	)
U.S. Dollar	2,805,278	Euro	2,114,000	Barclays Bank Plc	02/11/13		(1,621	)
Chinese Yuan	125,920,000	U.S. Dollar	20,000,000	Barclays Bank Plc	02/12/13		(134,040	)
Chilean Unidad de Fomento	100,700,000	U.S. Dollar	203,147	Barclays Bank Plc	02/13/13		(2,244	)
Singapore Dollar	406,027	U.S. Dollar	327,256	Barclays Bank Plc	02/13/13		1,689
Chilean Unidad de Fomento	174,400,000	U.S. Dollar	351,011	Barclays Bank Plc	03/01/13		(3,647	)
Chilean Unidad de Fomento	87,300,000	U.S. Dollar	174,635	Barclays Bank Plc	03/01/13		(753	)
U.S. Dollar	944,737	Euro	712,203	Barclays Bank Plc	03/07/13		(1,228	)
U.S. Dollar	1,487,202	Euro	1,131,038	Barclays Bank Plc	03/11/13		(15,156	)
U.S. Dollar	12,504,538	Euro	9,527,993	Barclays Bank Plc	03/15/13		(152,221	)
U.S. Dollar	385,501	Euro	290,418	Barclays Bank Plc	03/21/13		(317	)
U.S. Dollar	993,522	Euro	744,351	Barclays Bank Plc	04/05/13		4,446
U.S. Dollar	963,608	Euro	732,670	Barclays Bank Plc	04/19/13		(10,143	)
U.S. Dollar	679,943	Euro	511,890	Barclays Bank Plc	04/30/13		(485	)
Chinese Yuan	62,600,000	U.S. Dollar	10,000,000	Barclays Bank Plc	05/28/13		(135,174	)
Chinese Yuan	188,460,000	U.S. Dollar	30,000,000	Barclays Bank Plc	07/05/13		(316,483	)
U.S. Dollar	29,277,614	Chinese Yuan	188,460,000	Barclays Bank Plc	07/05/13		(405,903	)
Chinese Yuan	126,220,000	U.S. Dollar	20,000,000	Barclays Bank Plc	07/29/13		(125,961	)
Hong Kong Dollar	307,740,000	U.S. Dollar	40,000,000	Barclays Bank Plc	10/28/13		(293,102	)
Hong Kong Dollar	307,196,000	U.S. Dollar	40,000,000	Barclays Bank Plc	10/28/13		(363,293	)
Chinese Yuan	154,612,500	U.S. Dollar	25,000,000	Barclays Bank Plc	03/03/14		(725,242	)
U.S. Dollar	24,128,043	Chinese Yuan	154,612,500	Barclays Bank Plc	03/03/14		(146,715	)
Chinese Yuan	153,487,500	U.S. Dollar	25,000,000	Barclays Bank Plc	03/07/14		(903,145	)
U.S. Dollar	23,974,930	Chinese Yuan	153,487,500	Barclays Bank Plc	03/07/14		(121,925	)
Chinese Yuan	61,515,000	U.S. Dollar	10,000,000	Barclays Bank Plc	04/07/14		(346,375	)
U.S. Dollar	9,398,778	Chinese Yuan	61,515,000	Barclays Bank Plc	04/07/14		(254,848	)
U.S. Dollar	1,245,356	Japanese Yen	100,093,000	Citibank, N.A.	05/10/12		(8,428	)
United Kingdom Pound	920,410	U.S. Dollar	1,467,971	Citibank, N.A.	06/06/12		25,393
U.S. Dollar	720,781	Japanese Yen	55,787,000	Citibank, N.A.	06/15/12		21,752
United Kingdom Pound	653,215	U.S. Dollar	1,022,974	Citibank, N.A.	06/19/12		36,792
Swedish Krona	43,658,433	Euro	4,730,724	Citibank, N.A.	06/25/12		217,011
United Kingdom Pound	1,434,542	U.S. Dollar	2,264,798	Citibank, N.A.	06/26/12		62,492

100

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	33,029,564	Euro	25,153,384	Citibank, N.A.	07/19/12	$	(281,102	)
U.S. Dollar	30,348,132	Euro	23,100,000	Citibank, N.A.	07/23/12		(244,288	)
U.S. Dollar	372,238	Euro	265,136	Citibank, N.A.	08/08/12		21,049
Australian Dollar	569,000	Japanese Yen	46,210,481	Citibank, N.A.	08/09/12		7,309
U.S. Dollar	107,936	Euro	76,711	Citibank, N.A.	08/09/12		6,327
U.S. Dollar	1,931,082	Japanese Yen	146,685,000	Citibank, N.A.	08/23/12		91,471
U.S. Dollar	554,727	Euro	398,462	Citibank, N.A.	10/26/12		26,479
U.S. Dollar	414,210	Japanese Yen	32,085,087	Citibank, N.A.	11/08/12		11,312
U.S. Dollar	344,475	Japanese Yen	26,280,000	Citibank, N.A.	01/10/13		14,032
U.S. Dollar	1,299,370	Euro	999,800	Citibank, N.A.	01/28/13		(27,865	)
U.S. Dollar	3,796,892	Euro	2,903,000	Citibank, N.A.	02/08/13		(57,449	)
Chilean Unidad de Fomento	422,200,000	U.S. Dollar	847,621	Citibank, N.A.	02/25/13		(6,348	)
U.S. Dollar	1,420,405	Euro	1,080,000	Citibank, N.A.	03/08/13		(14,097	)
Polish Zloty	10,400,000	Euro	2,421,702	Citibank, N.A.	03/19/13		(26,965	)
U.S. Dollar	24,203,553	Euro	18,500,000	Citibank, N.A.	03/19/13		(372,817	)
U.S. Dollar	444,877	Euro	338,791	Citibank, N.A.	03/19/13		(5,191	)
U.S. Dollar	3,984,838	Japanese Yen	331,140,000	Citibank, N.A.	03/19/13		(184,916	)
U.S. Dollar	818,489	Euro	620,368	Citibank, N.A.	03/26/13		(5,723	)
Chilean Unidad de Fomento	974,634,000	U.S. Dollar	1,929,968	Citibank, N.A.	04/29/13		(537	)
U.S. Dollar	316,656	Euro	216,000	Credit Suisse International	05/07/12		30,730
Singapore Dollar	3,994,390	U.S. Dollar	3,334,494	Credit Suisse International	08/06/12		(105,347	)
U.S. Dollar	2,315,155	Euro	1,612,000	Credit Suisse International	08/20/12		179,680
U.S. Dollar	1,913,642	Japanese Yen	145,609,000	Credit Suisse International	08/23/12		87,525
Singapore Dollar	2,063,000	U.S. Dollar	1,639,644	Credit Suisse International	03/26/13		32,516
Euro	3,110,000	U.S. Dollar	4,067,881	Deutsche Bank AG	05/04/12		48,882
U.S. Dollar	5,049,232	Euro	3,440,000	Deutsche Bank AG	05/04/12		495,643
U.S. Dollar	372,963	Euro	255,000	Deutsche Bank AG	05/07/12		35,411
U.S. Dollar	226,512	Euro	157,000	Deutsche Bank AG	05/09/12		18,684
U.S. Dollar	832,411	Japanese Yen	66,920,000	Deutsche Bank AG	05/11/12		(5,850	)
U.S. Dollar	421,686	Euro	301,000	Deutsche Bank AG	05/18/12		23,225
U.S. Dollar	524,986	Euro	376,000	Deutsche Bank AG	05/21/12		27,235
U.S. Dollar	88,376	Euro	63,000	Deutsche Bank AG	05/21/12		4,977
Australian Dollar	2,540,000	U.S. Dollar	2,415,870	Deutsche Bank AG	05/25/12		222,973
Indian Rupee	37,818,000	U.S. Dollar	792,498	Deutsche Bank AG	06/01/12		(80,390	)
U.S. Dollar	2,413,489	Euro	1,690,000	Deutsche Bank AG	06/04/12		176,113
U.S. Dollar	420,397	Euro	293,760	Deutsche Bank AG	06/06/12		31,486
Indian Rupee	27,856,000	U.S. Dollar	587,431	Deutsche Bank AG	06/07/12		(63,597	)
U.S. Dollar	1,095,378	Euro	760,600	Deutsche Bank AG	06/07/12		88,410
U.S. Dollar	2,453,355	Euro	1,700,000	Deutsche Bank AG	06/08/12		202,690
Indian Rupee	7,542,000	U.S. Dollar	160,093	Deutsche Bank AG	06/11/12		(18,390	)
U.S. Dollar	330,297	Euro	228,000	Deutsche Bank AG	06/11/12		28,438
U.S. Dollar	1,230,907	Euro	853,700	Deutsche Bank AG	06/11/12		100,657
U.S. Dollar	543,751	Euro	379,000	Deutsche Bank AG	06/13/12		41,971
U.S. Dollar	114,309	Euro	80,000	Deutsche Bank AG	06/14/12		8,392

101

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Indian Rupee	18,877,000	U.S. Dollar	399,852	Deutsche Bank AG	06/18/12	$	(45,723	)
Indian Rupee	17,195,000	U.S. Dollar	362,840	Deutsche Bank AG	06/20/12		(40,406	)
Indian Rupee	43,847,000	U.S. Dollar	930,539	Deutsche Bank AG	06/25/12		(109,236	)
South Korean Won	234,000,000	U.S. Dollar	199,463	Deutsche Bank AG	06/27/12		6,806
South Korean Won	235,000,000	U.S. Dollar	202,046	Deutsche Bank AG	06/27/12		5,104
United Kingdom Pound	3,274,791	U.S. Dollar	5,185,959	Deutsche Bank AG	06/27/12		126,779
Indian Rupee	29,111,000	U.S. Dollar	624,736	Deutsche Bank AG	07/11/12		(81,374	)
Indian Rupee	14,708,000	U.S. Dollar	315,708	Deutsche Bank AG	07/12/12		(41,242	)
U.S. Dollar	1,021,358	Euro	729,000	Deutsche Bank AG	07/16/12		55,967
U.S. Dollar	1,603,275	Euro	1,143,000	Deutsche Bank AG	07/18/12		89,611
U.S. Dollar	877,361	Euro	629,000	Deutsche Bank AG	07/20/12		44,368
U.S. Dollar	800,970	Euro	571,000	Deutsche Bank AG	07/23/12		44,768
Singapore Dollar	3,996,325	U.S. Dollar	3,334,495	Deutsche Bank AG	08/06/12		(103,784	)
U.S. Dollar	1,070,499	Euro	761,000	Deutsche Bank AG	08/06/12		62,530
U.S. Dollar	692,424	Euro	487,300	Deutsche Bank AG	08/06/12		46,980
U.S. Dollar	508,697	Euro	358,000	Deutsche Bank AG	08/06/12		34,514
U.S. Dollar	960,167	Euro	682,300	Deutsche Bank AG	08/08/12		56,419
U.S. Dollar	1,269,340	Euro	902,000	Deutsche Bank AG	08/08/12		74,585
Australian Dollar	569,000	Japanese Yen	46,254,010	Deutsche Bank AG	08/09/12		6,764
U.S. Dollar	1,008,968	Euro	712,000	Deutsche Bank AG	08/09/12		65,870
U.S. Dollar	690,271	Euro	488,000	Deutsche Bank AG	08/09/12		43,878
U.S. Dollar	671,313	Euro	475,000	Deutsche Bank AG	08/10/12		42,132
U.S. Dollar	504,580	Euro	356,000	Deutsche Bank AG	08/13/12		33,010
U.S. Dollar	772,940	Euro	546,000	Deutsche Bank AG	08/13/12		49,689
Polish Zloty	11,489,000	Euro	2,708,392	Deutsche Bank AG	08/16/12		11,378
U.S. Dollar	2,311,560	Euro	1,612,000	Deutsche Bank AG	08/20/12		176,085
U.S. Dollar	1,179,631	Japanese Yen	90,125,000	Deutsche Bank AG	08/20/12		49,405
U.S. Dollar	965,471	Japanese Yen	73,510,000	Deutsche Bank AG	08/22/12		43,579
Singapore Dollar	1,120,000	U.S. Dollar	892,893	Deutsche Bank AG	08/23/12		12,701
U.S. Dollar	956,703	Japanese Yen	72,553,000	Deutsche Bank AG	08/23/12		46,798
Indian Rupee	24,142,000	U.S. Dollar	510,960	Deutsche Bank AG	08/24/12		(64,299	)
Singapore Dollar	1,123,000	U.S. Dollar	892,971	Deutsche Bank AG	08/24/12		15,058
Singapore Dollar	1,399,000	U.S. Dollar	1,115,319	Deutsche Bank AG	08/27/12		15,913
U.S. Dollar	1,603,353	Japanese Yen	121,842,000	Deutsche Bank AG	08/27/12		75,208
U.S. Dollar	316,660	Euro	221,193	Deutsche Bank AG	08/29/12		23,609
Singapore Dollar	700,000	U.S. Dollar	556,970	Deutsche Bank AG	08/31/12		9,074
U.S. Dollar	14,169	Euro	9,797	Deutsche Bank AG	08/31/12		1,189
Indian Rupee	17,072,000	U.S. Dollar	359,721	Deutsche Bank AG	09/06/12		(44,576	)
U.S. Dollar	168,840	Euro	119,000	Deutsche Bank AG	09/06/12		11,167
U.S. Dollar	365,089	Euro	261,000	Deutsche Bank AG	09/10/12		19,253
U.S. Dollar	162,829	Euro	119,000	Deutsche Bank AG	09/13/12		5,144
Philippines Peso	29,828,000	U.S. Dollar	670,367	Deutsche Bank AG	09/24/12		32,199
U.S. Dollar	984,514	Euro	720,000	Deutsche Bank AG	09/24/12		30,336
U.S. Dollar	1,365,930	Euro	1,000,000	Deutsche Bank AG	09/24/12		40,684
Malaysian Ringgit	364,000	U.S. Dollar	114,058	Deutsche Bank AG	09/26/12		5,205
U.S. Dollar	1,082,312	Euro	800,000	Deutsche Bank AG	09/26/12		22,092
Hungary Forint	160,000,000	U.S. Dollar	735,294	Deutsche Bank AG	09/28/12		(12,142	)
Hungary Forint	163,300,000	U.S. Dollar	739,081	Deutsche Bank AG	09/28/12		(1,014	)
Philippines Peso	36,054,000	U.S. Dollar	827,876	Deutsche Bank AG	10/04/12		21,021
Philippines Peso	43,106,000	U.S. Dollar	989,805	Deutsche Bank AG	10/05/12		25,093
Philippines Peso	35,386,000	U.S. Dollar	813,004	Deutsche Bank AG	10/09/12		20,001
Philippines Peso	28,316,000	U.S. Dollar	650,494	Deutsche Bank AG	10/11/12		16,027

102

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Philippines Peso	8,431,000	U.S. Dollar	193,150	Deutsche Bank AG	10/12/12	$	5,297
Philippines Peso	7,672,000	U.S. Dollar	175,681	Deutsche Bank AG	10/19/12		4,851
Philippines Peso	30,667,000	U.S. Dollar	702,405	Deutsche Bank AG	10/22/12		19,143
Indian Rupee	12,552,000	U.S. Dollar	242,999	Deutsche Bank AG	10/29/12		(13,484	)
Indian Rupee	26,507,000	U.S. Dollar	515,301	Deutsche Bank AG	10/31/12		(30,756	)
U.S. Dollar	964,314	Euro	684,003	Deutsche Bank AG	10/31/12		57,457
U.S. Dollar	63,837	Euro	45,895	Deutsche Bank AG	11/02/12		2,987
U.S. Dollar	9,865,049	Euro	7,160,000	Deutsche Bank AG	11/07/12		371,309
Philippines Peso	44,300,000	U.S. Dollar	1,024,514	Deutsche Bank AG	11/14/12		17,169
U.S. Dollar	1,873,420	Japanese Yen	143,060,000	Deutsche Bank AG	11/16/12		76,691
U.S. Dollar	901,753	Euro	670,000	Deutsche Bank AG	12/03/12		13,042
Australian Dollar	3,045,000	U.S. Dollar	3,020,914	Deutsche Bank AG	12/10/12		83,296
U.S. Dollar	1,426,635	Euro	1,111,000	Deutsche Bank AG	01/14/13		(47,922	)
U.S. Dollar	345,388	Japanese Yen	26,360,000	Deutsche Bank AG	01/15/13		13,904
U.S. Dollar	1,237,831	Euro	971,000	Deutsche Bank AG	01/17/13		(50,969	)
Philippines Peso	7,579,000	U.S. Dollar	173,044	Deutsche Bank AG	01/22/13		4,893
Chilean Unidad de Fomento	411,630,000	U.S. Dollar	807,830	Deutsche Bank AG	01/24/13		15,102
Chilean Unidad de Fomento	211,110,000	U.S. Dollar	414,185	Deutsche Bank AG	01/25/13		7,824
Chilean Unidad de Fomento	372,760,000	U.S. Dollar	736,622	Deutsche Bank AG	01/25/13		8,526
Chilean Unidad de Fomento	363,560,000	U.S. Dollar	718,441	Deutsche Bank AG	01/28/13		8,089
U.S. Dollar	1,994,969	Japanese Yen	154,225,103	Deutsche Bank AG	01/28/13		55,011
Chilean Unidad de Fomento	117,450,000	U.S. Dollar	232,105	Deutsche Bank AG	01/29/13		2,580
Chilean Unidad de Fomento	234,900,000	U.S. Dollar	459,912	Deutsche Bank AG	01/30/13		9,410
Chilean Unidad de Fomento	219,210,000	U.S. Dollar	428,563	Deutsche Bank AG	01/31/13		9,365
Philippines Peso	46,581,000	U.S. Dollar	1,079,513	Deutsche Bank AG	01/31/13		13,876
Singapore Dollar	1,468,000	U.S. Dollar	1,182,441	Deutsche Bank AG	02/07/13		6,786
U.S. Dollar	5,345,109	Euro	4,050,000	Deutsche Bank AG	02/07/13		(32,037	)
Singapore Dollar	2,925,000	U.S. Dollar	2,353,708	Deutsche Bank AG	02/08/13		15,862
Chilean Unidad de Fomento	100,900,000	U.S. Dollar	203,223	Deutsche Bank AG	02/11/13		(3,389	)
U.S. Dollar	823,777	Euro	622,000	Deutsche Bank AG	02/11/13		(2,094	)
U.S. Dollar	2,087,496	Euro	1,580,000	Deutsche Bank AG	02/14/13		(10,465	)
Chilean Unidad de Fomento	195,520,000	U.S. Dollar	392,989	Deutsche Bank AG	02/15/13		(2,994	)
Chilean Unidad de Fomento	99,700,000	U.S. Dollar	200,394	Deutsche Bank AG	02/15/13		(1,527	)
U.S. Dollar	270,063	Japanese Yen	20,855,910	Deutsche Bank AG	02/15/13		7,622
Singapore Dollar	1,728,000	U.S. Dollar	1,376,892	Deutsche Bank AG	02/19/13		23,158
U.S. Dollar	22,727,105	Euro	17,260,000	Deutsche Bank AG	02/19/13		(192,776	)
Chilean Unidad de Fomento	176,590,000	U.S. Dollar	352,124	Deutsche Bank AG	02/25/13		(252	)
Chilean Unidad de Fomento	202,500,000	U.S. Dollar	400,958	Deutsche Bank AG	02/26/13		2,500
U.S. Dollar	3,570,539	Euro	2,677,770	Deutsche Bank AG	02/27/13		14,269

103

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	309,490,000	U.S. Dollar	615,166	Deutsche Bank AG	02/28/13	$	1,330
Singapore Dollar	700,000	U.S. Dollar	558,258	Deutsche Bank AG	02/28/13		8,952
U.S. Dollar	304,780	Euro	226,530	Deutsche Bank AG	02/28/13		3,928
U.S. Dollar	142,337	Euro	105,800	Deutsche Bank AG	02/28/13		1,825
Chilean Unidad de Fomento	68,400,000	U.S. Dollar	136,377	Deutsche Bank AG	03/01/13		(140	)
Swedish Krona	84,036,600	Euro	9,364,453	Deutsche Bank AG	03/01/13		(67,584	)
U.S. Dollar	11,607,007	Euro	8,620,132	Deutsche Bank AG	03/01/13		158,529
Chilean Unidad de Fomento	225,065,000	U.S. Dollar	449,590	Deutsche Bank AG	03/04/13		(1,452	)
U.S. Dollar	142,904	Euro	107,000	Deutsche Bank AG	03/05/13		788
Chilean Unidad de Fomento	225,065,000	U.S. Dollar	452,619	Deutsche Bank AG	03/06/13		(4,573	)
Chilean Unidad de Fomento	245,410,000	U.S. Dollar	493,584	Deutsche Bank AG	03/07/13		(5,087	)
Chilean Unidad de Fomento	243,930,000	U.S. Dollar	485,916	Deutsche Bank AG	03/08/13		(415	)
U.S. Dollar	2,500,951	Euro	1,900,000	Deutsche Bank AG	03/08/13		(22,710	)
Chilean Unidad de Fomento	237,320,000	U.S. Dollar	465,791	Deutsche Bank AG	03/13/13		6,311
Swedish Krona	17,601,656	Euro	1,950,000	Deutsche Bank AG	03/13/13		(445	)
U.S. Dollar	3,837,279	Euro	2,900,000	Deutsche Bank AG	03/13/13		(14,901	)
Chilean Unidad de Fomento	480,420,000	U.S. Dollar	950,198	Deutsche Bank AG	03/18/13		5,010
Chilean Unidad de Fomento	1,894,715,000	U.S. Dollar	3,751,911	Deutsche Bank AG	03/18/13		15,306
Malaysian Ringgit	5,816,700	U.S. Dollar	1,888,110	Deutsche Bank AG	03/18/13		4,246
Singapore Dollar	1,829,200	U.S. Dollar	1,444,523	Deutsche Bank AG	03/19/13		38,008
U.S. Dollar	2,196,291	Japanese Yen	182,083,500	Deutsche Bank AG	03/19/13		(96,526	)
Singapore Dollar	1,969,400	U.S. Dollar	1,570,244	Deutsche Bank AG	03/21/13		25,954
Malaysian Ringgit	950,500	U.S. Dollar	303,723	Deutsche Bank AG	03/26/13		5,432
Malaysian Ringgit	950,500	U.S. Dollar	304,102	Deutsche Bank AG	03/26/13		5,053
U.S. Dollar	811,247	Euro	615,000	Deutsche Bank AG	03/26/13		(5,834	)
U.S. Dollar	201,351	Euro	150,689	Deutsche Bank AG	03/28/13		1,142
Chilean Unidad de Fomento	231,460,000	U.S. Dollar	457,250	Deutsche Bank AG	03/29/13		2,435
U.S. Dollar	279,586	Euro	210,460	Deutsche Bank AG	04/02/13		(57	)
U.S. Dollar	351,774	Euro	263,028	Deutsche Bank AG	04/02/13		2,283
Chilean Unidad de Fomento	245,910,000	U.S. Dollar	483,980	Deutsche Bank AG	04/03/13		4,152
U.S. Dollar	1,103,255	Euro	826,000	Deutsche Bank AG	04/04/13		5,702
U.S. Dollar	738,620	Euro	553,000	Deutsche Bank AG	04/04/13		3,817
U.S. Dollar	973,569	Euro	742,242	Deutsche Bank AG	04/11/13		(12,790	)
Indian Rupee	27,793,000	U.S. Dollar	511,686	Deutsche Bank AG	04/12/13		(14,988	)
Indian Rupee	59,598,000	U.S. Dollar	1,089,802	Deutsche Bank AG	04/15/13		(25,137	)
Swedish Krona	28,478,956	Euro	3,160,922	Deutsche Bank AG	04/19/13		(15,700	)
Indian Rupee	13,777,000	U.S. Dollar	252,111	Deutsche Bank AG	04/22/13		(6,230	)
U.S. Dollar	1,134,770	Euro	860,000	Deutsche Bank AG	04/23/13		(8,273	)
Indian Rupee	27,912,000	U.S. Dollar	497,886	Deutsche Bank AG	04/26/13		16

104

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Indian Rupee	43,702,000	U.S. Dollar	925,694	HSBC Bank USA, N.A.	06/04/12	$	(103,332	)
Indian Rupee	7,436,000	U.S. Dollar	157,910	HSBC Bank USA, N.A.	06/08/12		(18,106	)
Indian Rupee	18,770,000	U.S. Dollar	398,514	HSBC Bank USA, N.A.	06/13/12		(46,006	)
Indian Rupee	29,446,000	U.S. Dollar	623,988	HSBC Bank USA, N.A.	06/27/12		(72,672	)
Singapore Dollar	1,728,000	U.S. Dollar	1,367,359	HSBC Bank USA, N.A.	08/17/12		29,754
U.S. Dollar	963,579	Japanese Yen	73,232,000	HSBC Bank USA, N.A.	08/20/12		45,202
U.S. Dollar	3,071,255	Japanese Yen	234,260,000	HSBC Bank USA, N.A.	08/20/12		133,482
Indian Rupee	27,858,000	U.S. Dollar	590,233	HSBC Bank USA, N.A.	08/24/12		(74,820	)
U.S. Dollar	3,075,868	Japanese Yen	234,458,000	HSBC Bank USA, N.A.	08/27/12		135,291
Malaysian Ringgit	1,363,000	U.S. Dollar	427,675	HSBC Bank USA, N.A.	09/26/12		18,906
South Korean Won	470,000,000	U.S. Dollar	397,981	HSBC Bank USA, N.A.	09/26/12		12,667
Philippines Peso	36,100,000	U.S. Dollar	825,822	HSBC Bank USA, N.A.	09/28/12		24,358
Philippines Peso	28,800,000	U.S. Dollar	656,111	HSBC Bank USA, N.A.	10/03/12		22,016
Philippines Peso	28,921,000	U.S. Dollar	656,088	HSBC Bank USA, N.A.	10/04/12		24,862
Philippines Peso	43,117,000	U.S. Dollar	971,957	HSBC Bank USA, N.A.	10/05/12		43,199
Philippines Peso	28,370,000	U.S. Dollar	652,319	HSBC Bank USA, N.A.	10/11/12		15,473
Philippines Peso	14,164,000	U.S. Dollar	325,677	HSBC Bank USA, N.A.	10/11/12		7,725
Philippines Peso	14,058,000	U.S. Dollar	322,173	HSBC Bank USA, N.A.	10/15/12		8,682
U.S. Dollar	929,704	Euro	677,000	HSBC Bank USA, N.A.	10/17/12		32,283
U.S. Dollar	928,341	Euro	676,000	HSBC Bank USA, N.A.	10/17/12		32,245
U.S. Dollar	1,249,703	Euro	910,000	HSBC Bank USA, N.A.	10/17/12		43,421
Philippines Peso	27,840,000	U.S. Dollar	645,625	HSBC Bank USA, N.A.	10/19/12		9,485
Indian Rupee	12,846,000	U.S. Dollar	249,077	HSBC Bank USA, N.A.	10/29/12		(14,186	)
Indian Rupee	19,137,000	U.S. Dollar	371,953	HSBC Bank USA, N.A.	10/31/12		(22,131	)
U.S. Dollar	489,061	Japanese Yen	37,330,000	HSBC Bank USA, N.A.	11/19/12		20,193

105

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 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	$	12,889
U.S. Dollar	345,872	Japanese Yen	26,390,000	HSBC Bank USA, N.A.	01/15/13		14,010
U.S. Dollar	938,954	Japanese Yen	71,830,000	HSBC Bank USA, N.A.	01/15/13		35,672
Philippines Peso	27,840,000	U.S. Dollar	642,155	HSBC Bank USA, N.A.	01/28/13		11,374
U.S. Dollar	2,581,182	Japanese Yen	199,698,335	HSBC Bank USA, N.A.	01/28/13		69,228
Singapore Dollar	1,468,000	U.S. Dollar	1,181,965	HSBC Bank USA, N.A.	02/07/13		7,262
U.S. Dollar	2,429,151	Euro	1,856,000	HSBC Bank USA, N.A.	02/08/13		(35,077	)
U.S. Dollar	916,837	Japanese Yen	70,138,000	HSBC Bank USA, N.A.	02/12/13		34,307
Singapore Dollar	1,446,700	U.S. Dollar	1,165,753	HSBC Bank USA, N.A.	02/14/13		6,315
Singapore Dollar	1,041,600	U.S. Dollar	839,323	HSBC Bank USA, N.A.	02/14/13		4,546
U.S. Dollar	650,508	Japanese Yen	51,260,000	HSBC Bank USA, N.A.	02/22/13		5,379
U.S. Dollar	679,111	Japanese Yen	54,300,000	HSBC Bank USA, N.A.	03/01/13		(4,380	)
Mexican Peso	50,041,430	U.S. Dollar	3,731,177	HSBC Bank USA, N.A.	03/08/13		4,508
U.S. Dollar	379,224	Euro	288,000	HSBC Bank USA, N.A.	03/08/13		(3,310	)
Malaysian Ringgit	17,566,522	U.S. Dollar	5,711,000	HSBC Bank USA, N.A.	03/11/13		5,123
Malaysian Ringgit	7,450,137	U.S. Dollar	2,430,000	HSBC Bank USA, N.A.	03/15/13		(6,021	)
Australian Dollar	410,000	U.S. Dollar	411,640	HSBC Bank USA, N.A.	03/19/13		2,655
Indian Rupee	203,451,000	U.S. Dollar	3,822,650	HSBC Bank USA, N.A.	03/19/13		(174,888	)
Philippines Peso	86,101,500	U.S. Dollar	1,981,075	HSBC Bank USA, N.A.	03/19/13		37,783
Singapore Dollar	2,091,000	U.S. Dollar	1,654,665	HSBC Bank USA, N.A.	03/19/13		40,050
South Korean Won	418,000,000	U.S. Dollar	364,080	HSBC Bank USA, N.A.	03/19/13		(220	)
U.S. Dollar	10,950,109	Japanese Yen	916,524,148	HSBC Bank USA, N.A.	03/19/13		(590,869	)
Singapore Dollar	1,574,000	U.S. Dollar	1,254,783	HSBC Bank USA, N.A.	03/21/13		20,944
Malaysian Ringgit	906,000	U.S. Dollar	289,837	HSBC Bank USA, N.A.	03/26/13		4,844
U.S. Dollar	1,418,283	Euro	1,072,000	HSBC Bank USA, N.A.	04/16/13		(6,391	)

106

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	1,048,554	Euro	792,543	HSBC Bank USA, N.A.	04/16/13	$	(4,725	)
Chinese Yuan	63,800,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	05/29/12		131,740
U.S. Dollar	10,000,001	Euro	7,616,651	JPMorgan Chase Bank, N.A.	06/08/12		(83,841	)
Chinese Yuan	127,420,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	06/11/12		219,298
Malaysian Ringgit	30,460,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	06/15/12		35,691
Indian Rupee	28,975,000	U.S. Dollar	611,932	JPMorgan Chase Bank, N.A.	06/22/12		(68,842	)
Chinese Yuan	127,560,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	06/25/12		225,037
U.S. Dollar	9,881,695	Japanese Yen	815,812,000	JPMorgan Chase Bank, N.A.	06/26/12		(341,735	)
Chinese Yuan	127,860,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	06/27/12		270,246
United Kingdom Pound	846,749	U.S. Dollar	1,337,123	JPMorgan Chase Bank, N.A.	06/27/12		36,570
Chinese Yuan	127,760,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	07/02/12		249,794
Mexican Peso	206,752,500	U.S. Dollar	16,002,144	JPMorgan Chase Bank, N.A.	07/10/12		(234,820	)
Indian Rupee	46,822,000	U.S. Dollar	1,009,175	JPMorgan Chase Bank, N.A.	07/12/12		(135,428	)
Chinese Yuan	64,025,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	07/13/12		143,753
Indian Rupee	3,943,000	U.S. Dollar	84,850	JPMorgan Chase Bank, N.A.	07/19/12		(11,384	)
Indian Rupee	3,943,000	U.S. Dollar	84,850	JPMorgan Chase Bank, N.A.	07/19/12		(11,384	)
Indonesian Rupiah	85,170,000,000	U.S. Dollar	9,218,530	JPMorgan Chase Bank, N.A.	07/19/12		(14,777	)
Mexican Peso	330,182,500	U.S. Dollar	24,778,245	JPMorgan Chase Bank, N.A.	07/23/12		372,902
Singapore Dollar	6,427,600	U.S. Dollar	5,367,516	JPMorgan Chase Bank, N.A.	07/31/12		(171,643	)
Russian Ruble	148,800,000	U.S. Dollar	5,000,000	JPMorgan Chase Bank, N.A.	08/02/12		(6,091	)
U.S. Dollar	962,431	Japanese Yen	73,573,000	JPMorgan Chase Bank, N.A.	08/20/12		39,777
U.S. Dollar	1,918,765	Japanese Yen	146,373,000	JPMorgan Chase Bank, N.A.	08/24/12		83,038
U.S. Dollar	1,482,275	Japanese Yen	112,727,000	JPMorgan Chase Bank, N.A.	08/27/12		68,451
U.S. Dollar	1,060,101	Euro	737,287	JPMorgan Chase Bank, N.A.	08/29/12		83,294
U.S. Dollar	952,978	Japanese Yen	72,717,000	JPMorgan Chase Bank, N.A.	08/31/12		40,903

107

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Singapore Dollar	2,620,000	U.S. Dollar	2,068,693	JPMorgan Chase Bank, N.A.	09/19/12	$	50,356
U.S. Dollar	350,000,000	Chinese Yuan	2,254,875,000	JPMorgan Chase Bank, N.A.	09/26/12		(6,045,073	)
U.S. Dollar	415,086	Japanese Yen	31,505,000	JPMorgan Chase Bank, N.A.	09/28/12		19,752
Philippines Peso	11,388,000	U.S. Dollar	261,073	JPMorgan Chase Bank, N.A.	10/09/12		7,007
Philippines Peso	14,127,000	U.S. Dollar	323,865	JPMorgan Chase Bank, N.A.	10/11/12		8,666
Philippines Peso	19,811,000	U.S. Dollar	458,058	JPMorgan Chase Bank, N.A.	10/12/12		8,248
Philippines Peso	11,727,000	U.S. Dollar	270,145	JPMorgan Chase Bank, N.A.	10/15/12		5,849
Philippines Peso	23,266,000	U.S. Dollar	532,525	JPMorgan Chase Bank, N.A.	10/15/12		15,040
Philippines Peso	15,399,000	U.S. Dollar	354,571	JPMorgan Chase Bank, N.A.	10/22/12		7,745
Philippines Peso	14,923,000	U.S. Dollar	346,716	JPMorgan Chase Bank, N.A.	10/29/12		4,315
U.S. Dollar	934,991	Japanese Yen	71,438,000	JPMorgan Chase Bank, N.A.	11/19/12		37,725
U.S. Dollar	19,913,219	Chinese Yuan	128,500,000	JPMorgan Chase Bank, N.A.	12/24/12		(359,648	)
Chinese Yuan	252,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	01/14/13		(112,032	)
Chinese Yuan	254,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	01/14/13		203,538
U.S. Dollar	39,145,246	Chinese Yuan	252,800,000	JPMorgan Chase Bank, N.A.	01/14/13		(742,722	)
Philippines Peso	30,247,000	U.S. Dollar	691,392	JPMorgan Chase Bank, N.A.	01/22/13		18,738
Chilean Unidad de Fomento	124,780,000	U.S. Dollar	245,993	JPMorgan Chase Bank, N.A.	01/30/13		3,313
U.S. Dollar	19,474,173	Chinese Yuan	125,920,000	JPMorgan Chase Bank, N.A.	02/12/13		(391,788	)
U.S. Dollar	318,129	Japanese Yen	24,550,000	JPMorgan Chase Bank, N.A.	02/15/13		9,203
U.S. Dollar	184,138	Japanese Yen	14,210,000	JPMorgan Chase Bank, N.A.	02/15/13		5,325
Indonesian Rupiah	57,218,000,000	U.S. Dollar	6,100,000	JPMorgan Chase Bank, N.A.	02/19/13		(81,735	)
U.S. Dollar	2,102,442	Euro	1,593,000	JPMorgan Chase Bank, N.A.	02/19/13		(12,933	)
Chilean Unidad de Fomento	91,400,000	U.S. Dollar	185,020	JPMorgan Chase Bank, N.A.	02/21/13		(2,822	)
Indian Rupee	158,600,000	U.S. Dollar	3,050,000	JPMorgan Chase Bank, N.A.	02/21/13		(196,340	)
Chilean Unidad de Fomento	155,200,000	U.S. Dollar	310,711	JPMorgan Chase Bank, N.A.	02/22/13		(1,364	)

108

Old Westbury Funds, Inc.
NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Chilean Unidad de Fomento	1,464,000,000	U.S. Dollar	2,930,931	JPMorgan Chase Bank, N.A.	02/22/13	$	(12,869	)
U.S. Dollar	647,114	Japanese Yen	51,300,000	JPMorgan Chase Bank, N.A.	02/25/13		1,441
Chilean Unidad de Fomento	62,400,000	U.S. Dollar	124,452	JPMorgan Chase Bank, N.A.	02/28/13		(152	)
U.S. Dollar	679,600	Japanese Yen	54,300,000	JPMorgan Chase Bank, N.A.	03/01/13		(3,891	)
Malaysian Ringgit	4,471,980	U.S. Dollar	1,460,000	JPMorgan Chase Bank, N.A.	03/12/13		(4,867	)
Indian Rupee	170,209,200	U.S. Dollar	3,220,000	JPMorgan Chase Bank, N.A.	03/13/13		(165,762	)
Singapore Dollar	2,807,550	U.S. Dollar	2,250,000	JPMorgan Chase Bank, N.A.	03/13/13		25,305
Chilean Unidad de Fomento	92,200,000	U.S. Dollar	184,770	JPMorgan Chase Bank, N.A.	03/21/13		(1,507	)
Indian Rupee	40,031,000	U.S. Dollar	734,217	JPMorgan Chase Bank, N.A.	04/16/13		(19,196	)
Indian Rupee	39,295,000	U.S. Dollar	718,255	JPMorgan Chase Bank, N.A.	04/18/13		(16,569	)
Indian Rupee	19,629,000	U.S. Dollar	359,660	JPMorgan Chase Bank, N.A.	04/22/13		(9,337	)
U.S. Dollar	268,895	Euro	203,185	JPMorgan Chase Bank, N.A.	04/23/13		(1,162	)
Chilean Unidad de Fomento	604,651,000	U.S. Dollar	1,194,019	JPMorgan Chase Bank, N.A.	04/29/13		2,977
Indian Rupee	23,738,000	U.S. Dollar	425,908	JPMorgan Chase Bank, N.A.	04/29/13		(2,588	)
Indian Rupee	19,775,000	U.S. Dollar	354,092	JPMorgan Chase Bank, N.A.	04/30/13		(1,479	)
Chinese Yuan	62,550,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	05/28/13		(143,054	)
Chinese Yuan	62,700,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank, N.A.	06/13/13		(121,513	)
Hong Kong Dollar	307,680,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	10/28/13		(300,843	)
Hong Kong Dollar	924,576,000	U.S. Dollar	120,000,000	JPMorgan Chase Bank, N.A.	10/28/13		(704,344	)
Chinese Yuan	246,800,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	02/24/14		(1,247,863	)
U.S. Dollar	39,268,099	Chinese Yuan	246,800,000	JPMorgan Chase Bank, N.A.	02/24/14		515,961
Chinese Yuan	123,100,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	03/07/14		(673,848	)
Chinese Yuan	245,600,000	U.S. Dollar	40,000,000	JPMorgan Chase Bank, N.A.	03/10/14		(1,443,421	)
U.S. Dollar	39,083,386	Chinese Yuan	245,600,000	JPMorgan Chase Bank, N.A.	03/10/14		526,808
Chinese Yuan	125,200,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	03/17/14		(346,755	)

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	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	19,608,457	Chinese Yuan	125,200,000	JPMorgan Chase Bank, N.A.	03/17/14	$	(44,788	)
Chinese Yuan	92,100,000	U.S. Dollar	15,000,000	JPMorgan Chase Bank, N.A.	04/14/14		(547,969	)
Chinese Yuan	122,800,000	U.S. Dollar	20,000,000	JPMorgan Chase Bank, N.A.	04/21/14		(791,611	)
Hong Kong Dollar	386,050,000	U.S. Dollar	50,000,000	JPMorgan Chase Bank, N.A.	09/22/14		(192,935	)
U.S. Dollar	230,945	Euro	157,000	Morgan Stanley Capital Services, Inc.	05/07/12		23,118
Chilean Unidad de Fomento	101,400,000	U.S. Dollar	208,844	Morgan Stanley Capital Services, Inc.	05/11/12		(84	)
Polish Zloty	4,031,000	Euro	1,006,492	Morgan Stanley Capital Services, Inc.	05/24/12		(57,501	)
U.S. Dollar	978,922	Euro	686,000	Morgan Stanley Capital Services, Inc.	06/04/12		70,733
United Kingdom Pound	2,185,467	U.S. Dollar	3,481,449	Morgan Stanley Capital Services, Inc.	06/28/12		64,045
Swedish Krona	13,535,982	Euro	1,455,859	Morgan Stanley Capital Services, Inc.	07/16/12		79,732
United Kingdom Pound	1,602,625	U.S. Dollar	2,555,594	Morgan Stanley Capital Services, Inc.	07/16/12		44,075
Swedish Krona	3,168,850	Euro	340,330	Morgan Stanley Capital Services, Inc.	07/18/12		19,277
Swedish Krona	19,932,831	Euro	2,130,358	Morgan Stanley Capital Services, Inc.	07/20/12		134,756
Singapore Dollar	5,152,240	U.S. Dollar	4,293,999	Morgan Stanley Capital Services, Inc.	08/01/12		(129,043	)
Australian Dollar	4,488,527	U.S. Dollar	4,757,389	Morgan Stanley Capital Services, Inc.	08/09/12		(129,082	)
U.S. Dollar	1,156,489	Euro	806,000	Morgan Stanley Capital Services, Inc.	08/20/12		88,752
U.S. Dollar	759,188	Japanese Yen	57,800,000	Morgan Stanley Capital Services, Inc.	08/22/12		34,315

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	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar	5,061,294	U.S. Dollar	5,185,296	Morgan Stanley Capital Services, Inc.	09/24/12	$	10,893
Philippines Peso	6,370,000	U.S. Dollar	147,454	Morgan Stanley Capital Services, Inc.	10/29/12		2,387
U.S. Dollar	10,474,142	Japanese Yen	807,305,000	Morgan Stanley Capital Services, Inc.	11/13/12		335,622
Norway Krones	1,495,190	Euro	188,425	Morgan Stanley Capital Services, Inc.	11/26/12		9,101
Norway Krones	2,300,000	Euro	289,840	Morgan Stanley Capital Services, Inc.	11/26/12		14,009
Chilean Unidad de Fomento	198,700,000	U.S. Dollar	377,398	Morgan Stanley Capital Services, Inc.	01/14/13		20,247
Chilean Unidad de Fomento	85,510,000	U.S. Dollar	169,612	Morgan Stanley Capital Services, Inc.	02/04/13		1,145
Chilean Unidad de Fomento	84,510,000	U.S. Dollar	167,712	Morgan Stanley Capital Services, Inc.	02/04/13		1,049
Chilean Unidad de Fomento	83,490,000	U.S. Dollar	169,008	Morgan Stanley Capital Services, Inc.	02/11/13		(2,405	)
U.S. Dollar	420,286	Japanese Yen	32,163,000	Morgan Stanley Capital Services, Inc.	02/12/13		15,587
Chilean Unidad de Fomento	224,290,000	U.S. Dollar	454,488	Morgan Stanley Capital Services, Inc.	02/13/13		(7,014	)
Chilean Unidad de Fomento	195,220,000	U.S. Dollar	389,777	Morgan Stanley Capital Services, Inc.	02/25/13		(783	)
Chilean Unidad de Fomento	234,800,000	U.S. Dollar	469,600	Morgan Stanley Capital Services, Inc.	02/27/13		(1,836	)
U.S. Dollar	1,073,615	Euro	816,000	Morgan Stanley Capital Services, Inc.	03/08/13		(10,231	)
Chilean Unidad de Fomento	99,000,000	U.S. Dollar	193,548	Morgan Stanley Capital Services, Inc.	03/11/13		3,433
U.S. Dollar	2,396,971	Japanese Yen	198,800,000	Morgan Stanley Capital Services, Inc.	03/19/13		(106,342	)

111

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NOTES TO FINANCIAL STATEMENTS - (Continued)
	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Singapore Dollar	2,061,300	U.S. Dollar	1,629,486	Morgan Stanley Capital Services, Inc.	03/26/13	$	41,295
Chilean Unidad de Fomento	1,065,040,000	U.S. Dollar	2,099,635	Morgan Stanley Capital Services, Inc.	04/15/13		11,859
Chilean Unidad de Fomento	954,280,000	U.S. Dollar	1,882,952	Morgan Stanley Capital Services, Inc.	04/19/13		8,177
U.S. Dollar	91,744,372	Euro	69,429,407	UBS AG	05/03/12		(160,208	)
U.S. Dollar	2,279,778	Singapore Dollar	2,828,520	UBS AG	05/03/12		(5,901	)
U.S. Dollar	111,883	Euro	78,000	UBS AG	05/09/12		8,631
U.S. Dollar	1,244,483	Japanese Yen	100,044,000	UBS AG	05/11/12		(8,698	)
Malaysian Ringgit	15,260,000	U.S. Dollar	5,000,000	UBS AG	05/14/12		37,569
U.S. Dollar	9,650,807	Euro	7,256,436	UBS AG	05/14/12		44,952
U.S. Dollar	9,744,949	Euro	7,392,786	UBS AG	05/16/12		(41,481	)
Singapore Dollar	2,900,000	U.S. Dollar	2,298,441	UBS AG	05/17/12		45,031
U.S. Dollar	420,437	Euro	301,000	UBS AG	05/21/12		21,971
U.S. Dollar	10,000,000	Japanese Yen	806,142,000	UBS AG	06/01/12		(99,913	)
U.S. Dollar	567,701	Euro	395,500	UBS AG	06/07/12		44,093
U.S. Dollar	15,000,000	Japanese Yen	1,218,414,000	UBS AG	06/07/12		(265,994	)
Euro	11,449,000	U.S. Dollar	14,967,841	UBS AG	06/15/12		190,319
U.S. Dollar	19,362,529	Euro	14,629,516	UBS AG	06/22/12		(7,299	)
Euro	38,300,000	U.S. Dollar	50,535,285	UBS AG	06/26/12		175,957
Chinese Yuan	127,970,000	U.S. Dollar	20,000,000	UBS AG	06/29/12		285,329
Swedish Krona	20,866,000	Euro	2,243,897	UBS AG	06/29/12		125,811
U.S. Dollar	2,615,068	Euro	1,850,000	UBS AG	06/29/12		165,531
Indonesian Rupiah	134,925,000,000	U.S. Dollar	14,604,849	UBS AG	07/09/12		(9,158	)
U.S. Dollar	19,302,254	Euro	14,696,557	UBS AG	07/10/12		(158,912	)
U.S. Dollar	30,758,299	Japanese Yen	2,485,999,500	UBS AG	07/13/12		(401,231	)
Swedish Krona	15,299,180	Euro	1,644,932	UBS AG	07/16/12		90,869
U.S. Dollar	5,000,001	Euro	3,789,150	UBS AG	07/16/12		(17,848	)
Swedish Krona	15,274,510	Euro	1,644,932	UBS AG	07/18/12		86,999
Malaysian Ringgit	139,770,010	U.S. Dollar	45,323,660	UBS AG	07/20/12		638,187
Malaysian Ringgit	31,440,000	U.S. Dollar	10,196,900	UBS AG	07/20/12		141,802
Singapore Dollar	2,828,520	U.S. Dollar	2,280,662	UBS AG	07/31/12		5,826
Australian Dollar	3,040,000	U.S. Dollar	3,220,059	UBS AG	08/09/12		(85,388	)
U.S. Dollar	1,941,007	Japanese Yen	148,060,000	UBS AG	08/20/12		84,238
Norway Krones	10,525,000	Euro	1,324,599	UBS AG	08/22/12		75,827
Norway Krones	10,525,000	Euro	1,318,707	UBS AG	08/23/12		83,536
U.S. Dollar	2,410,537	Euro	1,675,590	UBS AG	08/27/12		190,652
U.S. Dollar	2,189,182	Japanese Yen	166,449,000	UBS AG	08/27/12		101,576
U.S. Dollar	809,927	Euro	590,886	UBS AG	09/17/12		26,918
Norway Krones	4,194,700	Euro	532,255	UBS AG	11/08/12		21,441
U.S. Dollar	414,967	Japanese Yen	31,954,500	UBS AG	11/14/12		13,658
Australian Dollar	663,000	U.S. Dollar	652,127	UBS AG	11/19/12		25,027
U.S. Dollar	748,433	Japanese Yen	57,068,000	UBS AG	11/19/12		31,655
Norway Krones	13,058,000	Euro	1,644,419	UBS AG	11/26/12		81,021
Norway Krones	4,080,000	Euro	517,885	UBS AG	12/03/12		19,625
U.S. Dollar	2,226,913	Euro	1,741,000	UBS AG	01/11/13		(83,701	)
U.S. Dollar	344,317	Japanese Yen	26,280,000	UBS AG	01/11/13		13,867

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	April 30, 2012 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
U.S. Dollar	741,254	Japanese Yen	56,700,000	UBS AG	01/15/13	$	28,236
U.S. Dollar	2,098,403	Japanese Yen	162,280,000	UBS AG	01/28/13		57,124
U.S. Dollar	2,846,210	Euro	2,177,000	UBS AG	02/08/13		(44,214	)
U.S. Dollar	2,428,582	Euro	1,825,000	UBS AG	02/13/13		5,339
U.S. Dollar	2,104,114	Euro	1,593,000	UBS AG	02/19/13		(11,261	)
U.S. Dollar	2,089,045	Euro	1,580,000	UBS AG	02/21/13		(9,128	)
U.S. Dollar	756,106	Japanese Yen	60,600,000	UBS AG	03/04/13		(6,733	)
						$	(8,639,019	)

As of April 30, 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	$	890,880
U.S. Dollar	21,013,150	Australian Dollar	21,320,160	Barclays Bank Plc	10/18/12		(825,299	)
						$	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

113

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	April 30, 2012 (Unaudited)

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.

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 period is as follows:

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 2011		106,977		$	41,344,728
Options written		294,092			140,544,384
Options terminated in closing purchase transactions		(201,045	)		(95,258,782	)
Options exercised		(15,327	)		(5,637,467	)
Options expired		—			—
Contracts outstanding at April 30, 2012		184,697		$	80,992,863

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

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 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 April 30, 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.

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	April 30, 2012 (Unaudited)

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.

The summary of inputs used to value the Funds’ investments as of April 30, 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	$	520,998,152	(a)	$	8,584,078	(d)		$	—	$	529,582,230
Investment Company		7,746,300			—				—		7,746,300
U.S. Government Securities		—			11,999,895				—		11,999,895
Total	$	528,744,452		$	20,583,973			$	—	$	549,328,425
Large Cap Strategies Fund
Equity Securities: (b)	$	3,305,294,056		$	—			$	—	$	3,305,294,056
Cash Sweep		177,269,900			—				—		177,269,900
U.S. Government Securities		—			34,999,640				—		34,999,640
Total	$	3,482,563,956		$	34,999,640			$	—	$	3,517,563,596
Global Small & Mid Cap Fund
Equity Securities: (b)
Argentina	$	2,412,449		$	—			$	—	$	2,412,449
Australia		99,787,134			9,329				41,644		99,838,107
Austria		11,441,916			—				—		11,441,916
Bahamas		28,399			—				—		28,399
Belgium		9,957,575			—				—		9,957,575
Bermuda		27,212,739			—				—		27,212,739
Brazil		47,362,235			—				4,082		47,366,317
Canada		113,079,162			—				—		113,079,162
Cayman Islands		187,572			—				—		187,572
Chile		7,550,506			—				—		7,550,506
China		38,351,983			—				171,968		38,523,951
Columbia		264,762			—				—		264,762
Cyprus		983,689			—				—		983,689
Denmark		22,405,211			—				—		22,405,211
Finland		85,112,782			—				—		85,112,782
France		93,025,304			—				—		93,025,304
Gabon		927			—				—		927
Germany		109,542,324			—				—		109,542,324

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	April 30, 2012 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Gibraltar	$	441,918	$	—		$	—	$	441,918
Greece		2,260,023		—			801		2,260,824
Guernsey		2,662,197		—			—		2,662,197
Hong Kong		67,441,871		27,654			620,106		68,089,631
Hungary		1,354,457		54			—		1,354,511
India		48,306,048		—			23,649		48,329,697
Indonesia		22,636,855		—			57,988		22,694,843
Ireland		15,773,744		—			—		15,773,744
Isle of Man		10,856		—			—		10,856
Israel		69,537,783		—			—		69,537,783
Italy		18,888,076		—			—		18,888,076
Japan		265,659,449		—			—		265,659,449
Jersey Channel Islands		135,696		—			—		135,696
Liechtenstein		317,897		—			—		317,897
Luxembourg		495,271		—			—		495,271
Malaysia		30,045,220		—			9,273		30,054,493
Malta		233,355		—			—		233,355
Mauritius		427,096		—			—		427,096
Mexico		15,906,721		31,023			—		15,937,744
Monaco		24,646		—			—		24,646
Netherlands		51,297,415		—			—		51,297,415
New Zealand		19,378,623		—			—		19,378,623
Nigeria		72,997		—			—		72,997
Norway		12,080,783		—			—		12,080,783
Peru		5,043,734		—			—		5,043,734
Philippines		15,084,473		—			—		15,084,473
Poland		5,796,249		—			—		5,796,249
Portugal		1,932,915		185,007			—		2,117,922
Russia		292,072		—			—		292,072
Singapore		78,805,131		—			—		78,805,131
South Africa		35,947,285		—			—		35,947,285
South Korea		62,771,860		—			1,254		62,773,114
Spain		22,298,276		—			—		22,298,276
Sweden		40,372,484		—			—		40,372,484
Switzerland		75,474,968		—			—		75,474,968
Taiwan		53,303,245		—			704		53,303,949
Thailand		16,379,280		3,525,896			—		19,905,176
Turkey		7,287,691		—			—		7,287,691
Ukraine		47,629		—			—		47,629
United Arab Emirates		1,334,316		—			—		1,334,316
United Kingdom		542,159,870		1,793			—		542,161,663
United States		2,353,530,662		—			—		2,353,530,662
Total Equities	$	4,631,957,806	$	3,780,756		$	931,469	$	4,636,670,031
Exchange Traded Funds		203,232,375		—			—		203,232,375
Investment Company		6,981,300		—			—		6,981,300
Rights/Warrants
Australia		2,513		—			—		2,513
China		—		—			805		805
Denmark		2,155		—			—		2,155
Hong Kong		4,370		—			—		4,370
Malaysia		40,058		—			—		40,058

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Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs			Total
Singapore		$	16,988		$	—			$	—	$	16,988
Thailand			—			24,750				—		24,750
United Kingdom			5,264			—				—		5,264
Total Rights/Warrants		$	71,348		$	24,750			$	805	$	96,903
U.S. Government Agencies			—			111,998,708				—		111,998,708
U.S. Government Securities			—			9,999,931				—		9,999,931
Cash Sweep			62,984,826			—				—		62,984,826
Other financial instruments -Liabilities*:
Foreign currency exchange contracts			—			(511,627	)			—		(511,627	)
Total		$	4,905,227,655		$	125,292,518			$	932,274	$	5,031,452,447
Global Opportunities Fund
Equity Securities: (b)
Australia		$	14,424,012		$	—			$	—	$	14,424,012
Austria			2,661,397			—				—		2,661,397
Belgium			5,414,886			—				—		5,414,886
Bermuda			17,692,097			—				—		17,692,097
Brazil			5,514,101			—				—		5,514,101
Canada			47,123,242			—				—		47,123,242
Chile			3,182,167			—				—		3,182,167
China			8,473,430			—				—		8,473,430
Columbia			408,494			—				—		408,494
Cyprus			1,236,330			—				—		1,236,330
Czech Republic			270,524			—				—		270,524
Denmark			3,895,183			—				—		3,895,183
Egypt			1,571,244			—				—		1,571,244
Finland			3,479,082			—				—		3,479,082
France			39,624,332			—				—		39,624,332
Germany			24,501,096			—				—		24,501,096
Hong Kong			21,988,797			—				—		21,988,797
India			2,823,372			—				—		2,823,372
Indonesia			212,486			—				—		212,486
Ireland			42,589,863			—				—		42,589,863
Israel			20,244,100			—				—		20,244,100
Italy			8,977,629			—				—		8,977,629
Japan			130,523,313			—				—		130,523,313
Luxembourg			1,662,359			—				—		1,662,359
Malaysia			10,878,933			—				—		10,878,933
Mexico			1,396,876			—				—		1,396,876
Netherlands			12,040,596			—				—		12,040,596
Norway			4,174,368			—				—		4,174,368
Pakistan			4,381,776			—				—		4,381,776
Poland			7,588,881			—				—		7,588,881
Portugal			1,649,028			—				—		1,649,028
Russia			10,207,113			—				—		10,207,113
Singapore			6,056,552			—				—		6,056,552
South Africa			8,101,564			—				—		8,101,564
South Korea			14,300,241			—				—		14,300,241
Spain			5,048,854			—				—		5,048,854
Sweden			6,523,132			—				—		6,523,132

117

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

	Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Switzerland		$	14,237,632			$	—			$	—		$	14,237,632
Taiwan			10,019,529				—				—			10,019,529
Thailand			902,024				4,249,993				—			5,152,017
Turkey			3,306,234				—				—			3,306,234
United Kingdom			43,607,696				—				—			43,607,696
United States			749,341,458				—				258,750			749,600,208
Total Equities		$	1,322,256,023			$	4,249,993			$	258,750		$	1,326,764,766
Exchange Traded Funds			266,375,305				—				—			266,375,305
Preferred Stock			5,595,813	(a)			—				—			5,595,813
Rights/Warrants			8,978	(a)			—				—			8,978
Bank Loans			—				45,693,273	(a)			—			45,693,273
Corporate Bonds			—				1,478,916,950	(a)			7,664,467	(c)		1,486,581,417
Government Bonds			—				583,371,804	(a)			—			583,371,804
Asset-Backed Securities			—				97,535,606	(a)			—			97,535,606
Non-Agency Mortgage-Backed Securities			—				589,712,833	(a)			—			589,712,833
U.S. Government Agencies			—				561,095,699				—			561,095,699
U.S. Government Securities			—				137,498,420				—			137,498,420
Municipal Bonds			—				4,124,504	(a)			—			4,124,504
Cash Sweep			159,796,536				—				—			159,796,536
Other financial instruments - Assets*:
Equity contracts			—				27,238,688				—			27,238,688
Foreign exchange currency contracts			—				19,511,848				—			19,511,848
Other financial instruments - Liabilities*:
Commodity contracts			(1,077,270	)			—				—			(1,077,270	)
Equity contracts			(70,101,484	)			(26,884,125	)			—			(96,985,609	)
Foreign exchange currency contracts			—				(28,150,867	)			—			(28,150,867	)
Total		$	1,682,853,901			$	3,493,914,626			$	7,923,217		$	5,184,691,744
Real Return Fund
Equity Securities		$	991,272,209	(a)		$	—			$	—		$	991,272,209
Preferred Stock			10,976,189	(a)			—				—			10,976,189
Collectible Coins			—				47,288,523				—			47,288,523
Commodities			150,215,585				—				—			150,215,585
Asset-Backed Securities			—				121,538,750	(a)			—			121,538,750
Corporate Bonds			—				3,273,347	(a)			—			3,273,347
Government Bonds			—				166,117,012	(a)			—			166,117,012
U.S. Government Agencies			—				588,895,301				—			588,895,301
U.S. Government Securities			—				501,992,417				—			501,992,417
Cash Sweep			11,529,362				—				—			11,529,362
Other financial instruments - Assets*:
Commodity contracts			39,267,850				13,231,938				—			52,499,788
Foreign currency exchange contracts			—				890,880				—			890,880
Other financial instruments - Liabilities*:
Commodity contracts			(88,222,490	)			(4,607,141	)			—			(92,829,631	)
Foreign currency exchange contracts			—				(825,299	)			—			(825,299	)
Total		$	1,115,038,705			$	1,437,795,728			$	—		$	2,552,834,433

118

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Fixed Income Fund
Corporate Bonds	$	—	$	191,543,280	(a)		$	—	$	191,543,280
Municipal Bonds		—		30,955,603	(a)			—		30,955,603
Collateralized Mortgage Obligations		—		2,620,328	(a)			—		2,620,328
U.S. Government Agencies		—		98,009,338	(a)			—		98,009,338
U.S. Government Securities		—		137,065,450	(a)			—		137,065,450
Government Bonds		—		10,815,317	(a)			—		10,815,317
Investment Company		747,000		—				—		747,000
Total	$	747,000	$	471,009,316			$	—	$	471,756,316
Municipal Bond Fund
Municipal Bonds	$	—	$	1,017,086,837	(a)		$	—	$	1,017,086,837
Investment Company		23,536,300		—				—		23,536,300
Total	$	23,536,300	$	1,017,086,837			$	—	$	1,040,623,137

(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 April 30, 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 April 30, 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, $1,458,281,662, and $372,338,707, respectively. See footnote 3.A. regarding transfers between levels 1 and 2. The remaining Funds have no 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.

(d) Represents a security as disclosed in the consumer staples section of the Schedule of Portfolio Investments.

* Other financial instruments are exchange traded options and futures (level 1), over-the-counter options (level 2), forwards (level 2) and swaps (level 2). Futures, forwards and swaps are valued at the unrealized appreciation/(depreciation) on the instrument and options are shown at market value.

The 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.

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 04/30/12 (fair value)
Global Small & Mid Cap Fund
Equity Securities:
Australia		$	46,929		$	68,380		$	247,774	$	—			$	(104,238	)		$	(180,901	)		$	(36,300	)		$	41,644
Austria			5,255			—			—		—				—				(5,255	)			—				—
Brazil			—			—			3,481		—				—				601				—				4,082
Canada			3,173			—			—		(590	)			(7,333	)			4,750				—				—
China			250,390			12,672			11,857		(71,938	)			27,380				(24,184	)			(34,209	)			171,968
Greece			—			331			—		—				—				470				—				801

119

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

	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 04/30/12 (fair value)
Hong Kong		$	356,048		$	586,537		$	55,701	$	—			$	—			$	(115,347	)		$	(262,833	)		$	620,106
India			94,317			—			5,911		—				—				(3,593	)			(72,986	)			23,649
Indonesia			60,202			—			—		—				—				(2,214	)			—				57,988
Israel			48,413			—			—		—				—				—				(48,413	)			—
Italy			4,610			—			—		—				—				(4,610	)			—				—
Malaysia			9,749			—			—		—				—				(476	)			—				9,273
Spain			—			38,730			—		—				—				(38,730	)			—				—
South Korea			302,663			1,458			—		(11	)			(7	)			(186	)			(302,663	)			1,254
Taiwan			688			—			—		—				—				16				—				704
United Kingdom			5,344			—			—		(4,123	)			1,471				(2,692	)			—				—
United States			10,559			—			—		—				—				(10,559	)			—				—
Rights/Warrants:
Canada			798			—			—		—				—				7				—				805
South Korea			2,995			—			—		—				—				(2,995	)			—				—
Spain			5			—			—		—				—				(5	)			—				—
Sweden			128			—			—		—				—				(128	)			—				—
Total		$	1,202,266		$	708,108		$	324,724	$	(76,662	)		$	(82,727	)		$	(386,031	)*		$	(757,404	)		$	932,274
Global Opportunities Fund
Equity Securities:
United States		$	655,500		$	—		$	—	$	—			$	—			$	(396,750	)		$	—			$	258,750
Corporate Bonds:
Bermuda		$	1,115,716		$	—		$	—	$	—			$	—			$	15,597			$	—			$	1,131,313
Hong Kong			1,133,154			—			—		—				—				—				—				1,133,154
United States			5,400,000			—			—		—				—				—				—				5,400,000
Total		$	8,304,370		$	—		$	—	$	—			$	—			$	(381,153	)*		$	—			$	7,923,217

(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 April 30, 2012 was $(463,630) for the Global Small and Mid Cap Fund and $(381,153) for the Global Opportunities Fund, which is included in the related net change in unrealized appreciation/depreciation on the Statements of Operations.

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. Investment Advisory Fee, Administration Fee and Other Transactions:

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Bessemer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

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Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

	First $500 million of average net assets	Next $500 million to $1 billion of average net assets	Average net assets exceeding $1 billion
Large Cap Core Fund	0.70%	0.65%	0.60%
Fixed Income Fund	0.45%	0.40%	0.35%
Municipal Bond Fund	0.45%	0.40%	0.35%
			Average net assets
Global Small & Mid Cap Fund			0.85%
Real Return Fund			0.85%
	First $1.25 billion of average net assets	Next $1.25 billion to $2.5 billion of average net assets	Average net assets exceeding $2.5 billion
Large Cap Strategies Fund	0.90%	0.85%	0.80%
Global Opportunities Fund	1.10%	1.05%	1.00%

Effective November 16, 2011, the Old Westbury U.S. Large Cap Fund changed its name to the Large Cap Core Fund and the Old Westbury Non-U.S. Large Cap Fund changed its name to the Large Cap Strategies Fund.

A special meeting of shareholders was held on October 18, 2011 at which the Large Cap Strategies Fund’s (formerly, Non-U.S. Large Cap Fund) shareholders voted to approve a change in the fee rates to those listed in the above chart under the Investment Advisory Agreement between BIM and the Corporation and became effective November 16, 2011. Prior to November 16, 2011, the fee rates were as follows: 0.80% of the first $500 million of average net assets, 0.75% of the next $500 million up to $1 billion of average net assets and 0.70% of average net assets exceeding $1 billion.

BIM has retained Oldfield Partners LLP (“Oldfield”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Oldfield and Sands are paid for their services directly by BIM.

BIM has retained Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”) and Mondrian Investment Partners Limited (“Mondrian”) as sub-advisers to each manage segments of the Global Small & Mid Cap Fund. Dimensional, Champlain and Mondrian are paid for their services directly by BIM.

BIM has retained Franklin Advisers, Inc. (“Franklin”), Shenkman Capital Management, Inc. (“SCM”) and BlackRock Financial Management, Inc. (“BlackRock”) as sub-advisers to each manage a segment of the Global Opportunities Fund. Franklin, SCM and BlackRock are paid for their services directly by BIM.

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the “Administrative Agreement”) with Bessemer, pursuant to which Bessemer and Bessemer Trust Company (“BTCO”), an affiliate of BIM, provide certain non-advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) acts as administrator, fund accounting agent and transfer agent for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain officers of the Funds are also employees of BNY Mellon.

Prior to April 1, 2012, BNY Mellon Distributors LLC served as principal underwriter to the Funds pursuant to an underwriting agreement (the “Prior Underwriting Agreement”) for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds. Effective April 1, 2012, the Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC (formerly known as BNY Mellon Distributors LLC), substantially on the same terms as the Prior Underwriting Agreement.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services a maximum annual fee of up to 0.20% of its average daily net assets; however, with respect to the Fixed Income Fund and the Municipal Bond Fund, Bessemer has contractually committed to

121

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

waive its shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% through October 31, 2013. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. For the six months ended April 30, 2012, the Fixed Income Fund and Municipal Bond Fund waived shareholder servicing fees of $229,430 and $487,638 respectively.

D. Custody Fees. The Large Cap Core Fund, Large Cap Strategies Fund, Fixed Income Fund and Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian and the Real Return Fund, the Subsidiary and the Global Small & Mid Cap Fund have retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash, except for the Real Return Fund and the Subsidiary for which BTCO is only responsible for the collectible coins or bullions or other forms of precious metals held by the Real Return Fund and the Subsidiary. BTCO serves as custodian for the Global Small & Mid Cap Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Global Small & Mid Cap Fund. For providing these services, effective November 16, 2011, BTCO receives a fee calculated and paid monthly at the annual rate of 0.075% of the average daily net assets of the non-U.S. investments and 0.015% of the average daily net assets of the U.S. investments of Large Cap Strategies Fund (prior to November 16, 2011, the rate was 0.075% of average daily net assets) and 0.015% of the average daily net assets of each of the Large Cap Core Fund, Fixed Income Fund and Municipal Bond Fund or portion thereof for the Global Small & Mid Cap Fund. BTCO receives a fee of 0.10% of the average daily net assets of the portion of the Real Return Fund for which BTCO serves as custodian. In addition, BTCO receives from the Real Return Fund and the Subsidiary any transaction costs, such as charges for moving them to auctions and shipping/vault charges, related to the Real Return Fund’s and the Subsidiary’s investments in collectible coins or bullions or other forms of precious metals. The Global Opportunities Fund has retained Citibank, N.A. (“Citibank”) to serve as it’s custodian and the Global Small & Mid Cap Fund, Real Return Fund and the Subsidiary have retained Citibank to serve as their co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash, excluding collectible coins or bullions or other forms of precious metals held by the Real Return Fund and the Subsidiary, and assets of the Global Small & Mid Cap Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2013 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Core Fund at 1.00%, the Large Cap Strategies Fund at 1.15% (effective November 16, 2011, prior to that date was at 1.05%), the Global Small & Mid Cap Fund at 1.11%, the Global Opportunities Fund at 1.20%, the Real Return Fund at 1.10%, the Fixed Income Fund at 0.70% and the Municipal Bond Fund at 0.70%. Any waiver amounts are disclosed in the Statements of Operations. For the six months ended April 30, 2012, BIM waived $4,319 for the Large Cap Core Fund, $414,133 for the Large Cap Strategies Fund, $1,518,656 for the Global Small & Mid Cap Fund, $3,386,926 for the Global Opportunities Fund and $697,390 for the Real Return Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $229,430 and $487,638 respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $95,000 (plus $50,000 for serving as the Board’s Chairman, $10,000 as the Board’s Vice Chairman, $20,000 as the Audit Committee Chairman, $15,000 as a member of the Pricing Committee, $10,000 as the Risk Management Liaison (effective April 25, 2012) and $10,000 each as the Nominating Committee Chairman and the Governance Committee Chairman) and received for attendance at Board and committee meetings the following:

	Noticed to be In-Person (whether participating by phone or in-person)			Noticed to be telephonic
Regular Board Meeting		$	9,000		$	4,500
Special Board Meeting			6,000			3,000

122

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

	Noticed to be In-Person (whether participating by phone or in-person)			Noticed to be telephonic
Audit Committee Meeting		$	5,000		$	2,500
Nominating Committee Meeting			5,000			2,500
Governance Committee Meeting			5,000			2,500

Each Independent Director is reimbursed for all out-of-pocket expenses relating to attendance at meetings of the Board and any Board committee. Directors who are not Independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

G. Interest Expense. When cash balances are overdrawn, the Funds are charged by BTCO an overdraft fee equal to 2.25% above the federal funds rate on outstanding balances. Citibank, N.A. charges 2.00% above the London InterBank Offered Rate for any overdrawn cash balances. These amounts, if any, are included in “interest expense” in the Statements of Operations when such expenses are incurred.

8. Securities Transactions:

Investment transactions for the six months ended April 30, 2012, excluding short-term investments and U.S. Government securities, were as follows:

	Purchases		Sales
Large Cap Core Fund	$	522,144,370	$	270,520,726
Large Cap Strategies Fund		3,015,363,207		1,253,537,100
Global Small & Mid Cap Fund		674,940,347		659,753,469
Global Opportunities Fund		2,350,492,292		1,931,238,984
Real Return Fund (Consolidated)		449,172,517		436,618,495
Fixed Income Fund		68,219,526		51,075,928
Municipal Bond Fund		195,784,913		115,444,111

Purchase and sales of U.S. Government Securities, excluding those with maturities of one year or less during the six months ended April 30, 2012 were as follows:

	Purchases		Sales
Fixed Income Fund	$	37,243,600	$	36,494,998

9. Federal Income Taxes:

It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes.

By investing in the Subsidiary, the Real Return Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code. Subchapter M requires, among other things, that a fund derive at least 90% of gross income from dividends, interest, and gains from the sale of securities (typically referred to as “qualifying income”). The IRS has issued a private letter ruling to the Real Return Fund confirming that Subpart F income derived from its investment in the Subsidiary, which invests in commodities and commodity-linked instruments, will constitute “qualifying income” under Subchapter M of the Code. Based on such ruling, the Real Return Fund will seek to get exposure to commodities and commodity-linked instruments through investments in the Subsidiary.

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains realized. These taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation, as applicable, as such income and/or gains are earned.

123

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2012 (Unaudited)

In addition to the requirements of the Code, the Funds may also be subject to capital gains tax in India and Thailand on gains realized upon the sale of India and Thailand securities, payable upon repatriation of sales proceeds. The Funds may accrue a deferred tax liability for unrealized gains on India and Thailand securities based on existing tax rates and holding periods of the securities. As of April 30, 2012, the Large Cap Strategies Fund, the Global Small & Mid Cap Fund and the Global Opportunities Fund recorded liabilities of $800,108, $488,098 and $1,320,761 respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Thailand capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2011 was as follows (amounts in thousands):

	Large Cap Core Fund			Large Cap Strategies Fund			Global Small & Mid Cap Fund			Global Opportunities Fund			Real Return Fund		Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Ordinary Income		$	2,651		$	21,321		$	21,621		$	310,722	$	144,426	$	12,654		$	559
Net Long Term Capital Gains			—			—			178,765			—		—		574			3,296
Total Taxable Distributions			2,651			21,321			200,386			310,722		144,426		13,228			3,855
Tax Exempt Distributions			—			—			—			—		—		—			15,662
Total Distributions Paid		$	2,651		$	21,321		$	200,386		$	310,722	$	144,426	$	13,228		$	19,517

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

As of and during the period ended April 30, 2012, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2011. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

124

Additional Information

Information on Proxy Voting:

The Funds’ proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Information on Form N-Q:

The Funds provide a complete list of the Funds’ holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the Schedule of Investments appear in the Funds’ semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the Schedule of Investments with the SEC on Form N-Q. Shareholders can obtain the Funds’ Form N-Q (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. The Fund’s N-Q may be reviewed or copied at the SEC Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

125

Investment Adviser:

Bessemer Investment Management LLC

630 Fifth Avenue

New York, NY 10111

(212) 708-9100

Distributor:

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19132

Custodians:

Bessemer Trust Company

100 Woodbridge Center Drive

Woodbridge, NJ 07095

Citibank, N.A.

111 Wall Street

New York, NY 10005

Administrator:

BNY Mellon Investment Servicing (US) Inc.

760 Moore Road

King of Prussia, PA 19406

Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.

760 Moore Road

King of Prussia, PA 19406

Independent Registered Public Accounting Firm:

Ernst & Young LLP

5 Times Square

New York, NY 10036

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

Cusip 680414307

Cusip 680414604

Cusip 680414109

Cusip 680414406

Cusip 680414505

Cusip 680414703

Cusip 680414802

(A21-SAR2012)

(04/12)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury Global Small & Mid Cap Fund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury U.S. Large Cap Fund, Old Westbury Non-U.S. Large Cap Fund, Old Westbury Global Opportunities Fund, Old Westbury Real Return Fund, Old Westbury Fixed Income Fund and Old Westbury Municipal Bond Fund are included as part of the report to shareholders filed under Item 1 of this form.

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments	April 30, 2012
	(Unaudited)

Shares			Value
COMMON STOCKS — 92.2%
ARGENTINA — 0.0%
	135,000	Arcos Dorados Holdings - Class A, Inc.	$	2,412,449
AUSTRALIA — 2.0%
	134,164	ABM Resources NL(b)		6,430
	53,832	Acrux Ltd.(b)		224,922
	154,673	Adelaide Brighton Ltd.		491,542
	96,977	Aditya Birla Minerals Ltd.		66,185
	69,555	AED Oil Ltd.(b)(c)(d)		0
	30,858	Ainsworth Game Technology Ltd.(b)		57,553
	3,327	Ainsworth Game Technology Ltd.(b)(c)(d)		6,205
	25,514	AJ Lucas Group Ltd.(b)		28,711
	119,863	Alcyone Resources Ltd.(b)(c)		7,493
	44,678	Alesco Corp. Ltd.		65,173
	52,499	Alkane Resources Ltd.(b)		73,847
	2,221	Alkane Resources Ltd.(b)(c)(d)		3,124
	44,977	Alliance Resources Ltd.(b)		16,637
	36,439	Allied Gold Mining Plc(b)		70,225
	115,610	Altona Mining Ltd.(b)		34,331
	823,347	Alumina Ltd.		995,147
	51,812	Amadeus Energy Ltd.(b)		12,147
	38,166	Amalgamated Holdings Ltd.		256,497
	102,022	Amcom Telecommunications Ltd.		117,995
	10,329	Ampella Mining Ltd.(b)		11,462
	70,717	Ansell Ltd.		1,094,200
	68,098	Antares Energy Ltd.(b)		32,639
	222,950	APA Group		1,212,619
	154,909	APN News & Media Ltd.		135,582
	26,421	Aquarius Platinum Ltd.		60,014
	59,980	Aquila Resources Ltd.(b)		303,106
	19,603	ARB Corp. Ltd.		194,858
	20,860	Aristocrat Leisure Ltd.		67,379
	64,204	ASG Group Ltd.		59,204
	38,669	Aspire Mining Ltd.(b)		11,483
	334,878	Atlas Iron Ltd.		976,992
	54,273	Aurora Oil and Gas Ltd.(b)		234,681
	97,687	Ausdrill Ltd.		417,318
	26,143	Ausenco Ltd.		122,034
	10,823	Ausgold Ltd.(b)		10,713
	31,327	Austal Ltd.		64,303
	17,417	Austbrokers Holdings Ltd.		116,689
	15,319	Austin Engineering Ltd.		80,127
	114,408	Australian Agricultural Co. Ltd.(b)		153,181
	256,656	Australian Infrastructure Fund		596,352
	45,583	Australian Pharmaceutical Industries Ltd.		18,761
	79,373	Automotive Holdings Group		208,411
	5,108	Azumah Resources Ltd.(b)		1,331
	19,409	Bandanna Energy Ltd.(b)		13,853
	70,532	Bank of Queensland Ltd.		548,241
	107,928	Bannerman Resources Ltd.(b)		21,929
	21,519	BC Iron Ltd.(b)		63,678

Shares			Value
AUSTRALIA (continued)
	760,048	Beach Energy Ltd.	$	1,108,704
	86,952	Beadell Resources Ltd.(b)		62,967
	4,598	Bell Financial Group Ltd.		2,371
	347,838	Bendigo and Adelaide Bank Ltd.		2,729,094
	24,576	Billabong International Ltd.		67,602
	22,861	Bionomics Ltd.(b)		9,766
	108,098	Biota Holdings Ltd.(b)		95,738
	2,419	Blackmores Ltd.		66,843
	1,586	Blackthorn Resources Ltd.(b)		2,479
	593,397	BlueScope Steel Ltd.(b)		244,224
	158,551	Boom Logistics Ltd.(b)		44,605
	372,106	Boral Ltd.		1,465,564
	14,786	Bradken Ltd.		114,160
	10,640	Bravura Solutions Ltd.(b)		1,608
	10,942	Breville Group Ltd.		50,278
	24,551	Brickworks Ltd.		266,041
	17,627	BT Investment Management Ltd.		37,651
	5,971	Buru Energy Ltd.(b)		17,607
	26,490	Cabcharge Australia Ltd.		176,648
	154,604	Caltex Australia Ltd.		2,218,202
	29,679	Campbell Brothers Ltd.		2,120,459
	255,734	Cape Lambert Resources Ltd.(b)		133,231
	25,142	Cardno Ltd.		183,377
	68,742	Carsales.com Ltd.		411,848
	129,012	Cash Converters International Ltd.		78,638
	9,437	Cedar Woods Properties Ltd.		36,283
	57,179	Centamin Plc(b)		63,658
	408,411	Central Petroleum Ltd.(b)		41,278
	189,000	Ceramic Fuel Cells Ltd.(b)		19,102
	2,144	CGA Mining Ltd.(b)		4,781
	50,912	Chalice Gold Mines Ltd.(b)		12,466
	178,666	Challenger Ltd.		740,920
	354,184	Citigold Corp. Ltd.(b)		24,726
	102,039	Clough Ltd.		86,119
	84,396	Coal of Africa Ltd.(b)		75,186
	56,720	Coalspur Mines Ltd.(b)		98,696
	7,468	Cochlear Ltd.		510,841
	157,396	Cockatoo Coal Ltd.(b)		44,280
	119,759	Coffey International Ltd.(b)		56,152
	13,803,659	Commonwealth Property Office Fund REIT		14,958,017
	57,099	Consolidated Media Holdings Ltd.		196,331
	19,996	Continental Coal Ltd.(b)		4,063
	82,958	Cooper Energy Ltd.(b)		49,702
	19,597	Credit Corp. Group Ltd.		122,514
	119,112	Cromwell Property Group REIT		89,358
	5,450	CSG Ltd.		3,861
	170,850	CSR Ltd. - Placement Shares		310,640
	4,990	Cudeco Ltd.(b)		17,782
	220,336	Cue Energy Resources Ltd.(b)		61,986
	58,899	Dart Energy Ltd.(b)		17,490

1

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	5,580	Data#3 Ltd.	$	6,483
	1,121,070	David Jones Ltd.		2,908,563
	47,635	Decmil Group Ltd.		147,907
	232,983	Deep Yellow Ltd.(b)		21,605
	7,518	Devine Ltd.		5,209
	54,933	Discovery Metals Ltd.(b)		99,593
	5,787	Domino’s Pizza Enterprises Ltd.		59,393
	85,383	Downer EDI Ltd.(b)		321,163
	6,112	Dragon Mining Ltd.(b)		5,954
	46,652	Drillsearch Energy Ltd.(b)		68,539
	165,923	DUET Group		319,834
	139,247	DuluxGroup Ltd.		449,774
	16,365	DWS Ltd.		25,748
	81,407	Echo Entertainment Group Ltd.		381,699
	224,451	Elders Ltd.(b)		56,128
	303,779	Emeco Holdings Ltd.		329,183
	30,518	Energy Resources of Australia Ltd.(b)		51,195
	329,666	Energy World Corp. Ltd.(b)		199,227
	267,782	Envestra Ltd.		219,027
	57,717	Eservglobal Ltd.(b)		17,741
	20,763	Euroz Ltd.		28,881
	85,900	Evolution Mining Ltd.(b)		156,631
	22,514	Exco Resources Ltd.(b)		4,105
	1,074,060	Fairfax Media Ltd.		772,190
	3,195	Fantastic Holdings Ltd.		8,323
	146,707	FAR Ltd.(b)		6,726
	16,371	Finbar Group Ltd.		16,205
	172,674	FKP Property Group REIT		90,858
	27,266	Fleetwood Corp. Ltd.		373,020
	25,840	Flight Centre Ltd.		568,634
	260,540	Flinders Mines Ltd.(b)		55,651
	1,523,144	Focus Minerals Ltd.(b)		74,591
	13,085	Forge Group Ltd.		85,485
	9,551	G.U.D. Holdings Ltd.		84,390
	2,973	G8 Education Ltd.		2,958
	17,506	Galaxy Resources Ltd.(b)		12,495
	96,934	Gindalbie Metals Ltd.(b)		59,590
	18,593	Gloucester Coal Ltd.(b)		152,659
	378,431	Goodman Fielder Ltd.		258,270
	87,169	GrainCorp Ltd.		838,321
	140,887	Grange Resources Ltd.		88,078
	63,776	Great Southern Ltd.(b)(c)(d)		0
	49,869	Greenland Minerals & Energy Ltd.(b)		26,500
	46,399	Gryphon Minerals Ltd.(b)		45,928
	81,204	Gujarat NRE Coking Coal Ltd.(b)		15,230
	180,274	Gunns Ltd.(b)(c)(d)		30,054
	68,071	GWA Group Ltd.		139,371
	207,023	Harvey Norman Holdings Ltd.		435,729
	2,523	Hastie Group Ltd.(c)(d)		421
	48,619	HFA Holdings Ltd.		40,527
	162,499	Highlands Pacific Ltd.(b)		27,937
	705,420	Hillgrove Resources Ltd.(b)		194,778
	27,615	Hills Holdings Ltd.		31,651

Shares			Value
AUSTRALIA (continued)
	234,388	Horizon Oil Ltd.(b)	$	80,593
	123,936	iiNET Ltd.		406,775
	93,035	Imdex Ltd.		244,283
	48,706	IMF Australia Ltd.		73,079
	65,287	Independence Group NL		295,232
	88,665	Indophil Resources NL(b)		36,954
	54,591	Industrea Ltd.		55,743
	72,251	Infigen Energy(b)		18,444
	157,616	Integra Mining Ltd.(b)		85,398
	32,314	International Ferro Metals Ltd.(b)		8,850
	89,852	Intrepid Mines Ltd.(b)		80,514
	34,328	Invocare Ltd.		300,809
	143,092	IOOF Holdings Ltd.		928,859
	32,879	Iress Market Technology Ltd.		230,558
	12,036	Iron Ore Holdings Ltd.(b)		16,742
	679	Ivanhoe Australia Ltd.(b)		884
	35,560	JB Hi-Fi Ltd.		357,919
	69,350	Jupiter Mines Ltd.(b)		15,536
	7,671	Kagara Ltd.(b)(c)(d)		959
	312,325	Kangaroo Resources Ltd.(b)		39,051
	28,133	Kingsgate Consolidated Ltd.		181,742
	28,356	Kingsrose Mining Ltd.(b)		34,864
	79,680	Leyshon Resources Ltd.(b)		17,020
	45,576	Linc Energy Ltd.(b)		53,186
	2,322	Lycopodium Ltd.		17,420
	15,766	M2 Telecommunications Group Ltd.		51,253
	201,460	Macmahon Holdings Ltd.		146,938
	14,211	Macquarie Atlas Roads Group(b)		24,506
	1,285	Macquarie Telecom Group Ltd.		12,653
	35,929	Marengo Mining Ltd.(b)		8,049
	16,698	McMillan Shakespeare Ltd.		191,383
	36,485	McPherson’s Ltd.		73,750
	48,410	Medusa Mining Ltd.		290,539
	27,057	Melbourne IT Ltd.		52,437
	117,075	Mermaid Marine Australia Ltd.		391,576
	17,756	Mesoblast Ltd.(b)		139,681
	110,197	Metals X Ltd.(b)		24,112
	351,180	Metcash Ltd.		1,449,010
	90,921	Metgasco Ltd.(b)		31,263
	32,146	Mincor Resources NL		23,446
	26,581	Mineral Deposits Ltd.(b)		166,730
	19,752	Mineral Resources Ltd.		246,144
	97,814	Mirabela Nickel Ltd.(b)		49,939
	46,130	Molopo Energy Ltd.(b)		32,925
	70,668	Moly Mines Ltd.(b)		14,726
	462,008	Monadelphous Group Ltd.(d)		11,187,475
	59,782	Mortgage Choice Ltd.		83,780
	203,090	Mount Gibson Iron Ltd.		233,828
	75,821	Myer Holdings Ltd.		185,654
	1,050	MyState Ltd.		3,446
	79,446	Navitas Ltd.		326,976
	60,102	Neon Energy Ltd.(b)		26,302
	114,404	New Guinea Energy Ltd.(b)		7,391

2

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	128,661	New Hope Corp. Ltd.	$	652,863
	425,834	Nexus Energy Ltd.(b)		93,176
	122,821	NIB Holdings Ltd.		209,876
	252,567	Nido Petroleum Ltd.(b)		12,369
	69,743	Noble Mineral Resources Ltd.(b)		20,711
	35,908	Norfolk Group Ltd.		46,768
	13,388	Northern Iron Ltd.(b)		14,229
	102,310	Northern Star Resources Ltd.(b)		93,277
	78,103	Norton Gold Fields Ltd.(b)		18,717
	123,430	NRW Holdings Ltd.		526,006
	66,006	Nufarm Ltd.		338,372
	3,341	Oakton Ltd.		4,525
	53,779	Oilex Ltd(b)		15,690
	408,280	OneSteel Ltd.		555,156
	9,121	OPUS Group Ltd.		7,128
	5,532	Orocobre Ltd.(b)		8,646
	4,066	OrotonGroup Ltd.		35,968
	121,855	Otto Energy Ltd.(b)		13,966
	87,919	OZ Minerals Ltd.		854,694
	153,286	Pacific Brands Ltd.		98,225
	141,237	Paladin Energy Ltd.(b)		234,723
	229,815	PanAust Ltd.(b)		780,625
	104,488	Panoramic Resources Ltd.		118,125
	115,653	PaperlinX Ltd.(b)		11,930
	5,565	Patties Foods Ltd.		9,973
	55,050	Peet Ltd.		48,182
	182,192	Perilya Ltd.(b)		74,036
	3,388	Perpetual Ltd.		90,018
	61,898	Perseus Mining Ltd.(b)		167,686
	499,396	Photon Group Ltd.(b)		24,977
	48,159	Platinum Asset Mangement Ltd.		220,789
	67,411	Platinum Australia Ltd.(b)		8,780
	139,305	PMP Ltd.		76,203
	40,384	Premier Investments Ltd.		225,959
	6,047	Prima Biomed Ltd.(b)		1,355
	47,288	Primary Health Care Ltd.		139,439
	25,653	Prime Media Group Ltd.		18,443
	117,452	PrimeAg Australia Ltd.		134,617
	59,530	Programmed Maintenance Services Ltd.		159,410
	29,647	Qantas Airways Ltd.(b)		50,506
	156,786	Ramelius Resources Ltd.(b)		125,790
	31,729	Ramsay Health Care Ltd.		662,192
	17,881	RCR Tomlinson Ltd.		36,983
	17,371	REA Group Ltd.		252,672
	30,974	Reckon Ltd.		72,938
	17,274	Red 5 Ltd.(b)		32,398
	93,670	Red Fork Energy Ltd.(b)		106,383
	21,888	Redflex Holdings Ltd.		46,068
	8,531	Reece Australia Ltd.(d)		164,444
	33,462	Reed Resources Ltd.(b)		7,147
	31,163	Regional Express Holdings Ltd.		33,444
	56,462	Regis Resources Ltd.(b)		248,265
	9,792	Reject Shop Ltd. (The)		121,311
	417,250	Resolute Mining Ltd.(b)		730,385

Shares			Value
AUSTRALIA (continued)
	15,277	Resource and Investment NL(b)	$	5,253
	85,881	Resource Generation Ltd.(b)		34,899
	22,430	Retail Food Group Ltd.		63,569
	25,608	Rialto Energy Ltd.(b)		10,273
	123,127	Ridley Corp. Ltd.		155,233
	15,297	Robust Resources Ltd.(b)		19,286
	156,453	Roc Oil Co. Ltd.(b)		65,206
	105,284	SAI Global Ltd.		573,734
	7,209	Salmat Ltd.		16,675
	34,901	Samson Oil & Gas Ltd.(b)		3,491
	18,074	Sandfire Resources NL(b)		145,761
	156,455	Saracen Mineral Holdings Ltd.(b)		94,551
	30,149	Sedgman Ltd.		67,539
	21,571	Seek Ltd.		160,927
	165,670	Senex Energy Ltd.(b)		195,923
	16,377	Servcorp Ltd.		50,509
	90,368	Service Stream Ltd.		37,664
	42,058	Seven Group Holdings Ltd.		444,358
	111,610	Sigma Pharmaceuticals Ltd.		77,334
	15,184	Silex Systems Ltd.(b)		58,538
	48,071	Silver Lake Resources Ltd.(b)		161,282
	9,054	Sirtex Medical Ltd.		60,942
	36,651	Skilled Group Ltd.		93,562
	12,616	Slater & Gordon Ltd.		22,347
	25,349	SMS Management & Technology Ltd.		160,059
	57,203	Southern Cross Media Group Ltd.		80,166
	491,293	SP AusNet		565,652
	439,626	Spark Infrastructure Group		664,198
	10,795	Specialty Fashion Group Ltd.(b)		5,005
	70,854	Spotless Group Ltd.		188,995
	324,205	St. Barbara Ltd.(b)		773,574
	29,533	Starpharma Holdings Ltd(b)		57,082
	114,859	Straits Resources Ltd.(b)		93,348
	10,000	Strike Resources Ltd.(b)		1,928
	137,375	STW Communications Group Ltd.		131,687
	31,365	Sundance Energy Australia Ltd.(b)		25,654
	322,878	Sundance Resources Ltd.(b)		158,119
	27,149	Sunland Group Ltd.(b)		21,640
	65,953	Super Retail Group Ltd.		531,890
	67,322	Swick Mining Services Ltd.		23,499
	167,810	TABCORP Holdings Ltd.		501,818
	10,623	Talent2 International Ltd.		4,261
	31,512	Tanami Gold NL(b)		27,909
	105,245	Tap Oil Ltd.(b)		87,728
	54,903	Tassal Group Ltd.		84,665
	743,111	Tatts Group Ltd.		1,997,652
	15,839	Technology One Ltd.		20,299
	216,033	Ten Network Holdings Ltd.		182,327
	45,730	Teranga Gold Corp.(b)		105,303
	60,363	Texon Petroleum Ltd.(b)		37,423
	69,352	TFS Corp. Ltd.		36,492

3

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	47,822	Thakral Holdings Group REIT	$	37,371
	57,103	Thorn Group Ltd.		87,463
	67,860	Tiger Resources Ltd.(b)		24,040
	13,885	Toll Holdings Ltd.		84,779
	188,636	Toro Energy Ltd.(b)		15,134
	16,986	Tox Free Solutions Ltd.		44,600
	126,484	TPG Telecom Ltd.		239,199
	3,573,850	Transfield Services Ltd.(d)		8,490,194
	304,411	Transpacific Industries Group Ltd.(b)		269,604
	267,850	Treasury Wine Estates Ltd.		1,205,652
	35,157	Troy Resources Ltd.		163,378
	1,757	Trust Co. Ltd.		9,630
	26,635	UGL Ltd.		363,000
	79,768	Unity Mining Ltd.(b)		12,467
	144,020	UXC Ltd.		83,284
	53,983	VDM Group Ltd.(b)		4,106
	101,055	Venture Minerals Ltd.(b)		40,012
	65,384	Village Roadshow Ltd.		221,412
	521,584	Virgin Australia Holdings Ltd(b)		217,386
	521,584	Virgin Australia Holdings Ltd.(b)(c)(d)		2,717
	1,251	Warrnambool Cheese & Butter Factory Co. Holding Ltd.		5,005
	64,022	Washington H. Soul Pattinson & Co. Ltd.(d)		921,900
	31,829	Watpac Ltd.		30,511
	51,135	WDS Ltd.		31,968
	7,324	Webjet Ltd		26,938
	40,961	Western Areas NL		215,104
	5,683	White Energy Co. Ltd.(b)		2,487
	97,668	Whitehaven Coal Ltd.		541,390
	46,555	WHK Group Ltd.		43,172
	984	Wide Bay Australia Ltd.		6,767
	61,830	WildHorse Energy(b)		5,476
	12,401	Windimurra Vanadium Ltd.(b)(c)(d)		0
	31,994	Wotif.com Holdings Ltd.		147,346
	5,124	YTC Resources Ltd.(b)		2,109
				99,838,107
AUSTRIA — 0.2%
	1,001	Agrana Beteiligungs AG		112,428
	26,522	Andritz AG		1,388,134
	4,521	A-TEC Industries AG(b)(c)(d)		0
	3,288	Austria Technologie & Systemtechnik AG		41,782
	6,370	Austriamicrosystems AG		512,323
	2,011	BWT AG		35,271
	868	CA Immobilien Anlagen AG(b)		9,824
	5,957	CAT Oil AG		49,755
	1,891	Constantia Packaging AG(b)(c)(d)		0
	255	DO & CO Restaurants & Catering AG		10,464
	8,152	EVN AG		105,965
	2,705	Flughafen Wien AG		120,237

Shares			Value
AUSTRIA (continued)
	122,638	IMMOFINANZ AG(b)	$	431,163
	9,812	Intercell AG(b)		33,224
	2,036	Kapsch TrafficCom AG		181,916
	2,971	Lenzing AG		306,476
	2,509	Mayr Melnhof Karton AG		255,729
	902	Oberbank AG		56,833
	14,426	Oesterreichische Post AG		511,763
	6,723	Palfinger AG		163,924
	8,187	POLYTEC Holding AG(b)		75,751
	11,926	Raiffeisen Bank International AG		396,002
	5,756	RHI AG		151,546
	516	Rosenbauer International AG		30,736
	2,148	S IMMO AG(b)		12,243
	4,944	Schoeller-Bleckmann Oilfield Equipment AG		439,912
	4,742	Semperit AG Holding		204,033
	27,419	Strabag SE		732,422
	41,501	Telekom Austria AG		455,189
	5,724	Uniqa Versicherungen AG(d)		98,954
	12,974	Vienna Insurance Group AG		528,948
	98,464	Voestalpine AG		3,187,379
	33,885	Wienerberger AG		394,576
	1,597	Wolford AG		49,265
	25,987	Zumtobel AG		357,749
				11,441,916
BAHAMAS — 0.0%
	100	CIC Energy Corp.(b)		103
	183	United International Enterprises		28,296
				28,399
BELGIUM — 0.2%
	1,160	Ablynx NV(b)		4,484
	15,584	Ackermans & Van Haaren NV		1,335,901
	1,631	Aedifica REIT		103,522
	341,964	Ageas		622,403
	22,952	AGFA - Gevaert - VVPR Strip(b)		30
	83,687	AGFA - Gevaert NV(b)		182,781
	7,223	Arseus NV		122,382
	192	Atenor Group		7,523
	41	Banque Nationale de Belgique		119,397
	2,576	Barco NV		171,481
	1,759	Cofinimmo REIT		212,465
	265	Colruyt SA		10,857
	2,364	Compagnie d’Entreprises CFE		136,058
	1,433	Compagnie Immobiliere de Belgique SA		54,041
	104	Compagnie Maritime Belge SA		2,424
	19,625	Deceuninck NV(b)		29,614
	12,200	Deceuninck NV- VVPR Strip(b)(d)		16
	25,842	Delhaize Group SA		1,257,961
	959	Devgen(b)		6,246
	59,424	Dexia SA(b)		14,945
	10,786	D’ieteren SA NV		475,723

4

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
BELGIUM (continued)
	207	Duvel Moortgat SA	$	21,616
	2,169	Econocom Group		49,469
	7,298	Elia System Operator SA NV		312,222
	1,538	Euronav NV(b)		14,393
	1,006	EVS Broadcast Equipment SA		50,416
	4,996	Exmar NV		38,753
	1,779	Galapagos NV(b)		27,175
	1,080	Intervest Offices & Warehouses REIT		27,505
	1,440	Ion Beam Applications		9,435
	90	IRIS		3,669
	9,443	KBC Groep NV		182,620
	1,505	Kinepolis Group NV		140,308
	8	Lotus Bakeries		5,263
	1,467	Melexis NV		25,904
	1,546	Mobistar SA		58,467
	32,757	NV Bekaert SA		970,404
	31,589	Nyrstar(b)		258,830
	15,645	Nyrstar - VVPR Strip(b)		41
	26,826	Option NV(b)		12,073
	1,265	RealDolmen NV SA(b)		29,287
	5,474	Recticel SA		43,113
	136	Retail Estates NV REIT		9,183
	846	Roularta Media Group NV		17,850
	5,564	Sioen Industries NV		38,887
	2,739	Sipef NV		253,249
	17,010	Telenet Group Holding NV(b)		729,634
	7,797	Tessenderlo Chemie NV		246,978
	977	Tessenderlo Chemie NV - VVPR Strip(b)		257
	3,085	ThromboGenics NV(b)		97,149
	20,569	Umicore		1,116,176
	1,563	Van De Velde NV		76,137
	445	VPK Packaging Group		17,471
	3,065	Warehouses De Pauw SCA REIT		159,242
	460	Wereldhave Belgium NV REIT		44,145
				9,957,575
BERMUDA — 0.5%
	10,699	Archer Ltd.(b)		22,340
	200,000	Argo Group International Holdings Ltd.(d)		5,772,000
	275,000	Aspen Insurance Holdings Ltd.		7,788,000
	221,995	Catlin Group Ltd.		1,520,365
	225,000	Endurance Specialty Holdings Ltd.		9,040,500
	5,849	Frontline Ltd.		38,684
	119,817	Golden Ocean Group Ltd.		108,659
	4,571	Hardy Underwriting Bermuda Ltd.		20,539
	191,809	Hiscox Ltd.		1,240,168
	122,471	Lancashire Holdings Ltd.		1,600,005
	30,201	Northern Offshore Ltd.		61,479
				27,212,739

Shares			Value
BRAZIL — 0.9%
	19,400	AES Tiete SA	$	245,178
	31,800	AES Tiete SA, Preference Shares		442,095
	57,100	All America Latina Logistica SA		258,517
	48,070	Alpargatas SA - Preference Shares		387,102
	34,537	Amil Participacoes SA		337,733
	53,700	Banco ABC Brasil SA - Preference Shares		336,655
	2,400	Banco Cruzeiro do Sul SA Brazil - Preference Shares		16,242
	25,800	Banco Daycoval SA - Preference Shares		126,418
	109,290	Banco do Estado do Rio Grande do Sul - Class B, Preference Shares		943,168
	21,922	Banco Pine SA - Preference Shares		152,729
	16,200	Banco Sofisa SA - Preference Shares		31,276
	8,200	Bematech SA		17,638
	2,229	BHG SA - Brazil Hospitality Group(b)		27,129
	108,692	BR Malls Participacoes SA		1,343,432
	31,300	Brasil Brokers Participacoes SA		107,062
	144,318	Braskem SA - Class A, Preference Shares		1,010,752
	78,570	Brookfield Incorporacoes SA		207,333
	5,700	Centrais Eletricas de Santa Catarina SA - Preference Shares		128,105
	15,962	CETIP SA - Mercados Organizados		245,357
	6,300	Cia de Gas de Sao Paulo - Class A, Preference Shares		152,365
	114,100	Cia de Locacao das Americas		533,343
	32,800	Cia de Saneamento Basico do Estado de Sao Paulo		1,291,248
	16,400	Cia de Saneamento de Minas Gerais		384,157
	5,300	Cia de Saneamento do Parana - Preference Shares		20,464
	8,500	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		272,237
	46,400	Cia Energetica de Sao Paulo -Class B, Preference Shares		882,407
	5,950	Cia Energetica do Ceara - Class A, Preference Shares		106,161
	26,208	Cia Ferro Ligas da Bahia-Ferbasa - Preference Shares		154,953
	29,100	Cia Hering		722,558
	27,800	Cia Paranaense de Energia - Class B, Preference Shares		697,279
	18,300	Cia Providencia Industria e Comercio SA		64,323

5

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
BRAZIL (continued)
	13,000	Contax Participacoes SA - Preference Shares	$	169,137
	113,684	Cosan SA Industria e Comercio		1,978,280
	11,750	Cremer SA		114,039
	9,600	CSU Cardsystem SA		21,102
	36,240	Cyrela Brazil Realty SA Empreendimentos e Participacoes		292,027
	400	Cyrela Commercial Properties SA Empreendimentos e Participacoes		4,407
	104,500	Diagnosticos da America SA		748,328
	4,252	Direcional Engenharia SA		21,727
	186,760	Duratex SA		1,097,349
	69,600	EDP - Energias do Brasil SA		485,263
	21,180	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares		324,008
	390,320	Embraer SA		3,352,065
	13,600	Equatorial Energia SA		100,030
	3,000	Estacio Participacoes SA		37,442
	40,293	Eternit SA		211,384
	6,836	Eucatex SA Industria e Comercio - Preference Shares		29,587
	69,100	Even Construtora e Incorporadora SA		258,108
	30,500	Ez Tec Empreendimentos e Participacoes SA		336,818
	2,900	Fertilizantes Heringer SA(b)		21,376
	4,723	Fibria Celulose SA(b)		37,687
	105,900	Fleury SA		1,373,925
	2,185	Forjas Taurus SA		2,568
	8,937	Forjas Taurus SA - Preference Shares		9,893
	67,000	Gafisa SA		123,374
	18,200	General Shopping Brasil SA(b)		110,280
	11,500	Gol-Linhas Aereas Inteligentes SA - Preference Shares		61,115
	50,800	Grendene SA		261,709
	3,200	Guararapes Confeccoes SA		166,400
	49,800	Helbor Empreendimentos SA		241,926
	33,900	IdeiasNet SA(b)		44,461
	19,200	Iguatemi Empresa de Shopping Centers SA		418,620
	24,400	Industrias Romi SA		75,012
	1,100	Inepar SA Industria e Construcoes		1,495
	4,170	Iochpe-Maxion SA		72,193
	51,534	JHSF Participacoes SA		161,673
	309,400	JSL SA(d)		1,554,994
	413,900	Klabin SA - Preference Shares		1,980,310
	2,037	Kroton Educacional SA(b)(c)(d)		3,473
	357	Kroton Educacional SA - Preference Shares(b)(c)(d)		609
	22,456	Kroton Educacional SA - Units(b)		329,863
	19,000	Light SA		245,406

Shares			Value
BRAZIL (continued)
	31,500	Localiza Rent a Car	$	538,730
	36,310	Log-In Logistica Intermodal SA(b)		148,391
	30,474	Lojas Americanas SA		263,629
	53,704	Lojas Americanas SA - Preference Shares		501,498
	20,000	Lojas Renner SA		635,522
	7,900	LPS Brasil Consultoria de Imoveis SA		136,353
	8,300	M Dias Branco SA		239,488
	15,048	Magnesita Refratarios SA		52,893
	59,600	Mahle-Metal Leve SA Industria e Comercio		1,938,567
	113,290	Marcopolo SA - Preference Shares		609,792
	13,800	Marisa Lojas SA		163,111
	800	Metalfrio Solutions SA(b)		2,057
	5,300	Mills Estruturas e Servicos de Engenharia SA		68,928
	20,000	MPX Energia SA(b)		536,894
	10,120	MRV Engenharia e Participacoes SA		59,144
	30,150	Multiplan Empreendimentos Imobiliarios SA		710,193
	3,300	Multiplus SA		71,812
	60,500	Obrascon Huarte Lain Brasil SA		522,747
	80,100	Odontoprev SA		423,160
	1,700	Oi SA		11,416
	15,000	OSX Brasil SA(b)		116,229
	16,300	Parana Banco SA - Preference Shares		111,166
	55,429	Paranapanema SA		84,620
	78,052	PDG Realty SA Empreendimentos e Partici- pacoes(b)		183,445
	17,500	Plascar Participacoes Industriais SA		13,771
	42,500	Porto Seguro SA		417,163
	19,150	Positivo Informatica SA		67,813
	4,600	Profarma Distribuidora de Produtos Farmaceuticos SA		23,143
	38,309	Raia Drogasil SA		409,589
	57,450	Randon Participacoes SA - Preference Shares		303,803
	32,000	Redecard SA		533,179
	6,700	Restoque Comercio e Confeccoes de Roupas SA		128,471
	14,700	Rodobens Negocios Imobiliarios SA		85,756
	60,200	Rossi Residencial SA		252,024
	22,050	Santos Brasil Participacoes SA - Units		385,208
	34,100	Sao Martinho SA		412,352
	13,175	Saraiva SA Livreiros Editores - Preference Shares		158,903
	16,900	SLC Agricola SA(b)		166,948
	117,200	Sonae Sierra Brasil SA(d)		1,893,744

6

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
BRAZIL (continued)
	17,700	Springs Global Participacoes SA(b)	$	30,179
	96,314	Sul America SA - Units		791,266
	64,553	Suzano Papel e Celulose SA - Preference Shares		242,817
	11,000	Tam SA - Preference Shares(b)		264,533
	63,300	Tecnisa SA		284,595
	2,800	Tempo Participacoes SA(b)		7,095
	8,800	Tereos Internacional SA		15,789
	31,000	Totvs SA		601,736
	5,500	TPI - Triunfo Participacoes e Investimentos SA		26,373
	7,700	Tractebel Energia SA		132,295
	2,400	Transmissora Alianca de Energia Eletrica SA - Units		82,457
	72	Unipar Participacoes SA - Class B, Preference Shares(b)		11
	18,303	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		281,245
	24,860	Viver Incorporadora e Construtora SA(b)		31,431
	81,000	Weg SA		855,830
	121,200	Wilson Sons Ltd. - BDR(d)		1,812,134
				47,366,317
CANADA — 2.3%
	19,558	5N Plus, Inc.(b)		61,376
	3,613	Aastra Technologies Ltd.		67,333
	15,424	Aberdeen International, Inc.		7,963
	6,775	Absolute Software Corp.(b)		45,676
	63,110	Advantage Oil & Gas Ltd.(b)		198,047
	21,938	Aecon Group, Inc.		296,697
	2,700	AG Growth International, Inc.		111,406
	26,188	AGF Management Ltd. - Class B		361,863
	14,401	Ainsworth Lumber Co. Ltd.(b)		18,223
	19,104	Air Canada - Class A(b)		19,339
	1,100	Akita Drilling Ltd. - Class A		11,247
	22,400	Alamos Gold, Inc.		409,973
	10,895	Alexco Resource Corp.(b)		69,262
	588	Algoma Central Corp.		69,791
	108,142	Algonquin Power & Utilities Corp.		695,148
	2,988	Alliance Grain Traders, Inc.		40,441
	43,254	AltaGas Ltd.		1,399,838
	3,600	Alter NRG Corp.(b)		1,713
	10,000	Alterra Power Corp.(b)		4,758
	7,748	Altius Minerals Corp.(b)		94,433
	11,700	Altus Group Ltd.		77,578
	80,500	Amerigo Resources Ltd.		66,007
	39,396	Anderson Energy Ltd.(b)		16,750
	17,797	Angle Energy, Inc.(b)		90,079
	31,125	Antrim Energy, Inc.(b)		26,151
	29,600	Arsenal Energy, Inc.(b)		17,978
	11,000	Astral Media, Inc. - Class A		543,625
	13,400	Atco Ltd. - Class I		991,588

Shares			Value
CANADA (continued)
	15,436	Atrium Innovations, Inc.(b)	$	175,635
	22,663	ATS Automation Tooling Systems, Inc.(b)		215,882
	12,274	Aura Minerals, Inc.(b)		9,319
	108,347	AuRico Gold, Inc.(b)		995,891
	29,800	Aurizon Mines Ltd.(b)		161,089
	1,900	AutoCanada, Inc.		20,388
	31,292	Avalon Rare Metals, Inc.(b)		78,875
	15,391	AvenEx Energy Corp.		60,140
	78,755	Avion Gold Corp.(b)		79,724
	113,200	B2Gold Corp.(b)		427,429
	97,141	Baja Mining Corp.(b)		38,843
	46,861	Ballard Power Systems, Inc.(b)		67,361
	61,339	Bankers Petroleum Ltd.(b)		212,360
	30,100	Bellatrix Exploration Ltd.(b)		127,670
	800	Bengal Energy Ltd.(b)		696
	39,800	Birchcliff Energy Ltd.(b)		272,760
	300	Bird Construction, Inc.		4,455
	15,938	Black Diamond Group Ltd.		329,134
	117,200	BlackPearl Resources, Inc.(b)		526,768
	3,240	BMTC Group, Inc. - Class A		65,433
	10,100	Boardwalk Real Estate Investment Trust		601,287
	24,500	Bonavista Energy Corp.		441,960
	1,300	Bonterra Energy Corp.		65,339
	8,470	Boralex, Inc. - Class A(b)		69,451
	9,700	Brick Ltd. (The)(b)		33,091
	54,611	Brigus Gold Corp.(b)		45,332
	100	Brookfield Real Estate Services, Inc.		1,404
	200	Brookfield Residential Properties, Inc.(b)		2,308
	4,500	Burcon NutraScience Corp.(b)		32,799
	2,400	C&C Energia Ltd.(b)		17,881
	47,567	CAE, Inc.		520,042
	3,300	Calfrac Well Services Ltd.		90,530
	500	Calian Technologies Ltd.		10,579
	17,900	Calloway Real Estate Investment Trust		497,942
	24,934	Calvalley Petroleum, Inc. - Class A(b)		42,909
	30,237	Canaccord Financial, Inc.		238,749
	3,638	Canaccord Financial, Inc. - CDI		29,225
	4,100	Canada Bread Co. Ltd.(d)		197,145
	18,000	Canadian Apartment Properties REIT		423,283
	16,500	Canadian Energy Services & Technology Corp.		194,088
	3,627	Canadian Helicopters Group, Inc.		123,586
	14,224	Canadian Real Estate Investment Trust		557,095
	84,813	Canadian Western Bank		2,463,213
	25,328	Canadian Zinc Corp.(b)		13,333
	20,232	Canam Group, Inc. - Class A		101,585
	22,100	Canexus Corp.		184,567
	44,643	Canfor Corp.(b)		488,978

7

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	1,555	Canfor Pulp Products, Inc.	$	19,267
	5,200	Cangene Corp.(b)		8,633
	374,914	Canickel Mining Ltd.(b)(d)		11,386
	16,000	CanWel Building Materials Group Ltd.		40,654
	6,088	Canyon Services Group, Inc.		68,470
	6,007	Capital Power Corp.		142,414
	19,464	Capstone Infrastructure Corp.		73,297
	134,662	Capstone Mining Corp.(b)		402,139
	20,442	Cardero Resource Corp.(b)		18,624
	100	Cargojet, Inc.		820
	53,503	Carpathian Gold, Inc.(b)		16,790
	26,000	Cascades, Inc.		111,596
	9,900	Cash Store Financial Services, Inc. (The)		56,523
	7,811	Cathedral Energy Services Ltd.		44,991
	16,407	CCL Industries, Inc. - Class B		628,809
	81,800	Celestica, Inc.(b)		732,834
	33,100	Celtic Exploration Ltd.(b)		485,183
	32,209	Centerra Gold, Inc.		417,020
	31,278	Cequence Energy Ltd.(b)		49,394
	8,900	Chartwell Seniors Housing Real Estate Investment Trust		83,968
	59,705	China Gold International Resources Corp. Ltd.(b)		271,373
	6,908	Chinook Energy, Inc.(b)		9,301
	2,561	Chorus Aviation, Inc.		8,089
	5,561	Churchill Corp. (The) - Class A		79,994
	28,912	Cineplex, Inc.		880,369
	141,325	Claude Resources, Inc.(b)		127,326
	4,153	CML HealthCare, Inc.		44,942
	6,800	Coastal Contacts, Inc.(b)		18,930
	9,100	Cogeco Cable, Inc.		451,384
	4,665	Cogeco, Inc.		242,116
	7,951	Colabor Group, Inc.		62,056
	28,143	COM DEV International Ltd.(b)		71,508
	12,775	Cominar Real Estate Investment Trust		311,664
	500	Compton Petroleum Corp.(b)		805
	10,200	Computer Modelling Group Ltd.		170,163
	180,875	Connacher Oil and Gas Ltd.(b)		157,466
	1,907	Constellation Software, Inc.		181,830
	5,700	Contrans Group, Inc. - Class A		51,354
	13,103	Copper Mountain Mining Corp.(b)		56,903
	4,700	Corby Distilleries Ltd. - Class A		77,076
	24,530	Corridor Resources, Inc.(b)		19,120
	61,448	Corus Entertainment, Inc. - Class B		1,515,284
	34,743	Cott Corp.(b)		226,145
	30,445	Crew Energy, Inc.(b)		215,736
	13,836	Crocotta Energy, Inc.(b)		33,615
	18,511	Davis & Henderson Corp.		354,911
	19,795	DeeThree Exploration Ltd.(b)		92,177
	82,138	Delphi Energy Corp.(b)		108,093

Shares			Value
CANADA (continued)
	123,700	Denison Mines Corp.(b)	$	226,651
	17,700	Descartes Systems Group, Inc. (The)(b)		153,017
	7,343	DHX Media Ltd.(b)		6,690
	1,159	DirectCash Payments, Inc.		28,874
	30,931	Dollarama, Inc.		1,721,503
	10,600	Dorel Industries, Inc. - Class B		320,731
	8,182	DragonWave, Inc.(b)		32,468
	44,400	Duluth Metals Ltd.(b)		93,488
	35,286	Dundee Precious Metals, Inc.(b)		274,687
	8,500	Dundee Real Estate Investment Trust		317,336
	11,964	Dynasty Metals & Mining, Inc.(b)		22,163
	276,953	Eastern Platinum Ltd.(b)		106,537
	9,705	Eastmain Resources, Inc.(b)		10,316
	141	E-L Financial Corp. Ltd.		57,094
	4,344	Electrovaya, Inc.(b)		3,342
	9,917	Emera, Inc.		350,963
	16,750	Empire Co. Ltd. - Class A		985,823
	8,287	Enbridge Income Fund Holdings, Inc.		187,241
	9,981	Endeavour Silver Corp.(b)		92,753
	8,281	Enerflex Ltd.		102,355
	44,600	Enerplus Corp.		825,316
	600	Enghouse Systems Ltd.		8,503
	52,616	Ensign Energy Services, Inc.		760,598
	29,186	Epsilon Energy Ltd.(b)		62,340
	3,955	Equal Energy Ltd.(b)		11,571
	5,842	Equitable Group, Inc.		169,787
	35,817	Essential Energy Services Trust(b)		88,106
	1,100	Evertz Technologies Ltd.		15,589
	49,500	Excellon Resources, Inc.(b)		27,059
	2,152	Exchange Income Corp.		54,723
	2,600	Exco Technologies Ltd.		13,686
	18,409	EXFO, Inc.(b)		129,889
	10,300	Extendicare Real Estate Investment Trust		84,456
	29,941	Fairborne Energy Ltd.(b)		55,466
	9,449	Fibrek, Inc.(b)		9,087
	64,225	Finning International, Inc.		1,794,412
	553	Firm Capital Mortgage Investment Corp.		7,417
	4,391	First Capital Realty, Inc.		81,699
	30,350	First Majestic Silver Corp.(b)		477,440
	2,212	First National Financial Corp.		36,118
	67,250	First Nickel, Inc.(b)		7,148
	9,700	FirstService Corp.(b)		265,121
	15,893	Flint Energy Services Ltd.(b)		400,764
	14,204	Formation Metals, Inc.(b)		6,470
	2,417	Fortress Paper Ltd. - Class A(b)		61,217
	57,167	Fortuna Silver Mines, Inc.(b)		240,161
	17,852	Fortune Minerals Ltd.(b)		13,915
	200	Gamehost, Inc.		2,419

8

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	15,500	Garda World Security Corp. - Class A(b)	$	122,230
	12,794	Genworth MI Canada, Inc.		265,891
	57,000	Gildan Activewear, Inc.		1,641,595
	2,500	Glentel, Inc.		43,276
	2,859	GLG Life Tech Corp.(b)		2,026
	4,565	Gluskin Sheff & Associates, Inc.		70,704
	8,821	GLV, Inc. - Class A(b)		29,199
	13,000	GMP Capital, Inc.		80,933
	4,500	Goldgroup Mining, Inc.(b)		3,189
	95,570	Gran Tierra Energy, Inc.(b)		616,269
	53,752	Great Canadian Gaming Corp.(b)		446,188
	61,578	Great Panther Silver Ltd.(b)		139,008
	91,000	Groupe Aeroplan, Inc.		1,169,914
	6,784	Guardian Capital Group Ltd. - Class A		67,370
	32,142	Guide Exploration Ltd. - Class A(b)		64,749
	2,034	Hanfeng Evergreen, Inc.(b)		5,168
	20,285	Harry Winston Diamond Corp.(b)		289,536
	22,860	Hemisphere GPS, Inc.(b)		18,282
	2,900	Heroux-Devtek, Inc.(b)		25,394
	670	High Liner Foods, Inc.		13,938
	245,570	High River Gold Mines Ltd.(b)		288,365
	13,900	Home Capital Group, Inc.		676,250
	27,827	Horizon North Logistics, Inc.		165,635
	57,500	HudBay Minerals, Inc.		605,355
	4,936	IBI Group, Inc.		73,252
	7,800	Imax Corp.(b)		186,739
	38,486	Imperial Metals Corp.(b)		596,078
	3,907	Imris, Inc.(b)		13,091
	3,161	Indigo Books & Music, Inc.		29,439
	34,700	Industrial Alliance Insurance and Financial Services, Inc.		1,106,494
	21,100	Inmet Mining Corp.		1,160,676
	17,479	Innergex Renewable Energy, Inc.		182,956
	7,700	InnVest Real Estate Investment Trust		39,675
	7,700	Inter-Citic Minerals, Inc.(b)		7,093
	15,652	International Forest Products Ltd. - Class A(b)		74,469
	7,748	International Tower Hill Mines Ltd.(b)		29,412
	25,626	Intertape Polymer Group, Inc.(b)		138,785
	53,567	Ivanhoe Energy, Inc.(b)		48,261
	18,561	Ivernia, Inc.(b)		2,161
	22,616	Jean Coutu Group PJC, Inc. (The) Class A		323,952
	12,245	Just Energy Group, Inc.		161,019
	318,486	Katanga Mining Ltd.(b)		264,371
	1,300	K-Bro Linen, Inc.		30,465
	7,319	Keegan Resources, Inc.(b)		23,709
	25,539	Keyera Corp.		1,044,207

Shares			Value
CANADA (continued)
	13,811	Killam Properties, Inc.	$	188,182
	17,746	Kingsway Financial Services, Inc.(b)		11,856
	11,000	Kirkland Lake Gold, Inc.(b)		143,645
	25,200	La Mancha Resources, Inc.(b)		72,703
	53,075	Lake Shore Gold Corp.(b)		51,579
	13,254	Laramide Resources Ltd.(b)		14,356
	13,957	Laurentian Bank of Canada		622,085
	1,200	Le Chateau, Inc.		1,676
	43,748	Legacy Oil & Gas, Inc.(b)		381,746
	4,782	Leisureworld Senior Care Corp.		58,574
	13,400	Leon’s Furniture Ltd.(d)		162,913
	21,760	Linamar Corp.		430,200
	7,520	Liquor Stores NA Ltd.		135,350
	185,395	Lundin Mining Corp.(b)		900,841
	17,647	MacDonald Dettwiler & Associates Ltd.		801,381
	8,630	MAG Silver Corp.(b)		86,051
	500	Mainstreet Equity Corp.(b)		12,568
	34,300	Major Drilling Group International		514,925
	11,156	Manitoba Telecom Services, Inc.		387,357
	22,964	Maple Leaf Foods, Inc.		300,112
	2,500	March Networks Corp.(b)		12,654
	27,098	Martinrea International, Inc.(b)		254,837
	1,350	MEGA Brands, Inc.(b)		8,131
	22,931	Mega Uranium Ltd.(b)		5,339
	1,400	Melcor Developments Ltd.		21,683
	38,791	Mercator Minerals Ltd.(b)		46,729
	29,200	Methanex Corp.		1,028,067
	6,236	MI Developments, Inc.		220,439
	13,800	Migao Corp.(b)		39,395
	70,069	Minera Andes Acquisition Corp.(b)		261,735
	10,731	Miranda Technologies, Inc.(b)		130,573
	4,631	Mood Media Corp.(b)		19,502
	208,102	Morguard Real Estate Investment Trust(d)		3,558,073
	14,987	Morneau Shepell, Inc.		179,477
	44,077	Mullen Group Ltd.		954,849
	33,792	NAL Energy Corp.		259,294
	11,200	Neo Material Technologies, Inc.(b)		123,468
	43,488	Newalta Corp.		622,043
	22,900	NGEx Resources, Inc.(b)		54,477
	4,978	Niko Resources Ltd.		209,733
	5,290	Norbord, Inc.(b)		60,994
	40,761	Nordion, Inc.		372,186
	3,099	North American Energy Partners, Inc.(b)		12,266
	26,421	North American Palladium Ltd.(b)		79,703
	15,831	North West Co. Inc., (The) - Units		356,412
	10,624	Northern Dynasty Minerals Ltd.(b)		59,151

9

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	179,600	Northern Property Real Estate Investment Trust - Units(d)	$	5,968,789
	11,568	Northland Power, Inc.		206,686
	9,813	Northwest Healthcare Properties Real Estate Investment Trust		127,549
	21,900	Novagold Resources, Inc.(b)		157,846
	26,301	NuVista Energy Ltd.(b)		83,601
	43,243	OceanaGold Corp.(b)		99,807
	8,300	Oncolytics Biotech, Inc.(b)		30,248
	25,600	Onex Corp.		1,016,640
	29,780	Open Range Energy Corp.(b)		36,176
	12,600	Open Text Corp.(b)(e)		706,370
	1,052	Open Text Corp.(b)(e)		58,901
	35,400	Oromin Explorations Ltd.(b)		26,518
	57,165	Orvana Minerals Corp.(b)		52,081
	6,230	Paladin Labs, Inc.(b)		253,842
	28,968	Pan American Silver Corp.		563,320
	18,300	Paramount Resources Ltd. - Class A(b)		494,064
	1,300	Parex Resources, Inc.(b)		7,120
	3,788	Parkland Fuel Corp.		53,608
	720,771	Pason Systems, Inc.(d)		9,390,416
	9,775	Patheon, Inc.(b)		21,671
	37,152	Pembina Pipeline Corp.		1,123,755
	130,877	Pengrowth Energy Corp.		1,176,482
	19,769	Peregrine Diamonds Ltd.(b)		12,408
	780	Perpetual Energy, Inc.		561
	9,000	Petaquilla Minerals Ltd.(b)		3,826
	29,601	PetroBakken Energy Ltd. - Class A		428,501
	38,332	Petrobank Energy & Resources Ltd.(b)		549,457
	27,400	Peyto Exploration & Development Corp.		467,369
	113,000	Phoscan Chemical Corp.(b)		37,749
	2,107	PHX Energy Services Corp.		20,412
	2,100	Points International Ltd.(b)		27,338
	26,322	Poseidon Concepts Corp.		341,865
	55,853	Precision Drilling Corp.(b)(e)		514,514
	489	Precision Drilling Corp.(b)(e)		4,518
	13,536	Premium Brands Holdings Corp.		238,560
	17,176	Primero Mining Corp.(b)		47,293
	92,400	Progress Energy Resources Corp.		1,016,741
	816	Progressive Waste Solutions Ltd.		17,675
	29,060	Progressive Waste Solutions Ltd. - Placement Shares		630,415
	10,367	Pulse Seismic, Inc.		22,983
	9,975	QLT, Inc.(b)		66,140
	13,700	Quebecor, Inc. - Class B		538,514
	9,000	Queenston Mining, Inc.(b)		35,167
	52,100	Questerre Energy Corp. - Class A(b)		45,884
	2,000	Reitmans (Canada) Ltd.		31,321

Shares			Value
CANADA (continued)
	16,700	Reitmans (Canada) Ltd. - Class A	$	256,962
	4,400	Richelieu Hardware Ltd.		146,763
	12,800	Richmont Mines, Inc.(b)		89,536
	4,375	Ritchie Bros. Auctioneers, Inc.		92,562
	42,232	RMP Energy, Inc.(b)		81,228
	3,231	Rock Energy, Inc.(b)		5,168
	4,730	Rocky Mountain Dealerships, Inc.		56,213
	20,712	Rogers Sugar, Inc.		116,575
	38,461	RONA, Inc.		412,701
	60,389	Russel Metals, Inc.		1,657,282
	14,890	Sabina Gold & Silver Corp.(b)		41,451
	18,784	San Gold Corp.(b)		26,811
	188,000	Sandvine Corp.(b)		340,659
	35,881	Savanna Energy Services Corp.		277,502
	75,011	Scorpio Mining Corp.(b)		79,730
	3,678	Secure Energy Services, Inc.(b)		28,818
	44,500	SEMAFO, Inc.		226,138
	26,812	ShawCor Ltd. - Class A		867,180
	149,700	Sherritt International Corp.		856,208
	12,185	Sierra Wireless, Inc.(b)		82,890
	25,900	Silver Standard Resources, Inc.(b)		374,139
	737	Softchoice Corp.(b)		9,982
	7,393	Sonde Resources Corp.(b)		17,587
	95,826	Southern Pacific Resource Corp.(b)		152,297
	11,543	SouthGobi Resources Ltd.(b)		79,925
	56,399	Sprott Resource Corp.(b)		235,222
	55,970	Sprott Resource Lending Corp.		86,121
	9,346	Sprott, Inc.		42,480
	21,600	St. Andrew Goldfields Ltd.(b)		8,746
	10,542	Stantec, Inc.		344,374
	1,490	Stella-Jones, Inc.		68,810
	16,685	Stornoway Diamond Corp.(b)		14,694
	19,100	Sulliden Gold Corp. Ltd.(b)		20,688
	19,146	SunOpta, Inc.(b)		112,413
	13,000	Superior Plus Corp.		97,777
	4,000	Surge Energy, Inc.(b)		35,673
	1,100	Tanzanian Royalty Exploration Corp.(b)		4,877
	74,582	Taseko Mines Ltd.(b)		258,208
	8,658	Tembec, Inc.(b)		26,469
	11,000	Terra Energy Corp.(b)		4,343
	53,400	Thompson Creek Metals Co., Inc.(b)		318,394
	11,300	TMX Group, Inc.		515,898
	46,421	Torex Gold Resources, Inc.(b)		80,826
	24,278	Toromont Industries Ltd.		544,126
	27,765	Torstar Corp. - Class B		288,373
	22,950	Total Energy Services, Inc.		341,747
	3,600	Tourmaline Oil Corp.(b)		86,770
	104,000	TransAlta Corp.		1,724,472
	24,706	Transcontinental, Inc. - Class A		289,114
	69,874	TransForce, Inc.		1,264,006

10

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CANADA (continued)
	33,900	TransGlobe Energy Corp.(b)	$	465,338
	28,200	Trican Well Service Ltd.		407,934
	20,400	Trilogy Energy Corp.		564,183
	48,500	Trinidad Drilling Ltd.		314,218
	49,965	Twin Butte Energy Ltd.		138,588
	24,940	Uex Corp.(b)		17,673
	8,141	Uni-Select, Inc.		237,180
	135,900	Uranium One, Inc.(b)		394,830
	4,038	Valener, Inc.		61,478
	91,129	Veresen, Inc.		1,392,050
	7,467	Vermilion Energy, Inc.		362,068
	13,560	Vero Energy, Inc.		36,239
	7,539	Virginia Mines, Inc.(b)		70,593
	171,501	Viterra, Inc.		2,762,141
	1,300	Wajax Corp.		65,642
	32,261	Wesdome Gold Mines Ltd.(b)		43,435
	11,176	West Fraser Timber Co. Ltd.		491,344
	31,338	Western Forest Products, Inc.(b)		29,186
	2,600	Westfire Energy Ltd.(b)		13,555
	6,300	Westjet Airlines Ltd.(d)		89,731
	14,904	Westport Innovations, Inc.(b)		467,707
	20,891	Whitecap Resources, Inc.(b)		188,218
	48,887	Wi-Lan, Inc.		280,599
	11,548	Winpak Ltd.		178,390
	12,846	Winstar Resources Ltd.(b)		37,842
	1,816	Xtreme Drilling and Coil Services Corp.(b)		5,883
	9,672	YM Biosciences, Inc.(b)		16,645
	189,997	Yukon-Nevada Gold Corp.(b)		50,007
	8,076	Zargon Oil & Gas Ltd.		105,871
				113,079,162
CAYMAN ISLANDS — 0.0%
	16,013	Endeavour Mining Corp.(b)		32,906
	12,791	Endeavour Mining Corp. - CDI		26,922
	67,692	Siem Offshore, Inc.(b)		127,744
				187,572
CHILE — 0.2%
	424,224	AES Gener SA		268,474
	487,853	Aguas Andinas SA - Class A		322,721
	164,971	Banmedica SA(b)		295,866
	114,351	Besalco SA		223,940
	17,632	Cementos BIO BIO SA		24,534
	35,269	Cia Cervecerias Unidas SA		507,471
	43,481	Cia General de Electricidad SA		245,595
	18,733	Cia Sud Americana de Vapores SA(b)		2,201
	924,504	Colbun SA		263,001
	50,487,302	CorpBanca SA		685,861
	17,867	Cristalerias de Chile SA		158,376
	114,370	E.CL SA		306,472
	18,878	Embotelladora Andina SA - Class A, Preference Shares		85,615

Shares			Value
CHILE (continued)
	31,462	Embotelladora Andina SA - Class B, Preference Shares	$	166,682
	32,067	Empresa Nacional de Telecom Chile SA		636,581
	21,705	Empresas Hites SA		17,221
	1,299,287	Empresas Iansa SA		105,796
	79,638	Empresas La Polar SA		67,636
	20,702	Forus SA		96,020
	12,790	Gasco SA		94,917
	448,016	Inversiones Aguas Metropolitanas SA		789,639
	535,964	Madeco SA(b)		25,356
	880,181	Masisa SA		97,979
	952	Molibdenos y Metales SA		16,092
	134,264	Multiexport Foods SA		36,258
	97,068	Parque Arauco SA(b)		188,593
	86,572	PAZ Corp. SA		46,400
	163,857	Ripley Corp. SA		182,739
	58,002	Salfacorp SA		148,263
	152,959	Sigdo Koppers SA		365,765
	20,922	Sociedad Matriz SAAM SA(b)		2,501
	353,128	Socovesa SA		175,217
	134,117	Sonda SA		399,503
	235,571	Vina Concha y Toro SA		495,326
	853,398	Vina San Pedro Tarapaca SA		5,895
				7,550,506
CHINA — 0.8%
	131,000	361 Degrees International Ltd.		41,536
	1,618,000	AAC Technologies Holdings, Inc.		4,775,529
	198,000	Agile Property Holdings Ltd.		258,772
	214,000	Angang Steel Co. Ltd. - H Shares(b)		146,461
	2,752,000	Anhui Expressway Co. Ltd. - H Shares(b)(d)		1,564,231
	32,000	Anhui Tianda Oil Pipe Co. Ltd. - H Shares(b)		5,609
	41,000	Anta Sports Products Ltd.		40,532
	564,000	Anton Oilfield Services Group		88,686
	639,000	Asia Cement China Holdings Corp.		315,438
	96,000	Aupu Group Holding Co. Ltd.		8,290
	196,000	AviChina Industry & Technology Co. - H Shares		90,438
	116,000	Baoye Group Co. Ltd. - H Shares		73,260
	278,000	Beijing Capital Land Ltd. - H Shares		76,678
	33,000	Beijing Jingkelong Co. Ltd. - H Shares		29,263
	274,000	Beijing North Star Co. Ltd. - H Shares(b)		50,854
	311,000	Besunyen Holdings Co. Ltd.		28,059
	247,500	BYD Electronic International Co. Ltd.(b)		74,646
	98,000	Catic Shenzhen Holdings Ltd.		41,683

11

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CHINA (continued)
	321,000	China Aoyuan Property Group Ltd.	$	45,097
	83,000	China Automation Group Ltd.		22,893
	410,857	China BlueChemical Ltd. - H Shares(b)		293,899
	316,000	China Communications Services Corp. Ltd. - H Shares		162,508
	714,000	China Dongxiang Group Co.		96,628
	181,500	China Huiyuan Juice Group Ltd.		60,822
	251,000	China ITS Holdings Co. Ltd.(b)		40,439
	111,000	China Longyuan Power Group Corp. - H Shares(b)		87,700
	135,000	China Medical System Holdings Ltd.		62,292
	173,678	China Molybdenum Co. Ltd. - H Shares(b)		67,603
	1,200,084	China National Building Material Co. Ltd. - H Shares(b)		1,621,013
	286,000	China National Materials Co. Ltd. - H Shares(b)		110,586
	152,000	China Nickel Resources Holding Co. Ltd.(b)		12,146
	176,000	China Qinfa Group Ltd.(b)		39,244
	296,000	China Rare Earth Holdings Ltd.(b)		77,828
	471,000	China Rongsheng Heavy Industries Group Holdings Ltd.		117,770
	260,000	China SCE Property Holdings Ltd.(b)		60,320
	491,488	China Shanshui Cement Group Ltd.		398,453
	246,000	China Shineway Pharmaceutical Group Ltd.		385,552
	561,093	China Shipping Container Lines Co. Ltd. - H Shares(b)		182,966
	304,000	China Shipping Development Co. Ltd., H Shares(b)		197,869
	2,370,000	China Singyes Solar Technologies Holdings Ltd.		1,172,988
	244,000	China Southern Airlines Co. Ltd. - H Shares(b)		109,756
	140,000	China Sunshine Paper Holdings Co. Ltd.		15,699
	127,000	China Sunsine Chemical Holdings Ltd.(b)		26,170
	31,000	China Suntien Green Energy Corp. Ltd.		6,033
	184,158	China Taisan Technology Group Holdings Ltd.		13,393
	126,000	China Tontine Wines Group Ltd.(b)		14,454
	84,000	China Wireless Technologies Ltd.		12,775
	206,000	China Yurun Food Group Ltd.		263,652

Shares			Value
CHINA (continued)
	212,400	China Zhongwang Holdings Ltd.	$	87,603
	350,000	Chinasoft International Ltd.(b)		97,891
	74,000	Chongqing Iron & Steel Co. Ltd. - H Shares(b)(c)(d)		13,162
	340,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		62,666
	44,000	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.		16,616
	158,000	Comtec Solar Systems Group Ltd.(b)		20,568
	3,219,200	Country Garden Holdings Co. Ltd.(b)		1,398,272
	3,585,000	CPMC Holdings Ltd.(d)		2,448,944
	6,616,000	Dalian Port PDA Co. Ltd. - H Shares(d)		1,509,324
	264,000	Daphne International Holdings Ltd.		377,014
	63,000	Daqing Dairy Holdings Ltd.(b)(c)(d)		13,642
	101,000	Delong Holdings Ltd.(b)(d)		23,261
	33,600	Dongfang Electric Corp. Ltd. - H Shares(b)		91,593
	398,000	Dongyue Group(b)		298,039
	232,000	ENN Energy Holdings Ltd.		816,328
	380,000	Evergrande Real Estate Group Ltd.		219,909
	466,500	Fantasia Holdings Group Co. Ltd.		53,513
	416,000	First Tractor Co. Ltd. - H shares		388,191
	379,000	Fosun International Ltd.		226,658
	204,000	Golden Eagle Retail Group Ltd.		535,067
	381,500	Great Wall Motor Co. Ltd. - H Shares(b)		824,105
	112,000	Great Wall Technology Co. Ltd. - H Shares		25,984
	170,000	Greentown China Holdings Ltd.		118,539
	268,000	Guangshen Railway Co. Ltd. - H Shares(b)		99,481
	241,753	Guangzhou Automobile Group Co. Ltd. - H Shares(b)		268,280
	94,000	Guangzhou Pharmaceutical Co. Ltd. - H Shares		91,836
	148,800	Guangzhou R&F Properties Co. Ltd. - H Shares		198,690
	18,400	Guangzhou Shipyard International Co. Ltd. - H Shares(b)		15,842
	14,000	Hainan Meilan International Airport Co. Ltd. - H Shares		8,950
	239,000	Haitian International Holdings Ltd.		275,083
	182,000	Harbin Electric Co. Ltd. - H Shares(b)		189,773
	330,000	Hidili Industry International Development Ltd.		113,138
	2,251,000	Hilong Holding Ltd.		533,835
	473,000	Honghua Group Ltd.(b)		85,350

12

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CHINA (continued)
	192,000	Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(b)	$	56,175
	8,000	International Taifeng Holdings Ltd.		2,475
	285,000	Intime Department Store Group Co. Ltd.		359,985
	119,000	JES International Holdings Ltd.(b)		16,732
	80,000	Jiangsu Expressway Co. Ltd. - H Shares(b)		78,880
	92,000	Jingwei Textile Machinery - H Shares		57,629
	548,000	Kaisa Group Holdings Ltd.(b)		115,835
	163,000	Kasen International Holdings Ltd.(d)		21,009
	458,000	Kingdee International Software Group Co. Ltd.(b)		102,123
	43,000	Kingsoft Corp. Ltd.		19,841
	76,000	Li Heng Chemical Fibre Technologies Ltd.		9,396
	43,000	Li Ning Co. Ltd.		39,571
	103,200	Lianhua Supermarket Holdings Co. Ltd. - H Shares		107,873
	190,000	Lingbao Gold Co. Ltd. - H Shares		94,282
	29,947	Longfor Properties Co. Ltd.(b)		47,630
	420,000	Maanshan Iron & Steel - H Shares		118,552
	198,000	Maoye International Holdings Ltd.		47,212
	2,301,000	Microport Scientific Corp.(d)		1,085,454
	80,000	MINTH Group Ltd.		101,358
	34,000	Nanjing Panda Electronics Co. Ltd. - H Shares(b)		7,450
	348,000	NVC Lighting Holdings Ltd.		126,486
	96,800	Pacific Online Ltd.		43,168
	138,000	Pan Asia Environmental Protection Group Ltd.(b)		10,850
	34,500	Parkson Retail Group Ltd.		38,597
	278,000	PCD Stores Group Ltd.		34,398
	131,000	Peak Sport Products Co. Ltd.		30,561
	430,000	Powerlong Real Estate Holdings Ltd.		73,711
	402,000	Qingling Motors Co. Ltd. - H Shares(b)		127,978
	261,000	Qunxing Paper Holdings Co. Ltd.(c)(d)		69,085
	67,000	Real Gold Mining Ltd.(c)(d)		76,079
	251,000	Regent Manner International Ltd.		54,997
	983,430	Renhe Commercial Holdings Co. Ltd.		57,039
	1,500	Sany Heavy Equipment International Holdings Co. Ltd.		1,158
	5,601,806	Semiconductor Manufacturing International Corp.(b)		277,973

Shares			Value
CHINA (continued)
	79,500	Shandong Chenming Paper Holdings Ltd. - H Shares(b)	$	36,580
	24,800	Shandong Molong Petroleum Machinery Co. Ltd. - H Shares		18,284
	484,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		559,566
	396,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		58,185
	222,000	Shanghai Prime Machinery Co. Ltd. - H Shares		34,336
	106,500	Shengli Oil & Gas Pipe Holdings Ltd.		11,805
	20,000	Shenguan Holdings Group Ltd.		10,827
	78,000	Shenzhen Expressway Co. Ltd. - H Shares(b)		32,673
	162,000	Shenzhou International Group Holdings Ltd.		304,847
	604,265	Shui On Land Ltd.		253,119
	116,000	Sichuan Expressway Co. Ltd. - H Shares(b)		46,647
	71,000	Sihuan Pharmaceutical Holdings Group Ltd.		26,996
	26,000	Silver Base Group Holdings Ltd.		14,008
	784,000	Sino Dragon New Energy Holdings Ltd.(b)		31,830
	840,560	Sino-Ocean Land Holdings Ltd.		392,185
	252,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		87,696
	234,000	Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares		53,685
	27,200	Sinopharm Group Co. Ltd. - H Shares(b)		71,342
	93,000	Sinostar PEC Holdings Ltd.		12,399
	79,500	Sinotel Technologies Ltd.(b)		7,259
	571,000	Sinotrans Ltd. - H Shares		97,146
	175,500	Sinotruk Hong Kong Ltd.		106,992
	1,600,500	Soho China Ltd.		1,243,904
	111,000	SPG Land Holdings Ltd.		22,604
	76,000	Sunac China Holdings Ltd.(b)		23,509
	182,000	Sunny Optical Technology Group Co. Ltd.(b)		60,521
	184,000	SunVic Chemical Holdings Ltd.		50,554
	554,000	Tiangong International Co. Ltd.		137,096
	466,000	Tianneng Power International Ltd.(b)		230,638
	1,396,000	Tong Ren Tang Technologies Co. Ltd. - H Shares(b)(d)		2,029,590
	1,671,000	Trauson Holdings Co. Ltd.(d)		641,810
	82,500	Travelsky Technology Ltd. - H Shares		45,829
	201,000	Trony Solar Holdings Co. Ltd.		17,098
	32,000	Tsingtao Brewery Co. Ltd. - H Shares		194,261

13

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
CHINA (continued)
	182,000	Uni-President China Holdings Ltd.	$	165,377
	121,500	Weiqiao Textile Co. Ltd. - H Shares(b)		60,134
	398,000	West China Cement Ltd.		96,439
	1,000	Wumart Stores, Inc. - H Shares		2,312
	188,000	Xiamen International Port Co. Ltd. - H Shares		23,989
	4,377,000	Xingda International Holdings Ltd.		1,906,809
	157,000	Xingye Copper International Group Ltd.		23,271
	159,000	Xinhua Winshare Publishing and Media Co. Ltd. - H Shares(b)		82,588
	41,200	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		20,391
	216,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(b)		59,021
	142,000	Xiwang Sugar Holdings Co. Ltd.(b)		17,753
	810,000	Yantai North Andre Juice Co. - H Shares		38,628
	99,000	Yuzhou Properties Co.		21,692
	260,500	Zhaojin Mining Industry Co. Ltd. - H Shares		364,629
	24,000	Zhejiang Expressway Co. Ltd. - H Shares		17,261
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)		0
	176,000	Zhong An Real Estate Ltd.(b)		22,004
	7,500	Zhongsheng Group Holdings Ltd.		14,906
	26,000	Zhuzhou CSR Times Electric Co. Ltd. - H Shares		73,724
				38,523,951
COLUMBIA — 0.0%
	18,100	Petrominerales Ltd.		264,762
CYPRUS — 0.0%
	278,027	Bank of Cyprus Plc		165,611
	127,238	Cyprus Popular Bank PCL(b)		34,022
	28,621	Deep Sea Supply Plc(b)		62,764
	71,521	ProSafe SE		558,001
	47,437	Songa Offshore SE(b)		163,291
				983,689
DENMARK — 0.4%
	2,314	ALK-Abello A/S		166,956
	27,032	Alm Brand A/S(b)		54,351
	8,231	Amagerbanken A/S(b)(c)(d)		0
	638	Ambu A/S - Class B		16,574
	5,855	Auriga Industries - Class B(b)		77,612
	18,742	Bang & Olufsen A/S(b)		228,431
	9,018	Bavarian Nordic A/S(b)		80,228
	1,079	Brodrene Hartmann A/S		20,830

Shares			Value
DENMARK (continued)
	452,514	Chr. Hansen Holding A/S	$	12,471,873
	7,451	D/S Norden		211,193
	7,982	Dalhoff Larsen & Horneman A/S - Class B(b)		8,805
	2,204	DFDS A/S		127,843
	48,608	DSV A/S		1,107,047
	5,280	East Asiatic Co. Ltd. A/S		145,148
	2,200	Fionia Holding A/S(b)(c)(d)		0
	10,095	FLSmidth & Co. A/S		709,499
	4,979	Genmab A/S(b)		39,689
	81,337	GN Store Nord A/S		911,752
	7,396	H. Lundbeck A/S		148,310
	2,058	H+H International A/S - Class B(b)		14,830
	2,374	Harboes Bryggeri A/S - Class B		37,805
	963	IC Companys A/S		19,619
	22,039	Jyske Bank A/S(b)		690,165
	3,721	NeuroSearch A/S(b)		6,952
	18,842	NKT Holding A/S		918,263
	70	Nordjyske Bank A/S		847
	250	Norresundby Bank A/S		6,583
	4,105	Pandora A/S		43,349
	3,031	Parken Sport & Entertainment A/S(b)		43,684
	664	PER Aarsleff A/S - Class B		51,511
	1,788	Ringkjoebing Landbobank A/S		224,606
	1,715	Rockwool International A/S - Class B		163,560
	906	Royal UNIBREW A/S(b)		64,562
	7,373	Schouw & Co.		167,264
	1,682	SimCorp A/S		299,278
	2,238	Solar A/S - Class B		120,657
	12,946	Spar Nord Bank A/S(b)		54,823
	38	Sparbank(b)		270
	56	Sparekassen Faaborg A/S(b)		2,541
	30,004	Sydbank A/S(b)		521,581
	2,215	Thrane & Thrane A/S		167,893
	33	Tivoli A/S(b)		17,831
	16,761	TK Development(b)		44,734
	3,786	Topdanmark A/S(b)		648,717
	33,402	TopoTarget A/S(b)		14,739
	129,120	Topsil Semiconductor Materials(b)		10,338
	265	Torm A/S(b)		97
	2,520	Tryg A/S		140,568
	155,759	Vestas Wind Systems A/S(b)		1,374,898
	2,285	Vestjysk Bank A/S(b)		6,505
				22,405,211
FINLAND — 1.7%
	9,996	Ahlstrom Oyj		180,612
	379	Aktia Oyj - Class A		2,654
	2,952	Alma Media Oyj		19,968
	39,132	Amer Sports Oyj		556,838
	1,770	Aspo Oyj		16,049
	1,682	Bank of Aland Plc - Class B(b)		20,929

14

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
FINLAND (continued)
	2,196	BasWare Oyj	$	65,084
	18,521	Biotie Therapies Oyj(b)		11,032
	15,775	Cargotec Oyj - Class B		542,079
	69,022	Citycon Oyj		228,411
	576	Componenta Oyj(b)		2,699
	2,317	Comptel Oyj		1,810
	4,120	Cramo Oyj		63,099
	7,193	Digia Plc(b)		27,136
	17,999	Elisa Oyj		405,982
	28,055	Finnair Oyj(b)		80,957
	1,799	Finnlines Oyj(b)		16,669
	12,672	Fiskars Oyj Abp		271,066
	31,761	F-Secure Oyj		70,630
	2,824	Glaston Oyj Abp(b)		1,720
	11,600	HKScan Oyj - A Shares		67,254
	22,916	Huhtamaki Oyj		363,399
	2,336	Ilkka-Yhtyma Oyj		18,398
	17,695	Kemira Oyj		224,508
	1,624	Kesko Oyj - Class A		47,078
	31,775	Kesko Oyj - Class B		848,780
	15,462	Konecranes Oyj		470,741
	3,505	Lassila & Tikanoja Oyj(b)		49,365
	3,187	Lemminkainen Oyj		80,829
	50,651	Metsa Board Oyj(b)		138,786
	1,502,327	Metso Oyj(d)		64,431,465
	10,187	Neste Oil Oyj		120,417
	52,206	Nokian Renkaat Oyj		2,476,029
	10,195	Okmetic Oyj		74,358
	5,138	Olvi Oyj - Class A		121,741
	21,456	Oriola-KD Oyj - Class B		51,690
	10,430	Orion Oyj - Class A		213,443
	9,618	Orion Oyj - Class B		196,190
	208,659	Outokumpu Oyj(b)		338,899
	1,127	Outotec Oyj		60,567
	13,413	PKC Group Oyj		297,392
	132,675	Pohjola Bank Plc		1,427,803
	766	Ponsse Oyj		7,960
	3,654	Poyry Oyj		29,214
	43,685	Raisio Plc - V Shares		140,516
	26,580	Ramirent Oyj		250,509
	6,650	Rapala VMC Oyj		49,559
	17,928	Rautaruukki Oyj		168,610
	32,226	Ruukki Group Oyj(b)		36,259
	267	Saga Furs Oyj		5,708
	19,281	Sanoma Oyj		201,370
	740	Scanfil Plc(b)		735
	740	Sievi Capital Plc(b)		1,009
	1,969	SRV Group Plc		11,103
	2,865	Stockman Oyj Abp - Class A(d)		67,012
	8,470	Stockman Oyj Abp - Class B		189,366
	227,785	Stora Enso Oyj - Class R		1,552,819
	23,334	Talvivaara Mining Co. Plc(b)		69,148
	5,353	Technopolis Plc		28,626
	675	Teleste Oyj		3,797
	6,198	Tieto Oyj		109,199
	16,032	Tikkurila Oyj		325,538

Shares			Value
FINLAND (continued)
	134,345	UPM-Kymmene Oyj	$	1,719,636
	2,990	Uponor Oyj		39,064
	3,176	Vacon Plc		166,481
	3,684	Vaisala Oyj - Class A(d)		78,268
	77,675	Wartsila Oyj Abp		3,144,179
	93,678	YIT Oyj		2,012,541
				85,112,782
FRANCE — 1.9%
	3,534	ABC Arbitrage		32,325
	24,037	Accor SA		830,283
	4,525	Aeroports de Paris		380,707
	542	Affine SA REIT		9,384
	18,839	Air France-KLM(b)		90,397
	1,039,619	Alcatel-Lucent(b)		1,601,827
	902	Ales Groupe		16,716
	5,172	Altamir Amboise		46,349
	9,534	Alten Ltd.		276,759
	85,802	Altran Technologies SA(b)		505,753
	1,645	ANF Immobilier REIT		75,058
	834	April(b)		15,676
	4,970	Archos(b)		33,815
	46,520	Arkema SA		4,120,209
	987	Artprice. com(b)		35,014
	4,828	Assystem		102,189
	13,663	Atos		879,958
	1,591	Audika Groupe		23,271
	1,151	Aurea SA		8,197
	1,370	Avanquest Software(b)		2,811
	8,557	Avenir Telecom(b)		6,343
	653	Axway Software SA(b)		16,432
	1,284	Beneteau SA		13,903
	2,529	Bigben Interactive(b)		24,605
	3,331	BioMerieux		273,196
	113,341	Boiron SA(d)		3,500,179
	3,630	Bollore		788,023
	2,932	Bonduelle SCA		282,620
	2,102	Bongrain SA		133,556
	13,097	Bourbon SA		383,136
	267	Boursorama(b)		1,916
	27,832	Bull(b)		103,524
	33,896	Cap Gemini SA		1,323,158
	244	Cegedim SA		7,952
	2,386	Cegid Group		47,754
	1,574	CFAO SA		67,880
	90	Cie des Alpes		1,824
	124,773	Cie Generale de Geophysique- Veritas(b)		3,552,627
	4,096	Ciments Francais SA		262,418
	6,667	Club Mediterranee SA(b)		127,831
	804	Damartex SA(d)		16,240
	32,302	Derichebourg SA		95,864
	2,118	Devoteam SA		33,363
	22,092	Edenred		705,636
	3,948	Eiffage SA		134,203
	845	Electricite de Strasbourg(d)		117,423

15

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
FRANCE (continued)
	332	Entrepose Contracting	$	43,815
	3,548	Eramet		471,761
	246	Esso Ste Anonyme Francaise		20,378
	26,260	Etablissements Maurel Et Prom		436,937
	374	Etam Developpement SA(b)		6,337
	12,672	Euler Hermes SA		897,571
	1,377	Euro Disney SCA(b)		7,419
	1,317	Eurofins Scientific		155,608
	1,226	Exel Industries SA - Class A(d)		58,439
	465	Faiveley Transport		25,698
	16,125	Faurecia		346,636
	1,000	Fimalac		39,909
	539	Fleury Michon SA		22,253
	2,776	Fonciere Des Regions REIT		215,147
	12,718	GameLoft SA(b)		79,123
	202	Gaumont SA		12,193
	1,559	Gecina SA REIT		144,517
	7,220	GFI Informatique SA(b)		29,149
	2,835	GL Events		63,383
	257	Groupe Crit		4,923
	92,535	Groupe Eurotunnel SA		778,658
	922	Groupe Flo		4,821
	13,154	Groupe Partouche SA(b)		22,984
	9,438	Groupe Steria SCA		186,771
	393	Guerbet		35,635
	1,437	Guyenne et Gascogne SA		154,074
	5,836	Haulotte Group SA(b)		62,187
	27,950	Havas SA		158,349
	23,886	Hi-Media SA(b)		73,037
	6,307	Icade REIT(b)		532,053
	2,382	Iliad SA		306,634
	14,838	Imerys SA		843,385
	140,925	Ingenico		7,413,178
	1,251	Interparfums SA		35,619
	412	Ipsen SA		10,984
	173,723	IPSOS(d)		5,638,535
	2,718	Jacquet Metal Service(b)		37,633
	27,960	JCDecaux SA(b)		793,321
	33,151	Klepierre REIT		1,049,654
	2,636	Korian		42,499
	13,713	Lagardere SCA		415,677
	936	Laurent-Perrier		94,460
	1,354	Lectra		7,707
	1,715	LISI		128,376
	735	Maisons France Confort		20,305
	1,690	Manitou BF SA(b)		37,068
	467	Manutan International		20,010
	219,223	Medica SA(d)		3,389,358
	174,986	Mersen(d)		5,795,343
	2,556	METabolic Explorer SA(b)		11,233
	4,237	Metropole Television SA		65,059
	327	Montupet(b)		2,182
	1,975	MR Bricolage		27,163
	1,578	Naturex		102,455
	186,457	Neopost SA(d)		10,720,303
	136,932	Nexans SA		6,845,150

Shares			Value
FRANCE (continued)
	8,861	Nexity SA	$	252,649
	77,966	NicOx SA(b)		245,521
	760	Norbert Dentressangle SA		62,966
	7,378	NRJ Group		57,914
	17,460	Oeneo		53,157
	7,755	Orpea		260,173
	1,855	Parrot SA(b)		56,034
	69,154	Peugeot SA		830,258
	246	Pierre & Vacances SA		7,323
	9,912	Plastic Omnium SA		259,261
	7,823	Rallye SA		261,108
	14,085	Recylex SA(b)		44,560
	5,499	Remy Cointreau SA		612,820
	88,196	Rexel SA		1,844,567
	128,972	Rubis(d)		7,014,024
	3,562	Sa des Ciments Vicat		204,820
	2,926	Saft Groupe SA		80,716
	1,023	Sartorius Stedim Biotech		72,108
	135,370	SCOR SE		3,579,297
	7,643	SEB SA		609,145
	1,217	Seche Environnement SA		43,963
	5,884	Sechilienne-Sidec		89,764
	4,891	Sequana SA		22,789
	7,940	Societe BIC SA		874,550
	1,970	Societe d’Edition de Canal +		11,174
	3,179	Societe Immobiliere de Location pour l’Industrie et le Commerce REIT		335,464
	98	Societe Internationale de Plantations d’Heveas SA		10,035
	22,180	Societe Television Francaise 1		214,325
	42,229	SOITEC(b)		178,316
	806	Somfy SA		169,797
	1,699	Sopra Group SA		98,167
	231	Spir Communication(b)		5,926
	101	Stallergenes SA		6,284
	2,498	Ste Industrielle d’Aviation Latecoere SA(b)		33,562
	1,492	STEF		77,774
	284	Sword Group		4,662
	954	Synergie SA		11,264
	18,742	Technicolor SA(b)		39,669
	213	Teleperformance SA		5,726
	155	Tessi SA		16,106
	26,644	Thales SA		923,155
	2,738	Theolia SA(b)		3,117
	146	Touax SA		4,561
	343	Transgene SA(b)		4,204
	662	Trigano SA		9,771
	4,250	UbiSoft Entertainment SA(b)		29,248
	694	Union Financiere de France BQE SA		19,935
	34,483	Valeo SA		1,693,431
	1,404	Viel et Co.		4,535
	735	Vilmorin & Cie		79,293
	1,445	Virbac SA		243,014

16

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
FRANCE (continued)
	107	VM Materiaux SA	$	3,273
	653	Vranken - Pommery Monopole		20,633
	11,613	Zodiac Aerospace		1,278,036
				93,025,304
GABON — 0.0%
	2	Total Gabon		927
GERMANY — 2.2%
	1,223	Aareal Bank AG(b)		23,595
	37,576	ADVA AG Optical Networking(b)		270,581
	2,506	Advanced Inflight Allianz AG		12,871
	79	Agennix AG(b)		174
	10,093	Air Berlin Plc(b)		27,188
	11,559	Aixtron SE		211,684
	528	Allgeier Holding AG		8,565
	5,308	Alstria Office AG REIT		56,561
	67	Amadeus Fire AG		3,351
	627	AS Creation Tapeten		22,409
	9,550	AUGUSTA Technologie AG		300,610
	14,604	Aurubis AG		808,395
	5,118	Axel Springer AG		233,388
	929	Baader Bank AG		2,816
	8,917	Balda AG(b)		67,244
	288	Bauer AG		7,106
	4,404	BayWa AG		160,634
	10,613	Bechtle AG		477,926
	1,967	Bertrandt AG		149,036
	119,585	Bilfinger Berger SE		10,936,552
	1,210	Biotest AG		75,679
	23,015	Borussia Dortmund GmbH & Co. KGAA(b)		76,132
	1,912	Brenntag AG		238,158
	16,674	Carl Zeiss Meditec AG		464,050
	5,305	Celesio AG		91,464
	2,761	CENIT AG		25,693
	4,526	Centrosolar Group AG(b)		5,392
	8,279	CENTROTEC Sustainable AG		135,835
	3,687	Centrotherm Photovoltaics AG		38,253
	3,390	Cewe Color Holding AG		149,383
	17,476	Comdirect Bank AG		199,198
	821	CompuGroup Medical AG		12,639
	7,207	Constantin Medien AG(b)		15,951
	5,227	COR&FJA AG(b)		8,960
	7,800	CropEnergies AG		50,065
	6,999	CTS Eventim AG		273,212
	4,797	Curanum AG(b)		12,268
	7,898	DAB Bank AG		37,124
	2,014	Delticom AG		195,599
	3,806	Deutsche Beteiligungs AG		84,487
	27,541	Deutsche Lufthansa AG		358,398
	8,097	Deutsche Wohnen AG		119,023
	33,396	Deutz AG(b)		236,901
	20,474	Dialog Semiconductor Plc(b)		451,102
	7,612	Douglas Holding AG		349,637
	2,601	Dr Hoenle AG		36,891

Shares			Value
GERMANY (continued)
	570	Draegerwerk AG & Co. KGaA	$	56,965
	17,862	Drillisch AG		225,255
	7,490	Duerr AG		472,505
	4,400	DVB Bank SE(d)		136,346
	692	Eckert & Ziegler AG		22,625
	9,177	Elmos Semiconductor AG		103,011
	211,581	ElringKlinger AG		6,126,512
	1,475	Envitec Biogas AG(b)		15,737
	661	Epigenomics AG(b)		1,880
	4,231	Euromicron AG		119,152
	42,200	Evotec AG(b)		144,119
	93,269	Fielmann AG(d)		9,079,239
	2,910	First Sensor AG(b)		38,057
	31,432	Fraport AG Frankfurt Airport Services Worldwide		2,042,460
	51,919	Freenet AG		902,359
	5,957	Fuchs Petrolub AG		331,181
	127,975	GEA Group AG		4,223,145
	3,293	Generali Deutschland Holding AG		278,579
	6,004	Gerresheimer AG		277,208
	7,035	Gerry Weber International AG		298,736
	2,345	Gesco AG		196,177
	117,843	GFK SE(d)		6,259,815
	5,545	GFT Technologies AG		22,900
	8,519	Gigaset AG(b)		24,560
	33,550	Gildemeister AG(b)		687,023
	4,477	Grammer AG(b)		95,145
	3,340	Grenkeleasing AG		222,826
	5,192	H&R AG		104,498
	3,685	Hamborner AG REIT		37,071
	3,184	Hamburger Hafen und Logistik AG		105,577
	30,303	Hannover Rueckversicherung AG		1,831,714
	1,410	Hawesko Holding AG		71,082
	4,874	Heidelberger Druckmaschinen AG(b)		8,516
	24,960	Hochtief AG		1,463,318
	2,809	Homag Group AG		37,852
	9,773	Indus Holding AG		300,127
	502	Init Innovation In Traffic Systems AG		12,124
	1,088	Interseroh SE		77,007
	8,503	Intershop Communications AG(b)		30,941
	2,380	Isra Vision AG		56,959
	2,131	IVG Immobilien AG(b)		4,934
	14,814	Jenoptik AG(b)		121,970
	7,931	Kabel Deutschland Holding AG(b)		499,716
	18,946	Kloeckner & Co. SE		257,057
	4,129	Koenig & Bauer AG		67,499
	17,251	Kontron AG		124,885
	11,627	Krones AG		643,944
	210	KSB AG		132,873

17

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
GERMANY (continued)
	3,242	KUKA AG(b)	$	77,160
	1,466	KWS Saat AG		389,078
	61,859	Lanxess AG		4,925,236
	641	Leifheit AG		21,085
	26,280	Leoni AG		1,346,873
	4,150	Loewe AG(b)		23,385
	2,194	LPKF Laser & Electronics AG		38,771
	141	Manz AG(b)		4,349
	5,154	Medigene AG(b)		10,124
	13,301	MLP AG		112,505
	408	Mobotix AG		11,854
	11,339	Morphosys AG(b)		309,569
	114,418	MTU Aero Engines Holding AG		9,635,551
	384	Muehlbauer Holding AG & Co. KGaA		13,131
	3,842	MVV Energie AG		121,394
	1,551	Nemetschek AG		62,515
	2,244	Nexus AG(b)		24,951
	3,272	Nordex SE(b)		14,570
	1,021	OHB AG		18,353
	7,200	Patrizia Immobilien AG(b)		46,633
	1,728	Pfeiffer Vacuum Technology AG		209,704
	19,644	PNE Wind AG		41,864
	1,176	Praktiker AG		2,632
	300	Progress-Werk Oberkirch AG		15,984
	2,204	PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		49,611
	2,224	Puma SE		780,134
	1,608	PVA TePla AG		7,918
	75,197	QSC AG(b)		195,393
	870	R Stahl AG		31,209
	18,762	Rational AG(d)		4,793,194
	42,668	Rheinmetall AG		2,396,143
	32,486	Rhoen Klinikum AG		913,784
	9,200	SAF-Holland SA(b)		77,330
	1,579	SAG Solarstrom AG		5,330
	2,717	Salzgitter AG		141,845
	475	Sartorius AG		28,945
	273	Schaltbau Holding AG		29,954
	2,064	Sedo Holding AG(b)(d)		7,923
	22,668	SGL Carbon SE(b)		1,035,792
	19,326	Singulus Technologies AG(b)		62,650
	14,802	Sixt AG		305,852
	1,851	SKW Stahl-Metallurgie Holding AG		35,527
	113,539	Sky Deutschland AG(b)		290,363
	97	SMA Solar Technology AG		4,064
	361	SMT Scharf AG		10,991
	19,961	Software AG		697,549
	578	Solar-Fabrik AG(b)		1,530
	14,197	Stada Arzneimittel AG		470,941
	904	STINAG Stuttgart Invest AG(d)		18,966
	2,495	Stratec Biomedical AG(b)		118,795

Shares			Value
GERMANY (continued)
	159	Stroer Out-Of-Home Media AG(b)	$	2,715
	66,797	Suedzucker AG		2,033,194
	21,586	Suss Microtec AG(b)		300,020
	615,542	Symrise AG		17,843,923
	23,398	TAG Immobilien AG(b)		232,289
	9,742	Takkt AG		143,140
	1,753	Telegate AG		15,013
	2,222	Tipp24 SE(b)		126,180
	762	Tom Tailor Holding AG(b)		14,172
	4,964	Tomorrow Focus AG		24,969
	471	TUI AG(b)		3,442
	34,543	United Internet AG		680,837
	2,043	Verbio AG(b)		7,880
	4,342	Vossloh AG		423,533
	4,343	VTG AG		78,644
	8,847	Wacker Chemie AG		713,067
	17,355	Wacker Neuson SE		286,585
	62	Washtec AG		750
	1,012	Wincor Nixdorf AG		39,236
	34,475	Wirecard AG		637,057
	166	XING AG(b)		12,371
	1,398	Zhongde Waste Technology AG		5,200
	275	zooplus AG(b)		13,742
				109,542,324
GIBRALTAR — 0.0%
	176,819	Bwin.Party Digital Entertainment Plc		441,918
GREECE — 0.0%
	811	Aegean Airlines SA(b)		1,503
	911	Agricultural Bank of Greece(b)		239
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)		5
	147,872	Alpha Bank AE(b)		207,482
	1,098	Astir Palace Hotel SA(b)		4,433
	2,153	Athens Water Supply & Sewage Co. SA (The)		11,115
	17,736	Attica Bank(b)		6,104
	7,424	Bank of Greece(d)		132,863
	10,753	Coca-Cola Hellenic Bottling Co. SA(b)		213,506
	36,991	Corinth Pipeworks SA(b)		28,889
	5,766	Diagnostic & Therapeutic Center of Athens Hygeia SA(b)		1,549
	130,862	EFG Eurobank Ergasias SA(b)		104,279
	57,616	Ellaktor SA		93,807
	1,389	Euromedica SA(b)		791
	3,374	Folli Follie Group(b)		31,263
	22,434	Forthnet SA(b)		3,534
	5,815	Fourlis Holdings SA(b)		9,160
	10,782	Frigoglass SA(b)		68,506

18

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
GREECE (continued)
	17,301	GEK Terna Holding Real Estate Construction SA	$	18,985
	1,337	Geniki Bank(b)		382
	5,071	Hellenic Exchanges SA Holding Clearing Settlement and Registry		17,587
	28,693	Hellenic Petroleum SA		210,794
	19,670	Hellenic Telecommunications Organization SA		64,312
	4,725	Heracles General Cement Co. SA(b)(d)		10,945
	8,760	Intracom Holdings SA(b)		1,867
	31,091	Intralot SA-Integrated Lottery Systems & Services		31,484
	13,884	JUMBO SA(b)		67,448
	6,715	Lambrakis Press SA(b)		1,049
	2,599	Lamda Development SA(b)		8,394
	6,590	Metka SA		72,228
	5,531	Motor Oil (Hellas) Corinth Refineries SA		45,392
	20,994	Mytilineos Holdings SA(b)		71,697
	190,595	National Bank of Greece SA(b)		423,847
	1,037	OPAP SA		9,266
	232,638	Piraeus Bank SA(b)		80,065
	618	Piraeus Port Authority		8,827
	22,848	Proton Bank SA(b)(c)(d)		0
	7,731	Public Power Corp. SA		25,993
	1,978	S&B Industrial Minerals SA(b)		12,960
	5,302	Sarantis SA(b)		14,668
	1,817	Sidenor Steel Products Manufacturing Co. SA(b)		2,225
	12,534	T Bank SA(b)(c)(d)		796
	3,630	Teletypos SA Mega Channel(b)(d)		1,249
	5,702	Terna Energy SA		12,001
	647	Thessaloniki Port Authority SA		10,149
	592	Titan Cement Co. SA		11,480
	15,874	TT Hellenic Postbank SA(b)		8,405
	23,866	Viohalco Hellenic Copper and Aluminum Industry SA(b)		97,301
				2,260,824
GUERNSEY — 0.1%
	732,973	Resolution Ltd.		2,662,197
HONG KONG — 1.4%
	159,000	Ajisen China Holdings Ltd.		178,291
	160,000	Alco Holdings Ltd.		56,505
	44,000	Allan International Holdings Ltd.		11,853
	30,000	Allied Group Ltd.		68,440
	1,753,693	Allied Properties HK Ltd.		230,551
	7,108,000	AMVIG Holdings Ltd.(d)		3,985,204
	180,000	Anxin-China Holdings Ltd.(b)		36,192
	1,540,000	Apac Resources Ltd.(b)		65,501
	576,000	Apollo Solar Energy Technology Holdings Ltd.(b)		16,036
	84,000	APT Satellite Holdings Ltd.		24,576

Shares			Value
HONG KONG (continued)
	205,000	Artel Solutions Group Holdings Ltd.(b)	$	2,616
	142,000	Asia Financial Holdings Ltd.(d)		51,429
	58,000	Asia Satellite Telecommuni- cations Holdings Ltd.		165,209
	421,877	Asia Standard International Group		68,513
	211,000	Asian Citrus Holdings Ltd.		126,187
	369,500	ASM Pacific Technology Ltd.		5,005,310
	80,000	Associated International Hotels Ltd.(d)		169,102
	820,000	AVIC International Holding HK Ltd.(b)		25,894
	218,000	Beijing Capital International Airport Co. Ltd. - H Shares		142,455
	89,000	Beijing Development HK Ltd.(b)		14,912
	62,000	Beijing Enterprises Holdings Ltd.		346,813
	1,217,000	Beijing Enterprises Water Group Ltd.(b)		277,637
	204,000	Beijing Yu Sheng Tang Pharmaceutical Group Ltd.(b)		2,077
	504,000	Bel Global Resources Holdings Ltd.(b)(c)(d)		9,224
	100,000	Bio-Dynamic Group Ltd.(b)		8,249
	906,000	Birmingham International Holdings Ltd.(b)(c)(d)		17,749
	144,000	Bonjour Holdings Ltd.		21,901
	390,000	Bosideng International Holdings Ltd.		112,597
	218,000	Bossini International Holdings Ltd.		15,173
	234,000	Brightoil Petroleum Holdings Ltd.		51,875
	668,000	Brilliance China Automotive Holdings Ltd.(b)		724,941
	1,296,000	Burwill Holdings Ltd.(b)		22,383
	309,000	C C Land Holdings Ltd.		65,714
	106,000	Cafe de Coral Holdings Ltd.		291,004
	175,000	Capital Estate Ltd.(b)		5,188
	247,656	Central China Real Estate Ltd.		63,840
	256,000	Centron Telecom International Holdings Ltd.		34,975
	718,800	Century City International Holdings Ltd.		50,955
	240,000	Century Sunshine Group Holdings Ltd.(b)		7,733
	1,590,446	Champion Technology Holdings Ltd.		20,909
	276,560	Chaoda Modern Agriculture Holdings Ltd.(b)(c)(d)		27,654
	840,000	Chaoyue Group Ltd.(b)		21,762
	96,000	Chen Hsong Holdings		32,171
	116,186	Cheuk Nang Holdings Ltd.(d)		47,022
	80,000	Chevalier International Holdings Ltd.		84,551

19

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	888,000	Chigo Holding Ltd.	$	23,234
	684,000	China Aerospace International Holdings Ltd.		60,830
	243,798	China Agri-Industries Holdings Ltd.		179,738
	2,392,000	China Billion Resources Ltd.(b)(c)(d)		0
	339,699	China CBM Group Ltd.(b)		4,028
	336,000	China Chengtong Development Group Ltd.		12,992
	170,000	China Daye Non-Ferrous Metals Mining Ltd.(b)		9,093
	120,000	China Electronics Corp. Holdings Co. Ltd.(b)		9,744
	110,000	China Energy Development Holdings Ltd.(b)		1,319
	480,000	China Environmental Investment Holdings Ltd.(b)		15,157
	1,366,000	China Everbright International Ltd.		647,907
	212,000	China Everbright Ltd.		336,636
	140,000	China Financial Services Holdings Ltd.(b)		8,571
	71,411	China Flavors & Fragrances Co. Ltd.(b)		12,425
	322,000	China Foods Ltd.		348,617
	952,000	China Gas Holdings Ltd.		473,629
	238,000	China Glass Holdings Ltd.(b)		34,663
	87,700	China Grand Forestry Green Resources Group Ltd.(b)		7,686
	159,000	China Green Holdings Ltd.		46,520
	156,000	China Haidian Holdings Ltd.		19,101
	8,000	China High Precision Automation Group Ltd.(c)(d)		2,769
	347,000	China High Speed Transmission Equipment Group Co. Ltd.		168,163
	1,002,000	China Infrastructure Investment Ltd.(b)		31,641
	6,688,000	China Lumena New Materials Corp.		1,224,048
	258,000	China Mandarin Holdings Ltd.(b)		2,161
	367,000	China Mengniu Dairy Co. Ltd.		1,135,249
	132,148	China Merchants Holdings International Co. Ltd.		427,512
	216,000	China Metal International Holdings, Inc.		37,305
	193,200	China Metal Recycling Holdings Ltd.		221,621
	1,770,000	China Mining Resources Group Ltd.(b)(c)(d)		25,779
	24,000	China Nuclear Industry 23 International Corp. Ltd.(b)		6,651
	660,000	China Oil and Gas Group Ltd.(b)		66,352
	52,000	China Oriental Culture Group Ltd.(b)		1,910

Shares			Value
HONG KONG (continued)
	281,000	China Overseas Grand Oceans Group Ltd.	$	378,112
	222,000	China Pharmaceutical Group Ltd.		45,781
	460,000	China Power International Development Ltd.		104,348
	430,000	China Precious Metal Resources Holdings Co. Ltd.(b)		76,482
	244,000	China Properties Group Ltd.(b)		71,703
	308,000	China Public Procurement Ltd.(b)(c)(d)		0
	20,065	China Renewable Energy Investment Ltd.(b)		647
	4,844,000	China Renji Medical Group Ltd.(b)(c)(d)		0
	3,700,000	China Resources and Transportation Group Ltd.(b)		154,988
	74,000	China Resources Cement Holdings Ltd.		58,752
	186,000	China Resources Enterprise Ltd.		676,045
	120,800	China Resources Gas Group Ltd.		234,791
	1,230,000	China South City Holdings Ltd.		169,630
	290,000	China Starch Holdings Ltd.		10,279
	275,440	China State Construction International Holdings Ltd.		254,542
	970,000	China Strategic Holdings Ltd.(b)		18,128
	364,400	China Taiping Insurance Holdings Co. Ltd.(b)		759,925
	8,000	China Tianyi Holdings Ltd.(b)		1,516
	296,000	China Ting Group Holdings Ltd.		20,983
	868,000	China Travel International Investment Hong Kong Ltd.		174,525
	150,000	China Vanadium Titano - Magnetite Mining Co. Ltd.(b)		34,220
	52,000	China Water Affairs Group Ltd.		16,219
	1,350,000	China Windpower Group Ltd.(b)		56,550
	57,000	Chong Hing Bank Ltd.		103,441
	108,000	Chow Sang Sang Holdings International Ltd.		273,945
	198,000	Chu Kong Shipping Development Co. Ltd.		31,645
	64,000	Chuang’s China Investments Ltd.		3,382
	385,500	Chuang’s Consortium International Ltd.		39,749
	90,000	CIMC Enric Holdings Ltd.(b)		49,880
	62,000	Citic 21CN Co. Ltd.(b)		3,516
	320,000	Citic Pacific Ltd.		527,101
	793,000	Citic Resources Holdings Ltd.(b)		130,827
	127,000	Citic Telecom International Holdings Ltd.		26,517
	28,000	City Telecom HK Ltd.		16,529

20

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	726,000	CK Life Sciences International Holdings, Inc.	$	41,640
	68,000	Clear Media Ltd.(b)		41,456
	134,000	Coastal Greenland Ltd.(b)		4,318
	1,855,887	Comba Telecom Systems Holdings Ltd.		1,028,570
	156,000	Cosco International Holdings Ltd.		67,960
	312,000	COSCO Pacific Ltd.		454,409
	380,000	Cosmos Machinery Enterprises Ltd.		24,244
	1,010,000	CP Lotus Corp.(b)(d)		33,195
	1,238,000	CP Pokphand Co.		153,181
	42,000	Cross-Harbour Holdings Ltd.		34,212
	749,335	CSI Properties Ltd.		30,423
	208,000	CST Mining Group Ltd.(b)		3,244
	752,000	Culture Landmark Investment Ltd.(b)		7,657
	105,000	Culturecom Holdings Ltd.(b)		17,999
	183,000	DaChan Food Asia Ltd.		34,672
	95,040	Dah Sing Banking Group Ltd.		98,609
	55,050	Dah Sing Financial Holdings Ltd.		197,604
	218,000	Dan Form Holdings Co. Ltd.(b)		29,784
	132,000	Dawnrays Pharmaceutical Holdings Ltd.		33,686
	244,000	DBA Telecommunication Asia Holdings Ltd.(b)		147,809
	24,000	Dejin Resources Group Co. Ltd.(b)		102
	160,550	Dickson Concepts International Ltd.		88,980
	139,000	Digital China Holdings Ltd.		263,716
	275,000	Dingyi Group Investment Ltd.		7,231
	40,000	DVN Holdings Ltd.		1,418
	108,000	Dynasty Fine Wines Group Ltd.		21,019
	64,000	EcoGreen Fine Chemicals Group Ltd.		12,208
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		0
	62,000	Embry Holdings Ltd.		34,601
	325,000	Emperor Entertainment Hotel Ltd.		59,901
	500,416	Emperor International Holdings Ltd.		90,297
	26,730,000	Emperor Watch & Jewellery Ltd.		3,789,706
	446,943	Enerchina Holdings Ltd.(b)		6,049
	490,000	EPI Holdings Ltd.(b)		11,494
	505,200	Esprit Holdings Ltd.		1,041,831
	504,000	eSun Holdings Ltd.(b)		69,507
	596,000	EVA Precision Industrial Holdings Ltd.		101,399
	9,500	Fairwood Ltd.		16,285
	462,116	Far East Consortium International Ltd.		84,577

Shares			Value
HONG KONG (continued)
	598,000	Fook Woo Group Holdings Ltd.(b)(c)(d)	$	104,822
	104,000	Fountain SET Holdings Ltd.		13,136
	830,000	Franshion Properties China Ltd.		228,932
	100,000	Fufeng Group Ltd.		40,600
	314,000	GCL Poly Energy Holdings Ltd.		81,347
	490,000	Geely Automobile Holdings Ltd.		182,519
	498,000	Genting Hong Kong Ltd.(b)(d)		183,573
	884,000	Get Nice Holdings Ltd.		38,169
	456,000	Giordano International Ltd.		397,894
	1,839,200	Global Bio-Chem Technology Group Co. Ltd.		362,689
	128,000	Global Sweeteners Holdings Ltd.(b)		11,878
	669,000	Glorious Property Holdings Ltd.(b)		102,609
	150,000	Glorious Sun Enterprises Ltd.		51,426
	220,000	Gold Peak Industries Holding Ltd.(c)(d)		22,543
	220,000	Goldbond Group Holdings Ltd.		9,783
	684,000	Golden Meditech Holdings Ltd.(b)		84,633
	140,000	Goldin Properties Holdings Ltd.(b)		54,133
	75,000	Goldlion Holdings Ltd.		32,383
	4,205,600	GOME Electrical Appliances Holdings Ltd.		758,874
	120,000	Good Fellow Resources Holdings Ltd.(b)		4,176
	16,000	Good Friend International Holdings, Inc.		7,486
	80,000	Goodtop Tin International Holdings Ltd.(b)		7,115
	219,960	Great Eagle Holdings Ltd.		649,222
	80,000	Greenheart Group Ltd.(b)		5,156
	6,885,000	G-Resources Group Ltd.(b)		443,698
	924,000	Guangdong Investment Ltd.		680,020
	184,000	Guangnan Holdings		26,798
	61,000	Haier Electronics Group Co. Ltd.(b)		63,841
	151,159	Haitong International Securities Group Ltd.		54,162
	114,000	Harbour Centre Development Ltd.(d)		139,586
	1,184,359	Heng Tai Consumables Group Ltd.(b)		31,904
	834,000	Hengdeli Holdings Ltd.		334,303
	483,000	Hi Sun Technology (China) Ltd.(b)		74,081
	936,035	HKC Holdings Ltd.		46,448
	295,600	HKR International Ltd.		112,393
	30,304	HKT Trust / HKT Ltd.(b)		23,552
	186,000	Hon Kwok Land Investment Co. Ltd.(d)		63,769
	5,200	Hong Kong Aircraft Engineering Co. Ltd.		72,719

21

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	50,000	Hong Kong Ferry (Holdings) Co. Ltd.	$	44,402
	307,000	Hongkong & Shanghai Hotels (The)		402,018
	727,700	Hongkong Chinese Ltd.		117,240
	29,000	Hopewell Highway Infrastructure Ltd.		15,138
	243,000	Hopewell Holdings Ltd.		653,020
	190,000	Hopson Development Holdings Ltd.		114,363
	50,000	Hsin Chong Construction Group Ltd.		7,411
	96,000	Hua Han Bio-Pharmaceutical Holdings Ltd.		18,684
	48,000	Huabao International Holdings Ltd.(c)		24,623
	536,000	Huafeng Group Holdings Ltd.(b)		13,748
	259,631	Hung Hing Printing Group Ltd.(d)		42,833
	524,000	Huscoke Resources Holdings Ltd.		6,889
	1,402,000	Hutchison Harbour Ring Ltd.		124,684
	1,441,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		640,762
	16,000	Hycomm Wireless Ltd.(b)		4,331
	572,000	IDT International Ltd.(b)		9,289
	1,768,000	Imagi International Holdings Ltd.(b)		28,484
	995,000	Inspur International Ltd.		31,933
	592,500	Interchina Holdings Co.(b)		35,510
	120,000	iOne Holdings Ltd.		727
	410,000	IPE Group Ltd.		34,349
	94,000	IRC Ltd.(b)		13,812
	398,000	IT Ltd.		209,294
	99,000	ITC Properties Group Ltd.(b)		28,455
	72,000	Jinchuan Group International Resources Co. Ltd.(b)		14,106
	209,000	Jinhui Holdings Ltd.(b)		39,329
	306,000	Jiuzhou Development Co. Ltd.(b)		28,002
	290,000	JLF Investment Co. Ltd.(b)		18,502
	842,500	Johnson Electric Holdings Ltd.		529,912
	308,000	Joyce Boutique Holdings Ltd.		26,597
	208,000	Ju Teng International Holdings Ltd.		43,698
	584,433	K Wah International Holdings Ltd.		247,071
	1,280,000	Kai Yuan Holdings Ltd.(b)		33,490
	234,000	Kam Hing International Holdings Ltd.		20,810
	42,000	Keck Seng Investments		17,756
	17,000	King Stone Energy Group Ltd.(b)		1,315
	167,500	Kingboard Chemical Holdings Ltd.		469,557
	342,500	Kingboard Laminates Holdings Ltd.		159,802

Shares			Value
HONG KONG (continued)
	196,000	Kingmaker Footwear Holdings Ltd.	$	31,578
	1,742,000	Kingston Financial Group Ltd.		163,902
	206,666	Kingway Brewery Holdings Ltd.		71,919
	2,280,000	Ko Yo Chemical Group Ltd.(b)		39,966
	417,000	Kowloon Development Co. Ltd.		437,496
	368,000	KWG Property Holding Ltd.		243,321
	620,000	Lai Fung Holdings Ltd.		11,267
	5,146,750	Lai Sun Development Co. Ltd.(b)		80,266
	520,000	Lai Sun Garment International Ltd.(b)		42,224
	9,000	LAM Soon Hong Kong Ltd.		5,220
	116,000	Le Saunda Holdings Ltd.		40,218
	68,000	Lee & Man Chemical Co. Ltd.		54,252
	34,000	Lee & Man Handbags Holding Ltd.		3,944
	1,271,200	Lee & Man Paper Manufacturing Ltd.		596,388
	4,055,000	Lijun International Pharmaceutical Holding Ltd.		888,492
	1,924,000	Lippo China Resources Ltd.		48,356
	102,000	Lippo Ltd.		36,285
	156,000	Liu Chong Hing Investment Ltd.(d)		162,863
	62,500	LK Technology Holdings Ltd.		14,822
	244,000	Lonking Holdings Ltd.		88,686
	588,000	Loudong General Nice Resources China Holdings Ltd.(c)(d)		46,230
	361,000	Luen Thai Holdings Ltd.		48,855
	110,000	Luk Fook Holdings International Ltd.		314,037
	52,000	Luks Group Vietnam Holdings Co. Ltd.		10,992
	98,000	Lung Kee (Bermuda) Holdings(d)		46,482
	1,658,000	Magnificent Estates		68,383
	38,000	Man Yue Technology Holdings Ltd.		7,934
	58,500	Mascotte Holdings Ltd.(b)		4,147
	194,375	Media China Corp. Ltd.(b)		2,305
	580,000	Mei Ah Entertainment Group Ltd.(b)		9,195
	673,000	Melco International Development Ltd.(b)		707,814
	48,000	Midland Holdings Ltd.		24,252
	108,000	MIN XIN Holdings Ltd.		57,907
	92,000	Ming Fai International Holdings Ltd.		9,605
	650,000	Ming Fung Jewellery Group Ltd.(b)		37,281
	310,000	Mingfa Group International Co. Ltd.		92,697
	690,000	Mingyuan Medicare Development Co. Ltd.(b)		17,698
	256,000	Minmetals Land Ltd.		32,336

22

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	280,000	Minmetals Resources Ltd.(b)	$	142,911
	42,000	Miramar Hotel & Investment Co. Ltd.		46,446
	243,000	Mongolia Energy Corp. Ltd.(b)		20,358
	6,221,148	Nan Hai Corp. Ltd.(b)		24,055
	10,000	Natural Beauty Bio-Technology Ltd.		1,933
	262,000	Neo-Neon Holdings Ltd.		45,926
	69,500	NetDragon Websoft, Inc.		47,924
	872,000	New Century Group Hong Kong Ltd.		16,409
	8,000	New Focus Auto Tech Holdings Ltd.(b)		1,681
	4,175,000	New Smart Energy Group Ltd.(b)		27,982
	228,500	New Times Energy Corp Ltd(b)		28,567
	857,100	New World China Land Ltd.		264,024
	45,000	New World Department Store China Ltd.		30,740
	300,000	Neway Group Holdings Ltd.		812
	604,000	Newocean Energy Holdings Ltd.		124,558
	434,000	Next Media Ltd.(b)		36,359
	266,000	Nine Dragons Paper Holdings Ltd.		219,420
	260,000	North Asia Resources Holdings Ltd.(b)		9,718
	625,000	Orange Sky Golden Harvest Entertainment Holdings Ltd.(b)		23,764
	23,000	Oriental Ginza Holdings Ltd.(b)		845
	291,200	Oriental Watch Holdings		121,980
	42,000	Overseas Chinese Town Asia Holdings Ltd.		15,969
	718,164	Pacific Andes International Holdings Ltd.		49,058
	12,224,000	Pacific Basin Shipping Ltd.(d)		6,428,170
	450,000	Pacific Century Premium Developments Ltd.(b)		106,720
	236,000	Pacific Textile Holdings Ltd.		156,651
	323,240	Paliburg Holdings Ltd.		95,406
	697,000	PCCW Ltd.		259,624
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	477,800	Pearl Oriental Oil Ltd.		42,492
	296,000	Phoenix Satellite Television Holdings Ltd.		101,482
	368,000	Pico Far East Holdings Ltd.		88,696
	280,000	PME Group Ltd.(b)		4,547
	990,977	PNG Resources Holdings Ltd.(b)		15,199
	508,000	Poly Hong Kong Investments Ltd.(b)		265,830
	1,200,000	Polytec Asset Holdings Ltd.		128,373
	109,000	Ports Design Ltd.(c)(d)		159,876
	927,000	Pou Sheng International Holdings Ltd.(b)		86,025

Shares			Value
HONG KONG (continued)
	560,000	Prosperity International Holdings (Hong Kong) Ltd.	$	27,788
	68,000	Public Financial Holdings Ltd.		29,361
	1,546,000	PYI Corp. Ltd.		39,852
	973,335	Qin Jia Yuan Media Services Co. Ltd.		13,172
	212,000	Real Nutriceutical Group Ltd.		55,195
	386,200	Regal Hotels International Holdings Ltd.		160,779
	1,800,000	REXLot Holdings Ltd.		162,399
	96,000	Richfield Group Holdings Ltd.		4,949
	96,000	Rising Development Holdings Ltd.(b)		13,116
	78,000	Royale Furniture Holdings Ltd.		25,133
	176,000	SA SA International Holdings Ltd.		109,565
	292,000	Samling Global Ltd.		27,850
	291,000	Samson Holding Ltd.		38,632
	92,000	SEA Holdings Ltd.(d)		43,874
	20,000	SEEC Media Group Ltd.(b)		696
	124,516	Shanghai Industrial Holdings Ltd.		416,463
	271,000	Shanghai Industrial Urban Development Group Ltd.(b)		57,982
	3,660,000	Shanghai Zendai Property Ltd.(b)(d)		66,042
	42,000	Sheng Yuan Holdings Ltd.(b)		2,328
	150,000	Shenyin Wanguo HK Ltd.		46,593
	208,000	Shenzhen High-Tech Holdings Ltd.		12,734
	2,877,500	Shenzhen International Holdings Ltd.		196,564
	612,000	Shenzhen Investment Ltd.		142,772
	339,129	Shimao Property Holdings Ltd.		448,462
	149,000	Shougang Concord Grand Group(b)		5,761
	1,456,000	Shougang Concord International Enterprises Co. Ltd.		77,880
	888,000	Shougang Fushan Resources Group Ltd.		311,312
	651,750	Shun Tak Holdings Ltd.		269,650
	376,000	Silver Grant International Ltd.(b)		79,962
	338,000	SIM Technology Group Ltd.		23,089
	268,000	Sing Tao News Corp. Ltd.		38,687
	782,000	Singamas Container Holdings Ltd.		234,842
	28,000	Sino Biopharmaceutical.		7,579
	1,825,000	Sino Oil And Gas Holdings Ltd.(b)		45,633
	86,000	Sino Prosper State Gold Resources Holdings Ltd.(b)		4,545
	1,240,000	Sino Union Energy Investment Ltd.(b)		105,482
	530,000	Sinofert Holdings Ltd.		115,445
	374,250	Sinolink Worldwide Holdings Ltd.(b)		29,907
	73,000	SinoMedia Holding Ltd.		42,998

23

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	276,000	Sinopec Kantons Holdings Ltd.	$	196,008
	316,000	Sinotrans Shipping Ltd.		75,348
	38,000	SIS International Holdings		14,693
	454,429	Skyworth Digital Holdings Ltd.		186,255
	106,910	SmarTone Telecommunications Holding Ltd.		201,180
	407,934	SMI Corp. Ltd.(b)		14,196
	66,843	SOCAM Development Ltd.		72,110
	283,000	Solargiga Energy Holdings Ltd		23,709
	110,000	Solartech International Holdings Ltd.(b)		1,262
	366,000	Solomon Systech International Ltd.(b)		9,906
	696,000	South China China Ltd.(d)		48,441
	794,000	SRE Group Ltd.		39,400
	98,000	Stella International Holdings Ltd.		260,200
	55,000	Stelux Holdings International Ltd.		13,327
	204,000	Success Universe Group Ltd.(b)		5,785
	16,000	Sun Hing Vision Group Holdings Ltd.		5,836
	305,054	Sun Hung Kai & Co. Ltd.		158,058
	1,430,000	Sun Innovation Holdings Ltd.(b)		31,886
	566,000	Sunwah Kingsway Capital Holdings Ltd.		8,389
	1,347,000	Superb Summit International Timber Co. Ltd.(b)(c)(d)		23,959
	435,000	Sustainable Forest Holdings Ltd.		8,018
	96,000	Symphony Holdings Ltd.		4,702
	302,000	TAI Cheung Holdings Ltd.		214,473
	174,000	Tak Sing Alliance Holdings Ltd.		16,147
	720,000	Talent Property Group Ltd.(b)		26,912
	6,000	Tan Chong International Ltd.		1,539
	6,000	Tao Heung Holdings Ltd.		3,055
	296,000	TCC International Holdings Ltd.		102,245
	367,000	TCL Communication Technology Holdings Ltd.		146,636
	152,000	TCL Multimedia Technology Holdings Ltd.(b)		86,396
	97,000	Techtronic Industries Co.		117,145
	61,000	Television Broadcasts Ltd.		448,145
	108,000	Texhong Textile Group Ltd.		45,797
	272,000	Texwinca Holdings Ltd.		333,048
	185,800	Tian An China Investment Co. Ltd.		88,366
	106,000	Tianjin Development Holdings Ltd.(b)		47,408
	730,000	Tianjin Port Development Holdings Ltd.		98,793
	2,380,000	Titan Petrochemicals Group Ltd.(b)(c)(d)		85,891
	218,000	Tom Group Ltd.(b)		19,106
	256,252	Tomson Group Ltd.		59,450
	1,740,000	Tongda Group Holdings Ltd.		74,008

Shares			Value
HONG KONG (continued)
	276,000	Town Health International Investments Ltd.	$	27,747
	203,000	Towngas China Co. Ltd.		143,904
	240,000	TPV Technology Ltd.		55,061
	154,000	Tradelink Electronic Commerce Ltd.		23,422
	87,600	Transport International Holdings Ltd.		180,424
	82,000	Trinity Ltd.		68,592
	394,000	Truly International Holdings Ltd.		58,907
	128,000	TSC Group Holdings Ltd.(b)		19,962
	20,000	Tse Sui Luen Jewellery International Ltd.		16,627
	194,000	Tysan Holdings Ltd.(d)		38,257
	1,230,000	United Energy Group Ltd.(b)		267,920
	142,500	United Laboratories International Holdings Ltd. (The)		57,487
	230,000	Universal Technologies Holdings Ltd.		12,451
	84,000	Value Convergence Holdings Ltd.(b)		12,018
	277,000	Value Partners Group Ltd.		169,585
	188,000	Varitronix International Ltd.		94,259
	348,000	Vedan International Holdings Ltd.(d)		22,427
	156,314	Victory City International Holdings Ltd.		17,931
	20,000	Vinda International Holdings Ltd.		35,625
	244,000	Vitasoy International Holdings Ltd.		179,258
	404,000	VODone Ltd.		57,799
	26,000	VST Holdings Ltd.(b)		6,300
	51,000	VTech Holdings Ltd.		571,878
	2,064,354	Wah Nam International Holdings Ltd.(b)		121,062
	1,640,000	Wang On Group Ltd.		17,756
	136,000	Wasion Group Holdings Ltd.		57,495
	64,000	Water Oasis Group Ltd.		9,899
	96,000	Win Hanverky Holdings Ltd.		9,404
	29,495	Wing Hang Bank Ltd.		313,819
	77,000	Wing On Co. International Ltd.(d)		169,707
	230,000	Wing Tai Properties Ltd.(c)(d)		96,641
	254,000	Winteam Pharmaceutical Group Ltd.(b)		42,559
	838,000	Xinyi Glass Holdings Ltd.		542,203
	96,500	XTEP International Holdings		43,905
	230,000	Yeebo International Holdings(d)		38,538
	45,000	YGM Trading Ltd.		119,480
	1,733,500	Yingde Gases Group Co.		2,015,321
	162,000	Yip’s Chemical Holdings Ltd.		127,368
	1,436,200	Yuexiu Property Co. Ltd.		322,091

24

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
HONG KONG (continued)
	230,191	Yuexiu Transport Infrastructure Ltd.	$	111,259
	906,000	Yugang International Ltd.		4,904
				68,089,631
HUNGARY — 0.0%
	2,915	EGIS Pharmaceuticals Plc		195,116
	40	EMASZ Rt.		2,622
	28,924	FHB Mortgage Bank Plc(b)		76,373
	57	Fotex Holding SE Co. Ltd.(b)(c)(d)		54
	28,929	Magyar Telekom Telecommuni- cations Plc		72,914
	5,822	Richter Gedeon Nyrt		1,007,432
				1,354,511
INDIA — 1.0%
	355	3M India Ltd.(b)		26,952
	1,375	Aban Offshore Ltd.		10,810
	18,184	ABB Ltd.		281,559
	7,510	ABG Shipyard Ltd.(b)		54,059
	25,816	ACC Ltd.		605,721
	176,085	Adani Power Ltd.(b)		214,844
	25,742	Aditya Birla Nuvo Ltd.(d)		454,759
	6,786	AIA Engineering Ltd.(b)		45,712
	3,521	AKZO Nobel India Ltd.		58,294
	20,592	Alembic Pharmaceuticals Ltd.(b)		21,256
	36,030	Allahabad Bank		113,491
	810	Allcargo Logistics Ltd.		1,823
	188,105	Alok Industries Ltd.		69,959
	185,329	Amara Raja Batteries Ltd.(d)		1,030,387
	290,951	Ambuja Cements Ltd.		831,446
	29,480	Amtek Auto Ltd.		70,847
	35,532	Andhra Bank.		78,548
	291	Apar Industries Ltd.(b)		828
	149,371	Apollo Hospitals Enterprise Ltd.(d)		1,785,933
	43,566	Apollo Tyres Ltd.		74,484
	110,372	Arvind Ltd.(b)		181,999
	719,185	Ashok Leyland Ltd.(b)		439,426
	77,677	Aurobindo Pharma Ltd.(b)		193,971
	612	Aventis Pharma Ltd.		25,548
	422,124	Bajaj Electricals Ltd.(d)		1,577,959
	7,450	Bajaj Finance Ltd.		123,130
	20,488	Bajaj Finserv Ltd.		285,355
	224,250	Bajaj Hindusthan Ltd.		129,571
	32,171	Bajaj Holdings and Investment Ltd.(d)		512,935
	12,115	Balkrishna Industries Ltd.		66,678
	189,807	Ballarpur Industries Ltd.(d)		89,321
	2,239	Balmer Lawrie & Co. Ltd.		23,282
	936	Bank of India		6,278
	4,339	BASF India Ltd.		50,635
	3,947	Bata India Ltd.		65,833
	9,632	BEML Ltd.(b)		97,417

Shares			Value
INDIA (continued)
	763,273	Berger Paints India Ltd.(d)	$	1,739,451
	17,377	Berger Paints India Ltd.		39,601
	2,434	Bharat Electronics Ltd.(b)		68,078
	39,760	Bharat Forge Ltd.(b)		243,690
	6,372	Bharat Petroleum Corp. Ltd.		81,047
	60,760	Bhushan Steel Ltd.		498,071
	19,899	Biocon Ltd.		90,773
	11,513	Birla Corp. Ltd.(d)		55,970
	1,274	Blue Dart Express Ltd.		48,106
	4,107	Bombay Rayon Fashions Ltd.(b)		19,693
	10,113	Britannia Industries Ltd.		107,549
	459	Cadila Healthcare Ltd.		6,341
	15,431	Canara Bank		127,650
	7,476	Carborundum Universal Ltd.		23,478
	29,868	Century Plyboards India Ltd.(b)(d)		34,855
	18,212	Century Textile & Industries Ltd.		112,659
	6,433	CESC Ltd.		31,677
	38,402	Chambal Fertilizers & Chemicals Ltd.		55,344
	9,705	Cholamandalam Investment and Finance Co. Ltd.		33,147
	1,594	Clariant Chemicals India Ltd.		18,593
	1,522	CMC Ltd.		26,281
	10,128	Colgate Palmolive India Ltd.		213,322
	3,187	Consolidated Construction Consortium Ltd.		937
	25,373	Coromandel International Ltd.		123,254
	90,496	CRISIL Ltd.(d)		1,785,879
	60,376	Crompton Greaves Ltd.		149,680
	17,092	Cummins India Ltd.		156,650
	128,260	Dabur India Ltd.		272,096
	2,774	Dalmia Bharat Enterprises Ltd.		6,738
	6,484	DB Corp. Ltd.		25,647
	54,708	DB Realty Ltd.(b)		76,352
	12,425	Deepak Fertilizers & Petrochemicals Corp. Ltd.		32,347
	120,805	Dish TV India Ltd.(b)		137,539
	3,236	Divi’s Laboratories Ltd.		52,562
	80,935	Edelweiss Financial Services Ltd.		45,459
	3,496	Educomp Solutions Ltd.		12,909
	4,564	Eicher Motors Ltd.		197,122
	25,575	EID Parry India Ltd.		87,449
	13,381	EIH Ltd.		21,328
	1,898	Elder Pharmaceuticals Ltd.		11,387
	189,598	Emami Ltd.(b)(d)		1,644,142
	195	Escorts Ltd.		273
	20,708	Essar Ports Ltd.(b)		35,502
	31,009	Essar Shipping Ltd.(b)		17,917
	36,761	Exide Industries Ltd.		89,984
	4,776	FDC Ltd.		7,250
	60,849	Federal Bank Ltd.(b)(d)		487,254
	6,289	Federal-Mogul Goetze India Ltd.(b)		32,877

25

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	3,815	Financial Technologies India Ltd.(b)	$	49,544
	505,954	Fortis Healthcare Ltd.(b)(d)		1,031,589
	9,586	Future Capital Holdings Ltd.(b)		25,811
	29,363	Gammon India Ltd.		25,909
	396	Ganesh Housing Corp. Ltd.		729
	32,742	Gateway Distriparks Ltd.		94,094
	4,492	Geojit BNP Paribas Financial Services Ltd.		1,504
	1,177	Gillette India Ltd.		57,598
	22,442	Gitanjali Gems Ltd.(b)		138,889
	3,418	GlaxoSmithKline Consumer Healthcare Ltd.		181,602
	7,102	GlaxoSmithKline Pharmaceuticals Ltd.(d)		286,512
	14,696	Glenmark Pharmaceuticals Ltd.		90,909
	22,105	GMR Infrastructure Ltd.(b)		11,283
	273	Godfrey Phillips India Ltd.		19,321
	30,654	Godrej Consumer Products Ltd.		314,102
	23,771	Godrej Industries Ltd.		120,411
	4,689	Godrej Properties Ltd.		52,602
	3,081	Gokul Refoils & Solvent Ltd.		4,736
	50,128	Great Eastern Shipping Co. Ltd. (The)(d)		241,604
	17,225	Greaves Cotton Ltd.		26,524
	2,596	Grindwell Norton Ltd.		13,054
	3,202	Gruh Finance Ltd.		41,264
	15,133	Gujarat Alkalies & Chemicals(b)		36,181
	8,892	Gujarat Flourochemicals Ltd.		77,860
	8,789	Gujarat Gas Co. Ltd.		53,785
	29,561	Gujarat Mineral Development Corp. Ltd.(b)		104,445
	26,956	Gujarat Narmada Valley Fertilizers Co. Ltd.(b)		41,866
	538,756	Gujarat Pipavav Port Ltd.(b)(d)		623,608
	16,929	Gujarat State Fertilisers & Chemicals(b)		141,985
	52,661	Gujarat State Petronet Ltd.(b)		66,251
	3,304	Gulf Oil Corp Ltd.(b)		5,110
	6,229	Havells India Ltd.		65,865
	2,793	HBL Power Systems Ltd.(b)		816
	27,483	HeidelbergCement India Ltd(b)		16,088
	18,832	Hexa Tradex Ltd.(b)(d)		26,801
	137,134	Hexaware Technologies Ltd.		336,720
	4,530	Himadri Chemicals & Industries(b)		3,000
	375	Hinduja Ventures Ltd.		2,809
	248,507	Hindustan Construction Co.		99,969
	4,729	Hindustan Petroleum Corp. Ltd.(b)		27,100
	430	Honeywell Automation India Ltd.		22,251
	17,519	Housing Development & Infrastructure Ltd.(b)		26,777
	15,443	HSIL Ltd.		48,747
	16,049	HT Media Ltd.		38,691

Shares			Value
INDIA (continued)
	1,883	HTMT Global Solutions Ltd.(b)(d)	$	11,255
	56,473	ICRA Ltd.(d)		1,198,149
	94,790	IDBI Bank Ltd.		182,835
	3,116	India Cements Ltd.		5,002
	85,322	India Infoline Ltd.(b)		89,370
	29,515	Indiabulls Financial Services Ltd.		135,814
	20,989	Indian Bank		90,667
	230,293	Indian Hotels Co. Ltd.(d)		271,151
	29,466	Indian Overseas Bank		48,756
	10,119	Indraprastha Gas Ltd.(b)		41,897
	45,438	IndusInd Bank Ltd.		287,415
	1,734	Info Edge India Ltd.(b)		25,089
	16,196	Infotech Enterprises Ltd.		50,017
	475,747	Infrastructure Development Finance Co. Ltd.		1,090,517
	40,792	ING Vysya Bank Ltd.(d)		281,751
	2,118	Ingersoll-Rand India Ltd.		20,097
	290,282	Ipca Laboratories Ltd.(d)		1,988,459
	21,385	IRB Infrastructure Developers Ltd.(b)		69,653
	24,079	IVRCL Infrastructures & Projects Ltd.(b)		28,168
	16,485	Jagran Prakashan Pvt Ltd.(b)		30,593
	16,998	Jai Corp. Ltd.		21,933
	15,000	Jain Irrigation Systems Ltd.		25,133
	750	Jain Irrigation Systems Ltd. - DVR		608
	8,452	Jaiprakash Power Ventures Ltd.(b)		6,503
	7,028	Jammu & Kashmir Bank Ltd.(b)(d)		124,690
	9,049	Jet Airways India Ltd.(b)		57,694
	6,226	Jindal Poly Films Ltd.		23,091
	94,163	Jindal Saw Ltd.(d)		277,486
	6,613	Jindal Stainless Ltd.(b)		9,813
	26,695	JSW Energy Ltd.		24,846
	10,237	JSW Steel Ltd.		134,557
	98,703	Jubilant Foodworks Ltd.(b)		2,217,540
	986	Jubilant Industries Ltd.		4,997
	5,000	Jubilant Organosys Ltd.(b)		17,173
	4,006	Jyothy Laboratories Ltd.		13,398
	90,563	Kakinada Fertilizers Ltd.(b)(c)(d)		19,264
	7,830	Kalpataru Power Transmission Ltd.(b)		14,858
	93,172	Karnataka Bank Ltd.		160,532
	1,762	Karur Vysya Bank Ltd.		13,541
	24,476	KPIT Cummins Infosystems Ltd.		39,083
	3,316	KSB Pumps Ltd.		14,032
	1,091	Lakshmi Machine Works Ltd.		33,765
	109,325	LIC Housing Finance Ltd.		541,024
	15,690	Lupin Ltd.		165,251
	1,301	Madhucon Projects Ltd.		1,263
	21,876	Madras Cements Ltd.		61,435
	11,875	Maharashtra Seamless Ltd.(d)		85,108

26

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	9,910	Mahindra & Mahindra Financial Services Ltd.	$	130,880
	294	Mahindra Lifespace Developers Ltd.		1,786
	3,619	Manaksia Ltd.(b)		3,434
	60,692	Mangalore Refinery & Petrochemicals Ltd.(b)		72,093
	60,461	Marico Ltd.		205,074
	39,550	MAX India Ltd.(b)		148,932
	1,025	Merck Ltd.(b)		11,825
	16,192	Monnet Ispat & Energy Ltd.		148,708
	31,324	Motherson Sumi Systems Ltd.		106,395
	13,466	Mphasis Ltd.		94,288
	134,813	Nagarjuna Construction Co.(b)		128,418
	82,330	Nagarjuna Oil Refinery Ltd.(b)(d)		12,420
	104,110	National Aluminium Co. Ltd.(d)		117,741
	16,197	NIIT Technologies Ltd.		82,983
	38,070	OMAXE Ltd.(b)		109,226
	21,234	Opto Circuits India Ltd.(b)		75,548
	6,434	Oracle Financial Sevices Software Ltd.(b)		320,357
	21,487	Orchid Chemicals & Pharmaceuticals Ltd.		73,492
	8,317	Orient Paper & Industries Ltd.		8,822
	36,385	Oriental Bank of Commerce		160,177
	55	Orissa Minerals Development Co. Ltd.		34,727
	14,725	Oswal Chemical & Fertilizers(b)		10,199
	20,478	Page Industries Ltd.(d)		1,212,360
	2,204	Panacea Biotec Ltd.(b)		3,254
	9,873	Patni Computer Systems Ltd.(b)		95,077
	3,860	Peninsula Land Ltd.(b)		2,315
	104,278	Petronet LNG Ltd.		273,853
	1,595	Pfizer Ltd.		39,647
	4,125	Phoenix Mills Ltd.		16,414
	285,156	Pidilite Industries Ltd.(d)		995,341
	50,534	Pipavav Defence & Offshore Engineering Co. Ltd.(b)		79,924
	7,053	Plethico Pharmaceuticals Ltd.		49,237
	40,716	Prism Cement Ltd.(b)		37,085
	1,195	Procter & Gamble Hygiene & Health Care Ltd.(d)		46,509
	60,577	PTC India Ltd.		68,796
	7,850	Punj Lloyd Ltd.(b)		8,036
	306,163	Radico Khaitan Ltd.(b)(d)		746,817
	14,719	Rain Commodities Ltd.		11,088
	24,971	Rajesh Exports Ltd.(b)		67,877
	687,192	Rallis India Ltd.(d)		1,481,961
	19,421	Ranbaxy Laboratories Ltd.(b)		185,495
	22,060	Raymond Ltd.		169,029
	49,404	Redington India Ltd.		82,262
	53,752	REI Agro Ltd.(b)		11,424
	3,937	Reliance Capital Ltd.(b)		24,604
	91,273	Reliance Communications Ltd.(b)		129,982
	1,446	Reliance Infrastructure Ltd.		14,472

Shares			Value
INDIA (continued)
	16,026	Rolta India Ltd.	$	26,685
	87,447	Ruchi Soya Industries Ltd.		147,681
	21,104	Rural Electrification Corp. Ltd.(b)		83,515
	9,422	S Mobility Ltd.		11,952
	3,688	Sadbhav Engineering Ltd.(b)		9,937
	14,299	Satyam Computer Services Ltd.(b)		21,028
	14,059	Sesa Goa Ltd.		50,420
	5,757	Shipping Corp. of India Ltd.(b)		6,735
	2,527	Shoppers Stop Ltd.		16,939
	223,438	Shree Renuka Sugars Ltd.		135,674
	57,652	Shriram Transport Finance Co. Ltd.		624,764
	441,941	Sintex Industries Ltd.(b)		623,078
	3,876	SKF India Ltd.		48,910
	104	Solar Industries India Ltd.		1,673
	426,240	South Indian Bank Ltd.		194,517
	9,842	SRF Ltd.		44,634
	3,969	State Bank of Bikaner & Jaipur.		28,770
	8,719	Sun TV Network Ltd.(b)		47,483
	4,547	Sundaram Finance Ltd.		57,899
	6,405	Supreme Industries Ltd.		25,286
	62,836	Suzlon Energy Ltd.(b)		27,126
	38,891	Syndicate Bank.		77,634
	7,242	Tamilnadu Newsprint & Papers Ltd.(b)		15,047
	32,487	Tata Chemicals Ltd.		208,361
	4,726	Tata Investment Corp. Ltd.(b)		40,714
	99,640	Tata Tea Ltd.(b)		221,590
	7,182	Tech Mahindra Ltd.		96,051
	14,853	Time Technoplast Ltd.(b)		15,558
	10,567	Timken India Ltd.		49,416
	348	Titagarh Wagons Ltd.		2,265
	45,835	Titan Industries Ltd.		202,735
	71,590	Torrent Pharmaceuticals Ltd.(d)		908,799
	25,014	Torrent Power Ltd.		97,137
	566	Transport Corp. of India Ltd.		683
	2,157	Trent Ltd.		37,635
	29,890	Triveni Turbine Ltd.		24,559
	697	TTK Prestige Ltd.		45,894
	15,066	Tube Investments of India		39,838
	8,329	UCO Bank		12,241
	10,645	Uflex Ltd.		23,431
	13,600	Unichem Laboratories Ltd.		37,019
	94,287	Union Bank of India		403,627
	2,018	United Breweries Holdings Ltd.		2,757
	22,486	United Breweries Ltd.		229,553
	43,389	United Phosphorus Ltd.(b)		95,588
	3,775	United Spirits Ltd.		55,801
	1,120	Vardhman Special Steels Ltd.(b)(c)(d)		446
	5,603	Vardhman Textiles Ltd.		22,859
	23,739	Videocon Industries Ltd.		77,704
	11,180	VIP Industries Ltd.		20,620
	902	VST Industries Ltd.		33,598

27

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
INDIA (continued)
	1,793	WABCO India Ltd.	$	58,519
	15,809	Wockhardt Ltd.(b)		218,311
	548	Wyeth Ltd.		9,150
	31,014	Yes Bank Ltd.		205,093
	180,211	Zee Entertainment Enterprises Ltd.		431,549
	14,226	Zee Learn Ltd.(b)		5,520
	4,219	Zensar Technologies Ltd.		17,492
	621	Zuari Holdings Ltd.(c)(d)		3,939
	621	Zuari Industries Ltd.		1,909
	68,526	Zydus Wellness Ltd.(d)		495,416
				48,329,697
INDONESIA — 0.5%
	99,000	Adhi Karya Persero Tbk PT		10,664
	5,429,000	AKR Corporindo Tbk PT		2,436,715
	790,000	Aneka Tambang Tbk PT		147,848
	77,000	Asahimas Flat Glass Tbk PT		51,945
	165,500	Astra Agro Lestari Tbk PT		385,365
	42,411,000	Bakrie & Brothers Tbk PT(b)		230,733
	9,710,000	Bakrie Sumatera Plantations Tbk PT		316,958
	9,876,000	Bakrie Telecom Tbk PT(b)		274,020
	6,953,500	Bakrieland Development Tbk PT(b)		88,522
	659,666	Bank Bukopin Tbk PT		52,397
	505,316	Bank Danamon Indonesia Tbk PT		307,902
	3,011,250	Bank Pan Indonesia Tbk PT(b)		281,777
	13,000	Bank Permata Tbk PT(b)		2,178
	802,000	Bank Tabungan Negara Tbk PT		120,424
	107,500	Bank Tabungan Pensiunan Nasional Tbk PT(b)		41,524
	312,500	Barito Pacific Tbk PT(b)		24,142
	54,000	Bayan Resources Tbk PT		95,479
	4,004,000	Bhakti Investama Tbk PT		200,407
	223,000	Bisi International PT		20,382
	560,000	Budi Acid Jaya Tbk PT		14,928
	2,663,600	Bumi Serpong Damai PT		414,444
	4,958,000	Central Proteinaprima Tbk PT(b)(c)(d)		28,592
	1,417,500	Charoen Pokphand Indonesia Tbk PT		424,147
	5,595,500	Ciputra Development Tbk PT		462,715
	238,000	Ciputra Surya Tbk PT		54,382
	479,000	Citra Marga Nusaphala Persada Tbk PT		114,662
	11,917,500	Darma Henwa Tbk PT(b)		101,144
	393,500	Elnusa Tbk PT		8,349
	25,671,500	Energi Mega Persada Tbk PT(b)		539,100
	36,500	Fajar Surya Wisesa Tbk PT		10,922
	947,000	Gajah Tunggal Tbk PT		265,331
	2,161,000	Global Mediacom Tbk PT		390,323
	994,500	Gozco Plantations Tbk PT		34,627
	1,626,500	Hexindo Adiperkasa Tbk PT(d)		1,822,855
	1,387,000	Holcim Indonesia Tbk PT		388,611

Shares			Value
INDONESIA (continued)
	28,500	Indah Kiat Pulp and Paper Corp. Tbk PT(b)	$	3,287
	182,000	Indika Energy Tbk PT		43,567
	28,500	Indo Tambangraya Megah Tbk PT		123,266
	1,221,000	Indofood Sukses Makmur Tbk PT		644,345
	396,000	Indosat Tbk PT		208,977
	11,500	Inovisi Infracom Tbk PT(b)		7,195
	417,000	Intiland Development Tbk PT(b)		19,510
	379,500	Japfa Comfeed Indonesia Tbk PT		174,461
	561,000	Jasa Marga Persero Tbk PT		326,571
	2,159,500	Kalbe Farma Tbk PT		945,758
	12,459,500	Kawasan Industri Jababeka Tbk PT(b)		311,809
	13,416,750	Lippo Karawaci Tbk PT		1,211,675
	1,437,300	Matahari Putra Prima Tbk PT(b)		147,006
	893,000	Mayora Indah Tbk PT(d)		1,943,311
	291,500	Medco Energi Internasional Tbk PT		66,607
	9,716,500	Media Nusantara Citra Tbk PT		2,378,774
	272,000	Mitra Adiperkasa Tbk PT		205,691
	1,688,500	Mitra International Resources Tbk PT(b)(c)(d)		29,396
	1,246,000	Pakuwon Jati Tbk PT(b)		27,793
	2,139,500	Panin Financial Tbk PT(b)		35,618
	705,500	Panin Insurance Tbk PT		42,220
	895,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		285,005
	827,000	Polychem Indonesia Tbk PT(b)		46,792
	1,383,000	Ramayana Lestari Sentosa Tbk PT		129,414
	77,500	Resource Alam Indonesia Tbk PT		51,861
	4,831,500	Sampoerna Agro Tbk PT(d)		1,721,687
	5,073,500	Sentul City Tbk PT(b)		173,892
	117,500	Sinar Mas Agro Resources & Technology Tbk PT(d)		79,267
	5,000	Sinar Mas Multiartha Tbk PT		2,176
	1,762,000	Summarecon Agung Tbk PT		331,675
	45,000	Surya Citra Media Tbk PT		41,619
	41,500	Tambang Batubara Bukit Asam Tbk PT		83,312
	294,000	Tiga Pilar Sejahtera Food Tbk(b)		22,713
	1,562,000	Timah Tbk PT		309,324
	410,000	Trada Maritime Tbk PT		41,935
	4,875,000	Truba Alam Manunggal Engineering PT(b)		26,522
	1,152,000	Tunas Baru Lampung Tbk PT		76,462
	539,500	Tunas Ridean Tbk PT		45,200
	1,155,500	Wijaya Karya Persero Tbk PT		123,213
	70,500	XL Axiata Tbk PT		41,423
				22,694,843

28

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
IRELAND — 0.3%
	109,408	AER Lingus Group Plc(b)	$	141,202
	220,453	Beazley Plc		506,965
	154,534	C&C Group Plc(b)		775,063
	22,410	DCC Plc(b)		566,583
	51,317	Elan Corp. Plc(b)		709,849
	11,035	FBD Holdings Plc(b)		127,081
	851,520	Glanbia Plc(b)(d)		6,469,866
	339,815	Governor & Co. of The Bank of Ireland (The)(b)		50,379
	47,500	Grafton Group Plc.		207,489
	222,418	Greencore Group Plc.		255,381
	20,066	IFG Group Plc		40,108
	30,109	Independent News & Media Plc(b)		10,562
	6,355	Irish Continental Group Plc		128,705
	156,642	James Hardie Industries SE		1,222,465
	291,661	Kenmare Resources Plc(b)		238,206
	32,666	Kerry Group Plc - Class A		1,493,289
	84,255	Kingspan Group Plc(b)(e)		878,841
	6,121	Kingspan Group Plc(e)		63,847
	12,329	Paddy Power Plc(b)		804,569
	80,334	Smurfit Kappa Group Plc(b)		676,096
	132,882	United Drug Plc(b)		407,198
				15,773,744
ISLE OF MAN — 0.0%
	4,535	Hansard Global Plc.		10,856
ISRAEL — 1.4%
	12,541	Africa Israel Investments Ltd.(b)		47,701
	4,663	Airport City Ltd.(b)		22,505
	925	Alon Holdings Blue Square Ltd.		3,339
	746	AL-ROV Israel Ltd.(b)		18,357
	640	Alvarion Ltd.(b)		487
	16,296	AudioCodes Ltd.(b)		38,845
	28	Bayside Land Corp.		5,479
	1,289	Biocell Ltd.(b)		9,946
	409	Ceragon Networks Ltd.(b)		3,763
	1,003,000	Check Point Software Technologies Ltd.(b)		58,304,390
	2,641	Clal Biotechnology Industries Ltd.(b)		10,993
	49,365	Clal Industries & Investments Ltd.		181,476
	6,999	Clal Insurance Enterprise Holdings Ltd.(b)		109,853
	6,078	Compugen Ltd.(b)		31,482
	13,567	Delek Automotive Systems Ltd.		113,877
	176	Delta-Galil Industries Ltd.		1,445
	692	DS Apex Holdings Ltd.		3,224
	25,329	El Al Israel Airlines(b)		3,223
	2,948	Elbit Systems Ltd.		107,670
	905	Electra Ltd.		78,318
	1	Electra Real Estate Ltd.(b)		2
	750	Elron Electronic Industries Ltd.(b)		3,580
	509	Equital Ltd.(b)		4,931

Shares			Value
ISRAEL (continued)
	205	Evogene Ltd.(b)	$	957
	4,175	EZchip Semiconductor Ltd.(b)		171,780
	15,405	First International Bank of Israel Ltd.(b)		174,808
	3,427	Formula Systems (1985) Ltd.		54,972
	26,484	Frutarom Industries Ltd.		252,758
	1,557	Gilat Satellite Networks Ltd.(b)		6,365
	4,055	Given Imaging Ltd.(b)		78,919
	232	Golf & Co. Ltd.		800
	1,279	Hadera Paper Ltd.(b)		52,522
	3,385	Harel Insurance Investments & Finances Ltd.		129,115
	9,063	Hot Telecommunication System Ltd.		91,503
	270	Industrial Buildings Corp.(b)		396
	206,540	Israel Discount Bank Ltd. - Class A(b)		268,273
	477	Ituran Location & Control Ltd.		6,533
	1,437	Jerusalem Oil Exploration(b)		27,845
	5,171	Kamada Ltd.(b)		37,017
	89	Maabarot Products Ltd.		817
	2,220	Magic Software Enterprises Ltd.(b)		14,412
	9,868	Matrix IT Ltd.		48,858
	1,459	Melisron Ltd.		27,119
	8,990	Mellanox Technologies Ltd.(b)		518,422
	3,805	Menorah Mivtachim Holdings Ltd.(b)		30,068
	158,600	Migdal Insurance & Financial Holding Ltd.(b)		233,219
	1,673	Mivtach Shamir Holdings Ltd.(b)		39,044
	61,197	Mizrahi Tefahot Bank Ltd.(b)		552,679
	6,077	Naphtha Israel Petroleum Corp. Ltd.(b)		24,537
	736	Neto ME Holdings Ltd.		28,132
	1,321	Nice Systems Ltd.(b)		50,107
	160,000	Nice Systems Ltd. - ADR(b)		6,147,200
	645	Nitsba Holdings 1995 Ltd.(b)		5,691
	628,921	Oil Refineries Ltd.(b)		365,517
	8,208	Osem Investments Ltd.		125,581
	2,872	Paz Oil Co. Ltd.		391,579
	7,123	Phoenix Holdings Ltd. (The)		17,654
	1,121	Plasson Industries Ltd.		29,895
	3,287	RADVision Ltd.(b)		38,408
	715	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		24,557
	7,504	REIT 1 Ltd.		14,152
	1,644	Retalix Ltd.(b)		34,699
	6,910	Scailex Corp. Ltd.(b)		29,367
	68,879	Shikun & Binui Ltd.		122,545
	13,900	Shufersal Ltd.		48,846
	6,039	Strauss Group Ltd.(b)		72,906
	220	Suny Electronics Inc., Ltd.(b)		458
	35,485	Tower Semiconductor Ltd.(b)		34,488

29

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
ISRAEL (continued)
	2,074	Union Bank of Israel(b)	$	7,377
				69,537,783
ITALY — 0.4%
	113,237	A2A SpA		71,888
	5,394	ACEA SpA		31,173
	2,255	AcegasAps SpA		8,238
	320,040	Aedes SpA(b)		45,499
	3,797	Alerion Cleanpower SpA(b)		19,381
	27,658	Amplifon SpA		151,642
	33,817	Arnoldo Mondadori Editore SpA		49,956
	5,010	Ascopiave SpA		7,958
	9,416	Astaldi SpA		72,914
	8,828	Autogrill SpA		87,876
	10,738	Azimut Holding SpA		105,467
	184,358	Banca Carige SpA		192,787
	16,412	Banca Generali SpA		200,626
	1,325	Banca IFIS SpA		8,261
	1,813,905	Banca Monte Dei Paschi di Siena SpA		644,204
	131,774	Banca Piccolo Credito Valtellinese Scarl(b)		197,628
	87,743	Banca Popolare Dell’Emilia Romagna Scrl(b)		538,449
	30,395	Banca Popolare dell’Etruria e del Lazio(b)		49,809
	964,975	Banca Popolare di Milano Scarl		474,019
	100,732	Banca Popolare di Sondrio Scarl		678,694
	34,098	Banca Profilo SpA		11,690
	6,411	Banco di Desio e della Brianza SpA		23,167
	388,731	Banco Popolare SC		577,339
	3,334	Basicnet SpA		9,303
	7,670	Biesse SpA(b)		34,316
	13,563	Brembo SpA		153,680
	186,475	Brioschi Sviluppo Immobiliare SpA(b)		24,412
	83,865	Buongiorno SpA(b)		179,395
	15,623	Buzzi Unicem SpA(b)		158,927
	4,217	Caltagirone Editore SpA		5,415
	22,475	Cementir Holding SpA		44,328
	389,606	CIR-Compagnie Industriali Riunite SpA		532,223
	11,564	Credito Artigiano SpA		13,424
	2,627	Credito Bergamasco SpA		60,541
	29,592	Credito Emiliano SpA		121,038
	13,731	Danieli & C Officine Meccaniche SpA		389,505
	4,885	Datalogic SpA		47,204
	93,104	Davide Campari-Milano SpA		658,109
	50,118	DeA Capital SpA(b)		93,541
	23,657	Delclima		13,876
	23,657	De’Longhi SpA		333,188
	9,154	DiaSorin SpA		241,252
	7,151	EEMS Italia SpA(b)		3,900

Shares			Value
ITALY (continued)
	1,977	EI Towers(b)	$	48,911
	4,610	Elica SpA		4,333
	1,550	Engineering Ingegneria Informatica SpA		43,394
	17,090	ERG SpA		128,719
	5,852	Esprinet SpA		25,981
	15,793	Eurotech SpA(b)		28,034
	49,066	Falck Renewables SpA		56,473
	165,312	Finmeccanica SpA		710,299
	60,391	Fondiaria-Sai SpA(b)		74,184
	457,280	Gemina SpA(b)		390,721
	10,615	Geox SpA		34,200
	31,642	Gruppo Editoriale L’Espresso SpA		42,680
	45,443	Hera SpA		68,273
	36,611	Immobiliare Grande Distribuzione REIT		39,133
	182,644	IMMSI SpA		136,356
	15,907	Impregilo SpA		62,789
	16,260	Indesit Co. SpA		94,573
	3,035	Industria Macchine Automatiche SpA		55,681
	12,364	Intek SpA		5,911
	32,568	Interpump Group SpA		290,562
	42,806	Iren SpA		28,320
	29,802	Italcementi SpA		187,224
	2,909	Italmobiliare SpA		55,103
	40,005	Juventus Football Club SpA(b)		12,826
	198,830	KME Group SpA		81,063
	762	Landi Renzo SpA		1,620
	12,807	Lottomatica SpA(b)		236,997
	29,519	Maire Tecnimont SpA		25,887
	8,217	Marcolin SpA		39,048
	1,779	Mariella Burani SpA(b)(c)(d)		0
	9,386	MARR SpA		101,568
	189,408	Mediaset SpA		450,542
	197,050	Mediobanca SpA		962,479
	14,995	Mediolanum SpA		61,373
	145,710	Milano Assicurazioni SpA(b)		48,508
	7,534	Nice SpA		28,143
	635,716	Parmalat SpA		1,437,274
	70,369	Piaggio & C SpA		212,748
	134,537	Pirelli & C SpA		1,638,393
	18,004	Poltrona Frau SpA(b)		24,809
	210,981	Prelios SpA(b)		44,544
	96,013	Premafin Finanziaria SpA(b)		28,723
	11,421	Prysmian SpA		185,951
	71,976	RCS Mediagroup SpA(b)		63,072
	30,604	Recordati SpA		212,882
	125,022	Reno de Medici SpA(b)		20,753
	490	Reply SpA		11,046
	10,919	Retelit SpA(b)		4,986
	29	Sabaf SpA		430
	82	SAES Getters SpA		849
	6,343	Safilo Group SpA(b)		41,628
	94,032	Saras SpA(b)		118,869

30

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
ITALY (continued)
	3,675	SAVE SpA	$	30,890
	11,347	Screen Service Broadcasting Technologies SpA(b)		4,027
	159,274	Seat Pagine Gialle SpA(b)		8,433
	18,549	Snai SpA(b)		32,459
	9,913	Societa Cattolica di Assicurazioni Scrl		185,936
	3,795	Societa Iniziative Autostradali e Servizi SpA		23,761
	471	Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA		20,718
	3,079	Socotherm SpA(b)(c)(d)		0
	15,879	Sogefi SpA		43,173
	12,888	SOL SpA		69,945
	60,496	Sorin SpA(b)		113,471
	6,138	Tamburi Investment Partners SpA		12,675
	331,025	Telecom Italia Media SpA(b)		66,033
	20,102	Tiscali SpA(b)		942
	3,433	Tod’s SpA		395,350
	4,797	Trevi Finanziaria Industriale SpA		26,999
	6,610	Uni Land SpA(b)(c)(d)		0
	365,438	Unione di Banche Italiane SCPA		1,357,344
	2,551	Unipol Gruppo Finanziario SpA(b)		76,754
	2,770	Vianini Lavori SpA		11,953
	10,354	Vittoria Assicurazioni SpA		64,827
	13,735	Yoox SpA(b)		196,355
	10,167	Zignago Vetro SpA		70,924
				18,888,076
JAPAN — 5.3%
	8,000	77 Bank Ltd. (The)		32,064
	4,700	A&D Co. Ltd.		17,131
	779	Accordia Golf Co. Ltd.		600,056
	58,000	Achilles Corp.		78,457
	56,800	ADEKA Corp.		523,607
	10,900	Aderans Co. Ltd.(b)		121,232
	7,200	Advan Co. Ltd.		68,357
	28,600	Advantest Corp.		480,010
	4,300	Aeon Delight Co. Ltd.		100,121
	2,200	Aeon Fantasy Co. Ltd.		34,416
	800	Agrex, Inc.		7,435
	8,600	Ahresty Corp.		81,864
	11,600	Ai Holdings Corp.		73,226
	22,400	Aica Kogyo Co. Ltd.		329,379
	3,100	Aichi Bank Ltd. (The)		172,589
	4,500	Aichi Corp.		19,896
	84,000	Aichi Steel Corp.		402,956
	9,000	Aichi Tokei Denki Co. Ltd.		35,847
	38,100	Aida Engineering Ltd.		216,174
	6,700	Aigan Co. Ltd.		28,868
	2,800	Ain Pharmaciez, Inc.		150,451
	7,400	Aiphone Co. Ltd.		148,760

Shares			Value
JAPAN (continued)
	38,000	Air Water, Inc.	$	480,711
	5,200	Airport Facilities Co. Ltd.		23,382
	3,700	Airtech Japan Ltd.		17,332
	13,400	Aisan Industry Co. Ltd.		142,828
	7,400	Akebono Brake Industry Co. Ltd.		37,538
	76,000	Akita Bank Ltd. (The)		250,351
	2,100	Alconix Corp.		47,634
	7,400	Alfresa Holdings Corp.		342,472
	79,500	Allied Telesis Holdings KK		80,655
	11,100	Alpen Co. Ltd.		226,477
	3,200	Alpha Corp.		40,842
	3,360	Alpha Systems, Inc.		48,565
	30,200	Alpine Electronics, Inc.		399,061
	86,600	Alps Electric Co. Ltd.		796,147
	5,800	Altech Co. Ltd.		18,888
	1,500	Altech Corp.		11,630
	83,000	Amada Co. Ltd.		567,610
	16,800	Amano Corp.		151,293
	5	Amiyaki Tei Co. Ltd.		13,840
	3,500	Amuse, Inc.		47,783
	61,000	Ando Corp.		85,571
	13,000	Anest Iwata Corp.		63,176
	31,000	Anritsu Corp.		407,690
	12,400	AOC Holdings, Inc.		69,269
	1,800	AOI Electronic Co. Ltd.		30,436
	16,800	AOKI Holdings, Inc.		330,361
	69,000	Aomori Bank Ltd. (The)		207,415
	24,100	Aoyama Trading Co. Ltd.		499,266
	10,600	Arakawa Chemical Industries Ltd.		91,741
	25,000	Araya Industrial Co. Ltd.		39,767
	8,700	Arc Land Sakamoto Co. Ltd.		136,646
	17,638	Arcs Co. Ltd.		379,535
	3,600	Argo Graphics, Inc.		50,276
	191,400	Ariake Japan Co. Ltd.(d)		3,864,439
	22,800	Arisawa Manufacturing Co. Ltd.(b)		83,672
	6,200	Arnest One Corp.		70,666
	5,190	As One Corp.		114,279
	4,000	Asahi Co. Ltd.		78,808
	20,000	Asahi Diamond Industrial Co. Ltd.		222,946
	6,850	Asahi Holdings, Inc.		135,130
	13,000	Asahi Kogyosha Co. Ltd.		54,221
	3,000	Asahi Net, Inc.		13,865
	32,000	Asahi Organic Chemicals Industry Co. Ltd.		82,565
	23,000	Asanuma Corp.(b)		19,877
	12,400	Asatsu-DK, Inc.		360,631
	31	Asax Co. Ltd.		34,362
	24,000	Ashimori Industry Co. Ltd.(b)		31,263
	29,000	Asics Corp.		314,917
	18,000	ASKA Pharmaceutical Co. Ltd.		104,384
	12,000	Asunaro Aoki Construction Co. Ltd.		70,491

31

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	10,300	Atom Corp.	$	42,702
	77,000	Atsugi Co. Ltd.		91,621
	20,300	Autobacs Seven Co. Ltd.		975,081
	1,300	Avex Group Holdings, Inc.		14,751
	129,000	Awa Bank Ltd. (The)		762,625
	9,300	Azbil Corp.		200,118
	47,000	Bando Chemical Industries Ltd.		173,660
	3,000	Bank of Iwate Ltd. (The)		131,137
	7,000	Bank of Kochi Ltd. (The)		8,417
	43,000	Bank of Nagoya Ltd. (The)		138,953
	15,100	Bank of Okinawa Ltd. (The)(d)		632,634
	45,000	Bank of Saga Ltd. (The)		114,980
	25,200	Bank of the Ryukyus Ltd.		325,100
	8,100	Belc Co. Ltd.		120,932
	20,200	Belluna Co. Ltd.		160,659
	17,500	Best Denki Co. Ltd.(b)		42,523
	297	Bic Camera, Inc.		146,566
	500	BML, Inc.		12,594
	2,100	Bookoff Corp.		20,253
	27,000	Bunka Shutter Co. Ltd.		102,129
	4,600	CAC Corp.		40,273
	63,000	Calsonic Kansei Corp.		356,663
	20	Can Do Co. Ltd.		26,804
	8,600	Canon Electronics, Inc.		212,953
	11,400	Canon Marketing Japan, Inc.		147,640
	6,200	Capcom Co. Ltd.		141,876
	17,100	Casio Computer Co. Ltd.(b)		114,585
	9,900	Cawachi Ltd.		238,696
	137,000	Central Glass Co. Ltd.		562,826
	2,000	Central Security Patrols Co. Ltd.		19,765
	1,000	Central Sports Co. Ltd.		13,489
	22,650	Century Tokyo Leasing Corp.		455,326
	10,800	Chiba Kogyo Bank Ltd. (The)(b)		56,273
	19,000	Chino Corp.		51,165
	8,400	Chiyoda Co. Ltd.		195,797
	41,000	Chiyoda Corp.		497,608
	1,700	Chiyoda Integre Co. Ltd.		21,420
	500	Chofu Seisakusho Co. Ltd.		11,949
	46,000	Chori Co. Ltd.		63,377
	12,400	Chubu Shiryo Co. Ltd.		80,140
	40,000	Chuetsu Pulp & Paper Co. Ltd.		83,667
	153,000	Chugai Mining Co. Ltd.(b)		38,327
	28,000	Chugai Ro Co. Ltd.		92,234
	61,000	Chugoku Bank Ltd. (The)		773,196
	27,000	Chugoku Marine Paints Ltd.		161,310
	44,000	Chukyo Bank Ltd. (The)		108,567
	4,900	Chuo Denki Kogyo Co. Ltd.		25,286
	7,000	Chuo Spring Co. Ltd.		28,845
	69,200	Citizen Holdings Co. Ltd.		435,967
	24,700	CKD Corp.		184,384
	48,000	Clarion Co. Ltd.(b)		134,068
	7,400	Cleanup Corp.		56,075
	2,000	CMIC Holdings Co. Ltd.		33,818
	11,700	CMK Corp.(b)		60,815

Shares			Value
JAPAN (continued)
	22,200	Coca-Cola Central Japan Co. Ltd.	$	291,403
	9,000	Coca-Cola West Co. Ltd.		163,226
	11,890	Cocokara Fine, Inc.		371,711
	15,500	Colowide Co. Ltd.		113,959
	4,100	Computer Engineering & Consulting Ltd.		21,568
	4,400	Computer Institute of Japan Ltd.		19,564
	71,300	COMSYS Holdings Corp.		721,573
	4,000	Co-Op Chemical Co. Ltd.(b)		5,411
	8,600	Corona Corp.		120,641
	7,000	Cosel Co. Ltd.		99,775
	199,000	Cosmo Oil Co. Ltd.		553,332
	3,500	Cosmos Pharmaceutical Corp.		197,050
	2,700	Create Medic Co. Ltd.		28,069
	5,300	CTI Engineering Co. Ltd.		34,585
	23	Cybernet Systems Co. Ltd.		5,874
	22,000	Dai Nippon Toryo Co. Ltd.		24,248
	5,000	Daibiru Corp.		38,452
	200,000	Daicel Corp.		1,272,545
	9,000	Dai-Dan Co. Ltd.		56,814
	17,000	Daido Kogyo Co. Ltd.		31,513
	13,000	Daido Metal Co. Ltd.		156,150
	109,000	Daido Steel Co. Ltd.		681,249
	5,300	Daidoh Ltd.		43,149
	8,150	Daiei, Inc. (The)(b)		26,949
	21,000	Daihen Corp.		70,491
	11,000	Daiho Corp.(b)		15,293
	22,000	Daiichi Jitsugyo Co. Ltd.		113,252
	600	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		20,749
	28,000	Dai-Ichi Kogyo Seiyaku Co. Ltd.		84,870
	27,000	Daiken Corp.		89,617
	19,000	Daiki Aluminium Industry Co. Ltd.		63,302
	3,200	Daiko Clearing Services Corp.		11,904
	100	Daikoku Denki Co. Ltd.		1,438
	1,000	Daikokutenbussan Co. Ltd.		27,680
	148,000	Daikyo, Inc.		389,279
	5,300	Dainichi Co. Ltd.		51,048
	39,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		181,225
	85,000	Dainippon Screen Manufacturing Co. Ltd.		771,856
	26,000	Daio Paper Corp.		144,589
	38,000	Daisan Bank Ltd. (The)		76,628
	11,910	Daiseki Co. Ltd.		206,158
	32,000	Daishi Bank Ltd. (The)		99,800
	26,000	Daiso Co. Ltd.		77,179
	55,000	Daito Bank Ltd. (The)		47,533
	5,200	Daito Electron Co. Ltd.		26,573
	13,000	Daiwa Industries Ltd.		65,944
	91,000	Daiwabo Holdings Co. Ltd.		193,763

32

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	33	Daiwahouse Residential Investment Corp. REIT	$	226,090
	10,400	DC Co. Ltd.		42,595
	63,060	DCM Holdings Co. Ltd.		477,847
	211,000	Denki Kagaku Kogyo KK		824,549
	25,000	Denki Kogyo Co. Ltd.		113,665
	12,600	Denyo Co. Ltd.		163,181
	19,000	Descente Ltd.		108,993
	151,000	DIC Corp.		315,844
	3,200	Disco Corp.		192,184
	7,200	Don Quijote Co. Ltd.		264,860
	5,350	Doshisha Co. Ltd.		156,198
	4,574	Doutor Nichires Holdings Co. Ltd.		62,274
	71,000	Dowa Holdings Co. Ltd.		457,089
	12	Dr Ci:Labo Co. Ltd.		55,762
	23	Dream Incubator, Inc.(b)		24,371
	6,800	DTS Corp.		92,921
	6,600	Dunlop Sports Co. Ltd.		85,889
	40,300	Duskin Co. Ltd.		780,863
	39	Dwango Co. Ltd.		58,129
	4,400	Dydo Drinco, Inc.		179,108
	4,000	Dynic Corp.		8,267
	783	eAccess Ltd.		157,600
	11,000	Eagle Industry Co. Ltd.		106,363
	4,500	Earth Chemical Co. Ltd.		163,170
	242,000	Ebara Corp.		985,095
	300	Echo Trading Co. Ltd.		2,657
	35,600	EDION Corp.		223,838
	58,000	Ehime Bank Ltd. (The)		163,452
	11,000	Eidai Co. Ltd.		49,186
	58,000	Eighteenth Bank Ltd. (The)		163,452
	6,400	Eiken Chemical Co. Ltd.		88,176
	2,000	Eizo Nanao Corp.		38,677
	2,100	Elematec Corp.		30,432
	3,100	Enplas Corp.		84,800
	14	EPS Corp.		34,860
	17,500	ESPEC Corp.		160,227
	2,800	Excel Co. Ltd.		26,057
	12,300	Exedy Corp.		347,863
	23,000	Ezaki Glico Co. Ltd.		275,689
	3,100	F&A Aqua Holdings, Inc.		33,547
	381	Faith, Inc.		47,005
	3,000	Falco SD Holdings Co. Ltd.		33,930
	447,900	FCC Co. Ltd.(d)		9,183,521
	15,000	FDK Corp.(b)		17,660
	800	Felissimo Corp.		11,293
	54,200	FIDEA Holdings Co. Ltd.		134,414
	5,000	First Baking Co. Ltd.(b)		5,636
	15,100	Foster Electric Co. Ltd.		227,143
	4,300	FP Corp.		277,906
	34,000	France Bed Holdings Co. Ltd.		66,007
	4,000	F-Tech, Inc.		82,966
	73,600	Fudo Tetra Corp.(b)		133,667
	5,900	Fuji Co. Ltd.		135,676
	10,600	Fuji Corp. Ltd.		58,815

Shares			Value
JAPAN (continued)
	220,000	Fuji Electric Co. Ltd.	$	589,679
	7,500	Fuji Electronics Co. Ltd.		112,819
	19,000	Fuji Kyuko Co. Ltd.		119,464
	26,600	Fuji Oil Co. Ltd.		362,485
	36,000	Fujibo Holdings, Inc.		79,810
	4,600	Fujicco Co. Ltd.		57,442
	12,100	Fujikura Kasei Co. Ltd.		70,775
	111,000	Fujikura Ltd.		348,960
	3,000	Fujikura Rubber Ltd.		10,972
	8,500	Fujimori Kogyo Co. Ltd.		146,280
	4,800	FUJISOFT, Inc.		85,010
	2,000	Fujita Kanko, Inc.		7,540
	47,000	Fujitec Co. Ltd.		294,927
	600	Fujitsu Frontech Ltd.		3,855
	18,000	Fujitsu General Ltd.		154,885
	7,700	FuKoKu Co. Ltd.		88,052
	19,000	Fukuda Corp.		69,489
	71,000	Fukui Bank Ltd. (The)		222,320
	2,600	Fukushima Industries Corp.		37,971
	105,000	Fukuyama Transporting Co. Ltd.		574,712
	7,800	Funai Consulting Ltd.		57,347
	7,000	Funai Electric Co. Ltd.		129,409
	48,000	Furukawa Co. Ltd.(b)		45,691
	201,000	Furukawa Electric Co. Ltd.		548,823
	55,000	Furukawa-Sky Aluminum Corp.		164,642
	4,000	Furusato Industries Ltd.		42,535
	13,000	Fuso Pharmaceutical Industries Ltd.		35,984
	27,700	Futaba Corp.		433,680
	24,700	Futaba Industrial Co. Ltd.(b)		133,338
	3	Future Architect, Inc.		1,296
	14,300	Fuyo General Lease Co. Ltd.		466,756
	900	G-7 Holdings, Inc.		4,622
	20,000	Gakken Holdings Co. Ltd.		48,096
	6,400	Gecoss Corp.		32,545
	108	Geo Holdings Corp.		130,942
	10,200	Glory Ltd.		219,101
	16,800	GMO internet, Inc.		90,271
	21,000	Godo Steel Ltd.		48,397
	6,480	Goldcrest Co. Ltd.		111,598
	33,000	Goldwin, Inc.		210,797
	2,000	Gourmet Kineya Co. Ltd.(b)		11,498
	114,000	GS Yuasa Corp.		591,132
	36,000	GSI Creos Corp.		54,559
	2,090	Gulliver International Co. Ltd.		74,998
	28,000	Gun-Ei Chemical Industry Co. Ltd.		72,946
	71,000	Gunma Bank Ltd. (The)		361,047
	64,000	Gunze Ltd.		174,749
	6,600	H.I.S. Co. Ltd.		214,103
	65,000	H2O Retailing Corp.		573,146
	9,000	Hachijuni Bank Ltd. (The)		49,148
	5,800	Hakudo Co. Ltd.		51,215
	10,630	Hakuhodo DY Holdings, Inc.		667,038
	9,600	Hakuto Co. Ltd.		93,186

33

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	1,400	Hamakyorex Co. Ltd.	$	49,852
	13,500	Hamamatsu Photonics KK		540,237
	172,000	Hanwa Co. Ltd.		723,848
	1,400	Happinet Corp.		14,729
	5,100	Harashin Narus Holdings Co. Ltd.		88,790
	7,400	Hard Off Corp. Co. Ltd.		56,538
	8,400	Harima Chemicals, Inc.		59,970
	1,300	Haruyama Trading Co. Ltd.		8,076
	160,500	Haseko Corp.(b)		116,596
	73,300	Hazama Corp.		196,470
	15,600	Heiwa Corp.		325,130
	23,000	Heiwa Real Estate Co. Ltd.		58,479
	12,300	Heiwado Co. Ltd.		175,164
	20,900	Hibiya Engineering Ltd.		231,408
	4,200	Hiday Hidaka Corp.		66,546
	45,000	Higashi-Nippon Bank Ltd. (The)		96,944
	55,000	Higo Bank Ltd. (The)		307,928
	14,200	Hikari Tsushin, Inc.		464,915
	1,300	Hioki EE Corp.		24,017
	179,000	Hiroshima Bank Ltd. (The)		728,645
	20,000	Hisaka Works Ltd.		218,437
	159,000	Hitachi Cable Ltd.(b)		372,407
	18,900	Hitachi Capital Corp.		314,605
	16,700	Hitachi High-Technologies Corp.		421,893
	11,600	Hitachi Koki Co. Ltd.		103,883
	11,000	Hitachi Kokusai Electric, Inc.		103,883
	14,000	Hitachi Medical Corp.		202,530
	1,900	Hitachi Tool Engineering Ltd.		19,086
	21,800	Hitachi Transport System Ltd.		400,013
	212,000	Hitachi Zosen Corp.		286,774
	5,000	Hochiki Corp.		26,365
	14,000	Hodogaya Chemical Co. Ltd.		43,838
	1,500	Hogy Medical Co. Ltd.		69,138
	5,000	Hokkaido Coca-Cola Bottling Co. Ltd.		25,238
	10,000	Hokkaido Gas Co. Ltd.		32,941
	28,000	Hokkan Holdings Ltd.		87,325
	4,000	Hokko Chemical Industry Co. Ltd.		12,124
	92,000	Hokkoku Bank Ltd. (The)		327,255
	107,000	Hokuetsu Bank Ltd. (The)		211,748
	97,865	Hokuetsu Kishu Paper Co. Ltd.		627,591
	222,000	Hokuhoku Financial Group, Inc.		389,279
	8,000	Hokuriku Electric Industry Co. Ltd.		11,423
	7,300	Hokuto Corp.		157,539
	7,320	Honeys Co. Ltd.		138,075
	184,000	Horiba Ltd.		6,501,303
	9,900	Hoshizaki Electric Co. Ltd.		238,324
	26,000	Hosokawa Micron Corp.		152,730
	44,500	House Foods Corp.		751,328
	87,000	Howa Machinery Ltd.		102,430

Shares			Value
JAPAN (continued)
	17,800	Hulic Co. Ltd.	$	205,110
	1,000	Hurxley Corp.		6,501
	200	Hutech Norin Co. Ltd.		2,067
	16,000	Hyakugo Bank Ltd. (The)		66,733
	40,000	Hyakujushi Bank Ltd. (The)		170,842
	2,000	I Metal Technology Co. Ltd.(b)		4,384
	7,300	IBJ Leasing Co. Ltd.		199,781
	2,400	Ichibanya Co. Ltd.		76,563
	9,000	Ichikoh Industries Ltd.(b)		18,036
	7,300	ICHINEN Holdings Co. Ltd.		39,956
	5,800	Ichiyoshi Securities Co. Ltd.		33,853
	2,300	Icom, Inc.		57,788
	9,700	Idec Corp.		95,251
	20,000	Ihara Chemical Industry Co. Ltd.		75,902
	5,700	Iida Home Max		47,191
	8,600	Iino Kaiun Kaisha Ltd.		43,194
	6,600	Imasen Electric Industrial		91,015
	10,400	Inaba Denki Sangyo Co. Ltd.		307,545
	3,200	Inaba Seisakusho Co. Ltd.		43,367
	21,600	Inabata & Co. Ltd.		142,575
	10,800	Inageya Co. Ltd.		126,613
	25	Industrial & Infrastructure Fund Investment Corp. REIT		152,179
	7,300	Ines Corp.		57,603
	600	I-Net Corp.		3,735
	6,200	Information Services International-Dentsu Ltd.		50,554
	10,300	Innotech Corp.		61,924
	700	Intage, Inc.		14,502
	35	Internet Initiative Japan, Inc.		138,089
	4,000	Inui Steamship Co. Ltd.(b)		15,932
	1,000	Ise Chemical Corp.		5,937
	131,000	Ishihara Sangyo Kaisha Ltd.(b)		126,340
	13,000	Ishii Iron Works Co. Ltd.		28,657
	14,000	Ishizuka Glass Co. Ltd.		25,426
	13,666	IT Holdings Corp.		175,960
	4,500	ITC Networks Corp.		29,309
	14,000	Ito En Ltd.		253,908
	19,900	Itochu Enex Co. Ltd.		114,405
	8,100	Itochu Techno-Solutions Corp.		369,796
	1,200	Itochu-Shokuhin Co. Ltd.		46,368
	71,000	Itoham Foods, Inc.		269,451
	5,100	Itoki Corp.		32,578
	8,400	Iwai Cosmo Holdings, Inc.		37,455
	11,000	Iwaki & Co. Ltd.		26,728
	27,000	Iwasaki Electric Co. Ltd.(b)		55,799
	63,000	IWATANI Corp.		221,731
	130,000	Iyo Bank Ltd. (The)		1,081,162
	20,100	Izumi Co. Ltd.		419,170
	26,000	Izumiya Co. Ltd.		132,866
	46,000	Izutsuya Co. Ltd.(b)		29,384
	266,000	J. Front Retailing Co. Ltd.		1,372,645
	900	Jalux, Inc.		9,987
	98,000	Janome Sewing Machine Co. Ltd.(b)		84,694

34

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	17,200	Japan Airport Terminal Co. Ltd.	$	236,112
	457	Japan Asia Group Ltd.(b)		16,456
	16,000	Japan Asia Investment Co. Ltd.(b)		14,028
	23,000	Japan Aviation Electronics Industry Ltd.		212,312
	7,600	Japan Carlit Co. Ltd.		37,981
	3,600	Japan Cash Machine Co. Ltd.		32,600
	10,400	Japan Digital Laboratory Co. Ltd.		113,196
	2,900	Japan Electronic Materials Corp.		14,747
	20,300	Japan Foundation Engineering Co. Ltd.		79,329
	6,400	Japan Medical Dynamic Marketing, Inc.		21,563
	4,700	Japan Petroleum Exploration Co.		215,750
	50,000	Japan Pulp & Paper Co. Ltd.		177,229
	23,000	Japan Radio Co. Ltd.(b)		56,463
	92,000	Japan Steel Works Ltd. (The)		562,325
	22,000	Japan Transcity Corp.		76,052
	8,000	Japan Vilene Co. Ltd.		36,473
	38,000	Japan Wool Textile Co. Ltd. (The)		286,047
	6,500	Jastec Co. Ltd.		40,462
	10,000	JBCC Holdings, Inc.		68,262
	20,000	Jeol Ltd.		60,120
	86,000	JFE Shoji Trade Corp.		429,785
	13,000	Jidosha Buhin Kogyo Co. Ltd.		89,554
	1,400	JK Holdings Co. Ltd.		7,102
	12,000	JMS Co. Ltd.		39,078
	41,000	J-Oil Mills, Inc.		115,544
	20,000	Joshin Denki Co. Ltd.		195,391
	8,000	JSP Corp.		110,020
	33,000	Juki Corp.		64,892
	35,000	Juroku Bank Ltd. (The)		110,471
	19,310	JVC Kenwood Corp.		82,716
	2,000	Kabuki-Za Co. Ltd.		98,447
	7,600	Kadokawa Group Holdings, Inc.		219,414
	5,500	Kaga Electronics Co. Ltd.		58,417
	20,100	Kagome Co. Ltd.		404,568
	70,000	Kagoshima Bank Ltd. (The)		421,718
	11,300	Kakaku.com, Inc.		350,719
	28,000	Kaken Pharmaceutical Co. Ltd.		346,493
	5,800	Kameda Seika Co. Ltd.		134,394
	10,000	Kamei Corp.		142,285
	91,000	Kamigumi Co. Ltd.		732,878
	14,000	Kanaden Corp.		89,780
	10,000	Kanagawa Chuo Kotsu Co. Ltd.		57,490
	21,000	Kanamoto Co. Ltd.		232,778
	5,000	Kandenko Co. Ltd.		22,044
	96,000	Kaneka Corp.		596,393
	81,000	Kanematsu Corp.(b)		97,395
	12,300	Kanematsu Electronics Ltd.		136,341
	47,000	Kansai Paint Co. Ltd.		507,440

Shares			Value
JAPAN (continued)
	15,000	Kanto Denka Kogyo Co. Ltd.	$	48,660
	16,000	Kanto Natural Gas Development Ltd.		84,168
	50	Kappa Create Co. Ltd.		1,068
	18,000	Kasai Kogyo Co. Ltd.		96,042
	16,800	Kasumi Co. Ltd.		121,623
	5,000	Katakura Industries Co. Ltd.		45,278
	11,900	Kato Sangyo Co. Ltd.		245,184
	50,000	Kato Works Co. Ltd.		258,642
	2,400	Kawada Technologies, Inc.		34,389
	32,000	Kawai Musical Instruments Manufacturing Co. Ltd.		78,958
	8,000	Kawasaki Kinkai Kisen Kaisha Ltd.		22,946
	241,000	Kawasaki Kisen Kaisha Ltd.(b)		513,151
	7,000	Kawasumi Laboratories, Inc.		42,698
	73,000	Keihan Electric Railway Co. Ltd.		341,045
	15,900	Keihanshin Building Co. Ltd.		76,672
	3,000	Keihin Co. Ltd. (The)		4,096
	10,600	Keihin Corp.		182,420
	89,000	Keisei Electric Railway Co. Ltd.		688,903
	159,000	Keiyo Bank Ltd. (The)		740,832
	13,300	Keiyo Co. Ltd.		83,625
	529	Kenedix, Inc.(b)		96,007
	2,000	Kentucky Fried Chicken Japan Ltd.		52,104
	36,200	Kewpie Corp.		544,088
	6,525	KEY Coffee, Inc.		121,281
	4,000	KI Holdings Co. Ltd.(b)		5,912
	22,700	Kikkoman Corp.		266,975
	11,200	Kimoto Co. Ltd.		68,036
	40,000	Kinden Corp.		278,056
	600	King Jim Co. Ltd.		5,200
	29,000	Kinki Nippon Tourist Co. Ltd.(b)		45,040
	7,000	Kinki Sharyo Co. Ltd.		25,075
	7,200	Kintetsu World Express, Inc.		258,908
	18,000	Kinugawa Rubber Industrial Co. Ltd.		133,467
	3,500	Kirayaka Bank Ltd.		4,208
	5,900	Kisoji Co. Ltd.		116,241
	13,900	Kissei Pharmaceutical Co. Ltd.		253,487
	66,000	Kitagawa Iron Works Co. Ltd.		125,651
	3,100	Kita-Nippon Bank Ltd. (The)		78,820
	21,000	Kitano Construction Corp.		45,767
	31,000	Kitz Corp.		122,307
	271,000	Kiyo Holdings, Inc.		390,343
	29,600	Koa Corp.		302,154
	22,000	Koatsu Gas Kogyo Co. Ltd.		136,398
	8,200	Kobayashi Pharmaceutical Co. Ltd.		412,362
	24,000	Kohnan Shoji Co. Ltd.		348,697
	1,300	Kohsoku Corp.		11,382
	13,000	Koike Sanso Kogyo Co. Ltd.		33,868
	33,000	Koito Manufacturing Co. Ltd.		512,525

35

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	17,500	Kojima Co. Ltd.	$	83,292
	35,700	Kokuyo Co. Ltd.		268,734
	23,000	KOMAIHALTEC, Inc.		71,443
	5,000	Komatsu Seiren Co. Ltd.		26,177
	4,300	Komatsu Wall Industry Co. Ltd.		51,596
	11,700	Komeri Co. Ltd.		328,550
	12,300	Komori Corp.		107,841
	5,500	Konaka Co. Ltd.		58,279
	9,700	Konishi Co.Ltd.		133,764
	6,500	Kose Corp.		150,451
	2,000	Kosei Securities Co. Ltd.		2,179
	2,100	Kourakuen Corp.		32,352
	39,000	Krosaki Harima Corp.		115,769
	4,200	KRS Corp.		46,240
	13,828	K’s Holdings Corp.		415,671
	800	KU Holdings Co. Ltd.		5,591
	79,000	Kumagai Gumi Co. Ltd.(b)		81,137
	7,000	Kumiai Chemical Industry Co. Ltd.		27,968
	400	Kura Corp.		5,947
	96,000	Kurabo Industries Ltd.		179,158
	39,000	Kureha Corp.		186,598
	40,000	Kurimoto Ltd.		93,186
	23,400	Kuroda Electric Co. Ltd.		240,624
	72,000	KYB Co. Ltd.		410,321
	34,000	Kyodo Printing Co. Ltd.		93,687
	41,000	Kyodo Shiryo Co. Ltd.		45,704
	5,000	Kyokuto Boeki Kaisha Ltd.(b)		11,774
	13,600	Kyokuto Kaihatsu Kogyo Co. Ltd.		130,822
	5,900	Kyokuto Securities Co. Ltd.		52,837
	26,000	Kyokuyo Co. Ltd.		61,548
	30,000	KYORIN Holdings, Inc.		577,906
	4,500	Kyoritsu Maintenance Co. Ltd.		99,311
	40,000	Kyosan Electric Manufacturing Co. Ltd.		174,850
	2,400	Kyoto Kimono Yuzen Co. Ltd.		29,519
	64,000	Kyowa Exeo Corp.		584,369
	1,600	Kyowa Leather Cloth Co. Ltd.		6,032
	24,000	Kyudenko Corp.		136,473
	2,700	LEC, Inc.		41,460
	61,500	Leopalace21 Corp.(b)		192,573
	8,600	Life Corp.		151,986
	19,500	Lintec Corp.		380,768
	54,000	Lion Corp.		312,475
	25,000	Look, Inc.		72,958
	66	M3, Inc.		308,342
	4,300	Mabuchi Motor Co. Ltd.		181,231
	4,500	Macnica, Inc.		105,286
	6,000	MacroMill, Inc.		59,895
	50,000	Maeda Corp.		209,795
	47,000	Maeda Road Construction Co. Ltd.		569,840
	5,000	Maezawa Kasei Industries Co. Ltd.		59,056

Shares			Value
JAPAN (continued)
	5,000	Maezawa Kyuso Industries Co. Ltd.	$	69,890
	78,000	Makino Milling Machine Co. Ltd.		568,587
	6,000	Mandom Corp.		151,879
	4,900	Mars Engineering Corp.		111,576
	11,900	Marubun Corp.		54,254
	95,000	Marudai Food Co. Ltd.		367,673
	14,000	Maruei Department Store Co. Ltd.(b)		18,587
	13,000	Maruetsu, Inc. (The)		48,359
	4,000	Marufuji Sheet Piling Co. Ltd.		11,222
	30,910	Maruha Nichiro Holdings, Inc.		53,814
	170,900	Marui Group Co. Ltd.		1,361,378
	20,200	Maruichi Steel Tube Ltd.		446,303
	12,100	Marusan Securities Co. Ltd.		46,830
	2,900	Maruwa Co. Ltd.		117,867
	24,000	Maruyama Manufacturing Co., Inc.		51,703
	900	Maruzen CHI Holdings Co. Ltd.(b)		2,345
	25,000	Maruzen Showa Unyu Co. Ltd.		82,352
	6,500	Matsuda Sangyo Co. Ltd.		102,010
	7,000	Matsui Securities Co. Ltd.		43,136
	22,000	Matsumotokiyoshi Holdings Co. Ltd.		489,103
	2,700	Matsuya Foods Co. Ltd.		52,789
	12,000	Max Co. Ltd.		149,999
	3,700	Maxvalu Tokai Co. Ltd.		51,718
	2,400	MEC Co. Ltd.		9,469
	102,200	Medipal Holdings Corp.		1,297,981
	7,600	Megachips Corp.(b)		168,677
	7,850	Megane Top Co. Ltd.		100,877
	19,000	Megmilk Snow Brand Co. Ltd.		345,065
	65,000	Meidensha Corp.		232,841
	6,700	Meiko Network Japan Co. Ltd.		66,127
	10,700	Meitec Corp.		220,594
	200	Meito Transportation Co. Ltd.		1,541
	20,900	Meiwa Corp.		204,183
	10,100	Meiwa Estate Co. Ltd.		51,360
	4,500	Melco Holdings, Inc.		105,736
	34,000	Michinoku Bank Ltd. (The)		65,581
	33,000	Mie Bank Ltd. (The)		76,879
	13,700	Mikuni Coca-Cola Bottling Co. Ltd.		121,660
	2,448	Milbon Co. Ltd.		73,373
	700	Mimasu Semiconductor Industry Co. Ltd.		6,453
	72,000	Minato Bank Ltd. (The)		132,565
	35,000	Minebea Co. Ltd.		160,008
	12,600	Ministop Co. Ltd.		222,678
	203,300	Miraca Holdings, Inc.		8,033,711
	12,340	Mirait Holdings Corp.		88,871
	8,500	Misawa Homes Co. Ltd.(b)		111,254
	23,300	MISUMI Group, Inc.		548,064
	4,800	Mitani Corp.		68,838

36

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	21,000	Mitsuba Corp.	$	210,684
	13,000	Mitsubishi Kakoki Kaisha Ltd.		25,401
	22,000	Mitsubishi Logistics Corp.		242,761
	51,000	Mitsubishi Paper Mills Ltd.(b)		47,908
	10,600	Mitsubishi Pencil Co. Ltd.		187,067
	3,400	Mitsubishi Shokuhin Co. Ltd.		87,768
	25,000	Mitsubishi Steel Manufacturing Co. Ltd.		79,534
	14,000	Mitsuboshi Belting Co. Ltd.		75,752
	142,000	Mitsui Engineering & Shipbuilding Co. Ltd.		209,870
	5,300	Mitsui High-Tec, Inc.(b)		32,528
	14,000	Mitsui Home Co. Ltd.		73,647
	511	Mitsui Knowledge Industry Co. Ltd.		88,708
	19,000	Mitsui Matsushima Co. Ltd.		37,362
	246,000	Mitsui Mining & Smelting Co. Ltd.		622,395
	66,000	Mitsui Sugar Co. Ltd.		216,583
	29,000	Mitsui-Soko Co. Ltd.		126,766
	2,600	Mitsumi Electric Co. Ltd.(b)		21,819
	7,000	Mitsuuroko Co. Ltd.		47,169
	147,600	Miura Co. Ltd.(d)		3,832,350
	7,100	Miyachi Corp.		58,248
	38,000	Miyaji Engineering Group, Inc.(b)		69,489
	30,000	Miyazaki Bank Ltd. (The)		76,653
	26,000	Miyoshi Oil & Fat Co. Ltd.		34,519
	62,000	Mizuno Corp.		338,577
	19,000	Mochida Pharmaceutical Co. Ltd.		221,318
	2,200	Modec, Inc.		46,348
	206	Monex Group, Inc.		41,308
	45,600	Mori Seiki Co. Ltd.		456,343
	16,000	Morinaga & Co. Ltd.		36,673
	145,000	Morinaga Milk Industry Co. Ltd.		530,311
	14,000	Morita Holdings Corp		93,462
	22,000	Mory Industries, Inc.		74,674
	9,300	MOS Food Services, Inc.		179,850
	14,500	Moshi Moshi Hotline, Inc.		143,838
	11,900	Mr Max Corp.		51,123
	2,000	Murakami Corp.		29,008
	9,000	Musashi Seimitsu Industry Co. Ltd.		212,037
	21,800	Musashino Bank Ltd. (The)		711,831
	26,000	Mutoh Holdings Co. Ltd.		86,949
	23,900	Nabtesco Corp.		515,478
	100	NAC Co. Ltd.		2,087
	57,000	Nachi-Fujikoshi Corp.		286,999
	5,500	Nagaileben Co. Ltd.		84,732
	13,000	Nagano Bank Ltd. (The)		24,912
	1,000	Nagano Keiki Co. Ltd.		9,081
	91,400	Nagase & Co. Ltd.		1,110,446
	7,000	Nagatanien Co. Ltd.		78,382
	49,000	Nagoya Railroad Co. Ltd.		131,338
	22,000	Nakabayashi Co. Ltd.		52,355

Shares			Value
JAPAN (continued)
	13,000	Nakamuraya Co. Ltd.	$	64,316
	1,500	Nakano Corp.		3,119
	27,000	Nakayama Steel Works Ltd.(b)		24,349
	34,100	Namco Bandai Holdings, Inc.		490,316
	7,000	Nankai Electric Railway Co. Ltd.		29,108
	85,000	Nanto Bank Ltd. (The)		381,137
	3,600	Natori Co. Ltd.		38,778
	9,600	NEC Capital Solutions Ltd.		134,669
	7,400	NEC Fielding Ltd.		93,149
	4,200	NEC Mobiling Ltd.		153,397
	19,700	NEC Networks & System Integration Corp.		292,885
	31,800	NET One Systems Co. Ltd.		436,533
	27,200	Neturen Co. Ltd.		241,884
	63,700	NHK Spring Co. Ltd.		670,190
	26,000	Nice Holdings, Inc.		75,877
	11,000	Nichia Steel Works Ltd.		29,071
	38,000	Nichias Corp.		197,996
	17,000	Nichiban Co. Ltd.		56,425
	32,700	Nichicon Corp.		396,053
	3,500	Nichiden Corp.		92,147
	16,000	Nichiha Corp.		196,593
	19,100	Nichii Gakkan Co.		261,955
	22,000	Nichimo Co. Ltd.		74,399
	125,000	Nichirei Corp.		569,890
	18,000	Nichireki Co. Ltd.		89,955
	16,000	Nidec Sankyo Corp.		97,395
	5,600	Nidec Tosok Corp.		58,497
	466,300	Nifco, Inc.(d)		12,580,288
	78	NIFTY Corp.		105,999
	808	Nihon Chouzai Co. Ltd.		25,807
	600	Nihon Dempa Kogyo Co. Ltd.		8,342
	2,400	Nihon Eslead Corp.		22,094
	12,300	Nihon Kohden Corp.		360,958
	3,000	Nihon M&A Center, Inc.		86,235
	27,000	Nihon Nohyaku Co. Ltd.		122,420
	24,000	Nihon Parkerizing Co. Ltd.		359,519
	2,800	Nihon Plast Co. Ltd.		24,514
	1,000	Nihon Shokuhin Kako Co. Ltd.		4,722
	1,100	Nihon Tokushu Toryo Co. Ltd.		4,574
	2,050	Nihon Trim Co. Ltd.		53,587
	10,000	Nihon Unisys Ltd.		75,401
	49,000	Nihon Yamamura Glass Co. Ltd.		122,745
	29,000	Nikkiso Co. Ltd.		306,200
	6,000	Nikko Co. Ltd.		23,221
	55,000	Nippo Corp.		567,635
	43,000	Nippon Beet Sugar Manufacturing Co. Ltd.		91,558
	43,000	Nippon Carbide Industries Co., Inc.		68,399
	47,000	Nippon Carbon Co. Ltd.		128,332
	8,100	Nippon Ceramic Co. Ltd.		138,788
	31,000	Nippon Chemical Industrial Co. Ltd.		50,476

37

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	70,000	Nippon Chemi-Con Corp.(b)	$	266,533
	3,000	Nippon Chemiphar Co. Ltd.		16,045
	115,000	Nippon Coke & Engineering Co. Ltd.		165,644
	18,000	Nippon Concrete Industries Co. Ltd.		59,519
	26,000	Nippon Conveyor Co. Ltd.		25,726
	42,000	Nippon Denko Co. Ltd.		176,754
	26,000	Nippon Densetsu Kogyo Co. Ltd.		237,400
	16,000	Nippon Denwa Shisetsu Co. Ltd.		52,505
	400	Nippon Felt Co. Ltd.		2,049
	600	Nippon Filcon Co. Ltd.		2,953
	9,700	Nippon Fine Chemical Co. Ltd.		66,821
	38,000	Nippon Flour Mills Co. Ltd.		172,295
	26,000	Nippon Formula Feed Manufacturing Co. Ltd.		34,845
	9,200	Nippon Gas Co. Ltd.		146,804
	11,000	Nippon Hume Corp.		47,119
	31	Nippon Jogesuido Sekkei Co. Ltd.		42,749
	3,400	Nippon Kanzai Co. Ltd.		63,324
	60,000	Nippon Kayaku Co. Ltd.		603,457
	44,000	Nippon Kinzoku Co. Ltd.(b)		82,114
	56,000	Nippon Koei Co. Ltd.		197,094
	17,200	Nippon Konpo Unyu Soko Co. Ltd.		224,264
	25,000	Nippon Koshuha Steel Co. Ltd.		31,313
	450,000	Nippon Light Metal Co. Ltd.		665,080
	60,000	Nippon Meat Packers, Inc.		770,291
	4,000	Nippon Metal Industry Co. Ltd.(b)		3,156
	66,000	Nippon Paint Co. Ltd.		504,259
	34,800	Nippon Paper Group, Inc.		697,395
	6	Nippon Parking Development Co. Ltd.		326
	16,000	Nippon Pillar Packing Co. Ltd.		137,475
	46,000	Nippon Piston Ring Co. Ltd.		101,403
	54,000	Nippon Road Co. Ltd. (The)		211,022
	19,000	Nippon Seiki Co. Ltd.		240,594
	4,000	Nippon Seiro Co. Ltd.		13,076
	10,000	Nippon Seisen Co. Ltd.		50,100
	28,000	Nippon Sharyo Ltd.		105,561
	10,000	Nippon Sheet Glass Co. Ltd.		13,026
	35,000	Nippon Shinyaku Co. Ltd.		444,076
	64,000	Nippon Shokubai Co. Ltd.		721,443
	23,500	Nippon Signal Co. Ltd. (The)		150,407
	74,000	Nippon Soda Co. Ltd.		322,545
	28,000	Nippon Steel Trading Co. Ltd.		81,363
	53,800	Nippon Suisan Kaisha Ltd.		175,874
	35,000	Nippon Synthetic Chemical Industry Co. Ltd. (The)		207,791
	16,000	Nippon Thompson Co. Ltd.		88,978
	3,000	Nippon Tungsten Co. Ltd.		6,350
	21,000	Nippon Valqua Industries Ltd.		58,655

Shares			Value
JAPAN (continued)
	53,000	Nippon Yakin Kogyo Co. Ltd.(b)	$	84,306
	18,000	Nippon Yusoki Co. Ltd.		56,814
	24,000	Nipro Corp.		163,828
	1,000	Nishikawa Rubber Co. Ltd.		10,258
	97,000	Nishimatsu Construction Co. Ltd.		208,968
	6,400	Nishimatsuya Chain Co. Ltd.		53,627
	327,000	Nishi-Nippon City Bank Ltd. (The)		864,191
	73,000	Nishi-Nippon Railroad Co. Ltd.		341,959
	18,300	Nissan Chemical Industries Ltd.		166,635
	74,000	Nissan Shatai Co. Ltd.		783,191
	30,000	Nissan Tokyo Sales Holdings Co. Ltd.(b)		91,308
	6,300	Nissei Corp.(d)		56,814
	1,500	Nissei Plastic Industrial Co. Ltd.		7,722
	9,800	Nissen Holdings Co. Ltd.		51,062
	700	Nissha Printing Co. Ltd.(b)		7,961
	34,000	Nisshin Oillio Group Ltd. (The)		143,086
	227,000	Nisshin Steel Co. Ltd.		321,280
	40,000	Nisshinbo Holdings, Inc.		354,208
	34,000	Nissin Corp.		82,189
	22,000	Nissin Electric Co. Ltd.		126,478
	18,300	Nissin Kogyo Co. Ltd.		298,429
	2,600	Nissin Sugar Holdings Co. Ltd.(b)		53,863
	6,500	Nissui Pharmaceutical Co. Ltd.		58,699
	12,300	Nitta Corp.		234,168
	8,600	Nittan Valve Co. Ltd.		29,406
	27,000	Nittetsu Mining Co. Ltd.		115,318
	125,000	Nitto Boseki Co. Ltd.(b)		479,083
	17,600	Nitto Kogyo Corp.		256,373
	4,800	Nitto Kohki Co. Ltd.		107,315
	9,000	Nitto Seiko Co. Ltd.		29,309
	7,400	Noevir Holdings Co. Ltd.		82,953
	109,000	NOF Corp.		548,823
	12,000	Nohmi Bosai Ltd.		82,966
	17,000	Nomura Co. Ltd.		63,239
	15,100	Nomura Real Estate Holdings, Inc.		266,103
	42,000	Noritake Co. Ltd.		122,570
	8,700	Noritsu Koki Co. Ltd.		46,311
	13,800	Noritz Corp.		245,614
	7,700	NS Solutions Corp.		150,547
	12,000	NS United Kaiun Kaisha Ltd.(b)		19,389
	3,100	NSD Co. Ltd.		25,665
	197,000	NTN Corp.		752,568
	4,500	Obara Group, Inc.		60,195
	21,000	Obayashi Road Corp.		62,600
	2,000	OBIC Business Consultants Ltd.		94,940
	960	Obic Co. Ltd.		202,966
	32,000	Oenon Holdings, Inc.		78,958
	78,000	Ogaki Kyoritsu Bank Ltd. (The)		267,685
	4,300	Ohara, Inc.		49,657
	900	Ohashi Technica, Inc.		6,392

38

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	14,038	Oiles Corp.	$	286,246
	36,000	Oita Bank Ltd. (The)		102,806
	33,100	Okabe Co. Ltd.		209,362
	26,000	Okamoto Industries, Inc.		106,162
	9,000	Okamoto Machine Tool Works Ltd.(b)		12,062
	35,000	Okamura Corp.		258,204
	21,000	Okasan Securities Group, Inc.		83,905
	168,000	Oki Electric Industry Co. Ltd.(b)		288,277
	3,160	Okinawa Electric Power Co., Inc. (The)		126,060
	54,000	OKK Corp.(b)		77,781
	62,000	OKUMA Corp.		492,335
	77,000	Okumura Corp.		282,578
	26,000	Okura Industrial Co. Ltd.		79,785
	14,000	Okuwa Co. Ltd.		191,483
	6,700	Onoken Co. Ltd.		54,882
	111,000	Onward Holdings Co. Ltd.		868,925
	1,800	Optex Co. Ltd.		25,363
	23,000	Organo Corp.		150,376
	17,000	Origin Electric Co. Ltd.		71,756
	2,700	Osaka Organic Chemical Industry Ltd.		14,102
	9,500	Osaka Steel Co. Ltd.		177,173
	6,500	OSAKA Titanium Technologies Co.		206,056
	10,000	Osaki Electric Co. Ltd.		105,210
	25,100	OSG Corp.		398,947
	5,300	Otsuka Corp.		426,841
	3,000	Oyo Corp.		33,442
	37,000	Pacific Industrial Co. Ltd.		231,249
	19,000	Pacific Metals Co. Ltd.		92,573
	2,450	Pack Corp. (The)		43,882
	2,000	Pal Co. Ltd.		95,190
	7,650	Paltac Corp.		112,201
	57,000	PanaHome Corp.		375,526
	1,000	Panasonic Electric Works Information Systems Co. Ltd.		25,576
	10,500	Panasonic Electric Works SUNX Co. Ltd.		53,394
	7,700	Paramount Bed Holdings Co. Ltd.		235,996
	27,900	Parco Co. Ltd.		276,414
	10,100	Paris Miki Holdings, Inc.		64,264
	17,500	Park24 Co. Ltd.		241,765
	10,000	Pasco Corp.		34,694
	14	Pasona Group, Inc.		12,222
	121,000	Penta-Ocean Construction Co. Ltd.		356,150
	2,700	PIA Corp.(b)		30,402
	5,700	Pigeon Corp.		227,743
	66	Pilot Corp.		127,387
	4,800	Piolax, Inc.		116,633
	78,700	Pioneer Corp.(b)		400,203
	10,200	Plenus Co. Ltd.		198,149
	44,000	Press Kogyo Co. Ltd.		262,876

Shares			Value
JAPAN (continued)
	900	Pressance Corp.	$	14,361
	47,000	Prima Meat Packers Ltd.		92,422
	6,800	Pronexus, Inc.		41,222
	17,000	PS Mitsubishi Construction Co. Ltd.		82,615
	42,100	Raito Kogyo Co. Ltd.		223,050
	14,000	Rasa Industries Ltd.(b)		21,217
	22,400	Renesas Electronics Corp.(b)		129,900
	85,840	Rengo Co. Ltd.		628,963
	23,200	Renown, Inc.(b)		36,032
	13,100	Resorttrust, Inc.		217,239
	3,000	Rheon Automatic Machinery Co. Ltd.		7,853
	11,000	Rhythm Watch Co. Ltd.		18,462
	6,800	Ricoh Leasing Co. Ltd.		154,584
	4,500	Right On Co. Ltd.		41,934
	31,000	Riken Corp.		132,014
	11,400	Riken Keiki Co. Ltd.		80,103
	7,000	Riken Technos Corp.		21,393
	2,600	Riken Vitamin Co. Ltd.(d)		76,495
	4,700	Ringer Hut Co. Ltd.		63,047
	16,800	Riso Kagaku Corp.		246,403
	698	Riso Kyoiku Co. Ltd.		45,636
	4,500	Rock Field Co. Ltd.		86,348
	32,000	Rohto Pharmaceutical Co. Ltd.		408,417
	1,500	Roland DG Corp.		17,679
	55,600	Round One Corp.		364,213
	8,600	Royal Holdings Co. Ltd.		101,468
	33,000	Ryobi Ltd.		119,038
	16,000	Ryoden Trading Co. Ltd.		93,587
	7,600	Ryohin Keikaku Co. Ltd.		413,126
	4,800	Ryosan Co. Ltd.		91,022
	8,400	Ryoyo Electro Corp.		93,111
	3,500	S Foods, Inc.		30,599
	2,000	Sagami Chain Co. Ltd.(b)		16,934
	69,000	Saibu Gas Co. Ltd.		193,587
	10,000	Saizeriya Co. Ltd.		155,436
	41,000	Sakai Chemical Industry Co. Ltd.		142,761
	18,000	Sakai Heavy Industries Ltd.		78,231
	39,000	Sakai Ovex Co. Ltd.		68,387
	18,000	Sakata INX Corp.		92,435
	17,300	Sakata Seed Corp.		242,469
	4,500	Sala Corp.		29,872
	3,500	San-A Co. Ltd.		142,253
	50,000	San-Ai Oil Co. Ltd.		243,612
	15,000	Sanden Corp.		49,787
	22,575	Sangetsu Co. Ltd.		590,954
	69,000	San-In Godo Bank Ltd. (The)		497,796
	15,700	Sanix, Inc.(b)		44,441
	44,000	Sanken Electric Co. Ltd.(b)		212,725
	7,000	Sanki Engineering Co. Ltd.		36,648
	50	Sanko Marketing Foods Co. Ltd.		65,819
	14,000	Sanko Metal Industrial Co. Ltd.		45,942
	23,200	Sankyo Seiko Co. Ltd.		76,132

39

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	56,000	Sankyo-Tateyama Holdings, Inc.(b)	$	115,731
	120,000	Sankyu, Inc.		477,956
	20,600	Sanoh Industrial Co. Ltd.		161,260
	15,400	Sanshin Electronics Co. Ltd.		117,082
	68,000	Sanwa Holdings Corp.		258,066
	21,000	Sanyo Chemical Industries Ltd.		136,247
	13,000	Sanyo Denki Co. Ltd.		82,553
	54	Sanyo Housing Nagoya Co. Ltd.		52,417
	18,000	Sanyo Shokai Ltd.		51,177
	78,000	Sanyo Special Steel Co. Ltd.		363,427
	98,500	Sapporo Hokuyo Holdings, Inc.		345,441
	12,000	Sapporo Holdings Ltd.		42,084
	8,000	Sasebo Heavy Industries Co. Ltd.		12,024
	26,000	Sata Construction Co. Ltd.(b)		22,470
	4,900	SATO Holdings Corp.		69,904
	6,300	Sato Shoji Corp.		46,161
	4,200	Satori Electric Co. Ltd.		26,303
	4,500	Sawai Pharmaceutical Co. Ltd.		474,574
	1,000	SAXA Holdings, Inc.		2,079
	7,503	SBI Holdings, Inc.		610,840
	5,200	Scroll Corp.		21,102
	21,797	SCSK Corp.		339,896
	1,600	Secom Joshinetsu Co. Ltd.(d)		46,313
	4,000	Seibu Electric Industry Co. Ltd.		17,735
	37,000	Seika Corp.		107,515
	3,500	Seikagaku Corp.		37,613
	33,600	Seiko Epson Corp.		452,826
	29,000	Seiko Holdings Corp.(b)		74,098
	100	Seiko PMC Corp.		391
	93,000	Seino Holdings Corp.		646,480
	18,700	Seiren Co. Ltd.		136,549
	32,000	Sekisui Jushi Corp.(d)		314,629
	35,000	Sekisui Plastics Co. Ltd.		120,992
	30,000	Senko Co. Ltd.		132,265
	2,000	Senshu Electric Co. Ltd.		27,630
	42,100	Senshu Ikeda Holdings, Inc.		55,894
	9,000	Senshukai Co. Ltd.		65,606
	30,000	Shibaura Mechatronics Corp.(b)		78,532
	25,000	Shibusawa Warehouse Co. Ltd. (The)		74,211
	9,400	Shibuya Kogyo Co. Ltd.		107,492
	80,000	Shiga Bank Ltd. (The)		457,916
	59,000	Shikibo Ltd.		72,420
	50,000	Shikoku Bank Ltd. (The)		182,239
	25,000	Shikoku Chemicals Corp.		140,594
	1,000	Shima Seiki Manufacturing Ltd.		18,637
	32,149	Shimachu Co. Ltd.		724,802
	74,000	Shimadzu Corp.		663,627
	2,800	Shimizu Bank Ltd. (The)		102,194
	2,500	Shimojima Co. Ltd.		33,317
	4,000	Shin Nippon Air Technologies Co. Ltd.		24,349
	47,000	Shinagawa Refractories Co. Ltd.		120,679

Shares			Value
JAPAN (continued)
	32,000	Shindengen Electric Manufacturing Co. Ltd.	$	133,066
	16,600	Shin-Etsu Polymer Co. Ltd.		79,008
	9,000	Shin-Keisei Electric Railway Co. Ltd.		39,116
	9,600	Shinko Electric Industries Co. Ltd.		90,541
	12,100	Shinko Plantech Co. Ltd.		102,450
	4,000	Shinko Shoji Co. Ltd.		33,667
	7,000	Shinko Wire Co. Ltd.		12,625
	41,000	Shinmaywa Industries Ltd.		199,248
	31,500	Shinnihon Corp.		83,248
	456,000	Shinsei Bank Ltd.		593,988
	30,000	Shinsho Corp.		68,387
	900	Shinwa Co. Ltd. Nagoya		10,720
	10,500	Ship Healthcare Holdings, Inc.		247,771
	34,000	Shiroki Corp.		109,444
	3,000	Shizuki Electric Co., Inc.		13,828
	32,500	Shizuoka Gas Co. Ltd.		235,690
	6,700	SHO-BOND Holdings Co. Ltd.		169,850
	6,500	Shobunsha Publications, Inc.		48,034
	26,000	Shochiku Co. Ltd.		250,752
	500	Shofu, Inc.		6,194
	34,000	Shoko Co. Ltd.		57,064
	25,600	Showa Corp.		225,090
	363,600	Showa Denko KK		815,185
	32,000	Showa Sangyo Co. Ltd.		99,800
	19,100	Showa Shell Sekiyu KK		120,810
	11,600	Siix Corp.		179,434
	15,000	Sinanen Co. Ltd.		66,696
	28,000	Sinfonia Technology Co. Ltd.		62,074
	41,100	Sintokogio Ltd.		432,930
	1,222	SKY Perfect JSAT Holdings, Inc.		534,166
	27,000	SMK Corp.		88,940
	13,500	SNT Corp.		83,530
	21,400	Sodick Co. Ltd.		108,823
	2,200	Soft99 Corp.		13,998
	2,200	Sogo Medical Co. Ltd.		80,819
	49,188	Sohgo Security Services Co. Ltd.		567,412
	869,900	Sojitz Corp.		1,470,898
	67	So-Net Entertainment Corp.		280,705
	7,000	Sotetsu Holdings, Inc.		21,656
	1,900	Space Co. Ltd.		12,327
	400	SPK Corp		7,214
	13,100	Square Enix Holdings Co. Ltd.		256,946
	2,700	SRA Holdings, Inc.		30,774
	10,000	Stanley Electric Co. Ltd.		154,183
	19,100	Star Micronics Co. Ltd.		203,583
	26,000	Starzen Co. Ltd.		80,436
	2,300	Stella Chemifa Corp.		52,459
	2,500	Studio Alice Co. Ltd.		41,802
	8,000	Sugi Holdings Co. Ltd.		259,319
	3,800	Sugimoto & Co. Ltd.		36,410
	8,100	Sumco Corp.(b)		87,047
	4,800	Sumida Corp.		28,858

40

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	81,000	Sumikin Bussan Corp.	$	207,978
	22,000	Suminoe Textile Co. Ltd.		45,190
	84,000	Sumitomo Bakelite Co. Ltd.		436,623
	13,200	Sumitomo Densetsu Co. Ltd.		101,513
	35,900	Sumitomo Forestry Co. Ltd.		313,406
	40,000	Sumitomo Light Metal Industries Ltd.		41,082
	11,200	Sumitomo Mitsui Construction Co. Ltd.(b)		9,399
	246,000	Sumitomo Osaka Cement Co. Ltd.		748,722
	13,900	Sumitomo Pipe & Tube Co. Ltd.		133,707
	14,000	Sumitomo Precision Products Co. Ltd.		76,628
	3,140	Sumitomo Real Estate Sales Co. Ltd.		151,612
	36,300	Sumitomo Rubber Industries Ltd.		505,581
	38,000	Sumitomo Seika Chemicals Co. Ltd.		166,583
	61,000	Sumitomo Warehouse Co. Ltd. (The)		291,859
	12,700	Sundrug Co. Ltd.		390,035
	3,600	Sun-Wa Technos Corp.		36,388
	61,000	Suruga Bank Ltd.		611,222
	27,600	Suzuken Co. Ltd.		836,573
	80,000	SWCC Showa Holdings Co. Ltd.		73,146
	62,000	SXL Corp.(b)		142,109
	54	Systena Corp.		41,393
	1,900	T. Hasegawa Co. Ltd.		26,939
	42,000	T. RAD Co. Ltd.		165,706
	6,000	Tachibana Eletech Co. Ltd.		52,906
	11,900	Tachi-S Co. Ltd.		228,640
	69	Tact Home Co. Ltd.		66,373
	68,000	Tadano Ltd.		507,615
	10,000	Taihei Dengyo Kaisha Ltd.		83,166
	46,000	Taihei Kogyo Co. Ltd.		241,984
	326,000	Taiheiyo Cement Corp.		779,885
	37,000	Taiheiyo Kouhatsu, Inc.		39,391
	9,600	Taiho Kogyo Co. Ltd.		123,968
	16,700	Taikisha Ltd.		334,251
	12,000	Taiko Bank Ltd. (The)		34,269
	211,900	Taisei Corp.		538,774
	900	Taisei Lamick Co., Ltd.		28,305
	141,900	Taiyo Holdings Co. Ltd.(d)		3,769,663
	38,800	Taiyo Yuden Co. Ltd.		419,880
	1,600	Takachiho Koheki Co. Ltd.		17,916
	4,000	Takagi Securities Co. Ltd.(b)		5,160
	7,100	Takamatsu Construction Group Co. Ltd.		121,742
	4,000	Takano Co. Ltd.		22,194
	65,000	Takara Holdings, Inc.		442,886
	4,400	Takara Printing Co. Ltd.		36,263
	65,000	Takara Standard Co. Ltd.		482,778
	21,000	Takasago International Corp.		105,736

Shares			Value
JAPAN (continued)
	30,400	Takasago Thermal Engineering Co. Ltd.	$	239,499
	26,000	Takashima & Co. Ltd.		87,275
	128,000	Takashimaya Co. Ltd.		974,749
	13,800	Takata Corp.		339,642
	38	Take and Give Needs Co. Ltd.		4,388
	12,000	Takihyo Co. Ltd.		69,890
	15,000	Takiron Co. Ltd.		52,981
	33,000	Takisawa Machine Tool Co. Ltd.		49,186
	18,000	Takuma Co. Ltd.		85,446
	5,900	Tamron Co. Ltd.		178,537
	34,000	Tamura Corp.		94,113
	1,000	Tanseisha Co. Ltd.		3,419
	29,000	Tatsuta Electric Wire and Cable Co. Ltd.		176,165
	20,000	Tayca Corp.		71,142
	19,000	TBK Co. Ltd.		123,747
	2	Techno Medica Co. Ltd.		8,893
	1,200	Techno Ryowa Ltd.		6,283
	13,400	Tecmo Koei Holdings Co. Ltd.		113,625
	1,200	Teikoku Electric Manufacturing Co. Ltd.		23,612
	7,000	Teikoku Sen-I Co. Ltd.		56,375
	5,000	Teikoku Tsushin Kogyo Co. Ltd.		8,955
	98,000	Tekken Corp.		142,385
	5,300	Temp Holdings Co. Ltd.		54,367
	58	T-GAIA Corp.		101,849
	23,500	THK Co. Ltd.		472,119
	1,000	Tigers Polymer Corp.		4,246
	5,000	Titan Kogyo KK		19,539
	11,000	TKC Corp.		238,765
	156,000	Toa Corp.		283,317
	58,000	Toa Oil Co. Ltd.		69,739
	35,000	Toa Road Corp.		105,649
	90,500	Toagosei Co. Ltd.		393,330
	10,100	Tobishima Corp.(b)		11,385
	15,000	Tobu Store Co. Ltd.		51,854
	54,100	TOC Co. Ltd.		304,922
	3,800	Tocalo Co. Ltd.		69,108
	20,000	Tochigi Bank Ltd. (The)		68,637
	127,000	Toda Corp.		405,624
	15,000	Toda Kogyo Corp.		97,695
	17,000	Toei Co. Ltd.		88,364
	25,000	Toenec Corp.		145,917
	14,000	Toho Bank Ltd. (The)		45,065
	8,000	Toho Co. Ltd.		31,162
	2,100	Toho Holdings Co. Ltd.		41,032
	14,600	Toho Real Estate Co. Ltd.		88,873
	2,700	Toho Titanium Co. Ltd.		38,282
	90,000	Toho Zinc Co. Ltd.		388,903
	45,000	Tohoku Bank Ltd. (The)		71,581
	14,000	Tohto Suisan Co. Ltd.		26,653
	106,000	Tokai Carbon Co. Ltd.		533,717
	15,600	TOKAI Holdings Corp.		72,685

41

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	22,000	Tokai Lease Co. Ltd.	$	52,355
	26,700	Tokai Rika Co. Ltd.		499,622
	28,500	Tokai Rubber Industries, Inc.		338,045
	88,000	Tokai Tokyo Financial Holdings, Inc.		316,333
	1,890	Token Corp.		68,792
	7,000	Toko Electric Corp.		32,352
	41,000	Toko, Inc.(b)		135,058
	33,840	Tokushu Tokai Paper Co. Ltd.		91,551
	33,000	Tokuyama Corp.		103,745
	2,700	Tokyo Broadcasting System Holdings, Inc.		36,726
	24	Tokyo Electron Device Ltd.		44,459
	3,700	Tokyo Individualized Educational Institute, Inc.		7,832
	40,000	Tokyo Keiki, Inc.		85,170
	39,800	Tokyo Ohka Kogyo Co. Ltd.		860,904
	7,000	Tokyo Rakutenchi Co. Ltd.		26,566
	107,000	Tokyo Rope Manufacturing Co. Ltd.		221,130
	1,000	Tokyo Sangyo Co. Ltd.		3,870
	14,700	Tokyo Seimitsu Co. Ltd.		303,611
	24,100	Tokyo Steel Manufacturing Co. Ltd.		184,734
	58,000	Tokyo Tatemono Co. Ltd.(b)		216,483
	5,200	Tokyo Tatemono Real Estate Sales Co. Ltd.		17,585
	32,000	Tokyo Tekko Co. Ltd.		108,216
	19,000	Tokyo Theaters Co., Inc.		27,367
	11,000	Tokyo Tomin Bank Ltd. (The)		126,202
	31,000	Tokyotokeiba Co. Ltd.		45,817
	2,300	Tokyu Community Corp.		73,805
	31,960	Tokyu Construction Co. Ltd.		76,057
	163,000	Tokyu Land Corp.		792,134
	5,000	Tokyu Livable, Inc.		55,611
	27,000	Toli Corp.		56,137
	15,000	Tomato Bank Ltd.		27,242
	4,000	Tomen Devices Corp.(d)		101,653
	7,900	Tomen Electronics Corp.		116,956
	18,100	Tomoe Corp.		72,092
	3,300	Tomoe Engineering Co. Ltd.		75,225
	4,000	Tomoegawa Co. Ltd.		9,168
	49,000	Tomoku Co. Ltd.		142,385
	22,400	TOMONY Holdings, Inc.		102,685
	20,000	Tonami Holdings Co. Ltd.		46,092
	26,200	Topcon Corp.		203,457
	6,700	Toppan Forms Co. Ltd.		60,337
	29,000	Topre Corp.		273,873
	121,000	Topy Industries Ltd.		375,852
	1,000	Toridoll.corp		12,763
	8,800	Torigoe Co. Ltd. (The)		74,729
	5,300	Torii Pharmaceutical Co. Ltd.		99,375
	8,700	Torishima Pump Manufacturing Co. Ltd.		110,602
	121	Tosei Corp.		49,255
	67,000	Toshiba Machine Co. Ltd.		366,721

Shares			Value
JAPAN (continued)
	17,000	Toshiba Plant Systems & Services Corp.	$	180,987
	106,000	Toshiba TEC Corp.		430,160
	16,000	Tosho Printing Co. Ltd.		31,263
	225,000	Tosoh Corp.		628,444
	24,000	Totetsu Kogyo Co. Ltd.		257,014
	38,000	TOTO Ltd.		281,764
	19,000	Tottori Bank Ltd. (The)		38,314
	2,500	Touei Housing Corp.		25,081
	113,000	Towa Bank Ltd. (The)		123,134
	1,900	Towa Corp.		10,709
	2,800	Towa Pharmaceutical Co. Ltd.		129,058
	23,000	Toyo Construction Co. Ltd.		22,470
	8,200	Toyo Corp.		91,613
	109,000	Toyo Engineering Corp.		498,309
	152,000	Toyo Ink SC Holdings Co. Ltd.		607,315
	21,000	Toyo Kanetsu KK		47,871
	17,000	Toyo Kohan Co. Ltd.		61,536
	16,000	Toyo Securities Co. Ltd.		39,279
	19,000	Toyo Suisan Kaisha Ltd.		487,851
	1,100	Toyo Tanso Co. Ltd.		40,189
	111,000	Toyo Tire & Rubber Co. Ltd.		304,471
	20,000	Toyo Wharf & Warehouse Co. Ltd.		34,820
	93,000	Toyobo Co. Ltd.		126,966
	10,100	Toyoda Gosei Co. Ltd.		207,971
	14,700	Toyota Boshoku Corp.		181,725
	9,200	TPR Co. Ltd.		151,067
	1,200	Trancom Co. Ltd.		26,122
	12,300	Transcosmos, Inc.(b)		176,242
	5,100	Trusco Nakayama Corp.		108,464
	7,300	TS Tech Co. Ltd.		145,195
	17,400	TSI Holdings Co. Ltd.		89,354
	67,000	Tsubakimoto Chain Co.		408,680
	6,000	Tsubakimoto Kogyo Co. Ltd.		18,938
	47,000	Tsudakoma Corp.(b)		100,075
	34,000	Tsugami Corp.		342,385
	18,000	Tsukishima Kikai Co. Ltd.		153,307
	38,033	Tsukuba Bank Ltd.		122,426
	19,300	Tsumura & Co.		515,617
	5,300	Tsuruha Holdings, Inc.		318,637
	7,000	Tsurumi Manufacturing Co. Ltd.		59,707
	2,400	Tsutsumi Jewelry Co. Ltd.		70,431
	8,000	Tsuzuki Denki Co. Ltd.		65,230
	7,000	TTK Co. Ltd.		34,544
	81	TV Asahi Corp.		121,236
	200	TV Tokyo Holdings Corp.		2,615
	149,000	Ube Industries Ltd.		382,578
	15,000	Ube Material Industries Ltd.		43,211
	5,000	Uchida Yoko Co. Ltd.		16,157
	14,000	Ueki Corp.		32,440
	1,900	UKC Holdings Corp.		26,273
	14,900	Ulvac, Inc.(b)		120,559
	36,000	Uniden Corp.(b)		133,016
	400	Union Tool Co.		7,270
	8,300	Unipres Corp.		262,598

42

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
JAPAN (continued)
	7,300	United Arrows Ltd.	$	166,774
	166,700	UNY Co. Ltd.		1,945,947
	14,100	U-Shin Ltd.		106,668
	341,300	Ushio, Inc.		4,484,265
	4,170	USS Co. Ltd.		424,626
	8,800	Utoc Corp.		30,862
	16,200	Valor Co. Ltd.		284,474
	22,600	Vital KSK Holdings, Inc.		206,638
	27,000	Wacoal Holdings Corp.		313,489
	10	Wacom Co. Ltd.		24,073
	33,000	Wakachiku Construction Co. Ltd.(b)		41,333
	4,900	Warabeya Nichiyo Co. Ltd.		80,398
	1,700	Watabe Wedding Corp.		15,969
	6,300	WATAMI Co. Ltd.		134,143
	3,000	Weathernews, Inc.		92,848
	18,000	Wood One Co. Ltd.		74,399
	20,700	Xebio Co. Ltd.		570,132
	5,700	YAC Co. Ltd.		44,835
	5,400	Yachiyo Bank Ltd. (The)		122,690
	1,200	Yaizu Suisankagaku Industry Co. Ltd.		11,769
	2,000	YAMABIKO Corp.		32,715
	88,000	Yamagata Bank Ltd. (The)		405,611
	157,000	Yamaguchi Financial Group, Inc.		1,352,906
	124,300	Yamaha Corp.		1,212,797
	31,000	Yamanashi Chuo Bank Ltd. (The)		129,296
	70,000	Yamatane Corp.		101,703
	5,700	Yamato Kogyo Co. Ltd.		163,061
	24,000	Yamazaki Baking Co. Ltd.		355,611
	100	Yamazawa Co. Ltd.		1,812
	18,200	Yamazen Corp.		164,356
	2,500	Yaoko Co. Ltd.		88,208
	34,000	Yaskawa Electric Corp.		297,670
	2,300	Yasuda Warehouse Co. Ltd. (The)		14,778
	15,900	Yellow Hat Ltd.		275,621
	57,000	Yodogawa Steel Works Ltd.		227,743
	12,000	Yokogawa Bridge Holdings Corp.		82,816
	92,000	Yokogawa Electric Corp.		889,579
	22,300	Yokohama Reito Co. Ltd.		174,289
	109,000	Yokohama Rubber Co. Ltd. (The)		804,121
	3,300	Yokowo Co. Ltd.		19,674
	5,000	Yomeishu Seizo Co. Ltd.		47,971
	8,000	Yomiuri Land Co. Ltd.		25,952
	5,000	Yondenko Corp.		20,666
	1,700	Yonekyu Corp.		16,331
	3,200	Yonex Co. Ltd.		21,643
	8,300	Yorozu Corp.		168,204
	98	Yoshinoya Holdings Co. Ltd.		127,533
	56,000	Yuasa Trading Co. Ltd.		97,495
	27,000	Yuken Kogyo Co. Ltd.		56,137

Shares			Value
JAPAN (continued)
	3,600	Yukiguni Maitake Co. Ltd.	$	14,474
	10,000	Yurtec Corp.		47,595
	1,100	Yusen Logistics Co. Ltd.		16,850
	2,740	Yushin Precision Equipment Co. Ltd.		62,426
	4,200	Yushiro Chemical Industry Co. Ltd.		44,399
	7,400	Zenrin Co. Ltd.		78,134
	21,900	Zensho Holdings Co. Ltd.		272,653
	72,000	Zeon Corp.		632,164
	7,000	ZERIA Pharmaceutical Co. Ltd.		128,269
	10,700	Zuken, Inc.		84,967
				265,659,449
JERSEY CHANNEL ISLANDS — 0.0%
	3,036	Atrium European Real Estate Ltd.		14,789
	42,868	Heritage Oil Plc(b)		103,521
	2,029	Phoenix Group Holdings		17,386
				135,696
LIECHTENSTEIN — 0.0%
	3,313	Liechtensteinische Landesbank AG		133,958
	2,157	Verwaltungs- und Privat-Bank AG		183,939
				317,897
LUXEMBOURG — 0.0%
	3,838	APERAM		64,749
	10,130	Brait SE(b)		31,732
	24,534	d’Amico International Shipping SA(b)		15,520
	1,096	GAGFAH SA(b)		9,823
	5,544	Oriflame Cosmetics SA - SDR		199,281
	100,579	Regus Plc		174,166
				495,271
MALAYSIA — 0.6%
	61,000	Aeon Co. (M) Berhad		191,709
	7,100	Aeon Credit Service M Berhad		25,106
	317,300	Affin Holdings Berhad		321,914
	608,300	AirAsia Berhad		669,411
	20,200	Alam Maritim Resources Berhad(b)		4,573
	739,000	Alliance Financial Group Berhad		964,656
	45,800	Amway (Malaysia) Holdings Berhad(d)		148,025
	99,800	ANN JOO Resources Berhad		63,983
	40,500	APM Automotive Holdings Berhad		62,905
	1,511,000	Axis Real Estate Investment Trust(d)		1,338,229
	164,700	Bandar Raya Developments Berhad		121,919
	32,700	Batu Kawan Berhad		203,159

43

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	95,933	Berjaya Assets Berhad	$	25,996
	643,800	Berjaya Corp. Berhad		170,205
	10,900	Berjaya Media Berhad(b)		1,477
	201,800	Berjaya Sports Toto Berhad		288,095
	180,500	BIMB Holdings Berhad		151,510
	400	Boustead Heavy Industries Corp. Berhad		375
	365,904	Boustead Holdings Berhad		632,412
	6,200	British American Tobacco Malaysia Berhad		113,796
	41,100	Bursa Malaysia Berhad		91,680
	20,000	Cahya Mata Sarawak Berhad		16,193
	75,100	Carlsberg Brewery-Malaysia Berhad		286,899
	49,030	CB Industrial Product Holding Berhad		46,016
	14,300	Chemical Co. of Malaysia Berhad		7,089
	2,200	Dayang Enterprise Holdings Berhad		1,469
	2,901,752	Dialog Group Berhad		2,167,204
	64,800	Dijaya Corp. Berhad		23,556
	209,300	DRB-Hicom Berhad		176,376
	475,000	Eastern & Oriental Berhad		218,192
	220,175	ECM Libra Financial Group Berhad		56,754
	18,700	Esso Malaysia Berhad		22,185
	116,100	Evergreen Fibreboard Berhad		34,531
	20,800	Fraser & Neave Holdings Berhad		130,739
	739,900	Gamuda Berhad		870,471
	89,300	Genting Plantations Berhad		277,403
	58,000	Glomac Berhad		16,005
	85,200	Green Packet Berhad(b)		16,471
	76,900	Guinness Anchor Berhad		329,354
	15,900	Hai-O Enterprise Berhad		11,402
	499,380	HAP Seng Consolidated Berhad		272,299
	110,500	Hap Seng Plantations Holdings Berhad		109,185
	737,950	Hartalega Holdings Berhad(d)		1,902,184
	19,992	Hock Seng LEE Berhad		10,240
	92,500	Hong Leong Financial Group Berhad		364,987
	51,500	Hong Leong Industries Berhad(d)		73,012
	350,930	IGB Corp. Berhad		317,762
	833,940	IJM Corp. Berhad		1,510,242
	192,200	IJM Land Berhad		140,371
	125,900	IJM Plantations Berhad		136,468
	24,800	JAKS Resources Berhad(b)		4,262
	32,800	JT International Berhad		75,551
	67,400	K&N Kenanga Holdings Berhad(b)		12,807
	44,400	Karambunai Corp Berhad(b)		2,421
	89,800	Keck Seng (Malaysia) Berhad		118,111
	131,768	Kencana Petroleum Berhad(b)		143,699
	219,600	KFC Holdings Malaysia Berhad		269,239

Shares			Value
MALAYSIA (continued)
	103,900	Kian JOO CAN Factory Berhad	$	67,641
	70,600	Kinsteel Berhad		10,499
	293,400	KLCC Property Holdings Berhad		328,693
	1,075,650	KPJ Healthcare Berhad		1,976,409
	13,900	KSL Holdings Berhad		6,339
	370,600	Kulim Malaysia Berhad		518,056
	52,850	Kumpulan Fima Berhad		32,136
	105,000	Kurnia Asia Berhad(b)		19,779
	87,500	Lafarge Malayan Cement Berhad		207,906
	157,800	Landmarks Berhad(b)		49,541
	7,000	Leader Universal Holdings Berhad(b)		2,475
	97,400	Lingkaran Trans Kota Holdings Berhad		126,498
	81,500	Lingui Development Berhad		41,477
	142,700	Lion Industries Corp. Berhad		66,021
	15,500	LPI Capital Berhad		70,175
	242,380	Mah Sing Group Berhad		156,994
	121,750	Malayan Flour Mills Berhad		75,641
	154,100	Malaysia Airports Holdings Berhad		294,858
	114,500	Malaysia Building Society		85,894
	58,100	Malaysian Airline System Berhad(b)		23,424
	78,300	Malaysian Bulk Carriers Berhad(b)		41,401
	31,313	Malaysian Pacific Industries Berhad		30,940
	291,250	Malaysian Resources Corp. Berhad		160,736
	28,600	MBM Resources Berhad		46,690
	262,400	Media Prima Berhad		221,124
	434,400	MMC Corp. Berhad		378,987
	189,500	Muhibbah Engineering M Berhad		77,027
	489,900	Mulpha International Berhad(b)		71,235
	17,900	Naim Holdings Berhad		11,712
	157,000	Nam Cheong Ltd.		24,866
	481,100	NCB Holdings Berhad(d)		710,680
	4,800	Nestle Malaysia Berhad		87,720
	102,200	Oriental Holdings Berhad		216,829
	441,391	OSK Holdings Berhad		249,431
	4,700	Padini Holdings Berhad		2,609
	4,300	Panasonic Manufacturing Malaysia Berhad		32,257
	43,120	Paramount Corp. Berhad		22,372
	112,459	Parkson Holdings Berhad		193,626
	42,400	Pelikan International Corp. Berhad		10,999
	9,100	Perwaja Holdings Berhad(b)		1,925
	6,363	Pharmaniaga Berhad(c)(d)		9,273
	142,800	POS Malaysia Berhad		128,831
	55,600	Press Metal Berhad		38,769
	115,500	Proton Holdings Berhad		209,167
	1,785,100	QL Resources Berhad(d)		1,858,250

44

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	84,100	SapuraCrest Petroleum Berhad	$	140,908
	36,200	Sarawak Oil Palms Berhad		81,109
	13,100	Scientex Berhad		10,087
	2,300	Selangor Properties Berhad		2,729
	75,100	Shangri-La Hotels (Malaysia) Berhad(d)		73,710
	28,800	Shell Refining Co. Federation of Malaya Berhad		97,840
	93,800	Star Publications Malaysia Berhad		99,194
	18,690	Subur Tiasa Holdings Berhad		16,368
	332,745	Sunway Berhad(b)		263,909
	74,304	Ta Ann Holdings Berhad		160,100
	682,700	TA Enterprise Berhad		127,470
	195,360	TA Global Berhad		18,400
	195,360	TA Global Berhad - Preferred Shares(d)		16,786
	210,800	TAN Chong Motor Holdings Berhad		314,876
	74,000	TDM Berhad		115,182
	120,300	Telekom Malaysia Berhad		214,282
	51,200	TH Plantations Berhad(b)		46,022
	1,578,800	Time dotCom Berhad(b)		370,439
	120,960	Top Glove Corp. Berhad		187,475
	275,400	Tradewinds Corp. Berhad		65,983
	45,300	Tradewinds Malaysia Berhad		146,409
	57,200	TSH Resources Berhad		46,312
	285,308	UEM Land Holdings Berhad(b)		189,514
	227,200	UMW Holdings Berhad		590,900
	59,900	Unico-Desa Plantations Berhad		23,754
	128,080	Unisem (M) Berhad		60,527
	15,000	United Malacca Berhad		37,872
	38,700	United Plantations Berhad		331,751
	129,975	Wah Seong Corp. Berhad		87,194
	1,348,800	Wellcall Holdings Berhad(d)		739,923
	170,700	WTK Holdings Berhad		81,232
	140,671	YNH Property Berhad		93,440
	68,162	YTL Corp. Berhad		36,491
	41,000	YTL Land & Development Berhad(b)		13,956
	654,300	YTL Power International Berhad		371,909
	26,100	Zelan Berhad(b)		3,493
	25,600	Zhulian Corp. Berhad		16,751
				30,054,493
MALTA — 0.0%
	8,169	Unibet Group Plc - SDR		233,355
MAURITIUS — 0.0%
	179,637	Essar Energy Plc(b)		427,096
MEXICO — 0.3%
	134,100	Alfa SAB de CV - Series A		1,918,442
	22,651	Alsea SAB de CV(b)		31,109
	414,805	Arca Continental SAB de CV		2,110,017
	997	Axtel SAB de CV - CPO Shares(b)		272

Shares			Value
MEXICO (continued)
	51,300	Bolsa Mexicana de Valores SAB de CV	$	102,514
	957,710	Cemex SAB de CV - CPO Units(b)		692,589
	15,600	Consorcio ARA SAB de CV		4,970
	227,687	Controladora Comercial Mexicana SAB de CV - Units(b)		482,958
	800	Corp. Actinver SAB de CV		657
	78,869	Corp. GEO SAB de CV - Series B(b)		105,050
	65,708	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)(c)(d)		31,023
	27,300	Corp. Moctezuma SAB de CV		63,922
	136,820	Empresas ICA SAB de CV(b)		248,201
	813,700	Fibra Uno Administracion SA de CV REIT		1,624,158
	22,800	Financiera Independencia SAB de CV(b)		9,102
	138,700	Genomma Lab Internacional SAB de CV - Class B(b)		244,903
	20,369	Gruma SAB de CV - Series B(b)		55,528
	109,917	Grupo Aeroportuario del Centro Norte SAB de CV		223,868
	430,800	Grupo Aeroportuario del Pacifico SAB de CV - Series B		1,676,111
	164,456	Grupo Aeroportuario del Sureste SAB de CV - Series B		1,345,221
	500	Grupo Carso SAB de CV		1,689
	120,492	Grupo Cementos de Chihuahua SAB de CV(b)(d)		426,709
	45,878	Grupo Comercial Chedraui SA de CV		119,327
	53,900	Grupo Famsa SAB de CV(b)		40,013
	251,000	Grupo Financiero Banorte SAB de CV - Series O		1,213,961
	52,600	Grupo Herdez SAB de CV		116,297
	57,500	Grupo Industrial Maseca SAB de CV - Series B(b)		71,511
	12,400	Grupo Industrial Saltillo SAB de CV(b)		15,136
	45,400	Grupo Simec SAB de CV - Series B(b)		140,704
	264,100	Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(b)		498,763
	10,460	Industrias Bachoco SAB de CV - Series B(b)		18,028
	170,175	Industrias CH SAB de CV - Series B(b)		772,100
	11,100	Inmuebles Carso SAB de CV(b)		9,842
	100	Medica Sur SAB de CV - Series B		187
	14,800	Megacable Holdings SAB de CV(b)		32,041
	127,413	Mexichem SAB de CV		474,891

45

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
MEXICO (continued)
	100,796	Organizacion Soriana SAB de CV - Series B(b)	$	286,464
	59,600	Promotora y Operadora de Infraestructura SAB de CV(b)		290,955
	46,400	Qualitas Cia de Seguros SA de CV		51,295
	341,100	Sare Holding SAB de CV - Class B(b)		37,446
	427,400	TV Azteca SAB de CV		279,225
	67,123	Urbi Desarrollos Urbanos SAB de CV(b)		70,545
				15,937,744
MONACO — 0.0%
	480	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		24,646
NETHERLANDS — 1.0%
	47,325	Aalberts Industries NV		908,651
	9,250	Accell Group		186,112
	13,621	AMG Advanced Metallurgical Group NV(b)		138,687
	4,482	Amsterdam Commodities NV		75,851
	5,838	Arcadis NV		135,197
	42,228	ASM International NV		1,492,731
	32,423	BE Semiconductor Industries NV		259,097
	5,643	Beter Bed Holding NV		115,032
	23,620	BinckBank NV		223,550
	5,454	Brunel International NV		255,424
	1,645	CSM		23,234
	21,261	Delta Lloyd NV		358,403
	4,041	Dockwise Ltd.(b)		80,496
	2,240	Exact Holding NV		53,816
	15,923	Fugro NV - CVA		1,160,512
	25,465	Gemalto NV		1,897,420
	3,036	Grontmij NV- CVA		20,897
	6,488	Heijmans NV - CVA		63,544
	541	Hunter Douglas NV		23,274
	16,720	Imtech NV		472,744
	16,012	Kardan NV(b)		24,586
	3,085	KAS Bank NV - CVA		33,690
	5,597	Kendrion NV		134,691
	111,819	Koninklijke BAM Groep NV		396,679
	502,848	Koninklijke Boskalis Westminster NV(d)		18,344,440
	14,713	Koninklijke Ten Cate NV		448,327
	12,312	Koninklijke Vopak NV		793,600
	68,974	Koninklijke Wessanen NV		206,157
	16,796	LBi International NV(b)		59,362
	7,790	Macintosh Retail Group NV		96,733
	21,272	Mediq NV		282,140
	61	Nederland Apparatenfabriek		2,011
	1,511	New World Resources Plc - Class A		9,976
	18,557	Nutreco NV		1,348,555
	28,815	Ordina NV(b)		34,137

Shares			Value
NETHERLANDS (continued)
	6,604	PostNL NV	$	28,655
	370,922	Qiagen NV(b)(e)		6,116,241
	208,000	Qiagen NV(b)(e)		3,479,839
	108,816	Randstad Holding NV		3,768,071
	228,294	SBM Offshore NV		4,147,586
	11,287	Sligro Food Group NV		343,633
	86,230	SNS Reaal NV(b)		170,186
	10,281	Telegraaf Media Groep NV		126,509
	15,287	TKH Group NV		403,594
	100,278	TNT Express NV		1,215,877
	46,784	TomTom NV(b)		232,849
	9,665	Unit 4 NV		281,905
	32,090	USG People NV		303,119
	2,020	Wavin NV(b)		28,036
	27,312	Wolters Kluwer NV		471,433
	5,243	Xeikon NV(b)		20,126
				51,297,415
NEW ZEALAND — 0.4%
	155,194	Air New Zealand Ltd.		112,950
	3,058,798	Auckland International Airport Ltd.(d)		6,328,355
	126,968	Contact Energy Ltd.(b)		503,565
	12,610	Ebos Group Ltd.		78,885
	186,294	Fisher & Paykel Appliances Holdings Ltd.(b)		82,264
	2,078,283	Fisher & Paykel Healthcare Corp. Ltd.(d)		3,772,916
	28,085	Freightways Ltd.		95,311
	6,326	Hallenstein Glasson Holdings Ltd.		20,278
	38,459	Heartland New Zealand Ltd.(b)		18,241
	40,503	Infratil Ltd.		62,765
	32,296	Mainfreight Ltd.		260,138
	33,862	New Zealand Oil & Gas Ltd.		21,322
	38,630	New Zealand Refining Co. Ltd. (The)		90,662
	85,108	Nuplex Industries Ltd.		186,520
	21,545	NZX Ltd.		49,155
	29,901	PGG Wrightson Ltd.(b)		9,536
	80,140	Pike River Coal Ltd.(b)(c)(d)		0
	56,739	Port of Tauranga Ltd.(d)		533,579
	13,536	Pumpkin Patch Ltd.(b)		11,069
	18,968	Rakon Ltd.(b)		7,445
	19,670	Restaurant Brands New Zealand Ltd.		32,974
	130,479	Ryman Healthcare Ltd.		338,236
	15,128	Sanford Ltd.		49,484
	48,111	Skellerup Holdings Ltd.		59,014
	99,091	Sky Network Television Ltd.		442,432
	1,805,921	SKYCITY Entertainment Group Ltd.(d)		5,670,867
	12,028	Steel & Tube Holdings Ltd.		22,721
	49,776	Tower Ltd.		67,162
	41,749	TrustPower Ltd.(d)		250,930
	58,037	Vector Ltd.		125,293

46

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
NEW ZEALAND (continued)
	34,146	Warehouse Group Ltd. (The)	$	74,554
				19,378,623
NIGERIA — 0.0%
	26,260	Maurel & Prom Nigeria SA		72,997
	NORWAY — 0.2%
	41,936	ABG Sundal Collier Holding ASA		32,608
	31,265	Acta Holding ASA		6,883
	11,298	Aker ASA - Class A		369,167
	14,414	Aker Biomarine ASA(b)		3,048
	8,076	Algeta ASA(b)		191,071
	34,500	Atea ASA		367,730
	25,321	Austevoll Seafood ASA		92,914
	5,832	Bonheur ASA(d)		131,458
	100,901	BW Offshore Ltd.		140,166
	22,368	BWG Homes ASA		45,534
	55,760	Cermaq ASA(b)		761,433
	2,675	Clavis Pharma ASA(b)		29,915
	25,707	Det Norske Oljeselskap ASA(b)		369,460
	111,379	DNO International ASA(b)		176,811
	12,614	DOF ASA(b)		87,944
	7,264	Ekornes ASA		119,312
	27,547	Electromagnetic GeoServices ASA(b)		87,123
	154,310	Eltek ASA(b)		103,270
	28,834	Evry ASA		65,498
	142,175	Farstad Shipping ASA(d)		4,223,303
	15,475	Fred Olsen Energy ASA		641,665
	7,560	Ganger Rolf ASA(d)		154,557
	10,278	Grieg Seafood ASA		10,740
	70,588	Hurtigruten ASA(b)		50,817
	24,568	Intex Resources ASA(b)		36,060
	320	Jason Shipping ASA(b)		112
	43,319	Kongsberg Automotive Holding ASA(b)		15,139
	14,697	Kongsberg Gruppen ASA		283,773
	14,225	Kvaerner ASA		42,007
	3,394	Leroey Seafood Group ASA		53,375
	543,531	Marine Harvest ASA		278,843
	10,381	Nordic Semiconductor ASA		35,916
	36,865	Norske Skogindustrier ASA(b)		36,717
	4,652	Norwegian Air Shuttle AS(b)		78,645
	21,049	Norwegian Energy Co. AS(b)		26,371
	1,161	Odfjell SE - Class A		7,060
	23,394	Opera Software ASA		151,247
	203	Panoro Energy ASA(b)		141
	3,052	PhotoCure ASA(b)		21,332
	7,734	Pronova BioPharma AS(b)		9,703
	6,386	Q-Free ASA(b)		29,012
	106,122	Renewable Energy Corp. ASA(b)		60,636
	1,560	Salmar ASA		8,178
	31,903	Scana Industrier ASA(b)		11,093
	4,950	Solstad Offshore ASA(d)		95,143
	46,601	SpareBank 1 SMN		288,256

Shares			Value
NORWAY (continued)
	61,849	Storebrand ASA(b)	$	277,961
	28,000	STX OSV Holdings Ltd.		36,202
	42,000	TGS Nopec Geophysical Co. ASA		1,213,850
	50,237	Tomra Systems ASA		391,506
	3,670	TTS Group ASA(b)		11,415
	26,254	Veidekke ASA		221,117
	3,850	Wilh Wilhelmsen Holding ASA		97,546
				12,080,783
PERU — 0.1%
	734,226	Alicorp SA(d)		1,985,372
	186,205	Copeinca ASA(d)		1,142,033
	1,469,524	Ferreyros SA		1,625,075
	35,750	Hochschild Mining Plc		291,254
				5,043,734
PHILIPPINES — 0.3%
	1,120,000	Aboitiz Equity Ventures, Inc.		1,352,913
	605,400	Aboitiz Power Corp.		487,532
	108,200	Alliance Global Group, Inc.		31,676
	232,400	Atlas Consolidated Mining & Development(b)		107,118
	17,152	Ayala Corp.		174,689
	440,500	Ayala Land, Inc.		223,797
	645,262	Bank of The Philippine Islands		1,126,381
	738,290	BDO Unibank, Inc.		1,157,622
	120,166	Belle Corp.(b)		13,776
	8,137	China Banking Corp.		100,219
	337,200	DMCI Holdings, Inc.		476,808
	2,243,800	Energy Development Corp.		313,558
	2,159,375	Filinvest Land, Inc.		69,047
	409,000	First Gen Corp.(b)		136,785
	213,520	First Philippine Holdings Corp.		323,668
	465,000	Global-Estate Resorts, Inc.(b)		21,257
	15,090	Globe Telecom, Inc.		401,017
	3,506,700	GMA Holdings, Inc. - PDR(d)		830,578
	237,090	International Container Terminal Services, Inc.		381,860
	72,300	JG Summit Holdings, Inc.		57,025
	155,000	Jollibee Foods Corp.		411,547
	1,320,000	Lepanto Consolidated Mining - B Shares(b)		47,835
	1,379,000	Lopez Holdings Corp.		187,808
	3,303,600	Manila Water Co., Inc.(d)		1,932,708
	10,796,696	Megaworld Corp.		554,923
	140,000	Metro Pacific Investments Corp		14,889
	343,228	Metropolitan Bank & Trust		743,037
	623,000	Pepsi-Cola Products Philippines, Inc.(b)		41,612
	126,720	Philweb Corp.		51,024
	135,000	Rizal Commercial Banking Corp.		140,372
	538,500	Robinsons Land Corp.		220,910
	171,868	Security Bank Corp.		582,120
	48,220	Semirara Mining Corp.		287,812

47

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
PHILIPPINES (continued)
	756,502	SM Development Corp.	$	125,606
	1,524,900	SM Prime Holdings, Inc.		603,170
	350,000	Southeast Asia Cement Holdings		14,590
	102,600	Union Bank of Philippines		259,781
	509,115	Universal Robina Corp.		783,810
	2,843,000	Vista Land & Lifescapes, Inc.		293,593
				15,084,473
POLAND — 0.1%
	9,002	Agora SA		33,915
	10,960	Asseco Poland SA		162,768
	26,856	Bank Handlowy w Warszawie SA		645,573
	84,867	Bank Millennium SA		111,692
	375,702	Boryszew SA(b)		83,402
	7,103	BRE Bank SA(b)		650,765
	6,112	Budimex SA		153,706
	7,771	Ciech SA(b)		42,388
	1,000	Dom Development SA		11,512
	40,000	Dom Maklerski IDMSA(b)		23,975
	2,276	Emperia Holding SA		78,819
	8,689	Enea SA(b)		45,880
	3,279	Energomontaz Poludnie SA(b)		1,872
	32,056	Eurocash SA		391,386
	5,542	Farmacol SA(b)(d)		37,611
	606,012	Get Bank SA(b)		365,149
	207,050	Getin Holdings SA(b)		150,365
	2,040	Getin Noble Bank SA(b)		2,847
	3,848	Grupa Kety SA		146,315
	27,433	Grupa Lotos SA(b)		246,639
	2,830	ING Bank Slaski SA		72,650
	2,620	Inter Cars SA(b)		83,088
	10,387	Kopex SA(b)		63,443
	4,404	Kredyt Bank SA		19,050
	350	LPP SA		315,225
	1,502	Lubelski Wegiel Bogdanka SA		60,493
	219,284	Netia SA(b)		419,333
	10,774	Orbis SA(b)		130,724
	1,674	PBG SA		13,463
	2,139	Pelion SA		20,350
	93,126	Polimex-Mostostal SA		30,124
	6,109	Polnord SA		27,413
	18,559	Rafako SA		56,914
	158	Stalprodukt SA		10,973
	363,944	Synthos SA		704,043
	8,802	Trakcja-Tiltra SA(b)		2,931
	37,193	TVN SA		112,996
	960	Zaklady Azotowe Pulawy SA		29,227
	19,455	Zaklady Azotowe W Tarnowie- Moscicach SA(b)		208,228
	119	Zaklady Chemiczne Police SA(b)		351
	1,898	Zaklady Tluszczowe Kruszwica SA(d)		28,651
				5,796,249

Shares			Value
PORTUGAL — 0.0%
	16,720	Altri SGPS SA	$	24,146
	97,795	Banco BPI SA(b)		52,039
	890,475	Banco Comercial Portugues SA(b)		124,944
	218,383	Banco Espirito Santo I-12 Shares(c)(d)		185,007
	124,790	Banco Espirito Santo SA(b)		105,718
	31,884	BANIF SGPS SA(b)		7,175
	6,907	Brisa Auto-Estradas de Portugal SA		24,228
	63,975	Cimpor Cimentos de Portugal SGPS SA		467,453
	2,336	Corticeira Amorim SGPS SA		4,298
	2,417	Impresa SGPS SA(b)		1,216
	37,391	INAPA - Investimentos Participacoes e Gestao SA(b)		6,929
	49,289	Mota-Engil SGPS SA		81,228
	272	Novabase SGPS SA		770
	87,362	Portucel Empresa Produtora de Pasta e Papel SA		221,568
	73,718	Portugal Telecom SGPS SA		396,761
	39,281	REN - Redes Energeticas Nacionais SA		103,940
	15,447	SAG GEST-Solucoes Automovel Globais SGPS SA(b)		8,997
	18,233	Semapa - Sociedade de Investimento e Gestao(b)		131,029
	109,476	Sonae		59,414
	10,250	Sonae Capital SGPS SA(b)		2,578
	15,150	Sonae Industria SGPS SA(b)		11,671
	48,502	Sonaecom SGPS SA		78,005
	11,475	Teixeira Duarte SA		3,190
	4,627	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		15,618
				2,117,922
RUSSIA — 0.0%
	30,339	Alliance Oil Co. Ltd., SDR(b)		284,599
	7,397	Raven Russia Ltd.		7,473
				292,072
SINGAPORE — 1.6%
	51,000	Abterra Ltd.(b)		22,255
	5,073,000	Ascendas Real Estate Investment Trust		8,526,739
	80,000	Asiasons Capital Ltd.(b)		21,980
	155,400	ASL Marine Holdings Ltd.(d)		79,741
	123,000	Ausgroup Ltd.		33,794
	136,000	Banyan Tree Holdings Ltd.		70,335
	165,000	Biosensors International Group Ltd.(b)		177,999
	7,400	Bonvests Holdings Ltd.		5,711
	105,000	Boustead Singapore Ltd.		73,818
	39,000	Breadtalk Group Ltd.		17,491
	132,000	Broadway Industrial Group Ltd.		45,867
	40,000	Bukit Sembawang Estates Ltd.		151,919

48

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	47,355	Cape Plc	$	290,041
	10,559,000	CapitaMall Trust REIT(d)		15,358,545
	30,000	Cerebos Pacific Ltd.		142,303
	111,000	CH Offshore Ltd.		42,158
	29,000	China Merchants Holdings Pacific Ltd.		16,756
	135,000	Chip Eng Seng Corp. Ltd.		53,455
	331,000	ComfortDelGro Corp. Ltd.		409,236
	137,000	Cosco Corp. Singapore Ltd.		114,582
	6,000	Creative Technology Ltd.		19,248
	199,000	CSC Holdings Ltd.		18,815
	110,000	CSE Global Ltd.(b)		66,222
	143,000	CWT Ltd.(b)		141,556
	14,000	Ellipsiz Ltd.		1,007
	15,600	Eu Yan Sang International Ltd.		8,572
	44,000	Ezion Holdings Ltd.		30,933
	4,935,400	Ezra Holdings Ltd.(b)		4,028,084
	100,000	Falcon Energy Group Ltd.		19,798
	179,000	First Resources Ltd.		271,935
	183,000	FJ Benjamin Holdings Ltd.		50,279
	493,000	Fragrance Group Ltd.		159,354
	134,000	Freight Links Express Holdings Ltd		6,714
	306,000	Gallant Venture Ltd.(b)		70,473
	2,000	GK Goh Holdings Ltd.		1,228
	387,000	GMG Global Ltd.(b)		43,469
	94,000	Goodpack Ltd.		122,675
	15,000	GP Batteries International Ltd.		12,364
	80,000	GP Industries Ltd.(d)		26,828
	164,666	Guocoland Ltd.		232,196
	23,000	GuocoLeisure Ltd.		11,059
	129,000	Guthrie GTS Ltd.		67,758
	692,875	Healthway Medical Corp. Ltd.(b)		50,391
	55,000	Hiap Seng Engineering Ltd.		13,556
	7,000	Hi-P International Ltd.		5,063
	96,000	Ho Bee Investment Ltd.		107,055
	274,800	Hong Fok Corp. Ltd.(b)		95,486
	131,000	Hong Leong Asia Ltd.		194,251
	137,600	Hotel Properties Ltd.		216,824
	3,000	Hour Glass Ltd. (The)		3,321
	126,000	HTL International Holdings Ltd.(d)		37,164
	65,000	HupSteel Ltd.		10,242
	126,000	Hwa Hong Corp. Ltd.		40,727
	4,423,000	Hyflux Ltd.(d)		5,128,893
	74,000	Hyflux Ltd. - Placement Shares		85,810
	118,000	Indofood Agri Resources Ltd.(b)		135,879
	92,000	InnoTek Ltd.		37,172
	156,000	Jaya Holdings Ltd.(b)		71,855
	101,000	Jiutian Chemical Group Ltd.(b)		3,346
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		0
	71,000	K1 Ventures Ltd.		5,508
	233,000	Keppel Land Ltd.		596,857

Shares			Value
SINGAPORE (continued)
	34,000	Keppel Telecommunications & Transportation Ltd.	$	31,596
	195,000	LC Development Ltd.		24,582
	72,000	Lian Beng Group Ltd.		22,399
	75,000	Lum Chang Holdings Ltd.		18,485
	120,000	M1 Ltd.		236,606
	74,000	Manhattan Resources Ltd.(b)		50,230
	6,000	Marco Polo Marine Ltd.		1,770
	274,000	Mercator Lines Singapore Ltd.(b)		33,655
	351,800	Metro Holdings Ltd.		216,055
	101,000	Midas Holdings Ltd.		29,790
	255,000	Neptune Orient Lines Ltd.(b)		254,485
	1,000	Next-Generation Satellite Communications Ltd.(b)		12
	25,000	NSL Ltd.		30,707
	395,000	Oceanus Group Ltd.(b)		25,216
	95,173	OM Holdings Ltd.(b)		48,095
	122,195	Orchard Parade Holdings Ltd.		173,295
	32,000	OSIM International Ltd.		31,289
	145,500	Otto Marine Ltd.		12,345
	81,000	Overseas Union Enterprise Ltd.		153,818
	26,000	Pan Pacific Hotels Group Ltd.		37,188
	60,000	Petra Foods Ltd.		119,758
	21,000	PSC Corp. Ltd.		5,261
	106,215	QAF Ltd.		62,227
	118,542	Raffles Education Corp. Ltd.		40,232
	87,676	Raffles Medical Group Ltd.		163,662
	121,000	Rotary Engineering Ltd.		63,067
	231,000	Roxy-Pacific Holdings Ltd.		80,267
	1,594,000	S i2i Ltd.(b)		43,795
	100,000	Sakari Resources Ltd.		159,192
	17,000	San Teh Ltd.		4,121
	132,000	Sapphire Corp. Ltd.		16,639
	4,778,000	SATS Ltd.(d)		10,077,236
	43,000	SBS Transit Ltd.(d)		58,723
	87,142	SC Global Developments Ltd.		74,291
	3,817,000	SIA Engineering Co. Ltd.(d)		12,152,711
	100,500	Sim Lian Group Ltd.		49,539
	569,000	Sinarmas Land Ltd.(b)(d)		144,836
	70,000	Singapore Land Ltd.(d)		337,131
	346,000	Singapore Post Ltd.		283,790
	174,000	Singapore Reinsurance Corp. Ltd.(d)		35,152
	2,337,000	SMRT Corp. Ltd.(d)		3,172,655
	484,000	Stamford Land Corp. Ltd.(d)		215,111
	3,057,000	StarHub Ltd.(d)		7,880,267
	82,000	Sunningdale Tech Ltd.(b)		8,349
	115,000	Super Group Ltd.		176,566
	180,000	Swiber Holdings Ltd.(b)		85,091
	85,000	Swissco Holdings Ltd.(b)		14,081
	73,000	Tat Hong Holdings Ltd.		62,234
	56,500	Tiger Airways Holdings Ltd.(b)		31,960
	60,000	Tiong Woon Corp. Holding Ltd.		11,879
	5,000	Treasury China Trust		5,677
	295,143	Tuan Sing Holdings Ltd.		69,165

49

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	114,000	UMS Holdings Ltd.	$	38,230
	116,627	United Engineers Ltd.		236,553
	43,000	United Envirotech Ltd.		12,162
	420,000	United Industrial Corp. Ltd.(d)		940,121
	232,000	UOB-Kay Hian Holdings Ltd.		321,519
	302,000	UOL Group Ltd.		1,103,063
	58,000	Venture Corp. Ltd.		403,071
	20,000	WBL Corp. Ltd.		55,434
	209,812	Wheelock Properties (Singapore) Ltd.		293,313
	230,000	Wing Tai Holdings Ltd.		220,242
	1,364	XP Power Ltd.		25,988
	86,000	Yanlord Land Group Ltd.		80,614
	37,000	YHI International Ltd.		10,614
	115,000	Yongnam Holdings Ltd.		23,232
				78,805,131
SOUTH AFRICA — 0.7%
	286,514	Adcock Ingram Holdings Ltd.		2,247,263
	508	Adcorp Holdings Ltd.		1,764
	114,293	Advtech Ltd.		92,630
	59,169	Aeci Ltd.		676,611
	227,840	Afgri Ltd.		175,862
	401,966	African Bank Investments Ltd.		2,008,964
	44,678	African Rainbow Minerals Ltd.		1,040,313
	13,164	Allied Electronics Corp. Ltd.		41,998
	21,133	Allied Technologies Ltd.		148,683
	419	Argent Industrial Ltd.		407
	1,809	Aspen Pharmacare Holdings Ltd.(b)		29,253
	561	Assore Ltd.		18,802
	11,620	Astral Foods Ltd.		183,867
	125,307	Aveng Ltd.		640,934
	128,958	AVI Ltd.		799,626
	105,076	Barloworld Ltd.		1,324,712
	25,967	Basil Read Holdings Ltd.		50,776
	8,140	Blue Label Telecoms Ltd.		7,121
	32,224	Business Connexion Group Ltd.		19,484
	7,341	Capitec Bank Holdings Ltd.		209,652
	2,456	Cashbuild Ltd.		41,383
	57,968	Caxton and CTP Publishers and Printers Ltd.		110,368
	2,787	Ceramic Industries Ltd.		38,385
	185,094	Cipla Medpro South Africa Ltd.		174,299
	7,765	City Lodge Hotels Ltd.		84,909
	424,047	Clicks Group Ltd.		2,551,914
	27,334	Coronation Fund Managers Ltd.		102,678
	107,631	DataTec Ltd.		629,999
	77,015	Discovery Holdings Ltd.		510,240
	12,341	Distell Group Ltd.		134,946
	968	Distribution and Warehousing Network Ltd.(b)		765
	274,476	EOH Holdings Ltd.(d)		1,157,105
	27,664	Eqstra Holdings Ltd.		25,588
	45,744	First Uranium Corp.(b)		5,325
	54,199	Foschini Group Ltd. (The)		897,907

Shares			Value
SOUTH AFRICA (continued)
	10,106	Gijima Group Ltd.(b)	$	611
	51,161	Great Basin Gold Ltd.(b)		35,735
	106,233	Grindrod Ltd.		212,511
	556	Group Five Ltd.		2,121
	14,422	Hudaco Industries Ltd.		199,261
	6,374	Hulamin Ltd.(b)		5,781
	8,550	Iliad Africa Ltd.		6,050
	52,630	Illovo Sugar Ltd.		170,280
	95,843	Imperial Holdings Ltd.		2,081,498
	61,419	JD Group Ltd.		384,000
	25,640	JSE Ltd.		271,133
	155,803	Lewis Group Ltd.		1,513,464
	59,244	Liberty Holdings Ltd.		672,133
	70,859	Life Healthcare Group Holdings Ltd.		245,028
	15,437	Massmart Holdings Ltd.		331,842
	116,507	Mediclinic International Ltd.		588,879
	106,290	Merafe Resources Ltd.(b)		12,033
	20,292	Metair Investments Ltd.		70,456
	302,992	MMI Holdings Ltd.		682,510
	76,923	Mondi Ltd.		709,524
	38,912	Mr. Price Group Ltd.		526,612
	32,262	Murray & Roberts Holdings Ltd.(b)		118,658
	141,978	Mvelaphanda Group Ltd.(b)		63,013
	31,978	Mvelaserve Ltd.		47,309
	18,653	Namakwa Diamonds Ltd.(b)		1,082
	202,370	Nampak Ltd.		584,459
	221,676	Netcare Ltd.		400,670
	41,870	Northam Platinum Ltd.		179,689
	236,307	Oceana Group Ltd.(d)		1,367,984
	20,617	Omnia Holdings Ltd.		259,922
	8,480	Palabora Mining Co. Ltd.		169,091
	50,737	Peregrine Holdings Ltd.		72,450
	4,111	Petmin Ltd.		1,661
	38,560	Pick’n Pay Stores Ltd.		223,373
	218,324	Pioneer Foods Ltd.(d)		1,683,769
	44,385	Pretoria Portland Cement Co. Ltd.		176,892
	50,557	PSG Group Ltd.		384,380
	1,762	Raubex Group Ltd.		3,255
	12,597	Resilient Property Income Fund Ltd. - Units		63,687
	55,765	Reunert Ltd.		516,519
	11,250	Santam Ltd.		249,217
	106,890	Sappi Ltd.(b)		387,361
	9,525	Sentula Mining Ltd.(b)		2,782
	38,542	Spar Group Ltd. (The)		602,672
	16,434	Stefanutti Stocks Holdings Ltd.		23,150
	88,933	Steinhoff International Holdings Ltd.(b)		324,460
	14,635	Sun International Ltd.		154,759
	118,716	Super Group Ltd.(b)		224,501
	63,720	Telkom SA Ltd.		194,930
	13,568	Tongaat Hulett Ltd.		183,272
	24,146	Trencor Ltd.		139,781

50

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	62,145	Truworths International Ltd.	$	663,554
	46,017	Tsogo Sun Holdings Ltd.		110,583
	6,989	Vukile Property Fund Ltd. - Units		13,981
	8,374	Wesizwe Platinum Ltd.(b)		1,174
	9,811	Wilson Bayly Holmes-Ovcon Ltd.		171,587
	191,832	Woolworths Holdings Ltd.		1,199,606
	211,907	Zeder Investments Ltd.		76,057
				35,947,285
SOUTH KOREA — 1.3%
	2,362	Aekyung Petrochemical Co. Ltd.		51,519
	487	AMOREPACIFIC Corp.		467,554
	1,882	AMOREPACIFIC Group		473,779
	1,340	Asia Cement Co. Ltd.		57,566
	32,680	Asiana Airlines(b)		185,359
	1,640	AUK Corp.(b)		3,867
	2,450	Basic House Co. Ltd. (The)(b)		34,795
	2,891	Binggrae Co. Ltd.		166,534
	48,140	BS Financial Group, Inc.		496,256
	3,300	Busan City Gas Co. Ltd.		53,437
	5,560	Capro Corp.		96,674
	21,561	Cheil Industries, Inc.		1,850,607
	19,930	Cheil Worldwide, Inc.		347,414
	3,870	Chong Kun Dang Pharm Corp.		54,448
	73	Chosun Refractories Co. Ltd.		3,979
	1,970	CJ CGV Co. Ltd.		46,281
	2,682	CJ CheilJedang Corp.		887,573
	9,547	CJ Corp.		659,768
	2,137	CJ Korea Express Co. Ltd.(b)		147,683
	6,490	Cosmochemical Co. Ltd.(b)		66,616
	329	Crown Confectionery Co. Ltd.		46,433
	3,210	Dae Dong Industrial Co. Ltd.		14,827
	675	Dae Han Flour Mills Co. Ltd.		78,244
	16,020	Dae Won Kang Up Co. Ltd.		89,163
	20,010	Daechang Co. Ltd.(b)		22,221
	4,450	Daeduck Electronics Co.		45,676
	3,310	Daeduck GDS Co. Ltd.		36,904
	4,330	Daegu Department Store(b)		51,341
	5	Daehan Synthetic Fiber Co. Ltd.		291
	10,500	Daekyo Co. Ltd.		55,560
	22,484	Daelim Industrial Co. Ltd.		2,088,990
	9,090	Daesang Corp.		146,389
	4,530	Daesang Holdings Co. Ltd.		17,437
	4,240	Daesung Holdings Co. Ltd.		23,636
	1,850	Daesung Industrial Co. Ltd.(b)		34,377
	69,215	Daewoo Engineering & Construction Co. Ltd.(b)		578,769
	13,072	Daewoo International Corp.		379,393
	16,286	Daewoo Securities Co. Ltd.(b)		165,724
	29,870	Daewoo Shipbuilding & Marine Engineering Co. Ltd.		837,853
	844	Daewoong Co. Ltd.		10,941

Shares			Value
SOUTH KOREA (continued)
	2,661	Daewoong Pharmaceutical Co. Ltd.	$	58,865
	6,720	Daishin Securities Co. Ltd.(b)		58,392
	20,410	Daou Technology, Inc.		204,077
	3,090	DCM Corp.		26,768
	52,250	DGB Financial Group, Inc.		612,598
	1,360	Dong Ah Tire & Rubber Co. Ltd.		13,478
	6,760	Dong IL Rubber Belt Co. Ltd.		42,171
	679	Dong-A Pharmaceutical Co. Ltd.		44,521
	5,230	Dongaone Co. Ltd.		13,883
	12,536	Dongbu HiTek Co. Ltd.(b)		89,406
	9,369	Dongbu Insurance Co. Ltd.(b)		374,719
	12,350	Dongbu Securities Co. Ltd.(b)		49,504
	754	Dong-IL Corp.		33,960
	841	Dongil Industries Co. Ltd.		39,962
	23,402	Dongkuk Steel Mill Co. Ltd.		365,486
	7,740	Dongwha Pharmaceutical Co. Ltd.		33,388
	531	Dongwon F&B Co. Ltd.		32,373
	496	Dongwon Industries Co. Ltd.		80,536
	20,030	Dongwon Systems Corp.(b)		22,155
	10,510	Dongyang Mechatronics Corp.		127,408
	5,324	Doosan Corp.		650,116
	33,690	Doosan Infracore Co. Ltd.(b)		630,500
	270	E1 Corp.		11,778
	8,099	Eugene Investment & Securities Co. Ltd.(b)		23,148
	3,160	F&F Co. Ltd.		19,573
	12,730	Foosung Co. Ltd.(b)		69,500
	2,079	Fursys, Inc.		56,108
	3,200	Global & Yuasa Battery Co. Ltd.		128,694
	99,960	Grand Korea Leisure Co. Ltd.		2,100,697
	1,229	Green Cross Corp.		145,724
	9,290	Green Cross Holdings Corp.		106,042
	23,773	GS Engineering & Construction Corp.		1,773,312
	5,230	GS Global Corp.		56,691
	33,465	GS Holdings		1,764,861
	384	Gwangju Shinsegae Co. Ltd.		73,054
	12,680	Halla Climate Control Corp.		258,060
	2,770	Halla Engineering & Construction Corp.		28,555
	15,810	Han Kuk Carbon Co. Ltd.		78,901
	1,900	Hanall Biopharma Co. Ltd.(b)		14,627
	230	Handok Pharmaceuticals Co. Ltd.		2,524
	9,530	Handsome Co. Ltd.		321,286
	397	Hanil Cement Co. Ltd.		15,773
	11,420	Hanil E-Wha Co. Ltd.		96,200
	3,489	Hanjin Heavy Industries & Construction Co. Ltd.(b)		51,712
	2,130	Hanjin Heavy Industries & Construction Holdings Co. Ltd.		14,663
	4,755	Hanjin Shipping Co. Ltd.(b)		65,427

51

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	4,620	Hanjin Transportation Co. Ltd.	$	78,082
	22	Hankook Shell Oil Co. Ltd.		4,205
	25,360	Hankook Tire Co. Ltd.		1,074,876
	75	Hanmi Holdings Co. Ltd.(b)(c)		1,254
	2,520	Hanmi Semiconductor Co. Ltd.		13,022
	250	Hanshin Construction Co. Ltd.		1,902
	5,720	Hansol Chemical Co. Ltd.		89,587
	2,020	Hanssem Co. Ltd.		39,591
	33,385	Hanwha Chemical Corp.		658,764
	35,410	Hanwha Corp.		908,652
	3,780	Hanwha General Insurance Co. Ltd.(b)		21,674
	5,023	Hanwha Securities Co.(b)		20,045
	770	Hanwha Timeworld Co. Ltd.		13,217
	2,720	Hanyang Securities Co. Ltd.(b)		16,078
	9,828	Hite Jinro Co. Ltd.		213,061
	4,676	HMC Investment Securities Co. Ltd.(b)		55,444
	12,150	Hotel Shilla Co. Ltd.		568,729
	88,438	Huchems Fine Chemical Corp.		1,772,477
	3,050	Husteel Co. Ltd.		65,986
	5,070	Hwa Shin Co. Ltd.		48,227
	4,977	Hyosung Corp.		254,988
	5,770	Hyundai BNG Steel Co. Ltd.(b)		63,310
	1,530	Hyundai Corp.		31,409
	5,065	Hyundai Department Store Co. Ltd.		714,848
	18,510	Hyundai Development Co.		390,632
	1,041	Hyundai Elevator Co. Ltd.		92,574
	15,752	Hyundai Engineering & Construction Co. Ltd.		995,193
	4,090	Hyundai Engineering Plastics Co. Ltd.		20,448
	2,471	Hyundai Glovis Co. Ltd.		484,306
	29,420	Hyundai Greenfood Co. Ltd.		413,917
	15,170	Hyundai Hysco Co. Ltd.		536,261
	13,730	Hyundai Marine & Fire Insurance Co. Ltd.		352,324
	387	Hyundai Mipo Dockyard		42,120
	26,421	Hyundai Securities Co.(b)		218,358
	6,050	Il Dong Pharmaceutical Co. Ltd.		35,118
	803	Ilshin Spinning Co. Ltd.		56,843
	266	Ilsung Pharmaceuticals Co. Ltd.		20,713
	1,628	Ilyang Pharmaceutical Co. Ltd.(b)		35,149
	2,410	Inzi Controls Co. Ltd.		15,354
	7,005	IS Dongseo Co. Ltd.		68,803
	3,810	ISU Chemical Co. Ltd.		84,283
	10,380	IsuPetasys Co. Ltd.		47,302
	5,470	Jahwa Electronics Co. Ltd.		50,822
	3,330	Jeil Pharmaceutical Co.		48,913
	15,899	Jeonbuk Bank		66,754
	2,850	Jinheung Savings Bank(b)		5,914
	390	JS Cable Co. Ltd.(b)		2,405
	2,832	JW Pharmaceutical Corp.		33,705

Shares			Value
SOUTH KOREA (continued)
	24,810	Kangwon Land, Inc.	$	532,368
	10,532	KC Tech Co. Ltd.		43,894
	1,290	KCC Corp.		332,167
	4,850	Keangnam Enterprises Ltd.		34,590
	458	KEPCO Engineering & Construction Co., Inc.		27,801
	5,370	Keyang Electric Machinery Co. Ltd.		13,566
	6,150	Kishin Corp.(b)		28,461
	4,345	KISWIRE Ltd.		140,140
	2,472	KIWOOM Securities Co. Ltd.(b)		147,210
	780	KleanNara Co. Ltd.(b)		2,764
	1,846	Kolon Corp.		38,223
	7,440	Kolon Global Corp.		37,262
	5,741	Kolon Industries, Inc.		318,006
	800	Korea Airport Service Co. Ltd.		22,511
	3,220	Korea Electric Terminal Co. Ltd.		63,681
	24,380	Korea Exchange Bank		185,311
	590	Korea Gas Corp.		23,049
	24,360	Korea Investment Holdings Co. Ltd.(b)		840,650
	8,010	Korea Kolmar Co. Ltd.(b)		64,923
	21,930	Korea Life Insurance Co. Ltd.(b)		132,536
	1,564	Korea Petrochemical Industrial Co. Ltd.		117,910
	1,600	Korea United Pharm, Inc.		7,178
	2,018	Korea Zinc Co. Ltd.		653,545
	7,440	Korean Airlines Co. Ltd.(b)		292,959
	17,929	Korean Reinsurance Co.(b)		217,340
	18,380	KP Chemical Corp.		234,197
	787	KPX Chemical Co. Ltd.		36,073
	23,310	KTB Investment & Securities Co. Ltd.(b)		45,068
	1,913	Kukdo Chemical Co. Ltd.		81,759
	20,960	Kumho Investment Bank(b)		13,762
	2,220	Kumho Petrochemical Co. Ltd.		209,207
	1,030	Kunsul Chemical Industrial Co. Ltd.		13,717
	30,090	Kwang Dong Pharmaceutical Co. Ltd.		107,167
	3,380	Kyeryong Construction Industrial Co. Ltd.		39,479
	302	Kyobo Securities Co.(b)		1,341
	77	Kyungbang Ltd.(b)		6,711
	17,150	Kyung-In Synthetic Corp.		40,973
	6,160	LG Fashion Corp.		204,947
	496	LG Hausys Ltd.		28,440
	1,372	LG Household & Health Care Ltd.		719,917
	512	LG InnoTek Co. Ltd.(b)		36,878
	6,784	LG International Corp.		277,933
	4,690	LG Uplus Corp.		23,281
	11,910	LIG Insurance Co. Ltd.		247,658
	2,710	Livart Furniture Co. Ltd.		15,635
	497	Lotte Chilsung Beverage Co. Ltd.		562,032

52

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	536	Lotte Confectionary Co. Ltd.	$	811,974
	6,810	Lotte Midopa Co. Ltd.		86,471
	6,290	Lotte Non-Life Insurance Co. Ltd.(b)		32,003
	406	Lotte Samkang Co. Ltd.		173,160
	2,578	LS Corp.		172,684
	2,821	LS Industrial Systems Co. Ltd.		144,279
	39,012	Macquarie Korea Infrastructure Fund		191,241
	9,189	Meritz Fire & Marine Insurance Co. Ltd.		95,132
	86,760	Meritz Securities Co. Ltd.(b)		60,572
	22	Mi Chang Oil Industrial Co. Ltd.		922
	2,070	Mirae Asset Securities Co. Ltd.(b)		63,375
	19,700	Moorim P&P Co. Ltd.		83,759
	7,820	Moorim Paper Co. Ltd.		18,129
	8,590	Motonic Corp.		58,299
	46	Namyang Dairy Products Co. Ltd.		26,457
	2,740	National Plastic Co.		6,001
	2,166	NCSoft Corp.		561,564
	3,138	Nexen Corp.(d)		149,663
	12,851	NH Investment & Securities Co. Ltd.(b)		60,609
	6,790	NK Co. Ltd.		26,857
	2,181	Nong Shim Co. Ltd.		437,117
	799	Nong Shim Holdings Co. Ltd.		36,269
	2,780	Noroo Holdings Co. Ltd.		17,613
	5,249	OCI Co. Ltd.		993,948
	16,656	OCI Materials Co. Ltd.		683,852
	804	Orion Corp.		638,860
	686	Ottogi Corp.		100,764
	12,196	Poongsan Corp.		324,831
	2,723	Poongsan Holdings Corp.		58,189
	450	Pulmuone Holdings Co. Ltd.		16,027
	113,228	Pyeong Hwa Automotive Co. Ltd.		1,748,327
	3,500	RNL BIO Co. Ltd.(b)		13,100
	9,961	S&T Dynamics Co. Ltd.		120,753
	3,150	S&T Holdings Co. Ltd.		31,636
	4,800	S&T Motiv Co. Ltd.		114,465
	3,832	S1 Corp.		191,579
	210	Saeron Automotive Corp.		905
	1,110	Sajo Industries Co. Ltd.		46,900
	590	Sam Lip General Foods Co. Ltd.		9,188
	1,020	Sam Young Electronics Co. Ltd.		8,439
	3,017	Sam Yung Trading Co. Ltd.		16,071
	2,193	Sambu Construction Co. Ltd.(b)		11,352
	480	Samchully Co. Ltd.		38,736
	23,040	Samick Musical Instruments Co. Ltd.		30,071
	4,310	Samick THK Co. Ltd.		25,056
	5,671	Samjin Pharmaceutical Co. Ltd.		43,456
	670	SamkwangGlass Co. Ltd.		29,998
	2,470	Samsung Fine Chemicals Co. Ltd.		118,678

Shares			Value
SOUTH KOREA (continued)
	23,480	Samsung Heavy Industries Co. Ltd.	$	866,378
	11,262	Samsung SDI Co. Ltd.		1,624,339
	9,571	Samsung Securities Co. Ltd.(b)		425,143
	1,993	Samsung Techwin Co. Ltd.		122,036
	1,763	Samyang Corp		74,178
	1,040	Samyang Foods Co. Ltd.		20,936
	647	Samyang Genex Co. Ltd.		29,713
	2,382	Samyang Holdings Corp.		126,675
	10,570	Savezone I&C Corp.		26,375
	443,540	SBS Media Holdings Co. Ltd.		1,161,711
	6,460	Seah Besteel Corp.		257,800
	485	SeAH Holdings Corp.		51,284
	1,408	SeAH Steel Corp.		110,136
	5,840	Sebang Co. Ltd.		78,289
	22,696	Seegene, Inc.(b)		1,124,633
	5,490	Sejong Industrial Co. Ltd.		62,909
	7,340	Seowon Co. Ltd.		22,732
	14,154	Shin Poong Pharmaceutical Co. Ltd.		56,735
	18,450	Shinsung Solar Energy Co. Ltd.(b)		49,793
	15,480	Shinwon Corp.(b)		18,218
	2,240	Shinyoung Securities Co. Ltd.(b)		58,075
	920	Silla Co. Ltd.		11,031
	971	Sindo Co. Ltd.		47,256
	3,755	SK Chemicals Co. Ltd.		187,065
	1,489	SK Gas Co. Ltd.		82,215
	19,698	SK Holdings Co. Ltd.		2,117,737
	91,900	SK Networks Co. Ltd.		759,514
	31,300	SK Securities Co. Ltd.(b)		32,958
	8,900	SKC Co. Ltd.		308,315
	4,390	SL Corp.		75,942
	5,310	Songwon Industrial Co. Ltd.		38,998
	36,276	Soulbrain Co. Ltd.		996,677
	9,930	Ssangyong Cement Industrial Co. Ltd.(b)		42,396
	5,618	STX Corp. Co. Ltd.		61,891
	4,620	STX Engine Co. Ltd.		58,868
	34,580	STX Offshore & Shipbuilding Co. Ltd.		391,659
	5,270	STX Pan Ocean Co. Ltd.		27,513
	2,270	Suheung Capsule Co. Ltd.		24,104
	1,940	Sung Jin Geotec Co. Ltd.(b)		20,943
	214	Sunjin Co. Ltd.		1,399
	36	Sunjin Holdings Co. Ltd.(b)		691
	4,250	Tae Kyung Industrial Co. Ltd.		12,673
	245	Taekwang Industrial Co. Ltd.		222,427
	23,300	Taeyoung Engineering &
		Construction Co. Ltd.		102,880
	14,600	Taihan Electric Wire Co. Ltd.(b)		40,307
	16,710	Tailim Packaging Industrial Co. Ltd.		20,331
	2,243	TCC Steel		9,249
	300	TEEMS, Inc.		2,639

53

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	16,668	Tong Yang Inc.(b)	$	14,660
	10,260	Tong Yang Life Insurance(b)		90,696
	200	Tong Yang Moolsan Co. Ltd.		3,477
	11,428	TONGYANG Securities, Inc.(b)		44,493
	1,420	TS Corp.		25,256
	17,283	Unid Co. Ltd.		627,013
	250	Union Steel		3,263
	5,350	Whanin Pharmaceutical Co. Ltd.		29,303
	61,970	Woongjin Chemical Co. Ltd.(b)		42,771
	6,450	Woongjin Coway Co. Ltd.		206,605
	6,940	Woongjin Holdings Co. Ltd.(b)		36,968
	1,000	Woongjin Thinkbig Co. Ltd.		9,866
	4,850	Woori Financial Co. Ltd.		70,382
	18,733	Woori Investment & Securities Co. Ltd.(b)		185,652
	250	YESCO Co. Ltd.		5,840
	6,970	Youlchon Chemical Co. Ltd.		49,463
	345	Young Poong Corp.		314,434
	4,952	Youngone Corp.		107,793
	2,598	Youngone Holdings Co. Ltd.		130,116
	1,184	Yuhan Corp.		111,053
				62,773,114
SPAIN — 0.4%
	12,490	Abengoa SA		190,956
	11,124	Acciona SA		683,231
	37,960	Acerinox SA		461,423
	1,811	Adolfo Dominguez SA(b)		9,829
	2,932	Almirall SA		25,149
	7,961	Amper SA(b)		18,547
	3,330	Azkoyen SA(b)		7,626
	780,898	Banco de Sabadell SA		1,844,071
	30,904	Banco Espanol de Credito SA		116,300
	416,803	Banco Popular Espanol SA		1,332,406
	105,639	Bankinter SA		469,982
	1,315	Baron de Ley(b)		73,108
	18,045	Bolsas y Mercados Espanoles SA		424,695
	20,024	Caja de Ahorros del Mediter- raneo(b)(c)(d)		0
	7,792	Campofrio Food Group SA		64,980
	5,568	Cementos Portland Valderrivas SA(b)		39,284
	16,842	Cie Automotive SA		124,845
	3,901	Codere SA(b)		30,982
	485	Construcciones y Auxiliar de Ferrocarriles SA		259,012
	15,660	Deoleo SA(b)		7,152
	4,433	Dinamia Capital Privado Sociedad de Capital Riesgo SA		22,298
	35,848	Distribuidora Internacional de Alimentacion SA(b)		171,776
	11,664	Duro Felguera SA		71,949
	26,229	Ebro Foods SA		463,676
	158,336	EDP Renovaveis SA(b)		674,457

Shares			Value
SPAIN (continued)
	7,969	Elecnor SA	$	95,886
	82,978	Enagas SA		1,458,096
	17,940	Ercros SA(b)		10,093
	29,693	Faes Farma SA		50,899
	15,162	Fersa Energias Renovables SA(b)		9,232
	12,842	Fluidra SA		36,548
	13,163	Fomento de Construcciones y Contratas SA		224,854
	78,540	Gamesa Corp. Tecnologica SA		213,332
	43,796	Grifols SA(b)		1,102,929
	31,966	Grupo Catalana Occidente SA		450,213
	61,650	Grupo Empresarial Ence SA		144,850
	27,092	Grupo Ezentis SA(b)		5,487
	5,180	Grupo Tavex SA(b)		2,311
	2,010	Iberpapel Gestion SA		34,056
	18,028	Indra Sistemas SA		187,043
	893	Inmobiliaria Colonial SA(b)		1,456
	4,092	La Seda de Barcelona SA - Class B(b)		98
	5,819	Laboratorios Farmaceuticos Rovi SA		38,513
	21,624	Mediaset Espana Comunicacion SA		98,150
	6,826	Melia Hotels International SA		40,841
	2,756	Miquel y Costas & Miquel SA		76,610
	1	Natraceutical SA(b)		0
	29,941	NH Hoteles SA(b)		98,488
	34,034	Obrascon Huarte Lain SA		859,793
	6,215	Papeles y Cartones de Europa SA		19,909
	6,168	Pescanova SA		186,152
	1,765	Prim SA		8,551
	107,964	Promotora de Informaciones SA(b)		52,163
	114,274	Prosegur Cia de Seguridad SA		6,525,535
	27,657	Realia Business SA(b)		30,935
	22,104	Red Electrica Corp. SA		962,328
	1,098	Reyal Urbis SA(b)		400
	50,556	Sacyr Vallehermoso SA		91,079
	17,752	Service Point Solutions SA(b)		3,290
	26,801	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola SA(b)		28,381
	25,119	Solaria Energia y Medio Ambiente SA		23,275
	2,247	Tecnicas Reunidas SA		87,520
	9,564	Telecomunicaciones y Energia		21,965
	32,537	Tubacex SA(b)		82,047
	34,984	Tubos Reunidos SA		80,808
	1,520	Unipapel SA		19,356
	1,457	Vertice Trescientos Sesenta Grados SA(b)		183
	8,830	Vidrala SA		215,064
	15,581	Viscofan SA		704,327
	7,537	Vocento SA(b)		18,806
	2,295	Vueling Airlines SA(b)		14,551

54

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SPAIN (continued)
	21,901	Zardoya Otis SA	$	268,160
	13,261	Zeltia SA(b)		25,979
				22,298,276
SWEDEN — 0.8%
	13,070	AarhusKarlshamn AB		439,472
	24,738	Acando AB		53,920
	1,487	Active Biotech AB(b)		9,934
	3,083	AddNode AB		16,650
	2,555	AddTech AB - Class B		70,325
	293,663	AF AB - B Shares(d)		5,931,107
	5,143	Anoto Group AB(b)		2,043
	2,158	Arise Windpower AB(b)		10,756
	794	Atrium Ljungberg AB - B Shares		9,451
	1,644	Avanza Bank Holding AB		39,380
	8,149	Axfood AB		296,314
	14,516	Axis Communications AB		367,149
	4,907	B&B Tools AB - Class B		43,622
	13,698	BE Group AB		48,097
	1,322	Beijer AB G&L - Class B		49,565
	6,098	Beijer Alma AB		110,686
	2,038	Beijer Electronics AB		21,680
	11,117	Betsson AB(b)		364,705
	17,184	Bilia AB - A Shares		329,808
	48,248	Billerud AB		466,594
	4,165	BioGaia AB - Class B		137,567
	1,104	BioInvent International AB(b)		2,677
	24,799	Biotage AB		27,119
	1,759	Bjoern Borg AB(b)		10,625
	1,867	Black Earth Farming Ltd. - SDR(b)		2,833
	293,940	Boliden AB		4,705,629
	23,579	Bure Equity AB		65,251
	11,928	Byggmax Group AB		75,423
	14,539	Castellum AB		183,974
	2,600	Catena AB		23,597
	5,967	CDON Group AB(b)		43,945
	6,345	Cision AB(b)		37,005
	4,046	Clas Ohlson AB - Class B		59,745
	10,828	Concordia Maritime AB - Class B		20,379
	1,753	Connecta AB		16,170
	3,954	CyberCom Group AB(b)		7,236
	6,462	Duni AB		59,127
	4,322	East Capital Explorer AB		33,598
	55,809	Electrolux AB - Class B		1,246,326
	30,878	Elekta AB - Class B		1,566,572
	2,573	Enea AB(b)		15,045
	2,573	Enea AB - Redemption Shares(b)		3,043
	36,561	Eniro AB(b)		59,835
	10,582	Fabege AB		89,426
	741	Fagerhult AB		22,215
	6,050	Fastighets AB Balder - Class B(b)		29,524

Shares			Value
SWEDEN (continued)
	96,813	Getinge AB - Class B	$	2,598,465
	2,985	Global Health Partner AB(b)		3,064
	9,616	Gunnebo AB		41,919
	15,931	Hakon Invest AB		232,045
	18,508	Haldex AB		115,102
	227,906	Hexagon AB - Class B		4,628,445
	11,372	Hexpol AB		422,984
	8,094	HIQ International AB(b)		43,954
	440	HMS Networks AB		7,332
	7,672	Hoganas AB - Class B		297,347
	22,139	Holmen AB - Class B		587,953
	7,179	Hufvudstaden AB - Class A		77,169
	22,054	Husqvarna AB - Class A		126,491
	105,227	Husqvarna AB - Class B		605,564
	11,328	Industrial & Financial Systems - Class B		193,820
	5,489	Indutrade AB(b)		177,215
	31,357	Intrum Justitia AB		475,862
	39,593	JM AB		733,389
	38,252	KappAhl AB(b)		37,277
	6,105	Klovern AB		21,345
	152	Klovern AB - Preference Shares		3,126
	18,031	KNOW IT AB		171,020
	14,357	Kungsleden AB		88,219
	2,706	Lagercrantz AB - Class B		22,244
	13,441	Lindab International AB		109,387
	31,173	Loomis AB - Class B		420,893
	75,113	Lundin Petroleum AB(b)		1,494,147
	100,014	Meda AB - Class A		988,786
	4,303	Medivir AB - Class B(b)		41,613
	7,277	Mekonomen AB(b)		232,776
	29,549	Micronic Mydata AB(b)		65,725
	15,808	Modern Times Group AB - Class B		768,609
	1,715	MQ Holding AB		6,404
	900	NCC AB - Class A		17,113
	39,737	NCC AB - Class B		780,988
	2,159	Nederman Holding AB		40,152
	3,937	Net Entertainment NE AB(b)		38,806
	3,937	Net Entertainment NE AB - Redemption Shares(b)		1,166
	56,096	Net Insight AB - Class B(b)		17,443
	49,418	New Wave Group AB - Class B		216,897
	9,358	Nibe Industrier AB - Class B		148,279
	61,798	Nobia AB(b)		247,328
	8,614	Nolato AB - Class B		87,149
	7,536	Nordic Mines AB(b)		42,494
	8,208	Nordnet AB - Class B		26,500
	6,243	Northland Resources SA(b)		6,383
	224	Opcon AB(b)		62
	5,718	Orexo AB(b)		20,077
	134,328	PA Resources AB(b)		31,377
	55,121	Peab AB		287,443
	50,315	Pricer AB - Class B		91,328
	1,152	Proact IT Group AB		20,268
	23,300	Proffice AB - Class B		83,892

55

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SWEDEN (continued)
	97,544	Ratos AB - Class B	$	1,142,147
	4,226	ReadSoft AB - Class B		12,261
	10,197	Rederi AB Transatlantic(b)		13,578
	8,898	Rezidor Hotel Group AB(b)		35,082
	49,500	RNB Retail and Brands AB(b)		21,210
	36,090	Rottneros AB		12,350
	22,865	Saab AB - Class B		381,010
	115	Sagax AB		3,088
	26,217	SAS AB(b)		32,180
	4,652	Sectra AB - Class B(b)		29,762
	33,791	Securitas AB - Class B		309,691
	3,842	Semcon AB(b)		28,295
	8,271	Skanska AB - Class B		134,624
	5,584	SkiStar AB		66,671
	57,171	SSAB AB - Class A		583,508
	26,308	SSAB AB - Class B		232,499
	1,658	Studsvik AB		10,311
	8,924	Sweco AB - Class B		93,936
	17,993	Swedish Match AB		731,360
	21,190	Swedish Orphan Biovitrum AB(b)		69,359
	2,770	Systemair AB		35,236
	2,662	TradeDoubler AB(b)		10,060
	79,772	Trelleborg AB - Class B		916,845
	3,694	Vitrolife AB		28,854
	8,602	Wallenstam AB - Class B		85,427
	5,994	Wihlborgs Fastigheter AB		83,160
				40,372,484
SWITZERLAND — 1.5%
	854	Acino Holding AG(b)		111,966
	255	Actelion Ltd.(b)		10,788
	1,180	Adecco SA(b)		57,463
	564	Advanced Digital Broadcast Holdings SA(b)		6,835
	314	Affichage Holding SA(b)		55,352
	8,701	AFG Arbonia-Forster Holding(b)		182,140
	306,000	Allied World Assurance Co. Holdings AG		22,019,760
	7,411	Allreal Holding AG(b)		1,162,702
	27	Alpiq Holding AG		4,834
	934	ALSO-Actebis Holding AG(b)(d)		42,190
	70,135	Aryzta AG(b)		3,531,284
	2,526	Ascom Holding AG(b)		23,795
	323	Autoneum Holding AG(b)		17,829
	1,807	Bachem Holding AG - Class B(b)		72,268
	32,904	Baloise Holding AG		2,546,693
	1,857	Bank Coop AG(b)		126,848
	12,814	Bank Sarasin & Cie AG - Class B(b)		395,298
	277	Banque Cantonale de Geneve		63,539
	2,108	Banque Cantonale Vaudoise		1,193,755
	6	Banque Privee Edmond de Rothschild SA		161,957

Shares			Value
SWITZERLAND (continued)
	728	Barry Callebaut AG(b)	$	700,609
	372	Basilea Pharmaceutica(b)		18,997
	2,881	Basler Kantonalbank(b)		359,946
	99	Belimo Holding AG		196,113
	37	Bell AG		77,249
	752	Bellevue Group AG		9,486
	1,916	Berner Kantonalbank AG		538,291
	344	BKW SA(b)		13,265
	551	Bobst Group AG(b)		15,753
	959	Bossard Holding AG		145,807
	3,886	Bucher Industries AG		770,221
	1,281	Burckhardt Compression Holding AG		353,893
	36	Carlo Gavazzi Holding AG		7,536
	74	Centralschweizerische Kraftwerke AG		27,312
	178	Cham Paper Holding AG(b)		30,456
	131	Cicor Technologies(b)		4,366
	893	Cie Financiere Tradition SA		67,394
	80,593	Clariant AG(b)		1,024,672
	1,178	Coltene Holding AG(b)		39,001
	35	Conzzeta AG		78,163
	3,284	Daetwyler Holding AG		282,215
	3,873	Dufry Group(b)		525,275
	830	EFG International AG(b)		8,056
	1,100	Emmi AG		234,991
	2,683	EMS-Chemie Holding AG		528,235
	4,343	Energiedienst Holding AG(b)(d)		218,430
	12,621	Etrion Corp.(b)		5,446
	10,410	Ferrexpo Plc		49,365
	2,933	Flughafen Zuerich AG		1,092,221
	530	Forbo Holding AG(b)		383,055
	1,617	Galenica AG		1,103,654
	89,347	Gam Holding AG(b)		1,146,799
	611	Gategroup Holding AG(b)		20,734
	8,060	Geberit AG(b)		1,704,086
	3,379	Georg Fischer AG(b)		1,497,497
	1,405	Givaudan SA(b)		1,363,747
	360	Gurit Holding AG(b)		208,627
	4,832	Helvetia Holdings AG		1,730,182
	4,946	Highlight Communications AG(b)		22,915
	574	Huber & Suhner AG		24,980
	4,861	Implenia AG(b)		162,007
	249	Inficon Holding AG(b)		56,403
	166,235	Informa Plc		1,118,521
	128	Interroll Holding AG(b)		46,538
	73	Intershop Holdings		26,219
	161,862	Julius Baer Group Ltd.(b)		6,196,997
	821	Kaba Holding AG - Class B		321,562
	1,015	Kardex AG(b)		19,793
	1,899	Komax Holding AG(b)		193,007
	734	Kuoni Reisen Holding AG(b)		264,843
	161	LEM Holding SA		86,030
	1,026	LifeWatch AG(b)		10,230

56

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	15	Lindt & Spruengli AG	$	587,671
	1,434	Luzerner Kantonalbank AG(b)		521,368
	52	Metall Zug AG - Class B		217,705
	23,083	Meyer Burger Technology AG(b)		381,474
	20,313	Micronas Semiconductor Holding(b)		219,322
	677	Mikron Holding AG(b)		4,281
	9,148	Mobilezone Holding AG		99,276
	3,918	Mobimo Holding AG(b)		953,978
	117,608	OC Oerlikon Corp AG(b)		1,162,280
	587	Orascom Development Holding AG(b)		9,960
	417	Orell Fuessli Holding AG		45,920
	5,885	Panalpina Welttransport Holding AG(b)		573,814
	1,305	Partners Group Holding AG		248,304
	281	Phoenix Mecano AG		169,965
	325	Precious Woods Holding AG(b)		2,947
	3,798	PSP Swiss Property AG(b)		341,031
	78	PubliGroupe SA		11,601
	56	Rieter Holding AG(b)		9,748
	154	Romande Energie Holding SA(d)		201,736
	144	Schaffner Holding AG(b)		39,663
	5,596	Schmolz & Bickenbach AG(b)		38,164
	432	Schweiter Technologies AG		254,636
	8,630	Schweizerishe National- Versicherungs-Gesellsschaft AG		335,635
	588	Siegfried Holding AG(b)		67,374
	894	Sika AG		1,894,080
	120	Societa Elettrica Sopracenerina SA(d)		24,988
	4,650	Sonova Holding AG(b)		513,337
	1,426	St. Galler Kantonalbank AG		576,983
	308,724	STMicroelectronics NV		1,751,095
	751	Straumann Holding AG		124,608
	14,484	Sulzer AG		2,082,479
	14,003	Swiss Life Holding AG(b)		1,432,467
	161,767	Swisslog Holding AG(b)		165,750
	2,762	Swissquote Group Holding SA		101,789
	955	Tamedia AG(b)		122,788
	3,570	Tecan Group AG(b)		271,590
	5,714	Temenos Group AG(b)		107,021
	4,883	Tornos Holding AG(b)		51,108
	1,732	U-Blox AG(b)		84,916
	1,446	Uster Technologies AG(b)		70,018
	43	Valartis Group AG		711
	4,767	Valiant Holding AG		578,773
	2,865	Valora Holding AG		599,736
	380	Vaudoise Assurances Holding SA - Class B		119,110
	47	Vetropack Holding AG		88,547
	19,476	Von Roll Holding AG(b)		48,280
	19,524	Vontobel Holding AG		494,741
	1,036	VZ Holding AG		111,173

Shares			Value
SWITZERLAND (continued)
	3	Walliser Kantonalbank	$	2,859
	390	Walter Meier AG - Class A		94,487
	915	Ypsomed Holding AG(b)		55,445
	4,167	Zehnder Group AG		306,448
	1,427	Zueblin Immobilien Holding AG(b)		5,188
	31	Zuger Kantonalbank AG		178,114
				75,474,968
TAIWAN — 1.1%
	68,000	Accton Technology Corp.		39,927
	149,497	Action Electronics Co. Ltd.		42,738
	16,000	Adlink Technology, Inc.		22,048
	54,060	Advancetek Enterprise Co. Ltd.		50,713
	79,637	Advantech Co. Ltd.		270,469
	52,027	AGV Products Corp.(b)		16,298
	317,000	Airtac International Group		1,817,878
	123,000	Alpha Networks, Inc.		105,488
	53,215	Altek Corp.		39,080
	120,000	Ambassador Hotel (The)		145,026
	18,000	AMPOC Far-East Co. Ltd.		17,348
	108,830	AmTRAN Technology Co. Ltd.		82,344
	22,000	Apex Biotechnology Corp.		61,763
	34,320	Apex Science & Engineering		13,983
	81,000	Arima Communications Corp.(b)		49,362
	12,250	Arima Optoelectronics Corp.(b)		2,663
	39,000	Asia Optical Co., Inc.(b)		32,446
	117,500	Asia Polymer Corp.		137,982
	98,214	Asia Vital Components Co. Ltd.		59,012
	9,000	ASROCK, Inc.		34,511
	11,000	Aten International Co. Ltd.		21,090
	56,000	Audix Corp.		49,849
	19,000	Aurora Corp.		31,712
	47,000	Aurora Systems Corp.		63,802
	13,000	AV Tech Corp.		43,439
	19,270	Avermedia Technologies, Inc.		15,405
	9,000	Avision, Inc.		3,143
	17,850	Awea Mechantronic Co. Ltd.		19,128
	157,595	Bank of Kaohsiung.		47,211
	1,293,350	BES Engineering Corp.		339,627
	62,000	C Sun Manufacturing Ltd.		46,699
	76,659	Cameo Communications, Inc.		20,760
	228,781	Capital Securities Corp.		81,852
	81,000	Career Technology Manufacturing Co. Ltd.		116,612
	117,000	Carnival Industrial Corp.(b)		39,857
	7,000	Cathay Chemical Works		2,696
	226,000	Cathay No. 1 REIT		139,661
	23,000	Cathay No. 2 REIT		11,339
	41,000	Cathay Real Estate Development Co. Ltd.		19,161
	38,000	Central Reinsurance Co. Ltd.		15,482
	47,000	ChainQui Construction Development Co. Ltd.		32,585

57

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	21,000	Champion Building Materials Co. Ltd.	$	9,167
	9,000	Chang Wah Electromaterials, Inc.		23,418
	127,000	Charoen Pokphand Enterprise		60,655
	13,000	CHC Resources Corp.		20,607
	811,920	Cheng Loong Corp.		315,500
	168,117	Cheng Uei Precision Industry Co. Ltd.		345,345
	19,000	Chenming Mold Industry Corp.		14,181
	369,572	Chia Hsin Cement Corp.		169,549
	193,456	Chicony Electronics Co. Ltd.		377,527
	120,120	Chien Kuo Construction Co. Ltd.		57,575
	249,744	China Airlines Ltd.		97,047
	47,000	China Chemical & Pharmaceutical Co. Ltd.		28,803
	14,000	China Ecotek Corp.		29,813
	253,000	China General Plastics Corp.(b)		100,478
	22,000	China Glaze Co. Ltd.		12,014
	695,530	China Life Insurance Co. Ltd.		621,509
	1,005,505	China Manmade Fibers Corp.(b)		339,431
	40,195	China Metal Products		26,628
	521,391	China Motor Corp.		431,093
	749,686	China Petrochemical Development Corp.		757,168
	393,114	China Steel Chemical Corp.		1,837,139
	77,000	China Steel Structure Co. Ltd.		79,614
	194,616	China Synthetic Rubber Corp.		190,562
	96,000	China Wire & Cable Co. Ltd.(b)		26,951
	70,883	Chin-Poon Industrial Co.		63,946
	17,400	Chong Hong Construction Co.		35,743
	35,876	Chroma ATE, Inc.		81,803
	92,000	Chun Yu Works & Co. Ltd.(b)		28,915
	332,137	Chun Yuan Steel		140,435
	79,000	Chung Hsin Electric & Machinery Manufacturing Corp.		45,168
	132,339	Chung Hung Steel Corp.		40,551
	198,240	Chung HWA Pulp Corp.		67,531
	228,000	Chunghwa Picture Tubes Ltd.(b)		12,490
	141,916	Clevo Co.		221,558
	717,000	CMC Magnetics Corp.(b)		124,702
	127,182	Collins Co. Ltd.		63,137
	87,150	Compal Communications, Inc.		123,228
	810,000	Compeq Manufacturing Co.(b)		320,301
	163,689	Continental Holdings Corp.		61,646
	10,000	Cosmos Bank Taiwan(b)		2,944
	15,000	Coxon Precise Industrial Co. Ltd.		20,568
	290,000	CSBC Corp. Taiwan		234,812
	203,838	CTCI Corp.		393,600
	15,460	CyberTAN Technology, Inc.		12,253
	76,000	DA CIN Construction Co. Ltd.		48,527
	50,000	Darfon Electronics Corp.		32,953

Shares			Value
TAIWAN (continued)
	64,903	Delpha Construction Co. Ltd.	$	21,354
	2,000	Depo Auto Parts Industrial Co. Ltd.		4,314
	17,000	DFI, Inc.		13,212
	156,712	D-Link Corp.		111,866
	41,155	Dynamic Electronics Co. Ltd.		15,781
	2,923,012	E.Sun Financial Holding Co. Ltd.		1,551,147
	60,000	Eastern Media International Corp.(b)		6,964
	75,334	Eclat Textile Co. Ltd.		177,448
	11,000	Edom Technology Co. Ltd.		3,694
	34,320	Elan Microelectronics Corp.		47,470
	14,000	E-Life Mall Corp.		30,388
	21,000	Elite Advanced Laser Corp.		29,693
	27,967	Elite Material Co. Ltd.		25,421
	70,789	Elitegroup Computer Systems Co. Ltd.(b)		19,631
	160,000	Entie Commercial Bank		73,403
	83,000	Epistar Corp.		201,756
	210,492	Eternal Chemical Co. Ltd.		164,309
	676,609	Eva Airways Corp.		406,542
	148,000	Evergreen International Storage & Transport Corp.		73,218
	263,197	Evergreen Marine Corp. Taiwan Ltd.		154,989
	184,900	Everlight Chemical Industrial Corp.		119,960
	20,643	Everlight Electronics Co. Ltd.		42,405
	1,000	Everspring Industry Co.(b)		279
	3,000	Excel Cell Electronic Co. Ltd.		1,217
	53,976	Excelsior Medical Co. Ltd.		104,964
	374,222	Far Eastern Department Stores Co. Ltd.		403,581
	963,894	Far Eastern International Bank		382,805
	16,797	Faraday Technology Corp.		23,549
	43,000	Farglory F T Z Investment Holding Co. Ltd.(b)		23,408
	19,000	Farglory Land Development Co. Ltd.		35,127
	272,274	Federal Corp.		138,428
	182,320	Feng Hsin Iron & Steel Co.		307,107
	35,154	Feng TAY Enterprise Co. Ltd.		33,519
	91,000	First Copper Technology Co. Ltd.		25,236
	49,442	First Hotel		32,839
	119,000	First Insurance Co. Ltd.		51,742
	63,079	First Steamship Co. Ltd.		94,159
	52,351	FLEXium Interconnect, Inc.		168,120
	6,929	Flytech Technology Co. Ltd.		16,796
	106,761	Forhouse Corp.		60,492
	2,000	Formosa Advanced Technologies Co. Ltd.		2,047
	75,000	Formosa Epitaxy, Inc.		61,498
	9,774	Formosa International Hotels Corp.		132,848
	46,800	Formosa Oilseed Processing		20,830

58

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	729,000	Formosa Taffeta Co. Ltd.	$	688,854
	347,000	Formosan Rubber Group, Inc.		222,752
	170,571	Formosan Union Chemical		123,803
	33,000	Fortune Electric Co. Ltd.		15,648
	61,850	Founding Construction & Development Co. Ltd.		38,539
	86,000	Froch Enterprise Co. Ltd.(b)		32,388
	100,022	FSP Technology, Inc.		93,144
	48,000	FU I Industrial		24,322
	35,000	Fubon No 1 REIT		20,371
	89,000	Fubon No 2 REIT		39,216
	57,800	Fullerton Technology Co. Ltd.		58,179
	107,890	Fwusow Industry Co. Ltd.		56,515
	21,000	G Shank Enterprise Co. Ltd.		10,928
	14,101	Gemtek Technology Corp.		13,180
	73,657	Genesis Photonics, Inc.(b)		90,657
	11,000	Genius Electronic Optical Co. Ltd.		74,191
	5,498	GeoVision, Inc.		23,529
	341,000	Getac Technology Corp.		237,580
	464,143	Giant Manufacturing Co. Ltd.		2,335,930
	29,000	Giantplus Technology Co. Ltd.(b)		8,668
	116,781	Gigabyte Technology Co. Ltd.		101,154
	13,274	Gigastorage Corp.		10,225
	21,297	Gintech Energy Corp.		21,072
	26,000	Global Brands Manufacture Ltd.		12,818
	102,000	Globe Union Industrial Corp.		69,144
	293,770	Gold Circuit Electronics Ltd.		66,180
	256,852	Goldsun Development & Construction Co. Ltd.		98,930
	18,000	Good Will Instrument Co. Ltd.		11,894
	886,000	Grand Pacific Petrochemical		389,787
	19,000	Grape King Industrial Co.		31,321
	59,000	Great China Metal Industry.		80,798
	66,000	Great Taipei Gas Co. Ltd.		42,142
	155,342	Great Wall Enterprise Co. Ltd.		152,372
	67,353	Green Energy Technology, Inc.		63,644
	17,000	GTM Corp.		7,654
	46,214	Hannstar Board Corp.(b)		24,524
	868,000	HannStar Display Corp.(b)		85,586
	15,115	HannsTouch Solution, Inc.(b)		5,304
	13,259	Harvatek Corp.		8,534
	168,000	Hey Song Corp.		211,089
	181,485	Highwealth Construction Corp.		304,458
	31,620	Hitron Technology, Inc.		19,215
	86,000	Hiwin Technologies Corp.		815,585
	254,865	Ho Tung Chemical Corp.(b)		148,773
	139,000	Hocheng Corp.(b)		43,925
	45,320	Hold-Key Electric Wire & Cable Co. Ltd.		15,982
	28,800	Holiday Entertainment Co. Ltd.		48,512
	33,135	Holy Stone Enterprise Co. Ltd.		30,800
	17,000	Hong Ho Precision Textile Co.(b)		7,101
	166,678	Hsin Kuang Steel Co. Ltd.		114,986

Shares			Value
TAIWAN (continued)
	63,326	Hsing TA Cement Co.	$	23,198
	316,000	HUA ENG Wire & Cable Co., Ltd.		90,769
	13,215	Huaku Development Co. Ltd.		31,716
	39,000	Huang Hsiang Construction Co.		77,977
	138,514	Hung Poo Real Estate Development Corp.		126,618
	85,000	Hung Sheng Construction Co. Ltd.		42,342
	78,000	Hwa Fong Rubber Co. Ltd.(b)		15,622
	118,341	Ichia Technologies, Inc.(b)		56,115
	51,000	I-Chiun Precision Industry Co. Ltd.		39,461
	95,000	ICP Electronics, Inc.		132,051
	84,000	Inotera Memories, Inc.(b)		22,087
	579,860	Inventec Corp.		223,340
	24,000	I-Sheng Electric Wire & Cable Co. Ltd.		37,633
	14,000	ITE Technology, Inc.		11,911
	13,000	Jess-Link Products Co. Ltd.(b)		11,594
	3,075	Johnson Health Tech Co. Ltd.		8,327
	44,000	Kang Na Hsiung Enterprise Co. Ltd.		20,261
	35,000	Kaulin Manufacturing Co. Ltd.		25,943
	134,823	KEE TAI Properties Co. Ltd.		74,316
	167,088	Kenda Rubber Industrial Co. Ltd.		188,491
	87,000	Kerry TJ Logistics Co. Ltd.		98,293
	5,250	Kian Shen Corp.		7,801
	217,000	Kindom Construction Co.		135,214
	162,000	King Slide Works Co. Ltd.		804,218
	297,184	King Yuan Electronics Co. Ltd.		123,112
	555,185	King’s Town Bank(b)		324,080
	47,174	King’s Town Construction Co. Ltd.		40,538
	47,000	Kinik Co.		72,893
	37,000	Kinko Optical Co. Ltd.		51,684
	152,343	Kinpo Electronics, Inc.		34,267
	102,000	Kinsus Interconnect Technology Corp.		320,578
	16,328	KS Terminals, Inc.		13,752
	16,000	Kung Long Batteries Industrial Co. Ltd.		26,732
	183,000	Kuoyang Construction Co. Ltd.(b)		67,352
	238,800	Kwong Fong Industries		108,328
	35,000	KYE Systems Corp.		13,061
	62,000	L&K Engineering Co. Ltd.		70,579
	125,280	LAN FA Textile		40,919
	63,325	LCY Chemical Corp.		97,778
	4,828	Leader Electronics, Inc.		2,000
	274,185	Lealea Enterprise Co. Ltd.		98,565
	21,826	Ledtech Electronics Corp.		11,283
	36,638	Leofoo Development Co. Ltd.(b)		22,202
	64,415	LES Enphants Co. Ltd.		67,043
	301,600	Li Peng Enterprise Co. Ltd.		88,492

59

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	25,750	Lian Hwa Food Corp.	$	31,120
	446,362	Lien Hwa Industrial Corp.		282,716
	235,000	Lingsen Precision Industries Ltd.		137,580
	98,090	LITE-ON IT Corp.		99,405
	40,000	Lite-On Semiconductor Corp.		20,610
	36,994	Lite-On Technology Corp.		45,152
	179,000	Long Bon International Co. Ltd.		72,927
	249,547	Long Chen Paper Co. Ltd.		71,852
	2,451	Lotes Co. Ltd.		6,327
	69,000	Lucky Cement Corp.(b)		14,079
	28,127	Lumax International Corp. Ltd.		63,556
	437,385	Macronix International		144,355
	27,000	Makalot Industrial Co. Ltd.		78,665
	67,000	Marketech International Corp.		43,239
	411,000	Masterlink Securities Corp.		132,270
	64,152	Mayer Steel Pipe Corp.		26,356
	9,000	Maywufa Co. Ltd.		3,882
	82,000	Meiloon Industrial Co. Ltd.		27,007
	130,154	Mercuries & Associates Ltd		108,950
	44,000	Merida Industry Co. Ltd.		165,705
	9,849	Merry Electronics Co. Ltd.		18,141
	148,404	Micro-Star International Co. Ltd.		65,289
	64,000	MIN AIK Technology Co. Ltd.		152,284
	53,000	Mirle Automation Corp.		40,827
	258,000	Mitac International Corp.		87,889
	56,000	Mosel Vitelic, Inc.(b)		7,707
	4,000	Nak Sealing Technologies Corp.		6,834
	141,370	Nan Kang Rubber Tire Co. Ltd.		207,637
	23,383	Nan Ya Printed Circuit Board Corp.		43,790
	95,145	Nantex Industry Co. Ltd.		81,110
	127,872	Nanya Technology Corp.(b)		10,901
	32,000	National Petroleum Co. Ltd.		37,249
	17,000	Neo Solar Power Corp.		11,408
	3,168	New Asia Construction & Development Corp.		976
	23,499	Nichidenbo Corp.		22,688
	80,932	Nien Hsing Textile Co. Ltd.		53,477
	34,000	Ocean Plastics Co. Ltd.(b)		25,202
	49,000	Opto Technology Corp.		22,899
	195,000	Oriental Union Chemical Corp.		238,338
	398,000	Pacific Hospital Supply Co. Ltd.		1,205,916
	96,453	Pan Jit International, Inc.		42,434
	53,086	Pan-International Industrial		42,620
	4,000	Paragon Technologies Co. Ltd.		3,985
	98,746	Phihong Technology Co. Ltd.		117,649
	16,000	Phytohealth Corp.(b)		22,897
	201,715	Pou Chen Corp.		172,996
	13,000	Powertech Industrial Co. Ltd.		10,615
	6,200	Powertech Technology, Inc.		10,539
	586,221	President Securities Corp.		305,067
	305,555	Prince Housing & Development Corp.		220,731

Shares			Value
TAIWAN (continued)
	121,000	Prodisc Technology, Inc.(b)(c)(d)	$	704
	26,000	Promate Electronic Co. Ltd.		21,052
	428,520	Qisda Corp.		105,045
	136,000	Quintain Steel Co. Ltd.(b)		35,201
	143,283	Radiant Opto-Electronics Corp.		603,379
	370,626	Radium Life Tech Co. Ltd.		272,813
	40,021	Realtek Semiconductor Corp.		86,870
	83,070	Rechi Precision Co. Ltd.		75,936
	37,000	Rexon Industrial Corp. Ltd.(b)		6,182
	11,370	Richtek Technology Corp.		69,290
	664,398	Ritek Corp.(b)		98,948
	209,403	Ruentex Development Co. Ltd.		301,467
	129,472	Ruentex Industries Ltd.		225,624
	150,335	Sampo Corp.		43,029
	30,705	San Fang Chemical Industry Co. Ltd.		25,755
	702,080	Sanyang Industrial Co. Ltd.		405,021
	21,000	Sanyo Electric Taiwan Co. Ltd.		20,491
	37,000	Sercomm Corp.		53,837
	20,000	Sesoda Corp.		23,281
	33,000	Sheng Yu Steel Co. Ltd.		22,370
	16,360	ShenMao Technology, Inc.		20,304
	108,000	Shihlin Electric & Engineering Corp.		128,675
	32,000	Shihlin Paper Corp.(b)		44,809
	5,172,000	Shin Kong Financial Holding Co. Ltd.(b)		1,533,441
	85,000	Shin Kong No.1 REIT		37,075
	57,565	Shining Building Business Co. Ltd.(b)		50,749
	119,000	Shinkong Insurance Co. Ltd.		78,631
	593,314	Shinkong Synthetic Fibers Corp.		179,567
	79,000	Shinkong Textile Co. Ltd.		107,917
	44,000	Shuttle, Inc.(b)		13,799
	95,000	Sigurd Microelectronics Corp.		73,831
	91,000	Silicon Integrated Systems Corp.		33,336
	120	Silitech Technology Corp.		281
	85,000	Sinbon Electronics Co. Ltd.		70,570
	75,170	Sincere Navigation Corp.		74,762
	107,000	Sinon Corp.		47,074
	2,004,698	SinoPac Financial Holdings Co. Ltd.		682,909
	13,486	Sinphar Pharmaceutical Co. Ltd.		10,666
	43,815	Sinyi Realty Co.		66,453
	50,000	Solomon Technology Corp		17,461
	132,000	Southeast Cement Co. Ltd.		54,231
	8,560	Standard Chemical & Pharmaceutical Corp.		6,960
	61,812	Standard Foods Corp.		192,577
	16,000	Stark Technology, Inc.		15,064
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		14,989
	101,399	Sunplus Technology Co. Ltd.		33,882

60

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	24,000	Sunspring Metal Corp.	$	26,006
	48,000	Supreme Electronics Co. Ltd.		25,801
	83,980	Sweeten Construction Co. Ltd.		44,422
	132,111	TA Chen Stainless Pipe Co. Ltd.(b)		71,916
	382,200	TA Chong Bank Ltd.(b)		147,863
	409,340	Ta Ya Electric Wire & Cable		109,453
	70,000	Tah Hsin Industrial Co. Ltd.		73,934
	36,743	TA-I Technology Co. Ltd.		21,700
	361,069	Taichung Commercial Bank(b)		113,234
	78,000	Tainan Enterprises Co. Ltd.		94,534
	909,037	Tainan Spinning Co. Ltd.		387,473
	1,613,210	Taishin Financial Holding Co. Ltd.		624,108
	69,628	Taisun Enterprise Co. Ltd.		36,473
	160,880	Taita Chemical Co. Ltd		61,689
	12,000	Taiwan Acceptance Corp.		24,609
	2,405,873	Taiwan Business Bank(b)		731,436
	137,088	Taiwan Cogeneration Corp.		107,949
	53,000	Taiwan Fertilizer Co. Ltd.		127,018
	103,320	Taiwan Fire & Marine Insurance Co.		73,576
	65,000	Taiwan FU Hsing Industrial Co. Ltd.		42,616
	310,262	Taiwan Glass Industrial Corp.		309,109
	71,468	Taiwan Hon Chuan Enterprise Co. Ltd.		160,512
	205,110	Taiwan Land Development Corp.(b)		83,916
	35,958	Taiwan Life Insurance Co. Ltd.		20,621
	92,150	Taiwan Mask Corp.		35,335
	82,544	Taiwan Navigation Co. Ltd.		82,237
	177,600	Taiwan Paiho Ltd.		127,993
	95,120	Taiwan Pulp & Paper Corp.		33,217
	18,360	Taiwan Sakura Corp.		9,994
	86,117	Taiwan Secom Co. Ltd.		176,901
	101,000	Taiwan Sogo Shin Kong Security Co. Ltd.		99,587
	41,000	Taiwan Styrene Monomer(b)		10,050
	92,469	Taiwan TEA Corp.		46,854
	95,000	Taiyen Biotech Co. Ltd.		67,326
	597,634	Tatung Co. Ltd.(b)		163,688
	11,652	Teapo Electronic Corp.(b)		1,891
	1,553,000	Teco Electric and Machinery Co. Ltd.		1,137,826
	10,000	Tecom Co. Ltd.(b)		938
	13,000	Ten Ren Tea Co. Ltd.		21,964
	59,049	Thye Ming Industrial Co, Ltd.		55,797
	513,100	Ton Yi Industrial Corp.		264,380
	41,520	Tong Yang Industry Co. Ltd.		41,224
	76,600	Tong-Tai Machine & Tool Co. Ltd.		68,579
	71,939	Topco Scientific Co. Ltd.		128,073
	29,722	Topoint Technology Co. Ltd.		18,673
	24,137	Transcend Information, Inc.		64,705
	18,122	Tripod Technology Corp		53,357
	36,988	Tsann Kuen Enterprise Co. Ltd.		88,264

Shares			Value
TAIWAN (continued)
	152,548	TSRC Corp.	$	369,247
	22,000	TTET Union Corp.		37,660
	560,315	Tung Ho Steel Enterprise Corp.		533,295
	1,815	TXC Corp.		2,706
	47,792	TYC Brother Industrial Co. Ltd.(b)		20,126
	251,303	Tycoons Group Enterprise(b)		47,923
	5,000	Tyntek Corp.		2,020
	29,400	TZE Shin International Co. Ltd.(b)		14,746
	26,000	U-Ming Marine Transport Corp.		44,152
	223,288	Unimicron Technology Corp.		254,184
	277,071	Union Bank of Taiwan(b)		93,437
	40,000	Union Insurance Co. Ltd.(b)		15,612
	179,037	Unitech Printed Circuit Board Corp.		71,410
	134,000	United Integrated Services Co. Ltd.		129,603
	19,196	Unity Opto Technology Co. Ltd.		20,505
	283,000	Universal Cement Corp.		132,739
	40,000	Universal Microelectronics Co. Ltd.		10,586
	110,416	Unizyx Holding Corp.		62,563
	158,676	UPC Technology Corp.		89,365
	238,554	USI Corp.		222,967
	9,000	U-Tech Media Corp.		1,849
	56,800	Ve Wong Corp.		41,518
	7,349	Via Technologies, Inc.(b)		4,164
	117,000	Wah Lee Industrial Corp.		160,227
	871,000	Walsin Lihwa Corp.		253,769
	83,947	Walsin Technology Corp.		22,274
	72,000	Walton Advanced Engineering, Inc.		21,816
	195,300	Wan Hai Lines Ltd.		98,959
	863,333	Waterland Financial Holdings Co. Ltd.		294,394
	114,000	Wei Chuan Food Corp.		124,699
	65,100	Weikeng Industrial Co. Ltd.		56,054
	15,606	Well Shin Technology Co. Ltd.		23,055
	17,000	Wellypower Optronics Corp.		9,400
	50,000	Weltrend Semiconductor, Inc.		22,853
	884,977	Winbond Electronics Corp.(b)		148,160
	329,673	Wintek Corp.		215,015
	12,885	Wistron Corp.		19,344
	80,068	Wistron NeWeb Corp.		150,495
	575,865	WPG Holdings Co. Ltd.		786,655
	107,136	WT Microelectronics Co. Ltd.		151,487
	95,000	WUS Printed Circuit Co. Ltd.(b)		45,535
	322,000	Yageo Corp.		92,603
	1,163,600	Yang Ming Marine Transport Corp.		493,988
	67,764	Yem Chio Co. Ltd.		65,772
	211,077	Yeun Chyang Industrial Co. Ltd.		122,852
	118,159	Yi Jinn Industrial Co. Ltd.		26,902
	303,526	Yieh Phui Enterprise Co. Ltd.		104,437

61

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TAIWAN (continued)
	10,000	Young Fast Optoelectronics Co. Ltd.	$	21,432
	431,624	Yuen Foong Yu Paper Manufacturing Co. Ltd.		195,061
	352,000	Yulon Motor Co. Ltd.		564,000
	29,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		49,097
	61,000	YungShin Global Holding Corp.		85,312
	130,000	Yungtay Engineering Co. Ltd.		215,417
	92,000	Zenitron Corp.		70,555
	224,315	Zig Sheng Industrial Co. Ltd.		76,721
	169	Zinwell Corp.		186
	4,000	Zippy Technology Corp.		3,300
				53,303,949
THAILAND — 0.4%
	76,300	AJ Plast Public Co. Ltd. - FOR(d)		37,468
	272,500	Amata Corp. Public Co. Ltd. - FOR(d)		158,626
	413,880	Asian Property Development Public Co. Ltd. - FOR(d)		92,198
	179,700	Asian Property Development Public Co. Ltd. - NVDR		40,031
	404,300	Bangchak Petroleum Public Co. Ltd. - FOR(d)		335,273
	6,500	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR(d)		2,959
	7,347,000	Bangkok Chain Hospital Public Co. Ltd. - FOR(d)		2,030,878
	133,600	Bangkok Dusit Medical Services Public Co. Ltd. - FOR(d)		399,714
	2,995,000	Bangkok Expressway Public Co. Ltd. - FOR(d)		2,279,122
	22,000	Bangkok Insurance Public Co. Ltd. - FOR(d)		176,715
	580,100	Bangkokland Public Co. Ltd. - FOR(b)(d)		13,583
	14,000	Bank of Ayudhya Public Co. Ltd. - FOR		12,634
	195,700	BEC World Public Co. Ltd. - FOR(d)		327,758
	19,000	Big C Supercenter Public Co. Ltd. - FOR(d)		117,398
	62,700	Bumrungrad Hospital Public Co. Ltd. - FOR(d)		124,380
	1,158,900	CalComp Electronics Public Co. Ltd. - FOR(d)		108,541
	64,000	Central Pattana Public Co. Ltd. - FOR(d)		104,585
	261,400	Central Plaza Hotel Public Co. Ltd. - FOR(d)		107,960
	316,500	CH Karnchang Public Co. Ltd. - FOR(d)		81,827
	2,100	Charoong Thai Wire & Cable Public Co. Ltd. - FOR(d)		611

Shares			Value
THAILAND (continued)
	307,400	Delta Electronics Thai Public Co. Ltd. - FOR(d)	$	246,920
	679,100	Dynasty Ceramic Public Co. Ltd. - FOR(d)		1,407,890
	4,323,400	Eastern Water Resources Development and Management Public Co. Ltd. - FOR(d)		1,181,026
	52,000	Electricity Generating Public Co. Ltd. - FOR(d)		167,415
	85,800	Esso Thailand Public Co. Ltd. - FOR(d)		32,646
	5,120,400	G J Steel Public Co. Ltd. - FOR(b)(d)		28,308
	1,289,700	G Steel Public Co. Ltd. - FOR(b)(d)		20,551
	143,500	GFPT Public Co. Ltd. - FOR(d)		47,133
	135,200	Glow Energy Public Co. Ltd. - FOR(d)		295,681
	233,500	Hana Microelectronics Public Co. Ltd. - FOR(d)		170,094
	1,785,800	Hemaraj Land and Development Public Co. Ltd. - FOR(d)		173,063
	973,037	Home Product Center Public Co. Ltd. - FOR(d)		443,009
	63,100	ICC International Public Co. Ltd. - FOR(d)		90,289
	2,285,000	IRPC Public Co. Ltd. - FOR(d)		323,987
	664,100	Italian-Thai Development Public Co. Ltd. - FOR(b)(d)		79,044
	930,500	Jasmine International Public Co. Ltd. - FOR(d)		95,622
	126,400	KGI Securities Thailand Public Co. Ltd. - FOR(d)		9,537
	155,100	Khon Kaen Sugar Industry Public Co. Ltd.(d)		69,606
	81,600	Kiatnakin Bank Public Co. Ltd. - FOR(d)		98,185
	225,100	Land and Houses Public Co. Ltd. - FOR		58,197
	452,800	Land and Houses Public Co. Ltd. - NVDR		117,065
	14,600	Lanna Resources Public Co. Ltd. - FOR(d)		13,769
	400,600	Loxley Public Co. Ltd. - FOR(d)		49,505
	85,600	Major Cineplex Group Public Co. Ltd. - FOR(d)		54,005
	36,900	MBK Public Co. Ltd. - FOR(d)		114,299
	71,100	MCOT Public Co. Ltd. - FOR(d)		67,632
	77,000	MCS Steel Public Co. Ltd. - FOR(d)		18,655
	143,770	Minor International Public Co. Ltd. - FOR(d)		65,924
	1,775,000	Polyplex Public Co. Ltd. - FOR(d)		894,715
	240,500	Precious Shipping Public Co. Ltd. - FOR(d)		126,702

62

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
THAILAND (continued)
	53,800	Pruksa Real Estate Public Co. Ltd. - FOR(d)	$	26,944
	444,500	Quality Houses Public Co. Ltd. - FOR(d)		27,031
	118,700	Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR(d)		161,162
	153,900	Robinson Department Store Public Co. Ltd. - FOR(d)		266,510
	28,500	Rojana Industrial Park Public Co. Ltd. - FOR(d)		7,507
	69,300	Saha-Union Public Co. Ltd. - FOR(d)		67,610
	426,400	Sahaviriya Steel Industries Public Co. Ltd. - FOR(b)(d)		10,539
	276,600	Samart Corp. Public Co. Ltd. - FOR(d)		85,903
	35,700	Samart Telcoms Public Co. Ltd. - FOR(d)		15,673
	1,921,500	Sansiri Public Co. Ltd. - FOR(d)		131,224
	168,500	SC Asset Corp. Public Co. Ltd. - FOR(d)		81,099
	15,100	Siam City Cement Public Co. Ltd. - FOR(d)		161,558
	36,900	Siam Future Development Public Co. Ltd. - FOR(d)		10,319
	23,300	Siam Makro Public Co. Ltd. - FOR(d)		290,208
	2,800	Siamgas & Petrochemicals Public Co. Ltd. - FOR(d)		1,493
	44,000	SNC Former Public Co. Ltd. - FOR(d)		43,642
	74,254	Somboon Advance Technology Public Co. Ltd. - FOR(d)		67,613
	22,100	Sri Trang Agro-Industry Public Co. Ltd. - FOR(d)		14,518
	7,700	STP & I Public Co. Ltd. - FOR(d)		7,450
	263,800	Supalai Public Co. Ltd. - FOR(d)		140,693
	1,330,700	Tata Steel Thailand Public Co. Ltd. - FOR(b)(d)		36,351
	15,800	Thai Airways International Public Co. Ltd.(b)(d)		13,745
	22,200	Thai Carbon Black Public Co. Ltd. - FOR(d)		17,471
	15,000	Thai Central Chemical Public Co. Ltd. - FOR(d)		7,610
	68,600	Thai Oil Public Co. Ltd.(d)		150,585
	64,600	Thai Plastic & Chemical Public Co. Ltd. - FOR(d)		62,499
	18,200	Thai Stanley Electric Public Co. Ltd. - FOR(d)		111,272
	167,265	Thai Union Frozen Products Public Co. Ltd. - FOR(d)		395,725
	8,900	Thai Vegetable Oil Public Co. Ltd. - FOR(d)		6,744
	204,400	Thaicom Public Co. Ltd. - FOR(b)(d)		105,025

Shares			Value
THAILAND (continued)
	425,100	Thanachart Capital Public Co. Ltd. - FOR(d)	$	438,924
	191,760	Thoresen Thai Agencies Public Co. Ltd. - FOR(d)		119,733
	4,955,800	Ticon Industrial Connection Public Co. Ltd. - FOR(d)		2,095,135
	18,500	Tipco Asphalt Public Co. Ltd. - FOR(d)		29,931
	195,000	Tisco Financial Group Public Co. Ltd. - FOR(b)(d)		266,341
	5,285,900	TMB Bank Public Co. Ltd. - FOR(d)		292,229
	137,000	Total Access Communication Public Co. Ltd. - FOR(d)		367,561
	600,000	TPI Polene Public Co. Ltd. - FOR(d)		275,122
	1,863,445	True Corp. Public Co. Ltd. - FOR(b)(d)		223,007
	256,900	Vinythai Public Co. Ltd. - FOR(d)		158,735
				19,905,176
TURKEY — 0.1%
	2,233	Adana Cimento Sanayii T.A.S. - Class A		5,085
	13,070	Akcansa Cimento AS		58,048
	38,378	Akenerji Elektrik Uretim AS - Placement Shares(b)		46,546
	8,242	Akfen Holding AS(b)		46,366
	325	Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT(b)		4,622
	61,656	Aksa Akrilik Kimya Sanayii		151,309
	73,605	Aksigorta AS(b)		78,791
	6,319	Alarko Holding AS		15,615
	14,769	Albaraka Turk Katilim Bankasi AS(b)		15,641
	13,283	Altinyildiz Mensucat Ve Konfeksiyon Fabrikalari AS		201,939
	1	Anadolu Cam Sanayii AS		1
	31,143	Anadolu Hayat Emeklilik AS		73,945
	28,087	Anadolu Sigorta(b)		14,713
	24,069	Arcelik AS		105,526
	102,999	Asya Katilim Bankasi AS(b)		104,978
	46,890	Aygaz AS		216,795
	227	Bagfas Bandirma Gubre Fabrik		25,592
	749	Baticim Bati Anadolu Cimento Sanayii AS		3,250
	2,472	Borusan Mannesmann Boru Sanayi ve Ticaret AS(b)		43,775
	514	Brisa Bridgestone Sabanci Sanayi Ve Ticaret AS(b)		123,214
	16,881	Bursa Cimento Fabrikasi AS(b)		49,790
	69,592	Celebi Hava Servisi AS(d)		641,934
	29,087	Cimsa Cimento Sanayi Ve Ticaret AS		130,177
	19,705	Coca-Cola Icecek AS		277,132
	11,012	Deva Holding AS(b)		14,672

63

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
TURKEY (continued)
	259,431	Dogan Sirketler Grubu Holdings AS(b)	$	122,607
	5,064	Dogan Yayin Holding AS(b)		2,019
	55,895	Dogus Otomotiv Servis Ve Ticaret AS		142,900
	6,849	Eczacibasi Yatirim Holding Ortakligi AS		27,377
	144,670	EIS Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		177,105
	2	Eregli Demir Ve Celik Fabrikalari TAS		2
	17,827	Ford Otomotiv Sanayi AS		163,932
	66,324	Gentas Genel Metal Sanayi Ve Ticaret AS		60,423
	67,762	Global Yatirim Holding AS(b)		52,088
	276	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		10,844
	2,500	Goodyear Lastikleri Turk AS		84,698
	74,533	GSD Holding AS(b)		33,102
	5,261	Gubre Fabrikalari TAS(b)		36,846
	9,201	Hurriyet Gazetecilik AS(b)		5,239
	170,851	Ihlas Holding AS(b)		110,901
	36,256	Ipek Dogal Enerji Kaynaklari Ve Uretim AS(b)		71,015
	36,256	Ipek Dogal Enerji Kaynaklari Ve Uretim AS - New(b)		69,983
	31,587	IS Finansal Kiralama AS(b)		19,244
	8,296	IS Yatirim Menkul Degerler AS		8,739
	20,002	Izmir Demir Celik Sanayi AS(b)		59,222
	23,780	Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS - Class A(b)		19,769
	10,085	Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS - Class B(b)		14,930
	118,896	Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS - Class D(b)		64,991
	428	Kartonsan Karton Sanayi Ve Ticaret AS(b)		59,763
	842	Konya Cimento Sanayii AS		158,692
	66,563	Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi Ve Ticaret AS		157,288
	18,000	Koza Anadolu Metal Madencilik Isletmeleri AS(b)		35,257
	18,000	Koza Anadolu Metal Madencilik Isletmeleri AS - New(b)		35,154
	18,103	Mardin Cimento Sanayii Ve Ticaret AS		71,123
	63,938	Menderes Tekstil Sanayi Ve Ticaret AS(b)		36,042
	37,052	Net Holding AS(b)		34,600
	2,633	Netas Telekomunikasyon AS		385,299
	5,026	Otokar Otomotiv Ve Savunma Sanayi AS		91,005

Shares			Value
TURKEY (continued)
	113,035	Petkim Petrokimya Holding AS(b)	$	134,516
	7,882	Pinar SUT Mamulleri Sanayii AS		82,130
	84,071	Polyester Sanayi AS(b)		61,752
	41,122	Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		116,137
	101,183	Sekerbank TAS		54,156
	131,825	Selcuk Ecza Deposu Ticaret ve Sanayi AS		123,849
	30,615	Soda Sanayii AS		58,746
	10,000	TAV Havalimanlari Holding AS(b)		52,612
	1,585	Tekfen Holding AS		5,776
	62,692	Tekstil Bankasi AS(b)		26,058
	20,247	Tofas Turk Otomobil Fabrikasi AS		89,693
	137,426	Trakya Cam Sanayi AS		197,972
	9,741	Turcas Petrol AS		15,364
	105,728	Turk Hava Yollari AO(b)		161,940
	276,180	Turkiye Sinai Kalkinma Bankasi AS		358,543
	312,577	Turkiye Sise Ve Cam Fabrikalari AS		533,939
	70,778	Ulker Biskuvi Sanayi AS		214,399
	9,110	Vestel Beyaz Esya Sanayi Ve Ticaret AS		11,775
	26,406	Vestel Elektonik Sanayi Ve Ticaret AS(b)		32,627
	9,284	Yapi Kredi Sigorta AS		84,052
	0	Zorlu Enerji Elektrik Uretim AS(b)		0
				7,287,691
UKRAINE — 0.0%
	2,161	Kernel Holding SA(b)		47,629
UNITED ARAB EMIRATES — 0.0%
	90,281	Dragon Oil Plc(b)		850,993
	12,896	Exillon Energy Plc(b)		29,028
	80,439	Lamprell Plc		454,295
				1,334,316
UNITED KINGDOM — 10.8%
	929	4imprint Group Plc		4,146
	23,380	888 Holdings Plc(b)		31,398
	278,982	Aberdeen Asset Management Plc		1,283,576
	7,449	Acal Plc		24,782
	27,694	Admiral Group Plc		544,280
	476,613	Aegis Group Plc		1,374,503
	175,898	Afren Plc(b)		383,951
	51,749	African Barrick Gold Ltd.		301,753
	21,716	Aga Rangemaster Group Plc		28,194
	139,796	AMEC Plc		2,575,034
	71,361	Amlin Plc		381,948
	51,177	Anglo Pacific Group Plc		265,777
	2,770	Anglo-Eastern Plantations		35,986
	68,300	Anite Plc		137,447

64

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	97,903	Ashmore Group Plc	$	607,902
	273,530	Ashtead Group Plc		1,103,122
	21,468	Aveva Group Plc		580,442
	6,071	Avon Rubber Plc		27,784
	1,751,755	AZ Electronic Materials SA(d)		9,049,036
	115,161	Babcock International Group Plc		1,553,098
	182,288	Balfour Beatty Plc		772,131
	7,631	Barr (A.G.) Plc		144,030
	181,030	Barratt Developments Plc(b)		392,803
	139,552	BBA Aviation Plc		447,296
	43,519	Bellway Plc		556,188
	39,584	Berendsen Plc		330,841
	108,436	Berkeley Group Holdings Plc(b)		2,254,317
	1,309	Betfair Group Plc		16,783
	11,891	Big Yellow Group Plc REIT		57,199
	3,760	Bloomsbury Publishing Plc		6,346
	1,068,769	Bodycote Plc(d)		7,378,594
	90,227	Booker Group Plc		115,679
	20,861	Boot (Henry) Plc		46,720
	70,095	Bovis Homes Group Plc		526,014
	5,449	Braemar Shipping Services Plc		34,267
	6,177	Brammer Plc		36,891
	81,352	Brewin Dolphin Holdings Plc		215,863
	130,783	British Land Co. Plc REIT		1,038,742
	3,462	British Polythene Industries Plc		18,976
	22,208	Britvic Plc		137,750
	71,760	BTG Plc(b)		442,429
	150,395	Bunzl Plc		2,496,901
	76,492	Cable & Wireless Communi- cations Plc		40,953
	438,010	Cable & Wireless Worldwide Plc		252,280
	10,834	Cadogan Petroleum Plc(b)		5,582
	423,006	Cairn Energy Plc(b)		2,360,178
	11	Camellia Plc		1,745
	99,205	Capita Plc		1,067,430
	74,940	Capital & Counties Properties Plc		242,024
	91,052	Capital & Regional Plc(b)		49,502
	24,640	Capital Shopping Centres Group Plc REIT		129,962
	11,197	Carclo Plc		70,324
	349,116	Carillion Plc		1,652,717
	986	Carpetright Plc(b)		9,601
	5,800	Centaur Media Plc		3,012
	3,699	Charles Stanley Group Plc		17,477
	2,606	Charles Taylor Consulting Plc		6,196
	36,659	Chemring Group Plc		194,248
	48,647	Chesnara Plc		138,951
	21,496	Chime Communications Plc		76,051
	43,740	Cineworld Group Plc		144,101
	4,407	Clarkson Plc		96,554
	61,525	Close Brothers Group Plc		736,387
	2,097,554	Cobham Plc		7,710,342

Shares			Value
UNITED KINGDOM (continued)
	114,494	Colt Group SA(b)	$	197,705
	25,602	Communisis Plc		14,387
	63,868	Computacenter Plc		430,050
	29,203	Concentric AB		262,863
	6,595	Consort Medical Plc		70,961
	199,220	Cookson Group Plc		2,345,647
	5,190	Costain Group Plc		18,741
	935,975	CPP Group Plc(d)		717,725
	15,801	Cranswick Plc		206,430
	4,000	Creston Plc		3,936
	594,342	Croda International Plc(d)		21,528,953
	73,400	CSR Plc		274,812
	102,197	Daily Mail & General Trust Plc - Class A		690,457
	54,059	Dairy Crest Group Plc		264,075
	767,977	De La Rue Plc(d)		12,158,158
	345,880	Debenhams Plc		463,658
	6,887	Dechra Pharmaceuticals Plc		51,582
	34,483	Derwent London Plc- REIT		974,867
	25,677	Development Securities Plc		68,758
	89,965	Devro Plc		450,132
	6,324	Dialight Plc		106,224
	5,188	Dignity Plc		70,725
	966,544	Diploma Plc(d)		7,193,628
	925,871	Dixons Retail Plc(b)		267,613
	821,402	Domino Printing Sciences Plc(d)		7,984,999
	42,149	Domino’s Pizza UK & Ireland Plc		300,634
	295,471	Drax Group Plc		2,603,796
	167,079	DS Smith Plc		454,994
	6,273	Dunelm Group Plc		52,073
	25,606	E2V Technologies Plc		60,672
	79,189	easyJet Plc		637,311
	230,794	Electrocomponents Plc		852,864
	229,079	Elementis Plc		773,659
	171,604	EnQuest Plc(b)		352,855
	1,680,000	Ensco Plc - ADR		91,812,000
	168,172	Enterprise Inns Plc(b)		167,850
	14,750	Erinaceous Group Plc(b)(c)(d)		0
	8,205	Euromoney Institutional Investor Plc		104,530
	304,900	F&C Asset Management Plc		333,263
	100,698	Fenner Plc		736,711
	74,493	Fiberweb Plc		70,119
	9,707	Fidessa Group Plc		244,179
	97,005	Filtrona Plc		731,103
	2,172	Findel Plc(b)		123
	121,073	Firstgroup Plc		382,762
	402,982	Fortune Oil Plc		71,123
	12,146	French Connection Group Plc		8,476
	2,555	Fuller Smith & Turner - Class A		29,751
	539,467	G4S Plc		2,447,904
	28,463	Galliford Try Plc		301,638
	5,558	Games Workshop Group Plc		51,144
	54,226	Gem Diamonds Ltd.(b)		227,929

65

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	24,405	Genus Plc	$	559,250
	1,388,182	GKN Plc		4,589,123
	3,552	GlobeOp Financial Services SA		27,958
	14,268	Go-Ahead Group Plc		263,973
	38,840	Great Portland Estates Plc REIT		226,984
	434,770	Greene King Plc		3,602,032
	15,572	Greggs Plc		126,738
	70,960	Halfords Group Plc		316,808
	1,146,917	Halma Plc(d)		7,540,264
	84,204	Hammerson Plc REIT		570,671
	73,847	Hansteen Holdings Plc REIT		87,907
	16,173	Hardy Oil & Gas Plc(b)		38,977
	78,688	Hargreaves Lansdown Plc		672,356
	73,639	Hays Plc		106,721
	7,301	Headlam Group Plc		35,724
	41,557	Helical Bar Plc		127,973
	17,724	Helphire Plc(b)		443
	186,402	Henderson Group Plc		366,645
	71,298	Hikma Pharmaceuticals Plc		726,657
	29,183	Hill & Smith Holdings Plc		156,292
	337	Hilton Food Group Ltd.		1,557
	5,026	Hogg Robinson Group Plc		5,710
	12,750	Home Retail Group Plc		22,058
	87,969	Homeserve Plc		360,482
	211,194	Howden Joinery Group Plc(b)		418,152
	50,371	Hunting Plc		777,416
	34,778	Huntsworth Plc		26,810
	3,454	Hyder Consulting Plc		21,784
	194,352	ICAP Plc		1,197,628
	88,546	IG Group Holdings Plc		665,338
	94,926	Imagination Technologies Group Plc(b)		1,059,132
	102,510	IMI Plc		1,646,169
	278,543	InchCape Plc		1,654,044
	59,469	Inmarsat Plc		424,461
	497,362	Innovation Group Plc(b)		171,524
	87,863	Intercontinental Hotels Group Plc		2,091,840
	293,727	International Consolidated Airlines Group(b)		840,881
	1,042,380	Interserve Plc(d)		4,841,590
	50,521	Intertek Group Plc		2,062,064
	269,086	Invensys Plc		969,911
	205,405	Investec Plc		1,184,067
	67,026	IP Group Plc(b)		158,270
	22,429	ITE Group Plc		82,228
	1,283,644	ITV Plc		1,743,662
	8,667	James Fisher & Sons Plc		79,928
	28,273	Jardine Lloyd Thompson Group Plc		322,567
	63,090	Jazztel Plc(b)		422,654
	7,378	JD Sports Fashion Plc		98,185
	26,702	JKX Oil & Gas Plc		59,369
	4,183	John Menzies Plc		44,262
	243,164	John Wood Group Plc		3,082,071
	53,583	Johnson Matthey Plc		2,012,253

Shares			Value
UNITED KINGDOM (continued)
	81,564	Johnston Press Plc(b)	$	7,677
	35,089	Jupiter Fund Management Plc		130,065
	172,730	Kcom Group Plc		199,030
	19,459	Keller Group Plc		142,110
	39,738	Kesa Electricals Plc		35,148
	10,701	Kewill Plc		13,199
	17,238	Kier Group Plc		326,195
	51,645	Kofax Plc(b)		239,710
	98,592	Ladbrokes Plc		287,049
	2,316,533	Laird Plc(d)		8,131,812
	46,421	Land Securities Group Plc, REIT		548,075
	13,753	Lavendon Group Plc		26,895
	372,370	Logica Plc		470,765
	64,985	London & Stamford Property Plc REIT		117,065
	73,615	London Stock Exchange Group Plc		1,299,833
	27,502	Lonmin Plc		465,076
	43,642	Lookers Plc		44,621
	22,684	Low & Bonar Plc		21,076
	1,283	LSL Property Services Plc		5,002
	354,344	Man Group Plc		595,193
	6,088	Management Consulting Group Plc		3,804
	47,388	Marshalls Plc		71,715
	262,028	Marston’s Plc		414,827
	55,254	McBride Plc(b)		113,883
	1,105,080	McBride Plc - Redeemable B Shares(c)(d)		1,793
	1,244	McKay Securities Plc REIT		2,604
	27,151	Mears Group Plc		115,226
	53,040	Mecom Group Plc		129,118
	300,861	Meggitt Plc		1,994,574
	330,160	Melrose Plc		2,342,058
	11,210	Melrose Resources Plc		22,013
	8,454	Metric Property Investments Plc REIT		12,279
	99,955	Michael Page International Plc		674,175
	69,830	Millennium & Copthorne Hotels Plc		550,544
	119	Misys Plc(b)		673
	45,596	Mitchells & Butlers Plc(b)		195,206
	165,675	Mitie Group Plc		784,306
	231,628	Mondi Plc		2,148,323
	125,036	Moneysupermarket.com Group Plc		270,494
	144,365	Morgan Crucible Co. Plc		761,443
	15,010	Morgan Sindall Group Plc		162,358
	12,739	Mothercare Plc		35,301
	15,625	MWB Group Holdings Plc - Units(b)		1,490
	80,593	N Brown Group Plc		299,781
	136,397	National Express Group Plc		479,685
	599	NCC Group Plc		8,613
	41,270	Next Plc		1,961,761
	55,574	Northgate Plc(b)		179,390

66

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	21,393	Novae Group Plc	$	128,459
	9,252	Ocado Group Plc(b)		19,490
	2,372	Optos Plc(b)		9,893
	4,108	Oxford Instruments Plc		81,603
	75,490	Pace Plc		89,128
	4,258	PayPoint Plc		44,191
	149,749	Pendragon Plc(b)		35,847
	135,216	Pennon Group Plc		1,615,095
	256,487	Persimmon Plc		2,616,152
	28,890	Petrofac Ltd.		813,466
	32,236	Petropavlovsk Plc		249,442
	36,290	Photo-Me International Plc		26,650
	131,010	Premier Farnell Plc		456,487
	89,898	Premier Foods Plc(b)(d)		23,708
	96,409	Premier Oil Plc(b)		585,169
	41,180	Provident Financial Plc		772,568
	21,688	Psion Plc		19,711
	279,236	Punch Taverns Plc(b)		43,958
	19,519	PV Crystalox Solar Plc		1,425
	78,418	PZ Cussons Plc		422,901
	144,897	QinetiQ Group Plc		359,785
	44,169	Quintain Estates & Development Plc(b)		27,418
	4,954	Rathbone Brothers Plc		106,367
	3,560	REA Holdings Plc		40,212
	125,122	Redrow Plc(b)		249,765
	9,324	Renishaw Plc		219,262
	47,797	Renold Plc(b)		24,531
	43,173	Renovo Group Plc(b)		11,824
	235,480	Rentokil Initial Plc		330,760
	69,193	Restaurant Group Plc		315,432
	2,961,210	Rexam Plc		20,664,741
	9,385	Ricardo Plc		53,080
	36,161	Rightmove Plc		904,348
	5,585	RM Plc		7,523
	26,258	Robert Walters Plc		108,879
	13,824	ROK Plc(b)(c)(d)		0
	669,876	Rotork Plc(d)		23,993,248
	75,411	RPC Group Plc		451,967
	136,419	RPS Group Plc		524,263
	1,121,227	RSA Insurance Group Plc		1,910,624
	11,319	Safestore Holdings Plc		20,574
	1,014,959	Sage Group Plc (The)		4,712,579
	67,612	Salamander Energy Plc(b)		272,783
	38,815	Savills Plc		225,263
	101,874	Schroders Plc		2,344,401
	42,407	Schroders Plc - Non Voting		774,940
	35,597	SDL Plc		411,326
	71,325	Segro Plc REIT		255,931
	182,318	Senior Plc		630,233
	621,506	Serco Group Plc		5,471,890
	30,683	Severfield-Rowen Plc		92,122
	89,681	Severn Trent Plc		2,459,685
	94,571	Shaftesbury Plc REIT		785,047
	269,219	Shanks Group Plc		404,147
	224,592	SIG Plc		383,809

Shares			Value
UNITED KINGDOM (continued)
	53,086	Smiths Group Plc	$	921,841
	22,043	Smiths News Plc		35,595
	79,439	Soco International Plc(b)		386,765
	10,749	Southern Cross Healthcare Group Plc(b)(c)(d)		0
	393,703	Spectris Plc		12,050,435
	15,017	Speedy Hire Plc		6,702
	209,031	Spirax-Sarco Engineering Plc(d)		7,822,801
	207,268	Spirent Communications Plc		571,839
	208,127	Spirit Pub Co. Plc(b)		187,462
	4,982	Sportech Plc(b)		4,083
	94,269	Sports Direct International Plc(b)		462,334
	96,548	St. James’s Place Plc		517,854
	53,689	St. Modwen Properties Plc		146,164
	154,395	Stagecoach Group Plc		621,409
	1,050,987	Standard Life Plc		3,813,831
	32,005	Sthree Plc		179,975
	2,366	Stolt-Nielsen Ltd.		42,376
	8,341	SuperGroup Plc(b)		47,080
	30,559	Synergy Health Plc		412,128
	14,308	T Clarke Plc		11,668
	235,743	Talktalk Telecom Group Plc		489,330
	214,060	Tate & Lyle Plc		2,398,786
	788,084	Taylor Wimpey Plc		642,689
	5,162	Ted Baker Plc		75,837
	72,988	Telecity Group Plc(b)		955,911
	12,866	Telecom Plus Plc		142,717
	38,780	Timeweave Plc		13,453
	3,226	Topps Tiles Plc		2,035
	8,024	Torotrak Plc(b)		4,769
	5,551	Town Centre Securities Plc REIT		17,072
	85,551	Travis Perkins Plc		1,457,829
	115,313	Trinity Mirror Plc(b)		60,821
	1,355,957	TT electronics Plc(d)		4,181,112
	62,760	Tullett Prebon Plc		349,866
	28,712	UBM Plc		274,688
	78,439	UK Coal Plc(b)		25,460
	970	UK Mail Group Plc		3,723
	400,981	Ultra Electronics Holdings Plc(d)		10,958,678
	13,118	Umeco Plc		122,626
	15,100	Unite Group Plc		47,848
	257,394	United Utilities Group Plc		2,583,631
	9,569	UTV Media Plc		23,605
	197,460	Vectura Group Plc(b)		230,730
	136,756	Vedanta Resources Plc		2,701,029
	412,821	Victrex Plc(d)		9,727,936
	11,826	Vitec Group Plc (The)		127,870
	7,903	Volex Plc		33,700
	81,025	Weir Group Plc (The)		2,242,001
	50,439	Wetherspoon (J.D.) Plc		331,932
	43,316	WH Smith Plc		370,468
	126,411	Whitbread Plc		3,953,292
	591,802	William Hill Plc		2,702,669

67

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	2,725,000	Willis Group Holdings Plc(d)	$	99,353,500
	15,003	Wilmington Group Plc		23,131
	21,070	Wincanton Plc(b)		17,439
	79,245	Wolfson Microelectronics Plc(b)		228,277
	32,930	Workspace Group Plc REIT		120,646
	2,214	WS Atkins Plc		26,122
	24,432	WSP Group Plc		99,622
	14,163	Xaar Plc		52,061
	29,350	Xchanging Plc(b)		48,108
	650,113	Yell Group Plc(b)		41,148
	32,654	Yule Catto & Co. Plc		123,371
				542,161,663
UNITED STATES — 46.8%
	250,000	ABM Industries, Inc.		5,820,000
	1,043,107	Advance Auto Parts, Inc.		95,757,223
	30,000	Advent Software, Inc.(b)		809,699
	1,017	Allegheny Technologies, Inc.		43,670
	155,000	Altera Corp.		5,513,350
	65,000	American Public Education, Inc.(b)		2,256,799
	50,000	AMETEK, Inc.		2,516,499
	300	AMREP Corp.(b)		2,331
	150,000	Amtrust Financial Services, Inc.		4,086,000
	55,000	ANSYS, Inc.(b)		3,688,849
	57,000	Apollo Group, Inc. - Class A(b)		2,007,539
	165,000	Approach Resources Inc.(b)		5,920,200
	223,000	Aptargroup, Inc.		12,155,730
	78,840	Argonaut Gold, Inc.(b)		644,064
	453,000	Ariba, Inc.(b)		17,304,600
	45,000	Arthur J Gallagher & Co.		1,690,199
	31,621	Atna Resources Ltd.(b)		39,372
	235,000	Avon Products, Inc.		5,076,000
	57,000	Bard (C.R.), Inc.		5,640,720
	88	Berkshire Hills Bancorp, Inc.		1,997
	153,000	Bio-Rad Laboratories, Inc. - Class A(b)		16,522,470
	150,000	Bio-Reference Labs, Inc.(b)		3,197,999
	2,600,000	BMC Software, Inc.(b)		107,276,000
	23,400	BNK Petroleum, Inc.(b)		29,135
	60,894	Boart Longyear Ltd.		265,849
	275,000	Bottomline Technologies, Inc.(b)(d)		6,470,750
	250,000	Brady Corp. - Class A		7,757,500
	250,000	Brown & Brown, Inc.		6,742,500
	100,600	Bryn Mawr Bank Corp.(d)		2,161,893
	80,000	Capella Education Co.(b)		2,616,799
	150,000	Cardtronics, Inc.(b)		3,954,000
	3,576,000	CareFusion Corp.(b)(d)		92,654,160
	30,000	Church & Dwight Co., Inc.		1,523,999
	100,000	CLARCOR, Inc.		4,802,000
	91,000	Clorox Co. (The)		6,379,100
	75,000	Community Bank System, Inc.		2,108,999
	300,000	comScore, Inc.(b)		5,976,000
	30,000	Concho Resources, Inc.(b)		3,215,399
	293,000	Concur Technologies, Inc.(b)		16,572,080

Shares			Value
UNITED STATES (continued)
	90,000	CoStar Group, Inc.(b)	$	6,560,100
	2,510,000	Crown Holdings, Inc.(b)(d)		92,819,800
	350,000	Denbury Resources, Inc.(b)		6,664,000
	76,000	DeVry, Inc.		2,443,399
	1,000,000	Dolby Laboratories, Inc. - Class A(b)		39,230,000
	227,270	Dollar Tree, Inc.(b)		23,104,268
	115,000	Dover Corp.		7,205,900
	81,000	Energizer Holdings, Inc.(b)		5,777,730
	200,000	EnPro Industries, Inc.(b)		8,282,000
	161,000	Esterline Technologies Corp.(b)		11,026,890
	175,000	Financial Engines, Inc.(b)		3,997,000
	2,334	First Acceptance Corp.(b)		3,594
	77,000	First Republic Bank (California)(b)		2,543,309
	1,595,000	Fiserv, Inc.(b)(d)		112,112,550
	740,000	Flowers Foods, Inc.		15,873,000
	925,000	Flowserve Corp.(d)		106,310,250
	50,000	Gardner Denver, Inc.		3,256,999
	150,000	Genomic Health, Inc.(b)		4,299,000
	250,000	Gen-Probe, Inc.(b)		20,387,500
	1,115	Golden Minerals Co.(b)		8,329
	89,961	Golden Star Resources Ltd.(b)		138,423
	175,000	Gulfport Energy Corp.(b)		4,586,750
	250,000	Harris Teeter Supermarkets, Inc.		9,492,500
	1,184,150	Henry Schein, Inc.(b)(d)		90,871,671
	110,000	Hittite Microwave Corp.(b)		5,889,400
	120,000	HJ Heinz Co.		6,397,200
	125,000	HUB Group, Inc. - Class A(b)		4,375,000
	325,000	IDEX Corp.		14,075,750
	35,000	IHS, Inc. - Class A(b)		3,537,449
	150,000	II-VI, Inc.(b)		3,061,499
	100,000	Independent Bank Corp.(d)		2,806,999
	9,600	Indevus Pharmaceuticals, Inc.(c)(d)		0
	250,000	Integra LifeScience Holdings Corp.(b)		9,307,500
	4,000,000	International Game Technology		62,320,000
	9,084	International Minerals Corp.(b)		48,737
	105,000	Intuit, Inc.		6,086,850
	257,000	Jack Henry & Associates, Inc.		8,727,720
	34,081	Jaguar Mining, Inc.(b)		94,875
	320,000	John Wiley & Sons, Inc. - Class A(d)		14,460,800
	200,000	K12, Inc.(b)		5,100,000
	14,900	Kaydon Corp.		365,497
	98,000	Kellogg Co.		4,955,860
	620,000	Key Energy Services, Inc.(b)		7,849,200
	70,000	Laboratory Corp. of America Holdings(b)		6,152,300
	150,000	Lancaster Colony Corp.(d)		9,781,500
	155,000	Life Technologies Corp.(b)		7,185,800
	150,000	LogMein, Inc.(b)		5,401,500
	250,000	Luminex Corp.(b)		6,260,000
	350,000	Masimo Corp.(b)		7,745,500

68

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,422,624	McCormick & Co., Inc.(d)	$	79,538,908
	175,000	Measurement Specialties, Inc.(b)(d)		6,252,750
	400,000	MedAssets, Inc.(b)		5,044,000
	175,000	Medidata Solutions, Inc.(b)		4,534,250
	75,000	MICROS Systems, Inc.(b)		4,262,250
	115,000	Molson Coors Brewing Co. - Class B		4,781,700
	180,000	Morningstar, Inc.(d)		10,389,600
	677	Movie Gallery, Inc.(b)(c)(d)		0
	377,000	Myriad Genetics, Inc.(b)		9,805,770
	393,000	National Instruments Corp.		10,689,600
	150,000	Navigators Group, Inc. (The)(b)(d)		7,125,000
	2,236,746	NetApp, Inc.(b)		86,852,847
	150,000	NeuStar, Inc. - Class A(b)		5,452,500
	350,000	Northern Oil and Gas, Inc.(b)		6,800,500
	155,000	Northern Trust Corp.		7,376,450
	350,000	NuVasive, Inc.(b)		5,799,500
	200,000	Oasis Petroleum, Inc.(b)		6,614,000
	20,000	Oil States International, Inc.(b)		1,591,599
	1,973,500	Omnicom Group, Inc.		101,260,285
	38,000	Pall Corp.		2,265,179
	43,000	Parker Hannifin Corp.		3,770,669
	115,000	Pentair, Inc.		4,984,100
	100,000	Petroleum Development Corp.(b)		3,438,999
	30,000	Pioneer Natural Resources Co.		3,474,599
	68,500	PROS Holdings, Inc.(b)		1,348,765
	366,000	QLIK Technologies, Inc.(b)		10,544,460
	125,000	Quality Systems, Inc.		4,675,000
	50,000	Ralcorp Holdings, Inc.(b)		3,640,499
	26,988	Ram Power Corp.(b)		9,016
	70,700	Raven Industries, Inc.(d)		4,256,847
	25,000	RBC Bearings, Inc.(b)		1,171,999
	38,000	Red Hat, Inc.(b)		2,265,179
	135,000	ResMed, Inc.(b)		4,591,350
	600,000	Resolute Energy Corp.(b)		6,366,000
	100,000	Robbins & Myers, Inc.		4,871,000
	25,000	Roper Industries, Inc.		2,547,499
	400	Salem Communications Corp. - Class A		2,143
	400,000	Sapient Corp.		4,788,000
	300,000	Sensient Technologies Corp.		11,145,000
	200,000	Silgan Holdings, Inc.		8,774,000
	54,221	Sims Metal Management Ltd.		803,366
	400,000	Smart Balance, Inc.(b)		2,359,999
	375,000	Snyders-Lance, Inc.(d)		9,705,000
	75,000	SolarWinds, Inc.(b)		3,518,249
	116,000	Solera Holdings, Inc.		5,213,040
	200,000	Spectrum Brands Holdings, Inc.(b)		6,902,000
	79,000	St. Jude Medical, Inc.		3,058,879
	155,000	STERIS Corp.		4,868,550
	30,000	Strayer Education, Inc.		2,960,399
	26,948	Student Transportation, Inc.		183,591

Shares			Value
UNITED STATES (continued)
	546,000	Superior Energy Services, Inc.(b)	$	14,698,320
	21,389	SXC Health Solutions Corp.(b)		1,939,593
	57,000	T Rowe Price Group, Inc.		3,597,555
	75,000	Techne Corp.		5,020,500
	135,000	Teleflex, Inc.		8,460,450
	9,100	Tenet Healthcare Corp.(b)		47,229
	2,353,855	Tenneco, Inc.(b)(d)		72,569,350
	500,000	TETRA Technologies, Inc.(b)		4,355,000
	175,000	TreeHouse Foods, Inc.(b)		10,064,250
	350,000	Trimas Corp.(b)(d)		7,703,500
	1,480,000	Tupperware Brands Corp.(d)		92,189,200
	50,000	Ultimate Software Group, Inc.(b)		3,857,999
	300,000	UMB Financial Corp.(d)		14,415,000
	39,856	Ur-Energy, Inc.(b)		43,170
	250,000	UTi Worldwide, Inc.		4,167,500
	250,000	VCA Antech, Inc.(b)		5,915,000
	3,284	VeriFone Systems, Inc.(b)		156,450
	152,000	Verisk Analytics, Inc. - Class A(b)		7,440,400
	150,000	Volcano Corp.(b)		4,072,500
	150,000	W.R. Berkley Corp.		5,649,000
	277,000	Waddell & Reed Financial, Inc. - Class A		8,858,460
	125,000	Washington Trust Bancorp, Inc.(d)		2,958,749
	200	WaterFurnace Renewable Energy, Inc.		3,654
	1,131,151	Waters Corp.(b)		95,141,111
	326,000	West Pharmaceutical Services, Inc.(d)		14,637,400
	1,850,000	Western Digital Corp.(b)		71,798,500
	141,000	Whiting Petroleum Corp.(b)		8,065,200
	1,419,444	Wisconsin Energy Corp.		52,292,317
	275,000	Wolverine World Wide, Inc.		11,536,250
	100,000	Wright Express Corp.(b)		6,382,000
	2,185,000	Xilinx, Inc.		79,490,300
	50,000	Zimmer Holdings, Inc.		3,146,499
				2,353,530,662
Total Common Stocks (Cost $3,734,232,311)				4,636,670,031
INVESTMENT COMPANY — 0.1%
	6,981,300	SEI Daily Income Trust Government II Fund, Class A 0.01%(f)		6,981,300
Total Investment Company (Cost $6,981,300)				6,981,300
EXCHANGE TRADED FUNDS — 4.1%
	1,035,400	iShares MSCI EAFE Small Cap Index Fund		41,229,628
	1,772,100	iShares MSCI Emerging Markets Index Fund		74,782,620
	119,861	iShares MSCI Japan Small Cap Index Fund		5,477,648

69

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Shares			Value
	1,204,000	iShares MSCI Malaysia Index Fund	$	17,470,040
	1,120,400	iShares MSCI Singapore Index Fund		14,576,404
	64,000	SPDR Russell Nomura Small Cap Japan Fund		2,752,639
	600,000	SPDR S&P Emerging Markets Small Cap Fund		26,736,000
	714,800	SPDR S&P International Small Cap Fund		20,207,396
Total Exchange Traded Funds (Cost $168,331,618)				203,232,375
RIGHTS/WARRANTS — 0.0%
Banks — 0.0%
	2,285	Vertjysk Bank Rights, Expire 5/21/12(b)		2,155
Consumer Discretionary — 0.0%
	9,250	Accell Group Coupons(b)(c)(d)		0
	1,710	Centrebet Litigation Rights(b)(c)(d)		0
	1,710	Centrebet Litigation Units(b)(c)(d)		0
	300	Progress-Werk Oberkirch Rights, Expire 5/14/12(b)(c)(d)		0
	18,768	Redrow Plc Rights, Expire 5/8/12(b)(c)(d)		0
	14,713	Ten Cate NV Coupons, Expire 5/17/12(b)(c)(d)		0
	27,312	Wolters Kluwer NV Coupons, Expire 5/16/12(b)(c)(d)		0
	46,666	Xiwang Sugar Holdings Co. Ltd. Warrants, Expire 2/22/12(b)(c)(d)		0
				0
Consumer Staples — 0.0%
	24,350	Malayan Flour Mills Warrants(b)(c)(d)		0
	33,453	Thai Union Frozen Rights, Expire 5/18/12(b)(c)(d)		24,750
				24,750
Health Care — 0.0%
	2,066	Dechra Pharmaceuticals Plc Rights, Expire 5/15/12(b)		5,264
	9,600	Ligand Pharmaceuticals Contingent Value Rights(b)(c)(d)		0
	9,600	Ligand Pharmaceuticals Contingent Value Rights(b)(c)(d)		0
	19,566	Mediq NV Coupons, Expire 5/7/12(b)(c)(d)		0
				5,264

Shares			Value
Industrials — 0.0%
	47,325	Aalberts Industries NV Coupons, Expire 5/25/12(b)(c)(d)	$	0
	40,800	Beijing Yu Sheng Tang Pharmaceutical Group Ltd. Warrants, Expire 3/7/14(b)		158
	212,660	Dialog Group Berhad Warrants, Expire 2/12/17(b)		40,058
	16,720	Imtech NV Coupons(b)(c)(d)		0
	111,819	Koninklijke BAM Groep NV Coupons, Expire 5/22/12(b)(c)(d)		0
	100,278	TNT Express NV Coupons(b)(c)(d)		0
	26,991	VDM Group Ltd. Warrants, Expire 11/30/13(b)		816
				41,032
Information Technology — 0.0%
	32,423	BE Semiconductor Industries NV Coupons, Expire 5/31/12(b)(c)(d)		0
Materials — 0.0%
	1,767	Duluth Exploration Ltd. Special Warrants, Expire 1/18/13(b)(c)(d)		805
	611	Resource & Investment NL Warrants, Expire 5/31/13(b)		54
				859
Real Estate — 0.0%
	350,738	Allied Properties Ltd. Warrants, Expire 6/13/16(b)(d)		3,571
	4,647	Cheuk Nang Holdings Ltd. Warrants, Expire 4/20/13(b)(d)		641
	33,151	Klepierre Coupons, Expire 5/4/12(b)(c)(d)		0
	105,112	Sinarmas Land Ltd. Warrants, Expire 11/18/15(b)		16,988
				21,200
Telecommunication Services — 0.0%
	3,941	M2 Telecommunications Group Ltd. Rights, Expire 5/11/12(b)		1,643
Total Rights/Warrants (Cost $13,676)				96,903

70

Old Westbury Funds, Inc.
Global Small & Mid Cap Fund
Portfolio of Investments - (Continued)	April 30, 2012
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 2.2%
Federal Home Loan Bank — 2.2%
$	5,000,000	0.02%, 05/04/2012(g)	$	4,999,965
	9,000,000	0.02%, 05/08/2012(g)		8,999,965
	30,000,000	0.03%, 05/01/2012(g)		30,000,000
	5,000,000	0.03%, 05/11/2012(g)		4,999,958
	5,000,000	0.03%, 05/15/2012(g)		4,999,942
	10,000,000	0.03%, 05/16/2012(g)		9,999,667
	15,000,000	0.04%, 05/14/2012(g)		14,999,792
	33,000,000	0.08%, 05/09/2012(g)		32,999,419
Total U.S. Government Agencies (Cost $111,998,708)				111,998,708
U.S. GOVERNMENT SECURITIES — 0.2%
U.S. Treasury Bills — 0.2%
	10,000,000	0.03%, 05/10/2012(g)		9,999,931
Total U.S. Government Securities (Cost $9,999,931)				9,999,931
Shares
CASH SWEEP — 1.3%
	62,984,826	Citibank - US Dollars on Deposit in Custody Account0.02%(f)		62,984,826
Total Cash Sweep (Cost $62,984,826)				62,984,826
TOTAL INVESTMENTS — 100.1% (Cost $4,094,542,370)(a)				5,031,964,074
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(3,068,882	)
NET ASSETS — 100.0%			$	5,028,895,192

(a) Cost for federal income tax purposes is $4,098,565,014 and net unrealized appreciation of investments is as follows:

Unrealized appreciation.	$	1,064,772,099
Unrealized depreciation.		(131,373,039	)
Net unrealized appreciation	$	933,399,060

(b)	Non-income producing security.
(c)	Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $1,211,884, which is 0.02% of net assets and the cost is $3,102,589.
(d)	This security is considered either fully or partially illiquid.

	These securities, or portions thereof have a value of $554,965,654 or 11.04% of net assets.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	Rate shown represents current yield at April 30, 2012.
(g)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

BDR — Brazilian Depositary Receipt

CDI — CHESS Depositary Interests

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		1.9	%
Consumer Discretionary		15.6	%
Consumer Staples		6.1	%
Diversified Financials		1.9	%
Energy		5.3	%
Health Care		11.6	%
Industrials		16.0	%
Information Technology		16.8	%
Insurance		4.2	%
Materials		8.2	%
Real Estate		2.1	%
Telecommunication Services		0.4	%
Utilities		2.1	%
Other*		7.8	%
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.

71

(b) Not applicable.

Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8.	Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10.	Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11.	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, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) 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/ David W. Rossmiller
		David W. Rossmiller, President
		(Principal Executive Officer)
Date	6/20/12

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/ David W. Rossmiller
		David W. Rossmiller, President
		(Principal Executive Officer)
Date	6/20/12
By (Signature and Title)*		/s/ Peter C. Artemiou
		Peter C. Artemiou, Treasurer
		(Principal Financial Officer)
Date	6/20/12

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