N-Q 1 c78611_nq.htm

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

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number        811-07912                    

 

Old Westbury Funds, Inc.

(Exact name of registrant as specified in charter)

 

760 Moore Rd.
King of Prussia, PA 19406

(Address of principal executive offices) (Zip code)

 

Andrew J. McNally
BNY Mellon Investment Servicing (US) Inc.
760 Moore Rd.
King of Prussia, PA 19406

(Name and address of agent for service)

 

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

 

Date of fiscal year end:  October 31  

 

Date of reporting period:  July 31, 2014

 

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

 

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

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

 

Old Westbury Funds, Inc.  
Large Cap Core Fund
Portfolio of Investments July 31, 2014
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 96.3%     
Banks — 11.1%     
 359,595   BNP Paribas SA - ADR  $11,891,807 
 260,785   Citigroup, Inc.   12,754,994 
 380,040   DBS Group Holdings Ltd. - ADR   22,099,326 
 376,425   HSBC Holdings Plc - ADR   20,097,331 
 1,715,625   KeyCorp.   23,229,563 
 403,575   Morgan Stanley   13,051,616 
 555,745   Skandinaviska Enskilda Banken AB - ADR(b)   7,558,131 
         110,682,768 
Consumer Discretionary — 15.0%     
 745,605   Bridgestone Corp. - ADR   13,405,978 
 343,850   British Sky Broadcasting Group Plc - ADR   20,459,075 
 245,890   Daihatsu Motor Co. Ltd. - ADR   8,662,705 
 420,940   Dollar General Corp.(b)   23,248,516 
 322,130   L Brands, Inc.   18,673,876 
 251,190   Macy’s, Inc.   14,516,270 
 436,150   Pandora A/S - ADR   7,440,719 
 280,505   Swatch Group AG (The) - ADR    7,455,823 
 264,405   Viacom, Inc. - Class B   21,858,361 
 281,590   Volkswagen AG - ADR   13,122,094 
         148,843,417 
Consumer Staples — 10.0%     
 161,605   CVS Caremark Corp.   12,340,158 
 241,475   Imperial Tobacco Group Plc - ADR   20,972,104 
 1,141,940   J Sainsbury Plc - ADR   24,260,515 
 120,460   Lorillard, Inc.   7,285,421 
 557,400   Svenska Cellulosa AB SCA - ADR   13,700,892 
 100,125   Walgreen Co.   6,885,596 
 521,875   Wilmar International Ltd. - ADR   13,558,313 
         99,002,999 
Diversified Financials — 0.8%     
 489,806   ORIX Corp.   8,063,836 
Energy — 6.2%     
 112,530   China Petroleum & Chemical Corp. - ADR   10,987,429 
 240,330   ConocoPhillips   19,827,225 
 247,575   Marathon Oil Corp.   9,593,531 
 137,540   Valero Energy Corp.   6,987,031 
 163,739   Whiting Petroleum Corp.(b)   14,489,264 
         61,884,480 
Health Care — 12.6%     
 355,435   Aetna, Inc.   27,556,876 
 361,950   Mylan, Inc.(b)   17,869,472 
 917,535   Pfizer, Inc.   26,333,255 
 372,620   Sanofi - ADR   19,476,847 
 114,740   Thermo Fisher Scientific, Inc.   13,940,910 

 

Shares      Value 
Health Care (continued)     
 196,895   Zimmer Holdings, Inc.  $19,703,283 
         124,880,643 
Industrials — 11.3%     
 52,485   Cummins, Inc.   7,315,884 
 107,500   Illinois Tool Works, Inc.   8,854,775 
 876,090   Itochu Corp. - ADR   22,489,230 
 108,580   Kirby Corp.(b)   12,645,227 
 222,600   Nielsen Holdings NV   10,264,085 
 220,790   Union Pacific Corp.   21,705,865 
 124,875   United Rentals, Inc.(b)   13,224,263 
 756,470   Weir Group Plc (The) - ADR   16,264,105 
         112,763,434 
Information Technology — 12.4%     
 335,705   Apple, Inc.   32,083,327 
 211,735   Avago Technologies Ltd.   14,690,174 
 280,505   Hitachi Ltd. - ADR   22,190,751 
 309,280   NPX Semiconductor NV(b)   19,283,608 
 302,410   Qualcomm, Inc.   22,287,617 
 300,420   Teradata Corp.(b)   12,665,707 
         123,201,184 
Insurance — 5.3%     
 134,830   ACE Ltd.   13,496,483 
 253,545   American International Group, Inc.   13,179,269 
 433,337   Muenchener Rueckversicherungs AG - ADR   9,192,811 
 2,211,490   RSA Insurance Group Plc - ADR(b)   17,161,162 
         53,029,725 
Materials — 1.9%     
 1,107,555   Sumitomo Metal Mining Co. Ltd. - ADR   18,540,471 
Real Estate — 1.2%     
 763,530   Wharf Holdings Ltd. - ADR   12,117,221 
Telecommunication Services — 4.6%     
 377,605   China Telecom Corp. Ltd. - ADR   21,040,151 
 976,169   KDDI Corp. - ADR   14,125,165 
 383,660   Tim Participacoes SA - ADR   10,213,029 
         45,378,345 
Utilities — 3.9%     
 550,155   American Water Works Co., Inc.   26,280,904 
 556,945   Tokyo Gas Co. Ltd. - ADR   12,793,027 
         39,073,931 
Total Common Stocks
(Cost $828,283,516)		   957,462,454 

 

1
Old Westbury Funds, Inc.  
Large Cap Core Fund
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
INVESTMENT COMPANY — 4.6%     
46,042,500  SEI Daily Income Trust Government II Fund, Class A, 0.01%(c)  $46,042,500 
Total Investment Company
(Cost $46,042,500)		   46,042,500 
TOTAL INVESTMENTS — 100.9%
(Cost $874,326,016)(a)		   1,003,504,954 
LIABILITIES IN EXCESS OF
OTHER ASSETS —(0.9)%		   (9,043,240)
NET ASSETS — 100.0%  $994,461,714 

 

 
(a) Cost for federal income tax purposes is $847,339,453 and net unrealized appreciation of investments is as follows:

 

Unrealized appreciation  $140,056,096 
Unrealized depreciation   (10,890,595)
Net unrealized appreciation  $129,165,501 

 

(b) Non-income producing security.
(c) Rate shown represents current yield at July 31, 2014.

 

ADR-American Depositary Receipt

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Banks   11.1%
Consumer Discretionary   15.0%
Consumer Staples   10.0%
Diversified Financials   0.8%
Energy   6.2%
Health Care   12.6%
Industrials   11.3%
Information Technology   12.4%
Insurance   5.3%
Materials   1.9%
Real Estate   1.2%
Telecommunication Services   4.6%
Utilities   3.9%
Other*   3.7%
    100%

 

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

 

2
Old Westbury Funds, Inc.  
Large Cap Strategies Fund
Portfolio of Investments July 31, 2014
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 91.4%   
ARGENTINA — 0.2%   
 272,000   MercadoLibre, Inc.  $25,160,000 
BELGIUM — 0.4%     
 487,000   UCB SA(e)   44,761,221 
BRAZIL — 1.0%     
 2,010,000   Cielo SA   36,820,099 
 5,450,117   Itau Unibanco Holding SA - ADR   83,931,802 
         120,751,901 
CANADA — 0.3%     
 1,970,700   Barrick Gold Corp.   35,605,805 
CHINA — 1.1%     
 29,122,000   Anton Oilfield Services Group(e)   16,496,097 
 541,000   Baidu, Inc. - ADR(b)   116,883,050 
         133,379,147 
DENMARK — 1.1%     
 2,905,000   Novo Nordisk A/S - Class B   134,549,675 
FINLAND — 2.2%     
 1,722,000   Kone Oyj - Class B(e)   72,564,730 
 3,970,000   Sampo Oyj - A Shares(e)   197,755,758 
         270,320,488 
FRANCE — 1.6%     
 990,000   L’Oreal SA   167,562,935 
 352,618   Renault SA   29,449,363 
         197,012,298 
GERMANY — 2.5%     
 1,236,000   Bayerische Motoren Werke AG   147,863,204 
 2,194,333   Deutsche Boerse AG(e)   159,374,160 
         307,237,364 
HONG KONG — 0.8%     
 1,560,000   Jardine Matheson Holdings Ltd.(e)   93,553,200 
INDIA — 1.9%     
 2,932,000   Asian Paints Ltd.(e)   30,454,819 
 5,051,000   Housing Development Finance Corp.(e)   89,164,995 
 10,274,000   ITC Ltd.(e)   60,441,285 
 3,059,159   Motherson Sumi Systems Ltd.(e)   18,446,695 
 6,101,000   Titan Co. Ltd.(e)   34,379,711 
         232,887,505 
ITALY — 0.7%    
 1,625,281   ENI SpA   41,480,793 
 5,564,000   Prada SpA(e)   39,701,576 
         81,182,369 
JAPAN — 4.8%     
 549,900   East Japan Railway Co.   44,488,094 

 

Shares      Value 
JAPAN (continued)     
 748,000   Japan Airlines Co. Ltd.  $41,666,650 
 3,174,000   KDDI Corp.   185,043,290 
 9,580,700   Mitsubishi UFJ Financial Group, Inc.   57,336,110 
 283,900   Nintendo Co. Ltd.   31,808,171 
 820,600   Nippon Telegraph & Telephone Corp.   54,725,281 
 2,970,000   Nomura Research Institute Ltd.(e)   94,414,038 
 427,000   Ono Pharmaceutical Co. Ltd.(e)   36,570,942 
 717,900   Toyota Motor Corp.   42,830,431 
         588,883,007 
LUXEMBOURG — 0.2%     
 1,732,912   ArcelorMittal   26,383,516 
NETHERLANDS — 3.0%     
 784,000   ASML Holding NV   73,821,440 
 2,223,138   ING Groep NV(b)   29,009,748 
 375,000   Koninklijke Vopak NV   17,399,237 
 11,272,991   Reed Elsevier NV(e)   253,974,389 
         374,204,814 
RUSSIA — 0.3%     
 722,502   Lukoil OAO - ADR   40,496,237 
SINGAPORE — 1.2%     
 2,202,000   Jardine Cycle & Carriage Ltd.(e)   82,078,557 
 14,326,000   Sembcorp Industries Ltd.(e)   62,931,046 
         145,009,603 
SOUTH AFRICA — 0.8%     
 796,000   Naspers Ltd. - Class N   98,780,311 
SOUTH KOREA — 1.7%     
 33,725   Samsung Electronics Co. Ltd.   44,065,452 
 153,640   Samsung Electronics Co. Ltd. Preference Shares(e)   160,388,889 
         204,454,341 
SWEDEN — 0.5%     
 5,100,000   Nordea Bank AB   68,609,202 
SWITZERLAND — 3.9%     
 2,913,000   Nestle SA   216,531,664 
 748,097   Roche Holding AG   217,905,118 
 19,200   SGS SA   41,981,183 
         476,417,965 
TAIWAN — 0.0%     
 152,000   Ginko International Co. Ltd.   2,214,909 
THAILAND — 0.8%     
 3,507,000   Airports of Thailand Public Co. Ltd.(e)   23,372,714 
 51,195,000   CP ALL Public Co. Ltd.(e)   73,739,295 
         97,112,009 
UNITED KINGDOM — 7.1%     
 4,768,000   ARM Holdings Plc   68,182,130 

 

3
Old Westbury Funds, Inc.  
Large Cap Strategies Fund
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM (continued)     
 552,000   ASOS Plc(b)  $23,354,526 
 4,935,920   BP Plc   40,333,358 
 13,666,950   British Sky Broadcasting Group Plc(e)   202,820,284 
 2,930,000   Petrofac Ltd.(e)   54,265,668 
 907,358   Rio Tinto Plc   51,961,948 
 2,585,000   Rolls-Royce Holdings Plc   45,388,392 
 1,550,000   Rotork Plc(e)   72,461,206 
 17,800,000   Royal Mail Plc(e)   125,436,334 
 7,700,587   Tesco Plc   33,542,424 
 3,085,712   Wolseley Plc(e)   161,289,928 
         879,036,198 
UNITED STATES — 53.3%     
 453,400   Allergan, Inc.   75,200,924 
 1,588,862   Altria Group, Inc.   64,507,797 
 237,000   Amazon.com, Inc.(b)   74,178,630 
 782,719   Apache Corp.   80,353,933 
 2,812,665   Apple, Inc.   268,806,394 
 3,490,473   Applied Materials, Inc.   73,160,314 
 726,500   AT&T, Inc.   25,856,135 
 165,580   AutoZone, Inc.(b)   85,609,827 
 2,372,657   Bank of New York Mellon Corp. (The)   92,628,529 
 1,131,800   Baxter International, Inc.   84,534,142 
 1,540,000   Becton Dickinson and Co.(e)   179,009,600 
 1,325,677   Bed Bath & Beyond, Inc.(b)   83,902,097 
 255,000   Biogen Idec, Inc.(b)   85,269,450 
 692,000   BioMarin Pharmaceutical, Inc.(b)   42,779,440 
 2,198,000   Broadcom Corp. - Class A   84,095,480 
 719,000   Cerner Corp.(b)   39,688,800 
 1,191,500   CH Robinson Worldwide, Inc.   80,378,590 
 2,915,000   Charles Schwab Corp. (The)   80,891,250 
 974,100   Citigroup, Inc.   47,643,231 
 4,973,200   Coca-Cola Co. (The)   195,397,028 
 2,841,000   Colgate-Palmolive Co.   180,119,400 
 1,252,250   DIRECTV(b)   107,756,113 
 287,000   Discovery Communications, Inc. - Class A(b)   24,455,270 
 835,500   Dr Pepper Snapple Group, Inc.   49,093,980 
 1,410,000   eBay, Inc.(b)   74,448,000 
 3,449,893   EMC Corp.   101,081,865 
 1,081,000   Emerson Electric Co.   68,805,650 
 1,393,000   Facebook, Inc. - Class A(b)   101,201,450 
 629,000   FMC Technologies, Inc.(b)   38,243,200 
 2,836,500   Franklin Resources, Inc.   153,596,475 
 1,894,200   General Electric Co.   47,639,130 
 1,164,900   General Motors Co.   39,396,918 
 70,000   Google, Inc. - Class A(b)   40,568,500 
 60,000   Google, Inc. - Class C(b)   34,296,000 
 4,158,500   Hewlett-Packard Co.   148,084,185 
 1,589,998   JPMorgan Chase & Co.   91,695,185 
 402,000   Kansas City Southern   43,842,120 
 2,640,000   Kraft Foods Group, Inc.   141,464,400 
 699,000   Las Vegas Sands Corp.   51,621,150 

 

Shares      Value 
UNITED STATES (continued)     
 1,226,224   Lockheed Martin Corp.  $204,742,621 
 116,700   Markel Corp.(b)(e)   73,767,237 
 2,201,500   Mastercard, Inc. - Class A   163,241,225 
 1,836,700   Mattel, Inc.   65,065,098 
 1,045,756   Medidata Solutions, Inc.(b)(e)   46,891,699 
 1,252,600   Medtronic, Inc.   77,335,524 
 1,793,700   Merck & Co., Inc.   101,774,538 
 1,054,300   Microsoft Corp.   45,503,588 
 945,200   Molson Coors Brewing Co. - Class B   63,829,356 
 712,000   Monsanto Co.   80,520,080 
 501,000   National Oilwell Varco, Inc.   40,601,040 
 682,000   NIKE, Inc. - Class B   52,602,660 
 2,610,563   Occidental Petroleum Corp.   255,078,111 
 2,574,320   Oracle Corp.   103,976,785 
 1,073,483   PNC Financial Services Group, Inc. (The)   88,626,756 
 105,800   Priceline Group, Inc. (The)(b)   131,451,210 
 724,400   Raytheon Co.   65,753,788 
 202,000   Regeneron Pharmaceuticals, Inc.(b)   63,876,440 
 2,743,378   Schlumberger Ltd.   297,354,741 
 2,577,100   Staples, Inc.   29,868,589 
 959,985   T Rowe Price Group, Inc.   74,552,435 
 2,616,700   Texas Instruments, Inc.   121,022,375 
 1,845,800   Union Pacific Corp.   181,460,598 
 4,545,238   US BanCorp.   191,036,353 
 454,000   Visa, Inc. - Class A   95,798,540 
 970,855   Wal-Mart Stores, Inc.   71,435,511 
 3,681,000   Wells Fargo & Co.   187,362,900 
 831,000   Workday, Inc. - Class A(b)   69,671,040 
 570,000   WW Grainger, Inc.   134,035,500 
         6,559,536,920 
Total Common Stocks
(Cost $9,511,719,738)		   11,237,540,005 
           
Principal
Amount		         
U.S. GOVERNMENT AGENCIES — 1.1%     
Federal Home Loan Bank — 1.1%     
$25,000,000   0.05%, 08/06/14(c)   24,999,802 
 50,000,000   0.06%, 08/15/14(c)   49,998,736 
 10,000,000   0.03%, 08/20/14(c)   9,999,657 
 30,000,000   0.05%, 08/29/14(c)   29,998,600 
 20,000,000   0.08%, 10/01/14(c)   19,998,140 
Total U.S. Government Agencies
(Cost $134,994,253)		   134,994,935 

 

4
Old Westbury Funds, Inc.  
Large Cap Strategies Fund
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
EXCHANGE TRADED FUNDS — 6.7%     
 1,739,000   iShares Core S&P 500 Index Fund  $337,800,750 
 36,500,000   iShares MSCI Japan Index Fund   438,000,000 
 248,000   SPDR S&P 500 ETF Trust   47,886,320 
Total Exchange Traded Funds
(Cost $801,744,863)		   823,687,070 
INVESTMENT COMPANY — 0.9%     
 112,446,804   Federated Government Obligations Fund, 0.02%(d)   112,446,804 
Total Investment Company
(Cost $112,446,804)		   112,446,804 
      
TOTAL INVESTMENTS — 100.1%
(Cost $10,560,905,658)(a)		   12,308,668,814 
      
LIABILITIES IN EXCESS
OF OTHER ASSETS — (0.1)%		   (9,827,750)
NET ASSETS — 100.0%  $12,298,841,064 

 

 

(a) Cost for federal income tax purposes is $10,578,807,373 and net unrealized appreciation of investments is as follows:

 

Unrealized appreciation  $1,936,444,274 
Unrealized depreciation   (206,582,833)
Net unrealized appreciation  $1,729,861,441 

 

(b) Non-income producing security.

 

(c) The rate represents the annualized yield at time of purchase.
(d) Rate shown represents current yield at July 31, 2014.
(e) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $1,562,324,266 or 12.70% of net assets.

 

ADR-American Depositary Receipt

 

Portfolio diversification by Sector (Unaudited)

 

   Percentage
Sector  of Net Assets
Banks   6.6%
Consumer Discretionary   14.3%
Consumer Staples   10.7%
Diversified Financials   5.5%
Energy   7.5%
Health Care   10.0%
Industrials   11.8%
Information Technology   18.2%
Insurance   2.2%
Materials   1.8%
Telecommunication Services   2.8%
Other*   8.6%
    100.0%

 

 

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

 

5
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments July 31, 2014
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 95.4%     
AUSTRALIA — 2.1%     
 154,673   Adelaide Brighton Ltd.  $526,079 
 69,555   AED Oil Ltd.(b)(c)(d)   0 
 34,185   Ainsworth Game Technology Ltd.   119,766 
 25,514   AJ Lucas Group Ltd.(d)   18,138 
 119,863   Alcyone Resources Ltd.(b)(c)(d)   111 
 54,720   Alkane Resources Ltd.(d)   13,730 
 156,333   ALS Ltd.   1,134,638 
 688,597   Alumina Ltd.(d)   1,027,060 
 38,166   Amalgamated Holdings Ltd.   335,524 
 110,142   Amcom Telecommunications Ltd.   209,827 
 80,617   Ansell Ltd.   1,425,676 
 38,563   Antares Energy Ltd.(d)   21,323 
 14,818   AP Eagers Ltd.   80,006 
 68,359   APA Group   474,539 
 101,798   APN News & Media Ltd.(d)   74,735 
 19,603   ARB Corp. Ltd.   222,977 
 102,190   Aristocrat Leisure Ltd.   541,301 
 800,238   Arrium Ltd.   613,520 
 473,333   Asciano Ltd.   2,661,201 
 74,907   ASG Group Ltd.(d)   33,413 
 24,406   ASX Ltd.   820,806 
 339,962   Atlas Iron Ltd.   202,193 
 130,307   Ausdrill Ltd.   131,993 
 11,583   Ausenco Ltd.   6,458 
 28,194   Austal Ltd.(d)   31,179 
 17,417   Austbrokers Holdings Ltd.   161,855 
 17,602   Austin Engineering Ltd.   26,826 
 215,773   Australian Agricultural Co.Ltd.(d)   248,642 
 256,656   Australian Infrastructure Fund Ltd.(b)(c)   1,193 
 141,784   Australian Pharmaceutical Industries Ltd.   79,056 
 89,447   Automotive Holdings Group Ltd.   325,011 
 27,257   Aveo Group   54,713 
 345,689   AWE Ltd.(d)   586,278 
 130,030   Bank of Queensland Ltd.   1,515,293 
 21,519   BC Iron Ltd.   67,592 
 878,767   Beach Energy Ltd.   1,384,200 
 143,586   Beadell Resources Ltd.(d)   69,386 
 13,385   Bega Cheese Ltd.   60,701 
 391,913   Bendigo and Adelaide Bank Ltd.   4,643,606 
 54,421   Bentham IMF Ltd.   106,710 
 382,972   Billabong International Ltd.(d)   190,404 
 2,485   Blackmores Ltd.   65,561 
 346,723   BlueScope Steel Ltd.(d)   2,023,475 
 481,246   Boral Ltd.   2,397,107 
 84,936   Bradken Ltd.   356,768 
 14,720   Breville Group Ltd.   114,222 
 24,551   Brickworks Ltd.   326,258 
Shares      Value 
AUSTRALIA (continued)     
 17,980   BT Investment Management Ltd.  $112,283 
 53,909   Cabcharge Australia Ltd.   231,451 
 154,604   Caltex Australia Ltd.   3,550,168 
 255,734   Cape Lambert Resources Ltd.(d)   29,707 
 75,747   Cardno Ltd.   443,467 
 490,458   Carnarvon Petroleum Ltd.(d)   38,286 
 68,742   carsales.com Ltd.   735,280 
 129,012   Cash Converters International Ltd.   134,278 
 9,912   Cedar Woods Properties Ltd.   69,453 
 178,666   Challenger Ltd.   1,341,556 
 3,659,878   Charter Hall Retail REIT(c)   13,638,495 
 84,396   Coal of Africa Ltd.(c)(d)   4,863 
 11,664   Cochlear Ltd.   689,924 
 293,633   Cockatoo Coal Ltd.(d)   7,368 
 119,759   Coffey International Ltd.(d)   28,379 
 82,958   Cooper Energy Ltd.(d)   37,775 
 19,597   Credit Corp. Group Ltd.   160,807 
 136,841   Cromwell Property Group REIT   129,710 
 17,217   CSG Ltd.   16,000 
 267,735   CSR Ltd. - Placement Shares   940,486 
 67,759   Dart Energy Ltd.(d)   9,445 
 118,091   David Jones Ltd.(b)(c)   437,870 
 49,588   Decmil Group Ltd.   92,164 
 7,518   Devine Ltd.(d)   7,965 
 13,176   Domino’s Pizza Enterprises Ltd.   264,235 
 235,574   Downer EDI Ltd.   1,066,134 
 99,001   Drillsearch Energy Ltd.(d)   151,343 
 180,836   DUET Group   405,002 
 147,729   DuluxGroup Ltd.   757,810 
 16,365   DWS Ltd.   19,542 
 200,220   Echo Entertainment Group Ltd.   621,455 
 224,451   Elders Ltd.(d)   49,017 
 399,090   Emeco Holdings Ltd.(d)   81,592 
 52,026   Energy Resources of Australia Ltd.(d)   64,786 
 131,257   Energy World Corp. Ltd.(d)   42,692 
 297,730   Envestra Ltd.   362,451 
 17   Equity Trustees Ltd.   325 
 26,509   Eservglobal Ltd.(d)   17,491 
 75,014   Evolution Mining Ltd.   54,374 
 1,261,615   Fairfax Media Ltd.   1,008,279 
 3,195   Fantastic Holdings Ltd.   4,736 
 1,065,862   FAR Ltd.(d)   38,630 
 16,777   Finbar Group Ltd.   26,349 
 26,263   Fleetwood Corp. Ltd.   53,205 
 25,840   Flight Centre Travel Group Ltd.   1,140,622 
 704,466   Focus Minerals Ltd.(d)   7,856 
 859   Folkestone Education Trust REIT   1,389 
 13,085   Forge Group Ltd.(b)   0 
 10,391   G.U.D. Holdings Ltd.   72,036 
 2,973   G8 Education Ltd.   13,786 
 873,603   Goodman Fielder Ltd.   519,577 

 

6
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
AUSTRALIA (continued)     
 87,169   GrainCorp Ltd. - Class A  $705,563 
 140,887   Grange Resources Ltd.   21,603 
 180,274   Gunns Ltd.(b)(c)(d)   0 
 73,089   GWA Group Ltd.   200,369 
 241,775   Harvey Norman Holdings Ltd.   694,265 
 842,673   Hillgrove Resources Ltd.(d)   60,298 
 80,970   Hills Ltd.   137,323 
 267,872   Horizon Oil Ltd.(d)   93,350 
 123,936   iiNET Ltd.   878,775 
 105,497   Iluka Resources Ltd.   865,678 
 146,767   Imdex Ltd.   87,972 
 896,963   Incitec Pivot Ltd.   2,483,970 
 65,287   Independence Group NL   296,075 
 72,251   Infigen Energy(d)   15,443 
 32,314   International Ferro Metals Ltd.(d)   4,078 
 89,852   Intrepid Mines Ltd.(d)   22,962 
 788,936   Invocare Ltd.(c)   7,764,137 
 119,959   IOOF Holdings Ltd.   973,201 
 34,010   Iress Ltd.   276,864 
 12,036   Iron Ore Holdings Ltd.(d)   10,178 
 35,560   JB Hi-Fi Ltd.   658,274 
 7,671   Kagara Ltd.(b)(c)(d)   0 
 312,325   Kangaroo Resources Ltd.(d)   2,612 
 109,478   Kingsgate Consolidated Ltd.(d)   93,090 
 24,777   Kingsrose Mining Ltd.(d)   12,779 
 45,973   Linc Energy Ltd.(d)   46,065 
 51,812   Lonestar Resources Ltd.(d)   27,445 
 2,322   Lycopodium Ltd.   4,726 
 392,774   Lynas Corp. Ltd.(d)   62,051 
 37,224   M2 Group Ltd.   210,321 
 17,818   MACA Ltd.   33,944 
 328,362   Macmahon Holdings Ltd.(d)   35,092 
 39,800   Macquarie Atlas Roads Group   124,643 
 1,285   Macquarie Telecom Group Ltd.   6,926 
 14,847   Magellan Financial Group Ltd.   163,498 
 1,743   Maverick Drilling & Exploration Ltd.(d)   259 
 9,278   MaxiTRANS Industries Ltd.   9,182 
 61,658   Mayne Pharma Group Ltd.(d)   49,850 
 56,643   Medusa Mining Ltd.(d)   87,643 
 27,057   Melbourne IT Ltd.   40,733 
 170,109   Mermaid Marine Australia Ltd.   320,907 
 241,895   Metcash Ltd.   654,147 
 90,921   Metgasco Ltd.(d)   4,140 
 54,693   Mincor Resources NL   40,915 
 20,477   Mineral Deposits Ltd.(d)   36,156 
 36,212   Mineral Resources Ltd.   373,535 
 732,000   MMG Ltd.   292,798 
 689,591   Monadelphous Group Ltd.   10,253,380 
 59,782   Mortgage Choice Ltd.   174,999 
 399,254   Mount Gibson Iron Ltd.   272,704 
 291,997   Myer Holdings Ltd.   618,684 
 1,050   MyState Ltd.   4,781 
 79,446   Navitas Ltd.   366,192 
 128,661   New Hope Corp. Ltd.   358,694 
Shares      Value 
AUSTRALIA (continued)     
 66,828   Newsat Ltd.(d)  $12,731 
 536,185   Nexus Energy Ltd.(b)(c)(d)   6,478 
 122,821   NIB Holdings Ltd.   370,947 
 69,743   Noble Mineral Resources Ltd.(b)(c)(d)   0 
 102,310   Northern Star Resources Ltd.   163,056 
 140,654   NRW Holdings Ltd.   141,166 
 85,814   Nufarm Ltd.   346,899 
 14,318   Oakton Ltd.   18,761 
 191,569   OceanaGold Corp.(d)   546,411 
 6,370   Orocobre Ltd.(d)   15,569 
 4,066   OrotonGroup Ltd.   17,948 
 121,855   Otto Energy Ltd.(d)   10,645 
 38,080   OZ Minerals Ltd.   164,553 
 295,699   Pacific Brands Ltd.   155,258 
 2,749,682   Pact Group Holdings Ltd.(c)(d)   9,480,077 
 147,867   Paladin Energy Ltd.(d)   51,530 
 338,477   PanAust Ltd.   717,166 
 77,197   Panoramic Resources Ltd.(d)   71,739 
 5,565   Patties Foods Ltd.   6,697 
 24,629   Peet Ltd.(d)   30,784 
 8,389   Perpetual Ltd.   380,595 
 184,019   Perseus Mining Ltd.(d)   74,389 
 48,159   Platinum Asset Mangement Ltd.   287,321 
 67,411   Platinum Australia Ltd.(b)(c)(d)   376 
 114,913   PMP Ltd.(d)   50,191 
 53,780   Premier Investments Ltd.   485,283 
 6,047   Prima Biomed Ltd.(d)   225 
 163,320   Primary Health Care Ltd.   737,617 
 25,653   Prime Media Group Ltd.   24,435 
 66,807   Programmed Maintenance Services Ltd.   175,076 
 546,918   Qantas Airways Ltd.(d)   678,514 
 67,738   Qube Holdings Ltd.   142,894 
 92,285   Ramelius Resources Ltd.(d)   5,660 
 23,071   Ramelius Resources Ltd. - New Share Issue Shares 2014(c)(d)   1,415 
 59,911   RCR Tomlinson Ltd.   163,685 
 17,371   REA Group Ltd.   768,077 
 30,974   Reckon Ltd.   59,295 
 95,161   Red Fork Energy Ltd.(d)   8,666 
 8,531   Reece Australia Ltd.   246,556 
 31,163   Regional Express Holdings Ltd.(d)   25,774 
 56,462   Regis Resources Ltd.   92,347 
 5,661   Reject Shop Ltd. (The)   50,819 
 215,983   Resolute Mining Ltd.(d)   120,428 
 11,029   Resource Generation Ltd.(d)   1,332 
 25,802   Retail Food Group Ltd.   112,216 
 101,020   Ridley Corp. Ltd.   76,980 
 260,278   Roc Oil Co. Ltd.(d)   149,963 
 4,191   Ruralco Holdings Ltd.   13,398 
 68,932   SAI Global Ltd.   311,965 
 9,571   Salmat Ltd.   15,476 
 13,639   Sandfire Resources NL(d)   81,879 

 

7
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
AUSTRALIA (continued)     
 472,632   Saracen Mineral Holdings Ltd.(d)  $193,255 
 21,212   Sedgman Ltd.   10,448 
 43,924   Seek Ltd.   677,179 
 10,285   Select Harvests Ltd.   50,465 
 165,670   Senex Energy Ltd.(d)   104,691 
 16,377   Servcorp Ltd.   75,335 
 106,798   Service Stream Ltd.(d)   19,849 
 53,559   Seven Group Holdings Ltd.   384,242 
 335,403   Seven West Media Ltd.   638,964 
 5,819,257   Shopping Centres Australasia Property Group, REIT(c)   9,598,898 
 161,930   Sigma Pharmaceuticals Ltd.   118,128 
 15,184   Silex Systems Ltd.(d)   9,031 
 80,156   Silver Lake Resources Ltd.(d)   34,265 
 9,054   Sirtex Medical Ltd.   158,854 
 36,651   Skilled Group Ltd.   87,193 
 21,071   Slater & Gordon Ltd.   97,515 
 26,261   Sonic Healthcare Ltd.   443,427 
 237,033   Southern Cross Media Group Ltd.   266,532 
 582,743   SP AusNet   731,082 
 437,206   Spark Infrastructure Group   765,866 
 10,795   Specialty Fashion Group Ltd.   9,279 
 778,792   Spotless Group Holdings Ltd.(d)   1,338,902 
 334,245   St Barbara Ltd.(d)   34,167 
 150,289   STW Communications Group Ltd.   207,400 
 30,205   Sundance Energy Australia Ltd.(d)   38,455 
 63,254   Sunland Group Ltd.   96,990 
 65,953   Super Retail Group Ltd.   578,578 
 275,283   Tabcorp Holdings Ltd.   895,371 
 97,054   Tap Oil Ltd.(d)   54,115 
 54,903   Tassal Group Ltd.   204,595 
 377,788   Tatts Group Ltd.   1,249,838 
 27,045   Technology One Ltd.   70,875 
 239,468   Ten Network Holdings Ltd.(d)   63,423 
 69,352   TFS Corp. Ltd.   111,819 
 57,103   Thorn Group Ltd.   120,990 
 190,524   Tiger Resources Ltd.(d)   57,542 
 327,787   Toll Holdings Ltd.   1,663,182 
 188,636   Toro Energy Ltd.(d)   10,693 
 18,996   Tox Free Solutions Ltd.   57,372 
 126,484   TPG Telecom Ltd.   648,829 
 293,639   Transfield Services Ltd.(d)   371,115 
 846,788   Transpacific Industries Group Ltd.(d)   853,807 
 267,850   Treasury Wine Estates Ltd.   1,254,520 
 29,605   Troy Resources Ltd.(d)   21,872 
 72,231   UGL Ltd.   467,184 
 144,020   UXC Ltd.   103,724 
 101,055   Venture Minerals Ltd.(d)   9,861 
 65,384   Village Roadshow Ltd.   474,546 
Shares      Value 
AUSTRALIA (continued)     
 836,798   Virgin Australia Holdings Ltd.(d)  $314,942 
 521,584   Virgin Australia Holdings Ltd. - CVR Shares(b)(c)(d)   0 
 12,385   Vocus Communications Ltd.   58,698 
 52,557   Washington H. Soul Pattinson & Co. Ltd.   738,967 
 51,135   WDS Ltd.   42,055 
 7,324   Webjet Ltd.   20,010 
 42,250   Western Areas NL   198,670 
 5,683   White Energy Co. Ltd.(d)   977 
 169,541   Whitehaven Coal Ltd.(d)   268,630 
 984   Wide Bay Australia Ltd.   5,121 
 35,320   Worleyparsons Ltd.   590,811 
 9,788   Wotif.com Holdings Ltd.   30,381 
         131,771,000 
AUSTRIA — 0.2%     
 1,158   Agrana Beteiligungs AG   132,578 
 401   AMAG Austria Metall AG(e)   14,337 
 24,805   ams AG   889,841 
 26,522   Andritz AG   1,438,325 
 4,521   A-TEC Industries AG(b)(c)(d)   0 
 6,286   Austria Technologie & Systemtechnik AG   72,691 
 6,441   BUWOG AG(d)   124,628 
 868   CA Immobilien Anlagen AG   17,382 
 5,957   CAT Oil AG   114,825 
 3,368   Conwert Immobilien Invest SE   41,347 
 827   DO & CO AG   51,051 
 8,152   EVN AG   112,652 
 3,313   Flughafen Wien AG   311,159 
 87,340   IMMOFINANZ AG   276,592 
 1,245   Kapsch TrafficCom AG   49,013 
 2,092   Lenzing AG   122,262 
 2,509   Mayr Melnhof Karton AG   299,850 
 902   Oberbank AG   60,391 
 14,426   Oesterreichische Post AG   676,967 
 6,723   Palfinger AG   208,901 
 10,308   POLYTEC Holding AG   102,141 
 36,497   Raiffeisen Bank International AG   1,006,258 
 6,417   RHI AG   199,350 
 516   Rosenbauer International AG   45,741 
 5,208   S IMMO AG   41,494 
 4,944   Schoeller-Bleckmann Oilfield Equipment AG   588,540 
 4,742   Semperit AG Holding   265,356 
 27,061   Strabag SE   724,175 
 4,175   UNIQA Insurance Group AG   52,551 
 6,138   Verbund AG   115,478 
 14,471   Vienna Insurance Group AG Wiener Versicherung Gruppe   720,450 
 98,464   Voestalpine AG   4,345,706 
 53,298   Wienerberger AG   802,896 
 1,597   Wolford AG(d)   49,185 

 

8
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
AUSTRIA (continued)    
 15,071   Zumtobel AG  $310,885 
         14,384,998 
BAHAMAS — 0.0%     
 488   United International Enterprises   101,575 
BELGIUM — 0.3%     
 15,584   Ackermans & van Haaren NV   1,889,362 
 2,240   Aedifica SA REIT   150,573 
 116,390   Ageas   4,185,396 
 83,862   AGFA - Gevaert NV(d)   250,530 
 22,952   AGFA - Gevaert NV - VVPR Strip(b)(c)(d)   0 
 7,223   Arseus NV   389,537 
 192   Atenor Group   9,882 
 121   Banque Nationale de Belgique   560,532 
 5,000   Barco NV   368,238 
 41,472   Belgacom SA   1,356,114 
 2,364   Cie d’Entreprises CFE   232,411 
 1,433   Cie Immobiliere de Belgique SA(d)   81,168 
 3,891   Cie Maritime Belge SA   91,179 
 1,253   Cofinimmo REIT   155,467 
 15,197   Colruyt SA   737,466 
 32,670   Deceuninck NV   82,375 
 12,200   Deceuninck NV - VVPR Strip(b)(c)(d)   0 
 57,235   Delhaize Group SA   3,741,198 
 10,300   D’ieteren SA NV   435,764 
 9,725   Econocom Group   88,616 
 5,784   Elia System Operator SA NV   281,532 
 7,746   Euronav NV(d)   94,180 
 1,992   EVS Broadcast Equipment SA   102,161 
 12,150   Exmar NV   187,830 
 2,849   Galapagos NV(d)   55,813 
 677   Intervest Offices & Warehouses NV REIT   20,039 
 151   Jensen-Group NV   2,853 
 4,965   Kinepolis Group NV   193,301 
 47   Lotus Bakeries   59,788 
 3,650   Melexis NV   168,962 
 15,318   Mobistar SA(d)   305,109 
 21,268   NV Bekaert SA   795,556 
 15,645   Nyrstar - VVPR Strip(b)(c)(d)   0 
 36,439   Nyrstar NV   151,016 
 1,095   Picanol(d)   41,642 
 1,265   RealDolmen NV SA(d)   36,368 
 11,173   Recticel SA   107,122 
 118   Resilux   16,275 
 170   Retail Estates NV REIT   14,011 
 19,241   RHJ International SA(d)   93,319 
 5,564   Sioen Industries NV   91,901 
 2,739   Sipef NV   221,563 
 3,652   Telenet Group Holding NV(d)   195,559 
 11,858   Tessenderlo Chemie NV(d)   343,529 
 1,410   Tessenderlo Chemie NV - VVPR Strip(b)(c)(d)   0 
Shares      Value 
BELGIUM (continued)     
 1,836   ThromboGenics NV(d)  $22,520 
 23,304   Umicore SA   1,126,506 
 1,563   Van de Velde NV   82,765 
 22,133   Viohalco SA(d)   126,788 
 3,065   Warehouses De Pauw SCA REIT   231,763 
 93   Wereldhave Belgium NV REIT   12,017 
         19,987,596 
BERMUDA — 0.6%     
 58,286   Archer Ltd.(d)   91,142 
 250,000   Argo Group International Holdings Ltd.(c)   12,452,500 
 221,995   Catlin Group Ltd.   1,890,842 
 400,000   Endurance Specialty Holdings Ltd.   21,156,000 
 155,814   Golden Ocean Group Ltd.   239,434 
 157,389   Hiscox Ltd.   1,792,286 
 4,846   Hoegh LNG Holdings Ltd.(d)   61,092 
 197,400   Wilson Sons Ltd. - BDR(c)   3,039,199 
         40,722,495 
BRAZIL — 1.0%     
 163,700   Abril Educacao SA - Units   2,743,305 
 7,300   AES Tiete SA   50,935 
 12,800   AES Tiete SA - Preference Shares   106,462 
 10,282   Aliansce Shopping Centers SA   84,749 
 180,200   All - America Latina Logistica SA   691,015 
 47,274   Alpargatas SA - Preference Shares   222,539 
 233,800   Alupar Investimento SA - Units   1,715,821 
 5,800   Arezzo Industria e Comercio SA   73,678 
 316,057   Autometal SA(c)   2,652,441 
 7,700   B2W Cia Digital(d)   112,611 
 4,652   B2W Cia Digital - BDR(d)   66,968 
 1,457   Banco ABC Brasil SA - BDR(c)(d)   8,336 
 57,329   Banco ABC Brasil SA - Preference Shares   327,991 
 17,300   Banco Daycoval SA - Preference Shares   71,831 
 106,190   Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares   542,944 
 16,000   Banco Industrial e Comercial SA - Preference Shares(d)   55,925 
 17,085   Banco Panamericano SA - BDR(d)   25,604 
 20,600   Banco Panamericano SA - Preference Shares(c)(d)   30,962 
 24,447   Banco Pine SA - Preference Shares   81,679 
 16,200   Banco Sofisa SA - Preference Shares   21,279 
 17,100   Bematech SA   63,539 

 

9
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
BRAZIL (continued)     
 7,800   BHG SA - Brazil Hospitality Group(d)  $46,173 
 98,392   BR Malls Participacoes SA   854,791 
 16,600   Brasil Brokers Participacoes SA   24,438 
 6,100   Brasil Insurance Participacoes e Administracao SA   25,677 
 665,900   Brasil Pharma SA(d)   1,015,543 
 130,418   Braskem SA - Class A,Preference Shares   806,508 
 85,900   Brookfield Incorporacoes SA(d)   57,172 
 16,700   Centrais Eletricas Brasileiras SA   45,932 
 14,000   Centrais Eletricas Brasileiras SA - Preference Shares   67,138 
 4,300   Centrais Eletricas de Santa Catarina SA - Preference Shares   28,240 
 40,000   CETIP SA - Mercados Organizados   564,187 
 6,300   Cia de Gas de Sao Paulo - Class A, Preference Shares   147,174 
 25,500   Cia de Saneamento Basico do Estado de Sao Paulo   227,041 
 9,100   Cia de Saneamento de Minas Gerais-COPASA   149,491 
 5,300   Cia de Saneamento do Parana - Preference Shares   13,549 
 2,700   Cia de Transmissao de Energia Eletrica Paulista - Preference Shares   34,298 
 5,100   Cia Energetica de Minas Gerais    41,924 
 63,400   Cia Energetica de Minas Gerais - Preference Shares   517,819 
 25,300   Cia Energetica de Sao Paulo - Class B, Preference Shares   321,498 
 2,775   Cia Energetica do Ceara - Class A, Preference Shares   42,467 
 22,508   Cia Ferro Ligas da Bahia-Ferbasa - Preference Shares   102,979 
 38,100   Cia Hering   357,363 
 27,800   Cia Paranaense de Energia - Class B, Preference Shares   430,831 
 18,300   Cia Providencia Industria e Comercio SA   61,706 
 372,100   Cia Siderurgica Nacional SA   1,873,006 
 8,420   Contax Participacoes SA - Units    63,463 
 66,600   Cosan SA Industria e Comercio    1,088,791 
 19,600   CPFL Energia SA   172,178 
 139,640   Cyrela Brazil Realty SA Empreendimentos e Participacoes   774,906 
 400   Cyrela Commercial Properties SA Empreendimentos e Participacoes   3,103 
 34,752   Direcional Engenharia SA   154,709 
 199,579   Duratex SA   738,057 
 16,200   EcoRodovias Infraestrutura e Logistica SA   96,968 
Shares      Value 
BRAZIL (continued)     
 17,700   EDP - Energias do Brasil SA  $83,478 
 5,500   Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares   25,358 
 390,320   Embraer SA   3,721,266 
 25   Eneva SA(d)   12 
 14,569   Equatorial Energia SA   162,210 
 36,400   Estacio Participacoes SA   451,641 
 27,693   Eternit SA   104,486 
 1,836   Eucatex SA Industria e Comercio - Preference Shares   3,488 
 115,900   Even Construtora e Incorporadora SA   316,729 
 27,068   Ez Tec Empreendimentos e Participacoes SA   267,727 
 5,500   Fertilizantes Heringer SA(d)   20,364 
 135,878   Fibria Celulose SA(d)   1,342,160 
 410,900   Fleury SA   2,704,016 
 2,185   Forjas Taurus SA(d)   1,098 
 2,392   Forjas Taurus SA - BDR(c)(d)   843 
 10,437   Forjas Taurus SA - Preference Shares(d)   3,128 
 141,300   GAEC Educacao SA   1,795,561 
 108,200   Gafisa SA   158,813 
 7,000   General Shopping Brasil SA(d)   26,843 
 19,300   Gol-Linhas Aereas Inteligentes SA - Preference Shares(d)   116,459 
 50,800   Grendene SA   297,579 
 3,500   Guararapes Confeccoes SA   153,945 
 73,340   Helbor Empreendimentos SA   177,794 
 120,500   Hypermarcas SA(d)   965,062 
 314,100   Iguatemi Empresa de Shopping Centers SA   3,375,320 
 2,100   Industrias Romi SA   3,628 
 9,800   International Meal Co. Holdings SA   80,257 
 34,670   Iochpe-Maxion SA   253,674 
 51,534   JHSF Participacoes SA   84,499 
 585,400   JSL SA(c)   2,838,303 
 1,600   Kepler Weber SA   34,239 
 413,900   Klabin SA - Units   2,059,694 
 45,596   Kroton Educacional SA   1,215,089 
 4,800   Light SA   45,149 
 90,200   Linx SA   2,158,836 
 29,975   Localiza Rent a Car SA   479,996 
 30,110   Log-In Logistica Intermodal SA(d)   80,293 
 27,250   Lojas Americanas SA   142,691 
 104,000   Lojas Americanas SA - Preference Shares   663,308 
 25,700   Lojas Renner SA   775,956 
 6,700   LPS Brasil Consultoria de Imoveis SA   28,705 
 8,300   M Dias Branco SA   340,670 
 39,148   Magnesita Refratarios SA   77,821 
 254,900   Mahle-Metal Leve SA Industria e Comercio   2,477,375 

 

10
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
BRAZIL (continued)    
 185,780   Marcopolo SA - Preference Shares  $326,727 
 156,284   Marfrig Global Foods SA(d)   454,644 
 13,800   Marisa Lojas SA   90,388 
 14,600   Mills Estruturas e Servicos de Engenharia SA   151,679 
 18,100   Minerva SA(d)   92,145 
 8,092   MMX Mineracao e Metalicos SA(d)   5,207 
 78,100   MRV Engenharia e Participacoes SA   250,608 
 30,150   Multiplan Empreendimentos Imobiliarios SA   717,354 
 9,000   Multiplus SA   131,901 
 35,100   Natura Cosmeticos SA   548,759 
 58,500   Odontoprev SA   239,286 
 222,124   Oi SA - Preference Shares   144,901 
 16,300   Parana Banco SA - Preference Shares   78,671 
 66,719   Paranapanema SA(d)   78,519 
 299,658   PDG Realty SA Empreendimentos e Participacoes(d)   190,196 
 61,700   Porto Seguro SA   853,398 
 11,100   Portobello SA   24,120 
 5,800   Profarma Distribuidora de Produtos Farmaceuticos SA   36,302 
 23,400   QGEP Participacoes SA   96,643 
 40,774   Qualicorp SA(d)   475,539 
 38,309   Raia Drogasil SA   319,305 
 71,812   Randon Participacoes SA - Preference Shares   197,831 
 12,900   Restoque Comercio e Confeccoes de Roupas SA(d)   40,370 
 14,700   Rodobens Negocios Imobiliarios SA   68,098 
 58,368   Rossi Residencial SA(d)   36,790 
 21,750   Santos Brasil Participacoes SA - Units   141,788 
 34,100   Sao Martinho SA   550,710 
 11,475   Saraiva SA Livreiros Editores - Preference Shares   92,660 
 18,300   SLC Agricola SA   137,527 
 111,473   Sul America SA - Units   672,646 
 185,953   Suzano Papel e Celulose SA - Class A, Preference Shares   718,813 
 78,400   Tecnisa SA   228,073 
 2,000   Tegma Gestao Logistica.   15,947 
 2,800   Tempo Participacoes SA   6,097 
 2,000   Tereos Internacional SA   2,169 
 29,200   Totvs SA   500,921 
 3,000   TPI - Triunfo Participacoes e Investimentos SA   8,608 
 27,600   Transmissora Alianca de Energia Eletrica SA - Units   251,821 
 171,700   Tupy SA   1,377,384 
Shares      Value 
BRAZIL (continued)    
 2,800   UNICASA Industria de Moveis SA  $4,690 
 72   Unipar Carbocloro SA - Preference Shares   16 
 241,300   Usinas Siderurgicas de Minas Gerais SA - Class A, Preference shares(d)   860,437 
 18,303   Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA   299,383 
 52,200   Vanguarda Agro SA(d)   52,229 
 2,600   WEG SA   31,412 
         62,418,009 
CAMBODIA — 0.0%    
 208,000   NagaCorp Ltd.   183,844 
CANADA — 2.7%    
 14,000   5N Plus, Inc.(d)   48,535 
 15,424   Aberdeen International, Inc.(d)   2,334 
 6,775   Absolute Software Corp.   41,631 
 1,863   Acadian Timber Corp.   22,571 
 84,753   Advantage Oil & Gas Ltd.(d)   453,166 
 30,538   Aecon Group, Inc.   459,603 
 2,700   AG Growth International, Inc.   120,768 
 35,207   AGF Management Ltd. - Class B   381,663 
 50,315   Agnico-Eagle Mines Ltd.   1,870,748 
 14,401   Ainsworth Lumber Co. Ltd.(d)   35,397 
 2,500   Air Canada - Class A(d)   21,942 
 1,100   Akita Drilling Ltd. - Class A   16,414 
 60,900   Alamos Gold, Inc.   541,780 
 5,880   Algoma Central Corp.   87,363 
 108,142   Algonquin Power & Utilities Corp.   804,358 
 7,010   Alliance Grain Traders, Inc.   134,433 
 43,545   AltaGas Ltd.   1,970,877 
 10,000   Alterra Power Corp.(d)   2,935 
 7,748   Altius Minerals Corp.(d)   104,387 
 11,700   Altus Group Ltd.   241,436 
 80,500   Amerigo Resources Ltd.(d)   32,854 
 39,396   Anderson Energy Ltd.(d)   10,478 
 81,625   Antrim Energy, Inc.(d)   7,112 
 3,135   Arsenal Energy, Inc.   24,008 
 12,175   Artek Exploration Ltd.(d)   37,742 
 25,400   Atco Ltd. - Class I   1,113,513 
 45,204   Athabasca Oil Corp.(d)   258,285 
 22,663   ATS Automation Tooling Systems, Inc.(d)   308,243 
 53,804   AuRico Gold, Inc.   221,068 
 1,900   AutoCanada, Inc.   126,301 
 396,886   B2Gold Corp.(c)(d)   1,026,476 
 6,579   Badger Daylighting Ltd.   192,600 
 46,861   Ballard Power Systems, Inc.(d)   186,094 
 139,300   Bankers Petroleum Ltd.(d)   786,984 
 800   Banro Corp(d)   198 
 25,982   Baytex Energy Corp.   1,113,770 

 

11
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CANADA (continued)    
 54,963   Bellatrix Exploration Ltd.(d)  $406,797 
 53,800   Birchcliff Energy Ltd.(d)   537,334 
 9,842   Bird Construction, Inc.   120,323 
 15,938   Black Diamond Group Ltd.   428,434 
 126,968   BlackBerry Ltd.(d)   1,186,595 
 121,079   BlackPearl Resources, Inc.(d)   238,749 
 7,900   Boardwalk Real Estate Investment Trust, REIT   470,225 
 87,219   Bonavista Energy Corp.   1,127,884 
 2,833   Bonterra Energy Corp.   156,778 
 11,570   Boralex, Inc. - Class A   145,587 
 100   Brookfield Real Estate Services, Inc.   1,274 
 6,045   Brookfield Residential Properties, Inc.(d)   111,603 
 566,572   CAE, Inc.   7,233,166 
 20,330   Calfrac Well Services Ltd.   388,756 
 1,862   Calian Technologies Ltd.   36,186 
 7,200   Calloway Real Estate Investment Trust   173,339 
 14,891   Calvalley Petroleum, Inc. - Class A(d)   20,212 
 28,711   Canaccord Genuity Group, Inc.   333,889 
 16,731   Canacol Energy Ltd.(d)   108,180 
 18,318   Canadian Apartment Properties REIT   386,403 
 45,555   Canadian Energy Services & Technology Corp.   396,494 
 11,606   Canadian Real Estate Investment Trust   487,189 
 84,813   Canadian Western Bank   3,237,416 
 21,932   Canam Group, Inc. - Class A   268,128 
 44,277   CanElson Drilling, Inc.   310,246 
 5,186   Canexus Corp.   22,450 
 44,643   Canfor Corp.(d)   945,391 
 17,488   Canfor Pulp Products, Inc.   188,778 
 8,000   Canwel Building Materials Group Ltd.   43,802 
 9,688   Canyon Services Group, Inc.   139,320 
 5,907   Capital Power Corp.   143,619 
 53,701   Capstone Infrastructure Corp.   218,675 
 129,679   Capstone Mining Corp.(d)   347,285 
 47,246   Cascades, Inc.   288,585 
 10,009   Cathedral Energy Services Ltd.   39,472 
 16,407   CCL Industries, Inc. - Class B   1,624,223 
 87,500   Celestica, Inc.(d)   938,919 
 95,894   Centerra Gold, Inc.   498,665 
 100,395   Cequence Energy Ltd.(d)   195,201 
 1,900   Cervus Equipment Corp.   39,138 
 70,696   China Gold International Resources Corp. Ltd.(d)   207,481 
 37,255   Chinook Energy, Inc.(d)   75,169 
 28,912   Cineplex, Inc.   1,033,604 
 51   Claude Resources, Inc.(d)   12 
 9,100   Cogeco Cable, Inc.   505,931 
 4,665   Cogeco, Inc.   231,464 
 41,743   COM DEV International Ltd.   158,113 
Shares      Value 
CANADA (continued)    
 4,855   Cominar Real Estate Investment Trust  $83,800 
 20,400   Computer Modelling Group Ltd.   249,773 
 131,262   Connacher Oil and Gas Ltd.(d)   26,485 
 3,297   Constellation Software, Inc.   783,164 
 5,800   Contrans Group, Inc. - Class A   80,323 
 55,139   Copper Mountain Mining Corp.(d)   139,068 
 4,700   Corby Spirit and Wine Ltd.   91,384 
 62,122   Corus Entertainment, Inc. - Class B   1,373,082 
 55,017   Cott Corp.   375,408 
 56,307   Crew Energy, Inc.(d)   507,633 
 35,826   Crocotta Energy, Inc.(d)   149,501 
 19,795   DeeThree Exploration Ltd.(d)   208,053 
 63,438   Delphi Energy Corp.(d)   230,980 
 92,700   Denison Mines Corp.(d)   123,277 
 17,700   Descartes Systems Group, Inc. (The)(d)   238,467 
 38,777   DH Corp.   1,171,828 
 2,671   DHX Media Ltd.   17,270 
 2,159   DirectCash Payments, Inc.   28,850 
 30,931   Dollarama, Inc.   2,546,024 
 38,640   Dominion Diamond Corp.(d)   541,849 
 12,718   Dorel Industries, Inc. - Class B   447,670 
 11,195   DragonWave, Inc.(d)   16,736 
 2,600   Dream Office Real Estate Investment Trust   69,200 
 35,170   Duluth Metals Ltd.(d)   15,805 
 37,386   Dundee Precious Metals, Inc.(d)   177,269 
 11,964   Dynasty Metals & Mining, Inc.(d)   17,117 
 405   E-L Financial Corp. Ltd.   259,273 
 173,700   Eldorado Gold Corp.   1,288,791 
 10,019   Emera, Inc.   309,754 
 8,287   Enbridge Income Fund Holdings, Inc.   223,145 
 58,981   Endeavour Silver Corp.(d)   348,363 
 10,875   Enerflex Ltd.   184,117 
 2,736   Energy Fuels, Inc.(d)   21,329 
 123,950   Enerplus Corp.   2,834,020 
 2,342   Enghouse Systems Ltd.   72,407 
 71,016   Ensign Energy Services, Inc.   1,143,056 
 29,186   Epsilon Energy Ltd.(d)   125,272 
 5,842   Equitable Group, Inc.   356,087 
 63,813   Essential Energy Services Trust(d)   134,023 
 1,100   Evertz Technologies Ltd.   17,544 
 4,500   Exchange Income Corp.   71,028 
 5,600   Exco Technologies Ltd.   57,523 
 14,469   EXFO, Inc.(d)   66,218 
 15,400   Extendicare, Inc.   105,506 
 64,225   Finning International, Inc.   1,846,023 
 6,791   First Capital Realty Inc.   117,528 
 30,350   First Majestic Silver Corp.(d)   322,052 

 

12

Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CANADA (continued)    
 2,412   First National Financial Corp.  $52,029 
 9,700   FirstService Corp.   540,446 
 835   Fortress Paper Ltd. - Class A(d)   2,144 
 57,167   Fortuna Silver Mines, Inc.(d)   310,910 
 1,088   Gamehost, Inc.   16,574 
 34,852   Genworth MI Canada, Inc.   1,263,858 
 23,491   Gibson Energy, Inc.   720,662 
 1,500   Gildan Activewear, Inc.   87,894 
 1,500   Glentel, Inc.   14,816 
 4,565   Gluskin Sheff & Associates, Inc.   133,473 
 2,010   GLV, Inc. - Class A(d)   6,083 
 14,327   GMP Capital, Inc.   106,695 
 144,213   Gran Tierra Energy, Inc.(d)   956,262 
 2,506   Granite Real Estate Investment Trust   93,106 
 33,752   Great Canadian Gaming Corp.(d)   488,783 
 23,182   Great Panther Silver Ltd.(d)   30,616 
 6,784   Guardian Capital Group Ltd. - Class A   103,905 
 5,100   Guyana Goldfields, Inc.(d)   14,593 
 7,102   Heroux-Devtek, Inc.(d)   69,760 
 1,340   High Liner Foods, Inc.   30,700 
 3,627   HNZ Group, Inc.   73,515 
 27,800   Home Capital Group, Inc.   1,323,263 
 27,827   Horizon North Logistics, Inc.   152,106 
 60,115   HudBay Minerals, Inc.   645,615 
 5,600   Hudson’s Bay Co.   84,538 
 179,800   IAMGOLD Corp.   664,552 
 7,400   Imax Corp.(d)   194,374 
 27,086   Imperial Metals Corp.(d)   415,103 
 39,500   Industrial Alliance Insurance and Financial Services, Inc.   1,732,008 
 24,979   Innergex Renewable Energy, Inc.   240,546 
 23,670   Interfor Corp.(d)   325,195 
 4,048   International Tower Hill Mines Ltd.(d)   2,970 
 25,626   Intertape Polymer Group, Inc.   329,036 
 18,561   Ivernia, Inc.(d)   2,213 
 22,616   Jean Coutu Group PJC, Inc. (The) Class A   447,819 
 10,550   Just Energy Group, Inc.   57,087 
 276,940   Katanga Mining Ltd.(c)(d)   119,376 
 1,300   K-Bro Linen, Inc.   45,426 
 16,550   Kelt Exploration Ltd.(d)   195,197 
 25,539   Keyera Corp.   1,911,765 
 11,411   Killam Properties, Inc.   108,317 
 1,953   Kingsway Financial Services, Inc.(d)   12,502 
 555,309   Kinross Gold Corp.(d)   2,220,523 
 2,100   Kirkland Lake Gold, Inc.(d)   7,299 
 6,230   Knight Therapeutics, Inc.(d)   29,312 
 198,000   Lake Shore Gold Corp.(d)   217,912 
 16,985   Laurentian Bank of Canada   803,024 
 1,200   Le Chateau, Inc. - Class A(d)   1,651 
Shares      Value 
CANADA (continued)    
 78,609   Legacy Oil & Gas, Inc.(d)  $594,785 
 8,682   Leisureworld Senior Care Corp.   102,638 
 13,300   Leon’s Furniture Ltd.   176,992 
 125,828   Lightstream Resources Ltd.   830,891 
 29,705   Linamar Corp.   1,617,177 
 8,170   Liquor Stores N.A. Ltd.   85,121 
 63,022   Long Run Exploration Ltd.   317,899 
 59,500   Lucara Dianmond Corp.(d)   139,698 
 226,995   Lundin Mining Corp.(d)   1,305,323 
 17,647   MacDonald Dettwiler & Associates Ltd.   1,318,730 
 9,230   Magellan Aerospace Corp.   102,429 
 500   Mainstreet Equity Corp.(d)   18,618 
 41,395   Major Drilling Group International, Inc.   341,304 
 40,633   Mandalay Resources Corp.   43,229 
 12,128   Manitoba Telecom Services, Inc.   349,041 
 48,666   Maple Leaf Foods, Inc.   877,938 
 38,611   Martinrea International, Inc.   454,330 
 2,300   McCoy Global, Inc.   13,142 
 26,224   McEwen Mining - Minera Andes Acquisition Corp.(d)   74,558 
 6,400   Medical Facilities Corp.   99,374 
 1,400   Melcor Developments Ltd.   31,946 
 29,200   Methanex Corp.   1,900,337 
 20,044   Metro, Inc.   1,306,854 
 13,007   Mitel Networks Corp.(d)   143,985 
 216,502   Morguard Real Estate Investment Trust(c)   3,560,215 
 15,887   Morneau Shepell, Inc.   245,368 
 700   MTY Food Group, Inc.   21,231 
 44,077   Mullen Group Ltd.   1,128,252 
 108,837   Nevsun Resources Ltd.   413,248 
 6,729   New Flyer Industries, Inc.   79,920 
 207,600   New Gold, Inc.(d)   1,277,568 
 13,950   New Millennium Iron Corp.(d)   3,582 
 45,627   Newalta Corp.   879,189 
 12,700   Niko Resources Ltd.(d)   23,062 
 7,923   Norbord, Inc.   164,876 
 31,488   Nordion, Inc.(d)   408,057 
 4,148   North American Energy Partners, Inc.   30,168 
 15,831   North West Co. Inc., (The)   348,461 
 6,358   Northern Dynasty Minerals Ltd.(d)   5,015 
 313,450   Northern Property Real Estate Investment Trust(c)   8,408,688 
 20,118   Northland Power, Inc.   324,921 
 3,613   NorthWest Healthcare Properties Real Estate Investment Trust   32,772 
 47,000   Novagold Resources, Inc.(d)   177,594 
 46,201   NuVista Energy Ltd.(d)   424,150 
 25,200   Open Text Corp.   1,401,502 
 32,506   Orvana Minerals Corp.(d)   14,608 
 9,240   Osisko Gold Royalties Ltd.(d)   131,776 

 

13

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CANADA (continued)    
 10,216   Painted Pony Petroleum Ltd.(d)  $108,405 
 16,436   Pan American Silver Corp.   241,486 
 55,124   Parex Resources, Inc.(d)   718,404 
 19,488   Parkland Fuel Corp.   368,008 
 382,314   Pason Systems, Inc.(c)   9,744,124 
 294,133   Pengrowth Energy Corp.   1,874,833 
 267,465   Penn West Petroleum Ltd.   2,070,349 
 20,300   Perpetual Energy, Inc.(d)   38,353 
 27,400   Peyto Exploration & Development Corp.   920,998 
 82,500   Phoscan Chemical Corp.(d)   22,699 
 5,206   PHX Energy Services Corp.   73,243 
 2,100   Points International Ltd.(d)   39,964 
 160,453   Precision Drilling Corp.(f)   1,999,868 
 489   Precision Drilling Corp.(f)   6,093 
 13,536   Premium Brands Holdings Corp.   277,089 
 55,909   Primero Mining Corp.(d)   428,156 
 816   Progressive Waste Solutions Ltd.   20,482 
 31,060   Progressive Waste Solutions Ltd. - Placement Shares   779,669 
 20,867   Pulse Seismic, Inc.   57,796 
 500   Pure Technologies Ltd.   3,600 
 9,975   QLT, Inc.(c)(d)   59,648 
 27,400   Quebecor, Inc. - Class B   664,928 
 52,100   Questerre Energy Corp. - Class A(d)   57,339 
 10,943   RB Energy, Inc.(d)   3,061 
 6,677   Reitmans (Canada) Ltd. - Class A   36,865 
 4,400   Richelieu Hardware Ltd.   206,976 
 400,000   Ritchie Bros Auctioneers, Inc.   9,688,000 
 284,100   Ritchie Bros. Auctioneers, Inc.(c)   6,878,745 
 58,032   RMP Energy, Inc.(d)   417,803 
 3,231   Rock Energy, Inc.(d)   19,232 
 5,830   Rocky Mountain Dealerships, Inc.   58,281 
 36,112   Rogers Sugar, Inc.   150,032 
 76,007   RONA, Inc.   842,780 
 33,389   Russel Metals, Inc.   1,078,823 
 21,300   Sandstorm Gold Ltd.(d)   143,387 
 188,000   Sandvine Corp.(d)   617,270 
 56,481   Savanna Energy Services Corp.   412,852 
 50,011   Scorpio Mining Corp.(d)   14,448 
 4,300   Sears Canada Inc.   58,051 
 14,006   Secure Energy Services, Inc.   296,344 
 135,867   SEMAFO, Inc.   586,907 
 26,812   ShawCor Ltd.   1,357,137 
 140,600   Sherritt International Corp.   577,693 
 19,469   Sierra Wireless, Inc.(d)   369,971 
 15,449   Silver Standard Resources, Inc.(d)   141,830 
 30,700   Sprott Resource Corp.   90,381 
 28,531   Sprott, Inc.   77,192 
 54,430   Spyglass Resources Corp.   82,368 
Shares       Value 
CANADA (continued)    
 33,100   St. Andrew Goldfields Ltd.(d)  $9,107 
 10,542   Stantec, Inc.   668,864 
 7,060   Stella-Jones, Inc.   174,825 
 2,400   Strad Energy Services Ltd.   9,905 
 4,120   Stuart Olson, Inc.   37,673 
 26,948   Student Transportation, Inc.   173,499 
 23,746   SunOpta, Inc.(d)   293,354 
 33,553   Superior Plus Corp.   428,356 
 32,000   Surge Energy, Inc.   249,461 
 1,000   TAG Oil Ltd.(d)   2,293 
 47,784   Taseko Mines Ltd.(d)   109,999 
 27,666   Tembec, Inc.(d)   80,433 
 67,990   Teranga Gold Corp.(d)   45,520 
 45,730   Teranga Gold Corp. - CDI(d)   34,210 
 40,069   Timmins Gold Corp.(d)   73,865 
 7,457   TMX Group Ltd.   391,811 
 17,374   TORC Oil & Gas Ltd.   211,767 
 23,345   Toromont Industries Ltd.   557,745 
 26,300   Torstar Corp. - Class B   182,352 
 22,950   Total Energy Services, Inc.   457,800 
 484   Tourmaline Oil Corp.(d)   22,785 
 139,000   TransAlta Corp.   1,596,075 
 33,390   Transcontinental, Inc. - Class A   425,969 
 41,874   TransForce, Inc.   1,058,803 
 29,700   TransGlobe Energy Corp.   185,225 
 44,600   Trican Well Service Ltd.   643,834 
 12,700   Trilogy Energy Corp.   323,222 
 70,509   Trinidad Drilling Ltd.   681,584 
 174,000   Turquoise Hill Resources Ltd.(d)   604,815 
 163,489   Twin Butte Energy Ltd.   248,903 
 8,241   Uni-Select, Inc.   211,174 
 2,441   Valener, Inc.   35,394 
 433   Vermilion Energy, Inc.   28,577 
 800   Vicwest, Inc.   7,623 
 7,539   Virginia Mines, Inc.(d)   86,429 
 3,968   Wajax Corp.   125,516 
 35,652   West Fraser Timber Co. Ltd.   1,624,098 
 31,597   Western Energy Services Corp.   303,697 
 71,338   Western Forest Products, Inc.   150,481 
 3,630   WesternOne, Inc. - Units   26,534 
 6,300   Westjet Airlines Ltd.   162,592 
 4,517   Westshore Terminals Investment Corp.   137,538 
 7,900   Whistler Blackcomb Holdings, Inc.   125,780 
 54,450   Whitecap Resources, Inc.   792,518 
 33,200   Wi-Lan, Inc.   106,571 
 11,548   Winpak Ltd.   296,551 
 10,050   WSP Global, Inc.   336,890 
 12,874   Xtreme Drilling and Coil Services Corp.(d)   56,202 
 24,459   Yamana Gold, Inc.   208,620 
 17,772   Zargon Oil & Gas Ltd.   135,937 
 2,000   ZCL Composites, Inc.   11,758 
         167,510,238 

 

14

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CAYMAN ISLANDS — 0.0%    
 23,308   China Great Star International Ltd.(d)  $77,327 
 95,746   Endeavour Mining Corp.(d)   75,518 
         152,845 
CHILE — 0.1%    
 383,012   AES Gener SA   193,873 
 487,853   Aguas Andinas SA - Class A   308,721 
 130,649   Banmedica SA   214,692 
 74,100   Besalco SA   51,394 
 25,883   CAP SA   350,714 
 174,902   CFR Pharmaceuticals SA   58,705 
 2,925   Cia Cervecerias Unidas SA   32,882 
 43,481   Cia General de Electricidad SA   196,110 
 18,733   Cia Sud Americana de Vapores SA(d)   851 
 647,163   Colbun SA   166,873 
 50,487,302   CorpBanca SA   596,284 
 17,201   Cristalerias de Chile SA(c)   120,277 
 61,992   E.CL SA   85,993 
 15,622   Embotelladora Andina SA - Class A, Preference Shares   46,973 
 16,401   Embotelladora Andina SA - Class B, Preference Shares   58,347 
 37,467   Empresas Hites SA   19,636 
 506,042   Empresas Iansa SA   17,472 
 28,361   ENTEL Chile SA   344,528 
 20,702   Forus SA   94,113 
 12,790   Gasco SA   87,200 
 138,767   Grupo Security SA   45,606 
 448,016   Inversiones Aguas Metropolitanas SA   708,776 
 4,287   Latam Airlines Group SA - BDR(d)   49,129 
 952   Molibdenos y Metales SA   11,150 
 85,997   Multiexport Foods SA(d)   18,040 
 88,026   Parque Arauco SA   164,655 
 22,204   PAZ Corp. SA   12,809 
 113,857   Ripley Corp. SA   68,211 
 12,256   Salfacorp SA   9,320 
 158,473   Sigdo Koppers SA   232,710 
 20,922   Sociedad Matriz SAAM SA   1,756 
 179,081   Socovesa SA   40,228 
 134,117   Sonda SA   308,078 
 5,360   Tech Pack SA(d)   2,811 
 235,571   Vina Concha y Toro SA   461,234 
 106,077   Vina San Pedro Tarapaca SA   792 
         5,180,943 
CHINA — 1.3%    
 554,000   361 Degrees International Ltd.   130,100 
 2,349,500   AAC Technologies Holdings, Inc.   14,066,593 
 938,000   Agile Property Holdings Ltd.   801,228 
 674,000   Air China Ltd. - H Shares   413,094 
 297,090   Airtac International Group   2,823,343 
Shares      Value 
CHINA (continued)    
 866,000   Aluminum Corp. of China Ltd. - H Shares(d)  $400,034 
 558,000   Angang Steel Co. Ltd. - H Shares   416,877 
 2,000   Anhui Expressway Co. Ltd. - H Shares   1,190 
 178,000   ANTA Sports Products Ltd.   293,985 
 408,000   Anton Oilfield Services Group   231,111 
 639,000   Asia Cement China Holdings Corp.   472,445 
 96,000   Aupu Group Holding Co. Ltd.   13,997 
 98,000   AVIC International Holdings Ltd.(d)   39,326 
 328,000   AviChina Industry & Technology Co. - H Shares   190,874 
 94,500   Baoxin Auto Group Ltd.   76,575 
 196,000   Baoye Group Co. Ltd. - H Shares   119,875 
 261,000   BBMG Corp. - H Shares   204,421 
 992,000   Beijing Capital International Airport Co. Ltd. - H Shares   684,796 
 716,000   Beijing Capital Land Ltd. - H Shares   265,149 
 420,000   Beijing North Star Co. Ltd. - H Shares   114,890 
 4,500   Biostime International Holdings Ltd.   20,584 
 17,500   Bloomage Biotechnology Corp. Ltd.   43,535 
 47,000   Boer Power Holdings Ltd.   57,309 
 577,000   BYD Electronic International Co. Ltd.   426,605 
 361,656   Central China Real Estate Ltd.   106,396 
 32,000   Changshouhua Food Co. Ltd.   29,935 
 249,000   Chaowei Power Holdings Ltd.   139,760 
 70,000   China Animal Healthcare Ltd.   46,335 
 798,000   China Aoyuan Property Group Ltd.   148,273 
 431,000   China Automation Group Ltd.(d)   87,868 
 994,857   China BlueChemical Ltd. - H Shares   514,755 
 833,000   China Coal Energy Co. Ltd. - H Shares   504,096 
 948,000   China Communications Services Corp. Ltd. - H Shares   464,823 
 470,500   China COSCO Holdings Co. Ltd. - H Shares(d)   203,983 
 121,000   China Datang Corp. Renewable Power Co. Ltd. - H Shares   18,111 
 883,000   China Dongxiang Group Co. Ltd.   173,181 
 144,000   China Dredging Environment Protection Holdings Ltd.(d)   43,850 
 790,000   China Eastern Airlines Corp. Ltd. - H Shares(d)   251,779 
 789,500   China Hongqiao Group Ltd.   677,438 

 

15
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CHINA (continued)     
 332,500   China Huiyuan Juice Group Ltd.(d)  $149,302 
 90,400   China International Marine Containers Group Co. Ltd. - H Shares   198,995 
 92,000   China ITS Holdings Co. Ltd.   14,839 
 149,000   China Lesso Group Holdings. Ltd.   88,246 
 66,000   China Lilang Ltd.   43,432 
 135,000   China Medical System Holdings Ltd.   167,747 
 53,000   China Mengniu Dairy Co. Ltd.   257,818 
 247,678   China Molybdenum Co. Ltd. - H Shares   163,946 
 1,362,084   China National Building Material Co. Ltd. - H Shares   1,370,863 
 320,000   China National Materials Co. Ltd. - H Shares   74,322 
 200,000   China Qinfa Group Ltd.   9,935 
 1,344,000   China Railway Construction Corp. Ltd. - H Shares   1,298,903 
 1,150,000   China Railway Group Ltd. - H Shares   623,222 
 216,000   China Rare Earth Holdings Ltd.(d)   29,543 
 558,500   China Rongsheng Heavy Industries Group Holdings Ltd.(d)   113,861 
 212,000   China Sanjiang Fine Chemicals Co. Ltd.   76,320 
 737,400   China SCE Property Holdings Ltd.   150,333 
 1,215,488   China Shanshui Cement Group Ltd.   440,710 
 138,000   China Shineway Pharmaceutical Group Ltd.   231,482 
 961,093   China Shipping Container Lines Co. Ltd. - H Shares(d)   280,265 
 722,000   China Shipping Development Co. Ltd., H Shares(d)   480,709 
 958,000   China Southern Airlines Co. Ltd. - H Shares   326,336 
 153,000   China Suntien Green Energy Corp. Ltd. - H Shares   47,775 
 176,000   China Taifeng Beddings Holdings Ltd.(d)   31,339 
 400,000   China Tontine Wines Group Ltd.(d)   17,290 
 520,000   China Yurun Food Group Ltd.(d)   249,598 
 466,500   China Zhengtong Auto Services Holdings Ltd.   260,034 
 695,600   China Zhongwang Holdings Ltd.   251,312 
 350,000   Chinasoft International Ltd.(d)   109,741 
 312,000   Chongqing Iron & Steel Co. Ltd. - H Shares(d)   69,645 
Shares      Value 
CHINA (continued)     
 1,256,000   Chongqing Rural Commercial Bank - H Shares  $625,565 
 228,000   Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.(d)   81,491 
 158,000   Comtec Solar Systems Group Ltd.(d)   26,503 
 584,000   Coolpad Group Ltd.   137,898 
 137,291   Country Garden Holdings Co. Ltd.   70,328 
 3,578,000   CPMC Holdings Ltd.(c)   3,093,219 
 408,000   Dalian Port PDA Co. Ltd. - H Shares   118,977 
 484,000   Daphne International Holdings Ltd.   212,959 
 230,000   Datang International Power Generation Co .Ltd. - H Shares   114,554 
 17,000   Delong Holdings Ltd.(d)   3,407 
 79,600   Dongfang Electric Corp. Ltd. - H Shares   138,041 
 16,650   Dongjiang Environmental Co. Ltd. - H Shares   62,195 
 705,000   Dongyue Group Ltd.   324,753 
 184,000   ENN Energy Holdings Ltd.   1,305,798 
 3,524,000   Evergrande Real Estate Group Ltd.   1,536,909 
 1,258,500   Fantasia Holdings Group Co. Ltd.   154,267 
 1,459,000   FIH Mobile Ltd.(d)   826,448 
 134,000   First Tractor Co. Ltd. - H Shares   101,148 
 673,500   Fosun International Ltd.   858,598 
 479,600   Fufeng Group Ltd.   186,269 
 148,000   Golden Eagle Retail Group Ltd.   191,730 
 5,441,600   GOME Electrical Appliances Holdings Ltd.   926,821 
 131,000   Goodbaby International Holdings Ltd.   65,922 
 74,000   Greatview Aseptic Packaging Co. Ltd.   58,245 
 111,000   Greenland Hong Kong Holdings Ltd.   55,142 
 441,000   Greentown China Holdings Ltd.   568,460 
 856,000   Guangshen Railway Co. Ltd. - H Shares   346,816 
 467,753   Guangzhou Automobile Group Co. Ltd. - H Shares   528,105 
 76,000   Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares   243,198 
 575,600   Guangzhou R&F Properties Co. Ltd. - H Shares   849,654 
 30,400   Guangzhou Shipyard International Co. Ltd. - H Shares(b)(c)   53,661 
 329,000   Guodian Technology & Environment Group Co. Ltd. - H Shares   74,290 

 

16
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CHINA (continued)     
 56,000   Hainan Meilan International Airport Co. Ltd. - H Shares  $48,991 
 2,603,000   Haitian International Holdings Ltd.   6,112,812 
 494,000   Harbin Electric Co. Ltd. - H Shares   334,006 
 4,576,000   Hilong Holding Ltd.   2,586,161 
 65,000   Hisense Kelon Electrical Holdings Co. Ltd. - H Shares(d)   83,367 
 342,000   Honghua Group Ltd.   83,845 
 28,000   Hopefluent Group Holdings Ltd.   9,719 
 138,000   Huadian Power International Corp. Ltd. - H Shares   85,292 
 1,512,000   Huaneng Renewables Corp. Ltd. - H Shares   507,248 
 390,000   Hunan Non-Ferrous Metal Corp. Ltd. - H Shares(d)   133,857 
 217,500   Intime Retail Group Co. Ltd.   203,186 
 80,000   JES International Holdings Ltd.(d)   5,001 
 122,000   Jiangsu Expressway Co. Ltd. - H Shares   148,760 
 140,000   Jiangxi Copper Co. Ltd. - H Shares   268,076 
 92,000   Jingwei Textile Machinery - H Shares   87,963 
 991,000   Kaisa Group Holdings Ltd.   364,430 
 114,000   Kasen International Holdings Ltd.   23,830 
 190,000   Kingdee International Software Group Co. Ltd.(d)   66,683 
 73,000   Kingsoft Corp. Ltd.   218,999 
 667,000   KWG Property Holding Ltd.   492,286 
 84,000   Labixiaoxin Snacks Group Ltd.(d)   16,150 
 64,000   Leoch International Technology Ltd.(d)   13,873 
 76,000   Li Heng Chemical Fibre Technologies Ltd.(d)   5,178 
 3,400   Livzon Pharmaceutical Group, Inc.   21,058 
 741,500   Longfor Properties Co. Ltd.   1,071,580 
 893,000   Lonking Holdings Ltd.   161,315 
 1,182,000   Maanshan Iron & Steel Co. Ltd. - H Shares(d)   277,578 
 800,000   Maoye International Holdings Ltd.   134,193 
 1,060,000   Metallurgical Corp. of China Ltd. - H Shares   231,147 
 3,331,000   Microport Scientific Corp.(c)(d)   2,002,885 
 146,000   Minth Group Ltd.   281,072 
 80,000   NVC Lighting Holdings Ltd.   18,271 
 179,000   O-Net Communications Group Ltd.(d)   50,351 
 96,800   Pacific Online Ltd.   53,833 
Shares      Value 
CHINA (continued)     
 70,000   Pan Asia Environmental Protection Group Ltd.(d)  $14,090 
 645,000   Parkson Retail Group Ltd.   193,915 
 363,000   Peak Sport Products Co. Ltd.   96,956 
 684,000   Powerlong Real Estate Holdings Ltd.(d)   104,144 
 402,000   Qingling Motors Co. Ltd. - H Shares   120,859 
 261,000   Qunxing Paper Holdings Co. Ltd.(b)(c)   12,730 
 67,000   Real Gold Mining Ltd.(b)(c)(d)   2,274 
 5,423,430   Renhe Commercial Holdings Co. Ltd.(d)   272,919 
 193,000   Sany Heavy Equipment International Holdings Co. Ltd.(d)   45,573 
 34,500   Sateri Holdings Ltd.   6,677 
 10,032,806   Semiconductor Manufacturing International Corp.(d)   932,074 
 253,500   Shandong Chenming Paper Holdings Ltd. - H Shares   120,371 
 484,000   Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares   502,732 
 530,000   Shanghai Electric Group Co. Ltd. - H Shares   236,618 
 724,000   Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares   227,942 
 205,600   Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares   382,546 
 222,000   Shanghai Prime Machinery Co. Ltd. - H Shares   35,806 
 687,000   Shengli Oil & Gas Pipe Holdings Ltd.   51,414 
 188,000   Shenguan Holdings Group Ltd.   71,561 
 32,000   Shenzhen Expressway Co. Ltd. - H Shares   19,324 
 162,000   Shenzhou International Group Holdings Ltd.   513,171 
 1,689,881   Shui On Land Ltd.   455,720 
 514,000   Sihuan Pharmaceutical Holdings Group Ltd.   317,683 
 36,000   Sino Grandness Food Industry Group Ltd.(d)   19,623 
 73,000   SinoMedia Holding Ltd.   56,139 
 1,856,562   Sino-Ocean Land Holdings Ltd.   1,089,975 
 378,000   Sinopec Shanghai Petrochemical Co. Ltd. - H Shares   117,545 
 351,000   Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(b)(c)(d)   80,163 
 52,400   Sinopharm Group Co. Ltd. - H Shares   154,494 
 1,009,000   Sinotrans Ltd. - H Shares   630,133 
 413,500   Sinotruk Hong Kong Ltd.   218,753 
 111,000   SITC International Holdings Co. Ltd.   48,840 

 

17
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
CHINA (continued)     
 1,600,500   SOHO China Ltd.  $1,350,607 
 142,000   Springland International Holdings Ltd.   58,632 
 90,000   SPT Energy Group, Inc.   47,961 
 812,000   Sunac China Holdings Ltd.   669,503 
 194,000   Sunny Optical Technology Group Co. Ltd.   256,829 
 238,000   TCL Communication Technology Holdings Ltd.   299,417 
 88,000   Tian Shan Development Holdings Ltd.   37,811 
 554,000   Tiangong International Co. Ltd.   120,807 
 1,944,000   Tong Ren Tang Technologies Co. Ltd. - H Shares   2,769,241 
 15,200   Tonly Electronics Holdings Ltd.   11,964 
 2,069,500   Travelsky Technology Ltd. - H Shares   1,874,554 
 38,000   Trigiant Group Ltd.   10,983 
 201,000   Trony Solar Holdings Co. Ltd.(b)(c)(d)   3,060 
 218,400   Uni-President China Holdings Ltd.   179,228 
 76,000   Weichai Power Co. Ltd. - H Shares   333,417 
 319,000   Weiqiao Textile Co. - H Shares   169,995 
 1,510,000   West China Cement Ltd.   187,044 
 384,000   Winsway Enterprises Holdings Ltd.(d)   24,279 
 135,000   Wumart Stores, Inc. - H Shares   120,890 
 626,000   Xiamen International Port Co. Ltd. - H Shares   115,506 
 5,057,000   Xingda International Holdings Ltd.(c)   2,029,312 
 159,000   Xinhua Winshare Publishing and Media Co. Ltd. - H Shares   134,790 
 151,200   Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares   172,855 
 433,000   Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(d)   116,211 
 838,000   Xinyi Solar Holdings Ltd.   242,207 
 283,000   Xiwang Special Steel Co. Ltd.   39,071 
 197,500   XTEP International Holdings Ltd.   84,351 
 1,086,000   Yanzhou Coal Mining Co. Ltd. - H Shares   891,215 
 45,000   Youyuan International Holdings Ltd.   9,813 
 604,760   Yuzhou Properties Co. Ltd.   138,899 
 166,000   Zall Development Group Ltd.(d)   58,903 
 434,500   Zhaojin Mining Industry Co. Ltd. - H Shares   273,032 
 96,000   Zhejiang Expressway Co. Ltd. - H Shares   103,679 
 40,000   Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)   0 
Shares      Value 
CHINA (continued)     
 14,200   Zhengzhou Coal Mining Machinery Group Co. Ltd. - H Shares  $8,923 
 525,000   Zhong An Real Estate Ltd.   89,419 
 123,000   Zhongsheng Group Holdings Ltd.   156,963 
 26,000   Zhuzhou CSR Times Electric Co. Ltd. - H Shares   89,574 
 1,466,000   Zijin Mining Group Co., Ltd.   382,103 
 696,200   Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares   440,175 
 84,600   ZTE Corp. - H Shares   177,932 
         84,924,668 
COLUMBIA — 0.0%     
 150,409   Pacific Rubiales Energy Corp.   2,876,166 
CYPRUS — 0.0%     
 279,720   Bank of Cyprus Public Co. Ltd.(b)(c)(d)   0 
 29,606   Deep Sea Supply Plc(d)   46,012 
 71,521   ProSafe SE   533,476 
 63,061   Songa Offshore(d)   25,680 
         605,168 
DENMARK — 0.7%     
 2,314   ALK-Abello A/S   333,706 
 57,902   Alm Brand A/S(d)   297,403 
 8,231   Amagerbanken A/S(b)(c)(d)   0 
 862   Ambu A/S - Class B   62,387 
 6,801   Auriga Industries A/S - Class B(d)   366,420 
 16,411   Bang & Olufsen A/S(d)   201,888 
 10,357   Bavarian Nordic A/S(d)   212,973 
 1,079   Brodrene Hartmann A/S   35,462 
 561,699   Chr. Hansen Holding A/S(c)   23,251,970 
 15,041   D/S Norden A/S   461,911 
 3,150   DFDS A/S   253,156 
 22,801   DSV A/S   720,695 
 1,987   East Asiatic Co. Ltd. A/S   20,519 
 21,341   FLSmidth & Co. A/S   1,096,523 
 81,337   GN Store Nord A/S   2,080,096 
 4,777   Greentech Energy Systems AS(d)   10,810 
 18,588   H. Lundbeck A/S   427,629 
 3,538   H+H International A/S - Class B(d)   27,830 
 519   IC Companys A/S   16,591 
 37,222   Jyske Bank A/S(d)   2,113,048 
 18,842   NKT Holding A/S   1,184,350 
 6,068   Pandora A/S   416,724 
 2,279   Parken Sport & Entertainment A/S(d)   31,720 
 1,113   PER Aarsleff A/S - Class B   213,877 
 1,788   Ringkjoebing Landbobank A/S   375,698 
 3,450   Rockwool International A/S - Class B   576,528 

 

18
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
DENMARK (continued)     
 1,853   Royal UNIBREW(d)  $271,551 
 9,377   Schouw & Co.   434,479 
 16,820   SimCorp A/S   545,241 
 2,457   Solar A/S - Class B   176,061 
 23,971   Spar Nord Bank A/S   260,451 
 44,562   Sydbank A/S(d)   1,221,249 
 33   Tivoli A/S   18,491 
 33,016   TK Development A/S(d)   55,736 
 37,860   Topdanmark AS(d)   1,170,164 
 33,402   TopoTarget A/S(d)   23,875 
 3,605   Tryg A/S   362,883 
 130,586   Vestas Wind Systems A/S(d)   5,907,585 
 1,895   William Demant Holding A/S(d)   164,990 
         45,402,670 
FAEROE ISLANDS — 0.0%     
 110   Atlantic Petroleum(d)   1,719 
 7,482   Bakkafrost   146,394 
 876   BankNordik   18,327 
         166,440 
FINLAND — 0.5%    
 7,357   Ahlstrom Oyj   78,318 
 872   Aktia Bank Oyj   10,953 
 39,132   Amer Sports Oyj   772,894 
 698   Apetit Oyj   16,880 
 407   Aspo Oyj   3,248 
 1,858   Atria Plc   18,013 
 999   Bank of Aland Plc - Class B   14,795 
 1,446   BasWare Oyj   64,342 
 18,521   Biotie Therapies Oyj(d)   5,506 
 15,775   Cargotec Oyj - Class B   576,882 
 93,678   Caverion Corp.   777,723 
 93,179   Citycon Oyj   343,120 
 2,317   Comptel Oyj   1,955 
 4,120   Cramo Oyj   84,022 
 7,193   Digia Plc   35,734 
 1,089   Elektrobit Oyj   3,660 
 26,571   Elisa Oyj   762,475 
 10,761   Finnair Oyj(d)   41,211 
 3,396   Finnlines Oyj(d)   59,162 
 12,672   Fiskars Oyj Abp   308,485 
 31,761   F-Secure Oyj   114,830 
 10,371   HKScan Oyj - A Shares   52,216 
 40,603   Huhtamaki Oyj   1,083,580 
 19,509   Kemira Oyj   266,198 
 2,280   Kesko Oyj - Class A   83,470 
 31,775   Kesko Oyj - Class B   1,212,624 
 15,462   Konecranes Oyj   503,944 
 5,234   Lassila & Tikanoja Oyj   98,821 
 409   Lemminkainen Oyj(d)   7,832 
 75,818   Metsa Board Oyj   361,425 
 67,391   Metso Oyj   2,652,144 
 59,743   Neste Oil Oyj   1,103,982 
 52,206   Nokian Renkaat Oyj   1,815,466 
Shares      Value 
FINLAND (continued)     
 6,399   Okmetic Oyj  $39,415 
 5,138   Olvi Oyj - Class A   172,138 
 22,895   Oriola-KD Oyj - Class B(d)   68,366 
 10,430   Orion Oyj - Class A   387,145 
 18,446   Orion Oyj - Class B   685,920 
 14,520   Outokumpu Oyj(d)   118,116 
 13,413   PKC Group Oyj   371,785 
 766   Ponsse Oyj   12,380 
 1,919   Poyry Oyj(d)   10,284 
 43,685   Raisio Plc - V Shares   241,005 
 26,580   Ramirent Oyj   253,770 
 85,675   Rautaruukki Oyj(d)   1,267,687 
 440   Saga Furs Oyj   15,101 
 39,208   Sanoma Oyj   307,920 
 11,213   Stockmann Oyj Abp - Class B   160,808 
 319,193   Stora Enso Oyj - Class R   2,880,772 
 163,338   Talvivaara Mining Co. Plc(d)   13,998 
 5,454   Technopolis Oyj   30,235 
 15,464   Tieto Oyj   412,070 
 16,032   Tikkurila Oyj   406,596 
 307,226   UPM-Kymmene Oyj   5,027,185 
 7,222   Uponor Oyj   111,599 
 6,352   Vacon Oyj   235,691 
 3,684   Vaisala Oyj - Class A   108,330 
 67,391   Valmet Oyj   708,833 
 70,509   Wartsila Oyj Abp   3,561,328 
 58,938   YIT Oyj   605,322 
         31,549,709 
FRANCE — 2.3%     
 1,839   ABC Arbitrage   11,525 
 18,557   Accor SA   899,522 
 61,626   Air France-KLM(d)   667,010 
 1,640   Akka Technologies SA   57,207 
 9,125   ALBIOMA   230,935 
 808,766   Alcatel-Lucent(d)   2,863,387 
 5,620   Altamir   87,295 
 9,534   Alten SA   459,529 
 60,387   Altran Technologies SA   635,568 
 819   ANF Immobilier REIT   26,869 
 4,889   April   109,394 
 34,890   Arkema SA   3,243,256 
 4,828   Assystem   138,672 
 17,075   AtoS   1,334,356 
 1,151   Aurea SA   8,508 
 1,650   Axway Software SA   42,973 
 10,625   Beneteau SA(d)   187,374 
 1,293   Bigben Interactive   11,254 
 3,331   BioMerieux   346,615 
 132,613   Boiron SA(c)   10,093,362 
 2,534   Bollore SA   1,565,427 
 11,728   Bonduelle SCA   327,435 
 2,288   Bongrain SA   188,634 
 25,330   Bull Group(d)   167,216 
 114   Burelle SA   97,544 
 1,101   Cegedim SA(d)   38,582 

 

19
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
FRANCE (continued)     
 3,006   Cegid Group  $121,319 
 124,773   CGG SA(d)   1,292,172 
 90   Cie des Alpes(d)   1,916 
 10,437   Club Mediterranee SA(d)   303,970 
 52,976   Derichebourg SA   156,772 
 126   Devoteam SA   3,013 
 22,529   Edenred   704,861 
 20,149   Eiffage SA   1,306,933 
 494   Electricite de Strasbourg SA   72,691 
 1,806   Eramet(d)   225,629 
 78   Esso SA Francaise   3,551 
 44,232   Etablissements Maurel et Prom(d)   672,246 
 42,035   Euler Hermes Group   4,905,397 
 34,461   Eutelsat Communications SA   1,190,077 
 1,226   Exel Industries SA - Class A   92,180 
 1,903   Faiveley Transport SA   136,380 
 16,279   Faurecia   577,002 
 1,000   Fimalac   78,870 
 946   Fleury Michon SA   69,569 
 11,234   GameLoft SA(d)   71,604 
 228,615   Gaztransport Et Technigaz SA(c)   14,387,928 
 1,559   Gecina SA REIT   222,640 
 2,366   GL Events   55,602 
 257   Groupe Crit   15,555 
 152,389   Groupe Eurotunnel SA   2,017,705 
 922   Groupe Flo   3,580 
 17,014   Groupe Steria SCA   472,738 
 1,572   Guerbet   69,464 
 8,241   Haulotte Group SA   129,662 
 67,864   Havas SA   531,607 
 4,606   Hi-Media SA(d)   16,406 
 8,992   ICADE REIT   868,015 
 15,635   Imerys SA   1,221,197 
 96,924   Ingenico   9,828,675 
 1,815   Interparfums SA   58,936 
 7,311   Ipsen SA   325,020 
 10,287   IPSOS   278,870 
 6,240   Jacquet Metal Service   129,095 
 27,960   JCDecaux SA   959,955 
 31,494   Klepierre REIT   1,490,989 
 330,380   Korian-Medica(c)   11,966,764 
 33,456   Lagardere SCA   996,781 
 936   Laurent-Perrier   87,108 
 1,354   Lectra   14,541 
 353   Linedata Services   10,290 
 40,308   LISI(c)   6,282,607 
 735   Maisons France Confort SA   31,691 
 1,931   Manitou BF SA   32,321 
 467   Manutan International   25,326 
 4,277   Mersen   121,300 
 10,308   Metropole Television SA   189,100 
 424   MGI Coutier   60,528 
 3,180   Montupet   198,005 
 1,975   Mr Bricolage   38,506 
Shares      Value 
FRANCE (continued)     
 1,772   Naturex  $149,865 
 114,921   Neopost SA   8,078,940 
 20,015   Nexans SA(d)   910,431 
 10,353   Nexity SA   392,674 
 1,407   Norbert Dentressangle SA   206,736 
 7,604   NRJ Group(d)   73,006 
 8,658   Orpea   567,906 
 1,368   Parrot SA(d)   31,599 
 217,643   Peugeot SA(d)   3,266,976 
 1,273   Pierre & Vacances SA(d)   47,729 
 29,736   Plastic Omnium SA   790,584 
 439   PSB Industries SA   24,924 
 14,949   Rallye SA   750,653 
 3,664   Remy Cointreau SA   300,018 
 101,851   Rexel SA   1,975,511 
 236,554   Rubis SCA(c)   14,198,625 
 8,556   Saft Groupe SA   315,637 
 1,023   Sartorius Stedim Biotech   176,847 
 6,172   Schneider Electric SA(d)   522,488 
 135,370   SCOR SE   4,354,933 
 7,105   SEB SA   576,068 
 276   Seche Environnement SA   8,589 
 7,940   Societe BIC SA   1,095,099 
 12,662   Societe d’Edition de Canal +   103,086 
 696   Societe Internationale de Plantations d’Heveas SA   31,100 
 41,718   Societe Television Francaise 1   617,000 
 40,139   SOITEC(d)   122,008 
 69,788   Solocal Group(d)   57,004 
 724   Somfy SA   241,398 
 1,699   Sopra Group SA   183,914 
 298   Stallergenes SA   22,047 
 2,498   Ste Industrielle d’Aviation Latecoere SA(d)   36,426 
 1,800   Stef SA   126,974 
 28,979   Suez Environnement Co.   541,319 
 1,654   Sword Group   40,309 
 1,560   Synergie SA   37,245 
 54,918   Technicolor SA(d)   397,325 
 17,738   Teleperformance SA   1,234,154 
 155   Tessi SA   20,651 
 16,096   Theolia SA(d)   24,571 
 82   Thermador Groupe   8,565 
 451   Touax SA   10,593 
 2,866   Trigano SA(d)   72,379 
 51,141   UBISOFT Entertainment(d)   857,714 
 29,358   Valeo SA   3,527,442 
 55,375   Vallourec SA   2,449,536 
 2,243   Valneva SE(d)   15,288 
 43,687   Veolia Environnement SA   773,941 
 602   Vetoquinol SA   27,263 
 4,987   Vicat   397,130 
 1,404   VIEL & Cie SA   3,910 
 1,799   Vilmorin & Cie SA   211,987 
 1,445   Virbac SA   309,588 

 

20
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
FRANCE (continued)     
 449   Vranken - Pommery Monopole SA  $15,512 
 58,065   Zodiac Aerospace   1,817,447 
         142,114,772 
GABON — 0.0%     
 55   Total Gabon   30,130 
GEORGIA — 0.0%     
 6,575   Bank of Georgia Holdings Plc   270,300 
GERMANY — 2.9%     
 30,393   Aareal Bank AG   1,296,220 
 879   Adler Modemaerkte AG   13,171 
 31,801   ADVA Optical Networking SE(d)   118,296 
 10,093   Air Berlin Plc(d)   17,583 
 17,687   Aixtron SE(d)   240,271 
 2,408   Allgeier SE   47,883 
 5,308   Alstria Office REIT AG   70,281 
 920   Amadeus Fire AG   65,760 
 640   AS Creation Tapeten AG   27,415 
 16,743   Aurubis AG   815,963 
 18,722   Axel Springer SE   1,057,061 
 8,917   Balda AG   34,770 
 5,664   Bauer AG(d)   123,284 
 8,974   BayWa AG   446,958 
 44   BayWa AG   2,268 
 10,613   Bechtle AG   826,387 
 1,967   Bertrandt AG   246,270 
 982   Bijou Brigitte AG   76,017 
 155,898   Bilfinger SE   12,754,911 
 1,210   Biotest AG   130,268 
 30,993   Borussia Dortmund GmbH & Co. KGaA   203,397 
 9,809   Brenntag AG   1,579,449 
 4,102   CANCOM SE   191,725 
 8,816   Carl Zeiss Meditec AG   262,072 
 42,074   Celesio AG   1,442,843 
 2,761   CENIT AG   41,851 
 8,279   CENTROTEC Sustainable AG   177,486 
 3,390   Cewe Stiftung & Co. KGaA   229,193 
 17,476   Comdirect Bank AG   181,219 
 3,453   CompuGroup Medical AG   86,001 
 7,207   Constantin Medien AG(d)   12,121 
 9,256   CropEnergies AG   54,535 
 13,998   CTS Eventim AG & Co KGaA   410,680 
 3,708   DAB Bank AG   20,466 
 419   Delticom AG   15,081 
 3,806   Deutsche Beteiligungs AG   111,866 
 141,598   Deutsche Lufthansa AG   2,517,024 
 23,403   Deutsche Wohnen AG   508,141 
 54,632   Deutz AG   387,720 
 20,474   Dialog Semiconductor Plc(d)   626,584 
 41,937   DMG MORI SEIKI AG   1,287,367 
 2,601   Dr Hoenle AG   54,333 
 953   Draegerwerk AG & Co. KGaA   75,661 
Shares      Value 
GERMANY (continued)     
 17,862   Drillisch AG  $673,293 
 108,206   Duerr AG   8,427,694 
 1,323   Eckert & Ziegler AG   41,986 
 9,177   Elmos Semiconductor AG   166,570 
 217,885   ElringKlinger AG(c)   7,896,435 
 4,231   Euromicron AG(d)   76,711 
 38,211   Evotec AG(d)   206,507 
 65,722   Fielmann AG(c)   8,309,415 
 2,910   First Sensor AG(d)   42,668 
 31,432   Fraport AG Frankfurt Airport Services Worldwide   2,076,036 
 51,919   Freenet AG   1,376,535 
 11,914   Fuchs Petrolub SE   472,221 
 89,581   GEA Group AG   4,035,823 
 8,561   Gerresheimer AG   592,667 
 7,035   Gerry Weber International AG   321,605 
 2,345   Gesco AG   229,633 
 97,697   GFK SE(c)   4,434,826 
 5,545   GFT Technologies AG   69,127 
 7,475   Grammer AG   367,995 
 3,340   Grenkeleasing AG   347,507 
 2,258   H&R AG(d)   21,573 
 2,375   Hamborner AG REIT   25,025 
 6,452   Hamburger Hafen und Logistik AG   166,829 
 31,169   Hannover Rueck SE   2,665,308 
 656   Hansa Group AG(d)   255 
 1,410   Hawesko Holding AG   80,233 
 134,690   Heidelberger Druckmaschinen AG(d)   443,135 
 24,960   Hochtief AG   2,100,276 
 4,021   Homag Group AG   143,680 
 125   Hornbach Baumarkt AG   5,356 
 6,478   Hugo Boss AG   932,058 
 12,049   Indus Holding AG   612,001 
 502   Init Innovation In Traffic Systems AG   12,990 
 2,380   Isra Vision AG   148,925 
 17,344   Jenoptik AG   230,735 
 93,500   K+S AG   2,878,994 
 75,344   Kloeckner & Co. SE(d)   986,090 
 3,510   Koenig & Bauer AG(d)   48,411 
 11,087   Kontron AG(d)   70,073 
 6,898   Krones AG   670,310 
 210   KSB AG(c)   142,006 
 6,413   KUKA AG   357,146 
 1,128   KWS Saat AG   398,691 
 61,859   Lanxess AG   3,939,908 
 798   Leifheit AG   40,653 
 26,280   Leoni AG   1,782,381 
 4,388   LPKF Laser & Electronics AG   78,118 
 1,101   Manz AG(d)   102,507 
 1,288   Medigene AG(d)   8,365 
 12,099   MLP AG   81,006 
 3,831   Morphosys AG(d)   367,916 
 222,654   MTU Aero Engines AG   19,277,996 

 

21
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
GERMANY (continued)     
 3,842   MVV Energie AG(c)  $121,413 
 1,551   Nemetschek AG   157,655 
 2,244   Nexus AG   36,058 
 16,879   Nordex SE(d)   309,983 
 307,798   NORMA Group SE(c)   15,218,855 
 1,021   OHB AG   29,394 
 36,547   OSRAM Licht AG(d)   1,484,294 
 25,484   Patrizia Immobilien AG(d)   284,835 
 1,728   Pfeiffer Vacuum Technology AG   171,921 
 19,644   PNE Wind AG   76,019 
 686   Progress-Werk Oberkirch AG   41,607 
 669   PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie(d)   11,019 
 1,426   Puma SE   364,711 
 75,197   QSC AG   304,594 
 870   R Stahl AG   46,599 
 19,441   Rational AG(c)   6,327,175 
 42,668   Rheinmetall AG   2,599,331 
 64,835   Rhoen Klinikum AG   2,014,156 
 21,392   SAF-Holland SA   296,475 
 9,478   Salzgitter AG   354,537 
 819   Schaltbau Holding AG   54,944 
 22,076   SGL Carbon SE(d)   711,824 
 1,369   SHW AG   66,745 
 5,403   Singulus Technologies AG(d)   15,519 
 14,802   Sixt SE   510,915 
 840   SKW Stahl-Metallurgie Holding AG(d)   10,213 
 1,998   SMA Solar Technology AG(d)   54,177 
 1,181   SMT Scharf AG   28,450 
 19,351   Software AG   486,366 
 182,817   Stabilus SA(c)(d)   6,095,531 
 29,331   Stada Arzneimittel AG   1,214,990 
 11,191   Stroeer Media AG   236,318 
 66,797   Suedzucker AG   1,175,298 
 1,266   Surteco SE   48,314 
 21,586   Suss Microtec AG(d)   241,094 
 483,853   Symrise AG(c)   25,404,226 
 30,278   TAG Immobilien AG   369,758 
 9,742   Takkt AG   163,062 
 26,751   Talanx AG(d)   954,446 
 1,332   Technotrans AG   14,001 
 141,089   Telefonica Deutschland Holding AG   1,109,744 
 1,753   Telegate AG   11,971 
 7,797   Tom Tailor Holding AG(d)   151,388 
 4,964   Tomorrow Focus AG   20,340 
 93,919   TUI AG   1,333,705 
 34,543   United Internet AG   1,378,436 
 1,887   Vossloh AG   137,457 
 6,164   VTG AG   126,986 
 9,072   Wacker Chemie AG   1,056,497 
 17,355   Wacker Neuson SE   381,703 
 62   Washtec AG   1,019 
Shares      Value 
GERMANY (continued)
 7,224   Wincor Nixdorf AG  $368,116 
 166   XING AG   17,998 
         182,074,238 
GIBRALTAR — 0.0%     
 23,380   888 Holdings Plc   46,775 
 155,506   Bwin.Party Digital Entertainment Plc   225,654 
         272,429 
GREECE — 0.0%     
 2,121   Aegean Airlines SA   17,722 
 96   Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)   0 
 1,098   Astir Palace Hotel SA(d)   5,866 
 2,153   Athens Water Supply & Sewage Co. SA (The)   27,676 
 4,816   Bank of Greece   89,639 
 57,616   Ellaktor SA(d)   293,172 
 3,480   Folli Follie SA(d)   145,854 
 1,820   Fourlis Holdings SA(d)   12,916 
 10,782   Frigoglass SA(d)   50,676 
 17,301   GEK Terna Holding Real Estate Construction SA(d)   86,412 
 12,545   Hellenic Exchanges - Athens Stock Exchange SA Holding   124,644 
 25,114   Hellenic Petroleum SA   197,401 
 52,196   Intracom Holdings SA(d)   46,479 
 31,091   Intralot SA-Integrated Lottery Systems & Services(d)   77,020 
 13,521   JUMBO SA(d)   202,779 
 4,664   Lamda Development SA(d)   31,289 
 27,835   Marfin Investment Group Holdings SA(d)   16,586 
 6,590   Metka SA   106,774 
 5,531   Motor Oil (Hellas) Corinth Refineries SA   59,620 
 26,955   Mytilineos Holdings SA(d)   231,363 
 17,279   OPAP SA   282,045 
 170   Piraeus Port Authority   3,870 
 22,848   Proton Bank SA(b)(c)(d)   0 
 6,085   Public Power Corp. SA(d)   89,222 
 5,302   Sarantis SA   56,725 
 12,534   T Bank SA(b)(c)(d)   0 
 6,226   Terna Energy SA   32,264 
 647   Thessaloniki Port Authority SA   26,277 
 4,859   Titan Cement Co. SA   149,648 
 31,091   TT Hellenic Postbank SA(b)(c)(d)   0 
         2,463,939 
GUERNSEY — 0.1%     
 864,431   Friends Life Group Ltd.   4,849,663 
 19,001   Raven Russia Ltd.(d)   22,295 

 

22
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
GUERNSEY (continued)    
 59,000   Tethys Petroleum Ltd.(d)  $20,021 
         4,891,979 
HONG KONG — 1.5%     
 54,000   Ajisen China Holdings Ltd.   44,802 
 44,000   Allan International Holdings Ltd.   12,661 
 30,000   Allied Group Ltd.   134,322 
 1,473,693   Allied Properties HK Ltd.   302,343 
 260,000   AMVIG Holdings Ltd.   97,961 
 1,220,000   Anxin-China Holdings Ltd.   154,270 
 121,500   APT Satellite Holdings Ltd.   179,662 
 144,000   Asia Financial Holdings Ltd.(c)   62,245 
 58,000   Asia Satellite Telecommunications Holdings Ltd.   202,437 
 421,877   Asia Standard International Group Ltd.   115,403 
 87,000   Asian Citrus Holdings Ltd.   18,859 
 422,800   ASM Pacific Technology Ltd.   4,492,562 
 80,000   Associated International Hotels Ltd.(c)   239,482 
 84,000   Beijing Enterprises Holdings Ltd.   733,776 
 504,000   Bel Global Resources Holdings Ltd.(b)(c)(d)   0 
 158,400   Bonjour Holdings Ltd.   24,322 
 504,000   Bosideng International Holdings Ltd.   85,842 
 218,000   Bossini International Holdings Ltd.   18,846 
 331,000   Brightoil Petroleum Holdings Ltd.(d)   102,075 
 56,897   Brilliant Circle Holdings International Ltd.   10,645 
 1,864,354   Brockman Mining Ltd.(c)(d)   95,021 
 709,791   C C Land Holdings Ltd.   156,611 
 106,000   Cafe de Coral Holdings Ltd.   378,862 
 174,000   Carrianna Group Holdings Co. Ltd.   33,453 
 718,800   Century City International Holdings Ltd.   57,504 
 1,604,275   Champion Technology Holdings Ltd.   40,365 
 276,560   Chaoda Modern Agriculture Holdings Ltd.(c)(d)   8,575 
 84,000   Chen Hsong Holdings   24,929 
 119,243   Cheuk Nang Holdings Ltd.   106,164 
 114,000   Cheung Wo International Holdings Ltd.(d)   8,826 
 80,000   Chevalier International Holdings Ltd.(c)   133,367 
 2,844,000   Chigo Holding Ltd.(d)   68,256 
 684,000   China Aerospace International Holdings Ltd.   72,371 
 1,063,137   China Agri-Industries Holdings Ltd.   466,405 
 136,000   China All Access Holdings Ltd.   55,804 
Shares       Value 
HONG KONG (continued)     
 2,392,000   China Billion Resources Ltd.(b)(c)(d)  $0 
 1,242,000   China Daye Non-Ferrous Metals Mining Ltd.(d)   27,724 
 120,000   China Electronics Corp. Holdings Co. Ltd.   26,013 
 746,000   China Energine International Holdings Ltd.(d)   61,605 
 110,000   China Energy Development Holdings Ltd.(d)   3,463 
 230,000   China Environmental Investment Holdings Ltd.(d)   6,529 
 183,000   China Everbright International Ltd.   246,517 
 344,000   China Everbright Ltd.   536,193 
 438,000   China Fiber Optic Network System Group Ltd.   128,291 
 140,000   China Financial Services Holdings Ltd.   11,019 
 76,936   China Flavors & Fragrances Co. Ltd.(d)   12,905 
 158,000   China Foods Ltd.(d)   60,549 
 746,000   China Gas Holdings Ltd.   1,445,787 
 618,000   China Glass Holdings Ltd.   82,134 
 159,000   China Green Holdings Ltd.(d)   8,309 
 6,603,000   China High Precision Automation Group Ltd.(b)(c)(d)   1,039,433 
 790,000   China High Speed Transmission Equipment Group Co. Ltd.(d)   621,802 
 870,000   China Household Holdings Ltd.(d)   90,928 
 12,236,000   China Lumena New Materials Corp.(b)(c)   1,973,536 
 155,113   China Merchants Holdings International Co. Ltd.   526,380 
 54,000   China Merchants Land Ltd.   8,152 
 216,000   China Metal International Holdings, Inc.   79,710 
 193,200   China Metal Recycling Holdings Ltd.(b)(c)(d)   44,074 
 632,557   China New Town Development Co. Ltd.(d)   37,545 
 740,000   China Nickel Resources Holding Co. Ltd.(b)(c)(d)   24,348 
 17,690   China Ocean Resources Co. Ltd.(d)   20,653 
 1,060,000   China Oil and Gas Group Ltd.   190,115 
 372,500   China Overseas Grand Oceans Group Ltd.   302,324 
 460,000   China Power International Development Ltd.   193,496 
 600,000   China Power New Energy Development Co. Ltd.(d)   37,161 
 2,016,000   China Precious Metal Resources Holdings Co. Ltd.(d)   267,931 
 353,000   China Properties Group Ltd.(d)   78,798 

 

23
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
HONG KONG (continued)    
 986,440   China Resources Cement Holdings Ltd.  $717,869 
 602,000   China Resources Enterprise Ltd.   1,837,059 
 120,800   China Resources Gas Group Ltd.   381,881 
 1,520,600   China Singyes Solar Technologies Holdings Ltd.   2,236,739 
 1,230,000   China South City Holdings Ltd.   623,725 
 2,500,000   China Star Entertainment Ltd.(d)   38,709 
 535,000   China Starch Holdings Ltd.   13,461 
 275,440   China State Construction International Holdings Ltd.   488,325 
 970,000   China Strategic Holdings Ltd.(d)   23,780 
 136,400   China Taiping Insurance Holdings Co. Ltd.(d)   298,846 
 8,000   China Tianyi Holdings Ltd.   1,270 
 126,000   China Traditional Chinese Medical Co. Ltd.(d)   54,302 
 1,112,000   China Travel International Investment Hong Kong Ltd.   265,443 
 553,000   China Vanadium Titano - Magnetite Mining Co. Ltd.   67,787 
 86,000   China Water Affairs Group Ltd.   29,850 
 1,990,000   China WindPower Group Ltd.(d)   164,334 
 28,758   Chong Hing Bank Ltd.   54,473 
 86,000   Chow Sang Sang Holdings International Ltd.   223,599 
 110,000   Chu Kong Shipping Enterprise Group Co. Ltd.   26,968 
 64,000   Chuang’s China Investments Ltd.   4,624 
 413,500   Chuang’s Consortium International Ltd.   54,422 
 90,000   CIMC Enric Holdings Ltd.   107,767 
 548,000   CITIC Pacific Ltd.   1,094,579 
 1,555,000   CITIC Resources Holdings Ltd.(d)   232,747 
 649,000   CITIC Telecom International Holdings Ltd.   233,638 
 872,000   Citychamp Watch & Jewellery Group Ltd.(d)   112,515 
 1,018,000   CK Life Sciences International Holdings, Inc.   101,143 
 68,000   Clear Media Ltd.   66,683 
 177,000   Coastal Greenland Ltd.(d)   6,281 
 151,387   Comba Telecom Systems Holdings Ltd.(d)   49,225 
 8,000   Convenience Retail Asia Ltd.   5,677 
 156,000   Cosco International Holdings Ltd.   65,822 
 445,420   COSCO Pacific Ltd.   672,436 
 1,010,000   CP Lotus Corp.(d)   25,282 
 1,238,000   CP Pokphand Co. Ltd.   145,364 
 27,000   Cross-Harbour Holdings Ltd.   22,784 
 2,759,335   CSI Properties Ltd.   117,494 
Shares       Value 
HONG KONG (continued)     
 424,000   CSPC Pharmaceutical Group Ltd.  $329,897 
 4,648,000   CST Mining Group Ltd.(d)   31,786 
 85,000   Culturecom Holdings Ltd.(d)   10,639 
 519,000   Dah Chong Hong Holdings Ltd.   318,095 
 278,924   Dah Sing Banking Group Ltd.   499,541 
 89,078   Dah Sing Financial Holdings Ltd.   506,879 
 270,000   Dan Form Holdings Co. Ltd.(d)   27,522 
 132,000   Dawnrays Pharmaceutical Holdings Ltd.   107,132 
 244,000   DBA Telecommunication Asia Holdings Ltd.(b)(c)(d)   11,995 
 160,550   Dickson Concepts International Ltd.   91,150 
 275,000   Digital China Holdings Ltd.   271,805 
 256,000   DMX Technologies Group Ltd.   38,374 
 236,000   Dorsett Hospitality International Ltd.   43,241 
 108,000   Dynasty Fine Wines Group Ltd.(b)(c)(d)   3,763 
 236,000   EcoGreen Fine Chemicals Group Ltd.   74,301 
 168,234   EganaGoldpfeil Holdings Ltd.(b)(c)(d)   0 
 62,000   Embry Holdings Ltd.   34,960 
 264,000   Emperor Capital Group Ltd.   14,477 
 325,000   Emperor Entertainment Hotel Ltd.   114,064 
 648,416   Emperor International Holdings Ltd.   166,495 
 43,230,000   Emperor Watch & Jewellery Ltd.(c)   2,789,014 
 580,000   EPI Holdings Ltd.(d)   14,743 
 789,100   Esprit Holdings Ltd.   1,242,188 
 504,000   eSun Holdings Ltd.(d)   57,878 
 452,000   EVA Precision Industrial Holdings Ltd.   106,146 
 352,500   EverChina International Holdings Co. Ltd.(d)   15,464 
 9,500   Fairwood Holdings Ltd.   20,471 
 550,487   Far East Consortium International Ltd.   210,959 
 1,290,000   First Pacific Co. Ltd.   1,556,313 
 402,982   Fortune Oil Plc   69,737 
 452,000   Fountain SET Holdings Ltd.   59,489 
 2,496,000   Franshion Properties China Ltd.   740,744 
 78,000   Future Bright Holdings Ltd.   40,560 
 1,492,000   GCL-Poly Energy Holdings Ltd.(d)   487,063 
 2,350,000   Geely Automobile Holdings Ltd.   952,123 
 498,000   Genting Hong Kong Ltd.(c)   201,126 
 798,000   Get Nice Holdings Ltd.   38,613 
 370,000   Giordano International Ltd.   217,224 
 1,383,200   Global Bio-Chem Technology Group Co. Ltd.(d)   53,543 

 

24
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
HONG KONG (continued)     
 128,000   Global Sweeteners Holdings Ltd.(d)  $6,524 
 1,757,000   Glorious Property Holdings Ltd.(d)   260,714 
 122,000   Glorious Sun Enterprises Ltd.   27,391 
 220,000   Gold Peak Industries Holding Ltd.(c)   21,574 
 220,000   Goldbond Group Holdings Ltd.   11,213 
 667,588   Golden Meditech Holdings Ltd.   107,675 
 78,000   Goldin Properties Holdings Ltd.(d)   41,667 
 98,000   Goldlion Holdings Ltd.   42,361 
 16,000   Good Friend International Holdings, Inc.   4,914 
 219,960   Great Eagle Holdings Ltd.   800,365 
 13,953,000   G-Resources Group Ltd.(d)   403,284 
 584,000   Guangdong Investment Ltd.   657,090 
 206,666   Guangdong Land Holdings Ltd.   45,600 
 184,000   Guangnan Holdings Ltd.   24,454 
 7,000   Guoco Group Ltd.   86,799 
 216,000   Guotai Junan International Holdings Ltd.   161,651 
 201,000   Haier Electronics Group Co. Ltd.   578,358 
 226,738   Haitong International Securities Group Ltd.   131,653 
 3,316,000   Hanergy Solar Group Ltd.   521,999 
 123,200   Hao Tian Development Group Ltd.(d)   34,973 
 114,000   Harbour Centre Development Ltd.(c)   207,993 
 2,439,359   Heng Tai Consumables Group Ltd.(d)   44,066 
 953,400   Hengdeli Holdings Ltd.   166,075 
 2,008,035   HKC Holdings Ltd.(d)   60,888 
 365,200   HKR International Ltd.   172,468 
 186,000   Hon Kwok Land Investment Co. Ltd.   66,480 
 2,400   Hong Kong Aircraft Engineering Co. Ltd.   27,716 
 50,000   Hong Kong Ferry (Holdings) Co. Ltd.   52,064 
 227,000   Hong Kong Television Network Ltd.(d)   76,740 
 316,651   Hongkong & Shanghai Hotels (The)   451,072 
 727,700   Hongkong Chinese Ltd.   164,318 
 73,500   Hopewell Highway Infrastructure Ltd.   37,840 
 293,000   Hopewell Holdings Ltd.   1,020,768 
 400,000   Hopson Development Holdings Ltd.(d)   450,578 
 376,000   Hsin Chong Construction Group Ltd.   49,971 
 473,280   Hua Han Bio-Pharmaceutical Holdings Ltd.   133,739 
 439,000   Huabao International Holdings Ltd.   320,610 
Shares      Value 
HONG KONG (continued)     
 259,631   Hung Hing Printing Group Ltd.  $37,521 
 1,402,000   Hutchison Harbour Ring Ltd.   106,732 
 1,293,000   Hutchison Telecommunications Hong Kong Holdings Ltd.   555,569 
 41,000   Hysan Development Co. Ltd.   197,857 
 2,136,000   Imagi International Holdings Ltd.(d)   49,886 
 199,000   Inspur International Ltd.   42,111 
 552,000   Integrated Waste Solutions Group Holdings Ltd.(d)   24,217 
 1,446,250   International Standard Resources Holdings Ltd.(d)   25,939 
 144,000   IRC Ltd.(d)   12,821 
 398,000   IT Ltd.   147,387 
 99,000   ITC Properties Group Ltd.   54,929 
 134,000   Jinhui Holdings Co. Ltd.(d)   27,664 
 210,625   Johnson Electric Holdings Ltd.   815,317 
 454,000   Ju Teng International Holdings Ltd.   305,203 
 680,071   K Wah International Holdings Ltd.   499,301 
 1,940,000   Kai Yuan Holdings Ltd.(d)   31,791 
 1,500,000   Kantone Holdings Ltd.   24,387 
 42,000   Keck Seng Investments   35,280 
 341,000   Kerry Properties Ltd.   1,253,992 
 278,000   King Stone Energy Group Ltd.(d)   9,326 
 383,200   Kingboard Chemical Holdings Ltd.   809,907 
 565,500   Kingboard Laminates Holdings Ltd.   234,955 
 196,000   Kingmaker Footwear Holdings Ltd.   33,636 
 1,882,000   Kingston Financial Group Ltd.   211,268 
 417,000   Kowloon Development Co. Ltd.   507,392 
 2,412,000   Lai Fung Holdings Ltd.   56,643 
 6,494,750   Lai Sun Development Co. Ltd.(d)   164,253 
 603,200   Lai Sun Garment International Ltd.(d)   87,950 
 9,000   Lam Soon Hong Kong Ltd.   9,174 
 208,000   Landsea Green Properties Co. Ltd.(d)   19,324 
 116,000   Le Saunda Holdings Ltd.   54,482 
 24,000   Lee & Man Chemical Co. Ltd.   13,192 
 807,200   Lee & Man Paper Manufacturing Ltd.   491,608 
 15,000   Lee’s Pharmaceutical Holdings Ltd.   19,432 
 74,000   Lerado Group Holding Co. Ltd.   10,885 
 92,000   Lifestyle International Holdings Ltd.   179,725 
 3,271,000   Lijun International Pharmaceutical Holding Co. Ltd.   1,456,113 
 1,924,000   Lippo China Resources Ltd.   96,820 
 102,000   Lippo Ltd.   60,015 

 

25
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
HONG KONG (continued)      
 156,000   Liu Chong Hing Investment Ltd.  $205,315 
 62,500   LK Technology Holdings Ltd.(d)   6,210 
 705,600   Loudong General Nice Resources China Holdings Ltd.(d)   48,254 
 170,000   Luen Thai Holdings Ltd.   46,064 
 71,000   Luk Fook Holdings International Ltd.   221,244 
 1,658,000   Magnificent Estates   83,434 
 83,200   Man Wah Holdings Ltd.   123,672 
 38,000   Man Yue Technology Holdings Ltd.   9,316 
 580,000   Mei Ah Entertainment Group Ltd.(d)   62,864 
 42,000   Melco International Development Ltd.   126,270 
 126,000   Midland Holdings Ltd.(d)   68,609 
 632,000   MIE Holdings Corp.   108,459 
 108,000   MIN XIN Holdings Ltd.   58,529 
 1,815,000   Ming Fung Jewellery Group Ltd.(d)   18,501 
 599,000   Mingfa Group International Co. Ltd.(d)   139,895 
 780,000   Minmetals Land Ltd.   107,690 
 29,000   Miramar Hotel & Investment Co. Ltd.   36,521 
 6,221,148   Nan Hai Corp. Ltd.(d)   40,136 
 10,000   Natural Beauty Bio-Technology Ltd.   516 
 68,000   Nature Home Holding Company Ltd.   11,231 
 429,500   Neo-Neon Holdings Ltd.(b)(c)(d)   87,008 
 1,650,000   Neptune Group Ltd.(d)   37,045 
 69,500   NetDragon Websoft, Inc.   131,287 
 872,000   New Century Group Hong Kong Ltd.   18,227 
 1,235,100   New World China Land Ltd.   739,462 
 56,000   New World Department Store China Ltd.   25,146 
 458,000   Newocean Energy Holdings Ltd.   314,393 
 434,000   Next Media Ltd.(d)   57,120 
 695,000   Nine Dragons Paper Holdings Ltd.   576,622 
 260,000   North Asia Resources Holdings Ltd.(d)   4,831 
 226,391   NWS Holdings Ltd.   420,062 
 625,000   Orange Sky Golden Harvest Entertainment Holdings Ltd.(d)   45,967 
 162,000   Orient Overseas International Ltd.   865,388 
 113,200   Oriental Watch Holdings   27,752 
 66,000   Overseas Chinese Town Asia Holdings Ltd.   24,356 
Shares      Value 
HONG KONG (continued)      
 718,164   Pacific Andes International Holdings Ltd.  $28,726 
 13,582,000   Pacific Basin Shipping Ltd.   8,254,298 
 236,000   Pacific Textile Holdings Ltd.   296,901 
 323,240   Paliburg Holdings Ltd.   113,446 
 59,000   PAX Global Technology Ltd.(d)   45,677 
 1,126,394   PCCW Ltd.   693,273 
 48,000   Peace Mark Holdings Ltd.(b)(c)(d)   0 
 477,800   Pearl Oriental Oil Ltd.(d)   13,687 
 296,000   Phoenix Satellite Television Holdings Ltd.   102,740 
 368,000   Pico Far East Holdings Ltd.   84,521 
 60,000   Playmates Holdings Ltd.   75,716 
 76,000   Playmates Toys Ltd.   33,342 
 990,977   PNG Resources Holdings Ltd.   6,649 
 1,329,000   Poly Property Group Co. Ltd.   649,920 
 1,200,000   Polytec Asset Holdings Ltd.   185,805 
 72,500   Ports Design Ltd.   31,058 
 496,000   Pou Sheng International Holdings Ltd.(d)   43,520 
 560,000   Prosperity International Holdings (Hong Kong) Ltd.(d)   17,920 
 78,000   Public Financial Holdings Ltd.   37,238 
 2,696,000   PYI Corp. Ltd.   63,312 
 405,000   Real Nutriceutical Group Ltd.   99,812 
 386,200   Regal Hotels International Holdings Ltd.   231,719 
 133,000   Regent Manner International Holdings Ltd.(b)   30,719 
 5,081,033   REXLot Holdings Ltd.   537,603 
 86,000   Rising Development Holdings Ltd.(d)   52,044 
 176,000   SA SA International Holdings Ltd.   140,572 
 390,000   Samson Holding Ltd.   49,819 
 116,000   SAS Dragon Holding Ltd.   40,862 
 92,000   SEA Holdings Ltd.(c)   57,455 
 228,516   Shanghai Industrial Holdings Ltd.   763,681 
 1,059,000   Shanghai Industrial Urban Development Group Ltd.(d)   218,631 
 1,190,000   Shanghai Zendai Property Ltd.(d)   18,733 
 582,000   Shangri-La Asia Ltd.   923,684 
 150,000   Shenyin Wanguo HK Ltd.   92,516 
 417,020   Shenzhen International Holdings Ltd.   517,640 
 1,278,380   Shenzhen Investment Ltd.   443,719 
 757,129   Shimao Property Holdings Ltd.   1,758,482 
 2,506,000   Shougang Concord International Enterprises Co. Ltd.(d)   121,257 
 508,000   Shougang Concord Technology Holdings(d)   19,664 
 1,734,000   Shougang Fushan Resources Group Ltd.   454,193 

 

26
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
HONG KONG (continued)      
 1,061,750   Shun Tak Holdings Ltd.(d)  $545,256 
 370,000   Silver Grant International Industries Ltd.   49,174 
 854,000   Singamas Container Holdings Ltd.   164,187 
 548,000   Sino Biopharmaceutical Ltd.   471,631 
 3,935,000   Sino Oil And Gas Holdings Ltd.(d)   125,411 
 1,120,000   Sinofert Holdings Ltd.(d)   157,522 
 212,000   Sinopec Kantons Holdings Ltd.   157,836 
 914,000   Sinotrans Shipping Ltd.(d)   252,380 
 38,000   SIS International Holdings(c)   15,004 
 46,000   Sitoy Group Holdings Ltd.   31,873 
 691,278   Skyworth Digital Holdings Ltd.   343,407 
 106,910   SmarTone Telecommunications Holding Ltd.   155,329 
 1,267,934   SMI Corp. Ltd.   48,263 
 122,843   SOCAM Development Ltd.(d)   117,612 
 731,000   Solargiga Energy Holdings Ltd(d)   38,200 
 366,000   Solomon Systech International Ltd.(d)   19,599 
 20,000   Soundwill Holdings Ltd.   36,129 
 696,000   South China China Ltd.(c)(d)   62,864 
 360,000   Sparkle Roll Group Ltd.(d)   19,045 
 1,413,428   SRE Group Ltd.   44,318 
 84,500   Stella International Holdings Ltd.   235,508 
 60,500   Stelux Holdings International Ltd.   15,691 
 204,000   Success Universe Group Ltd.(d)   7,502 
 16,000   Sun Hing Vision Group Holdings Ltd.   5,306 
 371,801   Sun Hung Kai & Co. Ltd.   318,547 
 1,802,000   Superb Summit International Group Ltd.(d)   223,214 
 302,000   TAI Cheung Holdings Ltd.   248,223 
 6,000   Tan Chong International Ltd.   2,516 
 6,000   Tao Heung Holdings Ltd.   3,608 
 698,000   TCC International Holdings Ltd.   323,330 
 152,000   TCL Multimedia Technology Holdings Ltd.(d)   56,093 
 280,500   Techtronic Industries Co.   846,924 
 89,500   Television Broadcasts Ltd.   579,725 
 108,000   Texhong Textile Group Ltd.   82,079 
 284,000   Texwinca Holdings Ltd.   267,508 
 185,800   Tian An China Investment Co. Ltd.   139,529 
 106,000   Tianjin Development Holdings Ltd.   86,578 
 1,208,000   Tianjin Port Development Holdings Ltd.   199,514 
 264,000   Tianneng Power International Ltd.   101,512 
 215,000   Tibet 5100 Water Resources Holdings Ltd.   74,348 
Shares      Value 
HONG KONG (continued)     
 2,380,000   Titan Petrochemicals Group Ltd.(b)(c)(d)  $768 
 124,252   Tomson Group Ltd.   33,989 
 1,740,000   Tongda Group Holdings Ltd.   251,456 
 203,000   Towngas China Co. Ltd.   234,431 
 500,000   TPV Technology Ltd.   107,741 
 154,000   Tradelink Electronic Commerce Ltd.   39,742 
 84,000   Transport International Holdings Ltd.(c)   155,209 
 432,000   Trinity Ltd.   109,253 
 394,000   Truly International Holdings Ltd.   238,940 
 128,000   TSC Group Holdings Ltd.(d)   60,779 
 20,000   Tse Sui Luen Jewellery International Ltd.   7,897 
 1,230,000   United Energy Group Ltd.(d)   182,515 
 288,500   United Laboratories International Holdings Ltd. (The)(d)   192,084 
 230,000   Universal Technologies Holdings Ltd.(d)   12,910 
 44,000   Up Energy Development Group Ltd.(d)   4,939 
 761,200   V1 Group Ltd.(d)   72,682 
 277,000   Value Partners Group Ltd.   202,655 
 188,000   Varitronix International Ltd.   173,444 
 348,000   Vedan International Holdings Ltd.   19,308 
 684,644   Victory City International Holdings Ltd.   90,107 
 244,000   Vitasoy International Holdings Ltd.   315,466 
 483,600   VST Holdings Ltd.   124,175 
 33,300   VTech Holdings Ltd.   412,058 
 3,680,000   Wang On Group Ltd.   123,457 
 178,000   Wasion Group Holdings Ltd.   141,940 
 396,000   Welling Holding Ltd.   114,456 
 96,000   Win Hanverky Holdings Ltd.   12,387 
 50,412   Wing Hang Bank Ltd.(b)   813,092 
 77,000   Wing On Co. International Ltd.(c)   221,063 
 230,000   Wing Tai Properties Ltd.(c)   145,418 
 888,000   Xinyi Glass Holdings Ltd.   524,776 
 1,040,000   Yanchang Petroleum International Ltd.(d)   52,335 
 230,000   Yeebo International Holdings   38,580 
 45,000   YGM Trading Ltd.   101,032 
 2,427,000   Yingde Gases Group Co. Ltd.   2,658,722 
 98,000   Yip’s Chemical Holdings Ltd.   63,984 
 204,000   Yue Yuen Industrial Holdings Ltd.   685,699 
 3,396,200   Yuexiu Property Co. Ltd.   766,879 
 116,191   Yuexiu Transport Infrastructure Ltd.   76,761 
 906,000   Yugang International Ltd.   10,287 

 

27
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
HONG KONG (continued)     
 306,000   Zhuhai Holdings Investment Group Ltd.  $52,908 
         93,983,087 
HUNGARY — 0.0%     
 24,646   Magyar Telekom Telecommunications Plc(d)   39,218 
INDIA — 1.4%     
 355   3M India Ltd.(d)   28,761 
 8,058   Aban Offshore Ltd.   102,525 
 2,753   ABB India Ltd.   47,314 
 2,732   ABG Shipyard Ltd.(d)   11,463 
 17,582   ACC Ltd.   405,514 
 43,270   Adani Enterprises Ltd.(d)   310,141 
 132,608   Adani Power Ltd.(d)   124,014 
 25,742   Aditya Birla Nuvo Ltd.   627,914 
 3,264   Ahmednagar Forgings Ltd.   15,122 
 204,559   AIA Engineering Ltd.(c)   2,635,295 
 1,605   Ajanta Pharma Ltd.   42,800 
 623   Akzo Nobel India Ltd.   10,745 
 20,592   Alembic Pharmaceuticals Ltd.   118,420 
 36,030   Allahabad Bank   72,301 
 810   Allcargo Logistics Ltd.   3,241 
 241,287   Alok Industries Ltd.   49,037 
 1,082   Alstom India Ltd.   9,505 
 498,410   Amara Raja Batteries Ltd.(c)   4,023,267 
 124,036   Ambuja Cements Ltd.   423,000 
 55,124   Amtek Auto Ltd.   235,533 
 44,785   Anant Raj Ltd.(d)   46,433 
 74,333   Andhra Bank   101,080 
 229,025   Apollo Hospitals Enterprise Ltd.(c)   3,834,080 
 99,796   Apollo Tyres Ltd.   288,229 
 71,434   Arvind Ltd.   272,234 
 287,392   Ashok Leyland Ltd.(d)   162,162 
 1,362   Atul Ltd.   26,842 
 59,016   Aurobindo Pharma Ltd.(d)   694,472 
 485,257   Bajaj Electricals Ltd.(c)   2,299,103 
 8,626   Bajaj Finance Ltd.   312,473 
 12,411   Bajaj Finserv Ltd.   193,632 
 48,789   Bajaj Hindusthan Ltd.(d)   19,629 
 22,227   Bajaj Holdings & Investment Ltd.(c)   475,701 
 12,115   Balkrishna Industries Ltd.   158,307 
 189,807   Ballarpur Industries Ltd.   52,530 
 3,642   Balmer Lawrie & Co. Ltd.   32,988 
 41,078   Balrampur Chini Mills Ltd.   51,379 
 20,918   Bank of Baroda   301,332 
 32,388   Bank of India   146,896 
 23,191   Bank of Maharashtra   17,856 
 4,339   BASF India Ltd.   59,885 
 3,947   Bata India Ltd.   81,330 
 819,119   Berger Paints India Ltd.(c)   4,062,267 
 7,735   BGR Energy Systems Ltd.   23,311 
 2,479   Bharat Electronics Ltd.(d)   72,182 
 26,138   Bharat Forge Ltd.(d)   312,568 
Shares      Value 
INDIA (continued)      
 12,574   Bharat Petroleum Corp. Ltd.  $120,530 
 64,810   Bhushan Steel Ltd.   422,715 
 14,324   Biocon Ltd.   111,260 
 8,906   Birla Corp. Ltd.   55,851 
 1,274   Blue Dart Express Ltd.   81,489 
 8,842   Bombay Dyeing & Manufacturing Co. Ltd.   10,395 
 4,107   Bombay Rayon Fashions Ltd.(d)   10,861 
 412   Bosch Ltd.   91,255 
 10,113   Britannia Industries Ltd.   191,892 
 9,549   Cadila Healthcare Ltd.   176,102 
 43,985   Canara Bank   290,484 
 7,476   Carborundum Universal Ltd.   21,030 
 29,868   Century Plyboards India Ltd.(d)   42,688 
 9,156   Century Textiles & Industries Ltd.   91,291 
 6,433   CESC Ltd.   68,627 
 39,829   Chambal Fertilizers & Chemicals Ltd.   37,610 
 9,705   Cholamandalam Investment and Finance Co. Ltd.   67,132 
 65,290   Cipla Ltd.   492,460 
 36,243   City Union Bank Ltd.(d)   44,104 
 1,522   CMC Ltd.   48,452 
 10,128   Colgate-Palmolive India Ltd.   262,092 
 3,973   Container Corp. of India   85,746 
 10,814   Coromandel International Ltd.   43,160 
 10,670   Corp. Bank   62,603 
 12,827   Cox & Kings Ltd.   56,163 
 129,686   CRISIL Ltd.(c)   3,779,959 
 29,235   Crompton Greaves Ltd.   93,928 
 13,480   Cummins India Ltd.   139,572 
 16,196   Cyient Ltd.   102,398 
 128,260   Dabur India Ltd.   439,207 
 2,774   Dalmia Bharat Ltd.   20,350 
 6,484   DB Corp. Ltd.   34,872 
 18,464   DB Realty Ltd.(d)   24,787 
 27,921   DCB Bank Ltd.(d)   38,129 
 5,844   Deepak Fertilizers & Petrochemicals Corp. Ltd.   15,816 
 29,801   Delta Corp Ltd.   45,867 
 43,420   Dena Bank.   49,000 
 7,530   Divi’s Laboratories Ltd.   183,633 
 106,331   DLF Ltd.   348,302 
 1,890   eClerx Services Ltd.   40,339 
 3,504   Eicher Motors Ltd.   492,054 
 25,575   EID Parry India Ltd.(d)   82,021 
 1,898   Elder Pharmaceuticals Ltd.(d)   5,861 
 345,542   Emami Ltd.(c)(d)   3,099,016 
 25,985   Engineers India Ltd.   120,131 
 8,345   Eros International Media Ltd.(d)   30,272 
 27,309   Escorts Ltd.   53,695 
 45,444   Essar Oil Ltd.(d)   86,349 
 20,369   Essar Ports Ltd.   30,626 
 31,009   Essar Shipping Ltd.(d)   10,708 

 

28
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
INDIA (continued)      
 7,991   Essel Propack Ltd.  $13,804 
 109,622   Exide Industries Ltd.   297,862 
 15,298   FDC Ltd.   35,514 
 304,245   Federal Bank Ltd.   602,985 
 6,289   Federal-Mogul Goetze India Ltd.(c)(d)   27,677 
 14,606   Finolex Cables Ltd.   50,390 
 3,286   Finolex Industries Ltd.   15,153 
 46,712   Firstsource Solutions Ltd.(d)   29,715 
 1,319,085   Fortis Healthcare Ltd.(c)(d)   2,569,625 
 9,586   Future Capital Holdings Ltd.(d)   38,900 
 29,067   Gateway Distriparks Ltd.   112,455 
 767   Gillette India Ltd.   29,145 
 1,824   GlaxoSmithKline Consumer Healthcare Ltd.   146,735 
 14,696   Glenmark Pharmaceuticals Ltd.   160,090 
 73,608   GMR Infrastructure Ltd.   32,534 
 273   Godfrey Phillips India Ltd.   11,963 
 30,654   Godrej Consumer Products Ltd.   425,806 
 23,771   Godrej Industries Ltd.   131,772 
 11,964   Godrej Properties Ltd.   45,170 
 3,081   Gokul Refoils & Solvent Ltd.(d)   896 
 29,016   Great Eastern Shipping Co. Ltd. (The)   176,069 
 20,917   Greaves Cotton Ltd.   39,641 
 2,596   Grindwell Norton Ltd.   18,022 
 32,020   Gruh Finance Ltd.   109,648 
 15,133   Gujarat Alkalies & Chemicals(d)   52,096 
 8,892   Gujarat Flourochemicals Ltd.   77,170 
 26,956   Gujarat Narmada Valley Fertilizers Co. Ltd.(d)   41,310 
 35,352   Gujarat NRE Coke Ltd.(d)   6,484 
 450,743   Gujarat Pipavav Port Ltd.(c)(d)   1,086,222 
 42,802   Gujarat State Fertilisers & Chemicals Ltd.   54,207 
 62,535   Gujarat State Petronet Ltd.   91,908 
 1,652   Gulf Oil Corp. Ltd.   4,210 
 1,652   Gulf Oil Lubricants India Ltd.(d)   6,850 
 5,553   Hathway Cable & Datacom Ltd.(d)   29,379 
 7,852   Havells India Ltd.   155,418 
 11,965   HCL Infosystems Ltd.(d)   14,649 
 849   HEG Ltd.(d)   3,772 
 18,832   Hexa Tradex Ltd.(d)   11,513 
 137,134   Hexaware Technologies Ltd.   322,088 
 562,230   Hindalco Industries Ltd.   1,780,817 
 375   Hinduja Ventures Ltd.   1,946 
 6,147   Hindustan Petroleum Corp. Ltd.   40,555 
 430   Honeywell Automation India Ltd.   35,350 
 58,097   Housing Development & Infrastructure Ltd.(d)   89,033 
 588,903   HSIL Ltd.(c)   2,372,251 
 5,745   HT Media Ltd.   10,062 
 1,883   HTMT Global Solutions Ltd.(d)   19,535 
 30,641   ICRA Ltd.(c)   1,336,008 
Shares      Value 
INDIA (continued)      
 66,277   IDBI Bank Ltd.  $97,626 
 173,718   IDFC Ltd.   437,004 
 77,633   IIFL Holdings Ltd.   168,484 
 92,087   India Cements Ltd. (The)   157,250 
 29,515   Indiabulls Housing Finance Ltd.   199,993 
 14,343   Indian Bank   35,216 
 51,509   Indian Hotels Co. Ltd.(d)   80,256 
 30,072   Indian Overseas Bank   34,856 
 45,438   IndusInd Bank Ltd.   420,051 
 3,468   Info Edge India Ltd.   39,549 
 23,454   ING Vysya Bank Ltd.   236,100 
 239,628   Ipca Laboratories Ltd.(c)   2,797,062 
 8,799   IRB Infrastructure Developers Ltd.   37,444 
 8,006   Jagran Prakashan Pvt Ltd.(d)   15,834 
 29,744   Jain Irrigation Systems Ltd. - DVR   50,325 
 544,527   Jaiprakash Associates Ltd.   525,881 
 10,452   Jammu & Kashmir Bank Ltd.(d)   276,020 
 75,459   Jaypee Infratech Ltd.   40,957 
 6,226   Jindal Poly Films Ltd.   27,266 
 1,556   Jindal Poly Investment & Finance Co. Ltd.(d)   4,358 
 83,700   Jindal Saw Ltd.   106,695 
 174,189   Jindal Steel & Power Ltd.(d)   790,898 
 7,796   JK Lakshmi Cement Ltd.   31,752 
 2,717   JK Tyre & Industries Ltd.   13,923 
 104,984   JM Financial Ltd.   70,599 
 138,313   JSW Energy Ltd.   172,084 
 46,133   JSW Steel Ltd.   899,716 
 142,308   Jubilant Foodworks Ltd.(c)(d)   2,958,201 
 28,637   Jubilant Organosys Ltd.(d)   88,955 
 2,239   Kajaria Ceramics Ltd.   23,151 
 90,563   Kakinada Fertilizers Ltd.(b)(c)(d)   3,145 
 30,858   Karnataka Bank Ltd. (The)   64,982 
 16,876   Karur Vysya Bank Ltd. (The)   134,888 
 2,339   Kaveri Seed Co. Ltd.   28,131 
 11,076   KEC International Ltd.   21,924 
 24,476   KPIT Technologies Ltd.   62,866 
 298   Lakshmi Machine Works Ltd.   18,601 
 81,905   LIC Housing Finance Ltd.   392,051 
 11,875   Maharashtra Seamless Ltd.   59,834 
 49,550   Mahindra & Mahindra Financial Services Ltd.   192,600 
 531   Mahindra Lifespace Developers Ltd.   5,247 
 3,619   Manaksia Ltd.(d)   4,829 
 942   Marico Kaya Enterprises Ltd.(d)   4,588 
 47,116   Marico Ltd.   199,020 
 51,660   MAX India Ltd.   261,960 
 1,025   Merck Ltd.   12,160 
 9,830   MindTree Ltd.   170,532 
 11,604   Monnet Ispat & Energy Ltd.   24,647 
 70,479   Motherson Sumi Systems Ltd.   424,988 
 11,049   Mphasis Ltd.   83,494 

 

29
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
INDIA (continued)      
 515   MRF Ltd.  $198,582 
 82,330   Nagarjuna Oil Refinery Ltd.(d)   6,257 
 75,291   National Aluminium Co. Ltd.   72,091 
 165,649   NHPC Ltd.   62,540 
 16,197   NIIT Technologies Ltd.   100,826 
 6,848   Oil India Ltd.   63,929 
 47,831   OMAXE Ltd.   99,973 
 6,434   Oracle Financial Sevices Software Ltd.(d)   352,367 
 8,317   Orient Cement Ltd.   14,319 
 16,955   Oriental Bank of Commerce   77,950 
 483   Orissa Minerals Development Co. Ltd.   33,850 
 14,725   Oswal Chemical & Fertilizers(d)   7,871 
 28,962   Page Industries Ltd.(c)   3,845,107 
 8,697   Parsvnath Developers Ltd.(d)   3,822 
 6,026   PC Jeweller Ltd.   12,789 
 789   Persistent Systems Ltd.   16,307 
 104,278   Petronet LNG Ltd.   314,699 
 1,091   Pfizer Ltd.   24,484 
 4,125   Phoenix Mills Ltd. (The)   24,046 
 1,525   PI Industries Ltd.   10,020 
 465,083   Pidilite Industries Ltd.(c)   2,860,926 
 7,053   Plethico Pharmaceuticals Ltd.(d)   5,431 
 9,700   Polaris Financial Technology Ltd.   34,074 
 16,467   Prestige Estates Projects Ltd.   68,034 
 1,195   Procter & Gamble Hygiene & Health Care Ltd.   91,805 
 81,828   PTC India Financial Services Ltd.   44,008 
 89,564   PTC India Ltd.   124,159 
 36,362   Rain Industries Ltd.   23,762 
 24,971   Rajesh Exports Ltd.(d)   66,345 
 796,263   Rallis India Ltd.(c)   2,860,219 
 21,876   Ramco Cements Ltd. (The)   102,779 
 19,421   Ranbaxy Laboratories Ltd.(d)   185,747 
 12,772   Raymond Ltd.   89,276 
 62,060   Redington India Ltd.   101,361 
 3,937   Reliance Capital Ltd.(d)   37,976 
 121,363   Reliance Communications Ltd.(d)   270,810 
 7,440   Reliance Infrastructure Ltd.   91,140 
 160,258   Reliance Power Ltd.(d)   244,931 
 38,166   Rolta India Ltd.   67,254 
 43,842   Ruchi Soya Industries Ltd.   28,541 
 9,422   S Mobility Ltd.   4,351 
 3,688   Sadbhav Engineering Ltd.(d)   12,364 
 612   Sanofi India Ltd.   29,868 
 69,699   Sesa Sterlite Ltd.   334,258 
 2,527   Shoppers Stop Ltd.   16,403 
 1,830   Shree Cement Ltd.   223,593 
 142,891   Shree Renuka Sugars Ltd.   54,184 
 11,398   Shriram Transport Finance Co. Ltd.   169,503 
Shares      Value 
INDIA (continued)      
 11,274   Siemens Ltd.  $163,310 
 77,746   Sintex Industries Ltd.(d)   109,446 
 15,463   SJVN Ltd.   6,260 
 161,500   SKF India Ltd.(c)   3,146,345 
 8,139   Sobha Developers Ltd.   60,784 
 104   Solar Industries India Ltd.   3,539 
 426,240   South Indian Bank Ltd. (The)   212,337 
 6,622   SRF Ltd.   64,549 
 29,868   Star Ferro and Cement Ltd.   20,727 
 5,304   State Bank of Bikaner & Jaipur   58,178 
 530   State Bank of Travancore   5,470 
 2,418   Sterlite Technologies Ltd.   2,293 
 97,037   Strides Arcolab Ltd.   1,061,238 
 16,553   Sun TV Network Ltd.(d)   116,170 
 9,094   Sundaram Finance Ltd.   142,828 
 21,387   Sundram Fasteners Ltd.   37,086 
 6,405   Supreme Industries Ltd.   64,079 
 38,891   Syndicate Bank   92,308 
 7,364   Tamil Nadu Newsprint & Papers Ltd.   19,681 
 13,597   Tata Chemicals Ltd.   78,002 
 5,395   Tata Communications Ltd.   33,107 
 1,926   Tata Investment Corp. Ltd.   17,469 
 76,960   Tata Power Co. Ltd.   124,298 
 99,640   Tata Tea Ltd.(d)   252,712 
 1,682   Tech Mahindra Ltd.   59,767 
 4,509   Thermax Ltd.   65,148 
 10,567   Timken India Ltd.   58,900 
 45,835   Titan Co. Ltd.   258,285 
 204,762   Torrent Pharmaceuticals Ltd.(c)   2,516,114 
 4,273   Transport Corp. of India Ltd.   14,255 
 1,291   Trent Ltd.   25,918 
 29,890   Triveni Turbine Ltd.   47,856 
 697   TTK Prestige Ltd.   44,781 
 15,051   Tube Investments of India Ltd.   73,648 
 121,811   TV18 Broadcast Ltd.(d)   60,078 
 46,611   TVS Motor Co. Ltd.   113,442 
 75,044   UCO Bank   123,250 
 10,645   Uflex Ltd.   21,950 
 13,600   Unichem Laboratories Ltd.   47,279 
 63,571   Union Bank of India   200,883 
 324,490   Unitech Ltd.(d)   136,450 
 22,486   United Breweries Ltd.   261,967 
 116,601   United Phosphorus Ltd.(d)   633,553 
 16,860   Usha Martin Ltd.   11,756 
 9,215   Uttam Galva Steels Ltd.(d)   11,594 
 15,400   Vakrangee Ltd.   35,254 
 1,120   Vardhman Special Steels Ltd.(d)   791 
 8,100   Vardhman Textiles Ltd.   63,384 
 99,541   Vedanta Resources Plc   1,766,264 
 23,739   Videocon Industries Ltd.   65,856 
 89,248   Vijaya Bank   71,814 
 10,213   Voltas Ltd.   32,442 
 902   VST Industries Ltd.   22,805 
 1,793   WABCO India Ltd.(c)   99,393 
 15,809   Wockhardt Ltd.   175,519 

 

30
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
INDIA (continued)     
 548   Wyeth Ltd.  $8,374 
 96,337   Yes Bank Ltd.   861,299 
 3,784,431   Zee Entertainment Enterprises Ltd.(d)   50,023 
 180,211   Zee Entertainment Enterprises Ltd.   865,584 
 4,219   Zensar Technologies Ltd.   29,372 
 621   Zuari Agro Chemicals Ltd.   1,808 
         89,934,097 
INDONESIA — 0.5%     
 1,306,000   Ace Hardware Indonesia Tbk PT   104,345 
 8,731,100   Adaro Energy Tbk PT   893,660 
 447,000   Adhi Karya Persero Tbk PT   120,075 
 8,087,100   AKR Corporindo Tbk PT   3,073,482 
 5,357,300   Alam Sutera Realty Tbk PT   242,935 
 1,820,400   Aneka Tambang Persero Tbk PT   199,690 
 31,986,200   Arwana Citramulia Tbk PT(c)   2,790,418 
 77,000   Asahimas Flat Glass Tbk PT(c)   51,544 
 165,500   Astra Agro Lestari Tbk PT   381,676 
 42,411,000   Bakrie & Brothers Tbk PT(c)(d)   183,161 
 9,710,000   Bakrie Sumatera Plantations Tbk PT(d)   41,935 
 9,876,000   Bakrie Telecom Tbk PT(c)(d)   42,652 
 1,103,166   Bank Bukopin Tbk PT   68,605 
 571,216   Bank Danamon Indonesia Tbk PT   190,200 
 3,011,250   Bank Pan Indonesia Tbk PT(d)   230,184 
 1,261,100   Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT   90,409 
 13,000   Bank Permata Tbk PT   1,550 
 2,059,096   Bank Tabungan Negara Persero Tbk PT   192,082 
 141,100   Bank Tabungan Pensiunan Nasional Tbk PT(d)   50,578 
 495,000   Barito Pacific Tbk PT(d)   12,185 
 54,000   Bayan Resources Tbk PT(c)(d)   31,717 
 1,863,500   Benakat Integra Tbk PT(d)   18,993 
 749,000   Berau Coal Energy Tbk PT(d)   6,469 
 223,000   BISI International Tbk PT   10,016 
 560,000   Budi Starch & Sweetener Tbk PT(d)   5,611 
 624,500   Bumi Resources Minerals Tbk PT(d)   15,211 
 3,816,300   Bumi Serpong Damai PT   522,465 
 201,000   BW Plantation Tbk PT   20,052 
 4,958,000   Central Proteinaprima Tbk PT(c)(d)   21,412 
 5,137,500   Ciputra Development Tbk PT   512,530 
 1,509,100   Ciputra Property Tbk PT   99,064 
 238,000   Ciputra Surya Tbk PT   49,748 
 479,000   Citra Marga Nusaphala Persada Tbk PT   162,597 
 11,917,500   Darma Henwa Tbk PT(c)(d)   51,468 
Shares      Value 
INDONESIA (continued)     
 2,223,500   Delta Dunia Makmur Tbk PT(d)  $31,305 
 393,500   Elnusa Tbk PT   22,772 
 25,671,500   Energi Mega Persada Tbk PT(d)   201,780 
 510,600   Erajaya Swasembada Tbk PT(d)   50,057 
 524,500   Exploitasi Energi Indonesia Tbk PT(d)   8,381 
 199,200   Express Transindo Utama Tbk PT(d)   23,486 
 947,000   Gajah Tunggal Tbk PT   148,461 
 24,500   Garda Tujuh Buana Tbk PT(d)   423 
 3,339,500   Global Mediacom Tbk PT   553,819 
 1,193,400   Gozco Plantations Tbk PT(d)   10,308 
 834,300   Hanson International Tbk PT(d)   45,039 
 348,200   Harum Energy Tbk PT   63,459 
 72,500   Hexindo Adiperkasa Tbk PT   22,544 
 1,387,000   Holcim Indonesia Tbk PT   362,998 
 632,500   Indah Kiat Pulp and Paper Corp. Tbk PT(d)   74,846 
 876,000   Indika Energy Tbk PT   52,586 
 98,500   Indo Tambangraya Megah Tbk PT   222,481 
 396,000   Indosat Tbk PT   137,159 
 215,723   Inovisi Infracom Tbk PT(d)   28,136 
 1,594,500   Intiland Development Tbk PT   65,694 
 1,897,500   Japfa Comfeed Indonesia Tbk PT   206,508 
 561,000   Jasa Marga Persero Tbk PT   311,330 
 12,722,554   Kawasan Industri Jababeka Tbk PT   286,814 
 174,600   Lippo Cikarang Tbk PT(d)   121,402 
 13,300,750   Lippo Karawaci Tbk PT   1,263,729 
 10,158,300   Malindo Feedmill Tbk PT(c)   2,500,640 
 1,437,300   Matahari Putra Prima Tbk PT   365,610 
 1,019,667   Mayora Indah Tbk PT(c)   2,628,984 
 906,800   Medco Energi Internasional Tbk PT   273,744 
 1,385,500   Media Nusantara Citra Tbk PT   312,942 
 272,000   Mitra Adiperkasa Tbk PT   122,168 
 1,688,500   Mitra International Resources Tbk PT(d)   7,292 
 4,947,000   MNC Investama Tbk PT   157,244 
 463,100   Multipolar Tbk PT   29,999 
 23,455,000   Nippon Indosari Corpindo Tbk PT(c)   2,653,945 
 950,000   Nusantara Infrastructure Tbk PT(d)   17,068 
 4,190,800   Pakuwon Jati Tbk PT   150,221 
 4,283,000   Panin Financial Tbk PT(d)   91,746 
 705,500   Paninvest Tbk PT   39,304 
 480,500   Pembangunan Perumahan Persero Tbk PT   93,797 
 1,369,000   Perusahaan Perkebunan London Sumatra Indonesia Tbk PT   248,318 
 827,000   Polychem Indonesia Tbk PT(d)    14,715 

 

31
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
INDONESIA (continued)     
 1,383,000   Ramayana Lestari Sentosa Tbk PT  $129,012 
 77,500   Resource Alam Indonesia Tbk PT   10,041 
 696,000   Salim Ivomas Pratama Tbk PT   53,804 
 7,234,000   Sampoerna Agro Tbk PT(c)   1,330,894 
 5,557,500   Selamat Sempurna Tbk PT(c)   2,184,118 
 7,450,000   Sentul City Tbk PT(d)   76,575 
 828,900   Siloam International Hospitals Tbk PT(d)   1,023,819 
 117,500   Sinar Mas Agro Resources & Technology Tbk PT(c)   64,446 
 5,000   Sinar Mas Multiartha Tbk PT   1,548 
 980,300   Sugih Energy Tbk PT(d)   35,055 
 3,524,000   Summarecon Agung Tbk PT   410,918 
 225,000   Surya Citra Media Tbk PT   73,850 
 2,121,000   Surya Semesta Internusa Tbk PT   135,568 
 115,700   Tambang Batubara Bukit Asam Persero Tbk PT   116,425 
 579,000   Tiga Pilar Sejahtera Food Tbk   118,776 
 2,311,415   Timah Persero Tbk PT   283,499 
 232,700   Tower Bersama Infrastructure Tbk PT   166,824 
 596,800   Trada Maritime Tbk PT(b)(c)(d)   95,107 
 4,875,000   Truba Alam Manunggal Engineering PT(b)(c)(d)   2,526 
 1,152,000   Tunas Baru Lampung Tbk PT   67,165 
 539,500   Tunas Ridean Tbk PT   33,784 
 1,094,000   Vale Indonesia Tbk PT   380,337 
 2,493,400   Visi Media Asia Tbk PT(d)   57,287 
 958,252   Wijaya Karya Persero Tbk PT   219,336 
         31,582,687 
IRELAND — 0.6%     
 109,408   Aer Lingus Group Plc   194,116 
 1,961,821   Bank of Ireland(d)   696,147 
 276,516   Beazley Plc   1,140,965 
 154,534   C&C Group Plc   876,962 
 22,410   DCC Plc   1,281,090 
 10,174   Endo International Plc(c)(d)   695,529 
 10,294   FBD Holdings Plc(d)   197,113 
 375,000   FleetMatics Group Plc(d)   11,846,250 
 688,397   Glanbia Plc(c)   10,619,086 
 67,081   Grafton Group Plc - Units   652,905 
 181,601   Greencore Group Plc   810,338 
 16,165   IFG Group Plc   36,365 
 23,450   Irish Continental Group Plc - Units   83,212 
 126,391   James Hardie Industries Plc - CDI   1,606,785 
 230,508   Kenmare Resources Plc(c)(d)   54,016 
 19,490   Kerry Group Plc - Class A(d)   1,448,440 
 52,837   Kingspan Group Plc(d)(f)   904,200 
 6,121   Kingspan Group Plc(f)   104,749 
 12,329   Paddy Power Plc(d)   871,020 
 118,111   Smurfit Kappa Group Plc(d)   2,567,665 
Shares      Value 
IRELAND (continued)     
 417   Tarsus Group Plc  $1,517 
 132,882   United Drug Plc(d)   797,434 
         37,485,904 
ISLE OF MAN — 0.0%     
 11,173   Exillon Energy Plc(d)   28,484 
ISRAEL — 2.2%     
 67,610   Africa Israel Investments Ltd.(d)   121,167 
 4,663   Airport City Ltd.(d)   46,561 
 1,247   Allot Communications Ltd.(d)   16,317 
 8,168   Alon Blue Square Israel Ltd.(d)    26,583 
 1,870   AL-ROV Israel Ltd.(d)   64,516 
 16,296   AudioCodes Ltd.(d)   95,748 
 10,220   Azorim-Investment Development & Construction Co. Ltd.(d)   9,107 
 9,030   Azrieli Group   294,143 
 28   Bayside Land Corp.   7,688 
 350,142   Bezeq The Israeli Telecommunication Corp. Ltd.   653,977 
 1,289   Bio-cell Ltd.(d)   7,540 
 10,185   Cellcom Israel Ltd.   126,017 
 1,812,500   Check Point Software Technologies Ltd.(c)(d)   123,014,375 
 4,796   Clal Biotechnology Industries Ltd.(d)   12,476 
 13,327   Clal Insurance Enterprise Holdings Ltd.(d)   251,093 
 13,567   Delek Automotive Systems Ltd.   142,202 
 1,129   Delek Group Ltd.   444,871 
 3,947   Delta-Galil Industries Ltd.   117,970 
 4,291   Direct Insurance Financial Investments Ltd.   25,976 
 12,782   Elbit Systems Ltd.   802,501 
 905   Electra Ltd.   128,431 
 1   Electra Real Estate Ltd.(d)   2 
 4,761   Elron Electronic Industries Ltd.(d)   42,746 
 1,009   Equital Ltd.(d)   18,657 
 2,182   Evogene Ltd.(d)   28,940 
 4,175   EZchip Semiconductor Ltd.(d)   101,863 
 16,965   First International Bank of Israel Ltd.   273,489 
 3,427   Formula Systems (1985) Ltd.   93,656 
 21,992   Frutarom Industries Ltd.   547,995 
 2,578   Gilat Satellite Networks Ltd.(d)   11,851 
 1,279   Hadera Paper Ltd.(d)   50,734 
 71,162   Harel Insurance Investments & Financial Services Ltd.   417,287 
 270   Industrial Buildings Corp.(d)   538 
 430,870   Israel Discount Bank Ltd. - Class A(d)   754,703 
 2,874   Ituran Location & Control Ltd.   67,252 
 4,804   Jerusalem Oil Exploration(d)   217,761 
 89   Maabarot Products Ltd.   1,140 
 4,100   Magic Software Enterprises Ltd.   29,379 
 16,429   Matrix IT Ltd.   90,919 

 

32
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
ISRAEL (continued)     
 692   Meitav DS Investments Ltd.  $2,389 
 1,459   Melisron Ltd.   38,836 
 17,166   Menorah Mivtachim Holdings Ltd.   207,482 
 178,998   Migdal Insurance & Financial Holding Ltd.   287,197 
 1,673   Mivtach Shamir Holdings Ltd.   55,326 
 99,963   Mizrahi Tefahot Bank Ltd.   1,268,922 
 7,596   Naphtha Israel Petroleum Corp. Ltd.(d)   54,544 
 736   Neto ME Holdings Ltd.   44,168 
 13,509   NICE Systems Ltd.   537,829 
 645   Nitsba Holdings 1995 Ltd.(d)   9,748 
 2,068   Nova Measuring Instruments Ltd.(d)   21,169 
 451,332   Oil Refineries Ltd.(d)   136,741 
 26,031   Ormat Industries Ltd.   189,189 
 8,208   Osem Investments Ltd.   193,050 
 15,937   Partner Communications Co. Ltd.(d)   121,177 
 2,872   Paz Oil Co. Ltd.   461,894 
 37,018   Phoenix Holdings Ltd. (The)   132,468 
 1,121   Plasson Industries Ltd.   45,873 
 715   Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.   35,478 
 2,227,000   Sarine Technologies Ltd.(c)   5,069,884 
 68,879   Shikun & Binui Ltd.   165,098 
 13,900   Shufersal Ltd.   44,019 
 6,039   Strauss Group Ltd.   118,769 
 3,145   Summit Real Estate Holdings Ltd.(d)   11,548 
 3,108   Tower Semiconductor Ltd.(d)   32,246 
 14,467   Union Bank of Israel(d)   62,791 
         138,506,006 
ITALY — 0.7 %     
 155,713   A2A SpA   178,065 
 8,199   ACEA SpA   119,669 
 3,675   Aeroporto di Venezia Marco Polo SAVE SpA   60,036 
 10,218   Alerion Cleanpower SpA   42,169 
 27,658   Amplifon SpA   165,548 
 22,692   Ansaldo STS SpA   222,119 
 16,647   Arnoldo Mondadori Editore SpA(d)   19,728 
 5,010   Ascopiave SpA   13,062 
 23,080   Astaldi SpA   222,826 
 50,808   Atlantia SpA   1,348,439 
 22,958   Autogrill SpA(d)   196,133 
 11,266   Azimut Holding SpA   291,456 
 389,886   Banca Carige SpA(d)   75,022 
 12,300   Banca Generali SpA   344,558 
 4,248   Banca IFIS SpA   78,214 
 122,836   Banca Monte dei Paschi di Siena SpA(d)   222,052 
Shares      Value 
ITALY (continued)     
 218,366   Banca Popolare dell’Emilia Romagna Scarl(d)  $1,856,754 
 27,594   Banca Popolare dell’Etruria e del Lazio(d)   26,123 
 2,043,852   Banca Popolare di Milano Scarl(d)   1,795,349 
 98,927   Banca Popolare di Sondrio Scarl.   450,921 
 8,496   Banco di Desio e della Brianza SpA   31,854 
 158,511   Banco Popolare SC(d)   2,466,387 
 3,334   BasicNet SpA(d)   10,268 
 7,670   Biesse SpA   93,924 
 13,563   Brembo SpA   499,078 
 2,678   Brunello Cucinelli SpA   60,388 
 36,108   Buzzi Unicem SpA   587,456 
 32,411   Cementir Holding SpA   254,106 
 171,392   CIR-Compagnie Industriali Riunite SpA(d)   238,682 
 29,592   Credito Emiliano SpA   249,242 
 269,330   Credito Valtellinese Scarl(d)   330,712 
 9,148   Danieli & C Officine Meccaniche SpA   261,896 
 4,885   Datalogic SpA   56,157 
 93,104   Davide Campari-Milano SpA   727,453 
 50,118   DeA Capital SpA(d)   91,270 
 23,657   Delclima(d)   43,272 
 19,373   De’Longhi SpA   412,467 
 9,154   DiaSorin SpA   366,503 
 2,143   Ei Towers SpA(d)   115,644 
 1,550   Engineering SpA   83,685 
 24,995   ERG SpA   370,842 
 5,852   Esprinet SpA   60,220 
 14,129   Eurotech SpA(d)   37,423 
 78,369   Falck Renewables SpA   134,953 
 297,242   Fiat SpA(d)   2,883,661 
 195,336   Finmeccanica SpA(d)   1,807,407 
 30,605   FNM SpA   23,646 
 75,696   Gruppo Editoriale L’Espresso SpA(d)   119,707 
 27,134   Gtech SpA   654,006 
 58,047   Hera SpA   157,010 
 9,330   Immobiliare Grande Distribuzione REIT   13,618 
 60,625   IMMSI SpA(d)   51,062 
 16,260   Indesit Co. SpA(d)   236,236 
 3,035   Industria Macchine Automatiche SpA   121,433 
 198,830   Intek Group SpA(d)   111,023 
 32,568   Interpump Group SpA   416,258 
 112,590   Iren SpA   159,055 
 74,507   Italcementi SpA   555,211 
 4,027   Italmobiliare SpA   161,662 
 762   Landi Renzo SpA(d)   1,143 
 21,735   Maire Tecnimont SpA(d)   57,539 
 1,779   Mariella Burani SpA(b)(c)(d)   0 
 9,386   MARR SpA   155,721 

 

33
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
ITALY (continued)     
 189,408   Mediaset SpA(d)  $756,313 
 176,249   Mediobanca SpA(d)   1,563,537 
 40,338   Mediolanum SpA   307,882 
 7,534   Nice SpA   29,761 
 254,284   Parmalat SpA   839,668 
 56,015   Piaggio & C SpA(d)   167,265 
 134,537   Pirelli & C. SpA   2,014,092 
 1,283   Prima Industrie SpA(d)   21,904 
 35,206   Prysmian SpA   750,508 
 26,412   RCS MediaGroup SpA(d)   39,505 
 30,604   Recordati SpA   506,105 
 490   Reply SpA   36,612 
 70,103   Retelit SpA(d)   53,976 
 1,249   Sabaf SpA   20,237 
 23,216   Safilo Group SpA(d)   484,962 
 14,940   Saipem SpA(d)   349,294 
 19,719   Salini Impregilo SpA(d)   89,565 
 6,286   Salvatore Ferragamo SpA   173,311 
 80,592   Saras SpA(d)   100,578 
 4,256   Servizi Italia SpA   26,363 
 11,730   Societa Cattolica di Assicurazioni SCRL   250,527 
 33,939   Societa Iniziative Autostradali e Servizi SpA   404,696 
 3,079   Socotherm SpA(b)(c)(d)   0 
 15,879   Sogefi SpA(d)   63,788 
 12,888   SOL SpA   109,068 
 60,496   Sorin SpA(d)   166,712 
 6,138   Tamburi Investment Partners SpA   18,707 
 123,266   Terna Rete Elettrica Nazionale SpA   649,012 
 20,102   Tiscali SpA(d)   1,559 
 3,433   Tod’s SpA   377,179 
 18,881   Trevi Finanziaria Industriale SpA   150,937 
 6,610   Uni Land SpA(b)(c)(d)   0 
 551,885   Unione di Banche Italiane SCPA   4,570,713 
 143,016   Unipol Gruppo Finanziario SpA   787,852 
 459,322   UnipolSai SpA   1,396,172 
 10,354   Vittoria Assicurazioni SpA   142,666 
 19,385   World Duty Free SpA(d)   221,417 
 13,735   Yoox SpA(d)   362,870 
 11,183   Zignago Vetro SpA   77,418 
         41,080,254 
JAPAN — 5.1 %     
 172,000   77 Bank Ltd. (The)   904,603 
 4,700   A&D Co. Ltd.   24,536 
 4,900   ABC-Mart, Inc.   266,757 
 59,600   Accordia Golf Co. Ltd.   749,164 
 86,000   Achilles Corp.   122,063 
 3,200   Adastria Holdings Co. Ltd.   72,950 
 56,800   ADEKA Corp.   789,065 
 2,000   Aderans Co. Ltd.   29,612 
Shares      Value 
JAPAN (continued)     
 7,200   Advan Co. Ltd.  $77,064 
 20,400   Advantest Corp.   231,239 
 4,700   Aeon Delight Co. Ltd.   113,725 
 2,200   Aeon Fantasy Co. Ltd.   29,899 
 800   Agrex, Inc.   8,423 
 1,500   Agro-Kanesho Co. Ltd.   12,176 
 13,400   Ahresty Corp.   118,413 
 11,600   Ai Holdings Corp.   217,081 
 22,400   Aica Kogyo Co. Ltd.   487,785 
 4,500   Aichi Bank Ltd. (The)   222,233 
 10,600   Aichi Corp.   49,360 
 71,000   Aichi Steel Corp.   285,063 
 16,000   Aichi Tokei Denki Co. Ltd.   47,907 
 30,000   Aida Engineering Ltd.   288,728 
 2,300   Ain Pharmaciez, Inc.   107,325 
 7,400   Aiphone Co. Ltd.   139,202 
 40,000   Air Water, Inc.   643,951 
 11,300   Airport Facilities Co. Ltd.   76,677 
 13,400   Aisan Industry Co. Ltd.   110,988 
 13,000   Aizawa Securities Co. Ltd.   66,981 
 37,100   Akebono Brake Industry Co. Ltd.   181,055 
 82,000   Akita Bank Ltd. (The)   232,771 
 4,200   Alconix Corp.   63,818 
 11,200   Alfresa Holdings Corp.   676,148 
 79,500   Allied Telesis Holdings KK   67,239 
 11,100   Alpen Co. Ltd.   186,142 
 3,200   Alpha Corp.   32,664 
 1,160   Alpha Systems, Inc.   17,254 
 26,700   Alpine Electronics, Inc.   424,127 
 86,600   Alps Electric Co. Ltd.   1,222,410 
 3,300   Alps Logistics Co. Ltd.   35,481 
 1,500   Altech Corp.   16,740 
 42,000   Amada Co. Ltd.   411,569 
 16,800   Amano Corp.   197,292 
 500   Amiyaki Tei Co. Ltd.   18,374 
 3,500   Amuse, Inc.   75,162 
 13,000   Anest Iwata Corp.   92,004 
 16,500   Anritsu Corp.   159,763 
 2,100   AOI Electronics Co. Ltd.   61,552 
 20,500   AOKI Holdings, Inc.   270,437 
 90,000   Aomori Bank Ltd. (The)   260,730 
 26,300   Aoyama Trading Co. Ltd.   675,493 
 10,200   Arakawa Chemical Industries Ltd.   126,031 
 25,000   Araya Industrial Co. Ltd.   39,372 
 9,700   Arcland Sakamoto Co. Ltd.   215,566 
 17,638   Arcs Co. Ltd.   375,171 
 3,600   Argo Graphics, Inc.   60,895 
 219,500   Ariake Japan Co. Ltd.(c)   5,607,797 
 22,800   Arisawa Manufacturing Co. Ltd.   156,928 
 1,100   Artnature, Inc.   32,562 
 5,190   As One Corp.   156,661 
 2,900   Asahi Broadcasting Corp.   17,874 
 1,400   Asahi Co. Ltd.   18,891 

 

34
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 20,000   Asahi Diamond Industrial Co. Ltd.  $294,172 
 4,650   Asahi Holdings, Inc.   80,736 
 2,600   Asahi Intecc Co. Ltd.   108,433 
 13,000   Asahi Kogyosha Co. Ltd.   51,310 
 3,000   Asahi Net, Inc.   14,816 
 49,000   Asahi Organic Chemicals Industry Co. Ltd.   104,321 
 23,000   Asanuma Corp.(d)   31,974 
 12,400   Asatsu-DK, Inc.   319,086 
 3,100   Asax Co. Ltd.   38,997 
 24,000   Ashimori Industry Co. Ltd.(d)   50,863 
 15,800   Asics Corp.   337,919 
 18,000   ASKA Pharmaceutical Co. Ltd.   197,035 
 2,600   ASKUL Corp.   71,758 
 12,000   Asunaro Aoki Construction Co. Ltd.   72,561 
 10,200   Atom Corp.   59,396 
 66,000   Atsugi Co. Ltd.   69,295 
 60,900   Autobacs Seven Co. Ltd.   1,002,913 
 7,300   Avex Group Holdings, Inc.   126,179 
 105,000   Awa Bank Ltd. (The)   600,204 
 5,100   Axial Retailing, Inc.   89,590 
 9,300   Azbil Corp.   235,879 
 47,000   Bando Chemical Industries Ltd.   195,100 
 6,500   Bank of Iwate Ltd. (The)   301,099 
 26,000   Bank of Kochi Ltd. (The)   35,386 
 87,000   Bank of Kyoto Ltd. (The)   799,251 
 83,000   Bank of Nagoya Ltd. (The)   318,719 
 15,100   Bank of Okinawa Ltd. (The)   648,097 
 62,000   Bank of Saga Ltd. (The)   143,450 
 25,200   Bank of the Ryukyus Ltd.   372,617 
 8,100   Belc Co. Ltd.   224,972 
 40,400   Belluna Co. Ltd.   197,552 
 19,100   Best Denki Co. Ltd.   26,738 
 24,400   Bic Camera, Inc.   212,772 
 1,500   Bit-Isle, Inc.   9,114 
 2,400   BML, Inc.   96,359 
 43,900   Brother Industries Ltd.   800,626 
 27,000   Bunka Shutter Co. Ltd.   232,820 
 800   C Uyemura & Co. Ltd.   43,941 
 3,900   CAC Holdings Corp.   44,359 
 14,800   Calbee, Inc.   443,144 
 81,000   Calsonic Kansei Corp.   537,821 
 2,000   Can Do Co. Ltd.   32,003 
 8,300   Canon Electronics, Inc.   159,521 
 28,800   Canon Marketing Japan, Inc.   590,755 
 2,700   Capcom Co. Ltd.   49,635 
 7,600   Carlit Holdings Co., Ltd.   40,784 
 45,600   Casio Computer Co. Ltd.   774,444 
 9,900   Cawachi Ltd.   179,685 
 82,000   Central Glass Co. Ltd.   286,978 
 2,000   Central Security Patrols Co. Ltd.   22,107 
 2,100   Central Sports Co. Ltd.   33,746 
 14,350   Century Tokyo Leasing Corp.   468,033 
 19,900   Chiba Kogyo Bank Ltd. (The)   151,864 
Shares      Value 
JAPAN (continued)     
 3,800   Chino Corp.  $49,686 
 11,300   Chiyoda Co. Ltd.   251,453 
 6,000   Chiyoda Integre Co. Ltd.   89,185 
 500   Chofu Seisakusho Co. Ltd.   13,051 
 4,600   Chori Co. Ltd.   58,403 
 13,500   Chubu Shiryo Co. Ltd.   88,718 
 67,000   Chuetsu Pulp & Paper Co. Ltd.   119,195 
 153,000   Chugai Mining Co. Ltd.(d)   46,109 
 28,000   Chugai Ro Co. Ltd.   59,884 
 45,900   Chugoku Bank Ltd. (The)   711,268 
 10,000   Chugoku Marine Paints Ltd.   76,508 
 58,000   Chukyo Bank Ltd. (The)   103,184 
 7,000   Chuo Spring Co. Ltd.   21,436 
 76,900   Citizen Holdings Co. Ltd.   620,493 
 24,700   CKD Corp.   223,792 
 21,000   Clarion Co. Ltd.(d)   84,723 
 11,000   Cleanup Corp.   101,803 
 3,100   CMIC Holdings Co. Ltd.   58,586 
 15,600   CMK Corp.(d)   40,644 
 33,023   Coca-Cola East Japan Co. Ltd.   892,470 
 29,600   Coca-Cola West Co. Ltd.   495,515 
 8,190   Cocokara Fine, Inc.   225,560 
 6,200   COLOPL Inc.(d)   238,682 
 3,500   Colowide Co. Ltd.   46,444 
 6,100   Computer Engineering & Consulting Ltd.   42,104 
 4,400   Computer Institute of Japan Ltd.   18,607 
 61,600   COMSYS Holdings Corp.   1,151,575 
 4,500   CONEXIO Corp.   39,678 
 1,800   COOKPAD, Inc.   51,446 
 6,800   Corona Corp.   78,005 
 3,900   Cosel Co. Ltd.   49,212 
 351,000   Cosmo Oil Co. Ltd.   709,746 
 3,500   Cosmos Pharmaceutical Corp.   431,439 
 2,700   Create Medic Co. Ltd.   26,038 
 2,100   Create SD Holdings Co. Ltd.   76,659 
 1,000   CROOZ, Inc.   36,650 
 8,400   CTI Engineering Co. Ltd.   107,547 
 2,300   Cybernet Systems Co. Ltd.   8,497 
 60,000   Dai Nippon Toryo Co. Ltd.   93,909 
 6,100   Daibiru Corp.   68,255 
 100,000   Daicel Corp.   1,022,700 
 9,000   Dai-Dan Co. Ltd.   53,808 
 17,000   Daido Kogyo Co. Ltd.   43,629 
 13,000   Daido Metal Co. Ltd.   178,068 
 95,000   Daido Steel Co. Ltd.   450,688 
 7,300   Daidoh Ltd.   39,174 
 39,550   Daiei, Inc. (The)(d)   114,192 
 10,500   Daifuku Co. Ltd.   146,785 
 7,000   Daihatsu Diesel Manufacturing Co. Ltd.   44,573 
 42,000   Daihen Corp.   186,186 
 43,000   Daiho Corp.   197,307 
 22,000   Daiichi Jitsugyo Co. Ltd.   121,052 

 

35
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 600   Daiichi Kigenso Kagaku-Kogyo Co. Ltd.  $16,624 
 4,400   Dai-ichi Seiko Co. Ltd.   74,770 
 7,800   Daiichikosho Co. Ltd.   231,653 
 27,000   Daiken Corp.   74,807 
 19,000   Daiki Aluminium Industry Co. Ltd.   60,400 
 4,300   Daiko Clearing Services Corp.   27,255 
 2,200   Daikoku Denki Co. Ltd.   38,091 
 400   Daikokutenbussan Co. Ltd.   11,510 
 148,000   Daikyo, Inc.   315,093 
 5,300   Dainichi Co. Ltd.   36,943 
 39,000   Dainichiseika Color & Chemicals Manufacturing Co. Ltd.   186,536 
 25,000   Dainippon Screen Manufacturing Co. Ltd.   116,415 
 49,000   Daio Paper Corp.   432,528 
 34,000   Daisan Bank Ltd. (The)   59,826 
 10,210   Daiseki Co. Ltd.   183,624 
 73,000   Daishi Bank Ltd. (The)   271,093 
 18,000   Daishinku Corp.   66,845 
 26,000   Daiso Co. Ltd.   88,718 
 2,200   Daisyo Corp.   29,857 
 88,000   Daito Bank Ltd. (The)   108,647 
 3,600   Daito Pharmaceutical Co. Ltd.   63,030 
 66   Daiwa House Residential Investment Corp. REIT   310,543 
 13,000   Daiwa Industries Ltd.   90,993 
 86,000   Daiwabo Holdings Co. Ltd.   164,701 
 10,400   DC Co. Ltd.   51,563 
 48,560   DCM Holdings Co. Ltd.   327,147 
 13,500   Dena Co. Ltd.   176,518 
 227,000   Denki Kagaku Kogyo KK   856,229 
 25,000   Denki Kogyo Co. Ltd.   155,787 
 12,600   Denyo Co. Ltd.   193,780 
 19,000   Descente Ltd.   166,607 
 194,000   DIC Corp.   450,746 
 3,200   Disco Corp.   208,429 
 23,000   DKS Co. Ltd.   100,617 
 15,400   DMG Mori Seiki Co. Ltd.   198,367 
 10,700   Doshisha Co. Ltd.   198,470 
 6,174   Doutor Nichires Holdings Co. Ltd.   104,436 
 71,000   Dowa Holdings Co. Ltd.   668,828 
 2,300   Dr Ci:Labo Co. Ltd.   81,388 
 6,800   DTS Corp.   135,187 
 6,600   Dunlop Sports Co. Ltd.   77,636 
 40,300   Duskin Co. Ltd.   741,239 
 2,700   Dwango Co. Ltd.   64,439 
 4,400   Dydo Drinco, Inc.   195,266 
 18,000   Dynic Corp.   30,273 
 11,000   Eagle Industry Co. Ltd.   204,141 
 1,200   Earth Chemical Co. Ltd.   46,721 
 242,000   Ebara Corp.   1,526,836 
 37,000   EDION Corp.   246,751 
Shares      Value 
JAPAN (continued)     
 66,000   Ehime Bank Ltd. (The)  $155,913 
 18,000   Eidai Co. Ltd.   86,443 
 79,000   Eighteenth Bank Ltd. (The)   209,663 
 6,400   Eiken Chemical Co. Ltd.   113,236 
 9,300   Eizo Corp.   239,586 
 1,000   Elecom Co. Ltd.   25,684 
 2,100   Elematec Corp.   39,156 
 2,800   Emori Group Holdings Co. Ltd.   56,836 
 3,400   Endo Lighting Corp.   46,836 
 1,500   en-japan, Inc.   33,320 
 1,900   Enplas Corp.   115,073 
 25,000   Enshu Ltd.(d)   31,838 
 3,300   EPS Corp.   44,592 
 17,500   ESPEC Corp.   152,263 
 4,800   Excel Co. Ltd.   98,226 
 14,700   Exedy Corp.   438,006 
 12,000   Ezaki Glico Co. Ltd.   225,033 
 5,600   F@N Communications, Inc.   88,683 
 3,810   Faith, Inc.   40,076 
 3,000   FALCO HOLDINGS Co. Ltd.   35,785 
 10,100   Fancl Corp.   124,501 
 459,000   FCC Co. Ltd.(c)   8,330,851 
 18,000   FDK Corp.(d)   32,897 
 19,300   Ferrotec Corp.   147,848 
 57,200   FIDEA Holdings Co. Ltd.   121,223 
 5,000   Fields Corp.   70,967 
 1,500   Financial Products Group Co. Ltd.   13,970 
 5,000   First Baking Co. Ltd.(d)   6,173 
 900   First Juken Co. Ltd.   11,882 
 5,100   Foster Electric Co. Ltd.   67,676 
 5,800   FP Corp.   197,910 
 27,000   France Bed Holdings Co. Ltd.   49,609 
 900   F-Tech, Inc.   11,847 
 17,900   Fudo Tetra Corp.   34,455 
 5,500   Fuji Co. Ltd.   110,519 
 10,600   Fuji Corp. Ltd.   63,477 
 114,000   Fuji Electric Co. Ltd.   594,021 
 7,500   Fuji Electronics Co. Ltd.   97,118 
 13,000   Fuji Kiko Co. Ltd.   59,272 
 12,000   Fuji Kyuko Co. Ltd.   131,357 
 23,200   Fuji Oil Co. Ltd.   371,462 
 4,600   Fuji Oil Co. Ltd.   15,875 
 2,900   Fuji Pharma Co. Ltd.   53,199 
 3,600   Fuji Seal International, Inc.   106,217 
 9,200   Fuji Soft, Inc.   205,885 
 54,000   Fujibo Holdings, Inc.   150,139 
 7,600   Fujicco Co. Ltd.   95,900 
 12,100   Fujikura Kasei Co. Ltd.   62,932 
 190,000   Fujikura Ltd.   951,247 
 3,000   Fujikura Rubber Ltd.   25,752 
 1,500   Fujimi, Inc.   20,911 
 6,300   Fujimori Kogyo Co. Ltd.   226,608 
 40,000   Fujitec Co. Ltd.   414,524 
 4,200   Fujitsu Frontech Ltd.   58,387 
 18,000   Fujitsu General Ltd.   249,531 

 

36
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 7,700   FuKoKu Co. Ltd.  $73,134 
 19,000   Fukuda Corp.   112,118 
 100,000   Fukui Bank Ltd. (The)   239,148 
 100,000   Fukushima Bank Ltd. (The)   84,577 
 5,200   Fukushima Industries Corp.   85,887 
 105,000   Fukuyama Transporting Co. Ltd.   592,038 
 7,800   Funai Soken Holdings, Inc.   67,714 
 42,000   Furukawa Co. Ltd.   86,968 
 70,000   Furukawa Electric Co. Ltd.   149,711 
 8,100   Furuno Electric Co. Ltd.   66,066 
 4,000   Furusato Industries Ltd.   54,946 
 100   Fuso Chemical Co. Ltd.   3,466 
 11,000   Fuso Pharmaceutical Industries Ltd.   34,113 
 5,100   Futaba Corp.   84,186 
 27,500   Futaba Industrial Co. Ltd.   156,127 
 300   Future Architect, Inc.   1,613 
 14,300   Fuyo General Lease Co. Ltd.   581,092 
 900   G-7 Holdings, Inc.   8,802 
 20,000   Gakken Holdings Co. Ltd.   55,217 
 6,400   Gecoss Corp.   89,158 
 9,000   Geo Holdings Corp.   76,732 
 20,800   Glory Ltd.   699,635 
 11,700   GMO Internet, Inc.   128,983 
 1,400   GMO Payment Gateway, Inc.   64,240 
 54,000   Godo Steel Ltd.   89,768 
 6,480   Goldcrest Co. Ltd.   131,156 
 22,000   Goldwin, Inc.   95,815 
 2,000   Gourmet Kineya Co. Ltd.   16,896 
 19,500   Gree, Inc.(d)   156,015 
 86,000   GS Yuasa Corp.   558,480 
 36,000   GSI Creos Corp.   49,696 
 8,000   G-Tekt Corp.   85,705 
 20,900   Gulliver International Co. Ltd.   194,442 
 24,000   Gun-Ei Chemical Industry Co. Ltd.   89,593 
 157,000   Gunma Bank Ltd. (The)   932,552 
 63,000   Gunze Ltd.   172,712 
 2,300   Gurunavi, Inc.   43,534 
 13,200   H.I.S. Co. Ltd.   417,693 
 83,270   H2O Retailing Corp.   693,748 
 113,000   Hachijuni Bank Ltd. (The)   703,057 
 900   Hagihara Industries, Inc.   13,623 
 5,800   Hakudo Co. Ltd.   55,257 
 82,600   Hakuhodo DY Holdings, Inc.   874,461 
 9,600   Hakuto Co. Ltd.   99,392 
 3,300   Hamakyorex Co. Ltd.   103,300 
 8,800   Hamamatsu Photonics KK   418,335 
 167,000   Hanwa Co. Ltd.   699,723 
 3,500   Happinet Corp.   61,552 
 7,400   Hard Off Corp. Co. Ltd.   63,522 
 6,400   Harima Chemicals Group, Inc.   29,678 
 800   Harmonic Drive Systems, Inc.   31,031 
 3,000   Haruyama Trading Co. Ltd.   20,911 
 55,300   Haseko Corp.   445,669 
Shares      Value 
JAPAN (continued)     
 64,260   Hazama Ando Corp.  $401,059 
 15,600   Heiwa Corp.   370,342 
 18,500   Heiwa Real Estate Co. Ltd.   296,209 
 18,000   Heiwado Co. Ltd.   297,127 
 20,900   Hibiya Engineering Ltd.   329,150 
 5,040   Hiday Hidaka Corp.   116,121 
 10,000   Higashi Nihon House Co. Ltd.   50,746 
 81,000   Higashi-Nippon Bank Ltd. (The)   217,333 
 86,000   Higo Bank Ltd. (The)   464,006 
 1,900   Hikari Tsushin, Inc.   140,748 
 4,700   HI-LEX Corp.   129,717 
 4,900   Hiramatsu, Inc.   31,392 
 143,000   Hiroshima Bank Ltd. (The)   702,037 
 15,000   Hisaka Works Ltd.   134,011 
 26,600   Hitachi Capital Corp.   719,143 
 51,700   Hitachi Chemical Co. Ltd.   916,241 
 2,100   Hitachi High-Technologies Corp.   56,754 
 8,700   Hitachi Koki Co. Ltd.   74,005 
 6,000   Hitachi Kokusai Electric, Inc.   81,602 
 24,300   Hitachi Transport System Ltd.   370,412 
 31,500   Hitachi Zosen Corp.   166,281 
 5,000   Hochiki Corp.   46,274 
 17,000   Hodogaya Chemical Co. Ltd.   31,070 
 21,700   Hogy Medical Co. Ltd.   1,221,436 
 12,800   Hokkaido Electric Power Co., Inc.(d)   111,743 
 10,000   Hokkaido Gas Co. Ltd.   27,609 
 28,000   Hokkan Holdings Ltd.   80,027 
 15,000   Hokko Chemical Industry Co. Ltd.   54,392 
 134,000   Hokkoku Bank Ltd. (The)   454,635 
 95,000   Hokuetsu Bank Ltd. (The)   194,867 
 2,000   Hokuetsu Industries Co. Ltd.   15,788 
 60,865   Hokuetsu Kishu Paper Co. Ltd.   270,406 
 626,000   Hokuhoku Financial Group, Inc.   1,296,243 
 8,000   Hokuriku Electric Industry Co. Ltd.   12,910 
 21,100   Hokuriku Electric Power Co.   275,686 
 1,000   Hokuriku Electrical Construction Co. Ltd.   5,415 
 5,300   Hokuto Corp.   101,090 
 7,100   H-One Co. Ltd.   51,974 
 5,620   Honeys Co. Ltd.   57,804 
 173,500   Horiba Ltd.   6,147,937 
 4,600   Hoshizaki Electric Co. Ltd.   236,115 
 20,200   Hosiden Corp.   122,341 
 18,000   Hosokawa Micron Corp.   113,041 
 39,700   House Foods Group, Inc.   721,327 
 8,700   Howa Machinery Ltd.   64,363 
 1,000   Hurxley Corp.   8,526 
 200   Hutech Norin Co. Ltd.   1,983 
 57,000   Hyakugo Bank Ltd. (The)   230,516 
 92,000   Hyakujushi Bank Ltd. (The)   326,447 

 

37
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 48,400   Ibiden Co. Ltd.  $977,269 
 7,300   IBJ Leasing Co. Ltd.   197,359 
 2,400   Ichibanya Co. Ltd.   104,992 
 21,000   Ichikoh Industries Ltd.   36,951 
 7,300   ICHINEN Holdings Co. Ltd.   56,419 
 5,200   Ichiyoshi Securities Co. Ltd.   65,212 
 2,300   Icom, Inc.   56,659 
 6,700   Idec Corp.   58,490 
 17,100   Idemitsu Kosan Co. Ltd.   353,587 
 20,000   Ihara Chemical Industry Co. Ltd.   175,764 
 12,236   Iida Group Holdings Co. Ltd.   184,614 
 39,100   Iino Kaiun Kaisha Ltd.   223,124 
 13,680   IJT Technology Holdings Co. Ltd.(d)   56,388 
 1,100   Ikyu Corp.   14,543 
 6,600   Imasen Electric Industrial   93,869 
 10,400   Inaba Denki Sangyo Co. Ltd.   348,807 
 3,200   Inaba Seisakusho Co. Ltd.   44,641 
 25,700   Inabata & Co. Ltd.   245,345 
 10,800   Inageya Co. Ltd.   113,181 
 9,700   Ines Corp.   76,853 
 4,200   I-Net Corp.   33,562 
 2,900   Infomart Corp.   60,924 
 6,200   Information Services International-Dentsu Ltd.   81,128 
 4,200   Innotech Corp.   19,721 
 1,400   Intage Holdings, Inc.   20,429 
 5,200   Internet Initiative Japan, Inc.   115,106 
 12,000   Inui Steamship Co. Ltd.   38,264 
 1,500   Iriso Electronics Co. Ltd.   93,326 
 6,000   Ise Chemical Corp.   42,580 
 43,000   Iseki & Co. Ltd.   109,940 
 145,000   Ishihara Sangyo Kaisha Ltd.(d)   139,552 
 14,000   Ishizuka Glass Co. Ltd.   29,126 
 45,766   IT Holdings Corp.   846,225 
 14,000   Ito En Ltd.   342,838 
 26,200   Itochu Enex Co. Ltd.   192,810 
 4,200   Itochu Techno-Solutions Corp.   190,269 
 2,000   Itochu-Shokuhin Co. Ltd.   70,092 
 71,000   Itoham Foods, Inc.   313,362 
 27,600   Itoki Corp.   201,771 
 8,400   IwaiCosmo Holdings, Inc.   85,825 
 27,000   Iwasaki Electric Co. Ltd.   66,932 
 63,000   Iwatani Corp.   492,412 
 42,000   Iwatsu Electric Co. Ltd.   38,789 
 138,000   Iyo Bank Ltd. (The)   1,411,326 
 20,100   Izumi Co. Ltd.   619,424 
 46,000   Izutsuya Co. Ltd.(d)   32,645 
 900   Jalux, Inc.   11,190 
 1,900   Jamco Corp.   34,485 
 98,000   Janome Sewing Machine Co. Ltd.(d)   88,602 
 14,900   Japan Airport Terminal Co. Ltd.   512,769 
 23,000   Japan Aviation Electronics Industry Ltd.   475,808 
Shares      Value 
JAPAN (continued)     
 20,800   Japan Communications, Inc.(d)  $239,817 
 13,700   Japan Digital Laboratory Co. Ltd.   247,323 
 900   Japan Drilling Co. Ltd.   46,196 
 2,900   Japan Electronic Materials Corp.   13,532 
 20,300   Japan Foundation Engineering Co. Ltd.   70,058 
 6,400   Japan Medical Dynamic Marketing, Inc.   22,585 
 4,700   Japan Petroleum Exploration Co.   179,109 
 50,000   Japan Pulp & Paper Co. Ltd.   161,863 
 23,000   Japan Radio Co. Ltd.(d)   96,369 
 26,000   Japan Transcity Corp.   93,015 
 8,000   Japan Vilene Co. Ltd.   44,952 
 38,000   Japan Wool Textile Co. Ltd. (The)   298,488 
 6,500   Jastec Co. Ltd.   53,269 
 10,000   JBCC Holdings, Inc.   78,258 
 5,000   Jeol Ltd.   21,728 
 22,800   Jimoto Holdings, Inc.   48,541 
 2,400   Jin Co. Ltd.   72,211 
 5,000   JK Holdings Co. Ltd.   27,269 
 20,000   JMS Co. Ltd.   57,551 
 32,000   J-Oil Mills, Inc.   102,348 
 20,000   Joshin Denki Co. Ltd.   189,958 
 1,600   Jowa Holdings Co. Ltd.   63,773 
 4,900   Jp-Holdings, Inc.   20,054 
 8,000   JSP Corp.   139,056 
 22,000   Juki Corp.(d)   51,329 
 145,000   Juroku Bank Ltd. (The)   539,882 
 4,000   Justsystems Corp.(d)   32,548 
 80,100   JVC Kenwood Corp.(d)   183,771 
 8,000   K&O Energy Group, Inc.   117,902 
 11,200   kabu.com Securities Co. Ltd.   52,916 
 2,000   Kabuki-Za Co. Ltd.   97,118 
 7,600   Kadokawa Corp.   213,005 
 10,500   Kaga Electronics Co. Ltd.   132,596 
 2,900   Kagome Co. Ltd.   48,744 
 77,000   Kagoshima Bank Ltd. (The)   510,514 
 16,200   Kakaku.com, Inc.   278,754 
 28,000   Kaken Pharmaceutical Co. Ltd.   628,513 
 5,800   Kameda Seika Co. Ltd.   190,016 
 13,700   Kamei Corp.   103,617 
 114,000   Kamigumi Co. Ltd.   1,096,058 
 14,000   Kanaden Corp.   103,981 
 10,000   Kanagawa Chuo Kotsu Co. Ltd.   50,357 
 12,000   Kanamoto Co. Ltd.   506,295 
 54,000   Kandenko Co. Ltd.   295,552 
 152,000   Kaneka Corp.   920,585 
 189,000   Kanematsu Corp.   341,749 
 12,300   Kanematsu Electronics Ltd.   171,350 
 27,000   Kansai Urban Banking Corp.   32,285 
 15,000   Kanto Denka Kogyo Co. Ltd.(d)   37,330 
 18,000   Kasai Kogyo Co. Ltd.   133,165 

 

38
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 16,800   Kasumi Co. Ltd.  $131,147 
 5,000   Katakura Industries Co. Ltd.   64,794 
 11,900   Kato Sangyo Co. Ltd.   266,540 
 50,000   Kato Works Co. Ltd.   360,667 
 2,400   KAWADA Technologies, Inc.   130,423 
 32,000   Kawai Musical Instruments Manufacturing Co. Ltd.   64,084 
 8,000   Kawasaki Kinkai Kisen Kaisha Ltd.   26,287 
 510,000   Kawasaki Kisen Kaisha Ltd.   1,100,666 
 7,000   Kawasumi Laboratories, Inc.   45,322 
 98,000   Keihan Electric Railway Co. Ltd.   428,717 
 15,900   Keihanshin Building Co. Ltd.   86,560 
 11,000   Keihin Co. Ltd. (The)   17,858 
 14,000   Keihin Corp.   217,353 
 22,000   Keisei Electric Railway Co. Ltd.   228,202 
 120,000   Keiyo Bank Ltd. (The)   610,120 
 21,200   Keiyo Co. Ltd.   101,605 
 800   Kenko Mayonnaise Co. Ltd.   8,438 
 28,500   Kewpie Corp.   516,444 
 6,525   KEY Coffee, Inc.   104,093 
 2,000   KFC Holdings Japan Ltd.   41,880 
 22,400   Kimoto Co. Ltd.   66,853 
 49,000   Kinden Corp.   552,569 
 600   King Jim Co. Ltd.   4,439 
 7,000   Kinki Sharyo Co. Ltd. (The)(d)   21,844 
 6,000   Kintetsu Department Store Co. Ltd.(d)   22,748 
 7,200   Kintetsu World Express, Inc.   310,426 
 22,000   Kinugawa Rubber Industrial Co. Ltd.   118,699 
 13,900   Kissei Pharmaceutical Co. Ltd.   333,632 
 66,000   Kitagawa Iron Works Co. Ltd.   118,058 
 4,600   Kita-Nippon Bank Ltd. (The)   114,033 
 21,000   Kitano Construction Corp.   54,100 
 3,600   Kito Corp.   98,377 
 31,000   Kitz Corp.   179,915 
 31,100   Kiyo Bank Ltd. (The)   425,692 
 6,000   KNT-CT Holdings Co. Ltd.(d)   11,082 
 29,600   Koa Corp.   327,754 
 22,000   Koatsu Gas Kogyo Co. Ltd.   131,104 
 8,200   Kobayashi Pharmaceutical Co. Ltd.   512,575 
 13,400   Koei Tecmo Holdings Co. Ltd.   197,747 
 11,400   Kohnan Shoji Co. Ltd.   118,028 
 1,300   Kohsoku Corp.   11,968 
 13,000   Koike Sanso Kogyo Co. Ltd.   31,089 
 10,500   Koito Manufacturing Co. Ltd.   289,997 
 44,800   Kokuyo Co. Ltd.   365,403 
 23,000   KOMAIHALTEC, Inc.   66,855 
 5,000   Komatsu Seiren Co. Ltd.   27,852 
 4,300   Komatsu Wall Industry Co. Ltd.   107,098 
 15,800   Komeri Co. Ltd.   373,400 
 12,300   Komori Corp.   149,946 
 9,800   Konaka Co. Ltd.   69,357 
Shares      Value 
JAPAN (continued)     
 11,800   Konami Corp.  $277,033 
 6,600   Kondotec, Inc.   44,272 
 9,700   Konishi Co. Ltd.   211,134 
 6,500   Kose Corp.   272,031 
 12,000   Krosaki Harima Corp.   28,698 
 4,200   KRS Corp.   42,749 
 22,128   K’s Holdings Corp.   635,886 
 2,000   KU Holdings Co. Ltd.   12,210 
 27,000   Kumagai Gumi Co. Ltd.(d)   74,544 
 7,000   Kumiai Chemical Industry Co. Ltd.   45,866 
 2,100   Kura Corp.   56,162 
 125,000   Kurabo Industries Ltd.   223,594 
 64,000   Kureha Corp.   343,440 
 50,000   Kurimoto Ltd.   120,060 
 14,600   Kurita Water Industries Ltd.   339,647 
 23,400   Kuroda Electric Co. Ltd.   389,905 
 1,000   Kusuri No Aoki Co. Ltd.   34,317 
 76,000   KYB Co. Ltd.   350,207 
 43,000   Kyodo Printing Co. Ltd.   159,685 
 41,000   Kyodo Shiryo Co. Ltd.   40,655 
 2,000   Kyoei Sangyo Co. Ltd.   4,783 
 6,700   Kyoei Steel Ltd.   124,536 
 5,000   Kyokuto Boeki Kaisha Ltd.   10,985 
 17,700   Kyokuto Kaihatsu Kogyo Co. Ltd.   267,225 
 4,000   Kyokuto Securities Co. Ltd.   69,411 
 26,000   Kyokuyo Co. Ltd.   65,212 
 24,800   KYORIN Holdings, Inc.   513,045 
 4,500   Kyoritsu Maintenance Co. Ltd.   203,859 
 9,800   Kyoritsu Printing Co. Ltd.   27,438 
 22,000   Kyosan Electric Manufacturing Co. Ltd.   79,774 
 2,400   Kyoto Kimono Yuzen Co. Ltd.   23,658 
 3,000   Kyowa Electronics Instruments Co. Ltd.   16,799 
 47,500   Kyowa Exeo Corp.   662,640 
 1,600   Kyowa Leather Cloth Co. Ltd.   9,177 
 14,000   Kyudenko Corp.   128,887 
 2,800   Lasertec Corp.   28,799 
 2,700   LEC, Inc.   28,925 
 27,600   Leopalace21 Corp.(d)   124,765 
 8,600   Life Corp.   135,022 
 17,100   Lintec Corp.   352,423 
 44,000   Lion Corp.   257,503 
 25,000   Look, Inc.   64,405 
 4,300   Mabuchi Motor Co. Ltd.   343,615 
 5,300   Macnica, Inc.   175,696 
 68,000   Maeda Corp.   584,378 
 47,000   Maeda Road Construction Co. Ltd.   824,265 
 5,000   Maezawa Kasei Industries Co. Ltd.   52,836 
 5,000   Maezawa Kyuso Industries Co. Ltd.   64,794 

 

39
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 78,000   Makino Milling Machine Co. Ltd.  $641,501 
 6,000   Mandom Corp.   221,358 
 300   Mani, Inc.   17,207 
 4,900   Mars Engineering Corp.   100,082 
 11,900   Marubun Corp.   71,725 
 95,000   Marudai Food Co. Ltd.   314,004 
 18,000   Maruetsu, Inc. (The)   69,645 
 4,000   Marufuji Sheet Piling Co. Ltd.   17,110 
 9,591   Maruha Nichiro Corp.   152,166 
 28,900   Marui Group Co. Ltd.   282,636 
 20,200   Maruichi Steel Tube Ltd.   564,379 
 1,600   Maruka Machinery Co. Ltd.   21,729 
 27,700   Marusan Securities Co. Ltd.   213,543 
 2,900   Maruwa Co. Ltd.   106,849 
 20,000   Maruyama Manufacturing Co., Inc.   52,690 
 900   Maruzen CHI Holdings Co. Ltd.(d)   3,001 
 36,000   Maruzen Showa Unyu Co. Ltd.   123,541 
 6,400   Marvelous, Inc.   95,193 
 6,500   Matsuda Sangyo Co. Ltd.   81,199 
 22,000   Matsumotokiyoshi Holdings Co. Ltd.   725,028 
 2,700   Matsuya Foods Co. Ltd.   50,055 
 12,000   Max Co. Ltd.   136,256 
 3,700   Maxvalu Tokai Co. Ltd.   50,717 
 8,200   McDonald’s Holdings Co. Japan Ltd.   206,704 
 2,400   MEC Co. Ltd.   25,035 
 63,800   Medipal Holdings Corp.   811,882 
 3,300   Megachips Corp.   46,549 
 26,200   Megmilk Snow Brand Co. Ltd.   341,047 
 65,000   Meidensha Corp.   280,562 
 6,300   Meiko Electronics Co. Ltd.   33,256 
 6,700   Meiko Network Japan Co. Ltd.   86,107 
 9,000   Meisei Industrial Co. Ltd.   50,309 
 10,700   Meitec Corp.   356,268 
 200   Meito Transportation Co. Ltd.   1,314 
 20,900   Meiwa Corp.   88,992 
 10,100   Meiwa Estate Co. Ltd.   44,773 
 3,000   Melco Holdings, Inc.   65,183 
 2,400   Message Co. Ltd.   94,493 
 70,000   Michinoku Bank Ltd. (The)   148,350 
 2,300   Micronics Japan Co. Ltd.   170,602 
 23,000   Mie Bank Ltd. (The)   52,992 
 7,000   Mikuni Corp.   28,173 
 2,937   Milbon Co. Ltd.   101,360 
 8,400   Mimasu Semiconductor Industry Co. Ltd.   75,618 
 71,000   Minato Bank Ltd. (The)   133,213 
 65,000   Minebea Co. Ltd.   781,656 
 10,200   Ministop Co. Ltd.   162,125 
 198,900   Miraca Holdings, Inc.   9,271,623 
 1,100   Miraial Co. Ltd.   18,564 
 29,540   Mirait Holdings Corp.   296,075 
Shares      Value 
JAPAN (continued)     
 8,500   Misawa Homes Co. Ltd.  $99,159 
 23,300   MISUMI Group, Inc.   750,882 
 6,400   Mitani Corp.   178,564 
 28,300   Mito Securities Co. Ltd.   105,370 
 16,000   Mitsuba Corp.   267,535 
 46,000   Mitsubishi Gas Chemical Co., Inc.   301,852 
 22,000   Mitsubishi Logistics Corp.   337,705 
 18,000   Mitsubishi Nichiyu Forklift Co. Ltd.   127,040 
 124,000   Mitsubishi Paper Mills Ltd.(d)   107,286 
 10,600   Mitsubishi Pencil Co. Ltd.   339,542 
 1,000   Mitsubishi Research Institute, Inc.   23,487 
 4,800   Mitsubishi Shokuhin Co. Ltd.   117,638 
 68,000   Mitsubishi Steel Manufacturing Co. Ltd.   151,383 
 20,000   Mitsuboshi Belting Co. Ltd.   121,907 
 445,000   Mitsui Chemicals, Inc.   1,211,296 
 291,000   Mitsui Engineering & Shipbuilding Co. Ltd.   599,738 
 19,000   Mitsui High-Tec, Inc.   129,665 
 14,000   Mitsui Home Co. Ltd.   67,098 
 51,100   Mitsui Knowledge Industry Co. Ltd.   89,418 
 86,000   Mitsui Matsushima Co. Ltd.   114,538 
 285,000   Mitsui Mining & Smelting Co. Ltd.   856,122 
 66,000   Mitsui Sugar Co. Ltd.   254,081 
 63,000   Mitsui-Soko Co. Ltd.   281,116 
 38,100   Mitsumi Electric Co. Ltd.   286,681 
 10,500   Mitsuuroko Group Holdings Co. Ltd.   59,408 
 10,400   Miura Co. Ltd.   377,116 
 38,000   Miyaji Engineering Group, Inc.   77,947 
 60,000   Miyazaki Bank Ltd. (The)   202,401 
 26,000   Miyoshi Oil & Fat Co. Ltd.   35,386 
 62,000   Mizuno Corp.   374,296 
 3,800   Mochida Pharmaceutical Co. Ltd.   260,438 
 6,500   Monex Group, Inc.   21,232 
 3,000   Monotaro Co. Ltd.   81,281 
 96,000   Morinaga & Co. Ltd.   204,384 
 113,000   Morinaga Milk Industry Co. Ltd.   408,652 
 16,000   Morita Holdings Corp.   160,677 
 22,000   Mory Industries, Inc.   88,757 
 9,300   MOS Food Services, Inc.   202,337 
 10,100   Moshi Moshi Hotline, Inc.   98,972 
 11,900   Mr Max Corp.   39,680 
 2,000   Murakami Corp.   27,609 
 308,300   Musashi Seimitsu Industry Co. Ltd.   7,636,693 
 21,800   Musashino Bank Ltd. (The)   752,345 
 15,000   Mutoh Holdings Co. Ltd.   72,765 
 10,100   Nabtesco Corp.   231,230 
 1,500   NAC Co. Ltd.   20,882 
 57,000   Nachi-Fujikoshi Corp.   405,065 

 

40
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 5,500   Nagaileben Co. Ltd.  $111,267 
 1,000   Nagano Keiki Co. Ltd.   6,679 
 24,000   NaganoBank Ltd. (The)   45,263 
 90,400   Nagase & Co. Ltd.   1,123,134 
 7,000   Nagatanien Co. Ltd.   74,243 
 88,000   Nagoya Railroad Co. Ltd.   370,427 
 22,000   Nakabayashi Co. Ltd.   45,555 
 13,000   Nakamuraya Co. Ltd.   54,090 
 1,900   Nakanishi, Inc.   81,456 
 27,000   Nakayama Steel Works Ltd.(d)   23,098 
 11,200   Namura Shipbuilding Co. Ltd.   103,981 
 40,000   Nankai Electric Railway Co. Ltd.   190,541 
 55,000   Nanto Bank Ltd. (The)   228,844 
 3,600   Natori Co. Ltd.   39,267 
 16,000   NDS Co. Ltd.   46,508 
 9,600   NEC Capital Solutions Ltd.   201,305 
 14,100   NEC Networks & System Integration Corp.   347,754 
 17,800   NET One Systems Co. Ltd.   118,188 
 22,500   Neturen Co. Ltd.   173,455 
 5,200   New Japan Chemical Co. Ltd.(d)   13,245 
 2,800   Next Co. Ltd.   21,204 
 3,000   NH Foods Ltd.   61,887 
 86,400   NHK Spring Co. Ltd.   855,895 
 41,000   Nice Holdings, Inc.   88,086 
 11,000   Nichia Steel Works Ltd.   34,113 
 38,000   Nichias Corp.   247,139 
 17,000   Nichiban Co. Ltd.   62,470 
 27,200   Nichicon Corp.   214,448 
 2,600   Nichiden Corp.   62,735 
 12,000   Nichiha Corp.   120,041 
 20,300   Nichii Gakkan Co.   173,862 
 10,650   Nichi-Iko Pharmaceutical Co. Ltd.   155,818 
 22,000   Nichimo Co. Ltd.   38,497 
 125,000   Nichirei Corp.   597,871 
 18,000   Nichireki Co. Ltd.   181,811 
 4,600   Nidec Copal Electronics Corp.   41,723 
 509,800   Nifco, Inc.(c)   16,949,555 
 3,900   NIFTY Corp.   61,307 
 128   Nihon Chouzai Co. Ltd.   3,366 
 8,200   Nihon Dempa Kogyo Co. Ltd.   87,130 
 1,200   Nihon Eslead Corp.   11,677 
 12,300   Nihon Kohden Corp.   609,828 
 9,000   Nihon M&A Center, Inc.   255,743 
 21,000   Nihon Nohyaku Co. Ltd.   228,445 
 24,000   Nihon Parkerizing Co. Ltd.   534,992 
 2,800   Nihon Plast Co. Ltd.   19,599 
 1,100   Nihon Tokushu Toryo Co. Ltd.   6,384 
 10,000   Nihon Unisys Ltd.   91,285 
 37,000   Nihon Yamamura Glass Co. Ltd.   60,429 
 29,000   Nikkiso Co. Ltd.   347,611 
 9,000   Nikko Co. Ltd.   41,559 
Shares      Value 
JAPAN (continued)     
 55,000   Nippo Corp.  $972,051 
 2,000   Nippon Air Conditioning Services Co. Ltd.   15,088 
 8,000   Nippon Beet Sugar Manufacturing Co. Ltd.   15,166 
 29,000   Nippon Carbide Industries Co., Inc.   78,375 
 31,000   Nippon Carbon Co. Ltd.   56,355 
 6,200   Nippon Ceramic Co. Ltd.   100,174 
 62,000   Nippon Chemical Industrial Co. Ltd.(d)   89,807 
 74,000   Nippon Chemi-Con Corp.(d)   194,955 
 3,000   Nippon Chemiphar Co. Ltd.   14,495 
 115,000   Nippon Coke & Engineering Co. Ltd.   130,803 
 18,000   Nippon Concrete Industries Co. Ltd.   93,093 
 26,000   Nippon Conveyor Co. Ltd.   40,189 
 15,705   Nippon Denko Co. Ltd.   50,230 
 26,000   Nippon Densetsu Kogyo Co. Ltd.   418,315 
 181,000   Nippon Electric Glass Co. Ltd.   1,029,359 
 400   Nippon Felt Co. Ltd.   1,878 
 600   Nippon Filcon Co. Ltd.   2,520 
 9,700   Nippon Fine Chemical Co. Ltd.   64,972 
 52,000   Nippon Flour Mills Co. Ltd.   264,385 
 26,000   Nippon Formula Feed Manufacturing Co. Ltd.   29,320 
 9,200   Nippon Gas Co. Ltd.   217,333 
 11,000   Nippon Hume Corp.   75,069 
 3,100   Nippon Jogesuido Sekkei Co. Ltd.   39,178 
 3,400   Nippon Kanzai Co. Ltd.   85,607 
 60,000   Nippon Kayaku Co. Ltd.   768,775 
 16,000   Nippon Kinzoku Co. Ltd.(d)   23,487 
 56,000   Nippon Koei Co. Ltd.   299,966 
 27,000   Nippon Konpo Unyu Soko Co. Ltd.   468,002 
 61,000   Nippon Koshuha Steel Co. Ltd.(d)   68,789 
 307,300   Nippon Light Metal Holdings Co. Ltd.   525,784 
 27,000   Nippon Paint Co. Ltd.   631,002 
 67,300   Nippon Paper Industries Co. Ltd.   1,183,548 
 33,000   Nippon Parking Development Co. Ltd.   37,855 
 16,000   Nippon Pillar Packing Co. Ltd.   129,257 
 61,000   Nippon Piston Ring Co. Ltd.   133,427 
 4,000   Nippon Rietec Co. Ltd.   30,992 
 54,000   Nippon Road Co. Ltd. (The)   306,577 
 19,000   Nippon Seiki Co. Ltd.   375,696 
 4,000   Nippon Seiro Co. Ltd.   9,916 
 10,000   Nippon Seisen Co. Ltd.   62,315 
 15,000   Nippon Sharyo Ltd.   55,558 
 525,000   Nippon Sheet Glass Co. Ltd.(d)    740,048 
 64,000   Nippon Shokubai Co. Ltd.   829,981 

 

41
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 23,500   Nippon Signal Co. Ltd. (The)  $222,286 
 74,000   Nippon Soda Co. Ltd.   408,613 
 115,480   Nippon Steel & Sumikin Bussan Corp.   460,281 
 41,000   Nippon Steel & Sumikin Texeng Co. Ltd.   234,365 
 116,900   Nippon Suisan Kaisha Ltd.(d)   339,796 
 23,000   Nippon Synthetic Chemical Industry Co. Ltd. (The)   180,440 
 36,000   Nippon Thompson Co. Ltd.   174,987 
 21,000   Nippon Valqua Industries Ltd.   62,266 
 19,000   Nippon Yakin Kogyo Co. Ltd.(d)   60,215 
 47,500   Nipro Corp.   410,051 
 1,000   Nishikawa Rubber Co. Ltd.   17,304 
 168,000   Nishimatsu Construction Co. Ltd.   805,172 
 8,300   Nishimatsuya Chain Co. Ltd.   66,568 
 359,000   Nishi-Nippon City Bank Ltd. (The)   945,793 
 68,000   Nishi-Nippon Railroad Co. Ltd.   275,001 
 3,100   Nishio Rent All Co. Ltd.   133,204 
 18,300   Nissan Chemical Industries Ltd.   339,083 
 39,000   Nissan Shatai Co. Ltd.   636,951 
 14,000   Nissan Tokyo Sales Holdings Co. Ltd.   42,191 
 1,500   Nissei Corp.   14,378 
 3,900   Nissei Plastic Industrial Co. Ltd.   23,469 
 2,200   Nissha Printing Co. Ltd.   32,316 
 23,600   Nisshin Fudosan Co. Ltd.   94,753 
 22,000   Nisshin Oillio Group Ltd. (The)    74,428 
 40,300   Nisshin Seifun Group, Inc.   474,049 
 17,424   Nisshin Steel Co. Ltd.   239,175 
 66,000   Nisshinbo Holdings, Inc.   675,623 
 34,000   Nissin Corp.   101,803 
 22,000   Nissin Electric Co. Ltd.   129,179 
 18,300   Nissin Kogyo Co. Ltd.   332,857 
 2,600   Nissin Sugar Co. Ltd.   59,626 
 6,500   Nissui Pharmaceutical Co. Ltd.   76,459 
 12,300   Nitta Corp.   299,533 
 8,600   Nittan Valve Co. Ltd.   28,258 
 32,000   Nittetsu Mining Co. Ltd.   139,367 
 106,000   Nitto Boseki Co. Ltd.   469,897 
 600   Nitto FC Co. Ltd.   3,710 
 17,600   Nitto Kogyo Corp.   370,941 
 4,800   Nitto Kohki Co. Ltd.   96,733 
 15,000   Nitto Seiko Co. Ltd.   56,287 
 2,700   Nittoc Construction Co. Ltd.   9,922 
 3,100   Nittoku Engineering Co. Ltd.   29,594 
 7,400   Noevir Holdings Co. Ltd.   158,410 
 109,000   NOF Corp.   768,240 
 12,000   Nohmi Bosai Ltd.   185,602 
 47,200   NOK Corp.   971,394 
 17,000   Nomura Co. Ltd.   158,655 
 47,000   Noritake Co. Ltd.   131,133 
 8,700   Noritsu Koki Co. Ltd.   55,482 
Shares      Value 
JAPAN (continued)     
 13,800   Noritz Corp.  $273,679 
 206,700   North Pacific Bank Ltd.   851,998 
 7,700   NS Solutions Corp.   223,593 
 57,000   NS United Kaiun Kaisha Ltd.   133,544 
 3,100   NSD Co. Ltd.   42,914 
 246,000   NTN Corp.   1,198,133 
 4,500   Obara Group, Inc.   201,672 
 21,000   Obayashi Road Corp.   110,037 
 9,600   Obic Co. Ltd.   342,507 
 700   Odelic Co. Ltd.   19,728 
 32,000   Oenon Holdings, Inc.   76,527 
 141,000   Ogaki Kyoritsu Bank Ltd. (The)    389,287 
 4,300   Ohara, Inc.   24,413 
 2,400   Ohashi Technica, Inc.   24,685 
 1,800   Ohsho Food Service Corp.   76,032 
 14,038   Oiles Corp.   352,912 
 65,000   Oita Bank Ltd. (The)   236,961 
 20,200   Okabe Co. Ltd.   263,534 
 14,000   Okamoto Industries, Inc.   49,132 
 9,000   Okamoto Machine Tool Works Ltd.(d)   11,637 
 35,000   Okamura Corp.   303,845 
 21,000   Okasan Securities Group, Inc.   156,380 
 103,000   Oki Electric Industry Co. Ltd.   231,303 
 2,200   Okinawa Cellular Telephone Co.   65,124 
 600   Okinawa Electric Power Co., Inc. (The)   19,365 
 54,000   OKK Corp.   81,369 
 62,000   OKUMA Corp.   578,020 
 77,000   Okumura Corp.   422,933 
 30,000   Okura Industrial Co. Ltd.   111,700 
 14,000   Okuwa Co. Ltd.   133,923 
 8,200   Onoken Co. Ltd.   94,304 
 98,000   Onward Holdings Co. Ltd.   704,049 
 1,800   Optex Co. Ltd.   39,319 
 10,000   Organo Corp.   49,968 
 17,000   Origin Electric Co. Ltd.   56,851 
 2,700   Osaka Organic Chemical Industry Ltd.   11,575 
 9,500   Osaka Steel Co. Ltd.   176,304 
 4,100   OSAKA Titanium Technologies Co. Ltd.   111,882 
 6,000   Osaki Electric Co. Ltd.   33,714 
 25,100   OSG Corp.   439,216 
 15,900   Otsuka Corp.   728,032 
 3,800   Otsuka Kagu Ltd.   36,646 
 6,100   Oyo Corp.   104,429 
 37,000   Pacific Industrial Co. Ltd.   275,526 
 34,000   Pacific Metals Co. Ltd.(d)   169,232 
 6,850   Pack Corp. (The)   136,181 
 4,000   Pal Co. Ltd.   113,819 
 12,050   Paltac Corp.   161,424 
 52,000   PanaHome Corp.   388,743 
 10,500   Panasonic Industrial Devices SUNX Co. Ltd.   52,161 

 

42
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 1,000   Panasonic Information Systems Co. Ltd.  $26,433 
 2,700   Paramount Bed Holdings Co. Ltd.   81,369 
 10,200   Parco Co. Ltd.   89,541 
 6,700   Paris Miki Holdings, Inc.   32,306 
 17,500   Park24 Co. Ltd.   323,579 
 10,000   Pasco Corp.   44,524 
 46,300   Penta-Ocean Construction Co. Ltd.   170,140 
 11,400   Pigeon Corp.   658,300 
 6,600   Pilot Corp.   295,144 
 5,200   Piolax, Inc.   202,460 
 129,500   Pioneer Corp.(d)   349,983 
 10,200   Plenus Co. Ltd.   238,874 
 6,200   Pola Orbis Holdings, Inc.   258,572 
 34,000   Press Kogyo Co. Ltd.   131,221 
 600   Pressance Corp.   17,703 
 3,000   Prestige International, Inc.   25,023 
 67,000   Prima Meat Packers Ltd.   175,210 
 6,800   Pronexus, Inc.   52,753 
 900   Proto Corp.   13,063 
 6,400   Qol Co. Ltd.   37,268 
 42,100   Raito Kogyo Co. Ltd.   294,677 
 1,900   Relo Holdings, Inc.   130,035 
 123,840   Rengo Co. Ltd.   570,652 
 35,400   Renown, Inc.(d)   41,641 
 26,200   Resorttrust, Inc.   547,102 
 3,000   Rheon Automatic Machinery Co. Ltd.   12,774 
 49,000   Rhythm Watch Co. Ltd.   78,122 
 8,000   Ricoh Leasing Co. Ltd.   233,004 
 8,100   Right On Co. Ltd.   56,381 
 31,000   Riken Corp.   141,039 
 11,400   Riken Keiki Co. Ltd.   122,240 
 19,000   Riken Technos Corp.   94,571 
 2,600   Riken Vitamin Co. Ltd.   66,349 
 3,000   Ringer Hut Co. Ltd.   49,375 
 16,800   Riso Kagaku Corp.   495,679 
 4,500   Rock Field Co. Ltd.   82,681 
 32,000   Rohto Pharmaceutical Co. Ltd.   497,118 
 1,200   Roland DG Corp.   45,963 
 33,200   Round One Corp.   195,266 
 8,600   Royal Holdings Co. Ltd.   141,543 
 55,000   Ryobi Ltd.   181,257 
 16,000   Ryoden Trading Co. Ltd.   117,747 
 7,600   Ryohin Keikaku Co. Ltd.   921,324 
 19,600   Ryosan Co. Ltd.   422,048 
 8,400   Ryoyo Electro Corp.   94,073 
 3,500   S Foods, Inc.   55,325 
 2,000   Sagami Chain Co. Ltd.   19,151 
 62,000   Saibu Gas Co. Ltd.   157,313 
 14,600   Saizeriya Co. Ltd.   197,004 
 37,000   Sakai Chemical Industry Co. Ltd.   118,699 
 18,000   Sakai Heavy Industries Ltd.   57,921 
Shares      Value 
JAPAN (continued)     
 1,000   Sakai Moving Service Co. Ltd.  $37,476 
 39,000   Sakai Ovex Co. Ltd.   63,695 
 18,000   Sakata INX Corp.   178,486 
 15,300   Sakata Seed Corp.   207,937 
 4,500   Sala Corp.   25,461 
 7,000   San-A Co. Ltd.   227,969 
 50,000   San-Ai Oil Co. Ltd.   381,568 
 53,000   Sanden Corp.   301,414 
 2,000   Sanei Architecture Planning Co. Ltd.   17,090 
 22,575   Sangetsu Co. Ltd.   599,132 
 80,000   San-In Godo Bank Ltd. (The)   573,956 
 4,500   Sanix, Inc.(d)   54,027 
 44,000   Sanken Electric Co. Ltd.   361,872 
 31,000   Sanki Engineering Co. Ltd.   243,202 
 5,000   Sanko Marketing Foods Co. Ltd.   44,038 
 14,000   Sanko Metal Industrial Co. Ltd.   31,711 
 23,200   Sankyo Seiko Co. Ltd.   92,922 
 11,500   Sankyo Tateyama, Inc.   235,333 
 142,000   Sankyu, Inc.   698,508 
 18,800   Sanoh Industrial Co. Ltd.   132,687 
 10,000   Sanrio Co. Ltd.   290,964 
 6,300   Sanshin Electronics Co. Ltd.   51,324 
 68,000   Sanwa Holdings Corp.   483,896 
 31,000   Sanyo Chemical Industries Ltd.   208,847 
 13,000   Sanyo Denki Co. Ltd.   100,345 
 2,000   Sanyo Electric Railway Co. Ltd.   9,002 
 5,400   Sanyo Housing Nagoya Co. Ltd.   54,386 
 19,000   Sanyo Industries Ltd.   38,973 
 53,000   Sanyo Shokai Ltd.   122,112 
 78,000   Sanyo Special Steel Co. Ltd.   355,631 
 165,000   Sapporo Holdings Ltd.   717,008 
 19,000   Sasebo Heavy Industries Co. Ltd.(d)   22,165 
 26,000   Sata Construction Co. Ltd.   30,584 
 4,900   SATO Holdings Corp.   127,138 
 6,300   Sato Shoji Corp.   43,913 
 6,500   Satori Electric Co. Ltd.   42,211 
 10,000   Sawada Holdings Co. Ltd.   76,800 
 9,000   Sawai Pharmaceutical Co. Ltd.   512,711 
 37,000   SAXA Holdings, Inc.   59,709 
 94,280   SBI Holdings, Inc.   1,121,846 
 4,800   SBS Holdings, Inc.   32,058 
 13,600   Scroll Corp.   35,962 
 21,797   SCSK Corp.   608,998 
 1,600   Secom Joshinetsu Co. Ltd.   41,841 
 4,000   Seibu Electric Industry Co. Ltd.   19,054 
 33,000   Seika Corp.   87,581 
 3,500   Seikagaku Corp.   42,361 
 32,100   Seiko Epson Corp.   1,401,147 
 26,000   Seiko Holdings Corp.   103,125 
 97,000   Seino Holdings Co. Ltd.   1,058,028 
 18,700   Seiren Co. Ltd.   169,066 
 32,000   Sekisui Jushi Corp.   439,255 
 12,000   Sekisui Plastics Co. Ltd.   34,531 

 

43
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 36,000   Senko Co. Ltd.  $185,836 
 2,000   Senshu Electric Co. Ltd.   30,117 
 41,720   Senshu Ikeda Holdings, Inc.   213,741 
 9,000   Senshukai Co. Ltd.   76,119 
 2,400   Seria Co. Ltd.   104,875 
 1,000   Shibaura Mechatronics Corp.   2,946 
 25,000   Shibusawa Warehouse Co. Ltd. (The)   85,792 
 9,400   Shibuya Kogyo Co. Ltd.   271,587 
 2,100   Shidax Corp.   10,371 
 91,000   Shiga Bank Ltd. (The)   544,947 
 44,000   Shikibo Ltd.   50,902 
 44,000   Shikoku Bank Ltd. (The)   98,809 
 25,000   Shikoku Chemicals Corp.   171,827 
 19,400   Shikoku Electric Power Co., Inc.(d)   258,189 
 4,600   Shima Seiki Manufacturing Ltd.   88,990 
 31,649   Shimachu Co. Ltd.   738,420 
 74,000   Shimadzu Corp.   712,915 
 1,400   Shimamura Co. Ltd.   139,639 
 800   Shimane Bank Ltd. (The)   10,266 
 3,600   Shimizu Bank Ltd. (The)   95,543 
 139,000   Shimizu Corp.   1,075,623 
 2,500   Shimojima Co. Ltd.   25,811 
 7,400   Shin Nippon Air Technologies Co. Ltd.   57,479 
 32,000   Shinagawa Refractories Co. Ltd.   77,150 
 32,000   Shindengen Electric Manufacturing Co. Ltd.   185,719 
 9,300   Shin-Etsu Polymer Co. Ltd.   51,172 
 9,000   Shin-Keisei Electric Railway Co. Ltd.   33,510 
 30,400   Shinko Electric Industries Co. Ltd.   273,664 
 15,300   Shinko Plantech Co. Ltd.   115,867 
 13,300   Shinko Shoji Co. Ltd.   120,116 
 7,000   Shinko Wire Co. Ltd.   12,521 
 41,000   Shinmaywa Industries Ltd.   373,072 
 31,500   Shinnihon Corp.   101,667 
 30,000   Shinsho Corp.   73,494 
 900   Shinwa Co. Ltd.   11,733 
 10,500   Ship Healthcare Holdings, Inc.   347,057 
 20,000   Shiroki Corp.   41,802 
 3,000   Shizuki Electric Co., Inc.   14,086 
 32,500   Shizuoka Gas Co. Ltd.   214,845 
 6,500   Shobunsha Publications, Inc.   41,136 
 500   Shoei Foods Corp.   4,088 
 900   Shofu, Inc.   8,207 
 34,000   Shoko Co. Ltd.   52,885 
 1,000   Showa Aircraft Industry Co. Ltd.   11,646 
 25,600   Showa Corp.   287,942 
 1,019,600   Showa Denko KK   1,496,715 
 32,000   Showa Sangyo Co. Ltd.   118,213 
 47,700   Showa Shell Sekiyu KK   542,082 
 7,000   Siix Corp.   130,316 
Shares      Value 
JAPAN (continued)     
 18,000   Sinanen Co. Ltd.  $75,594 
 13,000   Sinfonia Technology Co. Ltd.   21,484 
 4,900   Sinko Industries Ltd.   55,019 
 41,100   Sintokogio Ltd.   292,073 
 122,200   SKY Perfect JSAT Holdings, Inc.   732,974 
 27,000   SMK Corp.   116,016 
 1,400   SMS Co. Ltd.   34,338 
 13,500   SNT Corp.   58,664 
 23,600   Sodick Co. Ltd.   165,417 
 6,100   Soft99 Corp.   39,139 
 2,200   Sogo Medical Co. Ltd.   107,578 
 49,188   Sohgo Security Services Co. Ltd.   1,130,418 
 820,800   Sojitz Corp.   1,412,352 
 45,000   Sotetsu Holdings, Inc.   179,799 
 1,900   Space Co. Ltd.   18,988 
 17,100   Sparx Group Co. Ltd.   38,567 
 700   SPK Corp.   13,086 
 9,100   Square Enix Holdings Co. Ltd.   187,724 
 2,700   SRA Holdings, Inc.   46,275 
 300   ST Corp.   2,922 
 1,500   St. Marc Holdings Co. Ltd.   82,244 
 19,100   Star Micronics Co. Ltd.   265,337 
 3,500   Starbucks Coffee Japan Ltd.   40,388 
 9,900   Start Today Co. Ltd.   266,111 
 4,000   Starts Corp., Inc.   66,300 
 26,000   Starzen Co. Ltd.   75,575 
 5,300   Stella Chemifa Corp.   72,185 
 2,500   Studio Alice Co. Ltd.   35,095 
 8,000   Sugi Holdings Co. Ltd.   344,140 
 3,800   Sugimoto & Co. Ltd.   37,200 
 31,600   Sumco Corp.   294,296 
 4,800   Sumida Corp.   33,831 
 36,000   Suminoe Textile Co. Ltd.   128,440 
 84,000   Sumitomo Bakelite Co. Ltd.   336,441 
 8,900   Sumitomo Densetsu Co. Ltd.   105,902 
 72,500   Sumitomo Forestry Co. Ltd.   862,684 
 135,000   Sumitomo Heavy Industries Ltd.   668,011 
 139,400   Sumitomo Mitsui Construction Co. Ltd.(d)   159,911 
 246,000   Sumitomo Osaka Cement Co. Ltd.   894,415 
 13,000   Sumitomo Precision Products Co. Ltd.   52,574 
 6,280   Sumitomo Real Estate Sales Co. Ltd.   183,763 
 38,000   Sumitomo Seika Chemicals Co. Ltd.   261,177 
 61,000   Sumitomo Warehouse Co. Ltd. (The)   348,097 
 2,900   Sun Frontier Fudousan Co. Ltd.   33,408 
 2,000   Suncall Corp.   12,443 
 12,700   Sundrug Co. Ltd.   574,102 
 3,600   Sun-Wa Technos Corp.   36,222 
 23,000   Suzuken Co. Ltd.   740,096 

 

44
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 115,000   SWCC Showa Holdings Co. Ltd.(d)  $128,567 
 5,400   Systena Corp.   40,842 
 3,400   T&K Toka Co. Ltd.   72,353 
 4,300   T. Hasegawa Co. Ltd.   65,672 
 42,000   T. RAD Co. Ltd.   117,999 
 3,000   Tabuchi Electric Co. Ltd.   29,806 
 6,000   Tachibana Eletech Co. Ltd.   81,777 
 11,900   Tachi-S Co. Ltd.   201,871 
 68,000   Tadano Ltd.   1,197,842 
 8,000   Taihei Dengyo Kaisha Ltd.   60,895 
 37,000   Taiheiyo Kouhatsu, Inc.   35,969 
 8,000   Taiho Kogyo Co. Ltd.   88,504 
 16,700   Taikisha Ltd.   390,124 
 10,000   Taiko Bank Ltd. (The)   21,971 
 700   Taiko Pharmaceutical Co. Ltd.   11,269 
 900   Taisei Lamick Co., Ltd.   23,448 
 5,500   Taiyo Holdings Co. Ltd.   171,098 
 59,000   Taiyo Nippon Sanso Corp.   523,667 
 49,600   Taiyo Yuden Co. Ltd.   537,637 
 1,600   Takachiho Koheki Co. Ltd.   16,192 
 16,000   Takagi Securities Co. Ltd.   40,597 
 7,100   Takamatsu Construction Group Co. Ltd.   120,858 
 4,000   Takano Co. Ltd.   23,565 
 3,900   Takara Holdings, Inc.   36,208 
 13,400   Takara Leben Co. Ltd.   45,985 
 4,400   Takara Printing Co. Ltd.   34,476 
 65,000   Takara Standard Co. Ltd.   595,246 
 41,000   Takasago International Corp.   196,102 
 30,400   Takasago Thermal Engineering Co. Ltd.   378,578 
 18,000   Takashima & Co. Ltd.   40,947 
 72,000   Takashimaya Co. Ltd.   668,449 
 16,100   Takata Corp.   323,675 
 3,730   Take And Give Needs Co. Ltd.   44,492 
 2,700   Takeei Corp.   29,608 
 1,900   Takeuchi Manufacturing Co. Ltd.   79,147 
 12,000   Takihyo Co. Ltd.   49,463 
 23,000   Takiron Co. Ltd.   132,144 
 33,000   Takisawa Machine Tool Co. Ltd.   67,049 
 18,000   Takuma Co. Ltd.   110,417 
 5,900   Tamron Co. Ltd.   132,723 
 50,000   Tamura Corp.   201,721 
 1,300   Tanseisha Co. Ltd.   8,796 
 20,500   Tatsuta Electric Wire and Cable Co. Ltd.   119,973 
 20,000   Tayca Corp.   74,078 
 19,000   TBK Co. Ltd.   97,156 
 600   Techno Medica Co. Ltd.   13,736 
 1,200   Techno Ryowa Ltd.   5,880 
 490,000   Teijin Ltd.   1,224,226 
 1,200   Teikoku Electric Manufacturing Co. Ltd.   31,591 
Shares      Value 
JAPAN (continued)     
 7,000   Teikoku Sen-I Co. Ltd.  $142,225 
 15,000   Teikoku Tsushin Kogyo Co. Ltd.   27,560 
 98,000   Tekken Corp.   367,744 
 5,300   Temp Holdings Co. Ltd.   169,513 
 2,300   T-Gaia Corp.   21,487 
 23,500   THK Co. Ltd.   572,736 
 1,000   Tigers Polymer Corp.   5,512 
 11,000   TKC Corp.   235,046 
 138,000   Toa Corp.   249,531 
 6,000   Toa Corp.   74,778 
 58,000   Toa Oil Co. Ltd.   97,545 
 22,000   Toa Road Corp.   91,751 
 51,000   Toabo Corp.   36,689 
 104,500   Toagosei Co. Ltd.   443,946 
 10,100   Tobishima Corp.(d)   16,201 
 15,000   Tobu Store Co. Ltd.   41,122 
 37,600   TOC Co. Ltd.   269,028 
 2,200   Tocalo Co. Ltd.   37,749 
 60,000   Tochigi Bank Ltd. (The)   250,814 
 106,000   Toda Corp.   459,593 
 10,000   Toda Kogyo Corp.(d)   29,067 
 1,400   Toei Animation Co. Ltd.   39,347 
 23,000   Toei Co. Ltd.   122,530 
 25,000   Toenec Corp.   137,559 
 62,000   Toho Bank Ltd. (The)   223,011 
 8,000   Toho Co. Ltd.   29,242 
 30,000   Toho Gas Co. Ltd.   167,112 
 11,600   Toho Holdings Co. Ltd.   220,464 
 2,100   Toho Titanium Co. Ltd.(d)   17,353 
 56,000   Toho Zinc Co. Ltd.   267,846 
 53,000   Tohoku Bank Ltd. (The)   77,801 
 500   Tohokushinsha Film Corp.   3,806 
 14,000   Tohto Suisan Co. Ltd.   25,859 
 44,000   Tokai Carbon Co. Ltd.   127,040 
 2,400   Tokai Corp.   70,345 
 19,000   TOKAI Holdings Corp.   80,717 
 22,000   Tokai Lease Co. Ltd.   43,202 
 26,700   Tokai Rika Co. Ltd.   562,734 
 17,500   Tokai Rubber Industries Ltd.   174,039 
 88,000   Tokai Tokyo Financial Holdings, Inc.   623,652 
 1,890   Token Corp.   88,010 
 33,840   Tokushu Tokai Paper Co. Ltd.   73,690 
 152,000   Tokuyama Corp.   529,004 
 13,600   Tokyo Broadcasting System Holdings, Inc.   159,183 
 2,200   Tokyo Derica Co. Ltd.   42,026 
 25,000   Tokyo Dome Corp.   119,088 
 2,400   Tokyo Electron Device Ltd.   33,784 
 5,000   Tokyo Energy & Systems, Inc.   29,991 
 40,000   Tokyo Keiki, Inc.   104,214 
 12,000   Tokyo Kikai Seisakusho Ltd.(d)    10,266 
 39,800   Tokyo Ohka Kogyo Co. Ltd.   961,483 
 7,000   Tokyo Rakutenchi Co. Ltd.   33,617 

 

45
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 71,000   Tokyo Rope Manufacturing Co. Ltd.(d)  $126,311 
 2,500   Tokyo Sangyo Co. Ltd.   9,916 
 14,700   Tokyo Seimitsu Co. Ltd.   262,947 
 44,800   Tokyo Steel Manufacturing Co. Ltd.   273,508 
 32,000   Tokyo Tekko Co. Ltd.   172,031 
 31,000   Tokyo Theaters Co., Inc.   44,301 
 17,500   Tokyo Tomin Bank Ltd. (The)   208,915 
 27,000   Toli Corp.   58,533 
 28,000   Tomato Bank Ltd.   48,452 
 4,000   Tomen Devices Corp.   69,606 
 7,900   Tomen Electronics Corp.   126,873 
 18,100   Tomoe Corp.   76,190 
 2,900   Tomoe Engineering Co. Ltd.   46,461 
 4,000   Tomoegawa Co. Ltd.   7,622 
 49,000   Tomoku Co. Ltd.   141,953 
 69,000   TOMONY Holdings, Inc.   285,753 
 24,800   Tomy Co. Ltd.   129,467 
 25,000   Tonami Holdings Co. Ltd.   58,329 
 13,100   Topcon Corp.   303,224 
 24,100   Toppan Forms Co. Ltd.   238,036 
 29,000   Topre Corp.   414,145 
 84,000   Topy Industries Ltd.   175,570 
 1,000   Toridoll.corp.   8,399 
 8,800   Torigoe Co. Ltd. (The)   60,141 
 5,300   Torii Pharmaceutical Co. Ltd.   159,466 
 5,400   Torishima Pump Manufacturing Co. Ltd.   48,401 
 12,100   Tosei Corp.   81,518 
 59,000   Toshiba Machine Co. Ltd.   265,562 
 17,000   Toshiba Plant Systems & Services Corp.   272,357 
 106,000   Toshiba TEC Corp.   703,816 
 18,000   Tosho Printing Co. Ltd.   86,093 
 245,000   Tosoh Corp.   1,088,465 
 12,000   Totetsu Kogyo Co. Ltd.   297,011 
 21,000   Tottori Bank Ltd. (The)   43,892 
 158,000   Towa Bank Ltd. (The)   156,671 
 1,900   Towa Corp.   10,898 
 2,400   Towa Pharmaceutical Co. Ltd.   92,276 
 29,800   Toyo Construction Co. Ltd.   124,571 
 8,200   Toyo Corp.   91,913 
 3,000   Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd.   12,949 
 62,000   Toyo Engineering Corp.   275,448 
 152,000   Toyo Ink SC Holdings Co. Ltd.   727,011 
 20,000   Toyo Kanetsu KK   50,163 
 28,000   Toyo Kohan Co. Ltd.   163,321 
 5,900   Toyo Machinery & Metal Co. Ltd.   30,055 
 22,000   Toyo Securities Co. Ltd.   62,237 
 5,800   Toyo Seikan Group Holdings Ltd.   91,512 
 16,000   Toyo Suisan Kaisha Ltd.   489,185 
Shares      Value 
JAPAN (continued)     
 600   Toyo Tanso Co. Ltd.  $14,921 
 49,000   Toyo Tire & Rubber Co. Ltd.   900,306 
 20,000   Toyo Wharf & Warehouse Co. Ltd.   44,913 
 219,000   Toyobo Co. Ltd.   357,673 
 29,100   Toyoda Gosei Co. Ltd.   596,060 
 21,100   Toyota Boshoku Corp.   241,840 
 9,200   TPR Co. Ltd.   218,049 
 1,200   Trancom Co. Ltd.   47,771 
 12,300   Transcosmos, Inc.   265,455 
 8,800   Trusco Nakayama Corp.   223,197 
 10,300   TS Tech Co. Ltd.   295,788 
 52,300   TSI Holdings Co. Ltd.   387,426 
 67,000   Tsubakimoto Chain Co.   579,040 
 8,000   Tsubakimoto Kogyo Co. Ltd.   23,098 
 47,000   Tsudakoma Corp.(d)   66,709 
 34,000   Tsugami Corp.   175,512 
 3,100   Tsukada Global Holdings, Inc.   21,698 
 15,000   Tsukamoto Corp Co. Ltd.   19,686 
 18,000   Tsukishima Kikai Co. Ltd.   201,235 
 39,433   Tsukuba Bank Ltd.   135,705 
 3,500   Tsukui Corp.   32,528 
 16,700   Tsumura & Co.   404,735 
 10,600   Tsuruha Holdings, Inc.   612,103 
 7,000   Tsurumi Manufacturing Co. Ltd.   94,114 
 2,400   Tsutsumi Jewelry Co. Ltd.   61,642 
 7,000   TTK Co. Ltd.   32,120 
 8,100   TV Asahi Holdings Corp.   144,338 
 200   TV Tokyo Holdings Corp.   3,412 
 113,840   UACJ Corp.   453,744 
 643,800   Ube Industries Ltd.   1,120,305 
 23,000   Uchida Yoko Co. Ltd.   83,848 
 14,000   Ueki Corp.   30,759 
 3,600   UKC Holdings Corp.   56,661 
 8,600   Ulvac, Inc.(d)   172,978 
 36,000   Uniden Corp.   88,193 
 400   Union Tool Co.   10,628 
 21,600   Unipres Corp.   471,624 
 7,300   United Arrows Ltd.   288,125 
 96,000   Unitika Ltd.(d)   42,930 
 3,000   Universal Entertainment Corp.   52,496 
 143,600   UNY Group Holdings Co. Ltd.   859,939 
 19,280   Usen Corp.(d)   77,221 
 14,100   U-Shin Ltd.   83,752 
 18,000   Ushio, Inc.   217,683 
 4,000   UT Holdings Co. Ltd.   23,526 
 8,800   Utoc Corp.   31,739 
 18,600   Valor Co. Ltd.   305,766 
 3,000   Village Vanguard Co. Ltd.   38,351 
 22,600   Vital KSK Holdings, Inc.   183,893 
 16,200   VT Holdings Co. Ltd.   87,563 
 32,000   Wacoal Holdings Corp.   340,641 
 25,200   Wacom Co. Ltd.   117,346 
 33,000   Wakachiku Construction Co. Ltd.   45,234 
 16,000   Wakita & Co. Ltd.   190,697 

 

46
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 7,600   Warabeya Nichiyo Co. Ltd.  $152,938 
 2,800   Watabe Wedding Corp.   15,733 
 5,500   WATAMI Co. Ltd.   74,588 
 3,000   Weathernews, Inc.   91,576 
 1,700   Welcia Holdings Co. Ltd.   110,067 
 2,700   West Holdings Corp.   39,556 
 18,000   Wood One Co. Ltd.   54,421 
 200   Workman Co. Ltd.   9,916 
 500   Wowow, Inc.   20,974 
 18,700   Xebio Co. Ltd.   338,496 
 4,500   Yachiyo Bank Ltd. (The)   144,364 
 4,700   Yahagi Construction Co. Ltd.   36,187 
 1,200   Yaizu Suisankagaku Industry Co. Ltd.   11,292 
 3,700   YAMABIKO Corp.   147,115 
 164,100   Yamada Denki Co. Ltd.   588,664 
 76,000   Yamagata Bank Ltd. (The)   370,894 
 157,000   Yamaguchi Financial Group, Inc.   1,620,901 
 124,300   Yamaha Corp.   1,924,949 
 79,000   Yamanashi Chuo Bank Ltd. (The)   356,351 
 51,000   Yamatane Corp.   88,252 
 5,700   Yamato Kogyo Co. Ltd.   187,294 
 1,800   Yamaya Corp.   31,725 
 58,000   Yamazaki Baking Co. Ltd.   739,202 
 100   Yamazawa Co. Ltd.   1,622 
 18,200   Yamazen Corp.   145,437 
 2,500   Yaoko Co. Ltd.   141,691 
 700   Yashima Denki Co. Ltd.   3,824 
 43,800   Yaskawa Electric Corp.   576,534 
 7,900   Yasuda Logistics Corp.   81,254 
 15,900   Yellow Hat Ltd.   351,032 
 54,000   Yodogawa Steel Works Ltd.   243,581 
 17,000   Yokogawa Bridge Holdings Corp.   258,640 
 4,000   Yokogawa Electric Corp.   51,135 
 22,300   Yokohama Reito Co. Ltd.   189,039 
 46,000   Yokohama Rubber Co. Ltd. (The)   402,469 
 3,300   Yokowo Co. Ltd.   17,227 
 5,000   Yomeishu Seizo Co. Ltd.   46,128 
 5,000   Yondenko Corp.   20,512 
 3,100   Yondoshi Holdings, Inc.   68,169 
 3,200   Yonex Co. Ltd.   24,327 
 8,300   Yorozu Corp.   177,434 
 4,200   Yoshinoya Holdings Co. Ltd.   57,203 
 88,000   Yuasa Trading Co. Ltd.   188,208 
 27,000   Yuken Kogyo Co. Ltd.   64,570 
 3,800   Yumeshin Holdings Co. Ltd.   36,535 
 13,000   Yurtec Corp.   80,630 
 8,800   Yusen Logistics Co. Ltd.   102,402 
 2,000   Yushiro Chemical Industry Co. Ltd.   25,606 
 12,300   Zenrin Co. Ltd.   143,967 
 18,700   Zensho Holdings Co. Ltd.   188,154 
Shares      Value 
JAPAN (continued)     
 72,000   Zeon Corp.  $718,845 
 7,700   ZERIA Pharmaceutical Co. Ltd.   191,256 
 4,000   Zojirushi Corp.   18,626 
 600   Zuiko Corp.   31,498 
 10,700   Zuken, Inc.   105,164 
         324,612,182 
JERSEY CHANNEL ISLANDS — 0.0%     
 2,732   Atrium European Real Estate Ltd.   15,255 
 410,240   Centamin Plc(d)   499,718 
 6,633   Kentz Corp Ltd.   103,922 
 66,885   Petra Diamonds Ltd.(d)   225,619 
 43,770   Phoenix Group Holdings   517,280 
 8,082   Randgold Resources Ltd.   698,618 
         2,060,412 
LIECHTENSTEIN — 0.0%     
 795   VP Bank AG   68,761 
LUXEMBOURG — 0.0%    
 34,744   APERAM(d)   1,171,470 
 1,818   Eurofins Scientific SE   542,747 
 1,096   GAGFAH SA(d)   19,255 
 89,000   L’Occitane International SA   229,676 
 100,579   Regus Plc   295,296 
 153,988   Transcom WorldWide SA, Class B - SDR(d)   27,011 
         2,285,455 
MALAYSIA — 0.8%     
 202,400   Aeon Co. (M) Berhad   255,217 
 8,520   Aeon Credit Service M Berhad   47,452 
 412,490   Affin Holdings Berhad   454,307 
 852,800   AirAsia Berhad   651,074 
 20,200   Alam Maritim Resources Berhad   9,797 
 567,500   Alliance Financial Group Berhad   868,296 
 20,100   Amway Malaysia Holdings Berhad   75,595 
 1,467,600   APM Automotive Holdings Berhad(c)   2,837,850 
 1,702,376   Axis Real Estate Investment Trust(c)   1,795,059 
 32,700   Batu Kawan Berhad   202,380 
 95,933   Berjaya Assets Berhad   24,914 
 714,800   Berjaya Corp. Berhad   112,946 
 113,181   Berjaya Sports Toto Berhad   136,341 
 128,600   BIMB Holdings Berhad   174,632 
 644,400   Bintulu Port Holdings Berhad(c)   1,431,552 
 365,904   Boustead Holdings Berhad   599,918 
 73,100   Boustead Plantation Berhad(d)   36,138 
 41,100   Bursa Malaysia Berhad   106,994 
 125,700   Cahya Mata Sarawak Berhad   154,962 
 49,500   Carlsberg Brewery-Malaysia Berhad   185,238 

 

47
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
MALAYSIA (continued)     
 49,030   CB Industrial Product Holding Berhad  $73,484 
 25,300   Coastal Contracts Berhad   40,531 
 28,650   Dayang Enterprise Holdings Berhad   34,064 
 6,499,486   Dialog Group Berhad   3,782,554 
 585,500   DRB-Hicom Berhad   410,363 
 475,000   Eastern & Oriental Berhad   433,980 
 28,100   Engtex Group Berhad   16,705 
 116,100   Evergreen Fibreboard Berhad(d)   20,343 
 70,300   Faber Group Berhad   80,726 
 20,800   Fraser & Neave Holdings Berhad   115,715 
 546,100   Gamuda Berhad   816,758 
 89,300   Genting Plantations Berhad   307,912 
 23,300   Globetronics Technology Berhad   34,483 
 125,000   Glomac Berhad   46,934 
 59,600   Guinness Anchor Berhad   252,125 
 499,380   HAP Seng Consolidated Berhad   548,443 
 110,500   Hap Seng Plantations Holdings Berhad   92,314 
 1,510,080   Hartalega Holdings Berhad(c)   3,123,163 
 19,992   Hock Seng LEE Berhad   11,948 
 72,600   Hong Leong Financial Group Berhad   396,620 
 51,500   Hong Leong Industries Berhad   109,736 
 37,733   Hua Yang Berhad   28,453 
 391,730   IGB Corp. Berhad   348,095 
 833,940   IJM Corp. Berhad   1,745,638 
 192,200   IJM Land Berhad   202,664 
 125,900   IJM Plantations Berhad   142,209 
 43,848   Integrated Logistics Berhad   12,965 
 147,800   Iris Corp. Berhad   20,348 
 162,700   JAKS Resources Berhad(d)   38,435 
 218,400   JCY International Berhad   48,176 
 59,079   K&N Kenanga Holdings Berhad(d)   14,788 
 44,400   Karambunai Corp. Berhad(d)   1,250 
 89,800   Keck Seng (Malaysia) Berhad   186,849 
 103,900   Kian JOO CAN Factory Berhad   101,104 
 1,976,800   KKB Engineering Berhad(c)   1,546,308 
 293,400   KLCCP Stapled Group   588,452 
 589,500   KNM Group Berhad(d)   195,516 
 38,800   Kossan Rubber Industries   48,682 
 3,053,988   KPJ Healthcare Berhad(c)   3,373,147 
 83,900   KSL Holdings Berhad(d)   78,755 
 360,400   Kulim Malaysia Berhad(d)   367,617 
 52,850   Kumpulan Fima Berhad   37,041 
 87,500   Lafarge Malaysia Berhad   266,935 
 232,500   Land & General Berhad(d)   47,286 
 157,800   Landmarks Berhad(d)   79,986 
 37,900   LBS Bina Group Berhad   20,515 
 79,000   Lingkaran Trans Kota Holdings Berhad   94,919 
 15,500   LPI Capital Berhad   84,581 
Shares      Value 
MALAYSIA (continued)     
 387,807   Mah Sing Group Berhad  $290,006 
 121,750   Malayan Flour Mills Berhad   78,094 
 160,823   Malaysia Airports Holdings Berhad   377,401 
 175,980   Malaysia Building Society Berhad   123,891 
 14,800   Malaysia Marine and Heavy Engineering Holdings Berhad   16,115 
 107,700   Malaysian Bulk Carriers Berhad    59,309 
 32,000   Malaysian Pacific Industries Berhad   60,876 
 291,250   Malaysian Resources Corp. Berhad   157,654 
 37,180   MBM Resources Berhad   34,667 
 2,645,200   Media Prima Berhad(c)   2,052,596 
 18,700   Mega First Corp. Berhad   13,399 
 81,000   MKH Berhad   105,432 
 408,300   MMC Corp. Berhad   319,384 
 45,500   MNRB Holdings Berhad   67,339 
 102,700   Mudajaya Group Berhad   80,977 
 189,500   Muhibbah Engineering M Berhad   186,180 
 690,300   Mulpha International Berhad(d)   115,554 
 17,800   My EG Services Berhad   16,040 
 50,500   Naim Holdings Berhad   63,362 
 157,000   Nam Cheong Ltd.   57,892 
 60,300   NCB Holdings Berhad   55,470 
 5,000   Nestle Malaysia Berhad   104,975 
 102,200   Oriental Holdings Berhad   250,064 
 441,390   OSK Holdings Berhad   299,692 
 39,200   Padini Holdings Berhad   24,531 
 4,300   Panasonic Manufacturing Malaysia Berhad   28,308 
 53,900   Paramount Corp. Berhad   26,815 
 55,731   Parkson Holdings Berhad(d)   50,569 
 45,300   Perisai Petroleum Teknologi Berhad(d)   21,686 
 43,000   PJ Development Holdings Berhad   25,160 
 142,800   POS Malaysia Berhad   234,574 
 55,600   Press Metal Berhad   92,551 
 22,300   Protasco Berhad   12,769 
 3,838,500   QL Resources Berhad(c)   4,107,531 
 66,000   Salcon Berhad   18,895 
 36,200   Sarawak Oil Palms Berhad   77,021 
 7,600   Scientex Berhad   13,531 
 43,900   Scomi Energy Services Berhad(d)   13,873 
 494,800   Scomi Group Berhad(d)   65,024 
 2,300   Selangor Properties Berhad   4,692 
 51,500   Shangri-La Hotels (Malaysia) Berhad   120,048 
 28,800   Shell Refining Co. Federation of Malaya Berhad(d)   49,562 
 18,690   Subur Tiasa Holdings Berhad   13,450 
 443,660   Sunway Berhad   445,603 
 61,900   Supermax Corp. Berhad   42,028 

 

48
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
MALAYSIA (continued)     
 5,400   Syarikat Takaful Malaysia Berhad  $21,965 
 89,164   Ta Ann Holdings Berhad   119,127 
 682,700   TA Enterprise Berhad   217,883 
 195,360   TA Global Berhad   25,673 
 142,300   TAN Chong Motor Holdings Berhad   235,979 
 98,700   Tanjung Offshore Berhad(d)   18,066 
 444,000   TDM Berhad   136,840 
 61,440   TH Plantations Berhad   38,448 
 315,760   Time dotCom Berhad(d)   453,485 
 46,900   Tiong NAM Logistics Holdings   20,251 
 120,960   Top Glove Corp. Berhad   175,233 
 155,100   Tropicana Corp. Berhad   69,397 
 57,200   TSH Resources Berhad   64,431 
 285,308   UEM Sunrise Berhad   188,360 
 134,900   UMW Holdings Berhad   493,845 
 238,900   Unisem (M) Berhad   130,812 
 15,000   United Malacca Berhad   35,200 
 33,600   United Plantations Berhad   303,830 
 132,030   Wah Seong Corp. Berhad   76,838 
 473,300   WCT Holdings Berhad   319,877 
 7,153,250   Wellcall Holdings Berhad(c)   3,424,428 
 170,700   WTK Holdings Berhad   74,241 
 140,671   YNH Property Berhad   91,551 
 876,900   YTL Corp. Berhad   430,768 
 104,505   YTL Power International Berhad(d)   48,394 
 25,600   Zhulian Corp. Berhad   21,146 
         48,340,935 
MALTA — 0.0%     
 10,268   Brait SE(d)   71,626 
 8,169   Kambi Group Plc(d)   48,435 
 8,169   Unibet Group Plc - SDR   398,491 
         518,552 
MEXICO — 0.6%     
 1,173,739   Alfa SAB de CV - Series A   3,205,142 
 76,868   Alsea SAB de CV(d)   262,584 
 299,300   Arca Continental SAB de CV   2,115,929 
 1,673,300   Asesor de Activos Prisma SAPI de CV REIT(c)   2,278,321 
 407,670   Axtel SAB de CV - CPO Units(d)   138,768 
 17,608   Banregio Grupo Financiero SAB de CV   99,894 
 4,984   Bio Pappel SAB de CV(d)   9,836 
 900,300   Bolsa Mexicana de Valores SAB de CV   1,832,608 
 1,800   Cia Minera Autlan SAB de CV - Series B   2,151 
 6,400   Concentradora Fibra Hotelera Mexicana SA de CV REIT   11,231 
 147,024   Consorcio ARA SAB de CV(d)   67,173 
 227,687   Controladora Comercial Mexicana SAB de CV - Units   840,134 
Shares      Value 
MEXICO (continued)     
 1,456,300   Corp. Inmobiliaria Vesta SAB de CV  $3,138,426 
 800   Corp. Actinver SAB de CV   919 
 78,869   Corp. GEO SAB de CV - Series B(c)(d)   690 
 61,938   Corp. Interamericana de Entretenimiento SAB de CV - Series B(c)(d)   45,915 
 27,300   Corp. Moctezuma SAB de CV   92,927 
 124,820   Empresas ICA SAB de CV(d)   221,315 
 1,947,800   Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT(c)   2,799,410 
 10,800   Financiera Independencia SAB de CV(d)   6,045 
 159,527   Genomma Lab Internacional SAB de CV - Class B(d)   426,572 
 53,869   Gruma SAB de CV - Series B(d)   591,337 
 29,269   Grupo Aeromexico SAB de CV(d)   48,664 
 109,917   Grupo Aeroportuario del Centro Norte SAB de CV   433,266 
 430,800   Grupo Aeroportuario del Pacifico SAB de CV - Series B   2,899,264 
 164,456   Grupo Aeroportuario del Sureste SAB de CV - Series B   2,047,116 
 1,600   Grupo Carso SAB de CV - Series A1   9,061 
 120,492   Grupo Cementos de Chihuahua SAB de CV(c)   336,138 
 45,878   Grupo Comercial Chedraui SA de CV   148,878 
 55,667   Grupo Famsa SAB de CV(d)   65,899 
 12,100   Grupo Financiero Interacciones SA de CV   87,867 
 34,081   Grupo Herdez SAB de CV   95,953 
 57,500   Grupo Industrial Maseca SAB de CV - Series B   90,860 
 12,400   Grupo Industrial Saltillo SAB de CV   30,766 
 11,600   Grupo KUO SAB de CV - Series B   26,245 
 45,400   Grupo Simec SAB de CV - Series B(d)   217,075 
 264,100   Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(d)   749,149 
 10,860   Industrias Bachoco SAB de CV - Series B   48,065 
 170,175   Industrias CH SAB de CV - Series B(d)   951,281 
 17,468   Industrias Penoles SAB de CV   436,039 
 11,100   Inmuebles Carso SAB de CV - Series B1(d)   12,359 
 292,627   Kimberly-Clark de Mexico SAB de CV - Class A   741,971 

 

49
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
MEXICO (continued)     
 1,544,600   Macquarie Mexico Real Estate Management SA de CV REIT  $3,109,062 
 100   Medica Sur SAB de CV - Series B   378 
 33,400   Megacable Holdings SAB de CV - CPO Shares   144,363 
 420,231   Mexichem SAB de CV   1,678,381 
 117,771   Minera Frisco SAB de CV(d)   231,266 
 305,222   OHL Mexico SAB de CV(d)   887,499 
 146,807   Organizacion Soriana SAB de CV - Series B(d)   478,289 
 59,600   Promotora y Operadora de Infraestructura SAB de CV(d)   804,375 
 46,400   Qualitas Controladora SAB de CV - Units   125,898 
 427,400   TV Azteca SAB de CV - CPO Shares   235,038 
 67,123   Urbi Desarrollos Urbanos SAB de CV(c)(d)   134 
         35,357,926 
MONGOLIA — 0.0%     
 274,500   Mongolian Mining Corp.(d)   19,835 
NETHERLANDS — 1.0%     
 47,325   Aalberts Industries NV   1,445,795 
 11,593   Accell Group NV   214,303 
 21,701   AMG Advanced Metallurgical Group NV(d)   211,344 
 4,482   Amsterdam Commodities NV   102,027 
 12,716   Arcadis NV   397,758 
 27,444   ASM International NV   1,044,952 
 33,735   BE Semiconductor Industries NV   563,304 
 5,643   Beter Bed Holding NV   130,307 
 88,005   BinckBank NV   996,007 
 8,012   Brunel International NV   210,277 
 16,953   Corbion NV   323,374 
 5,881   Corio NV REIT   312,832 
 130,692   Delta Lloyd NV   3,021,421 
 2,240   Exact Holding NV   93,283 
 25,612   Fugro NV - CVA   988,229 
 25,465   Gemalto NV   2,487,850 
 2,565   Global City Holdings NV(d)   28,689 
 18,365   Grontmij(d)   99,916 
 12,777   Heijmans NV - CVA   181,954 
 654   Hunter Douglas NV   29,381 
 4,538   KAS Bank NV - CVA   61,374 
 5,597   Kendrion NV   174,625 
 153,007   Koninklijke BAM Groep NV   416,938 
 495,102   Koninklijke Boskalis Westminster NV   26,478,808 
 17,140   Koninklijke Ten Cate NV   442,730 
 17,934   Koninklijke Vopak NV   832,101 
 68,974   Koninklijke Wessanen NV   401,763 
 981   Macintosh Retail Group NV(d)   9,852 
 95   Nederland Apparatenfabriek   3,740 
 37,423   Nutreco NV   1,599,798 
Shares      Value 
NETHERLANDS (continued)     
 40,204   Ordina NV(d)  $96,688 
 97,294   PostNL NV(d)   487,121 
 348,936   QIAGEN NV(d)   8,512,207 
 113,540   Randstad Holding NV   5,635,950 
 52,102   Royal Imtech NV(d)   41,302 
 66,294   SBM Offshore NV(d)   892,590 
 13,506   Sligro Food Group NV   539,842 
 86,230   SNS REAAL NV(b)(c)(d)   0 
 5,125   Telegraaf Media Groep NV - CVA   44,676 
 15,951   TKH Group NV   501,940 
 125,333   TNT Express NV   1,011,995 
 60,046   TomTom NV(d)   437,561 
 68,932   USG People NV   954,415 
 61,714   Wolters Kluwer NV   1,710,192 
 15,849   Ziggo NV   714,882 
         64,886,093 
NEW ZEALAND — 0.4%     
 30,797   a2 Milk Co. Ltd.(d)   17,005 
 329,836   Air New Zealand Ltd.   554,789 
 4,199,958   Auckland International Airport Ltd.(c)   13,629,274 
 172,372   Contact Energy Ltd.   811,224 
 19,426   Ebos Group Ltd.   167,005 
 69,245   Fisher & Paykel Healthcare Corp. Ltd.  279,413 
 31,055   Freightways Ltd.   129,796 
 6,326   Hallenstein Glasson Holdings Ltd.   16,283 
 38,459   Heartland New Zealand Ltd.   30,711 
 67,426   Infratil Ltd.   142,624 
 47,679   Kathmandu Holdings Ltd.   134,876 
 32,296   Mainfreight Ltd.   408,789 
 14,378   Metlifecare Ltd.   53,864 
 49,457   New Zealand Oil & Gas Ltd.   33,821 
 28,457   New Zealand Refining Co. Ltd. (The)   40,855 
 121,885   Nuplex Industries Ltd.   307,518 
 45,243   NZX Ltd.   50,349 
 73,491   PGG Wrightson Ltd.   24,972 
 80,140   Pike River Coal Ltd.(b)(c)(d)   0 
 56,739   Port of Tauranga Ltd.   747,580 
 13,536   Pumpkin Patch Ltd.(d)   4,255 
 19,670   Restaurant Brands New Zealand Ltd.   54,641 
 15,128   Sanford Ltd.   52,048 
 51,422   Skellerup Holdings Ltd.   73,824 
 199,527   Sky Network Television Ltd.   1,144,115 
 2,188,507   SKYCITY Entertainment Group Ltd.   6,990,370 
 495,193   Telecom Corp of New Zealand Ltd.   1,194,696 
 47,121   Tower Ltd.   73,254 
 85,093   Trade Me Group Ltd.   251,558 
 29,035   TrustPower Ltd.   176,110 
 58,037   Vector Ltd.   128,187 

 

50
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
NEW ZEALAND (continued)    
 43,509   Warehouse Group Ltd. (The)  $117,166 
         27,840,972 
NORWAY — 0.2%     
 16,034   ABG Sundal Collier Holding ASA   14,207 
 1,309   AF Gruppen ASA   14,784 
 31,265   Agasti Holding ASA(d)   6,913 
 11,391   Aker ASA - Class A   436,697 
 7,169   American Shipping ASA   53,257 
 34,500   Atea ASA   407,490 
 49,395   Austevoll Seafood ASA   333,944 
 5,832   Bonheur ASA   106,688 
 183,740   BW Offshore Ltd.   244,057 
 55,760   Cermaq ASA   705,166 
 136,488   DNO ASA(d)   459,856 
 11,599   DOF ASA(d)   50,925 
 72,307   Dolphin Group ASA(d)   64,297 
 7,264   Ekornes ASA   90,419 
 154,310   Eltek ASA   221,167 
 7,836   Evry ASA   14,709 
 142,851   Farstad Shipping ASA(c)   2,613,260 
 16,182   Fred Olsen Energy ASA   367,846 
 7,560   Ganger Rolf ASA   127,476 
 10,278   Grieg Seafood ASA(d)   45,779 
 8,567   Hexagon Composites ASA   50,015 
 35,888   Hurtigruten ASA(d)   24,719 
 272,219   Kongsberg Automotive Holding ASA(d)   294,462 
 14,697   Kongsberg Gruppen ASA   335,492 
 40,131   Kvaerner ASA   70,222 
 5,665   Leroy Seafood Group ASA   205,014 
 10,381   Nordic Semiconductor ASA(d)   56,146 
 37,783   Norske Skogindustrier ASA(d)   31,795 
 6,124   Norwegian Air Shuttle AS(d)   186,067 
 4,477   Odfjell SE - Class A(d)   18,730 
 23,394   Opera Software ASA   275,011 
 150,331   Panoro Energy ASA(d)   82,025 
 132,657   Petroleum Geo-Services ASA   1,135,309 
 2,726   PhotoCure ASA(d)   9,323 
 6,386   Q-Free ASA(d)   13,968 
 1,092,266   REC Silicon ASA(d)   609,870 
 11,533   REC Solar ASA(d)   154,199 
 9,641   Salmar ASA   188,638 
 46,356   Sevan Drilling AS(d)   22,122 
 5,087   Sevan Marine ASA   19,502 
 80,919   Siem Offshore, Inc.   103,621 
 6,632   Solstad Offshore ASA   111,301 
 29,923   SpareBank 1 SMN   254,660 
 59,830   SpareBank 1 SR Bank ASA   549,633 
 204,337   Storebrand ASA(d)   1,138,321 
 16,977   TGS Nopec Geophysical Co. ASA   483,410 
 50,237   Tomra Systems ASA   417,553 
 131,000   Vard Holdings Ltd.(d)   113,936 
 26,254   Veidekke ASA   287,124 
Shares      Value 
NORWAY (continued)     
 14,824   Wilh Wilhelmsen ASA  $122,033 
 3,850   Wilh Wilhelmsen Holding ASA   117,588 
         13,860,746 
PERU — 0.1%    
 1,073,143   Alicorp SA(c)   3,199,123 
 2,502,410   Ferreycorp SAA(c)   1,518,778 
           
         4,717,901 
PHILIPPINES — 0.2%     
 56,700   Alliance Global Group, Inc.   34,362 
 68,800   Atlas Consolidated Mining & Development   25,444 
 389,966   Belle Corp.   44,844 
 98,461   China Banking Corp.   125,680 
 192,890   DMCI Holdings, Inc.   324,071 
 72,800   EEI Corp.   19,422 
 2,243,800   Energy Development Corp.   316,857 
 3,472,375   Filinvest Land, Inc.   116,598 
 307,300   First Gen Corp.   157,254 
 213,520   First Philippine Holdings Corp.   353,575 
 7,820   Globe Telecom, Inc.   312,045 
 14,287,500   GMA Holdings, Inc. - PDR(c)   2,365,915 
 189,870   International Container Terminal Services, Inc.   494,762 
 122,860   Jollibee Foods Corp.   499,578 
 93,834   Lafarge Republic, Inc.   21,408 
 1,252,000   Lopez Holdings Corp.   152,325 
 5,309,500   Manila Water Co., Inc.(c)   3,272,645 
 10,796,696   Megaworld Corp.   1,055,335 
 777,000   Metro Pacific Investments Corp.   89,709 
 334,691   Metropolitan Bank & Trust Co.   661,992 
 2,628,500   Nickel Asia Corp.   2,176,311 
 623,000   Pepsi-Cola Products Philippines, Inc.   68,060 
 18,700   Philippine National Bank(d)   38,707 
 126,720   Philweb Corp.   13,436 
 135,000   Rizal Commercial Banking Corp.   173,873 
 538,500   Robinsons Land Corp.   280,520 
 38,150   San Miguel Corp.   69,316 
 206,241   Security Bank Corp.   569,202 
 30,030   Semirara Mining Corp.   243,113 
 1,696   Top Frontier Investment Holdings, Inc.(d)   5,956 
 102,600   Union Bank of Philippines, Inc.   278,917 
 63,105   Universal Robina Corp.   235,846 
 2,843,000   Vista Land & Lifescapes, Inc.   383,818 
         14,980,896 
POLAND — 0.2%     
 4,562   Alior Bank SA(d)   112,943 
 1,432   AmRest Holdings SE(d)   33,043 
 37,687   Asseco Poland SA   502,203 
 14,853   Bank Handlowy w Warszawie SA   518,853 
 109,470   Bank Millennium SA   263,124 

 

51
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
POLAND (continued)     
 37,571   Boryszew SA(d)  $64,780 
 6,112   Budimex SA   217,719 
 94   CCC SA   3,308 
 7,564   CD Projekt SA(d)   37,089 
 10,830   Ciech SA   124,984 
 17,081   Cyfrowy Polsat SA   128,095 
 1,000   Dom Development SA   14,197 
 2,276   Emperia Holding SA   43,619 
 69,817   Enea SA(d)   339,206 
 32,056   Eurocash SA   396,038 
 1,848   Famur SA   2,150 
 5,542   Farmacol SA(d)   83,868 
 200,299   Getin Holdings SA(d)   177,812 
 594,239   Getin Noble Bank SA(d)   525,622 
 13,281   Grupa Azoty SA   309,818 
 119   Grupa Azoty Zaklady Chemiczne Police SA   858 
 3,848   Grupa Kety SA   271,307 
 29,265   Grupa Lotos SA(d)   340,173 
 34,084   Impexmetal SA(d)   23,922 
 3,436   ING Bank Slaski SA   144,254 
 2,620   Inter Cars SA   140,056 
 2,681   Jastrzebska Spolka Weglowa SA(d)   35,700 
 350   LPP SA   874,916 
 13,266   Lubelski Wegiel Bogdanka SA   487,224 
 6,150   mBank   922,411 
 209,106   Netia SA   377,293 
 131   Neuca SA   9,436 
 44,811   Orange Polska SA   147,920 
 10,774   Orbis SA   144,675 
 2,139   Pelion SA   49,035 
 1,233   Polski Koncern Naftowy Orlen SA   14,621 
 189,425   Synthos SA   273,183 
 564,742   Tauron Polska Energia SA(d)   917,618 
 36,579   TVN SA(d)   166,465 
 856   Warsaw Stock Exchange   9,794 
         9,249,332 
PORTUGAL — 0.1%     
 16,720   Altri SGPS SA   46,793 
 189,489   Banco BPI SA(d)   382,378 
 12,767,662   Banco Comercial Portugues SA(d)   1,832,744 
 1,231,589   Banco Espirito Santo SA(d)   331,480 
 2,336   Corticeira Amorim SGPS SA   9,071 
 30,258   Jeronimo Martins SGPS SA   395,850 
 49,289   Mota-Engil SGPS SA   308,353 
 53,030   NOS SGPS   316,845 
 272   Novabase SGPS SA   1,165 
 87,362   Portucel SA   401,248 
 48,971   Portugal Telecom SGPS SA   105,772 
 17,871   REN - Redes Energeticas Nacionais SGPS SA   62,984 
Shares      Value 
PORTUGAL (continued)       
 30,205   Semapa - Sociedade de Investimento e Gestao  $443,692 
 375,870   Sonae   565,718 
 19,770   Sonae Industria SGPS SA(d)   9,557 
 57,798   Teixeira Duarte SA   62,070 
         5,275,720 
QATAR — 0.1%     
 99,503   Gulf International Services OSC   3,140,042 
SINGAPORE — 1.7%     
 23,000   Abterra Ltd.(d)   12,353 
 22,000   Amara Holdings Ltd.   10,493 
 2,615,000   Ascendas India Trust - Unit(c)   1,760,802 
 7,901,000   Ascendas Real Estate Investment Trust   14,756,978 
 155,400   ASL Marine Holdings Ltd.   84,707 
 291,000   Ausgroup Ltd.(d)   96,806 
 184,000   Banyan Tree Holdings Ltd.(c)   97,347 
 211,000   Biosensors International Group Ltd.   143,768 
 7,400   Bonvests Holdings Ltd.   8,661 
 105,000   Boustead Singapore Ltd.   154,870 
 39,000   Breadtalk Group Ltd.   43,142 
 43,000   Bukit Sembawang Estates Ltd.   216,120 
 11,879   Cape Plc   56,957 
 12,858,000   CapitaMall Trust REIT   20,304,818 
 111,000   CH Offshore Ltd.   41,820 
 42,000   China Aviation Oil Singapore Corp. Ltd.   27,776 
 51,000   China Merchants Holdings Pacific Ltd.   39,451 
 192,000   Chip Eng Seng Corp. Ltd.   127,743 
 331,000   ComfortDelGro Corp. Ltd.   687,206 
 464,000   Cosco Corp. Singapore Ltd.   265,940 
 303,000   CSC Holdings Ltd.   18,945 
 110,000   CSE Global Ltd.   63,928 
 96,000   CWT Ltd.   130,052 
 13,000   Elec & Eltek International Co. Ltd.   20,019 
 14,000   Ellipsiz Ltd.   1,145 
 15,600   Eu Yan Sang International Ltd.   10,254 
 190,600   Ezion Holdings Ltd.   328,489 
 8,876,400   Ezra Holdings Ltd.   8,360,537 
 100,000   Falcon Energy Group Ltd.   34,068 
 130,121   Far East Orchard Ltd.(c)   198,702 
 179,000   First Resources Ltd.   324,281 
 183,000   FJ Benjamin Holdings Ltd.   28,605 
 28,000   Food Empire Holdings Ltd.   8,529 
 8,000   Forterra Trust - Units(d)   10,902 
 657,000   Fragrance Group Ltd.   126,397 
 306,000   Gallant Venture Ltd.(d)   74,814 
 2,000   GK Goh Holdings Ltd.   1,435 
 52,560   Global Premium Hotels Ltd.   15,589 
 537,000   GMG Global Ltd.   35,728 
 89,000   Goodpack Ltd.   175,503 
 80,000   GP Industries Ltd.   33,026 

 

52
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SINGAPORE (continued)     
 145,666   Guocoland Ltd.  $247,545 
 111,000   GuocoLeisure Ltd.   96,986 
 21,000   Hanwell Holdings Ltd.(d)   4,882 
 252,875   Healthway Medical Corp. Ltd.(d)   11,960 
 113,000   HG Metal Manufacturing Ltd.   7,156 
 32,000   Hiap Hoe Ltd.   23,086 
 55,000   Hi-P International Ltd.   28,437 
 151,000   Ho Bee Land Ltd.   272,345 
 274,800   Hong Fok Corp. Ltd.   234,599 
 131,000   Hong Leong Asia Ltd.   166,966 
 3,000   Hour Glass Ltd. (The)   4,461 
 65,000   HupSteel Ltd.   10,942 
 7,399,000   Hyflux Ltd.(c)   7,028,309 
 253,000   Indofood Agri Resources Ltd.   196,721 
 397,000   IPC Corp. Ltd.   48,690 
 101,000   Jiutian Chemical Group Ltd.(d)   5,424 
 92,950   Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)   0 
 304,000   K1 Ventures Ltd.   49,956 
 13,000   Keppel Infrastructure Trust - Units   10,786 
 170,000   Keppel Land Ltd.   496,032 
 34,000   Keppel Telecommunications & Transportation Ltd.   46,469 
 195,000   LCD Global Investments Ltd.   46,112 
 202,000   Lian Beng Group Ltd.   116,585 
 66,000   Low Keng Huat Singapore Ltd.   35,976 
 75,000   Lum Chang Holdings Ltd.   23,146 
 120,000   M1 Ltd.   360,721 
 6,000   Marco Polo Marine Ltd.   1,683 
 351,800   Metro Holdings Ltd.   262,264 
 153,000   Mewah International, Inc.   52,124 
 448,000   Midas Holdings Ltd.   156,216 
 362,000   Neptune Orient Lines Ltd.(d)   275,671 
 25,000   NSL Ltd.   34,369 
 32,238   OM Holdings Ltd.(d)   14,380 
 32,000   OSIM International Ltd.   73,619 
 675,000   Otto Marine Ltd.   38,958 
 28,666   OUE Hospitality Trust REIT   20,796 
 140,000   OUE Ltd.   274,950 
 66,000   Oxley Holdings Ltd.   35,182 
 21,000   Pan-United Corp. Ltd.   17,928 
 60,000   Petra Foods Ltd.   189,499 
 165,000   Popular Holdings Ltd.   34,389 
 116,567   QAF Ltd.   81,293 
 219,250   Raffles Education Corp. Ltd.(d)   67,664 
 46,281   Raffles Medical Group Ltd.   145,057 
 150,000   Rickmers Maritime - Units   36,072 
 121,000   Rotary Engineering Ltd.   72,261 
 217,500   Roxy-Pacific Holdings Ltd.   99,379 
 1,594,000   S i2i Ltd.(d)   8,944 
 17,000   San Teh Ltd.   4,088 
 5,337,000   SATS Ltd.(c)   12,877,250 
 5,000   SBS Transit Ltd.   6,814 
 54,000   Sheng Siong Group Ltd.   30,733 
Shares      Value 
SINGAPORE (continued)     
 4,621,000   SIA Engineering Co. Ltd.(c)  $17,224,569 
 100,500   Sim Lian Group Ltd.   68,477 
 569,000   Sinarmas Land Ltd.   303,315 
 346,000   Singapore Post Ltd.   488,144 
 174,000   Singapore Reinsurance Corp. Ltd.(c)   41,146 
 45,000   SMRT Corp. Ltd.   56,994 
 484,000   Stamford Land Corp. Ltd.(c)   250,244 
 3,507,000   StarHub Ltd.(c)   11,975,808 
 183,000   Sunningdale Tech Ltd.   30,072 
 136,000   SunVic Chemical Holdings Ltd.(d)   55,599 
 198,000   Super Group Ltd.   234,108 
 308,000   Swiber Holdings Ltd.   129,619 
 143,000   Tat Hong Holdings Ltd.   100,874 
 54,000   Technovator International Ltd.(d)   25,084 
 219,000   Tiong Woon Corp. Holding Ltd.   59,687 
 415,314   Tuan Sing Holdings Ltd.   133,167 
 186,250   UMS Holdings Ltd.   93,312 
 336,254   United Engineers Ltd.   646,901 
 103,000   United Envirotech Ltd.   113,114 
 423,975   United Industrial Corp. Ltd.(c)   1,155,523 
 242,067   UOB-Kay Hian Holdings Ltd.(c)   315,318 
 311,711   UOL Group Ltd.   1,656,628 
 94,000   Venture Corp. Ltd.   611,094 
 686,666   Vibrant Group Ltd.   66,602 
 209,812   Wheelock Properties (Singapore) Ltd.   318,712 
 268,420   Wing Tai Holdings Ltd.   424,954 
 1,436   XP Power Ltd.   36,366 
 37,000   YHI International Ltd.   7,267 
 522,000   Yongnam Holdings Ltd.   98,333 
         110,145,612 
SOUTH AFRICA — 0.6%     
 37,101   Adcock Ingram Holdings Ltd.(d)   182,962 
 3,244   Adcorp Holdings Ltd.   10,133 
 114,293   Advtech Ltd.   82,076 
 59,169   Aeci Ltd.   676,501 
 109,566   African Bank Investments Ltd.   62,942 
 2,145   African Oxygen Ltd.   3,731 
 53,160   African Rainbow Minerals Ltd.   988,836 
 13,164   Allied Electronics Corp. Ltd.   32,410 
 21,532   ArcelorMittal South Africa Ltd.(d)   76,305 
 4,516   Assore Ltd.   149,129 
 10,760   Astral Foods Ltd.   144,497 
 85,419   Aveng Ltd.(d)   193,653 
 110,010   AVI Ltd.   622,737 
 114,432   Barloworld Ltd.   1,088,507 
 28,795   Blue Label Telecoms Ltd.   21,483 
 32,224   Business Connexion Group Ltd.   19,083 
 9,645   Capitec Bank Holdings Ltd.   219,075 
 4,294   Cashbuild Ltd.   54,861 

 

53
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SOUTH AFRICA (continued)     
 57,968   Caxton and CTP Publishers and Printers Ltd.  $85,252 
 7,765   City Lodge Hotels Ltd.   84,725 
 391,378   Clicks Group Ltd.   2,397,250 
 1,776   Consolidated Infrastructure Group Ltd.(d)   4,936 
 44,626   Coronation Fund Managers Ltd.   407,639 
 104,860   DataTec Ltd.   547,623 
 77,015   Discovery Ltd.   675,129 
 7,529   Distell Group Ltd.   95,371 
 172,335   DRDGOLD Ltd.   48,857 
 200,332   EOH Holdings Ltd.   1,759,888 
 44,471   Eqstra Holdings Ltd.   28,616 
 28,607   Exxaro Resources Ltd.   388,167 
 1,244   Famous Brands Ltd.   11,497 
 54,199   Foschini Group Ltd. (The)   593,748 
 390,724   Gold Fields Ltd.   1,554,078 
 7,837   Grand Parade Investments Ltd.   4,604 
 152,440   Grindrod Ltd.   371,611 
 20,003   Group Five Ltd.   74,617 
 102,415   Harmony Gold Mining Co. Ltd.(d)   316,328 
 11,939   Hudaco Industries Ltd.   100,874 
 6,374   Hulamin Ltd.(d)   4,755 
 14,767   Hyprop Investments Ltd. - Units   114,233 
 54,124   Illovo Sugar Ltd.   151,374 
 83,594   Imperial Holdings Ltd.   1,543,562 
 1,932   Invicta Holdings Ltd.   19,819 
 27,883   JD Group Ltd.   64,877 
 23,157   JSE Ltd.   214,445 
 33,715   KAP Industrial Holdings Ltd.   12,577 
 27,739   Lewis Group Ltd.   164,292 
 59,244   Liberty Holdings Ltd.   715,481 
 189,019   Life Healthcare Group Holdings Ltd.   777,370 
 20,252   Massmart Holdings Ltd.   264,978 
 47,254   Mediclinic International Ltd.   376,780 
 106,290   Merafe Resources Ltd.(d)   13,679 
 29,353   Metair Investments Ltd.   101,420 
 317,966   MMI Holdings Ltd.   770,674 
 17,063   Mondi Ltd.   299,553 
 20,409   Mpact Ltd.   57,308 
 48,758   Mr. Price Group Ltd.   923,051 
 77,109   Murray & Roberts Holdings Ltd.(d)   180,206 
 202,370   Nampak Ltd.   769,999 
 261,524   Netcare Ltd.   753,622 
 72,276   Northam Platinum Ltd.(d)   296,640 
 219,663   Oceana Group Ltd.(c)   1,700,683 
 20,617   Omnia Holdings Ltd.   446,064 
 50,737   Peregrine Holdings Ltd.   110,010 
 4,111   Petmin Ltd.   824 
 45,606   Pick’n Pay Stores Ltd.   249,104 
 17,834   Pinnacle Holdings Ltd.   22,353 
 218,150   Pioneer Foods Ltd.   2,388,400 
Shares       Value 
SOUTH AFRICA (continued)     
 88,298   PPC Ltd.  $264,820 
 50,557   PSG Group Ltd.   465,588 
 20,615   Raubex Group Ltd.   44,198 
 18,485   Resilient Property Income Fund Ltd. REIT   110,500 
 37,081   Reunert Ltd.   222,320 
 11,250   Santam Ltd.   209,703 
 350,187   Sappi Ltd.(d)   1,328,836 
 366,153   Sibanye Gold Ltd.   868,687 
 38,542   Spar Group Ltd. (The)   445,697 
 7,238   Spur Corp. Ltd.   21,141 
 270,666   Steinhoff International Holdings Ltd.   1,352,951 
 11,223   Sun International Ltd.   112,199 
 147,800   Super Group Ltd.(d)   414,193 
 168,349   Telkom SA SOC Ltd.(d)   779,809 
 17,108   Tiger Brands Ltd.   492,595 
 14,182   Times Media Group Ltd.   28,435 
 13,752   Tongaat Hulett Ltd.   196,091 
 24,146   Trencor Ltd.   171,159 
 68,797   Truworths International Ltd.   482,727 
 46,017   Tsogo Sun Holdings Ltd.   116,298 
 9,811   Wilson Bayly Holmes-Ovcon Ltd.   117,196 
 191,832   Woolworths Holdings Ltd.   1,483,241 
 211,907   Zeder Investments Ltd.   115,212 
         37,531,460 
SOUTH KOREA — 1.5%     
 2,211   Able C&C Co. Ltd.   56,359 
 96   Actoz Soft Co. Ltd.(d)   2,489 
 4,636   Advanced Process Systems Corp.(d)   33,693 
 294   Ahnlab, Inc.   11,141 
 5,000   AJ Rent A Car Co. Ltd.(d)   66,887 
 1,511   AK Holdings, Inc.   89,380 
 599   AMOREPACIFIC Corp.   1,031,503 
 1,128   AMOREPACIFIC Group   972,329 
 4,859   Amotech Co. Ltd.(d)   34,037 
 1,753   Anapass, Inc.   17,908 
 931   Asia Cement Co. Ltd.   99,635 
 408   ASIA Holdings Co. Ltd.   55,175 
 2,330   Asia Paper Manufacturing Co. Ltd.   52,818 
 28,250   Asiana Airlines, Inc.(d)   128,765 
 2,778   AtlasBX Co. Ltd.   111,623 
 14,750   AUK Corp.(d)   28,916 
 4,460   Baiksan Co. Ltd.   24,603 
 2,450   Basic House Co. Ltd. (The)   51,129 
 1,657   Binggrae Co. Ltd.   128,807 
 1,230   Bioland Ltd.   20,164 
 415   Boryung Pharmaceutical Co. Ltd.   16,352 
 108,856   BS Financial Group, Inc.   1,752,753 
 1,443   Bukwang Pharmaceutical Co. Ltd.   23,586 

 

54

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 2,010   Byucksan Corp.  $8,643 
 10,213   CammSys Corp.   22,208 
 2,310   Capro Corp.(d)   9,956 
 1,952   Celltrion Pharm, Inc.(d)   18,953 
 7,727   Celltrion, Inc.(d)   299,578 
 6,406   Chabiotech Co. Ltd.(d)   88,500 
 2,415   Chadiostech Co. Ltd.(d)   6,720 
 19,930   Cheil Worldwide, Inc.(d)   418,824 
 2,790   Chong Kun Dang Pharmaceutical Corp.   174,536 
 1,079   Chongkundang Holdings Corp.   45,192 
 73   Chosun Refractories Co. Ltd.   8,203 
 1,970   CJ CGV Co. Ltd.   88,069 
 3,911   CJ CheilJedang Corp.   1,267,075 
 9,547   CJ Corp.   1,356,095 
 9,437   CJ E&M Corp.(d)   358,071 
 2,137   CJ Korea Express Co. Ltd.(d)   281,718 
 565   CJ O Shopping Co. Ltd.   217,128 
 930   CKD Bio Corp.   14,024 
 544   Cosmax BTI, Inc.   22,890 
 1,065   Cosmax, Inc.(d)   97,397 
 11,039   Coway Co. Ltd.   954,777 
 329   Crown Confectionery Co. Ltd.   72,819 
 3,620   Dae Dong Industrial Co. Ltd.   37,332 
 675   Dae Han Flour Mills Co. Ltd.   125,760 
 16,020   Dae Won Kang Up Co. Ltd.   109,102 
 7,850   Dae Young Packaging Co. Ltd.(d)   5,461 
 5,970   Daechang Co. Ltd.(d)   6,244 
 18,530   Daeduck Electronics Co.   148,370 
 7,180   Daeduck GDS Co. Ltd.   89,065 
 4,330   Daegu Department Store   70,562 
 3,410   Daehan Steel Co. Ltd.   19,673 
 3,830   Dae-Il Corp.   25,152 
 10,500   Daekyo Co. Ltd.   68,955 
 17,856   Daelim Industrial Co. Ltd.   1,615,613 
 7,510   Daesang Corp.   375,555 
 4,530   Daesang Holdings Co. Ltd.   87,484 
 4,240   Daesung Holdings Co. Ltd.   50,533 
 3,520   Daesung Industrial Co. Ltd.(d)   15,942 
 3,074   Daewon San Up Co. Ltd.   38,580 
 45,485   Daewoo Engineering & Construction Co. Ltd.(d)   440,756 
 13,072   Daewoo International Corp.   474,374 
 49,626   Daewoo Securities Co. Ltd.(d)   504,540 
 29,870   Daewoo Shipbuilding & Marine Engineering Co. Ltd.   722,157 
 844   Daewoong Co. Ltd.   33,051 
 1,866   Daewoong Pharmaceutical Co. Ltd.   111,468 
 20,120   Daishin Securities Co. Ltd.   208,472 
 9,386   Daou Data Corp.   45,202 
 20,410   Daou Technology, Inc.   222,398 
 12,865   Dasan Networks, Inc.(d)   104,762 
 2,145   Daum Communications Corp.   274,842 
 3,090   DCM Corp.   37,428 
Shares      Value 
SOUTH KOREA (continued)    
 72,790   DGB Financial Group, Inc.  $1,189,738 
 3,331   Digitech Systems Co. Ltd.(b)(c)(d)   5,153 
 1,360   Dong Ah Tire & Rubber Co. Ltd.   27,125 
 647   Dong-A Socio Holdings Co. Ltd.   80,887 
 1,950   Dong-Ah Geological Engineering Co. Ltd.   16,221 
 5,230   Dongaone Co. Ltd.   15,494 
 330   Dongbang Transport Logistics Co. Ltd.   677 
 9,296   Dongbu HiTek Co. Ltd.(d)   36,538 
 17,921   Dongbu Insurance Co. Ltd.   1,021,716 
 9,050   Dongbu Securities Co. Ltd.(d)   46,049 
 754   Dong-IL Corp.   59,786 
 604   Dongil Industries Co. Ltd.   34,083 
 2,299   Dongjin Semichem Co. Ltd.   8,276 
 11,110   Dongkook Industrial Co. Ltd.(d)   37,669 
 2,076   Dongkuk Industries Co. Ltd.   8,594 
 7,869   Dongkuk Steel Mill Co. Ltd.   61,017 
 8,190   Dongkuk Structures & Construction Co. Ltd.   30,956 
 3,480   Dongsuh Co, Inc.   65,513 
 9,440   Dongsung Holdings Co. Ltd.   58,228 
 7,740   Dongwha Pharmaceutical Co. Ltd.   38,404 
 531   Dongwon F&B Co. Ltd.   107,455 
 496   Dongwon Industries Co. Ltd.   159,486 
 2,049   Dongyang E&P, Inc.   28,407 
 10,510   Dongyang Mechatronics Corp.   97,344 
 5,324   Doosan Corp.   639,698 
 14,250   Doosan Engine Co. Ltd.(d)   115,070 
 32,553   Doosan Heavy Industries & Construction Co. Ltd.   959,630 
 37,617   Doosan Infracore Co. Ltd.(d)   479,431 
 3,902   DRB Holding Co. Ltd.   53,527 
 2,470   Duzon Bizon Co. Ltd.   22,829 
 270   E1 Corp.   18,913 
 3,050   Eagon Industries Co. Ltd.   36,350 
 9,342   Easy Bio, Inc.   65,349 
 3,233   e-LITECOM Co. Ltd.   48,439 
 4,200   ELK Corp.(d)   12,299 
 4,503   E-Mart Co. Ltd.   1,018,580 
 1,726   ENF Technology Co. Ltd.   15,550 
 1,366   Eo Technics Co. Ltd.   92,232 
 3,850   Estechpharma Co. Ltd.   28,205 
 23,624   Eugene Corp.   84,926 
 2,426   Eugene Technology Co. Ltd.   36,820 
 5,387   EVERDIGM Corp.   36,478 
 1,669   Fila Korea Ltd.   146,790 
 2,532   Flexcom, Inc.(d)   12,884 
 2,079   Fursys, Inc.   67,254 
 520   Gaon Cable Co. Ltd.   13,963 
 3,053   Global & Yuasa Battery Co. Ltd.   144,058 
 5,874   Golfzon Co. Ltd.   114,011 

 

55

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 61,340   Grand Korea Leisure Co. Ltd.  $2,557,201 
 765   Green Cross Corp.   90,801 
 9,290   Green Cross Holdings Corp.   140,997 
 8,877   GS Engineering & Construction Corp.(d)   339,413 
 2,370   GS Global Corp.   21,628 
 31,810   GS Holdings   1,459,203 
 120   GS Home Shopping, Inc.   32,526 
 8,952   GS Retail Co. Ltd.   191,608 
 384   Gwangju Shinsegae Co. Ltd.   92,838 
 4,540   Halla Corp.(d)   35,292 
 12,680   Halla Visteon Climate Control Corp.   629,158 
 153,830   Han Kuk Carbon Co. Ltd.   1,097,022 
 3,827   Hana Micron, Inc.(d)   30,792 
 693   Hana Tour Service, Inc.   44,296 
 174   Handok, Inc.   4,359 
 8,700   Handsome Co. Ltd.   233,191 
 1,726   Hanil Cement Co. Ltd.   221,659 
 11,420   Hanil E-Wha Co. Ltd.(b)(c)   234,989 
 31,528   Hanjin Heavy Industries & Construction Co. Ltd.(d)   220,237 
 4,830   Hanjin Heavy Industries & Construction Holdings Co. Ltd.   51,690 
 2,895   Hanjin Kal Corp.(d)   73,794 
 8,471   Hanjin Shipping Co. Ltd.(d)   45,740 
 2,482   Hanjin Shipping Holding Co. Ltd.(d)   28,736 
 1,870   Hanjin Transportation Co. Ltd.   58,764 
 90   Hankook Shell Oil Co. Ltd.   44,744 
 5,199   Hankook Tire Co. Ltd.   287,808 
 988   Hankook Tire Worldwide Co. Ltd.   21,916 
 680   Hankuk Paper Manufacturing Co. Ltd.   20,608 
 710   Hanmi Pharm Co. Ltd.(d)   60,373 
 2,691   Hanmi Science Co. Ltd.(d)   36,391 
 2,520   Hanmi Semiconductor Co. Ltd.   36,163 
 2,970   Hansae Co. Ltd.   78,306 
 3,000   Hansae Yes24 Holdings Co. Ltd.   26,268 
 3,830   Hansol Chemical Co. Ltd.   108,247 
 24,530   Hansol HomeDeco Co. Ltd.(d)   50,356 
 12,860   Hansol Logistics Co. Ltd.   30,215 
 18,350   Hansol Paper Co.   215,126 
 2,020   Hanssem Co. Ltd.   184,735 
 33,385   Hanwha Chemical Corp.   587,896 
 34,869   Hanwha Corp.   997,372 
 770   Hanwha Galleria Timeworld Co. Ltd.   34,648 
 4,700   Hanwha General Insurance Co. Ltd.(d)   27,436 
 9,373   Hanwha Investment & Securities Co. Ltd.(d)   41,583 
 63,462   Hanwha Life Insurance Co. Ltd.   423,553 
 3,343   Hanyang Eng Co. Ltd.   22,409 
Shares      Value 
SOUTH KOREA (continued)     
 2,720   Hanyang Securities Co. Ltd.  $20,059 
 4,517   Harim Holdings Co. Ltd.(d)   25,796 
 43,020   Heung-A Shipping Co. Ltd.   53,364 
 3,808   Hite Jinro Co. Ltd.   84,655 
 2,040   Hite Jinro Holdings Co. Ltd.   25,206 
 10,126   HMC Investment Securities Co. Ltd.(d)   130,534 
 10,884   Hotel Shilla Co. Ltd.   1,164,800 
 1,183   HS R&A Co. Ltd.   37,233 
 84,928   Huchems Fine Chemical Corp.   2,144,167 
 7,734   Humax Co. Ltd.   82,393 
 815   Huons Co. Ltd.   35,681 
 3,050   Husteel Co. Ltd.   55,193 
 6,850   Huvis Corp.   73,975 
 108,913   Huvitz Co. Ltd.   1,403,996 
 3,340   Hwa Shin Co. Ltd.   37,694 
 439   Hwacheon Machine Tool Co. Ltd.   26,737 
 57,649   Hy-Lok Corp.(c)   1,906,957 
 16,692   Hyosung Corp.   1,219,603 
 5,770   Hyundai BNG Steel Co. Ltd.(d)   120,132 
 4,120   Hyundai Corp.   145,704 
 5,959   Hyundai Department Store Co. Ltd.   855,137 
 33,280   Hyundai Development Co-Engineering & Construction   1,253,039 
 887   Hyundai Elevator Co. Ltd.(d)   32,793 
 4,090   Hyundai Engineering Plastics Co. Ltd.   30,520 
 17,750   Hyundai Greenfood Co. Ltd.   287,530 
 832   Hyundai Home Shopping Network Corp.   134,370 
 12,260   Hyundai Hy Communications & Networks Co. Ltd.   55,882 
 6,250   Hyundai Livart Co. Ltd.   197,013 
 34,120   Hyundai Marine & Fire Insurance Co. Ltd.   1,012,463 
 387   Hyundai Mipo Dockyard   46,688 
 68,891   Hyundai Securities Co. Ltd.(d)   536,195 
 4,117   Hyundai Wia Corp.   755,027 
 4,916   Hyunjin Materials Co. Ltd.(d)   22,599 
 6,050   Il Dong Pharmaceutical Co. Ltd.   82,405 
 9,780   Iljin Electric Co. Ltd.   73,836 
 803   Ilshin Spinning Co. Ltd.   103,515 
 266   Ilsung Pharmaceuticals Co. Ltd.   22,308 
 2,000   iMarketKorea, Inc.   62,169 
 675   Innox Corp.(d)   11,558 
 680   Intelligent Digital Integrated Securities Co. Ltd.   10,287 
 1,834   Interflex Co. Ltd.(d)   19,092 
 430   Intergis Co. Ltd.   3,849 
 8,362   Interpark Corp.   91,524 
 2,896   INTOPS Co. Ltd.   51,983 
 2,410   Inzi Controls Co. Ltd.   12,591 
 7,005   IS Dongseo Co. Ltd.(d)   211,953 

 

56

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 5,410   ISU Chemical Co. Ltd.  $70,793 
 15,507   IsuPetasys Co. Ltd.   72,492 
 2,800   Jahwa Electronics Co. Ltd.   39,636 
 33,385   JB Financial Group Co. Ltd.   237,432 
 3,330   Jeil Pharmaceutical Co.   93,791 
 3,121   JW Pharmaceutical Corp.   47,065 
 16,153   Kangwon Land, Inc.   539,036 
 6,008   KB Capital Co. Ltd.   123,042 
 7,300   KC Green Holdings Co. Ltd.   46,235 
 10,532   KC Tech Co. Ltd.   57,893 
 1,290   KCC Corp.   764,324 
 1,084   KEPCO Engineering & Construction Co., Inc.   60,536 
 2,519   KEPCO Plant Service & Engineering Co. Ltd.   181,845 
 13,960   Keyang Electric Machinery Co. Ltd.   66,007 
 1,340   KG Chemical Corp.   18,187 
 4,669   KH Vatec Co. Ltd.   89,033 
 1,110   KISCO Corp.   31,588 
 6,150   Kishin Corp.   44,875 
 4,345   KISWIRE Ltd.   181,773 
 2,340   KIWOOM Securities Co. Ltd.   113,602 
 16,788   Koentec Co. Ltd.   38,628 
 2,185   Koh Young Technology, Inc.   55,802 
 108,721   Kolao Holdings   2,284,743 
 1,276   Kolon Corp.   38,857 
 4,246   Kolon Global Corp.(d)   41,723 
 11,115   Kolon Industries, Inc.   735,341 
 91   Kolon Life Science, Inc.   5,285 
 1,256   KONA I Co. Ltd.   42,830 
 5,420   Kook Soon Dang Brewery Co. Ltd.   31,322 
 4,850   Korea Aerospace Industries Ltd.   166,802 
 2,637   Korea Circuit Co. Ltd.   21,140 
 3,220   Korea Electric Terminal Co. Ltd.   140,504 
 1,360   Korea Export Packaging Industrial Co. Ltd.   28,117 
 1,060   Korea Flange Co. Ltd.   24,441 
 2,065   Korea Gas Corp.(d)   123,757 
 23,690   Korea Investment Holdings Co. Ltd.   1,070,585 
 5,406   Korea Kolmar Co. Ltd.   259,031 
 2,603   Korea Kolmar Holdings Co. Ltd.   65,844 
 668   Korea Petrochemical Industrial Co. Ltd.   43,153 
 5,012   Korea United Pharm, Inc.   54,613 
 4,222   Korea Zinc Co. Ltd.   1,704,655 
 15,192   Korean Air Lines Co. Ltd.(d)   532,093 
 58,127   Korean Reinsurance Co.   639,038 
 3,712   Kortek Corp.   43,156 
 4,310   KPF.   16,794 
 787   KPX Chemical Co. Ltd.   45,175 
 1,780   KT Skylife Co., Ltd.   38,878 
 12,423   KTB Investment & Securities Co. Ltd.(d)   31,485 
Shares      Value 
SOUTH KOREA (continued)     
 1,913   Kukdo Chemical Co. Ltd.  $100,503 
 2,220   Kumho Petrochemical Co. Ltd.   196,114 
 16,550   Kumho Tire Co., Inc.(d)   183,558 
 865   Kumkang Kind Co. Ltd.   52,850 
 1,030   Kunsul Chemical Industrial Co. Ltd.   46,447 
 30,090   Kwang Dong Pharmaceutical Co. Ltd.   281,037 
 9,282   Kyobo Securities Co. Ltd.(d)   94,820 
 1,380   Kyung Dong Navien Co. Ltd.   38,197 
 101   Kyungbang Ltd.   12,185 
 1,620   Kyungchang Industrial Co. Ltd.   20,411 
 1,746   Kyungdong Pharm Co. Ltd.   35,673 
 17,150   Kyung-In Synthetic Corp.   117,631 
 13,005   LB Semicon, Inc.(d)   24,230 
 860   LEENO Industrial, Inc.   29,954 
 8,620   LF Corp.   242,787 
 1,582   LG Hausys Ltd.   291,666 
 6,049   LG InnoTek Co. Ltd.(d)   741,523 
 11,568   LG International Corp.   336,511 
 71,020   LG Uplus Corp.   657,791 
 19,400   LIG Insurance Co. Ltd.   553,962 
 497   Lotte Chilsung Beverage Co. Ltd.   895,988 
 536   Lotte Confectionary Co. Ltd.   1,092,494 
 314   Lotte Food Co. Ltd.   227,592 
 1,958   LOTTE Himart Co. Ltd.   130,679 
 3,273   Lotte Non-Life Insurance Co. Ltd.(d)   10,715 
 9,235   LS Corp.   654,990 
 3,782   LS Industrial Systems Co. Ltd.   233,650 
 8,889   Lumens Co. Ltd.(d)   72,039 
 39,012   Macquarie Korea Infrastructure Fund   250,503 
 1,074   Macrogen, Inc.(d)   49,737 
 48   Maeil Dairy Industry Co. Ltd.   1,754 
 3,900   Mando Corp.   481,880 
 2,049   MegaStudy Co. Ltd.   120,008 
 3,628   Melfas, Inc.(d)   19,731 
 16,030   Meritz Financial Group, Inc.   123,830 
 17,759   Meritz Fire & Marine Insurance Co. Ltd.   231,523 
 112,180   Meritz Securities Co. Ltd.   320,873 
 44   Mi Chang Oil Industrial Co. Ltd.   3,061 
 13,080   Mirae Asset Securities Co. Ltd.   600,012 
 10,335   MK Electron Co. Ltd.   53,191 
 4,400   MNTech Co. Ltd.(d)   19,499 
 1,052   Modetour Network, Inc.   25,383 
 19,700   Moorim P&P Co. Ltd.   80,594 
 7,820   Moorim Paper Co. Ltd.   17,955 
 8,590   Motonic Corp.   125,359 
 2,195   Muhak Co. Ltd.(d)   74,850 
 4,750   Namhae Chemical Corp.   42,054 
 46   Namyang Dairy Products Co. Ltd.   38,175 
 2,740   National Plastic Co.   17,701 

 

57

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 2,862   NCSoft Corp.  $434,375 
 4,127   Neowiz Games Corp.(d)   73,076 
 8,926   NEPES Corp.(d)   56,707 
 3,138   Nexen Corp.   268,662 
 8,260   Nexen Tire Corp.   134,204 
 9,100   NH Investment & Securities Co. Ltd.   67,552 
 6,920   NICE Holdings Co. Ltd.   87,522 
 5,182   NK Co. Ltd.(d)   16,688 
 799   Nong Shim Holdings Co. Ltd.   91,339 
 2,181   NongShim Co. Ltd.   553,817 
 800   Noroo Holdings Co. Ltd.   17,045 
 2,625   OCI Co. Ltd.(d)   417,558 
 1,583   OCI Materials Co. Ltd.   72,385 
 804   Orion Corp.   737,629 
 515   Ottogi Corp.   267,057 
 1,530   PaperCorea, Inc.(d)   1,161 
 4,525   Paradise Co. Ltd.   147,700 
 2,806   Partron Co. Ltd.   27,982 
 9,812   Poongsan Corp.   286,862 
 2,723   Poongsan Holdings Corp.   106,631 
 344   POSCO Chemtech Co. Ltd.   49,198 
 672   Posco ICT Co. Ltd.   4,688 
 1,991   Posco M-Tech Co. Ltd.   7,806 
 755   Power Logics Co. Ltd.(d)   2,817 
 8,538   PSK, Inc.   105,910 
 450   Pulmuone Co. Ltd.   53,850 
 112,293   Pyeong Hwa Automotive Co. Ltd.   2,572,846 
 3,959   RFTech Co. Ltd.   25,807 
 10,711   S&T Dynamics Co. Ltd.   114,108 
 3,150   S&T Holdings Co. Ltd.   54,857 
 3,260   S&T Motiv Co. Ltd.   111,960 
 3,832   S-1 Corp.   286,696 
 1,110   Sajo Industries Co. Ltd.(d)   39,417 
 4,770   Sam Young Electronics Co. Ltd.   55,921 
 3,017   Sam Yung Trading Co. Ltd.   59,292 
 480   Samchully Co. Ltd.   78,689 
 3,624   SAMHWA Paints Industrial Co. Ltd.   54,650 
 23,040   Samick Musical Instruments Co. Ltd.   77,558 
 4,310   Samick THK Co. Ltd.   34,636 
 5,671   Samjin Pharmaceutical Co. Ltd.   104,829 
 670   Samkwang Glass Co. Ltd.   36,634 
 590   Samlip General Foods Co. Ltd.   53,383 
 22,620   Samsung Electro-Mechanics Co. Ltd.   1,393,050 
 5,110   Samsung Fine Chemicals Co. Ltd.   215,516 
 11,769   Samsung SDI Co. Ltd.   1,837,743 
 6,233   Samsung Securities Co. Ltd.   297,142 
 4,627   Samsung Techwin Co. Ltd.   218,554 
 7,288   SAMT Co. Ltd.(d)   14,961 
 1,040   Samyang Foods Co. Ltd.   27,218 
 412   Samyang Genex Co. Ltd.   51,708 
Shares      Value 
SOUTH KOREA (continued)     
 3,490   Samyang Holdings Corp.  $261,109 
 14,200   Samyoung Chemical Co. Ltd.(d)   28,114 
 10,570   Savezone I&C Corp.   74,248 
 21,510   SBS Media Holdings Co. Ltd.   76,698 
 7,130   Seah Besteel Corp.   249,378 
 485   SeAH Holdings Corp.   79,272 
 1,408   SeAH Steel Corp.   131,095 
 5,840   Sebang Co. Ltd.   115,056 
 35,374   Seegene, Inc.(d)   2,071,815 
 5,490   Sejong Industrial Co. Ltd.   95,608 
 140   Sempio Foods Co.   3,357 
 3,728   S-Energy Co. Ltd.   35,581 
 3,543   Seobu T&D(d)   66,699 
 21,020   Seohee Construction Co. Ltd.(d)   13,272 
 6,064   Seoul Semiconductor Co. Ltd.   170,501 
 2,690   Sewon Cellontech Co. Ltd.(d)   8,689 
 520   Sewon Precision Industry Co. Ltd.   15,127 
 1,675   SFA Engineering Corp.   65,511 
 50,350   SG Corp.(d)   31,155 
 15,308   Shin Poong Pharmaceutical Co. Ltd.   60,615 
 3,660   Shinsegae Co. Ltd.   835,015 
 342   Shinsegae Information & Communication Co. Ltd.   27,451 
 176   Shinsegae International Co. Ltd.   15,496 
 8,263   Shinsung Solar Energy Co. Ltd.(d)   9,928 
 22,990   Shinsung Tongsang Co. Ltd.(d)   22,367 
 3,979   Shinwha Intertek Corp.(d)   12,001 
 15,480   Shinwon Corp.(d)   33,284 
 2,240   Shinyoung Securities Co. Ltd.   104,389 
 11,434   Signetics Corp.(d)   17,854 
 3,161   Silicon Works Co. Ltd.   66,428 
 2,200   Silla Co. Ltd.   54,473 
 3,870   SIMPAC, Inc.   27,147 
 971   Sindoh Co. Ltd.   67,734 
 2,720   SJM Co. Ltd.   25,854 
 65,487   SK Broadband Co. Ltd.(d)   242,108 
 2,799   SK C&C Co. Ltd.   458,852 
 7,387   SK Chemicals Co. Ltd.   470,020 
 5,137   SK Communications Co. Ltd.(d)   44,980 
 1,870   SK Gas Ltd.   201,946 
 30,850   SK Networks Co. Ltd.(d)   339,159 
 138,580   SK Securities Co. Ltd.(b)(d)   138,196 
 10,160   SKC Co. Ltd.   359,309 
 5,580   SL Corp.   113,462 
 2,887   SM Entertainment Co.(d)   94,375 
 5,310   Songwon Industrial Co. Ltd.   44,584 
 1,109   Soulbrain Co. Ltd.   35,497 
 9,930   Ssangyong Cement Industrial Co. Ltd.(d)   93,711 
 16,650   STS Semiconductor & Telecommunications(d)   48,192 
 2,270   Suheung Co. Ltd.   105,124 

 

58
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 2,562   Sung Kwang Bend Co. Ltd.  $49,852 
 620   Sungchang Enterprise Holdings Ltd.(d)   14,447 
 9,206   Sungshin Cement Co. Ltd.(d)   87,147 
 22,493   Sungwoo Hitech Co. Ltd.   316,217 
 214   Sunjin Co. Ltd.   7,766 
 141   Suprema, Inc.(d)   3,505 
 6,520   Tae Kyung Industrial Co. Ltd.   39,329 
 245   Taekwang Industrial Co. Ltd.   333,468 
 2,079   Taewoong Co. Ltd.(d)   46,521 
 23,300   Taeyoung Engineering & Construction Co. Ltd.(d)   130,345 
 16,710   Tailim Packaging Industrial Co. Ltd.   33,490 
 2,529   TCC Steel   8,661 
 16,250   TK Chemical Corp.(d)   32,094 
 13,438   TONGYANG Life Insurance   131,393 
 1,076   Top Engineering Co. Ltd.(d)   4,266 
 6,197   Toray Chemical Korea, Inc.(d)   66,621 
 3,450   Tovis Co. Ltd.   46,656 
 1,970   TS Corp.   63,344 
 3,287   Uju Electronics Co. Ltd.   36,936 
 2,047   Unid Co. Ltd.   132,835 
 1,205   Vieworks Co. Ltd.   35,346 
 400   Visang Education, Inc.   3,320 
 5,350   Whanin Pharmaceutical Co. Ltd.   79,117 
 28,750   Willbes & Co. (The)(d)   37,201 
 3,163   WiSoL Co. Ltd.(d)   24,741 
 5,906   Wonik IPS Co. Ltd.(d)   66,079 
 7,787   Woojeon & Handan Co. Ltd.   28,031 
 13,940   Woongjin Energy Co. Ltd.(d)   33,906 
 9,260   Woongjin Thinkbig Co. Ltd.(d)   62,523 
 12,750   Wooree ETI Co. Ltd.   23,507 
 55,903   Woori Investment & Securities Co. Ltd.   614,588 
 4,730   Y G-1 Co. Ltd.   44,178 
 1,080   YESCO Co. Ltd.   42,450 
 1,004   YG Entertainment, Inc.   34,969 
 9,270   Yoosung Enterprise Co. Ltd.   51,678 
 6,970   Youlchon Chemical Co. Ltd.   88,155 
 18,290   Young Heung Iron & Steel Co. Ltd.   48,668 
 345   Young Poong Corp.   456,487 
 4,080   Young Poong Precision Corp.   43,267 
 4,952   Youngone Corp.   207,166 
 2,598   Youngone Holdings Co. Ltd.   199,175 
 1,184   Yuhan Corp.   203,890 
         95,209,869 
SPAIN — 0.6%     
 26,465   Abengoa SA   153,517 
 77,562   Abengoa SA - B Shares   413,567 
 9,761   Acciona SA   804,877 
 40,068   Acerinox SA   666,906 
 3,395   Adveo Group International SA   81,829 
Shares      Value 
SPAIN (continued)     
 20,739   Almirall SA(d)  $317,417 
 3,330   Azkoyen SA(d)   9,988 
 1,761,679   Banco de Sabadell SA   5,741,734 
 474   Banco Popular - New Share Issue Shares 2014(c)(d)   2,908 
 253,186   Banco Popular Espanol SA   1,553,426 
 167,120   Bankinter SA   1,448,985 
 1,315   Baron de Ley(d)   131,799 
 18,045   Bolsas y Mercados Espanoles SA   821,304 
 20,024   Caja de Ahorros del Mediterraneo(b)(c)(d)   0 
 2,580   Cementos Portland Valderrivas SA(d)   17,826 
 16,842   Cie Automotive SA   236,798 
 485   Construcciones y Auxiliar de Ferrocarriles SA   201,975 
 332,485   Deoleo SA(d)   180,311 
 113,832   Distribuidora Internacional de Alimentacion SA   946,263 
 14,723   Duro Felguera SA   92,265 
 26,493   Ebro Foods SA   542,064 
 158,336   EDP Renovaveis SA   1,116,918 
 9,939   Elecnor SA   141,872 
 104,144   Enagas SA   3,471,002 
 56,183   Ence Energia y Celulosa SA   119,994 
 25,768   Ercros SA(d)   16,976 
 49,413   Faes Farma SA   137,626 
 12,842   Fluidra SA   55,457 
 5,505   Fomento de Construcciones y Contratas SA(d)   119,786 
 116,565   Gamesa Corp. Tecnologica SA(d)   1,467,364 
 31,966   Grupo Catalana Occidente SA   1,123,604 
 13,495   Grupo Ezentis SA(d)   13,011 
 1,413   Iberpapel Gestion SA   24,597 
 46,815   Indra Sistemas SA   725,607 
 5,819   Laboratorios Farmaceuticos Rovi SA   74,802 
 51,556   Mediaset Espana Comunicacion SA(d)   602,683 
 21,368   Melia Hotels International SA   248,931 
 2,756   Miquel y Costas & Miquel SA   108,830 
 52,254   NH Hotel Group SA(d)   283,731 
 34,034   Obrascon Huarte Lain SA   1,287,668 
 13,901   Papeles y Cartones de Europa SA   79,761 
 9,252   Pescanova SA(b)(c)(d)   0 
 1,765   Prim SA   14,700 
 147,552   Promotora de Informaciones SA - Class A(d)   67,572 
 1,206,175   Prosegur Cia de Seguridad SA   8,172,530 
 29,481   Red Electrica Corp. SA   2,534,387 
 64,394   Sacyr SA(d)   365,601 
 3,616   Tecnicas Reunidas SA   203,799 
 41,405   Tubacex SA   216,229 
 34,984   Tubos Reunidos SA   124,140 

 

59

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value
SPAIN (continued)     
 8,830   Vidrala SA  $428,494 
 15,581   Viscofan SA   873,980 
 5,389   Vocento SA(d)   12,628 
 1,334   Zardoya Otis - New Share Issue Shares 2014(c)   20,423 
 33,361   Zardoya Otis SA   510,600 
 30,974   Zeltia SA(d)   119,242 
         39,250,304 
SWEDEN — 0.9%     
 11,929   AAK AB   680,303 
 18,609   Acando AB   32,237 
 3,083   AddNode Group AB   18,771 
 10,513   AddTech AB - Class B   167,642 
 661,214   AF AB - B Shares(c)   11,094,999 
 2,158   Arise AB(d)   6,914 
 2,977   Atrium Ljungberg AB - Class B   47,083 
 1,644   Avanza Bank Holding AB   58,151 
 8,149   Axfood AB   415,353 
 14,516   Axis Communications AB   456,847 
 5,502   B&B Tools AB - Class B   128,413 
 6,098   Beijer Alma AB   171,938 
 2,038   Beijer Electronics AB   17,948 
 2,816   Beijer Ref AB   59,600 
 11,117   Betsson AB   386,779 
 17,184   Bilia AB - Class A   467,078 
 103,419   BillerudKorsnas AB   1,532,200 
 4,165   BioGaia AB - Class B   110,492 
 24,799   Biotage AB   39,545 
 293,940   Boliden AB   4,785,228 
 36,793   Bure Equity AB   158,945 
 11,928   Byggmax Group AB   97,265 
 18,040   Castellum AB   303,360 
 1,746   Catena AB   25,817 
 7,355   Clas Ohlson AB - Class B   139,941 
 10,828   Concordia Maritime AB - Class B(d)   22,367 
 19,770   CyberCom Group AB(d)   7,939 
 13,655   Duni AB   188,053 
 59,753   Electrolux AB - Class B   1,489,018 
 123,512   Elekta AB - Class B   1,515,655 
 1,207   Enea AB   9,711 
 53,430   Eniro AB(d)   171,795 
 15,073   Fabege AB   206,707 
 2,223   Fagerhult AB   44,149 
 6,050   Fastighets AB Balder - Class B(d)   76,960 
 2,652   FinnvedenBulten AB   25,566 
 96,813   Getinge AB - Class B   2,363,415 
 21,385   Gunnebo AB   126,793 
 28,421   Haldex AB   374,925 
 11,372   Hexpol AB   956,981 
 8,094   HIQ International AB(d)   43,531 
 440   HMS Networks AB   9,982 
 26,976   Holmen AB - Class B   910,384 
 7,179   Hufvudstaden AB - Class A   98,607 
Shares      Value 
SWEDEN (continued)     
 22,054   Husqvarna AB - Class A  $173,761 
 139,162   Husqvarna AB - Class B   1,100,474 
 24,085   ICA Gruppen AB   751,020 
 11,328   Industrial & Financial Systems - Class B   371,130 
 5,489   Indutrade AB   245,080 
 31,357   Intrum Justitia AB   961,411 
 39,593   JM AB   1,255,827 
 20,600   KappAhl AB(d)   114,972 
 264   Karolinska Development AB - Class B(d)   861 
 6,105   Klovern AB   30,444 
 18,031   KNOW IT AB   158,793 
 10,921   Kungsleden AB   76,784 
 2,706   Lagercrantz AB - Class B   58,645 
 21,175   Lindab International AB(d)   200,448 
 31,173   Loomis AB - Class B   928,656 
 75,113   Lundin Petroleum AB(d)   1,349,120 
 139,081   Meda AB - Class A   2,244,022 
 2,363   Medivir AB - Class B(d)   41,278 
 3,961   Mekonomen AB   91,299 
 4,094   Modern Times Group AB - Class B   160,004 
 1,715   MQ Holding AB   7,359 
 4,730   Munksjo Oyj   50,353 
 29,549   Mycronic AB   74,106 
 1,241   NCC AB - Class A   39,003 
 40,105   NCC AB - Class B   1,256,951 
 2,159   Nederman Holding AB   50,703 
 4,881   Net Entertainment NE AB - Class B   122,411 
 49,418   New Wave Group AB - Class B   278,676 
 15,622   Nibe Industrier AB - Class B   419,413 
 61,798   Nobia AB   472,565 
 8,614   Nolato AB - Class B   211,036 
 17,542   Nordnet AB - Class B   70,186 
 76,747   Peab AB   542,042 
 32,962   Pricer AB - Class B(d)   24,608 
 1,152   Proact IT Group AB   15,656 
 23,300   Proffice AB - Class B   85,793 
 54,140   Ratos AB - Class B   443,044 
 4,226   ReadSoft AB - Class B   31,397 
 12,022   Rezidor Hotel Group AB(d)   67,097 
 32,640   Saab AB - Class B   891,920 
 1,150   Sagax AB - Class B   6,152 
 53,766   SAS AB(d)   98,597 
 4,652   Sectra AB - Class B(d)   63,729 
 106,771   Securitas AB - Class B   1,243,665 
 4,156   Semcon AB   36,450 
 39,832   Skanska AB - Class B   829,761 
 7,001   SkiStar AB   80,685 
 115,569   SSAB AB - Class A(d)   1,121,647 
 20,678   SSAB AB - Class B(d)   182,104 
 8,924   Sweco AB - Class B   145,538 
 2,770   Systemair AB   43,870 
 195,946   Tele2 AB - B Shares   2,393,153 

 

60

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SWEDEN (continued)     
 95,263   Trelleborg AB - Class B  $1,829,803 
 3,694   Vitrolife AB   59,976 
 8,602   Wallenstam AB - Class B   142,656 
 6,774   Wihlborgs Fastigheter AB   126,186 
         53,917,707 
SWITZERLAND — 1.6%     
 13,283   Actelion Ltd.   1,606,384 
 564   Advanced Digital Broadcast Holdings SA(d)   8,348 
 8,546   AFG Arbonia-Forster Holding AG   231,342 
 435,000   Allied World Assurance Co. Holdings AG   15,664,350 
 7,669   Allreal Holding AG   1,050,664 
 1,102   Alpiq Holding AG   115,687 
 934   ALSO Holding AG   57,556 
 314   APG SGA SA   100,204 
 47,560   Aryzta AG   4,317,689 
 8,734   Ascom Holding AG   128,307 
 1,374   Autoneum Holding AG   235,867 
 1,573   Bachem Holding AG - Class B   86,288 
 32,904   Baloise Holding AG   3,975,636 
 1,642   Bank Coop AG   80,225 
 277   Banque Cantonale de Geneve   64,316 
 2,108   Banque Cantonale Vaudoise   1,125,040 
 728   Barry Callebaut AG   898,034 
 1,449   Basler Kantonalbank   108,426 
 312   Belimo Holding AG   826,049 
 61   Bell AG   157,207 
 1,755   Berner Kantonalbank AG   364,036 
 984   BKW AG   34,920 
 4,131   Bobst Group SA   192,742 
 2,396   Bossard Holding AG(d)   279,742 
 3,886   Bucher Industries AG   1,172,749 
 30,941   Burckhardt Compression Holding AG(c)   16,172,737 
 542   Burkhalter Holding AG   48,012 
 977   Calida Holding AG   36,554 
 36   Carlo Gavazzi Holding AG   9,468 
 178   Cham Paper Holding AG   50,144 
 1,088   Charles Voegele Holding AG - Class A(d)   18,737 
 633   Cicor Technologies   26,156 
 40   Cie Financiere Tradition SA   1,904 
 154,090   Clariant AG   2,879,173 
 22,697   Coca-Cola HBC AG - CDI.   533,024 
 1,178   Coltene Holding AG   70,907 
 35   Conzzeta AG   140,308 
 2,750   Daetwyler Holding AG   386,135 
 4,668   Dufry AG(d)   801,843 
 6   Edmond de Rothschild Suisse SA   94,779 
 13,996   EFG International AG   167,105 
 1,458   Emmi AG   503,381 
 1,545   EMS-Chemie Holding AG   668,154 
Shares      Value 
SWITZERLAND (continued)     
 4,052   Energiedienst Holding AG  $138,225 
 2,933   Flughafen Zuerich AG   1,829,998 
 530   Forbo Holding AG   518,190 
 1,617   Galenica AG   1,459,081 
 89,347   GAM Holding AG   1,622,256 
 884   Gategroup Holding AG   22,422 
 7,236   Geberit AG   2,433,366 
 3,379   Georg Fischer AG   2,240,272 
 284   Gurit Holding AG   133,757 
 4,832   Helvetia Holdings AG   2,360,834 
 4,946   Highlight Communications AG   22,836 
 2,575   Huber & Suhner AG   127,510 
 5,607   Implenia AG   330,404 
 249   Inficon Holding AG   79,940 
 136   Interroll Holding AG   85,005 
 104   Intershop Holdings AG   40,398 
 128,429   Julius Baer Group Ltd.   5,476,340 
 1   Jungfraubahn Holding AG   83 
 821   Kaba Holding AG - Class B   397,513 
 1,015   Kardex AG   46,576 
 2,133   Komax Holding AG   328,605 
 19,555   Kudelski SA(d)   333,538 
 1,485   Kuoni Reisen Holding AG   503,307 
 161   LEM Holding SA   135,178 
 15   Lindt & Spruengli AG   934,746 
 13,174   Logitech International SA   194,258 
 16,086   Lonza Group AG   1,787,825 
 1,434   Luzerner Kantonalbank AG   557,820 
 275   MCH Group AG   19,609 
 97   Metall Zug AG - Class B   275,069 
 24,650   Meyer Burger Technology AG(d)   291,596 
 20,313   Micronas Semiconductor Holding AG   166,751 
 677   Mikron Holding AG   6,235 
 9,148   Mobilezone Holding AG(d)   102,176 
 3,562   Mobimo Holding AG   725,531 
 23,680   Nobel Biocare Holding AG   416,924 
 111,727   OC Oerlikon Corp AG(d)   1,512,233 
 3,540   Orascom Development Holding AG(d)   74,598 
 417   Orell Fuessli Holding AG(d)   45,428 
 2,266   Orior AG   142,007 
 3,289   Panalpina Welttransport Holding AG   448,788 
 3,238   Partners Group Holding AG   813,108 
 281   Phoenix Mecano AG   166,667 
 3,798   PSP Swiss Property AG   336,648 
 352   Rieter Holding AG   81,807 
 154   Romande Energie Holding SA   185,054 
 78   Schaffner Holding AG   25,878 
 322,063   Schmolz & Bickenbach AG(d)   489,075 
 472   Schweiter Technologies AG   330,854 
 8,630   Schweizerische National- Versicherungs-Gesellsschaft AG   768,747 

 

61

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
SWITZERLAND (continued)     
 845   Siegfried Holding AG  $147,660 
 685   Sika AG   2,668,391 
 6,865   Sonova Holding AG   1,068,938 
 1,289   St. Galler Kantonalbank AG   490,777 
 308,724   STMicroelectronics NV   2,573,389 
 1,100   Straumann Holding AG   260,127 
 12,388   Sulzer AG   1,642,645 
 14,784   Swiss Life Holding AG   3,431,027 
 121,186   Swisslog Holding AG(d)   150,691 
 1,871   Swissquote Group Holding SA   61,766 
 953   Tamedia AG   129,514 
 2,356   Tecan Group AG   268,072 
 13,991   Temenos Group AG   501,905 
 1,732   U-Blox AG   225,279 
 4,581   Valiant Holding AG   435,542 
 2,156   Valora Holding AG   522,185 
 457   Vaudoise Assurances Holding SA   205,807 
 47   Vetropack Holding AG   81,975 
 3,072   Von Roll Holding AG(d)   5,747 
 19,524   Vontobel Holding AG   700,393 
 3   Walliser Kantonalbank   2,331 
 1,950   Walter Meier AG(d)   101,604 
 915   Ypsomed Holding AG   81,305 
 3,700   Zehnder Group AG   146,779 
 52   Zug Estates Holding AG - B Shares   67,064 
 31   Zuger Kantonalbank AG   154,974 
         103,181,282 
TAIWAN — 1.3%     
 97,000   Ability Enterprise Co. Ltd.   72,614 
 66,000   AcBel Polytech, Inc.   107,948 
 169,000   Accton Technology Corp.   102,563 
 1,162,000   Acer, Inc.(d)   929,925 
 64,765   Achem Technology Corp.   41,248 
 26,497   Action Electronics Co. Ltd.(d)   5,610 
 9,000   Actron Technology Corp.   36,013 
 43,000   A-DATA Technology Co. Ltd.   102,806 
 19,689   Adlink Technology, Inc.   50,224 
 10,000   Advanced Connectek, Inc.(d)   3,901 
 54,060   Advancetek Enterprise Co. Ltd.   56,422 
 8,637   Advantech Co. Ltd.   67,824 
 151,027   AGV Products Corp.(d)   49,252 
 20,000   ALI Corp.   19,774 
 18,000   Alltek Technology Corp.   19,237 
 136,000   Alpha Networks, Inc.   96,594 
 137,215   Altek Corp.(d)   110,726 
 120,000   Ambassador Hotel (The)   116,641 
 18,000   AMPOC Far-East Co. Ltd.   17,376 
 108,830   AmTRAN Technology Co. Ltd.   80,744 
 32,000   Anpec Electronics Corp.   30,784 
 28,000   Apacer Technology, Inc.   30,391 
 52,000   APCB, Inc.   39,360 
 22,552   Apex Biotechnology Corp.   45,045 
 36,036   Apex Science & Engineering   20,968 
Shares      Value 
TAIWAN (continued)     
 10,000   Arcadyan Technology Corp.  $15,572 
 191,700   Ardentec Corp.   164,920 
 83,427   Arima Communications Corp.(d)   42,424 
 141,000   Asia Optical Co., Inc.(d)   198,174 
 110,000   Asia Polymer Corp.   87,664 
 95,100   Asia Vital Components Co. Ltd.   76,265 
 9,000   ASROCK, Inc.   34,812 
 11,000   Aten International Co. Ltd.   29,747 
 3,264,000   AU Optronics Corp.   1,485,640 
 56,000   Audix Corp.   64,516 
 19,000   Aurora Corp.   33,578 
 9,000   AV Tech Corp.   20,797 
 28,270   Avermedia Technologies, Inc.   11,972 
 9,000   Avision, Inc.(d)   3,226 
 16,000   AVY Precision Technology, Inc.   36,279 
 17,850   Awea Mechantronic Co. Ltd.   27,915 
 100,431   Bank of Kaohsiung Co. Ltd.   32,752 
 13,000   Basso Industry Corp.   20,981 
 1,251,350   BES Engineering Corp.   340,069 
 48,000   Biostar Microtech International Corp.   21,928 
 1,000   Boardtek Electronics Corp.   1,049 
 62,000   C Sun Manufacturing Ltd.   49,721 
 360,781   Capital Securities Corp.   138,348 
 156,000   Career Technology Manufacturing Co. Ltd.   209,373 
 77,000   Carnival Industrial Corp.   21,773 
 7,000   Cathay Chemical Works   3,910 
 183,000   Cathay No. 1 REIT   111,730 
 23,000   Cathay No. 2 REIT   12,079 
 189,000   Cathay Real Estate Development Co. Ltd.   107,768 
 38,760   Central Reinsurance Co. Ltd.   20,938 
 47,000   ChainQui Construction Development Co. Ltd.   39,180 
 148,000   Champion Building Materials Co. Ltd.   53,545 
 10,923   Chang Wah Electromaterials, Inc.   27,608 
 127,000   Charoen Pokphand Enterprise   120,057 
 19,000   Chaun-Choung Technology Corp.   63,989 
 13,000   CHC Resources Corp.   31,948 
 811,920   Cheng Loong Corp.   337,065 
 150,797   Cheng Uei Precision Industry Co. Ltd.   283,598 
 19,000   Chenming Mold Industry Corp.(d)   25,722 
 65,000   Chia Chang Co. Ltd.   82,362 
 354,659   Chia Hsin Cement Corp.   180,348 
 182,938   Chicony Electronics Co. Ltd.   511,796 
 96,120   Chien Kuo Construction Co. Ltd.   44,070 
 27,960   Chilisin Electronics Corp.   27,364 
 1,193,744   China Airlines Ltd.(d)   406,015 

 

62

Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)     
 87,000   China Chemical & Pharmaceutical Co. Ltd.  $65,708 
 14,000   China Ecotek Corp.   34,452 
 52,000   China Electric Manufacturing Corp.(d)   20,547 
 278,907   China General Plastics Corp.   136,712 
 2,000   China Glaze Co. Ltd.   1,017 
 658,685   China Life Insurance Co. Ltd.   634,755 
 768,505   China Man-Made Fiber Corp.(d)   280,603 
 104,978   China Metal Products   128,993 
 510,391   China Motor Corp.   494,402 
 716,881   China Petrochemical Development Corp.   292,829 
 42,114   China Steel Chemical Corp.   267,518 
 37,000   China Steel Structure Co. Ltd.   36,519 
 168,616   China Synthetic Rubber Corp.   166,707 
 96,000   China Wire & Cable Co. Ltd.(d)    41,615 
 28,000   Chinese Maritime Transport Ltd.   32,351 
 167,883   Chin-Poon Industrial Co. Ltd.   304,534 
 85,000   Chipbond Technology Corp.   138,740 
 24,574   Chong Hong Construction Co.   67,438 
 35,876   Chroma ATE, Inc.   95,703 
 92,000   Chun Yu Works & Co. Ltd.(d)   44,175 
 305,779   Chun Yuan Steel   123,374 
 79,000   Chung Hsin Electric & Machinery Manufacturing Corp.   55,846 
 113,339   Chung Hung Steel Corp.(d)   30,348 
 188,240   Chung Hwa Pulp Corp.(d)   59,316 
 228,000   Chunghwa Picture Tubes Ltd.(d)   13,685 
 153,348   Clevo Co.   284,816 
 836,000   CMC Magnetics Corp.(d)   131,855 
 26,300   CoAsia Microelectronics Corp.   12,365 
 97,182   Collins Co. Ltd.   36,455 
 1,250,000   Compal Electronics, Inc.   1,158,739 
 810,000   Compeq Manufacturing Co. Ltd.   483,469 
 163,689   Continental Holdings Corp.   66,317 
 362,000   Coretronic Corp.(d)   432,741 
 39,560   Cosmos Bank Taiwan(d)   20,183 
 50,000   Coxon Precise Industrial Co. Ltd.   90,532 
 46,000   CSBC Corp. Taiwan   27,456 
 203,838   CTCI Corp.   339,509 
 2,000   Cub Elecparts, Inc.   23,008 
 16,000   CviLux Corp.   27,049 
 11,660   Cyberlink Corp.   38,258 
 10,000   Cyberpower Systems, Inc.   21,608 
 15,460   CyberTAN Technology, Inc.   15,440 
 76,000   DA CIN Construction Co. Ltd.   57,020 
 27,000   Danen Technology Corp.(d)   12,379 
 147,000   Darfon Electronics Corp.   101,956 
 66,201   Delpha Construction Co. Ltd.(d)   30,905 
Shares      Value 
TAIWAN (continued)     
 24,000   Depo Auto Parts Industrial Co. Ltd.  $94,833 
 17,000   DFI, Inc.   20,521 
 152,712   D-Link Corp.   109,991 
 31,183   Dynamic Electronics Co. Ltd.(d)   16,169 
 3,000   Dynapack International Technology Corp.   8,403 
 198,000   E Ink Holdings, Inc.(d)   127,094 
 3,683,613   E.Sun Financial Holding Co. Ltd.   2,462,743 
 226,675   Eastern Media International Corp.   94,481 
 4,675   Eclat Textile Co. Ltd.   52,612 
 102,448   Edimax Technology Co. Ltd.   46,972 
 12,100   Edom Technology Co. Ltd.   10,712 
 34,320   Elan Microelectronics Corp.   56,190 
 12,000   E-Lead Electronic Co. Ltd.   27,610 
 14,000   E-LIFE MALL Corp.   29,317 
 21,000   Elite Advanced Laser Corp.   89,631 
 129,967   Elite Material Co. Ltd.   149,298 
 38,000   Elite Semiconductor Memory Technology, Inc.   61,011 
 176,569   Elitegroup Computer Systems Co. Ltd.   125,408 
 25,000   ENG Electric Co. Ltd.   20,340 
 160,000   Entie Commercial Bank.   77,627 
 36,000   Episil Technologies, Inc.(d)   14,165 
 180,000   Epistar Corp.   396,139 
 210,492   Eternal Materials Co. Ltd.   246,362 
 111,000   E-Ton Solar Tech Co. Ltd.(d)   73,286 
 28,000   Etron Technology, Inc.(d)   14,192 
 788,609   Eva Airways Corp.(d)   390,498 
 40,000   Everest Textile Co. Ltd.   20,741 
 130,000   Evergreen International Storage & Transport Corp.   85,180 
 625,197   Evergreen Marine Corp. Taiwan Ltd.(d)   361,699 
 126,152   Everlight Chemical Industrial Corp.   152,066 
 51,643   Everlight Electronics Co. Ltd.   117,271 
 52,373   Excelsior Medical Co. Ltd.   101,988 
 459,865   Far Eastern Department Stores Ltd.   469,227 
 926,422   Far Eastern International Bank   350,619 
 18,797   Faraday Technology Corp.   23,881 
 43,000   Farglory F T Z Investment Holding Co. Ltd.(d)   32,476 
 172,154   Farglory Land Development Co. Ltd.   242,822 
 328,827   Federal Corp.   221,487 
 143,320   Feng Hsin Iron & Steel Co.   198,568 
 53,656   Feng TAY Enterprise Co. Ltd.   154,762 
 19,000   First Copper Technology Co. Ltd.   6,526 
 54,821   First Hotel   38,571 
 119,000   First Insurance Co. Ltd. (The)   68,251 
 168,256   First Steamship Co. Ltd.   118,381 

 

63
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)    
 29,643   FLEXium Interconnect, Inc.  $80,558 
 11,351   Flytech Technology Co. Ltd.   52,233 
 54,000   Forhouse Corp.(d)   25,659 
 50,000   Formosa Advanced Technologies Co. Ltd.   37,930 
 173,000   Formosa Epitaxy, Inc.(d)   107,586 
 11,826   Formosa International Hotels Corp.   141,173 
 48,203   Formosa Oilseed Processing   34,236 
 729,000   Formosa Taffeta Co. Ltd.   808,258 
 347,000   Formosan Rubber Group, Inc.   333,237 
 170,628   Formosan Union Chemical   85,344 
 33,000   Fortune Electric Co. Ltd.   18,211 
 52,302   Founding Construction & Development Co. Ltd.   32,700 
 90,000   Foxconn Technology Co. Ltd.   224,479 
 86,000   Froch Enterprise Co. Ltd.(d)   34,125 
 100,022   FSP Technology, Inc.   101,058 
 35,000   Fubon No. 1 REIT   17,740 
 89,000   Fubon No. 2 REIT   38,135 
 57,800   Fullerton Technology Co. Ltd.   48,665 
 66,422   Fulltech Fiber Glass Corp.(d)   27,021 
 115,549   Fwusow Industry Co. Ltd.   67,427 
 47,000   G Shank Enterprise Co. Ltd.   40,277 
 112,101   Gemtek Technology Corp.   102,795 
 41,000   Genesis Photonics, Inc.(d)   31,444 
 24,982   Genius Electronic Optical Co. Ltd.(d)   78,554 
 6,851   GeoVision, Inc.   28,098 
 128,000   Getac Technology Corp.   71,919 
 476,143   Giant Manufacturing Co. Ltd.   3,945,432 
 5,000   Giantplus Technology Co. Ltd.(d)   2,184 
 154,781   Gigabyte Technology Co. Ltd.   214,189 
 2,000   Gigasolar Materials Corp.   37,880 
 202,000   Ginko International Co. Ltd.   2,943,497 
 132,297   Gintech Energy Corp.(d)   122,197 
 82,133   Global Brands Manufacture Ltd.(d)   29,304 
 23,000   Global Lighting Technologies, Inc.   32,825 
 102,000   Globe Union Industrial Corp.(d)   57,990 
 156,250   Gloria Material Technology Corp.   132,598 
 249,770   Gold Circuit Electronics Ltd.(d)   85,368 
 410,852   Goldsun Development & Construction Co. Ltd.(d)   145,219 
 19,845   Good Will Instrument Co. Ltd.   13,698 
 7,000   Gourmet Master Co. Ltd.   59,638 
 886,000   Grand Pacific Petrochemical   521,446 
 19,000   Grape King Bio Ltd.   91,549 
 59,000   Great China Metal Industry   68,070 
 66,000   Great Taipei Gas Co. Ltd.   54,469 
 163,036   Great Wall Enterprise Co. Ltd.   194,081 
 55,353   Green Energy Technology, Inc.(d)   47,067 
Shares      Value 
TAIWAN (continued)    
 27,000   GTM Corp.(d)  $19,402 
 66,000   Hannstar Board Corp.   28,500 
 1,400,000   HannStar Display Corp.(d)   548,525 
 356,115   HannsTouch Solution, Inc.(d)   102,360 
 115,000   Hey Song Corp.   125,394 
 116,188   Highwealth Construction Corp.   268,876 
 51,620   Hitron Technology, Inc.   30,811 
 27,109   Hiwin Technologies Corp.   294,688 
 275,720   Ho Tung Chemical Corp.   121,359 
 139,000   Hocheng Corp.(d)   48,204 
 28,800   Holiday Entertainment Co. Ltd.   37,789 
 7,000   Holtek Semiconductor, Inc.   13,748 
 75,294   Holy Stone Enterprise Co. Ltd.   119,885 
 62,000   Hong Tai Electric Industrial   22,018 
 111,000   Horizon Securities Co. Ltd.   38,123 
  17,000     Hota Industrial Manufacturing Co. Ltd.     28,853  
  12,000       Howarm United Industries Co. Ltd.(d)       15,685  
 102,678   Hsin Kuang Steel Co. Ltd.   63,340 
 63,326   Hsing TA Cement Co.   29,985 
 11,000   Hu Lane Associate, Inc.   43,649 
  316,000     HUA ENG Wire & Cable Co. Ltd.     118,015  
  1,710       Hua Yu Lien Development Co. Ltd.(d)       2,594  
 29,479   Huaku Development Co. Ltd.   70,381 
 32,000   Huang Hsiang Construction Co.   42,148 
  125,514     Hung Poo Real Estate Development Corp.     104,632  
 102,000   Hung Sheng Construction Ltd.   69,214 
 60,991   Hwa Fong Rubber Co. Ltd.   47,488 
 193,341   Ichia Technologies, Inc.   292,369 
  49,000       I-Chiun Precision Industry Co. Ltd.       38,560  
 81,375   IEI Integration Corp.   151,682 
 31,000   ILI Technology Corp.   71,842 
 17,000   Infortrend Technology, Inc.   9,977 
 912,793   Innolux Corp.   435,250 
 335,155   Inventec Corp.   301,186 
  24,000       I-Sheng Electric Wire & Cable Co. Ltd.     34,732  
 54,691   ITE Technology, Inc.   65,014 
 83,000   ITEQ Corp.   88,426 
 27,000   Jess-Link Products Co. Ltd.   30,791 
  243,165     Jih Sun Financial Holdings Co. Ltd.     73,624  
 4,658   Johnson Health Tech Co. Ltd.   12,222 
  21,000       Kang Na Hsiung Enterprise Co. Ltd.      10,294  
 35,000   Kaulin Manufacturing Co. Ltd.   25,617 
 134,823   KEE TAI Properties Co. Ltd.   85,643 
  185,067     Kenda Rubber Industrial Co. Ltd.     427,037  
  24,000       Kenmec Mechanical Engineering Co. Ltd.     12,204  
 87,000   Kerry TJ Logistics Co. Ltd.   115,751 

 

64
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares       Value 
TAIWAN (continued)    
 148,000   King Slide Works Co. Ltd.   $1,983,894 
 591,184   King Yuan Electronics Co. Ltd.    489,869 
 171,000   Kingdom Construction Co. Ltd.    166,783 
 407,185   King’s Town Bank    413,437 
 26,532   King’s Town Construction Co. Ltd.(d)    21,366 
 47,000   Kinik Co.    128,512 
 25,000   Kinko Optical Co. Ltd.    23,383 
 365,343   Kinpo Electronics, Inc.(d)    157,152 
 102,000   Kinsus Interconnect Technology Corp.    425,149 
 506,000   KMC Kuei Meng International, Inc.    2,480,268 
 16,328   KS Terminals, Inc.    23,684 
 16,000   Kung Long Batteries Industrial Co. Ltd.    57,887 
 40,000   Kung Sing Engineering Corp.    17,473 
 13,000   Kuo Toong International Co. Ltd.    21,284 
 200,982   Kuoyang Construction Co. Ltd.    97,510 
 191,040   Kwong Fong Industries    121,671 
 131,000   KYE Systems Corp.    58,971 
 49,000   L&K Engineering Co. Ltd.    41,991 
 126,478   LCY Chemical Corp.    105,435 
 362,712   Lealea Enterprise Co. Ltd.    124,575 
 21,826   Ledtech Electronics Corp.    14,083 
 63,000   LEE CHI Enterprises Co. Ltd.    34,767 
 39,000   Lelon Electronics Corp.    56,765 
 146,638   Leofoo Development Co. Ltd.(d)    63,321 
 27,500   Lextar Electronics Corp.    27,464 
 365,800   Li Peng Enterprise Co. Ltd.(d)    146,371 
 28,643   Lian Hwa Food Corp.    41,308 
 338,362   Lien Hwa Industrial Corp.    244,834 
 235,000   Lingsen Precision Industries Ltd.    141,049 
 104,000   Lite-On Semiconductor Corp.    74,906 
 118,000   Long Bon International Co. Ltd.    85,186 
 292,934   Long Chen Paper Co. Ltd.    154,333 
 18,000   Longwell Co.    21,367 
 29,451   Lotes Co. Ltd.    114,899 
 69,000   Lucky Cement Corp.    19,971 
 30,939   Lumax International Corp. Ltd.    73,042 
 1,459,936   Macronix International(d)    379,716 
 27,000   Makalot Industrial Co. Ltd.    138,649 
 67,000   Marketech International Corp.    51,720 
 340,032   Masterlink Securities Corp.    119,620 
 13,152   Mayer Steel Pipe Corp.    6,008 
 9,000   Maywufa Co. Ltd.    4,547 
 75,440   Meiloon Industrial Co. Ltd.    47,418 
 146,188   Mercuries & Associates Ltd.    97,737 
 46,426   Mercuries Life Insurance Co. Ltd.(d)    28,639 
 50,600   Merida Industry Co. Ltd.    399,036 
 27,091   Merry Electronics Co. Ltd.    136,406 
 16,043   Microbio Co. Ltd.(d)    17,092 
Shares      Value 
TAIWAN (continued)    
 312,404   Micro-Star International Co. Ltd.  $484,917 
 19,000   MIN AIK Technology Co. Ltd.   112,456 
 54,590   Mirle Automation Corp.   53,062 
 146,500   Mitac Holdings Corp.   124,569 
 70,822   Mosel Vitelic, Inc.(d)   21,419 
 111,000   Motech Industries Inc.   151,013 
 4,000   Nak Sealing Technologies Corp.   16,673 
 24,000   Namchow Chemical Industrial Co. Ltd.   55,219 
 143,590   Nan Kang Rubber Tire Co. Ltd.   168,059 
 49,000   Nan Ren Lake Leisure Amusement Co. Ltd.   24,100 
 38,000   Nan Ya Printed Circuit Board Corp.(d)   59,554 
 109,093   Nantex Industry Co. Ltd.   62,387 
 21,000   National Petroleum Co. Ltd.   23,668 
 143,250   Neo Solar Power Corp.   143,300 
 12,000   Netronix, Inc.   26,889 
 7,475   New Asia Construction & Development Corp.   2,049 
 10,000   New Era Electronics Co. Ltd.   12,204 
 28,949   Nichidenbo Corp.   31,035 
 55,267   Nien Hsing Textile Co. Ltd.   49,758 
 5,000   Nishoku Technology, Inc.   8,253 
 72,000   Novatek Microelectronics Corp.   369,729 
 34,000   Ocean Plastics Co. Ltd.(d)   48,297 
 220,000   OptoTech Corp.   108,205 
 212,000   Orient Semiconductor Electronics Ltd.(d)   99,675 
 133,500   Oriental Union Chemical Corp.   133,992 
 605,000   Pacific Hospital Supply Co. Ltd.(c)   1,490,838 
 159,453   Pan Jit International, Inc.(d)   84,540 
 55,616   Pan-International Industrial Corp.   41,263 
 5,000   Parade Technologies Ltd.   64,189 
 4,242   Paragon Technologies Co. Ltd.   9,293 
 11,000   PChome Online, Inc.   114,440 
 507,000   Pegatron Corp.   972,090 
 98,746   Phihong Technology Co. Ltd.   67,994 
 12,000   Phison Electronics Corp.   89,031 
 30,000   Pixart Imaging, Inc.   86,030 
 21,000   Portwell, Inc.   24,894 
 6,030   Posiflex Technology, Inc.   36,796 
 251,715   Pou Chen Corp.   284,118 
 13,000   Powertech Industrial Co. Ltd.(d)   9,623 
 304,200   Powertech Technology, Inc.   512,249 
 1,010   Poya Co. Ltd.   5,894 
 603,807   President Securities Corp.   344,290 
 437,253   Prince Housing & Development Corp.   196,833 
 121,000   Prodisc Technology, Inc.(b)(c)(d)   0 
 26,000   Promate Electronic Co. Ltd.   31,904 

 

65
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)    
 34,000   Promise Technology, Inc.  $45,122 
 755,520   Qisda Corp.(d)   377,892 
 95,000   Quanta Storage, Inc.   114,357 
 101,084   Quintain Steel Co. Ltd.(d)   22,347 
 152,008   Radiant Opto-Electronics Corp.   636,123 
 325,335   Radium Life Tech Co. Ltd.   235,408 
 10,000   Ralec Electronic Corp.   18,773 
 83,825   Realtek Semiconductor Corp.   268,054 
 90,772   Rechi Precision Co. Ltd.   94,587 
 19,348   Rexon Industrial Corp. Ltd.   6,645 
 163,616   Rich Development Co. Ltd.   72,289 
 26,370   Richtek Technology Corp.   153,879 
 1,060,398   Ritek Corp.(d)   159,823 
 32,000   Ruentex Development Co. Ltd.   57,727 
 237,781   Ruentex Industries Ltd.   602,589 
 158,335   Sampo Corp.   65,732 
 33,551   San Fang Chemical Industry Co. Ltd.   32,500 
 340,080   Sanyang Industrial Co. Ltd.   329,993 
 17,680   ScinoPharm Taiwan Ltd.   42,683 
 25,000   SDI Corp.   33,012 
 11,000   Senao International Co. Ltd.   24,172 
 37,000   Sercomm Corp.   86,364 
 22,050   Sesoda Corp.   30,587 
 33,000   Sheng Yu Steel Co. Ltd.   25,364 
 7,360   ShenMao Technology, Inc.   8,590 
 52,000   Shih Wei Navigation Co. Ltd.   35,719 
 119,000   Shihlin Electric & Engineering Corp.   158,524 
 23,000   Shihlin Paper Corp.(d)   35,049 
 5,235,425   Shin Kong Financial Holding Co. Ltd.   1,745,753 
 85,000   Shin Kong No.1 REIT   38,122 
 30,000   Shin Zu Shing Co. Ltd.   77,027 
 75,985   Shining Building Business Co. Ltd.(d)   69,171 
 119,000   Shinkong Insurance Co. Ltd.   98,209 
 610,314   Shinkong Synthetic Fibers Corp.   226,913 
 79,000   Shinkong Textile Co. Ltd.   106,424 
 33,000   Shuttle, Inc.   11,664 
 173,000   Sigurd Microelectronics Corp.   185,752 
 230,000   Silicon Integrated Systems Corp.(d)   82,829 
 47,452   Silitech Technology Corp.   50,949 
 56,000   Simplo Technology Co. Ltd.   306,241 
 85,000   Sinbon Electronics Co. Ltd.   135,764 
 116,170   Sincere Navigation Corp.   106,720 
 6,000   Sinmag Equipment Corp.   34,612 
 126,000   Sino-American Silicon Products, Inc.   218,897 
 151,000   Sinon Corp.   91,639 
 13,486   Sinphar Pharmaceutical Co. Ltd.   22,395 
 61,193   Sinyi Realty Co.   79,782 
 14,000   Sirtec International Co. Ltd.   31,184 
Shares      Value 
TAIWAN (continued)    
 20,000   Sitronix Technology Corp.  $42,281 
 97,000   Siward Crystal Technology Co. Ltd.   64,366 
 23,000   Soft-World International Corp.   70,788 
 64,000   Solar Applied Materials Technology Co.   59,968 
 75,013   Solartech Energy Corp.(d)   55,654 
 48,500   Solomon Technology Corp.   27,897 
 61,000   Solytech Enterprise Corp.(d)   21,357 
 15,000   Sonix Technology Co. Ltd.   25,909 
 132,000   Southeast Cement Co. Ltd.   72,185 
 5,000   Sporton International, Inc.   24,258 
 6,000   St Shine Optical Co. Ltd.   126,244 
 8,560   Standard Chemical & Pharmaceutical Co. Ltd.   12,045 
 88,142   Standard Foods Corp.   251,587 
 33,000   Stark Technology, Inc.   30,371 
 49,399   Sunplus Technology Co. Ltd.(d)   21,496 
 43,000   Sunrex Technology Corp.   21,077 
 24,000   Sunspring Metal Corp.   44,976 
 80,127   Supreme Electronics Co. Ltd.   49,028 
 85,659   Sweeten Construction Co. Ltd.   58,840 
 15,000   Syncmold Enterprise Corp.   34,912 
 99,000   Synnex Technology International Corp.   155,815 
 145,322   TA Chen Stainless Pipe Co. Ltd.   95,219 
 626,674   TA Chong Bank Ltd.(d)   202,069 
 211,340   Ta Ya Electric Wire & Cable   51,726 
 70,000   Tah Hsin Industrial Corp.   66,757 
 22,041   TA-I Technology Co. Ltd.   13,744 
 665,991   Taichung Commercial Bank   242,061 
 22,000   Taiflex Scientific Co. Ltd.   38,147 
 68,000   Tainan Enterprises Co. Ltd.   68,024 
 922,672   Tainan Spinning Co. Ltd.   610,715 
 2,150,896   Taishin Financial Holding Co. Ltd.   1,154,718 
 71,716   Taisun Enterprise Co. Ltd.(d)   34,316 
 135,924   Taita Chemical Co. Ltd.(d)   50,536 
 12,000   Taiwan Acceptance Corp.   32,491 
 2,224,191   Taiwan Business Bank(d)   711,990 
 137,088   Taiwan Cogeneration Corp.   94,624 
 6,000   Taiwan FamilyMart Co. Ltd.   42,715 
 50,000   Taiwan Fertilizer Co. Ltd.   102,036 
 103,320   Taiwan Fire & Marine Insurance Co. Ltd.   79,584 
 65,000   Taiwan FU Hsing Industrial Co. Ltd.   63,072 
 324,223   Taiwan Glass Industrial Corp.   286,497 
 43,468   Taiwan Hon Chuan Enterprise Co. Ltd.   90,735 
 50,000   Taiwan Hopax Chemicals Manufacturing Co. Ltd.   45,516 
 217,734   Taiwan Land Development Corp.(d)   87,124 
 141,114   Taiwan Life Insurance Co. Ltd.(d)   102,108 
 11,000   Taiwan Line Tek Electronic   11,847 

 

66
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)    
 60,150   Taiwan Mask Corp.  $20,759 
 71,544   Taiwan Navigation Co. Ltd.   52,484 
 190,032   Taiwan Paiho Ltd.   252,514 
 149,000   Taiwan PCB Techvest Co. Ltd.   213,641 
 10,000   Taiwan Prosperity Chemical Corp.(d)   9,703 
 95,120   Taiwan Pulp & Paper Corp.(d)   44,563 
 2,360   Taiwan Sakura Corp.   1,802 
 17,850   Taiwan Sanyo Electric Co. Ltd.   20,951 
 86,117   Taiwan Secom Co. Ltd.   231,449 
 105,000   Taiwan Semiconductor Co. Ltd.   125,344 
 101,000   Taiwan Sogo Shin Kong Security Co. Ltd.   142,460 
 81,429   Taiwan Styrene Monomer(d)   47,924 
 110,500   Taiwan Surface Mounting Technology Co. Ltd.   162,492 
 175,469   Taiwan TEA Corp.   122,871 
 71,000   Taiwan Union Technology Corp.   68,302 
 61,322   Taiyen Biotech Co. Ltd.   56,027 
 423,000   Tatung Co. Ltd.(d)   139,639 
 1,553,000   Teco Electric and Machinery Co. Ltd.   1,983,358 
 10,000   Tecom Co. Ltd.(d)   1,310 
 10,000   Tekcore Co. Ltd.(d)   4,585 
 13,000   Ten Ren Tea Co. Ltd.   21,891 
 31,000   Test Research, Inc.   52,202 
 41,000   ThaiLin Semiconductor Corp.   29,735 
 17,000   Thinking Electronic Industrial Co. Ltd.   27,720 
 60,525   Thye Ming Industrial Co, Ltd.   82,545 
 48,000   T-Mac Techvest PCB Co. Ltd.   29,210 
 359,100   Ton Yi Industrial Corp.   335,876 
 26,000   Tong Hsing Electronic Industries Ltd.   136,114 
 92,834   Tong Yang Industry Co. Ltd.   115,154 
 79,694   Tong-Tai Machine & Tool Co. Ltd.   90,086 
 73,370   Topco Scientific Co. Ltd.   151,684 
 50,049   Topoint Technology Co. Ltd.   51,986 
 27,000   Transasia Airways Corp.   10,174 
 35,137   Transcend Information, Inc.   120,679 
 60,122   Tripod Technology Corp.   115,074 
 18,988   Tsann Kuen Enterprise Co. Ltd.   24,756 
  3,000     TSC Auto ID Technology Co. Ltd.     30,911  
 107,942   TSRC Corp.   160,530 
 22,000   TTET Union Corp.   55,019 
 541,315   Tung Ho Steel Enterprise Corp.   474,719 
 112,815   TXC Corp.   163,639 
 56,000   TYC Brother Industrial Co. Ltd.(d)   37,066 
 190,303   Tycoons Group Enterprise(d)   39,533 
 104,253   Tyntek Corp.(d)   34,937 
 43,000   U-Ming Marine Transport Corp.   68,251 
 487,288   Unimicron Technology Corp.   411,903 
 372,346   Union Bank of Taiwan(d)   131,608 
Shares      Value 
TAIWAN (continued)    
 30,769   Union Insurance Co. Ltd.(d)  $27,702 
 258,037   Unitech Printed Circuit Board Corp.   104,972 
 74,000   United Integrated Services Co. Ltd.   71,065 
 14,000   Unity Opto Technology Co. Ltd.   15,919 
 288,660   Universal Cement Corp.   281,542 
 53,416   Unizyx Holding Corp.(d)   44,262 
 242,922   UPC Technology Corp.   106,518 
 197,337   USI Corp.   126,011 
 147,000   Vanguard International Semiconductor Corp.   213,960 
 56,800   Ve Wong Corp.   47,823 
 57,000   Wafer Works Corp.(d)   26,989 
 117,000   Wah Lee Industrial Corp.   226,279 
 1,087,000   Walsin Lihwa Corp.(d)   407,768 
 210,947   Walsin Technology Corp.(d)   78,781 
 185,000   Walton Advanced Engineering, Inc.(d)   80,503 
 183,300   Wan Hai Lines Ltd.   96,572 
 924,801   Waterland Financial Holdings Co. Ltd.   297,273 
 114,000   Wei Chuan Foods Corp.   183,414 
 90,321   Wei Mon Industry Co. Ltd(d)   25,570 
 50,100   Weikeng Industrial Co. Ltd.   39,593 
 15,606   Well Shin Technology Co. Ltd.   28,881 
 264,000   Win Semiconductors Corp.   234,162 
 1,667,977   Winbond Electronics Corp.(d)   609,025 
 1,080,673   Wintek Corp.(d)   407,196 
 94,297   Wisdom Marine Lines Co. Ltd.   109,580 
 1,500,874   Wistron Corp.   1,446,348 
 63,928   Wistron NeWeb Corp.   174,371 
 488,865   WPG Holdings Co. Ltd.   651,233 
 115,865   WT Microelectronics Co. Ltd.   158,018 
 46,000   WUS Printed Circuit Co. Ltd.   22,855 
 4,000   X-Legend Entertainment Co. Ltd.   30,811 
 12,000   Xxentria Technology Materials Corp.   30,371 
 660,300   Yageo Corp.   446,959 
 1,163,600   Yang Ming Marine Transport Corp.(d)   485,003 
 117,144   YC Co. Ltd.   83,397 
 211,077   YC INOX Co. Ltd.   203,057 
 55,172   YeaShin International Development Co. Ltd.   35,322 
 7,000   Yeong Guan Energy Technology Group Co. Ltd.   33,262 
 499,624   YFY, Inc.   234,905 
 30,159   Yi Jinn Industrial Co. Ltd.   8,548 
 327,596   Yieh Phui Enterprise Co. Ltd.(d)   106,397 
 51,000   Young Fast Optoelectronics Co. Ltd.(d)   47,787 
 34,000   Youngtek Electronics Corp.   71,878 
 352,000   Yulon Motor Co. Ltd.   578,069 

 

67
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)    
 29,000   Yung Chi Paint & Varnish Manufacturing Co. Ltd.  $80,842 
 61,000   YungShin Global Holding Corp.   118,178 
 130,000   Yungtay Engineering Co. Ltd.   333,783 
 9,000   Zeng Hsing Industrial Co. Ltd.   47,567 
 64,000   Zenitron Corp.   38,307 
 55,000   Zhen Ding Technology Holding Ltd.   166,525 
 155,826   Zig Sheng Industrial Co. Ltd.   47,699 
 50,169   Zinwell Corp.   50,187 
 4,000   Zippy Technology Corp.   6,442 
         84,715,471 
THAILAND — 0.4%    
 272,500   Amata Corp. Public Co. Ltd. - FOR   143,421 
 714,300   Ananda Development Public Co. Ltd. - FOR   60,063 
 413,880   AP Thailand Public Co. Ltd. - FOR   87,648 
 369,200   Asia Plus Securities Public Co. Ltd. - FOR   43,002 
 404,300   Bangchak Petroleum Public Co. Ltd. (The) - FOR   361,994 
 6,500   Bangkok Aviation Fuel Services Public Co. Ltd. - FOR   7,186 
 11,895,650   Bangkok Chain Hospital Public Co. Ltd. - FOR   3,389,760 
 2,324,700   Bangkok Expressway Public Co. Ltd. - FOR   2,696,826 
 30,800   Bangkok Insurance Public Co. Ltd. - FOR(c)   337,639 
 1,742,100   Bangkok Land Public Co. Ltd. - FOR   112,849 
 336,300   Banpu Public Co. Ltd. - FOR   337,766 
 94,100   Berli Jucker Public Co. Ltd. - FOR   164,844 
 62,700   Bumrungrad Hospital Public Co. Ltd. - FOR   235,296 
 1,205,256   Cal-Comp Electronics Thailand Public Co. Ltd. - FOR   114,858 
 211,000   Central Plaza Hotel Public Co. Ltd. - FOR   251,347 
  259,222     CH Karnchang Public Co. Ltd. - FOR     201,823  
 29,800   Charoong Thai Wire & Cable Public Co. Ltd. - FOR   9,559 
 307,400   Delta Electronics Thailand Public Co. Ltd. - FOR   593,547 
 31,200   Dynasty Ceramic Public Co. Ltd. - FOR   59,271 
 8,142,800   Eastern Water Resources Development and Management Public Co. Ltd. - FOR(c)   2,789,499 
 40,000   Electricity Generating Public Co. Ltd. - FOR   181,875 
Shares      Value 
THAILAND (continued)    
 627,900   Esso Thailand Public Co. Ltd. - FOR(d)  $116,350 
 12,801,000   G J Steel Public Co. Ltd. - FOR(b)(c)(d)   17,940 
 1,289,700   G Steel Public Co. Ltd. - FOR(b)(c)(d)   4,519 
 224,000   GFPT Public Co. Ltd. - FOR   106,036 
 111,200   Glow Energy Public Co. Ltd. - FOR   294,363 
 233,500   Hana Microelectronics Public Co. Ltd. - FOR   269,059 
 1,398,600   Hemaraj Land and Development Public Co. Ltd. - FOR   160,287 
 707,501   Home Product Center Public Co. Ltd. - FOR   226,947 
 63,100   ICC International Public Co. Ltd. - FOR(c)   79,096 
 2,393,600   IRPC Public Co. Ltd. - FOR   251,958 
 769,691   Italian-Thai Development Public Co. Ltd. - FOR(d)   124,646 
 930,500   Jasmine International Public Co. Ltd. - FOR   217,339 
 25,600   KCE Electronics Public Co. Ltd. - FOR   33,086 
 155,100   Khon Kaen Sugar Industry Public Co. Ltd.   64,243 
 150,800   Kiatnakin Bank Public Co. Ltd. - FOR   189,028 
 101,400   Land and Houses Public Co. Ltd. - FOR   29,999 
 462,960   Land and Houses Public Co. Ltd. - NVDR   136,250 
 21,900   Lanna Resources Public Co. Ltd. - FOR   9,276 
 420,630   Loxley Public Co. Ltd. - FOR   53,709 
 203,800   LPN Development Public Co. Ltd. - FOR   139,633 
  85,600     Major Cineplex Group Public Co. Ltd. - FOR     52,784  
 30,600   Maybank Kim Eng Securities Thailand Public Co. Ltd. - FOR   21,347 
 369,000   MBK Public Co. Ltd. - FOR   183,868 
 71,100   MCOT Public Co. Ltd. - FOR   57,017 
 34,000   Mermaid Maritime Public Co. Ltd.   11,992 
 3,100   Muang Thai Insurance Public Co. Ltd. - FOR   15,350 
 160,800   Polyplex Public Co. Ltd. - FOR.   49,577 
 240,500   Precious Shipping Public Co. Ltd. - FOR   179,008 
 386,800   Pruksa Real Estate Public Co. Ltd. - FOR   403,544 
 805,141   Quality Houses Public Co. Ltd. - FOR   98,793 

 

68
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
THAILAND (continued)    
 118,700   Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR  $200,544 
 34,100   Regional Container Lines Public Co. Ltd. - FOR(d)   8,124 
 129,100   Robinson Department Store Public Co. Ltd. - FOR   237,213 
 28,500   Rojana Industrial Park Public Co. Ltd. - FOR   6,834 
 69,300   Saha-Union Public Co. Ltd. - FOR(c)   94,961 
 2,757,400   Sahaviriya Steel Industries Public Co. Ltd. - FOR(d)   33,491 
 140,200   Samart Corp. Public Co. Ltd. - FOR   99,114 
 35,700   Samart Telcoms Public Co. Ltd. - FOR   16,455 
 1,921,500   Sansiri Public Co. Ltd. - FOR   120,879 
 947,812   SC Asset Corp Public Co. Ltd. - FOR   112,167 
 15,100   Siam City Cement Public Co. Ltd. - FOR   207,854 
 46,701   Siam Future Development Public Co. Ltd. - FOR   8,654 
 126,500   Siam Global House Public Co. Ltd - FOR   50,427 
 81,300   Siamgas & Petrochemicals Public Co. Ltd. - FOR   40,004 
 99,500   Sino-Thai Engineering & Construction Public Co. Ltd. - FOR   73,750 
 18,600   SNC Former Public Co. Ltd. - FOR   10,658 
 92,817   Somboon Advance Technology Public Co. Ltd. - FOR   51,164 
 56,200   SPCG Public Co. Ltd.   43,406 
 119,100   Sri Trang Agro-Industry Public Co. Ltd. - FOR   52,299 
 364,000   Srithai Superware Public Co. Ltd. - FOR   27,206 
 128,500   STP & I Public Co. Ltd. - FOR   78,437 
 263,800   Supalai Public Co. Ltd. - FOR   197,172 
 1,330,700   Tata Steel Thailand Public Co. Ltd. - FOR(d)   35,226 
 4,380   Thai Agro Energy(d)   578 
 474,800   Thai Airways International Public Co. Ltd. - FOR(d)   232,151 
 22,200   Thai Carbon Black Public Co. Ltd. - FOR(d)   16,593 
 15,000   Thai Central Chemical Public Co. Ltd. - FOR   13,781 
 18,200   Thai Stanley Electric Public Co. Ltd. - FOR(c)   125,830 
 200,718   Thai Union Frozen Products Public Co. Ltd. - FOR   409,437 
 86,300   Thai Vegetable Oil Public Co. Ltd. - FOR   60,203 
 204,400   Thaicom Public Co. Ltd. - FOR   225,979 
Shares      Value 
THAILAND (continued)    
 425,100   Thanachart Capital Public Co. Ltd. - FOR  $469,980 
 32,700   Thitikorn Public Co. Ltd. - FOR    10,387 
 349,003   Thoresen Thai Agencies Public Co. Ltd. - FOR(d)   214,119 
 5,062,882   Ticon Industrial Connection Public Co. Ltd. - FOR   2,759,279 
 18,500   Tipco Asphalt Public Co. Ltd. - FOR   34,857 
 195,000   Tisco Financial Group Public Co. Ltd. - FOR   252,024 
 3,173,300   TMB Bank Public Co. Ltd. - FOR   280,666 
 109,600   Total Access Communication Public Co. Ltd. - FOR   353,273 
 18,317   Toyo-Thai Corp. Public Co. Ltd. - FOR   19,110 
 600,000   TPI Polene Public Co. Ltd. - FOR   270,944 
 33,400   TTW Public Co. Ltd. - FOR   12,482 
 80,800   Vibhavadi Medical Center Public Co. Ltd. - FOR   41,268 
 256,900   Vinythai Public Co. Ltd. - FOR(c)   85,607 
         23,471,704 
TURKEY — 0.2%     
 7,832   Adana Cimento Sanayii T.A.S. - Class A(d)   17,068 
 2,248   Adese Alisveris Merkezleri Ticaret AS(d)   20,982 
 13,070   Akcansa Cimento AS   80,820 
 54,299   Akenerji Elektrik Uretim AS - Placement Shares(d)   29,648 
 13,189   Akfen Holding AS   30,221 
 0   Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT   3 
 61,656   Aksa Akrilik Kimya Sanayii   221,556 
 73,605   Aksigorta AS   100,302 
 20,024   Alarko Holding AS   44,107 
 118,986   Albaraka Turk Katilim Bankasi AS   96,619 
 92,536   Anadolu Anonim Tuerk Sigorta Sirketi(d)   62,186 
 9,936   Anadolu Cam Sanayii AS   8,300 
 39,448   Anadolu Hayat Emeklilik AS   93,704 
 44,422   Arcelik AS   281,938 
 3,111   Aselsan Elektronik Sanayi Ve Ticaret AS   13,618 
 356,187   Asya Katilim Bankasi AS(d)   201,132 
 46,890   Aygaz AS   201,320 
 846   Baticim Bati Anadolu Cimento Sanayii AS   2,822 
 1,875   Bizim Toptan Satis Magazalari AS   16,494 
 12,360   Borusan Mannesmann Boru Sanayi ve Ticaret AS   39,570 

 

69
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TURKEY (continued)      
 6,211   Boyner Perakende Ve Tekstil Yatirimlari AS(d)  $152,753 
 21,074   Brisa Bridgestone Sabanci Sanayi ve Ticaret AS   70,417 
 11,313   Bursa Cimento Fabrikasi AS   29,724 
 0   Celebi Hava Servisi AS(d)   5 
 29,087   Cimsa Cimento Sanayi ve Ticaret AS   199,542 
 11,012   Deva Holding AS(d)   10,226 
 259,431   Dogan Sirketler Grubu Holdings AS(d)   98,068 
 207,143   Dogan Yayin Holding AS(d)   47,368 
 55,895   Dogus Otomotiv Servis ve Ticaret AS   219,114 
 2,407   Eczacibasi Yatirim Holding Ortakligi AS   5,909 
 24,801   EGE Seramik Sanayi ve Ticaret AS   39,005 
 112,924   EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS   114,357 
 157,131   Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT   203,857 
 475,611   Eregli Demir ve Celik Fabrikalari TAS   1,005,468 
 17,827   Ford Otomotiv Sanayi AS(d)   245,009 
 66,324   Gentas Genel Metal Sanayi ve Ticaret AS   57,880 
 67,762   Global Yatirim Holding AS(d)   48,067 
 2,148   Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS   58,742 
 1,774   Goodyear Lastikleri TAS   69,998 
 45,030   Gozde Girisim Sermayesi Yatirim Ortakligi AS(d)   63,253 
 74,533   GSD Holding AS(d)   45,566 
 21,044   Gubre Fabrikalari TAS   43,310 
 1   Hurriyet Gazetecilik AS(d)   0 
 111,480   Ihlas Holding AS(d)   19,249 
 51,657   Ipek Dogal Enerji Kaynaklari Ve Uretim AS(d)   60,268 
 43,001   IS Finansal Kiralama AS   19,666 
 10,594   IS Yatirim Menkul Degerler AS   6,229 
 25,002   Izmir Demir Celik Sanayi AS(d)   32,204 
 72,897   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(d)   103,419 
 24,485   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B(d)   34,851 
 294,166   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(d)   318,492 
 100,082   Karsan Otomotiv Sanayii Ve Ticaret AS(d)   58,383 
 428   Kartonsan Karton Sanayi ve Ticaret AS   48,782 
 496   Konya Cimento Sanayii AS   61,919 
 1,584   Koza Altin Isletmeleri AS   16,411 
Shares      Value 
TURKEY (continued)      
 4,578   Koza Anadolu Metal Madencilik Isletmeleri AS(d)  $5,427 
 18,103   Mardin Cimento Sanayii ve Ticaret AS(d)   43,931 
 71,042   Menderes Tekstil Sanayi ve Ticaret AS(d)   28,512 
 13,216   Metro Ticari ve Mali Yatirimlar Holding AS(d)   4,256 
 9,707   Migros Ticaret AS(d)   86,751 
 4,289   Netas Telekomunikasyon AS   13,170 
 784   Nuh Cimento Sanayi AS   3,505 
 5,026   Otokar Otomotiv Ve Savunma Sanayi AS   135,337 
 14,788   Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS   30,780 
 113,035   Petkim Petrokimya Holding AS    180,409 
 133   Pinar Entegre Et ve Un Sanayi AS   564 
 7,882   Pinar SUT Mamulleri Sanayii AS   68,785 
 82,244   Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS   117,064 
 84,071   Sasa Polyester Sanayi(d)   49,435 
 158,432   Sekerbank TAS(d)   139,740 
 131,825   Selcuk Ecza Deposu Ticaret ve Sanayi AS   139,035 
 41,756   Soda Sanayii AS   74,244 
 24,062   TAV Havalimanlari Holding AS   198,196 
 32,390   Tekfen Holding AS(d)   75,276 
 576   Teknosa Ic Ve Dis Ticaret AS   3,199 
 62,692   Tekstil Bankasi AS(d)   57,051 
 31,036   Tofas Turk Otomobil Fabrikasi AS   192,636 
 149,908   Trakya Cam Sanayii AS   190,289 
 23,706   Turcas Petrol AS   27,768 
 271,000   Turk Hava Yollari(d)   815,731 
 1,592   Turk Traktor ve Ziraat Makineleri AS   56,093 
 517,837   Turkiye Sinai Kalkinma Bankasi AS   461,578 
 310,694   Turkiye Sise ve Cam Fabrikalari AS   452,382 
 402,227   Turkiye Vakiflar Bankasi Tao   947,940 
 42,824   Ulker Biskuvi Sanayi AS   331,751 
 16,077   Vestel Beyaz Esya Sanayi ve Ticaret AS   52,970 
 55,650   Vestel Elektonik Sanayi ve Ticaret AS(d)   99,467 
         10,253,193 
UNITED ARAB EMIRATES — 0.1%      
 143,649   Al Noor Hospitals Group Plc(c)   2,466,462 
 95,666   Dragon Oil Plc(c)(d)   903,114 
 584,663   Gulf Marine Services Plc(d)   1,579,343 
 160,139   Lamprell Plc(d)   410,277 
         5,359,196 

 

70
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM — 7.5%      
 1,160   4imprint Group Plc  $13,905 
 160,626   Aberdeen Asset Management Plc   1,122,166 
 7,449   Acal Plc   27,165 
 35,783   Admiral Group Plc   880,212 
 699,021   Afren Plc(d)   1,298,177 
 1   African Barrick Gold Plc   4 
 4,696   Aga Rangemaster Group Plc(d)   12,527 
 65,361   Aggreko Plc   1,898,008 
 172,698   Alent Plc   975,291 
 148,020   AMEC Plc   2,843,895 
 225,854   Amlin Plc   1,739,538 
 37,555   Anglo Pacific Group Plc   119,359 
 3,737   Anglo-Eastern Plantations Plc   42,603 
 68,300   Anite Plc   103,492 
 54,016   Ashmore Group Plc   323,562 
 273,530   Ashtead Group Plc   4,126,201 
 6,071   Avon Rubber Plc   67,648 
 159,453   Babcock International Group Plc   2,955,874 
 292,323   Balfour Beatty Plc   1,174,109 
 22,893   BARR (A.G.) Plc   256,252 
 585,612   Barratt Developments Plc   3,452,511 
 142,558   BBA Aviation Plc   767,533 
 78,149   Bellway Plc   1,993,604 
 49,371   Berendsen Plc   872,709 
 108,436   Berkeley Group Holdings Plc   4,487,120 
 3,178   Betfair Group Plc   56,015 
 16,127   Big Yellow Group Plc REIT   136,545 
 9,080   Bloomsbury Publishing Plc   27,019 
 1,663,932   Bodycote Plc(c)   19,496,020 
 104,197   Booker Group Plc   220,071 
 11,378   Boot (Henry) Plc   35,538 
 83,542   Bovis Homes Group Plc   1,078,284 
 5,675   Braemar Shipping Services Plc   47,858 
 1,263,249   Brammer Plc(c)   9,160,160 
 81,352   Brewin Dolphin Holdings Plc   411,354 
 71,243   British Land Co. Plc (The) REIT   845,568 
 4,627   British Polythene Industries Plc   49,820 
 46,738   Britvic Plc   553,540 
 71,760   BTG Plc(d)   734,186 
 150,395   Bunzl Plc   4,039,750 
 84,926   Burberry Group Plc   2,027,407 
 537,653   Cable & Wireless Communications Plc   426,629 
 11   Camellia Plc   1,936 
 107,175   Capita Plc   2,174,948 
 74,940   Capital & Counties Properties Plc   406,008 
 91,052   Capital & Regional Plc   70,713 
 11,197   Carclo Plc   21,881 
 349,116   Carillion Plc   1,970,412 
 1,086   Carpetright Plc(d)   9,626 
 3,699   Charles Stanley Group Plc   21,858 
 3,384   Charles Taylor Plc   13,712 
 66,085   Chemring Group Plc   226,211 
Shares      Value 
UNITED KINGDOM (continued)      
 54,990   Chesnara Plc  $287,804 
 23,254   Chime Communications Plc   127,987 
 60,956   Cineworld Group Plc   331,686 
 4,407   Clarkson Plc   163,465 
 61,525   Close Brothers Group Plc   1,320,225 
 550,626   Cobham Plc   2,719,152 
 170,165   Colt Group SA(d)   416,571 
 27,870   Communisis Plc   28,938 
 57,481   Computacenter Plc   591,492 
 23,566   Concentric AB   311,733 
 22,043   Connect Group Plc   57,405 
 6,595   Consort Medical Plc   101,044 
 1,730   Costain Group Plc   7,682 
 16,173   Cranswick Plc   344,862 
 4,000   Creston Plc   7,040 
 651,010   Croda International Plc   23,092,163 
 73,400   CSR Plc   654,926 
 102,197   Daily Mail & General Trust Plc - Class A   1,446,745 
 52,721   Dairy Crest Group Plc   373,571 
 26,485   Darty Plc   35,548 
 442,910   De La Rue Plc(c)   5,458,700 
 492,094   Debenhams Plc   548,747 
 10,051   Dechra Pharmaceuticals Plc   117,766 
 31,267   Derwent London Plc REIT   1,412,613 
 29,907   Development Securities Plc   105,781 
 89,965   Devro Plc   387,315 
 7,986   Dignity Plc   186,198 
 1,077,480   Diploma Plc(c)   11,642,335 
 1,041,571   Dixons Retail Plc(d)   909,139 
 1,138,153   Domino Printing Sciences Plc(c)   11,827,137 
 42,149   Domino’s Pizza Group Plc   389,247 
 295,471   Drax Group Plc   3,489,422 
 196,274   DS Smith Plc   868,853 
 6,273   Dunelm Group Plc   88,062 
 25,606   E2V Technologies Plc   68,088 
 53,631   easyJet Plc   1,172,564 
 230,794   Electrocomponents Plc   927,369 
 229,079   Elementis Plc   1,044,239 
 460,990   EnQuest Plc(d)   1,053,029 
 346,950   Enterprise Inns Plc(d)   733,368 
 97,005   Essentra Plc   1,261,059 
 8,205   Euromoney Institutional Investor Plc   150,162 
 1,227,048   Fenner Plc(c)   7,064,263 
 9,707   Fidessa Group Plc   341,698 
 792   Findel Plc(d)   3,406 
 590,171   Firstgroup Plc(d)   1,260,432 
 3,248   Fuller Smith & Turner - Class A    50,504 
 535,863   G4S Plc   2,272,607 
 28,463   Galliford Try Plc   612,691 
 5,558   Games Workshop Group Plc   58,084 
 40,505   Gem Diamonds Ltd.(d)   133,008 
 24,405   Genus Plc   431,396 
 785,034   GKN Plc   4,538,090 

 

71
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM (continued)      
 14,268   Go-Ahead Group Plc  $531,157 
 38,840   Great Portland Estates Plc REIT   419,016 
 816,299   Greene King Plc(c)   11,383,615 
 42,366   Greggs Plc   374,442 
 89,848   Halfords Group Plc   728,116 
 1,057,069   Halma Plc(c)   10,047,607 
 84,204   Hammerson Plc REIT   854,394 
 75,006   Hansteen Holdings Plc REIT   133,851 
 48,772   Hargreaves Lansdown Plc   844,006 
 269,194   Hays Plc   554,468 
 7,436   Headlam Group Plc   50,625 
 45,677   Helical Bar Plc   263,932 
 1,906,443   HellermannTyton Group Plc(c)   10,061,523 
 359,922   Henderson Group Plc   1,480,863 
 71,298   Hikma Pharmaceuticals Plc   2,165,506 
 38,157   Hill & Smith Holdings Plc   327,257 
 337   Hilton Food Group Plc   2,698 
 26,318   Hochschild Mining Plc(d)   72,425 
 5,026   Hogg Robinson Group Plc   5,219 
 454,892   Home Retail Group Plc   1,277,946 
 144,901   Homeserve Plc   732,688 
 211,194   Howden Joinery Group Plc   1,209,095 
 367,188   Hunting Plc   5,393,350 
 15,030   Huntsworth Plc   12,688 
 3,454   Hyder Consulting Plc   37,496 
 270,199   ICAP Plc   1,586,588 
 57,706   IG Group Holdings Plc   594,295 
 14,815   Imagination Technologies Group Plc(d)   44,547 
 89,696   IMI Plc   2,145,823 
 323,638   Inchcape Plc   3,513,350 
 254,705   Informa Plc   2,098,066 
 77,911   Inmarsat Plc   958,909 
 549,715   Innovation Group Plc   287,707 
 75,696   InterContinental Hotels Group Plc   3,079,930 
 1,343,686   Interserve Plc(c)   14,439,332 
 41,164   Intertek Group Plc   1,781,913 
 62,622   Intu Properties Plc REIT   347,624 
 236,494   Investec Plc   2,054,265 
 73,267   IP Group Plc(d)   224,263 
 33,593   ITE Group Plc   113,827 
 196,965   Ithaca Energy, Inc.(d)   444,384 
 552,029   ITV Plc   1,945,070 
 50,439   J D Wetherspoon Plc   633,138 
 631,062   J Sainsbury Plc   3,333,715 
 8,667   James Fisher & Sons Plc   192,418 
 28,273   Jardine Lloyd Thompson Group Plc   490,223 
 63,090   Jazztel Plc(d)   850,718 
 29,512   JD Sports Fashion Plc   189,386 
 4,751   John Menzies Plc   53,742 
 243,164   John Wood Group Plc   3,079,012 
 12,726   Johnson Matthey Plc   635,752 
 84,713   Johnston Press Plc(d)   6,250 
 35,089   Jupiter Fund Management Plc   226,774 
Shares      Value 
UNITED KINGDOM (continued)      
 77,204   Kazakhmys Plc(d)  $423,357 
 172,730   Kcom Group Plc   293,079 
 21,188   Keller Group Plc   310,857 
 13,679   Kier Group Plc   403,689 
 18,015   Kofax Ltd.(d)   128,198 
 176,043   Ladbrokes Plc   392,323 
 1,977,425   Laird Plc(c)   9,651,593 
 103,582   Lancashire Holdings Ltd   1,071,128 
 30,575   Lavendon Group Plc   109,434 
 79,575   London Stock Exchange Group Plc   2,603,642 
 67,669   Londonmetric Property Plc REIT   161,087 
 11,489   Lonmin Plc(d)   44,264 
 63,067   Lookers Plc   141,347 
 35,957   Low & Bonar Plc   53,270 
 1,283   LSL Property Services Plc   8,052 
 342,890   Man Strategic Holdings Plc(d)   688,894 
 6,088   Management Consulting Group Plc   2,287 
 43,460   Marshalls Plc   117,948 
 402,517   Marston’s Plc   975,865 
 45,754   McBride Plc   73,577 
 28,145   Mears Group Plc   220,956 
 8,447   Mecom Group Plc(d)   21,356 
 306,728   Meggitt Plc   2,633,269 
 838,098   Melrose Industries Plc   3,724,187 
 98,125   Michael Page International Plc   708,218 
 6,827   Micro Focus International Plc   97,971 
 71,806   Millennium & Copthorne Hotels Plc   711,016 
 85,940   Mitchells & Butlers Plc(d)   542,502 
 186,683   Mitie Group Plc   961,292 
 231,628   Mondi Plc   4,078,742 
 112,692   Moneysupermarket.com Group Plc   353,310 
 153,617   Morgan Advanced Materials Plc   814,366 
 15,010   Morgan Sindall Group Plc   202,605 
 11,794   Mothercare Plc(d)   47,838 
 80,593   N Brown Group Plc   587,395 
 213,001   National Express Group Plc   941,461 
 5,552   NCC Group Plc   19,731 
 69,409   Northgate Plc   577,715 
 23,821   Novae Group Plc   221,194 
 7,224   Ocado Group Plc(d)   41,004 
 3,265   Optos Plc(d)   10,336 
 110,580   Oxford Instruments Plc   2,352,329 
 129,075   Pace Plc   697,120 
 5,971   PayPoint Plc   105,748 
 185,403   Pendragon Plc   98,600 
 114,551   Pennon Group Plc   1,576,186 
 256,487   Persimmon Plc   5,425,844 
 43,340   Petrofac Ltd   802,687 
 36,290   Photo-Me International Plc   88,380 
 17,169   Playtech Plc   178,122 
 131,010   Premier Farnell Plc   399,902 

 

72
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM (continued)      
 124,046   Premier Foods Plc(d)  $87,960 
 245,262   Premier Oil Plc   1,332,500 
 219,086   Punch Taverns Plc(d)   33,844 
 78,418   PZ Cussons Plc   467,879 
 195,364   QinetiQ Group Plc   682,097 
 109,920   Quintain Estates & Development Plc(d)   163,309 
 11,181   Rank Group Plc   30,826 
 4,954   Rathbone Brothers Plc   169,536 
 31,688   Redde Plc   29,424 
 139,415   Redrow Plc   575,492 
 9,324   Renishaw Plc   291,065 
 51,233   Renold Plc(d)   53,628 
 171,499   Rentokil Initial Plc   343,108 
 69,193   Restaurant Group Plc   719,604 
 743,519   Rexam Plc   6,288,987 
 9,385   Ricardo Plc   101,802 
 30,878   Rightmove Plc   1,185,991 
 892   RM Plc   2,410 
 26,258   Robert Walters Plc   138,758 
 582,525   Rotork Plc(c)   27,232,558 
 76,966   RPC Group Plc   759,511 
 136,419   RPS Group Plc   588,460 
 374,348   RSA Insurance Group Plc   2,899,046 
 627,144   Sage Group Plc (The)   3,908,069 
 52,290   Salamander Energy Plc(d)   99,537 
 45,100   Savills Plc   451,525 
 84,985   Schroders Plc   3,429,186 
 40,552   Schroders Plc - Non Voting   1,269,325 
 24,967   SDL Plc(d)   134,043 
 71,325   Segro Plc REIT   430,977 
 186,503   Senior Plc   830,637 
 104,212   Serco Group Plc   636,381 
 80,799   Severfield Plc(d)   82,530 
 85,981   Severn Trent Plc   2,808,888 
 87,706   Shaftesbury Plc REIT   1,001,724 
 259,830   Shanks Group Plc   472,669 
 337,160   SIG Plc   952,889 
 13,544   Smith & Nephew Plc   234,609 
 69,865   Smiths Group Plc   1,503,906 
 127,053   Soco International Plc   922,368 
 381,512   Spectris Plc   12,289,592 
 241,849   Speedy Hire Plc   215,386 
 336,346   Spirax-Sarco Engineering Plc(c)   15,468,360 
 177,568   Spirent Communications Plc   308,483 
 213,939   Spirit Pub Co. Plc   263,672 
 15,991   Sportech Plc(d)   23,286 
 94,269   Sports Direct International Plc(d)   1,063,154 
 15,823   St. Ives Plc   56,834 
 102,085   St. James’s Place Plc   1,252,127 
 86,519   St. Modwen Properties Plc   541,483 
 140,523   Stagecoach Group Plc   843,883 
 32,005   Sthree Plc   194,523 
 7,742   Stolt-Nielsen Ltd.   176,113 
 8,341   SuperGroup Plc(d)   143,497 
Shares      Value 
UNITED KINGDOM (continued)      
 30,559   Synergy Health Plc  $702,180 
 58,277   Synthomer Plc   209,569 
 235,743   Talktalk Telecom Group Plc   1,251,729 
 214,060   Tate & Lyle Plc   2,255,127 
 2,231,492   Taylor Wimpey Plc   4,193,160 
 5,162   Ted Baker Plc   148,853 
 38,081   Telecity Group Plc   511,124 
 10,919   Telecom Plus Plc   256,241 
 189,495   Thomas Cook Group Plc(d)   391,589 
 6,688   Thorntons Plc(d)   12,477 
 2,222   Tipp24 SE   108,006 
 3,226   Topps Tiles Plc   5,773 
 8,024   Torotrak Plc(d)   2,540 
 110,801   Travis Perkins Plc   3,133,354 
 16,317   Trifast Plc   31,267 
 164,257   Trinity Mirror Plc(d)   549,086 
 69,551   TT electronics Plc   217,233 
 179,314   TUI Travel Plc   1,098,026 
 100,313   Tullett Prebon Plc   419,841 
 36,032   UBM Plc   376,860 
 320,623   Ultra Electronics Holdings Plc(c)   9,602,829 
 21,072   UNITE Group Plc (The)   144,652 
 219,347   United Utilities Group Plc   3,295,889 
 17,283   UTV Media Plc   63,902 
 197,460   Vectura Group Plc(d)   470,056 
 199,220   Vesuvius Plc   1,565,009 
 606,745   Victrex Plc(c)   16,430,905 
 11,826   Vitec Group Plc (The)   112,807 
 1,370   VP Plc   14,815 
 81,025   Weir Group Plc (The)   3,511,525 
 43,316   WH Smith Plc   827,839 
 131,326   Whitbread Plc   9,540,540 
 721,708   William Hill Plc   4,296,301 
 15,003   Wilmington Group Plc   49,519 
 21,070   Wincanton Plc(d)   51,758 
 79,245   Wolfson Microelectronics Plc(d)   309,054 
 32,930   Workspace Group Plc REIT   340,525 
 7,016   WS Atkins Plc   157,777 
 14,163   Xaar Plc   131,394 
 100,532   Xchanging Plc   299,147 
         473,331,951 
UNITED STATES — 48.5%      
 200,000   Aceto Corp.   3,351,999 
 525,000   Actuant Corp. - Class A   16,947,000 
 1,125,407   Advance Auto Parts, Inc.   136,298,042 
 5,360   AgJunction, Inc.(d)   3,736 
 136,651   Alacer Gold Corp.   312,066 
 610,000   Albemarle Corp.   37,417,400 
 350,000   American Vanguard Corp.   4,441,499 
 550,000   Approach Resources Inc.(d)   11,572,000 
 61,440   Argonaut Gold, Inc.(d)   224,269 
 350,000   B&G Foods, Inc.   9,824,500 
 100,000   Bio-Rad Laboratories, Inc. - Class A(d)   11,499,000 

 

73
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)      
 8,399   Bizlink Holding, Inc.  $34,169 
 300,000   BJ’s Restaurants, Inc.(d)   10,281,000 
 375,000   Blackbaud, Inc.(c)   13,766,250 
 26,100   BNK Petroleum, Inc.(d)   31,118 
 286,262   Boart Longyear Ltd.(d)   49,214 
 400,000   Bottomline Technologies, Inc.(c)(d)   11,324,000 
 300,000   Brady Corp. - Class A   7,845,000 
 210,000   Bryn Mawr Bank Corp.(c)   6,194,999 
 146,200   Cantel Medical Corp   4,902,085 
 476,800   Cardtronics, Inc.(d)   18,385,408 
 2,620,200   CareFusion Corp.(d)   114,738,558 
 225,000   Casey’s General Stores, Inc.   14,888,250 
 400,000   Cepheid, Inc.(d)   15,056,000 
 1,500   Chaparral Gold Corp.(d)   784 
 350,000   CLARCOR, Inc.   20,758,500 
 210,000   Community Bank System, Inc.   7,398,300 
 2,470,200   CoreLogic, Inc.(c)(d)   67,189,440 
 350,000   CR Bard, Inc.   52,230,500 
 1,835,000   Crown Holdings, Inc.(d)   85,419,250 
 500,000   CST Brands, Inc.   16,715,000 
 800,000   CVB Financial Corp.(c)   12,232,000 
 250,000   E2Open, Inc.(d)   4,044,999 
 200,000   Elizabeth Arden, Inc.(d)   4,125,999 
 636,000   Energizer Holdings, Inc.   72,987,360 
 140,000   EnPro Industries, Inc.(d)   9,578,800 
 9,245   Equal Energy Ltd.   50,704 
 140,000   Esterline Technologies Corp.(d)   15,197,000 
 100,000   Financial Engines, Inc.   3,894,999 
 135,600   First Financial Bankshares, Inc.   3,983,927 
 1,150,000   Flowserve Corp.   85,146,000 
 450,000   Forum Energy Technologies, Inc.(d)   14,980,500 
 500,000   Fresh Market, Inc. (The)(d)   14,965,000 
 2,735,000   Generac Holdings, Inc.(c)(d)   118,699,000 
 275,000   Genomic Health, Inc.(c)(d)   7,007,000 
 450,000   Globus Medical, Inc. - Class A(d)   10,035,000 
 73,730   Golden Star Resources Ltd.(d)   39,896 
 333,000   Guidewire Software, Inc.(d)   13,486,500 
 125,000   HB Fuller Co.   5,581,249 
 499,777   Henry Schein, Inc.(d)   58,099,076 
 572,800   Hubbell, Inc. - Class B(c)   66,983,232 
 150,000   ICU Medical, Inc.(d)   8,737,500 
 100,000   Independent Bank Corp.   3,650,999 
 975,000   Ingredion, Inc.   71,789,250 
 110,000   Innospec, Inc.   4,423,099 
 300,000   Integra LifeScience Holdings Corp.(c)(d)   14,226,000 
 225,100   John Wiley & Sons, Inc. - Class A   13,526,259 
 150,000   Lancaster Colony Corp.(c)   13,102,500 
 150,000   Landstar System, Inc.   9,919,500 
 300,000   LogMein, Inc.(d)   12,213,000 
 400,000   Luminex Corp.(c)(d)   7,280,000 
 400,000   Masimo Corp.(d)   9,632,000 
Shares      Value 
UNITED STATES (continued)      
 164,400   Measurement Specialties, Inc.(c)(d)  $14,136,756 
 100,000   Medidata Solutions, Inc.(d)   4,483,999 
 201,000   Mistras Group, Inc.(c)(d)   4,245,119 
 677   Movie Gallery, Inc.(b)(c)(d)   0 
 477,305   MSC Industrial Direct Co., Inc. - Class A   40,709,343 
 85,000   Navigators Group, Inc. (The)(c)(d)   5,167,999 
 187,100   NBT Bancorp, Inc.(c)   4,372,527 
 1,905,746   NetApp, Inc.   74,019,175 
 15,954,000   Nexteer Automotive Group Ltd.   11,466,220 
 200,000   Northern Oil and Gas, Inc.(d)   3,217,999 
 400,000   NuVasive, Inc.(d)   14,952,000 
 200,000   Omnicell, Inc.(d)   5,479,999 
 1,474,200   Omnicom Group, Inc.   103,179,258 
 150,000   Owens & Minor, Inc.   4,963,499 
 17,053   Performance Sports Group Ltd.(d)   276,827 
 1,722,000   PetSmart, Inc.   117,337,080 
 150,000   Post Holdings, Inc.(d)   6,737,999 
 200,000   Prestige Brands Holdings, Inc.(d)   6,159,999 
 350,000   PROS Holdings, Inc.(c)(d)   8,967,000 
 150,000   Prosperity Bancshares, Inc.   8,719,500 
 500,000   QLIK Technologies, Inc.(d)   13,230,000 
 440,000   Qualys, Inc.(c)(d)   10,511,600 
 350,000   Raven Industries, Inc.(c)   9,754,500 
 100,000   RBC Bearings, Inc.   5,547,999 
 500,000   RealPage, Inc.(d)   8,052,500 
 500,000   Resolute Energy Corp.(d)   3,819,999 
 1,000,000   Rockwell Collins, Inc.   73,270,000 
 27,636,600   Samsonite International SA(c)   86,118,656 
 200,000   SciQuest, Inc.(d)   3,077,999 
 300,000   Sensient Technologies Corp.   15,750,000 
 42,197   Sims Metal Management Ltd.(d)   467,819 
 950,000   Snap-on, Inc.(c)   114,190,000 
 550,000   Snyder’s-Lance, Inc.(c)   13,645,500 
 102,300   Standex International Corp.(c)   6,746,685 
 260,000   STERIS Corp.   13,228,800 
 85,386   Thompson Creek Metals Co., Inc.(d)   236,498 
 175,000   TreeHouse Foods, Inc.(d)   12,862,500 
 550,000   TriMas Corp.(c)(d)   17,424,000 
 1,629,690   Tupperware Brands Corp.(c)   118,608,838 
 365,000   UMB Financial Corp.(c)   20,669,950 
 450,000   Valmont Industries, Inc.   65,533,500 
 3,475,000   Vantiv, Inc. - Class A(c)(d)   113,910,500 
 1,470,000   Varian Medical Systems, Inc.(c)(d)   120,760,500 
 200,000   VCA, Inc.(d)   7,458,000 
 500,000   Volcano Corp.(d)   8,255,000 
 200,000   Washington Trust Bancorp, Inc.(c)   6,879,999 
 1,750,000   Waste Connections, Inc.(c)   82,845,000 
 500   WaterFurnace Renewable Energy, Inc.   13,950 

 

74
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 956,351   Waters Corp.(c)(d)  $98,924,947 
 300,000   West Pharmaceutical Services, Inc.   12,225,000 
 125,000   WEX, Inc.(d)   13,490,000 
 500,000   Wolverine World Wide, Inc.   12,130,000 
 300,000   Woodward, Inc.   14,988,001 
 1,695,000   Wyndham Worldwide Corp.   128,057,250 
         3,059,995,472 
Total Common Stocks
(Cost $4,525,284,194)		   6,026,274,869 
INVESTMENT COMPANY — 0.3%     
 18,365,700   SEI Daily Income Trust Government II Fund, Class A, 0.01%(g)   18,365,700 
Total Investment Company
(Cost $18,365,700)		   18,365,700 
       
EXCHANGE TRADED FUNDS — 3.1%      
 600   iShares Core S&P Small Cap ETF   63,515 
 735,129   iShares MSCI EAFE Small Cap Index Fund   37,616,551 
 234,861   iShares MSCI Japan Small Cap Index Fund   13,128,730 
 95,000   iShares Russell Mid-Cap ETF   14,905,500 
 196,000   SPDR Russell Nomura Small Cap Japan Fund   10,133,200 
 1,119,800   SPDR S&P International Small Cap Fund   38,610,705 
 330,000   Vanguard Small-Cap ETF   36,709,200 
 788,500   WisdomTree Japan Hedged Equity Fund   39,401,345 
 160,000   WisdomTree Japan Small Cap Dividend Fund   8,508,800 
Total Exchange Traded Funds
(Cost $174,497,730)		   199,077,546  
RIGHTS/WARRANTS — 0.0%      
Banks — 0.0%     
 7,247   JB Financial Group Co. Ltd. Rights, Expire 9/3/14(c)(d)   9,519 
Consumer Discretionary — 0.0%     
 1,293   Bigben Interactive Coupons(c)(d)   0 
 1,293   Bigben Interactive Warrants, Expire 1/31/16(d)   156 
 1,710   Centrebet Litigation Rights(b)(c)(d)   0 
 1,710   Centrebet Litigation Units(b)(c)(d)   0 
 11,590   Indian Hotels Co. Ltd. Rights, Expire 8/20/14(b)(c)(d)   0 
 2,376   Makalot Industrial Co. Ltd. Rights(c)(d)   3,803 
Shares      Value 
Consumer Discretionary (continued)      
 159,274   Seat Pagine Gialles SpA Warrants, Expire 9/8/14(b)(c)(d)  $0 
         3,959 
Consumer Staples — 0.0%      
 1,519   Naturex Coupons(c)(d)   0 
Health Care — 0.0%      
 118,379   Golden Meditech Holdings Ltd. Warrants, Expire 7/30/15(c)(d)   0 
 9,812   Intercell Contigent Value Rights(b)(c)(d)   0 
 201,026   KPJ Healthcare Berhad Warrants, Expire 1/23/19(d)   42,142 
 9,600   Ligand Pharmaceuticals Contingent Value
Rights(b)(c)(d)		   0 
         42,142 
Industrials — 0.0%      
 210   Bizlink Holding, Inc. Rights, Expire 9/9/14(c)(d)   69 
 428,722   Dialog Group Berhad Warrants, Expire 2/12/17(d)   89,876 
 49,289   Mota-Engil SGPS SA Rights, Expire 1/22/14(b)(c)(d)   0 
         89,945 
Materials — 0.0%      
 171   AK Holdings, Inc. Rights, Expire 8/13/14(d)   1,722 
 11,536   Ramelius Resources Ltd. Rights, Expire 8/1/15(d)   64 
         1,786 
Real Estate — 0.0%      
 45,020   Land & Houses Public Co. Ltd. - FOR Warrants, Expire 4/28/17(d)    8,062 
Telecommunication Services — 0.0%     
 5,007   Loxley Public Co. Ltd. Warrants(c)(d)   0 
Utilities — 0.0%      
 163   Cia de Transmissao de Energia Eletrica Paulista Rights, Expire 8/19/14(d)   271 
Total Rights/Warrants
(Cost $27,474)		   155,684 

 

75
Old Westbury Funds, Inc.  
SMALL & MID CAP FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
U.S. GOVERNMENT AGENCIES — 0.5%
Federal Home Loan Bank — 0.5%      
$8,940,000   0.06%, 08/15/2014(h)  $8,939,768 
 20,000,000   0.08%, 10/01/2014(h)   19,997,458 
           
Total U.S. Government Agencies
(Cost $28,937,226)		   28,937,226  
          
Shares         
CASH SWEEP — 0.7%     
 42,836,664   Citibank - US Dollars on Deposit in Custody Account, 0.02%(g)  $42,836,664 
Total Cash Sweep
(Cost $42,836,664)		   42,836,664 
           
TOTAL INVESTMENTS — 100.0%
(Cost $4,789,948,988)(a)		  $6,315,647,689 
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%   (2,611,945)
NET ASSETS — 100.0%  $6,313,035,744 
        
(a)  Cost for federal income tax purposes is $4,793,922,147 and net unrealized appreciation of investments is as follows:
           
Unrealized appreciation  $1,642,008,021 
Unrealized depreciation   (120,282,479)
Net unrealized appreciation  $1,521,725,542 

 

(b) Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $5,128,227, which is 0.08% of net assets and the cost is $7,478,423.
(c) This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $794,761,437 or 12.59% of net assets.
(d) Non-income producing security.
(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 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 $14,337, which is less than 0.01% of net assets.
(f) Securities incorporated in the same country but traded on different exchanges.
(g) Rate shown represents current yield at July 31, 2014.
(h) The rate represents the annualized yield at time of purchase.

 

BDR — Brazilian Depositary Receipt

CDI — CHESS Depositary Interests

CPO — Certificate of Participation-Common

CVR — Contingent Value Rights

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)

   Percentage
Sector  of Net Assets
Banks   2.9%
Consumer Discretionary   18.5%
Consumer Staples   6.4%
Diversified Financials   1.2%
Energy   2.8%
Health Care   11.9%
Industrials   25.0%
Information Technology   12.3%
Insurance   2.0%
Materials   8.0%
Real Estate   2.6%
Telecommunication Services   0.6%
Utilities   1.2%
Other*   4.6%
Total   100.0%

 

 

 

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

 

76
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments July 31, 2014
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 17.8%     
AUSTRALIA — 0.2%     
 287,310   BC Iron Ltd.  $902,450 
 157,217   BHP Billiton Ltd.   5,651,210 
 1,539,440   Mount Gibson Iron Ltd.   1,051,491 
 532,880   PanAust Ltd.   1,129,067 
 337,010   RCR Tomlinson Ltd.   920,758 
 1,833,740   Resolute Mining Ltd.(b)   1,022,456 
         10,677,432 
AUSTRIA — 0.1%     
 111,850   OMV AG   4,502,157 
BERMUDA — 0.4%     
 23,239   Arch Capital Group Ltd.(b)   1,242,125 
 28,625   Aspen Insurance Holdings Ltd.    1,145,286 
 48,420   Axis Capital Holdings Ltd.   2,089,323 
 29,490   Everest Re Group Ltd.   4,597,786 
 128,430   Nabors Industries Ltd.   3,488,159 
 79,738   RenaissanceRe Holdings Ltd.   7,799,174 
 46,500   Validus Holdings Ltd.   1,698,645 
         22,060,498 
BRAZIL — 0.1%     
 29,180   Cia Hering   273,697 
 49,470   Equatorial Energia SA   550,793 
 117,830   Even Construtora e Incorporadora SA   322,004 
 23,742   Kroton Educacional SA   632,697 
 103,780   Tim Participacoes SA   551,664 
 27,290   Tractebel Energia SA   408,974 
         2,739,829 
CANADA — 0.3%     
 82,270   Bank of Montreal   6,132,052 
 124,690   BCE, Inc.   5,646,987 
 123,017   Imperial Oil Ltd.   6,312,470 
         18,091,509 
CHINA — 0.1%     
 903,500   Asia Cement China Holdings Corp.   668,003 
 662,000   Beijing Capital International Airport Co. Ltd. - H Shares   456,991 
 1,125,000   China Molybdenum Co. Ltd. - H Shares   744,673 
 516,365   Huaxin Cement Co. Ltd. - B Shares   484,350 
 227,000   Inner Mongolia Yitai Coal Co. Ltd. - B Shares   333,917 
 139,640   Nam Tai Property, Inc.   995,633 
 6,622,000   Semiconductor Manufacturing International Corp.(b)   615,201 
 1,178,000   Shenzhen Expressway Co. Ltd. - H Shares.   711,355 
 527,000   SOHO China Ltd.   444,717 
 784,000   Weiqiao Textile Co. - H Shares   417,793 

 

Shares      Value 
CHINA (continued)     
 856,000   Xinhua Winshare Publishing and Media Co. Ltd. - H Shares  $725,662 
         6,598,295 
FINLAND — 0.2%     
 232,360   Neste Oil Oyj   4,293,744 
 106,075   Sampo Oyj - A Shares   5,283,864 
         9,577,608 
FRANCE — 0.1%     
 337,630   UBISOFT Entertainment(b)   5,662,581 
GERMANY — 0.1%     
 835,610   Balda AG(c)   3,258,297 
 14,968   Volkswagen AG   3,468,415 
         6,726,712 
GREECE — 0.2%     
 491,740   Aegean Marine Petroleum Network, Inc.(c)   4,632,191 
 722,180   Navios Maritime Holdings, Inc.   5,755,775 
         10,387,966 
GUERNSEY — 0.1%     
 143,685   Amdocs Ltd.   6,514,678 
HONG KONG — 0.6%     
 350,799   Cheung Kong Holdings Ltd.   6,821,299 
 2,236,000   China Lumena New Materials Corp.   360,643 
 700,200   China Mobile Ltd.   7,760,876 
 2,754,000   China Vanadium Titano - Magnetite Mining Co. Ltd.   337,585 
 2,382,000   CSPC Pharmaceutical Group Ltd.   1,853,338 
 2,038,800   Guangdong Investment Ltd.   2,293,964 
 1,587,200   Link REIT (The)   9,000,902 
 1,516,067   MTR Corp Ltd.   5,976,200 
 349,000   Shanghai Industrial Holdings Ltd.   1,166,328 
         35,571,135 
INDIA — 0.0%     
 86,410   Cairn India Ltd.(b)   450,093 
 83,650   GAIL India Ltd.(b)   602,540 
         1,052,633 
INDONESIA — 0.0%     
 51,659,000   Energi Mega Persada Tbk PT(b)   406,044 
IRELAND — 0.1%     
 7,093   Accenture Plc - Class A   562,333 
 69,278   Seagate Technology Plc   4,059,691 
 67,300   XL Group Plc   2,169,752 
         6,791,776 
ITALY — 0.3%     
 419,120   ASTM SpA(c)   6,425,983 

 

77
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
ITALY (continued)     
 8,686,850   Banca Carige SpA(b)  $1,671,532 
 36,300   DiaSorin SpA   1,453,361 
 4,222,210   Saras SpA(b)(c)   5,269,282 
         14,820,158 
JAPAN — 1.6%     
 219,000   Aichi Steel Corp.   879,279 
 31,000   Alfresa Holdings Corp.   1,871,482 
 4,598,900   ANA Holdings, Inc.   11,467,631 
 57,000   As One Corp.(c)   1,720,556 
 52,000   Daikoku Denki Co. Ltd.   900,326 
 47,000   East Japan Railway Co.   3,802,401 
 39,000   Exedy Corp.   1,162,057 
 420,200   Fuji Oil Co. Ltd.(c)   2,419,807 
 65,000   Fuji Soft, Inc.   1,454,625 
 33,500   Hisamitsu Pharmaceutical Co., Inc.   1,343,387 
 348,463   House Foods Group, Inc.   6,331,379 
 112,000   Information Services International-Dentsu Ltd.(c)   1,465,532 
 85,800   Kewpie Corp.   1,554,768 
 432,000   Kyokuyo Co. Ltd.   1,083,517 
 53,800   McDonald’s Holdings Co. Japan Ltd.   1,356,179 
 106,000   Moshi Moshi Hotline, Inc.   1,038,721 
 863,000   Nippon Coke & Engineering Co. Ltd.   981,588 
 48,600   Nitori Holdings Co. Ltd.   2,749,740 
 82,700   Nomura Research Institute Ltd.   2,628,970 
 302,000   Otsuka Holdings Co. Ltd.   9,678,151 
 212,900   Rengo Co. Ltd.   981,039 
 73,600   Rohto Pharmaceutical Co. Ltd.   1,143,370 
 202,000   Round One Corp.   1,188,062 
 66,000   Ryosan Co. Ltd.   1,421,183 
 57,600   Sawai Pharmaceutical Co. Ltd.   3,281,349 
 809,000   Seikitokyu Kogyo Co. Ltd.   943,761 
 739,700   Sumitomo Osaka Cement Co. Ltd.   2,689,426 
 991,000   Tokyo Gas Co. Ltd.   5,709,100 
 501,200   TonenGeneral Sekiyu KK   4,399,782 
 122,000   Toppan Forms Co. Ltd.   1,204,997 
 247,000   Toshiba Machine Co. Ltd.   1,111,758 
 40,000   Trancom Co. Ltd.   1,592,378 
 79,100   West Japan Railway Co.   3,612,617 
 33,700   Wowow, Inc.(c)   1,413,654 
         86,582,572 
MALAYSIA — 0.2%     
 555,000   Faber Group Berhad   637,312 
 924,288   Public Bank Berhad   5,720,406 
 2,256,100   TA Enterprise Berhad   720,032 
 1,742,500   Telekom Malaysia Berhad   3,402,128 
         10,479,878 
NETHERLANDS — 0.1%     
 141,038   Unilever NV   5,819,612 

 

Shares      Value 
NEW ZEALAND — 0.1%     
 1,005,310   Air New Zealand Ltd.  $1,690,945 
 1,608,712   Auckland International Airport Ltd.   5,220,428 
 137,310   Ebos Group Ltd.   1,180,449 
         8,091,822 
PHILIPPINES — 0.0%     
 1,073,000   First Gen Corp.   549,086 
POLAND — 0.0%     
 13,780   Lubelski Wegiel Bogdanka SA   506,101 
 291,770   Synthos SA   420,782 
         926,883 
PUERTO RICO — 0.0%     
 21,947   Popular, Inc.(b)   700,109 
SINGAPORE — 0.2%     
 5,029,550   Singapore Post Ltd.   7,095,798 
 1,689,121   Singapore Press Holdings Ltd.   5,619,120 
         12,714,918 
SOUTH KOREA — 0.2%     
 79,440   Iljin Display Co. Ltd.   680,130 
 69,140   Jahwa Electronics Co. Ltd.   978,729 
 44,110   LF Corp.   1,242,384 
 835,990   Meritz Securities Co. Ltd.   2,391,215 
 15,390   Samsung Electro-Mechanics Co. Ltd.   947,791 
 68,950   Sebang Co. Ltd.(c)   1,358,406 
 45,760   Silla Co. Ltd.(c)   1,133,037 
 101,989   Sungwoo Hitech Co. Ltd.   1,433,809 
         10,165,501 
SWEDEN — 0.3%     
 156,225   Investor AB - B Shares   5,639,156 
 124,316   Lundbergforetagen AB(c)   5,581,263 
 1,669,680   SAS AB(b)   3,061,879 
         14,282,298 
SWITZERLAND — 0.4%     
 55,138   ACE Ltd.   5,519,314 
 136,800   Allied World Assurance Co. Holdings AG   4,926,168 
 65,952   Swiss Prime Site AG   5,239,873 
 9,446   Swisscom AG   5,249,221 
         20,934,576 
TAIWAN — 0.1%     
 818,000   Accton Technology Corp.   496,427 
 724,000   Ardentec Corp.   622,858 
 796,640   China General Plastics Corp.   390,490 
 25,260   ChipMOS TECHNOLOGIES Bermuda Ltd.   594,115 
 873,500   Chunghwa Telecom Co. Ltd.   2,665,108 
 430,000   Gemtek Technology Corp.   394,305 
 199,000   Huang Hsiang Construction Co.   262,108 
 428,000   ITEQ Corp.   455,980  

 

78
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)     
 182,000   Realtek Semiconductor Corp.  $581,997 
 322,000   Test Research, Inc.   542,223 
 576,000   Test-Rite International Co. Ltd.   400,460 
 193,000   Yungshin Construction & Development Co.   434,402 
         7,840,473 
THAILAND — 0.0%     
 390,800   Bangchak Petroleum Public Co. Ltd.   349,907 
TURKEY — 0.0%     
 111,940   Aksa Akrilik Kimya Sanayii   402,248 
 104,030   Aygaz AS   446,647 
 168,310   Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS   350,319 
 123,370   Turk Hava Yollari(b)   371,354 
         1,570,568 
UNITED KINGDOM — 0.1%     
 2,328,890   Afren Plc(b)   4,325,064 
 89,200   Smith & Nephew Plc   1,545,123 
 360,865   WM Morrison Supermarkets Plc   1,027,196 
         6,897,383 
UNITED STATES — 11.6%     
 40,469   3M Co.   5,701,677 
 71,370   AAR Corp.   1,919,853 
 71,000   Abbott Laboratories   2,990,520 
 151,480   Abercrombie & Fitch Co. - Class A   5,959,223 
 143,130   Aceto Corp.   2,398,859 
 21,181   Acorda Therapeutics, Inc.(b)   619,968 
 8,169   Aflac, Inc.   488,016 
 6,178   Alliant Techsystems, Inc.   802,708 
 198,180   Alon USA Energy, Inc.   2,546,613 
 107,190   Ambac Financial Group, Inc.(b)   2,428,925 
 42,800   American Equity Investment Life Holding Co.   947,592 
 39,200   American Financial Group, Inc.   2,194,808 
 441,700   American International Group, Inc.   22,959,566 
 100,000   American Public Education, Inc.(b)   3,570,000 
 10,977   AmerisourceBergen Corp.   844,241 
 23,600   Amgen, Inc.   3,006,404 
 15,279   Andersons, Inc. (The)   825,372 
 143,300   Apple, Inc.   13,695,181 
 82,550   AptarGroup, Inc.   5,043,805 
 117,228   Arthur J Gallagher & Co.   5,275,260 
 42,907   Associated Banc-Corp.   768,893 
 51,659   Assurant, Inc.   3,273,114 
 43,050   Atlantic Tele-Network, Inc.   2,518,855 
 70,103   Automatic Data Processing, Inc.   5,700,075 
 9,483   AutoNation, Inc.(b)   505,634 
 461,500   Bank of America Corp.   7,037,875 
 46,737   Becton Dickinson and Co.   5,432,709 

 

Shares      Value 
UNITED STATES (continued)     
 92,260   Benchmark Electronics, Inc.(b)  $2,228,079 
 350,000   Blucora, Inc.(b)   5,974,500 
 5,267   Boeing Co. (The)   634,568 
 257,920   Brocade Communications Systems, Inc.   2,375,443 
 21,638   CA, Inc.   624,905 
 15,434   CACI International, Inc. - Class A(b)   1,064,792 
 53,814   Cadence Design Systems, Inc.(b)   905,690 
 14,674   CareFusion Corp.(b)   642,574 
 18,000   CBOE Holdings, Inc.   872,460 
 9,712   CBS Corp.   551,933 
 40,810   Celanese Corp.   2,375,550 
 3,559   CF Industries Holdings, Inc.   890,960 
 47,116   Chevron Corp.   6,089,272 
 24,030   Churchill Downs, Inc.   2,078,595 
 14,150   Cintas Corp.   885,790 
 24,712   Cisco Systems, Inc.   623,484 
 200,000   Citigroup, Inc.   9,782,000 
 11,620   Civeo Corp.   295,148 
 60,683   Clorox Co. (The)   5,271,532 
 147,840   CNO Financial Group, Inc.   2,392,051 
 300,000   Coach, Inc.   10,368,000 
 278,938   Coca-Cola Co. (The)   10,959,474 
 12,174   Cognizant Technology Solutions Corp. - Class A(b)   597,135 
 35,860   Coherent, Inc.(b)   2,112,513 
 85,303   Colgate-Palmolive Co.   5,408,210 
 15,299   Comerica, Inc.   768,928 
 40,060   Computer Sciences Corp.   2,499,343 
 57,218   Consolidated Edison, Inc.   3,209,358 
 4,503   Cooper Cos., Inc. (The)   724,443 
 30,900   CR Bard, Inc.   4,611,207 
 4,703   Cracker Barrel Old Country Store, Inc.   456,003 
 63,169   Crestwood Equity Partners LP   920,372 
 8,356   CVS Caremark Corp.   638,064 
 118,200   CYS Investments, Inc., REIT   1,049,616 
 69,956   Danaher Corp.   5,168,349 
 50,161   Delek US Holdings, Inc.   1,465,704 
 21,284   Delta Air Lines, Inc.   797,299 
 52,090   Deluxe Corp.   2,865,471 
 115,631   DENTSPLY International, Inc.   5,367,591 
 211,000   Depomed, Inc.(b)   2,099,450 
 25,600   Dillard’s, Inc. - Class A   3,052,032 
 30,720   DineEquity, Inc.   2,489,856 
 25,900   Dolby Laboratories, Inc. - Class A(b)   1,156,176 
 120,600   Dollar Tree, Inc.(b)   6,569,082 
 46,140   Dr Pepper Snapple Group, Inc.   2,711,186 
 74,540   DTE Energy Co.   5,502,543 
 26,051   East West Bancorp, Inc.   887,297 
 127,300   El Paso Pipeline Partners LP   4,242,909 
 11,670   EnerSys, Inc.   740,228 
 56,814   Exxon Mobil Corp.   5,621,177 

 

79
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 77,670   FBR & Co.(b)  $2,171,653 
 34,100   Fidelity National Information Services, Inc.   1,923,240 
 155,121   Fifth Third Bancorp   3,176,878 
 57,953   First Niagara Financial Group, Inc.   498,396 
 101,245   Franklin Resources, Inc.   5,482,417 
 275,000   GameStop Corp. - Class A   11,541,750 
 100,000   Generac Holdings, Inc.(b)   4,340,000 
 1,725,000   General Motors Co., Escrow Shares(b)(c)(d)   258,750 
 46,259   Genworth Financial, Inc. - Class A(b)   605,993 
 134,390   Green Plains Renewable Energy, Inc.   5,038,281 
 36,440   Harris Corp.   2,487,759 
 329,900   Hatteras Financial Corp., REIT   6,317,585 
 16,007   HealthSouth Corp.   613,548 
 14,482   Heartland Payment Systems, Inc.   687,895 
 11,784   Helmerich & Payne, Inc.   1,252,168 
 103,260   hhgregg, Inc.(b)   734,179 
 51,360   HollyFrontier Corp.   2,414,434 
 118,396   Hormel Foods Corp.   5,358,603 
 70,753   Huntington Bancshares, Inc.   694,794 
 57,400   IAC/InterActiveCorp   3,857,280 
 15,159   Iconix Brand Group, Inc.(b)   640,165 
 267,800   Inteliquent, Inc.   2,841,358 
 71,040   Inter Parfums, Inc.   1,856,275 
 20,592   InterDigital, Inc.   907,901 
 29,108   International Business Machines Corp.   5,579,130 
 11,018   j2 Global, Inc.   539,001 
 31,253   Jack Henry & Associates, Inc.   1,823,613 
 12,438   Jack in the Box, Inc.   711,329 
 20,751   JPMorgan Chase & Co.   1,196,710 
 45,079   KeyCorp.   610,370 
 140,601   Kimberly-Clark Corp.   14,604,226 
 6,900   Kirby Corp.(b)   803,574 
 130,890   Knight Transportation, Inc.   3,136,124 
 13,141   Kroger Co. (The)   643,646 
 47,108   L-3 Communications Holdings, Inc.   4,944,456 
 17,578   Lear Corp.   1,655,320 
 25,380   Lindsay Corp.   2,054,511 
 39,400   Lorillard, Inc.   2,382,912 
 150,000   Lowe’s Cos, Inc.   7,177,500 
 100,750   M/I Homes, Inc.(b)   2,073,435 
 11,307   Macy’s, Inc.   653,432 
 13,600   Marathon Petroleum Corp.   1,135,328 
 20,928   MB Financial, Inc.   563,800 
 49,310   MBIA, Inc.(b)   472,390 
 55,823   McDonald’s Corp.   5,278,623 
 66,560   MDC Holdings, Inc.   1,795,123 
 294,001   Medtronic, Inc.   18,151,622 
 62,500   Microsoft Corp.   2,697,500 

 

Shares      Value 
UNITED STATES (continued)     
 97,179   Molson Coors Brewing Co. - Class B  $6,562,498 
 111,840   Monarch Casino & Resort, Inc.(b)(c)   1,395,763 
 12,357   Mylan, Inc.(b)   610,065 
 38,090   NACCO Industries, Inc. - Class A(c)   1,816,512 
 83,550   Navient Corp.   1,437,060 
 153,100   NeuStar, Inc. - Class A(b)   4,265,366 
 6,653   New Media Investment Group, Inc.   100,194 
 183,070   New York Times Co. (The) - Class A   2,286,544 
 92,159   Newcastle Investment Corp., REIT   411,951 
 351,100   Newmont Mining Corp.   8,745,901 
 21,020   Nexstar Broadcasting Group, Inc. - Class A   979,322 
 152,760   Northern Oil and Gas, Inc.(b)   2,457,908 
 21,550   Northrop Grumman Corp.   2,656,468 
 5,810   Oil States International, Inc.(b)   356,095 
 79,240   Olympic Steel, Inc.(c)   1,737,733 
 125,000   Oracle Corp.   5,048,750 
 213,610   Orion Marine Group, Inc.(b)(c)   2,309,124 
 60,150   Owens & Minor, Inc.   1,990,363 
 95,460   Patterson-UTI Energy, Inc.   3,279,051 
 128,559   Paychex, Inc.   5,272,205 
 259,800   Peabody Energy Corp.   3,941,166 
 160,200   People’s United Financial, Inc.   2,326,104 
 131,211   PepsiCo, Inc.   11,559,689 
 186,400   PetSmart, Inc.   12,701,296 
 167,400   Pfizer, Inc.   4,804,380 
 11,745   Phillips 66   952,637 
 40,323   Pilgrim’s Pride Corp.(b)   1,127,431 
 8,541   PNC Financial Services Group, Inc. (The)   705,145 
 41,189   Praxair, Inc.   5,277,958 
 10,500   Priceline Group, Inc. (The)(b)   13,045,725 
 29,165   PrivateBancorp, Inc.   839,952 
 67,340   Procter & Gamble Co. (The)   5,206,729 
 9,817   Prosperity Bancshares, Inc.   570,662 
 38,495   Providence Service Corp. (The)(b)   1,524,787 
 30,420   Quaker Chemical Corp.   2,147,956 
 134,890   Regions Financial Corp.   1,367,785 
 15,229   Reinsurance Group of America, Inc.   1,222,280 
 68,770   REX American Resources Corp.(b)   5,800,749 
 4,286   Rock Tenn Co. - Class A   426,157 
 140,370   RPC, Inc.   3,158,325 
 89,320   Sanderson Farms, Inc.   8,136,159 
 50,948   Sanmina Corp.(b)   1,186,579 
 17,672   Savient Pharmaceuticals, Inc.(b)(c)(d)(e)   0 
 63,690   ScanSource, Inc.(b)   2,280,739 
 30,100   Scholastic Corp.   1,066,142 

 

80
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 6,656   Scripps Networks Interactive, Inc. - Class A  $548,521 
 45,000   Select Income REIT   1,248,750 
 83,550   SLM Corp.   740,253 
 127,153   Sonoco Products Co.   4,976,768 
 43,800   Spectra Energy Partners LP   2,259,642 
 14,742   Spirit Airlines, Inc.(b)   964,422 
 90,945   Standard Pacific Corp.(b)   685,725 
 34,760   Sturm Ruger & Co., Inc.   1,736,610 
 61,800   Sunoco Logistics Partners LP   2,743,302 
 15,300   SunTrust Banks, Inc.   582,165 
 70,626   Susquehanna Bancshares, Inc.   718,973 
 31,503   Swift Transportation Co.(b)   644,236 
 34,820   SYNNEX Corp.(b)   2,245,890 
 46,819   Synovus Financial Corp.   1,102,587 
 7,574   Thermo Fisher Scientific, Inc.   920,241 
 261,265   TiVo, Inc.(b)   3,516,627 
 8,552   Towers Watson & Co. - Class A   872,475 
 26,230   Trinity Industries, Inc.   1,144,677 
 7,320   TRW Automotive Holdings Corp.(b)   748,763 
 21,893   Twenty-First Century Fox, Inc.   693,570 
 31,600   Tyson Foods, Inc. - Class A   1,175,836 
 122,464   UGI Corp.   5,944,403 
 43,916   Umpqua Holdings Corp.   743,059 
 91,220   Unifi, Inc.(b)   2,612,541 
 11,316   Union Pacific Corp.   1,112,476 
 200,000   Unisys Corp.(b)   4,258,000 
 46,955   United Technologies Corp.   4,937,318 
 11,773   United Therapeutics Corp.(b)   1,070,637 
 9,946   Universal Corp.   516,496 
 6,977   Universal Health Services, Inc. - Class B   743,748 
 17,599   US Bancorp   739,686 
 11,210   USANA Health Sciences, Inc.(b)   715,758 
 50,000   Valero Energy Corp.   2,540,000 
 176,047   Wal-Mart Stores, Inc.   12,953,538 
 6,851   Waters Corp.(b)   708,667 
 20,568   Webster Financial Corp.   589,685 
 125,000   Weight Watchers International, Inc.   2,711,250 
 46,086   WellPoint, Inc.   5,060,704 
 29,798   Wells Fargo & Co.   1,516,718 
 80,000   Werner Enterprises, Inc.   1,966,400 
 155,114   Westar Energy, Inc.   5,590,309 
 8,943   Western Digital Corp.   892,780 
 45,423   Western Union Co. (The)   793,540 
 3,670   White Mountains Insurance Group Ltd.   2,220,020 
 15,092   Wintrust Financial Corp.   699,212 
 25,000   WW Grainger, Inc.   5,878,750 
 180,329   Xcel Energy, Inc.   5,554,133 
 71,711   Xerox Corp.   950,888 
 33,167   Yahoo!, Inc.(b)   1,187,710 

 

Shares      Value 
UNITED STATES (continued)    
 18,807   Zions Bancorp  $542,018 
         648,574,947 
Total Common Stocks
(Cost $905,092,855)		   998,661,544 
CLOSED-END FUNDS — 5.3%     
UNITED STATES — 5.3%     
 360,000   Apollo Tactical Income Fund, Inc.   6,436,800 
 494,369   Ares Dynamic Credit Allocation Fund, Inc.   8,715,726 
 355,000   Avenue Income Credit Strategies Fund   6,248,000 
 77,600   Babson Capital Corporate Investors   1,218,320 
 373,267   Babson Capital Global Short Duration High Yield Fund   8,753,111 
 175,000   Babson Capital Participation Investors   2,383,500 
 400,000   Blackrock Corporate High Yield Fund, Inc.   4,768,000 
 508,861   BlackRock Credit Allocation Income Trust   6,844,180 
 4,502,776   BlackRock Debt Strategies Fund, Inc.   17,785,965 
 159,591   BlackRock Defined Opportunity Credit Trust   2,215,123 
 350,000   Blackrock Multi-Sector Income Trust   6,279,000 
 450,522   Blackstone/GSO Strategic Credit Fund   7,730,958 
 537,043   Brookfield Mortgage Opportunity Income Fund, Inc.   9,285,473 
 847,613   ClearBridge Energy MLP Fund, Inc.   24,292,589 
 300,000   Cohen & Steers Limited Duration Preferred and Income Fund, Inc.   7,317,000 
 881,097   Doubleline Income Solutions Fund   18,837,854 
 200,000   DWS Multi-Market Income Trust   1,838,000 
 450,000   First Trust Intermediate Duration Preferred & Income Fund   9,900,000 
 120,094   Guggenheim Credit Allocation Fund   2,864,242 
 300,000   KKR Income Opportunities Fund   5,358,000 
 451,762   Legg Mason BW Global Income Opportunities Fund, Inc.   8,041,364 
 585,157   New America High Income Fund   5,652,617 
 644,792   NexPoint Credit Strategies Fund   7,537,618 
 1,200,981   Nuveen Quality Preferred Income Fund   10,028,191 

 

81
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 910,000   PIMCO Dynamic Credit Income Fund  $20,675,200 
 260,000   Pimco Dynamic Income Fund   8,205,600 
 497,557   Pioneer Floating Rate Trust   6,189,609 
 300,000   Prudential Global Short Duration High Yield Fund, Inc.   5,082,000 
 580,000   Prudential Short Duration High Yield Fund, Inc.   9,918,000 
 39,802   Stone Harbor Emerging Markets Income Fund   793,254 
 704,150   Tortoise Energy Infrastructure Corp.   32,602,145 
 100,624   Tortoise Power and Energy Infrastructure Fund, Inc.   2,842,628 
 1,417,391   Wells Fargo Advantage Income Opportunities Fund   13,025,823 
 207,526   Western Asset Mortgage Defined Opportunity Fund   4,957,796 
Total Closed-End Funds
(Cost $294,892,026)		   294,623,686 
EXCHANGE TRADED FUNDS — 2.2%     
UNITED STATES — 2.2%     
 341,050   iShares MSCI Canada Index Fund   10,968,168 
 45,400   iShares MSCI Germany Index Fund   1,323,410 
 35,000   ProShares Short VIX Short-Term Futures ETF(b)   2,723,700 
 5,000   SPDR Gold Shares(b)   616,950 
 700,000   WisdomTree Europe SmallCap Dividend Fund   39,774,000 
 1,395,000   WisdomTree Japan Hedged Equity Fund   69,708,150 
Total Exchange Traded Funds
(Cost $123,022,968)		   125,114,378 
PREFERRED STOCKS — 0.1%     
UNITED STATES — 0.1%     
 35,000   Exelon Corp.   1,718,500 
 104,500   New York Community Capital Trust V   5,203,055 
Total Preferred Stocks
(Cost $6,840,925)		   6,921,555 
      
Contracts         
CALL OPTIONS PURCHASED — 0.0%     
 25,000,000   U.S. Stock Basket Absolute Dispersion, Strike $22.00, Expires 07/17/15   1,330,173 
Total Call Options Purchased
(Cost $1,375,000)		   1,330,173 

 

Principal
Amount		      Value 
CORPORATE BONDS — 10.4%     
AUSTRIA — 0.0%     
$5,218,800   A-TEC Industries AG, Cnv.,
2.75%, 05/10/14(b)(c)(d)(e)		  $0 
 8,000,000   A-TEC Industries AG, Cnv.,
8.75%, 10/27/14(b)(c)(d)(e)		   0 
         0 
BELGIUM — 0.1%     
 5,000,000   Sofina SA, Cnv.,
1.00%, 09/19/16(f)		   5,132,500 
BERMUDA — 0.2%     
 7,000,000(g)  Celestial Nutrifoods Ltd., Cnv.,
15.75%, 06/12/12(b)(c)(d)(e)(h)		   1,122,244 
 1,375,000   Digicel Group Ltd.,
7.13%, 04/01/22(f)		   1,395,625 
 5,000,000   Energy XXI Bermuda Ltd., Cnv.,
3.00%, 12/15/18(i)		   4,718,750 
 3,700,000   Seadrill Ltd.,
6.13%, 09/15/20(i)		   3,672,250 
         10,908,869 
BRAZIL — 0.0%     
 1,300,000   JBS SA,
10.50%, 08/04/16(f)		   1,472,484 
CAYMAN ISLANDS — 0.2%     
 1,400,000   Country Garden Holdings Co. Ltd.,
11.75%, 09/10/14(f)		   1,405,250 
 1,400,000   Fufeng Group Ltd.,
7.63%, 04/13/16(f)		   1,442,000 
 1,000,000   JBS Finance II Ltd.,
8.25%, 01/29/18(f)		   1,055,000 
 2,000,000   Siem Industries, Inc., Cnv.,
1.00%, 09/12/19(f)		   1,950,000 
 330,000   TAM Capital 3, Inc.,
8.38%, 06/03/21(f)		   358,050 
 2,225,000   UPCB Finance VI Ltd.,
6.88%, 01/15/22(i)		   2,380,750 
         8,591,050 
COLUMBIA — 0.0%     
 1,300,000   Pacific Rubiales Energy Corp.,
7.25%, 12/12/21(f)		   1,417,000 
CROATIA (HRVATSKA) — 0.0%     
 1,100,000(j)  Agrokor dd,
9.13%, 02/01/20(f)		   1,644,182 
FRANCE — 0.1%     
 1,350,000(k)  Lafarge SA,
4.75%, 09/30/20(f)		   2,079,503 
 621,000(k)  Numericable Group SA,
5.38%, 05/15/22(f)		   862,864 

 

82
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
FRANCE (continued)     
$650,000   SPCM SA,
6.00%, 01/15/22(f)		  $692,250 
         3,634,617 
GERMANY — 0.1%     
 575,000(k)  Deutsche Raststaetten Gruppe IV GmbH,
6.75%, 12/30/20(f)		   819,999 
 1,016,000(k)  Orion Engineered Carbons Bondco GmbH,
10.00%, 06/15/18(f)		   1,460,670 
 1,300,000(k)  Safari Holding Verwaltungs GmbH,
8.25%, 02/15/21(f)		   1,853,910 
         4,134,579 
GREECE — 0.0%     
 1,250,000   Aegean Marine Petroleum Network, Inc., Cnv.,
4.00%, 11/01/18		   1,235,156 
HONG KONG — 0.0%     
 9,700,000   China Milk Products Group Ltd., Cnv.,
12.86%, 01/05/12(b)(c)(d)(e)(h)		   1,133,154 
INDIA — 0.0%     
 1,300,000   Indian Oil Corp Ltd.,
5.75%, 08/01/23(f)		   1,379,144 
IRELAND — 0.1%     
 975,000(k)  Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
4.25%, 01/15/22(f)		   1,278,153 
 1,475,000(k)  eircom Finance Ltd.,
9.25%, 05/15/20(f)		   2,180,010 
 1,250,000   Vimpel Communications Via VIP Finance Ireland Ltd. OJSC,
9.13%, 04/30/18(f)		   1,362,500 
         4,820,663 
ISRAEL — 0.0%     
 1,125,000   Delek & Avner Tamar Bond Ltd.,
3.84%, 12/30/18(i)		   1,125,000 
 1,000,000   Israel Electric Corp Ltd.,
6.70%, 02/10/17(f)		   1,086,000 
         2,211,000 
ITALY — 0.1%     
 1,525,000(l)  Enel SpA,
7.75%, 09/10/75(f)(m)		   2,824,408 
 1,250,000(k)  Manutencoop Facility Management SpA,
8.50%, 08/01/20(f)		   1,790,975 
 950,000(k)  Telecom Italia SpA,
6.38%, 06/24/19		   1,725,028 
 400,000(k)  Telecom Italia SpA,
4.50%, 01/25/21(f)		   572,155 
Principal
Amount		      Value 
ITALY (continued)     
$300,000(k)  Telecom Italia SpA,
5.25%, 02/10/22(f)		  $441,367 
         7,353,933 
JAPAN — 0.1%     
 1,800,000(j)  SoftBank Corp.,
4.63%, 04/15/20(f)		   2,566,952 
           
JERSEY CHANNEL ISLANDS — 0.1%     
 2,000,000(k)  Derwent London Capital No. 2 Jersey Ltd., Cnv.,
1.13%, 07/24/19(f)		   3,455,623 
 1,225,000(k)  Galaxy Bidco Ltd.,
6.38%, 11/15/20(f)		   2,061,452 
 325,000(k)  Galaxy Bidco Ltd., Cnv.,
5.53%, 11/15/19(f)(m)		   548,699 
         6,065,774 
           
LUXEMBOURG — 0.6%     
 1,050,000(k)  Altice Financing SA,
8.00%, 12/15/19(f)		   1,536,223 
 350,000(k)  Altice Financing SA,
6.50%, 01/15/22(f)		   488,350 
 1,325,000(k)  Ardagh Finance Holdings SA, 7.88% cash or 8.38% payment-in-kind interest, 06/15/19(f)(n)   1,769,801 
 1,750,000(k)  Befesa Zinc SAU Via Zinc Capital SA,
8.88%, 05/15/18(f)		   2,483,346 
 1,425,000(k)  Cirsa Funding Luxembourg SA,
8.75%, 05/15/18(f)		   1,951,075 
 1,000,000   ContourGlobal Power Holdings SA,
7.13%, 06/01/19(f)		   990,000 
 1,000,000   Cosan Luxembourg SA,
5.00%, 03/14/23(f)		   945,000 
 1,425,000(l)  Finmeccanica Finance SA,
8.00%, 12/16/19		   2,790,961 
 250,000(k)  Galapagos SA,
5.06%, 06/15/21(f)(m)		   333,958 
 600,000(k)  GCL Holdings SCA,
9.38%, 04/15/18(f)		   859,684 
 826,000(k)  Intralot Capital Luxembourg SA,
6.00%, 05/15/21(f)		   1,106,052 
 650,000(k)  Magnolia BC SA,
9.00%, 08/01/20(f)		   896,492 
 4,400,000   QGOG Constellation SA,
6.25%, 11/09/19(f)		   4,510,000 
 4,000,000   Subsea 7 SA, Cnv.,
1.00%, 10/05/17(f)		   3,902,000 
 150,000(k)  Sunrise Communications International SA,
7.00%, 12/31/17(f)		   211,402 

 

83
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
LUXEMBOURG (continued)     
$1,400,000   Vimpel Communications OJSC Via UBS Luxembourg SA,
8.25%, 05/23/16(f)		  $1,480,500 
 1,845,000   Wind Acquisition Finance SA,
6.50%, 04/30/20(i)		   1,960,313 
 1,000,000(k)  Wind Acquisition Finance SA,
4.00%, 07/15/20(f)		   1,340,720 
 812,000(k)  Wind Acquisition Finance SA,
7.00%, 04/23/21(f)		   1,168,854 
 1,100,000(k)  Xella Holdco Finance SA, 9.13% cash or 9.88% payment-in-kind interest, 09/15/18(f)(n)   1,568,693 
         32,293,424 
NETHERLANDS — 0.4%     
 1,950,000(k)  Cable Communications Systems NV,
7.50%, 11/01/20(f)		   2,820,032 
 600,000(k)  Deutsche Annington Finance BV,
4.63%, 04/08/74(f)(m)		   819,697 
 1,450,000(l)  EDP Finance BV,
8.63%, 01/04/24(f)		   3,031,905 
 1,250,000(k)  Grupo Antolin Dutch BV,
4.75%, 04/01/21(f)		   1,711,268 
 700,000(k)  Hema Bondco I BV,
5.48%, 06/15/19(f)(m)		   932,646 
 1,400,000   Indosat Palapa Co. BV,
7.38%, 07/29/20(f)		   1,498,000 
 3,000,000   Lukoil International Finance BV, Cnv.,
2.63%, 06/16/15		   3,000,000 
 1,995,000   Marfrig Holding Europe BV,
8.38%, 05/09/18(f)		   2,099,737 
 2,150,000   Marfrig Holding Europe BV,
6.88%, 06/24/19(f)		   2,155,375 
 175,000(k)  Portugal Telecom International Finance BV,
4.50%, 06/16/25(f)		   235,798 
 1,100,000(k)  Telefonica Europe BV,
6.50%, 09/18/18(f)(m)		   1,612,263 
 800,000(k)  Telefonica Europe BV,
7.63%, 09/18/21(f)(m)		   1,249,624 
 1,400,000   VimpelCom Holdings BV,
6.25%, 03/01/17(f)		   1,417,500 
 500,000   VTR Finance BV,
6.88%, 01/15/24(i)		   518,125 
         23,101,970 
PERU — 0.0%     
 150,000   InRetail Shopping Malls,
6.50%, 07/09/21(f)		   155,250 
POLAND — 0.0%     
 345,000(k)  Play Finance 1 SA,
6.50%, 08/01/19(f)		   483,915 
Principal
Amount		      Value 
POLAND (continued)     
$950,000(k)  Play Finance 2 SA,
5.25%, 02/01/19(f)		  $1,310,257 
         1,794,172 
PORTUGAL — 0.1%     
 1,100,000(k)  Brisa Concessao Rodoviaria SA,
6.88%, 04/02/18(f)		   1,697,208 
 1,151,000(k)  PT Portugal SGPS SA,
6.25%, 07/26/16(f)		   1,629,787 
         3,326,995 
SPAIN — 0.0%     
 1,775,000   Cemex Espana Luxembourg,
9.88%, 04/30/19(f)		   1,988,000 
UNITED KINGDOM — 0.4%     
 1,350,000(k)  Arqiva Broadcast Finance Plc,
9.50%, 03/31/20(f)		   2,541,321 
 1,050,000(k)  Bakkavor Finance 2 Plc,
8.75%, 06/15/20(f)		   1,895,924 
 890,000(k)  Debenhams Plc,
5.25%, 07/15/21(f)		   1,438,731 
 1,200,000(j)  Iglo Foods Bondco Plc,
4.70%, 06/15/20(f)(m)		   1,602,839 
 475,000(k)  Infinis Plc,
7.00%, 02/15/19(f)		   844,063 
 1,580,000(j)  International Personal Finance Plc,
5.75%, 04/07/21(f)		   2,151,660 
 925,000(k)  Jerrold Finco Plc,
9.75%, 09/15/18(f)		   1,739,323 
 950,000(k)  Southern Water Greensands Financing Plc,
8.50%, 04/15/19(f)		   1,788,497 
 457,000(k)  Stonegate Pub Co Financing Plc,
5.75%, 04/15/19(f)		   775,421 
 1,250,000(k)  Stretford 79 Plc,
4.80%, 07/15/20(f)(m)		   2,089,277 
 1,000,000   Vedanta Resources Plc,
6.75%, 06/07/16(f)		   1,049,500 
 725,000(k)  Vougeot Bidco Plc,
7.88%, 07/15/20(f)		   1,292,811 
         19,209,367 
UNITED STATES — 7.7%     
 11,610,000   Alere, Inc., Cnv.,
3.00%, 05/15/16		   12,872,588 
 3,000,000   AMAG Pharmaceuticals, Inc., Cnv.,
2.50%, 02/15/19		   3,093,750 
 6,000,000   Ares Capital Corp., Cnv.,
5.13%, 06/01/16		   6,333,750 
 5,000,000   Ares Capital Corp., Cnv.,
4.38%, 01/15/19		   5,212,500 
 7,000,000   BioMarin Pharmaceutical, Inc., Cnv.,
1.50%, 10/15/20		   7,354,375 

 

84
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$5,000,000   BlackRock Kelso Capital Corp., Cnv.,
5.50%, 02/15/18		  $5,268,750 
 6,000,000   Blucora, Inc., Cnv.,
4.25%, 04/01/19(i)		   6,262,500 
 7,500,000   BroadSoft, Inc., Cnv.,
1.50%, 07/01/18		   7,528,125 
 9,000,000   Cardtronics, Inc., Cnv.,
1.00%, 12/01/20(i)		   8,880,660 
 1,475,000(j)  Cemex Finance LLC,
5.25%, 04/01/21(f)		   2,046,691 
 5,000,000   Chesapeake Energy Corp., Cnv.,
2.50%, 05/15/37		   5,165,625 
 6,000,000   Ciena Corp. Cnv.,
0.88%, 06/15/17		   5,943,750 
 750,000   Crown Media Holdings, Inc.,
10.50%, 07/15/19		   832,500 
 4,500,000   Emergent Biosolutions, Inc., Cnv.,
2.88%, 01/15/21(i)		   4,652,640 
 4,000,000   Finisar Corp., Cnv.,
0.50%, 12/15/33(i)		   3,907,500 
 5,000,000   Fluidigm Corp., Cnv.,
2.75%, 02/01/34		   4,646,875 
 5,000,000   Forest City Enterprises, Inc.,
Cnv., 4.25%, 08/15/18		   5,568,750 
 3,000,000   Forest City Enterprises, Inc.,
Cnv., 3.63%, 08/15/20		   3,129,375 
 10,000,000   General Cable Corp., Cnv.,STEP,
5.00%, 11/15/29		   9,112,500 
 3,200,000   Griffon Corp., Cnv.,
4.00%, 01/15/17(i)		   3,462,000 
 17,500,000   Hologic, Inc., Cnv., STEP,
2.00%, 03/01/42		   19,217,188 
 10,000,000   Hologic, Inc., Cnv., STEP,
2.00%, 12/15/43		   11,012,500 
 5,000,000   HomeAway, Inc., Cnv.,
0.13%, 04/01/19(i)		   4,896,875 
 17,000,000   Integra Lifesciences Holdings Corp.,
1.63%, 12/15/16(c)		   18,179,375 
 8,000,000   JDS Uniphase Corp., Cnv.,
0.63%, 08/15/33(i)		   8,040,000 
 5,000,000   KB Home, Cnv.,
1.38%, 02/01/19		   4,834,375 
 30,500,000   Liberty Interactive LLC, Cnv.,
3.75%, 02/15/30		   19,634,375 
 8,000,000   Liberty Interactive LLC, Cnv.,
1.00%, 09/30/43(i)		   8,190,000 
 4,000,000   Live Nation Entertainment, Inc., Cnv.,
2.50%, 05/15/19(i)		   4,105,000 
 14,500,000   Live Nation Entertainment, Inc., Cnv.,
2.88%, 07/15/27		   14,500,000 
 8,000,000   Meritor, Inc., Cnv., STEP,
4.00%, 02/15/27		   8,430,000 
Principal
Amount		      Value 
UNITED STATES (continued)     
$1,225,000(j)  MPT Operating Partnership LP/MPT Finance Corp., REIT,
5.75%, 10/01/20		  $1,755,319 
 3,200,000   National Health Investors, Inc., Cnv.,
3.25%, 04/01/21(c)		   3,192,000 
 17,000,000   Nuance Communications, Inc., Cnv.,
2.75%, 11/01/31		   16,915,000 
 4,085,000   NuVasive, Inc., Cnv.,
2.75%, 07/01/17		   4,743,706 
 2,000,000   NVIDIA Corp., Cnv.,
1.00%, 12/01/18(i)		   2,165,000 
 9,000,000   Omnicare, Inc., Cnv.,
3.25%, 12/15/35		   9,455,625 
 19,500,000   Owens-Brockway Glass Container, Inc., Cnv.,
3.00%, 06/01/15(i)		   19,853,438 
 3,000,000   PDL BioPharma, Inc., Cnv.,
4.00%, 02/01/18		   3,318,750 
 6,000,000   Prospect Capital Corp., Cnv.,
5.50%, 08/15/16		   6,243,750 
 10,000,000   Prospect Capital Corp., Cnv.,
5.75%, 03/15/18		   10,468,750 
 5,000,000   Prospect Capital Corp., Cnv.,
4.75%, 04/15/20(i)		   4,900,000 
 7,000,000   Rovi Corp., Cnv.,
2.63%, 02/15/40		   7,052,500 
 5,000,000   Royal Gold, Inc., Cnv.,
2.88%, 06/15/19		   5,425,000 
 6,000,000   RTI International Metals, Inc., Cnv.,
1.63%, 10/15/19		   5,846,250 
 3,000,000   Ryland Group, Inc. (The), Cnv.,
0.25%, 06/01/19		   2,763,750 
 7,500,000   SEACOR Holdings, Inc., Cnv.,
3.00%, 11/15/28(c)(i)		   7,200,000 
 3,000,000   ServiceSource International, Inc., Cnv,
1.50%, 08/01/18(c)(i)		   2,578,125 
 12,000,000   ShengdaTech, Inc., Cnv.,
6.50%, 12/15/15(b)(c)(d)(e)(i)		   3,600,000 
 1,000,000   Southern Star Central Corp.,
5.13%, 07/15/22(i)		   1,000,000 
 8,900,000   Starwood Property Trust, Inc., Cnv., REIT,
4.55%, 03/01/18		   9,962,438 
 7,000,000   Starwood Property Trust, Inc., Cnv., REIT,
4.00%, 01/15/19		   7,923,125 
 13,000,000   TIBCO Software, Inc.,
2.25%, 05/01/32		   13,130,000 
 7,300,000   Titan Machinery, Inc., Cnv.,
3.75%, 05/01/19(c)		   6,309,938 
 5,000,000   Vector Group Ltd., Cnv.,
1.75%, 04/15/20		   5,340,625 
 1,600,000(l)  Virgin Media Secured Finance Plc,
6.00%, 04/15/21(f)		   2,781,651 

 

85
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$14,000,000   Volcano Corp., Cnv.,
1.75%, 12/01/17		  $13,221,250 
 5,000,000   Walter Investment Management Corp., Cnv.,
4.50%, 11/01/19		   4,612,500 
 5,000,000   WebMD Health Corp., Cnv.,
2.25%, 03/31/16		   5,143,750 
 9,000,000   WebMD Health Corp., Cnv.,
2.50%, 01/31/18		   9,596,250 
         428,813,382 
VENEZUELA — 0.1%     
 4,550,000   Petroleos de Venezuela SA,
5.00%, 10/28/15		   4,271,313 
VIRGIN ISLANDS (BRITISH) — 0.0%     
 625,000   OAS Finance Ltd.,
8.00%, 07/02/21(i)		   629,688 
Total Corporate Bonds
(Cost $580,318,212)		   579,284,618 
GOVERNMENT BONDS — 5.0%     
BRAZIL — 0.3%     
 9,490,000(k)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 05/15/15		   10,525,444 
 2,400,000(k)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 05/15/45		   2,599,922 
 3,900,000(k)  Brazil Notas do Tesouro Nacional, Series F,
10.00%, 01/01/17		   1,678,842 
         14,804,208 
HUNGARY — 0.4%     
 157,580,000(k)  Hungary Government Bond,
6.75%, 08/22/14		   673,028 
 61,000,000(k)  Hungary Government Bond,
8.00%, 02/12/15		   267,771 
 108,050,000(k)  Hungary Government Bond,
7.75%, 08/24/15		   487,853 
 96,000,000(k)  Hungary Government Bond,
5.50%, 02/12/16		   428,633 
 22,320,000(k)  Hungary Government Bond,
5.50%, 12/22/16		   101,209 
 127,110,000(k)  Hungary Government Bond,
6.75%, 02/24/17		   590,528 
 507,020,000(k)  Hungary Government Bond,
6.75%, 11/24/17		   2,396,938 
 100,940,000(k)  Hungary Government Bond,
4.00%, 04/25/18		   443,259 
 64,470,000(k)  Hungary Government Bond,
5.50%, 12/20/18		   295,142 
 212,580,000(k)  Hungary Government Bond,
6.50%, 06/24/19		   1,011,185 
Principal
Amount		      Value 
HUNGARY (continued)     
$67,860,000(k)  Hungary Government Bond,
7.50%, 11/12/20		  $342,072 
 117,250,000(k)  Hungary Government Bond,
7.00%, 06/24/22		   582,336 
 40,280,000(k)  Hungary Government Bond,
6.00%, 11/24/23		   189,573 
 47,730,000(k)  Hungary Government Bond,
5.50%, 06/24/25		   223,400 
 520,000(k)  Hungary Government International Bond,
4.38%, 07/04/17(f)		   750,268 
 5,100,000(k)  Hungary Government International Bond,
6.00%, 01/11/19		   7,904,727 
 2,920,000   Hungary Government International Bond,
6.25%, 01/29/20		   3,285,730 
 3,930,000   Hungary Government International Bond,
6.38%, 03/29/21		   4,480,200 
         24,453,852 
INDONESIA — 0.1%     
 3,590,000,000(k)  Indonesia Treasury Bond,
9.00%, 09/15/18		   322,022 
 20,080,000,000(k)  Indonesia Treasury Bond,
12.80%, 06/15/21		   2,167,998 
 33,160,000,000(k)  Indonesia Treasury Bond,
12.90%, 06/15/22		   3,644,664 
         6,134,684 
IRELAND — 0.5%     
 17,995,160(k)  Ireland Government Bond,
5.40%, 03/13/25		   30,812,784 
MALAYSIA — 0.6%     
 270,000(k)  Bank Negara Malaysia Monetary Notes,
2.81%, 09/09/14(h)		   84,210 
 250,000(k)  Bank Negara Malaysia Monetary Notes,
2.81%, 09/18/14(h)		   77,915 
 10,000(k)  Bank Negara Malaysia Monetary Notes,
2.89%, 03/12/15(h)		   3,070 
 10,000(k)  Bank Negara Malaysia Monetary Notes,
2.89%, 04/16/15(h)		   3,060 
 2,150,000(k)  Bank Negara Malaysia Monetary Notes,
2.98%, 05/05/15(h)		   656,309 
 9,200,000(k)  Bank Negara Malaysia Monetary Notes,
3.05%, 05/19/15(h)		   2,806,841 
 87,958,000(k)  Malaysia Government Bond,
4.72%, 09/30/15		   28,023,650 

 

86
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal Amount      Value 
MALAYSIA (continued)     
$4,485,000(k)  Malaysia Government Bond,
3.20%, 10/15/15		  $1,404,487 
         33,059,542 
MEXICO — 0.5%     
 10,587,000(k)  Mexican Bonos,
6.00%, 06/18/15		   820,714 
 91,413,000(k)  Mexican Bonos,
8.00%, 12/17/15		   7,364,375 
 43,680,000(k)  Mexican Bonos,
6.25%, 06/16/16		   3,478,468 
 36,000,000(k)  Mexican Bonos,
7.25%, 12/15/16		   2,946,426 
 23,900,000(k)  Mexican Bonos,
7.75%, 12/14/17		   2,004,261 
 1,059,200(k)  Mexican Udibonos,
4.50%, 12/18/14		   421,476 
 2,720,000(k)  Mexican Udibonos,
5.00%, 06/16/16		   1,155,959 
 2,712,000(k)  Mexican Udibonos,
3.50%, 12/14/17		   1,149,496 
 1,851,000(k)  Mexican Udibonos,
4.00%, 06/13/19		   809,602 
 1,465,000(k)  Mexican Udibonos,
2.50%, 12/10/20		   591,256 
 43,628,000(k)  Mexico Cetes,
3.04%, 12/24/14(h)		   326,319 
 730,580,000(k)  Mexico Cetes,
3.58%, 04/01/15(h)		   5,415,963 
 46,652,000(k)  Mexico Cetes,
3.09%, 05/28/15(h)		   345,126 
         26,829,441 
PHILIPPINES — 0.2%     
 312,450,000(k)  Philippine Government Bond,
9.13%, 09/04/16		   8,125,396 
 18,620,000(k)  Philippine Treasury Bill,
1.00%, 09/03/14(h)		   427,726 
 25,320,000(k)  Philippine Treasury Bill,
1.22%, 10/08/14(h)		   580,734 
 25,320,000(k)  Philippine Treasury Bill,
1.21%, 04/08/15(h)		   576,228 
         9,710,084 
POLAND — 0.5%     
 4,280,000(k)  Poland Government Bond,
5.50%, 04/25/15		   1,401,565 
 739,000(k)  Poland Government Bond,
5.50%, 04/25/15		   241,999 
 7,481,000(k)  Poland Government Bond,
2.97%, 07/25/15(h)		   2,343,102 
 32,184,000(k)  Poland Government Bond,
6.25%, 10/24/15		   10,784,729 
Principal
Amount		      Value 
POLAND (continued)     
$28,470,000(k)  Poland Government Bond,
2.94%, 01/25/16(h)		  $8,799,304 
 8,188,000(k)  Poland Government Bond,
2.72%, 01/25/17(m)		   2,624,631 
 8,307,000(k)  Poland Government Bond,
2.72%, 01/25/21(m)		   2,626,836 
         28,822,166 
PORTUGAL — 0.1%     
 3,020,000   Portugal Government International Bond,
5.13%, 10/15/24(i)		   3,046,274 
SERBIA — 0.1%     
 1,540,000   Republic of Serbia,
5.25%, 11/21/17(i)		   1,605,450 
 3,280,000   Republic of Serbia,
7.25%, 09/28/21(i)		   3,784,300 
         5,389,750 
SINGAPORE — 0.1%     
 9,400,000(k)  Monetary Authority of Singapore,
0.31%, 08/01/14(h)		   7,535,070 
SLOVENIA — 0.1%     
 2,860,000   Slovenia Government International Bond,
5.50%, 10/26/22(i)		   3,117,400 
 1,400,000   Slovenia Government International Bond,
5.85%, 05/10/23(i)		   1,561,000 
         4,678,400 
SOUTH KOREA — 0.9%     
 11,704,200,000(k)  Korea Monetary Stabilization Bond,
2.82%, 08/02/14		   11,387,070 
 10,385,800,000(k)  Korea Monetary Stabilization Bond,
2.78%, 10/02/14		   10,110,263 
 6,039,800,000(k)  Korea Monetary Stabilization Bond,
2.84%, 12/02/14		   5,884,611 
 2,226,780,000(k)  Korea Monetary Stabilization Bond,
2.74%, 02/02/15		   2,169,993 
 312,000,000(k)  Korea Monetary Stabilization Bond,
2.47%, 04/02/15		   303,703 
 2,610,000,000(k)  Korea Monetary Stabilization Bond,
2.76%, 06/02/15		   2,546,381 
 625,300,000(k)  Korea Monetary Stabilization Bond,
2.66%, 06/09/15		   611,040 
 5,276,320,000(k)  Korea Monetary Stabilization Bond,
2.80%, 08/02/15		   5,153,756 
 433,000,000(k)  Korea Monetary Stabilization Bond,
2.81%, 10/02/15		   423,176 
 6,633,880,000(k)  Korea Monetary Stabilization Bond,
2.80%, 04/02/16		   6,492,160 
 5,569,100,000(k)  Korea Monetary Stabilization Bond,
2.79%, 06/02/16		   5,465,071 

 

87
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		     Value  
SOUTH KOREA (continued)     
$1,641,520,000(k)  Korea Treasury Bond,
3.25%, 12/10/14		  $1,601,626 
         52,148,850 
           
SRI LANKA — 0.1%     
 13,560,000(k)  Sri Lanka Government Bonds, Series A,
6.50%, 07/15/15		   103,942 
 264,000,000(k)  Sri Lanka Government Bonds, Series  A,
11.00%, 08/01/15		   2,108,371 
 385,000,000(k)  Sri Lanka Government Bonds, Series B,
11.00%, 09/01/15		   3,081,744 
         5,294,057 
SWEDEN — 0.1%     
 5,740,000(k)  Sweden Government Bond,
4.50%, 08/12/15		   868,730 
 28,800,000(k)  Sweden Treasury Bill,
0.59%, 08/20/14(h)		   4,174,501 
 15,750,000(k)  Sweden Treasury Bill,
0.52%, 09/17/14(h)		   2,282,403 
         7,325,634 
UKRAINE — 0.3%     
 200,000   Financing of Infrastrucural Projects State Enterprise,
7.40%, 04/20/18(i)		   187,750 
 100,000(k)  Ukraine Government International Bond,
4.95%, 10/13/15(i)		   125,870 
 200,000   Ukraine Government International Bond,
6.25%, 06/17/16(i)		   192,500 
 4,230,000   Ukraine Government International Bond,
9.25%, 07/24/17(i)		   4,282,875 
 1,350,000   Ukraine Government International Bond,
6.75%, 11/14/17(i)		   1,283,175 
 9,600,000   Ukraine Government International Bond,
7.75%, 09/23/20(i)		   9,168,000 
 1,580,000   Ukraine Government International Bond,
7.80%, 11/28/22(i)		   1,512,850 
         16,753,020 
VIETNAM — 0.1%     
 1,625,000   Vietnam Government International Bond,
6.88%, 01/15/16(i)		   1,736,719 
Principal      
Amount     Value  
VIETNAM (continued)     
$2,490,000   Vietnam Government International Bond,
6.75%, 01/29/20(i)		  $2,816,813 
         4,553,532 
Total Government Bonds
(Cost $266,329,808)		   281,351,348 
ASSET-BACKED SECURITIES — 3.9%     
CAYMAN ISLANDS — 1.1%     
 5,000,000   Adams Mill CLO Ltd., Series 2014-1A, Class E1,
5.23%, 07/15/26(i)(m)		   4,600,000 
 11,750,000   Adams Mill CLO Ltd., Series 2014-1A, Class F,
5.92%, 07/15/26(c)(i)(m)		   10,604,375 
 5,000,000   Apidos CLO XVIII, Series 2014-18A, Class D,
5.43%, 07/22/26(i)(m)		   4,582,730 
 3,000,000   Gramercy Park CLO Ltd., Series 2012-1AR, Class DR, 5.73%, 07/17/23(i)(m)   2,887,188 
 5,000,000   JFIN CLO 2014 Ltd., Series 2014-1A, Class E,
5.23%, 04/20/25(i)(m)		   4,577,035 
 4,000,000   Oaktree CLO Ltd., Series 2014-1A, Class D,
4.99%, 02/13/25(i)(m)		   3,620,468 
 3,000,000   OCTAGON Investment Partners XX Ltd., Series 2014-1A, Class E,
5.48%, 08/12/26(i)(m)		   2,797,800 
 2,500,000   OZLM VII Ltd., Series 2014-7A, Class D,
5.25%, 07/17/26(i)(m)		   2,293,533 
 11,250,000   Washington Mill CLO Ltd., Series 2014-1A, Class F,
5.73%, 04/20/26(c)(i)(m)		   9,890,021 
 17,600,000   Washington Mill CLO Ltd., Series 2014-1A, Class SUB,
0.99%, 04/20/26(c)(i)		   16,887,200 
         62,740,350 
UNITED STATES — 2.8%     
 4,345,717   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1,
0.51%, 03/25/36(m)		   1,354,903 
 4,345,717   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3,
0.51%, 03/25/36(m)		   1,354,903 
 20,614,569   Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2,
0.35%, 10/25/36(m)		   14,448,009 
 9,006,993   Bear Stearns Asset-Backed Securities Trust, Series 2007-AC4, Class A1,
0.46%, 02/25/37(m)		   6,228,020 
 4,884,740   Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,
0.58%, 02/25/37(m)		   3,019,190 
 8,250,000   Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A3,
0.30%, 12/25/36(m)		   5,273,186 

 

88
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal      
Amount     Value
UNITED STATES (continued)     
$5,700,000   Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, 0.38%, 12/25/36(m)  $3,687,832 
 2,884,332   Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.31%, 09/25/46(m)   2,330,119 
 7,349,274   Countrywide Asset-Backed Certificates, Series 2006-19, Class 2A2, 0.32%, 03/25/37(m)   6,634,917 
 9,591,739   Countrywide Asset-Backed Certificates, Series 2006-BC5, Class 2A3, 0.33%, 03/25/37(m)   8,263,245 
 4,768,410   Countrywide Asset-Backed Certificates, Series 2007-4, Class A2, 5.53%, 04/25/47(m)   4,611,658 
 9,601,731   Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A2, 0.26%, 11/25/36(m)   5,417,134 
 3,496,520   Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A3, 0.30%, 11/25/36(m)   1,983,471 
 8,837,137   Fieldstone Mortgage Investment Trust, Series 2006-3, Class 2A3, 0.32%, 11/25/36(m)   5,204,738 
 6,923,065   First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2007-FF2, Class A2C, 0.30%, 03/25/37(m)   4,406,974 
 9,788,109   Fremont Home Loan Trust, Series 2006-3, Class 2A3, 0.33%, 02/25/37(m)   5,833,135 
 10,643,837   Fremont Home Loan Trust, Series 2006-B, Class 2A3, 0.32%, 08/25/36(m)   4,800,850 
 8,174,616   Fremont Home Loan Trust, Series 2006-E, Class 2A3, 0.31%, 01/25/37(m)   3,770,157 
 6,000,000   GSAA Trust, Series 2005-11, Class 3A5, 0.53%, 10/25/35(m)   5,272,548 
 960,874   GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(m)   746,477 
 5,378,750   Lehman XS Trust, Series 2007-1, Class 2A1, 5.60%, 02/25/37(m)   4,972,326 
 8,950,471   Mastr Asset Backed Securities Trust, Series 2006-NC3, Class A4, 0.32%, 10/25/36(m)   5,675,413 
 2,145,000   Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.40%, 06/25/36(m)   1,576,579 
 13,608,504   Morgan Stanley ABS Capital I, Series 2006-HE6, Class A2C, 0.31%, 09/25/36(m)   7,735,659 
Principal      
Amount     Value
UNITED STATES (continued)     
$4,689,164   Morgan Stanley ABS Capital I, Series 2007-HE1, Class A2D, 0.39%, 11/25/36(m)  $3,161,608 
 11,414,502   Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 0.30%, 05/25/37(m)   8,149,315 
 6,956,634   Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36   4,020,280 
 1,325,412   Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(m)   1,162,214 
 2,649,431   Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(m)   2,854,288 
 2,000,000   OneMain Financial Issuance Trust, Series 2014-2A, Class C, 4.33%, 09/18/24(i)   1,999,599 
 4,000,000   OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 09/18/24(i)   3,999,120 
 16,735,000   Residential Asset Mortgage Products, Inc., Series 2006-RZ2, Class A3, 0.43%, 05/25/36(m)   14,970,980 
 4,787,815   Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A3, 0.37%, 06/25/37(m)   2,844,949 
         157,763,796 
           
Total Asset-Backed Securities
(Cost $202,115,029)		   220,504,146 
           
NON-AGENCY MORTGAGE-BACKED
SECURITIES — 13.3%		     
           
COLLATERALIZED MORTGAGE OBLIGATIONS — 12.9%     
 2,999,301   Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 2.69%, 07/25/35(m)   2,955,775 
 3,712,399   Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 3.88%, 03/25/37(m)   2,888,930 
 5,201,777   American Home Mortgage Assets Trust, Series 2005-1, Class 2A21, 2.60%, 11/25/35(m)   4,009,753 
 7,467,324   American Home Mortgage Assets Trust, Series 2007-1, Class A1, 0.82%, 02/25/47(m)   4,804,431 
 4,355,310   American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37   2,951,677 
 971,068   American Home Mortgage Assets Trust, Series 2007-4, Class A2, 0.35%, 08/25/37(m)   940,812 

 

89
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal      
Amount     Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$2,519,016   American Home Mortgage Investment Trust, Series 2006-1, Class 2A3, 2.08%, 12/25/35(m)  $1,833,778 
 3,525,544   Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35   3,375,938 
 5,062,268   Banc of America Funding Corp, Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37   4,096,782 
 1,089,660   Banc of America Funding Corp., Series 2005-F, Class 6A1, 5.00%, 09/20/35(m)   1,074,122 
 1,896,265   Banc of America Funding Corp., Series 2006-A, Class 3A2, 2.74%, 02/20/36(m)   1,559,561 
 1,966,661   Banc of America Funding Corp., Series 2006-E, Class 2A1, 2.68%, 06/20/36(m)   1,664,297 
 10,438,194   Banc of America Funding Corp., Series 2007-A, Class 2A1, 0.32%, 02/20/47(m)   9,109,527 
 3,711,327   Banc of America Funding Trust, Series 2006-G, Class 2A1, 0.38%, 07/20/36(m)   3,499,748 
 2,518,787   Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 2.78%, 10/25/35(m)   2,261,397 
 11,333,035   BCAP LLC Trust, Series 2007-AA2, Class 12A1, 0.37%, 05/25/47(m)   8,450,761 
 6,050,273   BCAP LLC Trust, Series 2010-RR11, Class 4A1, 2.57%, 03/27/47(i)(m)   5,288,181 
 3,462,225   BCAP LLC Trust, Series 2011-RR9, Class 7A1, 1.94%, 04/26/37(i)(m)   3,367,173 
 4,809,503   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1,
2.48%, 02/25/36(m)		   3,798,593 
 1,850,853   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 5.27%, 08/25/35(m)   1,632,782 
 8,921,710   Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.37%, 02/25/36(m)   8,981,129 
 1,505,167   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 2.89%, 05/25/47(m)   1,275,885 
 8,888,963   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 12A1, 5.47%, 05/25/37(m)   7,874,617 
 4,750,397   Bear Stearns Alt-A Trust, Series 2005-9, Class 26A1, 4.91%, 11/25/35(m)   3,712,901 
 4,709,923   Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, 0.60%, 04/25/36(m)   3,426,469 
Principal      
Amount     Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$828,880   Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.72%, 05/25/35(m)  $789,391 
 984,224   Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 5.24%, 06/25/36(m)   909,191 
 8,172,388   Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(i)   6,538,971 
 1,125,206   Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35   1,083,510 
 4,932,955   Countrywide Alternative Loan Trust, Series 2005-22T1, Class A5, 5.50%, 06/25/35   4,426,582 
 2,734,550   Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.46%, 08/25/35(m)   2,406,795 
 5,700,543   Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.47%, 08/25/35(m)   4,449,268 
 8,846,577   Countrywide Alternative Loan Trust, Series 2005-38, Class A3, 0.51%, 09/25/35(m)   7,799,328 
 3,571,923   Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 2.50%, 12/25/35(m)   2,984,160 
 264,673   Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.12%, 12/25/35(m)   240,412 
 7,010,022   Countrywide Alternative Loan Trust, Series 2005-7CB, Class 2A8, 0.61%, 04/25/35(m)   5,410,146 
 4,663,289   Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, 0.61%, 05/25/35(m)   3,803,537 
 2,412,522   Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35   2,198,754 
 6,972,575   Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.51%, 05/25/36(m)   4,609,353 
 4,065,047   Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36   3,273,680 
 8,224,206   Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36   6,940,399 
 4,019,709   Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36    2,877,541 
 3,135,646   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.51%, 06/25/36(m)   2,308,469 

 

90
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal      
Amount     Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$3,135,646   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 7.00%, 06/25/36(m)  $717,345 
 3,232,412   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36   2,931,687 
 1,274,767   Countrywide Alternative Loan Trust, Series 2006-25CB, Class A2, 6.00%, 10/25/36   1,183,683 
 3,293,219   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.56%, 03/25/36(m)   2,194,529 
 9,250,387   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36   7,646,175 
 1,911,845   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A8, 6.00%, 03/25/36   1,635,725 
 3,468,052   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37   2,994,642 
 2,512,126   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37   2,146,056 
 4,718,829   Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A12, 5.75%, 02/25/37   4,045,806 
 2,932,334   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37   2,527,487 
 6,705,014   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37   5,779,300 
 546,691   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36   505,515 
 1,551,012   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.56%, 05/25/36(m)   1,237,077 
 8,773,095   Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36   6,113,891 
 1,176,537   Countrywide Alternative Loan Trust, Series 2006-HY12, Class A4, 0.54%, 08/25/36(m)   1,170,399 
 7,211,695   Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, 2.17%, 11/20/36(m)   4,755,038 
 13,226,029   Countrywide Alternative Loan Trust, Series 2006-OA10, Class 2A1, 0.35%, 08/25/46(m)   10,048,277 
 7,778,789   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, 0.35%, 11/25/46(m)   6,170,945 
Principal      
Amount     Value
COLLATERALIZED MORTGAGE OBLIGATIONS(continued)     
$9,676,490   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, 0.97%, 11/25/46(m)  $7,261,122 
 2,650,000   Countrywide Alternative Loan Trust, Series 2006-OA16, Class A1D, 0.44%, 10/25/46(m)   2,056,678 
 7,215,418   Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, 0.28%, 12/25/46(m)   6,299,796 
 2,674,010   Countrywide Alternative Loan Trust, Series 2006-OA19, Class A1, 0.34%, 02/20/47(m)   1,999,916 
 9,700,843   Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.35%, 03/20/47(m)   7,861,564 
 4,132,332   Countrywide Alternative Loan Trust, Series 2006-OA22, Class A1, 0.32%, 02/25/47(m)   3,643,799 
 3,452,167   Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, 0.37%, 05/25/36(m)   2,816,081 
 12,974,522   Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, 0.37%, 07/25/46(m)   9,909,434 
 10,534,198   Countrywide Alternative Loan Trust, Series 2006-OA7, Class 1A1, 1.95%, 06/25/46(m)   8,929,566 
 17,485,998   Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, 0.35%, 07/25/46(m)   14,775,441 
 11,581,796   Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.34%, 11/25/36(m)   10,376,792 
 7,778,954   Countrywide Alternative Loan Trust, Series 2006-OC8, Class 2A2A, 0.28%, 11/25/36(m)   6,905,129 
 4,472,064   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37   3,758,014 
 4,504,461   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37   3,847,440 
 2,326,821   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37   1,951,993 
 7,042,435   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A4, 6.00%, 08/25/37   5,907,969 
 7,969,694   Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37   6,538,185 
 8,127,353   Countrywide Alternative Loan Trust, Series 2007-23CB, Class A1, 6.00%, 09/25/37   7,165,570 

 

91
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal      
Amount     Value
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		     
$5,370,332   Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37  $4,856,632 
 2,203,300   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37   1,820,034 
 7,547,434   Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B,
2.57%, 03/25/47(m)		   6,890,445 
 6,102,094   Countrywide Alternative Loan Trust, Series 2007-OA2, Class 2A1, 0.29%, 03/25/47(m)   4,064,019 
 3,593,436   Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37   2,827,021 
 215,569   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-15, Class A1, 5.50%, 08/25/35   205,780 
 908,162   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A6, 5.50%, 09/25/35   899,283 
 561,009   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-21, Class 2A2, 5.50%, 10/25/35   547,756 
 5,400,847   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 2.58%, 01/25/36(m)   4,760,657 
 1,818,655   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35   1,792,723 
 6,257,864   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-9, Class A2, 6.00%, 05/25/36   5,855,927 
 5,003,619   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 2.42%, 03/20/36(m)   4,520,255 
 888,620   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J2, Class 1A1, 6.00%, 04/25/36   846,291 
 1,047,689   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-J4, Class A9, 6.25%, 09/25/36   926,614 
 14,457,795   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.08%, 04/25/46(m)   8,239,367 
Principal      
Amount     Value
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$6,334,071   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.36%, 04/25/46(m)  $5,552,308 
 2,730,553   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, 0.58%, 07/25/36(i)(m)   2,482,952 
 5,952,064   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38   5,468,542 
 6,056,868   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HY1, Class 1A1, 2.66%, 04/25/37(m)   5,097,000 
 930,913   Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21   880,512 
 5,024,092   Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36   5,183,481 
 2,364,321   Credit Suisse Mortgage Capital Certificates, Series 2008-2R, Class 1A1, 6.00%, 07/25/37(i)   2,067,620 
 1,033,157   Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 2.64%, 01/27/36(i)(m)   1,023,636 
 2,705,964   Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 2.61%, 07/25/36(i)(m)   2,742,727 
 3,325,845   Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 5A1, 2.60%, 05/27/36(i)(m)   3,274,640 
 1,627,557   Credit Suisse Mortgage Capital Certificates, Series 2011-4R, Class 6A1, 2.43%, 05/27/36(i)(m)   1,620,282 
 988,208   Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 1A1, 2.56%, 07/25/36(i)(m)   980,569 
 3,050,299   Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 2.69%, 08/25/46(i)(m)   3,003,029 
 3,660,496   Credit Suisse Mortgage Capital Certificates, Series 2011-6R, Class 6A1, 2.76%, 08/28/36(i)(m)   3,515,656 
 8,842,496   Credit Suisse Mortgage Capital Certificates, Series 2013-7R, Class 6A1, 0.54%, 06/26/47(i)(m)   9,026,588 
 4,351,114   Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 17.20%, 04/27/37(i)(m)   3,513,899 
 4,419,979   Deutsche Alt-A Securities, Inc., Alternate Loan Trust, Series 2007-1, Class 1A3B, 0.30%, 08/25/37(m)   3,728,509 

 

92
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		     
$10,000,000   Fannie Mae Connecticut Avenue Securities, Series 2014-C03, Class 1M2, 3.15%, 07/25/24(m)  $9,780,950 
 4,000,000   FREMF Mortgage Trust, Series 2012-K708, Class C, 3.76%, 02/25/45(i)(m)   4,063,220 
 5,000,000   FREMF Mortgage Trust, Series 2012-K709, Class C, 3.74%, 04/01/45(i)(m)   5,069,400 
 1,585,072   GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.01%, 11/19/35(m)   1,490,635 
 7,113,334   GreenPoint Mortgage Funding Trust, Series 2007-AR3, Class A1, 0.38%, 06/25/37(m)   6,135,179 
 8,303,401   GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.51%, 01/25/35(i)(m)   6,966,744 
 2,954,705   GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, 0.51%, 01/25/36(i)(m)   2,494,070 
 1,629,661   GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.67%, 01/25/35(m)   1,655,600 
 2,558,059   GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.66%, 05/25/35(m)   2,514,863 
 1,165,626   GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A4, 2.74%, 10/25/35(m)   1,165,138 
 5,247,117   GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.68%, 09/25/35(m)   5,241,209 
 920,154   GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36   896,323 
 1,858,761   GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21   1,840,387 
 2,808,769   GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 2.87%, 01/25/36(m)   2,583,528 
 2,734,655   GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37   2,487,508 
 6,740,540   Harborview Mortgage Loan Trust, Series 2006-6, Class 3A1A, 2.62%, 08/19/36(m)   5,467,353 
 5,464,450   Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.43%, 10/25/35(m)   4,906,245 
 2,594,461   Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.30%, 04/25/37(m)   1,931,906 
Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		     
$3,248,925   Homebanc Mortgage Trust, Series 2006-1, Class A1, 0.34%, 12/25/36(m)  $2,860,516 
 2,047,316   Homebanc Mortgage Trust, Series 2007-1, Class 13A1, 5.77%, 04/25/47(m)   1,623,791 
 71,868,540   IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 3.81%, 07/25/47   6,153,744 
 42,174   IndyMac INDA Mortgage Loan Trust, Series 2007-AR7, Class 1A1, 2.78%, 11/25/37(m)   40,237 
 5,035,067   IndyMac INDX Mortgage Loan Trust, Series 2006-AR11, Class 4A1, 2.64%, 06/25/36(m)   3,713,080 
 5,491,771   IndyMac INDX Mortgage Loan Trust, Series 2006-AR3, Class 3A1A, 2.55%, 04/25/36(m)   4,323,628 
 6,481,667   IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 2.96%, 01/25/37(m)   5,331,910 
 14,126,390   IndyMac INDX Mortgage Loan Trust, Series 2006-FLX1, Class A1, 0.37%, 11/25/36(m)   12,444,446 
 1,968,531   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.22%, 03/25/37(m)   1,881,174 
 6,677,028   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, 0.31%, 03/25/37(m)   6,126,246 
 6,915,876   JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.10%, 10/25/37(m)   5,512,133 
 866,311   JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37   858,451 
 10,120,932   Lehman XS Trust, Series 2006-12N, Class A31A, 0.36%, 08/25/46(m)   7,840,889 
 6,659,669   Lehman XS Trust, Series 2007-20N, Class A1, 1.31%, 12/25/37(m)   4,849,358 
 1,771,423   Mastr Adjustable Rate Mortgages Trust, Series 2005-6, Class 5A2, 2.21%, 07/25/35(m)   1,544,659 
 2,623,343   Mastr Reperforming Loan Trust, Series 2005-2, Class 1A1F, 0.51%, 05/25/35(i)(m)   2,204,762 
 4,846,609   Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 2.73%, 05/25/36(m)   3,985,682 
 2,097,796   Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36   1,891,454 
 31   Morgan Stanley Mortgage Loan Trust, Series 2006-2, Class 2A1, 1.06%, 02/25/36(m)   27 

 

93
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		     
$14,070,535   Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.46%, 05/26/37(i)(m)  $8,777,799 
 12,827,948   Nomura Asset Acceptance Corp Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(m)   7,008,126 
 7,417,886   Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(i)   7,472,363 
 3,179,018   Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(i)   3,199,494 
 2,313,675   Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36   1,883,410 
 1,923,353   Residential Accredit Loans, Inc., Series 2007-QS6, Class A1, 0.49%, 04/25/37(m)   1,208,714 
 2,817,349   Residential Funding Mortgage Securities I, Series 2005-SA5, Class 2A, 3.07%, 11/25/35(m)   2,531,921 
 427,685   Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36   392,752 
 8,829,387   Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 3.51%, 08/25/36(m)   7,859,726 
 4,898,734   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.70%, 05/25/35(m)   4,335,296 
 6,738,116   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 5A1, 5.15%, 08/25/35(m)   6,386,022 
 4,940,649   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 1A1, 2.59%, 10/25/36(m)   3,752,853 
 8,598,515   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-9, Class 3A1, 4.64%, 10/25/36(m)   6,349,926 
 1,027,377   Structured Asset Mortgage Investments II Trust, Series 2005-AR8, Class A1A, 0.44%, 02/25/36(m)   855,523 
 8,239,056   Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 0.39%, 02/25/36(m)   6,745,587 
 4,496,800   Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, 0.34%, 09/25/47(m)   3,935,707 
 5,651,056   Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.38%, 05/25/46(m)   3,349,511 
Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		     
$7,520,736   Structured Asset Securities Corp, Series 2005-RF3, Class 1A, 0.51%, 06/25/35(i)(m)  $6,082,538 
 885,406   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-1, Class 2A1, 2.70%, 02/25/37(m)   769,220 
 3,770,043   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 2.71%, 04/25/37(m)   3,206,308 
 1,259,559   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 2.78%, 04/25/37(m)   981,277 
 255,826   WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 2.36%, 12/25/35(m)   247,042 
 9,586,977   WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR17, Class A1A1, 0.43%, 12/25/45(m)   9,048,640 
 8,092,679   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR10, Class 1A1, 2.34%, 09/25/36(m)   7,355,217 
 4,328,009   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR19, Class 1A, 0.86%, 01/25/47(m)   3,622,050 
 10,081,349   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR19, Class 2A, 1.92%, 01/25/47(m)   9,596,265 
 6,728,586   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR3, Class A1A, 1.12%, 02/25/46(m)   6,387,076 
 896,545   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR8, Class 1A1, 2.31%, 08/25/46(m)   783,484 
 2,841,792   WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 2.12%, 07/25/37(m)   2,367,335 
 5,922,266   WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, 0.89%, 05/25/47(m)   5,258,368 
 2,831,459   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35   2,477,705 
 6,008,741   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36   3,375,416 

 

94
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		     
$2,789,596   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.08%, 08/25/46(m)  $1,932,063 
 822,099   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.61%, 07/25/36(m)   821,379 
 1,574,774   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.62%, 04/25/36(m)   1,542,795 
         723,682,679 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%     
 1,000,000   Commercial Mortgage Pass-Through Certificates, Series 2013-LC6, Class D, 4.29%, 01/10/23(i)(m)   950,174 
 5,380,000   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class AJ, 6.08%, 02/12/51(m)   5,730,012 
 1,000,000   JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class B, 6.18%, 02/12/51(i)(m)   965,905 
 5,000,000   LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class AJ, 5.85%, 06/15/38(m)   5,303,735 
 4,000,000   Morgan Stanley Capital I Trust, Series 2006-HQ9, Class C, 5.84%, 07/12/44(m)   4,139,100 
 3,333,300   Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.94%, 02/15/51(m)   3,478,009 
         20,566,935 
Total Non-Agency Mortgage-Backed Securities
(Cost $663,012,510)		   744,249,614 
U.S. GOVERNMENT AGENCIES — 40.8%     
Federal Home Loan Bank — 40.8%     
 296,100,000   0.06%, 08/01/14(o)   296,100,000 
 50,000,000   0.06%, 08/01/14(o)   50,000,000 
 25,000,000   0.06%, 08/01/14(o)   25,000,000 
 5,000,000   0.05%, 08/05/14(o)   4,999,972 
 186,100,000   0.05%, 08/06/14(o)   186,098,559 
 308,400,000   0.06%, 08/08/14(o)   308,396,217 
 5,000,000   0.04%, 08/08/14(o)   4,999,966 
 76,000,000   0.03%, 08/11/14(o)   75,999,608 
 579,200,000   0.06%, 08/13/14(o)   579,187,531 
 7,000,000   0.06%, 08/13/14(o)   6,999,855 
 6,000,000   0.07%, 08/13/14(o)   5,999,870 
Principal        
Amount      Value 
Federal Home Loan Bank (continued)      
$67,600,000   0.06%, 08/15/14(o)  $67,598,496 
 223,900,000   0.03%, 08/20/14(o)   223,893,082 
 82,000,000   0.06%, 08/21/14(o)   81,997,267 
 162,400,000   0.07%, 08/22/14(o)   162,393,879 
 36,300,000   0.07%, 08/28/14(o)   36,298,094 
 137,300,000   0.05%, 08/29/14(o)   137,295,195 
 8,305,000   0.07%, 09/05/14(o)   8,304,474 
 13,100,000   0.09%, 09/10/14(o)   13,098,981 
 1,100,000   0.08%, 09/19/14(o)   1,099,888 
 6,100,000   0.08%, 09/24/14(o)   6,099,314 
 165,000   0.08%, 10/08/14(o)   164,983 
 3,355,000   0.09%, 10/29/14(o)   3,354,544 
         2,285,379,775 
Total U.S. Government Agencies
(Cost $2,285,379,519)		   2,285,379,775 
U.S. GOVERNMENT SECURITIES — 3.1%     
U.S. Treasury Bills — 3.1%     
 47,000,000   0.02%, 08/14/14(o)   46,999,644 
 125,400,000   0.03%, 08/21/14(o)   125,398,254 
Total U.S. Government Securities
(Cost $172,397,898)		   172,397,898 
           
 Shares          
CASH SWEEP — 1.4%     
UNITED STATES — 1.4%     
 77,210,708   Citibank - US Dollars on Deposit in Custody Account, 0.02%(p)   77,210,708 
Total Cash Sweep
(Cost $77,210,708)		   77,210,708 
TOTAL INVESTMENTS — 103.3%
(Cost $5,577,987,458)(a)		   5,787,029,443 
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%   (186,140,853)
NET ASSETS — 100.0%  $5,600,888,590 
           
Contracts       Value 
CALL OPTIONS WRITTEN — (0.5)%     
 (962)  Abercrombie & Fitch Co., Strike $30.00, Expires 08/16/14  $(937,950)
 (917)  American International Group, Inc., Strike $35.00, Expires 01/17/15   (1,659,770)
 (1,000)  American International Group, Inc., Strike $45.00, Expires 01/17/15   (855,000)
 (1,000)  American International Group, Inc., Strike $50.00, Expires 11/22/14   (360,000)

 

95
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts      Value 
 (1,500)  American International Group, Inc., Strike $52.50, Expires 08/16/14  $(123,000)
 (1,000)  American Public Education, Inc., Strike $30.00, Expires 09/20/14   (650,000)
 (72)  Apple, Inc., Strike $60.71, Expires 01/17/15   (256,680)
 (661)  Apple, Inc., Strike $64.29, Expires 01/17/15   (2,088,760)
 (700)  Apple, Inc., Strike $72.86, Expires 10/18/14   (1,659,000)
 (4,615)  Bank of America Corp., Strike $10.00, Expires 01/17/15   (2,469,025)
 (1,000)  Blucora, Inc., Strike $15.00, Expires 01/17/15   (320,000)
 (2,000)  Blucora, Inc., Strike $17.50, Expires 10/18/14   (220,000)
 (43)  Cisco Systems, Inc., Strike $17.00, Expires 01/17/15   (36,335)
 (1,000)  Citigroup, Inc., Strike $50.00, Expires 01/17/15   (237,000)
 (1,000)  Citigroup, Inc., Strike $55.00, Expires 01/17/15   (81,000)
 (1,000)  Coach, Inc., Strike $32.00, Expires 01/17/15   (400,000)
 (2,000)  Coach, Inc., Strike $33.00, Expires 01/17/15   (680,000)
 (2,750)  Coca-Cola Co. (The), Strike $42.50, Expires 01/17/15   (101,750)
 (2,110)  Depomed, Inc., Strike $9.00, Expires 12/20/14   (432,550)
 (2,750)  GameStop Corp., Strike $32.00, Expires 01/17/15   (3,300,000)
 (1,000)  Generac Holdings, Inc., Strike $45.00, Expires 11/22/14   (290,000)
 (1,250)  Inteliquent, Inc., Strike $10.00, Expires 03/20/15   (237,500)
 (1,427)  Inteliquent, Inc., Strike $10.00, Expires 09/20/14   (156,970)
 (1)  Inteliquent, Inc., Strike $7.50, Expires 09/20/14   (350)
 (110)  iShares MSCI Germany Index Fund, Strike $28.00, Expires 01/17/15   (23,650)
 (1,500)  Lowe’s Cos., Inc., Strike $45.00, Expires 10/18/14   (570,000)
 (1,250)  Medtronic, Inc., Strike $67.50, Expires 01/17/15   (155,000)
 (1,531)  NeuStar, Inc., Strike $23.00, Expires 01/17/15   (979,840)
 (1,250)  Oracle Corp., Strike $41.00, Expires 01/17/15   (256,250)
 (1,012)  Peabody Energy Corp., Strike $13.00, Expires 01/15/16   (374,440)
 (1,586)  Peabody Energy Corp., Strike $13.00, Expires 01/17/15   (425,048)
 (1,300)  PepsiCo, Inc., Strike $85.00, Expires 01/17/15   (637,000)
Contracts      Value 
 (1,000)  PetSmart, Inc., Strike $60.00, Expires 01/17/15  $(1,030,000)
 (500)  PetSmart, Inc., Strike $60.00, Expires 10/18/14   (510,000)
 (25)  Priceline Group, Inc. (The), Strike $1,070.00, Expires 10/18/14   (479,250)
 (50)  Priceline Group, Inc. (The), Strike $1,110.00, Expires 01/17/15   (922,000)
 (30)  Priceline Group, Inc. (The), Strike $1,165.00, Expires 01/17/15   (444,900)
 (2,000)  Unisys Corp., Strike $22.00, Expires 01/17/15   (380,000)
 (500)  Valero Energy Corp., Strike $47.50, Expires 03/20/15   (320,000)
 (1,250)  Weight Watchers International, Inc., Strike $24.00, Expires 01/17/15   (137,500)
 (401)  WisdomTree Europe SmallCap Dividend Fund, Strike $60.00, Expires 11/22/14   (24,060)
 (399)  WisdomTree Europe SmallCap Dividend Fund, Strike $61.00, Expires 11/22/14   (15,960)
 (750)  WisdomTree Europe SmallCap Dividend Fund, Strike $62.00, Expires 11/22/14   (18,750)
 (1,000)  WisdomTree Europe SmallCap Dividend Fund, Strike $63.00, Expires 11/22/14   (25,000)
 (3,627)  WisdomTree Europe SmallCap Dividend Fund, Strike $64.00, Expires 11/22/14   (90,675)
 (750)  WisdomTree Europe SmallCap Dividend Fund, Strike $65.00, Expires 11/22/14   (18,750)
 (2,500)  WisdomTree Japan Hedged Equity Fund, Strike $48.00, Expires 11/22/14   (800,000)
 (1,350)  WisdomTree Japan Hedged Equity Fund, Strike $50.00, Expires 11/22/14   (261,900)
 (2,500)  WisdomTree Japan Hedged Equity Fund, Strike $51.00, Expires 11/22/14   (372,500)
 (750)  WisdomTree Japan Hedged Equity Fund, Strike $54.38, Expires 01/17/15   (66,000)
 (250)  WW Grainger, Inc., Strike $250.00, Expires 01/17/15   (170,000)
Total Call Options Written
(Premiums received $(21,341,902))		   (27,061,113)

 

96
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
STRUCTURED OPTIONS — 2.2%     
 121,330   American International Group, Inc., One purchased call strike $43.27, One written call strike $53.573, One written put strike $43.27 with a barrier level strike of $28.847, Expires 01/16/15, Broker Goldman Sachs International  $828,284 
$13,800,000   DAXK Index, One purchased call strike $4,570.3176, One written call strike $31.2287 on iShares MSCI Germany ETF, One written put strike $27.8828 with a barrier level strike of $22.306 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 12/19/14, Broker JPMorgan Chase Bank N.A.(q)   828,245 
 2,299   DAXK Index, One purchased call strike $4,351.00, One written call strike $5,090.67, One written put strike $4,351.00 with a barrier level strike of $3,263.25 Expires 11/21/14, Broker Goldman Sachs International   1,069,396 
$5,000,000   DAXK Index, One purchased call strike $4,371.42, One written call strike $5,027.13, One written put strike $4,371.42 with a barrier level strike of $3,059.99, Expires 02/20/15, Broker Citibank N.A.   446,696 
 8,566   DAXK Index, One purchased call strike $4,378.20, One written call strike $29.44 on iShares MSCI Germany ETF (1,426,941 contracts), One written put strike $26.28 with a barrier level strike of $21.023 on iShares MSCI Germany ETF (570,776 contracts), Expires 11/21/14, Broker Goldman Sachs International(r)   3,096,097 
$10,000,000   DAXK Index, One purchased call strike $4,394.80, One written call strike $5,054.02, One written put strike $4,394.80 with a barrier level strike of $3,296.10, Expires 12/19/14, Broker JPMorgan Chase Bank N.A.   905,494 
Contracts/        
Notional        
Amount ($)      Value 
 2,262   DAXK Index, One purchased call strike $4,420.39, One written call strike $5,216.0602, One written put strike $4,420.39 with a barrier level strike of $3,094.273, Expires 10/17/14, Broker Goldman Sachs International  $999,111 
$2,000,000   DAXK Index, One purchased call strike $4,444.72, One written call strike $26.5862 on iShares MSCI Germany ETF, One written put strike $26.5862 with a barrier level strike of $21.269 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 12/19/14, Broker Citibank N.A.(q)   1,474,080 
 2,243   DAXK Index, One purchased call strike $4,458.16, One written call strike $5,171.47, One written put strike $4,458.16 with a barrier level strike of $3,299.04, Expires 10/17/14, Broker Credit Suisse International   899,523 
$19,500,000   DAXK Index, One purchased call strike $4,465.18, One written call strike $30.0574 on iShares MSCI Germany ETF, One written put strike $26.837 with a barrier level strike of $21.47 on iShares MSCI Germany ETF ($10,000,000 notional amount), Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(q)   1,268,642 
 2,231   DAXK Index, One purchased call strike $4,482.00, One written call strike $5,154.30, One written put strike $4,482.00 with a barrier level strike of $3,316.68, Expires 09/19/14, Broker Goldman Sachs International   841,305 
 3,274   DAXK Index, One purchased call strike $4,582.2208, One written call strike $5,223.7317, One written put strike $4,582.2208 with a barrier level strike of $3,299.199 Expires 01/16/15, Broker Goldman Sachs International   968,847 

 

97
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
$29,600,000   DAXK Index, One purchased call strike $4,619.50, One written call strike $31.5401 on iShares MSCI Germany ETF, One written put strike $28.1608 with a barrier level strike of $22.529 on iShares MSCI Germany ETF ($20,000,000 notional amount), Expires 02/20/15, Broker JPMorgan Chase Bank N.A.(q)  $1,380,399 
 3,182   DAXK Index, One purchased call strike $4,879.00, One written call strike $5,318.11, One written put strike $4,879.00 with a barrier level strike of $4,439.89 (1,537 contracts), Expires 04/17/15, Broker Credit Suisse International(r)   186,456 
 4,347   DAXK Index, One purchased call strike $4,882.4585, One written call strike $5,273.0552, One written put strike $4,882.4585 with a barrier level strike of $4,394.213 (1,536 contracts), Expires 05/15/15, Broker JPMorgan Chase Bank(r)   151,838 
$36,500,000   DAXK Index, One purchased call strike $4,947.294, One written call strike $5,145.1858, One written put strike $4,947.294 with a barrier level strike of $4,551.5105 ($10,000,000 notional amount), Expires 08/21/15, Broker Citibank N.A.(q)   (197,131)
 5,242   DAXK Index, One purchased call strike $4,961.4024, One written call strike $5,253.2496, One written put strike $4,864.12 with a barrier level strike of $4,377.708 (2,056 contracts), Expires 10/17/14, Broker Goldman Sachs International(r)   217,545 
 4,014   DAXK Index, One purchased call strike $4,982.70, One written call strike $5,630.451, One written put strike $4,982.70 with a barrier level strike of $3,737.025, Expires 05/15/15, Broker Goldman Sachs International   (311,259)
Contracts/        
Notional        
Amount ($)      Value 
 2,770   DAXK Index, One purchased call strike $6,552.855, One written call strike $7,077.0834, One written put strike $6,552.855 with a barrier level strike of $5,897.57 (1,145 contracts), Expires 04/17/15, Broker JPMorgan Chase Bank(r)  $170,777 
$66,500,000   EUR/USD foreign exchange rate, One purchased call strike $1.33, One written put strike $1.33, Expires 10/06/14, Broker Goldman Sachs International   429,250 
$17,200,000   EUR/USD foreign exchange rate, One purchased call strike $1.37, One written call strike $1.28, One written put strike $1.375 with a barrier level strike of $1.42 ($10,000,000 notional amount), Expires 12/15/14, Broker Goldman Sachs International(q)   392,035 
$17,300,000   EUR/USD foreign exchange rate, One purchased call strike $1.375, One written call strike $1.29, One written put strike $1.3805 with a barrier level strike of $1.425 ($10,000,000 notional amount), Expires 12/02/14, Broker Goldman Sachs International(q)   436,580 
$16,500,000   EUR/USD foreign exchange rate, One purchased call strike $1.38, One written call strike $1.30, One written put strike $1.38 with a barrier level strike of $1.44 ($10,000,000 notional amount), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(q)   357,645 
$28,000,000   EUR/USD foreign exchange rate, One purchased call strike $1.385, One written call strike $1.29, One written put strike $1.39 with a barrier level strike of $1.44 ($20,000,000 notional amount), Expires 06/05/15, Broker Goldman Sachs International(q)   689,404 

 

98
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
$42,250,000   EUR/USD foreign exchange rate, One purchased call strike $1.39, One written call strike $1.30, One written put strike $1.39 with a barrier level strike of $1.44 ($30,000,000 notional amount), Expires 04/17/15, Broker Goldman Sachs International(q)  $1,190,936 
$61,750,000   EUR/USD foreign exchange rate, One purchased put strike $1.355, One written put strike $1.28, One written call strike $1.355 with a barrier level strike of $1.39 ($35,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)   549,880 
$23,700,000   EUR/USD foreign exchange rate, One purchased put strike $1.365, One written put strike $1.29, One written call strike $1.365 with a barrier level strike of $1.40 ($15,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)   286,523 
$39,300,000   EUR/USD foreign exchange rate, One purchased put strike $1.39, One written put strike $1.29, One written call strike $1.395 with a barrier level strike of $1.445 ($30,000,000 notional amount), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(q)   1,123,975 
$10,000,000   Euro STOXX 50 Index, One purchased call strike $2,595.70, Expires 01/19/18, One written put strike $2,595.70 with a barrier level strike of $1,491.2297, Expires 01/16/15, Broker Citibank N.A.   2,154,077 
 3,839   Euro STOXX 50 Index, One purchased call strike $2,605.00, Expires 01/19/18, One written put strike $2,605.00 with a barrier level strike of $1,439.2630, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.   2,117,999 
Contracts/
Notional
Amount ($)		      Value 
 3,764   Euro STOXX 50 Index, One purchased call strike $2,657.00, Expires 01/19/18, One written put strike $2,657.00 with a barrier level strike of $1,554.3450, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.  $1,961,175 
 5,516   Euro STOXX 50 Index, One purchased call strike $2,719.48, Expires 02/16/18, One written put strike $2,719.48 with a barrier level strike of $1,706.4740, Expires 02/20/15, Broker JPMorgan Chase Bank N.A.   2,672,211 
 5,505   Euro STOXX 50 Index, One purchased call strike $2,725.10, Expires 12/21/18, One written put strike $2,725.10 with a barrier level strike of $2,125.58, Expires 12/16/16, Broker Goldman Sachs International   1,824,196 
$10,000,000   Euro STOXX 50 Index, One purchased call strike $2,730.95, Expires 05/18/18, One written put strike $2,730.95 with a barrier level strike of $1,768.29, Expires 05/15/15, Broker JPMorgan Chase Bank N.A.   1,650,520 
$7,875,000   Euro STOXX 50 Index, One purchased call strike $2,797.2047, Expires 12/21/18, One written put strike $2,797.2047 with a barrier level strike of $2,041.959 ($7,500,000 notional amount), Expires 12/16/16, Broker JPMorgan Chase Bank N.A.(q)   847,418 
 2,697   Euro STOXX 50 Index, One purchased call strike $2,799.80, One written call strike $3,275.77, One written put strike $2,799.80 with a barrier level strike of $1,959.86, Expires 12/19/14, Broker UBS AG   755,787 
 5,339   Euro STOXX 50 Index, One purchased call strike $2,810.00, Expires 06/15/18, One written put strike $2,810.00 with a barrier level strike of $1,968.00, Expires 06/19/15, Broker Goldman Sachs International   2,025,064 

 

99
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 7,703   Euro STOXX 50 Index, One purchased call strike $3,115.70, One written call strike $3,364.956, One written put strike $3,115.70 with a barrier level strike of $2,804.13 (3,210 contracts), Expires 02/20/15, Broker JPMorgan Chase Bank(r)  $357,863 
 7,236   Euro STOXX 50 Index, One purchased call strike $3,171.437, One written call strike $3,361.7232, One written put strike $3,171.437 with a barrier level strike of $2,917.722 (2,365 contracts), Expires 09/18/15, Broker JPMorgan Chase Bank N.A.(r)   (149,892)
 12,142   Euro STOXX 50 Index, One purchased call strike $3,197.60, One written call strike $3,421.432, One written put strike $3,197.60 with a barrier level strike of $2,941.792 (4,691 contracts), Expires 08/21/15, Broker JPMorgan Chase Bank N.A.(r)   (431,450)
 7,266   Euro STOXX 50 Index, One purchased call strike $3,275.6719, One written call strike $3,537.7257, One written put strike $3,275.6719 with a barrier level strike of $3,013.618 (3,053 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)   (500,711)
 323,014   Euro STOXX Banks Index, One purchased call strike $141.48, One written call strike $145.017, One written put strike $141.48 with a barrier level strike of $131.576 (35,341 contracts), Expires 08/21/15, Broker JPMorgan Chase Bank N.A.(r)   73,106 
 138,075   Euro STOXX Banks Index, One purchased call strike $141.59, One written call strike $150.09, One written put strike $141.59 with a barrier level strike of $127.43 (35,313 contracts), Expires 12/19/14, Broker Credit Suisse International(r)   337,713 
Contracts/
Notional
Amount ($)		      Value 
 350,386   Euro STOXX Banks Index, One purchased call strike $143.4131, One written call strike $147.7155, One written put strike $143.4131 with a barrier level strike of $129.0718 (52,296 contracts), Expires 07/17/15, Broker Goldman Sachs International(r)  $(12,888)
 370,271   Euro STOXX Banks Index, One purchased call strike $146.3791, One written call strike $150.7705, One written put strike $146.3791 with a barrier level strike of $133.205 (51,237 contracts), Expires 08/21/15, Broker Goldman Sachs International(r)   (150,898)
 34,025   Euro STOXX Banks Index, One purchased call strike $146.95, One written call strike $158.71, One written put strike $146.95 with a barrier level strike of $133.72 (1,424,485 contracts), Expires 04/17/15, Broker BNP Paribas SA(r)   63,813 
 428,179   Euro STOXX Banks Index, One purchased call strike $148.3023, One written call strike $152.0099, One written put strike $148.3023 with a barrier level strike of $133.4721 (50,572 contracts), Expires 08/21/15, Broker Goldman Sachs International(r)   (238,381)
 214,286   Euro STOXX Banks Index, One purchased call strike $149.45, One written call strike $156.92, One written put strike $149.45 with a barrier level strike of $134.51 (50,184 contracts), Expires 07/17/15, Broker Credit Suisse International(r)   (280,984)
 65,911   Euro STOXX Banks Index, One purchased call strike $151.72, One written call strike $169.93, One written put strike $151.72 with a barrier level strike of $109.24, Expires 02/20/15, Broker Credit Suisse International   (198,452)

 

100
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 64,995   Euro STOXX Banks Index, One purchased call strike $153.858, One written call strike $172.321, One written put strike $153.858 with a barrier level strike of $112.3163, Expires 03/20/15, Broker Goldman Sachs International  $(445,314)
 130,109   Euro STOXX Banks Index, One purchased call strike $153.91, One written call strike $167.76, One written put strike $153.91 with a barrier level strike of $138.52 (48,730 contracts), Expires 07/17/15, Broker Credit Suisse International(r)   (473,812)
 173,114   Euro STOXX Banks Index, One purchased call strike $155.10, One written call strike $165.96, One written put strike $155.10 with a barrier level strike of $139.59 (48,356 contracts), Expires 04/17/15, Broker Credit Suisse International(r)   (328,057)
$13,850,000   Euro STOXX Banks Index, One purchased call strike $157.40, One written call strike $171.566, One written put strike $157.40 with a barrier level strike of $143.234 ($5,000,000 notional amount), Expires 08/15/15, Broker Citibank N.A.(q)   (294,034)
 157,737   Euro STOXX Banks Index, One purchased call strike $159.76, One written call strike $175.74, One written put strike $159.76 with a barrier level strike of $146.98 (62,594 contracts), Expires 07/17/15, Broker Credit Suisse International(r)   (1,004,358)
 2,860   FTSE 100 Index, One purchased call strike $6,609.07, One written call strike $7,005.61, One written put strike $6,609.07 with a barrier level strike of $6,014.25 (1,135 contracts), Expires 04/17/15, Broker Credit Suisse International(r)   248,207 
Contracts/
Notional
Amount ($)		      Value 
 2,402   FTSE 100 Index, One purchased call strike $6,776.15, One written call strike $7,250.4805, One written put strike $6,776.15 with a barrier level strike of $6,098.535 (1,107 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)  $73,403 
$19,500,000   FTSE 100 Index, One purchased call strike $6,797.00, One written call strike $7,408.73, One written put strike $6,797.00 with a barrier level strike of $6,253.24 ($10,000,000 notional amount), Expires 02/20/15, Broker Citibank N.A.(q)   65,531 
 169   FTSE MIB Borsa Italiana Index, One purchased call strike $17,805.73, One purchased put strike $19,230.19, One written put strike $17,983.79 with a barrier level strike of $16,025.20 (522,946 contracts), Expires 08/15/14, Broker BNP Paribas(r)   504,808 
 1,487   FTSE MIB Borsa Italiana Index, One purchased call strike $20,534.67, One written call strike $21,561.4035, One written put strike $20,534.67 with a barrier level strike of $18,891.8964 (365 contracts), Expires 09/18/15, Broker Goldman Sachs International(r)   0 
 1,250   FTSE MIB Borsa Italiana Index, One purchased call strike $20,942.77, One written call strike $21,780.48, One written put strike $20,942.77 with a barrier level strike of $19,267.35 (268 contracts), Expires 08/21/15, Broker Barclays Plc(r)   (2,878)
 2,211   IBEX 35 Index, One purchased call strike $10,093.07, One written call strike $10,799.5849, One written put strike $10,093.07 with a barrier level strike of $9,083.763 (743 contracts), Expires 01/16/15, Broker JPMorgan Chase Bank(r)   692,813 

 

101
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 1,898   IBEX 35 Index, One purchased call strike $10,154.11, One written call strike $11,169.521, One written put strike $10,154.11 with a barrier level strike of $9,341.7812 (739 contracts), Expires 05/15/15, Broker Goldman Sachs Group, Inc.(r)  $543,818 
 1,314   IBEX 35 Index, One purchased call strike $10,160.133, One written call strike $10,871.3423, One written put strike $10,160.133 with a barrier level strike of $9,144.1197 (492 contracts), Expires 11/21/14, Broker Goldman Sachs International(r)   455,129 
$22,500,000   IBEX 35 Index, One purchased call strike $10,169.84, One written call strike $10,881.73, One written put strike $10,169.84 with a barrier level strike of $9,152.86 ($7,500,000 notional amount), Expires 02/20/15, Broker Citigroup N.A.(q)   760,254 
 2,291   IBEX 35 Index, One purchased call strike $10,214.73, One written call strike $11,236.203, One written put strike $10,214.73 with a barrier level strike of $9,193.257 (979 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)   780,054 
 1,305   IBEX 35 Index, One purchased call strike $10,345.30, One written call strike $11,276.38, One written put strike $10,345.30 with a barrier level strike of $9,310.77 (483 contracts), Expires 05/15/15, Broker Credit Suisse International(r)   289,781 
 1,586   IBEX 35 Index, One purchased call strike $10,464.00, One written call strike $11,196.48, One written put strike $10,464.00 with a barrier level strike of $9,417.60 (478 contracts), Expires 03/15/15, Broker Credit Suisse International(r)   241,357 
Contracts/
Notional
Amount ($)		      Value 
 474   IBEX 35 Index, One purchased call strike $10,542.37, One written call strike $10,805.9293, One written put strike $10,542.37 with a barrier level strike of $9,698.9804 (1,012,507 contracts), Expires 08/21/15, Broker BNP Paribas SA(r)  $198,083 
$21,600,000   IBEX 35 Index, One purchased call strike $10,607.50, One written call strike $11,350.03, One written put strike $10,607.50 with a barrier level strike of $9,546.75 ($7,500,000 notional amount), Expires 04/17/15, Broker Citigroup, Inc.(q)   398,313 
 2,170   IBEX 35 Index, One purchased call strike $11,061.80, One written call strike $12,057.36, One written put strike $11,061.80 with a barrier level strike of $10,176.86 (904 contracts), Expires 06/19/15, Broker Credit Suisse International(r)   (262,747)
 2,555   IBEX 35 Index, One purchased call strike $11,194.81, One written call strike $12,090.3948, One written put strike $11,194.81 with a barrier level strike of $10,299.225 (893 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)   (385,761)
 913   IBEX 35 Index, One purchased call strike $9,356.236, One written call strike $10,004.688, One written put strike $9,263.60 with a barrier level strike of $8,337.24 (324 contracts), Expires 08/15/14, Broker JPMorgan Chase Bank N.A.(r)   579,211 
 151,791   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $32.94, One written call strike $37.5516, One written put strike $32.94 with a barrier level strike of $23.387, Expires 03/20/15, Broker JPMorgan Chase Bank N.A.   506,061 

 

102
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 288,480   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $34.6644, One written call strike $39.5174, One written put strike $34.6644 with a barrier level strike of $23.9184, Expires 09/19/14, Broker Citibank N.A.  $1,200,316 
 143,308   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $34.89, One written call strike $39.08, One written put strike $34.89 with a barrier level strike of $25.47, Expires 02/20/15, Broker UBS AG   375,308 
$24,900,000   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $35.10, One written call strike $36.855, One written put strike $35.10 with a barrier level strike of $31.59 ($5,000,000 notional amount), Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(q)   928,471 
$15,500,000   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $36.601, One written call strike $39.1631, One written put strike $36.601 with a barrier level strike of $32.9409 ($5,000,000 notional amount), Expires 11/21/14, Broker Citibank N.A.(q)   749,099 
 427,270   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $37.33, One written call strike $39.94, One written put strike $37.33 with a barrier level strike of $33.97 (133,941 contracts), Expires 10/17/14, Broker UBS AG(r)   780,422 
$5,000,000   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $38.3163, One written call strike $44.8301, One written put strike $38.3163 with a barrier level strike of $30.653, Expires 01/16/15, Broker Citibank N.A.   250,546 
Contracts/
Notional
Amount ($)		      Value 
$7,500,000   iShares FTSE/Xinhua China 25 Index ETF, One purchased call strike $38.5495, One written call strike $43.9464, One written put strike $38.5495 with a barrier level strike of $26.2137, Expires 02/20/15, Broker Citibank N.A.  $323,547 
 295,805   iShares FTSE/Xinhua China 25 Index ETF, One written put strike $33.806 with a barrier level strike of $22.9881, Expires 08/15/14, Broker Citibank N.A.   (102)
$16,450,000   iShares MSCI Brazil Index Fund, One purchased call strike $42.4224, One written call strike $44.5435, One written put strike $42.4224 with a barrier level strike of $38.1802 ($5,000,000 notional amount), Expires 08/15/14, Broker Citibank N.A.(q)   788,876 
 167,448   iShares MSCI EAFE Index Fund, One purchased call strike $59.72, One written call strike $69.28, One written put strike $59.72 with a barrier level strike of $41.80, Expires 09/19/14, Broker UBS AG   1,131,292 
 164,799   iShares MSCI EAFE Index Fund, One purchased call strike $60.68, One written call strike $69.18, One written put strike $60.68 with a barrier level strike of $43.69, Expires 11/21/14, Broker UBS AG   905,959 
 243,704   iShares MSCI EAFE Index Fund, One purchased call strike $61.55, One written call strike $70.7825, One written put strike $61.55 with a barrier level strike of $43.085, Expires 09/19/14, Broker Goldman Sachs International   1,261,699 
 238,398   iShares MSCI EAFE Index Fund, One purchased call strike $62.92, One written call strike $72.358, One written put strike $62.92 with a barrier level strike of $44.044, Expires 09/19/14, Broker Goldman Sachs International   947,404 

 

103
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 157,381   iShares MSCI EAFE Index Fund, One purchased call strike $63.54, One written call strike $73.07, One written put strike $63.54 with a barrier level strike of $46.38, Expires 10/17/14, Broker UBS AG  $566,405 
$25,850,000   iShares MSCI EAFE Index Fund, One purchased call strike $64.8714, One written call strike $68.7637, One written put strike $64.8714 with a barrier level strike of $58.3843 ($10,000,000 notional amount), Expires 02/20/15, Broker Citibank N.A.(q)   525,117 
$27,200,000   iShares MSCI EAFE Index Fund, One purchased call strike $66.8659, One written call strike $70.2092, One written put strike $66.8659 with a barrier level strike of $60.1793 ($10,000,000 notional amount), Expires 01/16/15, Broker Citibank N.A.(q)   219,416 
 327,627   iShares MSCI EAFE Index Fund, One purchased call strike $67.76, One written call strike $72.5032, One written put strike $67.76 with a barrier level strike of $60.984 (147,580 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)   62,780 
 177,462   iShares MSCI EAFE Index Fund, One written put strike $56.35 with a barrier level strike of $36.63, Expires 08/15/14, Broker Credit Suisse International    (1)
 345,352   iShares MSCI EAFE Index Fund, One written put strike $57.912 with a barrier level strike of $40.54, Expires 08/15/14, Broker Goldman Sachs International   (1,988)
 273,748   iShares MSCI Emerging Markets Index Fund, One purchased call strike $38.7217, One written call strike $42.5939, One written put strike $38.7217 with a barrier level strike of $35.2367 (129,127 contracts), Expires 02/20/15, Broker Goldman Sachs International(r)   644,803 
Contracts/
Notional
Amount ($)		      Value 
 126,936   iShares MSCI Emerging Markets Index Fund, One purchased call strike $39.39, One written call strike $42.15, One written put strike $39.39 with a barrier level strike of $29.54 (616,603 contracts), Expires 11/21/14, Broker BNP Paribas SA(r)  $432,813 
 126,936   iShares MSCI Emerging Markets Index Fund, One purchased call strike $39.39, One written call strike $42.15, One written put strike $39.39 with a barrier level strike of $29.54, Expires 11/21/14, Broker Credit Suisse International   242,656 
 354,244   iShares MSCI Emerging Markets Index Fund, One purchased call strike $42.3437, One written call strike $48.6953, One written put strike $42.3437 with a barrier level strike of $30.9109, Expires 08/15/14, Broker Citibank N.A.   584,119 
$11,600,000   iShares MSCI Emerging Markets Index Fund, One purchased call strike $36.7112, One written call strike $39.6481, One written put strike $36.7112 with a barrier level strike of $23.8623 ($5,000,000 notional amount), Expires 12/23/14, Broker Citibank N.A.(q)   1,166,096 
 134,553   iShares MSCI Emerging Markets Index Fund, One purchased call strike $37.16, One written call strike $42.73, One written put strike $37.16 with a barrier level strike of $23.41, Expires 08/15/14, Broker UBS AG   715,482 
 132,240   iShares MSCI Emerging Markets Index Fund, One purchased call strike $37.81, One written call strike $43.48, One written put strike $37.81 with a barrier level strike of $23.82, Expires 09/19/14, Broker UBS AG   634,030 

 

104
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
$11,400,000   iShares MSCI Emerging Markets Index Fund, One purchased call strike $38.44, One written call strike $40.7464, One written put strike $38.44 with a barrier level strike of $34.596 ($5,000,000 notional amount), Expires 08/15/14, Broker JPMorgan Chase Bank N.A.(q)  $672,620 
 126,390   iShares MSCI Emerging Markets Index Fund, One purchased call strike $39.56, One written call strike $46.29, One written put strike $39.56 with a barrier level strike of $29.67, Expires 08/15/14, Broker UBS AG   541,148 
 233,918   iShares MSCI Emerging Markets Index Fund, One purchased call strike $42.75, One written call strike $49.16, One written put strike $42.75 with a barrier level strike of $30.78, Expires 09/19/14, Broker UBS AG   389,266 
 233,504   iShares MSCI Emerging Markets Index Fund, One purchased call strike $42.8259, One written call strike $49.678, One written put strike $42.8259 with a barrier level strike of $29.122, Expires 12/19/14, Broker JPMorgan Chase Bank N.A.   387,624 
 476,070   iShares MSCI EMU ETF Index Fund, One purchased call strike $40.28, One written call strike $42.65, One written put strike $39.49 with a barrier level strike of $35.54 (126,614 contracts), Expires 12/19/14, Broker Credit Suisse International(r)   185,251 
 322,191   iShares MSCI EMU ETF Index Fund, One purchased call strike $40.3487, One written call strike $42.7696, One written put strike $40.3487 with a barrier level strike of $36.3138 (123,920 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)   27,341 
Contracts/
Notional
Amount ($)		      Value 
 399,013   iShares MSCI EMU ETF Index Fund, One purchased call strike $41.352, One written call strike $44.6602, One written put strike $41.352 with a barrier level strike of $37.6303 (181,370 contracts), Expires 04/17/15, Broker Goldman Sachs International(r)  $(236,892)
 380,068   iShares MSCI EMU ETF Index Fund, One purchased call strike $41.44, One written call strike $43.93, One written put strike $41.44 with a barrier level strike of $37.30 (120,656 contracts), Expires 12/31/14, Broker Credit Suisse International(r)   (53,182)
 572,867   iShares MSCI EMU ETF Index Fund, One purchased call strike $41.72, One written call strike $44.64, One written put strike $41.72 with a barrier level strike of $37.55 (239,693 contracts), Expires 02/20/15, Broker Credit Suisse International(r)   (251,284)
 262,030   iShares MSCI EMU ETF Index Fund, One purchased call strike $41.98, One written call strike $44.92, One written put strike $41.98 with a barrier level strike of $37.78 (119,104 contracts), Expires 03/20/15, Broker Credit Suisse International(r)   (171,099)
$24,750,000   iShares MSCI Mexico Index Fund, One purchased call strike $70.1578, One written call strike $74.3673, One written put strike $70.1578 with a barrier level strike of $63.8436 ($10,000,000 notional amount), Expires 08/21/15, Broker Citibank N.A.(q)   (274,281)
 135,426   iShares MSCI Mexico Index Fund, One purchased call strike $73.8412, One written call strike $84.9174, One written put strike $73.8412 with a barrier level strike of $54.6425, Expires 10/17/14, Broker Citibank N.A.   (79,050)

 

105
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 120,327   iShares MSCI Mexico Index Fund, One purchased call strike $62.33, One written call strike $72.9261, One written put strike $62.33 with a barrier level strike of $43.631, Expires 10/17/14, Broker Goldman Sachs International  $728,844 
 118,427   iShares MSCI Mexico Index Fund, One purchased call strike $63.33, One written call strike $74.0961, One written put strike $63.33 with a barrier level strike of $42.4311, Expires 12/19/14, Broker Goldman Sachs International   602,620 
 112,613   iShares MSCI Mexico Index Fund, One purchased call strike $66.60, One written call strike $77.922, One written put strike $66.60 with a barrier level strike of $46.62, Expires 11/21/14, Broker Goldman Sachs International   347,788 
 73,503   iShares MSCI Mexico Index Fund, One purchased call strike $68.0243, One written call strike $78.9082, One written put strike $68.0243 with a barrier level strike of $47.617, Expires 11/21/14, Broker Citibank N.A.   158,306 
 112,613   iShares MSCI Mexico Index Fund, One written call strike $66.60, One purchased call strike $77.922, One purchased put strike $66.60 with a barrier level strike of $46.62, Expires 11/21/14, Broker Citibank N.A.   (346,571)
 283,056   iShares MSCI South Korea Index Fund, One purchased call strike $59.3522, One written call strike $64.6939, One written put strike $59.3522 with a barrier level strike of $54.011 (126,364 contracts), Expires 04/17/15, Broker JPMorgan Chase Bank(r)   815,358 
 170,407   iShares MSCI South Korea Index Fund, One purchased call strike $60.15, One written call strike $64.36, One written put strike $60.15 with a barrier level strike of $54.14 (83,126 contracts), Expires 11/21/14, Broker UBS AG(r)   551,286 
Contracts/
Notional
Amount ($)		      Value 
 296,133   iShares MSCI South Korea Index Fund, One purchased call strike $61.29, One written call strike $65.5803, One written put strike $61.29 with a barrier level strike of $55.161 (122,369 contracts), Expires 01/16/15, Broker JPMorgan Chase Bank N.A.(r)  $687,154 
 66,129   iShares STOXX Europe Small 200 Index, One purchased call strike $222.2934, One written put strike $226.83 with a barrier level strike of $209.818, Expires 06/19/15, Broker JPMorgan Chase Bank N.A.   (96,319)
 32,651   iShares STOXX Europe Small 200 Index, One purchased call strike $225.106, One written put strike $229.70 with a barrier level strike of $213.047, Expires 08/21/15, Broker JPMorgan Chase Bank N.A.   (170,262)
 57,034   iShares STOXX Europe Small 200 Index, One purchased call strike $228.81, One written call strike $251.691, One written put strike $228.81 with a barrier level strike of $208.2171 (32,778 contracts), Expires 05/15/14, Broker Goldman Sachs International(r)   (129,938)
 40,631   iShares STOXX Europe Small 200 Index, One purchased call strike $230.12, One written call strike $253.132, One written put strike $230.12 with a barrier level strike of $207.108 (21,728 contracts), Expires 04/17/15, Broker Goldman Sachs International(r)   (35,723)
 84,044   iShares STOXX Europe Small 200 Index, One purchased call strike $234.40, One written call strike $257.84, One written put strike $1,168.80 on Russell 2000 Index with a barrier level strike of $1,051.92 (8,556 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)   (338,341)

 

106
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 35,571   iShares STOXX Europe Small 200 Index, One purchased call strike $237.55, One written call strike $258.9295, One written put strike $237.55 with a barrier level strike of $216.171 (21,048 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)  $(261,266)
 64,492   iShares STOXX Europe Small 200 Index, One purchased call strike $240.34, One written call strike $264.374, One written put strike $240.34 with a barrier level strike of $221.113 (41,608 contracts), Expires 07/17/15, Broker JPMorgan Chase Bank N.A.(r)   (639,317)
 27,208   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $243.50, One purchased put strike $243.50 (20,534 contracts), One written put strike $54.82 on iShares MSCI South Korea Capped ETF with a barrier level strike of $38.374 (182,414 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)   806,530 
 53,312   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $243.85, One purchased put strike $243.85 (41,009 contracts), One written put strike $55.03 on iShares MSCI South Korea Capped ETF with a barrier level strike of $38.521 (363,438 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)   1,566,931 
 41,412   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $244.50, One purchased put strike $244.50 (30,675 contracts), One written put strike $55.43 on iShares MSCI South Korea Capped ETF with a barrier level strike of $38.80 (270,612 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)   1,193,898 
Contracts/
Notional
Amount ($)		      Value 
 55,422   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $247.20, One purchased put strike $247.20 (40,454 contracts), One written put strike $55.81 on iShares MSCI South Korea Capped ETF with a barrier level strike of $44.648 (358,358 contracts), Expires 02/13/15, Broker Goldman Sachs International(r)  $1,524,251 
$10,125,000   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $240.839474, One purchased put strike $240.839474 ($7,500,000 notional amount), One written put strike $54.656073 on iShares MSCI South Korea Capped ETF with a barrier level strike of $43.725 ($15,000,000 notional amount), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(q)   1,394,346 
$10,125,000   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $242.54, One purchased put strike $242.54 ($7,500,000 notional amount), One written put strike $55.2353 on iShares MSCI South Korea Capped ETF with a barrier level strike of $43.084 ($15,000,000 notional amount), Expires 03/13/15, Broker JPMorgan Chase Bank N.A.(q)   1,328,979 
$13,500,000   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $250.0589, One purchased put strike $250.0589 ($10,000,000 notional amount), One written put strike $56.705 on iShares MSCI South Korea Capped ETF with a barrier level strike of $45.364 ($20,000,000 notional amount), Expires 03/13/15, Broker JPMorgan Chase Bank N.A.(q)   1,433,301 

 

107
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
$5,000,000   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $261.4225, One written call strike $68.8445 on iShares MSCI South Korea Capped ETF, One written put strike $61.4683 with a barrier level strike of $49.1746 on iShares MSCI South Korea Capped ETF, Expires 03/20/15, Broker Citibank N.A.  $57,839 
$10,000,000   Korea Stock Exchange KOSPI 200 Index, One purchased call strike $261.62, One written call strike $69.0719 on iShares MSCI South Korea Capped ETF, One written put strike $61.6713 with a barrier level strike of $49.337 on iShares MSCI South Korea Capped ETF, Expires 03/20/15, Broker Citibank N.A.   121,716 
 236,821   Market Vectors Oil Service ETF, One purchased call strike $42.226, One written call strike $47.7154, One written put strike $42.226 with a barrier level strike of $27.4469, Expires 09/19/14, Broker Goldman Sachs International   1,259,723 
 367,002   Market Vectors Russia ETF, One purchased call strike $27.2478, One written call strike $31.6074, One written put strike $27.2478 with a barrier level strike of $19.0735, Expires 09/19/14, Broker Citibank N.A.   (206,267)
 360,061   Market Vectors Russia ETF, One purchased call strike $27.7731, One written call strike $32.4945, One written put strike $27.7731 with a barrier level strike of $19.4412, Expires 10/17/14, Broker Citibank N.A.   (455,713)
 907,315   Market Vectors Russia ETF, One purchased call strike $23.035, One written call strike $25.3385, One written put strike $23.035 with a barrier level strike of $14.973 (434,122 contracts), Expires 03/20/15, Broker JPMorgan Chase Bank N.A.(r)   560,575 
Contracts/
Notional
Amount ($)		      Value 
 378,215   Market Vectors Russia ETF, One purchased call strike $26.44, One written call strike $31.728, One written put strike $26.44 with a barrier level strike of $18.508, Expires 09/19/14, Broker Goldman Sachs International  $(122,370)
 187,829   Market Vectors Russia ETF, One purchased call strike $26.62, One written call strike $31.15, One written put strike $26.62 with a barrier level strike of $17.30, Expires 10/17/14, Broker UBS AG   (48,275)
 169,023   Market Vectors Russia ETF, One purchased call strike $29.5817, One written call strike $34.3148, One written put strike $29.5817 with a barrier level strike of $19.2281, Expires 03/20/15, Broker Goldman Sachs International   (625,970)
 28,273   MSCI Singapore Free Index, One purchased call strike $353.6971, One written call strike $381.9929, One written put strike $353.6971 with a barrier level strike of $318.3274 (1,880,001 contracts), Expires 03/31/15, Broker BNP Paribas SA(r)   1,165,889 
 35,471   MSCI Singapore Free Index, One purchased call strike $358.0345, One written call strike $375.9362, One written put strike $358.0345 with a barrier level strike of $322.2311 (1,777,999 contracts), Expires 01/16/15, Broker BNP Paribas SA(r)   988,966 
 26,954   MSCI Singapore Free Index, One purchased call strike $371.005, One written call strike $382.1352, One written put strike $371.005 with a barrier level strike of $341.3246 (1,500,010 contracts), Expires 07/31/15, Broker BNP Paribas SA(r)   425,716 
 26,831   MSCI Singapore Free Index, One purchased call strike $372.7072, One written call strike $398.7967, One written put strike $372.7072 with a barrier level strike of $335.4365 (1,680,000 contracts), Expires 06/30/15, Broker BNP Paribas SA(r)   402,917 

 

108
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
 26,712   MSCI Singapore Free Index, One purchased call strike $374.3626, One written call strike $400.568, One written put strike $374.3626 with a barrier level strike of $344.4136 (1,826,997 contracts), Expires 07/31/15, Broker BNP Paribas SA(r)  $339,928 
 9,040   Russell 2000 Index, One purchased call strike $1,089.615, One written call strike $1,198.5765, One written put strike $1,089.615 with a barrier level strike of $991.55 (4,589 contracts), Expires 06/19/15, Broker JPMorgan Chase Bank N.A.(r)   135,436 
 12,566   Russell 2000 Index, One purchased call strike $1,094.20, One written call strike $1,159.852, One written put strike $1,094.20 with a barrier level strike of $984.78 (4,570 contracts), Expires 12/19/14, Broker JPMorgan Chase Bank N.A.(r)   257,322 
$20,600,000   Russell 2000 Index, One purchased call strike $1,102.76, One written call strike $1,213.04, One written put strike $1,102.76 with a barrier level strike of $992.48 ($10,000,000 notional amount), Expires 03/20/15, Broker Citibank N.A.(q)   375,152 
$18,800,000   Russell 2000 Index, One purchased call strike $1,105.16, One written call strike $1,215.676, One written put strike $1,105.16 with a barrier level strike of $994.644 ($10,000,000 notional amount), Expires 12/19/14, Broker Citibank N.A.(q)   437,673 
$18,880,000   Russell 2000 Index, One purchased call strike $1,128.60, One written call strike $1,218.888, One written put strike $1,128.60 with a barrier level strike of $1,027.026 (8,000,000 notional amount), Expires 05/15/15, Broker Citibank N.A.(q)   41,905 
Contracts/        
Notional        
Amount ($)      Value 
 4,391   Russell 2000 Index, One purchased call strike $1,138.70, One written call strike $1,263.96, One written put strike $1,138.70 with a barrier level strike of $1,058.99 (1,124,755 contracts), Expires 06/19/15, Broker BNP Paribas SA(r)  $(39,016)
 6,496   Russell 2000 Index, One purchased call strike $1,154.62, One written call strike $1,270.08, One written put strike $1,154.62 with a barrier level strike of $1,062.25 (1,514,978 contracts), Expires 05/15/15, Broker BNP Paribas SA(r)   (160,675)
$10,000,000   Russell 2000 Index, One purchased call strike $1,160.7362, One written call strike $1,300.02, One written put strike $1,160.74 with a barrier level strike of $870.55, Expires 05/15/15, Broker Citibank N.A.   (308,185)
 26,034   Russell 2000 Index, One purchased call strike $1,169.61, One written call strike $1,274.8749, One written put strike $1,169.61 with a barrier level strike of $1,052.649 (12,825 contracts), Expires 04/17/15, Broker JPMorgan Chase Bank(r)   (397,224)
 18,069   Russell 2000 Index, One purchased call strike $1,178.81, One written call strike $1,261.3267, One written put strike $1,178.81 with a barrier level strike of $1,060.929 (8,483 contracts), Expires 01/16/15, Broker JPMorgan Chase Bank(r)   (298,432)
 8,433   Russell 2000 Index, One purchased call strike $1,185.82, One written call strike $1,256.97, One written put strike $1,185.82 with a barrier level strike of $1,067.24 (1,560,017 contracts), Expires 02/20/15, Broker BNP Paribas(r)   (353,659)

 

109
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
 6,322   Russell 2000 Index, One purchased call strike $1,186.35, One written call strike $1,281.26, One written put strike $1,186.35 with a barrier level strike of $1,079.58 (1,326,021 contracts), Expires 03/20/15, Broker BNP Paribas SA(r)  $(325,625)
 10,921   Russell 2000 Index, One purchased call strike $915.68, One written call strike $1,062.19, One written put strike $915.68 with a barrier level strike of $659.29, Expires 09/19/14, Broker UBS AG   1,499,507 
 10,676   Russell 2000 Index, One written put strike $936.65 with a barrier level strike of $702.4875, Expires 08/15/14, Broker Goldman Sachs International   (1,197)
 10,618   Russell 2000 Index, One written put strike $941.80 with a barrier level strike of $659.26, Expires 08/15/14, Broker UBS AG   (15)
 10,536   Russell 2000 Index, One written put strike $949.1365 with a barrier level strike of $692.87, Expires 08/15/14, Broker JPMorgan Chase Bank N.A.   (274)
 3,094   S&P 500 Index, One purchased call strike $1,616.20, One written call strike $1,810.144, One written put strike $1,616.20 with a barrier level strike of $1,179.826, Expires 09/19/14, Broker Citibank N.A.   565,081 
 2,847   S&P 500 Index, One purchased call strike $1,756.49, One written call strike $1,861.88, One written put strike $1,756.49 with a barrier level strike of $1,580.84 (654,002 contracts), Expires 12/19/14, Broker BNP Paribas SA(r)   438,429 
$10,000,000   S&P 500 Index, One purchased call strike $1,790.45, One written put strike $1,790.45 with a barrier level strike of $1,594.40, Expires 11/21/14, Broker Citibank N.A.   768,734 
Contracts/        
Notional        
Amount ($)      Value 
$5,375,000   S&P 500 Index, One purchased call strike $1,795.30, One written put strike $1,745.7454 with a barrier level strike of $1,615.77 ($5,000,000 notional amount), Expires 01/16/15, Broker Citibank N.A.(q)  $394,699 
$15,000,000   S&P 500 Index, One purchased call strike $1,829.4561, One written put strike $1,866.7919 with a barrier level strike of $1,738.9167, Expires 06/19/15, Broker Citibank N.A.   543,406 
$25,912,500   S&P 500 Index, One purchased call strike $1,842.72, One written call strike $2,008.56, One written put strike $1,842.72 with a barrier level strike of $1,695.30 ($15,000,000 notional amount), Expires 03/20/15, Broker Citibank N.A.(q)   812,441 
$10,000,000   S&P 500 Index, One purchased call strike $1,852.616, One written put strike $1,871.3293 with a barrier level strike of $1,658.9334, Expires 07/17/15, Broker Citibank N.A.   318,080 
$11,600,000   S&P 500 Index, One purchased call strike $1,854.59, One written put strike $1,854.59 with a barrier level strike of $1,706.2228 ($10,000,000 notional amount), Expires 04/17/15, Broker Citibank N.A.(q)   459,406 
$10,000,000   S&P 500 Index, One purchased call strike $1,857.00, One written put strike $1,857.00 with a barrier level strike of $1,668.5145, Expires 12/19/14, Broker Citibank N.A.   398,839 
$10,000,000   S&P 500 Index, One purchased call strike $1,857.75, One written put strike $1,857.75 with a barrier level strike of $1,662.68625, Expires 01/16/15, Broker Citibank N.A.   393,057 
$15,000,000   S&P 500 Index, One purchased call strike $1,859.50, One written put strike $1,897.45 with a barrier level strike of $1,751.3464, Expires 07/17/15, Broker Citibank N.A.   293,363 

 

110
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
$17,850,000   S&P 500 Index, One purchased call strike $1,866.11, One written put strike $1,866.11 with a barrier level strike of $1,716.8212 ($15,000,000 notional amount), Expires 05/15/15, Broker Citibank N.A.(q)  $594,537 
$20,000,000   S&P 500 Index, One purchased call strike $1,868.20, One written put strike $1,868.20 with a barrier level strike of $1,587.97, Expires 06/19/15, Broker BNP Paribas SA   618,458 
$15,000,000   S&P 500 Index, One purchased call strike $1,883.29, One written put strike $1,883.29 with a barrier level strike of $1,607.39, Expires 06/19/15, Broker Citibank N.A.   377,631 
 6,435   S&P 500 Index, One purchased call strike $1,554.10, One written call strike $1,756.13, One written put strike $1,554.10 with a barrier level strike of $1,134.49, Expires 08/15/14, Broker UBS AG   1,284,660 
 12,319   S&P 500 Index, One purchased call strike $1,623.45, One written call strike $1,834.4985, One written put strike $1,623.45 with a barrier level strike of $1,201.353, Expires 10/17/14, Broker JPMorgan Chase Bank N.A.   2,369,564 
 9,186   S&P 500 Index, One purchased call strike $1,632.87, One written call strike $1,894.1292, One written put strike $1,632.87 with a barrier level strike of $1,208.324, Expires 10/17/14, Broker JPMorgan Chase Bank N.A.   2,102,501 
 3,054   S&P 500 Index, One purchased call strike $1,637.2681, One written call strike $1,882.8583, One written put strike $1,637.2681 with a barrier level strike of $1,146.0877, Expires 02/20/15, Broker Goldman Sachs International   560,748 
 9,143   S&P 500 Index, One purchased call strike $1,640.70, One written call strike $1,870.40, One written put strike $1,640.70 with a barrier level strike of $1,197.711, Expires 11/21/14, Broker Goldman Sachs International   1,749,982 
Contracts/        
Notional        
Amount ($)      Value 
 12,091   S&P 500 Index, One purchased call strike $1,654.16, One written call strike $1,918.82, One written put strike $1,654.16 with a barrier level strike of $1,273.70, Expires 11/21/14, Broker Credit Suisse International  $2,570,095 
 6,044   S&P 500 Index, One purchased call strike $1,654.70, One written call strike $1,869.811, One written put strike $1,654.70 with a barrier level strike of $1,207.931, Expires 10/17/14, Broker Goldman Sachs International   1,124,321 
 12,087   S&P 500 Index, One purchased call strike $1,654.70, One written call strike $1,886.358, One written put strike $1,654.70 with a barrier level strike of $1,257.572, Expires 11/21/14, Broker Goldman Sachs International   2,278,688 
 3,016   S&P 500 Index, One purchased call strike $1,657.56, One written call strike $1,873.04, One written put strike $1,657.56 with a barrier level strike of $1,210.02, Expires 10/17/14, Broker UBS AG   563,131 
 5,625   S&P 500 Index, One purchased call strike $1,778.0724, One written put strike $1,778.0724 with a barrier level strike of $1,638.1381, Expires 08/15/14, Broker Goldman Sachs International   851,294 
 4,718   S&P 500 Index, One purchased call strike $1,780.38, One written call strike $1,905.0066, One written put strike $1,780.38 with a barrier level strike of $1,602.342 (2,808 contracts), Expires 09/19/14, Broker JPMorgan Chase Bank N.A.(r)   481,746 
 8,108   S&P 500 Index, One purchased call strike $1,825.35, One written call strike $2,007.89, One written put strike $1,825.35 with a barrier level strike of $1,697.58 (5,478 contracts), Expires 12/19/14, Broker Credit Suisse International(r)   693,028 

 

111
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
 32,532   S&P 500 Index, One purchased call strike $1,844.35, One written put strike $1,844.35 with a barrier level strike of $1,677.44, Expires 10/17/14, Broker Credit Suisse International  $2,974,777 
 7,964   S&P 500 Index, One purchased call strike $1,845.9086, One written put strike $1,883.5802 with a barrier level strike of $1,741.3699, Expires 07/17/15, Broker Goldman Sachs International   405,409 
$16,899,998   S&P 500 Index, One purchased call strike $1,865.83, One written call strike $2,033.7547, One written put strike $1,865.83 with a barrier level strike of $1,716.564 ($10,000,009 notional amount), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(q)   382,202 
 11,592   S&P 500 Index, One purchased call strike $1,880.55, One written put strike $1,880.55 with a barrier level strike of $1,711.30 (10,635 contracts), Expires 02/20/15, Broker Credit Suisse International(r)    615,833 
 7,796   S&P 500 Index, One purchased call strike $1,885.67, One written put strike $1,924.15 with a barrier level strike of $1,768.29, Expires 08/21/15, Broker Credit Suisse International   90,691 
 6,906   S&P 500 Index, One purchased call strike $1,886.63, One written put strike $1,867.95 with a barrier level strike of $1,718.51 (5,353 contracts), Expires 07/17/15, Broker UBS AG(r)   611,860 
 5,109   S&P 500 Index, One purchased call strike $1,918.2214, One written put strike $1,957.3688 with a barrier level strike of $1,810.5662, Expires 09/18/15, Broker Goldman Sachs International   (143,537)
 5,088   S&P 500 Index, One purchased call strike $1,926.05, One written call strike $1,965.36, One written put strike $1,926.05 with a barrier level strike of $1,821.30, Expires 09/18/15, Broker Credit Suisse International   (171,610)
Contracts/        
Notional        
Amount ($)      Value 
 14,151   S&P 500 Index, One purchased call strike $1,939.85, One written call strike $2,114.44, One written put strike $1,939.85 with a barrier level strike of $1,804.06 (7,733 contracts), Expires 08/21/15, Broker Credit Suisse International(r)  $(33,201)
 5,153   S&P 500 Index, One purchased call strike $1,940.74, One written put strike $1,940.74 with a barrier level strike of $1,667.10, Expires 09/18/15, Broker Credit Suisse International   0 
 5,066   S&P 500 Index, One purchased call strike $1,974.02, One written put strike $1,974.02 with a barrier level strike of $1,712.46, Expires 08/21/15, Broker Credit Suisse International   (19,199)
 5,028   S&P 500 Index, One purchased call strike $1,988.78, One written put strike $1,988.78 with a barrier level strike of $1,726.26, Expires 08/21/15, Broker Credit Suisse International   (262,488)
 123,073   S&P 500 Index, One purchased call strike $2,055.691, One written put strike $3,014.7305 on Euro STOXX 50 Index (6,302 contracts), Expires 10/17/14, Broker Goldman Sachs International(r)   93,118 
 6,435   S&P 500 Index, One written call strike $1,554.10, One purchased call strike $1,756.13, One purchased put strike $1,554.10 with a barrier level strike of $1,134.49, Expires 08/15/14, Broker Goldman Sachs International    (1,287,180)
$1,241,218   Select Sector Financial SPDR Fund, One purchased call strike $21.56, One written call strike $23.27, One written put strike $21.35 with a barrier level strike of $19.43 (468,384 contracts), Expires 06/19/15, Broker Credit Suisse International(r)   614,700 

 

112
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
$28,050,000   Select Sector Financial SPDR Fund, One purchased call strike $22.037, One written call strike $24.2407, One written put strike $22.037 with a barrier level strike of $20.274 ($15,000,000 notional amount), Expires 05/15/15, Broker JPMorgan Chase Bank N.A.(q)  $465,230 
$21,000,000   Select Sector Financial SPDR Fund, One purchased call strike $22.8554, One written call strike $24.2267, One written put strike $22.8554 with a barrier level strike of $21.027 ($7,500,000 notional amount), Expires 09/18/15, Broker Citibank N.A.(q)   (151,945)
 926,169   Select Sector Financial SPDR Fund, One purchased call strike $22.89, One written call strike $24.95, One written put strike $22.89 with a barrier level strike of $21.06 (436,872 contracts), Expires 08/21/15, Broker Credit Suisse International(r)   (150,566)
 146,470   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $153.6151, One written call strike $162.832, One written put strike $153.6151 with a barrier level strike of $138.2536 (65,098 contracts), Expires 12/19/14, Broker Goldman Sachs Group, Inc.(r)   858,907 
 119,075   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike $161.243, One written call strike $174.142, One written put strike $161.243 with a barrier level strike of $145.119 (62,018 contracts), Expires 03/20/15, Broker Credit Suisse Group AG(r)   421,540 
 325,373   SPDR S&P Homebuilders ETF, One purchased call strike $30.734, One written call strike $32.2707, One written put strike $30.734 with a barrier level strike of $27.661, Expires 08/15/14, Broker JPMorgan Chase Bank N.A.   (29,521)
Contracts/        
Notional        
Amount ($)      Value 
 617,431   SPDR S&P Homebuilders ETF, One purchased call strike $32.3923, One written call strike $35.6315, One written put strike $32.3923 with a barrier level strike of $19.4354, Expires 01/16/15, Broker Citibank N.A.  $(72,802)
 339,055   Taiwan Stock Exchange Weighted Index, One purchased call strike $8,612.54, One written call strike $14.7487 on iShares MSCI Taiwan ETF Fund (6,941,280 contracts), One written put strike $14.0464 on iShares MSCI Taiwan ETF Fund with a barrier level strike of $12.6418 (355,963 contracts), Expires 01/05/15, Broker Goldman Sachs International(r)   2,541,619 
 1,697   Taiwan Stock Exchange Weighted Index, One purchased call strike $8,841.00, One written put strike $8,841.00 with a barrier level strike of $8,222.13, Expires 05/20/15, Broker BNP Paribas SA   1,931,104 
 3,354   Taiwan Stock Exchange Weighted Index, One purchased call strike $8,855.3025, One written put strike $8,408.065, Expires 09/17/14, Broker Goldman Sachs International   1,399,231 
 804   Taiwan Stock Exchange Weighted Index, One purchased call strike $9,324.40, One written put strike $9,324.40 with a barrier level strike of $8,764.936, Expires 09/17/14, Broker BNP Paribas SA   148,872 
 8,966   TOPIX 100 Index, One purchased call strike $1,115.29, One written call strike $1,260.28, One written put strike $934.20 on Russell 2000 Index with a barrier level strike of $700.65 (10,704 contracts), Expires 08/15/14, Broker Credit Suisse International(r)   1,255,962 

 

113
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
 13,055   TOPIX 100 Index, One purchased call strike $1,148.97, One written call strike $1,321.32, One written put strike $1,563.83 on S&P 500 Index with a barrier level strike of $1,172.87 (9,592 contracts), Expires 09/19/14, Broker Goldman Sachs International(r)  $1,667,837 
 8,696   TOPIX 100 Index, One purchased call strike $1,150.00, One written call strike $1,357.00, One written put strike $1,581.18 on S&P 500 Index with a barrier level strike of $1,185.85 (6,325 contracts), Expires 09/19/14, Broker Goldman Sachs International(r)   1,178,180 
 11,952   TOPIX 100 Index, One purchased call strike $1,255.00, One written call strike $1,568.75, One written put strike $986.55 on Russell 2000 Index with a barrier level strike of $739.9125 (15,205 contracts), Expires 10/17/14, Broker Goldman Sachs International(r)   594,093 
 6,332   TOPIX Index, One purchased call strike $1,359.60, One written call strike $1,563.54, One written put strike $1,579.31 on S&P 500 Index with a barrier level strike of $1,184.48, Expires 09/19/14, Broker UBS AG   1,115,332 
$14,200,000   USD/CAD foreign exchange rate, One purchased call strike $1.07, One written call strike $1.13, One written put strike $1.065 with a barrier level strike of $1.03 ($10,000,000 notional amount), Expires 12/31/14, Broker JPMorgan Chase Bank N.A(q)   288,969 
$14,000,000   USD/CAD foreign exchange rate, One purchased call strike $1.075, One written call strike $1.125, One written put strike $1.0585 with a barrier level strike of $1.005 ($10,000,000 notional amount), Expires 11/26/14, Broker Goldman Sachs International(q)   226,522 
Contracts/        
Notional        
Amount ($)      Value 
$7,600,000   USD/CAD foreign exchange rate, One purchased call strike $1.075, One written call strike $1.125, One written put strike $1.0585 with a barrier level strike of $1.005 ($5,000,000 notional amount), Expires 11/26/14, Broker JPMorgan Chase Bank N.A.(q)  $134,364 
$7,400,000   USD/CAD foreign exchange rate, One purchased call strike $1.0752, One written call strike $1.1323, One written put strike $1.0644 with a barrier level strike of $1.0137 ($5,000,000 notional amount), Expires 12/08/14, Broker JPMorgan Chase Bank N.A.(q)   135,342 
$24,000,000   USD/CAD foreign exchange rate, One purchased call strike $1.09, One written call strike $1.15, One written put strike $1.09 with a barrier level strike of $1.06 ($20,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)   34,424 
$14,700,000   USD/JPY foreign exchange rate, One purchased call strike $101.50, One written call strike $107.50, One written put strike $101.50 with a barrier level strike of $95.50 ($10,000,000 notional amount), Expires 05/11/15, Broker JPMorgan Chase Bank N.A.(q)   174,693 
$18,500,000   USD/JPY foreign exchange rate, One purchased call strike $101.75, One written call strike $108.00, One written put strike $101.75 with a barrier level strike of $96.00 ($15,000,000 notional amount), Expires 05/25/15, Broker JPMorgan Chase Bank N.A.(q)   147,925 
$23,100,000   USD/JPY foreign exchange rate, One purchased call strike $101.75, One written call strike $108.00, One written put strike $102.00 with a barrier level strike of $96.00 ($15,000,000 notional amount), Expires 06/15/15, Broker JPMorgan Chase Bank N.A.(q)   211,841 

 

114
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/        
Notional        
Amount ($)      Value 
$42,300,000   USD/JPY foreign exchange rate, One purchased call strike $102.00, One written call strike $108.00, One written put strike $101.75 with a barrier level strike of $96.00 ($30,000,000 notional amount), Expires 04/13/15, Broker JPMorgan Chase Bank N.A.(q)  $401,343 
$28,800,000   USD/JPY foreign exchange rate, One purchased call strike $102.00, One written call strike $108.00, One written put strike $101.90 with a barrier level strike of $96.00 ($20,000,000 notional amount), Expires 04/09/15, Broker JPMorgan Chase Bank N.A.(q)   287,355 
$15,800,000   USD/JPY foreign exchange rate, One purchased call strike $102.50, One written call strike $110.00, One written put strike $102.50 with a barrier level strike of $98.00 ($10,000,000 notional amount), Expires 07/24/15, Broker Goldman Sachs International(q)   74,844 
$15,000,000   Vanguard FTSE Europe ETF, One purchased call strike $53.9039, One written call strike $63.6066, One written put strike $53.9039 with a barrier level strike of $37.7327, Expires 02/20/15, Broker Citibank N.A.   1,022,423 
$5,000,000   Vanguard FTSE Europe ETF, One purchased call strike $53.963, One written call strike $62.5971, One written put strike $53.963 with a barrier level strike of $37.7741, Expires 12/19/14, Broker Citibank N.A.   331,336 
$15,000,000   Vanguard FTSE Europe ETF, One purchased call strike $54.5083, One written call strike $62.6846, One written put strike $54.5083 with a barrier level strike of $39.246, Expires 12/19/14, Broker Citibank N.A.   875,020 
Contracts/        
Notional        
Amount ($)      Value 
 360,234   Vanguard FTSE Europe ETF, One purchased call strike $55.5194, One written call strike $63.8473, One written put strike $55.5194 with a barrier level strike of $38.864, Expires 01/16/15, Broker JPMorgan Chase Bank N.A.  $838,180 
 178,432   Vanguard FTSE Europe ETF, One purchased call strike $56.0437, One written call strike $65.5711, One written put strike $56.0437 with a barrier level strike of $39.791, Expires 03/20/15, Broker Goldman Sachs International   408,336 
$15,800,000   Vanguard FTSE Europe ETF, One purchased call strike $58.7115, One written put strike $58.7115 with a barrier level strike of $52.84 ($10,000,000 notional amount), Expires 10/17/14, Broker JPMorgan Chase Bank N.A.(q)   (21,128)
 221,603   WisdomTree Japan Hedged Equity Fund, One purchased call strike $45.1258, One written call strike $52.3459, One written put strike $45.1258 with a barrier level strike of $27.978, Expires 11/21/14, Broker Goldman Sachs International   1,030,438 
 218,293   WisdomTree Japan Hedged Equity Fund, One purchased call strike $45.81, One written call strike $53.1396, One written put strike $45.81 with a barrier level strike of $32.067, Expires 12/19/14, Broker Goldman Sachs International   906,607 
 106,193   WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.084, One written call strike $54.1466, One written put strike $47.084 with a barrier level strike of $31.546, Expires 03/20/15, Broker JPMorgan Chase Bank N.A.   342,396 
 210,128   WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.59, One written call strike $55.68, One written put strike $47.59 with a barrier level strike of $32.36, Expires 01/16/15, Broker UBS AG   623,705 

 

115
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 209,461   WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.7416, One written call strike $55.3803, One written put strike $47.7416 with a barrier level strike of $32.942, Expires 02/20/15, Broker JPMorgan Chase Bank N.A.  $640,873 
 469,110   WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.75, One written call strike $51.0925, One written put strike $47.75 with a barrier level strike of $42.975 (209,424 contracts), Expires 11/21/14, Broker JPMorgan Chase Bank N.A.(r)   787,205 
 208,943   WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.86, One written call strike $56.47, One written put strike $47.86 with a barrier level strike of $33.50, Expires 03/20/15, Broker UBS AG   579,614 
 398,935   WisdomTree Japan Hedged Equity Fund, One purchased call strike $47.9401, One written call strike $51.2959, One written put strike $47.9401 with a barrier level strike of $43.1461 (156,445 contracts), Expires 01/16/15, Broker Goldman Sachs International(r)   516,447 
 507,172   WisdomTree Japan Hedged Equity Fund, One purchased call strike $48.80, One written call strike $51.24, One written put strike $48.80 with a barrier level strike of $44.41 (153,689 contracts), Expires 09/18/15, Broker Credit Suisse International(r)   109,237 
 204,583   WisdomTree Japan Hedged Equity Fund, One purchased call strike $48.88, One written call strike $57.68, One written put strike $48.88 with a barrier level strike of $35.19, Expires 02/20/15, Broker UBS AG   392,941 
Contracts/
Notional
Amount ($)		      Value 
$53,900,000   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.0829, One written call strike $50.56, One written put strike $49.0829 with a barrier level strike of $44.67 (10,000,000 notional amount), Expires 08/21/15, Broker Citibank N.A.(q)  $152,824 
 203,253   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.20, One written call strike $57.564, One written put strike $49.20 with a barrier level strike of $36.408, Expires 10/17/14, Broker Goldman Sachs International   431,707 
$1,585,670   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.51, One written call strike $50.50, One written put strike $49.51 with a barrier level strike of $45.05 (201,996 contracts), Expires 08/21/15, Broker UBS AG(r)   191,846 
 437,843   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.5612, One written call strike $53.5261, One written put strike $49.5612 with a barrier level strike of $44.6051 (201,771 contracts), Expires 07/17/15, Broker Goldman Sachs International(r)   70,100 
 302,115   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.65, One written call strike $59.58, One written put strike $49.65 with a barrier level strike of $34.76, Expires 10/17/14, Broker UBS AG   547,344 
 496,782   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.72, One written call strike $53.20, One written put strike $49.72 with a barrier level strike of $44.75 (201,126 contracts), Expires 08/21/15, Broker Credit Suisse International(r)   37,167 


116
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 200,945   WisdomTree Japan Hedged Equity Fund, One purchased call strike $49.7649, One written call strike $58.2249, One written put strike $49.7649 with a barrier level strike of $34.8354, Expires 04/17/15, Broker Goldman Sachs International  $356,653 
 249,634   WisdomTree Japan Hedged Equity Fund, One purchased call strike $50.0733, One written call strike $54.0792, One written put strike $50.0733 with a barrier level strike of $45.066 (99,854 contracts), Expires 10/17/14, Broker Goldman Sachs International(r)   280,616 
$16,588,600   WisdomTree Japan Hedged Equity Fund, One purchased call strike $50.1098, One written call strike $53.1164, One written put strike $50.1098 with a barrier level strike of $45.0988 ($5,740,000 notional amount), Expires 08/15/14, Broker Citibank N.A.(q)   281,437 
 198,137   WisdomTree Japan Hedged Equity Fund, One purchased call strike $50.47, One written call strike $63.09, One written put strike $50.47 with a barrier level strike of $37.85, Expires 11/21/14, Broker UBS AG   289,865 
 113,173   WisdomTree Japan Hedged Equity Fund, One purchased put strike $44.18 with a barrier level strike of $27.83, Expires 09/19/14, Broker Citibank N.A.   168 
 104,800   WisdomTree Japan Hedged Equity Fund, One written put strike $47.71 with a barrier level strike of $29.58, Expires 09/19/14, Broker Goldman Sachs International   (1,733)
 104,210   WisdomTree Japan Hedged Equity Fund, One written put strike $47.98 with a barrier level strike of $28.788, Expires 09/19/14, Broker Goldman Sachs International    (1,526)
Total Structured Options
(Premiums received $(17,592,176))		   125,907,057 
   Unrealized
Appreciation
(Depreciation)		 
SWAP AGREEMENTS (PURCHASED)     
      
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.1975 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.195 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.1975 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.195, expiring 12/21/18 (Underlying vega amount $250,000)  $(99,088)
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.199 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.20 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.199 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.20, expiring 12/21/18 (Underlying vega amount $400,000)   (58,438)
Conditional Variance Swap with BNP Paribas SA receiving variance of a basket of the Nikkei 225 Index over the volatility strike price of 0.20 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 0.20 and paying variance of a basket of the Nikkei 225 Index under the volatility strike price of 0.20 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 0.20, expiring 12/21/18 (Underlying vega amount $300,000)   (129,610)
Variance swap with UBS AG receiving variance of the S&P 500 Index over the target volatility of 28.60 and paying variance of the S&P 500 Index under the target volatility of 28.60, expiring 12/18/15 (Underlying notional amount $500,000)   (5,126,102)


117
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

   Unrealized
Appreciation
(Depreciation)		 
Volatility swap with Goldman Sachs International receiving an amount if the volatility of EUR/USD foreign exchange rate is over 5.60% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 5.60%, expiring 01/05/15 (Underlying vega amount $250,000)  $(19,826)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of EUR/USD foreign exchange rate is over 6.40% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 6.40%, expiring 07/07/15 (Underlying vega amount $250,000)   80,409 
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CAD/JPY foreign exchange rate is over 7.325% and paying an amount if the volatility of CAD/JPY foreign exchange rate is under 7.325%, expiring 12/29/14 (Underlying vega amount CAD 250,000)   (125,766)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CAD/JPY foreign exchange rate is over 8.00% and paying an amount if the volatility of CAD/JPY foreign exchange rate is under 8.00%, expiring 11/28/14 (Underlying vega amount CAD 250,000)   (415,774)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CAD/JPY foreign exchange rate is over 8.25% and paying an amount if the volatility of CAD/JPY foreign exchange rate is under 8.25%, expiring 11/28/14 (Underlying vega amount CAD 250,000)   (489,774)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 5.55% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 5.55%, expiring 01/05/15 (Underlying vega amount $250,000)   53,885 
   Unrealized
Appreciation
(Depreciation)		 
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 6.05% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 6.05%, expiring 09/02/14 (Underlying vega amount $250,000)  $(450,545)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 6.70% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 6.70%, expiring 11/18/14 (Underlying vega amount $250,000)   (411,951)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 7.05% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 7.05%, expiring 05/01/15 (Underlying vega amount $250,000)   (234,731)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of EUR/USD foreign exchange rate is over 7.40% and paying an amount if the volatility of EUR/USD foreign exchange rate is under 7.40%, expiring 04/08/15 (Underlying vega amount $500,000)   (760,755)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of GBP/USD foreign exchange rate is over 6.90% and paying an amount if the volatility of GBP/USD foreign exchange rate is under 6.90%, expiring 06/01/15 (Underlying vega amount $250,000)   (149,199)
   $(8,337,265)


118
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

   Unrealized
Appreciation/
(Depreciation)		 
SWAP AGREEMENTS (WRITTEN)     
      
Dividend swap with BNP Paribas SA receiving a payment if the dividends on the stocks in the STOXX50E Index are over the target value of 139 Euro and paying a payment if the dividends on the stocks in the STOXX50E Index are under the target value of 139 Euro, expiring 12/18/15 (Underlying notional amount Euro 100,000)(c)  $(3,834,122)
Interest rate swap with JPMorgan Chase Bank N.A. receiving a fixed rate of 3.018% and paying a floating rate based on 3-month LIBOR, expiring 08/22/23 (Underlying notional amount $15,940,000)   (857,430)
Interest rate swap with JPMorgan Chase Bank N.A. receiving a fixed rate of 3.848% and paying a floating rate based on 3-month LIBOR, expiring 08/22/43 (Underlying notional amount $9,110,000)   (1,297,430)
Variance swap with JPMorgan Chase Bank N.A. 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 vega amount $500,000)   6,173,683 
Variance swap with JPMorgan Chase Bank N.A. 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 vega amount $500,000)   4,767,079 
   $4,951,780 

 

At July 31, 2014, the Strategic Oportunities Fund held investments in restricted securities with a fair value of $3,600,000 or 0.06% of net assets, as follows:

 

Acquisition
Cost		   Issuer   Acquisition
Date		   07/31/14
Carrying Value
Per Unit
$12,125,000   ShengdaTech, Inc.,
Cnv.(b)(c)(d)(e)(i)		   01/19/11   $30.00

 

 

 

(a) Cost for federal income tax purposes is $5,578,876,506 and net unrealized appreciation of investments is as follows:

 

Unrealized appreciation  $288,333,144 
Unrealized depreciation   (80,180,207)
Net unrealized appreciation  $208,152,937 

 

(b) Non-income producing security.
(c) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $107,336,213 or 1.92% of net assets. Included in this amount are securities which are also exempt from registration under Rule 144A of the Securities Act of 1933, as amended (see (i) below) that amount to $50,759,721 or 0.91% of net assets.
(d) Fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $6,114,148, which is 0.11% of net assets.
(e) Issuer filed for bankruptcy and/or is in default of interest payments.
(f) Security offered and sold outside of the United States, and this is exempt from registration under Regulation S of the Securities Act of 1933. It has been deemed liquid under guidelines approved by the Board.
(g) Principal amount denoted in Singapore Dollars.
(h) Zero coupon bond. The rate represents the yield at time of purchase.
(i) 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 $308,551,051, which is 5.51% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (c) above.
(j) Principal amount denoted in Euros.
(k) Investment in non-U.S. Dollars. Principal amount reflects local currency.
(l) Principal amount denoted in British Pounds.
(m) Variable rate security. Rate shown is the rate as of July 31, 2014.
(n) Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(o) The rate represents the annualized yield at time of purchase.
(p) Rate shown represents current yield at July 31, 2014.
(q) Notional Amount is shown parenthetically for any leg of Structured Option which has a different notional amount than the amount shown under Notional Amount column
(r) Number of contracts are shown parenthetically for any leg of Structured Option which has a different number of contracts than the amount shown under contracts column.


119
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

CAD — Canadian Dollar

Cnv. — Convertible

ETF — Exchange Traded Fund

EUR — Euro

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

STEP — Step Coupon Bond

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Asset-Backed Securities   3.9%
Banks   0.9%
Collateralized Mortgage Obligations   12.9%
Commercial Mortgage-Backed Securities   0.4%
Consumer Discretionary   3.6%
Consumer Staples   2.4%
Diversified Financials   1.5%
Energy   2.4%
Government Bonds   5.0%
Health Care   3.7%
Industrials   3.7%
Information Technology   3.4%
Insurance   1.5%
Materials   1.7%
Real Estate   1.2%
Telecommunication Services   1.5%
U.S. Government Agencies and Securities   43.9%
Utilities   0.8%
Other*   5.6%
    100.0%

 

 

 

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


120
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments July 31, 2014
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 28.5%    
CANADA — 1.0%    
Energy — 1.0%    
 2,150,000   Athabasca Oil Corp.(b)  $12,284,587 
UNITED KINGDOM — 1.9%     
Energy — 1.9%     
 2,000,000   Tullow Oil Plc   24,598,604 
UNITED STATES — 25.6%
Consumer Discretionary — 1.3%     
 1,200,000   TRI Pointe Homes, Inc.(b)   16,212,000 
Consumer Staples — 2.4%     
 420,000   Archer-Daniels-Midland Co.   19,488,000 
 180,000   Kellogg Co.   10,769,400 
         30,257,400 
Energy — 14.4%     
 300,000   Chevron Corp.   38,772,000 
 200,000   Continental Resources, Inc.(b)   29,356,000 
 302,000   Exxon Mobil Corp.   29,879,880 
 870,000   Laredo Petroleum, Inc.(b)   23,611,800 
 235,000   Range Resources Corp.   17,763,650 
 930,000   Sanchez Energy Corp.(b)   29,499,600 
 390,000   Stone Energy Corp.(b)   14,839,500 
         183,722,430 
Industrials — 2.3%     
 460,000   Jacobs Engineering Group, Inc.(b)   23,372,600 
 300,000   KBR, Inc.   6,198,000 
         29,570,600 
Materials — 2.4%     
 275,000   Monsanto Co.   31,099,750 
Real Estate — 2.8%     
 450,000   St. Joe Co. (The)(b)   10,278,000 
 810,000   Weyerhaeuser Co., REIT   25,369,200 
         35,647,200 
         326,509,380 
Total Common Stocks
(Cost $386,155,863)		   363,392,571 
EXCHANGE TRADED FUNDS — 2.3%     
UNITED STATES — 2.3%     
 1,320,000   iShares U.S. Home Construction ETF   29,317,200 
Total Exchange Traded Funds
(Cost $30,624,482)		   29,317,200 
Number of
Coins		      Value 
COLLECTIBLE COINS — 2.0%     
UNITED STATES — 2.0%     
 13   Various Collectible Coins and Sets of Coins(c)  $25,931,209 
Total Collectible Coins
(Cost $24,913,897)		   25,931,209 
           
Fine Troy
Ounces		         
COMMODITIES — 3.0%     
UNITED STATES — 3.0%     
 29,985   Gold Bullion   38,457,622 
Total Commodities
(Cost $27,728,889)		   38,457,622 
           
Contracts         
CALL OPTIONS PURCHASED — 0.3%     
Commodities — 0.3%     
 2,000   Chicago Board of Trade Corn Futures, Strike $440.00, Expiring 08/22/14   12,500 
 150   Chicago Mercantile Exchange Lean Hogs Futures, Strike $100.00, Expiring 12/12/14   145,500 
 500   Chicago Mercantile Exchange Lean Hogs Futures, Strike $120.00, Expiring 10/14/14   55,000 
 1,000   Chicago Mercantile Exchange Lean Hogs Futures, Strike $128.00, Expiring 08/08/14   10,000 
 575   Chicago Mercantile Exchange Lean Hogs Futures, Strike $128.00, Expiring 08/14/14   5,750 
 300   Commodity Exchange Silver Futures, Strike $22.00, Expiring 11/24/14   640,500 
 650   Intercontinental Exchange Coffee C Futures, Strike $200.00, Expiring 08/08/14   1,099,313 
 500   Intercontinental Exchange Sugar No. 11 Futures, Strike $18.50, Expiring 09/15/14   39,200 
 500   London Metal Exchange Nickel Futures, Strike $25,000.00, Expiring 06/03/15   1,452,240 
 500   London Metal Exchange Nickel Futures, Strike $40,000.00, Expiring 12/02/15   230,880 
 1,400   New York Mercantile Exchange Henry Hub Natural Gas Futures, Strike $5.00, Expiring 09/25/14    95,200 
Total Call Options Purchased
(Cost $8,087,124)		   3,786,083 

 

121
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Contracts      Value 
PUT OPTIONS PURCHASED — 0.1%     
Commodities — 0.1%     
 85   London Metal Exchange Copper Futures, Strike $6,500.00, Expiring 09/03/14  $13,621 
 150   London Metal Exchange Nickel Futures, Strike $19,000.00, Expiring 09/03/14   842,301 
Total Put Options Purchased
(Cost $1,424,158)		   855,922 
           
Principal Amount       Value 
ASSET-BACKED SECURITIES — 2.7%     
UNITED STATES — 2.7%     
$35,000,000   GCO Education Loan Funding Trust, Series 2003-2, Class A5AR, 1.97%, 09/01/40(d)   34,300,000 
Total Asset-Backed Securities
(Cost $34,170,045)		   34,300,000 
U.S. GOVERNMENT AGENCIES — 58.0%
Federal Home Loan Bank — 58.0%     
$154,900,000   0.06%, 08/01/14(e)   154,899,999 
 1,800,000   0.05%, 08/05/14(e)   1,799,989 
 2,600,000   0.05%, 08/06/14(e)   2,599,982 
 10,000,000   0.05%, 08/06/14(e)   9,999,944 
 4,800,000   0.06%, 08/06/14(e)   4,799,961 
 14,000,000   0.04%, 08/08/14(e)   13,999,905 
 5,000,000   0.06%, 08/08/14(e)   4,999,947 
 7,300,000   0.06%, 08/08/14(e)   7,299,908 
 7,300,000   0.07%, 08/08/14(e)   7,299,908 
 16,000,000   0.03%, 08/11/14(e)   15,999,889 
 48,000,000   0.03%, 08/11/14(e)   47,999,800 
 48,000,000   0.06%, 08/13/14(e)   47,999,005 
 107,800,000   0.07%, 08/13/14(e)   107,797,664 
 22,400,000   0.06%, 08/15/14(e)   22,399,501 
 3,800,000   0.03%, 08/20/14(e)   3,799,940 
 50,000,000   0.03%, 08/20/14(e)   49,998,417 
 24,300,000   0.06%, 08/20/14(e)   24,299,231 
 48,000,000   0.06%, 08/21/14(e)   47,998,400 
 4,400,000   0.06%, 08/22/14(e)   4,399,847 
 78,200,000   0.07%, 08/22/14(e)   78,197,034 
 8,000,000   0.07%, 08/22/14(e)   7,999,813 
 13,700,000   0.07%, 08/28/14(e)   13,699,281 
 51,700,000   0.05%, 08/29/14(e)   51,698,191 
 3,020,000   0.07%, 09/05/14(e)   3,019,809 
 4,900,000   0.09%, 09/10/14(e)   4,899,619 
Total U.S. Government Agencies
(Cost $739,904,984)		   739,904,984 
U.S. GOVERNMENT SECURITIES — 7.1%     
U.S. Treasury Bills — 7.1%     
 46,000,000   0.02%, 08/14/14(e)   45,999,651 
Principal
Amount		      Value 
U.S. Treasury Bills (continued)     
$44,600,000   0.03%, 08/21/14(e)  $44,599,375 
Total U.S. Government Securities
(Cost $90,599,026)		   90,599,026 
           
Shares         
CASH SWEEP — 0.8%     
 9,454,637   Citibank - US Dollars on Deposit in Custody Account, 0.02%(f)   9,454,637 
Total Cash Sweep
(Cost $9,454,637)		   9,454,637 
TOTAL INVESTMENTS — 104.8%
(Cost $1,353,063,105)(a)		   1,335,999,254 
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.8)%   (60,981,190)
NET ASSETS — 100.0%  $1,275,018,064 
           
Contracts         
CALL OPTIONS WRITTEN — 0.0%     
Commodities — 0.0%
 (85)  London Metal Exchange Copper Futures, Strike $7,000.00, Expiring 09/03/14   (416,011)
Total Call Options Written
(Premiums received $(195,330))		   (416,011)
PUT OPTIONS WRITTEN — (0.9)%     
Commodities — (0.9)%     
 (1,500)  Chicago Board of Trade Corn Futures, Strike $440.00, Expiring 11/21/14   (5,643,750)
 (999)  Chicago Board of Trade Corn No. 2 Futures, Strike $420.00, Expiring 11/21/14   (2,840,906)
 (650)  Intercontinental Exchange Coffee C Futures, Strike $200.00, Expiring 08/08/14   (2,305,875)
 (350)  Intercontinental Exchange Sugar No. 11 Futures, Strike $17.00, Expiring 09/15/14   (313,600)
 (500)  Intercontinental Exchange Sugar No. 11 Futures, Strike $17.00, Expiring 09/15/14   (448,000)
Total Put Options Written
(Premiums received $(7,866,812))		  $(11,552,131)

 

122
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

FUTURES CONTRACTS: SHORT POSITIONS

 

Contracts      Unrealized
Appreciation/
(Depreciation)		 
 250   London Metal Exchange Lead, September 2014  $(350,687)
 1,000   Intercontinental Exchange Brent Crude Oil, December 2014   972,500 
 350   London Metal Exchange Nickel, December 2014   1,496,703 
 100   New York Mercantile Exchange Brent Crude Oil, December 2015   (148,000)
 250   Intercontinental Exchange Brent Crude Oil, December 2017   (127,500)
     Net unrealized appreciation  $1,843,016 
           
FUTURES CONTRACTS: LONG POSITIONS     
           
Contracts      Unrealized
Appreciation/
(Depreciation)		 
 575   Chicago Mercantile Exchange Live Cattle, August 2014  $1,363,731 
 265   Intercontinental Exchange Coffee C, September 2014   (1,822,762)
 250   London Metal Exchange Lead, September 2014   742,000 
 303   New York Mercantile Exchange Gasoline, September 2014   (352,746)
 500   NYSE LIFFE Robusta Coffee, September 2014   642,220 
 344   Chicago Mercantile Exchange Lean Hogs, October 2014   (313,640)
 100   New York Mercantile Exchange Gasoline, October 2014   (422,545)
 1,030   New York Mercantile Exchange Natural Gas, October 2014   (6,087,697)
 160   New York Mercantile Exchange Platinum, October 2014   105,700 
 1,000   Intercontinental Exchange Brent Crude Oil, December 2014   (1,127,500)
 822   Intercontinental Exchange Cotton No. 2, December 2014   (7,988,629)
 500   London Metal Exchange Nickel, December 2014   5,580,710 
 40   Intercontinental Exchange Rotterdam Coal, January 2015   (184,750)
 40   Intercontinental Exchange Rotterdam Coal, February 2015   (184,750)
 40   Intercontinental Exchange Rotterdam Coal, March 2015   (184,750)
 72   New York Mercantile Exchange Gasoline, March 2015   (60,955)
 40   Intercontinental Exchange Rotterdam Coal, April 2015   (164,750)
 40   Intercontinental Exchange Rotterdam Coal, May 2015   (164,750)
 40   Intercontinental Exchange Rotterdam Coal, June 2015   (164,750)

FUTURES CONTRACTS: LONG POSITIONS (Continued)

 

Contracts      Unrealized
Appreciation/
(Depreciation)		 
 40   Intercontinental Exchange Rotterdam Coal, July 2015  $(112,750)
 300   New York Mercantile Exchange Gasoline, July 2015   (1,414,350)
 40   Intercontinental Exchange Rotterdam Coal, August 2015   (112,750)
 300   New York Mercantile Exchange Gasoline, August 2015   (1,348,200)
 40   Intercontinental Exchange Rotterdam Coal, September 2015   (112,750)
 40   Intercontinental Exchange Rotterdam Coal, October 2015   (56,750)
 40   Intercontinental Exchange Rotterdam Coal, November 2015   (56,750)
 400   Intercontinental Exchange Brent Crude Oil, December 2015   1,720,472 
 40   Intercontinental Exchange Rotterdam Coal, December 2015   (56,750)
 300   Intercontinental Exchange Brent Crude Oil, December 2016   (482,130)
 528   Intercontinental Exchange Brent Crude Oil, December 2017   (146,370)
 40   New York Mercantile Exchange Natural Gas, January 2018   40,700 
 40   New York Mercantile Exchange Natural Gas, February 2018   34,700 
 40   New York Mercantile Exchange Natural Gas, March 2018   11,500 
 40   New York Mercantile Exchange Natural Gas, April 2018   (92,500)
 40   New York Mercantile Exchange Natural Gas, May 2018   (86,900)
 40   New York Mercantile Exchange Natural Gas, June 2018   (77,300)
 40   New York Mercantile Exchange Natural Gas, July 2018   (65,300)
 40   New York Mercantile Exchange Natural Gas, August 2018   (59,700)
 40   New York Mercantile Exchange Natural Gas, September 2018   (57,300)
 40   New York Mercantile Exchange Natural Gas, October 2018   (44,500)
 40   New York Mercantile Exchange Natural Gas, November 2018   (10,900)
 40   New York Mercantile Exchange Natural Gas, December 2018   56,700 
     Net unrealized depreciation  $(13,320,491)

 

123
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2014
  (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 01/31/15 (Underlying notional amount $3,531,510)  $(591,510)
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 02/28/15 (Underlying notional amount $3,531,510)   (591,510)
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 03/31/15 (Underlying notional amount $3,531,510)   (591,510)
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 04/30/15 (Underlying notional amount $3,531,510)   (329,010)
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 05/31/15 (Underlying notional amount $3,531,510)   (329,010)
  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 06/30/15 (Underlying notional amount $3,531,510)  $(329,010)
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 07/31/15 (Underlying notional amount $3,531,510)   1,088,490 
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 $2,216,000)   (56,000)
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 08/31/15 (Underlying notional amount $3,531,510)   1,088,490 
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 $2,216,000)   328,000 
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 09/30/15 (Underlying notional amount $3,531,510)   1,088,490 

 

124
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2014
  (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 10/31/14 (Underlying notional amount $2,216,000)  $892,000 
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 10/31/15 (Underlying notional amount $3,531,510)   1,088,490 
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 $2,216,000)   892,000 
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 11/30/15 (Underlying notional amount $3,531,510)   1,088,490 
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 $2,216,000)   892,000 
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 12/31/15 (Underlying notional amount $3,531,510)   1,088,490 
  Unrealized 
  Appreciation/ 
  (Depreciation) 
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Lean Hogs Index, paying a fixed amount per pound and receiving the closing settlement price of CME August 2014 Lean Hogs Futures contracts on the termination date, expiring 08/11/14 (Underlying notional amount $52,367,257)  $(4,921,207)
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Lean Hogs Index, paying a fixed amount per pound and receiving the closing settlement price of CME December 2014 Lean Hogs Futures contracts on the termination date, expiring 12/09/14 (Underlying notional amount $24,966,069)   1,478,271 
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Lean Hogs Index, paying a fixed amount per pound and receiving the closing settlement price of CME October 2014 Lean Hogs Futures contracts on the termination date, expiring 10/10/14 (Underlying notional amount $21,217,723)   2,099,827 
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Live Cattle Index, paying a fixed amount per pound and receiving the closing settlement price of CME August 2014 Live Cattle Futures contracts on the termination date, expiring 08/01/14 (Underlying notional amount $19,299,951)   345,919 
Commodity Index Swap Agreement with Cargill, Inc. based on the Chicago Mercantile Exchange (“CME”) Live Cattle Index, paying a fixed amount per pound and receiving the closing settlement price of CME February 2015 Live Cattle Futures contracts on the termination date, expiring 02/04/15 (Underlying notional amount $18,918,180)   (15,180)

 

125
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

   Unrealized 
   Appreciation/ 
   (Depreciation) 
Commodity Index Swap Agreement with Cargill, Inc. based on the Intercontinental Exchange, Inc. (“ICE”) Cotton Index, paying a fixed amount per pound and receiving the closing settlement price of ICE December 2014 Cotton Futures contracts on the termination date, expiring 11/18/14 (Underlying notional amount $11,616,735)   $(2,186,235)
   $3,518,775 

 

   Unrealized 
   Appreciation/ 
   (Depreciation) 
 SWAP AGREEMENTS (WRITTEN)     
      
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 01/31/15 (Underlying notional amount $3,446,990)  $926,990 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 02/28/15 (Underlying notional amount $3,446,990)   926,990 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 03/31/15 (Underlying notional amount $3,446,990)   926,990 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 04/30/15 (Underlying notional amount $3,446,990)   701,990 
   Unrealized 
   Appreciation/ 
   (Depreciation) 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 05/31/15 (Underlying notional amount $3,446,990)  $701,990 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 06/30/15 (Underlying notional amount $3,446,990)   701,990 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 07/31/15 (Underlying notional amount $3,446,990)   (513,010)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 08/31/15 (Underlying notional amount $3,446,990)   (513,010)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 09/30/15 (Underlying notional amount $3,446,990)   (513,010)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 10/31/15 (Underlying notional amount $3,446,990)   (513,010)

 

126
Old Westbury Funds, Inc.  
Real Return Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

   Unrealized 
   Appreciation/ 
   (Depreciation) 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/15 (Underlying notional amount $3,446,990)  $(513,010)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/15 (Underlying notional amount $3,446,990)   (513,010)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 08/31/14 (Underlying notional amount $2,132,250)   (27,750)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 09/30/14 (Underlying notional amount $2,132,250)   (411,750)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 10/31/14 (Underlying notional amount $3,130,750)   22,750 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 11/30/14 (Underlying notional amount $3,130,750)   22,750 
   Unrealized 
   Appreciation/ 
   (Depreciation) 
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 12/31/14 (Underlying notional amount $3,130,750)  $22,750 
   $1,437,630 

 

 

 

(a)  Cost for federal income tax purposes is $1,357,180,031 and net unrealized depreciation of investments is as follows:
  
Unrealized appreciation  $22,790,037 
Unrealized depreciation   (43,975,814)
Net unrealized depreciation  $(21,185,777)

 

(b)    Non-income producing security.
(c) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $25,931,209 or 2.03% of net assets.
(d) Variable rate security. Rate shown is the rate as of July 31, 2014.
(e) The rate represents the annualized yield at time of purchase.
(f) Rate shown represents current yield at July 31, 2014.

 

REIT — Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)
 
   Percentage
Sector  of Net Assets
Asset-Backed Securities   2.7%
Collectible Coins   2.0%
Commodities   3.0%
Consumer Discretionary   1.3%
Consumer Staples   2.4%
Energy   17.3%
Industrials   2.3%
Materials   2.4%
Real Estate   2.8%
U.S. Government Agencies and Securities   65.1%
Other*   (1.3)%
    100.0%

 

 

 

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

 

127
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
CORPORATE BONDS — 49.9%     
Banks — 13.3%     
$1,000,000   Australia & New Zealand Banking Group Ltd.,
0.90%, 02/12/16		  $1,004,104 
 3,800,000   Bank of America NA,
1.25%, 02/14/17		   3,799,609 
 3,000,000   Bank of Montreal,
2.63%, 01/25/16(b)		   3,090,111 
 3,000,000   Bank of Tokyo-Mitsubishi UFJ Ltd. (The),
1.55%, 09/09/16(b)		   3,027,114 
 1,000,000   Canadian Imperial Bank of Commerce Canada,
2.60%, 07/02/15(b)		   1,020,279 
 500,000   Capital One Bank USA,
1.15%, 11/21/16		   501,109 
 10,500,000   Citigroup, Inc.,
1.35%, 03/10/17		   10,480,187 
 5,000,000   Commonwealth Bank of Australia,
3.25%, 03/17/16(b)		   5,197,390 
 2,000,000   Commonwealth Bank of Australia,
2.25%, 03/16/17(b)		   2,054,980 
 2,340,000   Credit Suisse New York MTN,
3.50%, 03/23/15		   2,383,557 
 1,175,000   Deutsche Bank AG,
3.45%, 03/30/15		   1,197,303 
 1,350,000   Deutsche Bank AG,
3.25%, 01/11/16		   1,396,877 
 12,295,000   JPMorgan Chase & Co. MTN,
1.35%, 09/22/15(c)		   12,413,339 
 6,125,000   KFW,
1.25%, 02/15/17		   6,171,685 
 1,000,000   Mizuho Bank Ltd.,
1.30%, 04/16/17(b)		   998,037 
 300,000   Royal Bank of Canada MTN,
1.15%, 03/13/15		   301,547 
 3,000,000   Standard Chartered Plc, 5.50%,
11/18/14(b)		   3,042,900 
 3,900,000   Toronto-Dominion Bank (The) - MTN,
0.79%, 04/30/18(c)		   3,932,074 
 10,500,000   Wells Fargo & Co.,
1.25%, 07/20/16		   10,588,914 
         72,601,116 
Consumer Discretionary — 1.3%     
 2,000,000   Cargill, Inc.,
1.90%, 03/01/17(b)		   2,030,280 
 2,000,000   Hyundai Capital America,
1.45%, 02/06/17(b)		   1,999,566 
Principal
Amount		      Value 
Consumer Discretionary (continued)     
$3,000,000   Walt Disney Co. (The),
0.88%, 05/30/17		  $2,983,446 
         7,013,292 
Consumer Staples — 3.5%     
 11,900,000   Anheuser-Busch Inbev Worldwide Inc,
1.38%, 07/15/17		   11,934,558 
 4,000,000   Coca-Cola Co. (The),
1.80%, 09/01/16		   4,085,512 
 3,000,000   CVS Caremark Corp.,
1.20%, 12/05/16		   3,015,651 
         19,035,721 
Diversified Financials — 11.8%     
 3,520,000   American Express Credit Corp. MTN,
2.38%, 03/24/17		   3,628,455 
 1,000,000   American Honda Finance Corp.,
2.50%, 09/21/15(b)		   1,022,368 
 1,000,000   American Honda Finance Corp.,
2.13%, 02/28/17(b)		   1,022,667 
 5,000,000   Caterpillar Financial Services Corp. MTN,
0.47%, 02/26/16(c)		   5,011,035 
 3,000,000   Daimler Finance North America LLC,
2.63%, 09/15/16(b)		   3,092,394 
 1,000,000   Daimler Finance North America LLC,
1.38%, 08/01/17(b)		   997,401 
 500,000   Enel Finance International SA,
3.88%, 10/07/14(b)		   502,893 
 1,500,000   Ford Motor Credit Co. LLC,
4.21%, 04/15/16		   1,577,273 
 10,800,000   Ford Motor Credit Co. LLC,
3.00%, 06/12/17		   11,209,396 
 9,325,000   General Electric Capital Corp,
2.90%, 01/09/17		   9,720,464 
 950,000   General Electric Capital Corp. MTN,
3.50%, 06/29/15		   977,013 
 1,400,000   General Electric Capital Corp. MTN,
2.30%, 04/27/17		   1,442,181 
 3,000,000   Goldman Sachs Group, Inc. (The),
3.30%, 05/03/15		   3,062,187 
 3,000,000   Goldman Sachs Group, Inc. (The),
3.63%, 02/07/16		   3,119,301 
 12,000,000   Morgan Stanley,
1.75%, 02/25/16		   12,157,524 
 3,000,000   Toyota Motor Credit Corp.,
0.52%, 05/17/16(c)		   3,009,621 


128
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Diversified Financials (continued)     
$1,775,000   Toyota Motor Credit Corp. MTN,
1.13%, 05/16/17		  $1,770,680 
 1,000,000   USAA Capital Corp.,
1.05%, 09/30/14(b)		   1,001,127 
         64,323,980 
Energy — 1.2%     
 3,000,000   Cameron International Corp.,
1.15%, 12/15/16		   2,999,769 
 1,700,000   Occidental Petroleum Corp,
1.75%, 02/15/17		   1,727,720 
 1,000,000   Schlumberger Investment SA,
1.25%, 08/01/17(b)		   996,959 
 1,000,000   Schlumberger Norge AS,
1.95%, 09/14/16(b)		   1,021,492 
         6,745,940 
Health Care — 3.5%     
 820,000   Celgene Corp.,
2.45%, 10/15/15		   834,543 
 1,000,000   Express Scripts Holding Co.,
2.65%, 02/15/17		   1,032,346 
 3,000,000   Express Scripts Holding Co.,
1.25%, 06/02/17		   2,987,223 
 3,035,000   Johnson & Johnson,
2.15%, 05/15/16		   3,119,239 
 415,000   McKesson Corp,
0.95%, 12/04/15		   416,287 
 500,000   Medco Health Solutions, Inc.,
2.75%, 09/15/15		   510,995 
 4,000,000   Merck & Co., Inc.,
0.59%, 05/18/18(c)		   4,013,544 
 5,000,000   Takeda Pharmaceutical Co. Ltd.,
1.63%, 03/17/17(b)		   5,041,550 
 1,000,000   UnitedHealth Group, Inc.,
1.40%, 10/15/17		   998,621 
         18,954,348 
Industrials — 0.7%     
 3,500,000   3M Co. MTN,
1.00%, 06/26/17		   3,490,638 
 312,198   Federal Express Corp. 2012 Pass Through Trust,
2.63%, 01/15/18(b)		   316,703 
 188,000   Tyco International Finance SA,
3.38%, 10/15/15		   193,472 
         4,000,813 
Information Technology — 5.5%     
 10,000,000   Apple, Inc.,
0.47%, 05/03/18(c)		   10,003,710 
 5,000,000   Cisco Systems, Inc.,
1.10%, 03/03/17		   5,009,615 
Principal
Amount		      Value 
Information Technology (continued)     
$2,150,000   Fiserv, Inc.,
3.13%, 06/15/16		  $2,231,255 
 10,500,000   Hewlett-Packard Co.,
2.35%, 03/15/15		   10,615,332 
 1,900,000   National Semiconductor Corp.,
6.60%, 06/15/17		   2,182,882 
         30,042,794 
Insurance — 1.7%    
 3,990,000   Berkshire Hathaway Finance Corp.,
2.45%, 12/15/15		   4,094,949 
 5,000,000   New York Life Global Funding,
1.65%, 05/15/17(b)		   5,045,235 
         9,140,184 
Materials — 1.8%     
 630,000   Airgas, Inc.,
4.50%, 09/15/14		   629,980 
 1,005,000   Airgas, Inc.,
2.95%, 06/15/16		   1,038,900 
 8,000,000   Rio Tinto Finance USA Plc,
2.00%, 03/22/17		   8,172,696 
         9,841,576 
Telecommunication Services — 4.0%     
 4,000,000   America Movil Sab de CV,
2.38%, 09/08/16		   4,096,808 
 12,000,000   NBC Universal Media LLC,
2.88%, 04/01/16		   12,421,092 
 5,000,000   Verizon Communications, Inc.,
1.35%, 06/09/17		   4,992,455 
         21,510,355 
Utilities — 1.6%     
 5,000,000   Consolidated Edison Co. of New York, Inc.,
5.38%, 12/15/15		   5,320,420 
 1,000,000   Duke Energy Corp.,
1.63%, 08/15/17		   1,007,413 
 2,485,000   NextEra Energy Capital Holdings, Inc.,
2.60%, 09/01/15		   2,537,811 
         8,865,644 
Total Corporate Bonds
(Cost $270,066,614)		   272,075,763 
ASSET-BACKED SECURITIES — 5.5%     
CAYMAN ISLANDS — 1.6%     
 6,000,000   OCP CLO Ltd., Series 2013-4A, Class A1A,
1.63%, 10/24/25(b)(c)		   5,979,060 


129
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$3,001,742   Vitesse CLO Ltd., Series 2006-1A, Class A1L,
0.48%, 08/17/20(b)(c)		  $2,987,543 
         8,966,603 
UNITED STATES — 3.9%     
 2,500,000   Ally Auto Receivables Trust Series 2014-1, Class A3, 0.97%, 10/15/18   2,495,461 
 2,000,000   Americredit Automobile Receivables Trust Series 2014-2, Class A3, 0.94%, 02/08/19   1,984,940 
 8,500,000   Anchorage Capital CLO Ltd., Series 2013-1A, Class 1A, 1.42%, 07/13/25(b)(c)   8,418,655 
 1,562,998   Black Diamond CLO Ltd., Series 2005-1X, Class A1, 0.50%, 06/20/17(c)   1,561,202 
 2,500,000   Fifth Third Auto Trust Series 2014-2, Class A3, 0.89%, 11/15/18   2,488,977 
 2,050,000   Mercedes-Benz Auto Receivables Trust Series 2014-1, Class A3, 0.87%, 10/15/18   2,043,399 
 2,000,000   Toyota Auto Receivables Owner Trust Series 2014-B, Class A4, 1.31%, 09/16/19   1,989,636 
         20,982,270 
Total Asset-Backed Securities
(Cost $29,996,961)		   29,948,873 
MUNICIPAL BONDS — 5.6%     
California — 0.8%     
 3,850,000   Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM)
6.93%, 05/15/17		   4,435,123 
District Of Columbia — 0.5%     
 1,000,000   District of Columbia Build America Bonds GO
3.64%, 06/01/15		   1,026,530 
 1,310,000   District of Columbia Build America Bonds GO
4.16%, 06/01/16		   1,387,565 
         2,414,095 
Georgia — 0.6%     
 3,085,000   State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17   3,216,884 
Principal
Amount		      Value 
Illinois — 0.5%     
$2,600,000   State of Illinois Public Improvements Revenue Bonds
1.56%, 06/15/17		  $2,607,982 
Maryland — 0.0%     
 20,000   State of Maryland Recreational Facilities Improvements COP, Series A
2.52%, 09/01/14		   20,028 
 180,000   State of Maryland Recreational Facility Improvements COP, Series A
2.92%, 09/01/15		   184,523 
         204,551 
Michigan — 0.2%     
 1,095,000   University of Michigan University and College Improvement Build America Revenue Bonds
1.75%, 04/01/15		   1,103,902 
Minnesota — 0.1%     
 40,000   Duluth Independent School District No. 709 Build America Bonds COP (School District Credit)
3.50%, 02/01/15		   40,636 
 605,000   Duluth Independent School District No. 709 Build America Bonds COP (School District Credit)
4.00%, 02/01/16		   624,693 
         665,329 
New Jersey — 2.0%     
 1,500,000   County of Monmouth Build America Bonds GO
3.75%, 11/01/16		   1,572,150 
 1,000,000   Morris County Improvement Authority Renewable Energy Revenue Bonds (County Guaranty)
1.90%, 06/15/15		   1,012,600 
 100,000   Morris County Improvement Authority Renewable Energy Revenue Bonds (County Guaranty)
2.27%, 06/15/16		   102,547 


130
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
New Jersey (continued)     
$2,050,000   New Jersey Economic Development Authority Refunding Revenue Bonds
3.50%, 06/15/15		  $2,102,767 
 1,515,000   New Jersey Economic Development Authority Refunding Revenue Bonds (State Appropriation)
3.61%, 09/01/14		   1,515,015 
 4,600,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series Q
1.10%, 06/15/16		   4,590,110 
 125,000   New Jersey Economic Development Authority School Facilities Construction Revenue Bonds
3.17%, 09/01/14(d)		   125,072 
 35,000   New Jersey Economic Development Authority School Facilities Construction Revenue Bonds
3.17%, 09/01/14		   35,020 
         11,055,281 
New York — 0.5%     
 2,520,000   Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds
4.28%, 11/15/16		   2,691,562 
 110,000   New York State Dormitory Authority University & College Improvements Revenue Bonds, Series G
2.83%, 03/15/16		   113,675 
         2,805,237 
Ohio — 0.4%     
 2,115,000   Ohio State Build America Revenue Bonds, Series 2
3.64%, 06/15/16		   2,221,215 
Total Municipal Bonds
(Cost $30,054,442)		   30,729,599 
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5% 
 2,855,370   JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A,
3.00%, 01/27/38(b)		   2,853,528 
Total Collateralized Mortgage Obligations
(Cost $2,922,837)		   2,853,528 
Principal
Amount		      Value 
U.S. GOVERNMENT AGENCIES — 8.9%     
AID-EGYPT — 0.2%     
$1,000,000   4.45%, 09/15/15  $1,044,776 
         1,044,776 
Fannie Mae — 0.7%     
 200,000   1.63%, 10/26/15   203,375 
 3,200,000   5.00%, 02/13/17   3,530,595 
         3,733,970 
Federal Home Loan Bank — 0.4%     
 150,000   5.00%, 12/21/15   159,758 
 2,000,000   0.38%, 06/24/16   1,992,674 
         2,152,432 
Freddie Mac — 4.1%     
 8,500,000   0.88%, 02/22/17   8,486,987 
 13,900,000   1.00%, 03/08/17   13,921,392 
         22,408,379 
Ginnie Mae — 0.0%     
 310   9.00%, 02/15/20   312 
         312 
Overseas Private Investment Corp. — 1.5%     
 7,514,755   5.14%, 12/15/23   8,337,779 
         8,337,779 
Private Export Funding Corp. — 1.0%     
 1,400,000   4.95%, 11/15/15   1,481,147 
 3,000,000   5.00%, 12/15/16   3,283,371 
 500,000   2.25%, 12/15/17   515,077 
         5,279,595 
Small Business Administration — 0.8%     
 759,837   4.73%, 02/10/19   810,231 
 1,275,856   4.11%, 03/10/20   1,359,324 
 2,241,446   4.08%, 03/10/21   2,365,828 
         4,535,383 
Tennessee Valley Authority — 0.2%     
 725,000   6.25%, 12/15/17   842,019 
         842,019 
Total U.S. Government Agencies
(Cost $47,131,085)		   48,334,645 
U.S. GOVERNMENT SECURITIES — 27.9%     
U.S. Treasury Bonds — 4.0%     
 20,540,000   0.63%, 01/15/24(e)   21,622,094 
U.S. Treasury Notes — 23.9%     
 61,076,000   0.25%, 12/15/15   61,073,618 


131
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
U.S. Treasury Notes (continued)     
$6,000,000   0.88%, 05/15/17  $5,988,282 
 46,310,000   7.25%, 08/15/22   63,158,875 
      
Total U.S. Government Securities
(Cost $153,518,580)		   151,842,869 
      
GOVERNMENT BONDS — 0.7%      
      
FRANCE — 0.2%     
 1,000,000   Societe Financement de L’economie Francaise, 2.88%, 09/22/14(b)   999,838 
GERMANY — 0.2%     
 1,000,000   Norddeutsche Landesbank Girozentrale, 0.88%, 10/16/15(b)   1,003,853 
SOUTH KOREA — 0.3%     
 500,000   Export-Import Bank of Korea, 1.25%, 11/20/15   502,187 
 1,400,000   Export-Import Bank of Korea, 4.00%, 01/11/17   1,488,568 
         1,990,755 
Total Government Bonds
(Cost $3,896,977)		   3,994,446 
           
Shares         
INVESTMENT COMPANY — 0.6%     
 3,373,900   SEI Daily Income Trust Government II Fund, Class A, 0.01%(f)   3,373,900 
Total Investment Company
(Cost $3,373,900)		   3,373,900 
           
TOTAL INVESTMENTS — 99.6%
(Cost $540,961,396)(a)		  $543,153,623 
      
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%   1,986,395 
NET ASSETS — 100.0%  $545,140,018 

 

(a)Cost for federal income tax purposes is $541,065,835 and net unrealized appreciation of investments is as follows:
Unrealized appreciation  $4,767,914 
Unrealized depreciation   (2,680,126)
Net unrealized appreciation  $2,087,788 

 

(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 $64,763,923 which is 11.88% of net assets.
(c) Variable rate security. Rate shown is the rate as of July 31, 2014.
(d) 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.
(e) Inflation protected security. Principal amount reflects original security face amount.
(f) Rate shown represents current yield at July 31, 2014.

 

  AGM — Assured Guaranty Municipal Corp.
  CLO — Collateralized Loan Obligation
  COP — Certificates of Participation
  GO — General Obligations
  MTN — Medium Term Note

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
U.S. Government Agencies and Securities   36.8%  
Corporate Bonds   49.9   
Municipal Bonds   5.6   
Government Bonds   0.7   
Asset Backed Securities   5.5   
Collateralized Mortgage Obligations   0.5   
Other*   1.0   
    100.0%  

 

 

 

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

 

132
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
MUNICIPAL BONDS — 101.6%    
      
Alabama — 0.4%     
$5,000,000   Alabama Federal Aid Highway Finance Authority Revenue Bonds, 5.00%, 09/01/20  $5,897,450 
Arizona — 1.1%     
 2,000,000   Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Sub-series A, 5.00%, 07/01/21   2,405,180 
 350,000   Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24   405,993 
 2,360,000   Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17   2,649,171 
 5,125,000   City of Tempe Public Improvements GO, Series A, 3.00%, 07/01/15   5,256,200 
 200,000   Maricopa County Community College District GO, Series C, 5.00%, 07/01/20   233,189 
 2,875,000   Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20   3,418,346 
         14,368,079 
Arkansas — 0.1%     
 590,000   Fayetteville School District No 1 Refunding GO (State Aid Withholding), 2.00%, 06/01/16   608,213 
 910,000   Rogers School District No 30 Refunding GO (State Aid Withholding), 3.00%, 02/01/16   947,028 
         1,555,241 
California — 2.4%     
 5,000,000   Antelope Valley Community College District Refunding GO, Series A, 5.00%, 08/01/24   6,054,550 
 2,650,000   California State University System Wide Refunding Revenue Bonds, Series A, 5.00%, 11/01/18   3,102,064 
 1,750,000   City & County of San Francisco Courthouse Project Refunding COP, 5.00%, 04/01/16   1,882,090 
Principal
Amount		      Value 
California (continued)     
$1,155,000   City & County of San Francisco Juvenile Hall Project Refunding COP, 5.00%, 04/01/16  $1,242,179 
 5,900,000   City of Los Angeles Solid Waste Resources Revenue Bonds, Series A, 5.00%, 02/01/20   6,776,563 
 100,000   Huntington Beach Public Financing Authority Refunding Revenue Bonds, 4.00%, 09/01/18   109,549 
 1,035,000   Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23   1,195,021 
 10,000,000   State of California Refunding GO, Series A, (State GTY), 5.00%, 07/01/22   10,868,300 
         31,230,316 
Colorado — 0.6%     
 500,000   Adams & Weld Counties School District No 27J Brighton Co. Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 12/01/19   592,280 
 450,000   Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding), 5.00%, 12/01/23   545,940 
 2,000,000   El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding), 4.00%, 12/01/17   2,202,460 
 1,180,000   Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/22   1,437,087 
 490,000   Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/23   589,269 
 1,600,000   University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21   1,753,088 
 370,000   University of Northern Colorado Refunding Revenue Bonds, Series A (State Higher Education Intercept Program), 3.00%, 06/01/16   387,793 
         7,507,917 

 

133
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Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Connecticut — 2.0%     
$2,000,000   Connecticut State Health & Educational Facility Authority Refunding Revenue Bonds, Series A-3, 0.88%, 07/01/49(b)(c)  $1,998,280 
 3,500,000   State of Connecticut Refunding GO, Series C, 5.00%, 12/15/16   3,875,340 
 8,000,000   State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 10/01/19   9,418,800 
 1,000,000   University of Connecticut University and College Improvements Revenue Bonds, Series A, 3.00%, 02/15/16   1,041,280 
 9,000,000   University of Connecticut University and College Refunding Revenue Bonds, Series A, 4.00%, 02/15/16   9,508,590 
         25,842,290 
District Of Columbia — 0.5%     
 5,000,000   District of Columbia Public Improvement Revenue Bonds, Series C, 5.00%, 12/01/19   5,903,100 
 1,000,000   District of Columbia Refunding Revenue Bonds, Series A, 5.00%, 12/01/20   1,195,670 
         7,098,770 
Florida — 3.0%     
 800,000   City of Orlando Stadiums and Arenas Revenue Bonds, Series A, 5.00%, 11/01/23   972,144 
 220,000   County of Seminole Special Obligation Public Improvements Revenue Bonds, 4.00%, 10/01/15   229,591 
 3,000,000   Florida State Board of Education Capital Outlay GO, Series E, 4.60%, 06/01/23   3,129,120 
 5,000,000   Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/17   5,631,150 
 800,000   Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/18   923,592 
Principal
Amount		      Value 
Florida (continued)     
$1,000,000   Florida State Board of Education Lottery Revenue Bonds, Series A, (AMBAC), 5.00%, 07/01/20  $1,054,240 
 8,575,000   Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27   10,012,770 
 4,165,000   Florida State Board of Governors Refunding Revenue Bonds, Series A, 5.00%, 07/01/16   4,534,144 
 500,000   Florida Water Pollution Control Financing Corp. Water Polution Control Revenue Bonds, Series A, 4.00%, 01/15/17   541,825 
 1,065,000   Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC), 5.00%, 11/01/16   1,165,291 
 2,000,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19   2,254,520 
 1,800,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM), 5.25%, 10/01/16   1,983,078 
 2,000,000   Orlando Utilities Commission Refunding Revenue Bonds, Series A, 5.00%, 10/01/20   2,385,440 
 500,000   Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25   574,270 
 1,905,000   State of Florida Refunding GO, Series A, 3.00%, 01/01/16   1,979,009 
 1,975,000   State of Florida Refunding GO, Series A, 4.00%, 01/01/17   2,141,572 
         39,511,756 
Georgia — 4.9%     
 10,000,000   Bartow County School District School Improvement GO, Series A, (State Aid Withholding), 4.00%, 10/01/15   10,443,100 
 1,000,000   Cobb-Marietta Coliseum & Exhibit Hall Authority Performing Arts Center Project Refunding Revenue Bonds (County GTY), 5.00%, 01/01/19   1,161,180 

 

134
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Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Georgia (continued)     
$1,750,000   Douglas County School District Refunding GO (State Aid Withholding), 4.00%, 04/01/16  $1,857,153 
 675,000   Floyd County School District School Improvements GO, (State Aid Withholding), 3.00%, 07/01/15   692,591 
 970,000   Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 3.00%, 05/01/15   990,331 
 395,000   Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 4.00%, 05/01/16   420,114 
 375,000   Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 5.00%, 05/01/23   446,549 
 1,000,000   Fulton County Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18   1,136,110 
 1,040,000   Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 06/01/17   1,163,188 
 5,040,000   Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A, 5.00%, 06/01/15   5,233,939 
 1,250,000   Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A, 5.00%, 06/01/18   1,429,438 
 5,000,000   Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20   5,778,250 
 12,000,000   Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series A, (State GTY), 5.00%, 03/01/18   13,757,640 
 2,025,000   Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY), 5.00%, 10/01/19   2,394,097 
Principal
Amount		      Value 
Georgia (continued)     
$525,000   Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.00%, 01/01/15  $535,427 
 630,000   Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE), 5.25%, 01/01/17   698,418 
 500,000   Newton County School District School Improvements GO (State Aid Withholding), 5.00%, 04/01/15   516,015 
 5,000,000   State of Georgia Public Improvements GO, Series B, 5.00%, 07/01/16   5,445,200 
 1,925,000   State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/18   2,160,601 
 2,860,000   State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19   3,239,350 
 3,000,000   State of Georgia Refunding GO, Series E-2, 5.00%, 09/01/20   3,601,410 
 1,500,000   State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18   1,713,405 
         64,813,506 
Hawaii — 0.7%     
 8,000,000   City & County of Honolulu Public Improvements Refunding GO, Series B, 5.00%, 11/01/19   9,401,040 
 400,000   State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18   457,095 
         9,858,135 
Idaho — 0.1%     
 1,500,000   Idaho Board Bank Authority Refunding Revenue Bonds, Series D, 5.00%, 09/15/23   1,800,540 
Illinois — 1.5%     
 900,000   Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC), 5.00%, 06/01/21   968,391 
 1,345,000   City of Champaign Parking Facilities Improvements GO, Series 2008, 5.00%, 12/15/17   1,487,220 

 

135
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Illinois (continued)     
$270,000   City of Chicago Refunding GO, OID, Series B (AMBAC), 5.13%, 01/01/15  $275,443 
 2,215,000   Cook County Community College District No 508 University & College Improvements GO, 5.00%, 12/01/21   2,538,656 
 2,575,000   Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25   2,918,840 
 3,000,000   Illinois State Toll Highway Authority Refunding Revenue Bonds, Series B, 5.00%, 12/01/17   3,406,950 
 3,500,000   State of Illinois Public Improvement Refunding Revenue Bonds, 5.00%, 06/15/18   3,994,585 
 2,500,000   State of Illinois School Improvements GO, 3.00%, 02/01/16   2,573,700 
 780,000   University of Illinois College Improvement Refunding Revenue Bonds, Series A, 5.00%, 04/01/21   911,875 
 945,000   University of Illinois College Improvement Refunding Revenue Bonds, Series A, 5.00%, 04/01/22   1,097,164 
         20,172,824 
Indiana — 2.3%     
 580,000   Anderson School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/16   616,041 
 1,050,000   Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 07/15/16   1,137,465 
 650,000   Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding), 5.00%, 01/15/17   711,796 
Principal
Amount		      Value 
Indiana (continued)     
$500,000   Carmel 2002 School Building Corp. Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 07/15/16  $544,095 
 600,000   Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program), 5.00%, 07/15/20   690,960 
 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   716,118 
 490,000   East Noble Facilities School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/16   524,011 
 510,000   Evansville Vanderburgh Public Library Leasing Corp., First Mortgage Refunding Revenue Bonds, (AMBAC), 5.25%, 07/15/17   534,490 
 1,330,000   GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 01/15/22   1,582,407 
 1,350,000   GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 07/15/22   1,616,517 
 1,070,000   Griffith Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/15/22   1,114,266 
 905,000   Hammond School Building Corp., First Mortgage Revenue Bonds, (NATL-RE, State Aid Withholding), 5.00%, 07/15/23   924,494 
 5,000,000   Indiana Finance Authority Southern Industrial Gas & Electric Refunding Revenue Bonds, Series E, 1.95%, 05/01/37(b)   5,117,150 

 

136
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Indiana (continued)     
$500,000   Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1, 5.00%, 07/01/19  $578,865 
 1,040,000   Pike Township Multi-School Building Corp. School Improvements Revenue Bonds (State Aid Intercept Program), 3.00%, 01/15/16   1,080,134 
 1,060,000   Pike Township Multi-School Building Corp. School Improvements Revenue Bonds (State Aid Intercept Program), 3.00%, 07/15/16   1,110,583 
 500,000   Plainfield Elementary School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/18   543,685 
 715,000   Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/16   763,613 
 735,000   Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/16   797,269 
 570,000   Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/17   638,286 
 3,000,000   Purdue University Student Fee Refunding Revenue Bonds, Series Z-1, 5.00%, 07/01/15   3,132,750 
 1,000,000   Tippecanoe County Middle School Building Corp. First Mortgage Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 01/15/15   1,016,460 
 765,000   Vigo County School Building Corp., First Mortgage Refunding Revenue Bonds, (AGM, State Aid Withholding), 5.00%, 01/10/16   816,515 
Principal
Amount		      Value 
Indiana (continued)     
$1,000,000   Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding), 5.75%, 07/15/26  $1,148,320 
 1,020,000   Wayne Township School Building Corp., Marion County First Mortgage Refunding Revenue Bonds, (State Aid Intercept Program), 3.00%, 07/15/15   1,045,857 
 895,000   Wayne Township School Building Corp., Marion County First Mortgage Refunding Revenue Bonds, (State Aid Intercept Program), 4.00%, 01/15/16   941,093 
 175,000   Wayne Township School Building Corp., Marion County First Mortgage Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 01/15/15   178,770 
         29,622,010 
           
Iowa — 0.2%     
 1,800,000   Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20   2,150,442 
Kansas — 0.2%     
 2,170,000   Topeka Public Building Commission KBI Forensic Laboratory Project Revenue Bonds, 5.00%, 12/01/17   2,454,422 
Kentucky — 1.4%     
 3,500,000   Kentucky Asset Liability Commission Federal Highway Trust First Series Revenue Bonds, 5.00%, 09/01/17   3,948,630 
 1,000,000   Kentucky Asset Liability Commission Highway Trust Refunding Revenue Bonds, 5.00%, 09/01/15   1,049,940 
 8,185,000   Kentucky Asset Liability Commission Highway Trust Refunding Revenue Bonds, 5.00%, 09/01/16   8,939,739 
 1,550,000   Kentucky State Property & Building Commission Project No. 106 Refunding Revenue Bonds, Series A, 5.00%, 10/01/15   1,635,824 

 

137

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Kentucky (continued)    
$1,000,000   Kentucky State Property & Buildings Commission Revenue Bonds, Project No. 88, (NATL-RE, FGIC), 5.00%, 11/01/15  $1,059,230 
 685,000   Warren County School District Finance Corp. Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 2.00%, 06/01/15   694,501 
 605,000   Warren County School District Finance Corp. Refunding Revenue Bonds, Series B, (State Aid Intercept Program), 2.00%, 06/01/16   620,325 
         17,948,189 
Louisiana — 0.2%     
 2,000,000   Louisiana Public Facilities Authority Hurricane Recovery Program Revenue Bonds, (AMBAC), 5.00%, 06/01/16   2,152,020 
Maine — 0.5%     
 435,000   City of Bath Refunding GO, 2.00%, 09/01/15   443,478 
 700,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/17   784,910 
 1,475,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/20   1,712,269 
 1,020,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21   1,183,598 
 115,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series B, (AMBAC, State Resolution Funding GTY), 5.00%, 07/01/16(d)   125,146 
 1,800,000   Maine Health & Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/16   1,953,054 
         6,202,455 
Principal        
Amount      Value 
Maryland — 4.1%     
$5,500,000   County of Baltimore Public Improvement Refunding GO, 5.00%, 02/01/18  $6,291,175 
 625,000   Maryland State Department of Transportation Highway Improvement Refunding Revenue Bonds, 4.50%, 03/01/15   640,688 
 2,030,000   Maryland State Department of Transportation Highway Improvement Revenue Bonds, Series A, 3.00%, 06/15/15   2,080,303 
 1,000,000   Maryland State Department of Transportation Highway Improvement Revenue Bonds, 5.00%, 10/01/20   1,193,360 
 1,620,000   State of Maryland Public Improvements GO, Series A, 5.25%, 03/01/15   1,667,709 
 1,175,000   State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/15   1,210,168 
 3,650,000   State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/17   4,077,561 
 1,300,000   State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17   1,470,014 
 1,000,000   State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17   1,130,780 
 4,125,000   State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/19   4,838,213 
 12,850,000   State of Maryland Refunding GO, 5.00%, 08/01/18   14,904,201 
 2,320,000   State of Maryland Refunding GO, Series C, 5.00%, 11/01/17   2,642,109 
 8,000,000   State of Maryland Refunding GO, Series C, 4.00%, 11/01/19   9,086,000 
 2,000,000   State of Maryland School Improvements GO, Series B, 5.00%, 08/01/17   2,261,560 
         53,493,841 
Massachusetts — 12.1%     
 3,000,000   Berkshire Regional Transit Authority Cash Flow Management GO Notes (State Aid Appropriation),
1.00%, 09/26/14		   3,003,150 

 

138
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Massachusetts (continued)     
$5,880,000   Brockton Area Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/05/15  $5,915,574 
 5,000,000   Brockton Area Transit Authority Cash Flow Management Revenue Notes (State Aid Appropriation, 0.75%, 08/01/14   5,000,000 
 4,800,000   Brockton Area Transit Authority Cash Flow Management Revenue Notes (State Aid Appropriation), 1.00%, 08/01/14   4,800,000 
 2,153,000   Cape Ann Transportation Authority Cash Flow Management Revenue Notes, 1.00%, 07/02/15   2,165,035 
 9,950,000   Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 07/30/15   10,009,302 
 4,450,000   Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 4.00%, 06/15/17   4,882,540 
 5,000,000   Commonwealth of Massachusetts Public Improvements GO, Series A, 5.00%, 12/01/17   5,706,550 
 10,000,000   Commonwealth of Massachusetts Public Improvements GO, Series C, 5.00%, 07/01/23   12,013,300 
 850,000   Commonwealth of Massachusetts Refunding GO, Series A, 5.00%, 08/01/16   928,625 
 7,500,000   Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/28/15   7,548,225 
 5,900,000   Lowell Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/07/15   5,935,872 
 4,460,000   Lowell Regional Transit Authority Cash Flow Management Revenue Notes (State Aid Appropriation), 1.00%, 08/08/14   4,460,493 
 1,000,000   Massachusetts Port Authority Refunding Revenue Bonds, Series C, 2.00%, 07/01/16   1,031,110 
Principal
Amount		      Value 
Massachusetts (continued)     
$7,780,000   Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B, 5.00%, 08/01/20  $9,329,154 
 2,000,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22   2,427,800 
 4,500,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A (NATL-RE, GO of Authority), 5.25%, 08/01/16   4,938,525 
 6,800,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C, (GO of Authority), 5.00%, 08/01/23   8,012,712 
 3,000,000   Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 06/19/15   3,016,350 
 4,950,000   Metrowest Regional Transit Authority Cash Flow Management GO Notes, (State Aid Appropriation), 0.75%, 09/26/14   4,953,317 
 16,275,000   Montachusett Regional Transit Authority Cash Flow Management GO Notes, (State Aid Appropriation), 1.00%, 08/08/14   16,276,800 
 10,000,000   Montachusett Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 08/07/15   10,063,800 
 13,000,000   Pioneer Valley Transit Authority Cash Flow Management Revenue Notes, 1.00%, 07/24/15   13,076,180 
 500,000   Town of Auburn Refunding GO, 2.00%, 06/01/15   507,555 
 1,275,000   Town of Belmont Municipal Purpose Loan Refunding GO, 4.00%, 04/15/16   1,355,338 
 1,730,000   Town of Watertown Municipal Purpose Loan Refunding GO, 2.00%, 11/01/15   1,769,375 
 9,300,000   Worcester Regional Transit Authority Cash Flow Management Revenue Notes, 1.00%, 06/19/15   9,350,685 
         158,477,367 

 

139
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		       Value 
Michigan — 1.8%     
$945,000   Brighton Area School District School Improvements GO, Series I (Q-SBLF), 5.00%, 05/01/16  $1,019,390 
 345,000   Clintondale Community Schools Refunding GO, (NATL-RE, Q-SBLF), 5.00%, 05/01/20   356,747 
 635,000   Dexter Community Schools Refunding GO (Q-SBLF), 4.00%, 05/01/18   691,051 
 400,000   Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18   456,667 
 250,000   Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19   289,255 
 1,295,000   Lake Shore Public Schools Refunding GO, (Q-SBLF), 3.00%, 11/01/16   1,365,500 
 1,335,000   Michigan State Building Authority Refunding Revenue Bonds, Series I-A, 5.00%, 10/15/15   1,409,920 
 1,375,000   Northville Public Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/18   1,546,105 
 1,155,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/16   1,240,054 
 775,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/18   871,441 
 1,160,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/21   1,342,677 
 1,000,000   River Rouge School District Refunding GO, (Q-SBLF), 5.00%, 05/01/22   1,161,890 
 2,000,000   Rochester Community School District Refunding GO, (Q-SBLF), 4.00%, 05/01/15   2,055,920 
 2,000,000   Romulus Community Schools Refunding GO (Q-SBLF), 5.00%, 05/01/22   2,323,780 
 325,000   State of Michigan Environmental Program Refunding GO, Series A, 5.00%, 05/01/16   351,351 
 265,000   Stockbridge Community Schools Refunding GO, (AGM, Q-SBLF), 5.00%, 05/01/21   272,282 
Principal
Amount		      Value 
Michigan (continued)     
$4,530,000   University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19  $5,072,015 
 2,045,000   Ypsilanti School District Refunding GO (Assured GTY, Q-SBLF), 5.00%, 05/01/16   2,195,594 
         24,021,639 
Minnesota — 1.4%     
 1,300,000   City of Minneapolis Public Improvements GO, 5.00%, 12/01/17   1,481,857 
 450,000   Minnesota Public Facilities Authority Clean Water Revenue Bonds, Series B, 5.00%, 03/01/16   483,521 
 1,745,000   New Prague Independent School District No 721 Crossover Refunding GO, (School District Credit Program), 4.00%, 02/01/19   1,953,039 
 5,425,000   St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/19   6,368,408 
 2,000,000   St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/21   2,393,180 
 1,520,000   State of Minnesota Public Improvements COP, 4.50%, 06/01/16   1,632,161 
 1,000,000   State of Minnesota Refunding Revenue Bonds, Series B, 5.00%, 03/01/21   1,191,350 
 2,675,000   Warroad Independent School District No 690 Cash Flow Management GO Notes (School District Credit Program), 1.00%, 09/14/15   2,695,919 
         18,199,435 
Mississippi — 0.2%     
 1,810,000   Mississippi Development Bank Department of Corrections Refunding Revenue Bonds, Series D, 5.00%, 08/01/18   2,064,957 
Missouri — 1.3%     
 1,020,000   County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/21   1,113,197 

 

140
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal         
Amount      Value 
Missouri (continued)     
$300,000   County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/22  $324,695 
 500,000   Jackson County Reorganized School District No. 4 Blue Springs Refunding GO, Series B, (State Aid Direct Deposit), 5.00%, 03/01/18   564,365 
 2,225,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19   2,590,701 
 2,000,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/21   2,368,840 
 300,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 4.00%, 03/01/17   325,913 
 1,250,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/24   1,525,263 
 1,800,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/25   2,179,242 
 5,000,000   St. Louis School District Direct Deposit Program GO, (State Aid Direct Deposit), 5.00%, 04/01/22   5,768,500 
         16,760,716 
Nevada — 0.6%     
 1,750,000   Clark County School District School Improvements GO, Series C (AGM), 5.00%, 12/15/15(d)   1,863,873 
 2,605,000   Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20   3,081,559 
 3,110,000   Las Vegas Valley Water District Refunding GO, Series A, (NATL-RE, FGIC), 5.00%, 06/01/20   3,226,501 
         8,171,933 
Principal         
Amount      Value 
New Hampshire — 0.2%     
$2,250,000   State of New Hampshire Highway Improvements Revenue Bonds, 5.00%, 09/01/19  $2,611,710 
New Jersey — 4.9%     
 500,000   Bergen County Improvement Authority Public Improvements Revenue Bonds, Series B (County GTY), 4.00%, 02/15/16   528,255 
 240,000   Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY), 4.00%, 12/15/16   260,222 
 200,000   Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY), 4.00%, 12/15/17   221,391 
 3,495,000   County of Sussex Public Improvements Refunding GO, 2.00%, 02/15/16   3,585,486 
 255,000   Denville Township Board of Education Refunding GO, (AGM, School Board Resolution Funding), 4.00%, 02/15/17   271,476 
 7,000,000   Garden State Preservation Trust Refunding Revenue Bonds, Series A, 5.00%, 11/01/17   7,964,600 
 735,000   Middlesex County Improvement Authority Regional Educational Services Refunding Revenue Bonds, (County GTY), 3.00%, 07/15/16   771,390 
 200,000   Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22   239,343 
 3,050,000   New Jersey Building Authority Refunding Revenue Bonds, Series A, 5.00%, 06/15/16   3,286,741 
 1,090,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, 5.00%, 03/01/18(d)   1,251,309 

 

141
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal         
Amount      Value 
New Jersey (continued)     
$410,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, 5.00%, 03/01/18  $458,663 
 1,355,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series DD-1, 5.00%, 12/15/16   1,494,226 
 750,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series K, (AMBAC), 5.25%, 12/15/16   801,345 
 5,000,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1 (AMBAC), 5.00%, 09/01/17   5,259,150 
 1,000,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1(NATL-RE), 5.25%, 09/01/16   1,054,510 
 5,000,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, Series N-1, (AMBAC), 5.50%, 09/01/24   5,879,700 
 500,000   New Jersey Economic Development Authority School Facilities Construction Revenue Bonds, Series O, 5.00%, 03/01/18   513,865 
 11,690,000   New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17   13,010,853 
 505,000   New Jersey Educational Facilities Authority Higher Education Capital Improvement Revenue Bonds, 4.00%, 09/01/16   535,886 
 25,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2012, 5.00%, 09/01/16(d)   27,371 
Principal         
Amount      Value 
New Jersey (continued)     
$1,160,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2013, 5.00%, 09/01/16  $1,270,258 
 15,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A, 5.00%, 09/01/16(d)   16,422 
 5,105,000   New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18   5,814,697 
 40,000   New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(d)   46,438 
 1,300,000   New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B, 5.00%, 01/01/20   1,519,921 
 1,885,000   New Jersey Transportation Trust Fund Authority Transit Improvement Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/15/16   2,040,098 
 1,375,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/15   1,468,129 
 825,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE), 5.50%, 12/15/16   914,480 
 2,750,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5, 5.25%, 12/15/19(c)   3,168,880 
 335,000   New Milford School District Refunding GO, (School Board Resolution Funding), 4.00%, 08/15/15   347,958 
 770,000   Township of Montgomery Refunding GO, 3.00%, 08/01/15   791,445 
         64,814,508 
New Mexico — 0.9%     
 4,805,000   City of Albuquerque General Purpose Public Improvements GO, Series A, 5.00%, 07/01/16   5,231,828 

 

142
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal         
Amount      Value 
New Mexico (continued)     
$1,000,000   Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/16  $1,064,650 
 250,000   Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17   272,155 
 800,000   Santa Fe Public School District School Improvements GO (State Aid Withholding), 4.00%, 08/01/15   830,584 
 800,000   Santa Fe Public School District School Improvements GO (State Aid Withholding), 4.00%, 08/01/16   857,496 
 1,000,000   State of New Mexico Public Improvements GO, 5.00%, 03/01/15   1,028,020 
 3,000,000   State of New Mexico Severance Tax Permanent Fund Public Improvements Revenue Bonds, Series A, 5.00%, 07/01/16   3,266,490 
         12,551,223 
New York — 26.4%     
 5,000,000   City of New York Public Improvements GO, Series C, Sub-Series C-A, 5.00%, 08/01/17(c)   5,638,000 
 545,000   City of New York Public Improvements GO, Series D, 5.00%, 11/01/21   551,044 
 3,500,000   City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22   4,191,705 
 5,000,000   City of New York Refunding GO, Series B, 5.00%, 08/01/17   5,638,000 
 1,855,000   City of New York Refunding GO, Series C, 5.00%, 08/01/20   2,200,995 
 800,000   City of New York Refunding GO, Series C, 5.00%, 08/01/22   958,104 
 8,170,000   City of New York Refunding GO, Series D, 5.00%, 08/01/22   9,784,637 
 1,870,000   City of New York Refunding GO, Series E, 5.00%, 08/01/16   2,041,012 
Principal         
Amount      Value 
New York (continued)     
$4,000,000   City of New York Refunding GO, Series E, 5.00%, 08/01/17  $4,510,400 
 10,000,000   City of New York Refunding GO, Series G, 5.00%, 08/01/17   11,276,000 
 9,730,000   City of New York Refunding GO, Series G, 5.00%, 08/01/19   11,412,220 
 10,000,000   City of New York Refunding GO, Series G, 5.00%, 08/01/21   11,933,300 
 18,500,000   City of New York Refunding GO, Series G, 5.00%, 08/01/22   22,156,155 
 3,360,000   City of New York Refunding GO, Series I, 5.00%, 08/01/16   3,667,272 
 5,000,000   City of New York Refunding GO, Series I, 5.00%, 08/01/17   5,638,000 
 2,047,000   County of Rockland Public Improvements GO, Series C, (AGM), 3.00%, 05/01/15   2,082,945 
 2,175,000   County of Rockland Public Improvements GO, Series C, (AGM), 3.00%, 05/01/16   2,254,627 
 2,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/18   2,281,760 
 5,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/23   5,855,150 
 1,925,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21   2,285,591 
 2,150,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A, 4.00%, 11/15/15   2,252,792 
 1,910,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21   2,267,781 

 

143
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$2,500,000   New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21  $2,910,550 
 1,250,000   New York City Municipal Water Finance Authority Fiscal 2014 Refunding Revenue Bonds, Series CC-2, 5.00%, 06/15/18   1,385,300 
 9,375,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series A, 5.00%, 11/01/18   10,910,438 
 1,005,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17(d)   1,143,147 
 995,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17   1,131,424 
 1,950,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 02/01/18   2,224,716 
 15,920,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B, 5.00%, 11/01/21   19,182,804 
 3,025,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/18   3,520,435 
 1,045,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/19   1,235,535 
 2,425,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/21   2,922,004 
 935,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/18   1,088,134 
Principal        
Amount      Value 
New York (continued)     
$1,535,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/21  $1,849,598 
 4,700,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, 5.00%, 02/01/17   5,221,230 
 515,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1, 5.00%, 02/01/19   599,537 
 1,815,000   New York City Transitional Finance Authority Public Improvement Revenue Bonds, Series C, 5.00%, 11/01/17   2,063,855 
 2,200,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series A-1, 5.00%, 05/01/22   2,546,544 
 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   3,826,779 
 6,250,000   New York Local Government Assistance Corp. Refunding Revenue Bonds, Series E, (AGM, GO of Corp.) OID, 5.25%, 04/01/16   6,608,500 
 700,000   New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6, 5.00%, 04/01/17   782,789 
 5,100,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 12/01/17   5,623,311 
 10,000,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21   11,846,600 
 750,000   New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 4.00%, 07/01/16   800,310 

 

144
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$900,000   New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 4.00%, 12/15/16  $975,834 
 2,000,000   New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A, 5.00%, 12/15/17   2,284,460 
 10,005,000   New York State Dormitory Authority General Purpose Revenue Bonds, Series A, 5.00%, 02/15/19   11,661,128 
 15,000   New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation), 5.00%, 08/15/18(d)   17,408 
 1,770,000   New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series A, (State Appropriation), 4.50%, 08/15/17   1,964,948 
 550,000   New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (NATL-RE, FGIC, State Appropriation), 5.00%, 02/15/16   563,860 
 2,485,000   New York State Dormitory Authority Mental Health Services Facility Revenue Bonds, (State Appropriation), 5.00%, 08/15/18   2,856,259 
 2,110,000   New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18   2,407,362 
 15,000,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/20   17,982,150 
 1,045,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/21   1,248,932 
 4,000,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series C, 5.00%, 03/15/17   4,465,240 
Principal        
Amount      Value 
New York (continued)     
$2,850,000   New York State Dormitory Authority School Improvements Revenue Bonds, Series G, 5.00%, 03/15/17  $3,181,484 
 2,000,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, 4.00%, 06/15/16   2,137,220 
 2,000,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A, 5.00%, 06/15/19   2,356,760 
 7,000,000   New York State Thruway Authority Highway Improvement Refunding Revenue Bonds, Series B, 5.00%, 04/01/20   8,108,940 
 200,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 4.00%, 03/15/16   212,051 
 200,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/16   215,263 
 1,420,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/17   1,585,160 
 1,500,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/18   1,718,595 
 6,000,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/19   6,440,760 
 1,430,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/20   1,690,746 
 5,000,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/21   5,774,350 
 1,900,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21   2,180,383 

 

145
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$410,000   New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/16  $441,291 
 400,000   New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/17   446,523 
 8,000,000   New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21   9,449,680 
 5,000,000   New York State Thruway Authority Refunding Revenue Bonds, Series B, 5.00%, 04/01/21   5,792,100 
 160,000   New York State Thruway Authority Refunding Revenue Bonds, Series B, (AMBAC), 5.00%, 10/01/15(d)   168,898 
 765,000   New York State Thruway Authority Refunding Revenue Bonds, Series B, (AMBAC), 5.00%, 04/01/19   806,532 
 1,000,000   New York State Urban Development Corp. Economic Improvements Revenue Bonds, Series A1, 4.00%, 12/15/16   1,084,260 
 4,705,000   New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1, 5.00%, 03/15/22   5,652,681 
 500,000   New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.00%, 01/01/15   509,869 
 5,000,000   New York State Urban Development Corp. Refunding Revenue Bonds, Series D, 5.50%, 01/01/19   5,901,000 
 3,555,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179, 5.00%, 12/01/18   4,140,260 
 1,345,000   Tobacco Settlement Financing Corp. Asset Backed Refunding Revenue Bonds, Series A, 5.00%, 06/01/15   1,398,585 
 5,980,000   Town of Oyster Bay Public Improvements Refunding Notes GO, Series A, (AGM), 3.00%, 03/01/15   6,073,946 
Principal        
Amount      Value 
New York (continued)     
$5,000,000   Triborough Bridge & Tunnel Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 05/15/15  $5,192,200 
 5,390,000   Triborough Bridge & Tunnel Authority Toll Road Refunding Revenue Bonds, Series B, 5.00%, 11/15/23   6,524,272 
 1,000,000   Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, Series TE, 5.00%, 12/15/18   1,108,240 
         347,020,660 
North Carolina — 2.2%     
 680,000   Appalachian State University Refunding Revenue Bonds, 5.00%, 05/01/20   798,524 
 905,000   Buncombe County Refunding Revenue Bonds, 5.00%, 06/01/21   1,076,679 
 475,000   Buncombe County Refunding Revenue Bonds, Series A, 5.00%, 06/01/16   515,355 
 1,355,000   Cabarrus County School Improvement COP, 5.00%, 01/01/21   1,537,830 
 1,005,000   City of Charlotte Equipment Acquisition Refunding COP, 5.00%, 12/01/16   1,105,590 
 4,000,000   County of Mecklenburg Refunding GO, 5.00%, 02/01/19   4,669,960 
 3,015,000   County of Mecklenburg Refunding GO, Series A, 5.00%, 12/01/22   3,671,637 
 245,000   County of Wake Refunding GO, Series D, 4.00%, 02/01/16   258,683 
 2,840,000   County of Wake School Improvements GO, Series A, 5.00%, 04/01/17   3,172,706 
 615,000   Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/17   672,158 
 675,000   Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/18   750,209 
 675,000   Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/21   804,472 

 

146
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal        
Amount      Value 
North Carolina (continued)     
$1,285,000   Dare County School Improvements COP, (NATL-RE, FGIC), 5.00%, 06/01/17  $1,336,079 
 1,565,000   Johnston County School Improvements GO, (NATL-RE), 5.00%, 02/01/20   1,674,926 
 325,000   North Carolina State University At Raleigh Refunding Revenue Bonds, Series A, 5.00%, 10/01/21   390,897 
 2,000,000   Orange County Public Facilities Co. Refunding Revenue Bonds, 5.00%, 10/01/21   2,389,300 
 2,320,000   State of North Carolina Highway Improvements Revenue Bonds, 5.00%, 03/01/16   2,487,086 
 1,595,000   Town of Cary Public Improvements GO, 5.00%, 03/01/17   1,776,033 
         29,088,124 
Ohio — 2.0%     
 2,365,000   Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18   2,733,396 
 400,000   Ohio State Department of Administrative Services Knowledge System COP, Series A, (NATL-RE), 5.00%, 09/01/16   411,091 
 400,000   RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, 4.00%, 06/01/16   425,211 
 320,000   RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, 5.00%, 06/01/24   373,050 
 1,000,000   State of Ohio Capital Facilities Lease Appropriation Refunding Revenue Bonds, 5.00%, 10/01/17   1,128,930 
 5,000,000   State of Ohio Highway Improvements GO, Series Q, 5.00%, 05/01/16   5,403,600 
 8,000,000   State of Ohio Highway Improvements GO, Series R, 4.00%, 05/01/16   8,507,200 
Principal        
Amount      Value 
Ohio (continued)     
$500,000   State of Ohio Refunding GO, Series B, 4.00%, 08/01/16  $536,345 
 3,875,000   State of Ohio University & College Improvements GO, Series A, 5.00%, 05/01/24   4,192,750 
 590,000   University of Cincinnati College & University Refunding Revenue Bonds, Series A (AMBAC), 5.00%, 06/01/15   613,405 
 1,730,000   University of Cincinnati College & University Refunding Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/01/17   1,939,572 
         26,264,550 
Oklahoma — 1.0%     
 4,400,000   Oklahoma Capital Improvement Authority Refunding Revenue Bonds, Series B, 2.00%, 07/01/16   4,538,600 
 5,275,000   Tulsa County Independent School District No 3 Broken Arrow Combined Purpose School Improvements GO, 2.00%, 04/01/16   5,422,964 
 2,680,000   University of Oklahoma Refunding Revenue Bonds, Series C, 2.00%, 07/01/16   2,763,375 
         12,724,939 
Oregon — 0.6%     
 575,000   City of Portland Water System Refunding Revenue Bonds, 5.00%, 10/01/16   630,143 
 1,300,000   City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17   1,457,404 
 815,000   Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17   914,088 
 1,755,000   Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY), 4.00%, 06/15/19   1,971,321 

 

147
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Oregon (continued)     
$2,200,000   Yamhill Clackamas & Washington Counties School District No 29J Newberg Refunding GO (NATL-RE, School Board GTY), 5.50%, 06/15/17  $2,500,608 
         7,473,564 
Pennsylvania — 1.2%     
 7,000,000   Pennsylvania Economic Development Financing Authority Refunding Revenue Bonds, Series A, 5.00%, 01/01/18   7,985,740 
 7,000,000   Philadelphia School District Refunding GO, Series C (State Aid Withholding), 5.00%, 09/01/18   7,896,210 
         15,881,950 
Puerto Rico — 0.0%     
 90,000   Puerto Rico Highway & Transportation Authority Highway Improvements Revenue Bonds OID, Series W, 5.50%, 07/01/15(d)   94,330 
Rhode Island — 0.1%     
 705,000   Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY), 4.00%, 05/15/18   768,944 
South Carolina — 0.9%     
 4,530,000   County of Charleston Refunding GO, Series A, 5.00%, 11/01/21   5,492,489 
 880,000   Lexington County School District No 2 Refunding GO (South Carolina School District), 4.00%, 03/01/17   952,019 
 2,090,000   Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18   2,369,245 
 1,635,000   Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20   1,908,356 
Principal
Amount		      Value 
South Carolina (continued)     
$330,000   State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19  $386,750 
 680,000   State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19   796,940 
         11,905,799 
Tennessee — 0.1%     
 1,075,000   City of Knoxville Wastewater System Revenue Bonds, Series B, 5.00%, 04/01/22   1,268,403 
Texas — 11.0%     
 1,255,000   Alamo Community College District GO, Series A, (NATL-RE), 5.50%, 08/15/15   1,324,326 
 4,220,000   Alamo Community College District Refunding GO, 4.00%, 02/15/17   4,579,417 
 95,000   Aledo Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/15(d)   97,456 
 800,000   Austin Independent School District Refunding GO (PSF-GTD), 5.00%, 08/01/16   873,496 
 400,000   Beaumont Independent School District Improvements GO, (PSF-GTD), 4.00%, 02/15/18   442,371 
 1,095,000   City of Friendswood Waterworks & Sewer System Refunding Revenue Bonds, (AGM), 5.00%, 03/01/21   1,165,463 
 1,000,000   City of League Waterworks & Sewer GO, Series A, 5.00%, 02/15/22   1,177,330 
 1,775,000   City of Lubbock Public Improvement GO, 5.25%, 02/15/20   2,028,488 
 330,000   City of Richardson Public Improvements GO, (NATL-RE), 5.25%, 02/15/20   338,643 
 800,000   City of San Antonio Water System Refunding Revenue Bonds, Series A, 3.00%, 05/15/16   838,264 

 

148
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$1,505,000   City of Southlake Refunding GO, 5.00%, 02/15/16  $1,614,173 
 260,000   Coppell Independent School District School Building GO, (PSF-GTD), 4.00%, 08/15/16   278,665 
 1,710,000   County of Bexar Limited Tax Refunding GO, 2.00%, 06/15/15   1,737,805 
 1,025,000   County of Bexar Limited Tax Refunding GO, 2.00%, 06/15/15   1,041,667 
 875,000   County of Bexar Limited Tax Refunding GO, 3.00%, 06/15/16   918,811 
 1,200,000   County of Bexar Limited Tax Refunding GO, 4.00%, 06/15/16   1,282,332 
 580,000   County of Bexar Limited Tax Refunding GO, 4.00%, 06/15/16   619,794 
 1,000,000   County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21   1,195,570 
 1,095,000   Cypress-Fairbanks Independent School District Refunding GO, Series A, (PSF-GTD), 4.00%, 02/15/17   1,191,437 
 4,000,000   Cypress-Fairbanks Independent School District School Improvements GO, Series B-2 (PSF-GTD), 3.00%, 02/15/40(b)   4,254,040 
 3,000,000   Cypress-Fairbanks Independent School District School Improvements GO, Series B-3 (PSF-GTD), 2.00%, 02/15/44   3,049,800 
 245,000   Deer Park Independent School District Limited Tax GO, (AGM), 5.00%, 02/15/17   271,220 
 7,630,000   Denton Independent School District GO, (PSF-GTD), 2.00%, 08/01/43(b)   7,845,471 
 8,360,000   Eagle Mountain & Saginaw Independent School District GO (PSF-GTD), 2.50%, 08/01/50(b)   8,360,000 
 520,000   Forsan Independent School District Refunding GO (PSF-GTD), 4.00%, 02/15/17   564,699 
Principal
Amount		      Value 
Texas (continued)     
$250,000   Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21  $299,253 
 3,000,000   Goose Creek Consolidated Independent School District School Improvements GO, Series B, (PSF-GTD), 3.00%, 02/15/35(b)   3,192,210 
 700,000   Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/17   717,297 
 1,000,000   Grapevine Tax Increment Refunding GO, Series A, (NATL-RE), 5.00%, 08/15/19   1,024,600 
 330,000   Grapevine-Colleyville Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/15(d)   346,394 
 1,025,000   Hallsville Independent School District Refunding GO, (PSF-GTD), 4.00%, 02/15/15   1,045,869 
 720,000   Hallsville Independent School District Refunding GO, (PSF-GTD), 4.00%, 02/15/16   760,687 
 1,000,000   Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19   1,190,030 
 10,000   Hays Consolidated Independent School District GO, (PSF-GTD), 5.25%, 08/15/14(d)   10,005 
 500,000   Hidalgo County Certificates of Obligation GO, (NATL-RE), 4.50%, 08/15/19   535,040 
 2,990,000   Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM), 5.25%, 04/15/21   3,405,311 
 265,000   Joshua Independent School District Refunding GO, Series C (PSF-GTD), 5.45%, 02/15/16   271,911 
 4,500,000   Lower Colorado River Authority Refunding Revenue Bonds, 5.00%, 05/15/16   4,852,080 
 560,000   McAllen Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/16   574,476 

 

149
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$6,000,000   Mesquite Independent School District Refunding GO, Series B (PSF-GTD), 5.00%, 08/15/16  $6,559,380 
 1,135,000   Mesquite Independent School District School Improvements GO, Series A (PSF-GTD), 2.50%, 08/15/15   1,162,149 
 5,625,000   Midlothian Independent School District GO, Series B (PSF-GTD), 2.25%, 08/01/51(b)   5,625,000 
 6,000,000   North East Independent School District GO, Series A (PSF-GTD), 1.00%, 08/01/43(b)   6,000,000 
 13,000,000   Northside Independent School District Refunding GO (PSF-GTD), 1.50%, 08/01/34(b)(c)   13,142,220 
 6,500,000   Northside Independent School District, School Improvements GO (PSF-GTD), 1.90%, 08/01/40(b)   6,500,000 
 1,105,000   Pasadena Independent School District GO, (PSF-GTD), 5.00%, 02/15/17   1,229,445 
 525,000   Red Oak Independent School District School Building GO, (PSF-GTD), 5.00%, 08/15/18   593,360 
 1,500,000   Richardson Independent School District School Improvements GO, Series A, (PSF-GTD), 3.00%, 02/15/16   1,561,920 
 275,000   Rockwall Independent School District Improvements GO, (PSF-GTD), 4.75%, 02/15/15(d)   281,746 
 1,255,000   San Felipe-Del Rio Consolidated Independent School District Refunding GO, (PSF-GTD), 3.00%, 02/15/15   1,273,925 
 1,100,000   San Felipe-Del Rio Consolidated Independent School District Refunding GO, (PSF-GTD), 3.00%, 02/15/16   1,145,408 
 145,000   Seagraves Independent School District School Building GO, (PSF-GTD), 4.00%, 02/15/19   161,214 
 2,600,000   Spring Branch Independent School District School House Improvements GO, (PSF-GTD), 3.00%, 06/15/41(b)   2,663,284 
Principal
Amount		      Value 
Texas (continued)     
$10,000,000   Texas Public Finance Authority Unemployment Compensation Refunding Revenue Bonds, 5.00%, 07/01/16  $10,890,400 
 1,390,000   Texas State University Systems University and College Improvement Revenue Bonds, 5.00%, 03/15/17   1,549,739 
 1,070,000   Texas Transportation Commission State Highway Fund Highway Improvements First Tier Revenue Bonds, 5.00%, 04/01/17   1,196,859 
 1,775,000   Texas Transportation Commission State Highway Fund Highway Improvements First Tier Revenue Bonds, Series A, 5.00%, 04/01/16   1,915,136 
 3,150,000   Tomball Independent School District School Improvements GO, Series B-3, (PSF-GTD), 2.00%, 02/15/43(b)   3,240,689 
 1,900,000   University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/20   2,240,024 
 4,730,000   University of North Texas Refunding Revenue Bonds, 5.00%, 04/15/21   5,598,570 
 2,075,000   University of Texas Financing Systems Refunding Revenue Bonds, Series A, 5.00%, 08/15/17   2,351,888 
 1,610,000   University of Texas Financing Systems Refunding Revenue Bonds, Series E, 5.00%, 08/15/15   1,690,677 
 145,000   Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC), 5.00%, 12/01/17   163,093 
         144,052,027 
Utah — 0.2%     
 1,975,000   Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21   2,317,031 
 125,000   South Jordan Water Refunding Revenue Bonds, (AMBAC), 5.00%, 11/01/15   132,436 
         2,449,467 

 

150
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Virginia — 2.5%     
$155,000   City of Norfolk Water Refunding Revenue Bonds,
5.00%, 11/01/22		  $186,090 
 1,290,000   City of Roanoke Refunding GO, Series A (State Aid Withholding),
5.00%, 07/15/23		   1,552,760 
 600,000   County of Prince William Facilities Refunding COP,
4.00%, 10/01/17		   657,144 
 1,350,000   Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A,
4.50%, 03/01/20		   1,540,877 
 1,225,000   Tobacco Settlement Financing Corp. Asset Backed Revenue Bonds,
5.63%, 06/01/15(d)		   1,280,505 
 2,000,000   Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Appropriation),
5.00%, 09/01/21		   2,361,500 
 5,130,000   Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Appropriation),
5.00%, 09/01/22		   5,999,432 
 5,000,000   Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds,
5.00%, 03/15/23		   5,929,850 
 2,465,000   Virginia Public Building Authority Revenue Bonds, Series A,
5.00%, 08/01/21		   2,955,757 
 1,250,000   Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation),
5.00%, 08/01/21		   1,450,400 
 8,010,000   Virginia Public School Authority School Improvements Revenue Bonds, Series II,
5.00%, 04/15/17		   8,961,989 
         32,876,304 
Principal
Amount		      Value 
Washington — 2.7%     
$100,000   CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE),
5.00%, 06/01/17		  $111,517 
 2,525,000   Clark County School District No 117 Camas Refunding GO, (School Board GTY),
5.00%, 12/01/17		   2,871,077 
 705,000   Energy Northwest Columbia Generating Station Refunding Revenue Bonds, Series S,
5.00%, 07/01/15		   736,126 
 800,000   Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY),
5.00%, 12/01/16		   875,200 
 680,000   King County Public Transportation Sales Tax Refunding GO,
4.00%, 12/01/18		   760,566 
 320,000   King County School District No. 401 Highline Refunding GO, (School Board GTY),
5.00%, 12/01/20		   369,279 
 1,500,000   King County School District No. 414 Lake Washington GO, (School Board GTY),
5.00%, 12/01/20		   1,729,095 
 1,000,000   Pierce County School District No 403 Bethel Refunding GO, (School Board GTY),
3.00%, 06/01/16		   1,047,530 
 1,315,000   Spokane County School District No 363 West Valley Refunding GO, (School Board GTY),
5.00%, 12/01/18		   1,500,967 
 2,000,000   State of Washington Department of Ecology Refunding COP, Series B, (AMBAC),
5.00%, 04/01/16		   2,152,000 
 800,000   State of Washington Motor Vehicle Fuel Tax GO, Series E,
5.00%, 02/01/23		   949,632 
 605,000   State of Washington Refunding GO, Series R-2006A (AMBAC),
5.00%, 07/01/15(d)		   631,771 
 745,000   State of Washington Refunding GO, Series R-2006A (AMBAC),
5.00%, 07/01/17		   777,825 
 4,000,000   State of Washington Refunding GO, Series R-2012C,
5.00%, 07/01/23		   4,782,920 

 

151
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Principal
Amount		      Value 
Washington (continued)     
$9,375,000   State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds,
5.00%, 09/01/16		  $10,247,719 
 3,250,000   State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds,
5.00%, 09/01/19		   3,798,340 
 2,005,000   University of Washington Refunding Revenue Bonds,
5.00%, 12/01/15		   2,132,839 
         35,474,403 
West Virginia — 0.0%     
 125,000   West Virginia University Revenue Bonds, Series A, (NATL-RE),
5.50%, 04/01/17		   140,651 
Wisconsin — 1.1%    
 1,390,000   City of La Crosse Promissory Notes Public Improvements GO, Series A,
3.00%, 12/01/15		   1,441,736 
 1,925,000   State of Wisconsin Public Improvements GO, Series A,
5.00%, 05/01/16		   2,080,386 
 10,000,000   State of Wisconsin Refunding GO, Series 1,
5.00%, 05/01/16		   10,807,200 
         14,329,322 
Total Municipal Bonds
(Cost $1,306,912,532)		   1,333,167,128 
      
Shares         
INVESTMENT COMPANY — 0.0%     
 844,700   SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)   844,700 
Total Investment Company
(Cost $844,700)		   844,700 
      
TOTAL INVESTMENTS — 101.6%
(Cost $1,307,757,232)(a)		   1,334,011,828 
      
LIABILITIES IN EXCESS OF
OTHER ASSETS — (1.6)%		   (21,459,861)
NET ASSETS — 100.0%  $1,312,551,967 

 

(a) Cost for federal income tax purposes is $1,307,836,116 net unrealized appreciation of investments is as follows:
Unrealized appreciation  $28,302,759 
Unrealized depreciation   (2,127,047)
Net unrealized appreciation  $26,175,712 

 

(b) Variable rate security. Rate shown is the rate as of July 31, 2014.
(c) The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d) 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.
(e) Rate shown represents current yield at July 31, 2014.

 

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

 

152
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2014
  (Unaudited)

 

Portfolio diversification by State (Unaudited)

 

State  Percentage
of Net Assets
Alabama   0.4%
Arizona   1.1%
Arkansas   0.1%
California   2.4%
Colorado   0.6%
Connecticut   2.0%
District Of Columbia   0.5%
Florida   3.0%
Georgia   4.9%
Hawaii   0.7%
Idaho   0.1%
Illinois   1.5%
Indiana   2.3%
Iowa   0.2%
Kansas   0.2%
Kentucky   1.4%
Louisiana   0.2%
Maine   0.5%
Maryland   4.1%
Massachusetts   12.1%
Michigan   1.8%
Minnesota   1.4%
Mississippi   0.2%
Missouri   1.3%
Nevada   0.6%
New Hampshire   0.2%
New Jersey   4.9%
New Mexico   0.9%
New York   26.4%
North Carolina   2.2%
Ohio   2.0%
Oklahoma   1.0%
Oregon   0.6%
Pennsylvania   1.2%
Puerto Rico   0.0%
Rhode Island   0.1%
South Carolina   0.9%
Tennessee   0.1%
Texas   11.0%
Utah   0.2%
Virginia   2.5%
Washington   2.7%
West Virginia   0.0%
Wisconsin   1.1%
Other*   1.6%
    100.0%
 
* Includes cash and equivalents, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

 

153
Old Westbury Funds, Inc.  
Notes To Financial Statements  
  July 31, 2014 (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 Restatement, as amended, permit the Corporation’s Board of Directors (the “Board”) to create an unlimited number of series, each with one or more separate classes of shares. At July 31, 2014, 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 (“Large Cap Core Fund”)   Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)   Long-term capital appreciation.
Old Westbury Small & Mid Cap Fund (formerly known as the Old Westbury Global Small & Mid Cap Fund) (“Small & Mid Cap Fund”)   Long-term capital appreciation.
Old Westbury Strategic Opportunities Fund (formerly known as the Old Westbury Global Opportunities Fund) (“Strategic 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. The Subsidiary is a commodity pool, as defined in the regulations of the Commodity Futures Trade Commission (the “CFTC”), and is operated by Bessemer Investment Management LLC (“BIM”) (“Adviser”), a commodity pool operator registered with the CFTC effective, January 1, 2013. 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 July 31, 2014, the Subsidiary represented $298,667,360, or 23.42% 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

154
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (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. Readily marketable equity 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”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

 

Readily marketable equity securities traded in the over-the-counter market, including listed securities whose primary market is believed by BIM, or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

 

Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange (e.g., exchange traded funds) will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

 

U.S. government obligations and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a broker-dealer or an approved pricing service. Sallie Mae bonds will be valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser where appropriate.

 

Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 pm Eastern Time).

 

Forward currency contracts are valued at the mean between the bid and the asked prices. Quotations are available for regularly scheduled settlement dates such as on a 1,2,3,4,5,6,9, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges or, if no sales are reported, at the mean between the last reported bid and asked prices. Repurchase agreements are valued at original cost. Contracts for long puts and calls are valued at the bid price and short puts and calls will be valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.

 

Securities and assets for which market quotations are not readily available are valued under the general supervision and responsibility of the Board and pursuant to policies and procedures established by the Board, which are designed to reflect, in good faith, the fair value of such investments or other assets. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other assets, including real assets and derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on

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some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or asset, but, rather, several factors are considered including an evaluation of the forces that influence the market in which the security or asset is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or asset’s fair value.

 

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.

 

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 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.

 

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service 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, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities.

 

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 fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The Large Cap Strategies Fund, Small & Mid Cap Fund and the Strategic Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 13 days during the period ended July 31, 2014. 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. As of July 31, 2014, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined level. There were no other transfers between Level 1 and Level 2 during the period ended July 31, 2014.

 

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies on at least a quarterly basis. The Pricing Committee is responsible for (i) establishing valuation processes and (ii) determining the fair value of the Funds’ holdings for which price quotations are not readily available, unreliable or for which an approved valuation method is inappropriate. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of BIM or a sub-adviser, as applicable, and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

 

The significant unobservable inputs used in fair value measurement of the Funds’ Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

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The Funds’ Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds’ pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market-related activities. Additionally, the pricing of all fair value holdings is subsequently reviewed and approved by the Funds’ Board.

 

B. Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities.

 

C. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investments 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/(loss) on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions in the Statements of Operations.

 

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 Real Return Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of July 31, 2014, the Real Return Fund held $25,931,209 or 2.03% of net assets, in collectibles.

 

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

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commodity, such as drought, floods, weather, livestock disease, embargoes, 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 Strategic 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 Strategic Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Strategic 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.

 

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

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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.

 

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 a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes or perceived changes in economic conditions; overall market changes; local, regional or global political, social or economic events or instability; and currency and interest rate and price fluctuations. Since 2008, the U.S. government has implemented various measures designed to stabilize the U.S. economy and support U.S. economic recovery, including by keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. government or its agencies and instrumentalities on the open market (“quantitative easing”). To the extent that the Board of Governors of the Federal Reserve System further reduces quantitative easing and/or raises the federal funds rate, there is a risk that interest rates across the U.S. financial markets will rise suddenly and significantly, thereby exposing fixed income and related markets to heightened volatility and reduced liquidity. Such market events may cause a Fund to experience losses and/or high redemption requests, which may result in increased transactions costs and lower a Fund’s performance. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which the Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of a Fund’s exposure to credit and counterparty risks with respect to these financial assets is generally represented by their value recorded in the Fund’s Statements of Assets and Liabilities.

 

5.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 July 31, 2014 is as follows:

 

      Level 2  Level 3   
      Significant  Significant   
   Level 1  Observable  Unobservable   
   Quoted Prices    Inputs  Inputs(d)    Total  
Investments in Securities Assets:                        
Large Cap Core Fund                        
Equity Securities  $957,462,454(a)    $—     $—   $957,462,454 
Investment Company   46,042,500      —      —    46,042,500 
Total  $1,003,504,954     $—     $—   $1,003,504,954 
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   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Large Cap Strategies Fund                    
Equity Securities:(b)  $11,140,427,996(a)  $97,112,009(e)  $—   $11,237,540,005 
Exchange Traded Funds   823,687,070(a)   —    —    823,687,070 
U.S. Government Agencies   —    134,994,935    —    134,994,935 
Investment Company   112,446,804    —    —    112,446,804 
Total  $12,076,561,870   $232,106,944   $—   $12,308,668,814 
                     
Small & Mid Cap Fund                    
Equity Securities:(b)                    
Australia  $131,323,557   $1,415   $446,028   $131,771,000 
Austria   14,384,998    —    —    14,384,998 
Bahamas   101,575    —    —    101,575 
Belgium   19,987,596    —    —    19,987,596 
Bermuda   40,722,495    —    —    40,722,495 
Brazil   62,384,069    33,940    —    62,418,009 
Cambodia   183,844    —    —    183,844 
Canada   167,510,238    —    —    167,510,238 
Cayman Islands   152,845    —    —    152,845 
Chile   5,180,943    —    —    5,180,943 
China   84,772,780    —    151,888    84,924,668 
Columbia   2,876,166    —    —    2,876,166 
Cyprus   605,168    —    —    605,168 
Denmark   45,402,670    —    —    45,402,670 
Faeroe Islands   166,440    —    —    166,440 
Finland   31,549,709    —    —    31,549,709 
France   142,114,772    —    —    142,114,772 
Gabon   30,130    —    —    30,130 
Georgia   270,300    —    —    270,300 
Germany   182,074,238    —    —    182,074,238 
Gibraltar   272,429    —    —    272,429 
Greece   2,463,939    —    —    2,463,939 
Guernsey   4,891,979    —    —    4,891,979 
Hong Kong   89,930,772    23,579    4,028,736    93,983,087 
Hungary   39,218    —    —    39,218 
India   89,930,952    —    3,145    89,934,097 
Indonesia   31,485,054    —    97,633    31,582,687 
Ireland   36,688,470    797,434    —    37,485,904 
Isle of Man   28,484    —    —    28,484 
Israel   138,506,006    —    —    138,506,006 
Italy   41,080,254    —    —    41,080,254 
Japan   324,570,341    41,841    —    324,612,182 
Jersey Channel Islands   2,060,412    —    —    2,060,412 
Liechtenstein   68,761    —    —    68,761 
Luxembourg   2,285,455    —    —    2,285,455 
Malaysia   48,340,935    —    —    48,340,935 
Malta   518,552    —    —    518,552 
Mexico   34,975,049    382,877    —    35,357,926 
Mongolia   19,835    —    —    19,835 
Netherlands   64,886,093    —    —    64,886,093 
New Zealand   27,840,972    —    —    27,840,972 
Norway   13,860,746    —    —    13,860,746 
Peru   4,717,901    —    —    4,717,901 
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   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Philippines  $14,980,896   $—   $—   $14,980,896 
Poland   9,249,332    —    —    9,249,332 
Portugal   5,275,720    —    —    5,275,720 
Qatar   3,140,042    —    —    3,140,042 
Singapore   110,145,612    —    —    110,145,612 
South Africa   37,531,460    —    —    37,531,460 
South Korea   94,831,531    —    378,338    95,209,869 
Spain   39,226,973    23,331    —    39,250,304 
Sweden   53,917,707    —    —    53,917,707 
Switzerland   103,181,282    —    —    103,181,282 
Taiwan   84,715,471    —    —    84,715,471 
Thailand   516,585    22,932,660    22,459    23,471,704 
Turkey   10,253,193    —    —    10,253,193 
United Arab Emirates   5,359,196    —    —    5,359,196 
United Kingdom   473,331,951    —    —    473,331,951 
United States   3,059,944,768    50,704    —    3,059,995,472 
Total Equities  $5,996,858,861   $24,287,781   $5,128,227   $6,026,274,869 
Exchange Traded Funds   199,077,546    —    —    199,077,546 
Investment Company   18,365,700    —    —    18,365,700 
Rights/Warrants                    
Australia   64    —    —    64 
Brazil   271    —    —    271 
France   156    —    —    156 
Malaysia   132,018    —    —    132,018 
South Korea   1,722    9,519    —    11,241 
Taiwan   —    3,872    —    3,872 
Thailand   8,062    —    —    8,062 
Total Rights/Warrants  $142,293   $13,391   $—   $155,684 
U.S. Government Agencies   —    28,937,226    —    28,937,226 
Cash Sweep   42,836,664    —    —    42,836,664 
Other financial instruments - Assets*:                    
Foreign currency exchange contracts   —    132,588    —    132,588 
Total  $6,257,281,064   $53,370,986   $5,128,227   $6,315,780,277 
                
Strategic Opportunities Fund                    
Equity Securities:(b)                    
Australia  $10,677,432   $—   $—   $10,677,432 
Austria   4,502,157    —    —    4,502,157 
Bermuda   22,060,498    —    —    22,060,498 
Brazil   2,739,829    —    —    2,739,829 
Canada   18,091,509    —    —    18,091,509 
China   6,598,295    —    —    6,598,295 
Finland   9,577,608    —    —    9,577,608 
France   5,662,581    —    —    5,662,581 
Germany   6,726,712    —    —    6,726,712 
Greece   10,387,966    —    —    10,387,966 
Guernsey   6,514,678    —    —    6,514,678 
Hong Kong   35,210,492    —    360,643    35,571,135 
India   1,052,633    —    —    1,052,633 
161
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Indonesia  $406,044   $—   $—   $406,044 
Ireland   6,791,776    —    —    6,791,776 
Italy   14,820,158    —    —    14,820,158 
Japan   86,582,572    —    —    86,582,572 
Malaysia   10,479,878    —    —    10,479,878 
Netherlands   5,819,612    —    —    5,819,612 
New Zealand   8,091,822    —    —    8,091,822 
Philippines   549,086    —    —    549,086 
Poland   926,883    —    —    926,883 
Puerto Rico   700,109    —    —    700,109 
Singapore   12,714,918    —    —    12,714,918 
South Korea   10,165,501    —    —    10,165,501 
Sweden   14,282,298    —    —    14,282,298 
Switzerland   20,934,576    —    —    20,934,576 
Taiwan   7,840,473    —    —    7,840,473 
Thailand   349,907    —    —    349,907 
Turkey   1,570,568    —    —    1,570,568 
United Kingdom   6,897,383    —    —    6,897,383 
United States   648,316,197    —    258,750    648,574,947 
Total Equities  $998,042,151   $—   $619,393   $998,661,544 
Closed-End Funds   294,623,686(a)   —    —    294,623,686 
Exchange Traded Funds   125,114,378(a)   —    —    125,114,378 
Preferred Stock   6,921,555(a)   —    —    6,921,555 
Corporate Bonds   —    573,429,220(a)   5,855,398(c)   579,284,618 
Government Bonds   —    281,351,348(a)   —    281,351,348 
Asset-Backed Securities   —    220,504,146(a)   —    220,504,146 
Non-Agency Mortgage-Backed Securities   —    744,249,614(a)   —    744,249,614 
U.S. Government Agencies   —    2,285,379,775    —    2,285,379,775 
U.S. Government Securities   —    172,397,898    —    172,397,898 
Cash Sweep   77,210,708    —    —    77,210,708 
                     
Other financial instruments - Assets*:                    
Equity contracts   —    145,048,098    —    145,048,098 
Foreign exchange currency contracts   —    22,030,775    —    22,030,775 
Other financial instruments - Liabilities*:                    
Equity contracts   (27,061,113)   (23,691,316)   —    (50,752,429)
Interest rate contracts   —    (2,154,860)   —    (2,154,860)
Foreign exchange currency contracts   —    (11,902,115)   —    (11,902,115)
Total  $1,474,851,365   $4,406,642,583   $6,474,791   $5,887,968,739 
Real Return Fund                    
Equity Securities  $363,392,571(a)  $—   $—   $363,392,571 
Exchange Traded Funds   29,317,200(a)   —    —    29,317,200 
Collectible Coins   —    25,931,209    —    25,931,209 
Commodities   38,457,622(a)   —    —    38,457,622 
Asset-Backed Securities   —    34,300,000(a)   —    34,300,000 
U.S. Government Agencies   —    739,904,984    —    739,904,984 
U.S. Government Securities   —    90,599,026    —    90,599,026 
Cash Sweep   9,454,637    —    —    9,454,637 
Other financial instruments - Assets*:
Commodity contracts		   17,409,641    18,414,147    —    35,823,788 
162
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

   Level 1
Quoted Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs(d)		   Total 
Other financial instruments - Liabilities*:                    
Commodity contracts  $(36,213,253)  $(13,457,742)  $—   $(49,670,995)
Total  $421,818,418   $895,691,624   $—   $1,317,510,042 
Fixed Income Fund                    
Corporate Bonds  $—   $ 272,075,763(a)  $—   $272,075,763 
Asset-Backed Securities   —    29,948,873(a)   —    29,948,873 
Municipal Bonds   —    30,729,599(a)   —    30,729,599 
Collateralized Mortgage Obligations   —    2,853,528(a)        2,853,528 
U.S. Government Agencies   —    48,334,645    —    48,334,645 
U.S. Government Securities   —    151,842,869    —    151,842,869 
Government Bonds   —    3,994,446(a)   —    3,994,446 
Investment Company   3,373,900    —    —    3,373,900 
Total  $3,373,900   $539,779,723   $—   $543,153,623 
Municipal Bond Fund                    
Municipal Bonds  $—   $ 1,333,167,128(a)  $—   $1,333,167,128 
Investment Company   844,700    —    —    844,700 
Total  $844,700   $1,333,167,128   $—   $1,334,011,828 

 

 
(a) The breakdown of the Fund’s investments into major categories or countries is disclosed in the respective Fund’s Portfolio of Investments and in footnote 6 for derivatives.
(b) At July 31, 2014, the change in the S&P 500 Index did not exceed the Funds’ predetermined level (see footnote 3.A). Certain investments for the Small & Mid Cap Fund were transferred into Level 2 in the amount of $18,177,251 and out of Level 2 in the amount of $71,275.
(c) Represents securities as disclosed in the Bermuda, Hong Kong and the United States sections of the Fund’s Portfolio of Investments.
(d) The Small & Mid Cap Fund and Strategic Opportunities Fund held certain investments categorized as Level 3 that had a combined fair value as well as a change in NAV less than 1% of NAV for the respective Fund for the year ended July 31, 2014. There were transfers into Level 3 of $4,470,692 and out of Level 3 in the amount of $1,703,956 for the Small & Mid Cap Fund. In addition, there were no significant purchases and sales during the period. As of July 31, 2014, the percentage of NAV was 0.08% and 0.12% for the Small & Mid Cap Fund and Strategic Opportunities Fund, respectively.
(e) Represents securities as disclosed in the Thailand and United Kingdom sections of the Fund’s Portfolio of 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.

 

In June 2013, FASB issued Accounting Standards update No. 2013-8 “Investment Companies: Amendments to the scope measurement, and disclosure requirements” that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interest in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statement disclosures.

163
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

6. 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. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

 

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. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use collateral they receive. 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.

 

The Funds are subject to, among other risks, 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 respective Fund’s Portfolio of Investments or details below:

 

   Fair Values of Derivative Instruments as of July 31, 2014
   Derivative Assets   Derivative Liabilities
   Statements of Assets       Statements of Assets     
   and Liabilities       and Liabilities     
Small & Mid Cap Fund  Location  Value   Location  Value
Foreign Currency Exchange Risk  Unrealized appreciation on forward foreign
currency exchange contracts		  $132,588   Unrealized depreciation on forward foreign
currency exchange contracts		   — 
Total     $132,588       — 
164
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Strategic Opportunities Fund  Statements of Assets
and Liabilities
Location		  Value    Statements of Assets
and Liabilities
Location		  Value  
Interest Rate Risk          Unrealized depreciation on swap contracts  $(2,154,860)
Equity Risk  Unrealized appreciation
on swap contracts		  $10,940,762   Unrealized depreciation
on swap contracts		   (9,247,360)
   Structured option contracts, at value   132,777,163   Structured option contracts, at value   (14,443,956)
   Investments, at value (purchased options)   1,330,173   Written option contracts, at value   (27,061,113)
Foreign Currency Exchange Risk  Unrealized appreciation on swap contracts   134,294   Unrealized depreciation on swap contracts   (3,058,321)
   Structured option contracts, at value   7,573,850         
   Unrealized appreciation on forward foreign
currency exchange contracts		   14,322,631   Unrealized depreciation on forward foreign
currency exchange contracts		   (8,843,794)
Total     $167,078,873      $(64,809,404)
                 
Real Return Fund  Statements of Assets
and Liabilities
Location		  Value   Statements of Assets
and Liabilities
Location		  Value 
Commodity Risk  Unrealized appreciation
on swap contracts		  $18,414,147   Unrealized depreciation
on swap contracts		  $(13,457,742)
           Variation Margin   (101,823)
   Investments, at value (purchased options)   4,642,005   Written option contracts, at value   (11,968,142)
Total     $23,056,152      $(25,527,707)
                 

 

A. Futures Contracts. The Funds purchased or sold futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

 

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

 

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) may enter into forward foreign currency contracts (“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, for example, 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.

 

The Funds may be 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.

165
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

As of July 31, 2014, the Small & Mid Cap Fund had the following open Forwards:

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)
U.S. Dollar  12,031,827  Australian Dollar  12,906,500  Citigroup, Inc.  10/31/14  $115,565 
U.S. Dollar  10,333,458  New Zealand Dollar  12,255,500  Citigroup, Inc.  10/31/14   17,023 
                  $132,588 
                    
As of July 31, 2014, the Strategic Opportunities Fund had the following open Forwards:
                    
Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar  10,137,306  Canadian Dollar  11,111,400  Bank of New York Mellon Corp.  09/08/14  $(43,672)
Euro  11,000,777  U.S. Dollar  15,000,001  Bank of New York Mellon Corp.  09/09/14   (267,475)
U.S. Dollar  15,000,000  Canadian Dollar  16,186,335  Bank of New York Mellon Corp.  10/14/14   181,990 
U.S. Dollar  23,670,127  Canadian Dollar  26,013,470  Barclays Plc  08/01/14   (187,188)
Euro  97,592  U.S. Dollar  132,164  Barclays Plc  08/04/14   (1,482)
U.S. Dollar  129,588  Euro  97,592  Barclays Plc  08/04/14   (1,094)
Euro  1,787,000  U.S. Dollar  2,420,045  Barclays Plc  08/05/14   (27,128)
U.S. Dollar  2,369,991  Euro  1,787,000  Barclays Plc  08/05/14   (22,926)
U.S. Dollar  15,088,574  Swedish Krona  98,313,000  Barclays Plc  08/05/14   836,914 
Japanese Yen  5,112,915,000  U.S. Dollar  50,001,858  Barclays Plc  08/07/14   (294,707)
U.S. Dollar  487,858  Japanese Yen  47,210,000  Barclays Plc  08/11/14   28,877 
Malaysian Ringgit  171,210,010  U.S. Dollar  52,850,752  Barclays Plc  08/12/14   437,342 
Malaysian Ringgit  32,380,000  U.S. Dollar  10,000,000  Barclays Plc  08/12/14   78,082 
Singapore Dollar  4,400,417  U.S. Dollar  3,464,350  Barclays Plc  08/12/14   63,039 
U.S. Dollar  61,614,196  Euro  44,443,460  Barclays Plc  08/12/14   2,099,942 
U.S. Dollar  20,187,980  Japanese Yen  2,052,950,000  Barclays Plc  08/12/14   228,856 
U.S. Dollar  16,628,440  United Kingdom Pound  9,814,313  Barclays Plc  08/12/14   60,562 
Japanese Yen  2,558,332,500  U.S. Dollar  24,983,350  Barclays Plc  08/18/14   (109,932)
Polish Zloty  31,055,100  U.S. Dollar  10,123,552  Barclays Plc  08/18/14   (182,667)
Singapore Dollar  1,151,000  U.S. Dollar  906,299  Barclays Plc  08/18/14   16,346 
Euro  1,922,793  U.S. Dollar  1,451,000  Barclays Plc  08/19/14   (20,288)
Euro  1,451,000  U.S. Dollar  1,965,104  Barclays Plc  08/19/14   (22,024)
Euro  7,730,000  U.S. Dollar  10,468,894  Barclays Plc  08/22/14   (117,301)
Euro  16,470,000  U.S. Dollar  22,301,532  Barclays Plc  08/22/14   (245,810)
U.S. Dollar  32,541,740  Euro  24,200,000  Barclays Plc  08/22/14   134,425 
U.S. Dollar  757,189  Japanese Yen  73,417,000  Barclays Plc  08/22/14   43,374 
Euro  587,709  U.S. Dollar  795,952  Barclays Plc  08/25/14   (8,916)
Malaysian Ringgit  32,280,000  U.S. Dollar  10,000,000  Barclays Plc  08/25/14   38,988 
U.S. Dollar  787,877  Euro  587,709  Barclays Plc  08/25/14   841 
U.S. Dollar  15,444,779  Indonesian Rupiah  179,700,000,000  Barclays Plc  08/26/14   359,646 
U.S. Dollar  10,404,844  Indonesian Rupiah  120,280,000,000  Barclays Plc  08/26/14   307,795 
U.S. Dollar  2,093,825  Japanese Yen  205,823,000  Barclays Plc  08/26/14   92,614 
U.S. Dollar  10,188,948  Canadian Dollar  11,082,030  Barclays Plc  08/28/14   32,300 
Singapore Dollar  12,245,500  U.S. Dollar  9,749,439  Barclays Plc  08/29/14   66,593 
166
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased 

 

Currency Sold

  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar  5,027,284  Japanese Yen  512,332,500  Barclays Plc  08/29/14  $45,802 
Euro  29,344,445  U.S. Dollar  40,000,002  Barclays Plc  09/05/14   (701,686)
Indonesian Rupiah  58,875,000,000  U.S. Dollar  5,000,000  Barclays Plc  09/08/14   (68,889)
Indonesian Rupiah  58,725,000,000  U.S. Dollar  5,000,000  Barclays Plc  09/08/14   (81,452)
Malaysian Ringgit  32,400,000  U.S. Dollar  10,000,000  Barclays Plc  09/09/14   66,889 
Euro  148,781  U.S. Dollar  201,516  Barclays Plc  09/19/14   (2,258)
U.S. Dollar  198,771  Euro  148,781  Barclays Plc  09/19/14   (487)
Euro  360,422  U.S. Dollar  488,181  Barclays Plc  09/24/14   (5,470)
U.S. Dollar  487,925  Euro  360,422  Barclays Plc  09/24/14   5,214 
U.S. Dollar  15,790,747  Japanese Yen  1,605,540,000  Barclays Plc  10/20/14   174,074 
Euro  133,614  U.S. Dollar  180,998  Barclays Plc  10/27/14   (2,026)
U.S. Dollar  183,962  Euro  133,614  Barclays Plc  10/27/14   4,991 
Euro  325,538  U.S. Dollar  441,000  Barclays Plc  11/05/14   (4,936)
U.S. Dollar  440,258  Euro  325,538  Barclays Plc  11/05/14   4,194 
U.S. Dollar  246,203  Japanese Yen  25,530,000  Barclays Plc  12/26/14   (2,289)
Chilean Unidad de Fomento  100,700,000  U.S. Dollar  173,232  Barclays Plc  02/10/15   (275)
U.S. Dollar  1,338,931  Japanese Yen  137,140,000  Barclays Plc  02/25/15   3,108 
U.S. Dollar  4,377,854  Japanese Yen  447,710,000  Barclays Plc  02/26/15   16,839 
U.S. Dollar  2,327,918  Japanese Yen  238,049,400  Barclays Plc  03/09/15   8,788 
Indonesian Rupiah  61,200,000,000  U.S. Dollar  5,000,000  Barclays Plc  03/12/15   (30,442)
Indonesian Rupiah  60,800,000,000  U.S. Dollar  5,000,000  Barclays Plc  03/23/15   (72,922)
U.S. Dollar  5,030,340  Indonesian Rupiah  61,345,000,000  Barclays Plc  03/23/15   59,097 
U.S. Dollar  1,432,893  Japanese Yen  146,370,000  Barclays Plc  03/25/15   6,602 
Indonesian Rupiah  61,200,000,000  U.S. Dollar  5,000,000  Barclays Plc  04/13/15   (59,611)
U.S. Dollar  4,967,186  Indonesian Rupiah  60,550,000,000  Barclays Plc  04/13/15   79,269 
Chilean Unidad de Fomento  261,700,000  U.S. Dollar  460,496  Barclays Plc  06/04/15   (15,149)
U.S. Dollar  3,852,508  Japanese Yen  393,370,000  Barclays Plc  06/10/15   15,183 
U.S. Dollar  1,828,245  Japanese Yen  185,480,000  Barclays Plc  07/29/15   17,514 
Hong Kong Dollar  307,196,000  U.S. Dollar  39,676,590  Barclays Plc  10/26/15   (39,008)
Hong Kong Dollar  307,680,000  U.S. Dollar  39,739,102  Barclays Plc  10/26/15   (39,070)
Hong Kong Dollar  307,740,000  U.S. Dollar  39,746,852  Barclays Plc  10/26/15   (39,077)
Canadian Dollar  26,013,470  U.S. Dollar  24,069,141  Citibank, N.A.  08/01/14   (211,826)
Swedish Krona  98,313,000  U.S. Dollar  14,270,958  Citibank, N.A.  08/05/14   (19,297)
U.S. Dollar  25,470,413  Singapore Dollar  31,972,500  Citibank, N.A.  08/05/14   (158,846)
Indian Rupee  5,996,000  U.S. Dollar  98,251  Citibank, N.A.  08/07/14   177 
U.S. Dollar  352,976  Euro  265,136  Citibank, N.A.  08/08/14   (2,063)
Japanese Yen  47,220,000  U.S. Dollar  467,924  Citibank, N.A.  08/11/14   (8,846)
U.S. Dollar  102,216  Euro  76,711  Citibank, N.A.  08/11/14   (507)
167
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar  487,961  Japanese Yen  47,220,000  Citibank, N.A.  08/11/14  $28,883 
U.S. Dollar  10,944,425  United Kingdom Pound  6,454,695  Citibank, N.A.  08/11/14   47,942 
United Kingdom Pound  6,454,695  U.S. Dollar  10,895,098  Citibank, N.A.  08/11/14   1,385 
Japanese Yen  449,157,000  U.S. Dollar  4,450,959  Citibank, N.A.  08/13/14   (84,154)
U.S. Dollar  4,670,278  Japanese Yen  449,157,000  Citibank, N.A.  08/13/14   303,473 
Hungary Forint  1,104,500,000  U.S. Dollar  4,971,418  Citibank, N.A.  08/15/14   (262,431)
U.S. Dollar  25,131,289  Japanese Yen  2,558,332,500  Citibank, N.A.  08/18/14   257,871 
U.S. Dollar  10,147,228  Canadian Dollar  11,081,960  Citibank, N.A.  08/21/14   (11,129)
Japanese Yen  146,685,000  U.S. Dollar  1,453,716  Citibank, N.A.  08/25/14   (27,510)
U.S. Dollar  1,510,014  Japanese Yen  146,685,000  Citibank, N.A.  08/25/14   83,808 
Indian Rupee  6,054,000  U.S. Dollar  101,215  Citibank, N.A.  09/03/14   (2,314)
U.S. Dollar  10,117,718  Canadian Dollar  11,071,950  Citibank, N.A.  09/04/14   (28,037)
U.S. Dollar  2,450,160  Canadian Dollar  2,668,288  Citibank, N.A.  09/12/14   5,525 
U.S. Dollar  10,290,222  Canadian Dollar  11,075,500  Citibank, N.A.  09/25/14   146,056 
U.S. Dollar  854,017  Euro  620,368  Citibank, N.A.  09/26/14   23,157 
Swedish Krona  43,658,433  Euro  4,751,561  Citibank, N.A.  09/29/14   (36,553)
U.S. Dollar  28,544,632  Euro  20,855,804  Citibank, N.A.  10/03/14   611,679 
Singapore Dollar  18,897,120  U.S. Dollar  15,211,129  Citibank, N.A.  10/14/14   (62,961)
Chilean Unidad de Fomento  974,634,000  U.S. Dollar  1,870,699  Citibank, N.A.  10/24/14   (181,700)
U.S. Dollar  24,017,518  Canadian Dollar  26,013,470  Citibank, N.A.  10/29/14   212,554 
U.S. Dollar  14,265,342  Swedish Krona  98,313,000  Citibank, N.A.  11/03/14   18,911 
Japanese Yen  32,085,087  U.S. Dollar  318,224  Citibank, N.A.  11/10/14   (6,081)
U.S. Dollar  326,366  Japanese Yen  32,085,087  Citibank, N.A.  11/10/14   14,224 
Japanese Yen  47,197,000  U.S. Dollar  468,140  Citibank, N.A.  11/17/14   (8,946)
U.S. Dollar  476,641  Japanese Yen  47,197,000  Citibank, N.A.  11/17/14   17,447 
U.S. Dollar  1,772,608  Japanese Yen  177,080,000  Citibank, N.A.  11/19/14   49,707 
U.S. Dollar  187,143  Japanese Yen  19,410,000  Citibank, N.A.  12/26/14   (1,780)
U.S. Dollar  196,963  Japanese Yen  20,420,000  Citibank, N.A.  12/26/14   (1,792)
U.S. Dollar  1,366,902  Euro  999,800  Citibank, N.A.  01/29/15   27,150 
U.S. Dollar  3,947,703  Euro  2,903,000  Citibank, N.A.  02/10/15   57,237 
Chilean Unidad de Fomento  422,200,000  U.S. Dollar  738,499  Citibank, N.A.  02/17/15   (13,757)
U.S. Dollar  1,494,747  Euro  1,080,000  Citibank, N.A.  03/10/15   47,044 
U.S. Dollar  18,555,802  Euro  13,298,791  Citibank, N.A.  03/17/15   728,196 
Polish Zloty  10,400,000  Euro  2,406,761  Citibank, N.A.  03/19/15   62,208 
U.S. Dollar  2,778,158  Japanese Yen  284,100,000  Citibank, N.A.  06/10/15   6,762 
U.S. Dollar  537,497  Euro  398,462  Citibank, N.A.  07/28/15   2,725 
Chilean Unidad de Fomento  100,900,000  U.S. Dollar  178,758  Deutsche Bank AG  08/12/14   (2,619)
Indian Rupee  6,884,000  U.S. Dollar  112,924  Deutsche Bank AG  08/12/14   (23)
Japanese Yen  47,210,000  U.S. Dollar  468,121  Deutsche Bank AG  08/12/14   (9,137)
U.S. Dollar  491,320  Japanese Yen  47,210,000  Deutsche Bank AG  08/12/14   32,337 
Indian Rupee  18,877,000  U.S. Dollar  312,769  Deutsche Bank AG  08/19/14   (3,573)
Japanese Yen  163,635,000  U.S. Dollar  1,622,639  Deutsche Bank AG  08/19/14   (31,686)
Polish Zloty  11,489,000  Euro  2,659,491  Deutsche Bank AG  08/19/14   116,035 
U.S. Dollar  1,667,074  Japanese Yen  163,635,000  Deutsche Bank AG  08/19/14   76,122 
Chilean Unidad de Fomento  2,170,640,000  U.S. Dollar  4,072,495  Deutsche Bank AG  08/21/14   (287,505)
168
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Indian Rupee  17,195,000  U.S. Dollar  289,986  Deutsche Bank AG  08/21/14  $(8,443)
Japanese Yen  72,553,000  U.S. Dollar  719,486  Deutsche Bank AG  08/25/14   (14,060)
U.S. Dollar  746,538  Japanese Yen  72,553,000  Deutsche Bank AG  08/25/14   41,111 
Chilean Unidad
de Fomento		  202,500,000  U.S. Dollar  359,297  Deutsche Bank AG  08/27/14   (6,458)
Indian Rupee  22,003,000  U.S. Dollar  371,136  Deutsche Bank AG  08/27/14   (11,266)
Japanese Yen  121,842,000  U.S. Dollar  1,208,330  Deutsche Bank AG  08/27/14   (23,657)
U.S. Dollar  1,234,468  Japanese Yen  121,842,000  Deutsche Bank AG  08/27/14   49,795 
Indian Rupee  19,576,733  U.S. Dollar  327,288  Deutsche Bank AG  08/28/14   (7,159)
U.S. Dollar  308,464  Euro  230,990  Deutsche Bank AG  08/29/14   (872)
Indian Rupee  38,542,000  U.S. Dollar  644,801  Deutsche Bank AG  09/03/14   (15,165)
U.S. Dollar  157,592  Euro  119,000  Deutsche Bank AG  09/03/14   (1,773)
U.S. Dollar  345,642  Euro  261,000  Deutsche Bank AG  09/03/14   (3,889)
Chilean Unidad
de Fomento		  245,410,000  U.S. Dollar  429,324  Deutsche Bank AG  09/05/14   (2,113)
Chilean Unidad
de Fomento		  225,065,000  U.S. Dollar  396,590  Deutsche Bank AG  09/05/14   (4,796)
U.S. Dollar  713,754  Euro  540,850  Deutsche Bank AG  09/05/14   (10,556)
Chilean Unidad
de Fomento		  243,930,000  U.S. Dollar  428,098  Deutsche Bank AG  09/08/14   (3,580)
Swedish Krona  17,601,656  Euro  1,988,753  Deutsche Bank AG  09/15/14   (112,332)
Euro  571,000  U.S. Dollar  771,821  Deutsche Bank AG  09/23/14   (7,087)
U.S. Dollar  2,333,731  Euro  1,720,000  Deutsche Bank AG  09/23/14   30,154 
Indian Rupee  22,003,000  U.S. Dollar  361,001  Deutsche Bank AG  09/26/14   (2,836)
U.S. Dollar  1,079,540  Euro  800,000  Deutsche Bank AG  09/26/14   8,098 
Indian Rupee  19,576,733  U.S. Dollar  320,894  Deutsche Bank AG  09/30/14   (2,409)
Chilean Unidad
de Fomento		  245,910,000  U.S. Dollar  438,342  Deutsche Bank AG  10/06/14   (11,481)
Indian Rupee  74,306,000  U.S. Dollar  1,218,541  Deutsche Bank AG  10/17/14   (12,010)
Indian Rupee  13,777,000  U.S. Dollar  225,631  Deutsche Bank AG  10/22/14   (2,055)
Malaysian Ringgit  1,980,000  U.S. Dollar  614,811  Deutsche Bank AG  10/24/14   (1,188)
U.S. Dollar  1,187,651  Euro  860,000  Deutsche Bank AG  10/24/14   35,724 
Indian Rupee  19,576,733  U.S. Dollar  321,853  Deutsche Bank AG  10/30/14   (4,461)
U.S. Dollar  944,615  Euro  684,003  Deutsche Bank AG  10/31/14   28,401 
U.S. Dollar  63,154  Euro  45,895  Deutsche Bank AG  11/03/14   1,677 
Japanese Yen  425,263,000  U.S. Dollar  4,220,973  Deutsche Bank AG  11/14/14   (83,591)
U.S. Dollar  4,280,539  Japanese Yen  425,263,000  Deutsche Bank AG  11/14/14   143,158 
U.S. Dollar  247,584  Euro  184,184  Deutsche Bank AG  11/17/14   853 
Malaysian Ringgit  2,056,560  U.S. Dollar  631,098  Deutsche Bank AG  11/19/14   5,274 
U.S. Dollar  68,367  Euro  50,759  Deutsche Bank AG  11/19/14   371 
U.S. Dollar  1,431,172  Japanese Yen  143,060,000  Deutsche Bank AG  11/19/14   39,269 
Chilean Unidad
de Fomento		  309,490,000  U.S. Dollar  543,824  Deutsche Bank AG  11/28/14   (9,266)
Singapore Dollar  350,000  U.S. Dollar  278,711  Deutsche Bank AG  11/28/14   1,867 
Chilean Unidad
de Fomento		  68,400,000  U.S. Dollar  119,979  Deutsche Bank AG  12/01/14   (1,862)
U.S. Dollar  907,622  Euro  670,000  Deutsche Bank AG  12/04/14   10,034 
U.S. Dollar  4,025,258  Euro  2,900,000  Deutsche Bank AG  12/12/14   140,042 
U.S. Dollar  119,042  Japanese Yen  12,210,000  Deutsche Bank AG  12/22/14   204 
Singapore Dollar  1,969,400  U.S. Dollar  1,576,516  Deutsche Bank AG  12/23/14   2,312 
Malaysian Ringgit  1,633,900  U.S. Dollar  486,961  Deutsche Bank AG  01/08/15   17,036 
169

Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar  1,328,522  Euro  971,000  Deutsche Bank AG  01/16/15  $27,446 
U.S. Dollar  2,137,266  Euro  1,580,000  Deutsche Bank AG  02/09/15   19,841 
Chilean Unidad
de Fomento		  83,490,000  U.S. Dollar  145,301  Deutsche Bank AG  02/17/15   (1,983)
U.S. Dollar  4,137,383  Euro  3,010,100  Deutsche Bank AG  02/25/15   102,884 
Chilean Unidad
de Fomento		  176,590,000  U.S. Dollar  307,434  Deutsche Bank AG  02/26/15   (4,522)
Chilean Unidad
de Fomento		  225,065,000  U.S. Dollar  388,445  Deutsche Bank AG  03/03/15   (2,538)
U.S. Dollar  147,516  Euro  107,000  Deutsche Bank AG  03/05/15   4,092 
U.S. Dollar  2,608,605  Euro  1,900,000  Deutsche Bank AG  03/09/15   61,742 
Chilean Unidad
de Fomento		  237,320,000  U.S. Dollar  403,338  Deutsche Bank AG  03/13/15   3,255 
Hungary Forint  884,944,400  Euro  2,773,251  Deutsche Bank AG  03/19/15   22,803 
U.S. Dollar  846,947  Euro  615,000  Deutsche Bank AG  03/26/15   22,451 
U.S. Dollar  207,423  Euro  150,689  Deutsche Bank AG  03/31/15   5,395 
U.S. Dollar  1,902,234  Euro  1,379,000  Deutsche Bank AG  04/07/15   53,302 
U.S. Dollar  653,674  Euro  473,488  Deutsche Bank AG  04/07/15   18,832 
U.S. Dollar  1,024,494  Euro  742,242  Deutsche Bank AG  04/13/15   29,264 
Swedish Krona  28,478,956  Euro  3,111,604  Deutsche Bank AG  04/22/15   (46,554)
U.S. Dollar  458,024  Euro  330,000  Deutsche Bank AG  05/07/15   15,456 
Singapore Dollar  350,000  U.S. Dollar  278,829  Deutsche Bank AG  05/29/15   1,866 
U.S. Dollar  4,100,881  Euro  3,001,450  Deutsche Bank AG  06/10/15   74,439 
U.S. Dollar  622,115  Euro  459,000  Deutsche Bank AG  06/15/15   6,341 
U.S. Dollar  120,102  Japanese Yen  12,230,000  Deutsche Bank AG  06/22/15   778 
U.S. Dollar  852,681  Euro  629,000  Deutsche Bank AG  07/22/15   8,579 
U.S. Dollar  773,522  Euro  571,000  Deutsche Bank AG  07/23/15   7,248 
U.S. Dollar  1,344,514  Euro  997,000  Deutsche Bank AG  07/27/15   6,484 
U.S. Dollar  635,949  Euro  475,000  Goldman Sachs Group, Inc.  08/12/14   (124)
U.S. Dollar  156,647  Japanese Yen  16,246,000  Goldman Sachs Group, Inc.  01/08/15   (1,502)
U.S. Dollar  1,569,819  Japanese Yen  162,280,000  Goldman Sachs Group, Inc.  01/27/15   (10,237)
U.S. Dollar  355,404  Euro  255,000  Goldman Sachs Group, Inc.  02/09/15   13,667 
U.S. Dollar  315,009  Japanese Yen  32,163,000  Goldman Sachs Group, Inc.  02/12/15   1,780 
U.S. Dollar  2,705,573  Japanese Yen  274,640,000  Goldman Sachs Group, Inc.  02/18/15   30,684 
U.S. Dollar  205,345  Japanese Yen  20,855,910  Goldman Sachs Group, Inc.  02/18/15   2,217 
U.S. Dollar  2,174,317  Euro  1,580,000  Goldman Sachs Group, Inc.  02/23/15   56,646 
U.S. Dollar  517,776  Euro  373,000  Goldman Sachs Group, Inc.  05/07/15   17,541 
U.S. Dollar  303,160  Euro  220,000  Goldman Sachs Group, Inc.  05/13/15   8,100 
U.S. Dollar  216,315  Euro  157,000  Goldman Sachs Group, Inc.  05/13/15   5,749 
U.S. Dollar  659,245  Japanese Yen  66,920,000  Goldman Sachs Group, Inc.  05/13/15   6,698 
U.S. Dollar  939,414  Euro  682,000  Goldman Sachs Group, Inc.  05/14/15   24,721 
U.S. Dollar  1,015,879  Euro  740,000  Goldman Sachs Group, Inc.  05/21/15   23,338 
U.S. Dollar  1,343,753  Euro  996,000  Goldman Sachs Group, Inc.  07/27/15   7,065 
Euro  2,975,000  U.S. Dollar  3,983,525  HSBC Holdings Plc  08/04/14   191 
U.S. Dollar  3,943,154  Euro  2,975,000  HSBC Holdings Plc  08/04/14   (40,563)
Singapore Dollar  1,468,000  U.S. Dollar  1,157,729  HSBC Holdings Plc  08/07/14   19,025 
Indian Rupee  7,436,000  U.S. Dollar  121,979  HSBC Holdings Plc  08/12/14   (24)
Indian Rupee  18,770,000  U.S. Dollar  307,735  HSBC Holdings Plc  08/13/14   47 
Singapore Dollar  864,000  U.S. Dollar  681,603  HSBC Holdings Plc  08/19/14   10,982 
U.S. Dollar  3,170,021  Japanese Yen  307,492,000  HSBC Holdings Plc  08/20/14   180,391 
U.S. Dollar  1,495,097  Japanese Yen  145,609,000  HSBC Holdings Plc  08/25/14   79,353 
170
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Mexican Peso  102,610,000  U.S. Dollar  7,696,808  HSBC Holdings Plc  08/27/14  $48,833 
U.S. Dollar  2,375,774  Japanese Yen  234,458,000  HSBC Holdings Plc  08/27/14   96,132 
Indian Rupee  42,596,000  U.S. Dollar  711,986  HSBC Holdings Plc  08/28/14   (15,434)
Indian Rupee  21,454,750  U.S. Dollar  353,531  HSBC Holdings Plc  09/03/14   (3,039)
Indian Rupee  21,454,750  U.S. Dollar  358,784  HSBC Holdings Plc  09/03/14   (8,292)
Mexican Peso  50,041,430  U.S. Dollar  3,751,232  HSBC Holdings Plc  09/10/14   22,195 
Singapore Dollar  2,488,300  U.S. Dollar  1,961,454  HSBC Holdings Plc  09/15/14   33,183 
Singapore Dollar  2,091,000  U.S. Dollar  1,651,659  HSBC Holdings Plc  09/19/14   24,502 
Indian Rupee  43,702,000  U.S. Dollar  722,198  HSBC Holdings Plc  10/07/14   (11,792)
U.S. Dollar  3,073,222  Euro  2,263,000  HSBC Holdings Plc  10/20/14   42,095 
Malaysian Ringgit  2,647,000  U.S. Dollar  825,331  HSBC Holdings Plc  10/22/14   (4,910)
Malaysian Ringgit  1,321,026  U.S. Dollar  407,976  HSBC Holdings Plc  10/24/14   1,425 
Indian Rupee  31,983,000  U.S. Dollar  525,995  HSBC Holdings Plc  10/30/14   (7,463)
U.S. Dollar  711,339  Japanese Yen  70,138,000  HSBC Holdings Plc  11/12/14   28,981 
Malaysian Ringgit  1,244,000  U.S. Dollar  382,064  HSBC Holdings Plc  11/20/14   2,851 
U.S. Dollar  374,382  Japanese Yen  37,330,000  HSBC Holdings Plc  11/20/14   11,176 
Brazil Real  6,320,000  U.S. Dollar  2,564,935  HSBC Holdings Plc  11/21/14   135,382 
U.S. Dollar  2,540,704  Brazil Real  6,320,000  HSBC Holdings Plc  11/21/14   (159,613)
U.S. Dollar  983,464  Euro  720,487  HSBC Holdings Plc  12/09/14   18,219 
Singapore Dollar  1,574,000  U.S. Dollar  1,256,185  HSBC Holdings Plc  12/22/14   5,657 
U.S. Dollar  119,055  Japanese Yen  12,230,000  HSBC Holdings Plc  12/22/14   21 
U.S. Dollar  944,423  Japanese Yen  98,220,000  HSBC Holdings Plc  01/15/15   (11,785)
U.S. Dollar  1,951,399  Japanese Yen  199,698,335  HSBC Holdings Plc  01/28/15   6,988 
U.S. Dollar  2,524,364  Euro  1,856,000  HSBC Holdings Plc  02/10/15   37,040 
U.S. Dollar  4,055,729  Japanese Yen  413,370,000  HSBC Holdings Plc  02/12/15   30,003 
Singapore Dollar  864,000  U.S. Dollar  683,544  HSBC Holdings Plc  02/18/15   9,184 
U.S. Dollar  502,441  Japanese Yen  51,260,000  HSBC Holdings Plc  02/24/15   3,146 
U.S. Dollar  532,092  Japanese Yen  54,300,000  HSBC Holdings Plc  03/04/15   3,127 
U.S. Dollar  395,931  Euro  288,000  HSBC Holdings Plc  03/09/15   9,880 
U.S. Dollar  2,589,123  Euro  1,864,543  HSBC Holdings Plc  04/16/15   88,999 
U.S. Dollar  2,793,143  Japanese Yen  285,300,000  HSBC Holdings Plc  06/09/15   10,080 
U.S. Dollar  4,104,458  Japanese Yen  418,940,000  HSBC Holdings Plc  06/10/15   17,698 
U.S. Dollar  3,992,524  Euro  2,975,000  HSBC Holdings Plc  08/04/15   (947)
U.S. Dollar  2,124,658  Euro  1,606,300  JPMorgan Chase & Co.  08/06/14   (26,296)
Malaysian Ringgit  35,415,000  U.S. Dollar  10,856,171  JPMorgan Chase & Co.  08/08/14   169,230 
U.S. Dollar  2,109,686  Euro  1,584,300  JPMorgan Chase & Co.  08/11/14   (11,844)
Mexican Peso  535,902,200  U.S. Dollar  41,213,735  JPMorgan Chase & Co.  08/15/14   (723,211)
U.S. Dollar  19,951,930  Japanese Yen  2,035,641,500  JPMorgan Chase & Co.  08/15/14   160,731 
U.S. Dollar  2,153,697  Euro  1,612,000  JPMorgan Chase & Co.  08/20/14   (4,991)
U.S. Dollar  1,522,820  Japanese Yen  148,060,000  JPMorgan Chase & Co.  08/20/14   83,288 
U.S. Dollar  757,060  Japanese Yen  73,573,000  JPMorgan Chase & Co.  08/20/14   41,737 
Malaysian Ringgit  32,245,000  U.S. Dollar  10,000,000  JPMorgan Chase & Co.  08/25/14   28,103 
Indonesian Rupiah  120,280,000,000  U.S. Dollar  10,000,000  JPMorgan Chase & Co.  08/26/14   97,049 
Indonesian Rupiah  179,700,000,000  U.S. Dollar  15,000,000  JPMorgan Chase & Co.  08/26/14   85,132 
Indonesian Rupiah  119,400,000,000  U.S. Dollar  10,000,000  JPMorgan Chase & Co.  08/26/14   23,176 
U.S. Dollar  9,995,814  Indonesian Rupiah  119,400,000,000  JPMorgan Chase & Co.  08/26/14   (27,362)
U.S. Dollar  1,489,021  Japanese Yen  146,373,000  JPMorgan Chase & Co.  08/26/14   65,841 
171
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
U.S. Dollar  985,922  Euro  737,287  JPMorgan Chase & Co.  08/27/14  $(1,429)
U.S. Dollar  1,143,711  Japanese Yen  112,727,000  JPMorgan Chase & Co.  08/27/14   47,663 
Indian Rupee  2,633,000  U.S. Dollar  44,040  JPMorgan Chase & Co.  08/28/14   (983)
U.S. Dollar  748,391  Japanese Yen  72,717,000  JPMorgan Chase & Co.  08/29/14   41,353 
Malaysian Ringgit  16,230,000  U.S. Dollar  5,000,000  JPMorgan Chase & Co.  09/04/14   44,354 
Indonesian Rupiah  119,750,000,000  U.S. Dollar  10,000,000  JPMorgan Chase & Co.  09/08/14   29,733 
Indonesian Rupiah  59,840,000,000  U.S. Dollar  5,000,000  JPMorgan Chase & Co.  09/08/14   11,935 
U.S. Dollar  5,203,478  Indonesian Rupiah  59,840,000,000  JPMorgan Chase & Co.  09/08/14   191,543 
U.S. Dollar  10,122,570  Indonesian Rupiah  119,750,000,000  JPMorgan Chase & Co.  09/08/14   92,836 
U.S. Dollar  4,922,659  Indonesian Rupiah  58,875,000,000  JPMorgan Chase & Co.  09/08/14   (8,452)
Hong Kong Dollar  386,050,000  U.S. Dollar  50,000,000  JPMorgan Chase & Co.  09/22/14   (183,835)
Euro  1,432,837  Hungarian Forint  435,568,000  JPMorgan Chase & Co.  09/23/14   64,886 
Hungary Forint  435,568,000  Euro  1,436,807  JPMorgan Chase & Co.  09/23/14   (70,203)
Indian Rupee  2,633,000  U.S. Dollar  43,244  JPMorgan Chase & Co.  09/23/14   (364)
Hungary Forint  348,678,000  Euro  1,138,578  JPMorgan Chase & Co.  09/25/14   (40,783)
Indian Rupee  2,633,000  U.S. Dollar  43,485  JPMorgan Chase & Co.  09/30/14   (650)
Malaysian Ringgit  23,913,750  U.S. Dollar  7,500,000  JPMorgan Chase & Co.  10/10/14   (83,449)
Malaysian Ringgit  8,059,000  U.S. Dollar  2,491,113  JPMorgan Chase & Co.  10/20/14   6,981 
Swedish Krona  164,370,000  U.S. Dollar  24,060,102  JPMorgan Chase & Co.  10/21/14   (240,347)
Malaysian Ringgit  1,586,000  U.S. Dollar  495,935  JPMorgan Chase & Co.  10/31/14   (4,604)
U.S. Dollar  196,398  Euro  147,287  JPMorgan Chase & Co.  11/12/14   (901)
U.S. Dollar  244,979  Euro  180,987  JPMorgan Chase & Co.  11/20/14   2,529 
U.S. Dollar  572,102  Japanese Yen  57,068,000  JPMorgan Chase & Co.  11/20/14   16,852 
U.S. Dollar  788,980  Euro  572,000  JPMorgan Chase & Co.  12/15/14   22,644 
Malaysian Ringgit  334,000  U.S. Dollar  100,636  JPMorgan Chase & Co.  01/16/15   2,341 
Malaysian Ringgit  3,515,000  U.S. Dollar  1,038,742  JPMorgan Chase & Co.  02/04/15   43,767 
U.S. Dollar  4,369,329  Euro  3,186,000  JPMorgan Chase & Co.  02/19/15   99,280 
U.S. Dollar  595,191  Japanese Yen  60,600,000  JPMorgan Chase & Co.  03/03/15   4,862 
Indonesian Rupiah  61,000,000,000  U.S. Dollar  5,000,000  JPMorgan Chase & Co.  03/12/15   (46,682)
U.S. Dollar  4,896,845  Indonesian Rupiah  61,000,000,000  JPMorgan Chase & Co.  03/12/15   (56,473)
Singapore Dollar  2,807,550  U.S. Dollar  2,215,904  JPMorgan Chase & Co.  03/13/15   35,239 
U.S. Dollar  16,553,636  Euro  11,944,925  JPMorgan Chase & Co.  03/16/15   541,080 
Indonesian Rupiah  60,310,000,000  U.S. Dollar  5,000,000  JPMorgan Chase & Co.  03/18/15   (108,127)
Hungary Forint  265,221,440  Euro  831,285  JPMorgan Chase & Co.  03/19/15   6,660 
Indonesian Rupiah  61,345,000,000  U.S. Dollar  5,000,000  JPMorgan Chase & Co.  03/23/15   (28,757)
Indonesian Rupiah  60,550,000,000  U.S. Dollar  5,000,000  JPMorgan Chase & Co.  04/13/15   (112,083)
U.S. Dollar  281,095  Euro  203,185  JPMorgan Chase & Co.  04/22/15   8,635 
Malaysian Ringgit  2,115,000  U.S. Dollar  651,330  JPMorgan Chase & Co.  07/31/15   (6,482)
U.S. Dollar  3,999,769  Euro  2,975,000  JPMorgan Chase & Co.  07/31/15   6,724 
172
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

Currency Purchased  Currency Sold  Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
Hong Kong Dollar  465,744,000  U.S. Dollar  60,000,000  JPMorgan Chase & Co.  06/12/17  $66,548 
Singapore Dollar  31,972,500  U.S. Dollar  25,678,805  Macquarie Securities Group  08/05/14   (49,546)
U.S. Dollar  15,173,352  Singapore Dollar  18,897,120  Macquarie Securities Group  10/14/14   25,184 
Mexican Peso  63,915,000  U.S. Dollar  4,904,478  Macquarie Securities Group  10/20/14   (98,519)
Singapore Dollar  5,152,240  U.S. Dollar  4,063,281  Morgan Stanley  08/01/14   66,771 
U.S. Dollar  4,117,214  Singapore Dollar  5,152,240  Morgan Stanley  08/01/14   (12,838)
Australian Dollar  4,488,527  U.S. Dollar  3,930,266  Morgan Stanley  08/08/14   238,546 
U.S. Dollar  4,241,658  Australian Dollar  4,488,527  Morgan Stanley  08/08/14   72,845 
U.S. Dollar  534,777  Euro  403,000  Morgan Stanley  08/15/14   (4,886)
Chilean Unidad de Fomento  84,970,000  U.S. Dollar  159,667  Morgan Stanley  08/20/14   (11,485)
U.S. Dollar  158,319  Chilean Unidad de Fomento  84,970,000  Morgan Stanley  08/20/14   10,137 
Swedish Krona  16,704,832  Euro  1,805,157  Morgan Stanley  10/16/14   2,992 
Swedish Krona  19,932,831  Euro  2,157,385  Morgan Stanley  10/22/14   (1,121)
Japanese Yen  807,305,000  U.S. Dollar  8,008,184  Morgan Stanley  11/13/14   (154,000)
U.S. Dollar  8,124,560  Japanese Yen  807,305,000  Morgan Stanley  11/13/14   270,376 
Japanese Yen  57,800,000  U.S. Dollar  573,356  Morgan Stanley  11/14/14   (11,020)
U.S. Dollar  581,700  Japanese Yen  57,800,000  Morgan Stanley  11/14/14   19,364 
U.S. Dollar  542,351  Euro  403,000  Morgan Stanley  11/17/14   2,498 
U.S. Dollar  1,130,140  Euro  816,000  Morgan Stanley  03/10/15   36,320 
Polish Zloty  4,031,000  Euro  944,470  Morgan Stanley  05/27/15   3,595 
U.S. Dollar  936,438  Euro  686,000  Morgan Stanley  06/05/15   16,209 
U.S. Dollar  322,388  Japanese Yen  31,954,500  Standard Chartered Bank  11/17/14   11,493 
U.S. Dollar  754,594  Japanese Yen  78,840,000  Standard Chartered Bank  01/14/15   (12,934)
U.S. Dollar  1,238,743  Japanese Yen  127,990,000  Standard Chartered Bank  01/16/15   (7,300)
U.S. Dollar  1,629,010  Japanese Yen  166,449,000  Standard Chartered Bank  02/26/15   7,678 
U.S. Dollar  493,216  Japanese Yen  50,022,000  Standard Chartered Bank  05/13/15   5,444 
Euro  21,588,092  U.S. Dollar  30,000,003  UBS AG  08/12/14   (1,091,380)
Euro  22,008,495  U.S. Dollar  30,000,000  UBS AG  09/05/14   (526,048)
Mexican Peso  266,335,000  U.S. Dollar  20,199,082  UBS AG  09/19/14   (129,479)
Singapore Dollar  31,700,450  U.S. Dollar  25,282,470  UBS AG  09/19/14   128,835 
U.S. Dollar  15,000,000  Canadian Dollar  16,128,300  UBS AG  10/14/14   235,119 
U.S. Dollar  19,962,741  Euro  14,747,888  UBS AG  10/21/14   208,918 
Euro  2,976,000  U.S. Dollar  4,027,272  UBS Securities  08/01/14   (42,256)
U.S. Dollar  3,960,759  Euro  2,976,000  UBS Securities  08/01/14   (24,257)
                  $5,478,837 

 

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

173
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

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. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on dealer-supplied valuations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

 

D. Options. The Funds purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

 

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.

 

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

 

In purchasing and writing options, a Fund bears certain risks, including 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 and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

 

A summary of the Strategic Opportunities Fund’s written option transactions for the period is as follows:

 

   Number of
Options
Contracts		  Premiums
Received 		 
Contracts outstanding at October 31, 2013   98,633   $61,064,383 
Options written   72,400    26,514,941 
Options terminated in closing purchase transactions   (26,047)   (20,383,749)
Options exercised   (72,637)   (41,186,348)
Options expired   (11,420)   (4,667,325)
Contracts outstanding at July 31, 2014   60,929   $21,341,902 

 

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

174
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

   Number of
Options
Contracts		   Premiums
Received 		 
Contracts outstanding at October 31, 2013   3,300   $8,740,042 
Options written   27,684    31,478,861 
Options terminated in closing purchase transactions   (24,125)   (30,135,100)
Options exercised   —    — 
Options expired   (2,775)   (2,021,661)
Contracts outstanding at July 31, 2014   4,084   $8,062,142 

 

The Strategic 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. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statement of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. 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.

 

7. Federal Income Taxes:

 

At October 31, 2013, the following Funds had capital loss carryforwards for federal income tax purposes, which will expire on the following date:

 

   October 31,
2017		 
Large Cap Core Fund  $1,733,673 
Large Cap Strategies Fund   92,156,861 
Real Return Fund*   245,786,188 

 

*As of October 31, 2013, the Real Return Fund had a short-term and long-term capital loss carryforward of $61,837,171 and $104,391,549, respectively, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. These capital loss carryforwards are not subject to expiration and must first be utilized to offset future realized gains of the same character and must be utilized prior to the utilization of the loss carryforwards subject to expiration that are described above.

 

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 Internal Revenue Code of 1986, as amended, 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.

 

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Real Return Fund deferred qualified late-year ordinary losses of $2,052,668 which will be treated as arising on the first business day of the fiscal year ending October 31, 2014

 

8. Commitments:

 

The Strategic Opportunities Fund may invest in floating rate loan interests. In connection with these investments, the Strategic Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate

175
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2014 (Unaudited)
   

 

the Strategic Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of July 31, 2014, the Strategic Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Strategic Opportunities Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

176

Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, (the “1940 Act”) (17 CFR 270.30a-3(c))) are adequate and reasonably designed to achieve the purposes described in such rule, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, (17 CFR 240.13a-15(b) or 240.15d-15(b)).
     
  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

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

 

SIGNATURES

 

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

 

(Registrant)    Old Westbury Funds, Inc.  
     
By (Signature and Title)* /s/ David W. Rossmiller  
  David W. Rossmiller, President  
  (Principal Executive Officer)  

 

Date     September 24, 2014    

 

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     September 24, 2014    

 

By (Signature and Title)* /s/ Matthew A. Rizzi  
  Matthew A. Rizzi, Treasurer  
  (Principal Financial Officer)  

 

Date     September 23, 2014  

 

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