N-Q 1 c86188_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, 2016

 

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, 2016
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 94.3%  
Banks — 8.7%    
 485,020   BNP Paribas SA - ADR  $12,018,796 
 401,070   Citigroup, Inc.   17,570,877 
 363,160   DBS Group Holdings Ltd. - ADR   16,865,150 
 341,375   HSBC Holdings Plc - ADR   11,180,031 
 1,607,445   KeyCorp   18,807,107 
 509,170   Morgan Stanley   14,628,454 
 969,100   Nordea Bank AB   8,635,488 
 1,919,810   Siam Commercial Bank Public Co. Ltd.(c)   8,736,431 
         108,442,334 
Consumer Discretionary — 23.2%    
 200,880   Accor SA   8,405,091 
 285,746   Aramark   10,243,994 
 491,650   Bridgestone Corp. - ADR   8,515,378 
 269,640   CBS Corp. - Class B   14,080,601 
 484,405   Comcast Corp. - Class A   32,576,236 
 406,990   Dollar General Corp.   38,558,233 
 2,451,450   Kingfisher Plc   10,910,838 
 326,910   Lowe’s Cos, Inc.   26,898,155 
 116,920   Mohawk Industries, Inc.(b)   24,429,265 
 277,520   Nielsen Holdings Plc   14,947,227 
 343,460   NIKE, Inc. - Class B   19,062,030 
 1,422,780   Nissan Motor Co. Ltd.   14,111,367 
 272,875   Pandora A/S - ADR   8,852,065 
 243,225   PVH Corp.   24,580,319 
 245,495   Royal Caribbean Cruises Ltd.   17,783,658 
 437,660   Tata Motors Ltd. - ADR   16,556,678 
         290,511,135 
Consumer Staples — 7.3%    
 322,310   CVS Health Corp.   29,884,583 
 240,860   PepsiCo, Inc.   26,234,471 
 457,940   Unilever NV   21,213,868 
 616,155   Wilmar International Ltd. - ADR   14,017,526 
         91,350,448 
Diversified Financials — 5.2%    
 588,010   Discover Financial Services   33,422,488 
 860,210   ING Groep NV   9,617,195 
 578,550   Mediobanca SpA   4,052,340 
 1,289,570   ORIX Corp.   18,502,773 
         65,594,796 
Energy — 4.3%    
 140,805   China Petroleum & Chemical Corp. - ADR   10,111,207 
 493,805   ConocoPhillips   20,157,120 
 952,590   Encana Corp.   7,660,702 
 1,072,340   ENI SpA   16,400,706 
         54,329,735 
Health Care — 13.4%    
 148,615   Aetna, Inc.   17,121,934 
Shares      Value 
Health Care (continued)  
 313,115   AstraZeneca Plc  $20,918,542 
 405,660   DENTSPLY Sirona, Inc.   25,978,466 
 273,610   Otsuka Holdings Co. Ltd.   13,123,413 
 589,890   Pfizer, Inc.   21,761,042 
 184,100   Shionogi & Co. Ltd.   9,652,913 
 159,260   Shire Plc   10,266,751 
 204,905   Thermo Fisher Scientific, Inc.   32,547,110 
 122,915   Zimmer Holdings, Inc.   16,119,073 
         167,489,244 
Industrials — 5.2%  
 250,885   Raytheon Co.   35,005,984 
 189,360   Union Pacific Corp.   17,619,948 
 262,480   Xylem, Inc.   12,549,169 
         65,175,101 
Information Technology — 14.5%    
 139,000   Alibaba Group Holding Ltd. - ADR(b)   11,464,720 
 52,900   Alphabet, Inc. - Class C(b)   40,668,991 
 449,870   Apple, Inc.   46,880,953 
 126,440   Atos SE   12,393,085 
 113,345   Broadcom Ltd.   18,359,623 
 373,800   CDW Corp.   16,047,234 
 2,212,160   Nokia Oyj   12,712,285 
 198,840   NXP Semiconductors NV(b)   16,720,456 
 896,810   Telefonaktiebolaget LM Ericsson - B Shares   6,686,511 
         181,933,858 
Insurance — 2.9%    
 176,555   American International Group, Inc.   9,611,654 
 113,085   CHUBB Ltd.   14,165,027 
 1,924,349   RSA Insurance Group Plc - ADR   12,652,595 
         36,429,276 
Materials — 1.2%    
 386,690   Rio Tinto Ltd.   14,563,914 
Real Estate — 1.0%    
 915,010   Wharf Holdings Ltd. - ADR   12,636,288 
Telecommunication Services — 1.7%    
 281,015   China Telecom Corp. Ltd. - ADR   13,958,015 
 485,500   KDDI Corp. - ADR   7,355,325 
         21,313,340 
Utilities — 5.7%     
 200,640   American Water Works Co., Inc.   16,568,851 
 302,905   Edison International   23,438,789 
 407,310   Electric Power Development Co. Ltd.   9,464,713 
 471,260   Enagas SA   14,367,779 

 

1
   
Old Westbury Funds, Inc.  
Large Cap Core Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
Utilities (continued)  
 418,550   Tokyo Gas Co. Ltd. - ADR  $7,106,979 
         70,947,111 
Total Common Stocks
(Cost $1,064,017,367)		   1,180,716,580 
      
Shares        
INVESTMENT COMPANY — 5.8%    
 72,184,600   SEI Daily Income Trust Government II Fund, Class A, 0.01%,(e)   72,184,600 
Total Investment Company
(Cost $72,184,600)		  72,184,600 
TOTAL INVESTMENTS — 100.1%
(Cost $1,136,201,967)(a)		  1,252,901,180 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%  (1,490,011)
NET ASSETS — 100.0% $1,251,411,169 

 

 

 

(a)   Cost for federal income tax purposes is $1,136,625,973 and net unrealized appreciation of investments is as follows:  
           
    Unrealized appreciation $ 176,642,131  
    Unrealized depreciation   (60,366,924 )
    Net unrealized appreciation $ 116,275,207  
           
(b)   Non-income producing security.
(c)   This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $8,461,105 or 0.68% of net assets.
(e)   Rate shown represents current yield at July 31, 2016.

 

ADR-American Depositary Receipt

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Banks   8.7%
Consumer Discretionary   23.2%
Consumer Staples   7.3%
Diversified Financials   5.2%
Energy   4.3%
Health Care   13.4%
Industrials   5.2%
Information Technology   14.5%
Insurance   2.9%
Materials   1.2%
Real Estate   1.0%
Telecommunication Services   1.7%
Utilities   5.7%
Other*   5.7%
    100.0%

 

 

 

*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, 2016
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 94.1%    
BELGIUM — 0.2%     
 387,000   UCB SA  $30,273,788 
BERMUDA — 0.3%    
 99,976   RenaissanceRe Holdings Ltd.   11,749,180 
 689,379   Validus Holdings Ltd.   34,076,004 
         45,825,184 
BRAZIL — 1.5%    
 28,950,000   Ambev SA(e)   167,410,714 
 1,563,900   Ambev SA - ADR   9,039,342 
 1,170,952   Banco Bradesco SA - ADR   10,187,282 
 1,150,600   BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros   6,763,643 
 554,100   Cia Brasileira de Distribuicao - ADR   8,350,287 
 715,368   Cielo SA   8,163,279 
 1,119,693   Itau Unibanco Holding SA - ADR   11,700,792 
         221,615,339 
CANADA — 1.8%    
 1,557,000   Canadian Pacific Railway Ltd.   233,266,779 
 394,979   Peyto Exploration & Development Corp.(e)   11,223,315 
 360,609   Waste Connections, Inc.   26,858,158 
         271,348,252 
CHILE — 0.0%    
 341,100   Banco Santander Chile - ADR   7,016,427 
CHINA — 3.6%     
 289,500   51Job, Inc. - ADR(b)   9,211,890 
 1,515,000   AAC Technologies Holdings, Inc.   14,137,709 
 895,000   Alibaba Group Holding Ltd. - ADR(b)   73,819,600 
 352,700   Baidu, Inc. - ADR(b)   56,290,920 
 15,369,500   China Shenhua Energy Co. Ltd. - H Shares   29,358,629 
 122,362   CNOOC Ltd. - ADR   14,731,161 
 253,800   Ctrip.com International Ltd. - ADR(b)   11,083,446 
 1,854,000   ENN Energy Holdings Ltd.   8,829,823 
 115,100   JD.Com, Inc. -ADR(b)   2,491,915 
 3,404,000   Jiangsu Expressway Co. Ltd. - H Shares   4,808,703 
 1,239,000   Shenzhou International Group Holdings Ltd.   6,531,643 
 28,700,000   Sinopharm Group Co. Ltd. - H Shares(e)   138,905,573 
 6,683,000   Tencent Holdings Ltd.   160,649,038 
 895,717   Tingyi Cayman Islands Holding Corp.   774,678 
 845,222   Want Want China Holdings Ltd.   517,478 
         532,142,206 
Shares      Value 
COLUMBIA — 0.1%    
 208,300   Bancolombia SA - ADR  $7,115,528 
CZECH REPUBLIC — 0.1%    
 210,940   Komercni Banka AS   8,298,043 
DENMARK — 1.3%    
 3,450,000   Novo Nordisk A/S - Class B   196,571,003 
EGYPT — 0.0%     
 666,500   Commercial International Bank Egypt SAE - GDR   2,526,035 
FINLAND — 1.9%    
 1,650,000   Kone Oyj - Class B(e)   83,546,872 
 4,870,000   Sampo Oyj - A Shares(e)   201,834,535 
         285,381,407 
FRANCE — 1.5%    
 1,125,000   L’Oreal SA   214,132,987 
GERMANY — 0.8%    
 1,372,000   Bayerische Motoren Werke AG   118,187,266 
GUERNSEY — 0.1%    
 304,290   Amdocs Ltd.   17,758,364 
HONG KONG — 2.0%    
 3,224,000   AIA Group Ltd.   19,967,158 
 707,709   ASM Pacific Technology Ltd.   5,258,743 
 3,178,570   China Merchants Holdings International Co. Ltd.   9,320,539 
 1,582,781   China Mobile Ltd.   19,513,431 
 238,700   China Mobile Ltd. - ADR   14,820,883 
 13,244,000   China Unicom Hong Kong Ltd.   14,117,328 
 211,861   Hong Kong Exchanges and Clearing Ltd.   5,229,349 
 2,875,718   Jardine Matheson Holdings Ltd.(e)   170,530,077 
 3,844,400   Sands China Ltd.   14,667,230 
 8,173,162   Sino Biopharmaceutical Ltd.   5,456,921 
 2,605,500   Yue Yuen Industrial Holdings Ltd.   10,578,631 
         289,460,290 
HUNGARY — 0.1%    
 481,350   Richter Gedeon   10,172,530 
INDIA — 2.2%    
 2,663,821   Ambuja Cements Ltd.   10,786,914 
 2,329,000   Asian Paints Ltd.   38,737,857 
 1,942,300   Axis Bank Ltd.   15,836,189 
 1,980,200   Bharti Airtel Ltd.(b)   10,702,865 
 1,051,370   Bharti Infratel Ltd.   6,206,042 
 1,732,434   Dabur India Ltd.   7,852,011 
 113,233   Eicher Motors Ltd.   37,968,343 
 4,581,700   Housing Development Finance Corp.   94,014,282 
 762,800   Maruti Suzuki India Ltd.   54,177,760 
 4,573,000   Motherson Sumi Systems Ltd.   22,624,352 
 4,846,000   Titan Co. Ltd.(e)   30,485,995 
         329,392,610 

 

3
   
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
INDONESIA — 0.2%    
 16,775,000   Astra International Tbk PT  $9,893,261 
 13,671,262   Bank Rakyat Indonesia Persero Tbk PT   12,028,957 
         21,922,218 
JAPAN — 5.9%    
 647,800   Adastria Co. Ltd.   20,443,142 
 819,300   Ajinomoto Co, Inc.   21,186,093 
 436,000   Bandai Namco Holdings, Inc.   11,695,320 
 167,500   Daiichikosho Co. Ltd.   7,731,906 
 100,000   Fast Retailing Co. Ltd.   32,763,268 
 444,400   Fujifilm Holdings Corp.   16,241,168 
 1,200,000   Hoshizaki Electric Co. Ltd.(e)   109,962,268 
 1,055,500   Kyowa Hakko Kirin Co. Ltd.   18,651,115 
 121,100   Lawson, Inc.   9,387,965 
 691,900   Megmilk Snow Brand Co. Ltd.   24,140,383 
 522,100   Mitsubishi Tanabe Pharma Corp.   9,844,861 
 1,854,000   Morinaga Milk Industry Co. Ltd.   13,845,720 
 2,166,000   Nichirei Corp.   20,803,450 
 599,238   Nikon Corp.   8,580,259 
 766,600   Nippon Telegraph & Telephone Corp.   36,671,481 
 342,600   Nissin Foods Holdings Co. Ltd.   19,608,801 
 5,830,000   Nomura Research Institute Ltd.(e)   207,979,615 
 489,000   NTT Data Corp.   24,489,538 
 1,400,000   Ono Pharmaceutical Co. Ltd.   50,808,056 
 4,057,000   Osaka Gas Co. Ltd.   16,548,473 
 681,400   Otsuka Holdings Co. Ltd.   32,682,625 
 287,300   Park24 Co. Ltd.   9,826,795 
 211,500   Sawai Pharmaceutical Co. Ltd.   16,934,924 
 250,200   Secom Co. Ltd.   19,025,842 
 201,800   Sohgo Security Services Co. Ltd.   10,086,539 
 2,370,000   Sumitomo Osaka Cement Co. Ltd.   11,427,843 
 484,000   Terumo Corp.   21,037,291 
 1,069,000   Toho Gas Co. Ltd.   9,502,455 
 2,138,000   Toray Industries, Inc.   19,711,046 
 579,100   Toyo Suisan Kaisha Ltd.   25,993,806 
 510,500   Zensho Holdings Co. Ltd.   8,250,252 
         865,862,300 
KENYA — 0.0%    
 1,119,379   East African Breweries Ltd.   3,190,341 
 1,046,300   Safaricom Ltd.   196,568 
         3,386,909 
LUXEMBOURG — 0.1%    
 337,200   Tenaris SA - ADR   9,009,984 
MEXICO — 0.3%    
 94,328   El Puerto de Liverpool SAB de CV   906,756 
 51,200   Fomento Economico Mexicano SAB de CV - ADR   4,582,400 
Shares      Value 
MEXICO (continued)    
 66,100   Grupo Aeroportuario del Sureste SAB de CV - ADR  $10,160,231 
 2,495,100   Grupo Financiero Banorte SAB de CV - Series O   13,666,494 
 509,300   Grupo Televisa SAB - ADR   13,532,101 
         42,847,982 
NETHERLANDS — 3.2%    
 623,000   ASML Holding NV   68,293,260 
 1,100,000   Core Laboratories NV   128,491,000 
 758,969   Nostrum Oil & Gas Plc(b)   3,013,377 
 14,917,704   RELX NV(e)   269,767,860 
         469,565,497 
PERU — 0.1%    
 52,100   CrediCorp Ltd.   8,353,193 
PHILIPPINES — 0.0%    
 1,140,100   Universal Robina Corp.   4,849,842 
POLAND — 0.1%     
 253,386   Bank Pekao SA.   8,020,520 
RUSSIA — 0.2%     
 313,400   Lukoil PJSC - ADR   13,619,737 
 2,352,800   Sberbank of Russia - ADR   20,822,280 
         34,442,017 
SINGAPORE — 0.6%    
 3,224,444   Jardine Cycle & Carriage Ltd.(e)   94,349,920 
SOUTH AFRICA — 0.8%    
 428,631   AngloGold Ashanti Ltd.(b)   9,360,174 
 486,700   Aspen Pharmacare Holdings Ltd.   13,148,131 
 826,380   Discovery Ltd.   7,440,918 
 1,514,848   Gold Fields Ltd.   9,355,636 
 318,859   Massmart Holdings Ltd.   3,330,950 
 401,300   Naspers Ltd. - Class N   63,016,350 
 276,400   Sasol Ltd.   7,342,259 
 558,100   Standard Bank Group Ltd.   5,570,446 
         118,564,864 
SOUTH KOREA — 0.8%    
 12,515   AMOREPACIFIC Corp.   4,334,974 
 242,673   Hankook Tire Co. Ltd.   11,742,067 
 54,958   Hyundai Mobis   12,511,083 
 315,671   Korea Electric Power Corp.   17,275,037 
 952,587   LG Display Co. Ltd.   26,362,717 
 11,100   LG Household & Health Care Ltd.   9,988,662 
 92,684   S-1 Corp.   8,398,363 
 50,200   Samsung Electronics Co. Ltd. - GDR   34,485,472 
         125,098,375 
SWEDEN — 0.9%    
 2,500,000   Atlas Copco AB - A Shares   70,205,680 

 

4
   
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
SWEDEN (continued)  
 7,400,950   Nordea Bank AB  $65,948,631 
         136,154,311 
SWITZERLAND — 2.6%    
 251,985   Allied World Assurance Co. Holdings AG   10,328,865 
 434,100   Coca-Cola HBC AG - CDI   8,968,109 
 2,693,000   Nestle SA   215,895,687 
 608,097   Roche Holding AG   155,286,842 
         390,479,503 
TAIWAN — 0.7%    
 1,160,000   Advantech Co. Ltd.   9,011,684 
 454,150   Airtac International Group(b)   3,400,114 
 310,930   Eclat Textile Co. Ltd.   3,482,050 
 772,330   Hiwin Technologies Corp.   3,786,287 
 1,670,250   Hon Hai Precision Industry Co., Ltd.   4,599,034 
 3,970,000   Kinsus Interconnect Technology Corp.   8,556,088 
 143,000   Largan Precision Co. Ltd.   15,319,989 
 5,834,000   Taiwan Semiconductor Manufacturing Co. Ltd.   31,524,763 
 13,774,000   Uni-President Enterprises Corp.   28,132,218 
         107,812,227 
THAILAND — 0.7%    
 2,786,000   Airports of Thailand Public Co. Ltd.   31,595,464 
 36,923,000   CP ALL Public Co. Ltd.(e)   54,859,755 
 2,811,600   Siam Commercial Bank Public Co. Ltd.   12,794,677 
         99,249,896 
TURKEY — 0.0%    
 603,367   Arcelik AS   4,124,171 
 774,500   Turkiye Garanti Bankasi AS   1,900,311 
         6,024,482 
UNITED ARAB EMIRATES — 0.1%    
 312,200   DP World Ltd.   5,304,278 
 1,627,285   Emaar Properties PJSC   3,048,196 
 339,800   MHP SA - GDR   3,126,160 
         11,478,634 
UNITED KINGDOM — 3.2%    
 3,131,000   ARM Holdings Plc   69,283,136 
 890,768   ASOS Plc(b)   53,108,936 
 278,302   BGEO Group Plc   10,058,801 
 1,388,450   Reckitt Benckiser Group Plc   134,545,186 
 4,637,000   Rolls-Royce Holdings Plc   48,542,459 
 3,000,000   Whitbread Plc(e)   153,216,038 
         468,754,556 
UNITED STATES — 56.1%    
 426,700   Allergan Plc(b)   107,933,765 
 55,000   Alphabet, Inc. - Class A(b)   43,523,700 
Shares      Value 
UNITED STATES (continued)     
 325,000   Alphabet, Inc. - Class C(b)  $249,856,750 
 234,700   Amazon.com, Inc.(b)   178,092,707 
 1,557,381   American Capital Agency Corp., REIT   30,509,094 
 113,875   Amsurg Corp.(b)   8,541,764 
 988,000   Anadarko Petroleum Corp.   53,875,640 
 2,902,584   Annaly Capital Management, Inc., REIT   31,870,372 
 1,524,709   Apple, Inc.   158,889,925 
 2,435,000   Automatic Data Processing, Inc.   216,593,250 
 123,690   AutoZone, Inc.(b)   100,679,949 
 2,528,757   Bank of New York Mellon Corp. (The)   99,633,026 
 1,085,162   Baxter International, Inc.   52,109,479 
 1,033,000   Becton Dickinson and Co.   181,808,000 
 1,477,169   Berkshire Hathaway, Inc. - Class B(b)   213,111,172 
 223,557   Big Lots, Inc.   11,888,761 
 169,000   Biogen Idec, Inc.(b)   48,998,170 
 509,000   BioMarin Pharmaceutical, Inc.(b)   50,604,780 
 2,170,000   Bristol-Myers Squibb Co.   162,337,700 
 107,762   Cardinal Health, Inc.   9,008,903 
 483,000   Cerner Corp.(b)   30,134,370 
 2,110,000   Charles Schwab Corp. (The)   59,966,200 
 234,797   Cheesecake Factory, Inc. (The)    12,146,049 
 74,000   Chipotle Mexican Grill, Inc.(b)   31,375,260 
 392,791   Clorox Co. (The)   51,483,116 
 1,475,000   Cognizant Technology Solutions Corp. - Class A(b)   84,797,750 
 2,244,400   Colgate-Palmolive Co.   167,050,692 
 1,138,454   Comcast Corp. - Class A   76,561,032 
 4,785,450   Corning, Inc.   106,332,699 
 1,190,000   Costco Wholesale Corp.   198,991,800 
 66,854   Cracker Barrel Old Country Store, Inc.   10,523,488 
 862,748   Darden Restaurants, Inc.   53,110,767 
 3,241,886   Discovery Communications, Inc. - Class A(b)   81,338,920 
 532,000   Edwards Lifesciences Corp.(b)   60,924,640 
 305,765   Equity Commonwealth REIT(b)   9,179,065 
 876,000   Facebook, Inc. - Class A(b)   108,571,440 
 275,780   FLIR Systems, Inc.   8,984,912 
 1,426,250   Fluor Corp.   76,332,900 
 246,459   FTI Consulting, Inc.(b)   10,558,304 
 3,667,950   Gap, Inc. (The)   94,596,431 
 1,307,500   Gilead Sciences, Inc.   103,907,025 
 324,102   Hancock Holding Co.   9,395,717 
 8,058,900   Hewlett Packard Enterprise Co.   169,398,078 
 320,000   Illumina, Inc.(b)   53,232,000 
 455,695   Ingersoll-Rand Plc   30,194,351 
 337,219   International Business Machines Corp.   54,164,116 
 153,512   Jack Henry & Associates, Inc.   13,700,946 
 438,205   Johnson & Johnson   54,876,412 
 1,884,298   JPMorgan Chase & Co.   120,538,543 
 434,000   Kansas City Southern   41,711,740 

 

5
   
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 2,519,600   Kraft Heinz Co. (The)  $217,668,244 
 856,000   Las Vegas Sands Corp.   43,356,400 
 125,000   Linkedin Corp.(b)   24,091,250 
 760,024   Lockheed Martin Corp.   192,080,866 
 130,280   Magellan Health, Inc.(b)   8,920,272 
 214,000   Markel Corp.(b)(e)   203,032,500 
 2,316,500   Mastercard, Inc. - Class A   220,623,460 
 3,410,700   Mattel, Inc.   113,849,166 
 429,994   McDonald’s Corp.   50,588,794 
 310,700   McKesson Corp.   60,449,792 
 579,000   Medidata Solutions, Inc.(b)(e)   30,773,850 
 523,600   Medtronic Plc   45,883,068 
 1,174,800   Merck & Co., Inc.   68,913,768 
 566,000   Monsanto Co.   60,431,820 
 74,509   Morningstar, Inc.   6,301,971 
 890,000   NIKE, Inc. - Class B   49,395,000 
 619,742   NiSource, Inc.   15,902,580 
 983,220   Occidental Petroleum Corp.   73,476,031 
 2,786,320   Oracle Corp.   114,350,573 
 84,948   Panera Bread Co. - Class A(b)   18,630,795 
 1,424,752   People’s United Financial, Inc.   21,599,240 
 1,391,500   PepsiCo, Inc.   151,562,180 
 1,487,000   Philip Morris International, Inc.   149,086,620 
 1,283,883   PNC Financial Services Group, Inc. (The)   106,112,930 
 382,200   Praxair, Inc.   44,541,588 
 128,300   Priceline Group, Inc. (The)(b)   173,308,923 
 124,571   Procter & Gamble Co. (The)   10,662,032 
 1,448,000   QUALCOMM, Inc.   90,615,840 
 1,869,526   Quest Diagnostics, Inc.   161,452,265 
 1,292,800   Range Resources Corp.   52,112,768 
 267,473   Raytheon Co.   37,320,508 
 138,000   Regeneron Pharmaceuticals, Inc.(b)   58,666,560 
 771,360   Republic Services, Inc.   39,539,914 
 186,707   Sanderson Farms, Inc.   16,353,666 
 158,739   Sykes Enterprises, Inc.(b)   4,871,700 
 1,513,500   Synchrony Financial(b)   42,196,380 
 3,912,700   Texas Instruments, Inc.   272,910,825 
 679,955   TJX Cos., Inc.   55,565,923 
 376,936   Tyson Foods, Inc. - Class A   27,742,490 
 288,000   Under Armour, Inc. - Class A(b)   11,364,480 
 290,044   Under Armour, Inc. - Class C(b)   10,354,571 
 445,000   UnitedHealth Group, Inc.   63,724,000 
 4,216,000   US Bancorp   177,788,720 
 3,212,789   Verizon Communications, Inc.(b)   178,020,638 
 1,246,000   Visa, Inc. - Class A   97,250,300 
 1,200,000   Wabtec Corp.   82,200,000 
 728,537   Wal-Mart Stores, Inc.   53,161,345 
 1,480,000   Walt Disney Co. (The)   142,006,000 
 799,327   Waste Management, Inc.   52,851,501 
 3,684,000   Wells Fargo & Co.   176,721,480 
 1,810,000   Whole Foods Market, Inc.   55,168,800 
Shares      Value 
UNITED STATES (continued)
 847,000   Workday, Inc. - Class A(b)  $70,588,980 
         8,300,089,037 
Total Common Stocks
(Cost $11,750,787,733)		  13,913,533,526 
MASTER LIMITED PARTNERSHIPS — 0.2%    
UNITED STATES — 0.2%    
 126,330   AmeriGas Partners LP(e)   6,302,604 
 345,012   Spectra Energy Partners LP(e)   16,815,885 
         23,118,489 
Total Master Limited Partnerships
(Cost $22,920,764)		  23,118,489 
PREFERRED STOCKS — 0.1%    
SOUTH KOREA — 0.1%    
 11,100   Samsung Electronics Co. Ltd. - GDR, 6.74%   6,267,687 
Total Preferred Stocks
(Cost $5,313,420)		  6,267,687 
PARTICIPATION NOTES — 0.0%    
UNITED KINGDOM — 0.0%    
 5,012   HSBC Bank Plc (Jarir Marketing), 0.00%, due 1/22/18(f)   141,968 
 140,320   HSBC Bank Plc (Qatar National Bank), 0.00%, due 9/12/16(f)    5,821,638 
Total Participation Notes
(Cost $5,998,491)		  5,963,606 
           
Principal         
Amount         
U.S. GOVERNMENT AGENCIES — 0.8%    
Federal Home Loan Bank — 0.8%    
$17,000,000   0.31%, 08/03/16(c)   16,999,830 
 7,000,000   0.30%, 08/04/16(c)   6,999,860 
 7,000,000   0.31%, 08/12/16(c)   6,999,489 
 30,000,000   0.29%, 08/15/16(c)   29,997,810 
 60,000,000   0.30%, 08/17/16(c)   59,993,580 
Total U.S. Government Agencies
(Cost $120,986,530)		  120,990,569 

 

6
   
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
EXCHANGE TRADED FUNDS — 2.8%    
 3,000,000   iShares MSCI Emerging Markets Index Fund  $108,690,000 
 18,973,000   iShares MSCI Japan Index Fund   228,814,380 
 1,843,000   WisdomTree Japan Hedged Equity Fund   75,065,390 
Total Exchange Traded Funds
(Cost $405,466,637) 		 412,569,770 
INVESTMENT COMPANY — 2.7%    
 400,786,800   Federated Government Obligations Fund, 0.01%,(d)   400,786,800 
Total Investment Company
(Cost $400,786,800)		  400,786,800 
TOTAL INVESTMENTS — 100.7%
(Cost $12,712,260,375)(a)		  14,883,230,447 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%  (99,491,061)
NET ASSETS — 100.0% $14,783,739,386 

 

 

 

(a)   Cost for federal income tax purposes is $12,721,168,007 and net unrealized appreciation of investments is as follows:
     
    Unrealized appreciation $ 2,400,286,113  
    Unrealized depreciation   (238,223,673 )
    Net unrealized appreciation $ 2,162,062,440  
(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, 2016.
(e)   This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $1,147,520,990 or 7.76% of net assets.
(f)   Security exempt from registration under Rule 144A of the
           

Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The 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 $5,963,606 which is less than one percent of net assets.

 

ADR-American Depositary Receipt

CDI-Chess Depositary Interests

GDR-Global Depositary Receipt

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Banks   5.3%
Consumer Discretionary   15.0%
Consumer Staples   14.3%
Diversified Financials   3.8%
Energy   2.8%
Health Care   14.4%
Industrials   9.9%
Information Technology   21.2%
Insurance   3.3%
Materials   1.4%
Real Estate   0.5%
Telecommunication Services   1.9%
Utilities   0.5%
Other*   5.7%
    100.0%

 

 

 

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

 

7
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments July 31, 2016 (Unaudited)
   

 

Shares      Value 
COMMON STOCKS — 89.8%     
AUSTRALIA — 2.0%     
 29,208   Acrux Ltd.  $16,314 
 99,433   Adelaide Brighton Ltd.   446,583 
 69,555   AED Oil Ltd.(b)(c)(d)   0 
 34,185   Ainsworth Game Technology Ltd.   54,296 
 105,636   ALS Ltd.   409,417 
 13,518   Altium Ltd.   75,301 
 620,028   Alumina Ltd.   624,325 
 60,601   Ansell Ltd.   892,058 
 14,818   AP Eagers Ltd.   136,257 
 56,805   APN News & Media Ltd.(d)   176,992 
 4,250   Arb Corp Ltd.   58,620 
 1,547,765   Arrium Ltd.(b)(c)(d)   25,877 
 1,933   Asaleo Care Ltd.   1,998 
 455,767   Asciano Ltd.(b)   3,169,187 
 76,846   ASG Group Ltd.(d)   56,939 
 9,691   AUB Group Ltd.   75,046 
 82,510   Ausdrill Ltd.(d)   62,703 
 173,833   Ausnet Services   233,824 
 39,283   Austal Ltd.   34,630 
 188,262   Australian Agricultural Co. Ltd.(d)   290,431 
 141,784   Australian Pharmaceutical Industries Ltd.   206,877 
 97,516   Automotive Holdings Group Ltd.   319,402 
 4,480   Aveo Group   11,916 
 24,741   AWE Ltd.(d)   16,546 
 114,139   Bank of Queensland Ltd.   915,971 
 451,793   Beach Energy Ltd.   190,553 
 11,095   Bega Cheese Ltd.   52,276 
 132,313   Bendigo & Adelaide Bank Ltd.   1,020,593 
 32,618   Billabong International Ltd.(d)   38,669 
 2,067   Blackmores Ltd.   246,837 
 183,375   BlueScope Steel Ltd.   1,177,554 
 209,780   Boral Ltd.   1,095,228 
 15,029   Breville Group Ltd.   91,484 
 17,433   Brickworks Ltd.   199,120 
 17,980   BT Investment Management Ltd.   122,838 
 53,909   Cabcharge Australia Ltd.   162,233 
 16,047   carsales.com Ltd.   154,997 
 96,536   Cash Converters International Ltd.   32,279 
 9,912   Cedar Woods Properties Ltd.   34,801 
 187,629   Challenger Ltd.   1,354,589 
 3,394,362   Charter Hall Retail REIT   12,407,581 
 456,872   Cleanaway Waste Management Ltd.   296,855 
 108,165   Coca-Cola Amatil Ltd.   757,882 
 11,666   Cochlear Ltd.   1,176,725 
 19,968   Collins Foods Ltd.   63,885 
 91,131   Computershare Ltd.   614,983 
 6,689   Corporate Travel Management Ltd.   79,401 
Shares      Value 
AUSTRALIA (continued)     
 3,473,948   Costa Group Holdings Ltd.(c)  $7,656,058 
 8,836   Credit Corp. Group Ltd.   89,375 
 30,098   CSG Ltd.   35,796 
 302,614   CSR Ltd.   883,088 
 17,343   Decmil Group Ltd.   10,807 
 23,943   Dick Smith Holdings Ltd(b)(c)   0 
 15,520   Domino’s Pizza Enterprises Ltd.   886,938 
 2,862   Doray Minerals Ltd.(d)   2,284 
 258,769   Downer EDI Ltd.   820,035 
 163,204   DUET Group   333,631 
 51,932   DuluxGroup Ltd.   262,052 
 13,853   Elders Ltd.(d)   41,163 
 307,875   Emeco Holdings Ltd.(d)   7,955 
 37,250   Energy Resources of Australia Ltd.(d)   9,625 
 48,647   Energy World Corp. Ltd.(d)   10,351 
 17   EQT Holdings Ltd.   221 
 6,453   ERM Power Ltd.   5,002 
 32,208   Event Hospitality and Entertainment Ltd.   361,027 
 517,354   Evolution Mining Ltd.   1,108,717 
 715,392   Fairfax Media Ltd.   570,844 
 16,777   Finbar Group Ltd.   10,646 
 1,598   Fleetwood Corp. Ltd.(d)   2,550 
 9,044   Flight Centre Travel Group Ltd.   221,241 
 11,536   G.U.D. Holdings Ltd.   88,106 
 12,341   G8 Education Ltd.   36,014 
 13,440   Gbst Holdings Ltd.   41,468 
 50,395   GrainCorp Ltd. - Class A   324,763 
 16,663   Greencross Ltd.   88,894 
 22,206   GWA Group Ltd.   35,607 
 28,670   Hansen Technologies Ltd.   90,419 
 164,992   Harvey Norman Holdings Ltd.   606,865 
 53,299   Healthscope Ltd.   119,893 
 1,000   HFA Holdings Ltd.   1,710 
 28,596   Hills Ltd.(d)   5,324 
 39,987   Iluka Resources Ltd.(b)   213,324 
 12,050   IMF Bentham Ltd.   14,240 
 777,713   Incitec Pivot Ltd.   1,696,232 
 105,134   Independence Group NL   321,183 
 13,742   Independence Group NL - Placement Shares(c)   41,982 
 72,251   Infigen Energy(d)   65,339 
 40,796   Infomedia Ltd.   20,772 
 1,208,649   Invocare Ltd.(c)   13,456,177 
 53,982   IOOF Holdings Ltd.   370,853 
 21,147   Iress Ltd.   181,598 
 21,267   JB Hi-Fi Ltd.   419,237 
 10,888   Karoon Gas Australia Ltd.(d)   10,922 
 35,487   Kingsgate Consolidated Ltd.(b)(c)(d)   11,057 
 39,514   MACA Ltd.   52,550 
 328,362   Macmahon Holdings Ltd.(d)   26,201 
 24,272   Macquarie Atlas Roads Group   107,353 
 16,274   Magellan Financial Group Ltd.   282,471 
 4,308   Mantra Group Ltd.   11,753 


8
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
AUSTRALIA (continued)     
 54,631   Mayne Pharma Group Ltd.(d)  $84,279 
 18,709   McMillan Shakespeare Ltd.   200,472 
 10,438   Melbourne IT Ltd.   13,644 
 17,031   Mesoblast Ltd.(d)   14,496 
 86,417   Metals X Ltd.   107,374 
 96,581   Metcash Ltd.(d)   158,537 
 52,702   Mincor Resources NL(d)   15,820 
 53,989   Mineral Resources Ltd.   402,903 
 732,000   MMG Ltd.(d)   175,490 
 36,171   Monadelphous Group Ltd.   289,449 
 34,487   Mortgage Choice Ltd.   55,037 
 366,646   Myer Holdings Ltd.   371,974 
 1,050   MyState Ltd.   3,216 
 24,976   Navitas Ltd.   112,744 
 4,428   NetComm Wireless Ltd.(d)   9,759 
 128,661   New Hope Corp. Ltd.   156,441 
 127,143   NIB Holdings Ltd.   447,360 
 25,509   Nine Entertainment Co. Holdings Ltd.   21,227 
 150,444   Northern Star Resources Ltd.   602,517 
 33,366   Nufarm Ltd.   209,951 
 170,332   OceanaGold Corp.   615,760 
 120,353   Orica Ltd.   1,294,188 
 6,370   Orocobre Ltd.(d)   20,041 
 130,800   Orora Ltd.   285,281 
 124,310   OZ Minerals Ltd.   603,658 
 23,610   OzForex Group Ltd.   44,677 
 3,507   Pacific Current Group Ltd.   13,139 
 2,417,845   Pact Group Holdings Ltd.   10,455,014 
 94,113   Paladin Energy Ltd.(d)   14,090 
 143,129   Panoramic Resources Ltd.(d)   27,193 
 19,902   Peet Ltd.   14,444 
 5,718   Perpetual Ltd.   197,715 
 101,149   Perseus Mining Ltd.(d)   48,811 
 48,159   Platinum Asset Mangement Ltd.   221,786 
 85,726   PMP Ltd.   38,111 
 11,475   Premier Investments Ltd.   141,445 
 134,354   Primary Health Care Ltd.   417,597 
 54,609   Prime Media Group Ltd.   12,658 
 68,763   Programmed Maintenance Services Ltd.   107,648 
 24,007   Qantas Airways Ltd.   57,651 
 177,021   Qube Holdings Ltd.   343,043 
 31,502   RCG Corp Ltd.   44,768 
 57,338   RCR Tomlinson Ltd.   88,455 
 30,974   Reckon Ltd.   34,249 
 8,332   Reece Ltd.   246,944 
 99,706   Regis Resources Ltd.   305,359 
 570   Reject Shop Ltd. (The)   5,579 
 91,732   Resolute Mining Ltd.(d)   116,070 
 15,224   Retail Food Group Ltd.   66,756 
 101,020   Ridley Corp. Ltd.   111,316 
 4,191   Ruralco Holdings Ltd.   10,573 
 39,802   SAI Global Ltd.   107,681 
 20,536   Sandfire Resources NL   89,424 
 107,210   Santos Ltd.   357,671 
Shares      Value 
AUSTRALIA (continued)     
 222,211   Saracen Mineral Holdings Ltd.(d)  $289,609 
 63,194   Seek Ltd.   802,003 
 11,618   Select Harvests Ltd.   67,189 
 74,750   Senex Energy Ltd.(d)   15,054 
 16,377   Servcorp Ltd.   84,631 
 19,063   Seven Group Holdings Ltd.   99,235 
 380,116   Seven West Media Ltd.   298,979 
 6,985,933   Shopping Centres Australasia Property Group REIT   12,688,380 
 212,165   Sigma Pharmaceuticals Ltd.   208,799 
 9,054   Sirtex Medical Ltd.   216,532 
 14,279   Slater & Gordon Ltd.   4,395 
 12,014   SMS Management & Technology Ltd.   16,891 
 171,101   Southern Cross Media Group Ltd.   163,835 
 112,599   Spark Infrastructure Group   224,192 
 5,672,780   Spotless Group Holdings Ltd.   5,151,666 
 62,936   St Barbara Ltd.(d)   143,963 
 237,816   Star Entertainment Group Ltd.   1,069,909 
 74,283   Steadfast Group Ltd.   119,112 
 46,637   Sunland Group Ltd.   51,213 
 22,520   Super Retail Group Ltd.   167,717 
 191,884   Tabcorp Holdings Ltd.   713,069 
 63,361   Tassal Group Ltd.   198,382 
 341,492   Tatts Group Ltd.   1,071,802 
 42,660   Technology One Ltd.   184,790 
 62,289   Ten Network Holdings Ltd.(d)   54,200 
 111,348   TFS Corp. Ltd.   137,928 
 60,571   Thorn Group Ltd.   61,221 
 4,364   Tiger Resources Ltd.(d)   133 
 70,044   Tox Free Solutions Ltd.   141,059 
 155,842   Treasury Wine Estates Ltd.   1,142,867 
 157,780   Troy Resources Ltd.(d)   62,350 
 33,081   UGL Ltd.(d)   61,843 
 28,287   Village Roadshow Ltd.   115,652 
 492,324   Virgin Australia Holdings Ltd.(d)   89,794 
 521,584   Virgin Australia Holdings Ltd. - CVR Shares(b)(c)(d)   0 
 21,545   Virtus Health Ltd.   126,564 
 100,763   Vocus Communications Ltd.   683,812 
 8,496   Webjet Ltd.   49,392 
 55,634   Western Areas NL   115,422 
 19,953   Whitehaven Coal Ltd.(d)   25,550 
 23,188   Worleyparsons Ltd.   130,048 
 65,654   WPP AUNZ Ltd.   62,866 
         108,878,119 
AUSTRIA — 0.1%     
 1,036   Agrana Beteiligungs AG   115,211 
 401   AMAG Austria Metall AG   14,808 
 16,739   ams AG   555,261 
 10,618   Andritz AG   541,317 


9
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
AUSTRIA (continued)     
 9,271   Austria Technologie & Systemtechnik AG  $109,921 
 6,441   BUWOG AG   156,191 
 661   CA Immobilien Anlagen AG   12,415 
 827   DO & CO AG   65,239 
 3,052   EVN AG   35,657 
 1,397   Lenzing AG   146,408 
 1,068   Mayr Melnhof Karton AG   117,087 
 8,170   Oesterreichische Post AG   285,075 
 101,173   OMV AG   2,688,106 
 1,990   Palfinger AG   59,314 
 5,197   POLYTEC Holding AG   43,101 
 6,198   RHI AG   128,644 
 516   Rosenbauer International AG   29,421 
 5,208   S IMMO AG   50,365 
 1,691   Schoeller-Bleckmann Oilfield Equipment AG   103,678 
 2,386   Semperit AG Holding   77,359 
 19,252   Strabag SE   602,022 
 2,205   UNIQA Insurance Group AG   13,657 
 4,874   Verbund AG   76,288 
 6,198   Vienna Insurance Group AG Wiener Versicherung Gruppe    123,066 
 38,117   Voestalpine AG   1,343,225 
 23,351   Wienerberger AG   360,270 
 1,597   Wolford AG   45,708 
 4,663   Zumtobel Group AG   70,769 
         7,969,583 
BELGIUM — 0.2%     
 10,580   Ackermans & van Haaren NV   1,280,435 
 383   Aedifica SA REIT   30,359 
 38,172   Ageas   1,284,349 
 38,236   AGFA - Gevaert NV(d)   138,162 
 120   Banque Nationale de Belgique   381,016 
 1,108   Barco NV   85,263 
 10,243   Bekaert SA   469,349 
 1,691   Bpost SA   44,286 
 2,364   Cie d’Entreprises CFE   217,780 
 1,352   Cie Immobiliere de Belgique SA(d)   78,857 
 1,148   Cofinimmo SA REIT   143,299 
 15,654   Colruyt SA   873,138 
 18,761   Deceuninck NV   44,278 
 12,200   Deceuninck NV- VVPR Strip(b)(c)(d)   0 
 5,755   D’ieteren SA NV   252,218 
 9,725   Econocom Group SA   127,373 
 2,295   Elia System Operator SA NV   122,300 
 10,018   Euronav NV   86,241 
 5,314   Exmar NV   37,352 
 9,478   Fagron NV(d)   75,977 
 2,849   Galapagos NV(d)   155,151 
 972   Intervest Offices & Warehouses NV REIT   27,651 
 151   Jensen-Group NV   4,389 
Shares      Value 
BELGIUM (continued)     
 2,543   Kinepolis Group NV  $113,638 
 107   Lotus Bakeries   215,328 
 4,521   Melexis NV   296,851 
 19,428   Mobistar SA(d)   470,903 
 8,934   Nyrstar NV(d)   81,444 
 29,109   Proximus SADP   908,466 
 704   RealDolmen   17,320 
 8,109   Recticel SA   42,111 
 118   Resilux   18,852 
 30   Retail Estates NV REIT   2,732 
 3,766   Sioen Industries NV   85,850 
 1,917   Sipef NV   102,949 
 16,221   Solvay SA   1,683,125 
 3,406   Telenet Group Holding NV(d)   161,551 
 7,663   Tessenderlo Chemie NV(d)   260,531 
 21,152   Umicore SA   1,223,550 
 1,138   Van de Velde NV   82,953 
 6,098   Viohalco SA(d)   9,115 
 916   Warehouses De Pauw CVA REIT   94,442 
         11,830,934 
BERMUDA — 0.9%     
 275,000   Argo Group International Holdings Ltd.(c)   14,269,750 
 400,000   Endurance Specialty Holdings Ltd.   27,052,000 
 2,862   Frontline Ltd.   22,388 
 102,290   Hiscox Ltd.   1,434,985 
 52,100   James River Group Holdings Ltd.   1,753,685 
 113,807   Validus Holdings Ltd.   5,625,480 
 197,400   Wilson Sons Ltd. - BDR(c)   2,009,067 
         52,167,355 
BRAZIL — 0.3%     
 2,300   Aliansce Shopping Centers SA   10,250 
 2,400   Alpargatas SA - Preference Shares   8,586 
 9,031   Banco ABC Brasil SA - Preference Shares   39,245 
 439   Banco ABC Brasil SA - Receipt(d)   1,908 
 15,800   Banco Daycoval SA - Preference Shares   43,954 
 18,087   Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares   60,245 
 16,000   Banco Industrial e Comercial SA - Preference Shares(b)(c)(d)   40,908 
 20,647   Banco Pine SA - Preference Shares   27,382 
 16,200   Banco Sofisa SA - Preference Shares   21,134 
 21,905   BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros   128,766 


10
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
BRAZIL (continued)     
 23,909   BR Malls Participacoes SA(d)  $103,824 
 25,718   Braskem SA - Class A, Preference Shares   147,848 
 15,300   Centrais Eletricas Brasileiras SA(d)   82,766 
 13,800   Centrais Eletricas Brasileiras SA - Preference B Shares(d)   95,337 
 3,200   Centrais Eletricas Santa Catarina - Preference Shares   15,100 
 36,400   CETIP SA - Mercados Organizados   488,342 
 15,726   Cia Brasileira de Distribuicao - Preference Shares   237,655 
 1,900   Cia de Gas de Sao Paulo - Class A, Preference Shares   33,044 
 11,500   Cia de Saneamento Basico do Estado de Sao Paulo   108,885 
 4,000   Cia de Saneamento do Parana - Preference Shares   7,242 
 1,857   Cia de Transmissao de Energia Eletrica Paulista - Preference Shares   39,415 
 13,100   Cia Energetica de Minas Gerais - Preference Shares   36,766 
 10,800   Cia Energetica de Sao Paulo - Class B, Preference Shares   46,232 
 2,075   Cia Energetica do Ceara - Class A, Preference Shares   31,352 
 30,206   Cia Hering   172,159 
 5,800   Cia Paranaense de Energia - Class B, Preference Shares   57,653 
 7,300   Cosan SA Industria e Comercio   76,886 
 9,841   CPFL Energia SA   69,198 
 18,088   Cyrela Brazil Realty SA Empreendimentos e Participacoes   62,313 
 400   Cyrela Commercial Properties SA Empreendimentos e Participacoes   1,258 
 64,695   Duratex SA   194,939 
 19,751   EDP - Energias do Brasil SA   87,595 
 216,620   Embraer SA   994,779 
 10,069   Equatorial Energia SA   171,729 
 29,000   Estacio Participacoes SA   159,561 
 44,700   Even Construtora e Incorporadora SA   62,727 
 24,025   Ez Tec Empreendimentos e Participacoes SA   133,299 
 38,678   Fibria Celulose SA   236,310 
 3,000   Fleury SA   28,951 
 11,700   Gerdau SA   19,666 
 115,300   Gerdau SA - Preference Shares   276,302 
 8,500   Grendene SA   44,775 
 15,700   Hypermarcas SA   133,884 
 15,100   Iguatemi Empresa de Shopping Centers SA   142,273 
 5,272   Iochpe-Maxion SA   28,617 
 4,434   JHSF Participacoes SA(d)   2,516 
Shares      Value 
BRAZIL (continued)     
 100   JSL SA  $304 
 34,900   Klabin SA - Units   184,058 
 214,184   Kroton Educacional SA   964,436 
 246,600   Linx SA   1,413,858 
 14,075   Localiza Rent a Car SA   174,114 
 26,460   Lojas Americanas SA   106,904 
 68,760   Lojas Americanas SA - Preference Shares   407,801 
 75,100   Lojas Renner SA   630,697 
 3,300   M Dias Branco SA   119,587 
 249,500   Mahle-Metal Leve SA   2,059,929 
 82,243   Marcopolo SA - Preference Shares(d)   78,124 
 62,584   Marfrig Global Foods SA(d)   110,020 
 4,950   Marisa Lojas SA(d)   12,671 
 9,300   Minerva SA(d)   27,650 
 14,500   MRV Engenharia e Participacoes SA   60,148 
 4,650   Multiplan Empreendimentos Imobiliarios SA   90,622 
 5,300   Multiplus SA   70,484 
 11,500   Natura Cosmeticos SA   120,306 
 24,900   Odontoprev SA   99,910 
 119,600   Ouro Fino Saude Animal Participacoes SA(c)   1,527,091 
 38,355   Porto Seguro SA   336,068 
 4,900   Qualicorp SA   32,265 
 21,309   Raia Drogasil SA   439,074 
 6,200   Rodobens Negocios Imobiliarios SA   13,500 
 1,250   Santos Brasil Participacoes SA - Units   5,420 
 9,400   Sao Martinho SA   153,449 
 10,100   SLC Agricola SA   46,538 
 121,173   Sul America SA - Units   649,515 
 61,653   Suzano Papel e Celulose SA - Class A, Preference Shares   188,245 
 31,700   Tim Participacoes SA   82,027 
 11,821   Totvs SA   120,675 
 4,500   Transmissora Alianca de Energia Eletrica SA - Units   35,890 
 66,116   Usinas Siderurgicas de Minas Gerais SA - Class A, Preference shares(d)   75,447 
 8,958   Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA   80,507 
 2,499   Via Varejo SA   5,187 
         15,536,097 
CAMBODIA — 0.0%     
 416,000   NagaCorp Ltd.   284,182 
CANADA — 2.4%     
 8,517   5N Plus, Inc.(d)   13,046 
 2,275   Absolute Software Corp.   13,922 
 908   Acadian Timber Corp.   12,553 


11
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CANADA (continued)     
 83,136   Advantage Oil & Gas Ltd.(d)  $525,948 
 27,538   Aecon Group, Inc.   366,780 
 1,900   AG Growth International, Inc.   60,799 
 30,884   AGF Management Ltd. - Class B   120,635 
 3,110   AGT Food & Ingredients, Inc.   75,437 
 14,900   Aimia, Inc.   98,029 
 2,500   Air Canada(d)   17,214 
 800   AirBoss of America Corp.   8,682 
 1,100   Akita Drilling Ltd. - Class A   6,744 
 40,968   Alamos Gold, Inc. - Class A   382,491 
 7,634   Alaris Royalty Corp.   135,940 
 2,681   Algoma Central Corp.   22,875 
 44,100   Algonquin Power & Utilities Corp.   412,408 
 30,358   AltaGas Ltd.   773,337 
 4,000   Altus Group Ltd.   72,301 
 11,915   Amaya, Inc.(d)   184,431 
 7,300   Atco Ltd. - Class I   275,137 
 21,880   Athabasca Oil Corp.(d)   20,612 
 12,100   ATS Automation Tooling Systems, Inc.(d)   92,396 
 2,554   AutoCanada, Inc.   41,567 
 5,900   Avigilon Corp.(d)   59,965 
 267,386   B2Gold Corp.(d)   837,597 
 4,279   Badger Daylighting Ltd.   67,250 
 46,920   Bankers Petroleum Ltd.(d)   72,591 
 36,000   Banro Corp.(d)   14,338 
 44,670   Baytex Energy Corp.   209,725 
 839   Baytex Energy Corp.   3,927 
 37,600   Bellatrix Exploration Ltd.(d)   32,254 
 67,000   Birchcliff Energy Ltd.(d)   484,418 
 6,842   Bird Construction, Inc.   70,587 
 9,550   Black Diamond Group Ltd.   37,084 
 176,217   BlackBerry Ltd.(d)   1,336,153 
 91,800   BlackPearl Resources, Inc.(d)   71,013 
 1,600   Boardwalk Real Estate Investment Trust, REIT   68,735 
 18,500   Bombardier, Inc. - Class A(d)   33,298 
 104,646   Bombardier, Inc. - Class B(d)   157,091 
 27,185   Bonavista Energy Corp.   73,290 
 11,285   Bonterra Energy Corp.   213,919 
 8,200   Boralex, Inc. - Class A   125,294 
 3,200   BRP, Inc.(d)   51,959 
 1,583,604   CAE, Inc.   21,128,466 
 16,500   Calfrac Well Services Ltd.   37,533 
 3,825   Callidus Capital Corp.   48,367 
 111,812   Cameco Corp.   1,068,750 
 25,425   Canaccord Genuity Group, Inc.   92,108 
 46,850   Canacol Energy Ltd.(d)   142,454 
 6,800   Canadian Apartment Properties REIT   170,046 
 45,555   Canadian Energy Services & Technology Corp.   122,815 
 3,400   Canadian Real Estate Investment Trust   130,334 
 54,100   Canadian Western Bank   1,044,998 
Shares      Value 
CANADA (continued)     
 12,732   Canam Group, Inc. - Class A  $102,488 
 26,643   Canfor Corp.(d)   316,292 
 13,488   Canfor Pulp Products, Inc.   107,747 
 8,000   CanWel Building Materials Group Ltd.   37,805 
 44,088   Canyon Services Group, Inc.   163,433 
 6,900   Capital Power Corp.   110,979 
 72,367   Capstone Mining Corp.(d)   47,666 
 43,552   Cascades, Inc.   326,227 
 1,000   CCL Industries, Inc. - Class B   178,991 
 31,157   Celestica, Inc.(d)   345,062 
 88,526   Centerra Gold, Inc.   522,077 
 2,955   Cervus Equipment Corp.   25,575 
 4,700   Chartwell Retirement Residences - Units   57,092 
 28,569   Chinook Energy, Inc.(d)   11,159 
 9,300   CI Financial Corp.   190,110 
 7,377   Cineplex, Inc.   287,475 
 3,297   Clearwater Seafoods, Inc. - Units   36,666 
 6,800   Cogeco Communications Inc.   334,675 
 3,464   Cogeco, Inc.   139,526 
 9,700   Colliers International Group, Inc.   400,437 
 6,500   Cominar Real Estate Investment Trust   89,013 
 15,425   Computer Modelling Group Ltd.   117,077 
 1,912   Corby Spirit and Wine Ltd.   30,020 
 28,574   Corus Entertainment, Inc. - Class B   282,315 
 50,217   Cott Corp.   748,457 
 63,146   Crew Energy, Inc.(d)   267,451 
 94,658   Delphi Energy Corp.(d)   68,874 
 10,500   Denison Mines Corp.(d)   5,629 
 6,900   Descartes Systems Group, Inc. (The)(d)   139,147 
 35,700   Detour Gold Corp.(d)   933,480 
 19,768   DH Corp.   488,276 
 1,071   DHX Media Ltd. - Variable Voting   5,758 
 1,759   DirectCash Payments, Inc.   18,026 
 38,640   Dominion Diamond Corp.   354,838 
 11,696   Dominion Diamond Corp.   107,486 
 11,361   Dorel Industries, Inc. - Class B   327,608 
 2,900   Dream Office Real Estate Investment Trust   42,024 
 34,225   Dundee Precious Metals, Inc.(d)   103,017 
 683   E-L Financial Corp. Ltd.   347,869 
 183,999   Eldorado Gold Corp.   753,950 
 32,269   Empire Co. Ltd. - Class A   514,070 
 25,585   Enbridge Income Fund Holdings, Inc.   636,857 
 8,100   Endeavour Silver Corp.(d)   39,208 
 18,173   EnerCare, Inc.   244,831 
 43,875   Enerflex Ltd.   383,757 


12
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CANADA (continued)     
 4,736   Energy Fuels, Inc.(d)  $10,519 
 2,342   Enghouse Systems Ltd.   95,732 
 36,417   Ensign Energy Services, Inc.   201,100 
 7,766   Entertainment One Ltd.   20,278 
 14,642   Epsilon Energy Ltd.(d)   35,830 
 3,442   Equitable Group, Inc.   143,016 
 20,491   Essential Energy Services Trust(d)   11,300 
 1,900   Evertz Technologies Ltd.   25,728 
 889   Exactearth Ltd(d)   919 
 3,224   Exchange Income Corp.   83,190 
 5,600   Exco Technologies Ltd.   54,042 
 38   EXFO, Inc.(d)   128 
 10,800   Extendicare, Inc.   67,911 
 3,100   Fiera Capital Corp.   30,249 
 76,082   Finning International, Inc.   1,233,022 
 7,834   First Capital Realty Inc.   139,142 
 26,208   First Majestic Silver Corp.(d)   454,447 
 144,796   First Quantum Minerals Ltd.   1,252,056 
 9,700   FirstService Corp. - Voting Shares   478,072 
 35,000   Fortuna Silver Mines, Inc.(d)   305,059 
 1,088   Gamehost, Inc.   8,241 
 23,321   Genworth MI Canada, Inc.   622,834 
 36,082   Gibson Energy, Inc.   411,766 
 5,865   Gluskin Sheff + Associates, Inc.   79,778 
 2,537   GMP Capital, Inc.   10,396 
 61,130   Golden Star Resources Ltd.(d)   48,224 
 72,974   Gran Tierra Energy, Inc.(d)   202,325 
 18,096   Granite Oil Corp.   99,236 
 10,752   Great Canadian Gaming Corp.(d)   153,335 
 8,500   H&R Real Estate Investment Trust   151,361 
 8,874   Heroux-Devtek, Inc.(d)   103,580 
 3,040   High Liner Foods, Inc.   46,613 
 2,065   HNZ Group, Inc.   21,193 
 21,000   Home Capital Group, Inc.   446,812 
 26,227   Horizon North Logistics, Inc.   37,764 
 53,764   HudBay Minerals, Inc.   268,069 
 43,300   Hudson’s Bay Co.   544,214 
 80,964   IAMGOLD Corp.(d)   417,951 
 9,300   IMAX Corp.(d)   293,787 
 18,778   Imperial Metals Corp.(d)   110,598 
 29,200   Industrial Alliance Insurance and Financial Services, Inc.   950,484 
 19,579   Innergex Renewable Energy, Inc.   234,531 
 11,529   Interfor Corp.(d)   127,595 
 15,926   Intertape Polymer Group, Inc.   257,007 
 18,416   Jean Coutu Group PJC, Inc. (The) Class A   266,723 
 10,100   Just Energy Group, Inc.   62,736 
 1,300   K-Bro Linen, Inc.   44,059 
 20,366   Keyera Corp.   584,627 
Shares      Value 
CANADA (continued)     
 1,953   Kingsway Financial Services, Inc.(d)  $10,740 
 150,145   Kinross Gold Corp.(d)   776,225 
 36,600   Kirkland Lake Gold, Inc.(d)   312,557 
 16,100   Klondex Mines Ltd.(d)   75,959 
 14,535   Laurentian Bank of Canada   538,919 
 8,626   Leon’s Furniture Ltd.   102,403 
 17,910   Linamar Corp.   710,968 
 6,511   Liquor Stores N.A. Ltd.   46,178 
 70,300   Lucara Dianmond Corp.(d)   216,987 
 47,595   Lundin Mining Corp.(d)   199,034 
 7,862   MacDonald Dettwiler & Associates Ltd.   515,683 
 7,130   Magellan Aerospace Corp.   95,511 
 500   Mainstreet Equity Corp.(d)   13,116 
 24,900   Major Drilling Group International, Inc.   142,079 
 152,729   Mandalay Resources Corp.   132,182 
 10,028   Manitoba Telecom Services, Inc.   296,236 
 19,300   Maple Leaf Foods, Inc.   439,318 
 38,298   Martinrea International, Inc.   255,486 
 6,800   Medical Facilities Corp.   112,496 
 44,700   MEG Energy Corp.(d)   189,324 
 3,348   Melcor Developments Ltd.   36,925 
 8,058   Merus Labs International, Inc.(d)   10,739 
 13,200   Methanex Corp.(e)   369,863 
 3,903   Methanex Corp.(e)   109,469 
 11,507   Mitel Networks Corp.(d)   84,255 
 10,302   Morneau Shepell, Inc.   146,759 
 2,186   MTY Food Group, Inc.   68,343 
 35,100   Mullen Group Ltd.   422,066 
 127,236   Nevsun Resources Ltd.   420,985 
 7,829   New Flyer Industries, Inc.   248,544 
 200,658   New Gold, Inc.(d)   1,041,980 
 20,348   Newalta Corp.   37,715 
 4,802   Norbord, Inc.   121,002 
 498   North American Energy Partners, Inc.   1,282 
 10,846   North West Co. Inc., (The)   253,363 
 16,129   Northland Power, Inc.   303,025 
 329,711   Northview Apartment Real Estate Investment Trust   5,702,044 
 65,000   NuVista Energy Ltd.(d)   315,130 
 9,240   Osisko Gold Royalties Ltd.   122,714 
 1,900   Ovivo, Inc.(d)   5,792 
 9,400   Painted Pony Petroleum Ltd.(d)    62,132 
 26,536   Pan American Silver Corp.   517,855 
 12,837   Pan American Silver Corp.   250,322 
 4,839   Paramount Resources Ltd. - Class A(d)   45,586 
 54,424   Parex Resources, Inc.(d)   527,713 
 18,488   Parkland Fuel Corp.   328,087 
 14,000   Pason Systems, Inc.   187,539 
 114,622   Pengrowth Energy Corp.   171,189 


13
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CANADA (continued)     
 65,445   Penn West Petroleum Ltd.  $82,705 
 131,919   Peyto Exploration & Development Corp.(c)   3,748,474 
 5,653   Pizza Pizza Royalty Corp.   65,291 
 2,100   Points International Ltd.(d)   19,462 
 126,430   Precision Drilling Corp.   539,360 
 6,936   Premium Brands Holdings Corp.   299,242 
 26,929   Primero Mining Corp.(d)   61,256 
 9,335   Pulse Seismic, Inc.   17,016 
 6,200   Pure Industrial Real Estate Trust REIT   25,927 
 26,700   Quebecor, Inc. - Class B   822,482 
 14,785   Questerre Energy Corp. - Class A(d)   2,208 
 7,600   Raging River Exploration Inc.(d)   60,246 
 10,943   RB Energy, Inc.(c)(d)   11 
 13,400   Redknee Solutions, Inc.(d)   16,934 
 10,717   Reitmans (Canada) Ltd. - Class A   36,116 
 13,200   Richelieu Hardware Ltd.   275,394 
 20,367   Richmont Mines, Inc.(d)   226,655 
 400,000   Ritchie Bros Auctioneers, Inc.(e)   13,280,000 
 238,556   Ritchie Bros. Auctioneers, Inc.(e)   7,911,366 
 59,932   RMP Energy, Inc.(d)   52,328 
 2,900   Rocky Mountain Dealerships, Inc.   15,970 
 26,754   Rogers Sugar, Inc.   127,249 
 15,500   Russel Metals, Inc.   280,167 
 33,588   Sandstorm Gold Ltd.(d)   190,623 
 125,000   Sandvine Corp.   312,105 
 2,551   Sears Canada, Inc.(d)   6,837 
 33,553   Secure Energy Services, Inc.   201,732 
 118,801   SEMAFO, Inc.(d)   639,659 
 11,917   Seven Generations Energy Ltd. - Class A(d)   250,087 
 11,300   ShawCor Ltd.   257,737 
 76,500   Sherritt International Corp.   50,389 
 2,282   Sienna Senior Living, Inc.   30,569 
 12,100   Sierra Wireless, Inc.(d)   215,004 
 48,544   Silver Standard Resources, Inc.(d)   677,419 
 3,400   Smart Real Estate Investment Trust   100,283 
 31,428   Spartan Energy Corp.(d)   78,952 
 19,231   Sprott, Inc.   36,381 
 4,087   Stantec, Inc.   104,055 
 3,200   Stantec, Inc.   81,443 
 7,060   Stella-Jones, Inc.   251,708 
 500   Strad Energy Services Ltd.   597 
 18,500   Street Capital Group, Inc.(d)   20,262 
 2,100   Stuart Olson, Inc.   10,519 
 22,548   Student Transportation, Inc.   118,642 
 19,026   SunOpta, Inc.(d)   106,959 
Shares      Value 
CANADA (continued)     
 21,000   Superior Plus Corp.  $183,518 
 42,709   Surge Energy, Inc.   75,889 
 21,013   Taseko Mines Ltd.(d)   11,588 
 68,695   Teck Resources Ltd. - Class B   1,094,890 
 29,951   Tembec, Inc.(d)   23,628 
 175,990   Teranga Gold Corp.(d)   148,270 
 42,529   Teranga Gold Corp. - CDI(d)   35,390 
 8,624   TMX Group Ltd.   384,749 
 26,912   TORC Oil & Gas Ltd.   145,520 
 20,645   Toromont Industries Ltd.   619,832 
 10,300   Torstar Corp. - Class B   11,912 
 21,650   Total Energy Services, Inc.   212,247 
 64,386   Tourmaline Oil Corp.(d)   1,649,532 
 13,378   Transalta Corp.   63,947 
 10,100   TransAlta Corp.   48,193 
 305,417   Transalta Renewables, Inc.   3,295,926 
 30,590   Transcontinental, Inc. - Class A   440,698 
 21,164   TransForce, Inc.   414,802 
 13,500   TransGlobe Energy Corp.   21,920 
 5,600   Trilogy Energy Corp.(d)   24,147 
 34,472   Trinidad Drilling Ltd.   60,989 
 6,497   Uni-Select, Inc.   158,488 
 3,080   Valener, Inc.   53,219 
 32,400   Veresen, Inc.   274,208 
 9,795   Vermilion Energy, Inc.   326,369 
 1,936   Vermilion Energy, Inc.   64,501 
 8,202   Wajax Corp.   88,638 
 89,702   Waste Connections, Inc.   6,683,452 
 393   Waste Connections, Inc.   29,242 
 20,400   Wesdome Gold Mines Ltd.(d)   30,311 
 15,700   West Fraser Timber Co. Ltd.   539,426 
 14,897   Western Energy Services Corp.   35,940 
 130,438   Western Forest Products, Inc.   213,792 
 6,800   Westjet Airlines Ltd.   119,787 
 10,013   Westshore Terminals Investment Corp.   145,864 
 7,900   Whistler Blackcomb Holdings, Inc.   151,629 
 129,244   Whitecap Resources, Inc.   959,196 
 91,300   Wi-Lan, Inc.   166,426 
 4,348   Winpak Ltd.   148,358 
 265,521   WSP Global, Inc.   7,959,631 
 416   Xtreme Drilling & Coil Services Corp.(d)   768 
 399,266   Yamana Gold, Inc.   2,284,316 
 19,314   Yellow Pages Ltd.(d)   279,137 
 6,007   ZCL Composites, Inc.   41,315 
         132,300,982 
CHILE — 0.0%     
 79,358   AES Gener SA   38,197 
 208,255   Aguas Andinas SA - Class A   125,672 
 487   Banco de Credito e Inversiones   21,975 
 109,821   Banmedica SA   215,566 
 2,962   Cia Cervecerias Unidas SA   33,803 
 54,166   Colbún SA   13,312 


14
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CHILE (continued)     
 45,839   E.Cl SA  $85,222 
 9,007   Embotelladora Andina SA - Class B, Preference Shares   35,635 
 43,620   Empresa Nacional de Telecomunicaciones SA(d)   429,763 
 11,402   Forus SA   40,921 
 11,230   Gas Natural Chile SA   59,988 
 11,230   Gasco SA   28,819 
 282,124   Inversiones Aguas Metropolitanas SA   483,487 
 28,820,129   Itau CorpBanca   250,935 
 31,424   LATAM Airlines Group SA - BDR(d)   274,039 
 43,624   Multiexport Foods SA(d)   10,329 
 36,535   Parque Arauco SA   80,922 
 22,204   PAZ Corp. SA   13,024 
 154,380   Sigdo Koppers SA   207,051 
 1,023   Sociedad Matriz SAAM SA   81 
 34,456   Sonda SA   63,159 
 29,577   Vina Concha y Toro SA   50,394 
         2,562,294 
CHINA — 1.2%     
 621,500   AAC Technologies Holdings, Inc.   5,799,727 
 597,250   Agile Property Holdings Ltd.   341,796 
 58,000   Aluminum Corp. of China Ltd. - H Shares(d)   18,689 
 182,000   Angang Steel Co. Ltd. - H Shares(d)   88,908 
 2,000   Anhui Expressway Co. Ltd. - H Shares   1,549 
 104,000   ANTA Sports Products Ltd.   231,635 
 174,000   Anton Oilfield Services Group(d)   16,372 
 415,500   Asia Cement China Holdings Corp.   84,081 
 96,000   Aupu Group Holding Co. Ltd.   31,677 
 140,000   AVIC International Holdings Ltd.   82,105 
 280,000   AviChina Industry & Technology Co. - H Shares   204,991 
 14,000   Bank of Chongqing Co. Ltd. - H Shares   10,502 
 5,951   Baoxin Auto Group Ltd.(b)(c)(d)   4,265 
 104,000   Baoye Group Co. Ltd. - H Shares   75,335 
 490,000   BBMG Corp. - H Shares   179,367 
 614,000   Beijing Capital International Airport Co. Ltd. - H Shares   708,303 
 434,000   Beijing Capital Land Ltd. - H Shares   165,581 
 184,000   Beijing North Star Co. Ltd. - H Shares   56,445 
 943,000   Belle International Holdings Ltd.   623,529 
Shares      Value 
CHINA (continued)     
 1,452,500   Bloomage BioTechnology Corp. Ltd.  $2,400,115 
 3,621,000   Boer Power Holdings Ltd.   1,437,497 
 452,000   BYD Electronic International Co. Ltd.(d)   343,731 
 358,656   Central China Real Estate Ltd.   69,804 
 23,000   Central China Securities Co. Ltd.   9,664 
 32,000   Changshouhua Food Co. Ltd.   13,982 
 118,000   Chaowei Power Holdings Ltd.   76,199 
 908,000   Chigo Holding Ltd.(d)   9,831 
 70,000   China Animal Healthcare Ltd.(b)(c)(d)   8,797 
 715,000   China Aoyuan Property Group Ltd.   151,139 
 64,000   China BlueChemical Ltd. - H Shares   12,786 
 562,000   China Communications Services Corp. Ltd. - H Shares   304,962 
 37,500   China Conch Venture Holdings Ltd.   71,729 
 121,000   China Datang Corp. Renewable Power Co. Ltd. - H Shares(d)    12,477 
 65,000   China Dredging Environment Protection Holdings Ltd.(d)   6,284 
 5,675,900   China Everbright Water Ltd.   2,540,121 
 61,000   China Evergrande Group   38,447 
 589,500   China Galaxy Securities Co. Ltd. - H Shares   509,840 
 36,800   China Gold International Resources Corp. Ltd.(d)   69,617 
 23,308   China Great Star International Ltd.(d)   40,263 
 259,000   China Hongqiao Group Ltd.   172,925 
 140,000   China Huishan Dairy Holdings Co. Ltd.   55,037 
 151,500   China Huiyuan Juice Group Ltd.(d)   52,333 
 37,700   China International Marine Containers Group Co. Ltd. - H Shares   43,442 
 32,000   China ITS Holdings Co. Ltd.(d)   2,846 
 466,000   China Lesso Group Holdings. Ltd.   263,681 
 66,000   China Lilang Ltd.   42,535 
 111,000   China Longyuan Power Group Corp. - H Shares   88,990 
 156,000   China Machinery Engineering Corp. - H Shares   97,520 
 135,000   China Medical System Holdings Ltd.   198,366 
 183,000   China Mengniu Dairy Co. Ltd.   305,692 
 16,000   China Modern Dairy Holdings Ltd.   2,104 
 638,084   China National Building Material Co. Ltd. - H Shares   292,790 
 544,000   China National Materials Co. Ltd. - H Shares   133,223 


15
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CHINA (continued)     
 196,000   China Oilfield Services Ltd.  $152,841 
 648,400   China SCE Property Holdings Ltd.   137,061 
 309,488   China Shanshui Cement Group Ltd.(b)(c)(d)   108,391 
 49,000   China Shineway Pharmaceutical Group Ltd.   51,726 
 961,093   China Shipping Container Lines Co. Ltd. - H Shares(d)  200,682 
 600,000   China Shipping Development Co. Ltd., H Shares   339,503 
 388,000   China Southern Airlines Co. Ltd. - H Shares   256,053 
 85,000   China Suntien Green Energy Corp. Ltd. - H Shares   9,751 
 164,000   China Taifeng Beddings Holdings Ltd.(b)(c)(d)   4,281 
 101,500   China ZhengTong Auto Services Holdings Ltd.   41,341 
 330,000   China Zhongwang Holdings Ltd.   147,170 
 144,000   Chinasoft International Ltd.(d)   58,094 
 270,000   Chongqing Machinery & Electric Co. Ltd. - H Shares   29,581 
 706,000   Chongqing Rural Commercial Bank Co. Ltd. - H Shares   370,362 
 58,000   Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.(d)   8,747 
 671,600   Coolpad Group Ltd.(d)   117,727 
 1,024,443   Country Garden Holdings Co. Ltd.   417,256 
 4,949,000   CPMC Holdings Ltd.(c)   2,168,823 
 250,000   CSPC Pharmaceutical Group Ltd.   216,217 
 9,994,000   CT Environmental Group Ltd.   3,040,039 
 104,000   Da Ming International Holdings, Ltd.(d)   31,501 
 713,000   Dalian Port PDA Co. Ltd. - H Shares   149,798 
 192,000   Daphne International Holdings Ltd.(d)   24,747 
 54,000   Datang International Power Generation Co. Ltd. - H Shares   13,990 
 37,200   Dongfang Electric Corp. Ltd. - H Shares   29,440 
 459,000   Dongyue Group Ltd.(b)(c)   81,052 
 2,366,000   Dynagreen Environmental Protection Group Co. Ltd.   1,119,202 
 44,000   ENN Energy Holdings Ltd.   209,554 
 774,000   Fantasia Holdings Group Co. Ltd.   106,746 
 651,000   FIH Mobile Ltd.   221,520 
 4,259,000   Fu Shou Yuan International Group Ltd.   2,854,558 
 497,600   Fufeng Group Ltd.   171,887 
Shares      Value 
CHINA (continued)     
 2,020,000   Geely Automobile Holdings Ltd.  $1,327,851 
 86,000   Golden Eagle Retail Group Ltd.   96,548 
 1,180,600   GOME Electrical Appliances Holdings Ltd.   143,040 
 144,000   Goodbaby International Holdings Ltd.   65,333 
 201,000   Greatview Aseptic Packaging Co. Ltd.   104,148 
 41,000   Greenland Hong Kong Holdings Ltd.(d)   12,260 
 225,500   Greentown China Holdings Ltd.(d)   163,347 
 238,000   Guangshen Railway Co. Ltd. - H Shares   116,570 
 18,000   Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares   44,592 
 288,800   Guangzhou R&F Properties Co. Ltd. - H Shares   437,012 
 756,000   Haitian International Holdings Ltd.   1,266,756 
 152,000   Harbin Electric Co. Ltd. - H Shares   69,942 
 11,000   HNA Infrastructure Company Ltd.   11,810 
 82,000   HOSA International Ltd.   27,797 
 82,000   Huadian Fuxin Energy Corp. Ltd.   19,025 
 74,000   Huadian Power International Corp. Ltd. - H Shares   35,005 
 1,622,000   Huaneng Renewables Corp. Ltd. - H Shares   518,478 
 113,000   Huishang Bank Corp. Ltd. - H Shares   53,307 
 102,000   Intime Retail Group Co. Ltd.   80,328 
 156,000   Jiangnan Group Ltd.   27,346 
 50,000   Jiangsu Expressway Co. Ltd. - H Shares   70,633 
 236,000   Jiangxi Copper Co. Ltd. - H Shares   270,422 
 1,235,000   Kaisa Group Holdings Ltd.(b)(c)(d)   46,561 
 164,000   Kingdee International Software Group Co. Ltd.(d)   51,789 
 465,000   KWG Property Holding Ltd.   287,688 
 106,000   Lenovo Group Ltd.   68,586 
 91,000   Lianhua Supermarket Holdings Co. Ltd. - H Shares(d)   36,478 
 128,000   Lifetech Scientific Corp.(d)   23,757 
 7,800   Livzon Pharmaceutical Group, Inc.   38,656 
 74,000   Logan Property Holdings Co. Ltd.   28,233 
 528,500   Longfor Properties Co. Ltd.   722,069 
 652,000   Lonking Holdings Ltd.   96,644 
 130,000   Maanshan Iron & Steel Co. Ltd. - H Shares(d)   28,988 


16
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CHINA (continued)     
 512,000   Maoye International Holdings Ltd.  $49,495 
 6,471,000   Microport Scientific Corp.(c)(d)    3,503,068 
 132,000   Minth Group Ltd.   427,047 
 80,000   NVC Lighting Holdings Ltd.   8,558 
 54,000   O-Net Technologies Group Ltd.(d)   20,533 
 49,800   Pacific Online Ltd.   12,902 
 197,000   Powerlong Real Estate Holdings Ltd.   44,436 
 261,000   Qunxing Paper Holdings Co. Ltd.(b)(c)(d)   12,716 
 67,000   Real Gold Mining Ltd.(b)(c)(d)   2,271 
 3,828,145   Renhe Commercial Holdings Co. Ltd.(d)   97,204 
 214,000   Sany Heavy Equipment International Holdings Co. Ltd.(d)   34,479 
 10,766,806   Semiconductor Manufacturing International Corp.(d)   874,290 
 70,000   Shandong Chenming Paper Holdings Ltd. - H Shares   58,646 
 28,000   Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares   15,627 
 18,500   Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares   45,353 
 229,235   Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares   75,049 
 123,700   Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares   293,370 
 32,000   Shenzhen Expressway Co. Ltd. - H Shares   30,151 
 66,000   Shenzhou International Group Holdings Ltd.   347,933 
 706,381   Shui On Land Ltd.   190,289 
 64,000   Sichuan Expressway Co. Ltd. - H Shares   21,943 
 360,000   Sihuan Pharmaceutical Holdings Group Ltd.   81,202 
 52,900   Sino Grandness Food Industry Group Ltd.   23,082 
 1,436,062   Sino-Ocean Land Holdings Ltd.   607,120 
 119,000   Sinopec Engineering Group Co. Ltd.   103,686 
 224,000   Sinopec Shanghai Petrochemical Co. Ltd. - H Shares   109,136 
 2,112,000   Sinosoft Technology Group Ltd.   1,159,662 
 405,000   Sinotrans Ltd. - H Shares   185,315 
 334,000   Sinotruk Hong Kong Ltd.   148,953 
 364,000   SOHO China Ltd.   167,962 
 6,000   Springland International Holdings Ltd.   742 
 352,000   Sunac China Holdings Ltd.   220,953 
 2,217,000   Sunny Optical Technology Group Co. Ltd.   8,829,823 
Shares      Value 
CHINA (continued)     
 76,000   TCL Communication Technology Holdings Ltd.  $68,375 
 36,000   Tian Shan Development Holdings Ltd.   13,503 
 340,000   Tiangong International Co. Ltd.   25,418 
 164,000   Tianneng Power International Ltd.   112,668 
 186,000   Tingyi Cayman Islands Holding Corp.   160,866 
 1,816,000   Tong Ren Tang Technologies Co. Ltd. - H Shares   2,865,003 
 22,800   Tonly Electronics Holdings Ltd.   10,374 
 912,500   Travelsky Technology Ltd. - H Shares   1,747,751 
 210,000   Trigiant Group Ltd.   33,834 
 201,000   Trony Solar Holdings Co. Ltd.(b)(c)(d)   3,057 
 20,000   Tsingtao Brewery Co. Ltd. - H Shares   70,504 
 63,400   Uni-President China Holdings Ltd.   48,622 
 124,000   Universal Health International Group Holding Ltd.   6,633 
 439,200   V1 Group Ltd.   22,361 
 119,000   Weichai Power Co. Ltd. - H Shares   142,645 
 177,000   Weiqiao Textile Co. - H Shares   140,990 
 496,000   Welling Holding Ltd.   92,700 
 1,066,000   West China Cement Ltd.(d)   100,302 
 582,000   Wuzhou International Holdings Ltd.(d)   58,512 
 626,000   Xiamen International Port Co. Ltd. - H Shares   119,416 
 74,000   Xingda International Holdings Ltd.   19,076 
 138,000   Xingye Copper International Group Ltd.(d)   15,831 
 62,200   Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares   84,340 
 217,000   Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(d)  23,495 
 212,000   Xinyi Solar Holdings Ltd.   81,156 
 283,000   Xiwang Special Steel Co. Ltd.(d)   24,075 
 149,000   XTEP International Holdings Ltd.   76,628 
 52,000   Yanzhou Coal Mining Co. Ltd. - H Shares   31,971 
 5,632,500   Yestar International Holdings Co. Ltd.   2,461,097 
 49,500   Youyuan International Holdings Ltd.   13,973 
 370,000   Yuanda China Holdings Ltd.(d)    10,969 
 531,760   Yuzhou Properties Co. Ltd.   157,642 
 159,000   Zall Development Group Ltd.(d)   82,181 


17
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
CHINA (continued)     
 97,500   Zhaojin Mining Industry Co. Ltd. - H Shares  $111,847 
 96,000   Zhejiang Expressway Co. Ltd. - H Shares   99,113 
 40,000   Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)   0 
 166,000   Zhong An Real Estate Ltd.(d)   14,977 
 23,000   Zhongsheng Group Holdings Ltd.   14,170 
 24,000   Zhuzhou CRRC Times Electric Co. Ltd.   132,398 
 43,000   Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares   14,576 
         65,000,311 
CURACAO — 0.0%     
 71,060   Mouwasat Medical Services Co.(d)   2,472,624 
DENMARK — 0.6%     
 13,506   ALK-Abello A/S   1,930,429 
 26,508   Alm Brand A/S   179,680 
 8,231   Amagerbanken A/S(b)(c)(d)   0 
 1,801   Ambu A/S - B Shares   76,603 
 1,663   Bang & Olufsen A/S(d)   18,246 
 2,210   Bavarian Nordic A/S(d)   84,201 
 1,079   Brodrene Hartmann A/S   46,867 
 308,793   Chr. Hansen Holding A/S   19,427,336 
 5,133   D/S Norden A/S(d)   76,838 
 10,570   Dfds A/S   483,101 
 23,297   DSV A/S   1,037,126 
 9,621   FLSmidth & Co. A/S   386,804 
 3,180   Genmab A/S(d)   576,396 
 66,435   GN Store Nord A/S   1,255,101 
 8,562   H. Lundbeck A/S(d)   348,088 
 1,804   H+H International A/S - Class B(d)   19,522 
 825   Harboes Bryggeri A/S - Class B   17,979 
 2,037   IC Group A/S   51,281 
 49,515   ISS A/S   1,909,589 
 17,993   Jyske Bank A/S   748,272 
 2,046   Matas A/S   36,132 
 6,510   NKT Holding A/S   335,893 
 1,470   Nordjyske Bank A/S   20,326 
 10,150   Per Aarsleff A/S   237,978 
 1,300   Ringkjoebing Landbobank A/S   269,630 
 1,648   Rockwool International A/S - Class B   312,086 
 9,265   Royal Unibrew A/S   426,102 
 7,654   Santa Fe Group A/S(d)   69,597 
 7,068   Schouw & Co.   410,044 
 8,811   SimCorp A/S   456,074 
 1,324   Solar A/S - Class B   67,657 
 21,891   Spar Nord Bank A/S   180,957 
 19,282   Sydbank A/S   517,873 
 219,403   TDC A/S   1,154,796 
Shares      Value 
DENMARK (continued)     
 21,852   TK Development A/S(d)  $24,796 
 16,542   Topdanmark A/S(d)   410,470 
 18,025   Tryg A/S   336,197 
 16,000   William Demant Holding A/S(d)   326,563 
         34,266,630 
FAEROE ISLANDS — 0.0%     
 7,482   Bakkafrost   291,134 
 486   BankNordik   9,021 
         300,155 
FINLAND — 0.3%     
 3,779   Ahlstrom Oyj   33,800 
 872   Aktia Bank Oyj   8,491 
 10,210   Amer Sports Oyj   289,709 
 1,322   Atria Oyj   13,228 
 1,691   Bittium Oyj   10,871 
 4,574   Cargotec Oyj - Class B   205,011 
 26,892   Caverion Corp.   177,386 
 32,219   Citycon Oyj   80,543 
 2,317   Comptel Oyj   6,087 
 11,144   Cramo Oyj   263,011 
 29,832   Elisa Oyj   1,081,950 
 16,218   Finnair Oyj(d)   85,038 
 7,981   Fiskars Oyj Abp   161,770 
 8,344   F-Secure Oyj   26,960 
 7,348   HKScan Oyj - A Shares   26,042 
 26,968   Huhtamaki Oyj   1,184,608 
 17,769   Kemira Oyj   233,622 
 9,291   Kesko OYJ - B Shares   414,041 
 2,280   Kesko Oyj - Class A   93,780 
 12,022   Konecranes Oyj   362,091 
 5,128   Lassila & Tikanoja Oyj   102,566 
 74   Lemminkainen Oyj   1,175 
 75,818   Metsa Board Oyj   442,897 
 28,994   Metso Oyj   804,227 
 51,836   Neste Oyj   1,962,866 
 19,173   Nokian Renkaat Oyj   712,302 
 2,393   Olvi Oyj - Class A   69,721 
 27,474   Oriola-KD Oyj - Class B   129,008 
 6,792   Orion Oyj - Class A   275,264 
 21,898   Orion Oyj - Class B   896,779 
 14,520   Outokumpu Oyj(d)   83,521 
 5,425   Outotec Oyj(d)   26,238 
 7,716   PKC Group Oyj   142,769 
 420   Ponsse Oyj   12,443 
 1,919   Poyry Oyj(d)   7,363 
 38,176   Raisio Oyj - V Shares   175,846 
 26,439   Ramirent Oyj   224,057 
 30,903   Sanoma Oyj   247,894 
 6,761   Stockmann Oyj Abp - Class B(d)   45,164 
 293,089   Stora Enso Oyj - Class R   2,660,722 
 163,338   Talvivaara Mining Co. Plc(b)(c)(d)   1,041 


18
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
FINLAND (continued)     
 4,690   Technopolis Oyj  $20,187 
 11,475   Tieto Oyj   330,221 
 8,844   Tikkurila Oyj   170,166 
 150,989   UPM-Kymmene Oyj   3,111,104 
 15,354   Uponor Oyj   285,297 
 3,684   Vaisala Oyj - Class A   133,488 
 14,981   Valmet Oyj   195,626 
 15,103   Wartsila Oyj Abp   655,485 
 32,499   YIT Oyj   220,729 
         18,904,205 
FRANCE — 1.6%     
 24,178   Accor SA   1,011,640 
 6,551   Actia Group   42,480 
 17,052   Air France-KLM(d)   98,943 
 1,984   Akka Technologies SA   67,985 
 9,783   Albioma SA   168,546 
 6,803   Alstom SA(d)   167,442 
 161   Altarea SCA REIT   31,545 
 7,814   Alten SA   541,813 
 25,305   Altran Technologies SA   367,219 
 21,645   APRIL SA(c)   273,935 
 35,335   Arkema SA   3,016,976 
 3,516   Assystem   96,661 
 41,553   Atos SE   4,072,840 
 560   Axway Software SA   15,339 
 4,971   Beneteau SA   49,852 
 3,251   BioMerieux   449,423 
 79,755   Boiron SA(c)   7,391,905 
 8,998   Bonduelle SCA   232,482 
 3,998   Bourbon SA   47,290 
 33,357   Bureau Veritas SA   724,609 
 158   Burelle SA   147,636 
 28,030   Casino Guichard Perrachon SA   1,518,311 
 2,041   Cegedim SA(d)   59,648 
 2,386   Cegid Group SA   163,388 
 561   CGG SA(d)   13,416 
 7,413   Chargeurs SA   95,641 
 3,649   Cie des Alpes   72,413 
 58,242   Derichebourg SA   189,354 
 1,675   Devoteam SA   84,513 
 15,013   Edenred   340,476 
 25,413   Eiffage SA   1,952,748 
 446   Electricite de Strasbourg SA   44,781 
 1,053   Elior Participations SCA   22,985 
 601   Elis SA   10,852 
 290   Eramet(d)   10,184 
 779   Esso SA Francaise(d)   33,801 
 34,332   Etablissements Maurel et Prom(d)   109,393 
 4,816   Euler Hermes Group   398,385 
 89,937   Eutelsat Communications SA   1,787,780 
 1,226   Exel Industries SA - Class A   103,417 
 1,633   Faiveley Transport SA   168,914 
 16,236   Faurecia   640,582 
 18   Fimalac   1,985 
Shares      Value 
FRANCE (continued)     
 23,775   Futuren SA(d)  $18,606 
 23,885   Gaztransport Et Technigaz SA   682,944 
 1,825   Gecina SA REIT   276,061 
 4,424   GL Events   83,638 
 1,240   Groupe Crit   83,166 
 66,814   Groupe Eurotunnel SE   694,247 
 4,051   Groupe Fnac SA(d)   249,505 
 1,572   Guerbet   105,925 
 2,937   Haulotte Group SA   45,707 
 8,897   Havas SA   74,960 
 418   HiPay Group SA(d)   5,468 
 1,746   ICADE REIT   134,573 
 71   ID Logistics Group(d)   10,034 
 10,951   Imerys SA   776,714 
 67,882   Ingenico Group SA   7,439,737 
 1,475   Interparfums SA   38,736 
 5,550   Ipsen SA   362,058 
 9,410   IPSOS   310,037 
 4,256   Jacquet Metal Service   65,426 
 7,047   JCDecaux SA   241,203 
 300,268   Korian SA   10,633,344 
 31,581   Lagardere SCA   806,605 
 936   Laurent-Perrier   74,288 
 1,830   Le Noble Age   62,913 
 3,616   Lectra   59,913 
 1,180   Linedata Services   53,245 
 245,816   LISI(c)   6,678,214 
 438   Maisons France Confort SA   21,571 
 3,615   Manitou BF SA   58,805 
 4,121   Mersen   67,773 
 8,373   Metropole Television SA   152,351 
 5,327   MGI Coutier   123,281 
 1,975   Mr Bricolage   28,131 
 1,247   Naturex(d)   104,561 
 1,285   Neopost SA   35,686 
 8,744   Nexans SA(d)   441,233 
 6,068   Nexity SA   322,582 
 511   NRJ Group(d)   5,387 
 5,485   Oeneo SA   50,836 
 4,198   Onxeo SA(d)(e)   14,549 
 3,092   Onxeo SA(d)(e)   10,781 
 7,744   Orpea   684,402 
 1,064   Parrot SA(d)   16,547 
 1,734   Pierre & Vacances SA(d)   82,294 
 11,853   Plastic Omnium SA   376,018 
 506   Plastivaloire   58,834 
 577   PSB Industries SA   28,706 
 7,180   Rallye SA   124,744 
 79,155   Rexel SA   1,176,551 
 523   Rothschild & Co.   13,039 
 152,799   Rubis SCA   12,332,226 
 6,138   Sartorius Stedim Biotech   435,620 
 2,288   Savencia SA   148,875 
 50,206   SCOR SE   1,466,973 
 6,771   SEB SA   901,589 
 14,950   Sequana SA(d)   29,250 


19
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
FRANCE (continued)     
 2,944   Societe BIC SA  $435,124 
 320   Societe Internationale de Plantations d’Heveas SA(d)   11,591 
 11,804   Societe Television Francaise 1   114,114 
 2,910   Sodexo SA   340,793 
 2,401   Solocal Group(d)   9,124 
 517   Somfy SA   195,136 
 2,996   Sopra Steria Group   351,702 
 12,209   Ste Industrielle d’Aviation Latecoere SA(d)   44,771 
 1,615   Stef SA   126,391 
 25,453   Suez Environnement Co.   413,047 
 1,087   Sword Group   28,984 
 4,320   Synergie SA   143,445 
 3,730   Tarkett SA   120,142 
 48,862   Technicolor SA   307,337 
 33,609   Technip SA   1,875,934 
 16,728   Teleperformance SA   1,555,819 
 318   Tessi SA   47,747 
 4,720   Thales SA   430,022 
 260   Thermador Groupe   24,036 
 1,951   Trigano SA   115,561 
 53,410   UBISOFT Entertainment(d)   2,192,948 
 1,621   Valneva SE(d)   4,259 
 602   Vetoquinol SA   26,652 
 2,449   Vicat SA   146,209 
 3,159   Vilmorin & Cie SA   209,293 
 596   Virbac SA(d)   117,408 
 449   Vranken - Pommery Monopole SA   10,893 
 961   XPO Logistics SA(d)   221,327 
 27,650   Zodiac Aerospace   622,894 
         86,462,693 
GERMANY — 1.9%     
 15,926   Aareal Bank AG   522,765 
 5,630   Adidas AG   923,699 
 2,898   Adler Modemaerkte AG   25,045 
 23,898   ADVA Optical Networking SE(d)   214,012 
 20,551   Aixtron SE(d)   128,988 
 4,617   Allgeier SE   84,267 
 6,126   Alstria Office REIT AG   85,269 
 752   Amadeus Fire AG   57,347 
 9,471   Aurubis AG   491,948 
 10,084   Axel Springer SE   552,537 
 310   Basler AG   17,163 
 3,784   Bauer AG   52,247 
 7,518   BayWa AG   237,866 
 2,465   Bechtle AG   284,958 
 3,350   Beiersdorf AG   314,569 
 1,027   Bertrandt AG   112,259 
 884   Bijou Brigitte AG   56,967 
 13,521   Bilfinger SE(d)   411,548 
 2,505   Biotest AG   46,350 
 2,694   Biotest AG - Preference Shares   41,067 
Shares      Value 
GERMANY (continued)     
 20,442   Borussia Dortmund GmbH & Co. KGaA  $90,206 
 25,055   Brenntag AG   1,243,996 
 2,756   CANCOM SE   142,368 
 6,532   Carl Zeiss Meditec AG   243,914 
 2,761   CENIT AG   61,659 
 4,110   CENTROTEC Sustainable AG   64,790 
 4,860   Cewe Stiftung & Co. KGaA   384,203 
 7,896   Comdirect Bank AG   81,851 
 4,097   CompuGroup Medical SE   176,898 
 5,206   Constantin Medien AG(d)   14,766 
 9,051   CTS Eventim AG & Co KGaA   315,007 
 1,776   Deag Deutsche Entertainment AG(d)   5,480 
 154,753   Deutsche Lufthansa AG   1,839,146 
 42,768   Deutsche Wohnen AG   1,600,602 
 30,691   Deutz AG   141,300 
 1,078   Dic Asset AG   10,502 
 14,195   DMG Mori AG   677,573 
 2,100   Dr Hoenle AG   58,167 
 1,053   Draegerwerk AG & Co. KGaA   60,064 
 1,025   Draegerwerk AG & Co. KGaA - Preference Shares   67,852 
 6,958   Drillisch AG   276,352 
 86,603   Duerr AG   7,467,929 
 1,537   Eckert & Ziegler AG   36,430 
 6,212   Elmos Semiconductor AG   77,437 
 265,802   ElringKlinger AG   4,848,297 
 908   Euromicron AG(d)   8,569 
 148,069   Fielmann AG   11,442,260 
 1,910   First Sensor AG(d)   23,575 
 19,763   Fraport AG Frankfurt Airport Services Worldwide   1,080,452 
 25,028   Freenet AG   698,557 
 7,844   Fuchs Petrolub SE   301,632 
 7,977   Fuchs Petrolub SE - Preference Shares   336,622 
 32,984   GEA Group AG   1,760,290 
 10,704   Gerresheimer AG   918,717 
 7,477   Gerry Weber International AG   91,075 
 2,114   Gesco AG   164,970 
 7,743   GFK SE   296,839 
 2,873   GFT Technologies SE   65,782 
 5,876   Grammer AG   282,484 
 1,925   Grenkeleasing AG   376,628 
 1,190   H&R AG(d)   19,956 
 3,687   Hamborner AG REIT   43,632 
 5,599   Hamburger Hafen und Logistik AG   89,483 
 103,433   Heidelberger Druckmaschinen AG(d)   297,423 
 3,483   Hochtief AG   456,573 
 648   Hornbach Baumarkt AG   18,401 
 7,761   HUGO BOSS AG   460,306 
 9,402   Indus Holding AG   465,922 
 32,910   Infineon Technologies AG   544,545 


20
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
GERMANY (continued)     
 502   Init Innovation In Traffic Systems AG  $8,705 
 1,165   Isra Vision AG   104,980 
 11,957   Jenoptik AG   204,798 
 9,534   Jungheinrich AG   290,726 
 75,757   K+S AG   1,582,559 
 20,994   KION Group AG   1,150,803 
 19,662   Kloeckner & Co. SE(d)   263,567 
 1,774   Koenig & Bauer AG(d)   98,146 
 5,079   Kontron AG(d)   14,940 
 2,229   Krones AG   222,863 
 210   KSB AG   88,043 
 6,615   KUKA AG   803,902 
 425   KWS Saat SE   135,608 
 52,769   Lanxess AG   2,492,582 
 3,588   Leg Immobilien AG   360,184 
 798   Leifheit AG   51,657 
 6,072   Leoni AG   224,734 
 2,628   LPKF Laser & Electronics AG(d)   20,332 
 1,101   Manz AG(d)   38,282 
 69,610   Metro AG   2,239,785 
 17,521   MLP AG   67,776 
 166,808   MTU Aero Engines AG   17,045,392 
 1,808   MVV Energie AG   40,023 
 5,477   Nemetschek SE   344,498 
 2,244   Nexus AG   42,474 
 132,194   NORMA Group SE   6,870,186 
 1,895   OHB SE   39,279 
 21,082   OSRAM Licht AG   1,095,760 
 10,870   Patrizia Immobilien AG(d)   274,408 
 1,780   Pfeiffer Vacuum Technology AG   184,040 
 17,767   PNE Wind AG   42,151 
 386   Progress-Werk Oberkirch AG   15,100 
 484   Puma SE   120,614 
 29,897   QSC AG   49,302 
 870   R Stahl AG   30,644 
 12,768   Rational AG   6,176,660 
 19,717   Rheinmetall AG   1,380,377 
 93,544   RHOEN-KLINIKUM AG   2,755,754 
 4,296   RIB Software AG   48,030 
 227,787   RWE AG(d)   4,050,480 
 16,332   SAF-Holland SA   197,109 
 9,704   Salzgitter AG   302,691 
 7,736   Sartorius AG - Preference Shares   618,223 
 1,579   Schaltbau Holding AG   75,521 
 7,152   Sixt SE   382,927 
 3,115   Sixt SE - Preference Shares   128,107 
 977   Softing AG   11,305 
 16,990   Software AG   685,147 
 38,005   Stada Arzneimittel AG   2,051,195 
 450   Sto Se & CO KGAA   53,933 
 629   STRATEC Biomedical AG   36,075 
 7,241   Stroeer SE & Co. KGaA   344,139 
 22,636   Suedzucker AG   566,121 
Shares      Value 
GERMANY (continued)     
 4,961   Suess MicroTec AG(d)  $33,351 
 1,278   Surteco SE   28,969 
 16,341   Symrise AG   1,151,698 
 7,410   TAG Immobilien AG   105,461 
 13,088   Takkt AG   314,232 
 29,565   Talanx AG   889,644 
 423   Technotrans AG   8,446 
 5,850   Tlg Immobilien AG   131,003 
 4,463   Tom Tailor Holding AG(d)   17,708 
 4,964   Tomorrow Focus AG(d)   12,764 
 5,098   United Internet AG   225,362 
 5,547   VERBIO Vereinigte BioEnergie AG   31,386 
 5,157   Vib Vermoegen AG   107,989 
 4,362   Villeroy & Boch AG   66,519 
 29,540   Vonovia SE   1,170,768 
 1,455   Vossloh AG(d)   89,875 
 8,065   VTG AG   227,221 
 9,072   Wacker Chemie AG   844,975 
 8,248   Wacker Neuson SE   147,310 
 1,136   Washtec AG   46,344 
 9,510   Wincor Nixdorf AG(d)   525,764 
 2,940   Wirecard AG   136,704 
 633   XING AG   126,359 
         107,854,842 
GIBRALTAR — 0.0%     
 23,380   888 Holdings Plc   69,698 
GREECE — 0.0%     
 25,456   Aegean Airlines SA(c)   202,635 
 96   Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)   0 
 2,153   Athens Water Supply & Sewage Co. SA (The)   13,792 
 32,394   Ellaktor SA(d)   48,530 
 10,168   Frigoglass SAIC(d)   1,705 
 14,537   GEK Terna Holding Real Estate Construction SA(d)   31,530 
 5,827   Hellenic Exchanges - Athens Stock Exchange SA   27,296 
 42,339   Intralot SA-Integrated Lottery Systems & Services(d)   42,554 
 7,101   JUMBO SA(d)   83,915 
 1,715   Lamda Development SA(d)   8,667 
 132,453   Marfin Investment Group Holdings SA(d)   17,622 
 3,653   Metka SA   29,895 
 3,640   Motor Oil (Hellas) Corinth Refineries SA   42,527 
 26,955   Mytilineos Holdings SA   117,530 
 22,848   Proton Bank SA(b)(c)(d)   0 
 3,988   Sarantis SA   39,414 
 12,534   T Bank SA(b)(c)(d)   0 
 6,226   Terna Energy SA   18,515 


21
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
GREECE (continued)     
 647   Thessaloniki Port Authority SA  $14,756 
 31,091   TT Hellenic Postbank SA(b)(c)(d)   0 
         740,883 
GUERNSEY — 0.0%     
 5,739   Raven Russia Ltd.(d)   2,886 
HONG KONG — 1.2%     
 375,000   Agritrade Resources Ltd.   70,569 
 440,000   Alibaba Pictures Group Ltd.(d)   94,143 
 22,000   Allied Group Ltd.   113,425 
 1,415,693   Allied Properties HK Ltd.   288,306 
 138,000   AMVIG Holdings Ltd.   48,737 
 520,000   Anxin-China Holdings Ltd.(b)(c)(d)   4,839 
 182,250   APT Satellite Holdings Ltd.   125,440 
 144,000   Asia Financial Holdings Ltd.   75,356 
 34,500   Asia Satellite Telecommunications Holdings Ltd.   49,626 
 364,100   ASM Pacific Technology Ltd.   2,705,502 
 74,000   Associated International Hotels Ltd.   206,976 
 275,000   Auto Italia Holdings Ltd.(d)   5,600 
 52,000   Beijing Enterprises Holdings Ltd.   292,895 
 432,000   Beijing Enterprises Water Group Ltd.   262,260 
 504,000   Bel Global Resources Holdings Ltd.(b)(c)(d)   0 
 70,400   Bonjour Holdings Ltd.   3,131 
 426,000   Bosideng International Holdings Ltd.   35,690 
 218,000   Bossini International Holdings Ltd.   15,173 
 25,000   Bracell Ltd.   5,381 
 92,000   Bright Smart Securities & Commodities Group Ltd.   26,088 
 393,000   Brightoil Petroleum Holdings Ltd.   115,493 
 160,000   Brilliance China Automotive Holdings Ltd.   177,562 
 56,897   Brilliant Circle Holdings International Ltd.   9,534 
 1,644,354   Brockman Mining Ltd.(d)   25,645 
 608,000   Burwill Holdings Ltd.(d)   17,241 
 496,791   C C Land Holdings Ltd.   128,706 
 44,000   Cafe de Coral Holdings Ltd.   148,020 
 92,000   Carrianna Group Holdings Co. Ltd.   8,775 
 554,800   Century City International Holdings Ltd.   35,397 
 1,604,275   Champion Technology Holdings Ltd.(d)   21,919 
 128,813   Cheuk Nang Holdings Ltd.   97,792 
 85,873   Chevalier International Holdings Ltd.   138,355 
Shares      Value 
HONG KONG (continued)     
 14,020   Chia Tai Enterprises International Ltd.(d)  $3,885 
 398,000   China Aerospace International Holdings Ltd.   50,273 
 207,137   China Agri-Industries Holdings Ltd.(d)   72,086 
 136,000   China All Access Holdings Ltd.   42,772 
 1,196,000   China Billion Resources Ltd.(d)    6,629 
 2,520,000   China Daye Non-Ferrous Metals Mining Ltd.(d)   37,678 
 1,478,000   China Energy Development Holdings Ltd.(d)   18,860 
 950,000   China Ever Grand Financial Leasing Group Co. Ltd.(d)  13,102 
 56,000   China Everbright International Ltd.   60,487 
 525,600   China Fiber Optic Network System Group Ltd.(d)   43,357 
 62,000   China Foods Ltd.   23,574 
 224,000   China Gas Holdings Ltd.   353,970 
 130,000   China Glass Holdings Ltd.(d)   17,259 
 6,603,000   China High Precision Automation Group Ltd.(b)(c)(d)  194,684 
 1,967,000   China High Speed Transmission Equipment Group Co. Ltd.   1,521,190 
 1,816,000   China Jinmao Holdings Group Ltd.   505,589 
 12,236,000   China Lumena New Materials Corp.(b)(c)(d)   0 
 5,669   China Merchants Holdings International Co. Ltd.   16,623 
 216,000   China Metal International Holdings, Inc.   66,818 
 193,200   China Metal Recycling Holdings Ltd.(b)(c)(d)   0 
 492,557   China New Town Development Co. Ltd.(d)   17,141 
 1,110,000   China Oil and Gas Group Ltd.(d)   82,981 
 24,500   China Overseas Grand Oceans Group Ltd.(d)   7,010 
 136,000   China Power International Development Ltd.   55,393 
 22,000   China Power New Energy Development Co. Ltd.   13,129 
 251,000   China Properties Group Ltd.(d)    54,675 
 101,327   China Resources Beer Holdings Co. Ltd.   196,166 
 286,440   China Resources Cement Holdings Ltd.   104,114 
 70,800   China Resources Gas Group Ltd.   207,607 
 44,000   China Resources Power Holdings Co. Ltd.   70,097 
 4,812,920   China Singyes Solar Technologies Holdings Ltd.   1,929,287 
 1,104,000   China South City Holdings Ltd.   226,253 


22
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
HONG KONG (continued)     
 249,440   China State Construction International Holdings Ltd.  $333,727 
 385,400   China Taiping Insurance Holdings Co. Ltd.(d)   755,063 
 220,000   China Ting Group Holdings Ltd.(d)   10,208 
 226,000   China Travel International Investment Hong Kong Ltd.   64,085 
 50,000   China Water Affairs Group Ltd.   30,612 
 27,000   Chinese Estates Holdings Ltd.   73,082 
 119,000   Chow Sang Sang Holdings International Ltd.   232,834 
 110,000   Chu Kong Shipping Enterprises Group Co. Ltd.   29,491 
 237,500   Chuang’s Consortium International Ltd.   45,306 
 90,000   CIMC Enric Holdings Ltd.   35,729 
 647,000   CITIC Resources Holdings Ltd.(d)   69,217 
 649,000   CITIC Telecom International Holdings Ltd.   244,262 
 320,000   Citychamp Watch & Jewellery Group Ltd.(d)   66,818 
 1,052,000   CK Life Sciences International Holdings, Inc.   96,272 
 47,000   Clear Media Ltd.   43,193 
 142,000   CNT Group Ltd.   8,511 
 177,000   Coastal Greenland Ltd.(d)   4,289 
 203,643   Comba Telecom Systems Holdings Ltd.   32,810 
 520,000   Concord New Energy Group Ltd.   32,172 
 511,420   COSCO Pacific Ltd.   527,346 
 1,402,000   CP Pokphand Co. Ltd.   162,637 
 1,449,335   CSI Properties Ltd.   55,109 
 84,924   Dah Sing Banking Group Ltd.   158,937 
 60,678   Dah Sing Financial Holdings Ltd.   406,689 
 101,000   Dan Form Holdings Co. Ltd.   25,255 
 80,000   Dawnrays Pharmaceutical Holdings Ltd.   52,382 
 244,000   DBA Telecommunication Asia Holdings Ltd.(b)(c)(d)   2,063 
 188,000   Digital China Holdings Ltd.   146,118 
 108,000   Dynasty Fine Wines Group Ltd.(b)(c)(d)   3,759 
 92,000   Eagle Nice International Holdings Ltd.   22,412 
 45,440   EcoGreen International Group Ltd.   8,668 
 168,234   EganaGoldpfeil Holdings Ltd.(b)(c)(d)   0 
 325,000   Emperor Entertainment Hotel Ltd.   74,983 
 386,416   Emperor International Holdings Ltd.   88,157 
 130,000   Emperor Watch & Jewellery Ltd.(d)   3,820 
Shares      Value 
HONG KONG (continued)     
 347,000   Esprit Holdings Ltd.(d)  $278,194 
 220,000   EVA Precision Industrial Holdings Ltd.   18,999 
 9,500   Fairwood Holdings Ltd.   44,571 
 560,287   Far East Consortium International Ltd.   194,263 
 200,000   Far East Horizon Ltd.   157,249 
 1,198,000   First Pacific Co. Ltd.   929,568 
 168,000   First Shanghai Investments Ltd.   26,201 
 276,000   Fountain SET Holdings Ltd.   32,373 
 114,000   Future Bright Holdings Ltd.   12,490 
 522,000   GCL New Energy Holdings Ltd.(d)   22,876 
 2,375,000   GCL-Poly Energy Holdings Ltd.   324,487 
 116,000   Genting Hong Kong Ltd.   34,239 
 60,150   Get Nice Financial Group Ltd(d)   8,296 
 2,406,000   Get Nice Holdings Ltd.   82,181 
 266,000   Giordano International Ltd.   139,542 
 2,382,000   Global Brands Group Holding Ltd.(d)   208,775 
 1,325,000   Glorious Property Holdings Ltd.(d)   122,963 
 105,000   Glorious Sun Enterprises Ltd.   12,857 
 220,000   Gold Peak Industries Holdings Ltd.   21,551 
 180,000   Goldbond Group Holdings Ltd.   6,380 
 94,000   Golden Resources Development International Ltd.   5,210 
 118,000   Goldlion Holdings Ltd.   46,084 
 16,000   Good Friend International Holdings, Inc.   3,753 
 105,484   Great Eagle Holdings Ltd.   476,543 
 12,162,000   G-Resources Group Ltd.   213,192 
 174,000   Guangdong Investment Ltd.   266,885 
 78,666   Guangdong Land Holdings Ltd.(d)   21,496 
 64,000   Guangnan Holdings Ltd.   7,177 
 14,000   Guoco Group Ltd.   159,247 
 155,600   Guotai Junan International Holdings Ltd.   52,145 
 83,000   Haier Electronics Group Co. Ltd.   139,075 
 406,246   Haitong International Securities Group Ltd.   245,055 
 303,000   Hang Lung Group Ltd.   980,267 
 133,267   Hanison Construction Holdings Ltd.   21,471 
 114,000   Harbour Centre Development Ltd.   200,129 
 245,400   Hengdeli Holdings Ltd.(d)   25,620 
 5,337,065   HKBN Ltd.   6,370,028 
 1,211,035   HKC Holdings Ltd.(d)   22,946 
 90,000   Hon Kwok Land Investment Co. Ltd.   35,729 
 6,000   Hong Kong Aircraft Engineering Co. Ltd.   39,093 


23
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
HONG KONG (continued)     
 271,151   Hongkong & Shanghai Hotels Ltd. (The)  $290,080 
 551,700   Hongkong Chinese Ltd.   104,532 
 12,650   Hopewell Highway Infrastructure Ltd.   6,473 
 135,500   Hopewell Holdings Ltd.   449,722 
 150,000   Hopson Development Holdings Ltd.   136,884 
 522,000   Hsin Chong Construction Group Ltd.   46,425 
 220,000   Hua Han Health Industry Holdings Ltd.   20,417 
 439,000   Huabao International Holdings Ltd.(d)   157,303 
 133,631   Hung Hing Printing Group Ltd.   15,502 
 651,000   Hutchison Telecommunications Hong Kong Holdings Ltd.   238,302 
 44,000   Hysan Development Co. Ltd.   202,464 
 335,000   I-CABLE Communications Ltd.(d)   36,270 
 775,500   International Standard Resources Holdings Ltd.(d)   11,095 
 175,000   IPE Group Ltd.   37,894 
 28,266   IRC Ltd.(d)   605 
 398,000   IT Ltd.   121,579 
 95,905   ITC Properties Group Ltd.   38,320 
 65,000   Jinhui Holdings Co. Ltd.(d)   7,708 
 141,125   Johnson Electric Holdings Ltd.   354,704 
 434,000   Ju Teng International Holdings Ltd.   138,170 
 84,000   Kader Holdings Co. Ltd.   7,254 
 1,940,000   Kai Yuan Holdings Ltd.(d)   10,752 
 8,000   Keck Seng Investments   6,084 
 113,500   Kerry Logistics Network Ltd.   162,093 
 366,000   Kerry Properties Ltd.   1,000,103 
 150,200   Kingboard Chemical Holdings Ltd.   324,081 
 430,500   Kingboard Laminates Holdings Ltd.   274,112 
 74,000   Kingmaker Footwear Holdings Ltd.   18,408 
 1,428,000   Kingston Financial Group Ltd.(d)   631,321 
 344,000   Ko Yo Chemical Group Ltd.(d)   4,922 
 328,000   Kowloon Development Co. Ltd.   303,970 
 1,070,000   Kunlun Energy Co. Ltd.   808,182 
 2,159,000   Lai Fung Holdings Ltd.   39,794 
 2,074,750   Lai Sun Development Co. Ltd.   37,439 
 603,200   Lai Sun Garment International Ltd.   98,740 
 9,000   Lam Soon Hong Kong Ltd.   8,654 
 68,000   Landsea Green Properties Co. Ltd.   5,346 
 127,600   Le Saunda Holdings Ltd.   25,328 
 24,000   Lee & Man Chemical Co. Ltd.   7,270 
 549,200   Lee & Man Paper Manufacturing Ltd.   423,311 
Shares      Value 
HONG KONG (continued)     
 15,000   Lee’s Pharmaceutical Holdings Ltd.  $11,755 
 542,000   Li & Fung Ltd.   271,056 
 131,000   Lifestyle China Group Ltd.(d)   26,172 
 131,000   Lifestyle International Holdings Ltd.   184,721 
 784,500   Link REIT (The)   5,854,629 
 74,000   Liu Chong Hing Investment Ltd.   92,138 
 170,000   Luen Thai Holdings Ltd.   26,513 
 156,000   Luk Fook Holdings International Ltd.   396,113 
 1,384,000   Magnificent Hotel Investment Ltd.   30,861 
 260,000   Man Wah Holdings Ltd.   189,678 
 7,700   Mandarin Oriental International Ltd.   10,434 
 97,000   Melco International Development Ltd.   99,521 
 162,000   Midland Holdings Ltd.(d)   50,113 
 429,000   Mingfa Group International Co. Ltd.(b)(c)(d)   104,507 
 344,000   Minmetals Land Ltd.   42,122 
 39,000   Miramar Hotel & Investment Co. Ltd.   67,359 
 361,500   Neo-Neon Holdings Ltd.(d)   44,731 
 872,000   New Century Group Hong Kong Ltd.   14,274 
 516,000   Newocean Energy Holdings Ltd.   153,635 
 362,000   Next Digital Ltd.   18,664 
 386,000   Nine Dragons Paper Holdings Ltd.   306,476 
 1,222,300   Noble Group Ltd.(d)   147,693 
 338,545   NWS Holdings Ltd.   553,304 
 400,500   O Luxe Holdings Ltd.(d)   29,940 
 315,000   Orange Sky Golden Harvest Entertainment Holdings Ltd.(d)   15,631 
 72,500   Orient Overseas International Ltd.   256,980 
 111,200   Oriental Watch Holdings   13,186 
 118,000   Overseas Chinese Town Asia Holdings Ltd.   39,544 
 1,340,246   Pacific Andes International Holdings Ltd.(b)(c)(d)   18,916 
 452,000   Pacific Basin Shipping Ltd.(d)   50,686 
 105,000   Pacific Textile Holdings Ltd.   148,871 
 227,240   Paliburg Holdings Ltd.   65,901 
 42,000   PAX Global Technology Ltd.   34,700 
 8,371,394   PCCW Ltd.   6,096,409 
 48,000   Peace Mark Holdings Ltd.(b)(c)(d)   0 
 154,000   Phoenix Satellite Television Holdings Ltd.   33,943 
 368,000   Pico Far East Holdings Ltd.   113,838 
 54,000   Playmates Holdings Ltd.   68,349 
 156,000   Playmates Toys Ltd.   29,558 


24
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
HONG KONG (continued)     
 318,000   Poly Property Group Co. Ltd.(d)  $85,665 
 460,000   Polytec Asset Holdings Ltd.   26,977 
 132,000   Pou Sheng International Holdings Ltd.(d)   37,771 
 78,000   Public Financial Holdings Ltd.   32,875 
 692,000   PYI Corp. Ltd.   13,914 
 314,200   Regal Hotels International Holdings Ltd.   153,893 
 5,581,033   REXLot Holdings Ltd.(d)   97,832 
 248,888   SA SA International Holdings Ltd.   108,430 
 116,000   SAS Dragon Holdings Ltd.   18,540 
 30,000   SEA Holdings Ltd.   71,922 
 143,516   Shanghai Industrial Holdings Ltd.   335,556 
 669,000   Shanghai Industrial Urban Development Group Ltd.   150,901 
 1,190,000   Shanghai Zendai Property Ltd.(d)   22,087 
 376,000   Shangri-La Asia Ltd.   403,702 
 120,000   Shenwan Hongyuan HK Ltd.   59,548 
 232,184   Shenzhen International Holdings Ltd.   337,574 
 330,638   Shenzhen Investment Ltd.   134,669 
 427,129   Shimao Property Holdings Ltd.   557,144 
 2,408,000   Shougang Concord International Enterprises Co. Ltd.(d)    69,834 
 23,826   Shun Ho Tech Holdings Ltd.   8,353 
 657,750   Shun Tak Holdings Ltd.   212,795 
 652,000   Singamas Container Holdings Ltd.   61,348 
 360,000   Sino Biopharmaceutical Ltd.   240,359 
 2,225,000   Sino Oil And Gas Holdings Ltd.(d)   67,108 
 486,000   Sinofert Holdings Ltd.   57,630 
 38,000   SIS International Holdings(c)   20,571 
 61,000   SITC International Holdings Co. Ltd.   36,089 
 60,000   Sitoy Group Holdings Ltd.   19,643 
 781,000   SJM Holdings Ltd.   487,219 
 608,252   Skyworth Digital Holdings Ltd.   453,931 
 1,298,143   SmarTone Telecommunications Holding Ltd.   2,312,376 
 291,934   SMI Holdings Group Ltd.   25,963 
 76,843   SOCAM Development Ltd.(d)   36,052 
 6,500   Soundwill Holdings Ltd.   10,288 
 1,392,000   South China Holdings Co. Ltd.(d)   102,269 
 144,000   Sparkle Roll Group Ltd.(d)   8,167 
 1,073,428   SRE Group Ltd.(d)   31,130 
 4,102,010   SSY Group Ltd.   1,316,509 
 132,000   Stella International Holdings Ltd.   225,943 
 60,500   Stelux Holdings International Ltd.   4,835 
 204,000   Success Universe Group Ltd.(d)   4,207 
Shares      Value 
HONG KONG (continued)     
 251,000   Sun Art Retail Group Ltd.  $174,377 
 16,000   Sun Hing Vision Group Holdings Ltd.   5,713 
 271,801   Sun Hung Kai & Co. Ltd.   159,751 
 113,000   TAI Cheung Holdings Ltd.   93,506 
 6,000   Tao Heung Holdings Ltd.   1,361 
 456,000   TCC International Holdings Ltd.   79,346 
 56,000   TCL Multimedia Technology Holdings Ltd.(d)   30,243 
 70,900   Television Broadcasts Ltd.   240,342 
 125,000   Texhong Textile Group Ltd.   166,916 
 256,000   Texwinca Holdings Ltd.   201,279 
 185,800   Tian An China Investment Co. Ltd.   102,738 
 1,116,000   Tianjin Port Development Holdings Ltd.   165,421 
 130,000   Tibet Water Resources Ltd.   43,398 
 2,380,000   Titan Petrochemicals Group Ltd.(d)   22,087 
 138,026   Tomson Group Ltd.   44,120 
 590,000   Tongda Group Holdings Ltd.   118,633 
 62,000   Top Spring International Holdings Ltd.   20,058 
 44,000   Towngas China Co. Ltd.   26,712 
 406,000   TPV Technology Ltd.   79,019 
 58,000   Tradelink Electronic Commerce Ltd.   12,634 
 80,800   Transport International Holdings Ltd.   222,350 
 162,000   Trinity Ltd.(d)   12,528 
 394,000   Truly International Holdings Ltd.   214,307 
 233,000   TSC Group Holdings Ltd.(d)   31,534 
 1,082,000   United Energy Group Ltd.(d)   41,839 
 288,500   United Laboratories International Holdings Ltd. (The)(d)  112,672 
 44,000   Up Energy Development Group Ltd.(b)(c)(d)   732 
 100,000   Value Partners Group Ltd.   84,167 
 188,000   Varitronix International Ltd.   82,388 
 687,683   Victory City International Holdings Ltd.   30,580 
 152,000   Vitasoy International Holdings Ltd.   287,998 
 483,600   VST Holdings Ltd.   115,315 
 27,400   VTech Holdings Ltd.   297,895 
 90,622   Wasion Group Holdings Ltd.   51,277 
 68,000   Wing On Co. International Ltd.   199,397 
 220,000   Wing Tai Properties Ltd.   130,439 
 56,250   Xinyi Automobile Glass Hong Kong Enterprises Ltd.(d)  9,643 
 450,000   Xinyi Glass Holdings Ltd.   343,370 
 30,000   YGM Trading Ltd.   15,776 
 73,500   Yingde Gases Group Co. Ltd.   26,147 
 84,000   Yip’s Chemical Holdings Ltd.   32,481 


25
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
HONG KONG (continued)     
 1,542,500   Yue Yuen Industrial Holdings Ltd.  $6,262,728 
 480,946   Yuexiu Property Co. Ltd.   61,990 
 34,191   Yuexiu Transport Infrastructure Ltd.   22,696 
 306,000   Zhuhai Holdings Investment Group Ltd.   47,329 
         68,632,866 
HUNGARY — 0.0%     
 34,076   Magyar Telekom Telecommunications Plc   54,500 
 310   Richter Gedeon Nyrt   6,551 
         61,051 
INDIA — 1.2%     
 293   3M India Ltd.(d)   63,948 
 4,102   Aarti Industries   33,987 
 8,628   ACC Ltd.   217,513 
 198,763   Adani Power Ltd.(d)   82,935 
 6,435   Aditya Birla Nuvo Ltd.   136,126 
 33,300   Aegis Logistics Ltd.   62,166 
 30,182   AIA Engineering Ltd.   463,645 
 3,985   Ajanta Pharma Ltd.   105,992 
 19,534   Alembic Ltd.   11,140 
 16,192   Alembic Pharmaceuticals Ltd.   151,719 
 20,161   Allahabad Bank   23,266 
 1,620   Allcargo Logistics Ltd.   5,111 
 241,287   Alok Industries Ltd.(d)   14,228 
 1,082   Alstom India Ltd.(d)   10,001 
 222,033   Amara Raja Batteries Ltd.   3,106,175 
 17,157   Ambuja Cements Ltd.   69,476 
 11,406   Amtek Auto Ltd.(d)   8,122 
 28,807   Anant Raj Ltd.   24,513 
 16,348   Andhra Bank   14,680 
 3,086   Apar Industries Ltd.   26,903 
 145,053   Apollo Hospitals Enterprise Ltd.   2,949,133 
 76,659   Apollo Tyres Ltd.   186,884 
 4,919   Arvind Infrastructure Ltd.(d)   6,400 
 49,192   Arvind Ltd.   223,837 
 136,311   Ashok Leyland Ltd.(d)   193,829 
 1,523   Atul Ltd.   43,691 
 17,706   Aurobindo Pharma Ltd.(d)   209,202 
 3,198   Bajaj Corp. Ltd.   18,627 
 3,238   Bajaj Finance Ltd.   501,405 
 12,411   Bajaj Finserv Ltd.   504,685 
 18,091   Bajaj Holdings & Investment Ltd.   488,215 
 15,043   Balkrishna Industries Ltd.   163,758 
 45,240   Ballarpur Industries Ltd.   10,097 
 3,642   Balmer Lawrie & Co. Ltd.   34,020 
 30,184   Balrampur Chini Mills Ltd.(d)   59,728 
 84,289   Bank of Baroda   190,888 
 33,912   Bank of India(d)   56,524 
 17,071   Bank of Maharashtra   8,270 
 811   BASF India Ltd.   12,846 
Shares      Value 
INDIA (continued)     
 5,028   Bata India Ltd.  $45,446 
 1,167   BEML Ltd. - Partly Paid Shares   17,660 
 1,002,206   Berger Paints India Ltd.   3,558,629 
 6,287   Bharat Electronics Ltd.(d)   115,998 
 5,737   Bharat Forge Ltd.(d)   65,172 
 57,633   Bharat Heavy Electricals Ltd.   125,530 
 21,658   Bharti Retail Ltd.(b)(c)   42,372 
 10,128   Biocon Ltd.   125,366 
 5,808   Birla Corp. Ltd.   48,703 
 22,287   Blue Dart Express Ltd.   1,944,976 
 1,437   Britannia Industries Ltd.   62,938 
 16,510   Cadila Healthcare Ltd.   90,431 
 37,970   Cairn India Ltd.(d)   108,295 
 19,327   Canara Bank   72,291 
 7,476   Carborundum Universal Ltd.   28,521 
 5,310   Ceat Ltd.   68,471 
 553,514   Century Plyboards India Ltd.(d)    1,944,757 
 9,871   Century Textiles & Industries Ltd.   102,866 
 3,805   CESC Ltd.   34,912 
 58,225   Chambal Fertilizers and Chemicals Ltd.   55,935 
 56,756   Chennai Super Kings Cricket Ltd.(b)(c)   715 
 4,511   Cipla Ltd.   35,517 
 36,243   City Union Bank Ltd.   70,257 
 7,502   Colgate-Palmolive India Ltd.   104,531 
 2,821   Container Corp. of India Ltd.   63,167 
 10,814   Coromandel International Ltd.   41,167 
 41,645   Corp. Bank(d)   25,832 
 21,138   Cox & Kings Ltd.   60,162 
 64,949   Crisil Ltd.   1,964,081 
 23,809   Crompton Greaves Consumer Electricals Ltd.(d)   55,804 
 23,809   Crompton Greaves Ltd.(d)   27,902 
 11,310   Cummins India Ltd.   146,995 
 13,663   Cyient Ltd.   100,701 
 4,199   Dalmia Bharat Ltd.   90,386 
 6,484   DB Corp. Ltd.   39,169 
 18,464   DB Realty Ltd.(d)   15,009 
 27,921   DCB Bank Ltd.(d)   46,351 
 7,946   DCM Shriram Ltd.   28,149 
 17,752   Deepak Fertilizers & Petrochemicals Corp. Ltd.   43,555 
 12,047   Delta Corp Ltd.   17,265 
 43,420   Dena Bank(d)   25,118 
 28,502   Dewan Housing Finance Corp. Ltd.   94,971 
 15,060   Divi’s Laboratories Ltd.   269,455 
 34,985   DLF Ltd.   84,244 
 5,324   eClerx Services Ltd.   123,684 
 22,258   EID Parry India Ltd.   86,294 
 178,333   Emami Ltd.(d)   3,035,801 
 4,970   Engineers India Ltd.   16,854 
 8,345   Eros International Media Ltd.(d)   28,903 
 9,996   Escorts Ltd.   39,172 


26
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
INDIA (continued)     
 20,879   Essel Propack Ltd.  $66,251 
 72,861   Exide Industries Ltd.   194,811 
 247   FAG Bearings India Ltd.   15,031 
 14,742   FDC Ltd.   41,969 
 294,564   Federal Bank Ltd.(d)   284,296 
 4,296   Federal-Mogul Goetze India Ltd.(d)   23,672 
 14,606   Finolex Cables Ltd.   85,813 
 14,293   Finolex Industries Ltd.   100,575 
 768,571   Fortis Healthcare Ltd.(d)   1,970,621 
 21,658   Future Retail Ltd.   7,129 
 7,516   Gateway Distriparks Ltd.   29,543 
 4,043   GHCL Ltd.   13,779 
 49   Gillette India Ltd.   3,473 
 810   GlaxoSmithKline Consumer Healthcare Ltd.   76,554 
 18,031   Glenmark Pharmaceuticals Ltd.   231,750 
 24,402   GMR Infrastructure Ltd.(d)   5,209 
 3,837   Godfrey Phillips India, Ltd.   68,076 
 6,533   Godrej Industries Ltd.   41,986 
 5,642   Godrej Properties Ltd.(d)   30,432 
 8,033   Great Eastern Shipping Co. Ltd. (The)   40,198 
 7,420   Greaves Cotton Ltd.   15,940 
 770   Greenlam Industries Ltd.   8,473 
 3,850   Greenply Industries Ltd.   14,788 
 5,192   Grindwell Norton Ltd.   26,450 
 10,264   Gujarat Alkalies & Chemicals(d)   42,077 
 3,890   Gujarat Flourochemicals Ltd.   36,714 
 349,878   Gujarat Pipavav Port Ltd.(d)   900,746 
 27,992   Gujarat State Fertilizers & Chemicals Ltd.   29,189 
 26,093   Gujarat State Petronet Ltd.   51,652 
 27,765   Hathway Cable & Datacom Ltd.(d)   13,119 
 25,011   Havells India Ltd.   145,488 
 11,965   HCL Infosystems Ltd.(d)   7,350 
 849   HEG Ltd.(d)   2,373 
 16,680   Hexa Tradex Ltd.(d)   4,582 
 21,668   Hexaware Technologies Ltd.   71,456 
 71,498   Himachal Futuristic Communications Ltd.(d)   18,732 
 81,919   Hindalco Industries Ltd.   163,324 
 1,987   Hindustan Petroleum Corp. Ltd.   37,426 
 207   Honeywell Automation India Ltd.   30,661 
 28,793   Housing Development & Infrastructure Ltd.(d)   43,758 
 426,273   HSIL Ltd.(c)   1,992,477 
 4,443   Huhtamaki PPL Ltd.   21,162 
 20,323   ICRA Ltd.(c)   1,122,915 
 82,829   IDBI Bank Ltd.   86,372 
 96,642   Idea Cellular Ltd.   151,055 
 73,673   IDFC Bank Ltd.   56,752 
 73,673   IDFC Ltd.(d)   60,161 
 73,581   IFCI Ltd.(d)   31,856 
Shares      Value 
INDIA (continued)     
 77,633   IIFL Holdings Ltd.  $310,196 
 34,426   India Cements Ltd. (The)(d)   63,908 
 22,395   Indiabulls Housing Finance Ltd.   255,577 
 14,343   Indian Bank   33,821 
 9,700   Intellect Design Arena Ltd.(d)   31,807 
 5,383   Ipca Laboratories Ltd.   41,446 
 8,799   IRB Infrastructure Developers Ltd.   28,419 
 8,006   Jagran Prakashan Pvt Ltd.(d)   21,370 
 66,242   Jain Irrigation Systems Ltd. - DVR   70,114 
 223,726   Jaiprakash Associates Ltd.(d)   40,413 
 57,737   Jammu & Kashmir Bank Ltd. (The)   57,965 
 4,032   JBF Industries Ltd.   12,330 
 6,226   Jindal Poly Films Ltd.   40,255 
 29,253   Jindal Saw Ltd.   22,338 
 37,945   Jindal Steel & Power Ltd.(d)   47,300 
 7,796   JK Lakshmi Cement Ltd.   49,457 
 13,845   JK Tyre & Industries Ltd.   18,633 
 47,286   JM Financial Ltd.   50,509 
 43,443   JSW Energy Ltd.   53,538 
 16,885   JSW Steel Ltd.   422,270 
 75,408   Jubilant Foodworks Ltd.   1,377,799 
 23,442   Jubilant Organosys Ltd.(d)   117,464 
 2,239   Kajaria Ceramics Ltd.   42,445 
 10,037   Kalpataru Power Transmission Ltd.   40,681 
 207,730   Kansai Nerolac Paints Ltd.   1,057,800 
 22,504   Karnataka Bank Ltd. (The)   49,251 
 3,825   Karur Vysya Bank Ltd. (The)   27,426 
 942   Kaya Ltd.(d)   11,442 
 16,755   KEC International Ltd.   35,856 
 12,881   Kotak Mahindra Bank Ltd.   146,819 
 24,476   KPIT Technologies Ltd.   47,995 
 9,361   KRBL Ltd.   35,580 
 657   Lakshmi Machine Works Ltd.   36,223 
 51,502   LIC Housing Finance Ltd.   399,807 
 8,542   Maharashtra Seamless Ltd.   27,156 
 16,975   Mahindra & Mahindra Financial Services Ltd.   83,817 
 237   Mahindra Lifespace Developers Ltd.   1,572 
 13,414   Marico Ltd.   56,922 
 1,910,170   Marksans Pharma Ltd.   1,350,251 
 11,396   Max Financial Services Ltd.   98,666 
 11,396   Max Ltd.(d)   22,525 
 2,279   Max Ventures & Industries Ltd.(d)   2,138 
 21,008   MindTree Ltd.   181,478 
 339   Monsanto India Ltd.   11,935 
 21,333   Motherson Sumi Systems Ltd.   105,542 
 11,049   Mphasis Ltd.   89,220 
 374   MRF Ltd.   188,963 
 26,185   Mundra Port and Special Economic Zone Ltd.(d)   90,847 


27
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
INDIA (continued)
 90,563   Nagarjuna Fertilizers & Chemicals Ltd.(d)  $15,480 
 48,388   NCC Ltd.   59,054 
 91,063   NHPC Ltd.   34,394 
 7,886   NIIT Technologies Ltd.   52,983 
 534   Nilkamal Ltd.   10,134 
 471,407   NRB Bearings Ltd.(c)   805,442 
 6,838   Oil India Ltd.   37,623 
 19,289   OMAXE Ltd.   46,793 
 1,647   Oracle Financial Sevices Software Ltd.   90,629 
 9,573   Oriental Bank of Commerce   16,728 
 14,643   Page Industries Ltd.   3,135,222 
 33,462   Pantaloons Fashions and Retail Ltd(d)   72,334 
 8,697   Parsvnath Developers Ltd.(d)   3,110 
 6,026   PC Jeweller Ltd.   38,530 
 1,578   Persistent Systems Ltd.   16,170 
 51,330   Petronet LNG Ltd.   228,355 
 1,475   Pfizer Ltd.   44,018 
 300,523   Phoenix Mills Ltd. (The)(c)   1,621,393 
 269,146   PI Industries Ltd.   3,033,794 
 219,436   Pidilite Industries Ltd.   2,394,026 
 533   Polaris Consulting & Services Ltd.   1,511 
 41,861   Power Finance Corp. Ltd.   136,266 
 13,598   Prestige Estates Projects Ltd.   37,646 
 1,310   Procter & Gamble Hygiene & Health Care Ltd.   128,887 
 81,828   PTC India Financial Services Ltd.   49,291 
 66,948   PTC India Ltd.   79,056 
 36,362   Rain Industries Ltd.   18,891 
 8,005   Rallis India Ltd.   26,853 
 16,737   Ramco Cements Ltd. (The)   137,374 
 4,423   Ratnamani Metals & Tubes Ltd.   34,415 
 12,772   Raymond Ltd.   87,269 
 57,342   Redington India Ltd.   88,172 
 103,377   Reliance Communications Ltd.(d)   81,177 
 7,440   Reliance Infrastructure Ltd.   67,430 
 82,336   Reliance Power Ltd.   66,805 
 38,166   Rolta India Ltd.   38,573 
 37,566   Rural Electrification Corp. Ltd.(d)   119,004 
 816   Sanofi India Ltd.   55,589 
 84,073   Sesa Sterlite Ltd.   206,653 
 463,976   SH Kelkar & Co. Ltd.   1,765,582 
 6,446   Shipping Corporation of India Ltd.(d)   6,943 
 2,527   Shoppers Stop Ltd.   14,196 
 6,596   Shriram Transport Finance Co. Ltd.   126,061 
 13,529   Shyam Century Ferrous Ltd.(d)   1,545 
 77,746   Sintex Industries Ltd.(d)   89,022 
 15,463   SJVN Ltd.   6,429 
 1,095   SKF India Ltd.   22,338 
Shares      Value 
INDIA (continued)
 7,092   Sobha Ltd.  $35,240 
 7,369   Sonata Software Ltd.   17,503 
 401,240   South Indian Bank Ltd. (The)   127,587 
 19,219   SREI Infrastructure Finance Ltd.   21,490 
 5,376   SRF Ltd.   117,640 
 13,529   Star Ferro and Cement Ltd.   23,378 
 5,304   State Bank of Bikaner & Jaipur   51,159 
 2,126   State Bank of Travancore   16,210 
 484   Sterlite Power Transmission Ltd.(b)(c)   648 
 2,418   Sterlite Technologies Ltd.   3,204 
 154,101   Strides Shasun Ltd.   2,674,481 
 14,358   Sun TV Network Ltd.(d)   96,242 
 6,937   Sundram Fasteners Ltd.   20,427 
 331,190   Suprajit Engineering Ltd.   954,239 
 6,405   Supreme Industries Ltd.   89,528 
 43,231   Symphony Ltd.   1,550,662 
 30,834   Syndicate Bank   35,237 
 4,899   Tamil Nadu Newsprint & Papers Ltd.   20,833 
 13,597   Tata Chemicals Ltd.   96,327 
 2,779   Tata Communications Ltd.   18,279 
 1,202   Tata Consultancy Services, Ltd.   47,002 
 1,268   Tata Elxsi Ltd.   31,252 
 75,981   Tata Power Co. Ltd.   81,670 
 17,039   Tata Steel Ltd.   90,314 
 45,306   Tata Tea Ltd.(d)   96,145 
 2,619   Thermax Ltd.   34,418 
 24,582   Titan Co. Ltd.   154,644 
 133,974   Torrent Pharmaceuticals Ltd.   2,880,986 
 8,427   Transport Corp. of India Ltd.   46,931 
 104   Trent Ltd.   2,843 
 5,808   Triveni Turbine Ltd.   10,621 
 344   TTK Prestige Ltd.   26,518 
 23,147   Tube Investments of India Ltd.   189,865 
 44,084   TV18 Broadcast Ltd.(d)   26,555 
 8,017   TVS Motor Co. Ltd.   34,918 
 18,874   UCO Bank   12,454 
 2,441   Unichem Laboratories Ltd.   10,375 
 13,827   Union Bank of India   26,298 
 6,122   United Breweries Ltd.   74,225 
 114,212   United Phosphorus Ltd.(d)   1,065,393 
 1,544   VA Tech Wabag Ltd.   13,339 
 1,130   Vakrangee Ltd.   3,165 
 6,257   Vardhman Textiles Ltd.   101,554 
 10,665   Videocon Industries Ltd.   16,757 
 36,860   Vijaya Bank   22,726 
 10,224   Voltas Ltd.   53,352 
 629   VST Industries Ltd.   19,131 
 368   WABCO India Ltd.   34,857 
 35,139   Welspun Corp. Ltd.   45,665 
 2,827   Wockhardt Ltd.(d)   42,566 
 35,865   Yes Bank Ltd.   651,577 
 3,524   Zensar Technologies Ltd.   55,326 
         69,084,613 


28
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
INDONESIA — 0.5%
 3,252,200   Adaro Energy Tbk PT  $258,219 
 242,553   Adhi Karya Persero Tbk PT   52,405 
 660,600   Agung Podomoro Land Tbk PT(d)   14,928 
 5,368,700   AKR Corporindo Tbk PT   2,766,632 
 1,513,429   Aneka Tambang Persero Tbk PT(d)   91,856 
 55,891,500   Arwana Citramulia Tbk PT(c)   2,474,869 
 28,100   Asahimas Flat Glass Tbk PT   14,695 
 9,100   Astra Agro Lestari Tbk PT(d)   10,074 
 31,750,200   Bakrie & Brothers Tbk PT(d)   121,198 
 5,078,900   Bakrie Sumatera Plantations Tbk PT(d)   19,387 
 9,876,000   Bakrie Telecom Tbk PT(d)   37,699 
 1,518,266   Bank Bukopin Tbk PT   71,286 
 629,616   Bank Danamon Indonesia Tbk PT   168,237 
 2,753,950   Bank Pan Indonesia Tbk PT(d)   163,994 
 556,300   Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT   60,520 
 1,685,800   Bank Tabungan Negara Persero Tbk PT   254,186 
 141,100   Bank Tabungan Pensiunan Nasional Tbk PT(d)   25,422 
 54,000   Bayan Resources Tbk PT(c)(d)   34,218 
 560,000   Budi Starch & Sweetener Tbk PT(d)   4,361 
 583,600   Bumi Serpong Damai Tbk PT   93,119 
 4,469,273   Ciputra Development Tbk PT   479,393 
 63,937   Ciputra Property Tbk PT   3,026 
 191,556   Ciputra Surya Tbk PT   40,948 
 542,500   Citra Marga Nusaphala Persada Tbk PT(d)   71,237 
 6,654,200   Darma Henwa Tbk PT(d)   25,401 
 393,500   Elnusa Tbk PT   16,072 
 16,087,500   Express Transindo Utama Tbk PT(d)   202,652 
 947,000   Gajah Tunggal Tbk PT   116,762 
 1,049,000   Garuda Indonesia Persero Tbk PT(d)   38,441 
 2,161,000   Global Mediacom Tbk PT   169,930 
 1,043,600   Holcim Indonesia Tbk PT   88,039 
 76,300   Indo Tambangraya Megah Tbk PT   73,251 
 113,400   Indosat Tbk PT(d)   59,304 
 762,700   Intiland Development Tbk PT   33,772 
 449,100   Japfa Comfeed Indonesia Tbk PT   51,430 
 8,140,236   Kawasan Industri Jababeka Tbk PT   195,139 
 84,100   Lippo Cikarang Tbk PT(d)   48,154 
 8,121,650   Lippo Karawaci Tbk PT   703,750 
 5,583,700   Malindo Feedmill Tbk PT(c)(d)   746,000 
 103,000   Matahari Department Store Tbk PT   156,680 
 658,300   Matahari Putra Prima Tbk PT   87,197 
Shares      Value 
INDONESIA (continued)
 1,040,367   Mayora Indah Tbk PT(c)  $3,153,229 
 810,300   Medco Energi Internasional Tbk PT(d)   104,238 
 515,000   Media Nusantara Citra Tbk PT   84,533 
 106,200   Mitra Adiperkasa Tbk PT(d)   38,512 
 5,385,600   MNC Investama Tbk PT(d)   69,897 
 530,000   Modernland Realty Tbk PT   16,509 
 26,286,500   Nippon Indosari Corpindo Tbk PT(c)   3,140,693 
 1,292,700   Pakuwon Jati Tbk PT   64,149 
 2,432,900   Panin Financial Tbk PT(d)   39,377 
 139,100   Pembangunan Perumahan Persero Tbk PT   40,991 
 840,000   Perusahaan Perkebunan London Sumatra Indonesia Tbk PT   90,102 
 1,487,500   PT Alam Sutera Realty Tbk PT   59,620 
 398,800   Ramayana Lestari Sentosa Tbk PT   36,992 
 6,838,800   Sarana Meditama Metropolitan Tbk PT(c)   1,399,243 
 13,210,100   Sawit Sumbermas Sarana Tbk PT   1,689,271 
 4,612,400   Selamat Sempurna Tbk PT(c)   1,584,594 
 3,065,800   Sentul City Tbk PT   21,767 
 3,209,100   Siloam International Hospitals Tbk PT(d)   2,394,851 
 117,500   Sinar Mas Agro Resources & Technology Tbk PT   33,639 
 1,533,300   Summarecon Agung Tbk PT   198,415 
 215,100   Surya Citra Media Tbk PT   51,893 
 1,475,000   Surya Semesta Internusa Tbk PT   78,826 
 53,000   Tambang Batubara Bukit Asam Persero Tbk PT   39,856 
 458,600   Tiga Pilar Sejahtera Food Tbk(d)   68,798 
 617,700   Timah Persero Tbk PT   39,377 
 166,600   Tower Bersama Infrastructure Tbk PT   72,498 
 4,875,000   Truba Alam Manunggal Engineering PT(b)(c)(d)   3,722 
 1,152,000   Tunas Baru Lampung Tbk PT   59,366 
 539,500   Tunas Ridean Tbk PT   55,604 
 269,400   United Tractors Tbk PT   323,934 
 1,938,200   Visi Media Asia Tbk PT(d)   45,279 
 439,785   Waskita Karya Persero Tbk PT   93,003 
 219,852   Wijaya Karya Persero Tbk PT   50,018 
 37,100   XL Axiata Tbk PT(d)   10,508 
         25,397,187 
IRELAND — 0.5%
 90,764   C&C Group Plc   365,715 
 8,890   DCC Plc   793,582 
 6,992   FBD Holdings Plc(d)   48,317 
 139,100   FleetMatics Group Plc(d)   5,975,736 
 619,656   Glanbia Plc   11,933,115 
 62,941   Grafton Group Plc - Units   465,227 


29
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
IRELAND (continued)
 85,105   Greencore Group Plc  $368,984 
 16,165   IFG Group Plc   38,314 
 44,260   Irish Continental Group Plc - Units   233,559 
 430   Kenmare Resources Plc(d)   1,203 
 12,297   Kingspan Group Plc(d)   282,592 
 6,121   Kingspan Group Plc   142,341 
 16,366   Paddy Power Betfair Plc(e)   1,921,214 
 1,182   Paddy Power Betfair Plc(e)   137,660 
 107,448   Smurfit Kappa Group Plc(d)   2,522,677 
 4,022   Tarsus Group Plc   14,505 
 42,806   Total Produce Plc(d)   70,350 
 85,271   United Drug Plc(d)   656,235 
         25,971,326 
ISLE OF MAN — 0.0%
 15,866   Gvc Holdings Plc   132,497 
ISRAEL — 1.4%
 0   Africa Israel Investments Ltd.(d)   0 
 5,950   Airport City Ltd.(d)   63,550 
 931   Alrov Properties and Lodging   19,847 
 3,712   AudioCodes Ltd.(d)   15,565 
 28   Bayside Land Corp.   10,449 
 7,207   Cellcom Israel Ltd.(d)   51,786 
 850,833   Check Point Software Technologies Ltd.(d)   65,412,041 
 0   Clal Biotechnology Industries Ltd.(d)   0 
 12,818   Clal Insurance Enterprise Holdings Ltd.(d)   137,686 
 4,759   Compugen Ltd.(d)   32,099 
 9,651   Delek Automotive Systems Ltd.   83,749 
 1,595   Delek Group Ltd.   331,699 
 3,947   Delta-Galil Industries Ltd.   119,242 
 9,680   Direct Insurance Financial Investments Ltd.   74,760 
 56,421   El Al Israel Airlines   42,391 
 7,683   Elbit Systems Ltd.   773,297 
 905   Electra Ltd.   124,410 
 1   Electra Real Estate Ltd.(d)   1 
 1,009   Equital Ltd.(d)   19,951 
 0   Evogene Ltd.(d)   3 
 14,334   First International Bank of Israel Ltd.   180,662 
 3,036   Formula Systems 1985 Ltd.   114,571 
 9,837   Frutarom Industries Ltd.   492,211 
 1,135   Hadera Paper Ltd.(d)   35,152 
 66,902   Harel Insurance Investments & Financial Services Ltd.   245,277 
 850   Hilan Ltd.   12,915 
 360   Industrial Buildings Corp. Ltd.   398 
 274,008   Israel Discount Bank Ltd. - Class A(d)   471,531 
 4,804   Jerusalem Oil Exploration(d)   211,148 
 4,100   Magic Software Enterprises Ltd.   30,665 
 16,429   Matrix IT Ltd.   114,174 
Shares      Value 
ISRAEL (continued)
 1,459   Melisron Ltd.  $62,050 
 17,166   Menora Mivtachim Holdings Ltd.(d)   138,203 
 140,788   Migdal Insurance & Financial Holding Ltd.(d)   85,583 
 76,835   Mizrahi Tefahot Bank Ltd.   931,523 
 7,596   Naphtha Israel Petroleum Corp. Ltd.(d)   46,696 
 736   Neto ME Holdings Ltd.   58,020 
 12,080   NICE-Systems Ltd.   831,268 
 7,762   Nova Measuring Instruments Ltd.(d)   87,834 
 391,918   Oil Refineries Ltd.(d)   141,013 
 59,383   Orbotech Ltd.   1,694,197 
 12,789   Partner Communications Co. Ltd.(d)   60,973 
 2,872   Paz Oil Co. Ltd.   467,721 
 32,659   Phoenix Holdings Ltd. (The)(d)   79,678 
 1,121   Plasson Industries Ltd.   32,132 
 1   Protalix Biotherapeutics, Inc.(d)   1 
 715   Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.   27,657 
 1,316   Sapiens International Corp NV   17,035 
 2,898,000   Sarine Technologies Ltd.(c)   3,890,803 
 68,879   Shikun & Binui Ltd.   121,530 
 35,913   Shufersal Ltd.   125,918 
 6,039   Strauss Group Ltd.   96,733 
 3,075   Summit Real Estate Holdings Ltd.(d)   15,902 
 3,108   Tower Semiconductor Ltd.(d)   42,371 
 8,078   Union Bank of Israel(d)   28,451 
         78,304,522 
ITALY — 0.3%
 42,476   A2A SpA   60,310 
 3,408   ACEA SpA   47,437 
 7,099   Alerion Cleanpower SpA   12,461 
 24,905   Amplifon SpA   248,368 
 22,692   Ansaldo STS SpA   265,875 
 69,425   Arnoldo Mondadori Editore SpA(d)   78,083 
 5,010   Ascopiave SpA   15,795 
 18,124   Astaldi SpA   79,268 
 14,058   Autogrill SpA   122,278 
 10,738   Azimut Holding SpA   168,792 
 10,128   Banca Generali SpA   209,252 
 4,248   Banca IFIS SpA   96,885 
 30,322   Banca Mediolanum SpA   222,385 
 121,375   Banca Popolare dell’Emilia Romagna Scarl   498,011 
 1,006,615   Banca Popolare di Milano Scarl   488,424 
 99,231   Banca Popolare di Sondrio SCARL   268,255 
 6,391   Banco di Desio e della Brianza SpA   12,147 
 211,986   Banco Popolare SC   596,770 


30
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
ITALY (continued)
 17,479   BasicNet SpA  $67,614 
 4,057   Biesse SpA   56,833 
 5,900   Brembo SpA   344,653 
 21,385   Buzzi Unicem SpA   428,441 
 3,861   Cairo Communication SpA   17,215 
 19,571   Cementir Holding SpA   85,334 
 196,531   CIR-Compagnie Industriali Riunite SpA   225,655 
 29,592   Credito Emiliano SpA   187,586 
 216,734   Credito Valtellinese SC   96,100 
 4,557   Danieli & C Officine Meccaniche SpA   89,820 
 4,885   Datalogic SpA   88,148 
 36,080   Davide Campari-Milano SpA   372,518 
 9,415   De’ Longhi SpA   235,257 
 6,481   DiaSorin SpA   407,938 
 2,953   Ei Towers SpA(d)   159,329 
 2,136   El.En. SpA   35,725 
 18,234   ERG SpA   210,992 
 5,852   Esprinet SpA   36,540 
 9,629   Eurotech SpA(d)   15,201 
 85,067   Falck Renewables SpA   71,044 
 5,591   Ferrari NV   252,781 
 16,869   Fincantieri SpA(d)   7,355 
 187,037   Finmeccanica SpA(d)   2,134,997 
 34,243   FNM SpA   15,735 
 21,536   Geox SpA   62,023 
 58,626   Gruppo Editoriale L’Espresso SpA(d)   50,076 
 1,114   Gruppo Mutuionline SpA   9,341 
 51,774   Hera SpA   146,793 
 19,593   Immobiliare Grande Distribuzione SIIQ SpA REIT   17,086 
 57,566   IMMSI SpA   25,789 
 3,035   Industria Macchine Automatiche SpA   178,988 
 128,806   Intek Group SpA(d)   29,521 
 7,391   Interpump Group SpA   119,651 
 61,258   Iren SpA   100,676 
 84,914   Italcementi SpA(d)   1,005,354 
 4,398   Italmobiliare SpA   189,992 
 69,111   Juventus Football Club SpA(d)   22,523 
 4,305   La Doria SpA   57,179 
 23,268   Maire Tecnimont SpA   59,207 
 1,779   Mariella Burani SpA(b)(c)(d)   0 
 6,331   MARR SpA   133,139 
 264,782   Mediaset SpA   801,643 
 119,496   Mediobanca SpA   836,986 
 29,530   Moleskine SpA   71,642 
 6,224   Moncler SpA   109,109 
 123,440   Parmalat SpA   324,592 
 78,219   Piaggio & C SpA   143,329 
 35,489   Prysmian SpA   830,041 
 24,000   Recordati SpA   778,400 
 98,937   Reno de Medici SpA   33,670 
 831   Reply SpA   118,919 
Shares      Value 
ITALY (continued)
 29,208   Retelit SpA(d)  $21,846 
 1,204   Sabaf SpA   12,296 
 11,126   Safilo Group SpA(d)   88,379 
 234,922   Saipem SpA(d)   102,668 
 36,907   Salini Impregilo SpA   111,656 
 9,328   Salvatore Ferragamo SpA   219,630 
 56,253   Saras SpA   96,727 
 3,891   SAVE SpA/Tessera   55,247 
 26,940   Societa Cattolica di Assicurazioni SCRL   189,901 
 34,431   Societa Iniziative Autostradali e Servizi SpA   313,149 
 15,879   Sogefi SpA(d)   26,984 
 21,463   SOL SpA   189,926 
 106,594   Terna Rete Elettrica Nazionale SpA   580,371 
 20,102   Tiscali SpA(d)   1,056 
 1,314   Tod’s SpA   77,199 
 7,633   Trevi Finanziaria Industriale SpA   10,010 
 6,610   Uni Land SpA(b)(c)(d)   0 
 248,355   Unione di Banche Italiane SpA   761,905 
 169,163   Unipol Gruppo Finanziario SpA   469,030 
 192,562   UnipolSai SpA   322,928 
 7,876   Vittoria Assicurazioni SpA   80,570 
 7,438   Yoox Net-A-Porter Group SpA(d)   208,226 
 3,856   Zignago Vetro SpA   24,142 
         19,353,122 
JAPAN — 6.5%
 77,000   77 Bank Ltd. (The)   299,593 
 2,900   A&D Co. Ltd.   10,971 
 6,900   Accordia Golf Co. Ltd.   81,081 
 46,000   Achilles Corp.   63,566 
 4,000   Adastria Co. Ltd.   126,231 
 23,800   ADEKA Corp.   319,557 
 5,800   Aderans Co. Ltd.   26,659 
 2,500   Advan Co. Ltd.   21,218 
 60   Advance Residence Investment Corp. REIT   167,354 
 2,200   Advanex, Inc.   27,641 
 20,400   Advantest Corp.   274,306 
 1,200   Aeon Delight Co. Ltd.   36,870 
 8,300   Aeon Fantasy Co. Ltd.   206,615 
 6,800   Aeon Mall Co. Ltd.   92,635 
 11,700   Ahresty Corp.   84,051 
 3,900   Ai Holdings Corp.   96,970 
 5,900   Aica Kogyo Co. Ltd.   144,847 
 2,700   Aichi Bank Ltd. (The)   137,071 
 3,800   Aichi Corp.   30,650 
 55,000   Aichi Steel Corp.   277,601 
 16,000   Aichi Tokei Denki Co. Ltd.   49,081 
 11,400   Aida Engineering Ltd.   96,308 
 7,700   Ain Holdings, Inc.   535,042 
 43,000   Air Water, Inc.   742,549 


31
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 4,700   Airport Facilities Co. Ltd.  $24,966 
 17,800   Aisan Industry Co. Ltd.   129,965 
 2,812   Aisin Seiki Co. Ltd.   130,768 
 29,900   Akebono Brake Industry Co. Ltd.(d)   62,124 
 44,000   Akita Bank Ltd. (The)   144,460 
 500   Albis Co. Ltd.   10,124 
 3,400   Alconix Corp.   47,684 
 12,300   Alfresa Holdings Corp.   273,400 
 5,900   Alinco, Inc.   55,337 
 3,100   Alpen Co. Ltd.   54,049 
 2,800   Alpha Corp.   26,454 
 10,600   Alpine Electronics, Inc.   116,664 
 23,100   Alps Electric Co. Ltd.   529,759 
 6,600   Alps Logistics Co. Ltd.   38,099 
 24,900   Amada Holdings Co. Ltd.   275,026 
 10,100   Amano Corp.   165,207 
 4,500   Amiyaki Tei Co. Ltd.   179,718 
 14,500   Anest Iwata Corp.   137,703 
 400   Anicom Holdings Inc.   10,871 
 18,800   Anritsu Corp.   110,550 
 300   AOI Electronics Co. Ltd.   5,960 
 3,300   AOI Pro, Inc.   31,081 
 20,300   AOKI Holdings, Inc.   229,192 
 50,000   Aomori Bank Ltd. (The)   158,769 
 8,900   Aoyama Trading Co. Ltd.   331,019 
 7,000   Arakawa Chemical Industries Ltd.   68,192 
 2,500   Arata Corp.   55,863 
 16,000   Araya Industrial Co. Ltd.   20,856 
 15,800   Arcland Sakamoto Co. Ltd.   177,612 
 9,738   Arcs Co. Ltd.   253,578 
 132,200   Ariake Japan Co. Ltd.   7,333,288 
 2,200   Artnature, Inc.   17,896 
 2,090   As One Corp.   86,746 
 13,800   Asahi Diamond Industrial Co. Ltd.   107,792 
 4,650   Asahi Holdings, Inc.   80,071 
 9,400   Asahi Intecc Co. Ltd.   437,134 
 9,000   Asahi Kogyosha Co. Ltd.   49,218 
 27,000   Asahi Yukizai Corp.   51,071 
 13,000   Asanuma Corp.   29,941 
 2,300   Asax Co. Ltd.   33,992 
 21,100   Ashikaga Holdings Co. Ltd.   71,343 
 33,000   Ashimori Industry Co. Ltd.   54,658 
 2,400   ASKA Pharmaceutical Co. Ltd.   45,961 
 1,600   ASKUL Corp.   55,902 
 6,700   Asunaro Aoki Construction Co. Ltd.   45,636 
 10,200   Atom Corp.   68,876 
 19,300   Autobacs Seven Co. Ltd.   282,213 
 10,000   Avex Group Holdings, Inc.   118,881 
 57,000   Awa Bank Ltd. (The)   354,173 
 3,800   Axial Retailing, Inc.   128,299 
 9,300   Azbil Corp.   283,917 
 11,500   Bandai Namco Holdings, Inc.   308,477 
Shares      Value 
JAPAN (continued)
 63,000   Bando Chemical Industries Ltd.  $313,657 
 4,400   Bank of Iwate Ltd. (The)   189,308 
 26,000   Bank of Kochi Ltd. (The)   28,284 
 90,000   Bank of Kyoto Ltd. (The)   616,553 
 37,000   Bank of Nagoya Ltd. (The)   128,730 
 9,320   Bank of Okinawa Ltd. (The)   296,402 
 41,000   Bank of Saga Ltd. (The)   104,474 
 9,500   Bank of the Ryukyus Ltd.   105,581 
 5,500   Belc Co. Ltd.   225,315 
 29,400   Belluna Co. Ltd.   191,323 
 8,100   Benesse Holdings, Inc.   197,191 
 8,700   Bic Camera, Inc.   77,932 
 36,400   BML, Inc.   1,755,162 
 1,400   Bookoff Corp.   11,429 
 2,100   Broadleaf Co. Ltd.   21,260 
 86,300   Brother Industries Ltd.   1,000,567 
 31,200   Bunka Shutter Co. Ltd.   259,605 
 800   C Uyemura & Co. Ltd.   35,282 
 60,000   Calsonic Kansei Corp.   472,191 
 900   Can Do Co. Ltd.   15,074 
 5,100   Canon Electronics, Inc.   78,373 
 12,000   Canon Marketing Japan, Inc.   208,987 
 5,300   Capcom Co. Ltd.   109,288 
 3,400   Carlit Holdings Co. Ltd.   16,261 
 3,700   Cawachi Ltd.   87,029 
 109,000   Central Glass Co. Ltd.   476,444 
 900   Central Security Patrols Co. Ltd.   19,573 
 1,300   Central Sports Co. Ltd.   30,578 
 11,850   Century Tokyo Leasing Corp.   416,930 
 13,100   Chiba Kogyo Bank Ltd. (The)   55,848 
 1,500   Chino Corp.   14,892 
 4,000   Chiyoda Co. Ltd.   95,301 
 3,700   Chiyoda Integre Co. Ltd.   75,788 
 3,800   Chori Co. Ltd.   57,539 
 11,700   Chubu Shiryo Co. Ltd.   81,987 
 60,000   Chuetsu Pulp & Paper Co. Ltd.   126,427 
 150,500   Chugai Mining Co. Ltd.(d)   30,975 
 6,000   Chugai Ro Co. Ltd.   12,349 
 38,100   Chugoku Bank Ltd. (The)   436,506 
 23,000   Chugoku Marine Paints Ltd.   157,113 
 32,000   Chukyo Bank Ltd. (The)   74,955 
 9,800   Ci:z Holdings Co. Ltd.   243,187 
 92,800   Citizen Holdings Co. Ltd.   503,858 
 15,000   CKD Corp.   142,157 
 21,000   Clarion Co. Ltd.   52,688 
 7,000   Cleanup Corp.   56,392 
 1,900   CMIC Holdings Co. Ltd.   31,600 
 4,800   CMK Corp.(d)   22,910 
 18,023   Coca-Cola East Japan Co. Ltd.   350,975 
 7,600   Coca-Cola West Co. Ltd.   211,684 
 2,290   Cocokara Fine, Inc.   82,030 
 6,700   COLOPL Inc.   101,713 
 6,400   Colowide Co. Ltd.   119,990 
 6,100   Computer Engineering & Consulting Ltd.   86,327 
 16,300   COMSYS Holdings Corp.   274,289 


32
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 13,300   CONEXIO Corp.  $198,258 
 7,500   COOKPAD, Inc.   106,361 
 25,200   Cosmo Energy Holdings Co. Ltd.   281,550 
 1,500   Cosmos Pharmaceutical Corp.   316,068 
 12,300   Create SD Holdings Co. Ltd.   303,778 
 24,900   Credit Saison Co. Ltd.   420,226 
 4,700   CTI Engineering Co. Ltd.   42,424 
 8,300   CyberAgent, Inc.   472,612 
 101,000   Dai Nippon Toryo Co. Ltd.   201,931 
 9,100   Daibiru Corp.   88,739 
 6,000   Dai-Dan Co. Ltd.   49,571 
 17,000   Daido Kogyo Co. Ltd.   34,322 
 6,600   Daido Metal Co. Ltd.   75,162 
 148,000   Daido Steel Co. Ltd.   607,752 
 11,200   Daifuku Co. Ltd.   238,412 
 10,000   Daihatsu Diesel Manufacturing Co. Ltd.   56,255 
 30,000   Daihen Corp.   156,711 
 17,000   Daiho Corp.   95,301 
 13,000   Daiichi Jitsugyo Co. Ltd.   62,812 
 400   Daiichi Kigenso Kagaku-Kogyo Co. Ltd.   10,690 
 4,400   Dai-ichi Seiko Co. Ltd.   46,055 
 131,700   Daiichikosho Co. Ltd.   6,079,355 
 23,000   Daiken Corp.   78,444 
 19,000   Daiki Aluminium Industry Co. Ltd.   58,656 
 2,300   Daikoku Denki Co. Ltd.   31,017 
 3,100   Daikokutenbussan Co. Ltd.   135,199 
 86,000   Daikyo, Inc.   152,555 
 39,000   Dainichiseika Color & Chemicals Manufacturing Co. Ltd.   180,791 
 37,000   Daio Paper Corp.   421,003 
 38,000   Daisan Bank Ltd. (The)   66,291 
 4,910   Daiseki Co. Ltd.   89,601 
 64,000   Daishi Bank Ltd. (The)   247,131 
 6,000   Daishinku Corp.   15,877 
 122,000   Daito Bank Ltd. (The)   233,155 
 2,260   Daito Pharmaceutical Co. Ltd.   52,051 
 160,000   Daiwabo Holdings Co. Ltd.   376,341 
 601,160   DCM Holdings Co. Ltd.   5,184,699 
 15,000   Dena Co. Ltd.   389,278 
 191,000   Denka Co. Ltd.   840,486 
 5,700   Denyo Co. Ltd.   59,885 
 8,200   Descente Ltd.   92,419 
 37,400   DIC Corp.   899,858 
 1,400   Digital Arts, Inc.   32,354 
 3,700   Disco Corp.   385,103 
 23,000   DKS Co. Ltd.   76,640 
 24,800   DMG Mori Co. Ltd.   265,172 
 4,000   Doshisha Co. Ltd.   84,559 
 5,674   Doutor Nichires Holdings Co. Ltd.   109,437 
 71,000   Dowa Holdings Co. Ltd.   379,233 
Shares      Value 
JAPAN (continued)
 400   DSB Co. Ltd.  $2,313 
 3,200   DTS Corp.   63,978 
 2,300   Dunlop Sports Co. Ltd.   20,377 
 2,000   Dynic Corp.   3,097 
 4,200   Eagle Industry Co. Ltd.   54,170 
 242,000   Ebara Corp.   1,332,915 
 800   Ebara Jitsugyo Co. Ltd.   9,644 
 48,400   EDION Corp.   407,464 
 52,000   Ehime Bank Ltd. (The)   125,878 
 8,000   Eidai Co. Ltd.   34,106 
 41,000   Eighteenth Bank Ltd. (The)   116,127 
 1,900   Eiken Chemical Co. Ltd.   44,821 
 2,800   Elecom Co. Ltd.   65,174 
 700   Elematec Corp.   15,628 
 3,500   Endo Lighting Corp.   33,273 
 3,000   en-japan, Inc.   54,922 
 3,000   Enplas Corp.   85,206 
 5,500   EPS Holdings Inc.   75,896 
 4,200   ESPEC Corp.   56,681 
 2,300   Excel Co. Ltd.   30,882 
 15,200   Exedy Corp.   364,973 
 7,900   Ezaki Glico Co. Ltd.   476,934 
 6,700   F@N Communications, Inc.   54,829 
 3,000   FALCO HOLDINGS Co. Ltd.   40,369 
 4,100   FamilyMart Co. Ltd.   243,505 
 257,100   FCC Co. Ltd.   5,079,763 
 35,680   Feed One Co. Ltd.   39,864 
 8,300   Ferrotec Corp.   110,303 
 48,300   FIDEA Holdings Co. Ltd.   72,899 
 2,900   Fields Corp.   37,801 
 9,300   Financial Products Group Co. Ltd.   94,518 
 3,000   Findex, Inc.   33,783 
 8,500   FJ Next Co. Ltd.   41,402 
 11,400   Foster Electric Co. Ltd.   223,900 
 2,200   FP Corp.   115,784 
 5,400   France Bed Holdings Co. Ltd.   48,795 
 7,100   F-Tech, Inc.   68,888 
 37,300   Fudo Tetra Corp.   65,801 
 3,700   Fuji Co. Ltd.   81,553 
 10,600   Fuji Corp. Ltd.   72,201 
 151,000   Fuji Electric Co. Ltd.   676,307 
 13,000   Fuji Kiko Co. Ltd.   43,446 
 12,000   Fuji Kyuko Co. Ltd.   170,412 
 13,800   Fuji Oil Co. Ltd.(d)   42,333 
 9,600   Fuji Oil Holdings, Inc.   211,974 
 2,200   Fuji Pharma Co. Ltd.   51,380 
 2,900   Fuji Seal International, Inc.   115,534 
 2,600   Fuji Soft, Inc.   65,385 
 27,000   Fujibo Holdings, Inc.   80,708 
 2,700   Fujicco Co. Ltd.   78,247 
 10,700   Fujikura Kasei Co. Ltd.   63,444 
 170,000   Fujikura Ltd.   972,999 
 1,200   Fujikura Rubber Ltd.   5,692 
 2,200   Fujimi, Inc.   37,560 
 4,400   Fujimori Kogyo Co. Ltd.   95,387 


33
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 25,300   Fujisash Co. Ltd.  $21,820 
 6,000   Fujita Kanko, Inc.   22,404 
 19,100   Fujitec Co. Ltd.   186,442 
 7,300   Fujitsu Frontech Ltd.   72,331 
 14,000   Fujitsu General Ltd.   331,357 
 7,700   FuKoKu Co. Ltd.   58,108 
 42,000   Fukuda Corp.   470,897 
 1,400   Fukuda Denshi Co. Ltd.   85,343 
 65,000   Fukui Bank Ltd. (The)   172,637 
 53,000   Fukuoka Financial Group, Inc.   205,694 
 179,000   Fukushima Bank Ltd. (The)   164,904 
 7,500   Fukushima Industries Corp.   258,735 
 28,000   Fukuyama Transporting Co. Ltd.   159,710 
 6,300   FULLCAST Holdings Co. Ltd.   53,655 
 3,600   Funai Soken Holdings, Inc.   50,383 
 2,000   Furukawa Battery Co. Ltd. (The)   12,192 
 44,000   Furukawa Co. Ltd.   72,877 
 313,000   Furukawa Electric Co. Ltd.   828,245 
 12,800   Furuno Electric Co. Ltd.   64,982 
 4,000   Furusato Industries Ltd.   55,550 
 3,500   Fuso Chemical Co. Ltd.   55,844 
 11,000   Fuso Pharmaceutical Industries Ltd.   30,725 
 41,600   Futaba Industrial Co. Ltd.   215,267 
 17,300   Future Corp.   138,692 
 8,900   Fuyo General Lease Co. Ltd.   409,957 
 20,000   Gakken Holdings Co. Ltd.   56,255 
 8,000   Gecoss Corp.   73,073 
 1,700   Genki Sushi Co. Ltd.   35,604 
 1,000   Genky Stores, Inc.   34,253 
 10,000   Geo Holdings Corp.   146,028 
 2,500   GLOBERIDE, Inc.   41,628 
 14,500   Glory Ltd.   407,850 
 90   GLP J - REIT   114,843 
 6,400   GMO Internet, Inc.   84,175 
 1,600   GMO Payment Gateway, Inc.   92,517 
 34,000   Godo Steel Ltd.   57,647 
 4,880   Goldcrest Co. Ltd.   77,910 
 16,300   Gree, Inc.(d)   83,070 
 121,000   GS Yuasa Corp.   501,622 
 24,000   GSI Creos Corp.   22,816 
 16,400   G-Tekt Corp.   253,952 
 7,200   Gulliver International Co. Ltd.   36,976 
 16,000   Gun-Ei Chemical Industry Co. Ltd.   47,827 
 57,600   GungHo Online Entertainment, Inc.   131,531 
 91,000   Gunma Bank Ltd. (The)   372,794 
 48,000   Gunze Ltd.   139,246 
 4,400   Gurunavi, Inc.   117,034 
 7,200   H.I.S. Co. Ltd.   193,628 
 23,735   H2O Retailing Corp.   316,125 
 105,000   Hachijuni Bank Ltd. (The)   499,093 
 1,600   Hagihara Industries, Inc.   40,065 
Shares      Value 
JAPAN (continued)
 3,500   Hakudo Co. Ltd.  $39,104 
 13,900   Hakuhodo DY Holdings, Inc.   164,836 
 4,800   Hakuto Co. Ltd.   43,891 
 6,600   Hamakyorex Co. Ltd.   121,153 
 6,500   Hamamatsu Photonics KK   194,296 
 9,800   Haneda Zenith Holdings Co. Ltd.   25,644 
 247,000   Hanwa Co. Ltd.   1,341,089 
 7,000   Happinet Corp.   76,974 
 5,000   Hard Off Corp. Co. Ltd.   56,304 
 2,400   Harmonic Drive Systems, Inc.   75,386 
 50,900   Haseko Corp.   548,234 
 24,260   Hazama Ando Corp.   150,979 
 41,300   Heiwa Corp.   855,669 
 4,000   Heiwa Real Estate Co. Ltd.   53,433 
 23,100   Heiwado Co. Ltd.   451,427 
 15,800   Hibiya Engineering Ltd.   260,301 
 7,545   Hiday Hidaka Corp.   188,856 
 1,600   Hikari Tsushin, Inc.   134,072 
 3,700   HI-LEX Corp.   98,125 
 3,200   Hiramatsu, Inc.   18,848 
 104,000   Hiroshima Bank Ltd. (The)   383,241 
 3,900   Hisamitsu Pharmaceutical Co., Inc.   222,453 
 25,100   Hitachi Capital Corp.   467,389 
 39,800   Hitachi Chemical Co. Ltd.   844,095 
 51,000   Hitachi Construction Machinery Co. Ltd.   842,211 
 9,200   Hitachi High-Technologies Corp.   318,283 
 8,700   Hitachi Koki Co. Ltd.   59,174 
 16,000   Hitachi Kokusai Electric, Inc.   259,362 
 68,200   Hitachi Metals Ltd.   770,663 
 19,900   Hitachi Transport System Ltd.   393,183 
 51,500   Hitachi Zosen Corp.   264,983 
 32,500   Hochiki Corp.   367,570 
 10,000   Hodogaya Chemical Co. Ltd.   24,893 
 144,000   Hogy Medical Co. Ltd.   9,328,564 
 12,800   Hokkaido Electric Power Co., Inc.   102,365 
 25,000   Hokkan Holdings Ltd.   77,669 
 12,000   Hokko Chemical Industry Co. Ltd.   33,400 
 61,000   Hokkoku Bank Ltd. (The)   193,698 
 74,000   Hokuetsu Bank Ltd. (The)   155,927 
 7,100   Hokuetsu Industries Co. Ltd.   42,585 
 43,500   Hokuetsu Kishu Paper Co. Ltd.   310,364 
 308,000   Hokuhoku Financial Group, Inc.   401,470 
 25,000   Hokuriku Electric Industry Co. Ltd.   30,872 
 9,300   Hokuriku Electric Power Co.   111,197 
 2,000   Hokuriku Electrical Construction Co. Ltd.   15,426 
 2,500   Hokuto Corp.   46,773 
 3,320   Honeys Co. Ltd.   44,870 
 9,600   Hoosiers Holdings   52,217 


34
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 7,700   Horiba Ltd.  $366,002 
 2,900   Hoshizaki Electric Co. Ltd.   265,742 
 9,000   Hosokawa Micron Corp.   47,984 
 3,300   Howa Machinery Ltd.   17,626 
 44,000   Hyakugo Bank Ltd. (The)   171,627 
 61,000   Hyakujushi Bank Ltd. (The)   206,253 
 86,800   Ibiden Co. Ltd.   1,127,162 
 4,300   IBJ Leasing Co. Ltd.   79,017 
 400   Ichibanya Co. Ltd.   13,407 
 19,000   Ichikoh Industries Ltd.   56,236 
 7,300   ICHINEN Holdings Co. Ltd.   67,752 
 5,000   Ichiyoshi Securities Co. Ltd.   39,300 
 4,300   Idec Corp.   40,288 
 22,800   Idemitsu Kosan Co. Ltd.   448,246 
 3,100   Ihara Chemical Industry Co. Ltd.   33,207 
 66,000   IHI Corp.   188,230 
 9,000   Iida Group Holdings Co. Ltd.   181,173 
 39,100   Iino Kaiun Kaisha Ltd.   143,701 
 5,680   IJT Technology Holdings Co. Ltd.   17,090 
 14,000   Ikegami Tsushinki Co. Ltd.   16,877 
 7,100   Imasen Electric Industrial   64,644 
 3,500   Inaba Denki Sangyo Co. Ltd.   128,975 
 13,200   Inabata & Co. Ltd.   133,636 
 5,600   Inageya Co. Ltd.   77,221 
 3,300   Ines Corp.   35,576 
 1,800   I-Net Corp.   19,335 
 3,000   Infocom Corp.   41,162 
 2,300   Information Services International-Dentsu Ltd.   45,601 
 2,400   Innotech Corp.   11,196 
 1,400   Intage Holdings, Inc.   22,598 
 4,500   Internet Initiative Japan, Inc.   95,879 
 1,100   Inui Warehouse Co. Ltd.   10,177 
 1,500   Iriso Electronics Co. Ltd.   88,793 
 5,000   Ise Chemicals Corp.   21,267 
 39,000   Iseki & Co. Ltd.   86,000 
 158,000   Ishihara Sangyo Kaisha Ltd.(d)   103,749 
 15,966   IT Holdings Corp.   418,416 
 11,000   Ito En Ltd.   409,124 
 26,200   Itochu Enex Co. Ltd.   227,246 
 9,200   Itochu Techno-Solutions Corp.   223,700 
 1,300   Itochu-Shokuhin Co. Ltd.   52,938 
 14,000   Itoham Yonekyu Holdings, Inc.(d)   145,166 
 10,400   Itoki Corp.   59,525 
 6,800   IwaiCosmo Holdings, Inc.   60,513 
 35,000   Iwasaki Electric Co. Ltd.   52,825 
 32,000   Iwatani Corp.   187,857 
 52,400   Iyo Bank Ltd. (The)   343,564 
 7,500   Izumi Co. Ltd.   328,931 
 46,000   Izutsuya Co. Ltd.(d)   19,836 
 13,900   J Trust Co. Ltd.   105,849 
 42,500   J. Front Retailing Co. Ltd.   498,579 
 22,000   Jaccs Co. Ltd.   103,063 
Shares      Value 
JAPAN (continued)
 900   Jalux, Inc.  $15,224 
 1,900   Jamco Corp.   38,490 
 8,300   Janome Sewing Machine Co. Ltd.(d)   47,912 
 4,000   Japan Airport Terminal Co. Ltd.   179,546 
 19,000   Japan Aviation Electronics Industry Ltd.   284,157 
 182,600   Japan Display, Inc.(d)   334,652 
 600   Japan Drilling Co. Ltd.   12,737 
 130   Japan Hotel REIT Investment Corp.   109,825 
 3,900   Japan Medical Dynamic Marketing, Inc.   28,170 
 30   Japan Prime Realty Investment Corp. REIT   132,455 
 42,000   Japan Pulp & Paper Co. Ltd.   150,243 
 28,000   Japan Radio Co. Ltd.   79,581 
 90   Japan Retail Fund Investment Corp. REIT   222,277 
 89,000   Japan Steel Works Ltd. (The)   402,979 
 24,000   Japan Transcity Corp.   90,557 
 20,000   Japan Wool Textile Co. Ltd. (The)   141,324 
 6,000   JBCC Holdings, Inc.   38,928 
 1,000   JCU Corp.   32,783 
 12,000   Jeol Ltd.   48,572 
 21,000   JGC Corp.   311,805 
 37,800   Jimoto Holdings, Inc.   58,533 
 1,500   Jin Co. Ltd.   62,846 
 5,000   JK Holdings Co. Ltd.   23,717 
 9,000   JMS Co. Ltd.   25,227 
 28,000   Joban Kosan Co. Ltd.   41,437 
 24,000   J-Oil Mills, Inc.   81,619 
 20,000   Joshin Denki Co. Ltd.   169,746 
 27,000   Joyo Bank Ltd. (The)   107,169 
 12,600   Jp-Holdings, Inc.   37,540 
 5,400   JSP Corp.   125,533 
 35,100   JSR Corp.   486,759 
 4,400   Juki Corp.   38,508 
 92,000   Juroku Bank Ltd. (The)   265,987 
 64,900   JVC Kenwood Corp.   152,017 
 34,400   kabu.com Securities Co. Ltd.   116,313 
 1,000   Kabuki-Za Co. Ltd.   49,297 
 2,900   Kadokawa Dwango Corp.(d)   39,620 
 10,500   Kaga Electronics Co. Ltd.   131,411 
 40,000   Kajima Corp.   298,721 
 1,800   Kakaku.com, Inc.   37,787 
 3,800   Kaken Pharmaceutical Co. Ltd.   254,364 
 1,000   Kameda Seika Co. Ltd.   55,569 
 13,800   Kamei Corp.   113,743 
 27,000   Kamigumi Co. Ltd.   246,092 
 3,000   Kanagawa Chuo Kotsu Co. Ltd.   18,141 
 6,000   Kanamoto Co. Ltd.   126,485 
 99,000   Kandenko Co. Ltd.   973,166 
 98,000   Kaneka Corp.   752,036 
 1,300   Kaneko Seeds Co. Ltd.   19,621 


35
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 220,000   Kanematsu Corp.  $364,385 
 1,800   Kanematsu Electronics Ltd.   34,206 
 7,000   Kansai Paint Co. Ltd.   148,665 
 1,600   Kansai Super Market Ltd.   15,744 
 2,400   Kansai Urban Banking Corp.   25,027 
 5,000   Kanto Denka Kogyo Co. Ltd.   54,785 
 4,400   Kappa Create Co. Ltd.   53,084 
 7,900   Kasai Kogyo Co. Ltd.   79,825 
 2,600   Kato Sangyo Co. Ltd.   63,169 
 26,000   Kato Works Co. Ltd.   113,138 
 2,400   KAWADA Technologies, Inc.   84,912 
 2,300   Kawai Musical Instruments Manufacturing Co. Ltd.   43,753 
 691,000   Kawasaki Kisen Kaisha Ltd.   1,720,135 
 69,000   Keihan Holdings Co. Ltd.   499,740 
 15,900   Keihanshin Building Co. Ltd.   80,096 
 15,000   Keihin Co. Ltd. (The)   20,140 
 30,200   Keihin Corp.   481,850 
 51,000   Keiyo Bank Ltd. (The)   220,424 
 7,800   Keiyo Co. Ltd.   40,821 
 27,100   Kenedix, Inc.   110,753 
 2,600   Kenko Mayonnaise Co. Ltd.   77,718 
 5,400   Kewpie Corp.   167,501 
 1,825   KEY Coffee, Inc.   35,235 
 2,000   KFC Holdings Japan Ltd.   36,458 
 23,200   Kinden Corp.   283,307 
 14,000   Kintetsu Department Store Co. Ltd.(d)   47,611 
 9,000   Kintetsu World Express, Inc.   127,015 
 17,000   Kinugawa Rubber Industrial Co. Ltd.   129,622 
 59,000   Kitagawa Iron Works Co. Ltd.   101,769 
 2,600   Kita-Nippon Bank Ltd. (The)   74,915 
 21,000   Kitano Construction Corp.   52,482 
 7,900   Kito Corp.   66,895 
 34,300   Kitz Corp.   186,232 
 24,000   Kiyo Bank Ltd. (The)   354,231 
 4,200   KLab, Inc.(d)   25,109 
 8,000   KNT-CT Holdings Co. Ltd.(d)   10,977 
 7,300   Koa Corp.   61,099 
 22,000   Koatsu Gas Kogyo Co. Ltd.   144,460 
 11,000   Kobayashi Pharmaceutical Co. Ltd.   526,633 
 1,164,000   Kobe Steel Ltd.   1,026,707 
 77,400   Koei Tecmo Holdings Co. Ltd.   1,360,104 
 9,600   Kohnan Shoji Co. Ltd.   198,802 
 1,300   Kohsoku Corp.   11,556 
 3,000   Koike Sanso Kogyo Co. Ltd.   6,968 
 6,300   Koito Manufacturing Co. Ltd.   316,127 
 1,400   Kokusai Co. Ltd.   11,663 
 13,800   Kokuyo Co. Ltd.   204,765 
 12,000   KOMAIHALTEC, Inc.   23,874 
 3,400   Komatsu Wall Industry Co. Ltd.   54,348 
 12,800   Komeri Co. Ltd.   291,037 
 4,600   Konaka Co. Ltd.   22,857 
 6,300   Kondotec, Inc.   47,049 
Shares      Value 
JAPAN (continued)
 7,400   Konishi Co.Ltd.  $97,545 
 7,600   Konoike Transport Co. Ltd.   89,009 
 18,300   Kotobuki Spirits Co. Ltd.   558,676 
 2,000   Kourakuen Holdings Corp.   30,225 
 108,000   Krosaki Harima Corp.   263,557 
 4,200   KRS Corp.   100,436 
 16,856   K’s Holdings Corp.   314,703 
 2,000   KU Holdings Co. Ltd.   14,975 
 59,000   Kumagai Gumi Co. Ltd.   198,912 
 4,900   Kura Corp.   260,763 
 73,000   Kurabo Industries Ltd.   138,796 
 11,500   Kuraray Co. Ltd.   147,419 
 66,000   Kureha Corp.   277,493 
 21,000   Kurimoto Ltd.   34,371 
 8,100   Kurita Water Industries Ltd.   181,552 
 10,500   Kuroda Electric Co. Ltd.   194,389 
 6,400   Kusuri No Aoki Co. Ltd.   333,689 
 111,000   KYB Corp.   401,421 
 38,000   Kyodo Printing Co. Ltd.   122,899 
 6,700   Kyoei Steel Ltd.   131,130 
 10,800   Kyokuto Kaihatsu Kogyo Co. Ltd.   112,938 
 5,100   Kyokuto Securities Co. Ltd.   62,579 
 16,000   Kyokuyo Co. Ltd.   41,554 
 4,500   KYORIN Holdings, Inc.   97,511 
 1,420   Kyoritsu Maintenance Co. Ltd.   105,628 
 400   Kyoritsu Printing Co. Ltd.   1,200 
 18,000   Kyosan Electric Manufacturing Co. Ltd.   64,213 
 900   Kyoto Kimono Yuzen Co. Ltd.   7,709 
 7,300   Kyowa Electronic Instruments Co. Ltd.   24,253 
 22,700   Kyowa Exeo Corp.   298,558 
 1,400   Kyowa Leather Cloth Co. Ltd.   11,306 
 7,000   Kyudenko Corp.   246,974 
 125,940   Kyushu Financial Group, Inc.   706,010 
 3,500   Lasertec Corp.   49,669 
 600   LEC, Inc.   10,690 
 76,700   Leopalace21 Corp.   557,012 
 2,400   Life Corp.   71,152 
 8,000   Lintec Corp.   171,471 
 6,000   Look, Inc.   8,232 
 3,700   Mabuchi Motor Co. Ltd.   171,157 
 10,450   Macnica Fuji Electronics Holdings, Inc.   102,518 
 220,000   Maeda Corp.   2,011,663 
 27,300   Maeda Kosen Co. Ltd.   298,057 
 36,000   Maeda Road Construction Co. Ltd.   688,352 
 45,000   Makino Milling Machine Co. Ltd.   258,000 
 2,300   Mandom Corp.   102,225 
 900   Mani, Inc.   18,505 
 7,700   Marubun Corp.   45,128 
 31,000   Marudai Food Co. Ltd.   149,478 
 4,000   Marufuji Sheet Piling Co. Ltd.   9,213 


36
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 11,700   Maruha Nichiro Corp.  $298,821 
 7,800   Marusan Securities Co. Ltd.   65,436 
 2,900   Maruwa Co. Ltd.   110,418 
 20,000   Maruyama Manufacturing Co., Inc.   34,498 
 20,000   Maruzen Showa Unyu Co. Ltd.   80,561 
 6,400   Marvelous, Inc.   49,928 
 4,200   Matsuda Sangyo Co. Ltd.   54,581 
 2,000   Matsui Construction Co. Ltd.   25,638 
 16,400   Matsui Securities Co. Ltd.   145,460 
 10,300   Matsumotokiyoshi Holdings Co. Ltd.   460,817 
 3,800   Matsuya Co. Ltd.   29,272 
 700   Matsuya Foods Co. Ltd.   19,607 
 6,000   Max Co. Ltd.   76,915 
 2,400   Maxvalu Nishinihon Co. Ltd.   36,458 
 3,700   Maxvalu Tokai Co. Ltd.   62,915 
 2,900   MEC Co. Ltd.   25,750 
 14,400   Medipal Holdings Corp.   238,789 
 5,200   Megachips Corp.   63,857 
 117,200   Megmilk Snow Brand Co. Ltd.   4,089,107 
 45,000   Meidensha Corp.   155,682 
 2,600   Meiko Network Japan Co. Ltd.   27,953 
 12,000   Meisei Industrial Co. Ltd.   58,215 
 6,000   Meitec Corp.   201,990 
 13,200   Meiwa Corp.   42,691 
 49,000   Michinoku Bank Ltd. (The)   92,684 
 4,400   Micronics Japan Co. Ltd.   39,630 
 15,000   Mie Bank Ltd. (The)   30,137 
 4,100   Mikuni Corp.   12,818 
 1,237   Milbon Co. Ltd.   53,767 
 3,500   Mimasu Semiconductor Industry Co. Ltd.   36,394 
 63,000   Minato Bank Ltd. (The)   108,669 
 31,000   Minebea Co. Ltd.   251,257 
 2,900   Ministop Co. Ltd.   48,914 
 140,400   Miraca Holdings, Inc.   6,508,473 
 16,940   Mirait Holdings Corp.   181,794 
 13,700   Misawa Homes Co. Ltd.   101,775 
 506,400   MISUMI Group, Inc.   9,439,631 
 6,400   Mitani Corp.   198,206 
 10,800   Mito Securities Co. Ltd.   25,615 
 7,200   Mitsuba Corp.   86,653 
 103,000   Mitsubishi Gas Chemical Co., Inc.   595,580 
 14,000   Mitsubishi Logistics Corp.   197,579 
 314,000   Mitsubishi Materials Corp.   837,046 
 11,800   Mitsubishi Nichiyu Forklift Co. Ltd.   64,184 
 124,000   Mitsubishi Paper Mills Ltd.(d)   87,499 
 2,100   Mitsubishi Pencil Co. Ltd.   103,729 
 4,200   Mitsubishi Research Institute, Inc.   130,896 
 6,500   Mitsubishi Shokuhin Co. Ltd.   180,472 
 51,000   Mitsubishi Steel Manufacturing Co. Ltd.   85,971 
Shares      Value 
JAPAN (continued)
 74,600   Mitsubishi UFJ Lease & Finance Co. Ltd.  $306,340 
 13,000   Mitsuboshi Belting Ltd.   109,952 
 226,000   Mitsui Chemicals, Inc.   974,568 
 196,000   Mitsui Engineering & Shipbuilding Co. Ltd.   291,978 
 4,300   Mitsui High-Tec, Inc.   30,216 
 14,000   Mitsui Home Co. Ltd.   62,841 
 41,000   Mitsui Matsushima Co. Ltd.   39,780 
 368,000   Mitsui Mining & Smelting Co. Ltd.   710,501 
 437,000   Mitsui Osk Lines Ltd.   946,509 
 10,000   Mitsui Sugar Co. Ltd.   50,179 
 44,000   Mitsui-Soko Holdings Co. Ltd.   117,724 
 20,800   Mitsumi Electric Co. Ltd.(d)   106,003 
 18,000   Miyaji Engineering Group, Inc.   26,462 
 63,000   Miyazaki Bank Ltd. (The)   184,613 
 18,000   Miyoshi Oil & Fat Co. Ltd.   22,051 
 25,000   Mizuno Corp.   132,063 
 35,100   Mochida Pharmaceutical Co. Ltd.   2,700,397 
 1,800   Modec, Inc.   28,402 
 42,900   Monex Group, Inc.   107,213 
 2,500   Monogatari Corp. (The)   131,572 
 4,700   Monotaro Co. Ltd.   138,096 
 26,000   Morinaga & Co. Ltd.   172,764 
 347,000   Morinaga Milk Industry Co. Ltd.   2,591,405 
 8,400   Morita Holdings Corp.   116,654 
 12,000   Mory Industries, Inc.   36,223 
 6,200   MTI Ltd.   41,805 
 2,000   Murakami Corp.   30,539 
 276,000   Musashi Seimitsu Industry Co. Ltd.   5,745,323 
 8,700   Musashino Bank Ltd. (The)   221,774 
 18,500   Nabtesco Corp.   502,048 
 5,100   NAC Co. Ltd.   43,535 
 18,000   Nachi-Fujikoshi Corp.   59,803 
 800   Nafco Co. Ltd.   12,819 
 1,800   Nagaileben Co. Ltd.   43,273 
 35,000   Nagano Bank Ltd.   67,575 
 36,300   Nagase & Co. Ltd.   429,403 
 5,000   Nagatanien Holdings Co. Ltd.   62,675 
 41,000   Nagoya Railroad Co. Ltd.   232,254 
 22,000   Nakabayashi Co. Ltd.   59,078 
 2,500   Nakanishi, Inc.   86,612 
 6,400   Nakano Corp.   26,846 
 1,400   Nakano Refrigerators Co. Ltd.   36,923 
 27,000   Nakayama Steel Works Ltd.(d)   14,289 
 68,000   Nankai Electric Railway Co. Ltd.   379,870 
 55,000   Nanto Bank Ltd. (The)   218,307 
 1,100   Natori Co. Ltd.   16,537 
 9,000   NDS Co. Ltd.   23,815 
 3,300   NEC Capital Solutions Ltd.   49,386 
 10,300   NEC Networks & System Integration Corp.   190,687 


37
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 11,000   NET One Systems Co. Ltd.  $74,925 
 11,000   Nexon Co. Ltd.   166,021 
 5,600   Next Co. Ltd.   54,938 
 75,300   NHK Spring Co. Ltd.   670,088 
 24,000   Nice Holdings, Inc.   34,341 
 38,000   Nichias Corp.   310,599 
 6,000   Nichiban Co. Ltd.   44,103 
 5,900   Nichiha Corp.   115,820 
 14,000   Nichii Gakkan Co.   99,887 
 5,150   Nichi-Iko Pharmaceutical Co. Ltd.   112,504 
 192,000   Nichirei Corp.   1,844,073 
 18,000   Nichireki Co. Ltd.   125,428 
 370,900   Nifco, Inc.   21,119,508 
 5,500   Nihon Dempa Kogyo Co. Ltd.   46,518 
 1,400   Nihon Eslead Corp.   14,174 
 10,000   Nihon House Holdings Co. Ltd.   34,400 
 8,700   Nihon Kohden Corp.   244,710 
 120,300   Nihon M&A Center, Inc.   7,415,955 
 20,200   Nihon Nohyaku Co. Ltd.   110,666 
 12,000   Nihon Parkerizing Co. Ltd.   146,656 
 2,800   Nihon Plast Co. Ltd.   22,941 
 1,100   Nihon Tokushu Toryo Co. Ltd.   11,449 
 600   Nihon Trim Co. Ltd.   40,927 
 15,300   Nihon Unisys Ltd.   210,678 
 15,000   Nihon Yamamura Glass Co. Ltd.   23,815 
 14,800   Nikkiso Co. Ltd.   105,015 
 7,000   Nikko Co. Ltd.   23,188 
 17,900   Nikkon Holdings Co. Ltd.   362,438 
 407,100   Nikon Corp.   5,829,109 
 31,000   Nippo Corp.   574,519 
 4,000   Nippon Air Conditioning Services Co. Ltd.   21,208 
 22,000   Nippon Carbide Industries Co. Inc.   31,695 
 15,000   Nippon Carbon Co. Ltd.   28,667 
 31,000   Nippon Chemical Industrial Co. Ltd.   65,625 
 61,000   Nippon Chemi-Con Corp.   90,871 
 3,000   Nippon Chemiphar Co. Ltd.   13,642 
 30,700   Nippon Coke & Engineering Co. Ltd.   20,159 
 7,500   Nippon Concrete Industries Co. Ltd.   27,785 
 19,205   Nippon Denko Co. Ltd.   31,997 
 8,000   Nippon Densetsu Kogyo Co. Ltd.   162,454 
 107,000   Nippon Electric Glass Co. Ltd.   492,870 
 376,000   Nippon Express Co. Ltd.   1,927,260 
 2,300   Nippon Fine Chemical Co. Ltd.   17,717 
 117,000   Nippon Flour Mills Co. Ltd.   861,146 
 5,400   Nippon Gas Co. Ltd.   129,291 
 7,500   Nippon Hume Corp.   47,484 
 24,000   Nippon Kayaku Co. Ltd.   251,443 
 16,000   Nippon Kinzoku Co. Ltd.(d)   15,838 
Shares      Value 
JAPAN (continued)
 47,000   Nippon Koei Co. Ltd.  $151,085 
 7,000   Nippon Koshuha Steel Co. Ltd.   4,734 
 356,300   Nippon Light Metal Holdings Co. Ltd.   817,114 
 59,700   Nippon Paper Industries Co. Ltd.   1,092,954 
 37,600   Nippon Parking Development Co. Ltd.   45,694 
 6,100   Nippon Piston Ring Co. Ltd.   87,882 
 4,000   Nippon Rietec Co. Ltd.   34,890 
 30,000   Nippon Road Co. Ltd. (The)   124,663 
 4,000   Nippon Seisen Co. Ltd.   16,112 
 9,000   Nippon Sharyo Ltd.(d)   24,521 
 349,000   Nippon Sheet Glass Co. Ltd.(d)   259,950 
 6,000   Nippon Shokubai Co. Ltd.   383,986 
 13,200   Nippon Signal Co. Ltd.   127,556 
 32,000   Nippon Soda Co. Ltd.   142,696 
 97,480   Nippon Steel & Sumikin Bussan Corp.   337,242 
 51,100   Nippon Suisan Kaisha Ltd.   255,913 
 23,000   Nippon Synthetic Chemical Industry Co. Ltd. (The)   144,940 
 22,000   Nippon Thompson Co. Ltd.   73,308 
 18,000   Nippon Valqua Industries Ltd.   47,278 
 24,700   Nippon Yakin Kogyo Co. Ltd.   32,922 
 658,000   Nippon Yusen KK   1,186,573 
 32,800   Nipro Corp.   412,110 
 1,000   Nishikawa Rubber Co. Ltd.   14,701 
 73,000   Nishimatsu Construction Co. Ltd.   364,875 
 174,000   Nishi-Nippon City Bank Ltd. (The)   342,765 
 28,000   Nishi-Nippon Railroad Co. Ltd.   147,361 
 6,200   Nishio Rent All Co. Ltd.   151,969 
 7,300   Nissan Chemical Industries Ltd.   235,380 
 24,300   Nissan Shatai Co. Ltd.   247,442 
 9,600   Nissan Tokyo Sales Holdings Co. Ltd.   21,828 
 2,000   Nissei ASB Machine Co. Ltd.   36,693 
 11,000   Nissei Build Kogyo Co. Ltd.   60,910 
 2,600   Nissei Plastic Industrial Co. Ltd.   17,378 
 15,700   Nissha Printing Co. Ltd.   314,508 
 6,800   Nisshin Fudosan Co. Ltd.   23,525 
 29,000   Nisshin Oillio Group Ltd. (The)   137,845 
 12,500   Nisshin Seifun Group, Inc.   207,894 
 51,324   Nisshin Steel Co. Ltd.   644,851 
 59,000   Nisshinbo Holdings, Inc.   555,682 
 23,000   Nissin Corp.   70,329 
 84,800   Nissin Electric Co. Ltd.   1,485,153 
 68,900   Nissin Foods Holdings Co. Ltd.   3,943,510 
 20,300   Nissin Kogyo Co. Ltd.   304,992 
 3,200   Nitta Corp.   80,694 
 26,000   Nittetsu Mining Co. Ltd.   90,714 
 80,000   Nitto Boseki Co. Ltd.   294,017 
 10,800   Nitto Kogyo Corp.   150,090 
 2,600   Nitto Kohki Co. Ltd.   61,155 


38
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 12,000   Nitto Seiko Co. Ltd.  $34,224 
 13,100   Nittoc Construction Co. Ltd.   58,930 
 1,200   Noevir Holdings Co. Ltd.   36,870 
 473,000   NOF Corp.   4,135,012 
 2,700   Nohmi Bosai Ltd.   40,962 
 3,600   Nojima Corp.   63,366 
 43,900   NOK Corp.   852,314 
 5,000   Nomura Co. Ltd.   75,856 
 55,300   Nomura Real Estate Holdings, Inc.   966,876 
 33,000   Noritake Co. Ltd.   77,297 
 6,600   Noritz Corp.   130,273 
 96,500   North Pacific Bank Ltd.   319,665 
 4,100   NS Solutions Corp.   78,436 
 57,000   NS United Kaiun Kaisha Ltd.   76,533 
 3,100   NSD Co. Ltd.   51,801 
 172,000   NTN Corp.   568,080 
 8,400   NTT Urban Development Corp.   90,804 
 1,600   Nuflare Technology, Inc.   77,150 
 2,600   Obara Group, Inc.   108,296 
 30,000   Obayashi Corp.   331,945 
 41,900   Obayashi Road Corp.   300,180 
 2,600   Obic Co. Ltd.   153,653 
 5,100   Odelic Co. Ltd.   189,935 
 30,000   Oenon Holdings, Inc.   61,450 
 54,000   Ogaki Kyoritsu Bank Ltd. (The)   180,467 
 4,500   Ohashi Technica, Inc.   54,775 
 900   Ohsho Food Service Corp.   34,488 
 7,245   Oiles Corp.   130,507 
 46,000   Oita Bank Ltd. (The)   150,125 
 11,100   Okabe Co. Ltd.   87,029 
 8,000   Okamoto Industries, Inc.   83,501 
 176,700   Okamura Corp.   1,849,518 
 47,000   Okasan Securities Group, Inc.   241,368 
 194,000   Oki Electric Industry Co. Ltd.   268,084 
 3,200   Okinawa Cellular Telephone Co.   99,574 
 1,125   Okinawa Electric Power Co., Inc. (The)   22,757 
 18,000   OKK Corp.   18,170 
 40,000   OKUMA Corp.   311,266 
 24,000   Okumura Corp.   143,480 
 38,000   Okura Industrial Co. Ltd.   112,844 
 11,000   Okuwa Co. Ltd.   112,981 
 2,600   ONO Sokki Co. Ltd.   21,940 
 2,400   Onoken Co. Ltd.   29,496 
 26,000   Onward Holdings Co. Ltd.   180,409 
 4,800   Open House Co. Ltd.   138,729 
 3,400   OPT Holding, Inc.   25,491 
 1,800   Optex Co. Ltd.   42,197 
 75,000   Oracle Corp. Japan   4,601,362 
 9,000   Organo Corp.   35,370 
 36,200   Orient Corp.(d)   68,827 
 12,000   Origin Electric Co. Ltd.   32,107 
 70   Orix JREIT, Inc. REIT   129,318 
Shares      Value 
JAPAN (continued)
 2,400   Osaka Organic Chemical Industry Ltd.  $14,348 
 24,000   Osaka Soda Co. Ltd.   103,259 
 7,000   Osaka Steel Co. Ltd.   130,347 
 2,100   OSAKA Titanium Technologies Co. Ltd.   27,085 
 5,000   Osaki Electric Co. Ltd.   40,672 
 12,500   OSG Corp.   210,222 
 12,200   OSJB Holdings Corp.   24,750 
 24,900   Pacific Industrial Co. Ltd.   284,544 
 31,000   Pacific Metals Co. Ltd.(d)   84,765 
 2,950   Pack Corp. (The)   82,283 
 1,400   Pal Co. Ltd.   33,465 
 5,850   PALTAC Corp.   116,387 
 8,000   PanaHome Corp.   63,900 
 5,300   Panasonic Industrial Devices SUNX Co. Ltd.   32,464 
 49,000   Paramount Bed Holdings Co. Ltd.   1,877,689 
 4,500   Parco Co. Ltd.   38,060 
 158,800   Park24 Co. Ltd.   5,431,587 
 3,000   Pasco Corp.   9,938 
 1,900   Pasona Group, Inc.   12,569 
 2,500   PC Depot Corp.   33,346 
 57,100   Penta-Ocean Construction Co. Ltd.   351,436 
 700   PIA Corp.   14,880 
 20,100   Pigeon Corp.   508,237 
 9,100   Pilot Corp.   402,225 
 2,200   Piolax, Inc.   112,550 
 129,500   Pioneer Corp.(d)   239,874 
 3,500   Plenus Co. Ltd.   62,738 
 2,600   Pocket Card Co. Ltd.   13,836 
 62,000   Press Kogyo Co. Ltd.   232,116 
 600   Pressance Corp.   27,020 
 3,000   Prestige International, Inc.   45,514 
 15,000   Prima Meat Packers Ltd.   48,072 
 2,000   Proto Corp.   22,894 
 3,400   PS Mitsubishi Construction Co. Ltd.   12,962 
 3,700   Qol Co. Ltd.   53,595 
 17,300   Raito Kogyo Co. Ltd.   204,307 
 2,000   Raysum Co. Ltd.   14,524 
 1,900   Relo Holdings, Inc.   299,427 
 216,840   Rengo Co. Ltd.   1,432,353 
 53,300   Resorttrust, Inc.   1,224,957 
 3,000   Rheon Automatic Machinery Co. Ltd.   18,641 
 10,000   Ricoh Leasing Co. Ltd.   259,225 
 1,400   Right On Co. Ltd.   15,779 
 41,000   Riken Corp.   143,451 
 6,500   Riken Keiki Co. Ltd.   75,107 
 19,000   Riken Technos Corp.   84,540 
 900   Riken Vitamin Co. Ltd.   42,427 
 3,000   Ringer Hut Co. Ltd.   69,594 
 42,500   Rinnai Corp.   4,219,386 


39
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares       Value 
JAPAN (continued)
 900   Rion Co. Ltd.   $12,649 
 17,500   Riso Kagaku Corp.    255,550 
 1,800   Rock Field Co. Ltd.    26,532 
 11,400   Rohto Pharmaceutical Co. Ltd.    199,543 
 1,800   Roland DG Corp.    37,822 
 43,000   Round One Corp.    293,311 
 6,300   Royal Holdings Co. Ltd.    118,795 
 59,000   Ryobi Ltd.    285,069 
 6,000   Ryoden Trading Co. Ltd.    37,987 
 1,300   Ryohin Keikaku Co. Ltd.    292,145 
 8,400   Ryosan Co. Ltd.    262,616 
 1,800   S Foods, Inc.    48,742 
 1,700   Sac’s Bar Holdings, Inc.    18,294 
 22,000   Saibu Gas Co. Ltd.    55,197 
 4,700   Saizeriya Co. Ltd.    105,253 
 28,000   Sakai Chemical Industry Co. Ltd.    77,111 
 18,000   Sakai Heavy Industries Ltd.    32,283 
 1,800   Sakai Moving Service Co. Ltd.    44,138 
 18,000   Sakai Ovex Co. Ltd.    26,814 
 9,300   Sakata INX Corp.    119,947 
 2,900   Sakata Seed Corp.    72,134 
 5,100   SAMTY Co. Ltd.    51,732 
 2,300   San-A Co. Ltd.    115,862 
 31,000   San-Ai Oil Co. Ltd.    210,242 
 43,000   Sanden Holdings Corp.    125,584 
 1,100   Sanei Architecture Planning Co. Ltd.    11,945 
 21,750   Sangetsu Co. Ltd.    428,030 
 40,800   San-In Godo Bank Ltd. (The)    318,691 
 26,000   Sanken Electric Co. Ltd.    93,262 
 8,000   Sanko Metal Industrial Co. Ltd.    22,894 
 3,900   Sankyo Co. Ltd.    143,524 
 7,900   Sankyo Tateyama, Inc.    121,324 
 52,000   Sankyu, Inc.    299,152 
 14,600   Sanoh Industrial Co. Ltd.    81,703 
 4,900   Sanrio Co. Ltd.    88,074 
 6,800   Sanshin Electronics Co. Ltd.    60,513 
 43,600   Sanwa Holdings Corp.    459,779 
 19,000   Sanyo Chemical Industries Ltd.    166,472 
 18,000   Sanyo Denki Co. Ltd.    86,088 
 2,000   Sanyo Electric Railway Co. Ltd.    9,801 
 2,400   Sanyo Housing Nagoya Co. Ltd.    22,228 
 10,000   Sanyo Industries Ltd.    16,955 
 63,000   Sanyo Special Steel Co. Ltd.    340,824 
 3,300   Sanyo Trading Co. Ltd.    41,365 
 13,000   Sapporo Holdings Ltd.    366,296 
 1,500   SATO Holdings Corp.    34,973 
 2,700   Sato Shoji Corp.    17,359 
 4,100   Satori Electric Co. Ltd.    27,203 
 7,800   Sawada Holdings Co. Ltd.    75,680 
 74,500   Sawai Pharmaceutical Co. Ltd.    5,965,257 
 35,000   SAXA Holdings, Inc.    67,918 
 117,780   SBI Holdings, Inc.    1,303,216 
 8,500   SBS Holdings, Inc.    59,396 
 12,000   SCREEN Holdings Co. Ltd.    144,656 
Shares      Value 
JAPAN (continued)
 5,800   Scroll Corp.  $21,714 
 18,800   Sega Sammy Holdings, Inc.   208,756 
 4,000   Seibu Electric Industry Co. Ltd.   16,975 
 18,000   Seika Corp.   44,632 
 23,600   Seikitokyu Kogyo Co. Ltd.   120,272 
 34,000   Seiko Holdings Corp.   113,294 
 38,300   Seino Holdings Co. Ltd.   394,505 
 13,400   Seiren Co. Ltd.   132,378 
 10,000   Sekisui Plastics Co. Ltd.   33,126 
 24,000   Senko Co. Ltd.   151,948 
 2,000   Senshu Electric Co. Ltd.   31,950 
 92,420   Senshu Ikeda Holdings, Inc.   406,690 
 8,800   Senshukai Co. Ltd.   61,234 
 2,600   Septeni Holdings Co. Ltd.   83,197 
 2,000   Seria Co. Ltd.   163,473 
 187,000   Sharp Corp.(d)   168,609 
 1,200   Shibaura Electronics Co. Ltd.   20,428 
 1,000   Shibaura Mechatronics Corp.   2,117 
 17,000   Shibusawa Warehouse Co. Ltd. (The)   47,984 
 5,100   Shibuya Corp.   93,218 
 1,400   Shidax Corp.   6,531 
 59,000   Shiga Bank Ltd. (The)   285,069 
 44,000   Shikibo Ltd.   46,141 
 36,000   Shikoku Bank Ltd. (The)   79,032 
 14,000   Shikoku Chemicals Corp.   128,701 
 8,000   Shikoku Electric Power Co., Inc.   84,442 
 6,900   Shima Seiki Manufacturing Ltd.   138,088 
 12,749   Shimachu Co. Ltd.   290,003 
 2,700   Shimizu Bank Ltd. (The)   73,748 
 3,100   Shin Nippon Air Technologies Co. Ltd.   33,359 
 32,000   Shinagawa Refractories Co. Ltd.   57,392 
 17,000   Shindengen Electric Manufacturing Co. Ltd.   64,811 
 2,000   Shin-Keisei Electric Railway Co. Ltd.   7,860 
 25,500   Shinko Electric Industries Co. Ltd.   142,451 
 7,000   Shinko Plantech Co. Ltd.   51,316 
 4,900   Shinko Shoji Co. Ltd.   50,568 
 13,000   Shinmaywa Industries Ltd.   87,911 
 8,400   Shinnihon Corp.   75,821 
 400   Shinoken Group Co. Ltd.   8,840 
 30,000   Shinsho Corp.   50,865 
 900   Shinwa Co. Ltd.   14,104 
 15,300   Ship Healthcare Holdings, Inc.   467,839 
 3,000   Shizuki Electric Co., Inc.   16,524 
 27,900   Shizuoka Gas Co. Ltd.   211,639 
 7,000   Shochiku Co. Ltd.   80,678 
 3,000   Shoei Foods Corp.   39,104 
 11,000   Shoko Co. Ltd.(d)   7,870 
 1,000   Showa Aircraft Industry Co. Ltd.   9,222 
 30,100   Showa Corp.   176,998 


40
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 78,260   Showa Denko KK  $810,710 
 54,000   Showa Sangyo Co. Ltd.   259,323 
 118,900   Showa Shell Sekiyu KK   1,070,898 
 7,800   Siix Corp.   291,635 
 16,000   Sinanen Holdings Co. Ltd.   64,762 
 31,000   Sinfonia Technology Co. Ltd.   55,599 
 2,600   Sinko Industries Ltd.   30,348 
 107,200   SKY Perfect JSAT Holdings, Inc.   478,032 
 2,800   Skylark Co. Ltd.   37,485 
 8,000   SMK Corp.   27,206 
 2,800   SMS Co. Ltd.   66,573 
 17,500   Sodick Co. Ltd.   138,751 
 6,500   Sogo Medical Co. Ltd.   250,355 
 3,700   Sohgo Security Services Co. Ltd.   184,937 
 315,700   Sojitz Corp.   770,415 
 30,000   Sotetsu Holdings, Inc.   164,943 
 18,500   Sparx Group Co. Ltd.   33,542 
 700   SPK Corp.   14,407 
 5,000   Square Enix Holdings Co. Ltd.   157,544 
 300   ST Corp.   3,464 
 3,000   St. Marc Holdings Co. Ltd.   91,145 
 18,800   Stanley Electric Co. Ltd.   464,127 
 6,500   Star Micronics Co. Ltd.   77,655 
 4,900   Starts Corp., Inc.   99,167 
 2,200   Starzen Co. Ltd.   88,940 
 16,300   Stella Chemifa Corp.   587,877 
 7,700   Studio Alice Co. Ltd.   174,172 
 2,700   Sugi Holdings Co. Ltd.   136,541 
 2,700   Sugimoto & Co. Ltd.   31,383 
 44,600   Sumco Corp.   339,631 
 4,800   Sumida Corp.   41,539 
 22,000   Suminoe Textile Co. Ltd.   40,535 
 104,000   Sumitomo Bakelite Co. Ltd.   506,571 
 8,900   Sumitomo Densetsu Co. Ltd.   101,443 
 77,300   Sumitomo Forestry Co. Ltd.   1,102,284 
 144,000   Sumitomo Heavy Industries Ltd.   697,173 
 139,400   Sumitomo Mitsui Construction Co. Ltd.   128,423 
 1,464,000   Sumitomo Osaka Cement Co. Ltd.   7,059,225 
 7,000   Sumitomo Precision Products Co. Ltd.   22,502 
 1,980   Sumitomo Real Estate Sales Co. Ltd.   42,885 
 28,100   Sumitomo Riko Co. Ltd.   254,466 
 37,900   Sumitomo Rubber Industries Ltd.   543,790 
 19,000   Sumitomo Seika Chemicals Co. Ltd.   115,823 
 21,000   Sumitomo Warehouse Co. Ltd. (The)   111,756 
 33,300   Sun Frontier Fudousan Co. Ltd.   333,212 
 2,000   Sundrug Co. Ltd.   175,038 
 3,600   Sun-Wa Technos Corp.   25,015 
 9,590   Suzuken Co. Ltd.   310,158 
Shares      Value 
JAPAN (continued)
 76,000   SWCC Showa Holdings Co. Ltd.(d)  $47,670 
 1,700   Systena Corp.   28,307 
 8,400   T&K Toka Co. Ltd.   76,068 
 3,200   T. Hasegawa Co. Ltd.   58,270 
 24,000   T. RAD Co. Ltd.   46,572 
 1,600   Tabuchi Electric Co. Ltd.   5,676 
 3,240   Tachibana Eletech Co. Ltd.   36,612 
 6,700   Tachi-S Co. Ltd.   116,881 
 40,000   Tadano Ltd.   393,982 
 2,000   Taihei Dengyo Kaisha Ltd.   20,660 
 360,300   Taiheiyo Cement Corp.   1,048,749 
 9,600   Taiho Kogyo Co. Ltd.   104,152 
 6,000   Taikisha Ltd.   163,826 
 3,000   Taiko Bank Ltd. (The)   6,557 
 700   Taiko Pharmaceutical Co. Ltd.   11,354 
 136,000   Taisei Corp.   1,232,910 
 3,000   Taiyo Holdings Co. Ltd.   103,494 
 36,100   Taiyo Yuden Co. Ltd.   329,388 
 10,000   Takagi Securities Co. Ltd.   13,231 
 17,700   Takara Holdings, Inc.   158,551 
 8,000   Takara Leben Co. Ltd.   63,508 
 22,000   Takara Standard Co. Ltd.   213,025 
 5,200   Takasago International Corp.   127,000 
 6,800   Takasago Thermal Engineering Co. Ltd.   90,569 
 18,000   Takashima & Co. Ltd.   29,990 
 111,000   Takashimaya Co. Ltd.   851,796 
 16,100   Takata Corp.(d)   65,956 
 3,530   Take And Give Needs Co. Ltd.   13,908 
 6,200   Takeei Corp.   53,533 
 5,700   Takeuchi Manufacturing Co. Ltd.   78,208 
 10,000   Takihyo Co. Ltd.   43,612 
 14,000   Takiron Co. Ltd.   68,741 
 33,000   Takisawa Machine Tool Co. Ltd.   42,691 
 9,000   Takuma Co. Ltd.   79,032 
 6,800   Tama Home Co. Ltd.   31,523 
 4,000   Tamron Co. Ltd.   58,764 
 34,000   Tamura Corp.   105,630 
 1,950   Tanseisha Co. Ltd.   15,251 
 500   TASAKI & Co. Ltd.   6,140 
 20,500   Tatsuta Electric Wire and Cable Co. Ltd.   67,305 
 37,000   Tayca Corp.   189,651 
 10,700   TBK Co. Ltd.   39,849 
 600   Techno Medica Co. Ltd.   9,267 
 258,000   Teijin Ltd.   983,604 
 12,000   Tekken Corp.   44,926 
 21,000   Temp Holdings Co. Ltd.   345,764 
 900   T-Gaia Corp.   13,945 
 16,300   THK Co. Ltd.   327,805 
 59,000   Toa Corp.   102,925 
 6,000   Toa Corp.   59,215 
 58,000   Toa Oil Co. Ltd.   67,643 


41
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 22,000   Toa Road Corp.  $60,156 
 2,400   Toabo Corp.   11,478 
 42,250   Toagosei Co. Ltd.   428,980 
 10,100   Tobishima Corp.   18,708 
 5,000   Tobu Store Co. Ltd.   14,505 
 17,100   TOC Co. Ltd.   147,479 
 2,200   Tocalo Co. Ltd.   43,877 
 40,000   Tochigi Bank Ltd. (The)   166,609 
 37,000   Toda Corp.   187,838 
 3,000   Toda Kogyo Corp.   8,526 
 20,000   Toei Co. Ltd.   182,290 
 23,000   Toenec Corp.   135,699 
 59,000   Toho Bank Ltd. (The)   223,776 
 4,000   Toho Co. Ltd.   93,850 
 1,700   Toho Co. Ltd.   50,066 
 676,000   Toho Gas Co. Ltd.   6,009,036 
 6,300   Toho Holdings Co. Ltd.   142,628 
 3,300   Toho Titanium Co. Ltd.   21,119 
 68,000   Toho Zinc Co. Ltd.   231,254 
 26,000   Tohoku Bank Ltd. (The)   37,458 
 21,000   Tokai Carbon Co. Ltd.   54,746 
 2,400   Tokai Corp.   82,207 
 37,700   TOKAI Holdings Corp.   247,922 
 12,000   Tokai Lease Co. Ltd.   22,816 
 12,900   Tokai Rika Co. Ltd.   250,452 
 31,800   Tokai Tokyo Financial Holdings, Inc.   150,531 
 30,840   Tokushu Tokai Paper Co. Ltd.   110,925 
 54,000   Tokuyama Corp.(d)   168,824 
 18,000   Tokyo Dome Corp.   162,297 
 1,100   Tokyo Electron Device Ltd.   16,214 
 5,000   Tokyo Energy & Systems, Inc.   57,137 
 40,000   Tokyo Keiki, Inc.   66,252 
 11,300   Tokyo Ohka Kogyo Co. Ltd.   341,652 
 4,000   Tokyo Rakutenchi Co. Ltd.   18,268 
 15,000   Tokyo Rope Manufacturing Co. Ltd.   24,844 
 2,500   Tokyo Sangyo Co. Ltd.   8,821 
 11,500   Tokyo Seimitsu Co. Ltd.   275,116 
 27,500   Tokyo Steel Manufacturing Co. Ltd.   195,938 
 50,500   Tokyo Tatemono Co. Ltd.   637,962 
 27,000   Tokyo Tekko Co. Ltd.   100,289 
 20,000   Tokyo Theaters Co., Inc.   22,737 
 6,275   Tokyo Ty Financial Group, Inc.   166,784 
 7,000   Tokyotokeiba Co. Ltd.   15,985 
 4,800   Tokyu Construction Co. Ltd.   50,759 
 27,000   Toli Corp.   87,058 
 28,000   Tomato Bank Ltd.   42,259 
 1,100   Tomen Devices Corp.   19,610 
 7,300   Tomoe Corp.   25,040 
 1,300   Tomoe Engineering Co. Ltd.   19,888 
 41,000   Tomoku Co. Ltd.   122,958 
 26,700   TOMONY Holdings, Inc.   101,530 
 11,800   Tomy Co. Ltd.   106,973 
 15,000   Tonami Holdings Co. Ltd.   40,427 
Shares      Value 
JAPAN (continued)
 10,000   TonenGeneral Sekiyu KK  $91,047 
 7,000   Topcon Corp.   68,192 
 15,700   Toppan Forms Co. Ltd.   175,718 
 14,100   Topre Corp.   326,538 
 82,000   Topy Industries Ltd.   184,839 
 11,400   Toridoll.corp   335,738 
 1,000   Torii Pharmaceutical Co. Ltd.   22,326 
 5,000   Torishima Pump Manufacturing Co. Ltd.   55,226 
 43,000   Tosei Corp.   343,882 
 32,000   Toshiba Machine Co. Ltd.   108,512 
 11,000   Toshiba Plant Systems & Services Corp.   195,668 
 46,000   Toshiba TEC Corp.(d)   161,396 
 1,000   Tosho Co. Ltd.   44,250 
 163,000   Tosoh Corp.   843,475 
 5,900   Totetsu Kogyo Co. Ltd.   187,926 
 9,000   TOTO Ltd.   391,189 
 8,000   Tottori Bank Ltd. (The)   13,486 
 94,000   Towa Bank Ltd. (The)   83,834 
 5,500   Towa Corp.   60,857 
 2,000   Towa Pharmaceutical Co. Ltd.   109,766 
 70,600   Toyo Construction Co. Ltd.   366,717 
 3,000   Toyo Denki Seizo KK   8,938 
 16,000   Toyo Engineering Corp.   52,061 
 89,000   Toyo Ink SC Holdings Co. Ltd.   390,768 
 28,000   Toyo Kohan Co. Ltd.   69,702 
 2,500   Toyo Machinery & Metal Co. Ltd.   8,600 
 16,000   Toyo Securities Co. Ltd.   30,264 
 8,700   Toyo Seikan Group Holdings Ltd.   171,723 
 117,000   Toyo Suisan Kaisha Ltd.   5,251,727 
 1,400   Toyo Tanso Co. Ltd.   21,089 
 32,200   Toyo Tire & Rubber Co. Ltd.   330,410 
 20,000   Toyo Wharf & Warehouse Co. Ltd.   28,814 
 544,000   Toyobo Co. Ltd.   1,039,643 
 36,000   Toyoda Gosei Co. Ltd.   796,315 
 16,800   Toyota Boshoku Corp.   393,018 
 5,100   TPR Co. Ltd.   110,262 
 1,200   Trancom Co. Ltd.   77,973 
 3,000   Transcosmos, Inc.   86,235 
 2,600   Trusco Nakayama Corp.   131,484 
 16,500   TS Tech Co. Ltd.   383,251 
 47,000   Tsubakimoto Chain Co.   326,584 
 8,000   Tsubakimoto Kogyo Co. Ltd.   21,326 
 7,000   Tsudakoma Corp.(d)   8,301 
 7,000   Tsugami Corp.   30,323 
 3,100   Tsukada Global Holdings, Inc.   22,118 
 6,800   Tsukishima Kikai Co. Ltd.   71,842 
 30,933   Tsukuba Bank Ltd.   97,315 
 2,500   Tsukui Corp.   39,766 
 8,800   Tsumura & Co.   250,973 
 2,000   Tsuruha Holdings, Inc.   229,333 
 1,200   Tsurumi Manufacturing Co. Ltd.   18,029 


42
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
JAPAN (continued)
 7,000   TTK Co. Ltd.  $32,518 
 2,400   Tv Tokyo Holdings Corp.   51,488 
 226,840   UACJ Corp.   562,459 
 425,800   Ube Industries Ltd.   755,327 
 23,000   Uchida Yoko Co. Ltd.   104,592 
 6,000   Ueki Corp.   12,643 
 2,500   UKC Holdings Corp.   39,937 
 7,200   Ulvac, Inc.   226,863 
 14,000   Uniden Holdings Corp.(d)   17,014 
 18,500   Unipres Corp.   306,596 
 2,600   United Arrows Ltd.   73,463 
 9,300   United Super Markets Holdings, Inc.   90,325 
 35,000   Unitika Ltd.(d)   21,267 
 4,700   Universal Entertainment Corp.(d)   122,342 
 1,600   Unizo Holdings Co. Ltd.   57,706 
 164,200   UNY Group Holdings Co. Ltd.   1,338,897 
 49,380   Usen Corp.(d)   156,316 
 4,100   U-Shin Ltd.   26,078 
 111,400   USS Co. Ltd.   1,913,894 
 8,800   Utoc Corp.   27,167 
 400   V Technology Co. Ltd.   53,001 
 37,500   Valor Holdings Co. Ltd.   1,038,247 
 1,400   Village Vanguard Co. Ltd.   16,575 
 8,000   Vital KSK Holdings, Inc.   76,052 
 16,200   VT Holdings Co. Ltd.   86,847 
 15,000   Wacoal Holdings Corp.   166,119 
 21,700   Wacom Co. Ltd.   89,110 
 33,000   Wakachiku Construction Co. Ltd.   53,041 
 13,400   Wakita & Co. Ltd.   91,010 
 7,600   Warabeya Nichiyo Co. Ltd.   161,035 
 2,700   WATAMI Co. Ltd.   28,314 
 600   Weathernews, Inc.   18,699 
 3,340   Welcia Holdings Co. Ltd.   222,263 
 1,000   Wowow, Inc.   27,216 
 6,500   Xebio Holdings Co. Ltd.   94,791 
 4,000   Yachiyo Industry Co. Ltd.   35,556 
 4,500   Yahagi Construction Co. Ltd.   41,104 
 11,200   YAMABIKO Corp.   89,899 
 462,700   Yamada Denki Co. Ltd.   2,457,817 
 42,000   Yamagata Bank Ltd. (The)   180,291 
 51,000   Yamaguchi Financial Group, Inc.   509,825 
 9,500   Yamaha Corp.   266,654 
 7,000   Yamaichi Electronics Co. Ltd.   53,648 
 45,000   Yamanashi Chuo Bank Ltd. (The)   189,641 
 51,000   Yamatane Corp.   68,976 
 8,400   Yamato Kogyo Co. Ltd.   239,976 
 800   Yamaya Corp.   12,576 
 11,000   Yamazaki Baking Co. Ltd.   304,768 
 100   Yamazawa Co. Ltd.   1,653 
 12,300   Yamazen Corp.   106,925 
 1,200   Yaoko Co. Ltd.   56,628 
Shares      Value 
JAPAN (continued)
 700   Yashima Denki Co. Ltd.  $3,986 
 43,800   Yaskawa Electric Corp.   609,556 
 7,700   Yellow Hat Ltd.   178,096 
 6,500   Yokogawa Bridge Holdings Corp.   74,278 
 133,300   Yokogawa Electric Corp.   1,751,902 
 22,300   Yokohama Reito Co. Ltd.   231,884 
 57,000   Yokohama Rubber Co. Ltd. (The)   779,850 
 500   Yondoshi Holdings, Inc.   10,330 
 12,300   Yorozu Corp.   194,442 
 3,900   Yoshinoya Holdings Co. Ltd.   55,690 
 6,800   Yuasa Trading Co. Ltd.   150,948 
 27,000   Yuken Kogyo Co. Ltd.   46,572 
 2,700   Yumeshin Holdings Co. Ltd.   20,111 
 13,000   Yurtec Corp.   77,464 
 8,000   Yusen Logistics Co. Ltd.   89,224 
 900   Yushiro Chemical Industry Co. Ltd.   12,578 
 3,000   Zenkoku Hosho Co. Ltd.   120,106 
 2,400   Zenrin Co. Ltd.   44,103 
 14,300   Zensho Holdings Co. Ltd.   231,104 
 52,000   Zeon Corp.   436,242 
 1,500   ZERIA Pharmaceutical Co. Ltd.   23,918 
 4,000   Zojirushi Corp.   66,369 
         359,970,126 
JERSEY CHANNEL ISLANDS — 0.1%
 627,819   Atrium European Real Estate Ltd.   2,763,400 
 400,611   Centamin Plc   879,584 
 51,777   Phoenix Group Holdings   549,908 
 7,146   Randgold Resources Ltd.   839,343 
         5,032,235 
LUXEMBOURG — 0.2%
 22,999   APERAM SA   962,309 
 53,621   d’Amico International Shipping SA   20,083 
 1,639   Eurofins Scientific SE(c)   614,682 
 3,970   Grand City Properties SA   88,326 
 49,500   L’Occitane International SA   103,359 
 100,579   Regus Plc   406,389 
 207,373   Stabilus SA(c)(d)   10,852,625 
         13,047,773 
MALAYSIA — 0.4%
 75,100   Aeon Co. (M) Berhad   49,999 
 314,490   Affin Holdings Berhad   164,565 
 96,700   AirAsia Berhad   69,606 
 320,200   Alliance Financial Group Berhad   313,081 
 96,700   Ammb Holdings Berhad   102,152 
 20,100   Amway Malaysia Holdings Berhad   43,207 
 912,800   APM Automotive Holdings Berhad(c)   784,867 


43
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
MALAYSIA (continued)
 32,700   Batu Kawan Berhad  $144,601 
 95,933   Berjaya Assets Berhad   18,383 
 327,300   Berjaya Corp. Berhad   28,143 
 19,519   Berjaya Sports Toto Berhad   15,728 
 57,200   BIMB Holdings Berhad   56,771 
 486,500   Bintulu Port Holdings Berhad(c)   792,408 
 627,207   Boustead Holdings Berhad   320,499 
 46,400   Bursa Malaysia Berhad   98,146 
 60,400   Cahya Mata Sarawak Berhad   53,418 
 20,200   Carlsberg Brewery-Malaysia Berhad   71,261 
 98,060   CB Industrial Product Holding Berhad   46,976 
 3,350   Dayang Enterprise Holdings Berhad(d)   815 
 7,212,586   Dialog Group Berhad   2,693,313 
 234,500   DRB-Hicom Berhad   52,137 
 264,574   Eastern & Oriental Berhad(d)   110,496 
 148,050   Evergreen Fibreboard Berhad   35,098 
 55,400   Felda Global Ventures Holdings Berhad   25,179 
 26,200   Genting Plantations Berhad   67,841 
 23,300   Globetronics Technology Berhad   16,600 
 75,000   Glomac Berhad   14,372 
 41,100   GuocoLand Malaysia Berhad   12,419 
 389,180   HAP Seng Consolidated Berhad   740,977 
 93,500   Hap Seng Plantations Holdings Berhad   55,358 
 2,712,360   Hartalega Holdings Berhad   2,865,286 
 31,600   Heineken Malaysia Berhad   139,737 
 19,992   Hock Seng LEE Berhad   8,742 
 50,200   Hong Leong Industries Berhad   109,760 
 34,033   Hua Yang Berhad   15,050 
 21,720   Hume Industries Berhad   16,915 
 550,980   IJM Corp. Berhad   458,867 
 36,700   IJM Plantations Berhad   29,753 
 73,827   Inari Amertron Berhad   56,225 
 9,300   Jaya Tiasa Holdings Berhad   2,513 
 134,000   JCY International Berhad   19,587 
 59,079   K&N Kenanga Holdings Berhad   7,112 
 15,800   Keck Seng (Malaysia) Berhad   18,632 
 45,100   Kian JOO CAN Factory Berhad   33,239 
 1,976,800   KKB Engineering Berhad(c)   777,025 
 310,080   KNM Group Berhad(d)   31,233 
 21,600   Kossan Rubber Industries   35,341 
 1,362,088   KPJ Healthcare Berhad   1,432,192 
 181,574   KSL Holdings Berhad   50,406 
 35,950   Kumpulan Fima Berhad   16,780 
 102,500   Kumpulan Perangsang Selangor Berhad   26,188 
 15,000   Lafarge Malaysia Berhad   29,296 
 187,300   Land & General Berhad   18,176 
 157,800   Landmarks Berhad(d)   29,850 
 34,400   LBS Bina Group Berhad   13,691 
Shares      Value 
MALAYSIA (continued)
 79,000   Lingkaran Trans Kota Holdings Berhad  $115,671 
 17,100   LPI Capital Berhad   67,467 
 214,257   Lynas Corp. Ltd.(d)   12,212 
 62,600   Magnum Berhad   36,909 
 542,073   Mah Sing Group Berhad   215,737 
 73,050   Malayan Flour Mills Berhad   26,740 
 71,823   Malaysia Airports Holdings Berhad   104,986 
 223,560   Malaysia Building Society Berhad   37,896 
 27,400   Malaysian Pacific Industries Berhad   53,851 
 291,250   Malaysian Resources Corp. Berhad   83,715 
 12,100   Media Prima Berhad   4,310 
 18,700   Mega First Corp. Berhad   8,453 
 81,000   MKH Berhad   52,534 
 355,200   MMC Corp. Berhad   183,250 
 45,500   MNRB Holdings Berhad(d)   27,051 
 22,700   Muhibbah Engineering M Berhad   12,380 
 579,100   Mulpha International Berhad(d)   32,010 
 71,200   My EG Services Berhad   34,983 
 31,800   Naim Holdings Berhad(d)   14,453 
 376,400   Nam Cheong Ltd.(d)   18,810 
 3,100   Nestle Malaysia Berhad   60,165 
 80,000   Oriental Holdings Berhad   129,714 
 109,290   OSK Holdings Berhad   42,690 
 30,500   Padini Holdings Berhad   19,856 
 72,631   Pantech Group Holdings Berhad   10,260 
 107,600   POS Malaysia Berhad   75,337 
 111,200   Press Metal Berhad   113,918 
 48,600   Protasco Berhad   17,909 
 2,848,900   QL Resources Berhad(c)   3,051,518 
 574,000   SapuraKencana Petroleum Berhad   201,651 
 19,800   Sarawak Oil Palms Berhad   17,657 
 7,600   Scientex Berhad   23,712 
 2,300   Selangor Properties Berhad   2,610 
 51,400   Shangri-La Hotels (Malaysia) Berhad   66,168 
 6,100   Shell Refining Co. Federation of Malaya Berhad(d)   4,571 
 149,660   Sunway Berhad   107,727 
 14,966   Sunway Construction Group Berhad   6,067 
 21,100   Supermax Corp. Berhad   10,782 
 27,000   Syarikat Takaful Malaysia Berhad   26,599 
 30,436   Ta Ann Holdings Berhad   25,198 
 269,700   TA Enterprise Berhad   33,129 
 195,360   TA Global Berhad   11,279 
 126,800   TAN Chong Motor Holdings Berhad   60,744 
 211,200   TDM Berhad   35,542 


44
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
MALAYSIA (continued)
 54,040   TH Plantations Berhad(d)  $14,471 
 20,860   Time dotCom Berhad   38,538 
 17,800   Tiong NAM Logistics Holdings   6,953 
 105,720   Top Glove Corp. Berhad   111,421 
 157,116   Tropicana Corp. Berhad   40,915 
 43,600   TSH Resources Berhad   20,030 
 41,800   UEM Edgenta Berhad   36,147 
 120,408   UEM Sunrise Berhad   30,764 
 12,100   UMW Holdings Berhad   16,944 
 167,600   Unisem M Berhad   110,759 
 15,000   United Malacca Berhad   21,300 
 31,900   United Plantations Berhad   207,991 
 142,300   VS Industry Berhad   46,146 
 95,155   Wah Seong Corp. Berhad   17,883 
 117,038   WCT Holdings Berhad   44,854 
 4,085,950   Wellcall Holdings Berhad(c)   2,057,781 
 36,900   WTK Holdings Berhad   9,518 
 47,600   Yinson Holdings Berhad   35,900 
 35,846   YNH Property Berhad(d)   16,820 
 25,600   Zhulian Corp. Berhad   8,553 
         21,431,921 
MALTA — 0.0%
 4,778   Tiso Blackstar Group SE   2,940 
 34,973   Unibet Group Plc - SDR   356,392 
         359,332 
MARTINIQUE — 0.0%
 100,000   MGM China Holdings Ltd.   144,875 
MEXICO — 0.4%
 10,100   Alpek SAB de CV   17,916 
 35,265   Alsea SAB de CV   125,995 
 2,443,900   Asesor de Activos Prisma SAPI de CV REIT(c)   1,622,750 
 203,861   Axtel SAB de CV - CPO Units(d)   60,778 
 27,586   Banregio Grupo Financiero SAB de CV   157,762 
 2,584   Bio Pappel SAB de CV(d)   3,389 
 1,166,800   Bolsa Mexicana de Valores SAB de CV   2,058,546 
 155,625   Consorcio ARA SAB de CV   57,685 
 1,887,370   Corp Inmobiliaria Vesta SAB de CV   2,709,760 
 800   Corp. Actinver SAB de CV   580 
 61,938   Corp. Interamericana de Entretenimiento SAB de CV - Series B(d)   46,247 
 27,300   Corp. Moctezuma SAB de CV   84,375 
 2,674,900   Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT   2,439,509 
 43,027   Fibra Uno Administracion SA de CV REIT   87,546 
 5,418   Fresnillo Plc   138,462 
 121,017   Genomma Lab Internacional SAB de CV - Class B(d)   139,153 
Shares      Value 
MEXICO (continued)
 36,469   Gruma SAB de CV - Series B  $525,037 
 29,269   Grupo Aeromexico SAB de CV(d)   57,071 
 47,113   Grupo Aeroportuario del Centro Norte SAB de CV   293,231 
 248,952   Grupo Aeroportuario del Pacifico SAB de CV - Series B   2,447,431 
 92,763   Grupo Aeroportuario del Sureste SAB de CV - Series B   1,427,264 
 120,492   Grupo Cementos de Chihuahua SAB de CV   314,886 
 45,878   Grupo Comercial Chedraui SA de CV   103,868 
 53,661   Grupo Famsa SAB de CV - Class A(d)   22,924 
 12,100   Grupo Financiero Interacciones SA de CV   59,822 
 46,057   Grupo Herdez SAB de CV   95,160 
 57,500   Grupo Industrial Maseca SAB de CV - Series B   64,093 
 12,400   Grupo Industrial Saltillo SAB de CV   21,493 
 17,079   Grupo KUO SAB de CV - Series B   33,885 
 15,920   Grupo Simec SAB de CV - Series B(d)   35,561 
 19,508   Grupo Sports World SAB de CV(d)   17,427 
 264,100   Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(d)   409,742 
 49,176   Industrias Bachoco SAB de CV - Series B   213,017 
 158,336   Industrias CH SAB de CV - Series B(b)(c)(d)   635,962 
 9,200   Infraestructura Energetica Nova SAB de CV   37,129 
 110,913   Kimberly-Clark de Mexico SAB de CV - Class A   250,693 
 140,111   La Comer SAB de CV(d)   124,792 
 2,031,800   Macquarie Mexico Real Estate Management SA de CV REIT   2,599,620 
 100   Medica Sur SAB de CV - Series B   229 
 33,400   Megacable Holdings SAB de CV - CPO Shares   135,381 
 349,076   Mexichem SAB de CV   761,637 
 83,226   OHL Mexico SAB de CV(d)   114,563 
 53,106   Organizacion Cultiba SAB de CV   62,113 
 130,899   Organizacion Soriana SAB de CV - Series B(d)   322,186 
 26,195   Promotora y Operadora de Infraestructura SAB de CV   306,083 
 23,143   Qualitas Controladora SAB de CV - Class I   32,338 


45
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
MEXICO (continued)
 67,123   Urbi Desarrollos Urbanos SAB de CV(c)(d)  $3 
 4,415   Vitro SAB de CV - Series A   14,448 
         21,289,542 
MONACO — 0.0%
 12,500   Endeavour Mining Corp.(d)   242,887 
MONGOLIA — 0.0%
 317,500   Mongolian Mining Corp.(d)   3,069 
NETHERLANDS — 0.6%
 21,357   Aalberts Industries NV   709,035 
 8,048   Accell Group NV   209,062 
 16,175   AMG Advanced Metallurgical Group NV   231,834 
 3,385   Amsterdam Commodities NV   86,475 
 11,484   Arcadis NV   153,749 
 11,197   ASM International NV   436,639 
 4,808   BE Semiconductor Industries NV   142,824 
 3,301   Beter Bed Holding NV   75,656 
 39,064   BinckBank NV   218,107 
 133,683   Boskalis Westminster   4,911,201 
 3,196   Brunel International NV   65,531 
 1,570   Cimpress NV   148,835 
 4,038   Corbion NV   97,152 
 17,740   Delta Lloyd NV   63,368 
 8,757   Fugro NV(d)   154,786 
 9,716   Gemalto NV   640,564 
 8,200   GrandVision NV   223,186 
 3,874   Heijmans NV - CVA(d)   36,014 
 654   Hunter Douglas NV   32,684 
 3,654   KAS Bank NV - CVA   39,136 
 3,442   Kendrion NV   92,549 
 241,267   Koninklijke Ahold Delhaize NV   5,761,594 
 35,275   Koninklijke BAM Groep NV   138,426 
 19,016   Koninklijke DSM NV   1,217,347 
 12,374   Koninklijke Vopak NV   636,235 
 431   Nederland Apparatenfabriek   14,046 
 10,625   NSI NV REIT   47,028 
 13,255   Ordina NV(d)   23,711 
 27,537   PostNL NV(d)   105,782 
 240,009   QIAGEN NV(d)   6,299,079 
 6,597   Randstad Holding NV   283,809 
 421,951   Refresco Gerber NV   6,587,898 
 99,492   SBM Offshore NV   1,329,230 
 10,543   Sligro Food Group NV   401,941 
 86,230   SNS REAAL NV(b)(c)(d)   0 
 8,477   TKH Group NV   309,388 
 11,780   TomTom NV(d)   100,672 
 2,363   Van Lanschot NV - CVA   39,654 
 12,798   Wessanen   156,103 
 20,830   Wolters Kluwer NV   876,213 
         33,096,543 
Shares      Value 
NEW ZEALAND — 0.8%
 7,184   a2 Milk Co. Ltd.(d)  $10,221 
 328,864   Air New Zealand Ltd.   524,887 
 3,528,280   Auckland International Airport Ltd.   18,805,128 
 44,374   Chorus Ltd.   143,570 
 165,250   Contact Energy Ltd.   644,454 
 19,426   Ebos Group Ltd.   231,486 
 90,232   Fisher & Paykel Healthcare Corp. Ltd.   684,237 
 23,408   Freightways Ltd.   113,941 
 34,123   Genesis Energy Ltd.   54,709 
 53,576   Heartland Bank Ltd.   51,461 
 36,913   Infratil Ltd.   89,839 
 52,582   Kathmandu Holdings Ltd.   68,354 
 70,342   Kiwi Property Group Ltd. REIT   79,249 
 22,834   Mainfreight Ltd.   284,464 
 5,378,754   Mercury Ltd.(c)   12,158,581 
 28,706   Metlifecare Ltd.   116,925 
 39,566   New Zealand Oil & Gas Ltd.(d)   13,144 
 36,795   New Zealand Refining Co. Ltd. (The)   65,105 
 121,885   Nuplex Industries Ltd.   467,414 
 56,805   NZME Ltd.(d)   34,319 
 45,243   NZX Ltd.   33,328 
 73,491   PGG Wrightson Ltd.   23,618 
 80,140   Pike River Coal Ltd.(b)(c)(d)   0 
 45,304   Port of Tauranga Ltd.   640,628 
 19,670   Restaurant Brands New Zealand Ltd.   77,421 
 26,910   Ryman Healthcare Ltd.   185,210 
 15,128   Sanford Ltd.   61,401 
 74,844   Skellerup Holdings Ltd.   69,187 
 182,421   SKY Network Television Ltd.   644,229 
 1,641,759   SKYCITY Entertainment Group Ltd.   6,011,381 
 55,636   Summerset Group Holdings Ltd.   190,454 
 47,121   Tower Ltd.   45,431 
 82,337   Trade Me Group Ltd.   304,454 
 29,035   TrustPower Ltd.   171,317 
 25,065   Vector Ltd.   62,633 
 43,509   Warehouse Group Ltd. (The)   87,982 
         43,250,162 
NORWAY — 0.1%
 57,584   ABG Sundal Collier Holding ASA   34,944 
 1,087   AF Gruppen ASA   20,163 
 9,669   Aker ASA - Class A   289,939 
 25,444   Aker Solutions ASA(d)   25,241 
 3,930   American Shipping Co. ASA   11,552 
 18,135   Atea ASA   189,687 
 41,175   Austevoll Seafood ASA   362,355 
 8,784   Bonheur ASA   48,828 
 1,776   Borregaard ASA   14,314 
 917,091   BW Offshore Ltd.   27,174 


46
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
NORWAY (continued)
 13,163   Det Norske Oljeselskap ASA(d)  $166,309 
 77,998   DNO ASA(d)   79,503 
 5,301   Ekornes ASA   62,829 
 733   Farstad Shipping ASA(d)   823 
 15,181   Fred Olsen Energy ASA(d)   29,689 
 7,433   Grieg Seafood ASA   49,335 
 14,061   Hexagon Composites ASA(d)   42,497 
 4,846   Hoegh LNG Holdings Ltd.   50,544 
 194,372   Kongsberg Automotive ASA(d)   135,001 
 5,470   Kongsberg Gruppen ASA   81,689 
 28,990   Kvaerner ASA   27,247 
 4,182   Leroy Seafood Group ASA   200,794 
 12,409   Nordic Semiconductor ASA(d)   55,889 
 23,394   Opera Software ASA   146,955 
 3,645   Petroleum Geo-Services ASA(d)   7,249 
 42,479   ProSafe SE   3,524 
 2,273   Protector Forsikring ASA   19,532 
 12,159   Salmar ASA   378,296 
 2,025   Schibsted ASA - Class A   63,675 
 463   Schibsted ASA - Class B   13,637 
 5,087   Sevan Marine ASA(d)   13,204 
 6,632   Solstad Offshore ASA(d)   13,913 
 29,923   SpareBank 1 SMN   167,044 
 12,056   SpareBank 1 SR-Bank ASA   56,014 
 129,366   Storebrand ASA(d)   490,193 
 37,647   TGS Nopec Geophysical Co. ASA   625,133 
 26,311   Tomra Systems ASA   287,679 
 23,900   Vard Holdings Ltd.(d)   2,710 
 12,901   Veidekke ASA   163,611 
 3,880   Wilh Wilhelmsen Holding ASA   73,349 
         4,532,064 
PERU — 0.1%
 1,162,608   Alicorp SA   2,602,854 
 2,050,358   Ferreycorp SAA   997,637 
         3,600,491 
PHILIPPINES — 0.2%
 476,500   Alliance Global Group, Inc.   163,452 
 23,966   Belle Corp.   1,638 
 37,840   Cebu Air, Inc.   87,552 
 124,030   China Banking Corp.   100,309 
 1,776,466   Concepcion Industrial Corp.(c)   2,187,116 
 90,600   Cosco Capital, Inc.   15,462 
 13,943,200   D&L Industries, Inc.   2,938,993 
 130,900   Del Monte Pacific Ltd.(d)   35,149 
 98,300   DMCI Holdings, Inc.   27,168 
 72,800   EEI Corp.   14,990 
 726,600   Energy Development Corp.   90,536 
 2,062,375   Filinvest Land, Inc.   85,367 
 86,000   First Gen Corp.   47,281 
 123,070   First Philippine Holdings Corp.   184,958 
 12,964,900   GMA Holdings, Inc. - PDR(c)   1,678,750 
 12,280   International Container Terminal Services, Inc.   16,683 
Shares      Value 
PHILIPPINES (continued)
 1,274,700   Lopez Holdings Corp.  $206,723 
 3,657,300   Manila Water Co., Inc.   2,014,582 
 4,702,696   Megaworld Corp.   502,113 
 443,500   Metro Pacific Investments Corp.   70,606 
 623,000   Pepsi-Cola Products Philippines, Inc.   45,227 
 282,000   Petron Corp.   63,930 
 2,020   Philippine National Bank(d)   2,693 
 39,900   Puregold Price Club, Inc.   40,654 
 75,400   Rizal Commercial Banking Corp.   51,696 
 420,000   Robinsons Land Corp.   285,290 
 48,560   San Miguel Corp.   84,524 
 64,281   Security Bank Corp.   298,823 
 34,010   Semirara Mining & Power Corp.   86,198 
 6   Top Frontier Investment Holdings, Inc.(d)   25 
 161,290   Union Bank of Philippines, Inc.   245,136 
 1,010,600   Vista Land & Lifescapes, Inc.   128,712 
         11,802,336 
POLAND — 0.1%
 2,119   Alior Bank SA(d)   27,460 
 1,432   AmRest Holdings SE(d)   90,912 
 25,202   Asseco Poland SA   346,447 
 6,541   Bank Handlowy w Warszawie SA   115,431 
 41,005   Bank Millennium SA(d)   48,193 
 37,571   Boryszew SA   56,016 
 2,395   Budimex SA   111,579 
 683   CCC SA   31,154 
 2,131   CD Projekt Red SA(d)   19,030 
 10,830   Ciech SA   160,078 
 1,000   Dom Development SA   13,832 
 40,455   Enea SA(d)   113,779 
 13,280   Eurocash SA   178,230 
 5,542   Farmacol SA(d)   69,259 
 125,804   Getin Holding SA(d)   26,795 
 230,777   Getin Noble Bank SA(d)   25,465 
 10,371   Grupa Azoty SA   192,921 
 119   Grupa Azoty Zaklady Chemiczne Police SA   652 
 2,931   Grupa Kety SA   252,718 
 21,247   Grupa Lotos SA(d)   159,261 
 4,256   Impexmetal SA(d)   2,741 
 2,075   Inter Cars SA   148,560 
 155   LPP SA   195,501 
 1,171   Lubelski Wegiel Bogdanka SA   16,377 
 146,043   Netia SA   164,898 
 32,745   Orange Polska SA   45,291 
 9,643   Orbis SA   150,699 
 1,623   Pelion SA(d)   18,346 
 46,907   Synthos SA(d)   47,667 
 884   Warsaw Stock Exchange   7,735 
         2,837,027 


47
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
PORTUGAL — 0.0%
 16,720   Altri SGPS SA  $64,790 
 31,522   Banco BPI SA(d)   39,295 
 4,464,593   Banco Comercial Portugues SA(d)   100,827 
 1,231,589   Banco Espirito Santo SA(b)(c)(d)   0 
 2,336   Corticeira Amorim SGPS SA   18,804 
 58,922   Galp Energia SGPS SA   804,335 
 31,264   Jeronimo Martins SGPS SA   523,426 
 22,362   Mota-Engil SGPS SA   42,901 
 65,648   Navigator Co. SA (The)   208,368 
 36,299   NOS SGPS SA   243,130 
 1,809   REN - Redes Energeticas Nacionais SGPS SA   5,501 
 862   Semapa - Sociedade de Investimento e Gestao   10,823 
 291,274   Sonae SGPS SA   226,650 
 11,475   Teixeira Duarte SA   2,745 
         2,291,595 
SINGAPORE — 1.2%
 23,000   Abterra Ltd.(d)   6,004 
 2,373,000   Ascendas India Trust - Unit(c)   1,796,520 
 7,657,800   Ascendas Real Estate Investment Trust   13,993,891 
 155,400   ASL Marine Holdings Ltd.   27,239 
 7,400   Bonvests Holdings Ltd.   6,623 
 25,598   Boustead Projects Ltd.(d)   11,742 
 48,229   Boustead Singapore Ltd.   28,778 
 16,000   Breadtalk Group Ltd.   13,426 
 43,000   Bukit Sembawang Estates Ltd.   161,326 
 19,432   BW LPG Ltd.   69,117 
 50,961   Cape Plc   125,447 
 8,174,500   CapitaLand Mall Trust REIT   13,047,982 
 42,000   China Aviation Oil Singapore Corp. Ltd.   45,737 
 161,400   Chip Eng Seng Corp. Ltd.   75,842 
 95,400   ComfortDelGro Corp. Ltd.   200,662 
 161,000   Cosco Corp. Singapore Ltd.(d)   34,825 
 56,000   CSE Global Ltd.   19,005 
 156,000   CW Group Holdings Ltd.   41,421 
 65,300   CWT Ltd.   102,282 
 788,346   Ezion Holdings Ltd.(d)   176,403 
 575,582   Ezra Holdings Ltd.(d)   21,466 
 130,121   Far East Orchard Ltd.   149,464 
 73,900   First Resources Ltd.   89,020 
 183,000   FJ Benjamin Holdings Ltd.(d)   7,780 
 164,000   Fragrance Group Ltd.   20,673 
 15,000   Frasers Centrepoint Ltd.   16,950 
 111,000   Gallant Venture Ltd.(d)   16,145 
 59,100   GL Ltd.   35,706 
 52,560   Global Premium Hotels Ltd.(d)   11,369 
 12,000   GMG Global Ltd.(d)   5,012 
 463,600   Golden Agri-Resources Ltd.   124,484 
 58,000   GP Industries Ltd.   26,389 
 48,960   GSH Corp. Ltd.   12,599 
Shares      Value 
SINGAPORE (continued)
 118,666   Guocoland Ltd.  $165,515 
 32,000   Hiap Hoe Ltd.   16,708 
 66,600   Ho Bee Land Ltd.   109,783 
 285,340   Hong Fok Corp. Ltd.   150,045 
 131,000   Hong Leong Asia Ltd.   73,283 
 9,000   Hour Glass Ltd. (The)   5,370 
 680,500   Hutchison Port Holdings Trust - Units   323,238 
 2,650,900   Hyflux Ltd.   1,146,805 
 186,000   Indofood Agri Resources Ltd.   63,817 
 92,950   Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)   0 
 60,800   K1 Ventures Ltd.   39,908 
 81,178   Keppel Infrastructure Trust   30,577 
 10,000   Keppel Telecommunications & Transportation Ltd.   11,300 
 166,600   Lian Beng Group Ltd.   59,025 
 42,000   Low Keng Huat Singapore Ltd.   17,073 
 75,000   Lum Chang Holdings Ltd.   20,139 
 39,000   M1 Ltd.   76,214 
 58,300   Metro Holdings Ltd.   44,789 
 308,000   Midas Holdings Ltd.   56,284 
 214,300   Olam International Ltd.   305,298 
 79,300   OUE Ltd.   88,722 
 66,000   Oxley Holdings Ltd.   19,199 
 21,000   Pan-United Corp. Ltd.   9,398 
 113,400   Penguin International Ltd.   25,375 
 63,500   Petra Foods Ltd.   116,987 
 100,770   QAF Ltd.   84,182 
 176,250   Raffles Education Corp. Ltd.   26,029 
 95,875   Raffles Medical Group Ltd.   112,630 
 90,300   Religare Health Trust - Units   68,026 
 199,000   Rickmers Maritime - Units   11,726 
 93,000   Rotary Engineering Ltd.   27,747 
 217,500   Roxy-Pacific Holdings Ltd.   74,625 
 4,467,000   SATS Ltd.   14,560,148 
 157,200   Sembcorp Industries Ltd.   324,789 
 158,600   Sembcorp Marine Ltd.   166,798 
 97,000   Sheng Siong Group Ltd.   71,265 
 44,500   SHS Holdings Ltd.   6,373 
 4,445,000   SIA Engineering Co. Ltd.(c)   12,267,099 
 45,300   SIIC Environment Holdings Ltd.(d)   19,597 
 100,500   Sim Lian Group Ltd.   70,838 
 592,000   Sinarmas Land Ltd.   200,910 
 148,400   Singapore Post Ltd.   158,838 
 174,000   Singapore Reinsurance Corp. Ltd.   40,233 
 1,992,500   SMRT Corp. Ltd.   2,422,447 
 458,000   Stamford Land Corp. Ltd.   163,974 
 31,300   StarHub Ltd.   91,516 
 36,600   Sunningdale Tech Ltd.   29,210 
 82,000   Super Group Ltd.   49,235 
 133,700   Tat Hong Holdings Ltd.   54,848 
 54,000   Technovator International Ltd.   22,899 
 66,500   Tiong Woon Corp Holding Ltd.   12,152 


48
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SINGAPORE (continued)     
 378,314   Tuan Sing Holdings Ltd.  $81,831 
 42,550   UMS Holdings Ltd.   18,884 
 220,554   United Engineers Ltd.   378,365 
 405,492   United Industrial Corp. Ltd.   825,683 
 219,657   UOB-Kay Hian Holdings Ltd.   215,446 
 87,611   UOL Group Ltd.   377,053 
 33,000   Venture Corp. Ltd.   219,065 
 156,229   Vibrant Group Ltd.   46,611 
 190,612   Wheelock Properties (Singapore) Ltd.   207,573 
 30,300   Wing Tai Holdings Ltd.   39,324 
 1,436   XP Power Ltd.   30,845 
 145,500   Yongnam Holdings Ltd.(d)   22,248 
         67,097,243 
SOUTH AFRICA — 0.5%     
 11,472   Adcock Ingram Holdings Ltd.   39,553 
 111,347   Advtech Ltd.   122,487 
 54,174   Aeci Ltd.   368,764 
 109,566   African Bank Investments Ltd.(b)(c)(d)   459 
 76,288   AngloGold Ashanti Ltd.(d)   1,665,929 
 6,924   Astral Foods Ltd.   60,355 
 25,834   AVI Ltd.   166,975 
 38,884   Barloworld Ltd.   230,734 
 28,795   Blue Label Telecoms Ltd.   38,397 
 787   Capitec Bank Holdings Ltd.   34,896 
 3,151   Cashbuild Ltd.   85,578 
 16,438   Caxton and CTP Publishers and Printers Ltd.   16,579 
 4,704   City Lodge Hotels Ltd.   53,542 
 266,149   Clicks Group Ltd.   2,382,471 
 1,776   Consolidated Infrastructure Group Ltd.(d)   3,376 
 28,204   Coronation Fund Managers Ltd.   149,886 
 40,384   DataTec Ltd.   146,190 
 4,905   Discovery Ltd.   44,166 
 4,599   Distell Group Ltd.   55,166 
 165,998   EOH Holdings Ltd.   1,694,510 
 1,244   Famous Brands Ltd.   12,331 
 20,489   Foschini Group Ltd. (The)   219,927 
 926,791   Gold Fields Ltd.   5,723,821 
 7,837   Grand Parade Investments Ltd.   1,948 
 63,300   Grindrod Ltd.   52,715 
 20,888   Growthpoint Properties Ltd.   39,651 
 71,271   Harmony Gold Mining Co. Ltd.(d)   321,461 
 7,349   Hudaco Industries Ltd.   54,334 
 14,135   Hyprop Investments Ltd.   137,386 
 67,405   Imperial Holdings Ltd.   804,805 
 219,695   Investec Plc   1,306,947 
 164   Invicta Holdings Ltd.   694 
 8,718   JSE Ltd.   106,711 
 33,715   KAP Industrial Holdings Ltd.   15,763 
 13,417   Lewis Group Ltd.   42,045 
 25,495   Liberty Holdings Ltd.   224,990 
Shares      Value 
SOUTH AFRICA (continued)     
 67,214   Life Healthcare Group Holdings Ltd.  $182,788 
 20,504   Metair Investments Ltd.   30,281 
 271,218   MMI Holdings Ltd.   452,510 
 69,886   Mondi Plc   1,415,109 
 24,133   Mpact Ltd.   58,762 
 30,760   Mr Price Group Ltd.   507,228 
 42,526   Nampak Ltd.   64,978 
 67,640   Netcare Ltd.   156,659 
 45,409   Northam Platinum Ltd.(d)   168,077 
 196,458   Oceana Group Ltd.   1,559,634 
 10,702   Omnia Holdings Ltd.   127,125 
 42,192   Peregrine Holdings Ltd.   91,610 
 88,529   Petra Diamonds Ltd.   140,304 
 17,069   Pick’n Pay Stores Ltd.   96,232 
 12,372   Pioneer Foods Group Ltd.   159,538 
 4,870   PPC Ltd.   2,765 
 10,839   PSG Group Ltd.   154,785 
 34,598   Redefine Properties Ltd. REIT   29,884 
 18,485   Resilient REIT Ltd.   179,773 
 12,269   Reunert Ltd.   55,241 
 5,166   Santam Ltd.   86,713 
 155,870   Sappi Ltd.(d)   792,979 
 300,480   Sibanye Gold Ltd.   1,389,703 
 23,216   Spar Group Ltd. (The)   346,335 
 4,194   Sun International Ltd.   25,258 
 159,288   Super Group Ltd.(d)   466,346 
 104,458   Telkom SA SOC Ltd.   484,768 
 6,059   Tiger Brands Ltd.   170,169 
 7,382   Tongaat Hulett Ltd.   63,539 
 24,146   Trencor Ltd.   69,666 
 56,894   Truworths International Ltd.   365,883 
 48,096   Tsogo Sun Holdings Ltd.   100,480 
 3,138   Wilson Bayly Holmes-Ovcon Ltd.   27,014 
         26,447,678 
SOUTH KOREA — 1.0%     
 416   Aekyung Petrochemical Co. Ltd.   38,252 
 1,398   AfreecaTV Co. Ltd.   40,374 
 821   AJ Rent A Car Co. Ltd.(d)   7,659 
 1,228   AK Holdings, Inc.   72,683 
 1,630   Amotech Co. Ltd.(d)   26,848 
 61   Asia Cement Co. Ltd.   4,248 
 299   ASIA Holdings Co. Ltd.   28,161 
 612   Asia Paper Manufacturing Co. Ltd.(d)   13,686 
 12,631   Asiana Airlines, Inc.(d)   54,464 
 2,934   Baiksan Co. Ltd.   18,440 
 1,005   Binggrae Co. Ltd.   56,434 
 642   Bioland Ltd.   13,068 
 104,993   BNK Financial Group, Inc.   825,772 
 666   Boryung Pharmaceutical Co. Ltd.   39,538 


49
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SOUTH KOREA (continued)     
 1,745   Bukwang Pharmaceutical Co. Ltd.  $47,514 
 2,010   Byucksan Corp.   11,537 
 3,199   Chabiotech Co. Ltd.(d)   45,837 
 7,205   Cheil Worldwide, Inc.   115,779 
 190   Chongkundang Holdings Corp.   15,826 
 73   Chosun Refractories Co. Ltd.   5,429 
 624   CJ CGV Co. Ltd.   51,083 
 1,614   CJ CheilJedang Corp.   566,986 
 4,840   CJ E&M Corp.   307,212 
 160   Cj Freshway Corp.   6,363 
 725   CJ Korea Express Corp.(d)   129,771 
 187   CJ O Shopping Co. Ltd.   27,045 
 930   CKD Bio Corp.   24,451 
 7,404   Com2uSCorp(d)   764,096 
 270   Cosmax BTI, Inc.   12,871 
 750   Crown Confectionery Co. Ltd.   24,472 
 2,180   Dae Dong Industrial Co. Ltd.   15,472 
 16,020   Dae Won Kang Up Co. Ltd.   68,719 
 8,001   Daeduck Electronics Co.   56,214 
 3,310   Daeduck GDS Co. Ltd.   39,301 
 1,201   Daehan Steel Co. Ltd.   9,864 
 3,830   Dae-Il Corp.(d)   33,269 
 9,113   Daelim Industrial Co. Ltd.   683,383 
 3,639   Daesang Corp.   98,760 
 3,927   Daesang Holdings Co. Ltd.   44,173 
 2,180   Daesung Holdings Co. Ltd.   18,469 
 3,074   Daewon San Up Co. Ltd.   19,978 
 18,818   Daewoo Engineering & Construction Co. Ltd.(d)   104,493 
 33,769   Daewoo Securities Co. Ltd.   273,733 
 9,121   Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)(c)(d)   36,479 
 496   Daewoong Co. Ltd.   27,631 
 513   Daewoong Pharmaceutical Co. Ltd.   43,553 
 7,916   Daishin Securities Co. Ltd.   74,556 
 1,845   Dasan Networks, Inc.(d)   12,436 
 3,650   Dayou Automotive Seat Technology Co. Ltd.   6,696 
 1,102   DCM Corp.   12,543 
 39,722   DGB Financial Group, Inc.   319,507 
 1,248   Dio Corp(d)   63,729 
 1,360   Dong Ah Tire & Rubber Co. Ltd.   31,931 
 151   Dong-A Socio Holdings Co. Ltd.   22,108 
 144   Dong-A ST Co. Ltd.   14,848 
 1,950   Dong-Ah Geological Engineering Co. Ltd.   17,757 
 3,534   Dongbu HiTek Co. Ltd.(d)   56,158 
 49,137   Dongbu Insurance Co. Ltd.   2,785,519 
 905   Dongbu Securities Co. Ltd.(d)   3,111 
 791   Dong-IL Corp.   42,511 
 288   Dongil Industries Co. Ltd.   18,563 
 10,139   Dongjin Semichem Co. Ltd.   102,734 
Shares      Value 
SOUTH KOREA (continued)     
 665   DongKook Pharmaceutical Co. Ltd.  $39,360 
 2,076   Dongkuk Industries Co. Ltd.   11,342 
 10,327   Dongkuk Steel Mill Co. Ltd.(d)   83,619 
 694   Dongkuk Structures & Construction Co. Ltd.   4,839 
 3,480   Dongsuh Cos., Inc.   101,279 
 9,440   DONGSUNG Corp.   56,885 
 1,969   Dongwha Pharmaceutical Co. Ltd.   17,437 
 210   Dongwon F&B Co. Ltd.   43,682 
 267   Dongwon Industries Co. Ltd.   67,456 
 376   Dongwon Systems Corp.   21,114 
 221   Dongyang E&P, Inc.   2,703 
 2,018   Doosan Corp.   202,674 
 10,689   Doosan Heavy Industries & Construction Co. Ltd.   250,013 
 29,204   Doosan Infracore Co. Ltd.(d)   207,790 
 2,532   DRB Holding Co. Ltd.   32,663 
 1,797   Duzon Bizon Co. Ltd.   37,299 
 2,090   DY Corp.   11,773 
 156   e Tec E&C Ltd.   17,018 
 153   E1 Corp.   8,824 
 1,441   Eagon Industrial Ltd.   16,788 
 17,017   Easy Bio, Inc.   98,746 
 5,009   e-LITECOM Co. Ltd.   53,661 
 5,176   E-Mart Co. Ltd.   755,502 
 305   Eo Technics Co. Ltd.   29,352 
 7,062   Eugene Corp.   33,539 
 13,874   Eugene Investment & Securities Co. Ltd.(d)   35,485 
 3,243   Eugene Technology Co. Ltd.   55,297 
 4,964   Eusu Holdings Co. Ltd.   46,531 
 3,297   EVERDIGM Corp.   29,198 
 656   Fila Korea Ltd.   51,770 
 520   Gaon Cable Co. Ltd.   11,141 
 2,787   Global Display Co. Ltd.(d)   8,671 
 237   Golfzon Co. Ltd.   15,826 
 3,423   Grand Korea Leisure Co. Ltd.   79,605 
 289   Green Cross Corp.   45,150 
 2,348   Green Cross Holdings Corp.   71,898 
 9,764   GS Engineering & Construction Corp.(d)   250,169 
 7,834   GS Global Corp.(d)   17,170 
 33,998   GS Holdings Corp.   1,459,897 
 4,367   GS Retail Co. Ltd.   196,489 
 2,130   Halla Corp.(d)   9,660 
 815   Halla Holdings Corp.   45,838 
 4,637   Han Kuk Carbon Co. Ltd.   27,487 
 3,827   Hana Micron, Inc.   24,052 
 717   Hana Tour Service, Inc.   46,151 
 2,251   Hancom, Inc.   38,885 
 174   Handok, Inc.   5,017 
 990   Handsome Co. Ltd.   34,424 
 1,474   Hanil Cement Co. Ltd.   113,299 


50
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SOUTH KOREA (continued)     
 2,710   Hanjin Heavy Industries & Construction Holdings Co. Ltd.(d)  $13,718 
 2,205   Hanjin Kal Corp.   34,744 
 15,113   Hanjin Shipping Co. Ltd.(d)   28,468 
 1,870   Hanjin Transportation Co. Ltd.   53,171 
 90   Hankook Shell Oil Co. Ltd.   35,955 
 680   Hankuk Paper Manufacturing Co. Ltd.   17,574 
 1,523   Hanmi Semiconductor Co. Ltd.   20,463 
 956   Hansae Co. Ltd.   26,286 
 1,879   Hansae Yes24 Holdings Co. Ltd.   21,471 
 1,840   Hansol Chemical Co. Ltd.   131,411 
 8,116   Hansol Holdings Co. Ltd.(d)   51,588 
 6,958   Hansol HomeDeco Co. Ltd.(d)   11,585 
 387   Hansol Logistics Co. Ltd.   964 
 1,411   Hansol Paper Co. Ltd.   28,720 
 662   Hanssem Co. Ltd.   101,651 
 20,200   Hanwha Chemical Corp.   460,751 
 18,918   Hanwha Corp.   601,242 
 195   Hanwha Galleria Timeworld Co. Ltd.   8,199 
 11,354   Hanwha General Insurance Co. Ltd.   71,358 
 9,373   Hanwha Investment & Securities Co. Ltd.(d)   26,316 
 1,369   Hanwha Techwin Co. Ltd.   66,119 
 3,343   Hanyang Eng Co. Ltd.   40,887 
 1,616   Hanyang Securities Co. Ltd.   11,166 
 4,708   Harim Holdings Co. Ltd.(d)   22,696 
 4,910   Heung-A Shipping Co. Ltd.   6,049 
 66,899   Hite Jinro Co. Ltd.   1,343,773 
 2,043   Hite Jinro Holdings Co. Ltd.   24,896 
 3,259   HMC Investment Securities Co. Ltd.   31,276 
 3,323   Hotel Shilla Co. Ltd.   176,807 
 5,644   HS Industries Co. Ltd.   53,913 
 700   HS R&A Co. Ltd.   23,028 
 4,768   Huchems Fine Chemical Corp.   83,003 
 2,950   Humax Co. Ltd.   38,450 
 617   Huons Co. Ltd.(d)   49,574 
 575   Huons Global Co. Ltd.   26,385 
 6,850   Huvis Corp.   49,656 
 62,741   Huvitz Co. Ltd.   868,174 
 26,495   Hy-Lok Corp.   533,377 
 7,624   Hyosung Corp.   946,066 
 3,447   Hyundai BNG Steel Co. Ltd.(d)   36,466 
 1,266   Hyundai C&F, Inc.   20,174 
 1,840   Hyundai Corp.   38,438 
 3,354   Hyundai Department Store Co. Ltd.   371,286 
 11,399   Hyundai Development Co-Engineering & Construction   450,811 
 1,811   Hyundai Elevator Co. Ltd.(d)   99,753 
Shares      Value 
SOUTH KOREA (continued)     
 26,096   Hyundai Engineering & Construction Co. Ltd.  $857,325 
 4,090   Hyundai Engineering Plastics Co. Ltd.   35,418 
 3,301   Hyundai Greenfood Co. Ltd.   54,665 
 704   Hyundai Home Shopping Network Corp.   76,361 
 12,260   Hyundai Hy Communications & Network Co. Ltd.   41,864 
 755   Hyundai Livart Furniture Co. Ltd.   17,558 
 27,209   Hyundai Marine & Fire Insurance Co. Ltd.   736,002 
 22,357   Hyundai Securities Co. Ltd.   137,317 
 4,968   Hyundai Wia Corp.   380,977 
 878   Il Dong Pharmaceutical Co. Ltd.(b)   22,339 
 2,212   Iljin Electric Co. Ltd.   9,775 
 2,696   Iljin Holdings Co. Ltd.   18,244 
 403   Ilshin Spinning Co. Ltd.   46,051 
 2,000   iMarketKorea, Inc.   22,408 
 1,599   InBody Co. Ltd.   57,956 
 4,561   Innox Corp.(d)   68,609 
 680   Intelligent Digital Integrated Security Co. Ltd.   7,922 
 1,997   Interflex Co. Ltd.(d)   29,594 
 13,496   Interpark Holdings Corp.   71,688 
 1,551   IS Dongseo Co. Ltd.   83,909 
 15,507   IsuPetasys Co. Ltd.   70,741 
 17,236   JB Financial Group Co. Ltd.   91,862 
 666   Jeil Pharmaceutical Co.   42,511 
 1,210   JW Pharmaceutical Corp.   62,436 
 1,030   Kangnam Jevisco Co. Ltd.   34,298 
 5,374   KB Capital Co. Ltd.   119,220 
 11,141   KB Insurance Co. Ltd.   282,466 
 1,853   KC Green Holdings Co. Ltd.   13,648 
 2,112   KC Tech Co. Ltd.   30,544 
 600   KCC Corp.   211,311 
 2,519   KEPCO Plant Service & Engineering Co. Ltd.   154,268 
 1,633   Keyang Electric Machinery Co. Ltd.   8,893 
 2,361   KG Chemical Corp.   29,298 
 2,369   KH Vatec Co. Ltd.   26,013 
 585   KISCO Corp.   20,838 
 2,233   Kishin Corp.   11,463 
 2,418   KISWIRE Ltd.   79,654 
 3,098   KIWOOM Securities Co. Ltd.   218,767 
 9,767   Koentec Co. Ltd.   24,022 
 1,319   Koh Young Technology, Inc.   55,049 
 193,971   Kolao Holdings   1,430,345 
 725   Kolon Corp.   42,653 
 3,413   Kolon Industries, Inc.   265,386 
 60   Kolon Life Science, Inc.   8,410 
 1,632   KONA I Co. Ltd.   26,007 
 3,069   Korea Circuit Co. Ltd.   27,398 
 809   Korea Electric Terminal Co. Ltd.   63,411 


51
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SOUTH KOREA (continued)     
 820   Korea Export Packaging Industrial Co. Ltd.  $15,446 
 1,060   Korea Flange Co. Ltd.(d)   14,336 
 1,290   Korea Gas Corp.   48,714 
 15,405   Korea Investment Holdings Co. Ltd.   644,998 
 1,694   Korea Kolmar Co. Ltd.   143,517 
 602   Korea Kolmar Holdings Co. Ltd.   25,367 
 2,929   Korea Line Corp.(d)   50,728 
 668   Korea PetroChemical Ind Co. Ltd.   140,142 
 1,632   Korea United Pharm, Inc.   31,397 
 7,494   Korean Air Lines Co. Ltd.(d)   190,670 
 19,281   Korean Reinsurance Co.   208,276 
 2,714   Kortek Corp.   30,165 
 787   KPX Chemical Co. Ltd.   35,551 
 1,874   KT Skylife Co. Ltd.   30,616 
 1,913   Kukdo Chemical Co. Ltd.   97,003 
 3,137   Kumho Petrochemical Co. Ltd.   169,991 
 7,068   Kumho Tire Co., Inc.(d)   62,783 
 865   Kumkang Kind Co. Ltd.   40,078 
 5,317   Kwang Dong Pharmaceutical Co. Ltd.   45,141 
 4,902   Kyobo Securities Co. Ltd.   45,512 
 597   Kyung Dong Navien Co. Ltd.   32,884 
 101   Kyungbang Ltd.   15,509 
 5,351   Kyungchang Industrial Co. Ltd.   29,761 
 1,746   Kyungdong Pharm Co. Ltd.   29,616 
 2,833   Kyung-In Synthetic Corp.   16,262 
 894   Leadcorp Inc (The)   7,343 
 1,856   LEENO Industrial, Inc.   69,674 
 3,518   LF Corp.   65,483 
 907   LG Hausys Ltd.   102,429 
 3,281   LG Innotek Co. Ltd.   261,859 
 6,921   LG International Corp.   225,211 
 695   LG Life Sciences Ltd.(d)   45,107 
 71,227   LG Uplus Corp.   696,278 
 2,359   Lock & Lock Co. Ltd.   27,062 
 558   Loen Entertainment, Inc.(d)   40,300 
 319   Lotte Chilsung Beverage Co. Ltd.   469,892 
 1,316   LOTTE Fine Chemical Co. Ltd.   41,766 
 97   Lotte Food Co. Ltd.   70,489 
 1,405   LOTTE Himart Co. Ltd.   56,130 
 5,839   Lotte Non-Life Insurance Co. Ltd.(d)   13,292 
 3,061   LS Corp.   145,651 
 3,687   LS Industrial Systems Co. Ltd.   142,688 
 16,340   Macquarie Korea Infrastructure Fund   130,557 
 48   Maeil Dairy Industry Co. Ltd.   1,660 
 1,025   Mando Corp.   237,915 
 7,032   Medy-Tox, Inc.   2,722,652 
 450   MegaStudyEdu Co. Ltd.   18,942 
 5,349   Meritz Financial Group, Inc.   59,213 
Shares      Value 
SOUTH KOREA (continued)     
 20,522   Meritz Fire & Marine Insurance Co. Ltd.  $281,224 
 135,059   Meritz Securities Co. Ltd.   453,352 
 44   Mi Chang Oil Industrial Co. Ltd.   3,555 
 19,450   Mirae Asset Securities Co. Ltd.   461,007 
 1,450   MK Electron Co. Ltd.   15,145 
 9,910   Moorim P&P Co. Ltd.   38,662 
 1,053   Muhak Co. Ltd.   22,279 
 2,496   Namhae Chemical Corp.   19,698 
 1,118   NCSoft Corp.   250,518 
 1,538   Neowiz Games Corp.(d)   19,291 
 3,444   NEPES Corp.   25,950 
 23,030   Nexen Corp.   164,272 
 6,177   Nexen Tire Corp.   74,169 
 18,756   NH Investment & Securities Co. Ltd.   174,140 
 957   NHN Entertainment Corp.(d)   56,302 
 1,316   NHN KCP Corp.   26,023 
 2,105   NICE Holdings Co. Ltd.   36,645 
 5,313   NICE Information Service Co. Ltd.   33,961 
 3,081   NK Co. Ltd.(d)   13,436 
 199   Nong Shim Holdings Co. Ltd.   22,917 
 280   NongShim Co. Ltd.   84,114 
 454   Noroo Holdings Co. Ltd.   7,397 
 2,740   NPC   17,441 
 3,910   OCI Co. Ltd.(d)   324,626 
 1,723   Osstem Implant Co. Ltd.(d)   117,210 
 131   Ottogi Corp.   91,337 
 15,507   Pan Ocean Co. Ltd.(d)   50,945 
 2,944   Pan-Pacific Co. Ltd.   10,027 
 1,530   PaperCorea, Inc.(d)   1,177 
 5,040   Paradise Co. Ltd.   72,215 
 4,829   Partron Co. Ltd.   51,086 
 9,216   Poongsan Corp.   255,463 
 3,440   POSCO Chemtech Co. Ltd.   34,242 
 13,431   Posco Daewoo Corp.   255,994 
 9,753   Posco ICT Co. Ltd.(d)   53,373 
 601   Posco M-Tech Co. Ltd.   1,529 
 5,547   Power Logics Co. Ltd.(d)   24,290 
 180   Pulmuone Co. Ltd.   21,533 
 134,562   Pyeong Hwa Automotive Co. Ltd.   1,411,511 
 3,651   S&T Dynamics Co. Ltd.   32,170 
 3,341   S&T Holdings Co. Ltd.   56,223 
 1,402   S&T Motiv Co. Ltd.   75,973 
 61,232   S-1 Corp.   5,548,407 
 481   Sajo Industries Co. Ltd.(d)   29,243 
 422   Sam Yung Trading Co. Ltd.   7,309 
 163   Samchully Co. Ltd.   15,497 
 1,716   SAMHWA Paints Industrial Co. Ltd.   17,617 
 5,492   Samick Musical Instruments Co. Ltd.   13,728 
 4,310   Samick THK Co. Ltd.   39,631 
 2,001   Samjin Pharmaceutical Co. Ltd.   59,129 


52
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SOUTH KOREA (continued)     
 250   Samkwang Glass Co. Ltd.  $18,435 
 217   Samlip General Foods Co. Ltd.   37,195 
 5,104   Samsung Card Co. Ltd.   196,614 
 13,987   Samsung Electro-Mechanics Co. Ltd.   689,267 
 7,710   Samsung Engineering Co. Ltd.(d)   72,960 
 19,123   Samsung Heavy Industries Co. Ltd.(d)   169,694 
 10,766   Samsung Securities Co. Ltd.   363,304 
 318   Samyang Holdings Corp.   34,209 
 10,570   Savezone I&C Corp.   48,974 
 5,185   SBS Media Holdings Co. Ltd.   14,072 
 7,130   Seah Besteel Corp.   170,588 
 485   SeAH Holdings Corp.   57,803 
 1,408   SeAH Steel Corp.   87,737 
 2,045   Sebang Co. Ltd.   29,210 
 2,530   Sebang Global Battery Co. Ltd.   87,296 
 69,164   Seegene, Inc.(d)   2,241,354 
 5,490   Sejong Industrial Co. Ltd.   53,912 
 1,680   Sekonix Co. Ltd.   27,596 
 877   Seobu T&D(d)   16,168 
 17,654   Seohan Co. Ltd.   31,206 
 23,722   Seohee Construction Co. Ltd.(d)   31,555 
 5,420   Seoul Semiconductor Co. Ltd.   81,047 
 3,879   Seoyon Co. Ltd.   38,265 
 3,253   Sewon Cellontech Co. Ltd.(d)   10,092 
 1,290   SFA Engineering Corp.   69,559 
 7,407   SFA Semicon Co. Ltd.(d)   17,457 
 3,125   Shin Poong Pharmaceutical Co. Ltd.(d)   20,142 
 2,335   Shinsegae Co. Ltd.   379,387 
 176   Shinsegae International, Inc.   12,303 
 5,073   Shinsung Solar Energy Co. Ltd.(d)   10,869 
 22,990   Shinsung Tongsang Co. Ltd.(d)   28,734 
 15,480   Shinwon Corp.(d)   26,050 
 1,305   Silicon Works Co. Ltd.   36,815 
 1,338   Silla Co. Ltd.   18,276 
 1,760   SIMPAC, Inc.   8,123 
 1,888   SJM Co. Ltd.   12,355 
 1,334   SK Chemicals Co. Ltd.   79,553 
 1,906   SK Gas Ltd.   144,803 
 537   SK Materials Co. Ltd.   70,664 
 16,645   SK Networks Co. Ltd.   92,278 
 39,972   SK Securities Co. Ltd.(d)   43,357 
 10,160   SKC Co. Ltd.   271,199 
 2,927   SL Corp.   37,758 
 1,102   SM Entertainment Co.(d)   30,498 
 3,825   Songwon Industrial Co. Ltd.   68,636 
 2,204   Soulbrain Co. Ltd.   127,894 
 5,736   Ssangyong Cement Industrial Co. Ltd.(d)   97,806 
 1,402   Suheung Co. Ltd.   52,505 
 4,811   Sung Kwang Bend Co. Ltd.   39,642 
Shares      Value 
SOUTH KOREA (continued)     
 3,790   Sungchang Enterprise Holdings Ltd.  $11,013 
 5,826   Sungshin Cement Co. Ltd.(d)   57,732 
 5,645   Sungwoo Hitech Co. Ltd.   41,223 
 214   Sunjin Co. Ltd.   5,273 
 73   Suprema HQ, Inc.(d)   772 
 67   Suprema, Inc.(d)   1,567 
 6,520   Tae Kyung Industrial Co. Ltd.   29,074 
 182   Taekwang Industrial Co. Ltd.   145,581 
 10,606   Taeyoung Engineering & Construction Co. Ltd.(d)   57,568 
 10,109   Tailim Packaging Industrial Co. Ltd.   30,233 
 772   TBH Global Co. Ltd. (The)(d)   6,685 
 16,250   TK Chemical Corp.(d)   31,843 
 3,460   TK Corp.   26,873 
 16,256   Tongyang Life Insurance Co. Ltd.   156,008 
 6,978   Tongyang, Inc.   22,426 
 3,450   Tovis Co. Ltd.   29,937 
 1,049   TS Corp.   23,927 
 1,935   Unid Co. Ltd.   78,512 
 740   Value Added Technologies Co. Ltd.   25,830 
 719   Vieworks Co. Ltd.   31,966 
 1,916   Webzen Inc(d)   32,157 
 3,358   Wonik Holdings Corp.(d)   23,443 
 3,533   Wonik IPS Co. Ltd.(d)   78,378 
 3,529   Woongjin Thinkbig Co. Ltd.(d)   35,285 
 4,055   Y G-1 Co. Ltd.   37,106 
 1,080   YESCO Co. Ltd.   37,650 
 1,004   YG Entertainment, Inc.   34,149 
 9,270   Yoosung Enterprise Co. Ltd.   33,020 
 2,084   Youlchon Chemical Co. Ltd.   25,953 
 191   Young Poong Corp.   191,486 
 3,086   Youngone Corp.   97,664 
 1,498   Youngone Holdings Co. Ltd.   81,042 
 454   Yuhan Corp.   124,023 
         53,732,971 
SPAIN — 0.4%     
 12,130   Acciona SA   896,002 
 20,548   Acerinox SA   274,640 
 57,482   ACS Actividades de Construccion y Servicios SA   1,648,402 
 3,530   Aena SA   509,106 
 19,684   Almirall SA   316,237 
 2,528   Applus Services SA   26,878 
 7,200   Atresmedia Corp. de Medios de Comunicaion SA   75,425 
 1,137,096   Banco de Sabadell SA   1,554,775 
 317,861   Banco Popular Espanol SA   444,924 
 122,277   Bankinter SA   853,048 
 895   Baron de Ley(d)   103,364 
 8,130   Bolsas y Mercados Espanoles SHMSF SA   244,186 


53
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SPAIN (continued)     
 20,024   Caja de Ahorros del Mediterraneo(b)(c)(d)  $0 
 4,948   Cementos Portland Valderrivas SA(d)   33,247 
 14,653   Cie Automotive SA   284,558 
 452   Construcciones y Auxiliar de Ferrocarriles SA   164,715 
 83,680   Distribuidora Internacional de Alimentacion SA   522,129 
 8,393   Duro Felguera SA   12,292 
 25,642   Ebro Foods SA   584,825 
 88,525   EDP Renovaveis SA   716,454 
 4,536   eDreams ODIGEO SA(d)   11,289 
 8,592   Elecnor SA   74,830 
 66,791   Enagas SA   2,036,325 
 34,719   Ence Energia y Celulosa SA   87,724 
 24,115   Ercros SA(d)   45,833 
 16,370   Faes Farma SA   64,605 
 9,353   Fluidra SA   40,572 
 41,422   Gamesa Corp. Tecnologica SA   877,343 
 16,692   Grupo Catalana Occidente SA   469,156 
 1,413   Iberpapel Gestion SA   30,758 
 9,566   Indra Sistemas SA(d)   115,986 
 6,774   Inmobiliaria Colonial SA   53,572 
 1,502   Laboratorios Farmaceuticos Rovi SA   21,679 
 40,703   Liberbank SA(d)   31,081 
 305,962   Mapfre SA   749,811 
 17,024   Mediaset Espana Comunicacion SA   195,658 
 11,410   Melia Hotels International SA   135,473 
 2,083   Miquel y Costas & Miquel SA   91,988 
 14,127   NH Hotel Group SA(d)   64,282 
 20,424   Obrascon Huarte Lain SA   76,061 
 22,626   Papeles y Cartones de Europa SA   131,539 
 9,252   Pescanova SA(b)(c)(d)   0 
 19,936   Pharma Mar SA(d)   51,264 
 1,765   Prim SA   16,872 
 431,645   Prosegur Cia de Seguridad SA   2,934,095 
 74,500   Red Electrica Corp. SA   1,706,641 
 114,480   Sacyr SA   201,583 
 2,247   Tecnicas Reunidas SA   69,474 
 41,405   Tubacex SA   109,015 
 4,430   Vidrala SA   273,888 
 6,047   Viscofan SA   323,494 
 6,359   Vocento SA(d)   9,064 
 23,904   Zardoya Otis SA   234,644 
 956   Zardoya Otis SA - Interim   9,386 
         20,610,192 
SWEDEN — 1.0%     
 169,882   AAK AB(c)   12,557,014 
 10,741   Acando AB   23,473 
 3,798   Addlife AB(d)   55,814 
 3,083   AddNode Group AB   21,978 
Shares      Value 
SWEDEN (continued)     
 12,158   AddTech AB - Class B  $175,827 
 826,705   AF AB - B Shares(c)   15,023,095 
 2,072   Atrium Ljungberg AB - Class B   34,965 
 2,441   Avanza Bank Holding AB   87,291 
 13,583   Axfood AB   244,135 
 6,689   B&B Tools AB - Class B   128,980 
 4,948   Beijer Alma AB   110,444 
 2,816   Beijer Ref AB   69,602 
 14,448   Betsson AB   135,666 
 11,179   Bilia AB   286,758 
 79,471   BillerudKorsnas AB   1,381,943 
 2,484   BioGaia AB - Class B   71,266 
 8,156   Biotage AB   33,265 
 140,078   Boliden AB   3,080,832 
 1,799   Bonava AB(d)   20,698 
 40,560   Bonava AB - Class B(d)   472,576 
 2,022   Bulten AB   19,967 
 19,231   Bure Equity AB   197,209 
 11,054   Byggmax Group AB   80,092 
 12,355   Castellum AB   186,834 
 1,272   Catena AB   19,287 
 7,218   Clas Ohlson AB - Class B   120,412 
 56,029   Cloetta AB - B Shares   204,289 
 11,559   Doro AB(d)   74,295 
 12,044   Duni AB   167,493 
 52,670   Elekta AB - Class B   419,169 
 692,354   Eltel AB(c)   7,302,203 
 1,207   Enea AB   12,871 
 7,041   Fabege AB   125,729 
 2,223   Fagerhult AB   50,918 
 4,295   Getinge AB - Class B   87,085 
 22,187   Gunnebo AB   105,010 
 3,932   Haldex AB   48,363 
 49,658   Hexpol AB   441,914 
 5,834   HiQ International AB   36,816 
 440   HMS Networks AB   12,649 
 12,960   Holmen AB - Class B   438,916 
 16,852   Husqvarna AB - Class A   144,159 
 123,031   Husqvarna AB - Class B   1,056,051 
 16,467   Indutrade AB   347,930 
 14,684   Intrum Justitia AB   471,220 
 13,671   JM AB   354,516 
 17,550   KappAhl AB   86,139 
 3,685   KNOW IT AB   32,621 
 13,464   Kungsleden AB   100,307 
 8,118   Lagercrantz Group AB - B Shares   76,844 
 18,526   Lindab International AB   173,093 
 22,722   Loomis AB - Class B   655,611 
 128,471   Meda AB - Class A   2,396,164 
 310   Medivir AB - Class B(d)   2,074 
 9,858   Mekonomen AB   228,104 
 6,717   Modern Times Group MTG AB - Class B   175,127 
 4,122   MQ Holding AB   16,715 
 3,624   Munksjo Oyj   42,866 


54
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SWEDEN (continued)     
 5,655   Mycronic AB  $65,591 
 1,799   NCC AB - Class A   43,309 
 40,560   NCC AB - Class B   978,332 
 2,159   Nederman Holding AB   52,732 
 66,395   Net Insight AB - Class B(d)   54,702 
 29,286   Netent AB   247,957 
 10,064   New Wave Group AB - Class B   55,042 
 41,644   Nibe Industrier AB - Class B   357,699 
 31,265   Nobia AB   293,578 
 8,614   Nolato AB - B Shares   232,035 
 16,154   Nordnet AB - Class B   53,614 
 53,368   Opus Group AB   39,292 
 117,641   Peab AB   945,857 
 12,951   Pricer AB - B Shares   12,562 
 33,581   Ratos AB - Class B   169,730 
 1,189   Raysearch Laboratories AB   18,446 
 32,557   Rezidor Hotel Group AB   135,448 
 10,568   Saab AB - Class B   362,847 
 166   Sagax AB - Class B   1,659 
 48,567   SAS AB(d)   95,352 
 3,644   Sectra AB - B Shares   56,638 
 3,842   Semcon AB   21,731 
 7,282   SkiStar AB   114,885 
 31,885   SSAB - A Shares(d)   100,170 
 147,413   SSAB AB - B Shares(d)   364,886 
 13,628   Sweco AB - Class B   250,040 
 2,770   Systemair AB   33,585 
 160,843   Tele2 AB - B Shares   1,358,998 
 3,356   Transcom Worldwide AB   21,669 
 54,462   Trelleborg AB - Class B   992,880 
 2,479   Vitrolife AB   141,376 
 12,698   Wallenstam AB   110,775 
         58,310,101 
SWITZERLAND — 1.6%     
 7,763   AFG Arbonia-Forster Holding AG(d)   122,548 
 625,000   Allied World Assurance Co. Holdings AG   25,618,750 
 4,067   Allreal Holding AG   600,902 
 553   Alpiq Holding AG(d)   41,652 
 934   ALSO Holding AG   71,361 
 276   APG SGA SA   117,326 
 25,085   Aryzta AG   943,405 
 11,931   Ascom Holding AG   203,733 
 827   Autoneum Holding AG   232,946 
 83   Bachem Holding AG - Class B   6,753 
 30,200   Baloise Holding AG   3,402,641 
 640   Bank Coop AG   27,668 
 277   Banque Cantonale de Geneve   82,383 
 935   Banque Cantonale Vaudoise   632,852 
 486   Barry Callebaut AG   635,832 
 942   Basler Kantonalbank   65,703 
 1,342   Belimo Holding AG(c)   4,253,636 
 610   Bell AG   240,268 
 1,144   Berner Kantonalbank AG   223,087 
Shares      Value 
SWITZERLAND (continued)     
 528   BKW AG  $24,243 
 2,740   Bobst Group SA   152,379 
 1,166   Bossard Holding AG(d)   141,960 
 2,624   Bucher Industries AG   651,668 
 25,432   Burckhardt Compression Holding AG   7,616,217 
 232   Burkhalter Holding AG   32,220 
 1,012   Calida Holding AG   31,847 
 36   Carlo Gavazzi Holding AG   8,766 
 1,410   Cembra Money Bank AG   101,255 
 178   Cham Paper Holding AG   52,847 
 230   Cicor Technologies(d)   6,395 
 40   Cie Financiere Tradition SA   2,837 
 117,388   Clariant AG   2,043,268 
 43,237   Coca-Cola HBC AG - CDI   893,237 
 638   Coltene Holding AG   47,001 
 140   Conzzeta AG   92,736 
 32,592   Daetwyler Holding AG   4,371,605 
 821   dorma+kaba Holding AG   600,164 
 2,326   Dufry AG(d)   267,831 
 11,406   EFG International AG   54,370 
 844   Emmi AG   544,263 
 2,730   Energiedienst Holding AG   65,771 
 46,077   Ferrexpo Plc   28,051 
 6,395   Flughafen Zuerich AG   1,198,898 
 178   Forbo Holding AG   227,734 
 854   Galenica AG   1,101,424 
 47,446   GAM Holding AG   521,358 
 3,045   Gategroup Holding AG(d)   162,429 
 2,399   Georg Fischer AG   1,956,675 
 127   Gurit Holding AG   86,484 
 4,128   Helvetia Holdings AG   2,074,222 
 3,758   Highlight Communications AG   22,541 
 201   HOCHDORF Holding AG   39,487 
 1,537   Huber & Suhner AG   89,442 
 5,293   Implenia AG   360,440 
 249   Inficon Holding AG   91,268 
 136   Interroll Holding AG   138,077 
 104   Intershop Holding AG   50,970 
 7,531   Julius Baer Group Ltd.   309,104 
 1   Jungfraubahn Holding AG   106 
 1,015   Kardex AG   102,055 
 1,169   Komax Holding AG   260,528 
 19,796   Kudelski SA(d)   421,778 
 144   LEM Holding SA   127,404 
 13,174   Logitech International SA   263,018 
 10,301   Lonza Group AG   1,941,800 
 989   Luzerner Kantonalbank AG(d)   423,478 
 275   MCH Group AG   19,124 
 74   Metall Zug AG - Class B   217,602 
 1,111   Meyer Burger Technology AG(d)   4,643 
 1,603   Mobilezone Holding AG   20,592 
 1,904   Mobimo Holding AG   458,516 
 111,727   OC Oerlikon Corp AG(d)   1,045,567 


55
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
SWITZERLAND (continued)     
 2,840   Orascom Development Holding AG(d)  $21,069 
 3,404   Oriflame Holding AG(d)   87,676 
 1,832   Orior AG   130,425 
 1,572   Panalpina Welttransport Holding AG   212,801 
 3,238   Partners Group Holding AG   1,481,689 
 208   Phoenix Mecano AG   104,944 
 140   Plazza AG   33,772 
 1,315   Rieter Holding AG   276,921 
 154   Romande Energie Holding SA   164,455 
 78   Schaffner Holding AG   18,108 
 144,585   Schmolz & Bickenbach AG(d)   96,967 
 225   Schweiter Technologies AG   227,507 
 763   Siegfried Holding AG   160,520 
 441   Sika AG   2,068,496 
 1,983   Sonova Holding AG   271,711 
 763   St. Galler Kantonalbank AG   313,521 
 216,204   STMicroelectronics NV   1,577,689 
 1,057   Straumann Holding AG   403,791 
 4,456   Sulzer AG   452,864 
 8,673   Swiss Life Holding AG   1,982,119 
 896   Swissquote Group Holding SA   22,187 
 953   Tamedia AG   164,700 
 717   Tecan Group AG   115,259 
 4,539   Temenos Group AG   280,760 
 22,454   U-Blox AG   5,685,319 
 4,427   Valiant Holding AG   422,054 
 1,601   Valora Holding AG   462,526 
 457   Vaudoise Assurances Holding SA   237,883 
 24   Vetropack Holding AG   37,763 
 7,402   Vontobel Holding AG   341,002 
 679   Walter Meier AG   23,049 
 62   Ypsomed Holding AG   12,308 
 3,383   Zehnder Group AG(d)   130,894 
 52   Zug Estates Holding AG - B Shares   89,170 
 31   Zuger Kantonalbank AG   157,623 
         87,360,683 
TAIWAN — 0.8%     
 53,000   AcBel Polytech, Inc.   43,747 
 32,000   Accton Technology Corp.   55,433 
 302,878   Acer, Inc.   144,214 
 64,765   Achem Technology Corp.   23,128 
 9,000   Actron Technology Corp.   32,845 
 9,998   Adlink Technology, Inc.   20,389 
 54,060   Advancetek Enterprise Co. Ltd.   34,716 
 246,694   Airtac International Group   1,846,939 
 25,572   Alltek Technology Corp.   21,148 
 29,050   Altek Corp.   20,885 
 44,000   Ambassador Hotel (The)   35,974 
 18,000   AMPOC Far-East Co. Ltd.   13,899 
 24,139   Anpec Electronics Corp.   22,231 
 42,000   APCB, Inc.(d)   21,182 
Shares      Value 
TAIWAN (continued)     
 164,230   Ardentec Corp.  $107,521 
 63,427   Arima Communications Corp.(d)   11,703 
 54,000   Asia Optical Co., Inc.(d)   46,518 
 59,100   Asia Vital Components Co. Ltd.   47,487 
 11,000   Aten International Co. Ltd.   28,255 
 118,000   AU Optronics Corp.   47,868 
 27,800   Audix Corp.   31,350 
 12,000   Aurora Corp.   19,171 
 43,991   Bank of Kaohsiung Co. Ltd.   12,595 
 360,350   BES Engineering Corp.   61,407 
 28,000   Biostar Microtech International Corp.(d)   8,376 
 1,000   Boardtek Electronics Corp.   1,277 
 13,000   C Sun Manufacturing Ltd.(d)   6,027 
 145,781   Capital Securities Corp.   39,821 
 69,000   Career Technology Manufacturing Co. Ltd.   39,014 
 29,000   Casetek Holdings Ltd.   116,734 
 149,000   Cathay Real Estate Development Co. Ltd.(d)   66,745 
 19,760   Central Reinsurance Co. Ltd.   8,511 
 141,000   Chailease Holding Co. Ltd.   249,995 
 26,000   ChainQui Construction Development Co. Ltd.   16,819 
 87,000   Champion Building Materials Co. Ltd.(d)   18,123 
 1,923   Chang Wah Electromaterials, Inc.   7,108 
 46,185   Charoen Pokphand Enterprise   53,530 
 7,000   Chaun-Choung Technology Corp.   33,111 
 13,000   CHC Resources Corp.   23,008 
 731,920   Cheng Loong Corp.   256,790 
 110,797   Cheng Uei Precision Industry Co. Ltd.   150,284 
 100,025   Chicony Electronics Co. Ltd.   247,218 
 48,120   Chien Kuo Construction Co. Ltd.   13,431 
 11,164   Chilisin Electronics Corp.   24,060 
 541,744   China Airlines Ltd.   159,521 
 18,000   China Chemical & Pharmaceutical Co. Ltd.   10,262 
 11,000   China Ecotek Corp.   16,660 
 69,907   China General Plastics Corp.   36,023 
 555,472   China Life Insurance Co. Ltd.   458,499 
 63,077   China Metal Products   64,909 
 12,114   China Steel Chemical Corp.   39,845 
 37,000   China Steel Structure Co. Ltd.   25,093 
 202,321   China Synthetic Rubber Corp.   146,720 
 44,800   China Wire & Cable Co. Ltd.   18,314 
 42,883   Chin-Poon Industrial Co. Ltd.   94,033 
 99,000   Chipbond Technology Corp.   135,058 
 12,751   Chipmos Technologies, Inc.   13,201 
 12,000   Chong Hong Construction Co. Ltd.   21,727 
 35,876   Chroma ATE, Inc.   90,468 


56
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
TAIWAN (continued)     
 64,000   Chun Yu Works & Co. Ltd.  $28,669 
 112,779   Chun Yuan Steel   36,212 
 77,779   Chung Hwa Pulp Corp.   22,269 
 69,125   Chung-Hsin Electric & Machinery Manufacturing Corp.   39,951 
 228,000   Chunghwa Picture Tubes Ltd.(d)   7,142 
 4,000   Cleanaway Co. Ltd.   21,740 
 51,348   Clevo Co.   46,405 
 99,000   CMC Magnetics Corp.(d)   12,157 
 26,300   CoAsia Microelectronics Corp.(d)   15,818 
 95,000   Compal Electronics, Inc.   59,667 
 366,000   Compeq Manufacturing Co. Ltd.   191,467 
 51,000   Concord Securities Co. Ltd.(d)   10,959 
 115,873   Continental Holdings Corp.(d)   39,020 
 221,500   Coretronic Corp.   208,851 
 50,000   Coxon Precise Industrial Co. Ltd.   59,205 
 84,838   CTCI Corp.   119,591 
 2,637   Cub Elecparts, Inc.   31,927 
 6,000   Cyberpower Systems, Inc.   21,239 
 36,000   CyberTAN Technology, Inc.   23,287 
 76,000   DA CIN Construction Co. Ltd.   38,568 
 15,678   Da-Li Development Co. Ltd.   11,910 
 42,000   Darfon Electronics Corp.   23,682 
 66,201   Delpha Construction Co. Ltd.   29,862 
 24,000   Depo Auto Parts Industrial Co. Ltd.   80,068 
 7,000   DFI, Inc.   11,074 
 65,904   D-Link Corp.   25,187 
 20,183   Dynamic Electronics Co. Ltd.(d)   5,848 
 8,000   Dynapack International Technology Corp.   11,089 
 54,000   E Ink Holdings, Inc.(d)   31,971 
 63,675   Eastern Media International Corp.(d)   11,369 
 11,000   Eclat Textile Co. Ltd.   123,187 
 13,541   Edom Technology Co. Ltd.   7,911 
 34,320   Elan Microelectronics Corp.   40,638 
 14,000   E-LIFE MALL Corp.   25,787 
 17,280   Elite Advanced Laser Corp.   68,475 
 43,967   Elite Material Co. Ltd.   99,853 
 14,000   Elite Semiconductor Memory Technology, Inc.   12,894 
 96,489   Elitegroup Computer Systems Co. Ltd.   49,570 
 9,000   eMemory Technology, Inc.   90,358 
 8,819   ENG Electric Co. Ltd.   4,586 
 133,000   EnTie Commercial Bank Co. Ltd.   57,703 
 75,015   Epistar Corp.   57,807 
 114,270   Eternal Materials Co. Ltd.   119,021 
 28,000   E-Ton Solar Tech Co. Ltd.(d)   10,087 
 474,272   Eva Airways Corp.(d)   225,823 
Shares      Value 
TAIWAN (continued)     
 40,000   Everest Textile Co. Ltd.  $19,484 
 99,000   Evergreen International Storage & Transport Corp.   40,781 
 297,138   Evergreen Marine Corp. Taiwan Ltd.   114,953 
 65,343   Everlight Chemical Industrial Corp.   41,859 
 75,643   Everlight Electronics Co. Ltd.   122,979 
 10,373   Excelsior Medical Co. Ltd.   16,604 
 192,062   Far Eastern Department Stores Ltd.   109,800 
 688,085   Far Eastern International Bank   200,673 
 478   Faraday Technology Corp.   560 
 43,000   Farglory F T Z Investment Holding Co. Ltd.(d)   18,454 
 33,000   Farglory Land Development Co. Ltd.   35,509 
 156,133   Federal Corp.   69,207 
 75,320   Feng Hsin Steel Co. Ltd.   99,214 
 6,720   Feng TAY Enterprise Co. Ltd.   30,313 
 62,293   First Hotel   35,612 
 61,000   First Insurance Co. Ltd. (The)(d)   22,452 
 31,045   FLEXium Interconnect, Inc.   82,662 
 9,955   Flytech Technology Co. Ltd.   33,523 
 71,000   Forhouse Corp.   30,804 
 48,000   Formosa Advanced Technologies Co. Ltd.   33,606 
 9,764   Formosa International Hotels Corp.   57,502 
 31,203   Formosa Oilseed Processing Co. Ltd.   50,045 
 61,000   Formosan Rubber Group, Inc.   29,236 
 73,628   Formosan Union Chemical   40,939 
 33,000   Fortune Electric Co. Ltd.   15,920 
 58,211   Founding Construction & Development Co. Ltd.   29,723 
 90,321   Froch Enterprise Co. Ltd.   28,576 
 23,518   FSP Technology, Inc.   18,123 
 105,412   Fwusow Industry Co. Ltd.   50,522 
 34,639   G Shank Enterprise Co. Ltd.   25,933 
 27,000   Gemtek Technology Corp.   15,140 
 7,535   GeoVision, Inc.   14,870 
 77,000   Getac Technology Corp.   58,010 
 13,000   Giant Manufacturing Co. Ltd.   87,554 
 58,781   Gigabyte Technology Co. Ltd.   74,574 
 2,400   Gigasolar Materials Corp.   34,433 
 60,000   Gigastorage Corp.(d)   43,229 
 290,000   Ginko International Co. Ltd.   2,993,296 
 86,474   Gintech Energy Corp.(d)   63,387 
 12,000   Global Lighting Technologies, Inc.   33,944 
 76,650   Globe Union Industrial Corp.   33,495 
 48,880   Gloria Material Technology Corp.   24,729 
 164,770   Gold Circuit Electronics Ltd.(d)   58,583 


57
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
TAIWAN (continued)     
 370,852   Goldsun Building Materials Co. Ltd.  $94,331 
 7,000   Gourmet Master Co. Ltd.   74,774 
 344,000   Grand Pacific Petrochemical   181,036 
 12,000   Grape King Bio Ltd.   80,444 
 59,000   Great China Metal Industry   46,390 
 40,000   Great Taipei Gas Co. Ltd.   29,258 
 127,946   Great Wall Enterprise Co. Ltd.   108,415 
 27,000   GTM Holdings Corp.(d)   12,941 
 35,000   Hannstar Board Corp.   11,348 
 333,000   HannStar Display Corp.(d)   56,225 
 30,300   Harvatek Corp.   9,454 
 110,000   Hey Song Corp.   112,505 
 66,666   Highwealth Construction Corp.   101,598 
 7,000   Hiroca Holdings Ltd.   25,327 
 620   Hitron Technology, Inc.   418 
 13,309   Hiwin Technologies Corp.   65,246 
 92,506   Ho Tung Chemical Corp.(d)   21,589 
 87,000   Hocheng Corp.   21,012 
 8,800   Holiday Entertainment Co. Ltd.   13,811 
 28,294   Holy Stone Enterprise Co. Ltd.   31,154 
 17,507   Hota Industrial Manufacturing Co. Ltd.   79,520 
 68,678   Hsin Kuang Steel Co. Ltd.   34,745 
 56,993   Hsing TA Cement Co.   18,121 
 36,000   HTC Corp.   107,246 
 11,000   Hu Lane Associate, Inc.   49,103 
 253,000   HUA ENG Wire & Cable Co. Ltd.(d)   54,605 
 26,479   Huaku Development Co. Ltd.   44,210 
 31,000   Hung Ching Development & Construction Co. Ltd.   16,848 
 109,514   Hung Poo Real Estate Development Corp.   91,768 
 39,000   Hung Sheng Construction Ltd.   20,158 
 41,991   Hwa Fong Rubber Co. Ltd.   15,850 
 34,341   Ichia Technologies, Inc.   16,029 
 22,000   I-Chiun Precision Industry Co. Ltd.(d)   6,368 
 209,155   Inventec Corp.   162,159 
 2,000   I-Sheng Electric Wire & Cable Co. Ltd.   2,447 
 26,691   ITE Technology, Inc.   24,832 
 13,000   ITEQ Corp.   13,846 
 14,000   Jess-Link Products Co. Ltd.   11,929 
 139,723   Jih Sun Financial Holdings Co. Ltd.   30,813 
 4,680   Johnson Health Tech Co. Ltd.   6,876 
 13,000   Kaulin Manufacturing Co. Ltd.   6,882 
 165,823   KEE TAI Properties Co. Ltd.   66,489 
 142,825   Kenda Rubber Industrial Co. Ltd.   228,176 
 24,000   Kenmec Mechanical Engineering Co. Ltd.   8,796 
 49,000   Kerry TJ Logistics Co. Ltd.   65,849 
 171,000   Kindom Construction Corp.   91,866 
 132,000   King Slide Works Co. Ltd.   1,602,293 
Shares      Value 
TAIWAN (continued)     
 241,184   King Yuan Electronics Co. Ltd.  $230,811 
 294,185   King’s Town Bank Co. Ltd.   215,642 
 27,062   King’s Town Construction Co. Ltd.   16,064 
 16,000   Kinik Co.   27,466 
 244,343   Kinpo Electronics, Inc.(d)   91,467 
 56,000   Kinsus Interconnect Technology Corp.   120,690 
 534,123   KMC Kuei Meng International, Inc.(c)   1,982,695 
 16,328   KS Terminals, Inc.   19,590 
 11,000   Kung Long Batteries Industrial Co. Ltd.   53,237 
 40,000   Kung Sing Engineering Corp.(d)   12,530 
 104,982   Kuoyang Construction Co. Ltd.   38,970 
 171,936   Kwong Fong Industries Corp.   103,141 
 116,428   KYE Systems Corp.   32,751 
 32,000   L&K Engineering Co. Ltd.   25,562 
 102,714   Lealea Enterprise Co. Ltd.   27,285 
 43,000   LEE CHI Enterprises Co. Ltd.   14,615 
 60,638   Leofoo Development Co. Ltd.   17,267 
 23,000   Lextar Electronics Corp.   11,744 
 167,788   Li Peng Enterprise Co. Ltd.(d)   41,470 
 32,080   Lian Hwa Food Corp.   32,007 
 262,616   Lien Hwa Industrial Corp.   175,225 
 70,000   Lingsen Precision Industries Ltd.   22,037 
 53,882   Lite-On Semiconductor Corp.   36,289 
 64,000   Long Bon International Co. Ltd.   31,977 
 225,934   Long Chen Paper Co. Ltd.   112,178 
 6,000   Longwell Co.   6,372 
 9,451   Lotes Co. Ltd.   24,721 
 69,000   Lucky Cement Corp.   20,274 
 13,939   Lumax International Corp. Ltd.   20,042 
 4,000   Macauto Industrial Co. Ltd.   21,615 
 183,509   Macronix International(d)   23,454 
 16,632   Makalot Industrial Co. Ltd.   85,966 
 44,000   Marketech International Corp.   39,282 
 145,892   Masterlink Securities Corp.   41,862 
 2,152   Mayer Steel Pipe Corp.(d)   853 
 31,440   Meiloon Industrial Co. Ltd.   13,690 
 97,188   Mercuries & Associates Holding Ltd.   58,301 
 1,921   Mercuries Life Insurance Co. Ltd.   975 
 16,130   Merida Industry Co. Ltd.   74,529 
 27,091   Merry Electronics Co. Ltd.   77,226 
 55,404   Micro-Star International Co. Ltd.   120,794 
 17,369   Mirle Automation Corp.   21,546 
 39,000   Motech Industries Inc.(d)   40,438 
 4,000   Nak Sealing Technologies Corp.   10,651 
 24,000   Namchow Chemical Industrial Co. Ltd.   52,251 
 28,590   Nan Kang Rubber Tire Co. Ltd.   25,300 


58
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
TAIWAN (continued)     
 49,000   Nan Ren Lake Leisure Amusement Co. Ltd.  $12,249 
 38,000   Nan Ya Printed Circuit Board Corp.   33,509 
 35,969   Nantex Industry Co. Ltd.   30,760 
 21,000   National Petroleum Co. Ltd.   23,781 
 44,428   Neo Solar Power Corp.   22,685 
 10,000   New Era Electronics Co. Ltd.   7,393 
 34,043   Nichidenbo Corp.   24,101 
 40,267   Nien Hsing Textile Co. Ltd.   30,273 
 43,000   Novatek Microelectronics Corp.   150,863 
 23,000   Ocean Plastics Co. Ltd.(d)   19,093 
 171,000   OptoTech Corp.   67,226 
 71,000   Orient Semiconductor Electronics Ltd.(d)   31,249 
 35,500   Oriental Union Chemical Corp.   21,796 
 451,000   Pacific Hospital Supply Co. Ltd.   1,441,030 
 159,453   Pan Jit International, Inc.   79,669 
 47,000   Pan-International Industrial Corp.   22,821 
 7,000   Parade Technologies Ltd.   62,056 
 4,242   Paragon Technologies Co. Ltd.   3,096 
 13,166   PChome Online, Inc.   147,650 
 39,746   Phihong Technology Co. Ltd.   13,882 
 11,000   Phison Electronics Corp.   90,969 
 12,000   Pixart Imaging, Inc.   27,892 
 7,000   Portwell, Inc.   11,885 
 661,200   Powertech Technology, Inc.   1,681,842 
 5,151   Poya International Co. Ltd.   63,494 
 400,938   President Securities Corp.   151,342 
 312,370   Prince Housing & Development Corp.   103,722 
 121,000   Prodisc Technology, Inc.(b)(c)(d)   0 
 26,000   Promate Electronic Co. Ltd.   25,859 
 16,000   Promise Technology, Inc.   8,571 
 628,520   Qisda Corp.   227,404 
 17,000   Qualipoly Chemical Corp.   20,023 
 66,008   Radiant Opto-Electronics Corp.   105,661 
 135,677   Radium Life Tech Co. Ltd.   42,926 
 36,825   Realtek Semiconductor Corp.   133,236 
 45,771   Rechi Precision Co. Ltd.   39,429 
 35,616   Rich Development Co. Ltd.   9,762 
 168,000   Ritek Corp.(d)   20,893 
 18,000   Ruentex Development Co. Ltd.(d)   21,539 
 53,781   Ruentex Industries Ltd.   85,920 
 75,335   Sampo Corp.   38,112 
 19,114   San Fang Chemical Industry Co. Ltd.   22,573 
 17,600   San Shing Fastech Corp.   33,355 
 96,080   Sanyang Motor Co. Ltd.(d)   65,311 
 17,000   SDI Corp.   21,594 
 21,000   Sercomm Corp.   45,390 
 24,310   Sesoda Corp.   20,028 
 28,000   Sheng Yu Steel Co. Ltd.   19,384 
Shares      Value 
TAIWAN (continued)     
 62,000   Shihlin Electric & Engineering Corp.  $77,978 
 1,138,606   Shin Kong Financial Holding Co. Ltd.   231,124 
 10,000   Shin Zu Shing Co. Ltd.   33,831 
 75,658   Shining Building Business Co. Ltd.(d)   25,715 
 99,000   Shinkong Insurance Co. Ltd.   73,034 
 198,314   Shinkong Synthetic Fibers Corp.   53,239 
 33,000   Shinkong Textile Co. Ltd.   45,484 
 95,000   Sigurd Microelectronics Corp.   68,595 
 42,000   Simplo Technology Co. Ltd.   148,012 
 68,316   Sinbon Electronics Co. Ltd.   162,856 
 57,170   Sincere Navigation Corp.   35,280 
 6,487   Sinmag Equipment Corp.   24,487 
 105,000   Sino-American Silicon Products, Inc.   114,463 
 151,000   Sinon Corp.   66,931 
 14,564   Sinphar Pharmaceutical Co. Ltd.   12,592 
 23,487   Sinyi Realty, Inc.   21,005 
 24,000   Sirtec International Co. Ltd.   28,945 
 12,000   Sitronix Technology Corp.   39,846 
 36,000   Siward Crystal Technology Co. Ltd.   20,863 
 14,013   Solartech Energy Corp.   7,616 
 15,000   Sonix Technology Co. Ltd.   16,540 
 132,000   Southeast Cement Co. Ltd.   63,265 
 5,198   Sporton International, Inc.   29,146 
 8,560   Standard Chemical & Pharmaceutical Co. Ltd.   9,251 
 70,481   Standard Foods Corp.   175,082 
 33,000   Stark Technology, Inc.   25,688 
 20,000   Sunonwealth Electric Machine Industry Co. Ltd.   16,790 
 37,109   Sunrex Technology Corp.   19,878 
 13,000   Sunspring Metal Corp.   17,715 
 113,245   Supreme Electronics Co. Ltd.   61,903 
 90,874   Sweeten Real Estate Development Co. Ltd.   45,404 
 15,000   Syncmold Enterprise Corp.   24,481 
 51,000   Synnex Technology International Corp.   60,229 
 197,631   TA Chen Stainless Pipe Co. Ltd.   104,007 
 107,340   Ta Ya Electric Wire & Cable(d)   15,703 
 53,000   Tah Hsin Industrial Corp.   40,344 
 3,251   TA-I Technology Co. Ltd.   1,706 
 750,159   Taichung Commercial Bank Co. Ltd.   217,131 
 29,000   Taiflex Scientific Co. Ltd.   31,932 
 10,000   Tainan Enterprises Co. Ltd.   10,870 
 878,045   Tainan Spinning Co. Ltd.   396,073 
 35,716   Taisun Enterprise Co. Ltd.(d)   15,104 
 56,924   Taita Chemical Co. Ltd.(d)   13,463 
 12,000   Taiwan Acceptance Corp.   26,689 
 7,909,184   Taiwan Business Bank(d)   2,083,646 


59
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
TAIWAN (continued)     
 31,088   Taiwan Cogeneration Corp.  $23,470 
 6,000   Taiwan FamilyMart Co. Ltd.   39,752 
 49,000   Taiwan Fertilizer Co. Ltd.   68,305 
 54,320   Taiwan Fire & Marine Insurance Co. Ltd.   32,926 
 18,000   Taiwan FU Hsing Industrial Co. Ltd.   26,163 
 162,223   Taiwan Glass Industrial Corp.(d)   68,603 
 42,081   Taiwan Hon Chuan Enterprise Co. Ltd.   61,099 
 30,000   Taiwan Hopax Chemicals Manufacturing Co. Ltd.   18,842 
 145,643   Taiwan Land Development Corp.   48,361 
 12,472   Taiwan Line Tek Electronic   6,759 
 35,150   Taiwan Mask Corp.   9,502 
 49,544   Taiwan Navigation Co. Ltd.   19,245 
 36,032   Taiwan Paiho Ltd.   110,614 
 102,000   Taiwan PCB Techvest Co. Ltd.   94,258 
 60,120   Taiwan Pulp & Paper Corp.(d)   20,151 
 41,408   Taiwan Secom Co. Ltd.   121,540 
 48,000   Taiwan Semiconductor Co. Ltd.   57,889 
 50,010   Taiwan Sogo Shin Kong Security Co. Ltd.   65,326 
 128,500   Taiwan Styrene Monomer(d)   68,028 
 52,875   Taiwan Surface Mounting Technology Corp.   44,804 
 123,469   Taiwan TEA Corp.   61,303 
 71,000   Taiwan Union Technology Corp.   90,521 
 10,322   Taiyen Biotech Co. Ltd.   9,959 
 79,000   Tatung Co. Ltd.(d)   13,240 
 850,000   Teco Electric and Machinery Co. Ltd.   752,201 
 16,000   Test Research, Inc.   21,151 
 24,000   Test Rite International Co. Ltd.   14,773 
 21,000   Thinking Electronic Industrial Co. Ltd.   33,813 
 25,525   Thye Ming Industrial Co, Ltd.   24,947 
 41,000   T-Mac Techvest PCB Co. Ltd.   13,229 
 220,100   Ton Yi Industrial Corp.   98,250 
 8,000   Tong Hsing Electronic Industries Ltd.   29,696 
 28,834   Tong Yang Industry Co. Ltd.   51,846 
 43,946   Tong-Tai Machine & Tool Co. Ltd.   33,108 
 57,512   Topco Scientific Co. Ltd.   135,479 
 50,049   Topoint Technology Co. Ltd.   35,354 
 8,000   Toung Loong Textile Manufacturing Co.   22,178 
 24,000   TPK Holding Co. Ltd.   45,860 
 13,137   Transcend Information, Inc.   39,383 
 39,000   Tripod Technology Corp.   79,776 
 19,000   Truelight Corp.   41,782 
 7,988   Tsann Kuen Enterprise Co. Ltd.   6,593 
 42,942   TSRC Corp.   37,598 
Shares      Value 
TAIWAN (continued)     
 15,000   Ttet Union Corp.  $37,168 
 116,315   Tung Ho Steel Enterprise Corp.   66,496 
 157,000   Tung Thih Electronic Co. Ltd.   2,124,612 
 91,815   TXC Corp.   124,249 
 37,000   TYC Brother Industrial Co. Ltd.   34,887 
 88,303   Tycoons Group Enterprise(d)   10,650 
 42,458   Tyntek Corp.   19,019 
 22,000   U-Ming Marine Transport Corp.   16,195 
 90,000   Unimicron Technology Corp.   38,342 
 394,686   Union Bank of Taiwan   107,811 
 32,762   Union Insurance Co. Ltd.   12,726 
 258,037   Unitech Printed Circuit Board Corp.   80,265 
 272,127   Universal Cement Corp.   182,850 
 103,922   UPC Technology Corp.   29,689 
 62,337   USI Corp.   25,190 
 77,000   Vanguard International Semiconductor Corp.   139,417 
 39,800   Ve Wong Corp.   27,179 
 44,000   Visual Photonics Epitaxy Co. Ltd.   54,995 
 189,000   Voltronic Power Technology Corp.   3,007,612 
 57,287   Wafer Works Corp.(d)   17,479 
 69,000   Wah Lee Industrial Corp.   103,425 
 680,000   Walsin Lihwa Corp.(d)   195,972 
 172,942   Walsin Technology Corp.   183,923 
 110,000   Walton Advanced Engineering, Inc.   32,011 
 110,300   Wan Hai Lines Ltd.   57,011 
 32,000   Wei Chuan Foods Corp.(d)   20,098 
 30,100   Weikeng Industrial Co. Ltd.   17,208 
 28,006   Win Semiconductors Corp.   51,322 
 787,977   Winbond Electronics Corp.(d)   236,716 
 44,673   Wintek Corp.(b)(c)(d)   480 
 94,297   Wisdom Marine Lines Co. Ltd.   99,546 
 600,319   Wistron Corp.   476,712 
 32,850   Wistron NeWeb Corp.   87,674 
 128,865   WPG Holdings Co. Ltd.   163,892 
 60,120   WT Microelectronics Co. Ltd.   82,017 
 17,000   WUS Printed Circuit Co. Ltd.   12,168 
 10,204   Xxentria Technology Materials Corp.   24,389 
 175,786   Yageo Corp.   299,557 
 520,600   Yang Ming Marine Transport Corp.(d)   119,211 
 43,868   YC Co. Ltd.   18,826 
 77,085   YC INOX Co. Ltd.   57,832 
 162,624   YFY, Inc.   48,395 
 31,348   Yi Jinn Industrial Co. Ltd.   9,967 
 143,321   Yieh Phui Enterprise Co. Ltd.   37,353 
 24,110   Youngtek Electronics Corp.   38,442 
 155,000   Yulon Motor Co. Ltd.   137,652 
 14,000   Yung Chi Paint & Varnish Manufacturing Co. Ltd.   33,242 
 28,350   YungShin Global Holding Corp.   41,384 


60
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
TAIWAN (continued)     
 64,000   Yungtay Engineering Co. Ltd.  $89,515 
 7,000   Zeng Hsing Industrial Co. Ltd.   32,124 
 27,000   Zenitron Corp.   14,378 
 56,000   Zhen Ding Technology Holding Ltd.   114,901 
 72,826   Zig Sheng Industrial Co. Ltd.   20,007 
 26,169   Zinwell Corp.   32,995 
 4,000   Zippy Technology Corp.   4,492 
         43,066,167 
THAILAND — 0.2%     
 84,800   Amata Corp. Public Co. Ltd. - FOR   32,381 
 171,100   Ananda Development Public Co. Ltd. - FOR   26,282 
 463,768   AP Thailand Public Co. Ltd. - FOR   98,532 
 237,900   Asia Plus Group Holdings Securities Plc   24,453 
 146,200   Bangchak Petroleum Public Co. Ltd. (The) - FOR   140,617 
 8,125   Bangkok Aviation Fuel Services Public Co. Ltd. - FOR   9,039 
 6,996,650   Bangkok Chain Hospital Public Co. Ltd. - FOR   2,631,528 
 251,006   Bangkok Expressway & Metro Public Co. Ltd. - FOR   60,535 
 26,500   Bangkok Insurance Public Co. Ltd. - FOR   273,902 
 1,178,400   Bangkok Land Public Co. Ltd. - FOR   51,426 
 229,200   Banpu Public Co. Ltd. - FOR   103,314 
 33,100   BEC World Public Co. Ltd. - FOR   23,473 
 111,600   Berli Jucker Public Co. Ltd. - FOR   146,589 
 564,708   Cal-Comp Electronics Thailand Public Co. Ltd. - FOR   44,749 
 93,900   Central Plaza Hotel Public Co. Ltd. - FOR   111,208 
 48,222   CH Karnchang Public Co. Ltd. - FOR   46,727 
 29,800   Charoong Thai Wire & Cable Public Co. Ltd. - FOR   7,914 
 38,400   Delta Electronics Thailand Public Co. Ltd. - FOR   78,553 
 13,400   Dhipaya Insurance Public Co. Ltd. - FOR   15,004 
 376,500   Dynasty Ceramic Public Co. Ltd.   46,698 
 6,743,500   Eastern Water Resources Development and Management Public Co. Ltd. - FOR(c)   2,497,593 
 10,000   Electricity Generating Public Co. Ltd. - FOR   57,135 
 26,000   Energy Absolute Public Co. Ltd.   19,595 
Shares      Value 
THAILAND (continued)     
 166,300   Erawan Group Public Co. Ltd. (The) - FOR  $22,727 
 427,600   Esso Thailand Public Co. Ltd. - FOR   72,433 
 1,210,200   G J Steel Public Co. Ltd. - FOR   7,644 
 120,200   GFPT Public Co. Ltd. - FOR   41,758 
 256,400   Grand Canal Land Public Co. Ltd. - FOR   20,465 
 46,500   Hana Microelectronics Public Co. Ltd. - FOR   38,717 
 449,640   Home Product Center Public Co. Ltd. - FOR   130,387 
 63,100   ICC International Public Co. Ltd. - FOR   60,238 
 1,754,700   IRPC Public Co. Ltd. - FOR   249,880 
 314,991   Italian-Thai Development Public Co. Ltd. - FOR   60,140 
 217,000   Jasmine International Public Co. Ltd.   35,512 
 17,500   KCE Electronics Public Co. Ltd. - FOR   48,737 
 178,900   KGI Securities Thailand Public Co. Ltd. - FOR   17,669 
 316,866   Khon Kaen Sugar Industry Public Co. Ltd.   35,662 
 61,300   Kiatnakin Bank Public Co. Ltd. - FOR   92,399 
 16,100   Krungthai Card Public Co. Ltd. - FOR   56,625 
 59,000   Land and Houses Public Co. Ltd. - FOR   17,278 
 90,560   Land and Houses Public Co. Ltd. - NVDR   26,521 
 21,900   Lanna Resources Public Co. Ltd. - FOR   7,922 
 90,330   Loxley Public Co. Ltd. - FOR   6,847 
 164,500   LPN Development Public Co. Ltd. - FOR   61,871 
 51,900   Major Cineplex Group Public Co. Ltd. - FOR   51,036 
 30,600   Maybank Kim Eng Securities Thailand Public Co. Ltd. - FOR   19,943 
 369,000   MBK Public Co. Ltd. - FOR   159,974 
 3,100   Muang Thai Insurance Public Co. Ltd. - FOR   12,861 
 105,900   Polyplex Public Co. Ltd. - FOR   39,526 
 181,050   Precious Shipping Public Co. Ltd. - FOR   33,008 
 115,900   Pruksa Real Estate Public Co. Ltd. - FOR   91,509 
 939,331   Quality Houses Public Co. Ltd. - FOR   74,434 
 26,700   Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR   39,671 
 179,100   Ratchthani Leasing Public Co. Ltd. - FOR   30,853 


61
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
THAILAND (continued)     
 34,100   Regional Container Lines Public Co. Ltd. - FOR  $5,727 
 38,000   Robinson Department Store Public Co. Ltd. - FOR   72,007 
 80,900   Rojana Industrial Park Public Co. Ltd. - FOR   13,239 
 63,000   Saha-Union Public Co. Ltd. - FOR   66,473 
 54,300   Samart Corp. Public Co. Ltd. - FOR   24,788 
 35,700   Samart Telcoms Public Co. Ltd. - FOR   14,145 
 1,663,000   Sansiri Public Co. Ltd. - FOR   86,421 
 526,176   SC Asset Corp. Public Co. Ltd. - FOR   52,874 
 10,800   Siam City Cement Public Co. Ltd. - FOR   103,256 
 267,441   Siam Future Development Public Co. Ltd. - FOR   47,223 
 51,479   Siam Global House Public Co. Ltd - FOR   22,909 
 165,200   Siamgas & Petrochemicals Public Co. Ltd. - FOR   77,312 
 39,200   Sino-Thai Engineering & Construction Public Co. Ltd. - FOR   29,262 
 92,817   Somboon Advance Technology Public Co. Ltd. - FOR   37,574 
 56,200   SPCG Public Co. Ltd.   35,821 
 81,900   Sri Trang Agro-Industry Public Co. Ltd. - FOR   28,922 
 364,000   Srithai Superware Public Co. Ltd. - FOR   21,111 
 141,350   STP & I Public Co. Ltd. - FOR   39,974 
 165,400   Supalai Public Co. Ltd. - FOR   118,245 
 1,330,700   Tata Steel Thailand Public Co. Ltd. - FOR   28,272 
 4,380   Thai Agro Energy   400 
 410,100   Thai Airways International Public Co. Ltd. - FOR   297,302 
 15,000   Thai Central Chemical Public Co. Ltd. - FOR   11,090 
 18,200   Thai Stanley Electric Public Co. Ltd. - FOR   90,138 
 153,600   Thai Union Group Public Co. Ltd. - FOR   96,138 
 55,000   Thai Vegetable Oil Public Co. Ltd. - FOR   48,163 
 97,800   Thaicom Public Co. Ltd. - FOR   62,055 
 159,600   Thanacart Capital Public Co. Ltd. - FOR   186,727 
 17,300   Thitikorn Public Co. Ltd. - FOR .   5,911 
 104,284   Thoresen Thai Agencies Public Co. Ltd. - FOR   27,546 
 5,782,482   Ticon Industrial Connection Public Co. Ltd. - FOR   2,639,720 
 80,900   Tisco Financial Group Public Co. Ltd. - FOR   125,426 
Shares      Value 
THAILAND (continued)     
 620,700   TMB Bank Public Co. Ltd. - FOR  $40,275 
 1,159,600   TPI Polene Public Co. Ltd. - FOR   75,908 
 27,100   TTCL Public Co. Ltd.   16,417 
 33,400   TTW Public Co. Ltd. - FOR   11,028 
 34,800   Unique Engineering & Construction Public Co. Ltd. - FOR   17,984 
 69,000   Vanachai Group Public Co. Ltd. - FOR   35,065 
 270,200   Vibhavadi Medical Center Public Co. Ltd. - FOR.   23,739 
 223,000   Vinythai Public Co. Ltd. - FOR   64,025 
         13,012,106 
TURKEY — 0.0%     
 5,489   Adana Cimento Sanayii T.A.S. - Class A   11,078 
 8,195   Akcansa Cimento AS   36,512 
 0   Akenerji Elektrik Uretim AS - Placement Shares(d)   0 
 0   Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT   2 
 22,383   Aksa Akrilik Kimya Sanayii AS   58,365 
 47,331   Aksigorta AS(d)   31,687 
 1   Alarko Holding AS   1 
 43,803   Albaraka Turk Katilim Bankasi AS   17,888 
 31,268   Anadolu Anonim Turk Sigorta Sirketi(d)   17,897 
 1   Anadolu Cam Sanayii AS(d)   1 
 3,118   Anadolu Efes Biracilik Ve Malt Sanayii AS   21,124 
 7,704   Anadolu Hayat Emeklilik AS   12,919 
 24,170   Arcelik AS   165,207 
 6,222   Aselsan Elektronik Sanayi Ve Ticaret AS   19,682 
 1   Aygaz AS   4 
 1   Baticim Bati Anadolu Cimento Sanayii AS   2 
 0   Bolu Cimento Sanayii AS   0 
 12,360   Borusan Mannesmann Boru Sanayi ve Ticaret AS   30,988 
 5,586   Boyner Perakende Ve Tekstil Yatirimlari AS(d)   148,931 
 9,168   Brisa Bridgestone Sabanci Sanayi ve Ticaret AS   22,126 
 0   Celebi Hava Servisi AS   3 
 9,101   Cimsa Cimento Sanayi VE Ticaret AS   45,666 
 1,251   Coca-Cola Icecek AS   15,502 
 11,012   Deva Holding AS(d)   12,606 
 0   Dogan Sirketler Grubu Holding AS(d)   0 
 20,278   Dogus Otomotiv Servis ve Ticaret AS   70,660 


62
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
TURKEY (continued)     
 38,442   Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT  $34,357 
 1   Eregli Demir ve Celik Fabrikalari TAS   1 
 1,019   Ford Otomotiv Sanayi AS   11,099 
 1   Gentas Genel Metal Sanayi ve Ticaret AS   0 
 42,374   Global Yatirim Holding AS(d)   22,836 
 1,044   Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS   23,589 
 28,410   Goodyear Lastikleri TAS   35,471 
 1   Gozde Girisim Sermayesi Yatirim Ortakligi AS(d)   0 
 64,549   GSD Holding AS   21,391 
 20,444   Gubre Fabrikalari TAS   37,228 
 1   Hurriyet Gazetecilik ve Matbaacilik AS(d)   0 
 0   IS Finansal Kiralama AS   0 
 1   IS Yatirim Menkul Degerler AS   0 
 25,002   Izmir Demir Celik Sanayi AS(d)   18,914 
 30,850   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A   15,180 
 0   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B   0 
 136,259   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D   60,662 
 23,593   Karsan Otomotiv Sanayii Ve Ticaret AS(d)   8,371 
 125   Kartonsan Karton Sanayi ve Ticaret AS(d)   10,095 
 118   Konya Cimento Sanayii AS   10,463 
 5,811   Koza Altin Isletmeleri AS(d)   19,704 
 4,718   Mardin Cimento Sanayii ve Ticaret AS   6,317 
 0   Menderes Tekstil Sanayi ve Ticaret AS(d)   0 
 13,216   Metro Ticari ve Mali Yatirimlar Holding AS(d)   2,433 
 5,288   Migros Ticaret AS(d)   28,746 
 0   NET Holding AS(d)   0 
 4,289   Netas Telekomunikasyon AS(d)   11,974 
 1,061   Otokar Otomotiv Ve Savunma Sanayi AS   36,652 
 59,936   Petkim Petrokimya Holding AS   86,470 
 5,159   Pinar SUT Mamulleri Sanayii AS   26,473 
 38,573   Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS   40,155 
 93,519   Sekerbank TAS(d)   38,191 
 68,959   Selcuk Ecza Deposu Ticaret ve Sanayi AS   66,479 
 18,424   Soda Sanayii AS   25,223 
 24,515   TAV Havalimanlari Holding AS   89,774 
 14,398   Tofas Turk Otomobil Fabrikasi AS   113,741 
 56,634   Trakya Cam Sanayii AS   46,445 
Shares      Value 
TURKEY (continued)     
 0   Turcas Petrol AS  $0 
 89,407   Turk Hava Yollari AO(d)   154,725 
 1,453   Turk Traktor ve Ziraat Makineleri AS   40,563 
 77,586   Turkiye Halk Bankasi AS   204,129 
 1   Turkiye Sinai Kalkinma Bankasi AS   0 
 143,795   Turkiye Sise ve Cam Fabrikalari AS   161,727 
 43,081   Turkiye Vakiflar Bankasi TAO   63,739 
 14,505   Ulker Biskuvi Sanayi AS   95,989 
 10,576   Vestel Elektonik Sanayi ve Ticaret AS(d)   22,515 
 1   Zorlu Enerji Elektrik Uretim AS(d)   0 
         2,430,672 
UKRAINE — 0.0%     
 11,788   Kernel Holding SA   186,943 
UNITED ARAB EMIRATES — 0.0%     
 64,871   Lamprell Plc(d)   60,098 
UNITED KINGDOM — 4.0%     
 1,160   4imprint Group Plc   21,877 
 16,302   A.G. Barr Plc   116,505 
 466,618   ABcam Plc   4,724,231 
 277,420   Aberdeen Asset Management Plc   1,169,379 
 27,684   Acacia Mining Plc   204,992 
 25,242   Admiral Group Plc   722,918 
 129,757   Afren Plc(b)(c)(d)   0 
 31,163   Aggreko Plc   530,382 
 64,414   Amec Foster Wheeler Plc   380,125 
 1,031   Anglo-Eastern Plantations Plc   5,594 
 58,583   Antofagasta Plc   388,047 
 47,156   Ashmore Group Plc   207,821 
 136,120   Ashtead Group Plc   2,154,574 
 57,144   Assura Plc   44,507 
 28,035   Auto Trader Group Plc   137,541 
 5,635   Avon Rubber Plc   63,315 
 112,769   Babcock International Group Plc   1,447,670 
 138,254   Balfour Beatty Plc(d)   405,650 
 296,047   Barratt Developments Plc   1,714,142 
 284,785   BBA Aviation Plc   897,020 
 212,875   Beazley Plc   1,116,495 
 52,442   Bellway Plc   1,454,718 
 47,274   Berendsen Plc   798,953 
 57,955   Berkeley Group Holdings Plc   2,057,879 
 4,097   BGEO Group Plc   148,080 
 10,409   Big Yellow Group Plc REIT   97,808 
 9,080   Bloomsbury Publishing Plc   20,008 
 118,275   Bodycote Plc   916,491 
 109,690   Booker Group Plc(c)   252,595 
 2,938   Boot (Henry) Plc   6,989 
 37,527   Bovis Homes Group Plc   406,510 
 5,675   Braemar Shipping Services Plc   30,793 


63
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
UNITED KINGDOM (continued)     
 1,216   Brammer Plc  $1,770 
 42,050   Brewin Dolphin Holdings Plc   140,630 
 3,999   British Polythene Industries Plc   52,131 
 34,518   Britvic Plc   285,518 
 3,588   BTG Plc(d)   31,673 
 55,211   Burberry Group Plc   964,512 
 35,124   Capital & Counties Properties Plc   135,271 
 60,849   Capital & Regional Plc   47,312 
 221,512   Carillion Plc   781,859 
 75,668   Chemring Group Plc   137,446 
 54,990   Chesnara Plc   227,609 
 524,988   Cineworld Group Plc   4,081,929 
 2,013   Clarkson Plc   49,100 
 55,392   Close Brothers Group Plc   923,689 
 152,751   CNH Industrial NV   1,089,554 
 280,057   Cobham Plc   634,168 
 27,870   Communisis Plc   13,278 
 27,792   Computacenter Plc   300,872 
 7,150   Concentric AB   87,317 
 28,341   Connect Group Plc   58,700 
 5,916   Consort Medical Plc   80,957 
 8,781   Costain Group Plc   39,483 
 3,352   Countrywide Plc   11,002 
 10,889   Cranswick Plc   337,363 
 46,085   Crest Nicholson Holdings Plc   260,616 
 4,000   Creston Plc   5,135 
 440,609   Croda International Plc   19,388,902 
 23,730   Daily Mail & General Trust Plc - Class A   225,492 
 42,282   Dairy Crest Group Plc   337,428 
 25,624   Darty Plc   56,718 
 4,483   De La Rue Plc   37,378 
 466,259   Debenhams Plc   345,869 
 8,007   Dechra Pharmaceuticals Plc   140,939 
 6,032   Derwent London Plc REIT   226,879 
 62,073   Devro Plc   232,897 
 20,474   Dialog Semiconductor Plc(d)   670,564 
 4,728   Dignity Plc   168,884 
 867,814   Diploma Plc(c)   9,802,534 
 598,985   Direct Line Insurance Group Plc   2,776,133 
 119,908   Dixons Carphone Plc   554,630 
 126,447   Domino’s Pizza Group Plc   664,198 
 44,934   Drax Group Plc   203,262 
 188,197   DS Smith Plc   976,851 
 6,273   Dunelm Group Plc   70,567 
 32,028   E2V Technologies Plc   99,505 
 180,493   Electrocomponents Plc   700,378 
 1,966,162   Elementis Plc   5,761,096 
 110,016   EnQuest Plc(d)   36,036 
 188,369   Enterprise Inns Plc(d)   220,005 
 24,710   Essentra Plc   158,607 
 26,527   Esure Group Plc   91,454 
 8,918   Euromoney Institutional Investor Plc   119,560 
Shares      Value 
UNITED KINGDOM (continued)     
 41,143   Fenner Plc  $87,666 
 7,847   Fidessa Group Plc   253,397 
 270,241   Firstgroup Plc(d)   358,724 
 2,969   Foxtons Group Plc   4,322 
 3,248   Fuller Smith & Turner Plc - Class A   42,384 
 112,080   G4S Plc   276,343 
 23,516   Galliford Try Plc   305,621 
 5,545   Games Workshop Group Plc   35,629 
 30,949   Gem Diamonds Ltd.   53,759 
 16,644   Genus Plc   401,121 
 580,156   GKN Plc   2,222,038 
 5,199   Go-Ahead Group Plc   125,778 
 14,382   Great Portland Estates Plc REIT    130,097 
 856,624   Greene King Plc   9,211,319 
 30,359   Greggs Plc   415,448 
 52,704   Halfords Group Plc   245,873 
 721,704   Halma Plc   10,019,425 
 48,150   Hammerson Plc REIT   355,262 
 67,725   Hansteen Holdings Plc REIT   95,905 
 48,772   Hargreaves Lansdown Plc   838,471 
 162,908   Hays Plc   256,349 
 7,436   Headlam Group Plc   46,450 
 45,677   Helical Bar Plc   171,682 
 228,310   Henderson Group Plc   697,983 
 29,542   Hikma Pharmaceuticals Plc   1,029,826 
 28,944   Hill & Smith Holdings Plc   411,023 
 632   Hilton Food Group Plc   4,993 
 18,932   Hochschild Mining Plc(d)   66,949 
 5,026   Hogg Robinson Group Plc   4,324 
 429,996   Home Retail Group Plc   878,658 
 106,742   HomeServe Plc   791,100 
 137,108   Howden Joinery Group Plc   783,889 
 38,644   Hunting Plc   208,665 
 123,567   ICAP Plc   727,731 
 57,706   IG Group Holdings Plc   675,884 
 26,778   Imagination Technologies Group Plc(d)   72,119 
 22,425   IMI Plc   318,153 
 140,251   Inchcape Plc   1,251,048 
 113,029   Informa Plc   1,068,062 
 60,633   Inmarsat Plc   627,515 
 3,568   Intercontinental Hotels Group Plc   142,701 
 1,585,558   Interserve Plc   6,190,309 
 41,164   Intertek Group Plc   1,974,848 
 65,846   Intu Properties Plc REIT   261,519 
 57,573   ITE Group Plc   124,769 
 64,401   Ithaca Energy, Inc.(d)   46,859 
 127,442   J D Wetherspoon Plc   1,437,012 
 531,895   J Sainsbury Plc   1,578,932 
 12,426   James Fisher & Sons Plc   246,020 
 27,095   Jardine Lloyd Thompson Group Plc   351,418 
 20,600   JD Sports Fashion Plc   342,970 
 12,709   John Menzies Plc   99,237 


64
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
UNITED KINGDOM (continued)     
 205,284   John Wood Group Plc  $1,791,753 
 45,041   Johnson Matthey Plc   1,952,811 
 953   Johnston Press Plc(d)   173 
 51,029   Jupiter Fund Management Plc   285,265 
 55,928   KAZ Minerals Plc(d)   116,652 
 134,990   Kcom Group Plc   196,518 
 32,608   Keller Group Plc   439,751 
 14,590   Kier Group Plc   207,574 
 84,172   Ladbrokes Plc   154,508 
 2,183,667   Laird Plc(c)   8,476,307 
 33,904   Lancashire Holdings Ltd.   270,344 
 35,863   Lavendon Group Plc   55,650 
 20,610   Londonmetric Property Plc REIT   44,133 
 114,900   Lookers Plc   161,949 
 5,374   Low & Bonar Plc   4,338 
 6,395   LSL Property Services Plc   19,466 
 545,879   Man Strategic Holdings Plc(d)   838,036 
 34,369   Marks & Spencer Group Plc   145,236 
 29,565   Marshalls Plc   107,367 
 204,648   Marston’s Plc   384,866 
 20,613   McBride Plc   44,467 
 9,060   McColl’s Retail Group Plc   19,664 
 18,776   Mears Group Plc   98,340 
 270,937   Meggitt Plc   1,570,904 
 67,373   Melrose Industries Plc   610,334 
 64,579   Merlin Entertainments Plc   404,431 
 31,505   Michael Page International Plc   141,014 
 14,834   Micro Focus International Plc   380,077 
 46,577   Millennium & Copthorne Hotels Plc   278,624 
 67,961   Mitchells & Butlers Plc   226,477 
 134,023   Mitie Group Plc   441,127 
 112,692   Moneysupermarket.com Group Plc   445,190 
 73,299   Morgan Advanced Materials Plc   265,801 
 14,135   Morgan Sindall Group Plc   108,126 
 18,180   Mothercare Plc(d)   32,963 
 28,165   N Brown Group Plc   64,821 
 204,239   National Express Group Plc   911,994 
 3,594   NCC Group Plc   15,463 
 69,409   Northgate Plc   350,903 
 23,821   Novae Group Plc   256,464 
 691   Onesavings Bank Plc   1,872 
 302,665   Oxford Instruments Plc(c)   2,870,031 
 5,048   PayPoint Plc   65,939 
 508,505   Pendragon Plc   213,133 
 20,546   Pennon Group Plc   245,269 
 68,756   Persimmon Plc   1,535,090 
 37,039   Petrofac Ltd.   365,439 
 36,290   Photo-Me International Plc   74,444 
 29,505   Playtech Plc   339,526 
 3,200   Poundland Group Plc   9,603 
 7,546   Premier Farnell Plc   19,374 
 319,105   Premier Foods Plc(d)   213,272 
 40,769   Premier Oil Plc(d)   34,262 
Shares      Value 
UNITED KINGDOM (continued)      
 17,849   Provident Financial Plc  $639,928 
 70,653   PZ Cussons Plc   317,639 
 179,176   QinetiQ Group Plc   532,833 
 19,115   Rank Group Plc   56,288 
 67,866   Redrow Plc   303,673 
 8,153   Renishaw Plc   280,651 
 51,233   Renold Plc(d)   28,139 
 195,018   Rentokil Initial Plc   554,908 
 31,220   Restaurant Group Plc (The)   146,349 
 7,870   Ricardo Plc   79,887 
 13,079   Rightmove Plc   701,205 
 17,462   Robert Walters Plc   69,561 
 186,900   Rotork Plc   538,241 
 173,243   Royal Mail Plc   1,168,175 
 65,943   RPC Group Plc   753,161 
 124,524   RPS Group Plc   309,827 
 198,734   RSA Insurance Group Plc   1,309,025 
 13,220   Safestore Holdings Plc REIT   64,875 
 22,285   Savills Plc   206,157 
 21,495   SDL Plc   123,178 
 54,709   Seadrill Ltd.(d)(e)   160,097 
 33,651   Seadrill Ltd.(e)   99,943 
 56,504   Segro Plc REIT   331,277 
 159,868   Senior Plc   433,523 
 76,015   Severfield Plc   54,828 
 153,006   Severn Trent Plc   4,959,129 
 19,812   Shaftesbury Plc REIT   244,897 
 131,875   Shanks Group Plc   184,129 
 172,927   SIG Plc   241,448 
 137,030   Smiths Group Plc   2,290,484 
 46,937   Soco International Plc   93,799 
 214,668   Spectris Plc   5,338,291 
 183,962   Speedy Hire Plc   83,995 
 306,651   Spirax-Sarco Engineering Plc   16,164,523 
 129,217   Spirent Communications Plc   154,766 
 15,991   Sportech Plc(d)   14,074 
 38,490   Sports Direct International Plc(d)   147,470 
 19,974   St. Ives Plc   29,012 
 82,064   St. James’s Place Plc   1,005,708 
 54,495   St. Modwen Properties Plc   203,527 
 51,017   Stagecoach Group Plc   137,063 
 493   Stallergenes Greer Plc(d)   13,779 
 32,001   Sthree Plc   108,950 
 7,112   Stobart Group Ltd.   16,095 
 3,783   Stock Spirits Group Plc   7,760 
 6,031   Stolt-Nielsen Ltd.   75,770 
 56,188   Subsea 7 SA(d)   601,028 
 8,341   SuperGroup Plc   175,077 
 54,149   Synthomer Plc   262,217 
 90,072   Talktalk Telecom Group Plc   272,982 
 93,409   Tate & Lyle Plc   893,789 
 826,520   Taylor Wimpey Plc   1,692,201 
 5,162   Ted Baker Plc   160,681 
 9,195   Telecom Plus Plc   126,559 
 94,379   Thomas Cook Group Plc(d)   81,189 


65
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
UNITED KINGDOM (continued)     
 3,226   Topps Tiles Plc  $5,123 
 63,929   Travis Perkins Plc   1,319,869 
 16,317   Trifast Plc   29,045 
 129,631   Trinity Mirror Plc   128,670 
 54,754   TT electronics Plc   97,646 
 95,743   Tullett Prebon Plc   420,935 
 31,615   Tullow Oil Plc(d)   82,720 
 26,201   U & I Group Plc   52,447 
 61,174   UBM Plc   543,652 
 259,268   Ultra Electronics Holdings Plc   5,870,933 
 16,892   UNITE Group Plc (The)   141,624 
 107,690   Vectura Group Plc(d)   212,216 
 162,796   Vesuvius Plc   792,866 
 417,662   Victrex Plc   8,169,728 
 11,826   Vitec Group Plc (The)   85,064 
 1,370   VP Plc   12,873 
 14,613   Weir Group Plc (The)   283,325 
 28,154   WH Smith Plc   569,713 
 244,679   William Hill Plc   1,035,903 
 15,003   Wilmington Plc   49,242 
 12,913   Wincanton Plc   30,975 
 4,308   Wireless Group Plc   17,503 
 582,213   WM Morrison Supermarkets Plc   1,431,647 
 11,514   Workspace Group Plc REIT   107,429 
 9,736   WS Atkins Plc   180,521 
 12,348   Xaar Plc   81,179 
 827   Zeal Network SE   32,689 
         220,993,280 
UNITED STATES — 53.0%     
 183,775   Aaron’s, Inc.(d)   4,401,411 
 45,000   Abaxis, Inc.   2,225,700 
 215,000   Aceto Corp.   5,527,650 
 500,000   Actuant Corp. - Class A   11,875,000 
 572,587   Advance Auto Parts, Inc.   97,259,628 
 82,491   Alacer Gold Corp.(d)   210,389 
 271,585   American Capital Agency Corp., REIT   5,320,350 
 42,508   American Eagle Outfitters, Inc.   761,743 
 486,350   Annaly Capital Management, Inc., REIT   5,340,123 
 768,000   ANSYS, Inc.(d)   68,628,480 
 179,737   Apollo Commercial Real Estate Finance, Inc.   2,920,726 
 31,200   Argonaut Gold, Inc.(d)   85,548 
 150,000   B&G Foods, Inc.   7,738,500 
 85,000   Balchem Corp.   5,428,950 
 15,035   Ball Corp.   1,062,523 
 9,026   Bizlink Holding, Inc.   55,418 
 25,731   BJ’s Restaurants, Inc.(d)   999,392 
 270,000   Blackbaud, Inc.   18,049,500 
 128,754   Boart Longyear Ltd.(d)   11,742 
 75,000   Boston Beer Co., Inc. (The) - Class A(d)   13,716,000 
 400,000   Brady Corp. - Class A(c)   12,856,000 
 260,000   Bryn Mawr Bank Corp.(c)   7,625,800 
Shares      Value 
UNITED STATES (continued)     
 62,500   Buffalo Wild Wings, Inc.(d)  $10,497,500 
 200,000   Cantel Medical Corp.   13,390,000 
 400,000   Cardiovascular Systems, Inc.(d)   7,844,000 
 525,000   Cepheid, Inc.(d)   18,548,250 
 112,478   Cheesecake Factory, Inc. (The)    5,818,487 
 375,000   CLARCOR, Inc.   23,347,500 
 250,000   Community Bank System, Inc.(c)   11,032,500 
 205,000   CommVault Systems, Inc.(d)   10,606,700 
 400,000   CONMED Corp.(c)   16,256,000 
 533,000   Cooper Cos., Inc. (The)   97,256,510 
 2,730,400   CoreLogic, Inc.(c)(d)   109,980,512 
 460,000   CR Bard, Inc.   102,915,800 
 31,429   Cracker Barrel Old Country Store, Inc.   4,947,239 
 315,000   CST Brands, Inc.   14,086,800 
 725,000   CVB Financial Corp.   11,926,250 
 81,313   Darden Restaurants, Inc.   5,005,628 
 27,541   Dril-Quip, Inc.(d)   1,499,057 
 32,507   DSW, Inc. - Class A   788,620 
 1,003,234   Dun & Bradstreet Corp. (The)(c)   129,667,995 
 350,000   El Pollo Loco Holdings, Inc.(d)   4,606,000 
 250,000   Envestnet Inc(d)   9,542,500 
 500,000   Financial Engines, Inc.   13,195,000 
 300,000   First Financial Bankshares, Inc.   10,251,000 
 160,365   FLIR Systems, Inc.   5,224,692 
 340,000   Flowserve Corp.   16,269,000 
 660,000   Forum Energy Technologies, Inc.(d)   10,777,800 
 119,662   FTI Consulting, Inc.(d)   5,126,320 
 95,381   Gannett Co., Inc.   1,217,061 
 86,600   German American Bancorp, Inc.(c)   2,944,400 
 350,000   Globus Medical, Inc. - Class A(d)   8,032,500 
 145,000   Gorman-Rupp Co. (The)(c)   3,928,050 
 175,000   Guidewire Software, Inc.(d)   10,757,250 
 25,000   Halyard Health, Inc.(d)   864,749 
 45,663   Hancock Holding Co.   1,323,770 
 8,136   Hanover Insurance Group, Inc. (The)   669,918 
 150,000   HB Fuller Co.   6,984,000 
 200,000   Hibbett Sports, Inc.(d)   6,984,000 
 42,998   Huron Consulting Group, Inc.(d)   2,643,087 
 125,000   ICU Medical, Inc.(d)   14,595,000 
 695,000   IDEX Corp.   62,404,050 
 170,000   Independent Bank Corp.(c)   8,535,700 
 424,200   Ingredion, Inc.   56,520,408 
 225,000   Innospec, Inc.(c)   11,310,750 
 250,000   Insulet Corp.(d)   8,847,500 
 350,000   Integra LifeScience Holdings Corp.(d)   29,494,500 
 50,000   J & J Snack Foods Corp.   6,080,500 
 605,000   JM Smucker Co. (The)   93,266,800 
 142,100   John Bean Technologies Corp.   9,509,332 


66
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
UNITED STATES (continued)     
 415,000   John Wiley & Sons, Inc. - Class A  $23,945,500 
 2,390,000   KAR Auction Services, Inc.(c)   102,220,300 
 65,480   Knight Transportation, Inc.   1,953,268 
 111,122   Kohl’s Corp.   4,621,564 
 830,000   Laboratory Corp of America Holdings(d)   115,834,800 
 80,000   Landstar System, Inc.   5,639,200 
 300,000   LogMein, Inc.(d)   25,773,000 
 260,000   Lydall, Inc.(c)(d)   11,616,800 
 57,362   Magellan Health, Inc.(d)   3,927,576 
 250,000   Manitowoc Foodservice, Inc.(d)   4,585,000 
 250,000   Masimo Corp.(d)   13,242,500 
 300,000   Medidata Solutions, Inc.(d)   15,945,000 
 430,000   Mentor Graphics Corp.   9,184,800 
 751,240   MFA Financial, Inc.   5,649,325 
 60,910   Morningstar, Inc.   5,151,768 
 677   Movie Gallery, Inc.(b)(c)(d)   0 
 9,605   MSC Industrial Direct Co., Inc. - Class A   689,927 
 1,441,000   Nasdaq, Inc.   101,965,160 
 100,000   Navigators Group, Inc. (The)(c)   9,367,000 
 2,478,900   Newell Brands, Inc.   130,043,094 
 15,265,712   Nexteer Automotive Group Ltd.   15,111,449 
 661,051   NIC, Inc.   15,415,709 
 84,651   Northwest Natural Gas Co.   5,497,236 
 325,000   NuVasive, Inc.(d)   20,215,000 
 379,800   Omnicell, Inc.(c)(d)   14,690,664 
 394,200   Omnicom Group, Inc.   32,438,718 
 0   Ormat Technologies, Inc.   13 
 750,000   Patterson Cos., Inc.   37,020,000 
 3,184   Performance Sports Group Ltd.(d)   10,559 
 50,000   Phibro Animal Health Corp. - Class A   1,031,499 
 200,000   PROS Holdings, Inc.(d)   3,716,000 
 220,000   Prosperity Bancshares, Inc.   11,239,800 
 250,000   QLIK Technologies, Inc.(d)   7,550,000 
 550,000   Qualys, Inc.(c)(d)   17,264,500 
 61,422   Quest Diagnostics, Inc.   5,304,404 
 110,000   Raven Industries, Inc.   2,283,600 
 150,000   RBC Bearings, Inc.(d)   11,404,500 
 355,553   REC Silicon ASA(d)   67,173 
 913,593   Rockwell Collins, Inc.   77,308,240 
 11,854,500   Samsonite International SA(c)   33,691,447 
 39,895   Sanderson Farms, Inc.   3,494,403 
 100,000   Sensient Technologies Corp.   7,383,000 
 41,559   Sims Metal Management Ltd.   266,242 
 487,000   Snap-on, Inc.   76,541,790 
 625,000   Snyder’s-Lance, Inc.   21,412,500 
 950,000   Spectrum Brands Holdings, Inc.(c)   122,331,500 
 120,000   SPS Commerce, Inc.(d)   7,598,400 
 138,100   Standex International Corp.(c)   12,263,280 
 109,537   Starwood Property Trust, Inc., REIT   2,387,907 
Shares      Value 
UNITED STATES (continued)   
209,250   Stock Yards Bancorp, Inc.(c)  $ 6,181,245 
 110,133   Sykes Enterprises, Inc.(d)   3,379,982 
 48,925   Tahoe Resources, Inc.   759,553 
 95,752   Texas Roadhouse, Inc.   4,521,409 
 220,000   TreeHouse Foods, Inc.(d)   22,701,800 
 800,000   TriMas Corp.(c)(d)   14,296,000 
 196,754   Two Harbors Investment Corp., REIT   1,721,597 
 290,000   UMB Financial Corp.   16,068,900 
 735,000   Universal Health Services, Inc., Series B   95,204,550 
 1,350,000   Vantiv, Inc. - Class A(d)   73,939,500 
 225,000   Washington Trust Bancorp, Inc.(c)   8,541,000 
 562,351   Waters Corp.(d)   89,374,444 
 230,000   WEX, Inc.(d)   21,546,400 
 1,100,000   Wolverine World Wide, Inc.   26,939,000 
 200,000   Woodward, Inc.   11,708,000 
 7,863   WW Grainger, Inc.   1,720,818 
 1,483,500   Wyndham Worldwide Corp.   105,358,170 
         2,949,679,041 
Total Common Stocks
(Cost $3,800,889,161)		   5,000,460,810 
INVESTMENT COMPANY — 0.8%     
 42,750,200   SEI Daily Income Trust Government II Fund, Class A, 0.01%(f)   42,750,200 
Total Investment Company
(Cost $42,750,200)		   42,750,200 
EXCHANGE TRADED FUNDS — 6.5%     
 952,300   iShares MSCI EAFE Small Cap Index Fund   48,338,748 
 100,861   iShares MSCI Japan Small Cap Index Fund(c)   6,302,804 
 160,500   iShares S&P Mid Cap 400 Value Index Fund   21,365,760 
 175,300   iShares S&P Small Cap 600 Value Index Fund   21,516,322 
 55,000   SPDR Russell Nomura Small Cap Japan Fund(c)   3,132,800 
 180,000   SPDR S&P Emerging Markets Small Cap Index Fund(c)   7,462,800 
 860,000   SPDR S&P Oil & Gas Exploration & Production Index Fund   29,455,000 
 868,200   SPDR S&P Regional Banking Index Fund   34,814,820 
 584,870   Vanguard FTSE All World ex-US Small-Cap ETF(c)   57,147,648 
 229,300   Vanguard Mid-Cap Value ETF   21,281,333 
 495,750   Vanguard Small-Cap ETF   60,218,753 
 387,000   Vanguard Small-Cap Value ETF   42,647,400 


67
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

Shares      Value 
 185,000   WisdomTree Emerging Markets SmallCap Dividend Fund  $7,675,650 
Total Exchange Traded Funds
(Cost $320,543,144)		   361,359,838 
RIGHTS/WARRANTS — 0.0%     
Consumer Discretionary — 0.0%     
 1,710   Centrebet Litigation Rights(b)(c)(d)   0 
 1,710   Centrebet Litigation Units(b)(c)(d)   0 
 33,775   China Resources Beer Holdings Co. Ltd. Rights(d)   13,583 
         13,583 
Energy — 0.0%     
 90,070   Ezion Holdings Ltd. Warrants, Expire 4/24/20(d)   4,367 
 1,082,000   United Energy Group Ltd. Rights, Expire 8/19/16(d)   13,946 
         18,313 
Health Care — 0.0%     
 9,812   Intercell Contigent Value Rights(b)(c)(d)   0 
 201,026   KPJ Healthcare Berhad Warrants, Expire 1/23/19(d)   37,040 
 9,600   Ligand Pharmaceuticals Contingent Value Rights(b)(d)   0 
         37,040 
Industrials — 0.0%     
 27,900   Berli Jucker Public Co. Ltd. Rights, Expire 8/4/16(c)(d)   8,611 
 428,722   Dialog Group Berhad Warrants, Expire 2/12/17(d)   34,230 
 4   Zardoya Otis SA Rights, Expire 10/11/16(d)   2 
         42,843 
Materials — 0.0%     
 76,400   Banpu Public Co. Ltd. Warrants(d)   21,825 
 1,212   Kenmare Resources Plc Rights, Expire 8/24/16(b)(c)(d)   0 
         21,825 
Real Estate — 0.0%     
 3,633   Cheuk Nang Holdings Ltd. Warrants, Expire 4/24/17(d)   937 
Telecommunication Services — 0.0%     
 1,077,120   MNC Investama Tbk PT Rights(d)   0 
Total Rights/Warrants
(Cost $25,441)		   134,541 
Principal
Amount		      Value 
U.S. GOVERNMENT AGENCIES — 1.1%     
Federal Home Loan Bank — 1.1%     
$1,500,000   0.26%, 08/10/2016(g)  $1,499,930 
 30,000,000   0.29%, 08/15/2016(g)   29,997,810 
 30,000,000   0.30%, 08/17/2016(g)   29,996,790 
Total U.S. Government Agencies
(Cost $61,492,017)		   61,494,530 
U.S. GOVERNMENT SECURITIES — 0.4%     
U.S. Treasury Bills — 0.4%     
 14,500,000   0.13%, 08/04/2016(g)   14,499,870 
 9,000,000   0.15%, 08/04/2016(g)   8,999,919 
Total U.S. Government Securities
(Cost $23,499,729)		   23,499,789 
           
Shares       Value 
CASH SWEEP — 1.4%     
 78,827,806   Citibank - US Dollars on Deposit in Custody Account, 0.02%(f)  $78,827,806 
Total Cash Sweep
(Cost $78,827,806)		   78,827,806 
TOTAL INVESTMENTS — 100.0%
(Cost $4,328,027,498)(a)		  $5,568,527,514 
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%   (2,053,029)
NET ASSETS — 100.0%  $5,566,474,485 


68
   
Old Westbury Funds, Inc.  
Small & Mid Cap Fund  
Portfolio of Investments - (Continued) July 31, 2016 (Unaudited)
   

 

(a) Cost for federal income tax purposes is $4,333,874,771 and net unrealized appreciation of investments is as follows:

 

  Unrealized appreciation $1,360,855,525  
  Unrealized depreciation (126,202,782 )
  Net unrealized appreciation $1,234,652,743  

 

(b) Level 3 fair valued security under the procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $4,805,461, which is 0.09% of net assets and the cost is $12,154,879.
(c) This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $623,336,052 or 11.20% of net assets.
(d) Non-income producing security. 
(e) Securities incorporated in the same country but traded on different exchanges.
(f) The rate shown is the current yield as of July 31, 2016.
(g) 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)

 

Sector  Percentage
of Net Assets
Banks   2.5%
Consumer Discretionary   14.5%
Consumer Staples   9.2%
Diversified Financials   2.8%
Energy   1.1%
Health Care   15.8%
Industrials   20.6%
Information Technology   11.6%
Insurance   2.2%
Materials   5.1%
Real Estate   2.6%
Telecommunication Services   0.5%
Utilities   1.3%
Other*   10.2%
Total   100.0%


69
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments July 31, 2016
  (Unaudited)

 

Shares     Value
COMMON STOCKS — 10.0% 
BELGIUM — 0.1%     
 55,888   Groupe Bruxelles Lambert SA  $4,714,349 
BERMUDA — 0.4%     
 24,440   Everest Re Group Ltd.   4,619,404 
 53,955   Golar LNG Ltd.   915,069 
 105,042   RenaissanceRe Holdings Ltd.   12,344,536 
 164,044   Validus Holdings Ltd.   8,108,695 
         25,987,704 
CANADA — 0.1%     
 22,359   Enbridge, Inc.   919,626 
 104,779   Toronto-Dominion Bank (The)   4,565,448 
 25,726   TransCanada Corp.   1,192,400 
 22,962   Waste Connections, Inc.   1,710,829 
         8,388,303 
CHINA — 0.3%     
 11,207,000   Bank of China Ltd. - H Shares   4,607,951 
 6,751,000   China Construction Bank Corp. - H Shares   4,524,799 
 3,783,500   China Shenhua Energy Co. Ltd. - H Shares   7,227,195 
 8,124,000   Industrial & Commercial Bank of China Ltd. - H Shares   4,596,870 
         20,956,815 
HONG KONG — 0.5%     
 4,772,000   Anxin-China Holdings Ltd.(b)(c)(d)   44,408 
 388,000   Cheung Kong Infrastructure Holdings Ltd.   3,430,707 
 2,236,000   China Lumena New Materials Corp.(b)(c)(d)   0 
 257,800   Hang Seng Bank Ltd.   4,602,147 
 2,401,000   Hong Kong & China Gas Co Ltd.   4,456,383 
 1,161,500   Link REIT (The)   8,668,134 
 1,496,000   Yue Yuen Industrial Holdings Ltd.   6,073,933 
         27,275,712 
JAPAN — 1.5%     
 139,500   Ajinomoto Co, Inc.   3,607,299 
 82,600   Daiichikosho Co. Ltd.   3,812,868 
 681,000   Fukuyama Transporting Co. Ltd.   3,884,373 
 50,707   Hisamitsu Pharmaceutical Co., Inc.   2,892,289 
 49,100   Kobayashi Pharmaceutical Co. Ltd.   2,350,698 
 296,000   Lion Corp.   4,516,803 
 85,900   Miura Co. Ltd.   1,987,650 
 69,600   Mochida Pharmaceutical Co. Ltd.(b)   5,354,633 
 129,900   Nikon Corp.   1,859,988 
 81,400   Nissin Foods Holdings Co. Ltd.   4,658,950 
 65,200   NTT Data Corp.   3,265,272 
Shares     Value
JAPAN (continued)     
 170,600   Okamura Corp.  $1,785,670 
 598,000   Osaka Gas Co. Ltd.   2,439,238 
 246,800   Otsuka Holdings Co. Ltd.   11,837,499 
 83,500   Park24 Co. Ltd.   2,856,030 
 96,800   Rohto Pharmaceutical Co. Ltd.   1,694,368 
 62,500   Sankyo Co. Ltd.   2,300,069 
 83,433   Sawai Pharmaceutical Co. Ltd.   6,680,527 
 1,046,300   Sumitomo Osaka Cement Co. Ltd.   5,045,128 
 77,100   Toyo Suisan Kaisha Ltd.   3,460,754 
 115,228   West Japan Railway Co.   7,233,159 
 310,900   Yokogawa Electric Corp.   4,086,019 
         87,609,284 
MALAYSIA — 0.1%     
 1,347,800   Hong Leong Bank Berhad   4,344,217 
MORROCO AND ANTILLES — 0.1%     
 148,936   Attijariwafa Bank(b)   5,280,282 
PAKISTAN — 0.2%     
 1,049,300   Engro Corp. Ltd.   3,348,351 
 1,478,600   Hub Power Co. Ltd. (The)(b)   1,862,197 
 631,700   Lucky Cement Ltd.(b)   4,472,309 
           
         9,682,857 
QATAR — 0.0%     
 99,350   Ooredoo QSC   2,597,350 
SINGAPORE — 0.1%     
 3,394,200   Mapletree Industrial Trust, REIT   4,582,309 
 673,000   Oversea-Chinese Banking Corp. Ltd.   4,316,999 
         8,899,308 
SOUTH AFRICA — 0.1%     
 105,837   AngloGold Ashanti Ltd.(d)   2,311,202 
 361,765   Gold Fields Ltd.   2,234,245 
         4,545,447 
SOUTH KOREA — 0.2%     
 71,895   Dongbu Insurance Co. Ltd.   4,075,644 
 44,590   Green Cross Holdings Corp.   1,365,386 
 95,955   LG Display Co. Ltd.   2,655,542 
 297,799   LG Uplus Corp.   2,911,127 
 17,868   S-1 Corp.   1,619,071 
         12,626,770 
SWITZERLAND — 0.2%     
 157,431   Allied World Assurance Co. Holdings AG   6,453,097 
 56,651   Nestle SA   4,541,666 
         10,994,763 
TAIWAN — 0.1%     
 1,424,000   Formosa Petrochemical Corp.   4,050,346 
 998,000   Foxconn Technology Co. Ltd.   2,416,609 


70
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares     Value 
TAIWAN (continued)     
 1,119,000   Siliconware Precision Industries Co. Ltd.  $1,682,549 
         8,149,504 
THAILAND — 0.0%     
 1,411,692   Bangkok Expressway & Metro Public Co. Ltd. - FOR(b)   340,460 
UNITED ARAB EMIRATES — 0.2%     
 10,788,865   Dana Gas PJSC(d)   1,644,957 
 1,395,111   Emirates Telecommunications Group Co PJSC   7,596,782 
         9,241,739 
UNITED KINGDOM — 0.2%     
 53,000   BP Plc - ADR   1,823,200 
 475,593   Cineworld Group Plc   3,697,869 
 303,670   National Grid Plc   4,352,498 
         9,873,567 
UNITED STATES — 5.6%     
 25,066   3M Co.   4,470,772 
 75,721   Aaron’s, Inc.(d)   1,813,518 
 17,000   AbbVie, Inc.   1,125,910 
 63,036   Altria Group, Inc.   4,267,537 
 142,923   American Capital Agency Corp., REIT   2,799,862 
 61,938   American Electric Power Co., Inc.   4,292,303 
 73,087   American Water Works Co., Inc.   6,035,524 
 40,988   Amgen, Inc.   7,051,166 
 323,871   Annaly Capital Management, Inc., REIT   3,556,104 
 15,427   Anthem, Inc.   2,026,182 
 400,000   Apollo Investment Corp.   2,304,000 
 55,919   AptarGroup, Inc.   4,371,747 
 92,472   Arthur J Gallagher & Co.   4,548,698 
 102,922   AT&T, Inc.   4,455,493 
 136,164   Baxter International, Inc.   6,538,595 
 100,000   BlackRock Capital Investment Corp.   836,000 
 25,393   Calpine Corp.(d)   348,900 
 444,752   Capitol Federal Financial, Inc.   6,302,136 
 21,355   Cardinal Health, Inc.   1,785,278 
 69,201   Cheesecake Factory, Inc. (The)   3,579,768 
 13,026   Cheniere Energy, Inc.(d)   544,878 
 42,957   Church & Dwight Co., Inc.   4,220,096 
 65,000   Cisco Systems, Inc.   1,984,450 
 97,008   Clorox Co. (The)   12,714,839 
 32,386   Consolidated Edison, Inc.   2,593,471 
 32,483   Cracker Barrel Old Country Store, Inc.   5,113,149 
 200,230   Darden Restaurants, Inc.   12,326,159 
 70,031   DENTSPLY Sirona, Inc.   4,484,785 
 41,289   Dollar Tree, Inc.(d)   3,975,718 
 45,107   Dr Pepper Snapple Group, Inc.   4,443,491 
 43,912   DTE Energy Co.   4,282,298 
Shares     Value 
UNITED STATES (continued)     
 37,295   Ecolab, Inc.  $4,414,982 
 86,351   Emerson Electric Co.   4,827,021 
 14,200   EOG Resources, Inc.   1,160,140 
 108,307   FLIR Systems, Inc.   3,528,642 
 54,834   FTI Consulting, Inc.(d)   2,349,089 
 1,725,000   General Motors Co., Escrow Shares(c)(d)   258,750 
 50,000   Gilead Sciences, Inc.   3,973,500 
 38,000   Hess Corp.   2,038,700 
 54,683   IDEX Corp.   4,909,987 
 30,000   Intel Corp.   1,045,800 
 34,605   International Business Machines Corp.   5,558,255 
 34,694   International Flavors & Fragrances, Inc.   4,622,976 
 35,887   Johnson & Johnson   4,494,129 
 45,000   Juniper Networks, Inc.   1,021,050 
 114,996   Kinder Morgan, Inc.   2,337,869 
 10,440   Lockheed Martin Corp.   2,638,501 
 34,324   Macquarie Infrastructure Corp.   2,630,935 
 24,500   ManpowerGroup, Inc.   1,700,300 
 65,327   Marsh & McLennan Cos., Inc.   4,295,250 
 40,909   McCormick & Co., Inc. - Non Voting Shares   4,182,945 
 42,701   McDonald’s Corp.   5,023,773 
 18,500   Microsoft Corp.   1,048,580 
 14,000   Monsanto Co.   1,494,780 
 48,314   NextEra Energy, Inc.   6,198,203 
 194,252   NIC, Inc.   4,529,957 
 212,750   NiSource, Inc.   5,459,165 
 115,994   Northwest Bancshares, Inc.   1,729,471 
 101,027   NRG Yield, Inc. - Class A   1,735,644 
 54,492   Omnicom Group, Inc.   4,484,147 
 24,500   Oracle Corp.   1,005,480 
 66,833   Packaging Corp. of America   4,991,757 
 11,649   Panera Bread Co. - Class A(d)   2,554,859 
 77,368   Pattern Energy Group, Inc.   1,885,458 
 306,200   People’s United Financial, Inc.   4,641,992 
 53,288   Pinnacle West Capital Corp.   4,202,825 
 44,784   ProAssurance Corp.   2,313,541 
 36,738   Quest Diagnostics, Inc.   3,172,694 
 16,866   Raytheon Co.   2,353,313 
 84,959   Republic Services, Inc.   4,354,998 
 67,987   Sanderson Farms, Inc.   5,954,981 
 54,325   Sempra Energy   6,077,881 
 88,741   Sonoco Products Co.   4,519,579 
 138,796   South Jersey Industries, Inc.   4,424,816 
 72,939   SunPower Corp.(d)   1,063,451 
 85,078   Sykes Enterprises, Inc.(d)   2,611,044 
 107,419   Tanger Factory Outlet Centers, Inc. REIT   4,483,669 
 6,893   Targa Resources Corp.   256,833 
 24,048   Target Corp.   1,811,536 
 29,894   Thermo Fisher Scientific, Inc.   4,748,363 
 21,911   TJX Cos., Inc.   1,790,567 
 36,941   Travelers Cos., Inc. (The)   4,293,283 


71
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 31,322   Tyson Foods, Inc. - Class A  $2,305,299 
 97,358   UGI Corp.   4,406,423 
 40,848   United Parcel Service, Inc. - Class B   4,415,669 
 82,962   Vectren Corp.   4,291,624 
 134,889   Verizon Communications, Inc.(d)   7,474,199 
 163,005   Wal-Mart Stores, Inc.   11,894,475 
 65,759   Waste Management, Inc.   4,347,985 
 24,616   Williams Cos., Inc. (The)   590,046 
         336,124,008 
Total Common Stocks
(Cost $531,095,648)		   597,632,439 
MASTER LIMITED PARTNERSHIPS — 0.6%     
UNITED STATES — 0.6%     
 77,301   Antero Midstream Partners LP   1,964,991 
 124,927   Boardwalk Pipeline Partners LP   2,087,530 
 10,227   Buckeye Partners LP   736,958 
 37,410   Cheniere Energy Partners LP   1,042,617 
 94,265   Cheniere Energy Partners LP Holdings LLC   1,908,866 
 8,323   Columbia Pipeline Partners LP   124,595 
 34,879   Delek Logistics Partners LP   904,064 
 30,023   Dominion Midstream Partners LP   790,506 
 43,770   Energy Transfer Equity LP   726,144 
 49,359   Energy Transfer Partners LP   1,949,681 
 91,105   Enterprise Products Partners LP   2,593,759 
 40,334   EQT GP Holdings LP   1,018,434 
 22,705   EQT Midstream Partners LP   1,812,086 
 2,873   Magellan Midstream Partners LP   209,327 
 59,543   NextEra Energy Partners LP   1,859,528 
 1,250   NuStar GP Holding LLC   29,500 
 19,008   Phillips 66 Partners LP   1,016,928 
 32,000   Rice Midstream Partners LP   605,440 
 75,666   Shell Midstream Partners LP   2,459,902 
 20,514   Spectra Energy Partners LP   999,852 
 47,928   Sunoco Logistics Partners LP   1,384,161 
 78,537   Sunoco LP   2,434,647 
 14,189   Tesoro Logistics LP   691,998 
 61,585   Valero Energy Partners LP   2,624,137 
 31,509   Western Gas Equity Partners LP   1,177,176 
 1,989   Western Gas Partners LP   101,340 
 108,725   Western Refining Logistics LP   2,697,465 
 13,559   Williams Partners LP   506,293 
         36,457,925 
Total Master Limited Partnerships
(Cost $33,916,853)		   36,457,925 
Shares     Value 
CLOSED-END FUNDS — 6.2%     
UNITED STATES — 6.2%     
 398,000   AllianceBernstein Global High Income Fund, Inc.  $4,986,940 
 396,882   Apollo Tactical Income Fund, Inc.(b)   5,893,698 
 560,715   Ares Dynamic Credit Allocation Fund, Inc.(b)   8,091,117 
 85,000   Avenue Income Credit Strategies Fund   1,054,850 
 446,147   Babson Capital Global Short Duration High Yield Fund(b)   8,351,872 
 90,709   Babson Capital Participation Investors(b)   1,314,373 
 271,864   Blackrock Corp. High Yield Fund, Inc.   2,925,257 
 526,490   BlackRock Credit Allocation Income Trust(b)   6,986,522 
 1,968,456   BlackRock Debt Strategies Fund, Inc.(b)   7,165,180 
 231,570   BlackRock Defined Opportunity Credit Trust(b)   3,135,458 
 755,000   BlackRock Income Trust, Inc.(b)   4,990,550 
 640,000   Blackrock Limited Duration Income Trust(b)   10,003,200 
 1,031,497   Blackrock Multi-Sector Income Trust(b)   17,597,339 
 1,098,716   Blackstone/GSO Strategic Credit Fund(b)   16,469,753 
 617,043   Brookfield Mortgage Opportunity Income Fund, Inc.(b)   9,292,668 
 65,444   Brookfield Total Return Fund, Inc.   1,499,976 
 646,685   Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(b)   16,315,863 
 100,140   Cohen & Steers Quality Income Realty Fund, Inc.   1,475,062 
 142,446   Cohen & Steers REIT and Preferred Income Fund, Inc.   3,072,560 
 865,837   Doubleline Income Solutions Fund(b)   16,771,263 
 330,000   First Trust High Income Long/Short Fund(b)   5,052,300 
 330,917   First Trust Intermediate Duration Preferred & Income Fund   7,812,950 
 93,441   Guggenheim Credit Allocation Fund(b)   2,027,670 
 253,003   Guggenheim Strategic Opportunities Fund(b)   4,718,506 
 1,712,632   Invesco Dynamic Credit Opportunities Fund(b)   19,746,647 
 3,479,239   Invesco Senior Income Trust(b)   15,204,274 
 242,134   KKR Income Opportunities Fund(b)   3,852,352 


72
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 345,024   Legg Mason BW Global Income Opportunities Fund, Inc.(b)  $4,664,724 
 249,347   New America High Income Fund(b)   2,196,747 
 413,895   NexPoint Credit Strategies Fund(b)   8,956,688 
 125,000   Nuveen Credit Strategies Income Fund   1,053,750 
 205,544   Nuveen Mortgage Opportunity Term Fund(b)   4,854,949 
 284,115   Nuveen Preferred & Income Term Fund(b)   6,986,388 
 1,368,882   Nuveen Preferred Securities Income Fund(b)   13,182,334 
 353,163   PIMCO Corporate & Income Strategy Fund(b)   5,449,305 
 1,243,950   PIMCO Dynamic Credit Income Fund(b)   24,767,045 
 678,897   PIMCO Dynamic Income Fund(b)   19,674,435 
 728,253   PIMCO Income Strategy Fund II(b)   6,838,296 
 657,840   Pioneer Floating Rate Trust(b)   7,584,895 
 887,466   Prudential Global Short Duration High Yield Fund, Inc.(b)   13,649,227 
 697,216   Prudential Short Duration High Yield Fund, Inc.(b)   11,183,345 
 200,000   Stone Harbor Emerging Markets Income Fund(b)   3,096,000 
 2,402,620   Voya Prime Rate Trust(b)   12,661,807 
 1,247,699   Wells Fargo Advantage Income Opportunities Fund(b)   10,493,149 
 1,013,333   Western Asset High Income Fund II, Inc.(b)   7,275,730 
 48,677   Western Asset Mortgage Defined Opportunity Fund   1,169,708 
 27,383   Western Asset Variable Rate Strategic Fund, Inc.   438,128 
Total Closed-End Funds
(Cost $382,813,523)		   371,984,850 
EXCHANGE TRADED FUNDS — 5.5%     
UNITED STATES — 5.5%     
 1,140,000   Financial Select Sector SPDR Fund   26,949,600 
 265,000   iShares MSCI EAFE ETF   15,375,300 
 135,000   iShares MSCI Eurozone ETF   4,567,050 
 700,000   iShares MSCI Germany ETF   17,955,000 
 2,475,000   iShares MSCI Japan Index Fund   29,848,500 
 125,000   iShares MSCI Turkey ETF   4,731,250 
 105,000   iShares Russell 2000 ETF   12,714,450 
 192,000   iShares US Preferred Stock ETF   7,731,840 
 660,000   Powershares Preferred Portfolio   10,144,200 
 65,000   ProShares UltraShort Yen(d)   4,013,100 
 610,000   Schwab Short-Term U.S. Treasury ETF(b)   31,049,000 
Shares     Value 
UNITED STATES (continued)     
 118,000   SPDR Dow Jones Industrial Average ETF Trust  $21,727,340 
 142,000   SPDR S&P500 ETF Trust   30,835,300 
 270,000   Vanguard FTSE Europe ETF   13,038,300 
 216,000   Vanguard Short-Term Bond ETF   17,517,600 
 130,000   WisdomTree Europe Hedged Equity Fund   6,883,500 
 270,000   WisdomTree Europe SmallCap Dividend Fund   14,658,300 
 1,345,000   WisdomTree Japan Hedged Equity Fund   54,781,850 
Total Exchange Traded Funds
(Cost $316,271,186)		   324,521,480 
PREFERRED STOCKS — 0.2%     
UNITED STATES — 0.2%     
 8,000   Allergan Plc, 5.50%   7,170,720 
 104,500   New York Community Capital Trust V, 6.00%   5,319,050 
Total Preferred Stocks
(Cost $12,143,694)		   12,489,770 
      
Contracts         
CALL OPTIONS PURCHASED — 0.1%     
 3,000   Bed Bath & Beyond, Inc., Strike $42.50, Expires 11/18/16   1,215,000 
 200   London Metal Exchange Nickel Futures, Strike $9,500.00, Expires 12/07/16   1,797,120 
 46   WisdomTree Japan Hedged Equity Fund, Strike $43.00, Expires 08/19/16   966 
Total Call Options Purchased
(Cost $2,513,987)		   3,013,086 
PUT OPTIONS PURCHASED — 0.0%     
 11,000   Energy Select Sector SPDR (ETF), Strike $63.00, Expires 12/16/16   2,244,000 
 750   S&P 500 Index, Strike $1,950.00, Expires 08/19/16   45,000 
Total Put Options Purchased
(Cost $6,308,425)		   2,289,000 


73
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
BANK LOANS — 0.1%     
UNITED STATES — 0.1%     
$4,000,000   Starwood Capital Corp./Schulte Hospitality Group, Mezzanine Term Loan,
0.00%, 06/30/17(b)		  $3,860,000 
Total Bank Loans
(Cost $4,000,000)		   3,860,000 
CORPORATE BONDS — 8.7%     
BERMUDA — 0.0%     
 7,000,000   Celestial Nutrifoods Ltd., Cnv.,
16.00%, 06/12/16(b)(c)(d)(e)(f)		   1,044,231 
 1,540,000   Digicel Ltd.,
6.75%, 03/01/23(g)		   1,427,580 
         2,471,811 
BULGARIA — 0.0%     
 1,500,000(h)  Bulgarian Telecommunications Co. EAD,
6.63%, 11/15/18(g)		   1,718,430 
CANADA — 0.0%     
 500,000   Quebecor Media, Inc.,
5.75%, 01/15/23		   521,250 
CAYMAN ISLANDS — 0.1%     
 1,150,000   Jafz Sukuk Ltd.,
7.00%, 06/19/19(g)		   1,280,709 
 401,000   Petrobras Global Finance BV,
7.88%, 03/15/19		   425,261 
 2,000,000   Petrobras Global Finance BV,
5.38%, 01/27/21		   1,897,500 
 850,000   Suzano Trading Ltd.,
5.88%, 01/23/21(g)		   891,735 
 330,000   TAM Capital 3, Inc.,
8.38%, 06/03/21(g)		   337,013 
 1,750,000   Vale Overseas Ltd.,
5.88%, 06/10/21		   1,811,250 
         6,643,468 
CROATIA (HRVATSKA) — 0.1%     
 2,100,000(h)  Agrokor dd,
9.13%, 02/01/20(g)		   2,509,224 
CYPRUS — 0.0%     
 400,000(i)  Aroundtown Property Holdings Plc,
1.50%, 05/03/22(g)		   447,743 
 825,000   Global Ports Finance Plc,
6.87%, 01/25/22(g)		   865,214 
         1,312,957 
CZECH REPUBLIC — 0.0%     
 725,000(h)   EP Energy AS,
4.38%, 05/01/18(g)		   853,108 
Principal
Amount		      Value 
CZECH REPUBLIC (continued)     
$1,175,000(h)  RPG Byty Sro,
6.75%, 05/01/20(g)		  $1,356,219 
         2,209,327 
DOMINICAN REPUBLIC — 0.0%     
 800,000   Aeropuertos Dominicanos Siglo XXI SA,
9.75%, 11/13/19(j)		   844,000 
FINLAND — 0.0%     
 800,000(i)  SATO Oyj,
237.50%, 03/24/21		   932,948 
FRANCE — 0.1%     
 247,500(i)  Autodis SA,
6.50%, 02/01/19(g)		   286,529 
 725,000(i)  BUT SAS,
7.38%, 09/15/19(g)		   841,963 
 700,000(i)  Casino Guichard Perrachon SA,
3.25%, 03/07/24(g)		   865,110 
 300,000(i)  Casino Guichard Perrachon SA,
2.80%, 08/05/26(g)		   363,072 
 1,100,000(i)  Numericable-SFR SAS,
5.38%, 05/15/22(g)		   1,266,700 
 825,000(i)  Numericable-SFR SAS,
5.63%, 05/15/24(g)		   938,957 
 275,000(i)  Solvay Finance SA,
5.43%, 11/29/49(g)(k)		   328,488 
 275,000(i)  Solvay Finance SA,
5.87%, 12/29/49(g)(k)		   334,495 
 650,000   SPCM SA,
6.00%, 01/15/22(g)		   676,000 
         5,901,314 
GERMANY — 0.1%    
 1,425,000(i)  Rapid Holding GmbH,
6.63%, 11/15/20(g)		   1,666,220 
 900,000(l)  RWE AG,
7.00%, 03/29/49(g)(k)		   1,203,018 
 1,000,000(i)  Safari Holding Verwaltungs GmbH,
8.25%, 02/15/21(g)		   1,179,496 
 325,000(i)  Unitymedia GmbH,
3.75%, 01/15/27(g)		   342,459 
 475,000(i)  Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
4.63%, 02/15/26(g)		   562,916 
 225,000(i)  Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
6.25%, 01/15/29(g)		   284,857 
         5,238,966 
HONG KONG — 0.0%     
 9,700,000   China Milk Products Group Ltd., Cnv.,
13.00%, 01/05/12(b)(c)(d)(e)(f)		   1,133,154 


74
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
HUNGARY — 0.0%     
$775,000(i)  MOL Hungarian Oil & Gas Plc,
2.63%, 04/28/23(g)		  $892,295 
INDONESIA — 0.0%     
 800,000   Perusahaan Listrik Negara PT,
5.50%, 11/22/21(g)		   882,752 
IRELAND — 0.2%     
 275,000(h)  Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
4.13%, 05/15/23(g)		   318,212 
 750,000(h)  Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc.,
 6.75%, 05/15/24(g)		   878,333 
 925,000   GTLK Europe Ltd.,
5.95%, 07/19/21(g)		   933,038 
 650,000   MMC Norilsk Nickel OJSC via MMC Finance Ltd.,
4.38%, 04/30/18(g)		   667,030 
 975,000   Novolipetsk Steel via Steel Funding Ltd.,
4.50%, 06/15/23(g)		   964,031 
 1,725,000   Phosagro OAO via Phosagro Bond Funding Ltd.,
4.20%, 02/13/18(g)		   1,755,188 
 975,000(m)  Russian Railways via RZD Capital Plc,
2.18%, 02/26/18.		   1,015,541 
 650,000   Russian Railways via RZD Capital Plc,
 5.70%, 04/05/22(g)		   694,559 
 450,000   Smurfit Kappa Acquisitions,
4.88%, 09/15/18(j)		   473,625 
 1,000,000   Vimpel Communications Via VIP Finance Ireland Ltd. OJSC,
9.13%, 04/30/18(g)		   1,101,680 
         8,801,237 
ITALY — 0.1%     
 1,375,000(l)  Enel SpA,
7.75%, 09/10/75(g)(k)		   2,006,826 
 125,000(i)  Finmeccanica SpA,
4.88%, 03/24/25		   166,273 
 100,000(i)  Schumann SpA,
7.00%, 07/31/23(g)		   113,047 
 275,000(i)  Snai SpA,
7.63%, 06/15/18(g)		   318,237 
         2,604,383 
JAPAN — 0.0%     
 650,000(h)  SoftBank Group Corp.,
4.75%, 07/30/25(g)		   800,391 
 225,000(h)  SoftBank Group Corp.,
5.25%, 07/30/27(g)		   276,945 
         1,077,336 
Principal
Amount		      Value 
JERSEY CHANNEL ISLANDS — 0.0%     
$700,000(h)  Lincoln Finance Ltd.,
6.88%, 04/15/21(g)		  $845,212 
 1,150,000(h)  Mercury Bondco Plc, 8.25% cash or 9.00% payment-in-kind interest, 05/30/21(g)(n)   1,304,992 
         2,150,204 
LUXEMBOURG — 0.5%     
 1,000,000   Altice Finco SA,
8.13%, 01/15/24(j)		   1,012,500 
 1,625,000   Altice Finco SA,
7.63%, 02/15/25(j)		   1,576,250 
 675,000(i)  Altice Luxembourg SA,
7.25%, 05/15/22(g)		   763,196 
 850,000   ArcelorMittal,
6.13%, 06/01/18		   896,750 
 550,000(i)  Cirsa Funding Luxembourg SA,
5.88%, 05/15/23(g)		   635,349 
 650,000(i)  Dakar Finance SA, 9.00% cash or 9.25% payment-in-kind interest, 11/15/20(g)(n)   730,337 
 200,000   FAGE International SA/ FAGE USA Dairy Industry Inc.,
5.63%, 08/15/26(j)		   204,250 
 1,200,000(i)  Garfunkelux Holdco 3 SA,
7.50%, 08/01/22(g)		   1,355,291 
 125,000(l)  Garfunkelux Holdco 3 SA,
8.50%, 11/01/22(g)		   163,777 
 1,200,000   Gazprom OAO Via Gaz Capital SA,
8.15%, 04/11/18(g)		   1,305,437 
 1,300,000(m)  Gazprom OAO Via Gaz Capital SA,
3.38%, 11/30/18(g)		   1,372,900 
 400,000(l)  Glencore Finance Europe SA,
6.50%, 02/27/19		   579,884 
 975,000(i)  Glencore Finance Europe SA,
2.75%, 04/01/21(g)		   1,133,658 
 600,000(i)  Grand City Properties SA,
3.75%, 02/18/49(k)		   660,741 
 2,200,000(i)  Greif Nevada Holdings, Inc. SCS,
7.38%, 07/15/21(g)		   2,944,156 
 1,150,000(i)  Hanesbrands Finance Luxembourg SCA,
3.50%, 06/15/24(g)		   1,334,242 
 1,450,000(i)  Intralot Capital Luxembourg SA,
6.00%, 05/15/21(g)		   1,512,656 
 800,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC,
5.75%, 08/01/22(j)		   782,000 
 1,675,000(m)  Matterhorn Telecom SA,
3.63%, 05/01/22.		   1,667,361 
 630,000   Minerva Luxembourg SA,
7.75%, 01/31/23(g)		   664,650 
 2,085,000   Severstal OAO Via Steel Capital SA,
4.45%, 03/19/18(g)		   2,142,338 


75
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
LUXEMBOURG (continued)     
$1,475,000(i)  SIG Combibloc Holdings SCA,
7.75%, 02/15/23(g)		  $1,760,370 
 900,000(i)  Telecom Italia Finance SA,
7.75%, 01/24/33.		   1,370,994 
 1,350,000(i)  Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.,
6.38%, 05/01/22(g)		   1,570,283 
 650,000   Tupy Overseas SA,
6.63%, 07/17/24(g)		   642,850 
         28,782,220 
MEXICO — 0.0%     
 625,000   Grupo Posadas SAB de CV,
7.88%, 06/30/22		   645,313 
NETHERLANDS — 0.4%     
 1,500,000(i)   Cable Communications Systems NV,
7.50%, 11/01/20(g)		   1,758,762 
 675,000(i)   Constellium NV,
4.63%, 05/15/21(g)		   634,136 
 1,206,000(i)  Hydra Dutch Holdings 2 BV,
5.25%, 04/15/19(k)		   1,342,112 
 300,000(i)  Koninklijke KPN NV,
6.13%, 09/14/18(g)(k)		   360,138 
 1,075,000(l)  Koninklijke KPN NV,
6.88%, 03/14/73(g)(k)		   1,529,699 
 1,425,000(i)  LGE HoldCo VI BV,
7.13%, 05/15/24(g)		   1,796,285 
 600,000   Majapahit Holding BV,
7.75%, 01/20/20(g)		   690,750 
 700,000(i)  NE Property Cooperatief UA,
3.75%, 02/26/21		   815,059 
 800,000   Petrobras Global Finance BV,
8.75%, 05/23/26		   831,760 
 525,000(i)  Samvardhana Motherson Automotive Systems Group BV,
4.13%, 07/15/21(g)		   601,359 
 200,000(i)  Schaeffler Finance BV,
2.75%, 05/15/19(g)		   227,346 
 1,256,250(i)  Schaeffler Holding Finance BV, 6.88% cash or 11.13% payment-in-kind interest, 08/15/18(g)(n)   1,439,607 
 4,000,000(i)  Sonae Investments BV, Cnv.,
1.63%, 06/11/19(b)(g)		   4,152,272 
 1,000,000(i)  Telefonica Europe BV,
7.63%, 09/18/21(g)(k)		   1,280,116 
 600,000(i)  Telefonica Europe BV,
5.88%, 03/31/49(g)(k)		   711,387 
 864,000(i)  United Group BV,
7.88%, 11/15/20(g)		   1,014,399 
 350,000(i)  United Group BV,
7.88%, 11/15/20(g)		   410,926 
Principal
Amount		      Value 
NETHERLANDS (continued)     
$900,000(i)  Vonovia Finance BV,
4.00%, 12/29/49(g)(k)		  $1,051,484 
         20,647,597 
NORWAY — 0.0%     
 1,150,000(i)  Lock AS,
7.00%, 08/15/21(g)		   1,348,886 
 975,000(i)  Silk Bidco AS,
7.50%, 02/01/22(g)		   1,147,283 
         2,496,169 
PERU — 0.0%     
 800,000   InRetail Consumer,
5.25%, 10/10/21(g)		   830,000 
POLAND — 0.0%     
 450,000(i)  Play Finance 1 SA,
6.50%, 08/01/19(g)		   520,711 
 1,075,000(i)  Play Finance 2 SA,
5.25%, 02/01/19(g)		   1,233,224 
         1,753,935 
SPAIN — 0.0%     
 725,000(i)  Ence Energia y Celulosa SA,
5.38%, 11/01/22(g)		   871,443 
 875,000(i)  Naviera Armas SA,
6.20%, 07/31/23(g)(k)		   958,396 
         1,829,839 
SWEDEN — 0.1%     
 1,125,000(h)  Akelius Residential Property AB,
3.38%, 09/23/20(g)		   1,316,890 
 425,000(h)  Hoist Kredit AB,
3.13%, 12/09/19(g)		   487,304 
 640,000(h)  TVN Finance Corp III AB,
7.38%, 12/15/20(g)		   756,666 
         2,560,860 
TURKEY — 0.1%     
 850,000   Tupras Turkiye Petrol Rafinerileri AS,
4.13%, 05/02/18(g)		   849,728 
 1,100,000   Turk Telekomunikasyon AS,
4.88%, 06/19/24(g)		   1,086,492 
 1,300,000   Turkiye Sise ve Cam Fabrikalari AS,
4.25%, 05/09/20(g)		   1,284,842 
         3,221,062 
UNITED KINGDOM — 0.3%     
 825,000(i)  Arqiva Broadcast Finance Plc,
9.50%, 03/31/20(g)		   1,179,196 
 825,000(i)  Bakkavor Finance 2 Plc,
8.75%, 06/15/20(g)		   1,157,424 


76
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
UNITED KINGDOM (continued)     
$1,125,000(i)  Co-operative Group Holdings 2011 Ltd., STEP,
6.88%, 07/08/20(g)		  $1,615,547 
 375,000(i)  Co-operative Group Holdings 2011 Ltd., STEP,
7.50%, 07/08/26		   542,781 
 400,000(i)  Infinis Plc,
 7.00%, 02/15/19(g)		   534,675 
 425,000(h)  Inovyn Finance Plc,
6.25%, 05/15/21(g)		   494,158 
 1,600,000(h)  International Game Technology Plc,
4.75%, 02/15/23(g)		   1,927,441 
 170,000(i)  Iron Mountain Europe Plc, REIT,
6.13%, 09/15/22(g)		   233,649 
 1,375,000   Jaguar Land Rover Automotive Plc,
3.50%, 03/15/20(j)		   1,392,875 
 925,000(i)  Jerrold Finco Plc,
9.75%, 09/15/18(g)		   1,272,549 
 1,050,000   OAS Finance Ltd.,
8.00%, 07/02/21(d)(f)(j)		   21,000 
 850,000(i)  Southern Water Greensands Financing Plc,
8.50%, 04/15/19(g)		   1,271,542 
 1,250,000(h)  TA Manufacturing Ltd.,
3.63%, 04/15/23(g)		   1,329,276 
 450,000(h)  Titan Global Finance Plc,
3.50%, 06/17/21(g)		   512,108 
 1,150,000(i)  Virgin Media Finance Plc,
6.38%, 10/15/24(g)		   1,579,044 
 600,000(h)  Worldpay Finance Plc,
3.75%, 11/15/22(g)		   700,989 
         15,764,254 
UNITED STATES — 6.6%     
 10,000,000   Akamai Technologies, Inc., Cnv.,
0.50%, 02/15/19(e)		   9,731,250 
 700,000   AmeriGas Partners LP/AmeriGas Finance Corp.,
5.63%, 05/20/24		   724,500 
 700,000   AmeriGas Partners LP/AmeriGas Finance Corp.,
5.88%, 08/20/26		   733,250 
 2,000,000   AmTrust Financial Services, Inc., Cnv.,
 2.75%, 12/15/44		   1,550,000 
 175,000   Anadarko Petroleum Corp.,
 4.85%, 03/15/21		   185,286 
 12,000,000   Apollo Commercial Real Estate Finance, Inc., Cnv.,
 5.50%, 03/15/19		   12,262,500 
 750,000   Belden, Inc.,
5.25%, 07/15/24(j)		   750,000 
 1,125,000   Belo Corp.,
7.75%, 06/01/27		   1,198,125 
Principal
Amount		      Value 
UNITED STATES (continued)     
$4,000,000   BlackRock Kelso Capital Corp., Cnv.,
5.50%, 02/15/18		  $4,100,000 
 5,000,000   Blackstone Mortgage Trust, Inc., Cnv.,
5.25%, 12/01/18		   5,390,625 
 1,450,000   Blue Cube Spinco, Inc.,
9.75%, 10/15/23(j)		   1,656,625 
 2,000,000   Bottomline Technologies, Inc., Cnv.,
1.50%, 12/01/17		   2,023,750 
 19,000,000   Brocade Communications Systems, Inc.,
1.38%, 01/01/20(j)		   18,703,125 
 5,000,000   CalAmp Corp., Cnv.,
1.63%, 05/15/20		   4,675,000 
 4,000,000   Cardtronics, Inc., Cnv.,
1.00%, 12/01/20		   4,307,920 
 1,550,000   CCO Holdings LLC/CCO Holdings Capital Corp.,
5.88%, 04/01/24(j)		   1,654,625 
 1,700,000   CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/26(j)		   1,774,375 
 1,000,000   Cemex Finance LLC,
9.38%, 10/12/22(j)		   1,102,500 
 278,000(h)  Cemex Finance LLC,
4.63%, 06/15/24(g)		   309,239 
 750,000   Centene Corp.,
5.63%, 02/15/21		   792,188 
 850,000   Centene Corp.,
6.13%, 02/15/24		   913,223 
 1,200,000   Cequel Communications Holdings I LLC/Cequel Capital Corp.,
6.38%, 09/15/20(j)		   1,237,500 
 1,200,000   Cheniere Corpus Christi Holdings LLC,
7.00%, 06/30/24(j)		   1,254,000 
 6,000,000   Ciena Corp. Cnv.,
0.88%, 06/15/17		   5,947,500 
 6,000,000   Colony Capital, Inc., Cnv.,
3.88%, 01/15/21		   5,838,750 
 1,500,000   CSC Holdings LLC,
6.75%, 11/15/21		   1,593,750 
 900,000   CVR Partners LP/CVR Nitrogen Finance Corp.,
9.25%, 06/15/23(j)		   920,250 
 850,000(h)  Digital Euro Finco LLC,
2.63%, 04/15/24(g)		   1,003,965 
 1,800,000   DISH DBS Corp.,
7.75%, 07/01/26(j)		   1,866,375 
 1,500,000   Dollar Tree, Inc.,
5.75%, 03/01/23(j)		   1,620,000 
 3,000,000   Envestnet, Inc., Cnv.,
1.75%, 12/15/19		   2,821,875 
 2,000,000   Extra Space Storage LP, Cnv.,
3.13%, 10/01/35(j)		   2,200,000 


77
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$5,750,000   Finisar Corp., Cnv.,
0.50%, 12/15/33		  $5,660,156 
 1,000,000   Freeport-McMoRan, Inc.,
2.30%, 11/14/17		   997,500 
 1,300,000   GEO Group, Inc. (The),
6.00%, 04/15/26		   1,334,125 
 8,000,000   Goldman Sachs Group, Inc. (The), Series M,
5.38%, 12/29/49(k)		   8,122,440 
 800,000   Gray Television, Inc.,
5.88%, 07/15/26(j)		   822,400 
 7,000,000   Hologic, Inc., Cnv., STEP,
2.00%, 12/15/43		   8,618,750 
 625,000   Hughes Satellite Systems Corp.,
5.25%, 08/01/26(j)		   623,438 
 550,000   Hughes Satellite Systems Corp.,
6.63%, 08/01/26(j)		   545,875 
 3,500,000   Huron Consulting Group Inc,
1.25%, 10/01/19		   3,578,750 
 6,000,000   Illumina, Inc., Cnv.,
0.04%, 06/15/19(e)		   6,105,000 
 2,000,000   Infinera Corp., Cnv.,
1.75%, 06/01/18		   2,075,000 
 5,000,000   Integrated Device Technology, Inc., Cnv.,
0.88%, 11/15/22(j)		   5,037,500 
 5,000,000   InterDigital, Inc., Cnv.,
1.50%, 03/01/20		   5,381,250 
 2,000,000   j2 Global, Inc., Cnv.,
3.25%, 06/15/29		   2,332,500 
 7,000,000   JDS Uniphase Corp., Cnv.,
0.63%, 08/15/33		   6,930,000 
 1,800,000   L Brands, Inc.,
6.75%, 07/01/36		   1,886,634 
 775,000   Lamar Media Corp.,
5.88%, 02/01/22		   808,906 
 500,000   Lamar Media Corp.,
5.75%, 02/01/26(j)		   536,250 
 21,361,154   Liberty Interactive LLC, Cnv.,
3.75%, 02/15/30(b)		   12,255,962 
 17,000,000   LinkedIn Corp., Cnv.,
0.50%, 11/01/19		   16,830,000 
 13,000,000   Live Nation Entertainment, Inc., Cnv.,
2.50%, 05/15/19		   13,804,375 
 325,000   Match Group, Inc.,
6.38%, 06/01/24(j)		   347,344 
 3,000,000   Mentor Graphics Corp., Cnv.,
4.00%, 04/01/31		   3,292,500 
 325,000   Mobile Mini, Inc.,
5.88%, 07/01/24(j)		   337,188 
 2,000,000   Molina Healthcare, Inc.,
5.38%, 11/15/22(j)		   2,040,000 
 900,000   MPH Acquisition Holdings LLC,
7.13%, 06/01/24(j)		   960,188 
Principal
Amount		      Value 
UNITED STATES (continued)     
$125,000   MPT Operating Partnership LP/MPT Finance Corp.,
6.38%, 03/01/24		  $136,250 
 1,150,000(h)  MPT Operating Partnership LP/MPT Finance Corp., REIT,
5.75%, 10/01/20		   1,348,706 
 1,075,000(h)  MPT Operating Partnership LP/MPT Finance Corp., REIT,
4.00%, 08/19/22		   1,274,568 
 2,000,000   National Health Investors, Inc., Cnv.,
3.25%, 04/01/21		   2,283,750 
 250,000   Nexstar Escrow Corp.,
5.63%, 08/01/24(j)		   254,063 
 10,600,000   Nuance Communications, Inc., Cnv.,
2.75%, 11/01/31		   10,666,250 
 2,000,000   Nuance Communications, Inc., Cnv.,
1.00%, 12/15/35(j)		   1,796,250 
 19,000,000   ON Semiconductor Corp., Cnv.,
1.00%, 12/01/20		   17,836,250 
 1,500,000   Owens-Brockway Glass Container, Inc.,
5.88%, 08/15/23(j)		   1,612,500 
 1,800,000   Post Holdings, Inc.,
7.38%, 02/15/22		   1,927,260 
 1,800,000   Post Holdings, Inc.,
5.00%, 08/15/26(j)		   1,794,375 
 8,000,000   Priceline Group, Inc. (The), Cnv.,
0.90%, 09/15/21(b)		   8,275,000 
 525,000   Realogy Group LLC/Realogy Co-Issuer Corp.,
5.25%, 12/01/21(j)		   548,625 
 8,000,000   Redwood Trust, Inc., Cnv., REIT,
4.63%, 04/15/18		   8,000,000 
 6,000,000   Restoration Hardware Holdings, Inc., Cnv.,
2.90%, 06/15/19(e)(j)		   5,107,500 
 250,000   Revlon Escrow Corp.,
6.25%, 08/01/24(j)		   253,125 
 1,500,000   Sabine Pass Liquefaction LLC,
5.63%, 02/01/21		   1,548,750 
 1,325,000   Sabine Pass Liquefaction LLC,
5.63%, 04/15/23		   1,351,500 
 1,100,000   Sabine Pass Liquefaction LLC,
5.88%, 06/30/26(j)		   1,128,875 
 12,000,000   ShengdaTech, Inc., Cnv.,
6.50%, 12/15/15(b)(c)(d)(f)(j)		   0 
 5,000,000   Shutterfly, Inc., Cnv.,
0.25%, 05/15/18		   5,206,250 
 800,000   Sinclair Television Group, Inc.,
 5.88%, 03/15/26(j)		   840,000 
 3,395,000   Southern Star Central Corp.,
5.13%, 07/15/22(j)		   3,361,050 
 50,000   Standard Industries, Inc.,
5.13%, 02/15/21(j)		   52,250 


78
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$2,475,000   Standard Industries, Inc.,
5.50%, 02/15/23(j)		  $2,580,188 
 14,000,000   Starwood Property Trust, Inc., Cnv.,
3.75%, 10/15/17		   14,245,000 
 8,900,000   Starwood Property Trust, Inc., Cnv., REIT,
4.55%, 03/01/18		   9,484,063 
 2,000,000   Synchronoss Technologies, Inc., Cnv.,
0.75%, 08/15/19		   2,073,750 
 475,000   Team Health, Inc.,
7.25%, 12/15/23(j)		   517,750 
 2,250,000   T-Mobile USA, Inc.,
6.84%, 04/28/23		   2,401,875 
 19,000,000   Twitter, Inc., Cnv.,
0.25%, 09/15/19		   17,539,375 
 11,500,000   Vector Group Ltd., Cnv.,
1.75%, 04/15/20(k)		   12,700,313 
 8,000,000   VEREIT, Inc., Cnv., REIT,
3.00%, 08/01/18		   7,970,000 
 7,000,000   Verint Systems, Inc., Cnv.,
1.50%, 06/01/21		   6,571,250 
 3,000,000   Washington Mutual Bank,
5.55%, 12/31/49(d)(f)		   622,500 
 29,287,000   Washington Mutual Bank,
6.00%, 12/31/49(d)(f)		   6,077,053 
 24,750,000   Washington Mutual Bank,
6.00%, 12/31/49(d)(f)		   5,135,625 
 9,840,000   Washington Mutual Bank,
6.00%, 12/31/49(d)(f)		   2,041,800 
 8,200,000   Washington Mutual Bank,
6.00%, 12/31/49(d)(f)		   1,701,500 
 6,000,000   Web.com Group, Inc., Cnv.,
1.00%, 08/15/18		   5,628,750 
 6,000,000   Wright Medical Group, Inc., Cnv.,
2.00%, 02/15/20		   6,063,750 
 800,000(h) XPO Logistics, Inc.,
5.75%, 06/15/21(g)		   879,818 
         392,943,609 
Total Corporate Bonds
(Cost $537,229,693)		   519,319,914 
GOVERNMENT BONDS — 2.0%     
BRAZIL — 0.4%     
 10,280,000(i)  Brazil Letras do Tesouro Nacional,
15.10%, 07/01/19(e)		   2,277,785 
 1,410,000(i)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 05/15/19		   1,272,254 
 160,000(i)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 08/15/20		   146,699 
Principal
Amount		      Value 
BRAZIL (continued)     
$840,000(i)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 08/15/22		  $771,211 
 1,292,000(i)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 05/15/23		   1,173,330 
 80,000(i)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 08/15/24		   74,117 
 2,400,000(i)  Brazil Notas do Tesouro Nacional, Series B,
6.00%, 05/15/45		   2,234,621 
 27,080,000(i)  Brazil Notas do Tesouro Nacional, Series F,
10.00%, 01/01/21		   7,905,967 
 3,650,000(i)  Brazil Notas do Tesouro Nacional, Series F,
10.00%, 01/01/23		   1,045,391 
 24,870,000(i)  Brazil Notas do Tesouro Nacional, Series F,
10.00%, 01/01/25		   7,045,595 
 450,000(i)  Brazil Notas do Tesouro Nacional, Series F,
10.00%, 01/01/27		   125,800 
         24,072,770 
INDONESIA — 0.3%     
 1,900,000,000(i)  Indonesia Treasury Bond,
5.25%, 05/15/18		   141,764 
 1,932,000,000(i)  Indonesia Treasury Bond,
11.50%, 09/15/19		   167,606 
 9,062,000,000(i)  Indonesia Treasury Bond,
11.00%, 11/15/20		   797,409 
 41,839,000,000(i)  Indonesia Treasury Bond,
12.80%, 06/15/21		   3,971,794 
 6,125,000,000(i)  Indonesia Treasury Bond,
8.25%, 07/15/21		   497,722 
 19,566,000,000(i)  Indonesia Treasury Bond,
7.00%, 05/15/22		   1,506,369 
 33,599,000,000(i)  Indonesia Treasury Bond,
12.90%, 06/15/22		   3,286,838 
 11,914,000,000(i)  Indonesia Treasury Bond,
10.25%, 07/15/22		   1,050,292 
 23,599,000,000(i)  Indonesia Treasury Bond,
5.63%, 05/15/23		   1,675,060 
 8,500,000,000(i)  Indonesia Treasury Bond,
9.50%, 07/15/23		   735,279 
 950,000,000(i)  Indonesia Treasury Bond,
11.75%, 08/15/23		   91,191 
 600,000,000(i)  Indonesia Treasury Bond,
10.00%, 09/15/24		   53,869 
 716,000,000(i)  Indonesia Treasury Bond,
7.00%, 05/15/27		   54,034 
 1,300,000,000(i)  Indonesia Treasury Bond,
10.25%, 07/15/27		   119,850 


79
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
INDONESIA (continued)     
$363,000,000(i)  Indonesia Treasury Bond,
10.00%, 02/15/28		  $33,383 
 1,078,000,000(i)  Indonesia Treasury Bond,
6.13%, 05/15/28		   74,658 
 388,000,000(i)  Indonesia Treasury Bond,
9.00%, 03/15/29		   33,917 
 4,640,000,000(i)  Indonesia Treasury Bond,
8.38%, 03/15/34		   387,538 
         14,678,573 
MALAYSIA — 0.2%     
 390,000(i)  Bank Negara Malaysia Monetary Notes,
3.00%, 10/06/16(e)		   95,387 
 1,510,000(i)  Bank Negara Malaysia Monetary Notes,
3.00%, 10/11/16(e)		   369,181 
 1,190,000(i)  Bank Negara Malaysia Monetary Notes,
3.00%, 10/18/16(e)		   290,804 
 4,510,000(i)  Bank Negara Malaysia Monetary Notes,
2.50%, 04/20/17(e)		   1,088,438 
 5,210,000(i)  Bank Negara Malaysia Monetary Notes,
2.50%, 07/20/17(e)		   1,249,222 
 9,335,000(i)  Malaysia Government Bond,
4.26%, 09/15/16		   2,298,577 
 7,770,000(i)  Malaysia Government Bond,
3.81%, 02/15/17		   1,923,354 
 2,790,000(i)  Malaysia Government Bond,
3.39%, 03/15/17		   690,578 
 7,549,000(i)  Malaysia Government Bond,
4.01%, 09/15/17		   1,885,915 
 2,750,000(i)  Malaysia Government Bond,
3.31%, 10/31/17		   681,915 
 2,795,000(i)  Malaysia Government Bond,
4.24%, 02/07/18		   702,422 
 2,469,000(i)  Malaysia Government Bond,
3.26%, 03/01/18		   615,239 
 20,000(i)  Malaysia Treasury Bill,
3.00%, 08/05/16(e)		   4,912 
 10,000(i)  Malaysia Treasury Bill,
2.70%, 01/20/17(e)		   2,428 
         11,898,372 
MEXICO — 0.5%     
 58,390,000(i)  Mexican Bonos,
7.25%, 12/15/16		   3,145,029 
 150,570,000(i)  Mexican Bonos,
5.00%, 06/15/17		   8,040,880 
 23,900,000(i)  Mexican Bonos,
7.75%, 12/14/17		   1,325,090 
 30,270,000(i)  Mexican Bonos,
4.75%, 06/14/18		   1,601,377 
Principal
Amount		      Value 
MEXICO (continued)     
$2,712,000(i)  Mexican Udibonos,
3.50%, 12/14/17		  $805,681 
 1,851,000(i)  Mexican Udibonos,
4.00%, 06/13/19		   566,049 
 1,465,000(i)  Mexican Udibonos,
2.50%, 12/10/20		   430,456 
 175,952,000(i)  Mexico Cetes,
3.40%, 08/04/16(e)		   937,754 
 25,107,000(i)  Mexico Cetes,
3.30%, 08/18/16(e)		   133,591 
 100,290,000(i)  Mexico Cetes,
4.00%, 08/25/16(e)		   533,329 
 160,419,000(i)  Mexico Cetes,
4.00%, 09/01/16(e)		   852,146 
 16,738,000(i)  Mexico Cetes,
3.30%, 09/15/16(e)		   88,767 
 22,348,000(i)  Mexico Cetes,
3.50%, 09/29/16(e)		   118,323 
 257,312,000(i)  Mexico Cetes,
3.30%, 10/13/16(e)		   1,359,678 
 120,018,000(i)  Mexico Cetes,
3.30%, 10/27/16(e)		   633,247 
 44,530,000(i)  Mexico Cetes,
3.30%, 11/10/16(e)		   234,596 
 51,468,000(i)  Mexico Cetes,
3.30%, 11/24/16(e)		   270,513 
 429,847,000(i)  Mexico Cetes,
3.40%, 12/08/16(e)		   2,255,012 
 1,675,000(i)  Mexico Cetes,
4.50%, 12/22/16(e)		   8,776 
 78,866,000(i)  Mexico Cetes,
3.30%, 02/02/17(e)		   410,726 
 136,325,000(i)  Mexico Cetes,
3.30%, 03/30/17(e)		   705,109 
 7,012,000(i)  Mexico Cetes,
4.60%, 03/30/17(e)		   36,246 
 553,920,000(i)  Mexico Cetes,
4.70%, 05/25/17(e)		   2,841,506 
 86,621,000(i)  Mexico Cetes,
3.30%, 05/25/17(e)		   444,192 
         27,778,073 
PHILIPPINES — 0.1%     
 136,650,000(i)  Philippine Government Bond,
9.13%, 09/04/16		   2,919,884 
 210,000(i)  Philippine Government Bond,
2.88%, 05/22/17		   4,493 
 110,000(i)  Philippine Government Bond,
5.88%, 01/31/18		   2,464 
 3,663,000(i)  Philippine Government Bond,
2.13%, 05/23/18		   77,601 
 2,850,000(i)  Philippine Government Bond,
5.00%, 08/18/18		   63,915 


80
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
PHILIPPINES (continued)     
$32,750,000(i)  Philippine Government Bond,
3.88%, 11/22/19		  $721,967 
 5,020,000(i)  Philippine Treasury Bill,
1.40%, 09/07/16(e)		   106,405 
 1,510,000(i)  Philippine Treasury Bill,
1.20%, 09/14/16(e)		   31,995 
 3,490,000(i)  Philippine Treasury Bill,
1.30%, 11/02/16(e)		   73,840 
 2,060,000(i)  Philippine Treasury Bill,
1.60%, 12/07/16(e)		   43,533 
 3,010,000(i)  Philippine Treasury Bill,
1.30%, 03/15/17(e)		   63,077 
 3,780,000(i)  Philippine Treasury Bill,
1.50%, 05/03/17(e)		   79,423 
         4,188,597 
POLAND — 0.0%     
 2,268,000(i)  Poland Government Bond,
1.75%, 01/25/17(k)		   582,292 
 8,307,000(i)  Poland Government Bond,
1.75%, 01/25/21(k)		   2,100,359 
         2,682,651 
PORTUGAL — 0.0%     
 2,560,000   Portugal Government International Bond,
5.13%, 10/15/24(j)		   2,601,375 
SOUTH KOREA — 0.4%     
 2,506,200,000(i)  Korea Monetary Stabilization Bond,
1.56%, 08/09/16		   2,245,498 
 312,500,000(i)  Korea Monetary Stabilization Bond,
1.52%, 09/09/16		   279,057 
 2,990,700,000(i)  Korea Monetary Stabilization Bond,
2.22%, 10/02/16		   2,674,193 
 1,537,800,000(i)  Korea Monetary Stabilization Bond,
1.53%, 10/08/16		   1,373,573 
 481,600,000(i)  Korea Monetary Stabilization Bond,
1.61%, 11/09/16		   431,955 
 6,770,900,000(i)  Korea Monetary Stabilization Bond,
2.07%, 12/02/16		   6,061,374 
 434,300,000(i)  Korea Monetary Stabilization Bond,
1.57%, 01/09/17		   388,287 
 769,600,000(i)  Korea Monetary Stabilization Bond,
1.96%, 02/02/17		   689,458 
 203,100,000(i)  Korea Monetary Stabilization Bond,
1.70%, 08/02/17		   182,134 
 1,512,300,000(i)  Korea Monetary Stabilization Bond,
1.56%, 10/02/17		   1,355,084 
 521,500,000(i)  Korea Monetary Stabilization Bond,
1.49%, 02/02/18		   467,274 
 2,454,640,000(i)  Korea Treasury Bond,
3.00%, 12/10/16		   2,204,905 
 2,197,000,000(i)  Korea Treasury Bond,
2.00%, 12/10/17		   1,981,017 
Principal
Amount		      Value 
SOUTH KOREA (continued)     
$631,500,000(i)  Korea Treasury Bond,
1.75%, 12/10/18		  $570,490 
 592,300,000(i)  Korea Treasury Bond,
1.50%, 06/10/19		   533,014 
 1,383,270,000(i)  Korea Treasury Bond,
2.00%, 03/10/21		   1,276,975 
 147,000,000(i)  Korea Treasury Bond,
1.38%, 09/10/21		   132,173 
 13,000,000(i)  Korea Treasury Bond,
1.38%, 09/10/21		   11,663 
         22,858,124 
UKRAINE — 0.1%     
 829,000   Ukraine Government International Bond,
7.75%, 09/01/24(j)		   804,296 
 1,699,000   Ukraine Government International Bond,
7.75%, 09/01/25(j)		   1,644,122 
 1,699,000   Ukraine Government International Bond,
7.75%, 09/01/26(j)		   1,639,875 
 1,699,000   Ukraine Government International Bond,
7.75%, 09/01/27(j)		   1,635,627 
 3,513,000   Ukraine Government International Bond,
3.30%, 05/31/40(j)(k)		   1,186,340 
         6,910,260 
Total Government Bonds
(Cost $126,485,013)		   117,668,795 
ASSET-BACKED SECURITIES — 10.9%     
CAYMAN ISLANDS — 3.9%     
 11,750,000   Adams Mill CLO Ltd., Series 2014-1A, Class F, 6.37%, 07/15/26(b)(j)(k)   6,382,871 
 7,500,000   Adams Mill CLO Ltd., Series 2014-1A, Class SUB, 11.13%, 07/15/26(b)(e)(j)   2,585,837 
 3,000,000   ALM Loan Funding Ltd., Series 2012-6A, Class DR, 6.28%, 07/15/26(j)(k)   2,639,257 
 1,100,000   ALM Loan Funding Ltd., Series 2013-7R2A, Class C, 4.09%, 04/24/24(j)(k)   1,069,010 
 1,000,000   ALM Loan Funding Ltd., Series 2013-7R2A, Class D, 5.64%, 04/24/24(j)(k)   935,741 
 1,200,000   ALM Loan Funding Ltd., Series 2015-12A, Class D, 6.18%, 04/16/27(j)(k)   1,057,229 
 2,000,000   ALM Loan Funding Ltd., Series 2015-16A, Class D, 6.03%, 07/15/27(j)(k)   1,731,354 


81
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
CAYMAN ISLANDS (continued)      
$1,100,000   ALM Loan Funding Ltd., Series 2015-17A, Class C1, 4.83%, 01/15/28(j)(k)  $1,062,259 
 1,000,000   ALM XVIII Ltd., Series 2016-18A, Class D, 8.26%, 07/15/27(j)(k)   974,490 
 1,250,000   American Money Management Corp. CLO IX Ltd., Series 2011-9A, Class DR, 6.33%, 01/15/22(j)(k)   1,338,722 
 2,250,000   American Money Management Corp. CLO IX Ltd., Series 2011-9A, Class ER, 8.33%, 01/15/22(j)(k)   2,309,021 
 2,000,000   American Money Management Corp. CLO Ltd., Series 2015-17A, Class E, 7.38%, 11/15/27(j)(k)   1,893,124 
 1,000,000   American Money Management Corp. CLO Ltd., Series 2016-18A, Class D, 5.67%, 05/26/28(j)(k)   979,794 
 3,000,000   Anchorage Capital CLO Ltd., Series 2015-6A, Class E1, 5.58%, 04/15/27(j)(k)   2,543,010 
 2,500,000   Anchorage Capital CLO Ltd., Series 2015-6A, Class F, 6.58%, 04/15/27(j)(k)   1,870,915 
 500,000   Annisa CLO, Ltd. Series 2016-2A, Class E, 7.94%, 07/20/28(j)(k)   441,350 
 3,500,000   Apidos CLO XIX, Series 2014-19A, Class E, 6.13%, 10/17/26(j)(k)   3,096,484 
 1,000,000   Apidos CLO XV, Series 2013-15A, Class D, 5.45%, 10/20/25(j)(k)   854,530 
 5,000,000   Apidos CLO XVIII, Series 2014-18A, Class D, 5.84%, 07/22/26(j)(k)   4,384,616 
 2,500,000   Apidos CLO XX, Series 2015-20A, Class D, 6.28%, 01/16/27(j)(k)   2,222,057 
 1,000,000   Ares XXVII CLO Ltd., Series 2013-2A, Class D, 4.38%, 07/28/25(j)(k)   960,813 
 2,750,000   Ares XXXIII CLO Ltd., Series 2015-1A, Class D, 6.91%, 12/05/25(j)(k)   2,454,201 
 3,500,000   Ares XXXIX CLO Ltd., Series 2016-39A, Class E, 7.90%, 07/18/28(j)(k)   3,246,250 
 2,000,000   Ares XXXVII CLO Ltd., Series 2015-4A, Class D2, 7.70%, 10/15/26(j)(k)   1,912,818 
 1,000,000   Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class D, 4.89%, 01/30/24(j)(k)   995,590 
 650,000   Atlas Senior Loan Fund Ltd., Series 2012-1A, Class B2L, 6.88%, 08/15/24(j)(k)   641,444 
 1,000,000   Atrium CDO Corp., Series -8A, Class D, 5.14%, 10/23/22(j)(k)   1,000,465 
 5,000,000   Atrium XI, Series 11A, Class E, 5.74%, 10/23/25(j)(k)   4,349,302 
 2,000,000   Atrium XII, Series 12A, Class E, 6.65%, 10/22/26(j)(k)   1,790,235 
Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$2,500,000   Babson CLO Ltd., Series 16-1A, Class E, 7.34%, 04/23/27(j)(k)  $2,289,955 
 750,000   Babson CLO Ltd., Series 2015-2A, Class E, 6.25%, 07/20/27(j)(k)   643,951 
 1,000,000   Babson CLO Ltd.,Series 2016-2A,Class E, 7.63%, 07/28/28(j)(k)   947,400 
 2,000,000   Battalion CLO IX Ltd., Series 2015-9A, Class D, 4.53%, 07/15/28(j)(k)   1,844,880 
 500,000   Battalion CLO VIII Ltd., Series 2015-8A, Class D, 6.13%, 04/18/27(j)(k)   427,803 
 1,250,000   Benefit Street Partners CLO VI Ltd., Series 2015-VIA, Class D, 6.23%, 04/18/27(j)(k)   1,104,350 
 2,250,000   Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class C, 4.22%, 01/20/28(j)(k)   2,119,741 
 1,250,000   Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class D, 5.82%, 01/20/28(j)(k)   1,087,509 
 1,000,000   Birchwood Park CLO Ltd., Series 2014-1A, Class D1, 4.13%, 07/15/26(j)(k)   926,898 
 1,000,000   BlueMountain CLO Ltd. Series 2016-2A, Class D., 7.70%, 08/20/28(j)(k)   949,780 
 650,000   BlueMountain CLO Ltd., Series 2011-1A, Class E, 6.38%, 08/16/22(j)(k)   650,729 
 2,500,000   BlueMountain CLO Ltd., Series 2012-1A, Class D, 5.05%, 07/20/23(j)(k)   2,519,369 
 1,250,000   BlueMountain CLO Ltd., Series 2014-4A, Class E, 5.97%, 11/30/26(j)(k)   1,169,115 
 1,000,000   BlueMountain CLO Ltd., Series 2015-1A, Class C, 4.42%, 04/13/27(j)(k)   955,163 
 1,500,000   BlueMountain CLO Ltd., Series 2015-1A, Class D, 6.12%, 04/13/27(j)(k)   1,445,475 
 500,000   BlueMountain CLO Ltd., Series 2015-2A, Class E, 6.03%, 07/18/27(j)(k)   440,781 
 1,000,000   BlueMountain CLO Ltd., Series 2015-4A, Class D2, 4.75%, 01/20/27(j)(k)   960,675 
 1,000,000   BlueMountain CLO Ltd., Series 2015-4A, Class E, 7.20%, 01/20/27(j)(k)   957,500 
 1,500,000   Canyon Capital CLO Ltd., Series 2012-1A, Class D, 4.98%, 01/15/24(j)(k)   1,510,369 


82
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$2,500,000   Carlyle Global Market Strategies CLO 2015-3 Ltd., Series 2015-3A, Class D, 6.33%, 07/28/28(j)(k)  $2,199,469 
 1,500,000   Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class E1, 6.00%, 04/20/27(j)(k)   1,304,360 
 3,250,000   Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, 9.07%, 10/20/27(j)(k)   3,147,329 
 750,000   Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class D, 8.23%, 04/20/27(j)(k)   738,813 
 1,000,000   Carlyle Global Market Strategies CLO, Series 2015-2A, Class D, 5.93%, 04/27/27(j)(k)   870,672 
 1,500,000   CIFC Funding Ltd., Series 2012-2A, Class B2R, 6.43%, 12/05/24(j)(k)   1,441,037 
 2,500,000   CIFC Funding Ltd., Series 2014-2A, Class B1L, 4.16%, 05/24/26(j)(k)   2,319,037 
 1,000,000   Cumberland Park CLO Ltd., Series 2015-2A, Class E, 5.70%, 07/20/26(j)(k)   830,308 
 1,000,000   Dryden Senior Loan Fund, Series 2014-34A, Class D, 4.28%, 10/15/26(j)(k)   932,017 
 1,000,000   Dryden Senior Loan Fund, Series 2014-36A, Class E, 5.83%, 11/09/25(j)(k)   872,998 
 1,000,000   Dryden Senior Loan Fund, Series 2016-43A, Class E, 7.92%, 07/20/29(j)(k)   936,000 
 1,250,000   Galaxy XI CLO Ltd., Series 2011-11A, Class E, 5.64%, 08/20/22(j)(k)   1,174,367 
 600,000   Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class E, 6.18%, 04/17/22(j)(k)   581,987 
 2,000,000   Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class E, 6.23%, 04/18/27(j)(k)   1,768,882 
 3,000,000   Gramercy Park CLO Ltd., Series 2012-1AR, Class DR, 6.18%, 07/17/23(j)(k)   2,874,139 
 1,000,000   Highbridge Loan Management Ltd., Series 2015-6A, Class E1, 6.08%, 05/05/27(j)(k)   862,684 
 1,000,000   Highbridge Loan Management Ltd., Series 2015-7A, Class D, 4.38%, 11/15/26(j)(k)   923,426 
 500,000   Highbridge Loan Management Ltd., Series 2016-8A, Class D, 5.33%, 04/20/27(j)(k)   473,210 
 962,500   Highbridge Loan Management Ltd., Series 5A-2015, Class E, 5.99%, 01/29/26(j)(k)   841,477 
Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$1,000,000   Highbridge Loan Management Ltd., Series 9A-2016, Class D2, 7.08%, 07/19/27(j)(k)  $875,556 
 21,500,000   Jackson Mill CLO Ltd., Series 2015-1A, Class E, 5.68%, 04/15/27(b)(j)(k)   17,692,051 
 20,000,000   Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 1.00%, 04/15/27(b)(e)(j)   14,848,820 
 8,000,000   Jefferson Mill CLO Ltd., Series 2015-1A, Class F, 7.20%, 07/20/27(b)(j)(k)   4,724,517 
 8,000,000   Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, 6.70%, 07/20/27(b)(e)(j)   4,296,587 
 1,000,000   LCM Ltd. Partnership IX LP, Series 9A, Class E, 4.87%, 07/14/22(j)(k) .   994,676 
 1,000,000   LCM Ltd. Partnership XIII LP, Series 13A, Class D, 4.49%, 01/19/23(j)(k)   975,345 
 1,000,000   LCM Ltd. Partnership XVII LP, Series -17A, Class D, 4.18%, 10/15/26(j)(k)   957,751 
 1,500,000   LCM Ltd. Partnership XVIII LP, Series -18A, Class D, 4.50%, 04/20/27(j)(k)   1,463,377 
 500,000   LCM Ltd. Partnership XVIII LP, Series 18A, Class E, 4.60%, 04/20/27(j)(k)   324,578 
 1,000,000   LCM Ltd. Partnership XVIII LP, Series 18A, Class E, 6.05%, 04/20/27(j)(k)   850,116 
 1,350,000   LCM Ltd. Partnership XXI LP, Series -21A, Class D, 5.80%, 04/20/28(j)(k)   1,365,431 
 1,000,000   LCM XXI LP, Series -21A, Class E, 8.35%, 04/20/28(j)(k)   999,823 
 1,000,000   Madison Park Funding Ltd., Series 2012-9A, Class E, 5.88%, 08/15/22(j)(k)   944,317 
 1,500,000   Madison Park Funding X Ltd., Series 2012-10A, Class D, 4.95%, 01/20/25(j)(k)   1,506,690 
 1,000,000   Madison Park Funding XIX Ltd., Series 2015-19A, Class D, 6.86%, 01/22/28(j)(k)   921,460 
 1,000,000   Madison Park Funding XX Ltd., Series 2016-20A, Class E, 8.08%, 04/27/27(j)(k)   987,500 
 1,000,000   Neuberger Berman CLO Ltd., Series 2015-20A, Class D, 4.62%, 01/15/28(j)(k)   920,572 
 1,250,000   Neuberger Berman CLO Ltd., Series 2015-20A, Class E, 7.12%, 01/15/28(j)(k)   1,159,499 


83
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$1,250,000   Neuberger Berman CLO XII Ltd., Series 2012-12AR, Class ER, 6.89%, 07/25/23(j)(k)  $1,232,916 
 2,050,000   Neuberger Berman CLO XIII Ltd., Series 2012-13A, Class D, 5.14%, 01/23/24(j)(k)   2,050,491 
 625,000   Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class D, 4.19%, 08/04/25(j)(k)   580,748 
 1,000,000   Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class C, 4.38%, 11/14/25(j)(k)   936,743 
 750,000   Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class D, 5.57%, 04/20/27(j)(k)   751,122 
 1,000,000   Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class E, 7.62%, 04/20/27(j)(k)   959,915 
 1,000,000   Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class D1, 4.64%, 01/23/27(j)(k)   969,317 
 1,000,000   OCP CLO Ltd.,Series 2015-8A,Class C,, 4.33%, 04/17/27(j)(k)   925,000 
 1,000,000   Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 5.57%, 04/15/27(j)(k)   1,003,905 
 2,000,000   Octagon Investment Partners 26 Ltd., Series 2016-1A, Class E, 8.47%, 04/15/27(j)(k)   2,008,679 
 1,000,000   Octagon Investment Partners XII Ltd., Series 2012-1AR, Class ER, 6.13%, 05/05/23(j)(k)   959,996 
 1,100,000   Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 4.28%, 11/14/26(j)(k)   1,037,650 
 1,000,000   Octagon Investment Partners XXI Ltd., Series 2014-1A, Class D, 7.23%, 11/14/26(j)(k)   910,064 
 1,250,000   Octagon Investment Partners XXII Ltd., Series 2014-1A, Class E1, 5.95%, 11/25/25(j)(k)   1,072,849 
 5,000,000   Octagon Loan Funding Ltd., Series 2014-1A, Class E, 5.83%, 11/18/26(j)(k)   4,271,094 
 1,375,000   OHA Credit Partners XI Ltd., Series 2015-11A, Class E, 7.40%, 10/20/28(j)(k)   1,291,223 
 2,750,000   OZLM Funding III Ltd., Series 2013-3A, Class D, 5.70%, 01/22/25(j)(k)   2,543,476 
 1,750,000   OZLM Funding Ltd., Series 2012-1A, Class DR, 7.34%, 07/22/27(j)(k)   1,617,894 
 1,500,000   OZLM VII Ltd., Series 2014-7A, Class D, 5.68%, 07/17/26(j)(k)   1,272,173 
 1,000,000   OZLM XI Ltd., Series 2015-11A, Class C2, 4.39%, 01/30/27(j)(k)   936,770 
Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$1,250,000   OZLM XIII Ltd., Series 2015-13A, Class D, 6.09%, 07/30/27(j)(k)  $1,051,211 
 1,200,000   OZLM XIV Ltd., Series 2015-14A, Class C, 5.03%, 01/15/29(j)(k)   1,161,831 
 1,500,000   OZLM XIV Ltd., Series 2015-14A, Class D, 7.03%, 01/15/29(j)(k)   1,372,637 
 1,000,000   Race Point V CLO, Ltd., Series 2011-5A, Class ER,, 6.65%, 12/15/22(j)(k)   1,006,313 
 2,000,000   Regatta III Funding Ltd., Series 2014-1A, Class C, 4.13%, 04/15/26(j)(k)   1,827,658 
 1,200,000   Regatta V Funding Ltd., Series 2014-1A, Class D, 5.54%, 10/25/26(j)(k)   993,938 
 1,650,000   Sound Point CLO III Ltd., Series 2013-2A, Class E, 5.23%, 07/15/25(j)(k)   1,412,220 
 1,000,000   Sound Point CLO IX Ltd., Series 2015-2A, Class E, 6.20%, 07/20/27(j)(k)   887,500 
 2,000,000   Sound Point CLO XII Ltd., Series 2016-2A,Class E, 6.88%, 10/20/28(j)(k)   1,713,763 
 1,000,000   Stewart Park CLO Ltd., Series 2015-1A, Class E, 6.13%, 04/15/26(j)(k)   852,108 
 1,250,000   Symphony CLO IX LP, Series 2012-9A, Class E, 5.68%, 04/16/22(j)(k)   1,175,000 
 1,500,000   Symphony CLO XV Ltd., Series 2014-15A, Class E, 5.73%, 10/17/26(j)(k)   1,301,520 
 1,000,000   Symphony CLO XVI Ltd., Series 2015-16A, Class E, 6.13%, 07/15/28(j)(k)   856,097 
 1,000,000   Voya CLO Ltd., Series 2012-2AR, Class ER, 6.68%, 10/15/22(j)(k)   973,816 
 1,000,000   Voya CLO Ltd., Series 2014-1A, Class C, 4.08%, 04/18/26(j)(k)   918,429 
 3,750,000   Voya CLO Ltd., Series 2015-1A, Class E, 7.18%, 04/18/27(j)(k)   2,574,375 
 1,250,000   Voya CLO Ltd., Series 2015-2A, Class D, 4.04%, 07/23/27(j)(k)   1,102,024 
 1,500,000   Voya CLO Ltd., Series 2016-2A, Class D, 7.63%, 07/19/28(j)(k)   1,393,109 
 11,250,000   Washington Mill CLO Ltd., Series 2014-1A, Class F, 6.13%, 04/20/26(b)(j)(k)   5,413,950 
 17,600,000   Washington Mill CLO Ltd., Series 2014-1A, Class SUB, 11.00%, 04/20/26(b)(e)(j)   6,302,843 
 4,250,000   Webster Park CLO Ltd., Series 2015-1A, Class C, 4.56%, 01/20/27(j)(k)   4,074,293 


84
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
CAYMAN ISLANDS (continued)     
$2,650,000   Webster Park CLO Ltd., Series 2015-1A, Class D, 6.61%, 01/20/27(j)(k)  $2,387,229 
 1,000,000   Westcott Park CLO Ltd., Series 2016-1A, Class D, 5.01%, 07/20/28(j)(k)   977,820 
 1,000,000   Westcott Park CLO Ltd., Series 2016-1A, Class E, 7.86%, 07/20/28(j)(k)   934,531 
         232,571,350 
UNITED STATES — 7.0%     
 16,248,930   Argent Mortgage Loan Trust, Series 2005-W1, Class A2, 0.73%, 05/25/35(k)   12,740,136 
 5,000,000   BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(k)   4,695,525 
 9,760,413   Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, 1.45%, 05/28/39(j)(k)   7,138,049 
 4,000,000   Bayview Opportunity Master Fund Trust, Series 2016-RPL3, Class A1, 3.47%, 07/28/31(j)   4,000,000 
 4,367,981   Bayview Opportunity Master Fund Trust, Series 2016-RPL3, Class A1, 1.37%, 12/28/40(j)(k)   3,542,040 
 3,169,240   Bear Stearns Asset Backed Securities I Trust, Series 2006-EC2, Class M2, 0.87%, 02/25/36(k)   2,655,978 
 8,213,775   Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, 0.59%, 12/25/36(k)   6,907,210 
 3,515,354   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 0.80%, 03/25/36(k)   1,204,171 
 3,515,354   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 0.80%, 03/25/36(k)   1,204,171 
 14,441,696   Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 0.65%, 10/25/36(k)   11,851,399 
 8,000,000   Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, 1.69%, 12/25/36(j)(k)   7,538,522 
 3,806,193   Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(k)   1,761,778 
 3,568,305   Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(k)   1,808,620 
Principal
Amount		      Value 
UNITED STATES (continued)     
$6,042,331   Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(k)  $3,129,420 
 750,000   BSP Mortgage Securities Corp. Ltd., Series 2016-9A, Class E, 0.30%, 06/16/28(j)(k)   645,000 
 3,800,000   Carrington Mortgage Loan Trust Series, Series 2006-NC2, Class A3, 0.60%, 06/25/36(k)   3,161,246 
 8,203,000   Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, 0.60%, 07/25/36(k)   6,919,723 
 11,826,265   Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A3, 0.61%, 10/25/36(k)   6,413,142 
 3,311,541   Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A2, 0.65%, 02/25/37(k)   3,116,108 
 4,884,740   Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, 0.87%, 02/25/37(k)   3,244,430 
 8,250,000   Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A3, 0.59%, 12/25/36(k)   4,729,091 
 12,415,000   Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, 0.67%, 12/25/36(k)   6,994,791 
 4,135,444   Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28.   3,971,494 
 2,921,213   Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(k)   2,610,980 
 4,723,624   Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(k)   4,042,280 
 3,637,033   Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(k)   2,896,345 
 1,530,620   Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 0.61%, 09/25/46(k)   1,344,548 
 2,260,194   Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, STEP, 6.29%, 06/25/21   2,374,437 
 215,941   Countrywide Asset-Backed Certificates, Series 2007-4, Class A2, 5.53%, 04/25/47(k)   215,636 
 17,341,264   Countrywide Asset-Backed Certificates, Series 2007-S3, Class A3, 0.83%, 05/25/37(k)   13,475,546 
 4,168,759   Countrywide Home Equity Loan Trust, Series 2006-S5, Class A4, 5.84%, 06/25/35.   4,132,402 


85
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$5,299,270   Countrywide Home Equity Loan Trust, Series 2006-S5, Class A5, 6.16%, 06/25/35  $4,913,977 
 2,927,273   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, 0.78%, 12/15/33(j)(k)   2,473,839 
 2,833,954   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, 0.72%, 02/15/30(j)(k)   2,317,097 
 2,541,781   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, 0.67%, 05/15/35(j)(k)   2,124,064 
 3,057,395   Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A3, 0.64%,
11/25/36(k)		   1,901,682 
 5,839,426   First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2007-FF2, Class A2C, 0.60%, 03/25/37(k)   3,301,628 
 349,296   GFT Mortgage Loan Trust, Series 2015-GFT1, Class A, STEP, 3.72%, 01/25/55(j)   349,229 
 4,388,167   GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, 0.69%, 02/25/36(k)   4,256,742 
 3,740,660   GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, 0.66%, 11/25/36(k)   3,486,709 
 3,738,635   Greenpoint Manufactured Housing, Series 1999-1, Class A5, 6.77%, 08/15/29(k)   3,654,660 
 3,426,709   Greenpoint Manufactured Housing, Series 2000-1, Class A4, 8.14%, 03/20/30(k)   3,645,630 
 9,053,872   Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(k)   8,903,374 
 737,391   GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(k)   521,192 
 7,146,863   GSAMP Trust, Series 2006-FM2, Class A2B, 0.61%, 09/25/36(k)   2,968,638 
 4,000,000   Invitation Homes Trust, Series 2015-SFR3, Class E, 4.23%, 08/17/32(j)(k)   3,962,360 
 1,033,333   Irwin Home Equity Loan Trust, Series 2006-2, Class 2A2, STEP, 6.24%, 02/25/36(j)   1,070,145 
 4,000,000   J.P. Morgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, 0.76%, 05/25/36(k)   3,195,000 
Principal
Amount		      Value 
UNITED STATES (continued)     
$8,948,785   Lehman ABS Mortgage Loan Trust,Series 2007-1,Class 2A2, 0.69%, 06/25/37(j)(k)  $5,562,927 
 10,686,141   Long Beach Mortgage Loan Trust, Series 2006-1, Class 1A, 0.67%, 02/25/36(k)   8,593,714 
 22,641,284   Long Beach Mortgage Loan Trust, Series 2006-1, Class 2A3, 0.64%, 02/25/36(k)   14,089,592 
 1,424,574   Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, 0.56%, 11/25/36(k)   612,084 
 19,650,157   Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, 0.61%, 11/25/36(k)   8,530,116 
 3,862,293   Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, 0.67%, 11/25/36(k)   1,697,166 
 8,818,578   Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A3, 0.64%, 03/25/46(k)   3,913,652 
 27,066,959   Long Beach Mortgage Loan Trust, Series 2006-5, Class 2A4, 0.69%, 06/25/36(k)   14,194,890 
 21,105,748   Long Beach Mortgage Loan Trust, Series 2006-6, Class 1A, 0.60%, 07/25/36(k)   13,592,019 
 5,549,513   Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 0.57%, 08/25/36(k)   2,566,983 
 7,382,818   Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, 0.61%, 10/25/36(k)   3,186,973 
 4,000,000   Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, 3.74%, 03/25/32(k)   3,749,840 
 4,994,885   Mastr Second Lien Trust, Series 2006-1, Class A, 0.77%, 03/25/36(k)   1,279,147 
 1,000,000   Mill Creek CLO Ltd., Series 2016-1A, Class E, 8.37%, 04/20/28(j)(k)   999,197 
 1,806,026   Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 0.73%, 06/25/36(k)   1,155,772 
 9,589,250   Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 0.59%, 05/25/37(k)   6,538,771 
 6,106,689   Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36   3,073,201 
 3,593,417   Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27   3,574,934 


86
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$1,092,308   Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(k)  $906,084 
 1,960,664   Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(k)   2,091,218 
 2,000,000   OneMain Financial Issuance Trust, Series 2014-2A, Class C, 4.33%, 09/18/24(j)   1,979,032 
 4,000,000   OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 09/18/24(j)   3,952,446 
 15,000,000   OneMain Financial Issuance Trust, Series 2015-1A, Class C, 5.12%, 03/18/26(j)   14,925,648 
 3,000,000   OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(b)(j)   3,032,780 
 10,000,000   OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, 07/18/25(b)(j)   9,849,188 
 4,000,000   OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(j)   3,979,720 
 9,350,710   Pretium Mortgage Credit Partners LLC, Series 2016-NPL3, Class A1, STEP, 4.38%, 05/27/31(j)   9,416,207 
 2,500,000   Progress Residential Trust, Series 2014-SFR1, Class F, 5.15%, 10/17/31(j)(k)   2,481,400 
 6,000,000   Progress Residential Trust, Series 2015-SFR1, Class E, 4.48%, 02/17/32(j)(k)   6,019,905 
 3,964,785   Residential Asset Securities Corp. Trust, Series 2002-KS4, Class AIIA, 0.95%, 07/25/32(k)   3,345,052 
 18,480,000   Santander Drive Auto Receivables Trust, Series 2012-AA, 0.00%, 12/16/19(b)(e)(j)   8,094,240 
 20,980,000   Santander Drive Auto Receivables Trust, Series 2014-S5, 0.00%, 12/16/19(b)(e)(j)   10,385,100 
 20,980,000   Santander Drive Auto Receivables Trust, Series 2014-S6, 0.00%, 12/16/19(b)(e)(j)   11,245,280 
 2,000,000   Silver Bay Realty Trust, Series 2014-1, Class E, 3.70%, 09/17/31(j)(k)   1,969,180 
 700,000   U.S. Residential Opportunity II Trust, Series 2016-1II, Class A, 3.47%, 07/27/36(j)   700,000 
 4,000,000   U.S. Residential Opportunity III Trust, Series 2016-1III, Class A, 3.47%, 07/27/36(j)   4,000,000 
Principal
Amount		      Value 
UNITED STATES (continued)     
$7,300,000   U.S. Residential Opportunity IV Trust, Series 2016-1IV, Class A, 3.47%, 07/27/36(j)  $7,300,000 
 9,803,635   Vericrest Opportunity Loan Trust XLVI LLC, Series 2016-NPL6, Class A1, STEP, 3.84%, 06/25/46(j)   9,795,206 
 4,962,536   Vericrest Opportunity Loan Trust XLVII LLC, Series 2016-NPL7, Class A1, STEP, 3.75%, 06/25/46(j)   4,957,718 
 4,925,283   Vericrest Opportunity Loan Trust XLVIII LLC, Series 2016-NPL8, Class A1,STEP, 3.50%, 07/25/46(j) .   4,920,012 
 1,442,700   Wachovia Amortization Controlled Heloc NIM Trust, Series 2006-N1, Class N1, 5.68%, 08/12/47(j)   1,460,734 
 1,500,000   York CLO Ltd., Series 2016-1A, Class E, 6.44%, 07/15/28(j)   1,237,500 
         418,464,812 
Total Asset-Backed Securities
(Cost $687,919,454)		   651,036,162 
NON-AGENCY MORTGAGE-BACKED
SECURITIES — 9.1%		 
COLLATERALIZED MORTGAGE
OBLIGATIONS — 8.1%		     
 2,032,585   Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.02%, 07/25/35(k)   1,836,539 
 3,073,662   Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.08%, 03/25/37(k)   2,375,354 
 6,817,841   Ajax Mortgage Loan Trust, Series 2016-A, Class A, STEP, 4.25%, 08/25/64(j)   6,786,873 
 3,307,403   American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, 1.41%, 09/25/46(k)   2,256,301 
 3,284,037   American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37   2,504,464 
 2,319,292   American Home Mortgage Investment Trust, Series 2005-2, Class 5A4D, STEP, 5.33%, 09/25/35   1,984,116 


87
   
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$33   Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35  $32 
 668,452   Banc of America Funding Corp., Series 2005-F, Class 6A1, 2.88%, 09/20/35(k)   639,209 
 1,376,488   Banc of America Funding Corp., Series 2006-A, Class 3A2, 3.13%, 02/20/36(k)   1,098,093 
 1,296,607   Banc of America Funding Corp., Series 2006-E, Class 2A1, 3.30%, 06/20/36(k)   1,063,951 
 3,567,690   Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37   3,047,472 
 1,554,915   Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 2.88%, 10/25/35(k)   1,380,394 
 5,646,328   BCAP LLC Trust, Series 2010-RR11, Class 4A1, 2.89%, 03/27/47(j)(k)   5,562,311 
 6,250,000   BCAP LLC Trust, Series 2012-RR4, Class 8A4, 0.67%, 06/26/47(j)(k)   5,588,236 
 3,581,014   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 2.87%, 02/25/36(k)   2,998,677 
 1,187,728   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 2.73%, 08/25/35(k)   1,044,862 
 1,128,069   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.14%, 05/25/47(k)   1,013,800 
 3,351,710   Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, 0.89%, 04/25/36(k)   2,672,461 
 7,474,682   Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, 0.77%, 11/25/36(k)   6,056,292 
 3,321,413   Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, 0.75%, 11/25/36(k)   7,117,010 
 3,206,890   Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(j)(k)   3,039,629 
 645,492   Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 2.92%, 05/25/35(k)   629,356 
 599,835   Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 3.20%, 06/25/36(k)   569,802 
 6,305,037   Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(j)   4,952,282 
 878,738   Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35.   771,770 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)     
$2,088,676   Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 0.75%, 08/25/35(k)  $1,714,366 
 4,049,435   Countrywide Alternative Loan Trust, Series 2005-36, Class 2A1A, 0.76%, 08/25/35(k)   2,959,269 
 5,775,785   Countrywide Alternative Loan Trust, Series 2005-38, Class A3, 1.15%, 09/25/35(k)   4,945,038 
 2,713,877   Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 2.74%, 12/25/35(k)   2,132,121 
 200,267   Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.45%, 12/25/35(k)   174,124 
 7,010,022   Countrywide Alternative Loan Trust, Series 2005-7CB, Class 2A8, 0.90%, 04/25/35(k)   5,594,451 
 3,112,954   Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, 0.90%, 05/25/35(k)   2,530,451 
 1,671,272   Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35   1,425,636 
 5,399,683   Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 0.80%, 05/25/36(k)   2,835,113 
 3,166,039   Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36   2,313,689 
 6,352,133   Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36   4,702,518 
 2,981,305   Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36   1,809,753 
 2,319,479   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 0.80%, 06/25/36(k)   1,424,574 
 2,319,479   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.66%, 06/25/36(k)   714,976 
 2,391,058   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36   2,032,484 
 2,434,877   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 0.85%, 03/25/36(k)   1,274,792 
 6,839,373   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36   5,109,796 
 2,610,450   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37   2,189,379 


88
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$1,890,289   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37  $1,550,725 
 2,371,841   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37   1,894,294 
 5,423,402   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37   4,331,454 
 376,221   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36   322,283 
 1,067,375   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 0.85%, 05/25/36(k)   758,501 
 6,068,375   Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36   4,345,661 
 4,679,792   Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, 2.19%, 11/20/36(k)   2,782,120 
 9,986,581   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, 2.18%, 11/25/46(k)   7,976,159 
 5,909,391   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, 0.63%, 11/25/46(k)   4,741,341 
 6,959,415   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, 1.30%, 11/25/46(k)   5,712,331 
 2,650,000   Countrywide Alternative Loan Trust, Series 2006-OA16, Class A1D, 0.73%, 10/25/46(k)   2,092,242 
 4,876,751   Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, 0.57%, 12/25/46(k)   4,209,159 
 7,046,221   Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 0.68%, 03/20/47(k)   4,914,250 
 2,970,371   Countrywide Alternative Loan Trust, Series 2006-OA22, Class A1, 0.61%, 02/25/47(k)   2,483,646 
 1,768,686   Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, 0.66%, 05/25/36(k)   1,434,675 
 8,812,981   Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, 0.66%, 07/25/46(k)   6,503,530 
 15,117,274   Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, 0.64%, 07/25/46(k)   12,413,890 
 9,579,724   Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, 0.68%, 03/25/36(k)   8,119,103 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$7,270,281   Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A2A, 0.67%, 11/25/36(k)  $5,930,202 
 6,734,958   Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, 0.63%, 04/25/46(k)   5,063,959 
 3,512,302   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37.   2,662,686 
 3,537,745   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37   2,739,054 
 1,830,202   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37   1,457,211 
 6,655,259   Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37   4,868,249 
 6,471,000   Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37   5,150,332 
 1,762,785   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37   1,295,550 
 5,233,949   Countrywide Alternative Loan Trust, Series 2007-HY5R, Class 2A1B, 2.91%, 03/25/47(k)   4,886,568 
 2,843,552   Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 5.19%, 11/25/36.   2,265,202 
 18,424,829   Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, 1.29%, 03/25/47(k)   14,349,809 
 4,806,475   Countrywide Alternative Loan Trust, Series 2007-OA2, Class 2A1, 0.58%, 03/25/47(k)   3,434,390 
 2,826,480   Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37   2,311,734 
 4,071,996   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 2.61%, 01/25/36(k)   3,527,592 
 1,023,092   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35   964,957 
 2,929,263   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 2.70%, 03/20/36(k)   2,588,623 
 16,362,689   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.41%, 04/25/46(k)   9,096,829 


89
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$5,158,835   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.65%, 04/25/46(k)  $4,533,142 
 1,794,685   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, 0.87%, 07/25/36(j)(k)   1,617,142 
 4,052,054   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38   3,434,091 
 358,812   Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21   329,404 
 3,947,863   Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36   3,641,913 
 743,877   Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 2.90%, 01/27/36(j)(k)   732,117 
 2,364,591   Credit Suisse Mortgage Capital Certificates, Series 2011-5R, Class 2A1, 2.85%, 08/27/46(j)(k)   2,315,493 
 3,597,759   Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(k)   1,813,180 
 4,774,986   Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 12.36%, 04/27/37(j)(k)   3,684,010 
 7,000,000   Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, 0.60%, 10/27/36(j)(k)   2,692,074 
 12,047,482   Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, 0.63%, 03/27/36(j)(k)   5,250,293 
 6,664,424   Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, 0.63%, 03/27/36(j)(k)   6,082,620 
 4,000,000   Deephaven Residential Mortgage Trust, Series 2016-1A, Class A1, 4.00%, 07/25/46(j)   3,992,371 
 2,095,408   Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-1, Class 1A3B, 0.63%, 08/25/37(k)   1,846,137 
 3,278,471   Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2, Class A1, 1.22%, 04/25/47(k)   2,785,204 
 3,449,348   Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class 1A1B, 0.58%, 08/25/47(k)   2,725,108 
 2,000,000   Fannie Mae Connecticut Avenue Securities, Series 2014-C03, Class 1M2, 3.45%, 07/25/24(k)   1,959,930 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$3,223,880   Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 6.45%, 09/25/28(k)  $3,516,125 
 1,182,739   GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.30%, 11/19/35(k)   1,087,721 
 6,563,739   GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 0.80%, 01/25/35(j)(k)   5,430,075 
 2,387,808   GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, 0.80%, 01/25/36(j)(k)   1,949,796 
 1,097,390   GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.97%, 01/25/35(k)   1,102,996 
 1,694,345   GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.09%, 05/25/35(k)   1,621,077 
 416,665   GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36   387,666 
 884,494   GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21   860,992 
 1,474,473   GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.11%, 01/25/36(k)   1,327,841 
 1,736,090   GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37   1,570,723 
 2,024,552   Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 2.64%, 04/25/37(k)   1,586,736 
 59,975,421   IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 8.23%, 07/25/47(e)   4,656,696 
 6,438,197   IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.22%, 01/25/37(k)   5,301,022 
 11,710,987   IndyMac INDX Mortgage Loan Trust, Series 2006-FLX1, Class A1, 0.70%, 11/25/36(k)   9,871,431 
 51,050   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A1B, 0.51%, 03/25/37(k)   111,587 
 4,712,153   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, 0.60%, 03/25/37(k)   4,450,252 
 5,125,079   JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.41%, 10/25/37(k)   4,022,116 
 497,531   JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37   482,092 


90
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$4,264,704   JPMorgan Resecuritization Trust, Series 2015-3, Class 2A1, 4.30%, 11/26/36(j)(k)  $4,211,140 
 5,520,874   Lehman XS Trust, Series 2007-20N, Class A1, 1.60%, 12/25/37(k)   4,162,783 
 3,835,536   LSTAR Securities Investment Trust, Series 2014-1, 3.57%, 09/01/21(j)(k)   3,799,578 
 4,004,136   LSTAR Securities Investment Trust, Series 2015-2, Class A, 2.46%, 01/01/20(j)(k)   3,958,229 
 19,089,300   LSTAR Securities Investment Trust, Series 2016-2, Class A, 2.46%, 03/01/21(j)(k)   18,675,062 
 3,495,301   Mastr Resecuritization Trust, Series 2008-3, Class A1, 0.88%, 08/25/37(j)(k)   2,492,429 
 3,490,913   Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 2.99%, 05/25/36(k)   2,807,069 
 1,187,650   Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36.   993,274 
 11,449,348   Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.78%, 05/26/37(j)(k)   8,534,643 
 6,733,011   Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, 0.61%, 07/26/45(j)(k)   6,083,737 
 6,344,171   Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(j)   6,077,961 
 2,780,461   Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(j)   2,671,974 
 1,619,606   Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36   1,384,361 
 278,048   Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36.   259,780 
 6,703,891   Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 4.00%, 08/25/36(k)   5,746,484 
 3,439,135   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 2.88%, 05/25/35(k)   2,842,030 
 3,721,685   Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, 0.63%, 09/25/47(k)   3,068,967 
 5,177,911   Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 0.67%, 05/25/46(k)   2,788,360 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$5,721,305   Structured Asset Securities Corp, Series 2005-RF3, Class 1A, 0.80%, 06/25/35(j)(k)  $4,574,737 
 674,736   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-1, Class 2A1, 2.86%, 02/25/37(k)   589,637 
 2,787,618   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 3.03%, 04/25/37(k)   2,357,810 
 1,079,626   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 3.16%, 04/25/37(k)   849,359 
 3,712,373   Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, 5.75%, 06/25/47(k)   3,394,787 
 183,844   WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 2.57%, 12/25/35(k)   171,526 
 3,470,674   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR13, Class 2A, 2.19%, 10/25/46(k)   3,123,968 
 8,179,206   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR19, Class 2A, 1.94%, 01/25/47(k)   7,311,615 
 5,685,761   WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR3, Class A1A, 1.45%, 02/25/46(k)   5,168,090 
 2,216,731   WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 2.54%, 07/25/37(k)   1,793,063 
 4,893,866   WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, 1.22%, 05/25/47(k)   4,079,562 
 2,076,823   Washington Mutual Alternative  Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35   1,804,621 
 5,409,220   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36   2,472,794 
 2,440,444   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.41%, 08/25/46(k)   1,640,185 
 362,393   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 2.97%, 07/25/36(k)   356,141 


91
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$959,964   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 2.87%, 04/25/36(k)  $935,693 
         482,002,749 
COMMERCIAL MORTGAGE-BACKED
SECURITIES — 1.0%		 
 10,080,609   Bayview Commercial Asset Trust, Series 2007-4A, Class A1, 0.90%, 09/25/37(j)(k)   8,461,966 
 7,000,000   CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 4.93%, 12/15/27(j)(k)   6,938,054 
 1,500,000   CFCRE Commercial Mortgage Trust, Series 2016-C3, Class D, 3.05%, 01/10/48(j)(k)   1,055,582 
 3,000,000   Citigroup Commercial Mortgage Trust, Series 2015-P1, Class D, 3.23%, 09/15/48(j)   2,295,948 
 1,000,000   Commercial Mortgage Pass-Through Certificates, Series 2013-LC6, Class D, 4.28%, 01/10/46(j)(k)   906,737 
 2,000,000   Commercial Mortgage Trust, Series 2014-PAT, Class E, 3.63%, 08/13/27(j)(k)   1,990,040 
 4,482,000   Commercial Mortgage Trust, Series 2014-PAT, Class F, 2.89%, 08/13/27(j)(k)   4,478,101 
 2,000,000   Commercial Mortgage Trust, Series 2015-CR25, Class D, 3.80%, 08/10/48(k)   1,529,877 
 15,000,000   GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.38%, 12/15/34(j)(k)   14,232,134 
 10,000,000   GAHR Commercial Mortgage Trust, Series 2015-NRF, Class GFX, 3.38%, 12/15/34(j)(k)   9,217,336 
 3,000,000   GS Mortgage Securities Trust, Series 2014-GSFL, Class D, 4.38%, 07/15/31(j)(k)   2,893,398 
 1,000,000   GS Mortgage Securities Trust, Series 2014-GSFL, Class E, 6.43%, 07/15/31(j)(k)   991,302 
 3,881,000   Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 7.78%, 04/25/46(j)(k)   3,725,760 
 2,000,000   Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class D, 3.15%, 09/15/57(j)   1,343,667 
         60,059,902 
Total Non-Agency Mortgage-Backed Securities
(Cost $530,251,430)		   542,062,651 
Principal
Amount		      Value 
U.S. GOVERNMENT AGENCIES — 41.8% 
Federal Home Loan Bank — 41.8%     
$10,940,000   0.15%, 08/01/16(o)  $10,939,858 
 165,000,000   0.31%, 08/03/16(o)   164,998,350 
 100,000,000   0.31%, 08/03/16(o)   99,999,000 
 25,700,000   0.30%, 08/03/16(o)   25,699,743 
 63,000,000   0.31%, 08/04/16(o)   62,998,740 
 300,000   0.30%, 08/04/16(o)   299,994 
 100,000,000   0.31%, 08/05/16(o)   99,997,300 
 67,000,000   0.31%, 08/05/16(o)   66,998,191 
 8,775,000   0.29%, 08/05/16(o)   8,774,763 
 2,200,000   0.30%, 08/05/16(o)   2,199,941 
 86,000,000   0.31%, 08/08/16(o)   85,996,904 
 76,500,000   0.27%, 08/08/16(o)   76,497,246 
 53,000,000   0.29%, 08/08/16(o)   52,998,092 
 23,000,000   0.32%, 08/08/16(o)   22,999,172 
 79,000,000   0.29%, 08/09/16(o)   78,996,682 
 70,700,000   0.32%, 08/10/16(o)   70,696,677 
 14,600,000   0.31%, 08/10/16(o)   14,599,314 
 9,000,000   0.26%, 08/10/16(o)   8,999,577 
 100,000,000   0.32%, 08/11/16(o)   99,994,800 
 48,000,000   0.28%, 08/11/16(o)   47,997,504 
 125,000,000   0.32%, 08/12/16(o)   124,990,875 
 63,000,000   0.31%, 08/12/16(o)   62,995,401 
 33,700,000   0.31%, 08/12/16(o)   33,697,540 
 22,000,000   0.28%, 08/12/16(o)   21,998,394 
 87,000,000   0.31%, 08/15/16(o)   86,993,649 
 83,000,000   0.32%, 08/15/16(o)   82,993,941 
 20,000,000   0.29%, 08/15/16(o)   19,998,540 
 119,000,000   0.28%, 08/17/16(o)   118,987,267 
 100,000,000   0.30%, 08/17/16(o)   99,989,300 
 7,800,000   0.28%, 08/18/16(o)   7,799,314 
 90,000,000   0.29%, 08/19/16(o)   89,989,200 
 25,000,000   0.30%, 08/19/16(o)   24,997,000 
 12,000,000   0.33%, 08/19/16(o)   11,998,560 
 6,000,000   0.28%, 08/19/16(o)   5,999,280 
 77,000,000   0.30%, 08/22/16(o)   76,989,220 
 44,000,000   0.28%, 08/22/16(o)   43,993,840 
 97,000,000   0.30%, 08/23/16(o)   96,985,741 
 32,000,000   0.30%, 08/24/16(o)   31,995,104 
 33,500,000   0.30%, 08/25/16(o)   33,494,640 
 48,425,000   0.32%, 09/07/16(o)   48,412,506 
 9,000,000   0.32%, 09/08/16(o)   8,997,147 
 10,000,000   0.32%, 09/09/16(o)   9,997,280 
 40,500,000   0.33%, 09/13/16(o)   40,487,850 
 70,000,000   0.34%, 09/14/16(o)   69,978,510 
 23,200,000   0.33%, 09/14/16(o)   23,192,878 
 1,000,000   0.32%, 09/14/16(o)   999,693 
 100,000,000   0.33%, 09/16/16(o)   99,967,899 


92
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		       Value 
Federal Home Loan Bank (continued) 
  $9,500,000    0.34%, 09/19/16(o)  $9,496,751 
           2,491,099,168 
Total U.S. Government Agencies
(Cost $2,491,018,807)		   2,491,099,168 
U.S. GOVERNMENT SECURITIES — 1.1% 
U.S. Treasury Bills — 1.1%     
  5,000,000    0.13%, 08/04/16(o)   4,999,955 
  1,000,000    0.15%, 08/04/16(o)   999,991 
  57,200,000    0.27%, 08/18/16(o)   57,195,138 
Total U.S. Government Securities
(Cost $63,192,600)		   63,195,084 
             
Shares          
CASH SWEEP — 2.7%     
UNITED STATES — 2.7%     
  162,338,333    Citibank - US Dollars on Deposit in Custody Account, 0.02%(p)   162,338,333 
Total Cash Sweep
(Cost $162,338,333)		   162,338,333 
TOTAL INVESTMENTS — 99.0%
(Cost $5,887,498,646)(a)		   5,898,968,657 
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%   59,943,101 
NET ASSETS — 100.0%  $5,958,911,758 
             
Shares          
SECURITIES SOLD SHORT — (0.4)%     
  (36,400)    Continental Resources, Inc.  $(1,603,420)
  (250,000)    Denbury Resources, Inc.   (725,000)
  (85,000)    Freeport-McMoRan Copper & Gold, Inc.   (1,101,600)
  (56,500)    Murphy Oil Corp.   (1,549,795)
  (150,000)    Oasis Petroleum, Inc.   (1,140,000)
  (30,000)    SM Energy Co.   (813,900)
  (80,000)    Southwestern Energy Co.   (1,166,400)
  (260,000)    Utilities Select Sector SPDR Fund   (13,551,200)
Total Securities Sold Short
(Proceeds received $(18,651,951))		  $(21,651,315)
Contracts      Value 
CALL OPTIONS WRITTEN — 0.0%    
 (3,000)   Bed Bath & Beyond, Inc., Strike $55.00, Expires 11/18/16  $(66,000)
 (75)   London Metal Exchange Nickel Futures, Strike $60, Expires 12/16/16   (228,690)
Total Call Options Written
(Premiums received $(333,325))		   (294,690)
PUT OPTIONS WRITTEN — 0.0%     
 (750)   S&P 500 Index, Strike $1,750.00, Expires 08/19/16   (18,750)
 (11,000)   Energy Select Sector SPDR (ETF), Strike $60.00, Expires 12/16/16   (1,694,000)
Total Put Options Written
(Premiums received $(2,754,536))		   (1,712,750)
           
Contracts/
Notional
Amount ($)		      Value 
STRUCTURED OPTIONS — 1.8%     
 41,470   Apple, Inc., One purchased call strike 120.57, One written call strike 156.74, One written put strike 120.57 with a barrier level strike of 102.48, Expires 01/20/17, Broker Bank of America N.A.   (499,050)
 174,624   ConocoPhillips, One purchased call strike 58.4113, One written call strike 64.7106, One written put strike 57.266 with a barrier level strike of 37.2229, Expires 08/18/16, Broker JPMorgan Chase Bank N.A.   (2,868,840)
 11,809   DAXK Index, One purchased call strike 4,488.00, One written call strike 4,667.52, One written put strike 3,814.80 (4,456 contracts), Expires 03/16/17, Broker UBS AG(q)   1,376,375 
 6,398   DAXK Index, One purchased call strike 5,079.97, One written call strike 5,333.9685, One purchased put strike 4,978.3706 (1,969 contracts), One purchased put strike 4,978.3706 with a barrier level strike of 4,622.7727 (1,969 contracts), One written put strike 5,079.97 with a barrier level strike of 4,622.7727 (3,937 contracts), Expires 09/15/16, Broker Goldman Sachs International(q)   485,013 


93
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 3,904   DAXK Index, One purchased call strike 5,122.64, One written put strike 5,122.64 with a barrier level strike of 4,564.27, Expires 11/17/16, Broker JPMorgan Chase Bank N.A.  $6,660 
 1,864   DAXK Index, One purchased call strike 5,417.135, One purchased put strike 5,256.23, One written put strike 5,363.50 with a barrier level strike of 4,398.07 (3,729 contracts), Expires 09/15/16, Broker JPMorgan Chase Bank N.A.(q)   (782,420)
 4,762   DAXK Index, One purchased call strike 5,670.00, One written call strike 5,953.50, One purchased put strike 5,556.60 (1,764 contracts), One purchased put strike 5,556.60 with a barrier level strike of 5,159.70 (1,764 contracts), One written put strike 5,670.00 with a barrier level strike of 5,159.70 (3,527 contracts), Expires 08/18/16, Broker Goldman Sachs International(q)   (776,461)
 7,106   DAXK Index, One purchased call strike 5,889.604, One written call strike 6,184.0842, One purchased put strike 5,771.812 (2,547 contracts), One purchased put strike 5,771.812 with a barrier level strike of 5,359.54 (2,547 contracts), One written put strike 5,889.604 with a barrier level strike of 5,359.54 (5,094 contracts), Expires 07/29/16, Broker Citibank N.A.(q)   (2,485,395)
 1,186,441   Energy Select Sector SPDR Fund, One purchased call strike 59.00, One written call strike 61.36, One written put strike 53.10 (338,983 contracts), Expires 12/30/16, Broker Credit Suisse International(q)   1,966,463 
 1,064,506   Energy Select Sector SPDR Fund, One purchased call strike 62.94, One written call strike 65.4576, One written put strike 56.646 ( 317,763 contracts), Expires 01/20/17, Broker Goldman Sachs International(q)   1,324,482 
Contracts/
Notional
Amount ($)		      Value 
$10,000,000   Euro STOXX 50 Index, One purchased call strike 2,595.70, Expires 01/19/18, Broker Citibank N.A.  $1,820,790 
 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   2,037,734 
$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.(r)   959,186 
 5,339   Euro STOXX 50 Index, One purchased call strike 2,810.00, Expires 06/15/18, Broker Goldman Sachs International    1,770,747 
 20,727   Euro STOXX 50 Index, One purchased call strike 2,894.72, One written call strike 3,010.51, One written put strike 2,405.51 (10,364 contracts), One purchased put strike 2,894.72 with a barrier level strike of 2,605.25 (10,364 contracts), Expires 02/16/17, Broker Credit Suisse International(q)   1,185,233 
 20,638   Euro STOXX 50 Index, One purchased call strike 2,907.21, One written call strike 3,023.50, One written put strike 2,442.06 (10,319 contracts), One purchased put strike 2,907.21 with a barrier level strike of 2,616.49 (10,319 contracts), Expires 02/16/17, Broker Credit Suisse International(q)   1,145,244 
 10,194   Euro STOXX 50 Index, One purchased call strike 2,943.00, One written call strike 3,060.72, One purchased put strike 2,943.00 with a barrier level strike of 2,678.13 (5,097 contracts), One written put strike 2,462.9967 (5,097 contracts), Expires 02/16/17, Broker JPMorgan Chase Bank N.A.(q)   508,050 


94
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 10,073   Euro STOXX 50 Index, One purchased call strike 2,978.40, One written call strike 3,097.54, One written put strike 2,431.86 (5,036 contracts), Expires 01/19/17, Broker Citibank N.A.(q)  $393,510 
 11,500   Euro STOXX 50 Index, One purchased call strike 3,004.34, One written call strike 3,154.557, One purchased put strike 2,944.2532 (3,329 contracts), One purchased put strike 2,944.2532 with a barrier level strike of 2,613.776 (3,329 contracts), One written put strike 3,004.34 with a barrier level strike of 2,613.776 (6,657 contracts), Expires 12/15/16, Broker JPMorgan Chase Bank N.A.(q)   640,925 
 13,263   Euro STOXX 50 Index, One purchased call strike 3,016.00, One written call strike 3,136.64, One written put strike 2,563.30 (6,631 contracts), One purchased put strike 3,016.00 with a barrier level strike of 2,714.40 (6,631 contracts), Expires 01/19/17, Broker UBS AG(q)    622,466 
 3,295   Euro STOXX 50 Index, One purchased call strike 3,065.1884, One written put strike 3,034.84 with a barrier level strike of 2,053.9797, Expires 06/15/17, Broker BNP Paribas SA   (61,292)
 3,251   Euro STOXX 50 Index, One purchased call strike 3,075.57, One written put strike 3,075.57 with a barrier level strike of 2,251.9324, Expires 05/18/17, Broker BNP Paribas SA   (178,533)
 14,621   Euro STOXX 50 Index, One purchased call strike 3,077.68, One written call strike 3,200.7872, One purchased put strike 3,016.1264 (4,874 contracts), One written put strike 3,077.68 with a barrier level strike of 2,152.5294 (9,748 contracts), Expires 12/16/16, Broker BNP Paribas SA(q)   774,295 
Contracts/
Notional
Amount ($)		      Value 
 4,869   Euro STOXX 50 Index, One purchased call strike 3,080.5032, One written call strike 2,306.9278 on S&P 500 Index (7,152 contracts), One written put strike 2,097.2071 on S&P 500 Index with a barrier level strike of 1,721.8071 (7,152 contracts), Expires 06/15/17, Broker Goldman Sachs International(q)  $(192,901)
 9,735   Euro STOXX 50 Index, One purchased call strike 3,081.75, One written call strike 3,205.02, One purchased put strike 3,050.9325 (3,245 contracts), One written put strike 3,081.75 with a barrier level strike of 2,223.1745 (6,490 contracts), Expires 12/30/16, Broker BNP Paribas SA(q)   466,415 
 6,609   Euro STOXX 50 Index, One purchased call strike 3,086.6526, One written put strike 2,784.0396, Expires 10/20/16, Broker JPMorgan Chase Bank N.A.   72,740 
 27,951   Euro STOXX 50 Index, One purchased call strike 3,087.54, One written call strike 3,241.92, One written put strike 3,087.54 with a barrier level strike of 2,778.79 (6,478 contracts), Expires 12/15/16, Broker Credit Suisse International(q)   498,797 
 14,376   Euro STOXX 50 Index, One purchased call strike 3,130.25, One written call strike 3,255.46, One purchased put strike 3,067.645 (4,792 contracts), One written put strike 3,130.25 with a barrier level strike of 2,213.3998 (9,584 contracts), Expires 12/30/16, Broker BNP Paribas SA(q)   603,643 
 4,750   Euro STOXX 50 Index, One purchased call strike 3,158.20, One written put strike 3,158.20 with a barrier level strike of 2,662.36, Expires 10/20/16, Broker Credit Suisse International   (235,144)


95
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 24,624   Euro STOXX 50 Index, One purchased call strike 3,163.15, One written call strike 3,289.676, One purchased put strike 3,099.887 (4,742 contracts), One written put strike 3,163.15 with a barrier level strike of 2,246.47 (9,484 contracts), Expires 01/19/17, Broker BNP Paribas SA(q)  $8,037,433 
 14,226   Euro STOXX 50 Index, One purchased call strike 3,163.15, One written call strike 3,289.676, One purchased put strike 3,099.887 (4,742 contracts), One written put strike 3,163.15 with a barrier level strike of 2,246.47 (9,484 contracts), Expires 01/19/17, Broker BNP Paribas SA(q)   449,997 
 18,695   Euro STOXX 50 Index, One purchased call strike 3,209.44, One written call strike 3,337.8176, One purchased put strike 3,145.2512 (6,232 contracts), One written put strike 3,209.44 with a barrier level strike of 2,281.9118 (12,463 contracts), Expires 12/30/16, Broker BNP Paribas SA(q)   336,329 
 9,439   Euro STOXX 50 Index, One purchased call strike 3,231.34, One written call strike 3,392.907, One purchased put strike 3,134.3998 (3,095 contracts), One written put strike 3,231.34 with a barrier level strike of 2,423.505 (6,189 contracts), Expires 09/15/16, Broker Goldman Sachs International(q)   341,491 
 3,822   Euro STOXX 50 Index, One purchased call strike 3,270.22, One written put strike 3,270.22 with a barrier level strike of 2,812.39, Expires 09/20/16, Broker JPMorgan Chase Bank N.A.   (415,462)
 2,981   Euro STOXX 50 Index, One purchased call strike 3,354.40, One purchased put strike 3,220.224, One written put strike 3,354.40 with a barrier level strike of 2,636.56 (5,962 contracts), Expires 08/31/16, Broker JPMorgan Chase Bank N.A.(q)   366,170 
Contracts/
Notional
Amount ($)		      Value 
 24,018   Euro STOXX 50 Index, One purchased call strike 3,394.61, One written call strike 3,529.05, One written put strike 3,361.00 with a barrier level strike of 2,688.80 (5,951 contracts) Expires 02/16/17, Broker JPMorgan Chase Bank N.A.(q)  $(1,010,436)
 5,823   Euro STOXX 50 Index, One purchased call strike 3,434.45, One written call strike 2,284.733 on S&P 500 Index (9,629 contracts), One written put strike 2,077.03 on S&P 500 Index with a barrier level strike of 1,729.13 (9,629 contracts) Expires 11/17/16, Broker JPMorgan Chase Bank N.A.(q)   (278,260)
 20,000   Euro STOXX 50 Index, One purchased put strike 2,425.00, Expires 08/19/16, Broker JPMorgan Chase Bank N.A.   3,558 
 18,000   Euro STOXX 50 Volatility Index, One purchased put strike 25.00, Expires 08/17/16, Broker Goldman Sachs International   3,782,794 
 127,111   Euro STOXX Banks Index, One purchased call strike 118.01, One written put strike 118.01 with a barrier level strike of 96.18, Expires 10/20/16, Broker Bank of America N.A.   (1,382,624)
 330,472   Euro STOXX Banks Index, One purchased call strike 131.63, One written call strike 138.2115, One purchased put strike 128.9974 (75,971 contracts), One purchased put strike 128.9974 with a barrier level strike of 114.518 (75,971 contracts), One written put strike 131.63 with a barrier level strike of 114.518 (151,941 contracts), Expires 11/17/16, Broker JPMorgan Chase Bank N.A.(q)   (3,161,983)
 110,862   Euro STOXX Banks Index, One purchased call strike 135.3032, One written put strike 135.3032 with a barrier level strike of 112.1528, Expires 10/20/16, Broker BNP Paribas SA   (4,862,045)


96
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 2,312   FTSE 100 Index, One purchased call strike 6,487.90, One purchased put strike 6,358.1420, One written put strike 6,487.90 with a barrier level strike of 5,053.425(4,624 contracts), Expires 06/15/17, Broker BNP Paribas SA(q)  $457,629 
 1,681   FTSE 100 Index, One purchased call strike 5,950.01, One purchased put strike 5,831.01, One written put strike 5,950.01 with a barrier level strike of 5,051.56 (3,361 contracts), Expires 12/15/16, Broker Credit Suisse International(q)   1,248,552 
 3,267   FTSE 100 Index, One purchased call strike 6,122.48, One written put strike 6,122.48 with a barrier level strike of 4,916.35, Expires 11/17/16, Broker Credit Suisse International   1,875,863 
 3,204   FTSE 100 Index, One purchased call strike 6,242.32, One written put strike 6,242.32 with a barrier level strike of 5,137.43, Expires 10/20/16, Broker Credit Suisse International   1,512,040 
 1,543   FTSE 100 Index, One purchased call strike 6,547.83, One purchased put strike 6,353.34, One written put strike 6,483.00 with a barrier level strike of 4,860.95 (3,084.99 contracts), Expires 07/13/17, Broker UBS AG(q)   319,807 
 2,249   FTSE 100 Index, One purchased call strike 6,803.808, One written put strike 6,003.36, Expires 12/30/16, Citibank N.A.   165,195 
 1,758   FTSE 100 Index, One purchased call strike 8,531.00, One purchased put strike 8,360.38, One written put strike 8,531.00 with a barrier level strike of 7,268.41 (3,517 contracts), Expires 02/28/17, Broker UBS AG(q)   714,320 
Contracts/
Notional
Amount ($)		      Value 
 1,976   FTSE 100 Index, One purchased call strike 9,159.13, One written call strike 55.2994 on Utilities SPDR ETF (397,834 contracts), One written put strike 2,117.55 on S&P 500 Index with a barrier level strike of 1,736.39 (9,445 contracts), Expires 06/15/17, Broker Credit Suisse International(q)  $(525,726)
 3,436   FTSE MIB Index, One purchased call strike 17,461.47, One written call strike 18,159.93, One written put strike 14,842.25 (1,145 contracts), Expires 02/16/17, Broker Credit Suisse International(q)   (858,762)
 700   Hang Seng Index, One purchased call strike 22,400.00, One written call strike 23,600.00, Expires 09/29/16, Broker BNP Paribas SA   1,132,565 
 398,359   HP, Inc., One purchased call strike 12.175, One written put strike 12.5515 with a barrier level strike of 10.9424, Expires 04/17/17, Broker JPMorgan Chase Bank N.A.   641,040 
 988   IBEX 35 Index, One purchased call strike 10,118.92, One written put strike 10,118.92 with a barrier level strike 8,778.1631, Expires 09/15/16, Broker Goldman Sachs International   (1,129,963)
 3,195   IBEX 35 Index, One purchased call strike 10,202.31, One written call strike 10,610.40, One written put strike 9,284.10 (980 contracts), Expires 12/15/16, Broker Credit Suisse International(q)   (873,030)
 3,697   IBEX 35 Index, One purchased call strike 9,467.6932, One written call strike 9,846.4009, One purchased put strike 9,278.3393 (1,056 contracts), One written put strike 9,467.6932 with a barrier level strike 7,067.633 (2,112 contracts), Expires 01/19/17, Broker JPMorgan Chase Bank N.A.(q)   (153,148)


97
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 5,571   IBEX 35 Index, One purchased call strike 9,747.40, One written call strike 10,039.82, One purchased put strike 9,454.98 (1,026 contracts), One written put strike 9,747.40 with a barrier level strike of 7,310.55 (2,052 contracts), Expires 10/20/16, Broker Credit Suisse International(q)  $77,137 
 4,079   IBEX 35 Index, One purchased call strike 9,863.96, One written call strike 10,258.5184, One purchased put strike 9,568.0412 (1,014 contracts), One written put strike 9,863.96 with a barrier level strike of 7,397.97 (2,028 contracts), Expires 10/31/16, Broker JPMorgan Chase Bank N.A.(q)   11,739 
 10,558   IBEX 35 Index, One purchased call strike 9,944.62, One written call strike 10,342.4048, One purchased put strike 9,745.7276 (2,011 contracts), One purchased put strike 9,745.7276 with a barrier level strike 9,149.05 (2,011 contracts), One written put strike 9,944.62 with a barrier level level strike 9,149.05 (4,022 contracts), Expires 11/17/16, Broker JPMorgan Chase Bank N.A.(q)   (2,254,024)
 1,375,087   iShares China Large-Cap ETF , One purchased call strike 32.7252, One written call strike 34.0342, One written put strike 29.4527 (458,362 contracts), Expires 02/28/17, Broker Goldman Sachs International(q)   775,137 
 2,468,966   iShares China Large-Cap ETF , One purchased call strike 36.25, One written call strike 37.3375, One written put strike 36.25 with a barrier level strike of 31.90 (275,862 contracts), Expires 10/20/16, Broker BNP Paribas SA(q)   699,891 
Contracts/
Notional
Amount ($)		      Value 
 2,308,841   iShares China Large-Cap ETF , One purchased call strike 37.508, One written call strike 38.6332, One written put strike 37.508 with a barrier level strike of 33.007 (266,610 contracts), Expires 11/18/16, Broker Goldman Sachs International(q)  $168,401 
 300,707   iShares China Large-Cap ETF, One purchased call strike 33.255, One purchased put strike 32.5899, One written put strike 33.255 with a barrier level strike of 25.4434 (601,413 contracts), Expires 02/17/17, Broker BNP Paribas SA(q)   780,011 
 1,673,390   iShares China Large-Cap ETF, One purchased call strike 33.465, One written call strike 34.8036, One written put strike 30.45315 (597,639 contracts), Expires 11/18/16, Broker BNP Paribas SA(q)   1,227,814 
 1,315   iShares China Large-Cap ETF, One purchased call strike 33.65, One written call strike 35.00, One written put strike 29.95 (445,751 contracts), Expires 01/20/17, Broker Bank of America N.A.(q)   708,062 
 1,273,565   iShares China Large-Cap ETF, One purchased call strike 33.7635, One written call strike 35.114, One written put strike 30.7248 (444,267 contracts), Expires 12/16/16, Broker Goldman Sachs International(q)   786,850 
 2,052,499   iShares China Large-Cap ETF, One purchased call strike 35.81, One written call strike 37.24, One written put strike 35.81 with a barrier level strike of 32.23 (279,252 contracts), Expires 09/16/16, Broker Barclays Bank Plc(q)   853,951 


98
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 303,575   iShares iBoxx $ High Yield Corporate Bond ETF, One purchased call strike 79.0579, with a barrier level strike of 90.5872, One purchased put strike 82.352 with a barrier level strike of 61.764, one written put strike 82.352 with a barrier level strike of 73.8697, Expires 04/13/17, Broker Goldman Sachs International  $704,294 
 241,721   iShares iBoxx $ High Yield Corporate Bond ETF, One purchased call strike 80.2578 with a barrier level strike of 89.3592, One purchased put strike 82.74 with a barrier level strike of 62.055, One written put strike 82.74 with a barrier level strike of 73.0181, Expires 05/19/17, Broker JPMorgan Chase Bank N.A.   205,360 
 239,120   iShares iBoxx $ High Yield Corporate Bond ETF, One purchased call strike 81.9672 with a barrier level strike of 91.1676, One purchased put strike 83.64 with a barrier level strike of 62.73, One written put strike 83.64 with a barrier level strike of 74.9414, Expires 06/16/17, Broker JPMorgan Chase Bank N.A.   117,900 
 291,804   iShares iBoxx $ High Yield Corporate Bond ETF, One purchased call strike 83.10 with a barrier level strike of 94.24, One purchased put strike 85.67 with a barrier level strike of 64.26, One written put strike 85.67 with a barrier level strike of 77.11, Expires 12/16/16, Broker Bank of America N.A.   1,060,036 
 244,763   iShares MSCI EAFE Index Fund, One purchased call strike 61.8966, One purchased call strike 61.8966 with a barrier level strike of 70.4764, One purchased put strike 60.671 with a barrier level strike of 52.0912, One written put strike 61.2838 with a barrier level strike of 51.4784, Expires 12/16/16, Broker Goldman Sachs International    (175,103)
Contracts/
Notional
Amount ($)		      Value 
 243,273   iShares MSCI EAFE Index Fund, One purchased call strike 62.2756, One written call strike 62.2756 with a barrier level strike of 70.291, One purchased put strike 61.0424 with a barrier level strike of 49.327, One written put strike 61.659 with a barrier level strike of 53.952, Expires 01/20/17, Broker JPMorgan Chase Bank N.A.  $(111,120)
 295,805   iShares MSCI Emerging Markets ETF, One purchased call strike 33.806, One written put strike 33.806 with a barrier level strike of 27.2375, Expires 02/17/17, Broker BNP Paribas SA   727,644 
 584,812   iShares MSCI Emerging Markets ETF, One purchased call strike 34.199, One written put strike 34.199 with a barrier level strike of 26.9728, Expires 01/20/17, Broker BNP Paribas SA   1,304,039 
 1,939,640   iShares MSCI Emerging Markets ETF, One purchased call strike 34.5425, One written call strike 35.5788, One written put strike 34.5425 with a barrier level strike of 30.3974 (289,498 contracts), Expires 11/18/16, Broker BNP Paribas SA(q)   1,166,429 
 1,719,346   iShares MSCI Emerging Markets ETF, One purchased call strike 34.897, One written call strike 36.2929, One purchased put strike 34.1991 (429,836 contracts), One written put strike 34.897 with a barrier level strike of 28.807 (859,673 contracts), Expires 01/20/17, Broker JPMorgan Chase Bank N.A.(q)   1,133,280 
 1,883,875   iShares MSCI Emerging Markets ETF, One purchased call strike 35.565, One written call strike 36.632, One written put strike 35.565 with a barrier level strike of 31.6529 (281,175 contracts), Expires 12/16/16, Broker Goldman Sachs International(q)   832,647 


99
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 176,484   MSCI Singapore Free Index, One purchased call strike 321.49, One written call strike 334.3496, One written put strike 302.2006 (84,040 contracts) Expires 08/31/16, Broker JPMorgan Chase Bank N.A.  $67,284 
 283,760   MSCI Singapore Free Index, One purchased call strike 324.56, One purchased call strike 337.5424, One written put strike 305.0864, Expires 08/31/16, Broker JPMorgan Chase Bank N.A.(q)   130,343 
 48,086   MSCI Singapore Free Index, One purchased call strike 311.9392, One written call strike 327.5361, One written put strike 311.9392 with a barrier level strike of 286.984, Expires 10/31/16, Broker BNP Paribas SA   989,924 
 69,042   MSCI Singapore Free Index, One purchased call strike 333.13256, One written call strike 353.120514, One written put strike 333.13256 with a barrier level strike of 306.481955 (30,018 contracts), Expires 10/31/16, Broker BNP Paribas SA(q)   (340,127)
 120,352   MSCI Singapore Free Index, One purchased call strike 340.2515, One written call strike 357.2641, One written put strike 340.2515 with a barrier level strike of 313.0314 (44,085 contracts), Expires 11/30/16, Broker BNP Paribas SA(q)   (551,228)
 36,309   MSCI Singapore Free Index, One purchased call strike 344.263, One written call strike 364.92, One written put strike 344.263 with a barrier level strike of 323.61, Expires 09/15/16, Broker BNP Paribas SA   (740,567)
 27,094   MSCI Singapore Free Index, One purchased call strike 369.0812, One written call strike 391.2261, One written put strike 369.0812 with a barrier level strike of 346.9363, Expires 09/30/16, Broker BNP Paribas SA   (1,354,723)
Contracts/
Notional
Amount ($)		      Value 
 3,695   Nikkei 225 Index, One purchased call strike 16,237.99, One written Call strike 16,887.5096,One written put strike 14,029.6234 (1,848 contracts), One purchased put strike 16,237.99 with a barrier level strike of 14,614.191 (1,848 contracts), Expires 12/15/16, Broker Goldman Sachs International(q)  $1,120,569 
 14,844   OMX Stockholm 30 Index, One purchased call strike 1,360.8033, One purchased put strike 1,320.3834, One written put strike 1,347.3300 with a barrier level strike of 1,022.8929 (29,688 contracts), Expires 05/18/17, Broker JPMorgan Chase Bank N.A.(q)   489,480 
 14,761   OMX Stockholm 30 Index, One purchased call strike 1,368.4692, One purchased put strike 1,327.8216, One written put strike 1,354.9200 with a barrier level strike of 1,038.5462 (29,522 contracts) Expires 06/15/17, Broker JPMorgan Chase Bank N.A.(q)   307,340 
 816,327   PowerShares DB US Dollar Bullish ETF, One purchased put strike 24.50, One written put strike 81.81 on iShares iBoxx $ High Yield Corporate Bond ETF with a barrier level strike of 70.85 (244,469 contracts), Expires 12/30/16, Broker UBS AG(q)   193,216 
 20,814   Russell 2000 Index, One purchased call strike 1,057.00, One written call strike 1,109.85, One purchased put strike 1,035.86 (9,461 contracts), One written put strike 1,057.00 with a barrier level strike of 724.05 (18,921 contracts), Expires 01/19/17, Broker UBS AG(q)   893,672 


100
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 36,000   Russell 2000 Index, One purchased call strike 1,111.1032, One written call strike 1,155.5473, One purchased put strike 1,111.1032 with a barrier level strike of 888.8826 (13,500 contracts), One written put strike 1,111.1032 with a barrier level strike of 795.5499 (13,500 contracts), Expires 12/30/16, Broker Goldman Sachs International(q)  $1,155,840 
 17,512   Russell 2000 Index, One purchased call strike 1,142.07, One written call strike 1,210.5942, One purchased put strike 1,119.2286 (8,756 contracts), One written put strike 1,142.07 with a barrier level strike of 788.83, Expires 02/16/17, Broker BNP Paribas SA(q)   760,444 
 17,400   Russell 2000 Index, One purchased call strike 1,149.4305, One written call strike 1,218.3964, One purchased put strike 1,126.4419 (8,700 contracts), One written put strike 1,149.4305 with a barrier level strike of 837.705, Expires 11/17/16, Broker Goldman Sachs International(q)   835,409 
 26,034   Russell 2000 Index, One purchased call strike 1,152.354, One written call strike 1,198.448, One purchased put strike 1,152.354 with a barrier level strike of 921.883 (8,678 contracts), One written put strike 1,152.354 with a barrier level strike of 830.847 (8,678 contracts), Expires 12/30/16, Broker BNP Paribas SA(q)   768,994 
 25,828   Russell 2000 Index, One purchased call strike 1,161.5407, One written call strike 1,231.2331, One purchased put strike 1,138.3099 (12,914 contracts), One written put strike 1,161.5407 with a barrier level strike of 831.0823, Expires 01/19/17, Broker Goldman Sachs International(q)   1,062,213 
Contracts/
Notional
Amount ($)		      Value 
 17,191   Russell 2000 Index, One purchased call strike 1,163.41, One written call strike 1,233.2146, One purchased put strike 1,140.1418 (8,595 contracts), One written put strike 1,163.41 with a barrier level strike of 944.69, Expires 01/19/17, Broker BNP Paribas SA(q)  $644,935 
 25,982   Russell 2000 Index, One purchased call strike 1,166.18, One written call strike 1,223.91, One purchased put strike 1,131.54 (12,991 contracts), One written put strike 1,154.63 with a barrier level strike of 789.77, Expires 12/15/16, Broker Credit Suisse International(q)   1,062,422 
 16,916   Russell 2000 Index, One purchased call strike 1,182.32, One written call strike 1,253.2592, One purchased put strike 1,135.0272 (8,458 contracts), One written put strike 1,182.32 with a barrier level strike of 869.0052, Expires 08/31/16, Broker JPMorgan Chase Bank N.A.(q)   705,460 
 16,583   Russell 2000 Index, One purchased call strike 1,206.02, One written call strike 1,278.3812, One purchased put strike 1,157.7792 (8,292 contracts), One written put strike 1,206.02 with a barrier level strike of 851.4501, Expires 10/20/16, Broker JPMorgan Chase Bank N.A.(q)   614,540 
 16,511   Russell 2000 Index, One purchased call strike 1,211.3449, One written call strike 1,284.0256, One purchased put strike 1,162.8911 (8,255 contracts), One written put strike 1,211.3449 with a barrier level strike of 889.1272, Expires 09/15/16, Broker Goldman Sachs International(q)   487,330 


101
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 17,599   Russell 2000 Index, One purchased call strike 1,214.8418, One written call strike 1,287.7323, One purchased put strike 1,166.2482 (8,232 contracts), One written put strike 1,214.8418 with a barrier level strike of 886.8345 (16,463 contracts), Expires 09/15/16, Broker Goldman Sachs International(q)  $490,508 
 22,303   Russell 2000 Index, One purchased call strike 1,242.00, One written call strike 1,304.10, One purchased put strike 1,204.74 (8,052 contracts), One written put strike 1,242.00 with a barrier level strike of 931.50 (16,103 contracts), Expires 08/18/16, Broker Credit Suisse International(q)   185,335 
 20,054   Russell 2000 Index, One purchased call strike 1,246.4592, One written call strike 1,308.7822, One purchased put strike 1,209.0655 (8,023 contracts), One written put strike 1,246.4592 with a barrier level strike of 1,034.5612 (16,045 contracts), Expires 10/20/16, Broker Goldman Sachs International(q)   343,582 
 15,948   Russell 2000 Index, One purchased call strike 1,254.09, One written call strike 1,329.3354, One purchased put strike 1,216.4673 (7,974 contracts), One written put strike 1,254.09 with a barrier level strike of 908.5882, Expires 08/18/16, Broker Goldman Sachs International(q)   137,320 
 19,784   Russell 2000 Index, One purchased call strike 1,263.65, One written call strike 1,339.469, One purchased put strike 1,225.7405 (9,892 contracts), One written put strike 1,263.65 with a barrier level strike of 928.78, Expires 08/18/16, Broker BNP Paribas SA(q)   195,520 
Contracts/
Notional
Amount ($)		      Value 
 19,772   Russell 2000 Index, One purchased call strike 1,264.44, One written call strike 1,340.3064, One purchased put strike 1,226.5068 (9,886 contracts), One written put strike 1,264.44 with a barrier level strike of 922.5354, Expires 09/15/16, Broker Goldman Sachs International(q)  $330,248 
 15,930   S&P 500 Index, One purchased call strike 1,883.20, One written call strike 1,958.528, One purchased put strike 1,845.536 with a barrier level strike of 1,421.816 (5,310 contracts), One written put strike 1,883.20 with a barrier level strike of 1,421.816 (5,310 contracts), Expires 01/19/17, Broker BNP Paribas SA(q)   942,557 
 15,784   S&P 500 Index, One purchased call strike 1,900.63, One written call strike 1,976.65, One written put strike 1,680.15 (7,892 contracts), One purchased put strike 1,900.63 with a barrier level strike of 1,615.53 (7,892 contracts), Expires 01/19/17, Broker Bank of America N.A.(q)   970,572 
 41,543   S&P 500 Index, One purchased call strike 1,925.71, One written call strike 2,002.7384, One written put strike 1,679.0265 (20,772 contracts), One purchased put strike 1,925.71 with a barrier level strike of 1,733.139 (20,772 contracts), Expires 03/16/17, Broker BNP Paribas SA(q)   2,350,945 
 25,215   S&P 500 Index, One purchased call strike 1,982.94, One written call strike 2,062.2576, One purchased put strike 1,963.1106 (10,086 contracts), One written put strike 1,982.94 with a barrier level strike of 1,504.06 (20,172 contracts), Expires 03/16/17, Broker BNP Paribas SA(q)   1,214,192 


102
Old Westbury Funds, Inc.  
STRATEGIC OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 7,042   S&P 500 Index, One purchased call strike 2,151.41, One purchased put strike 2,023.60, One written put strike 2,151.41 with a barrier level strike of 1,541.56 (14,084 contracts), Expires 01/19/17, Broker Bank of America N.A.(q)  $503,815 
 28,989   S&P 500 Index, One purchased call strike 2,173.35, One written put strike 1,966.36 (9,663 contracts), Expires 09/15/16, Broker Bank of America N.A.(q)   840,181 
 51,201   S&P 500 Index, One purchased call strike 1,822.247, One written call strike 1,895.14, One written put strike 1,529.59 (21,951 contracts), Expires 03/16/17, Broker Credit Suisse International(q)   3,010,134 
 15,990   S&P 500 Index, One purchased call strike 1,876.15, One written call strike 1,951.196, One written put strike 1,651.012 (7,995 contracts), Expires 02/16/17, Broker JPMorgan Chase Bank N.A.(q)   915,495 
 10,598   S&P 500 Index, One purchased call strike 1,887.14, One written call strike 1,962.63, One purchased put strike 1,887.14 with a barrier level strike of 1,698.42 (5,299 contracts), One written put strike 1,715.41 (5,299 contracts), Expires 12/30/16, Broker Citibank N.A.(q)   665,890 
 21,117   S&P 500 Index, One purchased call strike 1,894.225, One written call strike 1,969.994, One purchased put strike 1,894.225 with a barrier level strike of 1,704.80 (10,558 contracts), One written put strike 1,682.0718 (10,558 contracts), Expires 02/16/17, Broker JPMorgan Chase Bank N.A.(q)   1,239,540 
Contracts/
Notional
Amount ($)		      Value 
 14,711   S&P 500 Index, One purchased call strike 1,903.32, One written call strike 1,979.45, One purchased put strike 1,865.25 (5,254 contracts), One written put strike 1,903.32 with a barrier level strike of 1,414.17 (10,508 contracts), Expires 01/19/17, Broker UBS AG(q)  $921,594 
 14,439   S&P 500 Index, One purchased call strike 1,904.63, One purchased put strike 1,866.54 (5,250 contracts), One written call strike 1,980.82, One written put strike 1,904.63 with a barrier level strike of 1,366.57 (10,501 contracts), Expires 02/16/17, Broker UBS AG(q)   882,880 
 5,286   S&P 500 Index, One purchased call strike 1,910.67, One purchased put strike 1,853.92, One written put strike 1,891.75 with a barrier level strike of 1,453.81 (10,572 contracts), Expires 01/19/17, Broker Credit Suisse International(q)   1,402,628 
 20,891   S&P 500 Index, One purchased call strike 1,914.695, One written call strike 1,991.282, One purchased put strike 1,914.695 with a barrier level strike of 1,723.23 (10,445 contracts), One written put strike 1,751.945 (10,445 contracts), Expires 12/30/16, Broker Citibank N.A.(q)   1,295,480 
 29,215   S&P 500 Index, One purchased call strike 1,914.75, One written call strike 1,991.34, One written put strike 1,799.86 (10,445 contracts), Expires 12/30/16, Broker Bank of America N.A.(q)   1,751,100 
 26,034   S&P 500 Index, One purchased call strike 1,920.55, One written call strike 1,997.372, One written put strike 1,630.739 (13,017 contracts), Expires 03/16/17, Broker Goldman Sachs International(q)   1,429,653 


103
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 19,521   S&P 500 Index, One purchased call strike 1,921.05, One purchased put strike 1,901.84 (7,808 contracts), One written call strike 1,997.89, One written put strike 1,921.05 with a barrier level strike of 1,315.92 (15,616 contracts), Expires 03/16/17, Broker UBS AG(q)  $1,190,446 
 31,217   S&P 500 Index, One purchased call strike 1,922.00, One written call strike 1,998.88, One purchased put strike 1,883.56 (10,406 contracts), One written put strike 1,922.00 with a barrier level strike of 1,441.50 (20,812 contracts), Expires 12/30/16, Broker UBS AG(q)   1,995,262 
 77,817   S&P 500 Index, One purchased call strike 1,927.60, One written call strike 2,004.70, One purchased put strike 1,908.32 (25,939 contracts), One written put strike 1,927.60 with a barrier level strike of 1,515.09 (51,878 contracts), Expires 12/30/16, Broker UBS AG(q)   4,870,732 
 20,666   S&P 500 Index, One purchased call strike 1,935.50, One written call strike 2,012.92, One purchased put strike 1,935.50 with a barrier level strike of 1,741.95 (10,333 contracts), One written put strike 1,766.14 (10,333 contracts), Expires 01/19/17, Broker Citibank N.A.(q)   1,231,420 
 12,869   S&P 500 Index, One purchased call strike 1,942.62, One purchased put strike 1,903.77, One written call strike 2,020.32, One written put strike 1,942.62 with a barrier level strike of 1,683.28 (25,738 contracts), Expires 02/28/17, Broker UBS AG(q)    1,737,041 
 5,174   S&P 500 Index, One purchased call strike 1,952.23, One purchased put strike 1,894.24, One written put strike 1,932.90 with a barrier level strike of 1,454.51 (10,347 contracts), Expires 01/19/17, Broker UBS AG(q)   1,187,421 
Contracts/
Notional
Amount ($)		      Value 
 17,292   S&P 500 Index, One purchased call strike 1,966.27, One written call strike 2,044.92, One purchased put strike 1,907.28 (5,086 contracts), One written put strike 1,966.27 with a barrier level strike of 1,474.70 (10,172 contracts), Expires 10/31/16, Broker Credit Suisse International(q)  $1,198,517 
 12,595   S&P 500 Index, One purchased call strike 1,984.95, One written call strike 2,064.35, One purchased put strike 1,965.10 (5,038 contracts), One written put strike 1,984.95 with a barrier level strike of 1,496.65 (10,076 contracts), Expires 03/16/17, Broker UBS AG(q)   660,294 
 20,074   S&P 500 Index, One purchased call strike 1,992.68, One written call strike 2,072.39, One purchased put strike 1,952.83 (7,528 contracts), One written put strike 1,992.68 with a barrier level strike of 1,522.41 (15,055 contracts), Expires 12/30/16, Broker Citibank N.A.(q)   1,191,715 
 22,533   S&P 500 Index, One purchased call strike 1,997.0343, One written call strike 2,076.9157, One purchased put strike 1,957.0936 (7,511 contracts), One written put strike 1,997.0343 with a barrier level strike of 1,531.7253 (15,022 contracts), Expires 02/16/17, Broker Goldman Sachs International(q)   1,218,352 
 5,054   S&P 500 Index, One purchased call strike 1,998.49, One purchased put strike 1,939.13, One written put strike 1,978.70 with a barrier level strike of 1,691.79 (10,108 contracts), Expires 12/15/16, Broker Credit Suisse International(q)   916,983 


104
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 14,957   S&P 500 Index, One purchased call strike 2,005.80, One written call strike 2,086.03, One purchased put strike 1,965.68 (4,986 contracts), One written put strike 2,005.80 with a barrier level strike of 1,534.44 (9,971 contracts), Expires 01/31/17, Broker Credit Suisse International(q)  $835,838 
 14,870   S&P 500 Index, One purchased call strike 2,017.50, One written call strike 2,118.375, One purchased put strike 1,997.325 (7,435 contracts), One written put strike 2,017.50 with a barrier level strike of 1,530.2738, Expires 12/30/16, Broker Goldman Sachs International(q)   1,095,149 
 14,849   S&P 500 Index, One purchased call strike 2,020.28, One written call strike 2,101.09, One purchased put strike 1,979.87 (4,950 contracts), One written put strike 2,020.28 with a barrier level strike of 1,543.49 (9,900 contracts), Expires 01/19/17, Broker Credit Suisse International(q)   839,235 
 12,276   S&P 500 Index, One purchased call strike 2,036.54, One written call strike 2,118.00, One purchased put strike 1,995.81 (4,910 contracts), One written put strike 2,036.54 with a barrier level strike of 1,520.277 (9,821 contracts), Expires 01/19/17, Broker Citibank N.A.(q)   676,490 
 14,678   S&P 500 Index, One purchased call strike 2,043.83, One written call strike 2,125.5832, One purchased put strike 2,002.9534 (4,893 contracts), One written put strike 2,043.83 with a barrier level strike of 1,563.53 (9,786 contracts), Expires 02/16/17, Broker JPMorgan Chase Bank N.A.(q)   730,429 
Contracts/
Notional
Amount ($)		      Value 
 7,331   S&P 500 Index, One purchased call strike 2,046.0802, One written call strike 2,127.9234, One purchased put strike 2,005.1586 (2,444 contracts), One written put strike 2,046.0802 with a barrier level strike of 1,555.021 (4,887 contracts), Expires 02/16/17, Broker Goldman Sachs International(q)  $374,055 
 22,726   S&P 500 Index, One purchased call strike 2,048.36, One written call strike 2,130.29, One purchased put strike 2,027.88 (9,763 contracts), One written put strike 2,048.36 with a barrier level strike of 1,556.75 (19,528 contracts), Expires 04/13/17, Broker UBS AG(q)   954,713 
 29,259   S&P 500 Index, One purchased call strike 2,050.62, One written call strike 2,132.64, One purchased put strike 2,009.61 (9,753 contracts), One written put strike 2,050.62 with a barrier level strike of 1,611.79 (19,506 contracts), Expires 01/19/17, Broker Credit Suisse International(q)   1,483,584 
 6,089   S&P 500 Index, One purchased call strike 2,052.8029, One purchased put strike 1,991.2188, One written put strike 2,052.8029 with a barrier level strike of 1,621.7143 (12,178 contracts), Expires 08/18/16, Broker Goldman Sachs International(q)   729,833 
 4,836   S&P 500 Index, One purchased call strike 2,067.94, One purchased put strike 1,985.22, One written put strike 2,067.94 with a barrier level strike of 1,604.72 (9,671 contracts), Expires 10/20/16, Broker Credit Suisse International(q)   578,551 
 7,253   S&P 500 Index, One purchased call strike 2,068.17, One purchased put strike 2,006.1249, One written put strike 2,068.17 with a barrier level strike of 1,634.8884 (14,506 contracts), Expires 08/18/16, Broker Goldman Sachs International(q)   762,748 


105
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 7,219   S&P 500 Index, One purchased call strike 2,077.81, One purchased put strike 1,994.70, One written put strike 2,098.59 with a barrier level strike of 1,585.37 (14,438 contracts), Expires 08/18/16, Broker Credit Suisse International(q)  $698,284 
 4,806   S&P 500 Index, One purchased call strike 2,080.8252, One purchased put strike 1,997.5922, One written put strike 2,080.8252 with a barrier level strike of 1,637.8175 (9,612 contracts), 09/15/16, Broker Goldman Sachs International(q)   484,024 
 4,798   S&P 500 Index, One purchased call strike 2,084.35, One purchased put strike 2,021.8195, One written put strike 2,084.35 with a barrier level strike of 1,644.5522 (9,595 contracts), Expires 08/18/16, Broker Goldman Sachs International(q)   431,702 
 4,795   S&P 500 Index, One purchased call strike 2,085.3301, One purchased put strike 2,022.7702, One written put strike 2,085.3301 with a barrier level strike of 1,668.2641 (9,591 contracts), Expires 09/15/16, Broker Goldman Sachs International(q)   467,989 
 10,617   S&P 500 Index, One purchased call strike 2,090.89, One written call strike 2,195.4345, One purchased put strike 2,049.0722 (4,783 contracts), One purchased put strike 2,049.0722 with a barrier level strike of 1,902.71 (4,783 contracts), One written put strike 2,090.89 with a barrier level strike of 1,902.71 (9,565 contracts), Expires 08/18/16, Broker JPMorgan Chase Bank N.A.(q)   824,724 
Contracts/
Notional
Amount ($)		      Value 
 13,629   S&P 500 Index, One purchased call strike 2,107.27, One written call strike 2,212.6335, One purchased put strike 2,001.9065 with a barrier level strike of 1,580.4525 (9,491 contracts), One written put strike 88.074 on iShares iBoxx High Yield Corp. Bond ETF with a barrier level strike of 74.8629 (227,082 contracts), Expires 08/18/16, Broker Goldman Sachs International(q)  $877,611 
 14,196   S&P 500 Index, One purchased call strike 2,113.31, One written call strike 2,197.8424, One purchased put strike 2,071.0438 (4,732 contracts), One written put strike 2,113.31 with a barrier level strike of 1,669.51 (9,464 contracts), Expires 01/19/17, Broker JPMorgan Chase Bank N.A.(q)   608,740 
 18,993   S&P 500 Index, One purchased call strike 2,148.12, One written put strike 1,895.40, Expires 12/15/16, Broker Citibank N.A.   1,133,920 
 11,617   S&P 500 Index, One purchased call strike 2,173.62, One written put strike 2,001.45, Expires 09/15/16, Broker Bank of America N.A.   278,092 
 69,289   S&P 500 Index, One purchased call strike 2,186.4985, One written put strike 2,013.3105, Expires 09/15/16, Broker JPMorgan Chase Bank N.A.   1,364,550 
 11,512   S&P 500 Index, One purchased call strike 2,193.29, One written put strike 2,084.71, Expires 09/30/16, Broker Credit Suisse International   62,882 
 9,282   S&P 500 Index, One purchased call strike 2,197.787, One written put strike 1,939.224, Expires 12/30/16, Citibank N.A.   250,170 
 70,458   S&P 500 Index, One purchased call strike 2,199.6134, One written put strike 1,990.1265 (19,094 contracts) Expires 09/15/16, Broker Goldman Sachs International(q)   412,212 


106
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 50,578   S&P 500 Index, One purchased call strike 2261.86, One written put strike 2,022.63 (18,392 contracts), Expires 09/16/16, Broker Credit Suisse International(q)  $(20,989)
 7,817   S&P 500 Index, One purchased put strike 2,014.95 with a barrier level strike of 1,343.30, One written put strike 46.49 on Utilities Sector SPDR Fund with a barrier level strike of 31.38 (322,650 contracts), Expires 12/30/16, Broker UBS AG(q)   173,065 
 10,289   S&P 500 Index, One purchased put strike 2,021.50 with a barrier level strike 1,360.625, One written put strike 46.7161 on Utilities Sector SPDR Fund with a barrier level strike of 31.6502 (428,118 contracts), Expires 12/30/16, Broker JPMorgan Chase Bank N.A.(q)   173,678 
 10,279   S&P 500 Index, One purchased put strike 2,093.49 with a barrier level strike of 1,361.93, One written put strike 43.41 on Utilities Select Sector SPDR Fund with a barrier level strike of 34.73 (460,713 contracts), Expires 12/15/16, Broker Bank of America N.A.(q)   341,821 
 5,968   S&P 500 Index, One purchased put strike 2,136.3186 with a barrier level strike of 1,466.101, One written put strike 47.00 on Utilities Select Sector SPDR Fund with a barrier level strike of 34.6625 (265,957 contracts), Expires 02/16/17, Broker JPMorgan Chase Bank N.A.(q)   164,012 
 1,904,762   Select Sector Financial SPDR Fund, One purchased call strike 21.00, One written call strike 21.84, One written put strike 18.38 (952,381 contracts), One purchased put strike 21.00 with a barrier level strike of 18.90 (952,381 contracts), Expires 12/30/16, Broker Credit Suisse International(q)   1,219,024 
Contracts/
Notional
Amount ($)		      Value 
 1,684,327   Select Sector Financial SPDR Fund, One purchased call strike 22.65, One written call strike 23.556, One purchased put strike 23.81, One written put strike 22.65 with a barrier level strike of 20.385 (441,501 contracts), Expires 10/20/16, Broker JPMorgan Chase Bank N.A.(q)  $901,707 
 251,693   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 158.924, One written call strike 165.281, One written put strike 131.589 (125,847 contracts), Expires 03/16/17, Broker Citibank N.A.(q)   1,239,948 
 249,763   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 160.152 (249,763 contracts), One written call strike 166.5581(249,763 contracts),One written put strike 138.9319 (124,881 contracts), One purchased put strike 160.152 with a barrier level strike of 144.1368 (124,881 contracts), Expires 03/16/17, Broker Goldman Sachs International(q)   1,233,091 
 236,499   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 169.134, One written call strike 175.8994, One purchased put strike 165.7513 (88,687 contracts), One written put strike 169.134 with a barrier level strike of 131.4509 (177,374 contracts), Expires 12/30/16, Broker Goldman Sachs International(q)   1,175,491 
 87,499   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 173.1443, One purchased put strike 168.0014, One written put strike 171.43 with a barrier level strike of 146.95 (174,999 contracts), Expires 01/19/17, Broker BNP Paribas SA(q)   1,042,218 


107
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 57,394   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 174.2344, One purchased put strike 169.0074, One written put strike 174.2344 with a barrier level strike of 135.9028 (114,789 contracts), Expires 10/20/16, Broker Goldman Sachs International(q)  $627,276 
 57,148   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 174.983, One purchased put strike 167.9837, One written put strike 174.983 with a barrier level strike of 135.9618 (114,297 contracts), Expires 09/15/16, Broker Goldman Sachs International(q)   547,876 
 85,885   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 176.3994, One purchased put strike 171.1598, One written put strike 174.6529 with a barrier level strike of 134.832 (171,769 contracts), Expires 01/31/17, Broker JPMorgan Chase Bank N.A.(q)   841,095 
 70,724   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 176.744, One purchased put strike 171.4417, One written put strike 176.744 with a barrier level strike of 139.8045 (141,448 contracts), Expires 08/18/16, Broker Goldman Sachs International(q)   550,125 
 55,432   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 180.40, One purchased put strike 174.99, One written put strike 180.40 with a barrier level strike of 142.88 (110,865 contracts), Expires 09/15/16, Broker BNP Paribas SA(q)   298,259 
 220,643   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 183.1011, One written put strike 174.0367, Expires 09/16/16, Broker Goldman Sachs International   441,267 
Contracts/
Notional
Amount ($)		      Value 
 84,803   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 185.724, One written put strike 168.036, Expires 09/18/16, Broker BNP Paribas SA  $467,824 
 271,238   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 186.1836, One written put strike 171.4364, Expires 10/21/16, Broker Goldman Sachs International   242,611 
 216,754   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 186.3863, One written put strike 173.4684, Expires 10/21/16, Broker Barclays Bank Plc   (42,484)
 398,443   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 187.1035, One written put strike 169.2841 (168,356 contracts), Expires 12/16/16, Broker Goldman Sachs International(q)   862,119 
 506,552   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 188.2136, One written put strike 170.2885 (223,151 contracts), Expires 10/21/16, Broker Goldman Sachs International(q)   492,423 
 126,289   SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 188.7333, One written put strike 170.7587 (55,634 contracts), Expires 10/21/16, Broker Goldman Sachs International(q)   96,216 
 109,750   SPDR Dow Jones Industrial Average ETF Trust, One written put strike 164.0088, One purchased call strike 185.8766, Expires 12/30/16, Broker Goldman Sachs International   218,743 


108
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 84,731   SPDR Gold Shares, One written call strike 118.02, with a barrier level strike of 171.129, One written put strike 118.02 with a barrier level strike of 94.416, One purchased put strike 1,919.051 on S&P 500 Index (10,196 contracts), One written put strike 1,727.1459 on S&P 500 Index (10,196 contracts), One purchase call strike 1,919.051 on S&P 500 Index with a barrier level strike of 2,206.9087 (5,211 contracts), Expires 12/15/16, Broker JPMorgan Chase Bank N.A.(q)  $17,029 
 234,894   SPDR Gold Shares, One purchased call strike 128.9942, One written call strike 143.043, One written put strike 121.7271, Expires 01/19/17, Broker Goldman Sachs International   335,754 
 357,173   SPDR Gold Shares, One purchased call strike 127.25, One written call strike 138.59, One written put strike 120.35, Expires 12/15/16, Broker Bank of America N.A.   801,353 
 115,884   SPDR Gold Shares, One purchased call strike 130.73 , Expires 02/17/17, Broker UBS AG   48,299 
 154,727   SPDR S&P 500 ETF Trust, One purchased call strike 193.2739, One written call strike 199.9649, One purchased put strike 189.4084, One written put strike 193.2739 with a barrier level strike of 161.3837 (104,018 contracts), Expires 11/17/16, Broker Citibank N.A.(q)   1,012,638 
 188,058   SPDR S&P 500 ETF Trust, One purchased call strike 214.827, One written put strike 204.19209, Expires 09/16/16, Broker BNP Paribas SA   635,715 
 351,153   SPDR S&P 500 ETF Trust, One purchased call strike 220.6401, One written put strike 199.6268 (142,766 contracts), Expires 12/16/16, Broker Goldman Sachs International(q)   1,003,318 
Contracts/
Notional
Amount ($)		      Value 
 348,755   SPDR S&P 500 ETF Trust, One purchased call strike 221.29, One written put strike 200.21 (142,349 contracts), Expires 12/16/16, Broker Bank of America N.A.(q)  $967,856 
 833,004   SPDR S&P Regional Banking ETF, One purchased call strike 36.9746, One written call strike 38.4536, One written put strike 33.2771 (270,456 contracts), Expires 12/30/16, Broker BNP Paribas SA(q)   626,369 
 1,252   Swiss Market Index, One purchased call strike 7,987.08, One purchased put strike 7,749.84, One written put strike 7,908.00, with a barrier level strike of 6,073.34 (2,504.04 contracts), Expires 07/13/17, Broker UBS AG(q)    250,621 
 1,247   Swiss Market Index, One purchased call strike 8,098.84, One purchased put strike 7,858.28, One written put strike 8,018.66, with a barrier level strike of 6,194.41 (2,494 contracts), Expires 07/13/17, Broker JPMorgan Chase Bank N.A.(q)   116,090 
 1,232   Swiss Market Index, One purchased call strike 8,196.15, One purchased put strike 7,952.70, One written put strike 8,115.00 with a barrier level strike of 6,255.85 (2,464.57 contracts), Expires 08/17/17, Broker UBS AG(q)    24,617 
 4,713   Taiwan Stock Exchange Weighted Index, One purchased call strike 8,040.91, One written call strike 8,523.3646, One written put strike 8,040.91 with a barrier level strike of 7,397.6372 (1,244 contracts), Expires 10/19/16, Broker Goldman Sachs International(q)   1,792,951 


109
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
 3,702   Taiwan Stock Exchange Weighted Index, One purchased call strike 8,105.00, One written call strike 8,429.20, One purchased put strike 8,105.00 with a barrier level strike of 6,808.20 (1,234 contracts), One written put strike 8,105.00 with a barrier level strike of 6,078.75 (1,234 contracts), Expires 12/21/16, Broker Goldman Sachs International(q)  $895,581 
 6,373   Taiwan Stock Exchange Weighted Index, One purchased call strike 8,316.30, One written call strike 8,815.278, One written put strike 8,316.30 with a barrier level strike of 7,817.322 (1,503 contracts), Expires 09/19/16, Broker Goldman Sachs International(q)   2,269,652 
 9,168   Taiwan Stock Exchange Weighted Index, One purchased call strike 8,344.33, One written call strike 8,678.1032, One written put strike 8,344.33 with a barrier level strike of 7,509.897 (1,798 contracts), Expires 11/17/16, Broker Goldman Sachs International(q)   1,934,040 
 1,165   Taiwan Stock Exchange Weighted Index, One purchased call strike 8,582.57, One written call strike 9,097.5242, One written put strike 8,582.57 with a barrier level strike of 8,067.6158, Expires 09/21/16, Broker BNP Paribas SA   1,384,527 
 195,752   Teradata Corp., One purchased call strike 25.5425, One written call strike 33.2053, One written put strike 25.5425 with a barrier level strike of 19.2718, Expires 01/20/17, Broker JPMorgan Chase Bank N.A.   514,510 
 41,564   Tokyo Stock Exchange Tokyo Price Index , One purchased call strike 1,299.2, One written call strike 1,351.168, One written put strike 1,169.28 (15,394 contracts), Expires 12/30/16, Broker Goldman Sachs International(q)   678,877 
Contracts/
Notional
Amount ($)		      Value 
 3,201,191   Tokyo Stock Exchange Tokyo Price Index, One purchased call strike 1,338.75, One written call strike 1,392.3017, One written put strike 1,245.0391 (1,200,447 contracts), Expires 03/10/17, Broker Goldman Sachs International(q)  $(50,928)
$100,000,000   USD/CNY (Offshore) foreign exchange rate, One purchased call strike 6.70, One written call strike 7.10, Expires 03/10/17, Broker Bank of America N.A.   1,632,339 
$100,000,000   USD/CNY (Offshore) foreign exchange rate, One purchased call strike 7.00, One written call strike 7.40, Expires 02/03/17, Broker JPMorgan Chase Bank N.A.   534,100 
$100,000,000   USD/CNY (Offshore) foreign exchange rate, One purchased put strike 6.60, One written put strike 6.90, Expires 08/17/16, Broker BNP Paribas SA   1,125,314 
$10,000,000   USD/MXN foreign exchange rate, One purchased call strike 16.20, One written put strike 17.93, Expires 08/12/16, Broker Bank of America N.A.   (520,007)
$25,000,000   USD/MXN foreign exchange rate, One purchased call strike 16.50, One written put strike 17.98, Expires 10/31/16, Broker JPMorgan Chase Bank N.A.   (1,535,623)
$35,000,000   USD/MXN foreign exchange rate, One purchased put strike 16.45, One written call strike 18.361, Expires 12/15/16, Broker Bank of America N.A.   (1,982,222)
$15,000,000   USD/MXN foreign exchange rate, One purchased put strike 16.65, One written call strike 17.87, Expires 01/30/17, Broker Bank of America N.A.   (1,196,934)
$15,000,000   USD/MXN foreign exchange rate, One purchased put strike 17.15, One written call strike 19.1102, Expires 04/17/17, Broker Goldman Sachs International   (670,240)


110
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Contracts/
Notional
Amount ($)		      Value 
$10,000,000   USD/MXN foreign exchange rate, One purchased put strike 17.20, One written call strike 18.9201, Expires 05/02/17, Broker Goldman Sachs International  $(503,328)
$10,000,000   USD/MXN foreign exchange rate, One purchased put strike 17.30, One written call strike 19.2902, Expires 05/19/17, Broker Goldman Sachs International   (430,022)
$10,000,000   USD/ZAR foreign exchange rate, One purchased put strike 14.50, One written call strike 17.7463, Expires 05/18/17, Broker Goldman Sachs International   358,099 
 1,517,953   WisdomTree Japan Hedged Equity Fund, One purchased call strike 51.8989, One written call strike 53.9543, One written put strike 51.385 with a barrier level strike of 47.7881 (291,914 contracts), Expires 11/18/16, Broker Goldman Sachs International(q)   (2,425,642)
 597,646   WisdomTree Japan Hedged Equity Fund, One purchased call strike 54.38, One written call strike 57.099, One written put strike 54.38 with a barrier level strike of 49.4858 (183,891 contracts), Expires 08/31/16, Broker JPMorgan Chase Bank N.A.(q)   (2,154,680)
 370,879   WisdomTree Japan Hedged Equity Fund, One purchased call strike 54.4653, One written put strike 54.4653 with a barrier level strike of 50.1512, Expires 10/31/16, Broker Goldman Sachs International   (4,332,478)
 948,890   WisdomTree Japan Hedged Equity Fund, One purchased call strike 54.8219, One written call strike 56.9718, One written put strike 53.747 with a barrier level strike of 49.4472 (186,057 contracts), Expires 12/15/16, Broker Goldman Sachs International(q)   (1,993,095)
Total Structured Options
(Premiums received $10,243,198)		  $108,238,964 
FUTURES CONTRACTS: SHORT POSITION    
Contracts      Unrealized
Appreciation/
(Depreciation)		 
 37   Eurex Euro-Buxl 30-year Bond, September 2016  $(61,865)
 3,920   Eurex Euro STOXX 50 Index, September 2016   (8,334,248)
 400   Intercontinental Exchange Crude Oil, December 2016   (183,000)
 150   London Metal Exchange Aluminium, December 2016   (290,625)
 198   London Metal Exchange Nickel, December 2016   (1,726,782)
 100   London Metal Exchange Copper, December 2016   112,500 
 60   Minneapolis Grain Exchange Wheat, December 2016   (15,025)
     Net unrealized depreciation  $(10,499,045)
FUTURES CONTRACTS: LONG POSITION     
Contracts      Unrealized
Appreciation/
(Depreciation)		 
 650   Intercontinental Exchange Crude Oil, December 2016  $541,000 
 25   COMEX Gold, December 2016   (9,090)
 100   Chicago Board of Trade Hard Red Winter Wheat, July 2017   (50,013)
 198   London Metal Exchange Nickel, December 2016   2,275,308 
 100   London Metal Exchange Copper, December 2016   (13,750)
     Net unrealized appreciation  $2,743,455 
       Unrealized
Appreciation/
(Depreciation)		 
SWAP AGREEMENTS (PURCHASED)      
       
Commodity Index Swap Agreement with Cargill, Inc. based on a basket of commodity Indexes, paying a fixed amount and paying the closing settlement price if over the target value of the basket and receiving the closing settlement price if under the target value of the basket on a monthly basis until the termination date, expiring 09/16/16 (Underlying notional amount $2,816,703)(s)   $(652,162)


111
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

   Unrealized
Appreciation/
(Depreciation)		 
Commodity Index Swap Agreement with Cargill, Inc. based on a basket of commodity Indexes, paying a fixed amount and paying the closing settlement price if over the target value of the basket and receiving the closing settlement price if under the target value of the basket on a monthly basis until the termination date, expiring 12/31/16 (Underlying notional amount $537,874)(t)  $(31,187)
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 01/31/18 (Underlying notional amount $281,250)   (8,850)
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 02/28/18 (Underlying notional amount $281,250)   (8,850)
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 03/31/18 (Underlying notional amount $281,250)   (8,850)
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 04/30/18 (Underlying notional amount $281,250)   (8,850)
   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 05/31/18 (Underlying notional amount $281,250)  $(8,850)
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 06/30/18 (Underlying notional amount $281,250)   (8,850)
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 07/31/18 (Underlying notional amount $281,250)   (8,850)
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 08/31/16 (Underlying notional amount $261,000)   (99,000)
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 08/31/18 (Underlying notional amount $281,250)   (8,850)
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 09/30/16 (Underlying notional amount $261,000)   (49,500)


112
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (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 09/30/18 (Underlying notional amount $281,250)  $(8,850)
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 10/31/16 (Underlying notional amount $261,000)   7,500 
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 10/31/18 (Underlying notional amount $281,250)   (8,850)
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 11/30/16 (Underlying notional amount $261,000)   7,500 
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 11/30/18 (Underlying notional amount $281,250)   (8,850)
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 12/31/16 (Underlying notional amount $261,000)   7,500 
   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 12/31/18 (Underlying notional amount $281,250)  $(8,850)
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX April 2017 Iron Ore on the termination date, expiring 04/30/17 (Underlying notional amount $116,250)   700 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX August 2017 Iron Ore on the termination date, expiring 08/31/17 (Underlying notional amount $116,250)   (4,750)
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX December 2017 Iron Ore on the termination date, expiring 12/31/17 (Underlying notional amount $116,250)   (8,900)
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX February 2017 Iron Ore on the termination date, expiring 02/28/17 (Underlying notional amount $116,250)   6,575 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX January 2017 Iron Ore on the termination date, expiring 01/31/17 (Underlying notional amount $116,250)   7,500 


113
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

   Unrealized
Appreciation/
(Depreciation)		 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX July 2017 Iron Ore on the termination date, expiring 07/31/17 (Underlying notional amount $116,250)  $(4,750)
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX June 2017 Iron Ore on the termination date, expiring 06/30/17 (Underlying notional amount $116,250)   700 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX March 2017 Iron Ore on the termination date, expiring 03/31/17 (Underlying notional amount $116,250)   5,625 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX May 2017 Iron Ore on the termination date, expiring 05/31/17 (Underlying notional amount $116,250)   700 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX November 2017 Iron Ore on the termination date, expiring 11/30/17 (Underlying notional amount $116,250)   (8,900)
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX October 2017 Iron Ore on the termination date, expiring 10/31/17 (Underlying notional amount $116,250)   (8,900)
   Unrealized
Appreciation/
(Depreciation)		 
Commodity Index Swap Agreement with Cargill, Inc. based on the Singapore Exchange (“SGX”) Steel Index, paying a fixed amount per metric ton and receiving the closing settlement price of SGX September 2017 Iron Ore on the termination date, expiring 09/30/17 (Underlying notional amount $116,250)  $(4,750)
Commodity Index Swap Agreement with Macquarie Bank Ltd. based on the Macquarie Commodity Spread 196E Index, paying a fixed amount when Soybean Index lower than initial index level of 136.375 and receiving an amount when Soybean Index greater than initial index level of 136.375, expiring 10/21/16 (Underlying notional amount $170,469)   (59,219)
Commodity Index Swap Agreement with Macquarie Bank Ltd. based on the Macquarie Commodity Spread 201E Index, paying a fixed amount when Soybean Index lower than initial index level of 106.0047 and receiving an amount when Soybean Index greater than initial index level of 106.0047, expiring 12/07/16 (Underlying notional amount $6,360,282)   14,136 
Conditional Variance Swap with BNP Paribas SA receiving variance of the Hang Seng China Enterprises (“HSCEI”) Index over the volatility strike price of 23.70 with a knockout level of 130% of initial index level and the S&P 500 Index over the volatility strike price of 19.70 and paying variance of the HSCEI Index under the volatility strike price of 23.70 with a knockout level of 130% of initial index level and the S&P 500 Index under the volatility strike price of 19.70, expiring 12/28/18 (Underlying vega amount $500,000)   772,184 


114
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

   Unrealized
Appreciation/
(Depreciation)		 
Conditional Variance Swap with BNP Paribas SA receiving variance of the Nikkei 225 Index over the volatility strike price of 20.60 with a knockout level of 120% of initial index level and the S&P 500 Index over the volatility strike price of 23.00 and paying variance of the Nikkei 225 Index under the volatility strike price of 20.60 with a knockout level of 120% of initial index level and the S&P 500 Index under the volatility strike price of 23.00, expiring 12/21/18 (Underlying vega amount $200,000)  $666,736 
Variance swap with Goldman Sachs International receiving variance of the Russell 2000 Index over the target volatility of 26.30 and paying variance of the Russell 2000 Index under the target volatility of 26.30, expiring 08/19/16 (Underlying vega amount $3,000,000)   280,804 
   $739,942 
      
   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 expiring 07/31/18 (Underlying notional amount $86,500)  $(4,300)
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 08/31/18 (Underlying notional amount $86,500)   (4,300)
   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 09/30/18 (Underlying notional amount $86,500)  $(4,300)
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 10/31/18 (Underlying notional amount $86,500)   (4,300)
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 11/30/18 (Underlying notional amount $86,500)   (4,300)
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 12/31/18 (Underlying notional amount $86,500)   (4,300)
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 01/31/18 (Underlying notional amount $86,500)   (4,300)
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 02/28/18 (Underlying notional amount $86,500)   (4,300)


115
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (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 03/31/18 (Underlying notional amount $86,500)  $(4,300)
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 04/30/18 (Underlying notional amount $86,500)   (4,300)
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 05/31/18 (Underlying notional amount $86,500)   (4,300)
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 06/30/18 (Underlying notional amount $86,500)   (4,300)
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 08/31/16 (Underlying notional amount $209,500)   47,500 
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 09/30/16 (Underlying notional amount $209,500)   (2,000)
   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 10/31/16 (Underlying notional amount $209,500)  $(59,000)
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 11/30/16 (Underlying notional amount $209,500)   (59,000)
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 12/30/16 (Underlying notional amount $209,500)   (59,000)
Commodity Index Swap Agreement with Cargill, Inc. based on the Intercontinental Exchange, Inc. (“ICE”) Cocoa-London Index, receiving a fixed amount per metric ton and paying the closing settlement price of ICE December 2016 Cocoa-London Futures contracts on the termination date, expiring 12/09/16 (Underlying notional amount $18,680)   664 
Commodity Index Swap Agreement with Cargill, Inc. based on the Intercontinental Exchange, Inc. (“ICE”) Cocoa-London Index, receiving a fixed amount per metric ton and paying the closing settlement price of ICE September 2016 Cocoa-London Futures contracts on the termination date, expiring 09/13/16 (Underlying notional amount $4,000)   (500)


116
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

   Unrealized
Appreciation/
(Depreciation)		 
Commodity Index Swap Agreement with Cargill, Inc. based on the Kansas City Board of Trade (“KCBT”) and Chicago Board of Trade (“CBOT”) Wheat Index, paying a fixed amount per bushel and receiving the closing settlement price of KCBT July 2017 minus CBOT July 2017 Wheat Futures contracts on the termination date, expiring 06/28/17 (Underlying notional amount $1,117,186)  $613,436 
Commodity Index Swap Agreement with Cargill, Inc. based on the Kansas City Board of Trade (“KCBT”) and Chicago Board of Trade (“CBOT”) Wheat Index, receiving a fixed amount per bushel and paying the closing settlement price of KCBT July 2017 minus CBOT July 2017 Wheat Futures contracts on the termination date, expiring 06/28/17 (Underlying notional amount $569,749)   195,812 
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)   (2,530,840)
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)   (4,422,025)
Variance swap with Bank of America N.A. paying variance of the Merrill Lynch Core Portfolio Gross Index over the target volatility of 44.89 and receiving variance of the Merrill Lynch Core Portfolio Gross Index under the target volatility of 44.89, expiring 10/10/16 (Underlying vega amount $1,000,000)   943,568 
Variance swap with Bank of America N.A. paying variance of the Merrill Lynch Core Portfolio Gross Index over the target volatility of 44.89 and receiving variance of the Merrill Lynch Core Portfolio Gross Index under the target volatility of 44.89, expiring 03/24/17 (Underlying vega amount $1,000,000)   682,227 
   Unrealized
Appreciation/
(Depreciation)		 
Variance swap with Bank of America N.A. paying variance of the Merrill Lynch Core Portfolio Gross Index over the target volatility of 45.5625 and receiving variance of the Merrill Lynch Core Portfolio Gross Index under the target volatility of 45.5625, expiring 07/25/17 (Underlying vega amount $500,000)  $   301,550 
Variance swap with Bank of America N.A. paying variance of the Merrill Lynch Core Portfolio Gross Index over the target volatility of 46.24 and receiving variance of the Merrill Lynch Core Portfolio Gross Index under the target volatility of 46.24, expiring 09/23/16 (Underlying vega amount $1,000,000)   1,084,850 
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.15 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.15, expiring 05/29/18 (Underlying vega amount $1,000,000)   (317,901)
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.15 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.15, expiring 05/29/18 (Underlying vega amount $1,000,000)   (311,713)
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.25 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.25, expiring 11/06/17 (Underlying vega amount $2,000,000)   348,445 


117
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

   Unrealized
Appreciation/
(Depreciation)		 
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.25 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.25, expiring 10/09/17 (Underlying vega amount $2,000,000)  $569,005 
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)   5,420,956 
   $2,394,434 

 

At July 31, 2016, the Strategic Opportunities Fund held investments in restricted securities with a fair value of zero, as follows:

 

         07/31/16
Acquisition     Acquisition  Carrying Value
Cost  Issuer  Date  Per Unit
$12,000,000   ShengdaTech, Inc., Cnv.(b)(c)(d)(f)(j)   01/19/11   $—

 

 

 

(a) Cost for federal income tax purposes is $5,893,348,307 and net unrealized appreciation of investments is as follows:
   
Unrealized appreciation  $164,749,786 
Unrealized depreciation   (159,129,436)
Net unrealized appreciation  $5,620,350 

 

(b) This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $337,959,975 or 5.67% 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 (j) below) that amount to $104,854,064 or 1.76% of net assets.
(c) Level 3 fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $2,480,543, which is 0.04% of net assets.
(d) Non-income producing security.
(e) Zero coupon bond. The rate represents the yield at time of purchase.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. These securities have been deemed
  liquid under guidelines approved by the Fund’s Board of Directors except those also included in footnote (b) above.
(h) Principal amount denoted in Euros.
(i) Investment in non-U.S. Dollars. Principal amount reflects local currency.
(j) 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 $656,934,196, which is 11.02% 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 (b) above.
(k) Variable rate security. Rate shown is the rate as of July 31, 2016.
(l) Principal amount denoted in British Pounds.
(m) Principal amount denoted in Swiss Francs.
(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) The rate shown is the current yield as of July 31, 2016.
(q) 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.
(r) 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.
(s) The following table represents the individual long and short positions and related values of equity securities underlying the basket swap with Cargill, Inc., as of July 31, 2016, expiration date 09/16/16:

 

Reference Entity — Long  Unrealized
Appreciation/
(Depreciation)
Chicago Board of Trade Soybean, August 2016  $(193,699)
Chicago Board of Trade Soybean, September 2016   27,745 
Chicago Board of Trade Soybean Meal, August 2016   (124,676)
Chicago Board of Trade Soybean Meal, September 2016   16,818 
Chicago Board of Trade Wheat, September 2016   (48,038)
Chicago Mercantile Exchange Live Cattle, August 2016   (5,851)
COMEX Gold, August 2016   (10,544)
COMEX Gold, October 2016   27,735 
Intercontinental Exchange Brent Crude Oil, September 2016   (35,177)
Intercontinental Exchange Cocoa, September 2016   (2,357)
Intercontinental Exchange Coffee, December 2016   29,910 
Intercontinental Exchange Corn, September 2016   (55,289)
Intercontinental Exchange Sugar #11, October 2016   (55,077)
London Metal Exchange Aluminum, September 2016   8,711 
London Metal Exchange Nickel, September 2016   11,378 
London Metal Exchange Tin, September 2016   3,706 


118
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Reference Entity — Long (Continued)  Unrealized
Appreciation/
(Depreciation)
London Metal Exchange Zinc, August 2016  $64,636 
London Metal Exchange Zinc, September 2016   4,532 
New York Mercantile Exchange Crude Oil, September 2016   (123,720)
New York Mercantile Exchange Crude Oil, October 2016   (6,445)
New York Mercantile Exchange Gasoline RBOB, August 2016   (48,350)
New York Mercantile Exchange Heating Oil, August 2016   (34,324)
New York Mercantile Exchange Heating Oil, September 2016   (11,589)
New York Mercantile Exchange Natural Gas, September 2016   42,549 
   $(517,416)
      
Reference Entity — Short  Unrealized
Appreciation/
(Depreciation)
Chicago Board of Trade Lean Hogs, October 2016  $39,941 
Chicago Board of Trade Hard Red Winter Wheat, September 2016   10,612 
Chicago Board of Trade Hard Red Winter Wheat, December 2016   3,273 
Chicago Board of Trade Live Cattle, October 2016   2,286 
Chicago Board of Trade Soybean Oil, August 2016   56,551 
Chicago Board of Trade Soybean Oil, September 2016   (23,584)
Chicago Board of Trade Wheat, December 2016   20,645 
COMEX Copper, September 2016   (3,273)
COMEX Silver, September 2016   36,089 
Intercontinental Exchange Cocoa, September 2016   18,530 
Intercontinental Exchange Coffee, September 2016   16,239 
Intercontinental Exchange Corn, December 2016   (982)
Intercontinental Exchange Cotton #2, December 2016   (77,973)
London Metal Exchange Aluminum, August 2016   32,862 
London Metal Exchange Lead, September 2016   1,870 
London Metal Exchange Nickel, August 2016   (92,861)
London Metal Exchange Tin, August 2016   (6,969)
New York Mercantile Exchange Gasoline RBOB, September 2016   4,082 
New York Mercantile Exchange Palladium, September 2016   (117,566)
New York Mercantile Exchange Palladium, December 2016   (12,367)
New York Mercantile Exchange Platinum, October 2016   (42,151)
   $(134,746)
(t) The following table represents the individual long and short positions and related values of equity securities underlying the basket swap with Cargill, Inc., as of July 31, 2016, expiration date 12/31/16:
   
Reference Entity — Long  Unrealized
Appreciation/
(Depreciation)
Chicago Board of Trade Corn #2, March 2017  $(5,000)
Chicago Board of Trade Soybean, July 2016   (204,375)
Chicago Board of Trade Soybean, November 2016   (2,500)
Chicago Board of Trade Wheat, November 2016   131,750 
Chicago Mercantile Exchange Live Cattle, August 2016   (110,800)
COMEX Gold, April 2016   500,900 
Intercontinental Exchange Brent Crude Oil, April 2016   (1,230,000)
Intercontinental Exchange Brent Crude Oil, May 2016   (147,500)
Intercontinental Exchange Brent Crude Oil, October 2016   216,000 
Intercontinental Exchange Cotton #2, March 2017   500 
London Metal Exchange Copper, June 2016   (508,750)
New York Mercantile Exchange Natural Gas, October 2017   (24,073)
New York Mercantile Exchange Natural Gas, January 2018   50,760 
   $(1,333,088)
      
Reference Entity — Short  Unrealized
Appreciation/
(Depreciation)
Chicago Board of Trade Corn #2, December 2016  $7,187 
Chicago Board of Trade Soybean, July 2016   130,781 
Chicago Board of Trade Soybean, November 2016   22,500 
Chicago Board of Trade Soybean Meal, July 2016   60,445 
Chicago Board of Trade Wheat, July 2016   157,500 
COMEX Gold, April 2016   (217,150)
Intercontinental Exchange Brent Crude Oil, April 2016   1,136,000 
Intercontinental Exchange Brent Crude Oil, May 2016   105,000 
Intercontinental Exchange Brent Crude Oil, October 2016   (192,000)
Intercontinental Exchange Cotton #2, March 2017   12,875 
London Metal Exchange Aluminum, December 2016   (140,000)
London Metal Exchange Copper, June 2016   242,513 
New York Mercantile Exchange Natural Gas, October 2017   14,750 
New York Mercantile Exchange Natural Gas, January 2018   (38,500)
   $1,301,901 


119
Old Westbury Funds, Inc.  
Strategic Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

ADR — American Depositary Receipt
CLO — Collateralized Loan Obligation
CNY — Chinese Yuan
Cnv. — Convertible
ETF — Exchange Traded Fund
FOR — Foreign Ownership Restrictions
LIBOR — London Interbank Offered Rate
MXN — Mexican Peso
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond
ZAR — South African Rand

Portfolio diversification by Sector (Unaudited)
Sector  Percentage
of Net Assets
Asset-Backed Securities   10.9%
Banks   0.7%
Collateralized Mortgage Obligations   8.1%
Commercial Mortgage-Backed Securities   1.0%
Consumer Discretionary   2.4%
Consumer Staples   1.4%
Diversified Financials   1.3%
Energy   1.3%
Government Bonds   2.0%
Health Care   1.8%
Industrials   1.7%
Information Technology   2.8%
Insurance   0.9%
Materials   1.0%
Real Estate   1.5%
Telecommunication Services   1.4%
U.S. Government Agencies and Securities   42.9%
Utilities   1.4%
Other*   15.5%
    100.0%

 

 

 

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


120
   
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
CORPORATE BONDS — 31.9%      
Banks — 4.9%     
$4,960,000   Bank of America Corp.,
3.50%, 04/19/26		  $5,178,215 
 3,800,000   Bank of America NA,
1.25%, 02/14/17		   3,806,388 
 3,000,000   Capital One NA,
1.65%, 02/05/18		   3,007,218 
 5,000,000   Commonwealth Bank of Australia,
1.13%, 03/13/17		   5,004,730 
 2,000,000   Commonwealth Bank of Australia,
2.25%, 03/16/17(b)		   2,015,290 
 2,500,000   International Bank For Reconstruction & Development,
1.38%, 04/10/18		   2,522,008 
 6,125,000   KFW,
1.25%, 02/15/17		   6,141,170 
 2,260,000   Sumitomo Mitsui Banking Corp.,
1.95%, 07/23/18		   2,278,193 
 8,000,000   Westpac Banking Corp.,
1.55%, 05/25/18		   8,055,112 
         38,008,324 
Consumer Discretionary — 1.1%      
 2,175,000   Priceline Group, Inc. (The),
3.60%, 06/01/26		   2,281,181 
 2,825,000   Target Corp.,
2.30%, 06/26/19		   2,919,804 
 2,000,000   Under Armour, Inc.,
3.25%, 06/15/26		   2,036,058 
 1,820,000   Whirlpool Corp.,
1.65%, 11/01/17		   1,828,256 
         9,065,299 
Consumer Staples — 2.6%      
 3,000,000   Anheuser-Busch Inbev Finance, Inc.,
1.90%, 02/01/19		   3,048,366 
 3,000,000   Anheuser-Busch Inbev Finance, Inc.,
3.65%, 02/01/26		   3,221,052 
 4,000,000   Coca-Cola Co. (The),
1.15%, 04/01/18		   4,017,496 
 4,500,000   CVS Health Corp.,
1.90%, 07/20/18		   4,565,570 
 3,000,000   McDonald’s Corp. MTN,
2.10%, 12/07/18		   3,062,064 
 2,077,000   Sysco Corp,
1.90%, 04/01/19		   2,103,654 
         20,018,202 
Principal        
Amount      Value 
Diversified Financials — 6.2%     
$6,115,000   Caterpillar Financial Services Corp.,
1.35%, 05/18/19		  $6,148,779 
 6,000,000   Daimler Finance North America LLC,
2.00%, 08/03/18(b)		   6,073,020 
 7,700,000   Ford Motor Credit Co. LLC,
3.00%, 06/12/17		   7,800,847 
 1,400,000   General Electric Capital Corp. MTN,
2.30%, 04/27/17		   1,415,379 
 2,930,000   Goldman Sachs Group, Inc. (The),
5.95%, 01/18/18		   3,117,658 
 6,010,000   Goldman Sachs Group, Inc. (The),
2.63%, 01/31/19		   6,154,661 
 3,800,000   JPMorgan Chase & Co.,
1.37%, 01/28/19(c)		   3,813,642 
 2,202,000   JPMorgan Chase & Co.,
1.67%, 01/23/20(c)		   2,220,250 
 3,000,000   Morgan Stanley,
2.45%, 02/01/19		   3,067,131 
 3,000,000   National Rural Utilities Cooperative Finance Corp. MTN,
3.25%, 11/01/25		   3,252,369 
 3,900,000   Toronto-Dominion Bank (The),
1.09%, 07/02/19(c)		   3,886,405 
 1,775,000   Toyota Motor Credit Corp. MTN,
1.13%, 05/16/17		   1,777,721 
         48,727,862 
Energy — 3.9%     
 3,000,000   Cameron International Corp.,
1.15%, 12/15/16		   3,004,395 
 3,000,000   Energy Transfer Partners LP,
4.15%, 10/01/20		   3,113,382 
 5,310,000   Enterprise Products Operating LLC,
1.65%, 05/07/18		   5,344,865 
 1,000,000   Enterprise Products Operating LLC,
3.95%, 02/15/27		   1,053,609 
 3,000,000   Petroleos Mexicanos,
5.50%, 02/04/19(b)		   3,172,500 
 1,000,000   Schlumberger Investment SA,
1.25%, 08/01/17(b)		   998,827 
 1,000,000   Schlumberger Norge AS,
1.95%, 09/14/16(b)		   1,001,159 
 6,000,000   Shell International Finance BV,
1.25%, 11/10/17		   6,014,808 
 3,750,000   Sunoco Logistics Partners Operations LP,
3.90%, 07/15/26		   3,727,035 


121
   
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
Energy (continued)      
$2,120,000   Tennessee Gas Pipeline Co. LLC,
7.50%, 04/01/17		  $2,194,094 
 1,000,000   TransCanada Pipelines Ltd.,
1.88%, 01/12/18		   1,005,679 
         30,630,353 
Health Care — 3.9%      
 6,000,000   AbbVie, Inc.,
1.75%, 11/06/17		   6,032,502 
 4,390,000   Aetna, Inc.,
1.90%, 06/07/19		   4,447,505 
 4,000,000   Amgen, Inc.,
2.20%, 05/22/19		   4,107,144 
 2,000,000   Johnson & Johnson,
1.13%, 11/21/17		   2,007,888 
 2,255,000   McKesson Corp.,
2.28%, 03/15/19		   2,304,382 
 5,000,000   Takeda Pharmaceutical Co. Ltd.,
1.63%, 03/17/17(b)		   5,015,445 
 2,865,000   Teva Pharmaceutical Finance Netherlands III BV,
1.70%, 07/19/19		   2,882,113 
 3,950,000   UnitedHealth Group, Inc.,
1.40%, 12/15/17		   3,975,734 
         30,772,713 
Industrials — 1.6%      
 5,400,000   Eaton Corp.,
5.60%, 05/15/18		   5,791,792 
 116,386   Federal Express Corp. 2012 Pass Through Trust,
2.63%, 01/15/18(b)		   116,930 
 6,460,000   Precision Castparts Corp.,
1.25%, 01/15/18		   6,486,938 
         12,395,660 
Information Technology — 3.1%      
 6,500,000   Apple, Inc.,
1.01%, 05/03/18(c)		   6,513,332 
 2,000,000   Broadridge Financial Solutions Inc.,
3.40%, 06/27/26		   2,059,504 
 2,000,000   Cisco Systems, Inc.,
1.60%, 02/28/19		   2,029,444 
 3,000,000   Diamond 1 Finance Corp. / Diamond 2 Finance Corp.,
3.48%, 06/01/19(b)		   3,085,875 
 3,000,000   Microsoft Corp.,
1.30%, 11/03/18		   3,021,987 
 1,900,000   National Semiconductor Corp.,
6.60%, 06/15/17		   1,993,423 
 2,750,000   Oracle Corp.,
5.75%, 04/15/18		   2,968,851 
Principal        
Amount      Value 
Information Technology (continued)      
$2,190,000   Oracle Corp.,
2.25%, 10/08/19		  $2,261,641 
         23,934,057 
Insurance — 1.7%      
 3,040,000   Berkshire Hathaway, Inc.,
3.13%, 03/15/26		   3,235,615 
 5,000,000   New York Life Global Funding,
1.65%, 05/15/17(b)		   5,030,960 
 3,000,000   New York Life Global Funding,
1.45%, 12/15/17(b)		   3,020,475 
 2,000,000   New York Life Global Funding,
2.35%, 07/14/26(b)		   2,018,562 
         13,305,612 
Materials — 0.5%      
 2,270,000   BHP Billiton Finance USA Ltd.,
2.05%, 09/30/18		   2,307,891 
 1,525,000   Ecolab, Inc.,
2.00%, 01/14/19		   1,548,705 
         3,856,596 
Telecommunication Services — 1.2%      
 4,000,000   America Movil Sab de CV,
2.38%, 09/08/16		   4,006,464 
 2,000,000   Discovery Communications LLC,
4.90%, 03/11/26		   2,161,140 
 3,000,000   Verizon Communications Inc,
1.38%, 08/15/19		   3,001,194 
         9,168,798 
Utilities — 1.2%      
 3,000,000   Berkshire Hathaway Energy Co,
2.00%, 11/15/18		   3,048,144 
 6,000,000   Duke Energy Corp.,
1.63%, 08/15/17		   6,027,216 
         9,075,360 
Total Corporate Bonds
(Cost $246,737,774)		   248,958,836  
ASSET-BACKED SECURITIES — 7.5%      
CAYMAN ISLANDS — 4.0%      
 8,500,000   Anchorage Capital CLO Ltd., Series 2013-1A, Class 1A, 1.86%, 07/13/25(b)(c)   8,480,535 
 4,000,000   Cavalry CLO II Ltd., 2.03%, 01/17/24(b)(c)   3,984,130 
 3,555,000   CIFC Funding Ltd., Series 2013-IA, Class A1, 1.83%, 04/16/25(b)(c)   3,534,126 
 6,000,000   OCP CLO Ltd., Series 2013-4A, Class A1A, 2.11%, 10/24/25(b)(c)   5,972,340 


122
   
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
CAYMAN ISLANDS (continued)      
$339,711   Sapphire Valley CDO I Ltd. Series 2006-1A, Class A, 0.95%, 12/15/22(b)(c)  $338,769 
 5,000,000   Saratoga Investment Corp. CLO Ltd. Series 2013-1A, Class A1, 2.00%, 10/20/23(b)(c)   4,974,400 
 4,000,000   York CLO 1 Ltd. Series 2014-1A, Class A, 2.25%, 01/22/27(b)(c)   3,984,840 
         31,269,140 
UNITED STATES — 3.5%      
 1,423,020   Ally Auto Receivables Trust Series 2014-1, Class A3, 0.97%, 10/15/18   1,422,671 
 1,255,620   AmeriCredit Automobile Receivables Trust Series 2014-2, Class A3, 0.94%, 02/08/19   1,254,783 
 2,975,000   Chase Issuance Trust Series 2012-A4, Class A4, 1.58%, 08/16/21   3,007,854 
 2,975,000   CNH Equipment Trust 2015-A, Class A4, 1.85%, 04/15/21   2,993,136 
 2,000,000   Enterprise Fleet Financing LLC Series 2016-2, Class A2, 1.74%, 02/22/22(b)   1,999,041 
 1,519,882   Fifth Third Auto Trust Series 2014-2, Class A3, 0.89%, 11/15/18   1,519,790 
 4,000,000   Ford Credit Floorplan Master Owner Trust Series 2015-1, Class A1, 1.42%, 01/15/20   4,007,613 
 5,000,000   Hertz Vehicle Financing LLC Series 2016-3, 2.27%, 07/25/20(b)   5,018,904 
 1,330,502   Mercedes-Benz Auto Receivables Trust Series 2014-1, Class A3, 0.87%, 10/15/18   1,331,686 
 2,000,000   Toyota Auto Receivables Owner Trust Series 2014-B, Class A4, 1.31%, 09/16/19   2,004,905 
 1,000,000   World Omni Automobile Lease Securitization Trust Series 2016-A, Class A3, 1.45%, 08/15/19   999,875 
 2,000,000   World Omni Automobile Lease Securitization Trust, Series 2014-A, Class A3, 1.16%, 09/15/17   2,000,952 
         27,561,210 
Total Asset-Backed Securities
(Cost $58,799,969)		   58,830,350  
Principal        
Amount      Value 
MUNICIPAL BONDS — 1.8%      
California — 0.5%      
$3,850,000   Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM)
6.93%, 05/15/17		  $4,038,458 
Georgia — 0.4%      
 3,085,000   State of Georgia Taxable School Improvement GO, Series C-3
2.59%, 10/01/17		   3,140,036 
Illinois — 0.4%      
 2,600,000   State of Illinois Public Improvements Revenue Bonds
1.56%, 06/15/17		   2,617,446 
New Jersey — 0.2%      
 1,500,000   County of Monmouth Build America Bonds GO
3.75%, 11/01/16		   1,511,550 
New York — 0.3%      
 2,520,000   Metropolitan Transportation Authority Highway Toll Build America Revenue Bonds
4.28%, 11/15/16		   2,544,343 
Total Municipal Bonds
(Cost $13,711,674)		   13,851,833  
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%      
 1,847,565   JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(b)   1,870,055 
Total Collateralized Mortgage Obligations
(Cost $1,888,535)		   1,870,055  
U.S. GOVERNMENT AGENCIES — 6.5%      
Fannie Mae — 2.5%      
 6,720,000   0.88%, 12/20/17   6,735,241 
 7,575,000   1.13%, 10/19/18   7,628,472 
 5,000,000   1.00%, 02/26/19   5,018,665 
         19,382,378 
Federal Home Loan Bank — 2.9%      
 5,200,000   0.63%, 10/26/17   5,194,805 
 17,485,000   1.13%, 06/21/19   17,607,885 
         22,802,690 
Overseas Private Investment Corp. — 0.6%      
 4,372,985   5.14%, 12/15/23   4,796,211 
         4,796,211 


123
   
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
Private Export Funding Corp. — 0.1%      
$500,000   2.25%, 12/15/17  $509,781 
         509,781 
Small Business Administration — 0.3%      
 438,553   4.73%, 02/10/19   463,847 
 478,977   4.11%, 03/10/20   504,436 
 1,671,135   4.08%, 03/10/21   1,776,614 
         2,744,897 
Tennessee Valley Authority — 0.1%      
 725,000   6.25%, 12/15/17   779,027 
         779,027 
Total U.S. Government Agencies
(Cost $50,241,704)		   51,014,984  
U.S. GOVERNMENT SECURITIES — 50.8%      
U.S. Treasury Notes — 50.8%      
 1,541,000   0.63%, 08/15/16   1,541,257 
 2,800,000   0.63%, 08/31/17   2,800,109 
 7,115,000   0.88%, 11/30/17   7,137,512 
 7,095,000   0.75%, 02/28/18   7,105,252 
 5,000,000   0.75%, 04/15/18   5,006,640 
 18,100,000   0.75%, 04/30/18   18,124,037 
 11,000,000   0.88%, 05/31/18   11,041,679 
 4,300,000   0.88%, 10/15/18   4,317,299 
 8,686,000   0.88%, 04/15/19   8,716,879 
 48,733,000   0.88%, 05/15/19   48,898,595 
 52,901,000   1.88%, 11/30/21   55,041,851 
 26,540,000   0.63%, 01/15/24(d)   28,659,848 
 78,115,000   2.38%, 08/15/24   84,126,184 
 85,590,000   2.00%, 02/15/25   89,662,201 
 22,495,000   2.25%, 11/15/25   24,054,713 
Total U.S. Government Securities
(Cost $384,687,840)		   396,234,056  
Principal        
Amount      Value 
GOVERNMENT BONDS — 0.2%      
SOUTH KOREA — 0.2%      
$1,400,000   Export-Import Bank of Korea,
4.00%, 01/11/17		  $1,417,662 
Total Government Bonds
(Cost $1,399,738)		   1,417,662 
      
Shares      Value 
INVESTMENT COMPANY — 1.0%     
 7,445,400   SEI Daily Income Trust Government II Fund, Class A,
0.01%(e)		   7,445,400 
Total Investment Company
(Cost $7,445,400)		   7,445,400 
TOTAL INVESTMENTS — 99.9%
(Cost $764,912,634)(a)		  $779,623,176 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%   821,348 
NET ASSETS — 100.0%  $780,444,524 

 

(a) Cost for federal income tax purposes is $764,951,911 and net unrealized appreciation of investments is as follows:

 

Unrealized appreciation  $15,292,686 
Unrealized depreciation   (621,421)
Net unrealized appreciation  $14,671,265 

 

(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 $71,706,183, which is 9.19% of net assets.
(c) Variable rate security. Rate shown is the rate as of July 31, 2016.
(d) Inflation protected security. Principal amount reflects original security face amount.
(e) Rate shown represents current yield at July 31, 2016.

 

AGM — Assured Guaranty Municipal Corp.

CLO — Collateralized Loan Obligation

GO — General Obligations

MTN — Medium Term Note


124
   
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Portfolio diversification by Sector (Unaudited)

 

   Percentage
Sector  of Net Assets
U.S. Government Agencies and Securities   57.3%
Corporate Bonds   31.9 
Municipal Bonds   1.8 
Government Bonds   0.2 
Asset Backed Securities   7.5 
Collateralized Mortgage Obligations   0.2 
Other*   1.1 
    100.0%

 

 

 

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

 


125
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
MUNICIPAL BONDS — 97.6%    
Alabama — 1.0%    
$5,000,000   Alabama Federal Aid Highway Finance Authority Revenue Bonds,
5.00%, 09/01/20		  $5,784,150 
 3,030,000   City of Huntsville School Capital Improvements Warrants Refunding GO,
5.00%, 09/01/22		   3,720,870 
 2,990,000   City of Huntsville School Capital Improvements Warrants Refunding GO,
5.00%, 09/01/24		   3,814,642 
 3,660,000   City of Huntsville School Capital Improvements Warrants Refunding GO,
5.00%, 09/01/26		   4,653,397 
 1,500,000   City of Huntsville Warrants Refunding GO, Series A,
5.00%, 08/01/26		   1,904,475 
         19,877,534 
Arizona — 0.8%    
 875,000   Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds,
5.00%, 07/01/25		   1,125,224 
 2,000,000   Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Sub-series A,
5.00%, 07/01/21		   2,383,500 
 2,500,000   Arizona School Facilities Board Advance Refunding COP, Series A,
5.00%, 09/01/23		   3,085,450 
 1,000,000   Arizona State Board of Regents Advance Refunding COP, Series A,
5.00%, 06/01/22		   1,211,370 
 1,715,000   Arizona State Board of Regents Advance Refunding COP, Series A,
5.00%, 06/01/24		   2,163,953 
 350,000   Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID,
5.88%, 07/01/24		   384,745 
 2,010,000   Arizona State Board of Regents Revenue Bonds, Series C,
5.00%, 07/01/17		   2,091,928 
 500,000   City of Tempe Advance Refunding Revenue, 5.00%, 07/01/26   652,559 
Principal
Amount		      Value 
Arizona (continued)    
$200,000   Maricopa County Community College District GO, Series C,
5.00%, 07/01/20		  $224,923 
 2,875,000   Phoenix Civic Improvement Corp. Refunding Revenue Bonds,
5.00%, 07/01/20		   3,335,403 
         16,659,055 
Arkansas — 0.1%    
 2,160,000   Pulaski County Special School District School Improvements GO, (State Aid Withholding),
3.00%, 02/01/17		   2,184,797 
California — 4.5%    
 6,250,000   California State Current Refunding GO - Group C,
5.00%, 08/01/27		   7,942,875 
 2,000,000   California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series D,
5.00%, 09/01/24		   2,551,600 
 10,000,000   City of Los Angeles Cash Flow Management GO Notes, Series A,
2.00%, 03/30/17		   10,103,900 
 1,150,000   City of Roseville Water Utility Advance Revenue Refunding COP,
5.00%, 12/01/22		   1,417,870 
 22,000,000   County of Los Angeles Public Improvements GO,
3.00%, 06/30/17		   22,493,900 
 9,250,000   Los Angeles Community College District Refunding GO, Series A,
5.00%, 08/01/23		   11,665,083 
 1,265,000   Los Angeles Department of Water Utility Improvements Refunding Revenue Bonds, Series A,
5.00%, 07/01/26		   1,663,918 
 1,035,000   Los Rios Community College District 2002 Election GO, Series D,
5.25%, 08/01/23		   1,176,619 
 2,500,000   Sacramento Municipal Utility District Refunding Revenue - Series D,
5.00%, 08/15/27		   3,335,675 
 1,000,000   San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 10/15/24		   1,283,300 


126
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)    
$1,300,000   San Mateo County Transportation Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 06/01/23		  $1,630,642 
 750,000   State of California Refunding GO,
5.00%, 03/01/23		   930,270 
 8,000,000   State of California Refunding GO,
5.00%, 03/01/24		   10,109,680 
 8,000,000   State of California Refunding GO,
5.00%, 10/01/25		   10,227,840 
 3,000,000   University of California Refunding Revenue Bonds, Series I,
5.00%, 05/15/23		   3,751,560 
         90,284,732 
Colorado — 1.3%    
 500,000   Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding),
5.00%, 12/01/19		   569,529 
 3,935,000   Colorado Higher Education Refunding COP, Series A,
5.00%, 11/01/24		   5,002,723 
 2,000,000   Denver City & County School District No 1 Refunding GO (State Aid Intercept Program),
5.00%, 12/01/24		   2,560,460 
 9,490,000   Denver City & County School District No 1 Refunding GO (State Aid Intercept Program),
5.00%, 12/01/25		   12,332,635 
 100,000   Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding),
5.00%, 12/01/23		   125,939 
 2,000,000   El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding),
4.00%, 12/01/17		   2,090,880 
 1,180,000   Jefferson County School District GO, Series R-1, (State Aid Withholding),
5.00%, 12/15/22		   1,453,229 
 1,600,000   University of Colorado Refunding Revenue Bonds, Series A (NATL-RE),
4.50%, 06/01/21		   1,650,624 
         25,786,019 
Principal
Amount		      Value 
Connecticut — 3.0%    
$7,000,000   State of Connecticut Advance Refunding GO, Series B,
5.00%, 05/15/24		  $8,671,460 
 8,000,000   State of Connecticut Advance Refunding GO, Series B,
5.00%, 05/15/25		   10,034,080 
 3,100,000   State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A,
5.00%, 08/01/22		   3,769,383 
 1,250,000   State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds,
5.00%, 08/01/22		   1,519,913 
 8,000,000   State of Connecticut Special Tax Transportation Infrastructure Refunding Revenue Bonds,
5.00%, 09/01/25		   10,101,680 
 2,000,000   State of Connecticut Transportation Infrastructure Refunding Revenue Bonds,
5.00%, 09/01/24		   2,518,500 
 8,000,000   State of Connecticut Transportation Infrastructure Revenue Bonds, Series A,
5.00%, 10/01/19		   9,054,720 
 5,000,000   State of Connecticut Transportation Infrastructure Revenue Bonds, Series A,
5.00%, 09/01/27		   6,248,950 
 3,900,000   Town of Ledyard Cash Flow Management GO Notes,
2.00%, 05/24/17		   3,946,410 
 5,000,000   Town of Redding School Improvement Refunding GO,
2.00%, 03/15/17		   5,042,600 
         60,907,696 
District Of Columbia — 1.1%    
 5,000,000   District of Columbia Public Improvement Revenue Bonds, Series C,
5.00%, 12/01/19		   5,711,250 
 1,000,000   District of Columbia Refunding Revenue Bonds, Series A,
5.00%, 12/01/20		   1,176,890 
 15,000,000   Washington Metropolitan Area Transit Authority Revenue, Series A,
4.00%, 07/01/17		   15,454,350 
         22,342,490 


127
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Florida — 1.9%     
$4,790,000   County of Miami-Dade Public Improvements GO,
5.00%, 07/01/24		  $6,072,954 
 1,000,000   County of Sarasota Refunding Revenue Bonds,
5.00%, 10/01/24		   1,268,760 
 5,000,000   Florida State Board of Education Lottery Refunding Revenue Bonds, Series A,
5.00%, 07/01/17		   5,205,200 
 8,575,000   Florida State Board of Education Lottery Revenue Bonds, Series A, OID,
5.50%, 07/01/27		   9,434,387 
 500,000   Florida Water Pollution Control Financing Corp. Water Polution Control Revenue Bonds, Series A,
4.00%, 01/15/17		   507,989 
 1,065,000   Hillsborough County Community Investment Tax Revenue Bonds, (AMBAC),
5.00%, 11/01/16		   1,076,577 
 1,200,000   Lee County School Board Refunding COP,
5.00%, 08/01/25		   1,493,820 
 4,000,000   Miami-Dade County Refunding GO, Series B,
5.00%, 07/01/24		   5,071,360 
 2,000,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA),
5.00%, 10/01/19		   2,102,380 
 1,800,000   Miami-Dade County Water & Sewer Refunding Revenue Bonds, Series B, (AGM),
5.25%, 10/01/16		   1,814,148 
 2,000,000   Orlando Utilities Commission Refunding Revenue Bonds, Series A,
5.00%, 10/01/20		   2,335,920 
 500,000   Palm Beach County Revenue Bonds, Series 2, OID,
5.25%, 11/01/25		   551,039 
 1,975,000   State of Florida Refunding GO, Series A,
4.00%, 01/01/17		   2,003,914 
         38,938,448 
Georgia — 3.9%    
 2,000,000   Cherokee County Board of Education Advance Refunding GO,
5.00%, 08/01/23		   2,488,680 
Principal
Amount		      Value 
Georgia (continued)    
$750,000   Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding),
5.00%, 02/01/23		  $923,333 
 2,710,000   Cobb County Development Authority Advance Refunding Revenue Bonds,
5.00%, 07/15/23		   3,289,913 
 2,100,000   Cobb County Development Authority Advance Refunding Revenue Bonds,
5.00%, 07/15/24		   2,592,177 
 15,000,000   County of Fulton Cash Flow Management GO Notes,
1.00%, 12/30/16		   15,032,100 
 375,000   Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A,
5.00%, 05/01/23		   461,314 
 1,000,000   Fulton County Water & Sewer Refunding Revenue Bonds,
5.00%, 01/01/18		   1,062,750 
 1,040,000   Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Refunding Revenue Bonds, Series A,
5.00%, 06/01/17		   1,077,627 
 1,250,000   Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A,
5.00%, 06/01/18		   1,347,200 
 5,000,000   Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A,
5.00%, 06/01/20		   5,582,950 
 2,025,000   Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY),
5.00%, 10/01/19		   2,300,846 
 630,000   Gwinnett County Development Authority Refunding COP, Gwinnett Development Schools Project, (NATL-RE),
5.25%, 01/01/17		   642,480 
 1,925,000   State of Georgia Refunding GO, Series E-2,
4.00%, 09/01/18		   2,062,426 
 2,860,000   State of Georgia Refunding GO, Series E-2,
4.00%, 09/01/19		   3,154,237 
 1,500,000   State of Georgia School Improvement GO, Series B,
5.00%, 01/01/18		   1,595,235 


128
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Georgia (continued)    
$28,020,000   State of Georgia University and College Improvements GO, Series A-1,
5.00%, 02/01/24		  $35,606,695 
         79,219,963 
Hawaii — 0.4%    
 1,000,000   State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A,
5.00%, 07/01/21		   1,183,840 
 400,000   State of Hawaii Refunding GO, Series DY,
5.00%, 02/01/18		   426,579 
 5,000,000   State of Hawaii Refunding GO, Series EP,
5.00%, 08/01/25		   6,356,900 
         7,967,319 
Idaho — 0.7%    
 1,000,000   Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY),
5.00%, 09/15/25		   1,293,230 
 1,500,000   Idaho Board Bank Authority Refunding Revenue Bonds, Series D,
5.00%, 09/15/23		   1,833,195 
 10,000,000   State of Idaho Cash Flow Management GO Notes,
2.00%, 06/30/17		   10,130,800 
         13,257,225 
Illinois — 1.2%    
 1,250,000   Chicago Park District Alternative Revenue Source Refunding GO,
4.00%, 01/01/17		   1,265,025 
 900,000   Chicago Transit Authority Federal Transit Revenue Bonds, (AMBAC),
5.00%, 06/01/21		   913,365 
 1,345,000   City of Champaign Parking Facilities Improvements GO, Series 2008,
5.00%, 12/15/17		   1,367,583 
 2,215,000   Cook County Community College District No 508 University & College Improvements GO,
5.00%, 12/01/21		   2,564,948 
Principal
Amount		      Value 
Illinois (continued)    
$2,575,000   Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE),
5.00%, 12/01/25		  $2,719,998 
 3,000,000   Illinois State Toll Highway Authority Refunding Revenue Bonds, Series B,
5.00%, 12/01/17		   3,171,000 
 3,250,000   Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A,
5.00%, 12/01/24		   4,073,713 
 2,000,000   Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D,
5.00%, 12/01/22		   2,419,680 
 3,500,000   State of Illinois Public Improvement Refunding Revenue Bonds,
5.00%, 06/15/18		   3,776,535 
 780,000   University of Illinois College Improvement Refunding Revenue Bonds, Series A,
5.00%, 04/01/21		   897,507 
         23,169,354 
Indiana — 2.0%    
 650,000   Avon Community School Building Corp., First Mortgage Refunding and Improvement Revenue Bonds, (AMBAC, State Aid Withholding),
5.00%, 01/15/17		   663,098 
 500,000   Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program),
5.00%, 07/15/20		   575,379 
 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		   662,565 
 1,330,000   GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program),
5.00%, 01/15/22		   1,591,970 
 1,350,000   GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program),
5.00%, 07/15/22		   1,634,243 


129
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Indiana (continued)    
$8,835,000   Indiana Finance Authority Refunding Revenue Bonds, Series C,
5.00%, 06/01/27		  $11,546,638 
 5,000,000   Indiana Finance Authority Southern Industrial Gas & Electric Refunding Revenue Bonds, Series E,
1.95%, 05/01/37(b)		   5,056,900 
 15,000,000   Indiana Health & Educational Facilities Financing Authority Refunding Revenue Notes,
5.00%, 11/15/39(c)		   15,194,700 
 1,160,000   Indianapolis Local Public Improvements Bond Bank Revenue Bonds, Series B-1,
5.00%, 01/15/17		   1,183,861 
 500,000   Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1,
5.00%, 07/01/19		   557,695 
 570,000   Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding),
5.00%, 07/15/17		   593,946 
 1,000,000   Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding),
5.75%, 07/15/26		   1,071,670 
         40,332,665 
Iowa — 0.2%    
 1,800,000   Iowa Finance Authority Water Utilities Improvements Revenue Bonds,
5.00%, 08/01/20		   2,095,848 
 1,500,000   State of Iowa Special Obligation Revenue Bonds,
5.00%, 06/15/26		   1,947,855 
         4,043,703 
Kansas — 0.2%    
 1,260,000   Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2,
5.00%, 08/01/23		   1,566,923 
Principal
Amount		      Value 
Kansas (continued)    
$2,170,000   Topeka Public Building Commission KBI Forensic Laboratory Project Revenue Bonds,
5.00%, 12/01/17		  $2,295,166 
         3,862,089 
Kentucky — 0.9%    
 3,500,000   Kentucky Asset Liability Commission Federal Highway Trust First Series Revenue Bonds,
5.00%, 09/01/17		   3,657,815 
 8,185,000   Kentucky Asset Liability Commission Highway Trust Refunding Revenue Bonds,
5.00%, 09/01/16		   8,213,402 
 5,000,000   Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 07/01/24		   6,241,600 
         18,112,817 
Louisiana — 0.2%    
 375,000   Consolidated Government of The City of Baton Rouge & Parish of East Baton Rouge Advance Refunding Revenue Bonds, Series A-1,
5.00%, 08/01/26		   487,103 
 2,000,000   State of Louisiana Interstate 49 South Project Revenue Bonds,
5.00%, 09/01/22		   2,388,480 
         2,875,583 
Maine — 0.4%    
 4,000,000   Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A,
5.00%, 10/01/16		   4,029,320 
 2,250,000   Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A,
5.00%, 10/01/19		   2,535,345 
 670,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A,
5.00%, 07/01/17		   696,552 
 30,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A,
5.00%, 07/01/17(c)		   31,209 


130
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Maine (continued)    
$165,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A,
5.00%, 07/01/21		  $195,075 
 5,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A,
5.00%, 07/01/21(c)		   5,964 
         7,493,465 
Maryland — 1.2%    
 1,200,000   County of Baltimore Refunding GO, (Special Assessment),
5.00%, 02/01/29		   1,551,936 
 4,110,000   County of Prince George’s Public School Improvements GO, Series A,
5.00%, 07/01/24		   5,263,924 
 9,355,000   County of Prince George’s Public School Improvements GO, Series A,
5.00%, 07/01/25		   12,203,504 
 1,000,000   Maryland State Department of Transportation Highway Improvement Revenue Bonds,
5.00%, 10/01/20		   1,168,860 
 1,300,000   State of Maryland Public Improvements GO, Series A,
5.00%, 08/01/17		   1,358,487 
 1,000,000   State of Maryland Public Improvements GO, Series A,
5.00%, 08/01/17		   1,044,990 
 2,000,000   State of Maryland School Improvements GO, Series B,
5.00%, 08/01/17		   2,089,980 
         24,681,681 
Massachusetts — 10.0%    
 4,000,000   Berkshire Regional Transit Authority Cash Flow Management Revenue Notes,
1.50%, 09/23/16		   4,003,480 
 7,900,000   Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes,
2.00%, 07/28/17		   8,005,070 
 3,607,450   City of Lawrence Cash Flow Management GO Notes, (State Aid Withholding),
2.00%, 03/01/17		   3,636,346 
 4,000,000   City of Lawrence Refunding GO Notes, Series B,
1.75%, 09/01/16		   4,003,280 
           
Principal
Amount		      Value 
Massachusetts (continued)    
$15,818,882   City of New Bedford Refunding GO Notes,
2.00%, 05/03/17		  $15,981,500 
 7,000,000   Commonwealth of Massachusetts Advance Refunding GO, Series A,
5.00%, 07/01/25		   9,056,670 
 5,705,000   Commonwealth of Massachusetts Advance Refunding GO, Series B,
5.00%, 07/01/27		   7,532,654 
 4,450,000   Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B,
4.00%, 06/15/17		   4,587,283 
 4,000,000   Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B,
5.00%, 06/15/22		   4,904,280 
 9,000,000   Commonwealth of Massachusetts Public Improvements GO, Series A,
5.00%, 05/01/19		   10,068,390 
 9,650,000   Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 07/01/22		   11,798,090 
 850,000   Commonwealth of Massachusetts Refunding GO, Series A,
5.00%, 08/01/16		   850,000 
 2,000,000   Commonwealth of Massachusetts Refunding GO, Series C (AMBAC),
5.50%, 12/01/24		   2,647,940 
 5,000,000   Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes,
1.50%, 08/26/16		   5,002,350 
 4,500,000   Lowell Regional Transit Authority Cash Flow Management Revenue Notes,
1.50%, 08/05/16		   4,500,450 
 5,300,000   Lowell Regional Transit Authority Cash Flow Management Revenue Notes,
2.00%, 08/11/17		   5,367,522 
 7,780,000   Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B,
5.00%, 08/01/20		   9,072,102 


131
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Massachusetts (continued)    
$500,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A,
5.00%, 08/01/22		  $612,495 
 4,500,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A (NATL-RE, GO of Authority),
5.25%, 08/01/16		   4,500,000 
 5,000,000   Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes,
2.00%, 06/30/17		   5,058,500 
 1,450,000   Metrowest Regional Transit Authority Cash Flow Management Revenue Notes,
1.50%, 09/23/16		   1,449,855 
 13,000,000   Montachusett Regional Transit Authority Cash Flow Management Revenue Notes,
1.50%, 08/05/16		   13,000,910 
 19,000,000   Montachusett Regional Transit Authority Cash Flow Management Revenue Notes,
2.00%, 08/04/17		   19,241,300 
 6,000,000   Town of Arlington Cash Flow Management GO Notes, Series A,
2.00%, 11/10/16		   6,025,200 
 3,685,000   Town of Canton Public Improvements GO,
2.00%, 03/24/17		   3,720,818 
 10,379,952   Town of Marblehead MA Refunding GO Notes,
2.00%, 08/04/17		   10,527,347 
 1,430,000   Town of Northborough Cash Flow Management GO Notes,
2.00%, 06/16/17		   1,446,645 
 18,395,000   Town of Winchester Cash Flow Management GO Notes,
2.00%, 10/28/16		   18,465,637 
 7,500,000   Worcester Regional Transit Authority Cash Flow Management Revenue Notes,
2.00%, 06/30/17		   7,589,175 
         202,655,289 
Michigan — 1.0%     
 200,000   Caledonia Community Schools Refunding GO, (Q-SBLF),
5.00%, 05/01/23		   243,161 
 635,000   Dexter Community Schools Refunding GO (Q-SBLF),
4.00%, 05/01/18		   672,294 
Principal
Amount		      Value 
Michigan (continued)    
$1,225,000   Grand Valley State University & College Advance Refunding Revenue Bonds, Series A,
5.00%, 12/01/25		  $1,539,837 
 1,000,000   Grand Valley State University & College Improvements Revenue Bonds, Series A,
5.00%, 12/01/23		   1,224,120 
 400,000   Hudsonville Public Schools Improvements GO, (Q-SBLF),
5.00%, 05/01/18		   430,275 
 250,000   Hudsonville Public Schools Improvements GO, (Q-SBLF),
5.00%, 05/01/19		   277,865 
 1,295,000   Lake Shore Public Schools Refunding GO, (Q-SBLF),
3.00%, 11/01/16		   1,302,537 
 1,375,000   Northville Public Schools Refunding GO, (Q-SBLF),
5.00%, 05/01/18		   1,474,578 
 1,160,000   River Rouge School District Refunding GO, (Q-SBLF),
5.00%, 05/01/21		   1,358,000 
 2,000,000   Romulus Community Schools Refunding GO (Q-SBLF),
5.00%, 05/01/22		   2,356,100 
 5,000,000   State of Michigan Trunk Line Refunding Revenue Bonds,
5.00%, 11/15/16		   5,064,600 
 4,530,000   University of Michigan Refunding Revenue Bonds, Series C,
4.00%, 04/01/19		   4,932,219 
         20,875,586 
           
Minnesota — 1.4%    
 1,515,000   Cambridge Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program),
5.00%, 02/01/24		   1,900,522 
 910,000   Rockford Independent School District No. 883 Refunding GO (School District Credit Program),
5.00%, 02/01/17		   929,874 
 4,000,000   Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A,
5.00%, 02/01/25		   5,120,000 
 5,425,000   St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3,
5.00%, 12/01/19		   6,163,994 


132
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Minnesota (continued)    
$1,875,000   St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3,
5.00%, 12/01/21		  $2,242,706 
 1,000,000   State of Minnesota Public Improvements COP,
5.00%, 06/01/23		   1,229,960 
 1,395,000   State of Minnesota Public Improvements COP,
5.00%, 06/01/24		   1,749,623 
 2,740,000   State of Minnesota Public Improvements COP,
5.00%, 06/01/25		   3,415,958 
 2,910,000   State of Minnesota Public Improvements COP,
5.00%, 06/01/26		   3,608,575 
 1,000,000   State of Minnesota Refunding Revenue Bonds, Series B,
5.00%, 03/01/21		   1,180,510 
 1,000,000   Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program),
5.00%, 02/01/24		   1,256,900 
         28,798,622 
Mississippi — 0.3%    
 650,000   Delta State University Educational Building Corp., Facilities Refunding Revenue,
5.00%, 12/01/23		   804,759 
 1,810,000   Mississippi Development Bank Department of Corrections Refunding Revenue Bonds, Series D,
5.00%, 08/01/18		   1,962,366 
 570,000   Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program),
5.00%, 01/01/23		   695,007 
 310,000   Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds,
5.00%, 11/01/22		   376,498 
 2,000,000   State of Mississippi Public Improvements Revenue Bonds, Series E,
2.00%, 10/15/16		   2,005,420 
Principal
Amount		      Value 
Mississippi (continued)    
$830,000   University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A,
5.00%, 10/01/25		  $1,058,200 
         6,902,250 
Missouri — 0.9%    
 570,000   County of Jackson Refunding Revenue Bonds,
4.00%, 12/01/21		   651,806 
 300,000   County of Jackson Refunding Revenue Bonds,
4.00%, 12/01/22		   346,481 
 2,300,000   County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation),
5.00%, 12/01/26		   2,870,814 
 4,000,000   Hazelwood School District Refunding GO, (State Aid Direct Deposit),
5.00%, 03/01/25		   5,074,600 
 915,000   Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B,
5.00%, 01/01/25		   1,178,017 
 2,225,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds,
5.00%, 10/01/19		   2,516,097 
 2,000,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds,
5.00%, 10/01/21		   2,390,280 
 300,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit),
4.00%, 03/01/17		   306,047 
 850,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit),
5.00%, 03/01/24		   1,074,851 


133
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Missouri (continued)    
$1,800,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit),
5.00%, 03/01/25		  $2,248,200 
         18,657,193 
Montana — 0.1%     
 2,625,000   Montana Department of Transportation Advance Refunding Revenue Bonds,
4.00%, 06/01/17		   2,697,450 
Nevada — 0.2%    
 2,605,000   Clark County Water Reclamation District GO, Series A,
5.25%, 07/01/20		   2,962,146 
New Hampshire — 0.4%    
 6,375,000   County of Merrimack Cash Flow Management GO,
1.75%, 12/29/16		   6,402,859 
 2,250,000   State of New Hampshire Highway Improvements Revenue Bonds,
5.00%, 09/01/19		   2,520,630 
         8,923,489 
New Jersey — 3.1%    
 240,000   Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY),
4.00%, 12/15/16		   243,107 
 200,000   Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY),
4.00%, 12/15/17		   209,435 
 1,150,000   Burlington County Bridge Commission Governmental Leasing Refunding Revenue Notes, Series A,
2.00%, 04/26/17		   1,162,374 
 2,000,000   Garden State Preservation Trust Refunding Revenue Bonds, Series A,
5.00%, 11/01/17		   2,097,900 
 200,000   Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY),
5.00%, 12/01/22		   246,447 
Principal
Amount		      Value 
New Jersey (continued)    
$3,175,000   New Jersey Economic Development Authority Advance Refunding Revenue Bonds, Series XX,
5.00%, 06/15/23		  $3,629,819 
 795,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds,
5.00%, 12/15/16(c)		   808,205 
 560,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds,
5.00%, 12/15/16		   568,882 
 1,090,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds,
5.00%, 03/01/18(c)		   1,165,014 
 410,000   New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds,
5.00%, 03/01/18		   433,477 
 11,690,000   New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE,
5.00%, 09/01/17		   12,245,626 
 505,000   New Jersey Educational Facilities Authority Higher Education Capital Improvement Revenue Bonds,
4.00%, 09/01/16		   506,333 
 1,000,000   New Jersey Educational Facilities Authority University and College Improvements Revenue Bonds,
5.00%, 06/15/23		   1,117,320 
 25,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2012,
5.00%, 09/01/16(c)		   25,087 
 1,160,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series 2013,
5.00%, 09/01/16		   1,164,188 
 15,000   New Jersey Environmental Infrastructure Trust Revenue Bonds, Series A,
5.00%, 09/01/16(c)		   15,053 


134
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
New Jersey (continued)     
$40,000   New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation),
5.00%, 09/01/18(c)		  $43,585 
 1,300,000   New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B,
5.00%, 01/01/20		   1,479,582 
 9,220,000   New Jersey State Turnpike Authority Refunding Revenue Bonds, Series C,
5.00%, 01/01/25		   11,685,981 
 2,000,000   New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A,
5.25%, 12/15/21		   2,303,860 
 1,500,000   New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A,
5.25%, 12/15/22		   1,749,030 
 500,000   New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series B,
5.00%, 06/15/19		   543,619 
 825,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B, (NATL-RE),
5.50%, 12/15/16		   839,594 
 750,000   New Jersey Transportation Trust Fund Authority Transportation Systems Refunding Revenue Bonds, Series B-5,
5.25%, 12/15/19(d)		   831,548 
 4,320,000   Township of Mendham GO Refunding Notes,
2.00%, 05/18/17		   4,366,872 
 11,814,691   Township of Wayne GO Refunding Notes,
2.00%, 07/14/17		   11,974,780 
         61,456,718 
New Mexico — 0.4%     
 1,000,000   Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding),
4.00%, 08/15/16		   1,001,170 
 250,000   Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding),
4.00%, 08/15/17		   258,453 
Principal        
Amount      Value 
New Mexico (continued)     
$800,000   Santa Fe Public School District School Improvements GO (State Aid Withholding),
4.00%, 08/01/16		  $800,000 
 6,210,000   State of New Mexico, University and College Improvements GO,
5.00%, 03/01/17		   6,372,081 
         8,431,704 
New York — 21.9%     
 7,500,000   City of New York Advance Refunding GO, Series 2015-A,
5.00%, 08/01/24		   9,496,500 
 10,000,000   City of New York Advance Refunding GO, Series A,
5.00%, 08/01/25		   12,636,100 
 5,000,000   City of New York Public Improvements GO, Series C, Sub-Series C-A,
5.00%, 08/01/17(d)		   5,225,500 
 3,330,000   City of New York Public Improvements GO, Sub-Series D-1,
5.00%, 08/01/22		   4,057,638 
 8,240,000   City of New York Refunding Bonds GO, Series C,
5.00%, 08/01/25		   10,634,132 
 5,000,000   City of New York Refunding GO, Series B,
5.00%, 08/01/17		   5,225,500 
 1,855,000   City of New York Refunding GO, Series C,
5.00%, 08/01/20		   2,152,746 
 650,000   City of New York Refunding GO, Series C,
5.00%, 08/01/22		   792,032 
 8,170,000   City of New York Refunding GO, Series D,
5.00%, 08/01/22		   9,955,227 
 1,870,000   City of New York Refunding GO, Series E,
5.00%, 08/01/16		   1,870,000 
 4,000,000   City of New York Refunding GO, Series E,
5.00%, 08/01/17		   4,180,400 
 10,000,000   City of New York Refunding GO, Series G,
5.00%, 08/01/17		   10,451,000 
 2,500,000   City of New York Refunding GO, Series G,
5.00%, 08/01/21		   2,980,600 
 18,500,000   City of New York Refunding GO, Series G,
5.00%, 08/01/22		   22,542,435 


135
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$3,360,000   City of New York Refunding GO, Series I,
5.00%, 08/01/16		  $3,360,000 
 4,500,000   County of Rockland Cash Flow Management Refunding GO,
2.00%, 03/16/17		   4,536,270 
 505,000   County of Rockland Refunding GO (BAM),
2.00%, 02/15/17		   507,838 
 2,799,000   County of Tompkins Public Improvements GO Notes,
2.00%, 07/07/17		   2,834,827 
 2,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding),
5.00%, 05/01/18		   2,153,200 
 5,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding),
5.00%, 05/01/23		   5,919,300 
 5,000,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B,
5.00%, 11/15/34(b)		   5,683,250 
 650,000   Metropolitan Transportation Authority Cash Flow Management Revenue Notes, Series A-2C,
2.00%, 02/01/17		   654,921 
 1,925,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series F,
5.00%, 11/15/21		   2,308,191 
 8,500,000   Metropolitan Transportation Authority Refunding Revenue, Series B, OID, (BHAC, AGM),
4.50%, 11/15/36(c)		   8,599,025 
 15,000,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series A-1C,
2.00%, 10/01/16		   15,038,400 
 1,910,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C,
5.00%, 11/15/21		   2,290,205 
 4,000,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series 2016A-1E/A-2B,
2.00%, 10/01/16		   4,010,240 
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		  $2,731,950 
 1,250,000   New York City Municipal Water Finance Authority Fiscal 2014 Refunding Revenue Bonds, Series CC-2,
5.00%, 06/15/18		   1,271,175 
 2,500,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding),
5.00%, 07/15/24		   3,177,025 
 11,030,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding),
5.00%, 07/15/25		   14,198,588 
 1,350,000   New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C,
5.00%, 11/01/23		   1,697,436 
 1,605,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds,
5.00%, 05/01/22		   1,791,790 
 595,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds,
5.00%, 05/01/22(c)		   664,074 
 1,230,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B,
5.00%, 11/01/17(c)		   1,297,773 
 770,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B,
5.00%, 11/01/17		   813,320 
 15,920,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B,
5.00%, 11/01/21		   19,183,600 
 3,025,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G,
5.00%, 11/01/18		   3,321,964 


136
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$1,045,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G,
5.00%, 11/01/19		  $1,189,607 
 2,425,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G,
5.00%, 11/01/21		   2,922,125 
 935,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H,
5.00%, 11/01/18		   1,026,789 
 1,535,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H,
5.00%, 11/01/21		   1,849,675 
 1,725,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Notes,
5.00%, 02/01/18		   1,841,231 
 225,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Notes,
5.00%, 02/01/18(c)		   239,776 
 4,700,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
5.00%, 02/01/17		   4,806,690 
 515,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1,
5.00%, 02/01/19		   570,883 
 600,000   New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G,
5.00%, 11/01/20		   704,400 
 1,235,000   New York City Transitional Finance Authority School Improvement Revenue Bonds, Sub-Series S-1A, (State Aid Withholding),
5.00%, 07/15/21		   1,472,985 
 700,000   New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Series A-5-6,
5.00%, 04/01/17(d)		   721,091 
Principal        
Amount      Value 
New York (continued)     
$5,100,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding),
4.00%, 12/01/17		  $5,337,966 
 10,000,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding),
5.00%, 12/01/21		   12,001,100 
 9,100,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 03/15/23		   11,338,964 
 7,790,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,
5.00%, 03/15/22		   9,454,489 
 14,000,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,
5.00%, 03/15/24		   17,698,240 
 900,000   New York State Dormitory Authority Economic Development & Housing Revenue Bonds, Series A,
4.00%, 12/15/16		   912,060 
 15,000   New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation),
5.00%, 08/15/18(c)		   16,329 
 1,770,000   New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series A, (State Appropriation),
4.50%, 08/15/17		   1,843,260 
 1,000,000   New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue,
5.00%, 07/01/25		   1,269,900 
 2,110,000   New York State Dormitory Authority Refunding Revenue Bonds,
5.00%, 08/15/18		   2,291,502 
 15,000,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 12/15/20		   17,655,600 
 4,160,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 02/15/26		   5,230,576 


137
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$765,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A (NATL-IBC),
5.88%, 05/15/17		  $797,535 
 4,500,000   New York State Dormitory Authority Refunding Revenue Bonds, Series E,
5.00%, 02/15/23		   5,565,060 
 1,045,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A,
5.00%, 03/15/21		   1,237,792 
 7,700,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A,
5.00%, 03/15/25		   9,714,936 
 4,000,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series C,
5.00%, 03/15/17		   4,112,440 
 2,850,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series G,
5.00%, 03/15/17		   2,930,285 
 3,750,000   New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue,
5.00%, 06/15/25		   4,879,200 
 3,800,000   New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B,
5.00%, 04/01/20		   4,157,580 
 3,200,000   New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B,
5.00%, 04/01/20(c)		   3,500,384 
 2,510,000   New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B,
5.00%, 04/01/21(c)		   2,745,614 
 2,490,000   New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B,
5.00%, 04/01/21		   2,724,309 
Principal        
Amount      Value 
New York (continued)     
$1,420,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A,
5.00%, 03/15/17		  $1,459,732 
 1,430,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A,
5.00%, 03/15/20		   1,644,772 
 5,000,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A,
5.00%, 03/15/21		   5,559,200 
 1,900,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series B,
5.00%, 04/01/21		   2,117,151 
 400,000   New York State Thruway Authority Refunding Revenue Bonds, Series A,
5.00%, 03/15/17		   411,191 
 8,000,000   New York State Thruway Authority Refunding Revenue Bonds, Series A,
5.00%, 03/15/21		   9,365,040 
 2,000,000   New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A,
5.00%, 03/15/24		   2,528,320 
 6,720,000   New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A,
5.00%, 03/15/25		   8,626,867 
 1,000,000   New York State Urban Development Corp. Economic Improvements Revenue Bonds, Series A1,
4.00%, 12/15/16		   1,013,400 
 4,705,000   New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1,
5.00%, 03/15/22		   5,710,317 
 3,550,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 189,
5.00%, 05/01/23		   4,413,609 
 14,390,000   Sales Tax Asset Receivable Corp. Fiscal 2015 Refunding Revenue Bonds, Series A,
5.00%, 10/15/26		   18,453,880 


138
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
New York (continued)     
$4,015,000   Town of North Hempstead Cash Flow Management Refunding GO, Series B,
2.00%, 04/04/17		  $4,056,515 
 4,700,000   Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 11/15/25		   6,134,722 
 5,390,000   Triborough Bridge & Tunnel Authority Toll Road Refunding Revenue Bonds, Series B,
5.00%, 11/15/23		   6,788,543 
 1,600,000   Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds,
5.00%, 12/15/24		   1,984,880 
 1,000,000   Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, Series TE,
5.00%, 12/15/18		   1,016,870 
 6,500,000   Wappingers Central School District GO Refunding Notes, Series A (State Aid Withholding),
1.50%, 12/15/16		   6,522,425 
         442,811,979 
North Carolina — 1.8%     
 680,000   Appalachian State University Refunding Revenue Bonds,
5.00%, 05/01/20		   781,606 
 905,000   Buncombe County Refunding Revenue Bonds,
5.00%, 06/01/21		   1,074,715 
 1,355,000   Cabarrus County School Improvement COP,
5.00%, 01/01/21		   1,496,801 
 1,005,000   City of Charlotte Equipment Acquisition Refunding COP,
5.00%, 12/01/16		   1,020,125 
 880,000   City of Charlotte NC Storm Water Current Refunding Revenue,
5.00%, 12/01/22		   1,086,791 
 3,015,000   County of Mecklenburg Refunding GO, Series A,
5.00%, 12/01/22		   3,738,057 
 3,325,000   County of Wake Advance Refunding Revenue, Series A,
5.00%, 12/01/26		   4,378,659 
 2,840,000   County of Wake School Improvements GO, Series A,
5.00%, 04/01/17		   2,925,768 
Principal        
Amount      Value 
North Carolina (continued)     
$615,000   Dare County Refunding Revenue Bonds, Series D,
4.00%, 06/01/17		  $632,860 
 675,000   Dare County Refunding Revenue Bonds, Series D,
4.00%, 06/01/18		   717,289 
 675,000   Dare County Refunding Revenue Bonds, Series D,
5.00%, 06/01/21		   799,133 
 1,000,000   Durham Capital Financing Corp Advance Refunding Revenue Bonds,
5.00%, 12/01/25		   1,292,500 
 325,000   North Carolina State University At Raleigh Refunding Revenue Bonds, Series A,
5.00%, 10/01/21		   389,323 
 2,000,000   Orange County Public Facilities Co. Refunding Revenue Bonds,
5.00%, 10/01/21		   2,393,620 
 10,000,000   State of North Carolina Refunding Revenue Bonds, Series B,
5.00%, 06/01/24		   12,694,000 
 1,595,000   Town of Cary Public Improvements GO,
5.00%, 03/01/17		   1,637,204 
         37,058,451 
Ohio — 2.8%     
 5,800,000   City of Columbus Cash Flow Management GO Notes,
1.75%, 08/04/17		   5,870,934 
 2,500,000   City of Columbus GO, Series A,
5.00%, 02/15/22		   3,033,975 
 3,500,000   City of Columbus GO, Series A,
4.00%, 08/15/25		   4,236,400 
 2,000,000   City of Columbus Refunding GO, Series 5,
5.00%, 08/15/23		   2,509,580 
 1,100,000   County of Cuyahoga Refunding Revenue Bonds,
5.00%, 12/01/22		   1,355,464 
 1,000,000   County of Hamilton Sewer System Refunding Revenue Bonds, Series A,
5.00%, 12/01/26		   1,264,080 
 1,665,000   County of Hamilton Sewer System Refunding Revenue Bonds, Series A,
5.00%, 12/01/27		   2,098,782 


139
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
Ohio (continued)     
$1,000,000   Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds,
5.00%, 12/01/23		  $1,250,660 
 2,365,000   Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC),
5.00%, 10/01/18		   2,581,658 
 5,000,000   Ohio State Water Development Authority Refunding Revenue Bonds, Series B,
5.00%, 06/01/22		   6,107,250 
 3,000,000   Ohio Water Development Authority Revenue Bonds,
5.00%, 06/01/26		   3,952,860 
 320,000   RiverSouth Authority Area Redevelopment Refunding Revenue Bonds,
5.00%, 06/01/24		   394,054 
 1,000,000   State of Ohio Capital Facilities Lease Appropriation Refunding Revenue Bonds,
5.00%, 10/01/17		   1,050,470 
 210,000   State of Ohio Highway Improvements Revenue Bonds,
5.00%, 12/15/24		   266,452 
 6,630,000   State of Ohio Highway Improvements Revenue Bonds, Series 2016-1,
4.00%, 12/15/17		   6,927,090 
 2,000,000   State of Ohio Highway Improvements Revenue Bonds, Series 2016-1,
5.00%, 12/15/20		   2,339,040 
 2,000,000   State of Ohio Mental Health Facility Improvements Revenue,
5.00%, 06/01/25		   2,567,180 
 2,465,000   State of Ohio Public Improvements Revenue Bonds, Series A,
5.00%, 02/01/24		   3,088,300 
 500,000   State of Ohio Refunding GO, Series B,
4.00%, 08/01/16		   499,999 
 2,000,000   University of Cincinnati Advance Refunding Revenue, Series A,
5.00%, 06/01/26		   2,601,280 
Principal        
Amount      Value 
Ohio (continued)     
$1,730,000   University of Cincinnati College & University Refunding Revenue Bonds, Series A, (State Appropriation),
5.00%, 06/01/17		  $1,794,218 
         55,789,726 
Oklahoma — 0.3%     
 1,795,000   University of Oklahoma Refunding Revenue Bonds, Series A,
3.00%, 07/01/17		   1,833,251 
 2,500,000   University of Oklahoma Refunding Revenue Bonds, Series A,
5.00%, 07/01/25		   3,174,750 
         5,008,001 
Oregon — 0.6%     
 575,000   City of Portland Water System Refunding Revenue Bonds,
5.00%, 10/01/16		   579,249 
 1,300,000   City of Portland Water System Refunding Revenue Bonds, Series A,
5.00%, 05/01/17		   1,344,005 
 400,000   Clackamas County School District No 86 Canby Refunding Revenue Bonds GO, Series A, (School Board GTY),
3.00%, 06/15/17		   408,531 
 815,000   Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY),
5.00%, 06/15/17		   845,726 
 5,500,000   State of Oregon Cash Flow Management GO Notes, Series A,
2.00%, 06/30/17		   5,574,030 
 1,755,000   Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY),
4.00%, 06/15/19		   1,920,654 
 2,200,000   Yamhill Clackamas & Washington Counties School District No 29J Newberg Refunding GO (NATL-RE, School Board GTY),
5.50%, 06/15/17		   2,292,444 
         12,964,639 


140
   
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal        
Amount      Value 
Pennsylvania — 0.3%     
$1,000,000   Lancaster County Hospital Authority Advance Refunding Revenue Bonds,
5.00%, 08/15/26		  $1,286,180 
 3,000,000   Pennsylvania State University Advance Refunding Revenue, Series B,
5.00%, 09/01/26		   3,923,040 
 1,240,000   Pennsylvania State University, University and College Improvements Revenue, Series A,
5.00%, 09/01/26		   1,621,523 
         6,830,743 
Rhode Island — 0.6%     
 6,950,000   Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue,
5.00%, 06/15/23		   8,511,109 
 3,000,000   Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A,
5.00%, 05/15/22		   3,599,760 
 705,000   Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY),
4.00%, 05/15/18		   747,187 
         12,858,056 
South Carolina — 2.7%     
 1,865,000   City of Charleston Waterworks & Sewer System Advance Refunding Revenue Bonds,
5.00%, 01/01/24		   2,366,088 
 4,530,000   County of Charleston Refunding GO, Series A,
5.00%, 11/01/21		   5,479,262 
 880,000   Lexington County School District No 2 Refunding GO (South Carolina School District),
4.00%, 03/01/17		   898,058 
 2,090,000   Lexington County School District No 2 Refunding GO (South Carolina School District),
5.00%, 03/01/18		   2,235,548 
 1,635,000   Lexington County School District No 2 Refunding GO (South Carolina School District),
5.00%, 03/01/20		   1,873,596 
Principal        
Amount      Value 
South Carolina (continued)     
$4,060,000   Lexington County School District No 2 School Improvements GO (South Carolina School District),
5.00%, 03/01/26		  $5,277,026 
 5,000,000   Richland County School District No 1 School Improvements GO Notes (South Carolina School District),
2.00%, 03/01/17		   5,042,350 
 10,000,000   South Carolina Association of Governmental Organizations Cash Flow Management Certificate of Participation, (South Carolina School District),
2.00%, 04/14/17		   10,102,300 
 16,420,000   South Carolina Association of Governmental Organizations Cash Flow Management Certificate of Participation, (South Carolina School District) Series A,
3.00%, 03/01/17		   16,662,195 
 330,000   State of South Carolina University & College Improvements GO, Series B,
5.00%, 03/01/19		   367,355 
 680,000   State of South Carolina University & College Improvements GO, Series E (State Aid Withholding),
5.00%, 03/01/19		   756,976 
 3,500,000   Town of Lexington Waterworks & Sewer System Refunding Revenue Notes,
2.50%, 12/01/16		   3,519,145 
         54,579,899 
Tennessee — 0.4%     
 5,000,000   Metropolitan Government of Nashville & Davidson County Advance Refunding GO,
5.00%, 01/01/25		   6,414,350 
 900,000   Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program),
5.00%, 11/01/25		   1,151,433 
         7,565,783 
Texas — 16.1%     
 4,220,000   Alamo Community College District Refunding GO,
4.00%, 02/15/17		   4,297,437 


141
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$3,630,000   Alief Independent School District School Improvements Refunding GO, (PSF-GTD),
5.00%, 02/15/25		  $4,620,736 
 4,340,000   Austin Community College District Refunding GO,
5.00%, 08/01/27		   5,573,081 
 800,000   Austin Independent School District Refunding GO (PSF-GTD),
5.00%, 08/01/16		   800,000 
 400,000   Beaumont Independent School District Improvements GO, (PSF-GTD),
4.00%, 02/15/18		   421,295 
 1,075,000   Bonham Independent School District Improvements GO, (PSF-GTD),
5.00%, 08/01/27		   1,387,234 
 1,605,000   Brock Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/25		   2,071,638 
 1,000,000   Burleson Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/01/25		   1,289,580 
 1,000,000   City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A,
5.00%, 11/15/21		   1,200,200 
 4,020,000   City of College Station Improvements Advance Refunding GO,
5.00%, 02/15/25		   5,131,932 
 935,000   City of Conroe Public Improvements GO,
5.00%, 03/01/25		   1,170,854 
 2,075,000   City of Denton Public Improvements GO,
5.00%, 02/15/23		   2,544,178 
 1,715,000   City of Denton Public Improvements GO,
5.00%, 02/15/24		   2,143,836 
 1,290,000   City of Denton Public Improvements GO,
5.00%, 02/15/28		   1,641,061 
 830,000   City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds,
5.00%, 03/01/24		   1,031,292 
 350,000   City of El Paso Water & Sewer Refunding Revenue Bonds,
5.00%, 03/01/25		   439,999 
Principal
Amount		      Value 
Texas (continued)     
$1,250,000   City of El Paso Water & Sewer Refunding Revenue Bonds,
5.00%, 03/01/26		  $1,556,188 
 6,635,000   City of Fort Worth General Purpose Refunding GO,
5.00%, 03/01/17		   6,808,970 
 5,145,000   City of Fort Worth Water & Sewer System Improvements Revenue,
5.00%, 02/15/25		   6,549,225 
 300,000   City of League Waterworks & Sewer GO, Series A,
5.00%, 02/15/22		   359,963 
 1,325,000   City of Lubbock Prerefunded Public Improvements GO,
5.25%, 02/15/20(c)		   1,476,832 
 450,000   City of Lubbock Unrefunded Public Improvements GO,
5.25%, 02/15/20		   503,487 
 2,240,000   City of McKinney Waterworks & Sewer System Revenue Sewer Improvements,
5.00%, 03/15/25		   2,852,774 
 2,360,000   City of McKinney Waterworks & Sewer System Revenue Sewer Improvements,
5.00%, 03/15/26		   3,040,931 
 2,440,000   City of Plano Advance Refunding GO,
5.00%, 09/01/23		   3,046,682 
 1,180,000   City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds,
5.00%, 05/01/26		   1,533,221 
 2,850,000   City Public Service Board of San Antonio Electric & Gas Refunding Revenue,
5.00%, 02/01/26		   3,700,383 
 1,430,000   Clear Creek Independent School District GO, (PSF-GTD), Series B,
3.00%, 02/15/35(b)		   1,464,306 
 1,505,000   Clint Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 08/15/25		   1,942,564 
 1,195,000   Connally Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/25		   1,535,467 
 260,000   Coppell Independent School District School Building GO, (PSF-GTD),
4.00%, 08/15/16		   260,328 

 

142
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$2,130,000   County of Bexar Advance Refunding GO,
5.00%, 06/15/26		  $2,712,257 
 4,410,000   County of Bexar Refunding GO,
5.00%, 06/15/22		   5,350,962 
 675,000   County of Collin Advance Refunding GO,
5.00%, 02/15/24		   852,566 
 1,500,000   County of Denton Advance Refunding GO,
5.00%, 07/15/24		   1,893,330 
 1,590,000   County of Harris Advance Refunding Revenue, Series A,
5.00%, 08/15/25		   2,050,718 
 1,000,000   County of Williamson Limited Tax Refunding GO,
5.00%, 02/15/21		   1,182,210 
 360,000   Crystal City Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/26		   454,319 
 1,095,000   Cypress-Fairbanks Independent School District Refunding GO, Series A, (PSF-GTD),
4.00%, 02/15/17		   1,115,739 
 3,140,000   Cypress-Fairbanks Independent School District School Improvements GO, Series B-1 (PSF-GTD),
2.00%, 02/15/40(b)		   3,141,570 
 4,000,000   Cypress-Fairbanks Independent School District School Improvements GO, Series B-2 (PSF-GTD),
3.00%, 02/15/40(b)		   4,096,240 
 2,000,000   Dallas Area Rapid Transit Refunding Revenue Bonds, Series A,
5.00%, 12/01/25		   2,544,240 
 4,450,000   Dallas Independent School District School Improvement School Building GO, (PSF-GTD), Series B-1,
3.00%, 02/15/36(b)		   4,506,560 
 1,120,000   Dayton Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/22		   1,343,866 
 245,000   Deer Park Independent School District Limited Tax GO, (AGM),
5.00%, 02/15/17		   250,958 
 8,630,000   Denton Independent School District GO, (PSF-GTD),
2.00%, 08/01/43(b)(d)		   8,930,065 
Principal
Amount		      Value 
Texas (continued)     
$1,085,000   Denver City Independent School District School Building GO, Series A, (PSF-GTD),
5.00%, 02/15/25		  $1,378,145 
 2,665,000   Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/25		   3,439,822 
 3,000,000   Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/25		   3,807,810 
 1,500,000   El Paso Independent School District Refunding GO (PSF-GTD),
5.00%, 08/15/25		   1,888,170 
 520,000   Forsan Independent School District Refunding GO (PSF-GTD),
4.00%, 02/15/17		   529,849 
 6,000,000   Fort Bend Independent School District Refunding GO, (PSF-GTD), Series A,
5.00%, 08/15/25		   7,583,700 
 885,000   Frenship Independent School District Refunding GO (PSF-GTD),
5.00%, 02/15/26		   1,101,294 
 250,000   Frisco Independent School District School Building GO, Series A, (PSF-GTD),
6.13%, 08/15/21		   277,873 
 2,500,000   Frisco Independent School District School Improvements GO, Series A, (PSF-GTD),
5.00%, 08/15/25		   3,236,625 
 1,385,000   Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A,
5.00%, 02/15/25		   1,777,024 
 13,000,000   Goose Creek Consolidated Independent School District School Improvements GO, Series B, (PSF-GTD),
3.00%, 02/15/35(b)		   13,311,870 
 1,000,000   Harris County Refunding GO, Series C, (AGM),
5.25%, 08/15/19		   1,136,970 
 2,730,000   Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 08/15/27		   3,549,000 

 

143
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$500,000   Hidalgo County Certificates of Obligation GO, (NATL-RE),
4.50%, 08/15/19		  $500,679 
 2,990,000   Houston Community College System Student Fee Revenue Bonds, Senior Lien, (AGM),
5.25%, 04/15/21		   3,218,406 
 3,750,000   Houston Independent School District School Improvement Refunding GO, (PSF-GTD), Series A,
5.00%, 02/15/25		   4,814,888 
 6,000,000   Houston Independent School District School Improvements GO, Series 2014A-1A, (PSF- GTD),
2.00%, 06/01/39(b)(d)		   6,067,740 
 2,455,000   Irving Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/24		   3,084,781 
 585,000   Kaufman Independent School District School Building Refunding GO, (PSF-GTD),
5.00%, 02/15/24		   736,024 
 500,000   Kaufman Independent School District School Building Refunding GO, (PSF-GTD),
5.00%, 02/15/25		   639,679 
 5,000,000   Klein Independent School District Advance Refunding GO, (PSF-GTD), Series A,
5.00%, 08/01/26		   6,404,400 
 1,750,000   Lamar Consolidated Independent School District School Improvements GO, Series A, (PSF-GTD),
2.00%, 08/15/47(b)		   1,750,875 
 1,860,000   Longview Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/23		   2,292,338 
 1,760,000   Longview Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/24		   2,212,936 
 1,335,000   Longview Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/26		   1,734,846 
 2,670,000   Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD),
5.00%, 08/15/25		   3,446,276 
Principal
Amount		      Value 
Texas (continued)     
$1,085,000   Mercedes Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 08/15/22		  $1,320,738 
 1,005,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A,
5.00%, 08/15/23		   1,248,049 
 1,060,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A,
5.00%, 08/15/24		   1,341,621 
 1,110,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A,
5.00%, 08/15/25		   1,425,173 
 1,435,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B,
5.00%, 08/15/23		   1,782,040 
 1,650,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B,
5.00%, 08/15/25		   2,118,501 
 585,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B,
5.00%, 08/15/26		   762,384 
 1,405,000   Mission Consolidated Independent School District Refunding Revenve Bonds, (PSF-GTD),
3.25%, 02/15/17		   1,426,005 
 35,360,000   North East Independent School District School Improvements GO, Series B, (PSF-GTD),
2.00%, 08/01/42(b)		   35,360,000 
 1,505,000   Northside Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/26		   1,982,461 
 1,145,000   Palestine Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/23		   1,407,113 
 250,000   Pasadena Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/22		   301,903 
 1,105,000   Pasadena Independent School District GO, (PSF-GTD),
5.00%, 02/15/17		   1,131,807 
 750,000   Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/01/27		   945,668 

 

144
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$1,525,000   Plano Independent School District School Improvement GO, (PSF-GTD),
5.00%, 02/15/23		  $1,879,471 
 2,595,000   Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B,
5.00%, 02/15/25		   3,305,615 
 1,000,000   Prosper Independent School District School Building School Improvement GO, (PSF-GTD),
5.00%, 02/15/25		   1,268,360 
 265,000   Red Oak Independent School District School Improvements GO (PSF-GTD),
5.00%, 08/15/18(c)		   277,105 
 260,000   Red Oak Independent School District School Improvements GO (PSF-GTD),
5.00%, 08/15/18		   272,155 
 925,000   Roma Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/22		   1,122,377 
 1,020,000   Roma Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/23		   1,262,056 
 1,075,000   Roma Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/24		   1,358,746 
 1,000,000   Roma Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/25		   1,282,970 
 705,000   San Elizario Independent School District School Improvements GO, (PSF-GTD),
5.00%, 05/01/25		   905,826 
 145,000   Seagraves Independent School District School Building GO, (PSF-GTD),
4.00%, 02/15/19		   156,158 
 1,450,000   Spring Independent School District Advance Refunding GO (PSF-GTD),
5.00%, 08/15/27		   1,880,360 
 1,000,000   Spring Independent School District Advance Refunding GO, (PSF- GTD),
5.00%, 08/15/26		   1,308,590 
 2,695,000   State of Texas Public Finance Authority Refunding GO,
5.00%, 10/01/20		   3,148,865 
Principal
Amount		      Value 
Texas (continued)     
$6,500,000   State of Texas Transportation Commission Highway Improvement GO,
5.00%, 04/01/25		  $8,371,675 
 1,390,000   Texas State University Systems University and College Improvement Revenue Bonds,
5.00%, 03/15/17		   1,428,892 
 6,950,000   Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds,
5.00%, 10/01/20		   8,123,577 
 5,785,000   Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds,
5.00%, 10/01/24		   7,396,007 
 1,070,000   Texas Transportation Commission State Highway Fund Highway Improvements First Tier Revenue Bonds,
5.00%, 04/01/17		   1,102,164 
 3,150,000   Tomball Independent School District School Improvements GO, Series B-3, (PSF-GTD),
2.00%, 02/15/43(b)		   3,151,575 
 4,850,000   Tyler Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/15/23		   5,963,657 
 500,000   United Independent School District GO, (PSF-GTD),
5.00%, 08/15/22		   612,869 
 1,680,000   United Independent School District GO, (PSF-GTD),
5.00%, 08/15/23		   2,100,336 
 1,235,000   United Independent School District GO, (PSF-GTD),
5.00%, 08/15/24		   1,574,921 
 2,085,000   United Independent School District GO, (PSF-GTD),
5.00%, 08/15/25		   2,701,368 
 220,000   University of North Texas Prerefunded Refunding Revenue,
5.00%, 04/15/20(c)		   253,444 
 420,000   University of North Texas Prerefunded Refunding Revenue,
5.00%, 04/15/21(c)		   498,212 
 1,480,000   University of North Texas Unrefunded Refunding Revenue,
5.00%, 04/15/20		   1,697,974 

 

145
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$2,810,000   University of North Texas Unrefunded Refunding Revenue,
5.00%, 04/15/21		  $3,321,926 
 2,075,000   University of Texas Financing Systems Refunding Revenue Bonds, Series A,
5.00%, 08/15/17		   2,172,006 
 2,000,000   University of Texas System University and College Improvements Revenue, Series D,
5.00%, 08/15/23		   2,503,460 
 145,000   Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC),
5.00%, 12/01/17		   153,564 
 1,940,000   Waco Independent School District Advance Refunding GO, (PSF- GTD),
5.00%, 08/15/27		   2,536,589 
 640,000   Wall Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/27		   800,179 
 1,370,000   Wichita Falls Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 02/01/25		   1,753,600 
 1,210,000   Wichita Falls Independent School District School Improvements GO (PSF-GTD),
5.00%, 02/01/23		   1,488,796 
         324,432,202 
Utah — 0.8%     
 1,975,000   Alpine School District School Building GO, (School Board GTY),
5.00%, 03/15/21		   2,237,655 
 13,000,000   Salt Lake City Corp Cash Flow Management GO Notes,
2.00%, 06/30/17		   13,168,870 
 1,085,000   Uintah County School District Refunding GO, (School Board GTY),
5.00%, 02/01/24		   1,371,071 
         16,777,596 
Virginia — 3.2%     
 155,000   City of Norfolk Water Refunding Revenue Bonds,
5.00%, 11/01/22		   187,310 
Principal
Amount		      Value 
Virginia (continued)     
$5,000,000   County of Arlington Refunding GO, Series B,
5.00%, 08/15/25		  $6,562,000 
 600,000   County of Prince William Facilities Refunding COP,
4.00%, 10/01/17		   624,347 
 1,350,000   Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A,
4.50%, 03/01/20		   1,523,786 
 1,170,000   Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A,
5.00%, 10/01/24		   1,490,639 
 1,000,000   Virginia College Building Authority Advance Refunding Revenue, Series A,
5.00%, 09/01/28		   1,295,850 
 2,000,000   Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program),
5.00%, 09/01/21		   2,325,840 
 6,450,000   Virginia Commonwealth Transportation Board Current Refunding Revenue,
5.00%, 05/15/17		   6,678,653 
 5,000,000   Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds,
5.00%, 03/15/23		   6,022,900 
 2,465,000   Virginia Public Building Authority Revenue Bonds, Series A,
5.00%, 08/01/21		   2,945,527 
 1,250,000   Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation),
5.00%, 08/01/21		   1,406,613 
 2,450,000   Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding),
5.00%, 08/01/24		   3,121,251 
 5,000,000   Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding),
5.00%, 08/01/25		   6,481,950 

 

146
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Virginia (continued)     
$8,010,000   Virginia Public School Authority School Improvements Revenue Bonds, Series II,
5.00%, 04/15/17		  $8,263,837 
 1,500,000   Virginia Resources Authority Advance Refunding Revenue,
5.00%, 11/01/26		   1,988,415 
 1,150,000   Virginia Resources Authority Refunding Revenue Bonds,
5.00%, 11/01/25		   1,473,334 
 10,000,000   Virginia Resources Authority Refunding Revenue Bonds, Series B,
5.00%, 10/01/25		   12,784,800 
         65,177,052 
Washington — 3.1%     
 1,025,000   Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY),
5.00%, 12/01/21		   1,232,470 
 430,000   Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY),
5.00%, 12/01/23		   535,750 
 100,000   CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE),
5.00%, 06/01/17		   103,567 
 1,050,000   Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY),
5.00%, 12/01/26		   1,349,208 
 2,525,000   Clark County School District No 117 Camas Refunding GO, (School Board GTY),
5.00%, 12/01/17		   2,672,384 
 1,390,000   Clark County School District No 117 Camas School Improvements GO, (School Board GTY),
5.00%, 12/01/24		   1,782,022 
 5,500,000   Energy Northwest Refunding Revenue Bonds,
5.00%, 07/01/25		   7,121,235 
 800,000   Island County School District No 201 Oak Harbor School Improvements GO, (School Board GTY),
5.00%, 12/01/16		   811,824 
Principal
Amount		      Value 
Washington (continued)     
$680,000   King County Public Transportation Sales Tax Refunding GO,
4.00%, 12/01/18		  $733,523 
 1,035,000   King County Refunding GO,
5.00%, 07/01/25		   1,336,309 
 1,500,000   King County School District No. 414 Lake Washington GO, (School Board GTY),
5.00%, 12/01/20		   1,650,120 
 1,180,000   Nooksack Valley School District No 506 School Improvements GO, (School Board GTY),
5.00%, 12/01/24		   1,487,425 
 750,000   Port of Seattle Inter Lien Refunding Revenue Bonds,
5.00%, 02/01/27		   954,098 
 2,820,000   Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY),
5.00%, 12/01/23		   3,520,178 
 5,000,000   Snohomish County School District No 201 Refunding GO (School Board GTY),
5.00%, 12/01/25		   6,308,900 
 1,315,000   Spokane County School District No 363 West Valley Refunding GO, (School Board GTY),
5.00%, 12/01/18		   1,443,068 
 5,000,000   State of Washington Advance Refunding GO, Series B,
5.00%, 07/01/26		   6,419,300 
 1,000,000   State of Washington Public Improvements Advance Refunding COP, (State Higher Education Intercept Program),
3.00%, 07/01/17		   1,023,160 
 2,000,000   State of Washington Refunding GO, Series R-2012C,
5.00%, 07/01/23		   2,432,400 
 9,375,000   State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds,
5.00%, 09/01/16		   9,407,906 
 3,250,000   State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds,
5.00%, 09/01/19		   3,659,923 
 325,000   Washington Health Care Facilities Authority Advance Refunding Revenue Bonds, Series B,
5.00%, 08/15/24		   409,383 

 

147
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Principal
Amount		      Value 
Washington (continued)     
$4,435,000   Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY),
5.00%, 12/01/24		  $5,661,810 
         62,055,963 
West Virginia — 0.0%     
 125,000   West Virginia University Revenue Bonds, Series A, (NATL-RE),
5.50%, 04/01/17		   129,128 
Wisconsin — 0.2%     
 3,000,000   Milwaukee Redevelopment Authority Public Schools Refunding Revenue Bonds,
4.00%, 08/01/16		   3,000,000 
Total Municipal Bonds
(Cost $1,919,589,183)		   1,971,396,300 
U.S. GOVERNMENT SECURITIES — 2.8%     
U.S. Treasury Notes — 2.8%     
 46,500,000   0.63%, 05/31/2017   46,518,182 
 10,000,000   2.00%, 08/15/2025   10,475,000 
Total U.S. Government Securities
(Cost $56,908,087)		   56,993,182 
Shares      Value 
INVESTMENT COMPANY — 2.6%     
 52,601,200   SEI Daily Income Trust Government II Fund, Class A, 0.01%(e)  $52,601,200 
Total Investment Company
(Cost $52,601,200)		   52,601,200 
TOTAL INVESTMENTS — 103.0%
(Cost $2,029,098,470)(a)		  $2,080,990,682 
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.0)%   (60,911,575)
NET ASSETS — 100.0%  $2,020,079,107 

 

 

 

(a) Cost for federal income tax purposes is $2,029,302,705 and net unrealized appreciation of investments is as follows:
   
Unrealized appreciation  $52,700,198 
Unrealized depreciation   (1,012,221)
Net unrealized appreciation  $51,687,977 
   
(b) Variable rate security. Rate shown is the rate as of July 31, 2016.
(c) 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.
(d) The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(e) Rate shown represents current yield at July 31, 2016.

 

AGM — Assured Guaranty Municipal Corp.

AMBAC — Insured by AMBAC Indemnity Corp.

BAM — Build America Mutual Assurance Co.

BHAC — Berkshire Hathaway Assurance 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.

NATL-IBC — 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

 

148
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2016
  (Unaudited)

 

Portfolio diversification by State (Unaudited)

 

State  Percentage
of Net Assets
Alabama   1.0%
Arizona   0.8%
Arkansas   0.1%
California   4.5%
Colorado   1.3%
Connecticut   3.0%
District Of Columbia   1.1%
Florida   1.9%
Georgia   3.9%
Hawaii   0.4%
Idaho   0.7%
Illinois   1.2%
Indiana   2.0%
Iowa   0.2%
Kansas   0.2%
Kentucky   0.9%
Louisiana   0.2%
Maine   0.4%
Maryland   1.2%
Massachusetts   10.0%
Michigan   1.0%
Minnesota   1.4%
Mississippi   0.3%
Missouri   0.9%
Montana   0.1%
Nevada   0.2%
New Hampshire   0.4%
New Jersey   3.1%
New Mexico   0.4%
New York   21.9%
North Carolina   1.8%
Ohio   2.8%
Oklahoma   0.3%
Oregon   0.6%
Pennsylvania   0.3%
Rhode Island   0.6%
South Carolina   2.7%
Tennessee   0.4%
Texas   16.1%
Utah   0.8%
Virginia   3.2%
Washington   3.1%
West Virginia   0.0%
Wisconsin   0.2%
Other*   2.4%
    100.0%

 

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

 

 

149
Old Westbury Funds, Inc.  
Notes To Financial Statements  
  July 31, 2016 (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, 2016, the Corporation consisted of six 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 (“Small & Mid Cap Fund”)   Long-term capital appreciation.
Old Westbury Strategic Opportunities Fund (“Strategic Opportunities Fund”)   Long-term capital appreciation.
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 Strategic Opportunities Fund:

 

The consolidated financial statements of the Strategic Opportunities Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Strategic Opportunities Fund, Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on May 1, 2015. The Strategic Opportunities 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”) or the (“Adviser”), a commodity pool operator registered with the CFTC effective January 1, 2013. The Strategic Opportunities Fund seeks to gain exposure to commodities through direct investments in commodities-related instruments, derivatives and other investments and through investments in the Subsidiary. The Subsidiary has the same investment goal as the Strategic Opportunities Fund. The Subsidiary pursues its investment goal by investing in commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Strategic Opportunities 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 Strategic Opportunities Fund. The portion of the Strategic Opportunities 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 Strategic Opportunities Fund’s investment through the Subsidiary, it will be subject to the risks associated with the derivatives and other instruments in which the Subsidiary invests. As of July 31, 2016, the Subsidiary represented $76,069,584 or 1.28% of the Strategic Opportunities 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. (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

150
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative 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.

 

In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Under GAAP, a reporting entity’s continued existence is the basis for preparing financial statements as a going concern (commonly referred to as the going concern basis of accounting) unless and until the entity’s liquidation becomes imminent. This ASU provides guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures in the entity’s financial statements. The ASU becomes effective for all entities for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Management is evaluating the impact of this guidance on the Funds’ financial statement disclosures.

 

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 (“OTC”), 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.

 

Debt instruments are valued on the basis of prices obtained from a broker-dealer or an approved pricing service.

 

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 with BIM’s oversight 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 the 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 other investments 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. 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 investments, including derivatives for which readily available market quotations are not generally available.

151
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

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 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 investment, but, rather, several factors are considered including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’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.

 

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 Core Fund, 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 32 days during the period ended July 31, 2016. 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, 2016, 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, 2016.

 

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 deemed not to represent fair value. 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.

152
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

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 and written options 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 Strategic Opportunities 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 Strategic Opportunities Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2015, the Strategic Opportunities Fund held no collectibles.

 

F. Commodities. In order to gain exposure to the commodities markets, the Strategic Opportunities Fund, directly or through its Subsidiary, may invest in commodities-related instruments, derivatives and other investments. 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

153
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  July 31, 2016 (Unaudited)
   

 

affecting a particular industry or 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 Strategic Opportunities Fund and its Subsidiary’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 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

154
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

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”). The Board of Governors of the Federal Reserve System recently ended this quantitative easing and, to the extent it 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. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. 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 Funds’ Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. 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.

155
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

The summary of inputs used to value the Funds’ investments as of July 31, 2016 is as follows:

 

       Level 2   Level 3     
       Significant   Significant     
   Level 1   Observable   Unobservable     
   Quoted Prices   Inputs   Inputs(d)   Total 
Large Cap Core Fund                    
Equity Securities(b)  $1,171,980,149(a)  $8,736,431   $—   $1,180,716,580 
Investment Company   72,184,600    —    —    72,184,600 
Total  $1,244,164,749   $8,736,431   $—   $1,252,901,180 
                     
Large Cap Strategies Fund                    
Equity Securities:(b)  $13,820,247,286(a)  $99,249,846(e)  $—   $13,919,497,132 
Master Limited Partnerships   23,118,489    —    —    23,118,489 
Preferred Stocks   6,267,687    —    —    6,267,687 
Exchange Traded Funds   412,569,770(a)   —    —    412,569,770 
U.S. Government Agencies   —    120,990,569    —    120,990,569 
Investment Company   400,786,800    —    —    400,786,800 
Other Financial Instruments - Liabilities*                    
Foreign currency exchange contracts   —    (16,659,468)   —    (16,659,468)
Total  $14,662,990,032   $203,580,947   $—   $14,866,570,979 
                     
Small & Mid Cap Fund                    
Equity Securities:(b)                    
Australia  $105,402,602   $56,072   $3,419,445   $108,878,119 
Austria   7,969,583    —    —    7,969,583 
Belgium   11,830,934    —    —    11,830,934 
Bermuda   52,167,355    —    —    52,167,355 
Brazil   15,493,281    1,908    40,908    15,536,097 
Cambodia   284,182    —    —    284,182 
Canada   132,294,227    6,755    —    132,300,982 
Chile   2,562,294    —    —    2,562,294 
China   64,728,920    —    271,391    65,000,311 
Curacao   —    2,472,624    —    2,472,624 
Denmark   34,266,630    —    —    34,266,630 
Faeroe Islands   300,155    —    —    300,155 
Finland   18,903,164    —    1,041    18,904,205 
France   86,462,693    —    —    86,462,693 
Germany   107,854,842    —    —    107,854,842 
Gibraltar   69,698    —    —    69,698 
Greece   740,883    —    —    740,883 
Guernsey   2,886    —    —    2,886 
Hong Kong   68,282,795    20,571    329,500    68,632,866 
Hungary   61,051    —    —    61,051 
India   69,040,878    —    43,735    69,084,613 
Indonesia   25,393,465    —    3,722    25,397,187 
Ireland   25,971,326    —    —    25,971,326 
Isle of Man   132,497    —    —    132,497 
Israel   78,304,522    —    —    78,304,522 
Italy   19,353,122    —    —    19,353,122 
Japan   359,970,126    —    —    359,970,126 
Jersey Channel Islands   5,032,235    —    —    5,032,235 
Luxembourg   13,047,773    —    —    13,047,773 
Malaysia   21,431,921    —    —    21,431,921 
Malta   359,332    —    —    359,332 
Martinique   144,875    —    —    144,875 
156
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

       Level 2   Level 3     
       Significant   Significant     
   Level 1   Observable   Unobservable     
   Quoted Prices   Inputs   Inputs(d)   Total 
Mexico   20,303,130    350,450    635,962    21,289,542 
Monaco  $242,887   $—   $—   $242,887 
Mongolia   3,069    —    —    3,069 
Netherlands   33,096,543    —    —    33,096,543 
New Zealand   43,250,162    —    —    43,250,162 
Norway   4,532,064    —    —    4,532,064 
Peru   3,600,491    —    —    3,600,491 
Philippines   11,802,336    —    —    11,802,336 
Poland   2,837,027    —    —    2,837,027 
Portugal   2,291,595    —    —    2,291,595 
Singapore   67,097,243    —    —    67,097,243 
South Africa   26,447,219    —    459    26,447,678 
South Korea   53,674,153    —    58,818    53,732,971 
Spain   20,600,806    9,386    —    20,610,192 
Sweden   58,310,101         —    58,310,101 
Switzerland   87,360,683    —    —    87,360,683 
Taiwan   43,065,687    —    480    43,066,167 
Thailand   —    13,012,106         13,012,106 
Turkey   2,430,672    —    —    2,430,672 
Ukraine   186,943    —    —    186,943 
United Arab Emirates   60,098    —    —    60,098 
United Kingdom   220,993,280              220,993,280 
United States   2,949,679,041    —    —    2,949,679,041 
Total Equities  $4,979,725,477   $15,929,872   $4,805,461   $5,000,460,810 
Exchange Traded Funds   361,359,838    —    —    361,359,838 
Investment Company   42,750,200    —    —    42,750,200 
Rights/Warrants                    
Hong Kong   14,520    13,946    —    28,466 
Malaysia   71,270    —    —    71,270 
Singapore   4,367    —    —    4,367 
Spain   2    —    —    2 
Thailand   —    30,436    —    30,436 
Total Rights/Warrants  $90,159   $44,382   $—   $134,541 
157
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

       Level 2   Level 3     
       Significant   Significant     
   Level 1   Observable   Unobservable     
   Quoted Prices   Inputs   Inputs(d)   Total 
U.S. Government Agencies  $—   $61,494,530   $—   $61,494,530 
U.S. Government Securities   —    23,499,789    —    23,499,789 
Cash Sweep   78,827,806    —    —    78,827,806 
                     
Other financial instruments - Assets*:                    
Foreign currency exchange contracts   —    1,768,983    —    1,768,983 
Other financial instruments -Liabilities*:                    
Foreign currency exchange contracts   —    (1,414,333)   —    (1,414,333)
Total  $5,462,753,480   $101,323,223   $4,805,461   $5,568,882,164 
                     
Strategic Opportunities Fund                    
Equity Securities:(b)                    
Belgium  $4,714,349   $—   $—   $4,714,349 
Bermuda   25,987,704    —    —    25,987,704 
Canada   8,388,303    —    —    8,388,303 
China   20,956,815    —    —    20,956,815 
Hong Kong   27,231,304    —    44,408    27,275,712 
Japan   87,609,284    —    —    87,609,284 
Malaysia   4,344,217    —    —    4,344,217 
Morroco and Antilles   5,280,282    —    —    5,280,282 
Pakistan   9,682,857    —    —    9,682,857 
Qatar   2,597,350    —    —    2,597,350 
Singapore   8,899,308    —    —    8,899,308 
South Africa   4,545,447    —    —    4,545,447 
South Korea   12,626,770    —    —    12,626,770 
Switzerland   10,994,763    —    —    10,994,763 
Taiwan   8,149,504    —    —    8,149,504 
Thailand   —    340,460    —    340,460 
United Arab Emirates   9,241,739              9,241,739 
United Kingdom   9,873,567    —    —    9,873,567 
United States   335,865,258    —    258,750    336,124,008 
Total Equities  $596,988,821   $340,460   $303,158   $597,632,439 
Master Limited Partnerships  $36,457,925   $—   $—   $36,457,925 
Closed-End Funds   371,984,850(a)   —    —    371,984,850 
Exchange Traded Funds   324,521,480(a)   —    —    324,521,480 
Preferred Stock   12,489,770(a)   —    —    12,489,770 
Bank Loans   —    3,860,000(a)   —    3,860,000 
Corporate Bonds   —    517,142,529(a)   2,177,385(c)   519,319,914 
Government Bonds   —    117,668,795(a)   —    117,668,795 
Asset-Backed Securities   —    651,036,162(a)   —    651,036,162 
Non-Agency Mortgage-Backed Securities   —    542,062,651(a)   —    542,062,651 
U.S. Government Agencies   —    2,491,099,168    —    2,491,099,168 
U.S. Government Securities   —    63,195,084    —    63,195,084 
Cash Sweep   162,338,333    —    —    162,338,333 
Securities Sold Short   (21,651,315)   —    —    (21,651,315)
Other financial instruments - Assets*:                    
Commodity contracts   4,725,928    915,848    —    5,641,776 
Equity contracts   3,504,966    161,776,476    —    165,281,442 
Foreign exchange currency contracts   —    15,827,580    —    15,827,580 
158
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

       Level 2   Level 3     
       Significant   Significant     
   Level 1   Observable   Unobservable     
   Quoted Prices   Inputs   Inputs(d)   Total 
                     
Other financial instruments - Liabilities*:                    
Commodity contracts  $(2,516,975)  $(1,269,318)  $—   $(3,786,293)
Equity contracts   (10,112,998)   (39,908,277)   —    (50,021,275)
Interest rate contracts   (61,865)   (6,952,865)   —    (7,014,730)
Foreign exchange currency contracts   —    (24,401,380)   —    (24,401,380)
Total  $1,478,668,920   $4,492,392,913   $2,480,543   $5,973,542,376 
                     
Fixed Income Fund                    
Corporate Bonds  $—   $248,958,836(a)  $—   $248,958,836 
Asset-Backed Securities   —    58,830,350(a)   —    58,830,350 
Municipal Bonds   —    13,851,833(a)   —    13,851,833 
Collateralized Mortgage Obligations   —    1,870,055(a)   —    1,870,055 
U.S. Government Agencies   —    51,014,984    —    51,014,984 
U.S. Government Securities   —    396,234,056    —    396,234,056 
Government Bonds   —    1,417,662(a)   —    1,417,662 
Investment Company   7,445,400    —    —    7,445,400 
Total  $7,445,400   $772,177,776   $—   $779,623,176 
                     
Municipal Bond Fund                    
Municipal Bonds  $—   $1,971,396,300(a)  $—   $1,971,396,300 
U.S. Government Securities   —    56,993,182    —    56,993,182 
Investment Company   52,601,200    —    —    52,601,200 
Total  $52,601,200   $2,028,389,482   $—   $2,080,990,682 

 

 
(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, 2016, the change in the S&P 500 Index did not exceed the Funds’ predetermined level (see footnote 3.A) and no transfers between levels occurred for the Funds for this reason. Certain Investments for reasons other than exceeding the predetermined level for the Small & Mid Cap Fund were transferred from Level 2 into Level 1 in the amount of $966,099, and from Level 1 into Level 2 in the amount of $144,070.
(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 period ended July 31, 2016. There were transfers into Level 3 of $3,817,787 and out of Level 3 in the amount of $1,460,503 for the Small & Mid Cap Fund. In addition, there were no significant purchases and sales during the period. As of July 31, 2016, the percentage of NAV was 0.09% and 0.04% for the Small & Mid Cap Fund and Strategic Opportunities Fund, respectively.
(e) Represents securities as disclosed in the Thailand section 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.

 

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

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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 $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

 

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the period ended July 31, 2016.

 

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.

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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, 2016
   Derivative Assets  Derivative Liabilities
Large Cap Strategies Fund  Statements of Assets
and Liabilities
Location		  Value   Statements of Assets
and Liabilities
Location		  Value 
Foreign Currency Exchange Risk  Unrealized appreciation on forward foreign currency exchange contracts  $—   Unrealized depreciation on forward foreign currency exchange contracts  $16,659,468 
Total     $—      $16,659,468 
                 
Small & Mid Cap Fund  Statements of Assets
and Liabilities
Location		  Value   Statements of Assets
and Liabilities
Location		  Value 
Foreign Currency Exchange Risk  Unrealized appreciation on forward foreign currency exchange contracts  $1,768,983   Unrealized depreciation on forward foreign currency exchange contracts  $1,414,333 
Total     $1,768,983      $1,414,333 
                 
Strategic Opportunities Fund  Statements of Assets
and Liabilities
Location		  Value   Statements of Assets
and Liabilities
Location		  Value 
Commodity risk  Investments, at value (purchased options)  $1,797,120   Written option contracts, at value  $228,690 
   Unrealized appreciation on swap contracts   915,848   Unrealized depreciation on swap contracts   1,269,318 
           Variation margin   672,417 
Interest Rate Risk          Unrealized depreciation on swap contracts   6,952,865 
Equity Risk.  Unrealized appreciation on swap contracts   11,070,325   Unrealized depreciation on swap contracts   629,614 
   Structured option contracts, at value   150,706,151   Structured option contracts, at value   39,278,663 
   Investments, at value (purchased options)   3,504,966   Written option contracts, at value   1,778,750 
Foreign Currency Exchange Risk  Structured option contracts, at value   3,649,852   Structured option contracts, at value   6,838,376 
   Unrealized appreciation on forward foreign currency exchange contracts   12,177,728   Unrealized depreciation on forward foreign currency exchange contracts   17,563,004 
Total     $183,821,990      $75,211,697 

 

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 a future commission merchant 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.

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Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

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.

 

As of July 31, 2016, the Large Cap Strategies Fund had the following open Forwards:

 

            Unrealized 
         Settlement  Appreciation 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
U.S. Dollar   104,799,809   Euro   93,780,749   Bank of New York Mellon Corp.  10/07/16  $(367,156)
U.S. Dollar   202,135,681   Japanese Yen   21,583,765,000   Bank of New York Mellon Corp.  09/13/16   (9,770,100)
U.S. Dollar   209,828,455   Japanese Yen   21,995,058,000   Barclays Plc  10/31/16   (6,522,212)
                      $(16,659,468)

 

As of July 31, 2016, the Small & Mid Cap Fund had the following open Forwards:

 

                Unrealized 
             Settlement  Appreciation 
Currency Purchased    Currency Sold   Counterparty  Date  (Depreciation) 
U.S. Dollar   136,151,997   Euro   120,000,000   Bank of New York Mellon Corp.  09/07/16  $1,768,983 
U.S. Dollar   103,422,891   Euro   92,826,719   Citibank, N.A.  10/11/16   (691,867)
U.S. Dollar   27,283,506   New Zealand Dollar   38,937,500   Citibank, N.A.  10/28/16   (722,466)
                      $354,650 

 

As of July 31, 2016, the Strategic Opportunities Fund had the following open Forwards:

 

            Unrealized 
         Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
U.S. Dollar   4,144,350   Euro   3,769,750   Bank of America N.A.  08/29/16  $(75,407)
U.S. Dollar   6,496,639   Euro   5,887,250   Bank of America N.A.  10/31/16   (112,253)
U.S. Dollar   1,884,188   Japanese Yen   205,823,000   Bank of America N.A.  11/28/16   (142,962)
Canadian Dollar   13,051,920   U.S. Dollar   10,000,000   Bank of New York Mellon Corp.  08/26/16   (1,621)
U.S. Dollar   5,000,000   Canadian Dollar   6,450,535   Bank of New York Mellon Corp.  08/26/16   58,590 
U.S. Dollar   1,500,000   Canadian Dollar   1,901,886   Bank of New York Mellon Corp.  08/26/16   43,067 
U.S. Dollar   1,000,000   Canadian Dollar   1,277,027   Bank of New York Mellon Corp.  08/26/16   21,738 
Swedish Krona   164,370,000   U.S. Dollar   19,172,158   Bank of New York Mellon Corp.  09/30/16   99,596 
United Kingdom Pound   32,959,125   U.S. Dollar   43,282,714   Bank of New York Mellon Corp.  09/30/16   386,185 
U.S. Dollar   382,751   Japanese Yen   47,210,000   Barclays Bank Plc  08/12/16   (80,159)
Singapore Dollar   1,151,000   U.S. Dollar   818,227   Barclays Bank Plc  08/17/16   40,148 
U.S. Dollar   813,629   Singapore Dollar   1,151,000   Barclays Bank Plc  08/17/16   (44,747)
Canadian Dollar   12,000,000   U.S. Dollar   9,565,709   Barclays Bank Plc  08/19/16   (373,583)
Japanese Yen   1,603,564,500   U.S. Dollar   15,000,000   Barclays Bank Plc  08/19/16   727,308 
South African Rand   108,658,200   U.S. Dollar   7,049,273   Barclays Bank Plc  08/19/16   744,857 
Swedish Krona   43,218,820   U.S. Dollar   5,375,448   Barclays Bank Plc  08/19/16   (319,610)
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  July 31, 2016 (Unaudited)
   

 

            Unrealized 
         Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
Swiss Franc   7,221,960   U.S. Dollar   7,500,000   Barclays Bank Plc  08/19/16  $(39,110)
U.S. Dollar   14,724,340   Japanese Yen   1,603,564,500   Barclays Bank Plc  08/19/16   (1,002,968)
U.S. Dollar   7,000,000   South African Rand   108,658,200   Barclays Bank Plc  08/19/16   (794,130)
U.S. Dollar   5,250,806   Swedish Krona   43,218,820   Barclays Bank Plc  08/19/16   194,968 
U.S. Dollar   7,369,497   Swiss Franc   7,221,960   Barclays Bank Plc  08/19/16   (91,392)
U.S. Dollar   598,931   Japanese Yen   73,417,000   Barclays Bank Plc  08/24/16   (121,247)
Swiss Franc   9,657,700   U.S. Dollar   10,000,000   Barclays Bank Plc  08/26/16   (18,579)
Turkish Lira   15,211,840   U.S. Dollar   5,017,564   Barclays Bank Plc  08/26/16   40,134 
U.S. Dollar   5,000,000   Turkish Lira   15,211,840   Barclays Bank Plc  08/26/16   (57,699)
U.S. Dollar   3,994,201   Japanese Yen   447,710,000   Barclays Bank Plc  08/31/16   (398,778)
U.S. Dollar   2,108,890   Japanese Yen   238,049,400   Barclays Bank Plc  09/09/16   (227,820)
Japanese Yen   1,110,500,000   U.S. Dollar   10,511,520   Barclays Bank Plc  09/20/16   394,608 
U.S. Dollar   211,359   Japanese Yen   25,530,000   Barclays Bank Plc  09/20/16   (39,369)
U.S. Dollar   10,853,237   Japanese Yen   1,110,500,000   Barclays Bank Plc  09/20/16   (52,890)
U.S. Dollar   1,305,680   Japanese Yen   146,370,000   Barclays Bank Plc  09/26/16   (132,195)
Brazil Real   6,232,000   U.S. Dollar   1,778,793   Barclays Bank Plc  09/30/16   103,431 
Canadian Dollar   6,051,795   U.S. Dollar   4,723,714   Barclays Bank Plc  09/30/16   (87,168)
Indonesian Rupiah   150,000,000,000   U.S. Dollar   11,103,709   Barclays Bank Plc  09/30/16   270,084 
Japanese Yen   1,058,871,000   U.S. Dollar   10,163,617   Barclays Bank Plc  09/30/16   239,848 
Swiss Franc   9,644,100   U.S. Dollar   9,737,266   Barclays Bank Plc  09/30/16   249,178 
Swiss Franc   9,474,090   U.S. Dollar   9,927,259   Barclays Bank Plc  09/30/16   (116,860)
U.S. Dollar   4,912,104   Canadian Dollar   6,398,900   Barclays Bank Plc  09/30/16   9,627 
U.S. Dollar   4,642,880   Canadian Dollar   6,051,795   Barclays Bank Plc  09/30/16   6,335 
Chilean Unidad de Fomento   261,700,000   U.S. Dollar   398,114   Barclays Bank Plc  10/24/16   (2,123)
Brazil Real   18,812,500   U.S. Dollar   5,637,549   Barclays Bank Plc  10/31/16   (9,559)
Japanese Yen   1,268,412,000   U.S. Dollar   12,000,000   Barclays Bank Plc  10/31/16   476,520 
U.S. Dollar   3,938,860   Japanese Yen   393,370,000   Barclays Bank Plc  01/11/17   56,706 
U.S. Dollar   1,240,300   Japanese Yen   137,140,000   Barclays Bank Plc  02/27/17   (116,042)
U.S. Dollar   1,785,788   Japanese Yen   185,480,000   Barclays Bank Plc  07/31/17   (60,236)
U.S. Dollar   7,500,000   Singapore Dollar   10,216,710   Citibank, N.A.  08/05/16   (120,000)
U.S. Dollar   375,468   Euro   341,847   Citibank, N.A.  08/10/16   (6,899)
U.S. Dollar   438,878   Euro   398,462   Citibank, N.A.  08/29/16   (7,150)
U.S. Dollar   1,230,228   Euro   1,080,000   Citibank, N.A.  09/09/16   20,665 
Indian Rupee   12,050,000   U.S. Dollar   178,505   Citibank, N.A.  09/14/16   823 
U.S. Dollar   2,282,884   Australian Dollar   3,169,000   Citibank, N.A.  09/14/16   (121,584)
Canadian Dollar   18,704,400   U.S. Dollar   14,566,950   Citibank, N.A.  09/19/16   (237,216)
U.S. Dollar   1,289,098   South Korean Won   1,562,000,000   Citibank, N.A.  09/19/16   (114,507)
U.S. Dollar   13,980,065   United Kingdom Pound   10,620,345   Citibank, N.A.  09/19/16   (88,315)
United Kingdom Pound   10,620,345   U.S. Dollar   15,015,628   Citibank, N.A.  09/19/16   (947,249)
Mexican Peso   177,766,190   U.S. Dollar   10,000,000   Citibank, N.A.  09/23/16   (576,424)
U.S. Dollar   5,000,000   Mexican Peso   87,893,890   Citibank, N.A.  09/23/16   340,651 
U.S. Dollar   7,876,737   Mexican Peso   150,000,000   Citibank, N.A.  09/23/16   (74,923)
Euro   17,635,736   U.S. Dollar   19,980,443   Citibank, N.A.  09/30/16   (209,363)
Japanese Yen   2,939,349,500   U.S. Dollar   27,915,853   Citibank, N.A.  09/30/16   963,415 
U.S. Dollar   1,103,100   Euro   999,800   Citibank, N.A.  10/31/16   (19,253)
163
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

            Unrealized 
         Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
U.S. Dollar   4,500,443   Euro   4,079,000   Citibank, N.A.  10/31/16  $(78,549)
U.S. Dollar   1,339,549   South Korean Won   1,566,000,000   Citibank, N.A.  11/14/16   (67,568)
U.S. Dollar   335,014   South Korean Won   392,000,000   Citibank, N.A.  11/16/16   (17,214)
U.S. Dollar   823,798   Australian Dollar   1,138,000   Citibank, N.A.  11/21/16   (37,895)
U.S. Dollar   1,632,977   Japanese Yen   177,080,000   Citibank, N.A.  11/21/16   (110,522)
U.S. Dollar   2,676,313   Japanese Yen   284,100,000   Citibank, N.A.  12/12/16   (123,589)
U.S. Dollar   2,354,603   Australian Dollar   3,190,000   Citibank, N.A.  12/14/16   (59,278)
U.S. Dollar   997,277   South Korean Won   1,172,000,000   Citibank, N.A.  12/15/16   (55,800)
U.S. Dollar   31,943   Australian Dollar   43,500   Citibank, N.A.  12/16/16   (972)
U.S. Dollar   64,355   Australian Dollar   87,700   Citibank, N.A.  12/20/16   (1,996)
Euro   4,616,000   U.S. Dollar   5,196,176   Citibank, N.A.  01/23/17   6,211 
U.S. Dollar   5,098,737   Euro   4,616,000   Citibank, N.A.  01/23/17   (103,650)
Euro   2,903,000   U.S. Dollar   3,270,140   Citibank, N.A.  02/09/17   4,145 
U.S. Dollar   3,290,884   Euro   2,903,000   Citibank, N.A.  02/09/17   16,600 
Hong Kong Dollar   465,744,000   U.S. Dollar   59,750,603   Citibank, N.A.  06/12/17   398,188 
U.S. Dollar   59,812,404   Hong Kong Dollar   465,744,000   Citibank, N.A.  06/12/17   (336,387)
U.S. Dollar   388,065   Japanese Yen   39,830,000   Citibank, N.A.  06/20/17   (7,904)
Chilean Unidad de Fomento   308,731,000   U.S. Dollar   464,257   Deutsche Bank AG  08/08/16   6,185 
Chilean Unidad de Fomento   91,184,000   U.S. Dollar   134,589   Deutsche Bank AG  08/09/16   4,345 
Indian Rupee   58,118,733   U.S. Dollar   861,459   Deutsche Bank AG  08/09/16   8,574 
U.S. Dollar   378,180   Euro   330,000   Deutsche Bank AG  08/09/16   9,079 
Indian Rupee   6,884,000   U.S. Dollar   101,950   Deutsche Bank AG  08/10/16   1,085 
U.S. Dollar   850,572   Euro   742,242   Deutsche Bank AG  08/15/16   20,189 
U.S. Dollar   2,415,247   Euro   2,179,000   Deutsche Bank AG  08/15/16   (22,508)
Chilean Unidad de Fomento   422,966,500   U.S. Dollar   619,323   Deutsche Bank AG  08/17/16   24,684 
U.S. Dollar   57,588   Euro   50,759   Deutsche Bank AG  08/19/16   792 
Chilean Unidad de Fomento   43,085,000   U.S. Dollar   65,909   Deutsche Bank AG  08/25/16   (354)
U.S. Dollar   630,841   Euro   571,000   Deutsche Bank AG  08/25/16   (8,216)
U.S. Dollar   2,347,389   Euro   2,099,003   Deutsche Bank AG  08/29/16   (2,179)
U.S. Dollar   2,042,347   Euro   1,857,000   Deutsche Bank AG  08/29/16   (36,329)
Chilean Unidad de Fomento   82,659,000   U.S. Dollar   118,270   Deutsche Bank AG  08/31/16   7,430 
U.S. Dollar   261,250   Euro   230,990   Deutsche Bank AG  08/31/16   2,661 
Chilean Unidad de Fomento   171,241,000   U.S. Dollar   246,248   Deutsche Bank AG  09/02/16   14,110 
Chilean Unidad de Fomento   111,242,000   U.S. Dollar   160,083   Deutsche Bank AG  09/02/16   9,051 
U.S. Dollar   415,568   Euro   380,000   Deutsche Bank AG  09/02/16   (9,876)
U.S. Dollar   751,150   Euro   670,000   Deutsche Bank AG  09/06/16   881 
U.S. Dollar   589,743   Euro   540,850   Deutsche Bank AG  09/06/16   (15,903)
Chilean Unidad de Fomento   304,306,500   U.S. Dollar   448,070   Deutsche Bank AG  09/12/16   14,170 
164
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

                    Unrealized 
                 Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
Chilean Unidad de Fomento   85,576,000   U.S. Dollar   124,320   Deutsche Bank AG  09/30/16  $5,451 
Euro   1,852,488   U.S. Dollar   2,076,639   Deutsche Bank AG  10/11/16   1,118 
U.S. Dollar   2,100,721   Euro   1,852,488   Deutsche Bank AG  10/11/16   22,965 
Chilean Unidad de Fomento   119,519,000   U.S. Dollar   178,747   Deutsche Bank AG  10/12/16   2,300 
Chilean Unidad de Fomento   119,519,000   U.S. Dollar   179,728   Deutsche Bank AG  10/14/16   1,286 
Chilean Unidad de Fomento   82,860,000   U.S. Dollar   124,602   Deutsche Bank AG  10/18/16   846 
Indian Rupee   93,183,000   U.S. Dollar   1,370,610   Deutsche Bank AG  10/20/16   8,471 
Chilean Unidad de Fomento   38,755,000   U.S. Dollar   58,845   Deutsche Bank AG  10/25/16   (208)
Indian Rupee   13,777,000   U.S. Dollar   202,169   Deutsche Bank AG  10/25/16   1,571 
Indian Rupee   39,198,000   U.S. Dollar   574,936   Deutsche Bank AG  10/27/16   4,562 
Chilean Unidad de Fomento   29,726,000   U.S. Dollar   44,795   Deutsche Bank AG  10/28/16   168 
Indian Rupee   61,156,466   U.S. Dollar   896,838   Deutsche Bank AG  10/28/16   7,151 
U.S. Dollar   166,310   Euro   150,689   Deutsche Bank AG  10/31/16   (2,850)
U.S. Dollar   51,118   Euro   45,895   Deutsche Bank AG  11/04/16   (413)
Euro   1,905,000   U.S. Dollar   2,137,982   Deutsche Bank AG  11/09/16   1,433 
U.S. Dollar   2,094,548   Euro   1,905,000   Deutsche Bank AG  11/09/16   (44,868)
U.S. Dollar   200,156   Euro   184,184   Deutsche Bank AG  11/17/16   (6,770)
U.S. Dollar   1,178,059   Japanese Yen   143,060,000   Deutsche Bank AG  11/18/16   (230,290)
U.S. Dollar   694,668   Euro   629,000   Deutsche Bank AG  01/23/17   (14,236)
U.S. Dollar   1,071,741   Euro   971,000   Deutsche Bank AG  01/23/17   (22,608)
U.S. Dollar   3,322,035   Euro   3,008,000   Deutsche Bank AG  01/23/17   (68,082)
U.S. Dollar   1,779,586   Euro   1,580,000   Deutsche Bank AG  02/10/17   (2,571)
U.S. Dollar   118,612   Euro   107,000   Deutsche Bank AG  03/07/17   (2,214)
U.S. Dollar   116,913   Japanese Yen   12,210,000   Deutsche Bank AG  06/19/17   (4,467)
U.S. Dollar   118,830   Japanese Yen   12,230,000   Deutsche Bank AG  06/22/17   (2,765)
U.S. Dollar   426,720   Euro   373,000   Goldman Sachs Group, Inc.  08/09/16   9,524 
U.S. Dollar   430,608   Euro   377,000   Goldman Sachs Group, Inc.  08/12/16   8,888 
U.S. Dollar   833,640   Euro   740,000   Goldman Sachs Group, Inc.  08/24/16   5,473 
U.S. Dollar   3,365,939   South Korean Won   4,026,000,000   Goldman Sachs Group, Inc.  09/07/16   (251,978)
U.S. Dollar   1,029,681   Australian Dollar   1,354,684   Goldman Sachs Group, Inc.  10/06/16   2,512 
U.S. Dollar   760,260   Euro   682,000   Goldman Sachs Group, Inc.  10/18/16   (4,901)
U.S. Dollar   617,332   Japanese Yen   66,920,000   Goldman Sachs Group, Inc.  11/14/16   (41,339)
U.S. Dollar   138,670   Japanese Yen   16,246,000   Goldman Sachs Group, Inc.  01/10/17   (21,654)
U.S. Dollar   1,093,001   Euro   996,000   Goldman Sachs Group, Inc.  01/27/17   (29,733)
U.S. Dollar   1,385,321   Japanese Yen   162,280,000   Goldman Sachs Group, Inc.  01/27/17   (217,394)
U.S. Dollar   287,844   Euro   255,000   Goldman Sachs Group, Inc.  02/09/17   230 
U.S. Dollar   540,835   Euro   475,000   Goldman Sachs Group, Inc.  02/13/17   4,988 
U.S. Dollar   1,801,785   Euro   1,580,000   Goldman Sachs Group, Inc.  02/16/17   19,151 
U.S. Dollar   284,452   Japanese Yen   32,163,000   Goldman Sachs Group, Inc.  02/16/17   (33,487)
U.S. Dollar   2,657,027   Japanese Yen   295,495,910   Goldman Sachs Group, Inc.  02/16/17   (264,022)
Euro   2,975,000   U.S. Dollar   3,324,176   HSBC Holdings Plc  08/05/16   2,802 
Indian Rupee   42,909,500   U.S. Dollar   638,251   HSBC Holdings Plc  08/05/16   4,540 
U.S. Dollar   3,284,103   Euro   2,975,000   HSBC Holdings Plc  08/05/16   (42,875)
Indian Rupee   69,908,000   U.S. Dollar   1,035,096   HSBC Holdings Plc  08/16/16   10,171 
165
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

                    Unrealized 
                 Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
Singapore Dollar   864,000   U.S. Dollar   614,291   HSBC Holdings Plc  08/17/16  $30,050 
U.S. Dollar   2,073,409   Euro   1,864,543   HSBC Holdings Plc  08/19/16   (12,875)
Japanese Yen   307,492,000   U.S. Dollar   2,715,881   HSBC Holdings Plc  08/22/16   300,229 
U.S. Dollar   2,495,472   Japanese Yen   307,492,000   HSBC Holdings Plc  08/22/16   (520,638)
Mexican Peso   102,610,000   U.S. Dollar   5,859,645   HSBC Holdings Plc  08/29/16   (405,421)
U.S. Dollar   4,400,000   Mexican Peso   78,980,000   HSBC Holdings Plc  08/29/16   201,826 
U.S. Dollar   1,346,209   Mexican Peso   23,630,000   HSBC Holdings Plc  08/29/16   90,158 
U.S. Dollar   1,148,762   Euro   1,008,487   HSBC Holdings Plc  09/09/16   19,291 
U.S. Dollar   2,742,941   South Korean Won   3,191,000,000   HSBC Holdings Plc  09/26/16   (124,393)
U.S. Dollar   2,735,728   South Korean Won   3,206,000,000   HSBC Holdings Plc  09/28/16   (145,071)
Indian Rupee   74,579,000   U.S. Dollar   1,093,915   HSBC Holdings Plc  10/28/16   8,479 
U.S. Dollar   1,239,337   South Korean Won   1,431,000,000   HSBC Holdings Plc  11/02/16   (46,484)
Japanese Yen   70,138,000   U.S. Dollar   621,653   HSBC Holdings Plc  11/14/16   68,691 
U.S. Dollar   575,917   Japanese Yen   70,138,000   HSBC Holdings Plc  11/14/16   (114,428)
U.S. Dollar   679,325   South Korean Won   805,000,000   HSBC Holdings Plc  12/02/16   (43,996)
U.S. Dollar   2,414,346   South Korean Won   2,861,000,000   HSBC Holdings Plc  12/02/16   (156,362)
Japanese Yen   199,698,335   U.S. Dollar   1,776,518   HSBC Holdings Plc  01/31/17   196,109 
U.S. Dollar   1,705,366   Japanese Yen   199,698,335   HSBC Holdings Plc  01/31/17   (267,261)
Euro   1,856,000   U.S. Dollar   2,089,466   HSBC Holdings Plc  02/10/17   4,004 
U.S. Dollar   2,088,446   Euro   1,856,000   HSBC Holdings Plc  02/10/17   (5,024)
Japanese Yen   413,370,000   U.S. Dollar   3,679,797   HSBC Holdings Plc  02/16/17   406,465 
U.S. Dollar   3,669,019   Japanese Yen   413,370,000   HSBC Holdings Plc  02/16/17   (417,243)
Mexican Peso   50,041,430   U.S. Dollar   2,715,658   HSBC Holdings Plc  03/10/17   (112,628)
U.S. Dollar   1,539,754   Mexican Peso   27,500,000   HSBC Holdings Plc  03/10/17   109,273 
U.S. Dollar   3,738,211   South Korean Won   4,261,000,000   HSBC Holdings Plc  04/25/17   (90,662)
U.S. Dollar   1,035,822   South Korean Won   1,187,000,000   HSBC Holdings Plc  04/26/17   (30,800)
U.S. Dollar   4,499,976   Japanese Yen   464,645,000   HSBC Holdings Plc  07/31/17   (124,489)
Swiss Franc   4,738,690   U.S. Dollar   5,000,000   JPMorgan Chase Bank N.A.  08/05/16   (108,661)
U.S. Dollar   1,773,396   Euro   1,606,300   JPMorgan Chase Bank N.A.  08/05/16   (22,949)
U.S. Dollar   4,789,211   Swiss Franc   4,738,690   JPMorgan Chase Bank N.A.  08/05/16   (102,128)
Indian Rupee   2,633,000   U.S. Dollar   39,048   JPMorgan Chase Bank N.A.  08/09/16   368 
U.S. Dollar   1,743,522   Euro   1,584,300   JPMorgan Chase Bank N.A.  08/11/16   (28,635)
Euro   3,186,000   U.S. Dollar   3,563,094   JPMorgan Chase Bank N.A.  08/16/16   1,382 
U.S. Dollar   3,601,980   Euro   3,186,000   JPMorgan Chase Bank N.A.  08/16/16   37,504 
Euro   35,000,000   U.S. Dollar   39,995,059   JPMorgan Chase Bank N.A.  08/19/16   (832,686)
Japanese Yen   221,633,000   U.S. Dollar   1,960,504   JPMorgan Chase Bank N.A.  08/22/16   213,437 
U.S. Dollar   204,791   Euro   180,987   JPMorgan Chase Bank N.A.  08/22/16   2,257 
U.S. Dollar   224,147   Euro   203,185   JPMorgan Chase Bank N.A.  08/22/16   (3,229)
U.S. Dollar   1,795,551   Euro   1,612,000   JPMorgan Chase Bank N.A.  08/22/16   (8,368)
U.S. Dollar   1,798,436   Japanese Yen   221,633,000   JPMorgan Chase Bank N.A.  08/22/16   (375,504)
Indonesian Rupiah   137,950,000,000   U.S. Dollar   10,000,000   JPMorgan Chase Bank N.A.  08/26/16   503,213 
Japanese Yen   146,373,000   U.S. Dollar   1,294,947   JPMorgan Chase Bank N.A.  08/26/16   140,988 
U.S. Dollar   1,242,439   Japanese Yen   146,373,000   JPMorgan Chase Bank N.A.  08/26/16   (193,496)
166
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

                    Unrealized 
                 Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
U.S. Dollar   15,000,000   Mexican Peso   281,403,720   JPMorgan Chase Bank N.A.  08/26/16  $37,161 
Japanese Yen   112,727,000   U.S. Dollar   997,381   JPMorgan Chase Bank N.A.  08/29/16   108,609 
U.S. Dollar   848,028   Euro   737,287   JPMorgan Chase Bank N.A.  08/29/16   22,728 
U.S. Dollar   947,298   Japanese Yen   112,727,000   JPMorgan Chase Bank N.A.  08/29/16   (158,693)
Australian Dollar   6,743,798   U.S. Dollar   5,000,000   JPMorgan Chase Bank N.A.  08/31/16   118,986 
Canadian Dollar   6,486,715   U.S. Dollar   5,000,000   JPMorgan Chase Bank N.A.  08/31/16   (30,752)
Japanese Yen   72,717,000   U.S. Dollar   643,422   JPMorgan Chase Bank N.A.  08/31/16   70,085 
U.S. Dollar   608,503   Japanese Yen   72,717,000   JPMorgan Chase Bank N.A.  08/31/16   (105,004)
U.S. Dollar   10,089,127   Singapore Dollar   13,596,330   JPMorgan Chase Bank N.A.  08/31/16   (49,405)
United Kingdom Pound   3,759,472   U.S. Dollar   5,000,000   JPMorgan Chase Bank N.A.  08/31/16   (21,823)
United Kingdom Pound   5,624,331   U.S. Dollar   7,500,000   JPMorgan Chase Bank N.A.  08/31/16   (52,435)
Indian Rupee   2,633,000   U.S. Dollar   38,326   JPMorgan Chase Bank N.A.  09/06/16   907 
Chilean Unidad de Fomento   41,242,000   U.S. Dollar   60,068   JPMorgan Chase Bank N.A.  09/09/16   2,596 
Euro   13,348,058   U.S. Dollar   15,010,038   JPMorgan Chase Bank N.A.  09/19/16   (53,460)
Mexican Peso   266,257,080   U.S. Dollar   13,896,971   JPMorgan Chase Bank N.A.  09/19/16   223,715 
U.S. Dollar   17,580,902   Euro   15,626,162   JPMorgan Chase Bank N.A.  09/19/16   71,694 
U.S. Dollar   14,817,653   Euro   13,348,058   JPMorgan Chase Bank N.A.  09/19/16   (138,925)
U.S. Dollar   6,000,000   Singapore Dollar   8,226,648   JPMorgan Chase Bank N.A.  09/23/16   (133,408)
Japanese Yen   535,701,945   U.S. Dollar   4,744,210   JPMorgan Chase Bank N.A.  09/26/16   518,291 
U.S. Dollar   4,530,000   Japanese Yen   535,701,945   JPMorgan Chase Bank N.A.  09/26/16   (732,501)
Australian Dollar   9,845,905   U.S. Dollar   7,352,262   JPMorgan Chase Bank N.A.  09/30/16   114,656 
Australian Dollar   6,255,646   U.S. Dollar   4,664,935   JPMorgan Chase Bank N.A.  09/30/16   79,209 
Euro   47,487,108   U.S. Dollar   52,356,342   JPMorgan Chase Bank N.A.  09/30/16   880,529 
Euro   29,624,096   U.S. Dollar   32,660,389   JPMorgan Chase Bank N.A.  09/30/16   550,608 
Euro   8,978,168   U.S. Dollar   10,000,000   JPMorgan Chase Bank N.A.  09/30/16   65,249 
Euro   27,321,310   U.S. Dollar   30,884,501   JPMorgan Chase Bank N.A.  09/30/16   (255,113)
Japanese Yen   1,780,495,300   U.S. Dollar   16,908,643   JPMorgan Chase Bank N.A.  09/30/16   584,820 
U.S. Dollar   14,871,730   Mexican Peso   281,441,600   JPMorgan Chase Bank N.A.  09/30/16   (36,473)
U.S. Dollar   6,681,480   United Kingdom Pound   5,000,000   JPMorgan Chase Bank N.A.  09/30/16   56,775 
United Kingdom Pound   5,000,000   U.S. Dollar   6,719,445   JPMorgan Chase Bank N.A.  09/30/16   (94,740)
Malaysian Ringgit   10,882,486   Japanese Yen   304,962,081   JPMorgan Chase Bank N.A.  10/11/16   (303,431)
Malaysian Ringgit   15,609,000   Japanese Yen   437,414,128   JPMorgan Chase Bank N.A.  10/11/16   (435,218)
Indian Rupee   2,633,000   U.S. Dollar   38,857   JPMorgan Chase Bank N.A.  10/18/16   122 
U.S. Dollar   159,175   Euro   147,287   JPMorgan Chase Bank N.A.  11/14/16   (6,275)
U.S. Dollar   2,283,066   Australian Dollar   3,208,000   JPMorgan Chase Bank N.A.  12/12/16   (144,574)
U.S. Dollar   1,141,829   Australian Dollar   1,595,000   JPMorgan Chase Bank N.A.  12/14/16   (65,112)
U.S. Dollar   636,596   Euro   572,000   JPMorgan Chase Bank N.A.  12/15/16   (6,880)
Indonesian Rupiah   6,910,000,000   Australian Dollar   682,604   JPMorgan Chase Bank N.A.  01/19/17   (1,622)
Indonesian Rupiah   15,770,000,000   Australian Dollar   1,557,839   JPMorgan Chase Bank N.A.  01/19/17   (3,701)
Malaysian Ringgit   14,979,000   Euro   3,375,831   JPMorgan Chase Bank N.A.  01/19/17   (107,763)
U.S. Dollar   160,380   Australian Dollar   220,000   JPMorgan Chase Bank N.A.  03/17/17   (5,684)
U.S. Dollar   2,412,191   Australian Dollar   3,281,000   JPMorgan Chase Bank N.A.  03/20/17   (64,241)
Hong Kong Dollar   465,744,000   U.S. Dollar   60,000,000   JPMorgan Chase Bank N.A.  06/12/17   148,791 
167
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

                    Unrealized 
                 Settlement  Appreciation/ 
Currency Purchased    Currency Sold    Counterparty  Date  (Depreciation) 
U.S. Dollar   59,641,952   Hong Kong Dollar   465,744,000   JPMorgan Chase Bank N.A.  06/12/17  $(506,840)
Chilean Unidad de Fomento   6,783,000   U.S. Dollar   9,702   Morgan Stanley  08/03/16   639 
U.S. Dollar   10,277   Chilean Unidad de Fomento   6,783,000   Morgan Stanley  08/03/16   (63)
Chilean Unidad de Fomento   30,700,000   U.S. Dollar   46,351   Morgan Stanley  08/08/16   430 
U.S. Dollar   455,013   Euro   403,000   Morgan Stanley  08/15/16   4,157 
Chilean Unidad de Fomento   422,200,000   U.S. Dollar   640,959   Morgan Stanley  08/16/16   1,936 
U.S. Dollar   451,840   Euro   403,000   Morgan Stanley  08/17/16   948 
Chilean Unidad de Fomento   6,783,000   U.S. Dollar   10,249   Morgan Stanley  09/02/16   64 
Chilean Unidad de Fomento   6,783,000   U.S. Dollar   9,674   Morgan Stanley  09/06/16   635 
U.S. Dollar   768,258   Euro   686,000   Morgan Stanley  09/06/16   72 
U.S. Dollar   930,136   Euro   816,000   Morgan Stanley  09/09/16   16,244 
Chilean Unidad de Fomento   30,701,000   U.S. Dollar   45,725   Morgan Stanley  10/11/16   785 
Chilean Unidad de Fomento   6,873,000   U.S. Dollar   10,296   Morgan Stanley  10/28/16   100 
U.S. Dollar   461,466   Japanese Yen   50,022,000   Standard Chartered Bank  11/14/16   (30,883)
U.S. Dollar   295,160   Japanese Yen   31,954,500   Standard Chartered Bank  11/16/16   (19,387)
U.S. Dollar   1,527,090   Japanese Yen   166,449,000   Standard Chartered Bank  11/28/16   (112,265)
U.S. Dollar   675,006   Japanese Yen   78,840,000   Standard Chartered Bank  01/17/17   (103,278)
U.S. Dollar   1,221,774   Japanese Yen   127,990,000   Standard Chartered Bank  01/19/17   (41,820)
                      $(5,385,276)

 

C. Swap Agreements. The Funds entered into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. 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.

168
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

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   Premiums 
   Contracts   Received 
Contracts outstanding at October 31, 2015   5,516   $3,623,270 
Options written   145,220    33,231,811 
Options terminated in closing purchase transactions   (91,758)   (18,128,487)
Options exercised   (1)   (711)
Options expired   (44,152)   (15,638,022)
Contracts outstanding at July 31, 2016   14,825   $3,087,861 

 

The Strategic Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange 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 marked-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.

169
Old Westbury Funds, Inc.  
Notes To Financial Statements - (Continued)  
  July 31, 2016 (Unaudited)
   

 

7. Federal Income Taxes:

 

As of October 31, 2015, the Fixed Income Fund had a long-term capital loss carryforward of $4,613,007, available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

 

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.

 

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 the Strategic Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of July 31, 2016, 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.

170

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 9/27/16

 

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 9/27/16

 

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

 

Date 9/27/16

 

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