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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number          811-07912          

Old Westbury Funds, Inc. 

(Exact name of registrant as specified in charter)

760 Moore Rd.
King of Prussia, PA 19406 

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2017

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Old Westbury Funds, Inc.

Semi-Annual Report

April 30, 2017

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Disclosure of Fund Expenses	3
Portfolios of Investments:
All Cap Core Fund	5
Large Cap Strategies Fund	7
Small & Mid Cap Strategies Fund	14
Strategic Opportunities Fund	18
Fixed Income Fund	50
Municipal Bond Fund	55
Statements of Assets and Liabilities	78
Statements of Operations	81
Statements of Changes in Net Assets	84
Financial Highlights:
All Cap Core Fund	88
Large Cap Strategies Fund	89
Small & Mid Cap Strategies Fund	90
Strategic Opportunities Fund	91
Fixed Income Fund	92
Municipal Bond Fund	93
Notes To Financial Statements	94
Additional Information	117

This Page Intentionally Left Blank

Old Westbury Funds, Inc.
Disclosure OF Fund Expenses
	For the Period Ended April 30, 2017

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2016 through April 30, 2017.

Actual Expenses

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

	Actual Beginning Account Value 11/1/16		Actual Ending Account Value 04/30/17		Actual Expenses Paid During Period* 11/1/16-04/30/17		Actual Expense Ratio During Period 11/1/16-04/30/17**
All Cap Core Fund		$1,000.00		$1,117.00		$5.14		0.98	%
Large Cap Strategies Fund		1,000.00		1,087.80		5.75		1.11	%
Small & Mid Cap Strategies Fund		1,000.00		1,107.80		5.80		1.11	%
Strategic Opportunities Fund		1,000.00		1,076.70		6.18		1.20	%
Fixed Income Fund		1,000.00		992.80		3.11		0.63	%
Municipal Bond Fund		1,000.00		995.40		2.87		0.58	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

3

Old Westbury Funds, Inc.
Disclosure of Fund Expenses - (Continued)
	For the Period Ended April 30, 2017

Hypothetical Example for Comparison Purposes

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

	Hypothetical Beginning Account Value 11/1/16		Hypothetical Ending Account Value 04/30/17		Hypothetical Expenses Paid During Period* 11/1/16-04/30/17		Hypothetical Expense Ratio During Period 11/1/16-04/30/17**
All Cap Core Fund		$1,000.00		$1,019.93		$4.91		0.98	%
Large Cap Strategies Fund		1,000.00		1,019.29		5.56		1.11	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.29		5.56		1.11	%
Strategic Opportunities Fund		1,000.00		1,018.84		6.01		1.20	%
Fixed Income Fund		1,000.00		1,021.67		3.16		0.63	%
Municipal Bond Fund		1,000.00		1,021.92		2.91		0.58	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

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

4

Old Westbury Funds, Inc.
All Core Fund
Portfolio of Investments	April 30, 2017 (Unaudited)

Shares			Value
COMMON STOCKS — 96.9%
Banks — 7.3%
	401,070	Citigroup, Inc.	$	23,711,258
	1,991,445	KeyCorp		36,323,957
	696,970	Morgan Stanley		30,227,589
	2,169,900	Nordea Bank AB		26,703,296
				116,966,100
Consumer Discretionary — 15.6%
	44,990	Advance Auto Parts, Inc.		6,394,879
	48,186	Amazon.com, Inc.(b)		44,571,568
	968,810	Comcast Corp. - Class A		37,967,664
	327,465	Hanesbrands, Inc.		7,142,012
	264,000	Home Depot, Inc. (The)		41,210,400
	165,915	Newell Brands, Inc.		7,920,782
	728,460	NIKE, Inc. - Class B		40,363,969
	24,638	Priceline Group, Inc. (The)(b)		45,501,951
	1,030,995	Samsonite International SA		3,983,030
	46,155	SIX Flags Entertainment Corp.		2,889,765
	103,260	Wyndham Worldwide Corp.		9,841,711
				247,787,731
Consumer Staples — 8.6%
	561,000	Altria Group, Inc.		40,268,580
	795,000	Church & Dwight Co., Inc.		39,376,349
	41,120	JM Smucker Co. (The)		5,210,726
	385,925	PepsiCo, Inc.		43,717,584
	58,925	Spectrum Brands Holdings, Inc.		8,469,290
				137,042,529
Diversified Financials — 2.9%
	588,010	Discover Financial Services		36,803,546
	131,445	Nasdaq, Inc.		9,052,617
				45,856,163
Energy — 4.4%
	720,705	ConocoPhillips		34,528,977
	982,790	Encana Corp.		10,518,708
	1,596,340	ENI SpA		24,814,026
				69,861,711
Health Care — 14.6%
	197,415	AstraZeneca Plc		11,857,740
	782,400	Baxter International, Inc.		43,564,032
	409,500	Bristol-Myers Squibb Co.		22,952,475
	33,230	Cooper Cos., Inc. (The)		6,656,966
	24,000	CR Bard, Inc.		7,379,519
	489,000	Danaher Corp.		40,748,370
	515,000	Eli Lilly & Co.		42,260,900
	72,425	Laboratory Corp of America Holdings(b)		10,150,364
	74,021	Steris Plc		5,462,750
	204,905	Thermo Fisher Scientific, Inc.		33,876,944
	41,170	Waters Corp.(b)		6,994,371
				231,904,431

Shares			Value
Industrials — 10.8%
	75,255	Allegion Plc	$	5,918,053
	73,110	Dover Corp.		5,766,917
	72,405	Dun & Bradstreet Corp. (The)		7,936,312
	223,800	Fortive Corp.		14,157,587
	44,700	IDEX Corp.		4,682,771
	347,500	J.B. Hunt Transport Services, Inc.		31,156,849
	175,775	KAR Auction Services, Inc.		7,667,306
	250,885	Raytheon Co.		38,939,861
	47,345	Snap-on, Inc.		7,931,708
	354,760	Union Pacific Corp.		39,718,930
	102,375	Wabtec Corp.		8,588,239
				172,464,533
Information Technology — 23.0%
	206,400	Alibaba Group Holding Ltd. - ADR(b)		23,839,199
	73,900	Alphabet, Inc. - Class C(b)		66,950,444
	67,135	ANSYS, Inc.(b)		7,395,592
	318,270	Apple, Inc.		45,719,486
	186,645	Broadcom Ltd.		41,213,082
	64,840	Check Point Software Technologies Ltd.(b)		6,744,008
	164,135	CoreLogic, Inc.(b)		7,015,130
	580,000	Fidelity National Information Services, Inc.		48,830,200
	868,000	Microsoft Corp.		59,423,280
	123,140	Vantiv, Inc. - Class A(b)		7,639,606
	555,500	Visa, Inc. - Class A		50,672,710
				365,442,737
Insurance — 2.6%
	296,085	CHUBB Ltd.		40,637,666
Materials — 4.0%
	112,550	Axalta Coating Systems Ltd.(b)		3,530,694
	685,500	Dow Chemical Co. (The)		43,049,400
	386,690	Rio Tinto Ltd.		17,500,612
				64,080,706
Utilities — 3.1%
	311,340	American Water Works Co., Inc.		24,832,478
	302,905	Edison International		24,223,313
				49,055,791
Total Common Stocks (Cost $1,327,313,657)				1,541,100,098
INVESTMENT COMPANY — 3.5%
	55,252,100	SEI Daily Income Trust Government II Fund, Class A, 0.60%,(c)		55,252,100
Total Investment Company (Cost $55,252,100)				55,252,100

5

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2017 (Unaudited)

TOTAL INVESTMENTS — 100.4% (Cost $1,382,565,757)(a)	$	1,596,352,198
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%		(5,983,816	)
NET ASSETS — 100.0%	$	1,590,368,382

(a)	Cost for federal income tax purposes is $1,382,565,767 and net unrealized appreciation of investments is as follows:
	Unrealized appreciation	$	225,016,846
	Unrealized depreciation		(11,230,405	)
	Net unrealized appreciation	$	213,786,441
(b)	Non-income producing security.
(c)	Rate shown represents current yield at April 30, 2017.

ADR-American Depositary Receipt

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Banks		7.3	%
Consumer Discretionary		15.6
Consumer Staples		8.6
Diversified Financials		2.9
Energy		4.4
Health Care		14.6
Industrials		10.8
Information Technology		23.0
Insurance		2.6
Materials		4.0
Utilities		3.1
Other*		3.1
		100.0	%

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

6

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments	April 30, 2017
	(Unaudited)

Shares			Value
COMMON STOCKS — 93.5%
ARGENTINA — 0.0%
	38,400	MercadoLibre, Inc.	$	8,790,144
AUSTRALIA — 0.1%
	68,175	Caltex Australia Ltd.		1,524,847
	273,324	Oil Search Ltd.		1,477,681
	352,438	Origin Energy Ltd.(b)		1,894,842
	391,768	Santos Ltd.(b)		1,020,878
	170,790	Woodside Petroleum Ltd.		4,115,421
				10,033,669
AUSTRIA — 0.0%
	39,817	OMV AG		1,833,581
BELGIUM — 0.3%
	218,000	Galapagos NV - ADR(e)		18,935,480
	331,000	UCB SA		25,801,573
				44,737,053
BERMUDA — 0.6%
	139,937	Argo Group International Holdings Ltd.		9,228,845
	440,492	Aspen Insurance Holdings Ltd.(e)		23,059,756
	30,162	Axis Capital Holdings Ltd.		1,987,676
	16,228	Everest Re Group Ltd.		4,084,750
	125,449	RenaissanceRe Holdings Ltd.		17,835,084
	703,879	Validus Holdings Ltd.(e)		38,910,431
				95,106,542
BRAZIL — 1.2%
	20,038,000	Ambev SA(e)		115,276,659
	1,666,300	Ambev SA - ADR		9,547,899
	1,251,752	Banco Bradesco SA - ADR		13,205,984
	1,228,500	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros		7,326,761
	353,600	Cia Brasileira de Distribuicao - ADR		7,973,680
	914,602	Cielo SA		6,944,408
	65,633	Cosan SA Industria e Comercio		762,398
	1,312,262	Itau Unibanco Holding SA - ADR		16,140,823
	622,483	Petroleo Brasileiro SA(b)		2,810,347
	812,427	Petroleo Brasileiro SA - Preference Shares(b)		3,555,272
	75,815	Ultrapar Participacoes SA		1,693,509
	939,610	WEG SA		5,233,788
				190,471,528
CANADA — 2.3%
	37,225	AltaGas Ltd.		834,191
	89,766	ARC Resources Ltd.		1,178,423
	78,026	Cameco Corp.		748,222
	245,915	Canadian Natural Resources Ltd.		7,832,962
	1,028,700	Canadian Pacific Railway Ltd.(e)		157,622,719

Shares			Value
CANADA (continued)
	161,082	Cenovus Energy, Inc.	$	1,606,041
	122,830	Crescent Point Energy Corp.		1,215,658
	362,757	Enbridge, Inc.		15,036,080
	219,298	Encana Corp.		2,347,126
	76,664	Husky Energy, Inc.(b)		885,114
	66,668	Imperial Oil Ltd.		1,939,406
	87,803	Inter Pipeline Ltd.		1,788,800
	13,945	International Petroleum Corp.(b)		50,696
	41,537	Keyera Corp.		1,149,605
	83,963	Pembina Pipeline Corp.		2,675,646
	43,999	Peyto Exploration & Development Corp.		800,656
	41,299	PrairieSky Royalty Ltd.		900,073
	1,529,200	Restaurant Brands International, Inc.(e)		85,895,164
	54,496	Seven Generations Energy Ltd. - Class A(b)(e)		964,923
	495,000	Shopify, Inc. - Class A(b)		37,595,250
	375,454	Suncor Energy, Inc.		11,766,545
	38,502	Tourmaline Oil Corp.(b)		756,473
	193,556	TransCanada Corp.		8,986,908
	77,665	Veresen, Inc.		866,516
	30,277	Vermilion Energy, Inc.		1,065,978
	254,285	Waste Connections, Inc.		23,399,306
				369,908,481
CHILE — 0.1%
	363,500	Banco Santander Chile - ADR		8,589,505
	83,003	Empresas COPEC SA		928,410
				9,517,915
CHINA — 4.2%
	308,500	51Job, Inc. - ADR(b)		12,645,415
	2,442,500	AAC Technologies Holdings, Inc.		35,860,240
	769,000	Alibaba Group Holding Ltd. - ADR(b)		88,819,500
	386,000	Baidu, Inc. - ADR(b)		69,568,780
	5,882,379	China Petroleum & Chemical Corp. - H Shares		4,764,376
	20,881,014	China Shenhua Energy Co. Ltd. - H Shares		48,696,908
	3,874,804	CNOOC Ltd.		4,518,243
	130,362	CNOOC Ltd. - ADR		15,141,546
	270,400	Ctrip.com International Ltd. - ADR(b)		13,657,904
	2,556,000	ENN Energy Holdings Ltd.		13,867,105
	366,200	JD.Com, Inc. -ADR(b)		12,842,634
	3,626,000	Jiangsu Expressway Co. Ltd. - H Shares		5,351,582
	4,541,443	PetroChina Co. Ltd. - H Shares		3,199,536
	1,649,000	Shenzhou International Group Holdings Ltd.		10,854,333
	29,500,000	Sinopharm Group Co. Ltd. - H Shares(e)		132,360,976
	6,195,000	Tencent Holdings Ltd.		193,853,838

7

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CHINA (continued)
	166,600	Weibo Corp. - ADR(b)	$	9,306,276
				675,309,192
COLUMBIA — 0.1%
	222,400	Bancolombia SA - ADR		8,782,576
	1,713,880	Ecopetrol SA(e)		792,276
				9,574,852
CZECH REPUBLIC — 0.1%
	271,440	Komercni Banka AS		10,516,918
DENMARK — 0.2%
	106,000	Genmab A/S(b)		21,081,243
	181,782	Jyske Bank A/S		9,714,385
				30,795,628
EGYPT — 0.0%
	1,207,817	Commercial International Bank Egypt SAE - GDR		5,163,418
FINLAND — 1.4%
	1,192,000	Kone Oyj - Class B(e)		54,612,666
	35,970	Neste Oyj		1,468,939
	3,471,000	Sampo Oyj - A Shares(e)		166,324,579
				222,406,184
FRANCE — 1.1%
	749,000	L’Oreal SA(e)		149,184,822
	502,422	TOTAL SA		25,815,609
				175,000,431
GEORGIA — 0.1%
	204,802	BGEO Group Plc		9,549,366
GERMANY — 0.7%
	1,145,000	Bayerische Motoren Werke AG		109,321,420
GUERNSEY — 0.2%
	459,537	Amdocs Ltd.		28,142,046
HONG KONG — 1.5%
	3,435,000	AIA Group Ltd.		23,780,718
	754,109	ASM Pacific Technology Ltd.		11,226,780
	3,386,570	China Merchants Holdings International Co. Ltd.		9,687,296
	801,268	China Mobile Ltd.		8,544,895
	184,100	China Mobile Ltd. - ADR		9,816,212
	10,102,000	China State Construction International Holdings Ltd.		18,338,110
	13,552,000	China Unicom Hong Kong Ltd.		17,492,409
	229,219	Hong Kong Exchanges and Clearing Ltd.		5,646,231
	1,364,000	Jardine Matheson Holdings Ltd.(e)		88,018,920
	243,800	Jardine Strategic Holdings Ltd.		10,305,426
	1,006,369	Kunlun Energy Co. Ltd.		909,547
	2,592,200	Sands China Ltd.		11,764,019
	19,808,162	Sino Biopharmaceutical Ltd.		16,298,089

Shares			Value
HONG KONG (continued)
	2,662,000	Yue Yuen Industrial Holdings Ltd.(e)	$	10,523,633
				242,352,285
HUNGARY — 0.1%
	535,017	Richter Gedeon Nyrt		12,955,112
INDIA — 2.3%
	1,727,021	Ambuja Cements Ltd.		6,601,500
	1,994,000	Asian Paints Ltd.		34,729,944
	2,077,100	Axis Bank Ltd.		16,455,681
	119,342	Bharat Petroleum Corp. Ltd.		1,334,319
	1,018,800	Bharti Airtel Ltd.(b)		5,630,085
	1,234,000	Bharti Infratel Ltd.		6,803,976
	213,156	Coal India Ltd.		916,674
	1,456,934	Dabur India Ltd.		6,494,261
	97,233	Eicher Motors Ltd.(e)		39,401,055
	104,095	Hindustan Petroleum Corp. Ltd.		867,566
	4,042,000	Housing Development Finance Corp. Ltd.		96,582,626
	754,700	Maruti Suzuki India Ltd.		76,547,556
	3,916,000	Motherson Sumi Systems Ltd.(b)		24,425,540
	380,256	Oil & Natural Gas Corp. Ltd.(b)		1,102,701
	290,800	Reliance Industries Ltd.(b)		6,306,920
	624,100	Sun Pharmaceutical Industries Ltd.		6,227,903
	4,149,000	Titan Co. Ltd.(b)(e)		30,329,042
				360,757,349
INDONESIA — 0.2%
	6,423,709	Adaro Energy Tbk PT		855,434
	17,874,000	Astra International Tbk PT		12,001,823
	14,566,762	Bank Rakyat Indonesia Persero Tbk PT		14,097,924
	5,886,250	United Tractors Tbk PT		11,879,370
				38,834,551
IRELAND — 0.0%
	211,927	Weatherford International Plc(b)		1,222,819
ITALY — 0.1%
	549,765	ENI SpA		8,545,725
	1,914,383	Saipem SpA(b)		824,960
	579,489	Snam SpA		2,561,563
				11,932,248
JAPAN — 4.5%
	332,205	Adastria Co. Ltd.		8,251,856
	992,000	Asahi Kasei Corp.		9,455,035
	443,700	Bandai Namco Holdings, Inc.		13,911,025
	336,000	Benesse Holdings, Inc.		10,142,543
	86,000	Fast Retailing Co. Ltd.		28,050,774
	1,090,000	Hoshizaki Corp.(e)		90,837,407
	22,350	Idemitsu Kosan Co. Ltd.		714,759
	163,900	Inpex Corp.		1,570,999
	652,753	JX Holdings, Inc.		2,945,952

8

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	4,165,000	KDDI Corp.	$	110,425,275
	361,814	Megmilk Snow Brand Co. Ltd.		10,791,940
	530,200	Mitsubishi Tanabe Pharma Corp.		10,758,577
	1,873,093	Morinaga Milk Industry Co. Ltd.		14,786,471
	609,338	Nikon Corp.		8,691,163
	706,000	Nippon Kayaku Co. Ltd.		9,639,220
	395,369	Nippon Telegraph & Telephone Corp.		16,914,239
	307,387	Nissin Foods Holdings Co. Ltd.		17,592,546
	4,734,000	Nomura Research Institute Ltd.(e)		164,771,653
	679,700	NTT Data Corp.		31,523,203
	1,472,069	Ono Pharmaceutical Co. Ltd.		30,332,743
	3,636,167	Osaka Gas Co. Ltd.		13,611,774
	346,772	Sawai Pharmaceutical Co. Ltd.(e)		18,944,530
	77,100	Showa Shell Sekiyu KK		744,891
	732,800	Terumo Corp.		26,721,974
	852,905	Toho Gas Co. Ltd.		6,097,917
	1,942,000	Tokyo Gas Co. Ltd.		9,015,340
	1,642,652	Toray Industries, Inc.		14,530,784
	535,723	Toyo Suisan Kaisha Ltd.(e)		20,088,111
	800,603	Zensho Holdings Co. Ltd.(e)		13,703,077
				715,565,778
KENYA — 0.0%
	1,197,379	East African Breweries Ltd.		2,668,577
	20,627,920	Safaricom Ltd.		3,847,747
				6,516,324
LUXEMBOURG — 0.1%
	88,394	Tenaris SA		1,384,617
	359,300	Tenaris SA - ADR		11,220,939
				12,605,556
MEXICO — 0.3%
	54,500	Fomento Economico Mexicano SAB de CV - ADR		4,907,180
	70,400	Grupo Aeroportuario del Sureste SAB de CV - ADR		13,333,760
	2,668,400	Grupo Financiero Banorte SAB de CV - Series O		15,399,263
	543,600	Grupo Televisa SAB - ADR		13,209,480
				46,849,683
NETHERLANDS — 1.5%
	512,000	ASML Holding NV		67,507,200
	12,437	Core Laboratories NV		1,378,268
	22,129	Koninklijke Vopak NV		998,435
	1,385,043	LyondellBasell Industries NV		117,396,245
	808,669	Nostrum Oil & Gas Plc(b)		4,696,499
	961,505	Royal Dutch Shell Plc - A Shares		24,938,017

Shares			Value
NETHERLANDS (continued)
	822,801	Royal Dutch Shell Plc - B Shares	$	21,873,376
				238,788,040
NORWAY — 0.0%
	251,535	Statoil ASA		4,151,236
PERU — 0.0%
	55,700	CrediCorp Ltd.		8,558,862
PHILIPPINES — 0.0%
	1,214,700	Universal Robina Corp.		4,181,495
POLAND — 0.2%
	337,586	Bank Pekao SA.		12,231,314
	52,248	Grupa Lotos SA(b)		814,725
	514,603	Polski Koncern Naftowy ORLEN SA		15,388,211
	7,316,964	Polskie Gornictwo Naftowe I Gazownictwo SA(e)		12,486,673
				40,920,923
PORTUGAL — 0.0%
	102,224	Galp Energia SGPS SA		1,589,003
RUSSIA — 0.2%
	355,800	Lukoil PJSC - ADR		17,629,890
	1,867,600	Sberbank of Russia PJSC - ADR		22,205,764
				39,835,654
SINGAPORE — 0.6%
	2,874,000	Jardine Cycle & Carriage Ltd.(e)		97,154,221
SOUTH AFRICA — 0.7%
	606,300	Aspen Pharmacare Holdings Ltd.		12,577,648
	880,480	Discovery Ltd.		8,815,506
	80,463	Exxaro Resources Ltd.		685,670
	339,759	Massmart Holdings Ltd.		3,285,534
	350,700	Naspers Ltd. - Class N		66,618,239
	295,000	Sasol Ltd.		9,050,603
	594,600	Standard Bank Group Ltd.		6,601,056
				107,634,256
SOUTH KOREA — 1.6%
	20,615	Amorepacific Corp.		5,290,078
	258,573	Hankook Tire Co. Ltd.		13,384,260
	25,400	Hanssem Co. Ltd.		4,910,801
	320,621	Korea Electric Power Corp.		12,778,067
	967,512	LG Display Co. Ltd.		24,997,674
	14,700	LG Household & Health Care Ltd.		11,187,451
	18,900	NAVER Corp.		13,287,635
	44,700	Samsung Electronics Co. Ltd. - GDR		43,820,063
	76,700	Samsung Electronics Co. Ltd. - Preference Shares(e)		118,160,735
	15,959	SK Innovation Co. Ltd.		2,398,268

9

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	11,503	S-Oil Corp.	$	1,007,865
				251,222,897
SPAIN — 0.0%
	50,605	Enagas SA		1,331,246
	258,138	Repsol SA		4,087,096
				5,418,342
SWEDEN — 1.4%
	1,955,000	Atlas Copco AB - A Shares		73,103,090
	41,835	Lundin Petroleum AB(b)		798,697
	10,024,000	Svenska Handelsbanken AB - A Shares(e)		142,257,437
				216,159,224
SWITZERLAND — 1.2%
	65,649	CHUBB Ltd.		9,010,325
	370,500	Coca-Cola HBC AG - CDI		10,278,873
	2,185,000	Nestle SA		168,321,859
				187,611,057
TAIWAN — 1.2%
	1,241,000	Advantech Co. Ltd.		10,036,260
	483,150	Airtac International Group		5,524,734
	460,470	Eclat Textile Co. Ltd.		5,044,093
	3,864,000	Elite Material Co. Ltd.		15,432,435
	328,347	Formosa Petrochemical Corp.		1,148,143
	3,181,000	Formosa Plastics Corp.		9,562,716
	3,867,275	Hon Hai Precision Industry Co., Ltd.		12,664,041
	7,980,000	Kinsus Interconnect Technology Corp.(e)		20,762,653
	108,000	Largan Precision Co. Ltd.		17,951,675
	3,610,000	Novatek Microelectronics Corp.(e)		13,879,553
	6,216,000	Taiwan Semiconductor Manufacturing Co. Ltd.		40,071,990
	12,846,871	Uni-President Enterprises Corp.(e)		23,717,169
	5,072,000	Vanguard International Semiconductor Corp.(e)		9,683,047
				185,478,509
THAILAND — 0.6%
	23,850,000	Airports of Thailand Public Co. Ltd.		27,752,602
	31,740,000	CP ALL Public Co. Ltd.(e)		55,973,981
	3,001,000	Siam Commercial Bank Public Co. Ltd.		13,534,432
				97,261,015
TURKEY — 0.1%
	645,067	Arcelik AS		4,304,139
	28,786	Tupras Turkiye Petrol Rafinerileri AS		725,333
	3,458,500	Turkiye Garanti Bankasi AS		9,337,692
				14,367,164

Shares			Value
UNITED ARAB EMIRATES — 0.1%
	332,700	DP World Ltd.	$	6,800,388
	5,037,700	Emaar Properties PJSC		9,847,723
	362,000	MHP SA - GDR		3,728,599
				20,376,710
UNITED KINGDOM — 4.6%
	922,899	Abcam Plc(e)		10,244,077
	25,115	Aon Plc		3,009,782
	762,768	ASOS Plc(b)		57,498,073
	4,142,055	BP Plc		23,739,249
	3,410,000	Compass Group Plc		68,811,286
	83,689	Petrofac Ltd.		882,871
	1,399,501	Reckitt Benckiser Group Plc		128,896,681
	11,342,000	RELX NV(e)		219,360,373
	282,793,000	Rolls-Royce Holdings Plc(b)		366,274
	3,983,000	Rolls-Royce Holdings Plc		41,889,404
	60,313	TechnipFMC Plc(b)		1,817,231
	29,979	TechnipFMC Plc(b)		901,310
	3,318,000	Whitbread Plc(e)		173,403,461
				730,820,072
UNITED STATES — 57.7%
	5,259	Affiliated Managers Group, Inc.		870,838
	78,699	Aflac, Inc.		5,892,981
	1,758,445	AGNC Investment Corp. REIT		37,050,436
	49	Alleghany Corp.(b)		29,924
	765,800	Allergan Plc		186,747,988
	35,360	Allstate Corp. (The)		2,874,414
	182,473	Ally Financial Inc.		3,612,965
	47,000	Alphabet, Inc. - Class A(b)		43,452,440
	242,000	Alphabet, Inc. - Class C(b)		219,242,320
	266,400	Amazon.com, Inc.(b)		246,417,336
	92,669	American Express Co.		7,344,018
	75,965	American International Group, Inc.		4,627,028
	15,160	Ameriprise Financial, Inc.		1,938,205
	1,824,227	Anadarko Petroleum Corp.		104,017,424
	5,651,527	Annaly Capital Management, Inc., REIT		66,744,534
	37,654	Antero Resources Corp.(b)		797,888
	88,193	Apache Corp.		4,289,708
	1,900,409	Apple, Inc.		272,993,753
	35,403	Assurant, Inc.		3,407,185
	1,640,000	Automatic Data Processing, Inc.		171,363,600
	229,890	AutoZone, Inc.(b)		159,127,559
	89,855	Baker Hughes, Inc.		5,334,691
	617,466	Ball Corp.		47,476,961
	1,030,700	Bank of America Corp.		24,056,538
	2,940,907	Bank of New York Mellon Corp. (The)		138,399,083
	45,740	BB&T Corp.		1,975,053
	922,000	Becton Dickinson and Co.		172,386,340
	1,082,180	Berkshire Hathaway, Inc. - Class B(b)		178,786,958
	227,206	Big Lots, Inc.		11,471,631
	144,000	Biogen Inc.(b)		39,054,240

10

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	435,000	BioMarin Pharmaceutical, Inc.(b)	$	41,690,400
	4,122	BlackRock Inc.		1,585,198
	826,679	Brinker International, Inc.		36,530,945
	1,388,000	Bristol-Myers Squibb Co.		77,797,400
	92,922	Cabot Oil & Gas Corp.		2,159,507
	79,861	Capital One Financial Corp.		6,419,227
	1,206,711	Capstead Mortgage Corp. REIT(e)		13,442,761
	707,161	CBOE Holdings, Inc.		58,277,138
	1,851,016	Charles Schwab Corp. (The)		71,911,972
	500,101	Cheesecake Factory, Inc. (The)		32,086,480
	38,760	Cheniere Energy, Inc.(b)		1,757,765
	424,337	Chevron Corp.		45,276,758
	64,000	Chipotle Mexican Grill, Inc.(b)		30,366,080
	18,978	Cimarex Energy Co.		2,214,353
	19,445	CIT Group, Inc.		900,498
	322,948	Citigroup, Inc.		19,092,686
	91,236	Citizens Financial Group Inc.		3,349,274
	398,946	Clorox Co. (The)		53,335,091
	8,313	CME Group, Inc.		965,887
	2,371,700	Cognizant Technology Solutions Corp. - Class A(b)		142,847,491
	2,242,400	Colgate-Palmolive Co.		161,542,496
	1,692,008	Comcast Corp. - Class A		66,309,794
	1,384,525	Conagra Brands, Inc.		53,691,880
	30,702	Concho Resources, Inc.(b)		3,888,715
	275,323	ConocoPhillips		13,190,725
	21,146	Continental Resources, Inc.(b)		896,802
	333,200	Costco Wholesale Corp.		59,149,664
	91,465	Cracker Barrel Old Country Store, Inc.		14,651,778
	876,268	Darden Restaurants, Inc.		74,649,271
	102,618	Devon Energy Corp.		4,052,385
	17,263	Diamondback Energy, Inc.(b)		1,723,538
	59,109	Discover Financial Services		3,699,632
	511,661	DXC Technology Co.(b)		38,548,540
	26,067	E*TRADE Financial Corp.(b)		900,615
	456,000	Edwards Lifesciences Corp.(b)		50,009,520
	130,191	EOG Resources, Inc.		12,042,668
	34,363	EQT Corp.		1,997,865
	602,221	Equity Commonwealth REIT(b)		19,265,050
	931,114	Exxon Mobil Corp.		76,025,458
	716,000	Facebook, Inc. - Class A(b)		107,579,000
	129,549	Fifth Third Bancorp		3,164,882
	1,777,750	Fluor Corp.(e)		91,234,130
	23,419	FNF Group.		959,008
	69,678	Franklin Resources, Inc.		3,003,819
	280,112	FTI Consulting, Inc.(b)		9,689,074
	1,581,300	Gilead Sciences, Inc.		108,398,115
	40,705	Goldman Sachs Group, Inc. (The)		9,109,779
	722,905	Guess?, Inc.		8,067,620
	188,235	Halliburton Co.		8,636,222
	447,069	Heartland Express, Inc.		8,995,028
	26,443	Helmerich & Payne, Inc.		1,603,504

Shares			Value
UNITED STATES (continued)
	58,021	Hess Corp.	$	2,833,165
	5,956,200	Hewlett Packard Enterprise Co.		110,964,006
	43,190	HollyFrontier Corp.		1,215,367
	275,000	Illumina, Inc.(b)		50,836,500
	321,130	International Business Machines Corp.		51,473,928
	86,521	Invesco Ltd.(e)		2,850,002
	254,845	Jack Henry & Associates, Inc.		24,699,577
	1,427,400	Johnson & Johnson		176,241,078
	2,390,132	JPMorgan Chase & Co.		207,941,484
	425,258	Kinder Morgan, Inc.		8,773,073
	1,808,000	Kraft Heinz Co. (The)		163,425,120
	733,000	Las Vegas Sands Corp.		43,239,670
	21,922	Lincoln National Corp.		1,445,317
	525,574	Lockheed Martin Corp.		141,615,914
	27,466	Loews Corp.		1,280,465
	189,624	Marathon Oil Corp.		2,819,709
	124,548	Marathon Petroleum Corp.		6,344,475
	169,000	Markel Corp.(e)		163,862,400
	49,182	Marsh & McLennan Cos., Inc.		3,645,862
	1,650,000	Mastercard, Inc. - Class A		191,928,000
	4,996,300	Mattel, Inc.		112,017,046
	499,000	Medidata Solutions, Inc.(b)		32,649,570
	974,700	Merck & Co., Inc.		60,753,051
	89,401	MetLife, Inc.		4,631,866
	16,444	Moody’s Corp.		1,945,654
	134,838	Morgan Stanley.		5,847,924
	427,024	Motorola Solutions, Inc.		36,711,253
	23,284	MSCI, Inc.		2,335,851
	47,034	Murphy Oil Corp.		1,231,350
	81,701	National Oilwell Varco, Inc.		2,857,084
	262,000	Netflix, Inc.(b)		39,876,400
	150,068	New York Community Bancorp, Inc.		1,994,404
	37,113	Newfield Exploration Co.(b)		1,284,852
	354,989	NIC, Inc.(e)		7,579,015
	762,000	NIKE, Inc. - Class B		42,222,420
	629,452	NiSource, Inc.		15,264,211
	88,282	Noble Energy, Inc.		2,854,157
	52,173	Northrop Grumman Corp.		12,832,471
	2,162,144	Occidental Petroleum Corp.		133,058,342
	52,487	ONEOK, Inc.		2,761,341
	4,533,820	Oracle Corp.		203,840,547
	44,400	Parsley Energy, Inc. - Class A(b)		1,322,675
	466,697	People’s United Financial, Inc.		8,153,197
	1,970,800	PepsiCo, Inc.		223,252,224
	1,904,000	Philip Morris International, Inc.		211,039,360
	105,465	Phillips 66		8,390,795
	36,536	Pioneer Natural Resources Co.		6,320,363
	34,682	PNC Financial Services Group, Inc. (The)		4,153,170
	202,600	Priceline Group, Inc. (The)(b)		374,165,732
	50,380	Principal Financial Group, Inc.		3,281,249
	18,857	Progressive Corp. (The)		749,000
	68,307	Prudential Financial, Inc.		7,310,898

11

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,066,800	QUALCOMM, Inc.	$	164,809,832
	2,181,900	Quest Diagnostics, Inc.(e)		230,212,269
	3,021,462	Range Resources Corp.		80,038,528
	271,841	Raytheon Co.		42,192,442
	158,000	Regeneron Pharmaceuticals, Inc.(b)		61,381,420
	118,873	Regions Financial Corp.		1,634,504
	28,684	Reinsurance Group of America, Inc.		3,586,647
	783,954	Republic Services, Inc.		49,381,262
	24,773	S&P Global Inc.		3,324,289
	314,093	Schlumberger Ltd.		22,800,011
	112,789	Southwestern Energy Co.(b)		847,045
	815,000	Starbucks Corp.		48,948,900
	18,866	State Street Corp.		1,582,857
	21,096	SunTrust Banks, Inc.		1,198,464
	328,838	Super Micro Computer, Inc.(b)		8,023,647
	2,790,929	Synchrony Financial		77,587,826
	44,161	T Rowe Price Group, Inc.		3,130,573
	42,938	Targa Resources Corp.		2,367,172
	25,085	TD Ameritrade Holding Corp.		960,003
	29,793	Tesoro Corp.		2,374,800
	2,560,000	Texas Instruments, Inc.		202,700,800
	10,798	Torchmark Corp.		828,315
	51,154	Travelers Cos., Inc. (The)		6,223,396
	170,990	Tyson Foods, Inc. - Class A		10,987,817
	247,000	Under Armour, Inc. - Class A(b)		5,308,030
	249,044	Under Armour, Inc. - Class C(b)		4,833,944
	1,009,900	UnitedHealth Group, Inc.		176,611,312
	83,720	Unum Group		3,878,748
	4,089,273	US Bancorp		209,697,919
	246,826	Vail Resorts, Inc.		48,787,627
	105,816	Valero Energy Corp.		6,836,772
	2,974,874	Verizon Communications, Inc.		136,576,465
	1,013,000	Visa, Inc. - Class A		92,405,860
	18,677	Voya Financial, Inc.		698,146
	1,026,200	Wabtec Corp.		86,087,918
	1,733,300	Walgreens Boots Alliance, Inc.		149,999,782
	789,659	Wal-Mart Stores, Inc.		59,366,564
	530,000	Walt Disney Co. (The)		61,268,000
	769,981	Waste Management, Inc.		56,039,217
	2,165,798	Wells Fargo & Co.		116,606,564
	368,100	Whirlpool Corp.		68,348,808
	1,556,000	Whole Foods Market, Inc.		56,591,720
	186,923	Williams Cos., Inc. (The)		5,725,451
	725,000	Workday, Inc. - Class A(b)		63,365,000
	29,826	WR Berkley Corp.		2,027,571
				9,188,774,348
Total Common Stocks (Cost $12,163,859,481)				14,896,073,101
MASTER LIMITED PARTNERSHIPS — 0.2%
UNITED STATES — 0.2%
	403,980	Alliance Resource Partners LP(e)		8,584,575

Shares			Value
UNITED STATES (continued)
	188,768	AmeriGas Partners LP(e)	$	8,498,335
	27,586	Plains GP Holdings LP - Class A(e)		821,235
	196,391	Spectra Energy Partners LP(e)		8,867,054
				26,771,199
Total Master Limited Partnerships (Cost $27,869,376)				26,771,199
PREFERRED STOCKS — 0.0%
SOUTH KOREA — 0.0%
	9,400	Samsung Electronics Co. Ltd. - GDR, 6.74%		7,240,619
Total Preferred Stocks (Cost $4,604,359)				7,240,619
PARTICIPATION NOTES — 0.0%
UNITED KINGDOM — 0.0%
	164,852	HSBC Bank Plc (Qatar National Bank), 3.50 QAR due 9/9/19(f)		6,576,771
Total Participation Notes (Cost $6,468,818)				6,576,771
Principal
Amount
U.S. GOVERNMENT AGENCIES — 1.2%
Federal Home Loan Bank — 1.2%
$	7,000,000	0.70%, 05/08/17(c)		6,998,992
	8,200,000	0.74%, 05/16/17(c)		8,197,474
	8,000,000	0.76%, 05/18/17(c)		7,997,208
	25,000,000	0.75%, 05/22/17(c)		24,989,200
	95,000,000	0.79%, 05/24/17(c)		94,955,065
	40,000,000	0.77%, 06/16/17(c)		39,959,640
Total U.S. Government Agencies (Cost $183,097,456)				183,097,579
Shares				Value
EXCHANGE TRADED FUNDS — 3.8%
	1,975,000	Energy Select Sector SPDR Fund		133,984,000
	3,823,600	iShares MSCI Eurozone ETF		150,038,064
	1,317,525	iShares S&P 500 Index Fund		315,626,289
Total Exchange Traded Funds (Cost $590,243,418)				599,648,353

12

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

	Shares		Value
INVESTMENT COMPANY — 1.1%
	168,591,500	Federated Government Obligations Fund, 0.41%(d)	$	168,591,500
Total Investment Company (Cost $168,591,500)				168,591,500
TOTAL INVESTMENTS — 99.8% (Cost $13,144,734,408)(a)			$	15,887,999,122
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				35,967,496
NET ASSETS — 100.0%			$	15,923,966,618

(a)	Cost for federal income tax purposes is $13,156,496,088 and net unrealized appreciation of investments is as follows:
	Unrealized appreciation	$	3,039,168,639
	Unrealized depreciation		(307,665,605	)
	Net unrealized appreciation	$	2,731,503,034

(b)	Non-income producing security.
(c)	The rate represents the annualized yield at time of purchase.
(d)	Rate shown represents current yield at April 30, 2017.
(e)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $1,370,549,420 or 8.61% 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 $6,576,771 which is 0.04% of net assets.

ADR-American Depositary Receipt

CDI-Chess Depositary Interests

GDR-Global Depositary Receipt

QAR-Qatari Rial

REIT-Real Estate Investment Trust

Portfolio diversification by Sector (Unaudited)

	Percentage
Sector	of Net Assets
Information Technology		20.4	%
Consumer Discretionary		15.8
Consumer Staples		12.4
Health Care		11.3
Industrials		8.8
Banks		6.6
Energy		6.3
Diversified Financials		3.8
Insurance		3.3
Telecommunication Services		2.0
Materials		1.6
Real Estate		0.9
Utilities		0.5
Other*		6.3
		100.0	%

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

13

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments	April 30, 2017
	(Unaudited)

			Percentage of
Shares			Net Assets (%)		Value
COMMON STOCKS — 93.5%
AUSTRALIA — 1.7%
	39,472,012	Other Securities		1.7	$	101,587,935
AUSTRIA — 0.2%
	310,632	Other Securities		0.2		11,647,799
BELGIUM — 0.2%
	401,689	Other Securities		0.2		12,077,776
BERMUDA — 1.1%
	359,323	Argo Group International Holdings Ltd.(b)		0.4		23,697,352
	890,982	Other Securities		0.7		41,474,933
						65,172,285
BRAZIL — 0.4%
	5,615,368	Other Securities		0.4		26,682,373
CAMBODIA — 0.0%
	166,000	Other Securities		0.0		91,981
CANADA — 2.3%
	1,380,632	CAE, Inc.		0.4		21,088,002
	635,000	Ritchie Bros Auctioneers, Inc.(c)		0.3		20,802,600
	9,596,307	Other Securities		1.6		99,644,752
						141,535,354
CAYMAN ISLANDS — 0.0%
	41,457	Other Securities		0.0		2,541,314
CHILE — 0.1%
	50,133,807	Other Securities		0.1		6,148,678
CHINA — 1.6%
	170,170,011	Other Securities		1.6		98,183,255
CURACAO — 0.1%
	71,060	Other Securities		0.1		2,713,071
DENMARK — 0.4%
	778,996	Other Securities		0.4		25,721,454
FAEROE ISLANDS — 0.0%
	7,482	Other Securities		0.0		253,583
FINLAND — 0.3%
	1,264,802	Other Securities		0.3		19,390,413
FRANCE — 1.5%
	1,966,481	Other Securities		1.5		92,909,309
GABON — 0.0%
	52	Other Securities		0.0		8,883
GERMANY — 1.8%
	152,665	MTU Aero Engines AG		0.4		21,893,147
	2,002,996	Other Securities		1.4		87,805,802
						109,698,949
GIBRALTAR — 0.0%
	23,380	Other Securities		0.0		84,638

			Percentage of
Shares			Net Assets (%)		Value
GREECE — 0.0%
	116,197	Other Securities		0.0	$	128,992
GUERNSEY — 0.0%
	15,253	Other Securities		0.0		508,602
HONG KONG — 1.4%
	193,374,125	Other Securities		1.4		85,662,747
HUNGARY — 0.0%
	58,553	Other Securities		0.0		362,706
INDIA — 1.7%
	24,969,702	Other Securities		1.7		104,360,127
INDONESIA — 0.5%
	354,225,273	Other Securities		0.5		29,807,885
IRELAND — 1.5%
	826,557	Allegion Plc		1.1		65,000,442
	8,959,273	Other Securities		0.4		22,833,384
						87,833,826
ISLE OF MAN — 0.0%
	72,421	Other Securities		0.0		501,383
ISRAEL — 1.5%
	710,833	Check Point Software Technologies Ltd.(d)		1.2		73,933,740
	4,052,559	Other Securities		0.3		14,367,960
						88,301,700
ITALY — 0.4%
	4,672,982	Other Securities		0.4		21,025,980
JAPAN — 5.0%
	28,980,125	Other Securities		5.0		301,021,768
JERSEY CHANNEL ISLANDS — 0.0%
	455,891	Other Securities		0.0		1,722,221
JORDAN — 0.0%
	29,542	Other Securities		0.0		741,152
LUXEMBOURG — 0.2%
	347,570	Other Securities		0.2		13,473,255
MACAU — 0.0%
	87,200	Other Securities		0.0		198,652
MALAYSIA — 0.5%
	45,943,033	Other Securities		0.5		26,731,964
MALTA — 0.0%
	34,973	Other Securities		0.0		362,669
MARTINIQUE — 0.0%
	12,500	Other Securities		0.0		206,220
MEXICO — 0.4%
	16,279,675	Other Securities		0.4		24,496,345
NETHERLANDS — 0.6%
	2,048,087	Other Securities		0.6		33,168,146
NEW ZEALAND — 0.7%
	14,033,806	Other Securities		0.7		41,389,491

14

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

			Percentage of
Shares			Net Assets (%)		Value
NORWAY — 0.1%
	1,349,514	Other Securities		0.1	$	6,271,050
PANAMA — 0.0%
	358	Other Securities		0.0		41,678
PERU — 0.1%
	2,983,490	Other Securities		0.1		3,860,938
PHILIPPINES — 0.2%
	45,380,800	Other Securities		0.2		13,364,323
POLAND — 0.1%
	1,077,009	Other Securities		0.1		3,553,615
PORTUGAL — 0.0%
	2,470,181	Other Securities		0.0		1,583,179
PUERTO RICO — 0.0%
	93,729	Other Securities		0.0		1,539,698
ROMANIA — 0.0%
	19,753	Other Securities		0.0		216,527
SINGAPORE — 1.0%
	34,736,000	Other Securities		1.0		59,275,833
SOUTH AFRICA — 0.5%
	8,350,740	Other Securities		0.5		27,971,510
SOUTH KOREA — 1.3%
	5,165,898	Other Securities		1.3		75,457,571
SPAIN — 0.3%
	2,827,087	Other Securities		0.3		18,335,457
SWEDEN — 0.8%
	3,246,637	Other Securities		0.8		49,352,503
SWITZERLAND — 1.6%
	544,300	Allied World Assurance Co. Holdings AG		0.5		28,896,887
	1,195,382	Other Securities		1.1		67,499,317
						96,396,204
TAIWAN — 1.3%
	77,145,849	Other Securities		1.3		80,688,448
THAILAND — 0.3%
	63,284,656	Other Securities		0.3		19,404,193
TURKEY — 0.1%
	3,304,494	Other Securities		0.1		4,186,357
UKRAINE — 0.0%
	8,605	Other Securities		0.0		153,059
UNITED ARAB EMIRATES — 0.0%
	64,871	Other Securities		0.0		89,062
UNITED KINGDOM — 4.9%
	400,493	Croda International Plc		0.3		19,524,611
	824,756	Steris Plc(b)		1.0		60,866,993
	32,207,182	Other Securities		3.6		217,794,895
						298,186,499

Shares			Percentage of Net Assets (%)		Value
UNITED STATES — 54.8%
	493,187	Advance Auto Parts, Inc.		1.2	$	70,101,600
	642,600	AdvancePierre Foods Holdings, Inc.		0.4		26,102,412
	737,092	ANSYS, Inc.(b)(d)		1.3		81,198,055
	1,237,795	Axalta Coating Systems Ltd.(d)		0.6		38,829,629
	381,151	Blackbaud, Inc.		0.5		30,648,352
	450,917	CONMED Corp.(b)		0.4		22,167,080
	364,920	Cooper Cos., Inc. (The)		1.2		73,104,424
	1,801,569	CoreLogic, Inc.(b)(d)		1.3		76,999,059
	245,000	CR Bard, Inc.		1.3		75,332,600
	801,500	Dover Corp.		1.1		63,222,320
	794,152	Dun & Bradstreet Corp. (The)(b)		1.4		87,047,001
	455,668	Financial Engines, Inc.		0.3		19,365,890
	320,000	Guidewire Software, Inc.(d)		0.3		19,676,800
	3,594,109	Hanesbrands, Inc.		1.3		78,387,517
	452,674	HB Fuller Co.		0.4		23,914,767
	146,577	ICU Medical, Inc.(d)		0.4		22,543,543
	491,432	IDEX Corp.(b)		0.9		51,482,416
	731,948	Integra LifeScience Holdings Corp.(d)		0.6		33,647,650
	450,800	JM Smucker Co. (The)		0.9		57,125,376
	481,418	John Wiley & Sons, Inc. - Class A(b)		0.4		25,370,729
	1,930,455	KAR Auction Services, Inc.(b)		1.4		84,206,447
	794,000	Laboratory Corp of America Holdings(d)		1.8		111,279,100
	210,617	LogMein, Inc.		0.4		23,799,721
	1,441,000	Nasdaq, Inc.(b)		1.6		99,241,670
	1,818,900	Newell Brands, Inc.		1.4		86,834,286
	311,976	NuVasive, Inc.(d)		0.4		22,621,380
	486,043	Omnicell, Inc.(d)		0.3		20,122,180
	550,584	Qualys, Inc.(b)(d)		0.4		21,142,426
	11,694,600	Samsonite International SA(b)		0.8		45,179,599
	506,664	SIX Flags Entertainment Corp.		0.5		31,722,233
	520,091	Snap-on, Inc.		1.4		87,130,845
	731,000	Snyder’s-Lance, Inc.		0.4		25,775,060
	646,803	Spectrum Brands Holdings, Inc.(b)		1.5		92,964,995
	351,264	TreeHouse Foods, Inc.(d)		0.5		30,770,726
	1,350,000	Vantiv, Inc. - Class A(d)		1.4		83,754,000
	1,123,982	Wabtec Corp.(b)		1.6		94,290,850
	451,351	Waters Corp.(d)		1.3		76,680,021
	968,700	Welbilt, Inc.(d)		0.3		19,858,350
	220,353	WEX, Inc.(d)		0.4		22,357,015
	1,028,544	Wolverine World Wide, Inc.		0.4		24,798,196
	1,133,031	Wyndham Worldwide Corp.		1.8		107,989,185
	41,733,459	Other Securities		18.6		1,121,114,775
						3,309,900,280
Total Common Stocks (Cost $4,278,654,337)						5,648,282,865

15

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

			Percentage of
Shares			Net Assets (%)		Value
INVESTMENT COMPANY — 0.8%
	47,293,000	SEI Daily Income Trust Government II Fund, Class A 0.60%(e)		0.8	$	47,293,000
Total Investment Company (Cost $47,293,000)						47,293,000
EXCHANGE TRADED FUNDS — 1.8%
	172,750	iShares Core S&P Small Cap Index Fund		0.2		12,056,223
	860,000	SPDR S&P Oil & Gas Exploration & Production Index Fund		0.5		30,057,000
	495,750	Vanguard Small-Cap ETF		1.1		66,638,715
Total Exchange Traded Funds (Cost $86,919,149)						108,751,938
RIGHTS/WARRANTS — 0.0%
	732,465	Other Rights/Warrants		0.0	$	79,476
Total Rights/Warrants (Cost $46,069)						79,476
Principal
Amount
U.S. GOVERNMENT AGENCIES — 2.5%
Federal Home Loan Bank — 2.5%
$	13,000,000	0.60%, 05/01/2017(f)				13,000,000
	12,000,000	0.74%, 05/16/2017(f)				11,996,304
	15,000,000	0.75%, 05/22/2017(f)				14,993,520
	11,000,000	0.76%, 05/05/2017(f)				10,999,098
	13,000,000	0.76%, 05/16/2017(f)				12,995,996
	41,000,000	0.76%, 05/18/2017(f)				40,985,691
	10,000,000	0.76%, 06/07/2017(f)				9,991,880
	40,000,000	0.79%, 05/24/2017(f)				39,981,080
Total U.S. Government Agencies (Cost $154,943,770)						154,943,569
Shares
CASH SWEEP — 1.1%
	68,349,402	Citibank - US Dollars on Deposit in Custody Account, 0.08%(e)		1.1	$	68,349,402
Total Cash Sweep (Cost $68,349,402)						68,349,402
TOTAL INVESTMENTS — 99.7% (Cost $4,636,205,727)(a)					$	6,027,700,250
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%						15,442,646
NET ASSETS — 100.0%					$	6,043,142,896

(a)	Cost for federal income tax purposes is $4,640,580,193 and net unrealized appreciation of investments is as follows:
	Unrealized appreciation	$	1,513,072,146
	Unrealized depreciation		(125,952,089	)
	Net unrealized appreciation	$	1,387,120,057
(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $495,506,691 or 8.20% of net assets.
(c)	Securities incorporated in the same country but traded on different exchanges.
(d)	Non-income producing security.
(e)	The rate shown is the current yield as of April 30, 2017.
(f)	The rate represents the annualized yield at time of purchase.
	This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete Portfolio of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. Level 3 common stocks and rights with a value of $1,696,675 (cost of $9,221,306) or 0.03% of net assets were fair valued by the Board of Directors.

16

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		21.5	%
Consumer Discretionary		15.1
Health Care		13.2
Information Technology		13.1
Consumer Staples		8.5
Materials		5.8
Banks		3.8
Diversified Financials		3.4
Real Estate		3.0
Insurance		2.6
Utilities		2.0
Energy		1.1
Telecommunication Services		0.4
Other*		6.5
Total		100.0	%

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

17

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments	April 30, 2017
	(Unaudited)

Shares			Value
COMMON STOCKS — 9.6%
BELGIUM — 0.1%
	57,046	Groupe Bruxelles Lambert SA	$	5,468,964
BERMUDA — 0.6%
	47,944	Aspen Insurance Holdings Ltd.		2,509,869
	21,769	Everest Re Group Ltd.		5,479,475
	85,518	RenaissanceRe Holdings Ltd.		12,158,094
	207,105	Validus Holdings Ltd.		11,448,764
				31,596,202
CANADA — 0.0%
	16,960	Waste Connections, Inc.		1,560,263
CHINA — 0.5%
	137,000	AAC Technologies Holdings, Inc.		2,011,403
	10,436,000	Bank of China Ltd. - H Shares		5,058,106
	6,333,000	China Construction Bank Corp. - H Shares		5,145,636
	1,824,000	China Lesso Group Holdings Ltd.		1,453,882
	5,000,000	China SCE Property Holdings Ltd.		1,889,861
	2,936,500	China Shenhua Energy Co. Ltd. - H Shares		6,848,253
	7,750,000	Industrial & Commercial Bank of China Ltd. - H Shares		5,061,485
				27,468,626
DENMARK — 0.0%
	14,478	ALK-Abello A/S		2,258,129
HONG KONG — 0.5%
	4,772,000	Anxin-China Holdings Ltd.(b)(c)(d)		44,295
	235,000	Cheung Kong Infrastructure Holdings Ltd.		2,058,952
	2,236,000	China Lumena New Materials Corp.(b)(c)(d)		0
	888,000	China State Construction International Holdings Ltd.		1,611,982
	242,300	Hang Seng Bank Ltd.		4,912,444
	2,558,000	Hong Kong & China Gas Co. Ltd.		5,110,508
	2,498,000	Hopewell Highway Infrastructure Ltd.		1,445,165
	714,000	Link REIT (The)		5,135,832
	237,900	VTech Holdings Ltd.		3,014,141
	1,419,000	Yue Yuen Industrial Holdings Ltd.		5,609,705
				28,943,024
INDONESIA — 0.0%
	256,300	Gudang Garam Tbk PT		1,276,789
ISRAEL — 0.0%
	3,380,624	Oil Refineries Ltd.		1,341,310
JAPAN — 0.7%
	210,600	Duskin Co. Ltd.(b)		4,723,032

Shares			Value
JAPAN (continued)
	127,200	EDION Corp.	$	1,240,336
	550,000	Fukuyama Transporting Co. Ltd.(b)		3,345,145
	29,600	Kobayashi Pharmaceutical Co. Ltd.		1,550,697
	42,000	Mochida Pharmaceutical Co. Ltd.		3,164,835
	98,200	Nikon Corp.		1,400,655
	95,000	Nippon Kayaku Co. Ltd.		1,297,062
	63,800	NTT Data Corp.		2,958,924
	358,000	Osaka Gas Co. Ltd.		1,340,152
	49,800	Park24 Co. Ltd.		1,284,369
	37,600	Sankyo Co. Ltd.		1,310,392
	171,600	Takasago Thermal Engineering Co. Ltd.		2,656,933
	57,800	Toyo Suisan Kaisha Ltd.		2,167,338
	261,600	Yokogawa Electric Corp.		4,038,696
	314,300	Zensho Holdings Co. Ltd.		5,379,542
				37,858,108
MOROCCO AND ANTILLES — 0.1%
	89,296	Attijariwafa Bank		3,679,360
	37,590	Cosumar		1,476,910
	83,286	Maroc Telecom		1,163,346
				6,319,616
NETHERLANDS — 0.1%
	147,229	Aalberts Industries NV		5,840,919
PAKISTAN — 0.1%
	886,600	Hub Power Co. Ltd. (The)		1,097,977
	426,000	Lucky Cement Ltd.(b)		3,586,728
				4,684,705
QATAR — 0.1%
	101,562	Ooredoo QSC		2,895,157
	265,381	United Development Co. QSC		1,398,583
				4,293,740
SINGAPORE — 0.3%
	4,114,600	Mapletree Industrial Trust, REIT(b)		5,271,541
	732,300	Oversea-Chinese Banking Corp. Ltd.		5,136,557
	327,400	United Overseas Bank Ltd.		5,108,485
				15,516,583
SOUTH KOREA — 0.1%
	100,020	LG Display Co. Ltd.		2,584,224
	224,489	LG Uplus Corp.		2,850,748
	26,694	S-1 Corp.		2,289,599
				7,724,571
SWITZERLAND — 0.1%
	65,651	Nestle SA		5,057,436
TAIWAN — 0.6%
	408,000	Elite Material Co. Ltd.		1,629,512

18

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	8,726,000	First Financial Holding Co. Ltd.	$	5,321,614
	363,000	Formosa Petrochemical Corp.		1,269,315
	426,000	Formosa Plastics Corp.		1,280,640
	1,061,880	Foxconn Technology Co. Ltd.		3,237,976
	9,261,000	Hua Nan Financial Holdings Co. Ltd.		5,187,461
	878,000	LCY Chemical Corp.		1,262,974
	434,000	Novatek Microelectronics Corp.		1,668,622
	1,468,000	Siliconware Precision Industries Co. Ltd.		2,379,278
	10,668,000	Taiwan Cooperative Financial Holding Co. Ltd.		5,427,523
	1,998,000	Uni-President Enterprises Corp.		3,688,595
				32,353,510
UNITED ARAB EMIRATES — 0.1%
	6,498,541	Dana Gas PJSC(d)		778,480
	493,975	Emirates Telecommunications Group Co. PJSC		2,346,818
				3,125,298
UNITED KINGDOM — 0.2%
	42,536	Aon Plc		5,097,514
	359,378	Cineworld Group Plc		3,276,891
				8,374,405
UNITED STATES — 5.4%
	26,730	3M Co.		5,234,536
	62,716	Aaron’s, Inc.(d)		2,254,013
	86,051	AGNC Investment Corp. REIT		1,813,095
	96,712	Altria Group, Inc.		6,941,987
	94,239	AMETEK, Inc.		5,390,471
	28,496	Amgen, Inc.		4,653,967
	642,895	Annaly Capital Management, Inc., REIT		7,592,590
	17,385	Anthem, Inc.		3,092,618
	442,833	Apollo Investment Corp.		3,006,836
	90,678	Arthur J Gallagher & Co.		5,060,739
	69,823	Brinker International, Inc.		3,085,478
	376,820	Capitol Federal Financial, Inc.		5,512,877
	489,618	Capstead Mortgage Corp. REIT		5,454,345
	3,161	Cardinal Health, Inc.		229,457
	81,688	CBOE Holdings, Inc.		6,731,908
	52,423	Cheesecake Factory, Inc. (The)		3,363,460
	198,000	Cisco Systems, Inc.		6,745,860
	79,120	Clorox Co. (The)		10,577,553
	171,165	Conagra Brands, Inc.		6,637,779
	19,478	Consolidated Edison, Inc.		1,544,216
	24,618	Cracker Barrel Old Country Store, Inc.		3,943,557
	59,256	Danaher Corp.		4,937,802
	104,090	Darden Restaurants, Inc.		8,867,427
	68,229	Discover Financial Services		4,270,453
	52,849	Dr Pepper Snapple Group, Inc.		4,843,611
	48,665	DTE Energy Co.		5,089,872
	39,294	Equity Commonwealth REIT(d)		1,257,015
	61,890	FTI Consulting, Inc.(d)		2,140,775

Shares			Value
UNITED STATES (continued)
	1,725,000	General Motors Co., Escrow Shares(b)(c)(d)	$	258,750
	80,000	Gilead Sciences, Inc.		5,484,000
	20,639	Goldman Sachs Group, Inc. (The)		4,619,008
	40,505	Honeywell International, Inc.		5,311,826
	52,628	IDEX Corp.		5,513,309
	60,000	Intel Corp.		2,169,000
	23,879	International Business Machines Corp.		3,827,565
	41,822	Johnson & Johnson		5,163,762
	6,261	Lockheed Martin Corp.		1,687,026
	70,808	Marsh & McLennan Cos., Inc.		5,248,997
	51,350	McCormick & Co., Inc. - Non Voting Shares		5,129,865
	38,500	Microsoft Corp.		2,635,710
	31,665	Motorola Solutions, Inc.		2,722,240
	123,571	Mueller Industries, Inc.		3,959,215
	17,581	National HealthCare Corp.		1,308,378
	164,013	NIC, Inc.		3,501,678
	127,897	NiSource, Inc.		3,101,502
	8,861	Northrop Grumman Corp.		2,179,452
	69,753	Northwest Bancshares, Inc.		1,125,813
	56,481	Omnicom Group, Inc.		4,638,220
	78,424	Paychex, Inc.		4,648,975
	249,660	People’s United Financial, Inc.		4,361,560
	26,964	ProAssurance Corp.		1,669,072
	40,000	QUALCOMM, Inc.		2,149,600
	35,179	Quest Diagnostics, Inc.		3,711,736
	32,911	Raytheon Co.		5,108,116
	83,337	Republic Services, Inc.		5,249,398
	25,758	Roper Industries, Inc.		5,633,275
	93,209	RPM International, Inc.		4,899,065
	89,304	Sonoco Products Co.		4,671,492
	39,913	Stanley Black & Decker, Inc.		5,434,155
	43,647	Super Micro Computer, Inc.(d)		1,064,987
	65,650	T Rowe Price Group, Inc.		4,653,929
	18,405	Target Corp.		1,027,919
	33,093	Thermo Fisher Scientific, Inc.		5,471,266
	40,478	Travelers Cos., Inc. (The)		4,924,553
	3,144	Tyson Foods, Inc. - Class A		202,033
	41,796	United Parcel Service, Inc. - Class B		4,491,398
	107,495	Unum Group		4,980,243
	17,669	Vail Resorts, Inc.		3,492,455
	58,233	Verizon Communications, Inc.		2,673,477
	122,902	Wal-Mart Stores, Inc.		9,239,772
	68,651	Waste Management, Inc.		4,996,420
				294,614,509
Total Common Stocks (Cost $466,927,480)				525,676,707

19

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CLOSED-END FUNDS — 6.4%
UNITED STATES — 6.4%
	439,779	AllianceBernstein Global High Income Fund, Inc.(b)	$	5,651,160
	340,493	Apollo Tactical Income Fund, Inc.(b)		5,645,374
	490,115	Ares Dynamic Credit Allocation Fund, Inc.(b)		7,944,764
	118,906	Avenue Income Credit Strategies Fund(b)		1,681,331
	420,658	Barings Global Short Duration High Yield Fund(b)		8,400,540
	96,659	Barings Participation Investors(b)		1,379,324
	349,790	BlackRock Credit Allocation Income Trust(b)		4,690,684
	206,270	BlackRock Defined Opportunity Credit Trust(b)		2,840,338
	715,000	BlackRock Income Trust, Inc.(b)		4,461,600
	603,675	Blackrock Limited Duration Income Trust(b)		9,483,734
	896,397	Blackrock Multi-Sector Income Trust(b)		16,117,218
	1,097,422	Blackstone/GSO Strategic Credit Fund(b)		17,887,979
	332,889	Brookfield Real Assets Income Fund, Inc(b)		7,779,616
	731,621	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(b)		19,044,095
	224,550	Cohen & Steers Quality Income Realty Fund, Inc.		2,898,941
	230,228	Cohen & Steers REIT and Preferred Income Fund, Inc.(b)		4,579,235
	786,668	Doubleline Income Solutions Fund(b)		16,189,627
	185,000	Dreyfus Strategic Municipals, Inc.(b)		1,615,050
	106,106	Eaton Vance Municipal Income Trust(b)		1,366,645
	202,221	First Trust High Income Long/Short Fund(b)		3,498,423
	717,205	First Trust Intermediate Duration Preferred & Income Fund(b)		16,933,210
	72,621	Guggenheim Credit Allocation Fund(b)		1,697,153
	226,895	Guggenheim Strategic Opportunities Fund(b)		4,751,181
	225,060	Invesco Advantage Municipal Income Trust II(b)		2,552,180
	1,401,711	Invesco Dynamic Credit Opportunities Fund(b)		17,227,028
	2,810,475	Invesco Senior Income Trust(b)		13,209,233
	100,000	Invesco Value Municipal Income Trust		1,487,000

Shares			Value
UNITED STATES (continued)
	205,030	KKR Income Opportunities Fund(b)	$	3,563,421
	177,191	Legg Mason BW Global Income Opportunities Fund, Inc.(b)		2,307,027
	341,023	NexPoint Credit Strategies Fund(b)		8,003,810
	111,600	Nuveen Credit Strategies Income Fund		988,776
	185,000	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund		2,743,550
	178,740	Nuveen Mortgage Opportunity Term Fund(b)		4,459,563
	306,585	Nuveen Preferred & Income Term Fund(b)		7,661,559
	1,378,320	Nuveen Preferred Securities Income Fund(b)		13,604,018
	201,288	PIMCO Corp. & Income Strategy Fund(b)		3,315,213
	760,803	PIMCO Dynamic Credit Income Fund		16,661,586
	158,157	PIMCO Dynamic Income Fund		4,621,348
	1,026,384	PIMCO Income Strategy Fund II(b)		10,643,602
	588,946	Pioneer Floating Rate Trust(b)		7,267,593
	321,352	Pioneer Municipal High Income Advantage Trust(b)		3,608,783
	884,733	Prudential Global Short Duration High Yield Fund, Inc.(b)		13,456,789
	773,973	Prudential Short Duration High Yield Fund, Inc.(b)		12,019,801
	144,458	Stone Harbor Emerging Markets Income Fund(b)		2,372,000
	1,766,093	Voya Prime Rate Trust(b)		9,660,529
	1,380,400	Wells Fargo Advantage Income Opportunities Fund(b)		11,926,656
	936,959	Western Asset High Income Fund II, Inc.(b)		6,952,236
	19,887	Western Asset Variable Rate Strategic Fund, Inc.(b)		332,710
Total Closed-End Funds (Cost $334,418,786)				347,183,233
EXCHANGE TRADED FUNDS — 11.9%
UNITED STATES — 11.9%
	240,790	Consumer Discretionary Select Sector SPDR Fund		21,685,547
	285,000	Energy Select Sector SPDR Fund		19,334,400
	2,340,000	Financial Select Sector SPDR Fund		55,060,200
	424,595	Health Care Select Sector SPDR Fund		32,056,923
	160,000	Industrial Select Sector SPDR Fund		10,614,400
	500,000	iShares China Large-Cap ETF		19,265,000

20

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	535,000	iShares Edge MSCI Minimum Volatility USA ETF	$	25,888,650
	175,000	iShares Global Healthcare ETF(b)		18,345,250
	155,000	iShares JP Morgan USD Emerging Markets Bond ETF		17,856,000
	1,131,135	iShares MSCI EAFE ETF		72,166,413
	315,000	iShares MSCI Emerging Markets Index Fund		12,618,900
	802,835	iShares MSCI Germany ETF		23,828,143
	1,338,750	iShares MSCI Japan ETF		69,427,575
	305,000	iShares MSCI Singapore Capped ETF		7,008,900
	190,000	iShares MSCI Sweden Capped ETF		6,290,900
	302,000	iShares MSCI Switzerland Capped ETF		10,038,480
	245,000	iShares MSCI Taiwan Capped ETF		8,271,200
	290,000	iShares Russell 1000 Value ETF		33,268,800
	1,686,000	iShares US Preferred Stock ETF		65,770,860
	72,276	iShares US Real Estate ETF		5,704,744
	389,600	SPDR S&P Dividend ETF		34,541,936
	682,107	Technology Select Sector SPDR Fund		37,092,979
	55,215	WisdomTree Europe SmallCap Dividend Fund		3,489,036
	809,760	WisdomTree Japan Hedged Equity Fund		41,354,443
Total Exchange Traded Funds (Cost $603,115,216)				650,979,679
PREFERRED STOCKS — 0.2%
UNITED STATES — 0.2%
	3,371	Atrium XIII Warehouse, 10.15%(b)(e)		3,370,562
	1,384	Cedar Funding VII CLO Ltd., 9.15%(b)(e)		1,384,250
	104,500	New York Community Capital Trust V, 6.00%(b)		5,230,225
Total Preferred Stocks (Cost $9,845,738)				9,985,037
Principal Amount
BANK LOANS — 0.3%
UNITED STATES — 0.3%
$	15,400,000	Lone Star LPST Future Funding Term Loan, 3.42%, 10/09/18(b)		15,111,250
Total Bank Loans (Cost $15,400,000)				15,111,250

Principal Amount				Value
CORPORATE BONDS — 10.2%
ARGENTINA — 0.0%
$	1,000,000		Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(f)	$	1,050,500
AUSTRIA — 0.2%
	8,000,000	(g)	Steinhoff Finance Holding GmbH., Cnv, 1.25%, 08/11/22(f)		8,631,620
BERMUDA — 0.0%
	7,000,000	(h)	Celestial Nutrifoods Ltd., Cnv., 16.00%, 06/12/11(b)(c)(d)(i)(j)		0
	1,540,000		Digicel Ltd., 6.75%, 03/01/23(f)		1,463,000
	950,000		Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26(f)		918,175
					2,381,175
BRAZIL — 0.0%
	844,000		Votorantim SA, 6.63%, 09/25/19(f)		896,328
	BULGARIA — 0.0%
	1,500,000	(k)	Bulgarian Telecommunications Co. EAD, 6.63%, 11/15/18(f)		1,658,461
CANADA — 0.0%
	800,000		Lions Gate Entertainment Corp., 5.88%, 11/01/24(e)		830,000
	425,000		Telesat Canada / Telesat LLC, 8.88%, 11/15/24(e)		467,500
	200,000		Valeant Pharmaceuticals International, Inc., 6.50%, 03/15/22(e)		204,750
	600,000		Valeant Pharmaceuticals International, Inc., 7.00%, 03/15/24(e)		612,000
					2,114,250
CAYMAN ISLANDS — 0.1%
	1,150,000		Jafz Sukuk Ltd., 7.00%, 06/19/19(f)		1,255,602
	1,000,000		Petrobras Global Finance BV, 5.38%, 01/27/21		1,027,350
	850,000		Suzano Trading Ltd., 5.88%, 01/23/21(f)		906,525
	330,000		TAM Capital 3, Inc., 8.38%, 06/03/21(f)		341,963
	3,350,000		Vale Overseas Ltd., 5.88%, 06/10/21		3,618,000
					7,149,440
CZECH REPUBLIC — 0.0%
	725,000	(k)	EP Energy AS, 4.38%, 05/01/18(f)		821,728

21

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount				Value
DOMINICAN REPUBLIC — 0.0%
$	920,000		Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(f)	$	972,197
FINLAND — 0.0%
	525,000	(g)	SATO Oyj, 2.38%, 03/24/21(f)		598,140
FRANCE — 0.4%
	600,000	(g)	Areva SA, 3.25%, 09/04/20(f)		658,184
	200,000	(g)	Areva SA, 3.50%, 03/22/21		220,549
	1,300,000	(g)	Casino Guichard Perrachon SA, 4.50%, 03/07/24(f)		1,561,161
	900,000	(g)	Electricite de France SA, 4.25%, 01/29/49(f)(l)		1,024,487
	550,000	(g)	Loxam SAS, 4.25%, 04/15/24(f)		619,061
	425,000	(g)	Loxam SAS, 6.00%, 04/15/25(f)		484,943
	2,225,000	(g)	Numericable-SFR SAS, 5.63%, 05/15/24(f)		2,614,560
	3,000,000	(g)	Rallye SA., Cnv, 5.25%, 02/01/22(b)(f)		3,612,993
	275,000	(g)	Solvay Finance SA, 5.43%,(f)(l)		335,942
	275,000	(g)	Solvay Finance SA, 5.87%,(f)(l)		342,994
	30,000,000	(g)	Veolia Environnement SA., Cnv, 30.70%, 03/15/21(b)(f)(i)		9,637,045
					21,111,919
GERMANY — 0.2%
	200,000	(g)	IHO Verwaltungs GmbH, 3.75% cash or 4.50% payment-in-kind interest, 3.75%, 09/15/26(f)(m)		226,126
	1,650,000	(g)	Rapid Holding GmbH, 6.63%, 11/15/20(f)		1,858,205
	2,200,000	(n)	RWE AG, 7.00%, 03/29/49(f)(l)		3,008,959
	660,119	(g)	Safari Holding Verwaltungs GmbH, 8.25%, 02/15/21(f)		745,961
	1,125,000	(g)	Senvion Holding GmbH, 3.88%, 10/25/22(f)		1,231,713
	475,000	(g)	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.63%, 02/15/26(f)		557,694
	850,000		ZF North America Capital, Inc., 4.50%, 04/29/22(e)		892,500
					8,521,158
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 13.00%, 01/05/12(b)(c)(d)(i)(j)		0

Principal Amount				Value
HUNGARY — 0.0%
$	775,000	(g)	MOL Hungarian Oil & Gas Plc, 2.63%, 04/28/23(f)	$	881,522
INDONESIA — 0.0%
	800,000		Perusahaan Listrik Negara PT, 5.50%, 11/22/21(f)		873,040
IRELAND — 0.2%
	525,000	(k)	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.75%, 05/15/24(f)		628,274
	925,000		GTLK Europe Ltd., 5.95%, 07/19/21(f)		967,587
	4,000,000		Jazz Investments I Ltd., Cnv., 1.88%, 08/15/21(b)		4,430,000
	650,000		MMC Norilsk Nickel OJSC via MMC Finance Ltd., 4.38%, 04/30/18(f)		664,123
	975,000		Novolipetsk Steel via Steel Funding Ltd., 4.50%, 06/15/23(f)		989,625
	1,725,000		Phosagro OAO via Phosagro Bond Funding Ltd., 4.20%, 02/13/18(f)		1,746,045
	975,000	(o)	Russian Railways via RZD Capital Plc, 2.18%, 02/26/18		989,698
	650,000		Russian Railways via RZD Capital Plc, 5.70%, 04/05/22(f)(i)		697,576
	450,000		Smurfit Kappa Acquisitions, 4.88%, 09/15/18(e)		461,250
	1,000,000		Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 9.13%, 04/30/18(f)		1,066,000
	375,000	(n)	Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24(f)		509,988
					13,150,166
ITALY — 0.1%
	2,625,000	(n)	Enel SpA, 7.75%, 09/10/75(f)(l)		3,807,897
	900,000	(g)	Schumann SpA, 7.00%, 07/31/23(f)		1,007,241
					4,815,138
JERSEY CHANNEL ISLANDS — 0.1%
	1,600,000	(k)	Adient Global Holdings Ltd., 3.50%, 08/15/24(f)		1,784,275
	475,000	(k)	Avis Budget Finance Plc, 4.50%, 05/15/25(f)		511,985
	825,000	(g)	Kennedy Wilson Europe Real Estate Plc, 3.95%, 06/30/22(f)		1,099,293
	1,375,000	(k)	Lincoln Finance Ltd., 6.88%, 04/15/21(f)		1,610,123

22

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount				Value
JERSEY CHANNEL ISLANDS (continued)
$	350,000	(k)	Mercury Bondco Plc, 7.13% cash or 7.88% payment-in-kind interest, 7.13%, 05/30/21(f)(m)	$	391,532
	1,700,000	(k)	Mercury Bondco Plc, 8.25% cash or 9.00% payment-in-kind interest, 8.25%, 05/30/21(f)(m)		1,939,032
					7,336,240
LUXEMBOURG — 0.6%
	125,000	(g)	Altice Financing SA, 6.50%, 01/15/22(f)		143,175
	1,000,000		Altice Finco SA, 8.13%, 01/15/24(e)		1,080,000
	275,000	(g)	Aramark International Finance Sarl, 3.13%, 04/01/25(f)		310,042
	700,000	(n)	Cabot Financial Luxembourg SA, 6.50%, 04/01/21(f)		935,637
	675,000	(g)	Cirsa Funding Luxembourg SA, 5.88%, 05/15/23(f)		778,020
	269,247	(g)	Dakar Finance SA, 9.00% cash or 9.25% payment-in-kind interest, 9.00%, 11/15/20(f)(m)		299,729
	1,200,000	(g)	Garfunkelux Holdco 3 SA, 7.50%, 08/01/22(f)		1,407,159
	125,000	(n)	Garfunkelux Holdco 3 SA, 8.50%, 11/01/22(f)		174,623
	1,200,000		Gazprom OAO Via Gaz Capital SA, 8.15%, 04/11/18(f)		1,267,500
	1,525,000	(n)	Gazprom OAO Via Gaz Capital SA, 5.34%, 09/25/20(f)		2,131,291
			800,000 Gazprom OAO Via Gaz Capital SA, 6.51%, 03/07/22(f)		890,445
	1,255,000	(n)	Gazprom OAO Via Gaz Capital SA,, 4.25%, 04/06/24(f)		1,660,252
			400,000(n) Glencore Finance Europe SA, 6.50%, 02/27/19		564,990
	975,000	(g)	Glencore Finance Europe SA, 2.75%, 04/01/21(f)		1,136,437
	600,000	(g)	Grand City Properties SA, 3.75%, 12/18/49(l)		675,475
	2,200,000	(g)	Greif Nevada Holdings, Inc. SCS, 7.38%, 07/15/21(f)		2,923,684
	800,000	(g)	INEOS Group Holdings SA, 5.38%, 08/01/24(f)		925,740
	1,450,000	(g)	Intralot Capital Luxembourg SA, 6.00%, 05/15/21(f)		1,618,000
	825,000	(g)	Lecta SA, 6.50%, 08/01/23(f)		943,607
	1,475,000	(o)	Matterhorn Telecom SA, 3.63%, 05/01/22(f)		1,520,807
	975,000		Minerva Luxembourg SA, 6.50%, 09/20/26(f)		967,678
	525,000	(g)	Play Topco SA, 5.38% cash or 5.69% payment-in-kind interest, 5.38%, 09/15/22(f)(m)		588,404

Principal Amount				Value
LUXEMBOURG (continued)
$	2,150,000	(g)	SES SA, 5.63%, 12/29/49(f)(l)	$	2,586,501
	2,085,000		Severstal OAO Via Steel Capital SA, 4.45%, 03/19/18(f)		2,125,257
	900,000	(g)	Telecom Italia Finance SA, 7.75%, 01/24/33		1,304,240
	900,000		Ultrapar International SA, 5.25%, 10/06/26(f)		901,926
					29,860,619
NETHERLANDS — 0.5%
	2,600,000	(g)	ATF Netherlands BV, 3.75%, 01/20/43(f)(l)		2,838,968
	5,000,000	(g)	Bayer Capital Corp. BV., Cnv, 5.63%, 11/22/19(e)		6,598,440
	950,000	(g)	Constellium NV, 4.63%, 05/15/21(f)		1,036,326
	950,000		Embraer Netherlands Finance BV, 5.05%, 06/15/25		978,500
	1,000,000	(n)	Koninklijke KPN NV, 6.88%, 03/14/73(f)(l)		1,434,437
	600,000		Majapahit Holding BV, 7.75%, 01/20/20(f)		676,200
	700,000	(g)	NE Property Cooperatief UA, 3.75%, 02/26/21(f)		825,472
	250,000		Petrobras Global Finance BV, 6.13%, 01/17/22		261,875
	800,000		Petrobras Global Finance BV, 8.75%, 05/23/26		932,800
	400,000	(g)	Repsol International Finance BV, 3.88%, 12/29/49(f)(l)		452,930
	525,000	(g)	Samvardhana Motherson Automotive Systems Group BV, 4.13%, 07/15/21(f)		585,465
	4,000,000	(g)	Sonae Investments BV, Cnv., 1.63%, 06/11/19(b)(f)		4,248,273
	1,000,000	(g)	Telefonica Europe BV, 7.63%, 09/18/21(f)(l)		1,291,584
	600,000	(g)	Telefonica Europe BV, 5.88%, 03/31/49(f)(l)		732,571
	800,000	(n)	Telefonica Europe BV, 6.75%, 11/26/49(f)(l)		1,121,749
	1,250,000	(g)	TenneT Holding BV, 3.00%, 06/01/49(f)(l)		1,370,900
	864,000	(g)	United Group BV, 7.88%, 11/15/20(f)		979,489
	600,000	(g)	Vonovia Finance BV, 4.00%, 12/29/49(f)(l)		695,909
	1,350,000	(g)	Ziggo Secured Finance BV, 4.25%, 01/15/27(f)		1,553,210
					28,615,098

23

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount				Value
NORWAY — 0.1%
$	1,698,000	(g)	Lock AS, 5.50%, 08/15/20(f)(l)	$	1,852,222
	575,000	(g)	Lock AS, 7.00%, 08/15/21(f)		657,535
	575,000	(g)	Nassa Topco AS, 2.88%, 04/06/24(f)		635,042
	300,000	(g)	Silk Bidco AS, 7.50%, 02/01/22(f)		350,483
					3,495,282
PERU — 0.0%
	800,000		InRetail Consumer, 5.25%, 10/10/21(f)		812,372
SPAIN — 0.1%
	2,000,000	(g)	Corp. Economica Delta SA, Cnv., 1.00%, 12/01/23(b)(f)		2,239,603
	1,000,000	(g)	Naviera Armas SA, 6.50%, 07/31/23(f)(l)		1,148,153
					3,387,756
SWEDEN — 0.2%
	1,125,000	(k)	Akelius Residential Property AB, 3.38%, 09/23/20(f)		1,325,975
	57,000,000	(g)	Recipharm AB., Cnv, 2.75%, 10/06/21(b)(f)		6,435,370
	575,000	(k)	Telia Co. AB, 3.00%, 04/04/78(f)(l)		639,721
	750,000	(k)	Volvo Treasury AB, 4.85%, 03/10/78(f)(l)		896,631
					9,297,697
TURKEY — 0.1%
	850,000		Tupras Turkiye Petrol Rafinerileri AS, 4.13%, 05/02/18(f)		857,516
	1,100,000		Turk Telekomunikasyon AS, 4.88%, 06/19/24(f)		1,084,855
	1,300,000		Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 05/09/20(f)		1,300,065
					3,242,436
UNITED KINGDOM — 0.6%
	975,000	(g)	Arqiva Broadcast Finance Plc, 9.50%, 03/31/20(f)		1,359,063
	350,000	(g)	Co-operative Group Holdings 2011 Ltd., STEP, 6.88%, 07/08/20(f)		511,119
	350,000	(g)	Drax Finco Plc, 0.78%, 05/01/22(f)(l)		453,321
	525,000	(g)	Drax Finco Plc, 4.25%, 05/01/22(f)		692,799
	4,000,000		Inmarsat Plc, Cnv., 3.88%, 09/09/23(f)		4,590,800

Principal Amount				Value
UNITED KINGDOM (continued)
$	1,675,000	(k)	Inovyn Finance Plc, 6.25%, 05/15/21(f)	$	1,915,808
	1,225,000	(k)	International Game Technology Plc, 4.75%, 02/15/23(f)		1,457,692
	170,000	(g)	Iron Mountain Europe Plc, REIT, 6.13%, 09/15/22(f)		232,570
	1,375,000		Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(e)		1,390,469
	1,050,000	(g)	Jerrold Finco Plc, 6.25%, 09/15/21(f)		1,414,090
	400,000	(g)	Jerrold Finco Plc, 6.13%, 01/15/24(f)		522,272
	300,000	(g)	New Look Secured Issuer Plc, 6.50%, 07/01/22(f)		339,991
	1,050,000		OAS Finance Ltd., 8.00%, 07/02/21(d)(e)(j)		57,750
	575,000	(g)	Pizzaexpress Financing 2 Plc, 6.63%, 08/01/21(f)		770,809
	850,000	(g)	Southern Water Greensands Financing Plc, 8.50%, 04/15/19(f)		1,249,613
	1,100,000	(k)	TA Manufacturing Ltd., 3.63%, 04/15/23(f)		1,227,420
	475,000	(g)	TalkTalk Telecom Group Plc, 5.38%, 01/15/22(f)		644,291
	725,000	(k)	Thomas Cook Group Plc, 6.25%, 06/15/22(f)		858,974
	450,000	(k)	Titan Global Finance Plc, 3.50%, 06/17/21(f)		512,067
	325,000	(k)	Travelex Financing Plc, 8.00%, 05/15/22(f)		355,262
	950,000		Vedanta Resources Plc, 6.38%, 07/30/22(f)		962,825
	1,075,000	(g)	Virgin Media Finance Plc, 7.00%, 04/15/23(f)		1,492,592
	1,150,000	(g)	Virgin Media Finance Plc, 6.38%, 10/15/24(f)		1,598,737
	5,000,000	(g)	Vodafone Group Plc, Cnv., 0.79%, 11/26/20(f)(i)		6,284,973
					30,895,307
UNITED STATES — 6.7%
	5,000,000		Aceto Corp., Cnv, 2.00%, 11/01/20(b)		4,587,500
	900,000		AK Steel Corp., 7.63%, 10/01/21		939,375
	6,000,000		Akamai Technologies, Inc., Cnv., 0.80%, 02/15/19(i)		5,973,750
	1,425,000	(k)	Alliance Data Systems Corp., 4.50%, 03/15/22(f)		1,621,068
	775,000	(k)	Alliance Data Systems Corp., 5.25%, 11/15/23(f)		890,851

24

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	13,000,000	Allscripts Healthcare Solutions, Inc., Cnv., 1.25%, 07/01/20	$	12,878,125
	4,000,000	Apollo Commercial Real Estate Finance, Inc., Cnv. REIT, 5.50%, 03/15/19		4,457,500
	5,000,000	Ares Capital Corp., Cnv., 3.75%, 02/01/22(e)		5,043,750
	1,125,000	Belo Corp., 7.75%, 06/01/27		1,231,875
	6,000,000	Blackhawk Network Holdings, Inc., Cnv., 1.50%, 01/15/22(e)		6,502,500
	4,000,000	BlackRock Kelso Capital Corp., Cnv., 5.50%, 02/15/18		4,110,000
	6,000,000	CalAmp Corp., Cnv., 1.63%, 05/15/20		6,060,000
	3,000,000	Cardtronics, Inc., Cnv., 1.00%, 12/01/20		3,094,410
	1,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26(e)		1,049,380
	1,000,000	Cemex Finance LLC, 9.38%, 10/12/22(e)		1,076,250
	840,000	Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.38%, 09/15/20(e)		865,729
	1,000,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24(e)		1,117,380
	525,000	CHS/Community Health Systems, Inc., 6.25%, 03/31/23		534,188
	6,000,000	Ciena Corp. Cnv., 0.88%, 06/15/17		5,988,750
	8,000,000	Colony Capital, Inc., Cnv. REIT, 3.88%, 01/15/21		8,065,000
	5,000,000	Cornerstone OnDemand, Inc., Cnv., 1.50%, 07/01/18		5,125,000
	1,500,000	CSC Holdings LLC, 6.75%, 11/15/21		1,650,000
	12,000,000	CSG Systems International, Inc., Cnv, 4.25%, 03/15/36(b)		12,435,000
	1,000,000	DISH DBS Corp., 5.88%, 11/15/24		1,050,000
	1,000,000	Dollar Tree, Inc., 5.75%, 03/01/23		1,061,000
	4,000,000	Echo Global Logistics, Inc., Cnv, 2.50%, 05/01/20		3,740,000
	7,000,000	Envestnet, Inc., Cnv., 1.75%, 12/15/19(b)		6,641,250
	9,000,000	Extra Space Storage LP, Cnv., 3.13%, 10/01/35(e)		9,388,125

Principal Amount				Value
UNITED STATES (continued)
$	7,000,000		Finisar Corp., Cnv, 0.50%, 12/15/36(e)	$	6,518,750
	1,000,000		Freeport-McMoRan, Inc., 2.30%, 11/14/17		1,000,000
	875,000	(k)	Gates Global LLC / Gates Global Co., 5.75%, 07/15/22(f)		977,443
	6,000,000		Goldman Sachs Group, Inc. (The), Series M, 5.38%, 12/29/49(l)		6,220,500
	16,426,000		Huron Consulting Group, Inc., Cnv., 1.25%, 10/01/19(b)		15,717,629
	150,000	(k)	IMS Health Inc., 3.50%, 10/15/24(f)		168,140
	21,318,048		Liberty Interactive LLC, Cnv., 3.75%, 02/15/30(b)		12,950,714
	900,000		MPH Acquisition Holdings LLC, 7.13%, 06/01/24(e)		967,500
	1,000,000	(k)	MPT Operating Partnership LP / MPT Finance Corp., REIT, 3.33%, 03/24/25		1,111,239
	650,000	(k)	MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.00%, 08/19/22		777,972
	10,600,000		Nuance Communications, Inc., Cnv., 2.75%, 11/01/31		10,633,125
	5,000,000		Nuance Communications, Inc., Cnv., 1.50%, 11/01/35		5,234,375
	14,000,000		Nuance Communications, Inc., Cnv., 1.00%, 12/15/35.		13,527,500
	5,000,000		ON Semiconductor Corp., Cnv., 1.00%, 12/01/20		5,271,875
	9,500,000		Redwood Trust, Inc., Cnv., REIT, 4.63%, 04/15/18		9,541,563
	6,000,000		Restoration Hardware Holdings, Inc., Cnv., 2.90%, 06/15/19(e)(i)		5,340,000
	1,250,000		Sabine Pass Liquefaction LLC, 5.63%, 04/15/23		1,376,614
	1,000,000		Sabine Pass Liquefaction LLC, 5.88%, 06/30/26(e)		1,115,119
	325,000	(k)	Silgan Holdings, Inc., 3.25%, 03/15/25(f)		357,563
	3,395,000		Southern Star Central Corp., 5.13%, 07/15/22(e)		3,428,950
	15,000,000		Spirit Realty Capital, Inc., Cnv. REIT, 2.88%, 05/15/19		15,093,750
	725,000		Sprint Communications, Inc., 7.00%, 08/15/20		784,813
	2,100,000		Sprint Corp., 7.63%, 02/15/25		2,344,125
	1,475,000		Standard Industries, Inc., 5.50%, 02/15/23(e)		1,534,000

25

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	14,000,000	Starwood Property Trust, Inc., Cnv. REIT, 3.75%, 10/15/17	$	14,183,750
	5,000,000	Starwood Property Trust, Inc., Cnv. REIT, 4.38%, 04/01/23		4,981,250
	975,000	Sunoco LP/Sunoco Finance Corp., 6.38%, 04/01/23		1,038,375
	6,000,000	Synchronoss Technologies, Inc., Cnv., 0.75%, 08/15/19		5,115,000
	1,000,000	T-Mobile USA, Inc., 6.50%, 01/15/26		1,108,750
	19,000,000	Twitter, Inc., Cnv., 0.25%, 09/15/19		17,990,625
	200,000	Ultra Resources, Inc., 6.88%, 04/15/22(e)		202,250
	10,500,000	Vector Group Ltd., Cnv., 1.75%, 04/15/20(l)		12,042,188
	8,000,000	VEREIT, Inc., Cnv., REIT, 3.00%, 08/01/18		8,030,000
	11,000,000	Verint Systems, Inc., Cnv., 1.50%, 06/01/21(b)		10,594,375
	42,119,000	Washington Mutual Bank, 4.30%, 12/31/49(d)(i)(j)		9,371,478
	21,131,000	Washington Mutual Bank, 4.44%, 12/31/49(d)(i)(j)		4,701,648
	3,000,000	Washington Mutual Bank, 5.60%, 12/31/49(d)(j)		667,500
	9,840,000	Washington Mutual Bank, 6.00%, 12/31/49(d)(i)(j)		2,189,400
	11,500,000	Web.com Group, Inc., Cnv., 1.00%, 08/15/18		11,205,313
	14,000,000	WebMD Health Corp., Cnv., 2.50%, 01/31/18(b)		14,280,000
	7,000,000	WebMD Health Corp., Cnv., 2.63%, 06/15/23(e)		6,741,875
	1,275,000	Williams Cos., Inc. (The), 4.55%, 06/24/24		1,305,281
	900,000	XPO Logistics, Inc., 6.13%, 09/01/23(e)		945,000
				365,865,073
Total Corporate Bonds (Cost $565,039,547)				558,434,662
ASSET-BACKED SECURITIES — 12.5%
CAYMAN ISLANDS — 6.0%
	11,750,000	Adams Mill CLO Ltd., Series 2014-1A, Class F, 6.85%, 07/15/26(b)(e)(l)		10,091,184
	7,500,000	Adams Mill CLO Ltd., Series 2014-1A, Class SUB, 11.13%, 07/15/26(b)(e)(i)		2,774,191

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	3,000,000	ALM Loan Funding Ltd., Series 2012-6A, Class DR, 6.81%, 07/15/26(e)(l)	$	2,977,424
	1,000,000	ALM Loan Funding Ltd., Series 2013-7RA, Class DR, 8.30%, 10/15/28(e)(l)		1,006,320
	500,000	ALM Loan Funding Ltd., Series 2014-11A, Class D, 5.96%, 10/17/26(e)(l)		477,517
	1,200,000	ALM Loan Funding Ltd., Series 2015-12A, Class D, 6.66%, 04/16/27(e)(l)		1,183,501
	2,000,000	ALM Loan Funding Ltd., Series 2015-16A, Class D, 6.51%, 07/15/27(e)(l)		1,945,110
	1,100,000	ALM Loan Funding Ltd., Series 2015-17A, Class C1, 5.31%, 01/15/28(e)(l)		1,114,632
	1,000,000	ALM Loan Funding Ltd., Series 2016-18A, Class D, 8.76%, 07/15/27(e)(l)		1,015,041
	750,000	American Money Management Corp. CLO 18 Ltd., Series 2016-18A, Class E1, 7.72%, 05/26/28(e)(l)		750,015
	1,250,000	American Money Management Corp. CLO IX Ltd., Series 2011-9A, Class DR, 6.81%, 01/15/22(e)(l)		1,249,578
	2,250,000	American Money Management Corp. CLO IX Ltd., Series 2011-9A, Class ER, 8.81%, 01/15/22(e)(l)		2,258,399
	2,000,000	American Money Management Corp. CLO Ltd., Series 2015-17A, Class E, 7.79%, 11/15/27(e)(l)		2,010,233
	1,000,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class D, 6.05%, 05/26/28(e)(l)		1,006,685
	1,000,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class E2, 8.30%, 05/26/28(e)(l)		1,005,855
	1,000,000	Anchorage Capital CLO Ltd., Series 2012-1A, Class DR, 8.41%, 01/13/27(e)(l)		1,013,030
	5,500,000	Anchorage Capital CLO Ltd., Series 2015-6A, Class E1, 6.06%, 04/15/27(e)(l)		5,170,237
	4,940,000	Anchorage Capital CLO Ltd., Series 2016-8A, Class E, 7.70%, 07/28/28(e)(l)		5,011,240
	1,000,000	Anchorage Capital CLO Ltd., Series 2016-9A, Class E, 8.20%, 01/15/29(e)(l)		1,005,200
	500,000	Annisa CLO Ltd., Series 2016-2A, Class E, 8.41%, 07/20/28(e)(l)		504,250

26

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,000,000	Apartment Investment and Management Co. CLO., Series 2015-AA, Class E, 8.98%, 01/15/28(l)	$	1,005,397
	3,500,000	Apidos CLO XIX, Series 2014-19A, Class E, 6.47%, 10/17/26(e)(l)		3,421,939
	1,000,000	Apidos CLO XV, Series 2013-15A, Class D, 5.91%, 10/20/25(e)(l)		981,459
	5,000,000	Apidos CLO XVIII, Series 2014-18A, Class D, 6.35%, 07/22/26(e)(l)		4,900,181
	2,500,000	Apidos CLO XX, Series 2015-20A, Class D, 6.76%, 01/16/27(e)(l)		2,465,342
	1,000,000	Apidos CLO XXII, Series 2015-22A, Class D, 7.16%, 10/20/27(e)(l)		997,418
	2,533,500	Apidos CLO XXIII, Series 2015-23A, Class D2, 7.11%, 01/14/27(e)(l)		2,525,971
	1,000,000	Ares XXVII CLO Ltd., Series 2013-2A, Class D, 4.90%, 07/28/25(e)(l)		1,000,380
	5,250,000	Ares XXXIII CLO Ltd., Series 2015-1A, Class D, 7.33%, 12/05/25(e)(l)		5,239,788
	3,500,000	Ares XXXIX CLO Ltd., Series 2016-39A, Class E, 8.41%, 07/18/28(e)(l)		3,554,518
	4,000,000	Ares XXXVII CLO Ltd., Series 2015- 4A, Class D1, 8.00%, 10/15/26(e)(l)		4,005,030
	3,000,000	Ares XXXVII CLO Ltd., Series 2015-4A, Class D2, 8.20%, 10/15/26(e)(l)		3,040,756
	1,000,000	Atrium VIII, Series 8A, Class DR, 5.15%, 10/23/24(e)(l)		1,000,157
	1,750,000	Atrium VIII, Series 8A, Class ER, 8.40%, 10/23/24(e)(l)		1,765,987
	5,000,000	Atrium VIII, Series 8A, Class SUB, 1.00%, 10/23/24(e)(i)		3,391,166
	5,000,000	Atrium XI, Series 11A, Class E, 6.25%, 10/23/25(e)(l)		4,918,750
	2,000,000	Atrium XII, Series 12A, Class E, 7.10%, 10/22/26(e)(l)		1,997,287
	750,000	Babson CLO Ltd., Series 2015-2A, Class E, 6.71%, 07/20/27(e)(l)		730,220
	2,500,000	Babson CLO Ltd., Series 2016-1A, Class E, 7.70%, 04/23/27(e)(l)		2,524,657
	1,000,000	Babson CLO Ltd., Series 2016-2A, Class E, 8.06%, 07/20/28(e)(l)		1,009,887
	2,000,000	Battalion CLO IX Ltd., Series 2015-9A, Class D, 5.06%, 07/15/28(e)(l)		1,987,163
	500,000	Battalion CLO VIII Ltd., Series 2015-8A, Class D, 6.61%, 04/18/27(e)(l)		480,750
	2,250,000	Benefit Street Partners CLO VI Ltd., Series 2015-VIA, Class D, 6.71%, 04/18/27(e)(l)		2,200,672

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	2,250,000	Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class C, 5.06%, 01/20/28(e)(l)	$	2,256,625
	1,250,000	Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class D, 6.66%, 01/20/28(e)(l)		1,228,230
	1,000,000	Birchwood Park CLO Ltd., Series 2014-1A, Class D1, 4.61%, 07/15/26(e)(l)		999,850
	2,500,000	BlueMountain CLO Ltd., Series 2012-1A, Class D, 5.51%, 07/20/23(e)(l)		2,499,858
	1,250,000	BlueMountain CLO Ltd., Series 2014-4A, Class E, 6.35%, 11/30/26(e)(l)		1,228,474
	1,000,000	BlueMountain CLO Ltd., Series 2015-1A, Class C, 4.91%, 04/13/27(e)(l)		1,006,753
	1,500,000	BlueMountain CLO Ltd., Series 2015-1A, Class D, 6.61%, 04/13/27(e)(l)		1,475,345
	500,000	BlueMountain CLO Ltd., Series 2015-2A, Class E, 6.51%, 07/18/27(e)(l)		480,060
	1,000,000	BlueMountain CLO Ltd., Series 2015-4A, Class D2, 5.21%, 01/20/27(e)(l)		1,005,688
	1,000,000	BlueMountain CLO Ltd., Series 2015-4A, Class E, 7.66%, 01/20/27(e)(l)		1,014,770
	1,000,000	BlueMountain CLO Ltd., Series 2016-2A, Class D, 8.05%, 08/20/28(e)(l)		1,024,878
	1,000,000	Burnham Park CLO Ltd., Series 2016-1A, Class E, 8.01%, 10/20/29(e)(l)		1,016,859
	2,000,000	Canyon Capital CLO Ltd., Series 2012-1A, Class DR, 5.26%, 01/15/26(e)(l)		2,041,345
	1,000,000	Canyon Capital CLO Ltd., Series 2016-1A, Class E, 8.66%, 04/15/28(e)(l)		999,904
	1,000,000	Canyon Capital CLO Ltd., Series 2016-2A, Class E, 7.91%, 10/15/28(e)(l)		997,470
	1,500,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class E1, 6.46%, 04/20/27(e)(l)		1,462,551
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class D, 6.47%, 04/27/27(e)(l)		997,274
	2,500,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class D, 6.87%, 07/28/28(e)(l)		2,487,728

27

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class D, 7.26%, 10/20/27(e)(l)	$	994,954
	2,096,479	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, 9.66%, 10/20/27(e)		1,968,674
	750,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class D, 8.76%, 04/20/27(e)(l)		763,471
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, 8.16%, 10/20/29(e)(l)		1,016,801
	1,500,000	CIFC Funding Ltd., Series 2012-2A, Class B2R, 6.85%, 12/05/24(e)(l)		1,500,143
	1,000,000	CIFC Funding Ltd., Series 2014-1A, Class E, 5.66%, 04/18/25(e)(l)		950,491
	2,500,000	CIFC Funding Ltd., Series 2014-2A, Class B1L, 4.55%, 05/24/26(e)(l)		2,499,770
	2,000,000	CIFC Funding Ltd., Series 2014-3A, Class E, 7.21%, 10/19/27(e)(l)		2,005,597
	1,000,000	CIFC Funding Ltd., Series 2014-5A, Class E2, 7.41%, 01/17/27(e)(l)		1,005,791
	3,250,000	CIFC Funding Ltd., Series 2016-1A, Class E, 7.91%, 10/21/28(e)(l)		3,250,940
	1,000,000	Cole Park CLO Ltd., Series 2015-1A, Class E, 7.26%, 10/20/28(e)(l)		1,006,150
	1,000,000	Cumberland Park CLO Ltd., Series 2015-2A, Class E, 6.16%, 07/20/26(e)(l)		957,426
	1,000,000	Dryden Senior Loan Fund, Series 2014-34A, Class DR, 4.60%, 10/15/26(e)(l)		1,000,000
	1,000,000	Dryden Senior Loan Fund, Series 2016-43A, Class E, 8.41%, 07/20/29(e)(l)		1,016,354
	1,500,000	Galaxy XXI CLO Ltd., Series 2015-21A, Class E2, 7.66%, 01/20/28(e)(l)		1,511,554
	2,000,000	Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class E, 6.71%, 04/18/27(e)(l)		1,975,878
	1,000,000	Highbridge Loan Management Ltd., Series 2014-3A, Class D, 6.16%, 01/18/25(e)(l)		976,929
	962,500	Highbridge Loan Management Ltd., Series 2015-5A, Class E, 6.50%, 01/29/26(e)(l)		941,171
	1,000,000	Highbridge Loan Management Ltd., Series 2015-6A, Class E1, 6.60%, 05/05/27(e)(l)		968,169
	1,000,000	Highbridge Loan Management Ltd., Series 2015-7A, Class D, 4.79%, 11/15/26(e)(l)		999,939
	1,000,000	Highbridge Loan Management Ltd., Series 2015-7A, Class E, 6.79%, 11/15/26(e)(l)		984,782

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,750,000	Highbridge Loan Management Ltd., Series 2016-10A, Class D, 7.43%, 01/20/28(e)(l)	$	1,693,252
	500,000	Highbridge Loan Management Ltd., Series 2016-8A, Class D, 6.01%, 04/20/27(e)(l)		515,071
	1,000,000	Highbridge Loan Management Ltd., Series 2016-8A, Class E, 9.06%, 04/20/27(e)(l)		1,012,589
	1,000,000	Highbridge Loan Management Ltd., Series 2016-9A, Class D2, 7.60%, 07/19/27(e)(l)		999,924
	21,500,000	Jackson Mill CLO Ltd., Series 2015-1A, Class E, 6.16%, 04/15/27(b)(e)(l)		20,375,150
	20,000,000	Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 1.00%, 04/15/27(b)(e)(i)		13,719,700
	8,000,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class F, 7.66%, 07/20/27(b)(e)(l)		6,899,059
	8,000,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, 7.38%, 07/20/27(b)(e)(i)		4,493,318
	1,000,000	LCM Ltd. Partnership XVII LP, Series -17A, Class D, 4.66%, 10/15/26(e)(l)		999,953
	1,500,000	LCM Ltd. Partnership XVIII LP, Series -18A, Class D, 4.96%, 04/20/27(e)(l)		1,512,832
	1,000,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class E, 6.51%, 04/20/27(e)(l)		967,501
	500,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class INC, 4.60%, 04/20/27(e)(l)		312,582
	1,350,000	LCM Ltd. Partnership XXI LP, Series -21A, Class D, 6.26%, 04/20/28(e)(l)		1,365,263
	1,100,000	LCM XVI LP, Series 16A, Class E, 5.76%, 07/15/26(e)(l)		1,044,698
	750,000	LCM XX LLC, Series 20A, Class E, 7.26%, 10/20/27(l)		749,111
	1,000,000	LCM XXI LP, Series -21A, Class E, 8.81%, 04/20/28(e)(l)		1,028,644
	1,000,000	Madison Park Funding Ltd., Series 2012-9A, Class E, 6.29%, 08/15/22(e)(l)		1,001,699
	1,000,000	Madison Park Funding XIX Ltd., Series 2015-19A, Class D, 7.60%, 01/22/28(e)(l)		1,003,811
	1,000,000	Madison Park Funding XX Ltd., Series 2016-20A, Class E, 8.57%, 04/27/27(e)(l)		1,020,930

28

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,000,000	Neuberger Berman CLO Ltd., Series 2015-20A, Class D, 5.11%, 01/15/28(e)(l)	$	1,000,298
	3,250,000	Neuberger Berman CLO Ltd., Series 2015-20A, Class E, 7.61%, 01/15/28(e)(l)		3,254,239
	2,050,000	Neuberger Berman CLO XIII Ltd., Series 2012-13A, Class D, 5.65%, 01/23/24(e)(l)		2,050,570
	625,000	Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class D, 4.58%, 08/04/25(e)(l)		625,000
	625,000	Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, 5.05%, 04/22/29(e)(l)		625,000
	1,000,000	Neuberger Berman CLO XVIII Ltd, Series 2014-18A, Class CR, 5.29%, 11/14/27(l)		1,003,180
	750,000	Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class D, 6.11%, 04/20/27(e)(l)		750,660
	2,000,000	Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class E, 8.16%, 04/20/27(e)(l)		2,020,996
	1,000,000	Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, 7.91%, 10/17/27(e)(l)		1,002,408
	1,250,000	Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, 7.74%, 10/17/27(e)(l)		1,251,238
	1,000,000	Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class D1, 5.35%, 01/23/27(e)(l)		1,001,018
	1,000,000	OCP CLO Ltd., Series 2015-8A, Class C, 4.81%, 04/17/27(e)(l)		988,449
	1,000,000	Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 6.11%, 04/15/27(e)(l)		1,000,871
	2,000,000	Octagon Investment Partners 26 Ltd., Series 2016-1A, Class E, 9.01%, 04/15/27(e)(l)		2,001,631
	2,500,000	Octagon Investment Partners 27 Ltd., Series 2016-1A, Class E, 8.26%, 07/15/27(e)(l)		2,515,637
	1,000,000	Octagon Investment Partners XII Ltd., Series 2012-1A, Class ER, 6.53%, 05/05/23(e)(l)		1,002,764
	1,100,000	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 4.69%, 11/14/26(e)(l)		1,102,389
	1,000,000	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class D, 7.64%, 11/14/26(e)(l)		1,005,163
	2,250,000	Octagon Investment Partners XXII Ltd., Series 2014-1A, Class E1, 6.40%, 11/25/25(e)(l)		2,180,181

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,500,000	Octagon Loan Funding Ltd., Series 2014-1A, Class E, 6.25%, 11/18/26(e)(l)	$	1,446,899
	1,375,000	OHA Credit Partners XI Ltd., Series 2015-11A, Class E, 7.86%, 10/20/28(e)(l)		1,382,824
	2,250,000	OZLM Funding II Ltd., Series 2012-2A, Class DR, 8.19%, 10/30/27(e)(l)		2,253,233
	1,750,000	OZLM Funding IV Ltd., Series 2013-4A, Class D, 5.80%, 07/22/25(e)(l)		1,687,170
	1,750,000	OZLM Funding Ltd., Series 2012-1A, Class DR, 7.85%, 07/22/27(e)(l)		1,750,142
	3,750,000	OZLM IX Ltd., Series 2014-9A, Class CR, 4.71%, 01/20/27(e)(l)		3,741,516
	750,000	OZLM VII Ltd., Series 2014-7A, Class D, 6.16%, 07/17/26(e)(l)		723,709
	1,000,000	OZLM XI Ltd., Series 2015-11A, Class C2, 4.79%, 01/30/27(e)(l)		989,038
	1,000,000	OZLM XII Ltd., Series 2015-12A, Class D, 6.60%, 04/30/27(e)(l)		962,500
	1,250,000	OZLM XIII Ltd., Series 2015-13A, Class D, 6.60%, 07/30/27(e)(l)		1,181,571
	1,200,000	OZLM XIV Ltd., Series 2015-14A, Class C, 5.51%, 01/15/29(e)(l)		1,202,031
	1,500,000	OZLM XIV Ltd., Series 2015-14A, Class D, 7.51%, 01/15/29(e)(l)		1,500,788
	1,000,000	OZLM XV Ltd., Series 2016-15A, Class D, 8.07%, 01/20/29(e)(l)		980,475
	2,000,000	Regatta III Funding Ltd., Series 2014-1A, Class C, 4.61%, 04/15/26(e)(l)		1,994,482
	1,250,000	Shackleton CLO Ltd., Series 2017-10A, Class E, 7.43%, 04/20/29(e)(l)		1,206,250
	1,650,000	Sound Point CLO III Ltd., Series 2013-2A, Class E, 5.76%, 07/15/25(e)(l)		1,581,553
	1,000,000	Sound Point CLO IX Ltd., Series 2015-2A, Class E, 6.66%, 07/20/27(e)(l)		972,610
	5,000,000	Sound Point CLO X Ltd., Series 2015-3A, Class E, 7.91%, 01/20/28(e)(l)		5,008,429
	3,200,000	Sound Point CLO XI Ltd., Series 2016-1A, Class E, 7.98%, 07/20/28(e)(l)		3,210,874
	2,000,000	Sound Point CLO XII Ltd., Series 2016-2A,Class E, 7.56%, 10/20/28(e)(l)		1,990,763
	1,750,000	Sound Point CLO XIV Ltd., Series 2016-3A, Class E, 7.80%, 01/23/29(e)(l)		1,741,190

29

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
$	1,000,000	Stewart Park CLO Ltd., Series 2015-1A, Class E, 6.61%, 04/15/26(e)(l)	$	977,998
	1,500,000	Symphony CLO XV Ltd., Series 2014-15A, Class E, 6.21%, 10/17/26(e)(l)		1,483,573
	1,000,000	Symphony CLO XVI Ltd., Series 2015-16A, Class E, 6.61%, 07/15/28(e)(l)		979,995
	1,740,000	THL Credit Wind River CLO Ltd., Series 2015-1A, Class E1, 6.71%, 07/20/27(e)(l)		1,706,120
	5,000,000	TICP CLO I Ltd., Series 2015-1A, Class D, 4.71%, 07/20/27(e)(l)		4,914,104
	1,250,000	Vibrant CLO IV Ltd., Series 2016-4A, Class D, 5.66%, 07/20/28(e)(l)		1,273,184
	1,000,000	Voya CLO Ltd., Series 2012-2A, Class ER, 7.16%, 10/15/22(e)(l)		1,000,395
	1,000,000	Voya CLO Ltd., Series 2014-1A, Class C, 4.56%, 04/18/26(e)(l)		990,021
	1,250,000	Voya CLO Ltd., Series 2015-2A, Class D, 4.55%, 07/23/27(e)(l)		1,229,799
	1,500,000	Voya CLO Ltd., Series 2016-2A, Class D, 8.11%, 07/19/28(e)(l)		1,508,584
	1,000,000	Voya CLO Ltd., Series 2016-3A, Class D, 8.01%, 10/18/27(e)(l)		1,006,835
	11,250,000	Washington Mill CLO Ltd., Series 2014-1A, Class F, 6.66%, 04/20/26(b)(e)(l)		9,564,049
	17,600,000	Washington Mill CLO Ltd., Series 2014-1A, Class SUB, 11.00%, 04/20/26(b)(e)(i)		7,741,638
	4,250,000	Webster Park CLO Ltd., Series 2015-1A, Class C, 5.21%, 01/20/27(e)(l)		4,251,289
	2,650,000	Webster Park CLO Ltd., Series 2015-1A, Class D, 7.26%, 01/20/27(e)(l)		2,670,147
	1,000,000	Westcott Park CLO Ltd., Series 2016-1A, Class D, 5.51%, 07/20/28(e)(l)		1,017,250
	1,000,000	Westcott Park CLO Ltd., Series 2016-1A, Class E, 8.36%, 07/20/28(e)(l)		1,011,808
	1,500,000	York CLO Ltd., Series 2014-1A, Class E, 6.60%, 01/22/27(e)(l)		1,471,761
	3,500,000	York CLO Ltd., Series 2016-1A, Class E, 6.84%, 07/20/25(e)(l)		3,387,153
	1,000,000	York CLO-2 Ltd., Series 2015-1A, Class E, 7.40%, 10/22/27(e)(l)		997,177
	1,000,000	York CLO-4 Ltd., Series 2016-2A, Class E, 8.10%, 01/20/30(e)(l)		998,114
				326,018,983

Principal Amount			Value
UNITED STATES — 6.5%
$	14,602,796	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, 1.47%, 05/25/35(l)	$	11,626,016
	1,000,000	Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class DR, 5.10%, 01/30/24(e)(l)		1,001,096
	5,000,000	BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(l)		4,477,119
	13,928,294	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, 1.99%, 05/28/39(e)(l)		10,781,970
	6,365,412	Bayview Opportunity Master Fund Trust, Series 2016-RPL3, Class A1, 1.91%, 12/28/40(e)(l)		5,305,698
	3,169,240	Bear Stearns Asset Backed Securities I Trust, Series 2006-EC2, Class M2, 1.41%, 02/25/36(l)		2,876,008
	7,386,759	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, 1.13%, 12/25/36(l)		6,601,842
	3,261,529	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, 1.34%, 03/25/36(l)		973,395
	3,261,529	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, 1.34%, 03/25/36(l)		973,395
	13,111,637	Bear Stearns Asset-Backed Securities Trust, Series 2006-AQ1, Class 2A2, 1.19%, 10/25/36(l)		11,244,805
	8,000,000	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, 2.19%, 12/25/36(e)(l)		7,656,601
	3,791,423	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(l)		1,599,186
	3,554,459	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(l)		1,636,530
	6,018,884	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(l)		2,829,244
	2,750,000	BSP Mortgage Securities Corp. Ltd., Series 2016-9A, Class E, 7.83%, 07/20/28(e)(l)		2,771,219
	7,845,163	Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, 1.14%, 07/25/36(l)		6,824,586
	10,942,567	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A3, 1.15%, 10/25/36(l)		6,304,983
	7,820,690	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A4, 1.24%, 10/25/36(l)		4,553,416

30

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, 1.41%, 02/25/37(l)	$	3,395,070
	8,250,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A3, 1.13%, 12/25/36(l)		6,656,647
	12,415,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, 1.21%, 12/25/36(l)		8,121,540
	11,602,957	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29		6,642,929
	14,431,363	Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32		7,795,854
	4,077,296	Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28		3,949,484
	2,854,742	Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(l)		2,653,813
	4,495,161	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(l)		3,631,333
	3,461,124	Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(l)		2,728,225
	1,287,818	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, 1.15%, 09/25/46(l)		1,208,099
	1,219,410	Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, STEP, 6.41%, 06/25/21		1,363,033
	16,816,391	Countrywide Asset-Backed Certificates, Series 2007-S3, Class A3, 1.37%, 05/25/37(l)		14,243,165
	3,459,462	Countrywide Home Equity Loan Trust, Series 2006-S5, Class A4, 5.84%, 06/25/35		3,592,386
	2,584,328	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, 1.07%, 12/15/33(e)(l)		2,149,541
	2,197,243	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, 1.01%, 02/15/30(e)(l)		1,851,178
	2,046,867	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, 0.96%, 05/15/35(e)(l)		1,760,306
	2,864,182	Credit-Based Asset Servicing & Securitization LLC Trust, Series 2006-CB9, Class A3, 1.14%, 11/25/36(l)		1,669,842

Principal Amount			Value
UNITED STATES (continued)
$	5,432,944	First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2007-FF2, Class A2C, 1.14%, 03/25/37(l)	$	3,255,661
	3,140,822	GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, 1.23%, 02/25/36(l)		3,364,606
	2,640,060	GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, 1.20%, 11/25/36(l)		2,537,607
	3,366,283	Greenpoint Manufactured Housing, Series 1999-1, Class A5, 6.77%, 08/15/29(l)		3,304,273
	3,215,080	Greenpoint Manufactured Housing, Series 2000-1, Class A4, 8.14%, 03/20/30(l)		3,366,219
	8,500,099	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(l)		8,338,088
	670,594	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(l)		469,149
	6,933,420	GSAMP Trust, Series 2006-FM2, Class A2B, 1.11%, 09/25/36(l)		3,336,056
	3,277,000	Invitation Homes Trust, Series 2015-SFR3, Class E, 4.74%, 08/17/32(e)(l)		3,303,544
	457,829	Irwin Home Equity Loan Trust, Series 2006-2, Class 2A2, STEP, 6.24%, 02/25/36(e)		465,351
	4,000,000	JPMorgan Mortgage Acquisition Corp., Series 2006-CW1, Class M1, 1.26%, 05/25/36(l)		3,187,067
	419,823	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, 1.08%, 06/25/37(e)(l)		262,642
	12,722,830	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, 1.29%, 06/25/37(e)(l)		8,242,870
	8,639,689	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A2, 1.19%, 06/25/37(e)(l)		5,633,086
	1,369,532	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, 1.10%, 11/25/36(l)		594,770
	18,890,926	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, 1.15%, 11/25/36(l)		8,274,782
	3,713,064	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, 1.21%, 11/25/36(l)		1,642,840
	4,305,467	Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A3, 1.18%, 03/25/46(l)		1,995,998
	26,201,331	Long Beach Mortgage Loan Trust, Series 2006-5, Class 2A4, 1.23%, 06/25/36(l)		13,969,088

31

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
$	7,127,438	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, 1.15%, 10/25/36(l)	$	3,070,895
	4,000,000	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, 4.24%, 03/25/32(l)		4,032,160
	4,811,655	Mastr Second Lien Trust, Series 2006-1, Class A, 1.31%, 03/25/36(l)		1,135,122
	3,835,884	Merit Securities Corp., Series 13, Class M2, STEP, 7.82%, 12/28/33		2,672,748
	1,000,000	Mill Creek CLO Ltd., Series 2016-1A, Class E, 8.90%, 04/20/28(e)(l)		1,002,689
	1,690,052	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, 1.23%, 06/25/36(l)		1,115,600
	8,912,869	Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, 1.13%, 05/25/37(l)		6,320,771
	5,822,792	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		2,720,953
	3,855,234	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, 1.39%, 10/25/36(e)(l)		3,520,577
	3,246,139	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		3,188,054
	11,164,134	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(l)		6,955,702
	8,784,749	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(l)		2,934,458
	6,094,739	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(l)		2,260,289
	6,964,555	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(l)		2,878,317
	1,018,062	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(l)		844,432
	4,014,874	Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/15/32(l)		3,452,178
	1,752,398	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(l)		1,864,511
	2,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class C, 4.33%, 09/18/24(e)		2,005,359

Principal Amount			Value
UNITED STATES (continued)
$	4,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 09/18/24(e)	$	4,035,655
	15,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class C, 5.12%, 03/18/26(e)		15,182,096
	3,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(b)(e)		3,092,950
	10,000,000	OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, 07/18/25(e)		10,009,997
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(e)		4,012,200
	5,565,275	Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(e)		5,564,262
	8,339,410	Pretium Mortgage Credit Partners LLC, Series 2016-NPL3, Class A1, STEP, 4.38%, 05/27/31(e)		8,343,418
	3,710,164	Residential Asset Securities Corp. Trust, Series 2002-KS4, Class AIIA, 1.49%, 07/25/32(l)		3,278,690
	18,480,000	Santander Drive Auto Receivables Trust, Series 2012-AA, 0.00%, 12/16/19(b)(e)(i)		6,468,000
	1,000,000	Teacher’s Insurance & Annuity CLO II Ltd., Series 2017-1A, Class E, 7.06%, 04/20/29(e)(l)		960,620
	879,978	US Residential Opportunity Fund II Trust, Series 2016-3II, Class A, STEP, 3.60%, 10/27/36(e)		876,165
	1,432,195	US Residential Opportunity Fund IV Trust, Series 2016-3IV, Class A, STEP, 3.60%, 10/27/36(e)		1,439,230
	638,076	US Residential Opportunity II Trust, Series 2016-1II, Class A, STEP, 3.47%, 07/27/36(e)		633,628
	1,261,549	Wachovia Amortization Controlled Heloc NIM Trust, Series 2006-N1, Class N1, 5.68%, 08/12/47(e)		1,297,835
				356,162,812
Total Asset-Backed Securities (Cost $686,649,310)				682,181,795
NON-AGENCY MORTGAGE-BACKED SECURITIES — 9.4%
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.3%
	1,612,107	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.48%, 07/25/35(l)		1,474,193

32

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,788,009	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.44%, 03/25/37(l)	$	2,128,916
	6,426,382	Ajax Mortgage Loan Trust, Series 2016-A, Class A, STEP, 4.25%, 08/25/64(e)		6,457,867
	2,937,947	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, 1.62%, 09/25/46(l)		2,260,783
	2,901,749	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37		2,259,390
	2,117,432	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4D, STEP, 5.33%, 09/25/35		1,792,521
	33	Banc of America Alternative Loan Trust, Series 2005-9, Class 2CB1, 6.00%, 10/25/35		32
	519,169	Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.31%, 09/20/35(l)		499,444
	1,202,025	Banc of America Funding Corp., Series 2006-A, Class 3A2, 3.42%, 02/20/36(l)		964,411
	1,128,887	Banc of America Funding Corp., Series 2006-E, Class 2A1, 3.39%, 06/20/36(l)		930,908
	3,054,158	Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37		2,669,526
	1,325,665	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.25%, 10/25/35(l)		1,217,749
	3,131,200	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.28%, 02/25/36(l)		2,640,680
	919,111	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 3.21%, 08/25/35(l)		817,699
	942,923	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.41%, 05/25/47(l)		885,364
	3,045,981	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, 1.43%, 04/25/36(l)		2,873,537
	6,621,909	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, 1.31%, 11/25/36(l)		6,165,076
	2,803,725	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, 1.29%, 11/25/36(l)		6,848,327
	2,787,641	Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(e)(l)		2,649,288

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,764,376	CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, 2.39%, 08/25/35(l)	$	3,438,649
	525,989	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 3.16%, 05/25/35(l)		511,391
	474,497	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 3.32%, 06/25/36(l)		446,236
	5,679,598	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(e)		4,548,017
	767,063	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		701,721
	1,808,807	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, 1.29%, 08/25/35(l)		1,549,748
	5,069,217	Countrywide Alternative Loan Trust, Series 2005-38, Class A3, 1.34%, 09/25/35(l)		4,459,777
	11,525,113	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, 4.50%, 11/25/35(l)		2,138,330
	2,092,976	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.18%, 12/25/35(l)		1,852,437
	178,927	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, 1.66%, 12/25/35(l)		158,660
	2,631,152	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, 1.44%, 05/25/35(l)		2,130,403
	1,447,709	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		1,219,419
	4,705,695	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, 1.34%, 05/25/36(l)		2,539,572
	2,844,108	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		2,194,975
	5,703,042	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		4,089,384
	2,755,269	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		1,903,315
	2,031,251	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, 1.34%, 06/25/36(l)		1,267,111
	2,031,251	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, 6.16%, 06/25/36(l)		522,671

33

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,093,935	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/25/36	$	1,739,907
	2,181,839	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, 1.39%, 03/25/36(l)		1,226,344
	6,128,610	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		4,797,454
	2,295,608	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		2,001,125
	1,662,263	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		1,419,281
	2,185,083	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		1,707,017
	4,996,366	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		3,903,229
	323,025	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		293,434
	916,451	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, 1.39%, 05/25/36(l)		697,500
	5,407,167	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		3,707,929
	4,298,795	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, 2.09%, 11/20/46(l)		2,584,924
	8,950,977	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, 2.39%, 11/25/46(l)		7,430,471
	5,166,577	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, 1.18%, 11/25/46(l)		4,382,070
	6,193,109	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, 1.51%, 11/25/46(l)		5,246,912
	4,446,935	Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, 1.11%, 12/25/46(l)		3,948,656
	6,530,767	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, 1.18%, 03/20/47(l)		5,376,427
	2,796,080	Countrywide Alternative Loan Trust, Series 2006-OA22, Class A1, 1.15%, 02/25/47(l)		2,559,123
	1,640,571	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, 1.20%, 05/25/36(l)		1,336,053

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	7,891,557	Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, 1.20%, 07/25/46(l)	$	6,380,799
	13,743,157	Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, 1.18%, 07/25/46(l)		11,904,807
	7,991,285	Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, 1.22%, 03/25/36(l)		6,021,513
	6,069,923	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, 1.17%, 04/25/46(l)		4,713,634
	3,142,429	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		2,442,550
	3,165,194	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		2,522,271
	1,667,466	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37		1,362,172
	6,093,319	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		4,260,707
	6,071,363	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		4,804,252
	1,600,434	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		1,133,112
	1,745,783	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.92%, 11/25/36		1,345,450
	16,070,170	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, 1.50%, 03/25/47(l)		11,270,907
	2,575,158	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		2,049,720
	3,225,479	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.11%, 01/25/36(l)		2,920,290
	931,052	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		870,816
	2,016,192	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.10%, 03/20/36(l)		1,937,816
	13,432,456	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.62%, 04/25/46(l)		6,773,567

34

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,746,628	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 1.19%, 04/25/46(l)	$	4,137,625
	1,550,874	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, 1.41%, 07/25/36(e)(l)		1,397,108
	3,450,611	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		2,851,684
	211,401	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		194,710
	3,719,217	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		3,486,704
	466,604	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 3.24%, 01/27/36(e)(l)		465,067
	3,393,294	Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(l)		1,580,684
	4,326,323	Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 4.34%, 04/27/37(e)(l)		3,180,822
	7,000,000	Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, 1.13%, 10/27/36(e)(l)		3,710,000
	12,047,482	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, 0.96%, 03/27/36(e)(l)		6,344,313
	5,362,252	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, 0.96%, 03/27/36(e)(l)		5,072,530
	56,714,600	Credit Suisse Mortgage Trust, Series 2017-1, 8.75%, 03/25/21(e)		39,944,887
	1,150,249	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-1, Class 1A3B, 1.13%, 08/25/37(l)		1,086,301
	3,006,674	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2, Class A1, 1.43%, 04/25/47(l)		2,554,644
	3,069,402	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class 1A1B, 1.12%, 08/25/47(l)		2,644,196
	3,223,880	Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 6.99%, 09/25/28(l)		3,760,592
	6,138,160	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 6.74%, 07/25/29(e)(l)		6,552,205

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	11,500,000	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1M2, 4.54%, 07/25/29(e)(l)	$	11,916,185
	4,750,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 5.94%, 07/25/29(l)		4,814,665
	1,375,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 10.99%, 07/25/29(l)		1,295,586
	6,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class M2, 4.24%, 02/25/29(l)		6,119,922
	1,032,309	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.63%, 11/19/35(l)		997,368
	6,010,037	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, 1.34%, 01/25/35(e)(l)		5,165,137
	2,186,588	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, 1.34%, 01/25/36(e)(l)		1,826,813
	848,219	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.47%, 01/25/35(l)		854,190
	336,742	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		331,310
	643,955	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		633,969
	1,239,066	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.51%, 01/25/36(l)		1,114,066
	1,432,912	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		1,282,429
	1,640,006	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 3.11%, 04/25/37(l)		1,409,843
	52,214,019	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.00%, 07/25/47		2,812,916
	6,438,197	IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.83%, 01/25/37(l)		5,499,327
	4,059,908	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, 1.14%, 03/25/37(l)		3,978,657
	4,354,688	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.67%, 10/25/37(l)		3,460,507

35

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	368,633	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37	$	350,323
	3,687,080	JPMorgan Resecuritization Trust, Series 2015-3, Class 2A1, 4.30%, 11/26/36(e)(l)		3,685,605
	5,079,831	Lehman XS Trust, Series 2007-20N, Class A1, 2.14%, 12/25/37(l)		4,246,439
	8,379,268	LSTAR Securities Investment Ltd., Series 2017-1, Class A, 2.98%, 01/01/22(e)(l)		8,358,319
	4,862,682	LSTAR Securities Investment Ltd., Series 2017-2, Class A1, 2.98%, 02/01/22(e)(l)		4,854,831
	1,967,460	LSTAR Securities Investment Trust, Series 2016-3, Class A, 2.98%, 09/01/21(e)(l)		1,938,580
	3,542,816	LSTAR Securities Investment Trust, Series 2016-5, Class A1, 2.98%, 11/01/21(e)(l)		3,542,816
	4,293,600	MASTR Reperforming Loan Trust, Series 2006-2, Class 1A1, 4.41%, 05/25/36(e)(l)		3,952,536
	3,028,711	MASTR Resecuritization Trust, Series 2008-3, Class A1, 1.40%, 08/25/37(e)(l)		2,234,825
	2,955,494	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.53%, 05/25/36(l)		2,431,935
	1,012,139	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		818,482
	10,206,585	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 1.44%, 05/26/37(e)		8,367,260
	4,078,140	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, 1.14%, 07/26/45(l)		3,702,030
	5,935,763	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(e)		5,512,904
	2,600,182	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(e)		2,425,909
	1,352,985	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		1,147,777
	229,583	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		212,533
	5,645,798	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 4.20%, 08/25/36(l)		4,762,160

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,953,603	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 3.23%, 05/25/35(l)	$	2,441,471
	3,425,846	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, 1.17%, 09/25/47(l)		3,072,227
	5,012,472	Structured Asset Mortgage Investments, Inc., Series 2006-AR5, Class 4A1, 1.21%, 05/25/46(l)		2,883,575
	5,340,152	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, 1.34%, 06/25/35(e)(l)		4,497,721
	2,201,256	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 3.61%, 04/25/37(l)		1,855,840
	947,366	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 3.69%, 04/25/37(l)		748,545
	2,843,036	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, 5.75%, 06/25/47(l)		2,535,983
	5,913,244	Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, 1.30%, 04/26/37(e)(l)		5,566,862
	1,847,475	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		1,648,885
	5,132,073	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		2,185,493
	158,106	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 2.88%, 12/25/35(l)		151,843
	3,119,177	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR13, Class 2A, 2.09%, 10/25/46(l)		2,795,893
	1,957,028	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 2.70%, 07/25/37(l)		1,598,773
	4,478,592	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, 1.43%, 05/25/47(l)		3,984,337
	2,306,063	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.62%, 08/25/46(l)		1,651,193
	17,920,438	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, 5.70%, 03/25/37(l)		2,651,940

36

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	137,634	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 3A1, 3.12%, 07/25/36(l)	$	137,719
	766,374	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 3.11%, 04/25/36(l)		765,476
				454,475,768
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.1%
	18,052,658	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, 1.44%, 09/25/37(e)(l)		15,742,360
	2,571,889	Bayview Commercial Asset Trust, Series 2007-5A, Class A3, 1.99%, 10/25/37(e)(l)		2,481,749
	6,224,369	CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 5.24%, 12/15/27(e)(l)		6,265,291
	340,000	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class D, 3.05%, 01/10/48(e)(l)		241,215
	2,000,000	Commercial Mortgage Trust, Series 2014-PAT, Class E, 4.06%, 08/13/27(e)(l)		2,005,060
	4,482,000	Commercial Mortgage Trust, Series 2014-PAT, Class F, 3.35%, 08/13/27(e)(l)		4,398,814
	1,180,000	Commercial Mortgage Trust, Series 2015-CR25, Class D, 3.95%, 08/10/48(l)		929,549
	15,000,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.49%, 12/15/34(e)(l)		14,735,079
	6,050,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class GFX, 3.49%, 12/15/34(e)(l)		5,848,651
	4,302,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, 1.28%, 12/25/36(e)(l)		3,243,665
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 7.76%, 04/25/46(e)(l)		4,152,670
	2,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class D, 3.15%, 09/15/57(e)		1,404,300
				61,448,403
Total Non-Agency Mortgage-Backed Securities (Cost $503,579,535)				515,924,171

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 35.8%
Federal Home Loan Bank — 35.8%
$	1,000,000	0.60%, 05/01/17(p)	$	1,000,000
	165,000,000	0.76%, 05/03/17(p)		164,993,220
	17,000,000	0.74%, 05/03/17(p)		16,999,303
	12,000,000	0.73%, 05/03/17(p)		11,999,507
	50,000,000	0.70%, 05/04/17(p)		49,996,919
	37,000,000	0.76%, 05/04/17(p)		36,997,686
	11,500,000	0.76%, 05/05/17(p)		11,499,057
	8,000,000	0.76%, 05/05/17(p)		7,999,344
	135,000,000	0.76%, 05/08/17(p)		134,980,348
	60,000,000	0.73%, 05/08/17(p)		59,991,360
	50,000,000	0.70%, 05/08/17(p)		49,992,841
	11,000,000	0.75%, 05/08/17(p)		10,998,416
	100,000,000	0.73%, 05/09/17(p)		99,983,600
	12,000,000	0.76%, 05/09/17(p)		11,998,032
	161,000,000	0.76%, 05/10/17(p)		160,970,133
	70,000,000	0.75%, 05/11/17(p)		69,986,083
	140,000,000	0.76%, 05/15/17(p)		139,959,680
	63,000,000	0.75%, 05/15/17(p)		62,981,856
	50,000,000	0.71%, 05/15/17(p)		49,985,655
	114,000,000	0.76%, 05/16/17(p)		113,964,247
	57,000,000	0.74%, 05/16/17(p)		56,982,440
	2,000,000	0.74%, 05/16/17(p)		1,999,384
	161,150,000	0.77%, 05/17/17(p)		161,096,817
	44,000,000	0.76%, 05/18/17(p)		43,984,644
	68,500,000	0.76%, 05/19/17(p)		68,474,160
	63,000,000	0.75%, 05/22/17(p)		62,972,493
	100,550,000	0.76%, 05/23/17(p)		100,504,408
	50,000,000	0.76%, 06/07/17(p)		49,959,678
	11,450,000	0.77%, 06/16/17(p)		11,438,447
	135,000,000	0.76%, 06/20/17(p)		134,853,356
Total U.S. Government Agencies (Cost $1,959,543,004)				1,959,543,114
Shares
CASH SWEEP — 3.2%
UNITED STATES — 3.2%
	176,620,394	Citibank - US Dollars on Deposit in Custody Account, 0.08%(q)		176,620,394
Total Cash Sweep (Cost $176,620,394)				176,620,394
TOTAL INVESTMENTS — 99.5% (Cost $5,321,139,010)(a)			$	5,441,640,042
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				28,539,528
NET ASSETS — 100.0%			$	5,470,179,570

37

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Contracts/ Notional Amount ($)			Value
STRUCTURED OPTIONS — 1.5%
	3,832	DAXK Index, One purchased call strike 5,219.79, One written put strike 5,219.79 Expires 12/14/17, Broker Citibank N.A.	$	2,794,507
	660,000	Euro STOXX 50 Dividend Index Option, One purchased put strike 110, One written put strike 2,650.00 on Euro STOXX 50 Index (15,000 contracts), Expires 12/20/19, Broker BNP Paribas SA(r)		(657,961	)
	327,225	Euro STOXX 50 Dividend Index Option, One purchased put strike 110, One written put strike 2,650.00 on Euro STOXX 50 Index (7,385 contracts), Expires 12/20/19, Broker UBS AG(r)		(158,284	)
	10,000,000	Euro STOXX 50 Index, One purchased call strike 2,595.70, Expires 01/19/18, Broker Citibank N.A.		3,484,530
	5,505	Euro STOXX 50 Index, One purchased call strike 2,725,10, Expires 12/21/18, Broker Goldman Sachs International		4,200,415
	7,875,000	Euro STOXX 50 Index, One purchased call strike 2,797.2047, Expires 12/21/18, Broker JPMorgan Chase Bank N.A.(s)		1,968,805
	5,339	Euro STOXX 50 Index, One purchased call strike 2,810.00, Expires 06/15/18, Broker Goldman Sachs International		3,591,751
	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(r)		1,504,754
	22,430	Euro STOXX 50 Index, One purchased call strike 3,377.14, Expires 05/18/17, One purchased call strike 3,143.08 with a barrier level strike of 2,954.50, Expires 09/14/17, One written put strike 3,343.70 with a barrier level strike of 2,942.46, Expires 09/14/17, Broker Barclays Bank Plc		3,361,584

Contracts/ Notional Amount ($)			Value
	8,639	Euro STOXX 50 Index, One purchased call strike 3,472.6000, One written put strike 126.6900 on the Euro Stoxx Banks Index with a barrier level strike of 96.9179(236,798 contracts), Expires 06/15/17, Broker JPMorgan Chase Bank N.A(r)	$	650,430
	11,617	Euro STOXX 50 Index, One purchased call strike 3,512.0232, One written put strike 3,443.16 (5,809 contracts), One purchased put strike 2,305.9008 (17,000 contracts) on S&P 500 Index, Expires 05/19/17, Broker Goldman Sachs International(r)		625,469
	8,658	Euro STOXX 50 Index, One purchased call strike 3,534.1164, One written put strike 3,118.3380, Expires 06/30/17, Broker JPMorgan Chase Bank N.A.		519,360
	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(r)		985,413
	4,422	FTSE 100 Index, One purchased call strike 6,784.37, One purchased put strike 6,648.68, One written put strike 6,784.37 with a barrier level strike of 5,291.81 (8,843 contracts) Expires 11/16/17, Broker Credit Suisse International(r)		1,891,193
	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(r)		424,514

38

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Contracts/ Notional Amount ($)			Value
	2,606	FTSE MIB Index, One purchased call strike 17,130.50, One written call strike 17,978.54, One written put strike 16,960.89 with a barrier level strike of 14,416.76 (590 contracts), Expires 10/19/17, Broker Credit Suisse International(r)	$	1,745,301
	1,174	FTSE MIB Index, One purchased call strike 17,205.81, One purchased put strike 16,865.10, One written put strike 17,035.46 with a barrier level strike of 12,846.44 (2,348 contracts) Expires 12/14/17, Broker JPMorgan Chase Bank N.A.(r)		3,772,308
	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.		1,671,540
	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.		1,307,860
	1,687,308	iShares MSCI EAFE ETF Index Fund, One purchased call strike 60.4513, One written put strike 54.5247, Expires 07/13/17, Broker Credit Suisse International		4,581,411
	1,737,686	iShares MSCI EAFE Index Fund, One written put strike 52.94, One purchased call strike 58.69 Expires 6/30/17, Broker Citibank N.A.		7,528,500

Contracts/ Notional Amount ($)			Value
	135,469	iShares NASDAQ Biotechnology Index, One purchased call strike 272.19, One written call strike 298.87, One written put strike 266.85 with a barrier level strike of 242.83 (56,211 contracts), Expires 10/20/17, Broker Barclays Bank Plc(r)	$	2,061,478
	171,356	iShares NASDAQ Biotechnology Index, One purchased call strike 275.30, One written call strike 307.37, One written put strike 267.28 with a barrier level strike of 240.55 (74,828 contracts), Expires 10/17/17, Broker Barclays Bank Plc(r)		2,814,517
	661,563	iShares Russell 1000 Value ETF, One purchased call strike 114.50, One written put strike 48.89 on Utilities Select Sector SPDR Fund with a barrier level strike of 37.38 (1,534,103 contracts), Expires 02/16/18, Broker Bank of America N.A.		2,640,634
	1,440,181	Materials Select Sector SPDR, One purchased call strike 52.5976, One written put strike 48.9402 on Utilities Select Sector SPDR with a barrier level strike of 40.6204 (1,532,482 contracts), Expires 02/16/18, Broker JPMorgan Chase Bank N.A.(r)		2,844,978
	19,808	OMX Stockholm 30 Index, One purchased call strike 1,514.51889, One written put strike 1,397.1437, Expires 05/18/17, Broker Societe Generale		2,067,888
	19,738	OMX Stockholm 30 Index, One purchased call strike 1,519.88, One written put strike 1,402.09, Expires 05/18/17, Broker Societe Generale		1,957,018
	21,128	S&P 500 Index, , One purchased call strike 2,248.18 Expires 09/29/17, One purchased call strike 2,437.50 Expires 05/19/17, One written put strike 2,366.50 with a barrier level strike of 2,129.85 Expires 09/29/17, Broker Societe Generale		(100,041	)

39

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Contracts/ Notional Amount ($)			Value
	7,005	S&P 500 Index, One purchased call strike 2,162.75, One purchased put strike 2,119.93, One written call strike 2,141.34 with a barrier level strike of 1,724.85 (14,010 contracts), Expires 11/16/17, Broker Bank of America N.A.(r)	$	1,639,299
	18,306	S&P 500 Index, One purchased call strike 2,206.93, One purchased put strike 2,163.23, One written put strike 2,185.08 with a barrier level strike of 1,780.40 (36,612 contracts) Expires 12/14/17, Broker Bank of America N.A.(r)		3,568,354
	18,301	S&P 500 Index, One purchased call strike 2,229.42, One written put strike 2,163.85, with a barrier level strike of 2,185.71, Expires 08/17/17, Broker Credit Suisse International		3,157,877
	44,023	S&P 500 Index, One purchased call strike 2,316.9810, One written put strike 2,112.5415, Expires 07/13/17, Broker Credit Suisse International		3,649,373
	32,479	S&P 500 Index, One purchased put strike 2,286.06, One written call strike 49 on Utilities Select Sector SPDR (1,530,612 contracts), One written call strike 49 on Utilities Select Sector SPDR with a barrier level strike of 38.22 (1,530,612 contracts), Expires 09/14/17, Broker Societe Generale(r)		(122,670	)
	2,489	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 20,289.89, One written call strike 48.93 on Utilities Select Sector SPDR with a barrier level strike of 36.84(1,021,868 contracts), Expires 02/15/18, Broker Credit Suisse International(r)		2,389,089
	4,775	SPDR Dow Jones Industrial Average ETF Trust, One purchased call strike 21,150.7130, One written put strike 20,313.0610, Expires 07/13/17, Broker Credit Suisse International		58,796

Contracts/ Notional Amount ($)			Value
	3,675	SPDR Dow Jones Industrial Average ETF Trust, One purchased put strike 20,406.62, One purchased call strike 20,610.6862, One written put strike 49.5524 on Utilities Select Sector SPDR with a barrier level strike of 40.0383 (1,513,549 contracts), Expires 03/15/18, Broker Citibank N.A.(r)	$	2,786,024
	436,528	SPDR S&P 500 ETF Trust, One purchased put strike 226.7897, One written call strike 118.9942 on iShares 20+ Year Treasury Bond ETF with a barrier level stirke of 139.223214 (840,377 contracts), One written put strike 118.9942 on iShares 20+ Year Treasury B Expires 7/14/17, Broker Citibank N.A.(r)		260,498
	3,805	Swiss Market Index, One purchased call strike 7,963.92, One purchased put strike  7,727.36, One written put strike 7,885.07 with a barrier level strike of 6,185.84 (7,609 contracts) Expires 11/16/17, Broker JPMorgan Chase Bank N.A.(r)		3,310,500
	2,501	Swiss Market Index, One purchased call strike 8,075.3631, One purchased put strike 7,835.5008, One written put strike 7,995.4090 with a barrier level strike of 6,228.42 (5,003 contracts), Expires 10/19/17, Broker JPMorgan Chase Bank N.A.(r)		1,944,100
	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.(r)		907,390
	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(r)		814,775

40

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Contracts/ Notional Amount ($)			Value
	15,000,000	USD/BRL foreign exchange rate, One purchase call strike 3.08, One written put strike 3.3288, One purchase put strike 3.11 with a barrier level strike of 3.45, Expires 07/07/17, Broker Goldman Sachs International	$	139,242
	20,000,000	USD/BRL foreign exchange rate, One purchase call strike 3.10, One written put strike 3.4838, Expires 09/29/17, Broker Goldman Sachs International		(150,760	)
	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		(41,686	)
	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		(66,267	)
	15,000,000	USD/MXN foreign exchange rate, One purchased put strike 19.45, One written call strike 21.915, Expires 10/23/17, Broker JPMorgan Chase Bank N.A.		353,440
	10,000,000	USD/MXN foreign exchange rate, One written call strike 21.5100, One purchased put strike 18.7500, Expires 10/19/17, Broker JPMorgan Chase Bank N.A.		52,446
Total Structured Options (Premiums received $5,349,103)			$	84,729,692

FUTURES CONTRACTS: SHORT POSITION
	Contracts		Unrealized Depreciation
	193	Eurex Euro-Buxl 30-year Bond, June 2017	$	(63,420	)
		Net unrealized depreciation	$	(63,420	)

FUTURES CONTRACTS: LONG POSITION

Contracts		Unrealized Appreciation/ (Depreciation)
204	Chicago Board of Trade E-Mini Dow Jones Industrial Average Index, June 2017	$	(26,197	)
547	Chicago Mercantile Exchange E-Mini S&P 500 Index, June 2017		29,366
1,295	Chicago Board of Trade 5 Year U.S. Treasury Note, June 2017		1,156,250
231	Chicago Board of Trade U.S. Treasury Long Bond, June 2017		437,844
250	Intercontinental Exchange Brent Crude Oil, July 2017		(243,790	)
100	Chicago Board of Trade Hard Red Winter Wheat, July 2017		(227,513	)
120	Minneapolis Grain Exchange Red Spring Wheat, July 2017		98,325
	Net unrealized appreciation	$	1,224,285

	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 the termination date, expiring 12/29/17 (Underlying notional amount $537,874)(t)	$	297,617
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)		61,830
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)		61,830

41

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(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 $281,250)	$	61,830
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)		61,830
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)		61,830
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)		61,830
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)		61,830
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)		61,830

	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)	$	61,830
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)		61,830
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)		61,830
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)		61,830
Commodity Index Swap Agreement with Macquarie Bank Ltd. based on the Macquarie Commodity Spread 203E Index, paying a fixed amount when Soybean Index lower than initial index level of 165.3420 and receiving an amount when Soybean Index greater than initial index level of 165.3420, expiring 12/06/17 (Underlying notional amount $496,026)		(56,607	)

42

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Conditional Variance Swap with BNP Paribas SA receiving variance of difference between iShares China Large-Cap ETF (“FXI”) and S&P 500 Index (“SPX”) over the volatility strike price of 25.25 with a condition that FXI knockout level is between 70% and 110% of initial index level and paying variance of difference between FXI and SPX under the volatility strike price of 18.25 with a condition that SPX knockout level is between 60% and 120% of initial index level, expiring 01/19/18 (Underlying vega amount $250,000)	$	(323,578	)
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)		879,378
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)		393,044

	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 6.20 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.20, expiring 11/09/18 (Underlying vega amount $3,000,000)	$	252,526
Volatility swap with BNP Paribas SA based on a basket of equities and index, receiving an amount if the final realized volatility is over the target strike price of 15.43 and paying an amount if the final realized volatility is under the target strike price of 15.43, expiring 01/19/18 (Underlying vega amount $300,000)(u)		(530,164	)
Volatility swap with BNP Paribas SA based on a basket of equities and index, receiving an amount if the final realized volatility is over the target strike price of 16.36 and paying an amount if the final realized volatility is under the target strike price of 16.36, expiring 01/19/18 (Underlying vega amount $500,000)(v)		(1,065,195	)
Volatility swap with JPMorgan Chase Bank N.A. based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 15.76 and paying variance if the basket volatility strike under the target strike price of 15.76, expiring 01/19/18 (Underlying vega amount $300,000)(w)		(838,337	)
Volatility swap with JPMorgan Chase Bank N.A. based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 17.00 and paying variance if the basket volatility strike under the target strike price of 17.00, expiring 01/19/18 (Underlying vega amount $500,000)(x)		(2,124,700	)

43

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Volatility Swap with Societe Generale based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 16.41 and paying variance if the basket volatility strike under the target strike price of 16.41, expiring 01/19/18 (Underlying vega amount $500,000)(y)	$	(1,943,000	)
	$	(4,317,056	)

	Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS (WRITTEN)
Commodity Index Swap Agreement with Cargill, Inc. based on the Baltic Capesize Freight Index (“BCI”) receiving a fixed amount per day and paying the arithmetic average of the rates for BCI Routes published by the Baltic Exchange, expiring 01/31/18 (Underlying notional amount $296,220)	$	(46,860	)
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 $296,220)		(46,860	)
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 $296,220)		(46,860	)
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 $296,220)		(46,860	)

		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 $296,220)	$	(46,860	)
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 $296,220)		(46,860	)
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 $296,220)		(46,860	)
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 $296,220)		(46,860	)
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 $296,220)		(46,860	)
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 $296,220)		(46,860	)

44

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(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 12/31/18 (Underlying notional amount $296,220)	$	(46,860	)
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 $296,220)		(46,860	)
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 07/28/17 (Underlying notional amount $1,117,186)		1,442,186
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)		810,999
Equity swap with Barclays Capital, Inc. receiving total return of the Shiller Barclays CAPE US Core Sector Index over the initial equity level of 550.0789 and paying a variable payment based on 1-month LIBOR, expiring 08/31/17 (Underlying notional amount $30,000,000)		6,093,491

	Unrealized Appreciation/ (Depreciation)
Equity swap with BNP Paribas SA based on a basket of indexes, receiving an amount if the price return of the basket indexes is over the target of 100% and paying an amount if the price return of the basket indexes is under the target of 100%, expiring 03/26/18 (Underlying notional amount Euro 100,000,000)(z)	$	3,365,642
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 10/05/17 (Underlying vega amount $1,000,000)		1,325,395
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 11/17/17 (Underlying vega amount $1,000,000)		1,206,192
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)		696,414
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)		49,763

45

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(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 6.15 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)	$	44,327
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)		1,284,843
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)		1,060,487
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)		6,074,662
Variance swap with UBS AG receiving variance of the Franklin Floating Rate Fund over the target volatility of 4.00 and paying variance of the Franklin Floating Rate Fund under the target volatility of 4.00, expiring 12/28/18 (Underlying vega amount $62,500)		75,952
Volatility swap with JPMorgan Chase Bank N.A. paying an amount if the volatility of USD/MXN foreign exchange rate is over 16.00% and receiving an amount if the volatility of USD/MXN foreign exchange rate is under 16.00%, expiring 09/27/17 (Underlying vega amount $75,000)		(23,430	)

	Unrealized Appreciation/ (Depreciation)
Volatility swap with JPMorgan Chase Bank N.A. paying an amount if the volatility of USD/MXN foreign exchange rate is over 16.50% and receiving an amount if the volatility of USD/MXN foreign exchange rate is under 16.50%, expiring 09/27/17 (Underlying vega amount $75,000)	$	7,575
Volatility swap with JPMorgan Chase Bank N.A. paying an amount if the volatility of USD/MXN foreign exchange rate is over 17.00% and receiving an amount if the volatility of USD/MXN foreign exchange rate is under 17.00%, expiring 11/06/17 (Underlying vega amount $100,000)		46,359
Volatility Swap with Societe Generale based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 20.1 and paying variance if the basket volatility strike under the target strike price of 20.1, expiring 01/19/18 (Underlying vega amount $437,500)(aa)		(1,204,375	)
Volatility Swap with UBS AG based on a basket of securities and index, receiving variance if the basket volatility strike over the target strike price of 14.87 and paying variance if the basket volatility strike under the target strike price of 14.87, expiring 01/19/18 (Underlying vega amount $500,000)(ab)		(1,013,584	)
	$	20,780,578

(a) Cost for federal income tax purposes is $5,324,417,932 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	210,528,138
Unrealized depreciation		(93,306,028	)
Net unrealized appreciation	$	117,222,110

(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $430,240,212 or 7.87% 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 (e) below) that amount to $89,974,051 or 1.64% of net assets.
(c)	Level 3 fair valued security under procedures established by

46

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

	the Fund’s Board of Directors. The aggregate value of fair valued securities is $303,045, which is 0.01% of net assets.
(d)	Non-income producing security.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $725,292,607, which is 13.26% 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.
(f)	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.
(g)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(h)	Principal amount denoted in Singapore Dollars.
(i)	Zero coupon bond. The rate represents the yield at time of purchase.
(j)	Issuer filed for bankruptcy and/or is in default of interest payments.
(k)	Principal amount denoted in Euros.
(l)	Variable rate security. Rate shown is the rate as of April 30, 2017.
(m)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(n)	Principal amount denoted in British Pounds.
(o)	Principal amount denoted in Swiss Francs.
(p)	The rate represents the annualized yield at time of purchase.
(q)	The rate shown is the current yield as of April 30, 2017.
(r)	Number of contracts are shown parenthetically for any leg of Structured Option which has a different number of contracts than the amount shown under contracts column.
(s)	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.
(t)	The following table represents the individual long and short positions and related values underlying the basket swap with Cargill, Inc., as of April 30, 2017, expiration date December 29, 2017:

Reference Entity — Long	Unrealized Appreciation/ (Depreciation)
Chicago Board of Trade Corn #2, December 2016	$	235,025
Chicago Board of Trade Hard Red Winter Wheat, July 2017		(9,037	)
Chicago Board of Trade Soybean, July 2016		(204,375	)
Chicago Board of Trade Soybean, November 2016		(258,750	)
Chicago Board of Trade Wheat, July 2016		131,744
Chicago Board of Trade Wheat, December 2016		(84,237	)
Chicago Board of Trade Wheat, March 2017		44,175
Chicago Board of Trade Wheat, July 2017		(169,812	)

Reference Entity — Long (Continued)	Unrealized Appreciation/ (Depreciation)
Chicago Mercantile Exchange Lean Hogs, December 2016		434,500
Chicago Mercantile Exchange Live Cattle, August 2016		(115,800	)
Chicago Mercantile Exchange Live Cattle, October 2016		187,270
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		(220,000	)
Intercontinental Exchange Brent Crude Oil, March 2017		(137,000	)
Intercontinental Exchange Cotton #2, March 2017		(50,750	)
London Metal Exchange Copper, June 2016		(508,750	)
New York Mercantile Exchange Natural Gas, October 2017		(354,701	)
New York Mercantile Exchange Natural Gas, January 2018		403,260
	$	(1,553,838	)

Reference Entity — Short	Unrealized Appreciation/ (Depreciation)
Chicago Board of Trade Corn #2, December 2016	$	89,376
Chicago Board of Trade Soybean, July 2016		130,782
Chicago Board of Trade Soybean, November 2016		15,700
Chicago Board of Trade Soybean, January 2017		(35,112	)
Chicago Board of Trade Soybean, March 2017		(312,575	)
Chicago Board of Trade Wheat, July 2016		157,500
Chicago Board of Trade Wheat, December 2016		42,500
Chicago Mercantile Exchange Lean Hog, December 2016		105,000
Chicago Mercantile Exchange Soybean Meal, July 2016		60,446
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		177,000
Intercontinental Exchange Brent Crude Oil, March 2017		112,000
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		152,000
New York Mercantile Exchange Natural Gas, January 2018		17,600
	$	1,851,455

47

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

(u) The following table represents the individual long and short positions and related values underlying the basket swap with BNP Paribas SA, as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
Eastman Chemical Co.	$	(123,688	)
Hologic, Inc.		(198,228	)
Lennar Corp.		(119,960	)
Mohawk Industries, Inc.		(183,363	)
Occidental Petroleum Corp.		(164,794	)
Oracle Corp.		(127,549	)
Phillips 66		(199,971	)
VeriSign, Inc.		(232,851	)
Yahoo! Inc.		(219,873	)
	$	(1,570,277	)

Reference Entity — Short	Unrealized Appreciation
S&P 500 Index	$	1,040,113

(v) The following table represents the individual long and short positions and related values underlying the basket swap with BNP Paribas SA, as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
AbbVie, Inc.	$	(256,027	)
Akamai Technologies, Inc.		(47,138	)
Alibaba Group Holding Ltd.		(280,881	)
Amazon.com, Inc.		(273,869	)
Apple, Inc.		(153,940	)
Baidu, Inc.		(308,240	)
Broadcom Ltd.		(217,080	)
EOG Resources, Inc.		(262,488	)
E-Trade Financial Corp.		(72,144	)
Facebook, Inc.		(272,012	)
Gilead Sciences, Inc.		(186,767	)
Halliburton Co.		(228,644	)
Micron Technology, Inc.		(84,070	)
Priceline Group, Inc. (The)		(228,727	)
salesforce.com, Inc.		(302,899	)
Whirlpool Corp.		(148,736	)
	$	(3,323,662	)

Reference Entity — Short	Unrealized Appreciation
S&P 500 Index	$	2,258,467

(w) The following table represents the individual long position and related values underlying the basket swap with JPMorgan Chase Bank N.A., as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
Eastman Chemical Co.	$	(161,994	)
Lennar Corp.		(209,496	)
Occidental Petroleum Corp.		(308,131	)
Oracle Corp.		(184,262	)
Phillips 66		(341,399	)
VeriSign, Inc.		(300,459	)
Yahoo! Inc.		(302,168	)
	$	(1,807,909	)

Reference Entity — Short	Unrealized Appreciation
S&P 500 Index	$	969,572

(x) The following table represents the individual long position and related values underlying the basket swap with JPMorgan Chase Bank N.A., as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
AbbVie, Inc.	$	(564,562	)
Amazon.com, Inc.		(447,596	)
Apple, Inc.		(320,029	)
CA, Inc.		(618,625	)
Chevron Corp.		(291,631	)
Exxon Mobil Corp.		(298,391	)
Halliburton Co.		(407,598	)
Microsoft Corp.		(407,999	)
Netflix.com, Inc.		(744,246	)
Phillips 66		(492,725	)
	$	(4,593,402	)

Reference Entity — Short	Unrealized Appreciation
S&P 500 Index	$	2,468,702

(y) The following table represents the individual long and short positions and related values underlying the basket swap with Societe Generale, as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
AbbVie, Inc.	$	(451,500	)
Amazon.com, Inc.		(461,500	)
Apple, Inc.		(284,500	)
Biogen, Inc.		(640,500	)
Chevron Corp.		(214,500	)
Exxon Mobil Corp.		(279,000	)
Halliburton Co.		(338,500	)
Microsoft Corp.		(352,000	)
Netflix, Inc.		(689,500	)
Phillips 66		(401,500	)
	$	(4,113,000	)

48

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Reference Entity — Short	Unrealized Appreciation
S&P 500 Index	$	2,170,000

(z) The following table represents the individual long position and related values underlying the basket swap with BNP Paribas SA, as of April 30, 2017, expiration date March 26, 2018:

Reference Entity — Long	Unrealized Appreciation
BNP Paribas Equity Low Volatility Europe Index	$	671,301
BNP Paribas Equity Momentum Europe Index		673,585
BNP Paribas Equity Quality Europe Index		675,543
BNP Paribas Equity Value Europe Index		672,933
BNP Paribas High Dividend Yield Europe Index		672,280
	$	3,365,642

(aa) The following table represents the individual long and short positions and related values underlying the basket swap with Societe Generale, as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
Allergan Plc	$	(504,375	)
Alphabet, Inc.		(240,000	)
Expedia, Inc.		(448,125	)
Intuitive Surgical, Inc.		(364,375	)
PayPal Holdings, Inc.		(311,875	)
PulteGroup, Inc.		(341,250	)
Teradata Corp.		(363,750	)
	$	(2,573,750	)

Reference Entity — Short	Unrealized Appreciation
Russell 2000 Index	$	1,369,375

(ab) The following table represents the individual long and short positions and related values underlying the basket swap with UBS AG, as of April 30, 2017, expiration date January 19, 2018:

Reference Entity — Long	Unrealized Depreciation
Citrix Systems, Inc.	$	(197,814	)
Expedia, Inc.		(310,012	)
F5 Networks, Inc.		(268,480	)
Intuitive Surgical, Inc.		(294,852	)
Molson Coors Brewing Co.		(252,542	)
Phillips 66		(245,026	)
Tesoro Corp.		(232,732	)
Valero Energy Corp.		(311,494	)
	$	(2,112,952	)

Reference Entity — Short	Unrealized Appreciation
S&P 500 Index	$	1,099,368

BRL — Brazilian Real

CLO — Collateralized Loan Obligation
Cnv. — Convertible
ETF — Exchange Traded Fund
LIBOR — London Interbank Offered Rate
MXN — Mexican Peso
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		12.5	%
Banks		1.1
Collateralized Mortgage Obligations		8.3
Commercial Mortgage-Backed Securities		1.1
Consumer Discretionary		2.6
Consumer Staples		1.2
Diversified Financials		2.2
Energy		0.6
Health Care		1.1
Industrials		2.4
Information Technology		3.5
Insurance		1.1
Materials		1.0
Real Estate		1.8
Telecommunication Services		0.9
U.S. Government Agencies and Securities		35.8
Utilities		0.8
Other*		22.0
		100.0	%

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

49

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	April 30, 2017
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 32.8%
Banks — 4.8%
$	2,800,000	Banco Santander SA, 3.50%, 04/11/22	$	2,828,655
	2,650,000	Bank of Montreal MTN, 1.35%, 08/28/18		2,640,407
	3,080,000	Capital One Financial Corp., 3.75%, 03/09/27		3,056,463
	2,000,000	Capital One NA, 1.85%, 09/13/19		1,981,774
	2,975,000	Citigroup, Inc., 3.89%, 01/10/28(b)		3,018,691
	2,770,000	Cooperatieve Rabobank UA, 4.38%, 08/04/25		2,878,833
	2,750,000	Cooperatieve Rabobank UA, 3.75%, 07/21/26		2,728,715
	2,500,000	International Bank For Reconstruction & Development, 1.38%, 04/10/18		2,503,410
	2,260,000	Sumitomo Mitsui Banking Corp., 1.95%, 07/23/18		2,262,956
	5,000,000	Sumitomo Mitsui Trust Bank Ltd, 2.05%, 10/18/19(c)		4,974,735
	1,375,000	Svenska Handelsbanken AB, 1.50%, 09/06/19		1,359,775
	8,000,000	Westpac Banking Corp., 1.55%, 05/25/18		8,004,584
				38,238,998
Consumer Discretionary — 4.4%
	1,690,000	American Honda Finance Corp., 1.50%, 11/19/18		1,686,446
	1,800,000	American Honda Finance Corp. MTN, 1.55%, 12/11/17		1,803,852
	3,435,000	Carnival Corp, 1.88%, 12/15/17		3,440,736
	6,000,000	Daimler Finance North America LLC, 2.00%, 08/03/18(c)		6,013,962
	2,911,000	Ecolab, Inc., 2.25%, 01/12/20		2,927,514
	3,500,000	Ford Motor Credit Co. LLC, 3.00%, 06/12/17		3,506,080
	1,697,000	Ford Motor Credit Co. LLC, 2.02%, 05/03/19		1,692,440
	2,215,000	Time Warner, Inc., 2.10%, 06/01/19		2,219,078
	4,200,000	TJX Cos., Inc. (The), 2.25%, 09/15/26		3,911,200
	1,775,000	Toyota Motor Credit Corp. MTN, 1.13%, 05/16/17		1,775,044

Principal Amount			Value
Consumer Discretionary (continued)
$	3,500,000	Toyota Motor Credit Corp. MTN, 3.20%, 01/11/27	$	3,552,777
	1,820,000	Whirlpool Corp., 1.65%, 11/01/17		1,820,308
				34,349,437
Consumer Staples — 1.9%
	3,000,000	Anheuser-Busch Inbev Finance, Inc., 1.90%, 02/01/19		3,006,276
	3,000,000	Anheuser-Busch Inbev Finance, Inc., 3.65%, 02/01/26		3,057,093
	4,000,000	Coca-Cola Co. (The), 1.15%, 04/01/18		3,994,708
	3,000,000	McDonald’s Corp. MTN, 2.10%, 12/07/18		3,018,165
	2,077,000	Sysco Corp, 1.90%, 04/01/19		2,079,218
				15,155,460
Diversified Financials — 3.6%
	4,960,000	Bank of America Corp., 3.50%, 04/19/26		4,949,267
	1,000,000	Eaton Vance Corp., 3.50%, 04/06/27		1,005,613
	2,930,000	Goldman Sachs Group, Inc. (The), 5.95%, 01/18/18		3,018,222
	6,010,000	Goldman Sachs Group, Inc. (The), 2.63%, 01/31/19		6,079,776
	2,202,000	JPMorgan Chase & Co., 2.11%, 01/23/20(b)		2,234,008
	3,800,000	JPMorgan Chase & Co., 1.66%, 03/09/21(b)		3,787,627
	3,000,000	Morgan Stanley, 2.45%, 02/01/19		3,024,771
	3,900,000	Toronto-Dominion Bank (The), 1.59%, 07/02/19(b)		3,914,040
				28,013,324
Energy — 3.8%
	3,315,000	ConocoPhillips Co., 4.95%, 03/15/26		3,705,225
	3,000,000	Energy Transfer Partners LP, 4.15%, 10/01/20		3,121,773
	3,000,000	Energy Transfer Partners LP, 4.05%, 03/15/25		2,997,201
	5,310,000	Enterprise Products Operating LLC, 1.65%, 05/07/18		5,304,478
	2,845,000	HollyFrontier Corp., 5.88%, 04/01/26		3,033,447

50

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Energy (continued)
$	2,605,000	Kinder Morgan Energy Partners LP, 5.95%, 02/15/18	$	2,686,966
	725,000	MPLX LP, 4.13%, 03/01/27		734,369
	1,000,000	Schlumberger Investment SA, 1.25%, 08/01/17(c)		999,719
	6,000,000	Shell International Finance BV, 1.25%, 11/10/17		5,994,216
	1,000,000	TransCanada Pipelines Ltd., 1.88%, 01/12/18		1,001,237
				29,578,631
Health Care — 3.5%
	1,630,000	AbbVie, Inc., 2.50%, 05/14/20		1,644,160
	4,000,000	Amgen, Inc., 2.20%, 05/22/19		4,025,404
	2,000,000	Johnson & Johnson, 1.13%, 11/21/17		1,998,562
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		5,010,610
	2,255,000	McKesson Corp., 2.28%, 03/15/19		2,268,061
	3,000,000	Medtronic, Inc., 2.50%, 03/15/20		3,054,720
	5,955,000	Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19		5,921,342
	3,950,000	UnitedHealth Group, Inc., 1.40%, 12/15/17		3,950,126
				27,872,985
Industrials — 4.0%
	1,000,000	Burlington Northern Santa Fe LLC, 3.25%, 06/15/27		1,020,137
	6,115,000	Caterpillar Financial Services Corp. MTN, 1.35%, 05/18/19		6,063,689
	5,400,000	Eaton Corp., 5.60%, 05/15/18		5,615,444
	29,382	Federal Express Corp. 2012 Pass Through Trust, 2.63%, 01/15/18(c)		29,399
	1,700,000	Honeywell International Inc, 1.40%, 10/30/19		1,687,687
	6,460,000	Precision Castparts Corp., 1.25%, 01/15/18		6,454,309
	10,000,000	Siemens Financierings-maatschappij NV, 2.20%, 03/16/20(c)		10,062,280

Principal Amount			Value
Industrials (continued)
$	1,000,000	Stanley Black & Decker, Inc., 1.62%, 11/17/18	$	996,813
				31,929,758
Information Technology — 3.1%
	6,500,000	Apple, Inc., 1.42%, 05/03/18(b)		6,514,359
	2,000,000	Broadridge Financial Solutions, Inc., 3.40%, 06/27/26		1,972,990
	1,000,000	CA, Inc., 3.60%, 08/15/22		1,026,161
	2,000,000	Cisco Systems, Inc., 1.60%, 02/28/19		2,002,262
	2,020,000	Cisco Systems, Inc., 1.40%, 09/20/19		2,006,817
	3,000,000	Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 3.48%, 06/01/19(c)		3,068,394
	3,000,000	Microsoft Corp., 1.30%, 11/03/18		2,995,653
	2,750,000	Oracle Corp., 5.75%, 04/15/18		2,862,008
	2,190,000	Oracle Corp., 2.25%, 10/08/19		2,218,339
				24,666,983
Insurance — 1.4%
	3,040,000	Berkshire Hathaway, Inc., 3.13%, 03/15/26		3,066,001
	5,000,000	New York Life Global Funding, 1.65%, 05/15/17(c)		5,001,500
	3,000,000	New York Life Global Funding, 1.45%, 12/15/17(c)		3,001,893
				11,069,394
Telecommunication Services — 0.8%
	4,200,000	Alibaba Group Holding Ltd., 2.50%, 11/28/19		4,221,281
	2,000,000	AT&T, Inc., 4.25%, 03/01/27		2,042,118
				6,263,399
Utilities — 1.5%
	3,000,000	Berkshire Hathaway Energy Co, 2.00%, 11/15/18		3,009,573
	3,690,000	Duke Energy Corp., 1.63%, 08/15/17		3,692,760
	3,000,000	National Rural Utilities Cooperative Finance Corp. MTN, 3.25%, 11/01/25		3,045,264

51

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Utilities (continued)
$	2,310,000	NextEra Energy Capital Holdings, Inc., 2.30%, 04/01/19	$	2,325,842
				12,073,439
Total Corporate Bonds (Cost $259,168,481)				259,211,808
ASSET-BACKED SECURITIES — 8.4%
CANADA — 0.6%
	4,750,000	Golden Credit Card Trust Series 2017-2A, Class A, 1.98%, 04/15/22(c)		4,747,301
CAYMAN ISLANDS — 3.6%
	8,500,000	Anchorage Capital CLO Ltd., Series 2013-1A, Class A1, 2.35%, 07/13/25(b)(c)		8,511,135
	3,555,000	CIFC Funding Ltd., Series 2013-IA, Class A1, 2.31%, 04/16/25(b)(c)		3,556,697
	4,000,000	Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, 2.47%, 04/20/30(b)		4,000,000
	3,000,000	JFIN CLO Ltd., Series 2017-1A, Class A1, 2.32%, 04/24/29(b)(c)		3,009,487
	2,400,000	OCP CLO Ltd., Series 2012-2A, Class A1R, 2.45%, 11/22/25(b)(c)		2,407,482
	5,000,000	Saratoga Investment Corp. CLO Ltd., Series 2013-1A, Class A2R, 2.91%, 10/20/25(b)(c)		4,999,799
	2,000,000	Securitized Term Auto Receivables Trust Series 2016-1A, Class A3, 1.52%, 03/25/20(c)		1,990,735
				28,475,335
UNITED STATES — 4.2%
	302,750	Ally Auto Receivables Trust Series 2014-1, Class A3, 0.97%, 10/15/18		302,703
	3,000,000	Ally Auto Receivables Trust Series 2017-2, Class A3, 1.78%, 08/16/21		3,004,390
	107,971	AmeriCredit Automobile Receivables Trust Series 2014-2, Class A3, 0.94%, 02/08/19		107,968
	1,250,000	CarMax Auto Owner Trust Series 2017-2, Class A3, 1.93%, 03/15/22		1,249,032
	2,975,000	Chase Issuance Trust, Series 2012-A4, Class A4, 1.58%, 08/16/21		2,965,151

Principal Amount			Value
UNITED STATES (continued)
$	2,975,000	CNH Equipment Trust 2015-A, Class A4, 1.85%, 04/15/21	$	2,982,438
	2,000,000	Enterprise Fleet Financing LLC Series 2016-2, Class A2, 1.74%, 02/22/22(c)		1,996,676
	1,000,000	Enterprise Fleet Financing LLC Series 2017-1, Class A2, 2.13%, 07/20/22(c)		999,495
	251,418	Fifth Third Auto Trust Series 2014-2, Class A3, 0.89%, 11/15/18		251,381
	4,000,000	Ford Credit Floorplan Master Owner Trust Series 2015-1, Class A1, 1.42%, 01/15/20		3,999,036
	2,000,000	GM Financial Consumer Automobile Series 2017-1A, Class A4, 2.06%, 05/16/23(c)		2,002,933
	5,000,000	Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/20(c)		4,969,161
	401,686	Mercedes-Benz Auto Receivables Trust Series 2014-1, Class A3, 0.87%, 10/15/18		401,318
	2,000,000	Toyota Auto Receivables Owner Trust Series 2014-B, Class A4, 1.31%, 09/16/19		1,999,922
	2,000,000	Toyota Auto Receivables Owner Trust Series 2017-A, Class A4, 2.10%, 09/15/22		2,011,420
	2,650,000	Verizon Owner Trust Series 2017-1A, Class A, 2.06%, 09/20/21(c)		2,661,295
	1,000,000	World Omni Automobile Lease Securitization Trust Series 2016-A, Class A3, 1.45%, 08/15/19		995,589
				32,899,908
Total Asset-Backed Securities (Cost $66,105,641)				66,122,544
MUNICIPAL BONDS — 1.2%
California — 0.5%
	3,850,000	Southern California Public Power Authority Refunding Revenue Bonds, Series B (AGM) 6.93%, 05/15/17		3,857,585
Georgia — 0.4%
	3,085,000	State of Georgia Taxable School Improvement GO, Series C-3 2.59%, 10/01/17		3,102,183

52

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Illinois — 0.3%
$	2,600,000	State of Illinois Public Improvements Revenue Bonds 1.56%, 06/15/17	$	2,601,014
Total Municipal Bonds (Cost $9,543,866)				9,560,782
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%
	1,551,712	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A, 3.00%, 01/27/38(c)		1,518,631
Total Collateralized Mortgage Obligations (Cost $1,585,242)				1,518,631
U.S. GOVERNMENT AGENCIES — 6.2%
Fannie Mae — 2.5%
	6,720,000	0.88%, 12/20/17		6,711,929
	7,802,000	1.88%, 02/19/19		7,874,481
	5,000,000	1.00%, 02/26/19		4,968,510
				19,554,920
Federal Home Loan Bank — 2.8%
	5,200,000	0.63%, 10/26/17		5,190,988
	5,000,000	0.88%, 10/01/18		4,972,890
	12,485,000	1.13%, 06/21/19		12,418,680
				22,582,558
Overseas Private Investment Corp. — 0.5%
	3,578,242	5.14%, 12/15/23		3,854,224
Private Export Funding Corp. — 0.1%
	500,000	2.25%, 12/15/17		503,487
Small Business Administration — 0.2%
	342,662	4.73%, 02/10/19		353,192
	376,923	4.11%, 03/10/20		390,568
	1,158,690	4.08%, 03/10/21		1,211,928
				1,955,688
Tennessee Valley Authority — 0.1%
	725,000	6.25%, 12/15/17		748,077
Total U.S. Government Agencies (Cost $49,099,250)				49,198,954
U.S. GOVERNMENT SECURITIES — 49.5%
U.S. Treasury Notes — 49.5%
	4,615,000	0.88%, 11/30/17		4,610,491
	2,680,000	0.75%, 04/30/18		2,669,532
	500,000	0.75%, 09/30/18		496,817
	20,800,000	0.88%, 10/15/18		20,700,056
	17,217,000	1.13%, 01/31/19		17,182,704

Principal Amount				Value
U.S. Treasury Notes (continued)
$	3,686,000	0.88%, 04/15/19	$	3,657,924
	18,616,000	0.88%, 05/15/19		18,461,841
	17,360,000	0.88%, 09/15/19		17,173,519
	3,375,000	1.38%, 01/15/20		3,372,496
	6,000,000	1.63%, 03/15/20		6,031,638
	51,901,000	1.88%, 11/30/21		52,121,994
	39,714,000	1.88%, 10/31/22		39,624,008
	26,540,000	0.63%, 01/15/24(d)		28,477,294
	81,115,000	2.38%, 08/15/24		82,464,835
	96,090,000	2.00%, 02/15/25		94,855,051
Total U.S. Government Securities (Cost $392,989,631)				391,900,200
GOVERNMENT BONDS — 0.4%
JAPAN — 0.4%
	3,000,000	Japan Bank For International Cooperation, 2.25%, 02/24/20		3,009,864
Total Government Bonds (Cost $2,992,265)				3,009,864
Shares
INVESTMENT COMPANY — 1.8%
	14,628,000	SEI Daily Income Trust Government II Fund, Class A, 0.60%(e)		14,628,000
Total Investment Company (Cost $14,628,000)				14,628,000
TOTAL INVESTMENTS — 100.5% (Cost $796,112,376)(a)			$	795,150,783
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(4,090,448	)
NET ASSETS — 100.0%			$	791,060,335

53

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

(a)	Cost for federal income tax purposes is $796,520,956 and net unrealized depreciation of investments is as follows:
	Unrealized appreciation	$	3,239,575
	Unrealized depreciation		(4,609,748	)
	Net unrealized depreciation	$	(1,370,173	)
(b)	Variable rate security. Rate shown is the rate as of April 30, 2017.
(c)	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 $76,522,709 which is 9.67% of net assets.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	Rate shown represents current yield at April 30, 2017.

AGM — Assured Guaranty Municipal Corp.

CLO — Collateralized Loan Obligation

GO — General Obligations

MTN — Medium Term Note

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
U.S. Government Agencies and Securities		55.7	%
Corporate Bonds		32.8
Municipal Bonds		1.2
Government Bonds		0.4
Asset Backed Securities		8.4
Collateralized Mortgage Obligations		0.2
Other*		1.3
		100.0	%

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

54

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	April 30, 2017
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 92.3%
Alabama — 0.9%
$	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds, 5.00%, 09/01/20	$	5,578,000
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/22		3,562,523
	2,990,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/24		3,625,734
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO, 5.00%, 09/01/26		4,413,155
	1,500,000	City of Huntsville Warrants Refunding GO, Series A, 5.00%, 08/01/26		1,807,650
				18,987,062
Arizona — 1.0%
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, 5.00%, 07/01/25		1,058,391
	2,000,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds, Sub-series A, 5.00%, 07/01/21		2,288,280
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A, 5.00%, 09/01/23		2,825,028
	1,000,000	Arizona State Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/22		1,155,130
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A, 5.00%, 06/01/24		2,034,299
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID, 5.88%, 07/01/24		369,851
	2,010,000	Arizona State Board of Regents Revenue Bonds, Series C, 5.00%, 07/01/17		2,023,346
	5,000,000	City of Phoenix Advance Refunding GO, 5.00%, 07/01/25		6,115,750

Principal Amount			Value
Arizona (continued)
$	500,000	City of Tempe Advance Refunding Revenue, 5.00%, 07/01/26	$	614,640
	200,000	Maricopa County Community College District GO, Series C, 5.00%, 07/01/20		216,519
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds, 5.00%, 07/01/20		3,208,098
				21,909,332
California — 6.1%
	5,000,000	California Infrastructure & Economic Development Bank Refunding Revenue Bonds, 1.18%, 04/01/38(b)		5,006,500
	700,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation), 5.00%, 05/15/25		834,505
	6,250,000	California State Current Refunding GO - Group C, 5.00%, 08/01/27		7,411,375
	2,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series D, 5.00%, 09/01/24		2,396,480
	750,000	City of Roseville Water Utility Advance Revenue Refunding COP, 5.00%, 12/01/22		887,303
	28,650,000	County of Los Angeles Public Improvements GO, 3.00%, 06/30/17		28,749,702
	9,250,000	Los Angeles Community College District Refunding GO, Series A, 5.00%, 08/01/23		11,129,970
	995,000	Los Angeles Department of Water Utility Improvements Refunding Revenue Bonds, Series A, 5.00%, 07/01/26		1,220,626
	1,035,000	Los Rios Community College District 2002 Election GO, Series D, 5.25%, 08/01/23		1,131,638
	2,500,000	Sacramento Municipal Utility District Refunding Revenue - Series D, 5.00%, 08/15/27		3,120,125

55

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
California (continued)
$	1,000,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/24	$	1,219,050
	1,300,000	San Mateo County Transportation Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/23		1,557,504
	7,000,000	State of California Public Improvements GO, 5.00%, 09/01/22		8,206,800
	10,000,000	State of California Refunding GO, 5.00%, 09/01/22		11,724,000
	750,000	State of California Refunding GO, 5.00%, 03/01/23		887,213
	8,000,000	State of California Refunding GO, 5.00%, 03/01/24		9,603,520
	8,000,000	State of California Refunding GO, 5.00%, 10/01/25		9,620,960
	18,720,000	State of California Refunding GO, 5.00%, 09/01/27		22,660,934
	2,900,000	University of California Refunding Revenue Bonds, Series I, 5.00%, 05/15/23		3,470,430
				130,838,635
Colorado — 1.8%
	500,000	Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding), 5.00%, 12/01/19		548,485
	3,935,000	Colorado Higher Education Refunding COP, Series A, 5.00%, 11/01/24		4,734,592
	20,000,000	Colorado State Education Loan Program Cash Flow Management Revenue Notes Series B, 4.00%, 06/29/17		20,100,800
	2,000,000	Denver City & County School District No 1 Refunding GO (State Aid Intercept Program), 5.00%, 12/01/24		2,435,620
	100,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding), 5.00%, 12/01/23		120,247

Principal Amount			Value
Colorado (continued)
$	975,000	EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding), 5.00%, 12/15/25	$	1,198,509
	2,000,000	El Paso County School District No 38 Lewis-Palmer Refunding GO (State Aid Withholding), 4.00%, 12/01/17		2,036,340
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding), 5.00%, 12/15/22		1,387,043
	1,600,000	University of Colorado Refunding Revenue Bonds, Series A (NATL-RE), 4.50%, 06/01/21		1,604,208
	1,000,000	Weld County School District No Re-1 School Improvements GO, (AGM, State Aid Withholding), 5.00%, 12/15/23		1,193,240
	2,280,000	Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 05/15/26		2,730,186
				38,089,270
Connecticut — 4.2%
	4,000,000	Hartford County Metropolitan District Cash Flow Management GO Notes, 2.00%, 08/30/17		4,011,280
	2,000,000	Hartford County Metropolitan District Refunding Notes GO, 5.00%, 03/01/25		2,332,460
	1,695,000	Hartford County Metropolitan District Refunding Notes GO, Series C (AGM), 5.00%, 11/01/23		1,994,218
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM), 5.00%, 11/01/25		6,965,079
	7,000,000	State of Connecticut Advance Refunding GO, Series B, 5.00%, 05/15/24		8,186,150
	8,000,000	State of Connecticut Advance Refunding GO, Series B, 5.00%, 05/15/25		9,396,480
	1,805,000	State of Connecticut Advance Refunding GO, Series B, 5.00%, 05/15/27		2,105,875

56

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Connecticut (continued)
$	6,000,000	State of Connecticut Public Improvements GO, Series F, 5.00%, 11/15/26	$	7,035,480
	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A, 5.00%, 08/01/22		3,589,180
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds, 5.00%, 08/01/22		1,447,250
	8,000,000	State of Connecticut Special Tax Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/25		9,436,880
	2,000,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds, 5.00%, 09/01/24		2,365,140
	8,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 10/01/19		8,718,240
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A, 5.00%, 09/01/27		5,795,750
	10,000,000	State of Connecticut Water & Sewer System Improvements GO, Series E, 5.00%, 10/15/23		11,675,000
	3,900,000	Town of Ledyard Cash Flow Management GO Notes, 2.00%, 05/24/17		3,902,418
				88,956,880
District Of Columbia — 1.0%
	5,000,000	District of Columbia Public Improvement Revenue Bonds, Series C, 5.00%, 12/01/19		5,484,850
	1,000,000	District of Columbia Refunding Revenue Bonds, Series A, 5.00%, 12/01/20		1,127,430
	15,000,000	Washington Metropolitan Area Transit Authority Revenue, Series A, 4.00%, 07/01/17		15,074,250
				21,686,530
Florida — 1.5%
	4,790,000	County of Miami-Dade Public Improvements GO, 5.00%, 07/01/24		5,744,216

Principal Amount			Value
Florida (continued)
$	1,000,000	County of Sarasota Refunding Revenue Bonds, 5.00%, 10/01/24	$	1,201,860
	5,000,000	Florida State Board of Education Lottery Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		5,033,100
	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID, 5.50%, 07/01/27		9,077,152
	1,200,000	Lee County School Board Refunding COP, 5.00%, 08/01/25		1,411,524
	4,000,000	Miami-Dade County Refunding GO, Series B, 5.00%, 07/01/24		4,796,840
	2,000,000	Miami-Dade County Water & Sewer Refunding Revenue Bonds, (XLCA), 5.00%, 10/01/19		2,033,720
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A, 5.00%, 10/01/20		2,244,680
	500,000	Palm Beach County Revenue Bonds, Series 2, OID, 5.25%, 11/01/25		531,595
				32,074,687
Georgia — 4.1%
	1,570,000	Athens Housing Authority Advance Refunding Revenue Bonds, 5.00%, 06/15/27		1,893,938
	1,755,000	Athens Housing Authority Advance Refunding Revenue Bonds, 5.00%, 06/15/28		2,099,893
	2,000,000	Cherokee County Board of Education Advance Refunding GO, 5.00%, 08/01/23		2,381,560
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding), 5.00%, 02/01/23		885,338
	260,000	Cobb County Development Authority Advance Refunding Revenue Bonds, 5.00%, 07/15/21		294,406
	2,710,000	Cobb County Development Authority Advance Refunding Revenue Bonds, 5.00%, 07/15/23		3,147,448

57

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Georgia (continued)
$	2,100,000	Cobb County Development Authority Advance Refunding Revenue Bonds, 5.00%, 07/15/24	$	2,465,043
	375,000	Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A, 5.00%, 05/01/23		443,366
	1,000,000	Fulton County Water & Sewer Refunding Revenue Bonds, 5.00%, 01/01/18		1,027,420
	1,040,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Refunding Revenue Bonds, Series A, 5.00%, 06/01/17		1,043,318
	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A, 5.00%, 06/01/18		1,303,875
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 06/01/20		5,370,500
	2,025,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY), 5.00%, 10/01/19		2,214,419
	8,100,000	Private Colleges & Universities Authority Refunding Revenue Bonds, Series B-2, 0.80%, 09/01/35(b)		8,100,000
	1,095,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/25		1,289,735
	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/26		1,843,002
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds, 5.00%, 08/01/26		1,303,731
	7,650,000	State of Georgia Advance Refunding GO, Series E, 5.00%, 12/01/26		9,573,134
	1,925,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/18		2,003,559

Principal Amount			Value
Georgia (continued)
$	2,860,000	State of Georgia Refunding GO, Series E-2, 4.00%, 09/01/19	$	3,053,479
	1,500,000	State of Georgia School Improvement GO, Series B, 5.00%, 01/01/18		1,541,340
	28,020,000	State of Georgia University and College Improvements GO, Series A-1, 5.00%, 02/01/24		33,907,562
				87,186,066
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		1,135,030
	400,000	State of Hawaii Refunding GO, Series DY, 5.00%, 02/01/18		412,287
	5,000,000	State of Hawaii Refunding GO, Series EP, 5.00%, 08/01/25		5,988,150
				7,535,467
Idaho — 0.6%
	1,000,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY), 5.00%, 09/15/25		1,226,590
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D, 5.00%, 09/15/23		1,755,360
	10,000,000	State of Idaho Cash Flow Management GO Notes, 2.00%, 06/30/17		10,017,400
				12,999,350
Illinois — 0.9%
	2,215,000	Cook County Community College District No 508 University & College Improvements GO, 5.00%, 12/01/21		2,447,021
	2,575,000	Cook County Community College District No. 524 Moraine Valley GO, Series B, (NATL-RE), 5.00%, 12/01/25		2,632,963
	3,000,000	Illinois State Toll Highway Authority Refunding Revenue Bonds, Series B, 5.00%, 12/01/17		3,069,630

58

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Illinois (continued)
$	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A, 5.00%, 12/01/24	$	3,854,500
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D, 5.00%, 12/01/22		2,315,160
	3,500,000	State of Illinois Public Improvement Refunding Revenue Bonds, 5.00%, 06/15/18		3,645,040
	780,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A, 5.00%, 04/01/21		864,185
				18,828,499
Indiana — 0.4%
	500,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program), 5.00%, 07/15/20		554,135
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 01/15/22		1,537,187
	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 07/15/22		291,973
	5,000,000	Indiana Finance Authority Southern Industrial Gas & Electric Refunding Revenue Bonds, Series E, 1.95%, 05/01/37(b)		5,012,050
	500,000	Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1, 5.00%, 07/01/19		539,179
	570,000	Portage Township Multi-School Building Corp., First Mortgage Refunding Revenue Bonds, (NATL-RE, School Board Resolution Funding), 5.00%, 07/15/17		574,742
	1,000,000	Warsaw Multi-School Building Corp. Revenue Bonds, Series B (State Aid Withholding), 5.75%, 07/15/26		1,033,900
				9,543,166

Principal Amount			Value
Iowa — 0.1%
$	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds, 5.00%, 08/01/20	$	2,015,766
Kansas — 0.2%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2, 5.00%, 08/01/23		1,496,275
	2,170,000	Topeka Public Building Commission KBI Forensic Laboratory Project Revenue Bonds, 5.00%, 12/01/17		2,219,736
				3,716,011
Kentucky — 0.4%
	3,500,000	Kentucky Asset Liability Commission Federal Highway Trust First Series Revenue Bonds, 5.00%, 09/01/17		3,545,535
	5,000,000	Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/24		5,966,600
				9,512,135
Louisiana — 0.1%
	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		456,431
	2,000,000	State of Louisiana Interstate 49 South Project Revenue Bonds, 5.00%, 09/01/22		2,286,520
				2,742,951
Maine — 0.2%
	2,250,000	Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 10/01/19		2,440,800
	670,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/17		674,335

59

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Maine (continued)
$	30,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/17(c)	$	30,197
	165,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21		187,065
	5,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A, 5.00%, 07/01/21(c)		5,721
				3,338,118
Maryland — 2.2%
	1,200,000	County of Baltimore Refunding GO, (Special Assessment), 5.00%, 02/01/29		1,451,052
	1,500,000	County of Frederick MD Refunding GO, Series A, 5.00%, 02/01/25		1,833,360
	3,110,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/24		3,782,755
	9,355,000	County of Prince George’s Public School Improvements GO, Series A, 5.00%, 07/01/25		11,497,856
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds, 5.00%, 10/01/20		1,123,410
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds, 5.00%, 11/01/26		12,062,900
	1,300,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,313,260
	1,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 08/01/17		1,010,200
	3,000,000	State of Maryland Public Improvements GO, Series A, 5.00%, 03/15/25		3,674,040
	6,375,000	State of Maryland School Improvements GO, Series 1, 5.00%, 06/01/23		7,625,520

Principal Amount			Value
Maryland (continued)
$	2,000,000	State of Maryland School Improvements GO, Series B, 5.00%, 08/01/17	$	2,020,400
				47,394,753
Massachusetts — 10.5%
	7,900,000	Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 07/28/17		7,916,274
	10,000,000	City of Lawrence Cash Flow Management GO Notes, Series A, (State Aid Withholding), 2.00%, 09/01/17		10,029,400
	15,818,882	City of New Bedford Refunding GO Notes, 2.00%, 05/03/17		15,819,989
	7,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series A, 5.00%, 07/01/25		8,526,770
	5,705,000	Commonwealth of Massachusetts Advance Refunding GO, Series B, 5.00%, 07/01/27		7,058,454
	11,500,000	Commonwealth of Massachusetts Advance Refunding GO, Series C, 5.00%, 10/01/22		13,538,490
	8,165,000	Commonwealth of Massachusetts Cash Flow Management GO Notes, Series B, 2.00%, 05/22/17		8,170,307
	15,000,000	Commonwealth of Massachusetts Cash Flow Management GO Notes, Series C, 2.00%, 06/26/17		15,025,350
	4,450,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 4.00%, 06/15/17		4,466,554
	4,000,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B, 5.00%, 06/15/22		4,680,520
	9,000,000	Commonwealth of Massachusetts Public Improvements GO, Series A, 5.00%, 05/01/19		9,705,420

60

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	7,470,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 06/01/27	$	9,168,678
	7,500,000	Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 08/25/17		7,517,325
	5,300,000	Lowell Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 08/11/17		5,310,865
	8,500,000	Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017, 5.00%, 08/01/21		9,783,075
	10,000,000	Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds, 0.80%, 07/01/31(b)		10,000,000
	4,000,000	Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds, Series Y, 0.83%, 07/01/35(b)		4,000,000
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B, 5.00%, 08/01/20		8,723,169
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/22		586,829
	4,845,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority), 0.86%, 08/01/37(b)		4,845,000
	5,000,000	Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 06/30/17		5,006,650
	3,000,000	Metrowest Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 09/22/17		3,009,660
	19,000,000	Montachusett Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 08/04/17		19,037,810

Principal Amount			Value
Massachusetts (continued)
$	4,000,000	Southeastern Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 08/25/17	$	4,011,640
	4,780,000	Town of Easton Cash Flow Management Refunding GO Notes, 2.00%, 08/18/17		4,791,520
	10,379,952	Town of Marblehead Refunding GO Notes, 2.00%, 08/04/17		10,404,137
	1,430,000	Town of Northborough Cash Flow Management GO Notes, 2.00%, 06/16/17		1,431,530
	5,000,000	Town of Stow Cash Flow Management Refunding GO Notes, 2.00%, 05/01/18		5,039,650
	7,500,000	Worcester Regional Transit Authority Cash Flow Management Revenue Notes, 2.00%, 06/30/17		7,510,200
				225,115,266
Michigan — 0.5%
	200,000	Caledonia Community Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/23		234,475
	635,000	Dexter Community Schools Refunding GO (Q-SBLF), 4.00%, 05/01/18		653,612
	1,225,000	Grand Valley State University & College Advance Refunding Revenue Bonds, Series A, 5.00%, 12/01/25		1,449,714
	1,000,000	Grand Valley State University & College Improvements Revenue Bonds, Series A, 5.00%, 12/01/23		1,169,920
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/18		415,467
	250,000	Hudsonville Public Schools Improvements GO, (Q-SBLF), 5.00%, 05/01/19		268,103
	1,375,000	Northville Public Schools Refunding GO, (Q-SBLF), 5.00%, 05/01/18		1,428,171
	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A, 5.00%, 04/01/22		1,166,650

61

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Michigan (continued)
$	4,530,000	University of Michigan Refunding Revenue Bonds, Series C, 4.00%, 04/01/19	$	4,788,346
				11,574,458
Minnesota — 1.6%
	1,515,000	Cambridge Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program), 5.00%, 02/01/24		1,812,001
	1,000,000	City of Rochester Advance Refunding GO, Series B, 5.00%, 12/01/24		1,220,170
	9,875,000	County of Hennepin Public Improvements GO, Series C, 0.83%, 12/01/33(b)		9,875,000
	2,200,000	Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A, 5.00%, 02/01/25		2,657,248
	5,425,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3, 5.00%, 12/01/19		5,942,328
	1,000,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/23		1,177,760
	1,395,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/24		1,666,844
	2,740,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/25		3,271,944
	2,910,000	State of Minnesota Public Improvements COP, 5.00%, 06/01/26		3,445,469
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B, 5.00%, 03/01/21		1,136,100
	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program), 5.00%, 02/01/24		1,199,540
				33,404,404
Mississippi — 0.2%
	650,000	Delta State University Educational Building Corp., Facilities Refunding Revenue, 5.00%, 12/01/23		767,423

Principal Amount			Value
Mississippi (continued)
$	1,810,000	Mississippi Development Bank Department of Corrections Refunding Revenue Bonds, Series D, 5.00%, 08/01/18	$	1,900,210
	570,000	Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program), 5.00%, 01/01/23		663,400
	310,000	Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds, 5.00%, 11/01/22		360,440
	830,000	University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A, 5.00%, 10/01/25		999,777
				4,691,250
Missouri — 1.8%
	570,000	County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/21		627,496
	300,000	County of Jackson Refunding Revenue Bonds, 4.00%, 12/01/22		333,693
	2,300,000	County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation), 5.00%, 12/01/26		2,712,045
	4,000,000	Hazelwood School District Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/25		4,767,800
	915,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/25		1,114,141
	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/19		2,424,204

62

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Missouri (continued)
$	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds, 5.00%, 10/01/21	$	2,291,240
	850,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/24		1,020,374
	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit), 5.00%, 03/01/25		2,136,672
	20,000,000	University of Missouri Refunding Revenue Bonds, Series B, 0.80%, 11/01/31(b)		20,000,000
				37,427,665
Montana — 0.1%
	2,625,000	Montana Department of Transportation Advance Refunding Revenue Bonds, 4.00%, 06/01/17		2,631,064
Nevada — 0.1%
	2,605,000	Clark County Water Reclamation District GO, Series A, 5.25%, 07/01/20		2,836,975
New Hampshire — 0.1%
	2,250,000	State of New Hampshire Highway Improvements Revenue Bonds, 5.00%, 09/01/19		2,435,918
New Jersey — 2.5%
	200,000	Bergen County Improvement Authority Refunding Revenue Bonds, Series A (County GTY), 4.00%, 12/15/17		203,889
	2,000,000	Garden State Preservation Trust Refunding Revenue Bonds, Series A, 5.00%, 11/01/17		2,032,560
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY), 5.00%, 12/01/22		235,677

Principal Amount			Value
New Jersey (continued)
$	1,090,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, 5.00%, 03/01/18(c)	$	1,126,755
	410,000	New Jersey Economic Development Authority School Facilities Construction Refunding Revenue Bonds, 5.00%, 03/01/18		419,697
	11,690,000	New Jersey Economic Development Authority School Facility Construction Refunding Revenue Bonds, Series EE, 5.00%, 09/01/17		11,843,957
	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation), 5.00%, 09/01/18(c)		42,094
	1,300,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B, 5.00%, 01/01/20		1,426,464
	9,220,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series C, 5.00%, 01/01/25		11,016,333
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A, 5.25%, 12/15/21		2,194,400
	1,500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A, 5.25%, 12/15/22		1,640,745
	1,575,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, 5.00%, 06/15/24		1,701,000
	500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series B, 5.00%, 06/15/19		526,025
	2,000,000	New Jersey Turnpike Authority, 5.00%, 01/01/29		2,379,440
	4,320,000	Township of Mendham GO Refunding Notes, 2.00%, 05/18/17		4,321,771
	11,814,691	Township of Wayne GO Refunding Notes, 2.00%, 07/14/17		11,833,831
				52,944,638

63

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
New Mexico — 0.2%
$	250,000	Gadsden Independent School District No 16 Refunding GO, Series B (State Aid Withholding), 4.00%, 08/15/17	$	252,143
	4,950,000	University of New Mexico/The Refunding Revenue Bonds, Series C, 0.83%, 06/01/30(b)		4,950,000
				5,202,143
New York — 21.6%
	16,155,434	Bedford Central School District Cash Flow Management GO Notes (State Aid Withholding), 2.00%, 07/14/17		16,187,583
	5,500,000	City of New York Advance Refunding GO, Series 2015-A, 5.00%, 08/01/24		6,628,050
	10,000,000	City of New York Advance Refunding GO, Series A, 5.00%, 08/01/25		11,909,500
	30,000,000	City of New York NY Advance Refunding GO, Series C, 5.00%, 08/01/22		35,077,800
	5,000,000	City of New York Public Improvements GO, Series C, Sub-Series C-A, 5.00%, 08/01/17(d)		5,050,350
	8,200,000	City of New York Public Improvements GO, Sub-Series B-3 (TD Bank N.A.), 0.82%, 09/01/27(b)		8,200,000
	3,010,000	City of New York Public Improvements GO, Sub-Series D-1, 5.00%, 08/01/22		3,519,473
	5,000,000	City of New York Refunding GO, Series B, 5.00%, 08/01/17		5,050,350
	1,855,000	City of New York Refunding GO, Series C, 5.00%, 08/01/20		2,075,467
	650,000	City of New York Refunding GO, Series C, 5.00%, 08/01/22		760,019
	8,170,000	City of New York Refunding GO, Series D, 5.00%, 08/01/22		9,552,854
	4,000,000	City of New York Refunding GO, Series E, 5.00%, 08/01/17		4,040,280
	10,000,000	City of New York Refunding GO, Series G, 5.00%, 08/01/17		10,100,700

Principal Amount			Value
New York (continued)
$	2,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/21	$	2,866,225
	18,500,000	City of New York Refunding GO, Series G, 5.00%, 08/01/22		21,631,310
	6,000,000	County of Rockland Cash Flow Management GO Notes, 2.50%, 03/22/18		6,055,320
	2,799,000	County of Tompkins Public Improvements GO Notes, 2.00%, 07/07/17		2,803,786
	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/18		2,081,000
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding), 5.00%, 05/01/23		5,673,950
	5,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B, 5.00%, 11/15/34(b)		5,465,150
	10,000,000	Metropolitan Transportation Authority Cash Flow Management Revenue Notes, Series A-1, 2.00%, 08/01/17		10,028,100
	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B, 5.00%, 11/15/28		286,121
	875,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B, 5.00%, 11/15/29		1,035,081
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F, 5.00%, 11/15/21		2,213,731
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C, 5.00%, 11/15/21		2,196,481
	9,000,000	Middle Country Central School District At Centereach Cash Flow Management GO Notes, (State Aid Withholding), 2.00%, 06/27/17		9,012,780

64

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
New York (continued)
$	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A, 5.50%, 06/15/21	$	2,628,600
	10,000,000	New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds, Series B-1B, 0.84%, 06/15/24(b)(d)		10,000,000
	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		3,007,950
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C, 5.00%, 11/01/23		1,615,491
	2,200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, 5.00%, 05/01/22(c)		2,370,170
	1,230,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17(c)		1,255,436
	770,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series B, 5.00%, 11/01/17		785,847
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B, 5.00%, 11/01/21		18,378,048
	3,025,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/18		3,207,287
	1,045,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/19		1,145,007
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/21		2,799,420

Principal Amount			Value
New York (continued)
$	935,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/18	$	991,343
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H, 5.00%, 11/01/21		1,772,004
	1,725,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Notes, 5.00%, 02/01/18		1,778,113
	225,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Notes, 5.00%, 02/01/18(c)		231,809
	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1, 5.00%, 02/01/19		550,530
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds, 5.00%, 02/01/31		10,644,300
	600,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G, 5.00%, 11/01/20		677,136
	975,000	New York City Transitional Finance Authority School Improvement Revenue Bonds, Sub-Series S-1A, (State Aid Withholding), 5.00%, 07/15/21		1,117,662
	4,875,000	New York City Water & Sewer System Refunding Revenue Bonds, Series F-2, 0.85%, 06/15/33(b)		4,875,000
	8,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B-3V, 0.85%, 04/01/24(b)		8,000,000
	5,100,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 12/01/17		5,192,667

65

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
New York (continued)
$	10,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/21	$	11,533,200
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/23		10,820,173
	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/22		9,060,861
	14,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 03/15/24		16,831,220
	15,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation), 5.00%, 08/15/18(c)		15,767
	1,770,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, Series A, (State Appropriation), 4.50%, 08/15/17		1,787,966
	1,000,000	New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue, 5.00%, 07/01/25		1,199,830
	2,110,000	New York State Dormitory Authority Refunding Revenue Bonds, 5.00%, 08/15/18		2,219,277
	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 12/15/20		16,988,550
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 02/15/26		4,915,997
	765,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A (NATL-IBC), 5.88%, 05/15/17		766,293
	4,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E, 5.00%, 02/15/23		5,322,735

Principal Amount			Value
New York (continued)
$	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/21	$	1,189,482
	7,700,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 03/15/25		9,257,171
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A, 5.00%, 02/15/27		1,217,970
	3,750,000	New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue, 5.00%, 06/15/25		4,604,700
	3,800,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B, 5.00%, 04/01/20		4,012,420
	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)		3,379,360
	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)		2,650,686
	2,490,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B, 5.00%, 04/01/21		2,628,842
	1,430,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/20		1,585,227
	5,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A, 5.00%, 03/15/21		5,365,050

66

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
New York (continued)
$	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B, 5.00%, 04/01/21	$	2,038,985
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A, 5.00%, 03/15/21		9,008,480
	2,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/24		2,404,460
	2,250,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27		2,720,655
	11,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/28		13,369,620
	14,720,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A, 5.00%, 03/15/25		17,824,006
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1, 5.00%, 03/15/22		5,472,574
	7,800,000	Rockville Centre Union Free School District Cash Flow Management GO Notes (State Aid Withholding), 2.00%, 06/23/17		7,810,296
	3,630,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/24		4,410,668
	2,325,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 11/15/27		2,877,536
	3,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B, 0.82%, 01/01/32(b)(d)		3,000,000

Principal Amount			Value
New York (continued)
$	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds, 5.00%, 12/15/24	$	1,893,920
				462,709,258
North Carolina — 1.9%
	680,000	Appalachian State University Refunding Revenue Bonds, 5.00%, 05/01/20		751,964
	905,000	Buncombe County Refunding Revenue Bonds, 5.00%, 06/01/21		1,034,460
	1,355,000	Cabarrus County School Improvement COP, 5.00%, 01/01/21		1,444,986
	880,000	City of Charlotte Storm Water Current Refunding Revenue, 5.00%, 12/01/22		1,037,494
	3,015,000	County of Mecklenburg Refunding GO, Series A, 5.00%, 12/01/22		3,572,262
	3,325,000	County of Wake Advance Refunding Revenue, Series A, 5.00%, 12/01/26		4,121,770
	615,000	Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/17		616,494
	675,000	Dare County Refunding Revenue Bonds, Series D, 4.00%, 06/01/18		697,019
	675,000	Dare County Refunding Revenue Bonds, Series D, 5.00%, 06/01/21		766,955
	1,000,000	Durham Capital Financing Corp Advance Refunding Revenue Bonds, 5.00%, 12/01/25		1,223,020
	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A, 5.00%, 10/01/21		373,224
	2,000,000	Orange County Public Facilities Co. Refunding Revenue Bonds, 5.00%, 10/01/21		2,293,080
	10,000,000	Raleigh Durham Airport Authority Refunding Revenue Bonds, Series C, 0.84%, 05/01/36(b)(d)		10,000,000
	10,000,000	State of North Carolina Refunding Revenue Bonds, Series B, 5.00%, 06/01/24		12,058,500
				39,991,228

67

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Ohio — 2.7%
$	1,175,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/23	$	1,409,659
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/24		1,214,660
	1,285,000	Central Ohio Solid Waste Authority Advance Refunding GO, 5.00%, 12/01/25		1,574,973
	5,800,000	City of Columbus Cash Flow Management GO Notes, 1.75%, 08/04/17		5,812,992
	2,500,000	City of Columbus GO, Series A, 5.00%, 02/15/22		2,914,950
	3,500,000	City of Columbus GO, Series A, 4.00%, 08/15/25		4,008,830
	2,000,000	City of Columbus Refunding GO, Series 5, 5.00%, 08/15/23		2,402,260
	1,100,000	County of Cuyahoga Refunding Revenue Bonds, 5.00%, 12/01/22		1,295,580
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/26		1,202,170
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A, 5.00%, 12/01/27		1,811,910
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds, 5.00%, 12/01/23		1,192,180
	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC), 5.00%, 10/01/18		2,499,261
	3,000,000	Ohio Water Development Authority Revenue Bonds, 5.00%, 06/01/26		3,704,430
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds, 5.00%, 06/01/24		377,085
	1,000,000	State of Ohio Capital Facilities Lease Appropriation Refunding Revenue Bonds, 5.00%, 10/01/17		1,017,070

Principal Amount			Value
Ohio (continued)
$	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24	$	1,733,624
	300,000	State of Ohio Department of Administration Telecommunications Improvements COP, 5.00%, 09/01/24		359,921
	210,000	State of Ohio Highway Improvements Revenue Bonds, 5.00%, 12/15/24		254,961
	6,630,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1, 4.00%, 12/15/17		6,758,954
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1, 5.00%, 12/15/20		2,256,040
	5,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1, 5.00%, 12/15/24		6,070,500
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue, 5.00%, 06/01/25		2,423,860
	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A, 5.00%, 02/01/24		1,693,387
	2,000,000	University of Cincinnati Advance Refunding Revenue, Series A, 5.00%, 06/01/26		2,438,260
	1,730,000	University of Cincinnati College & University Refunding Revenue Bonds, Series A, (State Appropriation), 5.00%, 06/01/17		1,735,571
				58,163,088
Oklahoma — 0.5%
	4,000,000	City of Oklahoma City OK Public Improvements GO, 5.00%, 03/01/26		4,937,400
	2,000,000	University of Oklahoma Advance Refunding Revenue Bonds, Series B, 5.00%, 07/01/25		2,409,560
	1,795,000	University of Oklahoma Refunding Revenue Bonds, Series A, 3.00%, 07/01/17		1,800,870

68

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Oklahoma (continued)
$	1,250,000	University of Oklahoma Refunding Revenue Bonds, Series A, 5.00%, 07/01/25	$	1,505,975
				10,653,805
Oregon — 0.6%
	1,300,000	City of Portland Water System Refunding Revenue Bonds, Series A, 5.00%, 05/01/17		1,300,000
	400,000	Clackamas County School District No 86 Canby Refunding Revenue Bonds GO, Series A, (School Board GTY), 3.00%, 06/15/17		400,991
	815,000	Lane County School District No 19 Springfield School Improvements GO, Series B, (AGM, School Board GTY), 5.00%, 06/15/17		818,822
	5,500,000	State of Oregon Cash Flow Management GO Notes, Series A, 2.00%, 06/30/17		5,510,615
	1,755,000	Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY), 4.00%, 06/15/19		1,861,564
	2,200,000	Yamhill Clackamas & Washington Counties School District No 29J Newberg Refunding GO (NATL-RE, School Board GTY), 5.50%, 06/15/17		2,211,594
				12,103,586
Pennsylvania — 1.8%
	20,065,000	Commonwealth of Pennsylvania Public Improvements GO, Series 2, 5.00%, 09/15/17		20,369,787
	10,000,000	Commonwealth of Pennsylvania Public Improvements GO, Series 2, 5.00%, 09/15/20		11,155,200
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds, 5.00%, 08/15/26		1,216,110
	3,000,000	Pennsylvania State University Advance Refunding Revenue, Series B, 5.00%, 09/01/26		3,704,790

Principal Amount			Value
Pennsylvania (continued)
$	1,240,000	Pennsylvania State University, University and College Improvements Revenue, Series A, 5.00%, 09/01/26	$	1,531,313
				37,977,200
Rhode Island — 0.6%
	6,950,000	Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue, 5.00%, 06/15/23		8,109,816
	3,000,000	Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A, 5.00%, 05/15/22		3,430,440
	705,000	Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY), 4.00%, 05/15/18		726,763
				12,267,019
South Carolina — 0.5%
	1,865,000	City of Charleston Waterworks & Sewer System Advance Refunding Revenue Bonds, 5.00%, 01/01/24		2,247,101
	2,090,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/18		2,160,663
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District), 5.00%, 03/01/20		1,806,724
	2,350,000	Lexington County School District No 2 School Improvements GO (South Carolina School District), 5.00%, 03/01/26		2,873,157
	330,000	State of South Carolina University & College Improvements GO, Series B, 5.00%, 03/01/19		354,031
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding), 5.00%, 03/01/19		729,518
				10,171,194

69

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Tennessee — 0.0%
$	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program), 5.00%, 11/01/25	$	1,084,959
Texas — 12.6%
	3,630,000	Alief Independent School District School Improvements Refunding GO, (PSF-GTD), 5.00%, 02/15/25		4,361,953
	1,000,000	Allen Independent School District Current Refunding GO, Series A (PSF-GTD), 5.00%, 02/15/22		1,157,940
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/25		1,038,192
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/26		2,093,481
	1,100,000	Amarillo College District Refunding GO, 4.00%, 02/15/20		1,179,343
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD), 5.00%, 02/15/23		571,621
	4,340,000	Austin Community College District Refunding GO, 5.00%, 08/01/27		5,222,496
	1,000,000	Austin Independent School District Refunding GO, Series B, (PSF-GTD), 5.00%, 08/01/21		1,148,720
	400,000	Beaumont Independent School District Improvements GO, (PSF-GTD), 4.00%, 02/15/18		409,587
	5,310,000	Beaumont Independent School District Refunding GO, (PSF-GTD), 5.00%, 02/15/26		6,401,948
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD), 5.00%, 08/01/27		1,299,503
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,948,968

Principal Amount			Value
Texas (continued)
$	1,000,000	Burleson Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/01/25	$	1,213,390
	1,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/21		1,153,780
	2,535,000	City of Cedar Park Public Improvements Refunding GO, 5.00%, 02/15/20		2,791,263
	4,020,000	City of College Station Improvements Advance Refunding GO, 5.00%, 02/15/25		4,843,336
	935,000	City of Conroe Public Improvements GO, 5.00%, 03/01/25		1,107,919
	2,075,000	City of Denton Public Improvements GO, 5.00%, 02/15/23		2,433,124
	1,715,000	City of Denton Public Improvements GO, 5.00%, 02/15/24		2,040,987
	1,290,000	City of Denton Public Improvements GO, 5.00%, 02/15/28		1,536,132
	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds, 5.00%, 03/01/24		990,489
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/25		415,463
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/26		1,477,688
	5,145,000	City of Fort Worth Water & Sewer System Improvements Revenue, 5.00%, 02/15/25		6,219,276
	1,325,000	City of Lubbock Prerefunded Public Improvements GO, 5.25%, 02/15/20(c)		1,422,547
	450,000	City of Lubbock Unrefunded Public Improvements GO, 5.25%, 02/15/20		484,055
	2,240,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements, 5.00%, 03/15/25		2,699,715
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements, 5.00%, 03/15/26		2,859,966

70

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	2,440,000	City of Plano Advance Refunding GO, 5.00%, 09/01/23	$	2,911,384
	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds, 5.00%, 05/01/26		1,434,325
	1,430,000	Clear Creek Independent School District GO, (PSF-GTD), Series B, 3.00%, 02/15/35(b)		1,437,808
	1,505,000	Clint Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,827,537
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,445,054
	2,130,000	County of Bexar Advance Refunding GO, 5.00%, 06/15/26		2,560,537
	2,910,000	County of Bexar Refunding GO, 5.00%, 06/15/22		3,398,851
	675,000	County of Collin Advance Refunding GO, 5.00%, 02/15/24		810,419
	3,440,000	County of Dallas Public Improvements GO, 5.00%, 08/15/26		4,193,016
	1,500,000	County of Denton Advance Refunding GO, 5.00%, 07/15/24		1,812,615
	1,590,000	County of Harris Advance Refunding Revenue, Series A, 5.00%, 08/15/25		1,922,708
	1,000,000	County of Williamson Limited Tax Refunding GO, 5.00%, 02/15/21		1,135,750
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/26		427,486
	4,000,000	Cypress-Fairbanks Independent School District School Improvements GO, Series B-2 (PSF-GTD), 3.00%, 02/15/40(b)		4,022,080
	2,000,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A, 5.00%, 12/01/25		2,399,680
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/22		1,289,075

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	$	1,301,197
	2,665,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		3,251,966
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/27		2,212,349
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/25		3,595,410
	1,500,000	El Paso Independent School District Refunding GO (PSF-GTD), 5.00%, 08/15/25		1,783,395
	6,000,000	Fort Bend Independent School District Refunding GO, (PSF-GTD), Series A, 5.00%, 08/15/25		7,187,220
	2,000,000	Fort Worth Independent School District School Building GO, (PSF-GTD), 5.00%, 02/15/22		2,321,900
	885,000	Frenship Independent School District Refunding GO (PSF-GTD), 5.00%, 02/15/26		1,040,937
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD), 6.13%, 08/15/21		266,325
	2,500,000	Frisco Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 08/15/25		3,044,250
	1,385,000	Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 02/15/25		1,674,188
	13,000,000	Goose Creek Consolidated Independent School District School Improvements GO, Series B, (PSF-GTD), 3.00%, 02/15/35(b)		13,070,980
	1,000,000	Harris County Refunding GO, Series C, (AGM), 5.25%, 08/15/19		1,093,070

71

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	2,730,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/27	$	3,322,519
	2,030,000	Houston Community College System University & College Improvements Revenue Bonds (AGM), 5.25%, 04/15/21		2,108,602
	960,000	Houston Community College System University & College Improvements Revenue Bonds (AGM), 5.25%, 04/15/21(c)		999,312
	3,750,000	Houston Independent School District School Improvement Refunding GO, (PSF-GTD), Series A, 5.00%, 02/15/25		4,548,000
	6,000,000	Houston Independent School District School Improvements GO, Series 2014A-1A, (PSF- GTD), 2.00%, 06/01/39(b)(d)		6,004,440
	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/24		2,947,522
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/24		698,250
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD), 5.00%, 02/15/25		601,610
	1,000,000	Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/23		1,188,820
	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		2,193,312
	1,760,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/24		2,106,896
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/26		273,857
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD), 5.00%, 08/15/25		3,242,208

Principal Amount			Value
Texas (continued)
$	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 08/01/24	$	4,106,834
	1,005,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 08/15/23		1,194,573
	1,060,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 08/15/24		1,278,487
	1,110,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A, 5.00%, 08/15/25		1,349,771
	1,435,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 08/15/23		1,705,684
	1,650,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 08/15/25		2,006,417
	585,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 08/15/26		717,982
	1,000,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD), 5.00%, 08/15/21		1,146,890
	595,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD), 5.00%, 08/15/26		730,255
	250,000	Northside Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/26		308,008
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		1,346,051
	250,000	Pasadena Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/22		289,235
	750,000	Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/01/27		891,120
	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD), 5.00%, 02/15/23		1,801,971

72

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	2,595,000	Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B, 5.00%, 02/15/25	$	3,120,306
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD), 5.00%, 02/15/25		1,204,020
	265,000	Red Oak Independent School District School Improvements GO (PSF-GTD), 5.00%, 08/15/18(c)		268,063
	260,000	Red Oak Independent School District School Improvements GO (PSF-GTD), 5.00%, 08/15/18		263,081
	925,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/22		1,074,536
	1,020,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/23		1,205,089
	1,075,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/24		1,289,312
	1,000,000	Roma Independent School District Refunding GO, (PSF-GTD), 5.00%, 08/15/25		1,207,570
	705,000	San Elizario Independent School District School Improvements GO, (PSF-GTD), 5.00%, 05/01/25		852,437
	145,000	Seagraves Independent School District School Building GO, (PSF-GTD), 4.00%, 02/15/19		152,510
	1,450,000	Spring Independent School District Advance Refunding GO (PSF-GTD), 5.00%, 08/15/27		1,766,057
	1,000,000	Spring Independent School District Advance Refunding GO, (PSF- GTD), 5.00%, 08/15/26		1,223,570
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO, 5.00%, 10/01/26		6,160,250
	2,695,000	State of Texas Public Finance Authority Refunding GO, 5.00%, 10/01/20		3,031,444

Principal Amount			Value
Texas (continued)
$	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series F, 5.00%, 10/01/25	$	3,906,496
	6,500,000	State of Texas Transportation Commission Highway Improvement GO, 5.00%, 04/01/25		7,883,070
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/22		1,174,990
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, 5.00%, 10/01/24		7,005,866
	3,225,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A, 5.00%, 04/01/21		3,674,597
	4,850,000	Tyler Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/15/23		5,716,210
	500,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/22		586,059
	1,680,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/23		2,003,501
	1,235,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/24		1,493,288
	2,085,000	United Independent School District GO, (PSF-GTD), 5.00%, 08/15/25		2,540,677
	220,000	University of North Texas Prerefunded Refunding Revenue, 5.00%, 04/15/20(c)		244,022
	420,000	University of North Texas Prerefunded Refunding Revenue, 5.00%, 04/15/21(c)		478,421
	1,480,000	University of North Texas Unrefunded Refunding Revenue, 5.00%, 04/15/20		1,634,793
	2,810,000	University of North Texas Unrefunded Refunding Revenue, 5.00%, 04/15/21		3,184,657

73

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	2,075,000	University of Texas Financing Systems Refunding Revenue Bonds, Series A, 5.00%, 08/15/17	$	2,099,776
	9,000,000	University of Texas System University & College Improvements Revenue Bonds, Series J, 5.00%, 08/15/26		11,088,270
	2,000,000	University of Texas System University and College Improvements Revenue, Series D, 5.00%, 08/15/23		2,390,380
	145,000	Victoria Utility System, Water & Wastewater Authority Refunding Revenue Bonds, (AMBAC), 5.00%, 12/01/17		148,451
	325,000	Waco Independent School District Advance Refunding GO, (PSF- GTD), 5.00%, 08/15/27		397,966
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27		752,998
	1,370,000	Wichita Falls Independent School District Advance Refunding GO, (PSF-GTD), 5.00%, 02/01/25		1,654,741
	1,210,000	Wichita Falls Independent School District School Improvements GO (PSF-GTD), 5.00%, 02/01/23		1,424,001
				268,804,495
Utah — 0.8%
	1,975,000	Alpine School District School Building GO, (School Board GTY), 5.00%, 03/15/21		2,156,858
	13,000,000	Salt Lake City Corp Cash Flow Management GO Notes, 2.00%, 06/30/17		13,020,280
	1,085,000	Uintah County School District Refunding GO, (School Board GTY), 5.00%, 02/01/24		1,302,260
				16,479,398
Virginia — 2.5%
	5,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding), 5.00%, 10/01/27		6,215,350

Principal Amount			Value
Virginia (continued)
$	600,000	County of Prince William Facilities Refunding COP, 4.00%, 10/01/17	$	607,686
	1,350,000	Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A, 4.50%, 03/01/20		1,468,746
	6,025,000	Hampton Roads Sanitation District Refunding Revenue Bonds, Series B, 0.83%, 08/01/46(b)		6,025,000
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A, 5.00%, 10/01/24		1,412,424
	1,000,000	Virginia College Building Authority Advance Refunding Revenue, Series A, 5.00%, 09/01/28		1,209,600
	2,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program), 5.00%, 09/01/21		2,237,420
	500,000	Virginia College Building Authority, University and College Improvements Revenue, Series A, 5.00%, 02/01/27		589,350
	6,450,000	Virginia Commonwealth Transportation Board Current Refunding Revenue, 5.00%, 05/15/17		6,458,901
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds, 5.00%, 03/15/23		5,797,900
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A, 5.00%, 08/01/21		2,828,292
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation), 5.00%, 08/01/21		1,358,350
	5,000,000	Virginia Public School Authority Advance Refunding Revenue Bonds, 5.00%, 02/01/24		5,994,200

74

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Principal Amount			Value
Virginia (continued)
$	2,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 08/01/24	$	2,965,382
	5,000,000	Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 08/01/25		6,100,750
	1,500,000	Virginia Resources Authority Advance Refunding Revenue, 5.00%, 11/01/26		1,858,110
	1,150,000	Virginia Resources Authority Refunding Revenue Bonds, 5.00%, 11/01/25		1,397,929
				54,525,390
Washington — 2.4%
	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY), 5.00%, 12/01/21		1,184,111
	190,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY), 5.00%, 12/01/23		227,424
	100,000	CDP-King County III Lease King Street Center Project Refunding Revenue Bonds, (NATL-RE), 5.00%, 06/01/17		100,303
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY), 5.00%, 12/01/26		1,264,830
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds, 5.00%, 01/01/27		1,900,128
	2,525,000	Clark County School District No 117 Camas Refunding GO, (School Board GTY), 5.00%, 12/01/17		2,585,247
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY), 5.00%, 12/01/24		990,512
	5,500,000	Energy Northwest Refunding Revenue Bonds, 5.00%, 07/01/25		6,685,800

Principal Amount			Value
Washington (continued)
$	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A, 5.00%, 07/01/28	$	4,504,032
	680,000	King County Public Transportation Sales Tax Refunding GO, 4.00%, 12/01/18		712,620
	1,035,000	King County Refunding GO, 5.00%, 07/01/25		1,257,784
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY), 5.00%, 12/01/20		1,595,145
	1,000,000	King County Sewer Improvements GO, Series B, 0.84%, 01/01/40(b)		1,000,000
	1,180,000	Nooksack Valley School District No 506 School Improvements GO, (School Board GTY), 5.00%, 12/01/24		1,408,531
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds, 5.00%, 02/01/27		900,338
	1,320,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY), 5.00%, 12/01/23		1,580,000
	5,000,000	Snohomish County School District No 201 Refunding GO (School Board GTY), 5.00%, 12/01/25		5,978,000
	1,315,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY), 5.00%, 12/01/18		1,396,701
	5,000,000	State of Washington Advance Refunding GO, Series B, 5.00%, 07/01/26		6,076,400
	1,000,000	State of Washington Public Improvements Advance Refunding COP, (State Higher Education Intercept Program), 3.00%, 07/01/17		1,003,540
	800,000	State of Washington Refunding GO, Series R-2012C, 5.00%, 07/01/23		934,208
	3,250,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, 5.00%, 09/01/19		3,532,620

75

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(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	$	5,355,750
				52,174,024
Wisconsin — 0.1%
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B, 5.00%, 05/01/27		1,441,380
Total Municipal Bonds (Cost $1,968,575,355)				1,974,164,483
U.S. GOVERNMENT SECURITIES — 4.7%
U.S. Treasury Notes — 4.7%
	35,000,000	1.13%, 02/28/2021		34,309,555
	50,000,000	1.88%, 05/31/2022		50,095,700
	16,000,000	2.00%, 08/15/2025		15,726,256
Total U.S. Government Securities (Cost $99,295,727)				100,131,511
Shares
INVESTMENT COMPANY — 2.3%
	48,815,800	SEI Daily Income Trust Government II Fund, Class A, 0.60%(e)	$	48,815,800
Total Investment Company (Cost $48,815,800)				48,815,800
TOTAL INVESTMENTS — 99.3% (Cost $2,116,686,882)(a)			$	2,123,111,794
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				14,612,528
NET ASSETS — 100.0%			$	2,137,724,322

(a)	Cost for federal income tax purposes is $2,116,726,324 and net unrealized appreciation of investments is as follows:
	Unrealized appreciation	$	20,453,267
	Unrealized depreciation		(14,067,797	)
	Net unrealized appreciation	$	6,385,470

(b)	Variable rate security. Rate shown is the rate as of April 30, 2017.
(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 April 30, 2017.

AGM — Assured Guaranty Municipal Corp.

AMBAC — Insured by AMBAC Indemnity Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

GTY — Guaranty

NATL-RE — Insured by National Public Finance Guarantee Corp.

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

76

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Portfolio diversification by State (Unaudited)  

State	Percentage of Net Assets
Alabama		0.9	%
Arizona		1.0
California		6.1
Colorado		1.8
Connecticut		4.2
District of Columbia		1.0
Florida		1.5
Georgia		4.1
Hawaii		0.4
Idaho		0.6
Illinois		0.9
Indiana		0.4
Iowa		0.1
Kansas		0.2
Kentucky		0.4
Louisiana		0.1
Maine		0.2
Maryland		2.2
Massachusetts		10.5
Michigan		0.5
Minnesota		1.6
Mississippi		0.2
Missouri		1.8
Montana		0.1
Nevada		0.1
New Hampshire		0.1
New Jersey		2.5
New Mexico		0.2
New York		21.6
North Carolina		1.9
Ohio		2.7
Oklahoma		0.5
Oregon		0.6
Pennsylvania		1.8
Rhode Island		0.6
South Carolina		0.5
Tennessee		0.0
Texas		12.6
Utah		0.8
Virginia		2.5
Washington		2.4
Wisconsin		0.1
Other*		7.7
		100.0	%

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

77

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	April 30, 2017 (Unaudited)

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND			SMALL & MID CAP STRATEGIES FUND
ASSETS:
Investments, at fair value		$	1,596,352,198		$	15,887,999,122		$	6,027,700,250
Foreign currency, at value (Cost $0, $2,977,086 and $3,513,654, respectively)			—			3,024,647			3,528,084
Cash			126			240,676			11,933,137
Dividends and interest receivable			814,562			43,506,968			7,899,809
Receivable for Fund shares sold			7,026,019			27,784,079			9,692,430
Receivable for investments sold			—			—			6,522,588
Unrealized appreciation on forward foreign currency exchange contracts			—			—			380,606
Prepaid expenses			27,772			68,888			42,223
Total Assets			1,604,220,677			15,962,624,380			6,067,699,127
LIABILITIES:
Payable for Fund shares redeemed			106,011			6,858,411			3,132,747
Payable for investments purchased			12,563,407			17,417,729			15,479,104
Unrealized depreciation on forward foreign currency exchange contracts			—			—			200
Deferred tax liability (Note 9)			—			300,557			512,107
Accrued expenses and other payables:
Investment advisory			789,186			9,806,853			3,649,372
Administration			73,410			757,131			283,761
Shareholder servicing fee			225,124			2,415,754			899,987
Custody			21,732			384,019			157,578
Legal and Audit			42,664			401,001			176,296
Other			30,761			316,307			265,079
Total Liabilities			13,852,295			38,657,762			24,556,231
NET ASSETS		$	1,590,368,382		$	15,923,966,618		$	6,043,142,896
NET ASSETS consist of:
Capital paid-in		$	1,364,714,342		$	12,800,656,747		$	4,431,501,206
Accumulated undistributed (distributions in excess of) net investment income			1,283,941			31,132,907			(3,845,420	)
Accumulated undistributed net realized gain/(loss) on investments and foreign currency transactions			10,583,987			349,502,172			224,144,610
Net unrealized appreciation on investments and foreign currency transactions			213,786,112			2,742,674,792			1,391,342,500
NET ASSETS		$	1,590,368,382		$	15,923,966,618		$	6,043,142,896
Net Asset Value, maximum offering price and redemption price per share		$	15.13		$	13.84		$	16.47
Number of shares authorized			2,500,000,000			3,000,000,000			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			105,109,505			1,150,553,031			366,925,220
INVESTMENTS, AT COST		$	1,382,565,757		$	13,144,734,408		$	4,636,205,727

See Notes to Financial Statements.

78

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2017 (Unaudited)

	STRATEGIC OPPORTUNITIES FUNDa
ASSETS:
Investments, at fair value		$	5,441,640,042
Foreign currency, at value (Cost $6,026,624)			6,016,444
Segregated cash for futures contracts (Note 6)			5,668,150
Due from broker for collateral			6,310,756
Structured option contracts, at value (premium received $4,676,435)			86,027,361
Dividends and interest receivable			10,286,984
Receivable for Fund shares sold			4,199,641
Receivable for investments sold			20,462,618
Unrealized appreciation on swap contracts			26,148,812
Unrealized appreciation on forward foreign currency exchange contracts			6,440,435
Variation margin			104,626
Prepaid expenses			38,525
Total Assets			5,613,344,394
LIABILITIES:
Payable to brokers for collateral			76,225,297
Structured option contracts, at value (premium received $672,668)			1,297,669
Payable to Custodian			226
Payable for Fund shares redeemed			25,741,990
Payable for investments purchased			18,538,370
Unrealized depreciation on swap contracts			9,685,290
Unrealized depreciation on forward foreign currency exchange contracts			5,627,510
Deferred tax liability payable (Note 9)			126,666
Accrued expenses and other payables:
Investment advisory			4,126,083
Administration			299,660
Shareholder servicing fee			902,667
Custody			60,271
Legal and Audit			293,850
Other			239,275
Total Liabilities			143,164,824
NET ASSETS		$	5,470,179,570
NET ASSETS consist of:
Capital paid-in		$	5,118,014,646
Accumulated undistributed net investment income			30,094,560
Accumulated undistributed net realized gain on investments, securities sold short, futures contracts, swap contracts, written options and foreign currency transactions			100,104,168
Net unrealized appreciation on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions			221,966,196
NET ASSETS		$	5,470,179,570
Net Asset Value, maximum offering price and redemption price per share		$	7.83
Number of shares authorized			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			698,318,151
INVESTMENTS, AT COST		$	5,321,139,010

a Consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements.

79

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2017 (Unaudited)

	FIXED INCOME FUND				MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value		$	795,150,783			$	2,123,111,794
Cash			68				24
Dividends and interest receivable			3,773,340				22,229,673
Receivable for Fund shares sold			1,827,627				8,504,407
Prepaid expenses			27,138				25,285
Total Assets			800,778,956				2,153,871,183
LIABILITIES:
Payable for Fund shares redeemed			302,348				653,853
Payable for investments purchased			8,991,350				14,442,291
Accrued expenses and other payables:
Investment advisory			260,375				621,376
Administration			40,778				101,758
Shareholder servicing fee			60,299				161,098
Custody			9,046				24,164
Legal and Audit			29,196				66,340
Other			25,229				75,981
Total Liabilities			9,718,621				16,146,861
NET ASSETS		$	791,060,335			$	2,137,724,322
NET ASSETS consist of:
Capital paid-in		$	801,668,654			$	2,132,030,545
Accumulated undistributed net investment income			138,798				1,917,864
Accumulated undistributed net realized loss on investments			(9,785,524	)			(2,648,999	)
Net unrealized appreciation/(depreciation) on investments			(961,593	)			6,424,912
NET ASSETS		$	791,060,335			$	2,137,724,322
Net Asset Value, maximum offering price and redemption price per share		$	11.12			$	11.91
Number of shares authorized			2,000,000,000				2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			71,107,745				179,551,827
INVESTMENTS, AT COST		$	796,112,376			$	2,116,686,882

See Notes to Financial Statements.

80

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2017 (Unaudited)

	ALL CAP CORE FUND				LARGE CAP STRATEGIES FUND				SMALL & MID CAP STRATEGIES FUND
INVESTMENT INCOME:
Interest		$	14,097			$	649,906			$	234,231
Dividends			12,350,338				142,266,558				41,370,362
Foreign tax withheld			(398,111	)			(7,347,189	)			(1,648,039	)
Total investment income			11,966,324				135,569,275				39,956,554
EXPENSES:
Investment advisory fees			4,594,934				61,009,603				23,721,254
Shareholder servicing fees			1,333,232				15,019,952				5,581,471
Administration and Accounting fees			311,933				3,386,922				1,266,384
Custodian fees			149,527				2,528,664				769,889
Directors fees and expenses			20,139				230,785				86,313
Insurance premiums			13,233				41,492				22,259
Interest expense			—				—				4,307
Legal and Audit fees			39,161				373,857				161,888
Printing and postage fees			5,296				58,252				22,075
Registration fees			17,783				40,331				18,895
Transfer agent fees			71,331				756,630				288,224
Miscellaneous expenses			9,259				45,414				209,319
Total expenses			6,565,828				83,491,902				32,152,278
Expenses waived by Adviser (Note 7)			—				—				(1,170,804	)
Net expenses			6,565,828				83,491,902				30,981,474
NET INVESTMENT INCOME			5,400,496				52,077,373				8,975,080
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES:
Net realized gains/(loss) on:
Investments			34,187,031				361,217,056				230,293,377
Foreign capital gains tax			—				—				48,235
Foreign currency transactions			(122,907	)			7,138,961				(1,498,937	)
Net change in unrealized appreciation/(depreciation) on:
Investments			110,288,510				863,578,491				340,392,933
Foreign currency transactions			32,340				(7,140,074	)			422,246
Foreign deferred taxes on unrealized appreciation			—				2,942,790				(57,360	)
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes			144,384,974				1,227,737,224				569,600,494
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	149,785,470			$	1,279,814,597			$	578,575,574

See Notes to Financial Statements.

81

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2017 (Unaudited)

	STRATEGIC OPPORTUNITIES FUNDa
INVESTMENT INCOME:
Interest		$	56,907,436
Dividends			35,001,286
Foreign tax withheld			(85,918	)
Total investment income			91,822,804
EXPENSES:
Investment advisory fees			30,868,345
Shareholder servicing fees			5,989,203
Administration and Accounting fees			1,383,522
Custodian fees			223,515
Directors fees and expenses			93,499
Insurance premiums			23,036
Interest expense			23,942
Legal and Audit fees			322,504
Printing and postage fees			24,544
Registration fees			28,058
Transfer agent fees			313,874
Miscellaneous expenses			165,898
Total expenses			39,459,940
Expenses waived by Adviser (Note 7)			(3,495,730	)
Net expenses			35,964,210
NET INVESTMENT INCOME			55,858,594
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, SECURITIES SOLD SHORT, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES:
Net realized gain/(loss) on:
Investments			163,413,094
Futures contracts			14,064,512
Swap agreements			29,360,355
Written options and structured options			87,147,297
Foreign currency transactions			(15,937,182	)
Net change in unrealized appreciation/(depreciation) on:
Investments			109,907,234
Securities sold short			1,871,202
Futures contracts			3,527,317
Swap agreements			4,978,704
Written options and structured options			(23,504,974	)
Foreign currency transactions			10,688,284
Foreign deferred taxes on unrealized depreciation			(121,887	)
Net realized and change in unrealized gain/(loss) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions, net of foreign taxes			385,393,956
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	441,252,550

a Consolidated Statement of Operations.

See Notes to Financial Statements.

82

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2017 (Unaudited)

	FIXED INCOME FUND				MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest		$	7,145,091			$	17,192,426
Dividends			9,245				59,557
Total investment income			7,154,336				17,251,983
EXPENSES:
Investment advisory fees			1,651,465				3,875,224
Shareholder servicing fees			763,746				2,001,889
Administration and Accounting fees			181,324				455,177
Custodian fees			57,281				150,142
Directors fees and expenses			11,832				31,162
Insurance premiums			12,228				14,907
Legal and Audit fees			22,949				53,076
Printing and postage fees			2,982				7,827
Registration fees			17,700				38,128
Transfer agent fees			45,295				108,353
Miscellaneous expenses			9,603				35,028
Total expenses			2,776,405				6,770,913
Expenses waived by Shareholder Servicing Agent (Note 7)			(381,873	)			(1,000,945	)
Net expenses			2,394,532				5,769,968
NET INVESTMENT INCOME			4,759,804				11,482,015
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on:
Investments			(3,022,233	)			(2,607,572	)
Net change in unrealized appreciation/(depreciation) on:
Investments			(6,664,128	)			(18,937,450	)
Net realized and change in unrealized gain/(loss) on investments			(9,686,361	)			(21,545,022	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(4,926,557	)		$	(10,063,007	)

See Notes to Financial Statements.

83

Old Westbury Funds, Inc.

Statements of Changes in Net Assets

	ALL CAP CORE FUND
	FOR THE PERIOD ENDED  APRIL 30, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016
		(Unaudited)
FROM OPERATIONS:
Net investment income		$	5,400,496			$	12,473,350
Net realized gain/(loss) on investments and foreign currency transactions			34,064,124				(23,392,246	)
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes			110,320,850				26,380,786
Net increase in net assets resulting from operations			149,785,470				15,461,890
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(13,751,936	)			(12,767,618	)
Capital gains			—				(13,076,789	)
Net decrease in net assets from distributions			(13,751,936	)			(25,844,407	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			293,550,914				268,944,429
Reinvestment of distributions			4,963,160				13,209,958
Value of capital stock redeemed			(90,376,233	)			(171,467,228	)
Net increase in net assets resulting from capital stock transactions			208,137,841				110,687,159
Net increase in net assets			344,171,375				100,304,642
NET ASSETS:
Beginning of period			1,246,197,007				1,145,892,365
End of period		$	1,590,368,382			$	1,246,197,007
Undistributed (distributions in excess of) net investment income		$	1,283,941			$	9,635,381
CAPITAL SHARE TRANSACTIONS:
Shares sold			20,016,595				20,570,567
Shares issued as reinvestment of distributions			349,519				1,012,257
Shares redeemed			(6,264,675	)			(12,921,809	)
Net increase in shares outstanding.			14,101,439				8,661,015

See Notes to Financial Statements.

84

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

LARGE CAP STRATEGIES FUND								SMALL & MID CAP STRATEGIES FUND
FOR THE PERIOD ENDED APRIL 30, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016				FOR THE PERIOD ENDED APRIL 30, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016
	(Unaudited)								(Unaudited)
	$	52,077,373			$	93,243,807			$	8,975,080			$	32,496,703
		368,356,017				170,409,214				228,842,675				328,653,233
		859,381,207				44,642,759				340,757,819				(71,561,629	)
		1,279,814,597				308,295,780				578,575,574				289,588,307
		(109,523,510	)			(109,206,576	)			(30,569,468	)			(41,515,802	)
		(151,604,604	)			(212,416,103	)			(298,283,586	)			(228,201,193	)
		(261,128,114	)			(321,622,679	)			(328,853,054	)			(269,716,995	)
		1,050,639,095				1,921,668,809				518,157,606				775,408,537
		123,183,224				166,548,307				188,125,990				159,969,805
		(864,433,436	)			(1,620,400,131	)			(384,486,745	)			(933,234,823	)
		309,388,883				467,816,985				321,796,851				2,143,519
		1,328,075,366				454,490,086				571,519,371				22,014,831
		14,595,891,252				14,141,401,166				5,471,623,525				5,449,608,694
	$	15,923,966,618			$	14,595,891,252			$	6,043,142,896			$	5,471,623,525
	$	31,132,907			$	88,579,044			$	(3,845,420	)		$	17,748,968
		79,414,824				155,007,934				32,807,779				53,021,050
		9,497,550				13,388,128				12,384,858				10,860,136
		(65,092,564	)			(128,899,429	)			(24,319,894	)			(61,440,681	)
		23,819,810				39,496,633				20,872,743				2,440,505

See Notes to Financial Statements.

85

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

		STRATEGIC OPPORTUNITIES FUND
	FOR THE PERIOD ENDED  April 30, 2017a				FOR THE YEAR ENDED OCTOBER 31,  2016a
		(Unaudited)
FROM OPERATIONS:
Net investment income		$	55,858,594			$	106,351,867
Net realized gain/(loss) on investments, securities sold short, swap agreements, futures contracts, written options, foreign capital gains tax and foreign currency transactions			278,048,076				(174,541,583	)
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, futures contracts, written options, swap agreements, foreign currency transactions, net of foreign deferred taxes			107,345,880				77,848,131
Net increase/(decrease) in net assets resulting from operations			441,252,550				9,658,415
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(111,738,489	)			(105,784,964	)
Capital gains			—				(128,054,530	)
Net decrease in net assets from distributions			(111,738,489	)			(233,839,494	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			422,621,644				1,138,862,753
Reinvestment of distributions			33,139,282				112,339,997
Value of capital stock redeemed			(1,249,148,607	)			(2,188,724,376	)
Net increase/(decrease) in net assets resulting from capital stock transactions			(793,387,681	)			(937,521,626	)
Net increase/(decrease) in net assets			(463,873,620	)			(1,161,702,705	)
NET ASSETS:
Beginning of period			5,934,053,190				7,095,755,895
End of period		$	5,470,179,570			$	5,934,053,190
Undistributed net investment income		$	30,094,560			$	85,974,455
CAPITAL SHARE TRANSACTIONS:
Shares sold			55,895,889				161,379,147
Shares issued as reinvestment of distributions			4,454,204				15,410,151
Shares redeemed			(162,508,341	)			(303,283,841	)
Net increase/(decrease) in shares outstanding			(102,158,248	)			(126,494,543	)

a Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements.

86

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

FIXED INCOME FUND								MUNICIPAL BOND FUND
FOR THE PERIOD ENDED April 30, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016				FOR THE PERIOD ENDED April 30, 2017				FOR THE YEAR ENDED OCTOBER 31, 2016
	(Unaudited)								(Unaudited)
	$	4,759,804			$	7,136,031			$	11,482,015			$	20,073,688
		(3,022,233	)			2,141,711				(2,607,572	)			9,373,093
		(6,664,128	)			2,875,205				(18,937,450	)			(747,741	)
		(4,926,557	)			12,152,947				(10,063,007	)			28,699,040
		(5,391,837	)			(8,506,761	)			(11,340,836	)			(19,986,880	)
		—				—				(9,374,029	)			(1,416,604	)
		(5,391,837	)			(8,506,761	)			(20,714,865	)			(21,403,484	)
		110,485,072				298,387,151				322,560,365				846,467,718
		2,863,973				4,352,215				6,158,254				5,542,028
		(97,386,859	)			(104,173,333	)			(215,352,095	)			(179,212,789	)
		15,962,186				198,566,033				113,366,524				672,796,957
		5,643,792				202,212,219				82,588,652				680,092,513
		785,416,543				583,204,324				2,055,135,670				1,375,043,157
	$	791,060,335			$	785,416,543			$	2,137,724,322			$	2,055,135,670
	$	138,798			$	770,831			$	1,917,864			$	1,776,685
		9,977,602				26,401,431				27,253,287				69,733,595
		260,278				386,760				525,000				459,206
		(8,781,013	)			(9,241,847	)			(18,245,392	)			(14,782,785	)
		1,456,867				17,546,344				9,532,895				55,410,016

See Notes to Financial Statements.

87

Old Westbury Funds, Inc.

All Cap Core Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2017				YEAR ENDED OCTOBER 31,
	(Unaudited)				2016			2015			2014			2013			2012
Net asset value, beginning of period		$	13.69		$	13.92		$	15.00		$	13.92		$	11.53		$	11.13
Investment operations:
Net investment income			0.06	a		0.14	a		0.15	a		0.21	a		0.24	a		0.19	a
Net realized and unrealized gains/(losses) on investments			1.53			(0.05	)		(0.41	)		1.08			2.38			0.25
Total from investment operations			1.59			0.09			(0.26	)		1.29			2.62			0.44
Distributions:
Net investment income			(0.15	)		(0.16	)		(0.19	)		(0.21	)		(0.23	)		(0.04	)
Net realized gains			—			(0.16	)		(0.63	)		—			—			—
Total distributions			(0.15	)		(0.32	)		(0.82	)		(0.21	)		(0.23	)		(0.04	)
Net asset value, end of period		$	15.13		$	13.69		$	13.92		$	15.00		$	13.92		$	11.53
Total return			11.7	%b		0.7	%		(1.7	)%		9.4	%		23.1	%		3.9	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	1,590,368		$	1,246,197		$	1,145,892		$	1,029,373		$	835,858		$	569,710
Ratio of expenses to average net assets before expense waivers			0.98	%c,d		1.00	%d		1.01	%		1.04	%		1.06	%		1.07	%
Ratio of expenses to average net assets after expense waiver			0.98	%c		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets			0.81	%c		1.07	%		1.02	%		1.46	%		1.91	%		1.69	%
Portfolio turnover rate			55	%b		34	%		43	%		43	%		63	%		86	%

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

See Notes to Financial Statements.

88

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2017				YEAR ENDED OCTOBER 31,
	(Unaudited)				2016			2015			2014			2013			2012
Net asset value, beginning of period		$	12.95		$	13.01		$	13.20		$	12.09		$	9.69		$	9.12
Investment operations:
Net investment income			0.05	a		0.08	a		0.12	a		0.10	a		0.11	a		0.09	a
Net realized and unrealized gains on investments and foreign currency transactions			1.07			0.16			0.13			1.09			2.36			0.63
Total from investment operations			1.12			0.24			0.25			1.19			2.47			0.72
Distributions:
Net investment income			(0.10	)		(0.10	)		(0.10	)		(0.08	)		(0.07	)		(0.15	)
Net realized gains			(0.13	)		(0.20	)		(0.34	)		—			—			—
Total distributions			(0.23	)		(0.30	)		(0.44	)		(0.08	)		(0.07	)		(0.15	)
Net asset value, end of period		$	13.84		$	12.95		$	13.01		$	13.20		$	12.09		$	9.69
Total return			8.8	%b		1.9	%		2.0	%		9.9	%		25.7	%		8.0	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	15,923,967		$	14,595,891		$	14,141,401		$	12,624,586		$	9,564,418		$	4,145,804
Ratio of expenses to average net assets before expense waivers			1.11	%c,d		1.11	%d		1.11	%d		1.12	%d		1.15	%d		1.18	%
Ratio of expenses to average net assets after expense waivers			1.11	%c		1.11	%		1.11	%		1.12	%		1.15	%		1.15	%
Ratio of net investment income to average net assets			0.69	%c		0.67	%		0.88	%		0.82	%		1.00	%		0.93	%
Portfolio turnover rate			28	%b		50	%		61	%		51	%		42	%		55	%

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

See Notes to Financial Statements.

89

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2017				YEAR ENDED OCTOBER 31,
	(Unaudited)				2016			2015			2014			2013			2012
Net asset value, beginning of period		$	15.81		$	15.86		$	17.09		$	17.30		$	14.64		$	14.34
Investment operations:
Net investment income			0.03	a		0.09	a		0.09	a		0.12	a		0.12	a		0.11	a
Net realized and unrealized gains on investments, foreign currency transactions and deferred taxes			1.59			0.66			0.40			0.83			3.61			0.95
Total from investment operations			1.62			0.75			0.49			0.95			3.73			1.06
Distributions:
Net investment income			(0.09	)		(0.12	)		(0.13	)		(0.13	)		(0.16	)		(0.10	)
Net realized gains			(0.87	)		(0.68	)		(1.59	)		(1.03	)		(0.91	)		(0.66	)
Total distributions			(0.96	)		(0.80	)		(1.72	)		(1.16	)		(1.07	)		(0.76	)
Net asset value, end of period		$	16.47		$	15.81		$	15.86		$	17.09		$	17.30		$	14.64
Total return			10.8	%b		5.1	%		2.9	%		5.7	%		26.8	%		8.0	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	6,043,143		$	5,471,624		$	5,449,609		$	6,385,783		$	6,624,651		$	4,876,907
Ratio of expenses to average net assets before expense waivers			1.15	%c,d		1.16	%d		1.16	%d		1.15	%d		1.16	%d		1.17	%d
Ratio of expenses to average net assets after expense waivers			1.11	%c		1.11	%		1.11	%		1.11	%		1.11	%		1.11	%
Ratio of net investment income to average net assets			0.32	%c		0.61	%		0.56	%		0.67	%		0.73	%		0.78	%
Portfolio turnover rate			22	%b		48	%		50	%		38	%		31	%		28	%

a	Calculated using the average shares method for the period.
b	Not Annualized.
c	Annualized.
d	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.

See Notes to Financial Statements.

90

Old Westbury Funds, Inc.

Strategic opportunities fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2017a				YEAR ENDED OCTOBER 31,
	(Unaudited)				2016a			2015a			2014			2013			2012
Net asset value, beginning of period		$	7.41		$	7.65		$	8.20		$	8.24		$	7.51		$	7.23
Investment operations:
Net investment income			0.07	b		0.12	b		0.09	b		0.09	b		0.15	b		0.22	b
Net realized and unrealized gains/(losses) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes			0.49			(0.10	)		(0.02	)		0.36			0.76			0.41
Total from investment operations			0.56			0.02			0.07			0.45			0.91			0.63
Distributions:
Net investment income			(0.14	)		(0.12	)		(0.17	)		(0.27	)		(0.18	)		(0.35	)
Net realized gains			—			(0.14	)		(0.45	)		(0.22	)		—			—
Total distributions			(0.14	)		(0.26	)		(0.62	)		(0.49	)		(0.18	)		(0.35	)
Net asset value, end of period		$	7.83		$	7.41		$	7.65		$	8.20		$	8.24		$	7.51
Total return			7.7	%c		0.2	%		0.9	%		5.9	%		12.3	%		9.4	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	5,470,180		$	5,934,053		$	7,095,756		$	5,598,552		$	5,737,691		$	7,023,142
Ratio of expenses to average net assets before expense waivers			1.32	%d,e		1.32	%e		1.32	%e		1.32	%e		1.32	%e		1.35	%e
Ratio of expenses to average net assets after expense waivers			1.20	%d		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets			1.87	%d		1.67	%		1.16	%		1.14	%		1.97	%		3.09	%
Portfolio turnover rate			63	%c		114	%		70	%		82	%		61	%		122	%

a	Consolidated Financial Highlights.
b	Calculated using the average shares method for the period.
c	Not Annualized.
d	Annualized.
e	When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.

See Notes to Financial Statements.

91

Old Westbury Funds, Inc.

Fixed income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2017				YEAR ENDED OCTOBER 31,
	(Unaudited)				2016			2015			2014			2013			2012
Net asset value, beginning of period		$	11.28		$	11.19		$	11.22		$	11.34		$	11.66		$	11.80
Investment operations:
Net investment income			0.07	a		0.12	a		0.12	a		0.11	a		0.14	a		0.20	a
Net realized and unrealized gains/(losses) on investments			(0.15	)		0.11			—	b		(0.01	)		(0.18	)		0.20
Total from investment operations			(0.08	)		0.23			0.12			0.10			(0.04	)		0.40
Distributions:
Net investment income			(0.08	)		(0.14	)		(0.15	)		(0.20	)		(0.22	)		(0.28	)
Net realized gains			—			—			—			(0.02	)		(0.06	)		(0.26	)
Total distributions			(0.08	)		(0.14	)		(0.15	)		(0.22	)		(0.28	)		(0.54	)
Net asset value, end of period		$	11.12		$	11.28		$	11.19		$	11.22		$	11.34		$	11.66
Total return			(0.7	)%c		2.1	%		1.1	%		0.9	%		(0.3	)%		3.5	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	791,060		$	785,417		$	583,204		$	563,716		$	533,444		$	491,311
Ratio of expenses to average net assets before expense waivers			0.73	%d		0.74	%		0.74	%		0.75	%		0.75	%		0.76	%
Ratio of expenses to average net assets after expense waivers			0.63	%d		0.64	%		0.64	%		0.65	%		0.65	%		0.66	%
Ratio of net investment income to average net assets			1.25	%d		1.07	%		1.03	%		0.94	%		1.26	%		1.69	%
Portfolio turnover rate			28	%c		68	%		67	%		65	%		78	%		64	%

a	Calculated using the average shares method for the period.
b	Amount is less than $0.005 per share.
c	Not Annualized.
d	Annualized.

See Notes to Financial Statements.

92

Old Westbury Funds, Inc.

Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2017				YEAR ENDED OCTOBER 31,
	(Unaudited)				2016			2015			2014			2013			2012
Net asset value, beginning of period		$	12.09		$	12.00		$	12.02		$	11.96		$	12.33		$	11.96
Investment operations:
Net investment income			0.07	a		0.14	a		0.15	a		0.14	a		0.17	a		0.19	a
Net realized and unrealized gains/(losses) on investments			(0.12	)		0.10			0.03			0.10			(0.25	)		0.40
Total from investment operations			(0.05	)		0.24			0.18			0.24			(0.08	)		0.59
Distributions:
Net investment income			(0.07	)		(0.14	)		(0.15	)		(0.15	)		(0.17	)		(0.19	)
Net realized gains			(0.06	)		(0.01	)		(0.05	)		(0.03	)		(0.12	)		(0.03	)
Total distributions			(0.13	)		(0.15	)		(0.20	)		(0.18	)		(0.29	)		(0.22	)
Net asset value, end of period		$	11.91		$	12.09		$	12.00		$	12.02		$	11.96		$	12.33
Total return			(0.5	)%b		2.1	%		1.5	%		2.0	%		(0.7	)%		5.0	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	2,137,724		$	2,055,136		$	1,375,043		$	1,326,109		$	1,244,693		$	1,098,750
Ratio of expenses to average net assets before expense waivers			0.68	%c		0.69	%		0.70	%		0.70	%		0.71	%		0.73	%
Ratio of expenses to average net assets after expense waivers			0.58	%c		0.59	%		0.60	%		0.60	%		0.61	%		0.63	%
Ratio of net investment income to average net assets			1.15	%c		1.17	%		1.28	%		1.20	%		1.38	%		1.55	%
Portfolio turnover rate			18	%b		44	%		31	%		55	%		51	%		34	%

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

See Notes to Financial Statements.

93

Old Westbury Funds, Inc.
Notes To Financial Statements
	April 30, 2017 (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 Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. At April 30, 2017, 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 All Cap Core Fund (Formerly Old Westbury Large Cap Core Fund) (“All 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 Strategies Fund (Formerly Old Westbury Small & Mid Cap Fund) (“Small & Mid Cap Strategies 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 April 30, 2017, the Subsidiary represented $76,348,727 or 1.40% 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

94

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Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

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

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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.

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 p.m. 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 are 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. 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

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Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

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 All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 1 day during the six months ended April 30, 2017. 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 April 30, 2017, 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 six months ended April 30, 2017.

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.

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.

96

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

B. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined using the identified cost method for maximum tax benefit to shareholders. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

C. 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 Statements of Assets and Liabilities.

For the six months ended April 30, 2017, there were no in-kind payments received by the Funds with respect to PIK securities.

D. 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 change in unrealized gain/(loss) on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions in the Statements of Operations.

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

E. 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.

F. 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

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Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

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 April 30, 2017, the Strategic Opportunities Fund held no collectibles.

G. 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 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.

H. 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.

I. 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.

J. 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.

K. 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

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Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

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.

L. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund intends to limit the purchase of securities which have not been determined by BIM to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.

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

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

4. Market and Credit Risk:

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by 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 has 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, receivables for securities sold and cash due from brokers. 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 values 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 generally 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.).

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	April 30, 2017 (Unaudited)

•      Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ investments as of April 30, 2017 is as follows:

				Level 2			Level 3
				Significant			Significant
	Level 1			Observable			Unobservable
	Quoted Prices			Inputs			Inputs(c)			Total
All Cap Core Fund
Equity Securities(b)	$	1,541,100,098(a	)	$	—			$	—	$	1,541,100,098
Investment Company		55,252,100			—				—		55,252,100
Total	$	1,596,352,198		$	—			$	—	$	1,596,352,198
Large Cap Strategies Fund
Equity Securities(b)	$	14,798,812,086(a	)	$	97,261,015(d	)		$	—	$	14,896,073,101
Participation Notes		6,576,771			—				—		6,576,771
Master Limited Partnerships		26,771,199(a	)		—				—		26,771,199
Preferred Stocks		7,240,619			—				—		7,240,619
Exchange Traded Funds		599,648,353(a	)		—				—		599,648,353
U.S. Government Agencies		—			183,097,579				—		183,097,579
Investment Company		168,591,500			—				—		168,591,500
Total	$	15,607,640,528		$	280,358,594			$	—	$	15,887,999,122
Small & Mid Cap Strategies Fund
Equity Securities(b)
Australia	$	101,566,029		$	21,746			$	160	$	101,587,935
Austria		11,647,799			—				—		11,647,799
Belgium		12,077,776			—				—		12,077,776
Bermuda		65,172,285			—				—		65,172,285
Brazil		26,635,692			4,892				41,789		26,682,373
Cambodia		91,981			—				—		91,981
Canada		141,535,343			11				—		141,535,354
Cayman Islands		2,541,314			—				—		2,541,314
Chile		6,148,678			—				—		6,148,678
China		95,565,910			2,196,628				420,717		98,183,255
Curacao		2,713,071			—				—		2,713,071
Denmark		25,721,454			—				—		25,721,454
Faeroe Islands		253,583			—				—		253,583
Finland		19,389,399			—				1,014		19,390,413
France		92,909,309			—				—		92,909,309
Gabon		8,883			—				—		8,883
Germany		109,698,949			—				—		109,698,949
Gibraltar		84,638			—				—		84,638
Greece		128,992			—				—		128,992
Guernsey		508,602			—				—		508,602
Hong Kong		84,939,085			—				723,662		85,662,747
Hungary		362,706			—				—		362,706
India		104,330,260			—				29,867		104,360,127
Indonesia		29,804,228			—				3,657		29,807,885
Ireland		87,833,826			—				—		87,833,826
Isle of Man		501,383			—				—		501,383
Israel		88,301,700			—				—		88,301,700

100

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

			Level 2		Level 3
			Significant		Significant
	Level 1		Observable		Unobservable
	Quoted Prices		Inputs		Inputs(c)			Total
Italy	$	21,025,980	$	—		$	—	$	21,025,980
Japan		301,021,768		—			—		301,021,768
Jersey Channel Islands		1,722,221		—			—		1,722,221
Jordan		741,152		—			—		741,152
Luxembourg		13,473,255		—			—		13,473,255
Macau		198,652		—			—		198,652
Malaysia		26,731,964		—			—		26,731,964
Malta		362,669		—			—		362,669
Martinique		206,220		—			—		206,220
Mexico		24,496,345		—			—		24,496,345
Netherlands		33,168,146		—			—		33,168,146
New Zealand		41,389,491		—			—		41,389,491
Norway		6,271,050		—			—		6,271,050
Panama		41,678		—			—		41,678
Peru		3,860,938		—			—		3,860,938
Philippines		13,364,323		—			—		13,364,323
Poland		3,553,615		—			—		3,553,615
Portugal		1,583,179		—			—		1,583,179
Puerto Rico		1,539,698		—			—		1,539,698
Romania		216,527		—			—		216,527
Singapore		59,275,833		—			—		59,275,833
South Africa		27,971,510		—			—		27,971,510
South Korea		75,109,639		—			347,932		75,457,571
Spain		18,335,457		—			—		18,335,457
Sweden		49,352,503		—			—		49,352,503
Switzerland		96,396,204		—			—		96,396,204
Taiwan		80,581,822		—			106,626		80,688,448
Thailand		15,914		19,388,279			—		19,404,193
Turkey		4,186,357		—			—		4,186,357
Ukraine		153,059		—			—		153,059
United Arab Emirates		89,062		—			—		89,062
United Kingdom		298,186,316		—			183		298,186,499
United States		3,309,900,280		—			—		3,309,900,280
Total Equities	$	5,624,995,702	$	21,611,556		$	1,675,607	$	5,648,282,865
Exchange Traded Funds	$	108,751,938	$	—		$	—	$	108,751,938
Investment Company		47,293,000		—			—		47,293,000
Rights/Warrants
Brazil		—		17			—		17
France		—		—			1,496		1,496
India		—		—			19,572		19,572
Luxembourg		3,026		—			—		3,026
Malaysia		—		19,701			—		19,701
Philippines		—		2,580			—		2,580
South Korea		—		1,816			—		1,816
Taiwan		—		562			—		562
Thailand		—		3,139			—		3,139
United Kingdom		27,567		—			—		27,567
Total Rights/Warrants	$	30,593	$	27,815		$	21,068	$	79,476

101

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

				Level 2			Level 3
				Significant			Significant
	Level 1			Observable			Unobservable
	Quoted Prices			Inputs			Inputs(c)			Total
U.S. Government Agencies	$	—		$	154,943,569			$	—	$	154,943,569
Cash Sweep		68,349,402			—				—		68,349,402
Other financial instruments -Assets*:
Foreign currency exchange contracts		—			380,606				—		380,606
Total	$	5,849,420,635		$	176,963,546			$	1,696,675	$	6,028,080,856
Strategic Opportunities Fund
Equity Securities(b)
Belgium	$	5,468,964		$	—			$	—	$	5,468,964
Bermuda		31,596,202			—				—		31,596,202
Canada		1,560,263			—				—		1,560,263
China		27,468,626			—				—		27,468,626
Denmark		2,258,129			—				—		2,258,129
Hong Kong		28,898,729			—				44,295		28,943,024
Indonesia		1,276,789			—				—		1,276,789
Israel		1,341,310			—				—		1,341,310
Japan		37,858,108			—				—		37,858,108
Morocco and Antilles		6,319,616			—				—		6,319,616
Netherlands		5,840,919			—				—		5,840,919
Pakistan		4,684,705			—				—		4,684,705
Qatar		4,293,740			—				—		4,293,740
Singapore		15,516,583			—				—		15,516,583
South Korea		7,724,571			—				—		7,724,571
Switzerland		5,057,436			—				—		5,057,436
Taiwan		32,353,510			—				—		32,353,510
United Arab Emirates		3,125,298			—				—		3,125,298
United Kingdom		8,374,405			—				—		8,374,405
United States		294,355,759			—				258,750		294,614,509
Total Equities	$	525,373,662		$	—			$	303,045	$	525,676,707
Closed-End Funds		347,183,233(a	)		—				—		347,183,233
Exchange Traded Funds		650,979,679(a	)		—				—		650,979,679
Preferred Stocks		5,230,225(a	)		4,754,812(a	)			—		9,985,037
Bank Loans		—			15,111,250(a	)			—		15,111,250
Corporate Bonds		—			558,434,662(a	)			—		558,434,662
Asset-Backed Securities		—			682,181,795(a	)			—		682,181,795
Non-Agency Mortgage-Backed Securities		—			515,924,171(a	)			—		515,924,171
U.S. Government Agencies		—			1,959,543,114				—		1,959,543,114
Cash Sweep		176,620,394			—				—		176,620,394

102

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

				Level 2			Level 3
				Significant			Significant
	Level 1			Observable			Unobservable
	Quoted Prices			Inputs			Inputs(c)			Total
Other financial instruments - Assets*
Commodity contracts	$	98,325		$	3,292,762			$	—	$	3,391,087
Equity contracts		29,366			108,284,349				—		108,313,715
Interest rate contracts		1,594,094			—				—		1,594,094
Foreign currency exchange contracts		—			7,039,497				—		7,039,497
Other financial instruments - Liabilities*
Commodity contracts		(471,303	)		(618,927	)			—		(1,090,230	)
Equity contracts		(26,197	)		(10,081,889	)			—		(10,108,086	)
Interest rate contracts		(63,420	)								(63,420	)
Foreign currency exchange contracts		—			(5,909,653	)			—		(5,909,653	)
Total	$	1,706,548,058		$	3,837,955,943			$	303,045	$	5,544,807,046
Fixed Income Fund
Corporate Bonds	$	—		$	259,211,808(a	)		$	—	$	259,211,808
Asset-Backed Securities		—			66,122,544(a	)			—		66,122,544
Municipal Bonds		—			9,560,782(a	)			—		9,560,782
Collateralized Mortgage Obligations		—			1,518,631(a	)			—		1,518,631
U.S. Government Agencies		—			49,198,954				—		49,198,954
U.S. Government Securities		—			391,900,200				—		391,900,200
Government Bonds		—			3,009,864				—		3,009,864
Investment Company		14,628,000			—				—		14,628,000
Total	$	14,628,000		$	780,522,783			$	—	$	795,150,783
Municipal Bond Fund
Municipal Bonds	$	—		$	1,974,164,483(a	)		$	—	$	1,974,164,483
U.S. Government Securities		—			100,131,511				—		100,131,511
Investment Company		48,815,800			—				—		48,815,800
Total	$	48,815,800		$	2,074,295,994			$	—	$	2,123,111,794

(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 April 30, 2017, 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 Strategies Fund were transferred from Level 2 into Level 1 in the amount of $85,875 and from Level 1 into Level 2 in the amount of $571,475.
(c)	The Small & Mid Cap Strategies Fund and Strategic Opportunities Fund held certain investments categorized as Level 3 that had a combined fair value less than 1% of NAV for the respective Fund for the period ended April 30, 2017. There were transfers into Level 3 of $827,681 and out of Level 3 in the amount of $103,909 for the Small & Mid Cap Strategies Fund. In addition, there were no significant purchases and sales during the period. As of April 30, 2017, the percentage of NAV was 0.03% and 0.01% for the Small & Mid Cap Strategies Fund and Strategic Opportunities Fund, respectively. The Funds’ instrument types classified as Level 3 investments have no significant unobservable inputs to disclose, as their Level 3 assets and liabilities are generally valued using last trade price or broker quote.
(d)	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.

103

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

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 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 six months ended April 30, 2017.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.

When counterparties post cash collateral with respect to various derivative transactions, a Fund may invest the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses on the Statements of Operations and expense ratio in the Financial Highlights.

104

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

As of April 30, 2017, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

Small & Mid Cap Strategies Fund

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities (a)			Derivatives Available for Offset (b)		Non-Cash Collateral Received (c)		Cash Collateral Received (c)		Net Amount of Derivative Assets (e)
Citibank N.A.		$	380,606		$—		$—		$—	$	380,606
Total		$	380,606

Strategic Opportunities Fund

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities (a)			Derivatives Available for Offset (b)			Non-Cash Collateral Received (c)			Cash Collateral Received (c)			Net Amount of Derivative Assets (e)
Barclays Bank Plc		$	14,798,285	$	(749,631	)	$	—		$	(10,570,000	)	$	3,478,654
Bank of America N.A.			11,076,288		—			—			(11,076,288	)		—
Bank of New York Mellon Corp.			1,313,337		(219,458	)		—			(1,093,879	)		—
BNP Paribas Group			4,638,064		(2,576,898	)		—			(2,061,166	)		—
Citibank N.A.			17,039,369		(123,509	)		(16,915,860	)		—			—
Cargill Inc.			3,292,762		(562,320	)		—			(1,720,000	)		1,010,442
Credit Suisse International			17,897,554		—			—			(17,897,554	)		—
Goldman Sachs International			12,753,577		(258,713	)		—			(12,380,000	)		114,864
JPMorgan Chase Bank, N.A.			29,353,828		(6,456,647	)		(22,897,181	)		—			—
Societe Generale			4,024,906		(3,370,086	)		—			(230,000	)		424,820
UBS AG			2,428,638		(2,236,600	)		—			(192,038	)		—
Derivatives not subject to a MNA or similar agreement (a)			104,626		—			—			—			104,626
Total		$	118,721,234

105

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

Strategic Opportunities Fund

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities (a)			Derivatives Available for Offset (b)			Non-Cash Collateral Pledged (c)		Cash Collateral Pledged (c)		Net Amount of Derivative Liabilities (d)
Barclays Bank Plc		$	749,631	$	(749,631	)		$—		$—	$	—
Bank of New York Mellon Corp.			219,458		(219,458	)		—		—		—
BNP Paribas Group			2,576,898		(2,576,898	)		—		—		—
Citibank N.A.			123,509		(123,509	)		—		—		—
Cargill Inc.			562,320		(562,320	)		—		—		—
Goldman Sachs Group, Inc.			258,713		(258,713	)		—		—		—
JPMorgan Chase Bank, N.A.			6,456,647		(6,456,647	)		—		—		—
Macquarie Bank Limited			56,607		—			—		—		56,607
Societe Generale			3,370,086		(3,370,086	)		—		—		—
UBS AG			2,236,600		(2,236,600	)		—		—		—
Total		$	16,610,469

(a)	Includes derivatives (futures, exchange traded options and certain forward foreign currency exchange contracts) which are not subject to a MNA, or another similar arrangement.
(b)	The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to a MNA.
(c)	Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes.
(d)	Represents the net amount payable to counterparty in the event of default.
(e)	Represents the net amount receivable from counterparty in the event of default.

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.

106

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

	Fair Values of Derivative Instruments as of April 30, 2017
	Derivative Assets			Derivative Liabilities
Small & Mid Cap Strategies Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
	Unrealized appreciation on forward foreign			Unrealized depreciation on forward foreign
Foreign Currency Exchange Risk	currency exchange contracts	$	380,606	currency exchange contracts	$	—
Total		$	380,606		$	—
Strategic Opportunities Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Commodity risk	Unrealized appreciation on swap contracts	$	3,292,762	Unrealized depreciation on swap contracts	$	618,927
	Variation Margin		104,626
Equity Risk	Unrealized appreciation on swap contracts		22,802,116	Unrealized depreciation on swap contracts		9,042,933
	Structured option contracts, at value		85,482,233	Structured option contracts, at value		1,038,956
Foreign Currency Exchange Risk	Unrealized appreciation on swap contracts		53,934	Unrealized depreciation on swap contracts		23,430
	Structured option contracts, at value		545,128	Structured option contracts, at value		258,713
	Unrealized appreciation on forward foreign			Unrealized depreciation on forward foreign
	currency exchange contracts		6,440,435	currency exchange contracts		5,627,510
Total		$	118,721,234		$	16,610,469

	The Effect of Derivative Instruments on the Statements of Operations
	Six Months Ended April 30, 2017
	Net Realized Gain/(Loss) from Derivatives Recognized in Income
Small & Mid Cap Strategies Fund	Written Options and Structured Options		Futures Contracts		Swap Agreements		Foreign Currency Exchange Contracts(a)	Total
Foreign Currency Exchange Risk		$—		$—		$—	$762,592	$762,592
Total		$—		$—		$—	$762,592	$762,592

107

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

	The Effect of Derivative Instruments on the Statements of Operations
	Six Months Ended April 30, 2017
	Net Realized Gain/(Loss) from Derivatives Recognized in Income
Strategic Opportunities Fund	Written Options and Structured Options				Futures Contracts				Swap Agreements			Foreign Currency Exchange Contracts(a)				Total
Commodity Risk		$	(7,957,626	)		$	480,194			$	976,988		$	—		$	(6,500,444	)
Interest Rate Risk			2,632,080				(4,875,125	)			—			—			(2,243,045	)
Equity Risk			193,939,088				18,459,443				28,383,367			—			240,781,898
Foreign Currency Exchange Risk			(5,985,271	)			—				—			(13,857,688	)		(19,842,959	)
Total		$	182,628,271			$	14,064,512			$	29,360,355		$	(13,857,688	)	$	212,195,450

(a) Included in net realized gain/(loss) on foreign currency transactions on the Statements of Operation.

	Net Change in Unrealized Appreciation/(Depreciation)
	on Derivatives Recognized in Income
Large Cap Strategies Fund	Written Options and Structured Options				Futures Contracts			Swap Agreements				Foreign Currency Exchange Contracts(b)				Total
Foreign Currency Exchange Risk		$	—			$	—		$	—			$	(7,438,173	)	$	(7,438,173	)
Total		$	—			$	—		$	—			$	(7,438,173	)	$	(7,438,173	)
Small & Mid Cap Strategies Fund	Written Options and Structured Options				Futures Contracts			Swap Agreements				Foreign Currency Exchange Contracts(b)				Total
Foreign Currency Exchange Risk		$	—			$	—		$	—			$	305,948		$	305,948
Total		$	—			$	—		$	—			$	305,948		$	305,948
Strategic Opportunities Fund	Written Options and Structured Options				Futures Contracts			Swap Agreements				Foreign Currency Exchange Contracts(b)				Total
Commodity Risk		$	(86,220	)		$	217,588		$	1,187,531			$	—		$	1,318,899
Interest Rate Risk			—				3,025,515			—				—			3,025,515
Equity Risk			(24,937,546	)			284,214			3,909,394				—			(20,743,938	)
Foreign Currency Exchange Risk			3,938,342				—			(118,221	)			9,047,528			12,867,649
Total		$	(21,085,424	)		$	3,527,317		$	4,978,704			$	9,047,528		$	(3,531,875	)

(b) Included in net change in unrealized appreciation/(depreciation) on foreign currency transactions on the Statements of Operation.

For the six months ended April 30, 2017, the quarterly average volume of derivative activities were as follows:

	Small & Mid Cap Strategies Fund	Strategic Opportunities Fund
Structured Options (Notional Amounts)	$—	$971,259,143
Futures Long Position (Notional Amounts)	—	344,173,433
Futures Short Position (Notional Amounts)	—	19,086,486
Forward Currency Contracts Purchased (U.S. Dollar Amounts)	30,460,174	314,789,878
Forward Currency Contracts Sold (U.S. Dollar Amounts)	—	599,012,984
Currency Swaps (Notional Amount in U.S. Dollars)	—	250,000
Equity Swaps (Notional Amount in U.S. Dollars)	—	180,535,000
Index Swaps as buyer (Notional Amount in U.S. Dollars)	—	6,101,126
Index Swaps as writer (Notional Amount in U.S. Dollars)	—	7,191,380

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 futures 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

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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 on the contract.

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

As of April 30, 2017, the Small & Mid Cap Strategies Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
U.S. Dollar	30,602,828	New Zealand Dollar	44,116,000	Citibank, N.A.	07/28/17	$380,606
						$380,606

As of April 30, 2017, the Strategic Opportunities Fund had the following open Forwards:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Danish Krone	69,736,800	U.S. Dollar	10,000,000	Bank of New York Mellon Corp.	05/31/17		$	230,327
Danish Krone	69,518,650	U.S. Dollar	10,000,000	Bank of New York Mellon Corp.	05/31/17			198,325
Danish Krone	68,313,750	U.S. Dollar	10,000,000	Bank of New York Mellon Corp.	05/31/17			21,567
Danish Krone	87,744,163	U.S. Dollar	12,850,488	Bank of New York Mellon Corp.	05/31/17			21,503
Danish Krone	67,959,800	U.S. Dollar	10,000,000	Bank of New York Mellon Corp.	05/31/17			(30,357	)
U.S. Dollar	12,682,890	Danish Krone	87,744,163	Bank of New York Mellon Corp.	05/31/17			(189,101	)
United Kingdom Pound	77,010,978	U.S. Dollar	99,000,000	Bank of New York Mellon Corp.	05/31/17			841,615
Euro	40,000,000	U.S. Dollar	43,572,880	Barclays Bank Plc	05/31/17			74,590
U.S. Dollar	21,672,081	Euro	20,000,000	Barclays Bank Plc	05/31/17			(151,654	)
Brazilian Real	9,559,680	U.S. Dollar	3,000,000	Barclays Bank Plc	06/30/17			(32,904	)
Brazilian Real	19,470,000	U.S. Dollar	6,152,572	Barclays Bank Plc	06/30/17			(109,550	)
Argentine Peso	77,250,000	U.S. Dollar	4,303,621	Barclays Bank Plc	11/15/17			236,845

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	April 30, 2017 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Argentine Peso	53,700,000	U.S. Dollar	3,000,000	Barclays Bank Plc	02/28/18		$	15,662
U.S. Dollar	6,568,750	Swedish Krona	57,000,000	Barclays Bank Plc	02/28/18			19,933
Brazilian Real	10,198,230	U.S. Dollar	3,000,000	Barclays Bank Plc	03/29/18			11,850
Brazilian Real	6,760,400	U.S. Dollar	2,000,000	Barclays Bank Plc	03/29/18			(3,447	)
Brazilian Real	10,125,660	U.S. Dollar	3,000,000	Barclays Bank Plc	03/29/18			(9,582	)
Brazilian Real	6,721,040	U.S. Dollar	2,000,000	Barclays Bank Plc	03/29/18			(15,071	)
Brazilian Real	10,083,090	U.S. Dollar	3,000,000	Barclays Bank Plc	03/29/18			(22,155	)
Brazilian Real	6,693,780	U.S. Dollar	2,000,000	Barclays Bank Plc	03/29/18			(23,122	)
Brazilian Real	10,035,120	U.S. Dollar	3,000,000	Barclays Bank Plc	03/29/18			(36,322	)
Brazilian Real	9,945,210	U.S. Dollar	3,000,000	Barclays Bank Plc	03/29/18			(62,875	)
Brazilian Real	9,928,230	U.S. Dollar	3,000,000	Barclays Bank Plc	03/29/18			(67,890	)
Russian Ruble	507,710,000	U.S. Dollar	8,449,160	Barclays Bank Plc	03/29/18			(88,054	)
Argentine Peso	53,610,000	U.S. Dollar	3,000,000	Barclays Bank Plc	04/30/18			(56,829	)
Indian Rupee	338,950,000	U.S. Dollar	4,993,003	Barclays Bank Plc	05/31/18			29,696
U.S. Dollar	20,023,368	Euro	17,899,389	Barclays Bank Plc	05/31/18			78,639
U.S. Dollar	3,336,600	Euro	3,000,000	Barclays Bank Plc	03/29/19			(70,176	)
Hong Kong Dollar	465,744,000	U.S. Dollar	59,750,603	Citibank, N.A.	06/12/17			185,310
U.S. Dollar	59,812,404	Hong Kong Dollar	465,744,000	Citibank, N.A.	06/12/17			(123,509	)
Euro	92,781,326	U.S. Dollar	99,382,820	JPMorgan Chase Bank N.A.	05/31/17			1,858,935
Euro	10,000,000	U.S. Dollar	10,893,500	JPMorgan Chase Bank N.A.	05/31/17			18,368
Japanese Yen	1,450,600,900	U.S. Dollar	13,083,623	JPMorgan Chase Bank N.A.	05/31/17			(54,226	)
Mexican Peso	158,574,288	U.S. Dollar	7,682,278	JPMorgan Chase Bank N.A.	05/31/17			690,718
Mexican Peso	94,977,250	U.S. Dollar	5,000,000	JPMorgan Chase Bank N.A.	05/31/17			14,963
Mexican Peso	28,974,393	U.S. Dollar	1,544,569	JPMorgan Chase Bank N.A.	05/31/17			(14,671	)
U.S. Dollar	5,416,756	Euro	5,000,000	JPMorgan Chase Bank N.A.	05/31/17			(39,178	)
U.S. Dollar	12,000,000	Euro	11,203,185	JPMorgan Chase Bank N.A.	05/31/17			(224,767	)
U.S. Dollar	14,877,204	Mexican Peso	282,525,931	JPMorgan Chase Bank N.A.	05/31/17			(40,652	)
Hong Kong Dollar	465,744,000	U.S. Dollar	60,000,000	JPMorgan Chase Bank N.A.	06/12/17			(64,087	)
U.S. Dollar	59,641,952	Hong Kong Dollar	465,744,000	JPMorgan Chase Bank N.A.	06/12/17			(293,961	)
Australian Dollar	37,692,934	U.S. Dollar	28,361,483	JPMorgan Chase Bank N.A.	06/30/17			(168,879	)
Indonesian Rupiah	103,305,000,000	U.S. Dollar	7,500,000	JPMorgan Chase Bank N.A.	08/31/17			138,504
Argentine Peso	89,750,000	U.S. Dollar	5,000,000	JPMorgan Chase Bank N.A.	11/08/17			291,619
Argentine Peso	89,450,000	U.S. Dollar	5,000,000	JPMorgan Chase Bank N.A.	11/29/17			225,050
U.S. Dollar	4,506,297	Argentine Peso	89,450,000	JPMorgan Chase Bank N.A.	11/29/17			(718,753	)
Argentine Peso	90,000,000	U.S. Dollar	4,953,220	JPMorgan Chase Bank N.A.	12/28/17			237,520
U.S. Dollar	4,466,501	Argentine Peso	90,000,000	JPMorgan Chase Bank N.A.	12/28/17			(724,238	)
U.S. Dollar	6,074,995	United Kingdom Pound	4,800,000	JPMorgan Chase Bank N.A.	02/01/18			(196,476	)
Argentine Peso	27,300,000	U.S. Dollar	1,500,000	JPMorgan Chase Bank N.A.	02/28/18			33,102
U.S. Dollar	4,000,000	Euro	3,635,617	JPMorgan Chase Bank N.A.	02/28/18			(28,609	)
U.S. Dollar	8,645,882	Euro	7,925,000	JPMorgan Chase Bank N.A.	02/28/18			(135,772	)
U.S. Dollar	5,000,000	Euro	4,604,119	JPMorgan Chase Bank N.A.	03/28/18			(110,269	)

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	April 30, 2017 (Unaudited)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
Indonesian Rupiah	139,100,000,000	U.S. Dollar	10,000,000	JPMorgan Chase Bank N.A.	03/29/18		$	1,138
Russian Ruble	313,281,150	U.S. Dollar	5,000,000	JPMorgan Chase Bank N.A.	03/29/18			159,199
Russian Ruble	307,568,300	U.S. Dollar	5,000,000	JPMorgan Chase Bank N.A.	03/29/18			65,118
Russian Ruble	122,489,840	U.S. Dollar	2,000,000	JPMorgan Chase Bank N.A.	03/29/18			17,196
Russian Ruble	182,274,330	U.S. Dollar	3,000,000	JPMorgan Chase Bank N.A.	03/29/18			1,743
Russian Ruble	179,517,480	U.S. Dollar	3,000,000	JPMorgan Chase Bank N.A.	03/29/18			(43,658	)
U.S. Dollar	5,415,555	Euro	5,000,000	JPMorgan Chase Bank N.A.	04/30/18			(145,071	)
Indian Rupee	676,575,000	U.S. Dollar	9,856,862	JPMorgan Chase Bank N.A.	05/31/18			168,902
U.S. Dollar	2,218,500	Euro	2,000,000	JPMorgan Chase Bank N.A.	03/29/19			(52,684	)
U.S. Dollar	3,322,800	Euro	3,000,000	JPMorgan Chase Bank N.A.	03/29/19			(83,976	)
U.S. Dollar	6,093,038	Euro	5,500,000	JPMorgan Chase Bank N.A.	03/29/19			(152,718	)
U.S. Dollar	6,500,000	Euro	5,880,224	JPMorgan Chase Bank N.A.	03/29/19			(177,535	)
Euro	25,000,000	U.S. Dollar	27,402,927	UBS AG	05/31/17			(123,258	)
Japanese Yen	553,231,000	U.S. Dollar	5,000,000	UBS AG	05/31/17			(30,841	)
Japanese Yen	916,113,600	U.S. Dollar	8,333,889	UBS AG	05/31/17			(105,294	)
U.S. Dollar	8,111,502	Euro	7,575,596	UBS AG	05/31/17			(154,888	)
U.S. Dollar	20,000,001	Euro	18,720,439	UBS AG	05/31/17			(427,494	)
U.S. Dollar	10,382,529	Japanese Yen	1,171,359,000	UBS AG	05/31/17			(138,698	)
Indian Rupee	350,374,000	U.S. Dollar	5,000,000	UBS AG	02/09/18			261,522
Euro	6,000,000	U.S. Dollar	6,511,002	UBS AG	04/30/18			161,748
U.S. Dollar	6,588,492	Euro	6,000,000	UBS AG	04/30/18			(84,259	)
U.S. Dollar	22,153,940	Japanese Yen	2,409,688,500	UBS AG	05/31/18			129,228
							$	812,925

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 counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

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

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

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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 six months ended April 30, 2017 is as follows:

	Number of Options Contracts			Premiums Received
Contracts outstanding at October 31, 2016		11,600		$	2,311,191
Options written		53,025			2,951,677
Options terminated in closing purchase transactions		(2,425	)		(2,244,480	)
Options exercised		—			—
Options expired		(62,200	)		(3,018,388	)
Contracts outstanding at April 30, 2017		—		$	—

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 Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

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	April 30, 2017 (Unaudited)

7.     Investment Advisory Fee, Administration Fee and Other Transactions:

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

	First $500 million of average net assets			Next $500 million to $1 billion of average net assets			Average net assets exceeding $1 billion			Blended Advisory Rate
All Cap Core Fund (prior to 12/30/16)		0.70	%		0.65	%		0.60	%		0.69	%
All Cap Core Fund (from 12/30/16 to 4/30/17)		0.75	%		0.70	%		0.65	%		0.71	%
Fixed Income Fund		0.45	%		0.40	%		0.35	%		0.43	%
Municipal Bond Fund		0.45	%		0.40	%		0.35	%		0.39	%
										Average net assets
Small & Mid Cap Strategies Fund											0.85	%
	First $1.25 billion of average net  assets			Next $1.25 billion to $2.5 billion of average net assets			Average net assets exceeding $2.5 billion			Blended Advisory Rate
Large Cap Strategies Fund		0.90	%		0.85	%		0.80	%		0.81	%
Strategic Opportunities Fund		1.10	%		1.05	%		1.00	%		1.03	%

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

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

BIM has retained BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Strategic Opportunities Fund. BlackRock and Muzinich are paid for their services directly by BIM.

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

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets; however, with respect to the Fixed Income Fund and the Municipal Bond Fund, Bessemer has contractually committed to waive its shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% through October 31, 2019. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. Bessemer, however, does not have the ability to recapture fees currently being waived at a later date. For the six

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	April 30, 2017 (Unaudited)

months ended April 30, 2017, Bessemer waived shareholder servicing fees in the amount of $381,873 with respect to the Fixed Income Fund and $1,000,945 with respect to the Municipal Bond Fund.

D. Custody Fees. The All Cap Core Fund, Large Cap Strategies Fund, Fixed Income Fund and Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian, and the Small & Mid Cap Strategies Fund has retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.075% of the average daily net assets of the non-U.S. investments for All Cap Core Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund and Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund and Large Cap Strategies Fund. The Strategic Opportunities Fund and the Subsidiary have retained Citibank, N.A. (“Citibank”) to serve as their custodian and the Small & Mid Cap Strategies Fund has retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2019 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Strategies Fund at 1.15%, the Small & Mid Cap Strategies Fund at 1.11%, the Strategic Opportunities Fund at 1.20%, the Fixed Income Fund at 0.70% and the Municipal Bond Fund at 0.70%. Any waiver amounts are disclosed in the Statements of Operations. For the six months ended April 30, 2017, BIM waived $1,170,804 for the Small & Mid Cap Strategies Fund and $3,495,730 for the Strategic Opportunities Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $381,873 and $1,000,945, respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $120,000 (plus $50,000 for serving as the Board’s Chairperson, $20,000 as the Audit Committee Chairperson, $10,000 and $10,000 each as the Pricing Committee Liaison, the Nominating Committee Chairperson and the Governance Committee Chairperson) and receives for attendance at Board and committee meetings the following:

	Noticed to be In-Person (whether participating by phone or in-person)		Noticed to be telephonic
Regular Board Meeting		$9,000		$4,500
Special Board Meeting		6,000		3,000
Audit Committee Meeting		5,000		2,500
Nominating Committee Meeting		5,000		2,500
Governance Committee Meeting		5,000		2,500

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

8.     Securities Transactions:

Investment transactions for the six months ended April 30, 2017, excluding short-term debt investments and U.S. Government securities, were as follows:

114

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

	Purchases		Sales
All Cap Core Fund	$	926,516,427	$	715,088,307
Large Cap Strategies Fund		4,423,349,644		4,116,146,690
Small & Mid Cap Strategies Fund		1,216,415,368		1,736,910,930
Strategic Opportunities Fund (Consolidated)		2,167,568,230		2,191,225,872
Fixed Income Fund		104,958,691		106,947,827
Municipal Bond Fund		417,115,268		348,412,596

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the six months ended April 30, 2017 were as follows:

	Purchases		Sales
Fixed Income Fund		$124,201,359		$107,572,345
Municipal Bond Fund		108,002,539		8,713,633

9.     Federal Income Taxes:

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

By investing in the Subsidiary, the Strategic Opportunities Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code.

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

The Funds may also be subject to capital gains tax in India on gains realized upon the sale of Indian securities. The Funds may accrue a deferred tax liability for unrealized gains on India, Indonesia and Pakistan securities based on existing tax rates and holding periods of the securities. As of April 30, 2017, the Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund recorded liabilities of $300,557, $512,107 and $126,666, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India, Indonesia and Pakistan capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2016 was as follows (amounts in thousands):

	All Cap Core Fund			Large Cap Strategies Fund			Small & Mid Cap Strategies Fund			Strategic Opportunities Fund			Fixed Income Fund			Municipal Bond Fund
Distributions paid from:
Ordinary Income		$	12,768		$	109,207		$	43,722		$	106,192		$	8,507		$	1,369
Net Long Term Capital Gains			13,076			212,416			250,506			127,647			—			1,053
Total Taxable Distributions			25,844			321,623			294,228			233,839			8,507			2,422
Tax Exempt Distributions			—			—			—			—			—			18,981
Total Distributions Paid		$	25,844		$	321,623		$	294,228		$	233,839		$	8,507		$	21,403

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

As of and during the six months ended April 30, 2017, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2016. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

115

Old Westbury Funds, Inc.
Notes To Financial Statements - (Continued)
	April 30, 2017 (Unaudited)

As of October 31, 2016, the All Cap Core Fund (at the time named Large Cap Core Fund) had a short-term capital loss carry-forward of $14,442,362 and a long-term capital loss carryforward of $8,613,768, the Fixed Income Fund had a long-term capital loss carryforward of $4,127,622 and the Strategic Opportunities Fund had a short-term capital loss carryforward of $122,896,935 and a long-term capital loss carryforward of $55,697,171 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 Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes.

10.    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 April 30, 2017, the Strategic Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Strategic Opportunities Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

11.    Subsequent Events

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

116

ADDITIONAL INFORMATION

Information on Proxy Voting:

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

Information on Form N-Q:

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

117

Investment Adviser:	Administrator:
Bessemer Investment Management LLC	BNY Mellon Investment Servicing (US) Inc.
630 Fifth Avenue	760 Moore Road
New York, NY 10111	King of Prussia, PA 19406
(212) 708-9100
	Transfer Agent:
Distributor:	BNY Mellon Investment Servicing (US) Inc.
Foreside Funds Distributors LLC	760 Moore Road
400 Berwyn Park	King of Prussia, PA 19406
899 Cassatt Road
Berwyn, PA 19312	Independent Registered Public Accounting Firm:
Custodians:	Ernst & Young LLP
Bessemer Trust Company	5 Times Square
100 Woodbridge Center Drive	New York, NY 10036
Woodbridge, NJ 07095
Citibank, N.A.
388 Greenwich Street
New York, NY 10013

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

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

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

Cusip 680414307

Cusip 680414604

Cusip 680414109

Cusip 680414406

Cusip 680414505

Cusip 680414802

(A21-SAR2017)

(4/17)

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	April 30, 2017
	(Unaudited)

Shares			Value
COMMON STOCKS — 93.5%
AUSTRALIA — 1.7%
	29,208	Acrux Ltd.(b)	$	6,015
	99,433	Adelaide Brighton Ltd.		440,776
	69,555	AED Oil Ltd.(b)(c)(d)		0
	34,185	Ainsworth Game Technology Ltd.		47,612
	105,636	ALS Ltd.		494,376
	13,518	Altium Ltd.		83,003
	475,084	Alumina Ltd.		654,567
	60,601	Ansell Ltd.		1,079,997
	14,818	AP Eagers Ltd.		89,099
	87,213	APN News & Media Ltd.		162,610
	4,250	Arb Corp Ltd.		49,295
	1,547,765	Arrium Ltd.(b)(d)		21,746
	1,933	Asaleo Care Ltd.		2,598
	9,691	AUB Group Ltd.		87,515
	82,510	Ausdrill Ltd.		84,334
	173,833	Ausnet Services		227,791
	39,283	Austal Ltd.		50,447
	188,262	Australian Agricultural Co. Ltd.(b)		243,174
	141,784	Australian Pharmaceutical Industries Ltd.		236,754
	103,850	Automotive Holdings Group Ltd.		290,056
	4,480	Aveo Group		10,567
	104,949	AWE Ltd.(b)		35,757
	90,884	Bank of Queensland Ltd.		814,606
	246,633	Beach Energy Ltd.		135,739
	11,095	Bega Cheese Ltd.		49,848
	148,334	Bendigo & Adelaide Bank Ltd.		1,368,413
	32,618	Billabong International Ltd.(b)		27,233
	2,067	Blackmores Ltd.		165,008
	188,427	BlueScope Steel Ltd.		1,650,801
	339,952	Boral Ltd.		1,568,065
	15,029	Breville Group Ltd.		120,415
	17,433	Brickworks Ltd.		192,283
	17,980	BT Investment Management Ltd.		160,753
	37,347	Cabcharge Australia Ltd.		73,549
	16,047	carsales.com Ltd.		141,068
	96,536	Cash Converters International Ltd.		19,879
	3,423	Cedar Woods Properties Ltd.		13,713
	187,629	Challenger Ltd.		1,857,365
	3,287,015	Charter Hall Retail REIT(d)		11,002,086
	456,872	Cleanaway Waste Management Ltd.		434,474
	75,240	Coca-Cola Amatil Ltd.		527,903
	8,941	Cochlear Ltd.		936,500
	22,156	Collins Foods Ltd.		87,100
	32,117	Computershare Ltd.		354,485
	7,007	Corporate Travel Management Ltd.		106,826
	2,184,574	Costa Group Holdings Ltd.		7,197,560
	8,836	Credit Corp. Group Ltd.		120,418

Shares			Value
AUSTRALIA (continued)
	30,098	CSG Ltd.	$	10,818
	302,614	CSR Ltd.		1,110,327
	17,343	Decmil Group Ltd.		10,194
	15,520	Domino’s Pizza Enterprises Ltd.		710,299
	2,862	Doray Minerals Ltd.(b)		632
	333,327	Downer EDI Ltd.		1,467,620
	168,782	DUET Group		381,680
	51,932	DuluxGroup Ltd.		263,263
	307,875	Emeco Holdings Ltd.(b)		19,596
	17	EQT Holdings Ltd.		223
	32,208	Event Hospitality and Entertainment Ltd.		313,526
	597,107	Evolution Mining Ltd.		1,023,890
	715,392	Fairfax Media Ltd.		567,827
	16,777	Finbar Group Ltd.		10,176
	9,044	Flight Centre Travel Group Ltd.		212,984
	11,536	G.U.D. Holdings Ltd.		107,459
	11,340	G8 Education Ltd.		31,418
	13,440	Gbst Holdings Ltd.		29,286
	50,395	GrainCorp Ltd. - Class A		336,603
	16,663	Greencross Ltd.		84,845
	7,628	GWA Group Ltd.		17,821
	28,670	Hansen Technologies Ltd.		77,285
	164,992	Harvey Norman Holdings Ltd.		517,658
	78,568	Healthscope Ltd.		130,018
	1,000	HFA Holdings Ltd.		1,790
	39,987	Iluka Resources Ltd.		251,515
	12,050	IMF Bentham Ltd.		17,414
	721,969	Incitec Pivot Ltd.		2,048,913
	89,744	Independence Group NL		219,073
	40,796	Infomedia Ltd.		21,689
	1,693,362	Inghams Group Ltd.		3,968,807
	1,108,826	Invocare Ltd.(d)		12,113,915
	53,982	IOOF Holdings Ltd.		356,520
	22,132	Iress Ltd.		206,327
	24,489	JB Hi-Fi Ltd.		452,749
	35,487	Kingsgate Consolidated Ltd.(b)		5,979
	37,216	MACA Ltd.		46,260
	328,362	Macmahon Holdings Ltd.(b)		38,111
	26,017	Macquarie Atlas Roads Group		104,031
	16,274	Magellan Financial Group Ltd.		287,345
	54,631	Mayne Pharma Group Ltd.(b)		55,021
	18,709	McMillan Shakespeare Ltd.		189,546
	87,069	Medibank Private Ltd.		189,724
	35,316	Medusa Mining Ltd.(b)		9,917
	10,438	Melbourne IT Ltd.		16,804
	86,417	Metals X Ltd.(b)		47,561
	100,744	Metcash Ltd.(b)		162,190
	52,702	Mincor Resources NL(b)		7,103
	53,989	Mineral Resources Ltd.		432,164
	918,000	MMG Ltd.(b)		313,933
	36,171	Monadelphous Group Ltd.		338,290
	34,487	Mortgage Choice Ltd.		58,878
	366,646	Myer Holdings Ltd.		304,744
	1,050	MyState Ltd.		3,695
	24,976	Navitas Ltd.		85,842

1

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	4,428	NetComm Wireless Ltd.(b)	$	4,493
	120,898	New Hope Corp. Ltd.		152,088
	127,143	NIB Holdings Ltd.		571,228
	150,444	Northern Star Resources Ltd.		482,153
	33,366	Nufarm Ltd.		254,092
	170,332	OceanaGold Corp.		555,274
	92,294	Orica Ltd.		1,280,604
	6,370	Orocobre Ltd.(b)		15,025
	130,800	Orora Ltd.		294,809
	124,310	OZ Minerals Ltd.		659,030
	23,610	OzForex Group Ltd.		25,370
	3,507	Pacific Current Group Ltd.		13,629
	1,639,072	Pact Group Holdings Ltd.		8,652,727
	143,129	Panoramic Resources Ltd.(b)		30,009
	13,359	Peet Ltd.		12,404
	5,607	Perpetual Ltd.		221,598
	101,149	Perseus Mining Ltd.(b)		21,965
	48,159	Platinum Asset Mangement Ltd.		168,046
	85,726	PMP Ltd.		42,687
	11,475	Premier Investments Ltd.		112,733
	50,905	Primary Health Care Ltd.		129,219
	22,727	Programmed Maintenance Services Ltd.		29,271
	50,519	Qantas Airways Ltd.		160,393
	177,021	Qube Holdings Ltd.		348,615
	111,348	Quintis Ltd.		100,053
	31,502	RCG Corp Ltd.		19,579
	35,352	RCR Tomlinson Ltd.(b)		75,179
	30,974	Reckon Ltd.		36,182
	8,332	Reece Ltd.		255,113
	99,706	Regis Resources Ltd.		244,138
	570	Reject Shop Ltd. (The)		1,814
	102,446	Resolute Mining Ltd.		93,205
	15,501	Retail Food Group Ltd.		63,375
	101,020	Ridley Corp. Ltd.		108,171
	4,184	Ruralco Holdings Ltd.		8,992
	20,536	Sandfire Resources NL		89,035
	61,332	Santos Ltd.(b)		159,820
	222,211	Saracen Mineral Holdings Ltd.(b)		154,744
	54,966	Seek Ltd.		701,342
	11,618	Select Harvests Ltd.		47,326
	16,377	Servcorp Ltd.		72,230
	19,063	Seven Group Holdings Ltd.		158,303
	63,604	Seven West Media Ltd.		35,244
	6,302,616	Shopping Centres Australasia Property Group REIT(d)		10,901,811
	212,165	Sigma Pharmaceuticals Ltd.		198,586
	55,963	Silver Lake Resources Ltd.(b)		19,695
	9,054	Sirtex Medical Ltd.		105,356
	182,372	Southern Cross Media Group Ltd.		176,163
	112,599	Spark Infrastructure Group		209,942
	5,087,362	Spotless Group Holdings Ltd.		4,114,170
	62,936	St Barbara Ltd.(b)		127,241
	237,816	Star Entertainment Group Ltd.		991,887

Shares			Value
AUSTRALIA (continued)
	74,283	Steadfast Group Ltd.	$	151,295
	202,284	Sundance Energy Australia Ltd.(b)		15,147
	37,756	Sunland Group Ltd.		48,910
	22,520	Super Retail Group Ltd.		159,355
	191,884	Tabcorp Holdings Ltd.		682,493
	70,795	Tassal Group Ltd.		236,430
	341,492	Tatts Group Ltd.		1,099,550
	42,660	Technology One Ltd.		174,413
	36,550	Ten Network Holdings Ltd.(b)		7,390
	39,830	Thorn Group Ltd.		38,325
	4,364	Tiger Resources Ltd.(b)(c)(d)		160
	57,260	Tox Free Solutions Ltd.		94,757
	113,205	Treasury Wine Estates Ltd.		1,017,215
	207,285	Troy Resources Ltd.(b)		20,178
	28,287	Village Roadshow Ltd.		76,888
	492,324	Virgin Australia Holdings Ltd.(b)		68,201
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(b)(c)(d)		0
	21,545	Virtus Health Ltd.		93,893
	100,763	Vocus Communications Ltd.		254,271
	8,496	Webjet Ltd.		72,461
	50,095	Western Areas NL(b)		83,275
	43,208	Westgold Resources Ltd.(b)		62,767
	19,953	Whitehaven Coal Ltd.(b)		40,938
	24,859	Worleyparsons Ltd.(b)		210,715
	65,654	WPP AUNZ Ltd.		57,273
				101,587,935
AUSTRIA — 0.2%
	1,139	Agrana Beteiligungs AG		119,890
	16,739	ams AG		1,076,679
	4,733	Andritz AG		261,753
	7,540	Austria Technologie & Systemtechnik AG		81,476
	6,441	BUWOG AG		173,931
	4,123	CA Immobilien Anlagen AG		90,340
	827	DO & CO AG		55,835
	3,967	EVN AG		52,525
	1,397	Lenzing AG		260,524
	1,068	Mayr Melnhof Karton AG		129,134
	8,170	Oesterreichische Post AG		346,861
	101,173	OMV AG		4,659,036
	1,990	Palfinger AG		81,267
	5,197	POLYTEC Holding AG		90,691
	6,398	Raiffeisen Bank International AG(b)		145,868
	6,198	RHI AG		180,602
	516	Rosenbauer International AG		30,043
	5,208	S IMMO AG		68,077
	1,691	Schoeller-Bleckmann Oilfield Equipment AG		118,146
	1,240	Semperit AG Holding		33,093
	19,252	Strabag SE		787,574
	5,595	Telekom Austria AG		39,292

2

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
AUSTRIA (continued)
	16,537	UNIQA Insurance Group AG	$	138,058
	2,998	Verbund AG		49,802
	3,220	Vienna Insurance Group AG Wiener Versicherung Gruppe		83,497
	38,117	Voestalpine AG		1,592,533
	32,898	Wienerberger AG		770,470
	1,597	Wolford AG		33,531
	4,663	Zumtobel Group AG		97,271
				11,647,799
BELGIUM — 0.2%
	10,580	Ackermans & van Haaren NV		1,731,025
	1,061	Aedifica SA REIT(d)		83,399
	46,282	Ageas		1,895,605
	57,651	AGFA - Gevaert NV(b)		292,519
	201	Atenor		10,731
	112	Banque Nationale de Belgique		366,615
	1,108	Barco NV		109,120
	662	Befimmo SA		38,616
	10,243	Bekaert SA		515,765
	4,815	Bpost SA		115,390
	2,364	Cie d’Entreprises CFE		344,807
	1,352	Cie Immobiliere de Belgique SA(b)		85,404
	1,148	Cofinimmo SA REIT		138,932
	11,324	Colruyt SA		581,545
	23,547	Deceuninck NV		71,306
	12,200	Deceuninck NV- VVPR Strip(b)(c)(d)		0
	7,297	D’ieteren SA NV		355,940
	9,725	Econocom Group SA		156,412
	2,295	Elia System Operator SA NV		121,747
	32,621	Euronav NV		258,759
	835	EVS Broadcast Equipment SA		33,604
	6,493	Exmar NV		41,730
	2,258	Fagron NV(b)		29,774
	2,849	Galapagos NV(b)		249,701
	972	Intervest Offices & Warehouses NV REIT		25,199
	722	Ion Beam Applications		42,831
	460	Jensen-Group NV		22,047
	2,543	Kinepolis Group NV		146,787
	47	Lotus Bakeries		118,265
	3,041	Melexis NV		253,444
	11,184	Mobistar SA(b)		233,299
	9,629	Nyrstar NV(b)		54,532
	8,864	Ontex Group NV		295,750
	201	Picanol		19,596
	29,109	Proximus SADP		890,532
	704	RealDolmen		19,636
	8,109	Recticel SA		67,529
	118	Resilux		19,898
	436	Retail Estates NV REIT		35,620
	32,557	Rezidor Hotel Group AB		121,299
	211	Sapec(b)		38,671
	3,766	Sioen Industries NV		125,551

Shares			Value
BELGIUM (continued)
	1,780	Sipef NV	$	123,434
	1,913	Telenet Group Holding NV(b)		116,195
	171	TER Beke SA		33,436
	9,041	Tessenderlo Chemie NV(b)		370,890
	18,822	Umicore SA		1,102,027
	1,138	Van de Velde NV		62,477
	6,098	Viohalco SA(b)		11,830
	1,030	Warehouses De Pauw CVA REIT		98,555
				12,077,776
BERMUDA — 1.1%
	359,323	Argo Group International Holdings Ltd.(d)		23,697,352
	83,949	Aspen Insurance Holdings Ltd.		4,394,730
	8,668	Assured Guaranty Ltd.		330,511
	2,828	Axis Capital Holdings Ltd.		186,365
	26,400	Bank of N.T. Butterfield & Son Ltd. (The)		877,800
	18,400	Blue Capital Reinsurance Holdings Ltd.		347,760
	400	Enstar Group Ltd.(b)		77,920
	22,048	Everest Re Group Ltd.		5,549,702
	190,161	Helen of Troy Ltd.(b)		17,875,134
	102,290	Hiscox Ltd.		1,499,745
	25,400	James River Group Holdings Ltd.		1,106,424
	99,863	Maiden Holdings Ltd.		1,233,308
	7,258	Marvell Technology Group Ltd.		109,015
	9,441	Nabors Industries Ltd.		97,620
	2,632	RenaissanceRe Holdings Ltd.		374,191
	3,108	Signet Jewelers Ltd.		204,631
	2,929	Triton International Ltd. - Class B		89,657
	83,421	Validus Holdings Ltd.		4,611,513
	197,400	Wilson Sons Ltd. - BDR(d)		2,325,353
	4,386	XL Group Ltd.		183,554
				65,172,285
BRAZIL — 0.4%
	17,400	AES Tiete Energia SA		73,568
	22,467	Aliansce Shopping Centers SA		106,034
	32,600	Alpargatas SA - Preference Shares		137,012
	6,100	Alupar Investimento SA - Units		36,092
	6,100	Arezzo Industria e Comercio SA		64,516
	5,700	B2W Cia Digital(b)		24,028
	1,830	B2W Cia Digital - Receipt(b)		7,570
	53,000	Banco ABC Brasil SA - Preference Shares		295,887
	127,187	Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares		575,017
	16,000	Banco Industrial e Comercial SA - Preference Shares(b)(c)(d)		41,789
	15,200	Banco Pan SA - Preference Shares(b)		9,003

3

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
BRAZIL (continued)
	12,447	Banco Pine SA - Preference Shares	$	14,313
	48,700	BR Malls Participacoes SA		216,952
	7,500	BR Properties SA		22,400
	25,100	Brasil Brokers Participacoes SA(b)		12,890
	8,600	Brasilagro - Co Brasileira de Propriedades Agricolas		34,410
	27,600	Braskem SA - Class A, Preference Shares		296,604
	30,826	Cia Brasileira de Distribuicao - Preference Shares		697,702
	1,800	Cia de Gas de Sao Paulo - COMGAS - Class A, Preference Shares		27,107
	9,400	Cia de Locacao das Americas		26,654
	27,700	Cia de Saneamento Basico do Estado de Sao Paulo		254,131
	6,100	Cia de Saneamento de Minas Gerais-COPASA		69,071
	24,500	Cia de Saneamento do Parana - Preference Shares		78,732
	3,700	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		72,227
	2,400	Cia Energetica de Minas Gerais		7,040
	63,300	Cia Energetica de Minas Gerais - Preference Shares		176,296
	17,200	Cia Energetica de Sao Paulo - Class B, Preference Shares		97,378
	1,833	Cia Energetica do Ceara - Class A, Preference Shares		26,420
	16,200	Cia Ferro Ligas da Bahia-FERBASA - Preference Shares		53,489
	31,800	Cia Hering		221,214
	1,700	Cia Paranaense de Energia		12,533
	8,700	Cia Paranaense de Energia - Class B, Preference Shares		80,201
	360,200	Cia Siderurgica Nacional SA(b)		873,817
	17,400	Cosan Logistica SA(b)		36,345
	17,800	Cosan SA Industria e Comercio		206,766
	9,600	CVC Brasil Operadora e Agencia de Viagens SA		92,974
	92,588	Cyrela Brazil Realty SA Empreendimentos e Participacoes		383,881
	400	Cyrela Commercial Properties SA Empreendimentos e Participacoes		1,462
	30,000	Direcional Engenharia SA		57,655
	267,595	Duratex SA		752,863
	22,800	EcoRodovias Infraestrutura e Logistica SA		67,523
	25,500	EDP - Energias do Brasil SA		108,377
	7,300	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA - Preference Shares		34,706

Shares			Value
BRAZIL (continued)
	205,772	Embraer SA	$	991,243
	13,300	Engie Brasil Energia SA		144,060
	16,700	Equatorial Energia SA		302,531
	29,000	Estacio Participacoes SA		161,718
	34,800	Eternit SA(b)		14,253
	75,900	Even Construtora e Incorporadora SA		106,411
	20,600	Ez Tec Empreendimentos e Participacoes SA		131,879
	175,428	Fibria Celulose SA		1,613,868
	14,300	Fleury SA		239,411
	12,400	FPC Par Corretora de Seguros SA		73,485
	8,000	Fras-Le SA		11,493
	3,600	GAEC Educacao SA		15,289
	34,100	Gerdau SA		103,244
	274,800	Gerdau SA - Preference Shares		847,590
	8,200	Gol-Linhas Aereas Inteligentes SA - Preference Shares(b)		25,783
	12,200	Grendene SA		93,670
	3,100	Guararapes Confeccoes SA		87,422
	66,400	Helbor Empreendimentos SA		52,090
	45,131	Hypermarcas SA		426,704
	10,300	Iguatemi Empresa de Shopping Centers SA		107,444
	44,800	International Meal Company Alimentacao SA(b)		85,675
	41,472	Iochpe-Maxion SA		216,634
	48,100	JHSF Participacoes SA(b)		35,158
	7,000	JSL SA(b)		15,548
	65,500	Klabin SA – Units		325,431
	270,784	Kroton Educacional SA		1,281,384
	9,000	Light SA		62,381
	255,000	Linx SA		1,431,641
	19,595	Localiza Rent a Car SA		291,327
	33,406	Lojas Americanas SA		143,978
	8,844	Lojas Americanas SA - Preference Shares		46,671
	115,503	Lojas Renner SA		1,073,499
	20,700	M Dias Branco SA		317,930
	12,500	Magnesita Refratarios SA(b)		105,701
	261,900	Mahle-Metal Leve SA		1,698,940
	258,700	Marcopolo SA - Preference Shares		194,796
	87,684	Marfrig Global Foods SA(b)		196,139
	12,201	Marisa Lojas SA(b)		31,944
	24,900	Mills Estruturas e Servicos de Engenharia SA(b)		27,300
	11,800	Minerva SA		37,660
	115,600	MRV Engenharia e Participacoes SA		577,627
	10,000	Multiplan Empreendimentos Imobiliarios SA		214,017
	6,500	Multiplus SA		79,969
	30,900	Natura Cosmeticos SA		296,923
	33,761	Odontoprev SA		121,363

4

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
BRAZIL (continued)
	119,600	Ouro Fino Saude Animal Participacoes SA(d)	$	942,014
	48,400	Paranapanema SA		19,823
	87,155	Porto Seguro SA		788,886
	60,000	Portobello SA		54,441
	7,000	Profarma Distribuidora de Produtos Farmaceuticos SA(b)		24,656
	58,000	Qualicorp SA		411,147
	1,300	Raia Drogasil SA		27,527
	70,700	Randon Participacoes SA - Preference Shares(b)		104,021
	5,000	Restoque Comercio e Confeccoes de Roupas SA(b)		7,404
	6,200	Rodobens Negocios Imobiliarios SA		11,466
	10,090	Rumo SA(b)		27,815
	21,750	Santos Brasil Participacoes SA(b)		15,692
	33,100	Sao Martinho SA		183,434
	6,300	Ser Educacional SA		48,232
	16,500	SLC Agricola SA		101,109
	11,600	Smiles SA		253,595
	2,800	Sonae Sierra Brasil SA		19,134
	14,900	Springs Global Participacoes SA(b)		42,108
	193,613	Sul America SA - Units		1,035,758
	116,559	Suzano Papel e Celulose SA - Class A, Preference Shares		489,511
	15,000	T4F Entretenimento SA		29,489
	7,400	Technos SA		10,491
	26,200	Tecnisa SA		23,195
	5,526	Tecnisa SA - Receipt(b)		4,892
	68,500	Tim Participacoes SA		221,855
	17,621	Totvs SA		153,890
	32,800	TPI - Triunfo Participacoes e Investimentos SA		38,028
	23,200	Transmissora Alianca de Energia Eletrica SA - Units		171,476
	32,900	Tupy SA		159,418
	4,500	Unipar Carbocloro SA - Preference Shares		10,988
	3,700	Usinas Siderurgicas de Minas Gerais SA(b)		10,235
	14,200	Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares(b)		19,058
	3,100	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		22,180
	68,100	Via Varejo SA		255,532
				26,682,373
CAMBODIA — 0.0%
	166,000	NagaCorp Ltd.		91,981

Shares			Value
CANADA — 2.3%
	2,275	Absolute Software Corp.	$	12,866
	2,408	Acadian Timber Corp.		31,876
	83,136	Advantage Oil & Gas Ltd.(b)		523,159
	27,538	Aecon Group, Inc.		326,611
	1,900	AG Growth International, Inc.		77,152
	20,000	AGF Management Ltd. - Class B		99,923
	3,110	AGT Food & Ingredients, Inc.		71,835
	10,500	Aimia, Inc.		70,305
	2,500	Air Canada(b)		23,790
	1,200	AirBoss of America Corp.		10,901
	1,500	Akita Drilling Ltd. - Class A		9,560
	40,768	Alamos Gold, Inc. - Class A		291,787
	2,681	Algoma Central Corp.		24,393
	44,100	Algonquin Power & Utilities Corp.		417,723
	19,458	AltaGas Ltd.		436,043
	4,000	Altus Group Ltd.		90,253
	11,915	Amaya, Inc.(b)		211,669
	1,400	Andrew Peller Ltd.		11,200
	22,299	ARC Resources Ltd.		292,735
	7,300	Atco Ltd. - Class I		265,625
	51,400	Athabasca Oil Corp.(b)		51,963
	15,400	ATS Automation Tooling Systems, Inc.(b)		146,887
	2,554	AutoCanada, Inc.		43,931
	2,400	Avigilon Corp.(b)		28,307
	267,386	B2Gold Corp.(b)		671,868
	2,400	Badger Daylighting Ltd.		57,106
	36,000	Banro Corp.(b)		4,351
	44,670	Baytex Energy Corp.(b)		135,150
	839	Baytex Energy Corp.(b)		2,534
	52,700	Bellatrix Exploration Ltd.(b)		39,379
	60,900	Birchcliff Energy Ltd.		312,742
	13,200	Black Diamond Group Ltd.		37,423
	176,217	BlackBerry Ltd.(b)		1,645,923
	59,048	BlackPearl Resources, Inc.(b)		52,341
	700	Boardwalk Real Estate Investment Trust, REIT		23,615
	8,400	Bombardier, Inc. - Class A(b)		13,538
	76,155	Bombardier, Inc. - Class B(b)		117,715
	90,485	Bonavista Energy Corp.		190,244
	11,285	Bonterra Energy Corp.		160,051
	8,200	Boralex, Inc. - Class A		125,488
	1,380,632	CAE, Inc.		21,088,002
	16,500	Calfrac Well Services Ltd.(b)		41,944
	500	Calian Group Ltd.		9,945
	3,825	Callidus Capital Corp.		48,112
	37,500	Cameco Corp.		359,602
	18,300	Canaccord Genuity Group, Inc.(b)		68,237
	35,750	Canacol Energy Ltd.(b)		106,853
	6,800	Canadian Apartment Properties REIT		168,723
	45,555	Canadian Energy Services & Technology Corp.		215,252

5

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CANADA (continued)
	3,400	Canadian Real Estate Investment Trust	$	122,993
	22,300	Canadian Western Bank		438,306
	10,832	Canam Group, Inc. - Class A		96,572
	26,643	Canfor Corp.(b)		400,118
	11,757	Canfor Pulp Products, Inc.		101,890
	8,000	CanWel Building Materials Group Ltd.		34,695
	32,854	Canyon Services Group, Inc.(b)		152,350
	72,367	Capstone Mining Corp.(b)		56,195
	14,000	Cardinal Energy Ltd.		65,844
	43,552	Cascades, Inc.		524,519
	1,000	CCL Industries, Inc. - Class B		231,493
	31,157	Celestica, Inc.(b)		443,942
	67,326	Centerra Gold, Inc.		347,715
	2,472	Cervus Equipment Corp.		22,292
	4,700	Chartwell Retirement Residences - Units		53,506
	2,700	Chesswood Group Ltd.		27,217
	13,300	CI Financial Corp.		260,144
	7,377	Cineplex, Inc.		290,368
	66,000	City Office REIT Inc.		828,300
	3,297	Clearwater Seafoods, Inc. - Units		25,554
	6,800	Cogeco Communications Inc.		389,105
	3,464	Cogeco, Inc.		173,422
	9,700	Colliers International Group, Inc.		474,963
	6,500	Cominar Real Estate Investment Trust		67,378
	8,925	Computer Modelling Group Ltd.		70,613
	49,000	Copper Mountain Mining Corp.(b)		32,307
	1,912	Corby Spirit and Wine Ltd.		31,165
	3,800	Corus Entertainment, Inc. - Class B		37,303
	50,217	Cott Corp.		660,706
	53,100	Crescent Point Energy Corp.		525,535
	18,491	Crew Energy, Inc.(b)		55,674
	9,900	CRH Medical Corp.(b)		58,237
	48,220	Delphi Energy Corp.(b)		47,335
	10,500	Denison Mines Corp.(b)		5,384
	6,900	Descartes Systems Group, Inc. (The)(b)		159,225
	35,700	Detour Gold Corp.(b)		451,137
	5,311	DH Corp.		98,785
	6,761	DHX Media Ltd.		27,885
	1,071	DHX Media Ltd. - Variable Voting		4,402
	11,696	Dominion Diamond Corp.		142,223
	11,430	Dominion Diamond Corp.		138,913
	11,361	Dorel Industries, Inc. - Class B		272,987
	23,639	Dundee Precious Metals, Inc.(b)		47,276
	91,300	ECN Capital Corp.		248,808
	664	E-L Financial Corp. Ltd.		397,413

Shares			Value
CANADA (continued)
	9,887	Eldorado Gold Corp.	$	36,142
	91,300	Element Fleet Management Corp.		801,939
	33,669	Empire Co. Ltd. - Class A		518,706
	18,173	EnerCare, Inc.		288,627
	41,281	Enerflex Ltd.		581,844
	2,342	Enghouse Systems Ltd.		102,684
	20,817	Ensign Energy Services, Inc.		115,747
	12,718	Entertainment One Ltd.		40,736
	17,570	Epsilon Energy Ltd.(b)		40,287
	3,142	Equitable Group, Inc.		83,991
	2,800	Evertz Technologies Ltd.		34,665
	3,224	Exchange Income Corp.		82,782
	8,800	Exco Technologies Ltd.		72,976
	38	EXFO, Inc.(b)		175
	10,800	Extendicare, Inc.		79,039
	1,000	Fiera Capital Corp.		10,432
	76,082	Finning International, Inc.		1,446,898
	7,834	First Capital Realty Inc.		113,861
	21,951	First Majestic Silver Corp.(b)		178,496
	1,563	First National Financial Corp.		26,347
	202,903	First Quantum Minerals Ltd.		1,933,825
	9,700	FirstService Corp. - Voting Shares		603,652
	35,000	Fortuna Silver Mines, Inc.(b)		160,763
	23,321	Genworth MI Canada, Inc.		579,160
	11,624	Gibson Energy, Inc.		157,621
	5,000	Gildan Activewear, Inc.		140,178
	3,400	Gluskin Sheff + Associates, Inc.		42,293
	481	GMP Capital, Inc.(b)		1,202
	400	goeasy Ltd.		9,310
	12,981	Golden Star Resources Ltd.(b)		9,319
	74,729	Gran Tierra Energy, Inc.(b)		188,321
	6,598	Granite Oil Corp.		24,941
	10,752	Great Canadian Gaming Corp.(b)		191,954
	8,500	H&R Real Estate Investment Trust		144,214
	8,874	Heroux-Devtek, Inc.(b)		78,270
	3,040	High Liner Foods, Inc.		42,091
	2,065	HNZ Group, Inc.(b)		20,710
	10,700	Home Capital Group, Inc.		63,022
	38,409	HudBay Minerals, Inc.		229,320
	7,000	Hudson’s Bay Co.		63,998
	80,964	IAMGOLD Corp.(b)		334,520
	9,300	IMAX Corp.(b)		283,650
	18,778	Imperial Metals Corp.(b)		83,501
	36,900	Industrial Alliance Insurance and Financial Services, Inc.		1,556,772
	555,853	Innergex Renewable Energy, Inc.		5,676,415
	27,000	Interfor Corp.(b)		398,755
	15,926	Intertape Polymer Group, Inc.		281,174
	18,416	Jean Coutu Group PJC, Inc. (The) Class A		301,391
	10,100	Just Energy Group, Inc.		61,708

6

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CANADA (continued)
	1,300	K-Bro Linen, Inc.	$	37,570
	20,366	Keyera Corp.		563,662
	1,953	Kingsway Financial Services, Inc.(b)		10,931
	480,745	Kinross Gold Corp.(b)		1,672,861
	36,601	Kirkland Lake Gold Ltd.(b)		253,382
	16,100	Klondex Mines Ltd.(b)		57,557
	14,535	Laurentian Bank of Canada		594,582
	8,626	Leon’s Furniture Ltd.		107,237
	17,910	Linamar Corp.		761,508
	5,500	Liquor Stores NA Ltd.		40,533
	70,300	Lucara Dianmond Corp.(b)		162,225
	1,327	Lululemon Athletica, Inc.(b)		69,004
	102,041	Lundin Mining Corp.		544,199
	7,862	MacDonald Dettwiler & Associates Ltd.		388,190
	7,130	Magellan Aerospace Corp.		107,077
	500	Mainstreet Equity Corp.(b)		13,512
	24,900	Major Drilling Group International, Inc.(b)		138,085
	152,729	Mandalay Resources Corp.		63,775
	19,300	Maple Leaf Foods, Inc.		483,119
	28,898	Martinrea International, Inc.		220,591
	2,100	Mediagrif Interactive Technologies, Inc.		23,768
	6,800	Medical Facilities Corp.		81,049
	3,800	MEG Energy Corp.(b)		17,204
	2,123	Melcor Developments Ltd.		25,475
	2,617	Mercer International, Inc.		31,927
	13,200	Methanex Corp.(e)		605,880
	1,803	Methanex Corp.(e)		82,856
	6,054	Mitel Networks Corp.(b)		42,798
	10,302	Morneau Shepell, Inc.		152,072
	2,186	MTY Food Group, Inc.		75,074
	35,100	Mullen Group Ltd.		384,929
	7,829	New Flyer Industries, Inc.		291,641
	200,658	New Gold, Inc.(b)		568,878
	9,600	Newalta Corp.(b)		14,417
	4,802	Norbord, Inc.		148,663
	10,846	North West Co. Inc., (The)		255,845
	16,129	Northland Power, Inc.		285,112
	382,668	Northview Apartment Real Estate Investment Trust(d)		6,377,566
	65,000	NuVista Energy Ltd.(b)		292,846
	1,600	Onex Corp.		115,442
	8,600	Osisko Gold Royalties Ltd.		91,604
	26,536	Pan American Silver Corp.		444,972
	12,837	Pan American Silver Corp.		215,276
	4,839	Paramount Resources Ltd. - Class A(b)		61,753
	54,424	Parex Resources, Inc.(b)		675,790
	106,116	Parkland Fuel Corp.		2,308,813
	14,000	Pason Systems, Inc.		207,890
	91,322	Pengrowth Energy Corp.(b)		87,639
	85,845	Penn West Petroleum Ltd.(b)		128,920

Shares			Value
CANADA (continued)
	48,051	Peyto Exploration & Development Corp.	$	874,391
	5,653	Pizza Pizza Royalty Corp.		73,590
	56,600	Precision Drilling Corp.(b)		225,148
	6,936	Premium Brands Holdings Corp.		434,132
	6,820	Pulse Seismic, Inc.(b)		12,840
	6,200	Pure Industrial Real Estate Trust REIT		29,659
	26,700	Quebecor, Inc. - Class B		815,054
	14,785	Questerre Energy Corp. - Class A(b)		7,582
	7,600	Raging River Exploration Inc.(b)		44,373
	10,943	RB Energy, Inc.(b)(d)		11
	4,231	Reitmans (Canada) Ltd. - Class A		16,985
	13,200	Richelieu Hardware Ltd.		293,774
	20,367	Richmont Mines, Inc.(b)		153,978
	635,000	Ritchie Bros Auctioneers, Inc.(e)		20,802,600
	234,470	Ritchie Bros. Auctioneers, Inc.(e)		7,688,273
	3,100	Rocky Mountain Dealerships, Inc.		22,028
	26,754	Rogers Sugar, Inc.		121,908
	13,600	Russel Metals, Inc.		260,831
	33,588	Sandstorm Gold Ltd.(b)		116,385
	125,000	Sandvine Corp.		291,198
	2,551	Sears Canada, Inc.(b)		2,679
	27,414	Secure Energy Services, Inc.		178,536
	118,801	SEMAFO, Inc.(b)		273,276
	173	Seven Generations Energy Ltd. - Class A(b)		3,063
	11,300	ShawCor Ltd.		283,524
	76,500	Sherritt International Corp.(b)		50,438
	6,082	Sienna Senior Living, Inc.		76,546
	12,100	Sierra Wireless, Inc.(b)		306,168
	48,544	Silver Standard Resources, Inc.(b)		500,714
	3,400	Smart Real Estate Investment Trust		80,601
	5,900	SNC-Lavalin Group, Inc.		237,288
	86,428	Spartan Energy Corp.(b)		144,358
	19,100	Sprott, Inc.		32,882
	12,222	Stantec, Inc.		313,642
	4,087	Stantec, Inc.		104,627
	7,060	Stella-Jones, Inc.		223,636
	500	Strad Energy Services Ltd.(b)		509
	15,100	Street Capital Group, Inc.(b)		14,380
	2,100	Stuart Olson, Inc.(b)		8,277
	22,548	Student Transportation, Inc.		133,962
	19,026	SunOpta, Inc.(b)		139,798
	20,300	Superior Plus Corp.		194,367
	42,709	Surge Energy, Inc.		79,470
	32,400	Tamarack Valley Energy Ltd.(b)		61,712
	15,975	Tembec, Inc.(b)		34,640

7

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CANADA (continued)
	175,990	Teranga Gold Corp.(b)	$	85,091
	21,164	TFI International, Inc.		460,785
	2,400	Theratechnologies, Inc.(b)		11,622
	20,500	Timmins Gold Corp.(b)		7,959
	4,501	TMX Group Ltd.		254,289
	49,300	TORC Oil & Gas Ltd.		214,528
	20,645	Toromont Industries Ltd.		734,421
	17,764	Total Energy Services, Inc.		176,983
	64,386	Tourmaline Oil Corp.(b)		1,265,032
	13,378	TransAlta Corp.		68,228
	12,100	TransAlta Corp.		61,960
	393,871	Transalta Renewables, Inc.		4,498,333
	30,590	Transcontinental, Inc. - Class A		545,670
	5,600	Trilogy Energy Corp.(b)		18,215
	8,684	Trinidad Drilling Ltd.(b)		13,614
	101,200	Turquoise Hill Resources Ltd.(b)		275,788
	6,497	Uni-Select, Inc.		172,152
	3,080	Valener, Inc.		49,301
	9,795	Vermilion Energy, Inc.		344,784
	1,936	Vermilion Energy, Inc.		68,162
	3,202	Wajax Corp.		57,305
	48,594	Waste Connections, Inc.		4,470,484
	20,400	Wesdome Gold Mines Ltd.(b)		50,662
	7,900	West Fraser Timber Co. Ltd.		354,995
	12,400	Western Energy Services Corp.(b)		18,350
	148,038	Western Forest Products, Inc.		233,165
	6,800	Westjet Airlines Ltd.		112,482
	8,613	Westshore Terminals Investment Corp.		150,612
	60,324	Whitecap Resources, Inc.		426,893
	54,800	Wi-Lan, Inc.		109,997
	4,348	Winpak Ltd.		185,826
	327,069	WSP Global, Inc.		11,915,418
	416	Xtreme Drilling & Coil Services Corp.(b)		713
	399,266	Yamana Gold, Inc.		1,073,445
	19,314	Yellow Pages Ltd.(b)		106,400
	6,007	ZCL Composites, Inc.		64,908
				141,535,354
CAYMAN ISLANDS — 0.0%
	41,457	Fresh Del Monte Produce, Inc.		2,541,314
CHILE — 0.1%
	253,140	AES Gener SA		96,165
	2,790,652	Aguas Andinas SA - Class A		1,577,790
	64,494	Antofagasta Plc		700,005
	61,605	Banmedica SA		138,458
	107,384	Besalco SA		67,778
	49,097	CAP SA		512,756
	18,740	Cia Cervecerias Unidas SA		241,246
	4,698,243	Cia Sud Americana de Vapores SA(b)		184,225
	47,017	Coca-Cola Embonor SA		117,929
	465,357	Colbún SA		102,979

Shares			Value
CHILE (continued)
	49,505	Embotelladora Andina SA - Class B, Preference Shares	$	205,970
	31,201	Empresa Nacional de Telecomunicaciones SA(b)		374,493
	17,319	Empresas Hites SA		18,243
	493,391	Empresas La Polar SA(b)		34,731
	1,369,725	Enel Chile SA		151,132
	46,786	Engie Energia Chile SA		85,664
	364,029	Enjoy SA		25,363
	10,794	Forus SA		43,344
	134,414	Grupo Security SA		47,532
	282,124	Inversiones Aguas Metropolitanas SA		445,967
	3,978	Inversiones La Construccion SA		54,889
	37,586,978	Itau CorpBanca		342,639
	273,781	Masisa SA		17,762
	49,518	PAZ Corp. SA		55,275
	141,573	Salfacorp SA		163,440
	128,406	Sigdo Koppers SA		184,119
	507,222	Sociedad Matriz SAAM SA		49,764
	29,332	Socovesa SA		12,734
	28,425	SONDA SA		48,464
	29,577	Vina Concha y Toro SA		47,822
				6,148,678
CHINA — 1.6%
	22,302	21Vianet Group, Inc. - ADR(b)		120,654
	3,212	500.Com Ltd.(b)		41,788
	2,280	51Job, Inc. - ADR(b)		93,457
	9,841	58.Com Inc. - ADR(b)		389,507
	1,211,250	Agile Property Holdings Ltd.		1,083,816
	498,000	Aluminum Corp. of China Ltd. - H Shares(b)		245,211
	328,000	Angang Steel Co. Ltd.- H Shares(b)		220,540
	32,000	Anhui Expressway Co. Ltd. - H Shares		25,383
	161,000	ANTA Sports Products Ltd.		452,262
	410,000	Anton Oilfield Services Group(b)		44,804
	270,500	Asia Cement China Holdings Corp.		87,636
	128,000	Asia Plastic Recycling Holding Ltd.		62,789
	164,000	AVIC International Holdings Ltd.		86,867
	386,000	AviChina Industry & Technology Co. - H Shares		257,553
	591,500	Baic Motor Corp. Ltd.		569,573
	94,500	Bank of Chongqing Co. Ltd. - H Shares		78,848
	5,951	Baoxin Auto Group Ltd.(b)		2,754
	104,000	Baoye Group Co. Ltd. - H Shares		76,746
	1,408,000	BBMG Corp. - H Shares		754,834
	590,000	Beijing Capital International Airport Co. Ltd. - H Shares		832,850

8

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CHINA (continued)
	446,000	Beijing Capital Land Ltd. - H Shares	$	216,740
	100,000	Beijing Jingneng Clean Energy Co. Ltd. - H Shares		30,341
	254,000	Beijing North Star Co. Ltd. - H Shares		98,291
	34,000	Beijing Urban Construction Design & Development Group Co. Ltd.		20,719
	2,862,000	Belle International Holdings Ltd.		2,196,628
	40,000	Best Pacific International Holdings Ltd.		35,123
	21,000	Biostime International Holdings Ltd.(b)		68,170
	8,082	Bitauto Holdings Ltd. - ADR(b)		236,964
	1,632,500	Bloomage BioTechnology Corp. Ltd.		2,770,382
	3,801,000	Boer Power Holdings Ltd.(b)		1,299,846
	358,000	BYD Electronic International Co. Ltd.		546,779
	171,000	CAR, Inc.(b)		161,363
	5,000	Cayman Engley Industrial Co. Ltd.		26,101
	645,656	Central China Real Estate Ltd.		157,713
	120,000	Central China Securities Co. Ltd.		63,715
	32,000	Changshouhua Food Co. Ltd.		16,333
	3,467	Changyou.Com Ltd. - ADR(b)		113,198
	237,000	Chaowei Power Holdings Ltd.		150,822
	908,000	Chigo Holding Ltd.(b)		13,308
	70,000	China Animal Healthcare Ltd.(b)(c)(d)		8,774
	1,116,000	China Aoyuan Property Group Ltd.		344,340
	528,000	China BlueChemical Ltd. - H Shares		151,374
	634,000	China Communications Services Corp. Ltd. - H Shares		361,082
	24,500	China Conch Venture Holdings Ltd.		48,821
	121,000	China Datang Corp. Renewable Power Co. Ltd. - H Shares(b)		12,289
	268,000	China Energy Engineering Corp. Ltd.		49,959
	7,414,900	China Everbright Water Ltd.(d)		2,467,830
	186,000	China Financial Services Holdings Ltd.		17,695
	28,000	China Fordoo Holdings Ltd.		28,042
	29,004	China Gold International Resources Corp. Ltd.(b)		43,133
	25,639	China Great Star International Ltd.(b)		32,558
	124,000	China Greenland Broad Greenstate Group Co. Ltd.		26,304
	130,000	China Hanking Holdings Ltd.(b)		20,891

Shares			Value
CHINA (continued)
	592,500	China Harmony New Energy Auto Holding Ltd.	$	221,663
	259,000	China Hongqiao Group Ltd.(c)(d)		234,748
	472,000	China Huishan Dairy Holdings Co. Ltd.(c)(d)		25,486
	223,500	China Huiyuan Juice Group Ltd.(b)		80,167
	244,800	China International Capital Corp. Ltd.(b)		361,928
	65,000	China International Marine Containers Group Co. Ltd. - H Shares		111,977
	32,000	China ITS Holdings Co. Ltd.(b)		3,044
	1,728,000	China Lesso Group Holdings. Ltd.		1,377,362
	151,000	China Lilang Ltd.		95,123
	233,000	China Longyuan Power Group Corp. - H Shares		179,430
	76,000	China Maple Leaf Educational Systems Ltd.		66,539
	138,000	China Medical System Holdings Ltd.		238,446
	70,000	China Meidong Auto Holdings Ltd.		14,399
	321,000	China Mengniu Dairy Co. Ltd.		621,502
	2,022,084	China National Building Material Co. Ltd. - H Shares		1,346,609
	975,000	China National Materials Co. Ltd. - H Shares		342,200
	232,000	China Oilfield Services Ltd.		214,153
	95,000	China Packaging Holdings Development Ltd.(b)		27,724
	241,000	China Railway Signal & Communication Corp. Ltd.		188,379
	1,572,000	China Reinsurance Group Corp.		361,758
	232,000	China Sanjiang Fine Chemicals Co. Ltd.		75,461
	801,400	China SCE Property Holdings Ltd.		302,907
	309,488	China Shanshui Cement Group Ltd.(b)(c)(d)		20,272
	157,000	China Shengmu Organic Milk Ltd.(b)		32,900
	91,000	China Shineway Pharmaceutical Group Ltd.		110,089
	728,000	China Shipping Development Co. Ltd., H Shares		397,771
	116,000	China Silver Group Ltd.		21,326
	320,000	China Southern Airlines Co. Ltd. - H Shares		213,104
	236,500	China Sunshine Paper Holdings Co. Ltd.		45,607
	196,000	China Suntien Green Energy Corp. Ltd. - H Shares		41,577
	164,000	China Taifeng Beddings Holdings Ltd.(b)(c)(d)		4,270

9

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CHINA (continued)
	571,000	China Yurun Food Group Ltd.(b)	$	85,888
	652,500	China ZhengTong Auto Services Holdings Ltd.		359,035
	918,000	China Zhongwang Holdings Ltd.		416,610
	272,000	Chinasoft International Ltd.(b)		163,654
	7,000	Chlitina Holding Ltd.		33,642
	364,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		47,732
	1,784,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		1,227,047
	58,000	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.(b)		8,202
	1,930,000	Cifi Holdings Group Co. Ltd.		697,230
	63,000	Cogobuy Group(b)		90,713
	22,000	Coland Holdings Ltd.		29,313
	36,000	Colour Life Services Group Co. Ltd.		21,290
	85,000	Consun Pharmaceutical Group Ltd.		57,480
	1,015,600	Coolpad Group Ltd.(b)(c)(d)		94,009
	792,093	COSCO Shipping Energy Transportation Co. Ltd. - H Shares(b)		172,098
	300,000	COSCO Shipping Holdings Co. Ltd. - H Shares(b)		131,133
	330,000	Cosmo Lady China Holdings Co. Ltd.		98,003
	649,443	Country Garden Holdings Co. Ltd.		617,853
	5,000,000	CPMC Holdings Ltd.(d)		2,776,939
	319,000	CRCC High-Tech Equipment Corp. Ltd.		151,742
	668,000	CSPC Pharmaceutical Group Ltd.		927,497
	12,950,000	CT Environmental Group Ltd.		2,414,072
	104,000	Da Ming International Holdings, Ltd.(b)		41,448
	324,000	Dali Foods Group Co. Ltd.		191,192
	645,000	Dalian Port PDA Co. Ltd. - H Shares		114,433
	192,000	Daphne International Holdings Ltd.(b)		19,007
	244,000	Datang International Power Generation Co. Ltd. - H Shares		72,776
	200,000	Differ Group Holding Co. Ltd.(b)		17,999
	37,200	Dongfang Electric Corp. Ltd. - H Shares		32,808
	172,000	Dongfeng Motor Group Co. Ltd. - H Shares		180,882
	459,000	Dongyue Group Ltd.(b)(c)(d)		15,160
	2,970,000	Dynagreen Environmental Protection Group Co. Ltd. - H Shares		1,714,412

Shares			Value
CHINA (continued)
	9,178	Ehi Car Services Ltd. - ADR(b)	$	92,881
	56,000	ENN Energy Holdings Ltd.		303,818
	1,567,500	Fantasia Holdings Group Co. Ltd.		247,871
	616,000	FIH Mobile Ltd.		211,448
	4,669,000	Fu Shou Yuan International Group Ltd.		2,971,266
	617,600	Fufeng Group Ltd.		420,025
	1,214,000	Future Land Development Holdings Ltd.		358,971
	51,600	Fuyao Glass Industry Group Co. Ltd.		182,429
	165,000	Geely Automobile Holdings Ltd.		222,734
	86,000	Golden Eagle Retail Group Ltd.		130,907
	3,278,600	GOME Electrical Appliances Holdings Ltd.		446,793
	434,000	Goodbaby International Holdings Ltd.		196,960
	223,000	Greatview Aseptic Packaging Co. Ltd.		115,537
	6,000	Green Seal Holding Ltd.		29,333
	351,000	Greenland Hong Kong Holdings Ltd.(b)		113,264
	215,500	Greentown China Holdings Ltd.(b)		207,234
	3,912,000	Greentown Service Group Co. Ltd.(b)		1,488,686
	61,000	Guangdong Yueyun Transportation Co. Ltd. - H Shares		43,995
	194,000	Guangshen Railway Co. Ltd. - H Shares		105,251
	28,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares		80,094
	684,400	Guangzhou R&F Properties Co. Ltd. - H Shares		1,152,640
	58,000	Guolian Securities Co. Ltd. - H Shares		31,392
	116,000	Haitian International Holdings Ltd.		284,245
	150,000	Harbin Bank Co. Ltd. - H Shares		44,354
	228,000	Harbin Electric Co. Ltd. - H Shares		139,526
	41,000	Harmonicare Medical Holdings Ltd.		21,611
	114,000	Hengan International Group Co. Ltd.		852,983
	41,000	Hengshi Mining Investments Ltd.(b)		11,280
	364,000	Hilong Holding Ltd.		79,554
	29,000	Hiroca Holdings Ltd.		94,100
	33,000	HNA Infrastructure Company Ltd. - H Shares		27,577
	549,000	Honghua Group Ltd.(b)		55,759
	82,000	HOSA International Ltd.		25,828

10

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CHINA (continued)
	178,000	Huadian Fuxin Energy Corp. Ltd. - H Shares	$	41,191
	124,000	Huadian Power International Corp. Ltd. - H Shares		52,289
	138,000	Huan Yue Interactive Holdings Ltd.(b)		14,193
	2,110,000	Huaneng Renewables Corp. Ltd. - H Shares		737,843
	303,000	Huishang Bank Corp. Ltd. - H Shares		143,352
	16,100	Inner Mongolia Yitai Coal Co. Ltd. - H Shares		15,006
	102,000	Intime Retail Group Co. Ltd.		129,166
	1,036,000	Jiangnan Group Ltd.		133,190
	90,000	Jiangsu Expressway Co. Ltd. - H Shares		132,830
	161,000	Jiangxi Copper Co. Ltd. - H Shares		251,280
	9,734	Jinkosolar Holding Co., Ltd.(b)		168,788
	1,235,000	Kaisa Group Holdings Ltd.(b)		369,943
	186,000	Kangda International Environmental Co. Ltd.		43,282
	132,000	Kasen International Holdings Ltd.(b)		23,249
	24,000	Kingcan Holdings Ltd.		25,216
	116,000	Kingdee International Software Group Co. Ltd.(b)		49,064
	755,000	KWG Property Holding Ltd.		570,738
	86,500	Legend Holdings Corp.		257,998
	1,686,000	Lenovo Group Ltd.		1,079,442
	326,000	Leoch International Technology Ltd.		80,889
	450,000	Leyou Technologies Holdings Ltd.(b)		92,565
	91,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares(b)		39,192
	398,000	Lifetech Scientific Corp.(b)		102,335
	7,800	Livzon Pharmaceutical Group, Inc.		49,237
	850,000	Logan Property Holdings Co. Ltd.		487,378
	495,500	Longfor Properties Co. Ltd.		858,709
	460,000	Lonking Holdings Ltd.		128,331
	149,500	Luye Pharma Group Ltd.		90,334
	248,000	Maanshan Iron & Steel Co. Ltd. - H Shares(b)		83,853
	512,000	Maoye International Holdings Ltd.(b)		55,292
	9,151,000	Microport Scientific Corp.(b)(d)		6,376,471
	126,000	Minth Group Ltd.		468,146
	358,000	Modern Land China Co. Ltd.		58,452
	14,295	New Oriental Education & Technology Group, Inc. - ADR(b)		922,599
	2,060	Noah Holdings Ltd. - ADR(b)		51,953
	9,331	NQ Mobile, Inc. - Class A - ADR(b)		35,178
	368,000	NVC Lighting Holdings Ltd.		41,634

Shares			Value
CHINA (continued)
	5,000	On-Bright Electronics, Inc.	$	31,487
	54,000	O-Net Technologies Group Ltd.(b)		36,586
	109,000	Ourgame International Holdings Ltd.(b)		39,517
	324,000	Ozner Water International Holding Ltd.(b)		81,225
	49,800	Pacific Online Ltd.		12,036
	456,500	Parkson Retail Group Ltd.		58,102
	6,173	Phoenix New Media Ltd. - ADR(b)		21,544
	62,700	Poly Culture Group Corp. Ltd.		165,650
	927,000	Powerlong Real Estate Holdings Ltd.		436,188
	81,000	PW Medtech Group Ltd.(b)		19,265
	34,000	Q Technology Group Co. Ltd.(b)		28,893
	147,000	Qingdao Port International Co. Ltd.		78,240
	342,000	Qinhuangdao Port Co. Ltd.		103,325
	261,000	Qunxing Paper Holdings Co. Ltd.(b)(c)(d)		12,684
	67,000	Real Gold Mining Ltd.(b)(c)(d)		2,265
	222,400	Red Star Macalline Group Corp. Ltd. - H Shares		237,887
	140,000	Redco Properties Group Ltd.(b)		54,896
	3,828,145	Renhe Commercial Holdings Co. Ltd.(b)		97,939
	128,000	Ronshine China Holdings Ltd.(b)		113,217
	322,000	Sany Heavy Equipment International Holdings Co. Ltd.(b)		62,923
	1,512,480	Semiconductor Manufacturing International Corp.(b)		1,917,251
	134,000	Shandong Chenming Paper Holdings Ltd. - H Shares		154,184
	376,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		274,084
	464,000	Shanghai Dasheng Agricultural Finance Technology Co. Ltd.		45,933
	1,702,000	Shanghai Electric Group Co. Ltd. - H Shares(b)		803,042
	42,500	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares		160,365
	24,000	Shanghai Fudan Microelectronics Group Co., Ltd. - H Shares(b)		18,266
	30,000	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares		24,337
	10,300	Shanghai Haohai Biological Technology Co. Ltd.		56,808
	745,235	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		217,486

11

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CHINA (continued)
	175,800	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares	$	465,585
	510,000	Shanghai Prime Machinery Co. Ltd. - H Shares		98,350
	77,500	Shengjing Bank Co. Ltd. - H Shares		66,756
	56,000	Shenzhen Expressway Co. Ltd. - H Shares		51,044
	90,000	Shenzhou International Group Holdings Ltd.		592,414
	1,031,881	Shui On Land Ltd.		229,503
	1,106,000	Shunfeng International Clean Energy Ltd.(b)		68,251
	64,000	Sichuan Expressway Co. Ltd. - H Shares		28,057
	835,000	Sihuan Pharmaceutical Holdings Group Ltd.		371,428
	6,000	Silergy Corp.		108,581
	67,636	Sino Grandness Food Industry Group Ltd.		11,618
	1,857,562	Sino-Ocean Land Holdings Ltd.		907,485
	337,000	Sinopec Engineering Group Co. Ltd. - H Shares		329,273
	610,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		341,139
	5,399,200	Sinosoft Technology Group Ltd.		1,707,564
	1,144,000	Sinotrans Ltd. - H Shares		514,762
	387,500	Sinotruk Hong Kong Ltd.		269,514
	643,000	SOHO China Ltd.		350,501
	8,914	Sohu.Com, Inc.(b)		345,863
	294,000	Springland International Holdings Ltd.		52,916
	100,000	Sun King Power Electronics Group		23,013
	690,000	Sunac China Holdings Ltd.		899,497
	704,000	Sunny Optical Technology Group Co. Ltd.		5,792,488
	4,576	TAL Education Group - ADR(b)		545,047
	4,338	Tarena International, Inc. - ADR(b)		80,730
	255,000	Tenwow International Holdings Ltd.		53,437
	36,000	Tian Shan Development Holdings Ltd.		14,116
	340,000	Tiangong International Co. Ltd.		33,658
	44,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		29,924
	180,000	Tianneng Power International Ltd.		157,591
	458,000	Tingyi Cayman Islands Holding Corp.		588,225
	1,533,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		2,581,820
	22,800	Tonly Electronics Holdings Ltd.		14,568
	736,500	Travelsky Technology Ltd. - H Shares		1,941,061
	210,000	Trigiant Group Ltd.		33,208

Shares			Value
CHINA (continued)
	201,000	Trony Solar Holdings Co. Ltd.(b)(c)(d)	$	3,049
	42,000	Tsingtao Brewery Co. Ltd. - H Shares		188,986
	686,400	Uni-President China Holdings Ltd.		481,817
	124,000	Universal Health International Group Holding Ltd.(b)		3,906
	64,954	Vipshop Holdings Ltd. - ADR(b)		900,912
	888,000	Want Want China Holdings Ltd.		639,313
	490,000	Weichai Power Co. Ltd. - H Shares		795,002
	606,000	Welling Holding Ltd.		136,340
	1,530,000	West China Cement Ltd.(b)		230,139
	582,000	Wuzhou International Holdings Ltd.(b)		59,110
	862,000	Xiamen International Port Co. Ltd. - H Shares		171,772
	332,000	Xinchen China Power Holdings Ltd.(b)		53,780
	429,000	Xingda International Holdings Ltd.		172,078
	58,800	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		85,724
	217,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(b)		26,503
	658,000	Xinyi Solar Holdings Ltd.		205,563
	461,500	XTEP International Holdings Ltd.		183,927
	34,500	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares		72,119
	218,000	Yanzhou Coal Mining Co. Ltd. - H Shares		188,618
	397,000	Yashili International Holdings Ltd.		69,413
	4,845,000	Yestar Healthcare Holdings Co. Ltd.		2,423,014
	15,000	Yichang HEC Changjiang Pharmaceutical Co. Ltd. - H Shares		32,668
	10,088	Yirendai Ltd.(b)		251,796
	300,500	Youyuan International Holdings Ltd.(b)		84,220
	370,000	Yuanda China Holdings Ltd.(b)		9,038
	182,000	Yuanshengtai Dairy Farm Ltd.(b)		10,529
	42,000	Yunnan Water Investment Co. Ltd. - H Shares		20,410
	2,796,760	Yuzhou Properties Co. Ltd.		1,276,427
	4,979	YY Inc. - ADR(b)		243,822
	151,000	Zhaojin Mining Industry Co. Ltd. - H Shares		131,231
	112,000	Zhejiang Expressway Co. Ltd. - H Shares		139,382

12

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
CHINA (continued)
	40,000	Zhejiang Glass Co. Ltd. - H Shares(b)(c)(d)	$	0
	32,200	Zhengzhou Coal Mining Machinery Group Co. Ltd. - H Shares		20,078
	166,000	Zhong An Real Estate Ltd.(b)		13,872
	342,500	Zhongsheng Group Holdings Ltd.		483,477
	58,000	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		298,637
	418,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		198,297
				98,183,255
CURACAO — 0.1%
	71,060	Mouwasat Medical Services Co.(b)		2,713,071
DENMARK — 0.4%
	13,506	ALK-Abello A/S		2,106,527
	26,508	Alm Brand A/S		217,398
	8,231	Amagerbanken A/S(b)(c)(d)		0
	1,801	Ambu A/S - B Shares		88,622
	1,663	Bang & Olufsen A/S(b)		24,842
	2,210	Bavarian Nordic A/S(b)		121,209
	1,079	Brodrene Hartmann A/S		54,833
	122,942	Chr. Hansen Holding A/S		8,285,858
	4,078	D/S Norden A/S(b)		81,521
	10,570	Dfds A/S		630,183
	23,297	DSV A/S		1,297,870
	7,093	FLSmidth & Co. A/S		426,624
	66,435	GN Store Nord A/S		1,727,947
	8,562	H. Lundbeck A/S		438,868
	1,804	H+H International A/S - Class B(b)		25,099
	825	Harboes Bryggeri A/S - Class B		16,009
	2,037	IC Group A/S		49,074
	56,231	ISS A/S		2,332,167
	17,993	Jyske Bank A/S		961,541
	11,925	Matas A/S		184,247
	6,510	NKT Holding A/S(b)		513,402
	1,101	Nordjyske Bank A/S		18,785
	10,150	Per Aarsleff A/S		260,133
	1,300	Ringkjoebing Landbobank A/S		313,755
	1,648	Rockwool International A/S - Class B		301,688
	9,265	Royal Unibrew A/S		402,853
	7,654	Santa Fe Group A/S(b)		67,256
	7,068	Schouw & Co.		728,201
	8,811	SimCorp A/S		552,409
	1,324	Solar A/S - Class B		76,785
	21,891	Spar Nord Bank A/S		248,140
	21,662	Sydbank A/S		788,026
	219,403	TDC A/S		1,177,625
	21,852	TK Development A/S(b)		37,123
	16,542	Topdanmark A/S(b)		452,781

Shares			Value
DENMARK (continued)
	18,025	Tryg A/S	$	345,810
	16,000	William Demant Holding A/S(b)		366,243
				25,721,454
FAEROE ISLANDS — 0.0%
	7,482	Bakkafrost		253,583
FINLAND — 0.3%
	872	Aktia Bank Oyj		8,596
	10,210	Amer Sports Oyj		226,328
	1,104	Aspo Oyj		10,402
	2,594	Atria Oyj		30,828
	361	BasWare Oyj(b)		13,960
	7,725	Bittium Oyj		53,603
	11,384	Cargotec Oyj - Class B		678,933
	26,892	Caverion Corp.(b)		219,701
	32,219	Citycon Oyj		79,247
	15,948	Cramo Oyj		414,674
	29,832	Elisa Oyj		1,016,151
	18,525	Finnair Oyj		96,659
	7,981	Fiskars Oyj Abp		175,178
	8,344	F-Secure Oyj		31,085
	4,792	HKScan Oyj - A Shares		17,957
	21,678	Huhtamaki Oyj		840,181
	37,553	Kemira Oyj		480,652
	9,291	Kesko OYJ - B Shares		435,392
	2,280	Kesko Oyj - Class A		106,621
	12,022	Konecranes Oyj		504,573
	9,896	Lassila & Tikanoja Oyj		192,202
	1,404	Lemminkainen Oyj		27,406
	75,818	Metsa Board Oyj		538,478
	28,994	Metso Oyj		1,040,034
	51,836	Neste Oyj		2,116,873
	15,813	Nokian Renkaat Oyj		680,392
	3,471	Olvi Oyj - Class A		107,379
	27,474	Oriola-KD Oyj - Class B		115,819
	6,792	Orion Oyj - Class A		387,313
	21,898	Orion Oyj - Class B		1,255,887
	58,724	Outokumpu Oyj		563,879
	25,811	Outotec Oyj(b)		191,891
	420	Ponsse Oyj		10,623
	3,126	Poyry Oyj(b)		11,441
	38,176	Raisio Oyj - V Shares		144,716
	27,518	Ramirent Oyj		261,685
	32,530	Sanoma Oyj		287,023
	5,010	SRV Group Plc		26,305
	3,082	Stockmann OYJ Abp - Class B(b)		26,522
	293,089	Stora Enso Oyj - Class R		3,486,342
	163,338	Talvivaara Mining Co. Plc(b)(c)(d)		1,014
	7,035	Technopolis Oyj		23,603
	11,475	Tieto Oyj		360,117
	8,844	Tikkurila Oyj		175,335
	15,354	Uponor Oyj		290,850
	3,684	Vaisala Oyj - Class A		176,531

13

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
FINLAND (continued)
	14,981	Valmet Oyj	$	273,014
	15,103	Wartsila Oyj Abp		919,651
	32,499	YIT Oyj		257,367
				19,390,413
FRANCE — 1.5%
	24,178	Accor SA		1,102,077
	5,058	Actia Group		46,281
	36,522	Air France-KLM(b)		306,929
	1,984	Akka Technologies SA		92,779
	8,106	Albioma SA		155,936
	6,803	Alstom SA(b)		216,016
	327	Altarea SCA REIT		65,951
	5,734	Alten SA		485,943
	25,305	Altran Technologies SA		424,773
	4,393	APRIL SA		57,136
	35,335	Arkema SA		3,741,656
	4,208	Assystem		153,786
	38,573	Atos SE		5,054,718
	560	Axway Software SA		19,703
	4,971	Beneteau SA		70,529
	1,991	BioMerieux		398,083
	72,366	Boiron SA(d)		6,880,138
	8,998	Bonduelle SCA		311,689
	5,065	Bourbon SA		57,104
	33,357	Bureau Veritas SA		772,681
	130	Burelle SA		162,850
	12,743	Casino Guichard Perrachon SA		767,617
	1,749	Cegedim SA(b)		48,658
	548	CGG SA(b)		3,922
	9,650	Chargeurs SA		240,824
	3,649	Cie des Alpes		93,012
	3,058	Coface SA(b)		23,917
	56,117	Derichebourg SA		268,720
	1,675	Devoteam SA		112,795
	5,553	Edenred		142,179
	24,093	Eiffage SA		2,040,774
	410	Electricite de Strasbourg SA		49,686
	6,919	Elior Participations SCA		172,594
	1,730	Elis SA		35,805
	1,370	Eramet(b)		66,029
	779	Esso SA Francaise(b)		33,230
	4,816	Euler Hermes Group		470,415
	1,226	Exel Industries SA - Class A		116,855
	23,531	Faurecia		1,148,841
	590	Fleury Michon SA		32,070
	1,757	Fonciere Des Regions REIT		156,825
	23,588	Gaztransport Et Technigaz SA		880,548
	1,825	Gecina SA REIT		259,629
	4,424	GL Events		108,429
	1,240	Groupe Crit		104,074
	66,814	Groupe Eurotunnel SE		733,992
	4,051	Groupe Fnac SA(b)(e)		284,623
	1,024	Groupe Fnac SA(b)(e)		71,950
	1,569	Groupe Open		44,232
	1,572	Guerbet		134,422

Shares			Value
FRANCE (continued)
	2,937	Haulotte Group SA	$	43,510
	26,272	Havas SA		242,939
	1,746	ICADE REIT		129,654
	301	ID Logistics Group(b)		45,624
	10,951	Imerys SA		942,266
	112,151	Ingenico Group SA		10,161,783
	1,475	Interparfums SA		50,612
	5,550	Ipsen SA		645,974
	10,952	IPSOS		351,220
	6,546	Jacquet Metal Service		175,768
	7,047	JCDecaux SA		248,597
	317,291	Korian SA		10,221,870
	40,363	Lagardere SCA		1,236,365
	863	Laurent-Perrier		66,444
	740	Le Belier		32,566
	1,830	Le Noble Age		97,020
	3,616	Lectra		93,943
	1,180	Linedata Services		61,698
	224,236	LISI(d)		8,793,377
	438	Maisons France Confort SA		26,222
	3,615	Manitou BF SA		114,197
	967	Mersen		27,914
	6,820	Metropole Television SA		155,378
	5,327	MGI Coutier		196,422
	1,975	Mr Bricolage		24,977
	1,247	Naturex(b)		113,586
	12,294	Neopost SA		498,579
	8,744	Nexans SA(b)		486,243
	6,068	Nexity SA		329,932
	511	NRJ Group(b)		5,872
	5,591	Oeneo SA		51,158
	4,198	Onxeo SA(b)(e)		12,027
	3,092	Onxeo SA(b)(e)		8,875
	4,524	Orpea		462,049
	1,064	Parrot SA(b)		10,257
	2,566	Pierre & Vacances SA(b)		119,604
	11,853	Plastic Omnium SA		463,651
	506	Plastivaloire		89,204
	577	PSB Industries SA		31,319
	7,664	Rallye SA		167,469
	468	Remy Cointreau SA		47,217
	35,949	Rexel SA		642,212
	29	Robertet SA		11,120
	963	Rothschild & Co.		29,896
	138,029	Rubis SCA		14,025,125
	6,138	Sartorius Stedim Biotech		411,665
	2,137	Savencia SA		188,555
	50,206	SCOR SE		1,986,320
	6,771	SEB SA		1,091,597
	708	Seche Environnement SA		23,029
	2,944	Societe BIC SA		330,952
	320	Societe Internationale de Plantations d’Heveas SA(b)		18,112
	13,102	Societe Television Francaise 1		160,703
	517	Somfy SA		250,047
	2,996	Sopra Steria Group		449,390

14

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
FRANCE (continued)
	16,115	Ste Industrielle d’Aviation Latecoere SA(b)	$	63,546
	1,615	Stef SA		145,101
	25,453	Suez Environnement Co.		418,246
	4,320	Synergie SA		180,325
	2,499	Tarkett SA		117,434
	48,862	Technicolor SA		248,084
	15,168	Teleperformance SA		1,905,872
	318	Tessi SA		50,643
	401	Thermador Groupe		40,357
	1,951	Trigano SA		206,253
	46,170	UBISOFT Entertainment(b)		2,187,746
	63,349	Vallourec SA(b)		405,894
	1,621	Valneva SE(b)		4,856
	602	Vetoquinol SA		33,063
	7,105	Vicat SA		505,466
	1,787	VIEL & Cie SA		11,096
	2,732	Vilmorin & Cie SA		197,485
	596	Virbac SA(b)		93,845
	449	Vranken - Pommery Monopole SA		10,804
	340	Worldline S.A.(b)		11,276
	6,029	Zodiac Aerospace		146,387
				92,909,309
GABON — 0.0%
	52	Total Gabon		8,883
GERMANY — 1.8%
	13,680	Aareal Bank AG		549,796
	2,745	Adler Modemaerkte AG		16,003
	23,898	ADVA Optical Networking SE(b)		262,664
	20,551	AIXTRON SE(b)		112,692
	4,617	Allgeier SE		99,580
	6,126	Alstria Office REIT AG		81,011
	752	Amadeus Fire AG		64,238
	9,471	Aurubis AG		662,130
	12,739	Axel Springer SE		714,784
	310	Basler AG		31,195
	2,548	Bauer AG		44,769
	4,494	BayWa AG		163,553
	2,465	Bechtle AG		282,878
	1,133	Bertrandt AG		118,321
	946	Bijou Brigitte AG		58,428
	3,143	Bilfinger SE(b)		136,536
	2,505	Biotest AG		76,404
	256	Biotest AG - Preference Shares		5,496
	32,765	Borussia Dortmund GmbH & Co. KGaA		210,969
	25,055	Brenntag AG		1,485,800
	2,756	CANCOM SE		163,075
	6,532	Carl Zeiss Meditec AG		296,851
	2,761	CENIT AG		66,617
	4,110	CENTROTEC Sustainable AG		86,362
	3,390	Cewe Stiftung & Co. KGaA		308,601
	7,896	Comdirect Bank AG		82,356

Shares			Value
GERMANY (continued)
	39,273	Commerzbank AG(b)	$	384,807
	4,097	CompuGroup Medical SE		201,722
	5,206	Constantin Medien AG(b)		11,852
	6,931	CropEnergies AG		68,176
	9,051	CTS Eventim AG & Co KGaA		348,673
	73,328	Deutsche Lufthansa AG		1,265,240
	28,878	Deutsche Wohnen AG		987,430
	42,323	Deutz AG		329,633
	1,078	Dic Asset AG		11,062
	8,834	DMG Mori AG		481,433
	2,100	Dr Hoenle AG		80,635
	1,078	Draegerwerk AG & Co. KGaA		84,547
	2,900	Draegerwerk AG & Co. KGaA - Preference Shares		317,319
	6,958	Drillisch AG		372,942
	94,158	Duerr AG		9,384,825
	1,537	Eckert & Ziegler AG		42,459
	6,212	Elmos Semiconductor AG		165,075
	6,541	ElringKlinger AG		130,568
	175,224	Fielmann AG		13,395,373
	1,910	First Sensor AG(b)		24,301
	1,887	Francotyp-Postalia Holding AG		10,894
	19,763	Fraport AG Frankfurt Airport Services Worldwide		1,554,311
	25,028	Freenet AG		785,448
	7,844	Fuchs Petrolub SE		354,211
	7,977	Fuchs Petrolub SE - Preference Shares		411,484
	28,204	GEA Group AG		1,199,412
	10,704	Gerresheimer AG		839,744
	9,341	Gerry Weber International AG		137,009
	6,342	Gesco AG		172,018
	2,873	GFT Technologies SE		58,632
	5,876	Grammer AG		360,041
	1,925	GRENKE AG		383,524
	3,022	H&R GmbH & Co KGaA(b)		45,543
	4,739	Hamborner AG REIT		49,743
	5,202	Hamburger Hafen und Logistik AG		98,598
	89,695	Heidelberger Druckmaschinen AG(b)		250,320
	7,851	Hella KGaA Hueck & Co.		388,394
	3,483	Hochtief AG		627,533
	4,964	HolidayCheck Group AG(b)		13,432
	1,609	Hornbach Baumarkt AG		52,572
	678	HUGO BOSS AG		51,573
	9,402	Indus Holding AG		628,118
	1,165	Isra Vision AG		170,685
	11,957	Jenoptik AG		321,777
	9,534	Jungheinrich AG		332,021
	14,872	K+S AG		354,863
	16,064	KION Group AG		1,088,234
	19,662	Kloeckner & Co. SE(b)		217,391
	1,986	Koenig & Bauer AG(b)		137,481
	4,047	Kontron AG(b)		14,270
	2,229	Krones AG		264,658

15

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
GERMANY (continued)
	210	KSB AG	$	100,651
	425	KWS Saat SE		151,154
	52,769	Lanxess AG		3,811,011
	3,023	Leg Immobilien AG		259,683
	798	Leifheit AG		61,726
	12,765	Leoni AG		693,439
	2,628	LPKF Laser & Electronics AG(b)		27,467
	830	Manz AG(b)		35,261
	69,610	Metro AG		2,290,711
	7,391	MLP AG		46,591
	152,665	MTU Aero Engines AG		21,893,147
	5,477	Nemetschek SE		375,864
	2,244	Nexus AG		54,021
	120,526	NORMA Group SE		6,465,987
	1,895	OHB SE		45,619
	38,202	OSRAM Licht AG		2,558,812
	15,324	Patrizia Immobilien AG(b)		302,300
	1,780	Pfeiffer Vacuum Technology AG		231,124
	8,040	PNE Wind AG		22,412
	736	Progress-Werk Oberkirch AG		38,723
	11,212	ProSiebenSat.1 Media SE		476,194
	484	Puma SE		188,983
	14,597	QSC AG		25,886
	870	R Stahl AG		27,454
	11,329	Rational AG		5,692,760
	19,717	Rheinmetall AG		1,809,500
	59,585	RHOEN-KLINIKUM AG		1,701,835
	6,892	RIB Software AG		101,013
	233,027	RWE AG(b)		3,859,584
	19,824	SAF-Holland SA		342,486
	9,704	Salzgitter AG		332,709
	2,626	Sartorius AG - Preference Shares		240,454
	1,579	Schaltbau Holding AG		61,748
	2,624	SHW AG		92,038
	662	Sixt Leasing SE		14,278
	7,152	Sixt SE		395,767
	4,730	Sixt SE - Preference Shares		211,351
	977	Softing AG		11,281
	16,990	Software AG		747,692
	35,155	Stada Arzneimittel AG		2,490,283
	655	Sto Se & Co. KGAA		75,273
	7,241	Stroeer SE & Co. KGaA		418,754
	22,636	Suedzucker AG		484,148
	4,961	Suess MicroTec AG(b)		55,797
	2,213	Surteco SE		55,396
	16,341	Symrise AG		1,144,023
	7,410	TAG Immobilien AG		105,497
	13,088	Takkt AG		311,011
	13,953	Talanx AG		502,935
	423	Technotrans AG		15,044
	4,463	Tom Tailor Holding AG(b)		42,364
	5,098	United Internet AG		234,653
	3,994	VERBIO Vereinigte BioEnergie AG		39,443

Shares			Value
GERMANY (continued)
	4,362	Villeroy & Boch AG	$	91,705
	1,793	Vossloh AG(b)		120,312
	8,065	VTG AG		266,192
	9,072	Wacker Chemie AG		960,247
	8,248	Wacker Neuson SE		208,397
	1,136	Washtec AG		85,013
	7,886	Wirecard AG		465,676
	363	XING AG		84,955
				109,698,949
GIBRALTAR — 0.0%
	23,380	888 Holdings Plc		84,638
GREECE — 0.0%
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(b)(c)(d)		0
	42,339	Intralot SA-Integrated Lottery Systems & Services(b)		57,189
	22,848	Proton Bank SA(b)(c)(d)		0
	3,738	Sarantis SA		47,070
	12,534	T Bank SA(b)(c)(d)		0
	2,904	Terna Energy SA		9,806
	647	Thessaloniki Port Authority SA		14,927
	31,091	TT Hellenic Postbank SA(b)(c)(d)		0
				128,992
GUERNSEY — 0.0%
	4,197	Amdocs Ltd.		257,024
	5,317	BGEO Group Plc		247,917
	5,739	Raven Russia Ltd.(b)		3,661
				508,602
HONG KONG — 1.4%
	375,000	Agritrade Resources Ltd.		68,941
	192,000	Ajisen China Holdings Ltd.		84,666
	1,340,000	Alibaba Pictures Group Ltd.(b)		217,064
	1,415,693	Allied Properties HK Ltd.		334,888
	138,000	AMVIG Holdings Ltd.		46,128
	520,000	Anxin-China Holdings Ltd.(b)(c)(d)		4,827
	182,250	APT Satellite Holdings Ltd.		98,876
	144,000	Asia Financial Holdings Ltd.		77,939
	34,500	Asia Satellite Telecommunications Holdings Ltd.(b)		41,914
	296,200	ASM Pacific Technology Ltd.		4,409,670
	74,000	Associated International Hotels Ltd.		221,667
	275,000	Auto Italia Holdings Ltd.(b)		3,571
	390,000	AVIC International Holding HK Ltd.(b)		21,811
	152,000	Beijing Enterprises Holdings Ltd.		742,574
	330,000	Beijing Enterprises Medical & Health Group Ltd.(b)		25,031

16

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
HONG KONG (continued)
	466,000	Beijing Enterprises Water Group Ltd.	$	357,063
	504,000	Bel Global Resources Holdings Ltd.(b)(c)(d)		0
	218,000	Bossini International Holdings Ltd.		13,172
	92,000	Bright Smart Securities & Commodities Group Ltd.		27,204
	355,000	Brightoil Petroleum Holdings Ltd.(b)		96,299
	356,000	Brilliance China Automotive Holdings Ltd.		596,816
	56,897	Brilliant Circle Holdings International Ltd.(b)		9,656
	1,644,354	Brockman Mining Ltd.(b)		30,230
	608,000	Burwill Holdings Ltd.(b)		14,148
	1,004,186	C C Land Holdings Ltd.		258,200
	44,000	Cafe de Coral Holdings Ltd.		143,115
	51,000	Canvest Environmental Protection Group Co. Ltd.		29,112
	92,000	Carrianna Group Holdings Co. Ltd.		9,462
	208,000	Cathay Pacific Airways Ltd.		299,498
	166,800	Century City International Holdings Ltd.		13,081
	455,000	Century Sunshine Group Holdings Ltd.		16,671
	994,000	CGN New Energy Holdings Co. Ltd.		146,959
	1,604,275	Champion Technology Holdings Ltd.(b)		23,719
	134,359	Cheuk Nang Holdings Ltd.		92,931
	85,873	Chevalier International Holdings Ltd.		137,779
	722,000	China Aerospace International Holdings Ltd.		100,247
	601,137	China Agri-Industries Holdings Ltd.(b)		297,541
	136,000	China All Access Holdings Ltd.		38,641
	53,000	China Animation Characters Co. Ltd.		22,213
	2,520,000	China Daye Non-Ferrous Metals Mining Ltd.(b)		36,933
	950,000	China Ever Grand Financial Leasing Group Co. Ltd.(b)		9,404
	180,000	China Everbright International Ltd.		243,445
	525,600	China Fiber Optic Network System Group Ltd.(b)(c)(d)		35,475
	504,000	China Foods Ltd.		194,386
	280,000	China Gas Holdings Ltd.		439,168
	130,000	China Glass Holdings Ltd.(b)		14,540
	208,000	China Grand Pharmaceutical and Healthcare Holdings Ltd.(b)		56,423
	6,603,000	China High Precision Automation Group Ltd.(b)(c)(d)		194,185

Shares			Value
HONG KONG (continued)
	222,000	China High Speed Transmission Equipment Group Co. Ltd.	$	215,768
	2,684,000	China Jinmao Holdings Group Ltd.		869,552
	12,236,000	China Lumena New Materials Corp.(b)(c)(d)		0
	216,000	China Metal International Holdings, Inc.		66,924
	193,200	China Metal Recycling Holdings Ltd.(b)(c)(d)		0
	492,557	China New Town Development Co. Ltd.(b)		24,380
	284,000	China Oceanwide Holdings Ltd.(b)		28,114
	1,390,000	China Oil and Gas Group Ltd.(b)		101,860
	580,500	China Overseas Grand Oceans Group Ltd.(b)		297,775
	245,000	China Overseas Property Holdings Ltd.		42,522
	253,000	China Power International Development Ltd.		94,326
	54,000	China Power New Energy Development Co. Ltd.		32,976
	251,000	China Properties Group Ltd.(b)		55,825
	379,102	China Resources Beer Holdings Co. Ltd.(b)		912,377
	428,440	China Resources Cement Holdings Ltd.		234,645
	142,800	China Resources Gas Group Ltd.		481,915
	142,000	China Resources Power Holdings Co. Ltd.		255,946
	168,000	China Ruifeng Renewable Energy Holdings Ltd.(b)		16,199
	5,149,920	China Singyes Solar Technologies Holdings Ltd.		2,409,985
	2,166,000	China South City Holdings Ltd.		423,267
	555,000	China Starch Holdings Ltd.(b)		18,908
	1,793,440	China State Construction International Holdings Ltd.		3,255,623
	425,200	China Taiping Insurance Holdings Co. Ltd.(b)		1,060,492
	528,000	China Traditional Chinese Medical Co. Ltd.		309,536
	1,406,000	China Travel International Investment Hong Kong Ltd.		406,706
	1,786,000	China Water Affairs Group Ltd.		1,193,981
	128,000	China Water Industry Group Ltd.(b)		28,962
	10,000	Chinese Estates Holdings Ltd.		15,376
	103,000	Chow Sang Sang Holdings International Ltd.		263,513
	110,000	Chu Kong Shipping Enterprises Group Co. Ltd.		28,284
	237,500	Chuang’s Consortium International Ltd.		49,159
	170,000	CIMC Enric Holdings Ltd.		99,224

17

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
HONG KONG (continued)
	1,503,000	CITIC Resources Holdings Ltd.(b)	$	181,635
	649,000	CITIC Telecom International Holdings Ltd.		200,248
	274,000	Citychamp Watch & Jewellery Group Ltd.		60,941
	756,000	CK Life Sciences International Holdings, Inc.		63,175
	47,000	Clear Media Ltd.		51,965
	142,000	CNT Group Ltd.		10,953
	177,000	Coastal Greenland Ltd.(b)		5,393
	446,007	Comba Telecom Systems Holdings Ltd.		65,367
	560,000	Concord New Energy Group Ltd.		26,638
	522,729	COSCO Shipping Ports Ltd.		572,570
	138,000	Coslight Technology International Group Ltd.(b)		70,611
	1,402,000	CP Pokphand Co. Ltd.		120,763
	1,109,335	CSI Properties Ltd.		58,474
	530,000	Dah Chong Hong Holdings Ltd.		228,943
	84,924	Dah Sing Banking Group Ltd.		170,757
	60,678	Dah Sing Financial Holdings Ltd.		460,252
	24,154	Dan Form Holdings Co. Ltd.(c)(d)		7,763
	80,000	Dawnrays Pharmaceutical Holdings Ltd.		46,899
	244,000	DBA Telecommunication Asia Holdings Ltd.(b)(c)(d)		2,058
	310,000	Digital China Holdings Ltd.(b)		255,067
	108,000	Dynasty Fine Wines Group Ltd.(b)(c)(d)		3,749
	92,000	Eagle Nice International Holdings Ltd.		26,494
	168,234	EganaGoldpfeil Holdings Ltd.(b)(c)(d)		0
	386,416	Emperor International Holdings Ltd.		119,228
	218,000	Esprit Holdings Ltd.(b)		169,280
	518,000	EVA Precision Industrial Holdings Ltd.		85,908
	9,500	Fairwood Holdings Ltd.		36,884
	591,893	Far East Consortium International Ltd.		282,312
	457,000	Far East Horizon Ltd.		420,670
	790,000	First Pacific Co. Ltd.		608,368
	168,000	First Shanghai Investments Ltd.		22,894
	30,000	Fountain SET Holdings Ltd.		3,973
	717,500	Fullshare Holdings Ltd.(c)		232,453
	318,000	GCL-New Energy Holdings Ltd.(b)		16,557
	9,026,000	GCL-Poly Energy Holdings Ltd.(b)		1,090,776
	930,000	Gemdale Properties & Investment Corp. Ltd.(b)		65,759
	60,150	Get Nice Financial Group Ltd.		8,970
	2,406,000	Get Nice Holdings Ltd.		83,516

Shares			Value
HONG KONG (continued)
	266,000	Giordano International Ltd.	$	142,945
	1,758,000	Global Brands Group Holding Ltd.(b)		207,931
	1,325,000	Glorious Property Holdings Ltd.(b)		155,014
	220,000	Gold Peak Industries Holdings Ltd.		20,930
	180,000	Goldbond Group Holdings Ltd.		5,322
	118,000	Goldlion Holdings Ltd.		50,214
	16,000	Good Friend International Holdings, Inc.		4,443
	208,000	Guangdong Investment Ltd.		321,960
	14,000	Guoco Group Ltd.		160,728
	155,600	Guotai Junan International Holdings Ltd.		48,810
	83,000	Haier Electronics Group Co. Ltd.		192,712
	412,331	Haitong International Securities Group Ltd.		223,703
	211,000	Hang Lung Group Ltd.		880,257
	133,267	Hanison Construction Holdings Ltd.		23,644
	114,000	Harbour Centre Development Ltd.		208,409
	629,400	Hengdeli Holdings Ltd.(b)		76,871
	204,000	Hi Sun Technology (China) Ltd.(b)		34,357
	4,808,565	HKBN Ltd.		5,199,050
	85,441	HKC Holdings Ltd.(b)		58,328
	1,010,000	HNA Holding Group Co. Ltd.(b)		35,708
	90,000	Hon Kwok Land Investment Co. Ltd.		48,134
	2,400	Hong Kong Aircraft Engineering Co. Ltd.		16,045
	253,651	Hongkong & Shanghai Hotels Ltd. (The)		297,728
	12,650	Hopewell Highway Infrastructure Ltd.		7,318
	135,500	Hopewell Holdings Ltd.		517,378
	208,000	Hopson Development Holdings Ltd.		198,417
	188,000	Hsin Chong Construction Group Ltd.(b)(c)(d)		8,459
	220,000	Hua Han Health Industry Holdings Ltd.(b)(c)(d)		5,623
	527,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		155,830
	44,000	Hysan Development Co. Ltd.		207,602
	335,000	I-CABLE Communications Ltd.(b)		25,410
	18,000	IMAX China Holding, Inc.(b)		84,697
	175,000	IPE Group Ltd.		45,897
	28,266	IRC Ltd.(b)		1,090
	398,000	IT Ltd.		168,342
	95,905	ITC Properties Group Ltd.		37,482
	65,000	Jinhui Holdings Co. Ltd.(b)		8,189
	95,125	Johnson Electric Holdings Ltd.		292,896

18

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
HONG KONG (continued)
	1,094,000	Joy City Property Ltd.	$	171,589
	642,000	Ju Teng International Holdings Ltd.		237,706
	501,000	K Wah International Holdings Ltd.		318,183
	84,000	Kader Holdings Co. Ltd.		7,883
	1,940,000	Kai Yuan Holdings Ltd.(b)		21,200
	153,000	Kerry Logistics Network Ltd.		215,583
	206,000	Kerry Properties Ltd.		770,678
	331,200	Kingboard Chemical Holdings Ltd.		1,194,361
	379,500	Kingboard Laminates Holdings Ltd.		457,643
	74,000	Kingmaker Footwear Holdings Ltd.		21,025
	1,428,000	Kingston Financial Group Ltd.		493,848
	344,000	Ko Yo Chemical Group Ltd.(b)		9,110
	328,000	Kowloon Development Co. Ltd.		363,069
	1,648,000	Kunlun Energy Co. Ltd.		1,489,447
	2,159,000	Lai Fung Holdings Ltd.		59,954
	2,074,750	Lai Sun Development Co. Ltd.		58,415
	603,200	Lai Sun Garment International Ltd.		172,933
	9,000	Lam Soon Hong Kong Ltd.		12,334
	68,000	Landsea Green Properties Co. Ltd.		5,770
	127,600	Le Saunda Holdings Ltd.		28,708
	24,000	Lee & Man Chemical Co. Ltd.		11,725
	837,200	Lee & Man Paper Manufacturing Ltd.		656,556
	40,500	Lee’s Pharmaceutical Holdings Ltd.		40,196
	404,000	Li & Fung Ltd.		169,321
	131,000	Lifestyle China Group Ltd.(b)		42,609
	55,500	Lifestyle International Holdings Ltd.		79,201
	650,964	Link REIT (The)		4,682,412
	106,000	Luk Fook Holdings International Ltd.		387,704
	1,298,000	Magnificent Hotel Investment Ltd.		31,539
	260,000	Man Wah Holdings Ltd.		215,598
	3,700	Mandarin Oriental International Ltd.		5,291
	820,000	Master Glory Group Ltd.		21,506
	65,000	Melco International Development Ltd.		133,704
	162,000	Midland Holdings Ltd.(b)		42,904
	429,000	Mingfa Group International Co. Ltd.(b)(c)(d)		16,546
	702,000	Minmetals Land Ltd.		85,738
	39,000	Miramar Hotel & Investment Co. Ltd.		84,936
	1,064,000	Munsun Capital Group Ltd(b)		10,259
	282,000	National Agricultural Holdings Ltd.(b)(c)(d)		43,143
	361,500	Neo-Neon Holdings Ltd.(b)		46,475

Shares			Value
HONG KONG (continued)
	97,000	New World Department Store China Ltd.(b)	$	14,590
	440,000	Newocean Energy Holdings Ltd.		132,933
	362,000	Next Digital Ltd.(b)		16,289
	825,000	Nine Dragons Paper Holdings Ltd.		890,934
	361,100	Noble Group Ltd.(b)		36,959
	840,000	North Mining Shares Co. Ltd.(b)		17,279
	347,627	NWS Holdings Ltd.		653,391
	9,500	Orient Overseas International Ltd.		50,686
	118,000	Overseas Chinese Town Asia Holdings Ltd.		47,180
	1,340,246	Pacific Andes International Holdings Ltd.(b)(c)(d)		4,721
	62,000	Pacific Basin Shipping Ltd.(b)		12,355
	105,000	Pacific Textile Holdings Ltd.		116,496
	201,240	Paliburg Holdings Ltd.		71,147
	446,000	PAX Global Technology Ltd.		276,372
	4,390,750	PCCW Ltd.		2,478,082
	48,000	Peace Mark Holdings Ltd.(b)(c)(d)		0
	408,000	Phoenix Satellite Television Holdings Ltd.		69,763
	368,000	Pico Far East Holdings Ltd.		149,029
	54,000	Playmates Holdings Ltd.		86,224
	36,000	Playmates Toys Ltd.		6,433
	842,000	Poly Property Group Co. Ltd.(b)		345,315
	460,000	Polytec Asset Holdings Ltd.		37,257
	132,000	Pou Sheng International Holdings Ltd.		28,170
	78,000	Public Financial Holdings Ltd.		36,100
	442,000	PYI Corp. Ltd.(b)		9,660
	314,200	Regal Hotels International Holdings Ltd.		208,030
	5,581,033	REXLot Holdings Ltd.(b)		83,231
	21,000	Road King Infrastructure Ltd.		31,156
	14,000	Rotam Global Agrosciences Ltd.(b)		15,243
	194,132	SA SA International Holdings Ltd.		83,110
	116,000	SAS Dragon Holdings Ltd.		27,589
	30,000	SEA Holdings Ltd.		75,440
	36,495	Seaspan Corp.		256,925
	273,516	Shanghai Industrial Holdings Ltd.		865,028
	661,000	Shanghai Industrial Urban Development Group Ltd.		142,765
	1,190,000	Shanghai Zendai Property Ltd.(b)		18,053
	234,000	Shangri-La Asia Ltd.		335,130
	120,000	Shenwan Hongyuan HK Ltd.		46,282
	515,684	Shenzhen International Holdings Ltd.		865,843
	2,364,956	Shenzhen Investment Ltd.		1,073,273

19

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
HONG KONG (continued)
	841,129	Shimao Property Holdings Ltd.	$	1,351,715
	862,000	Shougang Concord International Enterprises Co. Ltd.(b)		27,373
	3,480,000	Shougang Fushan Resources Group Ltd.		639,776
	652,000	Singamas Container Holdings Ltd.(b)		110,646
	1,476,000	Sino Biopharmaceutical Ltd.		1,214,448
	2,225,000	Sino Oil And Gas Holdings Ltd.(b)		53,777
	744,000	Sinofert Holdings Ltd.		99,476
	330,000	Sinopec Kantons Holdings Ltd.		168,429
	765,000	SITC International Holdings Co. Ltd.		547,809
	58,000	Sitoy Group Holdings Ltd.		11,856
	56,000	SJM Holdings Ltd.		54,356
	290,000	Skyfame Realty Holdings Ltd.(b)		36,164
	1,414,878	Skyworth Digital Holdings Ltd.		822,186
	887,986	SmarTone Telecommunications Holding Ltd.		1,244,357
	651,934	SMI Holdings Group Ltd.		56,993
	64,843	SOCAM Development Ltd.(b)		17,590
	1,740,000	South China Holdings Co. Ltd.(b)		71,583
	144,000	Sparkle Roll Group Ltd.(b)		10,367
	1,073,428	SRE Group Ltd.(b)		25,944
	3,812,010	SSY Group Ltd.		1,460,437
	73,500	Stella International Holdings Ltd.		127,755
	204,000	Success Universe Group Ltd.(b)		5,744
	416,500	Sun Art Retail Group Ltd.		429,439
	271,801	Sun Hung Kai & Co. Ltd.		202,322
	576,000	TCC International Holdings Ltd.		263,624
	283,000	TCL Multimedia Technology Holdings Ltd.(b)		140,075
	1,448,000	Tech Pro Technology Development Ltd.(b)		24,201
	4,000	Techtronic Industries Co. Ltd.		17,176
	42,800	Television Broadcasts Ltd.(c)		164,523
	93,500	Texhong Textile Group Ltd.		113,354
	132,000	Texwinca Holdings Ltd.		88,584
	185,800	Tian An China Investment Co. Ltd.(b)		150,248
	1,492,000	Tianjin Port Development Holdings Ltd.		262,786
	164,000	Tianyi Summi Holdings Ltd.		23,193
	184,000	Tibet Water Resources Ltd.		76,880
	1,380,000	Titan Petrochemicals Group Ltd.(b)		16,145
	246,026	Tomson Group Ltd.		130,630
	540,000	Tongda Group Holdings Ltd.		212,436
	62,000	Top Spring International Holdings Ltd.		20,724
	122,000	Towngas China Co. Ltd.		72,933
	582,000	TPV Technology Ltd.		158,625

Shares			Value
HONG KONG (continued)
	58,000	Tradelink Electronic Commerce Ltd.	$	11,856
	80,800	Transport International Holdings Ltd.		251,904
	102,000	Trinity Ltd.(b)		7,343
	368,000	Truly International Holdings Ltd.		124,901
	233,000	TSC Group Holdings Ltd.(b)		23,964
	2,948,000	United Energy Group Ltd.(b)		113,700
	288,500	United Laboratories International Holdings Ltd. (The)(b)		181,000
	154,500	Universal Medical Financial & Technical Advisory Services Co. Ltd.		132,088
	44,000	Up Energy Development Group Ltd.(b)(c)(d)		137
	101,100	Valuetronics Holdings Ltd.		58,975
	159,000	Varitronix International Ltd.		75,429
	42,000	Vinda International Holdings Ltd.		85,314
	152,000	Vitasoy International Holdings Ltd.		300,547
	483,600	VST Holdings Ltd.		168,488
	290,300	VTech Holdings Ltd.		3,678,038
	328,622	Wasion Group Holdings Ltd.		160,121
	68,000	Wing On Co. International Ltd.		227,735
	220,000	Wing Tai Properties Ltd.		145,661
	450,000	Xinyi Glass Holdings Ltd.		399,185
	30,000	YGM Trading Ltd.		32,012
	84,000	Yip’s Chemical Holdings Ltd.		37,797
	1,382,934	Yue Yuen Industrial Holdings Ltd.		5,467,126
	4,214,946	Yuexiu Property Co. Ltd.		715,284
	66,191	Yuexiu Transport Infrastructure Ltd.		51,058
	306,000	Zhuhai Holdings Investment Group Ltd.		47,601
				85,662,747
HUNGARY — 0.0%
	46,808	Magyar Telekom Telecommunications Plc		78,308
	11,745	Richter Gedeon Nyrt		284,398
				362,706
INDIA — 1.7%
	293	3M India Ltd.(b)		52,377
	4,102	Aarti Industries(b)		55,973
	18,156	Aban Offshore Ltd.(b)		63,333
	1,662	ABB India Ltd.		36,418
	8,628	ACC Ltd.		218,154
	46,806	Adani Enterprises Ltd.(b)		79,271
	577,760	Adani Power Ltd.(b)		296,379
	72,736	Adani Transmission Ltd.(b)		87,797
	33,462	Aditya Birla Fashion and Retail Ltd.(b)		89,832

20

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
INDIA (continued)
	16,648	Aditya Birla Nuvo Ltd.	$	429,592
	33,300	Aegis Logistics Ltd.		100,630
	5,111	AIA Engineering Ltd.		119,731
	3,985	Ajanta Pharma Ltd.		102,351
	250	Akzo Nobel India Ltd.		7,630
	19,534	Alembic Ltd.		14,575
	16,192	Alembic Pharmaceuticals Ltd.		154,130
	1,673	Alkem Laboratories Ltd.		51,269
	40,218	Allahabad Bank(b)		51,484
	9,153	Allcargo Logistics Ltd.(b)		26,948
	167,158	Alok Industries Ltd.(b)		7,925
	165,746	Amara Raja Batteries Ltd.(b)		2,293,339
	48,929	Ambuja Cements Ltd.		187,030
	11,406	Amtek Auto Ltd.(b)		6,968
	28,807	Anant Raj Ltd.		27,540
	41,733	Andhra Bank		44,698
	4,489	Apar Industries Ltd.(b)		55,682
	161,686	Apollo Hospitals Enterprise Ltd.(b)		3,099,631
	152,265	Apollo Tyres Ltd.		577,532
	2,501	Areva T&D India Ltd.		13,354
	60,983	Arvind Ltd.		378,525
	4,919	Arvind SmartSpaces Ltd.(b)		8,029
	152,423	Ashok Leyland Ltd.(b)		202,346
	8,550	Ashoka Buildcon Ltd.		26,150
	3,992	Astral Polytechnik Ltd.		34,292
	1,898	Atul Ltd.		72,084
	37,449	Aurobindo Pharma Ltd.(b)		353,213
	6,484	Bajaj Corp. Ltd.		39,627
	4,605	Bajaj Electricals Ltd.(b)		25,183
	32,380	Bajaj Finance Ltd.		642,365
	12,411	Bajaj Finserv Ltd.(b)		882,767
	102,837	Bajaj Hindusthan Ltd.(b)		26,616
	18,091	Bajaj Holdings & Investment Ltd.		594,629
	15,043	Balkrishna Industries Ltd.		356,163
	45,240	Ballarpur Industries Ltd.(b)		13,362
	14,568	Balmer Lawrie & Co. Ltd.		53,410
	69,406	Balrampur Chini Mills Ltd.		175,052
	122,345	Bank of Baroda(b)		356,689
	56,515	Bank of India(b)		164,107
	17,071	Bank of Maharashtra(b)		9,673
	811	BASF India Ltd.		16,549
	5,028	Bata India Ltd.		45,567
	1,167	BEML Ltd. - Partly Paid Shares		25,450
	933,057	Berger Paints India Ltd.		3,789,230
	59,130	Bharat Electronics Ltd.		168,162
	4,628	Bharat Financial Inclusion Ltd.(b)		57,816
	17,842	Bharat Forge Ltd.(b)		317,498
	155,401	Bharat Heavy Electricals Ltd.		424,436
	7,878	Biocon Ltd.(b)		135,162
	5,808	Birla Corp. Ltd.		69,975
	4,707	Bliss Gvs Pharma Ltd.		12,439
	22,287	Blue Dart Express Ltd.		1,690,112
	1,147	Blue Star Ltd.(b)		12,381

Shares			Value
INDIA (continued)
	10,347	Bodal Chemicals Ltd.	$	24,971
	18,485	Bombay Dyeing & Manufacturing Co. Ltd.		24,841
	13,389	Brigade Enterprises Ltd.(b)		51,262
	2,312	Britannia Industries Ltd.		130,265
	21,916	Cadila Healthcare Ltd.		149,985
	1,709	Can Fin Homes Ltd.		69,530
	15,123	Canara Bank(b)		84,055
	7,476	Carborundum Universal Ltd.		34,016
	8,239	Castrol India Ltd.		56,096
	12,726	Ceat Ltd.(b)		301,859
	429,373	Century Plyboards India Ltd.(b)		1,716,691
	6,416	Century Textiles & Industries Ltd.		112,557
	5,518	CESC Ltd.		81,024
	88,541	CG Power and Industrial Solutions Ltd.(b)		108,182
	75,869	Chambal Fertilizers and Chemicals Ltd.		118,055
	3,941	Chennai Petroleum Corp Ltd.		23,338
	56,756	Chennai Super Kings Cricket Ltd.(b)(c)(d)		372
	6,538	Cholamandalam Investment and Finance Co. Ltd.		112,995
	36,827	Cipla Ltd.		319,123
	36,243	City Union Bank Ltd.		92,847
	7,047	Coffee Day Enterprises Ltd.(b)		27,403
	10,481	Colgate-Palmolive India Ltd.		168,750
	6,417	Container Corp. of India Ltd.		121,482
	24,442	Coromandel International Ltd.		132,640
	41,645	Corp. Bank(b)		38,000
	50,107	Cox & Kings Ltd.		177,396
	52,898	Crisil Ltd.		1,617,488
	47,727	Crompton Greaves Consumer Electricals Ltd.(b)		163,183
	11,310	Cummins India Ltd.		175,285
	17,341	Cyient Ltd.		147,626
	56,562	Dabur India Ltd.		252,124
	5,786	Dalmia Bharat Ltd.(b)		195,378
	5,461	Dalmia Bharat Sugar & Industries Ltd.(b)		14,979
	6,484	DB Corp. Ltd.		38,362
	18,464	DB Realty Ltd.(b)		13,519
	27,921	DCB Bank Ltd.(b)		79,796
	9,427	DCM Shriram Ltd.		51,978
	17,752	Deepak Fertilizers & Petrochemicals Corp. Ltd.(b)		73,762
	4,866	Deepak Nitrite Ltd.		10,352
	12,047	Delta Corp Ltd.		29,869
	8,027	DEN Networks Ltd.(b)		11,916
	43,420	Dena Bank(b)		29,934
	72,822	Dewan Housing Finance Corp. Ltd.		483,084
	16,231	Dhampur Sugar Mills Ltd.		59,545
	61,366	Dish TV India Ltd.(b)		90,718
	5,976	Dishman Pharmaceuticals & Chemicals Ltd.		28,840

21

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
INDIA (continued)
	15,060	Divi’s Laboratories Ltd.(b)	$	147,112
	113,671	DLF Ltd.(b)		328,662
	1,513	Dr Lal Pathlabs Ltd.		22,576
	8,129	Dr Reddys Laboratories Ltd.		328,439
	2,110	Dredging Corp. of India Ltd.		20,870
	268	Dynamatic Technologies Ltd.(b)		11,240
	5,192	eClerx Services Ltd.		104,942
	26,940	EID Parry India Ltd.		126,010
	4,882	EIH Ltd.(b)		10,017
	45,194	Electrosteel Castings Ltd.		25,572
	3,704	Elgi Equipments Ltd.		11,723
	178,333	Emami Ltd.(b)		2,933,637
	19,420	Engineers India Ltd.		50,233
	8,345	Eros International Media Ltd.(b)		28,065
	9,996	Escorts Ltd.		85,074
	20,879	Essel Propack Ltd.		83,315
	4,683	Eveready Industries India Ltd.		22,381
	72,861	Exide Industries Ltd.		260,331
	247	FAG Bearings India Ltd.		18,615
	14,742	FDC Ltd.(b)		45,729
	294,564	Federal Bank Ltd.		492,695
	4,296	Federal-Mogul Goetze India Ltd.(b)		40,068
	14,606	Finolex Cables Ltd.		119,450
	14,293	Finolex Industries Ltd.		128,433
	92,745	Firstsource Solutions Ltd.(b)		62,426
	675,805	Fortis Healthcare Ltd.(b)		2,314,314
	4,224	Future Capital Holdings Ltd.		50,106
	21,658	Future Retail Ltd.(b)		105,277
	21,658	Future Retail Ltd.		10,403
	11,802	Gabriel India Ltd.		22,777
	2,880	GAIL India Ltd.(b)		18,980
	12,365	Gateway Distriparks Ltd.		51,225
	10,975	Gati Ltd.		23,151
	6,590	Gayatri Projects Ltd.		16,037
	18,405	Genus Power Infrastructures Ltd.		11,301
	12,605	GHCL Ltd.		50,994
	3,563	GIC Housing Finance Ltd.		27,743
	220	Gillette India Ltd.		14,790
	810	GlaxoSmithKline Consumer Healthcare Ltd.		64,447
	261	GlaxoSmithKline Pharmaceuticals Ltd.		10,128
	22,080	Glenmark Pharmaceuticals Ltd.		307,174
	198,377	GMR Infrastructure Ltd.(b)		53,195
	3,837	Godfrey Phillips India, Ltd.		71,181
	6,533	Godrej Industries Ltd.(b)		54,266
	5,642	Godrej Properties Ltd.(b)		40,721
	612,669	Granules India Ltd.		1,448,101
	45,540	Grasim Industries Ltd.		817,674
	13,082	Great Eastern Shipping Co. Ltd. (The)		89,457
	16,172	Greaves Cotton Ltd.		43,013
	770	Greenlam Industries Ltd.		8,075

Shares			Value
INDIA (continued)
	3,850	Greenply Industries Ltd.	$	16,772
	5,192	Grindwell Norton Ltd.(b)		31,242
	5,415	Gruh Finance Ltd.		33,498
	10,264	Gujarat Alkalies & Chemicals(b)		74,615
	6,920	Gujarat Ambuja Exports Ltd.(b)		14,081
	10,313	Gujarat Flourochemicals Ltd.(b)		124,187
	1,569	Gujarat Gas Ltd.		20,601
	21,698	Gujarat Mineral Development Corp. Ltd.		42,128
	13,800	Gujarat Narmada Valley Fertilizers Co. Ltd.		64,774
	10,870	Gujarat Pipavav Port Ltd.		26,926
	27,992	Gujarat State Fertilizers & Chemicals Ltd.		55,806
	37,701	Gujarat State Petronet Ltd.		106,076
	55,422	Hathway Cable & Datacom Ltd.(b)		37,649
	25,011	Havells India Ltd.		188,137
	11,965	HCL Infosystems Ltd.(b)		10,592
	3,112	HEG Ltd.(b)		15,117
	14,346	HeidelbergCement India Ltd.(b)		30,686
	646	Heritage Foods Ltd.		11,953
	44,646	Hexaware Technologies Ltd.		160,352
	3,702	Hikal Ltd.		12,186
	170,283	Himachal Futuristic Communications Ltd.(b)		40,764
	6,475	Himatsingka Seide Ltd.		34,081
	295,192	Hindalco Industries Ltd.		914,760
	2,430	Hinduja Global Solutions Ltd.		20,931
	98,252	Hindustan Construction Co. Ltd.(b)		71,096
	20,610	Hindustan Petroleum Corp. Ltd.		171,771
	207	Honeywell Automation India Ltd.		35,474
	86,041	Housing Development & Infrastructure Ltd.(b)		121,444
	173,607	HSIL Ltd.		918,636
	8,648	HT Media Ltd.		11,030
	4,443	Huhtamaki PPL Ltd.		18,734
	18,902	ICRA Ltd.(d)		1,233,155
	101,313	IDBI Bank Ltd.(b)		122,999
	836,755	Idea Cellular Ltd.		1,117,971
	53,821	IDFC Bank Ltd.		55,009
	73,673	IDFC Ltd.(b)		70,661
	1,838	IFB Industries Ltd.(b)		18,523
	201,931	IFCI Ltd.(b)		99,506
	77,633	IIFL Holdings Ltd.		578,959
	14,398	Il&FS Transportation Networks Ltd.		25,660
	98,764	India Cements Ltd. (The)		332,309
	101,373	Indiabulls Housing Finance Ltd.		1,602,538
	30,078	Indiabulls Ventures Ltd.		51,712
	14,343	Indian Bank		71,146
	1,701	Indian Hume Pipe Co. Ltd.		10,541
	63,134	Indian Overseas Bank(b)		28,461
	8,503	Indo Count Industries Ltd.		27,116
	1,383	Indraprastha Gas Ltd.		22,739

22

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
INDIA (continued)
	638	Ingersoll-Rand India Ltd.	$	8,942
	8,625	Inox Leisure Ltd.(b)		40,175
	6,904	Inox Wind Ltd.(b)		21,073
	9,700	Intellect Design Arena Ltd.(b)		19,587
	4,901	Interglobe Aviation Ltd.		84,250
	5,383	Ipca Laboratories Ltd.(b)		50,044
	14,743	IRB Infrastructure Developers Ltd.		59,781
	17,128	J Kumar Infraprojects Ltd.		75,842
	18,658	Jagran Prakashan Pvt Ltd.(b)		56,586
	194,340	Jain Irrigation Systems Ltd. - DVR		338,350
	440,270	Jaiprakash Associates Ltd.(b)		93,420
	57,737	Jammu & Kashmir Bank Ltd. (The)		72,788
	1,969	Jamna Auto Industries Ltd.		7,373
	133,928	Jaypee Infratech Ltd.(b)		31,228
	2,261	JB Chemicals & Pharmaceuticals Ltd.		11,586
	7,078	JBF Industries Ltd.		32,150
	9,545	Jindal Poly Films Ltd.		67,006
	29,253	Jindal Saw Ltd.		36,765
	87,641	Jindal Steel & Power Ltd.(b)		155,310
	2,351	JITF Infralogistics Ltd.(b)		2,469
	7,796	JK Lakshmi Cement Ltd.		55,886
	14,056	JK Paper Ltd.		23,412
	30,987	JK Tyre & Industries Ltd.		79,864
	103,647	JM Financial Ltd.		186,171
	91,795	JSW Energy Ltd.		95,676
	389,892	JSW Steel Ltd.		1,206,101
	8,205	Jubilant Foodworks Ltd.		132,922
	32,519	Jubilant Organosys Ltd.(b)		390,021
	4,718	Just Dial Ltd.(b)		36,850
	2,020	Jyothy Laboratories Ltd.		12,560
	8,493	Kajaria Ceramics Ltd.		87,630
	15,733	Kalpataru Power Transmission Ltd.(b)		86,137
	6,804	Kalyani Steels Ltd.(b)		39,414
	296,622	Kansai Nerolac Paints Ltd.		1,812,331
	46,340	Karnataka Bank Ltd. (The)		117,957
	19,125	Karur Vysya Bank Ltd. (The)		35,527
	2,611	Kaveri Seed Co. Ltd.(b)		22,912
	942	Kaya Ltd.(b)		12,106
	12,734	KCP Ltd.(b)		25,733
	38,932	KEC International Ltd.(b)		132,749
	3,059	Kitex Garments Ltd.		23,735
	7,194	Kolte-Patil Developers Ltd.		20,951
	92,850	KPIT Technologies Ltd.		185,325
	858	KPR Mill Ltd.		9,686
	9,361	KRBL Ltd.(b)		64,056
	9,208	Kwality Ltd.		21,635
	59,988	L&T Finance Holdings Ltd.		118,988
	635	Lakshmi Machine Works Ltd.		46,058
	12,239	Lakshmi Vilas Bank Ltd. (The)		35,197
	142,176	LIC Housing Finance Ltd.		1,478,339
	1,512	Linde India Ltd.		10,759

Shares			Value
INDIA (continued)
	21,539	Mahindra & Mahindra Financial Services Ltd.	$	112,901
	2,251	Mahindra Holidays & Resorts India Ltd.		15,753
	296	Mahindra Lifespace Developers Ltd.		2,034
	208,274	Manappuram Finance Ltd.		302,553
	13,303	Mangalore Refinery & Petrochemicals Ltd.(b)		27,628
	63,113	Marico Ltd.		309,237
	1,910,170	Marksans Pharma Ltd.		1,544,052
	9,054	Max Financial Services Ltd.		92,313
	11,396	Max Ltd.(b)		28,078
	2,279	Max Ventures & Industries Ltd.(b)		3,718
	14,107	Mcleod Russel India Ltd.		42,005
	57,898	Mercator Ltd.		44,776
	618	Merck Ltd.		10,491
	2,158	Minda Industries Ltd.		16,122
	38,260	MindTree Ltd.		288,630
	339	Monsanto India Ltd.		13,531
	95,603	Motherson Sumi Systems Ltd.(b)		596,311
	11,049	Mphasis Ltd.		92,104
	374	MRF Ltd.		394,809
	26,185	Mundra Port and Special Economic Zone Ltd.(b)		133,388
	11,659	Muthoot Finance Ltd.		71,462
	21,915	Nagarjuna Fertilizers & Chemicals Ltd.(b)		6,473
	54,633	National Aluminium Co. Ltd.		58,429
	235	Navin Fluorine International Ltd.		11,473
	7,379	Navneet Education Ltd.(b)		19,328
	107,246	NCC Ltd.		159,127
	297	NESCO Ltd.(b)		11,717
	138,150	NHPC Ltd.		68,184
	19,383	NIIT Technologies Ltd.		138,254
	534	Nilkamal Ltd.		18,086
	34,676	NOCIL Ltd.		57,218
	471,407	NRB Bearings Ltd.(d)		885,583
	8,471	Oberoi Realty Ltd.(b)		52,343
	2,889	OCL India Ltd.(b)		45,477
	13,423	Oil India Ltd.		68,263
	19,289	OMAXE Ltd.		57,765
	1,647	Oracle Financial Sevices Software Ltd.		91,083
	20,314	Oriental Bank of Commerce		53,714
	13,838	Page Industries Ltd.		3,126,650
	13,240	Patel Engineering Ltd.(b)		19,820
	12,131	PC Jeweller Ltd.		79,663
	6,456	Persistent Systems Ltd.		58,779
	51,330	Petronet LNG Ltd.		338,117
	1,883	Pfizer Ltd.		50,861
	7,094	Phillips Carbon Black Ltd.		46,784
	270,857	Phoenix Mills Ltd. (The)		1,740,592
	230,255	PI Industries Ltd.		3,114,330

23

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
INDIA (continued)
	166,330	Pidilite Industries Ltd.	$	1,861,096
	4,584	Piramal Enterprises Ltd.(b)		177,884
	14,053	Polaris Consulting & Services Ltd.(b)		44,662
	1,665	Polyplex Corp. Ltd.		12,386
	226,520	Port of Tauranga Ltd.(b)		639,224
	420,543	Power Finance Corp. Ltd.		1,045,964
	47,295	Prestige Estates Projects Ltd.(b)		173,395
	1,310	Procter & Gamble Hygiene & Health Care Ltd.		150,056
	101,946	PTC India Financial Services Ltd.		73,136
	105,198	PTC India Ltd.		155,843
	13,952	Punjab & Sind Bank		13,935
	112,990	Punjab National Bank(b)		296,570
	49,353	PVR Ltd.		1,237,546
	11,659	Radico Khaitan Ltd.		22,274
	102,878	Rain Industries Ltd.		179,273
	23,629	Rajesh Exports Ltd.		225,969
	8,005	Rallis India Ltd.		30,089
	16,737	Ramco Cements Ltd. (The)(b)		178,818
	21,528	Rashtriya Chemicals & Fertilizers Ltd.		28,228
	4,423	Ratnamani Metals & Tubes Ltd.(b)		55,131
	10,560	Raymond Ltd.		122,081
	86,199	Redington India Ltd.		167,226
	158,790	Reliance Communications Ltd.(b)		84,912
	9,934	Reliance Infrastructure Ltd.		92,074
	280,542	Reliance Power Ltd.(b)		213,252
	2,134	Repco Home Finance Ltd.		25,498
	38,166	Rolta India Ltd.(b)		35,983
	4,768	RSWM Ltd.		32,916
	393,233	Rural Electrification Corp. Ltd.(b)		1,238,137
	4,516	Sangam India Ltd.		21,492
	6,068	Sanghvi Movers Ltd.(b)		24,850
	816	Sanofi India Ltd.		53,181
	5,871	Sequent Scientific Ltd.(b)		11,431
	463,976	SH Kelkar & Co. Ltd.(b)(d)		2,333,223
	10,183	Shilpi Cable Technologies Ltd.		18,916
	20,453	Shipping Corporation of India Ltd.(b)		25,642
	2,527	Shoppers Stop Ltd.(b)		14,222
	310	Shriram City Union Finance Ltd.		10,780
	24,364	Shriram Transport Finance Co. Ltd.		393,373
	13,529	Shyam Century Ferrous Ltd.(b)		1,661
	3,021	Sical Logistics Ltd.(b)		12,013
	2,703	Siemens Ltd.		55,146
	1,002	Simplex Infrastructures Ltd.		6,306
	220,328	Sintex Industries Ltd.(b)		387,535
	456	Siyaram Silk Mills Ltd.(b)		11,961
	15,463	SJVN Ltd.		8,401
	1,544	SKF India Ltd.		40,957

Shares			Value
INDIA (continued)
	910	SML ISUZU Ltd.	$	18,774
	17,881	Sobha Ltd.		102,997
	1,625	Somany Ceramics Ltd.		18,640
	9,823	Sona Koyo Steering Systems Ltd.		12,582
	17,417	Sonata Software Ltd.		45,593
	401,240	South Indian Bank Ltd. (The)		160,296
	49,434	SREI Infrastructure Finance Ltd.		69,621
	9,620	SRF Ltd.		264,898
	13,529	Star Ferro and Cement Ltd.(b)(c)(d)		29,495
	19,528	State Bank of India		87,956
	142,693	Steel Authority of India Ltd.(b)		133,865
	24,084	Sterlite Technologies Ltd.		55,015
	158,720	Strides Shasun Ltd.		2,647,019
	4,094	Sudarshan Chemical Industries		23,337
	15,021	Sun TV Network Ltd.(b)		215,228
	6,937	Sundram Fasteners Ltd.		43,226
	6,028	Sunteck Realty Ltd.		41,961
	331,190	Suprajit Engineering Ltd(d)		1,212,939
	6,405	Supreme Industries Ltd.		108,356
	8,752	Suven Life Sciences Ltd.		24,598
	207,862	Suzlon Energy Ltd.(b)		66,562
	516	Swaraj Engines Ltd.		14,584
	88,434	Symphony Ltd.		1,977,839
	123,729	Syngene International Ltd(b)		993,794
	51,862	Syngene International Ltd.(b)		66,712
	13,420	TAKE Solutions Ltd.		27,714
	11,136	Tamil Nadu Newsprint & Papers Ltd.		51,396
	13,597	Tata Chemicals Ltd.		138,823
	4,668	Tata Communications Ltd.		52,322
	2,224	Tata Elxsi Ltd.		52,274
	75,981	Tata Power Co. Ltd.		99,568
	159,297	Tata Steel Ltd.		1,112,454
	90,649	Tata Tea Ltd.(b)		215,737
	4,213	TCI Express Ltd.		30,355
	111,593	Tech Mahindra Ltd.		723,282
	2,576	Techno Electric & Engineering Co. Ltd.		15,633
	2,619	Thermax Ltd.		41,994
	20,275	Time Technoplast Ltd.		35,819
	1,549	Timken India Ltd.		17,427
	12,914	Titagarh Wagons Ltd.(b)		25,625
	32,205	Titan Co. Ltd.(b)		235,417
	111,098	Torrent Pharmaceuticals Ltd.		2,450,183
	13,348	Torrent Power Ltd.(b)		47,153
	8,427	Transport Corp. of India Ltd.		31,898
	1,040	Trent Ltd.(b)		4,064
	42,672	Trident Ltd.		55,222
	22,115	Triveni Engineering & Industries Ltd.(b)		32,315
	5,808	Triveni Turbine Ltd.		12,437
	344	TTK Prestige Ltd.		33,534
	23,147	Tube Investments of India Ltd.		242,912
	77,904	TV18 Broadcast Ltd.(b)		50,620

24

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
INDIA (continued)
	18,756	TVS Motor Co. Ltd.	$	144,613
	302	TVS Srichakra Ltd.(b)		18,923
	70,495	UCO Bank(b)		45,422
	12,393	Uflex Ltd.		71,463
	2,581	Ufo Moviez India Ltd.		18,723
	2,441	Unichem Laboratories Ltd.(b)		10,418
	38,185	Union Bank of India		101,740
	624,998	Unitech Ltd.(b)		54,893
	6,122	United Breweries Ltd.		73,182
	114,212	United Phosphorus Ltd.(b)		1,431,245
	6,109	United Spirits Ltd.(b)		178,147
	7,625	VA Tech Wabag Ltd.		79,723
	17,091	Vakrangee Ltd.		90,901
	8,288	Vardhman Textiles Ltd.(b)		167,287
	437,454	Varun Beverages Ltd.(b)(d)		3,198,453
	122,043	Vedanta Ltd.		462,048
	624	Vesuvius India Ltd.		11,954
	16,629	V-Guard Industries Ltd.		49,217
	18,328	Videocon Industries Ltd.(b)		29,602
	55,177	Vijaya Bank(b)		70,247
	8,545	Vip Industries Ltd.		26,407
	10,224	Voltas Ltd.		65,328
	2,640	VRL Logistics Ltd.		13,627
	629	VST Industries Ltd.		29,805
	420	VST Tillers Tractors Ltd.(b)		13,000
	368	WABCO India Ltd.		34,273
	52,350	Welspun Corp. Ltd.		67,258
	44,867	Welspun India Ltd.		66,502
	8,145	West Coast Paper Mills Ltd.		25,234
	2,827	Wockhardt Ltd.		31,592
	35,865	Yes Bank Ltd.		908,890
	59,727	Zee Entertainment Enterprises Ltd.		489,152
	3,524	Zensar Technologies Ltd.		47,396
	888	Zydus Wellness Ltd.		11,973
				104,360,127
INDONESIA — 0.5%
	655,700	Ace Hardware Indonesia Tbk PT		45,996
	4,853,200	Adaro Energy Tbk PT		646,292
	242,553	Adhi Karya Persero Tbk PT		41,126
	2,440,500	Agung Podomoro Land Tbk PT(b)		38,450
	5,374,800	AKR Corporindo Tbk PT		2,731,958
	4,399,900	Alam Sutera Realty Tbk PT(b)		114,875
	2,617,729	Aneka Tambang Persero Tbk PT(b)		136,493
	68,769,700	Arwana Citramulia Tbk PT(d)		2,811,875
	28,100	Asahimas Flat Glass Tbk PT		14,441
	101,000	Astra Agro Lestari Tbk PT		109,115
	339,200	Asuransi Kresna Mitra Tbk PT(b)		15,142
	31,750,200	Bakrie & Brothers Tbk PT(b)		119,102
	9,876,000	Bakrie Telecom Tbk PT(b)		37,047
	1,518,266	Bank Bukopin Tbk PT		71,761

Shares			Value
INDONESIA (continued)
	1,031,716	Bank Danamon Indonesia Tbk PT	$	376,183
	2,672,350	Bank Pan Indonesia Tbk PT(b)		183,450
	913,600	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		137,770
	1,534,500	Bank Pembangunan Daerah Jawa Timur Tbk PT		78,861
	824,700	Bank Permata Tbk PT(b)		43,001
	2,018,600	Bank Tabungan Negara Persero Tbk PT		348,322
	141,100	Bank Tabungan Pensiunan Nasional Tbk PT		27,629
	1,269,400	Barito Pacific Tbk PT(b)		299,993
	54,000	Bayan Resources Tbk PT(b)(d)		27,549
	500,000	Bekasi Fajar Industrial Estate Tbk PT		11,104
	40,300	Blue Bird Tbk PT		11,852
	806,900	Bumi Serpong Damai Tbk PT		108,362
	582,300	Charoen Pokphand Indonesia Tbk PT		139,361
	4,879,001	Ciputra Development Tbk PT		468,536
	644,973	Citra Marga Nusaphala Persada Tbk PT(b)		67,744
	936,900	Delta Dunia Makmur Tbk PT(b)		77,319
	2,402,400	Elnusa Tbk PT		68,130
	16,087,500	Express Transindo Utama Tbk PT(b)(d)		188,285
	47,800	Fajar Surya Wisesa Tbk PT		16,389
	870,500	Gajah Tunggal Tbk PT(b)		67,595
	1,532,200	Garuda Indonesia Persero Tbk PT(b)		42,302
	3,881,700	Global Mediacom Tbk PT		155,804
	5,879,000	Hanson International Tbk PT(b)		61,309
	1,043,600	Holcim Indonesia Tbk PT		70,466
	420,600	Indah Kiat Pulp and Paper Corp. Tbk PT		65,635
	365,600	Indika Energy Tbk PT(b)		24,686
	101,500	Indo Tambangraya Megah Tbk PT		145,636
	113,400	Indosat Tbk PT(b)		61,043
	369,200	Industri Jamu Dan Farmasi Sido Muncul Tbk PT		15,511
	1,260,200	Intiland Development Tbk PT		41,600
	1,762,000	Japfa Comfeed Indonesia Tbk PT		193,663
	161,509	Jasa Marga Persero Tbk PT		56,223
	168,400	Jaya Real Property Tbk PT		11,371
	8,140,236	Kawasan Industri Jababeka Tbk PT(b)		201,536
	1,235,800	Kmi Wire & Cable Tbk PT		57,483
	893,500	Krakatau Steel Persero Tbk PT(b)		38,880
	883,300	Kresna Graha Investama PT Tbk(b)		28,231
	49,800	Link Net Tbk PT		20,176

25

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
INDONESIA (continued)
	261,800	Lippo Cikarang Tbk PT(b)	$	87,993
	8,121,650	Lippo Karawaci Tbk PT		481,364
	164,700	Malindo Feedmill Tbk PT(b)		15,075
	103,000	Matahari Department Store Tbk PT		112,822
	638,800	Matahari Putra Prima Tbk PT		45,290
	18,022,675	Mayora Indah Tbk PT(d)		2,744,844
	842,800	Medco Energi Internasional Tbk PT(b)		189,059
	756,000	Media Nusantara Citra Tbk PT		103,511
	131,300	Mitra Adiperkasa Tbk PT(b)		62,306
	271,600	Mitra Keluarga Karyasehat Tbk PT		51,757
	232,900	Mitra Pinasthika Mustika Tbk PT		15,726
	8,108,800	MNC Investama Tbk PT(b)		73,003
	115,500	Mnc Land Tbk PT		11,785
	2,149,700	Modernland Realty Tbk PT(b)		45,481
	2,224,900	Multipolar Tbk PT(b)		53,081
	26,448,500	Nippon Indosari Corpindo Tbk PT(d)		3,254,223
	3,181,300	Nusantara Infrastructure Tbk PT(b)		31,505
	3,368,900	Pakuwon Jati Tbk PT		157,969
	332,600	Pan Brothers Tbk PT		14,847
	3,272,600	Panin Financial Tbk PT(b)		57,453
	670,793	Pembangunan Perumahan Persero Tbk PT		160,036
	1,267,800	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		132,687
	398,800	Ramayana Lestari Sentosa Tbk PT		38,148
	783,900	Salim Ivomas Pratama Tbk PT		37,345
	253,800	Samindo Resources Tbk PT		16,185
	9,309,200	Sarana Meditama Metropolitan Tbk PT(d)		1,822,868
	13,408,900	Sawit Sumbermas Sarana Tbk PT		1,760,490
	17,484,000	Selamat Sempurna Tbk PT(d)		1,600,306
	546,100	Semen Indonesia Persero Tbk PT		361,567
	3,065,800	Sentul City Tbk PT(b)		20,241
	3,272,337	Siloam International Hospitals Tbk PT(b)(d)		3,363,419
	117,500	Sinar Mas Agro Resources & Technology Tbk PT(b)		36,143
	6,746,600	Sri Rejeki Isman Tbk PT		152,860
	292,700	Sumber Alfaria Trijaya Tbk PT		12,517
	1,209,000	Summarecon Agung Tbk PT		123,358
	889,400	Surya Citra Media Tbk PT		190,838
	1,475,000	Surya Semesta Internusa Tbk PT		80,783
	101,900	Tambang Batubara Bukit Asam Persero Tbk PT		96,900
	561,500	Tiga Pilar Sejahtera Food Tbk(b)		93,520
	1,797,800	Timah Persero Tbk PT		127,460

Shares			Value
INDONESIA (continued)
	586,900	Tiphone Mobile Indonesia Tbk PT	$	45,353
	291,400	Tower Bersama Infrastructure Tbk PT		127,893
	4,875,000	Truba Alam Manunggal Engineering PT(b)(c)(d)		3,657
	1,281,200	Tunas Baru Lampung Tbk PT		122,074
	539,500	Tunas Ridean Tbk PT		53,630
	43,000	United Tractors Tbk PT		86,781
	578,300	Vale Indonesia Tbk PT(b)		96,318
	1,938,200	Visi Media Asia Tbk PT(b)		57,874
	613,485	Waskita Karya Persero Tbk PT		110,003
	364,100	Wijaya Karya Beton Tbk PT		20,214
	320,700	Wijaya Karya Persero Tbk PT		57,023
	903,700	XL Axiata Tbk PT(b)		217,637
				29,807,885
IRELAND — 1.5%
	826,557	Allegion Plc		65,000,442
	7,697,883	Bank of Ireland(b)		1,937,007
	90,764	C&C Group Plc		374,418
	8,890	DCC Plc		820,973
	3,350	Endo International Plc(b)		38,090
	5,572	FBD Holdings Plc(b)		49,467
	643,235	Glanbia Plc		12,556,122
	55,515	Grafton Group Plc - Units		536,038
	144,023	Greencore Group Plc		425,309
	23,429	Hibernia REIT plc		32,540
	2,311	Horizon Pharma Plc(b)		35,543
	16,165	IFG Group Plc(b)		29,054
	23,450	Irish Continental Group Plc - Units		135,384
	430	Kenmare Resources Plc(b)		1,546
	12,297	Kingspan Group Plc(b)(e)		427,774
	6,121	Kingspan Group Plc(e)		211,230
	3,987	Mallinckrodt Plc(b)		187,070
	11,096	Paddy Power Betfair Plc		1,236,488
	107,448	Smurfit Kappa Group Plc(b)		2,878,092
	4,022	Tarsus Group Plc		15,367
	85,271	United Drug Plc(b)		825,011
	14,014	Weatherford International Plc(b)		80,861
				87,833,826
ISLE OF MAN — 0.0%
	19,921	GVC Holdings Plc		192,739
	52,500	Paysafe Group Plc(b)		308,644
				501,383
ISRAEL — 1.5%
	5,950	Airport City Ltd.(b)		78,703
	931	Alrov Properties and Lodging		25,463
	3,712	AudioCodes Ltd.(b)		24,331
	28	Bayside Land Corp.		12,207
	710,833	Check Point Software Technologies Ltd.(b)		73,933,740

26

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
ISRAEL (continued)
	7,778	Clal Insurance Enterprise Holdings Ltd.(b)	$	126,276
	4,759	Compugen Ltd.(b)		19,105
	9,651	Delek Automotive Systems Ltd.		84,737
	1,216	Delek Group Ltd.		273,263
	3,947	Delta-Galil Industries Ltd.		121,185
	9,680	Direct Insurance Financial Investments Ltd.		92,262
	56,421	El Al Israel Airlines		44,071
	6,094	Elbit Systems Ltd.		726,037
	905	Electra Ltd.		197,502
	1	Electra Real Estate Ltd.(b)		1
	1,009	Equital Ltd.(b)		27,770
	0	Evogene Ltd.(b)		3
	14,334	First International Bank of Israel Ltd.		236,278
	3,036	Formula Systems 1985 Ltd.		118,194
	9,837	Frutarom Industries Ltd.		578,248
	1,135	Hadera Paper Ltd.(b)		52,240
	43,055	Harel Insurance Investments & Financial Services Ltd.		229,196
	850	Hilan Ltd.		14,929
	360	Industrial Buildings Corp. Ltd.(b)		495
	274,008	Israel Discount Bank Ltd. - Class A(b)		663,496
	4,804	Jerusalem Oil Exploration(b)		279,077
	4,100	Magic Software Enterprises Ltd.		32,150
	16,429	Matrix IT Ltd.		154,909
	1,459	Melisron Ltd.		79,547
	15,752	Menora Mivtachim Holdings Ltd.		181,797
	34,854	Migdal Insurance & Financial Holding Ltd.		34,356
	76,835	Mizrahi Tefahot Bank Ltd.		1,241,053
	7,596	Naphtha Israel Petroleum Corp. Ltd.(b)		61,202
	736	Neto ME Holdings Ltd.		81,042
	12,080	Nice Ltd.		827,169
	7,762	Nova Measuring Instruments Ltd.(b)		154,306
	391,918	Oil Refineries Ltd.		155,499
	59,383	Orbotech Ltd.(b)		1,955,482
	5,275	Partner Communications Co. Ltd.(b)		25,765
	2,872	Paz Oil Co. Ltd.		468,490
	14,145	Phoenix Holdings Ltd. (The)(b)		62,098
	1,121	Plasson Industries Ltd.		38,256
	1	Protalix Biotherapeutics, Inc.(b)		1
	715	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		34,153
	28,000	Sapiens International Corp NV(e)		332,080
	1,316	Sapiens International Corp NV(e)		16,333
	2,783,400	Sarine Technologies Ltd.(d)		3,825,021

Shares			Value
ISRAEL (continued)
	68,879	Shikun & Binui Ltd.	$	180,670
	35,913	Shufersal Ltd.		176,995
	6,039	Strauss Group Ltd.		106,013
	3,075	Summit Real Estate Holdings Ltd.		22,873
	3,108	Tower Semiconductor Ltd.(b)		68,326
	6,295	Union Bank of Israel(b)		27,305
				88,301,700
ITALY — 0.4%
	42,476	A2A SpA		63,157
	5,983	ACEA SpA		86,093
	14,575	Amplifon SpA		185,915
	4,339	Anima Holding SpA		28,359
	22,692	Ansaldo STS SpA		304,531
	69,425	Arnoldo Mondadori Editore SpA(b)		137,864
	5,010	Ascopiave SpA		19,767
	27,975	Astaldi SpA		183,449
	14,058	Autogrill SpA		159,872
	10,738	Azimut Holding SpA		209,609
	10,128	Banca Generali SpA		291,146
	5,743	Banca IFIS SpA		247,732
	30,322	Banca Mediolanum SpA		232,034
	37,761	Banca Popolare di Sondrio SCPA		140,593
	64,010	Banco BPM SpA		186,169
	6,391	Banco di Desio e della Brianza SpA		17,474
	17,479	BasicNet SpA		68,277
	4,057	Biesse SpA		125,066
	56,764	BPER Banca		310,402
	3,590	Brembo SpA		282,149
	21,385	Buzzi Unicem SpA		549,755
	16,513	Cementir Holding SpA		99,472
	15,644	Cerved Information Solutions SpA		167,002
	163,542	CIR-Compagnie Industriali Riunite SpA		262,944
	29,592	Credito Emiliano SpA		206,624
	21,673	Credito Valtellinese SpA		78,380
	4,557	Danieli & C Officine Meccaniche SpA		113,923
	4,885	Datalogic SpA		133,989
	36,080	Davide Campari-Milano SpA		426,819
	9,415	De’ Longhi SpA		287,161
	4,071	DiaSorin SpA		305,097
	2,953	Ei Towers SpA		170,485
	2,136	El.En. SpA		76,061
	19,172	ERG SpA		238,078
	5,852	Esprinet SpA		47,873
	9,629	Eurotech SpA(b)		17,086
	55,057	Falck Renewables SpA		68,070
	5,591	Ferrari NV		420,534
	39,751	Fincantieri SpA(b)		38,949
	5,919	FinecoBank Banca Fineco SpA		42,103

27

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
ITALY (continued)
	34,243	FNM SpA	$	20,273
	14,723	Geox SpA		39,806
	46,449	Gruppo Editoriale L’Espresso SpA(b)		42,679
	3,426	Gruppo Mutuionline SpA		45,045
	51,774	Hera SpA		148,100
	2,710	Immobiliare Grande Distribuzione SIIQ SpA REIT		2,427
	57,566	IMMSI SpA		24,330
	3,035	Industria Macchine Automatiche SpA		267,788
	6,893	Infrastrutture Wireless Italiane SPA		38,143
	128,806	Intek Group SpA(b)		34,376
	7,391	Interpump Group SpA		196,042
	61,258	Iren SpA		129,119
	4,398	Italmobiliare SpA		246,244
	69,111	Juventus Football Club SpA(b)		63,840
	2,796	La Doria SpA		34,538
	187,037	Leonardo SpA(b)		2,939,962
	23,268	Maire Tecnimont SpA		92,462
	1,779	Mariella Burani SpA(b)(c)(d)		0
	6,331	MARR SpA		152,892
	256,282	Mediaset SpA		1,047,997
	124,699	Mediobanca SpA		1,198,742
	13,734	Moncler SpA		339,004
	48,389	Parmalat SpA		163,929
	59,042	Piaggio & C SpA		122,198
	7,438	Poste Italiane SpA		50,963
	565	Prima Industrie SpA		15,774
	35,489	Prysmian SpA		1,024,829
	17,110	Recordati SpA		633,876
	831	Reply SpA		145,648
	29,208	Retelit SpA(b)		42,570
	1,204	Sabaf SpA		17,142
	1,494	SAES Getters SpA		29,212
	5,932	Safilo Group SpA(b)		42,841
	1,458,184	Saipem SpA(b)		628,371
	38,779	Salini Impregilo SpA		131,964
	150,998	Saras SpA		315,477
	3,891	SAVE SpA/Tessera		92,271
	2,467	Servizi Italia SpA		11,555
	33,923	Societa Cattolica di Assicurazioni SCRL		301,346
	34,431	Societa Iniziative Autostradali e Servizi SpA		346,928
	10,691	Sogefi SpA(b)		54,944
	11,520	SOL SpA		124,233
	106,594	Terna Rete Elettrica Nazionale SpA		537,603
	20,102	Tiscali SpA(b)		1,012
	879	Tod’s SpA		67,934
	6,610	Uni Land SpA(b)(c)(d)		0
	109,383	Unione di Banche Italiane SpA		460,638
	101,539	Unipol Gruppo Finanziario SpA		452,602
	322,477	UnipolSai Assicurazioni SpA		741,189

Shares			Value
ITALY (continued)
	7,876	Vittoria Assicurazioni SpA	$	105,526
	7,438	Yoox Net-A-Porter Group SpA(b)		197,694
	3,856	Zignago Vetro SpA		31,839
				21,025,980
JAPAN — 5.0%
	48,000	77 Bank Ltd. (The)		207,544
	2,700	A&D Co. Ltd.		10,681
	4,600	Achilles Corp.		73,864
	2,600	Adastria Co. Ltd.		64,583
	62,800	ADEKA Corp.		926,719
	2,500	Advan Co. Ltd.		26,060
	1,800	Advanex, Inc.		24,253
	20,400	Advantest Corp.		380,824
	1,200	Aeon Delight Co. Ltd.		36,600
	2,200	Aeon Fantasy Co. Ltd.		57,884
	4,700	Aeon Mall Co. Ltd.		79,813
	11,700	Ahresty Corp.		116,921
	3,900	Ai Holdings Corp.		95,930
	5,900	Aica Kogyo Co. Ltd.		168,307
	2,700	Aichi Bank Ltd. (The)		148,957
	6,200	Aichi Corp.		45,773
	5,500	Aichi Steel Corp.		215,115
	1,600	Aichi Tokei Denki Co. Ltd.		53,465
	11,400	Aida Engineering Ltd.		99,197
	3,800	Ain Holdings, Inc.		263,162
	43,000	Air Water, Inc.		827,791
	4,700	Airport Facilities Co. Ltd.		24,623
	15,000	Aisan Industry Co. Ltd.		134,694
	11,000	Akebono Brake Industry Co. Ltd.(b)		35,129
	44,000	Akita Bank Ltd. (The)		139,726
	500	Albis Co. Ltd.		16,484
	3,400	Alconix Corp.		59,719
	5,900	Alinco, Inc.		52,080
	3,100	Alpen Co. Ltd.		55,590
	2,800	Alpha Corp.		50,537
	10,600	Alpine Electronics, Inc.		154,139
	6,600	Alps Logistics Co. Ltd.		44,997
	800	Altech Corp.		26,015
	24,900	Amada Holdings Co. Ltd.		295,740
	10,100	Amano Corp.		215,636
	500	Amiyaki Tei Co. Ltd.		18,749
	3,700	Anest Iwata Corp.		32,527
	1,200	Anicom Holdings, Inc.(b)		28,667
	1,900	Anritsu Corp.		15,357
	300	AOI Electronics Co. Ltd.		9,150
	3,300	AOI TYO Holdings, Inc.		24,215
	20,300	AOKI Holdings, Inc.		250,392
	50,000	Aomori Bank Ltd. (The)		174,030
	8,900	Aoyama Trading Co. Ltd.		317,757
	7,000	Arakawa Chemical Industries Ltd.		123,768
	2,500	Arata Corp.		67,616
	15,800	Arcland Sakamoto Co. Ltd.		195,454

28

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments -(Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,738	Arcs Co. Ltd.	$	208,781
	118,800	Ariake Japan Co. Ltd.		7,513,254
	2,090	As One Corp.		92,524
	3,100	Asahi Co. Ltd.		39,683
	13,800	Asahi Diamond Industrial Co. Ltd.		105,844
	4,350	Asahi Holdings, Inc.		81,049
	9,400	Asahi Intecc Co. Ltd.		417,403
	1,800	Asahi Kogyosha Co. Ltd.		49,572
	23,000	Asahi Yukizai Corp.		47,867
	24,000	Asanuma Corp.		69,971
	2,300	Asax Co. Ltd.		32,537
	33,000	Ashimori Industry Co. Ltd.		48,253
	6,000	Asia Pile Holdings Corp.		32,671
	10,300	Asics Corp.		182,115
	2,400	ASKA Pharmaceutical Co. Ltd.		35,201
	1,600	ASKUL Corp.		46,575
	2,000	Asti Corp.		12,559
	6,700	Asunaro Aoki Construction Co. Ltd.		49,345
	1,000	Ateam, Inc.		26,284
	10,200	Atom Corp.		66,338
	19,300	Autobacs Seven Co. Ltd.		291,902
	4,000	Avex Group Holdings, Inc.		58,776
	57,000	Awa Bank Ltd. (The)		376,336
	3,800	Axial Retailing, Inc.		145,387
	9,300	Azbil Corp.		312,850
	21,000	Bando Chemical Industries Ltd.		192,339
	4,400	Bank of Iwate Ltd. (The)		179,987
	22,000	Bank of Kochi Ltd. (The)		25,064
	39,000	Bank of Kyoto Ltd. (The)		308,571
	3,700	Bank of Nagoya Ltd. (The)		135,752
	6,600	Bank of Okinawa Ltd. (The)		254,586
	41,000	Bank of Saga Ltd. (The)		109,235
	9,500	Bank of the Ryukyus Ltd.		130,899
	2,200	Belc Co. Ltd.		97,887
	1,300	Bell System24 Holdings, Inc.		12,408
	29,400	Belluna Co. Ltd.		269,538
	1,100	Benefit One, Inc.		33,599
	3,500	Benesse Holdings, Inc.		105,651
	8,700	Bic Camera, Inc.		86,551
	72,800	BML, Inc.		1,588,245
	1,400	Bookoff Corp.		9,846
	2,800	Broadleaf Co. Ltd.		18,160
	22,400	Bunka Shutter Co. Ltd.		172,207
	1,200	C Uyemura & Co. Ltd.		62,866
	900	Can Do Co. Ltd.		13,644
	1,600	Canon Electronics, Inc.		29,768
	12,000	Canon Marketing Japan, Inc.		252,756
	5,300	Capcom Co. Ltd.		114,296
	3,400	Carlit Holdings Co. Ltd.		17,355
	12,900	Casio Computer Co. Ltd.		181,798
	3,700	Cawachi Ltd.		97,184
	109,000	Central Glass Co. Ltd.		471,298
	900	Central Security Patrols Co. Ltd.		14,016
	1,300	Central Sports Co. Ltd.		38,601

Shares			Value
JAPAN (continued)
	12,100	Chiba Kogyo Bank Ltd. (The)	$	69,686
	1,300	Chino Corp.		14,414
	4,000	Chiyoda Co. Ltd.		99,789
	3,700	Chiyoda Integre Co. Ltd.		81,451
	3,800	Chori Co. Ltd.		67,734
	11,700	Chubu Shiryo Co. Ltd.		138,437
	60,000	Chuetsu Pulp & Paper Co. Ltd.		127,562
	150,500	Chugai Mining Co. Ltd.(b)		35,102
	4,000	Chugai Ro Co. Ltd.		7,786
	24,800	Chugoku Bank Ltd. (The)		367,968
	23,000	Chugoku Marine Paints Ltd.		170,011
	3,200	Chukyo Bank Ltd. (The)		66,885
	4,600	Ci:z Holdings Co. Ltd.		134,936
	71,100	Citizen Watch Co. Ltd.		471,342
	15,000	CKD Corp.		187,710
	21,000	Clarion Co. Ltd.		83,265
	7,000	Cleanup Corp.		50,549
	3,000	CMIC Holdings Co. Ltd.		38,753
	12,900	CMK Corp.(b)		84,824
	25,117	Coca-Cola Bottlers Japan, Inc.		746,920
	2,290	Cocokara Fine, Inc.		108,260
	4,500	COLOPL Inc.		41,538
	6,400	Colowide Co. Ltd.		105,064
	6,100	Computer Engineering & Consulting Ltd.		113,983
	16,300	COMSYS Holdings Corp.		310,281
	4,500	CONEXIO Corp.		68,908
	3,300	COOKPAD, Inc.		26,258
	16,500	Cosmo Energy Holdings Co. Ltd.		261,543
	1,500	Cosmos Pharmaceutical Corp.		303,700
	4,100	Create Restaurants Holdings, Inc.		33,212
	5,400	Create SD Holdings Co. Ltd.		126,819
	30,100	Credit Saison Co. Ltd.		547,862
	700	CROOZ, Inc.(b)		21,507
	4,700	CTI Engineering Co. Ltd.		46,041
	12,000	CyberAgent, Inc.		372,460
	3,900	D.A. Consortium Holdings, Inc.		49,644
	43,000	Dai Nippon Toryo Co. Ltd.		98,363
	9,100	Daibiru Corp.		83,918
	6,000	Dai-Dan Co. Ltd.		58,776
	17,000	Daido Kogyo Co. Ltd.		43,158
	11,600	Daido Metal Co. Ltd.		103,435
	148,000	Daido Steel Co. Ltd.		824,472
	11,200	Daifuku Co. Ltd.		283,027
	10,000	Daihatsu Diesel Manufacturing Co. Ltd.		64,499
	30,000	Daihen Corp.		190,267
	34,000	Daiho Corp.		165,616
	13,000	Daiichi Jitsugyo Co. Ltd.		81,633
	1,000	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		9,634
	1,500	Dai-ichi Seiko Co. Ltd.		22,041
	6,600	Daiichikosho Co. Ltd.		286,261
	4,600	Daiken Corp.		87,151

29

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	19,000	Daiki Aluminium Industry Co. Ltd.	$	89,993
	2,300	Daikoku Denki Co. Ltd.		33,115
	400	Daikokutenbussan Co. Ltd.		19,125
	86,000	Daikyo, Inc.		178,982
	4,800	Daikyonishikawa Corp.		60,928
	39,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		266,239
	37,000	Daio Paper Corp.		468,993
	2,100	Daisan Bank Ltd. (The)		31,987
	4,910	Daiseki Co. Ltd.		109,454
	64,000	Daishi Bank Ltd. (The)		256,632
	57,000	Daito Bank Ltd. (The)		84,880
	3,760	Daito Pharmaceutical Co. Ltd.		77,173
	118,000	Daiwabo Holdings Co. Ltd.		414,945
	495,120	DCM Holdings Co. Ltd.		4,312,729
	6,500	DeNA Co. Ltd.		139,184
	191,000	Denka Co. Ltd.		983,485
	5,700	Denyo Co. Ltd.		83,551
	8,200	Descente Ltd.		99,525
	5,400	Dexerials Corp.(b)		48,538
	37,400	DIC Corp.		1,330,262
	1,400	Digital Arts, Inc.		38,870
	1,900	Dip Corp.		41,980
	23,000	DKS Co. Ltd.		93,259
	3,500	DMG Mori Co. Ltd.		57,708
	4,000	Doshisha Co. Ltd.		80,843
	5,674	Doutor Nichires Holdings Co. Ltd.		120,326
	71,000	Dowa Holdings Co. Ltd.		528,639
	400	DSB Co. Ltd.		2,246
	3,200	DTS Corp.		83,879
	2,300	Dunlop Sports Co. Ltd.		21,355
	2,000	Dynic Corp.		3,445
	7,900	Eagle Industry Co. Ltd.		111,688
	48,400	Ebara Corp.		1,474,035
	1,400	Ebara Jitsugyo Co. Ltd.		17,997
	1,100	Eco’s Co Ltd/Japan		11,417
	48,400	EDION Corp.		471,952
	700	eGuarantee, Inc.		15,303
	10,400	Ehime Bank Ltd. (The)		131,545
	8,000	Eidai Co. Ltd.		36,744
	41,000	Eighteenth Bank Ltd. (The)		125,786
	1,900	Eiken Chemical Co. Ltd.		52,155
	2,800	Elecom Co. Ltd.		57,871
	700	Elematec Corp.		11,083
	2,600	Endo Lighting Corp.		20,968
	1,100	Enigmo, Inc.(b)		19,291
	3,000	en-japan, Inc.		66,661
	1,900	Enplas Corp.		51,900
	5,500	EPS Holdings Inc.		72,429
	4,800	Es-Con Japan Ltd.		16,793
	4,200	ESPEC Corp.		50,826
	2,300	Excel Co. Ltd.		30,268
	15,200	Exedy Corp.		414,514

Shares			Value
JAPAN (continued)
	5,200	Ezaki Glico Co. Ltd.	$	273,819
	5,800	F@N Communications, Inc.		46,202
	3,000	FALCO HOLDINGS Co. Ltd.		41,175
	231,000	FCC Co. Ltd.		4,401,381
	35,680	Feed One Co. Ltd.		66,255
	12,000	Ferrotec Holdings Corp.		142,633
	26,400	FIDEA Holdings Co. Ltd.		49,496
	2,900	Fields Corp.		32,545
	9,300	Financial Products Group Co. Ltd.		80,757
	8,500	FJ Next Co. Ltd.		72,514
	11,400	Foster Electric Co. Ltd.		190,213
	2,200	FP Corp.		104,597
	5,400	France Bed Holdings Co. Ltd.		45,390
	7,100	F-Tech, Inc.		85,346
	9,400	Fudo Tetra Corp.		15,431
	3,700	Fuji Co. Ltd.		91,641
	10,600	Fuji Corp. Ltd.		69,415
	151,000	Fuji Electric Co. Ltd.		827,638
	13,000	Fuji Kiko Co. Ltd.		69,971
	12,000	Fuji Kyuko Co. Ltd.		109,800
	13,800	Fuji Oil Co. Ltd.		44,442
	9,600	Fuji Oil Holdings, Inc.		225,026
	2,200	Fuji Pharma Co. Ltd.		71,541
	5,800	Fuji Seal International, Inc.		138,087
	3,800	Fuji Soft, Inc.		100,254
	4,000	Fujibo Holdings, Inc.		109,083
	2,700	Fujicco Co. Ltd.		61,739
	10,700	Fujikura Kasei Co. Ltd.		63,159
	170,000	Fujikura Ltd.		1,276,430
	1,200	Fujikura Rubber Ltd.		7,298
	2,200	Fujimi, Inc.		42,411
	3,700	Fujimori Kogyo Co. Ltd.		115,838
	13,000	Fujita Kanko, Inc.		41,749
	19,100	Fujitec Co. Ltd.		226,167
	6,200	Fujitsu Frontech Ltd.		85,763
	8,000	Fujitsu General Ltd.		169,724
	12,000	Fujiya Co. Ltd.		27,558
	7,000	FuKoKu Co. Ltd.		57,206
	10,000	Fukuda Corp.		88,630
	43,000	Fukui Bank Ltd. (The)		105,692
	1,300	Fukui Computer Holdings, Inc.		34,087
	68,000	Fukuoka Financial Group, Inc.		309,881
	74,000	Fukushima Bank Ltd. (The)		58,417
	3,100	Fukushima Industries Corp.		109,984
	28,000	Fukuyama Transporting Co. Ltd.		170,298
	6,300	FULLCAST Holdings Co. Ltd.		62,392
	2,000	Fumakilla Ltd.		13,761
	3,600	Funai Soken Holdings, Inc.		69,174
	44,000	Furukawa Co. Ltd.		84,862
	31,300	Furukawa Electric Co. Ltd.		1,266,320
	7,200	Furuno Electric Co. Ltd.		44,049
	4,000	Furusato Industries Ltd.		59,206
	3,500	Fuso Chemical Co. Ltd.		109,419

30

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	1,100	Fuso Pharmaceutical Industries Ltd.	$	28,251
	27,500	Futaba Industrial Co. Ltd.		229,670
	3,200	Future Corp.		24,831
	8,900	Fuyo General Lease Co. Ltd.		415,160
	500	G-7 Holdings, Inc.		10,397
	2,000	Gakken Holdings Co. Ltd.		55,080
	8,000	Gecoss Corp.		86,979
	1,300	Genki Sushi Co. Ltd.		25,318
	800	Genky Stores, Inc.		20,467
	10,000	Geo Holdings Corp.		110,428
	2,100	Gfoot Co. Ltd.		14,223
	700	Giken Ltd.		16,276
	2,500	GLOBERIDE, Inc.		43,328
	14,500	Glory Ltd.		486,477
	6,400	GMO Internet, Inc.		75,956
	1,600	GMO Payment Gateway, Inc.		71,765
	3,400	Godo Steel Ltd.		50,020
	2,280	Goldcrest Co. Ltd.		40,497
	110,000	GS Yuasa Corp.		509,172
	24,000	GSI Creos Corp.		31,002
	8,300	G-Tekt Corp.		146,306
	31,900	GungHo Online Entertainment, Inc.		71,541
	48,300	Gunma Bank Ltd. (The)		259,102
	48,000	Gunze Ltd.		194,196
	3,500	Gurunavi, Inc.		70,298
	7,200	H.I.S. Co. Ltd.		171,676
	23,735	H2O Retailing Corp.		402,202
	59,500	Hachijuni Bank Ltd. (The)		351,209
	1,600	Hagihara Industries, Inc.		38,064
	700	Hagiwara Electric Co. Ltd.		14,104
	3,500	Hakudo Co. Ltd.		51,805
	4,800	Hakuto Co. Ltd.		51,240
	6,600	Hamakyorex Co. Ltd.		138,365
	9,800	Haneda Zenith Holdings Co. Ltd.		23,121
	247,000	Hanwa Co. Ltd.		1,750,437
	7,000	Happinet Corp.		115,353
	5,000	Hard Off Corp. Co. Ltd.		47,589
	1,600	Harima Chemicals Group, Inc.		10,808
	2,400	Harmonic Drive Systems, Inc.		75,461
	50,900	Haseko Corp.		580,801
	24,260	Hazama Ando Corp.		172,578
	34,631	Heiwa Corp.		891,909
	5,500	Heiwa Real Estate Co. Ltd.		87,625
	18,000	Heiwado Co. Ltd.		386,078
	15,800	Hibiya Engineering Ltd.		232,872
	3,870	Hiday Hidaka Corp.		81,722
	1,600	Hikari Tsushin, Inc.		153,577
	4,700	HI-LEX Corp.		116,114
	3,200	Hiramatsu, Inc.		18,659
	200	Hirata Corp.		15,788
	104,000	Hiroshima Bank Ltd. (The)		448,746
	18,900	Hitachi Capital Corp.		462,688
	11,000	Hitachi Kokusai Electric, Inc.		246,692

Shares			Value
JAPAN (continued)
	2,300	Hitachi Maxell Ltd.(b)	$	45,412
	68,200	Hitachi Metals Ltd.		955,014
	19,900	Hitachi Transport System Ltd.		422,903
	51,500	Hitachi Zosen Corp.		298,906
	8,700	Hochiki Corp.		112,072
	1,000	Hodogaya Chemical Co. Ltd.		30,993
	130,100	Hogy Medical Co. Ltd.		8,356,277
	12,800	Hokkaido Electric Power Co., Inc.		92,893
	25,000	Hokkan Holdings Ltd.		114,600
	10,000	Hokko Chemical Industry Co. Ltd.		42,880
	34,000	Hokkoku Bank Ltd. (The)		127,490
	7,400	Hokuetsu Bank Ltd. (The)		181,224
	7,100	Hokuetsu Industries Co. Ltd.		62,035
	43,500	Hokuetsu Kishu Paper Co. Ltd.		303,203
	5,900	Hokuhoku Financial Group, Inc.		92,622
	17,000	Hokuriku Electric Industry Co. Ltd.		20,283
	9,600	Hokuriku Electric Power Co.		88,702
	3,400	Hokuriku Electrical Construction Co. Ltd.		26,413
	2,500	Hokuto Corp.		46,916
	7,300	H-One Co. Ltd.		106,349
	3,320	Honeys Holdings Co. Ltd.		33,416
	9,600	Hoosiers Holdings		55,288
	7,700	Horiba Ltd.		453,815
	1,800	Hosokawa Micron Corp.		66,122
	4,600	House Foods Group, Inc.		102,254
	3,300	Howa Machinery Ltd.		21,965
	44,000	Hyakugo Bank Ltd. (The)		177,618
	26,000	Hyakujushi Bank Ltd. (The)		86,064
	39,300	Ibiden Co. Ltd.		690,989
	7,600	IBJ Leasing Co. Ltd.		165,124
	400	Ichibanya Co. Ltd.		12,900
	9,900	Ichigo Group Holdings Co. Ltd.(b)		28,774
	6,000	Ichiken Co., Ltd.		22,606
	19,000	Ichikoh Industries Ltd.		99,027
	7,300	ICHINEN Holdings Co. Ltd.		77,600
	4,500	Ichiyoshi Securities Co. Ltd.		35,806
	4,300	Idec Corp.		47,291
	7,200	IDOM, Inc.		37,784
	66,000	IHI Corp.(b)		223,799
	46,400	Iino Kaiun Kaisha Ltd.		191,469
	4,580	IJT Technology Holdings Co. Ltd.		25,884
	2,600	Imagica Robot Holdings, Inc.		16,093
	5,200	Imasen Electric Industrial		49,166
	3,500	Inaba Denki Sangyo Co. Ltd.		127,159
	13,200	Inabata & Co. Ltd.		163,054
	5,600	Inageya Co. Ltd.		80,276
	3,300	Ines Corp.		30,817
	1,980	I-Net Corp.		22,611
	3,000	Infocom Corp.		52,505

31

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,900	Infomart Corp.	$	59,413
	2,300	Information Services International-Dentsu Ltd.		50,488
	2,400	Innotech Corp.		13,930
	1,400	Intage Holdings, Inc.		26,235
	7,500	Internet Initiative Japan, Inc.		137,049
	1,100	Inui Warehouse Co. Ltd.		8,999
	1,000	I-O Data Device, Inc.		10,253
	1,500	Iriso Electronics Co. Ltd.		94,864
	5,000	Ise Chemicals Corp.		21,081
	49,000	Iseki & Co. Ltd.		100,659
	14,400	Ishihara Sangyo Kaisha Ltd.(b)		140,932
	2,700	Istyle, Inc.		21,823
	11,000	Ito En Ltd.		398,654
	26,200	Itochu Enex Co. Ltd.		218,343
	9,200	Itochu Techno-Solutions Corp.		267,809
	1,300	Itochu-Shokuhin Co. Ltd.		54,344
	14,000	Itoham Yonekyu Holdings, Inc.		129,482
	16,200	Itoki Corp.		102,744
	3,100	IwaiCosmo Holdings, Inc.		29,700
	23,000	Iwasaki Electric Co. Ltd.		34,044
	32,000	Iwatani Corp.		188,598
	27,200	Iyo Bank Ltd. (The)		193,005
	7,500	Izumi Co. Ltd.		375,420
	4,600	Izutsuya Co. Ltd.(b)		18,528
	13,900	J Trust Co. Ltd.		107,858
	42,500	J. Front Retailing Co. Ltd.		611,908
	1,500	JAC Recruitment Co. Ltd.		23,023
	38,000	Jaccs Co. Ltd.		162,942
	900	Jalux, Inc.		20,684
	1,900	Jamco Corp.		44,281
	6,100	Janome Sewing Machine Co. Ltd.		42,518
	4,000	Japan Airport Terminal Co. Ltd.		138,865
	7,400	Japan Asia Group Ltd.(b)		25,292
	13,000	Japan Aviation Electronics Industry Ltd.		177,726
	157,700	Japan Display, Inc.(b)		356,496
	600	Japan Drilling Co. Ltd.(b)		11,486
	1,900	Japan Lifeline Co. Ltd.		38,128
	1,500	Japan Material Co. Ltd.		24,571
	3,900	Japan Medical Dynamic Marketing, Inc.		26,869
	900	Japan Property Management Center Co., Ltd.		10,609
	42,000	Japan Pulp & Paper Co. Ltd.		145,808
	5,600	Japan Radio Co. Ltd.		72,490
	13,700	Japan Securities Finance Co. Ltd.		72,018
	17,800	Japan Steel Works Ltd. (The)		285,503
	24,000	Japan Transcity Corp.		101,404
	20,000	Japan Wool Textile Co. Ltd. (The)		156,806
	6,000	JBCC Holdings, Inc.		43,597
	1,000	JCU Corp.		29,827
	6,000	Jeol Ltd.		29,495

Shares			Value
JAPAN (continued)
	41,900	Jimoto Holdings, Inc.	$	74,422
	1,500	JINS, Inc.		80,736
	3,600	JK Holdings Co. Ltd.		21,476
	7,000	JMS Co. Ltd.		20,785
	2,800	Joban Kosan Co. Ltd.		43,906
	3,400	J-Oil Mills, Inc.		132,065
	18,000	Joshin Denki Co. Ltd.		191,666
	8,500	JP-Holdings, Inc.		23,180
	5,400	JSP Corp.		125,948
	35,100	JSR Corp.		641,073
	3,200	Juki Corp.		36,744
	23,000	Juroku Bank Ltd. (The)		73,039
	3,300	Justsystems Corp.		39,579
	64,900	JVC Kenwood Corp.		172,911
	34,400	kabu.com Securities Co. Ltd.		108,623
	1,000	Kabuki-Za Co. Ltd.		46,199
	2,900	Kadokawa Dwango Corp.(b)		40,115
	10,500	Kaga Electronics Co. Ltd.		194,129
	1,400	Kagome Co. Ltd.		38,116
	14,700	Kakaku.com, Inc.		211,912
	3,800	Kaken Pharmaceutical Co. Ltd.		225,324
	1,000	Kameda Seika Co. Ltd.		45,481
	13,800	Kamei Corp.		152,020
	27,000	Kamigumi Co. Ltd.		245,113
	1,800	Kanaden Corp.		17,439
	5,000	Kanagawa Chuo Kotsu Co. Ltd.		32,025
	7,600	Kanamoto Co. Ltd.		205,894
	99,000	Kandenko Co. Ltd.		984,005
	98,000	Kaneka Corp.		771,868
	1,300	Kaneko Seeds Co. Ltd.		16,665
	220,000	Kanematsu Corp.		447,993
	1,800	Kanematsu Electronics Ltd.		48,344
	2,400	Kansai Urban Banking Corp.		29,861
	7,400	Kanto Denka Kogyo Co. Ltd.		65,121
	4,400	Kappa Create Co. Ltd.(b)		50,049
	11,900	Kasai Kogyo Co. Ltd.		147,529
	5,000	Katakura & Co-op Agri Corp.		10,899
	2,600	Kato Sangyo Co. Ltd.		63,813
	5,200	Kato Works Co. Ltd.		135,184
	2,400	KAWADA Technologies, Inc.		155,443
	2,300	Kawai Musical Instruments Manufacturing Co. Ltd.		48,197
	674,000	Kawasaki Kisen Kaisha Ltd.(b)		1,771,536
	41,000	Keihan Holdings Co. Ltd.		257,825
	15,900	Keihanshin Building Co. Ltd.		91,000
	13,000	Keihin Co. Ltd. (The)		17,959
	30,200	Keihin Corp.		474,368
	40,000	Keiyo Bank Ltd. (The)		174,030
	7,800	Keiyo Co. Ltd.		46,391
	27,100	Kenedix, Inc.		124,955
	2,600	Kenko Mayonnaise Co. Ltd.		65,656
	4,700	Kewpie Corp.		119,487
	1,825	KEY Coffee, Inc.		36,099
	2,000	KFC Holdings Japan Ltd.		34,914
	21,000	Kinden Corp.		317,802
	500	Kinki Sharyo Co. Ltd. (The)(b)		11,088

32

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	14,000	Kintetsu Department Store Co. Ltd.(b)	$	43,956
	5,800	Kintetsu World Express, Inc.		89,959
	5,900	Kitagawa Iron Works Co. Ltd.		113,898
	1,600	Kitamura Co. Ltd.		10,076
	2,600	Kita-Nippon Bank Ltd. (The)		74,985
	21,000	Kitano Construction Corp.		56,892
	7,900	Kito Corp.		82,419
	34,300	Kitz Corp.		240,000
	24,000	Kiyo Bank Ltd. (The)		374,613
	7,300	Koa Corp.		123,768
	22,000	Koatsu Gas Kogyo Co. Ltd.		145,844
	6,600	Kobayashi Pharmaceutical Co. Ltd.		345,764
	1,000	Kobe Bussan Co. Ltd.		36,824
	116,400	Kobe Steel Ltd.(b)		1,033,739
	9,600	Kohnan Shoji Co. Ltd.		185,412
	1,300	Kohsoku Corp.		12,840
	3,000	Koike Sanso Kogyo Co. Ltd.		7,804
	700	Kokusai Co. Ltd.		5,306
	13,800	Kokuyo Co. Ltd.		179,255
	800	KOMAIHALTEC, Inc.		14,999
	3,400	Komatsu Wall Industry Co. Ltd.		62,373
	11,200	Komeri Co. Ltd.		274,688
	3,000	Konaka Co. Ltd.		16,039
	6,300	Kondotec, Inc.		51,994
	7,400	Konishi Co.Ltd.		94,462
	10,700	Konoike Transport Co. Ltd.		145,514
	5,100	Kosaido Co. Ltd.(b)		17,248
	500	Koshidaka Holdings Co. Ltd.		12,348
	3,400	Kotobuki Spirits Co. Ltd.		91,653
	2,000	Kourakuen Holdings Corp.		32,115
	25,000	Krosaki Harima Corp.		97,331
	4,200	KRS Corp.		94,983
	19,356	K’s Holdings Corp.		372,448
	2,000	KU Holdings Co. Ltd.		16,937
	47,000	Kumagai Gumi Co. Ltd.		126,486
	12,067	Kumiai Chemical Industry Co. Ltd.		69,604
	2,100	Kura Corp.		86,468
	73,000	Kurabo Industries Ltd.		163,059
	5,700	Kureha Corp.		252,595
	2,100	Kurimoto Ltd.		41,407
	8,100	Kurita Water Industries Ltd.		208,976
	900	Kuriyama Holdings Corp.		13,386
	10,500	Kuroda Electric Co. Ltd.		218,995
	2,000	Kusuri No Aoki Holdings Co. Ltd.		86,387
	111,000	KYB Corp.		547,656
	38,000	Kyodo Printing Co. Ltd.		125,786
	6,700	Kyoei Steel Ltd.		108,306
	10,800	Kyokuto Kaihatsu Kogyo Co. Ltd.		178,167
	1,400	Kyokuto Securities Co. Ltd.		20,848
	1,600	Kyokuyo Co. Ltd.		42,126
	6,500	KYORIN Holdings, Inc.		135,977

Shares			Value
JAPAN (continued)
	2,840	Kyoritsu Maintenance Co. Ltd.	$	82,926
	400	Kyoritsu Printing Co. Ltd.		1,234
	18,000	Kyosan Electric Manufacturing Co. Ltd.		73,308
	3,500	Kyowa Electronic Instruments Co. Ltd.		14,662
	22,700	Kyowa Exeo Corp.		342,918
	2,700	Kyowa Leather Cloth Co. Ltd.		21,411
	7,000	Kyudenko Corp.		200,628
	125,940	Kyushu Financial Group, Inc.		784,053
	5,600	Laox Co. Ltd.(b)		26,826
	7,000	Lasertec Corp.		91,115
	1,200	LEC, Inc.		23,973
	78,600	Leopalace21 Corp.		417,414
	2,400	Life Corp.		63,792
	5,600	Lifull Co. Ltd.		39,284
	3,800	Link and Motivation, Inc.		22,873
	8,000	Lintec Corp.		176,111
	400	M&A Capital Partners Co. Ltd.(b)		17,977
	3,700	Mabuchi Motor Co. Ltd.		208,773
	10,450	Macnica Fuji Electronics Holdings, Inc.		148,301
	10,000	Maeda Corp.		92,039
	2,400	Maeda Kosen Co. Ltd.		31,541
	36,000	Maeda Road Construction Co. Ltd.		663,324
	45,000	Makino Milling Machine Co. Ltd.		400,449
	4,100	Mamezou Holdings Co. Ltd.		32,145
	2,300	Mandom Corp.		109,146
	1,800	Mani, Inc.		46,520
	7,700	Marubun Corp.		48,283
	34,000	Marudai Food Co. Ltd.		155,551
	4,000	Marufuji Sheet Piling Co. Ltd.		9,294
	11,700	Maruha Nichiro Corp.		334,286
	6,900	Marui Group Co. Ltd.		94,455
	2,400	Maruichi Steel Tube Ltd.		68,033
	7,800	Marusan Securities Co. Ltd.		61,294
	2,900	Maruwa Co. Ltd.		103,539
	2,000	Maruyama Manufacturing Co., Inc.		32,007
	20,000	Maruzen Showa Unyu Co. Ltd.		78,762
	6,400	Marvelous, Inc.		53,106
	2,900	Matsuda Sangyo Co. Ltd.		38,840
	7,700	Matsui Construction Co. Ltd.		66,242
	16,400	Matsui Securities Co. Ltd.		133,583
	7,200	Matsumotokiyoshi Holdings Co. Ltd.		361,050
	700	Matsuya Foods Co. Ltd.		26,468
	6,000	Max Co. Ltd.		87,733
	2,400	Maxvalu Nishinihon Co. Ltd.		35,093
	3,700	Maxvalu Tokai Co. Ltd.		63,429
	4,400	MCJ Co. Ltd.		50,759
	31,590	Mebuki Financial Group, Inc.		123,838
	2,900	MEC Co. Ltd.		31,114

33

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	17,500	Medipal Holdings Corp.	$	289,482
	1,400	Megachips Corp.(b)		36,885
	97,062	Megmilk Snow Brand Co. Ltd.		2,895,099
	45,000	Meidensha Corp.		164,297
	7,800	Meiko Electronics Co. Ltd.(b)		60,315
	2,600	Meiko Network Japan Co. Ltd.		33,889
	12,000	Meisei Industrial Co. Ltd.		68,248
	6,000	Meitec Corp.		259,161
	13,200	Meiwa Corp.		49,023
	1,400	Menicon Co. Ltd.		43,642
	500	Metawater Co. Ltd.		13,052
	45,000	Michinoku Bank Ltd. (The)		75,488
	4,400	Micronics Japan Co. Ltd.		38,208
	1,000	Mie Bank Ltd. (The)		20,839
	4,300	Mie Kotsu Group Holdings, Inc.		14,465
	5,900	Mikuni Corp.		22,864
	1,237	Milbon Co. Ltd.		59,811
	6,700	Mimasu Semiconductor Industry Co. Ltd.		103,678
	6,300	Minato Bank Ltd. (The)		119,473
	27,072	MINEBEA MITSUMI, Inc.		391,236
	2,900	Ministop Co. Ltd.		55,464
	72,200	Miraca Holdings, Inc.		3,329,069
	16,940	Mirait Holdings Corp.		175,972
	2,300	Miroku Jyoho Service Co. Ltd.		43,596
	8,500	Misawa Homes Co. Ltd.		78,614
	450,000	MISUMI Group, Inc.		8,521,642
	6,400	Mitani Corp.		199,507
	6,000	Mitsuba Corp.		113,460
	9,700	Mitsubishi Gas Chemical Co., Inc.		207,270
	14,000	Mitsubishi Logistics Corp.		180,848
	38,400	Mitsubishi Materials Corp.		1,141,924
	11,800	Mitsubishi Nichiyu Forklift Co. Ltd.		72,086
	13,900	Mitsubishi Paper Mills Ltd.(b)		95,638
	2,100	Mitsubishi Pencil Co. Ltd.		116,421
	1,000	Mitsubishi Research Institute, Inc.		28,975
	2,800	Mitsubishi Shokuhin Co. Ltd.		89,545
	24,000	Mitsubishi Steel Manufacturing Co. Ltd.		50,164
	74,600	Mitsubishi UFJ Lease & Finance Co. Ltd.		389,479
	13,000	Mitsuboshi Belting Ltd.		124,665
	43,000	Mitsui Engineering & Shipbuilding Co. Ltd.		65,961
	9,100	Mitsui High-Tec, Inc.		86,204
	14,000	Mitsui Home Co. Ltd.		84,647
	2,100	Mitsui Matsushima Co. Ltd.		26,750
	230,000	Mitsui Mining & Smelting Co. Ltd.		775,779
	315,000	Mitsui Osk Lines Ltd.		963,579
	2,200	Mitsui Sugar Co. Ltd.		54,213
	41,000	Mitsui-Soko Holdings Co. Ltd.		120,637
	18,000	Miyaji Engineering Group, Inc.		34,716

Shares			Value
JAPAN (continued)
	43,000	Miyazaki Bank Ltd. (The)	$	131,922
	18,000	Miyoshi Oil & Fat Co. Ltd.		22,283
	25,000	Mizuno Corp.		129,177
	27,464	Mochida Pharmaceutical Co. Ltd.		2,069,501
	4,300	Modec, Inc.		90,532
	30,200	Monex Group, Inc.		75,585
	600	Monogatari Corp. (The)		26,966
	4,700	Monotaro Co. Ltd.		152,837
	900	Moresco Corp.		15,065
	5,200	Morinaga & Co. Ltd.		245,831
	347,000	Morinaga Milk Industry Co. Ltd.		2,739,269
	8,400	Morita Holdings Corp.		122,750
	2,400	Mory Industries, Inc.		48,140
	3,000	Mr Max Corp.		12,541
	6,200	MTI Ltd.		35,317
	1,900	Mugen Estate Co. Ltd.		14,096
	219,500	Musashi Seimitsu Industry Co. Ltd.		5,387,325
	2,000	Musashino Bank Ltd. (The)		58,130
	18,500	Nabtesco Corp.		524,423
	5,100	NAC Co. Ltd.		43,463
	46,000	Nachi-Fujikoshi Corp.		245,113
	800	Nafco Co. Ltd.		12,724
	1,800	Nagaileben Co. Ltd.		41,466
	3,500	Nagano Bank Ltd.		62,480
	1,700	Nagano Keiki Co. Ltd.		10,858
	36,300	Nagase & Co. Ltd.		525,898
	5,000	Nagatanien Holdings Co. Ltd.		63,422
	22,000	Nakabayashi Co. Ltd.		52,496
	2,500	Nakanishi, Inc.		98,228
	2,500	Nakano Corp.		14,645
	3,800	Nakayama Steel Works Ltd.		23,998
	40,000	Nankai Electric Railway Co. Ltd.		196,636
	5,100	Nanto Bank Ltd. (The)		192,837
	1,100	Natori Co. Ltd.		18,502
	900	NDS Co. Ltd.		23,090
	4,700	NEC Capital Solutions Ltd.		75,891
	10,300	NEC Networks & System Integration Corp.		215,194
	11,000	NET One Systems Co. Ltd.		100,354
	75,300	NHK Spring Co. Ltd.		839,631
	18,000	Nice Holdings, Inc.		25,028
	38,000	Nichias Corp.		387,926
	6,000	Nichiban Co. Ltd.		46,719
	5,900	Nichiha Corp.		185,243
	14,000	Nichii Gakkan Co.		106,122
	10,150	Nichi-Iko Pharmaceutical Co. Ltd.		157,429
	51,311	Nichirei Corp.		1,277,309
	18,000	Nichireki Co. Ltd.		155,658
	1,200	Nichirin Co. Ltd.		22,369
	293,200	Nifco, Inc.		14,623,835
	900	Nihon Chouzai Co. Ltd.		31,568
	5,500	Nihon Dempa Kogyo Co. Ltd.		39,767

34

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,300	Nihon Eslead Corp.	$	30,619
	14,900	Nihon House Holdings Co. Ltd.		63,222
	8,700	Nihon Kohden Corp.		196,750
	247,800	Nihon M&A Center, Inc.		8,469,325
	14,500	Nihon Nohyaku Co. Ltd.		93,003
	12,000	Nihon Parkerizing Co. Ltd.		154,044
	2,800	Nihon Plast Co. Ltd.		34,361
	1,100	Nihon Tokushu Toryo Co. Ltd.		16,745
	600	Nihon Trim Co. Ltd.		20,049
	15,300	Nihon Unisys Ltd.		214,385
	3,000	Nihon Yamamura Glass Co. Ltd.		5,033
	19,300	Nikkiso Co. Ltd.		196,852
	17,900	Nikkon Holdings Co. Ltd.		374,298
	274,288	Nikon Corp.		3,912,249
	2,000	Nippi, Inc.		15,124
	31,000	Nippo Corp.		596,780
	4,000	Nippon Air Conditioning Services Co. Ltd.		24,651
	17,000	Nippon Carbide Industries Co. Inc.		25,010
	31,000	Nippon Chemical Industrial Co. Ltd.		63,404
	300	Nippon Chemiphar Co. Ltd.		13,833
	7,500	Nippon Concrete Industries Co. Ltd.		23,548
	19,205	Nippon Denko Co. Ltd.		58,575
	8,000	Nippon Densetsu Kogyo Co. Ltd.		158,242
	107,000	Nippon Electric Glass Co. Ltd.		663,261
	376,000	Nippon Express Co. Ltd.		2,064,248
	2,300	Nippon Fine Chemical Co. Ltd.		19,436
	15,500	Nippon Flour Mills Co. Ltd.		232,344
	5,400	Nippon Gas Co. Ltd.		155,255
	7,500	Nippon Hume Corp.		45,683
	202,000	Nippon Kayaku Co. Ltd.		2,757,964
	900	Nippon Kinzoku Co. Ltd.		11,481
	1,300	Nippon Kodoshi Corp.		11,242
	9,400	Nippon Koei Co. Ltd.		251,960
	21,000	Nippon Koshuha Steel Co. Ltd.		15,447
	346,900	Nippon Light Metal Holdings Co. Ltd.		774,865
	57,700	Nippon Paper Industries Co. Ltd.		1,090,593
	37,600	Nippon Parking Development Co. Ltd.		48,571
	4,700	Nippon Piston Ring Co. Ltd.		100,514
	15	Nippon Prologis REIT, Inc. REIT		31,716
	4,000	Nippon Rietec Co. Ltd.		41,803
	30,000	Nippon Road Co. Ltd. (The)		134,559
	4,000	Nippon Seisen Co. Ltd.		24,436
	9,000	Nippon Sharyo Ltd.(b)		23,817
	5,200	Nippon Sheet Glass Co. Ltd.(b)		40,443
	6,000	Nippon Shokubai Co. Ltd.		403,140
	13,200	Nippon Signal Co. Ltd.		126,464
	32,000	Nippon Soda Co. Ltd.		173,384

Shares			Value
JAPAN (continued)
	9,748	Nippon Steel & Sumikin Bussan Corp.	$	400,938
	51,100	Nippon Suisan Kaisha Ltd.		246,160
	8,000	Nippon Thompson Co. Ltd.		43,561
	3,600	Nippon Valqua Industries Ltd.		61,424
	640,000	Nippon Yusen KK(b)		1,286,028
	32,800	Nipro Corp.		497,259
	73,000	Nishimatsu Construction Co. Ltd.		371,303
	3,500	Nishimatsuya Chain Co. Ltd.		37,206
	19,200	Nishi-Nippon Financial Holdings, Inc.		182,915
	28,000	Nishi-Nippon Railroad Co. Ltd.		118,305
	3,900	Nishio Rent All Co. Ltd.		117,901
	24,300	Nissan Shatai Co. Ltd.		228,449
	9,600	Nissan Tokyo Sales Holdings Co. Ltd.		40,045
	1,200	Nissei ASB Machine Co. Ltd.		30,830
	11,000	Nissei Build Kogyo Co. Ltd.		54,568
	1,500	Nissei Plastic Industrial Co. Ltd.		14,290
	4,500	Nissha Printing Co. Ltd.		111,900
	6,800	Nisshin Fudosan Co. Ltd.		38,430
	44,000	Nisshin Oillio Group Ltd. (The)		260,507
	8,824	Nisshin Steel Co. Ltd.		107,812
	59,000	Nisshinbo Holdings, Inc.		602,835
	28,000	Nissin Corp.		94,192
	84,800	Nissin Electric Co. Ltd.		1,002,614
	55,817	Nissin Foods Holdings Co. Ltd.		3,194,550
	19,400	Nissin Kogyo Co. Ltd.		333,094
	3,200	Nitta Corp.		90,424
	1,900	Nitta Gelatin, Inc.		12,562
	2,600	Nittetsu Mining Co. Ltd.		138,542
	80,000	Nitto Boseki Co. Ltd.		404,037
	10,800	Nitto Kogyo Corp.		155,497
	2,600	Nitto Kohki Co. Ltd.		60,618
	12,000	Nitto Seiko Co. Ltd.		49,303
	13,100	Nittoc Construction Co. Ltd.		52,647
	3,200	Noda Corp.		25,204
	1,200	Noevir Holdings Co. Ltd.		49,410
	393,669	NOF Corp.		4,435,508
	2,700	Nohmi Bosai Ltd.		37,469
	6,500	Nojima Corp.		96,968
	43,900	NOK Corp.		1,043,991
	5,000	Nomura Co. Ltd.		95,582
	58,300	Nomura Real Estate Holdings, Inc.		984,785
	2,100	Noritake Co. Ltd.		56,308
	3,800	Noritsu Koki Co. Ltd.		29,214
	6,600	Noritz Corp.		128,418
	62,900	North Pacific Bank Ltd.		239,807
	1,000	Nozawa Corp.		10,191
	4,100	NS Solutions Corp.		89,742
	46,000	NS United Kaiun Kaisha Ltd.		98,210
	3,100	NSD Co. Ltd.		50,501
	46,000	NTN Corp.		233,972
	8,400	NTT Urban Development Corp.		75,730

35

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	400	Nuflare Technology, Inc.	$	21,207
	2,600	Obara Group, Inc.		118,717
	14,900	Obayashi Road Corp.		90,757
	1,800	Odelic Co. Ltd.		63,135
	27,000	Oenon Holdings, Inc.		59,825
	49,000	Ogaki Kyoritsu Bank Ltd. (The)		142,857
	4,500	Ohashi Technica, Inc.		55,667
	900	Ohsho Food Service Corp.		33,546
	7,245	Oiles Corp.		131,609
	46,000	Oita Bank Ltd. (The)		177,852
	11,100	Okabe Co. Ltd.		99,474
	8,000	Okamoto Industries, Inc.		86,692
	9,000	Okamoto Machine Tool Works Ltd.		12,918
	11,900	Okamura Corp.		105,256
	7,000	Okasan Securities Group, Inc.		40,754
	3,200	Okinawa Cellular Telephone Co.		104,346
	2,125	Okinawa Electric Power Co., Inc. (The)		51,831
	18,000	OKK Corp.		18,731
	40,000	OKUMA Corp.		418,749
	24,000	Okumura Corp.		148,338
	26,000	Okura Industrial Co. Ltd.		123,149
	10,000	Okuwa Co. Ltd.		105,674
	2,600	ONO Sokki Co. Ltd.		18,519
	2,400	Onoken Co. Ltd.		33,242
	26,000	Onward Holdings Co. Ltd.		193,353
	4,800	Open House Co. Ltd.		117,723
	3,400	OPT Holding, Inc.		32,391
	1,800	Optex Group Co. Ltd.		49,895
	9,000	Organo Corp.		41,256
	36,200	Orient Corp.		64,623
	10,000	Origin Electric Co. Ltd.		28,257
	8,100	Osaka Organic Chemical Industry Ltd.		93,589
	24,000	Osaka Soda Co. Ltd.		108,939
	16,000	Osaki Electric Co. Ltd.		129,895
	12,500	OSG Corp.		257,345
	12,200	OSJB Holdings Corp.		28,783
	5,000	OUG Holdings, Inc.		11,662
	1,600	Outsourcing Inc.		61,359
	24,900	Pacific Industrial Co. Ltd.		349,572
	31,000	Pacific Metals Co. Ltd.(b)		100,668
	2,950	Pack Corp. (The)		83,095
	1,400	PAL Group Holdings Co. Ltd.		37,212
	5,850	PALTAC Corp.		172,653
	8,000	PanaHome Corp.		88,773
	35,299	Paramount Bed Holdings Co. Ltd.		1,480,357
	4,500	Parco Co. Ltd.		46,827
	81,450	Park24 Co. Ltd.		2,100,639
	3,000	Pasco Corp.		9,634
	1,900	Pasona Group, Inc.		14,113
	11,900	PC Depot Corp.		59,887

Shares			Value
JAPAN (continued)
	4,100	Pegasus Sewing Machine Manufacturing Co. Ltd.	$	31,630
	57,100	Penta-Ocean Construction Co. Ltd.		288,893
	400	PeptiDream, Inc.(b)		23,934
	700	PIA Corp.		18,261
	20,100	Pigeon Corp.		622,068
	6,200	Pilot Corp.		251,671
	6,600	Piolax, Inc.		151,686
	141,100	Pioneer Corp.(b)		254,417
	3,500	Plenus Co. Ltd.		73,281
	2,600	Pocket Card Co. Ltd.		16,023
	62,000	Press Kogyo Co. Ltd.		300,336
	4,000	Pressance Corp.		46,217
	6,000	Prestige International, Inc.		53,878
	15,000	Prima Meat Packers Ltd.		69,163
	2,300	Proto Corp.		30,123
	6,400	PS Mitsubishi Construction Co. Ltd.		24,400
	3,700	Qol Co. Ltd.		50,517
	17,400	Raito Kogyo Co. Ltd.		172,946
	20,000	Rasa Industries Ltd.		24,759
	1,300	Raysum Co. Ltd.		11,918
	2,300	Relia, Inc.		22,716
	19,000	Relo Group, Inc.		311,908
	2,000	Renesas Easton Co. Ltd.		10,388
	111,840	Rengo Co. Ltd.		676,207
	452,500	Resorttrust, Inc.		7,785,557
	3,000	Rheon Automatic Machinery Co. Ltd.		28,742
	10,000	Ricoh Leasing Co. Ltd.		323,839
	4,800	Right On Co. Ltd.		41,207
	2,900	Riken Corp.		126,822
	6,500	Riken Keiki Co. Ltd.		96,443
	19,000	Riken Technos Corp.		91,016
	900	Riken Vitamin Co. Ltd.		33,990
	3,000	Ringer Hut Co. Ltd.		61,494
	17,500	Riso Kagaku Corp.		307,849
	8,500	Riso Kyoiku Co. Ltd.		60,238
	1,800	Rock Field Co. Ltd.		28,710
	11,400	Rohto Pharmaceutical Co. Ltd.		212,609
	1,400	Rokko Butter Co. Ltd.		30,380
	1,300	Roland DG Corp.		38,892
	1,700	Rorze Corp.		34,221
	43,000	Round One Corp.		367,221
	6,300	Royal Holdings Co. Ltd.		123,485
	1,500	RVH Inc.(b)		9,123
	68,000	Ryobi Ltd.		298,901
	6,000	Ryoden Trading Co. Ltd.		37,946
	8,400	Ryosan Co. Ltd.		274,662
	1,800	S Foods, Inc.		56,111
	1,700	Sac’s Bar Holdings, Inc.		18,956
	22,000	Saibu Gas Co. Ltd.		50,720
	4,700	Saizeriya Co. Ltd.		131,967
	28,000	Sakai Chemical Industry Co. Ltd.		95,950

36

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	14,000	Sakai Heavy Industries Ltd.	$	38,430
	1,800	Sakai Moving Service Co. Ltd.		52,397
	1,800	Sakai Ovex Co. Ltd.		28,274
	9,300	Sakata INX Corp.		131,314
	2,100	Sakata Seed Corp.		66,217
	5,100	SAMTY Co. Ltd.		50,645
	2,300	San-A Co. Ltd.		104,606
	31,000	San-Ai Oil Co. Ltd.		263,072
	42,000	Sanden Holdings Corp.(b)		130,361
	1,100	Sanei Architecture Planning Co. Ltd.		15,098
	21,750	Sangetsu Corp.		383,588
	40,800	San-In Godo Bank Ltd. (The)		331,597
	38,000	Sanken Electric Co. Ltd.(b)		174,532
	6,600	Sanki Engineering Co. Ltd.		57,075
	800	Sanko Metal Industrial Co. Ltd.		21,565
	3,900	Sankyo Co. Ltd.		135,918
	11,000	Sankyo Tateyama, Inc.		160,843
	52,000	Sankyu, Inc.		330,729
	14,600	Sanoh Industrial Co. Ltd.		104,515
	4,600	Sanoyas Holdings Corp.		11,513
	1,100	Sanrio Co. Ltd.		20,100
	1,800	Sansei Technologies, Inc.		16,050
	6,800	Sanshin Electronics Co. Ltd.		80,276
	30,800	Sanwa Holdings Corp.		310,279
	3,800	Sanyo Chemical Industries Ltd.		170,442
	11,000	Sanyo Denki Co. Ltd.		90,684
	2,000	Sanyo Electric Railway Co. Ltd.		10,316
	2,400	Sanyo Housing Nagoya Co. Ltd.		21,766
	8,000	Sanyo Industries Ltd.		14,066
	60,000	Sanyo Special Steel Co. Ltd.		329,939
	2,100	Sanyo Trading Co. Ltd.		39,089
	13,000	Sapporo Holdings Ltd.		363,265
	1,500	SATO Holdings Corp.		34,245
	2,700	Sato Shoji Corp.		20,927
	4,100	Satori Electric Co. Ltd.		29,902
	7,800	Sawada Holdings Co. Ltd.		70,251
	33,292	Sawai Pharmaceutical Co. Ltd.		1,818,778
	35,000	SAXA Holdings, Inc.		66,248
	112,480	SBI Holdings, Inc.		1,558,929
	8,500	SBS Holdings, Inc.		61,305
	1,900	Scala, Inc.		13,772
	2,400	SCREEN Holdings Co. Ltd.		174,174
	5,800	Scroll Corp.		18,575
	800	SCSK Corp.		32,187
	18,800	Sega Sammy Holdings, Inc.		252,466
	800	Seibu Electric Industry Co. Ltd.		16,578
	18,000	Seika Corp.		56,353
	11,400	Seikitokyu Kogyo Co. Ltd.		61,359
	54,000	Seiko Holdings Corp.		224,768
	38,300	Seino Holdings Co. Ltd.		443,555
	13,400	Seiren Co. Ltd.		198,821
	6,600	Sekisui Plastics Co. Ltd.		48,194
	29,500	Senko Group Holdings Co. Ltd.		192,124
	2,000	Senshu Electric Co. Ltd.		36,080
	92,420	Senshu Ikeda Holdings, Inc.		389,660

Shares			Value
JAPAN (continued)
	8,800	Senshukai Co. Ltd.	$	64,495
	13,000	Septeni Holdings Co. Ltd.		45,364
	55,800	Seria Co. Ltd.		2,502,803
	70,200	Seven Bank Ltd.		235,522
	1,200	Shibaura Electronics Co. Ltd.		28,451
	11,000	Shibaura Mechatronics Corp.		27,037
	17,000	Shibusawa Warehouse Co. Ltd. (The)		52,155
	5,100	Shibuya Corp.		135,695
	1,400	Shidax Corp.		5,300
	42,000	Shiga Bank Ltd. (The)		219,278
	44,000	Shikibo Ltd.		52,891
	20,000	Shikoku Bank Ltd. (The)		57,591
	14,000	Shikoku Chemicals Corp.		160,126
	8,100	Shikoku Electric Power Co., Inc.		97,294
	6,900	Shima Seiki Manufacturing Ltd.		250,065
	12,749	Shimachu Co. Ltd.		294,722
	1,800	Shimizu Bank Ltd. (The)		55,788
	3,100	Shin Nippon Air Technologies Co. Ltd.		40,879
	32,000	Shinagawa Refractories Co. Ltd.		86,692
	7,000	Shindengen Electric Manufacturing Co. Ltd.		32,465
	20,700	Shinko Electric Industries Co. Ltd.		147,811
	12,700	Shinko Plantech Co. Ltd.		94,901
	18,000	Shinmaywa Industries Ltd.		151,621
	8,400	Shinnihon Corp.		66,009
	2,800	Shinoken Group Co. Ltd.		52,220
	2,200	Shinsho Corp.		49,398
	900	Shinwa Co. Ltd.		15,243
	8,800	Ship Healthcare Holdings, Inc.		236,588
	3,000	Shizuki Electric Co., Inc.		17,762
	27,900	Shizuoka Gas Co. Ltd.		189,462
	7,000	Shochiku Co. Ltd.		79,812
	800	Shoei Co. Ltd.		22,211
	3,000	Shoei Foods Corp.		67,549
	1,000	Showa Aircraft Industry Co. Ltd.		10,854
	24,600	Showa Corp.(b)		209,643
	26,200	Showa Denko KK(b)		500,144
	32,000	Showa Sangyo Co. Ltd.		171,375
	118,900	Showa Shell Sekiyu KK		1,148,736
	3,200	Siix Corp.		127,598
	3,000	Sinanen Holdings Co. Ltd.		59,933
	31,000	Sinfonia Technology Co. Ltd.		86,764
	2,600	Sinko Industries Ltd.		40,397
	1,400	SK-Electronics Co. Ltd.		14,882
	107,200	SKY Perfect JSAT Holdings, Inc.		491,403
	2,800	Skylark Co. Ltd.		42,349
	17,000	SMK Corp.		58,560
	2,800	SMS Co. Ltd.		74,524
	12,400	Sodick Co. Ltd.		120,802
	1,200	Softbank Technology Corp.		42,575
	3,200	Sogo Medical Co. Ltd.		126,019

37

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	2,400	Sohgo Security Services Co. Ltd.	$	104,741
	315,700	Sojitz Corp.		801,463
	1,700	Soken Chemical & Engineering Co. Ltd.		22,052
	30,000	Sotetsu Holdings, Inc.		139,403
	18,500	Sparx Group Co. Ltd.		34,519
	700	SPK Corp.		16,031
	5,000	Square Enix Holdings Co. Ltd.		143,978
	300	ST Corp.		4,774
	3,000	St. Marc Holdings Co. Ltd.		91,366
	5,600	Star Micronics Co. Ltd.		93,689
	4,900	Starts Corp., Inc.		108,440
	2,200	Starzen Co. Ltd.		89,007
	3,200	Stella Chemifa Corp.		84,453
	1,300	Studio Alice Co. Ltd.		27,534
	2,700	Sugi Holdings Co. Ltd.		133,940
	2,700	Sugimoto & Co. Ltd.		37,324
	44,600	Sumco Corp.		779,775
	4,800	Sumida Corp.		57,312
	7,000	Suminoe Textile Co. Ltd.		15,573
	104,000	Sumitomo Bakelite Co. Ltd.		667,988
	8,900	Sumitomo Densetsu Co. Ltd.		102,593
	67,800	Sumitomo Forestry Co. Ltd.		1,036,995
	144,000	Sumitomo Heavy Industries Ltd.		1,003,705
	126,500	Sumitomo Mitsui Construction Co. Ltd.		137,309
	355,474	Sumitomo Osaka Cement Co. Ltd.		1,543,390
	7,000	Sumitomo Precision Products Co. Ltd.		22,794
	1,980	Sumitomo Real Estate Sales Co. Ltd.		63,765
	19,100	Sumitomo Riko Co. Ltd.		194,470
	37,900	Sumitomo Rubber Industries Ltd.		681,333
	3,800	Sumitomo Seika Chemicals Co. Ltd.		161,920
	7,500	Sun Frontier Fudousan Co. Ltd.		65,530
	2,200	Suncall Corp.		10,598
	3,600	Sun-Wa Technos Corp.		39,367
	9,590	Suzuken Co. Ltd.		317,014
	42,000	SWCC Showa Holdings Co. Ltd.(b)		30,895
	1,700	Systena Corp.		29,204
	7,000	T&K Toka Co. Ltd.		68,948
	3,200	T. Hasegawa Co. Ltd.		62,120
	29,000	T. RAD Co. Ltd.		86,109
	3,240	Tachibana Eletech Co. Ltd.		39,673
	6,700	Tachi-S Co. Ltd.		128,380
	40,000	Tadano Ltd.		515,990
	4,000	Taihei Dengyo Kaisha Ltd.		39,758
	360,300	Taiheiyo Cement Corp.		1,199,115
	9,600	Taiho Kogyo Co. Ltd.		125,646
	6,000	Taikisha Ltd.		149,415
	700	Taiko Pharmaceutical Co. Ltd.		11,630

Shares			Value
JAPAN (continued)
	300	Taisei Lamick Co., Ltd.(b)	$	7,802
	3,000	Taiyo Holdings Co. Ltd.		134,021
	38,500	Taiyo Yuden Co. Ltd.		469,356
	2,400	Takaoka Toko Co. Ltd.		36,406
	17,700	Takara Holdings, Inc.		189,742
	13,600	Takara Leben Co. Ltd.		63,928
	11,000	Takara Standard Co. Ltd.		182,453
	5,200	Takasago International Corp.		173,061
	134,900	Takasago Thermal Engineering Co. Ltd.		2,088,696
	18,000	Takashima & Co. Ltd.		31,648
	115,000	Takashimaya Co. Ltd.		1,058,444
	3,100	Take And Give Needs Co. Ltd.		25,640
	1,300	Takeei Corp.		11,522
	5,700	Takeuchi Manufacturing Co. Ltd.		101,089
	8,000	Takihyo Co. Ltd.		32,366
	14,000	Takiron Co. Ltd.		71,083
	33,000	Takisawa Machine Tool Co. Ltd.		48,845
	9,000	Takuma Co. Ltd.		93,411
	6,800	Tama Home Co. Ltd.		38,613
	1,900	Tamron Co. Ltd.		35,537
	34,000	Tamura Corp.		163,176
	1,950	Tanseisha Co. Ltd.		17,388
	20,500	Tatsuta Electric Wire and Cable Co. Ltd.		100,960
	18,000	Tayca Corp.		118,035
	10,700	TBK Co. Ltd.		47,993
	600	Techno Medica Co. Ltd.		10,668
	51,600	Teijin Ltd.		999,367
	12,000	Tekken Corp.		35,524
	13,200	Temp Holdings Co. Ltd.		248,429
	900	T-Gaia Corp.		15,525
	7,900	THK Co. Ltd.		203,462
	22,566	TIS, Inc.		568,629
	6,300	Toa Corp.(b)		115,856
	6,000	Toa Corp.		51,455
	58,000	Toa Oil Co. Ltd.		70,240
	22,000	Toa Road Corp.		68,087
	1,400	Toabo Corp.		6,907
	42,250	Toagosei Co. Ltd.		496,122
	56,100	Tobishima Corp.		84,546
	500	Tobu Store Co. Ltd.		12,940
	17,100	TOC Co. Ltd.		155,392
	2,200	Tocalo Co. Ltd.		59,305
	40,000	Tochigi Bank Ltd. (The)		190,895
	37,000	Toda Corp.		228,356
	3,000	Toda Kogyo Corp.		7,051
	20,000	Toei Co. Ltd.		173,133
	21,000	Toenec Corp.		111,146
	59,000	Toho Bank Ltd. (The)		216,470
	4,000	Toho Co. Ltd.		98,892
	557,477	Toho Gas Co. Ltd.		3,985,729
	6,900	Toho Holdings Co. Ltd.		149,791
	5,000	Toho Titanium Co. Ltd.		33,864

38

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	68,000	Toho Zinc Co. Ltd.	$	300,731
	26,000	Tohoku Bank Ltd. (The)		35,685
	15,000	Tokai Carbon Co. Ltd.		65,665
	2,400	Tokai Corp.		88,594
	19,000	TOKAI Holdings Corp.		146,239
	12,000	Tokai Lease Co. Ltd.		22,391
	14,500	Tokai Rika Co. Ltd.		269,383
	20,000	Tokai Tokyo Financial Holdings, Inc.		101,189
	700	Token Corp.		55,385
	3,084	Tokushu Tokai Paper Co. Ltd.		113,705
	54,000	Tokuyama Corp.(b)		265,943
	12,550	Tokyo Century Corp.		432,312
	22,200	Tokyo Dome Corp.		205,122
	1,100	Tokyo Electron Device Ltd.		15,650
	7,000	Tokyo Energy & Systems, Inc.		58,901
	2,600	Tokyo Individualized Educational Institute, Inc.		30,274
	40,000	Tokyo Keiki, Inc.		83,247
	11,300	Tokyo Ohka Kogyo Co. Ltd.		365,939
	4,000	Tokyo Rakutenchi Co. Ltd.		18,767
	5,300	Tokyo Rope Manufacturing Co. Ltd.		81,063
	2,500	Tokyo Sangyo Co. Ltd.		10,070
	6,800	Tokyo Seimitsu Co. Ltd.		210,756
	27,500	Tokyo Steel Manufacturing Co. Ltd.		205,001
	25,300	Tokyo Tatemono Co. Ltd.		345,201
	27,000	Tokyo Tekko Co. Ltd.		102,938
	18,000	Tokyo Theaters Co., Inc.		24,059
	6,275	Tokyo Ty Financial Group, Inc.		182,382
	17,000	Tokyotokeiba Co. Ltd.		39,345
	12,500	Tokyu Construction Co. Ltd.		101,929
	170,800	Tokyu Fudosan Holdings Corp.		931,567
	27,000	Toli Corp.		89,859
	2,800	Tomato Bank Ltd.		39,560
	1,100	Tomen Devices Corp.		22,015
	7,300	Tomoe Corp.		22,396
	1,300	Tomoe Engineering Co. Ltd.		20,851
	41,000	Tomoku Co. Ltd.		126,522
	26,700	TOMONY Holdings, Inc.		141,793
	11,800	Tomy Co. Ltd.		117,497
	17,000	Tonami Holdings Co. Ltd.		58,408
	8,100	Topcon Corp.		142,926
	18,600	Toppan Forms Co. Ltd.		187,543
	8,100	Topre Corp.		215,734
	7,200	Topy Industries Ltd.		196,026
	4,000	TORIDOLL Holdings Corp.		96,344
	2,500	Torii Pharmaceutical Co. Ltd.		60,776
	5,000	Torishima Pump Manufacturing Co. Ltd.		46,558
	12,100	Tosei Corp.		85,533
	32,000	Toshiba Machine Co. Ltd.		132,909
	11,000	Toshiba Plant Systems & Services Corp.		178,901
	46,000	Toshiba TEC Corp.(b)		240,987

Shares			Value
JAPAN (continued)
	1,000	Tosho Co. Ltd.	$	42,969
	72,000	Tosoh Corp.		676,241
	5,900	Totetsu Kogyo Co. Ltd.		170,688
	800	Tottori Bank Ltd. (The)		12,652
	94,000	Towa Bank Ltd. (The)		97,816
	5,500	Towa Corp.		93,250
	3,300	Towa Pharmaceutical Co. Ltd.		164,593
	23,700	Toyo Construction Co. Ltd.		85,254
	600	Toyo Denki Seizo KK		8,838
	16,000	Toyo Engineering Corp.(b)		39,901
	89,000	Toyo Ink SC Holdings Co. Ltd.		437,515
	2,600	Toyo Kohan Co. Ltd.		9,306
	2,100	Toyo Machinery & Metal Co. Ltd.		13,074
	16,000	Toyo Securities Co. Ltd.		38,322
	21,700	Toyo Seikan Group Holdings Ltd.		363,046
	95,253	Toyo Suisan Kaisha Ltd.		3,571,720
	700	Toyo Tanso Co. Ltd.		11,152
	32,200	Toyo Tire & Rubber Co. Ltd.		564,998
	20,000	Toyo Wharf & Warehouse Co. Ltd.		31,218
	544,000	Toyobo Co. Ltd.		961,364
	36,000	Toyoda Gosei Co. Ltd.		954,941
	9,200	Toyota Boshoku Corp.		194,357
	5,100	TPR Co. Ltd.		171,792
	1,200	Trancom Co. Ltd.		60,283
	3,000	Transcosmos, Inc.		72,043
	5,200	Trusco Nakayama Corp.		118,717
	7,500	TS Tech Co. Ltd.		196,658
	47,000	Tsubakimoto Chain Co.		412,765
	8,000	Tsubakimoto Kogyo Co. Ltd.		28,921
	7,000	Tsudakoma Corp.(b)		10,863
	3,100	Tsukada Global Holdings, Inc.		16,268
	6,800	Tsukishima Kikai Co. Ltd.		73,200
	20,833	Tsukuba Bank Ltd.		59,990
	5,000	Tsukui Corp.		28,347
	8,800	Tsumura & Co.		284,584
	1,200	Tsurumi Manufacturing Co. Ltd.		17,482
	7,000	TTK Co. Ltd.		31,523
	2,400	Tv Tokyo Holdings Corp.		52,446
	106,840	UACJ Corp.		283,693
	267,800	Ube Industries Ltd.		622,204
	4,600	Uchida Yoko Co. Ltd.		105,638
	6,000	Ueki Corp.		13,456
	2,500	UKC Holdings Corp.		45,548
	7,200	Ulvac, Inc.		337,798
	18,500	Unipres Corp.		391,159
	2,600	United Arrows Ltd.		80,466
	9,300	United Super Markets Holdings, Inc.		90,435
	62,000	Unitika Ltd.(b)		50,612
	4,700	Universal Entertainment Corp.		140,821
	5,000	Unizo Holdings Co. Ltd.		127,517
	8,600	U-Shin Ltd.(b)		59,558
	2,100	UT Group Co. Ltd.(b)		27,278

39

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
JAPAN (continued)
	8,800	Utoc Corp.	$	34,024
	600	V Technology Co. Ltd.		92,092
	9,500	Valor Holdings Co. Ltd.		227,028
	2,200	Vector, Inc.		30,511
	1,200	VIA Holdings, Inc.		11,809
	1,400	Village Vanguard Co. Ltd.		13,224
	11,200	Vital KSK Holdings, Inc.		98,662
	16,200	VT Holdings Co. Ltd.		82,399
	23,000	Wacoal Holdings Corp.		291,330
	33,000	Wakachiku Construction Co. Ltd.		43,220
	4,000	Wakita & Co. Ltd.		46,109
	7,600	Warabeya Nichiyo Co. Ltd.		187,281
	2,700	WATAMI Co. Ltd.		32,335
	600	Weathernews, Inc.		20,130
	6,680	Welcia Holdings Co. Ltd.		215,126
	5,900	West Holdings Corp.		41,495
	1,000	Wowow, Inc.		33,146
	6,500	Xebio Holdings Co. Ltd.		108,047
	1,000	Y.A.C. Co. Ltd.		12,155
	4,000	Yachiyo Industry Co. Ltd.		48,083
	6,000	Yahagi Construction Co. Ltd.		53,393
	600	Yakuodo Co. Ltd.		16,389
	11,200	YAMABIKO Corp.		133,325
	371,778	Yamada Denki Co. Ltd.		1,951,022
	42,000	Yamagata Bank Ltd. (The)		188,006
	51,000	Yamaguchi Financial Group, Inc.		564,557
	7,000	Yamaichi Electronics Co. Ltd.		90,989
	45,000	Yamanashi Chuo Bank Ltd. (The)		198,610
	5,100	Yamatane Corp.		72,331
	2,600	Yamato Corp.		12,198
	800	Yamaya Corp.		11,691
	100	Yamazawa Co. Ltd.		1,570
	12,300	Yamazen Corp.		116,518
	1,200	Yaoko Co. Ltd.		46,504
	700	Yashima Denki Co. Ltd.		4,094
	4,700	Yellow Hat Ltd.		108,019
	10,100	Yokogawa Bridge Holdings Corp.		124,851
	133,300	Yokogawa Electric Corp.		2,057,944
	22,300	Yokohama Reito Co. Ltd.		225,251
	42,500	Yokohama Rubber Co. Ltd. (The)		833,034
	1,000	Yokowo Co. Ltd.		12,030
	1,400	Yondoshi Holdings, Inc.		33,331
	8,300	Yorozu Corp.		126,948
	2,700	Yoshinoya Holdings Co. Ltd.		44,106
	6,800	Yuasa Trading Co. Ltd.		196,726
	27,000	Yuken Kogyo Co. Ltd.		53,285
	2,700	Yumeshin Holdings Co. Ltd.		18,795
	15,000	Yurtec Corp.		93,653
	8,000	Yusen Logistics Co. Ltd.		76,143
	900	Yushiro Chemical Industry Co. Ltd.		11,311

Shares			Value
JAPAN (continued)
	3,000	Zenkoku Hosho Co. Ltd.	$	108,455
	2,400	Zenrin Co. Ltd.		45,147
	14,300	Zensho Holdings Co. Ltd.		244,758
	52,000	Zeon Corp.		591,953
	1,500	ZERIA Pharmaceutical Co. Ltd.		22,525
	4,000	Zojirushi Corp.		54,326
				301,021,768
JERSEY CHANNEL ISLANDS — 0.0%
	400,611	Centamin Plc		917,886
	51,777	Phoenix Group Holdings		495,586
	3,503	Randgold Resources Ltd.		308,749
				1,722,221
JORDAN — 0.0%
	29,542	Hikma Pharmaceuticals Plc		741,152
LUXEMBOURG — 0.2%
	22,999	APERAM SA		1,157,942
	53,577	B&M European Value Retail SA		233,855
	60,129	d’Amico International Shipping SA		22,302
	1,249	Eurofins Scientific SE		615,099
	22,500	L’Occitane International SA		47,150
	41,810	SES SA		914,289
	144,219	Stabilus SA		10,445,438
	1,087	Sword Group		37,180
				13,473,255
MACAU — 0.0%
	87,200	MGM China Holdings Ltd.		198,652
MALAYSIA — 0.5%
	45,000	7-Eleven Malaysia Holdings Berhad		16,586
	75,100	Aeon Co. (M) Berhad		42,904
	6,300	Aeon Credit Service M Berhad		23,714
	314,490	Affin Holdings Berhad		212,268
	682,200	AirAsia Berhad		526,462
	402,900	AirAsia X Berhad(b)		41,766
	297,900	Alliance Financial Group Berhad		283,420
	844,400	Ammb Holdings Berhad		1,065,955
	20,100	Amway Malaysia Holdings Berhad		35,560
	39,200	Ann Joo Resources Berhad		26,729
	29,700	APM Automotive Holdings Berhad		26,135
	146,000	Astro Malaysia Holdings Berhad		90,809
	32,700	Batu Kawan Berhad		142,973
	95,933	Berjaya Assets Berhad(b)		22,762
	1,689,219	Berjaya Corp. Berhad(b)		136,196
	99,600	Berjaya Land Berhad(b)		12,160
	96,419	Berjaya Sports Toto Berhad		62,414
	95,200	Bermaz Auto Berhad		47,150
	59,100	BIMB Holdings Berhad		59,631
	627,207	Boustead Holdings Berhad		378,549

40

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	59,400	Boustead Plantation Berhad	$	22,441
	21,800	British American Tobacco Malaysia Berhad		228,194
	596,400	Bumi Armada Berhad		108,536
	64,500	Bursa Malaysia Berhad		152,446
	60,400	Cahya Mata Sarawak Berhad		63,308
	23,600	Carlsberg Brewery-Malaysia Berhad		83,179
	98,060	CB Industrial Product Holding Berhad		46,534
	147,600	D&O Green Technologies Berhad(b)		22,271
	70,800	Datasonic Group Berhad		21,039
	171,150	Dayang Enterprise Holdings Berhad(b)		48,494
	8,559,108	Dialog Group Berhad		3,844,796
	277,500	DRB-Hicom Berhad		92,053
	2,300	Dutch Lady Milk Industries Berhad		30,518
	264,574	Eastern & Oriental Berhad		115,801
	150,900	Eco World Development Group Berhad(b)		52,838
	180,600	Ekovest Berhad		59,077
	275,850	Evergreen Fibreboard Berhad(b)		55,920
	603,100	Felda Global Ventures Holdings Berhad		295,923
	2,200	Fraser & Neave Holdings Berhad		12,609
	225,400	Gadang Holdings Berhad		66,462
	158,800	Gamuda Berhad		192,784
	31,000	Genting Plantations Berhad		81,553
	29,700	George Kent Malaysia Berhad		29,625
	23,300	Globetronics Technology Berhad		29,145
	75,000	Glomac Berhad		12,180
	27,600	Goldis Berhad		18,311
	41,100	GuocoLand Malaysia Berhad		12,214
	28,500	Hai-O Enterprise Berhad		25,014
	275,980	HAP Seng Consolidated Berhad		563,912
	93,500	Hap Seng Plantations Holdings Berhad		55,786
	2,737,960	Hartalega Holdings Berhad(d)		3,090,533
	31,600	Heineken Malaysia Berhad		127,681
	44,500	Hengyuan Refining Co Berhad(b)		39,057
	47,600	Heveaboard Berhad		14,913
	240,700	Hibiscus Petroleum Berhad(b)		23,565
	19,992	Hock Seng LEE Berhad		7,829
	39,700	Hong Leong Industries Berhad		92,368
	45,377	Hua Yang Berhad		11,603
	21,720	Hume Industries Berhad		13,559
	550,980	IJM Corp. Berhad		444,236
	36,700	IJM Plantations Berhad		26,039
	147,654	Inari Amertron Berhad		71,089
	104,400	Insas Berhad		22,246
	217,600	Ioi Properties Group Berhad		103,762

Shares			Value
MALAYSIA (continued)
	237,500	Jaya Tiasa Holdings Berhad	$	64,012
	134,000	JCY International Berhad		19,293
	59,079	Kenanga Investment Bank Berhad(b)		8,573
	45,100	Kian JOO CAN Factory Berhad		31,168
	1,976,800	KKB Engineering Berhad(d)		623,869
	629,480	KNM Group Berhad(b)		42,052
	33,300	Kossan Rubber Industries		43,802
	1,128,888	KPJ Healthcare Berhad		1,092,221
	293,574	KSL Holdings Berhad(b)		82,506
	35,950	Kumpulan Fima Berhad		15,404
	102,500	Kumpulan Perangsang Selangor Berhad		35,182
	15,000	Lafarge Malaysia Berhad		21,838
	187,300	Land & General Berhad		11,218
	157,800	Landmarks Berhad(b)		29,990
	134,300	LBS Bina Group Berhad		64,660
	79,000	Lingkaran Trans Kota Holdings Berhad		107,372
	17,100	LPI Capital Berhad		69,093
	15,900	Magni-Tech Industries Berhad		18,057
	121,500	Magnum Berhad		58,777
	542,073	Mah Sing Group Berhad		186,061
	83,300	Malakoff Corp Berhad		24,178
	73,050	Malayan Flour Mills Berhad		30,459
	169,423	Malaysia Airports Holdings Berhad		296,617
	423,260	Malaysia Building Society Berhad		127,729
	27,400	Malaysian Pacific Industries Berhad		75,617
	248,750	Malaysian Resources Corp. Berhad(b)		87,100
	82,600	Malton Berhad		27,971
	264,600	Media Prima Berhad		73,144
	36,900	Mega First Corp. Berhad		32,216
	158,000	Mitrajaya Holdings Berhad		48,772
	129,900	MKH Berhad		73,015
	316,100	MMC Corp. Berhad		184,228
	68,250	MNRB Holdings Berhad(b)		40,720
	84,500	Mudajaya Group Berhad(b)		23,359
	103,000	Muhibbah Engineering M Berhad		68,572
	579,100	Mulpha International Berhad(b)		32,017
	297,900	My EG Services Berhad		146,171
	31,800	Naim Holdings Berhad(b)		11,428
	48,600	Oriental Holdings Berhad		75,906
	64,300	Padini Holdings Berhad		47,399
	2,600	Panasonic Manufacturing Malaysia Berhad		20,352
	87,157	Pantech Group Holdings Berhad		13,251
	45,300	Paramount Corp. Berhad		18,992
	31,100	Pestech International Berhad		12,179
	23,600	Petron Malaysia Refining & Marketing Berhad		36,968
	94,300	POS Malaysia Berhad		113,177

41

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	311,360	Press Metal Berhad	$	210,155
	148,550	Protasco Berhad		37,300
	2,829,800	QL Resources Berhad(d)		3,096,418
	1,689,800	Sapura Energy Berhad		778,530
	64,857	Sarawak Oil Palms Berhad		51,246
	41,800	Scientex Berhad		79,825
	51,400	Shangri-La Hotels (Malaysia) Berhad		60,387
	124,600	SKP Resources Berhad		37,027
	142,100	SP Setia Berhad		119,808
	116,211	Sunway Berhad		92,894
	88,466	Sunway Construction Group Berhad		40,758
	102,800	Supermax Corp. Berhad		45,468
	35,000	Syarikat Takaful Malaysia Berhad		32,251
	52,236	Ta Ann Holdings Berhad		45,004
	269,700	TA Enterprise Berhad		40,694
	195,360	TA Global Berhad		16,201
	126,800	TAN Chong Motor Holdings Berhad		54,915
	211,200	TDM Berhad		32,111
	54,040	TH Plantations Berhad(b)		15,063
	21,800	Thong Guan Industries Berhad		22,347
	34,760	Time dotCom Berhad		70,705
	75,000	Tiong NAM Logistics Holdings		31,444
	123,220	Top Glove Corp. Berhad		129,720
	159,001	Tropicana Corp. Berhad		36,078
	43,600	TSH Resources Berhad		17,878
	51,400	Tune Protect Group Berhad		17,050
	41,800	UEM Edgenta Berhad(b)		30,909
	397,408	UEM Sunrise Berhad		113,519
	55,400	UMW Holdings Berhad(b)		79,125
	91,300	UMW Oil & Gas Corp Berhad(b)		14,302
	122,900	Unisem M Berhad		94,277
	23,700	United Malacca Berhad		33,740
	20,800	United Plantations Berhad		134,163
	10,800	United U-Li Corp Berhad		12,191
	190,200	UOA Development Berhad		117,424
	142,300	VS Industry Berhad		65,561
	95,155	Wah Seong Corp. Berhad		19,509
	263,838	WCT Holdings Berhad		135,535
	4,085,950	Wellcall Holdings Berhad(d)		2,004,855
	146,700	Westports Holdings Berhad		135,176
	36,900	WTK Holdings Berhad		8,458
	139,700	Yinson Holdings Berhad		107,808
	43,014	YNH Property Berhad(b)		15,160
	576,300	YTL Corp. Berhad		195,153
	148,200	YTL Power International Berhad		51,551
				26,731,964
MALTA — 0.0%
	34,973	Kindred Group Plc - SDR		362,669

Shares			Value
MARTINIQUE — 0.0%
	12,500	Endeavour Mining Corp.(b)	$	206,220
MEXICO — 0.4%
	845,171	Alfa SAB de CV - Series A		1,158,756
	61,000	Alpek SAB de CV		73,069
	82,188	Alsea SAB de CV		292,293
	2,425	Arca Continental SAB de CV		17,832
	3,201,600	Asesor de Activos Prisma SAPI de CV REIT(d)		1,916,683
	170,367	Axtel SAB de CV – CPO Units(b)		37,195
	99,209	Banregio Grupo Financiero SAB de CV		572,849
	2,584	Bio Pappel SAB de CV(b)		3,636
	1,167,037	Bolsa Mexicana de Valores SAB de CV		2,039,575
	12,400	Cia Minera Autlan SAB de CV - Series B(b)		12,074
	17,900	Concentradora Fibra Danhos SA de CV		30,741
	243,351	Consorcio ARA SAB de CV		81,181
	99,477	Controladora Vuela Cia de Aviacion SAB de CV(b)		126,029
	1,904,749	Corp Inmobiliaria Vesta SAB de CV		2,679,261
	25,361	Corp. Actinver SAB de CV		17,433
	61,938	Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)		53,301
	27,300	Corp. Moctezuma SAB de CV		95,712
	1,260	Corporativo Fragua SAB de CV(d)		15,528
	71,496	Credito Real SAB de CV SOFOM ER		100,264
	24,124	Elementia SAB de CV(b)		32,934
	2,674,900	Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT(d)		1,906,862
	182,900	Fibra Uno Administracion SA de CV REIT		318,771
	156,217	Genomma Lab Internacional SAB de CV - Class B(b)		197,665
	169,637	Gentera SAB de CV		285,203
	22,755	Gruma SAB de CV - Series B		303,456
	14,982	Grupo Aeroportuario del Centro Norte SAB de CV		83,214
	205,728	Grupo Aeroportuario del Pacifico SAB de CV - Series B		2,119,981
	77,632	Grupo Aeroportuario del Sureste SAB de CV - Series B		1,471,050
	120,492	Grupo Cementos de Chihuahua SAB de CV		572,785
	25,720	Grupo Comercial Chedraui SA de CV		53,133
	9,143	Grupo Elektra SAB de CV		307,434
	27,100	Grupo Famsa SAB de CV – Class A(b)		12,668

42

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
MEXICO (continued)
	28,944	Grupo Financiero Interacciones SA de CV	$	135,347
	29,254	Grupo Gicsa SA de CV(b)		18,834
	92,311	Grupo Herdez SAB de CV		204,822
	48,305	Grupo Industrial Maseca SAB de CV - Series B		59,787
	26,671	Grupo Industrial Saltillo SAB de CV		53,625
	17,079	Grupo KUO SAB de CV – Series B		35,428
	73,698	Grupo Lala SAB de CV		133,888
	9,061	Grupo Rotoplas SAB de CV		11,720
	19,200	Grupo Sanborns SAB de CV		22,010
	15,920	Grupo Simec SAB de CV - Series B(b)		59,197
	10,779	Grupo Sports World SAB de CV(b)		9,820
	42,527	Hoteles City Express SAB de CV(b)		43,735
	256,075	Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(b)		428,350
	23,677	Industrias Bachoco SAB de CV - Series B		105,221
	146,913	Industrias CH SAB de CV - Series B(b)		788,988
	39,900	Infraestructura Energetica Nova SAB de CV		186,028
	49,401	Kimberly-Clark de Mexico SAB de CV - Class A		105,440
	177,597	La Comer SAB de CV(b)		139,151
	2,072,200	Macquarie Mexico Real Estate Management SA de CV REIT		2,269,758
	90	Medica Sur SAB de CV – Series B		191
	50,616	Megacable Holdings SAB de CV - CPO Shares		191,895
	396,221	Mexichem SAB de CV		1,088,357
	62,689	Minera Frisco SAB de CV(b)		40,094
	318,391	Nemak SAB de CV		334,877
	35,050	OHL Mexico SAB de CV		42,786
	130,899	Organizacion Soriana SAB de CV - Series B(b)		300,108
	24,222	Prologis Property Mexico SA de CV		41,264
	30,304	Promotora y Operadora de Infraestructura SAB de CV		322,208
	1,100	Promotora y Operadora de Infraestructura SAB de CV - Series L		9,348
	38,243	Qualitas Controladora SAB de CV - Class I		62,448
	15,651	Rassini SAB de CV		74,026
	16,731	Rassini SAB de CV - Series A		38,616
	126,623	TV Azteca SAB de CV – CPO Shares		21,928
	37,764	Unifin Financiera SAB de CV SOFOM ENR		100,041

Shares			Value
MEXICO (continued)
	7,426	Vitro SAB de CV - Series A.	$	28,441
				24,496,345
NETHERLANDS — 0.6%
	21,357	Aalberts Industries NV		847,282
	9,662	Accell Group NV		336,794
	19,244	Aegon NV		98,084
	6,845	AMG Advanced Metallurgical Group NV		179,547
	3,385	Amsterdam Commodities NV		94,394
	10,875	Arcadis NV		188,413
	11,197	ASM International NV		673,879
	679,538	Atrium European Real Estate Ltd.(d)		2,864,657
	4,808	BE Semiconductor Industries NV		251,184
	3,301	Beter Bed Holding NV		53,937
	17,415	BinckBank NV		86,561
	104,995	Boskalis Westminster		3,861,742
	3,196	Brunel International NV		54,310
	8,288	Chicago Bridge & Iron Co. NV		249,303
	4,038	Corbion NV		125,360
	768	Core Laboratories NV		85,110
	5,097	Euronext N.V.		249,986
	1,071	Flow Traders		32,998
	11,672	Fugro NV - CVA(b)		172,152
	9,716	Gemalto NV		544,211
	4,518	GrandVision NV		117,967
	5,707	Heijmans NV - CVA(b)		43,970
	1,031	Hunter Douglas NV		83,242
	3,654	KAS Bank NV - CVA		43,385
	3,442	Kendrion NV		122,904
	35,275	Koninklijke BAM Groep NV		198,504
	12,374	Koninklijke Vopak NV		558,301
	431	Nederland Apparatenfabriek		18,028
	10,625	NSI NV REIT		44,860
	13,255	Ordina NV(b)		22,972
	27,537	PostNL NV		136,392
	210,215	QIAGEN NV		6,285,704
	22,201	Randstad Holding NV		1,323,083
	522,458	Refresco Gerber NV		10,212,750
	99,492	SBM Offshore NV		1,639,198
	10,543	Sligro Food Group NV		428,774
	86,230	SNS REAAL NV(b)(c)(d)		0
	8,477	TKH Group NV		389,675
	18,993	TomTom NV(b)		193,112
	2,363	Van Lanschot NV - CVA		64,222
	12,798	Wessanen		191,199
				33,168,146
NEW ZEALAND — 0.7%
	7,184	a2 Milk Co. Ltd.(b)		16,672
	320,760	Air New Zealand Ltd.		561,597
	3,211,087	Auckland International Airport Ltd.(d)		15,212,675
	44,374	Chorus Ltd.		136,798

43

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
NEW ZEALAND (continued)
	105,881	Contact Energy Ltd.	$	378,757
	19,426	Ebos Group Ltd.		244,217
	23,408	Freightways Ltd.		120,379
	34,123	Genesis Energy Ltd.		50,021
	53,576	Heartland Bank Ltd.		61,064
	36,913	Infratil Ltd.		74,766
	7,542	Kathmandu Holdings Ltd.		10,357
	70,342	Kiwi Property Group Ltd.		68,823
	22,834	Mainfreight Ltd.		346,480
	6,364,208	Mercury Ltd.(d)		14,048,494
	28,706	Metlifecare Ltd.		114,513
	39,566	New Zealand Oil & Gas Ltd.		16,843
	13,133	New Zealand Refining Co. Ltd. (The)		21,100
	56,805	NZME Ltd.		35,092
	45,243	NZX Ltd.		33,238
	73,491	PGG Wrightson Ltd.		28,257
	80,140	Pike River Coal Ltd.(b)(c)(d)		0
	23,490	Restaurant Brands New Zealand Ltd.		85,802
	15,128	Sanford Ltd.		75,617
	74,844	Skellerup Holdings Ltd.		77,596
	182,421	SKY Network Television Ltd.		483,467
	2,770,782	SKYCITY Entertainment Group Ltd.		8,294,559
	55,636	Summerset Group Holdings Ltd.		198,639
	29,035	Tilt Renewables Ltd.		43,061
	43,782	Tower Ltd.		36,674
	82,337	Trade Me Group Ltd.		299,623
	29,035	TrustPower Ltd.		95,690
	25,065	Vector Ltd.		55,587
	43,509	Warehouse Group Ltd. (The)		63,033
				41,389,491
NORWAY — 0.1%
	39,115	ABG Sundal Collier Holding ASA		25,603
	1,087	AF Gruppen ASA		19,370
	32,989	Akastor ASA(b)		48,796
	9,669	Aker ASA - Class A		367,120
	13,509	Aker BP ASA		229,241
	21,852	Aker Solutions ASA(b)		124,709
	3,472	American Shipping Co. ASA		11,040
	18,135	Atea ASA		219,665
	41,175	Austevoll Seafood ASA		330,896
	10,700	Bonheur ASA		93,155
	10,533	Borregaard ASA		118,383
	50,772	BW Offshore Ltd.(b)		130,685
	78,478	DNO ASA(b)		66,358
	279,724	DOF ASA(b)		29,973
	5,301	Ekornes ASA		83,349
	15,768	Fred Olsen Energy ASA(b)		37,097
	10,331	Frontline Ltd.		68,825
	22,339	Grieg Seafood ASA		175,491
	14,061	Hexagon Composites ASA(b)		44,708

Shares			Value
NORWAY (continued)
	8,541	Hoegh LNG Holdings Ltd.	$	87,539
	194,372	Kongsberg Automotive ASA(b)		142,395
	4,472	Kongsberg Gruppen ASA		69,794
	28,990	Kvaerner ASA(b)		37,816
	5,047	Leroy Seafood Group ASA		253,702
	12,409	Nordic Semiconductor ASA(b)		49,717
	2,144	Norwegian Air Shuttle ASA(b)		60,854
	4,455	Ocean Yield ASA		33,467
	5,846	Odfjell SE - Class A(b)		23,082
	23,394	Opera Software ASA		105,717
	97,595	Petroleum Geo-Services ASA(b)		229,836
	1,512	Prosafe SE(b)		6,023
	5,031	Protector Forsikring ASA		41,896
	12,159	Salmar ASA		288,468
	9,108	Scatec Solar ASA		41,265
	4,634	Schibsted ASA - Class A		115,229
	4,604	Schibsted ASA - Class B		103,223
	5,087	Sevan Marine ASA(b)		8,591
	7,660	Solstad Offshore ASA(b)		10,840
	29,923	SpareBank 1 SMN		249,184
	2,731	SpareBank 1 SR-Bank ASA		21,550
	126,468	Storebrand ASA		833,693
	28,036	TGS Nopec Geophysical Co. ASA		612,573
	26,311	Tomra Systems ASA		305,675
	12,901	Veidekke ASA		172,043
	3,880	Wilh Wilhelmsen Holding ASA		108,004
	3,194	XXL ASA		34,410
				6,271,050
PANAMA — 0.0%
	358	Copa Holdings SA - Class A		41,678
PERU — 0.1%
	1,162,608	Alicorp SA(d)		2,759,794
	1,801,950	Ferreycorp SAA(d)		1,038,812
	18,932	Hochschild Mining Plc		62,332
				3,860,938
PHILIPPINES — 0.2%
	778,500	Alliance Global Group, Inc.		230,597
	23,966	Belle Corp.		1,967
	300,300	Bloomberry Resorts Corp.(b)		54,092
	86,020	Cebu Air, Inc.		185,933
	104,400	Century Pacific Food, Inc.		34,476
	124,030	China Banking Corp.		87,627
	1,563,626	Concepcion Industrial Corp.(d)		2,317,352
	167,400	Cosco Capital, Inc.		27,339
	11,985,100	D&L Industries, Inc.		3,070,335
	130,900	Del Monte Pacific Ltd.		31,386
	432,700	DMCI Holdings, Inc.		111,368
	49,760	Doubledragon Properties Corp.(b)		51,787
	48,300	East West Banking Corp.		20,735
	72,800	EEI Corp.		14,716
	165,200	Emperador, Inc.		21,127
	1,585,400	Energy Development Corp.		191,333

44

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
PHILIPPINES (continued)
	2,062,375	Filinvest Land, Inc.	$	71,408
	86,000	First Gen Corp.		37,006
	123,070	First Philippine Holdings Corp.		178,577
	10,739,900	GMA Holdings, Inc. - PDR(d)		1,235,954
	12,470	GT Capital Holdings, Inc.		314,464
	173,000	Integrated Micro-Electronics, Inc.		26,661
	56,320	International Container Terminal Services, Inc.		100,320
	48,240	Jollibee Foods Corp.		202,750
	1,274,700	Lopez Holdings Corp.		196,186
	410,200	LT Group, Inc.		131,028
	3,713,500	Manila Water Co., Inc.(d)		2,374,589
	166,300	Megawide Construction Corp.(b)		61,508
	4,702,696	Megaworld Corp.		382,126
	443,500	Metro Pacific Investments Corp.		58,405
	623,000	Pepsi-Cola Products Philippines, Inc.		46,134
	816,000	Petron Corp.		148,779
	124,300	Philex Mining Corp.		21,942
	2,020	Philippine National Bank		2,636
	99,100	Phoenix Petroleum Philippines, Inc.		16,859
	145,800	Puregold Price Club, Inc.		121,682
	75,400	Rizal Commercial Banking Corp.		82,168
	379,400	Robinsons Land Corp.		194,769
	41,000	Robinsons Retail Holdings, Inc.		65,154
	48,560	San Miguel Corp.		106,907
	59,641	Security Bank Corp.		254,487
	34,010	Semirara Mining & Power Corp.		101,421
	6	Top Frontier Investment Holdings, Inc.(b)		35
	161,290	Union Bank of Philippines, Inc.		257,438
	1,140,600	Vista Land & Lifescapes, Inc.		120,760
				13,364,323
POLAND — 0.1%
	796	AB SA(b)		7,586
	1,147	Agora SA		4,789
	13,172	Alior Bank SA(b)		253,274
	704	Amica SA		35,362
	231	AmRest Holdings SE(b)		21,884
	348	Apator SA		3,151
	24,278	Asseco Poland SA		341,714
	70,310	Bank Millennium SA(b)		125,424
	20,750	Boryszew SA(b)		61,995
	2,156	Budimex SA		152,841
	2,732	CCC SA		158,038
	10,845	CD Projekt SA(b)		189,519
	6,133	Ciech SA		122,701
	265	ComArch SA(b)		16,047
	990	Dom Development SA		17,954
	2,172	Emperia Holding SA(b)		43,169
	64,708	Enea SA(b)		198,835

Shares			Value
POLAND (continued)
	9,099	Energa SA	$	23,362
	2,763	Eurocash SA		24,502
	1,397	Fabryki Mebli Forte SA		28,540
	7,502	Famur SA(b)		11,062
	139,253	Getin Holding SA(b)		47,385
	163,906	Getin Noble Bank SA(b)		78,590
	11,056	Grupa Azoty SA		195,002
	119	Grupa Azoty Zaklady Chemiczne Police SA(b)		620
	2,192	Grupa Kety SA		241,000
	1,747	Grupa Lotos SA(b)		27,242
	49,265	Impexmetal SA(b)		53,847
	1,298	Inter Cars SA		103,711
	1,112	Lubelski Wegiel Bogdanka SA(b)		20,794
	70,546	Netia SA		80,017
	280	Neuca SA		28,345
	17,977	Orange Polska SA		21,456
	9,252	Orbis SA		207,497
	3,425	Pelion SA(b)		47,148
	1,359	Pfleiderer Grajewo SA		15,565
	3,502	PKP Cargo SA(b)		57,687
	4,554	Polnord SA(b)		10,671
	10,343	Rafako SA(b)		20,424
	28,182	Stalexport Autostrady SA		28,333
	295	Stalprodukt SA		41,058
	55,201	Synthos SA		76,700
	229,417	Tauron Polska Energia SA(b)		194,572
	10,941	Trakcja SA		46,199
	14,504	Vistula Group SA(b)		12,002
	4,785	Warsaw Stock Exchange		56,001
				3,553,615
PORTUGAL — 0.0%
	16,720	Altri SGPS SA		78,043
	952,432	Banco Comercial Portugues SA(b)		212,477
	1,231,589	Banco Espirito Santo SA(b)(c)(d)		0
	1,903	CTT-Correios de Portugal SA		10,860
	31,264	Jeronimo Martins SGPS SA		573,842
	22,362	Mota-Engil SGPS SA		56,854
	47,493	Navigator Co. SA (The)		201,039
	36,299	NOS SGPS SA		207,904
	15,219	REN - Redes Energeticas Nacionais SGPS SA		44,744
	5,424	Semapa - Sociedade de Investimento e Gestao		85,080
	109,476	Sonae SGPS SA(b)		112,336
				1,583,179
PUERTO RICO — 0.0%
	86,100	Evertec, Inc.		1,364,685
	3,184	First BanCorp(b)		18,722
	993	OFG Bancorp		11,618

45

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
PUERTO RICO (continued)
	3,452	Popular, Inc.	$	144,673
				1,539,698
ROMANIA — 0.0%
	19,753	New Europe Property Investments Plc		216,527
SINGAPORE — 1.0%
	32,200	Accordia Golf Trust		17,170
	2,373,000	Ascendas India Trust - Unit(d)		1,953,226
	6,935,700	Ascendas Real Estate Investment Trust		12,708,293
	233,100	ASL Marine Holdings Ltd.(b)		22,857
	7,400	Bonvests Holdings Ltd.		7,044
	25,598	Boustead Projects Ltd.(b)		15,665
	48,229	Boustead Singapore Ltd.		30,722
	16,000	Breadtalk Group Ltd.		15,460
	40,000	Bukit Sembawang Estates Ltd.		171,206
	23,431	BW LPG Ltd.		103,183
	41,612	Cape Plc		129,755
	7,364,200	CapitaLand Mall Trust REIT		10,383,620
	42,000	China Aviation Oil Singapore Corp. Ltd.		48,699
	116,500	Chip Eng Seng Corp. Ltd.		61,704
	95,400	ComfortDelGro Corp. Ltd.		187,092
	115,600	COSCO Shipping International Singapore Co. Ltd.(b)		23,581
	18,200	CSE Global Ltd.		6,774
	156,000	CW Group Holdings Ltd.		31,287
	65,300	CWT Ltd.(b)		107,030
	63,500	Delfi Ltd.		104,080
	282,746	Ezion Holdings Ltd.(b)		60,712
	130,121	Far East Orchard Ltd.		152,273
	73,900	First Resources Ltd.		99,175
	13,474	Flex Ltd.(b)		208,308
	164,000	Fragrance Group Ltd.		19,955
	15,000	Frasers Centrepoint Ltd.		20,399
	91,900	Gallant Venture Ltd.(b)		9,077
	59,100	GL Ltd.		32,783
	463,600	Golden Agri-Resources Ltd.		119,455
	58,000	GP Industries Ltd.		24,597
	118,666	Guocoland Ltd.		155,005
	11,199	Halcyon Agri Corp. Ltd.(b)		5,010
	32,000	Hiap Hoe Ltd.		16,033
	66,600	Ho Bee Land Ltd.		116,311
	285,340	Hong Fok Corp. Ltd.		165,426
	110,600	Hong Leong Asia Ltd.		88,660
	9,000	Hour Glass Ltd. (The)		4,445
	503,100	Hutchison Port Holdings Trust - Units		203,756
	29,000	IGG, Inc.		44,143
	129,600	Indofood Agri Resources Ltd.		45,453
	92,950	Jurong Technologies Industrial Corp. Ltd.(b)(c)(d)		0
	81,178	Keppel Infrastructure Trust		30,213
	1,471	Kulicke & Soffa Industries, Inc.(b)		32,833

Shares			Value
SINGAPORE (continued)
	166,600	Lian Beng Group Ltd.	$	71,546
	42,000	Low Keng Huat Singapore Ltd.		19,690
	75,000	Lum Chang Holdings Ltd.		18,788
	39,000	M1 Ltd.		60,573
	209,700	Midas Holdings Ltd.		33,771
	214,300	Olam International Ltd.		292,963
	34,400	Oxley Holdings Ltd.		14,034
	21,000	Pan-United Corp. Ltd.		11,123
	113,400	Penguin International Ltd.		22,726
	100,770	QAF Ltd.		96,648
	176,250	Raffles Education Corp. Ltd.(b)		25,230
	95,875	Raffles Medical Group Ltd.		96,071
	90,300	RHT Health Trust - Units		61,077
	81,700	Rotary Engineering Ltd.		22,806
	217,500	Roxy-Pacific Holdings Ltd.		78,615
	4,320,000	SATS Ltd.		15,738,324
	165,600	Sembcorp Industries Ltd.		359,137
	97,000	Sheng Siong Group Ltd.		68,039
	4,029,200	SIA Engineering Co. Ltd.(d)		10,785,677
	131,100	SIIC Environment Holdings Ltd.		49,732
	592,000	Sinarmas Land Ltd.		192,792
	106,200	Singapore Post Ltd.		104,896
	174,000	Singapore Reinsurance Corp. Ltd.		37,984
	440,400	Stamford Land Corp. Ltd.		168,639
	47,200	StarHub Ltd.		94,255
	36,600	Sunningdale Tech Ltd.		44,534
	126,700	Tat Hong Holdings Ltd.(b)		36,274
	314,000	Technovator International Ltd.		119,087
	66,500	Tiong Woon Corp Holding Ltd.		13,327
	378,314	Tuan Sing Holdings Ltd.		88,002
	42,550	UMS Holdings Ltd.		29,084
	220,554	United Engineers Ltd.		454,637
	405,492	United Industrial Corp. Ltd.		917,120
	158,057	UOB-Kay Hian Holdings Ltd.		159,511
	87,611	UOL Group Ltd.		453,998
	33,000	Venture Corp. Ltd.		288,158
	142,729	Vibrant Group Ltd.		39,331
	179,912	Wheelock Properties (Singapore) Ltd.		240,157
	30,300	Wing Tai Holdings Ltd.		40,988
	871	XP Power Ltd.		29,816
	96,800	Yongnam Holdings Ltd.(b)		14,203
				59,275,833
SOUTH AFRICA — 0.5%
	9,257	Adcock Ingram Holdings Ltd.		41,479
	49,210	Advtech Ltd.		70,333
	19,266	Aeci Ltd.		167,276
	9,268	African Oxygen Ltd.		13,780
	109,566	African Phoenix Investments Ltd.(b)		4,755
	42,506	African Rainbow Minerals Ltd.		268,769
	10,747	Afrimat Ltd.		24,118
	301,935	Alexander Forbes Group Holdings Ltd.		145,503

46

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH AFRICA (continued)
	36,374	Alviva Holdings Ltd.	$	57,295
	2,401	Anglo American Platinum Ltd.(b)		59,300
	73,719	AngloGold Ashanti Ltd.		834,016
	70,947	ArcelorMittal South Africa Ltd.(b)		39,817
	16,224	Ascendis Health Ltd.		30,339
	3,371	Assore Ltd.		54,423
	7,768	Astral Foods Ltd.		90,097
	34,321	Attacq Ltd.(b)		43,660
	132,443	Aveng Ltd.(b)		56,391
	61,658	AVI Ltd.		450,955
	121,638	Barloworld Ltd.		1,096,073
	40,840	Bidvest Group Ltd. (The)		487,467
	161,638	Blue Label Telecoms Ltd.		204,894
	1,957	Cashbuild Ltd.		53,158
	15,038	Caxton and CTP Publishers and Printers Ltd.		13,335
	6,615	City Lodge Hotels Ltd.		73,616
	190,183	Clicks Group Ltd.		1,910,262
	14,333	Clover Industries Ltd.		17,429
	28,286	Consolidated Infrastructure Group Ltd.(b)		38,501
	40,941	Coronation Fund Managers Ltd.		194,201
	69,755	DataTec Ltd.		303,057
	3,467	Distell Group Ltd.		34,831
	67,047	DRDGOLD Ltd.		26,390
	156,651	EOH Holdings Ltd.		1,658,089
	38,509	Exxaro Resources Ltd.		328,157
	14,923	Famous Brands Ltd.		165,369
	39,886	Foschini Group Ltd. (The)		476,408
	307,147	Gold Fields Ltd.		1,005,532
	46,544	Grand Parade Investments Ltd.		12,678
	147,547	Grindrod Ltd.(b)		132,711
	170,327	Growthpoint Properties Ltd.		326,538
	42,550	Harmony Gold Mining Co. Ltd.		92,272
	3,258	Holdsport Ltd.		15,430
	1,317	Howden Africa Holdings Ltd.(b)		3,251
	11,691	Hudaco Industries Ltd.		118,977
	74,268	Hulamin Ltd.		38,513
	20,188	Hyprop Investments Ltd.		186,475
	50,805	Impala Platinum Holdings Ltd.(b)		163,283
	43,164	Imperial Holdings Ltd.		545,826
	197,189	Investec Plc		1,459,610
	1,143	Invicta Holdings Ltd.		4,678
	12,812	JSE Ltd.		136,521
	377,924	KAP Industrial Holdings Ltd.		264,982
	35,575	Kumba Iron Ore Ltd.(b)		463,357
	34,324	Lewis Group Ltd.		97,113
	10,986	Liberty Holdings Ltd.		88,373
	140,086	Life Healthcare Group Holdings Ltd.		301,163
	35,208	Lonmin Plc(b)		50,162
	12,760	Massmart Holdings Ltd.		123,392

Shares			Value
SOUTH AFRICA (continued)
	411,446	Merafe Resources Ltd.	$	51,108
	38,173	Metair Investments Ltd.		65,413
	12,050	Metrofile Holdings Ltd.		3,967
	288,335	MMI Holdings Ltd.		502,934
	81,459	Mpact Ltd.		187,803
	42,743	Mr Price Group Ltd.		502,473
	144,582	Murray & Roberts Holdings Ltd.		151,466
	129,772	Nampak Ltd.(b)		173,822
	1,304	Net 1 UEPS Technologies, Inc.(b)		14,148
	183,637	Netcare Ltd.		364,285
	45,426	Northam Platinum Ltd.(b)		168,940
	174,202	Oceana Group Ltd.(d)		1,295,981
	14,214	Omnia Holdings Ltd.		169,361
	119,456	Peregrine Holdings Ltd.		237,594
	132,545	Petra Diamonds Ltd.(b)		222,659
	67,839	Pick’n Pay Stores Ltd.		322,348
	15,212	Pioneer Foods Group Ltd.		187,661
	396,406	PPC Ltd.(b)		185,392
	2,961	PSG Group Ltd.		56,068
	59,085	Raubex Group Ltd.		106,597
	402,437	Redefine Properties Ltd. REIT		331,255
	24,150	Resilient REIT Ltd.		210,566
	32,236	Reunert Ltd.		171,025
	757,700	Rhodes Food Group Pty Ltd.		1,388,538
	2,420	Santam Ltd.		44,792
	282,451	Sappi Ltd.		2,098,766
	35,666	Spar Group Ltd. (The)		480,875
	4,857	Spur Corp. Ltd.		11,321
	3,685	Sun International Ltd.		20,116
	141,655	Super Group Ltd.(b)		389,760
	184,373	Telkom SA SOC Ltd.		1,031,702
	519	Tiger Brands Ltd.		15,688
	21,020	Tongaat Hulett Ltd.		189,929
	31,655	Transaction Capital Ltd.		34,725
	24,121	Trencor Ltd.		72,595
	84,900	Truworths International Ltd.		549,726
	57,697	Tsogo Sun Holdings Ltd.		108,583
	7,971	Wilson Bayly Holmes-Ovcon Ltd.		85,616
	110,879	Woolworths Holdings Ltd.		601,532
				27,971,510
SOUTH KOREA — 1.3%
	6,754	ABco Electronics Co. Ltd.		43,626
	2,141	Able C&C Co. Ltd.		55,035
	15,397	Ace Technologies Corp.(b)		53,448
	1,128	Actoz Soft Co. Ltd.(b)		19,380
	4,160	Aekyung Petrochemical Co. Ltd.		46,247
	1,398	AfreecaTV Co. Ltd.		29,179
	3,130	Agabang & Co.(b)		19,887
	7,680	AJ Rent A Car Co. Ltd.(b)		77,617
	3,069	Ajin Industrial Co. Ltd.(b)		22,763
	2,287	AK Holdings, Inc.		129,635
	5,120	ALUKO Co. Ltd.		19,618

47

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	1,630	Amotech Co. Ltd.(b)	$	34,666
	832	Asia Cement Co. Ltd.		59,298
	564	ASIA Holdings Co. Ltd.		48,722
	612	Asia Paper Manufacturing Co. Ltd.		10,757
	50,602	Asiana Airlines, Inc.(b)		200,336
	6,791	Austem Co. Ltd.		20,500
	2,350	Autech Corp.		22,924
	3,319	Avaco Co. Ltd.		18,201
	2,934	Baiksan Co. Ltd.		22,407
	11,822	Barun Electronics Co. Ltd.(b)		21,090
	9,113	Barunson Entertainment & Arts Corp.(b)		21,984
	1,387	Binggrae Co. Ltd.		83,617
	642	Bioland Ltd.		10,438
	5,313	Bluecom Co. Ltd.		51,827
	125,065	BNK Financial Group, Inc.		1,050,726
	1,467	Boditech Med, Inc.		24,882
	1,549	Bookook Securities Co. Ltd.		25,524
	1,205	Boryung Pharmaceutical Co. Ltd.		52,843
	5,941	Bubang Co. Ltd.(b)		21,067
	2,094	Bukwang Pharmaceutical Co. Ltd.		38,369
	20,899	Byucksan Corp.		70,435
	5,849	Capro Corp.(b)		39,271
	430	Caregen Co. Ltd.		27,095
	1,433	Cell Biotech Co. Ltd.		46,533
	5,025	Chabiotech Co. Ltd.(b)		56,525
	1,861	Changhae Ethanol Co. Ltd.		29,602
	7,078	Cheil Worldwide, Inc.		114,763
	2,370	Chokwang Paint Ltd.		23,119
	628	Chong Kun Dang Pharmaceutical Corp.		64,296
	1,209	Chongkundang Holdings Corp.		72,780
	1,312	Choong Ang Vaccine Laboratory		22,080
	73	Chosun Refractories Co. Ltd.		5,652
	1,513	Chungdahm Learning, Inc.		24,266
	2,080	CJ CGV Co. Ltd.		156,288
	1,049	CJ CheilJedang Corp.		314,359
	4,840	CJ E&M Corp.		342,403
	1,668	CJ Freshway Corp.		50,426
	17,294	CJ Hellovision Co. Ltd.		143,319
	749	CJ Korea Express Corp.(b)		109,595
	1,445	CJ O Shopping Co. Ltd.		242,675
	2,061	CKD Bio Corp.		41,024
	1,487	Com2uSCorp.		156,815
	270	Cosmax BTI, Inc.		8,328
	1,135	Cosmax, Inc.		141,638
	2,192	Coson Co. Ltd.(b)		25,813
	637	Crown Confectionery Co. Ltd.(b)		10,384
	495	Crown Haitai Holdings Co. Ltd.		13,812
	5,430	Crucialtec Co. Ltd.(b)		29,204
	447	Cuckoo Electronics Co. Ltd.		51,264

Shares			Value
SOUTH KOREA (continued)
	2,180	Dae Dong Industrial Co. Ltd.	$	12,587
	8,286	Dae Hyun Co. Ltd.		23,375
	18,236	Dae Won Kang Up Co. Ltd.		75,162
	45,928	Dae Young Packaging Co. Ltd.(b)		39,272
	12,386	Daea TI Co. Ltd.(b)		22,586
	509	Daechang Forging Co. Ltd.		23,216
	15,729	Daeduck Electronics Co.		128,276
	11,915	Daeduck GDS Co. Ltd.		157,066
	1,451	Daehan New Pharm Co. Ltd.		19,701
	6,139	Daehan Steel Co. Ltd.		54,760
	6,318	Dae-Il Corp.		56,911
	3,101	Daelim B&Co Co. Ltd.		21,202
	14,333	Daelim Industrial Co. Ltd.		1,011,460
	3,143	Daeryuk Can Co. Ltd.		19,804
	10,249	Daesang Corp.		213,915
	10,212	Daesang Holdings Co. Ltd.		87,321
	2,180	Daesung Holdings Co. Ltd.		17,338
	2,639	Daewon Pharmaceutical Co. Ltd.		50,674
	10,306	Daewon San Up Co. Ltd.		62,765
	15,152	Daewoo Engineering & Construction Co. Ltd.(b)		97,072
	912	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)(c)(d)		13,465
	1,539	Daewoong Co. Ltd.(c)		86,965
	513	Daewoong Pharmaceutical Co. Ltd.		40,665
	902	Daihan Pharmaceutical Co. Ltd.		21,680
	9,921	Daishin Securities Co. Ltd.		107,676
	4,600	Danal Co. Ltd.(b)		23,851
	1,845	Dasan Networks, Inc.(b)		10,377
	36,074	Dayou Automotive Seat Technology Co. Ltd.		46,919
	87,390	DGB Financial Group, Inc.		894,713
	5,919	Digital Power Communications Co. Ltd.		21,847
	2,135	Dio Corp(b)		66,044
	5,333	Dms Co. Ltd.		53,428
	1,795	DNF Co. Ltd.(b)		22,794
	2,399	Dong A Eltek Co. Ltd.		49,439
	5,633	Dong Ah Tire & Rubber Co. Ltd.		123,264
	663	Dong-A Socio Holdings Co. Ltd.		85,650
	413	Dong-A ST Co. Ltd.		34,045
	4,103	Dong-Ah Geological Engineering Co. Ltd.		47,776
	6,987	Dongbu HiTek Co. Ltd.(b)		129,559
	20,908	Dongbu Insurance Co. Ltd.		1,249,445
	905	Dongbu Securities Co. Ltd.(b)		2,919
	810	Dong-IL Corp.		40,717
	288	Dongil Industries Co. Ltd.		19,311
	6,590	Dongjin Semichem Co. Ltd.		59,941
	18,143	Dongkook Industrial Co. Ltd.(b)		44,166

48

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	665	DongKook Pharmaceutical Co. Ltd.	$	39,623
	23,544	Dongkuk Industries Co. Ltd.		94,764
	33,778	Dongkuk Steel Mill Co. Ltd.		329,498
	8,777	Dongkuk Structures & Construction Co. Ltd.		51,217
	4,117	Dongsuh Cos., Inc.		111,617
	13,590	DONGSUNG Corp.		70,942
	3,211	Dongsung Finetec Co. Ltd.		19,612
	1,553	Dongwha Enterprise Co. Ltd.		44,356
	4,740	Dongwha Pharmaceutical Co. Ltd.		38,323
	17,479	Dongwon Development Co. Ltd.		70,429
	210	Dongwon F&B Co. Ltd.		47,245
	267	Dongwon Industries Co. Ltd.		79,192
	804	Dongwon Systems Corp.		40,627
	221	Dongyang E&P, Inc.		2,661
	3,901	Doosan Corp.		333,568
	6,886	Doosan Engine Co. Ltd.(b)		22,965
	12,332	Doosan Heavy Industries & Construction Co. Ltd.		251,972
	29,204	Doosan Infracore Co. Ltd.(b)		242,276
	1,300	Doubleugames Co. Ltd.		62,607
	2,601	DRB Holding Co. Ltd.		24,801
	2,814	Duzon Bizon Co. Ltd.		67,265
	9,936	DY Corp.		60,861
	2,154	DY POWER Corp.		22,526
	382	e Tec E&C Ltd.		48,610
	153	E1 Corp.		7,825
	3,860	Eagon Industrial Ltd.		34,601
	19,802	Easy Bio, Inc.		109,982
	2,532	Ecobio Holdings Co. Ltd.(b)		18,847
	10,677	Elentec Co. Ltd.		56,861
	5,009	e-LITECOM Co. Ltd.		42,303
	1,503	Emerson Pacific, Inc.(b)		39,890
	6,808	EM-Tech Co. Ltd.		70,300
	2,881	ENF Technology Co. Ltd.		50,511
	305	Eo Technics Co. Ltd.		22,730
	20,297	Eugene Corp.		105,061
	44,009	Eugene Investment & Securities Co. Ltd.(b)		116,994
	3,243	Eugene Technology Co. Ltd.		48,592
	4,964	Eusu Holdings Co. Ltd.		30,537
	3,297	EVERDIGM Corp.		28,801
	936	F&F Co. Ltd.		22,168
	3,794	Farmsco		42,178
	35,290	Farmstory Co. Ltd.(b)		46,985
	6,876	Feelux Co. Ltd.		24,171
	1,019	Fila Korea Ltd.		62,148
	7,435	Foosung Co. Ltd.(b)		47,306
	452	Gamevil, Inc.(b)		29,752
	520	Gaon Cable Co. Ltd.		10,990
	2,787	Global Display Co. Ltd.(b)		8,425
	696	Golfzon Co. Ltd.		32,173
	4,062	GOLFZONNEWDIN Co. Ltd.		20,312

Shares			Value
SOUTH KOREA (continued)
	7,070	Grand Korea Leisure Co. Ltd.	$	134,826
	643	Green Cross Corp.		92,672
	3,228	Green Cross Holdings Corp.		92,480
	12,794	GS Engineering & Construction Corp.(b)		351,922
	31,593	GS Global Corp.(b)		90,789
	27,859	GS Holdings Corp.		1,451,831
	4,448	GS Retail Co. Ltd.		207,566
	1,861	G-SMATT GLOBAL Co. Ltd.(b)		22,815
	2,130	Halla Corp.(b)		8,480
	4,825	Halla Holdings Corp.		256,960
	8,195	Han Kuk Carbon Co. Ltd.		47,964
	3,827	Hana Micron, Inc.(b)		17,791
	1,039	Hana Tour Service, Inc.		77,064
	3,787	Hancom, Inc.		57,243
	174	Handok, Inc.		3,548
	7,271	Handsome Co. Ltd.		200,322
	1,590	Hanil Cement Co. Ltd.		163,485
	19,707	Hanjin Heavy Industries & Construction Co. Ltd.(b)		58,537
	2,710	Hanjin Heavy Industries & Construction Holdings Co. Ltd.(b)		12,265
	5,472	Hanjin Kal Corp.(b)		97,379
	2,845	Hanjin Transportation Co. Ltd.		75,882
	1,696	Hankook Cosmetics Co. Ltd.(b)		22,059
	152	Hankook Shell Oil Co. Ltd.		53,832
	680	Hankuk Paper Manufacturing Co. Ltd.		17,808
	841	Hanmi Pharm Co. Ltd.(b)		228,006
	857	Hanmi Science Co. Ltd.(b)		45,716
	1,523	Hanmi Semiconductor Co. Ltd.(c)(d)		25,029
	2,383	Hanmiglobal Co. Ltd.		21,570
	1,441	Hans Biomed Corp.		21,592
	4,115	Hansae Co. Ltd.		98,725
	7,442	Hansae Yes24 Holdings Co. Ltd.		65,728
	143	Hanshin Construction Co. Ltd.		2,306
	5,869	Hanshin Machinery Co.		16,273
	1,840	Hansol Chemical Co. Ltd.		131,625
	19,942	Hansol Holdings Co. Ltd.(b)		111,110
	21,760	Hansol HomeDeco Co. Ltd.(b)		31,744
	387	Hansol Logistics Co. Ltd.		850
	8,216	Hansol Paper Co. Ltd.		136,464
	15,681	Hansol Seentec Co. Ltd.(b)		22,600
	4,293	Hansol Technics Co. Ltd.(b)		57,723
	662	Hanssem Co. Ltd.		127,990
	48,601	Hanwha Chemical Corp.		1,074,185
	28,943	Hanwha Corp.		1,016,146
	195	Hanwha Galleria Timeworld Co. Ltd.(b)		5,869
	28,083	Hanwha General Insurance Co. Ltd.		182,876
	37,234	Hanwha Investment & Securities Co. Ltd.(b)		83,768
	4,428	Hanwha Techwin Co. Ltd.(b)		202,352

49

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	3,343	Hanyang Eng Co. Ltd.	$	34,520
	1,616	Hanyang Securities Co. Ltd.		10,452
	10,541	Harim Co. Ltd.		51,783
	16,532	Harim Holdings Co. Ltd.		58,187
	11,947	HB Technology Co. Ltd.		56,800
	33,020	Heung-A Shipping Co. Ltd.		49,766
	7,528	Hite Jinro Co. Ltd.		138,268
	4,246	Hite Jinro Holdings Co. Ltd.		41,419
	5,567	HMC Investment Securities Co. Ltd.		52,593
	3,851	Hotel Shilla Co. Ltd.		171,923
	5,644	HS Industries Co. Ltd.		50,344
	1,768	HS R&A Co. Ltd.(c)		63,781
	4,180	Huchems Fine Chemical Corp.		85,224
	9,381	Humax Co. Ltd.		98,105
	861	Humedix Co. Ltd.		23,683
	647	Huons Co. Ltd.(b)		30,135
	2,671	Huons Global Co. Ltd.		78,517
	6,850	Huvis Corp.		45,570
	130,261	Huvitz Co. Ltd.		1,459,555
	8,535	Hwa Shin Co. Ltd.		46,054
	5,630	Hwangkum Steel & Technology Co. Ltd.		42,056
	5,485	Hwasung Industrial Co. Ltd.		70,858
	4,774	Hy-Lok Corp.		93,978
	10,035	Hyosung Corp.		1,269,918
	5,301	Hyundai BNG Steel Co. Ltd.		59,164
	1,840	Hyundai Corp.		33,796
	7,893	Hyundai Department Store Co. Ltd.		749,138
	26,925	Hyundai Development Co-Engineering & Construction		1,057,692
	2,902	Hyundai Elevator Co. Ltd.		158,884
	16,962	Hyundai Engineering & Construction Co. Ltd.		723,706
	10,032	Hyundai Engineering Plastics Co. Ltd.		69,296
	6,487	Hyundai Greenfood Co. Ltd.		91,214
	704	Hyundai Home Shopping Network Corp.		75,479
	16,373	Hyundai Hy Communications & Network Co. Ltd.		56,260
	2,594	Hyundai Livart Furniture Co. Ltd.		64,856
	38,420	Hyundai Marine & Fire Insurance Co. Ltd.		1,239,137
	3,299	Hyundai Rotem Co. Ltd.(b)		60,738
	10,584	Hyundai Wia Corp.		603,657
	6,192	iA, Inc.(b)		20,869
	1,724	ICD Co. Ltd.		24,468
	41,244	IHQ, Inc.(b)		63,611
	2,766	Il Dong Holdings Co. Ltd.		46,550
	687	Il Dong Pharmaceutical Co. Ltd.		13,554
	2,212	Iljin Electric Co. Ltd.		9,516
	7,945	Iljin Holdings Co. Ltd.		32,781

Shares			Value
SOUTH KOREA (continued)
	3,026	Iljin Materials Co. Ltd.	$	44,809
	403	Ilshin Spinning Co. Ltd.		41,791
	5,855	iMarketKorea, Inc.		68,434
	2,770	InBody Co. Ltd.		64,996
	3,473	Initech Co. Ltd.(b)		23,745
	1,372	Innocean Worldwide Inc.		77,046
	2,965	Innox Corp.(b)		85,987
	4,028	Insun ENT Co. Ltd.(b)		21,664
	680	Intelligent Digital Integrated Security Co. Ltd.		5,462
	2,569	Interflex Co. Ltd.(b)		63,215
	1,393	Interojo Co. Ltd.		47,927
	27,602	Interpark Holdings Corp.		130,260
	2,633	IS Dongseo Co. Ltd.		99,383
	1,378	ISC Co. Ltd.		24,583
	876	i-SENS, Inc.		22,710
	5,011	ISU Chemical Co. Ltd.		75,304
	15,507	IsuPetasys Co. Ltd.		63,642
	1,265	Jastech Ltd.		27,626
	58,797	JB Financial Group Co. Ltd.		312,613
	6,109	Jcontentree Corp.(b)		21,475
	861	Jeju Air Co. Ltd.		24,516
	5,350	Jusung Engineering Co. Ltd.(b)		48,427
	522	JVM Co. Ltd.		20,047
	6,393	Jw Holdings Corp.		43,935
	1,234	JW Pharmaceutical Corp.		47,011
	4,489	JYP Entertainment Corp.(b)		27,812
	2,895	Kaon Media Co. Ltd.		30,021
	6,081	KB Capital Co. Ltd.		145,358
	25,769	KB Insurance Co. Ltd.		740,528
	5,293	KC Green Holdings Co. Ltd.		32,700
	3,881	KC Tech Co. Ltd.		50,307
	48,073	KEC Corp.(b)		43,726
	1,953	KEPCO Engineering & Construction Co., Inc.		43,251
	2,524	KEPCO Plant Service & Engineering Co. Ltd.		127,320
	5,921	Keyang Electric Machinery Co. Ltd.		28,515
	11,128	KEYEAST Co. Ltd.(b)		23,568
	2,361	KG Chemical Corp.		28,426
	7,458	KG Eco Technology Service Co. Ltd.		21,563
	4,404	Kginicis Co. Ltd.		44,315
	7,151	KGMobilians Co. Ltd.		46,756
	4,002	KH Vatec Co. Ltd.		44,490
	2,351	KISCO Corp.		77,478
	354	KISCO Holdings Co. Ltd.		19,941
	2,233	Kishin Corp.(b)		8,948
	3,044	KISWIRE Ltd.		101,119
	3,098	KIWOOM Securities Co. Ltd.		215,354
	11,014	KleanNara Co. Ltd.(b)		51,784
	4,490	KMH Co. Ltd.(b)		32,040
	18,872	Kodaco Co. Ltd.		55,725
	9,767	Koentec Co. Ltd.		27,381
	1,319	Koh Young Technology, Inc.		62,247

50

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	197,367	Kolao Holdings	$	1,160,370
	1,469	Kolmar Bnh Co. Ltd.		26,465
	1,491	Kolon Corp.		81,894
	1,668	Kolon Global Corp.		19,716
	7,786	Kolon Industries, Inc.		468,022
	1,632	KONA I Co. Ltd.(b)		13,912
	5,221	Korea Autoglass Corp.		76,854
	6,488	Korea Circuit Co. Ltd.		75,548
	2,568	Korea Electric Terminal Co. Ltd.		160,458
	820	Korea Export Packaging Industrial Co. Ltd.		12,539
	1,060	Korea Flange Co. Ltd.		11,831
	1,910	Korea Gas Corp.(b)		78,220
	4,846	Korea Information & Communications Co. Ltd.(b)		43,439
	10,945	Korea Investment Holdings Co. Ltd.		493,434
	26,629	Korea Kolmar Co. Ltd.		1,879,171
	1,588	Korea Kolmar Holdings Co. Ltd.		46,053
	7,228	Korea Line Corp.(b)		153,402
	1,393	Korea PetroChemical Ind Co. Ltd.		289,520
	1,632	Korea United Pharm, Inc.		29,473
	17,345	Korean Air Lines Co. Ltd.(b)		467,198
	45,416	Korean Reinsurance Co.		451,007
	2,714	Kortek Corp.		35,299
	1,183	KPX Chemical Co. Ltd.		63,626
	2,793	KSS LINE Ltd.		20,741
	2,960	KT Hitel Co. Ltd.(b)		18,313
	5,046	KT Skylife Co. Ltd.		71,839
	10,044	Kt Submarine Co. Ltd.		43,295
	8,843	KTB Investment & Securities Co. Ltd.(b)		25,296
	9,704	KTCS Corp.		21,832
	17,362	Ktis Corp.		54,318
	1,854	Kukdo Chemical Co. Ltd.		78,207
	4,525	Kumho Industrial Co. Ltd.		37,181
	3,137	Kumho Petrochemical Co. Ltd.		209,795
	56,914	Kumho Tire Co., Inc.(b)		402,634
	1,523	Kumkang Kind Co. Ltd.		50,325
	15,614	Kwang Dong Pharmaceutical Co. Ltd.		121,026
	9,372	Kwangju Bank		97,187
	1,092	Kyeryong Construction Industrial Co. Ltd.(b)		16,890
	13,064	Kyobo Securities Co. Ltd.		109,756
	3,954	Kyongbo Pharmaceutical Co. Ltd.		45,868
	1,346	Kyung Dong Navien Co. Ltd.		42,998
	2,000	Kyungbang Ltd.		25,837
	5,351	Kyungchang Industrial Co. Ltd.		23,254
	1,746	Kyungdong Pharm Co. Ltd.		28,847
	8,473	Kyung-In Synthetic Corp.		33,098
	8,108	LB Semicon, Inc.(b)		20,022
	11,160	Leadcorp Inc (The)		70,124
	2,587	Leaders Cosmetics Co. Ltd.(b)		42,514

Shares			Value
SOUTH KOREA (continued)
	1,206	LEENO Industrial, Inc.	$	45,149
	11,318	LF Corp.		248,162
	3,096	LG Hausys Ltd.		272,080
	3,281	LG Innotek Co. Ltd.		379,165
	6,921	LG International Corp.		197,673
	1,098	LIG Nex1 Co. Ltd.		77,870
	4,127	Lock & Lock Co. Ltd.		51,683
	1,167	Loen Entertainment, Inc.		90,148
	320	Lotte Chilsung Beverage Co. Ltd.		471,606
	681	Lotte Confectionary Co. Ltd.		122,687
	2,654	LOTTE Fine Chemical Co. Ltd.		89,796
	170	Lotte Food Co. Ltd.		95,914
	3,512	LOTTE Himart Co. Ltd.		169,751
	49,779	Lotte Non-Life Insurance Co. Ltd.		118,115
	8,434	LS Corp.		483,256
	7,144	LS Industrial Systems Co. Ltd.		318,934
	23,613	Lumens Co. Ltd.(b)		75,328
	22,809	Macquarie Korea Infrastructure Fund		172,987
	867	Macrogen, Inc.(b)		22,553
	1,072	Maeil Dairy Industry Co. Ltd.(c)		50,873
	1,288	Mando Corp.		260,339
	1,128	Mds Technology Co. Ltd.		22,849
	8,415	Medy-Tox, Inc.		3,699,080
	450	MegaStudyEdu Co. Ltd.		16,748
	16,916	Meritz Financial Group, Inc.		188,798
	23,274	Meritz Fire & Marine Insurance Co. Ltd.		362,026
	125,707	Meritz Securities Co. Ltd.		456,253
	4,530	Mgame Corp.(b)		20,940
	44	Mi Chang Oil Industrial Co. Ltd.		3,356
	7,104	MiCo Ltd.(b)		19,822
	1,302	Minwise Co. Ltd.		22,083
	54,917	Mirae Asset Life Insurance Co. Ltd.		269,783
	9,143	MK Electron Co. Ltd.		69,824
	7,937	Mobase Co. Ltd.		52,802
	1,391	Modetour Network, Inc.		48,286
	9,910	Moorim P&P Co. Ltd.		36,055
	1,053	Muhak Co. Ltd.		21,284
	2,496	Namhae Chemical Corp.		20,136
	34,992	Namsun Aluminum Co. Ltd.(b)		38,285
	569	Namuga Co. Ltd(b)		18,877
	98	Namyang Dairy Products Co. Ltd.		74,669
	1,026	Neopharm Co. Ltd.		24,480
	5,699	Neowiz Games Corp.(b)		58,598
	5,987	NEPES Corp.(b)		51,036
	19,020	Nexen Corp.		137,899
	16,209	Nexen Tire Corp.		194,440
	2,898	Nexon GT Co. Ltd.(b)		20,196
	1,060	Nexturn Co. Ltd.		21,565
	51,753	NH Investment & Securities Co. Ltd.		600,351

51

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	3,304	NHN KCP Corp.(b)	$	39,344
	7,060	NICE Holdings Co. Ltd.		119,125
	1,569	Nice Information & Telecommunication, Inc.		37,505
	5,313	NICE Information Service Co. Ltd.		37,306
	3,498	NICE Total Cash Management Co. Ltd.		27,206
	3,081	NK Co. Ltd.(b)		5,388
	940	Nong Shim Holdings Co. Ltd.		89,217
	1,577	Nong Woo Bio Co. Ltd.(b)		24,322
	728	NongShim Co. Ltd.		202,809
	454	Noroo Holdings Co. Ltd.		5,965
	3,414	Noroo Paint & Coatings Co. Ltd.		24,422
	2,740	NPC		15,700
	427	NS Shopping Co. Ltd.(c)(d)		63,793
	66,171	Nutribiotech Co. Ltd.(b)		1,308,417
	3,910	OCI Co. Ltd.		271,113
	3,811	OPTRON-TEC, Inc.(b)		24,013
	794	Orion Corp.		471,697
	2,075	Osstem Implant Co. Ltd.(b)		96,283
	199	Ottogi Corp.		128,889
	50,900	Pan Ocean Co. Ltd.(b)		233,051
	2,944	Pan-Pacific Co. Ltd.(b)		10,181
	1,991	PaperCorea, Inc.(b)		894
	6,943	Paradise Co. Ltd.		86,032
	9,138	Partron Co. Ltd.		87,533
	15,667	Paru Co. Ltd.(b)		44,472
	765	Pharma Research Products Co. Ltd.		24,034
	9,674	Poongsan Corp.		331,988
	3,440	POSCO Chemtech Co. Ltd.		43,533
	898	POSCO Coated & Color Steel Co. Ltd.		24,504
	15,168	Posco Daewoo Corp.		319,916
	9,753	Posco ICT Co. Ltd.		58,797
	601	Posco M-Tech Co. Ltd.		1,431
	15,195	Power Logics Co. Ltd.(b)		70,507
	1,912	Protec Co. Ltd.		25,540
	4,647	PSK, Inc.		56,765
	180	Pulmuone Co. Ltd.		20,564
	67,345	Pyeong Hwa Automotive Co. Ltd.		804,897
	4,418	Redrover Co. Ltd.(b)		22,519
	3,835	RFTech Co. Ltd.(b)		22,412
	6,325	S&T Dynamics Co. Ltd.(b)		49,860
	3,341	S&T Holdings Co. Ltd.		46,097
	2,274	S&T Motiv Co. Ltd.		89,929
	50,541	S-1 Corp.		4,335,004
	854	Sajo Industries Co. Ltd.		52,010
	3,362	Sam Chun Dang Pharm Co. Ltd.		41,659
	3,689	SAM KANG M&T Co. Ltd.(b)		21,656
	422	Sam Yung Trading Co. Ltd.		6,935
	163	Samchully Co. Ltd.		15,184

Shares			Value
SOUTH KOREA (continued)
	1,716	SAMHWA Paints Industrial Co. Ltd.	$	13,120
	5,492	Samick Musical Instruments Co. Ltd.		10,497
	4,310	Samick THK Co. Ltd.		54,353
	6,581	Samji Electronics Co. Ltd.(b)		51,357
	2,001	Samjin Pharmaceutical Co. Ltd.		59,525
	250	Samkwang Glass Co. Ltd.		12,984
	5,785	Sammok S-Form Co. Ltd.		69,650
	13,987	Samsung Electro-Mechanics Co. Ltd.		898,541
	15,745	Samsung Engineering Co. Ltd.(b)		168,810
	28,398	Samsung Heavy Industries Co. Ltd.(b)		269,530
	6,903	Samsung Pharmaceutical Co. Ltd.(b)		21,961
	14,810	Samsung Securities Co. Ltd.		450,326
	11,879	SAMT Co. Ltd.		22,654
	2,242	Samwha Capacitor Co. Ltd.		26,205
	1,533	Samyang Corp.		129,872
	426	Samyang Foods Co. Ltd.		21,190
	2,292	Samyang Holdings Corp.		254,801
	638	Samyang Tongsang Co. Ltd.		30,781
	2,726	Sang-A Frontec Co. Ltd.		28,867
	10,570	Savezone I&C Corp.		48,396
	5,185	SBS Media Holdings Co. Ltd.		13,032
	14,205	SBW(b)		18,663
	13,159	S-Connect Co. Ltd.(b)		33,652
	5,087	Seah Besteel Corp.		124,727
	485	SeAH Holdings Corp.		58,393
	915	SeAH Steel Corp.		78,079
	3,601	Sebang Co. Ltd.		49,051
	3,398	Sebang Global Battery Co. Ltd.		111,983
	69,164	Seegene, Inc.(b)		2,166,883
	5,490	Sejong Industrial Co. Ltd.		45,255
	25,149	Sejong Telecom, Inc.(b)		21,703
	5,603	Sejoong Co. Ltd.		20,804
	4,671	Sekonix Co. Ltd.		72,452
	2,478	Seobu T&D		36,694
	17,654	Seohan Co. Ltd.		42,277
	65,927	Seohee Construction Co. Ltd.		75,898
	2,371	Seoul Auction Co. Ltd.		18,878
	8,526	Seoul Semiconductor Co. Ltd.		140,864
	5,497	Seowonintech Co. Ltd.		57,245
	8,718	Seoyon Co. Ltd.		77,381
	3,253	Sewon Cellontech Co. Ltd.(b)		7,318
	1,667	SFA Engineering Corp.		114,561
	21,427	SFA Semicon Co. Ltd.(b)		44,628
	7,375	SG&G Corp.(b)		25,244
	31,004	SH Energy & Chemical Co. Ltd.		41,142
	3,125	Shin Poong Pharmaceutical Co. Ltd.(b)		17,357
	3,832	Shinsegae Co. Ltd.		688,676
	717	Shinsegae Engineering & Construction Co. Ltd.		22,747

52

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	350	Shinsegae Food Co. Ltd.	$	47,829
	802	Shinsegae Information & Communication Co. Ltd.		52,790
	573	Shinsegae International, Inc.		36,810
	18,254	Shinsung E&G Energy Co. Ltd.(b)		29,196
	22,990	Shinsung Tongsang Co. Ltd.(b)		23,841
	16,608	Shinwha Intertek Corp.		58,600
	15,480	Shinwon Corp.(b)		24,827
	4,524	Showbox Corp.		21,787
	36,517	Signetics Corp.(b)		43,645
	5,243	Silicon Works Co. Ltd.		135,003
	1,760	SIMPAC, Inc.		7,633
	1,888	SJM Co. Ltd.		10,486
	8,102	SK Chemicals Co. Ltd.		448,568
	1,557	SK Gas Ltd.		160,776
	869	SK Materials Co. Ltd.		134,714
	63,887	SK Networks Co. Ltd.		449,719
	39,972	SK Securities Co. Ltd.(b)		42,153
	13,594	SKC Co. Ltd.		342,269
	1,591	SKCKOLONPI, Inc.		23,769
	6,144	SL Corp.		97,730
	2,207	SM Entertainment Co.(b)		50,137
	7,102	Songwon Industrial Co. Ltd.		112,344
	4,295	Sonokong Co. Ltd.(b)		21,968
	2,069	Soulbrain Co. Ltd.		100,004
	337	SPC Samlip Co. Ltd.		62,342
	521	Spigen Korea Co. Ltd.		23,076
	14,401	Ssangyong Cement Industrial Co. Ltd.		168,955
	1,604	Ssangyong Information & Communication(b)		3,079
	9,975	Ssangyong Motor Co.(b)		66,097
	1,402	Suheung Co. Ltd.		46,019
	1,658	Sunchang Corp.		15,591
	7,093	Sung Kwang Bend Co. Ltd.		65,763
	11,506	Sungchang Enterprise Holdings Ltd.		29,981
	3,961	Sungdo Engineering & Construction Co. Ltd.		22,452
	13,124	Sungshin Cement Co. Ltd.(b)		80,389
	15,549	Sungwoo Hitech Co. Ltd.		101,255
	1,729	Sunjin Co. Ltd.		30,921
	73	Suprema HQ, Inc.(b)		522
	67	Suprema, Inc.(b)		1,319
	2,233	Systems Technology, Inc.		25,707
	6,520	Tae Kyung Industrial Co. Ltd.		27,647
	210	Taekwang Industrial Co. Ltd.		164,434
	1,917	Taewoong Co. Ltd.(b)		44,223
	20,123	Taeyoung Engineering & Construction Co. Ltd.(b)		111,765
	7,863	Tailim Packaging Co. Ltd.		21,249
	8,575	TBH Global Co. Ltd. (The)(b)		60,513
	2,118	Techwing, Inc.		22,708
	1,053	Tera Semicon Co. Ltd.		29,289
	1,108	TES Co Ltd.		25,365

Shares			Value
SOUTH KOREA (continued)
	8,316	Texcell-Netcom Co. Ltd.(b)	$	55,323
	2,262	Thinkware Systems Corp.(b)		23,457
	16,250	TK Chemical Corp.(b)		27,490
	3,460	TK Corp.		27,549
	753	Tokai Carbon Korea Co. Ltd.		23,194
	25,895	Tongyang Life Insurance Co. Ltd.		228,706
	50,293	Tongyang, Inc.		95,247
	1,223	Tonymoly Co. Ltd.		22,839
	7,910	Top Engineering Co. Ltd.		50,606
	1,904	Toptec Co. Ltd.		45,847
	9,525	Tovis Co. Ltd.		68,723
	1,049	TS Corp.		23,508
	2,363	Uju Electronics Co. Ltd.		34,680
	3,120	Unid Co. Ltd.		131,474
	4,676	Union Semiconductor Equipment & Materials Co. Ltd.		25,478
	2,607	UniTest, Inc.		24,743
	1,674	Value Added Technologies Co. Ltd.		42,957
	1,227	Viatron Technologies, Inc.		22,213
	1,447	Vieworks Co. Ltd.		83,801
	4,876	Visang Education, Inc.		63,205
	3,455	Vitzrocell Co. Ltd.(c)		44,026
	3,019	Webzen Inc(b)		53,726
	3,260	Whanin Pharmaceutical Co. Ltd.		49,420
	7,358	Willbes & Co. (The)(b)		15,875
	4,480	WiSoL Co. Ltd.		62,993
	12,298	Wonik Holdings Corp.(b)		71,222
	3,533	Wonik IPS Co. Ltd.(b)		80,415
	411	Wonik Materials Co. Ltd.(b)		22,936
	2,740	Wonik QnC Corp.(b)		24,320
	5,897	Woongjin Holdings Co. Ltd.(b)		11,505
	12,409	Woongjin Thinkbig Co. Ltd.(b)		96,402
	3,901	Wooshin Systems Co. Ltd.		20,021
	4,055	Y G-1 Co. Ltd.		38,487
	3,685	Yearimdang Publishing Co. Ltd.(b)		19,333
	1,080	YESCO Co. Ltd.		34,975
	1,004	YG Entertainment, Inc.		26,646
	866	Yonwoo Co. Ltd.(b)		24,278
	9,270	Yoosung Enterprise Co. Ltd.		36,904
	1,618	Yoosung T&S Co. Ltd.		6,790
	3,932	Youlchon Chemical Co. Ltd.		45,958
	145	Young Poong Corp.		120,164
	10,642	Youngone Corp.		317,044
	1,762	Youngone Holdings Co. Ltd.		82,224
	24,717	Yuanta Securities Korea Co. Ltd.(b)		73,636
	899	Yuhan Corp.		183,292
	6,279	Yungjin Pharmaceutical Co. Ltd.(b)		47,179
	1,571	Zeus Co. Ltd.		26,439
				75,457,571

53

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SPAIN — 0.3%
	13,281	Acciona SA	$	1,095,731
	12,680	Acerinox SA		177,074
	57,299	ACS Actividades de Construccion y Servicios SA		2,124,011
	2,550	Adveo Group International SA		10,583
	18,012	Almirall SA		325,308
	33,799	Applus Services SA		423,767
	1,095,608	Banco de Sabadell SA		2,107,627
	659	Banco Popular Espanol SA(b)		462
	55,114	Bankia SA		66,880
	143,492	Bankinter SA		1,263,421
	895	Baron de Ley(b)		110,264
	4,515	Bolsas y Mercados Espanoles SHMSF SA		161,809
	20,024	Caja de Ahorros del Mediterraneo(b)(c)(d)		0
	485	Cia de Distribucion Integral Logista Holdings SA		11,596
	14,653	Cie Automotive SA		315,160
	4,520	Construcciones y Auxiliar de Ferrocarriles SA		181,633
	80,465	Deoleo SA(b)		16,215
	44,724	Distribuidora Internacional de Alimentacion SA		266,243
	25,642	Ebro Foods SA		573,441
	88,525	EDP Renovaveis SA		674,530
	16,194	eDreams ODIGEO SA(b)		55,972
	8,592	Elecnor SA		93,593
	62,171	Enagas SA		1,635,509
	34,719	Ence Energia y Celulosa SA		124,048
	64,456	Ercros SA(b)		192,381
	2,169	Euskaltel SA		22,060
	27,381	Faes Farma SA		98,426
	9,353	Fluidra SA		59,092
	2,272	Fomento de Construcciones y Contratas SA(b)		21,037
	31,022	Gamesa Corp. Tecnologica SA		670,270
	16,692	Grupo Catalana Occidente SA		648,756
	1,441	Iberpapel Gestion SA		47,090
	9,566	Indra Sistemas SA(b)		131,139
	6,773	Inmobiliaria Colonial SA		52,523
	1,502	Laboratorios Farmaceuticos Rovi SA		24,836
	38,115	Liberbank SA(b)		50,943
	348,864	Mapfre SA		1,217,577
	20,608	Mediaset Espana Comunicacion SA		284,083
	20,767	Melia Hotels International SA		308,331
	3,643	Miquel y Costas & Miquel SA		112,581
	16,895	NH Hotel Group SA(b)		87,510
	40,321	Obrascon Huarte Lain SA		176,565
	23,531	Papeles y Cartones de Europa SA		176,863
	9,252	Pescanova SA(b)(c)(d)		0
	9,982	Pharma Mar SA(b)		38,274
	1,765	Prim SA		18,707

Shares			Value
SPAIN (continued)
	5,650	Promotora de Informaciones SA(b)	$	20,156
	18,972	Prosegur Cia de Seguridad SA		123,791
	8,814	Quabit Inmobiliaria SA(b)		18,866
	28,335	Red Electrica Corp. SA		552,490
	134,338	Sacyr SA(b)		336,569
	6,458	Talgo SA(b)		38,768
	3,051	Tecnicas Reunidas SA		120,808
	41,405	Tubacex SA		132,150
	13,858	Tubos Reunidos SA(b)		16,379
	4,430	Vidrala SA		260,100
	6,047	Viscofan SA		361,890
	10,741	Zardoya Otis SA		99,569
				18,335,457
SWEDEN — 0.8%
	166,482	AAK AB		11,907,280
	22,251	Acando AB		80,640
	3,798	Addlife AB(b)		72,253
	3,083	AddNode Group AB		26,454
	12,158	AddTech AB - Class B		218,938
	698,519	AF AB - B Shares(d)		14,700,184
	7,790	Ahlstrom-Munksjo Oyj		147,396
	2,072	Atrium Ljungberg AB - Class B		34,271
	5,067	Autoliv, Inc.		507,663
	2,441	Avanza Bank Holding AB		98,000
	75,816	Axactor AB(b)		21,899
	13,583	Axfood AB		215,615
	6,689	B&B Tools AB - Class B		153,305
	5,500	Beijer Alma AB		156,171
	2,816	Beijer Ref AB		71,057
	8,862	Betsson AB		75,740
	11,179	Bilia AB		224,027
	79,471	BillerudKorsnas AB		1,274,077
	2,484	BioGaia AB - Class B		100,119
	8,156	Biotage AB		46,502
	1,799	Bonava AB		28,801
	40,560	Bonava AB - Class B		655,752
	2,022	Bulten AB		28,764
	17,958	Byggmax Group AB		121,142
	12,355	Castellum AB		169,201
	1,272	Catena AB		18,741
	7,218	Clas Ohlson AB - Class B		119,793
	56,029	Cloetta AB - B Shares		226,462
	16,142	Com Hem Holding AB		201,016
	5,878	Dios Fastigheter AB		30,129
	11,559	Doro AB		76,344
	12,044	Duni AB		170,653
	1,810	Dustin Group AB		14,969
	52,670	Elekta AB - Class B		549,755
	456,815	Eltel AB(b)		2,978,455
	1,207	Enea AB		11,481
	7,041	Fabege AB		121,307
	2,223	Fagerhult AB		91,733
	1,217	Fastighets AB Balder - Class B(b)		27,178

54

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SWEDEN (continued)
	21,939	Fingerprint Cards AB(b)	$	87,362
	12,104	Getinge AB - Class B		236,551
	23,005	Granges AB		238,951
	22,187	Gunnebo AB		121,991
	3,932	Haldex AB		52,827
	1,030	Hemfosa Fastigheter AB		9,547
	49,658	Hexpol AB		551,955
	5,834	HIQ International AB		39,849
	12,960	Holmen AB - Class B		546,359
	4,434	Hufvudstaden AB - Class A		69,484
	16,852	Husqvarna AB - Class A		166,764
	123,031	Husqvarna AB - Class B		1,223,045
	16,467	Indutrade AB		389,119
	14,684	Intrum Justitia AB		583,560
	9,384	Inwido AB		134,817
	20,956	JM AB		737,706
	28,301	KappAhl AB		163,755
	4,979	KNOW IT AB		73,359
	16,156	Kungsleden AB		90,472
	8,118	Lagercrantz Group AB - B Shares		88,674
	18,526	Lindab International AB		169,316
	22,722	Loomis AB - Class B		824,757
	5,649	Medivir AB - Class B(b)		43,528
	9,858	Mekonomen AB		195,328
	6,846	Modern Times Group MTG AB - Class B		223,374
	4,122	MQ Holding AB		15,637
	9,038	Mycronic AB		89,285
	13,909	NCC AB - Class B		369,816
	2,159	Nederman Holding AB		63,620
	66,395	Net Insight AB - Class B(b)		64,091
	29,286	Netent AB		225,994
	10,064	New Wave Group AB - Class B		71,299
	41,644	Nibe Industrier AB - Class B		369,080
	31,265	Nobia AB		323,511
	1,178	Nobina AB		7,182
	8,614	Nolato AB - B Shares		274,254
	77,713	Opus Group AB		61,856
	117,641	Peab AB		1,285,679
	12,951	Pricer AB - B Shares		14,914
	649	Proact IT Group AB		13,922
	12,271	Qliro Group AB(b)		17,456
	2,630	Raysearch Laboratories AB		65,919
	10,568	Saab AB - Class B		524,027
	166	Sagax AB - Class B		1,725
	48,567	SAS AB(b)		80,056
	7,101	Scandi Standard AB		42,691
	3,644	Sectra AB - B Shares		66,854
	3,842	Semcon AB		27,761
	7,282	SkiStar AB		155,797
	31,885	SSAB AB - A Shares(b)		139,207
	147,413	SSAB AB - B Shares(b)		525,087
	50,676	SSAB AB - Class A(b)		220,960
	98,446	SSAB AB - Class B(b)		349,779
	13,628	Sweco AB - Class B		338,034

Shares			Value
SWEDEN (continued)
	2,770	Systemair AB	$	49,256
	35,111	Tele2 AB - B Shares		353,595
	1,491	Thule Group AB		25,873
	2,479	Vitrolife AB		141,340
	12,698	Wallenstam AB		108,238
	1,693	Wihlborgs Fastigheter AB		32,991
				49,352,503
SWITZERLAND — 1.6%
	544,300	Allied World Assurance Co. Holdings AG		28,896,887
	4,067	Allreal Holding AG		699,769
	368	Alpiq Holding AG(b)		27,332
	934	ALSO Holding AG		117,431
	276	APG SGA SA		132,036
	7,763	Arbonia AG(b)		144,337
	25,085	Aryzta AG		814,569
	11,931	Ascom Holding AG		225,430
	827	Autoneum Holding AG		244,360
	83	Bachem Holding AG - Class B		9,885
	30,200	Baloise Holding AG		4,428,322
	640	Bank Coop AG		27,916
	554	Banque Cantonale de Geneve		86,302
	935	Banque Cantonale Vaudoise		677,523
	486	Barry Callebaut AG		667,212
	942	Basler Kantonalbank		66,981
	1,131	Belimo Holding AG		4,229,599
	610	Bell Food Group AG		261,932
	1,144	Berner Kantonalbank AG		217,303
	528	BKW AG		28,602
	2,740	Bobst Group SA		277,580
	1,166	Bossard Holding AG(b)		232,263
	2,624	Bucher Industries AG		845,877
	18,581	Burckhardt Compression Holding AG		5,700,352
	232	Burkhalter Holding AG		34,975
	1,012	Calida Holding AG		40,124
	36	Carlo Gavazzi Holding AG		11,334
	4,713	Cavotec SA		14,260
	2,014	Cembra Money Bank AG		171,848
	178	Cham Paper Holding AG		66,191
	200	Cicor Technologies(b)		7,749
	40	Cie Financiere Tradition SA		4,213
	117,388	Clariant AG		2,377,254
	32,329	Coca-Cola HBC AG - CDI		896,911
	638	Coltene Holding AG		54,438
	140	Conzzeta AG		138,382
	29,189	Daetwyler Holding AG		4,940,128
	1,006	DKSH Holding AG		80,935
	821	dormakaba Holding AG		703,420
	2,354	Dufry AG(b)		385,630
	844	Emmi AG		616,671
	2,730	Energiedienst Holding AG		68,456
	284	Feintool International Holding AG		36,107
	46,077	Ferrexpo Plc		94,353

55

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	6,395	Flughafen Zuerich AG	$	1,408,828
	178	Forbo Holding AG		291,777
	854	Galenica AG		927,813
	47,446	GAM Holding AG		607,976
	3,740	Garmin Ltd.		190,142
	2,399	Georg Fischer AG		2,261,570
	127	Gurit Holding AG		110,662
	4,128	Helvetia Holdings AG		2,292,181
	3,758	Highlight Communications AG(b)		22,105
	201	HOCHDORF Holding AG		61,613
	1,701	Huber & Suhner AG		114,540
	5,293	Implenia AG		406,417
	249	Inficon Holding AG		130,756
	136	Interroll Holding AG		159,920
	104	Intershop Holding AG		50,092
	100,579	IWG Plc		423,248
	243	Jungfraubahn Holding AG		26,645
	1,015	Kardex AG		111,803
	1,169	Komax Holding AG		311,929
	19,796	Kudelski SA(b)		343,197
	144	LEM Holding SA		147,184
	13,174	Logitech International SA		440,237
	10,301	Lonza Group AG		2,106,787
	989	Luzerner Kantonalbank AG		427,407
	275	MCH Group AG		18,877
	74	Metall Zug AG - Class B		291,017
	1,111	Meyer Burger Technology AG(b)		916
	1,603	Mobilezone Holding AG		24,488
	1,904	Mobimo Holding AG		511,879
	111,727	OC Oerlikon Corp AG(b)		1,341,847
	1,320	Orascom Development Holding AG(b)		7,350
	3,404	Oriflame Holding AG		139,507
	1,832	Orior AG		140,576
	1,572	Panalpina Welttransport Holding AG		208,073
	208	Phoenix Mecano AG		110,480
	140	Plazza AG		32,432
	1,688	PSP Swiss Property AG		151,326
	1,315	Rieter Holding AG		291,811
	154	Romande Energie Holding SA		199,504
	23	Schaffner Holding AG(b)		6,519
	125,129	Schmolz & Bickenbach AG(b)		114,440
	225	Schweiter Technologies AG		270,452
	818	Siegfried Holding AG		233,890
	1,983	Sonova Holding AG		293,165
	763	St. Galler Kantonalbank AG		331,272
	258,092	STMicroelectronics NV		4,174,927
	1,057	Straumann Holding AG		557,714
	4,456	Sulzer AG		519,941
	858	Sunrise Communications Group AG		63,768
	8,673	Swiss Life Holding AG		2,822,430
	896	Swissquote Group Holding SA		24,674

Shares			Value
SWITZERLAND (continued)
	953	Tamedia AG	$	140,316
	717	Tecan Group AG		122,358
	4,539	Temenos Group AG		393,000
	25,930	Transocean Ltd.(b)		286,008
	31,898	U-Blox AG		7,068,853
	4,427	Valiant Holding AG		508,104
	1,601	Valora Holding AG		549,489
	457	Vaudoise Assurances Holding SA		237,916
	42	Vetropack Holding AG		82,945
	7,402	Vontobel Holding AG		435,937
	60	VZ Holding AG		16,688
	679	Walter Meier AG		30,299
	1,680	Wizz Air Holdings Plc(b)		38,405
	272	Ypsomed Holding AG		52,350
	3,383	Zehnder Group AG		114,580
	52	Zug Estates Holding AG - B Shares		91,457
	31	Zuger Kantonalbank AG		166,216
				96,396,204
TAIWAN — 1.3%
	75,000	Ability Enterprise Co. Ltd.		49,841
	119,000	AcBel Polytech, Inc.		92,294
	71,000	Accton Technology Corp.		161,198
	733,878	Acer, Inc.		346,616
	66,000	Aces Electronic Co. Ltd.		54,688
	64,765	Achem Technology Corp.		22,432
	7,000	Acter Co. Ltd.		30,625
	16,000	Actron Technology Corp.		56,478
	3,000	Addcn Technology Co. Ltd.		22,422
	9,998	Adlink Technology, Inc.		21,970
	8,000	Advanced Ceramic X Corp.		84,187
	139,000	Advanced Connectek, Inc.(b)		49,987
	48,000	Advanced International Multitech Co. Ltd.		44,307
	26,000	Advanced Optoelectronic Technology, Inc.		24,732
	36,000	Advanced Wireless Semiconductor Co.		73,262
	59,464	Advancetek Enterprise Co. Ltd.		39,418
	64,000	AGV Products Corp.(b)		15,973
	234,694	Airtac International Group		2,683,684
	28,000	Alchip Technologies Ltd.		55,590
	9,000	All Ring Tech Co. Ltd.		23,417
	25,572	Alltek Technology Corp.		21,698
	11,000	Alltop Technology Co. Ltd.		25,485
	85,000	Alpha Networks, Inc.		69,164
	78,050	Altek Corp.		69,588
	44,000	Ambassador Hotel (The)		34,053
	18,000	AMPOC Far-East Co. Ltd.		16,914
	24,139	Anpec Electronics Corp.		30,483
	20,000	Apacer Technology, Inc.		26,018
	64,000	APCB, Inc.(b)		65,971
	26,000	Apex Biotechnology Corp.		33,522
	68,000	Apex International Co. Ltd.		66,375

56

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	72,000	Arcadyan Technology Corp.	$	121,229
	165,872	Ardentec Corp.		136,344
	63,427	Arima Communications Corp.(b)		10,279
	83,000	Asia Cement Corp.		81,979
	66,000	Asia Optical Co., Inc.(b)		126,877
	193,000	Asia Pacific Telecom Co. Ltd.(b)		62,178
	161,100	Asia Vital Components Co. Ltd.		134,023
	4,000	Asmedia Technology, Inc.		41,497
	4,000	ASPEED Technology, Inc.		77,690
	27,000	Aten International Co. Ltd.		74,366
	44,800	Audix Corp.		62,365
	16,000	AURAS Technology Co. Ltd.		43,645
	12,000	Aurora Corp.		23,029
	11,000	Avalue Technology, Inc.		20,453
	23,000	AVY Precision Technology, Inc.		37,278
	13,000	Axiomtek Co. Ltd.		25,379
	100,278	Bank of Kaohsiung Co. Ltd.		32,239
	49,000	BenQ Materials Corp.		26,554
	459,350	BES Engineering Corp.		95,156
	7,000	Bioteque Corp.		22,343
	47,000	Boardtek Electronics Corp.		43,229
	11,000	Bothhand Enterprise, Inc.		24,318
	11,000	Browave Corp.(b)		20,125
	13,000	C Sun Manufacturing Ltd.(b)		8,381
	316,781	Capital Securities Corp.		104,890
	187,000	Career Technology Manufacturing Co. Ltd.		125,819
	81,000	Casetek Holdings Ltd.		240,280
	138,300	Cathay Real Estate Development Co. Ltd.		92,823
	20,000	Center Laboratories, Inc.(b)		38,116
	19,760	Central Reinsurance Co. Ltd.		9,398
	180,000	Chailease Holding Co. Ltd.		458,785
	26,000	ChainQui Construction Development Co. Ltd.		15,425
	87,000	Champion Building Materials Co. Ltd.(b)		22,492
	1,730	Chang Wah Electromaterials, Inc.		8,945
	50,000	Channel Well Technology Co. Ltd.		51,374
	30,185	Charoen Pokphand Enterprise		56,926
	13,000	Chaun-Choung Technology Corp.		51,059
	13,000	CHC Resources Corp.		23,224
	15,000	Chen Full International Co. Ltd.		25,206
	22,000	Chenbro Micom Co. Ltd.		38,792
	697,920	Cheng Loong Corp.		330,790
	233,797	Cheng Uei Precision Industry Co. Ltd.		328,173
	36,000	Chenming Mold Industry Corp.		25,892
	13,000	Chian Hsing Forging Industrial Co. Ltd.		23,440
	125,024	Chicony Electronics Co. Ltd.		329,850

Shares			Value
TAIWAN (continued)
	30,000	Chicony Power Technology Co. Ltd.	$	55,782
	48,120	Chien Kuo Construction Co. Ltd.		14,434
	20,164	Chilisin Electronics Corp.		54,803
	76,000	Chimei Materials Technology Corp.		38,288
	1,439,744	China Airlines Ltd.		446,177
	209,000	China Bills Finance Corp.		102,522
	64,000	China Chemical & Pharmaceutical Co. Ltd.		39,561
	11,000	China Ecotek Corp.		15,750
	51,000	China Electric Manufacturing Corp.(b)		13,100
	71,305	China General Plastics Corp.		62,984
	555,472	China Life Insurance Co. Ltd.		517,343
	125,077	China Metal Products		122,503
	18,114	China Steel Chemical Corp.		71,745
	37,000	China Steel Structure Co. Ltd.		25,937
	281,321	China Synthetic Rubber Corp.		284,855
	31,360	China Wire & Cable Co. Ltd.		25,725
	41,000	Chinese Maritime Transport Ltd.		38,797
	178,883	Chin-Poon Industrial Co. Ltd.		365,225
	309,000	Chipbond Technology Corp.		460,873
	117,751	Chipmos Technologies, Inc.		103,814
	22,000	Chong Hong Construction Co. Ltd.		51,334
	33,876	Chroma ATE, Inc.		105,992
	64,000	Chun Yu Works & Co. Ltd.		29,485
	162,779	Chun Yuan Steel		65,012
	162,000	Chung Hung Steel Corp.(b)		48,647
	138,779	Chung Hwa Pulp Corp.		46,227
	125,125	Chung-Hsin Electric & Machinery Manufacturing Corp.		78,175
	228,000	Chunghwa Picture Tubes Ltd.(b)		10,353
	3,000	Chunghwa Precision Test Tech Co. Ltd.		116,834
	13,000	Cleanaway Co. Ltd.		74,111
	101,348	Clevo Co.		92,880
	533,000	CMC Magnetics Corp.(b)		66,601
	30,034	CoAsia Microelectronics Corp.		15,678
	1,845,000	Compal Electronics, Inc.		1,235,259
	536,000	Compeq Manufacturing Co. Ltd.		394,392
	18,000	Compucase Enterprise		24,640
	51,000	Concord Securities Co. Ltd.		11,562
	8,000	Concraft Holding Co. Ltd.		33,940
	115,873	Continental Holdings Corp.		41,862
	33,000	Contrel Technology Co. Ltd.		24,446
	230,200	Coretronic Corp.		326,557
	26,000	Co-Tech Development Corp.(b)		43,260
	50,000	Coxon Precise Industrial Co. Ltd.		50,794
	129,000	CSBC Corp. Taiwan		60,073

57

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	106,838	CTCI Corp.	$	186,969
	6,900	Cub Elecparts, Inc.		72,268
	18,000	CviLux Corp.		19,628
	20,000	Cx Technology Co. Ltd.		21,610
	6,000	Cyberpower Systems, Inc.		19,469
	36,000	CyberTAN Technology, Inc.		23,506
	6,000	Cypress Technology Co. Ltd.		29,233
	110,000	DA CIN Construction Co. Ltd.		70,548
	74,833	Da-Li Development Co. Ltd.		57,791
	95,000	Danen Technology Corp.(b)		21,821
	134,000	Darfon Electronics Corp.		115,919
	173,000	Darwin Precisions Corp.		79,129
	25,000	De Licacy Industrial Co. Ltd.		23,657
	66,201	Delpha Construction Co. Ltd.		31,926
	41,000	Depo Auto Parts Industrial Co. Ltd.		118,226
	7,000	DFI, Inc.		12,737
	30,000	Dimerco Express Corp.		23,019
	198,904	D-Link Corp.		82,737
	60,183	Dynamic Electronics Co. Ltd.(b)		18,172
	84,000	Dynapack International Technology Corp.		112,618
	172,000	E Ink Holdings, Inc.		175,586
	63,675	Eastern Media International Corp.(b)		20,704
	31,000	Eclat Textile Co. Ltd.		339,581
	38,000	Edison Opto Corp.		20,656
	45,895	Edom Technology Co. Ltd.		24,186
	13,000	eGalax_eMPIA Technology, Inc.		22,276
	51,320	Elan Microelectronics Corp.		72,717
	14,000	E-LIFE MALL Corp.		29,605
	17,280	Elite Advanced Laser Corp.		76,174
	43,967	Elite Material Co. Ltd.		175,600
	37,000	Elite Semiconductor Memory Technology, Inc.		51,322
	126,489	Elitegroup Computer Systems Co. Ltd.		82,381
	11,000	eMemory Technology, Inc.		151,487
	54,819	ENG Electric Co. Ltd.		31,887
	8,000	Ennoconn Corp.		87,104
	133,000	EnTie Commercial Bank Co. Ltd.		58,629
	28,000	Epileds Technologies, Inc.(b)		20,417
	281,015	Epistar Corp.(b)		279,422
	16,000	Eson Precision Ind. Co., Ltd.		24,606
	135,270	Eternal Materials Co. Ltd.		144,815
	28,000	E-Ton Solar Tech Co. Ltd.(b)		8,473
	46,000	Etron Technology, Inc.(b)		18,601
	6,000	Eurocharm Holdings Co. Ltd.		17,301
	4,633,985	Eva Airways Corp.		2,280,822
	149,000	Everest Textile Co. Ltd.		81,239
	246,000	Evergreen International Storage & Transport Corp.		111,703
	482,138	Evergreen Marine Corp. Taiwan Ltd.(b)		212,536

Shares			Value
TAIWAN (continued)
	129,342	Everlight Chemical Industrial Corp.	$	84,025
	198,643	Everlight Electronics Co. Ltd.		312,735
	26,373	Excelsior Medical Co. Ltd.		39,466
	21,000	EZconn Corp.		38,839
	358,062	Far Eastern Department Stores Ltd.		189,291
	733,846	Far Eastern International Bank		229,851
	39,478	Faraday Technology Corp.		47,956
	43,000	Farglory F T Z Investment Holding Co. Ltd.(b)		20,238
	159,000	Farglory Land Development Co. Ltd.		215,541
	127,255	Federal Corp.		58,416
	13,000	Feedback Technology Corp.		24,991
	75,320	Feng Hsin Steel Co. Ltd.		127,318
	49,720	Feng TAY Enterprise Co. Ltd.		191,161
	66,778	First Hotel		37,958
	61,000	First Insurance Co. Ltd. (The)(b)		26,991
	203,000	First Steamship Co. Ltd.(b)		52,817
	49,594	FLEXium Interconnect, Inc.		184,102
	9,955	Flytech Technology Co. Ltd.		33,985
	37,000	Focaltech Systems Co. Ltd.		45,743
	11,000	Forest Water Environment Engineering Co. Ltd.		24,063
	103,000	Formosa Advanced Technologies Co. Ltd.		96,954
	9,764	Formosa International Hotels Corp.		51,132
	18,000	Formosa Laboratories, Inc.		53,396
	31,203	Formosa Oilseed Processing Co. Ltd.		51,710
	123,900	Formosan Rubber Group, Inc.		68,375
	110,628	Formosan Union Chemical		74,251
	33,000	Fortune Electric Co. Ltd.		18,977
	58,210	Founding Construction & Development Co. Ltd.		30,484
	35,000	Foxlink Image Technology Co. Ltd.		21,113
	11,000	Foxsemicon Integrated Technology, Inc.		45,574
	90,321	Froch Enterprise Co. Ltd.(b)		33,379
	12,000	Fulgent Sun International Holding Co. Ltd.		30,267
	169,000	Fulltech Fiber Glass Corp.		86,822
	105,412	Fwusow Industry Co. Ltd.		57,124
	23,000	Gallant Precision Machining Co. Ltd.		18,753
	87,000	Gemtek Technology Corp.		97,753
	20,000	General Interface Solution Holding Ltd.		111,697
	18,000	Genesys Logic, Inc.		24,252
	7,000	Genius Electronic Optical Co. Ltd.(b)		82,016
	7,610	GeoVision, Inc.		10,392
	77,000	Getac Technology Corp.		99,915

58

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	31,000	Giant Manufacturing Co. Ltd.	$	187,515
	122,000	Giantplus Technology Co. Ltd.		67,933
	75,781	Gigabyte Technology Co. Ltd.		100,343
	6,400	Gigasolar Materials Corp.		56,213
	184,000	Gigastorage Corp.(b)		132,949
	331,000	Ginko International Co. Ltd.		2,726,244
	150,570	Gintech Energy Corp.(b)		86,836
	167,000	Global Brands Manufacture Ltd.(b)		67,805
	42,000	Global Lighting Technologies, Inc.		75,172
	21,000	Global Mixed Mode Technology, Inc.		49,488
	7,000	Global PMX Co. Ltd.		32,250
	6,000	Global Unichip Corp.		20,980
	14,000	Globalwafers Co. Ltd.		100,229
	76,650	Globe Union Industrial Corp.		44,459
	141,880	Gloria Material Technology Corp.		92,405
	13,000	Glory Science Co. Ltd.		28,093
	292,770	Gold Circuit Electronics Ltd.(b)		107,711
	370,852	Goldsun Building Materials Co. Ltd.		101,160
	11,350	Gourmet Master Co. Ltd.		113,985
	42,000	Grand Ocean Retail Group Ltd.		32,714
	224,000	Grand Pacific Petrochemical		146,631
	4,000	Grand Plastic Technology Corp.		23,334
	17,000	Grape King Bio Ltd.		109,310
	59,000	Great China Metal Industry		50,941
	40,000	Great Taipei Gas Co. Ltd.		33,343
	272,946	Great Wall Enterprise Co. Ltd.		264,162
	72,000	Greatek Electonics, Inc.		101,183
	92,000	Green Energy Technology, Inc.(b)		47,874
	27,000	GTM Holdings Corp.(b)		15,661
	207,000	Hannstar Board Corp.		118,350
	692,000	HannStar Display Corp.(b)		186,240
	155,000	HannsTouch Solution, Inc.(b)		55,227
	15,000	Hanpin Electron Co. Ltd.		22,994
	30,300	Harvatek Corp.(b)		10,193
	110,000	Hey Song Corp.		121,043
	191,666	Highwealth Construction Corp.		323,350
	44,620	Hitron Technology, Inc.		32,980
	22,575	Hiwin Technologies Corp.		144,035
	226,281	Ho Tung Chemical Corp.(b)		67,650
	87,000	Hocheng Corp.		26,413
	8,800	Holiday Entertainment Co. Ltd.		15,459
	28,000	Holtek Semiconductor, Inc.		51,970
	65,294	Holy Stone Enterprise Co. Ltd.		90,136
	136,514	Hong Pu Real Estate Development Co. Ltd.		110,855
	29,624	Hota Industrial Manufacturing Co. Ltd.		130,589
	68,678	Hsin Kuang Steel Co. Ltd.		51,899
	56,993	Hsing TA Cement Co.		19,268
	98,000	HTC Corp.(b)		235,166

Shares			Value
TAIWAN (continued)
	11,000	Hu Lane Associate, Inc.	$	53,777
	62,479	Huaku Development Co. Ltd.		143,301
	56,000	Huang Hsiang Construction Co.		81,482
	31,000	Hung Ching Development & Construction Co. Ltd.		21,680
	74,000	Hung Sheng Construction Ltd.		47,337
	42,830	Hwa Fong Rubber Co. Ltd.		15,189
	29,000	Ibase Technology, Inc.		57,287
	34,341	Ichia Technologies, Inc.(b)		23,618
	22,000	I-Chiun Precision Industry Co. Ltd.(b)		6,701
	31,000	IEI Integration Corp.		47,110
	9,000	Innodisk Corp.		30,874
	6,000	Intai Technology Corp.		27,046
	15,000	Integrated Service Technology, Inc.		48,921
	12,000	International Games System Co. Ltd.		76,961
	823,155	Inventec Corp.		612,503
	10,000	Iron Force Industrial Co. Ltd.		54,025
	12,000	I-Sheng Electric Wire & Cable Co. Ltd.		19,568
	55,000	ITEQ Corp.		82,488
	28,000	Jarllytec Co. Ltd.		50,393
	10,000	Jentech Precision Industrial Co. Ltd.		23,201
	14,000	Jess-Link Products Co. Ltd.		14,129
	459,731	Jih Sun Financial Holdings Co. Ltd.		108,643
	4,680	Johnson Health Tech Co. Ltd.		6,515
	80,000	K Laser Technology, Inc.		42,160
	25,000	Kaori Heat Treatment Co. Ltd.		40,270
	13,000	Kaulin Manufacturing Co. Ltd.		7,756
	7,000	KD Holding Corp.		40,254
	165,823	KEE TAI Properties Co. Ltd.		61,007
	136,682	Kenda Rubber Industrial Co. Ltd.		220,170
	60,000	Kenmec Mechanical Engineering Co. Ltd.		20,086
	49,000	Kerry TJ Logistics Co. Ltd.		67,562
	207,000	Kindom Construction Corp.		130,700
	36,000	King Chou Marine Technology Co. Ltd.		46,057
	86,000	King Slide Works Co. Ltd.		1,324,020
	587,184	King Yuan Electronics Co. Ltd.		530,336
	5,000	Kingpak Technology, Inc.		28,504
	374,185	King’s Town Bank Co. Ltd.		359,662
	27,062	King’s Town Construction Co. Ltd.(b)		21,437
	25,000	Kinik Co.		58,251
	24,000	Kinko Optical Co. Ltd.(b)		27,722
	501,343	Kinpo Electronics, Inc.		187,769
	69,000	Kinsus Interconnect Technology Corp.		179,527
	546,123	KMC Kuei Meng International, Inc.		2,642,735
	32,328	KS Terminals, Inc.		49,771

59

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	11,000	Kung Long Batteries Industrial Co. Ltd.	$	55,964
	81,000	Kung Sing Engineering Corp.(b)		34,767
	31,000	Kuo Toong International Co. Ltd.		20,961
	104,982	Kuoyang Construction Co. Ltd.		48,018
	109,110	Kwong Fong Industries Corp.		101,259
	31,000	Kwong Lung Enterprise Co. Ltd.		46,236
	91,000	L&K Engineering Co. Ltd.		104,057
	8,000	Land Mark Optoelectronics Corp.		70,266
	14,000	Lanner Electronics, Inc.		21,600
	1,330,000	LCY Chemical Corp.		1,913,162
	196,714	Lealea Enterprise Co. Ltd.		54,377
	43,000	LEE CHI Enterprises Co. Ltd.		15,464
	15,000	Lelon Electronics Corp.		20,657
	62,275	Leofoo Development Co. Ltd.		16,905
	199,000	Lextar Electronics Corp.		137,521
	10,000	Li Cheng Enterprise Co. Ltd.		26,416
	167,788	Li Peng Enterprise Co. Ltd.(b)		44,824
	33,138	Lian Hwa Food Corp.		38,771
	269,181	Lien Hwa Industrial Corp.		244,012
	207,000	Lingsen Precision Industries Ltd.		98,111
	53,882	Lite-On Semiconductor Corp.		53,130
	122,000	Long Bon International Co. Ltd.		66,922
	263,193	Long Chen Paper Co. Ltd.		237,276
	29,000	Longwell Co.		30,806
	17,451	Lotes Co. Ltd.		67,384
	69,000	Lucky Cement Corp.		22,046
	13,939	Lumax International Corp. Ltd.		23,885
	16,000	LuxNet Corp.		18,296
	9,000	Macauto Industrial Co. Ltd.		52,650
	10,000	Macroblock Inc.		23,864
	183,509	Macronix International(b)		81,807
	10,000	Mag Layers Scientific-Technics Co. Ltd.		24,295
	30,213	Makalot Industrial Co. Ltd.		127,177
	44,000	Marketech International Corp.		60,011
	327,998	Masterlink Securities Corp.		91,754
	7,000	Materials Analysis Technology, Inc.		24,129
	2,152	Mayer Steel Pipe Corp.(b)		956
	31,440	Meiloon Industrial Co. Ltd.		22,092
	167,047	Mercuries & Associates Holding Ltd.		133,434
	269,017	Mercuries Life Insurance Co. Ltd.(b)		137,759
	23,130	Merida Industry Co. Ltd.		124,194
	21,091	Merry Electronics Co. Ltd.		125,130
	64,000	Microbio Co. Ltd.(b)		46,243
	119,404	Micro-Star International Co. Ltd.		239,433
	48,000	MIN AIK Technology Co. Ltd.		49,398
	33,369	Mirle Automation Corp.		44,627

Shares			Value
TAIWAN (continued)
	262,000	Motech Industries Inc.(b)	$	231,424
	16,000	MPI Corp.		57,274
	4,000	Nak Sealing Technologies Corp.		10,898
	34,000	Namchow Chemical Industrial Co. Ltd.		68,742
	70,590	Nan Kang Rubber Tire Co. Ltd.		67,382
	8,000	Nan Liu Enterprise Co. Ltd.		39,773
	49,000	Nan Ren Lake Leisure Amusement Co. Ltd.		13,074
	65,000	Nan Ya Printed Circuit Board Corp.		56,984
	16,000	Nang Kuang Pharmaceutical Co. Ltd.		21,239
	64,767	Nantex Industry Co. Ltd.		50,125
	21,000	National Petroleum Co. Ltd.		27,737
	232,428	Neo Solar Power Corp.(b)		108,237
	34,043	Nichidenbo Corp.		31,029
	40,267	Nien Hsing Textile Co. Ltd.		35,635
	24,000	Nien Made Enterprise Co. Ltd.		243,015
	999,000	Novatek Microelectronics Corp.		3,840,907
	17,000	Nuvoton Technology Corp.		24,088
	23,000	Ocean Plastics Co. Ltd.(b)		18,753
	171,000	OptoTech Corp.		100,602
	239,000	Orient Semiconductor Electronics Ltd.(b)		77,868
	35,500	Oriental Union Chemical Corp.		26,474
	654,000	Pacific Hospital Supply Co. Ltd.(d)		1,688,595
	18,000	Paiho Shih Holdings Corp.		22,164
	225,453	Pan Jit International, Inc.		128,901
	7,000	Parade Technologies Ltd.		82,248
	4,242	Paragon Technologies Co. Ltd.		2,903
	12,545	PChome Online, Inc.		107,276
	2,000	Pharmally International Holding Co. Ltd.		31,520
	103,616	Phihong Technology Co. Ltd.(b)		49,797
	26,000	Phison Electronics Corp.		245,169
	12,000	Pixart Imaging, Inc.		31,421
	12,000	Planet Technology Corp.		21,239
	29,000	Plastron Precision Co. Ltd.		21,483
	11,000	Polytronics Technology Corp.		22,422
	50,000	Portwell, Inc.		64,217
	11,000	Posiflex Technology, Inc.		59,975
	49,000	Power Quotient International Co. Ltd.		19,408
	686,200	Powertech Technology, Inc.		2,153,828
	9,151	Poya International Co. Ltd.		124,961
	400,939	President Securities Corp.		178,736
	86,000	Primax Electronics Ltd.		143,376
	384,370	Prince Housing & Development Corp.		152,240
	4,000	Pro Hawk Corp.		21,743
	121,000	Prodisc Technology, Inc.(b)(c)(d)		0
	26,000	Promate Electronic Co. Ltd.		27,490

60

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	16,000	Promise Technology, Inc.	$	7,424
	446,520	Qisda Corp.		284,153
	48,000	Qualipoly Chemical Corp.		53,933
	6,000	Quang Viet Enterprise Co. Ltd.		32,912
	118,000	Quintain Steel Co. Ltd.(b)		37,350
	234,008	Radiant Opto-Electronics Corp.		488,632
	201,677	Radium Life Tech Co. Ltd.(b)		94,919
	12,000	Ralec Electronic Corp.		23,784
	79,825	Realtek Semiconductor Corp.		269,867
	71,771	Rechi Precision Co. Ltd.		77,787
	182,616	Rich Development Co. Ltd.		56,230
	537,597	Ritek Corp.(b)		91,230
	107,000	Ruentex Development Co. Ltd.(b)		130,687
	48,781	Ruentex Industries Ltd.		78,496
	16,000	Run Long Construction Co. Ltd.		25,667
	5,000	Sagittarius Life Science Corp.		16,904
	75,335	Sampo Corp.		46,193
	37,113	San Fang Chemical Industry Co. Ltd.		45,944
	17,600	San Shing Fastech Corp.		31,384
	74,080	Sanyang Motor Co. Ltd.		52,667
	10,000	SCI Pharmtech, Inc.		24,262
	7,000	Scientech Corp.		12,505
	31,000	SDI Corp.		50,655
	10,000	Senao International Co. Ltd.		17,533
	5,000	Senao Networks, Inc.		23,367
	53,000	Sercomm Corp.		133,681
	47,309	Sesoda Corp.		45,316
	16,000	Sharehope Medicine Co. Ltd.		18,906
	19,000	ShenMao Technology, Inc.		19,647
	54,000	Shieh Yih Machinery Industry Co. Ltd.		24,699
	87,000	Shih Wei Navigation Co. Ltd.(b)		28,836
	2,254,606	Shin Kong Financial Holding Co. Ltd.(b)		601,557
	38,000	Shin Zu Shing Co. Ltd.		105,419
	127,658	Shining Building Business Co. Ltd.(b)		44,850
	116,000	Shinkong Insurance Co. Ltd.		97,657
	276,314	Shinkong Synthetic Fibers Corp.		82,974
	33,000	Shinkong Textile Co. Ltd.		46,485
	12,000	Shiny Chemical Industrial Co. Ltd.		25,654
	7,000	Shunsin Technology Holding Ltd.		24,129
	195,000	Sigurd Microelectronics Corp.		173,213
	147,000	Simplo Technology Co. Ltd.		492,095
	46,364	Sinbon Electronics Co. Ltd.		114,485
	182,170	Sincere Navigation Corp.		126,796
	33,000	Sinher Technology, Inc.		58,954
	6,487	Sinmag Equipment Corp.		29,886
	10,000	Sino-American Electronic Co. Ltd.		22,140
	117,000	Sino-American Silicon Products, Inc.		169,852

Shares			Value
TAIWAN (continued)
	236,000	Sinon Corp.	$	122,807
	15,146	Sinphar Pharmaceutical Co. Ltd.		11,571
	23,487	Sinyi Realty, Inc.		27,013
	39,000	Sirtec International Co. Ltd.		59,590
	28,000	Sitronix Technology Corp.		84,081
	36,000	Siward Crystal Technology Co. Ltd.		24,938
	48,000	Solar Applied Materials Technology Co.(b)		17,898
	186,013	Solartech Energy Corp.(b)		79,224
	16,000	Solteam Electronics Co. Ltd.		21,928
	15,000	Sonix Technology Co. Ltd.		17,649
	117,000	Southeast Cement Co. Ltd.		62,822
	11,249	Sporton International, Inc.		66,552
	8,000	St Shine Optical Co. Ltd.		154,851
	26,560	Standard Chemical & Pharmaceutical Co. Ltd.		28,874
	63,233	Standard Foods Corp.		156,139
	33,000	Stark Technology, Inc.		34,016
	27,000	Sunko Ink Co. Ltd.(b)		13,871
	11,000	Sunny Friend Environmental Technology Co. Ltd.		53,230
	42,000	Sunonwealth Electric Machine Industry Co. Ltd.		45,799
	104,171	Sunrex Technology Corp.		65,428
	60,000	Sunspring Metal Corp.		89,490
	174,245	Supreme Electronics Co. Ltd.		137,740
	36,000	Swancor Holding Co. Ltd.		80,422
	90,874	Sweeten Real Estate Development Co. Ltd.		42,469
	30,000	Syncmold Enterprise Corp.		66,521
	211,550	Synnex Technology International Corp.		229,283
	14,000	Sysage Technology Co. Ltd.		13,665
	43,000	Sysgration(b)		12,898
	29,000	Systex Corp.		58,248
	128,631	TA Chen Stainless Pipe Co. Ltd.		70,772
	206,340	Ta Ya Electric Wire & Cable(b)		42,744
	6,000	Ta Yih Industrial Co. Ltd.		16,009
	53,000	Tah Hsin Industrial Corp.		45,322
	46,262	TA-I Technology Co. Ltd.		34,653
	27,000	Tai Tung Communication Co. Ltd.(b)		21,388
	762,911	Taichung Commercial Bank Co. Ltd.		247,805
	10,000	TaiDoc Technology Corp.		33,642
	47,580	Taiflex Scientific Co. Ltd.		58,507
	16,000	Taimide Tech, Inc.		26,303
	10,000	Tainan Enterprises Co. Ltd.		8,833
	839,045	Tainan Spinning Co. Ltd.		386,554
	135,000	Tainergy Tech Co. Ltd.		57,497
	35,716	Taisun Enterprise Co. Ltd.(b)		17,638
	56,924	Taita Chemical Co. Ltd.(b)		18,056
	29,000	Taiwan Acceptance Corp.		85,065
	2,315,443	Taiwan Business Bank		640,045

61

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	12,000	Taiwan Chinsan Electronic Industrial Co. Ltd.	$	21,875
	61,088	Taiwan Cogeneration Corp.		46,771
	6,000	Taiwan FamilyMart Co. Ltd.		40,867
	147,000	Taiwan Fertilizer Co. Ltd.		198,787
	54,320	Taiwan Fire & Marine Insurance Co. Ltd.		34,118
	74,000	Taiwan FU Hsing Industrial Co. Ltd.		103,871
	295,919	Taiwan Glass Industrial Corp.(b)		151,044
	132,081	Taiwan Hon Chuan Enterprise Co. Ltd.		273,609
	30,000	Taiwan Hopax Chemicals Manufacturing Co. Ltd.		17,600
	214,701	Taiwan Land Development Corp.		80,412
	12,471	Taiwan Line Tek Electronic		9,156
	49,544	Taiwan Navigation Co. Ltd.		20,773
	40,032	Taiwan Paiho Ltd.		133,347
	154,000	Taiwan PCB Techvest Co. Ltd.		164,867
	108,120	Taiwan Pulp & Paper Corp.(b)		46,586
	39,000	Taiwan Sakura Corp.		45,307
	43,408	Taiwan Secom Co. Ltd.		126,752
	66,000	Taiwan Semiconductor Co. Ltd.		87,064
	50,010	Taiwan Sogo Shin Kong Security Co. Ltd.		66,136
	88,500	Taiwan Styrene Monomer		67,905
	160,875	Taiwan Surface Mounting Technology Corp.		142,900
	199,469	Taiwan TEA Corp.		108,094
	51,000	Taiwan Union Technology Corp.		91,618
	25,322	Taiyen Biotech Co. Ltd.		25,640
	662,000	Tatung Co. Ltd.(b)		242,455
	6,000	TCI Co. Ltd.		34,802
	820,000	Teco Electric and Machinery Co. Ltd.		812,635
	4,000	Tehmag Foods Corp.		32,747
	31,000	Test Research, Inc.		41,253
	81,000	Test Rite International Co. Ltd.		53,425
	21,000	Thinking Electronic Industrial Co. Ltd.		45,451
	25,525	Thye Ming Industrial Co, Ltd.		32,106
	41,000	T-Mac Techvest PCB Co. Ltd.		17,734
	208,100	Ton Yi Industrial Corp.		100,701
	24,000	Tong Hsing Electronic Industries Ltd.		101,820
	84,834	Tong Yang Industry Co. Ltd.		143,963
	73,946	Tong-Tai Machine & Tool Co. Ltd.		52,694
	9,000	TOPBI International Holdings Ltd.		29,830
	38,662	Topco Scientific Co. Ltd.		126,477
	104,049	Topoint Technology Co. Ltd.		92,251
	17,000	Toung Loong Textile Manufacturing Co.		44,400

Shares			Value
TAIWAN (continued)
	131,000	TPK Holding Co. Ltd.(b)	$	468,927
	28,137	Transcend Information, Inc.		96,056
	228,000	Tripod Technology Corp.		644,606
	24,300	Truelight Corp.		37,049
	22,000	Tsang Yow Industrial Co. Ltd.		25,776
	21,988	Tsann Kuen Enterprise Co. Ltd.		21,718
	6,000	TSC Auto ID Technology Co. Ltd.		44,148
	160,000	Tsec Corp(b)		59,925
	61,942	TSRC Corp.		70,932
	15,000	Ttet Union Corp.		46,137
	3,000	TTFB Co. Ltd.		22,870
	23,000	TTY Biopharm Co. Ltd.		78,519
	234,315	Tung Ho Steel Enterprise Corp.		189,108
	232,000	Tung Thih Electronic Co. Ltd.		1,591,727
	8,000	TURVO International Co. Ltd.		28,239
	82,815	TXC Corp.		122,146
	56,000	TYC Brother Industrial Co. Ltd.		57,724
	88,303	Tycoons Group Enterprise(b)		15,570
	94,458	Tyntek Corp.		43,987
	38,000	UDE Corp.		49,876
	66,000	U-Ming Marine Transport Corp.		66,829
	741,000	Unimicron Technology Corp.		456,816
	432,686	Union Bank of Taiwan		130,648
	32,762	Union Insurance Co. Ltd.		15,094
	212,037	Unitech Printed Circuit Board Corp.		79,766
	11,000	United Orthopedic Corp.		24,719
	25,000	United Radiant Technology(b)		20,135
	186,000	Unity Opto Technology Co. Ltd.		80,451
	60,000	Univacco Technology, Inc.		41,364
	255,127	Universal Cement Corp.		220,702
	9,000	Universal Microwave Technology, Inc.		23,178
	180,000	Unizyx Holding Corp.(b)		94,561
	213,922	UPC Technology Corp.		91,820
	370,337	USI Corp.		185,960
	12,000	Usun Technology Co. Ltd.		21,557
	138,000	Vanguard International Semiconductor Corp.		263,458
	39,800	Ve Wong Corp.		31,462
	33,000	Visual Photonics Epitaxy Co. Ltd.		62,126
	10,000	Vivotek, Inc.		29,399
	206,452	Voltronic Power Technology Corp.		2,945,795
	136,287	Wafer Works Corp.(b)		85,374
	69,000	Wah Lee Industrial Corp.		113,433
	1,563,000	Walsin Lihwa Corp.		701,954
	205,000	Walton Advanced Engineering, Inc.		97,503
	148,300	Wan Hai Lines Ltd.		82,086
	32,000	Wei Chuan Foods Corp.(b)		19,621
	33,290	Weikeng Industrial Co. Ltd.		19,088
	20,000	Well Shin Technology Co. Ltd.		34,934

62

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TAIWAN (continued)
	52,460	Win Semiconductors Corp.	$	233,863
	1,375,977	Winbond Electronics Corp.		777,581
	51,000	Winstek Semiconductor Co. Ltd.		43,104
	44,673	Wintek Corp.(b)(c)(d)		508
	130,156	Wisdom Marine Lines Co. Ltd.		140,203
	642,276	Wistron Corp.		606,704
	60,835	Wistron NeWeb Corp.		174,615
	11,000	Wowprime Corp.		55,600
	395,865	WPG Holdings Co. Ltd.		501,867
	106,126	WT Microelectronics Co. Ltd.		152,307
	89,000	WUS Printed Circuit Co. Ltd.		53,982
	12,000	XAC Automation Corp.		28,040
	29,204	Xxentria Technology Materials Corp.		68,531
	124,708	Yageo Corp.		440,204
	520,600	Yang Ming Marine Transport Corp.(b)(c)(d)		106,118
	77,868	YC Co. Ltd.		34,197
	103,084	YC INOX Co. Ltd.		84,221
	17,000	Yeong Guan Energy Technology Group Co. Ltd.		51,556
	12,000	YFC-Boneagle Electric Co. Ltd.		19,568
	408,624	YFY, Inc.		144,917
	28,213	Yi Jinn Industrial Co. Ltd.		9,678
	569,321	Yieh Phui Enterprise Co. Ltd.(b)		233,042
	13,000	Yonyu Plastics Co. Ltd.		14,456
	56,110	Youngtek Electronics Corp.		83,874
	367,000	Yulon Motor Co. Ltd.		332,077
	14,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		38,050
	28,350	YungShin Global Holding Corp.		42,049
	64,000	Yungtay Engineering Co. Ltd.		106,062
	13,000	Zeng Hsing Industrial Co. Ltd.		65,278
	27,000	Zenitron Corp.		16,556
	34,000	Zero One Technology Co. Ltd.		20,622
	205,000	Zhen Ding Technology Holding Ltd.		479,699
	255,826	Zig Sheng Industrial Co. Ltd.		78,857
	83,169	Zinwell Corp.		88,900
	23,000	Zippy Technology Corp.		29,311
	102,000	Zongtai Real Estate Development Co. Ltd.		68,291
				80,688,448
THAILAND — 0.3%
	40,400	Advanced Information Technology Public Co. Ltd. - FOR		30,659
	132,600	Amata Corp. Public Co. Ltd. - FOR		65,936
	783,300	Ananda Development Public Co. Ltd. - FOR		111,868
	777,768	AP Thailand Public Co. Ltd. - FOR		178,758

Shares			Value
THAILAND (continued)
	237,900	Asia Plus Group Holdings Securities Plc	$	24,072
	308,700	Bangchak Corp. Public Co. Ltd. - FOR		285,585
	20,425	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR		23,472
	4,838,550	Bangkok Chain Hospital Public Co. Ltd. - FOR		1,832,466
	251,006	Bangkok Expressway & Metro Public Co. Ltd. - FOR		52,248
	26,500	Bangkok Insurance Public Co. Ltd. - FOR		270,439
	1,801,500	Bangkok Land Public Co. Ltd. - FOR		97,392
	115,800	Bangkok Ranch Public Co. Ltd. - FOR		21,258
	428,400	Banpu Public Co. Ltd. - FOR		237,794
	123,600	Beauty Community Public Co. Ltd. - FOR		35,197
	157,200	BEC World Public Co. Ltd. - FOR		84,985
	144,100	Big Camera Corp. Public Co. Ltd. - FOR		20,413
	87,500	BJC Heavy Industries Public Co. Ltd. - FOR		11,839
	477,500	BTS Group Holdings Public Co. Ltd. - FOR		117,339
	59,600	Buriram Sugar Public Co. Ltd. - FOR - Class F		25,329
	691,508	Cal-Comp Electronics Thailand Public Co. Ltd. - FOR		56,776
	93,900	Central Plaza Hotel Public Co. Ltd. - FOR		94,334
	76,822	CH Karnchang Public Co. Ltd. - FOR		60,520
	29,800	Charoong Thai Wire & Cable Public Co. Ltd. - FOR		8,960
	601,400	Chularat Hospital Public Co. Ltd. - FOR		41,380
	238,800	CK Power Public Co. Ltd. - FOR		21,402
	70,900	Com7 Public Co. Ltd. - FOR		21,317
	411,800	Country Group Development Public Co. Ltd. - FOR(b)		11,786
	474,600	Crown Tech Advance Public Co. Ltd. - FOR - Class F(b)		20,993
	47,700	Delta Electronics Thailand Public Co. Ltd. - FOR		126,869
	52,100	Dhipaya Insurance Public Co. Ltd. - FOR		68,156
	376,500	Dynasty Ceramic Public Co. Ltd. - FOR		44,192
	115,100	Eastern Polymer Group Public Co. Ltd. - FOR		44,922
	6,743,500	Eastern Water Resources Development and Management Public Co. Ltd. - FOR(d)		2,280,976

63

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
THAILAND (continued)
	13,700	Electricity Generating Public Co. Ltd. - FOR	$	87,135
	174,000	Energy Absolute Public Co. Ltd.		135,820
	404,800	Energy Earth Public Co. Ltd. - FOR		50,790
	617,700	Erawan Group Public Co. Ltd. (The) - FOR		86,074
	497,300	Esso Thailand Public Co. Ltd. - FOR(b)		168,211
	459	Fabrinet(b)		15,914
	23,800	Forth Smart Service Public Co. Ltd. - FOR		12,247
	236,600	GFPT Public Co. Ltd. - FOR		125,174
	36,100	Global Power Synergy Public Co. Ltd. - FOR		36,006
	398,000	Grand Canal Land Public Co. Ltd. - FOR		28,535
	67,000	Hana Microelectronics Public Co. Ltd. - FOR		82,321
	449,640	Home Product Center Public Co. Ltd. - FOR		126,092
	52,100	ICC International Public Co. Ltd. - FOR		56,483
	112,200	Ichitan Group Public Co. Ltd. - FOR		31,951
	40,900	Interlink Communication Public Co. Ltd. - FOR		17,973
	3,282,800	IRPC Public Co. Ltd. - FOR		531,474
	946,491	Italian-Thai Development Public Co. Ltd. - FOR		123,134
	331,800	Jasmine International Public Co. Ltd. - FOR		82,494
	56,467	Jay Mart Public Co., Ltd. - FOR		21,875
	32,000	KCE Electronics Public Co. Ltd. - FOR		98,526
	178,900	KGI Securities Thailand Public Co. Ltd. - FOR		19,654
	450,966	Khon Kaen Sugar Industry Public Co. Ltd.		70,402
	72,200	Kiatnakin Bank Public Co. Ltd. - FOR		142,459
	21,700	Krungthai Card Public Co. Ltd. - FOR		85,006
	59,000	Land and Houses Public Co. Ltd. - FOR		17,569
	90,560	Land and Houses Public Co. Ltd. - NVDR		26,966
	21,900	Lanna Resources Public Co. Ltd. - FOR		8,104
	771,200	LH Financial Group Public Co. Ltd. - FOR		39,240
	90,330	Loxley Public Co. Ltd. - FOR		8,252
	164,500	LPN Development Public Co. Ltd. - FOR		55,642
	3,094,400	Major Cineplex Group Public Co. Ltd. - FOR		3,131,078
	8,200	Malee Group Public Co. Ltd. - FOR		25,010

Shares			Value
THAILAND (continued)
	30,600	Maybank Kim Eng Securities Thailand Public Co. Ltd. - FOR	$	19,462
	369,000	MBK Public Co. Ltd. - FOR		160,017
	47,800	MC Group Public Co. Ltd. - FOR		25,565
	89,400	MCS Steel Public Co. Ltd. - FOR		37,218
	28,500	Mega Lifesciences Public Co. Ltd. - FOR		21,216
	16,000	MK Restaurants Group Public Co. Ltd. - FOR		28,332
	3,100	Muang Thai Insurance Public Co. Ltd. - FOR		12,233
	72,700	Muangthai Leasing Public Co. Ltd. - FOR		63,053
	58,600	Namyong Terminal Public Co. Ltd. - FOR		25,243
	102,600	PCS Machine Group Holding Public Co. Ltd. - FOR		16,314
	105,900	Polyplex Public Co. Ltd. - FOR		45,005
	181,050	Precious Shipping Public Co. Ltd. - FOR		49,463
	202,200	Pruksa Real Estate Public Co. Ltd. - FOR		131,526
	89,000	PTG Energy Public Co. Ltd. - FOR		58,150
	1,819,031	Quality Houses Public Co. Ltd. - FOR		134,626
	26,700	Ratchaburi Electricity Generating Holding Public Co. Ltd. - FOR		38,595
	335,800	Ratchthani Leasing Public Co. Ltd. - FOR		52,909
	34,100	Regional Container Lines Public Co. Ltd. - FOR		6,408
	49,900	Robinson Department Store Public Co. Ltd. - FOR		90,163
	496,100	Rojana Industrial Park Public Co. Ltd. - FOR		85,337
	41,900	Saha-Union Public Co. Ltd. - FOR		47,848
	181,100	Samart Corp. Public Co. Ltd. - FOR		77,487
	100,000	Samart Telcoms Public Co. Ltd. - FOR		39,607
	3,531,500	Sansiri Public Co. Ltd. - FOR		214,402
	26,700	Sappe Public Co. Ltd. - FOR		19,297
	1,143,676	SC Asset Corp. Public Co. Ltd. - FOR		116,384
	13,600	Siam City Cement Public Co. Ltd. - FOR		108,910
	267,441	Siam Future Development Public Co. Ltd. - FOR		47,937
	145,653	Siam Global House Public Co. Ltd - FOR		68,637
	223,600	Siamgas & Petrochemicals Public Co. Ltd. - FOR		82,743

64

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
THAILAND (continued)
	202,600	Singha Estate Public Co. Ltd. - FOR(b)	$	29,286
	39,200	Sino-Thai Engineering & Construction Public Co. Ltd. - FOR		27,539
	140,917	Somboon Advance Technology Public Co. Ltd. - FOR		64,775
	153,600	SPCG Public Co. Ltd.		92,364
	158,300	Sri Trang Agro-Industry Public Co. Ltd. - FOR		82,376
	364,000	Srithai Superware Public Co. Ltd. - FOR		21,678
	855,900	Star Petroleum Refining Public Co. Ltd. - FOR		326,623
	306,850	STP & I Public Co. Ltd. - FOR		86,049
	247,900	Supalai Public Co. Ltd. - FOR		176,304
	325,900	SVI Public Co. Ltd.		52,291
	368,600	Syntec Construction Public Co. Ltd. - FOR		47,953
	31,100	Taokaenoi Food & Marketing		21,129
	2,082,100	Tata Steel Thailand Public Co. Ltd. - FOR(b)		58,388
	4,380	Thai Agro Energy - FOR		367
	486,800	Thai Airways International Public Co. Ltd. - FOR(b)		240,656
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		20,490
	82,500	Thai Metal Trade Public Co. Ltd. - FOR		35,538
	11,900	Thai Stanley Electric Public Co. Ltd. - FOR		70,526
	383,800	Thai Union Group Public Co. Ltd. - FOR		236,338
	94,900	Thai Vegetable Oil Public Co. Ltd. - FOR		100,140
	72,200	Thai Wah Public Co. Ltd. - FOR		20,873
	167,600	Thaicom Public Co. Ltd. - FOR		88,185
	245,600	Thanacart Capital Public Co. Ltd. - FOR		335,490
	17,300	Thitikorn Public Co. Ltd. - FOR		5,402
	225,284	Thoresen Thai Agencies Public Co. Ltd. - FOR		59,594
	5,104,382	Ticon Industrial Connection Public Co. Ltd. - FOR(d)		2,065,954
	72,300	Tipco Asphalt Public Co. Ltd. - FOR		52,255
	80,900	Tisco Financial Group Public Co. Ltd. - FOR		178,336
	2,876,400	TMB Bank Public Co. Ltd. - FOR		189,598
	2,231,700	TPI Polene Public Co. Ltd. - FOR		150,974
	72,000	TTCL Public Co. Ltd.		35,594
	105,400	TTW Public Co. Ltd. - FOR		31,995
	118,800	Unique Engineering & Construction Public Co. Ltd. - FOR		57,700

Shares			Value
THAILAND (continued)
	449,400	Univentures Public Co. Ltd. - FOR	$	90,296
	124,800	Vanachai Group Public Co. Ltd. - FOR		48,347
	382,600	VGI Global Media Public Co. Ltd. - FOR		54,641
	270,200	Vibhavadi Medical Center Public Co. Ltd. - FOR		22,341
	223,000	Vinythai Public Co. Ltd. - FOR		132,162
	596,100	WHA Corp Public Co. Ltd. - FOR(b)		54,113
	24,700	Workpoint Entertainment Public Co. Ltd. - FOR		38,203
				19,404,193
TURKEY — 0.1%
	9,076	Adana Cimento Sanayii T.A.S. - Class A		17,809
	0	Akcansa Cimento AS		1
	1	Aksa Akrilik Kimya Sanayii AS		3
	26,465	Aksa Enerji Uretim AS(b)		22,278
	29,600	Aksigorta AS(b)		22,000
	16,180	Alarko Holding AS		25,919
	92,924	Albaraka Turk Katilim Bankasi AS		32,440
	1,359	Alkim Alkali Kimya AS		10,828
	1	Anadolu Anonim Turk Sigorta Sirketi		0
	32,601	Anadolu Cam Sanayii AS(b)		33,226
	40,993	Anadolu Efes Biracilik Ve Malt Sanayii AS		231,051
	9,733	Anadolu Hayat Emeklilik AS		14,824
	1	Arcelik AS		6
	7,874	Bagfas Bandirma Gubre Fabrik AS(b)		23,853
	15,672	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS(b)		20,914
	11,706	Bolu Cimento Sanayii AS		20,334
	5,450	Borusan Mannesmann Boru Sanayi ve Ticaret AS		15,267
	5,586	Boyner Perakende Ve Tekstil Yatirimlari AS(b)		75,236
	12,202	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS(b)		23,566
	10,435	Bursa Cimento Fabrikasi AS		17,480
	10,780	Coca-Cola Icecek AS		109,622
	1	Deva Holding AS(b)		1
	142,934	Dogan Sirketler Grubu Holding AS(b)		29,778
	8,830	Dogus Otomotiv Servis ve Ticaret AS(b)		22,622
	302	EGE Endustri VE Ticaret AS		21,511
	162,173	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		134,689
	15,003	Ford Otomotiv Sanayi AS		166,843
	22,092	Global Yatirim Holding AS		18,286
	1,030	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		22,880

65

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
TURKEY (continued)
	14,783	Goodyear Lastikleri TAS	$	18,021
	184,835	GSD Holding AS		31,223
	16,968	Gubre Fabrikalari TAS		23,312
	294,548	Ihlas Holding AS(b)		36,487
	31,992	Is Gayrimenkul Yatirim Ortakligi AS		12,520
	25,617	Izmir Demir Celik Sanayi AS(b)		22,790
	87,531	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b)		38,197
	142,585	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(b)		52,988
	30,773	Karsan Otomotiv Sanayii Ve Ticaret AS(b)		10,050
	0	Kartonsan Karton Sanayi ve Ticaret AS(b)		32
	290	Konya Cimento Sanayii AS		23,514
	1	Mardin Cimento Sanayii ve Ticaret AS		1
	71,482	Metro Ticari ve Mali Yatirimlar Holding AS(b)		24,150
	4,973	Migros Ticaret AS(b)		34,050
	21,723	NET Holding AS(b)		15,595
	7,478	Netas Telekomunikasyon AS(b)		22,380
	84,924	Petkim Petrokimya Holding AS		117,394
	2,065	Pinar SUT Mamulleri Sanayii AS		8,895
	19,932	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		21,268
	68,018	Sekerbank TAS(b)		22,979
	35,717	Selcuk Ecza Deposu Ticaret ve Sanayi AS		36,401
	44,582	Soda Sanayii AS		80,454
	18,147	Tat Gida Sanayi AS		34,128
	44,575	TAV Havalimanlari Holding AS		185,732
	0	Tofas Turk Otomobil Fabrikasi AS		1
	73,749	Trakya Cam Sanayii AS		71,424
	456,707	Turk Hava Yollari AO(b)		779,190
	25,805	Turkiye Halk Bankasi AS		85,582
	210,738	Turkiye Sise ve Cam Fabrikalari AS		264,612
	474,882	Turkiye Vakiflar Bankasi TAO - Class D		811,536
	11,630	Ulker Biskuvi Sanayi AS		66,074
	39,024	Vestel Elektonik Sanayi ve Ticaret AS(b)		80,092
	67,419	Zorlu Enerji Elektrik Uretim AS(b)		22,018
				4,186,357
UKRAINE — 0.0%
	8,605	Kernel Holding SA		153,059
UNITED ARAB EMIRATES — 0.0%
	64,871	Lamprell Plc(b)		89,062
UNITED KINGDOM — 4.9%
	1,160	4imprint Group Plc		26,758

Shares			Value
UNITED KINGDOM (continued)
	16,302	A.G. Barr Plc	$	131,120
	22,291	AA Plc		75,441
	370,944	Abcam Plc		4,117,437
	277,420	Aberdeen Asset Management Plc		1,002,489
	27,684	Acacia Mining Plc		141,848
	14,305	Acal Plc		47,593
	25,242	Admiral Group Plc		657,467
	129,757	Afren Plc(b)(c)(d)		0
	6,006	Aggreko Plc		69,039
	20,826	Amec Foster Wheeler Plc		146,468
	2,464	Anglo-Eastern Plantations Plc		23,520
	47,156	Ashmore Group Plc		212,424
	27,283	Assura Plc		21,644
	37,432	Auto Trader Group Plc		194,461
	5,635	Avon Rubber Plc		76,561
	112,769	Babcock International Group Plc		1,313,068
	138,254	Balfour Beatty Plc		522,517
	259,149	Barratt Developments Plc		1,945,095
	284,785	BBA Aviation Plc		1,148,244
	212,875	Beazley Plc		1,212,600
	52,442	Bellway Plc		1,933,090
	47,274	Berendsen Plc		513,715
	37,557	Berkeley Group Holdings Plc		1,584,820
	10,409	Big Yellow Group Plc REIT		104,349
	6,537	Bloomsbury Publishing Plc		14,499
	118,275	Bodycote Plc		1,276,840
	33,993	Booker Group Plc		85,414
	6,232	Boot (Henry) Plc		20,260
	39,276	Bovis Homes Group Plc		468,262
	5,675	Braemar Shipping Services Plc		23,300
	42,050	Brewin Dolphin Holdings Plc		178,095
	23,921	Britvic Plc		206,034
	21,123	BTG Plc(b)		186,175
	55,211	Burberry Group Plc		1,154,163
	6,355	Cambian Group Plc(b)		12,943
	24,814	Capital & Counties Properties Plc		101,495
	62,129	Capital & Regional Plc		48,483
	25,009	Card Factory Plc		104,982
	48,447	Cardtronics Plc		2,014,426
	89,895	Carillion Plc		259,062
	3,352	Carpetright Plc(b)		9,779
	72,121	Chemring Group Plc		175,847
	53,784	Chesnara Plc		266,628
	1,489,503	Cineworld Group Plc		13,581,630
	9,994	Circassia Pharmaceuticals Plc(b)		12,880
	2,013	Clarkson Plc		74,671
	55,392	Close Brothers Group Plc		1,213,907
	152,751	CNH Industrial NV		1,685,549
	93,352	Cobham Plc		160,205
	42,126	Communisis Plc		28,918
	27,792	Computacenter Plc		294,990
	7,150	Concentric AB		117,858

66

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	28,341	Connect Group Plc	$	46,251
	5,916	Consort Medical Plc		79,689
	8,781	Costain Group Plc		55,387
	11,020	Cranswick Plc		382,806
	44,512	Crest Nicholson Holdings Plc		347,930
	400,493	Croda International Plc		19,524,611
	23,730	Daily Mail & General Trust Plc - Class A		219,910
	42,282	Dairy Crest Group Plc		314,344
	9,017	De La Rue Plc		79,825
	319,096	Debenhams Plc		211,607
	8,007	Dechra Pharmaceuticals Plc		175,265
	5,370	Derwent London Plc REIT		204,762
	51,874	Devro Plc		133,535
	20,474	Dialog Semiconductor Plc(b)		957,886
	4,728	Dignity Plc		152,664
	786,736	Diploma Plc(d)		11,300,520
	351,814	Direct Line Insurance Group Plc		1,591,202
	137,418	Dixons Carphone Plc		597,137
	126,447	Domino’s Pizza Group Plc		541,275
	48,473	Drax Group Plc		202,787
	188,197	DS Smith Plc		1,051,796
	6,273	Dunelm Group Plc		49,277
	21,230	easyJet Plc		321,167
	185,748	EI Group Plc(b)		336,212
	180,493	Electrocomponents Plc		1,213,293
	1,169,349	Elementis Plc		4,607,244
	9,265	Ensco Plc - Class A		73,101
	12,758	Essentra Plc		89,479
	78,739	Esure Group Plc		249,858
	8,918	Euromoney Institutional Investor Plc		120,819
	57,195	Fenner Plc		249,461
	386,559	Fiat Chrysler Automobiles NV(b)		4,375,011
	7,847	Fidessa Group Plc		240,569
	350,779	Firstgroup Plc(b)		620,160
	41,320	Flybe Group Plc(b)		21,474
	35,534	Foxtons Group Plc		47,174
	3,059	Fuller Smith & Turner Plc - Class A		40,135
	112,080	G4S Plc		442,903
	23,516	Galliford Try Plc		438,595
	5,545	Games Workshop Group Plc		70,059
	26,591	Gem Diamonds Ltd.		30,222
	16,644	Genus Plc		369,709
	580,156	GKN Plc		2,696,846
	5,199	Go-Ahead Group Plc		117,841
	26,527	Gocompare.Com Group Plc(b)		31,609
	3,689	Great Portland Estates Plc REIT		33,064
	630,095	Greene King Plc		6,128,918
	30,359	Greggs Plc		422,701
	55,913	Halfords Group Plc		270,701
	652,517	Halma Plc		8,899,345
	8,931	Hammerson Plc REIT		67,959

Shares			Value
UNITED KINGDOM (continued)
	67,725	Hansteen Holdings Plc REIT	$	108,594
	48,772	Hargreaves Lansdown Plc		870,478
	73,639	Hays Plc		163,286
	11,940	Headlam Group Plc		99,129
	26,404	Helical Plc		113,197
	228,310	Henderson Group Plc		682,494
	28,944	Hill & Smith Holdings Plc		497,845
	632	Hilton Food Group Plc		6,299
	5,026	Hogg Robinson Group Plc		4,573
	106,742	HomeServe Plc		924,910
	137,108	Howden Joinery Group Plc		822,208
	38,644	Hunting Plc		281,542
	23,829	Imagination Technologies Group Plc(b)		31,095
	22,425	IMI Plc		371,485
	140,251	Inchcape Plc		1,552,229
	25,333	Indivior Plc		109,918
	141,286	Informa Plc		1,174,822
	60,633	Inmarsat Plc		641,999
	3,568	Intercontinental Hotels Group Plc		189,288
	1,434,301	Interserve Plc		4,291,312
	41,164	Intertek Group Plc		2,167,818
	21,818	Intu Properties Plc REIT		77,909
	53,330	ITE Group Plc		122,260
	25,597	J D Wetherspoon Plc		329,710
	296,241	J Sainsbury Plc		1,056,688
	5,300	Jackpotjoy Plc(b)		38,991
	12,426	James Fisher & Sons Plc		258,473
	27,095	Jardine Lloyd Thompson Group Plc		384,976
	103,000	JD Sports Fashion Plc		593,656
	17,247	John Menzies Plc		154,470
	205,284	John Wood Group Plc		2,019,392
	45,041	Johnson Matthey Plc		1,737,866
	24,083	JRP Group Plc		38,803
	36,192	Jupiter Fund Management Plc		222,473
	8,237	Just Eat Plc(b)		61,558
	55,928	KAZ Minerals Plc(b)		364,726
	134,990	Kcom Group Plc		154,733
	31,360	Keller Group Plc		376,119
	14,590	Kier Group Plc		252,842
	84,172	Ladbrokes Coral Group Plc		142,707
	4,334,542	Laird Plc		8,421,168
	32,223	Lancashire Holdings Ltd.		284,844
	20,610	Londonmetric Property Plc REIT		44,953
	108,481	Lookers Plc		182,656
	7,458	Low & Bonar Plc		8,500
	11,902	LSL Property Services Plc		31,717
	342,890	Man Strategic Holdings Plc(b)		682,600
	277,315	Marks & Spencer Group Plc		1,316,751
	29,565	Marshalls Plc		147,235
	252,093	Marston’s Plc		466,585
	141,442	McBride Plc(b)(c)(d)		183
	10,103	McBride Plc		25,255

67

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	13,685	McColl’s Retail Group Plc	$	36,690
	18,776	Mears Group Plc		126,701
	270,937	Meggitt Plc		1,622,998
	826,796	Melrose Industries Plc		2,532,604
	64,579	Merlin Entertainments Plc		422,815
	2,769	Michael Kors Holdings Ltd.		103,367
	19,192	Micro Focus International Plc		643,313
	46,577	Millennium & Copthorne Hotels Plc		271,470
	35,030	Mitchells & Butlers Plc		120,278
	120,239	Mitie Group Plc		326,418
	112,692	Moneysupermarket.com Group Plc		504,872
	73,299	Morgan Advanced Materials Plc		317,090
	14,135	Morgan Sindall Group Plc		194,062
	11,299	Mothercare Plc(b)		18,366
	38,272	N Brown Group Plc		118,224
	204,239	National Express Group Plc		945,169
	3,594	NCC Group Plc		6,633
	70,609	NEX Group Plc		562,893
	17,895	Noble Corp. Plc		85,896
	63,435	Northgate Plc		443,670
	24,564	Novae Group Plc		198,369
	29,443	Onesavings Bank Plc		167,144
	6,094	Oxford Instruments Plc		78,140
	22,060	Pagegroup Plc		142,861
	4,258	PayPoint Plc		56,087
	476,306	Pendragon Plc		215,920
	20,546	Pennon Group Plc		228,058
	68,756	Persimmon Plc		2,074,934
	14,329	Petrofac Ltd.		151,163
	186,074	Petropavlovsk Plc(b)		18,605
	32,715	Pets at Home Group Plc		79,491
	36,290	Photo-Me International Plc		81,785
	29,505	Playtech Plc		366,482
	13,974	Polypipe Group Plc		72,089
	319,105	Premier Foods Plc(b)		176,688
	180,426	Premier Oil Plc(b)		145,471
	2,152	Provident Financial Plc		89,304
	61,900	PZ Cussons Plc		268,259
	179,176	QinetiQ Group Plc		681,820
	28,721	Rank Group Plc		79,533
	97,202	Redrow Plc		725,792
	137,252	Renewi Plc		173,325
	8,153	Renishaw Plc		360,617
	51,233	Renold Plc(b)		41,639
	195,018	Rentokil Initial Plc		628,944
	29,192	Restaurant Group Plc (The)		132,144
	7,870	Ricardo Plc		89,446
	13,079	Rightmove Plc		709,107
	17,462	Robert Walters Plc		102,737
	186,900	Rotork Plc		595,259
	173,243	Royal Mail Plc		903,149
	85,435	RPC Group Plc		897,417
	98,326	RPS Group Plc		323,793
	127,808	RSA Insurance Group Plc		986,602

Shares			Value
UNITED KINGDOM (continued)
	13,220	Safestore Holdings Plc REIT	$	69,346
	51,636	Saga Plc		140,179
	22,285	Savills Plc		268,143
	21,495	SDL Plc		167,321
	33,651	Seadrill Ltd.(e)		23,212
	2,838	Seadrill Ltd.(b)(e)		1,945
	67,804	Segro Plc REIT		426,541
	159,868	Senior Plc		443,940
	73,665	Severfield Plc		83,962
	19,927	Severn Trent Plc		600,071
	19,812	Shaftesbury Plc REIT		239,156
	16,920	Shawbrook Group Plc(b)		74,949
	172,927	SIG Plc		268,099
	133,882	Smiths Group Plc		2,843,832
	46,937	Soco International Plc		88,910
	197,117	Spectris Plc		7,046,460
	183,962	Speedy Hire Plc		131,643
	253,076	Spirax-Sarco Engineering Plc		17,044,809
	129,217	Spirent Communications Plc		196,232
	15,991	Sportech Plc(b)		21,074
	63,174	Sports Direct International Plc(b)		250,952
	18,929	SSP Group Plc		109,076
	12,066	St. Ives Plc		8,244
	82,064	St. James’s Place Plc		1,220,204
	54,495	St. Modwen Properties Plc		257,978
	134	Stallergenes Greer Plc(b)		5,014
	824,756	Steris Plc(d)		60,866,993
	26,739	Sthree Plc		112,555
	7,112	Stobart Group Ltd.		20,634
	7,893	Stolt-Nielsen Ltd.		121,806
	56,188	Subsea 7 SA		929,268
	8,341	SuperGroup Plc		172,312
	54,149	Synthomer Plc		346,882
	90,072	Talktalk Telecom Group Plc		225,390
	93,409	Tate & Lyle Plc		915,241
	853,109	Taylor Wimpey Plc		2,209,899
	15,351	TechnipFMC Plc		462,526
	5,162	Ted Baker Plc		186,869
	9,195	Telecom Plus Plc		148,867
	117,616	Thomas Cook Group Plc		145,710
	3,226	Topps Tiles Plc		4,335
	103,584	TP ICAP Plc		614,598
	142,609	Travelport Worldwide Ltd.		1,878,161
	63,929	Travis Perkins Plc		1,333,925
	16,317	Trifast Plc		47,657
	118,829	Trinity Mirror Plc		169,298
	47,851	TT electronics Plc		127,672
	262,370	Tullow Oil Plc(b)		713,287
	26,201	U & I Group Plc		64,478
	61,174	UBM Plc		562,949
	309,168	Ultra Electronics Holdings Plc		8,377,107
	16,892	UNITE Group Plc (The)		141,554
	81,812	Vectura Group Plc(b)		149,514
	162,796	Vesuvius Plc		1,117,525
	447,044	Victrex Plc		11,093,884

68

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	28,483	Virgin Money Holdings UK Plc	$	117,056
	11,826	Vitec Group Plc (The)		130,501
	495	VP Plc		5,395
	14,613	Weir Group Plc (The)		376,833
	28,154	WH Smith Plc		645,068
	244,679	William Hill Plc		930,128
	15,003	Wilmington Plc		46,904
	12,913	Wincanton Plc		46,161
	550,579	WM Morrison Supermarkets Plc		1,710,755
	11,514	Workspace Group Plc REIT		128,923
	9,736	WS Atkins Plc		270,739
	12,348	Xaar Plc		60,054
	1,008	Zeal Network SE		29,613
				298,186,499
UNITED STATES — 54.8%
	27,400	1st Source Corp.		1,323,694
	25,000	A Schulman, Inc.		791,250
	1,373	AAON, Inc.		50,320
	209,580	Aaron’s, Inc.(b)		7,532,305
	3,386	Abercrombie & Fitch Co. - Class A		40,598
	732	ABIOMED, Inc.(b)		95,394
	983	ABM Industries, Inc.		42,456
	2,279	Acadia Healthcare Co. Inc.(b)		99,319
	6,908	ACCO Brands Corp.(b)		98,439
	375,000	Aceto Corp.		5,943,750
	3,182	ACI Worldwide, Inc.(b)		68,381
	4,700	ACNB Corp.		145,465
	485,421	Actuant Corp. - Class A		13,251,993
	372	Acuity Brands, Inc.		65,509
	964	Acxiom Corp.(b)		27,860
	3,010	Adient Plc		221,416
	493,187	Advance Auto Parts, Inc.		70,101,600
	30,400	Advanced Disposal Services, Inc.(b)		722,912
	12,344	Advanced Energy Industries, Inc.(b)		910,987
	642,600	AdvancePierre Foods Holdings, Inc.		26,102,412
	246	Advisory Board Co. (The)(b)		12,571
	5,633	AECOM(b)		192,705
	3,005	AES Corp/VA		33,987
	3,132	Affiliated Managers Group, Inc.		518,628
	61,100	AG Mortgage Investment Trust, Inc. REIT		1,157,846
	2,939	AGCO Corp.		188,067
	222,244	AGNC Investment Corp. REIT		4,682,682
	8,516	Air Lease Corp.		324,800
	2,413	Air Transport Services Group, Inc.(b)		44,375
	3,760	Akorn, Inc.(b)		125,772
	82,491	Alacer Gold Corp.(b)		130,530
	521	Alamo Group, Inc.		41,190
	1,864	Albany International Corp. - Class A		90,870

Shares			Value
UNITED STATES (continued)
	4,900	Albemarle Corp.	$	533,659
	568	Alexander & Baldwin, Inc.		26,134
	3,508	Alexander’s, Inc. REIT		1,525,313
	644	Alexandria Real Estate Equities, Inc. REIT		72,456
	921	Align Technology, Inc.(b)		123,985
	105	Alleghany Corp.(b)		64,124
	14,630	Allegiant Travel Co.		2,127,202
	42,700	ALLETE, Inc.		2,985,157
	2,122	Alliant Energy Corp.		83,437
	2,680	Allison Transmission Holdings, Inc.		103,662
	9,428	Allscripts Healthcare Solutions, Inc.(b)		112,853
	17,400	Ally Financial, Inc.		344,520
	958	Alnylam Pharmaceuticals, Inc.(b)		51,349
	34,600	Alpha & Omega Semiconductor Ltd.		572,630
	551	Altra Industrial Motion Corp.		24,327
	3,210	AMC Entertainment Holdings, Inc. - Class A		97,263
	1,438	AMC Networks, Inc. - Class A(b)		85,820
	464	Amedisys, Inc.(b)		25,149
	600	AMERCO		224,676
	1,958	American Axle & Manaufacturing Holdings, Inc.(b)		34,441
	1,233	American Campus Communities, Inc. REIT		58,432
	8,120	American Eagle Outfitters, Inc.		114,411
	6,301	American Equity Investment Life Holding Co.		149,460
	2,197	American Financial Group, Inc.		213,790
	1,561	American Homes 4 Rent - Class A REIT		35,981
	5,200	American National Bankshares, Inc.		199,680
	461	American National Insurance Co.		53,900
	1,044	American Public Education, Inc.(b)		23,072
	33,700	American Software, Inc. - Class A		369,689
	26,100	American States Water Co.		1,161,972
	200	American Woodmark Corp.(b)		18,379
	989	Ameris Bancorp		46,582
	27,230	AMERISAFE, Inc.		1,567,087
	1,100	AMES National Corp.		33,990
	1,991	Amkor Technology, Inc.(b)		23,454
	1,083	AMN Healthcare Services, Inc.(b)		44,241
	575,000	Amplify Snack Brands, Inc.(b)		5,175,000
	10,186	AmTrust Financial Services, Inc.		163,485
	21,400	Analogic Corp.		1,537,590
	54,400	AngioDynamics, Inc.(b)		844,288

69

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	992	Anixter International, Inc.(b)	$	80,898
	431,955	Annaly Capital Management, Inc., REIT		5,101,389
	737,092	ANSYS, Inc.(b)(d)		81,198,055
	12,628	Antero Resources Corp.(b)		267,587
	1,597	AO Smith Corp.		86,046
	1,789	Apartment Investment & Management Co. - Class A REIT		78,251
	743	Apogee Enterprises, Inc.		40,494
	179,737	Apollo Commercial Real Estate Finance, Inc., REIT		3,467,127
	1,163	Apple Hospitality REIT, Inc.		21,783
	41,254	Applied Industrial Technologies, Inc.		2,640,256
	1,238	AptarGroup, Inc.		99,411
	1,333	Aqua America, Inc.		44,109
	6,223	Aramark		227,264
	1,344	ArcBest Corp.		35,549
	63,700	Ares Commercial Real Estate Corp.		880,971
	319	Argan, Inc.		21,325
	31,200	Argonaut Gold, Inc.(b)		50,284
	448	Arista Networks, Inc.(b)		62,559
	64,100	Armada Hoffler Properties, Inc. REIT		914,066
	1,290	Armstrong World Industries, Inc.(b)		60,308
	5,675	Arris International Plc(b)		147,493
	7,163	Arrow Electronics, Inc.(b)		504,992
	9,889	Arrow Financial Corp.		338,698
	16,300	Artesian Resources Corp. - Class A		626,083
	2,847	Arthur J Gallagher & Co.		158,891
	854	Artisan Partners Asset Management Inc. - Class A		25,022
	397	Asbury Automotive Group, Inc.(b)		24,296
	12,869	Ascena Retail Group, Inc.(b)		50,318
	744	Ashland Global Holdings, Inc.		91,884
	51,116	Aspen Technology, Inc.(b)		3,143,123
	5,003	Associated Banc-Corp.		124,575
	2,095	Assurant, Inc.		201,623
	728	Astec Industries, Inc.		46,119
	2,397	Astoria Financial Corp.		48,875
	415	Astronics Corp.(b)		13,492
	680	athenahealth, Inc.(b)		66,647
	32,455	Atkore International Group, Inc.(b)		852,268
	870	Atlas Air Worldwide Holdings, Inc.(b)		50,460
	872	Atmos Energy Corp.		70,649
	15,650	ATN International Inc.		1,082,824
	2,400	Atrion Corp.		1,241,040
	6,072	AutoNation, Inc.(b)		255,024
	1,444	Avery Dennison Corp.		120,155
	1,111	Avis Budget Group, Inc.(b)		33,886

Shares			Value
UNITED STATES (continued)
	59,100	Avista Corp.	$	2,384,094
	8,244	Avnet, Inc.		318,960
	81,010	AVX Corp.		1,369,879
	1,237,795	Axalta Coating Systems Ltd.(b)		38,829,629
	776	Axon Enterprise, Inc.(b)		19,074
	929	AZZ, Inc.		54,857
	456,511	B&G Foods, Inc.		19,173,462
	609	Badger Meter. Inc.		24,208
	92,500	Balchem Corp.		7,507,300
	22,500	Baldwin & Lyons, Inc. - Class B		551,250
	14,336	BancFirst Corp.		1,376,973
	6,227	BancorpSouth, Inc.		189,612
	23,600	Bank Mutual Corp.		217,120
	484	Bank of Hawaii Corp.		39,436
	5,900	Bank of Marin Bancorp		372,585
	3,461	Bank of The Ozarks, Inc.		164,294
	17,700	BankFinancial Corp.		261,606
	2,019	Bankrate, Inc.(b)		21,401
	6,924	Bankunited, Inc.		244,348
	1,199	Banner Corp.		66,185
	1,719	Barnes Group, Inc.		94,493
	1,801	Beacon Roofing Supply, Inc.(b)		89,276
	6,311	Bed Bath & Beyond, Inc.		244,551
	20,300	Bel Fuse, Inc. - Class B		491,260
	2,524	Belden, Inc.		175,923
	3,312	Belmond Ltd. Class A		41,069
	2,464	Bemis Co., Inc.		110,708
	65,700	Benchmark Electronics, Inc.(b)		2,082,690
	2,498	Beneficial Bancorp, Inc.		39,968
	50,472	Berkshire Hills Bancorp, Inc.		1,892,700
	2,087	Berry Global Group, Inc.(b)		104,350
	6,886	BGC Partners, Inc. - Class A		78,363
	25,131	Big 5 Sporting Goods Corp.		387,017
	45,376	Big Lots, Inc.		2,291,034
	2,300	Biglari Holdings, Inc.(b)		981,249
	4,989	Bill Barrett Corp.(b)		19,158
	433	Bio-Rad Laboratories, Inc. - Class A(b)		94,507
	396	Bio-Techne Corp.		42,404
	9,469	Bizlink Holding, Inc.		56,649
	38,338	BJ’s Restaurants, Inc.(b)		1,729,044
	650	Black Hills Corp.		44,213
	593	Black Knight Financial Services, Inc.(b)		24,550
	381,151	Blackbaud, Inc.		30,648,352
	1,082	Blackhawk Network Holdings, Inc.(b)		43,767
	130,952	Bloomin’ Brands, Inc.		2,840,349
	52,600	Blucora, Inc.(b)		970,470
	3,583	Blue Buffalo Pet Products, Inc.(b)		88,321
	2,148	BMC Stock Holdings, Inc.(b)		50,048
	34,282	Bob Evans Farms, Inc.		2,287,981
	1,300	Boise Cascade Co.(b)		39,650
	13,400	Bojangles’ Inc.(b)		294,130
	2,960	BOK Financial Corp.		249,498

70

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,676	Booz Allen Hamilton Holding Corp.	$	96,149
	12,227	BorgWarner, Inc.		516,958
	100,156	Boston Beer Co., Inc. (The) - Class A(b)		14,457,519
	1,933	Boston Private Financial Holdings, Inc.		30,155
	290,851	Brady Corp. - Class A		11,328,646
	24,557	Bright Horizons Family Solutions, Inc.(b)		1,869,279
	93,688	Brinker International, Inc.		4,140,073
	909	Brink’s Co. (The)		55,813
	1,160	Bristow Group, Inc.		15,509
	1,656	Brixmor Property Group, Inc. REIT		32,706
	1,948	Broadridge Financial Solutions, Inc.		136,243
	2,798	Brookdale Senior Living, Inc.(b)		36,346
	101,512	Brookline Bancorp, Inc.		1,477,000
	121,700	Brooks Automation, Inc.		3,074,142
	8,006	Brown & Brown, Inc.		343,457
	1,773	Bruker Corp.		43,243
	1,774	Brunswick Corp.		100,675
	251,300	Bryn Mawr Bank Corp.(d)		10,780,770
	88,033	Buffalo Wild Wings, Inc.(b)		13,869,599
	3,906	Builders FirstSource, Inc.(b)		62,535
	3,000	Bunge Ltd.		237,090
	472	Burlington Stores, Inc.(b)		46,690
	1,941	BWX Technologies, Inc.		95,439
	2,700	C&F Financial Corp.		135,000
	138	Cable One, Inc.		94,097
	1,875	Cabot Corp.		112,856
	17,795	Cabot Microelectronics Corp.		1,394,238
	2,395	Cabot Oil & Gas Corp.		55,660
	732	CACI International, Inc. - Class A(b)		86,376
	4,685	Cadence Design Systems, Inc.(b)		152,590
	6,269	Calatlantic Group, Inc.		227,063
	383	Calavo Growers, Inc.		25,125
	2,219	Caleres, Inc.		63,952
	579	California Water Service Group		20,670
	1,938	Callaway Golf Co.		22,965
	23,692	Calpine Corp.(b)		241,658
	25,600	Cambium Learning Group, Inc.(b)		124,672
	771	Cambrex Corp.(b)		45,759
	2,499	Camden National Corp.		106,832
	983	Camden Property Trust REIT		80,930
	189,420	Cantel Medical Corp.		14,094,742
	16,595	Capella Education Co.		1,581,504
	1,029	Capital Bank Financial Corp.		42,704
	6,800	Capital City Bank Group, Inc.		140,148
	4,000	Capitol Federal Financial, Inc.		58,520
	421,118	Capstead Mortgage Corp. REIT		4,691,255
	450,000	Cardiovascular Systems, Inc.(b)		13,441,500

Shares			Value
UNITED STATES (continued)
	812	Care Capital Properties, Inc.	$	21,818
	3,597	Carlisle Cos., Inc.		364,700
	592	Carpenter Technology Corp.		24,035
	68,100	Carrols Restaurant Group, Inc.(b)		953,400
	953	Carter’s, Inc.		87,714
	65,700	Casella Waste Systems, Inc. - Class A(b)		988,785
	731	Casey’s General Stores, Inc.		81,923
	2,941	Catalent, Inc.(b)		86,112
	33,400	CatchMark Timber Trust, Inc. - Class A REIT		391,114
	5,246	Cathay General Bancorp		199,610
	769	Cato Corp. (The) - Class A		17,349
	356	Cavco Industries, Inc.(b)		42,275
	79,839	CBIZ, Inc.(b)		1,257,464
	61,541	CBOE Holdings, Inc.		5,071,594
	1,113	CDK Global, Inc.		72,356
	2,624	CDW Corp.		155,052
	786	Centerstate Banks, Inc.		19,831
	12,400	Central Garden & Pet Co.(b)		468,720
	66,709	Central Garden & Pet Co. - Class A(b)		2,350,158
	51,000	Central Pacific Financial Corp.		1,595,280
	21,900	Central Valley Community Bancorp		497,349
	3,035	Century Aluminum Co.(b)		41,397
	9,400	Century Casinos, Inc.(b)		77,362
	3,716	CF Industries Holdings, Inc.		99,366
	1,340	CH Robinson Worldwide, Inc.		97,418
	499	Charles River Laboratories International, Inc.(b)		44,760
	670	Chart Industries, Inc.(b)		24,462
	28,800	Charter Financial Corp (MD)		528,480
	9,500	Chase Corp.		973,750
	12,700	Chatham Lodging Trust REIT		245,872
	117,622	Cheesecake Factory, Inc. (The)		7,546,628
	16,045	Chemed Corp.		3,231,142
	2,348	Chemical Financial Corp.		111,413
	1,814	Chemours Co. (The)		73,086
	2,300	Chemung Financial Corp.		87,377
	1,071	Cheniere Energy, Inc.(b)		48,570
	5,776	Chesapeake Energy Corp.(b)		30,382
	26,200	Chesapeake Utilities Corp.		1,920,460
	8,405	Chico’s FAS, Inc.		116,157
	594	Children’s Place, Inc. (The)		68,191
	16,700	Churchill Downs, Inc.		2,785,560
	31,000	Chuy’s Holdings, Inc.(b)		923,800
	3,232	Ciena Corp.(b)		74,045
	3,062	Cinemark Holdings, Inc.		132,278
	45,772	Cirrus Logic, Inc.(b)		2,945,428
	12,911	CIT Group, Inc.		597,908
	800	Citi Trends, Inc.		15,031
	10,300	Citizens & Northern Corp.		239,475
	22,501	City Holding Co.		1,599,596
	3,354	Clean Harbors, Inc.(b)		194,901

71

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,080	Clearwater Paper Corp.(b)	$	52,488
	3,359	Cliffs Natural Resources, Inc.(b)		22,572
	1,513	ClubCorp Holdings, Inc.		20,350
	2,182	Coach, Inc.		85,949
	7,551	Coca-Cola Bottling Co. Consolidated		1,599,755
	2,200	Codorus Valley Bancorp, Inc.		63,778
	2,432	Coeur Mining, Inc.(b)		22,034
	478	Cogent Communications Group, Inc.		21,510
	617	Cognex Corp.		52,655
	900	Cohen & Steers, Inc.		35,910
	487	Coherent, Inc.(b)		104,997
	4,065	Colfax Corp.(b)		164,511
	13,700	Collectors Universe, Inc.		374,147
	941	Colony Starwood Homes		32,530
	1,850	Columbia Banking System, Inc.		73,094
	1,890	Columbia Sportswear Co.		107,012
	600	Comfort Systems USA, Inc.		22,020
	2,698	Commerce Bancshares Inc/MO		148,255
	6,116	Commercial Metals Co.		114,002
	3,154	CommScope Holding Co., Inc.(b)		132,594
	181,420	Community Bank System, Inc.		10,150,449
	28,223	Community Trust Bancorp, Inc.		1,268,624
	355,100	CommVault Systems, Inc.(b)		17,914,795
	1,000	Compass Minerals International, Inc.		66,000
	450,917	CONMED Corp.(d)		22,167,080
	6,500	Connecticut Water Service, Inc.		348,855
	2,075	Connectone Bancorp, Inc.		46,065
	12,332	CONSOL Energy, Inc.(b)		187,200
	957	Consolidated Communications Holdings, Inc.		22,652
	5,339	Continental Building Products, Inc.(b)		130,005
	65,521	Convergys Corp.		1,474,878
	364,920	Cooper Cos., Inc. (The)		73,104,424
	16,736	Cooper Tire & Rubber Co.		640,989
	19,794	Cooper-Standard Holding Inc.(b)		2,238,108
	3,716	Copart, Inc.(b)		114,824
	1,801,569	CoreLogic, Inc.(b)(d)		76,999,059
	2,149	Core-Mark Holding Co., Inc.		75,258
	27,100	Corenergy Infrastructure Trust, Inc. REIT		988,608
	8,257	CorVel Corp.(b)		367,437
	414	CoStar Group, Inc.(b)		99,728
	4,100	County Bancorp, Inc.		112,545
	4,655	Cousins Properties, Inc. REIT		39,521
	2,311	Covanta Holding Corp.		33,625
	1,274	Covenant Transportation Group, Inc. - Class A(b)		23,862
	245,000	CR Bard, Inc.		75,332,600
	17,300	CRA International, Inc.		656,362
	44,224	Cracker Barrel Old Country Store, Inc.		7,084,243

Shares			Value
UNITED STATES (continued)
	661	Crane Co.	$	52,821
	444	Credit Acceptance Corp.(b)		90,243
	1,889	Cree, Inc.(b)		41,331
	2,266	Crown Holdings, Inc.(b)		127,100
	1,010	CSG Systems International, Inc.		37,885
	2,835	CSRA, Inc.		82,442
	127,500	CST Brands, Inc.		6,156,975
	600	CTS Corp.		13,259
	1,390	CubeSmart REIT		35,223
	2,801	Cubic Corp.		145,372
	528	Cullen/Frost Bankers, Inc.		49,838
	23,700	Culp, Inc.		760,770
	29,499	Curtiss-Wright Corp.		2,756,977
	2,033	Customers Bancorp, Inc.(b)		62,881
	25,200	Cutera, Inc.(b)		492,660
	608,234	CVB Financial Corp.		13,101,360
	6,688	Cypress Semiconductor Corp.		93,699
	835	Cyrusone, Inc.		45,624
	4,205	Dana, Inc.		81,661
	62,305	Darden Restaurants, Inc.		5,307,763
	10,205	Darling Ingredients, Inc.(b)		154,402
	7,224	Dave & Buster’s Entertainment, Inc.(b)		462,408
	530	Dct Industrial Trust, Inc.		26,797
	2,449	DDR Corp. REIT		26,474
	15,564	Dean Foods Co.		307,233
	696	Deckers Outdoor Corp.(b)		41,475
	44,900	Del Frisco’s Restaurant Group, Inc.(b)		772,280
	2,029	Del Taco Restaurants, Inc.(b)		26,681
	1,705	Delek US Holdings, Inc.		41,039
	730	Deluxe Corp.		52,494
	7,601	Denbury Resources, Inc.(b)		16,874
	120,900	Denny’s Corp.(b)		1,535,430
	1,660	DeVry Education Group, Inc.		62,831
	2,056	Diamond Offshore Drilling, Inc.(b)		29,648
	637	Diamondback Energy, Inc.(b)		63,598
	1,807	DiamondRock Hospitality Co. REIT		19,895
	2,033	Dick’s Sporting Goods, Inc.		102,768
	5,806	Digitalglobe, Inc.(b)		186,953
	2,659	Dime Community Bancshares, Inc.		51,718
	603	DineEquity, Inc.		34,094
	27,597	Diodes, Inc.(b)		645,494
	1,716	Dolby Laboratories, Inc. - Class A		90,485
	462	Domino’s Pizza, Inc.		83,802
	4,148	Domtar Corp.		164,468
	2,273	Donaldson Co., Inc.		105,194
	21,700	Donegal Group, Inc. - Class A		361,522
	2,260	Dorian LPG Ltd.		20,543
	482	Dorman Products, Inc.(b)		40,078
	400	Douglas Dynamics, Inc.		12,759
	953	Douglas Emmett, Inc. REIT		35,900

72

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	801,500	Dover Corp.	$	63,222,320
	946	Dril-Quip, Inc.(b)		48,766
	200	DST Systems, Inc.		24,622
	3,893	DSW, Inc. - Class A		80,274
	3,199	Duke Realty Corp. REIT		88,708
	794,152	Dun & Bradstreet Corp. (The)(d)		87,047,001
	781	Dunkin’ Brands Group Inc.		43,627
	807	DuPont Fabros Technology, Inc. REIT		41,601
	2,662	DXC Technology Co.(b)		200,555
	1,026	Dycom Industries, Inc.(b)		108,407
	4,573	Dynegy, Inc.(b)		29,359
	7,817	E*TRADE Financial Corp.(b)		270,077
	1,323	Eagle Bancorp, Inc.(b)		79,248
	957	Eagle Materials, Inc.		91,843
	4,118	East West Bancorp, Inc.		223,484
	63,700	Easterly Government Properties, Inc. REIT		1,281,644
	12,595	EastGroup Properties, Inc. REIT		985,559
	2,071	Eaton Vance Corp.		88,908
	2,963	EchoStar Corp. - Class A(b)		170,550
	1,730	Edgewell Personal Care Co.(b)		123,678
	47,628	El Paso Electric Co.		2,457,605
	345,000	El Pollo Loco Holdings, Inc.(b)		4,329,750
	2,480	Eldorado Resorts, Inc.(b)		47,430
	570	Electronics For Imaging, Inc.(b)		26,095
	260,000	Elf Beauty, Inc.(b)		7,085,000
	14,300	EMC Insurance Group, Inc.		410,124
	26,344	EMCOR Group, Inc.		1,731,855
	1,341	Emergent BioSolutions, Inc.(b)		40,109
	1,923	Empire State Realty Trust, Inc.		39,998
	37,596	Employers Holdings, Inc.		1,503,840
	602	Encore Wire Corp.		26,608
	724	Energen Corp.(b)		37,641
	11,112	EnerSys, Inc.		923,518
	909	Engility Holdings, Inc.(b)		25,770
	61,000	Ennis, Inc.		1,073,600
	1,486	Enova International, Inc.(b)		21,101
	1,942	Ensign Group, Inc. (The)		34,859
	34,673	Entegris, Inc.(b)		859,890
	35,280	Enterprise Financial Services Corp.		1,490,580
	3,000	Entravision Communications Corp. - Class A		18,599
	255,000	Envestnet, Inc.(b)		8,874,000
	14,603	EPAM Systems, Inc.(b)		1,124,431
	14,878	ePlus, Inc.(b)		1,060,058
	489	EPR Properties REIT		35,555
	87,473	Equity Commonwealth REIT(b)		2,798,261
	884	Equity Lifestyle Properties, Inc. REIT		71,524
	420	Erie Indemnity Co. - Class A		52,004
	600	ESCO Technologies, Inc.		35,310
	12,600	ESSA Bancorp, Inc.		190,638
	65,600	Essent Group Ltd.		2,427,856

Shares			Value
UNITED STATES (continued)
	1,966	Esterline Technologies Corp.(b)	$	179,791
	1,088	Ethan Allen Interiors, Inc.		32,422
	1,005	Euronet Worldwide, Inc.(b)		83,033
	628	Evercore Partners, Inc. - Class A		46,315
	1,374	EW Scripps Co. (The) - Class A(b)		30,613
	10,800	Exa Corp.(b)		148,608
	18,500	Exactech, Inc.(b)		548,525
	538	ExlService Holdings, Inc.(b)		25,668
	2,923	Expeditors International of Washington Inc.		163,951
	375	Exponent, Inc.		22,931
	6,431	Express Inc.(b)		55,500
	5,204	Extended Stay America Inc. - Units		90,758
	715	Exterran Corp.(b)		19,570
	1,081	Extra Space Storage, Inc. REIT		81,648
	1,061	F5 Networks, Inc.(b)		137,007
	649	Factset Research Systems, Inc.		105,956
	21,648	Fair Isaac Corp.		2,932,871
	291	Farmer Brothers Co.(b)		10,331
	1,400	Farmers Capital Bank Corp.		58,100
	9,700	Farmers National Banc Corp.		138,710
	200	FBL Financial Group, Inc. - Class A		13,299
	1,206	FCB Financial Holdings Inc. - Class A(b)		56,984
	288	Federal Realty Investment Trust REIT		37,696
	1,300	Federal Signal Corp.		20,293
	3,048	Federated Investors, Inc. - Class B		81,747
	10,600	Federated National Holding Co.		170,448
	1,775	Ferro Corp.(b)		31,808
	2,100	Ferroglobe Plc		20,265
	1,731	Fidelity Southern Corp.		38,982
	1,488	Fiesta Restaurant Group, Inc.(b)		36,233
	455,668	Financial Engines, Inc.		19,365,890
	29,100	Financial Institutions, Inc.		974,850
	1,851	Finisar Corp.(b)		42,277
	7,302	First American Financial Corp.		316,980
	17,400	First Bancorp		522,696
	763	First Busey Corp.		22,852
	11,800	First Business Financial Services, Inc.		313,526
	7,212	First Citizens BancShares, Inc.		2,510,209
	6,224	First Commonwealth Financial Corp.		80,352
	16,700	First Community Bancshares, Inc.		441,882
	17,500	First Defiance Financial Corp.		938,700
	1,437	First Financial Bancorp		39,733
	190,548	First Financial Bankshares, Inc.		7,612,393
	17,600	First Financial Corp.		858,880
	6,970	First Horizon National Corp.		127,900

73

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,200	First Internet Bancorp	$	65,010
	5,924	First Interstate BancSystem, Inc.		223,631
	1,544	First Merchants Corp.		63,891
	12,900	First Mid-Illinois Bancshares, Inc.		420,669
	13,119	First Midwest Bancorp, Inc.		297,932
	10,100	First Potomac Realty Trust REIT		111,100
	2,795	First Solar, Inc.(b)		82,592
	1,654	FirstCash, Inc.		85,925
	983	Five Below, Inc.(b)		48,285
	493	Five Prime Therapeutics, Inc.(b)		17,186
	3,323	Flagstar Bancorp, Inc.(b)		97,165
	7,000	Flexsteel Industries, Inc.		371,840
	684	FLIR Systems, Inc.		25,123
	1,180	Flowers Foods, Inc.		23,140
	933	Flowserve Corp.		47,462
	3,882	Fluor Corp.		199,224
	8,585	Flushing Financial Corp.		253,086
	1,675	FMC Corp.		122,660
	13,990	FNB Corp/PA		199,218
	5,136	FNF Group		210,319
	3,352	Foot Locker, Inc.		259,244
	1,804	Forest City Realty Trust, Inc. - Class A REIT		40,770
	6,800	Forrester Research, Inc.		275,740
	1,040	Fortune Brands Home & Security Inc.		66,290
	616,234	Forum Energy Technologies, Inc.(b)		10,414,355
	35,646	Forward Air Corp.		1,895,298
	500	Fox Factory Holding Corp.(b)		15,025
	436	Franklin Electric Co., Inc.		17,920
	164,600	Franklin Street Properties Corp.		1,996,598
	34,795	Frontier Communications Corp.		65,415
	10,100	FTD Cos Inc.(b)		202,000
	154,590	FTI Consulting, Inc.(b)		5,347,268
	5,761	Fulton Financial Corp.		106,290
	4,744	GameStop Corp. - Class A		107,641
	1,498	Gaming and Leisure Properties Inc. REIT		52,130
	8,862	Gannett Co., Inc.		74,086
	9,539	Gap, Inc. (The)		249,922
	802	Gartner, Inc.(b)		91,500
	981	Generac Holdings, Inc.(b)		34,502
	623	General Communication, Inc. - Class A(b)		23,325
	1,793	Genesee & Wyoming, Inc. - Class A(b)		121,494
	3,855	Genpact Ltd.		94,139
	5,439	Gentex Corp.		112,315
	1,210	Gentherm, Inc.(b)		44,952
	175,000	German American Bancorp, Inc.(d)		5,754,000
	55,700	Getty Realty Corp.		1,425,920
	809	Gibraltar Industries, Inc.(b)		31,753
	250,000	Gigamon, Inc.(b)		7,925,000

Shares			Value
UNITED STATES (continued)
	2,264	G-III Apparel Group Ltd.(b)	$	53,657
	2,405	Glacier Bancorp, Inc.		81,241
	52,100	Gladstone Commercial Corp. REIT		1,161,830
	38,900	Global Brass & Copper Holdings, Inc.		1,386,785
	28,604	Globus Medical, Inc. - Class A(b)		867,559
	1,166	GoDaddy, Inc. - Class A(b)		45,381
	7,400	Golden Entertainment, Inc.		103,896
	14,986	Goodyear Tire & Rubber Co. (The)		542,943
	145,553	Gorman-Rupp Co. (The)(d)		4,165,727
	1,200	Government Properties Income Trust, REIT		25,584
	998	Graco, Inc.		107,634
	56	Graham Holdings Co. - Class B		33,695
	1,466	Gramercy Property Trust		40,740
	683	Grand Canyon Education, Inc.(b)		51,334
	1,488	Granite Construction, Inc.		78,432
	7,838	Graphic Packaging Holding Co.		106,440
	3,759	Gray Television, Inc.(b)		55,069
	33,600	Great Ajax Corp. REIT		456,960
	1,460	Great Plains Energy, Inc.		43,201
	17,400	Great Southern Bancorp, Inc.		872,610
	1,956	Great Western Bancorp Inc.		80,587
	1,627	Green Dot Corp.(b)		55,790
	928	Green Plains Inc.		21,344
	1,519	Greenhill & Co., Inc.		38,431
	687	Greif, Inc. - Class A		40,272
	500	Griffon Corp.		11,999
	900	Group 1 Automotive, Inc.		62,055
	1,074	GrubHub, Inc.(b)		46,161
	500	GTT Communications, Inc.(b)		13,749
	107,989	Guess?, Inc.		1,205,157
	320,000	Guidewire Software, Inc.(b)		19,676,800
	1,913	Gulfport Energy Corp.(b)		30,378
	808	H&E Equipment Services, Inc.		17,065
	1,688	H&R Block, Inc.		41,846
	44,600	Hackett Group, Inc. (The)		884,418
	58,138	Haemonetics Corp.(b)		2,434,819
	8,200	Hallmark Financial Services, Inc.(b)		86,182
	13,720	Halyard Health, Inc.(b)		541,940
	2,798	Hancock Holding Co.		130,667
	3,594,109	Hanesbrands, Inc.		78,387,517
	23,508	Hanmi Financial Corp.		682,907
	9,553	Hanover Insurance Group, Inc. (The)		843,243
	2,907	Harley-Davidson, Inc.		165,147
	2,000	Harsco Corp.(b)		26,100
	10,500	Haverty Furniture Cos., Inc.		258,825
	47,777	Hawaiian Holdings, Inc.(b)		2,594,291
	15,700	Hawkins, Inc.		802,270
	452,674	HB Fuller Co.		23,914,767

74

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,250	HD Supply Holdings, Inc.(b)	$	130,975
	25,319	Healthcare Services Group, Inc.		1,162,395
	838	HealthEquity Inc.(b)		38,146
	62,777	HealthSouth Corp.		2,944,241
	103,706	Heartland Express, Inc.		2,086,565
	36,370	Heartland Financial USA, Inc.		1,745,760
	15,475	Hecla Mining Co.		84,339
	505	Heico Corp.		35,890
	732	Heico Corp. - Class A.		44,872
	3,034	Helix Energy Solutions Group, Inc.(b)		18,568
	3,475	Helmerich & Payne, Inc.		210,724
	1,471	Herbalife Ltd.		93,055
	40,000	Heritage Commerce Corp.		571,200
	53,350	Heritage Financial Corp.		1,408,440
	1,442	Heritage Insurance Holdings, Inc.		17,448
	42,905	Herman Miller, Inc.		1,420,156
	69,000	Hersha Hospitality Trust REIT		1,272,360
	3,675	Hertz Global Holdings, Inc.(b)		60,601
	9,400	Heska Corp.(b)		1,017,550
	1,811	Hexcel Corp.		93,719
	400	HFF, Inc.		12,559
	202,400	Hibbett Sports, Inc.(b)		5,262,400
	1,228	Highwoods Properties, Inc. REIT		62,481
	1,935	Hillenbrand, Inc.		71,402
	1,731	Hill-Rom Holdings, Inc.		130,933
	3,178	Hilltop Holdings, Inc.		88,380
	1,720	Hilton Grand Vacations, Inc.(b)		57,568
	2,800	Hingham Institution For Savings		502,572
	3,268	HMS Holdings Corp.(b)		66,896
	1,187	HNI Corp.		55,504
	5,318	HollyFrontier Corp.		149,649
	6,200	Home Bancorp, Inc.		230,268
	8,395	Home BancShares, Inc.		213,653
	2,214	HomeStreet, Inc.(b)		57,564
	18,800	Hooker Furniture Corp.		816,860
	3,506	Hope Bancorp Inc.		64,195
	1,441	Horace Mann Educators Corp.		55,695
	1,087	Hospitality Properties Trust REIT		34,599
	2,014	Houghton Mifflin Harcourt Co.(b)		23,161
	500	Howard Hughes Corp.( The)(b)		61,555
	26,667	HRG Group, Inc.(b)		533,607
	43,822	HSN, Inc.		1,617,032
	18,941	Hub Group, Inc. - Class A(b)		741,540
	500	Hubbell, Inc.		56,565
	932	Hudson Pacific Properties Inc. REIT		32,024
	441	Huntington Ingalls Industries, Inc.		88,592
	3,563	Huntsman Corp.		88,256
	12,983	Huron Consulting Group, Inc.(b)		577,744

Shares			Value
UNITED STATES (continued)
	700	Hyatt Hotels Corp. - Class A(b)	$	38,850
	1,103	IAC/InterActiveCorp.(b)		91,560
	1,380	IBERIABANK Corp.		109,503
	26,200	ICF International, Inc.(b)		1,156,730
	4,170	Iconix Brand Group, Inc.(b)		29,190
	146,577	ICU Medical, Inc.(b)		22,543,543
	31,228	IDACORP, Inc.		2,639,391
	491,432	IDEX Corp.(d)		51,482,416
	1,141	II-VI, Inc.(b)		37,824
	2,275	ILG Inc.		54,850
	1,814	Impax Laboratories, Inc.(b)		25,487
	116,534	INC Research Holdings, Inc. - Class A(b)		5,244,030
	165,587	Independent Bank Corp.(e)		10,481,657
	36,200	Independent Bank Corp.(e)		807,260
	300	Independent Bank Group, Inc.		18,045
	1,782	Infinera Corp.(b)		17,677
	15,957	Infinity Property & Casuality Corp.		1,583,732
	73,900	InfraREIT, Inc.(b)		1,411,490
	766	Ingevity Corp.(b)		48,434
	500	Ingles Markets, Inc. - Class A		23,350
	953	Ingredion, Inc.		118,000
	30,410	Innophos Holdings, Inc.		1,457,855
	212,062	Innospec, Inc.(d)		13,996,092
	4,701	Inogen, Inc.(b)		389,666
	1,845	Inovalon Holdings, Inc.(b)		22,601
	17,400	Insight Enterprises, Inc.(b)		732,540
	22,169	Insperity, Inc.		2,025,138
	600	Installed Building Products, Inc.(b)		32,010
	526	Insteel Industries, Inc.		18,310
	300,000	Insulet Corp.(b)		13,023,000
	604	Integer Holdings Corp.(b)		22,197
	731,948	Integra LifeScience Holdings Corp.(b)		33,647,650
	1,608	Integrated Device Technology, Inc.(b)		38,576
	875	Inter Parfums, Inc.		33,206
	337	Interactive Brokers Group, Inc.		11,738
	854	InterDigital, Inc.		76,775
	3,481	International Bancshares Corp.		130,189
	351	International Flavors & Fragrances, Inc.		48,645
	9,517	Interpublic Group of Cos., Inc. (The)		224,316
	1,057	INTL. FCStone, Inc.(b)		39,479
	1,504	Intra-Cellular Therapies, Inc.(b)		20,785
	10,281	Investors Bancorp Inc.		142,392
	602	IPG Photonics Corp.(b)		76,045
	394	iRobot Corp.(b)		31,418
	2,128	Iron Mountain, Inc. REIT		73,969
	400	Itron, Inc.(b)		25,940
	2,934	ITT, Inc.		123,609
	47,300	IXYS Corp.		659,835
	63,821	J & J Snack Foods Corp.		8,589,030

75

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	5,600	J Alexander’s Holdings, Inc.(b)	$	61,600
	41,421	j2 Global, Inc.		3,737,831
	10,901	Jabil Circuit, Inc.		316,347
	17,153	Jack Henry & Associates, Inc.		1,662,469
	13,868	Jack in the Box, Inc.		1,414,120
	3,843	Jacobs Engineering Group, Inc.		211,058
	789	Jazz Pharmaceuticals Plc		125,672
	25,722	JetBlue Airways Corp.(b)		561,511
	450,800	JM Smucker Co. (The)		57,125,376
	6,000	John B. Sanfilippo & Son, Inc.		441,000
	115,476	John Bean Technologies Corp.		10,236,947
	481,418	John Wiley & Sons, Inc. - Class A(d)		25,370,729
	943	Jones Lang LaSalle, Inc.		108,313
	36,600	K12, Inc.(b)		689,910
	19,100	Kadant, Inc.		1,187,065
	28,554	Kaman Corp.		1,370,878
	4,410	Kansas City Southern		397,209
	6,205	KapStone Paper and Packaging Corp.		130,863
	1,930,455	KAR Auction Services, Inc.(d)		84,206,447
	3,668	KBR, Inc.		51,535
	6,505	KCG Holdings, Inc. - Class A(b)		129,450
	2,513	Kearny Financial Corp (MD)		36,690
	25,005	Kelly Services, Inc. - Class A		558,112
	1,834	Kemper Corp.		72,168
	3,461	Kennedy-Wilson Holdings, Inc.		70,604
	1,846	Keysight Technologies, Inc.(b)		69,096
	1,096	Kilroy Realty Corp. REIT		77,301
	47,200	Kimball Electronics, Inc.(b)		814,200
	2,428	Kimco Realty Corp.		49,264
	2,578	Kindred Healthcare, Inc.		24,749
	3,570	Kirby Corp.(b)		252,042
	831	KLX, Inc.(b)		39,306
	19,300	KMG Chemicals, Inc.		1,014,215
	2,368	Knight Transportation, Inc.		81,222
	32,325	Knoll, Inc.		774,507
	2,193	Knowles Corp.(b)		38,882
	105,309	Kohl’s Corp.		4,110,210
	5,300	Koppers Holdings, Inc.(b)		224,985
	1,405	Korn/Ferry International		45,522
	3,217	Kosmos Energy Ltd.		19,334
	2,893	Kraton Corp.(b)		94,630
	1,391	Kronos Worldwide, Inc.		24,370
	5,633	La Quinta Holdings, Inc.(b)		79,482
	794,000	Laboratory Corp of America Holdings(b)		111,279,100
	57,624	Ladder Capital Corp. REIT		843,039
	1,109	Lakeland Bancorp, Inc.		21,570
	905	Lakeland Financial Corp.		41,322
	1,182	Lamb Weston Holdings, Inc.		49,349
	18,289	Lancaster Colony Corp.		2,302,585
	7,000	Landec Corp.(b)		96,250
	75,930	Landstar System, Inc.		6,488,219
	2,834	Laredo Petroleum, Inc.(b)		36,445
	22,803	LaSalle Hotel Properties REIT		651,254

Shares			Value
UNITED STATES (continued)
	3,958	La-Z-Boy, Inc.	$	110,428
	703	LCI Industries		71,108
	5,200	LCNB Corp.		195,000
	1,780	Lear Corp.		253,935
	1,655	LegacyTexas Financial Group, Inc.		62,576
	3,360	Legg Mason, Inc.		125,597
	1,679	Leggett & Platt, Inc.		88,215
	4,299	Leidos Holdings, Inc.		226,385
	27,400	LeMaitre Vascular, Inc.		815,150
	4,752	Lennar Corp. - Class A		239,976
	700	Lennox International, Inc.		115,773
	10,985	Leucadia National Corp.		278,909
	209,400	Lexington Realty Trust REIT		2,129,598
	12,200	LHC Group, Inc.(b)		660,020
	18,234	Liberty Interactive Corp QVC Group - Class A(b)		386,196
	894	Liberty Property Trust REIT		36,270
	4,296	Liberty Tripadvisor Holdings, Inc. - Class A(b)		63,151
	2,716	Liberty Ventures(b)		146,257
	2,743	LifePoint Health, Inc.(b)		170,477
	9,100	Lifetime Brands, Inc.		174,720
	661	Lincoln Electric Holdings, Inc.		58,849
	1,408	Lions Gate Entertainment Corp.		36,847
	664	Lithia Motors, Inc. - Class A		63,445
	451	Littelfuse, Inc.		69,522
	849	Livanova Plc		44,742
	5,150	Live Nation Entertainment, Inc.(b)		165,624
	10,860	LKQ Corp.(b)		339,266
	210,617	LogMein, Inc.		23,799,721
	4,154	Louisiana-Pacific Corp.(b)		106,924
	2,252	LPL Financial Holdings, Inc.		94,674
	2,105	LSC Communications, Inc.		54,456
	811	Lumentum Holdings, Inc.(b)		34,670
	58,700	Luminex Corp.		1,105,321
	280,364	Lydall, Inc.(b)(d)		14,691,074
	1,017	M/I Homes, Inc.(b)		27,622
	1,169	Macerich Co. REIT (The)		72,981
	32,900	Mack-Cali Realty Corp. REIT		889,945
	2,083	Macquarie Infrastructure Corp.		169,494
	12,830	Macy’s, Inc.		374,893
	528	Madison Square Garden Co. (The) - Class A(b)		106,535
	11,365	Magellan Health, Inc.(b)		781,912
	700	MainSource Financial Group, Inc.		23,940
	1,613	Manhattan Associates, Inc.(b)		75,311
	3,739	ManpowerGroup, Inc.		377,564
	41,013	ManTech International Corp. - Class A		1,455,962
	1,526	Marcus & Millichap, Inc.(b)		39,371
	39,163	Marcus Corp. (The)		1,323,709
	616	MarketAxess Holdings, Inc.		118,592

76

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,921	Marriott Vacations Worldwide Corp.	$	211,656
	14,200	Marten Transport Ltd.		352,160
	91,565	Masimo Corp.(b)		9,407,388
	138	Masonite International Corp.(b)		11,482
	1,130	MasTec, Inc.(b)		49,890
	1,614	Materion Corp.		61,413
	1,131	Matson, Inc.		35,853
	4,205	Mattel, Inc.		94,276
	1,201	Matthews International Corp. - Class A		82,329
	9,521	MAXIMUS, Inc.		580,686
	18,824	Maxlinear, Inc.(b)		523,872
	3,000	MB Financial, Inc.		127,530
	15,585	McDermott International, Inc.(b)		101,926
	35,767	McGrath RentCorp		1,245,049
	1,650	MDC Holdings, Inc.		51,167
	1,400	MDU Resources Group, Inc.		37,660
	1,569	Medical Properties Trust, Inc. REIT		20,507
	265,000	Medidata Solutions, Inc.(b)		17,338,950
	24,800	Medifast, Inc.		1,148,736
	5,359	MEDNAX, Inc.(b)		323,469
	6,309	Mercantile Bank Corp.		212,172
	599	Mercury Computer Systems, Inc.(b)		22,391
	674	Mercury General Corp.		41,444
	683	Meredith Corp.		39,990
	1,100	Meridian Bancorp, Inc.		19,305
	54,005	Merit Medical Systems, Inc.(b)		1,819,969
	2,878	Meritage Homes Corp.(b)		112,098
	4,900	Mesa Laboratories, Inc.		685,118
	16,566	Meta Financial Group, Inc.		1,406,453
	949	Methode Electronics, Inc.		42,278
	572,450	MFA Financial, Inc.		4,757,060
	39,200	MGE Energy, Inc.		2,520,560
	400	MGP Ingredients, Inc.		20,943
	1,949	Michaels Cos. Inc (The)(b)		45,529
	12,503	MicroStrategy, Inc. - Class A(b)		2,377,696
	661	Middleby Corp. (The)(b)		89,982
	31,200	Middlesex Water Co.		1,189,344
	3,000	Midland States Bancorp Inc.		103,500
	12,400	MidWestOne Financial Group, Inc.		430,280
	660	Milacron Holdings Corp.(b)		12,421
	8,000	Miller Industries, Inc.		203,200
	2,043	Minerals Technologies, Inc.		160,784
	1,570	Mistras Group, Inc.(b)		35,325
	798	MKS Instruments, Inc.		62,444
	1,435	Mobile Mini, Inc.		41,185
	3,452	Modine Manufacturing Co.(b)		41,769
	1,901	Molina Healthcare, Inc.(b)		94,651
	64,900	Monmouth Real Estate Investment Corp.		973,500
	20,506	Monolithic Power Systems, Inc.		1,876,299

Shares			Value
UNITED STATES (continued)
	45,200	Monotype Imaging Holdings, Inc.	$	919,820
	690	Monro Muffler Brake, Inc.		35,777
	11,683	Moog, Inc. - Class A(b)		802,038
	500	Morningstar, Inc.		36,565
	1,469	Motorcar Parts of America, Inc.(b)		44,540
	677	Movie Gallery, Inc.(b)(c)(d)		0
	34,824	MSA Safety, Inc.		2,711,048
	813	MSC Industrial Direct Co., Inc. - Class A		72,788
	1,538	MSCI, Inc.		154,292
	88,400	MTGE Investment Corp. REIT		1,591,200
	27,542	MTS Systems Corp.		1,279,326
	1,730	Mueller Industries, Inc.		55,429
	3,489	Mueller Water Products, Inc. - Class A		39,251
	309	Multi-Color Corp.		23,731
	5,737	Murphy Oil Corp.		150,195
	1,265	Murphy USA, Inc.(b)		88,006
	5,600	MutualFirst Financial, Inc.		184,520
	30,600	MYR Group, Inc./Delaware(b)		1,293,156
	4,977	Myriad Genetics, Inc.(b)		91,527
	10,000	NACCO Industries, Inc. - Class A		846,500
	1,441,000	Nasdaq, Inc.(d)		99,241,670
	5,100	Nathan’s Famous Inc.(b)		347,820
	501	National Beverage Corp.		44,384
	91,800	National CineMedia, Inc.		1,089,666
	15,900	National Commerce Corp.(b)		615,330
	531	National Fuel Gas Co.		29,407
	76,554	National General Holdings Corp.		1,740,838
	24,700	National Health Investors, Inc. REIT		1,807,299
	42,744	National HealthCare Corp.		3,181,008
	2,298	National Instruments Corp.		80,223
	13,983	National Presto Industries, Inc.		1,459,126
	487	National Retail Properties, Inc. REIT		20,561
	132	National Western Life Group, Inc.		40,424
	400	Natural Gas Services Group, Inc.(b)		10,959
	45,822	Natus Medical, Inc.(b)		1,603,770
	25,182	Navient Corp.		382,766
	38,100	Navigant Consulting, Inc.(b)		913,257
	318,048	Navigators Group, Inc. (The)(d)		17,190,494
	885	NBT Bancorp, Inc.		33,789
	2,010	NCI Building Systems Inc.(b)		35,175
	2,128	NCR Corp.(b)		87,780
	485	Neenah Paper, Inc.		38,000
	1,119	Nelnet, Inc. - Class A		50,366
	29,500	Neogen Corp.(b)		1,838,735
	2,963	NetApp, Inc.		118,076
	1,085	NETGEAR, Inc.(b)		51,158

77

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,916	NetScout Systems, Inc.(b)	$	72,137
	1,058	New Jersey Resources Corp.		42,690
	2,679	New Media Investment Group, Inc.		35,256
	440,000	New Relic, Inc.(b)		17,591,200
	31,115	New York Community Bancorp, Inc.		413,518
	2,800	New York Times Co. (The) - Class A		40,460
	1,818,900	Newell Brands, Inc.		86,834,286
	207	NewMarket Corp.		97,435
	12,255	News Corp. - Class A		155,884
	5,413	News Corp. - Class B		70,369
	39,000	NexPoint Residential Trust, Inc., REIT		936,390
	1,237	Nexstar Media Group Inc.		85,353
	11,255,268	Nexteer Automotive Group Ltd.		17,537,633
	654,229	NIC, Inc.		13,967,789
	3,000	Nicolet Bankshares, Inc.(b)		147,900
	3,595	NiSource, Inc.		87,179
	1,777	NN, Inc.		49,045
	933	Nordson Corp.		116,812
	2,850	Nordstrom, Inc.		137,570
	6,100	Northrim Bancorp, Inc.		195,200
	124,425	Northwest Bancshares, Inc.		2,008,220
	109,425	Northwest Natural Gas Co.		6,521,730
	45,500	NorthWestern Corp.		2,719,990
	2,400	Norwegian Cruise Line Holdings Ltd.		129,432
	29,600	Novanta Inc.(b)		830,280
	4,737	NRG Energy, Inc.		80,055
	797	Nu Skin Enterprises, Inc. - Class A		44,018
	8,712	Nuance Communications, Inc.(b)		155,858
	15,800	Nutraceutical International Corp.		500,860
	615	NutriSystem, Inc.		32,872
	311,976	NuVasive, Inc.(b)		22,621,380
	10,800	NVE Corp.		879,228
	66	NVR, Inc.(b)		139,343
	7,874	Oasis Petroleum, Inc.(b)		94,016
	5,507	Oceaneering International, Inc.		145,330
	22,200	OceanFirst Financial Corp.		613,830
	23,880	Office Depot, Inc.		118,684
	2,350	OGE Energy Corp.		81,733
	1,027	Oil States International, Inc.(b)		30,553
	1,548	Old Dominion Freight Line, Inc.		137,029
	10,900	Old Line Bancshares Inc.		302,584
	2,374	Old National Bancorp		39,883
	17,455	Old Republic International Corp.		360,969
	4,827	Olin Corp.		155,092
	1,283	Ollie’s Bargain Outlet Holdings, Inc.(b)		49,139
	2,574	Om Asset Management Plc		40,051

Shares			Value
UNITED STATES (continued)
	1,233	Omega Healthcare Investors, Inc. REIT	$	40,689
	38,099	Omega Protein Corp.		767,695
	486,043	Omnicell, Inc.(b)		20,122,180
	2,800	On Assignment, Inc.(b)		144,956
	4,484	ON Semiconductor Corp.(b)		63,583
	40,000	ONE Gas, Inc.		2,753,200
	34,800	One Liberty Properties, Inc. REIT		844,944
	41,400	OneBeacon Insurance Group Ltd.		660,330
	9,195	OPKO Health, Inc.(b)		71,445
	955	Opus Bank		21,535
	1,094	Orbital ATK, Inc.		108,306
	2,983	Oritani Financial Corp.		50,562
	2,287	Ormat Technologies, Inc.		135,070
	0	Ormat Technologies, Inc.		17
	28,900	Orthofix International NV		1,142,995
	3,063	Oshkosh Corp.		212,542
	554	OSI Systems, Inc.(b)		42,880
	32,000	Otter Tail Corp.		1,264,000
	70,009	Owens & Minor, Inc.		2,425,812
	9,006	Owens Corning, Inc.		548,015
	12,300	Owens Realty Mortgage, Inc.		223,368
	2,791	Owens-Illinois, Inc.(b)		60,900
	1,084	Oxford Industries, Inc.		62,850
	503	Pacific Premier Bancorp, Inc.(b)		18,385
	1,770	Packaging Corp. of America		174,841
	7,687	PacWest Bancorp		379,661
	399	Panera Bread Co. - Class A(b)		124,759
	30,300	Papa John’s International, Inc.		2,395,518
	1,400	Paramount Group, Inc.		22,960
	25,590	PAREXEL International Corp.(b)		1,633,410
	1,354	Park Hotels & Resorts, Inc.		34,757
	584	Park National Corp.		61,571
	500	Park-Ohio Holdings Corp.		19,675
	3,034	Parsley Energy, Inc. - Class A(b)		90,383
	972	Pattern Energy Group, Inc.		21,403
	1,925	Patterson Cos., Inc.		85,643
	2,817	Patterson-UTI Energy, Inc.		60,974
	1,609	Paycom Software, Inc.(b)		96,942
	25,370	PC Connection, Inc.		729,134
	1,877	PDC Energy, Inc.(b)		103,667
	23,800	Peapack Gladstone Financial Corp.		763,028
	686	Pebblebrook Hotel Trust		20,415
	740	Pegasystems, Inc.		33,707
	2,100	Penns Woods Bancorp Inc.		87,570
	9,700	Pennymac Financial Services, Inc.(b)		160,050
	94,900	Pennymac Mortgage Investment Trust REIT		1,696,812
	5,119	Penske Automotive Group, Inc.		244,227
	100,000	Penumbra, Inc.(b)		8,545,000

78

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	31,700	Peoples Bancorp, Inc.	$	1,061,316
	4,200	Peoples Financial Services Corp.		188,748
	9,949	People’s United Financial, Inc.		173,809
	21,300	People’s Utah Bancorp		562,320
	56,200	Perficient, Inc.(b)		979,004
	62,074	Performance Food Group Co.(b)		1,545,643
	3,136	PerkinElmer, Inc.		186,310
	13,200	Perry Ellis International, Inc.(b)		270,864
	3,878	PH Glatfelter Co.		83,416
	1,854	PharMerica Corp.(b)		43,754
	4,900	Phibro Animal Health Corp. - Class A		145,775
	3,640	Photronics, Inc.(b)		41,860
	4,682	Pier 1 Imports, Inc.		31,557
	4,112	Pilgrim’s Pride Corp.		106,748
	1,476	Pinnacle Financial Partners, Inc.		94,464
	2,235	Pinnacle Foods, Inc.		129,965
	901	Pinnacle West Capital Corp.		76,666
	5,485	Pitney Bowes, Inc.		72,896
	28,100	PJT Partners, Inc. - Class A		973,946
	1,867	Planet Fitness Inc.		38,834
	27,603	Plantronics, Inc.		1,507,124
	23,053	Platform Specialty Products Corp.(b)		326,661
	41,997	Plexus Corp.(b)		2,183,424
	800	PNM Resources, Inc.		29,800
	614	Polaris Industries, Inc.		52,350
	2,203	PolyOne Corp.		86,380
	419	Pool Corp.		50,121
	61,617	Portland General Electric Co.		2,793,715
	3,700	Post Holdings, Inc.(b)		311,503
	50,400	Potbelly Corp.(b)		703,080
	7,600	Powell Industries, Inc.		262,124
	29,900	Power Integrations, Inc.		1,971,905
	3,551	PRA Group, Inc.(b)		114,342
	1,374	PRA Health Sciences, Inc.(b)		87,881
	21,900	Preferred Bank		1,160,481
	11,760	Premier Financial Bancorp Inc.		252,017
	1,270	Premier, Inc.(b)		42,926
	25,212	Prestige Brands Holdings, Inc.(b)		1,447,421
	506	PriceSmart, Inc.		43,997
	1,531	Primerica, Inc.		128,298
	2,859	Primoris Services Corp.		65,671
	1,773	ProAssurance Corp.		109,749
	79,600	Progress Software Corp.		2,365,712
	202,312	Prosperity Bancshares, Inc.		13,595,366
	388	Proto Labs, Inc.(b)		22,504
	9,700	Provident Financial Holdings, Inc.		186,531
	77,764	Provident Financial Services, Inc.		1,997,757
	20,800	PS Business Parks, Inc. REIT		2,528,032

Shares			Value
UNITED STATES (continued)
	26,542	PulteGroup, Inc.	$	601,707
	4,072	PVH Corp.		411,394
	21,600	QAD Inc.		652,320
	23,200	QCR Holdings, Inc.		1,057,920
	6,756	QEP Resources, Inc.(b)		79,788
	4,086	Qorvo, Inc.(b)		277,971
	1,530	Quad Graphics, Inc.		40,178
	351	Quaker Chemical Corp.		50,755
	40,870	Quality Systems, Inc.(b)		582,806
	550,584	Qualys, Inc.(b)(d)		21,142,426
	4,601	Quanta Services, Inc.(b)		163,059
	47,776	Quest Diagnostics, Inc.		5,040,846
	1,185	Ralph Lauren Corp.		95,653
	3,485	Rambus, Inc.(b)		43,632
	6,314	Range Resources Corp.		167,258
	3,045	Rayonier Advanced Materials, Inc.		40,346
	60,347	RBC Bearings, Inc.(b)		6,052,804
	687	Re Max Holdings, Inc.		40,636
	12,215	Realogy Holdings Corp.		373,168
	6,210	RealPage, Inc.(b)		230,081
	326,864	REC Silicon ASA(b)		40,734
	580	Red Robin Gourmet Burgers, Inc.(b)		34,075
	2,255	Regal-Beloit Corp.		177,807
	1,145	Regency Centers Corp. REIT		72,341
	3,349	Regis Corp.(b)		36,538
	1,754	Reinsurance Group of America, Inc.		219,320
	4,000	Reis Inc.		75,200
	2,400	Reliance Steel & Aluminum Co.		189,168
	56,796	Renasant Corp.		2,408,150
	9,100	Republic Bancorp, Inc. - Class A		327,418
	1,547	ResMed, Inc.		105,181
	600	Resources Connection, Inc.		8,339
	983	Retail Opportunity Investments Corp.		20,250
	477	REX American Resources Corp.(b)		45,162
	2,950	Rexnord Corp.(b)		71,980
	5,447	Rice Energy, Inc.(b)		115,967
	677	RLI Corp.		38,738
	15,200	RMR Group Inc. (The) - Class A		801,800
	2,089	Robert Half International, Inc.		96,198
	38,281	Rockwell Collins, Inc.		3,984,669
	10,198	Rogers Corp.(b)		1,049,782
	1,480	Rollins, Inc.		57,468
	8,980	Rowan Companies Plc		126,349
	1,166	Royal Gold, Inc.		82,413
	26,251	RPC, Inc.		476,981
	2,026	RPM International, Inc.		106,487
	1,983	RSP Permian, Inc.(b)		75,453
	926	Rudolph Technologies, Inc.(b)		22,687
	32,403	Rush Enterprises, Inc. - Class A(b)		1,223,213

79

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	63,000	Ruth’s Hospitality Group Inc.	$	1,253,700
	3,125	Ryder System, Inc.		212,219
	42,701	Ryman Hospitality Properties Inc.		2,723,470
	2,261	S&T Bancorp, Inc.		81,306
	3,404	Sabre Corp.		79,688
	21,743	Safety Insurance Group, Inc.		1,574,193
	4,700	Saga Communications, Inc. - Class A		240,875
	1,455	Saia, Inc.(b)		70,058
	1,736	Sally Beauty Holdings, Inc.(b)		33,019
	11,694,600	Samsonite International SA(d)		45,179,599
	65,555	Sanderson Farms, Inc.		7,589,958
	10,654	Sandy Spring Bancorp, Inc.		460,786
	63,024	Sanmina Corp.(b)		2,347,644
	23,445	Santander Consumer USA Holdings, Inc.(b)		298,689
	654	SCANA Corp.		43,367
	49,200	ScanSource, Inc.(b)		1,943,400
	788	Schnitzer Steel Industries, Inc. - Class A		14,893
	1,183	Scholastic Corp.		51,141
	1,097	Schweitzer-Mauduit International, Inc.		47,226
	31,150	Science Applications International Corp.		2,273,639
	974	Scientific Games Corp. - Class A(b)		23,133
	5,000	Scorpio Tankers, Inc.		22,000
	570	Scotts Miracle-Gro Co. (The)		55,062
	2,413	Scripps Networks Interactive, Inc. - Class A		180,299
	153	Seaboard Corp.		647,804
	633	SEACOR Holdings, Inc.(b)		41,563
	3,132	Sealed Air Corp.		137,871
	2,594	Seaworld Entertainment, Inc.		45,473
	1,826	SEI Investments Co.		92,596
	982	Select Comfort Corp.(b)		30,344
	11,500	Select Income REIT		288,190
	8,962	Select Medical Holdings Corp.(b)		123,228
	59,948	Selective Insurance Group, Inc.		3,165,254
	699	SemGroup Corp. - Class A		23,277
	23,390	Semtech Corp.(b)		798,769
	3,000	Seneca Foods Corp. Class A(b)		111,600
	2,045	Senior Housing Properties Trust REIT		44,008
	4,271	Sensata Technologies Holdings NV		175,880
	31,203	Sensient Technologies Corp.		2,552,405
	1,918	Service Corp. International		61,798
	2,340	ServiceMaster Global Holdings, Inc.(b)		89,154
	1,179	ServisFirst Bancshares, Inc.		44,566
	1,438	Shenandoah Telecommunications Co.		46,016
	20,500	Shore Bancshares, Inc.		340,095

Shares			Value
UNITED STATES (continued)
	1,344	Shutterfly, Inc.(b)	$	69,754
	407	Shutterstock, Inc.(b)		17,595
	13,000	SI Financial Group, Inc.		194,350
	24,600	Sierra Bancorp		616,722
	1,562	Signature Bank(b)		216,259
	1,305	Silgan Holdings, Inc.		79,109
	4,506	Silicon Laboratories, Inc.(b)		320,602
	2,208	Simmons First National Corp. - Class A		120,667
	1,434	Simpson Manufacturing Co., Inc.		59,812
	1,212	Sinclair Broadcast Group, Inc. - Class A		47,813
	506,664	SIX Flags Entertainment Corp.		31,722,233
	33,900	SJW Corp.		1,655,676
	8,011	Skechers U.S.A., Inc. - Class A(b)		202,278
	4,607	SkyWest, Inc.		171,380
	8,075	SLM Corp.(b)		101,261
	2,593	SM Energy Co.		58,576
	2,791	Smart & Final Stores, Inc.(b)		32,934
	520,091	Snap-on, Inc.		87,130,845
	731,000	Snyder’s-Lance, Inc.		25,775,060
	1,970	Sonoco Products Co.		103,051
	679	Sotheby’s(b)		32,157
	20,874	South State Corp.		1,840,043
	4,200	Southern First Bancshares, Inc.(b)		141,540
	9,100	Southern Missouri Bancorp, Inc.		303,030
	12,900	Southern National Bancorp of Virginia, Inc.		234,909
	35,100	Southwest Gas Corp.(b)		2,939,976
	3,962	Southwestern Energy Co.(b)		29,755
	32,300	SP Plus Corp.(b)		1,112,735
	13,300	Spark Energy, Inc. Class A		477,470
	59,652	SpartanNash Co.		2,195,194
	646,803	Spectrum Brands Holdings, Inc.(d)		92,964,995
	38,500	Spire, Inc.		2,639,175
	3,042	Spirit AeroSystems Holdings, Inc. - Class A		173,881
	4,050	Spirit Airlines, Inc.(b)		231,944
	3,446	Spirit Realty Capital, Inc. REIT		32,461
	26,200	Spok Holdings, Inc.		470,290
	4,171	Sprouts Farmers Market, Inc.(b)		93,055
	787	SPX Corp.(b)		18,935
	1,179	SPX Flow, Inc.(b)		42,609
	2,400	SRC Energy, Inc.(b)		18,095
	1,456	SS&C Technologies Holdings, Inc.		53,493
	908	St Joe Co. (The)(b)		15,889
	1,623	Standard Motor Products, Inc.		82,497
	173,707	Standex International Corp.(d)		16,319,773
	11,574	Staples, Inc.		113,078
	109,537	Starwood Property Trust, Inc., REIT		2,485,395

80

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	7,700	State Auto Financial Corp.	$	206,899
	1,458	State Bank Financial Corp.		39,162
	31,202	State National Cos., Inc.		457,733
	4,571	Steel Dynamics, Inc.		165,196
	4,384	Steelcase, Inc. - Class A		74,747
	26,546	Stepan Co.		2,251,101
	505	Stericycle, Inc.(b)		43,097
	4,024	Sterling Bancorp		93,558
	1,907	Steven Madden Ltd.(b)		72,561
	38,875	Stewart Information Services Corp.		1,844,230
	2,205	Stifel Financial Corp.(b)		107,758
	160,442	Stock Yards Bancorp, Inc.(d)		6,578,122
	24,300	Stonegate Bank		1,115,370
	57,500	Stoneridge, Inc.(b)		1,127,575
	1,527	STORE Capital Corp.		36,633
	1,278	Stratasys Ltd.		31,643
	101,800	Summit Hotel Properties, Inc.		1,682,754
	1,944	Summit Materials, Inc. - Class A(b)		49,883
	798	Sun Communities, Inc. REIT		66,721
	1,971	SunCoke Energy, Inc.(b)		18,074
	2,604	Sunstone Hotel Investors, Inc. REIT		38,774
	63,593	Super Micro Computer, Inc.(b)		1,551,669
	2,195	Superior Energy Services, Inc.(b)		26,516
	21,264	Supernus Pharmaceuticals, Inc.(b)		693,206
	10,180	SUPERVALU, Inc.(b)		41,738
	1,200	Supreme Industries, Inc.		24,048
	1,490	SVB Financial Group(b)		262,151
	3,371	Swift Transportation Co.(b)		82,859
	57,419	Sykes Enterprises, Inc.(b)		1,711,660
	1,927	Synaptics, Inc.(b)		105,542
	1,701	Synchronoss Technologies, Inc.(b)		27,216
	24,789	SYNNEX Corp.		2,687,871
	600	Synopsys, Inc.(b)		44,220
	3,657	Synovus Financial Corp.		152,863
	48,925	Tahoe Resources, Inc.		396,403
	15,377	Take-Two Interactive Software, Inc.(b)		966,444
	664	Taro Pharmaceutical Industries Ltd.		77,588
	580	Taubman Centers, Inc. REIT		36,279
	2,056	Taylor Morrison Home Corp.(b)		47,494
	11,222	TCF Financial Corp.		185,275
	30,349	Tech Data Corp.(b)		2,902,882
	5,458	TEGNA, Inc.		139,070
	511	Tejon Ranch Co.(b)		11,702
	23,800	Teledyne Technologies, Inc.(b)		3,208,954
	389	Teleflex, Inc.		80,480
	5,182	Telephone & Data Systems, Inc.		142,298
	31,200	TeleTech Holdings, Inc.		975,000

Shares			Value
UNITED STATES (continued)
	614	Tempur Sealy International, Inc.(b)	$	28,827
	3,240	Tenet Healthcare Corp.(b)		50,771
	300	Tennant Co.		21,975
	1,221	Tenneco, Inc.		76,960
	2,726	Teradata Corp.(b)		79,545
	1,528	Teradyne, Inc.		53,893
	3,081	Terex Corp.		107,773
	11,500	Territorial Bancorp Inc.		355,925
	6,680	Tesoro Corp.		532,463
	61,673	Tetra Tech, Inc.		2,710,528
	1,481	Texas Capital Bancshares, Inc.(b)		112,704
	129,763	Texas Roadhouse, Inc.		6,083,289
	1,300	TFS Financial Corp.		21,502
	600	Thermon Group Holdings, Inc.(b)		12,299
	3,009	Third Point Reinsurance Ltd.		36,409
	1,001	Thor Industries, Inc.		96,276
	85,400	Tier REIT, Inc.		1,478,274
	2,365	Tiffany & Co.		216,752
	1,145	Tile Shop Holdings, Inc.		24,446
	2,114	Time, Inc.		32,133
	937	Timken Co. (The)		45,210
	754	Tivity Health, Inc.(b)		25,334
	1,003	TiVo Corp.		19,809
	5,434	Toll Brothers, Inc.		195,570
	415	Tompkins Financial Corp.		34,308
	13,390	Tootsie Roll Industries, Inc.		500,117
	1,090	Topbuild Corp.(b)		55,797
	3,226	Torchmark Corp.		247,466
	1,753	Toro Co. (The)		113,805
	4,337	Total System Services, Inc.		248,553
	53,129	TowneBank		1,724,036
	1,299	Tractor Supply Co.		80,421
	1,261	TransUnion(b)		50,478
	351,264	TreeHouse Foods, Inc.(b)		30,770,726
	587	Trex Co., Inc.(b)		42,963
	10,791	TRI Pointe Group, Inc.(b)		134,348
	2,390	Tribune Media Co.		87,378
	35,490	TriCo Bancshares		1,258,475
	750,000	TriMas Corp.(b)(d)		17,212,500
	3,157	Trimble, Inc.(b)		111,853
	1,596	Trinet Group, Inc.(b)		46,922
	6,964	Trinity Industries, Inc.		187,332
	33,248	Trinseo S.A		2,207,667
	773	TripAdvisor, Inc.(b)		34,793
	1,448	Triumph Group, Inc.		37,938
	148,150	TrustCo Bank Corp.		1,177,793
	1,207	Trustmark Corp.		40,097
	7,205	TTM Technologies, Inc.(b)		120,540
	1,399	Tupperware Brands Corp.		100,462
	1,755	Tutor Perini Corp.(b)		54,142
	196,754	Two Harbors Investment Corp., REIT		1,965,572
	525	Tyler Technologies, Inc.(b)		85,885

81

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	1,485	Ubiquiti Networks, Inc.(b)	$	76,507
	2,356	UDR, Inc. REIT		87,973
	1,399	UGI Corp.		70,174
	411	Ultimate Software Group, Inc.(The)(b)		83,297
	201,484	UMB Financial Corp.		14,605,575
	60,300	UMH Properties, Inc.		966,006
	7,321	Umpqua Holdings Corp.		129,362
	1,878	Under Armour, Inc. - Class A(b)		40,358
	2,147	Under Armour, Inc. - Class C(b)		41,673
	1,224	Unifi, Inc.(b)		34,358
	354	UniFirst Corp.		49,277
	9,479	Union Bankshares Corp.		324,561
	1,492	Unit Corp.(b)		32,063
	900	United Bankshares, Inc.		35,910
	2,535	United Community Banks, Inc.		69,332
	36,344	United Fire Group, Inc.		1,599,136
	13,360	United Natural Foods, Inc.(b)		554,841
	798	United Rentals, Inc.(b)		87,509
	1,723	United States Cellular Corp.(b)		67,507
	2,405	United States Steel Corp.		53,680
	1,072	United Therapeutics Corp.(b)		134,750
	34,100	Unitil Corp.		1,651,463
	2,759	Univar, Inc.(b)		82,356
	32,235	Universal Corp.		2,367,661
	1,389	Universal Forest Products, Inc.		132,358
	9,500	Universal Health Realty Income Trust REIT		662,625
	671	Universal Insurance Holdings, Inc.		17,480
	6,879	Unum Group		318,704
	5,190	Urban Outfitters, Inc.(b)		118,747
	49,800	Urstadt Biddle Properties, Inc. - Class A REIT		979,068
	364	US Concrete, Inc.(b)		22,568
	21,400	US Ecology, Inc.		1,009,010
	12,700	US Physical Therapy, Inc.		833,120
	16,115	USANA Health Sciences, Inc.(b)		916,138
	8,530	USG Corp.(b)		258,459
	3,300	Utah Medical Products Inc.		206,580
	487	Vail Resorts, Inc.		96,260
	6,700	Valeant Pharmaceuticals International, Inc.(b)		62,089
	8,739	Valley National Bancorp		102,771
	291	Valmont Industries, Inc.		44,334
	1,350,000	Vantiv, Inc. - Class A(b)		83,754,000
	238	Varex Imaging Corp.(b)		7,987
	1,094	Varian Medical Systems, Inc.(b)		99,270
	84,100	Vector Group Ltd.		1,826,652
	732	Vectren Corp.		43,495
	536	Vectrus, Inc.(b)		13,636
	1,828	Veeva Systems, Inc. - Class A(b)		98,017
	7,844	Vereit, Inc. REIT		65,654
	7,259	VeriFone Systems, Inc.(b)		134,582
	16,156	Verint Systems, Inc.(b)		634,931

Shares			Value
UNITED STATES (continued)
	983	VeriSign, Inc.(b)	$	87,408
	3,069	Veritiv Corp.(b)		158,514
	32,418	Viad Corp.		1,465,294
	1,213	ViaSat, Inc.(b)		77,668
	11,900	Village Super Market, Inc.		314,041
	490	Virtus Investment Partners, Inc.		52,136
	9,582	Vishay Intertechnology, Inc.		156,666
	955	Visteon Corp.(b)		98,317
	1,793	Vitamin Shoppe Inc.(b)		34,605
	35,700	Vocera Communications, Inc.(b)		905,352
	6,219	Voya Financial, Inc.		232,466
	6,200	VSE Corp.		264,430
	5,848	VWR Corp.(b)		165,264
	3,334	Wabash National Corp.		75,949
	895	WABCO Holdings, Inc.(b)		106,389
	1,123,982	Wabtec Corp.(d)		94,290,850
	5,214	Waddell & Reed Financial, Inc. - Class A		93,800
	2,168	Walker & Dunlop, Inc.(b)		97,235
	200,197	Washington Trust Bancorp, Inc.(d)		9,849,692
	2,700	WashingtonFirst Bankshares, Inc.		75,951
	451,351	Waters Corp.(b)		76,680,021
	49,200	Waterstone Financial Inc.		934,800
	275	Watsco, Inc.		38,170
	600	Watts Water Technologies, Inc. - Class A		37,320
	372	WD-40 Co.		39,004
	3,327	Web.com Group, Inc.(b)		64,211
	790	WebMD Health Corp.(b)		42,842
	2,743	Webster Financial Corp.		139,372
	889	Weingarten Realty Investors REIT		29,133
	500	Weis Markets, Inc.		28,905
	968,700	Welbilt, Inc.(b)		19,858,350
	841	WellCare Health Plans, Inc.(b)		129,018
	2,902	Wendy’s Co (The)		42,775
	5,508	Werner Enterprises, Inc.		150,368
	1,572	WesBanco, Inc.		62,581
	3,331	Wesco Aircraft Holdings, Inc.(b)		40,472
	3,219	WESCO International, Inc.(b)		196,198
	6,400	West Bancorp, Inc.		149,120
	30,000	West Corp.		800,700
	469	West Pharmaceutical Services, Inc.		43,162
	3,142	Western Alliance Bancorp(b)		150,502
	4,140	Western Union Co. (The)		82,220
	3,397	Westlake Chemical Corp.		211,463
	220,353	WEX, Inc.(b)		22,357,015
	10,300	Weyco Group, Inc.		287,988
	300	White Mountains Insurance Group Ltd.		257,682
	8,437	Whiting Petroleum Corp.(b)		70,027
	8,029	Whole Foods Market, Inc.		292,015

82

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,316	Williams-Sonoma, Inc.	$	125,180
	1,000	Winmark Corp.		129,100
	1,190	Winnebago Industries, Inc.		34,153
	3,444	Wintrust Financial Corp.		244,042
	1,028,544	Wolverine World Wide, Inc.		24,798,196
	192,070	Woodward, Inc.		12,997,377
	408	World Acceptance Corp.(b)		21,583
	2,115	World Fuel Services Corp.		77,895
	1,662	Worthington Industries, Inc.		72,297
	361	WP Carey, Inc. REIT		22,599
	12,972	WPX Energy, Inc.(b)		154,756
	4,362	WR Berkley Corp.		296,529
	1,138	WR Grace & Co.		79,341
	1,000	WSFS Financial Corp.		47,200
	7,863	WW Grainger, Inc.		1,515,200
	1,133,031	Wyndham Worldwide Corp.		107,989,185
	876	Wynn Resorts Ltd.		107,757
	435,000	Xactly Corp.(b)(d)		5,046,000
	44,100	Xenia Hotels & Resorts, Inc. REIT		769,986
	78,629	Xerox Corp.		565,343
	45,200	XO Group Inc.(b)		793,260
	6,475	XPO Logistics, Inc.(b)		319,800
	3,364	Xylem Inc.		172,943
	3,973	Zayo Group Holdings, Inc.(b)		139,333
	1,004	Zebra Technologies Corp. - Class A(b)		94,647
	2,226	Zillow Group, Inc. - Class C(b)		86,814
	13,017	Zions Bancorporation		521,071
	23,592	Zynga, Inc. - Class A(b)		68,181
				3,309,900,280
Total Common Stocks (Cost $4,278,654,337)				5,648,282,865
Shares			Value
INVESTMENT COMPANY — 0.8%
	47,293,000	SEI Daily Income Trust Government II Fund, Class A 0.60%(f)		47,293,000
Total Investment Company (Cost $47,293,000)				47,293,000

Shares			Value
EXCHANGE TRADED FUNDS — 1.8%
	172,750	iShares Core S&P Small Cap Index Fund	$	12,056,223
	860,000	SPDR S&P Oil & Gas Exploration & Production Index Fund		30,057,000
	495,750	Vanguard Small-Cap ETF		66,638,715
Total Exchange Traded Funds (Cost $86,919,149)				108,751,938
RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	1,710	Centrebet Litigation Rights(b)(c)(d)		0
	1,710	Centrebet Litigation Units(b)(c)(d)		0
				0
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG(b)(c)(d)		0
BRAZIL — 0.0%
	38	Cia de Gas de Sao Paulo - COMGAS, Expire 05/26/17(b)(d)		17
FRANCE — 0.0%
	34,332	Etablissements Maurel et Prom Contingent Value Rights(b)(c)(d)		1,496
HONG KONG — 0.0%
	2,222	China Everbright Greentech Ltd. Preferential Offer Rights(b)		0
INDIA — 0.0%
	151,880	Vedanta Ltd. Rights(b)(c)		19,572
LUXEMBOURG — 0.0%
	60,129	d’Amico International Shipping SA Rights, Expire 05/18/17(b)		3,026
MALAYSIA — 0.0%
	299,680	Land & General, Berhad Rights, Expire 05/03/17(b)		3,452
	12,990	MKH Berhad Rights, Expire 05/19/17(b)(d)		16,249
				19,701
PHILIPPINES — 0.0%
	29,977	China Banking Corp. Rights, Expire 05/05/17(b)(d)		2,580
SOUTH KOREA — 0.0%
	2,006	Crucialtec Co. Ltd. Rights, Expire 06/02/17(b)(d)		1,816
TAIWAN — 0.0%
	67,860	First Steamship Co. Ltd. Rights, Expire 01/14/13(b)(d)		562

83

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Shares			Value
THAILAND — 0.0%
	4,021	Siam City Cement Public Co. Ltd. Rights, Expire 05/15/17(b)(d)	$	3,139
	7,158	TPI Polene Rights(c)		0
				3,139
UNITED KINGDOM — 0.0%
	37,340	Cobham Plc Rights, Expire 05/04/17(b)		27,567
UNITED STATES — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(b)(c)		0
Total Rights/Warrants (Cost $46,069)				79,476
Principal Amount
U.S. GOVERNMENT AGENCIES — 2.5%
Federal Home Loan Bank — 2.5%
$	13,000,000	0.60%, 05/01/2017(g)	$	13,000,000
	12,000,000	0.74%, 05/16/2017(g)		11,996,304
	15,000,000	0.75%, 05/22/2017(g)		14,993,520
	11,000,000	0.76%, 05/05/2017(g)		10,999,098
	13,000,000	0.76%, 05/16/2017(g)		12,995,996
	41,000,000	0.76%, 05/18/2017(g)		40,985,691
	10,000,000	0.76%, 06/07/2017(g)		9,991,880
	40,000,000	0.79%, 05/24/2017(g)		39,981,080
Total U.S. Government Agencies (Cost $154,943,770)				154,943,569
Shares
CASH SWEEP — 1.1%
	68,349,402	Citibank - US Dollars on Deposit in Custody Account, 0.08%(f)		68,349,402
Total Cash Sweep (Cost $68,349,402)				68,349,402
TOTAL INVESTMENTS — 99.7% (Cost $4,636,205,727)(a)				6,027,700,250
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				15,442,646
NET ASSETS — 100.0%			$	6,043,142,896

(a) Cost for federal income tax purposes is $4,640,580,193 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,513,072,146
Unrealized depreciation		(125,952,089	)
Net unrealized appreciation	$	1,387,120,057

(b)	Non-income producing security.
(c)	Level 3 fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $1,696,675, which is 0.03% of net assets and the cost is $9,221,306.
(d)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $495,506,691 or 8.20% of net assets.
(e)	Securities incorporated in the same country but traded on different exchanges.
(f)	The rate shown is the current yield as of April 30, 2017.
(g)	The rate represents the annualized yield at time of purchase.

ADR — American Depositary Receipt

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

84

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2017
	(Unaudited)

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		21.5	%
Consumer Discretionary		15.1
Health Care		13.2
Information Technology		13.1
Consumer Staples		8.5
Materials		5.8
Banks		3.8
Diversified Financials		3.4
Real Estate		3.0
Insurance		2.6
Utilities		2.0
Energy		1.1
Telecommunication Services		0.4
Other*		6.5
Total		100.0	%

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

85

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury Small & Mid Cap Strategies Fund (formerly known as Old Westbury Small & Mid Cap Fund) is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury All Cap Core Fund (formerly known as Old Westbury Large Cap Core Fund), Old Westbury Large Cap Strategies Fund, Old Westbury Strategic Opportunities Fund, Old Westbury Fixed Income Fund and Old Westbury Municipal Bond Fund are included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) are attached hereto.

SIGNATURES

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

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

Date   June 28, 2017  

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   June 28, 2017  

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

Date   June 28, 2017  

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