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, 2018

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, 2018

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Disclosure of Fund Expenses (Unaudited)	3
Portfolios of Investments:
All Cap Core Fund	5
Large Cap Strategies Fund	7
All Cap ESG Fund	20
Small & Mid Cap Strategies Fund	23
Strategic Opportunities Fund	27
Fixed Income Fund	68
Municipal Bond Fund	72
Statements of Assets and Liabilities	95
Statements of Operations	98
Statements of Changes in Net Assets	101
Financial Highlights:
All Cap Core Fund	105
Large Cap Strategies Fund	106
All Cap ESG Fund	107
Small & Mid Cap Strategies Fund	108
Strategic Opportunities Fund	109
Fixed Income Fund	110
Municipal Bond Fund	111
Notes to Financial Statements	112
Additional Information	134

Old Westbury Funds, Inc.

Disclosure of Fund Expenses (Unaudited)

For the Period Ended April 30, 2018

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, 2017 through April 30, 2018.

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 11/1/17		Actual Ending Account Value 04/30/18		Actual Expenses Paid During Period* 11/1/17-04/30/18		Actual Expense Ratio During Period** 11/1/17-04/30/18
All Cap Core Fund		$1,000.00		$1,042.30		$4.96		0.98	%
Large Cap Strategies Fund		1,000.00		1,033.70		5.60		1.11	%
All Cap ESG Fund		1,000.00		995.00		1.64		1.00	%
Small & Mid Cap Strategies Fund		1,000.00		1,035.40		5.60		1.11	%
Strategic Opportunities Fund		1,000.00		1,023.10		6.02		1.20	%
Fixed Income Fund		1,000.00		983.10		3.05		0.62	%
Municipal Bond Fund		1,000.00		982.10		2.80		0.57	%

*	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. For the All Cap ESG Fund, expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 61/365 to reflect the period from March 1, 2018 (commencement of operations) to April 30, 2018.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

3

Old Westbury Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

For the Period Ended April 30, 2018

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 11/1/17		Hypothetical Ending Account Value 04/30/18		Hypothetical Expenses Paid During Period* 11/1/17-04/30/18		Hypothetical Expense Ratio During Period** 11/1/17-04/30/18
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	%
All Cap ESG Fund		1,000.00		1,006.58		4.98		1.00	%
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		1,021.72		3.11		0.62	%
Municipal Bond Fund		1,000.00		1,021.97		2.86		0.57	%

*	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. For All Cap ESG Fund, expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 61/365 to reflect the period from March 1, 2018 (commencement of operations) to April 30, 2018.
**	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 Cap Core Fund
Portfolio of Investments	April 30, 2018
	(Unaudited)

Shares			Value
COMMON STOCKS — 97.1%
Banks — 7.0%
	590,480	Citigroup, Inc.	$	40,312,070
	2,315,300	KeyCorp		46,120,776
	831,095	Morgan Stanley		42,901,124
				129,333,970
Consumer Discretionary — 11.5%
	106,183	Advance Auto Parts, Inc.		12,152,644
	47,256	Amazon.com, Inc.(a)		74,009,039
	537,030	Comcast Corp. - Class A		16,857,372
	166,950	Home Depot, Inc. (The)		30,852,359
	615,965	NIKE, Inc. - Class B		42,125,846
	2,091,071	Samsonite International SA		9,432,182
	151,165	SIX Flags Entertainment Corp.		9,559,675
	136,065	Wyndham Worldwide Corp.		15,539,984
				210,529,101
Consumer Staples — 6.7%
	615,255	Altria Group, Inc.		34,521,958
	789,400	Church & Dwight Co., Inc.		36,470,280
	74,131	Ingredion, Inc.		8,976,523
	61,096	JM Smucker Co. (The)		6,969,832
	335,045	PepsiCo, Inc.		33,819,442
	33,165	Spectrum Brands Holdings, Inc.		2,391,197
				123,149,232
Diversified Financials — 3.3%
	619,320	Discover Financial Services		44,126,550
	189,937	Nasdaq, Inc.		16,775,236
				60,901,786
Energy — 4.9%
	728,460	ConocoPhillips		47,714,130
	978,300	Encana Corp.		12,183,509
	1,588,865	ENI SpA		31,059,744
				90,957,383
Health Care — 14.6%
	121,105	Alexion Pharmaceuticals, Inc.(a)		14,245,581
	606,290	Baxter International, Inc.		42,137,155
	64,099	Cooper Cos., Inc. (The)		14,660,082
	571,815	Danaher Corp.		57,364,481
	173,915	DENTSPLY SIRONA, Inc.		8,754,881
	92,876	Laboratory Corp of America Holdings(a)		15,858,577
	114,261	STERIS Plc		10,799,950
	205,230	Thermo Fisher Scientific, Inc.		43,170,131
	53,077	Waters Corp.(a)		10,000,238
	50,388	West Pharmaceutical Services, Inc.		4,444,725
	550,300	Zoetis, Inc.		45,939,044
				267,374,845
Industrials — 12.1%
	156,790	Allegion Plc		12,101,052

Shares			Value
Industrials (continued)
	188,250	Cintas Corp.	$	32,058,975
	138,712	Dover Corp.		12,858,602
	29,232	Dun & Bradstreet Corp. (The)		3,370,742
	635,254	Fortive Corp.		44,664,709
	63,599	Harris Corp.		9,948,156
	57,440	IDEX Corp.		7,677,430
	341,785	J.B. Hunt Transport Services, Inc.		40,135,813
	221,716	KAR Auction Services, Inc.		11,527,015
	175,920	Raytheon Co.		36,053,045
	47,762	Snap-on, Inc.		6,937,431
	54,119	Wabtec Corp.		4,806,308
				222,139,278
Information Technology — 28.4%
	152,775	Alibaba Group Holding Ltd. - ADR(a)		27,276,449
	46,540	Alphabet, Inc. - Class C(a)		47,346,538
	62,865	ANSYS, Inc.(a)		10,162,756
	319,365	Apple, Inc.		52,778,260
	24,628	Booking Holdings, Inc.(a)		53,639,784
	157,329	Broadcom, Inc.		36,094,419
	68,797	Check Point Software Technologies Ltd.(a)		6,639,598
	253,278	CoreLogic, Inc.(a)		12,537,261
	413,470	Fidelity National Information Services, Inc.		39,267,246
	102,555	LogMein, Inc.		11,301,561
	852,350	Microsoft Corp.		79,711,772
	347,005	PayPal Holdings, Inc.(a)		25,890,043
	206,900	Salesforce.com, Inc.(a)		25,032,831
	136,000	ServiceNow, Inc.(a)		22,595,039
	423,425	Visa, Inc. - Class A		53,724,164
	206,303	Worldpay, Inc. - Class A(a)		16,755,930
				520,753,651
Insurance — 2.2%
	294,710	CHUBB Ltd.		39,983,306
Materials — 4.1%
	286,050	Axalta Coating Systems Ltd.(a)		8,838,945
	676,390	DowDuPont, Inc.		42,774,904
	384,820	Rio Tinto Ltd.		22,902,172
				74,516,021
Utilities — 2.3%
	489,585	American Water Works Co., Inc.		42,388,269
Total Common Stocks (Cost $1,402,024,613)				1,782,026,842

5

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INVESTMENT COMPANY — 3.2%
	57,382,442	SEI Daily Income Trust Government II Fund, Class A, 1.53%(b)	$	57,382,442
Total Investment Company (Cost $57,382,442)				57,382,442
TOTAL INVESTMENTS — 100.3% (Cost $1,459,407,055)			$	1,839,409,284
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(4,609,660	)
NET ASSETS — 100.0%			$	1,834,799,624

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of April 30, 2018.

The following abbreviation is used in the report:

ADR-American Depositary Receipt

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		28.4	%
Health Care		14.6
Industrials		12.1
Consumer Discretionary		11.5
Banks		7.0
Consumer Staples		6.7
Energy		4.9
Materials		4.1
Diversified Financials		3.3
Utilities		2.3
Insurance		2.2
Other*		2.9
		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, 2018
	(Unaudited)

Shares			Value
COMMON STOCKS — 90.1%
ARGENTINA — 0.0%
	78,900	Banco Macro SA - ADR	$	7,646,987
AUSTRALIA — 0.9%
	552,000	Atlassian Corp. Plc - Class A(a)		30,900,960
	111,066	Caltex Australia Ltd.		2,582,808
	746,930	CSL Ltd.		95,673,255
	494,811	Oil Search Ltd.		2,910,999
	602,121	Origin Energy Ltd.(a)		4,395,940
	797,402	Santos Ltd.(a)		3,672,675
	1,850,859	St Barbara Ltd.		5,904,747
	350,745	Woodside Petroleum Ltd.		8,499,756
				154,541,140
AUSTRIA — 0.0%
	106,552	OMV AG		6,599,298
	51,526	Raiffeisen Bank International AG(a)		1,739,313
				8,338,611
BELGIUM — 0.3%
	79,281	Anheuser-Busch Inbev SA/NV		7,875,260
	279,387	Colruyt SA		15,721,442
	220,000	Galapagos NV - ADR(a)(b)		19,608,599
	12,248	Groupe Bruxelles Lambert SA		1,400,030
	26,081	KBC Group NV		2,267,479
	17,864	Solvay SA		2,484,350
	26,190	Telenet Group Holding NV(a)		1,530,535
	21,917	UCB SA		1,650,657
				52,538,352
BERMUDA — 0.2%
	222,660	RenaissanceRe Holdings Ltd.		30,290,666
BRAZIL — 1.4%
	20,403,028	Ambev SA(b)		135,818,284
	1,666,300	Ambev SA - ADR		11,030,905
	117,142	Atacadao Distribuicao Comercio e Industria Ltd.		505,257
	1,352,754	B3 SA - Brasil Bolsa Balcao		9,750,239
	68,564	Banco Bradesco SA(b)		627,082
	1,514,619	Banco Bradesco SA - ADR		14,843,266
	73,242	Banco do Brasil SA		767,711
	65,904	BB Seguridade Participacoes SA		517,532
	112,514	CCR SA		386,052
	353,600	Cia Brasileira de Distribuicao - ADR		7,899,423
	51,891	Cia de Saneamento Basico do Estado de Sao Paulo		519,325
	211,437	Cia Siderurgica Nacional SA(a)		533,542
	90,186	Cielo SA		495,055
	165,893	Cosan SA Industria e Comercio		1,892,768
	126,316	EDP - Energias do Brasil SA		500,115
	49,469	Engie Brasil Energia SA		526,011
	340,011	Fibria Celulose SA		6,671,716
	1,448,262	Itau Unibanco Holding SA - ADR		21,043,247

Shares			Value
BRAZIL (continued)
	106,158	Kroton Educacional SA	$	426,365
	55,285	Lojas Renner SA		512,892
	35,703	M Dias Branco SA		448,224
	54,740	Natura Cosmeticos SA		505,023
	110,596	Odontoprev SA		474,497
	1,361,740	Petroleo Brasileiro SA(a)		9,616,764
	49,901	Porto Seguro SA		644,559
	19,844	Raia Drogasil SA		389,267
	99,365	Sul America SA - Units		613,798
	125,092	Tim Participacoes SA		569,184
	144,825	Ultrapar Participacoes SA		2,510,212
	256,530	Vale SA		3,561,045
	1,496,560	WEG SA		7,591,308
				242,190,668
CANADA — 2.1%
	73,159	AltaGas Ltd.		1,410,246
	141,953	ARC Resources Ltd.		1,583,213
	180,381	Cameco Corp.		1,899,413
	441,243	Canadian Natural Resources Ltd.		15,918,357
	646,700	Canadian Pacific Railway Ltd.		118,002,162
	413,881	Cenovus Energy, Inc.		4,145,418
	218,560	Crescent Point Energy Corp.		1,915,028
	342,005	Enbridge, Inc.		10,359,106
	295,500	Enbridge, Inc.		8,944,785
	364,862	Encana Corp.		4,543,902
	159,139	Husky Energy, Inc.		2,226,050
	117,122	Imperial Oil Ltd.		3,642,417
	161,820	Inter Pipeline Ltd.		2,917,663
	69,653	Keyera Corp.		1,875,388
	183,781	Pembina Pipeline Corp.		5,852,880
	554,231	Peyto Exploration & Development Corp.		5,240,363
	73,431	PrairieSky Royalty Ltd.		1,628,241
	1,529,200	Restaurant Brands International, Inc.		83,219,064
	117,762	Seven Generations Energy Ltd. - Class A(a)		1,680,283
	340,000	Shopify, Inc. - Class A(a)		45,434,200
	665,100	Suncor Energy, Inc.		25,434,332
	91,914	Tourmaline Oil Corp.		1,728,824
	345,211	TransCanada Corp.		14,637,086
	53,180	Vermilion Energy, Inc.		1,797,587
				366,036,008
CHILE — 0.1%
	545	Banco de Credito e Inversiones SA		41,167
	363,500	Banco Santander Chile - ADR		12,006,405
	135,017	Empresas COPEC SA		2,204,130
	2,770,069	Enel Americas SA		632,722
	4,478,957	Enel Chile SA		557,679
	50,693	SACI Falabella		490,706
				15,932,809

7

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA — 4.6%
	261,000	51Job, Inc. - ADR(a)	$	21,542,939
	954,326	AAC Technologies Holdings, Inc.		13,697,221
	366,216	Agile Group Holdings Ltd.		722,395
	2,289,383	Agricultural Bank of China Ltd. - H Shares		1,290,783
	467,002	Air China Ltd. - H Shares		615,648
	803,396	Alibaba Group Holding Ltd. - ADR(a)		143,438,322
	114,178	Anhui Conch Cement Co. Ltd. - H Shares		712,640
	119,324	ANTA Sports Products Ltd.		680,886
	339,536	Baidu, Inc. - ADR(a)(b)		85,189,582
	6,160,543	Bank of China Ltd. - H Shares		3,344,135
	364,178	Beijing Capital International Airport Co. Ltd. - H Shares		496,001
	1,537,599	China Cinda Asset Management Co. Ltd. - H Shares		548,780
	858,795	China CITIC Bank Corp. Ltd. - H Shares		613,908
	488,542	China Communications Construction Co. Ltd. - H Shares		562,888
	6,323,056	China Construction Bank Corp. - H Shares		6,624,407
	1,182,759	China Everbright Bank Co. Ltd. - H Shares		591,071
	237,607	China Evergrande Group(a)		752,638
	763,652	China Galaxy Securities Co. Ltd. - H Shares		501,594
	1,188,931	China Huarong Asset Management Co. Ltd. - H Shares		409,478
	487,505	China Life Insurance Co. Ltd. - H Shares		1,382,545
	749,775	China Longyuan Power Group Corp. - H Shares		736,444
	234,517	China Medical System Holdings Ltd.		574,280
	298,269	China Merchants Bank Co. Ltd. - H Shares		1,300,572
	584,182	China Minsheng Banking Corp. Ltd. - H Shares		546,678
	156,128	China Pacific Insurance Group Co. Ltd. - H Shares		688,943
	12,680,776	China Petroleum & Chemical Corp. - H Shares		12,349,294
	747,719	China Railway Group Ltd. - H Shares		599,317
	13,358,903	China Shenhua Energy Co. Ltd. - H Shares		32,767,496
	553,370	China Southern Airlines Co. Ltd. - H Shares		595,847
	1,178,666	China Telecom Corp. Ltd. - H Shares		571,337
	138,330	China Vanke Co. Ltd. - H Shares		571,697

Shares			Value
CHINA (continued)
	784,738	Chongqing Rural Commercial Bank Co. Ltd. - H Shares	$	600,304
	8,441,645	CNOOC Ltd.		14,280,847
	130,362	CNOOC Ltd. - ADR		22,032,482
	457,704	Country Garden Holdings Co. Ltd.		933,289
	4,585,720	CSPC Pharmaceutical Group Ltd.		11,680,098
	187,181	Ctrip.com International Ltd. - ADR(a)(b)		7,655,703
	469,078	Dongfeng Motor Group Co. Ltd. - H Shares		518,723
	2,629,058	ENN Energy Holdings Ltd.		24,585,718
	362,027	Geely Automobile Holdings Ltd.		952,143
	279,131	GF Securities Co. Ltd. - H Shares		491,437
	518,880	Great Wall Motor Co. Ltd. - H Shares		538,183
	2,036,956	Haitian International Holdings Ltd.		5,420,955
	2,122,459	Huaneng Power International, Inc. - H Shares		1,402,734
	5,608,248	Industrial & Commercial Bank of China Ltd. - H Shares		4,923,378
	455,316	JD.Com, Inc. - ADR(a)(b)		16,623,587
	3,626,000	Jiangsu Expressway Co. Ltd. - H Shares		4,971,694
	218,556	Longfor Properties Co. Ltd.		653,643
	33,088	NetEase, Inc. - ADR(b)		8,505,932
	9,765	New Oriental Education & Technology Group, Inc. - ADR(b)		877,288
	1,147,803	People’s Insurance Co. Group of China Ltd. (The) - H Shares		540,369
	10,108,112	PetroChina Co. Ltd. - H Shares		7,448,357
	388,811	PICC Property & Casualty Co. Ltd. - H Shares		696,038
	377,975	Ping An Insurance Group Co. of China Ltd. - H Shares		3,693,345
	334,266	Semiconductor Manufacturing International Corp.(a)		429,897
	2,137,458	Shenzhou International Group Holdings Ltd.		23,332,996
	1,538,632	Sihuan Pharmaceutical Holdings Group Ltd.		371,869
	803,247	Sino-Ocean Land Holdings Ltd.		557,744
	997,646	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		662,446
	150,178	Sunac China Holdings Ltd.		637,915
	533,143	Sunny Optical Technology Group Co. Ltd.		8,699,634
	5,420,453	Tencent Holdings Ltd.		266,485,339
	283,903	Tingyi Cayman Islands Holding Corp.		538,054
	187,186	Travelsky Technology Ltd. - H Shares		546,776

8

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA (continued)
	657,246	Want Want China Holdings Ltd.	$	580,789
	110,300	Weibo Corp. - ADR(a)		12,631,555
	506,040	Weichai Power Co. Ltd. - H Shares		585,816
	32,556	Yum China Holdings, Inc.		1,392,095
	497,803	Zhejiang Expressway Co. Ltd. - H Shares		511,204
	86,497	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		458,596
				793,468,738
COLUMBIA — 0.1%
	55,789	Bancolombia SA		668,923
	222,400	Bancolombia SA - ADR		10,599,583
	3,225,119	Ecopetrol SA		3,547,803
				14,816,309
CZECH REPUBLIC — 0.1%
	24,395	CEZ AS		622,977
	248,040	Komercni Banka AS		10,701,508
	33,826	O2 Czech Republic AS		462,394
				11,786,879
DENMARK — 0.3%
	16,771	Carlsberg A/S - Class B		1,875,531
	20,887	Coloplast A/S - Class B		1,769,414
	97,877	Danske Bank A/S		3,406,328
	28,040	DSV A/S		2,220,650
	122,000	Genmab A/S(a)		24,631,584
	25,197	H. Lundbeck A/S		1,459,704
	224,604	Novo Nordisk A/S - B Shares		10,562,665
	36,906	Novozymes A/S - B Shares		1,735,057
	183,430	Sydbank A/S		6,781,076
	59,473	Tryg A/S		1,407,646
	22,423	Vestas Wind Systems A/S		1,450,585
				57,300,240
EGYPT — 0.0%
	1,252,617	Commercial International Bank Egypt SAE - GDR		6,409,669
FINLAND — 2.2%
	2,086,797	Kone Oyj - Class B(b)		103,641,489
	77,353	Neste Oyj		6,513,624
	590,412	Nokia Oyj		3,542,595
	2,749,042	Nokian Renkaat Oyj(b)		109,994,134
	57,013	Orion Oyj - Class B		1,729,240
	3,018,510	Sampo Oyj - A Shares(b)		163,245,795
	74,679	UPM-Kymmene Oyj		2,664,664
				391,331,541
FRANCE — 2.4%
	39,185	Air Liquide SA		5,093,117
	54,049	Airbus SE		6,344,434
	17,822	Arkema SA		2,334,583
	19,669	Atos SE		2,655,314
	252,775	AXA SA		7,229,015

Shares			Value
FRANCE (continued)
	136,409	BioMerieux	$	10,783,549
	135,500	BNP Paribas SA		10,460,496
	35,682	Bouygues SA		1,819,963
	16,365	Capgemini SE		2,251,262
	37,795	Cie de Saint-Gobain		1,977,472
	27,421	Cie Generale des Etablissements Michelin		3,856,016
	56,290	CNP Assurances		1,441,796
	161,184	Credit Agricole SA		2,654,271
	53,414	Danone SA		4,326,838
	62,543	Edenred		2,154,633
	13,501	Eiffage SA		1,607,044
	222,487	Engie SA		3,902,748
	16,585	Essilor International SA		2,265,322
	15,205	Eurazeo SA		1,335,557
	69,512	Eutelsat Communications SA		1,505,420
	25,306	Faurecia SA		2,066,457
	12,613	Fonciere Des Regions REIT		1,410,619
	4,404	Hermes International		2,847,799
	17,054	Ingenico Group SA		1,491,764
	8,944	Ipsen SA		1,447,734
	6,310	Kering SA		3,650,308
	34,486	Klepierre REIT		1,411,468
	18,255	Legrand SA		1,420,474
	774,885	L’Oreal SA(b)		186,584,124
	28,504	LVMH Moet Hennessy Louis Vuitton SE		9,919,724
	203,265	Orange SA		3,695,277
	21,765	Pernod-Ricard SA		3,614,858
	119,937	Peugeot SA		2,953,276
	31,626	Publicis Groupe SA		2,364,987
	20,327	Renault SA		2,203,069
	40,449	Safran SA		4,744,263
	110,254	Sanofi		8,716,924
	57,922	Schneider Electric SE		5,250,302
	16,272	Societe BIC SA		1,660,190
	92,674	Societe Generale SA		5,071,928
	16,496	Sodexo SA		1,633,571
	92,376	Suez		1,332,207
	21,836	Thales SA		2,767,899
	1,177,350	TOTAL SA		73,998,403
	24,283	UBISOFT Entertainment SA(a)		2,320,190
	46,077	Valeo SA		3,080,670
	57,911	Veolia Environnement SA		1,370,092
	51,597	Vinci SA		5,158,851
				420,186,278
GEORGIA — 0.1%
	204,802	BGEO Group Plc		9,790,397
GERMANY — 1.4%
	19,339	Adidas AG		4,752,929
	46,405	Allianz SE		10,975,875
	16,595	Axel Springer SE		1,359,337
	110,390	BASF SE		11,485,342
	92,745	Bayer AG		11,084,830
	687,457	Bayerische Motoren Werke AG		76,432,680

9

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
GERMANY (continued)
	16,607	Continental AG	$	4,423,017
	31,763	Covestro AG		2,886,137
	83,598	Daimler AG		6,572,310
	211,670	Deutsche Bank AG		2,893,811
	15,183	Deutsche Boerse AG		2,041,945
	67,977	Deutsche Lufthansa AG		1,975,765
	99,175	Deutsche Post AG		4,304,630
	411,292	Deutsche Telekom AG		7,199,089
	220,449	E.ON SE		2,413,862
	22,656	Fresenius Medical Care AG & Co. KGaA		2,298,921
	53,226	Fresenius SE & Co. KGaA		4,053,383
	15,755	HeidelbergCement AG		1,540,635
	9,252	Hochtief AG		1,688,187
	22,449	HUGO BOSS AG		2,104,496
	166,424	Infineon Technologies AG		4,261,400
	18,680	Lanxess AG		1,383,707
	18,997	Linde AG		4,089,490
	34,261	Muenchener Rueckversicherungs-Gesellschaft AG		7,841,044
	9,153	Rational AG(b)		5,724,379
	54,344	RWE AG		1,298,914
	93,880	SAP SE.		10,430,586
	78,475	Siemens AG		9,965,909
	99,583	ThyssenKrupp AG		2,590,223
	33,889	United Internet AG		2,190,501
	726,000	Zalando SE(a)(b)		37,357,506
				249,620,840
HONG KONG — 0.8%
	3,259,000	AIA Group Ltd.		29,126,335
	1,133,455	Alibaba Health Information Technology Ltd.(a)		569,986
	616,409	ASM Pacific Technology Ltd.		8,446,859
	244,839	China Everbright Ltd.		538,785
	190,476	China Gas Holdings Ltd.		674,986
	448,417	China Mobile Ltd.		4,271,843
	184,100	China Mobile Ltd. - ADR		8,737,385
	281,838	China Overseas Land & Investment Ltd.		944,335
	144,055	China Resources Gas Group Ltd.		529,778
	580,097	China Unicom Hong Kong Ltd.(a)		820,286
	632,560	Far East Horizon Ltd.		627,682
	382,659	Guangdong Investment Ltd.		592,292
	199,524	Haier Electronics Group Co. Ltd.		690,308
	486,532	Hong Kong Exchanges and Clearing Ltd.		15,760,982
	159,999	Jardine Matheson Holdings Ltd.		9,688,536
	162,855	Jardine Strategic Holdings Ltd.		6,163,305
	104,405	Kingboard Chemical Holdings Ltd.		424,750
	194,415	Shanghai Industrial Holdings Ltd.		509,813

Shares			Value
HONG KONG (continued)
	251,475	Shimao Property Holdings Ltd.	$	665,168
	18,718,229	Sino Biopharmaceutical Ltd.		39,417,032
	2,245,465	Yue Yuen Industrial Holdings Ltd.		6,363,571
				135,564,017
HUNGARY — 0.1%
	212,452	MOL Hungarian Oil & Gas Plc		2,455,047
	17,602	OTP Bank Plc		767,507
	381,337	Richter Gedeon Nyrt		7,700,174
				10,922,728
INDIA — 2.7%
	85,810	Adani Ports and Special Economic Zone Ltd.		522,469
	133,618	Ambuja Cements Ltd.		500,595
	1,573,620	Asian Paints Ltd.		28,263,817
	52,395	Aurobindo Pharma Ltd.		502,689
	102,543	Axis Bank Ltd.(b)		791,268
	10,845	Bajaj Auto Ltd.		477,887
	262,250	Bharat Petroleum Corp. Ltd.		1,516,706
	1,106,456	Bharti Airtel Ltd.(b)		6,763,072
	93,616	Bharti Infratel Ltd.		438,548
	7,343	Britannia Industries Ltd.		606,105
	83,136	Cadila Healthcare Ltd.(a)		512,392
	58,864	Cipla Ltd.		533,718
	528,649	Coal India Ltd.		2,252,358
	100,517	Dabur India Ltd.		554,807
	76,395	Eicher Motors Ltd.		35,527,967
	83,946	GAIL India Ltd.		407,917
	59,224	Glenmark Pharmaceuticals Ltd.		506,303
	53,475	HCL Technologies Ltd.		841,485
	9,472	Hero Motocorp Ltd.		528,132
	133,217	Hindalco Industries Ltd.		466,519
	364,581	Hindustan Petroleum Corp. Ltd.		1,656,848
	50,482	Hindustan Unilever Ltd.		1,137,031
	6,769,614	Housing Development Finance Corp. Ltd.		190,643,197
	135,963	ICICI Bank Ltd.(b)		578,365
	635,496	Indian Oil Corp. Ltd.		1,537,807
	458,675	Infosys Ltd.		8,220,512
	266,861	ITC Ltd.		1,122,518
	133,829	JSW Steel Ltd.		647,694
	29,707	Larsen & Toubro Ltd.		621,590
	40,542	Lupin Ltd.(b)		491,508
	54,385	Mahindra & Mahindra Ltd.		708,881
	109,295	Marico Ltd.		542,736
	658,215	Maruti Suzuki India Ltd.(b)		86,613,743
	4,638,030	Motherson Sumi Systems Ltd.		24,459,490
	4,417	Nestle India Ltd.		621,201
	766,827	Oil & Natural Gas Corp. Ltd.		2,068,738
	412,787	Petronet LNG Ltd.(b)		1,398,886
	1,199,701	Reliance Industries Ltd.		17,241,305
	232,320	Rural Electrification Corp. Ltd.(b)		442,210
	1,995	Shree Cement Ltd.		505,092

10

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDIA (continued)
	70,717	Sun Pharmaceutical Industries Ltd.	$	558,410
	36,932	Tata Consultancy Services, Ltd.		1,949,518
	144,602	Tata Motors Ltd.(a)		730,954
	147,014	Tata Motors Ltd. - Class A - DVR(a)		419,359
	360,909	Tata Power Co. Ltd. (The)		475,662
	49,361	Tata Steel Ltd.		437,046
	70,316	Tech Mahindra Ltd.		703,486
	3,251,311	Titan Co. Ltd.(b)		47,679,471
	48,019	UPL Ltd.(b)		523,296
	85,959	Vakrangee Ltd.		128,249
	147,343	Vedanta Ltd.(b)		654,026
	77	Yes Bank Ltd.(b)		416
	60,993	Zee Entertainment Enterprises Ltd.		536,177
				478,570,176
INDONESIA — 0.2%
	15,993,545	Adaro Energy Tbk PT		2,094,374
	21,629,649	Astra International Tbk PT		11,070,637
	666,757	Bank Central Asia Tbk PT		1,054,331
	1,066,520	Bank Mandiri Persero Tbk PT		540,251
	773,201	Bank Negara Indonesia Persero Tbk PT		445,144
	76,947,468	Bank Rakyat Indonesia Persero Tbk PT		17,741,661
	2,073,184	Bank Tabungan Negara Persero Tbk PT		462,025
	4,585,006	Bumi Serpong Damai Tbk PT		553,659
	2,484,671	Charoen Pokphand Indonesia Tbk PT		655,027
	87,113	Gudang Garam Tbk PT		432,766
	1,590,321	Hanjaya Mandala Sampoerna Tbk PT		402,979
	849,208	Indofood CBP Sukses Makmur Tbk PT		527,582
	4,633,447	Kalbe Farma Tbk PT		500,202
	757,467	Matahari Department Store Tbk PT		560,847
	3,117,591	Surya Citra Media Tbk PT		570,649
	4,231,933	Telekomunikasi Indonesia Persero Tbk PT		1,154,787
	131,132	Unilever Indonesia Tbk PT		435,838
	1,062,484	United Tractors Tbk PT		2,592,338
				41,795,097
ITALY — 0.4%
	128,934	Assicurazioni Generali SpA		2,601,751
	45,634	Atlantia SpA		1,510,477
	917,648	Enel SpA		5,821,295
	1,157,186	ENI SpA		22,621,117
	12,712	Ferrari NV		1,559,467
	1,784,251	Intesa Sanpaolo SpA		6,787,206
	465,163	Intesa Sanpaolo SpA		1,841,744
	117,894	Mediobanca Banca di Credito Finanziario SpA		1,428,581

Shares			Value
ITALY (continued)
	37,975	Recordati SpA	$	1,354,590
	2,050,558	Snam SpA		9,844,880
	276,476	Unicredit SpA		5,993,974
	580,152	UnipolSai Assicurazioni SpA		1,559,133
				62,924,215
JAPAN — 4.9%
	663,160	Asahi Kasei Corp.		9,118,607
	275,548	Canon Marketing Japan, Inc.(b)		5,987,922
	582,700	EDION Corp.(b)		6,830,068
	67,000	Fast Retailing Co. Ltd.		29,414,051
	1,090,000	Hoshizaki Corp.(b)		101,185,710
	65,949	Idemitsu Kosan Co. Ltd.		2,576,358
	314,778	Inpex Corp.		4,024,063
	1,135,846	JXTG Holdings, Inc.		7,404,315
	116,830	Kaken Pharmaceutical Co. Ltd.		6,908,797
	5,965,000	KDDI Corp.		160,122,104
	65,400	Keyence Corp.		39,879,587
	354,305	Mitsubishi Tanabe Pharma Corp.		6,729,417
	371,344	Morinaga Milk Industry Co. Ltd.(b)		16,310,451
	212,600	Nagoya Railroad Co. Ltd.		5,568,240
	384,700	Nippon Kayaku Co. Ltd.		4,813,658
	395,214	Nippon Telegraph & Telephone Corp.		18,754,955
	4,099,000	Nomura Research Institute Ltd.(b)		211,118,131
	2,829,398	NTT Data Corp.		30,492,399
	484,358	Osaka Gas Co. Ltd.		10,430,152
	414,000	PeptiDream, Inc.(a)		16,726,506
	264,320	Sawai Pharmaceutical Co. Ltd.		11,422,757
	600,000	Shimano, Inc.(b)		79,781,227
	118,136	Showa Shell Sekiyu KK		1,668,150
	605,250	Terumo Corp.		34,245,551
	390,203	Toyo Suisan Kaisha Ltd.(b)		15,363,602
	397,753	Zensho Holdings Co. Ltd.		9,257,300
				846,134,078
KENYA — 0.1%
	1,197,379	East African Breweries Ltd.		2,987,706
	37,183,420	Safaricom Plc		10,480,428
				13,468,134
LUXEMBOURG — 0.1%
	69,387	Arcelormittal(a)		2,351,776
	20,703	RTL Group SA		1,703,638
	149,007	Tenaris SA		2,792,573
	359,300	Tenaris SA - ADR		13,430,633
				20,278,620
MACAU — 0.1%
	2,923,400	Sands China Ltd.		16,895,444
MALAYSIA — 0.1%
	655,651	AirAsia Berhad		640,517
	506,523	AMMB Holdings Berhad		500,271

11

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	873,786	Astro Malaysia Holdings Berhad	$	423,167
	58,112	British American Tobacco Malaysia Berhad		362,339
	445,740	DiGi.com Berhad.		523,194
	309,057	Malayan Banking Berhad		847,270
	253,723	Malaysia Airports Holdings Berhad		581,275
	300,005	MISC Berhad		544,749
	272,360	Petronas Dagangan Berhad		1,869,606
	424,142	Press Metal Aluminium Holdings Berhad		517,474
	212,793	Public Bank Berhad		1,287,605
	452,940	RHB Bank Berhad		609,028
	233,773	Tenaga Nasional Berhad		941,328
	621,095	Westports Holdings Berhad		524,744
				10,172,567
MEXICO — 0.3%
	443,068	Alfa SAB de CV - Series A		567,633
	2,333,942	America Movil SAB de CV - Series L		2,158,972
	1,123,079	Cemex SAB de CV - CPO - Units(a)		700,797
	77,757	Coca-Cola Femsa SAB de CV - Series L		504,326
	79,495	El Puerto de Liverpool SAB de CV - Class C1		527,797
	54,500	Fomento Economico Mexicano SAB de CV - ADR		5,267,969
	137,876	Fomento Economico Mexicano SAB de CV - Units		1,334,007
	668,883	Gentera SAB de CV		532,187
	47,407	Grupo Aeroportuario del Pacifico SAB de CV - Series B		492,472
	70,400	Grupo Aeroportuario del Sureste SAB de CV - ADR		12,657,919
	26,740	Grupo Aeroportuario del Sureste SAB de CV - Series B		479,709
	2,850,572	Grupo Financiero Banorte SAB de CV - Series O		17,827,078
	341,327	Grupo Financiero Inbursa SAB de CV		568,147
	263,323	Grupo Mexico SAB de CV - Series B		871,827
	138,421	Grupo Televisa SAB - Units		496,559
	25,300	Industrias Penoles SAB de CV		531,634
	307,295	Kimberly-Clark de Mexico SAB de CV - Class A		556,850
	49,248	Promotora y Operadora de Infraestructura SAB de CV		504,776
	444,945	Wal-Mart de Mexico SAB de CV		1,237,145
				47,817,804
NETHERLANDS — 1.9%
	90,905	ABN AMRO Group NV		2,819,073
	386,943	Aegon NV		2,835,819

Shares			Value
NETHERLANDS (continued)
	523,153	ASML Holding NV	$	99,599,715
	396,000	ASML Holding NV		74,626,200
	25,302	Heineken Holding NV		2,568,416
	20,179	Heineken NV		2,124,349
	440,384	ING Groep NV		7,420,689
	159,535	Koninklijke Ahold Delhaize NV		3,848,696
	25,986	Koninklijke DSM NV		2,685,722
	788,409	Koninklijke KPN NV		2,453,711
	80,118	Koninklijke Philips NV		3,391,088
	40,726	Koninklijke Vopak NV		2,008,407
	62,090	NN Group NV		2,975,643
	307,864	Nostrum Oil & Gas Plc(a)		1,262,452
	34,625	NXP Semiconductor NV(a)		3,632,163
	22,746	Randstad Holding NV		1,464,007
	1,775,296	Royal Dutch Shell Plc - A Shares		61,765,104
	1,474,459	Royal Dutch Shell Plc - B Shares		52,636,849
	55,316	Wolters Kluwer NV		2,993,134
				333,111,237
NORWAY — 0.1%
	75,679	Gjensidige Forsikring ASA		1,197,868
	75,287	Marine Harvest ASA		1,638,838
	253,045	Norsk Hydro ASA		1,580,508
	618,653	Statoil ASA		15,820,633
	138,370	Telenor ASA		3,062,668
				23,300,515
PAKISTAN — 0.0%
	120,706	Lucky Cement Ltd.		690,730
	292,537	MCB Bank Ltd.		528,654
	1,109,012	Oil & Gas Development Co. Ltd.		1,602,603
	330,330	United Bank Ltd.		573,535
				3,395,522
PANAMA — 0.1%
	73,100	Copa Holdings SA - Class A		8,565,127
PERU — 0.1%
	61,089	Credicorp. Ltd.		14,202,582
	11,169	Southern Copper Corp.		589,835
				14,792,417
PHILIPPINES — 0.0%
	1,897,726	DMCI Holdings, Inc.		403,381
	390,241	JG Summit Holdings, Inc.		480,717
	110,519	Jollibee Foods Corp.		607,367
	79,089	Manila Electric Co.		490,978
	18,430	PLDT, Inc.		515,786
				2,498,229
POLAND — 0.2%
	201,676	Bank Pekao SA		6,693,006
	5,065	CD Projekt SA		178,742
	56,010	Cyfrowy Polsat SA		408,502

12

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
POLAND (continued)
	116,334	Grupa Lotos SA	$	1,822,504
	262,089	Orange Polska SA(a)		392,369
	829,606	Polski Koncern Naftowy ORLEN SA		21,129,974
	4,558,833	Polskie Gornictwo Naftowe I Gazownictwo SA(b)		8,001,382
	54,272	Powszechna Kasa Oszczednosci Bank Polski SA(a)		644,325
	45,931	Powszechny Zaklad Ubezpieczen SA		558,384
				39,829,188
PORTUGAL — 0.0%
	417,284	EDP - Energias de Portugal SA		1,548,107
	280,363	Galp Energia SGPS SA		5,381,014
	74,407	Jeronimo Martins SGPS SA		1,304,873
				8,233,994
QATAR — 0.0%
	70,023	Doha Bank QPSC		520,427
	53,768	Masraf Al Rayan QSC		525,500
	1,995	Qatar Electricity & Water Co. QSC		108,335
	6,976	Qatar Fuel QSC		269,730
	266,541	Qatar Gas Transport Co. Ltd.		1,072,889
	20,924	Qatar Islamic Bank SAQ		614,783
	21,901	Qatar National Bank QPSC		906,523
				4,018,187
RUSSIA — 0.4%
	327,500	Lukoil PJSC - ADR		21,578,975
	131,044	NovaTek PJSC - GDR		16,644,737
	1,761,700	Sberbank of Russia PJSC - ADR		26,020,309
				64,244,021
SOUTH AFRICA — 0.9%
	51,783	AngloGold Ashanti Ltd.		462,871
	830,451	Aspen Pharmacare Holdings Ltd.		17,905,907
	56,442	Barclays Africa Group Ltd.		826,721
	22,477	Bid Corp. Ltd.		516,706
	30,247	Bidvest Group Ltd. (The)		592,513
	94,706	Coronation Fund Managers Ltd.		562,399
	1,011,880	Discovery Ltd.		14,049,820
	63,564	Exxaro Resources Ltd.		563,811
	265,128	FirstRand Ltd.		1,419,900
	1,552,963	Gold Fields Ltd.		5,895,902
	26,200	Imperial Holdings Ltd.		503,986
	76,749	Investec Ltd.		605,422
	227,085	Life Healthcare Group Holdings Ltd.		535,304
	21,577	Mondi Ltd.		629,506
	28,365	Mr Price Group Ltd.		622,438
	133,001	MTN Group Ltd.		1,334,891
	297,271	Naspers Ltd. - Class N		72,421,031
	150,886	Rand Merchant Investment Holdings Ltd.		499,696

Shares			Value
SOUTH AFRICA (continued)
	33,533	Remgro Ltd.	$	603,716
	88,525	RMB Holdings Ltd.		555,253
	102,687	Sanlam Ltd.		648,676
	77,505	Sappi Ltd.		494,612
	331,176	Sasol Ltd.		11,838,670
	29,666	Shoprite Holdings Ltd.		590,229
	31,224	Spar Group Ltd. (The)		529,019
	1,157,602	Standard Bank Group Ltd.		19,853,569
	15,545	Tiger Brands Ltd.		485,834
	72,553	Truworths International Ltd.		593,163
	60,165	Vodacom Group Ltd.		752,177
	106,518	Woolworths Holdings Ltd.		547,410
				157,441,152
SOUTH KOREA — 1.0%
	30,069	Amorepacific Corp.		9,783,301
	3,620	BGF retail Co. Ltd.		42,831
	1,959	BGF retail Co. Ltd.		349,662
	63,703	BNK Financial Group, Inc.		619,939
	5,443	Celltrion, Inc.(a)		1,365,469
	28,550	Cheil Worldwide, Inc.		508,290
	3,260	CJ Corp.		493,870
	6,114	Coway Co. Ltd.		499,638
	8,279	DB Insurance Co. Ltd.		485,978
	56,077	DGB Financial Group, Inc.		626,754
	36,932	Doosan Heavy Industries & Construction Co. Ltd.(a)		615,630
	23,922	Hana Financial Group, Inc.		1,062,931
	291,673	Hankook Tire Co. Ltd.		13,470,478
	44,044	Hanon Systems		447,298
	52,438	Hanssem Co. Ltd.		5,704,793
	14,203	Hanwha Corp.		528,065
	84,730	Hanwha Life Insurance Co. Ltd.		492,367
	15,468	Hyundai Engineering & Construction Co. Ltd.		916,066
	12,722	Hyundai Marine & Fire Insurance Co. Ltd.		454,520
	4,489	Hyundai Mobis Co. Ltd.		1,039,579
	9,796	Hyundai Motor Co.		1,461,052
	36,567	Industrial Bank of Korea		573,437
	17,309	Kangwon Land, Inc.		466,935
	31,404	KB Financial Group Inc.		1,784,221
	16,895	Korea Electric Power Corp.		591,017
	8,819	Korea Investment Holdings Co. Ltd.		744,953
	17,746	Korean Air Lines Co. Ltd.		563,981
	742	KT Corp.		18,866
	10,300	KT&G Corp.		941,856
	3,471	LG Chem Ltd.		1,161,844
	687,694	LG Display Co. Ltd.		15,015,192
	7,775	LG Electronics, Inc.		737,216
	15,358	LG Household & Health Care Ltd.		19,610,308
	1,702	Lotte Chemical Corp.		655,401
	9,909	NAVER Corp.		6,607,747
	1,486	NCSoft Corp.		498,067

13

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	3,219	Netmarble Games Corp.	$	440,995
	5,245	POSCO		1,807,222
	5,569	S-1 Corp.		510,684
	15,324	Samsung Card Co. Ltd.		534,378
	7,487	Samsung Electronics Co. Ltd.(b)		18,557,341
	34,360	Samsung Electronics Co. Ltd. - GDR		42,626,281
	2,283	Samsung Fire & Marine Insurance Co. Ltd.		570,042
	3,188	Samsung SDI Co. Ltd.		542,852
	35,379	Shinhan Financial Group Co. Ltd.		1,575,309
	2,967	SK Holdings Co. Ltd.		812,154
	48,204	SK Hynix, Inc.		3,790,957
	29,440	SK Innovation Co. Ltd.		5,394,773
	2,283	SK Telecom Co. Ltd.		487,793
	38,084	Woori Bank		568,573
				169,158,906
SPAIN — 0.4%
	100,067	Abertis Infraestructuras SA		2,206,164
	59,175	ACS Actividades de Construccion y Servicios SA		2,493,913
	10,097	Aena SA		2,081,278
	63,129	Amadeus IT Holding SA		4,605,874
	694,576	Banco Bilbao Vizcaya Argentaria SA		5,620,541
	882,555	Banco de Sabadell SA		1,727,060
	1,672,630	Banco Santander SA		10,806,722
	308,419	Bankia SA		1,353,221
	138,074	Enagas SA		4,013,251
	93,015	Endesa SA		2,169,127
	55,479	Gas Natural SDG SA		1,398,493
	389,911	Iberdrola SA		3,012,427
	136,091	Industria de Diseno Textil SA		4,218,570
	419,047	Mapfre SA		1,453,665
	106,991	Red Electrica Corp SA		2,228,665
	614,661	Repsol SA		11,729,447
	613,307	Telefonica SA		6,249,888
				67,368,306
SWEDEN — 2.1%
	71,255	Assa Abloy AB - B Shares		1,493,286
	4,096,255	Atlas Copco AB - A Shares(b)		160,189,546
	810,897	Atlas Copco AB - B Shares		28,741,026
	68,800	Boliden AB		2,383,895
	69,816	Electrolux AB - Class B		1,837,325
	89,137	Essity AB- Class B		2,260,975
	123,397	Getinge AB - B Shares		1,149,694
	188,280	Hennes & Mauritz AB - B Shares		3,235,476
	26,487	Hexagon AB - B Shares		1,529,331
	147,238	Husqvarna AB - B Shares		1,416,117
	38,985	ICA Gruppen AB		1,210,499
	78,002	Industrivarden AB - C Shares		1,642,303
	79,926	Investor AB - B Shares		3,479,499

Shares			Value
SWEDEN (continued)
	63,141	Kinnevik AB - Class B	$	2,275,435
	19,678	L E Lundbergforetagen AB - B Shares		1,331,892
	139,295	Lundin Petroleum AB		3,839,938
	253,024	Nordea Bank AB		2,573,420
	190,062	Sandvik AB		3,240,638
	160,820	Skandinaviska Enskilda Banken AB - Class A		1,509,783
	105,291	SKF AB - B Shares		2,131,598
	11,500,000	Svenska Handelsbanken AB - A Shares(b)		128,251,034
	127,185	Swedbank AB - A Shares		2,762,875
	49,421	Swedish Match AB		2,217,037
	112,868	Tele2 AB - B Shares		1,462,986
	450,524	Telia Co. AB		2,218,250
	232,976	Volvo AB - B Shares		3,948,099
				368,331,957
SWITZERLAND — 1.6%
	246,267	ABB Ltd.		5,741,858
	26,453	Adecco Group AG		1,751,855
	758	Barry Callebaut AG		1,360,821
	1,906	CHUBB Ltd.		258,587
	38,526	Cie Financiere Richemont SA		3,662,233
	415,300	Coca-Cola HBC AG - CDI		13,912,983
	169,495	Credit Suisse Group		2,858,744
	2,226	EMS-Chemie Holding AG		1,374,872
	3,775	Geberit AG		1,610,913
	653	Givaudan SA		1,453,610
	9,842	Kuehne + Nagel International AG		1,532,360
	34,677	LafargeHolcim Ltd.		1,926,359
	2,211,460	Nestle SA		171,322,012
	224,664	Novartis AG		17,293,358
	15,729	Pargesa Holding SA		1,472,073
	1,876	Partners Group Holding AG		1,368,299
	79,008	Roche Holding AG		17,554,587
	825	SGS SA		2,003,635
	228	Sika AG		1,654,420
	8,873	Sonova Holding AG		1,462,215
	65,275	STMicroelectronics NV		1,425,297
	7,307	Swiss Life Holding AG		2,556,126
	14,485	Swiss Prime Site AG		1,357,157
	76,626	Swiss Re AG		7,300,106
	300,893	UBS Group AG		5,050,459
	9,090	Vifor Pharma AG		1,434,504
	11,257	Zurich Financial Services AG		3,595,886
				274,295,329
TAIWAN — 1.2%
	410,265	Advantech Co. Ltd.		2,816,468
	690,740	Airtac International Group		11,985,333
	294,882	ASE Industrial Holding Co. Ltd.		800,332
	1,352,469	AU Optronics Corp.		557,699
	66,871	Catcher Technology Co. Ltd.		741,611

14

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	601,667	Cathay Financial Holding Co. Ltd.	$	1,079,244
	195,447	Chailease Holding Co. Ltd.		713,133
	224,228	Chicony Electronics Co. Ltd.		552,436
	1,613,708	China Development Financial Holding Corp.		610,140
	926,690	China Steel Corp.		733,296
	9,532,685	Chunghwa Telecom Co. Ltd.		36,272,522
	1,271,194	CTBC Financial Holding Co. Ltd.		906,569
	144,021	Delta Electronics, Inc.		522,150
	989,904	Eclat Textile Co. Ltd.		11,942,647
	1,026,453	Evergreen Marine Corp. Taiwan Ltd.(a)		519,189
	120,379	Feng TAY Enterprise Co. Ltd.		545,870
	219,104	Formosa Chemicals & Fibre Corp.		805,021
	802,631	Formosa Petrochemical Corp.		3,275,011
	279,786	Formosa Plastics Corp.		981,837
	482,401	Fubon Financial Holding Co. Ltd.		825,319
	87,442	General Interface Solution Holding Ltd.		523,433
	5,979,816	Hon Hai Precision Industry Co. Ltd.		16,632,154
	1,352,470	Innolux Corp.		503,290
	90,242	Largan Precision Co. Ltd.		10,495,889
	408,346	Lite-On Technology Corp.		538,858
	398,017	Macronix International(a)		632,289
	89,494	MediaTek, Inc.		1,017,869
	787,822	Mega Financial Holding Co. Ltd.		695,495
	345,613	Nan Ya Plastics Corp.		946,629
	51,457	Nien Made Enterprise Co. Ltd.		457,069
	2,701,650	Novatek Microelectronics Corp.		11,340,257
	231,452	Pegatron Corp.		539,624
	56,613	Phison Electronics Corp.		512,508
	59,684	President Chain Store Corp.		586,662
	1,591,053	Shin Kong Financial Holding Co. Ltd.		646,639
	1,735,056	SinoPac Financial Holdings Co. Ltd.		624,387
	1,991,127	Taiwan Business Bank		611,888
	7,979,157	Taiwan Semiconductor Manufacturing Co. Ltd.		60,779,971
	9,084,342	Uni-President Enterprises Corp.		21,862,975
	3,594,147	Vanguard International Semiconductor Corp.		7,285,381
	48,372	Yageo Corp.		969,516
	1,215,674	Yuanta Financial Holding Co. Ltd.		580,183
	259,227	Zhen Ding Technology Holding Ltd.		564,069
				216,532,862

Shares			Value
THAILAND — 0.7%
	16,186,000	Airports of Thailand Public Co. Ltd.	$	36,419,886
	24,548,000	CP ALL Public Co. Ltd.		67,540,673
	3,001,000	Siam Commercial Bank Public Co. Ltd.		12,430,529
				116,391,088
TURKEY — 0.1%
	238,321	Akbank Turk AS		495,868
	47,880	Anadolu Efes Biracilik Ve Malt Sanayii AS		314,223
	1,109,067	Arcelik AS		4,945,189
	14,964	BIM Birlesik Magazalar AS		254,248
	187,556	Eregli Demir ve Celik Fabrikalari TAS		468,185
	25,372	Ford Otomotiv Sanayi AS		349,288
	195,033	Haci Omer Sabanci Holding AS		461,242
	252,519	Petkim Petrokimya Holding AS		446,289
	61,569	TAV Havalimanlari Holding AS		331,400
	46,255	Tofas Turk Otomobil Fabrikasi AS		285,043
	50,575	Tupras Turkiye Petrol Rafinerileri AS		1,292,810
	3,697,397	Turkiye Garanti Bankasi AS		8,372,502
	197,563	Turkiye Halk Bankasi AS		404,212
	310,221	Turkiye Is Bankasi - Class C		470,068
	291,179	Turkiye Sise ve Cam Fabrikalari AS		323,571
	315,708	Turkiye Vakiflar Bankasi TAO - Class D		464,530
	498,492	Yapi ve Kredi Bankasi AS(a)		488,200
				20,166,868
UNITED ARAB EMIRATES — 0.1%
	296,126	Abu Dhabi Commercial Bank PJSC		565,594
	476,272	DP World Ltd.(b)		10,573,437
	845,666	Dubai Investments PJSC		436,346
	327,417	Dubai Islamic Bank PJSC		490,043
	948,749	Emaar Malls PJSC		573,156
	5,691,752	Emaar Properties PJSC		8,945,676
	126,131	Emirates Telecommunications Group Co. PJSC		587,673
	198,036	First Abu Dhabi Bank PJSC		667,536
				22,839,461
UNITED KINGDOM — 5.1%
	565,959	Abcam Plc		9,488,068
	421,768	ASOS Plc(a)		33,782,396
	7,689,147	BP Plc		57,115,086
	39,011	Coca-Cola European Partners PLC		1,529,231
	6,565,846	Compass Group Plc(b)		140,856,583
	111,464	Fiat Chrysler Automobiles NV		2,476,591
	223,441	International Consolidated Airlines Group SA		1,928,135
	202,485	John Wood Group Plc		1,578,373

15

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	1,816,501	Reckitt Benckiser Group Plc	$	142,501,931
	12,503,008	RELX NV(b)		266,027,922
	152,202,700	Rolls-Royce Holdings PLC(a)		209,539
	1,758,900	Rolls-Royce Holdings Plc		20,313,940
	120,779	TechnipFMC Plc		3,980,876
	45,459	TechnipFMC Plc		1,491,761
	399,757	Ultra Electronics Holdings Plc		7,736,997
	3,537,378	Unilever NV		202,792,585
				893,810,014
UNITED STATES — 48.1%
	481	Affiliated Managers Group, Inc.		79,298
	5,041	Aflac, Inc.		229,718
	1,365,271	AGNC Investment Corp. REIT		25,830,927
	123,000	Align Technology, Inc.(a)		30,731,550
	2,324	Allstate Corp. (The)		227,334
	3,458	Ally Financial Inc.		90,254
	36,500	Alphabet, Inc. - Class A(a)		37,178,170
	234,000	Alphabet, Inc. - Class C(a)		238,055,220
	225,500	Amazon.com, Inc.(a)		353,162,315
	389,196	Amdocs Ltd.		26,173,431
	1,792	American Express Co.		176,959
	2,883	American International Group, Inc.		161,447
	862	Ameriprise Financial, Inc.		120,861
	1,266,715	Anadarko Petroleum Corp.		85,275,254
	61,397	Andeavor		8,492,433
	1,245,524	Annaly Capital Management, Inc., REIT		12,916,084
	87,805	Antero Resources Corp.(a)		1,668,295
	388,500	Anthem, Inc.		91,682,115
	163,866	Apache Corp.		6,710,313
	1,119,909	Apple, Inc.		185,076,161
	97,920	Assurant, Inc.		9,088,934
	2,793	Athene Holding Ltd. - Class A(a)		136,857
	1,640,000	Automatic Data Processing, Inc.		193,651,200
	201,068	AutoZone, Inc.(a)		125,570,987
	160,860	Baker Hughes a GE Co.		5,808,655
	3,041,568	Ball Corp.		121,936,461
	32,152	Bank of America Corp.		961,988
	2,200,731	Bank of New York Mellon Corp. (The)		119,961,847
	1,471	BB&T Corp.		77,669
	922,000	Becton Dickinson and Co.		213,784,140
	715,960	Berkshire Hathaway, Inc. - Class B(a)		138,702,931
	152,609	Big Lots, Inc.		6,478,252
	336,000	BioMarin Pharmaceutical, Inc.(a)		28,059,360
	390	BlackRock Inc.		203,385
	111,500	Booking Holdings, Inc.(a)		242,847,000
	407,582	Brinker International, Inc.		17,766,499
	173,237	Cabot Oil & Gas Corp.		4,142,097
	1,566	Capital One Financial Corp.		141,911
	255,831	CBOE Global Markets, Inc.		27,317,634

Shares			Value
UNITED STATES (continued)
	1,398,769	Charles Schwab Corp. (The)	$	77,883,458
	265,463	Cheesecake Factory, Inc. (The)		13,790,803
	69,642	Cheniere Energy, Inc.(a)		4,050,379
	1,976,450	Chevron Corp.		247,273,660
	39,970	Cimarex Energy Co.		4,020,582
	1,986	Cincinnati Financial Corp.		139,695
	1,007,088	Citigroup, Inc.		68,753,898
	4,243	Citizens Financial Group Inc.		176,042
	234,937	Clorox Co. (The)		27,534,616
	1,446	CME Group, Inc.		228,005
	939,500	Cognizant Technology Solutions Corp. - Class A		76,869,890
	2,802,400	Colgate-Palmolive Co.		182,800,552
	56,979	Concho Resources, Inc.(a)		8,957,669
	481,416	ConocoPhillips		31,532,748
	37,109	Continental Resources, Inc.(a)		2,451,421
	505,200	Costco Wholesale Corp.		99,605,232
	166,766	Cracker Barrel Old Country Store, Inc.		27,448,016
	354,400	Darden Restaurants, Inc.		32,909,584
	210,960	Devon Energy Corp.		7,664,177
	32,736	Diamondback Energy, Inc.(a)		4,204,939
	1,943	Discover Financial Services		138,439
	464	East West Bancorp, Inc.		30,912
	1,366	Eaton Vance Corp.		74,297
	352,000	Edwards Lifesciences Corp.(a)		44,830,720
	228,434	EOG Resources, Inc.		26,994,046
	99,978	EQT Corp.		5,017,896
	600,029	Equity Commonwealth REIT(a)		18,594,899
	1,676,169	Exxon Mobil Corp.		130,322,140
	372,000	Facebook, Inc. - Class A(a)		63,984,000
	5,756	Fifth Third Bancorp		190,927
	136,153	FTI Consulting, Inc.(a)		7,951,335
	718	Goldman Sachs Group, Inc. (The)		171,121
	309,620	Guess?, Inc.		7,211,050
	344,797	Halliburton Co.		18,270,793
	298,704	Heartland Express, Inc.		5,325,892
	34,351	Helmerich & Payne, Inc.		2,389,112
	101,448	Hess Corp.		5,781,522
	77,481	HollyFrontier Corp.		4,702,322
	4,087,600	HP, Inc.		87,842,524
	3,483	Huntington Bancshares, Inc.		51,932
	212,000	Illumina, Inc.(a)		51,077,160
	570,000	Incyte Corp.(a)		35,305,800
	1,893	Intercontinental Exchange, Inc.		137,167
	682,500	International Business Machines Corp.		98,935,200
	4,845	Invesco, Ltd.(b)		140,360
	1,259,600	Johnson & Johnson		159,326,804
	1,540,714	JPMorgan Chase & Co.		167,598,869
	172,478	Kaman Corp.		10,459,066
	779,561	Kinder Morgan, Inc.		12,332,655
	2,129,000	Kraft Heinz Co. (The)		120,033,020
	567,000	Las Vegas Sands Corp.		41,578,110
	3,467	Leucadia National Corp.		83,347

16

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	2,241	Lincoln National Corp.	$	158,304
	504,942	Lockheed Martin Corp.		162,005,591
	2,034	Loews Corp.		106,704
	1,390,043	Lyondellbasell Industries NV - Class A		146,969,246
	319,701	Marathon Oil Corp.		5,834,543
	208,657	Marathon Petroleum Corp.		15,630,496
	169,000	Markel Corp.(a)(b)		190,976,760
	1,642	Marsh & McLennan Cos., Inc.		133,823
	1,448,000	Mastercard, Inc. - Class A		258,134,960
	386,000	Medidata Solutions, Inc.(a)		27,544,959
	5,268	MetLife, Inc.		251,126
	1,715,700	Mondelez International, Inc. - Class A		67,770,150
	551	Moody’s Corp.		89,372
	4,423	Morgan Stanley		228,315
	360,728	Motorola Solutions, Inc.		39,618,756
	659	MSCI, Inc.		98,738
	142,593	National Oilwell Varco, Inc.		5,514,071
	451,000	Netflix, Inc.(a)		140,919,460
	2,496,566	New York Community Bancorp, Inc.		29,659,204
	87,668	Newfield Exploration Co.(a)		2,612,506
	238,632	Nexteer Automotive Group Ltd.		367,152
	982,000	NIKE, Inc. - Class B		67,158,980
	370,547	NiSource, Inc.		9,037,641
	163,734	Noble Energy, Inc.		5,539,121
	34,858	Northrop Grumman Corp.		11,225,670
	169,257	Northwest Natural Gas Co.(b)		10,375,454
	2,127,319	Occidental Petroleum Corp.		164,356,666
	155,499	ONEOK, Inc.		9,364,150
	1,863,120	Oracle Corp.		85,088,690
	69,268	Parsley Energy, Inc. - Class A(a)		2,080,118
	1,330,500	PepsiCo, Inc.		134,300,670
	1,392,700	Philip Morris International, Inc.		114,201,400
	171,963	Phillips 66		19,141,202
	64,059	Pioneer Natural Resources Co.		12,911,091
	1,535	PNC Financial Services Group, Inc. (The)		223,511
	2,760	Principal Financial Group, Inc.		163,447
	65,248	Procter & Gamble Co. (The)		4,720,040
	206,650	Progress Software Corp.		7,631,585
	1,871	Progressive Corp. (The)		112,803
	2,434	Prudential Financial, Inc.		258,783
	3,311,037	QUALCOMM, Inc.		168,895,997
	1,740,804	Quest Diagnostics, Inc.(b)		176,169,365
	97,770	Range Resources Corp.		1,354,115
	111,005	Raytheon Co.		22,749,365
	123,000	Regeneron Pharmaceuticals, Inc.(a)		37,352,640
	926	Reinsurance Group of America, Inc.		138,344
	189,275	Republic Services, Inc.		12,242,307
	823	S&P Global, Inc.		155,218
	545,432	Schlumberger Ltd.		37,394,818

Shares			Value
UNITED STATES (continued)
	430	SEI Investments Co.	$	27,189
	175	Signature Bank(a)		22,251
	198,508	Spire, Inc.		14,322,352
	632,000	Starbucks Corp.		36,384,240
	639	State Street Corp.		63,759
	2,343	SunTrust Banks, Inc.		156,512
	169	SVB Financial Group(a)		50,634
	2,822,648	Synchrony Financial		93,627,234
	1,294	T Rowe Price Group, Inc.		147,283
	73,792	Targa Resources Corp.		3,466,010
	228,088	Target Corp.		16,559,189
	1,988,000	Texas Instruments, Inc.		201,642,840
	623,900	TJX Cos., Inc. (The)		52,937,915
	1,674	Torchmark Corp.		145,203
	483	Travelers Cos., Inc. (The)		63,563
	788,900	Union Pacific Corp.		105,420,707
	764,838	UnitedHealth Group, Inc.		180,807,703
	3,061	Unum Group		148,091
	4,387,359	US Bancorp		221,342,262
	118,468	Vail Resorts, Inc.		27,165,897
	180,733	Valero Energy Corp.		20,048,712
	3,392,300	Verizon Communications, Inc.		167,410,005
	118,191	Viad Corp.(b)		5,998,193
	741,000	Visa, Inc. - Class A		94,018,080
	574	Voya Financial, Inc.		30,049
	1,438,800	Wabtec Corp.(b)		127,779,828
	326,797	Walmart, Inc.		28,908,463
	1,999,400	Walt Disney Co. (The)		200,599,802
	254,867	Waste Connections, Inc.		18,426,884
	16,189	Wells Fargo & Co.		841,180
	518,700	Whirlpool Corp.		80,372,565
	326,952	Williams Cos., Inc. (The)		8,412,475
	519,000	Workday, Inc. - Class A(a)		64,791,960
	312	WR Berkley Corp.		23,263
				8,386,984,469
Total Common Stocks (Cost $12,243,136,476)				15,712,077,861
MASTER LIMITED PARTNERSHIPS — 0.0%
UNITED STATES — 0.0%
	82,999	Plains GP Holdings LP - Class A		2,010,236
Total Master Limited Partnerships (Cost $2,188,805)				2,010,236
PREFERRED STOCKS — 1.5%
BRAZIL — 0.1%
	227,825	Banco Bradesco SA		2,244,957
	41,627	Braskem SA - Class A		539,825
	145,106	Gerdau SA		689,245
	244,826	Itau Unibanco Holding SA		3,555,121
	347,899	Itausa - Investimentos Itau SA(b)		1,345,636
	1,828,036	Petroleo Brasileiro SA(a)		11,991,399

17

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
BRAZIL (continued)
	33,857	Telefonica Brasil SA	$	477,334
				20,843,517
CHILE — 0.0%
	8,927	Sociedad Quimica y Minera de Chile SA - Class B		488,892
COLUMBIA — 0.0%
	55,897	Bancolombia SA		667,034
GERMANY — 0.1%
	13,116	Henkel AG & Co. KGaA		1,666,841
	12,072	Volkswagen AG		2,489,664
				4,156,505
SOUTH KOREA — 1.3%
	2,499	LG Chem Ltd.		479,307
	838	LG Household & Health Care Ltd.		602,792
	108,314	Samsung Electronics Co. Ltd.(b)		215,371,012
	9,400	Samsung Electronics Co. Ltd. - GDR		9,351,154
				225,804,265
Total Preferred Stocks (Cost $184,243,308)				251,960,213
Principal
Amount
U.S. GOVERNMENT AGENCIES — 0.8%
Federal Home Loan Bank — 0.8%
$	51,000,000	1.66%, 05/04/18(c)		50,992,758
	90,000,000	1.70%, 05/23/18(c)		89,906,490
Total U.S. Government Agencies (Cost $140,899,468)				140,899,248

Shares			Value
EXCHANGE TRADED FUNDS — 6.0%
	642,400	iShares Edge MSCI USA Momentum Factor ETF	$	68,383,480
	1,221,725	iShares S&P 500 Index Fund		325,357,585
	462,675	iShares US Financials ETF(b)		54,447,594
	311,200	iShares US Technology ETF(b)		52,284,712
	7,893,175	VanEck Vectors Gold Miners ETF		175,859,939
	1,608,555	VanEck Vectors Junior Gold Miners ETF		52,294,123
	1,474,900	Vanguard Financials ETF(b)		102,092,578

18

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
	1,231,100	Vanguard Information Technology ETF(b)	$	210,468,856
Total Exchange Traded Funds (Cost $1,017,916,043)				1,041,188,867
INVESTMENT COMPANY — 1.5%
	268,516,131	Federated Government Obligations Fund, 1.33%(d)		268,516,131
Total Investment Company (Cost $268,516,130)				268,516,131
TOTAL INVESTMENTS — 99.9% (Cost $13,856,900,230)			$	17,416,652,556
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				15,030,905
NET ASSETS — 100.0%			$	17,431,683,461

(a)	Non-income producing security.
(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $1,579,818,903 or 9.06% of net assets.
(c)	The rate represents the annualized yield at time of purchase.
(d)	The rate shown represents the current yield as of April 30, 2018.

The following abbreviations are used in the report:

ADR-American Depositary Receipt

CDI-Chess Depositary Interests

CPO-Certificate of Participation

DVR-Differential Voting Rights

ETF-Exchange Traded Fund

GDR-Global Depositary Receipt

REIT-Real Estate Investment Trust

Portfolio Diversification by Sector (Unaudited)

	Percentage
Sector	of Net Assets
Information Technology		20.0	%
Consumer Discretionary		14.7
Consumer Staples		10.9
Energy		9.7
Industrials		9.1
Health Care		8.5
Banks		6.7
Diversified Financials		3.0
Insurance		2.9
Telecommunication Services		2.6
Materials		2.5
Utilities		0.6
Real Estate		0.5
Other*		8.3
		100.0	%

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

19

Old Westbury Funds, Inc.
All Cap ESG Fund
Portfolio of Investments	April 30, 2018
	(Unaudited)

Shares			Value
COMMON STOCKS — 99.2%
Banks — 8.1%
	38,038	Bancolombia SA	$	456,084
	244,677	Bank of China Ltd. - H Shares		132,818
	165,643	Bank of Communications Co. Ltd. - H Shares		135,543
	1,853	Bank of Montreal		140,727
	2,144	Bank of Nova Scotia (The)		131,784
	182,721	China CITIC Bank Corp. Ltd. - H Shares		130,618
	128,215	China Construction Bank Corp. - H Shares		134,326
	127,682	China Minsheng Banking Corp. Ltd. - H Shares		119,485
	163,506	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		125,078
	13,534	ING Groep NV		228,055
	71,695	Mizuho Financial Group, Inc.		129,713
	2,362	Morgan Stanley		121,926
	4,454	Van Lanschot Kempen NV		137,585
				2,123,742
Consumer Discretionary — 8.7%
	17,760	Barratt Developments Plc		136,186
	2,362	Cogeco Communications, Inc.		125,849
	4,480	Comcast Corp. - Class A		140,627
	12,584	Ford Motor Co.		141,444
	3,343	General Motors Co.		122,822
	99,156	Genting Malaysia Berhad		129,099
	59,370	Kingfisher Plc		247,600
	1,817	Las Vegas Sands Corp.		133,241
	1,033	Royal Caribbean Cruises Ltd.		111,760
	1,085	Sodexo SA		107,446
	3,229	Starbucks Corp.		185,894
	42,591	Super Retail Group Ltd.		230,271
	1,928	Toyota Motor Corp.		126,424
	6,157	Whitbread Plc		362,263
				2,300,926
Consumer Staples — 6.8%
	1,033	Clorox Co. (The)		121,068
	1,905	Colgate-Palmolive Co.		124,263
	19,629	Distell Group Ltd.		209,847
	6,375	Flowers Foods, Inc.		144,139
	1,121	JM Smucker Co. (The)		127,884
	5,130	Kirin Holdings Co. Ltd.		143,994
	2,284	Procter & Gamble Co. (The)		165,225
	8,125	Seven & I Holdings Co. Ltd.		357,994
	7,673	Tate & Lyle Plc		60,600
	69,753	Wal-Mart de Mexico SAB de CV		193,944
	1,469	Walmart, Inc.		129,948
				1,778,906
Diversified Financials — 3.6%
	10,170	3i Group Plc		131,277
	654	Factset Research Systems, Inc.		123,678

Shares			Value
Diversified Financials (continued)
	8,462	Invesco Mortgage Capital, Inc., REIT	$	137,338
	15,107	Investec Plc		119,509
	1,412	Morningstar, Inc.		153,315
	21,690	Nomura Holdings, Inc.		124,925
	820	S&P Global, Inc.		154,652
				944,694
Energy — 6.0%
	90,851	CNOOC Ltd.		153,694
	8,872	ENI SpA		173,433
	40,260	MOL Hungarian Oil & Gas Plc		465,235
	5,752	Statoil ASA		147,094
	10,113	TOTAL SA		635,619
				1,575,075
Health Care — 14.0%
	2,824	Agilent Technologies, Inc.		185,650
	742	Amgen, Inc.		129,464
	576	Anthem, Inc.		135,930
	28,316	Astellas Pharma, Inc.		414,156
	1,983	AstraZeneca Plc		138,816
	2,611	Baxter International, Inc.		181,465
	981	Biogen, Inc.(a)		268,402
	1,059	CSL Ltd.		135,646
	2,066	Danaher Corp.		207,261
	1,713	Express Scripts Holding Co.(a)		129,674
	1,656	Gilead Sciences, Inc.		119,613
	9,656	Koninklijke Philips NV		408,701
	872	McKesson Corp.		136,215
	2,040	Medtronic Plc		163,465
	5,160	Novo Nordisk A/S - B Shares		242,664
	8,301	Pfizer, Inc.		303,900
	1,277	Quest Diagnostics, Inc.		129,232
	1,412	ResMed, Inc.		133,632
	1,147	Zimmer Biomet Holdings, Inc.		132,100
				3,695,986
Industrials — 10.0%
	3,696	AECOM(a)		127,290
	1,983	AGCO Corp.		124,294
	3,016	Apogee Enterprises, Inc.		123,988
	3,530	Brady Corp. - Class A		128,491
	1,072	Daikin Industries Ltd.		125,226
	1,059	Dun & Bradstreet Corp. (The)		122,113
	1,630	Eaton Corp. Plc		122,299
	10,048	Hino Motors Ltd.		122,590
	76,187	MISC Berhad		138,340
	929	Norfolk Southern Corp.		133,284
	1,983	Republic Services, Inc.		128,260
	17,194	Royal Mail Plc		137,122
	10,523	SKF AB - B Shares		213,036
	846	Snap-on, Inc.		122,882
	1,277	Societe BIC SA		130,289
	9,225	Steelcase, Inc. - Class A		122,231

20

Old Westbury Funds, Inc.
All Cap ESG Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
Industrials (continued)
	3,320	Sumitomo Heavy Industries Ltd.	$	126,858
	3,532	Toyota Tsusho Corp.		126,645
	1,059	Union Pacific Corp.		141,514
	1,552	Waste Management, Inc.		126,162
				2,642,914
Information Technology — 21.1%
	1,438	Accenture Plc - Class A		217,426
	2,009	Amdocs Ltd.		135,105
	2,902	Apple, Inc.		479,585
	10,310	Atea ASA		153,034
	1,931	Atos SE		260,685
	3,120	Avnet, Inc.		122,398
	3,800	CA, Inc.		132,239
	872	CACI International, Inc. - Class A(a)		131,716
	3,424	Canon, Inc.		117,783
	6,754	Cisco Systems, Inc.		299,135
	1,630	Cognizant Technology Solutions Corp. - Class A		133,367
	5,752	Convergys Corp.		134,367
	1,360	Fidelity National Information Services, Inc.		129,159
	14,941	Intel Corp.		771,254
	1,983	International Business Machines Corp.		287,456
	794	Intuit, Inc.		146,723
	5,160	Juniper Networks, Inc.		126,884
	24,792	Konica Minolta, Inc.		212,810
	2,066	Leidos Holdings, Inc.		132,699
	3,151	Manhattan Associates, Inc.(a)		135,682
	5,539	Microsoft Corp.		518,007
	3,826	Oracle Corp.		174,733
	1,386	SAP SE		153,992
	4,428	Sykes Enterprises, Inc.(a)		127,349
	1,578	Synopsys, Inc.(a)		134,935
	1,957	Texas Instruments, Inc.		198,499
				5,567,022
Insurance — 6.2%
	10,222	AXA SA		292,335
	929	CHUBB Ltd.		126,037
	1,765	Cincinnati Financial Corp.		124,150
	2,824	MetLife, Inc.		134,620
	5,643	Power Corp. of Canada		134,092
	1,687	Prudential Financial, Inc.		179,362
	12,610	Suncorp Group Ltd.		132,628
	4,127	Swiss Re AG		393,176
	846	Willis Towers Watson Plc		125,639
				1,642,039
Materials — 6.0%
	4,127	Akzo Nobel NV		373,734
	7,948	Evonik Industries AG		282,394
	33,916	Fortescue Metals Group Ltd.		115,072

Shares			Value
Materials (continued)
	5,667	JFE Holdings, Inc.	$	116,300
	22,479	Norsk Hydro ASA		140,403
	17,734	OZ Minerals Ltd.		122,381
	15,839	Stora Enso Oyj - Class R		312,418
	4,558	Teck Resources Ltd. - Class B		114,416
				1,577,118
Real Estate — 3.6%
	53,319	CapitaLand Ltd.		150,352
	45,815	Charter Hall Retail REIT		135,770
	79,924	Frasers Centrepoint Trust REIT		134,764
	55,576	Hang Lung Properties Ltd.		131,525
	19,345	Hongkong Land Holdings Ltd.		139,811
	14,235	Hyprop Investments Ltd. REIT		129,960
	15,501	Link REIT		137,000
				959,182
Telecommunication Services — 3.6%
	13,905	China Mobile Ltd.		132,466
	5,132	NTT DOCOMO, Inc.		132,580
	1,121	Swisscom AG		537,668
	47,035	Vodafone Group Plc		137,259
				939,973
Utilities — 1.5%
	11,094	Cia de Saneamento Basico do Estado de Sao Paulo		111,029
	10,144	Electricite de France SA		142,358
	3,582	Exelon Corp.		142,134
				395,521
Total Common Stocks (Cost $26,472,030)				26,143,098
INVESTMENT COMPANY — 0.6%
	148,933	SEI Daily Income Trust Government II Fund, Class A, 1.53%(b)		148,933
Total Investment Company (Cost $148,932)				148,933
TOTAL INVESTMENTS — 99.8% (Cost $26,620,962)			$	26,292,031
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				52,735
NET ASSETS — 100.0%			$	26,344,766

(a)	Non-income producing security.
(b)	The rate shown represents the current yield as of April 30, 2018.

The following abbreviation is used in the report:

REIT- Real Estate Investment Trust

21

Old Westbury Funds, Inc.
All Cap ESG Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Information Technology		21.1	%
Health Care		14.0
Industrials		10.0
Consumer Discretionary		8.7
Banks		8.1
Consumer Staples		6.8
Insurance		6.2
Energy		6.0
Materials		6.0
Diversified Financials		3.6
Real Estate		3.6
Telecommunication Services		3.6
Utilities		1.5
Other*		0.8
		100.0	%

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

22

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments	April 30, 2018
	(Unaudited)

Shares			Percentage of Net Assets (%)		Value
COMMON STOCKS — 90.4%
ARGENTINA — 0.1%
	19,773	Other Securities		0.1	$	6,715,109
AUSTRALIA — 1.7%
	37,216,826	Other Securities		1.7		115,504,880
AUSTRIA — 0.2%
	355,815	Other Securities		0.2		12,524,295
BELGIUM — 0.5%
	811,855	Other Securities		0.5		31,039,054
BERMUDA — 0.7%
	415,441	Argo Group International Holdings Ltd.(a)		0.3		24,282,526
	459,954	Other Securities		0.4		24,485,252
						48,767,778
BRAZIL — 0.5%
	5,063,101	Other Securities		0.5		30,924,840
CAMBODIA — 0.0%
	320,000	Other Securities		0.0		331,235
CANADA — 2.7%
	750,000	Ritchie Bros Auctioneers, Inc.		0.4		24,547,500
	11,672,478	Other Securities		2.3		153,529,020
						178,076,520
CAYMAN ISLANDS — 0.0%
	27,600	Other Securities		0.0		405,389
CHILE — 0.1%
	48,963,446	Other Securities		0.1		5,299,952
CHINA — 2.7%
	211,678,352	Other Securities		2.7		181,258,271
DENMARK — 0.5%
	1,200,706	Other Securities		0.5		34,483,656
FAEROE ISLANDS — 0.0%
	8,144	Other Securities		0.0		440,650
FINLAND — 0.5%
	1,680,940	Other Securities		0.5		31,090,116
FRANCE — 1.9%
	3,035,257	Other Securities		1.9		125,833,516
GABON — 0.0%
	72	Other Securities		0.0		13,559
GEORGIA — 0.0%
	5,317	Other Securities		0.0		254,175
GERMANY — 2.4%
	3,263,261	Other Securities		2.4		162,270,612
GIBRALTAR — 0.0%
	23,380	Other Securities		0.0		88,410
GREECE — 0.2%
	8,641,763	Other Securities		0.2		10,648,879

Shares			Percentage of Net Assets (%)		Value
HONG KONG — 1.4%
	174,037,420	Other Securities		1.4	$	94,980,347
HUNGARY — 0.0%
	498,725	Other Securities		0.0		1,079,472
INDIA — 0.9%
	26,888,754	Other Securities		0.9		61,889,276
INDONESIA — 0.1%
	156,424,264	Other Securities		0.1		8,593,940
IRELAND — 1.6%
	966,950	Allegion Plc(a)		1.1		74,629,201
	1,942,780	Other Securities		0.5		33,020,815
						107,650,016
ISLE OF MAN — 0.0%
	72,440	Other Securities		0.0		851,128
ISRAEL — 0.8%
	421,763	Check Point Software Technologies Ltd.(b)		0.6		40,704,347
	5,829,082	Other Securities		0.2		9,575,309
						50,279,656
ITALY — 0.6%
	7,505,524	Other Securities		0.6		41,185,483
JAPAN — 6.1%
	613,000	Nifco, Inc.		0.3		21,522,941
	22,563,309	Other Securities		5.8		382,297,123
						403,820,064
JERSEY CHANNEL ISLANDS — 0.1%
	588,442	Other Securities		0.1		5,368,695
JORDAN — 0.0%
	29,542	Other Securities		0.0		520,902
LIECHTENSTEIN — 0.0%
	1,192	Other Securities		0.0		144,882
LUXEMBOURG — 0.4%
	906,412	Other Securities		0.4		24,821,476
MACAU — 0.0%
	99,000	Other Securities		0.0		15,702
MALAYSIA — 0.2%
	19,592,501	Other Securities		0.2		10,994,905
MALTA — 0.0%
	54,127	Other Securities		0.0		698,053
MEXICO — 0.2%
	4,636,124	Other Securities		0.2		12,068,916
MONACO — 0.0%
	12,500	Other Securities		0.0		213,307
MONGOLIA — 0.0%
	714,500	Other Securities		0.0		13,576
NETHERLANDS — 0.5%
	1,532,134	Other Securities		0.5		31,303,961

23

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Percentage of Net Assets (%)		Value
NEW ZEALAND — 0.7%
	12,586,358	Other Securities		0.7	$	44,436,228
NORWAY — 0.4%
	11,520,014	Other Securities		0.4		26,527,974
PERU — 0.0%
	170,655	Other Securities		0.0		2,381,735
PHILIPPINES — 0.1%
	14,267,078	Other Securities		0.1		3,288,652
POLAND — 0.3%
	6,206,265	Other Securities		0.3		18,124,405
PORTUGAL — 0.0%
	3,517,202	Other Securities		0.0		2,667,739
PUERTO RICO — 0.0%
	63,400	Other Securities		0.0		1,217,649
ROMANIA — 0.0%
	13,747	Other Securities		0.0		151,502
RUSSIA — 0.3%
	2,293,046,324	Other Securities		0.3		19,294,229
SAUDI ARABIA — 0.0%
	807,611	Other Securities		0.0		2,989,001
SINGAPORE — 0.8%
	31,232,167	Other Securities		0.8		55,618,477
SOUTH AFRICA — 0.5%
	7,397,105	Other Securities		0.5		30,359,380
SOUTH KOREA — 1.7%
	5,517,704	Other Securities		1.7		113,421,966
SPAIN — 0.4%
	4,570,000	Other Securities		0.4		29,735,852
SWEDEN — 0.9%
	3,636,000	Other Securities		0.9		57,179,067
SWITZERLAND — 1.4%
	1,417,538	Other Securities		1.4		94,432,240
TAIWAN — 1.9%
	161,795,107	Other Securities		1.9		127,175,964
THAILAND — 0.2%
	62,863,712	Other Securities		0.2		14,813,502
TURKEY — 0.2%
	9,411,497	Other Securities		0.2		12,711,525
UKRAINE — 0.0%
	4,476	Other Securities		0.0		60,658
UNITED ARAB EMIRATES — 0.0%
	9,368,155	Other Securities		0.0		2,530,672
UNITED KINGDOM — 5.5%
	707,430	STERIS Plc(a)		1.0		66,866,284
	534,072	Victrex Plc		0.3		19,229,691
	41,293,278	Other Securities		4.2		277,880,126
						363,976,101

Shares			Percentage of Net Assets (%)		Value
UNITED STATES — 47.4%
	657,317	Advance Auto Parts, Inc.		1.1	$	75,229,931
	211,758	Alnylam Pharmaceuticals, Inc.(b)		0.3		20,017,484
	384,022	ANSYS, Inc.(b)		0.9		62,080,997
	1,780,630	Axalta Coating Systems Ltd.(b)		0.8		55,021,467
	246,800	Blackbaud, Inc.		0.4		25,904,128
	353,700	CommVault Systems, Inc.(b)		0.4		24,741,315
	322,900	CONMED Corp.(a)		0.3		20,998,187
	397,190	Cooper Cos., Inc. (The)		1.4		90,841,325
	1,568,340	CoreLogic, Inc.(a)(b)		1.2		77,632,830
	1,067,000	DENTSPLY SIRONA, Inc.		0.8		53,712,780
	858,965	Dover Corp.		1.2		79,626,056
	180,580	Dun & Bradstreet Corp. (The)		0.3		20,822,680
	748,378	Financial Engines, Inc.		0.5		33,415,078
	203,528	GrubHub, Inc.(b)		0.3		20,584,822
	391,965	Harris Corp.		0.9		61,311,165
	420,000	HB Fuller Co.		0.3		20,777,400
	212,600	Helen of Troy Ltd.(b)		0.3		18,953,290
	359,260	IDEX Corp.		0.7		48,018,692
	458,879	Ingredion, Inc.		0.8		55,565,658
	235,000	Insulet Corp.(b)		0.3		20,210,000
	563,200	Integra LifeScience Holdings Corp.(b)		0.5		34,710,016
	378,270	JM Smucker Co. (The)		0.7		43,153,042
	405,000	John Wiley & Sons, Inc. - Class A		0.4		26,709,750
	1,372,790	KAR Auction Services, Inc.(a)		1.1		71,371,352
	574,930	Laboratory Corp of America Holdings(b)		1.5		98,169,298
	87,824	Lendingtree, Inc.(b)		0.3		20,937,242
	819,990	LogMein, Inc.		1.4		90,362,898
	1,176,150	Nasdaq, Inc.(a)		1.6		103,877,568
	327,700	Navigators Group, Inc. (The)(a)		0.3		18,515,050
	315,000	New Relic, Inc.(b)		0.3		22,015,350
	370,000	NuVasive, Inc.(b)		0.3		19,687,700
	275,000	Qualys, Inc.(b)		0.3		21,161,250
	13,082,540	Samsonite International SA(a)		0.9		59,011,339
	936,010	SIX Flags Entertainment Corp.		0.9		59,193,272
	295,357	Snap-on, Inc.		0.6		42,900,604
	245,000	UMB Financial Corp.		0.3		18,762,100
	334,775	Wabtec Corp.		0.4		29,731,368
	336,791	Waters Corp.(b)		1.0		63,454,792
	1,150,000	Welbilt, Inc.(b)		0.3		22,034,000
	313,568	West Pharmaceutical Services, Inc.		0.4		27,659,833
	270,000	Woodward, Inc.		0.3		19,423,800
	1,277,360	Worldpay, Inc. - Class A(b)		1.6		103,747,179
	835,220	Wyndham Worldwide Corp.		1.4		95,390,476
	36,435,495	Other Securities		17.4		1,157,975,257
						3,155,419,821
VIETNAM — 0.1%
	3,526,025	Other Securities		0.1		4,836,321
Total Common Stocks (Cost $4,556,048,793)						6,015,815,313

24

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Percentage of Net Assets (%)		Value
INVESTMENT COMPANY — 0.4%
	26,607,066	SEI Daily Income Trust Government II Fund, Class A 1.53%(c)		0.4		26,607,066
Total Investment Company (Cost $26,607,066)						26,607,066
EXCHANGE TRADED FUNDS — 6.1%
	1,140,400	iShares Global Energy ETF(a)		0.6		42,240,416
	276,000	iShares Global Financials ETF(a)		0.3		19,126,800
	3,007,700	SPDR S&P Oil & Gas Exploration & Production ETF		1.8		118,443,226
	2,178,600	VanEck Vectors Gold Miners ETF		0.7		48,539,208
	2,307,365	VanEck Vectors Junior Gold Miners ETF		1.1		75,012,436
	2,104,400	VanEck Vectors Oil Services ETF		0.9		57,113,416
	242,275	Vanguard Energy ETF		0.4		24,547,303
	336,750	Vanguard Financials ETF		0.3		23,309,835
Total Exchange Traded Funds (Cost $398,398,166)						408,332,640
RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	3,420	Other Securities		0.0		0
AUSTRIA — 0.0%
	9,812	Other Securities		0.0		0
INDONESIA — 0.0%
	796,300	Other Securities		0.0		30,908
MALAYSIA — 0.0%
	37,137	Other Securities		0.0		331
SINGAPORE — 0.0%
	169,648	Other Securities		0.0		0
SOUTH KOREA — 0.0%
	780	Other Securities		0.0		1,278
SPAIN — 0.0%
	13,630	Other Securities		0.0		757
UNITED KINGDOM — 0.0%
	128,742	Other Securities		0.0		19,195
UNITED STATES — 0.0%
	9,600	Other Securities		0.0		0
Total Rights/Warrants (Cost $1,823)						52,469

Principal Amount			Percentage of Net Assets (%)		Value
U.S. GOVERNMENT AGENCIES — 1.7%
Federal Home Loan Bank — 1.7%
$	43,000,000	1.41%, 05/01/2018(d)		0.7	$	43,000,000
	13,000,000	1.66%, 05/17/2018(d)		0.2		12,990,172
	55,000,000	1.70%, 05/23/2018(d)		0.8		54,942,855
Total U.S. Government Agencies (Cost $110,933,270)						110,933,027
U.S. GOVERNMENT SECURITIES — 0.0%
U.S. Treasury Bills — 0.0%
	2,000,000	1.56%, 05/03/2018(d)				1,999,827
Total U.S. Government Securities (Cost $1,999,827)						1,999,827

Shares
CASH SWEEP — 0.7%
	44,017,967	Citibank - US Dollars on Deposit in Custody Account, 0.10%(c)	0.7	$	44,017,967
Total Cash Sweep (Cost $44,017,967)					44,017,967
TOTAL INVESTMENTS — 99.3% (Cost $5,138,006,912)				$	6,607,758,309
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%					48,312,989
NET ASSETS — 100.0%				$	6,656,071,298

(a)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $338,348,910 or 5.08% of net assets.
(b)	Non-income producing security.
(c)	The rate shown represents the current yield as of April 30, 2018.
(d)	The rate represents the annualized yield at time of purchase.

25

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Condensed Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Forward foreign currency exchange contracts outstanding at April 30, 2018:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	24,624,636	NZD	34,830,000	Citibank N.A.	07/31/18		$119,246
							$119,246

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 $2,940,243 (cost of $9,824,072) or 0.04% of net assets were fair valued by the Board of Directors.

The following abbreviations are used in the report:

NZD — New Zealand Dollar

USD — U.S. Dollar

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		18.2	%
Information Technology		15.0
Health Care		13.9
Consumer Discretionary		13.2
Materials		6.3
Consumer Staples		5.5
Banks		4.8
Diversified Financials		3.6
Real Estate		2.8
Utilities		2.6
Insurance		2.3
Energy		1.5
Telecommunication Services		0.6
Other*		9.7
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.

26

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments	April 30, 2018
	(Unaudited)

Shares			Value
COMMON STOCKS — 12.4%
AUSTRALIA — 0.0%
	452,950	St Barbara Ltd.	$	1,445,035
BERMUDA — 0.3%
	40,769	Aspen Insurance Holdings Ltd .		1,730,644
	105,002	Axis Capital Holdings Ltd.		6,163,617
	41,234	Renaissancere Holdings Ltd.		5,609,473
				13,503,734
BRAZIL — 0.2%
	127,000	Ambev SA		845,410
	114,100	Atacadao Distribuicao Comercio e Industria Ltd.		492,136
	43,600	Banco do Brasil SA		457,008
	45,200	BB Seguridade Participacoes SA		354,947
	108,800	CCR SA		373,309
	21,400	Cia de Saneamento Basico do Estado de Sao Paulo		214,171
	39,100	Cielo SA		214,630
	25,900	EDP - Energias do Brasil SA		102,544
	10,400	Engie Brasil Energia SA		110,585
	4,800	Hypera SA		43,065
	110,200	Kroton Educacional SA		442,599
	57,100	Lojas Renner SA		529,730
	17,300	M Dias Branco SA		217,188
	27,600	Natura Cosmeticos SA		254,633
	19,100	Odontoprev SA		81,946
	103,600	Petroleo Brasileiro SA(a)		731,635
	58,500	Porto Seguro SA		755,631
	10,100	Qualicorp SA		69,915
	59,100	Sul America SA - Units		365,073
	16,600	Transmissora Alianca de Energia Eletrica SA - Units		101,357
	115,700	Vale SA		1,606,100
				8,363,612
CANADA — 0.1%
	139,622	Peyto Exploration & Development Corp.		1,320,154
	21,616	Waste Connections, Inc.		1,562,339
				2,882,493
CHILE — 0.0%
	163,387	Aguas Andinas SA - Class A		108,585
	1,006,082	Enel Americas SA		229,803
	1,764,009	Enel Chile SA		219,638
				558,026
CHINA — 1.1%
	71,000	AAC Technologies Holdings, Inc.		1,019,047
	248,000	Agile Group Holdings Ltd.		489,203
	1,755,000	Agricultural Bank of China Ltd. - H Shares		989,491
	300,000	Air China Ltd. - H Shares		395,489
	21,753	Alibaba Group Holding Ltd. - ADR(a)		3,883,780

Shares			Value
CHINA (continued)
	76,500	Anhui Conch Cement Co. Ltd. - H Shares	$	477,473
	120,000	ANTA Sports Products Ltd.		684,743
	461,000	ASE Industrial Holding Co. Ltd.		1,251,189
	3,218	Baidu, Inc. - ADR(a)		807,396
	2,383,000	Bank of China Ltd. - H Shares		1,293,567
	124,000	Beijing Capital International Airport Co. Ltd. - H Shares		168,885
	1,959,000	China Cinda Asset Management Co. Ltd. - H Shares		699,182
	6,645,000	China CITIC Bank Corp. Ltd. - H Shares		4,750,167
	185,000	China Communications Construction Co. Ltd. - H Shares		213,153
	1,800,000	China Construction Bank Corp. - H Shares		1,885,786
	1,434,000	China Everbright Bank Co. Ltd. - H Shares		716,626
	43,000	China Evergrande Group(a)		136,206
	514,000	China Galaxy Securities Co. Ltd. - H Shares		337,613
	1,563,000	China Huarong Asset Management Co. Ltd. - H Shares		538,310
	3,644,000	China Lesso Group Holdings Ltd.		2,808,529
	370,000	China Longyuan Power Group Corp. - H Shares		363,421
	118,000	China Medical System Holdings Ltd.		288,956
	132,000	China Merchants Bank Co. Ltd. - H Shares		575,573
	727,500	China Minsheng Banking Corp. Ltd. - H Shares		680,795
	878,000	China Petroleum & Chemical Corp. - H Shares		855,049
	266,000	China Railway Group Ltd. - H Shares		213,206
	8,675,000	China SCE Property Holdings Ltd.		4,353,223
	3,179,500	China Shenhua Energy Co. Ltd. - H Shares		7,798,863
	356,000	China Southern Airlines Co. Ltd. - H Shares		383,327
	186,500	China Vanke Co. Ltd.		770,776
	946,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		723,665
	328,000	CNOOC Ltd.		554,882
	436,000	Country Garden Holdings Co. Ltd.		889,033
	278,000	CSPC Pharmaceutical Group Ltd.		708,082
	3,974	Ctrip.com International Ltd. - ADR(a)		162,537
	40,000	ENN Energy Holdings Ltd.		374,061
	46,000	Geely Automobile Holdings Ltd.		120,981

27

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA (continued)
	247,000	Great Wall Motor Co. Ltd. - H Shares	$	256,189
	62,000	Haitian International Holdings Ltd.		165,001
	1,788,000	Industrial & Commercial Bank of China Ltd. - H Shares		1,569,652
	279,000	Longfor Properties Co. Ltd.		834,415
	4,448	NetEase, Inc. - ADR		1,143,447
	1,469	New Oriental Education & Technology Group, Inc. - ADR		131,975
	1,492,000	People’s Insurance Co. Group of China Ltd. (The) - H Shares		702,411
	534,000	PetroChina Co. Ltd. - H Shares		393,488
	242,000	PICC Property & Casualty Co. Ltd. - H Shares		433,221
	37,000	Ping An Insurance Group Co. of China Ltd. - H Shares		361,542
	703,000	Sihuan Pharmaceutical Holdings Group Ltd.		169,907
	534,000	Sino-Ocean Land Holdings Ltd.		370,789
	1,072,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		711,818
	117,700	Tencent Holdings Ltd.		5,786,477
	206,000	Tingyi Cayman Islands Holding Corp.		390,412
	191,000	Travelsky Technology Ltd. - H Shares		557,916
	253,000	Want Want China Holdings Ltd.		223,569
	325,000	Weichai Power Co. Ltd. - H Shares		376,236
	16,173	Yum China Holdings, Inc.		691,557
	318,000	Zhejiang Expressway Co. Ltd. - H Shares		326,560
	30,900	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		163,828
				59,122,675
COLUMBIA — 0.0%
	34,147	Bancolombia SA		409,430
	910,376	Ecopetrol SA		1,001,462
				1,410,892
CZECH REPUBLIC — 0.0%
	10,359	CEZ AS		264,539
	18,974	O2 Czech Republic AS		259,370
				523,909
DENMARK — 0.0%
	13,406	ALK-Abello A/S(a)		1,693,807
EGYPT — 0.1%
	256,716	Eastern Tobacco		2,984,594
	150,423	ElSewedy Electric Co.		2,141,237
				5,125,831

Shares			Value
FRANCE — 0.1%
	49,096	BioMerieux	$	3,881,189
GERMANY — 0.2%
	59,842	Daimler AG		4,704,660
	8,309	Rational AG		5,196,532
				9,901,192
HONG KONG — 0.3%
	4,772,000	Anxin-China Holdings Ltd.(a)(b)(c)		43,898
	324,000	China Everbright Ltd.		712,984
	2,236,000	China Lumena New Materials Corp.(a)(b)(c)		0
	99,000	China Mobile Ltd.		943,123
	52,000	China Overseas Land & Investment Ltd.		174,233
	138,000	China Resources Gas Group Ltd.		507,510
	714,000	China Unicom Hong Kong Ltd.(a)		1,009,631
	822,000	Far East Horizon Ltd.		815,661
	202,000	Guangdong Investment Ltd.		312,662
	192,000	Haier Electronics Group Co. Ltd.		664,277
	3,358,500	Hopewell Highway Infrastructure Ltd.		2,043,974
	106,000	Kingboard Chemical Holdings Ltd.		431,239
	64,000	Shanghai Industrial Holdings Ltd.		167,827
	166,000	Shimao Property Holdings Ltd.		439,081
	175,000	Sino Biopharmaceutical Ltd.		368,517
	351,500	Sun Art Retail Group Ltd.		395,069
	155,100	VTech Holdings Ltd.		1,888,540
	1,753,000	Yue Yuen Industrial Holdings Ltd.		4,967,942
				15,886,168
HUNGARY — 0.0%
	23,569	MOL Hungarian Oil & Gas Plc		272,358
	4,477	Richter Gedeon Nyrt		90,402
				362,760
INDIA — 0.3%
	32,456	Adani Ports and Special Economic Zone Ltd.		197,614
	77,478	Ambuja Cements Ltd.		290,269
	19,543	Asian Paints Ltd.		351,012
	45,728	Aurobindo Pharma Ltd.		438,724
	5,595	Bajaj Auto Ltd.		246,545
	81,338	Bharti Infratel Ltd.		381,032
	2,630	Britannia Industries Ltd.		217,085
	37,686	Cadila Healthcare Ltd.(a)		232,270
	27,304	Cipla Ltd.		247,565
	117,799	Coal India Ltd.		501,894
	30,373	Dabur India Ltd.		167,645
	469	Eicher Motors Ltd.		218,111
	36,934	Glenmark Pharmaceuticals Ltd.		315,747

28

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDIA (continued)
	80,506	HCL Technologies Ltd.	$	1,266,846
	8,869	Hero Motocorp Ltd.		494,510
	42,670	Hindustan Petroleum Corp. Ltd.		193,915
	12,911	Hindustan Unilever Ltd.		290,801
	20,226	Housing Development Finance Corp. Ltd.		569,597
	87,162	Indian Oil Corp. Ltd.		210,919
	95,558	Infosys Ltd.		1,712,619
	67,150	ITC Ltd.		282,458
	140,542	JSW Steel Ltd.		680,183
	36,139	Lupin Ltd.		438,129
	39,277	Marico Ltd.		195,041
	2,654	Maruti Suzuki India Ltd.		349,237
	48,134	Motherson Sumi Systems Ltd.		253,843
	1,647	Nestle India Ltd.		231,632
	86,483	Oil & Natural Gas Corp. Ltd.		233,313
	23,814	Reliance Industries Ltd.		342,239
	287,414	Rural Electrification Corp. Ltd.		547,079
	1,078	Shree Cement Ltd.		272,927
	32,850	Tata Consultancy Services, Ltd .		1,734,042
	90,482	Tata Motors Ltd.(a)		457,381
	84,873	Tata Motors Ltd. - Class A - DVR(a)		242,101
	171,752	Tata Power Co. Ltd. (The)		226,361
	27,931	Tata Steel Ltd.		247,303
	131,992	Tech Mahindra Ltd.		1,320,532
	21,814	Titan Co. Ltd.		319,896
	49,030	UPL Ltd.		534,314
	79,872	Vakrangee Ltd.		119,168
	123,946	Vedanta Ltd.		550,172
	61,300	Zee Entertainment Enterprises Ltd.		538,876
				18,660,947
INDONESIA — 0.1%
	3,435,400	Adaro Energy Tbk PT		449,870
	192,000	Astra International Tbk PT		98,271
	695,700	Bank Rakyat Indonesia Persero Tbk PT		160,406
	1,347,700	Bank Tabungan Negara Persero Tbk PT		300,345
	2,811,000	Bumi Serpong Damai Tbk PT		339,440
	846,500	Charoen Pokphand Indonesia Tbk PT		223,160
	32,600	Gudang Garam Tbk PT		161,953
	1,034,300	Hanjaya Mandala Sampoerna Tbk PT		262,086
	558,700	Indofood CBP Sukses Makmur Tbk PT		347,100
	351,000	Indofood Sukses Makmur Tbk PT		175,490
	2,062,900	Kalbe Farma Tbk PT		222,699
	676,600	Matahari Department Store Tbk PT		500,971
	2,781,000	Surya Citra Media Tbk PT		509,039
	3,382,200	Telekomunikasi Indonesia Persero Tbk PT		922,916

Shares			Value
INDONESIA (continued)
	53,600	Unilever Indonesia Tbk PT	$	178,148
	101,700	United Tractors Tbk PT		248,136
				5,100,030
ISRAEL — 0.0%
	3,488,731	Oil Refineries Ltd.		1,509,590
ITALY — 0.0%
	281,495	Snam SpA		1,351,478
JAPAN — 0.9%
	116,200	Adastria Co. Ltd.		2,015,863
	50,200	Duskin Co. Ltd.		1,265,537
	106,900	EDION Corp.		1,253,019
	110,700	Fukuyama Transporting Co. Ltd.(b)		4,619,327
	26,700	Kura Corp.		1,918,646
	46,800	Mochida Pharmaceutical Co. Ltd.(b)		3,297,442
	51,800	Nagoya Railroad Co. Ltd.		1,356,702
	281,000	Nippon Kayaku Co. Ltd.		3,516,085
	55,800	Nippon Telegraph & Telephone Corp.		2,647,999
	556,200	NTT Data Corp.		5,994,163
	28,300	Ohsho Food Service Corp.		1,420,289
	72,800	Osaka Gas Co. Ltd.		1,567,673
	55,400	Paramount Bed Holdings Co. Ltd.		2,756,433
	31,500	S Foods, Inc.		1,323,487
	268,000	Takasago Thermal Engineering Co. Ltd.(b)		5,080,875
	59,600	Toyo Suisan Kaisha Ltd.		2,346,652
	333,900	Yokogawa Electric Corp.		7,352,379
	77,800	Zensho Holdings Co. Ltd.		1,810,717
				51,543,288
LUXEMBOURG — 0.0%
	1,091,750	L’Occitane International SA(b)		2,027,914
MALAYSIA — 0.1%
	221,400	AirAsia Berhad		216,290
	788,300	Astro Malaysia Holdings Berhad		381,767
	36,700	British American Tobacco Malaysia Berhad		228,831
	56,600	Malayan Banking Berhad		155,167
	84,100	Malaysia Airports Holdings Berhad		192,672
	81,300	Petronas Dagangan Berhad		558,081
	234,900	Press Metal Aluminium Holdings Berhad		286,590
	39,100	Public Bank Berhad		236,593
	31,600	Tenaga Nasional Berhad		127,243
	385,100	Westports Holdings Berhad		325,359
				2,708,593
MEXICO — 0.1%
	242,400	Alfa SAB de CV - Series A		310,549

29

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
MEXICO (continued)
	1,537,700	America Movil SAB de CV - Series L	$	1,422,422
	236,470	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand - Series B		349,861
	722,400	Cemex SAB de CV - CPO - Units(a)		450,775
	76,800	Coca-Cola Femsa SAB de CV - Series L		498,119
	19,400	Fomento Economico Mexicano SAB de CV - Units		187,703
	758,200	Gentera SAB de CV		603,250
	25,600	Grupo Aeroportuario del Pacifico SAB de CV - Series B		265,937
	30,200	Grupo Financiero Banorte SAB de CV - Series O		188,867
	222,500	Grupo Financiero Inbursa SAB de CV		370,356
	57,300	Grupo Mexico SAB de CV - Series B		189,713
	20,520	Industrias Penoles SAB de CV		431,191
	158,000	Kimberly-Clark de Mexico SAB de CV - Class A		286,312
	25,870	Promotora y Operadora de Infraestructura SAB de CV		265,159
	261,200	Wal-Mart de Mexico SAB de CV		726,252
				6,546,466
NETHERLANDS — 0.1%
	102,921	Aalberts Industries NV		5,067,508
PAKISTAN — 0.0%
	125,100	Lucky Cement Ltd.		715,875
	183,700	MCB Bank Ltd.		331,971
	414,000	United Bank Ltd.		718,807
				1,766,653
PERU — 0.0%
	2,308	Credicorp. Ltd.		536,587
PHILIPPINES — 0.0%
	1,251,000	DMCI Holdings, Inc.		265,913
	138,370	JG Summit Holdings, Inc.		170,451
	54,170	Jollibee Foods Corp.		297,696
	74,250	Manila Electric Co.		460,938
				1,194,998
POLAND — 0.0%
	2,168	CD Projekt SA		76,508
	12,330	Cyfrowy Polsat SA		89,927
	8,043	Grupa Lotos SA		126,003
	5,249	Jastrzebska Spolka Weglowa SA(a)		123,083
	36	LPP SA		93,623
	76,937	Orange Polska SA(a)		115,181

Shares			Value
POLAND (continued)
	9,700	Polski Koncern Naftowy ORLEN SA	$	247,058
				871,383
QATAR — 0.1%
	67,440	Doha Bank QPSC		501,230
	28,915	Masraf Al Rayan QSC		282,600
	66,846	Ooredoo QSC		1,454,225
	877	Qatar Electricity & Water Co. QSC		47,624
	31,434	Qatar Gas Transport Co. Ltd.		126,529
	10,070	Qatar Islamic Bank SAQ		295,874
	17,035	Qatar National Bank QPSC		705,110
	135,323	Qatar Navigation QSC		2,089,253
				5,502,445
SOUTH AFRICA — 0.2%
	41,364	AngloGold Ashanti Ltd.		369,739
	23,183	Barclays Africa Group Ltd.		339,568
	25,288	Bidvest Group Ltd. (The)		495,371
	43,495	Coronation Fund Managers Ltd.		258,289
	77,009	FirstRand Ltd.		412,424
	659,467	Gold Fields Ltd.		2,503,700
	38,991	Imperial Holdings Ltd.		750,035
	37,404	Investec Ltd.		295,055
	192,175	Life Healthcare Group Holdings Ltd.		453,011
	16,429	Mondi Ltd.		479,314
	42,573	Mr Price Group Ltd.		934,216
	29,910	MTN Group Ltd.		300,198
	3,990	Naspers Ltd. - Class N		972,042
	45,644	RMB Holdings Ltd.		286,291
	60,989	Sappi Ltd.		389,212
	27,036	Spar Group Ltd. (The)		458,063
	12,628	Standard Bank Group Ltd.		216,578
	12,546	Tiger Brands Ltd.		392,105
	109,095	Truworths International Ltd.		891,915
	36,685	Vodacom Group Ltd.		458,633
	167,004	Woolworths Holdings Ltd.		858,256
				12,514,015
SOUTH KOREA — 0.6%
	42,041	BNK Financial Group, Inc.		409,131
	715	Celltrion, Inc.(a)		179,370
	26,204	Cheil Worldwide, Inc.		466,523
	2,174	CJ Corp.		329,348
	3,265	Coway Co. Ltd.		266,817
	10,867	DB Insurance Co. Ltd.		637,894
	69,819	DGB Financial Group, Inc.		780,344
	12,265	Doosan Heavy Industries & Construction Co. Ltd.(a)		204,449
	11,191	Hana Financial Group, Inc.		497,252
	20,671	Hanon Systems		209,929
	9,173	Hanwha Corp.		341,050
	56,138	Hanwha Life Insurance Co. Ltd.		326,218

30

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	5,580	Hyundai Engineering & Construction Co. Ltd.	$	330,466
	8,625	Hyundai Marine & Fire Insurance Co. Ltd.		308,146
	47,184	Industrial Bank of Korea		739,931
	16,366	Kangwon Land, Inc.		441,497
	10,741	KB Financial Group Inc.		610,251
	5,518	Korea Investment Holdings Co. Ltd.		466,113
	11,428	Korean Air Lines Co. Ltd.		363,190
	26,456	KT Corp.		672,666
	4,143	KT&G Corp.		378,846
	521	LG Chem Ltd.		174,394
	185,232	LG Display Co. Ltd.		4,044,377
	1,044	LG Electronics, Inc.		98,991
	235	LG Household & Health Care Ltd.		300,067
	328,359	LG Uplus Corp.		3,759,152
	1,892	Lotte Chemical Corp.		728,565
	1,804	NAVER Corp.		1,202,985
	1,528	NCSoft Corp.		512,144
	1,908	S-1 Corp.		174,966
	2,093	Samsung Electronics Co. Ltd.(b)		5,187,727
	1,780	Samsung Fire & Marine Insurance Co. Ltd.		444,448
	20,306	Shinhan Financial Group Co. Ltd.		904,158
	1,514	SK Holdings Co. Ltd.		414,426
	25,556	SK Hynix, Inc.		2,009,827
	1,999	SK Telecom Co. Ltd.		427,112
	27,642	Woori Bank		412,680
				29,755,450
SWITZERLAND — 0.1%
	22,385	Schindler Holding AG		4,622,204
TAIWAN — 1.1%
	78,000	Advantech Co. Ltd.		535,470
	2,645,000	AU Optronics Corp.		1,090,682
	105,000	Catcher Technology Co. Ltd.		1,164,469
	108,000	Cathay Financial Holding Co. Ltd.		193,726
	134,000	Chailease Holding Co. Ltd.		488,929
	9,515,250	Chang Hwa Commercial Bank Ltd.(b)		5,477,340
	409,000	Chicony Electronics Co. Ltd.		1,007,663
	144,000	China Steel Corp.		113,948
	61,000	Chunghwa Telecom Co. Ltd.		232,109
	241,000	CTBC Financial Holding Co. Ltd.		171,872
	8,365,339	E.Sun Financial Holding Co. Ltd.		5,915,583
	27,000	Eclat Textile Co. Ltd.		325,740
	338,000	Evergreen Marine Corp. Taiwan Ltd.(a)		170,963
	113,000	Feng TAY Enterprise Co. Ltd.		512,410
	8,133,980	First Financial Holding Co. Ltd.		5,592,173
	133,000	Formosa Petrochemical Corp.		542,686

Shares			Value
TAIWAN (continued)
	1,553,880	Foxconn Technology Co. Ltd.	$	3,858,106
	90,000	Fubon Financial Holding Co. Ltd.		153,977
	9,430,950	Hua Nan Financial Holdings Co. Ltd.		5,703,208
	2,654,000	Innolux Corp.		987,623
	10,000	Largan Precision Co. Ltd.		1,163,083
	1,814,000	LCY Chemical Corp.		2,688,317
	404,000	Lite-On Technology Corp.		533,123
	55,000	Nan Ya Plastics Corp.		150,644
	49,000	Nien Made Enterprise Co. Ltd.		435,245
	1,235,000	Novatek Microelectronics Corp.		5,183,950
	244,000	Pegatron Corp.		568,880
	103,000	Phison Electronics Corp.		932,442
	42,000	President Chain Store Corp.		412,838
	2,067,000	Shin Kong Financial Holding Co. Ltd.		840,074
	1,232,000	Taiwan Semiconductor Manufacturing Co. Ltd.		9,384,566
	2,188,000	Uni-President Enterprises Corp.		5,265,785
	248,000	Vanguard International Semiconductor Corp.		502,699
	237,000	Zhen Ding Technology Holding Ltd.		515,704
				62,816,027
TURKEY — 0.1%
	149,238	Akbank Turk AS		310,516
	12,742	BIM Birlesik Magazalar AS		216,495
	55,366	Eregli Demir ve Celik Fabrikalari TAS		138,207
	10,297	Ford Otomotiv Sanayi AS		141,755
	125,868	Haci Omer Sabanci Holding AS		297,670
	13,633	KOC Holding AS		46,057
	67,708	Petkim Petrokimya Holding AS		119,664
	19,565	TAV Havalimanlari Holding AS		105,310
	19,556	Tofas Turk Otomobil Fabrikasi AS		120,512
	15,058	Turk Hava Yollari AO(a)		62,199
	140,348	Turkiye Garanti Bankasi AS		317,808
	128,523	Turkiye Halk Bankasi AS		262,957
	201,674	Turkiye Is Bankasi - Class C		305,590
	48,933	Turkiye Sise ve Cam Fabrikalari AS		54,376
	200,822	Turkiye Vakiflar Bankasi TAO - Class D		295,488
	308,691	Yapi ve Kredi Bankasi AS(a)		302,318
				3,096,922
UNITED ARAB EMIRATES — 0.0%
	446,871	Emirates Telecommunications Group Co. PJSC		2,082,075
UNITED KINGDOM — 0.1%
	40,577	Aon Plc		5,781,005
UNITED STATES — 6.1%
	22,608	3M Co.		4,394,769

31

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	86,893	AGNC Investment Corp. REIT	$	1,644,015
	47,185	Altria Group, Inc.		2,647,549
	49,631	American Financial Group, Inc.		5,619,221
	35,712	Amgen, Inc.		6,231,029
	61,199	Amphenol Corp. - Class A		5,122,968
	268,063	Annaly Capital Management, Inc., REIT		2,779,813
	22,840	Anthem, Inc.		5,390,012
	442,833	Apollo Investment Corp.		2,378,013
	63,435	AptarGroup, Inc.		5,931,173
	86,139	Arthur J Gallagher & Co.		6,028,869
	110,000	AT&T, Inc.		3,596,999
	194,625	Brinker International, Inc.		8,483,704
	210,586	Brown & Brown, Inc.		5,734,257
	44,931	CBOE Global Markets, Inc.		4,797,732
	52,616	Cheesecake Factory, Inc. (The)		2,733,401
	72,483	Cincinnati Financial Corp.		5,098,454
	69,679	Clorox Co. (The)		8,166,379
	42,618	Conagra Brands, Inc.		1,579,849
	28,880	Costco Wholesale Corp.		5,693,981
	24,165	Cracker Barrel Old Country Store, Inc.		3,977,317
	104,870	Darden Restaurants, Inc.		9,738,228
	71,145	Discover Financial Services		5,069,081
	40,730	Ecolab, Inc.		5,896,482
	91,094	EPR Properties REIT		5,011,992
	89,559	Equity Commonwealth REIT(a)		2,775,433
	25,739	General Dynamics Corp.		5,181,518
	1,725,000	General Motors Co., Escrow Shares(b)(c)		258,749
	52,630	Genuine Parts Co.		4,648,282
	72,519	Guess?, Inc.		1,688,968
	35,085	Honeywell International, Inc.		5,076,098
	40,387	IDEX Corp.		5,398,126
	32,385	Illinois Tool Works, Inc.		4,599,318
	4,573	Lockheed Martin Corp.		1,467,201
	105,398	Loews Corp.		5,529,179
	67,059	Marsh & McLennan Cos., Inc.		5,465,309
	55,658	McCormick & Co., Inc. - Non Voting Shares		5,866,910
	63,321	Motorola Solutions, Inc.		6,954,545
	288,157	New York Community Bancorp, Inc.		3,423,305
	214,000	Nexteer Automotive Group Ltd.		329,254
	67,956	NIC, Inc.		1,009,147
	856	Northrop Grumman Corp.		275,666
	324,644	Northwest Bancshares, Inc.		5,389,090
	66,019	Northwest Natural Gas Co.		4,046,965
	73,004	Omnicom Group, Inc.		5,377,475
	32,782	Park National Corp.		3,536,522
	82,163	Paychex, Inc.		4,976,613
	280,466	People’s United Financial, Inc.		5,129,723
	46,154	PepsiCo, Inc.		4,658,785
	175,000	PG&E Corp.		8,067,500
	69,665	Pinnacle West Capital Corp.		5,608,033
	27,541	Progress Software Corp.		1,017,089

Shares			Value
UNITED STATES (continued)
	37,217	Quest Diagnostics, Inc.	$	3,766,360
	6,581	Raytheon Co.		1,348,710
	34,800	Reinsurance Group of America, Inc.		5,199,120
	82,000	Republic Services, Inc.		5,303,760
	104,627	RPM International, Inc.		5,053,484
	102,803	Sonoco Products Co.		5,279,962
	126,611	Southern Co. (The)		5,839,299
	38,766	Spire, Inc.		2,796,967
	32,760	Stanley Black & Decker, Inc.		4,638,488
	60,107	Target Corp.		4,363,768
	26,051	Thermo Fisher Scientific, Inc.		5,479,828
	42,628	United Parcel Service, Inc. - Class B		4,838,278
	99,892	Unum Group		4,832,775
	8,677	Vail Resorts, Inc.		1,989,723
	82,677	Verizon Communications, Inc.		4,080,110
	24,189	Viad Corp.		1,227,592
	122,309	Walmart, Inc.		10,819,454
	50,670	Walt Disney Co. (The)		5,083,721
	63,203	Waste Management, Inc.		5,137,772
	88,387	WEC Energy Group Inc.		5,681,516
	85,860	WP Carey, Inc. REIT		5,482,161
	77,957	WR Berkley Corp.		5,812,474
				335,555,412
Total Common Stocks (Cost $661,167,183)				685,272,313
CLOSED-END FUNDS — 2.6%
UNITED STATES — 2.6%
	15,779	AllianceBernstein Global High Income Fund, Inc.		186,193
	226,711	Apollo Tactical Income Fund, Inc.(b)		3,554,828
	396,168	Ares Dynamic Credit Allocation Fund, Inc.(b)		6,481,308
	200,658	Barings Global Short Duration High Yield Fund(b)		3,772,370
	1,109	Barings Participation Investors		16,413
	165,570	Blackrock Defined Opportunity Credit Trust(b)(c)		0
	515,000	BlackRock Income Trust, Inc.(b)		2,966,400
	413,675	Blackrock Limited Duration Income Trust(b)		6,225,809
	381,597	Blackrock Multi-Sector Income Trust(b)		6,468,069
	693,586	Blackstone/GSO Strategic Credit Fund(b)		11,083,504
	364,845	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(b)		9,405,704
	264,228	Cohen & Steers REIT and Preferred Income Fund, Inc.(b)		4,885,576

32

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	254,269	Doubleline Income Solutions Fund	$	5,131,148
	153,030	Eaton Vance Municipal Income Trust(b)		1,782,800
	113,768	First Trust High Income Long/Short Fund		1,719,034
	369,371	First Trust Intermediate Duration Preferred & Income Fund(b)		8,355,172
	215,060	Invesco Advantage Municipal Income Trust II(b)		2,262,431
	753,711	Invesco Dynamic Credit Opportunities Fund(b)		8,946,550
	1,651,677	Invesco Senior Income Trust(b)		7,333,446
	100,000	Invesco Value Municipal Income Trust		1,423,000
	180,026	NexPoint Credit Strategies Fund(b)		4,315,223
	153,000	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund		2,256,750
	961,320	Nuveen Preferred & Income Securities Fund(b)		9,065,248
	206,585	Nuveen Preferred & Income Term Fund(b)		4,900,196
	466,903	PIMCO Dynamic Credit Income Fund		10,654,726
	445,333	PIMCO Income Strategy Fund II(b)		4,680,450
	488,946	Pioneer Floating Rate Trust(b)		5,671,774
	311,352	Pioneer Municipal High Income Advantage Trust(b)		3,334,580
	81,873	Stone Harbor Emerging Markets Income Fund		1,216,633
	1,316,093	Voya Prime Rate Trust(b)		6,804,201
Total Closed-End Funds (Cost $139,719,959)				144,899,536
EXCHANGE TRADED FUNDS — 15.7%
UNITED STATES — 15.7%
	885,000	Energy Select Sector SPDR Fund		65,321,850
	2,480,000	Financial Select Sector SPDR Fund		68,076,000
	259,595	Health Care Select Sector SPDR Fund		21,354,285
	250,000	Industrial Select Sector SPDR Fund		18,055,000
	440,000	iShares China Large-Cap ETF		20,649,200
	3,136,135	iShares MSCI EAFE ETF		221,850,190
	1,900,000	iShares MSCI Emerging Markets ETF		89,148,000
	1,242,835	iShares MSCI Germany ETF		40,342,424
	400,000	iShares MSCI Japan ETF		24,256,000
	390,000	iShares MSCI South Korea Index Fund ETF		29,484,000
	430,000	iShares MSCI Taiwan Capped ETF		15,609,000

Shares				Value
UNITED STATES (continued)
	730,000		iShares MSCI United Kingdom ETF	$	26,462,500
	435,000		iShares Russell 1000 Value ETF		52,347,900
	85,000		iShares US Aerospace & Defense ETF		16,349,750
	294,600		SPDR S&P Dividend ETF		26,773,248
	1,575,000		VanEck Vectors Russia ETF		33,106,500
	1,265,000		Vanguard FTSE Europe ETF		75,141,000
	175,000		Vanguard Total Stock Market ETF		23,857,750
Total Exchange Traded Funds (Cost $828,407,151)					868,184,597
PREFERRED STOCKS — 0.1%
BRAZIL — 0.1%
	41,140		Banco Bradesco SA		405,387
	33,400		Braskem SA - Class A		433,136
	64,400		Itau Unibanco Holding SA		935,153
	245,300		Itausa - Investimentos Itau SA		948,794
	119,500		Petroleo Brasileiro SA(a)		783,886
					3,506,356
CHILE — 0.0%
	8,040		Sociedad Quimica y Minera de Chile SA - Class B		440,315
COLUMBIA — 0.0%
	36,857		Bancolombia SA		439,824
SOUTH KOREA — 0.0%
	1,349		LG Chem Ltd.		258,738
	298		LG Household & Health Care Ltd.		214,358
	595		Samsung Electronics Co. Ltd.(b)		1,183,095
					1,656,191
Total Preferred Stocks (Cost $6,002,010)					6,042,686
Principal Amount					Value
BANK LOANS — 2.2%
BELGIUM — 0.0%
$	1,000,000	(d)	ADB Safegate BVBA First Lien Term Loan, (EURIBOR + 3.500%), 3.50%, 10/03/24(e)		1,209,615
CAYMAN ISLANDS — 0.0%
	971,265	(f)	Richmond Cayman LP First Lien Term Loan B, (LIBOR + 4.250%), 4.76%, 03/03/24(e)		1,318,763

33

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal
Amount				Value
DENMARK — 0.1%
$	887,562	(d)	Evergood 4 ApS First Lien Term Loan B1E, (EURIBOR + 3.250%), 3.25%, 02/06/25(e)	$	1,071,196
	3,000,000	(d)	KMD A/S First Lien Term Loan B, (EURIBOR + 4.500%), 4.50%, 10/03/20(e)		3,559,396
					4,630,592
FRANCE — 0.2%
	1,231,842		Altran Technologies SA First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 02/01/25(e)		1,494,859
	2,000,000	(d)	Assystem First Lien Term Loan B, (EURIBOR + 4.750%), 4.25%, 09/30/24(e)		2,416,718
	666,667		Assystem Technologies Services SASU First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 09/28/24(e)		805,404
	2,000,000	(d)	Hera SAS First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 09/20/24(e)		2,386,818
	3,157,895		Les Derives Resiniques et Terpeniques SA First Lien Term Loan B, (EURIBOR + 4.750%), 4.75%, 03/08/25(e)		3,756,266
	1,989,950	(d)	SFR Group SA First Lien Term Loan B11, (EURIBOR + 3.000%), 3.00%, 07/31/25(e)		2,349,904
					13,209,969
GERMANY — 0.5%
	2,927,000	(d)	Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e)		3,427,610
	422,000	(d)	Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e)		494,176
	390,000	(d)	Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e)		456,703
	260,000	(d)	Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e)		304,468
	4,000,000	(d)	Amedes Holding AG First Lien Term Loan B, (EURIBOR + 4.750%), 4.75%, 08/19/22(e)		4,802,617

Principal
Amount				Value
GERMANY (continued)
$	992,288	(d)	ColourOz Investment 1 GmbH First Lien Term Loan B, (EURIBOR + 3.000%), 3.75%, 09/07/21(e)	$	1,155,255
	217,567	(d)	Douglas GmbH First Lien Term Loan B1, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		256,612
	112,636	(d)	Douglas GmbH First Lien Term Loan B2, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		132,850
	196,836	(d)	Douglas GmbH First Lien Term Loan B3, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		232,161
	197,402	(d)	Douglas GmbH First Lien Term Loan B4, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		232,828
	44,013	(d)	Douglas GmbH First Lien Term Loan B5, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		51,912
	148,613	(d)	Douglas GmbH First Lien Term Loan B6, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		175,284
	82,932	(d)	Douglas GmbH First Lien Term Loan B7, (EURIBOR + 3.500%), 3.50%, 08/12/22(e)		97,815
	891,039	(d)	Flint Group GmbH First Lien Term Loan B3, (EURIBOR + 3.000%), 3.75%, 09/07/21(e)		1,037,378
	150,000	(d)	Flint Group GmbH First Lien Term Loan B4, (EURIBOR + 3.750%), 3.75%, 09/07/21(e)		174,635
	1,744,515	(d)	Flint Group GmbH First Lien Term Loan B5, (EURIBOR + 3.000%), 3.75%, 09/07/21(e)		2,031,023
	209,883		Flint Group GmbH First Lien Term Loan B7, (EURIBOR + 3.000%), 3.75%, 09/07/21(e)		244,352
	4,000,000	(d)	OEP Trafo BidCo GmbH First Lien Term Loan B, (EURIBOR + 4.250%), 4.00%, 07/18/24(e)		4,511,877
	1,000,000	(d)	Riemser Arzneimittel AG First Lien Term Loan B, (EURIBOR + 5.500%), 5.50%, 06/29/23(e)		1,189,483

34

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal
Amount				Value
GERMANY (continued)
$	3,118,000		Rodenstock GmbH First Lien Term Loan B, (EURIBOR + 4.500%), 4.50%, 05/31/19(e)	$	3,687,650
	4,000,000	(d)	SLV GmbH First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 01/03/24(e)		4,687,509
					29,384,198
IRELAND — 0.0%
	1,056,176	(d)	Ion Trading Finance Ltd. First Lien Term Loan B, (EURIBOR + 2.750%), 3.75%, 11/21/24(e)		1,277,988
JERSEY CHANNEL ISLANDS — 0.1%
	2,510,377	(f)	L1R HB Finance Ltd. First Lien Term Loan B, (GBPLIBOR + 5.250%), 5.89%, 08/26/24(e)		3,363,401
LUXEMBOURG — 0.3%
	3,423,000		Arvos Bidco Sarl First Lien Term Loan B2 EUR, (EURIBOR + 4.500%), 5.50%, 08/30/21(e)		4,120,711
	1,984,456	(d)	Coveris Holdings SA First Lien Term Loan, (EURIBOR + 4.000%), 5.00%, 06/29/22(e)		2,394,940
	2,000,000	(d)	Orbiter Group Sarl First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 07/11/24(e)		2,420,220
	1,000,000	(d)	Pi Lux Finco Sarl First Lien Term Loan B2, (EURIBOR + 3.250%), 3.25%, 12/01/24(e)		1,205,340
	1,000,000		Swissport Financing Sarl First Lien Term Loan B, (EURIBOR + 4.380%), 4.38%, 02/08/22(e)		1,179,522
	2,175,000	(d)	Swissport Financing Sarl First Lien Term Loan B, (EURIBOR + 3.750%), 4.75%, 02/09/22(e)		2,586,314
	1,297,297		TI Luxembourg SA First Lien Term Loan B1, (EURIBOR + 3.500%), 3.50%, 02/02/25(e)		1,565,956
					15,473,003
NETHERLANDS — 0.2%
	1,000,000	(d)	Gamma Infrastructure III First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 01/26/25(e)		1,209,108

Principal
Amount				Value
NETHERLANDS (continued)
$	1,238,095		GTT Communications BV First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 04/27/25(e)	$	1,487,646
	3,163,636		Markermeer Finance BV First Lien Term Loan B2, (EURIBOR + 4.750%), 4.75%, 12/22/24(e)		3,829,953
	2,723,000		Sigma Bidco BV First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 03/07/25(e)		3,264,812
	2,000,000		Sunshine Investments BV First Lien Term Loan B1, (EURIBOR + 3.250%), 3.25%, 12/15/24(e)		2,413,844
					12,205,363
NORWAY — 0.1%
	2,152,672		Silk Bidco AS First Lien Term Loan B, (EURIBOR + 4.000%), 4.00%, 02/24/25(e)		2,598,159
SPAIN — 0.0%
	1,000,000	(d)	Dorna Sports SL First Lien Term Loan B, (EURIBOR + 3.000%), 3.00%, 04/12/24(e)		1,204,000
SWEDEN — 0.1%
	1,981,481		Itiviti Group AB First Lien Term Loan B, (EURIBOR + 4.500%), 4.50%, 02/23/25(e)		2,324,040
SWITZERLAND — 0.0%
	1,000,000	(d)	Avaloq Group AG First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 06/12/24(e)		1,206,089
UNITED KINGDOM — 0.2%
	1,680,000	(f)	Camelia Bidco Ltd. First Lien Term Loan B, (GBPLIBOR + 4.750%), 5.31%, 10/10/24(e)		2,317,219
	1,000,000		HNVR Holdco Ltd. First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 09/12/23(e)		1,204,072
	1,425,000	(d)	Jackpotjoy Plc First Lien Term Loan, (LIBOR + 5.250%), 5.78%, 11/27/24(e)		1,964,262
	1,000,000	(d)	Shilton Bidco Ltd. First Lien Term Loan B1, (EURIBOR + 3.250%), 3.25%, 07/13/24(e)		1,205,340

35

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal
Amount				Value
UNITED KINGDOM (continued)
$	2,153,846	(d)	Stonepeak Spear Newco UK Ltd. First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 12/15/24(e)	$	2,595,571
					9,286,464
UNITED STATES — 0.4%
	1,598,558	(d)	Avantor, Inc. First Lien Term Loan, (EURIBOR + 4.250%), 4.25%, 11/21/24(e)		1,941,766
	5,000		CBAM Loan Opportunities Funding LLC First Lien Term Loan B, 0.00%, (b)(e)		5,000,000
	7,361,935		Chimera Special Holding LLC First Lien Term Loan, 3.67%, 10/06/19(b)(e)(g)		7,361,935
	5,015,318		Chimera Special Holding LLC First Lien Term Loan, 3.89%, 10/06/19(e)		5,015,318
	5,000		Gates Global LLC First Lien Term Loan B2, (EURIBOR + 3.250%), 3.00%, 04/01/24(e)		6,038
	1,927,038		Lone Star LPST Future Funding Term Loan, (LIBOR + 3.750%), 5.39%, 09/20/20(b)(e)		1,927,038
					21,252,095
Total Bank Loans (Cost $119,875,824)					119,943,739

Principal
Amount				Value
CORPORATE BONDS — 6.6%
ARGENTINA — 0.0%
$	1,000,000		Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(h)	$	1,040,500
BERMUDA — 0.0%
	1,150,000		Ooredoo International Finance Ltd., 4.75%, 02/16/21(h)		1,177,195
	950,000		Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26(h)		896,990
					2,074,185
BRAZIL — 0.0%
	1,225,000	(d)	Votorantim Cimentos SA, 3.50%, 07/13/22(h)		1,560,670
CANADA — 0.0%
	425,000	(f)	Entertainment One Ltd., 6.88%, 12/15/22(h)		620,324
	150,000		GFL Environmental, Inc, 5.63%, 05/01/22(g)		150,188
					770,512
CAYMAN ISLANDS — 0.1%
	4,264,759		Ambac LSNI LLC, (3 mo. LIBOR US + 0.050%), 6.81%, 02/12/23(g)(i)		4,307,407
	1,000,000		Petrobras Global Finance BV, 5.38%, 01/27/21		1,036,000
					5,343,407
CZECH REPUBLIC — 0.1%
	725,000	(d)	EP Energy AS, 4.38%, 05/01/18(h)		875,509
	1,300,000	(d)	RESIDOMO SRO, 3.38%, 10/15/24(h)		1,580,867
					2,456,376
DOMINICAN REPUBLIC — 0.0%
	920,000		Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(h)		990,150
FRANCE — 0.2%
	200,000	(j)	Areva SA, 3.50%, 03/22/21		257,629
	1,600,000	(j)	Casino Guichard Perrachon SA, 4.50%, 03/07/24(h)		2,042,752
	625,000	(j)	CMA CGM SA, 5.25%, 01/15/25(h)		690,029
	500,000	(j)	Electricite de France SA, (8 yr. Euro Swap + 2.440%), 4.13%, 01/22/67(h)(k)		642,279

36

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal
Amount				Value
FRANCE (continued)
$	900,000	(j)	Electricite de France SA, (7 yr. Euro Swap + 3.020%), 4.25%, 01/29/67(h)(k)	$	1,144,919
	325,000	(j)	Elis SA, 3.00%, 04/30/22(h)		398,572
	1,400,000	(j)	NEW Areva Holding SA, 4.88%, 09/23/24		1,851,164
	625,000	(j)	Newco GB SAS, 8.00% cash or 8.00% payment-in-kind interest, 8.00%, 12/15/22(h)(l)		761,585
	375,000	(j)	SASU Newco SAB 20 SAS, 4.25%, 09/30/24(h)		441,053
	825,000	(j)	Vallourec SA, 6.38%, 10/15/23(h)		995,272
					9,225,254
GERMANY — 0.1%
	850,000	(j)	DEMIRE Deutsche Mittelstand Real Estate AG, 2.88%, 07/15/22(h)		1,046,557
	375,000	(j)	Nordex SE, 6.50%, 02/01/23(h)		421,929
	700,000	(j)	Raffinerie Heide GmbH, 6.38%, 12/01/22(h)		845,699
	825,000	(j)	Senvion Holding GmbH, 3.88%, 10/25/22(h)		909,882
					3,224,067
GUERNSEY — 0.1%
	1,050,000	(j)	Globalworth Real Estate Investments, Ltd., REIT, 2.88%, 06/20/22(h)		1,316,628
	875,000	(j)	Globalworth Real Estate Investments, Ltd., REIT, 3.00%, 03/29/25(h)		1,066,448
					2,383,076
HONG KONG — 0.0%
	9,700,000		China Milk Products Group Ltd., Cnv., 13.00%, 12/31/49(c)(m)(n)		0
HUNGARY — 0.0%
	775,000	(j)	MOL Hungarian Oil & Gas Plc, 2.63%, 04/28/23(h)		1,008,500
INDONESIA — 0.0%
	800,000		Perusahaan Listrik Negara PT, 5.50%, 11/22/21(h)		837,000
IRELAND — 0.1%
	1,750,000		Phosagro OAO via Phosagro Bond Funding DAC, 3.95%, 11/03/21(h)		1,680,000
	450,000		Smurfit Kappa Acquisitions, 4.88%, 09/15/18(g)		450,675

Principal
Amount				Value
IRELAND (continued)
$	775,000	(j)	Smurfit Kappa Acquisitions ULC, 4.13%, 01/30/20(h)	$	999,061
	2,410,000	(f)	Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24(h)		3,284,693
	250,000	(f)	Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23(h)		348,479
					6,762,908
ITALY — 0.1%
	175,000	(j)	Almaviva-The Italian Innovation Co. SpA, 7.25%, 10/15/22(h)		215,237
	825,000	(j)	Cooperativa Muratori & Cementisti-CMC di Ravenna SC, 6.00%, 02/15/23(h)		953,429
	1,180,000	(j)	Fabric BC SpA, (3 mo. EURIBOR + 0.041%), 3.81%, 11/30/24(h)		1,434,513
	385,000	(j)	Inter Media Communication Srl, 4.88%, 12/31/22(h)		468,040
	225,000	(j)	Telecom Italia SpA/Milano, 3.25%, 01/16/23(h)		296,415
	725,000	(j)	Wind Tre SpA, 2.63%, 01/20/23(h)		795,706
	1,330,000	(j)	Wind Tre SpA, (3 mo. EURIBOR + 0.028%), 2.75%, 01/20/24(h)(i)		1,491,748
					5,655,088
JAPAN — 0.0%
	975,000	(d)	SoftBank Group Corp., 4.00%, 04/20/23(h)		1,197,789
JERSEY CHANNEL ISLANDS — 0.2%
	950,000	(d)	Adient Global Holdings Ltd., 3.50%, 08/15/24(h)		1,161,501
	825,000	(f)	Kennedy Wilson Europe Real Estate Plc, 3.95%, 06/30/22(h)		1,184,884
	1,200,000	(d)	Kennedy Wilson Europe Real Estate Plc, 3.25%, 11/12/25(h)		1,484,604
	1,650,000	(d)	LHC3 Plc, 4.13% cash or 4.88 payment-in-kind interest, 4.13%, 08/15/24(h)(l)		2,014,674
	2,375,000	(d)	Lincoln Finance Ltd., 6.88%, 04/15/21(h)		2,964,842
	350,000	(d)	Mercury Bondco Plc, 7.13% cash or 7.88% payment-in-kind interest, 7.13%, 05/30/21(h)(l)		436,962

37

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal
Amount				Value
JERSEY CHANNEL ISLANDS (continued)
$	1,700,000	(d)	Mercury Bondco Plc, 8.25% cash or 9.00% payment-in-kind interest, 8.25%, 05/30/21(h)(l)	$	2,141,012
					11,388,479
LUXEMBOURG — 0.5%
	1,600,000	(j)	Altice Finco SA, 4.75%, 01/15/28(h)		1,709,917
	300,000	(j)	Altice Luxembourg SA, 7.25%, 05/15/22(h)		358,954
	430,000	(f)	Cabot Financial Luxembourg SA, 6.50%, 04/01/21(h)		599,934
	225,000	(j)	Cirsa Funding Luxembourg SA, 5.75%, 05/15/21(h)		279,807
	1,280,000	(j)	Crystal Almond Sarl, 10.00%, 11/01/21(h)		1,680,978
	174,059	(j)	Dakar Finance SA, 9.00% cash or 9.25% payment-in-kind interest, 9.00%, 11/15/20(h)(l)		210,151
	1,200,000	(j)	Garfunkelux Holdco 3 SA, 7.50%, 08/01/22(h)		1,499,837
	125,000	(f)	Garfunkelux Holdco 3 SA, 8.50%, 11/01/22(h)		177,681
	855,000	(f)	Gazprom OAO Via Gaz Capital SA, 5.34%, 09/25/20(h)		1,238,295
	800,000		Gazprom OAO Via Gaz Capital SA, 6.51%, 03/07/22(h)		848,131
	2,200,000	(j)	Greif Nevada Holdings, Inc. SCS, 7.38%, 07/15/21(h)		3,146,083
	470,000		Hidrovias International Finance Sarl, 5.95%, 01/24/25(h)		458,249
	775,000	(j)	Horizon Parent Holdings Sarl 8.25% Cash or 9.00% payment-in-kind interest, 8.25%, 02/15/22(h)(l)		985,023
	1,615,000	(j)	Intralot Capital Luxembourg SA, 5.25%, 09/15/24(h)		1,955,732
	1,475,000	(o)	Matterhorn Telecom SA, 3.63%, 05/01/22(h)		1,499,559
	975,000		Minerva Luxembourg SA, 6.50%, 09/20/26(h)		921,375
	425,000	(j)	Prague CE S.a.r.l, 10.00% Cash or 10.00% payment-in-kind interest, 10.00%, 12/15/22(h)(l)		523,223
	275,000	(j)	SES SA, (5 yr. Euro Swap + 4.660%), 4.63%, 01/02/67(h)(k)		348,689
	2,150,000	(j)	SES SA, (5 yr. Euro Swap + 5.400%), 5.63%, 01/29/67(h)(k)		2,802,329
	1,625,000	(j)	SIG Combibloc Holdings SCA, 7.75%, 02/15/23(h)		2,040,841
	925,000	(j)	Swissport Financing Sarl, 6.75%, 12/15/21(h)		1,157,025

Principal
Amount				Value
LUXEMBOURG (continued)
$	800,000	(j)	Swissport Financing Sarl, 9.75%, 12/15/22(h)	$	1,032,496
	1,000,000	(j)	Takko Luxembourg 2 SCA, 5.38%, 11/15/23(h)		1,151,203
	175,000	(j)	Telecom Italia Finance SA, 7.75%, 01/24/33		317,193
	125,000	(j)	Telecom Italia Finance SA, 7.75%, 01/24/33.		226,566
	900,000		Ultrapar International SA, 5.25%, 10/06/26(h)		891,990
	1,000,000		VM Holding SA, 5.38%, 05/04/27(h)		1,002,500
					29,063,761
NETHERLANDS — 0.2%
	400,000	(j)	ATF Netherlands BV, (5 yr. Euro Swap + 4.380%), 3.75%, 01/20/67(h)(k)		500,104
	175,000	(j)	Digi Communications NV, 5.00%, 10/15/23(h)		223,067
	775,000	(j)	Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 5.38%, 05/01/23(h)		956,946
	950,000		Embraer Netherlands Finance BV, 5.05%, 06/15/25		992,750
	700,000	(j)	NE Property Cooperatief UA, 3.75%, 02/26/21(h)		896,188
	125,000	(j)	OCI NV, 5.00%, 04/15/23(h)		153,654
	250,000		Petrobras Global Finance BV, 6.13%, 01/17/22		263,949
	500,000		Petrobras Global Finance BV, 7.38%, 01/17/27		536,250
	925,000		Petrobras Global Finance BV, 6.88%, 01/20/40		889,156
	850,000	(j)	Teva Pharmaceutical Finance Netherlands II BV, 0.38%, 07/25/20(h)		996,243
	2,000,000		VimpelCom Holdings BV, 3.95%, 06/16/21(h)		1,915,000
	750,000	(j)	Volkswagen International Finance NV, (10 yr. Euro Swap + 0.034%), 5.13%, 09/04/66(h)(k)		1,036,081
	400,000	(j)	Volkswagen International Finance NV, (7 yr. Euro Swap + 2.530%), 3.75%, 03/24/67(h)(k)		513,775
	1,350,000	(j)	Ziggo Secured Finance BV, 4.25%, 01/15/27(h)		1,662,039
					11,535,202

38

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount				Value
NORWAY — 0.0%
$	1,000,000	(d)	B2holding ASA, (3 Mo. LIBOR US + 4.250%), 4.25%, 11/14/22(h)(i)	$	1,198,541
SLOVENIA — 0.0%
	675,000	(j)	United Group BV, (3 mo. EURIBOR + 4.380%), 4.38%, 07/01/23(h)(i)		818,186
SPAIN — 0.1%
	675,000	(j)	Grupo-Antolin Irausa SA, 3.38%, 04/30/26(h)		799,641
	800,000	(j)	Ibercaja Banco SA, (5 yr. Euro Swap + 4.550%), 5.00%, 07/28/25(h)(k)		1,014,382
	725,000	(j)	Masaria Investments SAU, 5.00%, 09/15/24(h)		882,075
	525,000	(j)	Masaria Investments SAU, (3 mo. EURIBOR + 0.053%), 5.25%, 09/15/24(h)(i)		638,357
	1,000,000	(j)	Naviera Armas SA, (3 mo. EURIBOR + 0.065%), 6.50%, 07/31/23(h)(i)		1,272,809
	800,000	(j)	Naviera Armas SA, (3 mo. EURIBOR + 0.043%), 4.25%, 11/15/24(h)(i)		979,362
					5,586,626
SWEDEN — 0.2%
	1,650,000	(j)	Akelius Residential Property AB, (5 yr. Euro Swap + 0.035%), 3.88%, 10/05/78(h)		2,017,444
	1,650,000	(d)	Corral Petroleum Holdings AB, 11.75% cash or 13.25% payment-in-kind interest, 11.75%, 05/15/21(h)(l)		2,133,389
	775,000	(d)	Fastighets AB Balder, (5 yr. Euro Swap + 2.900%), 3.00%, 03/07/78(h)(k)		916,563
	550,000	(d)	Intrum Justitia AB, 2.75%, 07/15/22(h)		657,614
	400,000	(j)	Ovako AB, 5.00%, 10/05/22		495,016
	17,000,000	(j)	Recipharm AB., Cnv, 2.75%, 10/06/21(h)		1,890,906
					8,110,932
TURKEY — 0.0%
	1,100,000		Turk Telekomunikasyon AS, 4.88%, 06/19/24(h)		1,062,191
	1,300,000		Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 05/09/20(h)		1,295,988
					2,358,179

Principal Amount				Value
UNITED KINGDOM — 0.4%
$	850,000	(d)	Algeco Global Finance Plc, 6.50%, 02/15/23(h)	$	1,052,120
	1,250,000	(j)	Arqiva Broadcast Finance Plc, 9.50%, 03/31/20(h)		1,806,862
	1,000,000	(j)	Cognita Financing Plc, 7.75%, 08/15/21(h)		1,421,452
	350,000	(j)	Co-operative Group Holdings 2011 Ltd., STEP, 6.88%, 07/08/20(h)		522,805
	450,000	(j)	Drax Finco Plc, (3 mo. LIBOR GBP + 0.040%), 4.52%, 05/01/22(h)(i)		624,940
	1,075,000	(d)	International Game Technology Plc, 4.75%, 02/15/23(h)		1,424,272
	1,375,000		Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(g)		1,372,663
	1,350,000	(j)	Jerrold Finco Plc, 6.25%, 09/15/21(h)		1,908,738
	840,000	(j)	Kirs Midco 3 Plc, 8.38%, 07/15/23(h)		1,206,671
	550,000	(j)	Matalan Finance Plc, 6.75%, 01/31/23(h)		701,158
	1,050,000		OAS Finance Ltd., 8.00%, 07/02/21(g)(n)		62,999
	1,250,000	(j)	Perform Group Financing Plc, 8.50%, 11/15/20(h)		1,758,832
	525,000	(j)	Pinewood Finco Plc, 3.75%, 12/01/23(h)		730,738
	1,100,000	(d)	TA Manufacturing Ltd., 3.63%, 04/15/23(h)		1,351,571
	1,355,000	(j)	TalkTalk Telecom Group Plc, 5.38%, 01/15/22(h)		1,879,431
	450,000	(d)	Titan Global Finance Plc, 3.50%, 06/17/21(h)		571,068
	500,000	(d)	Titan Global Finance Plc, 2.38%, 11/16/24(h)		590,093
	1,475,000	(d)	Travelex Financing Plc, 8.00%, 05/15/22(h)		1,782,882
	950,000		Vedanta Resources Plc, 6.38%, 07/30/22(h)		955,890
					21,725,185
UNITED STATES — 4.2%
	10,000,000		Akamai Technologies, Inc., Cnv., 1.36%, 02/15/19(m)		10,204,840
	1,425,000	(d)	Alliance Data Systems Corp., 4.50%, 03/15/22(h)		1,773,306
	775,000	(d)	Alliance Data Systems Corp., 5.25%, 11/15/23(h)		973,418
	4,000,000		Allscripts Healthcare Solutions, Inc., Cnv., 1.25%, 07/01/20		3,969,985
	74,649		Ambac Assurance Corp., 5.10%, 06/07/20(g)		98,910

39

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount				Value
UNITED STATES (continued)
$	1,125,000		Belo Corp., 7.75%, 06/01/27	$	1,226,250
	4,010,000		Blackstone Mortgage Trust, Inc., Cnv. REIT, 4.38%, 05/05/22		3,920,140
	15,000,000		Cardtronics, Inc., Cnv., 1.00%, 12/01/20		14,062,500
	450,000		Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25		463,931
	5,000,000		Cornerstone OnDemand, Inc., Cnv., 1.50%, 07/01/18		4,990,000
	7,500,000		DISH Network Corp., Cnv., 2.38%, 03/15/24		6,471,458
	150,000		Endeavor Energy Resources LP / EER Finance, Inc., 5.50%, 01/30/26(g)		150,749
	13,000,000		Finisar Corp., Cnv, 0.50%, 12/15/36		11,699,116
	775,000	(d)	Huntsman International LLC, 5.13%, 04/15/21		1,036,674
	16,426,000		Huron Consulting Group, Inc., Cnv., 1.25%, 10/01/19(b)		15,431,077
	700,000	(d)	Levi Strauss & Co., 3.38%, 03/15/27		865,395
	21,273,309		Liberty Interactive LLC, Cnv., 3.75%, 02/15/30(b)		14,146,750
	700,000		Lions Gate Capital Holdings LLC, 5.88%, 11/01/24(g)		716,625
	10,000,000		Lstar 18-1 Securities Financing, 0.12%, 04/01/21(b)		9,965,000
	900,000		MPH Acquisition Holdings LLC, 7.13%, 06/01/24(g)		918,000
	500,000	(d)	MPT Operating Partnership LP / MPT Finance Corp., REIT, 3.33%, 03/24/25		617,639
	650,000	(d)	MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.00%, 08/19/22		857,274
	8,000,000		Nuance Communications, Inc., Cnv., 1.50%, 11/01/35		7,972,232
	14,000,000		Nuance Communications, Inc., Cnv., 1.00%, 12/15/35		13,037,458
	375,000	(d)	Quintiles IMS, Inc, 3.50%, 10/15/24(h)		468,488
	625,000	(d)	Quintiles IMS, Inc., 3.25%, 03/15/25(h)		766,078
	325,000	(d)	Silgan Holdings, Inc., 3.25%, 03/15/25		400,730
	3,395,000		Southern Star Central Corp., 5.13%, 07/15/22(g)		3,454,413
	7,000,000		Starwood Property Trust, Inc., Cnv. REIT, 4.38%, 04/01/23		7,007,231

Principal Amount				Value
UNITED STATES (continued)
$	200,000	(d)	Superior Industries International, Inc., 6.00%, 06/15/25(h)	$	239,104
	5,000,000		Twitter, Inc., Cnv, 1.00%, 09/15/21		4,691,610
	59,000,000		Twitter, Inc., Cnv., 0.25%, 09/15/19		56,468,841
	8,000,000		VEREIT, Inc., Cnv., REIT, 3.00%, 08/01/18		7,990,401
	15,000,000		Verint Systems, Inc., Cnv., 1.50%, 06/01/21(b)		14,525,985
	42,119,000		Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 02/04/49(b)(n)		0
	21,131,000		Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 06/16/49(b)(n)		0
	9,840,000		Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 11/06/49(b)(n)		0
	3,000,000		Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(b)(n)		0
	8,000,000		Wright Medical Group, Inc., Cnv., 2.00%, 02/15/20		8,040,007
	900,000		XPO Logistics, Inc., 6.13%, 09/01/23(g)		931,500
					230,553,115
Total Corporate Bonds (Cost $376,612,340)					366,867,688
GOVERNMENT BONDS — 3.2%
CANADA — 1.6%
	115,700,000	(j)	Canadian Government Bond, 1.25%, 02/01/20		89,148,339
UNITED KINGDOM — 1.6%
	63,000,000	(j)	United Kingdom Gilt, 1.25%, 07/22/18(h)		86,873,164
Total Government Bonds (Cost $179,383,568)					176,021,503
ASSET-BACKED SECURITIES — 14.0%
CAYMAN ISLANDS — 6.2%
Collateralized Loan Obligations — 4.6%
	11,750,000		Adams Mill CLO Ltd., Series 2014-1A, Class F, (3 mo. LIBOR US + 0.057%), 8.04%, 07/15/26(b)(g)(i)	$	11,075,951
	7,500,000		Adams Mill CLO Ltd., Series 2014-1A, Class SUB, 13.84%, 07/15/26(b)(g)(p)		2,759,325

40

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,000,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US  + 0.050%), 6.94%, 05/26/28(g)(i)	$	1,001,210
	750,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class E1, (3 mo. LIBOR US  + 0.067%), 8.61%, 05/26/28(g)(i)		750,410
	1,000,000	American Money Management Corp. CLO Ltd., Series 2016-18A, Class E2, (3 mo. LIBOR US  + 0.073%), 9.19%, 05/26/28(g)(i)		1,001,278
	5,500,000	Anchorage Capital CLO Ltd., Series 2015-6A, Class ER, (3 mo. LIBOR US  + 0.064%), 8.70%, 07/15/30(g)(i)		5,559,742
	4,940,000	Anchorage Capital CLO Ltd., Series 2016-8A, Class E, (3 mo. LIBOR US  + 0.065%), 8.86%, 07/28/28(g)(i)		4,953,144
	1,000,000	Anchorage Capital CLO Ltd., Series 2016-9A, Class E, (3 mo. LIBOR US + 0.073%), 9.60%, 01/15/29(g)(i)		1,015,484
	500,000	Annisa CLO Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US  + 0.073%), 9.61%, 07/20/28(g)(i)		502,405
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US  + 0.057%), 8.06%, 04/20/31(b)(g)		989,800
	5,000,000	Apidos CLO XVIII, Series 2014-18A, Class D, (3 mo. LIBOR US  + 0.052%), 7.56%, 07/22/26(g)(i)		4,995,049
	2,500,000	Apidos CLO XX, Series 2015-20A, Class D, (3 mo. LIBOR US  + 0.056%), 7.95%, 01/16/27(g)(i)		2,502,891
	2,000,000	Apidos CLO XX, Series 2015-20A, Class E, (3 mo. LIBOR US  + 0.066%), 8.90%, 01/16/27(g)(i)		1,997,143
	1,000,000	Apidos CLO XXII, Series 2015-22A, Class D, (3 mo. LIBOR US  + 0.060%), 8.36%, 10/20/27(g)(i)		1,004,841
	2,533,500	Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US  + 0.060%), 8.30%, 01/15/27(g)(i)		2,539,053

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	5,250,000	Ares XXXIII CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 0.062%), 8.25%, 12/05/25(g)(i)	$	5,283,474
	3,500,000	Ares XXXIX CLO Ltd., Series 2016-39A, Class E, (3 mo. LIBOR US + 0.073%), 9.61%, 07/18/28(g)(i)		3,559,988
	7,000,000	Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 0.062%), 8.50%, 10/15/30(g)(i)		7,071,852
	2,500,000	Babson CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.066%), 8.91%, 04/23/27(g)(i)		2,506,358
	1,000,000	Babson CLO Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 0.069%), 9.26%, 07/20/28(g)(i)		1,003,207
	2,000,000	Battalion CLO IX Ltd., Series 2015-9A, Class D, (3 mo. LIBOR US + 0.039%), 6.25%, 07/15/28(g)(i)		2,003,398
	2,750,000	Benefit Street Partners CLO IX Ltd., Series 2016-9A, Class E, (3 mo. LIBOR US + 0.067%), 9.03%, 07/20/28(g)(i)		2,757,401
	1,000,000	Birchwood Park CLO Ltd., Series 2014-1A, Class D1, (3 mo. LIBOR US + 0.035%), 5.80%, 07/15/26(g)(i)		1,000,627
	1,250,000	BlueMountain CLO Ltd., Series 2014-4A, Class E, (3 mo. LIBOR US + 0.053%), 7.28%, 11/30/26(g)(i)		1,249,902
	1,000,000	BlueMountain CLO Ltd., Series 2015-1A, Class C, (3 mo. LIBOR US + 0.038%), 6.09%, 04/13/27(g)(i)		1,002,313
	1,500,000	BlueMountain CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 0.055%), 7.79%, 04/13/27(g)(i)		1,499,708
	1,000,000	BlueMountain CLO Ltd., Series 2015-4A, Class D2, (3 mo. LIBOR US + 0.041%), 6.41%, 01/20/27(g)(i)		1,000,078
	1,000,000	BlueMountain CLO Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 0.070%), 8.88%, 08/20/28(g)(i)		1,004,924
	1,000,000	Burnham Park CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.069%), 9.21%, 10/20/29(g)(i)		1,006,257

41

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	2,000,000	Canyon Capital CLO Ltd., Series 2012-1A, Class DR, (3 mo. LIBOR US + 0.041%), 6.45%, 01/15/26(g)(i)	$	2,003,309
	1,000,000	Canyon Capital CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.075%), 9.85%, 04/15/28(g)(i)		1,005,042
	1,000,000	Canyon Capital CLO Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 0.068%), 9.10%, 10/15/28(g)(i)		1,002,689
	1,500,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class E1, (3 mo. LIBOR US + 0.053%), 7.66%, 04/20/27(g)(i)		1,499,290
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class D, (3 mo. LIBOR US + 0.053%), 7.67%, 04/27/27(g)(i)		999,585
	2,500,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-3A, Class D, (3 mo. LIBOR US + 0.057%), 8.06%, 07/28/28(g)(i)		2,502,797
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class D, (3 mo. LIBOR US + 0.061%), 8.46%, 10/20/27(g)(i)		1,004,591
	1,784,024	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 0.085%), 10.86%, 10/20/27(b)(g)(i)		1,733,871
	750,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 0.076%), 9.96%, 04/20/27(g)(i)		762,730
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 0.070%), 9.36%, 10/20/29(g)(i)		1,007,192
	5,462,500	Cedar Funding VII CLO Ltd., Series 2018-7A, Class E, (3 mo. LIBOR US + 0.046%), 6.58%, 01/20/31(g)(i)		5,381,718
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(b)(g)(p)		9,645,460
	2,553,125	Cedar Funding VII CLO Ltd.,Series 2018-7A, Class F, (3 mo. LIBOR US + 0.069%), 8.93%, 01/20/31(g)(i)		2,450,265
	1,000,000	Cole Park CLO Ltd., Series 2015-1A, Class E, (3 mo. LIBOR US + 0.061%), 8.46%, 10/20/28(g)(i)		1,001,248

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	21,500,000	Jackson Mill CLO Ltd., Series 2015-1A, Class E, (3 mo. LIBOR US + 0.050%), 7.35%, 04/15/27(b)(g)(i)	$	21,195,710
	20,000,000	Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 0.96%, 04/15/27(b)(g)(p)		14,976,678
	8,000,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class F, (3 mo. LIBOR US + 0.065%), 8.86%, 07/20/27(b)(g)(i)		7,515,270
	8,000,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, 1.17%, 07/20/27(b)(g)(p)		4,469,224
	1,000,000	Mill Creek CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.078%), 10.11%, 04/20/28(g)(i)		1,017,967
	625,000	Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 0.037%), 6.01%, 04/22/29(g)(i)		627,673
	1,000,000	Neuberger Berman CLO XVIII Ltd, Series 2014-18A, Class CR, (3 mo. LIBOR US + 0.043%), 6.08%, 11/14/27(g)(i)		1,005,394
	1,000,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class DR, (3 mo. LIBOR US + 0.024%), 4.75%, 01/15/28(g)(i)		998,925
	3,250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 0.050%), 7.35%, 01/15/28(g)(i)		3,206,526
	1,000,000	Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, (3 mo. LIBOR US + 0.068%), 9.10%, 10/17/27(g)(i)		1,006,060
	1,250,000	Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, (3 mo. LIBOR US + 0.066%), 8.93%, 10/17/27(g)(i)		1,256,611
	1,000,000	Rockford Tower CLO Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 0.061%), 8.43%, 10/15/29(g)(i)		1,015,569
	16,000,000	Romark CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 0.067%), 9.01%, 10/23/30(g)(i)		16,371,515
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 1.31%, 10/23/30(g)(p)		4,500,000
	6,750,000	Romark WM-R Ltd., Series 2017-1A, 7.01%, 04/20/31		6,378,313

42

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	7,500,000	Romark WM-R Ltd., Series 2017-1A, 9.85%, 04/20/31	$	7,145,254
	1,250,000	Shackleton CLO Ltd., Series 2017-10A, Class E, (3 mo. LIBOR US + 6.220%), 8.57%, 04/20/29(g)(i)		1,256,126
	1,000,000	Sound Point CLO IX Ltd., Series 2015-2A, Class E, (3 mo. LIBOR US + 0.055%), 7.86%, 07/20/27(g)(i)		983,441
	5,000,000	Sound Point CLO X Ltd., Series 2015-3A, Class E, (3 mo. LIBOR US + 0.068%), 9.11%, 01/20/28(g)(i)		5,021,381
	3,200,000	Sound Point CLO XI Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.070%), 9.31%, 07/20/28(g)(i)		3,232,832
	2,000,000	Sound Point CLO XII Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 0.064%), 8.76%, 10/20/28(g)(i)		1,995,070
	1,750,000	Sound Point CLO XIV Ltd., Series 2016-3A, Class E, (3 mo. LIBOR US + 0.067%), 9.01%, 01/23/29(g)(i)		1,770,692
	1,500,000	Symphony CLO XV Ltd., Series 2014-15A, Class E, (3 mo. LIBOR US + 0.051%), 7.40%, 10/17/26(g)(i)		1,500,238
	1,000,000	Symphony CLO XVI Ltd., Series 2015-16A, Class E, (3 mo. LIBOR US + 0.055%), 7.80%, 07/15/28(g)(i)		995,602
	1,000,000	TCI-Symphony CLO Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 0.065%), 8.80%, 07/15/30(g)(i)		1,016,751
	1,740,000	THL Credit Wind River CLO Ltd., Series 2015-1A, Class E1, (3 mo. LIBOR US + 0.056%), 7.91%, 07/20/27(g)(i)		1,735,834
	1,250,000	Vibrant CLO IV Ltd., Series 2016-4A, Class D, (3 mo. LIBOR US + 0.045%), 6.86%, 07/20/28(g)(i)		1,263,864
	1,500,000	Voya CLO Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 0.070%), 9.31%, 07/19/28(g)(i)		1,534,657
	1,000,000	Voya CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 0.069%), 9.21%, 10/18/27(g)(i)		1,008,730

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	21,591,392	Washington Mill CLO Ltd., Series 2014-1A, Class SUB, 0.21%, 04/20/26(b)(g)(p)	$	11,199,661
	4,250,000	Webster Park CLO Ltd., Series 2015-1A, Class C, (3 mo. LIBOR US + 0.041%), 6.41%, 01/20/27(g)(i)		4,256,660
	2,650,000	Webster Park CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 0.061%), 8.46%, 01/20/27(g)(i)		2,654,455
	1,000,000	Westcott Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 0.044%), 6.71%, 07/20/28(g)(i)		1,015,262
	1,000,000	Westcott Park CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.072%), 9.56%, 07/20/28(g)(i)		1,015,921
	1,500,000	York CLO-1 Ltd., Series 2014-1A, Class E, (3 mo. LIBOR US + 0.055%), 7.81%, 01/22/27(g)(i)		1,501,530
	1,750,000	York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 0.057%), 8.01%, 01/22/31(g)(i)		1,721,214
	4,500,000	York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 0.064%), 8.76%, 10/20/29(g)(i)		4,518,977
	1,647,750	York CLO-3 Ltd., Series 2016-1A, Class FR, (3 mo. LIBOR US + 0.073%), 9.61%, 10/20/29(g)(i)		1,527,942
	5,000,000	York CLO-3 Ltd., Series 2016-1A, Class SUB, 2.25%, 10/20/29(b)(g)(p)		4,112,634
	1,000,000	York CLO-4 Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 0.069%), 9.30%, 01/20/30(g)(i)		1,031,531
				257,154,694
Other Asset-Backed Securities — 1.6%
	2,800,000	ALM Loan Funding Ltd., Series 2012-6A, Class DRR, (3 mo. LIBOR US + 0.055%), 7.17%, 07/15/26(g)(i)		2,801,801
	1,000,000	ALM Loan Funding Ltd., Series 2013-7RA, Class DR, (3 mo. LIBOR US + 0.071%), 9.49%, 10/15/28(g)(i)		1,019,925

43

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	2,000,000	ALM Loan Funding Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 0.054%), 7.70%, 07/15/27(g)(i)	$	2,000,054
	1,100,000	ALM Loan Funding Ltd., Series 2015-17A, Class C1, (3 mo. LIBOR US + 0.042%), 6.50%, 01/15/28(g)(i)		1,103,574
	1,000,000	ALM Loan Funding Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US + 0.076%), 9.95%, 07/15/27(g)(i)		1,004,625
	1,000,000	Atrium VIII, Series 8A, Class DR, (3 mo. LIBOR US + 0.040%), 6.36%, 10/23/24(g)(i)		1,006,159
	1,750,000	Atrium VIII, Series 8A, Class ER, (3 mo. LIBOR US + 0.073%), 9.61%, 10/23/24(g)(i)		1,767,647
	5,000,000	Atrium VIII, Series 8A, Class SUB, 8.70%, 10/23/24(b)(g)(p)		3,672,400
	5,000,000	Atrium XI, Series 11A, Class E, (3 mo. LIBOR US + 0.051%), 7.46%, 10/23/25(g)(i)		4,993,721
	2,000,000	Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 0.053%), 7.61%, 04/22/27(g)(i)		1,946,436
	6,000,500	Atrium XIII, Series 13A, Class E, (3 mo. LIBOR US + 0.061%), 8.41%, 11/21/30(g)(i)		6,090,508
	12,131,250	Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(b)(g)(p)		11,967,973
	2,500,000	CIFC Funding Ltd., Series 2014-2A, Class B1L, (3 mo. LIBOR US + 0.035%), 5.44%, 05/24/26(g)(i)		2,499,743
	1,000,000	CIFC Funding Ltd., Series 2014-5A, Class E2, (3 mo. LIBOR US + 0.063%), 8.60%, 01/17/27(g)(i)		1,001,071
	3,250,000	CIFC Funding Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.068%), 9.11%, 10/21/28(g)(i)		3,280,995
	1,000,000	Cumberland Park CLO Ltd., Series 2015-2A, Class ER, (3 mo. LIBOR US + 0.057%), 8.01%, 07/20/28(b)(g)		1,000,000
	1,000,000	Dryden Senior Loan Fund, Series 2014-34A, Class DR, (3 mo. LIBOR US + 0.034%), 5.75%, 10/15/26(g)(i)		1,000,000
	1,000,000	Dryden Senior Loan Fund, Series 2016-43A, Class E, (3 mo. LIBOR US + 0.073%), 9.61%, 07/20/29(g)(i)		1,017,282

Principal Amount			Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	962,500	Highbridge Loan Management Ltd., Series 2015-5A, Class E, (3 mo. LIBOR US + 0.054%), 7.71%, 01/29/26(g)(i)	$	963,312
	1,000,000	Highbridge Loan Management Ltd., Series 2015-6A, Class DR, (3 mo. LIBOR US + 0.051%), 6.94%, 02/05/31(g)(i)		994,698
	1,000,000	Highbridge Loan Management Ltd., Series 2015-7A, Class DR, (3 mo. LIBOR US + 0.024%), 4.70%, 03/15/27(g)(i)		997,359
	1,000,000	Highbridge Loan Management Ltd., Series 2015-7A, Class ER, (3 mo. LIBOR US + 0.050%), 7.30%, 03/15/27(g)(i)		997,000
	1,750,000	Highbridge Loan Management Ltd., Series 2016-10A, Class D, (3 mo. LIBOR US + 0.065%), 8.24%, 01/20/28(g)(i)		1,756,714
	500,000	Highbridge Loan Management Ltd., Series 2016-8A, Class D, (3 mo. LIBOR US + 0.049%), 7.21%, 04/20/27(g)(i)		501,993
	1,000,000	Highbridge Loan Management Ltd., Series 2016-8A, Class E, (3 mo. LIBOR US + 0.079%), 10.26%, 04/20/27(g)(i)		1,005,012
	1,000,000	Highbridge Loan Management Ltd., Series 2016-9A, Class D2, (3 mo. LIBOR US + 0.065%), 8.81%, 07/19/27(g)(i)		1,001,216
	1,000,000	LCM Ltd. Partnership XVII LP, Series 17A, Class D, (3 mo. LIBOR US + 0.035%), 5.85%, 10/15/26(g)(i)		1,000,567
	1,500,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class D, (3 mo. LIBOR US + 0.038%), 6.16%, 04/20/27(g)(i)		1,500,000
	1,000,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class E, (3 mo. LIBOR US + 0.054%), 7.71%, 04/20/27(g)(i)		1,000,000
	750,000	LCM Ltd. Partnership XVIII LP, Series 18A, Class INC, 5.00%, 04/20/31(b)(g)(m)		417,674
	1,350,000	LCM Ltd. Partnership XXI LP, Series 21A, Class D, (3 mo. LIBOR US + 0.051%), 7.46%, 04/20/28(g)(i)		1,372,577
	750,000	LCM XX LLC, Series 20A, Class E, (3 mo. LIBOR US + 0.061%), 8.46%, 10/20/27(g)(i)		759,643

44

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	2,000,000	Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 0.055%), 7.86%, 04/20/26(g)(i)	$	1,998,617
	1,000,000	Madison Park Funding XX Ltd., Series 2016-20A, Class E, (3 mo. LIBOR US + 0.074%), 9.77%, 04/27/27(g)(i)		1,013,808
	1,000,000	Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class D1, (3 mo. LIBOR US + 0.042%), 6.56%, 01/23/27(g)(i)		1,003,295
	1,000,000	Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 0.050%), 7.30%, 04/15/27(g)(i)		1,004,168
	2,000,000	Octagon Investment Partners 26 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.079%), 10.20%, 04/15/27(g)(i)		2,011,931
	2,500,000	Octagon Investment Partners 27 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 0.071%), 9.45%, 07/15/27(g)(i)		2,510,561
	1,100,000	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 0.037%), 5.48%, 11/14/26(g)(i)		1,102,421
	1,000,000	Octagon Investment Partners XXI Ltd., Series 2014-1A, Class D, (3 mo. LIBOR US + 0.066%), 8.43%, 11/14/26(g)(i)		1,008,294
	1,375,000	OHA Credit Partners XI Ltd., Series 2015-11A, Class E, (3 mo. LIBOR US + 0.067%), 9.06%, 10/20/28(g)(i)		1,385,877
	2,250,000	OZLM Funding II Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 0.073%), 9.66%, 10/30/27(g)(i)		2,266,402
	3,750,000	OZLM IX Ltd., Series 2014-9A, Class CR, (3 mo. LIBOR US + 0.036%), 5.91%, 01/20/27(g)(i)		3,752,761
	1,000,000	OZLM XI Ltd., Series 2015-11A, Class CR, (3 mo. LIBOR US + 0.036%), 5.96%, 10/30/30(g)(i)		1,007,935
	1,200,000	OZLM XIV Ltd., Series 2015-14A, Class C, (3 mo. LIBOR US + 0.044%), 6.70%, 01/15/29(g)(i)		1,200,086
	1,500,000	OZLM XIV Ltd., Series 2015-14A, Class D, (3 mo. LIBOR US + 0.064%), 8.70%, 01/15/29(g)(i)		1,504,036

Principal Amount				Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	1,000,000		OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 0.072%), 9.51%, 01/20/29(g)(i)	$	1,021,709
					87,233,580
					344,388,274
NETHERLANDS — 0.1%
Collateralized Loan Obligations — 0.1%
	5,000,000	(j)	Accunia European CLO I BV, Series 1A, Class C, (3 mo. EURIBOR + 0.032%), 3.20%, 07/15/29(g)(i)		6,097,058
UNITED STATES — 7.7%
Collateralized Loan Obligations — 0.5%
	8,588		Sound Point CLO XX Ltd., 0.00%,(b)(g)		8,588,092
	1,000,000		Teacher’s Insurance & Annuity CLO II Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 0.059%), 8.21%, 04/20/29(g)(i)		1,009,867
	13,750		THL Credit Wind River CLO Ltd., 10.15%,(b)(g)		13,750,000
	4,000		York V CLO Ltd., 0.00%,(b)(g)		4,000,000
					27,347,959
Other Asset-Backed Securities — 7.2%
	5,887,522		Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57(b)(g)		5,887,522
	1,477,110		Ajax Mortgage Loan Trust, Series 2017-D, Class B, 25.60%, 12/25/57(b)(g)(p)		909,752
	4,459,706		Ajax Mortgage Loan Trust, Series 2018-A, Class A, 3.85%, 04/25/58(g)		4,459,706
	1,120,293		Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(g)		668,383
	13,174,606		Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.240%), 2.14%, 05/25/35(i)		12,423,264
	4,787,141		Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.460%), 2.36%, 01/25/36(i)		2,703,431
	6,380,000		Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR US + 0.420%), 2.32%, 01/25/36(i)		4,265,902

45

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,000,000	Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(p)	$	3,684,159
	13,041,677	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 0.500%), 2.57%, 05/28/39(g)(i)		12,144,650
	2,879,678	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 0.650%), 2.87%, 05/28/39(b)(g)(i)		1,899,240
	4,849,958	Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 2.88%, 02/28/40(b)(g)(i)		4,631,710
	5,336,601	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 2.81%, 12/28/40(g)(i)		5,014,483
	3,169,240	Bear Stearns Asset Backed Securities I Trust, Series 2006-EC2, Class M2, (1 mo. LIBOR US + 0.420%), 2.32%, 02/25/36(i)		2,979,914
	2,110,900	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.55%, 12/25/35(i)		2,085,777
	3,088,068	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 2.25%, 03/25/36(i)		767,341
	3,088,068	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 2.25%, 03/25/36(i)		767,341
	6,586,819	Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 2.04%, 12/25/36(i)		6,862,317
	8,000,000	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 3.07%, 01/25/36(g)(i)		7,793,514
	3,790,504	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/01/30(p)		1,432,502

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,553,597	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/01/30(p)	$	1,431,910
	6,017,424	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/01/30(p)		2,571,253
	6,752,232	Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, (1 mo. LIBOR US + 0.150%), 2.05%, 07/25/36(i)		6,503,122
	9,868,273	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A3, (1 mo. LIBOR US + 0.160%), 2.06%, 10/25/36(i)		6,793,518
	7,052,888	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A4, (1 mo. LIBOR US + 0.250%), 2.15%, 10/25/36(i)		4,895,867
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 2.32%, 02/25/37(i)		3,663,738
	12,415,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.12%, 10/25/36(i)		8,523,759
	11,413,625	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(p)		5,984,391
	14,252,051	Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32.		7,055,724
	3,654,955	Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(p)		3,683,210
	2,811,071	Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(p)		2,663,563
	4,201,531	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(p)		3,223,372
	3,235,039	Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(p)		2,403,121
	4,701,247	Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 4.45%, 05/01/36		4,648,507

46

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,049,102	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 2.06%, 09/25/46(i)	$	1,031,382
	13,927,763	Countrywide Asset-Backed Certificates, Series 2007-S3, Class A3, (1 mo. LIBOR US + 0.380%), 2.28%, 05/25/37(i)		13,363,685
	1,312,149	Countrywide Home Equity Loan Trust, Series 2006-S5, Class A4, 5.84%, 06/01/35		1,564,331
	2,037,664	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.20%, 12/15/33(g)(i)		1,886,773
	1,662,757	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 2.14%, 02/15/30(g)(i)		1,536,002
	1,522,812	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.09%, 05/15/35(g)(i)		1,398,762
	2,382,894	Countrywide Revolving Home Equity Loan Resuritization Trust, Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 2.14%, 12/15/35(b)(g)(i)		2,242,825
	2,180,000	Finance of America Structured Securities Trust, Series 2017-HB1, Class M5, 6.00%, 11/25/27(b)(g)(p)		2,119,963
	5,000,000	First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.360%), 2.26%, 03/25/36(i)		3,481,082
	10,525,661	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.250%), 2.15%, 07/25/36(i)		5,527,600
	5,326,657	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.30%, 01/25/36(i)		3,214,409
	5,093,864	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 2.05%, 03/25/37(i)		3,338,830

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	2,154,374	GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.005%), 2.40%, 02/25/36(i)	$	1,948,962
	1,417,636	GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.210%), 2.21%, 11/25/36(i)		1,446,003
	2,888,094	Greenpoint Manufactured Housing, Series 1999-1, Class A5, 6.77%, 08/01/29(p)		2,841,665
	2,959,954	Greenpoint Manufactured Housing, Series 2000-1, Class A4, 8.14%, 03/01/30(p)		3,051,015
	7,852,699	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/01/31(p)		6,963,170
	582,642	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/01/46(p)		404,163
	6,596,320	GSAMP Trust, Series 2006-FM2, Class A2B, (1 mo. LIBOR US + 0.120%), 2.02%, 09/25/36(i)		3,246,267
	4,375,000	Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.05%, 05/25/37(i)		3,585,852
	6,022,602	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.89%, 12/01/36		3,327,624
	2,892,544	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.03%, 09/01/37(g)		2,806,503
	4,000,000	JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, (1 mo. LIBOR US + 0.270%), 2.17%, 05/25/36(i)		3,812,730
	396,467	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 1.99%, 06/25/37(g)(i)		276,365
	12,015,020	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.20%, 06/25/37(g)(i)		8,605,716
	8,159,037	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A2, (1 mo. LIBOR US + 0.200%), 2.10%, 06/25/37(g)(i)		5,967,812
	1,242,156	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 2.01%, 11/25/36(i)		659,036

47

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	17,133,944	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.06%, 11/25/36(i)	$	9,160,966
	3,367,724	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.12%, 11/25/36(i)		1,793,168
	8,933,505	Long Beach Mortgage Loan Trust, Series 2006-2, Class 2A3, (1 mo. LIBOR US + 0.190%), 2.09%, 03/25/46(i)		4,250,323
	6,423,069	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.06%, 10/25/36(i)		2,872,507
	4,000,000	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 0.033%), 5.15%, 03/25/32(i)		4,093,836
	4,596,461	Mastr Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 2.22%, 03/25/36(i)		963,906
	3,394,925	Merit Securities Corp., Series 13, Class M2, STEP, 7.94%, 12/01/33		2,639,356
	10,990,472	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.250%), 2.15%, 10/25/37(i)		3,699,253
	1,556,497	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.240%), 2.14%, 06/25/36(i)		1,092,303
	7,964,867	Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 2.03%, 11/25/36(i)		5,065,940
	8,261,368	Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, (1 mo. LIBOR US + 0.140%), 2.04%, 05/25/37(i)		6,311,387
	6,215,092	Morgan Stanley Capital I, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.360%), 2.26%, 02/25/36(i)		4,675,747
	5,494,764	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/01/36		2,624,659

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,192,189	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.30%, 10/25/36(g)(i)	$	2,841,490
	2,772,472	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/01/27		2,733,011
	10,788,886	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/01/30(p)		5,964,391
	8,663,002	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/01/31(p)		2,472,395
	6,010,273	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/01/31(p)		1,910,605
	6,868,034	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/01/31(p)		2,440,400
	918,074	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/01/22(p)		751,014
	3,842,206	Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/01/32(p)		3,301,509
	1,448,893	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/01/32(p)		1,571,189
	2,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class C, 4.33%, 09/18/24(g)		2,005,660
	4,000,000	OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 09/18/24(g)		4,010,803
	15,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class C, 5.12%, 03/18/26(g)		15,296,868
	3,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(b)(g)		3,045,722
	10,000,000	OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, 07/18/25(g)		10,123,984
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(g)		4,146,806
	3,948,333	Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP, 5.82%, 03/01/37		3,889,662
	3,189,940	Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(g)		3,187,745

48

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,000,000	Residential Asset Securities Corp, Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 2.19%, 06/25/36(i)	$	3,433,814
	3,825,000	Residential Asset Securities Corp., Class M4, (1 mo. LIBOR US + 0.006%), 2.48%, 11/25/35(i)		3,036,698
	3,567,476	SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 2.16%, 07/25/36(i)		3,791,264
	5,280,663	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 2.22%, 09/25/36(i)		2,060,059
	7,686,404	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 2.19%, 01/25/47(i)		4,457,027
	8,473,213	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.09%, 11/25/36(i)		5,258,740
	7,237,394	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A2B, (1 mo. LIBOR US + 0.120%), 2.02%, 11/25/36(i)		3,076,404
	3,327,415	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 2.17%, 02/25/37(i)		2,574,084
	4,579,437	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.450%), 2.35%, 11/25/35(i)		2,504,730
	4,909,487	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.750%), 2.40%, 07/25/35(i)		2,701,400
	2,166,866	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 2.34%, 02/25/37(i)		1,212,490
	3,055,000	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/01/47(g)(p)		2,688,531
	1,033,823	Wachovia Amortization Controlled Heloc NIM Trust, Series 2006-N1, Class N1, 5.68%, 08/12/47(g)		1,012,366

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	10,486,513	Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.30%, 06/25/37(g)(i)	$	4,646,375
				396,465,077
				423,813,036
Total Asset-Backed Securities (Cost $787,578,650)				774,298,368
NON-AGENCY MORTGAGE-BACKED SECURITIES — 8.3%
COLLATERALIZED MORTGAGE
OBLIGATIONS — 7.6%
	1,239,936	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.68%, 07/01/35(p)		1,182,571
	2,482,900	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 4.64%, 03/01/37(p)		2,210,636
	5,451,483	Ajax Mortgage Loan Trust, Series 2016-A, Class A, STEP, 4.25%, 08/25/64(g)		5,483,396
	2,637,440	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.010%), 2.34%, 09/01/46(i)		2,358,118
	2,401,896	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/01/37		2,117,461
	11,484,882	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 6.03%, 07/07/57(g)(p)		3,360,736
	4,500,000	Ari Investments LLC, 4.59%, 01/06/25(b)		4,500,000
	2,674,384	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 2.30%, 01/25/37(i)		2,191,986
	411,314	Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.64%, 09/01/35(p)		404,504
	973,601	Banc of America Funding Corp., Series 2006-A, Class 3A2, 3.67%, 02/01/36(p)		917,129
	868,760	Banc of America Funding Corp., Series 2006-E, Class 2A1, 3.79%, 06/01/36(p)		847,753
	2,466,874	Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/01/37		2,264,474

49

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$	1,007,025	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.60%, 10/01/35(p)	$	972,088
	2,660,515	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 3.55%, 02/01/36(p)		2,631,702
	664,734	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 3.59%, 08/01/35(p)		612,979
	690,981	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.79%, 05/01/47(p)		664,247
	2,543,316	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 2.34%, 04/25/36(i)		2,713,997
	5,683,879	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 2.22%, 11/25/36(i)		5,843,419
	2,966,354	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.18%, 08/25/36(i)		2,986,051
	2,056,176	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 2.20%, 11/25/36(i)		1,978,451
	5,828,234	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/01/37		4,802,740
	2,431,570	Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/01/45(g)(p)		2,305,840
	2,616,575	CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 0.014%), 3.30%, 08/25/35(i)		2,282,174
	5,319,514	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/01/38		4,631,534
	435,718	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 3.75%, 05/01/35(p)		443,409
	392,045	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 3.87%, 06/01/36(p)		373,642
	4,917,243	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/01/47(g)		4,037,700
	645,706	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/01/35		613,216
	1,593,450	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.20%, 08/25/35(i)		1,488,044

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS
	(continued)
$	4,382,790	Countrywide Alternative Loan Trust, Series 2005-38, Class A3, (1 mo. LIBOR US + 0.350%), 2.25%, 09/25/35(i)	$	4,081,995
	9,467,491	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 0.055%), 3.60%, 11/25/35(i)		1,258,914
	1,632,048	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.44%, 12/01/35(p)		1,493,316
	148,200	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.010%), 2.38%, 12/01/35(i)		141,995
	2,126,677	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 2.35%, 05/25/35(i)		1,909,197
	1,242,136	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/01/35		1,091,005
	4,133,279	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 2.25%, 05/25/36(i)		2,379,296
	2,522,260	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/01/36		1,960,941
	5,069,391	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/01/36		3,857,319
	2,160,321	Countrywide Alternative Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/01/36		1,617,993
	1,748,987	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 2.25%, 06/25/36(i)		1,134,669
	1,748,987	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 0.072%), 5.25%, 06/25/36(i)		369,834
	1,802,960	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/01/36		1,560,002
	1,917,412	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 2.30%, 03/25/36(i)		1,168,240
	5,385,855	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/01/36		4,181,600

50

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,016,051	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/01/37	$	1,759,978
	1,459,823	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/01/37		1,259,804
	1,873,965	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/01/37		1,607,270
	4,284,971	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/01/37		3,675,150
	268,894	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/01/36		249,237
	762,877	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 2.30%, 05/25/36(i)		659,366
	4,382,700	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/01/36		3,180,468
	3,735,593	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 0.015%), 2.32%, 11/01/46(i)		2,550,472
	7,797,159	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.017%), 3.11%, 11/01/46(i)		6,697,080
	4,066,721	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 2.09%, 11/25/46(i)		3,571,376
	5,366,232	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.009%), 2.23%, 11/01/46(b)(g)(i)		4,676,427
	3,816,682	Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.120%), 2.02%, 12/25/46(i)		3,627,711
	5,799,581	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.09%, 03/20/47(i)		4,888,206
	1,394,994	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.11%, 05/25/36(i)		1,195,550

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	7,268,896	Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 2.11%, 07/25/46(i)	$	6,596,687
	11,913,835	Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.09%, 07/25/46(i)		11,104,079
	6,809,530	Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 2.13%, 03/25/36(i)		5,899,757
	5,076,933	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.08%, 04/25/46(i)		4,272,257
	2,872,290	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/01/37		2,235,843
	2,893,097	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/01/37		2,308,666
	1,458,511	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/01/37		1,183,535
	5,423,949	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/01/37		3,845,735
	5,313,308	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/01/37		4,037,332
	1,413,717	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/01/37		1,048,141
	1,129,184	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.74%, 11/01/36		923,114
	13,570,978	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.008%), 2.22%, 03/01/47(i)		11,156,154
	1,239,451	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 2.08%, 04/25/47(i)		159,748
	324,489	Countrywide Alternative Loan Trust, Series 2007-OA8, Class 2A2, (1 mo. LIBOR US + 0.230%), 2.13%, 06/25/47(i)		22,144
	3,438,244	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.14%, 08/25/47(i)		2,609,554

51

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,252,458	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/01/37	$	1,801,021
	2,817,696	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.30%, 01/01/36(p)		2,681,547
	754,575	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/01/35		725,560
	1,125,549	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.29%, 03/02/36(p)		1,115,602
	12,672,085	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.010%), 2.34%, 04/01/46(i)		6,602,699
	4,016,340	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.10%, 04/25/46(i)		3,659,714
	1,232,235	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 2.32%, 07/25/36(g)(i)		1,138,708
	2,662,425	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/01/38		2,233,814
	86,017	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/01/21		80,547
	3,358,909	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/01/36		3,100,627
	7,025,598	Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/01/37(g)		4,489,854
	204,735	Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 3.49%, 01/03/36(g)(p)		205,906
	15,340,447	Credit Suisse Mortgage Trust Mortgage-Backed Trust, 6.50%, 02/01/47(b)(g)		15,133,689
	3,234,429	Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/01/37(p)		1,571,228

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,073,533	Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 5.24%, 04/01/37(g)(p)	$	3,221,126
	7,000,000	Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 2.02%, 10/27/36(b)(g)(i)		5,051,649
	2,263,773	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.05%, 03/27/36(g)(i)		2,209,345
	12,047,482	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.05%, 03/27/36(g)(i)		7,617,678
	56,714,600	Credit Suisse Mortgage Trust, Series 2017-1, 8.75%, 03/01/21(b)(g)		40,579,000
	7,584,604	Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 0.014%), 3.25%, 11/25/35(i)		3,038,424
	135,683	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-1, Class 1A3B, (1 mo. LIBOR US + 0.140%), 2.04%, 08/25/37(i)		135,384
	2,635,794	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.008%), 2.33%, 04/01/47(i)		2,459,988
	2,510,380	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class 1A1B, (1 mo. LIBOR US + 0.130%), 2.03%, 08/25/47(i)		2,419,321
	792,891	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.72%, 11/01/35(p)		768,047
	5,346,018	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.25%, 01/25/35(g)(i)		5,021,760
	1,952,523	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.25%, 01/25/36(g)(i)		1,684,033
	657,139	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.75%, 01/01/35(p)		664,623
	184,640	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/01/36		313,527
	472,897	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/01/21		461,158

52

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	940,888	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 3.83%, 01/01/36(p)	$	915,085
	1,106,664	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/01/37		1,011,112
	7,004,125	HarborView Mortgage Loan Trust, Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 2.13%, 05/19/47(i)		5,727,145
	3,702,753	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.15%, 07/19/47(i)		3,214,445
	1,290,397	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 3.41%, 04/01/37(p)		1,157,708
	42,430,337	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.40%, 07/01/47(p)		1,697,213
	5,728,364	IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.95%, 01/01/37(p)		5,318,449
	2,487,804	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 2.05%, 03/25/37(i)		2,869,723
	3,181,501	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 1.99%, 10/01/37(p)		2,611,463
	261,453	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/01/37		261,335
	4,412,860	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 0.012%), 3.05%, 12/25/37(i)		4,377,451
	3,825,304	MASTR Reperforming Loan Trust, Series 2006-2, Class 1A1, 4.42%, 05/01/36(g)(p)		3,470,455
	2,446,704	MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.31%, 08/25/37(b)(g)(p)		1,835,488
	3,924,139	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.11%, 04/25/37(i)		3,279,423
	2,444,679	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.74%, 05/01/36(p)		2,261,152
	856,615	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/01/36.		713,346
	8,204,468	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 2.69%, 05/26/37(g)		7,589,734

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,300,016	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 2.03%, 07/26/45(i)	$	3,044,945
	5,456,536	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/01/35(g)		3,939,497
	2,348,197	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/01/35(g)		1,730,481
	1,111,109	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/01/36		1,033,062
	190,627	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/01/36		178,793
	4,538,600	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 4.60%, 08/01/36(p)		3,792,987
	11,356,300	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 18.61%, 07/01/56(g)(m)		889,758
	19,321,666	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.16%, 07/01/56(g)(p)		1,824,426
	2,599,853	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 3.55%, 05/01/35(p)		2,278,556
	4,220,498	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.67%, 04/01/36(p)		3,761,755
	4,683,583	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 2.09%, 05/25/46(i)		2,698,030
	2,976,568	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 2.08%, 09/25/47(i)		2,817,497
	4,614,770	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 2.25%, 06/25/35(g)(i)		4,158,463
	1,596,099	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 3.79%, 04/01/37(p)		1,348,854
	582,380	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 3.83%, 04/01/37(p)		487,746
	2,012,574	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 0.013%), 4.02%, 06/25/47(i)		1,804,788

53

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,929,721	Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 2.19%, 04/25/37(g)(i)	$	3,743,121
	1,620,284	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/01/35		1,492,812
	4,879,182	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/01/36		2,110,784
	123,439	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 3.39%, 12/01/35(p)		119,898
	2,693,733	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR13, Class 2A, (Cost of Funds for the 11th District of San Franciso + 0.015%), 2.32%, 10/01/46(i)		2,598,151
	1,646,207	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.18%, 07/01/37(p)		1,365,032
	3,827,020	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.008%), 2.15%, 05/01/47(i)		3,643,585
	2,112,517	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.010%), 2.34%, 08/01/46(i)		1,585,168
	14,211,764	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 0.067%), 4.78%, 03/25/37(i)		1,794,215
	514,928	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 3.66%, 04/01/36(p)		521,818
	4,715,190	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 3.77%, 03/01/38(p)		4,106,116
				419,793,798
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.7%
	1,829,680	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 2.37%, 01/25/36(g)(i)		1,690,458

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	7,628,500	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 0.015%), 3.40%, 10/25/37(g)(i)	$	4,928,341
	10,127,000	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 0.015%), 3.40%, 12/25/37(g)(i)		7,508,408
	2,000,000	Commercial Mortgage Trust, Series 2014-PAT, Class E, (1 mo. LIBOR US + 0.032%), 5.05%, 08/13/27(g)(i)		2,021,751
	4,482,000	Commercial Mortgage Trust, Series 2014-PAT, Class F, (1 mo. LIBOR US + 2.440%), 4.34%, 08/13/27(g)(i)		4,465,067
	460,000	Commercial Mortgage Trust, Series 2015-CR25, Class D, 3.95%, 08/01/48(p)		373,379
	8,560,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.49%, 12/01/34(g)(p)		8,400,300
	4,302,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 2.19%, 12/25/36(g)(i)		3,650,014
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 7.78%, 04/01/46(g)(p)		4,054,294
				37,092,012
Total Non-Agency Mortgage-Backed Securities (Cost $455,233,865)				456,885,810
Principal Amount				Value
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.8%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.8%
$	3,223,880	Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 7.90%, 09/25/28(i)	$	3,858,707
	6,138,160	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 7.65%, 07/25/29(i)		7,213,758
	11,500,000	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1M2, 5.45%, 07/25/29(g)(i)		12,574,262
	2,000,000	Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 6.75%, 10/25/29(i)		2,209,264

54

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	909,422	Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, 4.90%, 10/25/29(i)	$	967,475
	4,750,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 6.85%, 07/25/29(i)		5,305,560
	1,373,953	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 11.90%, 07/25/29(i)		1,431,526
	6,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class M2, 5.15%, 07/25/29(i)		6,494,335
	3,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 5.05%, 07/25/30(i)		2,895,074
Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $39,027,612)				42,949,961
U.S. GOVERNMENT AGENCIES — 27.3%
Federal Home Loan Bank — 27.3%
	23,000,000	1.41%, 05/01/18(q)		23,000,000
	263,800,000	1.68%, 05/04/18(q)		263,762,540
	119,800,000	1.63%, 05/09/18(q)		119,754,716
	130,000,000	1.64%, 05/10/18(q)		129,944,750
	248,100,000	1.64%, 05/11/18(q)		247,982,897
	100,700,000	1.63%, 05/14/18(q)		100,638,170
	69,000,000	1.63%, 05/15/18(q)		68,954,391
	123,000,000	1.65%, 05/16/18(q)		122,912,916
	53,000,000	1.66%, 05/17/18(q)		52,959,932
	96,000,000	1.67%, 05/18/18(q)		95,922,912
	36,000,000	1.75%, 05/21/18(q)		35,966,016
	65,000,000	1.70%, 05/23/18(q)		64,932,465
	14,700,000	1.67%, 05/24/18(q)		14,684,036
	50,000,000	1.73%, 06/26/18(q)		49,865,450
	3,000,000	1.65%, 08/03/18(q)		2,985,117
	111,000,000	1.84%, 08/31/18(q)		110,285,271
Total U.S. Government Agencies (Cost $1,504,601,554)				1,504,551,579
U.S. GOVERNMENT SECURITIES — 1.7%
U.S. Treasury Bills — 1.7%
	22,000,000	1.56%, 05/03/18(q)		21,998,092
	27,000,000	1.62%, 05/17/18(q)		26,980,860
	1,000,000	1.43%, 05/31/18(q)		998,619

Principal Amount				Value
U.S. Treasury Bills (continued)
$	42,000,000		1.99%, 10/25/18(q)	$	41,593,969
Total U.S. Government Securities (Cost $91,571,544)					91,571,540
Shares
CASH SWEEP — 3.9%
UNITED STATES — 3.9%
	217,702,203		Citibank - US Dollars on Deposit in Custody Account,(r)		217,702,203
Total Cash Sweep (Cost $217,702,203)					217,702,203
TOTAL INVESTMENTS — 98.8% (Cost $5,406,883,463)					5,455,191,523
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%					63,926,964
NET ASSETS — 100.0%				$	5,519,118,487
Units				Value
STRUCTURED OPTIONS — 0.8%
Equity Options — 0.8%
	50,000,000	(s)	Absolute Dispersion Option on Stock Basket, One purchased call strike of 20%, Expires 08/17/18, Broker Societe Generale(Notional amount $50,000,000)(t)	$	5,745,000
	50,000,000	(s)	Absolute Dispersion Option on Stock Basket, One purchased call strike of 22%, Expires 08/24/18, Broker BNP Paribas SA(Notional amount $50,000,000)(u)		4,377,650
	100,000,000	(s)	Absolute Dispersion Option on Stock Basket, One purchased call strike of 22.7%, Expires 01/09/19, Broker Societe Generale(Notional amount $100,000,000)(v)		1,350,000
	2,987,842		Bloomberg Agriculture Index, One purchased call strike 50.00 Expires 08/24/18, Broker Goldman Sachs International(Notional amount $149,392,100)		4,263,776
	327,225		Euro STOXX 50 Dividend Index Option, One purchased put strike 110.00 (Notional amount $36,000,000), Expires 12/20/19, Broker UBS AG		151,219

55

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Units				Value
Equity Options (continued)
	660,000		Euro STOXX 50 Dividend Index Option, One purchased put strike 110.00 (Notional amount $73,000,000), Expires 12/20/19, Broker BNP Paribas SA.	$	339,045
	(15,000	)	Euro STOXX 50 Dividend Index Option, One written put strike 2,650.00 (Notional amount $40,000,000), Expires 12/20/19, Broker BNP Paribas SA.		(1,393,496	)
	5,505		Euro STOXX 50 Index, One purchased call strike 2,725,10, Expires 12/21/18, Broker Goldman Sachs International(Notional amount $15,000,000)		4,060,069
	2,815		Euro STOXX 50 Index, One purchased call strike 2,797.2047, Expires 12/21/18, Broker JPMorgan Chase Bank N.A.(Notional amount $7,875,000)		1,899,746
	5,339		Euro STOXX 50 Index, One purchased call strike 2,810.00, Expires 06/15/18, Broker Goldman Sachs International(Notional amount $15,000,000)		3,549,646
	18,230		Euro STOXX 50 Index, One purchased call strike 3,296.75 (Notional amount $60,000,000) One written put strike 3,296.75 (15,166 contracts) (Notional amount $50,000,000), Expires 09/20/18, Broker Credit Suisse International		3,441,723
	15,042		Euro STOXX 50 Index, One purchased call strike 3,357.24 (Notional amount $50,500,000) One written put strike 2,991.6 (Notional amount $45,500,000) Expires 05/31/18, Broker Credit Suisse International		2,038,560
	15,025		Euro STOXX 50 Index, One purchased call strike 3,361.00 (Notional amount $50,500,000) One written put strike 3,161.34 (Notional amount $47,500,000) Expires 06/15/18, Broker Credit Suisse International		2,030,013

Units				Value
Equity Options (continued)
	34,331		Euro STOXX 50 Index, One purchased call strike 3,530.29 (Notional amount $121,198,386), One written put strike 3,320.57 (Notional amount $57,000,905), Expires 09/20/18, Broker Credit Suisse International	$	1,600,023
	27,618		Euro STOXX 50 Index, One purchased call strike 3,657.0787 (Notional amount $100,000,000), One written put strike 3,367.4091 (13,809 contracts) (Notional amount $50,000,000), Expires 12/20/19, Broker BNP Paribas SA(w)		537,452
	(7,385	)	Euro STOXX 50 Index, One written put strike 2,650.00 (Notional amount $19,570,250), Expires 12/20/19, Broker UBS AG		(683,778	)
	1,294,648		EURO STOXX Banks Index, One purchased call strike 3.97, (Notional amount $5,140,000) Expires 09/21/18, Broker Citigroup, Inc.		6,247,145
	76,418		IBEX 35 Index, One purchased call strike 10,108.94 (Notional amount $750,000,000), One written call strike 10,207.08 (Notional amount $750,000,000), One written put strike 9,814.50 (Notional amount $50,000,000), Expires 08/16/18, Broker BNP Paribas SA		1,358,656
	48,102		IBEX 35 Index, One purchased call strike 10,498.595 (Notional amount $505,000,000), One written call strike 10,914.381 (Notional amount $525,000,000), One written put strike 10,394.649 with a barrier level strike of 8,523.612 (9,620 contracts) (Notional amount $100,000,000), Expires 02/14/19, Broker Credit Suisse International(w)		(1,648,908	)

56

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Units			Value
Equity Options (continued)
	2,346,041	iShares MSCI Brazil Index, One purchased call strike 34.78 (Notional amount $80,000,000), One written call strike 37.51 (Notional amount $80,000,000), One written put strike 34.10 with a barrier level strike of 28.99 (586,510 contracts) (Notional amount $20,000,000), Expires on 05/18/18, Broker Barclays Bank Plc(w)	$	6,287,390
	32,335	OMX Stockholm 30 Index, One purchased call strike 1,546.334 (Notional amount $50,000,000), One written put strike 1,438.0906 (Notional amount $46,500,000), One purchase call strike 1,546.334 with a barrier level strike of 1,391.7006 (Notional amount $50,000,000), Expires 07/19/18, Broker Goldman Sachs International		1,635,894
	126,032	OMX Stockholm 30 Index, One purchased call strike 1,602.764 (Notional amount $202,000,000), One written put strike 1,491.681 (63,016 contracts) (Notional amount $94,000,000) Expires 06/29/18, Broker Credit Suisse International(w)		1,418,323
	30,733	OMX Stockholm 30 Index, One purchased call strike 1,626.89 (Notional amount $50,000,000), One written put strike 1,513.00 (Notional amount $50,000,000), One purchased put strike 1,626.89 with a barrier level strike of 1,464.20 (Notional amount $50,000,000), Expires 06/14/18, Broker BNP Paribas SA		1,431,916

Units				Value
Equity Options (continued)
	53,085		S&P 500 Index, One purchased call strike 2853.91 (Notional amount $150,500,000), One written call strike 50.52 on Utilities Select Sector SPDR with a barrier level strike of 59.11 (2,969,121 contracts) (Notional amount $150,000,000), One purchased put strike 50.52 on Utilities Select Sector SPDR with a barrier level strike of 41.93 (2,969,121 contracts)(Notional amount $150,000,000), Expires 07/31/18, Broker Credit Suisse International(w)	$	(772,800	)
	(1,000,000	)	S&P 500 Index, One written call strike 16.10 (Notional amount $1,000,000), Expires 12/21/18, Broker Societe Generale(Notional amount $1,610,000)		(4,056,655	)
					45,207,609
Foreign Currency Options — 0.0%
	(50,000,000	)	CHF/BRL foreign exchange rate, One written call strike 4.0000 (Notional amount CHF 50,000,000), One purchased call strike 3.3000 (Notional amount CHF 250,000,000), Expires 03/11/20, Broker JPMorgan Chase Bank N.A		(689,455	)
Total Structured Options (Premiums paid $21,506,709)				$	44,518,154
				Unrealized Appreciation/ (Depreciation)
SWAP AGREEMENTS
Total Return Swaps
Total return swap with Barclays Capital, Inc. receiving total return of the Barclays Japan Value Equity ER JPY Index over the initial equity level of 256.9172 and paying fixed interest rate of 0.45% at expiration date expiring 08/08/18 (Notional amount JPY 8,301,876,729)				$	7,624,274

57

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Total Return Swaps (continued)
Total return swap with Barclays Capital, Inc. receiving total return of the Barclays Japan Value Equity ER JPY Index over the initial equity level of 259.663500 and paying fixed interest rate of 0.45% at expiration date expiring 08/08/18 (Notional amount JPY 8,212,509,424)	$	9,200,139
Total return swap with Barclays Capital, Inc. receiving total return of the Shiller Barclays CAPE US Sector ER USD Index over the initial equity level of 520.3363 and paying fixed interest rate of 0.45% at expiration date expiring 08/27/18 (Notional amount $247,794,032)		(14,380,547	)
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the basket level on valuation date and paying a floating amount of 0.30% with quarterly payments until expiration date, expiring 03/25/19 (Notional amount EUR 100,000,000)(x)		7,447,803
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the basket level on valuation date and paying a floating amount of 0.30% with quarterly payments until expiration date, expiring 07/30/18 (Notional amount EUR 100,000,000)(y)		(348,956	)
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the target spread of 131.2557 and paying an amount if the price return is under the target spread of 131.2557 with quarterly payments until expiration date, expiring 10/08/18 (Notional amount EUR 17,100,000)(z)		(427,938	)
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the target spread of 131.6220 and paying an amount if the price return is under the target spread of 131.6220 with quarterly payments until expiration date, expiring 02/27/19 (Notional amount EUR 40,651,000)(aa)		(3,239,642	)

	Unrealized Appreciation/ (Depreciation)
Total Return Swaps (continued)
Total return swap with Macquarie Bank Ltd. receiving total return of the Macquarie Custom Basket MQCP275 Index over the initial equity level of 329.9732 and paying fixed interest rate of 0.15% with monthly payments until expiration, expiring 02/15/19 (Notional amount $50,000,000)	$	714,489
		6,589,622
Variance Swaps
Conditional Variance swap with JPMorgan Chase Bank N.A. difference between Russell 2000 Index and S&P 500 Index over the volatility strike price of 1.25 with a condition that knockout level is between 70% and 115% at expiration date, expiring 6/21/19 (Vega notional amount $500,000)		0
Conditional Variance swap with JPMorgan Chase Bank N.A. difference between Russell 2000 Index and S&P 500 Index over the volatility strike price of 19 with a condition that knockout level is between 70% and 115% and under the volatility strike price of 17.55 with a condition that knockout level is expiring 6/21/19 (Vega notional amount $500,000)		(314,928	)
Conditional Variance swap with UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 334.9 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date, expiring 12/13/19 (Vega notional amount $800,000)		1,338,348
Conditional Variance swap with UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 357.21 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date, expiring 12/13/19 (Vega notional amount $500,000)		822,459

58

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with Barclays Capital, Inc. paying variance of Shiller Barclays CAPE US Sector Risk Controlled 10% USD Total Return Index (BXIIC10T) Index over the target volatility of 11 and receiving variance of the BXIIC10T Index under the target volatility of 11 at expiration date, expiring 03/01/19 (Vega notional amount $500,000)	$	(277,273	)
Variance swap with BNP Paribas based on receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 11.10 and paying an amount if the volatility of S&P/ASX 200 Index is under 14.85 at expiration date, expiring 12/20/18 (notional amount AUD 500,000)		179,443
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 11.75 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.30 at expiration date, expiring 06/20/19 (Vega notional amount AUD 750,000)		587,176
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 13.3675 and paying an amount if the volatility of S&P/ASX 200 Index is under 17.1175 at expiration date, expiring 12/20/18 (Vega notional amount $500,000)		617,551
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY Index foreign exchange rate is over 11.25 and paying an amount if the volatility of S&P/ASX 200 Index is under 15.60 at expiration date, expiring 12/20/18 (Vega notional amount AUD 750,000)		563,533
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.25 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.05 at expiration date, expiring 06/21/18 (Vega notional amount AUD 1,000,000)		1,496,358

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.95 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.95 at expiration date, expiring 06/21/18 (Vega notional amount AUD 630,000)	$	839,740
Variance swap with BNP Paribas receiving variance of the S&P 500 Index over the target volatility of 19.80 and paying variance of the S&P 500 Index under the target volatility of 19.80 at expiration date, expiring 12/20/19 (Vega notional amount $1,000,000)		(647,023	)
Variance swap with BNP Paribas SA paying variance of the Hang Seng China Enterprises Index over the target volatility of 25.65 and receiving variance of the Hang Seng China Enterprises Index under the target volatility of 25.65 at expiration date, expiring 12/28/18 (Vega notional amount HKD 3,900,000)		1,736,914
Variance swap with BNP Paribas SA paying variance of the S&P/ASX 200 Index over the target volatility of 15.80 and receiving variance of the AUD/USD foreign exchange rate under the target volatility of 9.70 at expiration date, expiring 12/20/18 (Vega notional amount AUD 1,300,000)		2,259,647
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 5.50 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 under the target volatility of 5.50 at expiration date expiring 10/30/18 (Notional amount $1,000,000)		(1,129,675	)
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 at expiration date, expiring 05/10/19 (Vega notional amount $3,000,000)		(72,117	)

59

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
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 at expiration date, expiring 05/29/18 (Vega notional amount $1,000,000)	$	412,164
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 at expiration date, expiring 05/29/18 (Vega notional amount $1,000,000)		407,377
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 at expiration date, expiring 11/09/18 (Vega notional amount $3,000,000)		1,342,917
Variance swap with JPMorgan Chase Bank N.A. paying an amount if the volatility of AUD/USD foreign exchange rate is over 15.8 and receiving an amount if the volatility of S&P/ASX 200 Index is under 15.8 at expiration date, expiring 06/20/19 (Vega notional amount AUD 1,000,000)		616,774
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 at expiration date, expiring 12/20/19 (Vega notional amount $500,000)		6,217,856

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with Societe Generale paying variance of the Hang Seng China Enterprises Index over the target volatility of 25.65 and receiving variance of the Hang Seng China Enterprises Index under the target volatility of 25.65 at expiration date, expiring 12/28/18 (Vega notional amount HKD 3,899,275)	$	1,776,732
Variance swap with Societe Generale paying variance of the S&P 500 Index over the target volatility of 20.00 and receiving variance of the S&P 500 Index under the target volatility of 20.00 at expiration date, expiring 12/20/19 (Vega notional amount $1,000,000)		(872,293	)
Variance swap with Societe Generale receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 12.5 and paying an amount if the volatility of S&P 500 Index is under 17.6 at expiration date, expiring 12/21/18 (Vega notional amount AUD 660,000)		(1,224,457	)
Variance swap with Societe Generale receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.25 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.10 at expiration date, expiring 06/21/18 (Vega notional amount AUD 1,340,000)		2,194,001
Variance swap with Societe Generale receiving an amount if the volatility of AUD/USD foreign exchange rate is over 16.00 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.00 at expiration date, expiring 06/21/19 (Vega notional amount $1,288,000)		231,714
Variance swap with Societe Generale receiving an amount if the volatility of AUD/USD foreign exchange rate is over 16.20 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.20 at expiration date, expiring 06/21/18 (Vega notional amount AUD 660,000)		1,293,532

60

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance Swap with Societe Generale receiving an amount if the volatility of the Hang Seng China Enterprises Index (“HSCEI”) over the volatility strike price of 23.35 and paying an amount if the volatility of S&P 500 Index is under 18.35 at expiration date, expiring 12/20/19 (Vega notional amount $500,000)	$	(310,000	)
Variance Swap with Societe Generale receiving an amount if the volatility of the Korea KOSPI 200 Index over the volatility strike price of 19.90 and paying an amount if the volatility of Korea KOSPI 200 Index is under 19.90 at expiration date, expiring 12/13/18 (Vega notional amount KRW 812,250,000)		2,398,582
Variance Swap with Societe Generale receiving an amount if the volatility of the Nikkei 225 Index (“NKY”) over the volatility strike price of 22.05 and paying an amount if the volatility of S&P 500 Index is under 22.40 at expiration date, expiring 06/15/18 (Vega notional amount $500,000)		(185,000	)
Variance Swap with Societe Generale receiving variance of difference between Hang Seng China Enterprises Index (“HSCEI”) and S&P 500 Index (“SPX”) over the volatility strike price of 4.2 with a condition that knockout level is between 65% and 115% of initial index level at expiration date expiring 12/21/18 (Vega notional amount $1,000,000)		550,000
Variance Swap with Societe Generale receiving variance of the S&P 500 Index over the initial equity level of 23.00 and paying variance of the NASDAQ 100 Index under the initial equity level of 29.50 at expiration date, expiring 06/15/18 (Vega notional amount $500,000)		437,232
Variance Swap with Societe Generale receiving variance of the S&P 500 Index over the initial equity level of 27.75 and paying variance of the NASDAQ 100 Index under the initial equity level of 21.50 at expiration date, expiring 06/21/19 (Vega notional amount $1,288,000)		339,957

	Unrealized Appreciation/ (Depreciation)
Variance Swaps (continued)
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 19.00 and paying variance of the S&P 500 Index under the target volatility of 19.00 at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000)	$	718,696
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 19.2 and paying variance of the S&P 500 Index under the target volatility of 19.2 at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000)		846,517
Variance swap with UBS AG receiving an amount if the volatility of AUD/USD foreign exchange rate is over 9.375 and paying an amount if the volatility of S&P/ASX Index is under 15.35 at expiration date, expiring 12/20/18 (Vega notional amount $1,000,000)		814,585
Variance Swap with UBS AG receiving S&P 500 Index over the initial equity level of 17.70 and paying S&P 500 Index under the initial equity level of 17.70 at expiration date, expiring 12/21/18 (Vega notional amount $500,000)		(1,101,221	)
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 at expiration date, expiring 12/28/18 (Vega notional amount $62,500)		528,017
Variance Swap with UBS AG receiving variance of the Korean Stock Exchange Index over the initial equity level of 15.20 and paying variance of the S&P 500 Index under the initial equity level of 15.35 at expiration date, expiring 12/13/18 (Vega notional amount $750,000)		(2,141,696	)
		23,292,139

61

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

	Unrealized Appreciation/ (Depreciation)
Volatility Swaps
Volatility swap with Bank of America N.A. receiving an amount if the volatility of CHF/USD foreign exchange rate is over 7.45 and paying an amount if the volatility of CHF/USD foreign exchange rate is under 7.45 at expiration date, expiring 05/10/18 (Vega notional amount $1,000,000)	$	(619,230	)
Volatility swap with Bank of America N.A. receiving an amount if the volatility of CHF/USD foreign exchange rate is over 7.60 and paying an amount if the volatility of CHF/USD foreign exchange rate is under 7.60 at expiration date, expiring 05/11/18 (Vega notional amount $1,000,000)		(771,107	)
Volatility swap with BNP Paribas SA based on the Russell 2000 Index receiving an amount if the final realized volatility is over the target strike price of 19.75 and paying an amount if the final realized volatility is under the target strike price of 19.75 at expiration date, expiring 12/21/18 (Notional amount $500,000)		(638,842	)
Volatility swap with BNP Paribas SA based on the S&P 500 Index receiving an amount if the final realized volatility is over the target strike price of 17.00 and paying an amount if the final realized volatility is under the target strike price of 17.00 at expiration date, expiring 12/21/18 (Notional amount $500,000)		(217,631	)
Volatility swap with BNP Paribas SA receiving an amount if the volatility of Russell 2000 Index is over 21.20 and paying an amount if the volatility of S&P 500 Index is under 19 at expiration date, expiring 12/21/18 (Notional amount $5,000,000)		(536,674	)
Volatility swap with Citigroup, Inc., receiving an amount if the volatility of USD/CHF foreign exchange rate is over 7.65 and paying an amount if the volatility of USD/CHF foreign exchange rate is under 7.65 at expiration date, expiring 4/26/19 (Notional amount $1,000,000)		(252,560	)

	Unrealized Appreciation/ (Depreciation)
Volatility Swaps (continued)
Volatility swap with Goldman Sachs International receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 11.20 and paying an amount if the volatility of AUD/JPY foreign exchange rate is under 11.20 at expiration date, expiring 01/23/20 (Vega notional amount AUD 1,250,000)	$	(96,012	)
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of CHF/USD foreign exchange rate is over 7.32 and paying an amount if the volatility of CHF/USD foreign exchange rate is under 7.32 at expiration date, expiring 05/10/18 (Vega notional amount $1,000,000)		(459,934	)
Volatility swap with UBS AG receiving an amount if the volatility of AUD/USD foreign exchange rate is over 8.325 and paying an amount if the volatility of USD/CAD foreign exchange rate is under 7.125 at expiration date, expiring 01/09/19 (Vega notional amount $1,000,000)		(122,557	)
		(3,714,547	)
	$	26,167,214

(a)	Non-income producing security.
(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $376,917,095 or 6.82% 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 (g) below) that amount to $154,998,694 or 2.81% of net assets.
(c)	Level 3 fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $302,647, which is 0.00% of net assets.
(d)	Principal amount denoted in Euros.
(e)	Variable rate security. Rate shown is the rate in effect as of period end.
(f)	Principal amount denoted in British Pounds.
(g)	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 $692,283,601, which is 12.53% 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.
(h)	Security offered and sold outside of the United States, and

62

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

	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.
(i)	Floating rate security. Rate shown is the rate in effect as of period end.
(j)	Investment in non-U.S. Dollars. Principal amount reflects local currency.
(k)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(l)	Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(m)	Zero coupon bond. The rate represents the yield at time of purchase.
(n)	Issuer filed for bankruptcy and/or is in default of interest payments.
(o)	Principal amount denoted in Swiss Francs.
(p)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(q)	The rate represents the annualized yield at time of purchase.
(r)	The rate shown represents the current yield as of April 30, 2018.
(s)	Number of units is not applicable to this derivative and therefore notional amount is disclosed.
(t)	The following table represents the individual positions underlying the basket structured options with Societe Generale, as of April 30, 2018, expiration date August 17, 2018:

Reference Entity

Alphabet, Inc. - Class A

Amazon.com, Inc.

Analog Devices, Inc.

Apple, Inc.

Broadcom Ltd.

Facebook, Inc. - Class A

Gartner, Inc.

Netflix, Inc.

NVIDIA Corp.

ServiceNow, Inc.

Skyworks Solutions, Inc.

Splunk, Inc.

Western Digital Corp.

(u) The following table represents the individual positions underlying the basket structured options with BNP Paribas SA, as of April 30, 2018, expiration date August 28, 2018:

Reference Entity

Allergan Plc

Alphabet, Inc. - Class A

Amazon.com, Inc.

Anadarko Petroleum Corp.

Apple, Inc.

Barrick Gold Corp.

Eli Lilly & Co.

Facebook, Inc. - Class A

Freeport-McMoRan, Inc.

Gilead Sciences, Inc.

Goldcorp, Inc.

Halliburton Co.

Hess Corp.

Incyte Corp.

Netflix, Inc.

Newmont Mining Corp.

Regeneron Pharmaceuticals, Inc.

United States Steel Corp.

(v) The following table represents the individual positions underlying the basket structured options with Societe Generale, as of April 30, 2018, expiration date January 09, 2019:

Reference Entity — Long

Advanced Micro Devices, Inc.

Alexion Pharmaceutical, Inc.

Alibaba Group Holding Ltd- ADR

Alphabet, Inc. - Class C

Amazon.com, Inc.

Bank of America Corp.

Barrick Gold Corp.

ConocoPhillips Co.,

Energen Corp.

Facebook, Inc. - Class A

Incyte Corp.

Morgan Stanley

Mylan N.V.

Symantec Corp.

Transocean Ltd.

Western Digital Corp.

WPX Energy, Inc.

(w)	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.
(x)	The following percentage represents the individual long position underlying the basket swap with BNP Paribas SA, as of April 30, 2018, expiration date March 25, 2019 are 40% Base Metals (10% nickel, 10% aluminum, 10% zinc, 10% copper), 40% Oil and 20% Gold.

63

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

(y) The following table represents the individual long position underlying the basket swap with BNP Paribas SA, as of April 30, 2018, expiration date July 30, 2018:

Reference Entity — Long

BNP Paribas Equity Low Volatility Europe Index

BNP Paribas Equity Momentum Europe Index

BNP Paribas Equity Quality Europe Index

BNP Paribas Equity Value Europe Index

BNP Paribas High Dividend Yield Europe Equity Long Term Return Index

(z) The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of April 30, 2018, expiration date October 8, 2018:

Reference Entity — Long

BNP Paribas USD Long-Term Treasury Bond Futures Index

Reference Entity — Short

BNP Paribas EUR 30 Year Futures Index

(aa) The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of April 30, 2018, expiration date February 27, 2019:

Reference Entity — Long

BNP Paribas USD Long-Term Treasury Bond Futures Index

Reference Entity — Short

BNP Paribas EUR 30 Year Futures Index

Futures contracts outstanding at April 30, 2018:

Description	Number of Contracts		Expiration Date	Current Notional Amount		Value/Unrealized Appreciation (Depreciation)
Long Contracts:
Chicago Mercantile Exchange Nikkei 225 Index		1,000	June 2018		$112,250,000		$	5,535,620
Chicago Mercantile Exchange S&P 500 E-mini		3,800	June 2018		502,930,000			(19,231,297	)
Chicago Board of Trade U.S. Treasury Long Bond		500	June 2018		71,921,875			(562,515	)
Commodity Exchange Copper		700	June 2018		53,795,000			(1,299,725	)
Total							$	(15,557,917	)

64

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Forward foreign currency exchange contracts outstanding at April 30, 2018:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
INR	675,850,000	USD	9,993,003	Barclays Bank Plc	05/31/18	$	133,608
USD	10,244,032	INR	675,850,000	Barclays Bank Plc	05/31/18		117,421
USD	7,090,673	SEK	57,000,000	Barclays Bank Plc	05/31/18		566,172
EUR	42,000,000	USD	50,481,056	JPMorgan Chase Bank N.A.	05/31/18		354,093
INR	676,575,000	USD	9,856,862	JPMorgan Chase Bank N.A.	05/31/18		280,611
USD	10,233,306	INR	676,575,000	JPMorgan Chase Bank N.A.	05/31/18		95,832
MXN	413,722,052	USD	20,000,000	JPMorgan Chase Bank N.A.	01/11/19		1,275,204
USD	6,942,612	GBP	4,800,000	JPMorgan Chase Bank N.A.	03/29/19		223,935
JPY	682,298,840	USD	6,200,000	UBS AG	05/31/18		54,255
USD	22,153,940	JPY	2,409,688,500	UBS AG	05/31/18		65,664
							3,166,795
USD	13,601,750	EUR	11,877,805	Bank of New York Mellon Corp.	06/29/18		(810,088	)
CHF	9,665,310	USD	9,904,824	Barclays Bank Plc	05/30/18		(126,179	)
SEK	57,000,000	USD	6,611,225	Barclays Bank Plc	05/31/18		(86,723	)
USD	20,023,367	EUR	17,899,389	Barclays Bank Plc	05/31/18		(1,641,349	)
BRL	33,830,000	USD	10,000,000	Barclays Bank Plc	07/31/18		(427,007	)
EUR	6,000,000	USD	7,547,934	Barclays Bank Plc	08/31/18		(231,610	)
USD	7,181,748	EUR	6,000,000	Barclays Bank Plc	08/31/18		(134,576	)
EUR	5,000,000	USD	6,303,445	Barclays Bank Plc	09/28/18		(192,265	)
USD	16,004,065	EUR	13,237,958	Barclays Bank Plc	09/28/18		(175,844	)
INR	658,900,000	USD	10,000,000	Barclays Bank Plc	01/11/19		(372,041	)
USD	10,000,000	EUR	8,219,004	Barclays Bank Plc	03/29/19		(208,533	)
USD	3,336,600	EUR	3,000,000	Barclays Bank Plc	03/29/19		(389,594	)
BRL	47,022,050	USD	13,771,284	Barclays Bank Plc	04/30/19		(714,681	)
JPY	8,680,175,000	USD	80,092,468	JPMorgan Chase Bank N.A.	05/29/18		(536,777	)
AUD	51,048,687	USD	41,232,892	JPMorgan Chase Bank N.A.	06/29/18		(2,793,195	)
USD	6,557,890	GBP	5,000,000	JPMorgan Chase Bank N.A.	07/27/18		(355,190	)
GBP	5,000,000	USD	7,049,453	JPMorgan Chase Bank N.A.	07/27/18		(136,374	)
EUR	12,000,000	USD	14,957,804	JPMorgan Chase Bank N.A.	07/31/18		(362,815	)
IDR	69,645,000,000	USD	5,000,000	JPMorgan Chase Bank N.A.	07/31/18		(48,875	)
USD	5,822,525	EUR	5,000,000	JPMorgan Chase Bank N.A.	07/31/18		(258,720	)
USD	13,330,133	EUR	11,355,128	JPMorgan Chase Bank N.A.	07/31/18		(480,530	)
EUR	8,000,000	USD	10,168,362	JPMorgan Chase Bank N.A.	12/28/18		(312,656	)
USD	9,697,745	EUR	8,000,000	JPMorgan Chase Bank N.A.	12/28/18		(157,960	)
IDR	277,260,000,000	USD	20,000,000	JPMorgan Chase Bank N.A.	01/11/19		(630,575	)
RUB	300,500,000	USD	5,000,000	JPMorgan Chase Bank N.A.	01/11/19		(361,770	)
USD	4,589,538	RUB	300,500,000	JPMorgan Chase Bank N.A.	01/11/19		(48,692	)
USD	18,134,338	EUR	16,380,224	JPMorgan Chase Bank N.A.	03/29/19		(2,210,953	)
USD	6,129,000	EUR	5,000,000	JPMorgan Chase Bank N.A.	08/30/19		(167,304	)
EUR	13,985,358	USD	17,156,370	UBS AG	05/29/18		(231,540	)
INR	350,374,000	USD	5,206,538	UBS AG	03/29/19		(128,168	)
							(14,732,584	)
						$	(11,565,789	)

65

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

The following abbreviations are used in the report:

ADR — American Depositary Receipt

AUD — Australian Dollar

BRL — Brazil Real

CAD - Canadian Dollar

CHF — Swiss Franc

CLO — Collateralized Loan Obligation

CPO — Certificate of Participation-Common

Cnv. — Convertible

DVR — Differential Voting Rights

ETF — Exchange Traded Fund

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

GBP — British Pound

HKD - Hong Kong Dollar

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN - Mexican Peso

REIT — Real Estate Investment Trust

RUB — Russian Ruble

SEK — Swedish Krona

STEP — Step Coupon Bond

USD — U.S. Dollar

66

Old Westbury Funds, Inc.
Strategic Opportunities Fund
Consolidated Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Asset-Backed Securities		14.0	%
Banks		1.3
Collateralized Mortgage Obligations		8.4
Commercial Mortgage-Backed Securities		0.7
Consumer Discretionary		3.7
Consumer Staples		1.4
Diversified Financials		1.0
Energy		0.7
Government Bonds		3.2
Health Care		1.2
Industrials		2.8
Information Technology		4.5
Insurance		1.3
Materials		1.0
Real Estate		0.9
Telecommunication Services		0.8
U.S. Government Agencies and Securities		27.3
Utilities		0.7
Other*		25.1
		100.0	%

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

67

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments	April 30, 2018
	(Unaudited)

Principal Amount			Value
CORPORATE BONDS — 28.6%
Banks — 7.5%
$	1,000,000	ABN AMRO Bank NV, 2.65%, 01/19/21(a)	$	982,371
	1,750,000	Banco Santander Chile, 2.50%, 12/15/20(a)		1,706,250
	2,800,000	Banco Santander SA, 3.50%, 04/11/22		2,765,662
	6,000,000	Bank of America Corp., (3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26(b)		5,779,534
	2,650,000	Bank of Montreal MTN, 1.35%, 08/28/18		2,641,092
	3,080,000	Capital One Financial Corp., 3.75%, 03/09/27		2,923,714
	2,000,000	Capital One NA, 1.85%, 09/13/19		1,968,639
	5,785,000	Citigroup, Inc., (3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(b)		5,519,271
	2,770,000	Cooperatieve Rabobank UA, 4.38%, 08/04/25		2,757,593
	3,000,000	HSBC Holdings Plc, (3 mo. LIBOR US + 1.546%), 4.04%, 03/13/28(b)		2,948,358
	2,980,000	KeyCorp., 2.90%, 09/15/20		2,958,979
	4,565,000	Morgan Stanley, 3.13%, 01/23/23		4,461,204
	9,250,000	Societe Generale SA, 5.20%, 04/15/21(a)		9,712,103
	2,260,000	Sumitomo Mitsui Banking Corp., 1.95%, 07/23/18		2,258,283
	5,000,000	Sumitomo Mitsui Trust Bank Ltd, 2.05%, 10/18/19(a)		4,922,059
	1,375,000	Svenska Handelsbanken AB, 1.50%, 09/06/19		1,349,148
	8,000,000	Westpac Banking Corp., 1.55%, 05/25/18		7,997,126
				63,651,386
Consumer Discretionary — 2.6%
	2,160,000	Amazon.com, Inc., 2.60%, 12/05/19		2,158,631
	1,690,000	American Honda Finance Corp., 1.50%, 11/19/18		1,681,675
	3,000,000	Daimler Finance North America LLC, 2.30%, 02/12/21(a)		2,920,558
	5,750,000	Discovery Communications LLC, 4.90%, 03/11/26		5,899,348
	2,911,000	Ecolab, Inc., 2.25%, 01/12/20		2,874,879

Principal Amount			Value
Consumer Discretionary (continued)
$	1,697,000	Ford Motor Credit Co. LLC, 2.02%, 05/03/19	$	1,679,265
	3,000,000	Hasbro, Inc., 3.50%, 09/15/27		2,764,391
	2,215,000	Time Warner, Inc., 2.10%, 06/01/19		2,195,040
				22,173,787
Consumer Staples — 3.0%
	5,000,000	BAT Capital Corp., 3.56%, 08/15/27(a)		4,677,978
	5,870,000	Costco Wholesale Corp., 2.15%, 05/18/21		5,735,716
	3,415,000	Dollar General Corp., 4.13%, 05/01/28		3,387,117
	2,077,000	Sysco Corp., 1.90%, 04/01/19		2,063,022
	6,000,000	Tyson Foods, Inc., 2.25%, 08/23/21		5,773,836
	4,000,000	Wal-Mart Stores, Inc., 1.90%, 12/15/20		3,916,080
				25,553,749
Diversified Financials — 2.7%
	3,950,000	Aercap Ireland Capital DAC/Aercap Global Aviation Trust, 4.50%, 05/15/21		4,042,197
	3,000,000	AXA Equitable Holdings, Inc.,  3.90%, 04/20/23(a)		2,989,780
	6,160,000	Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.000%), 3.36%, 07/24/23(c)		6,216,392
	6,065,000	JPMorgan Chase & Co., 3.20%, 06/15/26		5,741,775
	3,900,000	Toronto-Dominion Bank (The), (3 mo. LIBOR US + 0.440%), 2.75%, 07/02/19(c)		3,914,642
				22,904,786
Energy — 2.9%
	5,000,000	Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27		4,694,338
	3,865,000	BP Capital Markets Plc, 3.28%, 09/19/27		3,708,182
	3,075,000	Energy Transfer Partners LP, 3.60%, 02/01/23		2,989,322
	5,310,000	Enterprise Products Operating LLC, 1.65%, 05/07/18		5,309,204
	2,845,000	HollyFrontier Corp., 5.88%, 04/01/26		3,042,860

68

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Energy (continued)
$	5,000,000	Petroleos Mexicanos, 5.35%, 02/12/28(a)	$	4,757,000
				24,500,906
Health Care — 1.6%
	5,010,000	AbbVie, Inc., 2.50%, 05/14/20		4,950,515
	4,000,000	Amgen, Inc., 2.20%, 05/22/19		3,980,843
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		4,787,601
				13,718,959
Industrials — 2.6%
	6,115,000	Caterpillar Financial Services Corp. MTN, 1.35%, 05/18/19		6,032,052
	5,400,000	Eaton Corp., 5.60%, 05/15/18		5,405,953
	1,700,000	Honeywell International Inc, 1.40%, 10/30/19		1,666,639
	6,000,000	Northrop Grumman Corp., 2.55%, 10/15/22		5,781,415
	3,000,000	Penske Truck Leasing Co., LP / PTL Finance Corp., 2.70%, 03/14/23(a)		2,860,440
				21,746,499
Information Technology — 2.3%
	6,110,000	Apple, Inc., (3 mo. LIBOR US + 0.350%), 2.71%, 05/11/22(c)		6,161,623
	4,000,000	CA, Inc., 5.38%, 12/01/19		4,142,587
	4,000,000	IBM Credit LLC, 1.80%, 01/20/21		3,877,536
	5,540,000	VMware, Inc., 2.30%, 08/21/20		5,392,360
				19,574,106
Insurance — 0.6%
	5,000,000	Metropolitan Life Global Funding I, 2.40%, 01/08/21(a)		4,902,481
Telecommunication Services — 2.2%
	4,200,000	Alibaba Group Holding Ltd., 2.50%, 11/28/19		4,167,513
	2,600,000	Alibaba Group Holding Ltd., 3.40%, 12/06/27		2,447,871
	6,000,000	Omnicom Group, Inc., 3.65%, 11/01/24		5,882,713

Principal Amount			Value
Telecommunication Services (continued)
$	6,000,000	Verizon Communications, Inc., 3.50%, 11/01/24	$	5,894,268
				18,392,365
Utilities — 0.6%
	3,000,000	Berkshire Hathaway Energy Co, 2.00%, 11/15/18		2,991,429
	2,310,000	NextEra Energy Capital Holdings, Inc., 2.30%, 04/01/19		2,300,783
				5,292,212
Total Corporate Bonds (Cost $248,301,964)				242,411,236
ASSET-BACKED SECURITIES — 9.4%
CANADA — 1.4%
Other Asset-Backed Securities — 1.4%
	3,900,000	Canadian Pacer Auto Receivables Trust 2018-1, 3.00%, 11/19/21(a)		3,899,364
	3,000,000	Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a)		2,991,557
	4,750,000	Golden Credit Card Trust Series 2017-2A, Class A, 1.98%, 04/15/22(a)		4,662,959
				11,553,880
CAYMAN ISLANDS — 3.4%
Collateralized Loan Obligations — 3.2%
	3,000,000	Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 3.83%, 04/24/29(a)(c)		3,018,915
	5,000,000	Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.50%, 10/17/26(a)(c)		5,002,831
	4,000,000	Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 3.66%, 04/20/30(a)(c)		4,004,420
	2,400,000	OCP CLO Ltd., Series 2012-2A, Class A1R, (3 mo. LIBOR US + 1.400%), 3.30%, 11/22/25(a)(c)		2,401,520
	5,000,000	Saratoga Investment Corp. CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 4.11%, 10/20/25(a)(c)		5,013,388

69

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
	5,000,000	THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 3.59%, 07/20/30(a)(c)	$	5,007,690
$	3,000,000	Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, 3.30%, 07/16/27(a)(c)		2,999,832
				27,448,596
Other Asset-Backed Securities — 0.2%
	1,659,511	Securitized Term Auto Receivables Trust Series 2016-1A, Class A3, 1.52%, 03/25/20(a)		1,649,923
UNITED STATES — 4.6%
Other Asset-Backed Securities — 4.6%
	3,000,000	Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21.		2,969,357
	1,250,000	CarMax Auto Owner Trust Series 2017-2, Class A3, 1.93%, 03/15/22.		1,233,193
	2,975,000	Chase Issuance Trust, Series 2012-A4, Class A4, 1.58%, 08/16/21.		2,933,686
	4,250,000	Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a)		4,197,826
	2,975,000	CNH Equipment Trust 2015-A, Class A4, 1.85%, 04/15/21		2,959,041
	1,129,612	Enterprise Fleet Financing LLC Series 2016-2, Class A2, 1.74%, 02/22/22(a)		1,123,831
	825,623	Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, 07/20/22(a)		821,217
	1,500,000	Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(a)		1,468,813
	1,250,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22.		1,234,625
	2,000,000	GM Financial Consumer Automobile Series 2017-1A, Class A4, 2.06%, 05/16/23(a)		1,956,569
	5,000,000	Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/20(a)		4,951,008
	3,000,000	Sofi Professional Loan Program, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a)		2,984,473
	2,000,000	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22.		1,965,783

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
	2,650,000	Verizon Owner Trust Series 2017-1A, Class A, 2.06%, 09/20/21(a)	$	2,620,072
	1,750,000	Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 04/20/22(a)		1,720,394
$	3,100,000	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23.		3,071,778
	1,000,000	World Omni Automobile Lease Securitization Trust Series 2016-A, Class A3, 1.45%, 08/15/19.		994,118
				39,205,784
Total Asset-Backed Securities (Cost $80,387,028)				79,858,183
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
	1,317,211	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A 3.00%, 01/01/38(a)	$	1,241,964
Total Collateralized Mortgage Obligations (Cost $1,343,715)				1,241,964
U.S. GOVERNMENT AGENCIES — 4.0%
Fannie Mae — 1.5%
	7,802,000	1.88%, 02/19/19		7,779,366
	5,000,000	1.00%, 02/26/19		4,950,115
				12,729,481
Federal Home Loan Bank — 2.1%
	5,000,000	0.88%, 10/01/18		4,976,015
	12,485,000	1.13%, 06/21/19		12,315,703
				17,291,718
Overseas Private Investment Corp. — 0.3%
	2,454,839	5.14%, 12/15/23		2,566,312
Small Business Administration — 0.1%
	143,013	4.73%, 02/01/19		145,444
	171,664	4.11%, 03/01/20		174,603
	800,257	4.08%, 03/01/21		811,969
				1,132,016
Total U.S. Government Agencies (Cost $33,911,722)				33,719,527

70

Old Westbury Funds, Inc.
Fixed Income Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 55.9%
U.S. Treasury Notes — 55.9%
	12,480,000	0.88%, 05/31/18	$	12,471,771
	4,000,000	1.13%, 01/31/19		3,967,500
	34,123,000	1.38%, 09/30/19		33,632,482
	21,217,000	1.38%, 12/15/19		20,857,306
	41,134,000	1.50%, 06/15/20		40,269,543
	16,376,000	1.38%, 09/15/20		15,933,976
	9,492,000	1.88%, 12/15/20		9,323,295
	45,401,000	1.88%, 11/30/21		44,148,926
	26,511,000	1.88%, 01/31/22		25,721,884
	48,702,000	1.75%, 01/31/23		46,474,264
	28,321,365	0.63%, 01/15/24(d)		28,255,215
	74,815,000	2.38%, 08/15/24		72,661,146
	83,292,000	2.00%, 02/15/25		78,694,672
	21,820,000	2.25%, 11/15/25		20,836,395
	22,729,000	1.63%, 02/15/26		20,681,614
Total U.S. Government Securities (Cost $488,467,251)				473,929,989
GOVERNMENT BONDS — 0.4%
JAPAN — 0.4%
	3,000,000	Japan Bank For International Cooperation, 2.25%, 02/24/20		2,968,066
Total Government Bonds (Cost $2,994,955)				2,968,066
Shares
INVESTMENT COMPANY — 1.1%
	9,240,219	SEI Daily Income Trust Government II Fund, Class A, 1.53%(e)		9,240,219
Total Investment Company (Cost $9,240,219)				9,240,219
TOTAL INVESTMENTS — 99.5% (Cost $864,646,854)			$	843,369,184
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				4,418,020
NET ASSETS — 100.0%			$	847,787,204

(a)	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 $104,169,586 which is 12.29% of net assets.
(b)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(c)	Floating rate security. Rate shown is the rate in effect as of period end.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	The rate shown represents the current yield as of April 30, 2018.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

Portfolio diversification by Sector (Unaudited)
	Percentage
Sector	of Net Assets
U.S. Government Agencies and Securities		59.9	%
Corporate Bonds		28.6
Asset Backed Securities		9.4
Government Bonds		0.4
Collateralized Mortgage Obligations		0.1
Other*		1.6
		100.0	%

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

71

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments	April 30, 2018
	(Unaudited)

Principal Amount			Value
MUNICIPAL BONDS — 96.3%
Alabama — 1.0%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22	$	2,229,180
	1,750,000	Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21		1,913,555
	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20		5,331,500
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22		3,377,208
	2,990,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/24		3,440,174
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26		4,194,836
	1,500,000	City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26		1,717,455
				22,203,908
Arizona — 1.4%
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25		1,004,596
	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23		2,695,275
	150,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22		165,995
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24		1,951,276
	350,000	Arizona State Board of Regents Revenue Bonds, Series 2008-C, OID 5.88%, 07/01/24		352,379

Principal Amount			Value
Arizona (continued)
$	2,750,000	Arizona State Board of Transportation Refunding Revenue Bonds 5.00%, 07/01/22	$	3,057,010
	5,000,000	City of Phoenix Advance Refunding GO 5.00%, 07/01/25		5,825,750
	200,000	Maricopa County Community College District GO, Series C 5.00%, 07/01/20		207,167
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20		3,057,936
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/21		5,388,450
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/22		5,510,500
	2,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/27		2,378,680
				31,595,014
California — 4.3%
	5,000,000	California Infrastructure & Economic Development Bank Refunding Revenue Bonds 1.99%, 04/01/38(a)		4,999,900
	700,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25		816,193
	6,250,000	California State Current Refunding GO - Group C 5.00%, 08/01/27		7,243,813
	2,000,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series D 5.00%, 09/01/24		2,299,840
	1,035,000	Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23		1,079,339

72

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(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	$	1,161,690
	2,865,000	State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/21		3,169,922
	1,620,000	State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/22		1,830,163
	1,000,000	State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/30		1,203,300
	7,000,000	State of California Public Improvements GO 5.00%, 09/01/22		7,835,940
	4,000,000	State of California Public Improvements GO 5.00%, 10/01/35		4,571,880
	20,000,000	State of California Refunding GO 5.00%, 08/01/21		21,896,600
	10,000,000	State of California Refunding GO 5.00%, 09/01/22		11,194,200
	8,000,000	State of California Refunding GO 5.00%, 03/01/24		9,181,440
	8,000,000	State of California Refunding GO 5.00%, 10/01/25		9,265,600
	7,430,000	State of California School Improvements GO 5.00%, 11/01/28		8,915,183
				96,665,003
Colorado — 0.6%
	500,000	Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding) 5.00%, 12/01/19		524,495
	800,000	City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21		878,152
	3,935,000	Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24		4,483,618
	2,000,000	Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24		2,313,440

Principal Amount			Value
Colorado (continued)
$	100,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23	$	114,063
	975,000	EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding) 5.00%, 12/15/25		1,136,509
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22		1,323,795
	2,280,000	Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26		2,638,690
				13,412,762
Connecticut — 5.2%
	4,500,000	Hartford County Metropolitan District Cash Flow Management GO Notes, Series B 3.00%, 08/01/18		4,509,675
	2,000,000	Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25		2,245,400
	325,000	Hartford County Metropolitan District Refunding Notes GO, Series C (AGM) 5.00%, 11/01/23		366,668
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25		6,782,130
	7,000,000	State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/24		7,722,890
	8,000,000	State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/25		8,900,720
	1,805,000	State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/27		2,021,383
	6,000,000	State of Connecticut Public Improvements GO, Series F 5.00%, 11/15/26		6,684,060
	33,900,000	State of Connecticut Refunding GO, Series C 5.00%, 06/01/23		36,566,235

73

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Connecticut (continued)
$	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22	$	3,394,593
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22		1,368,788
	8,000,000	State of Connecticut Special Tax Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/25		8,891,600
	2,000,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24		2,233,880
	8,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 10/01/19		8,331,680
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27		5,517,850
	10,000,000	State of Connecticut Water & Sewer System Improvements GO, Series E 5.00%, 10/15/23		11,009,600
	1,000,000	Town of Southington Sewer Improvement GO Bonds 2.75%, 04/29/19		1,009,220
				117,556,372
District Of Columbia — 0.3%
	5,000,000	District of Columbia Public Improvement Revenue Bonds, Series C 5.00%, 12/01/19		5,239,350
	1,000,000	District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20		1,075,590
				6,314,940
Florida — 2.0%
	4,790,000	County of Miami-Dade Public Improvements GO 5.00%, 07/01/24		5,464,097
	1,000,000	County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24		1,149,200
	8,575,000	Florida State Board of Education Lottery Revenue Bonds, Series A, OID 5.50%, 07/01/27		8,712,886

Principal Amount			Value
Florida (continued)
$	1,200,000	Lee County School Board Refunding COP 5.00%, 08/01/25	$	1,362,072
	4,000,000	Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24		4,562,920
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20		2,142,640
	500,000	Palm Beach County Revenue Bonds, Series 2, OID 5.25%, 11/01/25		508,699
	10,000,000	State of Florida Lottery Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24		11,468,800
	9,800,000	State of Florida Refunding GO 5.00%, 07/01/24		10,865,162
				46,236,476
Georgia — 3.7%
	1,570,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27		1,844,860
	1,755,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28		2,043,820
	2,000,000	Cherokee County Board of Education Advance Refunding GO 5.00%, 08/01/23		2,269,640
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23		843,068
	260,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21		281,546
	2,710,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23		3,027,287
	2,100,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24		2,372,790
	235,000	Fulton County Development Authority Georgia Tech Facilities Refunding Revenue Bonds, Series A 5.00%, 05/01/23		261,736

74

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Georgia (continued)
$	1,250,000	Georgia State Road & Tollway Authority Federal Highway Grant Anticipation Revenue Bonds, Series A 5.00%, 06/01/18	$	1,253,288
	5,000,000	Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 06/01/20		5,167,100
	2,000,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21		2,168,360
	2,025,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY) 5.00%, 10/01/19		2,114,444
	8,100,000	Private Colleges & Universities Authority Refunding Revenue Bonds, Series B-2 1.72%, 09/01/35(a)		8,100,000
	1,095,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25		1,257,389
	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,806,552
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,277,947
	4,000,000	State of Georgia Advance Refunding GO, Series C-1 5.00%, 07/01/23		4,541,680
	7,650,000	State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26		9,157,739
	1,950,000	State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25		2,229,611
	1,925,000	State of Georgia Refunding GO, Series E-2 4.00%, 09/01/18		1,939,553
	2,860,000	State of Georgia Refunding GO, Series E-2 4.00%, 09/01/19		2,943,054
	18,020,000	State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24		20,645,514

Principal Amount			Value
Georgia (continued)
$	4,250,000	State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/25	$	4,948,785
				82,495,763
Hawaii — 0.7%
	5,815,000	State of Hawaii Advance Refunding GO 5.00%, 10/01/23		6,612,992
	1,000,000	State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21		1,088,290
	5,000,000	State of Hawaii Refunding GO, Series EP 5.00%, 08/01/25		5,737,350
	1,570,000	University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/21		1,715,947
	1,180,000	University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/22		1,314,024
				16,468,603
Idaho — 0.2%
	1,000,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25		1,165,090
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23		1,671,375
	740,000	Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B 5.00%, 09/15/28		881,392
				3,717,857
Illinois — 1.5%
	12,200,000	Illinois Finance Authority University & College Improvements Revenue Bonds 1.68%, 12/01/46(a)		12,200,000
	10,000,000	Illinois Finance Authority University & College Improvements Revenue Bonds 1.71%, 12/01/46(a)		10,000,000

75

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(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	$	3,687,353
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22		2,215,100
	1,400,000	Peoria Metropolitan Airport Authority Advance Refunding GO, Series D 5.00%, 12/01/26		1,617,280
	3,500,000	State of Illinois Public Improvement Refunding Revenue Bonds 5.00%, 06/15/18		3,512,390
	780,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A 5.00%, 04/01/21		829,257
				34,061,380
Indiana — 0.1%
	500,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program) 5.00%, 07/15/20		531,259
	235,000	Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22		259,675
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22		1,455,725
	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22		276,249
	500,000	Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1 5.00%, 07/01/19		517,629
				3,040,537
Iowa — 0.9%
	5,675,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/21		6,170,428

Principal Amount			Value
Iowa (continued)
$	4,000,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/26	$	4,724,280
	6,110,000	Iowa Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/01/21		6,677,314
	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20		1,922,544
				19,494,566
Kansas — 0.1%
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23		1,427,882
Kentucky — 0.2%
	5,000,000	Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24		5,676,150
Louisiana — 0.0%
	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		439,279
Maine — 0.1%
	2,250,000	Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/19		2,349,068
	165,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21		178,883
	5,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(b)		5,437
				2,533,388
Maryland — 5.3%
	1,200,000	County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29		1,400,856

76

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Maryland (continued)
$	2,860,000	County of Charles Public School Improvements GO 5.00%, 10/01/21	$	3,133,788
	1,500,000	County of Frederick Refunding GO, Series A 5.00%, 02/01/25		1,740,540
	5,000,000	County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/22		5,553,750
	4,500,000	County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/23		5,090,895
	6,650,000	County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/22		7,431,974
	10,000,000	County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/26		11,894,500
	1,200,000	County of Montgomery Refunding GO, Series A 5.00%, 11/01/23		1,367,748
	12,500,000	County of Prince George’s Advance Refunding Public Improvements GO, Series B 5.00%, 07/15/23		14,171,875
	3,110,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24		3,576,407
	9,355,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25		10,933,469
	5,300,000	Maryland Health & Higher Educational Facilities Authority Johns Hopkins University and College Improvements Revenue Bonds, Series A 1.71%, 07/01/36(a)		5,300,000
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20		1,071,560
	15,000,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/22		16,713,000
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26		11,439,100
	3,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25		3,489,120

Principal Amount			Value
Maryland (continued)
$	6,700,000	State of Maryland School Improvements GO 5.00%, 06/01/23	$	7,579,777
	7,500,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO 5.00%, 06/01/22		8,330,625
				120,218,984
Massachusetts — 10.7%
	6,200,000	Brockton Area Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/03/18		6,201,922
	5,750,000	Cape Cod Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/27/18		5,753,048
	7,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25		8,156,050
	840,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/26		990,788
	6,430,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27		7,675,105
	11,500,000	Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/22		12,842,050
	20,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/23		22,762,400
	10,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/24		11,523,100
	10,000,000	Commonwealth of Massachusetts Cash Flow Management GO Notes, Series C 2.00%, 06/25/18		10,004,600
	2,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22		3,221,668
	9,000,000	Commonwealth of Massachusetts Public Improvements GO, Series A 5.00%, 05/01/19		9,288,810

77

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Massachusetts (continued)
$	8,000,000	Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26	$	9,627,280
	7,470,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27		8,816,617
	5,500,000	Greater Attleboro-Taunton Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/24/18		5,502,640
	5,250,000	Lowell Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/10/18		5,251,155
	1,500,000	Marthas Vineyard Regional Transit Authority Cash Flow Management Revenue Notes 1.50%, 05/11/18		1,499,985
	8,500,000	Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21		9,297,640
	20,000,000	Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds 1.66%, 07/01/31(a)		20,000,000
	4,000,000	Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds, Series Y 1.73%, 07/01/35(a)		4,000,000
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20		8,311,452
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22		557,959
	8,535,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B 5.25%, 08/01/26		10,309,427
	2,700,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22		3,012,984

Principal Amount			Value
Massachusetts (continued)
$	4,800,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/23	$	5,454,816
	14,845,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series E, (GO of Authority) 1.71%, 08/01/37(a)		14,845,000
	15,000,000	Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 08/03/18		15,004,650
	13,100,000	Pioneer Valley Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/20/18		13,108,384
	3,209,000	Town of Littleton Cash Flow Management GO Notes 2.00%, 05/18/18		3,209,706
	5,000,000	Town of Stow Cash Flow Management Refunding GO Notes 2.00%, 05/01/18		5,000,000
				241,229,236
Michigan — 0.5%
	200,000	Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23		223,849
	635,000	Dexter Community Schools Refunding GO (Q-SBLF) 4.00%, 05/01/18		635,000
	1,225,000	Grand Valley State University & College Advance Refunding Revenue Bonds, Series A 5.00%, 12/01/25		1,403,397
	500,000	Grand Valley State University & College Improvements Revenue Bonds, Series A 5.00%, 12/01/23		565,559
	400,000	Hudsonville Public Schools Improvements GO, (Q-SBLF) 5.00%, 05/01/18		399,999
	250,000	Hudsonville Public Schools Improvements GO, (Q-SBLF) 5.00%, 05/01/19		257,795
	1,375,000	Northville Public Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/18		1,375,000
	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22		1,109,190

78

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Michigan (continued)
$	4,530,000	University of Michigan Refunding Revenue Bonds, Series C 4.00%, 04/01/19	$	4,624,858
				10,594,647
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		1,722,616
	1,000,000	City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24		1,160,020
	10,375,000	County of Hennepin Public Improvements GO, Series C 1.73%, 12/01/33(a)		10,375,000
	800,000	Fulda Independent School District No 505 Cash Flow Management GO Notes (School District Credit Program) 2.00%, 09/28/18		800,312
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B 5.00%, 03/01/27		2,141,482
	2,200,000	Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25		2,537,986
	5,425,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3 5.00%, 12/01/19		5,690,771
	785,000	State of Minnesota Public Improvements COP 5.00%, 06/01/23		882,057
	1,395,000	State of Minnesota Public Improvements COP 5.00%, 06/01/24		1,589,728
	2,740,000	State of Minnesota Public Improvements COP 5.00%, 06/01/25		3,120,805
	2,910,000	State of Minnesota Public Improvements COP 5.00%, 06/01/26		3,314,432
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21		1,080,700

Principal Amount			Value
Minnesota (continued)
$	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24	$	1,137,620
				35,553,529
Mississippi — 0.4%
	650,000	Delta State University Educational Building Corp., Facilities Refunding Revenue 5.00%, 12/01/23		730,178
	1,810,000	Mississippi Development Bank Department of Corrections Refunding Revenue Bonds, Series D 5.00%, 08/01/18		1,824,118
	570,000	Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program) 5.00%, 01/01/23		632,609
	4,560,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25		5,162,878
	310,000	Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22		343,747
	225,000	Mississippi State University Educational Building Corp. New Facilities and Refinancing Advance Refunding Revenue Bonds 5.00%, 08/01/24		254,696
	830,000	University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A 5.00%, 10/01/25		961,696
				9,909,922
Missouri — 1.2%
	570,000	County of Jackson Refunding Revenue Bonds 4.00%, 12/01/21		604,930
	300,000	County of Jackson Refunding Revenue Bonds 4.00%, 12/01/22		320,699

79

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Missouri (continued)
$	2,300,000	County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation) 5.00%, 12/01/26	$	2,608,039
	4,000,000	Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		4,555,600
	910,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25		1,053,662
	2,225,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/19		2,320,742
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21		2,185,240
	500,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24		568,285
	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		2,044,764
	10,005,000	University of Missouri Refunding Revenue Bonds, Series B 1.70%, 11/01/31(a)		10,005,000
				26,266,961
Nevada — 0.1%
	2,605,000	Clark County Water Reclamation District GO, Series A 5.25%, 07/01/20		2,705,840
New Hampshire — 0.5%
	2,250,000	State of New Hampshire Highway Improvements Revenue Bonds 5.00%, 09/01/19		2,338,740
	3,990,000	State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/21		4,392,830

Principal Amount			Value
New Hampshire (continued)
$	3,990,000	State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/22	$	4,477,897
				11,209,467
New Jersey — 1.5%
	9,000,000	County of Middlesex GO Refunding Notes 2.00%, 06/13/18		9,002,880
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22		224,363
	40,000	New Jersey Sports & Exposition Authority Refunding Revenue Bonds, Series B (State Appropriation) 5.00%, 09/01/18(b)		40,419
	1,300,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B 5.00%, 01/01/20		1,365,884
	9,220,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series C 5.00%, 01/01/25		10,602,078
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21		2,153,900
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.50%, 12/15/21		2,170,920
	1,500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22		1,627,665
	1,575,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/24		1,711,301
	500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series B 5.00%, 06/15/19		515,329
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27		1,175,740

80

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
New Jersey (continued)
$	2,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29	$	2,329,660
				32,920,139
New Mexico — 0.2%
	5,510,000	University of New Mexico/The Refunding Revenue Bonds, Series C 1.75%, 06/01/30(a)		5,510,000
New York — 20.1%
	5,500,000	City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24		6,297,335
	10,025,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/21		10,929,355
	30,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		33,348,600
	8,770,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		9,748,907
	10,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/27		11,879,600
	8,200,000	City of New York Public Improvements GO, Sub-Series B-3 (TD Bank N.A.) 1.76%, 09/01/27(a)		8,200,000
	2,910,000	City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22		3,234,814
	1,855,000	City of New York Refunding GO, Series C 5.00%, 08/01/20		1,978,320
	650,000	City of New York Refunding GO, Series C 5.00%, 08/01/22		722,553
	8,170,000	City of New York Refunding GO, Series D 5.00%, 08/01/22		9,081,935
	2,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/21		2,725,525
	18,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/22		20,564,970
	5,000,000	City of New York Refunding GO, Series I 5.00%, 08/01/25		5,626,650
	15,000,000	County of Rockland Cash Flow Management GO Notes 3.00%, 04/02/19		15,145,500

Principal Amount			Value
New York (continued)
$	2,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/18	$	2,000,000
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23		5,416,050
	5,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B 5.00%, 11/15/34(a)		5,262,650
	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B 5.00%, 11/15/28		278,261
	875,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B 5.00%, 11/15/29		1,010,905
	3,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30		3,333,657
	20,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(a)		22,204,000
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21		2,106,701
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21		2,090,285
	2,500,000	New York City Municipal Water Finance Authority Fiscal 2009 Revenue Bonds, Series A 5.50%, 06/15/21		2,511,475
	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		2,870,900
	1,500,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Series S-4A, (State Aid Withholding) 5.00%, 07/15/30		1,779,330

81

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
New York (continued)
$	680,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21(b)	$	740,309
	295,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21		321,931
	1,000,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-3, (State Aid Withholding) 5.00%, 07/15/26		1,086,430
	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23		1,536,462
	2,200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 05/01/22(b)		2,269,498
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21		17,474,588
	3,025,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/18		3,074,066
	1,045,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/19		1,093,384
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21		2,661,801
	935,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/18		950,166
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21		1,684,893

Principal Amount			Value
New York (continued)
$	515,000	New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1 5.00%, 02/01/19	$	527,473
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31		10,465,650
	600,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20		644,244
	8,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series F-2 1.73%, 06/15/33(a)		8,000,000
	8,000,000	New York Local Government Assistance Corp. Refunding Revenue Bonds, Sub-Lien Series B-3V 1.73%, 04/01/24(a)		8,000,000
	5,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 12/01/21		5,497,550
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23		10,256,792
	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22		8,603,821
	14,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24		15,964,900
	15,000	New York State Dormitory Authority Mental Health Services Facility Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/18(b)		15,143
	1,000,000	New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25		1,160,880
	6,725,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series B 5.00%, 02/15/23		7,546,459

82

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
New York (continued)
$	2,110,000	New York State Dormitory Authority Refunding Revenue Bonds 5.00%, 08/15/18	$	2,129,665
	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20		16,158,450
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26		4,736,118
	8,370,000	New York State Dormitory Authority Refunding Revenue Bonds, Series D 1.72%, 07/01/31(a)		8,370,000
	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21		1,131,066
	7,700,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25		8,803,333
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27		1,178,650
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27		7,528,249
	3,750,000	New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue 5.00%, 06/15/25		4,397,888
	3,800,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/20		3,851,414
	3,200,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/20(b)		3,241,952

Principal Amount			Value
New York (continued)
$	2,510,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/21(b)	$	2,542,906
	2,490,000	New York State Thruway Authority Highway & Bridge Trust Fund Highway Improvements Refunding Revenue Bonds, Series B 5.00%, 04/01/21		2,523,491
	1,430,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/20		1,510,738
	5,000,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/21		5,141,250
	1,900,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21		1,956,069
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21		8,569,840
	2,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24		2,280,700
	2,105,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27		2,460,745
	14,720,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25		17,019,117
	5,605,000	New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/22		6,190,554
	2,000,000	New York State Urban Development Corp Refunding Revenue Bonds 1.74%, 03/15/33(a)(c)		2,000,000

83

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
New York (continued)
$	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22	$	5,196,531
	17,730,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/25		20,903,847
	4,450,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/28		5,433,317
	2,125,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27		2,561,815
	2,800,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 1.74%, 01/02/32(a)(c)		2,800,000
	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24		1,800,224
				452,342,647
North Carolina — 1.5%
	680,000	Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20		720,569
	905,000	Buncombe County Refunding Revenue Bonds 5.00%, 06/01/21		985,138
	1,355,000	Cabarrus County School Improvement COP 5.00%, 01/01/21		1,383,997
	3,015,000	County of Mecklenburg Refunding GO, Series A 5.00%, 12/01/22		3,387,865
	3,325,000	County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26		3,960,474
	675,000	Dare County Refunding Revenue Bonds, Series D 4.00%, 06/01/18		676,208
	675,000	Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21		730,566
	1,000,000	Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25		1,171,650

Principal Amount			Value
North Carolina (continued)
$	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21	$	355,999
	2,000,000	Orange County Public Facilities Co. Refunding Revenue Bonds 5.00%, 10/01/21		2,188,700
	3,250,000	State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22		3,577,405
	13,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/23		14,667,640
				33,806,211
Ohio — 3.6%
	1,175,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23		1,338,255
	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24		1,154,090
	1,285,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25		1,506,534
	3,500,000	City of Columbus GO, Series A 4.00%, 08/15/25		3,854,970
	3,730,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/21		4,071,332
	5,000,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/26		5,909,650
	2,000,000	City of Columbus Refunding GO, Series 5 5.00%, 08/15/23		2,271,540
	1,100,000	County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22		1,234,508
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26		1,143,630
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27		1,727,691
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23		1,138,380

84

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Ohio (continued)
$	2,365,000	Ohio State Building Authority Facilities Administration Building Project Refunding Revenue Bonds, Series B, (NATL-RE, FGIC) 5.00%, 10/01/18	$	2,396,904
	15,200,000	Ohio State University, University and College Improvements Revenue Bonds, Series B 1.70%, 06/01/35(a)		15,200,000
	3,000,000	Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26		3,543,210
	3,045,000	Revere Local School District School Improvements GO, Series A 5.00%, 12/01/42		3,384,761
	2,350,000	Revere Local School District School Improvements GO, Series A 5.00%, 12/01/45		2,612,213
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24		359,565
	1,000,000	State of Ohio Advance Refunding Revenue Bonds 5.00%, 10/01/21		1,092,620
	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		1,656,158
	300,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		343,839
	210,000	State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24		241,702
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20		2,148,620
	5,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/24		5,754,800
	2,530,000	State of Ohio Mental Health Facility Improvements Revenue 5.00%, 02/01/23		2,726,885
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue 5.00%, 06/01/25		2,318,360

Principal Amount			Value
Ohio (continued)
$	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24	$	1,606,478
	7,620,000	State of Ohio School Improvements GO, Series C 1.74%, 06/15/26(a)		7,620,000
	2,000,000	University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26		2,338,240
				80,694,935
Oklahoma — 0.9%
	3,650,000	City of Oklahoma City Public Improvements GO 5.00%, 03/01/26		4,320,834
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 4.00%, 01/01/21		2,098,960
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/26		5,859,100
	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/28		3,593,612
	2,000,000	University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25		2,303,360
	1,250,000	University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25		1,439,600
				19,615,466
Oregon — 0.2%
	1,755,000	Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY) 4.00%, 06/15/19		1,798,155
	2,000,000	Washington County School District No 1 West Union School Improvements GO, (School Board GTY) 5.00%, 06/15/28		2,374,920
				4,173,075

85

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Pennsylvania — 0.7%
$	10,000,000	Commonwealth of Pennsylvania Public Improvements GO, Series 2 5.00%, 09/15/20	$	10,645,100
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26		1,172,140
	3,000,000	Pennsylvania State University Advance Refunding Revenue, Series B 5.00%, 09/01/26		3,568,230
	1,240,000	Pennsylvania State University, University and College Improvements Revenue, Series A 5.00%, 09/01/26		1,474,868
				16,860,338
Rhode Island — 1.6%
	6,950,000	Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23		7,783,444
	3,000,000	Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22		3,293,460
	705,000	Rhode Island Health & Educational Building Corp. Town of East Greenwich Revenue Bonds, Series A, (Municipal Government GTY) 4.00%, 05/15/18		705,550
	21,000,000	Rhode Island Health & Educational Building Corp. University and College Improvements Revenue Bonds, Series A 1.72%, 05/01/35(a)		21,000,000
	850,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24		961,639
	960,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24		1,088,794
	1,010,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25		1,158,783
				35,991,670

Principal Amount			Value
South Carolina — 0.9%
$	3,600,000	Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District) 5.00%, 03/01/22	$	3,978,036
	1,865,000	City of Charleston Waterworks & Sewer System Advance Refunding Revenue Bonds 5.00%, 01/01/24		2,130,930
	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/20		1,726,331
	2,350,000	Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26		2,765,386
	1,500,000	State of South Carolina Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 04/01/26		1,775,985
	330,000	State of South Carolina University & College Improvements GO, Series B 5.00%, 03/01/19		338,880
	1,485,000	State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22		1,645,974
	680,000	State of South Carolina University & College Improvements GO, Series E (State Aid Withholding) 5.00%, 03/01/19		698,299
	4,680,000	State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22		5,187,312
				20,247,133
Tennessee — 0.9%
	1,600,000	Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/25		1,863,328
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23		451,483

86

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Tennessee (continued)
$	7,000,000	Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/31	$	8,070,720
	7,000,000	Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/32		8,050,280
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25		1,037,655
				19,473,466
Texas — 15.7%
	2,250,000	Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28		2,661,930
	1,000,000	Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22		1,101,920
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25		992,818
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26		2,013,174
	1,100,000	Amarillo College District Refunding GO 4.00%, 02/15/20		1,141,338
	235,000	Anna Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/28		279,199
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23		542,841
	1,450,000	Austin Community College District Refunding GO 5.00%, 08/01/27		1,710,304
	1,000,000	Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21		1,089,220

Principal Amount			Value
Texas (continued)
$	5,310,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26	$	6,219,178
	3,070,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28		3,603,136
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27		1,261,007
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,862,586
	1,000,000	Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25		1,161,860
	1,420,000	Burleson Independent School District Refunding GO, Series B, (PSF-GTD) 5.50%, 08/01/27		1,748,602
	1,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21		1,096,540
	2,360,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21		2,496,502
	2,450,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22		2,623,485
	2,535,000	City of Cedar Park Public Improvements Refunding GO 5.00%, 02/15/20		2,674,577
	4,020,000	City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25		4,640,849
	935,000	City of Conroe Public Improvements GO 5.00%, 03/01/25		1,059,972
	2,075,000	City of Denton Public Improvements GO 5.00%, 02/15/23		2,323,461
	1,715,000	City of Denton Public Improvements GO 5.00%, 02/15/24		1,941,620
	1,290,000	City of Denton Public Improvements GO 5.00%, 02/15/28		1,498,025

87

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24	$	945,287
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25		396,781
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26		1,412,013
	5,145,000	City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25		5,943,092
	1,325,000	City of Lubbock Prerefunded Public Improvements GO 5.25%, 02/15/20(b)		1,359,437
	450,000	City of Lubbock Unrefunded Public Improvements GO 5.25%, 02/15/20		462,231
	2,240,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25		2,585,274
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26		2,758,840
	930,000	City of Pflugerville Advance Refunding GO 5.00%, 08/01/26		1,089,411
	1,815,000	City of Plano Advance Refunding GO 5.00%, 09/01/23		2,056,540
	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26		1,387,951
	1,505,000	Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,747,621
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,386,786
	900,000	Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/21		972,279
	460,000	Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		507,762
	2,130,000	County of Bexar Advance Refunding GO 5.00%, 06/15/26		2,464,730

Principal Amount			Value
Texas (continued)
$	7,500,000	County of Bexar Advance Refunding GO 5.00%, 06/15/29	$	8,720,250
	2,910,000	County of Bexar Refunding GO 5.00%, 06/15/22		3,225,502
	24,000,000	County of Bexar Tax Public Improvements GO, Series B 5.00%, 06/15/43		27,037,920
	675,000	County of Collin Advance Refunding GO 5.00%, 02/15/24		766,523
	3,440,000	County of Dallas Public Improvements GO 5.00%, 08/15/26		4,060,163
	1,500,000	County of Denton Advance Refunding GO 5.00%, 07/15/24		1,716,960
	1,590,000	County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25		1,845,179
	1,850,000	County of Williamson Limited Tax Advance Refunding GO 5.00%, 02/15/24		2,106,207
	1,000,000	County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21		1,078,900
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		415,357
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25		863,108
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		1,233,288
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,250,376
	2,665,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,098,462
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27		2,140,729
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25		3,461,310

88

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,500,000	El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25	$	1,725,300
	6,000,000	Fort Bend Independent School District Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25		6,878,580
	4,320,000	Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22		4,766,904
	885,000	Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26		1,010,130
	250,000	Frisco Independent School District School Building GO, Series A, (PSF-GTD) 6.13%, 08/15/21		253,139
	2,500,000	Frisco Independent School District School Improvements GO, Series A, (PSF-GTD) 5.00%, 08/15/25		2,904,825
	1,385,000	Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25		1,597,030
	1,095,000	Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21		1,181,702
	1,000,000	Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19		1,044,030
	2,040,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		2,418,767
	2,730,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27		3,215,476
	2,030,000	Houston Community College System University & College Improvements Revenue Bonds (AGM) 5.25%, 04/15/21		2,035,704
	3,750,000	Houston Independent School District School Improvement Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25		4,326,638

Principal Amount			Value
Texas (continued)
$	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24	$	2,793,569
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24		664,999
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		575,199
	1,000,000	Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23		1,130,070
	4,455,000	Lone Star College System Advance Refunding GO, Series B 5.00%, 02/15/23		4,986,303
	1,835,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21		1,980,809
	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		2,087,199
	560,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		638,198
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		264,044
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,104,276
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24		3,904,348
	1,005,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23		1,138,766
	1,060,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24		1,217,887
	1,110,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25		1,295,370

89

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,435,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23	$	1,625,999
	1,650,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25		1,925,550
	585,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26		691,423
	580,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24		666,391
	1,170,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25		1,365,390
	1,000,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21		1,092,250
	595,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26		703,242
	1,585,000	Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26		1,873,343
	1,000,000	New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		1,188,260
	250,000	Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26		294,253
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		1,281,553
	250,000	Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22		275,383
	4,420,000	Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD) 5.00%, 02/15/25		4,942,886
	750,000	Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27		862,208

Principal Amount			Value
Texas (continued)
$	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23	$	1,707,604
	2,595,000	Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25		3,004,543
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25		1,153,090
	925,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22		1,028,748
	1,020,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23		1,152,508
	1,075,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24		1,231,069
	1,000,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,160,490
	705,000	San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25		814,564
	145,000	Seagraves Independent School District School Building GO, (PSF-GTD) 4.00%, 02/15/19		147,487
	450,000	Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27		525,641
	1,000,000	Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,179,460
	2,160,000	Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22		2,402,266
	16,000,000	State of Texas Housing GO, Series D 1.73%, 06/01/45(a)(c)		16,000,000
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26		5,913,950

90

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	2,695,000	State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20	$	2,886,534
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25		3,742,976
	6,500,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25		7,543,640
	3,500,000	State of Texas Transportation Commission Refunding GO, Series A 5.00%, 10/01/22		3,906,875
	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,175,390
	1,000,000	Temple Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 02/01/27		1,183,220
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22		1,116,700
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24		6,655,527
	3,225,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21		3,492,707
	9,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26		10,948,485
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24		1,144,350
	4,850,000	Tyler Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		5,454,165
	500,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22		556,079

Principal Amount			Value
Texas (continued)
$	1,680,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23	$	1,899,139
	935,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24		1,071,332
	2,085,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25		2,427,149
	1,635,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26		1,928,417
	1,000,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27		1,195,010
	220,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/20		232,445
	420,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21		454,066
	1,480,000	University of North Texas Unrefunded Refunding Revenue 5.00%, 04/15/20		1,565,766
	12,900,000	University of Texas Financing Systems Refunding Revenue Bonds, Series B 1.67%, 08/01/25(a)		12,900,000
	15,000,000	University of Texas Financing Systems Refunding Revenue Bonds, Series B 1.67%, 08/01/32(a)		15,000,000
	2,000,000	University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23		2,270,460
	7,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/26		8,313,690
	325,000	Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27		382,002
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27		735,398

91

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Texas (continued)
$	1,210,000	Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23	$	1,355,515
				355,126,263
Utah — 0.1%
	1,975,000	Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21		2,057,614
	1,085,000	Uintah County School District Refunding GO, (School Board GTY) 5.00%, 02/01/24		1,237,443
				3,295,057
Virginia — 3.0%
	7,000,000	Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/22		7,845,110
	5,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27		6,010,900
	2,160,000	County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22		2,357,899
	1,350,000	Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A 4.50%, 03/01/20		1,413,572
	6,025,000	Hampton Roads Sanitation District Refunding Revenue Bonds, Series B 1.69%, 08/01/46(a)		6,025,000
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24		1,346,062
	1,000,000	Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28		1,172,960
	2,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21		2,134,960

Principal Amount			Value
Virginia (continued)
$	2,275,000	Virginia College Building Authority Refunding Revenue Bonds 1.73%, 08/01/34(a)(c)	$	2,275,000
	500,000	Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27		571,695
	2,600,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/23		2,926,742
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23		5,530,150
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27		5,877,050
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21		2,690,621
	1,250,000	Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation) 5.00%, 08/01/21		1,298,600
	5,000,000	Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/24		5,685,200
	2,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24		2,809,758
	5,000,000	Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25		5,827,300
	1,500,000	Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26		1,776,645
	1,120,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25		1,294,216
	30,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(b)		34,414
				66,903,854

92

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Principal Amount			Value
Washington — 2.7%
$	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21	$	1,126,998
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26		1,224,248
	2,100,000	City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24		2,429,406
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27		1,847,184
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24		950,499
	1,000,000	County of King WA Sewer Advance Refunding Revenue Bonds 5.00%, 07/01/30		1,182,910
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28		4,299,399
	680,000	King County Public Transportation Sales Tax Refunding GO 4.00%, 12/01/18		689,030
	1,035,000	King County Refunding GO 5.00%, 07/01/25		1,199,772
	1,500,000	King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20		1,528,110
	1,180,000	Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24		1,353,330
	1,000,000	Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY) 5.00%, 12/01/30		1,180,040
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds 5.00%, 02/01/27		869,828
	5,000,000	Port of Seattle Refunding GO 5.00%, 06/01/24		5,728,300

Principal Amount			Value
Washington (continued)
$	1,120,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23	$	1,274,358
	5,000,000	Snohomish County School District No 201 Refunding GO (School Board GTY) 5.00%, 12/01/25		5,700,950
	1,315,000	Spokane County School District No 363 West Valley Refunding GO, (School Board GTY) 5.00%, 12/01/18		1,339,406
	15,000,000	State of Washington Advance Refunding GO, Series R-2018C 5.00%, 08/01/25		17,503,500
	800,000	State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23		887,968
	3,250,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds 5.00%, 09/01/19		3,380,358
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY) 5.00%, 12/01/24		5,106,725
				60,802,319
Wisconsin — 0.1%
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27		1,412,424
Total Municipal Bonds (Cost $2,207,937,472)				2,170,203,463
U.S. GOVERNMENT SECURITIES — 2.6%
U.S. Treasury Notes — 2.6%
	19,800,000	1.50%, 03/31/2023		18,629,016
	19,700,000	1.88%, 01/31/2022		19,113,617
	16,000,000	2.00%, 08/15/2025		15,045,625
	6,700,000	2.25%, 11/15/2027		6,317,367
Total U.S. Government Securities (Cost $60,064,960)				59,105,625

93

Old Westbury Funds, Inc.
Municipal Bond Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INVESTMENT COMPANY — 0.4%
	9,539,118	SEI Daily Income Trust Government II Fund, Class A, 1.53%(d)	$	9,539,118
Total Investment Company (Cost $9,539,118)				9,539,118
TOTAL INVESTMENTS — 99.3% (Cost $2,277,541,550)			$	2,238,848,206
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				14,985,583
NET ASSETS — 100.0%			$	2,253,833,789

(a)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(b)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c)	The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d)	The rate shown represents the current yield at April 30, 2018.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

FGIC — Insured by Financial Guaranty Insurance Corp.

GO — General Obligations

GTY — Guaranty

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

OID — Original Issue Discount

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

Portfolio diversification by State (Unaudited)

State	Percentage of Net Assets
Alabama		1.0	%
Arizona		1.4
California		4.3
Colorado		0.6
Connecticut		5.2
District Of Columbia		0.3
Florida		2.0
Georgia		3.7
Hawaii		0.7
Idaho		0.2
Illinois		1.5
Indiana		0.1
Iowa		0.9
Kansas		0.1
Kentucky		0.2
Louisiana		0.0	**
Maine		0.1
Maryland		5.3
Massachusetts		10.7
Michigan		0.5
Minnesota		1.6
Mississippi		0.4
Missouri		1.2
Nevada		0.1
New Hampshire		0.5
New Jersey		1.5
New Mexico		0.2
New York		20.1
North Carolina		1.5
Ohio		3.6
Oklahoma		0.9
Oregon		0.2
Pennsylvania		0.7
Rhode Island		1.6
South Carolina		0.9
Tennessee		0.9
Texas		15.7
Utah		0.1
Virginia		3.0
Washington		2.7
Wisconsin		0.1
Other*		3.7
		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.
**	Represents less than 0.01% of net assets.

94

Old Westbury Funds, Inc.
Statements of Assets and Liabilities
	April 30, 2018 (Unaudited)

	ALL CAP CORE FUND			LARGE CAP STRATEGIES FUND		ALL CAP ESG FUND			SMALL & MID CAP STRATEGIES FUND
ASSETS:
Investments, at fair value		$	1,839,409,284	$	17,416,652,556	$	26,292,031			$	6,607,758,309
Foreign currency, at value (Cost $0, $95,653, $0 and $5,258,724, respectively)			—		94,492		—				5,288,284
Cash			—		370,465		—				60,523,550
Dividends and interest receivable			602,470		49,247,686		71,044				7,950,288
Receivable for Fund shares sold			458,202		9,361,686		—				2,398,243
Receivable for investments sold			1,798,152		7,420,384		—				15,655,990
Unrealized appreciation on forward foreign currency exchange contracts			—		—		—				119,246
Prepaid expenses			11,932		36,685		2,675				19,690
Total Assets			1,842,280,040		17,483,183,954		26,365,750				6,699,713,600
LIABILITIES:
Payable for Fund shares redeemed			904,339		2,332,133		—				1,005,852
Payable for investments purchased			5,093,919		31,701,092		—				36,097,288
Unrealized depreciation on forward foreign currency exchange contracts			—		—		—				1,557
Deferred tax liability (Note 9)			—		1,708,128		—				181,896
Accrued expenses and other payables:
Investment advisory			1,014,642		11,243,449		9,323				4,303,266
Administration			68,160		626,567		2,900				241,510
Shareholder servicing fee			293,863		2,773,619		4,146				1,063,670
Custody			24,945		475,452		3,292				302,940
Directors			4,163		36,282		45				13,817
Legal and Audit			33,620		262,067		345				84,895
Other			42,765		341,704		933				345,611
Total Liabilities			7,480,416		51,500,493		20,984				43,642,302
NET ASSETS		$	1,834,799,624	$	17,431,683,461	$	26,344,766			$	6,656,071,298
NET ASSETS consist of:
Capital paid-in		$	1,423,883,165	$	13,554,422,133	$	26,581,505			$	4,918,635,310
Accumulated undistributed (distributions in excess of) net investment income			2,267,824		65,939,608		116,420				(4,915,957	)
Accumulated undistributed net realized gain/(loss) on investments and foreign currency transactions			28,646,406		253,652,531		(23,030	)			272,892,570
Net unrealized appreciation/(depreciation) on investments and foreign currency transactions			380,002,229		3,557,669,189		(330,129	)			1,469,459,375
NET ASSETS		$	1,834,799,624	$	17,431,683,461	$	26,344,766			$	6,656,071,298
Net Asset Value, maximum offering price and redemption price per share		$	16.86	$	14.49	$	9.95			$	16.85
Number of shares authorized			2,500,000,000		3,000,000,000		3,500,000,000				3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			108,837,709		1,203,397,489		2,647,915				395,113,932
INVESTMENTS, AT COST		$	1,459,407,055	$	13,856,900,230	$	26,620,962			$	5,138,006,912

See Notes to Financial Statements.

95

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2018 (Unaudited)

	STRATEGIC OPPORTUNITIES FUNDa
ASSETS:
Investments, at fair value		$	5,455,191,523
Foreign currency, at value (Cost $15,524,697)			15,250,213
Cash			424,273
Segregated cash for futures contracts (Note 6)			27,177,500
Due from broker for collateral			15,417,000
Structured option contracts, at value (Premium paid $29,348,565)			53,763,246
Dividends and interest receivable			10,150,860
Receivable for Fund shares sold			3,746,204
Receivable for investments sold			25,335,205
Unrealized appreciation on swap contracts			56,554,527
Unrealized appreciation on forward foreign currency exchange contracts			3,166,795
Prepaid expenses			17,955
Total Assets			5,666,195,301
LIABILITIES:
Payable to brokers for collateral			45,230,000
Structured option contracts, at value (Premium received $7,841,856)			9,245,092
Payable for Fund shares redeemed			8,884,750
Payable for investments purchased			28,878,747
Unrealized depreciation on swap contracts			30,387,313
Unrealized depreciation on forward foreign currency exchange contracts			14,732,584
Variation margin			4,335,375
Deferred tax liability payable (Note 9)			115,325
Accrued expenses and other payables:
Investment advisory			3,989,497
Administration			202,776
Shareholder servicing fee			873,482
Directors			10,578
Legal and Audit			70,596
Other			120,699
Total Liabilities			147,076,814
NET ASSETS		$	5,519,118,487
NET ASSETS consist of:
Capital paid-in		$	5,165,868,869
Accumulated undistributed net investment income			30,965,443
Accumulated undistributed net realized gain on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions			252,076,412
Net unrealized appreciation on investments, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions			70,207,763
NET ASSETS		$	5,519,118,487
Net Asset Value, maximum offering price and redemption price per share		$	7.88
Number of shares authorized			3,500,000,000
SHARES OF CAPITAL STOCK OUTSTANDING			700,594,273
INVESTMENTS, AT COST		$	5,406,883,463

^a Consolidated Statement of Assets and Liabilities.

See Notes to Financial Statements.

96

Old Westbury Funds, Inc.
Statements of Assets and Liabilities - (Continued)
	April 30, 2018 (Unaudited)

	FIXED INCOME FUND			MUNICIPAL BOND FUND
ASSETS:
Investments, at fair value	$	843,369,184			$	2,238,848,206
Dividends and interest receivable		4,489,125				24,964,300
Receivable for Fund shares sold		454,430				783,965
Receivable for investments sold		—				14,113,740
Prepaid expenses		10,446				12,705
Total Assets		848,323,185				2,278,722,916
LIABILITIES:
Payable for Fund shares redeemed		99,450				4,989,804
Payable for investments purchased		—				18,833,202
Accrued expenses and other payables:
Investment advisory		289,101				688,125
Administration		31,638				81,098
Shareholder servicing fee		67,310				179,581
Custody		10,097				26,937
Directors		1,655				4,609
Legal and Audit		24,238				45,666
Other		12,492				40,105
Total Liabilities		535,981				24,889,127
NET ASSETS	$	847,787,204			$	2,253,833,789
NET ASSETS consist of:
Capital paid-in	$	881,191,717			$	2,294,958,231
Accumulated undistributed net investment income		716,575				2,778,398
Accumulated undistributed net realized loss on investments		(12,843,418	)			(5,209,496	)
Net unrealized appreciation/(depreciation) on investments		(21,277,670	)			(38,693,344	)
NET ASSETS	$	847,787,204			$	2,253,833,789
Net Asset Value, maximum offering price and redemption price per share	$	10.83			$	11.66
Number of shares authorized		2,000,000,000				2,000,000,000
SHARES OF CAPITAL STOCK OUTSTANDING		78,309,130				193,225,075
INVESTMENTS, AT COST	$	864,646,854			$	2,277,541,550

See Notes to Financial Statements.

97

Old Westbury Funds, Inc.
Statements of Operations
	For the Period Ended April 30, 2018(Unaudited)

	ALL CAP CORE FUND				LARGE CAP STRATEGIES FUND				ALL CAP ESG FUND(a)				SMALL & MID CAP STRATEGIES FUND
INVESTMENT INCOME:
Interest		$	12,892			$	2,153,524			$	—			$	758,254
Dividends			13,698,996				193,565,560				162,765				50,220,503
Foreign tax withheld			(550,966	)			(17,779,370	)			(16,688	)			(2,489,539	)
Total investment income			13,160,922				177,939,714				146,077				48,489,218
EXPENSES:
Investment advisory fees			6,315,968				70,624,713				22,240				28,078,651
Shareholder servicing fees			1,828,938				17,423,730				5,931				6,606,741
Administration and Accounting fees			424,192				3,935,419				5,420				1,499,929
Custodian fees			162,525				3,144,877				3,743				864,837
Directors fees and expenses			19,356				181,451				46				68,590
Insurance premiums			13,088				40,242				—				21,564
Legal and Audit fees			33,816				275,195				357				119,250
Printing and postage fees			4,792				45,358				130				17,878
Registration fees			26,040				91,876				467				58,073
Transfer agent fees			103,375				906,686				2,785				346,060
Offering expenses			—				—				12,211				—
Miscellaneous expenses			11,788				62,386				1,454				447,199
Total expenses			8,943,878				96,731,933				54,784				38,128,772
Expenses waived by Adviser (Note 7)			—				—				(25,127	)			(1,461,357	)
Net expenses			8,943,878				96,731,933				29,657				36,667,415
NET INVESTMENT INCOME			4,217,044				81,207,781				116,420				11,821,803
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTION, NET OF FOREIGN TAXES:
Net realized gain/(loss) on:
Investments			28,676,792				276,895,763				—				278,269,156
Foreign capital gains tax			—				—				—				(56,033	)
Forward foreign currency exchange contracts							—				—				(947,462	)
Foreign currency transactions			(26,612	)			(957,144	)			(23,030	)			611,843
Net change in unrealized appreciation/ (depreciation) on:
Investments			41,508,822				207,497,227				(328,931	)			(64,809,593	)
Foreign currency transactions			(805	)			(307,656	)			(1,198	)			(71,488	)
Forward foreign currency exchange contracts			—				—				—				(354,503	)
Foreign deferred taxes on unrealized  appreciation			—				(717,268	)			—				971,306
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes.			70,158,197				482,410,922				(353,159	)			213,613,226
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	74,375,241			$	563,618,703			$	(236,739	)		$	225,435,029

(a) For the period from March 1, 2018 (commencement of operations) to April 30, 2018.

See Notes to Financial Statements.

98

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2018(Unaudited)

	STRATEGIC OPPORTUNITIES FUNDa
INVESTMENT INCOME:
Interest		$	98,729,893
Dividends			22,929,391
Foreign tax withheld			(241,576	)
Total investment income			121,417,708
EXPENSES:
Investment advisory fees			28,277,646
Shareholder servicing fees			5,468,382
Administration and Accounting fees			1,269,160
Custodian fees			212,734
Directors fees and expenses			55,320
Insurance premiums			19,695
Legal and Audit fees			223,547
Printing and postage fees			16,844
Registration fees			35,349
Transfer agent fees			270,523
Miscellaneous expenses			73,151
Total expenses			35,922,351
Expenses waived by Adviser (Note 7)			(3,112,224	)
Net expenses			32,810,127
NET INVESTMENT INCOME			88,607,581
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			177,716,386
Futures contracts			(10,021,217	)
Swap agreements			50,935,700
Written options and structured options			18,249,534
Forward foreign currency exchange contracts			3,529,909
Foreign currency transactions			6,761,788
Net change in unrealized appreciation/(depreciation) on:
Investments			(109,956,096	)
Futures contracts			(9,894,780	)
Swap agreements			(18,823,965	)
Written options and structured options			(66,300,425	)
Forward foreign currency exchange contracts			(3,106,817	)
Foreign currency transactions			(2,042,290	)
Foreign deferred taxes on unrealized depreciation			(115,325	)
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			36,932,402
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	125,539,983

a Consolidated Statement of Operations.

See Notes to Financial Statements.

99

Old Westbury Funds, Inc.
Statements of Operations - (Continued)
	For the Period Ended April 30, 2018(Unaudited)

	FIXED INCOME FUND				MUNICIPAL BOND FUND
INVESTMENT INCOME:
Interest		$	9,064,268			$	21,002,890
Dividends			36,641				179,373
Total investment income			9,100,909				21,182,263
EXPENSES:
Investment advisory fees			1,784,399				4,276,870
Shareholder servicing fees			830,213				2,231,401
Administration and Accounting fees			195,252				503,865
Custodian fees			62,266				167,355
Directors fees and expenses			8,434				22,715
Insurance premiums			11,457				13,939
Legal and Audit fees			22,928				41,979
Printing and postage fees			1,993				5,259
Registration fees			15,989				25,417
Transfer agent fees			49,425				124,483
Miscellaneous expenses			11,984				32,207
Total expenses			2,994,340				7,445,490
Expenses waived by Shareholder Servicing Agent (Note 7)			(415,107	)			(1,115,701	)
Net expenses			2,579,233				6,329,789
NET INVESTMENT INCOME			6,521,676				14,852,474
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on:
Investments			(1,041,895	)			(3,640,399	)
Net change in unrealized appreciation/(depreciation) on:
Investments			(19,757,088	)			(51,436,900	)
Net realized and change in unrealized gain/(loss) on investments			(20,798,983	)			(55,077,299	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(14,277,307	)		$	(40,224,825	)

See Notes to Financial Statements.

100

Old Westbury Funds, Inc.

Statements of Changes in Net Assets

	ALL CAP CORE FUND								LARGE CAP STRATEGIES FUND
	FOR THE PERIOD				FOR THE YEAR				FOR THE PERIOD				FOR THE YEAR
	ENDED				ENDED				ENDED				ENDED
	APRIL 30,				OCTOBER 31,				APRIL 30,				OCTOBER 31,
	2018				2017				2018				2017
	(Unaudited)								(Unaudited)
FROM OPERATIONS:
Net investment income		$	4,217,044			$	10,124,869			$	81,207,781			$	121,578,079
Net realized gain/(loss) on investments and foreign currency transactions			28,650,180				51,068,138				275,938,619				860,254,925
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes			41,508,017				235,028,950				206,472,303				1,467,903,301
Net increase/(decrease) in net assets resulting from operations			74,375,241				296,221,957				563,618,703				2,449,736,305
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(10,058,464	)			(13,751,936	)			(114,335,758	)			(109,523,510	)
Capital gains			(25,490,845	)			—				(865,259,188	)			(151,604,603	)
Net decrease in net assets from distributions			(35,549,309	)			(13,751,936	)			(979,594,946	)			(261,128,113	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			111,423,443				410,170,510				783,863,616				1,831,878,570
Reinvestment of distributions			20,786,526				4,963,160				578,058,719				123,183,224
Value of capital stock redeemed			(108,603,873	)			(171,433,102	)			(757,741,399	)			(1,496,082,470	)
Net increase in net assets resulting from capital stock transactions			23,606,096				243,700,568				604,180,936				458,979,324
Net increase in net assets			62,432,028				526,170,589				188,204,693				2,647,587,516
NET ASSETS:
Beginning of period			1,772,367,596				1,246,197,007				17,243,478,768				14,595,891,252
End of period		$	1,834,799,624			$	1,772,367,596			$	17,431,683,461			$	17,243,478,768
Undistributed (distributions in excess of) net investment income		$	2,267,824			$	8,109,244			$	65,939,608			$	99,067,585
CAPITAL SHARE TRANSACTIONS:
Shares sold			6,546,518				27,459,497				53,339,707				133,829,033
Shares issued as reinvestment of distributions			1,255,225				349,518				40,480,303				9,497,550
Shares redeemed			(6,384,929	)			(11,396,186	)			(51,497,808	)			(108,984,517	)
Net increase in shares outstanding			1,416,814				16,412,829				42,322,202				34,342,066

(a) For the period from March 1, 2018 (commencement of operations) to April 30, 2018.

See Notes to Financial Statements.

101

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

ALL CAP ESG FUND				SMALL & MID CAP STRATEGIES FUND
FOR THE PERIOD				FOR THE PERIOD				FOR THE YEAR
ENDED				ENDED				ENDED
APRIL 30,				APRIL 30,				OCTOBER 31,
2018(a)				2018				2017
(Unaudited)				(Unaudited)
	$	116,420			$	11,821,803			$	35,355,682
		(23,030	)			277,877,504				442,321,866
		(330,129	)			(64,264,278	)			483,138,972
		(236,739	)			225,435,029				960,816,520
		—				(40,812,048	)			(30,569,468	)
		—				(423,213,407	)			(298,283,586	)
		—				(464,025,455	)			(328,853,054	)
		26,581,505				368,649,571				895,995,983
		—				279,211,482				188,125,990
		—				(315,580,599	)			(625,327,694	)
		26,581,505				332,280,454				458,794,279
		26,344,766				93,690,028				1,090,757,745
		—				6,562,381,270				5,471,623,525
	$	26,344,766			$	6,656,071,298			$	6,562,381,270
	$	116,420			$	(4,915,957	)		$	24,074,288
		—				21,659,673				55,186,332
		—				16,749,339				12,384,858
		—				(18,406,463	)			(38,512,284	)
		—				20,002,549				29,058,906

See Notes to Financial Statements.

102

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	STRATEGIC OPPORTUNITIES FUND
	FOR THE PERIOD				FOR THE YEAR
	ENDED				ENDED
	APRIL 30,				OCTOBER 31,
	2018a				2017a
	(Unaudited)
FROM OPERATIONS:
Net investment income		$	88,607,581			$	140,253,487
Net realized gain/(loss) on investments, securities sold short, swap agreements, futures contracts, written options, foreign capital gains tax and foreign currency transactions			247,172,100				447,442,215
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			(210,239,698	)			165,827,145
Net increase/(decrease) in net assets resulting from operations			125,539,983				753,522,847
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(221,051,872	)			(111,738,489	)
Capital gains			(181,289,230	)			—
Net decrease in net assets from distributions			(402,341,102	)			(111,738,489	)
CAPITAL STOCK TRANSACTIONS (DOLLARS):
Proceeds from sale of capital stock			331,460,675				674,275,647
Reinvestment of distributions			162,502,177				33,139,282
Value of capital stock redeemed			(247,591,354	)			(1,733,704,369	)
Net increase/(decrease) in net assets resulting from capital stock transactions			246,371,498				(1,026,289,440	)
Net increase/(decrease) in net assets			(30,429,621	)			(384,505,082	)
NET ASSETS:
Beginning of period			5,549,548,108				5,934,053,190
End of period		$	5,519,118,487			$	5,549,548,108
Undistributed net investment income		$	30,965,443			$	163,409,734
CAPITAL SHARE TRANSACTIONS:
Shares sold			41,906,827				87,048,713
Shares issued as reinvestment of distributions			20,806,937				4,454,204
Shares redeemed			(31,085,750	)			(223,013,057	)
Net increase/(decrease) in shares outstanding			31,628,014				(131,510,140	)

^a Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements.

103

Old Westbury Funds, Inc.

Statements of Changes in Net Assets - (Continued)

FIXED INCOME FUND								MUNICIPAL BOND FUND
FOR THE PERIOD				FOR THE YEAR				FOR THE PERIOD				FOR THE YEAR
ENDED				ENDED				ENDED				ENDED
APRIL 30,				OCTOBER 31,				APRIL 30,				OCTOBER 31,
2018				2017				2018				2017
(Unaudited)								(Unaudited)
	$	6,521,676			$	10,133,514			$	14,852,474			$	24,756,100
		(1,041,895	)			(3,474,710	)			(3,640,399	)			(1,529,655	)
		(19,757,088	)			(7,223,117	)			(51,436,900	)			(12,618,806	)
		(14,277,307	)			(564,313	)			(40,224,825	)			10,607,639
		(7,068,998	)			(11,203,970	)			(14,552,104	)			(24,052,772	)
		—				—				—				(9,374,029	)
		(7,068,998	)			(11,203,970	)			(14,552,104	)			(33,426,801	)
		84,307,457				186,418,308				252,154,275				516,856,601
		4,056,211				6,088,035				3,973,173				9,250,202
		(44,775,328	)			(140,609,434	)			(183,019,922	)			(322,920,119	)
		43,588,340				51,896,909				73,107,526				203,186,684
		22,242,035				40,128,626				18,330,597				180,367,522
		825,545,169				785,416,543				2,235,503,192				2,055,135,670
	$	847,787,204			$	825,545,169			$	2,253,833,789			$	2,235,503,192
	$	716,575			$	1,263,897			$	2,778,398			$	2,478,028
		7,687,437				16,797,735				21,349,835				43,464,407
		370,807				549,399				337,207				782,318
		(4,086,184	)			(12,660,942	)			(15,511,484	)			(27,216,140	)
		3,972,060				4,686,192				6,175,558				17,030,585

See Notes to Financial Statements.

104

Old Westbury Funds, Inc.

All Cap Core Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS
	ENDED
	APRIL 30, 2018
	(Unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period		$	16.50		$	13.69		$	13.92		$	15.00		$	13.92		$	11.53
Investment operations:
Net investment income			0.04	a		0.10	a		0.14	a		0.15	a		0.21	a		0.24	a
Net realized and unrealized gains/(losses) on investments			0.65			2.86			(0.05	)		(0.41	)		1.08			2.38
Total from investment operations			0.69			2.96			0.09			(0.26	)		1.29			2.62
Distributions:
Net investment income			(0.09	)		(0.15	)		(0.16	)		(0.19	)		(0.21	)		(0.23	)
Capital gains			(0.24	)		—			(0.16	)		(0.63	)		—			—
Total distributions			(0.33	)		(0.15	)		(0.32	)		(0.82	)		(0.21	)		(0.23	)
Net asset value, end of period		$	16.86		$	16.50		$	13.69		$	13.92		$	15.00		$	13.92
Total return			4.2	%b		21.8	%		0.7	%		(1.7	)%		9.4	%		23.1	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$1,834,800			$1,772,368			$1,246,197			$1,145,892			$1,029,373			$835,858
Ratio of expenses to average net assets before expense waivers			0.98	%c,d		0.99	%d		1.00	%d		1.01	%		1.04	%		1.06	%
Ratio of expenses to average net assets after expense waivers			0.98	%c		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets			0.46	%c		0.67	%		1.07	%		1.02	%		1.46	%		1.91	%
Portfolio turnover rate			17	%b		57	%		34	%		43	%		43	%		63	%

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.

105

Old Westbury Funds, Inc.

Large Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS
	ENDED
	APRIL 30, 2018
	(Unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period		$	14.85		$	12.95		$	13.01		$	13.20		$	12.09		$	9.69
Investment operations:
Net investment income			0.07	a		0.11	a		0.08	a		0.12	a		0.10	a		0.11	a
Net realized and unrealized gains on investments and foreign currency transactions			0.42			2.02			0.16			0.13			1.09			2.36
Total from investment operations			0.49			2.13			0.24			0.25			1.19			2.47
Distributions:
Net investment income			(0.10	)		(0.10	)		(0.10	)		(0.10	)		(0.08	)		(0.07	)
Capital gains			(0.75	)		(0.13	)		(0.20	)		(0.34	)		—			—
Total distributions			(0.85	)		(0.23	)		(0.30	)		(0.44	)		(0.08	)		(0.07	)
Net asset value, end of period		$	14.49		$	14.85		$	12.95		$	13.01		$	13.20		$	12.09
Total return			3.4	%b		16.7	%		1.9	%		2.0	%		9.9	%		25.7	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$17,431,683			$17,243,479			$14,595,891			$14,141,401			$12,624,586			$9,564,418
Ratio of expenses to average net assets before expense waivers			1.11	%c,d		1.11	%d		1.11	%d		1.11	%d		1.12	%d		1.15	%d
Ratio of expenses to average net assets after expense waivers			1.11	%c		1.11	%		1.11	%		1.11	%		1.12	%		1.15	%
Ratio of net investment income to average net assets			0.93	%c		0.77	%		0.67	%		0.88	%		0.82	%		1.00	%
Portfolio turnover rate			22	%b		61	%		50	%		61	%		51	%		42	%

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.

106

Old Westbury Funds, Inc.

All Cap ESG Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	PERIOD FROM
	MARCH 1,
	2018a
	TO APRIL 30,
	2018 (Unaudited)
Net asset value, beginning of period		$	10.00
Investment operations:
Net investment income			0.06	b
Net realized and unrealized gains/(losses) on investments			(0.11	)
Total from investment operations			(0.05	)
Distributions:
Net investment income			—
Capital gains			—
Total distributions			—
Net asset value, end of period		$	9.95
Total return			(0.5	)%c
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$	26,345
Ratio of expenses to average net assets before expense waivers			1.82	%d
Ratio of expenses to average net assets after expense waivers			1.00	%d
Ratio of net investment income to average net assets			0.98	%d
Portfolio turnover rate			20	%c

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

See Notes to Financial Statements.

107

Old Westbury Funds, Inc.

Small & Mid Cap Strategies Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS
	ENDED
	APRIL 30, 2018
	(Unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period		$	17.49		$	15.81		$	15.86		$	17.09		$	17.30		$	14.64
Investment operations:
Net investment income			0.03	a		0.10	a		0.09	a		0.09	a		0.12	a		0.12	a
Net realized and unrealized gains on investments, foreign currency transactions and deferred taxes			0.58			2.54			0.66			0.40			0.83			3.61
Total from investment operations			0.61			2.64			0.75			0.49			0.95			3.73
Distributions:
Net investment income			(0.11	)		(0.09	)		(0.12	)		(0.13	)		(0.13	)		(0.16	)
Capital gains			(1.14	)		(0.87	)		(0.68	)		(1.59	)		(1.03	)		(0.91	)
Total distributions			(1.25	)		(0.96	)		(0.80	)		(1.72	)		(1.16	)		(1.07	)
Net asset value, end of period		$	16.85		$	17.49		$	15.81		$	15.86		$	17.09		$	17.30
Total return			3.5	%b		17.6	%		5.1	%		2.9	%		5.7	%		26.8	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$6,656,071			$6,562,381			$5,471,624			$5,449,609			$6,385,783			$6,624,651
Ratio of expenses to average net assets before expense waivers			1.15	%c,d		1.15	%d		1.16	%d		1.16	%d		1.15	%d		1.16	%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			0.36	%c		0.59	%		0.61	%		0.56	%		0.67	%		0.73	%
Portfolio turnover rate			26	%b		45	%		48	%		50	%		38	%		31	%

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.

108

Old Westbury Funds, Inc.

Strategic Opportunities Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS
	ENDED
	APRIL 30, 2018
	(Unaudited)a				2017a			2016a			2015a			2014			2013
Net asset value, beginning of period		$	8.30		$	7.41		$	7.65		$	8.20		$	8.24		$	7.51
Investment operations:
Net investment income			0.13	b		0.19	b		0.12	b		0.09	b		0.09	b		0.15	b
Net realized and unrealized gains/(losses) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes			0.05			0.84			(0.10	)		(0.02	)		0.36			0.76
Total from investment operations			0.18			1.03			0.02			0.07			0.45			0.91
Distributions:
Net investment income			(0.33	)		(0.14	)		(0.12	)		(0.17	)		(0.27	)		(0.18	)
Capital gains			(0.27	)		—			(0.14	)		(0.45	)		(0.22	)		—
Total distributions			(0.60	)		(0.14	)		(0.26	)		(0.62	)		(0.49	)		(0.18	)
Net asset value, end of period		$	7.88		$	8.30		$	7.41		$	7.65		$	8.20		$	8.24
Total return			2.3	%c		14.1	%		0.2	%		0.9	%		5.9	%		12.3	%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$5,519,118			$5,549,548			$5,934,053			$7,095,756			$5,598,552			$5,737,691
Ratio of expenses to average net assets before expense waivers			1.31	%d,e		1.32	%e		1.32	%e		1.32	%e		1.32	%e		1.32	%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			3.24	%d		2.45	%		1.67	%		1.16	%		1.14	%		1.97	%
Portfolio turnover rate			52	%c		111	%		114	%		70	%		82	%		61	%

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.

109

Old Westbury Funds, Inc.

Fixed Income Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

					YEAR ENDED OCTOBER 31,
	SIX MONTHS
	ENDED
	APRIL 30, 2018
	(Unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period		$	11.11		$	11.28		$	11.19		$	11.22		$	11.34		$	11.66
Investment operations:
Net investment income			0.09	a		0.14	a		0.12	a		0.12	a		0.11	a		0.14	a
Net realized and unrealized gains/(losses) on investments			(0.28	)		(0.15	)		0.11			—	b		(0.01	)		(0.18	)
Total from investment operations			(0.19	)		(0.01	)		0.23			0.12			0.10			(0.04	)
Distributions:
Net investment income			(0.09	)		(0.16	)		(0.14	)		(0.15	)		(0.20	)		(0.22	)
Capital gains			—			—			—			—			(0.02	)		(0.06	)
Total distributions			(0.09	)		(0.16	)		(0.14	)		(0.15	)		(0.22	)		(0.28	)
Net asset value, end of period		$	10.83		$	11.11		$	11.28		$	11.19		$	11.22		$	11.34
Total return			(1.7	)%c		(0.1	)%		2.1	%		1.1	%		0.9	%		(0.3	)%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$847,787			$825,545			$785,417			$583,204			$563,716			$533,444
Ratio of expenses to average net assets before expense waivers			0.72	%d		0.72	%		0.74	%		0.74	%		0.75	%		0.75	%
Ratio of expenses to average net assets after expense waivers			0.62	%d		0.62	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets			1.57	%d		1.28	%		1.07	%		1.03	%		0.94	%		1.26	%
Portfolio turnover rate			20	%c		70	%		68	%		67	%		65	%		78	%

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.

110

Old Westbury Funds, Inc.

Municipal Bond Fund

Financial Highlights

For a Share Outstanding Throughout Each Period.

	SIX MONTHS
	ENDED
	APRIL 30, 2018				YEAR ENDED OCTOBER 31,
	(Unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period		$	11.95		$	12.09		$	12.00		$	12.02		$	11.96		$	12.33
Investment operations:
Net investment income			0.08	a		0.14	a		0.14	a		0.15	a		0.14	a		0.17	a
Net realized and unrealized gains/(losses) on investments			(0.29	)		(0.08	)		0.10			0.03			0.10			(0.25	)
Total from investment operations			(0.21	)		0.06			0.24			0.18			0.24			(0.08	)
Distributions:
Net investment income			(0.08	)		(0.14	)		(0.14	)		(0.15	)		(0.15	)		(0.17	)
Capital gains			—			(0.06	)		(0.01	)		(0.05	)		(0.03	)		(0.12	)
Total distributions			(0.08	)		(0.20	)		(0.15	)		(0.20	)		(0.18	)		(0.29	)
Net asset value, end of period		$	11.66		$	11.95		$	12.09		$	12.00		$	12.02		$	11.96
Total return			(1.8	)%b		0.5	%		2.1	%		1.5	%		2.0	%		(0.7	)%
Annualized ratios/supplemental data:
Net assets at end of period (000’s)		$2,253,834			$2,235,503			$2,055,136			$1,375,043			$1,326,109			$1,244,693
Ratio of expenses to average net assets before expense waivers			0.67	%c		0.67	%		0.69	%		0.70	%		0.70	%		0.71	%
Ratio of expenses to average net assets after expense waivers			0.57	%c		0.57	%		0.59	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income to average net assets			1.33	%c		1.17	%		1.17	%		1.28	%		1.20	%		1.38	%
Portfolio turnover rate			26	%b		31	%		44	%		31	%		55	%		51	%

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

See Notes to Financial Statements.

111

Old Westbury Funds, Inc.
Notes to Financial Statements
	April 30, 2018 (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. As of April 30, 2018, the Corporation consisted of seven separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

Fund Name	Investment Objective
Old Westbury All 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 All Cap ESG Fund (“All Cap ESG Fund”)*	Long-term capital appreciation
Old Westbury Small & Mid Cap Strategies 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).
* All Cap ESG Fund commenced operations on March 1, 2018.

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, 2018, the Subsidiary represented $234,391,224 or 4.25% of the Strategic Opportunities Fund’s net assets.

112

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

3. Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

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, such as exchange traded funds and closed-end 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

113

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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

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

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The 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 24 days during the six months ended April 30,2018. The All Cap ESG Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 10 days during the period from March 1, 2018 (commencement of operations) to April 30, 2018. 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, 2018, foreign securities were fair valued as the change in the S&P 500 Index did exceed the Funds’ predetermined level. There were no other transfer between Level 1 and Level 2 during the six month ended April 30, 2018.

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.

114

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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

B. 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, 2018, 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. The Funds had no short sales outstanding at April 30, 2018.

115

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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 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, 2018, 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

116

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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 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, All Cap ESG 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 since ended this quantitative easing and has begun to raise the federal funds rate, and as a result, 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.

117

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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.).

•        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, 2018 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(c)			Total
All Cap Core Fund
Equity Securities(b)	$	1,718,632,744(a	)	$	63,394,098		$	—	$	1,782,026,842
Investment Company		57,382,442			—			—		57,382,442
Total	$	1,776,015,186		$	63,394,098		$	—	$	1,839,409,284
Large Cap Strategies Fund
Equity Securities(b)	$	9,714,657,045(a	)	$	5,997,420,816		$	—	$	15,712,077,861
Master Limited Partnerships		2,010,236(a	)		—			—		2,010,236
Preferred Stocks		31,350,597			220,609,616			—		251,960,213
Exchange Traded Funds		1,041,188,867(a	)		—			—		1,041,188,867
U.S. Government Agencies		—			140,899,248			—		140,899,248
Investment Company		268,516,131			—			—		268,516,131
Total	$	11,057,722,876		$	6,358,929,680		$	—	$	17,416,652,556
All Cap ESG Fund
Equity Securities(b)	$	13,126,621(a	)	$	13,016,477		$	—	$	26,143,098
Investment Company		148,933			—			—		148,933
Total	$	13,275,554		$	13,016,477		$	—	$	26,292,031
Small & Mid Cap Strategies Fund
Equity Securities(b)
Argentina	$	6,715,109		$	—		$	—	$	6,715,109
Australia		459,012			114,971,740			74,128		115,504,880
Austria		—			12,524,295			—		12,524,295
Belgium		—			31,039,054			—		31,039,054
Bermuda		46,968,866			1,798,912			—		48,767,778
Brazil		30,924,840			—			—		30,924,840
Cambodia		—			331,235			—		331,235
Canada		177,887,983			188,537			—		178,076,520
Cayman Islands		405,389			—			—		405,389
Chile		5,299,952			—			—		5,299,952
China		15,644,997			165,558,638			54,636		181,258,271
Denmark		—			34,483,656			—		34,483,656
Faeroe Islands		—			440,650			—		440,650
Finland		—			31,088,992			1,124		31,090,116

118

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs(c)		Total
France		—		125,833,516		—		125,833,516
Gabon		—		13,559		—		13,559
Georgia		—		254,175		—		254,175
Germany		—		162,270,612		—		162,270,612
Gibraltar		—		88,410		—		88,410
Greece		—		10,648,879		—		10,648,879
Hong Kong		306,555		94,546,755		127,037		94,980,347
Hungary		—		1,079,472		—		1,079,472
India		—		61,868,571		20,705		61,889,276
Indonesia		—		8,590,436		3,504		8,593,940
Ireland		74,629,201		33,020,815		—		107,650,016
Isle of Man		—		851,128		—		851,128
Israel		40,704,347		9,575,309		—		50,279,656
Italy		—		41,185,483		—		41,185,483
Japan		—		403,820,064		—		403,820,064
Jersey Channel Islands		3,686,565		1,682,130		—		5,368,695
Jordan		—		520,902		—		520,902
Liechtenstein		—		144,882		—		144,882
Luxembourg		—		24,821,476		—		24,821,476
Macau		—		15,702		—		15,702
Malaysia		—		10,994,905		—		10,994,905
Malta		—		698,053		—		698,053
Mexico		12,068,916		—		—		12,068,916
Monaco		213,307		—		—		213,307
Mongolia		—		13,576		—		13,576
Netherlands		—		31,303,961		—		31,303,961
New Zealand		—		44,421,166		15,062		44,436,228
Norway		44,175		26,483,799		—		26,527,974
Peru		2,306,370		75,365		—		2,381,735
Philippines		—		3,288,652		—		3,288,652
Poland		—		18,124,405		—		18,124,405
Portugal		—		2,667,739		—		2,667,739
Puerto Rico		1,217,649		—		—		1,217,649
Romania		—		151,502		—		151,502
Russia		11,733,002		7,561,227		—		19,294,229
Saudi Arabia		—		2,989,001		—		2,989,001
Singapore		297,160		55,263,312		58,005		55,618,477
South Africa		—		30,359,380		—		30,359,380
South Korea		—		112,567,081		854,885		113,421,966
Spain		—		29,735,852		—		29,735,852
Sweden		—		57,179,067		—		57,179,067
Switzerland		—		94,432,240		—		94,432,240
Taiwan		—		125,467,897		1,708,067		127,175,964
Thailand		—		14,809,990		3,512		14,813,502
Turkey		—		12,711,525		—		12,711,525
Ukraine				60,658		—		60,658
United Arab Emirates		—		2,530,672		—		2,530,672
United Kingdom		78,534,444		285,441,274		383		363,976,101
United States		3,085,201,096		70,218,725		—		3,155,419,821
Vietnam		—		4,836,321		—		4,836,321

119

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs(c)			Total
Total Equities		$	3,595,248,935		$	2,417,645,330		$	2,921,048		$	6,015,815,313
Exchange Traded Funds			408,332,640			—			—			408,332,640
Investment Company			26,607,066			—			—			26,607,066
Rights/Warrants
Indonesia			—			30,908			—			30,908
Malaysia			—			331			—			331
South Korea			—			1,278			—			1,278
Spain			—			757			—			757
United Kingdom			—			—			19,195			19,195
Total Rights/Warrants		$	—		$	33,274		$	19,195		$	52,469
U.S. Government Agencies			—			110,933,027			—			110,933,027
U.S. Government Securities			—			1,999,827			—			1,999,827
Cash Sweep			44,017,967			—			—			44,017,967
Other financial instruments - Assets*
Foreign currency exchange contracts			—			119,246			—			119,246
Total		$	4,074,206,608		$	2,530,730,704		$	2,940,243		$	6,607,877,555
Strategic Opportunities Fund
Equity Securities(b)
Australia		$	—		$	1,445,035		$	—		$	1,445,035
Bermuda			13,503,734			—			—			13,503,734
Brazil			8,363,612			—			—			8,363,612
Canada			2,882,493			—			—			2,882,493
Chile			558,026			—			—			558,026
China			8,071,881			51,050,794			—			59,122,675
Columbia			1,410,892			—			—			1,410,892
Czech Republic			—			523,909			—			523,909
Denmark			—			1,693,807			—			1,693,807
Egypt			—			5,125,831			—			5,125,831
France			—			3,881,189			—			3,881,189
Germany			—			9,901,192			—			9,901,192
Hong Kong			—			15,842,270			43,898			15,886,168
Hungary			—			362,760			—			362,760
India			—			18,660,947			—			18,660,947
Indonesia			—			5,100,030			—			5,100,030
Israel			—			1,509,590			—			1,509,590
Italy			—			1,351,478			—			1,351,478
Japan			—			51,543,288			—			51,543,288
Luxembourg			—			2,027,914			—			2,027,914
Malaysia			—			2,708,593			—			2,708,593
Mexico			6,546,466			—			—			6,546,466
Netherlands			—			5,067,508			—			5,067,508
Pakistan			—			1,766,653			—			1,766,653
Peru			536,587			—			—			536,587
Philippines			—			1,194,998			—			1,194,998
Poland			—			871,383			—			871,383
Qatar			—			5,502,445			—			5,502,445
South Africa			—			12,514,015			—			12,514,015

120

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

	Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs(c)			Total
South Korea			—				29,755,450				—			29,755,450
Switzerland			—				4,622,204				—			4,622,204
Taiwan			—				62,816,027				—			62,816,027
Turkey			—				3,096,922				—			3,096,922
United Arab Emirates			—				2,082,075				—			2,082,075
United Kingdom			5,781,005				—				—			5,781,005
United States			334,967,409				329,254				258,749			335,555,412
Total Equities		$	382,622,105			$	302,347,561			$	302,647		$	685,272,313
Closed-End Funds			144,899,536(a	)			—				—			144,899,536
Exchange Traded Funds			868,184,597(a	)			—				—			868,184,597
Preferred Stocks			4,386,495(a	)			1,656,191				—			6,042,686
Bank Loans			—				119,943,739(a	)			—			119,943,739
Corporate Bonds			—				366,867,688(a	)			—			366,867,688
Government Bonds			—				176,021,503(a	)			—			176,021,503
Asset-Backed Securities			—				774,298,368(a	)			—			774,298,368
Non-Agency Mortgage-Backed Securities			—				456,885,810(a	)			—			456,885,810
U.S. Government Sponsored Agency Mortgage-Backed Securities			—				42,949,961				—			42,949,961
U.S. Government Agencies			—				1,504,551,579				—			1,504,551,579
U.S. Government Securities			—				91,571,540				—			91,571,540
Cash Sweep			217,702,203				—				—			217,702,203
Other financial instruments - Assets*
Equity contracts			5,535,620				98,095,702				—			103,631,322
Interest rate contracts			—				528,017				—			528,017
Foreign currency exchange contracts			—				14,860,849				—			14,860,849
Other financial instruments - Liabilities*
Commodity contracts			(1,299,725	)			—				—			(1,299,725	)
Equity contracts			(19,231,297	)			(34,969,156	)			—			(54,200,453	)
Interest rate contracts			(562,515	)			(427,937	)			—			(990,452	)
Foreign currency exchange contracts			—				(18,967,896	)			—			(18,967,896	)
Total		$	1,602,237,019			$	3,896,213,519			$	302,647		$	5,498,753,185

121

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs(c)			Total
Fixed Income Fund
Corporate Bonds		$	—		$	242,411,236(a	)		$	—		$	242,411,236
Asset-Backed Securities			—			79,858,183(a	)			—			79,858,183
Collateralized Mortgage Obligations			—			1,241,964(a	)			—			1,241,964
U.S. Government Agencies			—			33,719,527				—			33,719,527
U.S. Government Securities			—			473,929,989				—			473,929,989
Government Bonds			—			2,968,066(a	)			—			2,968,066
Investment Company			9,240,219			—				—			9,240,219
Total		$	9,240,219		$	834,128,965			$	—		$	843,369,184
Municipal Bond Fund
Municipal Bonds		$	—		$	2,170,203,463(a	)		$	—		$	2,170,203,463
U.S. Government Securities			—			59,105,625				—			59,105,625
Investment Company			9,539,118			—				—			9,539,118
Total		$	9,539,118		$	2,229,309,088			$	—		$	2,238,848,206

(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, 2018, the change in the S&P 500 Index did exceed the Funds’ predetermined level (see footnote 3.A) and 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 $57,910. For the All Cap Core Fund, the Small & Mid Cap Strategies Fund, the Large Cap Strategies Fund, and Strategic Opportunities Fund were transferred from Level 1 into Level 2 in the amount of $52,308,357, $1,916,047,870, $5,266,778,486 and $146,155,151, respectively.
(c)	The Small & Mid Cap Strategies Fund and the Large Cap Strategies 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, 2018. For the Small & Mid Cap Strategies Fund there were transfers into Level 3 in the amount of $2,401,775 and transfers out of Level 3 in the amount of $678,292. For the Large Cap Strategies Fund there were transfers out in the amount of $10,943. In addition, there were no significant purchases and sales during the period. As of April 30, 2018, the percentage of NAV was 0.01% and 0.00% for the Small & Mid Cap Strategies Fund and the Large Cap Strategies Fund, respectively. The Funds’ instrument types classified as Level 3 investments have no significant unobservable inputs to disclose, as they are generally valued using last trade price or broker quote.

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

The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.

6. Derivative Instruments:

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk 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

122

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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, 2018.

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.

123

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (Unaudited)

As of April 30, 2018, 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 or another similar arrangement 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			Derivatives Available for Offset (b)				Non-Cash Collateral Received (c)				Cash Collateral Received (c)				Net Amount of Derivative Assets (e)
Citibank N.A.		$	119,246			$—				$—				$—			$	119,246
Total		$	119,246
Strategic Opportunities Fund
Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities			Derivatives Available for Offset (b)				Non-Cash Collateral Received (c)				Cash Collateral Received (c)				Net Amount of Derivative Assets (e)
Barclays Bank Plc		$	23,929,004		$	(19,358,222	)		$	—			$	(4,570,782	)		$	—
BNP Paribas SA			23,772,884			(7,450,202	)			(13,821,535	)			—				2,501,147
Citigroup, Inc.			6,247,145			—				—				(6,150,000	)			97,145
Credit Suisse International			10,528,642			(2,421,708	)			—				(6,200,000	)			1,906,934
Goldman Sachs International			15,671,843			(1,297,804	)			—				(14,374,039	)			—
JPMorgan Chase Bank, N.A.			10,964,051			(10,326,703	)			(637,348	)			—				—
Macquarie Bank Limited			714,489			—				—				—				—
Societe Generale			17,881,963			(6,648,405	)			—				(11,233,558	)			—
UBS AG			3,774,547			(3,774,547	)			—				—				—
Total		$	113,484,568

124

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (Unaudited)

Strategic Opportunities Fund

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Derivatives Available for Offset (b)				Non-Cash Collateral Pledged (c)		Cash Collateral Pledged (c)				Net Amount of Derivative Liabilities (d)
Barclays Bank Plc		$	19,358,222		$	(19,358,222	)		$—		$	—			$	—
Bank of America N.A.			1,390,337			—			—			(1,210,000	)			180,337
Bank of New York Mellon Corp.			810,088			—			—			(810,088	)			—
BNP Paribas SA			7,450,202			(7,450,202	)		—			—				—
Citigroup, Inc.			252,560			—			—			—				252,560
Credit Suisse International			2,421,708			(2,421,708	)		—			—				—
Goldman Sachs Group, Inc.			1,297,804			(1,297,804	)		—			—				—
JPMorgan Chase Bank, N.A.			10,326,703			(10,326,703	)		—			—				—
Societe Generale			6,648,405			(6,648,405	)		—			—				—
UBS AG			4,408,960			(3,774,547	)		—			(634,413	)			—
Derivatives not subject to a MNA or similar agreement (a)			4,335,375			—			—			—				4,335,375
Total		$	58,700,364

(a)	Includes financial instruments (futures, centrally cleared options and/or forward currency 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. or another similar arrangement.
(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.

125

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (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, 2018
	Derivative Assets			Derivative Liabilities
Small & Mid Cap Strategies Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign Currency Exchange Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	119,246	Unrealized depreciation on forward foreign currency exchange contracts	$	—
Total		$	119,246		$	—
Strategic Opportunities Fund	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity Risk	Unrealized appreciation on swap agreements	$	44,332,456	Unrealized depreciation on swap agreements	$	26,413,519
				Variation Margin		4,335,375
	Structured option contracts, at value		53,763,246	Structured option contracts, at value		8,555,637
Foreign Currency Exchange Risk	Unrealized appreciation on swap agreements		11,694,054	Unrealized depreciation on swap agreements		3,545,857
	Structured option contracts, at value		—	Structured option contracts, at value		689,455
	Unrealized appreciation on forward foreign currency exchange contracts		3,166,795	Unrealized depreciation on forward foreign currency exchange contracts		14,732,584
Interest Rate Risk	Unrealized appreciation on swap agreements		528,017	Unrealized depreciation on swap agreements		427,937
Total		$	113,484,568		$	58,700,364

	The Effect of Derivative Instruments on the Statements of Operations
	Six Months Ended April 30, 2018
	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				Total
Foreign Currency Exchange Risk		$	—			$	—			$	—			$	(947,462	)	$	(947,462	)
Total		$	—			$	—			$	—			$	(947,462	)	$	(947,462	)
Strategic Opportunities Fund	Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Commodity Risk		$	—			$	—			$	1,880,662			$	—		$	1,880,662
Equity Risk			18,249,534				(1,896,258	)			47,025,579				—			63,378,855
Foreign Currency Exchange Risk			—				(8,124,959	)			2,029,459				3,529,909			(2,565,591	)
Total		$	18,249,534			$	(10,021,217	)		$	50,935,700			$	3,529,909		$	62,693,926
	Net Change in Unrealized Appreciation/(Depreciation)
	on Derivatives Recognized in Income
Small & Mid Cap Strategies Fund	Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Foreign Currency Exchange Risk		$	—			$	—			$	—			$	(354,503	)	$	(354,503	)
Strategic Opportunities Fund	Purchased Options, Written Options and Structured Options				Futures Contracts				Swap Agreements				Foreign Currency Exchange Contracts				Total
Interest Rate Risk		$	—			$	(11,066,062	)		$	—			$	—		$	(11,066,062	)
Equity Risk			(66,404,498	)			1,171,282				(18,823,965	)			—			(84,057,181	)
Foreign Currency Exchange Risk			104,073				—				—				(3,106,817	)		(3,002,744	)
Total		$	(66,300,425	)		$	(9,894,780	)		$	(18,823,965	)		$	(3,106,817	)	$	(98,125,987	)

126

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (Unaudited)

For the six months ended April 30,2018, the quarterly average volume of derivative activities were as follows:

	Small & Mid Cap Strategies Fund		Strategic Opportunities Fund
Structured Options (Notional Amounts)		$—		$	8,869,000,000
Purchased Options (Cost $)		—			—
Futures Long Position (Notional Amounts)		—			570,196,189
Futures Short Position (Notional Amounts)		—			47,190,232
Forward Currency Contracts Purchased (U.S. Dollar Amounts)		26,030,041			339,396,946
Forward Currency Contracts Sold (U.S. Dollar Amounts)		—			410,978,298
Currency Swaps (Notional Amount in U.S. Dollars)		—			1,468,758,427
Equity Swaps (Notional Amount in U.S. Dollars)		—			2,054,822,039
Interest Rate Swaps (Notional Amount in U.S. Dollars)		—			137,022,016

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 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.

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

127

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (Unaudited)

or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on 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.

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).

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

128

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (Unaudited)

structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

7. 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		0.75	%		0.70	%		0.65	%		0.69	%
All Cap ESG Fund		0.75	%		0.70	%		0.65	%		0.75	%
Fixed Income Fund		0.45	%		0.40	%		0.35	%		0.43	%
Municipal Bond Fund		0.45	%		0.40	%		0.35	%		0.38	%
										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 Baillie Gifford Overseas Limited (“Baillie Gifford”), Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”), Martingale Asset Management, L.P. (“Martingale”), Mondrian Investment Partners Limited (“Mondrian”) and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Baillie Gifford, Dimensional, Champlain, Martingale, Mondrian and Polunin 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

129

Old Westbury Funds, Inc.

Notes to Financial Statements - (Continued)

April 30, 2018 (Unaudited)

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 months ended April 30, 2018, Bessemer waived shareholder servicing fees in the amount of $415,107 with respect to the Fixed Income Fund and $1,115,701 with respect to the Municipal Bond Fund.

D. Custody Fees. The All Cap Core Fund, All Cap ESG 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, All Cap ESG 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, All Cap ESG 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% , the Municipal Bond Fund at 0.70% and the All Cap ESG Fund at 1.00%. Any waiver amounts are disclosed in the Statements of Operations. For the six months ended April 30, 2018, BIM waived $1,461,357 for the Small & Mid Cap Strategies Fund and $3,112,224 for the Strategic Opportunities Fund. For the period from March 1, 2018 (commencement of operations) to April 30, 2018 BIM waived $25,127 for the All Cap ESG Fund. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $415,107 and $1,115,701, 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.

130

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

F. Board of Directors’ Fees. Effective February 1, 2018, 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 $235,000, plus $30,000 for serving as the Board’s Chairperson and $15,000 as the Audit Committee Chairperson. Prior to February 1, 2018, the fees were as stated below:

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 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, 2018, excluding short-term debt investments and U.S. Government securities, were as follows:

	Purchases		Sales
All Cap Core Fund	$	304,495,047	$	305,878,432
Large Cap Strategies Fund		4,057,101,311		3,689,122,421
All Cap ESG Fund		26,472,029		—
Small & Mid Cap Strategies Fund		1,730,183,158		1,669,513,845
Strategic Opportunities Fund (Consolidated)		1,957,695,307		2,065,895,596
Fixed Income Fund		97,410,355		105,743,594
Municipal Bond Fund		555,596,729		232,423,062

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the six months ended April 30, 2018, were as follows:

	Purchases		Sales
Fixed Income Fund	$	87,117,925	$	53,619,869
Municipal Bond Fund		154,490,625		320,648,959

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.

131

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

As of April 30, 2018, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

	Cost of Investments Federal Income Tax Purposes		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments
All Cap Core Fund	$	1,459,449,553	$	400,604,133	$	(20,644,402	)	$	379,959,731
Large Cap Strategies Fund		13,882,557,952		4,016,719,673		(482,625,069	)		3,534,094,604
All Cap ESG Fund		26,620,962		581,129		(910,060	)		(328,931	)
Small & Mid Cap Strategies Fund		5,146,485,604		1,701,147,820		(239,875,115	)		1,461,272,705
Strategic Opportunities Fund		5,409,741,080		195,208,787		(149,758,344	)		45,450,443
Fixed Income Fund		865,188,049		401,409		(22,220,274	)		(21,818,865	)
Municipal Bond Fund		2,277,580,992		3,389,736		(42,122,522	)		(38,732,786	)

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 accrue a deferred tax liability for unrealized gains on India and Pakistan securities based on existing tax rates and holding periods of the securities. As of April 30, 2018, the Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund recorded liabilities of $1,708,128, $181,896, and $115,325, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Pakistan capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2017 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		$	13,752		$	109,523		$	30,569		$	111,738		$	11,204		$	8,607
Net Long Term Capital Gains			—			151,605			298,284			—			—			2,686
Total Taxable Distributions			13,752			261,128			328,853			111,738			11,204			11,293
Tax Exempt Distributions			—			—			—			—			—			22,134
Total Distributions Paid		$	13,752		$	261,128		$	328,853		$	111,738		$	11,204		$	33,427

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, 2018, 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, 2017. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

As of October 31, 2017, the Fixed Income Fund had a short-term capital loss carryforward of $2,516,017, and a long-term capital loss carryforward of $6,887,139 and the Municipal Bond Fund had a short-term capital loss carryforward of $1,529,654 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.

132

Old Westbury Funds, Inc.
Notes to Financial Statements - (Continued)
	April 30, 2018 (Unaudited)

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, 2018, 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.

133

Old Westbury Funds, Inc.

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.

134

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
Cusip 680414885
(OWF_A21-SAR2018)
(4/18)

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 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, Old Westbury Large Cap Strategies Fund, Old Westbury All Cap ESG 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.

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments	April 30, 2018
	(Unaudited)

Shares			Value
COMMON STOCKS — 90.4%
ARGENTINA — 0.1%
	19,773	MercadoLibre, Inc.	$	6,715,109
AUSTRALIA — 1.7%
	1,547,765	A.C.N. 004 410 833 Ltd.(a)(b)(c)		0
	99,433	Adelaide Brighton Ltd.		479,724
	69,555	AED Oil Ltd.(a)(b)		0
	34,185	Ainsworth Game Technology Ltd.		49,021
	140,202	Alkane Resources Ltd.(c)		29,419
	105,636	ALS Ltd.		616,486
	471,393	Altium Ltd.		7,158,707
	475,084	Alumina Ltd.		935,140
	16,712	AMA Group Ltd.		12,148
	13,370	Amaysim Australia Ltd.		12,031
	60,601	Ansell Ltd.		1,184,016
	14,818	AP Eagers Ltd.		98,000
	15,163	APN Outdoor Group Ltd.		62,093
	6,868	Appen Ltd.		49,419
	4,250	Arb Corp Ltd.		66,290
	13,907	Asaleo Care Ltd.		13,529
	9,691	AUB Group Ltd.		102,470
	33,461	Aurizon Holdings Ltd.		112,604
	100,763	Ausdrill Ltd.		210,756
	173,833	Ausnet Services		224,398
	39,283	Austal Ltd.		52,121
	188,262	Australian Agricultural Co. Ltd.(c)		155,311
	141,784	Australian Pharmaceutical Industries Ltd.		143,974
	93,769	Automotive Holdings Group Ltd.		237,440
	267,700	Avanco Resources Ltd.(c)		32,176
	90,884	Bank of Queensland Ltd.		684,746
	100,008	Base Resources Ltd.(c)		19,117
	433,951	Beach Energy Ltd.		511,801
	12,766	Bega Cheese Ltd.		68,038
	5,237	Bellamy’s Australia Ltd.(c)		70,944
	157,757	Bendigo & Adelaide Bank Ltd.		1,255,618
	2,067	Blackmores Ltd.		182,960
	231,682	BlueScope Steel Ltd.		2,847,236
	339,952	Boral Ltd.		1,749,486
	15,029	Breville Group Ltd.		128,271
	17,433	Brickworks Ltd.		209,059
	17,019	Cabcharge Australia Ltd.		23,554
	7,545	Caltex Australia Ltd.		175,457
	18,621	Cardno Ltd.(c)		16,929
	16,047	carsales.com Ltd.		172,238
	96,536	Cash Converters International Ltd.(c)		25,278
	3,423	Cedar Woods Properties Ltd.		15,749
	187,629	Challenger Ltd.		1,516,970
	3,287,015	Charter Hall Retail REIT(b)		9,740,890
	604,806	Cleanaway Waste Management Ltd.		718,233
	75,240	Coca-Cola Amatil Ltd.		525,183

Shares			Value
AUSTRALIA (continued)
	11,517	Codan Ltd.	$	21,328
	24,170	Collins Foods Ltd.		97,259
	32,117	Computershare Ltd.		408,577
	87,742	Cooper Energy Ltd.(c)		22,707
	7,007	Corporate Travel Management Ltd.		130,460
	1,489,569	Costa Group Holdings Ltd.		8,119,251
	8,836	Credit Corp. Group Ltd.		118,899
	302,614	CSR Ltd.		1,276,842
	17,343	Decmil Group Ltd.(c)		16,306
	71,539	Domain Holdings Australia Ltd.		165,862
	15,520	Domino’s Pizza Enterprises Ltd.		491,318
	333,327	Downer EDI Ltd.		1,715,555
	51,932	DuluxGroup Ltd.		301,940
	21,626	Eclipx Group Ltd.		52,677
	11,185	Elders Ltd.		66,366
	355,980	Emeco Holdings Ltd.(c)		74,128
	32,208	Event Hospitality and Entertainment Ltd.		336,879
	597,107	Evolution Mining Ltd.		1,427,347
	715,392	Fairfax Media Ltd.		382,922
	5,000	Fleetwood Corp. Ltd.		8,337
	9,044	Flight Centre Travel Group Ltd.		378,867
	11,536	G.U.D. Holdings Ltd.		109,595
	124,309	G8 Education Ltd.		211,179
	21,889	Genworth Mortgage Insurance Australia Ltd.		38,118
	56,835	GrainCorp Ltd. - Class A		378,179
	19,637	Greencross Ltd.		78,301
	33,733	GWA Group Ltd.		97,392
	30,383	Hansen Technologies Ltd.		97,909
	164,992	Harvey Norman Holdings Ltd.		434,915
	112,975	Healthscope Ltd.		205,833
	12,428	HT&E, Ltd.		21,842
	40,933	Iluka Resources Ltd.		359,347
	31,126	Imdex Ltd.(c)		29,025
	12,050	IMF Bentham Ltd.		22,551
	721,969	Incitec Pivot Ltd.		2,054,517
	89,744	Independence Group NL		345,248
	30,434	Infomedia Ltd.		20,219
	2,591,585	Inghams Group Ltd.		7,312,229
	7,110	Integrated Research Ltd.		20,476
	1,213,526	Invocare Ltd.		11,859,885
	61,813	IOOF Holdings Ltd.		415,118
	22,132	Iress Ltd.		173,621
	24,489	JB Hi-Fi Ltd.		472,136
	35,487	Kingsgate Consolidated Ltd.(c)		7,571
	20,965	Link Administration Holdings Ltd.		130,451
	37,216	MACA Ltd.		36,045
	328,362	Macmahon Holdings Ltd.(c)		53,965
	29,947	Macquarie Atlas Roads Group		144,798
	16,274	Magellan Financial Group Ltd.		284,314
	18,709	McMillan Shakespeare Ltd.		236,397
	237,817	Medibank Private Ltd.		522,663
	11,923	Melbourne IT Ltd.		33,105

1

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
AUSTRALIA (continued)
	25,879	Metals X Ltd.	$	15,158
	125,694	Metcash Ltd.		339,261
	65,626	Millennium Minerals Ltd.(c)		10,519
	53,989	Mineral Resources Ltd.		722,962
	886,000	MMG Ltd.(c)		657,296
	34,246	Monadelphous Group Ltd.		414,196
	21,011	Money3 Corp. Ltd.		27,960
	34,487	Mortgage Choice Ltd.		45,243
	366,646	Myer Holdings Ltd.		105,877
	19,836	MYOB Group Ltd.		48,366
	1,050	MyState Ltd.		3,673
	1,000	Navigator Global Investments Ltd.		2,875
	24,976	Navitas Ltd.		79,968
	120,898	New Hope Corp. Ltd.		196,677
	130,310	NIB Holdings Ltd.		544,719
	26,567	Nine Entertainment Co. Holdings, Ltd.		47,046
	150,444	Northern Star Resources Ltd.		717,988
	41,785	NRW Holdings, Ltd.(c)		40,061
	40,781	Nufarm Ltd.		278,748
	170,332	OceanaGold Corp.		459,012
	17,686	oOh!media Ltd.		64,582
	92,294	Orica Ltd.		1,375,095
	196,463	Orora Ltd.		492,734
	124,310	OZ Minerals Ltd.		857,857
	1,646,106	Pact Group Holdings Ltd.		7,009,046
	13,359	Peet Ltd.		14,200
	17,980	Pendal Group Ltd.		123,525
	5,607	Perpetual Ltd.		169,155
	145,022	Perseus Mining Ltd.(c)		49,807
	48,159	Platinum Asset Mangement Ltd.		204,283
	58,151	PMP Ltd.(c)		12,239
	11,475	Premier Investments Ltd.		135,490
	58,555	Primary Health Care Ltd.		166,936
	50,519	Qantas Airways Ltd.		218,483
	194,951	Qube Holdings Ltd.		335,995
	111,348	Quintis Ltd.(b)(c)		21,711
	110,936	Ramelius Resources Ltd.(c)		42,817
	40,693	RCR Tomlinson Ltd.		124,015
	30,974	Reckon Ltd.(c)		30,013
	41,660	Reece Ltd.		332,486
	4,219	Regis Healthcare Ltd.		12,124
	99,706	Regis Resources Ltd.		351,846
	7,115	Reject Shop Ltd. (The)		39,427
	273,867	Resolute Mining Ltd.		233,888
	8,395	Retail Food Group Ltd.		5,808
	101,020	Ridley Corp. Ltd.		96,849
	4,184	Ruralco Holdings Ltd.		9,892
	38,005	Sandfire Resources NL		224,927
	177,820	Santos Ltd.(c)		819,003
	222,211	Saracen Mineral Holdings Ltd.(c)		312,367
	230,868	Seek Ltd.		3,358,159
	13,321	Select Harvests Ltd.		62,369
	136,793	Senex Energy Ltd.(c)		42,457

Shares			Value
AUSTRALIA (continued)
	16,377	Servcorp Ltd.	$	58,841
	40,465	Service Stream Ltd.		48,042
	21,331	Seven Group Holdings Ltd.		290,866
	106,612	Seven West Media Ltd.		44,339
	10,138	Shaftesbury Plc, REIT		20,315
	6,302,616	Shopping Centres Australasia Property Group REIT(b)		11,255,908
	212,165	Sigma Healthcare Ltd.		123,284
	105,606	Silver Lake Resources Ltd.(c)		44,255
	9,054	Sirtex Medical Ltd.		189,354
	149,883	Southern Cross Media Group Ltd.		129,784
	112,599	Spark Infrastructure Group		198,535
	15,042	SpeedCast International Ltd.		66,809
	290,472	St Barbara Ltd.		926,685
	237,816	Star Entertainment Group Ltd.		941,102
	97,778	Steadfast Group Ltd.		201,331
	37,756	Sunland Group Ltd.		49,929
	34,160	Super Retail Group Ltd.		184,688
	510,873	Tabcorp Holdings Ltd.		1,679,923
	70,795	Tassal Group Ltd.		206,243
	42,660	Technology One Ltd.		158,459
	36,550	Ten Network Holdings Ltd.(a)(b)		0
	4,364	Tiger Resources Ltd.(a)(b)(c)		65
	57,260	Tox Free Solutions Ltd.		148,169
	109,463	TPG Telecom Ltd.		459,150
	207,285	Troy Resources Ltd.(c)		20,351
	26,484	Villa World Ltd.		49,174
	28,287	Village Roadshow Ltd.(c)		45,943
	492,324	Virgin Australia Holdings Ltd.(c)		81,235
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(a)(b)		0
	12,200	Virtus Health Ltd.		51,742
	9,699	Vita Group Ltd.		7,889
	45,485	Vocus Group Ltd.		83,594
	9,912	Webjet Ltd.		81,644
	50,095	Western Areas NL		128,998
	43,208	Westgold Resources Ltd.(c)		47,826
	138,862	Whitehaven Coal Ltd.		478,831
	27,345	Worleyparsons Ltd.		333,301
	65,654	WPP AUNZ Ltd.		45,285
				115,504,880
AUSTRIA — 0.2%
	1,453	Agrana Beteiligungs AG		169,941
	14,870	ams AG		1,226,432
	11,400	Andritz AG		612,767
	17,053	Austria Technologie & Systemtechnik AG		421,083
	5,680	CA Immobilien Anlagen AG		196,958
	869	DO & CO AG		54,017
	6,666	EVN AG		136,478
	3,513	FACC AG(c)		86,228
	1,017	Flughafen Wien AG		41,329

2

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
AUSTRIA (continued)
	924	Kapsch TrafficCom AG	$	41,132
	1,397	Lenzing AG		162,564
	1,068	Mayr Melnhof Karton AG		157,983
	8,170	Oesterreichische Post AG		392,351
	1,990	Palfinger AG		74,618
	5,197	POLYTEC Holding AG		93,534
	1,766	Porr Ag		62,850
	49,153	Raiffeisen Bank International AG(c)		1,659,210
	6,198	Rhi Magnesita NV(c)		370,335
	516	Rosenbauer International AG		31,371
	5,208	S IMMO AG		103,021
	3,570	S&T AG		91,642
	1,691	Schoeller-Bleckmann Oilfield Equipment AG(c)		209,052
	2,222	Semperit AG Holding		49,011
	18,977	Strabag SE		780,913
	26,142	Telekom Austria AG		249,283
	333	UBM Development AG		16,809
	38,384	UNIQA Insurance Group AG		459,624
	21,803	Verbund AG		675,220
	10,623	Vienna Insurance Group AG Wiener Versicherung Gruppe		345,304
	51,607	Voestalpine AG		2,722,639
	437	Warimpex Finanz- und Beteiligungs AG(c)		780
	31,255	Wienerberger AG		787,559
	4,663	Zumtobel Group AG		42,257
				12,524,295
BELGIUM — 0.5%
	10,354	Ackermans & van Haaren NV		1,868,334
	1,443	Aedifica SA REIT		130,851
	113,113	Ageas		6,050,691
	81,689	AGFA - Gevaert NV(c)		291,237
	320	Ascencio REIT		19,475
	648	Atenor		36,598
	96	Banque Nationale de Belgique		341,382
	1,888	Barco NV		243,893
	1,791	Befimmo SA REIT		116,302
	21,523	Bekaert SA		904,065
	15,744	Bpost SA		345,278
	1,079	Celyad SA(c)		36,907
	4,522	Cie d’Entreprises CFE		569,194
	1,352	Cie Immobiliere de Belgique SA		88,648
	1,861	Cofinimmo SA REIT		247,041
	67,708	Colruyt SA		3,810,011
	40,458	Deceuninck NV		143,053
	12,200	Deceuninck NV- VVPR Strip(a)(b)		0
	9,907	D’ieteren SA/NV		421,663
	30,060	Econocom Group SA/NV		193,535
	2,685	Elia System Operator SA NV		169,632
	80,671	Euronav NV		650,920
	3,009	EVS Broadcast Equipment SA		98,599

Shares			Value
BELGIUM (continued)
	7,354	Exmar NV(c)	$	51,362
	2,258	Fagron NV(c)		38,878
	75,112	Galapagos NV(c)		6,730,306
	101	Home Invest Belgium REIT		10,556
	972	Intervest Offices & Warehouses NV REIT		27,921
	695	Jensen-Group NV		37,352
	3,601	Kinepolis Group NV		251,611
	47	Lotus Bakeries		133,385
	4,584	MDxHealth(c)		20,628
	4,096	Melexis NV		389,770
	547	Montea SCA REIT		29,383
	40,262	Nyrstar NV(c)		277,840
	21,787	Ontex Group NV		558,455
	18,218	Orange Belgium SA		378,147
	540	Picanol		59,813
	32,976	Proximus SADP		1,010,521
	1,089	RealDolmen		48,307
	22,770	Recticel SA		284,311
	530	Resilux		90,001
	748	Retail Estates NV REIT		65,697
	422	Roularta Media Group NV		11,236
	4,023	Sioen Industries NV		148,120
	2,417	Sipef NV		174,624
	4,857	Telenet Group Holding NV(c)		283,842
	277	TER Beke SA		56,563
	15,963	Tessenderlo Chemie NV(c)		669,217
	38,370	Umicore SA		2,134,081
	1,138	Van de Velde NV		47,011
	1,885	Warehouses De Pauw CVA REIT		231,850
	95	Wereldhave Belgium NV REIT		10,957
				31,039,054
BERMUDA — 0.7%
	415,441	Argo Group International Holdings Ltd.(b)		24,282,526
	68,517	Aspen Insurance Holdings Ltd.		2,908,547
	73,502	Axis Capital Holdings Ltd.		4,314,567
	26,400	Bank Of NT Butterfield & Son Ltd. (The)		1,252,680
	17,853	Everest Re Group Ltd.		4,153,858
	87,972	Hiscox Ltd.		1,798,912
	152,500	James River Group Holdings Ltd.		5,538,800
	33,210	RenaissanceRe Holdings Ltd.		4,517,888
				48,767,778
BRAZIL — 0.5%
	6,300	AES Tiete Energia SA - Units		20,519
	22,467	Aliansce Shopping Centers SA(c)		109,667
	32,600	Alpargatas SA - Preference Shares		145,263
	6,100	Alupar Investimento SA - Units		30,141
	6,100	Arezzo Industria e Comercio SA		92,270
	31,778	B2W Cia Digital(c)		260,342

3

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
BRAZIL (continued)
	34,369	Banco ABC Brasil SA - Preference Shares	$	183,755
	127,187	Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares		726,119
	56,005	BR Malls Participacoes SA		174,256
	10,249	BR Properties SA		26,096
	37,153	Brasil Brokers Participacoes SA(c)		5,939
	8,600	Brasilagro - Co Brasileira de Propriedades Agricolas		32,650
	58,726	Cia Brasileira de Distribuicao - Preference Shares		1,313,926
	1,850	Cia de Gas de Sao Paulo - COMGAS - Class A, Preference Shares		31,004
	11,800	Cia de Locacao das Americas		101,387
	24,300	Cia de Saneamento Basico do Estado de Sao Paulo		243,194
	2,800	Cia de Saneamento de Minas Gerais-COPASA		39,979
	10,700	Cia de Saneamento do Parana - Preference Shares		32,376
	3,700	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		71,514
	363,100	Cia Energetica de Minas Gerais - ADR		867,809
	19,900	Cia Energetica de Minas Gerais - Preference Shares		48,057
	1,833	Cia Energetica do Ceara - Class A, Preference Shares		28,778
	16,200	Cia Ferro Ligas da Bahia-FERBASA - Preference Shares		95,493
	31,800	Cia Hering		174,377
	3,400	Cia Paranaense de Energia - Class B, Preference Shares		26,108
	245,200	Cia Siderurgica Nacional SA(c)		618,739
	2,128	Construtora Tenda SA(c)		15,484
	27,146	Cosan Logistica SA(c)		84,153
	17,800	Cosan SA Industria e Comercio		203,090
	9,600	CVC Brasil Operadora e Agencia de Viagens SA		158,557
	74,588	Cyrela Brazil Realty SA Empreendimentos e Participacoes		294,034
	30,000	Direcional Engenharia SA(c)		51,125
	202,995	Duratex SA		625,812
	22,800	EcoRodovias Infraestrutura e Logistica SA		65,148
	25,500	EDP - Energias do Brasil SA		100,961
	7,300	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		71,141
	234,072	Embraer SA		1,482,661
	83,100	Embraer SA - ADR		2,095,782
	3,000	Engie Brasil Energia SA		31,899
	16,700	Equatorial Energia SA		338,986

Shares			Value
BRAZIL (continued)
	29,000	Estacio Participacoes SA	$	262,500
	69,200	Even Construtora e Incorporadora SA(c)		89,680
	20,600	Ez Tec Empreendimentos e Participacoes SA		116,784
	234,821	Fibria Celulose SA		4,607,672
	28,600	Fleury SA		213,161
	8,000	Fras-Le SA		12,537
	7,100	GAEC Educacao SA		41,690
	133,100	Gerdau SA		632,217
	34,100	Gerdau SA		135,594
	8,200	Gol-Linhas Aereas Inteligentes SA - Preference Shares(c)		45,223
	12,200	Grendene SA		94,969
	3,100	Guararapes Confeccoes SA		121,630
	33,920	Helbor Empreendimentos SA(c)		14,040
	45,131	Hypera SA		404,906
	10,300	Iguatemi Empresa de Shopping Centers SA		105,405
	44,800	International Meal Company Alimentacao SA		104,864
	47,172	Iochpe-Maxion SA		377,570
	112,381	JBS SA		281,017
	7,000	JSL SA(c)		14,067
	81,700	Klabin SA - Units		494,183
	161,084	Kroton Educacional SA		646,966
	9,000	Light SA(c)		44,651
	8,400	Linx SA		54,143
	61,722	Localiza Rent a Car SA		489,801
	33,406	Lojas Americanas SA		143,801
	15,044	Lojas Americanas SA - Preference Shares		85,243
	127,053	Lojas Renner SA		1,178,700
	20,700	M Dias Branco SA		259,873
	15,700	Magnesita Refratarios SA		257,693
	4,000	Mahle-Metal Leve SA		27,997
	12,687	Marcopolo SA		11,698
	258,700	Marcopolo SA - Preference Shares		302,033
	25,184	Marfrig Global Foods SA(c)		57,008
	12,201	Marisa Lojas SA(c)		20,374
	24,900	Mills Estruturas e Servicos de Engenharia SA(c)		24,735
	11,800	Minerva SA		27,486
	60,800	MRV Engenharia e Participacoes SA		259,292
	10,000	Multiplan Empreendimentos Imobiliarios SA		188,884
	6,500	Multiplus SA		53,159
	30,900	Natura Cosmeticos SA		285,079
	33,761	Odontoprev SA		144,847
	48,400	Paranapanema SA(c)		17,823
	51,655	Porto Seguro SA		667,215
	60,000	Portobello SA		88,205
	5,330	Profarma Distribuidora de Produtos Farmaceuticos SA(c)		8,672

4

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
BRAZIL (continued)
	58,000	Qualicorp SA	$	401,490
	8,400	Raia Drogasil SA		164,777
	70,700	Randon Participacoes SA - Preference Shares		176,387
	789	Restoque Comercio e Confeccoes de Roupas SA(c)		6,338
	41,490	Rumo SA(c)		175,283
	42,550	Santos Brasil Participacoes SA(c)		40,568
	58,483	Sao Martinho SA		282,966
	7,000	Ser Educacional SA		33,170
	16,500	SLC Agricola SA		211,431
	11,600	Smiles Fidelidade SA		238,907
	2,800	Sonae Sierra Brasil SA		17,936
	14,900	Springs Global Participacoes SA(c)		40,236
	167,612	Sul America SA - Units		1,035,374
	116,559	Suzano Papel e Celulose SA		1,359,833
	15,000	T4F Entretenimento SA		42,861
	7,400	Technos SA(c)		5,703
	17,621	Totvs SA		160,406
	32,800	TPI - Triunfo Participacoes e Investimentos SA(c)		23,220
	23,200	Transmissora Alianca de Energia Eletrica SA - Units		141,656
	32,900	Tupy SA		178,813
	16,110	Unipar Carbocloro SA - Preference Shares		130,740
	3,700	Usinas Siderurgicas de Minas Gerais SA(c)		13,572
	167,500	Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares(c)		519,254
	14,589	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		77,459
	92,200	Via Varejo SA - Units		777,457
	12,400	Wiz Solucoes e Corretagem de Seguros SA		35,325
				30,924,840
CAMBODIA — 0.0%
	320,000	NagaCorp Ltd.		331,235
CANADA — 2.7%
	2,275	Absolute Software Corp.		12,350
	2,408	Acadian Timber Corp.		36,928
	83,136	Advantage Oil & Gas Ltd.(c)		264,828
	27,538	Aecon Group, Inc.		387,134
	1,900	AG Growth International, Inc.		77,039
	20,000	AGF Management Ltd. - Class B		109,817
	1,910	AGT Food & Ingredients, Inc.		24,397
	2,500	Air Canada(c)		49,145
	1,200	AirBoss of America Corp.		13,262
	73,576	Alamos Gold, Inc. - Class A		397,693
	2,681	Algoma Central Corp.		31,718

Shares			Value
CANADA (continued)
	44,644	Algonquin Power & Utilities Corp.	$	434,635
	2,050	Alio Gold, Inc.(c)		4,008
	20,658	AltaGas Ltd.		398,213
	4,000	Altus Group Ltd.		100,627
	1,400	Andrew Peller Ltd.		19,681
	73,945	ARC Resources Ltd.		824,715
	7,300	Atco Ltd. - Class I		220,885
	51,400	Athabasca Oil Corp.(c)		60,850
	15,400	ATS Automation Tooling Systems, Inc.(c)		210,739
	3,354	AutoCanada, Inc.		56,999
	267,386	B2Gold Corp.(c)		768,452
	2,400	Badger Daylighting Ltd.		46,226
	31,700	Baytex Energy Corp.(c)		141,964
	5,740	Bellatrix Exploration Ltd.(c)		8,539
	12,200	Birchcliff Energy Ltd.		44,184
	8,400	Bombardier, Inc. - Class A(c)		25,973
	76,155	Bombardier, Inc. - Class B(c)		235,473
	69,385	Bonavista Energy Corp.		85,384
	8,700	Bonterra Energy Corp.		107,060
	697,522	Boralex, Inc. - Class A		12,467,876
	890,236	CAE, Inc.		16,827,780
	16,500	Calfrac Well Services Ltd.(c)		86,101
	500	Calian Group Ltd.		11,800
	51,600	Cameco Corp.		543,348
	18,300	Canaccord Genuity Group, Inc.		86,515
	35,750	Canacol Energy Ltd.(c)		119,450
	6,800	Canadian Apartment Properties REIT		196,170
	3,400	Canadian Real Estate Investment Trust REIT		133,728
	22,300	Canadian Western Bank		591,737
	26,643	Canfor Corp.(c)		611,941
	11,757	Canfor Pulp Products, Inc.		165,282
	8,000	CanWel Building Materials Group Ltd.		41,746
	3,200	Capital Power Corp.		60,762
	72,367	Capstone Mining Corp.(c)		63,126
	2,862	Cardinal Energy Ltd.		11,547
	43,552	Cascades, Inc.		415,524
	31,157	Celestica, Inc.(c)		358,659
	69,726	Centerra Gold, Inc.(c)		425,758
	18,544	CES Energy Solutions Corp.		90,846
	2,700	Chesswood Group Ltd.		22,480
	29,004	China Gold International Resources Corp. Ltd.(c)		58,959
	13,300	CI Financial Corp.		279,891
	445,870	Cineplex, Inc.		10,421,402
	6,800	Cogeco Communications, Inc.		362,310
	3,464	Cogeco, Inc.		177,523
	9,700	Colliers International Group, Inc.		658,855
	6,825	Computer Modelling Group Ltd.		50,180
	49,000	Copper Mountain Mining Corp.(c)		45,415

5

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CANADA (continued)
	1,912	Corby Spirit and Wine Ltd.	$	29,619
	3,800	Corus Entertainment, Inc. - Class B		18,942
	50,217	Cott Corp.		718,084
	149,835	Crescent Point Energy Corp.		1,312,858
	25,091	Crew Energy, Inc.(c)		51,005
	48,220	Delphi Energy Corp.(c)		36,805
	10,500	Denison Mines Corp.(c)		4,825
	56,500	Derwent London Plc, REIT		642,970
	6,900	Descartes Systems Group, Inc. (The)(c)		203,945
	35,700	Detour Gold Corp.(c)		258,029
	4,300	DHX Media Ltd.		11,554
	11,361	Dorel Industries, Inc. - Class B		245,545
	4,400	Dundee Precious Metals, Inc.(c)		11,172
	91,300	ECN Capital Corp.		241,770
	664	E-L Financial Corp. Ltd.		416,286
	9,887	Eldorado Gold Corp.(c)		9,395
	91,300	Element Fleet Management Corp.		344,877
	33,669	Empire Co. Ltd. - Class A		651,117
	17,837	Enbridge Income Fund Holdings, Inc.		381,482
	18,173	EnerCare, Inc.		245,713
	41,281	Enerflex Ltd.		504,458
	55,431	Enerplus Corp.		643,266
	2,342	Enghouse Systems Ltd.		121,446
	15,417	Ensign Energy Services, Inc.		73,846
	50,333	Entertainment One Ltd.		188,532
	3,939	Equitable Group, Inc.		177,691
	2,800	Evertz Technologies Ltd.		38,687
	3,224	Exchange Income Corp.		76,159
	8,800	Exco Technologies Ltd.		66,825
	38	EXFO, Inc.(c)		141
	10,800	Extendicare, Inc.		70,068
	1,000	Fiera Capital Corp.		8,817
	76,082	Finning International, Inc.		1,919,308
	7,834	First Capital Realty Inc.		122,457
	21,951	First Majestic Silver Corp.(c)		142,584
	1,563	First National Financial Corp.		32,320
	9,700	FirstService Corp. - Voting Shares		679,933
	35,000	Fortuna Silver Mines, Inc.(c)		198,723
	1,000	GDI Integrated Facility Services, Inc.(c)		12,867
	23,321	Genworth MI Canada, Inc.		753,784
	4,500	Gibson Energy, Inc.		58,075
	3,400	Gluskin Sheff + Associates, Inc.		41,125
	400	goeasy Ltd.		11,683
	56,629	Gran Tierra Energy, Inc.(c)		186,565
	10,752	Great Canadian Gaming Corp.(c)		306,829
	19,949	Guyana Goldfields, Inc.(c)		77,375
	10,074	Heroux-Devtek, Inc.(c)		115,259
	4,040	High Liner Foods, Inc.		34,612

Shares			Value
CANADA (continued)
	7,648	Home Capital Group, Inc.(c)	$	85,716
	8,300	Horizon North Logistics, Inc.		15,321
	79,353	HudBay Minerals, Inc.		554,380
	154,888	IAMGOLD Corp.(c)		846,851
	22,533	Imperial Metals Corp.(c)		35,100
	36,900	Industrial Alliance Insurance and Financial Services, Inc.		1,549,918
	3,600	Ingenia Communities Group, REIT		35,132
	1,392,631	Innergex Renewable Energy, Inc.(b)		14,686,104
	27,000	Interfor Corp.(c)		504,903
	15,926	Intertape Polymer Group, Inc.		247,458
	324,613	Intu Properties Plc, REIT		6,449,533
	25,000	Iron Bridge Resources, Inc.(c)		9,541
	18,416	Jean Coutu Group PJC, Inc. (The) Class A		352,700
	10,100	Just Energy Group, Inc.		42,242
	1,300	K-Bro Linen, Inc.		35,954
	8,800	Kelt Exploration Ltd.(c)		55,653
	20,366	Keyera Corp.		548,349
	1,953	Kingsway Financial Services, Inc.(c)		7,636
	514,345	Kinross Gold Corp.(c)		1,990,961
	36,601	Kirkland Lake Gold Ltd.		638,547
	16,100	Klondex Mines Ltd.(c)		39,374
	14,535	Laurentian Bank of Canada		558,216
	8,626	Leon’s Furniture Ltd.		114,077
	17,910	Linamar Corp.		1,003,641
	5,500	Liquor Stores NA Ltd.		44,207
	70,300	Lucara Dianmond Corp.		111,148
	164,691	Lundin Mining Corp.		1,090,287
	7,130	Magellan Aerospace Corp.		107,509
	500	Mainstreet Equity Corp.(c)		16,204
	24,900	Major Drilling Group International, Inc.(c)		124,505
	47,229	Mandalay Resources Corp.		7,725
	19,300	Maple Leaf Foods, Inc.		465,232
	28,898	Martinrea International, Inc.		344,809
	2,100	Mediagrif Interactive Technologies, Inc.		17,975
	1,600	Medical Facilities Corp.		17,583
	30,570	MEG Energy Corp.(c)		158,094
	2,123	Melcor Developments Ltd.		23,810
	13,200	Methanex Corp.		797,280
	1,803	Methanex Corp.		108,676
	6,054	Mitel Networks Corp.(c)		67,568
	10,302	Morneau Shepell, Inc.		203,561
	2,186	MTY Food Group, Inc.		78,488
	38,700	Mullen Group Ltd.		438,557
	7,829	New Flyer Industries, Inc.		359,575
	122,558	New Gold, Inc.(c)		287,316
	4,802	Norbord, Inc.		198,296
	10,846	North West Co., Inc. (The)		233,232
	16,129	Northland Power, Inc.		290,811

6

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CANADA (continued)
	8,500	NorthWest Healthcare Properties Real Estate Investment Trust, REIT	$	136,508
	65,000	NuVista Energy Ltd.(c)		426,769
	8,300	Obsidian Energy Ltd.(c)		9,179
	8,600	Osisko Gold Royalties Ltd.		83,927
	26,536	Pan American Silver Corp.		427,817
	12,837	Pan American Silver Corp.		206,932
	9,732	Paramount Resources Ltd. - Class A(c)		138,937
	54,424	Parex Resources, Inc.(c)		936,350
	18,488	Parkland Fuel Corp.		429,244
	14,000	Pason Systems, Inc.		195,724
	66,723	Peyto Exploration & Development Corp.		630,879
	5,653	Pizza Pizza Royalty Corp.		60,891
	1,000	Polaris Infrastructure, Inc.		14,884
	56,600	Precision Drilling Corp.(c)		201,899
	25,190	Premier Gold Mines Ltd.(c)		53,364
	6,936	Premium Brands Holdings Corp.		651,545
	6,820	Pulse Seismic, Inc.		15,935
	6,200	Pure Industrial Real Estate Trust REIT		39,017
	33,200	Quarterhill, Inc.		49,905
	53,400	Quebecor, Inc. - Class B		995,674
	14,785	Questerre Energy Corp. - Class A(c)		10,594
	44,418	Raging River Exploration Inc(c)		247,007
	10,943	RB Energy, Inc.(b)		5
	2,700	Resilient REIT Ltd., REIT		23,552
	13,200	Richelieu Hardware Ltd.		284,880
	750,000	Ritchie Bros Auctioneers, Inc.		24,547,500
	369,843	Ritchie Bros. Auctioneers, Inc.		12,086,617
	3,100	Rocky Mountain Dealerships, Inc.		29,842
	26,754	Rogers Sugar, Inc.		125,024
	13,600	Russel Metals, Inc.		309,084
	33,588	Sandstorm Gold Ltd.(c)		155,390
	27,414	Secure Energy Services, Inc.		172,518
	118,801	SEMAFO, Inc.(c)		368,260
	25,550	Seven Generations Energy Ltd. - Class A(c)		364,559
	13,400	ShawCor Ltd.		259,244
	19,526	Sherritt International Corp.(c)		18,553
	6,082	Sienna Senior Living, Inc.		82,612
	12,100	Sierra Wireless, Inc.(c)		209,591
	391	Sleep Country Canada Holdings, Inc.		10,738
	3,400	SmartCentres Real Estate Investment Trust REIT		76,265
	5,212	Spartan Energy Corp.(c)		25,817
	1,900	Spin Master Corp.(c)		71,075
	28,100	Sprott, Inc.		74,411
	48,544	SSR Mining, Inc.(c)		497,179
	39,894	SSR Mining, Inc.(c)		407,717
	12,222	Stantec, Inc.		310,988

Shares			Value
CANADA (continued)
	4,087	Stantec, Inc.	$	103,810
	19,615	Stars Group, Inc. (The)(c)		610,166
	7,060	Stella-Jones, Inc.		255,852
	2,100	Stuart Olson, Inc.		12,054
	22,548	Student Transportation, Inc.		168,590
	19,026	SunOpta, Inc.(c)		128,327
	20,300	Superior Plus Corp.		196,684
	52,409	Surge Energy, Inc.		97,556
	32,400	Tamarack Valley Energy Ltd.(c)		89,835
	26,525	Taseko Mines Ltd.(c)		31,608
	14,598	Teranga Gold Corp.(c)		55,711
	21,164	TFI International, Inc.		612,692
	2,400	Theratechnologies, Inc.(c)		17,178
	4,501	TMX Group Ltd.		271,473
	44,000	TORC Oil & Gas Ltd.		249,480
	20,645	Toromont Industries Ltd.		904,138
	17,764	Total Energy Services, Inc.		188,439
	46,946	Tourmaline Oil Corp.		883,014
	27,756	TransAlta Corp.		146,135
	13,378	TransAlta Corp.		70,903
	806,159	Transalta Renewables, Inc.		7,195,438
	30,590	Transcontinental, Inc. - Class A		644,226
	55,852	Trican Well Service Ltd.(c)		148,770
	14,500	Trinidad Drilling Ltd.(c)		21,005
	6,497	Uni-Select, Inc.		100,546
	3,080	Valener, Inc.		48,289
	9,795	Vermilion Energy, Inc.		331,169
	1,936	Vermilion Energy, Inc.		65,441
	3,202	Wajax Corp.		59,005
	20,400	Wesdome Gold Mines Ltd.(c)		30,029
	7,900	West Fraser Timber Co. Ltd.		535,117
	148,038	Western Forest Products, Inc.		319,378
	6,800	Westjet Airlines Ltd.		121,017
	8,613	Westshore Terminals Investment Corp.		148,721
	58,210	Whitecap Resources, Inc.		421,631
	4,348	Winpak Ltd.		161,397
	327,069	WSP Global, Inc.		16,193,603
	246,166	Yamana Gold, Inc.		707,467
	9,994	Yangarra Resources Ltd.(c)		49,661
	11,914	Yellow Pages Ltd.(c)		65,047
	6,007	ZCL Composites, Inc.		56,704
				178,076,520
CAYMAN ISLANDS — 0.0%
	16,600	Consolidated Water Co. Ltd.		234,890
	11,000	Greenlight Capital Re Ltd. - Class A(c)		170,499
				405,389
CHILE — 0.1%
	253,140	AES Gener SA		70,743
	111,196	Aguas Andinas SA - Class A		73,899
	107,384	Besalco SA		123,775
	49,097	CAP SA		570,856
	18,740	Cia Cervecerias Unidas SA		259,371

7

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHILE (continued)
	5,631,865	Cia Sud Americana de Vapores SA(c)	$	252,505
	47,017	Coca-Cola Embonor SA - Class B, Preference Shares		135,549
	465,357	Colbún SA		115,793
	46,074	Embotelladora Andina SA - Class B		229,251
	35,206	Empresa Nacional de Telecomunicaciones SA		415,658
	17,319	Empresas Hites SA		17,741
	493,391	Empresas La Polar SA(c)		40,019
	1,369,725	Enel Chile SA		170,546
	374,736	Engie Energia Chile SA		806,951
	724,976	Enjoy SA(c)		68,342
	10,794	Forus SA		40,476
	152,426	Grupo Security SA		77,535
	263,298	Inversiones Aguas Metropolitanas SA		499,243
	5,968	Inversiones La Construccion SA		118,638
	37,586,978	Itau CorpBanca		384,228
	273,781	Masisa SA(c)		25,425
	6,895	Parque Arauco SA		21,361
	49,518	PAZ Corp. SA		79,118
	11,951	Ripley Corp. SA		12,883
	141,573	Salfacorp SA		270,170
	120,485	Sigdo Koppers SA		229,828
	507,222	Sociedad Matriz SAAM SA		52,801
	29,332	Socovesa SA		19,655
	28,425	SONDA SA		52,363
	29,577	Vina Concha y Toro SA		65,229
				5,299,952
CHINA — 2.7%
	22,302	21Vianet Group, Inc. - ADR(c)		117,532
	143,000	361 Degrees International Ltd.		45,216
	3,212	500.Com Ltd. - Class A - ADR(c)		58,619
	2,280	51Job, Inc. - ADR(c)		188,191
	9,841	58.Com Inc. - ADR(c)		860,005
	2,521,250	Agile Group Holdings Ltd.		4,973,402
	7,188,000	Agricultural Bank of China Ltd. - H Shares		4,052,684
	8,260,000	Aluminum Corp. of China Ltd. - H Shares(c)		4,665,144
	3,344,000	Angang Steel Co. Ltd. - H Shares		3,584,523
	91,000	ANTA Sports Products Ltd.		519,264
	410,000	Anton Oilfield Services Group(c)		57,396
	41,000	Aowei Holdings, Ltd.(c)		10,166
	210,000	Asia Cement China Holdings Corp.		112,435
	128,813	Asia Plastic Recycling Holding Ltd.		48,639
	164,000	AVIC International Holdings Ltd.		111,045

Shares			Value
CHINA (continued)
	849,000	AviChina Industry & Technology Co. - H Shares	$	535,297
	361,000	Baic Motor Corp. Ltd.		348,474
	5,468,000	Bank of China Ltd. - H Shares		2,968,201
	140,500	Bank of Chongqing Co. Ltd. - H Shares		106,200
	3,777,000	Bank of Communications Co. Ltd. - H Shares		3,090,663
	104,000	Baoye Group Co. Ltd. - H Shares(c)		69,069
	154,737	Baozun, Inc. - ADR(c)		7,116,355
	1,089,000	BBMG Corp. - H Shares		496,702
	306,000	Beijing Capital International Airport Co. Ltd. - H Shares		416,764
	446,000	Beijing Capital Land Ltd. - H Shares		237,523
	176,000	Beijing North Star Co. Ltd. - H Shares		62,686
	61,000	Beijing Urban Construction Design & Development Group Co. Ltd.		29,820
	80,000	Best Pacific International Holdings Ltd.		31,509
	8,082	Bitauto Holdings, Ltd. - ADR(c)		171,096
	343,000	BYD Electronic International Co. Ltd.		523,009
	72,000	Cabbeen Fashion Ltd.		25,284
	206,000	CAR, Inc.(c)		196,435
	5,000	Cayman Engley Industrial Co. Ltd.		25,388
	287,656	Central China Real Estate Ltd.(c)		131,304
	120,000	Central China Securities Co. Ltd.		45,748
	32,000	Changshouhua Food Co. Ltd.		15,220
	140,000	Chaowei Power Holdings Ltd.		78,179
	70,000	China Animal Healthcare Ltd.(a)(b)(c)		4,185
	1,116,000	China Aoyuan Property Group Ltd.		896,538
	196,000	China BlueChemical Ltd. - H Shares		51,514
	708,000	China Coal Energy Co. Ltd. - H Shares		306,938
	846,000	China Communications Services Corp. Ltd. - H Shares		531,136
	33,000	China Conch Venture Holdings Ltd.		102,450
	2,760,000	China Construction Bank Corp. - H Shares		2,891,539
	121,000	China Datang Corp. Renewable Power Co. Ltd. - H Shares		25,009
	206,000	China Eastern Airlines Corp. Ltd. - H Shares		170,169
	148,000	China Electronics Optics Valley Union Holding Co. Ltd.		12,183
	268,000	China Energy Engineering Corp. Ltd.		52,451

8

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA (continued)
	31,600	China Everbright Water Ltd.	$	9,972
	186,000	China Financial Services Holdings Ltd.		16,540
	323,000	China Galaxy Securities Co. Ltd. - H Shares		212,158
	124,000	China Greenland Broad Greenstate Group Co. Ltd.		15,848
	592,500	China Harmony New Energy Auto Holding Ltd.(c)		333,237
	259,000	China Hongqiao Group Ltd.		281,745
	472,000	China Huishan Dairy Holdings Co. Ltd.(b)(c)		174
	79,500	China Huiyuan Juice Group Ltd.(b)(c)		20,461
	244,800	China International Capital Corp. Ltd.		553,888
	59,100	China International Marine Containers Group Co. Ltd. - H Shares		94,056
	3,691,000	China Lesso Group Holdings. Ltd.		2,844,753
	173,000	China Lilang Ltd.		216,963
	1,862	China Lodging Group Ltd. - ADR		260,047
	76,000	China Maple Leaf Educational Systems Ltd.		105,311
	138,000	China Medical System Holdings Ltd.		337,931
	70,000	China Meidong Auto Holdings Ltd.		30,526
	2,474,000	China Minsheng Banking Corp. Ltd. - H Shares		2,315,171
	81,000	China Modern Dairy Holdings Ltd.(c)		13,738
	2,338,834	China National Building Material Co. Ltd. - H Shares		2,732,446
	92,000	China Oilfield Services Ltd.		91,788
	200,000	China Oriental Group Co. Ltd.		143,319
	2,148,500	China Railway Construction Corp. Ltd. - H Shares		2,544,316
	4,007,000	China Railway Group Ltd. - H Shares		3,211,720
	143,000	China Railway Signal & Communication Corp. Ltd.		111,487
	1,012,000	China Reinsurance Group Corp.		213,206
	379,000	China Resources Pharmaceutical Group Ltd.		523,952
	165,000	China Sanjiang Fine Chemicals Co. Ltd.		63,334
	6,735,400	China SCE Property Holdings Ltd.		3,379,907
	91,000	China Shineway Pharmaceutical Group Ltd.		186,611
	352,000	China Silver Group Ltd.		64,730
	352,000	China Southern Airlines Co. Ltd. - H Shares		379,020

Shares			Value
CHINA (continued)
	236,500	China Sunshine Paper Holdings Co. Ltd.	$	67,767
	111,000	China Suntien Green Energy Corp. Ltd. - H Shares		37,113
	164,000	China Taifeng Beddings Holdings Ltd.(a)(b)(c)		4,231
	31,000	China XLX Fertiliser Ltd.		12,426
	649,500	China ZhengTong Auto Services Holdings Ltd.		525,210
	788,000	China Zhongwang Holdings Ltd.		441,508
	434,000	Chinasoft International Ltd.		318,952
	138,000	Chongqing Machinery & Electric Co. Ltd. - H Shares		13,299
	3,563,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		2,725,602
	1,930,000	CIFI Holdings Group Co. Ltd.		1,519,774
	21,000	Cogobuy Group		10,156
	36,000	Colour Life Services Group Co. Ltd.		30,631
	85,000	Consun Pharmaceutical Group Ltd.		91,595
	1,015,600	Coolpad Group Ltd.(b)(c)		9,912
	519,093	COSCO Shipping Development Co. Ltd. - H Shares(c)		96,130
	390,000	COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares		192,579
	300,000	COSCO Shipping Holdings Co. Ltd. - H Shares(c)		152,385
	330,000	Cosmo Lady China Holdings Co. Ltd.		211,252
	123,000	CPMC Holdings Ltd.		75,832
	4,167	CSMall Group Ltd.(c)		929
	532,000	CSPC Pharmaceutical Group Ltd.		1,355,035
	378,000	CT Environmental Group Ltd.		57,513
	104,000	Da Ming International Holdings Ltd.		35,405
	324,000	Dali Foods Group Co. Ltd.		224,291
	645,000	Dalian Port PDA Co. Ltd. - H Shares		104,785
	244,000	Datang International Power Generation Co .Ltd. - H Shares(c)		79,915
	25,800	Dongfang Electric Corp. Ltd. - H Shares(c)		20,128
	474,000	Dongfeng Motor Group Co. Ltd. - H Shares		524,165
	240,000	Dongyue Group Ltd.		199,813
	95,000	Dynagreen Environmental Protection Group Co. Ltd. - H Shares		49,151
	156,000	E-Commodities Holdings Ltd.		12,394
	7,659	Ehi Car Services Ltd. - ADR(c)		100,103
	44,000	ENN Energy Holdings Ltd.		411,467
	1,567,500	Fantasia Holdings Group Co. Ltd.		308,284

9

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA (continued)
	92,000	First Tractor Co. Ltd. - H Shares	$	32,105
	83,000	Fu Shou Yuan International Group Ltd.		79,173
	454,600	Fufeng Group Ltd.		253,332
	1,214,000	Future Land Development Holdings Ltd.		1,005,273
	51,600	Fuyao Glass Industry Group Co. Ltd.		177,353
	86,000	Golden Eagle Retail Group Ltd.		98,794
	10,695,600	GOME Retail Holdings Ltd.		1,150,490
	434,000	Goodbaby International Holdings Ltd.		275,474
	140,451	Grand Baoxin Auto Group Ltd.(c)		58,623
	327,500	Great Wall Motor Co. Ltd. - H Shares		339,683
	223,000	Greatview Aseptic Packaging Co. Ltd.		147,795
	351,000	Greenland Hong Kong Holdings Ltd.		161,717
	2,508,000	Greentown China Holdings Ltd.		3,305,096
	12,000	Greentown Service Group Co. Ltd.		9,979
	61,000	Guangdong Yueyun Transportation Co. Ltd. - H Shares		35,118
	94,000	Guangshen Railway Co. Ltd. - H Shares		54,508
	2,754,400	Guangzhou R&F Properties Co. Ltd. - H Shares		6,548,856
	58,000	Guolian Securities Co. Ltd - H Shares		20,280
	116,000	Guorui Properties Ltd.		38,221
	86,000	Haichang Ocean Park Holdings Ltd.(c)		20,958
	94,000	Haitian International Holdings Ltd.		250,162
	150,000	Harbin Bank Co. Ltd. - H Shares(c)		40,693
	164,000	Harbin Electric Co. Ltd. - H Shares		48,161
	122,500	HC International, Inc.		82,579
	114,000	Hengan International Group Co. Ltd.		1,013,841
	29,000	Hiroca Holdings Ltd.		100,174
	33,000	HNA Infrastructure Company Ltd. - H Shares		43,687
	180,000	Honghua Group Ltd.(c)		17,750
	68,000	HOSA International Ltd.		24,533
	138,000	Huan Yue Interactive Holdings Ltd.(c)		15,540
	34,000	Huaneng Power International, Inc. - H Shares		22,471
	2,228,000	Huaneng Renewables Corp. Ltd. - H Shares		989,461
	277,000	Huishang Bank Corp. Ltd. - H Shares		133,501

Shares			Value
CHINA (continued)
	4,164,000	Industrial & Commercial Bank of China Ltd. - H Shares	$	3,655,499
	27,100	Inner Mongolia Yitai Coal Co. Ltd. - H Shares		31,425
	72,600	JD.Com, Inc. - ADR(c)		2,650,626
	90,000	Jiangsu Expressway Co. Ltd. - H Shares		123,401
	183,000	Jiangxi Copper Co. Ltd. - H Shares		260,171
	13,935	Jinkosolar Holding Co., Ltd. - ADR(c)		256,125
	5,500	JNBY Design Ltd.		11,143
	1,285,000	Kaisa Group Holdings Ltd.(c)		686,427
	186,000	Kangda International Environmental Co. Ltd.		31,881
	7,000	Kasen International Holdings Ltd.(c)		1,625
	26,568	Kingcan Holdings Ltd.		17,320
	4,518,000	Kingdee International Software Group Co. Ltd.(c)		4,385,891
	755,000	KWG Property Holding Ltd.		1,017,017
	102,700	Legend Holdings Corp.		342,797
	2,302,000	Lenovo Group Ltd.		1,092,936
	326,000	Leoch International Technology Ltd.		49,168
	450,000	Leyou Technologies Holdings Ltd.(c)		115,020
	77,000	Li Ning Co. Ltd.(c)		86,699
	47,000	Lianhua Supermarket Holdings Co. Ltd. - H Shares(c)		12,673
	398,000	Lifetech Scientific Corp.(c)		121,086
	850,000	Logan Property Holdings Co. Ltd.		1,246,245
	460,000	Lonking Holdings Ltd.		209,034
	238,000	Luye Pharma Group Ltd.		252,326
	8,494,000	Maanshan Iron & Steel Co. Ltd. - H Shares(c)		4,169,315
	5,414,000	Microport Scientific Corp.		6,304,653
	54,000	Minth Group Ltd.		256,398
	95,000	Mobile Internet China Holding Ltd.		25,143
	393,800	Modern Land China Co. Ltd.		73,586
	593	Momo, Inc. - ADR(c)		20,696
	7,500	New Century Healthcare Holding Co. Ltd.(c)		10,943
	14,295	New Oriental Education & Technology Group, Inc. - ADR		1,284,263
	2,060	Noah Holdings Ltd. - ADR(c)		106,440
	98,000	NVC Lighting Holdings Ltd.		9,911
	5,100	On-Bright Electronics, Inc.		41,162
	54,000	O-Net Technologies Group Ltd.(c)		34,494
	162,000	Ozner Water International Holding Ltd.(c)		43,753
	456,500	Parkson Retail Group Ltd.(c)		55,994

10

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA (continued)
	4,074,000	People’s Insurance Co. Group of China Ltd. (The) - H Shares	$	1,917,979
	19,900	Poly Culture Group Corp. Ltd.		33,862
	5,419,000	Postal Savings Bank of China Co. Ltd. - Class H		3,712,568
	900,000	Powerlong Real Estate Holdings Ltd.		464,082
	81,000	PW Medtech Group Ltd.(c)		15,229
	34,000	Q Technology Group Co. Ltd.		41,396
	169,000	Qingdao Port International Co. Ltd.		138,846
	342,000	Qinhuangdao Port Co. Ltd.		90,552
	261,000	Qunxing Paper Holdings Co. Ltd.(a)(b)		12,570
	67,000	Real Gold Mining Ltd.(a)(b)(c)		2,245
	222,400	Red Star Macalline Group Corp. Ltd. - H Shares		298,640
	140,000	Redco Group Ltd.		87,686
	1,094,000	Renhe Commercial Holdings Co. Ltd.(c)		22,061
	128,000	Ronshine China Holdings Ltd.(c)		189,868
	69,000	Sany Heavy Equipment International Holdings Co. Ltd.		21,391
	840,480	Semiconductor Manufacturing International Corp.(c)		1,080,936
	115,000	Shandong Chenming Paper Holdings Ltd. - H Shares		174,619
	376,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		231,067
	12,000	Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares		12,219
	464,000	Shanghai Dasheng Agricultural Finance Technology Co. Ltd. - H Shares		7,922
	388,000	Shanghai Electric Group Co. Ltd. - H Shares(c)		140,869
	42,500	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares		230,534
	24,000	Shanghai Fudan Microelectronics Group Co., Ltd. - H Shares(c)		22,053
	25,000	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares		12,232
	10,300	Shanghai Haohai Biological Technology Co. Ltd.		67,348
	517,235	Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares		213,916
	10,400	Shanghai La Chapelle Fashion Co. Ltd.		10,838
	93,500	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares		255,224

Shares			Value
CHINA (continued)
	510,000	Shanghai Prime Machinery Co. Ltd. - H Shares	$	84,269
	77,500	Shengjing Bank Co. Ltd. - H Shares		51,775
	56,000	Shenzhen Expressway Co. Ltd. - H Shares		56,827
	50,000	Shenzhou International Group Holdings Ltd.		545,812
	793,881	Shui On Land Ltd.		213,760
	64,000	Sichuan Expressway Co. Ltd. - H Shares		22,100
	1,003,000	Sihuan Pharmaceutical Holdings Group Ltd.		242,413
	6,000	Silergy Corp.		125,472
	163,570	Sino Gas & Energy Holdings, Ltd.(c)		20,828
	67,636	Sino Grandness Food Industry Group Ltd.(c)		10,076
	5,176,062	Sino-Ocean Land Holdings Ltd.		3,594,061
	140,000	Sinopec Engineering Group Co. Ltd. - H Shares		144,340
	610,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		405,046
	16,800	Sinopharm Group Co. Ltd. - H Shares		70,841
	114,000	Sinosoft Technology Group Ltd.		47,741
	852,000	Sinotrans Ltd. - H Shares		488,162
	1,037,500	Sinotruk Hong Kong Ltd.		1,215,561
	290,000	Skyfame Realty Holdings Ltd.(c)		203,831
	398,500	SOHO China Ltd.		204,624
	8,914	Sohu.Com, Inc.(c)		276,156
	294,000	Springland International Holdings Ltd.		82,788
	100,000	Sun King Power Electronics Group		19,855
	563,000	Sunac China Holdings Ltd.		2,391,471
	53,000	Sunshine 100 China Holdings Ltd.(c)		19,517
	27,456	TAL Education Group - ADR(c)		999,948
	1,840	Tarena International, Inc. - ADR		18,602
	255,000	Tenwow International Holdings Ltd.		37,305
	36,000	Tian Shan Development Holdings Ltd.		10,393
	44,000	Tianjin Capital Environmental Protection Group Co. Ltd. - H Shares		23,898
	284,000	Tianneng Power International Ltd.		409,783
	350,000	Tingyi Cayman Islands Holding Corp.		663,321
	64,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		102,882
	12,800	Tonly Electronics Holdings Ltd.		12,982
	78,500	Travelsky Technology Ltd. - H Shares		229,301

11

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
CHINA (continued)
	210,000	Trigiant Group Ltd.	$	31,137
	201,000	Trony Solar Holdings Co. Ltd.(a)(b)(c)		3,022
	1,225,875	UBS Beijing Capital Retailing Group Co. Ltd. - A Shares		1,443,002
	1,052,300	UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares		813,617
	880,099	UBS Better Life Commercial Chain Share Co. Ltd. - A Shares		1,966,423
	1,753,800	UBS China Railway Tielong Container Logistics Co. Ltd - A Shares		2,233,236
	2,724,200	UBS Daqin Railway Co. Ltd. - A Shares		3,563,499
	1,802,958	UBS Guangxi Liugong Machinery Co. Ltd. - A Shares		2,671,371
	354,694	UBS MLS Co. Ltd. - A Shares		1,035,398
	1,966,580	UBS Ping An Bank Co. Ltd. - A Shares		3,366,844
	3,869,500	UBS Rizhao Port Co. Ltd. - A Shares		2,338,494
	1,703,100	UBS Shandong Haihua Co. Ltd. - A Shares		1,980,569
	3,933,200	UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares		1,961,172
	2,428,900	UBS Shenzhen Airport Co. Ltd. - A Shares		3,000,906
	1,787,197	UBS Wuxi Taiji Industry Co. Ltd. - A Shares		2,332,167
	807,500	UBS Xiamen King Long Motor Group Co. Ltd. - A Shares		1,730,311
	623,400	Uni-President China Holdings Ltd.		589,320
	13,792	Vipshop Holdings Ltd. - ADR(c)		213,500
	888,000	Want Want China Holdings Ltd.		784,700
	864,000	Weichai Power Co. Ltd. - H Shares		1,000,208
	1,172,000	West China Cement Ltd.(c)		237,712
	26,000	Wisdom Education International Holdings Co. Ltd.		18,541
	302,000	Wuzhou International Holdings Ltd.(c)		22,991
	862,000	Xiamen International Port Co. Ltd. - H Shares		151,006
	453,101	Xingda International Holdings Ltd.		161,838
	15,000	Xingfa Aluminium Holdings Ltd.(c)		12,202
	86,240	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		163,305
	217,000	Xinjiang Xinxin Mining Industry Co. Ltd. - H Shares(c)		30,210
	658,000	Xinyi Solar Holdings Ltd.		299,820

Shares			Value
CHINA (continued)
	222,500	XTEP International Holdings Ltd.	$	129,266
	34,500	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares		146,058
	468,000	Yanzhou Coal Mining Co. Ltd. - H Shares		585,619
	308,000	Yashili International Holdings Ltd.(c)		70,039
	15,000	Yichang HEC Changjiang Pharmaceutical Co. Ltd. - H Shares		71,230
	20,000	Yihai International Holding Ltd.		27,321
	10,088	Yirendai Ltd. - ADR		355,804
	251,500	Youyuan International Holdings Ltd.(c)		143,246
	1,233,760	Yuzhou Properties Co. Ltd.		897,475
	4,979	YY Inc. - ADR(c)		479,926
	178,000	Zhaojin Mining Industry Co. Ltd. - H Shares		139,338
	62,000	Zhejiang Expressway Co. Ltd. - H Shares		63,669
	40,000	Zhejiang Glass Co. Ltd. - H Shares(a)(b)		0
	332,000	Zhong An Real Estate Ltd.(c)		21,797
	319,500	Zhongsheng Group Holdings Ltd.		915,903
	62,200	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		329,777
	274,000	Zijin Mining Group Co. Ltd. - Class H		124,286
	4,073,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		1,749,487
	6,725	ZTO Express Cayman, Inc. - ADR		110,963
				181,258,271
DENMARK — 0.5%
	12,751	ALK-Abello A/S(c)		1,611,050
	36,992	Alm Brand A/S		390,944
	8,231	Amagerbanken A/S(a)(b)		0
	28,870	Ambu A/S - B Shares		669,530
	7,172	Bang & Olufsen A/S(c)		176,540
	3,706	Bavarian Nordic A/S(c)		101,158
	1,472	Brodrene Hartmann A/S		86,967
	18,654	Chr. Hansen Holding A/S		1,690,967
	17,912	Columbus A/S		44,939
	11,507	D/S Norden A/S(c)		209,933
	17,125	Dfds A/S		1,066,184
	9,270	FLSmidth & Co. A/S		572,586
	36,042	Genmab A/S(c)		7,276,816
	60,956	GN Store Nord A/S		2,141,627
	9,156	H. Lundbeck A/S		530,422
	4,951	H+H International A/S - Class B(c)		104,800
	825	Harboes Bryggeri A/S - Class B		11,343
	3,213	IC Group A/S		84,495

12

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
DENMARK (continued)
	72,808	ISS A/S	$	2,539,117
	26,206	Jyske Bank A/S		1,569,205
	9,306	Matas A/S		107,171
	5,088	Nilfisk Holding A/S(c)		249,163
	5,778	NKT A/S(c)		171,758
	1,254	NNIT A/S		34,771
	2,218	Nordjyske Bank A/S		68,975
	1,840	Parken Sport & Entertainment A/S		22,878
	12,552	Per Aarsleff A/S		469,974
	7,650	Ringkjoebing Landbobank A/S		460,865
	519	Rockwool International A/S - A Shares		141,104
	2,414	Rockwool International A/S - B Shares		727,789
	9,265	Royal Unibrew A/S		613,437
	1,028	RTX A/S		27,227
	7,117	Santa Fe Group A/S(c)		38,665
	6,565	Schouw & Co.		645,731
	8,811	SimCorp A/S		638,792
	1,591	Solar A/S - Class B		102,664
	28,027	Spar Nord Bank A/S		320,091
	53,083	Sydbank A/S		1,962,383
	561,792	TDC A/S(c)		4,569,178
	132	Tivoli A/S		13,747
	21,852	TK Development A/S(c)		24,960
	16,542	Topdanmark A/S(c)		777,965
	29,778	Tryg A/S		704,805
	17,964	William Demant Holding A/S(c)		700,088
	721	Zealand Pharma AS(c)		10,852
				34,483,656
FAEROE ISLANDS — 0.0%
	7,482	Bakkafrost		429,296
	662	BankNordik P/F		11,354
				440,650
FINLAND — 0.5%
	22,392	Afarak Group Oyj		28,087
	5,418	Aktia Bank Oyj		53,869
	4,177	Alma Media Oyj		37,745
	20,572	Amer Sports Oyj		629,280
	897	Asiakastieto Group Oyj		34,081
	5,440	Aspo Oyj		62,460
	6,463	Atria Oyj		91,931
	954	BasWare Oyj(c)		47,057
	12,077	Bittium Oyj		78,620
	10,302	Cargotec Oyj - Class B		524,708
	24,833	Caverion Corp.(c)		207,484
	40,986	Citycon Oyj		93,738
	22,539	Cramo Oyj		529,119
	29,832	Elisa Oyj		1,318,647
	862	Ferratum Oyj		27,750
	37,096	Finnair Oyj		505,643
	7,981	Fiskars Oyj Abp		198,622

Shares			Value
FINLAND (continued)
	12,148	F-Secure Oyj	$	54,138
	10,645	HKScan Oyj - A Shares		39,635
	21,678	Huhtamaki Oyj		881,748
	2,500	Ilkka-Yhtyma Oyj		9,667
	63,837	Kemira Oyj		854,394
	2,280	Kesko Oyj - A Shares		130,041
	15,965	Kesko OYJ - B Shares		937,461
	35,936	Konecranes Oyj		1,465,554
	9,402	Lassila & Tikanoja Oyj		188,673
	75,818	Metsa Board Oyj		849,488
	21,925	Metso Oyj		779,221
	79,905	Neste Oyj		6,728,519
	16,916	Nokian Renkaat Oyj		676,840
	5,429	Olvi Oyj - Class A		182,177
	27,474	Oriola Oyj - Class B		92,608
	6,792	Orion Oyj - Class A		223,275
	21,898	Orion Oyj - Class B		664,180
	146,050	Outokumpu Oyj		945,203
	25,811	Outotec Oyj(c)		234,759
	2,538	Pihlajalinna Oyj		40,308
	845	Ponsse Oyj		31,766
	3,126	Poyry Oyj		21,829
	48,416	Raisio Oyj - V Shares		206,015
	31,582	Ramirent Oyj		274,510
	2,043	Revenio Group Oyj		32,740
	52,835	Sanoma Oyj		587,350
	7,186	SRV Group Oyj		24,487
	8,661	Stockmann Oyj Abp - Class B(c)		42,056
	299,539	Stora Enso Oyj - Class R		5,908,281
	163,338	Talvivaara Mining Co. Plc(a)(b)		1,124
	18,666	Technopolis Oyj		87,310
	1,099	Teleste Oyj		8,434
	16,141	Tieto Oyj		578,160
	7,655	Tikkurila Oyj		138,398
	15,354	Uponor Oyj		267,502
	6,966	Vaisala Oyj - Class A		171,323
	54,430	Valmet Oyj		1,031,782
	45,309	Wartsila Oyj Abp		962,014
	39,981	YIT Oyj		268,305
				31,090,116
FRANCE — 1.9%
	4,968	ABC Arbitrage		41,153
	8,307	Actia Group		81,690
	135,901	Air France-KLM(c)		1,331,885
	1,984	Akka Technologies SA		138,287
	16,880	Albioma SA		417,426
	33,754	Alstom SA		1,536,765
	353	Altarea SCA REIT		89,959
	5,734	Alten SA		569,548
	37,209	Altran Technologies SA		574,346
	4,680	Amplitude Surgical SAS(c)		22,734
	2,778	Antalis International SAS(c)		5,472
	2,203	APRIL SA		39,932
	544	Argan SA REIT		28,255

13

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
FRANCE (continued)
	50,239	Arkema SA	$	6,581,030
	3,814	Assystem		128,399
	1,208	Aubay		58,322
	459	Axway Software SA		11,218
	612	Bastide le Confort Medical		36,094
	12,712	Beneteau SA		287,242
	3,523	Bigben Interactive		58,563
	5,973	BioMerieux		472,184
	1,783	Boiron SA		158,916
	10,287	Bonduelle SCA		457,843
	5,459	Bourbon SA		34,313
	52,614	Bureau Veritas SA		1,375,739
	98	Burelle SA		156,837
	10,330	Casino Guichard Perrachon SA		535,833
	479	Catering International Services		10,839
	1,749	Cegedim SA(c)		74,198
	252,897	Cellectis SA(b)(c)		7,322,316
	9,130	Chargeurs SA		275,568
	5,908	Cie des Alpes		210,361
	19,977	Coface SA(c)		253,100
	69,200	Derichebourg SA		612,425
	1,675	Devoteam SA		178,619
	19,338	Edenred		666,202
	35,398	Eiffage SA		4,213,477
	410	Electricite de Strasbourg SA		63,719
	20,405	Elior Group SA		416,650
	21,847	Elis SA		522,499
	3,439	Eramet(c)		598,580
	1,990	Esso SA Francaise(c)		120,533
	23,263	Europcar Groupe SA		271,017
	84,618	Eutelsat Communications SA		1,832,570
	1,226	Exel Industries SA - Class A		156,078
	43,377	Faurecia SA		3,542,114
	590	Fleury Michon SA		34,293
	5,476	Fnac Darty SA(c)		587,556
	1,024	Fnac Darty SA(c)		109,453
	2,326	Fonciere Des Regions REIT		260,136
	51,917	Gaztransport Et Technigaz SA		3,218,636
	2,777	Gecina SA REIT		481,393
	68,766	Getlink SE		970,422
	6,371	GL Events		200,675
	1,860	Groupe Crit		202,374
	1,726	Groupe Open		73,003
	1,572	Guerbet		99,646
	4,545	Haulotte Group SA		89,567
	238	HERIGE SADCS		12,432
	3,255	ICADE REIT		323,464
	301	ID Logistics Group(c)		53,691
	1,164	Iliad SA		233,153
	11,216	Imerys SA		1,023,712
	156,478	Ingenico Group SA		13,687,599
	1,622	Interparfums SA		74,964
	5,550	Ipsen SA		898,359
	20,380	IPSOS		775,886
	6,546	Jacquet Metal Service		252,714
	10,725	JCDecaux SA		384,342

Shares			Value
FRANCE (continued)
	431	Kaufman & Broad SA	$	22,706
	375,900	Korian SA		13,143,320
	71,674	Lagardere SCA		2,049,953
	863	Laurent-Perrier		109,043
	1,403	Le Belier		96,884
	1,830	Le Noble Age		117,907
	4,484	Lectra		117,100
	1,180	Linedata Services		47,986
	202,041	LISI(b)		7,447,635
	602	Maisons France Confort SA		37,571
	3,615	Manitou BF SA		164,033
	174	Manutan International		17,454
	6,402	Mersen SA		300,801
	13,382	METabolic EXplorer SA(c)		31,935
	10,264	Metropole Television SA		252,708
	5,327	MGI Coutier		183,891
	1,975	Mr Bricolage		35,672
	1,247	Naturex(c)		202,359
	22,346	Neopost SA		602,967
	18,608	Nexans SA		981,601
	7,196	Nexity SA		449,967
	4,931	Nicox(c)		54,626
	1,512	NRJ Group(c)		15,689
	5,591	Oeneo SA		67,358
	3,406	OL Groupe SA(c)		12,509
	6,110	Orpea		782,972
	6,929	Parrot SA(c)		46,095
	2,367	Pierre & Vacances SA(c)		116,642
	17,792	Plastic Omnium SA		855,038
	6,264	Plastivaloire		143,244
	769	PSB Industries SA		42,984
	19,054	Rallye SA		297,326
	1,236	Recylex SA(c)		15,990
	79,980	Rexel SA		1,239,830
	188	Robertet SA		113,005
	3,540	Rothschild & Co.		134,437
	235,208	Rubis SCA		18,300,638
	5,534	Sartorius Stedim Biotech		515,869
	2,786	Savencia SA		288,565
	54,627	SCOR SE		2,215,292
	6,771	SEB SA		1,297,349
	1,284	Seche Environnement SA		46,595
	2,032	Societe BIC SA		207,320
	436	Societe pour l’Informatique Industrielle		13,138
	526	SOITEC(c)		42,773
	49,337	Solocal Group(c)		63,326
	2,470	Somfy SA		245,674
	2,659	Sopra Steria Group		567,584
	16,659	SPIE SA		376,942
	38,627	Ste Industrielle d’Aviation Latecoere SA(c)		250,291
	1,739	Stef SA		214,473
	32,625	Suez		470,504
	4,082	Synergie SA		249,801
	9,324	Tarkett SA		275,559

14

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
FRANCE (continued)
	30,541	Technicolor SA	$	50,118
	14,768	Teleperformance SA		2,373,249
	36,528	Television Francaise 1		456,648
	451	Tessi SA(c)		94,360
	332	TFF Group		15,962
	826	Thermador Groupe		119,067
	957	Touax SA(c)		11,951
	1,951	Trigano SA		367,658
	42,609	UBISOFT Entertainment(c)		4,071,201
	577	Union Financiere de France BQE SA		21,332
	106,014	Vallourec SA(c)		640,244
	10,371	Valneva SE(c)		48,862
	602	Vetoquinol SA		38,155
	7,551	Vicat SA		556,493
	1,831	VIEL & Cie SA		12,255
	2,914	Vilmorin & Cie SA		205,799
	596	Virbac SA(c)		93,078
	1,002	Vranken - Pommery Monopole SA		28,685
	340	Worldline SA(c)		17,148
				125,833,516
GABON — 0.0%
	72	Total Gabon		13,559
GEORGIA — 0.0%
	5,317	BGEO Group Plc		254,175
GERMANY — 2.4%
	19,639	Aareal Bank AG		982,322
	25,024	ADVA Optical Networking SE(c)		171,832
	40,347	AIXTRON SE(c)		572,673
	174	All for One Steeb AG		14,004
	4,617	Allgeier SE		146,767
	1,125	Amadeus Fire AG		123,292
	352	Atoss Software AG		37,751
	23,296	Aurubis AG		2,081,829
	24,594	Axel Springer SE		2,014,555
	310	Basler AG		63,489
	6,954	Bauer AG		216,422
	7,302	BayWa AG		254,982
	4,340	Bechtle AG		366,513
	2,119	Bertrandt AG		236,437
	1,508	Bijou Brigitte AG		86,496
	10,155	Bilfinger SE		483,302
	256	Biotest AG - Preference Shares		8,155
	48,216	Borussia Dortmund GmbH & Co. KGaA		318,652
	42,784	Brenntag AG		2,450,323
	2,756	CANCOM SE		323,005
	6,532	Carl Zeiss Meditec AG		444,255
	18,529	Ceconomy AG		207,633
	2,761	CENIT AG		68,319
	5,549	CENTROTEC Sustainable AG		89,019
	3,390	Cewe Stiftung & Co. KGaA		347,028

Shares			Value
GERMANY (continued)
	6,990	Comdirect Bank AG	$	107,205
	4,968	CompuGroup Medical SE		258,830
	16,237	CropEnergies AG		100,134
	9,664	CTS Eventim AG & Co KGaA		451,949
	183,814	Deutsche Lufthansa AG		5,342,589
	36,249	Deutsche Pfandbriefbank AG		586,370
	62,704	Deutz AG		605,787
	3,960	Dic Asset AG		48,723
	7,379	DMG Mori AG		425,096
	2,100	Dr Hoenle AG		182,158
	1,716	Draegerwerk AG & Co. KGaA		105,423
	5,318	Draegerwerk AG & Co. KGaA - Preference Shares		391,247
	6,958	Drillisch AG		503,083
	88,092	Duerr AG		8,742,447
	2,478	Eckert & Ziegler AG		108,889
	7,759	Elmos Semiconductor AG		251,522
	21,112	ElringKlinger AG		381,682
	166,535	Fielmann AG		13,675,672
	2,636	First Sensor AG(c)		74,290
	5,207	Francotyp-Postalia Holding AG		21,610
	27,736	Fraport AG Frankfurt Airport Services Worldwide		2,684,162
	42,911	Freenet AG		1,362,159
	9,156	Fuchs Petrolub SE		491,631
	7,844	Fuchs Petrolub SE		403,029
	28,744	GEA Group AG		1,122,254
	101,767	Gerresheimer AG		8,278,245
	10,596	Gerry Weber International AG		100,935
	6,342	Gesco AG		216,678
	3,907	GFT Technologies SE		61,727
	9,049	Grammer AG		583,034
	4,785	GRENKE AG		564,148
	5,430	H&R GmbH & Co. KGaA(c)		79,867
	8,905	Hamborner AG REIT		99,911
	14,465	Hamburger Hafen und Logistik AG		347,339
	566	Hapag-Lloyd AG(c)		24,229
	172,589	Heidelberger Druckmaschinen AG(c)		641,149
	20,819	Hella GmbH & Co. KGaA		1,284,123
	3,483	Hochtief AG		635,533
	11,858	HolidayCheck Group AG(c)		40,095
	2,152	Hornbach Baumarkt AG		72,392
	13,464	HUGO BOSS AG		1,262,191
	10,263	Indus Holding AG		734,495
	958	Isra Vision AG		210,962
	8,050	Jenoptik AG		292,041
	132,375	Jost Werke AG(c)		5,563,359
	13,209	Jungheinrich AG - Preference Shares		557,050
	66,118	K+S AG		1,941,861
	37,788	KION Group AG		3,149,803
	28,513	Kloeckner & Co. SE		347,550
	4,252	Koenig & Bauer AG		348,977
	8,718	Krones AG		1,116,861

15

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
GERMANY (continued)
	210	KSB SE & Co. KGaA	$	110,919
	516	KWS Saat SE		186,191
	56,757	Lanxess AG		4,204,232
	5,043	Leg Immobilien AG		581,473
	1,596	Leifheit AG		46,867
	23,169	Leoni AG		1,451,011
	1,170	Manz AG(c)		47,882
	1,297	MasterFlex SE		13,531
	99,555	METRO AG		1,440,270
	23,264	MLP AG		140,587
	92,033	Morphosys AG(c)		9,505,427
	25,223	MTU Aero Engines AG		4,338,624
	47,094	Nemetschek SE		5,643,593
	2,244	Nexus AG		75,000
	7,867	Nordex SE(c)		90,132
	123,083	NORMA Group SE		9,024,958
	2,536	OHB SE		112,594
	33,352	OSRAM Licht AG		1,917,435
	541	paragon AG		34,635
	23,955	Patrizia Immobilien AG(c)		478,198
	1,780	Pfeiffer Vacuum Technology AG		263,349
	56,197	PNE Wind AG		166,599
	1,310	Progress-Werk Oberkirch AG		68,852
	23,637	ProSiebenSat.1 Media SE		857,504
	322	Puma SE		156,789
	47,795	QSC AG		94,790
	870	R Stahl AG		30,420
	15,354	Rational AG		9,602,546
	25,667	Rheinmetall AG		3,354,194
	96,058	RHOEN-KLINIKUM AG(b)		3,140,942
	8,336	RIB Software AG		220,900
	233,027	RWE AG(c)		5,569,742
	17,769	SAF-Holland SA		330,859
	12,816	Salzgitter AG		703,798
	6,413	Sartorius AG - Preference Shares		985,041
	16,525	Schaeffler AG		255,751
	1,854	Schaltbau Holding AG(c)		57,436
	330	Secunet Security Networks AG		39,021
	881	Senvion SA(c)		11,521
	3,648	SHW AG		155,764
	1,480	Siltronic AG(c)		236,987
	7,992	Sixt Leasing SE		171,593
	6,938	Sixt SE		816,393
	8,410	Sixt SE - Preference Shares		687,237
	8,180	SMA Solar Technology AG		502,739
	977	Softing AG		10,469
	16,554	Software AG		813,768
	1,462	Sto Se & Co. KGAA - Preference Shares		194,879
	6,642	Stroeer SE & Co. KGaA		486,160
	22,636	Suedzucker AG		376,223
	5,516	Suess MicroTec AG(c)		84,764
	4,187	Surteco SE		133,745
	18,609	Symrise AG		1,504,197

Shares			Value
GERMANY (continued)
	13,159	TAG Immobilien AG	$	278,075
	19,992	Takkt AG		412,958
	28,133	Talanx AG		1,267,532
	695	Technotrans AG		35,136
	9,399	Tier REIT, Inc., REIT		141,400
	4,769	TLG Immobilien AG		137,198
	8,774	Tom Tailor Holding AG(c)		94,495
	524	Traffic Systems SE		12,518
	67,209	Uniper SE		2,078,044
	21,585	United Internet AG		1,395,201
	14,542	VERBIO Vereinigte BioEnergie AG		69,989
	4,362	Villeroy & Boch AG - Preference Shares		97,414
	3,481	Vossloh AG(c)		176,285
	8,913	VTG AG		508,457
	10,394	Wacker Chemie AG		1,867,826
	10,042	Wacker Neuson SE		323,058
	1,892	Washtec AG		181,866
	16,854	Wirecard AG		2,280,360
	6,076	Wuestenrot & Wuerttembergische AG		146,412
	472	XING AG		146,306
				162,270,612
GIBRALTAR — 0.0%
	23,380	888 Holdings Plc		88,410
GREECE — 0.2%
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b)		0
	1,455,313	Alpha Bank AE(c)		3,844,653
	2,218,429	Eurobank Ergasias SA(c)		2,800,122
	36,614	Intralot SA-Integrated Lottery Systems & Services(c)		52,208
	4,698,999	National Bank of Greece SA(c)		1,953,544
	159,050	OPAP SA		1,903,088
	22,848	Proton Bank SA(a)(b)		0
	3,238	Sarantis SA		55,456
	12,534	T Bank SA(a)(b)(c)		0
	2,904	Terna Energy SA		17,906
	647	Thessaloniki Port Authority SA		21,902
	31,091	TT Hellenic Postbank SA(a)(b)(c)		0
				10,648,879
HONG KONG — 1.4%
	1,500,000	Agritrade Resources Ltd.		280,611
	1,480,000	Alibaba Pictures Group Ltd.(c)		166,717
	1,415,693	Allied Properties HK Ltd.		282,100
	58,000	AMVIG Holdings Ltd.		14,911
	520,000	Anxin-China Holdings Ltd.(a)(b)(c)		4,784
	435,000	Applied Development Holdings Ltd.(c)		34,771
	144,250	APT Satellite Holdings Ltd.		68,326

16

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
HONG KONG (continued)
	144,000	Asia Financial Holdings Ltd.	$	89,310
	320,000	Asia Pacific Silk Road Investment Co. Ltd.(c)		7,706
	500	Asia Satellite Telecommunications Holdings Ltd.		394
	309,800	ASM Pacific Technology Ltd.		4,245,293
	74,000	Associated International Hotels Ltd.(b)		233,475
	18,000	Ausnutria Dairy Corp. Ltd.		19,976
	275,000	Auto Italia Holdings Ltd.(c)		3,070
	1,186,592	AVIC International Holding HK Ltd.(c)		50,922
	135,000	Beijing Enterprises Holdings Ltd.		674,311
	402,000	Beijing Enterprises Medical & Health Group Ltd.(c)		20,387
	940,000	Beijing Enterprises Water Group Ltd.		545,748
	8,000	Beijing Gas Blue Sky Holdings Ltd.(c)		518
	504,000	Bel Global Resources Holdings Ltd.(a)(b)(c)		0
	92,000	Bright Smart Securities & Commodities Group Ltd.		29,987
	355,000	Brightoil Petroleum Holdings Ltd.(a)(b)(c)		50,885
	196,000	Brilliance China Automotive Holdings Ltd.		348,981
	1,644,354	Brockman Mining Ltd.(c)		24,595
	492,000	Burwill Holdings, Ltd.(c)		22,093
	44,000	Cafe de Coral Holdings Ltd.		108,038
	28,000	Camsing International Holding, Ltd.(c)		21,474
	28,000	Canvest Environmental Protection Group Co. Ltd.		15,534
	1,028,000	Capital Environment Holdings Ltd.(c)		34,418
	310,000	Carnival Group International Holdings Ltd.(c)		13,599
	92,000	Carrianna Group Holdings Co. Ltd.		12,845
	233,000	Cathay Pacific Airways Ltd.		374,104
	166,800	Century City International Holdings Ltd.		15,864
	564,000	CGN New Energy Holdings Co. Ltd.		75,860
	80,213	Champion Technology Holdings, Ltd.(c)		7,748
	134,359	Cheuk Nang Holdings Ltd.		77,561
	85,873	Chevalier International Holdings Ltd.		134,787
	504,000	China Aerospace International Holdings Ltd.		53,745
	872,137	China Agri-Industries Holdings Ltd.		366,052
	204,000	China All Access Holdings Ltd.		53,227
	53,000	China Animation Characters Co. Ltd.		18,037

Shares			Value
HONG KONG (continued)
	2,040,000	China Daye Non-Ferrous Metals Mining Ltd.(c)	$	21,322
	87,000	China Everbright International Ltd.		122,031
	525,600	China Fiber Optic Network System Group Ltd.(a)(b)(c)		8,793
	20,000	China Flavors & Fragrances Co. Ltd.		6,734
	442,000	China Foods Ltd.		202,901
	90,000	China Gas Holdings Ltd.		318,931
	208,000	China Grand Pharmaceutical and Healthcare Holdings Ltd.(c)		155,207
	6,603,000	China High Precision Automation Group Ltd.(a)(b)(c)		0
	54,000	China High Speed Transmission Equipment Group Co. Ltd.		78,654
	2,684,000	China Jinmao Holdings Group Ltd.		1,519,349
	12,236,000	China Lumena New Materials Corp.(a)(b)(c)		0
	201,000	China Mengniu Dairy Co. Ltd.		647,982
	242,000	China Merchants Land Ltd.		50,789
	193,200	China Metal Recycling Holdings Ltd.(a)(b)		0
	492,557	China New Town Development Co. Ltd.(c)		17,485
	484,000	China Oceanwide Holdings Ltd.(c)		26,391
	1,210,000	China Oil and Gas Group Ltd.		90,379
	870,750	China Overseas Grand Oceans Group Ltd.		377,988
	245,000	China Overseas Property Holdings Ltd.		73,226
	113,333	China Power International Development Ltd.		30,380
	195,000	China Properties Group Ltd.(c)		37,460
	245,102	China Resources Beer Holdings Co. Ltd.		1,055,637
	428,440	China Resources Cement Holdings Ltd.		449,467
	78,800	China Resources Gas Group Ltd.		289,795
	44,000	China Resources Power Holdings Co. Ltd.		84,397
	168,000	China Ruifeng Renewable Energy Holdings Ltd.(c)		14,766
	86,920	China Singyes Solar Technologies Holdings Ltd.		31,306
	2,166,000	China South City Holdings Ltd.		470,948
	910,000	China Starch Holdings Ltd.		34,576
	1,605,716	China State Construction International Holdings Ltd.		2,088,319
	284,000	China Taiping Insurance Holdings Co. Ltd.		949,745
	528,000	China Traditional Chinese Medicine Holdings Co. Ltd.		454,018

17

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
HONG KONG (continued)
	1,214,000	China Travel International Investment Hong Kong Ltd.	$	452,634
	2,038,000	China Unicom Hong Kong Ltd.(c)		2,881,832
	28,000	China Vast Industrial Urban Development Co. Ltd.		14,319
	84,000	China Water Affairs Group Ltd.		79,720
	128,000	China Water Industry Group Ltd.(c)		26,357
	10,500	Chinese Estates Holdings, Ltd.		15,617
	103,000	Chow Sang Sang Holdings International Ltd.		225,861
	110,000	Chu Kong Shipping Enterprises Group Co. Ltd.		28,212
	237,500	Chuang’s Consortium International Ltd.		53,610
	90,000	CIMC Enric Holdings Ltd.(c)		93,094
	185,000	CITIC Dameng Holdings Ltd.(c)		9,235
	769,000	CITIC Resources Holdings Ltd.		86,612
	649,000	CITIC Telecom International Holdings Ltd.		191,164
	274,000	Citychamp Watch & Jewellery Group Ltd.		58,559
	490,000	CK Life Sciences International Holdings, Inc.		35,376
	47,000	Clear Media Ltd.(b)		35,930
	95,000	CNQC International Holdings Ltd.		34,502
	224,007	Comba Telecom Systems Holdings Ltd.		31,833
	1,400,000	Concord New Energy Group Ltd.		65,775
	2,254,000	COSCO Shipping Ports Ltd.		1,982,337
	93,000	Cowell e Holdings, Inc.		21,319
	2,052,000	CP Pokphand Co. Ltd.		184,867
	1,359,335	CSI Properties Ltd.		87,838
	530,000	Dah Chong Hong Holdings Ltd.		281,515
	84,924	Dah Sing Banking Group Ltd.		201,666
	60,678	Dah Sing Financial Holdings Ltd.		405,188
	80,000	Dawnrays Pharmaceutical Holdings Ltd.		45,398
	244,000	DBA Telecommunication Asia Holdings Ltd.(a)(b)(c)		2,039
	209,500	Digital China Holdings Ltd.(c)		119,393
	108,000	Dynasty Fine Wines Group Ltd.(a)(b)(c)		3,715
	92,000	Eagle Nice International Holdings Ltd.		43,189
	168,234	EganaGoldpfeil Holdings Ltd.(a)(b)		0
	386,416	Emperor International Holdings Ltd.		117,221
	69,800	Esprit Holdings, Ltd.(c)		24,117
	518,000	EVA Precision Industrial Holdings Ltd.		80,719
	9,500	Fairwood Holdings Ltd.		36,228

Shares			Value
HONG KONG (continued)
	591,893	Far East Consortium International Ltd.	$	338,020
	457,000	Far East Horizon Ltd.		453,475
	622,000	First Pacific Co. Ltd.		318,507
	168,000	First Shanghai Investments Ltd.(c)		17,553
	30,000	Fountain SET Holdings Ltd.		4,614
	320,000	Fullshare Holdings Ltd.		175,683
	1,816,000	GCL-New Energy Holdings Ltd.(c)		100,727
	5,030,000	GCL-Poly Energy Holdings Ltd.(c)		622,185
	1,326,000	Gemdale Properties & Investment Corp. Ltd.		150,397
	60,150	Get Nice Financial Group Ltd.		9,735
	2,406,000	Get Nice Holdings Ltd.		86,994
	266,000	Giordano International Ltd.		162,546
	1,402,000	Global Brands Group Holding, Ltd.(c)		69,089
	471,000	Glorious Property Holdings Ltd.(c)		38,159
	220,000	Gold Peak Industries Holdings Ltd.		23,860
	60,000	Gold-Finance Holdings, Ltd.(c)		23,741
	86,000	Goldlion Holdings Ltd.		35,500
	16,000	Good Friend International Holdings, Inc.		3,811
	84,000	Guangdong Investment Ltd.		130,018
	18,000	Guoco Group Ltd.		238,682
	241,600	Guotai Junan International Holdings Ltd.		72,186
	93,000	Haier Electronics Group Co. Ltd.		321,759
	420,102	Haitong International Securities Group Ltd.		244,893
	185,000	Hang Lung Group Ltd.		558,795
	133,267	Hanison Construction Holdings Ltd.		24,225
	114,000	Harbour Centre Development Ltd.		211,591
	21,000	Health and Happiness H&H International Holdings Ltd.(c)		150,830
	204,000	Hi Sun Technology (China) Ltd.(c)		31,219
	4,871,565	HKBN Ltd.(b)		6,820,847
	65,441	HKC Holdings Ltd.		48,769
	152,000	HKR International Ltd.		92,484
	90,000	Hon Kwok Land Investment Co. Ltd.		51,114
	9,600	Hong Kong Aircraft Engineering Co. Ltd.		54,931
	253,651	Hongkong & Shanghai Hotels Ltd. (The)		384,431
	12,650	Hopewell Highway Infrastructure Ltd.		7,699
	135,500	Hopewell Holdings Ltd.		480,661
	208,000	Hopson Development Holdings Ltd.		221,277

18

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
HONG KONG (continued)
	188,000	Hsin Chong Group Holdings Ltd.(a)(b)(c)	$	1,571
	220,000	Hua Han Health Industry Holdings Ltd.(a)(b)(c)		5,572
	527,000	Hutchison Telecommunications Hong Kong Holdings Ltd.		193,707
	44,000	Hysan Development Co. Ltd.		256,088
	3,300	IMAX China Holding, Inc.		10,952
	175,000	IPE Group Ltd.		31,910
	398,000	IT Ltd.		193,142
	66,905	ITC Properties Group Ltd.		23,568
	14,000	Jiayuan International Group Ltd.(c)		25,977
	95,125	Johnson Electric Holdings Ltd.		331,181
	1,094,000	Joy City Property Ltd.		171,614
	538,000	Ju Teng International Holdings Ltd.		104,722
	521,002	K Wah International Holdings Ltd.		319,800
	84,000	Kader Holdings Co. Ltd.		16,098
	1,500,000	Kai Yuan Holdings Ltd.(c)		9,939
	153,000	Kerry Logistics Network Ltd.		233,636
	216,000	Kerry Properties Ltd.		1,032,593
	350,200	Kingboard Chemical Holdings Ltd.		1,424,716
	243,000	Kingboard Laminates Holdings Ltd.		323,893
	74,000	Kingmaker Footwear Holdings Ltd.		19,455
	328,000	Kowloon Development Co. Ltd.		369,910
	108,000	KuangChi Science Ltd.(c)		24,537
	1,248,000	Kunlun Energy Co. Ltd.		1,068,558
	43,180	Lai Fung Holdings Ltd.		64,227
	41,495	Lai Sun Development Co. Ltd.		64,111
	120,640	Lai Sun Garment International Ltd.		173,552
	9,000	Lam Soon Hong Kong Ltd.		17,063
	68,000	Landsea Green Properties Co. Ltd.		8,944
	24,000	Lee & Man Chemical Co. Ltd.		18,147
	751,200	Lee & Man Paper Manufacturing Ltd.		827,431
	40,500	Lee’s Pharmaceutical Holdings Ltd.		52,363
	1,740,000	Li & Fung Ltd.		875,086
	131,000	Lifestyle China Group Ltd.(c)		57,728
	616,818	Link REIT		5,451,517
	106,000	Luk Fook Holdings International Ltd.		443,052
	1,298,000	Magnificent Hotel Investment Ltd.		35,252
	260,000	Man Wah Holdings Ltd.		192,291
	3,700	Mandarin Oriental International Ltd.		8,845
	2,600,000	Master Glory Group Ltd.(c)		24,794
	194,000	Melco International Development Ltd.		718,254

Shares			Value
HONG KONG (continued)
	118,000	Midland Holdings, Ltd.(c)	$	32,016
	109,000	Ming Fai International Holdings Ltd.		16,391
	429,000	Mingfa Group International Co. Ltd.(a)(b)(c)		3,077
	702,000	Minmetals Land Ltd.		133,357
	48,000	Miramar Hotel & Investment Co. Ltd.		94,341
	82,000	Modern Dental Group Ltd.		23,491
	56,000	Nameson Holdings, Ltd.		11,123
	500,000	Nan Hai Corp. Ltd.		12,926
	206,000	National Agricultural Holdings Ltd.(a)(b)(c)		5,856
	10,500	NetDragon Websoft, Inc.		25,308
	97,000	New World Department Store China Ltd.(c)		22,327
	366,000	Newocean Energy Holdings Ltd.(c)		85,248
	362,000	Next Digital Ltd.(c)		12,313
	825,000	Nine Dragons Paper Holdings Ltd.		1,230,454
	1,450,000	North Mining Shares Co. Ltd.(c)		26,784
	95,164	NWS Holdings Ltd.		187,646
	22,500	Orient Overseas International Ltd.		213,940
	4,000	Overseas Chinese Town Asia Holdings Ltd.		2,443
	1,340,246	Pacific Andes International Holdings Ltd.(a)(b)(c)		4,679
	614,000	Pacific Basin Shipping Ltd.(c)		163,259
	105,000	Pacific Textile Holdings Ltd.		96,056
	201,240	Paliburg Holdings Ltd.		87,975
	378,000	Panda Green Energy Group Ltd.(c)		40,304
	50,000	PAX Global Technology Ltd.		22,617
	5,189,071	PCCW Ltd.		3,207,635
	48,000	Peace Mark Holdings Ltd.(a)(b)		0
	408,000	Phoenix Satellite Television Holdings Ltd.		43,445
	368,000	Pico Far East Holdings Ltd.		149,533
	540,000	Playmates Holdings Ltd.		74,693
	116,000	Playmates Toys Ltd.		12,826
	4,790,000	Poly Property Group Co. Ltd.(c)		2,226,335
	460,000	Polytec Asset Holdings Ltd.		39,167
	597,000	Pou Sheng International Holdings Ltd.		99,544
	862,000	PYI Corp. Ltd.(c)		15,429
	30,000	Realord Group Holdings Ltd.(c)		18,343
	314,200	Regal Hotels International Holdings Ltd.		210,349
	19,000	Regina Miracle International Holdings, Ltd.		16,302
	21,000	Road King Infrastructure Ltd.		39,814
	14,000	Rotam Global Agrosciences Ltd.		11,781
	199,800	SA SA International Holdings Ltd.		123,972

19

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
HONG KONG (continued)
	116,000	SAS Dragon Holdings Ltd.	$	34,206
	36,495	Seaspan Corp.		280,647
	252,516	Shanghai Industrial Holdings Ltd.		662,170
	411,000	Shanghai Industrial Urban Development Group Ltd.		88,393
	400,000	Shanghai Zendai Property Ltd.(c)		9,634
	234,000	Shangri-La Asia Ltd.		455,391
	120,000	Shenwan Hongyuan HK Ltd.		36,981
	386,685	Shenzhen International Holdings Ltd.		844,868
	2,122,659	Shenzhen Investment Ltd.		857,904
	841,129	Shimao Property Holdings Ltd.		2,224,841
	892,000	Shougang Concord International Enterprises Co. Ltd.(c)		24,479
	842,000	Shougang Fushan Resources Group Ltd.		206,407
	652,000	Singamas Container Holdings Ltd.		103,862
	1,722,000	Sino Biopharmaceutical Ltd.		3,626,205
	2,225,000	Sino Oil And Gas Holdings Ltd.(c)		14,704
	344,000	Sinofert Holdings Ltd.(c)		40,941
	330,000	Sinopec Kantons Holdings Ltd.		156,101
	61,000	SITC International Holdings Co. Ltd.		64,992
	246,000	SJM Holdings Ltd.		246,401
	10,774,878	Skyworth Digital Holdings Ltd.		4,896,112
	36,643	SmarTone Telecommunications Holding Ltd.		38,740
	182,386	SMI Holdings Group Ltd.		78,755
	7,500	Soundwill Holdings Ltd.		13,341
	1,740,000	South China Holdings Co. Ltd.(c)		58,567
	269,212	SSY Group Ltd.		272,022
	90,500	Stella International Holdings Ltd.		106,644
	164,000	Summi Group Holdings, Ltd.		17,467
	2,550,500	Sun Art Retail Group Ltd.		2,866,640
	271,801	Sun Hung Kai & Co. Ltd.		167,684
	66,000	Tao Heung Holdings, Ltd.		11,998
	230,666	TCL Multimedia Technology Holdings Ltd.		105,059
	35,500	Television Broadcasts Ltd.		112,661
	93,500	Texhong Textile Group Ltd.		130,263
	224,000	Texwinca Holdings Ltd.		112,623
	185,800	Tian An China Investment Co. Ltd.		115,136
	1,258,000	Tianjin Port Development Holdings Ltd.		173,997
	221,000	Tibet Water Resources Ltd.(c)		95,183
	278,644	Tomson Group Ltd.		138,862
	330,000	Tongda Group Holdings Ltd.		73,088
	8,250	Tongda Hong Tai Holdings Ltd.(c)		1,461

Shares			Value
HONG KONG (continued)
	62,000	Top Spring International Holdings Ltd.	$	25,718
	81,027	Towngas China Co. Ltd.		72,208
	468,000	TPV Technology Ltd.		57,650
	58,000	Tradelink Electronic Commerce Ltd.		9,863
	80,800	Transport International Holdings Ltd.		244,811
	368,000	Truly International Holdings Ltd.		83,620
	233,000	TSC Group Holdings Ltd.(c)		20,187
	100,000	Tsui Wah Holdings Ltd.		14,113
	2,002,000	United Energy Group Ltd.		167,550
	288,500	United Laboratories International Holdings Ltd. (The)(c)		312,980
	216,500	Universal Medical Financial & Technical Advisory Services Co. Ltd.		199,698
	44,000	Up Energy Development Group Ltd.(a)(b)(c)		136
	111,210	Valuetronics Holdings Ltd.		65,219
	670,000	Victory City International Holdings, Ltd.(c)		9,172
	42,000	Vinda International Holdings Ltd.		72,606
	152,000	Vitasoy International Holdings Ltd.		403,087
	483,600	VSTECS Holdings Ltd.		251,706
	290,300	VTech Holdings Ltd.		3,534,772
	68,622	Wasion Group Holdings Ltd.		38,432
	68,000	Wing On Co. International Ltd.		252,695
	220,000	Wing Tai Properties Ltd.(a)		170,540
	450,000	Xinyi Glass Holdings Ltd.		646,920
	3,000	YGM Trading Ltd.		2,318
	1,625,872	Yue Yuen Industrial Holdings Ltd.		4,607,666
	3,862,946	Yuexiu Property Co. Ltd.		869,093
	32,191	Yuexiu Transport Infrastructure Ltd.		24,273
	306,000	Zhuhai Holdings Investment Group Ltd.		39,251
				94,980,347
HUNGARY — 0.0%
	486,980	Magyar Telekom Telecommunications Plc		842,310
	11,745	Richter Gedeon Nyrt		237,162
				1,079,472
INDIA — 0.9%
	293	3M India Ltd.(c)		89,925
	2,639	5Paisa Capital Ltd.(c)		15,981
	4,102	Aarti Industries		82,326
	1,662	ABB India Ltd.		33,763
	2,329	ACC Ltd.		55,231
	59,679	Adani Enterprises Ltd.		124,241

20

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDIA (continued)
	45,416	Adani Green Energy Ltd.(b)(c)	$	17,482
	473,621	Adani Ports and Special Economic Zone Ltd.		2,883,724
	151,284	Adani Power Ltd.(c)		57,837
	84,016	Adani Transmission Ltd(c)		210,849
	98,716	Aditya Birla Capital Ltd.(c)		234,998
	33,462	Aditya Birla Fashion and Retail Ltd.(c)		73,159
	12,792	Aegis Logistics Ltd.		55,222
	2,325	AIA Engineering Ltd.		50,259
	3,985	Ajanta Pharma Ltd.(c)		80,748
	250	Akzo Nobel India Ltd.		7,184
	13,659	Alembic Pharmaceuticals Ltd.		109,232
	787	Alkem Laboratories Ltd.		23,240
	20,057	Allahabad Bank(c)		14,677
	9,410	Allcargo Logistics Ltd.		19,628
	2,907	Amara Raja Batteries Ltd.		37,383
	31,772	Ambuja Cements Ltd.		119,033
	28,807	Anant Raj Ltd.		20,188
	41,733	Andhra Bank(c)		24,704
	4,489	Apar Industries Ltd.		54,090
	8,379	Apollo Hospitals Enterprise Ltd.		136,710
	85,067	Apollo Tyres Ltd.		374,297
	50,716	Arvind Ltd.		320,176
	152,423	Ashok Leyland Ltd.		373,857
	11,792	Ashoka Buildcon Ltd.		49,992
	3,992	Astral Polytechnik Ltd.		56,659
	2,224	Atul Ltd.		97,877
	42,094	Aurobindo Pharma Ltd.		403,859
	6,484	Bajaj Corp. Ltd.		46,410
	4,605	Bajaj Electricals Ltd.		45,005
	102,837	Bajaj Hindusthan Sugar Ltd.(c)		13,445
	13,089	Bajaj Holdings & Investment Ltd.		529,641
	10,262	Balkrishna Industries Ltd.		195,622
	12,833	Balmer Lawrie & Co. Ltd.		42,185
	47,649	Balrampur Chini Mills Ltd.		49,674
	33,529	Bank of Baroda		74,333
	622,891	Bank of India(c)		963,418
	1,330	BASF India Ltd.		42,475
	5,028	Bata India Ltd.		60,307
	2,183	BEML Ltd. - Partly Paid Shares		34,648
	9,384	Berger Paints India Ltd.		40,176
	19,283	Bharat Electronics Ltd.		37,706
	4,628	Bharat Financial Inclusion Ltd.(c)		80,294
	24,210	Bharat Forge Ltd.		279,845
	1,484,835	Bharat Heavy Electricals Ltd.		1,943,643
	377,948	Bharti Airtel Ltd.		2,310,159
	3,536	Birla Corp. Ltd.		40,386
	4,707	Bliss Gvs Pharma Ltd.		13,931
	634	Blue Dart Express Ltd.		34,921
	2,155	Blue Star Ltd.		25,768
	10,347	Bodal Chemicals Ltd.		18,254
	18,485	Bombay Dyeing & Manufacturing Co. Ltd.		85,250

Shares			Value
INDIA (continued)
	13,389	Brigade Enterprises Ltd.	$	56,273
	6,303	Cadila Healthcare Ltd.(c)		38,847
	8,545	Can Fin Homes Ltd.		53,776
	399,907	Canara Bank		1,580,816
	4,224	Capital First Ltd.		40,459
	7,476	Carborundum Universal Ltd.		42,226
	632	Care Ratings Ltd.		12,035
	16,478	Castrol India Ltd.		47,938
	2,390	CCL Products India Ltd.		11,188
	10,399	Ceat Ltd.		246,603
	4,533	Century Plyboards India Ltd.		22,031
	1,713	CESC Ltd.		27,141
	64,732	CG Power and Industrial Solutions Ltd.(c)		80,823
	57,473	Chambal Fertilizers and Chemicals Ltd.		167,389
	3,941	Chennai Petroleum Corp Ltd.		18,865
	56,756	Chennai Super Kings Cricket Ltd.(a)(b)		359
	6,538	Cholamandalam Investment and Finance Co. Ltd.		169,930
	26,937	Cipla Ltd.		244,237
	11,146	City Union Bank Ltd.		30,627
	7,047	Coffee Day Enterprises Ltd.(c)		36,334
	6,394	Colgate-Palmolive India Ltd.		107,359
	2,891	Container Corp. of India Ltd.		56,316
	14,352	Coromandel International Ltd.		101,951
	23,636	Corp. Bank(c)		10,621
	50,107	Cox & Kings Ltd.		164,382
	47,727	Crompton Greaves Consumer Electricals Ltd.		167,755
	2,991	Cummins India Ltd.		34,398
	14,681	Cyient Ltd.		166,752
	4,361	Dalmia Bharat Ltd.		198,727
	6,484	DB Corp. Ltd.(c)		29,030
	27,921	DCB Bank Ltd.		81,421
	9,427	DCM Shriram Ltd.		46,744
	9,279	Deepak Fertilizers & Petrochemicals Corp. Ltd.		49,017
	4,866	Deepak Nitrite Ltd.		19,480
	8,598	Delta Corp Ltd.		34,502
	66,017	Dewan Housing Finance Corp. Ltd.		629,696
	16,231	Dhampur Sugar Mills Ltd.		22,918
	1,358,249	Dish TV India Ltd.(c)		1,525,252
	5,976	Dishman Carbogen Amcis Ltd.(c)		33,430
	90,992	Divi’s Laboratories Ltd.		1,627,069
	1,197,476	DLF Ltd.		3,973,155
	1,513	Dr Lal Pathlabs Ltd.		19,131
	9,101	Dr Reddys Laboratories Ltd.		287,861
	5,045	eClerx Services Ltd.		100,520
	31,357	EID Parry India Ltd.(c)		128,455
	4,882	EIH Ltd.		12,790
	45,194	Electrosteel Castings Ltd.		19,826
	3,704	Elgi Equipments Ltd.		15,739

21

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDIA (continued)
	6,196	Emami Ltd.	$	103,337
	9,996	Escorts Ltd.		149,653
	20,879	Essel Propack Ltd.		84,041
	4,683	Eveready Industries India Ltd.(c)		21,952
	37,997	Exide Industries Ltd.		140,537
	9,451	FDC Ltd.		35,026
	89,105	Federal Bank Ltd.		130,618
	4,296	Federal-Mogul Goetze India Ltd.(c)		30,606
	11,892	Finolex Cables Ltd.		124,244
	12,286	Finolex Industries Ltd.		120,388
	92,745	Firstsource Solutions Ltd.(c)		88,132
	14,906	Fortis Healthcare Ltd.(c)		33,670
	14,283	Future Retail Ltd.(c)		128,456
	11,802	Gabriel India Ltd.		27,075
	3,840	GAIL India Ltd.		18,659
	8,390	Gateway Distriparks Ltd.		21,101
	10,841	Gayatri Highways Ltd.(a)(b)(c)		1,186
	10,841	Gayatri Projects Ltd.(c)		33,244
	2,501	GE T&D India Ltd.		14,085
	18,405	Genus Power Infrastructures Ltd.		14,197
	12,605	GHCL Ltd.		51,851
	7,393	GIC Housing Finance Ltd.		47,926
	220	Gillette India Ltd.		21,507
	810	GlaxoSmithKline Consumer Healthcare Ltd.		73,905
	261	GlaxoSmithKline Pharmaceuticals Ltd.		9,158
	14,696	Glenmark Pharmaceuticals Ltd.		125,635
	198,377	GMR Infrastructure Ltd.(c)		60,542
	998	Godfrey Phillips India Ltd.		13,130
	2,234	Godrej Properties Ltd.(c)		26,866
	21,363	Granules India Ltd.		34,555
	8,395	Graphite India Ltd.		87,230
	9,635	Great Eastern Shipping Co. Ltd. (The)		52,955
	16,172	Greaves Cotton Ltd.		30,128
	770	Greenlam Industries Ltd.		13,666
	3,850	Greenply Industries Ltd.		17,743
	5,192	Grindwell Norton Ltd.		39,896
	8,265	Gruh Finance Ltd.		83,366
	6,920	Gujarat Ambuja Exports Ltd.		29,819
	10,988	Gujarat Flourochemicals Ltd.		139,900
	1,569	Gujarat Gas Ltd.		20,746
	21,698	Gujarat Mineral Development Corp. Ltd.		43,820
	13,800	Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		97,969
	10,870	Gujarat Pipavav Port Ltd.		24,042
	27,992	Gujarat State Fertilizers & Chemicals Ltd.		55,761
	27,120	Gujarat State Petronet Ltd.		72,331
	1,481	Hatsun Agro Products Ltd.		17,446
	9,482	Havells India Ltd.		77,406
	3,112	HEG Ltd.		128,444

Shares			Value
INDIA (continued)
	14,346	HeidelbergCement India Ltd.	$	33,239
	1,292	Heritage Foods Ltd.		13,758
	23,347	Hexaware Technologies Ltd.		156,417
	3,702	Hikal Ltd.		14,061
	274,868	Himachal Futuristic Communications Ltd.(c)		113,694
	8,085	Himadri Speciality Chemical Ltd.		17,753
	6,475	Himatsingka Seide Ltd.		37,646
	188,770	Hindalco Industries Ltd.		661,062
	2,430	Hinduja Global Solutions Ltd.		34,695
	21,974	Hindustan Petroleum Corp. Ltd.		99,861
	207	Honeywell Automation India Ltd.		58,487
	28,793	Housing Development & Infrastructure Ltd.(c)		14,248
	10,019	HSIL Ltd.		56,513
	4,443	Huhtamaki PPL Ltd.		23,742
	40,703	IDBI Bank Ltd.(c)		40,039
	366,841	Idea Cellular Ltd.(c)		378,747
	98,225	IDFC Bank Ltd.		70,820
	73,673	IDFC Ltd.		64,457
	1,838	IFB Industries Ltd.(c)		33,629
	73,581	IFCI Ltd.(c)		21,810
	65,995	IIFL Holdings Ltd.		757,439
	64,338	India Cements Ltd. (The)		140,827
	35,717	Indiabulls Ventures Ltd.		256,195
	1,701	Indian Hume Pipe Co. Ltd.		8,786
	6,915	Indraprastha Gas Ltd.		29,685
	8,625	Inox Leisure Ltd.(c)		35,320
	11,904	Intellect Design Arena Ltd.(c)		35,284
	2,682	International Paper APPM Ltd.(c)		13,256
	5,383	Ipca Laboratories Ltd.		60,430
	7,797	IRB Infrastructure Developers Ltd.		32,817
	7,958	J Kumar Infraprojects Ltd.		33,666
	22,401	Jagran Prakashan Pvt Ltd.		57,008
	157,842	Jain Irrigation Systems Ltd. - DVR		274,109
	216,544	Jaiprakash Associates Ltd.(c)		63,876
	33,310	Jamna Auto Industries Ltd.		48,603
	133,928	Jaypee Infratech Ltd.(c)		10,346
	634	JBF Industries Ltd.		970
	9,545	Jindal Poly Films Ltd.		43,568
	29,253	Jindal Saw Ltd.		53,842
	60,947	Jindal Steel & Power Ltd.(c)		228,089
	1,701	JK Cement Ltd.		25,433
	21,600	JK Paper Ltd.		45,630
	30,727	JK Tyre & Industries Ltd.		71,809
	103,647	JM Financial Ltd.		219,526
	291	Johnson Controls-Hitachi Air Conditioning India Ltd.		11,309
	219,780	JSW Energy Ltd.		276,953
	6,067	Jubilant Foodworks Ltd.		229,537
	22,225	Jubilant Life Sciences Ltd.		292,003

22

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDIA (continued)
	6,571	Just Dial Ltd.(c)	$	43,586
	2,020	Jyothy Laboratories Ltd.		10,954
	8,493	Kajaria Ceramics Ltd.		69,215
	13,606	Kalpataru Power Transmission Ltd.		99,487
	10,556	Kalyani Steels Ltd.		50,410
	7,451	Kansai Nerolac Paints Ltd.		55,742
	23,836	Karnataka Bank Ltd. (The)		43,488
	35,893	Karur Vysya Bank Ltd. (The)		58,377
	2,611	Kaveri Seed Co. Ltd.		20,847
	12,734	KCP Ltd.		25,663
	22,177	KEC International Ltd.		133,904
	7,194	Kolte-Patil Developers Ltd.		34,832
	40,378	KPIT Technologies Ltd.		155,777
	858	KPR Mill Ltd.		8,984
	4,012	KRBL Ltd.		26,826
	59,988	L&T Finance Holdings Ltd.		154,694
	635	Lakshmi Machine Works Ltd.		79,827
	16,318	Lakshmi Vilas Bank Ltd. (The)		21,739
	94,778	LIC Housing Finance Ltd.		772,368
	1,512	Linde India Ltd.		10,182
	7,292	LT Foods Ltd.		9,863
	21,539	Mahindra & Mahindra Financial Services Ltd.		169,729
	3,236	Mahindra CIE Automotive Ltd.(c)		12,080
	3,376	Mahindra Holidays & Resorts India Ltd.		16,544
	3,461	Mahindra Lifespace Developers Ltd.		24,033
	208,274	Manappuram Finance Ltd.		379,318
	13,303	Mangalore Refinery & Petrochemicals Ltd.		21,439
	49,699	Marico Ltd.		246,795
	41,135	Marksans Pharma Ltd.		20,438
	11,396	Max Ltd.(c)		13,551
	14,107	Mcleod Russel India Ltd.		32,675
	16,866	Meghmani Organics Ltd.		25,962
	57,898	Mercator Ltd.		25,500
	1,637	Merck Ltd.		51,961
	2,158	Minda Industries Ltd.		35,460
	40,920	MindTree Ltd.		661,632
	4,232	Mirza International Ltd.		8,683
	10,261	Mphasis Ltd.		158,768
	310	MRF Ltd.		370,176
	11,659	Muthoot Finance Ltd.		78,312
	63,997	National Aluminium Co. Ltd.		76,546
	5,329	Nava Bharat Ventures Ltd.		11,895
	1,175	Navin Fluorine International Ltd.		13,550
	12,073	Navneet Education Ltd.		26,284
	107,246	NCC Ltd.		213,157
	1,485	NESCO Ltd.		13,033
	35,322	NHPC Ltd.		15,023
	11,497	NIIT Technologies Ltd.		199,092
	534	Nilkamal Ltd.		13,619

Shares			Value
INDIA (continued)
	34,676	NOCIL Ltd.	$	112,475
	8,471	Oberoi Realty Ltd.		69,467
	2,889	OCL India Ltd.		60,997
	19,161	Oil India Ltd.		66,536
	10,701	OMAXE Ltd.		35,692
	953	Oracle Financial Sevices Software Ltd.(c)		61,367
	6,159	Orient Cement Ltd.		13,090
	703	Page Industries Ltd.		253,757
	13,240	Patel Engineering Ltd.(c)		12,374
	24,262	PC Jeweller Ltd.		52,283
	7,587	Persistent Systems Ltd.		91,498
	34,067	Petronet LNG Ltd.		115,449
	765	Pfizer Ltd.		26,052
	35,470	Phillips Carbon Black Ltd.		137,773
	4,125	Phoenix Mills Ltd. (The)		38,505
	7,720	PI Industries Ltd.		100,156
	7,602	Pidilite Industries Ltd.		123,394
	5,161	Piramal Enterprises Ltd.		200,351
	1,665	Polyplex Corp. Ltd.		11,918
	121,130	Power Finance Corp. Ltd.		158,838
	15,982	Prakash Industries Ltd.(c)		49,958
	38,916	Prestige Estates Projects Ltd.		177,386
	1,144	Procter & Gamble Hygiene & Health Care Ltd.		163,381
	101,946	PTC India Financial Services Ltd.		38,491
	54,787	PTC India Ltd.		75,226
	757,550	Punjab National Bank(c)		1,077,723
	2,139	PVR Ltd.		46,044
	11,659	Radico Khaitan Ltd.		72,752
	66,516	Rain Industries Ltd.		316,481
	23,629	Rajesh Exports Ltd.		241,072
	8,005	Rallis India Ltd.		26,325
	10,488	Ramco Cements Ltd. (The)		128,968
	1,209	Ramkrishna Forgings Ltd.		15,084
	38,276	Rashtriya Chemicals & Fertilizers Ltd.		45,995
	2,663	Ratnamani Metals & Tubes Ltd.		39,001
	1,973	Raymond Ltd.		32,770
	1,324	RBL Bank Ltd.		10,466
	86,199	Redington India Ltd.		178,026
	320,767	Reliance Capital Ltd.		2,078,841
	200,341	Reliance Infrastructure Ltd.		1,344,377
	71,926	Reliance Power Ltd.(c)		39,657
	2,134	Repco Home Finance Ltd.		20,512
	315,023	Rural Electrification Corp. Ltd.		599,631
	816	Sanofi India Ltd.		59,323
	247	Schaeffler India Ltd.		19,809
	5,871	Sequent Scientific Ltd.		5,774
	38,111	Shipping Corporation of India Ltd.(c)		42,336
	310	Shriram City Union Finance Ltd.		11,174
	27,457	Shriram Transport Finance Co. Ltd.		659,747

23

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDIA (continued)
	3,021	Sical Logistics Ltd.(c)	$	9,506
	2,703	Siemens Ltd.		45,327
	1,002	Simplex Infrastructures Ltd.		9,053
	129,196	Sintex Plastics Technology Ltd.(c)		103,677
	2,280	Siyaram Silk Mills Ltd.		23,121
	15,463	SJVN Ltd.		7,683
	1,544	SKF India Ltd.		43,253
	13,396	Sobha Ltd.		109,958
	966	Solara Active Pharma Sciences Ltd.(b)(c)		1,678
	1,625	Somany Ceramics Ltd.		13,482
	10,072	Sonata Software Ltd.		53,899
	195,503	South Indian Bank Ltd. (The)		77,051
	30,215	SREI Infrastructure Finance Ltd.		38,525
	6,128	SRF Ltd.		219,032
	2,533,526	Steel Authority of India Ltd.(c)		2,921,663
	24,084	Sterlite Technologies Ltd.		126,250
	4,387	Strides Shasun Ltd.		41,771
	4,094	Sudarshan Chemical Industries		35,116
	10,616	Sun TV Network Ltd.		139,368
	6,937	Sundram Fasteners Ltd.		61,759
	16,204	Sunteck Realty Ltd.		104,028
	4,767	Supreme Industries Ltd.		98,468
	2,230	Surya Roshni Ltd.		14,142
	8,752	Suven Life Sciences Ltd.		23,480
	99,039	Suzlon Energy Ltd.(c)		16,071
	516	Swaraj Engines Ltd.		16,396
	1,972	Symphony Ltd.		53,573
	21,028	Syndicate Bank(c)		17,258
	2,674	Syngene International Ltd.		24,917
	13,420	TAKE Solutions Ltd.		43,137
	6,237	Tamil Nadu Newsprint & Papers Ltd.		32,958
	13,597	Tata Chemicals Ltd.		155,188
	4,668	Tata Communications Ltd.		43,437
	4,448	Tata Elxsi Ltd.		82,096
	70,598	Tata Global Beverages Ltd.		313,353
	27,232	Tata Power Co. Ltd. (The)		35,891
	153,238	Tata Steel Ltd.		1,356,781
	8,365	Tata Steel Ltd.(c)		19,910
	4,213	TCI Express Ltd.		33,404
	4,740	Techno Electric & Engineering Co. Ltd.(c)		24,117
	2,619	Thermax Ltd.		44,496
	23,147	Ti Financial Holdings Ltd.		250,172
	31,953	Time Technoplast Ltd.		76,496
	2,787	Timken India Ltd.		28,734
	12,914	Titagarh Wagons Ltd.		22,490
	24,556	Titan Co. Ltd.		360,106
	4,248	Torrent Pharmaceuticals Ltd.		89,914
	13,348	Torrent Power Ltd.		49,078
	6,820	Transport Corp. of India Ltd.		29,866
	1,040	Trent Ltd.		5,468
	42,672	Trident Ltd.		43,773

Shares			Value
INDIA (continued)
	15,309	Triveni Engineering & Industries Ltd.	$	9,188
	5,808	Triveni Turbine Ltd.		8,632
	344	TTK Prestige Ltd.		31,923
	23,147	Tube Investments Of India Ltd.		81,170
	1,892	TV Today Network Ltd.		13,511
	2,204,686	TV18 Broadcast Ltd.(c)		2,096,679
	18,756	TVS Motor Co. Ltd.		186,782
	302	TVS Srichakra Ltd.		16,672
	16,121	Uflex Ltd.		81,577
	2,581	Ufo Moviez India Ltd.		15,042
	4,288	Unichem Laboratories Ltd.		17,887
	846,780	Union Bank of India(c)		1,198,666
	4,722,164	Unitech Ltd.(c)		403,795
	3,158	United Breweries Ltd.		56,545
	6,109	United Spirits Ltd.(c)		330,468
	63,786	UPL Ltd.		695,120
	7,625	VA Tech Wabag Ltd.		57,829
	34,182	Vakrangee Ltd.		50,999
	5,952	Vardhman Textiles Ltd.		109,311
	1,419	Vedanta Resources Plc		14,201
	624	Vesuvius India Ltd.		12,342
	16,629	V-Guard Industries Ltd.		59,603
	30,234	Vijaya Bank		28,703
	8,545	VIP Industries Ltd.		53,188
	961	Visaka Industries Ltd.		11,336
	10,224	Voltas Ltd.		98,037
	2,640	VRL Logistics Ltd.(c)		16,739
	629	VST Industries Ltd.		28,765
	420	VST Tillers Tractors Ltd.		19,199
	368	WABCO India Ltd.		44,613
	34,344	Welspun Corp. Ltd.		72,650
	8,145	West Coast Paper Mills Ltd.		35,108
	3,983	Wockhardt Ltd.(c)		49,539
	3,524	Zensar Technologies Ltd.		67,476
	888	Zydus Wellness Ltd.(c)		18,124
				61,889,276
INDONESIA — 0.1%
	890,900	Ace Hardware Indonesia Tbk PT		83,260
	4,404,900	Adaro Energy Tbk PT		576,827
	242,553	Adhi Karya Persero Tbk PT		32,446
	2,440,500	Agung Podomoro Land Tbk PT		37,073
	187,800	AKR Corporindo Tbk PT		65,760
	2,912,400	Alam Sutera Realty Tbk PT		75,902
	517,329	Aneka Tambang Persero Tbk PT(c)		31,092
	706,700	Arwana Citramulia Tbk PT		17,649
	28,100	Asahimas Flat Glass Tbk PT		10,313
	121,100	Astra Agro Lestari Tbk PT		111,025
	339,200	Asuransi Kresna Mitra Tbk PT(c)		18,035
	31,750,200	Bakrie & Brothers Tbk PT(c)		114,107
	9,876,000	Bakrie Telecom Tbk PT(c)		35,493
	1,260,766	Bank Bukopin Tbk PT		38,641

24

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
INDONESIA (continued)
	916,916	Bank Danamon Indonesia Tbk PT	$	437,077
	2,438,350	Bank Pan Indonesia Tbk PT(c)		165,415
	754,000	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		111,578
	1,534,500	Bank Pembangunan Daerah Jawa Timur Tbk PT		78,666
	1,035,224	Bank Permata Tbk PT(c)		41,246
	1,306,100	Bank Tabungan Negara Persero Tbk PT		291,074
	60,500	Bank Tabungan Pensiunan Nasional Tbk PT		12,689
	2,538,800	Barito Pacific Tbk PT(c)		448,907
	2,167,400	Bekasi Fajar Industrial Estate Tbk PT		41,320
	40,300	Blue Bird Tbk PT		8,199
	771,000	Bukit Asam Persero Tbk PT		178,244
	806,900	Bumi Serpong Damai Tbk PT		97,437
	430,000	Charoen Pokphand Indonesia Tbk PT		113,360
	3,628,701	Ciputra Development Tbk PT		285,445
	644,973	Citra Marga Nusaphala Persada Tbk PT(c)		64,807
	617,700	Delta Dunia Makmur Tbk PT(c)		38,279
	765,500	Eagle High Plantations Tbk PT(c)		13,691
	298,300	Elnusa Tbk PT		9,022
	408,100	Energi Mega Persada Tbk PT(c)		6,073
	374,800	Erajaya Swasembada Tbk PT		45,913
	47,800	Fajar Surya Wisesa Tbk PT		19,448
	870,500	Gajah Tunggal Tbk PT		50,821
	2,470,800	Global Mediacom Tbk PT		102,640
	5,879,000	Hanson International Tbk PT(c)		59,321
	1,043,600	Holcim Indonesia Tbk PT(c)		59,948
	559,700	Indah Kiat Pulp and Paper Corp. Tbk PT		528,429
	365,600	Indika Energy Tbk PT(c)		88,859
	101,500	Indo Tambangraya Megah Tbk PT		172,007
	1,260,200	Intiland Development Tbk PT		27,889
	1,762,000	Japfa Comfeed Indonesia Tbk PT		190,834
	161,509	Jasa Marga Persero Tbk PT		50,490
	168,400	Jaya Real Property Tbk PT		9,925
	8,204,340	Kawasan Industri Jababeka Tbk PT		144,844
	1,235,800	Kmi Wire & Cable Tbk PT		38,831
	334,200	Krakatau Steel Persero Tbk PT(c)		10,539
	883,300	Kresna Graha Investama PT Tbk(c)		41,579
	49,800	Link Net Tbk PT		19,398
	187,000	Lippo Cikarang Tbk PT(c)		30,988
	6,494,050	Lippo Karawaci Tbk PT		207,429
	306,100	Matahari Putra Prima Tbk PT(c)		7,471
	1,857,675	Mayora Indah Tbk PT		393,518

Shares			Value
INDONESIA (continued)
	3,185,200	Medco Energi Internasional Tbk PT(c)	$	273,749
	916,500	Media Nusantara Citra Tbk PT		86,707
	131,300	Mitra Adiperkasa Tbk PT		77,845
	232,900	Mitra Pinasthika Mustika Tbk PT		19,255
	1,283,400	MNC Investama Tbk PT(c)		9,541
	115,500	Mnc Land Tbk PT(c)		11,123
	2,149,700	Modernland Realty Tbk PT		54,764
	198,000	Nippon Indosari Corpindo Tbk PT		17,912
	3,181,300	Nusantara Infrastructure Tbk PT(c)		44,751
	2,076,200	Pakuwon Jati Tbk PT		87,760
	332,600	Pan Brothers Tbk PT		10,973
	3,272,600	Panin Financial Tbk PT(c)		55,290
	347,200	Perusahaan Gas Negara Persero Tbk		49,148
	1,418,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		128,233
	786,793	PP Persero Tbk PT		136,567
	1,230,300	Salim Ivomas Pratama Tbk PT		49,853
	198,800	Sawit Sumbermas Sarana Tbk PT		18,705
	157,200	Selamat Sempurna Tbk PT		16,371
	376,100	Semen Indonesia Persero Tbk PT		259,767
	796,600	Sentul City Tbk PT(c)		10,631
	117,500	Sinar Mas Agro Resources & Technology Tbk PT		31,252
	6,746,600	Sri Rejeki Isman Tbk PT		165,339
	292,700	Sumber Alfaria Trijaya Tbk PT		13,670
	668,100	Summarecon Agung Tbk PT		43,226
	357,600	Surya Semesta Internusa Tbk PT		13,673
	1,797,800	Timah Tbk PT		131,586
	586,900	Tiphone Mobile Indonesia Tbk PT		34,750
	193,600	Tower Bersama Infrastructure Tbk PT		77,106
	359,000	Trada Alam Minera Tbk PT(c)		8,353
	4,875,000	Truba Alam Manunggal Engineering PT(a)(b)(c)		3,504
	1,281,200	Tunas Baru Lampung Tbk PT		108,546
	539,500	Tunas Ridean Tbk PT		52,350
	578,300	Vale Indonesia Tbk PT(c)		130,024
	1,938,200	Visi Media Asia Tbk PT(c)		50,121
	694,685	Waskita Karya Persero Tbk PT		109,738
	648,300	Wijaya Karya Persero Tbk PT		73,514
	903,700	XL Axiata Tbk PT(c)		136,970
				8,593,940
IRELAND — 1.6%
	966,950	Allegion Plc(b)		74,629,201
	549,198	Bank Of Ireland Group Plc(c)		4,927,069
	99,747	C&C Group Plc		374,987
	34,410	COSMO Pharmaceuticals NV(b)		5,019,025

25

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
IRELAND (continued)
	3,336	Datalex Plc	$	10,602
	8,890	DCC Plc		853,310
	5,572	FBD Holdings Plc(c)		79,093
	806,334	Glanbia Plc		13,619,199
	55,515	Grafton Group Plc - Units		575,076
	83,881	Greencore Group Plc		182,938
	16,165	IFG Group Plc		31,364
	55,324	Inmobiliaria Colonial SA, REIT		99,067
	25,492	Irish Continental Group Plc - Units		172,695
	430	Kenmare Resources Plc(c)		1,291
	12,297	Kingspan Group Plc		556,672
	6,121	Kingspan Group Plc		275,798
	11,560	Paddy Power Betfair Plc		1,143,989
	100,315	Smurfit Kappa Group Plc		4,276,225
	4,022	Tarsus Group Plc		16,171
	64,171	UDG Healthcare Plc		806,244
				107,650,016
ISLE OF MAN — 0.0%
	39,691	GVC Holdings Plc		485,840
	32,749	Playtech Plc		365,288
				851,128
ISRAEL — 0.8%
	7,252	Airport City Ltd.(c)		82,798
	931	Alrov Properties and Lodging Ltd.		31,475
	3,712	AudioCodes Ltd.(c)		26,539
	9,420	Azorim-Investment Development & Construction Co. Ltd.(c)		9,166
	28	Bayside Land Corp.		12,158
	1,538	Cellcom Israel Ltd.(c)		10,482
	421,763	Check Point Software Technologies Ltd.(c)		40,704,347
	7,778	Clal Insurance Enterprise Holdings Ltd.(c)		121,664
	9,651	Delek Automotive Systems Ltd.		69,162
	771	Delek Group Ltd.		115,238
	3,947	Delta-Galil Industries Ltd.		113,026
	9,680	Direct Insurance Financial Investments Ltd.		117,813
	56,421	El Al Israel Airlines		16,187
	905	Electra Ltd.		226,618
	14,334	First International Bank of Israel Ltd.		295,491
	3,036	Formula Systems 1985 Ltd.		104,567
	519	Fox Wizel Ltd.		9,008
	1,135	Hadera Paper Ltd.		75,734
	43,055	Harel Insurance Investments & Financial Services Ltd.		312,534
	1,822	Hilan Ltd.		39,826
	1	Industrial Buildings Corp. Ltd.(c)		1
	2,862	Inrom Construction Industries Ltd.		12,038

Shares			Value
ISRAEL (continued)
	274,008	Israel Discount Bank Ltd. - Class A(c)	$	758,704
	4,804	Jerusalem Oil Exploration(c)		269,203
	4,100	Magic Software Enterprises Ltd.		33,234
	16,429	Matrix IT Ltd.		180,385
	1,459	Melisron Ltd.		59,562
	15,752	Menora Mivtachim Holdings Ltd.		176,360
	51,728	Migdal Insurance & Financial Holding Ltd.(c)		50,633
	76,835	Mizrahi Tefahot Bank Ltd.		1,404,327
	7,596	Naphtha Israel Petroleum Corp. Ltd.		47,731
	736	Neto ME Holdings Ltd.		64,824
	7,762	Nova Measuring Instruments Ltd.(c)		206,015
	5,027,925	Oil Refineries Ltd.		2,175,606
	10,224	Partner Communications Co. Ltd.(c)		42,110
	10,528	Paz Oil Co. Ltd.		1,531,844
	14,145	Phoenix Holdings Ltd. (The)(c)		72,343
	1,121	Plasson Industries Ltd.		52,133
	715	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		32,631
	380	Scope Metals Group Ltd.		9,978
	68,879	Shikun & Binui Ltd.		116,374
	35,913	Shufersal Ltd.		205,585
	6,039	Strauss Group Ltd.		124,241
	3,075	Summit Real Estate Holdings Ltd.		27,596
	3,836	Tower Semiconductor Ltd.(c)		100,032
	6,295	Union Bank of Israel(c)		32,333
				50,279,656
ITALY — 0.6%
	898,515	A2A SpA		1,806,683
	25,860	ACEA SpA		453,681
	8,753	Aeffe SpA(c)		31,232
	14,575	Amplifon SpA		272,272
	53,362	Anima Holding SpA		382,869
	21,662	Ansaldo STS SpA(c)		324,078
	89,441	Arnoldo Mondadori Editore SpA(c)		174,940
	22,281	Ascopiave SpA		91,399
	40,350	Astaldi SpA		114,381
	23,294	Autogrill SpA		296,874
	19,613	Azimut Holding SpA		411,774
	10,128	Banca Generali SpA		328,543
	11,800	Banca IFIS SpA		464,894
	36,629	Banca Mediolanum SpA		293,563
	109,428	Banca Popolare di Sondrio SCPA		516,988
	90,926	Banca Profilo SpA		24,821
	24,873	Banca Sistema SpA		68,319
	253,605	Banco BPM SpA(c)		919,912

26

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
ITALY (continued)
	10,567	Banco di Desio e della Brianza SpA	$	30,253
	15,143	BasicNet SpA		70,629
	22,339	BE		24,994
	4,057	Biesse SpA		213,693
	131,746	BPER Banca		760,501
	27,525	Brembo SpA		405,513
	2,597	Brunello Cucinelli SpA		86,259
	21,385	Buzzi Unicem SpA		539,941
	22,083	Cairo Communication SpA		99,584
	1,027	Cembre SpA		30,991
	28,463	Cementir Holding SpA		237,981
	40,991	Cerved Information Solutions SpA		496,028
	188,481	CIR-Compagnie Industriali Riunite SpA		247,777
	28,212	Credito Emiliano SpA		248,105
	5,049	Danieli & C Officine Meccaniche SpA		138,862
	4,885	Datalogic SpA		155,665
	78,394	Davide Campari-Milano SpA		587,245
	9,415	De’ Longhi SpA		281,459
	3,485	DiaSorin SpA		328,376
	2,953	Ei Towers SpA		170,920
	2,136	El.En. SpA		84,065
	21,581	Emak SpA		34,786
	34,953	ERG SpA		837,402
	7,087	Esprinet SpA		37,349
	3,153	Eurotech SpA(c)		6,125
	114,391	Falck Renewables SpA		276,938
	1,070	Fila SpA		22,512
	90,022	Fincantieri SpA(c)		141,447
	67,104	FinecoBank Banca Fineco SpA		799,058
	58,249	FNM SpA		47,098
	46,449	GEDI Gruppo Editoriale SpA(c)		23,560
	1,338	Gefran SpA		13,930
	21,426	Geox SpA		72,065
	3,426	Gruppo Mutuionline SpA		65,744
	312,359	Hera SpA		1,154,749
	4,618	Immobiliare Grande Distribuzione SIIQ SpA, REIT		43,203
	172,287	IMMSI SpA(c)		125,245
	3,035	Industria Macchine Automatiche SpA		294,502
	22,679	Infrastrutture Wireless Italiane SPA		182,539
	128,806	Intek Group SpA(c)		48,973
	8,170	Interpump Group SpA		259,535
	61,258	Iren SpA		186,114
	34,122	Italgas SpA		220,807
	3,287	Italmobiliare SpA		89,211
	91,700	Juventus Football Club SpA(c)		69,572
	4,568	La Doria SpA		66,611
	218,720	Leonardo SpA		2,527,220
	23,268	Maire Tecnimont SpA		118,260
	1,779	Mariella Burani SpA(a)(b)		0

Shares			Value
ITALY (continued)
	6,331	MARR SpA	$	190,996
	4,853	Massimo Zanetti Beverage Group SpA		42,467
	462,698	Mediaset SpA(c)		1,835,941
	185,015	Mediobanca Banca di Credito Finanziario SpA		2,241,920
	25,555	Moncler SpA		1,151,811
	3,949	Nice SpA		14,557
	926	Openjobmetis SpA agenzia per il lavoro(c)		13,453
	53,285	OVS SpA		226,320
	4,871	Panariagroup Industrie Ceramiche SpA		21,378
	48,389	Parmalat SpA		176,441
	101,272	Piaggio & C SpA		265,673
	249,325	Poste Italiane SpA		2,434,283
	1,015	Prima Industrie SpA		50,216
	42,317	Prysmian SpA		1,243,993
	15,155	RAI Way SpA		85,765
	19,423	Recordati SpA		692,830
	54,124	Reno de Medici SpA		49,546
	3,324	Reply SpA		210,082
	42,269	Retelit SpA(c)		99,444
	15,984	Rizzoli Corriere Della Sera Mediagroup SpA(c)		22,514
	2,521	Sabaf SpA		58,190
	1,494	SAES Getters SpA		40,350
	5,491	Safilo Group SpA(c)		27,529
	130,977	Saipem SpA(c)		500,232
	123,151	Salini Impregilo SpA		352,356
	9,274	Salvatore Ferragamo SpA		274,030
	614,345	Saras SpA		1,466,183
	6,627	Servizi Italia SpA		43,173
	781	Sesa SpA		24,765
	26,947	Snaitech SpA(c)		71,098
	47,277	Societa Cattolica di Assicurazioni SCRL		503,353
	42,701	Societa Iniziative Autostradali e Servizi SpA		904,535
	15,060	Sogefi SpA(c)		58,963
	15,067	SOL SpA		206,515
	1,323	Technogym SpA		16,050
	116,292	Terna Rete Elettrica Nazionale SpA		697,975
	20,102	Tiscali SpA(c)		736
	3,726	Tod’s SpA		287,706
	6,610	Uni Land SpA(a)(b)		0
	348,379	Unione di Banche Italiane SpA		1,794,401
	207,824	Unipol Gruppo SpA		1,113,132
	430,033	UnipolSai Assicurazioni SpA		1,155,695
	11,215	Vittoria Assicurazioni SpA		159,210
	7,438	Yoox Net-A-Porter Group SpA(c)		340,322
	3,856	Zignago Vetro SpA		38,735
				41,185,483

27

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN — 6.1%
	11,400	77 Bank Ltd. (The)	$	281,666
	2,700	A&D Co. Ltd.		16,989
	4,600	Achilles Corp.		95,579
	2,600	Adastria Co. Ltd.		45,105
	141,900	ADEKA Corp.		2,519,789
	2,500	Advan Co. Ltd.		22,819
	1,800	Advanex, Inc.		39,420
	20,400	Advantest Corp.		485,220
	1,200	Aeon Delight Co. Ltd.		41,983
	2,200	Aeon Fantasy Co. Ltd.		115,695
	4,700	Aeon Mall Co. Ltd.		95,041
	11,700	Ahresty Corp.		106,199
	3,900	Ai Holdings Corp.		104,079
	5,900	Aica Kogyo Co. Ltd.		221,837
	2,700	Aichi Bank Ltd. (The)		129,025
	9,700	Aichi Corp.		68,993
	5,500	Aichi Steel Corp.		237,383
	1,600	Aichi Tokei Denki Co. Ltd.		60,521
	9,500	Aida Engineering Ltd.		110,672
	3,800	Ain Holdings, Inc.		253,091
	41,700	Air Water, Inc.		805,560
	4,700	Airport Facilities Co. Ltd.		27,192
	15,000	Aisan Industry Co. Ltd.		154,761
	2,600	Akatsuki Corp.		10,572
	11,000	Akebono Brake Industry Co. Ltd.(c)		28,257
	4,400	Akita Bank Ltd. (The)		120,349
	500	Albis Co. Ltd.		16,641
	6,800	Alconix Corp.		121,487
	5,900	Alinco, Inc.		58,755
	3,100	Alpen Co. Ltd.		68,058
	2,800	Alpha Corp.		45,492
	6,600	Alps Logistics Co. Ltd.		54,518
	1,600	Altech Corp.		37,920
	24,900	Amada Holdings Co. Ltd.		298,907
	10,100	Amano Corp.		250,338
	500	Amiyaki Tei Co. Ltd.		24,556
	3,700	Anest Iwata Corp.		39,377
	1,200	Anicom Holdings, Inc.		39,435
	3,300	AOI TYO Holdings, Inc.		45,880
	20,300	AOKI Holdings, Inc.		311,465
	5,000	Aomori Bank Ltd. (The)		155,657
	10,500	Aoyama Trading Co. Ltd.		404,399
	6,100	Arakawa Chemical Industries Ltd.		111,238
	2,500	Arata Corp.		148,165
	12,300	Arcland Sakamoto Co. Ltd.		194,060
	800	Arcland Service Holdings Co., Ltd.		17,068
	9,738	Arcs Co. Ltd.		266,761
	118,800	Ariake Japan Co. Ltd.		10,190,433
	2,090	As One Corp.		141,953
	3,100	Asahi Co. Ltd.		38,080
	11,600	Asahi Diamond Industrial Co. Ltd.		111,114
	4,350	Asahi Holdings, Inc.		79,429

Shares			Value
JAPAN (continued)
	144,200	Asahi Intecc Co. Ltd.	$	5,029,905
	1,800	Asahi Kogyosha Co. Ltd.		59,265
	4,600	Asahi Yukizai Corp.		76,757
	24,000	Asanuma Corp.		88,006
	2,300	Asax Co. Ltd.		40,018
	2,700	Ashimori Industry Co. Ltd.		59,982
	6,000	Asia Pile Holdings Corp.		35,252
	11,900	Asics Corp.		224,869
	2,400	ASKA Pharmaceutical Co. Ltd.		36,554
	400	Asti Corp.		15,183
	6,700	Asunaro Aoki Construction Co. Ltd.		64,589
	1,000	Ateam, Inc.		20,786
	10,200	Atom Corp.		92,088
	15,400	Autobacs Seven Co. Ltd.		290,711
	4,000	Avex, Inc.		55,215
	53,000	Awa Bank Ltd. (The)		346,067
	3,800	Axial Retailing, Inc.		154,909
	9,300	Azbil Corp.		432,817
	19,900	Bando Chemical Industries Ltd.		238,827
	4,400	Bank of Iwate Ltd. (The)		172,343
	10,600	Bank of Kyoto Ltd. (The)		637,225
	3,700	Bank of Nagoya Ltd. (The)		137,603
	6,600	Bank of Okinawa Ltd. (The)		277,563
	4,100	Bank of Saga Ltd. (The)		94,072
	9,500	Bank of the Ryukyus Ltd.		145,730
	2,200	Belc Co. Ltd.		118,364
	1,300	Bell System24 Holdings, Inc.		20,819
	17,300	Belluna Co. Ltd.		201,219
	2,200	Benefit One, Inc.		51,445
	4,700	Benesse Holdings, Inc.		171,189
	8,700	Bic Camera, Inc.		142,575
	4,800	BML, Inc.		121,486
	1,400	Bookoff Corp.		10,686
	5,600	Broadleaf Co. Ltd.		26,648
	20,000	Bunka Shutter Co. Ltd.		198,780
	1,200	C Uyemura & Co. Ltd.		81,945
	900	Can Do Co. Ltd.		14,945
	2,500	Canon Electronics, Inc.		58,150
	119,700	Canon Marketing Japan, Inc.		2,601,196
	10,600	Capcom Co. Ltd.		202,623
	3,400	Carlit Holdings Co. Ltd.		32,940
	18,800	Casio Computer Co. Ltd.		280,032
	3,700	Cawachi Ltd.		86,028
	21,800	Central Glass Co. Ltd.		516,503
	900	Central Security Patrols Co. Ltd.		32,325
	1,300	Central Sports Co. Ltd.		44,187
	15,600	Chiba Kogyo Bank Ltd. (The)		72,325
	1,300	Chino Corp.		19,285
	4,000	Chiyoda Co. Ltd.		96,146
	2,900	Chiyoda Integre Co. Ltd.		66,610
	3,800	Chori Co. Ltd.		72,775
	9,900	Chubu Shiryo Co. Ltd.		222,547
	6,000	Chuetsu Pulp & Paper Co. Ltd.		106,433
	150,500	Chugai Mining Co. Ltd.(c)		38,494
	25,600	Chugoku Bank Ltd. (The)		297,319

28

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN (continued)
	9,700	Chugoku Electric Power Co., Inc. (The)	$	121,351
	21,700	Chugoku Marine Paints Ltd.		214,039
	3,200	Chukyo Bank Ltd. (The)		68,894
	14,000	CI Takiron Corp.		85,429
	4,600	Ci:z Holdings Co. Ltd.		221,293
	71,100	Citizen Watch Co. Ltd.		529,753
	12,600	CKD Corp.		264,195
	21,000	Clarion Co. Ltd.		58,795
	7,000	Cleanup Corp.		57,013
	3,000	CMIC Holdings Co. Ltd.		68,796
	12,900	CMK Corp.		104,019
	2,290	Cocokara Fine, Inc.		165,625
	4,500	COLOPL Inc.		33,984
	6,400	Colowide Co. Ltd.		162,801
	4,700	Computer Engineering & Consulting Ltd.		144,127
	15,400	COMSYS Holdings Corp.		428,423
	4,500	CONEXIO Corp.		99,851
	19,200	Cosmo Energy Holdings Co. Ltd.		632,509
	1,500	Cosmos Pharmaceutical Corp.		337,299
	4,100	Create Restaurants Holdings, Inc.		51,640
	5,400	Create SD Holdings Co. Ltd.		156,483
	30,100	Credit Saison Co. Ltd.		539,076
	4,700	CTI Engineering Co. Ltd.		62,857
	3,900	D.A. Consortium Holdings, Inc.(c)		81,328
	8,600	Dai Nippon Toryo Co. Ltd.		121,363
	9,100	Daibiru Corp.		108,504
	18,000	Daicel Corp.		207,689
	3,000	Dai-Dan Co. Ltd.		72,590
	3,400	Daido Kogyo Co. Ltd.		46,599
	11,600	Daido Metal Co. Ltd.		137,632
	14,800	Daido Steel Co. Ltd.		799,209
	10,000	Daihatsu Diesel Manufacturing Co. Ltd.		81,538
	26,000	Daihen Corp.		201,679
	34,000	Daiho Corp.		206,879
	2,600	Daiichi Jitsugyo Co. Ltd.		79,457
	1,000	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		12,054
	1,500	Dai-ichi Seiko Co. Ltd.		29,412
	6,600	Daiichikosho Co. Ltd.		346,282
	4,600	Daiken Corp.		115,438
	19,000	Daiki Aluminium Industry Co. Ltd.		130,853
	2,300	Daikoku Denki Co. Ltd.		37,980
	400	Daikokutenbussan Co. Ltd.		20,684
	8,600	Daikyo, Inc.		187,176
	4,800	Daikyonishikawa Corp.		86,275
	6,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		245,745
	37,000	Daio Paper Corp.		518,707
	4,910	Daiseki Co. Ltd.		152,877

Shares			Value
JAPAN (continued)
	6,400	Daishi Bank Ltd. (The)	$	286,986
	5,700	Daito Bank Ltd. (The)		68,390
	3,760	Daito Pharmaceutical Co. Ltd.		129,321
	10,200	Daiwabo Holdings Co. Ltd.		462,759
	185,980	DCM Holdings Co. Ltd.		1,850,533
	16,500	DeNA Co. Ltd.		314,485
	33,200	Denka Co. Ltd.		1,181,964
	5,700	Denyo Co. Ltd.		99,651
	110,400	Descente Ltd.		1,862,766
	9,200	Dexerials Corp.		86,315
	37,400	DIC Corp.		1,269,166
	27,000	Digital Arts, Inc.		1,063,620
	147,100	Digital Garage, Inc.		4,886,059
	1,900	Dip Corp.		46,070
	23,000	DKS Co. Ltd.		145,579
	6,700	DMG Mori Co. Ltd.		125,187
	4,000	Doshisha Co. Ltd.		93,165
	5,674	Doutor Nichires Holdings Co. Ltd.		118,627
	16,400	Dowa Holdings Co. Ltd.		616,325
	400	DSB Co. Ltd.		2,137
	3,200	DTS Corp.		115,975
	1,200	DyDo Group Holdings, Inc.		74,681
	400	Dynic Corp.		3,859
	7,900	Eagle Industry Co. Ltd.		142,471
	500	Earth Chemical Co. Ltd.		26,266
	35,500	Ebara Corp.		1,355,940
	1,400	Ebara Jitsugyo Co. Ltd.		30,314
	1,100	Eco’s Co Ltd/Japan		18,694
	402,100	EDION Corp.		4,713,181
	1,400	eGuarantee, Inc.		27,954
	10,400	Ehime Bank Ltd. (The)		125,358
	8,000	Eidai Co. Ltd.		39,894
	41,000	Eighteenth Bank Ltd. (The)		108,455
	3,800	Eiken Chemical Co. Ltd.		89,694
	2,800	Elecom Co. Ltd.		62,764
	700	Elematec Corp.		15,600
	2,600	Endo Lighting Corp.		24,329
	3,000	en-japan, Inc.		140,244
	5,500	EPS Holdings Inc.		112,054
	4,800	Es-Con Japan Ltd.		40,943
	4,200	ESPEC Corp.		98,795
	2,300	Excel Co. Ltd.		58,932
	15,200	Exedy Corp.		514,792
	5,200	Ezaki Glico Co. Ltd.		280,113
	5,800	F@N Communications, Inc.		36,441
	3,000	FALCO HOLDINGS Co. Ltd.		50,916
	231,000	FCC Co. Ltd.		6,534,099
	35,680	Feed One Co. Ltd.		79,387
	9,700	Ferrotec Holdings Corp.		215,810
	26,400	FIDEA Holdings Co. Ltd.		46,310
	9,300	Financial Products Group Co. Ltd.		118,414
	8,500	FJ Next Co. Ltd.		66,396
	11,400	Foster Electric Co. Ltd.		267,060
	2,200	FP Corp.		136,087

29

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
(Unaudited)

Shares			Value
JAPAN (continued)
	5,400	France Bed Holdings Co. Ltd.	$	48,559
	7,100	F-Tech, Inc.		88,948
	16,600	Fudo Tetra Corp.		28,322
	3,700	Fuji Co. Ltd.		80,811
	10,600	Fuji Corp. Ltd.		87,582
	6,000	Fuji Kyuko Co. Ltd.		166,663
	17,700	Fuji Oil Co. Ltd.		73,202
	9,600	Fuji Oil Holdings, Inc.		307,746
	2,200	Fuji Pharma Co. Ltd.		87,448
	5,800	Fuji Seal International, Inc.		216,413
	3,800	Fuji Soft, Inc.		147,179
	3,500	Fujibo Holdings, Inc.		135,100
	2,700	Fujicco Co. Ltd.		62,139
	10,700	Fujikura Kasei Co. Ltd.		66,314
	159,300	Fujikura Ltd.		1,088,504
	1,200	Fujikura Rubber Ltd.		8,478
	2,200	Fujimi, Inc.		47,626
	4,300	Fujimori Kogyo Co. Ltd.		145,693
	1,300	Fujita Kanko, Inc.		39,381
	14,100	Fujitec Co. Ltd.		195,811
	6,200	Fujitsu Frontech Ltd.		91,583
	8,000	Fujitsu General Ltd.		130,254
	1,200	Fujiya Co. Ltd.		29,863
	7,000	FuKoKu Co. Ltd.		64,092
	2,000	Fukuda Corp.		125,431
	4,300	Fukui Bank Ltd. (The)		96,722
	1,300	Fukui Computer Holdings, Inc.		25,461
	89,000	Fukuoka Financial Group, Inc.		476,516
	7,400	Fukushima Bank Ltd. (The)(c)		54,627
	3,100	Fukushima Industries Corp.		143,748
	5,600	Fukuyama Transporting Co. Ltd.		233,679
	6,300	FULLCAST Holdings Co. Ltd.		136,181
	1,000	Fumakilla Ltd.		18,162
	5,400	Funai Soken Holdings, Inc.		126,403
	4,400	Furukawa Co. Ltd.		88,504
	26,400	Furukawa Electric Co. Ltd.		1,297,314
	7,200	Furuno Electric Co. Ltd.		59,097
	4,000	Furusato Industries Ltd.		67,291
	3,500	Fuso Chemical Co. Ltd.		88,703
	1,100	Fuso Pharmaceutical Industries Ltd.		29,534
	24,900	Futaba Industrial Co. Ltd.		199,008
	3,200	Future Corp.		36,843
	8,900	Fuyo General Lease Co. Ltd.		602,839
	500	G-7 Holdings, Inc.		11,091
	2,000	Gakken Holdings Co. Ltd.		90,681
	8,000	Gecoss Corp.		80,430
	1,300	Genki Sushi Co. Ltd.		33,496
	800	Genky DrugStores Co. Ltd.(c)		31,269
	11,700	Geo Holdings Corp.		191,194
	2,100	Gfoot Co. Ltd.		15,244
	700	Giken Ltd.		16,249
	2,500	GLOBERIDE, Inc.		67,434
	12,100	Glory Ltd.		416,073
	8,000	GMO Internet, Inc.		146,594

Shares			Value
JAPAN (continued)
	1,600	GMO Payment Gateway, Inc.	$	158,337
	3,400	Godo Steel Ltd.		79,371
	2,280	Goldcrest Co. Ltd.		48,430
	78,000	GS Yuasa Corp.		419,871
	2,400	GSI Creos Corp.		35,499
	8,300	G-Tekt Corp.		160,339
	31,900	GungHo Online Entertainment, Inc.		96,216
	52,000	Gunma Bank Ltd. (The)		303,482
	15,400	Gunze Ltd.		945,956
	3,500	Gurunavi, Inc.		47,771
	6,500	H.I.S. Co. Ltd.		237,210
	31,435	H2O Retailing Corp.		591,535
	300	HABA Laboratories, Inc.		22,740
	62,900	Hachijuni Bank Ltd. (The)		332,174
	3,200	Hagihara Industries, Inc.		55,656
	700	Hagiwara Electric Co. Ltd.		19,454
	3,500	Hakudo Co. Ltd.		70,403
	4,800	Hakuto Co. Ltd.		70,201
	6,600	Hamakyorex Co. Ltd.		230,054
	9,800	Haneda Zenith Holdings Co. Ltd.		35,506
	18,600	Hanwa Co. Ltd.		812,673
	7,000	Happinet Corp.		96,971
	5,000	Hard Off Corp. Co. Ltd.		51,948
	3,200	Harima Chemicals Group, Inc.		26,094
	50,900	Haseko Corp.		800,637
	24,260	Hazama Ando Corp.		194,927
	108,631	Heiwa Corp.		2,156,175
	5,500	Heiwa Real Estate Co. Ltd.		128,827
	17,000	Heiwado Co. Ltd.		405,439
	4,644	Hiday Hidaka Corp.		120,853
	4,700	HI-LEX Corp.		122,259
	3,200	Hiramatsu, Inc.		14,952
	200	Hirata Corp.		18,883
	52,000	Hiroshima Bank Ltd. (The)		395,706
	21,200	Hitachi Capital Corp.		566,496
	16,800	Hitachi Transport System Ltd.		449,931
	63,300	Hitachi Zosen Corp.		343,631
	8,000	Hochiki Corp.		160,790
	1,000	Hodogaya Chemical Co. Ltd.		42,427
	258,800	Hogy Medical Co. Ltd.(b)		10,791,011
	12,800	Hokkaido Electric Power Co., Inc.		84,945
	25,000	Hokkan Holdings Ltd.		89,526
	10,000	Hokko Chemical Industry Co. Ltd.		63,052
	3,400	Hokkoku Bank Ltd. (The)		135,693
	6,700	Hokuetsu Bank Ltd. (The)		148,443
	7,100	Hokuetsu Industries Co. Ltd.		76,867
	45,400	Hokuetsu Kishu Paper Co. Ltd.		282,865
	13,400	Hokuhoku Financial Group, Inc.		198,233
	1,700	Hokuriku Electric Industry Co. Ltd.		23,000
	4,000	Hokuriku Electric Power Co.(c)		40,818

30

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
(Unaudited)

Shares			Value
JAPAN (continued)
	3,400	Hokuriku Electrical Construction Co. Ltd.	$	37,673
	3,700	Hokuto Corp.		65,329
	6,200	H-One Co. Ltd.		75,220
	3,320	Honeys Holdings Co. Ltd.		31,745
	9,600	Hoosiers Holdings		70,580
	7,700	Horiba Ltd.		559,421
	1,400	Hosokawa Micron Corp.		92,980
	4,600	House Foods Group, Inc.		162,009
	3,300	Howa Machinery Ltd.		33,250
	44,000	Hyakugo Bank Ltd. (The)		205,303
	26,000	Hyakujushi Bank Ltd. (The)		87,713
	40,800	Ibiden Co. Ltd.		673,770
	9,000	IBJ Leasing Co. Ltd.		248,565
	400	Ichibanya Co. Ltd.		16,655
	1,200	Ichiken Co., Ltd.		26,770
	14,000	Ichikoh Industries Ltd.		151,872
	7,300	ICHINEN Holdings Co. Ltd.		98,178
	4,500	Ichiyoshi Securities Co. Ltd.		55,068
	4,300	Idec Corp.		98,683
	7,200	IDOM, Inc.		52,022
	900	Ihara Science Corp.		23,670
	46,400	Iino Kaiun Kaisha Ltd.		230,858
	4,580	IJT Technology Holdings Co. Ltd.		37,558
	2,600	Imagica Robot Holdings, Inc.		28,706
	5,200	Imasen Electric Industrial		58,031
	3,500	Inaba Denki Sangyo Co. Ltd.		150,117
	13,200	Inabata & Co. Ltd.		202,614
	5,600	Inageya Co. Ltd.		92,865
	3,300	Ines Corp.		35,407
	1,980	I-Net Corp.		30,307
	3,000	Infocom Corp.		69,097
	1,413,400	Infomart Corp.		12,859,350
	2,300	Information Services International-Dentsu Ltd.		59,420
	2,400	Innotech Corp.		29,063
	2,800	Intage Holdings, Inc.		30,660
	9,000	Internet Initiative Japan, Inc.		169,967
	1,000	I-O Data Device, Inc.		10,337
	3,000	Iriso Electronics Co. Ltd.		190,034
	5,500	Iseki & Co. Ltd.		106,059
	38,800	Isetan Mitsukoshi Holdings Ltd.		431,658
	15,900	Ishihara Sangyo Kaisha Ltd.(c)		182,683
	1,700	Istyle, Inc.		22,632
	11,000	Ito En Ltd.		438,570
	26,200	Itochu Enex Co. Ltd.		256,978
	14,200	Itochu Techno-Solutions Corp.		293,542
	1,300	Itochu-Shokuhin Co. Ltd.		72,352
	19,300	Itoham Yonekyu Holdings, Inc.		175,275
	16,200	Itoki Corp.		108,554
	3,100	IwaiCosmo Holdings, Inc.		43,041
	2,300	Iwasaki Electric Co. Ltd.		35,103
	10,000	Iwatani Corp.		369,171
	37,100	Iyo Bank Ltd. (The)		293,229
	7,500	Izumi Co. Ltd.		495,237

Shares			Value
JAPAN (continued)
	13,900	J Trust Co. Ltd.	$	98,290
	42,500	J. Front Retailing Co. Ltd.		688,589
	1,500	JAC Recruitment Co. Ltd.		30,448
	7,600	Jaccs Co. Ltd.		172,073
	900	Jalux, Inc.		25,851
	1,900	Jamco Corp.		43,720
	4,000	Japan Airport Terminal Co. Ltd.		163,827
	7,400	Japan Asia Group Ltd.		37,079
	13,000	Japan Aviation Electronics Industry Ltd.		221,439
	164,100	Japan Display, Inc.(c)		216,854
	600	Japan Drilling Co. Ltd.(c)		10,467
	4,800	Japan Lifeline Co. Ltd.		140,619
	4,500	Japan Material Co. Ltd.		59,499
	3,900	Japan Medical Dynamic Marketing, Inc.		36,146
	900	Japan Property Management Center Co., Ltd.		13,192
	4,200	Japan Pulp & Paper Co. Ltd.		174,527
	13,700	Japan Securities Finance Co. Ltd.		90,024
	17,600	Japan Steel Works Ltd. (The)		576,491
	20,000	Japan Transcity Corp.		92,644
	18,800	Japan Wool Textile Co. Ltd. (The)		195,966
	6,000	JBCC Holdings, Inc.		57,818
	2,000	JCU Corp.		45,221
	3,000	Jeol Ltd.		25,710
	41,900	Jimoto Holdings, Inc.		73,164
	1,500	JINS, Inc.		81,233
	3,600	JK Holdings Co. Ltd.		30,917
	3,500	JMS Co. Ltd.		20,445
	2,800	Joban Kosan Co. Ltd.		49,158
	3,400	J-Oil Mills, Inc.		117,346
	7,500	Joshin Denki Co. Ltd.		310,161
	8,500	JP-Holdings, Inc.		25,617
	4,900	JSP Corp.		158,599
	35,100	JSR Corp.		661,216
	3,200	Juki Corp.		46,374
	4,800	Juroku Bank Ltd. (The)		126,629
	3,300	Justsystems Corp.		78,004
	64,900	JVC Kenwood Corp.		226,096
	27,900	kabu.com Securities Co. Ltd.		101,372
	3,800	Kadokawa Dwango Corp.		39,299
	9,700	Kaga Electronics Co. Ltd.		239,889
	1,400	Kagome Co. Ltd.		50,477
	14,700	Kakaku.com, Inc.		280,246
	2,600	Kaken Pharmaceutical Co. Ltd.		153,752
	1,000	Kameda Seika Co. Ltd.		49,206
	13,800	Kamei Corp.		191,452
	13,500	Kamigumi Co. Ltd.		303,907
	1,800	Kanaden Corp.		22,240
	1,000	Kanagawa Chuo Kotsu Co. Ltd.		33,798
	7,600	Kanamoto Co. Ltd.		259,693
	18,000	Kandenko Co. Ltd.		213,175
	105,000	Kaneka Corp.		1,037,533

31

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
(Unaudited)

Shares			Value
JAPAN (continued)
	1,300	Kaneko Seeds Co. Ltd.	$	19,838
	44,000	Kanematsu Corp.		672,037
	1,800	Kanematsu Electronics Ltd.		57,071
	24,051	Kansai Mirai Financial Group, Inc.(c)		190,525
	7,400	Kanto Denka Kogyo Co. Ltd.		68,607
	1,400	Kappa Create Co. Ltd.		17,272
	11,900	Kasai Kogyo Co. Ltd.		167,234
	1,000	Katakura & Co-op Agri Corp.		11,395
	2,600	Kato Sangyo Co. Ltd.		95,728
	4,500	Kato Works Co. Ltd.		105,355
	2,400	KAWADA Technologies, Inc.		139,136
	2,300	Kawai Musical Instruments Manufacturing Co. Ltd.		74,844
	67,000	Kawasaki Kisen Kaisha Ltd.(c)		1,549,391
	8,700	Keihan Holdings Co. Ltd.		280,910
	15,900	Keihanshin Building Co. Ltd.		135,471
	30,200	Keihin Corp.		596,573
	40,000	Keiyo Bank Ltd. (The)		183,082
	7,800	Keiyo Co. Ltd.		40,654
	2,600	Kenko Mayonnaise Co. Ltd.		91,092
	9,800	Kewpie Corp.		228,355
	1,825	KEY Coffee, Inc.		36,292
	2,000	KFC Holdings Japan Ltd.		36,641
	500	Kinki Sharyo Co. Ltd. (The)(c)		11,708
	1,400	Kintetsu Department Store Co. Ltd.(c)		49,837
	5,800	Kintetsu World Express, Inc.		107,906
	5,900	Kitagawa Iron Works Co. Ltd.		150,375
	1,600	Kitamura Co. Ltd.		14,524
	2,600	Kita-Nippon Bank Ltd. (The)		67,882
	21,000	Kitano Construction Corp.		76,460
	7,900	Kito Corp.		151,985
	34,300	Kitz Corp.		286,769
	20,700	Kiyo Bank Ltd. (The)		337,026
	2,500	KLab, Inc.		42,499
	7,300	Koa Corp.		159,253
	22,000	Koatsu Gas Kogyo Co. Ltd.		193,751
	1,000	Kobe Bussan Co. Ltd.		48,449
	120,300	Kobe Steel Ltd.(c)		1,237,473
	9,600	Kohnan Shoji Co. Ltd.		250,706
	1,300	Kohsoku Corp.		16,106
	300	Koike Sanso Kogyo Co. Ltd.		8,242
	13,800	Kokuyo Co. Ltd.		249,247
	800	KOMAIHALTEC, Inc.		18,152
	3,400	Komatsu Wall Industry Co. Ltd.		74,172
	1,500	KOMEDA Holdings Co. Ltd.		30,272
	9,900	Komeri Co. Ltd.		264,226
	6,300	Kondotec, Inc.		53,272
	78,100	Konica Minolta, Inc.		670,396
	6,300	Konishi Co.Ltd.		102,715
	10,700	Konoike Transport Co. Ltd.		187,091
	5,100	Kosaido Co. Ltd.		24,370
	500	Koshidaka Holdings Co. Ltd.		30,247
	3,400	Kotobuki Spirits Co. Ltd.		161,215
	2,000	Kourakuen Holdings Corp.		33,872

Shares			Value
JAPAN (continued)
	2,500	Krosaki Harima Corp.	$	115,363
	4,200	KRS Corp.		107,059
	44,112	K’s Holdings Corp.		636,230
	2,000	KU Holdings Co. Ltd.		21,166
	4,700	Kumagai Gumi Co. Ltd.		159,934
	12,067	Kumiai Chemical Industry Co. Ltd.		76,593
	15,700	Kura Corp.		1,128,193
	63,000	Kurabo Industries Ltd.		207,893
	6,400	Kureha Corp.		434,585
	2,100	Kurimoto Ltd.		39,291
	8,100	Kurita Water Industries Ltd.		262,308
	900	Kuriyama Holdings Corp.		18,324
	2,000	Kusuri No Aoki Holdings Co. Ltd.		137,181
	11,100	KYB Corp.		534,761
	3,300	Kyodo Printing Co. Ltd.		100,903
	6,700	Kyoei Steel Ltd.		139,517
	9,600	Kyokuto Kaihatsu Kogyo Co. Ltd.		151,795
	1,400	Kyokuto Securities Co. Ltd.		20,076
	1,600	Kyokuyo Co. Ltd.		55,025
	6,500	KYORIN Holdings, Inc.		127,106
	3,540	Kyoritsu Maintenance Co. Ltd.		166,725
	400	Kyoritsu Printing Co. Ltd.		1,355
	18,000	Kyosan Electric Manufacturing Co. Ltd.		115,636
	3,500	Kyowa Electronic Instruments Co. Ltd.		13,919
	19,800	Kyowa Exeo Corp.		514,902
	2,700	Kyowa Leather Cloth Co. Ltd.		24,109
	7,000	Kyudenko Corp.		327,068
	125,940	Kyushu Financial Group, Inc.		617,732
	7,000	Lasertec Corp.		231,275
	1,200	LEC, Inc.		42,146
	88,600	Leopalace21 Corp.		768,422
	2,400	Life Corp.		59,978
	282,600	Lifull Co. Ltd.		2,295,612
	3,800	Link and Motivation, Inc.		38,523
	8,000	Lintec Corp.		231,503
	400	M&A Capital Partners Co. Ltd.(c)		28,859
	94,700	M3, Inc.		3,568,849
	3,700	Mabuchi Motor Co. Ltd.		185,890
	10,450	Macnica Fuji Electronics Holdings, Inc.		178,783
	10,000	Maeda Corp.		123,418
	2,400	Maeda Kosen Co. Ltd.		36,445
	29,000	Maeda Road Construction Co. Ltd.		625,748
	32,000	Makino Milling Machine Co. Ltd.		301,995
	4,100	Mamezou Holdings Co. Ltd.		48,244
	4,600	Mandom Corp.		165,831
	1,800	Mani, Inc.		73,034
	7,700	Marubun Corp.		68,959
	38,000	Marudai Food Co. Ltd.		186,908

32

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
(Unaudited)

Shares			Value
JAPAN (continued)
	400	Marufuji Sheet Piling Co. Ltd.	$	10,618
	11,700	Maruha Nichiro Corp.		393,825
	27,000	Marui Group Co. Ltd.		560,376
	6,900	Maruichi Steel Tube Ltd.		235,511
	7,800	Marusan Securities Co. Ltd.		74,271
	2,500	Maruwa Co. Ltd.		206,052
	2,000	Maruyama Manufacturing Co., Inc.		34,743
	20,000	Maruzen Showa Unyu Co. Ltd.		94,543
	6,400	Marvelous, Inc.		54,752
	2,900	Matsuda Sangyo Co. Ltd.		48,822
	7,700	Matsui Construction Co. Ltd.		61,149
	16,400	Matsui Securities Co. Ltd.		159,894
	14,400	Matsumotokiyoshi Holdings Co. Ltd.		641,464
	700	Matsuya Foods Co. Ltd.		24,463
	6,000	Max Co. Ltd.		78,035
	2,300	Maxell Holdings Ltd.		45,354
	2,400	Maxvalu Nishinihon Co. Ltd.		39,391
	3,700	Maxvalu Tokai Co. Ltd.		82,729
	4,400	MCJ Co. Ltd.		58,388
	31,590	Mebuki Financial Group, Inc.		122,614
	2,900	MEC Co. Ltd.		48,290
	17,500	Medipal Holdings Corp.		375,425
	1,400	Megachips Corp.(c)		44,905
	57,082	Megmilk Snow Brand Co. Ltd.		1,718,477
	45,000	Meidensha Corp.		177,085
	6,300	Meiko Electronics Co. Ltd.		106,363
	2,600	Meiko Network Japan Co. Ltd.		29,473
	12,000	Meisei Industrial Co. Ltd.		89,630
	5,500	Meitec Corp.		301,579
	13,200	Meiwa Corp.		63,761
	2,800	Menicon Co. Ltd.		73,080
	500	Metawater Co. Ltd.		14,723
	4,500	Michinoku Bank Ltd. (The)		72,879
	4,300	Mie Kotsu Group Holdings, Inc.		20,440
	5,900	Mikuni Corp.		33,947
	2,474	Milbon Co. Ltd.		107,487
	6,700	Mimasu Semiconductor Industry Co. Ltd.		117,984
	2,900	Ministop Co. Ltd.		60,166
	10,800	Miraca Holdings, Inc.		420,443
	16,940	Mirait Holdings Corp.		268,658
	2,300	Miroku Jyoho Service Co. Ltd.		65,478
	8,500	Misawa Homes Co. Ltd.		71,777
	319,300	MISUMI Group, Inc.		8,811,534
	6,400	Mitani Corp.		303,784
	6,900	Mito Securities Co. Ltd.		26,649
	10,800	Mitsuba Corp.		157,648
	11,800	Mitsubishi Logisnext Co. Ltd.		101,686
	7,000	Mitsubishi Logistics Corp.		161,456
	55,400	Mitsubishi Materials Corp.		1,686,222
	8,300	Mitsubishi Paper Mills Ltd.(c)		52,345
	4,200	Mitsubishi Pencil Co. Ltd.		83,464

Shares			Value
JAPAN (continued)
	1,600	Mitsubishi Research Institute, Inc.	$	56,126
	2,800	Mitsubishi Shokuhin Co. Ltd.		81,705
	74,600	Mitsubishi UFJ Lease & Finance Co. Ltd.		474,238
	13,000	Mitsuboshi Belting Ltd.		148,283
	4,300	Mitsui Engineering & Shipbuilding Co. Ltd.(c)		73,692
	5,300	Mitsui High-Tec, Inc.		77,634
	14,000	Mitsui Home Co. Ltd.		92,918
	2,100	Mitsui Matsushima Co. Ltd.		30,078
	16,100	Mitsui Mining & Smelting Co. Ltd.		680,563
	42,900	Mitsui Osk Lines Ltd.		1,270,767
	2,700	Mitsui Sugar Co. Ltd.		107,857
	47,000	Mitsui-Soko Holdings Co. Ltd.(c)		152,340
	5,500	Mixi, Inc.		180,768
	1,800	Miyaji Engineering Group, Inc.		35,152
	4,300	Miyazaki Bank Ltd. (The)		139,187
	1,800	Miyoshi Oil & Fat Co. Ltd.		23,990
	3,800	Mizuno Corp.		122,865
	27,464	Mochida Pharmaceutical Co. Ltd.		1,935,063
	4,300	Modec, Inc.		114,113
	30,200	Monex Group, Inc.		171,774
	600	Monogatari Corp. (The)		65,085
	103,700	Monotaro Co. Ltd.		3,614,580
	900	Moresco Corp.		15,997
	5,200	Morinaga & Co. Ltd.		253,224
	72,323	Morinaga Milk Industry Co. Ltd.		3,176,625
	8,400	Morita Holdings Corp.		164,737
	2,400	Mory Industries, Inc.		72,571
	3,000	MrMax Holdings Ltd.		20,368
	6,200	MTI Ltd.		37,057
	1,900	Mugen Estate Co. Ltd.		24,123
	218,100	Musashi Seimitsu Industry Co. Ltd.		7,641,216
	3,100	Musashino Bank Ltd. (The)		103,284
	10,800	Nabtesco Corp.		389,455
	5,100	NAC Co. Ltd.		42,535
	40,000	Nachi-Fujikoshi Corp.		207,400
	800	Nafco Co. Ltd.		13,485
	1,800	Nagaileben Co. Ltd.		47,604
	3,500	Nagano Bank Ltd.		58,975
	1,700	Nagano Keiki Co. Ltd.		20,225
	34,600	Nagase & Co. Ltd.		590,869
	5,000	Nagatanien Holdings Co. Ltd.		66,734
	201,400	Nagoya Railroad Co. Ltd.		5,274,899
	11,000	Nakabayashi Co. Ltd.		63,561
	7,500	Nakanishi, Inc.		156,356
	2,500	Nakano Corp.		14,223
	3,800	Nakayama Steel Works Ltd.		26,697
	8,000	Nankai Electric Railway Co. Ltd.		212,708
	1,400	Nanto Bank Ltd. (The)		38,861

33

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
(Unaudited)

Shares			Value
JAPAN (continued)
	1,100	Natori Co. Ltd.	$	19,552
	4,700	NEC Capital Solutions Ltd.		89,681
	9,300	NEC Networks & System Integration Corp.		243,329
	11,000	NET One Systems Co. Ltd.		177,041
	77,400	NHK Spring Co. Ltd.		855,320
	1,800	Nice Holdings, Inc.		24,207
	31,000	Nichias Corp.		392,660
	3,000	Nichiban Co. Ltd.		95,867
	5,900	Nichiha Corp.		233,923
	12,300	Nichii Gakkan Co.		127,047
	12,650	Nichi-Iko Pharmaceutical Co. Ltd.		202,398
	24,000	Nichirei Corp.		695,267
	1,560	Nichirin Co. Ltd.		38,051
	613,000	Nifco, Inc.		21,522,941
	500	Nihon Chouzai Co. Ltd.		15,577
	5,500	Nihon Dempa Kogyo Co. Ltd.		34,469
	14,900	Nihon House Holdings Co. Ltd.		78,272
	8,700	Nihon Kohden Corp.		248,637
	495,600	Nihon M&A Center, Inc.		14,464,886
	14,500	Nihon Nohyaku Co. Ltd.		94,015
	12,000	Nihon Parkerizing Co. Ltd.		189,986
	2,800	Nihon Plast Co. Ltd.		26,264
	1,100	Nihon Tokushu Toryo Co. Ltd.		22,936
	15,300	Nihon Unisys Ltd.		317,551
	3,000	Nihon Yamamura Glass Co. Ltd.		5,163
	19,300	Nikkiso Co. Ltd.		219,753
	17,000	Nikkon Holdings Co. Ltd.		452,336
	70,439	Nikon Corp.		1,225,674
	400	Nippi, Inc.		16,473
	28,000	Nippo Corp.		642,177
	4,000	Nippon Air Conditioning Services Co. Ltd.		28,338
	1,700	Nippon Carbide Industries Co. Inc.		34,173
	3,100	Nippon Chemical Industrial Co. Ltd.		96,793
	3,800	Nippon Chemi-Con Corp.		87,965
	300	Nippon Chemiphar Co. Ltd.		12,674
	36,800	Nippon Coke & Engineering Co. Ltd.		39,309
	7,500	Nippon Concrete Industries Co. Ltd.		31,067
	8,000	Nippon Densetsu Kogyo Co. Ltd.		164,197
	21,400	Nippon Electric Glass Co. Ltd.		616,706
	56,800	Nippon Express Co. Ltd.		4,291,248
	15,500	Nippon Flour Mills Co. Ltd.		252,806
	5,400	Nippon Gas Co. Ltd.		265,127
	7,500	Nippon Hume Corp.		57,159
	108,996	Nippon Kayaku Co. Ltd.		1,363,841
	900	Nippon Kinzoku Co. Ltd.		19,195
	1,300	Nippon Kodoshi Corp.		36,416
	8,700	Nippon Koei Co. Ltd.		255,043
	2,100	Nippon Koshuha Steel Co. Ltd.		16,195

Shares			Value
JAPAN (continued)
	336,100	Nippon Light Metal Holdings Co. Ltd.	$	898,403
	56,500	Nippon Paper Industries Co. Ltd.		1,082,099
	37,600	Nippon Parking Development Co. Ltd.		63,067
	4,700	Nippon Piston Ring Co. Ltd.		94,187
	33	Nippon Prologis REIT, Inc. REIT		69,550
	4,000	Nippon Rietec Co. Ltd.		52,153
	3,000	Nippon Road Co. Ltd. (The)		149,611
	800	Nippon Seisen Co. Ltd.		35,008
	9,000	Nippon Sharyo Ltd.(c)		24,219
	27,300	Nippon Sheet Glass Co. Ltd.(c)		222,863
	6,000	Nippon Shokubai Co. Ltd.		407,700
	11,400	Nippon Signal Co. Ltd.		108,195
	32,000	Nippon Soda Co. Ltd.		183,834
	8,748	Nippon Steel & Sumikin Bussan Corp.		479,856
	85,800	Nippon Suisan Kaisha Ltd.		465,000
	8,000	Nippon Thompson Co. Ltd.		58,905
	4,300	Nippon Valqua Industries Ltd.		118,465
	64,000	Nippon Yusen KK		1,361,314
	32,800	Nipro Corp.		472,088
	14,600	Nishimatsu Construction Co. Ltd.		401,339
	3,500	Nishimatsuya Chain Co. Ltd.		43,024
	19,200	Nishi-Nippon Financial Holdings, Inc.		230,553
	5,600	Nishi-Nippon Railroad Co. Ltd.		155,501
	3,900	Nishio Rent All Co. Ltd.		115,791
	9,600	Nissan Tokyo Sales Holdings Co. Ltd.		34,811
	1,200	Nissei ASB Machine Co. Ltd.		74,236
	5,500	Nissei Build Kogyo Co. Ltd.		68,488
	1,500	Nissei Plastic Industrial Co. Ltd.		19,360
	2,400	Nissha Co. Ltd.		56,502
	6,800	Nisshin Fudosan Co. Ltd.		51,067
	8,000	Nisshin Oillio Group Ltd. (The)		230,012
	11,324	Nisshin Steel Co. Ltd.		149,857
	55,568	Nisshinbo Holdings, Inc.		783,091
	5,600	Nissin Corp.		145,158
	7,000	Nissin Electric Co. Ltd.		70,183
	19,400	Nissin Kogyo Co. Ltd.		340,406
	3,200	Nitta Corp.		121,656
	1,900	Nitta Gelatin, Inc.		14,812
	14,400	Nitto Boseki Co. Ltd.		311,018
	10,100	Nitto Kogyo Corp.		173,381
	2,600	Nitto Kohki Co. Ltd.		68,336
	12,000	Nitto Seiko Co. Ltd.		86,005
	13,100	Nittoc Construction Co. Ltd.		75,319
	500	Nittoku Engineering Co. Ltd.		17,271
	3,200	Noda Corp.		34,609
	1,200	Noevir Holdings Co. Ltd.		86,294
	221,434	NOF Corp.		6,607,216
	2,700	Nohmi Bosai Ltd.		58,071

34

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN (continued)
	6,500	Nojima Corp.	$	160,473
	43,900	NOK Corp.		897,813
	5,000	Nomura Co. Ltd.		100,450
	58,300	Nomura Real Estate Holdings, Inc.		1,442,717
	2,100	Noritake Co. Ltd.		89,602
	3,800	Noritsu Koki Co. Ltd.		94,926
	6,600	Noritz Corp.		120,256
	62,900	North Pacific Bank Ltd.		212,221
	1,000	Nozawa Corp.		11,337
	4,100	NS Solutions Corp.		118,701
	4,600	NS United Kaiun Kaisha Ltd.		95,482
	3,100	NSD Co. Ltd.		64,632
	150,700	NTN Corp.		662,849
	8,400	NTT Urban Development Corp.		98,971
	1,000	Nuflare Technology, Inc.		66,036
	2,200	Obara Group, Inc.		129,991
	1,800	Odelic Co. Ltd.		73,158
	27,000	Oenon Holdings, Inc.		114,757
	4,800	Ogaki Kyoritsu Bank Ltd. (The)		121,001
	39,900	Ohsho Food Service Corp.		2,002,456
	7,245	Oiles Corp.		156,570
	4,600	Oita Bank Ltd. (The)		168,793
	11,100	Okabe Co. Ltd.		105,452
	8,000	Okamoto Industries, Inc.		80,048
	900	Okamoto Machine Tool Works Ltd.		29,677
	11,900	Okamura Corp.		160,670
	23,000	Okasan Securities Group, Inc.		131,423
	3,200	Okinawa Cellular Telephone Co.		119,113
	2,337	Okinawa Electric Power Co., Inc. (The)		71,265
	1,800	OKK Corp.		18,626
	7,000	OKUMA Corp.		399,845
	4,800	Okumura Corp.		198,715
	26,000	Okura Industrial Co. Ltd.		144,862
	10,000	Okuwa Co. Ltd.		107,829
	2,600	ONO Sokki Co. Ltd.		20,216
	3,500	Onoken Co. Ltd.		61,441
	26,000	Onward Holdings Co. Ltd.		214,263
	4,800	Open House Co. Ltd.		267,224
	3,400	OPT Holding, Inc.		50,669
	3,600	Optex Group Co. Ltd.		108,132
	1,800	Organo Corp.		56,229
	18,000	Orient Corp.		27,790
	2,000	Origin Electric Co. Ltd.		32,640
	6,400	Osaka Organic Chemical Industry Ltd.		83,415
	4,800	Osaka Soda Co. Ltd.		134,090
	16,000	Osaki Electric Co. Ltd.		115,960
	12,500	OSG Corp.		276,678
	12,200	OSJB Holdings Corp.		35,749
	500	OUG Holdings, Inc.		12,254
	8,000	Outsourcing Inc.		134,123
	24,900	Pacific Industrial Co. Ltd.		353,182

Shares			Value
JAPAN (continued)
	3,100	Pacific Metals Co. Ltd.(c)	$	108,765
	2,450	Pack Corp. (The)		92,777
	1,400	PAL Group Holdings Co. Ltd.		38,351
	5,050	PALTAC Corp.		252,765
	67,799	Paramount Bed Holdings Co. Ltd.		3,373,347
	4,500	Parco Co. Ltd.		56,269
	10,500	Park24 Co. Ltd.		297,436
	3,000	Pasco Corp.(c)		8,857
	1,900	Pasona Group, Inc.		31,545
	9,100	PC Depot Corp.		59,575
	4,100	Pegasus Sewing Machine Manufacturing Co. Ltd.		28,714
	57,100	Penta-Ocean Construction Co. Ltd.		449,995
	800	Pepper Food Service Co. Ltd.		46,056
	145,300	PeptiDream, Inc.(c)		5,870,438
	700	PIA Corp.		42,350
	18,300	Pigeon Corp.		857,795
	6,200	Pilot Corp.		338,473
	6,600	Piolax, Inc.		184,879
	141,100	Pioneer Corp.(c)		220,103
	3,500	Plenus Co. Ltd.		60,327
	1,300	Poletowin Pitcrew Holdings, Inc.		22,260
	62,000	Press Kogyo Co. Ltd.		357,293
	8,000	Pressance Corp.		122,227
	6,000	Prestige International, Inc.		68,925
	15,000	Prima Meat Packers Ltd.		91,517
	2,300	Proto Corp.		33,015
	6,400	PS Mitsubishi Construction Co. Ltd.		42,187
	3,700	Qol Co. Ltd.		75,841
	17,400	Raito Kogyo Co. Ltd.		189,074
	2,000	Rasa Industries Ltd.		40,910
	3,800	Raysum Co. Ltd.		49,530
	2,300	Relia, Inc.		29,241
	19,000	Relo Group, Inc.		426,834
	2,000	Renesas Easton Co. Ltd.		12,587
	111,840	Rengo Co. Ltd.		961,436
	519,900	Resorttrust, Inc.		10,765,450
	3,000	Rheon Automatic Machinery Co. Ltd.		55,214
	9,200	Ricoh Leasing Co. Ltd.		306,830
	4,800	Right On Co. Ltd.		45,454
	2,900	Riken Corp.		166,798
	6,500	Riken Keiki Co. Ltd.		146,332
	19,000	Riken Technos Corp.		92,248
	900	Riken Vitamin Co. Ltd.		33,873
	3,000	Ringer Hut Co. Ltd.		72,895
	16,200	Riso Kagaku Corp.		323,922
	8,500	Riso Kyoiku Co. Ltd.		65,437
	1,800	Rock Field Co. Ltd.		34,392
	11,400	Rohto Pharmaceutical Co. Ltd.		331,825
	1,400	Rokko Butter Co. Ltd.		33,383
	2,500	Roland DG Corp.		58,051

35

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN (continued)
	1,700	Rorze Corp.	$	38,204
	25,800	Round One Corp.		373,164
	5,400	Royal Holdings Co. Ltd.		146,781
	400	RS Technologies Co. Ltd.		25,108
	13,600	Ryobi Ltd.		347,460
	3,000	Ryoden Corp.		50,310
	7,500	Ryosan Co. Ltd.		279,094
	70,800	S Foods, Inc.		2,974,695
	1,700	Sac’s Bar Holdings, Inc.		18,185
	2,200	Saibu Gas Co. Ltd.		59,460
	4,700	Saizeriya Co. Ltd.		108,571
	5,600	Sakai Chemical Industry Co. Ltd.		146,265
	1,400	Sakai Heavy Industries Ltd.		59,340
	1,800	Sakai Moving Service Co. Ltd.		97,273
	1,800	Sakai Ovex Co. Ltd.		39,358
	9,300	Sakata INX Corp.		142,108
	10,000	Sala Corp.		62,246
	5,100	SAMTY Co. Ltd.		94,253
	1,000	San ju San Financial Group, Inc.(c)		21,149
	2,300	San-A Co. Ltd.		122,650
	31,000	San-Ai Oil Co. Ltd.		488,037
	8,400	Sanden Holdings Corp.(c)		122,033
	1,900	Sanei Architecture Planning Co. Ltd.		32,001
	20,350	Sangetsu Corp.		419,974
	40,800	San-In Godo Bank Ltd. (The)		383,599
	34,000	Sanken Electric Co. Ltd.		217,603
	800	Sanko Metal Industrial Co. Ltd.		25,871
	7,100	Sankyo Co. Ltd.		248,906
	12,300	Sankyo Tateyama, Inc.		182,476
	10,400	Sankyu, Inc.		505,456
	14,600	Sanoh Industrial Co. Ltd.		104,306
	4,600	Sanoyas Holdings Corp.		11,131
	6,800	Sanshin Electronics Co. Ltd.		138,172
	30,800	Sanwa Holdings Corp.		395,506
	3,800	Sanyo Chemical Industries Ltd.		179,317
	1,800	Sanyo Denki Co. Ltd.		155,333
	400	Sanyo Electric Railway Co. Ltd.		10,221
	2,400	Sanyo Housing Nagoya Co. Ltd.		26,273
	800	Sanyo Industries Ltd.		15,340
	12,000	Sanyo Special Steel Co. Ltd.		305,318
	2,100	Sanyo Trading Co. Ltd.		41,251
	14,600	Sapporo Holdings Ltd.		417,742
	1,500	SATO Holdings Corp.		42,083
	2,700	Sato Shoji Corp.		30,385
	4,100	Satori Electric Co. Ltd.		41,449
	7,800	Sawada Holdings Co. Ltd.(c)		71,273
	55,092	Sawai Pharmaceutical Co. Ltd.		2,380,836
	3,500	SAXA Holdings, Inc.		68,047
	94,980	SBI Holdings, Inc.		2,394,949
	8,500	SBS Holdings, Inc.		105,803
	1,900	Scala, Inc.		14,115
	2,900	SCREEN Holdings Co. Ltd.		237,205
	5,800	Scroll Corp.		23,334

Shares			Value
JAPAN (continued)
	800	SCSK Corp.	$	34,237
	57,700	Sega Sammy Holdings, Inc.		947,821
	800	Seibu Electric Industry Co. Ltd.		20,951
	3,200	Seika Corp.		81,013
	11,400	Seikitokyu Kogyo Co. Ltd.(c)		73,287
	10,800	Seiko Holdings Corp.		281,174
	38,300	Seino Holdings Co. Ltd.		717,388
	12,300	Seiren Co. Ltd.		237,134
	6,600	Sekisui Plastics Co. Ltd.		88,655
	35,500	Senko Group Holdings Co. Ltd.		272,810
	2,000	Senshu Electric Co. Ltd.		59,175
	83,320	Senshu Ikeda Holdings, Inc.		328,579
	8,800	Senshukai Co. Ltd.(c)		46,109
	13,000	Septeni Holdings Co. Ltd.		33,418
	15,642	Seria Co. Ltd.		766,527
	70,200	Seven Bank Ltd.		235,694
	1,200	Shibaura Electronics Co. Ltd.		57,187
	11,000	Shibaura Mechatronics Corp.		43,920
	3,400	Shibusawa Warehouse Co. Ltd. (The)		57,629
	4,400	Shibuya Corp.		150,034
	1,400	Shidax Corp.		6,247
	500	SHIFT, Inc.(c)		23,098
	42,000	Shiga Bank Ltd. (The)		212,759
	4,400	Shikibo Ltd.		55,446
	4,000	Shikoku Bank Ltd. (The)		58,402
	14,000	Shikoku Chemicals Corp.		198,150
	8,100	Shikoku Electric Power Co., Inc.		103,275
	3,600	Shima Seiki Manufacturing Ltd.		228,209
	12,749	Shimachu Co. Ltd.		411,569
	3,000	Shimamura Co. Ltd.		349,120
	1,800	Shimizu Bank Ltd. (The)		50,623
	3,100	Shin Nippon Air Technologies Co. Ltd.		45,890
	3,200	Shinagawa Refractories Co. Ltd.		86,250
	1,200	Shindengen Electric Manufacturing Co. Ltd.		75,285
	23,600	Shinko Electric Industries Co. Ltd.		183,603
	12,700	Shinko Plantech Co. Ltd.		119,220
	18,000	Shinmaywa Industries Ltd.		201,735
	8,400	Shinnihon Corp.		93,181
	2,800	Shinoken Group Co. Ltd.		85,132
	15,600	Shinsei Bank Ltd.		242,886
	2,200	Shinsho Corp.		70,397
	900	Shinwa Co. Ltd.		21,093
	8,800	Ship Healthcare Holdings, Inc.		305,563
	3,000	Shizuki Electric Co., Inc.		20,787
	27,900	Shizuoka Gas Co. Ltd.		252,436
	800	Shoei Co. Ltd.		29,662
	2,400	Shoei Foods Corp.		94,682
	1,000	Showa Aircraft Industry Co. Ltd.		11,940
	19,600	Showa Corp.		294,606
	40,200	Showa Denko KK		1,337,485

36

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN (continued)
	6,400	Showa Sangyo Co. Ltd.	$	169,376
	96,500	Showa Shell Sekiyu KK		1,362,637
	5,200	Siix Corp.		104,496
	3,000	Sinanen Holdings Co. Ltd.		77,161
	31,000	Sinfonia Technology Co. Ltd.		109,411
	2,600	Sinko Industries Ltd.		42,137
	1,400	SK-Electronics Co. Ltd.		30,481
	101,000	SKY Perfect JSAT Holdings, Inc.		460,260
	5,000	Skylark Co. Ltd.		73,547
	17,000	SMK Corp.		60,222
	2,800	SMS Co. Ltd.		106,011
	9,300	Sodick Co. Ltd.		114,464
	2,400	Softbank Technology Corp.		37,653
	5,400	Sogo Medical Co. Ltd.		126,029
	2,400	Sohgo Security Services Co. Ltd.		118,497
	315,700	Sojitz Corp.		1,039,209
	1,700	Soken Chemical & Engineering Co. Ltd.		37,055
	400	Solasto Corp.		10,587
	31,300	Sotetsu Holdings, Inc.		896,698
	18,500	Sparx Group Co. Ltd.		50,002
	700	SPK Corp.		18,131
	300	ST Corp.		6,683
	4,100	St. Marc Holdings Co. Ltd.		116,084
	5,600	Star Micronics Co. Ltd.		100,194
	107,300	Start Today Co. Ltd.		3,098,174
	4,900	Starts Corp., Inc.		135,285
	2,200	Starzen Co. Ltd.		110,741
	3,200	Stella Chemifa Corp.		106,551
	1,300	Studio Alice Co. Ltd.		29,170
	3,100	Sugi Holdings Co. Ltd.		180,479
	2,700	Sugimoto & Co. Ltd.		51,142
	4,800	Sumida Corp.		65,844
	700	Suminoe Textile Co. Ltd.		18,310
	104,000	Sumitomo Bakelite Co. Ltd.		938,054
	6,900	Sumitomo Densetsu Co. Ltd.		146,415
	67,800	Sumitomo Forestry Co. Ltd.		1,123,463
	27,400	Sumitomo Heavy Industries Ltd.		1,046,962
	25,300	Sumitomo Mitsui Construction Co. Ltd.		154,977
	609,474	Sumitomo Osaka Cement Co. Ltd.		2,790,192
	7,000	Sumitomo Precision Products Co. Ltd.		24,456
	19,100	Sumitomo Riko Co. Ltd.		199,659
	39,703	Sumitomo Rubber Industries Ltd.		709,003
	3,800	Sumitomo Seika Chemicals Co. Ltd.		181,909
	7,500	Sun Frontier Fudousan Co. Ltd.		90,493
	2,200	Suncall Corp.		14,744
	3,600	Sun-Wa Technos Corp.		53,407
	36,400	Suruga Bank Ltd.		493,091
	9,990	Suzuken Co. Ltd.		429,554

Shares			Value
JAPAN (continued)
	4,200	SWCC Showa Holdings Co. Ltd.	$	36,170
	1,700	Systena Corp.		64,491
	7,000	T&K Toka Co. Ltd.		85,724
	3,200	T. Hasegawa Co. Ltd.		68,785
	3,000	T. RAD Co. Ltd.		107,419
	3,240	Tachibana Eletech Co. Ltd.		61,801
	7,800	Tachi-S Co. Ltd.		141,363
	36,700	Tadano Ltd.		564,778
	3,000	Taihei Dengyo Kaisha Ltd.		77,474
	33,430	Taiheiyo Cement Corp.		1,262,316
	9,600	Taiho Kogyo Co. Ltd.		129,592
	5,000	Taikisha Ltd.		174,365
	300	Taisei Lamick Co., Ltd.		8,666
	3,000	Taiyo Holdings Co. Ltd.		127,484
	38,500	Taiyo Yuden Co. Ltd.		682,777
	3,300	Takaoka Toko Co. Ltd.		56,217
	17,700	Takara Holdings, Inc.		213,518
	13,600	Takara Leben Co. Ltd.		57,620
	11,000	Takara Standard Co. Ltd.		186,930
	5,200	Takasago International Corp.		161,981
	171,700	Takasago Thermal Engineering Co. Ltd.		3,255,172
	1,800	Takashima & Co. Ltd.		36,033
	122,000	Takashimaya Co. Ltd.		1,047,668
	3,100	Take And Give Needs Co. Ltd.		32,474
	2,600	Takeei Corp.		31,729
	5,700	Takeuchi Manufacturing Co. Ltd.		130,183
	3,300	Takisawa Machine Tool Co. Ltd.		58,191
	9,000	Takuma Co. Ltd.		98,611
	6,800	Tama Home Co. Ltd.		70,049
	1,900	Tamron Co. Ltd.		38,563
	29,000	Tamura Corp.		220,285
	1,950	Tanseisha Co. Ltd.		23,105
	16,300	Tatsuta Electric Wire and Cable Co. Ltd.		100,637
	9,000	Tayca Corp.		236,836
	10,700	TBK Co. Ltd.		53,792
	600	Techno Medica Co. Ltd.		11,451
	400	TechnoPro Holdings, Inc.		23,273
	58,600	Teijin Ltd.		1,101,731
	2,000	Tekken Corp.		59,960
	900	T-Gaia Corp.		25,150
	7,900	THK Co. Ltd.		275,340
	21,266	TIS, Inc.		843,607
	6,000	Toa Corp.		70,866
	5,200	Toa Corp.		132,577
	58,000	Toa Oil Co. Ltd.		107,057
	2,200	Toa Road Corp.		78,555
	39,450	Toagosei Co. Ltd.		465,559
	56,100	Tobishima Corp.		89,958
	500	Tobu Store Co. Ltd.		13,860
	17,100	TOC Co. Ltd.		151,417
	8,800	Tocalo Co. Ltd.		109,196
	34,700	Tochigi Bank Ltd. (The)		131,486

37

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN (continued)
	34,000	Toda Corp.	$	280,353
	300	Toda Kogyo Corp.		10,413
	2,000	Toei Co. Ltd.		224,657
	4,200	Toenec Corp.		131,202
	59,000	Toho Bank Ltd. (The)		228,870
	4,000	Toho Co. Ltd.		95,629
	3,200	Toho Gas Co. Ltd.		97,294
	6,900	Toho Holdings Co. Ltd.		168,393
	5,000	Toho Titanium Co. Ltd.		61,846
	6,800	Toho Zinc Co. Ltd.		312,868
	2,600	Tohoku Bank Ltd. (The)		34,503
	15,000	Tokai Carbon Co. Ltd.		187,716
	4,800	Tokai Corp.		108,107
	19,000	TOKAI Holdings Corp.		192,467
	1,200	Tokai Lease Co. Ltd.		23,443
	17,100	Tokai Rika Co. Ltd.		341,608
	20,000	Tokai Tokyo Financial Holdings, Inc.		144,867
	3,084	Tokushu Tokai Paper Co. Ltd.		120,590
	10,800	Tokuyama Corp.		321,682
	28,100	Tokyo Dome Corp.		273,210
	1,100	Tokyo Electron Device Ltd.		21,123
	7,000	Tokyo Energy & Systems, Inc.		82,590
	2,600	Tokyo Individualized Educational Institute, Inc.		28,530
	5,000	Tokyo Keiki, Inc.		54,097
	8,800	Tokyo Ohka Kogyo Co. Ltd.		309,174
	400	Tokyo Rakutenchi Co. Ltd.		20,060
	5,300	Tokyo Rope Manufacturing Co. Ltd.		113,904
	2,500	Tokyo Sangyo Co. Ltd.		12,748
	6,800	Tokyo Seimitsu Co. Ltd.		258,274
	27,500	Tokyo Steel Manufacturing Co. Ltd.		229,486
	59,800	Tokyo Tatemono Co. Ltd.		910,704
	4,400	Tokyo Tekko Co. Ltd.		68,765
	6,275	Tokyo Ty Financial Group, Inc.		165,622
	1,700	Tokyotokeiba Co. Ltd.		65,152
	12,500	Tokyu Construction Co. Ltd.		133,496
	197,600	Tokyu Fudosan Holdings Corp.		1,555,014
	27,000	Toli Corp.		96,073
	1,100	Tomen Devices Corp.		28,456
	7,300	Tomoe Corp.		40,191
	1,300	Tomoe Engineering Co. Ltd.		25,280
	8,200	Tomoku Co. Ltd.		151,726
	26,700	TOMONY Holdings, Inc.		119,138
	11,800	Tomy Co. Ltd.		115,528
	1,700	Tonami Holdings Co. Ltd.		106,888
	8,100	Topcon Corp.		160,768
	17,200	Toppan Forms Co. Ltd.		192,127
	8,100	Topre Corp.		254,215
	7,200	Topy Industries Ltd.		213,253
	800	Torex Semiconductor Ltd.		10,548
	4,000	TORIDOLL Holdings Corp.		133,930
	2,500	Torii Pharmaceutical Co. Ltd.		68,098

Shares			Value
JAPAN (continued)
	5,000	Torishima Pump Manufacturing Co. Ltd.	$	46,841
	12,100	Tosei Corp.		148,322
	26,000	Toshiba Machine Co. Ltd.		172,224
	9,300	Toshiba Plant Systems & Services Corp.		194,081
	41,000	Toshiba TEC Corp.		234,649
	2,000	Tosho Co. Ltd.		73,530
	5,900	Totetsu Kogyo Co. Ltd.		176,228
	9,400	Towa Bank Ltd. (The)		125,413
	5,500	Towa Corp.		67,555
	3,300	Towa Pharmaceutical Co. Ltd.		209,977
	23,700	Toyo Construction Co. Ltd.		113,342
	600	Toyo Denki Seizo KK		10,092
	3,200	Toyo Engineering Corp.(c)		33,292
	89,000	Toyo Ink SC Holdings Co. Ltd.		550,040
	7,500	Toyo Kohan Co. Ltd.		49,171
	2,100	Toyo Machinery & Metal Co. Ltd.		15,300
	16,000	Toyo Securities Co. Ltd.		41,989
	62,500	Toyo Seikan Group Holdings Ltd.		983,322
	104,232	Toyo Suisan Kaisha Ltd.		4,103,964
	700	Toyo Tanso Co. Ltd.		20,585
	29,200	Toyo Tire & Rubber Co. Ltd.		497,048
	2,000	Toyo Wharf & Warehouse Co. Ltd.		31,443
	47,000	Toyobo Co. Ltd.		915,534
	36,000	Toyoda Gosei Co. Ltd.		908,964
	9,200	Toyota Boshoku Corp.		193,136
	5,100	TPR Co. Ltd.		154,501
	1,200	Trancom Co. Ltd.		90,862
	3,000	Transcosmos, Inc.(c)		82,794
	500	Tri Chemical Laboratories, Inc.		20,173
	5,200	Trusco Nakayama Corp.		136,518
	12,500	TS Tech Co. Ltd.		505,745
	47,000	Tsubakimoto Chain Co.		407,271
	1,600	Tsubakimoto Kogyo Co. Ltd.		50,100
	7,000	Tsudakoma Corp.(c)		15,360
	2,000	Tsugami Corp.		24,076
	20,833	Tsukuba Bank Ltd.		72,225
	5,000	Tsukui Corp.		39,468
	8,800	Tsumura & Co.		319,213
	1,200	Tsurumi Manufacturing Co. Ltd.		23,314
	7,000	TTK Co. Ltd.		40,302
	3,900	Tv Tokyo Holdings Corp.		106,556
	12,184	UACJ Corp.		317,525
	32,780	Ube Industries Ltd.		998,616
	4,200	Uchida Yoko Co. Ltd.		117,093
	600	Ueki Corp.		14,471
	2,500	UKC Holdings Corp.		52,674
	7,200	Ulvac, Inc.		385,158
	18,500	Unipres Corp.		435,596
	2,600	United Arrows Ltd.		95,494
	9,300	United Super Markets Holdings, Inc.		122,290

38

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
JAPAN (continued)
	6,200	Unitika Ltd.(c)	$	40,763
	3,900	Universal Entertainment Corp.(c)		185,260
	3,700	Unizo Holdings Co. Ltd.		88,104
	8,600	U-Shin Ltd.(c)		57,135
	2,100	UT Group Co. Ltd.(c)		57,716
	8,800	Utoc Corp.		37,832
	600	V Technology Co. Ltd.		156,023
	10,500	Valor Holdings Co. Ltd.		292,961
	2,200	Vector, Inc.(c)		42,437
	1,400	Village Vanguard Co. Ltd.		12,887
	11,200	Vital KSK Holdings, Inc.		109,769
	16,200	VT Holdings Co. Ltd.		73,703
	11,500	Wacoal Holdings Corp.		348,172
	3,300	Wakachiku Construction Co. Ltd.		52,200
	5,900	Wakita & Co. Ltd.		62,339
	7,600	Warabeya Nichiyo Holdings Co. Ltd.		192,953
	300	Watahan & Co. Ltd.		10,590
	2,700	WATAMI Co. Ltd.		36,629
	600	Weathernews, Inc.		18,944
	6,680	Welcia Holdings Co. Ltd.		343,055
	5,900	West Holdings Corp.		43,258
	1,000	Wowow, Inc.		31,414
	6,500	Xebio Holdings Co. Ltd.		122,459
	1,000	Y.A.C. Holdings Co. Ltd.		9,578
	4,000	Yachiyo Industry Co. Ltd.		48,442
	6,000	Yahagi Construction Co. Ltd.		45,681
	600	Yakuodo Co. Ltd.		20,772
	9,600	YAMABIKO Corp.		137,124
	372,972	Yamada Denki Co. Ltd.		1,950,822
	8,400	Yamagata Bank Ltd. (The)		185,299
	51,000	Yamaguchi Financial Group, Inc.		637,069
	5,400	Yamaichi Electronics Co. Ltd.		96,708
	45,000	Yamanashi Chuo Bank Ltd. (The)		198,813
	5,100	Yamatane Corp.		90,971
	2,600	Yamato Corp.		17,662
	800	Yamaya Corp.		27,052
	4,200	Yamazaki Baking Co. Ltd.		91,969
	100	Yamazawa Co. Ltd.		1,632
	10,300	Yamazen Corp.		104,105
	1,200	Yaoko Co. Ltd.		66,553
	700	Yashima Denki Co. Ltd.		5,953
	4,700	Yellow Hat Ltd.		139,401
	10,100	Yokogawa Bridge Holdings Corp.		219,944
	161,200	Yokogawa Electric Corp.		3,549,576
	22,300	Yokohama Reito Co. Ltd.		226,005
	42,500	Yokohama Rubber Co. Ltd. (The)		1,000,709
	1,000	Yokowo Co. Ltd.		21,013
	1,400	Yondoshi Holdings, Inc.		34,480
	8,300	Yorozu Corp.		142,916

Shares			Value
JAPAN (continued)
	2,700	Yoshinoya Holdings Co. Ltd.	$	50,124
	6,800	Yuasa Trading Co. Ltd.		217,349
	2,700	Yuken Kogyo Co. Ltd.		74,342
	1,100	Yume No Machi Souzou Iinkai Co. Ltd.		19,044
	2,700	Yumeshin Holdings Co. Ltd.		29,107
	15,000	Yurtec Corp.		131,125
	900	Yushiro Chemical Industry Co. Ltd.		14,904
	3,600	Zenrin Co. Ltd.		72,434
	14,300	Zensho Holdings Co. Ltd.		332,818
	52,000	Zeon Corp.		671,543
	1,500	ZERIA Pharmaceutical Co. Ltd.		30,768
	2,000	ZIGExN Co., Ltd.(c)		15,973
	4,000	Zojirushi Corp.		53,588
				403,820,064
JERSEY CHANNEL ISLANDS — 0.1%
	400,611	Centamin Plc		865,660
	135,039	Novocure Ltd.(c)		3,686,565
	49,289	Phoenix Group Holdings		532,432
	3,503	Randgold Resources Ltd.		284,038
				5,368,695
JORDAN — 0.0%
	29,542	Hikma Pharmaceuticals Plc		520,902
LIECHTENSTEIN — 0.0%
	502	Liechtensteinische Landesbank AG		32,074
	690	VP Bank AG		112,808
				144,882
LUXEMBOURG — 0.4%
	19,503	APERAM SA		950,272
	62,173	B&M European Value Retail SA		346,470
	404,440	B&S Group Sarl(c)		7,310,386
	60,129	d’Amico International Shipping SA(c)		14,664
	1,249	Eurofins Scientific SE		673,706
	22,500	L’Occitane International SA		41,794
	197,324	SES SA		3,044,479
	137,705	Stabilus SA		12,378,968
	1,389	Sword Group		60,737
				24,821,476
MACAU — 0.0%
	99,000	Macau Legend Development Ltd.(c)		15,702
MALAYSIA — 0.2%
	45,000	7-Eleven Malaysia Holdings Berhad		17,430
	75,100	Aeon Co. (M) Berhad		38,639
	9,450	Aeon Credit Service M Berhad		31,442
	314,490	Affin Holdings Berhad(a)		201,263
	585,500	AirAsia Berhad		571,986
	402,900	AirAsia X Berhad(c)		39,200

39

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	297,900	Alliance Bank Malaysia Berhad	$	328,876
	844,400	Ammb Holdings Berhad		833,977
	20,100	Amway Malaysia Holdings Berhad		38,959
	39,200	Ann Joo Resources Berhad		29,387
	29,700	APM Automotive Holdings Berhad		25,524
	146,000	Astro Malaysia Holdings Berhad		70,707
	32,700	Batu Kawan Berhad		154,027
	109,200	Berjaya Assets Berhad(c)		12,720
	855,519	Berjaya Corp. Berhad(c)		62,927
	99,600	Berjaya Land Berhad(c)		8,020
	75,119	Berjaya Sports Toto Berhad		40,158
	95,200	Bermaz Auto Berhad		53,744
	61,300	BIMB Holdings Berhad		65,105
	579,307	Boustead Holdings Berhad		378,552
	83,160	Boustead Plantation Berhad		26,434
	6,800	British American Tobacco Malaysia Berhad		42,399
	596,400	Bumi Armada Berhad(c)		127,124
	96,750	Bursa Malaysia Berhad		177,504
	60,400	Cahya Mata Sarawak Berhad		62,068
	19,400	Carlsberg Brewery-Malaysia Berhad		97,768
	98,060	CB Industrial Product Holding Berhad		36,679
	70,800	Datasonic Group Berhad		16,282
	93,460	Dialog Group Berhad		73,033
	151,900	DRB-Hicom Berhad		83,164
	2,300	Dutch Lady Milk Industries Berhad		39,582
	181,174	Eastern & Oriental Berhad		64,458
	150,900	Eco World Development Group Berhad(c)		44,073
	275,850	Evergreen Fibreboard Berhad		29,780
	636,100	Felda Global Ventures Holdings Berhad		275,292
	2,200	Fraser & Neave Holdings Berhad		20,154
	225,400	Gadang Holdings Berhad		46,528
	158,800	Gamuda Berhad		207,355
	31,000	Genting Plantations Berhad		78,241
	44,550	George Kent Malaysia Berhad		44,456
	23,300	Globetronics Technology Berhad		25,497
	27,600	Goldis Berhad		20,662
	41,100	GuocoLand Malaysia Berhad		9,507
	28,500	Hai-O Enterprise Berhad		35,951
	233,380	HAP Seng Consolidated Berhad		580,701
	93,500	Hap Seng Plantations Holdings Berhad		58,426
	119,600	Hartalega Holdings Berhad		178,000
	26,100	Heineken Malaysia Berhad		135,692
	44,500	Hengyuan Refining Co Berhad		85,031
	47,600	Heveaboard Berhad		9,401
	240,700	Hibiscus Petroleum Berhad(c)		45,970

Shares			Value
MALAYSIA (continued)
	39,700	Hong Leong Industries Berhad	$	108,815
	519,180	IJM Corp. Berhad		393,043
	36,700	IJM Plantations Berhad		21,921
	79,131	Inari Amertron Berhad		34,275
	104,400	Insas Berhad		20,225
	217,600	Ioi Properties Group Berhad		86,412
	59,079	Kenanga Investment Bank Berhad		8,753
	45,100	Kian JOO CAN Factory Berhad		29,238
	33,300	Kossan Rubber Industries		56,527
	262,100	KPJ Healthcare Berhad		61,852
	293,574	KSL Holdings Berhad(c)		70,885
	9,700	Lafarge Malaysia Berhad(c)		10,397
	157,800	Landmarks Berhad(c)		28,087
	295,460	LBS Bina Group Berhad		72,190
	79,000	Lingkaran Trans Kota Holdings Berhad		109,520
	16,920	LPI Capital Berhad		70,798
	15,900	Magni-Tech Industries Berhad		18,180
	430,873	Mah Sing Group Berhad		111,636
	83,300	Malakoff Corp Berhad		19,108
	73,050	Malayan Flour Mills Berhad		28,478
	137,923	Malaysia Airports Holdings Berhad		315,980
	340,001	Malaysia Building Society Berhad		99,242
	27,400	Malaysian Pacific Industries Berhad		54,150
	248,800	Malaysian Resources Corp. Berhad		64,634
	82,600	Malton Berhad		16,921
	71,500	Matrix Concepts Holdings Berhad		36,686
	36,900	Mega First Corp. Berhad		30,970
	125,370	MKH Berhad		43,886
	316,100	MMC Corp. Berhad		115,148
	68,250	MNRB Holdings Berhad(c)		42,425
	84,500	Mudajaya Group Berhad(c)		14,174
	103,000	Muhibbah Engineering M Berhad		77,361
	191,100	My EG Services Berhad		126,717
	31,800	Naim Holdings Berhad(c)		7,876
	33,800	Padini Holdings Berhad		36,526
	2,600	Panasonic Manufacturing Malaysia Berhad		23,131
	45,300	Paramount Corp. Berhad		21,676
	31,100	Pestech International Berhad(c)		12,447
	23,600	Petron Malaysia Refining & Marketing Berhad		46,379
	94,300	POS Malaysia Berhad		88,291
	173,307	Protasco Berhad		34,498
	57,980	QL Resources Berhad		75,839
	1,175,100	Sapura Energy Berhad		189,180
	64,857	Sarawak Oil Palms Berhad		59,371
	26,600	Scientex Berhad		51,541
	26,900	Serba Dinamik Holdings Berhad		22,721

40

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
MALAYSIA (continued)
	51,400	Shangri-La Hotels (Malaysia) Berhad	$	76,821
	124,600	SKP Resources Berhad		46,917
	171,039	SP Setia Berhad		138,490
	60,366	SP Setia Berhad		13,424
	60,223	Sunway Berhad		23,099
	88,466	Sunway Construction Group Berhad		50,541
	129,900	Supermax Corp. Berhad		94,783
	35,000	Syarikat Takaful Malaysia Berhad		30,902
	52,236	Ta Ann Holdings Berhad		41,667
	269,700	TA Enterprise Berhad		38,007
	195,360	TA Global Berhad		13,904
	126,800	TAN Chong Motor Holdings Berhad		54,238
	33,400	TH Plantations Berhad		6,159
	21,800	Thong Guan Industries Berhad		13,611
	34,760	Time dotCom Berhad		71,064
	76,500	Tiong NAM Logistics Holdings		21,188
	79,220	Top Glove Corp. Berhad		191,241
	162,832	Tropicana Corp. Berhad		36,446
	43,600	TSH Resources Berhad		14,292
	51,400	Tune Protect Group Berhad		9,377
	14,700	Uchi Technologies Berhad		10,132
	41,800	UEM Edgenta Berhad		25,602
	341,908	UEM Sunrise Berhad(c)		80,084
	55,400	UMW Holdings Berhad(c)		86,012
	564,026	UMW Oil & Gas Corp Berhad(c)		38,375
	122,900	Unisem M Berhad		56,176
	23,700	United Malacca Berhad		36,867
	20,800	United Plantations Berhad		141,155
	10,800	United U-Li Corp Berhad		4,377
	202,900	UOA Development Berhad		125,355
	63,100	VS Industry Berhad		35,920
	123,137	WCT Holdings Berhad(c)		38,420
	86,300	Westports Holdings Berhad		72,912
	126,900	Yinson Holdings Berhad		127,576
	43,014	YNH Property Berhad(c)		15,019
	629,826	YTL Corp. Berhad		231,488
	151,164	YTL Power International Berhad		35,299
				10,994,905
MALTA — 0.0%
	54,127	Kindred Group Plc - SDR		698,053
MEXICO — 0.2%
	688,483	Alfa SAB de CV - Series A		882,045
	104,738	Alpek SAB de CV		149,641
	82,188	Alsea SAB de CV		305,117
	170,367	Axtel SAB de CV - CPO Units(c)		38,624
	51,537	Bolsa Mexicana de Valores SAB de CV		99,535

Shares			Value
MEXICO (continued)
	17,900	Concentradora Fibra Danhos SA de CV REIT	$	31,843
	183,251	Consorcio ARA SAB de CV		69,079
	58,388	Controladora Vuela Cia de Aviacion SAB de CV(c)		36,528
	25,361	Corp. Actinver SAB de CV		18,578
	61,938	Corp. Interamericana de Entretenimiento SAB de CV - Series B(c)		60,606
	27,300	Corp. Moctezuma SAB de CV		110,940
	1,260	Corporativo Fragua SAB de CV		16,237
	75,642	Credito Real SAB de CV SOFOM ER		110,174
	24,124	Elementia SAB de CV(c)		21,542
	182,900	Fibra Uno Administracion SA de CV REIT		302,877
	129,006	Genomma Lab Internacional SAB de CV - Class B(c)		125,060
	229,844	Gentera SAB de CV		182,872
	15,205	Gruma SAB de CV - Series B		185,920
	33,422	Grupo Aeromexico SAB de CV(c)		46,607
	16,818	Grupo Aeroportuario del Centro Norte SAB de CV		88,712
	169,244	Grupo Aeroportuario del Pacifico SAB de CV - Series B		1,758,135
	63,812	Grupo Aeroportuario del Sureste SAB de CV - Series B		1,144,771
	10,788	Grupo Carso SAB de CV - Series A1		39,063
	113,912	Grupo Cementos de Chihuahua SAB de CV		663,906
	58,415	Grupo Comercial Chedraui SA de CV		122,908
	9,143	Grupo Elektra SAB de CV		250,002
	45,428	Grupo Famsa SAB de CV - Class A(c)		29,756
	35,937	Grupo Financiero Interacciones SA de CV		175,841
	29,254	Grupo Gicsa SA de CV(c)		15,361
	92,311	Grupo Herdez SAB de CV		221,177
	26,671	Grupo Industrial Saltillo SAB de CV		40,444
	17,079	Grupo KUO SAB de CV - Series B		38,355
	42,298	Grupo Lala SAB de CV		54,009
	9,061	Grupo Rotoplas SAB de CV		13,827
	19,200	Grupo Sanborns SAB de CV		19,855
	15,920	Grupo Simec SAB de CV - Series B(c)		51,790
	51,350	Hoteles City Express SAB de CV(c)		72,761
	256,075	Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(c)		462,664
	33,147	Industrias Bachoco SAB de CV - Series B		170,041

41

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
MEXICO (continued)
	140,613	Industrias CH SAB de CV - Series B(c)	$	700,657
	17,015	Industrias Penoles SAB de CV		357,540
	39,900	Infraestructura Energetica Nova SAB de CV		175,818
	15,801	Kimberly-Clark de Mexico SAB de CV - Class A		28,633
	166,313	La Comer SAB de CV(c)		172,609
	72,900	Macquarie Mexico Real Estate Management SA de CV REIT		78,115
	90	Medica Sur SAB de CV - Series B		192
	44,125	Megacable Holdings SAB de CV - CPO Shares		202,740
	153,670	Mexichem SAB de CV		480,269
	62,689	Minera Frisco SAB de CV(c)		34,324
	56,773	Nemak SAB de CV		42,621
	11,623	Organizacion Cultiba SAB de CV		9,074
	124,599	Organizacion Soriana SAB de CV - Series B(c)		230,250
	24,222	Prologis Property Mexico SA de CV REIT		45,007
	30,304	Promotora y Operadora de Infraestructura SAB de CV		310,606
	1,100	Promotora y Operadora de Infraestructura SAB de CV - Series L		7,628
	19,043	Qualitas Controladora SAB de CV - Class I		53,253
	13,174	Rassini SAB de CV		55,402
	16,731	Rassini SAB de CV - Series A		34,899
	99,209	Regional SAB de CV		631,473
	202,323	TV Azteca SAB de CV - CPO Shares		31,589
	37,764	Unifin Financiera SAB de CV SOFOM ENR		135,289
	7,426	Vitro SAB de CV - Series A		23,725
				12,068,916
MONACO — 0.0%
	12,500	Endeavour Mining Corp.(c)		213,307
MONGOLIA — 0.0%
	714,500	Mongolian Mining Corp.(c)		13,576
NETHERLANDS — 0.5%
	28,432	Aalberts Industries NV		1,399,903
	9,307	Accell Group NV		217,586
	462,685	Aegon NV		3,390,916
	6,845	AMG Advanced Metallurgical Group NV		319,839
	4,136	Amsterdam Commodities NV		110,416
	35,728	Arcadis NV		702,599
	8,704	ASM International NV		522,583
	6,555	Atrium European Real Estate Ltd.		31,801
	6,009	BE Semiconductor Industries NV		415,301

Shares			Value
NETHERLANDS (continued)
	3,301	Beter Bed Holding NV	$	33,161
	14,804	BinckBank NV		86,149
	208,274	Boskalis Westminster		6,169,959
	48	Brack Capital Properties NV(c)		5,348
	3,196	Brunel International NV		57,370
	9,766	Corbion NV		312,663
	11,506	Euronext NV		824,797
	14,579	Fugro NV - CVA(c)		230,555
	8,519	Gemalto NV		513,035
	11,509	GrandVision NV		282,957
	10,014	Heijmans NV - CVA(c)		118,935
	2,073	Hunter Douglas NV		158,124
	3,058	IMCD Group NV		188,168
	2,221	Intertrust Nv		44,245
	8,679	KAS Bank NV - CVA		104,593
	3,442	Kendrion NV		138,920
	40,176	Koninklijke BAM Groep NV		191,355
	32,497	Koninklijke Vopak NV		1,602,593
	669	Nederland Apparatenfabriek		40,689
	14,921	NN Group NV		715,084
	3,676	Nostrum Oil & Gas Plc(c)		15,074
	2,441	NSI NV REIT		105,056
	15,773	OCI NV(c)		374,317
	20,929	Ordina NV		47,277
	11,574	Philips Lighting NV		351,987
	28,293	PostNL NV		109,832
	172,274	QIAGEN NV(c)		5,635,322
	28,961	Randstad Holding NV		1,864,024
	128,034	SBM Offshore NV		2,148,309
	10,300	Sligro Food Group NV		533,514
	86,230	SNS REAAL NV(a)(b)		0
	8,477	TKH Group NV		535,862
	26,326	TomTom NV(c)		259,771
	4,395	Van Lanschot Kempen NV		135,762
	12,798	Wessanen		258,210
				31,303,961
NEW ZEALAND — 0.7%
	320,760	Air New Zealand Ltd.		736,005
	3,211,087	Auckland International Airport Ltd.(b)		14,368,626
	6,753	CBL Corp. Ltd.(b)		15,062
	84,412	Chorus Ltd.		239,496
	105,881	Contact Energy Ltd.		399,579
	19,426	Ebos Group Ltd.		242,696
	23,408	Freightways Ltd.		123,102
	34,123	Genesis Energy Ltd.		53,950
	53,576	Heartland Bank Ltd.		67,438
	36,913	Infratil Ltd.		82,752
	7,542	Kathmandu Holdings Ltd.		13,895
	76,737	Kiwi Property Group Ltd.		73,792
	22,834	Mainfreight Ltd.		396,969
	4,474,260	Mercury Ltd.(b)		10,012,784
	28,706	Metlifecare Ltd.		116,567
	1,472	New Zealand Oil & Gas Ltd.		625

42

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
NEW ZEALAND (continued)
	21,524	New Zealand Refining Co. Ltd. (The)	$	35,573
	56,805	NZME Ltd.		33,336
	45,243	NZX Ltd.		34,351
	73,491	PGG Wrightson Ltd.		31,487
	80,140	Pike River Coal Ltd.(a)(b)		0
	226,520	Port of Tauranga Ltd.		777,482
	23,490	Restaurant Brands New Zealand Ltd.		118,467
	15,128	Sanford Ltd.		80,460
	74,844	Skellerup Holdings Ltd.		94,056
	127,402	SKY Network Television Ltd.		203,631
	2,784,642	SKYCITY Entertainment Group Ltd.		7,912,270
	55,636	Summerset Group Holdings Ltd.		269,340
	29,035	Tilt Renewables Ltd.		39,373
	3,179	Tourism Holdings, Ltd.		13,572
	43,782	Tower Ltd.(c)		24,283
	82,337	Trade Me Group Ltd.		268,577
	29,035	TrustPower Ltd.		115,759
	25,065	Vector Ltd.		56,437
	17,197	Warehouse Group Ltd. (The)		24,407
	257,586	Xero Ltd.(c)		7,327,520
	6,387	Z Energy Ltd.		32,509
				44,436,228
NORWAY — 0.4%
	71,942	ABG Sundal Collier Holding ASA		56,679
	1,087	AF Gruppen ASA		17,598
	49,880	Akastor ASA(c)		99,008
	14,634	Aker BP ASA		479,989
	57,652	Aker Solutions ASA(c)		390,275
	18,643	American Shipping Co. ASA		63,755
	14,276	Archer Ltd.(c)		16,622
	18,135	Atea ASA		269,182
	41,175	Austevoll Seafood ASA		495,552
	17,720	Avance Gas Holding Ltd.(c)		44,628
	106,577	Axactor AB(c)		37,428
	12,020	Bonheur ASA		143,337
	26,216	Borregaard ASA		277,932
	107,939	BW Offshore Ltd.(c)		587,979
	192,358	DNO ASA(c)		356,206
	594,875	DOF ASA(c)		65,547
	3,173	Ekornes ASA		44,132
	3,309,523	Elkem ASA(c)		13,077,531
	9,266	Entra ASA		127,078
	14,366	Europris ASA		50,001
	25,626	Fred Olsen Energy ASA(c)		38,765
	35,356	Frontline Ltd.		152,285
	17,070	Grieg Seafood ASA		182,963
	14,061	Hexagon Composites ASA(c)		36,717
	1,295	Hoegh LNG Holdings, Ltd.		7,524
	194,372	Kongsberg Automotive ASA(c)		227,245
	5,903	Kongsberg Gruppen ASA		144,516

Shares			Value
NORWAY (continued)
	66,705	Kvaerner ASA(c)	$	140,371
	101,377	Leroy Seafood Group ASA		743,632
	88,759	NEL ASA(c)		30,565
	16,893	Nordic Semiconductor ASA(c)		106,279
	2,413	Norway Royal Salmon ASA		57,040
	3,692	Norwegian Air Shuttle ASA(c)		140,117
	3,833	Norwegian Finans Holding ASA(c)		46,576
	15,648	Ocean Yield ASA		134,571
	26,554	Odfjell Drilling Ltd.(c)		117,961
	8,670	Odfjell SE - Class A		33,117
	23,394	Otello Corp. ASA(c)		59,699
	190,145	Petroleum Geo-Services ASA(c)		818,414
	12,370	Protector Forsikring ASA		115,718
	10,518	Salmar ASA		490,153
	7,106	Sbanken ASA		64,152
	13,890	Scatec Solar ASA		86,174
	5,087	Sevan Marine ASA(c)		9,350
	3,100	Ship Finance International Ltd.		44,175
	35,874	SpareBank 1 SR-Bank ASA		354,791
	116,544	Storebrand ASA		996,015
	67,097	TGS Nopec Geophysical Co. ASA		2,115,832
	5,672,301	Thin Film Electronics ASA(b)(c)		1,469,440
	26,311	Tomra Systems ASA		488,097
	14,551	Veidekke ASA		176,735
	4,646	Wilh Wilhelmsen Holding ASA		134,276
	7,396	XXL ASA		64,250
				26,527,974
PERU — 0.0%
	144,600	Cia de Minas Buenaventura SAA - ADR		2,306,370
	26,055	Hochschild Mining Plc		75,365
				2,381,735
PHILIPPINES — 0.1%
	1,090,300	Alliance Global Group, Inc.(c)		274,617
	190,966	Belle Corp.		12,373
	300,300	Bloomberry Resorts Corp.(c)		71,135
	86,020	Cebu Air, Inc.		147,124
	104,400	Century Pacific Food, Inc.		33,316
	133,952	China Banking Corp.		89,957
	485,700	Cosco Capital, Inc.		62,771
	130,900	Del Monte Pacific Ltd.		19,374
	432,700	DMCI Holdings, Inc.		91,975
	72,450	East West Banking Corp.		24,322
	72,800	EEI Corp.(c)		17,153
	165,200	Emperador, Inc.		22,966
	374,754	Energy Development Corp.(c)		39,074
	2,062,375	Filinvest Land, Inc.		66,194
	86,000	First Gen Corp.		25,865
	123,070	First Philippine Holdings Corp.		154,382
	730	Globe Telecom, Inc.		21,734
	6,345	GT Capital Holdings, Inc.		128,600

43

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
PHILIPPINES (continued)
	205,426	Integrated Micro-Electronics, Inc.	$	60,919
	56,320	International Container Terminal Services, Inc.		91,860
	1,274,700	Lopez Holdings Corp.		106,100
	410,200	LT Group, Inc.		159,961
	67,500	Manila Water Co., Inc.		36,212
	166,300	Megawide Construction Corp.		76,858
	1,778,696	Megaworld Corp.		154,349
	193,300	Metro Pacific Investments Corp.		19,012
	88,400	Nickel Asia Corp.		8,866
	623,000	Pepsi-Cola Products Philippines, Inc.		31,588
	864,600	Petron Corp.		155,056
	124,300	Philex Mining Corp.		13,591
	16,160	Philippine National Bank(c)		16,350
	99,100	Phoenix Petroleum Philippines, Inc.		22,631
	105,900	Puregold Price Club, Inc.		96,836
	75,400	Rizal Commercial Banking Corp.		56,649
	409,407	Robinsons Land Corp.		141,195
	41,000	Robinsons Retail Holdings, Inc.		72,023
	43,571	Security Bank Corp.		175,453
	136,040	Semirara Mining & Power Corp.		81,030
	149,000	SSI Group, Inc.(c)		6,926
	398,000	STI Education Systems Holdings, Inc.		10,071
	6	Top Frontier Investment Holdings, Inc.(c)		31
	161,290	Union Bank of Philippines, Inc.		284,257
	860,500	Vista Land & Lifescapes, Inc.		107,896
				3,288,652
POLAND — 0.3%
	1,147	Agora SA(c)		5,077
	6,181	Alior Bank SA(c)		124,351
	1,433	Amica SA		48,848
	231	AmRest Holdings SE(c)		30,264
	348	Apator SA		2,482
	34,481	Asseco Poland SA		430,523
	728	Bank Handlowy w Warszawie SA		17,182
	76,172	Bank Millennium SA(c)		185,205
	27,216	Boryszew SA(c)		68,479
	1,938	Budimex SA		103,458
	2,732	CCC SA		200,691
	10,845	CD Projekt SA		382,716
	11,507	Ciech SA(c)		185,982
	265	ComArch SA		10,939
	10,857	Cyfrowy Polsat SA		79,184
	990	Dom Development SA		25,309
	71,383	Enea SA		211,453
	682,022	Energa SA		1,992,871
	5,380	Eurocash SA		37,424
	1,397	Fabryki Mebli Forte SA		19,877
	7,502	Famur SA(c)		12,756

Shares			Value
POLAND (continued)
	162,514	Getin Holding SA(c)	$	43,864
	67,759	Getin Noble Bank SA(c)		22,313
	8,378	Grupa Azoty SA		127,507
	119	Grupa Azoty Zaklady Chemiczne Police SA		665
	1,899	Grupa Kety SA		193,535
	167,457	Grupa Lotos SA		2,623,403
	49,265	Impexmetal SA(c)		60,160
	1,298	Inter Cars SA		88,896
	7,681	Jastrzebska Spolka Weglowa SA(c)		180,111
	150,803	KGHM Polska Miedz SA		3,997,327
	2,355	Lubelski Wegiel Bogdanka SA		36,881
	51,340	Netia SA		75,698
	17,977	Orange Polska SA(c)		26,913
	9,252	Orbis SA		252,492
	1,145	Pfleiderer Group SA		12,125
	753,112	PGE Polska Grupa Energetyczna SA(c)		2,238,959
	4,313	PKP Cargo SA(c)		50,345
	4,554	Polnord SA(c)		10,579
	1,139,573	Polskie Gornictwo Naftowe I Gazownictwo SA		2,000,108
	36,927	Stalexport Autostrady SA		41,153
	365	Stalprodukt SA		47,501
	2,584,778	Tauron Polska Energia SA(c)		1,724,973
	6,571	Trakcja SA		12,012
	14,504	Vistula Group SA(c)		19,008
	4,785	Warsaw Stock Exchange		53,685
	2,786	Zespol Elektrowni Patnow Adamow Konin SA		9,121
				18,124,405
PORTUGAL — 0.0%
	11,806	Altri SGPS SA		85,355
	1,754,743	Banco Comercial Portugues SA(c)		587,406
	1,231,589	Banco Espirito Santo SA(a)(b)		0
	8,821	CTT-Correios de Portugal SA		32,528
	8,896	EDP - Energias de Portugal SA		33,004
	29,184	Jeronimo Martins SGPS SA		511,799
	50,535	Mota-Engil SGPS SA		218,944
	47,493	Navigator Co. SA (The)		277,110
	45,357	NOS SGPS SA		269,608
	19,042	REN - Redes Energeticas Nacionais SGPS SA		60,060
	10,012	Semapa - Sociedade de Investimento e Gestao		223,879
	22,814	Sonae Capital SGPS SA		27,879
	241,425	Sonae SGPS SA		328,303
	35,485	Teixeira Duarte SA		11,864
				2,667,739
PUERTO RICO — 0.0%
	57,400	Evertec, Inc.		1,047,550

44

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
PUERTO RICO (continued)
	6,000	Triple-S Management Corp. - Class B(c)	$	170,099
				1,217,649
ROMANIA — 0.0%
	13,747	NEPI Rockcastle Plc		151,502
RUSSIA — 0.3%
	19,818	Evraz Plc		124,707
	1,568,400	Gazprom PJSC		3,626,455
	1,373,778	Gazprom PJSC - ADR		6,339,290
	125,378	MegaFon PJSC - GDR		1,110,288
	753,438	Petropavlovsk Plc(c)		71,610
	3,821,152	Surgutneftegas OJSC		1,783,563
	2,285,255,960	VTB Bank PJSC		1,954,892
	128,400	Yandex NV - Class A(c)		4,283,424
				19,294,229
SAUDI ARABIA — 0.0%
	807,611	Dar Al Arkan Real Estate Development Co.		2,989,001
SINGAPORE — 0.8%
	106,800	Accordia Golf Trust - Units		49,482
	4,247,500	Ascendas Real Estate Investment Trust, REIT		8,520,873
	1,739,400	Ascott Residence Trust REIT		1,493,983
	233,100	ASL Marine Holdings Ltd.(c)		13,187
	35,000	Banyan Tree Holdings, Ltd.(c)		15,511
	21,700	Best World International Ltd.		24,357
	36,100	BOC Aviation Ltd.		211,070
	7,400	Bonvests Holdings Ltd.		7,313
	25,598	Boustead Projects Ltd.		15,232
	48,229	Boustead Singapore Ltd.		29,311
	16,000	Breadtalk Group Ltd.		23,683
	40,000	Bukit Sembawang Estates Ltd.		186,401
	33,692	BW LPG Ltd.(c)		116,909
	10,480,200	CapitaLand Mall Trust REIT		16,549,990
	42,000	China Aviation Oil Singapore Corp. Ltd.		51,141
	116,500	Chip Eng Seng Corp. Ltd.		87,454
	37,400	CITIC Envirotech Ltd.		20,109
	72,800	ComfortDelGro Corp. Ltd.		122,871
	82,600	COSCO Shipping International Singapore Co. Ltd.(c)		28,948
	88,000	CW Group Holdings Ltd.		13,482
	41,300	Delfi Ltd.		44,878
	282,746	Ezion Holdings Ltd.(c)		25,340
	130,121	Far East Orchard Ltd.		144,941
	73,900	First Resources Ltd.		93,969
	164,000	Fragrance Group Ltd.(c)		18,534
	15,000	Frasers Property Ltd.		22,906
	50,100	Frencken Group Ltd.		20,783
	59,100	GL Ltd.		36,046
	816,400	Golden Agri-Resources Ltd.		211,682
	58,000	GP Industries Ltd.		32,511
	118,666	Guocoland Ltd.		193,416
	89,200	Halcyon Agri Corp. Ltd.(c)		37,865

Shares			Value
SINGAPORE (continued)
	32,000	Hiap Hoe Ltd.	$	21,466
	14,800	Hi-P International Ltd.		18,266
	66,600	Ho Bee Land Ltd.		129,211
	285,340	Hong Fok Corp. Ltd.		171,559
	91,800	Hong Leong Asia Ltd.		65,900
	9,000	Hour Glass Ltd. (The)		4,407
	891,300	Hutchison Port Holdings Trust - Units		297,160
	76,000	Hyflux Ltd.		14,279
	59,000	IGG, Inc.		88,730
	129,600	Indofood Agri Resources Ltd.		31,219
	47,400	Japfa Ltd.		17,048
	92,950	Jurong Technologies Industrial Corp. Ltd.(a)(b)		0
	81,178	Keppel Infrastructure Trust - Units		32,975
	166,600	Lian Beng Group Ltd.		75,065
	42,000	Low Keng Huat Singapore Ltd.		21,027
	75,000	Lum Chang Holdings Ltd.		20,065
	39,000	M1 Ltd.		53,119
	400,600	Midas Holdings Ltd.(b)(c)		58,005
	214,300	Olam International Ltd.		366,641
	40,600	OUE Ltd.		55,241
	45,408	Oxley Holdings Ltd.		16,511
	26,250	Pan-United Corp. Ltd.		7,620
	113,400	Penguin International Ltd.(c)		30,924
	100,770	QAF Ltd.		78,801
	66,275	Raffles Medical Group Ltd.		57,293
	90,300	RHT Health Trust - Units		54,480
	239,250	Roxy-Pacific Holdings Ltd.		92,653
	4,320,000	SATS Ltd.		17,951,314
	259,600	Sembcorp Industries Ltd.		597,968
	12,900	Sembcorp Marine Ltd.		20,625
	97,000	Sheng Siong Group Ltd.		74,474
	14,500	SIA Engineering Co. Ltd.		35,482
	131,100	SIIC Environment Holdings Ltd.		42,930
	552,500	Sinarmas Land Ltd.		151,373
	342,300	Singapore Airlines Ltd.		2,792,952
	106,200	Singapore Post Ltd.		106,934
	174,000	Singapore Reinsurance Corp. Ltd.		41,950
	440,400	Stamford Land Corp. Ltd.		162,589
	36,600	Sunningdale Tech Ltd.		35,474
	66,500	Tiong Woon Corp Holding Ltd(c)		15,110
	378,314	Tuan Sing Holdings Ltd.		121,993
	53,187	UMS Holdings Ltd.		42,648
	220,554	United Engineers Ltd.		452,162
	405,492	United Industrial Corp. Ltd.		996,254
	158,057	UOB-Kay Hian Holdings Ltd.		160,584
	87,611	UOL Group Ltd.		578,638
	33,000	Venture Corp. Ltd.		516,155
	62,946	Vibrant Group Ltd.		16,116
	179,912	Wheelock Properties (Singapore) Ltd.		246,052
	30,300	Wing Tai Holdings Ltd.		46,425

45

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SINGAPORE (continued)
	26,250	Xinghua Port Holdings Ltd.(c)	$	4,147
	871	XP Power Ltd.		41,867
	96,800	Yongnam Holdings Ltd.(c)		22,418
				55,618,477
SOUTH AFRICA — 0.5%
	9,257	Adcock Ingram Holdings Ltd.		50,424
	67,486	Advtech Ltd.		88,295
	31,692	Aeci Ltd.		299,946
	9,268	African Oxygen Ltd.		22,623
	42,506	African Rainbow Minerals Ltd.		347,514
	10,747	Afrimat Ltd.		26,544
	276,028	Alexander Forbes Group Holdings Ltd.		142,638
	12,771	Allied Electronics Corp. Ltd. - A Shares(c)		13,489
	38,527	Alviva Holdings Ltd.		62,756
	169,393	Anglo American Platinum Ltd.		4,545,689
	94,639	AngloGold Ashanti Ltd.		845,946
	3,371	Assore Ltd.		83,215
	3,359	Astral Foods Ltd.		82,858
	44,855	Attacq Ltd.(c)		69,180
	63,673	Aveng Ltd.(c)		4,948
	61,658	AVI Ltd.		563,976
	134,474	Barloworld Ltd.		1,816,177
	40,840	Bidvest Group Ltd. (The)		800,021
	174,597	Blue Label Telecoms Ltd.		173,288
	1,957	Cashbuild Ltd.		68,065
	15,038	Caxton and CTP Publishers and Printers Ltd.		12,104
	5,038	City Lodge Hotels Ltd.		65,892
	45,549	Clicks Group Ltd.		778,748
	40,941	Coronation Fund Managers Ltd.		243,123
	10,913	Curro Holdings Ltd.(c)		29,365
	123,689	DataTec Ltd.		210,491
	3,467	Distell Group Ltd.		37,064
	38,509	Exxaro Resources Ltd.		341,574
	10,462	Foschini Group Ltd. (The)		180,004
	512,586	Gold Fields Ltd.		1,946,058
	46,544	Grand Parade Investments Ltd.		6,835
	194,690	Grindrod Ltd.(c)		224,590
	28,819	Harmony Gold Mining Co. Ltd.		58,805
	24,150	Hibernia REIT plc, REIT		131,401
	1,317	Howden Africa Holdings Ltd.(c)		4,313
	8,133	Hudaco Industries Ltd.		104,747
	74,268	Hulamin Ltd.		30,818
	6,197	Hyprop Investments Ltd. REIT		56,576
	650,570	Impala Platinum Holdings Ltd.(c)		1,158,725
	49,367	Imperial Holdings Ltd.		949,628
	172,985	Investec Plc		1,368,456
	1,143	Invicta Holdings Ltd.		4,104
	7,257	JSE Ltd.		113,883
	282,891	KAP Industrial Holdings Ltd.		199,976
	8,366	Lewis Group Ltd.		31,499

Shares			Value
SOUTH AFRICA (continued)
	29,431	Liberty Holdings Ltd.	$	313,213
	54,834	Life Healthcare Group Holdings Ltd.		129,259
	41,335	Mediclinic International Plc		380,359
	560,963	Merafe Resources Ltd.		72,037
	12,050	Metrofile Holdings Ltd.		3,867
	80,784	MMI Holdings, Ltd.		143,810
	60,572	Mpact Ltd.		138,627
	42,743	Mr Price Group Ltd.		937,946
	171,949	Murray & Roberts Holdings Ltd.		214,968
	158,303	Nampak Ltd.(c)		176,146
	1,304	Net 1 UEPS Technologies, Inc.(c)		9,770
	55,002	Netcare Ltd.		136,960
	34,968	Northam Platinum Ltd.(c)		108,007
	6,339	Oceana Group Ltd.		42,058
	6,411	Omnia Holdings Ltd.		73,744
	145,014	Peregrine Holdings Ltd.		250,954
	3,536	Pick’n Pay Stores Ltd.		22,891
	5,508	Pioneer Foods Group Ltd.		53,568
	437,098	PPC Ltd.(c)		305,403
	6,040	PSG Group Ltd.		108,674
	31,202	Raubex Group Ltd.		51,822
	234,464	Redefine Properties Ltd. REIT		225,323
	45,825	Reunert Ltd.		285,490
	8,824	Royal Bafokeng Platinum Ltd.(c)		16,515
	2,420	Santam Ltd.		61,738
	821,249	Sappi Ltd.		5,240,943
	206,669	Sibanye Gold Ltd.(c)		181,158
	29,288	Spar Group Ltd. (The)		496,218
	13,883	Spur Corp. Ltd.		30,040
	4,464	Sun International Ltd.(c)		20,298
	175,040	Super Group Ltd.(c)		521,790
	59,261	Telkom SA SOC Ltd.		270,636
	29,465	Tongaat Hulett Ltd.		213,591
	31,655	Transaction Capital Ltd.		44,441
	41,730	Trencor Ltd.		115,601
	18,932	Truworths International Ltd.		154,780
	11,163	Tsogo Sun Holdings Ltd.		20,406
	9,028	Universal Health Realty Income Trust, REIT		21,074
	11,813	Wilson Bayly Holmes-Ovcon Ltd.		150,168
	42,559	Woolworths Holdings Ltd.		218,716
				30,359,380
SOUTH KOREA — 1.7%
	4,875	ABco Electronics Co. Ltd.		36,931
	15,397	Ace Technologies Corp.(c)		62,110
	2,793	Advanced Process Systems Corp.(c)		17,036
	3,445	Aekyung Petrochemical Co. Ltd.		46,808
	781	AfreecaTV Co. Ltd.		25,108
	7,680	AJ Rent A Car Co. Ltd.(c)		96,663

46

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	2,287	AK Holdings, Inc.	$	156,124
	12,123	ALUKO Co. Ltd.		51,011
	1,630	Amotech Co. Ltd.(c)		51,092
	6,930	Anam Electronics Co. Ltd.(c)		20,369
	953	Asia Cement Co. Ltd.		131,595
	564	ASIA Holdings Co. Ltd.		79,357
	612	Asia Paper Manufacturing Co. Ltd.		17,661
	35,171	Asiana Airlines, Inc.(c)		173,387
	6,791	Austem Co. Ltd.		24,536
	2,350	Autech Corp.		33,076
	2,934	Baiksan Co. Ltd.		16,420
	1,112	BH Co. Ltd.(c)		22,286
	735	Binggrae Co. Ltd.		45,715
	93,019	BNK Financial Group, Inc.		905,233
	1,467	Boditech Med, Inc.		24,144
	21,294	Bohae Brewery Co. Ltd.(c)		22,339
	1,549	Bookook Securities Co. Ltd.		35,193
	6,025	Boryung Pharmaceutical Co. Ltd.		67,769
	13,473	Byucksan Corp.		52,401
	9,476	CammSys Corp.(c)		20,703
	5,849	Capro Corp.		41,457
	430	Caregen Co. Ltd.		35,842
	1,433	Cell Biotech Co. Ltd.		56,981
	5,025	Chabiotech Co. Ltd.(c)		99,870
	1,861	Changhae Ethanol Co. Ltd.		30,315
	4,893	Cheil Worldwide, Inc.		87,112
	1,609	Chemtronics Co. Ltd.(c)		9,557
	2,370	Chokwang Paint Ltd.		20,926
	659	Chong Kun Dang Pharmaceutical Corp.		71,702
	1,209	Chongkundang Holdings Corp.		78,869
	73	Chosun Refractories Co. Ltd.		5,701
	1,068	CJ CGV Co. Ltd.		74,131
	2,424	CJ CheilJedang Corp.		775,008
	1,771	CJ Corp.		268,296
	1,413	CJ E&M Corp.		119,216
	1,668	CJ Freshway Corp.		59,064
	3,722	CJ Hello Co. Ltd.		29,645
	1,012	CJ Logistics Corp.(c)		147,546
	1,557	CJ O Shopping Co. Ltd.		324,782
	2,061	CKD Bio Corp.		44,087
	1,487	Com2uSCorp		221,569
	618	Cosmax BTI, Inc.		24,678
	524	Cosmax, Inc.		76,504
	946	Cosmochemical Co. Ltd.(c)		18,177
	4,272	COWELL FASHION Co. Ltd.		21,636
	637	Crown Confectionery Co. Ltd.		8,502
	1,379	Crown Haitai Holdings Co. Ltd.		21,432
	242	Cuckoo Electronics Co. Ltd.		26,892
	204	Cuckoo Homesys Co. Ltd.(c)		40,499
	4,684	D.I Corp.		21,319
	2,180	Dae Dong Industrial Co. Ltd.		18,475
	8,286	Dae Hyun Co. Ltd.		19,994
	11,884	Dae Won Chemical Co. Ltd.(c)		26,438

Shares			Value
SOUTH KOREA (continued)
	18,236	Dae Won Kang Up Co. Ltd.	$	74,088
	45,928	Dae Young Packaging Co. Ltd.(c)		42,925
	12,386	Daea TI Co. Ltd.		58,498
	509	Daechang Forging Co. Ltd.		23,972
	7,593	Daehan Steel Co. Ltd.		83,615
	4,839	Dae-Il Corp.		33,784
	3,101	Daelim B&Co Co. Ltd.		18,479
	4,913	Daelim Industrial Co. Ltd.		394,286
	3,143	Daeryuk Can Co. Ltd.		19,724
	6,325	Daesang Corp.		156,918
	8,133	Daesang Holdings Co. Ltd.		71,167
	2,180	Daesung Holdings Co. Ltd.		16,433
	1,144	Daewon Pharmaceutical Co. Ltd.		21,240
	10,306	Daewon San Up Co. Ltd.		69,608
	299,849	Daewoo Engineering & Construction Co. Ltd.(c)		1,774,428
	2,318	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(c)		51,458
	7,695	Daewoong Co. Ltd.		133,374
	513	Daewoong Pharmaceutical Co. Ltd.		84,800
	902	Daihan Pharmaceutical Co. Ltd.		37,389
	9,921	Daishin Securities Co. Ltd.		126,548
	4,684	Danal Co. Ltd.(c)		21,121
	8,198	Dayou Automotive Seat Technology Co. Ltd.		9,594
	8,511	DB HiTek Co Ltd.		106,225
	20,908	DB Insurance Co. Ltd.		1,227,301
	16,507	DB, Inc.(c)		12,452
	1,831	Deutsch Motors, Inc.(c)		11,423
	50,455	DGB Financial Group, Inc.		563,919
	5,919	Digital Power Communications Co. Ltd.		23,688
	887	Dio Corp(c)		34,413
	1,833	DMS Co. Ltd.		11,786
	1,795	DNF Co. Ltd.		19,367
	2,253	Dong A Eltek Co. Ltd.		21,810
	2,814	Dong Ah Tire & Rubber Co. Ltd.(c)		36,220
	358	Dong-A Socio Holdings Co. Ltd.		42,056
	585	Dong-A ST Co. Ltd.		59,898
	4,103	Dong-Ah Geological Engineering Co. Ltd.		79,954
	955	Dongbu Steel Co. Ltd.(c)		10,014
	830	Dong-IL Corp.		40,558
	3,239	Dongjin Semichem Co. Ltd.		42,432
	665	DongKook Pharmaceutical Co. Ltd.		43,507
	15,324	Dongkuk Industries Co. Ltd.		55,721
	33,778	Dongkuk Steel Mill Co. Ltd.		345,683
	2,706	Dongsuh Cos., Inc.		69,593
	10,227	DONGSUNG Corp.		65,058
	1,553	Dongwha Enterprise Co. Ltd.		49,394

47

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	1,750	Dongwha Pharmaceutical Co. Ltd.	$	18,749
	17,479	Dongwon Development Co. Ltd.		81,022
	287	Dongwon F&B Co. Ltd.		63,971
	392	Dongwon Industries Co. Ltd.		123,710
	221	Dongyang E&P, Inc.		2,416
	2,644	Doosan Corp.		298,176
	11,359	Doosan Engine Co. Ltd.(c)		66,358
	23,714	Doosan Heavy Industries & Construction Co. Ltd.(c)		395,295
	41,564	Doosan Infracore Co. Ltd.(c)		395,483
	1,300	Doubleugames Co. Ltd.		75,544
	2,669	DRB Holding Co. Ltd.		20,600
	2,047	DTR Automotive Corp.		62,616
	2,814	Duozone Bizon Co. Ltd.		129,432
	9,936	DY Corp.		58,739
	2,154	DY POWER Corp.		46,262
	382	e Tec E&C Ltd.		52,001
	153	E1 Corp.		8,938
	14,440	Easy Bio, Inc.		103,395
	3,279	Elentec Co. Ltd.(c)		11,215
	6,808	EM-Tech Co. Ltd.		107,695
	2,881	ENF Technology Co. Ltd.		45,139
	555	Eo Technics Co. Ltd.		38,910
	15,659	Eugene Corp.		118,060
	36,140	Eugene Investment & Securities Co. Ltd.(c)		126,078
	2,077	Eusu Holdings Co. Ltd.(c)		13,229
	3,297	EVERDIGM Corp.		31,349
	1,101	Exicon Co. Ltd.		11,016
	936	F&F Co. Ltd.		38,142
	3,794	Farmsco		42,004
	35,290	Farmstory Co. Ltd.(c)		47,542
	6,206	Feelingk Co. Ltd.(c)		19,467
	1,180	Fila Korea Ltd.		143,328
	3,868	Fine Semitech Corp.		19,591
	7,435	Foosung Co. Ltd.(c)		65,027
	452	Gamevil, Inc.(c)		25,236
	520	Gaon Cable Co. Ltd.		13,129
	404	Geumhwa PSC Co. Ltd.		13,810
	2,685	GMB Korea Corp.		20,223
	7,372	GNCO Co. Ltd.(c)		19,925
	696	Golfzon Co. Ltd.		29,089
	4,062	GOLFZONNEWDIN Co. Ltd.		20,993
	3,647	Grand Korea Leisure Co. Ltd.		92,725
	15,368	Green Cross Corp.		3,102,446
	3,228	Green Cross Holdings Corp.		114,904
	109,766	GS Engineering & Construction Corp.		4,166,641
	17,664	GS Global Corp.		65,523
	15,069	GS Holdings Corp.		862,569
	3,508	GS Retail Co. Ltd.		121,866
	1,861	G-SMATT GLOBAL Co. Ltd.(c)		19,978
	3,231	Halla Holdings Corp.		154,700
	5,493	Han Kuk Carbon Co. Ltd.		30,691

Shares			Value
SOUTH KOREA (continued)
	86,418	Hana Financial Group, Inc.	$	3,839,830
	3,827	Hana Micron, Inc.(c)		18,049
	1,039	Hana Tour Service, Inc.		114,806
	1,128	Hancom MDS, Inc.		18,297
	3,787	Hancom, Inc.		55,882
	174	Handok, Inc.		5,313
	7,271	Handsome Co. Ltd.		225,689
	1,590	Hanil Cement Co. Ltd.		246,932
	11,706	Hanjin Heavy Industries & Construction Co. Ltd.(c)		36,864
	5,472	Hanjin Kal Corp.		124,480
	975	Hanjin Transportation Co. Ltd.		23,433
	1,696	Hankook Cosmetics Co. Ltd.(c)		28,462
	38	Hankook Shell Oil Co. Ltd.		11,849
	680	Hankuk Paper Manufacturing Co. Ltd.		15,173
	857	Hanmi Pharm Co. Ltd.		371,001
	874	Hanmi Science Co. Ltd.		63,252
	3,807	Hanmi Semiconductor Co. Ltd.		37,190
	2,383	Hanmiglobal Co. Ltd.		22,887
	5,194	Hanon Systems		52,749
	1,441	Hans Biomed Corp.		39,991
	882	Hansae Co. Ltd.		18,606
	7,442	Hansae Yes24 Holdings Co. Ltd.		76,950
	1,819	Hanshin Construction Co. Ltd.		39,434
	5,869	Hanshin Machinery Co.		19,108
	966	Hansol Chemical Co. Ltd.		63,646
	29,704	Hansol HomeDeco Co. Ltd.		47,201
	8,608	Hansol Paper Co. Ltd.		138,152
	4,293	Hansol Technics Co. Ltd.(c)		48,685
	662	Hanssem Co. Ltd.		72,020
	39,670	Hanwha Chemical Corp.		1,066,425
	25,115	Hanwha Corp.		933,771
	195	Hanwha Galleria Timeworld Co. Ltd.(c)		9,465
	34,520	Hanwha General Insurance Co. Ltd.		241,368
	28,818	Hanwha Investment & Securities Co. Ltd.(c)		86,298
	74,805	Hanwha Life Insurance Co. Ltd.		434,693
	4,141	Hanwha Techwin Co. Ltd.(c)		92,826
	1,540	Hanyang Eng Co. Ltd.		20,219
	1,616	Hanyang Securities Co. Ltd.		11,805
	11,947	HB Technology Co. Ltd.		30,705
	1,738	HDC Hyundai Engineering Plastics Co. Ltd.		10,963
	7,210	Heungkuk Fire & Marine Insurance Co., Ltd.(c)		38,523
	4,256	Hite Jinro Co. Ltd.		86,583
	3,034	HMC Investment Securities Co. Ltd.		33,347
	2,579	Hotel Shilla Co. Ltd.		277,404
	5,644	HS Industries Co. Ltd.		45,000
	2,585	Huchems Fine Chemical Corp.		64,176
	904	Humedix Co. Ltd.		33,447
	711	Huons Co. Ltd.		80,646

48

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	2,804	Huons Global Co. Ltd.	$	186,563
	3,840	Huvis Corp.		48,252
	1,889	Huvitz Co. Ltd.		21,192
	5,630	Hwangkum Steel & Technology Co. Ltd.		64,281
	5,485	Hwasung Industrial Co. Ltd.		84,485
	3,670	Hy-Lok Corp.		94,512
	4,688	Hyosung Corp.		573,532
	2,903	Hyundai BNG Steel Co. Ltd.		35,044
	15,052	Hyundai Construction Equipment Co. Ltd.(c)		2,655,966
	20,706	Hyundai Department Store Co. Ltd.		1,996,534
	17,020	Hyundai Development Co-Engineering & Construction		739,411
	13,144	Hyundai Electric & Energy System Co. Ltd.(c)		1,153,083
	2,902	Hyundai Elevator Co. Ltd.		280,372
	120,780	Hyundai Engineering & Construction Co. Ltd.		7,152,989
	2,165	Hyundai Glovis Co. Ltd.		340,226
	5,082	Hyundai Greenfood Co. Ltd.		72,986
	3,594	Hyundai Livart Furniture Co. Ltd.		81,304
	34,970	Hyundai Marine & Fire Insurance Co. Ltd.		1,249,377
	13,542	Hyundai Merchant Marine Co. Ltd.(c)		76,346
	1,752	Hyundai Rotem Co. Ltd.(c)		43,695
	2,241	Hyundai Wia Corp.		112,233
	1,724	ICD Co. Ltd.		15,711
	28,243	IHQ, Inc.(c)		56,150
	755	Il Dong Pharmaceutical Co. Ltd.		17,482
	1,001	Iljin Diamond Co. Ltd.		20,993
	2,212	Iljin Electric Co. Ltd.		12,692
	7,945	Iljin Holdings Co. Ltd.(c)		38,923
	3,445	Iljin Materials Co. Ltd.		106,774
	403	Ilshin Spinning Co. Ltd.		39,556
	7,634	IM Co. Ltd.(c)		20,455
	1,210	iMarketKorea, Inc.		10,231
	1,171	InBody Co. Ltd.		46,952
	191,576	Industrial Bank of Korea		3,004,261
	3,473	Initech Co. Ltd.		28,098
	1,372	Innocean Worldwide Inc.		85,061
	2,134	Innox Advanced Materials Co., Ltd.(c)		133,799
	4,028	Insun ENT Co. Ltd.(c)		29,899
	2,632	Interflex Co. Ltd.(c)		46,800
	1,420	Interojo Co. Ltd.		47,016
	10,896	Interpark Holdings Corp.		35,677
	3,114	IS Dongseo Co. Ltd.		94,945
	1,405	ISC Co. Ltd.		20,204
	5,011	ISU Chemical Co. Ltd.		62,054
	5,556	IsuPetasys Co. Ltd.		21,344
	1,973	J.ESTINA Co. Ltd.		18,792

Shares			Value
SOUTH KOREA (continued)
	1,265	Jastech Ltd.	$	15,444
	52,431	JB Financial Group Co. Ltd.		300,294
	6,109	Jcontentree Corp.(c)		41,708
	861	Jeju Air Co. Ltd.		39,149
	2,274	Jinsung T.E.C.		24,042
	5,350	Jusung Engineering Co. Ltd.		50,930
	522	JVM Co. Ltd.		23,278
	2,519	JW Holdings Corp.		20,293
	1,258	JW Pharmaceutical Corp.		48,660
	4,489	JYP Entertainment Corp.(c)		89,466
	3,913	Kangwon Land, Inc.		105,559
	2,895	Kaon Media Co. Ltd.		26,458
	64,935	KB Financial Group Inc.		3,689,287
	2,623	KC Co. Ltd.		50,065
	2,305	KC Tech Co. Ltd.		45,431
	48,073	KEC Corp.		58,716
	1,953	KEPCO Engineering & Construction Co., Inc.		67,166
	3,003	Keyang Electric Machinery Co. Ltd.		13,577
	8,084	KEYEAST Co. Ltd.(c)		20,242
	2,361	KG Chemical Corp.		62,345
	7,458	KG Eco Technology Service Co. Ltd.		31,236
	4,404	Kginicis Co. Ltd.		95,751
	4,335	KGMobilians Co. Ltd.		37,520
	848	KISCO Corp.		30,409
	533	KISCO Holdings Co. Ltd.		35,482
	680	Kishin Corp.(c)		2,868
	3,382	KISWIRE Ltd.		92,747
	2,226	KIWOOM Securities Co. Ltd.		244,337
	6,735	KMH Co. Ltd.(c)		52,146
	18,872	Kodaco Co. Ltd.		53,925
	1,319	Koh Young Technology, Inc.		125,251
	1,469	Kolmar BNH Co. Ltd.		42,424
	8,408	Kolon Industries, Inc.		535,694
	1,741	Kolon Plastic, Inc.		12,601
	2,353	Korea Alcohol Industrial Co. Ltd.		21,464
	4,502	Korea Asset In Trust Co. Ltd.		26,034
	5,221	Korea Autoglass Corp.		81,739
	2,160	Korea Cast Iron Pipe Industries Co. Ltd.(c)		28,591
	3,419	Korea Circuit Co. Ltd.(c)		26,980
	2,568	Korea Electric Terminal Co. Ltd.		121,608
	1,087	Korea Gas Corp.(c)		55,560
	4,846	Korea Information & Communications Co. Ltd.(c)		57,916
	9,533	Korea Investment Holdings Co. Ltd.		805,266
	1,117	Korea Kolmar Co. Ltd.		85,189
	1,588	Korea Kolmar Holdings Co. Ltd.		84,646
	5,252	Korea Line Corp.(c)		139,797
	618	Korea PetroChemical Ind Co. Ltd.		158,133

49

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	7,963	Korea Real Estate Investment & Trust Co. Ltd.	$	22,860
	1,632	Korea United Pharm, Inc.		43,069
	17,345	Korean Air Lines Co. Ltd.		551,237
	42,800	Korean Reinsurance Co.		471,553
	2,714	Kortek Corp.		42,167
	1,183	KPX Chemical Co. Ltd.		66,431
	2,793	KSS LINE Ltd.		21,966
	5,046	KT Skylife Co. Ltd.		58,829
	10,044	Kt Submarine Co. Ltd.		49,064
	12,081	KTB Investment & Securities Co. Ltd.(c)		73,901
	3,749	KTCS Corp.		8,158
	4,664	Ktis Corp.		12,568
	700	Kukdo Chemical Co. Ltd.		45,286
	1,376	Kumho Industrial Co. Ltd.		16,929
	3,137	Kumho Petrochemical Co. Ltd.		313,724
	14,116	Kumho Tire Co. Inc.(c)		81,348
	8,836	Kwang Dong Pharmaceutical Co. Ltd.		75,868
	10,229	Kwangju Bank		106,836
	1,092	Kyeryong Construction Industrial Co. Ltd.(c)		19,643
	4,466	Kyobo Securities Co. Ltd.		43,111
	1,118	Kyongbo Pharmaceutical Co. Ltd.		14,674
	682	Kyung Dong Navien Co. Ltd.		37,833
	2,747	Kyungbang Ltd.		38,299
	1,746	Kyungdong Pharm Co. Ltd.(b)		40,787
	8,473	Kyung-In Synthetic Corp.		45,313
	12,520	LB Semicon, Inc.(c)		28,277
	7,239	Leadcorp Inc (The)		44,535
	5,650	Lee Ku Industrial Co. Ltd.		13,049
	1,206	LEENO Industrial, Inc.		64,423
	9,257	LF Corp.		243,440
	42,525	LG Electronics, Inc.		4,032,169
	1,813	LG Hausys Ltd.		137,809
	3,488	LG Innotek Co. Ltd.		376,093
	10,592	LG International Corp.		261,032
	29,061	LG Uplus Corp.		332,699
	1,098	LIG Nex1 Co. Ltd.		40,503
	1,596	LMS Co. Ltd./South Korea		11,733
	1,768	Lock & Lock Co. Ltd.		38,900
	1,167	Loen Entertainment, Inc.		97,501
	7	Lotte Chilsung Beverage Co. Ltd.		10,611
	825	Lotte Corp.(c)		50,125
	2,654	LOTTE Fine Chemical Co. Ltd.		168,988
	39	Lotte Food Co. Ltd.		27,141
	3,512	LOTTE Himart Co. Ltd.		244,034
	41,858	Lotte Non-Life Insurance Co. Ltd.		120,636
	7,553	LS Corp.		547,664
	4,601	LS Industrial Systems Co. Ltd.		293,780
	7,860	Lumens Co. Ltd.(c)		29,228

Shares			Value
SOUTH KOREA (continued)
	14,408	Macquarie Korea Infrastructure Fund	$	120,682
	867	Macrogen, Inc.(c)		35,403
	2,148	Maeil Holdings, Co. Ltd.		32,208
	762	Mando Corp.		161,214
	639	Medy-Tox, Inc.		415,303
	16,916	Meritz Financial Group, Inc.		220,240
	11,185	Meritz Fire & Marine Insurance Co. Ltd.		218,619
	87,432	Meritz Securities Co. Ltd.		337,549
	3,448	META BIOMED Co. Ltd.		16,880
	7,104	MiCo Ltd.(c)		31,793
	1,302	Minwise Co. Ltd.		29,312
	35,221	Mirae Asset Life Insurance Co. Ltd.		179,647
	9,524	Mobase Co. Ltd.		41,365
	2,127	Modetour Network, Inc.		73,538
	9,910	Moorim P&P Co. Ltd.		60,581
	2,624	Muhak Co. Ltd.		41,534
	2,496	Namhae Chemical Corp.		42,329
	1,026	Neopharm Co. Ltd.		56,415
	5,428	NEPES Corp.		43,852
	12,127	Nexen Corp.		81,535
	12,832	Nexen Tire Corp.		144,620
	35,520	NH Investment & Securities Co. Ltd.		512,568
	3,634	NHN KCP Corp.(c)		50,690
	3,584	NICE Holdings Co. Ltd.		66,554
	664	Nice Information & Telecommunication, Inc.		15,695
	5,313	NICE Information Service Co. Ltd.		49,184
	3,498	NICE Total Cash Management Co. Ltd.		42,259
	4,876	NK Co. Ltd.(c)		10,280
	754	Nong Shim Holdings Co. Ltd.		74,995
	1,577	Nong Woo Bio Co. Ltd.		28,050
	728	NongShim Co. Ltd.		220,038
	454	Noroo Holdings Co. Ltd.		6,786
	3,414	Noroo Paint & Coatings Co. Ltd.		28,321
	2,740	NPC		13,898
	6,272	NS Shopping Co. Ltd.		82,040
	39,620	OCI Co. Ltd.		5,743,338
	3,811	OPTRON-TEC, Inc.(c)		21,847
	1,331	Orion Corp./Republic Of Korea		154,508
	16,386	Orion Holdings, Corp.		374,236
	2,075	Osstem Implant Co. Ltd.(c)		106,359
	199	Ottogi Corp.		147,571
	4,424	Paik Kwang Industrial Co. Ltd.		14,128
	35,393	Pan Ocean Co. Ltd.(c)		180,724
	5,134	Pan-Pacific Co. Ltd.(c)		15,951
	5,362	Paradise Co. Ltd.		116,366
	9,743	Partron Co. Ltd.		76,296
	15,667	Paru Co. Ltd.(c)		53,542
	765	Pharma Research Products Co. Ltd.		34,959

50

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments- (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	8,309	Poongsan Corp.	$	294,722
	776	POSCO Chemtech Co. Ltd.		26,428
	898	POSCO Coated & Color Steel Co. Ltd.		22,705
	8,282	Posco Daewoo Corp.		173,843
	4,494	Posco ICT Co. Ltd.		29,279
	15,195	Power Logics Co. Ltd.(c)		65,348
	1,912	Protec Co. Ltd.		34,010
	4,647	PSK, Inc.		99,713
	180	Pulmuone Co. Ltd.		25,135
	4,584	Pyeong Hwa Automotive Co. Ltd.		44,773
	6,447	Redrover Co. Ltd.(c)		20,669
	5,481	S&S Tech Corp.		22,823
	1,897	S&T Motiv Co. Ltd.		58,096
	1,685	S-1 Corp.		154,516
	854	Sajo Industries Co. Ltd.		56,364
	1,443	Sam Chun Dang Pharm Co. Ltd.		62,192
	577	Sam Kwang Glass Co. Ltd.		23,363
	422	Sam Yung Trading Co. Ltd.		6,902
	163	Samchully Co. Ltd.		16,994
	5,492	Samick Musical Instruments Co. Ltd.		12,982
	1,305	Samick THK Co. Ltd.		21,175
	6,581	Samji Electronics Co. Ltd.		84,493
	2,001	Samjin Pharmaceutical Co. Ltd.		83,423
	3,500	Sammok S-Form Co. Ltd.		50,727
	6,651	Samsung Card Co. Ltd.		231,933
	35,835	Samsung Electro-Mechanics Co. Ltd.		3,934,928
	266,551	Samsung Engineering Co. Ltd.(c)		4,439,344
	72,495	Samsung Heavy Industries Co. Ltd.(c)		495,556
	6,903	Samsung Pharmaceutical Co. Ltd.(c)		25,161
	14,755	Samsung SDI Co. Ltd.		2,512,479
	20,997	Samsung SDS Co. Ltd.		4,769,223
	15,164	Samsung Securities Co. Ltd.		521,538
	11,879	SAMT Co. Ltd.		22,012
	2,242	Samwha Capacitor Co. Ltd.		134,582
	748	Samyang Corp.		62,318
	426	Samyang Foods Co. Ltd.		35,621
	1,036	Samyang Holdings, Corp.		107,255
	2,726	Sang-A Frontec Co. Ltd.		40,058
	10,570	Savezone I&C Corp.		43,771
	5,185	SBS Media Holdings Co. Ltd.(c)		14,317
	6,080	Seah Besteel Corp.		153,225
	485	SeAH Holdings Corp.		62,377
	690	SeAH Steel Corp.		60,055
	3,601	Sebang Co. Ltd.		44,715
	3,398	Sebang Global Battery Co. Ltd.		103,264
	1,617	Sebo Manufacturing Engineer Corp.		18,496
	1,705	Sejong Industrial Co. Ltd.		12,529
	37,034	Sejong Telecom, Inc.(c)		22,069

Shares			Value
SOUTH KOREA (continued)
	2,885	Sekonix Co. Ltd.(c)	$	26,793
	3,747	Seobu T&D(c)		36,808
	15,728	Seohan Co. Ltd.		37,802
	21,957	Seohee Construction Co. Ltd.		25,494
	8,526	Seoul Semiconductor Co. Ltd.		150,265
	3,508	Seowonintech Co. Ltd.		22,728
	5,267	Seoyon E-Hwa Co. Ltd.		40,601
	5,182	SFA Engineering Corp.		156,646
	21,427	SFA Semicon Co. Ltd.(c)		47,037
	20,189	SG Corp.(c)		16,422
	8,409	SH Energy & Chemical Co. Ltd.		13,187
	2,153	Shinsegae Co. Ltd.		835,651
	464	Shinsegae Engineering & Construction Co. Ltd.		16,063
	166	Shinsegae Food Co. Ltd.		23,327
	802	Shinsegae Information & Communication Co. Ltd.		122,282
	13,628	Shinsung E&G Energy Co. Ltd.(c)		20,401
	17,022	Shinsung Tongsang Co. Ltd.(c)		20,197
	4,524	Showbox Corp.		22,579
	36,517	Signetics Corp.(c)		52,496
	3,938	Silicon Works Co. Ltd.		137,567
	1,079	SIMMTECH Co. Ltd.		8,139
	642	SK Bioland Co. Ltd.		12,481
	3,052	SK Chemicals Co. Ltd.(c)		288,139
	2,843	SK Discovery Co. Ltd.		113,004
	1,744	SK Gas Ltd.		152,902
	869	SK Materials Co. Ltd.		124,805
	425,314	SK Networks Co. Ltd.		2,230,157
	76,121	SK Securities Co. Ltd.(c)		85,782
	5,553	SKC Co. Ltd.		196,706
	4,458	SKC Solmics Co. Ltd.(c)		20,140
	1,591	SKCKOLONPI, Inc.		63,907
	4,287	SL Corp.		88,721
	1,105	SM Entertainment Co.(c)		36,723
	3,546	Songwon Industrial Co. Ltd.		95,385
	2,069	Soulbrain Co. Ltd.		113,527
	15,386	Ssangyong Cement Industrial Co. Ltd.		429,169
	2,143	Ssangyong Motor Co.(c)		10,097
	1,302	Suheung Co. Ltd.		41,351
	5,080	Sung Kwang Bend Co. Ltd.		59,457
	11,506	Sungchang Enterprise Holdings Ltd.(c)		32,756
	3,961	Sungdo Engineering & Construction Co. Ltd.		26,759
	7,382	Sungshin Cement Co. Ltd.(c)		65,411
	20,469	Sungwoo Hitech Co. Ltd.		112,760
	2,525	Sunjin Co. Ltd.(c)		37,898
	67	Suprema, Inc.(c)		1,359
	5,699	Synopex, Inc.(c)		20,200
	2,784	Systems Technology, Inc.		48,123
	6,520	Tae Kyung Industrial Co. Ltd.		34,475
	210	Taekwang Industrial Co. Ltd.		255,232

51

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SOUTH KOREA (continued)
	21,432	Taeyoung Engineering & Construction Co. Ltd.	$	233,227
	3,328	Taihan Fiberoptics Co. Ltd.(c)		22,217
	8,575	TBH Global Co. Ltd. (The)(c)		55,624
	2,118	Techwing, Inc.		36,081
	1,053	Tera Semicon Co. Ltd.		19,367
	1,108	TES Co Ltd.		31,006
	8,316	Texcell-Netcom Co. Ltd.(c)		168,104
	2,262	Thinkware Systems Corp.(c)		21,742
	16,250	TK Chemical Corp.(c)		33,032
	753	Tokai Carbon Korea Co. Ltd.		44,857
	11,084	Tong Yang Moolsan Co. Ltd.		28,679
	6,685	Tongyang Cement & Energy Corp.		34,906
	4,967	Top Engineering Co. Ltd.		33,136
	1,942	Toptec Co. Ltd.(c)		48,026
	7,156	Tovis Co. Ltd.		58,323
	4,207	UIL Co. Ltd.		24,122
	3,120	Unid Co. Ltd.		162,667
	4,676	Union Semiconductor Equipment & Materials Co. Ltd.		39,712
	7,804	Unison Co. Ltd.(c)		21,347
	2,607	UniTest, Inc.		38,341
	1,674	Value Added Technologies Co. Ltd.		62,275
	1,227	Viatron Technologies, Inc.		15,826
	2,268	Visang Education, Inc.		21,563
	4,146	Vitzrocell Co. Ltd.(a)(b)(c)		8,796
	1,916	Webzen Inc(c)		50,571
	3,260	Whanin Pharmaceutical Co. Ltd.		65,416
	12,292	Willbes & Co. (The)(c)		21,681
	1,200	Winix, Inc.		21,858
	4,704	WiSoL Co. Ltd.		60,039
	8,940	Wonik Holdings Corp.(c)		55,971
	1,674	Wonik IPS Co. Ltd.		53,218
	411	Wonik Materials Co. Ltd.(c)		23,122
	2,740	Wonik QnC Corp.(c)		36,369
	12,035	Woongjin Co. Ltd.(c)		50,715
	4,201	Woongjin Thinkbig Co. Ltd.		27,738
	195,999	Woori Bank		2,926,158
	37,340	Woori Investment Bank Co. Ltd.(c)		21,245
	3,901	Wooshin Systems Co. Ltd.		27,114
	4,055	Y G-1 Co. Ltd.		61,189
	3,685	Yearimdang Publishing Co. Ltd.(c)		39,378
	2,162	Youlchon Chemical Co. Ltd.		33,443
	49	Young Poong Corp.		38,646
	11,398	Youngone Corp.		318,080
	2,002	Youngone Holdings Co. Ltd.		100,312
	16,555	Yuanta Securities Korea Co. Ltd.(c)		69,884
	943	Yuhan Corp.		201,430
	6,279	Yungjin Pharmaceutical Co. Ltd.(c)		50,081

Shares			Value
SOUTH KOREA (continued)
	2,552	Zeus Co. Ltd.	$	36,866
				113,421,966
SPAIN — 0.4%
	22,780	Acciona SA		1,905,461
	60,681	Acerinox SA		852,174
	65,345	ACS Actividades de Construccion y Servicios SA		2,753,946
	17,364	Almirall SA		215,837
	33,799	Applus Services SA		456,714
	12,806	Atresmedia Corp. de Medios de Comunicaion SA		119,941
	2,752	Azkoyen SA		26,874
	1,482,369	Banco de Sabadell SA		2,900,828
	59,752	Banco Popular Espanol SA(a)		0
	143,492	Bankinter SA		1,499,653
	895	Baron de Ley(c)		121,287
	16,407	Bolsas y Mercados Espanoles SHMSF SA		575,040
	20,024	Caja de Ahorros del Mediterraneo(a)(b)(c)		0
	35,477	Cellnex Telecom SA		951,465
	6,043	Cia de Distribucion Integral Logista Holdings SA		135,903
	15,715	Cie Automotive SA		587,456
	25,895	Cominar Real Estate Investment Trust, REIT		300,897
	4,520	Construcciones y Auxiliar de Ferrocarriles SA		216,763
	163,372	Deoleo SA(c)		35,057
	129,987	Distribuidora Internacional de Alimentacion SA		602,385
	23,741	Ebro Foods SA		572,510
	86,329	EDP Renovaveis SA		829,015
	22,694	eDreams ODIGEO SA(c)		103,743
	15,183	Elecnor SA		238,099
	86,581	Enagas SA		2,516,559
	67,086	Ence Energia y Celulosa SA		517,562
	90,277	Ercros SA		460,842
	35,660	Euskaltel SA		330,646
	28,358	Faes Farma SA		115,136
	9,353	Fluidra SA		135,354
	8,488	Fomento de Construcciones y Contratas SA(c)		109,386
	16,692	Grupo Catalana Occidente SA		734,976
	47,660	Grupo Ezentis SA(c)		41,976
	1,905	Iberpapel Gestion SA		75,805
	25,809	Indra Sistemas SA(c)		356,653
	1,502	Laboratorios Farmaceuticos Rovi SA		30,638
	438,123	Liberbank SA(c)		250,601
	598,935	Mapfre SA		2,077,693
	46,589	Mediaset Espana Comunicacion SA		445,864
	20,767	Melia Hotels International SA		308,770
	3,643	Miquel y Costas & Miquel SA		146,755
	50,547	NH Hotel Group SA		389,735

52

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SPAIN (continued)
	44,830	Obrascon Huarte Lain SA(c)	$	209,028
	25,893	Papeles y Cartones de Europa SA		501,030
	9,982	Pharma Mar SA(c)		19,481
	1,765	Prim SA		25,552
	31,611	Prosegur Cia de Seguridad SA		238,954
	13,630	Quabit Inmobiliaria SA(c)		31,743
	28,335	Red Electrica Corp. SA		590,229
	124,916	Sacyr SA		358,354
	13,396	Saeta Yield SA		199,188
	34,580	Siemens Gamesa Renewable Energy SA		592,167
	5,485	Solaria Energia y Medio Ambiente SA(c)		22,719
	32,524	Talgo SA		198,713
	2,197	Tecnicas Reunidas SA		70,815
	30,529	Tubacex SA(c)		130,269
	38,173	Tubos Reunidos SA(c)		18,584
	4,430	Vidrala SA		464,596
	8,488	Viscofan SA		562,506
	34,839	Vocento SA(c)		57,868
	39,000	Zardoya Otis SA		398,057
				29,735,852
SWEDEN — 0.9%
	197,170	AAK AB		17,400,108
	1,484	AcadeMedia AB(c)		9,865
	28,539	Acando AB		96,138
	3,798	Addlife AB		79,465
	6,191	AddNode Group AB		58,412
	12,819	AddTech AB - Class B		266,200
	697,344	AF AB - B Shares(b)		14,508,576
	2,705	Ahlsell AB		16,152
	11,378	Ahlstrom-Munksjo Oyj		226,820
	4,896	Alimak Group AB		72,404
	42,592	Arjo AB - B Shares(c)		126,180
	3,189	Atrium Ljungberg AB - Class B		50,435
	8,458	Attendo AB		85,895
	2,983	Avanza Bank Holding AB		140,225
	19,917	Axfood AB		370,027
	4,430	BE Group AB(c)		26,523
	5,500	Beijer Alma AB		157,921
	11,658	Beijer Ref AB		179,156
	7,695	Bergman & Beving AB - Class B		79,969
	44,970	Betsson AB		320,347
	35,606	Bilia AB - A Shares		293,558
	78,125	BillerudKorsnas AB		1,147,939
	2,871	BioGaia AB - Class B		137,858
	8,156	Biotage AB		83,406
	3,705	Bjorn Borg AB		10,779
	1,799	Bonava AB		21,553
	53,125	Bonava AB - Class B		644,893
	13,877	Bravida Holding AB		99,383
	13,752	Bufab AB		185,511
	7,831	Bulten AB		99,127

Shares			Value
SWEDEN (continued)
	33,716	Byggmax Group AB	$	178,972
	21,585	Castellum AB		348,915
	1,272	Catena AB		25,063
	7,218	Clas Ohlson AB - Class B		78,953
	78,435	Cloetta AB - B Shares		280,710
	5,320	Collector AB(c)		38,513
	30,492	Com Hem Holding AB		528,104
	4,799	Coor Service Management Holding AB		33,238
	1,200	Dedicare AB - Class B		8,417
	5,878	Dios Fastigheter AB		37,292
	42,657	Dometic Group AB		408,271
	13,750	Doro AB(c)		68,760
	15,850	Duni AB		215,181
	8,279	Dustin Group AB		69,272
	2,456	Eastnine AB		26,573
	2,137	Elanders AB - B Shares		17,911
	37,905	Elekta AB - Class B		429,760
	4,800	Eltel AB(c)		13,858
	2,635	Enea AB		24,889
	1,232	eWork Group AB		12,402
	24,718	Fabege AB		284,601
	6,669	Fagerhult AB		68,050
	8,150	Fastighets AB Balder - Class B(c)		209,960
	999	FastPartner AB		17,339
	42,592	Getinge AB - B Shares		396,831
	42,380	Granges AB		592,839
	27,379	Gunnebo AB		94,495
	3,932	Haldex AB(c)		42,231
	12,523	Hemfosa Fastigheter AB		155,124
	49,658	Hexpol AB		513,865
	5,834	HIQ International AB		47,214
	32,292	Holmen AB		796,231
	9,802	Hufvudstaden AB - Class A		143,853
	19,749	Indutrade AB		465,759
	18,630	Intrum Justitia AB		494,381
	10,171	Inwido AB		88,537
	4,575	ITAB Shop Concept AB - Class B		20,593
	30,789	JM AB		609,140
	43,237	KappAhl AB		125,322
	8,338	Karo Pharma AB		30,765
	33,241	Klovern AB - B Shares		41,479
	6,404	KNOW IT AB		130,403
	16,156	Kungsleden AB		114,574
	8,118	Lagercrantz Group AB - B Shares		76,234
	3,734	Lifco AB - B Shares		135,598
	27,257	Lindab International AB		210,376
	31,407	Loomis AB - Class B		1,143,744
	11,667	Mekonomen AB		178,331
	31,113	Modern Times Group MTG AB - Class B		1,222,829
	7,695	Momentum Group AB - Class B(c)		86,448

53

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SWEDEN (continued)
	8,390	MQ Holding AB	$	14,521
	13,849	Mycronic AB		159,008
	19,291	NCC AB - Class B		355,338
	2,159	Nederman Holding AB		66,309
	66,395	Net Insight AB - Class B(c)		31,865
	33,902	NetEnt AB		193,384
	27,131	New Wave Group AB - Class B		161,074
	41,644	Nibe Industrier AB - Class B		424,309
	36,245	Nobia AB		285,130
	32,613	Nobina AB		214,025
	7,901	Nolato AB - B Shares		593,287
	1,900	Nordic Waterproofing Holding AS		15,921
	556	OEM International AB - B Shares		11,724
	175,440	Opus Group AB		141,326
	117,641	Peab AB		1,041,518
	2,570	Platzer Fastigheter Holding AB - Class B		17,212
	37,175	Pricer AB - B Shares		35,671
	2,279	Proact IT Group AB		42,812
	38,765	Qliro Group AB(c)		46,912
	58,478	Ratos AB - B Shares		230,738
	2,630	Raysearch Laboratories AB(c)		39,200
	8,060	Recipharm AB - B Shares		109,165
	1,829	Resurs Holding AB		11,784
	22,978	Rottneros AB		25,704
	8,304	Saab AB - Class B		339,883
	166	Sagax AB - Class B		1,942
	61,478	SAS AB(c)		153,425
	23,896	Scandi Standard AB		163,844
	8,472	Scandic Hotels Group AB		83,390
	3,644	Sectra AB - B Shares		80,440
	7,592	Semcon AB		48,373
	11,351	SkiStar AB		234,053
	31,885	SSAB AB - A Shares(c)		179,038
	147,413	SSAB AB - B Shares(c)		663,485
	69,161	SSAB AB - Class A(c)		391,038
	176,772	SSAB AB - Class B(c)		799,764
	13,247	Sweco AB - Class B		269,803
	18,817	Swedish Orphan Biovitrum AB(c)		404,228
	11,141	Swedol AB - Class B(c)		40,446
	3,229	Systemair AB		42,689
	3,843	Thule Group AB		88,818
	4,188	Tobii AB(c)		17,278
	866	Troax Group AB		26,715
	9,116	Victoria Park AB - B Shares		37,430
	2,479	Vitrolife AB		181,476
	15,269	Wallenstam AB		136,792
	6,462	Wihlborgs Fastigheter AB		149,755
				57,179,067
SWITZERLAND — 1.4%
	4,983	Allreal Holding AG		819,253
	3,034	ALSO Holding AG		373,823

Shares			Value
SWITZERLAND (continued)
	276	APG SGA SA	$	113,291
	15,516	Arbonia AG(c)		276,010
	32,020	Aryzta AG(c)		674,851
	11,073	Ascom Holding AG		221,548
	1,100	Autoneum Holding AG		288,036
	275	Bachem Holding AG - Class B		35,265
	39,725	Baloise Holding AG		6,296,607
	640	Bank Cler AG		27,109
	554	Banque Cantonale de Geneve		103,957
	1,397	Banque Cantonale Vaudoise		1,113,345
	424	Barry Callebaut AG		761,198
	1,131	Belimo Holding AG		4,670,043
	715	Bell Food Group AG		280,870
	3,500	Bellevue Group AG		82,358
	1,224	Berner Kantonalbank AG		229,006
	987	BKW AG		64,329
	2,740	Bobst Group SA		292,326
	1,166	Bossard Holding AG		238,945
	3,259	Bucher Industries AG		1,194,371
	20,499	Burckhardt Compression Holding AG		6,651,795
	232	Burkhalter Holding AG		21,809
	1,767	Calida Holding AG		64,334
	111	Carlo Gavazzi Holding AG		37,814
	12,616	Cavotec SA		35,378
	13,226	Cembra Money Bank AG		1,121,080
	178	Cham Group AG		79,066
	699	Cicor Technologies(c)		41,583
	539	Cie Financiere Tradition SA		57,317
	133,112	Clariant AG		3,072,933
	638	Coltene Holding AG		59,390
	203	Conzzeta AG		258,783
	25,226	Daetwyler Holding AG		4,811,678
	3,583	DKSH Holding AG		287,358
	821	dormakaba Holding AG		635,053
	9,998	Dufry AG(c)		1,414,097
	2,785	EDAG Engineering Group AG		53,236
	38,356	EFG International AG		311,568
	1,177	Emmi AG		949,447
	2,219	Energiedienst Holding AG		57,605
	721	Feintool International Holding AG		82,225
	554	Fenix Outdoor International AG		66,860
	46,077	Ferrexpo Plc		149,183
	7,573	Flughafen Zuerich AG		1,581,473
	291	Forbo Holding AG		407,053
	61,396	GAM Holding AG		980,017
	2,355	Georg Fischer AG		2,927,399
	228	Gurit Holding AG		193,591
	3,618	Helvetia Holdings AG		2,149,134
	3,758	Highlight Communications AG		25,416
	491	HOCHDORF Holding AG		137,855
	4,911	Huber & Suhner AG		280,502
	12	Hypothekarbank Lenzburg AG		54,244
	7,940	Implenia AG		606,108

54

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
SWITZERLAND (continued)
	338	Inficon Holding AG	$	202,374
	136	Interroll Holding AG		225,311
	104	Intershop Holding AG		51,911
	100,579	IWG Plc		341,654
	578	Jungfraubahn Holding AG		95,641
	1,015	Kardex AG		142,609
	1,169	Komax Holding AG		321,329
	19,796	Kudelski SA		182,126
	74,031	Landis+Gyr Group AG(c)		5,564,123
	144	LEM Holding SA		227,392
	27,163	Logitech International SA		1,003,487
	1,064	Luzerner Kantonalbank AG		573,667
	725	MCH Group AG(c)		37,143
	74	Metall Zug AG - Class B		248,230
	16,431	Meyer Burger Technology AG(c)		20,390
	1,603	Mobilezone Holding AG		18,964
	2,383	Mobimo Holding AG(c)		615,498
	111,727	OC Oerlikon Corp AG		1,803,748
	1,963	Orascom Development Holding AG(c)		30,247
	5,837	Oriflame Holding AG		276,599
	2,566	Orior AG		212,280
	1,572	Panalpina Welttransport Holding AG		198,967
	288	Phoenix Mecano AG		194,351
	326	Plazza AG		74,681
	2,374	PSP Swiss Property AG		221,819
	1,778	Rieter Holding AG		343,338
	154	Romande Energie Holding SA		179,857
	95	Schaffner Holding AG		28,366
	272,660	Schmolz & Bickenbach AG(c)		219,485
	262	Schweiter Technologies AG		297,933
	3,784	SFS Group AG		425,459
	1,808	Siegfried Holding AG		628,245
	4,413	Sonova Holding AG		727,235
	861	St. Galler Kantonalbank AG		461,752
	1,913	Straumann Holding AG		1,298,596
	4,456	Sulzer AG		512,657
	18,875	Sunrise Communications Group AG		1,479,524
	8,799	Swiss Life Holding AG		3,078,056
	3,140	Swissquote Group Holding SA		177,276
	953	Tamedia AG		146,094
	1,410	Tecan Group AG		310,025
	77,407	Temenos Group AG		9,739,965
	235	Thurgauer Kantonalbank		24,536
	45,814	u-blox Holding AG		8,371,200
	6,050	Valiant Holding AG		726,468
	2,234	Valora Holding AG		747,243
	1,812	VAT Group AG		267,236
	437	Vaudoise Assurances Holding SA		238,008
	94	Vetropack Holding AG		193,256
	8,356	Vifor Pharma AG		1,318,671
	16,937	Von Roll Holding AG(c)		22,170

Shares			Value
SWITZERLAND (continued)
	14,574	Vontobel Holding AG	$	961,119
	60	VZ Holding AG		16,858
	679	Walter Meier AG		22,364
	1,680	Wizz Air Holdings Plc(c)		73,770
	331	Ypsomed Holding AG		50,220
	7,747	Zehnder Group AG		324,781
	61	Zug Estates Holding AG - B Shares		104,591
	34	Zuger Kantonalbank AG		212,420
				94,432,240
TAIWAN — 1.9%
	66,000	AcBel Polytech, Inc.		42,168
	71,000	Accton Technology Corp.		162,272
	4,636,878	Acer, Inc.		3,536,281
	66,000	Aces Electronic Co. Ltd.		58,236
	50,000	Acon Holding, Inc.(c)		11,470
	7,000	Acter Co. Ltd.		54,172
	16,000	Actron Technology Corp.		55,988
	3,000	Addcn Technology Co. Ltd.		25,979
	9,998	Adlink Technology, Inc.		20,502
	8,000	Advanced Ceramic X Corp.		67,848
	48,000	Advanced International Multitech Co. Ltd.		69,523
	26,000	Advanced Optoelectronic Technology, Inc.		24,918
	65,373	Advancetek Enterprise Co. Ltd.		43,424
	64,000	AGV Products Corp.(c)		16,198
	17,916	Airtac International Group		310,868
	9,000	All Ring Tech Co. Ltd.		19,214
	29,212	Alltek Technology Corp.		20,135
	11,000	Alltop Technology Co. Ltd.		22,450
	85,000	Alpha Networks, Inc.		57,019
	49,050	Altek Corp.		51,596
	44,000	Ambassador Hotel (The)		34,108
	18,000	AMPOC Far-East Co. Ltd.		15,661
	80,000	AmTRAN Technology Co. Ltd.		34,346
	13,000	Anpec Electronics Corp.		19,825
	20,000	Apacer Technology, Inc.		25,783
	26,000	APCB, Inc.		20,909
	14,000	Apex Biotechnology Corp.		14,236
	79,161	Apex International Co. Ltd.		56,337
	37,000	Arcadyan Technology Corp.		70,355
	165,872	Ardentec Corp.		186,570
	315,000	Asia Cement Corp.		336,161
	193,000	Asia Pacific Telecom Co. Ltd.(c)		57,230
	132,100	Asia Vital Components Co. Ltd.		119,838
	4,208	Asmedia Technology, Inc.		48,463
	4,000	ASPEED Technology, Inc.		114,216
	19,000	Aten International Co. Ltd.		62,733
	6,225,000	AU Optronics Corp.		2,566,916
	44,800	Audix Corp.		64,268
	24,291	AVY Precision Technology, Inc.		38,450
	13,000	Axiomtek Co. Ltd.		24,631
	100,278	Bank of Kaohsiung Co. Ltd.		31,661
	49,000	BenQ Materials Corp.(c)		28,495

55

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	174,350	BES Engineering Corp.	$	44,567
	11,000	Bothhand Enterprise, Inc.		25,310
	13,000	C Sun Manufacturing Ltd.		11,647
	9,000	Capital Futures Corp.		18,684
	316,781	Capital Securities Corp.		119,765
	140,446	Career Technology Manufacturing Co. Ltd.		205,679
	177,300	Cathay Real Estate Development Co. Ltd.		103,076
	22,000	Center Laboratories, Inc.(c)		52,311
	19,760	Central Reinsurance Co. Ltd.		12,608
	180,000	Chailease Holding Co. Ltd.		656,771
	26,000	ChainQui Construction Development Co. Ltd.		25,617
	1,730	Chang Wah Electromaterials, Inc.		8,572
	50,000	Channel Well Technology Co. Ltd.		50,014
	12,000	Chant Sincere Co. Ltd.		11,119
	30,185	Charoen Pokphand Enterprise		65,068
	14,000	CHC Healthcare Group		17,745
	13,000	CHC Resources Corp.		26,232
	15,000	Chen Full International Co. Ltd.		21,663
	22,000	Chenbro Micom Co. Ltd.		34,438
	230,920	Cheng Loong Corp.		131,023
	189,797	Cheng Uei Precision Industry Co. Ltd.		246,358
	36,000	Chenming Mold Industry Corp.		22,809
	13,000	Chian Hsing Forging Industrial Co. Ltd.		29,910
	125,649	Chicony Electronics Co. Ltd.		309,565
	30,150	Chicony Power Technology Co. Ltd.		53,717
	32,251	Chilisin Electronics Corp.		100,261
	76,000	Chimei Materials Technology Corp.(c)		27,585
	1,283,744	China Airlines Ltd.(c)		468,281
	209,000	China Bills Finance Corp.		101,955
	64,000	China Chemical & Pharmaceutical Co. Ltd.		43,812
	51,000	China Electric Manufacturing Corp.(c)		21,063
	73,444	China General Plastics Corp.		78,551
	277,374	China Life Insurance Co. Ltd.		300,519
	106,077	China Metal Products		110,240
	3,733,000	China Petrochemical Development Corp.(c)		1,634,794
	12,114	China Steel Chemical Corp.		63,873
	37,000	China Steel Structure Co. Ltd.		38,057
	1,330,387	China Synthetic Rubber Corp.		1,899,963
	31,360	China Wire & Cable Co. Ltd.		27,927
	21,000	Chinese Maritime Transport Ltd.		20,676
	85,883	Chin-Poon Industrial Co. Ltd.		113,068
	284,000	Chipbond Technology Corp.		562,774
	117,751	Chipmos Technologies, Inc.		81,548

Shares			Value
TAIWAN (continued)
	16,000	Chong Hong Construction Co. Ltd.	$	46,467
	33,876	Chroma ATE, Inc.		170,337
	64,000	Chun Yu Works & Co. Ltd.		43,198
	162,779	Chun Yuan Steel		62,290
	400,000	Chung Hung Steel Corp.(c)		144,685
	138,779	Chung Hwa Pulp Corp.		51,289
	56,125	Chung-Hsin Electric & Machinery Manufacturing Corp.		40,490
	1,000	Chunghwa Precision Test Tech Co. Ltd.		25,462
	14,000	Chyang Sheng Dyeing & Finishing Co. Ltd.		10,427
	7,000	Cleanaway Co. Ltd.		44,955
	113,348	Clevo Co.		111,825
	533,000	CMC Magnetics Corp.(c)		108,130
	30,034	CoAsia Microelectronics Corp.(c)		12,178
	4,961,000	Compal Electronics, Inc.		3,231,360
	536,000	Compeq Manufacturing Co. Ltd.		534,038
	18,000	Compucase Enterprise		20,656
	51,000	Concord Securities Co. Ltd.(c)		14,366
	8,400	Concraft Holding Co. Ltd.		73,006
	68,873	Continental Holdings Corp.		30,532
	157,200	Coretronic Corp.		209,240
	30,148	Co-Tech Development Corp.(c)		39,537
	94,000	CSBC Corp. Taiwan(c)		76,368
	4,368,000	CTBC Financial Holding Co. Ltd.		3,115,097
	54,838	CTCI Corp.		92,377
	7,590	Cub Elecparts, Inc.		97,136
	18,000	CviLux Corp.		16,379
	6,000	Cyberpower Systems, Inc.		18,081
	36,000	CyberTAN Technology, Inc.		21,197
	6,600	Cypress Technology Co. Ltd.		15,881
	81,000	DA CIN Construction Co. Ltd.		64,546
	76,321	Da-Li Development Co. Ltd.		96,588
	95,000	Danen Technology Corp.(c)		19,241
	98,000	Darfon Electronics Corp.		102,623
	147,000	Darwin Precisions Corp.		113,407
	29,111	De Licacy Industrial Co. Ltd.		24,800
	66,201	Delpha Construction Co. Ltd.		33,526
	24,000	Depo Auto Parts Industrial Co. Ltd.		64,733
	198,904	D-Link Corp.		73,228
	60,183	Dynamic Electronics Co. Ltd.(c)		18,129
	39,000	Dynapack International Technology Corp.		51,266
	118,000	E Ink Holdings, Inc.		130,567
	31,620	Eclat Textile Co. Ltd.		381,478
	3,000	ECOVE Environment Corp.		17,628
	38,000	Edison Opto Corp.(c)		19,249
	45,895	Edom Technology Co. Ltd.		25,993
	13,520	eGalax_eMPIA Technology, Inc.		24,078

56

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	51,320	Elan Microelectronics Corp.	$	74,279
	14,000	E-LIFE MALL Corp.		30,650
	20,736	Elite Advanced Laser Corp.		72,654
	24,967	Elite Material Co. Ltd.		61,185
	37,000	Elite Semiconductor Memory Technology, Inc.		48,335
	126,489	Elitegroup Computer Systems Co. Ltd.(c)		71,616
	7,000	eMemory Technology, Inc.		86,367
	57,011	ENG Electric Co. Ltd.		8,203
	8,000	Ennoconn Corp.		129,455
	133,000	EnTie Commercial Bank Co. Ltd.		61,229
	28,000	Epileds Technologies, Inc.(c)		18,812
	422,015	Epistar Corp.(c)		574,354
	16,000	Eson Precision Ind. Co., Ltd.		17,347
	142,033	Eternal Materials Co. Ltd.		136,054
	28,000	E-Ton Solar Tech Co. Ltd.(c)		4,274
	6,000	Eurocharm Holdings Co. Ltd.		17,891
	9,588,074	Eva Airways Corp.		5,148,698
	154,960	Everest Textile Co. Ltd.		64,276
	246,000	Evergreen International Storage & Transport Corp.		111,902
	4,938,198	Evergreen Marine Corp. Taiwan Ltd.(c)		2,497,783
	129,342	Everlight Chemical Industrial Corp.		78,219
	820,643	Everlight Electronics Co. Ltd.		1,150,140
	403,062	Far Eastern Department Stores Ltd.		264,667
	750,724	Far Eastern International Bank		251,876
	39,478	Faraday Technology Corp.		88,216
	78,000	Farglory Land Development Co. Ltd.		85,471
	127,255	Federal Corp.		55,558
	9,100	Feedback Technology Corp.		34,699
	103,320	Feng Hsin Steel Co. Ltd.		208,077
	49,720	Feng TAY Enterprise Co. Ltd.		225,460
	5,366,000	First Financial Holding Co. Ltd.		3,689,165
	72,120	First Hotel		36,744
	61,000	First Insurance Co. Ltd. (The)		28,168
	270,859	First Steamship Co. Ltd.(c)		112,469
	67,049	FLEXium Interconnect, Inc.		175,211
	9,955	Flytech Technology Co. Ltd.		25,980
	37,000	Focaltech Systems Co. Ltd.		32,232
	9,764	Formosa International Hotels Corp.		50,568
	7,000	Formosa Laboratories, Inc.		13,790
	31,203	Formosa Oilseed Processing Co. Ltd.		77,139
	114,791	Formosan Union Chemical		72,427
	33,000	Fortune Electric Co. Ltd.		29,817
	58,210	Founding Construction & Development Co. Ltd.		32,394
	1,557,000	Foxconn Technology Co. Ltd.		3,865,853
	11,550	Foxsemicon Integrated Technology, Inc.		74,860

Shares			Value
TAIWAN (continued)
	21,000	Froch Enterprise Co. Ltd.	$	11,381
	12,000	Fulgent Sun International Holding Co. Ltd.		25,659
	169,000	Fulltech Fiber Glass Corp.		97,477
	106,466	Fwusow Industry Co. Ltd.		66,741
	40,000	Gemtek Technology Corp.		32,337
	25,000	General Interface Solution Holding Ltd.		149,651
	7,000	Genius Electronic Optical Co. Ltd.(c)		82,371
	112,000	Getac Technology Corp.		161,063
	21,000	Giant Manufacturing Co. Ltd.		106,653
	122,000	Giantplus Technology Co. Ltd.		62,125
	1,098,781	Gigabyte Technology Co. Ltd.		2,402,587
	54,000	Gigastorage Corp.(c)		22,775
	150,570	Gintech Energy Corp.(c)		80,601
	167,000	Global Brands Manufacture Ltd.		70,406
	8,000	Global Mixed Mode Technology, Inc.		17,535
	7,000	Global PMX Co. Ltd.		41,740
	6,000	Global Unichip Corp.		56,452
	76,650	Globe Union Industrial Corp.		56,861
	170,880	Gloria Material Technology Corp.		110,602
	13,000	Glory Science Co. Ltd.		19,646
	181,770	Gold Circuit Electronics Ltd.(c)		57,540
	187,852	Goldsun Building Materials Co. Ltd.(c)		61,006
	12,485	Gourmet Master Co. Ltd.		143,858
	42,000	Grand Ocean Retail Group Ltd.		43,827
	376,000	Grand Pacific Petrochemical		416,016
	4,000	Grand Plastic Technology Corp.		21,007
	12,000	GrandTech CG Systems, Inc.		23,076
	8,000	Grape King Bio Ltd.		66,952
	59,000	Great China Metal Industry		53,656
	40,000	Great Taipei Gas Co. Ltd.		37,646
	216,946	Great Wall Enterprise Co. Ltd.		280,564
	72,000	Greatek Electonics, Inc.		130,301
	92,000	Green Energy Technology, Inc.(c)		48,156
	141,000	Hannstar Board Corp.		81,853
	7,623,000	HannStar Display Corp.		2,090,598
	221,000	HannsTouch Solution, Inc.(c)		51,931
	30,300	Harvatek Corp.(c)		18,374
	89,000	Hey Song Corp.		93,896
	66,666	Highwealth Construction Corp.		102,638
	77,620	Hitron Technology, Inc.		55,451
	23,026	Hiwin Technologies Corp.		346,862
	273,530	Ho Tung Chemical Corp.(c)		75,744
	87,000	Hocheng Corp.(c)		28,356
	28,000	Holtek Semiconductor, Inc.		66,392
	26,105	Holy Stone Enterprise Co. Ltd.		126,927
	52,514	Hong Pu Real Estate Development Co. Ltd.		40,029
	29,624	Hota Industrial Manufacturing Co. Ltd.		130,221
	46,678	Hsin Kuang Steel Co. Ltd.		70,090

57

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	54,143	Hsing TA Cement Co.	$	25,227
	919,000	HTC Corp.(c)		1,863,170
	11,000	Hu Lane Associate, Inc.		51,498
	62,479	Huaku Development Co. Ltd.		144,253
	31,000	Hung Ching Development & Construction Co. Ltd.		30,448
	74,000	Hung Sheng Construction Ltd.		86,931
	42,830	Hwa Fong Rubber Co. Ltd.		21,836
	30,110	Ibase Technology, Inc.		45,565
	34,341	Ichia Technologies, Inc.(c)		18,326
	9,436	Innodisk Corp.		41,721
	7,298,000	Innolux Corp.		2,715,778
	15,000	Integrated Service Technology, Inc.		36,625
	4,000	International Games System Co. Ltd.		21,532
	3,342,155	Inventec Corp.		2,532,161
	12,000	I-Sheng Electric Wire & Cable Co. Ltd.		18,224
	42,000	ITEQ Corp.		93,399
	15,000	Jarllytec Co. Ltd.		23,999
	10,000	Jentech Precision Industrial Co. Ltd.		20,724
	10,500	Jess-Link Products Co. Ltd.		10,089
	459,731	Jih Sun Financial Holdings Co. Ltd.		136,852
	4,680	Johnson Health Tech Co. Ltd.		4,735
	13,000	Kaulin Manufacturing Co. Ltd.		9,153
	30,000	KEE TAI Properties Co. Ltd.		10,971
	136,682	Kenda Rubber Industrial Co. Ltd.		157,910
	38,000	Kerry TJ Logistics Co. Ltd.		51,527
	109,000	Kindom Construction Corp.		71,053
	36,720	King Chou Marine Technology Co. Ltd.		42,098
	4,000	King Slide Works Co. Ltd.		56,526
	526,184	King Yuan Electronics Co. Ltd.		519,035
	5,000	Kingpak Technology, Inc.		32,625
	374,185	King’s Town Bank Co. Ltd.		448,202
	27,062	King’s Town Construction Co. Ltd.(c)		20,743
	25,000	Kinik Co.		65,087
	24,000	Kinko Optical Co. Ltd.		22,819
	646,343	Kinpo Electronics, Inc.		228,557
	56,000	Kinsus Interconnect Technology Corp.		91,993
	5,000	KMC Kuei Meng International, Inc.		21,998
	16,328	KS Terminals, Inc.		27,883
	6,000	Kung Long Batteries Industrial Co. Ltd.		28,921
	81,000	Kung Sing Engineering Corp.		36,664
	31,000	Kuo Toong International Co. Ltd.(c)		19,506
	104,982	Kuoyang Construction Co. Ltd.(c)		52,312
	74,799	Kwong Fong Industries Corp.		44,012

Shares			Value
TAIWAN (continued)
	17,000	Kwong Lung Enterprise Co. Ltd.	$	27,248
	39,000	L&K Engineering Co. Ltd.		48,100
	8,000	Land Mark Optoelectronics Corp.		74,614
	14,000	Lanner Electronics, Inc.		22,241
	17,000	Laser Tek Taiwan Co. Ltd.		17,605
	1,668,000	LCY Chemical Corp.		2,471,948
	94,714	Lealea Enterprise Co. Ltd.(c)		36,472
	43,000	LEE CHI Enterprises Co. Ltd.		15,064
	15,000	Lelon Electronics Corp.		29,501
	62,275	Leofoo Development Co. Ltd.(c)		14,178
	199,000	Lextar Electronics Corp.(c)		119,786
	12,400	Li Cheng Enterprise Co. Ltd.		17,372
	167,788	Li Peng Enterprise Co. Ltd.(c)		46,691
	34,629	Lian Hwa Food Corp.		40,780
	282,640	Lien Hwa Industrial Corp.		360,827
	137,000	Lingsen Precision Industries Ltd.		57,487
	75,882	Lite-On Semiconductor Corp.		96,597
	33,000	Lite-On Technology Corp.		43,547
	122,000	Long Bon International Co. Ltd.		57,564
	267,746	Long Chen Paper Co. Ltd.		312,408
	15,000	Longwell Co.		18,231
	8,451	Lotes Co. Ltd.		54,578
	69,000	Lucky Cement Corp.		17,749
	12,545	Lumax International Corp. Ltd.		25,155
	5,000	Macauto Industrial Co. Ltd.		23,526
	10,500	Macroblock Inc.		29,282
	90,274	Macronix International(c)		143,409
	11,000	Mag Layers Scientific-Technics Co. Ltd.		24,473
	30,213	Makalot Industrial Co. Ltd.		145,452
	11,000	Marketech International Corp.		21,661
	327,998	Masterlink Securities Corp.		121,992
	26,095	Meiloon Industrial Co. Ltd.		22,812
	178,740	Mercuries & Associates Holding Ltd.		145,141
	305,518	Mercuries Life Insurance Co. Ltd.(c)		166,609
	12,091	Merry Electronics Co. Ltd.		55,679
	64,000	Microbio Co. Ltd.(c)		43,954
	36,404	Micro-Star International Co. Ltd.		113,695
	38,400	MIN AIK Technology Co. Ltd.		28,330
	34,036	Mirle Automation Corp.		49,131
	9,000	MPI Corp.		16,161
	4,000	Nak Sealing Technologies Corp.		11,698
	34,000	Namchow Holdings Co. Ltd.		69,178
	42,590	Nan Kang Rubber Tire Co. Ltd.		35,896
	68,005	Nantex Industry Co. Ltd.		57,459
	21,000	National Petroleum Co. Ltd.		28,424
	114,428	Neo Solar Power Corp.(c)		47,435
	11,000	Nexcom International Co. Ltd.		10,184
	34,043	Nichidenbo Corp.		81,611

58

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	24,000	Nien Made Enterprise Co. Ltd.	$	213,181
	1,118,000	Novatek Microelectronics Corp.		4,692,839
	17,000	Nuvoton Technology Corp.		31,443
	137,090	OptoTech Corp.		101,410
	177,000	Orient Semiconductor Electronics Ltd.(c)		48,707
	35,500	Oriental Union Chemical Corp.		38,068
	19,440	Paiho Shih Holdings Corp.		34,327
	156,453	Pan Jit International, Inc.		264,218
	51,000	Pan-International Industrial Corp.		33,039
	7,000	Parade Technologies Ltd.		108,394
	4,242	Paragon Technologies Co. Ltd.		4,116
	1,323	PChome Online, Inc.		6,128
	2,377	Pharmally International Holding Co. Ltd.		31,160
	103,616	Phihong Technology Co. Ltd.(c)		37,778
	21,000	Phison Electronics Corp.		190,110
	12,000	Planet Technology Corp.		24,628
	24,000	Plotech Co. Ltd.		24,907
	6,000	Polytronics Technology Corp.		12,271
	5,099	Posiflex Technology, Inc.		19,672
	894,200	Powertech Technology, Inc.		2,559,762
	9,242	Poya International Co. Ltd.		102,602
	417,377	President Securities Corp.(c)		209,171
	86,000	Primax Electronics Ltd.		173,960
	277,370	Prince Housing & Development Corp.		110,302
	4,000	Pro Hawk Corp.		18,896
	121,000	Prodisc Technology, Inc.(a)(b)		0
	26,000	Promate Electronic Co. Ltd.		24,815
	4,339,520	Qisda Corp.		2,974,334
	118,000	Quintain Steel Co. Ltd.		42,630
	208,008	Radiant Opto-Electronics Corp.		429,360
	201,677	Radium Life Tech Co. Ltd.(c)		73,210
	1,104,825	Realtek Semiconductor Corp.		4,178,120
	45,771	Rechi Precision Co. Ltd.		49,423
	182,616	Rich Development Co. Ltd.		74,840
	446,597	Ritek Corp.(c)		88,409
	128,400	Ruentex Development Co. Ltd.(c)		153,750
	75,335	Sampo Corp.		33,902
	37,113	San Fang Chemical Industry Co. Ltd.		40,527
	17,600	San Shing Fastech Corp.		33,862
	33,080	Sanyang Motor Co. Ltd.		23,626
	7,000	Scientech Corp.		13,240
	31,000	SDI Corp.		73,261
	10,000	Senao International Co. Ltd.		17,655
	53,000	Sercomm Corp.		142,898
	49,674	Sesoda Corp.		49,512
	19,391	Sharehope Medicine Co. Ltd.		24,243
	19,000	Sheng Yu Steel Co. Ltd.		17,073
	54,000	Shieh Yih Machinery Industry Co. Ltd.		20,844

Shares			Value
TAIWAN (continued)
	87,000	Shih Wei Navigation Co. Ltd.(c)	$	21,673
	13,218,606	Shin Kong Financial Holding Co. Ltd.		5,372,333
	17,000	Shin Zu Shing Co. Ltd.		44,680
	134,040	Shining Building Business Co. Ltd.(c)		52,244
	116,000	Shinkong Insurance Co. Ltd.		125,866
	198,314	Shinkong Synthetic Fibers Corp.		68,052
	33,000	Shinkong Textile Co. Ltd.		53,351
	12,000	Shiny Chemical Industrial Co. Ltd.		32,683
	164,000	Sigurd Microelectronics Corp.		189,998
	88,200	Simplo Technology Co. Ltd.		493,118
	28,364	Sinbon Electronics Co. Ltd.		75,042
	36,170	Sincere Navigation Corp.		21,373
	33,000	Sinher Technology, Inc.		53,996
	6,487	Sinmag Equipment Corp.		33,838
	10,961	Sino-American Electronic Co. Ltd.(a)(b)		1,014
	49,000	Sino-American Silicon Products, Inc.		210,304
	192,000	Sinon Corp.		109,707
	15,146	Sinphar Pharmaceutical Co. Ltd.		11,865
	24,217	Sinyi Realty, Inc.		35,256
	15,000	Sirtec International Co. Ltd.		19,488
	14,000	Sitronix Technology Corp.		40,045
	36,000	Siward Crystal Technology Co. Ltd.		22,506
	99,616	Solar Applied Materials Technology Co.(c)		71,942
	57,013	Solartech Energy Corp.(c)		25,251
	16,160	Solteam Electronics Co. Ltd.		20,134
	15,000	Sonix Technology Co. Ltd.		16,538
	117,000	Southeast Cement Co. Ltd.		55,041
	11,361	Sporton International, Inc.		63,028
	8,000	St Shine Optical Co. Ltd.		214,483
	65,762	Standard Foods Corp.		147,484
	26,400	Stark Technology, Inc.		36,617
	27,000	Sunko Ink Co. Ltd.		11,011
	11,000	Sunny Friend Environmental Technology Co. Ltd.		72,071
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		26,806
	20,000	Sunrex Technology Corp.		10,462
	48,000	Sunspring Metal Corp.		58,628
	174,245	Supreme Electronics Co. Ltd.		186,308
	14,000	Swancor Holding Co. Ltd.		71,111
	79,969	Sweeten Real Estate Development Co. Ltd.		48,761
	15,000	Syncmold Enterprise Corp.		32,850
	211,550	Synnex Technology International Corp.		303,828
	14,700	Sysage Technology Co. Ltd.		16,798
	12,000	Systex Corp.		25,964
	197,938	TA Chen Stainless Pipe Co. Ltd.		225,356

59

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	99,340	Ta Ya Electric Wire & Cable(c)	$	52,431
	6,000	Ta Yih Industrial Co. Ltd.		16,498
	46,262	TA-I Technology Co. Ltd.		82,913
	775,880	Taichung Commercial Bank Co. Ltd.		268,234
	10,500	TaiDoc Technology Corp.		50,256
	47,580	Taiflex Scientific Co. Ltd.		62,322
	16,000	Taimide Tech, Inc.		32,723
	839,045	Tainan Spinning Co. Ltd.		371,469
	8,153,000	Taishin Financial Holding Co. Ltd.		3,961,711
	46,834	Taisun Enterprise Co. Ltd.(c)		26,953
	29,000	Taiwan Acceptance Corp.		128,105
	2,384,906	Taiwan Business Bank		732,900
	2,015,000	Taiwan Cement Corp.		2,769,064
	12,000	Taiwan Chinsan Electronic Industrial Co. Ltd.		24,471
	61,088	Taiwan Cogeneration Corp.		60,753
	6,000	Taiwan FamilyMart Co. Ltd.		35,861
	91,000	Taiwan Fertilizer Co. Ltd.		122,805
	54,320	Taiwan Fire & Marine Insurance Co. Ltd.		38,014
	61,000	Taiwan FU Hsing Industrial Co. Ltd.		73,295
	211,919	Taiwan Glass Industrial Corp.(c)		141,605
	81,081	Taiwan Hon Chuan Enterprise Co. Ltd.		141,035
	30,000	Taiwan Hopax Chemicals Manufacturing Co. Ltd.		18,423
	214,701	Taiwan Land Development Corp.(c)		68,119
	12,471	Taiwan Line Tek Electronic		10,409
	49,544	Taiwan Navigation Co. Ltd.(c)		28,332
	40,032	Taiwan Paiho Ltd.		107,117
	128,000	Taiwan PCB Techvest Co. Ltd.		121,858
	25,000	Taiwan Prosperity Chemical Corp.(c)		17,646
	73,120	Taiwan Pulp & Paper Corp.(c)		44,555
	39,000	Taiwan Sakura Corp.		50,343
	28,408	Taiwan Secom Co. Ltd.		85,382
	50,000	Taiwan Semiconductor Co. Ltd.		114,400
	50,010	Taiwan Shin Kong Security Co. Ltd.		65,361
	167,500	Taiwan Styrene Monomer		121,033
	99,875	Taiwan Surface Mounting Technology Corp.		85,427
	100,469	Taiwan TEA Corp.		52,328
	28,000	Taiwan Union Technology Corp.		77,647
	25,322	Taiyen Biotech Co. Ltd.		24,705
	6,904	TCI Co. Ltd.		101,291
	571,000	Teco Electric and Machinery Co. Ltd.		463,460
	4,400	Tehmag Foods Corp.		32,654
	18,000	Test Research, Inc.		32,994
	81,000	Test Rite International Co. Ltd.		63,014

Shares			Value
TAIWAN (continued)
	11,000	Thinking Electronic Industrial Co. Ltd.	$	30,976
	25,525	Thye Ming Industrial Co, Ltd.		34,262
	160,100	Ton Yi Industrial Corp.		68,023
	8,000	Tong Hsing Electronic Industries Ltd.		28,092
	141,834	Tong Yang Industry Co. Ltd.		255,436
	49,946	Tong-Tai Machine & Tool Co. Ltd.		32,959
	9,882	TOPBI International Holdings Ltd.		33,200
	21,160	Topco Scientific Co. Ltd.		57,034
	5,000	Topco Technologies Corp.		13,302
	37,049	Topoint Technology Co. Ltd.		24,834
	17,000	Toung Loong Textile Manufacturing Co.		35,671
	114,000	TPK Holding Co. Ltd.(c)		248,646
	8,137	Transcend Information, Inc.		22,945
	149,000	Tripod Technology Corp.		450,710
	22,000	Tsang Yow Industrial Co. Ltd.		20,352
	3,000	TSC Auto ID Technology Co. Ltd.		23,503
	97,340	Tsec Corp(c)		30,873
	61,942	TSRC Corp.		62,354
	15,000	Ttet Union Corp.		47,570
	23,000	TTY Biopharm Co. Ltd.		77,789
	251,315	Tung Ho Steel Enterprise Corp.		208,677
	7,000	Tung Thih Electronic Co. Ltd.		25,479
	8,000	TURVO International Co. Ltd.		30,024
	82,815	TXC Corp.		99,322
	56,000	TYC Brother Industrial Co. Ltd.		55,174
	88,303	Tycoons Group Enterprise(c)		20,446
	94,458	Tyntek Corp.		49,659
	38,000	UDE Corp.		46,252
	44,000	U-Ming Marine Transport Corp.		53,858
	3,570,000	Unimicron Technology Corp.		2,006,219
	432,686	Union Bank of Taiwan		141,643
	136,037	Unitech Printed Circuit Board Corp.(c)		92,238
	7,019,000	United Microelectronics Corp.		3,785,152
	11,920	United Orthopedic Corp.		26,226
	60,000	Univacco Technology, Inc.		38,953
	262,780	Universal Cement Corp.		195,030
	9,588	Universal Microwave Technology, Inc.		19,512
	152,000	Unizyx Holding Corp.		67,069
	267,445	UPC Technology Corp.		178,276
	377,743	USI Corp.		183,892
	387,000	Vanguard International Semiconductor Corp.		784,454
	39,800	Ve Wong Corp.		34,589
	16,000	Visual Photonics Epitaxy Co. Ltd.		51,088
	8,000	Voltronic Power Technology Corp.		142,369
	54,000	Wah Lee Industrial Corp.		100,479
	1,093,000	Walsin Lihwa Corp.		743,156

60

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TAIWAN (continued)
	205,000	Walton Advanced Engineering, Inc.	$	90,064
	148,300	Wan Hai Lines Ltd.		85,529
	1,000	Wei Chuan Foods Corp.(c)		793
	20,000	Well Shin Technology Co. Ltd.		34,460
	42,460	Win Semiconductors Corp.		318,377
	749,472	Winbond Electronics Corp.		458,715
	51,000	Winstek Semiconductor Co. Ltd.		65,463
	44,673	Wintek Corp.(a)(b)		518
	142,646	Wisdom Marine Lines Co. Ltd.		135,632
	3,977,684	Wistron Corp.		3,163,068
	62,643	Wistron NeWeb Corp.		147,023
	11,000	Wowprime Corp.		44,403
	329,865	WPG Holdings Co. Ltd.		443,879
	118,635	WT Microelectronics Co. Ltd.		177,322
	12,000	XAC Automation Corp.		13,098
	17,204	Xxentria Technology Materials Corp.		43,636
	85,144	Yageo Corp.		1,706,535
	64,124	Yang Ming Marine Transport Corp.(c)		22,206
	103,489	YC Co. Ltd.		60,142
	77,084	YC INOX Co. Ltd.		69,050
	27,000	Yeong Guan Energy Technology Group Co. Ltd.		73,498
	12,000	YFC-Boneagle Electric Co. Ltd.		14,386
	460,624	YFY, Inc.(c)		196,462
	28,213	Yi Jinn Industrial Co. Ltd.		13,296
	603,480	Yieh Phui Enterprise Co. Ltd.		208,933
	13,000	Yonyu Plastics Co. Ltd.		14,981
	56,110	Youngtek Electronics Corp.		110,758
	313,000	Yulon Motor Co. Ltd.		238,731
	14,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		37,846
	28,350	YungShin Global Holding Corp.		39,005
	79,000	Yungtay Engineering Co. Ltd.		137,627
	13,000	Zeng Hsing Industrial Co. Ltd.		56,529
	27,000	Zenitron Corp.		20,483
	34,000	Zero One Technology Co. Ltd.		22,468
	95,000	Zhen Ding Technology Holding Ltd.		206,717
	100,826	Zig Sheng Industrial Co. Ltd.		35,346
	46,169	Zinwell Corp.		39,315
	23,000	Zippy Technology Corp.		27,669
	17,000	Zongtai Real Estate Development Co. Ltd.		12,242
				127,175,964
THAILAND — 0.2%
	40,400	Advanced Information Technology Public Co. Ltd. - FOR		35,126
	27,700	AJ Plast Public Co. Ltd - FOR		11,376
	47,800	Amata Corp. Public Co. Ltd. - FOR		30,831

Shares			Value
THAILAND (continued)
	663,900	Ananda Development Public Co. Ltd. - FOR	$	82,195
	520,168	AP Thailand Public Co. Ltd. - FOR		138,121
	237,900	Asia Plus Group Holdings Securities Public Co. Ltd. - FOR		28,321
	255,300	Bangchak Corp. Public Co. Ltd. - FOR		292,603
	20,425	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR		25,021
	146,700	Bangkok Chain Hospital Public Co. Ltd. - FOR		80,716
	303,306	Bangkok Expressway & Metro Public Co. Ltd. - FOR		74,330
	26,500	Bangkok Insurance Public Co. Ltd. - FOR		301,949
	1,628,000	Bangkok Land Public Co. Ltd. - FOR		96,463
	115,800	Bangkok Ranch Public Co. Ltd. - FOR		24,941
	378,400	Banpu Public Co. Ltd. - FOR		231,042
	123,600	Beauty Community Public Co. Ltd. - FOR		90,819
	157,200	BEC World Public Co. Ltd. - FOR		51,487
	228,300	Better World Green Public Co. Ltd. - FOR		9,450
	87,500	BJC Heavy Industries Public Co. Ltd. - FOR(c)		6,645
	477,500	BTS Group Holdings Public Co. Ltd. - FOR		135,413
	71,520	Buriram Sugar Public Co. Ltd. - FOR - Class F		18,555
	691,508	Cal-Comp Electronics Thailand Public Co. Ltd. - FOR		45,451
	11,200	Carabao Group Public Co. Ltd. - FOR		19,064
	52,100	Central Plaza Hotel Public Co. Ltd. - FOR		86,120
	76,822	CH Karnchang Public Co. Ltd. - FOR		58,180
	29,800	Charoong Thai Wire & Cable Public Co. Ltd. - FOR		8,123
	601,400	Chularat Hospital Public Co. Ltd. - FOR		37,178
	238,800	CK Power Public Co. Ltd. - FOR		28,940
	70,900	Com7 Public Co. Ltd. - FOR		41,911
	411,800	Country Group Development Public Co. Ltd. - FOR(c)		19,964
	47,700	Delta Electronics Thailand Public Co. Ltd. - FOR		101,531
	104,200	Dhipaya Insurance Public Co. Ltd. - FOR		83,306
	376,500	Dynasty Ceramic Public Co. Ltd. - FOR		35,549

61

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
THAILAND (continued)
	260,900	Eastern Water Resources Development and Management Public Co. Ltd. - FOR	$	94,874
	3,700	Electricity Generating Public Co. Ltd. - FOR		26,088
	148,000	Energy Absolute Public Co. Ltd. - FOR		167,355
	404,800	Energy Earth Public Co. Ltd. - FOR(a)(b)(c)		3,512
	451,400	Erawan Group Public Co. Ltd. (The) - FOR		116,816
	497,300	Esso Thailand Public Co. Ltd. - FOR(c)		281,609
	23,800	Forth Smart Service Public Co. Ltd. - FOR		7,378
	116,400	GFPT Public Co. Ltd. - FOR		45,214
	36,100	Global Power Synergy Public Co. Ltd. - FOR		85,954
	79,600	Golden Land Property Development Public Co. Ltd. - FOR		24,955
	333,800	Grand Canal Land Public Co. Ltd. - FOR		24,386
	67,000	Hana Microelectronics Public Co. Ltd. - FOR		73,599
	35,400	ICC International Public Co. Ltd. - FOR		44,387
	24,018,400	IRPC Public Co. Ltd. - FOR		5,344,865
	5,316,991	Italian-Thai Development Public Co. Ltd. - FOR(c)		518,242
	331,800	Jasmine International Public Co. Ltd. - FOR		61,328
	56,466	Jay Mart Public Co., Ltd. - FOR		21,786
	13,100	KCE Electronics Public Co. Ltd. - FOR		28,354
	178,900	KGI Securities Thailand Public Co. Ltd. - FOR		24,921
	450,966	Khon Kaen Sugar Industry Public Co. Ltd. - FOR		44,505
	82,700	Kiatnakin Bank Public Co. Ltd. - FOR		192,741
	7,700	Krungthai Card Public Co. Ltd. - FOR		88,275
	59,000	Land and Houses Public Co. Ltd. - FOR		20,536
	90,560	Land and Houses Public Co. Ltd. - NVDR		31,521
	21,900	Lanna Resources Public Co. Ltd. - FOR		10,175
	771,200	LH Financial Group Public Co. Ltd. - FOR		39,278
	90,330	Loxley Public Co. Ltd. - FOR		6,850
	51,900	Major Cineplex Group Public Co. Ltd. - FOR		47,987
	16,400	Malee Group Public Co. Ltd. - FOR		10,442

Shares			Value
THAILAND (continued)
	30,600	Maybank Kim Eng Securities Thailand Public Co. Ltd. - FOR	$	18,511
	353,700	MBK Public Co. Ltd. - FOR		255,315
	89,400	MCS Steel Public Co. Ltd. - FOR		20,357
	28,500	Mega Lifesciences Public Co. Ltd. - FOR		37,093
	29,800	MK Restaurants Group Public Co. Ltd. - FOR		75,660
	3,100	Muang Thai Insurance Public Co. Ltd. - FOR		12,948
	72,700	Muangthai Capital Public Co. Ltd. - FOR		83,665
	102,600	PCS Machine Group Holding Public Co. Ltd. - FOR		22,781
	105,900	Polyplex Public Co. Ltd. - FOR		55,881
	72,650	Precious Shipping Public Co. Ltd. - FOR(c)		30,463
	202,200	Pruksa Holding Public Co. Ltd. - FOR		142,575
	89,000	PTG Energy Public Co. Ltd. - FOR		52,522
	879,731	Quality Houses Public Co. Ltd. - FOR		85,188
	195,875	Ratchthani Leasing Public Co. Ltd. - FOR		51,337
	34,100	Regional Container Lines Public Co. Ltd. - FOR		8,462
	11,900	Robinson Public Co. Ltd. - FOR		24,741
	496,100	Rojana Industrial Park Public Co. Ltd. - FOR		104,382
	45,000	Samart Corp. Public Co. Ltd. - FOR		12,155
	100,000	Samart Telcoms Public Co. Ltd. - FOR		32,506
	2,354,500	Sansiri Public Co. Ltd. - FOR		124,771
	26,700	Sappe Public Co. Ltd. - FOR		20,680
	1,026,676	SC Asset Corp. Public Co. Ltd. - FOR		123,601
	17,620	Siam City Cement Public Co. Ltd. - FOR		137,093
	267,441	Siam Future Development Public Co. Ltd. - FOR		76,571
	95,471	Siam Global House Public Co. Ltd - FOR		49,091
	120,000	Siamgas & Petrochemicals Public Co. Ltd. - FOR		113,759
	202,600	Singha Estate Public Co. Ltd. - FOR(c)		22,159
	39,200	Sino-Thai Engineering & Construction Public Co. Ltd. - FOR(c)		21,669
	140,917	Somboon Advance Technology Public Co. Ltd. - FOR		96,655
	153,600	SPCG Public Co. Ltd. - FOR		102,374
	113,560	Sri Trang Agro-Industry Public Co. Ltd. - FOR		42,232

62

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
THAILAND (continued)
	19,200	Srisawad Corp. Public Co. Ltd. - FOR	$	31,436
	364,000	Srithai Superware Public Co. Ltd. - FOR		17,178
	855,900	Star Petroleum Refining Public Co. Ltd. - FOR		424,542
	309,875	Supalai Public Co. Ltd. - FOR(c)		227,224
	1,887,300	Superblock Public Co. Ltd.		68,616
	325,900	SVI Public Co. Ltd. - FOR		44,725
	368,600	Syntec Construction Public Co. Ltd. - FOR		51,126
	31,100	Taokaenoi Food & Marketing Public Co. Ltd. - FOR		14,747
	1,547,500	Tata Steel Thailand Public Co. Ltd. - FOR(c)		39,714
	4,380	Thai Agro Energy Public Co. Ltd. - FOR		306
	380,300	Thai Airways International Public Co. Ltd. - FOR(c)		194,402
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		18,426
	82,500	Thai Metal Trade Public Co. Ltd. - FOR		39,174
	11,900	Thai Stanley Electric Public Co. Ltd. - FOR		86,055
	187,100	Thai Union Group Public Co. Ltd. - FOR		106,430
	51,100	Thai Vegetable Oil Public Co. Ltd. - FOR		57,145
	72,200	Thai Wah Public Co. Ltd. - FOR		23,894
	116,500	Thaicom Public Co. Ltd. - FOR		33,415
	202,200	Thanacart Capital Public Co. Ltd. - FOR		343,350
	17,300	Thitikorn Public Co. Ltd. - FOR		7,081
	121,084	Thoresen Thai Agencies Public Co. Ltd. - FOR		31,950
	111,770	Ticon Industrial Connection Public Co. Ltd. - FOR		62,619
	72,300	Tipco Asphalt Public Co. Ltd. - FOR		41,339
	26,000	Tisco Financial Group Public Co. Ltd. - FOR		72,933
	2,876,400	TMB Bank Public Co. Ltd. - FOR		214,286
	14,700	Total Access Communication Public Co. Ltd. - FOR		23,690
	731,700	TPI Polene Public Co. Ltd. - FOR		43,800
	105,400	TTW Public Co. Ltd. - FOR		41,466
	118,800	Unique Engineering & Construction Public Co. Ltd. - FOR		48,392
	449,400	Univentures Public Co. Ltd. - FOR		127,359
	184,700	Vanachai Group Public Co. Ltd. - FOR		52,569

Shares			Value
THAILAND (continued)
	382,600	VGI Global Media Public Co. Ltd. - FOR	$	92,878
	270,200	Vibhavadi Medical Center Public Co. Ltd. - FOR		21,339
	139,700	Vinythai Public Co. Ltd. - FOR		111,248
	596,100	WHA Corp Public Co. Ltd. - FOR		74,477
	24,700	Workpoint Entertainment Public Co. Ltd. - FOR		48,320
				14,813,502
TURKEY — 0.2%
	9,076	Adana Cimento Sanayii T.A.S. - Class A		15,201
	17,831	AKIS Gayrimenkul Yatirimi AS REIT		14,861
	17,532	Aksa Akrilik Kimya Sanayii AS		57,421
	26,465	Aksa Enerji Uretim AS(c)		27,056
	29,600	Aksigorta AS		31,695
	29,721	Alarko Holding AS		42,701
	92,924	Albaraka Turk Katilim Bankasi AS		36,043
	1,359	Alkim Alkali Kimya AS		7,708
	87,793	Anadolu Cam Sanayii AS		67,371
	45,730	Anadolu Efes Biracilik Ve Malt Sanayii AS		300,113
	9,733	Anadolu Hayat Emeklilik AS		18,557
	12,296	Aygaz AS		40,874
	7,874	Bagfas Bandirma Gubre Fabrik AS(c)		17,048
	17,593	Bera Holding AS(c)		10,548
	15,627	Borusan Mannesmann Boru Sanayi ve Ticaret AS		47,952
	19,362	Boyner Perakende Ve Tekstil Yatirimlari AS(c)		45,415
	12,202	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS(c)		20,681
	10,435	Bursa Cimento Fabrikasi AS		14,090
	5,730	Cimsa Cimento Sanayi VE Ticaret AS		17,745
	10,780	Coca-Cola Icecek AS		94,975
	3,327,803	Dogan Sirketler Grubu Holding AS(c)		838,865
	9,154	Dogus Otomotiv Servis ve Ticaret AS(c)		17,056
	80,727	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT(c)		48,373
	961	Erbosan Erciyas Boru Sanayii ve Ticaret AS		17,872
	22,092	Global Yatirim Holding AS(c)		22,659
	361	Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS		4,926
	14,783	Goodyear Lastikleri TAS		12,991
	184,835	GSD Holding AS(c)		42,007
	16,968	Gubre Fabrikalari TAS(c)		16,094
	294,548	Ihlas Holding AS(c)		31,913
	19,196	Is Gayrimenkul Yatirim Ortakligi AS REIT		5,766

63

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
TURKEY (continued)
	25,617	Izmir Demir Celik Sanayi AS(c)	$	15,929
	147,575	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(c)		122,509
	14,106	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class B(c)		11,798
	390,783	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(c)		390,948
	30,773	Karsan Otomotiv Sanayii Ve Ticaret AS(c)		14,720
	10,941	Kordsa Teknik Tekstil AS		18,994
	4,973	Migros Ticaret AS(c)		27,936
	14,657	Netas Telekomunikasyon AS(c)		42,341
	5,730	Nuh Cimento Sanayi AS		14,289
	1,503,522	Petkim Petrokimya Holding AS		2,657,249
	31,891	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		27,507
	68,018	Sekerbank TAS(c)		25,344
	55,241	Selcuk Ecza Deposu Ticaret ve Sanayi AS		46,067
	577,611	Soda Sanayii AS		687,516
	44,575	TAV Havalimanlari Holding AS		239,929
	34,027	Tekfen Holding AS		128,766
	3,013	Tofas Turk Otomobil Fabrikasi AS		18,567
	89,608	Trakya Cam Sanayii AS		103,851
	105,740	Tupras Turkiye Petrol Rafinerileri AS		2,702,950
	456,707	Turk Hava Yollari AO(c)		1,886,501
	102,718	Turkiye Halk Bankasi AS		210,160
	357,721	Turkiye Sinai Kalkinma Bankasi AS		123,544
	291,904	Turkiye Sise ve Cam Fabrikalari AS		324,377
	474,882	Turkiye Vakiflar Bankasi TAO - Class D		698,737
	11,630	Ulker Biskuvi Sanayi AS		60,965
	39,024	Vestel Elektonik Sanayi ve Ticaret AS(c)		95,271
	67,419	Zorlu Enerji Elektrik Uretim AS(c)		28,183
				12,711,525
UKRAINE — 0.0%
	4,476	Kernel Holding SA		60,658
UNITED ARAB EMIRATES — 0.0%
	9,356,794	Dana Gas PJSC(c)		2,516,220
	11,361	Lamprell Plc(c)		14,452
				2,530,672
UNITED KINGDOM — 5.5%
	1,160	4imprint Group Plc		27,455
	16,302	A.G. Barr Plc		156,596
	350,234	Abcam Plc		5,871,528
	18,704	Acacia Mining Plc(c)		36,901

Shares			Value
UNITED KINGDOM (continued)
	538,018	Adaptimmune Therapeutics Plc - ADR(c)	$	6,838,209
	25,242	Admiral Group Plc		690,788
	129,757	Afren Plc(a)(b)		0
	18,225	Aggreko Plc		183,301
	4,685	Alstria Office REIT AG, REIT		205,484
	3,987	Anglo-Eastern Plantations Plc		41,345
	1,859	Arrow Global Group Plc		9,453
	47,156	Ashmore Group Plc		266,406
	73,215	ASOS Plc(c)		5,864,310
	32,243	Assura Plc REIT		26,437
	37,432	Auto Trader Group Plc		181,888
	5,635	Avon Rubber Plc		104,292
	94,106	Babcock International Group Plc		949,882
	102,410	Balfour Beatty Plc		413,576
	347,181	Barratt Developments Plc		2,662,223
	237,739	BBA Aviation Plc		1,041,991
	192,377	Beazley Plc		1,562,559
	52,442	Bellway Plc		2,389,607
	37,557	Berkeley Group Holdings Plc		2,102,605
	112,748	Bodycote Plc		1,388,150
	39,276	Bovis Homes Group Plc		668,269
	5,261	Braemar Shipping Services Plc		18,880
	42,050	Brewin Dolphin Holdings Plc		208,895
	23,921	Britvic Plc		236,447
	21,123	BTG Plc(c)		198,029
	55,211	Burberry Group Plc		1,386,511
	14,681	Cambian Group Plc		33,834
	24,814	Capital & Counties Properties Plc		98,209
	25,009	Card Factory Plc		79,559
	87,391	Carillion Plc(b)		17,926
	3,352	Carpetright Plc(c)		1,948
	61,846	Chemring Group Plc		178,520
	44,553	Chesapeake Lodging Trust, REIT		32,559
	48,977	Chesnara Plc		272,880
	4,741,396	Cineworld Group Plc		16,926,948
	29,064	Circassia Pharmaceuticals Plc(c)		36,008
	21,818	City Office REIT Inc., REIT		58,628
	2,013	Clarkson Plc		66,912
	55,392	Close Brothers Group Plc		1,166,295
	3,850	CLS Holdings Plc		13,233
	25,657	CMC Markets Plc		66,929
	130,692	Cobham Plc(c)		206,413
	55,701	Communisis Plc		46,768
	23,119	Computacenter Plc		401,491
	8,765	Concentric AB		143,106
	11,234	Connect Group Plc		9,336
	5,916	Consort Medical Plc		97,539
	4,017,606	ContourGlobal Plc(b)(c)		14,008,987
	10,718	Costain Group Plc		68,056
	8,693	Countrywide Plc(c)		12,930
	11,196	Cranswick Plc		446,897
	90,465	Crest Nicholson Holdings Plc		606,576

64

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	149,048	Croda International Plc	$	9,117,716
	23,730	Daily Mail & General Trust Plc - Class A		220,433
	34,422	Dairy Crest Group Plc		256,812
	9,017	De La Rue Plc		66,080
	198,560	Debenhams Plc		63,186
	7,578	Dechra Pharmaceuticals Plc		284,635
	51,874	Devro Plc		151,389
	7,996	DFS Furniture Plc		25,030
	88,491	Dialog Semiconductor Plc(c)		1,883,846
	4,728	Dignity Plc		70,925
	655,668	Diploma Plc		10,818,331
	279,412	Direct Line Insurance Group Plc		1,435,708
	14,305	DiscoverIE Group Plc		82,720
	100,108	Dixons Carphone Plc		279,143
	81,959	Domino’s Pizza Group Plc		408,529
	89,555	Drax Group Plc		387,792
	196,686	DS Smith Plc		1,408,972
	6,273	Dunelm Group Plc		48,664
	23,393	easyJet Plc		509,960
	255,333	EI Group Plc(c)		452,405
	159,024	Electrocomponents Plc		1,329,439
	1,160,834	Elementis Plc		4,521,582
	244,736	EnQuest Plc(c)		120,574
	1,190,431	Equiniti Group Plc		4,490,398
	20,953	Essentra Plc		127,161
	62,061	Esure Group Plc		192,154
	8,122	Euromoney Institutional Investor Plc		146,779
	50,183	Fenner Plc		419,222
	6,971	Fidessa Group Plc		376,594
	422,903	Firstgroup Plc(c)		656,068
	35,534	Foxtons Group Plc		37,948
	3,059	Fuller Smith & Turner Plc - Class A		39,929
	112,080	G4S Plc		398,192
	25,288	Galliford Try Plc		318,592
	5,545	Games Workshop Group Plc		184,920
	26,321	Gem Diamonds Ltd.(c)		36,244
	172,570	Genus Plc(b)		5,968,177
	580,156	GKN Plc		3,683,814
	5,199	Go-Ahead Group Plc		138,243
	26,527	Gocompare.Com Group Plc		40,968
	764,195	Greene King Plc		5,741,378
	30,359	Greggs Plc		507,518
	16,397	Growthpoint Properties Ltd., REIT		228,145
	18,043	Gulf Keystone Petroleum Ltd.(c)		44,788
	10,409	H&R Real Estate Investment Trust, REIT		131,701
	85,828	Halfords Group Plc		447,290
	565,216	Halma Plc		9,483,828
	25,870	Hansteen Holdings Plc REIT		47,220
	73,639	Hays Plc		181,471

Shares			Value
UNITED KINGDOM (continued)
	11,940	Headlam Group Plc	$	73,422
	26,404	Helical Plc		136,666
	11,324	Henry Boot Plc		44,611
	27,440	Hill & Smith Holdings Plc		500,756
	632	Hilton Food Group Plc		7,702
	5,026	Hogg Robinson Group Plc		8,165
	100,738	HomeServe Plc		1,023,912
	109,344	Howden Joinery Group Plc		715,657
	31,513	Hunting Plc(c)		348,264
	11,259	Ibstock Plc		46,031
	22,425	IMI Plc		336,109
	127,184	Inchcape Plc		1,270,623
	25,333	Indivior Plc(c)		156,878
	141,286	Informa Plc		1,434,458
	16,892	InfraREIT, Inc., REIT		193,929
	57,563	Inmarsat Plc		297,388
	44,620	ITE Group Plc		93,718
	22,370	J D Wetherspoon Plc		357,257
	343,043	J Sainsbury Plc		1,455,600
	6,901	Jackpotjoy Plc(c)		77,813
	11,666	James Fisher & Sons Plc		268,073
	25,740	Jardine Lloyd Thompson Group Plc		433,219
	80,166	JD Sports Fashion Plc		430,039
	15,332	John Laing Group Plc		59,569
	17,247	John Menzies Plc		150,710
	151,724	John Wood Group Plc		1,182,690
	25,658	Johnson Matthey Plc		1,159,605
	38,882	Jupiter Fund Management Plc		243,157
	8,237	Just Eat Plc(c)		87,691
	56,252	Just Group Plc		108,726
	55,928	KAZ Minerals Plc(c)		706,654
	122,169	KCOM Group Plc		169,459
	32,991	Keller Group Plc		471,605
	12,170	Kier Group Plc		179,582
	4,314,613	Laird Plc		11,654,124
	41,948	Lancashire Holdings Ltd.		343,773
	23,300	LivaNova Plc(c)		2,068,574
	20,610	Londonmetric Property Plc REIT		53,930
	115,356	Lookers Plc		160,255
	31,272	Low & Bonar Plc		23,831
	11,902	LSL Property Services Plc		40,565
	332,941	Man Group Plc		826,915
	477,696	Marks & Spencer Group Plc		1,888,844
	29,565	Marshalls Plc		173,669
	249,397	Marston’s Plc		369,229
	278,100	Mcbride Plc		383
	18,540	McBride Plc		38,481
	68,422	McCarthy & Stone Plc		127,574
	13,685	McColl’s Retail Group Plc		44,491
	22,320	Mears Group Plc		101,068
	274,902	Meggitt Plc		1,780,925
	619,773	Melrose Industries Plc		1,943,403
	39,016	Merlin Entertainments Plc		197,372
	10,874	Michael Kors Holdings Ltd.(c)		743,999

65

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	44,090	Millennium & Copthorne Hotels Plc	$	347,372
	7,468	Mitchells & Butlers Plc		28,953
	90,011	Mitie Group Plc		226,805
	103,302	Moneysupermarket.com Group Plc		425,498
	65,172	Morgan Advanced Materials Plc		308,017
	12,987	Morgan Sindall Group Plc		223,769
	19,828	Mothercare Plc(c)		4,963
	38,272	N Brown Group Plc		107,615
	208,759	National Express Group Plc		1,126,549
	3,594	NCC Group Plc		9,669
	70,609	NEX Group Plc		958,174
	63,435	Northgate Plc		323,864
	11,646	Northview Apartment Real Estate Investment Trust, REIT		87,793
	2,304,279	Ocado Group Plc(c)		17,032,662
	50,176	Onesavings Bank Plc		272,706
	70,583	Ophir Energy Plc(c)		58,512
	6,094	Oxford Instruments Plc		76,389
	22,060	Pagegroup Plc		162,817
	5,282	PayPoint Plc		62,193
	159,997	Pearson Plc		1,834,320
	412,005	Pendragon Plc		164,093
	20,546	Pennon Group Plc		195,214
	1,399	Petrofac Ltd.		11,610
	19,177	Pets at Home Group Plc		40,285
	36,290	Photo-Me International Plc		79,574
	27,155	Polypipe Group Plc		142,720
	1,385	Porvair Plc		9,358
	296,794	Premier Foods Plc(c)		152,389
	287,081	Premier Oil Plc(c)		372,105
	53,646	PZ Cussons Plc		181,619
	179,176	QinetiQ Group Plc		566,423
	33,811	Rank Group Plc		81,438
	99,906	Redrow Plc		860,906
	128,562	Renewi Plc		127,094
	96,675	Renishaw Plc		6,258,460
	51,233	Renold Plc(c)		16,632
	195,018	Rentokil Initial Plc		822,771
	29,192	Restaurant Group Plc (The)		121,927
	7,870	Ricardo Plc		102,722
	57,225	Rightmove Plc		3,588,847
	17,462	Robert Walters Plc		172,796
	150,939	Rotork Plc		680,713
	96,268	Royal Mail Plc		767,738
	36,853	RPC Group Plc		399,890
	101,928	RPS Group Plc		363,136
	366,008	RSA Insurance Group Plc		3,302,503
	13,220	Safestore Holdings Plc REIT		99,435
	76,190	Saga Plc		142,060
	22,285	Savills Plc		300,235
	21,495	SDL Plc		115,265
	67,804	Segro Plc REIT		601,680
	140,739	Senior Plc		571,094
	73,665	Severfield Plc		80,200

Shares			Value
UNITED KINGDOM (continued)
	13,492	Severn Trent Plc	$	359,264
	158,633	SIG Plc		310,117
	133,882	Smiths Group Plc		2,933,544
	9,101	Soco International Plc		13,169
	192,123	Spectris Plc		7,088,823
	126,321	Speedy Hire Plc		93,454
	193,314	Spirax-Sarco Engineering Plc		15,324,068
	129,217	Spirent Communications Plc		212,108
	15,991	Sportech Plc		13,753
	80,412	Sports Direct International Plc(c)		445,308
	18,318	SSP Group Plc		163,924
	12,066	St. Ives Plc		14,295
	78,970	St. James’s Place Plc		1,230,146
	48,691	St. Modwen Properties Plc		274,898
	13,089	Stagecoach Group Plc		27,955
	995	Stallergenes Greer Plc(c)		29,615
	707,430	STERIS Plc(b)		66,866,284
	24,157	Sthree Plc		107,562
	11,196	Stobart Group Ltd.		37,694
	10,189	Stock Spirits Group Plc		34,824
	14,730	Stolt-Nielsen Ltd.		208,166
	8,341	Superdry Plc		172,321
	54,149	Synthomer Plc		367,563
	90,072	Talktalk Telecom Group Plc		158,880
	110,608	Tate & Lyle Plc		873,565
	692,296	Taylor Wimpey Plc		1,823,200
	4,185	Ted Baker Plc		153,325
	7,809	Telecom Plus Plc		115,625
	5,940	Tesco Plc		19,240
	117,616	Thomas Cook Group Plc		199,758
	3,226	Topps Tiles Plc		3,085
	103,584	TP ICAP Plc		671,004
	117,700	Travelport Worldwide Ltd.		2,017,378
	89,401	Travis Perkins Plc		1,556,817
	16,317	Trifast Plc		58,398
	107,872	Trinity Mirror Plc		126,230
	52,377	TT Electronics Plc		160,900
	232,118	Tullow Oil Plc(c)		726,412
	26,201	U & I Group Plc		78,949
	61,174	UBM Plc		814,447
	458,930	Ultra Electronics Holdings Plc		8,882,246
	19,353	UNITE Group Plc (The), REIT		178,724
	15,981	United Utilities Group Plc		162,965
	69,305	Vectura Group Plc(c)		77,285
	155,304	Vesuvius Plc		1,254,219
	534,072	Victrex Plc		19,229,691
	51,241	Virgin Money Holdings UK Plc		195,969
	11,826	Vitec Group Plc (The)		193,790
	495	Vp Plc		6,084
	14,730	Weir Group Plc (The)		431,030
	22,284	WH Smith Plc		597,286
	244,679	William Hill Plc		984,147
	15,003	Wilmington Plc		51,169
	12,913	Wincanton Plc		42,344
	742,474	Wm Morrison Supermarkets Plc		2,476,290

66

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED KINGDOM (continued)
	11,514	Workspace Group Plc REIT	$	175,858
	474,966	Xaar Plc(b)		2,313,288
	366	Zeal Network SE		11,816
				363,976,101
UNITED STATES — 47.4%
	23,200	1-800-Flowers.com, Inc. - Class A(c)		294,640
	21,000	1st Source Corp.		1,092,000
	9,100	A Schulman, Inc.		390,390
	10,700	AAR Corp.		463,310
	34,879	Aaron’s, Inc.		1,456,896
	25,800	ACI Worldwide, Inc.(c)		599,850
	2,700	ACNB Corp.		80,999
	440,000	Actuant Corp. - Class A		10,362,000
	8,700	Addus HomeCare Corp.(c)		456,750
	437,791	Aduro Biotech, Inc.(c)		3,020,758
	657,317	Advance Auto Parts, Inc.		75,229,931
	45,800	Advanced Disposal Services, Inc.(c)		1,009,432
	10,000	Advansix, Inc.(c)		358,200
	114,494	Aerovironment, Inc.(c)		6,239,923
	14,300	Agilysys, Inc.(c)		168,453
	220,265	AGNC Investment Corp. REIT		4,167,414
	1,600	Agree Realty Corp. REIT		78,207
	17,316	Alacer Gold Corp.(c)		28,726
	9,200	Alamo Group, Inc.		1,007,124
	144,300	Alexander’s, Inc., REIT		682,539
	2,300	Alico, Inc.		74,289
	21,090	Allegiant Travel Co.		3,379,673
	30,900	ALLETE, Inc.		2,361,069
	36,100	Allscripts Healthcare Solutions, Inc.(c)		419,482
	211,758	Alnylam Pharmaceuticals, Inc.(c)		20,017,484
	30,600	Alpha & Omega Semiconductor Ltd.(c)		463,896
	57,154	Ambarella, Inc.(c)		2,662,805
	4,200	American National Bankshares, Inc.		161,489
	50,200	American Software, Inc. - Class A		640,552
	29,700	American States Water Co.		1,654,884
	16,700	AMERISAFE, Inc.		990,310
	16,900	Analogic Corp.		1,404,390
	52,000	AngioDynamics, Inc.(c)		1,007,760
	383,764	Annaly Capital Management, Inc., REIT		3,979,633
	384,022	ANSYS, Inc.(c)		62,080,997
	2,108	Anworth Mortgage Asset Corp., REIT		829,182
	249,884	Apollo Commercial Real Estate Finance, Inc., REIT		4,502,910
	13,300	Appfolio, Inc. - Class A(c)		637,735
	28,700	Applied Industrial Technologies, Inc.		1,835,365
	15,100	Arch Coal, Inc. - Class A		1,220,533

Shares			Value
UNITED STATES (continued)
	39,400	Ares Commercial Real Estate Corp. REIT	$	481,862
	31,200	Argonaut Gold, Inc.(c)		60,021
	29,800	Armada Hoffler Properties, Inc. REIT		404,386
	10,385	Arrow Financial Corp.		367,629
	14,400	Artesian Resources Corp. - Class A		551,520
	10,200	Asbury Automotive Group, Inc.(c)		683,910
	31,600	Aspen Technology, Inc.(c)		2,772,900
	25,918	Assurant, Inc.		2,405,709
	5,700	Atlantic Capital Bancshares, Inc.(c)		110,009
	1,700	Atrion Corp.		1,057,570
	55,300	AVX Corp.		816,228
	1,780,630	Axalta Coating Systems Ltd.(c)		55,021,467
	600,000	B&G Foods, Inc.		13,650,000
	23,300	Balchem Corp.		2,055,992
	17,300	Baldwin & Lyons, Inc. - Class B		403,090
	16,600	BancFirst Corp.		948,690
	6,500	Bank of Commerce Holdings		72,475
	24,300	BankFinancial Corp.		411,399
	9,500	Barrett Business Sevices, Inc.		831,440
	17,400	BCB Bancorp, Inc.		269,700
	400	Bel Fuse, Inc. - Class B		7,739
	47,000	Benchmark Electronics, Inc.		1,236,100
	102,661	Benefitfocus, Inc.(c)		3,100,362
	10,600	BG Staffing, Inc.		202,142
	66,500	Big Yellow Group Plc, REIT		1,264,165
	9,665	Bizlink Holding, Inc.		71,370
	3,900	BJ’s Restaurants, Inc.		217,815
	246,800	Blackbaud, Inc.		25,904,128
	97,334	Blackline, Inc.(c)		4,029,628
	85,100	Bloomin’ Brands, Inc.		2,013,466
	47,300	Blucora, Inc.(c)		1,229,800
	67,700	Boston Beer Co., Inc. (The) - Class A(c)		15,174,955
	44,200	Bottomline Technologies de, Inc.(c)		1,746,784
	148,800	Brady Corp. - Class A		5,416,320
	17,200	Briggs & Stratton Corp.		310,116
	191,230	Brinker International, Inc.		8,335,716
	9,500	British Land Co. Plc (The), REIT		569,335
	205,800	Bryn Mawr Bank Corp.(b)		9,178,680
	5,300	BSB Bancorp, Inc.(c)		170,925
	5,640	C&F Financial Corp.		326,556
	4,100	Cabot Microelectronics Corp.		415,945
	2,200	CACI International, Inc. - Class A(c)		332,310
	3,000	Calavo Growers, Inc.		281,100
	41,800	Cambium Learning Group, Inc.(c)		423,852
	11,600	Camden National Corp.		513,996
	52,300	Cantel Medical Corp.		5,861,261
	12,700	Capital & Regional Plc, REIT		375,158

67

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	4,600	Capital City Bank Group, Inc.	$	102,947
	570,000	Cardiovascular Systems, Inc.(b)(c)		13,024,500
	6,900	Care.com, Inc.(c)		107,639
	16,200	Carriage Services, Inc.		421,686
	0	Cars.Com, Inc.(c)		0
	50,500	Casella Waste Systems, Inc. - Class A(c)		1,237,755
	400	Cass Information Systems, Inc.		24,191
	382,100	Catalent, Inc.(c)		15,708,131
	61,200	CatchMark Timber Trust, Inc. - Class A REIT		798,048
	9,300	Cathay General Bancorp		372,093
	72,800	CBIZ, Inc.(c)		1,354,080
	42,655	CBOE Global Markets, Inc.		4,554,701
	45,700	Central Garden & Pet Co. - Class A(c)		1,622,350
	10,400	Central Garden & Pet Co. - Class A(c)		389,896
	22,300	Central Valley Community Bancorp		459,380
	46,600	Century Casinos, Inc.(c)		357,888
	65,687	CEVA, Inc.(c)		2,141,396
	26,300	Charter Financial Corp (MD)		611,738
	18,100	Chase Corp.		2,027,200
	11,800	Chatham Lodging Trust REIT		224,790
	134,974	Cheesecake Factory, Inc. (The)		7,011,899
	279,600	Chegg, Inc.(c)		6,489,516
	8,500	Chemed Corp.		2,619,870
	2,300	Chemung Financial Corp.		108,559
	30,000	Cherry Hill Mortgage Investment Corp. REIT		528,600
	20,100	Chesapeake Utilities Corp.		1,527,600
	9,300	Churchill Downs, Inc.		2,553,780
	4,900	Civitas Solutions, Inc.(c)		69,825
	15,300	CNB Financial Corp.		433,908
	5,400	Coca-Cola Bottling Co. Consolidated		909,306
	500,031	Codexis, Inc.(b)(c)		5,625,349
	3,100	Collectors Universe, Inc.		48,577
	19,500	Columbia Sportswear Co.		1,618,695
	235,000	Community Bank System, Inc.		13,218,750
	3,100	Community Financial Corp. (The)		111,723
	16,600	Community Trust Bancorp, Inc.		796,800
	353,700	CommVault Systems, Inc.(c)		24,741,315
	22,600	Computer Programs & Systems, Inc.		674,610
	322,900	CONMED Corp.(b)		20,998,187
	2,600	Consolidated-Tomoka Land Co.		159,951
	68,200	Convergys Corp.		1,593,152
	397,190	Cooper Cos., Inc. (The)		90,841,325
	14,700	Cooper-Standard Holding Inc.(c)		1,819,860
	1,568,340	CoreLogic, Inc.(b)(c)		77,632,830
	3,700	Corenergy Infrastructure Trust, Inc., REIT		142,597

Shares			Value
UNITED STATES (continued)
	11,800	CorVel Corp.(c)	$	578,790
	5,700	Cotiviti Holdings, Inc.(c)		196,878
	14,500	CRA International, Inc.		818,815
	44,749	Cracker Barrel Old Country Store, Inc.		7,365,238
	17,900	Craft Brew Alliance, Inc.(c)		345,470
	34,900	CSG Systems International, Inc.		1,493,371
	20,700	CTS Corp.		619,965
	19,500	Culp, Inc.		576,225
	2,400	Curo Group Holdings Corp.(c)		52,487
	19,200	Curtiss-Wright Corp.		2,458,368
	17,200	Cutera, Inc.(c)		862,580
	535,000	CVB Financial Corp.		11,850,250
	52,859	Darden Restaurants, Inc.		4,908,487
	2,200	Deckers Outdoor Corp.(c)		205,172
	1,000	Delta Apparel, Inc.(c)		18,089
	67,100	Denny’s Corp.(c)		1,174,921
	1,067,000	DENTSPLY SIRONA, Inc.		53,712,780
	90,975	DexCom, Inc.(c)		6,657,551
	1,500	Diamond Hill Investment Group, Inc.		293,130
	131,122	Digimarc Corp.(b)(c)		3,782,870
	45,200	Diodes, Inc.(c)		1,290,460
	18,700	Donegal Group, Inc. - Class A		260,304
	858,965	Dover Corp.		79,626,056
	11,100	Ducommun, Inc.(c)		322,899
	180,580	Dun & Bradstreet Corp. (The)		20,822,680
	94,800	Dynex Capital, Inc. REIT		623,784
	6,000	Eastern Co. (The)		170,399
	4,000	EastGroup Properties, Inc. REIT		359,120
	25,400	El Paso Electric Co.		1,296,670
	335,000	El Pollo Loco Holdings, Inc.(c)		3,350,000
	590,000	Elf Beauty, Inc.(c)		10,720,300
	41,357	Ellie Mae, Inc.(c)		4,006,253
	15,400	EMC Insurance Group, Inc.		400,092
	26,100	EMCOR Group, Inc.		1,920,699
	29,300	Employers Holdings, Inc.		1,198,370
	42,100	Encompass Health Corp.		2,560,522
	28,800	Ennis, Inc.		515,520
	11,800	Entegra Financial Corp.(c)		342,790
	900	Enterprise Bancorp, Inc.		32,561
	25,400	Enterprise Financial Services Corp.		1,291,590
	21,200	EPAM Systems, Inc.(c)		2,424,220
	17,570	Epsilon Energy Ltd.(c)		34,485
	145,118	Equity Commonwealth REIT(c)		4,497,207
	5,200	Escalade, Inc.		68,899
	10,400	ESSA Bancorp, Inc.		152,047
	47,300	Essent Group Ltd.(c)		1,559,008
	5,400	Evans Bancorp, Inc.		244,620
	1,500	Evercore Partners, Inc. - Class A		151,875
	82,479	Exact Sciences Corp.(c)		4,124,775
	24,800	ExlService Holdings, Inc.(c)		1,433,688
	13,900	Fair Isaac Corp.(c)		2,407,202
	2,700	Farmers Capital Bank Corp.		135,405

68

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	3,800	Farmers National Banc Corp.	$	56,049
	70,609	FARO Technologies, Inc.(c)		3,565,755
	2,000	Federal Agricultural Mortgage Corp. - Class C		171,019
	31,400	Fidelity Southern Corp.		713,722
	748,378	Financial Engines, Inc.		33,415,078
	3,000	Financial Institutions, Inc.		93,299
	4,700	First Bancshares, Inc. (The)		152,045
	45,200	First Busey Corp.		1,340,180
	12,600	First Business Financial Services, Inc.		327,474
	4,800	First Citizens BancShares, Inc. - Class A		2,074,992
	20,000	First Community Bancshares, Inc.		620,600
	14,200	First Defiance Financial Corp.		847,172
	165,000	First Financial Bankshares, Inc.		8,175,750
	15,500	First Financial Corp.		662,625
	15,300	First Mid-Illinois Bancshares, Inc.		562,275
	77,700	First Solar, Inc.(c)		5,509,707
	8,000	FirstCash, Inc.		693,600
	14,200	Five9, Inc.(c)		417,054
	15,000	Forrester Research, Inc.		597,000
	28,700	Forward Air Corp.		1,549,513
	119,282	Foundation Medicine, Inc.(c)		9,107,181
	56,100	Four Corners Property Trust, Inc., REIT		1,271,226
	37,100	Franklin Street Properties Corp. REIT		288,638
	31,600	Fresh Del Monte Produce, Inc.		1,553,140
	65,845	FTI Consulting, Inc.(c)		3,845,348
	215,000	German American Bancorp, Inc.(b)		7,256,250
	28,300	Getty Realty Corp. REIT		708,915
	40,000	Gladstone Commercial Corp. REIT		693,600
	29,700	Global Brass & Copper Holdings, Inc.		891,000
	11,400	Globus Medical, Inc. - Class A(c)		583,566
	32,000	Gold Resource Corp.		162,239
	19,000	GP Strategies Corp.(c)		396,150
	4,000	Grand Canyon Education, Inc.(c)		415,960
	15,100	Great Southern Bancorp, Inc.		798,035
	203,528	GrubHub, Inc.(c)		20,584,822
	10,900	Guaranty Bancshares, Inc.		357,411
	151,015	Guess?, Inc.		3,517,139
	150,000	Guidewire Software, Inc.(c)		12,693,000
	37,500	Hackett Group, Inc. (The)		607,875
	31,300	Haemonetics Corp.(c)		2,442,652
	10,700	Hallmark Financial Services, Inc.(c)		109,889
	171,000	Halyard Health, Inc.(c)		8,100,270
	57,500	Hammerson Plc, REIT(c)		1,225,325
	36,300	Hancock Holding Co.		1,773,255

Shares			Value
UNITED STATES (continued)
	32,900	Hanmi Financial Corp.	$	908,040
	391,965	Harris Corp.		61,311,165
	10,100	Haverty Furniture Cos., Inc.		183,315
	420,000	HB Fuller Co.		20,777,400
	45,000	Healthcare Services Group, Inc.		1,738,350
	90,500	HealthEquity Inc.(c)		5,943,135
	32,700	HealthStream, Inc.		758,313
	51,522	Heartland Express, Inc.		918,637
	26,700	Heartland Financial USA, Inc.		1,432,455
	20,600	Heidrick & Struggles International, Inc.		775,590
	212,600	Helen of Troy Ltd.(c)		18,953,290
	40,000	Heritage Commerce Corp.		659,600
	22,100	Heritage-Crystal Clean, Inc.(c)		467,415
	15,300	HFF, Inc. - Class A		537,642
	150,000	Hibbett Sports, Inc.(c)		4,080,000
	40,100	Hillenbrand, Inc.		1,858,635
	3,178	Hilltop Holdings, Inc.		71,251
	300	Hingham Institution For Savings		61,199
	12,000	Home Bancorp, Inc.		520,200
	31,600	HomeStreet, Inc.(c)		805,800
	450,000	Hostess Brands, Inc.(c)		6,322,500
	8,800	Houlihan Lokey, Inc.		391,600
	10,500	Hurco Cos., Inc.		464,100
	20,300	ICF International, Inc.		1,362,130
	49,100	ICU Medical, Inc.(c)		12,358,470
	23,300	IDACORP, Inc.		2,166,900
	359,260	IDEX Corp.		48,018,692
	150,000	Independent Bank Corp.(b)		10,845,000
	24,900	Independent Bank Corp.		595,110
	458,879	Ingredion, Inc.		55,565,658
	18,300	Innophos Holdings, Inc.		757,254
	185,000	Innospec, Inc.		13,449,500
	29,700	Insperity, Inc.		2,383,425
	235,000	Insulet Corp.(c)		20,210,000
	31,200	Integer Holdings Corp.(c)		1,712,880
	563,200	Integra LifeScience Holdings Corp.(c)		34,710,016
	27,400	Interface, Inc.		602,800
	81,500	Invesco Mortgage Capital, Inc. REIT		1,322,745
	1,900	Investors Title Co.		369,930
	53,836	IPG Photonics Corp.(c)		11,468,683
	95,918	iRobot Corp.(c)		5,597,774
	48,300	J & J Snack Foods Corp.		6,636,903
	22,100	J Alexander’s Holdings, Inc.(c)		264,095
	48,564	j2 Global, Inc.		3,855,010
	4,200	Jack in the Box, Inc.		376,740
	8,400	JELD-WEN Holding, Inc.(c)		236,124
	378,270	JM Smucker Co. (The)		43,153,042
	12,500	John B. Sanfilippo & Son, Inc.		711,125
	70,000	John Bean Technologies Corp.		7,542,500
	405,000	John Wiley & Sons, Inc. - Class A		26,709,750
	48,100	K12, Inc.(c)		735,930

69

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	57,838	Kaman Corp.	$	3,507,296
	1,372,790	KAR Auction Services, Inc.(b)		71,371,352
	36,000	Kelly Services, Inc. - Class A		1,053,360
	15,100	Kforce, Inc.		400,905
	22,500	Kimball Electronics, Inc.(c)		356,625
	19,700	Kinsale Capital Group, Inc.		1,015,535
	15,200	Koppers Holdings, Inc.(c)		665,760
	574,930	Laboratory Corp of America Holdings(c)		98,169,298
	14,700	Lancaster Colony Corp.		1,846,173
	17,500	Landec Corp.(c)		232,750
	6,500	LCNB Corp.		121,549
	18,100	LeMaitre Vascular, Inc.		569,245
	87,824	Lendingtree, Inc.(c)		20,937,242
	55,300	Lexington Realty Trust REIT		444,612
	11,600	LHC Group, Inc.(c)		863,272
	2,300	Liberty Tax, Inc.		23,689
	5,700	Lifetime Brands, Inc.		67,829
	6,000	Ligand Pharmaceuticals, Inc.(c)		929,100
	819,990	LogMein, Inc.		90,362,898
	50,600	Luminex Corp.		1,080,310
	295,000	Lydall, Inc.(b)(c)		13,157,000
	1,017	M/I Homes, Inc.(c)		30,998
	18,600	Magellan Health, Inc.(c)		1,559,610
	900	Malvern Bancorp, Inc.(c)		22,905
	30,800	ManTech International Corp. - Class A		1,819,972
	10,400	Marcus Corp. (The)		309,920
	87,481	MarketAxess Holdings, Inc.		17,376,351
	11,800	Marlin Business Services Corp.		323,320
	800	Marriott Vacations Worldwide Corp.		98,087
	92,700	Masimo Corp.(c)		8,317,971
	12,923	Maxar Technologies Ltd.		584,778
	1,818	Maxar Technologies Ltd.		82,374
	30,800	MAXIMUS, Inc.		2,083,004
	22,400	MBT Financial Corp.		227,920
	27,267	McGrath RentCorp.		1,606,844
	53,400	MedEquities Realty Trust, Inc. REIT		544,146
	258,000	Medidata Solutions, Inc.(c)		18,410,880
	8,900	Medifast, Inc.		893,382
	63,800	Meridian Bioscience, Inc.		931,480
	2,878	Meritage Homes Corp.(c)		128,071
	20,600	Methode Electronics, Inc.		821,940
	6,000	MGE Energy, Inc.		348,300
	6,800	MicroStrategy, Inc. - Class A(c)		866,728
	2,500	Middlefield Banc Corp.		128,249
	20,700	Middlesex Water Co.		862,362
	15,800	MidWestOne Financial Group, Inc.		509,866
	18,500	Miller Industries, Inc.		457,875
	271,301	MINDBODY, Inc. - Class A(c)		10,757,085
	14,300	MKS Instruments, Inc.		1,464,320
	79,200	Monmouth Real Estate Investment Corp. REIT		1,237,896

Shares			Value
UNITED STATES (continued)
	49,600	Monotype Imaging Holdings, Inc.	$	1,098,640
	24,100	Moog, Inc. - Class A(c)		1,975,477
	677	Movie Gallery, Inc.(a)(b)		0
	175,300	MSA Safety, Inc.		15,223,052
	54,700	MTGE Investment Corp. REIT		992,805
	16,000	MTS Systems Corp.		812,800
	7,900	MutualFirst Financial, Inc.		290,325
	8,900	Myers Industries, Inc.		207,370
	1,176,150	Nasdaq, Inc.(b)		103,877,568
	6,500	Nathan’s Famous Inc.		532,675
	12,900	National General Holdings Corp.		332,433
	26,400	National Health Investors, Inc. REIT		1,802,328
	14,900	National HealthCare Corp.		913,072
	87,291	National Instruments Corp.		3,569,329
	10,300	National Presto Industries, Inc.		986,225
	1,800	National Western Life Group, Inc.		571,338
	327,700	Navigators Group, Inc. (The)(b)		18,515,050
	34,566	Neogen Corp.(c)		2,355,673
	20,900	New Jersey Resources Corp.		864,215
	315,000	New Relic, Inc.(c)		22,015,350
	407,937	New York Community Bancorp, Inc.		4,846,292
	25,900	NexPoint Residential Trust, Inc., REIT		693,861
	4,629,181	Nexteer Automotive Group Ltd.		7,122,322
	142,969	NIC, Inc.		2,123,090
	6,900	Nicolet Bankshares, Inc.(c)		383,433
	17,700	Northeast Bancorp		345,150
	12,100	Northrim Bancorp, Inc.		425,920
	94,300	Northwest Bancshares, Inc.		1,565,380
	125,672	Northwest Natural Gas Co.		7,703,694
	36,600	NorthWestern Corp.		2,010,804
	4,950	Norwood Financial Corp.		146,570
	16,100	NRG Yield, Inc. - Class A		283,521
	370,000	NuVasive, Inc.(c)		19,687,700
	4,500	Oil-Dri Corp of America		174,420
	394,900	Okta, Inc.(c)		16,905,669
	335,000	Omnicell, Inc.(c)		14,438,500
	29,000	ONE Gas, Inc.		2,021,880
	28,600	One Liberty Properties, Inc. REIT		679,536
	22,200	Orthofix International NV(c)		1,354,644
	32,000	Otter Tail Corp.		1,403,200
	18,500	Oxford Industries, Inc.		1,425,240
	140,665	Pacira Pharmaceuticals, Inc./DE(c)		4,656,012
	160,000	Papa John’s International, Inc.		9,920,000
	43,500	Par Pacific Holdings, Inc.(c)		733,845
	29,173	Park National Corp.		3,147,183
	3,400	Parke Bancorp, Inc.		79,729
	19,600	PC Connection, Inc.		523,124

70

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	28,200	Peapack Gladstone Financial Corp.	$	931,728
	13,900	Pegasystems, Inc.		848,595
	18,400	PennyMac Financial Services, Inc. - Class A(c)		379,040
	81,500	Pennymac Mortgage Investment Trust REIT		1,433,585
	107,297	Penumbra, Inc.(c)		13,342,382
	100	Peoples Bancorp of North Carolina, Inc.		3,075
	23,300	Peoples Bancorp, Inc.		835,538
	2,600	Peoples Financial Services Corp.		121,939
	16,200	People’s Utah Bancorp		515,970
	45,900	Perficient, Inc.(c)		1,135,107
	60,800	Performance Food Group Co.(c)		1,972,960
	25,800	Perry Ellis International, Inc.(c)		669,510
	28,600	Phibro Animal Health Corp. - Class A		1,209,780
	22,300	PJT Partners, Inc. - Class A		1,237,427
	15,200	Plantronics, Inc.		990,280
	30,300	Plexus Corp.(c)		1,661,652
	42,700	PNM Resources, Inc.		1,693,055
	50,200	Portland General Electric Co.		2,132,496
	9,700	Potlatch Corp. REIT		502,945
	7,000	PRA Health Sciences, Inc.(c)		575,190
	12,360	Premier Financial Bancorp Inc.		243,245
	425,000	Prestige Brands Holdings, Inc.(c)		12,512,000
	43,000	Primoris Services Corp.		1,100,370
	92,736	Progress Software Corp.		3,424,740
	180,000	Prosperity Bancshares, Inc.		12,918,600
	2,900	Providence Service Corp. (The)(c)		220,052
	9,700	Provident Financial Holdings, Inc.		177,995
	7,600	Prudential Bancorp, Inc.		138,851
	15,800	PS Business Parks, Inc. REIT		1,821,424
	750,000	Pure Storage, Inc. - Class A(c)		15,172,500
	1,778,357	PureTech Health Plc(b)(c)		3,590,050
	4,907	PVH Corp.		783,501
	180,000	Q2 Holdings, Inc.(c)		8,865,000
	18,600	QAD Inc.		835,140
	10,400	QCR Holdings, Inc.		470,600
	71,200	Quality Systems, Inc.(c)		956,216
	275,000	Qualys, Inc.(c)		21,161,250
	50,023	Quest Diagnostics, Inc.		5,062,328
	39,500	RadNet, Inc.(c)		523,375
	9,000	RBB Bancorp		245,880
	9,900	RCI Hospitality Holdings, Inc.		269,181
	5,000	RealPage, Inc.(c)		267,500
	725,433	REC Silicon ASA(c)		122,973
	4,000	Red Robin Gourmet Burgers, Inc.(c)		249,400
	5,000	Reis Inc.		104,999
	7,146	Reliance Worldwide Corp. Ltd.		25,359

Shares			Value
UNITED STATES (continued)
	13,900	Republic Bancorp, Inc. - Class A	$	586,163
	46,000	Riverview Bancorp, Inc.		431,940
	12,400	RMR Group Inc. (The) - Class A		922,560
	31,200	Rosetta Stone, Inc.(c)		433,992
	7,100	Rush Enterprises, Inc. - Class A(c)		289,893
	49,200	Ruth’s Hospitality Group Inc.		1,321,020
	29,600	Ryman Hospitality Properties Inc. REIT		2,320,048
	15,800	Safety Insurance Group, Inc.		1,264,000
	2,100	Saia, Inc.(c)		138,705
	13,082,540	Samsonite International SA(b)		59,011,339
	57,330	Sanderson Farms, Inc.		6,372,803
	43,267	Seattle Genetics, Inc.(c)		2,214,838
	17,800	Select Income REIT		337,488
	38,300	Selective Insurance Group, Inc.		2,267,360
	236,200	Sensient Technologies Corp.		15,742,730
	20,400	Shore Bancshares, Inc.		369,036
	11,700	SI Financial Group, Inc.		167,309
	20,900	Sierra Bancorp		582,274
	510,000	Simply Good Foods Co. (The)(c)		6,609,600
	22,780	Sims Metal Management Ltd.		275,312
	29,200	Simulations Plus, Inc.		480,340
	936,010	SIX Flags Entertainment Corp.		59,193,272
	25,000	SJW Corp.		1,511,250
	295,357	Snap-on, Inc.		42,900,604
	300	Southern First Bancshares, Inc.(c)		13,755
	11,400	Southern Missouri Bancorp, Inc.		397,860
	99,560	Southwest Gas Holdings, Inc.		7,266,884
	24,700	SP Plus Corp.(c)		868,205
	205,340	Spectrum Brands Holdings, Inc.		14,805,014
	27,700	Spire, Inc.		1,998,555
	60,295	Splunk, Inc.(c)		6,189,282
	1,600	SPS Commerce, Inc.(c)		109,711
	228,742	STAAR Surgical Co.(b)(c)		3,717,058
	6,400	Stamps.com, Inc.(c)		1,457,600
	156,000	Standex International Corp.(b)		15,124,200
	6,800	StarTek, Inc.(c)		60,111
	36,200	State Bank Financial Corp.		1,140,662
	19,400	Stepan Co.		1,364,208
	800	Steven Madden Ltd.		38,599
	28,400	Stewart Information Services Corp.		1,184,564
	190,000	Stock Yards Bancorp, Inc.(b)		7,115,500
	162,887	Stratasys Ltd.(c)		3,122,544
	10,410	Strayer Education, Inc.		1,093,779
	11,000	Superior Uniform Group, Inc.		295,020
	280,000	Supernus Pharmaceuticals, Inc.(c)		13,132,000
	44,100	Sykes Enterprises, Inc.(c)		1,268,316
	125,000	Syneos Health, Inc.(c)		4,762,500
	5,900	SYNNEX Corp.		591,003

71

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

Shares			Value
UNITED STATES (continued)
	15,500	Syntel, Inc.(c)	$	447,640
	15,700	Systemax, Inc.		493,451
	10,425	Tahoe Resources, Inc.		52,533
	213,900	Talend SA - ADR(c)		10,438,320
	26,600	TechTarget, Inc.(c)		554,610
	329,813	Teladoc, Inc.(c)		14,181,959
	11,800	Territorial Bancorp Inc.		359,192
	33,652	Tesla Motors, Inc.(c)		9,890,323
	41,600	Tetra Tech, Inc.		2,013,440
	103,692	Texas Roadhouse, Inc.		6,644,583
	11,800	Timberland Bancorp, Inc.		385,270
	7,900	Tiptree, Inc.		50,165
	33,903	TiVo Corp.		479,727
	5,431	Tootsie Roll Industries, Inc.		155,055
	315,000	TreeHouse Foods, Inc.(c)		12,127,500
	6,300	TriCo Bancshares		235,431
	361,700	TriMas Corp.(b)(c)		9,802,070
	3,100	Trinseo SA		226,145
	152,826	Trupanion, Inc.(c)		4,016,267
	113,000	TrustCo Bank Corp.		966,150
	24,000	TTEC Holdings, Inc.		768,000
	15,000	Turning Point Brands, Inc.		318,300
	3,200	Two River Bancorp		54,527
	11,400	UFP Technologies, Inc.(c)		379,050
	245,000	UMB Financial Corp.		18,762,100
	8,500	UniFirst Corp.		1,365,100
	15,900	United Community Banks, Inc.		507,687
	40,200	United Community Financial Corp.		407,226
	27,400	United Fire Group, Inc.		1,377,946
	26,000	Unitil Corp.		1,263,340
	20,300	Universal Insurance Holdings, Inc.		658,735
	16,100	Universal Logistics Holdings, Inc.		353,395
	15,600	Upland Software, Inc.(c)		423,852
	44,500	Urstadt Biddle Properties, Inc. - Class A REIT		884,215
	13,200	USANA Health Sciences, Inc.(c)		1,393,260
	7,300	Utah Medical Products Inc.		741,315
	66,088	Valeant Pharmaceuticals International, Inc.(c)		1,193,130
	9,700	Varex Imaging Corp.(c)		349,103
	86,735	Vector Group Ltd.		1,691,333
	6,100	Vectrus, Inc.(c)		219,600
	101,032	Veeco Instruments, Inc.(c)		1,560,944
	46,600	Verint Systems, Inc.(c)		1,961,860
	76,103	Viad Corp.		3,862,227
	1,300	Village Super Market, Inc. - Class A		35,359
	23,600	Vishay Intertechnology, Inc.		416,540
	12,600	Vishay Precision Group, Inc.(c)		356,580
	139,400	Vonage Holdings Corp.(c)		1,558,492
	13,100	VSE Corp.		671,899
	334,775	Wabtec Corp.		29,731,368
	15,800	Walker & Dunlop, Inc.		902,338

Shares			Value
UNITED STATES (continued)
	185,000	Washington Trust Bancorp, Inc.(b)	$	10,249,000
	63,793	Waste Connections, Inc.		4,610,764
	336,791	Waters Corp.(c)		63,454,792
	40,500	Waterstone Financial Inc.		694,575
	213,665	Wayfair, Inc. - Class A(c)		13,311,330
	31,500	Web.com Group, Inc.(c)		585,900
	1,150,000	Welbilt, Inc.(c)		22,034,000
	14,900	West Bancorp, Inc.		362,815
	313,568	West Pharmaceutical Services, Inc.		27,659,833
	12,300	Westwood Holdings Group, Inc.		713,154
	12,400	Weyco Group, Inc.		455,080
	1,600	Winmark Corp.		208,480
	25,300	Wintrust Financial Corp.		2,263,085
	580,000	Wolverine World Wide, Inc.		17,376,800
	270,000	Woodward, Inc.		19,423,800
	7,700	Workiva, Inc.(c)		173,250
	1,277,360	Worldpay, Inc. - Class A(c)		103,747,179
	835,220	Wyndham Worldwide Corp.		95,390,476
	87,600	Xenia Hotels & Resorts, Inc. REIT		1,803,684
	35,100	XO Group Inc.(c)		760,968
	283,900	Yext, Inc.(c)		3,787,226
	74,853	Zillow Group, Inc. - Class A(c)		3,620,640
	179,287	Zillow Group, Inc. - Class C(c)		8,693,627
				3,155,419,821
VIETNAM — 0.1%
	771,370	Bank for Investment and Development of Vietnam JSC		1,216,560
	71,090	Bao Viet Holdings		286,253
	391,530	PetroVietnam Drilling & Well Services JSC(c)		291,306
	1,088,845	Saigon - Hanoi Commercial Joint Stock Bank(c)		544,294
	675,360	Saigon Thuong Tin Commercial JSB(c)		409,093
	291,550	Vietnam National Petroleum Group		786,950
	236,280	Vingroup JSC(c)		1,301,865
				4,836,321
Total Common Stocks (Cost $4,556,048,793)				6,015,815,313
INVESTMENT COMPANY — 0.4%
	26,607,066	SEI Daily Income Trust Government II Fund, Class A 1.53%(d)		26,607,066
Total Investment Company (Cost $26,607,066)				26,607,066

72

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

EXCHANGE TRADED FUNDS — 6.1%
	1,140,400	iShares Global Energy ETF(b)	$	42,240,416
	276,000	iShares Global Financials ETF(b)		19,126,800
	3,007,700	SPDR S&P Oil & Gas Exploration & Production ETF		118,443,226
	2,178,600	VanEck Vectors Gold Miners ETF		48,539,208
	2,307,365	VanEck Vectors Junior Gold Miners ETF		75,012,436
	2,104,400	VanEck Vectors Oil Services ETF		57,113,416
	242,275	Vanguard Energy ETF		24,547,303
	336,750	Vanguard Financials ETF		23,309,835
Total Exchange Traded Funds (Cost $398,398,166)				408,332,640
RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	1,710	Centrebet Litigation Rights, Expiring 12/1/2049(a)(b)(c)		0
	1,710	Centrebet Litigation Units, Expiring 12/1/2049(a)(b)(c)		0
				0
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG, Expiring 5/22/2029(a)(b)		0
INDONESIA — 0.0%
	796,300	Medco Energi Internasional Tbk PT Warrants, Expiring 12/11/2020		30,908
MALAYSIA — 0.0%
	37,137	Protasco, Expiring 4/30/2019		331
SINGAPORE — 0.0%
	169,648	Ezion Holdings Ltd., Expiring 4/16/2023(b)		0
SOUTH KOREA — 0.0%
	780	Taihan Fiberoptics, Expiring 5/29/2018(b)		1,278
SPAIN — 0.0%
	13,630	Quabit Inmobiliaria SA, Expiring 5/14/2018		757
UNITED KINGDOM — 0.0%
	128,742	GVC Holdings Plc. - CVR Shares, Expiring 12/31/2030		19,195
UNITED STATES — 0.0%
	9,600	Ligand Pharmaceuticals, Inc. Contingent Value Rights(a)		0
Total Rights/Warrants (Cost $1,823)				52,469

Principal Amount
U.S. GOVERNMENT AGENCIES — 1.7%
Federal Home Loan Bank — 1.7%
$	43,000,000	1.41%, 05/01/2018(e)	$	43,000,000
	13,000,000	1.66%, 05/17/2018(e)		12,990,172
	55,000,000	1.70%, 05/23/2018(e)		54,942,855
Total U.S. Government Agencies (Cost $110,933,270)				110,933,027
Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 0.0%
U.S. Treasury Bills — 0.0%
$	2,000,000	1.56%, 05/03/2018(e)	$	1,999,827
Total U.S. Government Securities (Cost $1,999,827)				1,999,827
Shares			Value
CASH SWEEP — 0.7%
	44,017,967	Citibank - US Dollars on Deposit in Custody Account,0.10%(d)		44,017,967
Total Cash Sweep (Cost $44,017,967)				44,017,967
TOTAL INVESTMENTS — 99.3% (Cost $5,138,006,912)				6,607,758,309
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				48,312,989
NET ASSETS — 100.0%			$	6,656,071,298

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $2,940,243 which is 0.04% of net assets and the cost is $9,824,072.
(b)	This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $338,348,910 or 5.08% of net assets.
(c)	Non-income producing security.
(d)	The rate shown represents the current yield as of April 30, 2018.
(e)	The rate represents the annualized yield at time of purchase.

The following abbreviations are used in the report:

ADR — American Depositary Receipt  

CPO — Certificate of Participation-Common  

CVR — Contingent Value Rights  

DVR — Differential Voting Rights  

FOR — Foreign Ownership Restrictions  

GDR — Global Depositary Receipt  

73

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Portfolio of Investments - (Continued)	April 30, 2018
	(Unaudited)

NVDR — Non Voting Depositary Receipt

NZD — New Zealand Dollar

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

USD — U.S. Dollar

VVPR — Voter Verified Paper Record

Forward Foreign Currency Exchange Contracts Outstanding as of April 30, 2018:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	24,624,636	NZD	34,830,000	Citibank N.A.	07/31/18		$119,246
							$119,246

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		18.2	%
Information Technology		15.0
Health Care		13.9
Consumer Discretionary		13.2
Materials		6.3
Consumer Staples		5.5
Banks		4.8
Diversified Financials		3.6
Real Estate		2.8
Utilities		2.6
Insurance		2.3
Energy		1.5
Telecommunication Services		0.6
Other*		9.7
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.

74

(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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), the registrant’s disclosures required by this Item are limited to any change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), in the certification required by Item 13(a)(2), the registrant’s certifying officers must certify that they have disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]

(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 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, 2018

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, 2018

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

Date June 28, 2018

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